Is it time to start calling out bad cyclists?

No, 'jaywalking' is a derogatory term that is specifically used to cast aspersions on pedestrians crossing the street, especially with reference to places where that's not permitted by law. Crossing the street away from a pedestrian crossing is perfectly lawful in this country.

http://en.wikipedia.org/wiki/Jaywalking

Please make the point over and over again if your friends talk about 'jaywalking'. It's a very important point and has to be re-explained all the time. We are very lucky that this freedom still exists in this country.

Although, as I suspect was the case in the OP, the term can be used informally to mean "crossing a road with reckless disregard for one's own or anyone else's safety", this is a very important point Oliver is making. Access to the highway and duty of care towards the more vulnerable road user are two ideas which affect us cyclists very deeply.

Substitute car for cyclist and cyclist for pedestrian into mao's story and you will see just how offensive this man's actions were.