Stewart is finally saying about CNBC what no one else would say. http://www.thedailyshow.com/video/index.jhtml?videoId=220534&title=intro-brawl-street-get-read-to
I think Stewart tried to get to the source of the problem, that CNBC is a fraud. I really wish he would have pounded the issue more about CNBC having CEOs on the show and not getting the bottom line about what's going on behind the scenes of their companies. I read once how an interviewer of Fortune magazine asked the executive of Enron the simple question of how does your company make money. The CEO called her ill prepared and incompetent. Soon after the company the company was caught in the financial scandals. The real problem on our hands isn't in the economy but who in the hell is running our company's and why are they there to begin with. One thing that really pisses me off is that these executives like you to think that they can do a job, nobody else can do, better than anyone else can do it. And they get away with it because nobody's man enough to ask the real questions.
The plot thickens! The question you should ask yourself is... Is comedy really comedy? Imagine all those sheep who listened to the CNBC over the years, they all know the advice provided was shall we say, less than accurate (If they don't know this then some people may suggest that they deserve to be exploited). The important point to observe is that now is the perfect time to make a fool of CNBC on "The comedy channel". Ofcourse, the flipside is that now it is "common knowledge" that CNBC's advice was less than accurate, therefore the vast majority are now of a non trusting persuasion with regards to following the advice of CNBC, the only way for CNBC to redeem themselves (in terms of public perception) is to begin to offer accurate advice! The perfect time to offer accurate advice is when everybody is laughing at how stoooopid they are due to the media circus generated by "The comedy channel" Ultimately CNBC can then say, hey look at our great stock picks, we told ya so..... Meanwhile, nobody is following the advice because eveybody is laughing as it is "common knowledge" how poor they are at selecting stocks! and just when people begin to trust the advice again...
Do you realize how few people watch cnbc or fox news? "About 6,300 people on average were watching Fox Business on any given weekday during its first two months, according to early estimates compiled by Nielsen. By contrast, CNBC attracted about 283,000 viewers during that period. The ratings are significant because they are used to set advertising rates.
Here is the bottom line, guys, and I was a journo for a long time (NY Times). If CNBC was truly a serious journalistic operation firing off hard questions with deep reporting and skeptical commentary, then no CEO, or PM or anyone would ever go on. Why would you? Think about it, Youare a CEO, a PM, a Hedgie. Why do you go on CNBC? Because you can talk your book with minimal questioning, a lot of deference and sometimes even cheerleading. They are your Pravda. I also did financial PR for a couple years, and trust me, we never feared sending a CEO to CNBC. That was considered a free ad, we wanted to go on, we yearned for it, it was free media. Sending a CEO to meet a WSJ or NYT reporter? Now that was something we did with great trepidation. CNBC is a journalistic joke on Wall Street, and in PR. If only retail traders would learn.
Yeah, it is interesting the contrast between Jon and Larry. Larry is a pretty unassuming, often quiet kinda of guy. And he intensely dislikes to be mentioned as "Jon Stewart's older brother".
That's not true. Here in Canada there's a channel called BNN and it's very serious and looks out for investors. They frequently have CEOs on and guests. They ask tough questions or rarely do you think the interviewer is throwing them a bone. Why do they do it? Why do the CEOs keep coming back? Because BNN is so powerful that to reach investors you must go on the channel. Between CNBC and Bloomberg a CEO would know that if they weren't forthcoming and transparent in their interviews, that hundred of thousands of investors would reject their company, if not millions. It's like you almost say yourself that journalists have absolutely no power and are just glorified PR agents, wow, way to give up. Media has power, an ethical media looking out after you has the power to shut down CEOs or companies that disrespect their interviewers or investors. This is especially true in the small world of finance. The second reason and I'd like to believe it is that some of the CEOs come on board to educate canadians and offer some good advice. During the november crisis, you had 3 chief economists of the top 6 banks show up for 1 hour just to talk and explain things to folks. I recommend BNN to everyone out there.
ALL of the "journalists" over there at CNBC are LOSERS, especially that dickhead Rick Santelli. That's why they're journalists and not traders. Ron Insana "believed the hype" and tried to step out and start his own hedge fund, and now he's out of business within a year. CNBC AND THEIR JOURNALISTS ARE ONE BIG FUCKING JOKE! Cramer took the fall but I'd really like to see Stewart crucify Rick Santelli next.