Jon Stewart Exposes CNBC’s Worthlessness

Thanks to subscriber Tom for sending this. In the clip below, Jon Stewart does his usual masterful job, this time on CNBC’s worthlessness. Here’s an index of key moments:

  • Cramer’s “Bear Stearns is fine” call. (3:03)

  • “Lehman Brothers is no Bear Stearns. . . . Lehman Management is incredibly engaged and responsive.” (3:15)

  • Merrill won’t need to raise additional capital. (3:30)

  • Cramer saying Bank of America is going to $60. (3:50)

  • AIG is not going bankrupt because its subprime mortgage exposure is manageable. (4:00)

  • Cramer’s October 2007 call to buy stocks. (4:54)

  • Cramer’s February 2008 call to buy stocks. (5:06)

  • April 2008, Kudlow & Co., “The worst of this subprime business is over.” (5:14)

  • Cramer’s June 2008 call to buy stocks. (5:20)

  • November 2008, “The fundamentals are coming back into play. . . . people are starting to get their confidence back.” (5:26)

  • Jon Stewart: “Wow. If I had only followed CNBC’s advice, I’d have a million dollars — provided I’d started with a hundred million dollars. How do they do it?” (5:34)

  • The ultimate example of a worthless CNBC executive interview: Ponzi scheme maestro Allen Stanford. Talking head Carl Quintanilla’s million-dollar question? “Is it fun being a billionaire?” (7:06)

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