Daily Show's Jon Stewart Rips Into CNBC (VIDEO)
The Daily Show on Wednesday was supposed to feature guest Rick Santelli, a reporter on CNBC. Santelli is infamous for his rant against Obama's mortgage plan, calling homeowners who are struggling to pay their loans "losers."
Santelli backed out, or err, "bailed out," as Stewart put it, from the interview. Instead, Stewart launched into a nearly nine-minute take down of the business news channel. Here are some of the highlights:
Mad Money's Jim Cramer telling his audience that Bear Stearns is in good shape. "Bear Stearns is fine... If there is one take away, it's that Bear Stearns is not in trouble." Six days later the investment bank went under.
Another Mad Money moment: Jim Cramer touting Bank of America stock as "now the cheapest and the best." That was back in October 2007, when the stock was worth $16 a share. Its now down to around $4 a share.
Maybe the most shocking Jim Cramer gem is when he is advising that his audience buy stocks: "You should be buying these, and accept that they are overvalued, but accept that they are going to keep going higher. I know that sounds irresponsible but that's how you make the money." On that day in 2007, the Dow was at 13,930. It is now below 7,000.
"If I had only followed CNBC's advice," Stewart says at one point, "I'd have a million dollars today. Provided I started with a 100 million dollars."
There is also an interview with alleged $8 billion ponzi schemer, Allen Stanford. The reporter asks: "You managed to avoid the subprime debacle almost entirely. What told you it was not a wise move?"
Stewart jumps in: "I ran a ponzi scheme! Instead of investing the money, I stole it!"
Stewart says of Stanford and the reporter interviewing him, "F*ck you. You know, between the two of them, I cant decide which one of those guys I'd rather see in jail."