Update: 3.20.09 added a petition; see below
The Daily Show
Jim Cramer criticizes Rick Santelli’s rant and admits he made his own mistakes, in this exclusive, uncensored video.
The Daily Show: In Cramer We Trust
March 9, 2009
Jim Cramer didn’t recommend buying Bear Stearns stock a week before it collapsed — he did it five days earlier.
There’s nothing unique about Jim Cramer
Friday March 13, 2009 08:09 EDT
Jon Stewart is being widely celebrated today and Jim Cramer/CNBC widely mocked — both rightfully so — for Stewart’s devastatingly adversarial interview of Cramer (who, just by the way, is a Marty Peretz creation). If you haven’t yet seen the interview, you can and should watch it here; if you watch only one segment, watch the middle one and the beginning of the third.
Stewart focuses on the role Cramer and CNBC played in mindlessly disseminating and uncritically amplifying the false claims from the CEOs and banks which spawned the financial crisis with their blatantly untoward and often illegal practices. Here is the crux of Stewart’s critique of Cramer/CNBC:
That’s the heart of the (completely justifiable) attack on Cramer and CNBC by Stewart. They would continuously put scheming CEOs on their shows, conduct completely uncritical “interviews” and allow them to spout wholesale falsehoods. And now that they’re being called upon to explain why they did this, their excuse is: Well, we were lied to. What could we have done? And the obvious answer, which Stewart repeatedly expressed, is that people who claim to be “reporters” are obligated not only to provide a forum for powerful people to make claims, but also to then investigate those claims and then to inform the public if the claims are true. That’s about as basic as it gets.
We need CNBC to practice responsible journalism. Will you please take a few moments to sign this open letter to CNBC?