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Jon Stewart: "The Only People Who Have Recovered From The Meltdown, Are Those Who Caused It"

Tyler Durden's picture


Since Congress, the Senate and the president are all powerless to prevent the looting of the middle-class, it is only fitting that Jon Stewart will give it a try. When common sense, logic and reasoning all fail to make a dent in the status quo of immaculate corruption, maybe at least humor will have some success.

Most relevantly, Jon asks the $64k question:

"Are our banks made of balsa wood held together by baby tears."

Were the correct answer to this question finally to come from the administration, our continued existence would immediately become pointless.

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Thu, 01/14/2010 - 00:33 | 193373 Oso
Oso's picture

i laughed. i cried.  i gave this two thumbs up. 


nothing else is working.  thank god for Jon Stewart.

Thu, 01/14/2010 - 11:14 | 193645 Anonymous
Anonymous's picture

Way to go John!

You might remember many times in 2008, Hank Paulson saying we cant do this or we cant do that because it will spook the markets. To bad the rumors around the banks didn't indicate if the bank was short real estate like Goldman, or long real estate like Lehman. Then we could of had just a partial "bank raid" instead a full on bank raid.

A very old trick in deed.
Create the crisis.
Offer the solution.

It's like stealing somebodies dope,
and then helping them look for it!

Thu, 01/14/2010 - 22:11 | 194497 Anonymous
Anonymous's picture

Wasn't that what JP Morgan did creating the panic back in 1907? A hundred years later and not even the NAMES have changed! The monetary system we live under is a rigged ponzi scheme.

Thu, 01/14/2010 - 00:43 | 193377 Cursive
Cursive's picture


"The Only People Who Have Recovered From The Meltdown, Are Those Who Caused It"

+1  And where the hell is Alan Grayson?  Too busy picking a fight with Limbaugh, or something?

ETA:  The clip is really worth the 5 minutes.  There is more news and analysis on that clip than the blips and blurbs I catch on the MSM.


Thu, 01/14/2010 - 21:46 | 194474 Anonymous
Anonymous's picture

Grayson is a moron. If that is the left's brilliant leader, they are in trouble. He very well could be a one termer.

Thu, 01/14/2010 - 00:45 | 193382 faustian bargain
faustian bargain's picture

i wonder if any of his writers peruse the humble pages of zerohedge?

Thu, 01/14/2010 - 08:57 | 193546 deadhead
deadhead's picture

i wouldn't be surprised if this was written by zh folks......

Thu, 01/14/2010 - 10:03 | 193579 Anonymous
Anonymous's picture

I think Stephen Colbert's writers might - there is some very good material here too:

Thu, 01/14/2010 - 12:28 | 193763 Crime of the Century
Crime of the Century's picture

Beck refuses to apologize for endorsing gold, OK - got it. What is the problem, and why would ZH care? Many here recommend gold to family and friends as well. If I could get paid for doing it, I would be on that like white-on-rice.  


Thu, 01/14/2010 - 13:28 | 193882 Anonymous
Anonymous's picture

Glenn Beck also trys to address the corruption in the captial markets as well.

OH, AND he doesn't spend the rest of the time sucking to the main source of our corruption (our coward-in-chief) like john liebowitz does.

Thu, 01/14/2010 - 14:16 | 193938 chumbawamba
chumbawamba's picture

Oh yeah, Glenn Beck is a national fucking hero!

I am Chumbawamba.

Thu, 01/14/2010 - 13:59 | 193924 Anonymous
Anonymous's picture

I'll connect the dots if you like...

If any writers "peruse the humble pages of zerohedge" they certainly could ALSO find fodder for plenty of 'omfg this f*cking country is f*cking gone and the fiery, violent end is inevitable' conversations - the same of which are also regularly made fun of on these same Comedy Central shows.

See Colbert's Doom Bunker - i guess it isn't funny if you believe it...

Thu, 01/14/2010 - 15:24 | 194038 faustian bargain
faustian bargain's picture

My point was, you don't see this point of view reported very much in the mainstream media, so is it possible the Daily Show writers are getting some subject matter from blogs like this? i.e. are contrarian viewpoints starting to emerge into the public's consciousness?

Thu, 01/14/2010 - 16:13 | 194101 Anonymous
Anonymous's picture

Actually, you do. Unless you live under a rock. In no way is any of the matter Comedy Central lampoons either groundbreaking or enlightening - by nature for something to be 'uniformly' funny, the audience has to understand the collective background in the first place.

People who rail on bankers bonuses, leftists who go overboard, and chicken-little doomsayers are all obvious targets the mainstream public is aware of. ZH does not have a monopoly on this niche - it is a niche of a niche.

I suppose the overarching question would be at what point is it accepted/realized that the 'mainstream media' doesn't control everyone's mind - and people have more than enough data points, ancillary and primary, to support whatever position they have chosen?

My elderly father, not uncommon of many folks these days, listens only to what you refer to as 'mainstream media' and he doesn't need anything BUT MSM to agree with the commonly-espoused principles of this site - 'ie we are effed, the corporatacracy rules, we are mortgaging your grandchildrens futures and i need to take my country back' from this personally-alleged 'rogue website that challenges the paradigm' website. This is not uncommon.

What is the derogatory 'mainstream media' then, if people don't have to search any further than the very MSM to arrive at the same level of action this website supports?

Reminds me of when that 'Alternative Music' movement was 'Alternative'... Until it became Mainstream and diluted.

Recognize and evolve. If you are popular enough to be made fun of - you are now part of 'MSM' - for better or worse.

Thu, 01/14/2010 - 17:45 | 194236 faustian bargain
faustian bargain's picture

I suppose the overarching question would be at what point is it accepted/realized that the 'mainstream media' doesn't control everyone's mind - and people have more than enough data points, ancillary and primary, to support whatever position they have chosen?

That is a good question. The number of data points is hardly relevant, though. People tend to see the evidence they want to see, i.e. confirmation bias and narrative fallacy. And these things are influenced (some would say manufactured) by media. Ours is a culture that fosters tunnel vision, and the ones who can see anything on the periphery are a self-selected tiny minority.

I don't watch the evening news because it is just too inane, so I admit I don't fully know what the MSM is reporting these days.

