CONFRONTATION

The confrontation between Jon Stewart of The Daily Show and Jim Cramer of Mad Money created a firestorm and made three sections of Saturday's Times: the front page, Calendar, and Business. Obviously, it touched a raw nerve. As funny as that confrontation was - and it was a killer - the tragedy is that it happened on a comedy show. Where is our news media?

The real issue here isn't that CNBC's "financial experts" missed the biggest economic tsunami in 75 yeas - though that's plenty bad enough - it is the complete lack of government oversight of the air waves which the incident pointed out. I know we live in a let-the-buyer-beware society, but as people sit and watch TV, the majority of them still feel that if it's on television it is probably true. The religion-based notion that "someone" is looking out for us is deeply imbedded in our culture. Needless to say, that is not the case with TV.

Mad Money's network, CNBCA, is corporate-owned, and its only real goal is to garner higher ratings so it can charge more for advertising and make more money. Despite disclaimers to the contrary, these "financial experts"present information in the same manner as religious fanatics - as if it came from the lips of God. Their network allows them to say anything they please, as long as it won't get them sued.

What Stewart really pointed out - whether by design or by accident - is that the time has come to rein these guys in. I notice that at the top of the OPINION section there is a large, unavoidable sign that says, "OPINION." Perhaps CNBC could get something similar.