Closing Bell

CNBC Reporter Attacks Obama for Creating 'His Own Sense of a Legal System' over Oil Spill
By Jeff Poor | June 16, 2010 | 5:28 PM EDT

There has been a lot of criticism hurled at President Obama over his handling of the BP oil spill. Some on the left are upset the president hasn't been more forceful with the oil giant. Those on the right generally argue Obama's leadership has been inadequate.

Rarely has the president been criticized for specific actions on this issue. But on "Closing Bell" June 16, CNBC's Matt Nesto was asked whether BP acted appropriately by agreeing to the White House's terms by cutting its dividend payments and agreeing to a $20 billion escrow account.

Nesto argued that the administration was circumventing the legal system with such acts. 

CNBC's Insana Rips Ron Paul: He 'Doesn't Even Have a Basic Understanding of Fundamental Economics'
By Jeff Poor | June 14, 2010 | 5:59 PM EDT

This one was one that you just couldn't let go - that libertarian champion and former Republican presidential candidate Rep. Ron Paul, Texas, doesn't have a basic understanding of economics.

That was the claim made by CNBC senior analyst and commentator Ron Insana on the June 14 broadcast of "Closing Bell." At issue was a June 14 Washington Post article by Robert O'Hara and Dan Keating that suggested there was a conflict of interest in Paul's investments and his policy stances, as in he is a proponent of the gold standard and other uses for the precious metal.

"Rep. Ron Paul is captivated by gold," O'Hara and Keating wrote. "Over the past two decades, he has written books about the virtues of gold-backed currency. He has made uncounted speeches about the precious metal. He even took a leadership post on the House subcommittee that oversees the nation's monetary policy, mints and gold medals."

Antiquated Law Preventing Foreign Naval Aid for Gulf Oil Spill Says CNBC’s Santelli, Heritage Foundation
By Jeff Poor | June 9, 2010 | 5:05 PM EDT

When a protectionist law is enacted and nearly a century later it is inhibiting a recovery from major ecological catastrophe, it's probably time to scrap it or at least temporarily waive it.

But instead a nearly century old provision known as the Jones Act of 1920 is wielding the wrath of unintended consequences. According to the Heritage Foundation, this protectionist measure was put in place to defend the American maritime industry, but is endangering far more jobs than it is protecting.

"The Jones Act, which is supposedly about protecting jobs, is actually killing jobs," Heritage co-authors James Dean and Claude Berube wrote in a June 8 The Foundry post. "The jobs of fishermen, people working in tourism and others who live along the Gulf Coast and earn a living there are being severely impacted. There are also additional private sector jobs which are NOT being created in the United States since the Jones Act effectively prices U.S. based companies out of the ability to be competitive on the competitive global market. As we strive to develop new technologies for a cleaner environment at sea, the Jones Act continues to hobble our own capabilities, sometimes with devastating results."

Santelli Blames Financial Regulation Vote for Dow Drop: 'What Are They Doing in Washington?'
By Jeff Poor | May 21, 2010 | 12:27 AM EDT

With the Dow Jones Industrial Average (DJIA) taking another tumble of 376 points on May 20, some investors are pointing to problems in Europe for the sell-off. However, there may be problems at home as well.

CNBC's CME Group floor reporter Rick Santelli explained on the May 20 broadcast of "Closing Bell" it had a lot to do with the Europe and the Euro, however it isn't all coming from abroad.

"Well, a couple of things," Santelli said. Well, first of all, if you look at the high-grades, they widened out with the high-yields widened out more today at levels today that are wider than the day of the flash crash. That's ‘a.' And ‘b,' you know Maria, we have a 1.2511 on the Euro. This is so much more than just focusing on the Euro."

CNBC's Bartiromo: 'That is Ridiculous. This Really Sounds Like Market Manipulation to Me'
By Jeff Poor | May 6, 2010 | 5:57 PM EDT

While everyone is scratching their heads and trying to figure out how the Dow Jones Industrial Average (DJIA) lost nearly 1,000 points before rallying back to lose only 347 points - it appears not to be limited to just one stock.

On CNBC's May 6 "Closing Bell," correspondent Matt Nesto explained that investigators for both the stock exchanges and for Citigroup, the firm that some are pointing fingers at for a so-called trader error, have narrowed it down to a futures index called the E-mini S&P 500.

"A person familiar with the Citi investigation said one focus of the trading probes were the futures contracts tied to the S&P 500 stock index known as the E-mini S&P 500 futures and in particular that two-minute window in which 16 billion of the futures were sold," Nesto said. "Again, those sources are telling us that Citigroup's total E-mini volume for the entire day was only 9 billion, suggesting that the origin of the trades was elsewhere."

Santelli’s Plea to Obama: Use TARP, ObamaCare Tactics to Drill Now and Avoid $100-Plus Oil
By Jeff Poor | April 1, 2010 | 5:42 PM EDT

Green jobs to save the American economy?  If you have listened to the various politicos on the left end of the spectrum, especially before and after the passage of the $787-billion stimulus package earlier, you would think that is the cure-all.

But so far it isn't working and there are other fundamental problems that lie ahead according to some energy market analysts, like much higher oil prices - despite the pledge by President Barack Obama to open up 160 million acres for future oil exploration and drilling. To avoid the price of $100-plus oil, CNBC's CME Group floor reporter suggested expediting the process, as was the case with ObamaCare and TARP.

"I think what you're hitting on is so important because the President of course talking about some of these jobs, but also talking about drilling," Santelli said on CNBC's April 1 broadcast of "Closing Bell." "You know, if the government was able to put forth health care and the government was able to do bailouts and TARP and stretch the rules, if they wanted to get jobs now and avoid the $100-plus oil you know that's coming they could drill quickly if they wanted to. And this is something that needs to be discussed, don't you think?"

