I'm sure that, before the day is over, the clips from last night's Daily Show with Jon Stewart will be as linked on the blogosphere as any video ever has been--I hope Comedy Central's servers are up to the task. I'm only going to link to one of them, but they're all available at The Daily Show website. Here's one long segment where Stewart really just takes the hammer to Jim Cramer.
So I learned a couple of things here. First--Rick Santelli is a lot smarter than Jim Cramer, because Santelli canceled his Daily Show appearance, and that was back when Stewart was probably only going to make Santelli look like a garden-variety piece of crap. Secondly, when Stewart gets mad, and feels like he and others have been cheated--look out. I'm not going to say that Stewart destroyed either CNBC's or Jim Cramer's credibility last night, but he exposed a lot of ugliness and did it in terms that average people can understand. He pointed out how there are two markets--one for the people like anyone with a retirement plan who put money into the hands of pros and trust that it will grow, and one for those who are gaming the system and doing it with that money in a lot of cases.
But the biggest thing he pointed out is just how shallow our reporting has become, how little actual reporting gets done as opposed to cheerleading. And that's a problem that extends beyond CNBC and the financial sector.