Cramer on the State of Business Journalism Today

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Editor's note: The following are keynote remarks delivered by Jim Cramer to the Society of American Business Editors and Writers at its 50th anniversary conference this weekend. The subject: the state of business journalism today.

WASHINGTON (TheStreet) -- First, thanks so much to our SABEW hosts. I am thrilled to be here on this 50th anniversary night and I am proud to be amongst the best of the best of our profession.

When I first learned of this opportunity, I was beyond excited to be recognized by my peers. But as I thought more about it, I realized, wait a second, this is like the Academy Awards where someone who has never won anything is honored at the age of 58. It must be be because he's so old he must be on the verge of retiring!!! But I am not going anywhere.

What I would like to do tonight is to give you my view on the state of business journalism today, the arc that I have seen occur, the need we fill, a critique of the quality of reporting and writing in the context of new and even newer media, and a sense of where we are going from here.

First, as now appears obvious but was anything but in 1995-1996 about the time we started TheStreet.com, the Web changed business journalism in so many ways that there truly is a B.W. and A.W. -- "before Web" and "after Web." For us in this room, I think the Web's been a decidedly mixed blessing. On the one hand, we seem to have the greatest proliferation of business journalism outlets in history. Outfits like Seeking Alpha, Business Insider, TheStreet and so many others would not exist without the Web. The portals' origination and reverberation of business journalism on the Web has allowed for a tremendous pervasiveness to occur. Business journalism is everywhere and just a keystroke away. Facebook and Twitter specifically and social media in general have taken an important step further, maybe the most important, although the sponsorships available in social media could be worrisome. You can now personalize the Web and just look at the stories that pertain to your stocks, or you can get excellent commentary on anything business from any device. I have you all in my phone.