More on the Jon Stewart/Jim Cramer ruckus
NEW YORK – NBC Universal Chief Executive Jeff Zucker fired back at comedian Jon Stewart on Wednesday, saying it was “unfair” and “absurd” for the funnyman to criticize CNBC and question its coverage of financial news.
“Everybody wants to find a scapegoat. That’s human nature,” Zucker said during a keynote address at a media industry conference. “But to suggest that the business media or CNBC was responsible for what is going on now is absurd.”
“Just because someone who mocks authority says something doesn’t make it so,” Zucker said, describing the comedian’s comments as “completely out of line.”
Stewart has blasted CNBC’s reporting of the financial market meltdown, saying the channel was too cozy with corporate chiefs and key government officials.
The comedian has lobbed particularly harsh criticism at CNBC commentator Jim Cramer, and last week invited him for an appearance on the comedy show, where he hammered the guest for his coverage of Wall Street.
“Listen, you knew what the banks were doing, yet were touting it for months and months,” Stewart said during his March 12 show. “The entire network was. Now to pretend that this was some sort of crazy, once-in-a-lifetime tsunami that nobody could have seen coming is disingenuous at best and criminal at worst.”
It’s true that Stewart used Cramer as a scapegoat, and that a lot of the glee over their confrontation reflects the fact that there’s so much public frustration out there that has found no better place on which to settle. Stewart offered up Cramer as a deserving target of that frustration. (Yes, I know, Stewart kept saying he wasn’t singling out Cramer. But be serious — he was.)
And no, it’s way too much to blame CNBC for this economic mess. The network was just a symptom of the larger problem, a culture-wide hero worship of CEOs and Wall Street executives who could do no wrong, could never be paid too much and should never be questioned lest they stop laying the golden eggs.
However, it’s also true that a lot of Stewart’s criticism was deserved. CNBC has indeed acted as a cheerleader for corporate executives and Wall Street traders, and once times and attitudes changed, that outdated cheerleader persona made the network a target too.
Also, Mark Mellman at The Hill has an interesting analysis of the Stewart/Cramer battle as an object lesson in bad public relations.
Tell us what you think about the site
Customer Care »
Vacation stops, manage subscriptions and more
AJC Services
Sections
Other Editions
Guides
Visitor Agreement | Privacy Statement
© 2011 The Atlanta Journal-Constitution
98 comments Add your comment
AmVet
March 19th, 2009
12:24 pm
The Dick Cheney School of Economics – “No one saw this coming”.
Only true if everyone had their heads up their ….
Hillbilly Deluxe
March 19th, 2009
12:28 pm
I’m not fan of Cramer or Stewart. I agree that Stewart was singling out Cramer inspite of his denials. That said, isn’t it kind of sad that a comedian is left to ask the questions that journalists should have asked all along?
Yield 2 Temptation
March 19th, 2009
12:29 pm
CNBC is just upset because Cramer tucked his tail between his legs, hiding the sack to stand up to Stewart.
DB, Gwinnettian
March 19th, 2009
12:32 pm
Oh, this thing? We’re still talking about it?
To be honest, even though I’m an on-again/off-again Daily Show fan, I never bothered to watch the whole thing because
1) I could never stand more than five seconds of Cramer on my TeeVee; I never got why anyone would allow themselves to be screamed at like that; and
2) I’ve managed to hear most of it through other people’s reviews, anyway.
Copyleft
March 19th, 2009
12:34 pm
Stewart’s point is as valid today as it was when he skewered “Crossfire”–why aren’t journalists doing any actual JOURNALISM? Why are they simply passing along what they hear from press conferences and official news releases? That’s stenography, not journalism.
Cramer’s excuse was “Well, all these high-finance guys came on my show and lied to me, and I believed them.” WHY? If you’re giving financial advice, don’t you have an obligation to do a little digging, maybe NOT take their words at face value, and uncover the FACTS? That’s your job, Cramer–not just to throw toys and cheerlead for the market elite.
It is a shame that Jon Stewart, host of a comedy show about FAKE news, has to keep reminding reporters what REAL news is supposed to be.
