Squawk Box

CNBC Elitism: Harwood Claims Public Doesn’t Know Enough to Make Judgment on ObamaCare
By Jeff Poor | January 22, 2010 | 3:53 PM EST

CNBC "Squawk Box" co-hosts Joe Kernen and Becky Quick get it. Unfortunately, their CNBC colleague that covers Washington, D.C. for the network doesn't.

On the Jan. 22 broadcast, Harwood appeared on the program to give a status report on the current version of health care reform being negotiated in Congress and what it means in the aftermath of Scott Brown's filibuster-proof busting election victory in Massachusetts on Jan. 20. Kernen suggested that the health care bill might have been forced through if not Brown's election and the public fervor it revealed.

"I think it's unbelievable that it would have gone through and they would have definitely jammed it through if this weird, serendipitous seat hadn't opened up and if there hadn't been a special election, 17 percent of the economy - based on what they wanted to do, based on what these elected officials wanted to do, against what the public wants - they would have just rammed it through, either way," Kernen said.

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."

CNBC's Santelli: High Tea Party Polling Data Good for U.S. Dollar
By Jeff Poor | December 17, 2009 | 5:36 PM EST

It's often said markets function better when there is gridlock in Washington, D.C. because there's less of a chance for government will interfere in the private sector, creating a sense of security. But in this day and time, that theory applies to the U.S. dollar as well.

On CNBC's Dec. 17 "Squawk Box," CNBC Chicago Mercantile Exchange reporter Rick Santelli debated what was causing the recent rise in the U.S. dollar. Santelli, the original inspiration for the tea party movement, squared off with Jim Iuorio, CNBC "OptionsAction" regular and CME trader, about the cause - a weakened European economy or the place in the calendar year.

"So Rick, is the bigger deal right now on the dollar move - the risk-aversion trade because of the end of the year or because of the problems in Europe?" Iuorio said. "Or is it a combination of both? Which is the bigger thing, do you think?"

CNBC’s 'Squawk Box': All the Media Attention Could Actually Benefit Tiger Woods
By Jeff Poor | December 10, 2009 | 4:13 PM EST

There has been a lot of media focus dedicated to the alleged Tiger Woods scandal - even so much that when examined quantitatively, it overshadows more serious issues.

So what will the net result of this media scrutiny be for Tiger? CNBC's sports reporter, Darren Rovell, took a crack at answering that on the Dec. 10 broadcast of "Squawk Box."

"It's 12 straight days in the [New York] Post right now," Rovell said. "Everyday since Nov. 29, there's been a Tiger Woods story. When does it end? We don't know. I'm not going to get into the details of this, but from a business standpoint - how about Donald Trump on 'Extra' yesterday?"

Warren Buffett: 'Newspapers Have Got a Terrible Future'
By Jeff Poor | November 4, 2009 | 4:10 AM EST

Warren Buffett, the second richest man in the world and CEO of Berkshire Hathaway (NYSE:BRK.A), doesn't have much faith in the future of print media.

In an interview on CNBC's Nov. 3 "Squawk Box," following the announcement of his purchase of Burlington Northern (NYSE:BNI), Buffett was asked to comment on the future of news media, in particular newspapers and business news by "Squawk Box" co-host Becky Quick. Buffett is optimistic on the future of business news.

"Our system has just gotten started," Buffett said. "I mean, we've had a couple of hundred years of progress, but we have not exhausted our potential in this country. America's about business and business in America, you know have gone to greatness hand and hand. So, you do not need to worry about CNBC 10 or 20 or 30 years from now. Business will always be important to the American public."

NY Times: Fox Biz Flirting with CNN’s Lou Dobbs
By Jeff Poor | October 12, 2009 | 12:29 PM EDT

Is Fox News Channel president Roger Ailes about to score another big name personality for his fledgling off-spin business channel? According to The New York Times television and digital media reporter Brian Stelter, News Corp's (NASDAQ:NWS) Fox Business Network is considering adding CNN "Lou Dobbs Tonight" host Lou Dobbs to its lineup.

