Jon Stewart openly mocking CNBC and its unquestioning groupie worship of the financial world is something both new and welcome, especially considering that it has gotten such major attention. This signals, I think, a sea change in how the public views the world of finance.
So asks John Amato at C&L, citing a wealth of articles and sources. Read them all. It goes way beyond gaming the market by naked shorting and a compliant media. There’s hedge funds with organized crime money, a money culture that ignored laws (while regulators snoozed), illegal manipulation of stocks, and much more.
There needs to be an investigation into the use of the media outlets for ill-gotten gain. Kind of like Bernie Madoff’s for Cable TV.
I agree. This isn’t just a few bad apples but rather a financial system which appears seriously compromised.
Q: When’s the last time CNBC did real investigative reporting or asked a CEO a genuinely tough question?
At the same time that CNBC was cheerleading and saying everything was fine, just fine, blogs like Calculated Risk were running serious, in depth, quite serious stories about the coming subprime debacle.
I was up 30% last year on options trades because I listened to blogs like Calculated Risk, not the perky cheerleaders on CNBC.
The WSJ and Barron’s are quite capable of brass knuckle investigative journalism. Why is it that that the likes of CNBC are not?
Interestingly, the Business Insider family of websites themselves have been doing seriously good reporting on Madoff and Stanford.
This is a hoot. Stewart demolishes the groupies at CNBC who idolize billionaires and who have given us a steady stream of bogus cheerleading “news” as the economy cratered, along with faux populism and pretending to stand for the common people.
Cramer is getting hysterical about it, too. Y’know, he whined that Obama wasn’t helping the stock market. That’s not his job, Jim. Fixing the economy is. Dubya wouldn’t slap down something like that, Obama does. Deal with it. Yes, I’ve gotten good stock tips from Cramer, but he’s made plenty of stupid calls too, as Stewart so aptly points out.
The monied class, it appears, is having temper tantrums as they realize they no longer have someone in the White House who will do whatever they ask.