Joe Matarotz
March 19th, 2009
12:35 pm
Stewart may not be my favorite, but he was right on the money with Cramer. I don’t know if it counts as ‘comedy’ when all Stewart had to do was run the clips. Res ipsa loquitor – it speaks for itself. Whis is sad is that many people follow the advice of an a$$ clown like Cramer, even though his true level of expertise, or lack thereof, has been shown. And people will continue to follow his advise. How scary is it that a bellicose buffoon can actually drive stock market numbers?
Earl
March 19th, 2009
12:35 pm
Who, but a handful of people in upper Siberia doesn’t know by now that anything negative you say that can be traced back to the current administration in any form will get you in deep dodo.
CommunistAJC
March 19th, 2009
12:36 pm
John Stewart is just becoming a mean human being. He used to be funny but now he’s getting a little in over his head.
Sam
March 19th, 2009
12:36 pm
It is true that much of the blame can be cast on Wall Street and corporate greed. However, they are a symptom of the public, just as government is a reflection of the people. Why is it that until the recent economic meltdown, that America had a NEGATIVE savings rate. Banks were more than happy to lend us easy money, just as people were more than willing to buy houses, cars, ipods, and bling that they couldn’t afford. What happened to the quaint idea of saving your money and paying for whatever you wanted/needed. The WWII generation would never have behaved the way that the self indulgent baby boom generation did to get us in this mess, yes both liberals and conservatives.
Just b/c you WANT it doesn’t mean you should get it……just a random thought
DB, Gwinnettian
March 19th, 2009
12:37 pm
isn’t it kind of sad that a comedian is left to ask the questions that journalists should have asked all along?
Yep. Reminds me of a bit from another exchange between Stewart and a cable-news pundit, c. 2004:
TUCKER CARLSON: You had John Kerry on your show and you sniff his throne and you’re accusing us of partisan hackery?
STEWART: Absolutely.
CARLSON: You’ve got to be kidding me. He comes on and you…
STEWART: You’re on CNN. The show that leads into me is puppets making crank phone calls.
The REAL GodHatesTrash, Superstar
March 19th, 2009
12:40 pm
Santirelli, Cramer and the rest of the loudomuth boorish CNBC crew should be thrown on the bonfires with the AIGers.
AmVet
March 19th, 2009
12:40 pm
Sam, well said.
We have met the enemy and he is us.
Off to pay for more corporate welfare…
DB, Gwinnettian
March 19th, 2009
12:42 pm
And this is where I might want to interject pre-emptively that the Daily Show works, and is funny, because it is not targeting politicians or powerful people so much as it targets news and reporting.
When it skewers a pol or a CEO or some other celeb it can be devastating, but their stock-in-trade is forcing us out of our comfort zone when regarding any other televised reporting, analysis, and punditry.
Which explains why Stewart was so much more ferocious (apparently–again, I haven’t actually watched the whole thing) with Cramer than he typically is with politicians who’ve appeared on his show.
Yield 2 Temptation
March 19th, 2009
12:44 pm
DB – It’s funny, but Stewart is the only one to poke at Obama from a comedy standpoint. I completely expected it from Bill Maher, but he’s so far up Obama’s butt it’s almost sickening.
CommunistAJC
March 19th, 2009
12:46 pm
BOOKMAN, this one’s for you comrade.
THE OLD BALL COACH TELLS OBAMA WHAT TIME IT IS YO!
Duke Coach to Obama: Worry About the Economy, Not NCAA Picks
Reacting to news Obama picked North Carolina to win the NCAA Championship, Mike Krzyzewski says, “the economy is something that [the president] should focus on, probably more than the brackets.”
Barack Obama picked North Carolina to defeat Louisville for the NCAA championship, a relatively safe selection for a trailblazing president.
Obama spent part of Tuesday making his tournament picks for ESPN, which posted his completed bracket online Wednesday and showed the First Fan filling it out with Andy Katz on the noon edition of “Sportscenter.”
Of course, the president’s choice drew a reaction from the Tar Heels’ most intense rival.
http://www.foxnews.com/politics/2009/03/19/duke-coach-obama-worry-economy-ncaa-picks/
G
March 19th, 2009
12:51 pm
March 19, 2003 – Bush launched the unjust invasion of Iraq.
Doggone/GA
March 19th, 2009
12:51 pm
“the economy is something that [the president] should focus on, probably more than the brackets.”
yeah, they just can’t STAND it that he can actually multi-task.
