Joe Kernen

CNBC's Harwood Does 180 on Financial Reg Reform, Public's Support Now a Factor
By Jeff Poor | April 22, 2010 | 4:03 PM EDT

Finally! What the public thinks is now important.

That was the takeaway from an April 22 CNBC "Squawk Box" segment in which the network's Washington correspondent John Harwood explained the upside for the Obama administration in taking an aggressive tack on financial regulation and pushing it through Congress.

According to Harwood, public opinion on this issue favors President Barack Obama. He explained that Wall Street is very unpopular and that's causing some Republicans to be willing to compromise with Democrats on the issue.

"He knows that things are rolling his way on this issue," Harwood said. "You had battle lines initially drawn - both parties took to the trenches, started firing heavy ammunition. But the throw weight is with the Democratic side on this. The public wants financial regulation reform. They don't like Wall Street, just as they don't like Washington. So this is a case where Barack Obama, instead of being the target of public anger, can direct some of it somewhere else. That is what causes Republicans at the end to say, ‘OK, it's time to negotiate, get serious about a deal.' And they're going to get some concessions in that bargaining in exchange for their votes. And they will then be able to stand up and say, ‘This bill was headed to be a bailout bill. We stopped the bailout and everybody can hold hands and say they did something good for the country.'"

CNBC's Quick Rips ObamaCare: 'At Some Point You Need to Take Responsibility for Yourself'
By Jeff Poor | April 12, 2010 | 5:58 PM EDT

Is President Barack Obama really instituting "cradle-to-grave" social policies and transforming the United States into a nanny state? Well, it may not be "womb-to-tomb" yet, but he's certainly creating a welfare state for Americans beyond their mid-20s.

On CNBC's April 12 "Squawk Box," the network's Washington correspondent John Harwood was outlining what he perceived to be the more positive aspects of ObamaCare, specifically extending how long a one can remain on their parents' insurance policy and whether or not someone can be disqualified for pre-existing conditions.

"I think it's more likely to be stuck," Harwood said. "Now, ultimately, the hope for Democrats, and for the president, is the actual experience with the legislation. Forget the sales job, but once elements of that kick in, especially the more popular ones, letting kids stay on their parents' insurance policies until they're 26, and preventing insurance companies from kicking people off when they hit a lifetime max - those kinds of things, they hope, will make, fuel acceptance of this legislation."

Current High Unemployment Rate to Remain Same 'Years From Now' Says Santelli
By Jeff Poor | April 12, 2010 | 3:47 PM EDT

A little over a year ago, President Obama signed into law the $787-billion stimulus legislation that was supposed to prevent the unemployment rate from exceeding 8 percent. And although the unemployment has receded some from its high, it's still well North of 9 percent. So if that stimulus is given more time, will unemployment improve?

Last week's jobless claims numbers, showing a stagnant unemployment rate of 9.7 percent, didn't provide any reason for optimism. And on CNBC's April 12 "Squawk Box," host Joe Kernen asked CNBC CME Group floor reporter Rick Santelli if this economic indicator is going to be stubborn number, which would confirm a failure of Obamanomics.

"Rick, I wasn't here last week when that claims number came out. But if I could really just dig deep down into your view, do you think a year from now we're still going to be talking about a stubborn unemployment rate, Rick?" Kernen asked.

Prelude to a Media Victory Lap: Santelli Warns Not to Buy Hype of Upcoming Jobs Data
By Jeff Poor | March 29, 2010 | 2:42 PM EDT

With March unemployment data to be released April 2, some are anticipating what potentially lower jobless numbers will all mean for the financial markets and the economy as a whole. However, that data will come with the caveat that it will be misleading because it will include temporary jobs driven by hiring for the 2010 census.

On CNBC's March 29 "Squawk Box," CME floor reporter Rick Santelli was asked how to interpret the expected improvement. He warned it isn't the kind of job creation that is good for a sustained economic recovery.

"You know, I think it's fascinating," Santelli said. "Most experts would agree, the kind of job creation we're going to see is welcome but it isn't the kind we need in the big picture. But having said that, yes, I think that the markets will act in a way that will show a robustness if the number comes in a couple of hundred thousand and I think it's kind of silly."

Study in Bias: Two Takes on Financial Regs -- Journal vs. NY Times as Pointed Out by CNBC’s Kernen
By Jeff Poor | March 15, 2010 | 7:13 PM EDT

It's a topic that would probably make the average individual's eyes glaze over, but will have a profound impact on the economy - for better or worse. The topic - financial regulation reform.

With Senate Banking Chairman Sen. Chris Dodd, D-Conn., setting his proposal out for the public, the take away on the reporting from two of the country's major newspapers - The New York Times and Wall Street Journal can give readers a view where their reporters' loyalties lie.

On CNBC's March 15 "Squawk Box," co-host Joe Kernen raised this point - the Journal with its more pro-Wall Street point of view and the Times with a liberal pro-Democratic Party one.

"You - I like the way you highlighted the Journal's take, ‘Ohh, this thing is ahh, much worse,' but The New York Times - ‘consensus-building,'" Kernen said. "But The New York Times is talking about consensus-building within the Democratic Party, I think, right? I mean, normally that's who they're speaking to, isn't it?"

CNBC Notes Tough Questioning from Michigan Legislators on Toyota; Even MSNBC’s Shuster Warns Congress to Be Cautious
By Jeff Poor | February 24, 2010 | 6:15 PM EST

Toyota is facing harsh scrutiny from the media and lawmakers - perhaps with justification. But there could be consequences for the U.S. economy.

