Some on Wall Street don't seem too supportive of President Obama's recovery plan. The market is continuing to trend lower, and some are attributing it to their reaction to moves from D.C. They especially don't like the idea of bailing out some people in troubled mortgages. Bailouts for themselves, of course, are just fine.
"The Daily Show" with John Stewart ran a terrific opening segment on Wednesday night. Stewart invited CNBC commentator Rick Santelli onto his program. Santelli accepted. Santelli is the former derivatives trader who went on a tirade against Obama's homeowner bailout idea on CNBC recently. Then Santelli backed out on Stewart.
Stewart let him have it with both barrels. Or rather, he let CNBC have it. In a brilliant eight minutes "The Daily Show" absolutely skewered the business "experts" at CNBC and their pathetically inaccurate prognostications over the past year. Among some of the gems:
"Bear Stearns is fine. Bear Stearns is not in trouble."
"Lehman Brothers is not Bear Stearns."
"The Bank of America is going to $60 in a heartbeat." (It now sells for under $3.)
"AIG's obviously not going bankrupt."
"The worst of this subprime business is over."
"You should be buying things and accept that they're overvalued."
"The upside potential (of GM) is good."
"Will Merrill (Lynch) need to raise capital? No."
You can watch "The Daily Show" fun for yourself by clicking here. When bozos like these express lack of confidence in Obama's plans it makes it ever more likely they will be a smashing success.
1 comment:
Its a shame when a comedy show brings events into focus better than so called news channels. You even get to laugh go figure.
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