The big showdown between Comedy Central's Jon Stewart and CNBC's Jim Cramer went down last night with Stewart doing an impressive job of pointing up the failings of CNBC's willingness to go after the big guys. A layman walking away from the interview would clearly get the impression that CNBC covers for the elite--which is true. However, the lack of understanding of basic finance and economics by Stewart was the great failing of the show. Stewart knows there is a problem, but doesn't know enough about Wall Street to point the finger at the real evil doers, such as, Bernanke, Paulson, Geithner, Goldman Sachs, the Carlye Group and the like.
Amazingly, Cramer does know who they are, and while Stewart was browbeating Cramer in a general fashion, Cramer towards the end of the interview actually brought up the names of Bernanke and Paulson. Cramer knows.
Further, if Stewart was a Wall Street guy he would have jumped all over Cramer when he said he was talking to Washington about getting the uptick rule against short sellers re-instated--that's clearly what the elite want, to weaken short-sellers who are trying to create markets with more integrity.
Overall, I was very impressed with Stewart's ability to hang tough against a meek but slippery Cramer. And, I am more convinced than ever that CNBC is a tool of the elite, with the anchors co-opted by the elite.
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