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Jon Stewart emerged this year as an effective critic of CNBC’s coverage of the economic meltdown but played a slightly different tune in 2006 when former Federal Reserve Chairman Alan Greenspan stepped down. In its “irrationally exuberant” tribute to Greenspan, Stewart ironically lauded the former fed chief’s policies, namely lowering the fed’s interest rate, a policy many now consider a leading contributer to the ultimately unsustainable housing bubble and subsequent credit crunch.
Regardless, the show’s skepticism of the fed’s policies emerge when resident expert John Hodgman took out a crystal ball to see into a post-Greenspan future. In it Hodgman sees a shack in the middle of a dusty field: It’s New York City after the housing bubble burst, he says.
