Squawk Box

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.

GE's Jeff Immelt: Global Warming 'Compelling'; Cap-and-Trade Most 'Effective' Way to Go
By Jeff Poor | May 20, 2009 | 3:17 PM EDT

General Electric (NYSE:GE) is the parent company of the major media conglomerate NBC Universal, which owns media outlets NBC, MSNBC and CNBC. At times that has led to the lines between corporate advocacy and journalism being blurred.

That was certainly the case when GE's CEO Jeff Immelt appeared on CNBC's "Squawk Box" May 20 to discuss the White House meeting of President Barack Obama's 16-member Economic Recovery Advisory Board headed by former Federal Reserve chief Paul Volcker.

Immelt used his platform at CNBC to make the case for a cap-and-trade program to curb emissions - something Obama has called for and one Congressional committee is debating this week.

CNBC Allows Santelli to React to Tea Parties: 'I'm Pretty Proud of This'
By Jeff Poor | April 15, 2009 | 9:48 AM EDT

While Fox News has celebrated the Taxpayer Tea Party rallies and MSNBC has denigrated them, the impetus of the movement - CNBC and specifically Rick Santelli, its inspiration - had been conspicuously quiet about it.

But on CNBC's "Squawk Box" April 15, co-host Joe Kernen asked Santelli what he thought of being a "cultural phenomenon." That was the same show Santelli famously called out President Barack Obama on for the unfairness of his housing bailout proposal on Feb. 19.

"A lot of articles about these tea parties," Kernen said. "They all have your name in them, like you caused it. Are you actually attending any or are you just sort of got the idea going initially? What do you think? I mean, you're like a cultural phenomenon at this point."

Kurtz Acknowledges CNN’s Lack of Tea Party Coverage -- On His CNN Show
By Jeff Poor | April 12, 2009 | 7:48 PM EDT

With the Tax Day tea party rallies just three days away, outside of the Fox News Channel, the coverage has been lacking. And, it was something that even Washington Post media columnist and host of CNN's "Reliable Sources" Howard Kurtz acknowledged on his April 12 program.

"The folks at Fox News have found something to be for in this age of Obama," Kurtz said. "They are firmly in favor of tea parties. On Wednesday, that would be April 15th - there will be tax protests around the country on the theme of the original Boston Tea Party. TaxDayTeaParty.com says it was inspired by that rant against President Obama's mortgage aid plan by CNBC's Rick Santelli."

However, Kurtz didn't condemn his network and other networks for lack of coverage - but instead explored the notion that Fox News was giving it too much coverage.

Howard Dean: Part-Time CNBC Contributor, Part-Time MoveOn.Org Activist
By Jeff Poor | April 3, 2009 | 1:20 PM EDT

Since former Vermont Gov. Howard Dean stepped down as the chairman of the Democratic National Committee, he has ventured into other opportunities.

One of those opportunities was to be a business pundit for the financial news channel CNBC, even though Dean's background prior to politics was in medicine. But just over a week later, in an e-mail dated April 2 to MoveOn.org mailing list subscribers, Dean wrote he was leaving Washington to hit the campaign trail "to help President Obama win health care for all."

Santelli vs. Huffington -- CNBC Reporter Takes on Liberal Blog Editor on Economy
By Jeff Poor | March 31, 2009 | 2:00 PM EDT

Both have loyal following, but their fans are on opposite sides of the political spectrum.

CNBC's Rick Santelli rose to prominence earlier this year when he railed against President Barack Obama's policies on live TV from the floor of the Chicago Mercantile Exchange. He's a hit with conservatives staging tea parties to protest the bailout culture in Washington throughout the country. 

Arianna Huffington, who appeared as a guest host on CNBC's March 31 "Squawk Box" has following of left-wing readers and bloggers, as the editor of the very popular Huffington Post blog. The two faced off on "Squawk Box" about how the housing crisis should be handled. Huffington asked Santelli what his thoughts were on more government assistance for underwater homeowners to prevent another round of foreclosures.

"Well, the whole country is underwater I guess," Santelli replied. "It's just a matter of where you want to point the bailout gun. I would certainly like to see some of those mortgage contracts gone through to find out where the erroneous and inaccurate and illegal contracts and separate those from the rest because I think that a lot of the information on the original mortgage contracts is not accurate and I don't think it would be very fair to put those in the same camp as other foreclosures."

Liberal Blog Co-Founder/Editor Arianna Huffington to Guest Host CNBC Morning Show
By Jeff Poor | March 25, 2009 | 12:24 AM EDT

Perhaps this post could be headlined "CNBC Continues to Atone for Its Outspoken Obama Criticism."

As if announcing Democratic National Committee chairman and former Vermont Gov. Howard Dean as a "CNBC contributor" weren't enough, CNBC has invited the editor in chief of one of the its biggest critics to guest co-host one of CNBC's most popular shows.

