[Archive 2009-03-11] Feud between CNBC and The Daily Show continues to escalate

Historical archive — originally published 2009-03-11. This report records what was known on that date. It is not current news; subsequent events may have changed the situation. Wikinews closed in May 2026.

Jim Cramer, CNBC's host of Mad Money, plans to appear on The Daily Show Thursday, in the midst of an escalating feud between Cramer and the Comedy Central show's host, Jon Stewart.

Jim Cramer has been the only CNBC employee to publicly respond to Daily Show segments strongly criticizing the television business news channel's financial coverage during the growing global recession, particularly focusing on specific remarks by made by Cramer.

The feud began on March 4, when The Daily Show aired an eight-minute clip lampooning CNBC. The comedy news show featured several clips of pundits, focusing particularly on predictions or reports by CNBC reporters that The Daily Show argued were overly optimistic or too strongly slanted in favor of the companies being discussed.

In one clip, a CNBC host reported Merrill Lynch said it would not need capital, which The Daily Show followed with a list of billions in bailout money the financial services firm has required since September. In another clip, Jim Cramer is shown allegedly affirming "Your money is safe in Bear Sterns", followed by a Daily Show statement that the global investment bank went under six days later.

Although most CNBC reporters and executives declined to comment, Cramer defended himself in a column published Monday, claiming the clip was taken out of context. Cramer said he wasn't talking about buying Bear Sterns stock, but simply reassuring a viewer that his liquidity held in Bear Sterns was safe.

Later that day, The Daily Show responded with another montage of clips, this time more specifically targeting Cramer.

The feud between The Daily Show and CNBC generated a significant amount of attention in the mainstream media. The Associated Press called the first Daily Show bit a "brutal takedown" of CNBC. Other publications, like New York magazine, defended CNBC, writing, "We doubt there's a single news outlet that hasn't made a misstatement regarding the economy in the past year."

The Thursday Daily Show sketch ran the same day CNBC reporter Rick Santelli was scheduled to appear on the show, to discuss his vocal criticisms of President Barack Obama's plans for dealing with foreclosures. Santelli cancelled the appearance, but Daily Show executives said the CNBC montage was not retaliatory and that they planned to show it before the cancellation was announced.

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