Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Daily Show's Jon Stewart Rips CNBC, Rick Santelli

"Daily Show" host Jon Stewart ripped CNBC and its mad-as-heck reporter Rick Santelli last night, essentially calling the GE-owned business network a collection of know-nothings and corporate lapdogs.

(If the video player doesn't load, click here to go direct to the "Daily Show" site.)

The excitable Santelli, you may recall, achieved some Internet fame a couple of weeks ago with an on-air rant against President Obama's housing bailout efforts, saying it was helping "losers" who bought houses they couldn't afford.

The rant briefly established Santelli as the voice of populist outrage of homeowners who have behaved responsibly.

Since then, however, Santelli has found himself embroiled in an Internet controversy over the origin of his rant, with some bloggers accusing him of being the frontman for a GOP-funded attack on Obama, which Santelli denied in this posting on CNBC.

CNBC canceled Santelli's scheduled appearance on Stewart's show last night, which possibly prompted Stewart's attack.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  March 5, 2009; 10:11 AM ET
Categories:  The Ticker  | Tags: CBNC, Daily Show, Jon Stewart, Rick Santelli  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Markets Erasing Yesterday's Gains
Next: New Jobless, Total Unemployment Claims Take Surprise Dip

Comments

Wow - the Jon Stewart is a spokesperson for what group of Americans? I guess he is among the Obama elite who have money to give away while robbing the non-elite middle class of 40% of their earnings.

Jon Stewart is speaking for the elite and the lazy - not the Americans who are acutually paying for Obama's bail outs and give aways.

One vote for sanity and for Santelli!

Posted by: mgd1 | March 5, 2009 11:21 AM | Report abuse

It does appear that Santelli is a GOP frontman and may be posturing for a "pundit" career on Fox News. John Steward only represents Comedy Central. Please note that President Obama represents the United States of America - or at least a healthy majority of American voters.

Posted by: free-donny | March 5, 2009 11:28 AM | Report abuse

Agreed...CNBC is a contribuitor to the market's downfall. Santelli is a blow-hard and Cramer blows hot and cold..one minute recommending buys and the next declaring the sky is falling. Cramer would better be on the Seinfeld show.

Posted by: dbax | March 5, 2009 11:38 AM | Report abuse

I agree with Stewart.I used to watch CNBC but became tired of the rants of Kudlow who should go sit in a rocking chair since he is apparently too arrogant to realize his time is past as GE is in the process of learning.GE capital tried to beat me out of a small amount of money and i had to talk to their people in India for at least ten minutes to get them admit they were wrong.

Posted by: s7818 | March 5, 2009 11:41 AM | Report abuse

It's hilarious these people are all for billion dollar bailouts for themselves and their companies but not for homeowners.

The vast majority of bailout money is going to banks and financial institutions -- a relatively small percentage to homeowners.

Ultimately, it's the same thing, as the homeowner bailout money also goes to the banks. So why wouldn't they want that?

Why wouldn't they want viable consumers and customers? If the consumer market collapses so will the financial institutions.

Posted by: AlanGoldberg54 | March 5, 2009 11:44 AM | Report abuse

mgd1 if you had bothered to watch the episode you'd see that Jon Stewart was ripping into ALL of the business channels, and all of the people who got loans who shouldn't have and all those lousy bankers who gave them those loans.

Why are we bailing out AIG for instance, he's asking that question. AIG is guaranteeing all those bad loans ... so the taxpayer is covering those bad loans twice!

So I'll ask the same question: Why should this taxpayer have to cover your home, and cover AIG, and GM and all those BS artists on wall street? This is financial blackmail and I'm sick and tired of you whiners trying to blame people who don't pander to your particular political view.
STFU.

Posted by: khote14 | March 5, 2009 11:44 AM | Report abuse

I continue to find it sad that it takes a comedy show to take a real look at what is happening in our media. To blame homeowners for listening to the "experts" telling them to buy buy buy, and then call Stewart one of the "Obama elite... robbing the non-elite middle class" would be laughable if it weren't actually believed by blind partisans. Stewart continues to do the "real" media's job through his comedy, God bless him!

Posted by: Dr_Bob | March 5, 2009 11:52 AM | Report abuse

mgd1:

Obama is asking the richest 2% of Americans to start paying their own 40% of income taxes, just like the rest of us. What's so elite about that?

Posted by: birdaa | March 5, 2009 11:53 AM | Report abuse

I am astonished that Santelli's rant got any public support at all.

Let's see: hundreds of billions to bail out the banks, insurance companies and wall street institutions whose failures have crushed the housing market? where's his outrage over that?

And to do it in front of a bunch of traders whose greed helped the bubble inflate?

IMHO, it should have been the other way around: $200 billion to help homeowners and $75 billion for wall street.