Originally reported in a status update from Arianna Huffington's Facebook page on March 24, and later confirmed by Huffington herself in an e-mail with the Media Research Center, the co-founder and editor-in-chief of The Huffington Post will co-host CNBC's "Squawk Box" on March 31.

Latest Addition to the CNBC Payroll: Former DNC Chair Howard Dean
By Jeff Poor | March 23, 2009 | 12:46 PM EDT

Is CNBC caving to its critics on the left?

It might appear so now that former Vermont Gov. Howard Dean, also the former chair of the Democratic National Committee, was officially named a CNBC contributor on the March 23 "Squawk Box" by co-host Joe Kernen.

"Joining us for the next two hours, former DNC chair and Vermont Gov. Howard Dean, who is as of today a CNBC contributor," Kernen said.

CNBC had also named Tony Fratto, a former Bush administration Deputy Press Secretary as a contributor to the chagrin of some on the left. Kernen remarked Dean's status as a contributor was an effort to show the network was "balanced."

Santelli: AIG Bonuses Only a 'Political' Outrage of Millions, Focus on Billions and Trillions
By Jeff Poor | March 17, 2009 | 2:30 PM EDT

Since his now-famous Chicago Tea Party outburst from the floor of the Chicago Mercantile Exchange in February, CNBC's Rick Santelli had seemingly disappeared from the spotlight.

However, on CNBC's March 17 "Squawk Box," Santelli, using similar theatrics, noted that the Obama administration as been very concerned about $165 million in bonuses paid out to American International Group (AIG) executives, even though they were recipients of bailout money from the Troubled Asset Relief Program (TARP).

"Well, I mean it seems as though the administration really hit this one head on. They're not happy about it, right?" Santelli said.

In a speech on March 16, President Barack Obama called it an "outrage" and said Treasury Secretary Timothy Geithner was pursuing "legal avenues" to block the bonuses. In Santelli's view, Obama seemed to be worrying about millions, instead of the billions and trillions.

CNBC Asia Guest Host: U.S. Treasury is 'Wasting Money' with Bailouts
By Jeff Poor | March 16, 2009 | 3:43 PM EDT

All the current outrage and attention to bonuses paid out to employees of institutions that received federal bailout money is misplaced, according to an analyst that appeared on CNBC Asia on March 16. 

The media is making much of the news that American International Group (AIG) executives are receiving compensation in the form of bonuses. But Kirby Daley, senior strategist at the Newedge Group explained how the focus was in the wrong place. Although some say allowing Lehman Brothers to fail in September 2008 was a mistake, it prevented the problem of taxpayer money being used for executive compensation.

"I'm not so sure that was a mistake," Daley said. "And what I mean by that is, look I had dozens of friends there. It's very painful and to see an institution like that go down, one that I have followed for years - it hurts."

The lesson according to Daley - either allow the institutions to have the same fate as Lehman Brothers, or just outright nationalize them.

Kernen Asks Buffett: 'You Might Not Have Fixed Global Warming' After D-Day
By Julia A. Seymour | March 9, 2009 | 2:21 PM EDT

The U.S. is at war with the failing economy, according to Warren Buffett, who told CNBC viewers that it had "fallen off a cliff."

In September 2008, Buffett compared the market turmoil to "an economic Pearl Harbor," and on March 9 he returned to that metaphor in a "Squawk Box" interview that began at 6 a.m. and continued through the 7 and 8 a.m. program hours. Buffett also criticized the Democratic majority for losing focus and trying to move on "pet projects."

"If you're in a war, and we really are in an economic war, there's a obligation to the majority to behave in ways to not go around inflaming the minority. If on Dec. 8, or maybe it was Dec. 7, when Roosevelt convened Congress to vote on the war. He didn't say, ‘I'm throwing in about ten of my pet projects,'" Buffett said.

Taking aim at one such issue, interviewer Joe Kernen replied: "You might not have fixed global warming the day after - the day after D-Day, Warren."

Philosophical Difference or Upset over Stealing the Spotlight? Cramer 'Not a Buyer' of Santelli's Anti-Redistribution Economics
By Jeff Poor | February 19, 2009 | 5:12 PM EST

Before today, CNBC "Mad Money" host Jim Cramer was known for his outlandish statements and crazed antics that would land him in the public spotlight.

However, Cramer got one-upped today by CNBC's Rick Santelli, calling for something like a "Chicago Tea Party" revolt against the redistributionism that is plaguing our federal government. Cramer, in his "Stop Trading" segment on CNBC's "Street Signs" on Feb. 19, remarked it was odd no one was talking about Exxon-Mobil (NYSE:XOM) downgrade, overshadowed by Santelli's revelation.

"I'm sorry not be screaming about class warfare and how you should have your house ripped out from underneath you, but I actually get excited about stocks," Cramer said.