Hi everyone,
For the past week or so, John Stewart from The Daily Show has called out CNBC for being irresponsible to their viewers, an opinion (though I admit, one that I somewhat agree with) that became vocal with the following clip featuring a remark by Rick Santelli, a CNBC Financial Reporter.
In the clip, Rick Santelli voices his opinion that giving money to homeowners in debt is irresponsible, and that American tax payers do not want to bail out their neighbors who were financially irresponsible enough to have borrowed money they could not pay back, even going so far as to reference them as "losers." This opinion is, of course, Daily Show fodder, but escalated to a debate when John Stewart points out that CNBC told people give their money to failing financial companies like Bear Stearns, AIG, Wachovia, and Lehmann Brothers. Also, that CNBC had access to resources that would have enabled them to advise their viewers otherwise, such as CEO interviews and corporate and Wall Street connections. Thus, CNBC should bear some responsibility, or at the very least shouldn't just blame the general public for following financial advice that was offered to them.
Long story short, Jim Cramer (host of CNBC's Mad Money) took some of the attacks personally, and eventually appeared on The Daily Show for an interview. The reason I post all this is because the interviews revealed to me the complete lack of accountability in the financial markets, especially between CEO's and their friends, CEO's and their investors, financial reporters and their viewers (though in this case, not necessary with ill-intent), etc. I've posted the three videos below for you to take a look.
And this entry isn't to advise you guys against investing your money or anything like that, but that you really can never know what will happen. We all know the only thing we should fully trust 100%, and it isn't financial experts, stocks, or CEO's of companies.
***WARNING***
The clips are unedited, and John Stewart does use some strong language during parts of the interview.
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