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The 5 Dumbest Things on Wall Street: Oct. 8

(5 Dumbest article updated with information on Gap abandoning its new logo.)
5. CNN & Rick Sanchez: We Report, You Deride

You've got to hand it to Time Warner's (TWX - Get Report) CNN. In a bid to keep up with the gasbags at Fox News and MSNBC, CNN set out to find themselves an emotionally unhinged loudmouth anchor and ended up with ... emotionally unhinged loudmouth Rick Sanchez.

And then came last week.

Sanchez was fired from CNN last week after an appearance on Pete Dominick's Sirius XM (SIRI - Get Report) satellite radio show, Stand Up!, in which Sanchez called Jon Stewart a bigot and rolled out the Jews control the media trope.

Sanchez no doubt had an axe to grind with Stewart and his counterpart Stephen Colbert, who have constantly mocked Sanchez on their respective shows, The Daily Show and Colbert Report, which both air on Viacom's (VIA - Get Report) Comedy Central. Sanchez, for his part made it just too easy. Indeed, mocking Sanchez is so easy, it almost seems wrong -- like shooting a flightless bird.

When we asked our readers what they thought about Sanchez's firing, almost 8,000 people voted in our poll and left more than 325 left comments. Somewhat surprisingly, the poll revealed that almost 62% of voters felt Sanchez should not have been fired.

So let's focus on what possessed CNN to hire Sanchez in the first place. They were after an anchor with exactly the characteristics that Colbert parodies -- the kind of "journalist" who may not really "know" something, but who feels the "truthiness" of "the moment" in their "gut." CNN wanted their populist rager, their Glenn Beck, their "crazy man standing on the corner of Main Street screaming incomprehensible jibber-jabber at the passing cars." Sanchez was all of that ... and so much less!

Sanchez sat down for his first interview with George Stephanopoulos on ABC's Good Morning America on Friday. Apparently exhaustion pushed Sanchez to make these "unartful" comments. That, and he pretty much acknowledged that he felt he was being picked on.

This whole sordid affair, in other words, is far from a surprise. When media outlets like CNN engage in a race to the bottom, they should hardly be shocked to discover that the bottom is covered in muck.

TheStreet Says: Things are hardly looking better now that Sanchez has exited. CNN is now hanging its hat on former governor and interstate prostitution aficionado Eliot Spitzer. What could possibly go wrong?

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