Stewart Slams CNBC’s Financial Reporting

For those of you who don’t regularly watch The Daily Show, let me just say that last night, Jon Stewart and the writers there spent about four minutes completely devastating the nature of CNBC’s financial reporting. It was hilarious and awe-inspiring, and really goes to show how awful TV financial reporting really is. Here’s the clip:

Ouch. Just, ouch.

FILED UNDER: Economics and Business, Entertainment, Humor, Media, , ,
Alex Knapp
About Alex Knapp
Alex Knapp is Associate Editor at Forbes for science and games. He was a longtime blogger elsewhere before joining the OTB team in June 2005 and contributed some 700 posts through January 2013. Follow him on Twitter @TheAlexKnapp.

Comments

  1. odograph says:

    I liked Barry Ritholtz’ comment:

    Years ago, the expression was “Never pick a fight with people who buy ink by the barrel” (meaning newspapers). The modern, updated version is “Never pick a fight with people who have ascerbic, award winning comedy writers, a broad TV reach, and a strong internet presence…”

  2. Triumph says:

    Gimme a break. Jon Stewart is an elite liberal millionaire. I made tons of money using CNBC’s advice. You just have to know when to sell.

    Its only when their own liberal pocketbooks get hit that these clowns start talking. Sorry, Jon, that the price arugula has skyrocketed–you might have to eat iceberg lettuce like the rest of us.

  3. Barry says:

    Triumph (even better than Bithead): ” I made tons of money using CNBC’s advice. You just have to know when to sell.”

    Since CNBC seems to only say ‘buy’, that sorta trashes their advice, doesn’t it?

  4. Except that Stewart got it totally wrong in the beginning when he hit Santelli for speaking out about the mortgage bailout and not saying anything about the other bailouts.

    Santelli’s been anti-bailout from the beginning.

  5. Floyd says:

    Hillarious??? What next? Hilarious hidden camera footage at abortion clinics?? or maybe nursing home abuse of the elderly?? How about the funny side of animal cruelty??
    Of course the “john steward’s”[towel anyone?] HINDsight is 20/20, considering where he regularly sticks his head!
    This unfortunate video does point out the chaos in the world’s economy, and the foolishness of taking advice from cable TV, but it certainly wasn’t funny, not even a competent dark farce.

    The only thing losing value faster than stocks and life savings,is cable TV content,a point which is made at least as well by “The Daily Show”,and it’s miserable content, as by CNBC!

  6. Steve Plunk says:

    It’s a comedy show on a comedy network. Do some people really take seriously? Is snark real debate? Do voters watch or just slackers?

    I just don’t get the the whole Daily Show and SNL being part of politics these days. Are they or just for some folks?

  7. Michael says:

    The only thing losing value faster than stocks and life savings,is cable TV content,a point which is made at least as well by “The Daily Show”,and it’s miserable content, as by CNBC!

    Actually, the content of the Daily Show has gotten better recently. Still not as good as it was in 2000, but much better than it was a year or two ago. I can actually watch the correspondent segments now. Still, I miss Nancy Walls.

    I just don’t get the the whole Daily Show and SNL being part of politics these days. Are they or just for some folks?

    They play the modern role of jester. It’s not like it’s a new phenomena either, comedians have been a part of politics for as long as either has existed.

  8. John Burgess says:

    Triumph: I just bought arugula seeds… two different kinds! Much cheaper to grow than that stuff they sell in little plastic packs. Fresher, too, and only takes a little work.

    Arugula on a steak sandwich? Nothing better!

  9. Drew says:

    CNBC’s childlike belief in their guests rivals only Alex’s childlike belief in Obama.

  10. Bithead says:

    A couple points.

    * Of course NBC has been trying to play up the market somewhat. At least, until it became glaringly obvious that there was no playing it up. They’ve also been rabidly pro Obama. I suspect that these two go hand in hand. The reasoning would seem to be confirmed today when we look at the number of “green” projects that parent company general electric will be getting as a result of the stimulus and other Obama initiatives. Political payback?

    * comedy channel, if I am not mistaken, is owned by Viacom , which is the same company that owns CBS. Could the competitive situation here have anything to do with the tartness of Stewart’s comments? Not that his comments were not spot on, mind you.

  11. Triumph says:

    Triumph: I just bought arugula seeds…

    Burgess- Growing your own food??? That’s about as commie as you can get. Gardening is antithetical to a healthy economy. There is a reason we have grocery stores–to circulate money and grow the economy.

    Your assault on capitalism is telling–it figures you’re growing arugula! Liberal action and a liberal food!!

  12. tom p says:

    Triumph: I just bought arugula seeds…
    Burgess- Growing your own food??? That’s about as commie as you can get. Gardening is antithetical to a healthy economy. There is a reason we have grocery stores–to circulate money and grow the economy.
    Your assault on capitalism is telling–it figures you’re growing arugula! Liberal action and a liberal food!!

    Giggle…

    Of course, I have been growing my own food for years, including arugula.(especially John’s take on a steak sandwich).

    Don’t worry Triumph, my GF more than makes up for my communist ways.

  13. tom p says:

    Of course NBC has been trying to play up the market somewhat. At least, until it became glaringly obvious that there was no playing it up. They’ve also been rabidly pro Obama.

    Bit, I wonder, did you even watch the spot? Everything they cited (I think, I only watched it once) occured before Obama was elected. And did you notice that Santelli’s rant was decidedly anti-Obama?

    Really, your hackery could not be more obvious.

  14. Bithead says:

    And did you notice that Santelli’s rant was decidedly anti-Obama?

    Sure did… so did everyone else… It was remakrable,a nd attarcted so very much attantion, because it was so outside the norm for NBC…. or hadn’t that point occurred to you?

  15. Nate says:

    Stewart is just covering for Obama. – So what if the market drops 20% because of Obama. What is the Dow anyway? Just 30 companies that represent the overall market. Focus on how funny CNBC not what a rotten job Obama is doing. Pathetic.