Mar 13 2009
Journalistic Recursion
Sometimes life hands you all the commentary you need wrapped up in one package. Today is such a day. Rejoice, just before you cry.
Journalism is dying. And if it isn’t, it’s only because it’s already dead. There are many reasons for this, most of them due to corporate entities merging news divisions with entertainment divisions and the consolidation of these new entertainment-news divisions under a handful of large, corporate umbrellas. This kind of consolidation involved budget cuts, staff reductions and a shift in focus to ratings measured in 30-60 minute blocks.
Once the newsroom was pared down into a poorly funded, undermanned journalistic machine, it was all but fated that an industry meant to be our watchdog would no longer be able to watch much of anything. In the years since, our media has traded investigation for access. They allow any organization, any interest group, to give their side as if reading a press release without fact checking getting in the way. Opposing sides are brought on and given equal time in the name of balance, whether or not the opposition has anything other than opinion on their side. And the powerful in our nation, the ones most in need of scrutiny, are given softball questions so as not to offend them and lose the network its coveted access.
It’s a disgrace.
Over the past week, Jon Stewart of The Daily Show has been in a back and forth over some unkind words spoken of CNBC. In it, Stewart mocked CNBC for its lack of foresight and its gentleness to CEOs and wealthy insiders who – it was later discovered – were outright lying to their interviewers. Stewart was speaking in response to a rant made by Rick Santelli, one of CNBC’s reporters, over “loser homeowners” who were being bailed out by the federal government. Stewart’s point was simple: CNBC, the network of financial professionals working to give you the inside scoop, were telling their viewers that everything was fantastic right up until the moment things fell apart. So, Stewart asked, who were the losers?
Things got a little ugly after that. Mad Money host Jim Cramer took personal offense at some of what Stewart said, and after some more traded barbs, Cramer agreed to come on to The Daily Show to talk to Stewart. That happened last night.
The interview was great, and in it Stewart raised a lot of points which I won’t bother to summarize. He’s smarter and funnier than I am and you can watch the video. Here, go for it, then we’ll keep talking:
One of my favorite sources of financial information, Planet Money, posted the video today, and I’m sad to say their post was a massive disappointment, demonstrating what I can only describe as an utter lack of awareness of what was going on in the interview. For instance:
What did you think? Did Stewart (backed by his studio audience) come off as a bully? Was Cramer’s contrition believable or did it come off as staged? Will it change anything about Mad Money? Do you want Cramer as your financial watchdog?
Oh? That’s your response? Did Steward come off as a bully? Welcome to recursion! Witness an uncritical and superficial media become the target of incisive commentary, after which it is discussed by an uncritical and superficial media. The post addresses the interview like the media addresses every debate: as two equal forces presenting balanced sides.
This is not what was going on.
Watch the interview again if you must, but note specifically the video Stewart uses of Cramer from 2006. In the first clip, Cramer addresses the practice of creating false rumors to bring down the price of a stock so that you can make money by short selling it. When the clip is over, Cramer tries to suggest he was trying to educate people about the practice, not advocating it. So Stewart shows more of the clip, and in it Cramer then says, basically, “It’s easy and you should do it, too.”
So holding people accountable to the things they’ve said is now bullying. Or at the least, is debatably bullying. Stewart doesn’t shout at Cramer, or call him names or use any of the other typical news commentator tactics. He stays calm but does not let Cramer off the hook. And what does Planet Money, a serious financial news program, ask?
Do you think Stewart was bullying Cramer?
No discussion of what the facts of the debate were. No mention that facts have any place in the argument at all. It’s just your average, uninsightful blog-style commentary that turns every story into a WWE wrestling match.
Journalists are not supposed to be color commentators for a sports game. Instead of asking if Stewart was bullying Jim Cramer, perhaps you should be asking why no one else – including yourselves – put this story together. CNBC is a major network, and people touted as experts are lying or misleading their audiences about the markets they are supposed to be illuminating. And a comedian had to give us the facts.
And what do you do? You ask if he’s bullying.
Shame on you, NPR. You should be doing better. We deserve it.



