While my hypothesis was that the constant noise of CNBC led traders to scream "sell" when it came to Bear and others who have found less worse fates, Jon Stewart posits that it was CNBC's complicity that led to our current financial mess. He, now famously, grilled Jim Cramer about the, well--to put it kindly-- lack of investigative, reporting or even questioning skills possessed by CNBC "journalists", their all too cozy relationships with CEO's and their siren call to Americans who watched faithfully, invested accordingly and are now in the poorhouse, or as it were, no house.
Maybe Stewart's outrage that CNBC didn't see Bear Sterns or the current crisis coming actually fits in nicely with my idea that the hysteria surrounding the early days of the banking crisis was set off and paraded around by CNBC's pundits and reporters alike because, in their ineptitude, they were just as shocked and hysterical as everyone else?
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