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Jon Stewart disses, really disses CNBC

Posted Mar 05 2009, 11:00 AM by Charley Blaine
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Hell hath no fury . . . like a comedian ignored.

David Letterman hit Sen. John McCain night after night during last fall's presidential campaign after McCain cancelled an appearance -- when he was in New York.

But that pales in comparison to The Daily Show's Jon Stewart.

Stewart, host of the hit Comedy Central show, makes no secret of his political and economic sympathies, but he likes bringing on guests with different perspectives than his own.

But when CNBC's Rick Santelli, he of the Santelli Rant, cancelled an appearance to explain his now-famous opposition to the Obama administration's mortgage rescue plan, Stewart replied and then some.

 

Why Santelli cancelled was a bit murky. The Washington Post suggested it was because Santelli has found himself embroiled in an Internet controversy over the origin of his rant, with some bloggers accusing him of being the frontman for a GOP-funded attack on Obama, which Santelli denied in this posting on CNBC.

Whatever. The result of the Daily Show's annoyance is an 8-minute, 29-second segment -- more than a third of the show.

Stewart starts with Santelli's rant. Then, he follows up with a greatest hits parade of clips of  wrong predictions, bad conclusions and stupid interviews on CNBC.

There's the Jim Cramer assertion that "Bear Stearns is fine" on March 11, 2008. Bear Stearns failed six days later. 

There was Cramer's assertion that one has to accept that stocks are "just going to go higher." That came on Oct. 31, 2007, the day the Nasdaq Composite peaked and the Dow finished at 13,930.

And the Larry Kudlow assertion on April 16, 2008 that the "worst of this subprime business" was over. The Dow finished at 12,743.

And Cramer's June 1, 2008 declaration that the market had bottomed and it was time to "buy, buy buy!" The Dow as at 12,307.

And Guy Adami, a regular on CNBC's Fast Money show, who said on Nov. 4 that the "fundamentals are coming back. People are starting to get confident." The Dow closed at 9,625.

The Dow was at 6,653 at 12:50 p.m. today 

"If I'd only followed CNBC's advice," Stewart deadpanned, "I'd have a million dollars today. . . . Provided I'd started with a hundred million dollars."

The segment ended with Carl Quintanilla's interview with Allen Stanford of the Stanford Group, which the government says defauded investors of at least $8 billion. The interview ended with Quintanilla asking if "it's fun being a billionaire." Stanford says "Yes."

"Between the two of them," Stewart said, "I can't make up mind which one of those guys I'd rather see in jail."

The Stewart segment was moving very quickly around the blogosphere today.

"That sound you hear today is the popping of champagne corks at Fox Business headquarters," Portfolio.com's Jeff Bercovici opined.

But the Business and Media Institute wasn't impressed, saying "the goons at Comedy Central had sharpened their knives and cut into Santelli."

CNBC spokesman Brian Steel said the network would have no comment.

Years ago, Barry Ritholtz, who runs The Big Picture blog, reminded his readers, "the expression was 'Never pick a fight with people who buy ink by the barrel” (meaning newspapers). The modern, updated version is 'Never pick a fight with people who have ascerbic, award winning comedy writers, a broad TV reach, and a strong internet presence.'"

Ritholtz closed his item with, "I would love to be a fly on the wall in whatever PR meeting (at CNBC) takes place about this today."

Additional reading: Market batters Cramer -- no wonder he's mad

Comments

 

Shows how stupid Jon Stewart is!

To the people blaming Bush for this mess, do you realize it started with the Clinton administration?  Yes, Bush  has done plenty of things to mess up this country but this for once is not entirely his fault.  Also, the Obama administration and congress have no clue what they are doing and they're going to mess it up even more.

Sadly BH you are incorrect.  If the Clinton administration and the congress and senate of that presidency including Nancy Pelosi had not repealed the Glass-Stegal act in 1999 the financial and housing mess NEVER would have happened.  Would you like to know why?  I am sure you have no idea or are ignoring this fact like the rest of the leftist liberal lemmings.  The Glass-Steagall act was put in place after the Great Depression to prevent Banks from buying and selling mortgage securities and Securities companies from taking deposits.