For those who say why should we bail out people who spent beyond their means, I've got a simple answer. If we don't do something to slow the rate of foreclosure, they may well find themselves in that same group as their own houses drop below the value of their mortgage.

Posted by: markgo | March 5, 2009 11:58 AM | Report abuse

The reason there have to be bailouts is that the entire financial system could collapse.

If this were to happen, the taxpayer would have even more problems. A massive depression is not what you want.

I agree the CNBC people look like idiots.

Posted by: AlanGoldberg54 | March 5, 2009 11:58 AM | Report abuse

Once again Jon Stewart is point out the absurd while making us laugh. Thank Jon!

Posted by: Woodstocknative | March 5, 2009 12:02 PM | Report abuse

Posted by: mgd1 | March 5, 2009 11:21 AM


"Jon Stewart is speaking for the elite and the lazy - not the Americans who are acutually paying for Obama's bail outs and give aways.

One vote for sanity and for Santelli!"
------------
What? Did you actually listen to Jon Stewert? If yes, did you actually comprehend? May be you should ask a friend to explain it to you, it would help if you take your right wing blinders off.

Posted by: kevin1231 | March 5, 2009 12:02 PM | Report abuse

Now that's comedy at it's best!

Posted by: manabu_gima | March 5, 2009 12:17 PM | Report abuse

First, Santelli is wrong because the housing bankruptcy bill doesn't pay one red cent for people's mortgages.

It gives incentives to banks to not immediately foreclose and allows families who only own one home to file chapter 13 bankruptcy like people who own two or three homes.

Jon Stewart and the American people are deservedly upset at people like Santelli who's fake outrage does nothing to educate people on the true state of the financial market or what the government is doing to clean it up.

Posted by: BlueWaterloo | March 5, 2009 12:24 PM | Report abuse

Jon Stewart, one of the few that can be honest about the ridiculousness of either side of the aisle. Ironic how a fake news show can provide a more fair and balanced approach than any other cable news show, real or not.

Posted by: FromCleveland | March 5, 2009 12:27 PM | Report abuse

stewart is doing the job that nbc, cbs, abc, cnn, and especially fox, should be doing. and that is investigative reporting. the sad reality is that repubs still believe in supply-side, deregulation, corporate consolidation that creates "too big to fail" industry giants, and pre-emptive war. the abject refusal of repubs to own up to the problems their policies created is staggering. they've become "hatriots" engaging in "scarerism".

Posted by: disillisioned | March 5, 2009 12:33 PM | Report abuse

What about those of us who didn't buy a house? Why should I have to pay any taxes to support the banks or the borrowers ... because we would enter another great depression?

This is financial BLACKMAIL and I'm sick and tired of the whiners who are blackmailing me.

This is not my fault, not in the slightest, yet I'm paying for it so you can keep your home, so your banker can keep his job, so I'll be able to avoid the soup lines.

The democrats are spending my great-grandchildren's money, what they have left after the republicans spent it. Screw both of the political parties, if you pick one side over the other then it's your fault too.

Posted by: khote14 | March 5, 2009 12:37 PM | Report abuse

mgd1 wrote:

"Jon Stewart is speaking for the elite and the lazy - not the Americans who are acutually paying for Obama's bail outs and give aways. One vote for sanity and for Santelli!"

Just imagine the level of intellect that watches CNBC and professional con men like Santelli. They spend *years* selling their viewers the idea that they're getting inside information; and that they're "in the know". Meanwhile, folks like my friend the hedge-fund analyst are literally *cracking up* at the stupidity of guys like this.

And when a satirist like Jon Stewart puts together the most succinct and comprehensive take-down of these guys--putting it into a context that a 6-year-old child could understand--you still get Santelli/Cramer fan-boys like mgd1 coming by to defend the guy who sold him the magic beans.

I used to think buying lottery tickets was the most ignorant investing strategy ever devised. Clearly that's outdated thinking.

Priceless.

Posted by: icoleman | March 5, 2009 12:44 PM | Report abuse

The posts on this board are ignorant of basic facts. All hail Obama, our Dear Leader!

Posted by: bobmoses | March 5, 2009 12:45 PM | Report abuse

"This is not my fault, not in the slightest, yet I'm paying for it so you can keep your home, so your banker can keep his job, so I'll be able to avoid the soup lines."

Welcome to Big Boy World where the grown ups live!

Posted by: icoleman | March 5, 2009 12:46 PM | Report abuse

Why is it that the most honest news comes from a comedy show? Tells you how badly Faux News, CNBC and CNN have fallen...

Posted by: beenthere3 | March 5, 2009 12:48 PM | Report abuse

"First, Santelli is wrong because the housing bankruptcy bill doesn't pay one red cent for people's mortgages."

it pays banks $1,000s to negotiate the monthly debt service down to 38% of their gross income. then the FedGov (i.e. taxpayers) pay the loan down to 31% of the the homedebtors gross income by either paying down the rate, further subsidizing the bank to extend the loan term, or paying down the principal.

so you are wrong and Santelli is right. thanks for not bothering to read the bill and contributing nothing to this conversation.