I Report/ You Whine
March 19th, 2009
12:52 pm
Cramer violated the First Commandment of the Pinko Nation; Thou shalt not criticize our lovely little teleprompter reading Wonder Dunce
Question for the blog- Why did Stewart and all the other DNC lapdogs ignore Cramer’s misdeeds from 2006 up until now?
Did Stewart get a biscuit?
RW-(the original)
March 19th, 2009
12:54 pm
Jay B,
I’ve often been a critic of your blogging style, but you seem to have gotten the right blend for a blog entry today. A link to the column you’re excerpting, a reasonable amount of your own analysis and a link to another view. Very good! That being said your analysis of everybody cheerleading the Wall Street/CEO culture when things looked a little rosier is a little off.
“America’s corporate boardrooms must step up to their responsibilities,” he told an elite corporate crowd gathered for the event. “You need to pay attention to the executive compensation packages that you approve. You need to show the world that American businesses are a model of transparency and good corporate governance.”
Bush Warns Wall Street on Pay
The story is from February 1, 2007
Mrs. Godzilla
March 19th, 2009
12:56 pm
Cramer is toast.
CommunistAJC
March 19th, 2009
12:57 pm
G, he launched a war that the democrats signed on to.
CommunistAJC
March 19th, 2009
12:57 pm
Mrs. Godzilla,
Cramer didn’t get us into this mess.
G
March 19th, 2009
12:58 pm
I love Jon Stewart because he is who he is. Jon does his homework and treats his guests with dignity. Jim Cramer was shown way more dignity than he deserved.
Jon makes us laugh at the inconsistencies of many of the movers and shakers, and he shows their lies so we can see for ourselves.
Do I get all my news from The Daily Show? No. I have gotten to know and love a lot of fascinating people from his show. Doris Kearns Goodwin comes to mind. Brian Williams is another. He even interviewed the unpopular presidents of Pakistan and Bolivia and handled them with dignity.
It’s always a surprise and always an education that we get nowhere else.
Hip Hopcracy
March 19th, 2009
1:03 pm
Too bad it was John King and not Jon Stewart that interviewed Dick Cheney last week.
Jon would’ve torn him a new one.
And hundreds of millions of people around the globe would’ve cheered on the comedian-cum-journalist for doing what TRUE journalists have shirked for a decade.
DB, Gwinnettian
March 19th, 2009
1:03 pm
Do I get all my news from The Daily Show? No.
Indeed, TDS is much, much funnier if you’re already familiar with the news they’re “reporting.”
Mrs. Godzilla
March 19th, 2009
1:03 pm
Commie
You may be right. However some of the video clips I have seen
of him speaking appear to be bordering on stock manipulation.
Isn’t the correct term….collateral damage?
CommunistAJC
March 19th, 2009
1:14 pm
Mrs. Godzilla,
Cramer is more of an entertainer than stock broker. If he was manipulating stocks I’m sure the FEDS would have investigated him by now. Besides, the bigger issue is Chris Dodd and Barney Frank. Those two should be in prison right now. Dodd has been caught lying on national television this week about AIG bonuses. Again, this is not a democrat or republican issue. It’s a government corruption issue.
demwit
March 19th, 2009
1:26 pm
Its not Cramers fault…., its Georges!!
CommunistAJC
March 19th, 2009
1:26 pm
G, you may want to watch the anal jokes. Jay has banned people for anal jokes. Now, if you want to play games I’m all for it. I have a million jokes I can use on you. Beware though, it may get REAL ugly.
Wyld Byll Hyltnyr
March 19th, 2009
1:27 pm
G 12:58 pm
“Jon does his homework and treats his guests with dignity”, you have got be kidding me.
I wathed Stewart interview Bill Bennett on one occasion. Secretary Bennett is truly a learned and thoughtful man, understanding that most liberals don’t agree with his world view. Secretary Bennett presented thoughtful and well reasoned answers and supporting data to Stewart’s questions. Disagreeing with Secretary Bennett’s conclusion’s, burt cut off at the knees by Secretary Bennett’s inescapable and well constructed logic, Stewart began to screech as if a macaque. The more Bennett trumped him, the louder Stewart and his studio audience of bufoons screeched until the scene resembled the sound of a zoo monkey cage into which an ice cream cone had been thrown.
