Jon Stewart puts spotlight on CNBC and meltdown

By DAVID BAUDER – 17 hours ago

NEW YORK – The feud between Jon Stewart and CNBC's Jim Cramer has been good for laughs — and ratings — but has also raised the serious question of whether the experts at TV's No. 1 financial news network should have seen the meltdown coming and warned the public.

Over the past two weeks, Stewart's "Daily Show" on Comedy Central has ridiculed CNBC personalities, including Cramer, the manic host of "Mad Money," by airing video clips of them making exuberantly bullish statements about the market and various investment banks shortly before they collapsed.

Stewart has charged that people at CNBC knew what was going on behind the scenes on Wall Street but didn't tell the public. He has accused CNBC anchors and pundits of abandoning their journalistic duties and acting like cheerleaders for the market.

"In a tremendous boom period, they covered the boom and people wanted to believe in the boom," said Andrew Leckey, a former CNBC anchor and now president of the Donald W. Reynolds National Center for Business Journalism at Arizona State University. "They didn't uncover the lies that were told to them. Nobody did. But they should be held to a higher responsibility."

But Don Hodges, chairman of Hodges Capital Management in Dallas, said he doesn't fault CNBC for not seeing the bust coming.

"I'm not sure that anybody had seen it coming," he said. "I've listened to all of the so-called experts, and it's obvious that everybody is very confused."

Cramer, for his part, appeared on "The Daily Show" on Thursday and was interrogated Mike Wallace-style by Stewart. Cramer acknowledged that he made mistakes but said that he and CNBC weren't alone.

Like other Wall Street professionals, Joe Saluzzi, co-head of equity trading at Themis Trading LLC, said it was plain CNBC was bullish during the run-up in the economy over the past few years. But he said his job was to do his homework and not to make decisions based strictly on what he heard on TV.

The questions raised about CNBC are similar to those journalists faced about what was reported during the months before the Iraq War.

CNBC spokesman Brian Steel noted that the network "produces more than 150 hours of live television a week that includes more than 850 interviews in the service of exposing all sides of every critical financial and economic issue." He added: "We are proud of our record."

All of the cable news networks recognize the growing popularity of shows with a strong point of view. But is there too much talking and not enough reporting?

"They need some adult supervision about what people get to pop off about over there, even if it is opinion," said Dean Starkman, managing editor of Columbia Journalism Review's The Audit, which focuses on the business press. "They need to look into the mirror and see how close they are intellectually and emotionally with the people they cover. They need to sit back and get some critical distance."

Some CNBC defenders have accused Stewart of taking some of the video clips out of context, or blowing them out of proportion.

"A politician stumbles over himself," MSNBC "Morning Joe" host Joe Scarborough said on his own program. "Then they pick it out. They edit it. He runs the clip, and then he makes a funny face, and the whole audience has a Pavlovian response. And you know what? It's really easy to be a comedian and take those cheap shots."

Some at CNBC believed, at least prior to Cramer's appearance on Thursday, that the controversy was ultimately good for the network because of the attention it drew. Some questioned whether the business professionals who make up the bulk of CNBC's daytime audience would be affected by Stewart's criticisms.

From Feb. 19 through March 9, CNBC averaged 361,000 viewers during the business day, compared with 328,000 the three weeks before, according to Nielsen Media Research. During the same period, the page views on CNBC's Web site went up 22 percent from 13.1 million to 15.9 million.

Similarly, a video clip of Stewart's original criticism of CNBC last week has been seen more than anything else the show has put online this year.

"Stewart's a comedian and Cramer is a showman," said Robert Howell, professor at Dartmouth University's Tuck School of Business. "If anybody takes seriously anything that (Cramer) says, they're stupid."

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For the video clips check:

http://watch.thecomedynetwork.ca/the-daily-show-with-jon-stewart/best-of/jim-cramer-interview-uncut/#clip149637

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Burris denied seat in US Senate to succeed Obama -- The fun continues!

By LAURIE KELLMAN and ANN SANNER, Associated Press Writers Laurie Kellman And Ann Sanner, Associated Press Writers 2 mins ago

WASHINGTON – Roland Burris failed in his bid to take President-elect Barack Obama's Illinois Senate seat on Tuesday in a scripted piece of political theater staged just before the opening of the 111th Congress.

"My credentials were not in order, I will not be accepted, I will not be seated," Burris, 71, told a mob of reporters who had followed him across the street for a news conference in a cold and steady rain outside the Capitol.