And as Toyota (NYSE:TM) executives have endured two days of congressional hearings on the issues surrounding their potentially widespread defective products, the most aggressive questioners have been lawmakers from Michigan, home of the Big 3 automakers. A fact that led CNBC "Squawk Box" co-host Becky Quick to question if the federal government, with a huge stake in General Motors and Chrysler, are being a little unfair with Toyota on her Feb. 24 broadcast.

"We've heard from some congressmen, especially those later on in the show about the people and Congress people who are questioning Toyota at this point saying, they are doing this because the government has this big stake in GM?" Quick said. "To me, that seems a little crazy."

More Video Below Fold

Armey: Dems Should Realize People Are Getting Info From Some Place Other Than MSNBC
By Noel Sheppard | February 24, 2010 | 9:34 AM EST

Dick Armey on Wednesday took a shot at MSNBC calling the cable television network a soft news source that panders to the Left.

The former House Majority leader was a guest host on this morning's "Squawk Box," and during an interview with Rep. Paul Ryan (R-Wis.) about a number of issues before Congress including healthcare reform, Armey took the opportunity to make a media bias comment.

Speaking about the Democrats, Armey said, "They need to understand they live in an Internet world now, and people are getting their information from some place other than MSNBC or other soft news sources that are pandering to the Left" (video embedded below the fold with partial transcript, relevant section at 7:15, h/t to Story Balloon for video find):

CNBC's Santelli Reacts to NYTimes Label of Tea Party 'Heroes and Inspirations'
By Jeff Poor | January 25, 2010 | 4:36 PM EST

It's curious to see people in the mainstream media try to make sense of the Tea Party movement. The New York Times, which once called the Tea Parties a psychological phenomenon rather than a political movement, has now changed its tune.

In the wake of the stunning upset by Scott Brown in the Jan. 19 Massachusetts special election to fill the seat vacated by Ted Kennedy's death, the Times is attempting a more analytical look at the so-called "tea party tiger." Specifically, the Times looked at some key figures in the movement, Sen. Jim DeMint, former Alaska Gov. Sarah Palin, Fox News host Glenn Beck and CNBC CME group reporter Rick Santelli.

CNBC ‘Squawk Box' co-host Joe Kernen told Santelli about the Times story on Jan. 25.

Ted Turner Advises CNN Not to Follow Fox News Opinion Model
By Jeff Poor | January 14, 2010 | 5:41 PM EST

Since Lou Dobbs left CNN in November, citing a mutual agreement between he and CNN President Jonathan Klein that involved CNN going in a different direction, CNN's ratings have plummeted.

But Ted Turner, founder of the first truly 24-hour cable news channel, doesn't see anything wrong with the channel's heading. CNBC's Joe Kernen asked Turner if he had any problems with CNN's direction during a "Squawk Box" appearance Jan. 14.

"I know you love CNN," Kernen said. "It's your baby. I know you're not involved in running it anymore, but when you look at the way Fox News in 10 years has sort of risen above CNN in terms of ratings and profitability and other metrics, would you advise - should CNN stay the course with their idea it's just straight news, or do they need to change with the times and become more opinion-based."

Santelli Condemns Networks for Ignoring Removal of 'Pig Slop' Cap on Fannie, Freddie
By Jeff Poor | December 29, 2009 | 2:52 PM EST

While much of the national media was focused on a Christmas Eve Senate vote to pass health care reform legislation, the Obama administration's Treasury Department was tending to other business that will have serious implications for the U.S. economy. But did anyone notice?

As Zachary Goldfarb reported for The Washington Post on Christmas Day, the Obama Treasury said it would lift the limits on what the federal government could provide in "emergency aid" to Fannie Mae and Freddie Mac - without seeking permission from Congress. That led CNBC CME Group floor reporter Rick Santelli to ask if anyone noticed and/or realized what was really at stake with this move during the Dec. 29 broadcast of "Squawk Box."

Joe Kernen Bashes NYT's David Brooks, Defends Limbaugh
By Noel Sheppard | October 3, 2009 | 11:14 AM EDT

CNBC's Joe Kernen on Friday took New York Times columnist David Brooks to task for statements made in his recent column.

As my colleague P.J. Gladnick previously reported, Brooks accused conservative talk radio hosts Rush Limbaugh, Glenn Beck, and Sean Hannity of hurting the Republican Party:

The Republican Party is unpopular because it’s more interested in pleasing Rush’s ghosts than actual people. The party is leaderless right now because nobody has the guts to step outside the rigid parameters enforced by the radio jocks and create a new party identity. The party is losing because it has adopted a radio entertainer’s niche-building strategy, while abandoning the politician’s coalition-building strategy.

Hours after Brooks's piece was published, Kernen went off on the Times columnist (video embedded below the fold, h/t TVNewser):

CNBC's Santelli Rips Media for Ignoring 9/12 DC March
By Jeff Poor | September 14, 2009 | 3:13 PM EDT

Not everyone at the NBC Universal umbrella of networks got the gag order memo about the Sept. 12 march on Washington, D.C.

Rick Santelli, who has been a target of the Obama White House and is credited with being the inspiration for the 2009 tea party movement, spoke out about how the media ignored the march. But, a year after the fall of Lehman Brothers, he was making the larger point that the government's intervention to thwart a financial crisis had been an ineffectual and potentially dangerous maneuver at the expense of taxpayers.

"I think this one-year anniversary is great, but I think it's great for another reason," Santelli said on CNBC's Sept. 14 "Squawk Box." "I think someday we'll learn that we didn't need to do very much, that time heals all wounds and you don't have to go broke in the process."