Thu, 01/14/2010 - 17:51 | 194242 Anonymous
Anonymous's picture

I look forward to selling my gold to people like Colbert for several thousand dollars an ounce as the bull market explodes (and probably becomes a bubble) and they chase the price up. Because as the sheeple know all too well, the way to invest is buy high and sell low.

Thu, 01/14/2010 - 00:51 | 193384 gossamer
gossamer's picture

Saw this and liked it a lot.  However Stewart has lost my respect because he treats Oblama with kid gloves.  Wish he would have called out Oblama for the favorable treatment that he has given to the ones who caused the meltdown. But this aint happening.  Stewart has proven to be just another Lib tard who feeds the left/right, red/blue illusion of choice.  

Thu, 01/14/2010 - 01:51 | 193429 packeteerist
packeteerist's picture

don't worry, by 1/1/2011 even John Stewart will be hatin' on Oblama. The real story is wether or not the wingnuts and the libtards can find some common ground.

Thu, 01/14/2010 - 02:24 | 193449 Herd Redirectio...
Herd Redirection Committee's picture

My biggest problem with Stewart and Colbert is that they talk about the issues, but in the end they justify them, or don't give them as much importance as they deserve.


I can think of many occasions where they have made very good points about corrupt politicians, or fraud involving the war on Terror and global warming scams...  And then followed it up with... Nothing.  Sell outs, IMO.

Thu, 01/14/2010 - 02:45 | 193458 Anonymous
Anonymous's picture

What do they care? They are employed. And receiving a very nice pay check no doubt.

Thu, 01/14/2010 - 03:01 | 193466 Anonymous
Anonymous's picture

They follow with nothing because they surrender to hopelessness. It's like how the Dilbert comic strip make very good points about corporate culture but follow with nothing. It's not selling out since no benefit can be taken.

Thu, 01/14/2010 - 04:03 | 193487 your neighbor
your neighbor's picture

totally agree. Stewart is the best at what he does. However it scares me to think how his socialist views are shaping the minds of the Gen X and Ys.

Thu, 01/14/2010 - 06:07 | 193509 Anonymous
Anonymous's picture

Yeah I gave up on Jon too. He's too much of a f*ing hypocrite when it comes to Obama.

But we lest forget, he's only entertainment not too much different than American Idol

Thu, 01/14/2010 - 08:48 | 193543 Anonymous
Anonymous's picture

"However it scares me to think how his socialist views are shaping the minds of the Gen X and Ys."
That's because you can't see the fascist forest for the socialist trees.

Thu, 01/14/2010 - 13:59 | 193925 your neighbor
your neighbor's picture

We are becoming more fascist every fuckin day. I am talking about Jon's view. He is a fascist? I think not. Think before you speak.

Thu, 01/14/2010 - 09:54 | 193571 A tumor named Marla
A tumor named Marla's picture

They're entertainers.  Comedians.  On Comedy Central.  The demographic is "entertain me" college kids.

You're actually getting waaaaaay more from Stewart/Colbert than one could reasonably expect.  This is coming from a self-professed "wingnut" who can't stand the Lefty nonsense Stewart spouts the rest of the time.

It's not the Big Finance Network or the Big News Network or Big ZHTV; it's a late-night news-oriented entertainment show.  They'll make jokes and actually slip in a little cogent analysis occasionally, but ultimately their job is to make their audience think JUST ENOUGH about the issue so that they can make a joke out of it and move on.  They do their jobs very well.....

It actually reminds me of the news reporters in Babylon 5 who have a specific story that Dear Leader wants told, but they are able to slip in a tiny bit of truth, enough to be real but not enough to justify getting shut down.  Not saying that's the case here, it's just a morsel to chew on.

Thu, 01/14/2010 - 10:56 | 193624 Biggvs
Biggvs's picture


Thu, 01/14/2010 - 15:45 | 194068 Anonymous
Anonymous's picture


JS loves Obama and rallied the troops to vote for him. Despite government being the primary source of many problems, the liberals love to embrace it. (many liberals on both side of the aisle).

Thu, 01/14/2010 - 00:48 | 193387 Molon Labe
Molon Labe's picture


Thu, 01/14/2010 - 00:49 | 193390 Cistercian
Cistercian's picture

 Epic Win!

Thu, 01/14/2010 - 00:57 | 193395 lizzy36
lizzy36's picture

Tyler, perhaps the $64T question?

Classic Jon Stewart.


Thu, 01/14/2010 - 01:01 | 193401 knukles
knukles's picture

Criticize not Comrade Stewart for under repressive regimes humor provides the secure medium for truths.

Thu, 01/14/2010 - 01:05 | 193402 Crab Cake
Crab Cake's picture

I feel sorry for Jon.  How screwed up is it that decent informative TV has to come through a comedy show?  It reminds me of the historical Enlightenment period when free speech and the printing presses ran headlong into the monarchies of the day and all criticism pieces were labelled as 'fiction' to get under the radar.  (see Candide among others)

To continue the analogy...

If the internet (ala ZeroHedge) are the handbills with straight facts being passed on the street in a directly subversive way, then the Daily Show is the truth passing as 'comedy/fiction'.

Thu, 01/14/2010 - 07:32 | 193521 Seer
Seer's picture

Consider the days of which he operated, Lenny Bruce might be one of the most courageous entertainer/social commentator ever in the US.

Thu, 01/14/2010 - 01:12 | 193403 Anonymous
Anonymous's picture

'Don't piss down my back and tell me it's raining" Josey Wales

Thu, 01/14/2010 - 01:42 | 193426 JR
JR's picture
Speaking of "the only people who have recovered from the meltdown," this off the LRC Blog: THE FED MAKES RECORD PROFITS FOR ITSELF BY INFLATING Posted by Thomas DiLorenzo on January 13, 2010

About ten years ago a Wall Street Journal article described some of the perks that Fed bureaucrats enjoy with all of their loot, such as a fleet of corporate jets, millions in real estate holdings, elaborate buildings and offices, etc.  Even the head janitor at the time made over $160K a year plus benefits.  Where does the money come from to pay for all of this?  It comes from interest earned on bonds that the Fed owns.  The Fed inflates the currency by buying bonds, thereby putting more money into circulation.  It holds onto the bonds and keeps a large chunk of the interest income on them, sharing the rest with the crooks and conmen in Washington (Oops, I mean “the Treasury”).  Today there is an AP article on the Web that announces, “Federal Reserve generates a record profit for 2009.”  Last year was the biggest “payoff” for creating inflation and boom-and-bust cycles in the entire history of the Fed.

