http://fakesteve.blogspot.com/2008/02/ballmer-im-completely-...
http://fakesteve.blogspot.com/2007/11/this-writers-strike-cr...
Are both quite insightful, I think. Most of the time he's just going for a laugh, but there are often quite observant commentaries on the industry.
However, I notice that the two posts you point out are much more business related than technology related. Since the real fake steve is a business reporter, perhaps he shines when he's in his element and falls flat when he strays out of it.
You don't like most of his posts, but it's also the case that most of his posts are not on the HN front page. And thus, we have the value proposition for Hacker News: instead of filtering based on the author, filter based on the votes here.
And this off to a long digression about the opportunity cost of reading the bad articles vs. the benefit of reading the good ones and on and on...
But yeah, it's not perfect. If anything, if there were no articles you disliked on the front page, then HN would probably be too conservative a filter.