Posted by: millionea7 | March 5, 2009 12:50 PM | Report abuse

Please note that President Obama represents the United States of America - or at least a healthy majority of American voters.
Posted by: free-donny | March 5, 2009 11:28 AM
=====================
I wouldn't call 52% (which the percent he won with) a healthy majority at all. It's about time the liberal drones wake up and realize the idiot known as Obama is out to destroy America.

Posted by: leeh11281 | March 5, 2009 12:52 PM | Report abuse

Obama is asking the richest 2% of Americans to start paying their own 40% of income taxes, just like the rest of us. What's so elite about that?
Posted by: birdaa | March 5, 2009 11:53 AM
==============
The top 1% take home 18% of the USA income and pay 40% of all income tax in this country. Is this really fair? The top 7% take home 30% of income in the USA and pay roughly 95% of all income taxes in this country. Does that sound elite??

Posted by: leeh11281 | March 5, 2009 12:58 PM | Report abuse

The White House response to Santelli is merely an example to all in the media who might express an opposition view. Jon Stewart should joke about that, but, of course, that would put him on the enemies list as well.

Posted by: ohmd | March 5, 2009 1:00 PM | Report abuse

The reason there have to be bailouts is that the entire financial system could collapse.

If this were to happen, the taxpayer would have even more problems. A massive depression is not what you want.

I agree the CNBC people look like idiots.

Posted by: AlanGoldberg54 | March 5, 2009 11:58 AM
==============
The financial system is collapsing because the liberals who head institutions like AIG, Lehman Bros, et al have run them into the ground.

Posted by: leeh11281 | March 5, 2009 1:01 PM | Report abuse

Dems HAVE to focus on things like Stewart, it takes the attention away from the real scandal/ripoff, the stimulus/pork/increase debt/deficit spending.

Posted by: wvajim | March 5, 2009 1:01 PM | Report abuse

In the movie, "Crossword," John Stewart is shown doing the Times crossword puzzle in 90 seconds. None of the networks has anyone with his intellectual fire-power. He is the most gifted interviewer of this generation.

Posted by: flynnie1 | March 5, 2009 1:06 PM | Report abuse

leeh11281 wrote: "The financial system is collapsing because the liberals who head institutions like AIG, Lehman Bros, et al have run them into the ground."

really. this has nothing to do with unregulated mortgage companies offering unaffordable loans to uneducated buyers? it's about (gasp) "liberals". pull your head out of you "hatriot" you know what and shelve your "scarerist" tactics. it's getting old.

Posted by: disillisioned | March 5, 2009 1:11 PM | Report abuse

Jon SteWart knows nothing about the economy, and the Know-Nothings in the White House are just about on Jon Stewart's level.

Posted by: ThisIsReality | March 5, 2009 1:13 PM | Report abuse

Santelli is a fraud and an embarrassment. Stewart's piece was absolutely devastating. It's a shame that the most factual and honest reporting we can get access to is on a comedy channel, and it exposes the corporate mass media for the agenda-driven disinformation services they have become.

Posted by: micron26 | March 5, 2009 1:14 PM | Report abuse

Let me get this straight: Jon Stewart, the comedian, from comedy central cable tv, is giving business advise and speaking as business spokesman for the democrat party by personally attacking a business pundit from the National Barrack Channel. rotflmao. and the poser posters here are taking this serious? what a bunch of losers.

Posted by: charlietuna6661 | March 5, 2009 1:16 PM | Report abuse

CNBC is a bunch of cheerleaders who don't know a damned thing about investing. Heck, it's been clear for years that they don't even understand what the market represents.

The last place you should get investment advice is from a talking-head on television. If their investment advice was so good, they would keep it to themselves. The fact that they are on TV giving away their advice for free indicates that they have ulterior motives (e.g. "pump-and-dump").

Taking investment advice from CNBC is as wise as taking realestate advice from a realtor, or car-buying advice from a used-car salesman.

Posted by: steve1231 | March 5, 2009 1:19 PM | Report abuse

Wall Street, in its current state, is a henhouse that's been raided by weasels, then set afire. And it's already burned to the floorboards. The Wall Street weasels paid to elect Republican weasels, who returned the favor by giving the Wall Street weasels the keys to the henhouse.

And a can of gas.

Cramer, Santelli, Bloomberg, MSNBC, and the rest of the mouthbreathers are just fleas who live off the weasels. They're freaking out because Obama's come along and said, in effect, "Hey, the henhouse has burned down. I should probably put the fire out and rebuild."
It's not the death of the market. It's just the temporary interruption of the weasels' Free Money Spigot.

