Cramer versus Stewart

WASHINGTON DC, USA – “F*** you” is not the most erudite political analysis you will ever hear in America. But it’s is one that is proving hugely popular as Jon Stewart, the host of Comedy Central’s Daily Show (also shown in the UK on More4 right after More4 News),  seems to be saying it every night to the huge financial news channel CNBC and in particular its very loud and “characterful” presenter Jim Cramer.

They have started a hysterical battle over whether CNBC’s analysis of the financial crisis has been correct – and whether it may in fact have contributed to the problem.

Cramer’s show gives stock tips. And the big accusation against him is that he urged investors to buy stock in Bear Stearns just weeks before the firm collapsed triggering the current global economic crisis.

He can’t deny that – it’s right there on TV. But after criticism on the Daily Show Cramer complained he’d been taken out of context. Now the row has spread all over the networks with Cramer appearing on seemingly every channel the National Broadcasting Company owns – NBC’s hugely popular Today morning show and MSNBC, its 24-hour news channel.

Only prompting the Daily Show to hit back even harder last night. It’s a serious argument but it’s also hilarious:

Media spats like this aren’t unusual – especially when they involve TV presenters who relish a bit of self promotion.

So is this just one more speck in the “blog-o-net” or the “twit-o-sphere”, as Stewart calls it?

Probably not because Americans have been glued to CNBC for the last year, trusting the information they get there over what they hear from the country’s largest CEOs or even their own government.

Its anchors have become the stars of the credit crunch.  And the accusation that CNBC is in fact far too friendly with Wall Street, that its analysis of the stock market is often overly optimistic and that they failed to spot the impending crisis will further frighten an already very scared America.

CNBC has been so widely watched over recent months it’s been credited with actually moving the market with its headlines. Now it’s being scrutinised to see if its advice has been correct.

And Jim Cramer himself has agreed to appear on Stewart’s show on Thursday – this row seems likely to last longer the current market rally that’s making the presenters on CNBC so happy.

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