Fixing CNBC - with comedians and progressives
By mabackman on March 16, 2009
Last week, a somewhat comic, somewhat serious feud between Jon Stewart and Jim Cramer brought to the surface what many of us were thinking: CNBC, in particular “Mad Money,” practices pretty shoddy journalism.
Stewart stated, and rightly so, that pundits like Cramer serve as a
PR machine for Wall Street instead of holding Wall Street accountable.
Cramer even admitted to Stewart that he allows guests to tell blatant
lies on his show, and fails to challenge or rebut those lies.
Of course, Steve Holt at CloggedTubes
makes the valid point that Stewart isn’t really a journalist. He’s an
observer. Sure, he can make the case that CNBC, and journalists in
general, need to start getting to the bottom of Wall Street’s
irresponsible spending instead of perpetuating lies and behavior that
got our country into an economic mess in the first place. But aside
from observing, what can he really do to fix the problem?
Today, I discovered that a group of economists, journalists and progressive leaders created an open letter demanding that CNBC holds Wall Street accountable.
Some notable signers include representatives from MoveOn.org, Media
Matters for America, Center for American Progress, DailyKos.com and The Nation. (A dreamy group - what progressive wouldn’t want to sign an open letter with this crowd?)
The crux of the letter states:
Americans need CNBC to do strong, watchdog journalism -
asking tough questions to Wall Street, debunking lies, and reporting
CNBC should publicly declare that its new overriding mission will be responsible journalism that holds Wall Street accountable.
If at least 5,000 people sign on to the petition, it will get
delivered to CNBC’s headquarters. (A lovely populist touch, I have to
Aside from this being a great example of citizen activism, with word
spread through blogs, Twitter and other social networks, this letter
also may define what role Jon Stewart plays with his parody news
program. Like I said above, Jon Stewart isn’t a journalist. But he IS
an observer. And he communicates what he observes in a unique,
compelling fashion. And he also serves to critique the journalism
industry when journalists themselves fail to do so.
Before citizens take action, they need observations. They need
watchdogs like Stewart to give them information and a compelling reason
to act. In the case of Cramer and CNBC, Jon Stewart provided these
Would this open letter have happened had Jon Stewart not engaged in his comic-serious feud with Cramer? Not likely.
Will this open letter send a message to CNBC to start practicing
responsible journalism? Most likely (though its scope beyond Twitter,
Digg and the blogosphere remains to be seen.)
I’m interested to see the outcome of this letter. And I’m interested
to see whether Jon Stewart’s role as a watchdog will get stronger
because of it. Stay tuned …