There is research in the economics subdiscipline of public choice that asserts that Fed bureaucrats have a built-in inflationary bias because they literally profit from inflation in the way described here.  The “mainstream” of the economics profession ignores this research because 1) most monetary economists are paid by the Fed in one way or another; and 2) They believe in the fantasy that government bureacrats are selfless public servants devoted to correcting “market failures” (with their help, of course).


Surplus reflects money made in securities to aid economy AP |The Baltimore Sun

WASHINGTON Jan. 13, 2010 — - The Federal Reserve generated record profits last year, reflecting money made off its extraordinary efforts to rescue the country from the worst economic and financial crisis since the 1930s.

The central bank announced Tuesday it logged a record windfall of $52.1 billion. Of that total, a record of $46.1 billion gets turned over to the Treasury Department.

It marks both the biggest profit and payment to Treasury on records dating back to 1914, when the Fed began operating. The previous record payment turned over to the Treasury - of $34.6 billion - was registered in 2007. In 2008, the Fed reported a payment of $31.7 billion.

The Fed's efforts to end the crisis are separate from the $700 billion taxpayer-funded financial bailout program authorized by Congress in 2008 and overseen by the Treasury Department.

Originally set up to shore up banks, money from the publicly derided program also has been doled out to rescue other types of companies, including General Motors, Chrysler and GMAC. President Barack Obama is weighing a levy aimed at recovering tax dollars from government-rescued financial institutions.

The bigger profit reported by the Fed came from $46.1 billion in earnings from the securities it held last year.

Such income went up as the Fed's holdings of securities mushroomed.

The Fed launched several securities-buying programs last year to help revive the economy. Its goal is to drive down rates on mortgages and other consumer debt.

Under one program that ended last year, the Fed snapped up $300 billion worth of government debt. Under another program, the Fed is on track to buy $1.25 trillion in mortgage securities from Fannie Mae and Freddie Mac, and an additional $175 billion in debt issued by the mortgage giants. Those programs have boosted the value of securities held by the Fed.

The Fed faces a risk, however. The Fed could lose money if the central bank had to sell those securities and their prices were to fall. The Fed might need to sell the securities to sop up some of the unprecendented amount of money pumped into the economy during the crisis.

The Fed is funded from the interest earned on it vast portfolio of securities. It is not funded by Congress.

After covering expenses, the Fed gives the leftover to the Treasury Department.

Besides the income from its securities, the Fed said it earned $5.5 billion from holdings related to the takeover of investment firm Bear Stearns and insurance company American International Group.,0,4965700.story

And, of course, that’s just the tip of the money pile. And, with the way things seem to be working as the banks use the American government to launder their debts and profits, what’s “returned” to Timmay at the Treasury will be quietly recycled back to the shareholder banks of the Fed in oh so many “let-me-count-the-ways.”

Thu, 01/14/2010 - 02:09 | 193441 theadr
theadr's picture

Nice.  Our economy loses $10 Trillion and the Treasury makes $56 Billion.  Good f'n return, fucklowns.  Kinda like the one's the lobbyists get from the politicos -- times a 1,000!

Thu, 01/14/2010 - 04:11 | 193490 Hephasteus
Hephasteus's picture

The politicians really are simple fucks. Half of them are barely millionaires kissing billionairs asses.

Thu, 01/14/2010 - 12:48 | 193810 JR
JR's picture

A postscript from Chris Martenson’s “Time for An Audit…Or Some Competition, January 13 on “what the most powerful cartel is up to, as their private missteps become our collective pain”:

At first I thought a recent Washington Post article regarding 'earnings' at the Federal Reserve was a joke.  But it appeared in the business section, and there weren't any "gotcha!" retractions the next day, so I assume it was meant to be serious.

For those who understand the very simple idea that the Federal Reserve prints Federal Reserve Notes (or their electronic equivalent) out of thin air, the concept of 'earnings' on those same thin-air money units is intellectually challenging…

First of all, the word 'earnings' implies that value was created and/or something was at risk.  Neither applies to the Fed.  Let's review the process by which they 'earned' money in 2009.  We'll simplify this by examining just one of their activities, the purchase of Treasury debt.

Step 1:  Using keystrokes, create $300 billion out of thin air.

Step 2:  Buy Treasury notes and bonds with the $300 billion.

Step 3:  Collect interest from the US government on those notes and bonds.

Step 4:  Report record 'earnings.'

Step 5:  Wash, rinse, repeat.

What is the meaning of 'earnings' in that series of steps?  What value was created?  Where was the risk?  In this context, the word 'earnings' has no meaning or any relevance at all.  It's the exact same thing as if the Fed had printed 46 billion dollars put them on the income statement and called them 'earnings.'  Or 10 trillion dollars.  Or one dollar.  When you can create any number you wish using a keyboard, the number itself is meaningless.

Further, we might wonder about the comfy relationship between the government and the Federal Reserve in which the Fed buys government debt, the government then pays interest to the Fed on that debt, and the Fed then (mostly) returns these interest payments to the government as "excess profits." 

In that little circle, the Fed reports profits and the government reports revenue from the Fed.  They both 'win!'  But the entire thing is really just a sleight-of-hand exercise, wherein the Fed prints money out of thin air and hands it to the government.

It's a crafty little game with lots of moving pieces, but the essence of it is that money was brought into existence without any corresponding goods and services being created.  Which means that it is not a good thing (as reported); it is actually a bad thing.  It is among the most inflationary and dangerous monetary activities that can be performed, at least if the past 800 years of monetary history is any guide.  It looks clever and sounds sophisticated, but it really is nothing more than a distributed tax on every outstanding dollar in the system.  If the founding fathers despised taxation without representation, they would have truly hated this shell game...

The simple truth is that the Federal Reserve creates money out of thin air for the purpose of buying debt instruments.  That's it.  That's its entire business model…


Thu, 01/14/2010 - 01:48 | 193428 BS Inc.
BS Inc.'s picture

I definitely don't think enough heads rolled on this whole deal to make me satisfied. I agree with Simon Johnson of Baseline Scenario that we haven't learned a damn thing.

Thu, 01/14/2010 - 02:24 | 193450 Crab Cake
Crab Cake's picture

You don't think enough heads rolled?

What heads rolled, at all, figuratively or literally?   