If this had NEVER been repealed the ability to make risky loans and sell them would not have been impossible, only the originating bank would have the risk as they could make the loan but not sell it off.  This made them entirely the one's at risk when making loans.  The liberal leftist idiots that said 'everyone deserves to have a home' and you can even use your welfare as income are the ones that allowed it.  Not to say that the greedy banks and mortgage companies are lacking in blame but with no regulation they went nuts like kids in a candy store.  The Bush administration did nothing about it however it did take quite some time after the repeal of the act for the shell game the banks and mortgage companies were playing to crumble.  Even if Bush had wanted to the law had been repealled he could not have just 'put it back'.  Another law would have had to been drafted and passed by the same congress and senate that repealled the Glass Steagall act, not likely.  So take your lumps as well.  You like to blame Bush forgetting that the laws of the land are drawn up and voted in by the legislative branch (congress and the senate) which have been even since 2004 and well in the Dems control since 2006.  So get off your high horse and take your lumps too.

Say what you want about Jon Stewart and his political leanings, CNBC had this coming, regardless of Santelli's rant.  Too many people base their investment decisions on what gets "reported" on CNBC.  Just cruise by the individual stock blogs on Google Finance or Yahoo Finance, and read what investors are writing.  It's pathetic how little most people understand about Wall Street and what really drives the markets.

CNBC reaches a wide audience and should be held to higher standard of reporting with so many influenced by their comments.  Jon Stewart's dressing down of the network was overdue, IMHO.  Ironically, The Daily Show more frequently passes for real news, and CNBC more frequently qualifies as entertainment.

Bush gives the Obama team a head start by letting them in on information in advance and they still can't make a plan.  Unless you count attacking media people they disagree with.  Is that the answer?  Attack the oppostion.  Obama will be considered one of the worse Presidents of all tiime at the rate he is going.  The debt mountain was high enough already.  Now we get to add health care reform and endless fear spending.

I'd just like to point out that the Clinton never had nor created a surplus for all you dumbasses that think so. Read a godamned book and learn instead of read the comment above and post the same crap over.

It speaks poorly of the "right" for someone like Bob in a previous post here to go all "Limbaugh" on our asses and think he has a clue about what's good for this country. First of all, it's to have a sense of humor when the always clever Stewart opines. What does Bob expect John Stewart to do? Hold his tongue and not be critical like his right-wing radios heros? No, Stewart mocks and exposes the creeps that should be taking a lions share of the blame for this awful mess we're in. Bob and Rush and Hannity and that ilk blame Obama who walked into a hornets nest. Limbaugh is a traitor. He's a rich, self-serving smooth talker who's paints himself and the Repubs as victims now that they don't have the power yet sneered at the "whiners" on the left during the Bush era. Either way his propaganda machine hums along as briskly as ever with no shortage of mouth-breathers like Bob who gobble up the crap with a trowel every single friggin' day. I'm hopeful like most Americans, based on popularity polls, that Obama is someone we can trust at least and given time get us out of this mess. With or without the support of Bob.

go john stewart.  right on. tell it like it is.   the truth.why should we bail out all those losers.  but lets send israel 900 million dollars. and why is the suicide rate for our military higher than the casualty rate in iraq? come on lets get our act together. please

Bob,

Apparently you don't recall but your "Leader"  Rush Windbag started all of these blowjobs!

it's funny, people judging Obama by his first 1 1/2 months in office. Keep in mind, he has 8 years of YOUR Bush's blunders to clean up. Give him time. Man, it's like night & day flipping back and fourth between fox news and everyone else. On Fox we are heading to the appocalypse. On msnbc we are headed to the promise land. You angry right wing republicans are the reason this country is in the crapper so quit trying to saty relevant please.

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