Cramer vs. Stewart

Here's the assembled coverage:

Sometimes listening to Jon Stewart is like what you'd imagine it would be like to listen to a great journalism professor... except you're laughing so hard you've fallen out of your chair.

In tonight's interview, Stewart makes the case for what CNBC should have been doing over the past few years: actual business reporting, instead of acting like they were an entertainment channel for the stock market.

Here's part 3 of the unedited and uncensored interview (warning: there's an F-bomb or two). You can also view part 1 and part 2 of the interview on DKTV. Here's the full episode.

Here's some analysis from David Bauder of the AP:

The feud between Jon Stewart and CNBC's Jim Cramer has been good for laughs — and ratings — but has also raised the serious question of whether the experts at TV's No. 1 financial news network should have seen the meltdown coming and warned the public.

Over the past two weeks, Stewart's "Daily Show" on Comedy Central has ridiculed CNBC personalities, including Cramer, the manic host of "Mad Money," by airing video clips of them making exuberantly bullish statements about the market and various investment banks shortly before they collapsed.

Stewart has charged that people at CNBC knew what was going on behind the scenes on Wall Street but didn't tell the public. He has accused CNBC anchors and pundits of abandoning their journalistic duties and acting like cheerleaders for the market.

"In a tremendous boom period, they covered the boom and people wanted to believe in the boom," said Andrew Leckey, a former CNBC anchor and now president of the Donald W. Reynolds National Center for Business Journalism at Arizona State University. "They didn't uncover the lies that were told to them. Nobody did. But they should be held to a higher responsibility."

And though MediaBistro's TVNewser indicated MSNBC's evening political commentators would ignore the mash-up, Keith Olbermann refuted that contention, and Rachel Maddow reported on the affair, noting both the resignation of Cramer's website CEO as well as the ratings bonanza recorded by that episode of the Daily Show: the second-most watched this year and also in the top ten most-viewed shows.

Harmonic blogosphere convergence

Yesterday, a disturbance in the Force compelled the Texas Progressive Alliance to join armies with the ... whatever the conservative blogs in Texas call themselves. I'll let Ted tell it:

Yesterday Senator Judith Zaffirini (D-Laredo) introduced SB1950, which would have subjected political bloggers to some severe disclosure requirements under the Texas Election Code. The new bill could have seriously hurt a lot of political bloggers, especially those who sell ads on their blogs.

The Texas Progressive Alliance, an association of about 50 Texas left-wing political blogs, decided the bill must not pass, and geared up to oppose it in a unified effort. A couple of phone calls were made, and by 11:00am they were joined by at least 30 right-wing Texas blogs and a promise that more could be activated if necessary.

Then Harold Cook, a political consultant for Senate Democrats, approached Senator Zaffirini with the concerns of the bloggers. The senator withdrew the bill, saying she didn't realize the impact it would have on Texas bloggers and citizen journalists. The bill was dead because bloggers from both ends of the political spectrum had stood stood together.

There's more from Vince, who spear-headed the mobilization:

“Senator Zaffirini was very understanding, and had no intention to harm bloggers with this bill. She had a very bad experience in her last campaign with a website -- I won’t even give it the credibility of calling it a ‘blog’ -- that went pretty low in the gutter, and I think this bill was a way to address that. As soon as she heard that this bill would harm mainstream bloggers and citizen journalists, which are so important to the flow of information in modern politics, she immediately offered to pull (it)."

And lastly, more on Aaron Pena's HB-4237:

Citizen journalists and bloggers in Texas would have the same protection to write about politics and other matters of public concern as do members of the “mainstream” press under a bill filed today in the Texas House of Representatives.

House Bill 4237, from Aaron Pena (D-Edinburg), would allow bloggers and citizen journalists to be protected by what is known as the “Privileged Matters Clause” in the Texas Civil Practices & Remedies Code. Under the clause, newspapers and other periodicals are protected from being sued for libel when reporting on things that happen in a court of law, the proceedings of a government body, or meetings dealing with public issues.

If Pena’s bill passes, citizen journalists and bloggers would be placed on level footing with the mainstream press when it comes to covering matters of public concern. In addition to protecting bloggers and citizen journalists, the bill also adds “privileged matters” protections to bloggers who use technology such as webcasting and podcasting.

I give Pena a lot of grief often enough for his past support of Tom Craddick, for showing up in preferred seating at an Obama rally when he was still a declared Clinton supporter, and some other weaseley things. But he has his own blog, has attended our statewide functions, believes in us and supports our cause.

He done me proud with this legislation.