Saturday, March 14, 2009

Jon Stewart and The Daily Show

I am impressed by Jon Stewart. Undeniably a democrat. He takes cover under the comedy central banner but not the one to pull his punches. I dont live in the US so I dont watch him on TV but catch up when his shows get uploaded on The Daily Show website

I see Nandan Nilekani is up on 18th. Hopefully it will be just the book discussed. Nandan needs to be on guard as Jon could rake up some rhetoric on the outsourcing and job losses. The fight against the H1B visa tightening can be hard to defend in this economy where US is fighting high unemployment rates.

I was up early waiting for the Jim Cramer toasting. I found links on YouTube earlier than the full episode came up on the daily show website. Jim came in with his sleeves rolled up for a fight and went back with the tail between his legs. What nailed him was his video's on never meant for TV. In those videos he explained how he manipulated the market and news networks to make short term gains.

But like Jon said this isnt just about Jim Cramer. Its about how the financial news networks position themselves as advisors to the public. And when things go wrong hide behind the disclaimer that the market is risky and you are by yourself on your research. That is irresponsible to say the least. If they, as a financial information and news provider are not reliable for data as research what then are they there for? Why should anybody watch it if it is just a talk show spreading rumors with no value? Might as well move the shows to comedy central and do stand up comedy. Wrong calls are fine but if you are unable to dig out facts and rely solely on the word of the company representatives on TV then you must be naive. You also are then guilty of being an accomplice.

I find CNBC-TV18 India a little better on that front. I did find after the Satyam saga they tried to come down hard on some companies with shady balance sheet and shady equity transactions and holdings but they are unable to cross the line and call their bluff. Probably for the fear of aleinating their clients who keep them in the business. So how far will they go to holding the companies feet to the fire, It will be intresting to watch. There are some intelligent people like Udyan Mukherjee and Latha Venkatesh. They should take the lead.

Nevertheless, here is the 3 part blowout where Jon skewered an apolegetic Jim Cramer. Must watch

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