Jon Stewart has devoted a considerable amount of airtime to bashing CNBC and its pundits for not doing more to warn the public about the stupidity and incompetence that led to disasters for retirement portfolios.Now NBC Universal CEO Jeff Zucker is firing back, calling Stewart's attacks "incredibly unfair" and "completely out of line." He said that "everyone wants to find a scapegoat" and believes that blaming the financial media for the meltdown is "absurd."
Zucker isn't completely wrong. Stewart flashed incredibly short sound bytes from just a few of CNBC's anchors and commentators and, of course, didn't include commentary from any of the many, many people who appeared on CNBC expressing bearish opinions.
But on the other hand, I'm not sure why Zucker felt a need to go fight Jon Stewart. It would probably have been better for CNBC to just take its lumps. Of course, it's ridiculous to blame the meltdown on CNBC. I think Jon Stewart would agree with that. What Stewart was suggesting is that CNBC had an opportunity to provide a valuable service to investors by behaving as a skeptical reporter rather than as a market cheerleader -- which it squandered. About that, Stewart is completely right. That doesn't take away from all the other factors that led to the current crisis, but it does provide something for CNBC to improve upon.
But on the other hand, I'm not sure why Zucker felt a need to go fight Jon Stewart. It would probably have been better for CNBC to just take its lumps. Of course, it's ridiculous to blame the meltdown on CNBC. I think Jon Stewart would agree with that. What Stewart was suggesting is that CNBC had an opportunity to provide a valuable service to investors by behaving as a skeptical reporter rather than as a market cheerleader -- which it squandered. About that, Stewart is completely right. That doesn't take away from all the other factors that led to the current crisis, but it does provide something for CNBC to improve upon.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
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Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
3-19-2009 @ 2:23PM
Miguel said...
I agree with Zucker. Stewart's an idiot and needs to go back to his normal unfunny commentary.
3-19-2009 @ 2:28PM
JCH said...
Many of CNBC's hosts should be fired, but they always needed to be fired. They should have been fired long before the bailout.
Most of them are absolutely horrible. Hard to pick the worst. There are ten noses in that photo finish.
If all the CNBC men suddenly died, you would instantly be trapped 24 and 7 in Miss South Carolinaville, which would be an improvement over the current situation, and that ain't right.
3-19-2009 @ 2:34PM
Stan said...
If anything Cramer gave a poor showing and the tape damaged his reputation beyond repair. He is no longer credible and needs to be off the air. Defending such conduct reflects badly on the network and the company who owns it.
3-19-2009 @ 5:25PM
kelsotexas said...
Zucker should send "the worst" aka keith olbermann to Air America to do sports....he spends so much time as the attack dog against Fox and O'Reilly....who eats his lunch!!!!!!
3-19-2009 @ 3:46PM
JBoss said...
I never watched Stewart, but he was hilarious while giving a great interview. I thought he made great points and Cramer had little response. I don't watch CNBC, but I watch the Daily Show now. Maybe Cramer should make fewer crazy sounds and talk more about the 'side market' as Stewart called it.
3-20-2009 @ 10:02AM
cpayne said...
John Stewart had the opportunity to air some heavy hitting questions to one of CNBC's show hosts (Jim Cramer) and it was the right thing to do.
Although I disagree that Jim Cramer should be the lolely scapegoat for the entire money laundering group called financial experts.
The points presented on the Daily Show is pointedly airing the dirty laundry, and those who were aware of the economical issues before it went to the crapper, are now speaking up because their subconsciousness is feeling a little guilty.
And they (CNBC and others) are trying to save face and keep their jobs. Heck, anyone in Jeff Zuckers position would want to try to look like a good guy after seeing his network of reporters mislead the public.
On the networks defense, Joe six-pack should take advice from a TV show with a grain of salt.
On Joe six-packs side, the network should have a giant visible warning at the start of each financial show stating that their stock-picking fortune tellers are not likely to be correct.
The mess happened, the networks should all learn from their part of the madness.