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camistocks (80.10)

Jon Stewart making fun of Rick Santelli and CNBC

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March 07, 2009 – Comments (16)

When I saw the now famous piece on CNBC where reporter Rick "tell it like it is" Santelli was ranting about supposedly stupid homeowners who should have known better, I couldn't believe how cheap that was. Santelli was trying to activate the lowest feelings. "This is America! How many people want to pay for your neighbour's mortgage, that has an extra bathroom and can't pay their bills?! Raise your hand!" And then immediately all those guys who look like derivatives traders booed. Ha that moronic neighbour! He deserves it, loser, period.

 

I was more than glad to see that Jon Stewart from thedailyshow.com picked this up and had a little fun mocking him. Rick Santelli was invited but apparently he declined in the last minute. Watch the "experts" from CNBC giving financial advice(8:29):

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NYTimes business journalist Joe Nocera on the AIG bailout and about the qualifications of CNBC journalists.

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And finally, the master himself. Jim Cramer says the agenda of the Obama administration is to destroy Americans' savings (0:21) (I wonder how he managed to stay so calm. Maybe he had a valium that day?)

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16 Comments – Post Your Own

#1) On March 07, 2009 at 12:39 PM, Kmunk (99.41) wrote:

Haha, love Stewart, though I think he is off base lumping Santelli in the mix. Santelli had a moment of clarity for CNBC that day. Yes, if you consider Stewart's reasoning that if banks get money then bad homeowners should also get money as two wrongs make a right then he makes sense. I am sure however Santelli would not agree with the bank bailouts either, but that was not what was being discussed at the moment.

The way I see it, if my neighbor can't pay his bills and he gets money while I can pay my bills and must pay more for him to get money, why the heck do I not own part of his house? 

Or, if he gets money to pay his house bill, I better also get the same amount to spend on whatever I want.

Anything else is legalized theft. My neighbor has no right to come to my door with a gun and demand I pay his mortgage. The US Gov is now doing that for him.

"The ultimate result of shielding man from the effects of folly is to people the world with fools."
-Herbert Spencer

If you invest long enough you will come to the conclusions now being reached by many people: its all a game with collusion among many different participants, CNBC included. If the game goes as planned then you are just talking conspiracy nonsense. Only when the game breaks down can you see how big of a game it is.

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#2) On March 07, 2009 at 1:23 PM, tonylogan1 (29.40) wrote:

I can't even watch these shows anymore, they make me so upset.

 

Blame Santelli for Cramer and other CNBC's idiocy. Makes sense.

Can we find anyone else on Comedy Central that does not accurately represent Stewart's views? You'd think they would at least try and find a Santelli quote where he previously supported government bailouts...

Oh wait, they tried but they could not find one becuase it does not exist!

The media mind control efforts are so transparent it is sad. When people make completely valid statements, they make all efforts to just attack the person and not even bother to think about the content.

Wonder how we got into this mess in the first place... Plenty of people were stating this was a tragic bubble that was ready to collapse, but they were ad hominously attacked.

I wonder how far they are going to take this class war. Will it reach the point we need domestic military intervention? Oh, and of course once we do need it, they'll say "no one saw this coming"

Sad.

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#3) On March 07, 2009 at 2:36 PM, usmilitiadude (95.43) wrote:

Stewart raises a great point. Where were the financial journalists? I thought journalists were supposed to be the watch dog and keep everyone honest. 

It would have taken one regulation to have averted the housing bubble. Twenty percent cash down with no second mortgage.

I would have loved see Santelli on the show. Was he for all the bailouts? Here is a little of what Santelli wrote in this link.

Just for the record I have NOT been in favor of any of the bailouts not in the Bush administration nor the Obama administration. Not for the banks, the insurance companies, or the homeowners that purchased homes they can no longer afford. I have consistently questioned the notion that hard working Americans that have played by the rules should be on the hook for others ill fated financial behavior.

 

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#4) On March 07, 2009 at 3:17 PM, Drxmann (< 20) wrote:

The "Santelli wasn't in favor of any of the other bailouts, either" rebuttal is horsecrap.

Did he go Howard Beale on-air on the floor of the exchange and rant about how the bailouts for Wall Street were irresponsible?

Did he engage in cheap populism on-air and rally a bunch of traders about the foolishness of the Wall Street bailouts?

The answer to both questions is of course "no."  When those bailouts took place, his opposition was expressed was expressed mildly, at best.  But when a fraction of the amount of money is trickling down to homeowners, he's suddenly mad as hell and won't take it anymore.

I give him credit for knowing where his bread is buttered, but that doesn't make Santelli's little rant any less fraudulent and self-serving.  And Jon Stewart is right to nail his ass and the asses of every other shill over at CNBC to the wall about this.

Where was Santelli's outrage before?  Oh yeah, that's right, he suppressed it in order to maintain "access."

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#5) On March 07, 2009 at 4:19 PM, trac1964 (< 20) wrote:

Actually, Drxmann, Santelli has been equally impassioned against all of the bailouts since Paulson pushed over the first domino.  He and  CNBC’s Senior Economics Reporter, Steve Liesmann have butted heads over Gov't intervention ad nuaseum.   Jon Stewarts grandstanding diatribe is no less heartening in light of the true consequence of using populism to distract us from solving the problem.  Again, short sighted unsustainable "solutions" are trying to prevail over common sense.  If they win, we all lose.   

