Yesterday's Observer had this to say:
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America cheers as satirist delivers knockout blow to TV finance gurus
For the past 10 days the US has been gripped. Even President Obama tuned in as the country's foremost TV comic, Jon Stewart, unleashed an extraordinary broadside against TV's top financial commentators for their part in the unfolding economic crisis.
First came the imperial marching music and a fiery explosion. "You've watched snippets of them for days, or meant to after your friends sent you the link," a voice boomed with mock gravity. "Tonight, the week-long feud of the century comes to a head."
It was a comically absurd drumroll for what, on the surface, was merely a squabble between TV presenters. In one corner, Jim Cramer, the closest thing to a celebrity in American financial journalism. In the opposite corner, Jon Stewart, the satirist and host of the fake news programme The Daily Show on Comedy Central. But unlike many a big fight, this one more than surpassed the hype. Nothing less than financial reporting itself was put on trial – and found severely wanting.
Cramer, who dispenses raucous advice to investors on the Mad Money show on the business channel CNBC, was eviscerated by a serious and genuinely angry Stewart. Meek and contrite, Cramer was pummelled like a rope-a-dope over his profession's failure to be an effective watchdog of Wall Street. There was no cornerman to throw in the towel.
The interview was one of those classic television moments that crystallised the public mood in the credit crisis. Stewart articulated the anger and bewilderment of millions of Americans who now feel ripped off and afraid. He framed the question everyone wanted asked: how were the financial masters of the universe allowed to pursue their ruinous behaviour unchallenged for so long?
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