Jon Stewart vs. CNBC

 “If I had only taken CNBC’s advice, I would have a million dollars today—provided I started with $100 million.”

That’s how Jon Stewart started the fight with CNBC last week and the story since then is fascinating. Jim Cramer of Mad Money on CNBC took it personally and ended up on Stewart’s show. It is like watching a five year old being scolded for doing something bad, and given a life lesson.  The following excerpts are from the video which you can watch here: 

JS: Isn’t that the whole point of this? CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets: One that has been sold to us as long term. Put your money in 401ks. Put your money in pensions and just leave it there. Don’t worry about it. It’s all doing fine. Then, there’s this other market; this real market that is occurring in the back room. Where giant piles of money are going in and out and people are trading them and it’s transactional and it’s fast. But it’s dangerous, it’s ethically dubious and it hurts that long term market. So what it feels like to us-and I’m talking purely as a layman-it feels like we are capitalizing your adventure by our pension and our hard earned money. And that it is a game that you know… That you know is going on. But you go on television as a financial network and pretend isn’t happening.

JS: It is this idea that the financial news networks are not just guilty of a sin of omission but a sin of commission. That they are in bed with them.

JS: I gotta tell you. I understand that you want to make finance entertaining, but it’s not a f–ing game. When I watch that I get, I can’t tell you how angry it makes me, because it says to me, you all know. You all know what’s going on. You can draw a straight line from those shenanigans to the stuff that was being pulled at Bear and at AIG and all this derivative market stuff that is this weird Wall Street side bet.

JS: What we’re getting is… Listen, you knew what the banks were doing and yet were touting it for months and months. The entire network was and so now to pretend that this was some sort of crazy, once-in-a-lifetime tsunami that nobody could have seen coming is disingenuous at best and criminal at worst.

JS: CNBC could act as-No one is asking them to be a regulatory agency, but can’t-but whose side are they on? It feels like they have to reconcile as their audience the Wall Street traders that are doing this for constant profit on a day-to-day for short term. These guys’ companies were on a Sherman’s March through their companies, financed by our 401ks, and all the incentives of their companies were for short term profit. And they burned the f–ing house down with our money and walked away rich as hell, and you guys knew that that was going on.

JS: There’s a market for cocaine and hookers. What is the responsibility of the people who cover Wall Street? Who are you responsible to? The people with the 401ks and the pensions and the general public, or the Wall Street traders, and by the way this casts an aspersion on all of Wall Street when I know that’s unfair as well. The majority of those guys are working their asses off. They’re really bright guys. I know a lot of them. They’re just trying to do the right thing and they’re getting f–ed in the ass, too.


1 Response to “Jon Stewart vs. CNBC”

  1. 1 Roy March 15, 2009 at 5:28 pm

    Cramer has been a con man from day one.

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