On March 4, 2009, Jon Stewart, the host of The Daily Show, a satirical news program, lambasted CNBC for a string of poor prognostications. The catalyst for the segment was Rick Santelli’s famous rant from the floor of the Chicago Mercantile Exchange, in which he railed against subsidizing “losers’ mortgages,” a clip that went viral and is widely credited with igniting the Tea Party movement. Stewart’s point was that while Santelli was criticizing irresponsible homeowners who missed all the signs, CNBC was in no position to be sitting in judgment.
Stewart then proceeded to play a sequence of CNBC clips highlighting some of the most embarrassingly erroneous forecasts and advice made by multiple CNBC commentators, each followed by a white type on black screen update. The segments included: