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."

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Comments

[Zebo99]

05:25 PM on 03/07/2009

One question for all you commenters bashing each other. Do any of you know what the housing plan proposes? This isn't a popularity contest. The "modification" portion of the plan is an atrocity. I read this article that shows alarming figures on how the plan would bail out lots of homeowners who are in no real threat of foreclosure. Check it out. http://www.centristsoapbox.com/?p=90

Democrats and Republicans should be concerned about the contents of this plan. It needs some serious revisions.

[dianhow]

08:37 PM on 03/07/2009

Too soon to tell. wait and see And it may be revised- its not carved in stone. No govt program is ever without problems. If it helps millions of hurting homeowners who lost jobs or were victimized by predatory lenders- or became ill--that will be a good thing . I"m not READY TO CONDEMN IT YET ! Others enjoy comdeming every thing Obama tries in his short 6 weeks.

[Hawaii5-0]

04:10 PM on 03/07/2009

I took Santelli's advice and created an online vote about Santelli and his comments about homeowners getting bailouts and financial advice from CNBC. You can take the poll at http://www.pollpub.com/is-rick-santelli-a-callous-jerk-for-his-comments-about-homeowners-getting-bailouts.aspx

Hey Rick, are you listening?

[dianhow]

08:45 PM on 03/07/2009

Rick Santelli and other CNBC fat cats are full of BS- they speak for Wall ST who .screwed America. and they never even admitted their part in this crisis- with all their massiive GREED and extreme risk taking.- deregulation of Wall St let them run wild and do as they pleased- and they did.
Have some B___S Rick and buddies and take some responsibility !!!

[JanMor]

11:04 AM on 03/07/2009

I would have liked to watch the video about CNBC, but instead of its appearance I get a black screen and the message to view it on the Canadian comedy site. I find this very irritating.

[Whatashame]

07:07 PM on 03/10/2009

Just go to youtube and you will find it there. Just type in the headline.

[porpoise88]

05:12 PM on 03/06/2009

Jon Stewart's not a Holy Grail. I appreciate that he points out hypocrisy, but he does not deserve false lauding. By the way, thank you, Ann Coulter, for bringing up the fact that he graduated from a side campus of Cornell- we should all do just as poorly!

Thank you, Jon, for pointing what we little nobodies who don't have shows on TV have been saying for decades- big media lies. So, how about allowing a little freedom of the press so that muckrakers like NPR can continue to do investigative reporting without corporations breathing down their necks? It's in the Constitution, but maybe it has to come out of Jon Stewart or Oprah Winfrey's mouth before it becomes actual law. He may be on TV, but Jon Stewart's just a man, and I know a lot of people who are way more articulate and incisive.

[NoSheep]

08:37 PM on 03/06/2009

But not you; more articulate and incisive, I mean.

[Mikey5099]

04:46 PM on 03/07/2009

I feel dumber just for having read your post. In a way, it's unfortunate that you don't have your own television show--it would do wonders for lulling me fast to sleep...

[KennedyLiberal]

04:57 PM on 03/06/2009

Very easy litmus test - anyone who defends CNBC is one of the carpetbaggers. And what better shill does CNBC have than Maria Bartiromo? And what better "Cut Taxes" cheerleader could they have then Rick "Poor People are Losers" Santelli?

For aging, angry GOP stalwarts, CNBC is a little bubble of insanity, just like Jabba the Rush's radio show. Meanwhile, the other networks feed us pap, and Stewart remains one of the few people on TV to tell it like it is.

[dianhow]

08:51 PM on 03/07/2009

All the so called financial experts on CNBC never saw this crisis coming-
most were clueless. That goes for all the financial planners that got huge fees. .

[starmud]

11:40 PM on 03/05/2009

contrasting the comments made months ago to now about the idea that the market had bottomed in the spring, this is what everyone was saying, no one thought it would come to where it has, no one could believe the largest insurance company in the world would collapse, wall street (and even most in the media, lets be fair) couldn't even accept the fact that Lehmans COULD fail nor that it was as bad as rumored....

if your going to go on a bashing spree of cnbc, throw everyone else in as well, cnbc inst a singular source of miss judgment and miss placement of trust in this crisis

the final piece is the most disgusting though, stewart is quoting the Standford interview as if this occurred AFTER the ponzi scheme was uncovered, again... are you kidding me? i guess the reporter should have gone out on a limb and made some wild accusation of a scheme at the Standford group? ... uhh...

a lot of DUH and ridiculous in this video, i hope cnbc will respond... speaking of which they probably will, a back and forth with the daily show? cnbc must be loving this... its amazing how many people STILL don't get how cnbc works its over the top reporters for publicity and ratings.

[tobetterdays]

12:16 PM on 03/06/2009

You totally missed the point. Santelli doesn't want to bail out those "loser" homeowners who couldn't see this economic collapse coming as if he or CNBC did.

As for the Stanford interview, he wasn't implying that this was after the scheme was uncovered, just that these guys don't do anything. They don't investigate companies before they interview the CEO's. The ask meaningless questions about meaningless things. It is like "Access Hollywood" of the business world.

[NoSheep]

08:38 PM on 03/06/2009

You are SO much more generous than I. I just wanted to slap starmud.

[Mikey5099]

04:54 PM on 03/07/2009

You do understand that CNBC holds itself out as THE financial network for 24-hour expertise and advice while The Daily Show is a just comedy program (hint: it's on The Comedy Channel), correct? Just checking...