When one speaks of the dumbing down of America, one needs not look any further than Stewart for he is truly a dunce that is leading the charge against the intellectual life.
On further, Stewart loves to puff up his 11 inch neck and put on a “hard man” personna and rough up his guests. I suspect that he would wet himself if a stranger asked for directions on a dark NYC street.
CommunistAJC
March 19th, 2009
1:39 pm
Bookman, please check out this photo from the 80’s. It has Reagan about to shake a kids hand and Vlad Putin is in the background undercover as a tourist. AMAZING!
http://news.sky.com/skynews/Home/World-News/Russias-Vladimir-Putin-Snapped-In-Disguise-While-Working-As-KGB-Officer-During-Reagan-Visit/Article/200903315244360?lid=ARTICLE_15244360_RussiasVladimirPutinSnappedInDisguiseWhileWorkingAsKGBOfficerDuringReaganVisit&lpos=searchresults
G
March 19th, 2009
1:44 pm
Way Boring Heel @ 1:27,
>>I suspect that he would wet himself if a stranger asked for directions on a dark NYC street.<<
Just because that’s what you do does not mean that Jon Stewart would.
Taxpayer
March 19th, 2009
1:48 pm
Paul,
We just got back in from lunch so I have just now read your earlier post, from the last thread, about the time value of money and keeping it simple. It is indeed a very complex issue but wouldn’t it be nice if the rule of 72 worked. I mean, anyone could then whip out a napkin and start talking about how much they would have if they retired in 20 or 30 more years. But, do not despair for there is a new rule that is almost as easy to use and it has been even been confirmed based on an analysis of 401ks and IRAs, etc. I like to call it the Rule of 7/2. Basically, your initial investment is halved every seven years. Notice that this simple rule is entirely independent of interest rates, which is a good thing since the effective Fed rate is negative to zero and likely will be for quite some time.
Taxpayer
March 19th, 2009
1:54 pm
Maybe he went after Cramer because Santelli would not do the show. Anyway, anyone that takes Cramer’s advice deserves to lose their shirt. He’s a showman and he performs his act no differently than Houdini did (except that Houdini was good at what he did but that’s beside the point) — now you see the money, now you don’t…keep your eye on the ball…now let me saw your 401k in half and viola…you now have a 201k.
Mrs. Godzilla
March 19th, 2009
1:54 pm
Commie
Are we talking about the same Feds?
I believe the clips are pre 2008 election, and the Feds were not really
doing a bang up job at that time in dealing with Wall Street criminiality.
@@
March 19th, 2009
1:56 pm
I’d never paid any attention to Cramer until this dust-up with Stewart. Anyone who couldn’t see Cramer’s theatrics as something to be questioned, rather than invested in, has let the cheese slip off their cracker.
Heck! Stewart’s lost money….his parents have lost money. Are you sure Stewart wasn’t frustrated with what Cramer said about Obama? Did Stewart vote for Obama? Could his anger be misdirected? Most people find it impossible to take responsibility for bad decisions.
One snake-oil salesman goes after another snake-oil salesman. What were their names again?
gttim
March 19th, 2009
1:59 pm
The Daily show went after CNBC, which is what they do, they make fun of the media. Then Cramer opened his mouth and said some things about Stewart, similar to what Tucker said. Then Stewart rolled tape to show Cramer to be an idiot of the first order. It was the tape that showed Cramer to be worthless, not Stewart, although Stewart did make some very valid point.
Stewart at no time blamed CNBS or Cramer for the melt-down. He did blame them for very poor journalism, horrible reporting, cheer leading sinking stocks and not being helpful to the average Joe.
Stewart pointed out what everybody should see as evident- television “news shows” are owned and run by large conservative corporations. They skew the coverage to benefit them, not to inform the public. They had CNBC and other shows cheering on the stock bubble, and not reporting how complete deregulation could lead to greedy idiots bringing down their companies and the economy.
CommunistAJC
March 19th, 2009
2:00 pm
Mrs. Godzilla,
I’m talking about now. If Crammer were guilty of anything he’d be investigated by FEDS. The FBI.
GOP is gone
March 19th, 2009
2:04 pm
There is a piece in the NY Times today that states people tend to watch and listen only to people who hold similar views to their own. The comment on this blog today would certainly give credence to that theory. Most people either love Stewart or hate him, depending on your leaning to the left or the right.
