Jon Stewart Rules. Jim Cramer Drools.

Posted Mar 13, 2009 by Walt Belcher

Updated Mar 13, 2009 at 07:10 AM

  The “Mad Money” man, Jim Cramer, came out with his sleeves rolled up and he left with his tail between his legs.

  Oh what a licking he took when “The Daily Show” host Jon Stewart chided him and the entire CNBC network for failing to cover the wheeling and dealing on Wall Street during the past decade that has left the economy in shambles.

Stewart shed his sly mocking humor to go for the throat. And he nailed the problem. CNBC put entertainment and a cozy relationship with the financial industry ahead of sound journalism.

Cramer, whose creditabilty should have been called into question years ago, continues to play the fool.

“I understand that you want to make finance entertaining, but it’s not a game,” Stewart said, showing clips of a Cramer interview from years ago on which he described how to manipulate investors.

Stewart said he couldn’t “reconcile the brilliance and knowledge you have of the intricacies of the market” with the crazy antics that Cramer does every night. Stewart pointed out that Cramer advised viewers to buy now-failed investment bank Bear Stearns.

Cramers excuses where that everyone makes mistakes on investment calls and his job is to entertain and educate and that he is not an investigative reporter.

Cramer, a former hedge fund manager, should know the workings of Wall Street. But instead of becoming a whistle blower, he’s been a cheerleader.

Instead of being “a very powerful tool of illumination,” Stewart scolded Cramer, “It feels like we are capitalizing your adventure by our pensions … It is a game that you know is going on, but you go on television as a financial network and pretend it isn’t happening.” Added Stewart: “Isn’t there a problem selling snake oil as vitamin tonic?”

Friday’s show capped a week of Stewart blasting CNBC.  “If I had only taken CNBC’s advice,” Stewart said, “I would have a million dollars today—provided I started with $100 million.”

CNBC and the Today show (which has Cramer on as an expert) should be ashamed.  As should TV blowhards like Lou Dobbs and Neal Cavuto.

Amazingly, Stewart, the host of an self-described “fake news show.” has become the conscience of finanical journalism.  He’s at the window, shouting “I’m mad as hell” for all those people outside of Wall Street who have lost their homes, their savings, their jobs and their pensions.