After a week long media dubbed "feud" between Stewart and CNBC's Jim Cramer of MAD MONEY, the two titans clashed in a hyped for ratings verbal brawl that brought the audience to an uproarious cheer which later evolved into awkward mixed feelings of sorrow and anger. Like a medieval public sentence, you almost had to feel sorry for Cramer as he squirmed, yet simultaneously I found it somehow slightly sadistic to enjoy his public lashing as the symbolic embodiment of journalistic irresponsibility and financial "Shinnanigans" (His words) that have brought us to such dire economic digression. In all fairness, Cramer is not to blame, but the attitude and behaviors that he shares with the culture that he is a part of, is a large peice of the puzzling sign of the times.
Stewart was better prepared and more mentally agile. His references to Sherman's march and Carly Simon's your so vain to illustrait larger points attribute to his sharp wit and quick intelligence. Cramer doesn't even seem to understand the issue, defending himself by saying it's about making good calls and bad calls and implying the impossibility of always being right about the market. Stewart corrects him by explaining the issue is about "Real Market" and "Fake Market". Cramer should have watched the episodes of Stewart's show to know what critique Stewart was making. If he did, then he didn't understand the commentary. Stewart argues that the issue is about false presentation and Wallstreet side betting, because it feels like the general public is "Capitalizing their adventure" and that the practice is dubioius, dangerous, disengenuous, and criminal. However, what I find most interesting, is that somewhere in the moment is the epic comic book story of a court-jester-political satirist's rise to a Robinhood-superhero-watchdog journalist. Although those that he fights for, should on their own see through the shrowd of media "dupe"-ery that is a ridiculous show like MAD Money, Its great to see such a widely watched comedy central show, play the role of media whistle blower balancing branch.
Ultimately, what began as commentary about commentary has become a notable media event where at the least, Jim Cramer and the people of CNBC have been challenged to do better. I think the fact that the wake-up call came from a comedy show, says more about our society and our media than anything else.
It all began here:
John Stewart coments about Rick Santelli's fingershaking.
"Why bail out the "Losers" with failed mortgages?
They are to blame for not being responsible and for not seeing the warning signs."
Stewart calls him out and the network he is a part of, for thier fallibility and irresponsible financial reporting.
In what I perceive to be a self-defensive move, Cramer attacked Steward by calling him a Comedian. Stewart no doubt took to the offensive.
The back and forth continues
The battle was so widely downloaded and talked about, that it was immortalized by someecards.com
Comedy Central makes fun of themselves for hyping the event
THE INTERVIEW
Obviously, Cramer was under-prepared. I like to imagine that his agent assured him that they would end the feud and make nice after negotiating with Comedy Central's people. I wonder who the first person he called was when he left the interview? His wife? His Agent? His Boss? I'd give my appendix to hear that conversation.
Good morning,
and in case I don't see ya,
good afternoon,
good evening,
and good night!
-MM
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