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Even Hot Air is Falling

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.

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. (Marketwatch)

As Jon Stewart chewed up Jim Cramer, the loud-mouthed CNBC poodle, he should also have included Larry "We believe that free market capitalism is the best path to wealth destruction" Kudlow, who is another shrill ranter who loves pumping up stocks but is as perceptive as a slug.

I'm glad a prime-time American TV programme has exposed the scam that is CNBC. I rarely watch it, preferring the slightly more subdued reporting on Bloomberg, which also has far better analysts.

This is a lesson to just not trust the financial press. People really must try to understand that this is a casino in which the odds are against them. Unlike a casino, there are some good times in which everybody is winning, but when the losses start happening your chips will start to dwindle. The public financial press is not there to help you, it is there to make money for itself. Try to find an independent voice who will teach you how to make your own judgements, not pump and dump stocks leaving you clueless as to what just happened.

I have no sympathy for Cramer, Kudlow and CNBC. Cramer's week also got worse as when Thomas Clarke resigned as CEO of The Street.com Inc., the online financial news site co-founded by Cramer. Oh well, looks like even hot air is falling in this bear market.