Of course we haven't learned anything!  The answer to the RE bubble popping was/is... Blow more bubbles as fast as possible with low interest rates, crank up the printing press, cook the books, and shove the truth in a deep dark vault. 

I have had it.  Any direction one looks, on nearly any issue, as far as the eye can see, it's hypocrisy, propaganda, out right lies, and bullshit. 

It's nearing the time for heads to actually roll around on the ground, seperate from their bodies.  It's nearing the time for corpses to swing from trees and lamp posts.  It's nearing the time for Mr. Bernanke to shoot his family, and then commit suicide, because the mob is coming for him and his. 

You people want to see terror, real terror, you wait.  It's coming if nothing is done soon. 

If we don't get a peaceful mass movement to bring some sanity to this god forsaken country soon, hell is what we're going to reap. 

Thu, 01/14/2010 - 03:01 | 193467 Anonymous
Anonymous's picture

Finally, a post I agree with.

Thu, 01/14/2010 - 07:41 | 193524 Seer
Seer's picture

As long as the people accept the system, which makes them believe that they too can kiss a frog and they end up sitting at the top of the heap, then things aren't going to change.

As long as economics is the primary driver of humanity/life then nothing will change: we'll still be under the spell of capitatism's grow-or-die philosophy.

And what exactly would those in power fear from a "peaceful" mass movement?  Perhaps you've missed all those crowd control technologies that the State now has available to it?  You know, the stuff that they use against "peaceful" protest?

Thu, 01/14/2010 - 12:02 | 193700 silverhammer
silverhammer's picture

You don't have to participate in the system.  Move your money to banks that didn't participate in bailouts.  Transfer your debt if you have any to other institutions and refuse to get more, ever, unless it's an absolute emergency.  Buy used and with cash as much as possible and figure out ways to support yourself that don't involve taxes.  Home brewing is great because of the massive sin taxes imposed on alcohol.  Go on strike and encourage others to do the same, and watch tax reciepts plummet.  Totally peaceful and would kill the big banks fairly quickly, and would be nearly impossible to ignore.

Thu, 01/14/2010 - 15:34 | 194054 faustian bargain
faustian bargain's picture

As long as economics is the primary driver of humanity/life then nothing will change: we'll still be under the spell of capitatism's grow-or-die philosophy.

No, you're incorrect. The system that controls us, TPTB, they don't have to live by the philosophy of capitalism. We peons do, but they don't. Only when TPTB are forced to live under capitalism like the rest of us (i.e. private gains AND losses), will there be a return to economic justice.

And economics always has been and always will be the primary driver. This is a simple consequence of living in a world delimited by scarcity. The only way to escape economics is to die. (See the zerohedge tagline.)

Thu, 01/14/2010 - 02:15 | 193443 chet
chet's picture

This just pissed me off all over again.

I've been cynical about an American "oligarchy" for some time, but I guess I never really believed it.  I do now.

Even a couple months ago I was dissing on strategic default and such debt protest, but not anymore.

Our system is black cancer down to its core.  And if you aren't one of the very few doing the fucking, you're one of the vast majority getting fucked.

Here's something I've never allowed myself to think out loud:  I'm not sure this country is coming back from this crisis.

Thu, 01/14/2010 - 02:31 | 193452 Crab Cake
Crab Cake's picture

If this is what America is, then fuck America, let it not come back.  We can do better. 


Thu, 01/14/2010 - 02:59 | 193465 Anonymous
Anonymous's picture

Changing my resume goal: Seeking employment with a globally recognized fucking firm where I can utilize my 30 years of fucking experience to assist in the fucking of others.

Well, maybe I need to work on it a little more. I'll let you know if it works, cuz nothing else has.

I was going to ask, where does one go to get educated to be a good fucker. But as soon as that question crossed my mind, I heard a very loud HARVARD in my ear. So, I won't ask the question.

Thu, 01/14/2010 - 14:08 | 193933 Anonymous
Anonymous's picture

That was fucking hilarious! I may have to borrow that...

Thu, 01/14/2010 - 02:15 | 193445 chet
chet's picture

This just pissed me off all over again.

I've been cynical about an American "oligarchy" for some time, but I guess I never really believed it.  I do now.

Even a couple months ago I was dissing on strategic default and such debt protest, but not anymore.

Our system is black cancer down to its core.  And if you aren't one of the very few doing the fucking, you're one of the vast majority getting fucked.

Here's something I've never allowed myself to think out loud:  I'm not sure this country is coming back from this crisis.

Thu, 01/14/2010 - 03:53 | 193482 Burnbright
Burnbright's picture

Thought you guys might like this click on the first video. Judge Napolitano spells out pretty clearly the fraud commited by AIG in its dealings with GS and what it indicates concerning Tim Geithner and Hank Paulson. Great episode!

Thu, 01/14/2010 - 03:55 | 193485 Rick64
Rick64's picture

This is what America has become because right or wrong we the citizens have trusted the politicians to do the right thing. Make the right decisions and they have failed us miserably. Now it is up to us the citizens to straighten things out, not just for ourselves but for future and past generations that have and will invest their lives in this great country. We can set the precedent for years to come. The time is now. The citizens need to rise up and make a stand because sitting on the sidelines hasn't served us well. All we need to do is go to Washington en masse . If 10-20 million people show up they will take notice. It will stop commerce and traffic ect.. Networks will be forced to acknowledge us.  This affects every human being regardless of race, political affiliation, gender. We need to set a date now!!!!

Thu, 01/14/2010 - 05:54 | 193504 The Rock
The Rock's picture

count me in!

Thu, 01/14/2010 - 10:42 | 193615 Dr. Richard Head
Dr. Richard Head's picture

Try taking a look at the Articles of Freedom then from the 2009 Continental Congress -

If you like what you see, please pass on to many.  I am planning my civic action of withdrawing my financial support from the Oligarchs and hope you will alongwith 10 million others. 

It's time to hold these fucks accountable.

Thu, 01/14/2010 - 10:44 | 193616 Dr. Richard Head
Dr. Richard Head's picture

Sorry, that link isn't working.  Go to and you will find the rest. 

Thu, 01/14/2010 - 11:02 | 193635 Anonymous
Anonymous's picture

are you effing kidding me. Sarah Palin is our answer. this is why we are doomed.

