Squawk on the Street
CNBC’s Rick Santelli recalled the five-year anniversary of the stimulus, housing bailout and blowing “a gasket” during “Squawk on the Street” today.
“On Feb. 19 I blew a gasket. But basically, what was born at that point was the voice of dissension. How do we know that? Many of course still remember the IRS issues. President said maybe there wasn’t a smidgen of, of, of negativity there or news there or anything inappropriate there,” Santelli explained. “But it seems like, if you look back, it was February of 2009 where all of that started if you look at some of the IRS records. But dissension was born!” (Video Below)
On the Nov. 2 edition of CNBCs “Squawk on the Street,” former chief economic advisor to George W. Bush and Hoover Fellow Ed Lazear commented that today’s jobs report may not be as good as the Obama administration and media make it out to be. “You have to think about how much do you need to keep employment constant as a proportion of the population,” he stated.
It's a good thing New York Times columnist Thomas Friedman wasn't a used car salesman because CNBC "Squawk on the Street" co-host Mark Haines would have driven off the lot in a lemon.
Friedman appeared on the Dec. 14 broadcast of "Squawk on the Street" to promote the paperback release of his book, "Hot, Flat, and Crowded." And once again, he made the case the United States is lagging behind in green technology and the only way to overcome this innovation gap is to set some sort of premium on the price of using carbon-based energy sources, as he meticulously argued in his book.
Friedman insisted it will take action by the government to impose these premiums and to grant some sort of long-term subsidy to stimulate this innovation. Haines, showing he was sold on Friedman's premise, expressed his doubt this could ever be set in motion.
Want more evidence print media is giving way to digital formats? According to CNBC "Squawk on the Street" Nov. 3, Internet behemoth Google (NASDAQ:GOOG) could have its sights set on The New York Times (NYSE:NYT).
Brian Shactman, a general assignment reporter for CNBC noted an article in the Nov. 2 Wall Street Journal that indicated a lot of big companies are hoarding cash and short term investments and it pointed out the information technology sector had nearly $280 billion to invest.
"There's so much talk today about M and A," Shactman said of mergers and acquisitions. "Well let's look it forward - some names out there that could be in the offing, some things to think about. Remember The Wall Street Journal said yesterday tech has about $280 billion to work with. Remember Google said they wanted to make about one acquisition a month. They have the cash - they got to speed up."
About a year ago, then-Senator and Democratic nominee Barack Obama managed to seize control of the issue of taxes from the Republican Party by promising lower taxes for "95 percent of Americans."
But today it's a drastically different situation. Obama's $787-billion stimulus has been passed into law and the administration is taking on higher deficits, which will only increase if a Democrat health care reform bill passes. It looks as though the president's hand will be forced and he will have to raise taxes. That's begs question - where were the media on this a year ago?
CNBC's Erin Burnett asked Treasury Secretary Timothy Geithner at a CNBC made-for-television town hall on Sept. 10 if taxes would be raised. Geithner dodged the question, but Burnett interpreted the dodge to mean yes, as she explained on NBC's Sept. 13 "Meet the Press."
It's been nearly seven months since CNBC reporter Rick Santelli took a stand against the Obama administration, which inspired the tea party movement - and the White House hasn't forgotten.
White House Press Secretary Robert Gibbs was asked by CNBC Washington correspondent John Harwood why the administration decided to go after Santelli after his Feb. 19 call for a metaphorical revolt over President Barack Obama's economic policies.
"Truthfully, one primary reason," Gibbs said in comments aired on CNBC's Sept. 4 "Squawk on the Street." "And that was - I thought the argument that he was making was both disingenuous and not based on the facts. It was clear that Rick was very passionate about the issue. And look, we have differing opinions from both sides of the political aisle. It was clear to me that the argument that he was making wasn't based on him having actually read our plan."
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.
It's the new "C" word according to Melissa Francis, co-host of CNBC's "The Call." Using the word "cartel" to describe OPEC is officially a no- no.
Francis, who was on location in Vienna, Austria at the OPEC summit, reported on an exchange between herself and Ali Al-Naimi, the oil minister of Saudi Arabia during the May 28 broadcast of "Squawk on the Street." In an interview, Al-Naimi took issue with Francis using the word "cartel" to describe OPEC:
Francis: When do you think we'll hit that $75-to-80 range that seem like almost everybody in the cartel agrees is sort of the equilibrium price?
Al-Naimi: You have to be careful calling OPEC a cartel. I resent that.
Once again, someone has squared off against one of CNBC's star personalities, and this time it's a liberal economist taking aim at the old standby, "Mad Money" host Jim Cramer.
An April 8 Associated Press story reported that, on the heels of "The Daily Show" host Jon Stewart taking Cramer "to task for trying to turn finance reporting into a game," New York University Professor and Huffington Post contributor Nouriel Roubini blasted Cramer in an interview. Predictably, Cramer responded.
"Cramer is a buffoon," Roubini said to the AP. "He was one of those who called six times in a row for this bear market rally to be a bull market rally and he got it wrong. And after all this mess and Jon Stewart he should just shut up because he has no shame."
It's the latest ailment of the left - CNBC derangement syndrome.
Since CNBC's Rick Santelli and Jim Cramer took an outspoken stance on the shortcomings of the Obama administration, left-wing storefronts have been popping up all over the place wanting to capitalize on the network after it took a vicious attack from Comedy Central "The Daily Show" host Jon Stewart.
After CNBC "Squawk on the Street" co-host Mark Haines took on a couple of sanctimonious Democratic congressmen, Reps. Brad Sherman, Calif., and Charles Rangel, N.Y., for being advocates of a 90-percent retroactive tax on bonuses, he has found himself as the subject of a main headline on the Huffington Post on March 23, for being concerned about some of the populist rhetoric promoting compensation limits after wrapping up an interview with Nick Debenedictus, the CEO of Aqua America (NYSE:WTR).
For the second day in a row, CNBC "Squawk on the Street" co-host Mark Haines took on a Democratic congressman over the issue that American International Group (AIG) paid out too much in bonuses for a company that received federal bailout money.
On March 19, Haines took on alleged tax cheat Charles Rangel, questioning whether or not he should be dictating tax policy while the House Ethics Committee investigates him for his tax problems. On CNBC's March 20 "Squawk on the Street," Haines took on Rep. Brad Sherman, D-Calif. on the issue.
Sherman contended the 90-percent tax on bonuses exceeding $250,000 that the House passed 328-93 didn't go far enough. He said a government receivership would have been the proper way to handle AIG, and not the bailout method the federal government employed.
In the wake of the American International Group (AIG) bonus controversy, some have called the plans of congressional leaders to tax those bonuses at a rate of 90-100 percent "legislating with a vengeance."
However, Chairman of the House Ways and Means Committee Rep. Charles Rangel, D-N.Y., insists that doing this is a necessity, despite the premise that retroactively taxing anything is a dangerous precedent. In an interview with CNBC "Squawk on the Street" co-hosts Mark Haines and Erin Burnett on March 19, he explained different rules apply in these extraordinary circumstances.
"When you violate the public trust, different rules apply - the same thing we have in charitable organizations, 501(c)3 when they have excessive payment in certain areas that we're able to penalize them for," Rangel said.
But Haines, referring to a Sept. 9, 2008 New York Times article that alleges Rangel hasn't paid taxes on some of properties, questioned the New York congressman's moral authority.