The failure of journalism (especially cable news, which.. I guess.. is journalism) in the current financial crisis is all too similar to its failure in the run up to Iraq, and indicative of a much larger cultural problem. Stewart's genius — and public service — is that he gets this.
Watch the whole thing (un-cut-for-TV) here.
James Fallows, who I respect, describes it this way:
"Yes, it is cliched to praise Stewart as the "true" voice of news; and, yes, it is too pinata-like to join the smacking of CNBC.... But I found this -- the Stewart/Cramer slaughter -- incredible.
I thought Stewart, without excessive showboating, did the journalistic sensibility proud.
Just before leaving China -- ie, two days ago -- I saw with my wife the pirate-video version of Frost/Nixon, showing how difficult it is in real time to ask the kind of questions Stewart did. I know, Frost was dealing with a former president. Still, it couldn't have been easy to do what Stewart just did."
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