Fri, 01/15/2010 - 02:36 | 194645 Rick64
Rick64's picture

Thanks I am looking into this.

Thu, 01/14/2010 - 09:58 | 193573 A tumor named Marla
A tumor named Marla's picture

Don't worry -- between low consumer purchasing and rising gasoline costs, I think the trucks are due to stop rolling fairly soon.....

Thu, 01/14/2010 - 04:22 | 193492 Anonymous
Anonymous's picture

The financial sector was at the frontline of the economic meltdown. Jobs were lost in amazing numbers.

As a result, I am well aware of many highly competent persons with financial sectors skills but out of work.

For me, the argument that talent will leave if not hugely compensated rings hollow, spare capacity in the financial sector ranks second only to the housing sector, this SHOULD be a deflationary environment for banking salaries.

Thu, 01/14/2010 - 11:49 | 193683 RonnieHonduras
RonnieHonduras's picture

It proves the point that an economy cannot be built on finance for the sake of finance.

You actually have to produce something someone wants from a legitimate store of savings to have a healthy economy. This "print it out of thin air" BS is collapsing for the very same reason counterfeiting is no basis for an economy on a local level.


Good riddence.  Get out the pitchforks!

Thu, 01/14/2010 - 13:30 | 193739 gossamer
gossamer's picture

The bankers saying they have to pay top talent top wages gets me rolling every time.  If you liken the bankers performance from say 2004 to 2009 to an NFL team we would find their records to be something like:

2004   13-3  (revised to 4-12, upon further review, 80% of TDs called back)

2005   12-4  (revised to 2-14 for same reason)_

2006   14 -2 (revised to 1-15 for same reason)

2007   4-12  (revised to 0-16 for obvious reasons)

2008   0-16  (team now bankrupt, TV contract lost, 0 season ticket holders)

2009   0-16  (League has folded but games are still played, a few sheep are the only fans left.)


Yea, that kind of performance mandates record bonuses.  Give me a break.

Thu, 01/14/2010 - 05:53 | 193503 Anonymous
Anonymous's picture

it has to be said, time for tough love,

you poor dumb bastard americans. why not move to a country that is democratic (well at least pretends to be democratic), like russia or france.

youre always bleating on about democracy, killing innocents abroad to teach them how to be like the good ole us of a.

you are happy to vote in a country that enables just 19% of the population to choose your president.

that has congress and representative houses butt kissing anyone from wall st. whilst your neighbours lose their homes, live off food stamps and no medical care.

and "capitalism usa style" is to subsidize large loss-making job-destroying companies to the detriment of small job-creating companies.

please get your house in order before we have to listen to anymore of your vacuous drivel.

ps. this goes for the british too. except its 25% to capture parliament.

Thu, 01/14/2010 - 11:57 | 193692 RonnieHonduras
RonnieHonduras's picture

Listen, dipshit...  Most of the Americans on this site are among the few sensible ones you don't need to preach to.

Don't anyone, yourself included, confuse democracy for freedom and liberty.  Democracy always leads to ruin; it is the theory that the people deserve to get what they want, and good and hard.  The system is F'd up in the U.S., no doubt.  How anyone can expect 19% of a population, let alone 100% of it if it were to all vote, to correctly determine the direction of a massive government when, in reality, 90% of them are economically, historically, (etc) illiterate.   Ignorance and stupidity at the voting booth froths to Congress the byproduct of ignorance and stupidity.  And to think people think "More government and more taxes" will actually solve the problem. 

That is what Americans are getting for forsaking liberty for security and the false god of Democracy.

Anyway, go preach on some dumbass progressive website, or some NeoCon dooshbag site vs. here.  These people are not  your worry.

Thu, 01/14/2010 - 14:24 | 193951 WaterWings
WaterWings's picture


Thu, 01/14/2010 - 20:03 | 194403 Anonymous
Anonymous's picture

Which is why the founders designed a republic with lots of state power and "enumerated" federal power which sadly the liberal courts have watered down to allow the federal government pretty much do what ever they want. The founders feared "democracy" - which they nearly equated with mob rule. They are rolling in their graves with what has gone on for the past 50+ years.

We are suppose to be 50 states loosely united in some very specific areas. Instead we have a federal government that dictates to the states what to do. Government would not have the control it has today if there were 50 competing state governments with a limited federal government.

It all got off the track in the first half of the 1900s and has accelerated ever since.

Thu, 01/14/2010 - 06:12 | 193511 The Rock
The Rock's picture

redipping their balls in gold...NICE...


Then, let's see, they need to be stripped, tarred and feathered, then hanged, drawn and quartered... disembowelment could also be added for even more effect.

After all, this is befitting for crimes of HIGH TREASON!!

Thu, 01/14/2010 - 08:06 | 193534 Anonymous
Anonymous's picture

John is a clueless Antichrist at best and a self loathing Semite at worst. He is one of those idiots that still offers the claim that 911 was not an inside job, just another ''intelligence failure'' OOPS! That's pork in the sellout. Who still views this guys pathetic junk? as if there is a possibility of humor not tainted with complete bullshit and intentional lies?

Thu, 01/14/2010 - 09:43 | 193563 nopat
nopat's picture

Wow, jaded much?  I suppose it's too large of an evolutionary leap for you to grasp as simple of a concept as irony over a storyline where billions of dollars in bonuses are paid out to the employees of an industry that received trillions of dollars in taxpayer bailouts.  Any more ironic and we'd have Alanis Morissette singing about Barney Frank wearing a shirt saying "I Fuck On The First Date" while at the annual Boy Scouts of America convention.

I know the issue is a lot more complicated than the one presented, but seriously, you couldn't make this shit up if you wanted to.

Thu, 01/14/2010 - 17:25 | 194209 Anonymous
Anonymous's picture

Re: 911

Do us all a favor. Go to Staten Island and take multiple samples from the WTC debris pile. Test it for nanthermite in an independent lab. If you can prove something, then you can come back and rag on Stewart. Until then, you're just a wingnut.

Thu, 01/14/2010 - 08:20 | 193537 Anonymous
Anonymous's picture

Jon, is so right on,,,but no one cares....

