The stock market wealth liquidation has been a top story of the national economy even before the election of a new president. Not only have the rich had to sell their art collections, hold tapper down from buying that big island to more of a shared 5th vacation home, but the indirect investors in the stock market have been hit through what they thought was their retirement fund, now gone to pre-employment numbers. So the association that this epic fail of the financial community is some how related to the changing of the guard is absurd.
A few weeks back we had the now infamous rant by Rick Santelli, of CNBC’s Squawk Box, on the Chicago Mercantile Exchange trading floor, arousing the crowd against the bail out of the “loser homeowners” amid the continuing bailout of the financial institutions, insurance agencies and automotive industry is hypocritical at best. He’s cry for action isn’t for anyone but the same bunch of greedy scumbags who caused the financial breakdown and now want to blame the working people of the country for it. Here’s the original:
So John Stewart invited Santelli on to his show because of the media coverage the above clip stirred. Days before, he cancels on John, and much like David Letterman responded on the John McCain cancellation, John spends the 8 minutes dedicated to the interview to skewer Santelli and his network CNBC for their own contribution to the false comfort and horrible forecast of today’s economic theater (although it’s been said that the clip was to be played before the interview):
Yes, as John says and this applies to Cramer, Rick, the guys behind Rick and those like him: Fuck You!