The former Illinois attorney general said he was "not seeking to have any type of confrontation" over taking the seat that he was appointed to by embattled Gov. Rod Blagojevich. But Burris, who would be the Senate's only black member, also said he was considering a federal lawsuit to force Senate Democrats to seat him.

It was a major distraction for majority Democrats eager to project an image of progress with Obama on an economic stimulus package that could cost up to $1 trillion.

Democrats and Obama have said that the corruption charges against Blagojevich would strip credibility from anyone he appoints to the seat. Burris and many of his supporters have suggested that the real reason for the rejection involved race.

Blagojevich denies federal accusations that he tried to sell Obama's seat. Democrats, for their part, deny that race has anything to do with Burris' rejection and say that it's a reflection on Blagojevich.

That Secretary of the Senate Nancy Erickson turned away Burris was no surprise; Senate Democrats had warned for weeks that if Burris showed up to be sworn in on Tuesday without the signature of the Illinois secretary of state, he would be turned away. That's just what happened.

But if what Burris really wanted a circus, he got one.

A mob of reporters awaited him outside the Senate's North Door, where Sergeant at Arms Terrance Gainer and a throng of officers escorted him through security and up to Erickson's office on the third floor.

There, more reporters waited. Once again Burris went through a metal detector and into Erickson's office, nestled between the elevators and the press gallery.

Twenty-one minutes later, Burris left; a spokesman for Senate Majority Leader Harry Reid confirmed that Burris had been rejected.

Burris left the building, escorted by Gainer and his officers.

And soon, a noisy throng of reporters followed him across the street, and Burris confirmed that he'd been turned away.

An attorney for Burris, Timothy W. Wright III, said that "our credentials were rejected by the secretary of the Senate. We were not allowed to be placed in the record books. We were not allowed to proceed to the floor for purposes of taking oath. All of which we think was improperly done and is against the law of this land. We will consider our options and we will certainly let you know what our decisions will be soon thereafter."

Asked what his options were, Wright said there possibly could be a court challenge and he said that Burris also would continue to talk to the Senate leadership.

There had been earlier indications that the Senate would disallow Burris to take his seat, at least in part because his letter of appointment from Blagojevich was not co-signed by Illinois Secretary of State Jesse White.

Some of Burris' supporters have bemoaned the fact that Democrats would stand in the way of the Senate gaining its only black member. Burris himself downplayed the issue of race, telling reporters: "I cannot control my supporters. I have never in my life, in all my years of being elected to office, thought anything about race."

Earlier Tuesday, Burris had tense negotiations with Terrence Gainer, the Senate's sergeant at arms.

"I'm presenting myself as the legally appointed senator from the state of Illinois. It is my hope and prayer that they recognize that the appointment is legal," he said earlier in a nationally broadcast interview.

Burris dismissed the Senate Democratic leadership's position that he cannot be seated because he was appointed by a governor accused in a criminal complaint of trying to benefit financially from his authority to fill the seat that Obama vacated after winning the presidential election.

Burriss said his belief is that his appointment is constitutional and that "I have no knowledge of where a secretary of state has veto power over a governor carrying out his constitutional duties."

Burris also maintained that the announcement by Blagojevich Monday of a date for an election for a successor to Rep. Rahm Emanuel, D-Ill., proves the governor still has legal authority to carry out his duties. Emanuel will be Obama's White House chief of staff.

"There's nothing wrong with Roland Burris and there's nothing wrong with the appointment," Burris said.

Burris has found little support among fellow Democrats.

Senate Majority Leader Harry Reid, D-Nev., had said Monday that Burris would not be permitted to take his seat because Burris "has not been certified by the state of Illinois," a reference to incomplete paperwork that only touches on the dispute. Senate Democrats maintain that Burris' appointment is tainted because of the charges against Blagojevich.

While Blagojevich has signed formal appointment papers, White has not, and Senate rules require that signature. Burris, in turn, has gone to court hoping to win an order for White to sign the necessary paperwork, and he has also threatened to sue to take his seat in the Senate.

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Obama's grandmother dies a day before election

By HERBERT A. SAMPLE, Associated Press Writer Herbert A. Sample, Associated Press Writer 1 min ago

HONOLULU – Barack Obama's grandmother, whose personality and bearing shaped much of the life of the Democratic presidential contender, has died, Obama announced Monday, one day before the election. Madelyn Payne Dunham was 86.

Obama announced the news from the campaign trail in Charlotte, N.C. The joint statement with his sister Maya Soetoro-Ng said Dunham died late Sunday night after a battle with cancer.

