Jon Stewart’s crusade against CNBC sure stirred up a lot of dust. Just as the interview with Jim Cramer, one of CNBC’s financial experts, it made headlines all over the world.
I wasn’t that impressed. Sure, righteous Stewart exposing wicked Cramer was good television, but it wasn’t serious journalism.
I mean, of course CNBC’s (baconian) statement that ‘knowledge is power’ is both bold and ridiculous. And claiming to be the ‘ONLY network with the knowledge YOU NEED’ doesn’t help either. It’s bold because CNBC is the tabloid version of financial television news, and it’s meaningless because in the market, information is only valuable when it’s a secret. A piece of financial information which everyone knows is worthless, since the market has already accounted for it.
It’s a case of the old law of supply and demand. When knowledge is all around, it stops being valuable. And since the market is constantly changing, information considered correct and useful may turn out the next minute to be incorrect and useless.
Seriously, that’s no sensation, but I must admit: schadenfreude works on TV.
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