About Last Night

It was deeply satisfying to see Jon Stewart putting it to Jim Cramer on last night’s Daily Show. Cramer deserved no quarter and Stewart gave him none. And it’ll be interesting to see whether the handshake at the show’s close does result in CNBC’s trashing the “In Cramer We Trust” promos. But let's face it, at the end of the day, asking CNBC to step up its investigative reporting of the finance sector is a bit like asking the cheerleading squad to improve oversight of your athletic department. As the Times reported today and on March 9th despite CNBC’s culpability in the financial crackup, they win regardless.

For there’s virtually no learning curve as far as this debacle is concerned. In the eyes of the system’s staunch defenders, the boom and bust cycle is a necessary feature of the progressive force of capitalism. As Alan Greenspan puts it in a recent interview when asked what benefits were left behind by the bursting of the housing bubble:

Well, that should be clear - entire neighborhoods have been revitalized, home building and renovation technology has been advanced, and millions of Americans who could never afford a home before are now homeowners because of innovations in mortgage finance and debt securitization.

Or the nature of capitalism is creative destruction, and every cycle leaves more winners than losers, more prosperity than misery, yadda, yadda, yadda.

So if you’re expecting a retreat from Cramer and the forces he represents and serves don’t hold your breath.