Jon Stewart rips into Santelli, CNBC
Filed under: Economy, People, Investing
CNBC reporter Rick Santelli may have been brave enough to talk about a revolt against the Obama administration's proposal to help homeowners, but apparently he's afraid to face Jon Stewart.Santelli, whose reports from the Chicago Mercantile Exchange are as close to street theater as the General Electric Co. (GE) network gets, canceled his scheduled appearance on Comedy Central's "The Daily Show with Jon Stewart" without explanation. The normally affable Stewart was incensed -- but instead of getting mad, he got even by giving the most scathing critique of CNBC I have ever seen.
"Rick Santelli is angry that these loser homeowners are going to be bailed out," Stewart said. "For God's sake, this guy works at CNBC, the best of the best . . .''
Well, as the comedian pointed out, it's not exactly clear what CNBC does so well. He ran some clips (some of which, to be fair, may have been taken out of context ) showing that the business news channel has aired loads of misleading or just plain old wrong news analysis during the economic crisis. Jim Cramer's famously boneheaded call on Bear Stearns is included but so are lesser known gems such as Larry Kudlow saying the worst of the subprime mortgage mess is over.
A CNBC spokesman couldn't be reached for comment. Santelli did not respond to a voice mail and an email.
But my favorite moment from the Stewart montage was Carl Quintanilla's interview with Allen Stanford, in which he spoke of how the Texan had generated above average returns. In closing, Quintanilla asked Stanford whether it was "fun" to be a billionaire. Shockingly, the answer is "yes."
It's little wonder that Santelli was a no-show. Santelli's Feb. 19 diatribe -- which some on the right have likened to a Howard Beale-like "I am mad as hell and can't take it any more" moment -- has become the hottest thing to hit the blogosphere since the octo-mom. Some have speculated that Santelli's rant was staged, a claim he has denied.
Santelli has appeared uncomfortable with his new celebrity. But by sticking his neck out, then pulling it back, he is only inviting more criticism. President Obama's spokesman has already accused Santelli of not knowing what he was talking about. Stewart's criticism, though, was more damaging.
"Wow, if I'd only followed CNBC's advice, I'd have $1 million today -- provided I'd started with $100 million," joked Stewart. "I can see why Santelli is mad at homeowners.''



























Reader Comments (Page 1 of 31)
3-05-2009 @ 2:21PM
Bill Sproul said...
Jon is a 'comedy' or is that a 'joke'. People who make their living by subjecting others to ridicule do not deserve their celebrity.
Reply
3-05-2009 @ 4:36PM
Ken said...
Have you watched the clip? While it's funny, it isn't funny. CNBC is the cheerleader of the market. No matter what the market does, they keep pushing it - right or wrong. They are so encompassed in their own broken system, that they refuse to see that it's foundation is built on a paradox - that the biggest profit margins create the conditions that drag the entire system down.
A market economy can't survive, when there's not enough people who can afford to buy what that market sells.
3-06-2009 @ 7:37AM
CherMoe said...
Quite frankly, SOMEBODY, whether it's a comedian or not, HAS TO call out the REAL frauds in America. And Santelli is more guilty for having "ranted" publicly against the President's plan to try to help the victims of bank scams and greed. After all, the Republicans have no problem with bailing out the bankers and all the rest of the people "at the top", AT THE EXPENSE OF the people at the "bottom". Sorry, my friend, IT IS WHAT IT IS. The truth hurts. In my opinion, Jon Stewart should have also "flashed" the comments of both George Bush and John McCain insisting and reassuring us that our economy was "stable" and "sound" just a few days before it all exploded in their arrogant faces.
3-07-2009 @ 2:40PM
t said...
You sir are an idiot. Do people who defraud others of their money deserve their wealth then?
3-06-2009 @ 8:14AM
BG said...
Agreed...Stewart is an entertainer. It's usually laughably left when comedians delve into policy or, without warning, get serious about something. How real can a guy who changed his last name be? perhaps the answer is in "Why" he did it.
3-06-2009 @ 8:52AM
Jeremy said...
I am no fan of any of the bailouts. A few simple changes in policy could have saved a run on the banks, the only real concern. Repulicans and Dems alike are to affraid to lose a few votes to let anyone fail. The current mortgage plan will do very little for the (losers). He got is panties in a bunch for no reason. This is all political crap. When will we repeal the community reinvestment act? Until we do we are setting ourselves up for this to happen again.
3-06-2009 @ 10:02AM
Michael said...
What you're missing here is that Santelli had a chance to come on the air and defend his remarks...and slinked away like the coward he is. EVEN Bill O'Reilly had bigger balls than Santelli.
3-06-2009 @ 10:10AM
Jason said...
