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Tag: The Daily Show with Jon Stewart

Jon Stewart of the Daily Show was interviewed for about an hour by Rachel Maddow regarding his perception in the media, The Rally to Restore Sanity, media biases, and politics.

Why is one of our most insightful social commentators a comedian?

Visit msnbc.com for breaking news, world news, and news about the economy

Best quotes from the interview

RM: “Why did you want to talk to me?”

JS: “After the rally…whenever you go out there you can only control your intention, you can’t control its perception or how people receive it.”

JS: “and to see that with the Capitol Building, which normally in our studio is a picture because we are fake.”

We’d done 12 years of the show, I’d earned 10 minutes of just rank sincerity.

I think the point of the rally was, this is as far as I can go… a satirist is… I can always criticize but I can’t actually do anything… we have no responsibility. [David’s note: really good segment, listen to the whole part]

I feel more of a kinship with Jerry Seinfeld than what you guys do or what CNN does or what NBC does. He’s able to comedically articulate an intangible for people.

Because we are parodying a news organization… but the process the material goes through is not a news process, it’s a [comedic process.]

We’re commenting on the news comedically.

Both sides have their way of shutting down debate and the news networks have allowed these two sides to become the fight in the country. And I think the fight in the country is corruption versus not corruption, extremist versus regular.

again we have to define our terms… we were talking about tone there not content.

We have a tendency to grant amnesty to people we agree with and to overly demonize people we dont.

It all comes from the perspective of defending your guy or your turf. What I’m saying is, let’s stop defending teammates and get an organization and tenacity and the kind of heart and the kind of intelligence… and look at it from a slightly different perspective, which is not we’re saying they’re crazy, but corruption is everywhere. It’s on the left, its on the right.

But Fox is not partisan either, they’re really not.
They are ideological but not partisan.

The problem with the 24 hour news cycle is that it’s built for a very particular thing: 9/11. Other than that there really isn’t 24 hours of stuff to talk about. The problem is, how do you keep people watching it? OJ isn’t going to kill someone everyday, so that’s gone. So what do you have to do? You have to elevate the passion of everything else that happens that might even be somewhat mundane and elevate to the extent that this is breaking news.

I think the conflict to develop a news network would be corruption and non-corruption.

I don’t care where it comes from; if it’s right, it’s right.

Let’s try and fight on the most precise and proportional terms we can.

In my life I try to get on the field and help people, just not through the show.

Summary

Comedy has to contain some element of truth or it isn’t funny. There may be a joke about the Polish invention of a submarine with a screen door, but there isn’t one about the MIT PhD Physicist with the same invention.

Jon’s whole point is that news is moving towards him as a social critic / satirist. He believes intelligent people should be able to discuss ideas without quickly jumping into polarizing argument that instantly kills quality discussion and debate.

Jon Stewart, one of the most astute and insightful commentators of our time, explains the May 6th 2010 Flash Crash in this video from the Daily Show: A Nightmare on Wall Street

The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
A Nightmare on Wall Street
www.thedailyshow.com
Daily Show Full Episodes Political Humor Tea Party

If you are a day, swing, or momentum trader, how would you trade in this market? Did trading on May 6th blow through all the sell stops on the order books?

Well, I have one friend who is an accomplished trader and he related his strategy regarding this issue. He refrains from trading if the market moves too violently or if there isn’t a clear reason for the market movement (e.g. a war, terrorist attack, major corporate bankruptcy, etc.)

One supposed benefit of an electronic marketplace and program trading by black box algorithms (algos) is market liquidity that would prevent just this type of collapse. The October 19th 1987 Black Monday crash was supposedly caused by computer program trading. It happened again this time — did we learn anything?

Or, as the saying goes:

History is the same events happening to new people who experience it for the first time as though it never happened before.

One of the most obvious signs of the market cycle being at its peak is when new people enter the market with no experience and DO WELL.

During the stock market bubble ending in 2007/2008, Lenny Dykstra, a baseball player known for tough play but limited intelligence had become a respected financial anaylst and investment guru (even endoursed by Jim Cramer).

Naturually there was no substance to Dykstra’s investment genius, just the tail wind of a massive credit bubble and rising stock prices.

Watch these 2 segments of the Daily Show below about Dykstra’s rise and fall as an “investment guru”.

 

Note the spots in the video where Dykstra says that he doesn’t read books because they hurt his head and where Cramer calls him “brilliant.”

It should come as little surprise that Dykstra has now filed for bankruptcy, is multiple millions of dollars in debt, and has dozens of lawsuits filed against him.

As a side note, Lenny Dykstra was endorsed and promoted by Jim Cramer who said Dykstra is “one of the great ones in this business.” That should have been a clue that there was probably no substance. Watch Cramer on video tape admitting to manipulating stock prices: Jim Cramer on The Daily Show.

Calculated Risk also posted about this story in this post – Daily Show: Financial Guru?

What do you think? Comment below and let me know.