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Friday, March 06, 2009

John Stewart Blasts CNBC for Terrible Advice and Reporting

John Stewart of "The Daily Show" took exception to the populist rant of CNBC commentator Rick Santelli. Santelli complained about President Obama wanted to use some of the tax payer money to help people stay in their homes rather than give more of it to Wall Street crooks and liars. Stewart makes a point with this video that Wall Street "experts" were just as responsible for the problem as the people who lied about their incomes to buy homes they could not afford. They were ALL CLUELESS!
To make his point, Stewart showed this video on March 4, 2009. The video summarizes the CNBC advice and interviews of key people during the financial meltdown.

Video titled "CNBC Gives Financial Advice"
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They all look like fools and nobody is spared. Examples:
  • Jim Cramer says Bear Stearns is fine days before it goes under.
  • Charlie Gasparino
  • Merrill Lynch Will not need to raise additional capital... now they are owned by Bank of America
  • Jim Cramer says Bank of America is going to $60 in a heartbeat and now it trades at$4
  • Charlie Gasparino: Obviously AIG is not going to go bankrupt... They did!
  • The CEO of AIG says AIG doesn't need capital.
  • October 31, 2007 Jim Cramer says "You should be buying things and accept that they are over valued... I know that sounds irresponsible, but that is how you make money." The DOW closed at 13,930 that day but today it is 6,627
  • Larry Kudlow, April 16, 2008 DOW at 12,619: "The worst of this subprime business is over."
  • Jim Cramer, June 13, 2008: "Very simply, I believe that it means it is time to BUY, BUY, BUY!"


See Rick Santelli's "Chicago Tea Party in July" Rant of the Year

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