Friday, March 13, 2009

The Daily Show Slams CNBC

The media is blamed more and more for deepening the fear of the general public. We mentioned this in an article we wrote in September. We were talking about who was to blame for the whole thing and some of our conclusions were not particularly popular.

It seems that Jon Stewart, from The Daily Show, didn't apprecaite a rant along similar lines by Rick Santelli of CNBC. Rick was not pleased at Obama's plans to bail out home owners who couldn't afford to pay their mortgages and, of course, Stewart jumped on this. I guess Rick was a bit over the top, but Stewart and the rest of the media are happy to side with everyone who took out mortgages and blame it on the bankers for offering all this money 'educate yourselves' he mocks.

Problem is, Jon, that the general, populist media doesn't have the balls to actually say how it is, people over extended themselves, Wall Street, foolishly, provided the money for this, but now all we hear is how Wall Street is to blame for eveything and the trucker on $20,000 per year who bought 20 houses with 'no money down', is totally blameless.

Come on Jon, you seriously do not believe that the American people are stupid enough to borrow beyond their means because a banker/mortage broker told them it was OK?

Where does the personal responsibility of the individual come into this? Is the US 'The land of the free, home of the brave' or 'The land of the free, home of the brave (as long as we are told what we can do, when we can do it, and not given any free rain, because if we do we can't help ourselves)'.

Having said all this I happen to agree with the thrust of the video below. Stewart is bringing to book those that make a living from reporting financial news. I think there is always going to be a problem when people like Cramer make actual recommendations on TV, he is always going to blamed somewhere along the line because all of his calls cannot be right.

I think some of the criticism of CNBC's shows are unfair. I watch them everyday and they offer a balanced rounded view of what is going on. The thing is though, CNBC is like everyone else in the industry, we try to take a look at the information we have and make sense of it in relation to the market. Taking as fact eveything that is said by commentators and contributors on CNBC is about as stupid as taking The Daily Show news seriously.

Regardless of it's simplistic view and the fact that Stewart is on the 'beat-up Wall Street band wagon' in the search for higher ratings, it is a fabulously funny bit of TV.

1 comment:

Anonymous said...

Watch CNBC but losing interest in the value of the show - too focused on short term and hosts spend too much time listening to themselves v's listening to their guests.