Jon Stewart savages CNBC for incompetence and pro-bank/anti-people bias

After CNBC’s Rick Santelli cancelled his scheduled appearance on The Daily Show, Jon Stewart exposed CNBC as the financial news network with no clothes (for utterly failing to grasp the financial crisis) and no shame (for urging bailouts of several trillion dollars for banks while excoriating Obama’s plan to spend a tiny fraction of that to help struggling homeowners).

After a montage of clips showing fawning CNBC “journalists” lobbing softball questions at CEOs and unquestioningly regurgitating their press releases, Jon asked how CNBC kept pumping stocks and calling the market bottom and urging viewers to buy and assuring viewers Bear Stearns was fine (and Lehman Brothers was fine, AIG was fine, etc.) throughout the greatest destruction of wealth since the Great Depression:

CNBC — how did they miss this entire story? They’re a financial news network! I mean, it’d be like the Weather Channel interviewing Hurricane Katrina and saying, “You know there’s reports that you have high winds and flooding,” and Katrina’s like, “No, no, no. I’m sunny,” and they’re like “alright.”

Posted by James on Friday, March 06, 2009