[starmud]

11:39 PM on 03/05/2009

cnbc deserved some of this, same with Santelli... but the overall story is ridiculous and stewarts report came off more so like sour grapes that cnbc scheduled him on stewarts show, played it up for more publicity then dumped him... attacking cnbc with such a montage is childs play and a cheap trick at best

lets stop and think instead of hopping on the, anything to bash wall street = win, train. how SHOCKING is it a television network OF wall street, who broadcasts from wall street, cnbc, didn't see the lies, deceit and disgusting amount of greed that was occurring at the nations largest financial institutions that would in turn create a threat large enough to collapse the entire financial world... of course the new york times and every other major news source, the government, politicians, regulators and investors were right on the case to make up for this travesty of trust going on at cnbc!... LOL give me a break, cnbc bought into what EVERYONE bought into.

going back now and bashing cnbc over the outlook and comments made in fall of 2007, seriously? how could their crystal ball not see the impeding collapse, BofA sinking to 4 bucks! LOL.

[NoSheep]

08:44 PM on 03/06/2009

Yeah. That's really funny. I wish I COULD give you a break.

[NoahNox]

11:41 AM on 03/07/2009

starmud...don't post if you don't have anything worthwhile to say...which you don't...

[glorianne]

10:47 PM on 03/05/2009

Jon Stewart is brilliant, his writers are incisive and observant and smart. I watched CNBC for 3 years and wondered when the crash would come, it seemed all surreal, way out of proportion to the real world. And now, to me, the stock market and Wall Street seem to be no longer relevant. Obama is probably right about not paying much attention to something that measures value by the day, and usually looks ahead only weeks or months. I saw that investments were bundled and sold and rebundled and sold, as housing prices went beyond reason. I would exclaim often, "What are they thinking, this can't go on, there is going to be a crash!" My family thought I was exaggerating, but not any more. Those who were touting the rise of the DOW as if it would go on forever now appear to have been wearing blinders. The future does not look bright. We must hold to account those people who caused this meltdown and some of those people are those on CNBC.

[RitaLouise]

10:47 PM on 03/05/2009

The irony here is that the Repubs are blaming the media for the bad press, and a lot of the election disaster they endured. So, Repubs, what could be worse than CNBC leading the uninitiated down the primrose path to financial disaster? Seems like politics and CNBC share the same bed. Either they are in denial, or dwell on another planet. Maybe Rush and Ready should have lunch with sanitizing Santelli. They could order spam.

[not going2take it]

10:11 PM on 03/05/2009

I have all new respect for Jon!!! That kicks *$$!

I never k n e w that Jon Stewart KNEW so much
and was willing to tell about it !
Very worthy media effort...

Great Article HP and subsequent blog g i n g.

[ICanHasDemocracy]

08:04 AM on 03/06/2009

his production team deserves a lot of credit- you know people that actually do research unlike the ADHD media MSCNBC, Fox, et al.

[NoSheep]

08:43 PM on 03/06/2009

Stephen Colbert and Jon Stewart and Keith Olberman were running the only truth campaign in TV media during both the stolen election periods of the Bush years. Some of us, I'm sure, would have jumped a long time ago without these voices of reason telling us we weren't alone. I'm happy you are here to see it.

[schatsie]

09:36 PM on 03/05/2009

Best show ever...Made me laugh a bunch...Time somebody called a crook a crook!

RACKETEERING, throw them all in jail and get our taxes from their offshore income....and as for CAPITAL GAINS and BONUSES and HEDGE FUNDS... Roll them into income taxes.... Why should I be paying a greater percentage than the richest people in this country and I get one lousy deduction while they are writing off their jets, vacations, golf fees, hotels AND TO PUT THE FROSTING ON THE CAKE, the DAMN MISTRESSES....

[Guitarsandmore]

08:36 PM on 03/05/2009

I know, let's privatize social security so I can put all the money into stocks!

[tyger]

08:05 PM on 03/05/2009

Approximately three to four years ago I read an article that warned people against following TV financial analyst. These guys hook up with a company and pull people and their wallets in for the kill. I have to wonder why no one listens. Years ago I read an article on how people were being ripped off in home equity scams. And no one listened. Sometime during 2002 there was another report having to do with 401K. No one listened. Then came the big housing boom and no one was suspicious of the sudden explosion of housing values. What goes up must come down folks. It's the old pyramid scam over and over again. The folks at the top get all the money and the folks at the bottom get scammed.

[bola47]

06:48 PM on 03/05/2009

jon had one of his all time best shows last night. his evisceration of cnbc was on the money (no pun intended) and his talk with nocera was terrific. can't wait to read nocera in the times this weekend.

[joebaggadonuts]

06:44 PM on 03/05/2009

On CNN they joke that we are now ruled by Bolsheviks or socialists and say that the reason the market is doing so poorly is because of such leadership. What fools. Social welfare for the corporate kleptocracy was what brought us here. That the market has to adjust to accountability is a good thing. It will stop going down as soon as it realizes there is no way out other than to face the facts and do some work, instead of figuring out ways to invent new wallet removal scams and fees.

[Dragonblaster]

07:08 PM on 03/05/2009

hear hear!

[TarzaninChrist]

09:30 PM on 03/05/2009

Preach it brother!! I totally agree!!!