Why didn’t they tell us?
It wasn’t just the regulators who failed totally to control the absurdities of the market that led to the credit crunch; financial journalism failed big time and most financial commentators were complicit in the myth making that deluded ordinary borrowers and investors.
Over in the United States, Jon Stewart has done a brilliant job on “The Daily Show” – which has a global edition (see it on More4 in the UK) – in exposing this failure and most especially savaged Jim Cramer for his unforgivable role in all this.
You can start viewing the three-part clip of the interview here:
You can read the background to this encounter here.
March 25th, 2009 at 11:11 pm
A survey was done in the US a couple years ago and an amazingly large number (which I forget) of people reported that they received the greater part of their news from The Daily Show, which theoretically is entertainment, not news. However, we can see from these clips that he does a better job of digging out the truth and how things have come about than the news media. Too bad it’s all hindsight. Now, if he could only tell us what we should know TODAY rather than what we should have known YESTERDAY, he’d be haled as a true prophet.