"She's gone home," Obama said as tens of thousands of rowdy supporters at the University of North Carolina-Charlotte grew silent in an evening drizzle.

"And she died peacefully in her sleep with my sister at her side. And so there is great joy as well as tears. I'm not going to talk about it too long because it is hard for me to talk about."

But he said he wanted people to know a little about her — that she lived through the Great Depression and World War II, working the latter on a bomber assembly line with a baby at home and a husband serving his country. He said she was humble and plain spoken, one of the "quiet heroes that we have all across America" working hard and hoping to see their children and grandchildren thrive.

"That's what we're fighting for," Obama said.

Obama learned of Dunham's death Monday morning while he was campaigning in Jacksonville, Fla. He went ahead with campaign appearances. The family said a private ceremony would be held later.

"So many of us were hoping and praying that his grandmother would have the opportunity to witness her grandson become our next president," said Hawaii state Rep. Marcus Oshiro, an Obama supporter. "What a bittersweet victory it will be for him. Wow."

Republican John McCain issued condolences to his opponent. "Our thoughts and prayers go out to them as they remember and celebrate the life of someone who had such a profound impact in their lives," the statement by John and Cindy McCain said.

Last month, Obama took a break from campaigning and flew to Hawaii to be with Dunham as her health declined.

Obama said the decision to go to Hawaii was easy to make, telling CBS that he "got there too late" when his mother died of ovarian cancer in 1995 at 53, and wanted to make sure "that I don't make the same mistake twice."

Outside the apartment building where Dunham died, reporters and TV cameras lined the sidewalk as two police officers were posted near the elevator. Signs hanging in the apartment lobby warned the public to keep out.

The Kansas-born Dunham and her husband, Stanley, raised their grandson for several years so he could attend school in Honolulu while their daughter and her second husband lived overseas. Her influence on Obama's manner and the way he viewed the world was substantial, the candidate himself told millions watching him accept his party's nomination in Denver in August.

"She's the one who taught me about hard work," he said. "She's the one who put off buying a new car or a new dress for herself so that I could have a better life. She poured everything she had into me."

Michelle Obama's voice choked with emotion during a campaign appearance in Colorado as she asked people to remember the woman her husband called "Toot," a version of the Hawaiian word for grandmother, tutu.

"Say a prayer for Toot and thank her for raising Barack Obama. I think she did an amazing job," Obama told about 2,500 people at a suburban Denver high school gym.

Madelyn and Stanley Dunham married in 1940, a few weeks before she graduated from high school. Their daughter, Stanley Ann, was born in 1942. After several moves to and from California, Texas, Washington and Kansas, Stanley Dunham's job landed the family in Hawaii.

It was there that Stanley Ann later met and fell in love with Obama's father, a Kenyan named Barack Hussein Obama. They had met in Russian class at the University of Hawaii. Their son was born in August 1961, but the marriage didn't last long. She later married an Indonesian, Lolo Soetoro, another university student she met in Hawaii.

Obama moved to Indonesia with his mother and stepfather at age 6. But in 1971, her mother sent him back to Hawaii to live with her parents. He stayed with the Dunhams until he graduated from high school in 1979.

In his autobiography, Obama wrote fondly of playing basketball on a court below his grandparents' 10th-floor Honolulu apartment, and looking up to see his grandmother watching.

It was the same apartment Obama visited on annual holiday trips to Hawaii, a weeklong vacation from his campaign in August, and his pre-election visit in October. Family members said his grandmother could not travel because of her health.

Madelyn Dunham, who took university classes but to her chagrin never earned a degree, nonetheless rose from a secretarial job at the Bank of Hawaii to become one of the state's first female bank vice presidents.

"Every morning, she woke up at 5 a.m. and changed from the frowsy muumuus she wore around the apartment into a tailored suit and high-heeled pumps," Obama wrote.

After her health took a turn for the worse, her brother said on Oct. 21 that she had already lived long enough to see her "Barry" achieve what she'd wanted for him.

"I think she thinks she was important in raising a fine young man," Charles Payne, 83, said in a brief telephone interview from his Chicago home. "I doubt if it would occur to her that he would go this far this fast. But she's enjoyed watching it."

Stanley Dunham died in 1992, while Obama's mother died in 1995. His father is also deceased.

When Obama was young, he and his grandmother toured the United States by Greyhound bus, stopping at the Grand Canyon, Yellowstone Park, Disneyland and Chicago, where Obama would years later settle.

