In March 2009, during one of the worst economic crises in U.S. history, The Daily Show host Jon Stewart took to task those in the media responsible for reporting on Wall Street. He lambasted business network CNBC, financial commentator Jim Cramer, and his popular program Mad Money, for placing entertainment above journalism.
But for every salvo Stewart lobbed, Cramer fired back, during visits to morning news programs The Today Show, CNBC’s Morning Joe and even Martha, Martha Stewart’s lifestyle talk show.
The feud culminated in a meeting between the two. Here’s a timeline.
1. Rick Santelli Rants about President Obama’s Economic Plan – Feb. 19
CNBC’s Rick Santelli, standing on the floor of the CME Group, lashes out at President Barack Obama and his administration’s economic plan, saying that he doesn’t want to have to pay for his neighbor’s mortgage2. Stewart Calls Out CNBC After Santelli Cancels Appearance – March 4
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Amidst media scrutiny, Santelli cancels his appearance on The Daily Show. Stewart goes ahead and airs an already-prepared bit calling out CNBC for what he says is poor reporting and corporate coddling.
3. Stewart Continues Criticism on ‘Late Show with David Letterman’ – March 5
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Stewart appears on the Late Show with David Letterman and further criticizes the financial reporters and commentators, saying, “"There are three 24-hour financial networks. All their slogans are like, 'We know what's going on on Wall Street.' But then you turn it on and they're like, 'We don't know what's going on!' It'd be like turning on The Weather Channel in a hurricane, and they're just doing this: 'Why am I wet? What's happening to me? And it's so windy! What's going on, I'm scared!'”
4. Erin Burnett Has CNBC’s Back on ‘Bill Maher’ – March 8
Stewart’s call-out becomes the talk of talk shows, and CNBC’s Erin Burnett turns up on Real Time with Bill Maher to ensure the host that CNBC isn’t perfect – but is as good as anybody out there. "I don't think anybody knows," Burnett told Maher. “I don't even know that the CEOs themselves know.”5. Cramer Calls Stewart a Cherry-Picker on ‘Today’, ‘Morning Joe’ – March 10
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Appearing on both NBC’s The Today Show and CNBC’s Morning Joe with Joe Scarborough, Cramer responds to Stewart’s criticism by saying on Today, “A comedian's attacking me! Wow! He runs a variety show!” Scarborough mocks Stewart more, criticizing the talk show host for cherry-picking clips, putting them together, and then making funny faces. “Maybe Jon Stewart can tell us what the markets are going to do over the next 10 years,” Scarborough quipped.
6. Stewart Responds to ‘Cherry-Picking’ Comment – March 10
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Stewart wasted no time countering Cramer and Scarborough’s comments – tweaking Scarborough a bit more for his snarks. “That's why I don't make the claim to any authority. That's why my network doesn't have the slogan 'In Stewart We Trust.' They don't want people to think I'm God," Stewart said in response. With regard to Cramer’s slip that Stewart runs a “variety show,” the host retorted: “Variety show? They make me sound like some kind of buffoon, just flapping my arms with crazy buttons and wacky sound effects!” To which the show cut to a clip of Cramer pressing buttons with wacky sound effects and making crazy faces.
7. Cramer Heats Things Up with Martha Stewart – March 12
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Cramer appears on Martha for a cooking segment that turns angry – well, mock angry - as Cramer beats dough during a cooking segment and jokes that he’s thinking of Stewart. Martha responds that she likes Stewart.
8. Cramer vs. Not Cramer: Basic Cable Personality Skirmish '09 – March 12
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Stewart welcomes Cramer to The Daily Show and promptly drops his comedy kid gloves, pressing Cramer to account for both his bad advice to viewers and allegedly giving corporate spokespeople and CEOs a pass. “The financial news industry is not just guilty of a sin of omission but a sin of commission,” Stewart said. “Maybe [the financial news industry] can start getting back to fundamentals on the reporting, and I can go back to making fart noises and funny faces.”
With a smile, Cramer agreed, and the two shook hands.
9. Critics Respond – March 13, 2009
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News outlets and writers across the blogosphere weigh in, with ABC News, the Chicago Tribune, and The New York Times calling Stewart a winner.