Giuliani: Obama’s Number One Priority was an ‘Ideological Commitment to Government Takeover of Medicine’
By Anthony Kang | March 22, 2010 | 8:59 PM EDT
Former presidential candidate and New York City mayor Rudy Giuliani minced no words when it came to the Obama administration's massive health care overhaul. In an exclusive interview with CNBC's Maria Bartiromo, Giuliani stated that, plain and simple, it "was an ideological act by the Congress" liberal Democrats "are very happy about."  

"Instead of privatizing - which is what our government should be doing - we're taking major roles of the economy for the United States government," Giuliani told "Closing Bell" anchor Bartiromo. "And it is not an exaggeration to say we are starting to look more like a European social democracy than we are an American free-market capitalist society."

A self-avowed free-market advocate, Bartiromo attempted to defend the Democrats' actions for a second: "Let me take devil's advocate for a minute here and say, ‘Okay, you say socialism and we're seeing this government takeover. Well maybe some of this stuff wasn't working before, so how do we know this isn't going to work better?'" she posed.  

Giuliani lamented how disingenuous Obama's entire argument about a health care "crisis" was, seeing as how much of the significant provisions do not go into effect for years - and quite possibly under the watch of a Republican president.

Liberal Evangelical Christian Jim Wallis Rips Banks; Calls Bonuses 'Sins of Biblical Proportions'
By Jeff Poor | January 21, 2010 | 8:30 AM EST

When you breach the sacrosanct wall between church and state, and use religion to promote policy, bad things happen. At least, that's what the left has been telling us for years.

But Rev. Jim Wallis, editor-in-chief of Sojourners magazine and author of "Rediscovering Values: On Wall Street, Main Street and Your Street," sees it differently. Wallis used his interpretation of religion, particularly the Bible, to play the populist card and categorize portions of the American private sector as greedy on MSNBC's Jan. 21 "Morning Joe."

"These bank bonuses, I would say, are a sin of Biblical proportions," Wallis said. "But to pick on the banks alone misses the point. It's a symptom, I think of a real erosion of societal values because new maxims have taken us over - ‘greed is good,' ‘it's all about me and I want it now.'"

Financial Regulator Calls for Crackdown on Facebook, Text Messaging
By Jeff Poor | October 27, 2009 | 6:30 PM EDT

Recent problems with the financial system could be used as a reason for regulators to have authority policing social networking sites like Facebook and other types of electronic communication like text messaging. If Financial Industry Regulatory Authority (FINRA) CEO Richard Ketchum has his way, that's exactly what will happen.

Ketchum appeared on CNBC's Oct. 27 "Closing Bell" in an interview with the network's NYSE floor reporter Bob Pisani from the Securities Industry and Financial Markets Association (SIFMA) annual meeting in New York City. Ketchum explained how the Internet and text messaging are unconventional means of communication that pose problems for regulators.

"With all of our kids, they don't talk by phones or certainly directly to each other anymore," Ketchum said. "They talk through the Internet and they talk through text messaging and they talk through Facebook."

CNBC Goes into 'Crisis' Mode at Height of ObamaCare Debate
By Jeff Poor | July 31, 2009 | 12:32 PM EDT

Balanced? Sure. Hyperbolic? Definitely.

Invoking the word "crisis" might conjure up images of a Category 5 hurricane bearing down on the U.S. Gulf Coast or some other situation where decisive action much be taken to avert impending doom. But, is it appropriate to suddenly attach it to the key issue put forth by Obama administration, such as health care?

On July 30, CNBC dedicated its three-hour morning show "Squawk Box" to the issue and labeled the special coverage: "America's Healthcare Crisis." CNBC used the word "crisis" despite polls (including a July 30 Time article) that found 80 percent of the respondents satisfied with their health care.

Obama Blasts Fox News: 'I've Got One Television Station that is Entirely Devoted to Attacking My Administration'
By Jeff Poor | June 16, 2009 | 10:31 PM EDT

You can't be loved and adored by everybody, but if you're President Barack Obama and it concerns the media, you can come awfully close. 

In an interview on CNBC's June 16 "Closing Bell" with the network Washington correspondent John Harwood, Obama reflected on the media coverage he has received to date. Harwood asked the president to respond to the claim that lack of media criticism has allowed him to "hurt" the country.

"When you and I spoke in January, you said, I observed that you haven't gotten much bad press," Harwood said. "You said, ‘It's coming.' Media critics would say not only has it not come, but that you've gotten such favorable press either because of bias or because you're good box office that it's hurting the country because you're not sufficiently being held accountable for your policies. Assess that."

Former CNBC Host Dylan Ratigan Switches to MSNBC; Bashes Social Issue Emphasis, GOP
By Jeff Poor | May 7, 2009 | 10:43 AM EDT

Once upon a time, there was Dylan Ratigan, host of CNBC's "Fast Money," and co-host of that network's "Closing Bell." He was never partisan and willing to criticize both political parties in Washington, D.C. Now he seems to think Bristol Palin has taken Karl Rove's job as the sinister mastermind of Republican politics.

In late March 2009, Ratigan left CNBC for destinations unknown, but on May 6 it was announced he would begin hosting a show CNBC's sister network, MSNBC. Ratigan appeared on MSNBC's May 6 "Countdown with Keith Olbermann," not only to preview his new show, but comment on Bristol Palin, daughter of former GOP Vice Presidential candidate and Alaska Gov. Sarah Palin, and her campaign promoting abstinence.

"The thing that really stands out to me with this, because the hypocrisy is obvious - it's as obvious as a closeted gay senator voting against gay marriage," Ratigan said. "There's a prevalence in politics of this type of behavior, unfortunately. That's why the conversations like the one we're now having exist."