It was an incident during his teenage years that became one of Obama's most vivid memories of Toot. She had been aggressively panhandled by a man and she wanted her husband to take her to work. When Obama asked why, his grandfather said Madelyn Dunham was bothered because the panhandler was black.

The words hit the biracial Obama "like a fist in my stomach," he wrote later. He was sure his grandparents loved him deeply. "And yet," he added, "I knew that men who might easily have been my brothers could still inspire their rawest fears."

Obama referred to the incident again when he addressed race in a speech in March during a controversy over his former pastor, the Rev. Jeremiah Wright. "I can no more disown him than I can my white grandmother," he said.

Dunham was "a woman who loves me as much as she loves anything in this world but who once confessed her fear of black men who passed her on the street."

Still, much of who Obama is comes from his grandmother, said his half sister.

"From our grandmother, he gets his pragmatism, his levelheadedness, his ability to stay centered in the eye of the story," she told The Associated Press. "His sensible, no-nonsense (side) is inherited from her."

Madelyn Lee Payne was born to Rolla and Leona Payne in October 1922 in Peru, Kan., but lived much of her childhood in nearby Augusta.

She was the oldest of four children, and she loved to read everything from James Hilton's "Lost Horizon" to Agatha Christie's "The Murder of Roger Ackroyd."

Dunham and her husband were "vicious" bridge players, according to her brother Jack. After retirement, the two of them would take island cruises and do little but play bridge and a more difficult version called duplicate bridge.

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Canada ranked 2nd last on World Wildlife Fund G8 Climate Scorecard

Thu Jul 3, 8:35 AM

By The Associated Press

BERLIN - A new study suggests Canada ranks second to last among G8 countries when it comes to addressing global warming.

Only the United States scores lower on the Group of Eight Climate Scorecard, released Thursday by the World Wildlife Fund.

The study also found that none of the eight countries are making improvements large enough to prevent drastic temperature increases.

The World Wildlife Fund say none of the G8 countries are even half-way to meeting ideal emissions targets.

It says Britain has done the most to reach emissions targets set out in the Kyoto Protocol, with France and Germany close behind. Following in order are Italy, Japan, Russia, Canada and the United States.

The scorecards were released ahead of next week's gathering of the Group of Eight on the northern Japanese island of Hokkaido.

Regine Guenther, director of the World Wildlife Fund Climate Change Program in Germany, told reporters in the German capital that G8 leaders should commit to reducing emissions in their countries by 40 per cent by 2020 and 80 per cent by 2050.

"If we don't achieve that, the world's climate will change in ways that we can't even imagine today," Guenther said.

The scorecard was compiled by Ecofys, a Dutch consulting company, and commissioned by the World Wildlife Fund and insurer Allianz SE.

Joachim Faber, an Allianz board member who helped compile the scorecards, said a global emissions trading market is important to fighting climate change, and that the EU should lead its development.

"The EU-specific trading system we have at the moment must serve as model system for one that we can found outside the EU, for the world economy," he said.

The study also analyzed - but did not rank - five of the world's fastest growing economies: Brazil, China, India, Mexico and South Africa.

"These countries cannot be measured with the same ruler as industrialized countries," the study said.

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Tap water from B.C. town, L.A. win global taste test. -- By THE ASSOCIATED PRESS

BERKELEY SPRINGS, W.Va. - A community in British Columbia's Fraser Valley is being tapped as having the tastiest tap water in an international competition.

More than 120 water sources competed in the 18th annual Berkeley Springs International Water Tasting, held Saturday in West Virginia.

A panel of 10 journalists and food critics sampled sparkling, tap and bottled water from 19 U.S. states and countries including Canada, New Zealand, Romania, Macedonia and the Philippines.

The title of best municipal water was shared by the former town of Clearbrook, B.C. - now part of Abbotsford - and the Metropolitan Water District of Southern California, which serves Los Angeles.

Los Angeles won a gold medal in 1998 and has been in the top five in four other competitions since then, according to the competition organizers.

"It means they give special care and attention to their water and how it is processed," said event producer Jill Klein Rone.

The bottled-water trophy went to Tumai Water of Martinsburg, W.Va., which donates profits to AIDS relief and water needs in Africa. Best sparkling-water honours went to Slavus Mineralwasser Medium of Emsdetten, Germany.

Berkeley Springs, in West Virginia's Eastern Panhandle, is known for its own spring water. George Washington was among visitors in the Colonial era.

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Next they will take air samples and judge their quality.

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