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#6) On March 07, 2009 at 5:25 PM, jszoke01 (37.76) wrote:

This was revenge on Santelli for skipping his assigned spot, period.  Had he shown up it would have been all jokes and hugs, but he didn't, and Stewart skewered him.

Tonylogan hit it on the head when he stated that all on CNBC are not the same, and to unfairly lump in Santelli with the likes of Cramer is completely ridiculous.  Putting together that montage really outlined a clear picture, however the CNBC that is being portrayed was evidently put together by someone with malicious intent.  I'm sure going over the last 5 years of Daily Show material, we could easily make John Stewart look as equally reprehensible as he made Rick Santelli out to be.

Drxmann - get your facts straight before you start making claims.

http://www.youtube.com/watch?v=I-1g0OZJIdk

 

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#7) On March 07, 2009 at 5:43 PM, bibs1 (< 20) wrote:

jszoke01 - you really skipped over Drxmann's point of why after 6 months of bailouts was Santelli all of a sudden ready for faux populist diatribe.   Are the homeowners really less deserving than AIG or Citigroup (note I'm not asking whether any of them are deserving)?   The first time I saw Santelli's rant I thought it was staged and it confirmed it for me when CNBC tried to pimp it for all the attention it was worth.   Maybe CNBC should be careful what they ask for.

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#8) On March 07, 2009 at 5:57 PM, bostoncelitcs (72.64) wrote:

Look at what has happened to the US Stock Market since the world's highest compensated hedge fund managers were called to testify before Congress in Nov. 12 2008.........They and Bernie Madoff should be held accountable for destroying the retirement savings of average "working" Americans such as teachers, policemen, and firemen.

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#9) On March 07, 2009 at 6:27 PM, camistocks (80.10) wrote:

Rick Santelli seems to stir up some emotions. So, let's have another videoclip! (I'll reply later to your comments.) 

Since he wasn't on the Daily Show (which I regret too), here an interview done by Robert Gibbs from MSNBC, hardball. There is the famous quote from the white house speaker (I just say "decaf") and Santelli gets to state his point. 

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#10) On March 08, 2009 at 9:32 PM, RegJoe (< 20) wrote:

The issue Santelli was raising is let's be fair, why bailout some homeowners and not others. The prudent homeowner who saves and pays down his mortgage gets nothing, while the homeowner who overextends gets the help.

As far as the stock market, again the prudent saver and investor is being bunched together with the crooks on wallstreet. Over half of this country has 401k, 529 or some other savings in the stock market, these are the responsible americans who are getting screwed!

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#11) On March 08, 2009 at 9:39 PM, Drxmann (< 20) wrote:

I watched the YouTube clip, and I now consider myself not only educated, but vindicated.  Actual words from Rick Santelli in that clip from Sept. 2008 about the wisdom of the Wall Street bailout:

"I'm not making a judgement call either way."

No, Rick, you're saving that for homeowners.  And the rallying of the proletariat on the trading floor?  That must've been after the end of the YouTube clip.

What I saw was milquetoast hedging and not really taking that much of a stand... at high decibel levels.  Nowhere did I see the same sort of vitriol towards those at Bear Stearns and Lehman Brothers and others that I saw towards homeowners.  But I will give credit to whomever put that clip together.  It was a fabulously alluring title, even if it was completely misleading. 

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#12) On March 09, 2009 at 1:12 PM, zz97 (79.33) wrote:

Love Jon Stewart.  Love Rick Santelli.  But Jon, you took aim at the wrong guy--Rick is dead-on, and he's probably the only sane voice on CNBC.  He routinely calls out the rest of the CNBC 'analysts', including Cramer when he made that famous "buy everything no matter whether it makes sense or not" statement.  The issue he's griping about is that our government is systematically destroying this nation's fundamental system of trust.  No one has any confidence that anyone else (individual, corporation, or government watchdogs) will be held responsible for their actions. 

Rick--go on the Daily Show and spread the good word like you promised.

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#13) On March 09, 2009 at 1:26 PM, majordm (90.93) wrote:

it stinks bc santell or nobody else ever gave any other president a 'are u listening mr prez!!!" callout two months into a first term if at all.

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#14) On March 09, 2009 at 8:06 PM, drummnutt (< 20) wrote:

Great post again cami!

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#15) On March 09, 2009 at 9:47 PM, mzars (< 20) wrote:

Oh you fine so called conservatives don't have a problem with Wall St. ripping us off or Bush spending trillions on Iraq.  But help some home owners out and God -  the end is near!

 Listen, look at it this way. Do you want foreclosed houses in your neighborhood?  Well, I don't - it means my property values go down to the pits.

So, even if you with your pompus ass ways, can't stand to help your fellow man (a very small percentage of these so-called "losers" were at fault.  You lose your job, hell it's hard to make payments).  So, pompus conservatives - if you help your fellow man, then there are less foreclosures in your neighborhood and everybody wins.  And you can feel good about helping someone.  It's a lot less money than we've already giving the scum banks and scum AIG. Think about it.

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#16) On July 02, 2009 at 12:36 PM, CarmenSanDiego (< 20) wrote:

Here's MY question.  Where was Stewart's foul game on the bailouts?

Santelli made a really smart move.  The majority of people are agains the bailouts and no, we don't want to pay for our neighbor's mortgage.  Santelli is staying relevant to his audience.  And with the media outlets being broke, they all need to do so. 

Congress, the president and his cabinet are paid for by Soros and corporate america and they're way out of touch with the sentiment of the AMerican people. 

I think any critism against Santelli and the tea parties is a sign of intimidation and a huge critism against america's voting base.  

 

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