Thursday, March 5, 2009

Jon Stewart - The Daily Show on Mar. 4, 2009 - Roasts CNBC (incl. Rick Santelli & Jim Cramer)

The Daily Show keeps getting better. Having a liberal in the White House has in no way affected its quality.

Last night's roundly deserved roast of CNBC's coverage of the stock market showed TDS at its best: a stinging montage of CNBC prognostications showing just how often, and consistently, wrong its predictions have been.

I especially enjoyed the sequences that focused on Jim Cramer. I've been watching Cramer for a couple of months now and the one constant is his inconstancy. His advice varies almost daily and rarely holds up over the long haul. (Only a few months ago, he declared Bank of America, Well Fargo, and JP Morgan Chase to be among the 5 "gold standard" banks.) Yes, I know he was a successful hedge fund manager but as such he could and did trade daily, probably almost every minute. Most of the people who watch him can't do that. He's a lot of fun to watch, but unless you have money to burn and want to buy and sell stocks all day, he's not going to help you.

The Mar. 4, 2009 montage was just one of many that Stewart's staff has put together over the past year. One recent montage I recall contrasted statements by Gibbs (Obama's press secretary) with those from prior press secretaries. Not a word's worth of difference. It takes a lot of skill and research to put together these montages. You must realize that there is something worth looking for, then locate the sound bites or videos that will support your thesis. Google and the other search engines help, but anybody who's used them for serious research knows just how hard it can be to find just what you need.

So, yes, I adore Stewart. But his staff deserve special credit for providing the material. Give Thain's bonus to them.

No comments: