Exposing the co-conspirators of the economic crisis
Leave it to Jon Stewart at Comedy Central to do what the rest of the news media is too afraid to admit: that they, especially CNBC have been complicit in bringing on the collapse of Wall Street, the housing market, the banking sector, and AIG. Stewart’s scathing, tragic yet sarcastically humorous commentary ripping CNBC for cheer-leading rather than investigating Wall Street has been right on point and should lead to follow up on this issue.
Why are we not holding the regulators of these industries accountable for gross negligence? The first reaction has been to blame the CEO’s of the companies, then Congress for deregulating the industries, then maybe the heads of the regulatory bodies like the SEC, FDIC, etc. Although there is plenty of blame to go around at this level, the heads of the regulatory agencies are temporary political appointees. What about the career bureaucrats at the SEC who were repeatedly warned about Bernard Madoff’s ponzi scheme and should have been able to stop him years ago?
Congress doesn’t want to investigate this because they will just make themselves look bad. And the media doesn’t want to dig deeper because it is too much work and doesn’t carry the entertainment bang for the buck that stalking a CEO’s helipad does.
The mass media stopped functioning as the fourth estate a long time ago. Now it’s up to the bloggers – and Comedy Central.
Here’s the video of Jon Stewart’s interview with CNBC’s Jim Cramer:
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