Jon Stewart on The Daily Show sometimes gets on my nerves with his “both sides do it” tendencies, but in a recent segment absolutely decimates Eric Bolling and Fox News coverage of food stamp fraud.  Video here:  http://www.hulu.com/watch/608697

For those “over the pond” folks who cannot access the video, here’s a summary.

Jon shows Eric Bolling calling him out.  Tape of Bolling saying he is going to take Jon “to school”.  After making fun of Bolling for this ridiculous call out, Stewart walks through their hypocrisy step by step.  He points out that one hippy (who was used as THE example of food stamp fraud on 6 different Fox shows) does not represent the millions of poor Americans.  But okay, we don’t have to argue that point.  Let’s address how much fraud there actually is.  So he show that food stamp fraud is about $3 billion annually and is not anything to sneeze at.  Jon then compares that to the amount of money not paid by corporations due to loopholes in the U.S. taxes every year, which amounts to about $4 billion a year.  Then he shows a clip of Bolling saying that the money lost due to unpaid corporate taxes of “$4 billion is a pittance, a pittance!” in the larger scheme of things.  So $3 billion lost in our effort to feed poor Americans is too much but losing $4 billion to corporations every year is a pittance.  Hmmmmm……

Stewart then asks why do they, meaning Fox and conservatives, think this?  He shows clips of them talking about corporations being “job creators”.  He then shreds this next point like a master.  JP Morgan was instrumental in causing the recent Great Recession that affected the entire world.  They sold sub-prime mortgages and derivatives as triple A investments and the bottom fell out.  They created a whole lot of poor people. Did you know that JP Morgan Chase also administers the food stamp EBT program for 24 states making hundreds of billions a year on that contract alone?  Did you know they get paid per customer?

Jon then supposes that JP Morgan must put that money back into our economy by creating jobs…that’s what conservatives and Fox News claim.  Turns out that is not the case.   To handle the customer support calls on the food stamps program, JP Morgan hired offshore operators who get paid $3.50 an hour.  That’s right–the job creators are creating jobs alright, just not in the frigging U.S.    So no matter what happens, corporations win if the rest of lose and they always make sure we lose.  After all, it’s in their best interest, which is making a profit.

Stewart sarcastically explains this business model for us:

“But don’t think of it as JP Morgan shorting homeowners.  Think of them as going long on hunger.”

He follows that massive wallop with another as he ends the segment.  He says:

So what I’m getting from Fox is this….Exploiting government largess while reprehensible and morally corrupting for an individual is a-okay for corporations.  

Then there appears a picture behind Stewart of a little girl and carton of milk and he says:

So, maybe this will help.  Don’t think about food stamps and head start and programs like that as feeding and helping a small child.

As the milk carton disappears from the picture, Stewart finishes with:

Think about it as investing in promising start-up with a liquidity problem.  

It was an absolutely brilliant takedown.

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