Jon Stewart clarifies CNBC's conundrum ( The network was built on cheerleading and chattiness )

MarketWatch ^ | March 13, 2009 1:57 p.m. EDT | Jon Friedman, MarketWatch

[Ernest_at_the_Beach]

Commentary: The network was built on cheerleading and chattiness

NEW YORK (MarketWatch) -- CNBC has emerged as The Network We Love to Hate.

Jon Stewart's scathing rebukes of the financial news network, one after another, on "The Daily Show" underline much of the public's anger toward Wall Street -- and CNBC, which many regard as the Street's virtual mouthpiece.

And with that, the network now has the challenge of convincing the public that it's serving as a watchdog for investors, and not the establishment lapdog that it's seen to be.

CNBC long has sought to identify with the powerbrokers of the financial-services industry, believing viewers would find their opinions to be the most relevant form of news.

It may have made a fatal miscalculation. During a bull market, of course, everyone looks like a genius because spirits are so high and any theory seems possible, if not plausible. But in a prolonged bear market, like this one, CNBC's audience is angry. It wants answers.

To the public's dismay, CNBC often has looked like its mission was to make the news -- however grim it might be -- look like entertainment. The formula draws heavily on its slew of chatty hosts who would seem comfortable on ESPN's SportsCenter shooting the breeze about last night's basketball scores.

But CNBC has a big problem. Its upbeat approach has served it well in creating a buzz and building an audience. Now that millions of people have lost homes and jobs, the national mood calls for the leading financial network to change its strategy and reflect the gloomy sentiment.

Tough choices

[Anti-Bubba182]

CNBC has emerged as The Network We Love to Hate.

CNBC has emerged as The Network We Don't Watch.

[P.O.E.]

Disappointed that Cramer didn’t call Jon Stewart on his network’s cheerleading for Obama....

[ontap]

If it had been Bush instead of Bambi Cramer was calling out John Stewart would have been cheering him on. Hypocrite.

[Ernest_at_the_Beach]

I think this is an attack on the CNBC anchors and the groups support for Santelli....

****************************EXCERPT************************

Accused

The flap began a few weeks ago when Rick Santelli, CNBC's financial-markets correspondent in Chicago, had an outburst on the air against one of President Obama's programs. Santelli was furious, which is his right as a citizen. But he crossed the line of acceptable journalism practice by railing so loudly and pointedly.

Evidently, Stewart thought Santelli went too far -- just as Stewart was offended by the bad taste exhibited on "Crossfire," a blabfest on CNN. Stewart's sharp criticism of "Crossfire" helped turn the public's tide against the show and ultimately lead to its termination.

CNBC can be accused, above all, of haughtiness and ignorance. I contend that CNBC could've spared itself a big headache if it had gotten Santelli to appear on "The Daily Show" in the first place. Stewart has said Santelli snubbed him by backing out after he consented to go on the program on Comedy Central, which is owned by Viacom Inc.

Accused

The flap began a few weeks ago when Rick Santelli, CNBC's financial-markets correspondent in Chicago, had an outburst on the air against one of President Obama's programs. Santelli was furious, which is his right as a citizen. But he crossed the line of acceptable journalism practice by railing so loudly and pointedly.

Evidently, Stewart thought Santelli went too far -- just as Stewart was offended by the bad taste exhibited on "Crossfire," a blabfest on CNN. Stewart's sharp criticism of "Crossfire" helped turn the public's tide against the show and ultimately lead to its termination.

CNBC can be accused, above all, of haughtiness and ignorance. I contend that CNBC could've spared itself a big headache if it had gotten Santelli to appear on "The Daily Show" in the first place. Stewart has said Santelli snubbed him by backing out after he consented to go on the program on Comedy Central, which is owned by Viacom Inc.

[Ernest_at_the_Beach]

So you watch the Fox Business Channel?

[FreepShop1]

CNBC has become an on-air bastion of conservatism. What should we watch, RINO dingbat Michael Steele do softball interviews on FoxNews? On CNBC, we get Kudlow, Santelli, Caruso-Cabrerra and an overall free market stance. FoxBusiness is even better.

[BenLurkin]

CNBC often has looked like its mission was to make the news -- however grim it might be -- look like entertainment

Odd. Stewart has always looked like his mission was to twist the news under the guise of entertainment.

Hard to believe that anyone cares what some anti-American comic thinks about Wall street.

[tell me]

Cramer is not as bad as you think. I watch CNBC because my cable company will not give me Fox business. I watch Cramer because he actually tries to help the little investor unlike the professional investor who was losing me thousands of dollars with his highly speculative trades and laissez faire attitude towards such a “small” account. Cramer turned on the president immediately after realizing Obama was not moving to the center and Geithner really is an idiot. That was his great crime. I just wish Cramer had stood up to Stewart. I can’t figure that out.

[an amused spectator]

Jon Stewart is just another rich Democrat - one of the smarmy group of "high school cool kids" who are better and smarter than the rest of us ignorant troglodyte worker bees.

The thing about liberal intellectuals is that they may be intellectual - but you know that they're ALWAYS leaving out inconvenient facts when they get into an "honest discussion".

I don't have time to waste with Jon Stewart's brand of "truth-telling" - he can keep on conning the kiddies.

One of the days, the kiddies will get older and realize that while they were laughing at Stewart's "cool" wit, Stewart and his Lefty power-monger pals were chaining the kiddies to a galley bench, and a real heavy oar.

[Anti-Bubba182]

Occasionally.

[abb]

That’s exactly what it is. The rest of the Drive-Bys have decided to Mau-Mau Cramer, Santelli and anyone else at CNBC who speak up against The Messiah. It is very public and messy demonstration of how they can figuratively blow out someone’s brains if they want to.

It surpasses anything Richard Nixon ever did with his ‘enemies list.’

[Rick_Michael]

Jon Stewart is a TOOL. I’ve rarely heard anything ‘new’ out of his mouth. He reads the newspaper and spouts off the liberal *hit he reads and for being such a ‘reasoned’ man...his level of independent thinking is non-existant.

I suppose as long as you go with the sheep that’s reason!?

[Rick_Michael]

Stewart is nothing but a liberal tool for the youth.

[Malacoda]

I wish someone would explain to me how a hack comedian has somehow become regarded as a serious news reporter/journalist. The fact that people actually think he’s a good source for news boggles my mind.

[cookcounty]

Stewart???

Whose viewers are so dumb that only 46% could name which party controls Congress, when the odds are 50-50 of getting it right by guessing?

Stewart's audience is literally dumber than a box of mice.

[Yaelle]

Oh no! There must be a hole in our President’s colon! He must need surgery! (How else would Jon Stewart see out?)

[Rick_Michael]

18-25 year old morons...for the most part.

No one whom actually researches opinions ever thinks he’s a genius, and I’m sure he doesn’t even think that of himself. Put a dress on him and tell him to cheer,...he’s worthless for anything else.