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“You Will Like Him When He’s Angry” – Jon Stewart Annihilates Jim Cramer

Steve Benen’s absolutely right. You will like Jon Stewart when he’s angry:

In 2004, Jon Stewart appeared on CNN’s “Crossfire,” and explained that the show was “hurting America.” He wasn’t kidding. The brutal appearance exposed the show as something of a farce; CNN’s executives ended up agreeing with Stewart; and three months later, CNN announced that “Crossfire” was finished.

With that history in mind, CNBC should feel awfully nervous right now.

After a week of back and forth, Stewart had Jim Cramer on “The Daily Show” last night and not only destroyed the “Mad Money” host, but more importantly, exposed CNBC as an embarrassment. By the time the brutal interview was over, one thing was clear: the network has no clothes.

I’m surprised they’re left with any skin.

Jon Stewart’s treated as something as a lightweight because he does a fake news program on a comedy channel. It’s a mistake. He’s one of the sharpest satirists out there. He’s more of a journalist than the vast majority who lay claim to that title on “serious” programs. And, in the finest tradition of the old Irish bards, his satire brings the mighty crashing down. Kings used to tremble in fear when a bard got annoyed with them. Kings who didn’t respect their power lost their thrones. It’s a historical lesson some folks should revisit, because Jon Stewart is proving that sort of bard.

If you haven’t already done so, take fifteen minutes to watch the demolition in its entirety.

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The Daily Show With Jon StewartM – Th 11p / 10c

Jim Cramer Pt. 1

Comments

  1. says

    Actually, there were arguments going on about mark-to-market accounting making financial disasters worse before this present crisis hit (I know because I’m on some mailing lists that were having just such discussions).The good thing about mark-to-market accounting is that it gives a financial picture of how the company is doing if you had to wind it up right now. This makes it harder to disguise companies that are in serious trouble. But it has the unfortunate side effect that in a market that’s rapidly dropping, you force companies that would be going concerns to act as if they’re in a continuous fire sale, with the result that in fact thats exactly how they end up — and the resulting drop in other asset values puts even more stable companies in the same boat.Mark-to-market accounting can take what could be a moderate recession and very rapidly turn it into a gigantic financial disaster.That’s not to say that all companies asking to abandon it are doing it for sound reasons, but in fact there are very good reasons why mark-to-market may be contributing to the current problems, and causing failures that would not have otherwise occurred.Mark-to-market may ultimately have to be somewhat modified for it to give the advantages it does without terrible problems.