Thu, 01/14/2010 - 08:20 | 193538 Anonymous
Anonymous's picture

Jon Stewart, fundamentally, is not funny. Little else need be said for him. But I do have to laugh at him, and Elizabeth Warren, and Rachel Maddow and Keith Olbermann and Chris Matthews and Arianna Huffington, and Bill Maher (who is funny) because they go after the easy targets but leave Obama alone. They may be able to string words together in a sentence, but at bottom they are completely gutless. They are an embarrasment to themselves. Taking down Rush Limbaugh and Sarah Palin and Glenn Beck and Pat Robertson is like shooting fish in a barrel. Oooooh, you're tough. Toothless and gutless.

Thu, 01/14/2010 - 11:06 | 193638 Anonymous
Anonymous's picture

I don't understand why you turned a non-political video into something political. He said nothing at all about the people that created the policies that led to this mess (cough Republicans cough) and only talked about the banks themselves.

As far as the people you mentioned... (since you want to make things into a left/right issue)

Rush Limbaugh... idiot who lies for three hours a day

Sarah Palin ... idiot who couldn't name one newspaper she's read, or even make one up in an interview

Glenn Beck ... idiot who makes false assertions by asking rhetorical questions about things that aren't true

Pat Robertson ... preaches to the world's stupidest people, those that believe a 2000 year old story, half of which was proven to be false by now

So I'll ask this just once. HOW is Obama responsible for a recession that started in 2007?

While he may not be aiding the recovery in ways that he should, he certainly does not bear the blame for the crash like Rush ("the economy is ROARING") Limbaugh or his surrogates.

Of course, I could always turn on Faux News and see them cry about 200 million dollars to house terrorism suspects in the US, while failing to neglect the 200 billion dollars it will cost the US to keep troops in Iraq this year.

Thu, 01/14/2010 - 12:04 | 193703 RonnieHonduras
RonnieHonduras's picture

"In a democracy, each party devotes its chief energies to trying to prove that the other party is unfit to rule — and both commonly succeed and are right."
       —H. L. Mencken

Thu, 01/14/2010 - 13:36 | 193895 Anonymous
Anonymous's picture

probably because the source of this video helps protect and defend the main source of the corruption: our politicians. and then when anyone challenges their views the daily dbag john stewart can say that its all just comedy.

you have indicated your political bias very clearly, and whether or not one agrees or disagrees with your views, you believe that its only one political party to blame. wake up: its all politicians and all partys that are the problem.

therefore, just because the daily dbag makes one good point, the rest of his show is bias, which is a main component of the problem.

Thu, 01/14/2010 - 15:42 | 194063 faustian bargain
faustian bargain's picture

Jeez, the Obama apologetics are really wearing thin. Step out of your tired narrative and look around.

Fri, 01/15/2010 - 12:11 | 194893 chumbawamba
chumbawamba's picture

You obviously don't watch The Daily Show because if you did you would not make the stupid assertion that they don't go after Obama, which they do, in spades (excuse the pun).

I won't argue with you subjectively about whether or not Jon is funny, but will only comment that if you think Maher is funny and Stewart is not then you need to change your diet or something.

I am Chumbawamba.

Thu, 01/14/2010 - 08:31 | 193542 Anonymous
Anonymous's picture

I'm sure there are clips of Princess Obama saying the exact same things as the clips of Paulson. I find Stewarts selective non-criticism of Obama himself quite conspicuous. All the henchmen make for safe targets for Steward who otherwise isn't interested in jeopardizing his fan base, mostly loyal head-in-the-sand democrats.

PS - is the math captcha a cruel joke? my question was what plus 45 = 102. After putting in an answer ZH said: "Math question cannot be longer than 1 characters but is currently 2 characters long." Magic numbers it wants it seems - how fitting LOL.

Thu, 01/14/2010 - 13:53 | 193919 Anonymous
Anonymous's picture

yes. who reappointed bernanke? who appointed turbo-tax-tim?

the same clown that daily show protects and defends. why doesnt the daily show criticize the administration????????

Thu, 01/14/2010 - 08:56 | 193545 HEHEHE
HEHEHE's picture

I still get a chuckle with the "if we don't pay them they'll leave".  WTF are they going to go?  Moreover making money being long the market since March was like shooting ducks in a f'n barrel.


Thu, 01/14/2010 - 09:00 | 193548 Miyagi_san
Miyagi_san's picture

Yes he reads ZH but the mass of his followers don't,  for him to reach large audiences with even a glimpse of the problem is paramount...stay on the path Jon. 

Thu, 01/14/2010 - 09:10 | 193549 Anonymous
Anonymous's picture

People have to start hanging - literally.

Time for a gold old fashioned lynching.

But this time, it is "Massa's" turn.

Thu, 01/14/2010 - 09:24 | 193555 Anonymous
Anonymous's picture

sheesh. where to begin.

first, (gossamer and others) if you haven't seen him killing obama, you're not watching the daily show. just the another night he went down a list of all the promises obama made and didn't deliver on, and killed him for following the same actions as bush, even showing clips about how key parts of their speeches were virtually identical.

it is sad that the most aggressive reporting on the hypocrisies, mainly in our government, comes from comedy central.

but they're JUST COMEDIANS. if they don't get laughs and viewers, they're gone. don't hold them to a higher plane, it's just today's new brand of comedian, with a bigger platform than many older comedians had. see lenny bruce - who i find hit-or-miss funny (later years was awful, like carlin's later ones), but had brass balls to speak out about his times.

Thu, 01/14/2010 - 09:32 | 193557 Anonymous
Anonymous's picture

Another Black Friday for the bankers may be on its way if this continues. The sad thing is the bankers make just as much when they help collapse the economy because of the zero interest rate they get allowing them to do more reckless speculating while they pocket their billions in bonuses which will never have to be returned and then they will walk away with all of that basically free bonus money once the depression starts. That brain drain argument is the silliest thing I ever heard like another poster said there are many financial people with their knowledge or more that have been laid off and some of those people may not be crooks like them.

Thu, 01/14/2010 - 09:44 | 193564 Brett in Manhattan
Brett in Manhattan's picture

Yeah, Jon Stewart is an idiot and not  funny. In fact, everyone who has ever lived is an idiot and not funny except the unemployable losers who spend all day & night on the internet chasing conspiracy theories and bemoaning the fact that no one has recognized their scary intellect and wisdom.

Thu, 01/14/2010 - 09:49 | 193568 HEHEHE
HEHEHE's picture

Hahaha, check out the big brain on Brett!  Please genius enlighten us with your immense wisdom?  Are you getting a fat bonus for buying up deflated assets with taxpayers money while the FED has your back?  Kudos great wtf you going to do this year?