"The business channel is also keen on another administration critic, Lou Dobbs, who met for dinner with Mr. Ailes last month, according to two people with direct knowledge of the meeting," Stelter wrote in a piece for the Oct. 12 Times about the growing divide between Fox News and the Obama administration. "The shift for Fox News - the favorite network of the Bush administration, now the least favored one of the Obama administration - has financial implications for the News Corporation, especially given the network's status as a growth engine in a perilous time for media companies."

Oops! Mass. Governor Names New Senator, Three Days After CNBC Pundit Said ‘No Way’
By Rich Noyes | September 24, 2009 | 11:37 AM EDT
The perils of punditry: On Monday, CNBC chief Washington correspondent and New York Times political writer John Harwood predicted that the Massachusetts legislature would not pass a law enabling Democratic Governor Deval Patrick to pick a temporary successor to the late Senator Ted Kennedy. “I don’t think so. Doesn’t look like it,” Harwood announced on CNBC’s Squawk Box.

The very next day, the Massachusetts Senate passed the bill that would partially reverse the law Democrats passed in 2004 to prevent a Republican governor from naming a Senate replacement if Senator John Kerry had been elected president. The bill reached Governor Patrick yesterday, and today, Patrick announced the selection of former Democratic National Chairman Paul Kirk to become Senator until the state’s voters pick a permanent replacement in January.
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."

USB's Cashin: Market Conditions 'Reminiscent' of Lead Up to 1987 Crash
By Jeff Poor | September 11, 2009 | 4:43 PM EDT

The Dow Jones Industrial Average (DJIA) has climbed nearly 45 percent since hitting a March 9 low. The S&P 500 (S&P) is up nearly 53 percent. And the NASDAQ (NASDAQ) has soared a whopping 61 percent since the March bottom.

But that rally has some analysts shaking their heads. Art Cashin, a CNBC regular who also makes frequent appearances on CBS and NBC news programs to offer insight on the financial markets, was skeptical. He told CNBC's "Squawk Box" on Sept. 11 he got some of his money out of the market and got burnt, but is still scratching his head over the rally.

"Away from that, I'm still somewhat skeptical about this," Cashin said. "I've been wrong, got out too early, certainly. I took some money off the table as I told you, about a week and a half, two weeks ago. Didn't take it all off, um, may take some more off if they keep going."

Stratfor's Friedman: 'Probability of Bernanke Being Reappointed to the Fed is Near Zero'
By Jeff Poor | August 11, 2009 | 3:46 PM EDT

Ben Bernanke's able use of monetary policy to steer the economy during the current financial crisis sometimes makes it easy to forget that Bernanke helped steer the ship into that crisis early in his term as Federal Reserve Chairman and a member of the Fed's Board of Governors. That's a point Strategic Forecasting (Stratfor) founder and CEO George Friedman made when asked the likelihood of President Obama reappointing Bernanke.

"The probability of Bernanke being reappointed to the Fed is near zero," Friedman said during an interview on CNBC's Aug. 11 "Squawk Box."

"Bernanke presided over the events leading up to the greatest financial crisis we've seen in quite a while," Friedman told CNBC's Steve Liesman. "The best that can be said is that he didn't make it any worse than he already made it. The president is not going to be wanting to reappoint the man that most of the country regards as responsible for the problem."

CNBC Guest Host Explains How TARP is Driving Up Oil Prices
By Jeff Poor | August 3, 2009 | 4:03 PM EDT

Chalk another one up to the law of unintended consequences.

Last fall, the media promoted the $700-billion TARP bailout. During the weeks and months leading up to that bailout, they were also on board with cracking down on oil speculators for driving up the price of oil. But now it seems the TARP program is contributing to oil speculation.

On Aug. 3, Richard Bernstein, CEO of Richard Bernstein Capital Management and CNBC contributor, told "Squawk Box" viewers: "One has to wonder how much TARP money has gone into bank balance sheets to speculate on commodities, right? Because the amount that's - the amount of speculation in commodities on bank balance sheets is much larger than what you get from the CFTC."