Jon Stewart rips CNBC a new one on the Daily Show
A while back, I wrote a column here wondering how Jim Cramer got to keep his job, because the star of CNBC business channel had been wrong so often about the market's direction.
Now Jon Stewart has kicked that idea into the stratosphere, providing an eight-minute dissertation on the ways CNBC's cheerleading led viewers astray in the years before the collapse of America's stock market.
The bit was inspired by CNBC analyst Rick Santelli's decision to pull out of a Daily Show interview spot, as the cable channel faced and parent NBC mounting criticism for showcasing his widely panned reaction against the government's bailout plan for homeowners.
In this segment last night, Stewart distilled all the complaints about Santelli and CNBC: that their coverage favors big business over individuals; that they were too busy cheerleading business leaders to look skeptically at their leadership; that analysts such as Santelli and Cramer who were supposed to know the markets never saw how big the crisis was until it engulfed the economy.
Watch and enjoy: