With a smile, Jon Stewart rips Jim Cramer
Perhaps the best sign that Daily Show host Jon Stewart seriously schooled CNBC screamer Jim Cramer when the two finally met Thursday night is that NBC's Today show didn't do a segment on the interview this morning.
As controversy has mounted over comments by CNBC's Cramer and Rick Santelli, NBC News has exploited the uproar by bringing the guys on MSNBC and the Today show to talk about the furor, building ratings on the misadventure of their commentators.
But Stewart nailed something that, to be fair, other commentators have said in less bold language: business networks and cable business channels wind up catering to the big shots who have created the financial messes instead of exposing them.
"CNBC could be an incredibly powerful tool of illumination," Stewart said, growing more angry than I've seen him in a long time, playing video of Cramer describing how he manipulated markets as a hedge fund manager in ways he doesn't expose on his show. "I understand that you want to make finance entertaining, but it's not a f------ game . . . What it says to me, is that you all know what's going on."
Cramer helped by taking every punch Stewart delivered with a mixture of lame excuses and obsequious pandering. Here's a really great commentary on what happened (and how Republican National Committee chair Michael Steele better not make the same mistake with Stephen Colbert)
Here's the video. *