The American people understand this. Acting responsibly will not be the death of us all.
It will only be the death of the weasels' cozy little scam.

The takeaway? Anything that makes the weasels screech = good.

Posted by: hbg16 | March 5, 2009 1:19 PM | Report abuse

I just wish Santelli had the balls to show up for the Daily Show like he'd agreed. Then we would have seen some sparks.
Brilliant, as usual, Mr. Stewart. You're no MoneyHoney, but you sure are a FunnyHoney.

Posted by: lostinthemiddle | March 5, 2009 1:21 PM | Report abuse

I loved watching the CNBC "experts" get skewered with footage of their previous sage observations. All the commentators there are a waste of air time and I think a slightly trained monkey could give equally valuable advice. Except that the monkey would probably act more civilized.

Posted by: alloleo | March 5, 2009 1:32 PM | Report abuse

A liberal CEO is an oxymoron, just like jumbo shrimp or little giant or smart Republican.

Posted by: birdaa | March 5, 2009 1:32 PM | Report abuse

I am so sick and tired hearing the un-American ranting of the right concerning the stimulus help to homeowners. Since when is chasing the American Dream of a home in a decent neighborhood taboo? How low has America sunk that we blame hard working families forced to buy homes in an unbalanced financial system for our financial problems?

How dare we denigrate these people this way. These homeowners get up every morning and go to work each day trying to make enough money for their home payments. Instead of treating our fellow Americans with compassion and understanding we treat them like pariah.

The financial problems America is facing are slowly surfacing. Once these problems are discovered these problems can be fixed.

Obama’s skin color cannot change. Hatred of another’s color can be fixed.

Posted by: jimarush | March 5, 2009 1:34 PM | Report abuse

"really. this has nothing to do with unregulated mortgage companies offering unaffordable loans to uneducated buyers?"

oh, it has EVERYTHING to do with offering unaffordable loans to uneducated buyers. it has EVERYTHING to do with a Federal Reserve, FHLB, GSEs, et al creating the liquidity (out of thin air) so those greedy mortgage brokers could "earn" commissions offering loans to uneducated buyers.

stop fighting each other and work for transparency of the Fed's Wall Street handouts! bi-partisan H.R. 1207 has 11-cosponsors from across the political spectrum:

Rep. Neil Abercrombie [D, HI-1]
Rep. Michele Bachmann [R, MN-6]
Rep. Roscoe Bartlett [R, MD-6]
Rep. Paul Broun [R, GA-10]
Rep. Dan Burton [R, IN-5]
Rep. Walter Jones [R, NC-3]
Rep. Steve Kagen [D, WI-8]
Rep. Ted Poe [R, TX-2]
Rep. Bill Posey [R, FL-15]
Rep. Dennis Rehberg [R, MT-0]
Rep. Lynn Woolsey [D, CA-6]

contact your Congressmen, support H.R. 1207! demand transparency, restore confidence by eliminating uncertainty and opacity.

http://www.opencongress.org/bill/111-h1207/show

Posted by: millionea7 | March 5, 2009 1:54 PM | Report abuse

"It's about time the liberal drones wake up and realize the idiot known as Obama is out to destroy America."

Great stuff! You sound just like Tokyo Rose...or Baghdad Bob.

Posted by: icoleman | March 5, 2009 2:08 PM | Report abuse

CNBC is populated by drunks and celeb-wanna-bes. For years they screamed for the very deregulations that led to the abuses of both the working class savings forced into the Ponzi Scheme that is the Stock Market and the predatory capitalism that spread through a knowing lending community.

I was amused at the first bailout at the beginning of the collapse (poorly timed by its perpetrators, coming while the moron figurehead was still in office) and the dull tools on CNBC frantically begging we, the people they screw, to support, with the tax dollars we, not they, pay for the bankers, insurance comapnies and brokers who've ruined us.

Their arrogance far exceeds the ignorance they've assigned us.

On a not unrelated note, what marvelous nanotechnology is now available that allowed scientists to detect a heart in Barbara Bush?

Posted by: mot2win | March 5, 2009 2:22 PM | Report abuse

millionea7:

there's a question mark at the end of "really. this has nothing to do with unregulated mortgage companies offering unaffordable loans to uneducated buyers?"

meaning, as you said, it has EVERYTHING to do with the problem. let's take this one step further. in 2002 george bush announced his "ownership society" that coincided with greenspan's rate reductions which coincided with "no-doc" or "stated" (neither of which were required by statute) income loans by non-governmental (not freddie or fannie) mortgage companies........... the mortgage industry knew their wall street junkies craved more mortgages to divvy into derivatives and that market QUADRUPLED by 2005. and it's those mortgages going bad.

Posted by: disillisioned | March 5, 2009 7:02 PM | Report abuse

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company