Jon Stewart Educates Wall Street
By WVFC on March 08, 2009
WVFC's Dr. Patricia Yarberry Allen discusses these clips.
Jon Stewart, the audacious and insightful Will Rogers of the 21st century, skewered CNBC on March 4th after Rick Santelli appeared in a piece with traders on Wall Street a few weeks ago. Mr. Santelli, an on air analyst for CNBC, attacked the administration’s proposal to give aide to homeowners who cannot meet their home mortgage obligations. He called these potential recipients of federal aid “irresponsible losers” and then had a Greek chorus of traders yelling along with him, ending with, “Can you hear me Mr. Obama? Can you hear me?” This vulgar piece of “financial” commentary was actually part of CNBC’s programming. You can’t make this up.
Mr. Stewart led his segment off with the video of Santelli and chorus, and then placed CNBC under his comedic microscope, along with its famous financial pundits. He presented the advice and predictions of Kudlow, Kramer and a number of the other reporters of this cable network juxtaposed with how it all turned out. It was buy buy buy and soft interviews with and about the heads of GM, AIG, Lehman and Bear Sterns. On CNBC the bulls were roaring right up until the big companies were found dead in the water. Stewart reminded his audience that CNBC billed itself as the only financial news source that people needed. Since this is the most watched of all the financial cable networks, I think we can understand why the average American was infected with unrealistic optimism until the economy crashed.
We need the astute and honest voice of commentators like Jon Stewart — men and women who may entertain us, but also educate us with nothing to lose as they give us their view of the truth.
(To see the clip, and another by equally acerbic British commentators, click here.)
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