The Daily Show Beat Down!

Nice to See You!

We are entrenched in another 'Fantastic' week of activity.

Although my email box is literally out of control (From what I hear) - there have been a number of requests for our weekly visit. Of course, in an effort to address the most topical, today's subject concerns Jon Stewart vs. Jim Cramer.

Let The Beat Down Begin...Last week, famed satirical commentator and host Jon Stewart lambasted CNBC commentator/personality Jim Cramer (Mad Money - a rather comically loud program about stocks and investing), during Stewart's program The Daily Show (Comedy Central).

Stewart's scolding was directed at the reporting (Lack thereof) by CNBC for not properly warning the public of the impending economic turmoil and possibly misleading would be investors by encouraging the purchase of certain securities.

Quite frankly, I appreciate the fact that Jon Stewart is bringing the subject to the forefront. However, the question becomes does it really matter whether or not members of the network chose to not report the actual market conditions?

The Return of Henry Blodget...
Stewart alleged that the network knew full and well of the impending 'Meltdown' well in advance and chose to omit certain details publicly on the air.

Well, if you may recall some years prior (1999 - 2001) - CNBC had an 'Expert' analyst, commentator (Officially employed by Merrill Lynch, but quite possibly even member of the staff at some point) Henry Blodget.

Mr. Blodget would purposefully inflate and make buy recommendations on certain stocks of certain Internet companies - of which he managed and/or his employer had an invested interest, of course, to drive the stock. Although, a questionable strategy (Never publicly questioned by the folks of CNBC), the Boiler Room 'like' tactic ultimately failed and it became a Federal matter for Mr. Blodget.

The point, CNBC is owned by GE (The largest corporation in the world) with a number of interests in a number of industries (Finance, Real Estate, etc...).

Perhaps expansion of the insinuation will clarify: Even if the truth of the impending 'Meltdown' was known (Difficult to prove prior knowledge), why would the lowly reports and/or News Director, Assignment Editors, General Manager, ET AL working at CNBC, report such information? Reporting such truth would NOT be in the best interest of company profits.

Real Information or Real Speculation?
As mentioned before, I actually have a long history watching CNBC (10 years) and have never taken anything said seriously. Much of the 'Information' is based on speculation and conjecture. I am not a generational long time investor - however, I am seasoned in the market to recognize complete 'Malarkey and Omission' when read.

I do not view the network for business reasons, or even news - everything that I need to know is displayed within the lower 3rd of the screen called the Stock Ticker and with the Web, I might not even watch the network - the chosen focus is much too dry (As in stale).

CNBC is not really about business or personal finance. As a whole, CNBC at its core is about reporting on the status of large corporations and the perceived "What if" implications of the Economy on said corporate interests. CNBC does not provide useful tools and information to help viewers run their businesses or personal finances more effeciently.

Where Corporate Business Meets Politics...My greatest disappointment with CNBC and the ilk, is the constant blurring of Wall Street and Main Street. What is happening with the CEO of GM and Government bailouts are outrageous, and ridiculous at best (Reported after the fact), but not a real concern - nor, do I have the power of influence within these areas (Yet, that is...).

As well, I am not concerned with a re-hash of Corporate Earnings, for this can be read through quarterly stock reports - I do not need to spend time viewing this on this television.

Having said, there are more Politicians, grand standing, filibustering, and lobbying more than tangible, meaningful information on these types of networks. If and when an appearance is made by a CEO, it is merely just talking head with a political agenda, disguised as a Public Service Announcement (Yes, even T. Boone Pickens with his alternative energy pitch has a corporate/political agenda).

Speculation is tiresome and moreover a waste of time. Any active imagination can create any number of scenarios and as we have discovered our Economy is largely managed by persons who largely react to imposed circumstances (A great deal of educational theory and hypothesis, absolutely irrelevant in the real world).

My passion is the media business (TV, Web, VOD, Radio) and the emergence/ convergence of new media. I am interested in factual information about my industries, new innovation, trends and results of NEW business models - this is the present and the future.

The Slippery Slope...
On a much greater scale, as a result of last week's Stewart vs. Cramer, many have renewed questions of news reporting in general. Just how much information, or lack of information are we being spoon fed or not being properly informed?

As a member of the media, I have often stated that the media rules the world in half hazard manner. However, the media rules the world. It affects everything including what you believe, how you live your life, your job, your relationships, and even the way you think about people, conditions,circumstances, and even your life. I do not mention to frighten, but to simply remind - Question everything you see and read. Conduct your diligence where and when necessary.

What you see on television should always be considered largely as a form of entertainment (Even the not-so-obvious) and taken at face value.

In the case of CNBC and all other self proclaimed 'Business Channels', remember, they are simply reporters working in/for a corporation and information presented should be viewed as such.

*The photo image is above of The Daily Show, starring John Stewart, is the provided by Comedy Central Channel, a division of MTV Networks, and parent Viacom International, Inc.