Thu, 01/14/2010 - 10:04 | 193580 Anonymous
Anonymous's picture

Let's not lose sight of THIS....

Everyone wants $$$$....



What must happen....

Stop trying to take MORE FROM LESS....

THIS does not work....


Solution ????

Create more REAL money for all ????

How not to do it ????? Printing it ...IS NOT HOW ....


HOW ???? May one ask ????

THIS is HOW ....

Problem at based on valuations ....has contracted dramatically relative to a broadbased manner....

Both credit and valuations must cumulatively increase in a NO FREE ICE CREAM WAY....

HOW ?????

By rewarding RETAIL holders of securtities across the globe....

The valuation of a good idea grows GOOGLE....

Those people who spend their energies toward innovations stand to gain....thus all gain....

Credit plus valuation is a number that is maximized in an environment whereby all people are engaged in innovation and the supply of it.....some succeeding....some failing....but and valuation move upward.....lifting all .....


Next step....

Take out all the inhibitors....

Taxes....restructure towards usage only

Legal largesse costs

Education costs

Govt. restructuring


One cannot and WILL NOT harvest more from an apple orchard
if one keeps cutting the orchard trees down....

At this very moment...the US govt. has full intentions to cut more trees down....versus planting them....

The US has the SEED....

PLANT THEM !!!!!!!!!!!!


How about the future ????

One logs on to their universal securities account....

One can buy/sell for 20 cents per hundred units.....of
any securities....stocks....debt....commodities....
at 4:1 account minimum.....any security taxes of anykind....all information fact based wiki format....the exchange is singular and totally defragmented....first come first served.....with over a Billion RETAIL accounts....

All managed accounts are restricted in SS rules...restricted by shares outstanding.....size restrictions per account for the TOO BIG....

In the currency and language of choice....

A better worldwide securities RETAIL exchange is the key.....

To credit and valuation resolution....

The cumulative valuation of such an exchange would dwarf today's numbers....

Thu, 01/14/2010 - 10:17 | 193588 Anonymous
Anonymous's picture

Not available outside the Green Curtain. Please post YouTube videos as censorship sucks.

Thu, 01/14/2010 - 12:06 | 193710 RonnieHonduras
RonnieHonduras's picture

Please post both. Youtube blocked by the corporate firewall!

Thu, 01/14/2010 - 11:12 | 193643 Big Louie
Big Louie's picture

Maybe he has seen the light - now that it's all too obvious.


Thu, 01/14/2010 - 11:15 | 193646 Anonymous
Anonymous's picture

Don't like it? Walk away from TBTF, all of it.

Wake the fuck up America, if you want to save main street, don't spend money at the places listed on Wall Street and get your money out of the banks that took TARP.

Take some initiative to remove 50% of your spending at Fortune 500 companies and put in those locally owned (no I'm not talking about franchises like McDonalds, im talking about all of them). If you can search a ticker, your money is better spent elsewhere.

End of story, otherwise quit your sally-schoolgirl bitching.

Thu, 01/14/2010 - 12:04 | 193704 HEHEHE
HEHEHE's picture

Did it a few weeks ago, bye bye chase, charles schwab bank doesn't charge for atm withdrawals from any banks hahahaha

Thu, 01/14/2010 - 13:42 | 193903 Anonymous
Anonymous's picture

x 1,000

Bravo. You are absolutely right: take your money out of the financial institutions responsible, and vote out the corrupt coward politicians who us to allocate our money to these organizations with tax dollars. Wake up.

Thu, 01/14/2010 - 14:22 | 193946 Herd Redirectio...
Herd Redirection Committee's picture

I have never shopped at WalMart in my life, and people look at me like I am crazy, and if I tell anyone that I don't shop at Walmart they think I am being 'holier-than-thou' and telling them how to live...

The fact that you are supporting China at the expense of North America just has not occurred to them, it seems.

Thu, 01/14/2010 - 15:18 | 194033 Anonymous
Anonymous's picture

Help a neighbor; by American.

Check out this site for American made products.

Thu, 01/14/2010 - 21:21 | 194461 Anonymous
Anonymous's picture

When it comes to cars: Boycott the Government, buy Ford or Foreign.

Thu, 01/14/2010 - 11:59 | 193694 Gimp
Gimp's picture

Hey I am as pissed off as everyone on ZH regarding the situation the country is in but let's all look in the mirror (myself included), we (the people) keep voting in the slime of our society to lead us. How many on ZH actually get out and run for office or help promote a worthwhile candidate to lead this great nation. Who on ZH volunteers their time to help raise money or campaign for anyone decent? We are all Monday morning quarterbacks. Stop bitchin' and do something about it. At least vote these motherfuckers out of office!

Yea without sin cast the first stone.


Thu, 01/14/2010 - 13:45 | 193906 Anonymous
Anonymous's picture

THANK YOU. Vote out the corrupt bureaucrats that the Daily Show helps protect all the time.

Thu, 01/14/2010 - 14:25 | 193953 Herd Redirectio...
Herd Redirection Committee's picture

I have been eligible to vote for 3 elections now (in Canada) and have yet to endorse any of the options available to me.

People can say i am skirting my responsibility by not voting, but in my opinion, it is those who vote for the 'least-worst' candidate that are the true sell outs.  If more people consciously decided not to vote, how could these elections be considered legitimate?

It is time the mainstream media acknowledges that people don't vote NOT because they are lazy, but because any vote is a vote IN FAVOR of the system!

Both (all) parties have been infiltrated, to the very highest level.  We need to start strategizing, keeping this in mind.

Thu, 01/14/2010 - 12:09 | 193717 the grateful un...
the grateful unemployed's picture

Well let's remember he has WRITERS who put this show together, and without them he's not quite as insightful as he seems to be here, recall when the writers were on strike? I would like to put their budget up against any of the major networks who just take the feed off the AP, or Reuters, and the copy the White House hands them. But how long did it take before websites like this starting connecting the dots, doing the math, and putting the economic news together, running on donations and cutting through partisan dividing lines, (The Daily Show is probably less partisan than the networks). Bottom line the world is changing, and buying the industrials 18 months after the recession isn't going to work, and PE's aren't going to work, and strong cash positiions aren't any good either, or look at the chart of MS. And most remarkable is that Madison Avenues agent of change, is really all about the status quo. Let's play this one for the writers.

