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)
