Showing posts with label CNBC. Show all posts
Showing posts with label CNBC. Show all posts

3.17.2009

Teabagger Santelli supports AIG bonuses

So Rick Santelli, he of the 'rewarding-the-housing-market-losers' fame, urged the masses to show some perspective. After all, this was mere "millions" of dollars engendering the bonus-driven anger, as opposed to the "billions" that AIG has received in bailout bucks. From CNBC's Squawk Box:
SANTELLI: Now, think about it this way. Maybe I'm missing something. But the outrage seems to be about M's, millions of dollars, right? $165 million, OK?

But I would think that it should be looked at as a pretty big positive, because when you go from the M, maybe you should try to go to the B's, which is the billions of dollars, and maybe that's going to even enlighten it for the T, trillions of dollars. You know, $165 million is like worrying about 16.5 cents, while $165 maybe necessitates a little more outrage. What do you guys think?

BECKY QUICK: Hey, Rick, I think the real idea here is just the idea of rewarding bad behavior, which is something you've spoken out against in the past.

SANTELLI: No, I guess what I'm saying is it's an order of magnitude. Don't you think this dynamic that the average guy reading his newspaper is really starting to be in tune with this?

And I think bonuses really strike a cord as to the dynamic you're talking about. But there's many degrees of intensity if one really wants to shine the light on the money that's being scrutinized. You know, there's Ms, Bs and Ts. I just want to know what people think.


All of this goes to the bullshit notions behind this "Teabag Revolution".  This isn't about responsibility.  It's not about protecting taxpayers.  

It's about fomenting a nonsense idea that the average Joe is being screwed, while you're actually the one screwing him.

It's about protecting the status quo using the same dimwit sections of the populace that have always knee-jerked when the wealthy pull their chain.

Santelli is a huckster who sees the end of the road for this shell game, and he's desperately clinging on.

3.13.2009

Cenk Uygur: The real problem with CNBC

(Huff Post)
I know that Jon Stewart and Jim Cramer have been in a bit of a "fight" lately. Of course, it's not really a fight because Stewart isn't doing this to pick a fight with Cramer or because he doesn't like him. He's making fun of him -- because that's what he does.

Over the last couple of days Cramer and Joe Scarborough have been using (comedian) as a pejorative, but that's the guy's job -- to make people laugh. They are pissed because he's good at it.

But if they think there is a kernel of truth in what Stewart is saying -- which, of course, is why they're actually angry -- they're right. Stewart also wants to make you think about what the role of the media is.

That's not the problem with CNBC. The real problem is their reporting -- or lack thereof. The CNBC reporters and anchors make the Bush press corps look like draconian inquisitors. They are obsessed with access.

I have a close friend who works at a business news station -- and here is the worst kept secret in show business -- it's all about the access. If you piss off the CEOs or the companies, you're going to get a call from your boss. You have jeopardized our relationship with them!

That is very thinly disguised code words for -- don't ever say anything negative about a company we cover otherwise your job is in the trouble. The message is clear -- go along to get along. This isn't journalism. It's public relations by another name.

CNBC never did any exposés about the enormous risks these financial companies took. They never exposed the insanity of the derivatives market. And they never told their audience that the executives of these companies have been robbing their shareholders blind. Because they didn't see that as their job. They saw their job as doing whatever it took to keep Wall Street happy and playing ball with them.

(More)

Stewart v. Cramer: The Smackdown (uncensored)

Jon Stewart hammered Jim Cramer and his network, CNBC, in their anticipated face-off on "The Daily Show," repeatedly chastising the "Mad Money" host for putting entertainment above journalism.

"I understand that you want to make finance entertaining, but it's not a ... game," Stewart told Cramer.

The program opened in mock hype of the confrontation, which caught headlines through the week as each snipped at the other over the air. The show announced it as "the weeklong feud of the century."

In his opening, Stewart announced that it was "go time." He played a video clip of Cramer's Thursday guest appearance on "The Martha Stewart Show" in which Cramer beat a mound of dough, pretending it was Stewart.

Said Stewart: "Mr. Cramer, don't you destroy enough dough on your own show?"

Once Cramer came out for the interview, Stewart wondered: "How the hell did we get here?"

Stewart said he and Cramer are both snake-oil salesman, only "The Daily Show" is labeled as such. He claimed CNBC shirked its journalistic duty by believing corporate lies, rather than being an investigative "powerful tool of illumination." And he alleged CNBC was ultimately in bed with the businesses it covered _ that regular people's stocks and 401Ks were "capitalizing on your adventure."

