Five years ago, CNBC’s Rick Santelli reacted to the possibility of a mortgage bailout with frustration on live television. Quickly, his speech on the trading floor became known as the “rant heard round the world.”
Santelli, an on-air editor who reports live from the Chicago Board of Trade, is frequently interviewed during “Squawk Box” and “Squawk on the Street.” It was during one of those morning discussions on Feb. 19, 2009, that Santelli let loose on a potential bailout of homeowners arguing that “the government is promoting bad behavior” and proposing that capitalists gather in Chicago for a “Tea Party.”
Most of the media may be convinced by Al Gore-style climate alarmism, but CNBC’s Joe Kernen isn’t afraid to speak his mind.
Joe Kernen, co-host of “Squawk Box” called the inclusion of Former Vice President Al Gore on CNBC’s list of “Top Leaders, Icons and Rebels” both “stupid” and “ludicrous.” His Feb. 11, comments came after fellow co-host Andrew Ross Sorkin suggested that CNBC ought to include Gore on their “First 25” list for his contribution to global warming awareness.
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For the second month in a row, the jobs report was a major disappointment. The January jobs report, released Feb. 7 by the Bureau of Labor Statistics (BLS), showed only 113,000 jobs added, falling far short of the more than 180,000 expected. The unemployment rate dropped to 6.6 percent.
The miniscule revision of 1,000 jobs to the December report compounded the shock. Many had dismissed the December report of 74,000 jobs added claiming it would be revised upwards with this report. (video after break)
CNBC’s morning anchors were troubled by the news that their own insurance plans will become more costly under the Affordable Care Act (ACA).
On Oct. 30’s “Squawk Box,” CNBC Senior Correspondent Scott Cohn revealed details of NBC’s open enrollment, brandishing an official fact book outlining the process. He quoted the document, revealing that the ACA would increase employee premiums.
Near the end of the fourth story on Monday's NBC Nightly News, White House correspondent Peter Alexander managed to squeeze in a mention of the network's scoop that the Obama administration knew for years that millions of people would be kicked off of their current health insurance plans because of ObamaCare, despite the President's repeated assurances to the contrary. [Listen to the audio]
Alexander provided a mere twenty-one seconds of air time for the revelation: "That millions will lose or have to change their individual policies is not a surprise to the administration. NBC News senior investigative correspondent Lisa Myers found buried in the 2010 ObamaCare regulations, language predicting, 'A reasonable range for the percentage of individual policies that would terminate is forty percent to sixty-seven percent.'"
On CNBC’s “Squawk Box” on Tuesday, Sun Microsystems founder and Harvard-trained economist Scott Mc Nealy asserted the Federal Reserve has become a "marketing department" for the government and "shouldn't be in any business at all. They shouldn’t be in the business of taxing people by devaluing the dollar, and they shouldn’t be in the business of setting expectations."
He said the Fed should not be able to do "quantitative easing without going through Congress. It's an out of control branch of the U.S. government" that should be abolished:
The August Jobs Report showed 169,000 jobs were added, less than many had predicted and revisions from previous months even included a drop of 74,000 jobs. So the jobs total for the month was really just 95,000.
The stock market continued to rally, but CNBC’s Rick Santelli, who covers the Chicago Board of Trade, said that such a contrast was upsetting. “What are we, a banana republic?” Santelli asked. “I just think it’s absolutely horrible that we’re in a marketplace where we get a lousy report. 35 years since we’ve seen these participation rates, and listen: you can’t hide the spread of four to four-and-a-half percent between the advertised unemployment rate and what it would be if you would go back a few years on that participation rate,” he explained.
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Let’s all be thankful for CNBC. On this morning’s Squawk Box, co-host Joe Kernen raised a question that the Big Three broadcast networks have been afraid or unwilling to touch thus far.
While Kernen was chatting with CNBC Chief Washington Correspondent John Harwood about the sequester, Harwood brought up the FAA’s announcement that it will close 149 air traffic control towers next month. It was a story that ABC, CBS, and NBC each covered on their Saturday morning shows this week. Of course, what the broadcast networks failed to mention, but which Kernen raised, was Kansas Republican Senator Jerry Moran's amendment that proposed cutting $50 million in unspent FAA research money rather than closing the towers, $50 million being the approximate amount that would be saved by closing the 149 towers. Senate Majority Leader Harry Reid (D-Nev.) refused to bring the amendment up for a vote.
The Bureau of Labor Statistics on Friday reported upside revisions to the number of jobs that were created in last year's fourth quarter.
Appearing on CNBC's Squawk Box, Austan Goolsbee, the former Chairman of the Council of Economic Advisers under Barack Obama, joked, "It’s an elaborate left-wing plot to make the numbers much better several months after the election so that nobody thinks that there was a conspiracy just before the election."
“No more tax revenue! None. NONE.”
That was not the cry of a dyed-in-the-wool conservative politician. Rather it was Jim Cramer, CNBC’s own host of “Mad Money,” speaking to the upcoming fight in Washington over the debt ceiling. [See video after the jump]
Nobel prize winning liberal economist Paul Krugman, who has often argued that President Obama’s $831 billion stimulus was too small, has now decided he knows what’s good for everyone’s health (besides government-controlled healthcare). His health advice? “Don’t spend much time watching CNBC” because it is “bad for your financial and intellectual health.”