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Jon Stewart Throttles CNBC

http://www.thedailyshow.c…inancial-advice

Jon Stewart absolutely destroyed CNBC last night on The Daily Show. The first half of the bit (Approximately the first 4 minutes) goes on the offensive against Rick Santelli who was supposed to be a guest on the show before he “bailed out.” Santelli is one of the few rational, intelligent, and authentic personalities on CBNC, frequently going against his peers’ opinions. Even so, he is still on CNBC. Since CNBC is basically a rah-rah cheerleading outfit for Wall Street, Santelli’s attack on mortgage payment subsidization (See Santelli’s Chicago Tea Party) makes him an easy target.

So that is funny, but it isn’t the best part. Stewart goes on to illustrate just how wrong CNBC has been throughout the emergence of the recession / bear market / depression / bubble bust. He does it with video clips from CNBC that pump Bear Stearns, Lehman Brothers, Merrill Lynch, Wachovia, AIG, Bank of America, and General Motors (GM). He takes jabs at Fast Money and Squawk Box — “Reasoned financial reporting that combines the raw speed of fast money with the intelligence of a box of parrots. You just had to know how to listen!”

He has clips from Wall Street executives (i.e. John Thain) where they say essentially “everything is ok!” And what takedown of CNBC wouldn’t be complete without clips of Jim Cramer? So he nails that, too.

“If I’d only followed CNBC’s advice I’d have a million dollars today provided I’d started with $100 million dollars.” How do they do it?”

And to cap off Stewart’s hilarious piece, he ends with a gut-busting clip from an interview between Squawk Box‘s Carl Quintanilla and Ponzi-criminial Sir Allen Stanford that you just have to watch yourself.

Well done Jon Stewart!

 

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Santelli’s Chicago Tea Party

http://www.cnbc.com/id/15840232?video=1039849853

Though I don’t think Chicago traders represent the silent majority in America (these guys make money on trading, volatility, etc.), you gotta love Santelli’s frank talk getting airtime on CNBC. Capitalist Chicago Tea Party on Lake Michigan? Sounds like fun.

Oh and I liked his soundbyte asking, “Who wants to pay your neighbor’s mortgage because they have one too many bathrooms?”

Here’s a YouTube upload of the clip (backup to CNBC’s clip):

[video:youtube:bEZB4taSEoA]

@ http://www.youtube.com/watch?v=bEZB4taSEoA

Update 2/20/09 11:05 pm: Just read this:

Gibbs Blasts CNBC Ranter ( http://www.cbsnews.com/blogs/2009/02/20/politics/politicalhotsheet/entry4816372.shtml )

Relevant quote:

“I also think that it’s tremendously important that for people who rant on cable television – to be responsible and understand what it is they’re talking about. I feel assured that Mr. Santelli doesn’t know what he’s talking about,” Gibbs said during the daily White House briefing for reporters, CBS News’ Mark Knoller reports.

The White House press secretary did not stop there. Knoller reports that Gibbs went on to criticize the objectivity of cable news reporting.

“If I hadn’t worked on the campaign but simply watced the cable news scorekeeping of the campaign – we lost virtually every day of the race….” he said.

Added Gibbs: “If I would have just watched Cable TV – I long would have crawled into a hole and given up this whole prospect of changing the country.”

After President Obama announced the details of his housing relief plan in Arizona Wednesday, Santelli, “the government is promoting bad behavior.” His increasingly outraged comments drew cheers from the trading floor where he was speaking.

Santelli then challenged the new administration, which he said is “big on computers and technology,” to “put up a website and have people vote on the internet as a referendum to see if we really want to subsidize losers’ mortgages.”

The White House is showing some awfully thin skin here. Santelli hardly said anything half as outrageous as the regular comments by Rep. Ron Paul. Mind, by “outrageous,” I of course mean, “dead on but relegated as fringe/insane/stupid by the mainstream corporate/political machine.”

Beyond that, is it really the White House’s responsibility to comment no a CNBC reporters opinions regarding their bailout bill? Is it getting stuffy to anyone else in here? Free speech ::cough:: ::cough:: …

Update 2/23/09:

Here is Santelli’s on-air address to Gibbs’ comments:
[video:youtube:SEoutkm5_Q4]

And Gibbs’ original comments:
[video:youtube:0cbsvu-4QWg]
Gibbs is a chump.

H/T to Tim for the extra videos.

Update 3/2/09: See also Barry Ritholtz’s:

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Nassim Taleb and Nouriel Roubini on CNBC

http://www.cnbc.com/id/15840232?video=1027496846

Video from CNBC. Hard to glean anything particularly new from this. It is maddening to watch the CNBC pundits try and talk over Roubini and Taleb and then demand investment advice from them. What a bunch of whiny, idiotic children.