If anyone doesn’t think John Stewart is the best newsman on television, check out the recent show on this CNBC Bozo Santelli, who went off on the idea that the Obama administration will bail out homeowners who are underwater on their mortgages.
Bozo Santelli’s point was that we should not be bailing out losers. Stewart put a little focus on this issue with a look at CNBC’s always optimistic coverage of the decline of the stock market. Clips of CNBC predicting that Bear Stearns would never fail (we see Jim Cramer telling people to buy Bear just six days before the meltdown), another “expert” stating that Lehman Brothers was much better managed than Bear Stearns and could certainly not fail. Fawning interviews with CEOs predicting good times while the Dow slid. Losers all. The point being if CNBC’s alleged experts were not able to predict the decline of the economy, how could we expect average citizens to do it, particularly citizens who have been told by their President that they have a right to a really nice house, a dream made possible by cheap and accessible bank loans.
Stewart was not content merely to point out the obvious failings of CNBC’s Wall Street Cheerleaders. He called in New York Times Business writer Joe Nocero to ask the next obvious question, shouldn’t we be able to rely on these people, who hold themselves out as the last authority in business news? Should they be accountable for the BS they sell?
This is the best stuff. Good thing most young Americans get their news from a comedy show. It tells the truth. (With Jokes.) Hell with Emmy, lets give Stewart a Pulitzer.