I have never been able to stand Cramer, he is far too loud and obnoxious for me. It was funny to see him making the rounds looking like a 5 year old about to cry like a little girl though. I watched the whole interview on line, I think Stewart nailed it. The CNBC gang have been orgasmic about the free for all market for years.
I have stopped watch any of the all news networks. I can not take them beating those horses to no end, be they left or right. The News Hour on PBS is my choice. Just plain old facts, no flying graphics or gimmicks, and delivered in a no spin monotone voice.
Civilian/Private/Corporal
March 19th, 2009
2:08 pm
Ooops ! Rejected !
HEADLINE: “DUKE COACH SLAM DUNKS OBAMA: FOCUS ON ECONOMY NOT NCAA PICKS”
Taxpayer
March 19th, 2009
2:09 pm
Amen to that, GOP is Gone. I don’t need some bozo speculating that the DOW went up or down or whatever because the price of gold went up after the Fed announced that the state department said something that upset Putin’s cab driver…I just want someone to deliver the facts.
Mrs. Godzilla
March 19th, 2009
2:09 pm
Commie
Perhaps he is….I see that former VA GOP Rep Tom Davis has called for him to be “looked at”
Copyleft
March 19th, 2009
2:11 pm
Yeah, I saw that one WyldByll… where Stewart absolutely DEMOLISHED the pig-ignorant and unprepared Bennett on basic moral and ethical principles, reducing him to sputtering and fuming.
Stewart was even nice enough to restrain the audience’s (understandable) outrage at this hypocrite’s pathetic, self-serving lies. Bennett never knew what hit him–he was probably expecting some lame softballs like he gets at most of his other interviews. Instead, Stewart went for the throat. Great stuff.
Brad Steel
March 19th, 2009
2:13 pm
If you have taken your investing advice from Cramer or CNBC, you’ve probably gotten what you have deserved.
Stewart continues to be funny and we need someone to say the emperor has no clothes. The boot-licking mores at CNBC or the indebted republican serfs sure as hell won’t.
The indignant d’bags at CNBC should calm down. You know what they say to people who can’t take a joke.
Like Commie, they don’t get the joke, nor can they take the joke.
Coach K’s ill-advised indignity will doom him to another pathetic March performance.
Joey
March 19th, 2009
2:16 pm
It was Cramer, totally Cramer. Bush and Dodd and Frank had nothing to do with it. Let’s crucify Cramer and everything will be better.
But wait. No. Let’s absolve Cramer and Frank and Bush and Dodd and Cheney and Gueitner and Paulson and everyone because President Obama spoke last night. “I did not do it. It did not happen on my watch. We did not write those contracts. But blame me.”
Absolution for all. And to all a good night.
G
March 19th, 2009
2:19 pm
Jon Stewart and the Daily Show have consistently been not only a great source for humor, but of information as well. It’s pretty ironic that a comedy show has less spin and more facts than Fixed Noise and CNBC.
Stewart’s closing was a perfect echo of everything I’ve felt about this – “F*$& You!” – to all of the smug, greedy b@stards who stabbed us in the back, took our wallets, and left us in the gutter to die.
CommunistAJC
March 19th, 2009
2:20 pm
Brad Steel or Steal, however you misspelled your own name yesterday. Coach K is more of a man than you will ever be. He is going to break Bobby Knights record in the next few years and become the winningest basketball coach in NCAA history. He’s won more championships than your school which is…..Oh yes, that’s right you didn’t go to college.
The REAL GodHatesTrash, Superstar
March 19th, 2009
2:21 pm
Now Copyleft, Secretary Bennett’s enormous girth sure enough is a sign of his basic moral weakness. But, in his defense, it’s probably hard not to get morbidly obese when you never leave a casino.
And maybe he is a gambler and a glutton of the highest order, but Bookman’s RightWingnutterbutters want to be just like him.
Mrs. Godzilla
March 19th, 2009
2:22 pm
TAXPAYER
You might appreciate this piece from Daniel Gross at Newsweek
http://www.newsweek.com/id/189231
The REAL GodHatesTrash, Superstar
March 19th, 2009
2:23 pm
Why is Bennett so popular with GOPers?
Well, pigs love pigs.
Oink, y’all.