Thu, 01/14/2010 - 13:09 | 193850 jmc8888
jmc8888's picture

absolutely hilarious

Thu, 01/14/2010 - 14:49 | 193994 Anonymous
Anonymous's picture

so you got a look at the backstage props, stop crying. consider yourselves lucky to live here, take your bread and circus and move on.

Thu, 01/14/2010 - 15:57 | 194084 Anonymous
Anonymous's picture

I think the better question is:
Are American citizens made of balsa wood held together by baby tears?

Many who love government (more is always better) are weak, lazy, greedy, whiny, non-thinking, entitled, victims of every ilk who have nearly no sense of personal responsibility (defined as behaving in a way that will not require someone else to ever take care of their poor decisions).

This is why the country is in trouble.

Thu, 01/14/2010 - 16:34 | 194129 Rick64
Rick64's picture

 All the people complaining and getting sidetracked about whether Jon Stewart is this or that. All this is irrelevant to the message. We can elect the best people in the world and a few of them may make a difference but this is a stacked deck at this point. We need to make a stand and stop accepting the abuse that our politicians are imposing on the citizens. Join an organization there are links posted on this post. Do something don't just complain. These politicians are stealing our money. Our budget is large enough but when you have congress voting on their own pay raises (Is this a bad joke?Are you fucking kidding me?) while we are heading into a recession. They don't read any of the legislation that is voted on(maybe a few pages but rely on people in their party to tell them how to vote) i.e. derivitives in 1998. The SEC,FDIC,FDA, ect.. we are paying for these but they aren't effective with these criminals running them. These people are hypocrites, traitors, and a disservice to the American citizens.

Thu, 01/14/2010 - 17:34 | 194216 Unscarred
Unscarred's picture
"The Only People Who Have Recovered From The Meltdown, Are Those Who Caused It"


Man, that's fucking phenomenal!

I had no idea that all those American's who purchased homes that we're three times more than they could afford, then lost their jobs, and had been living off of government assistance for the past 18 months have completely recovered.  Maybe now Obama will ratchet down his rhetoric about additional stimulus and wealth redistribution.

This populist bullshit is fucking disgusting.  When the fuck are people going to stop blaming Goldman for EVERYTHING and start looking in the fucking mirror!?

Thu, 01/14/2010 - 17:52 | 194246 faustian bargain
faustian bargain's picture

probably as soon as Goldman et al start living by the same rules the rest of us have to.

Also, I want my money back.

Thu, 01/14/2010 - 22:52 | 194523 Unscarred
Unscarred's picture

Surely you're not so naive as to think we live in a world of equal opportunity and fairness, do you?  After all, how the fuck does George W. Bush get admitted to HBS?  Don't tell me that The Devil short changed you in your transaction.

Fri, 01/15/2010 - 00:04 | 194586 lawton
lawton's picture


This populist bullshit is fucking disgusting.  When the fuck are people going to stop blaming Goldman for EVERYTHING and start looking in the fucking mirror!?"


Unlike Goldman Sachs those people at least didnt commit criminal acts for the most part (I know some did lie on their applicatiions which the lenders never checked their info) and GS people did - it is against the law to promote those MBS's as safe when you 100% knew they were risky as hell while profiting from your deception. People are in jail right now for doing that but the only reason they arent is friends in high places. It is a disgrace what they got away with. That criminal case could be easily proven.

Fri, 01/15/2010 - 02:16 | 194638 Unscarred
Unscarred's picture

I disagree with your legalese, but let's set that aside altogether for a moment and talk in terms of everyday common sense.  At what point did we, as a society, stop being accountable for our own actions and start blaming everything that doesn't end up in our favor on everyone else?

Like him or not, Lloyd had a great point during his testimony where he stated that GS sold their products to sophisticated investors.  Now, that title (along with "accredited" investors) has much to do with wealth and little to do with aptitude, but these were fund managers buying these products.  Goldman's job is to disclose risk to investors, not to advise them of what to buy.  People were looking specifically for this exposure.  If they want to disregard the prospectus (or worse, not understand the inherent intricacies and nuances therein), then God help them.

I know some did lie on their applicatiions which the lenders never checked their info

Don't dismiss this as insignificant.  If you're going to be pissed at Goldman, then get pissed at the applicants, the mortgage brokers, and the banks selling the mortgages, as well.  Be consistent and don't play favorites.

If consumers weren't buying more home than they could afford, and investors didn't crave more yield than was possible for the risk profiles they were willing to knowingly accept, then there would have been no market for Bear, Lehman, Merrill, JPMorgan, Morgan Stanley, and Goldman to sell into.

Further, if we're going to impose punitive damages on all companies who sell products that are detrimental to society, then McDonald's, Coca-Cola, PepsiCo, etc. should have been shut down years ago.

All I'm trying to say here is BE CONSISTENT in where you assess blame.  Pile on JPM, MS, BAC, WFS, etc. as well.  Don't single GS out just because of their bonus structure.

Fri, 01/15/2010 - 02:48 | 194648 Rick64
Rick64's picture

I agree with your assesment of blame, but at the root of all this are corrupt politicians deregulating and regulating according to the lobbyist whims which represent the banks and corporations and whose interests aren't those of the taxpayers(citizens) who are ultimately footing the bill. Besides this there is no accountability from anyone except the taxpayers who lost their homes and have paid a price and meanwhile the banks have been basically reimbursed and have gone on to bigger profits. The taxpayers recieved some benefits which are paid for by them. Both sides took risks they shouldn't have but only one side is coming out on the losing end.

Fri, 01/15/2010 - 03:27 | 194662 Unscarred
Unscarred's picture

I agree 100% with your assessment of the politicians at the center, but we also need to add the Federal Reserve and the incredibly (irresponsibly) low interest rates for an overly-extended time, as well.  And yes, the sole victim of their action is once again the citizens.

While the super-majority of citizens have come up on the losing end of what has taken place, I don't think it is fair to say all those working in the finance sector have won.  Goldman has done very well, but those at Bear, Lehman, Merrill, WaMu, National City, etc. have gone belly up, and NUMEROUS finance professionals are out of jobs and will likely never reenter the industry ever again.

I think most everyone looks at Goldman as a paradigm of how financials have recovered and react accordingly, and I think that is unfortunate.

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