For his part, Cramer disagreed with Stewart on a few points, but mostly acknowledged that he could have done a better job foreseeing the economic collapse: "We all should have seen it more."
Cramer said CNBC was "fair game" to the criticism and acknowledged the network was perhaps overeager to believe the information it was fed from corporations.

Cramer insisted he was devoted to revealing corporate "shenanigans," to which Stewart retorted: "It's easy to get on this after the fact."

At one point, Cramer sounded the reformed sinner, responding to Stewart's plea for more levelheaded, honest commentary: "How about I try that?" said Cramer. "I'll do that."

By the end, the two-segment interview went far beyond its allotted time. Comedy Central said the on-air version would be cut by about eight minutes, though the entire interview would be available unedited on ComedyCentral.com on Friday. See the unedited interview below.

Intro:



Jim Cramer criticizes Rick Santelli's rant and admits he made his own mistakes, in this exclusive, uncensored video.



Jon presents Jim Cramer with some old footage from his shady hedge fund days in this exclusive, uncensored video.



Jim Cramer defends his role as a commentator on an entertainment show in this exclusive, uncensored video.

3.11.2009

The Stewart-Cramer Feud, all in one spot

Jim Cramer is going on The Daily Show Thursday night. He and Jon Stewart have been engaging in a war of words for over a week.

It begins here, when Stewart went after CNBC. The piece was planned, but seemed more relevant when loudmouth revolution leader Rick Santelli stiffed Stewart at the last minute.


Cramer then protested that a statement of his regarding buying Bear Stearns stock was taken out of context.

Stewart conceded the point to Cramer, saying with a hint of mockery, "I apologize, that was out of context, technically you were correct, you weren't suggesting to buy Bear Stearns. That was something you did five days earlier, in your buy and sell segment."

Going on the Today Show, Cramer again tried to deflect criticism of his Bear Stearns call.


Following Jim Cramer's appearance on Today on Tuesday as a rebuttal to Jon Stewart, The Daily Show launched a full frontal assault on the entire NBC family.

Noting the awkwardness of Cramer's appearance on "The Today Show," where he watched Stewart's attack on his credibility, Stewart deadpanned that "it put a human face on my mocking, and gave me a sense of the damage I had done to a real person... It'd be like him having to watch me as his Bear Stearns advice wiped out my parents' 401(k)."

Stewart then turned to MSNBC, where he introduced Cramer's appearance on "Morning Joe" by saying "I like my news like I like my coffee, white and bitter."

So now you're ready for Part 5, Thursday night.

Stewart Unleashed

Following Jim Cramer's appearance on Today on Tuesday as a rebuttal to Jon Stewart, The Daily Show launched a full frontal assault on the entire NBC family.

Noting the awkwardness of Cramer's appearance on "The Today Show," where he watched Stewart's attack on his credibility, Stewart deadpanned that "it put a human face on my mocking, and gave me a sense of the damage I had done to a real person... It'd be like him having to watch me as his Bear Stearns advice wiped out my parents' 401(k)."

Stewart then turned to MSNBC, where he introduced Cramer's appearance on "Morning Joe" by saying "I like my news like I like my coffee, white and bitter."

3.10.2009

Jon Stewart and Jim Cramer go toe-to-toe, in seperate segments, on video...

...OK, so it's not technically toe-to-toe. More like they have competing video segments.

Jon Stewart, whose pointed takedown of the network CNBC last week has already become legendary, returned to the subject Monday in response to host Jim Cramer's complaint that he was taken out of context during the segment.

In regards to Cramer, Stewart addressed the host's suggestion that the "Daily Show" had used a particular clip from his show "Mad Money" to make it look as if he had recommended buying Bear Stearns stock a week before it collapsed.

Stewart conceded the point to Cramer, saying with a hint of mockery, "I apologize, that was out of context, technically you were correct, you weren't suggesting to buy Bear Stearns. That was something you did five days earlier, in your buy and sell segment." Roll the clip!



Erin Burnett and Jim Cramer made an appearance on the TODAY Show Tuesday morning, filled with much the same rote nonsense that you hear on the TV every day. How can President Obama, as President, dare to do more than one thing at a time? There are too many bills for Erin Burnett to read, in between reality show appearances. And Jim Cramer just can't understand how a number of issues all dovetail with the economy. Seriously, watch this guy as he mocks the stem cell research order, because sure, there's no way at all that scientific innovations might impact the economy at all! There's no "stem cell research" button on the set of Mad Money that makes a fart noise. SHREWD INVESTORS TAKE NOTE, I GUESS.

Naturally, the ongoing war of japery between Cramer and Daily Show host Jon Stewart came up. Meredith Vieira makes Cramer watch last night's riff on the Daily Show, and, in exquisitely uncomfortable side-by-side boxes, you get to watch Cramer react.