When asked yesterday if Stewart had a point to his criticism, Cramer responded thus:
Cramer ... called it "a naive and misleading thing to attack the media."
"We weren't behind this. CNBC, in particular, has been out front on this," he argued. "I think there are people who bear so much more responsibility [than the media] that it's just wrong-headed -- the politicians, the regulators, the SEC, the lenders, the investment banks. ... It's just a naive focus, it really is Meredith."
Right, where have I head this one before...
Dad: You shouldn't have pulled up mom's plants.
Me: But it was her idea, and she pulled up more!
Cramer's argument childishly assumes that because he is receiving blame this precludes anyone else from taking their rightful fall. Were such an assumption true it would indeed call into question whether we were going after the correct person or institution. Thankfully it is not.
I had high hopes that Cramer was intent on actual reform, but they are now dashed upon the rocks. Neither he nor NBC seem interested in their faults or the correction thereof. This is, again, a shame and ill omen of our times.