Jon Stewart’s ‘The Daily Show’ holds accountable the financial news media for rallying viewers to”buy! buy! buy!” as the Market imploded on itself.
Jon Stewart, of Comedy Central’s ‘The Daily Show,’ skewers the hypocrisy of the financial news media claim to deliver “ahead of the curve” insider knowledge and access to business and financial decision-makers. In reality, all they appear do is to act as cheerleaders for Wall Street by rallying investors to “Buy! Buy! Buy!” as the Market tumbled over a cliff.
Embarrassed and angered by the comedian’s pointing out the obvious and offering clear, insightful perspective on the lack of critical analysis of Market players by CNBC and other financial news outlets, they instead attacked Stewart and cancelled an appearance on the show by Rick Santelli — one of the industry’s leading bloviating ‘cheerleaders.’ A report released today by the Asian Development Bank estimates that roughly $50 Trillion in aggregate value of investor wealth evaporated as a result of the current global economic crisis. One commentator noted, wryly, that CNBC probably contributed to half of that amount.
