The Financial Crisis & Business Skepticism
Posted by mattusmaximus on March 14, 2009
The news about the economy is, by most accounts, pretty dismal these days. As time goes on, we are finding out about more an more shady deals on Wall Street and even outright fraud – think Bernard Madoff. How did we get caught up in this hysteria of wishful thinking that drove an insane economic bubble which ultimately burst so badly?
I’m no economist, and I don’t like to write about economics, but I wanted to take a moment or two to give a shout-out to someone who is applying skepticism & critical thinking to these questions – Jon Stewart, host of The Daily Show
In the last week, Jon Stewart has very publicly and vocally taken those financial reporters, networks, and commentators – such as CNBC’s Mad Money with Jim Cramer – to task for failing to apply their own skepticism & critical thinking to the situation. And in the end, when dealing in business and/or investing, it boils down to that old adage: “If it seems too good to be true, it probably is.”
I want to share two video clips of Jon Stewart laying the skeptical smackdown on CNBC for failing to apply critical thinking to these issues. The first is a broadcast from The Daily Show earlier in the week where Stewart criticizes CNBC for giving sloppy or shady financial advice…
The second video is an interview between Stewart and Cramer as they discuss what went wrong and the business media’s responsibility to be more willing to ask tough questions and follow through…
I have to agree with Stewart. While it is incumbent upon all of us to apply our critical thinking skills to issues of business & finance, at some point we depend upon the business media outlets, like CNBC, to provide us with trustworthy information. Let us hope we’ve all learned this painful lesson well.