Yea, like Rush, Hannity, and Bill O'Riley
3-11-2009 @ 6:20PM
james said...
Until you guys can put something forward that is cogniant, intelligent and constructive, what you are saying sounds indifferent and mean. What prevents you from using your anger to do something in your own community?
3-06-2009 @ 10:23AM
Steve Schieffer said...
Yea, especially when it is true, eh?
3-06-2009 @ 12:34PM
Ed said...
The irony is that you are critquing a critiquer. True, you don't do it for money or fame, but you have to admit that there is SOME value in criticism, yes?
3-06-2009 @ 1:10PM
Economics 101 said...
Reading over the many comments, Ken and CherMoe in particular, it is apparent that many "fans" of the new adminstration have over looked some basic items. The Bailout plan, which was promised to contain "No Pork" (and in fact does-just barely passed-) and if read at all by our "leaders" they would have to have read 160 words/min by the time to vote, is in fact a true "fraud" and is disturbing that somemany think this "helps". But, sticking with Jon/Santelli: The Mortagage debacle is in fact orginally the Gov't's own fault. In 1999 the "Banks" were ordered to lend to people otherwise under normal circumstances "unlendable". Fannie/Freddie are "quasi-gov't" orgs (created/run) by the Gov't. Look to one of the first "Heads" of it. A contributor and pal Of Bill Clinton, He ran it for one year and was paid 1 Million dollars (those who want to actually think before they jump on the band wagon will understand this. I hope more do and start taking responsibility for themselfs an the decisions they make. Our hands cannot always be out Gov't with out a cost. Wouldn't our Money be better spent correcting individuals "conduct" (the lack of responsibilty and entitlement our society is generating) and allow the "big business" to fail. Due Gov't intervention and poorly run of course. But, this does not get votes and 50% of the people are content to live off the other 50% (speaking of which, that is pretty much how the country vote this last election); and allow market to correct itself, hey it is capitalism, it is supposed to have it's ups and downs. And finally since we are in a recession (ooops) All Gov't pay should be capped (Obama-Business's helped by the Gov't). To levels when it was good enough to do your civic duty. And trips should be curtailed to D.C and there home state. As a matter of Fact, for our illustrious members, please take a page of tech out of Obamas Medical speech, Video Conference, for those most have meetings in Asia and the islands...Lastly, someone should see if Jon S. was enticed for his comments by certain members to minimalize the impact of Santelli's Rant.
3-06-2009 @ 4:22PM
TJ said...
I did not want to think so but it has become most apparent OBAMA is OneBadAssMistakeAmerica! He is not a leader, he is all just "Jive Talk". It is worse then business as usual. OUR government and all the politicians within are on a heyday to bankrupt our country.. I feel like a fool for believing and now sorry to have voted for him. Totaly Disgusted!
3-06-2009 @ 2:05PM
Kayellen48 said...
DUH, Bill. Jon Stewart is a COMEDIAN. He and many other COMEDIANS made their living by ridiculing others. It's people who make their living by giving financial advice that is BOGUS who don't deserve their celebrity.
3-06-2009 @ 2:43PM
William said...
General Electric, NBC, and CNBC could save themselves a lot of money if they would follow the advice of Larry Kudlow, and that is to outsource all of their on air personsel to India or some other low cost country. We would most likely get the same advice from the foreigner as our local talent gives us.
3-06-2009 @ 10:46PM
kevin pratt said...
Does that go for Rush Limbaugh and Mark Levin also?
3-07-2009 @ 11:26PM
StevenX said...
You're kidding, right? One man's "subjecting to ridicule" is another man's "calling them out on their bullsh-t", which should be done a hell of a lot more often. For all we know these companies that have been fleecing America slip these hacks an extra paycheck to lie for them. Telling the truth is never wrong, and it's sad that it takes a "comedy show" to do it before anyone else has the balls to.
3-08-2009 @ 12:04AM
Don Williams said...
Does that apply to that drug addicted, hypocrite rush limbaugh as well?
3-08-2009 @ 1:37AM
Handsome said...
I agree with Bill Sproul, People who make their living out of riduculing others do not deserve their celebrity. People like Rush Limbaugh and Bill O'Reilly.
3-10-2009 @ 7:36PM
Anon said...
Are you kidding about Jon Stewart?????? He's one of the few people on the public airwaves that will actually speak the truth. Ridicule is the very, very LEAST these various yes men, idiots, enablers and downright liars and thieves deserve. I say, if people like Bernie Maddow and "Sir" Stanford are not going to be hauled off to prison for the rest of their sorry lives, then let's at least bring back stocks and chains in the town square. I say, it's pitchforks and torches time, folks. Guess who should REALLY be mad enough not to take it any more? Not those overpaid idiots on CNBC, that's for sure.