What We Should Learn from Jim Cramer vs. The Daily Show’s Jon Stewart

::What We Should Learn from Jim Cramer vs. the Daily Show’s Jon Stewart::

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March 12th, 2009 by Patrick Byrne

What should we learn from the fact that “The Daily Show’s” Jon Stewart has in four evenings (1 2 3 and 4) exposed Jim Cramer in a way that, in any sane world, he would have been exposed a decade ago? To answer that, consider these associated facts: while the Jim Cramer constellation of journalists (Mitchell’s Media Mob) backed each other up while covering-up the subject of criminally abusive short selling by hedge funds to whom they were close, four channels of the media broke rank:

  1. Two years ago Bloomberg did a half-hour documentary that broke away from the Party Line;
  2. Liz Moyer at Forbes has covered the real issues fairly and diligently, and another Forbes reporter named Nathan Vardi took a good swipe at the story (”Sewer Pipes“);
  3. Rolling Out Magazine (”an UrbanStyle Weekly serving the African American community”) called me up a couple years ago and did precisely the fair, non-disorted interview of which the remainder of the New York financial media was entirely incapable;
  4. Now, “The Daily Show” has broken ranks by stating the obvious: there are journalists shilling for favored hedge funds.

Could the lesson be that the first news organizations that can break ranks with the Party Line are either fringe (”Rolling Out Magazine” and “The Daily Show”) or the properties of billionaires (Bloomberg and Forbes) who cannot be intimidated?

Perhaps someday, a journalist will look into the pressures that were brought on news organizations (e.g., on Bloomberg leading up to their running “Phantom Shares”). Just a few weeks ago I got the  story, again, from a journalist: “I was working on a story about naked short selling and Deep Capture. Then, suddenly I was stopped. It’s weird because I have been a journalist here for 9 years. I have built a great reputation with my editor, and have never had a story interfered with. But I got a couple months into this story, and suddenly I was stopped from above. I’ve never seen that happen before.” I replied, If you only knew how many times a journalist has said that to me in the last couple years….

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The Real Scandal That Will Bring Jim Cramer Down: The Story of Deep Capture

The Columbia School of Journalism is our nation’s finest. They grant the Pulitzer Prize, and their journal, The Columbia Journalism Review, is the profession’s gold standard. CJR reporters are high priests of a decaying temple, tending a flame in a land going dark.

dick-fuldIn 2006 a CJR editor (a seasoned journalist formerly with Time magazine in Asia, The Wall Street Journal Europe, and The Far Eastern Economic Review) called me to discuss suspicions he was forming about the US financial media. I gave him leads but warned, “Chasing this will take you down a rabbit hole with no bottom.” For months he pursued his story against pressure and threats he once described as, “something out of a Hollywood B movie, but unlike the movies, the evil corporations fighting the journalist are not thugs burying toxic waste, they are Wall Street and the financial media itself.”

His exposé reveals a circle of corruption enclosing venerable Wall Street banks, shady offshore financiers, and suspiciously compliant reporters at The Wall Street Journal, Fortune, CNBC, and The New York Times. If you ever wonder how reporters react when a journalist investigates them (answer: like white-collar crooks they dodge interviews, lie, and hide behind lawyers), or if financial corruption interests you, then this is for you. It makes Grisham read like a book of bedtime stories, and exposes a scandal that may make Enron look like an afternoon tea.

By Patrick M. Byrne

Deep Capture Reporter

Make a pot of strong coffee and read this incredible story

Unedited | Cramer Vs. Stewart | Part Three

Unedited | Cramer Vs. Stewart | Part Three

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Part Two | Cramer Vs. Stewart | Unedited

Part Two | Cramer Vs. Stewart | Unedited

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Part One | Cramer Vs. Stewart | Unedited

Part One | Cramer Vs. Stewart | Unedited

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Intro | Cramer Vs. Stewart | Unedited

Intro | Cramer Vs. Stewart | The Complete Interview -Unedited

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Sneaky George W. Bush Pushing Through Dozens of Last-Minute Legislative Scams

THE OBSERVER

PAUL HARRIS

DEC 14 2008

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After spending eight years at the helm of one of the most ideologically driven administrations in American history, George W. Bush is ending his presidency in characteristically aggressive fashion, with a swath of controversial measures designed to reward supporters and enrage opponents.

By the time he vacates the White House, he will have issued a record number of so-called ‘midnight regulations’ – so called because of the stealthy way they appear on the rule books – to undermine the administration of Barack Obama, many of which could take years to undo.

Dozens of new rules have already been introduced which critics say will diminish worker safety, pollute the environment, promote gun use and curtail abortion rights. Many rules promote the interests of large industries, such as coal mining or energy, which have energetically supported Bush during his two terms as president. More are expected this week.

America’s attention is focused on the fate of the beleaguered car industry, still seeking backing in Washington for a multi-billion-dollar bail-out. But behind the scenes, the ‘midnight’ rules are being rushed through with little fanfare and minimal media attention. None of them would be likely to appeal to the incoming Obama team.

The regulations cover a vast policy area, ranging from healthcare to car safety to civil liberties. Many are focused on the environment and seek to ease regulations that limit pollution or restrict harmful industrial practices, such as dumping strip-mining waste.

The Bush moves have outraged many watchdog groups. ‘The regulations we have seen so far have been pretty bad,’ said Matt Madia, a regulatory policy analyst at OMB Watch. ‘The effects of all this are going to be severe.’

Bush can pass the rules because of a loophole in US law allowing him to put last-minute regulations into the Code of Federal Regulations, rules that have the same force as law. He can carry out many of his political aims without needing to force new laws through Congress. Outgoing presidents often use the loophole in their last weeks in office, but Bush has done this far more than Bill Clinton or his father, George Bush sr. He is on track to issue more ‘midnight regulations’ than any other previous president.

Many of these are radical and appear to pay off big business allies of the Republican party. One rule will make it easier for coal companies to dump debris from strip mining into valleys and streams. The process is part of an environmentally damaging technique known as ‘mountain-top removal mining’. It involves literally removing the top of a mountain to excavate a coal seam and pouring the debris into a valley, which is then filled up with rock. The new rule will make that dumping easier.

Another midnight regulation will allow power companies to build coal-fired power stations nearer to national parks. Yet another regulation will allow coal-fired stations to increase their emissions without installing new anti-pollution equipment.

The Environmental Defence Fund has called the moves a ‘fire sale of epic size for coal’. Other environmental groups agree. ‘The only motivation for some of these rules is to benefit the business interests that the Bush administration has served,’ said Ed Hopkins, a director of environmental quality at the Sierra Club. A case in point would seem to be a rule that opens up millions of acres of land to oil shale extraction, which environmental groups say is highly pollutant.

There is a long list of other new regulations that have gone onto the books. One lengthens the number of hours that truck drivers can drive without rest. Another surrenders government control of rerouting the rail transport of hazardous materials around densely populated areas and gives it to the rail companies.

One more chips away at the protection of endangered species. Gun control is also weakened by allowing loaded and concealed guns to be carried in national parks. Abortion rights are hit by allowing healthcare workers to cite religious or moral grounds for opting out of carrying out certain medical procedures.

A common theme is shifting regulation of industry from government to the industries themselves, essentially promoting self-regulation. One rule transfers assessment of the impact of ocean-fishing away from federal inspectors to advisory groups linked to the fishing industry. Another allows factory farms to self-regulate disposal of pollutant run-off.

The White House denies it is sabotaging the new administration. It says many of the moves have been openly flagged for months. The spate of rules is going to be hard for Obama to quickly overcome. By issuing them early in the ‘lame duck’ period of office, the Bush administration has mostly dodged 30- or 60-day time limits that would have made undoing them relatively straightforward.

Obama’s team will have to go through a more lengthy process of reversing them, as it is forced to open them to a period of public consulting. That means that undoing the damage could take months or even years, especially if corporations go to the courts to prevent changes.

At the same time, the Obama team will have a huge agenda on its plate as it inherits the economic crisis. Nevertheless, anti-midnight regulation groups are lobbying Obama’s transition team to make sure Bush’s new rules are changed as soon as possible. ‘They are aware of this. The transition team has a list of things they want to undo,’ said Madia.