On CNBC's Behind the Money blog on Wednesday, Fast Money executive producer John Melloy promoted a left-leaning theory as to why the stock market has been on the rise lately: "While President Obama may not be Wall Street's ideal candidate, stock prices are rising on growing expectations he will be re-elected this November."
Melloy pointed to long-term political certainty as a reason for investor optimism and added: "The surge in President Obama's chances at a second term also have coincided with a string of better-than-expected domestic economic data this year, including an all-important drop in the unemployment rate."
With a 9.6 percent unemployment rate overall in the United States and unemployment rates showing an uptick in states on the Gulf of Mexico that allow offshore oil drilling, one has to wonder what the Obama administration is thinking its Draconian wide-sweeping moratorium halting deepwater drilling in the Gulf after the BP oil spill.
While environmentalists are using today's explosion on a oil production platform in the Gulf to support a drilling moratorium, critics like CNBC's "Fast Money" panelist Jon Najarian have questioned the wisdom of the Obama administration's decision to put up to 75,000 in limbo.
"As far as what was going on in the Gulf, it shows a tone-deafness from this administration," Najarian said on the Sept. 2 broadcast of "Fast Money." "I mean, I'll pound the table for that because I'm not running for office. But I mean, this guy is tone deaf that 75,000 jobs in the Gulf of Mexico that have been idled for no good reason. It's costing all of us and it costs all the places where they would normally spend money as well."
Back on Christmas Eve of 2009, Obama's Treasury Dept. said it would lift the limits on what the federal government could provide in "emergency aid" to Fannie Mae and Freddie Mac - without seeking Congressional permission.
Very few reporters noticed, except for The Washington Post's Zachary Goldfarb who reported the story on Christmas Day and CNBC CME Group reporter and tea party inspiration Rick Santelli, who later pleaded for the public to take notice. With that occurrence in mind, Santelli scoffed at Sen. Chris Dodd's, D-Conn., legislative proposal of financial system reform that did not include reforms on both Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE).
"You know, I can't believe, first of all - you said, may not be included. They are not going to be included," Santelli said on "Fast Money" March 12. "And I think to put a moniker of reform on something that doesn't include Freddie and Fannie is very disingenuous. And I think that to pass something - what I heard Mr. Dodd say, Sen. Dodd, was, you know, it's the 101st senator. In other words, you know, we'll pass anything we have to show that we're doing something, no matter if it's the right thing or not, you know, I'm not buying that again."
President Obama continuously tries to portray himself as a friend to the little-man, middle class and small business. Hence his attacks on "fat cats" who "just don't get it," while labeling the extravagant bonuses as "obscene," and "the height of irresponsibility."
Meanwhile, members of his administration, in defending a sweeping small-business aid program Obama announced in his State of the Union, give reason to wonder if they really understand how to help small business.
Among the administration's proposals for small businesses are a $5,000 tax credit to hire new workers, elimination of capital gains taxes, and new incentives to invest in plants and equipment. At the same time, however, the administration plans to raise taxes on "the wealthiest Americans."
As the old cliché goes, you don't use a sledgehammer to crack a nut, but according to Rick Santelli, that's exactly what it appears the Obama administration is doing terms of financial regulation and fiscal discipline.
On CNBC's Feb. 2 broadcast of "Fast Money," host Melissa Lee proposed that taxing the wealthy is not the path to "economic prosperity and fiscal stability." Santelli, the network's CME Group floor reporter, agreed.
"Well, you're right," Santelli said. "But I also think you're going to see when the Bush tax cuts expire, a lot of middle class write-offs and exemptions and various tax benefits will also fall by the wayside. Not the least of which to mention, I have so many friends that work for the financial industry. And they've learned from the government, even if you only make $25,000 to $125,000 a year, one firm says if you leave to go into another job or whatever, anything outside retirement, they're going to keep 10-to-20 percent of the stock they took from you following the government's directives."
"[I] think we're building a stairway to heaven in Dow prices on the back of paper and I think that, you know it seems kind of dire to me that 8 percent - 8,000, 9 percent - 9,000, 10.2 - 10,000," Santelli said. "I shudder to think where the unemployment rate is going to be at 11 and 12,000 in the Dow."
"President Obama reeling back the Bush administration's plans for a missile defense shield in Eastern Europe, instead opting for a new system he says is better equipped to fend off an Iranian threat," "Fast Money" host Melissa Lee said on her Sept. 17 show.
On society’s list of most shameful professions, the pornographer would be near the top. What must pornographers think of themselves? They would argue that their industry has joined the mainstream, yet for porn performers, it’s a sordid career fraught with perils of drugs, disease, and in the darker corners of porn, exploitation and abuse.
Take the case of a true pervert, Paul Little, who calls himself "Max Hardcore." The British author Martin Amis submerged himself in the sleaziest subcultures of sex on film for the British newspaper The Guardian a few years ago. He recalled the making of Little’s "Hollywood Hardcore 13." The film included a series of...excretory humiliations.
"Fool me once, shame on you; fool me twice, shame on me" That's a saying once bungled by President George W. Bush, to the loud delight of the liberal media. But that same media should keep it in mind as Washington mulls a second round of stimulus spending.
A July 7 Bloomberg story by Shamim Adam reported that Laura Tyson, an economic advisor to the Obama administration, had put forward the notion that the $787 billion approved in February was "a bit too small," and that government should consider a second stimulus package "focusing on infrastructure projects."
Although Senate Majority Leader Harry Reid, D-Nev., maintains there is "no showing that a second stimulus is needed," other members, including House Majority Leader Steny Hoyer in a July 7 Politico article, say it shouldn't be taken off the table.
Is there another shakeup imminent at CNBC? Since the economy has been on the rocks, NBC Universal's financial network has been in the spotlight - political tug-of-war and all. This time, another one of the network's star on-air personalities, Jeff Macke, could be out.
Roubini, often called Dr. Doom and known for crazy parties, predicted back in 2005 the speculative housing bubble would be the eventual undoing of the economy - and he was correct. However, as Jeff Macke, founder and president of Macke Asset Management and panelist on "Fast Money" explained May 11, being two years early with that prediction wasn't something to hang your hat on.
"Let me give you a little hint on trading," Macke said. "If you're two years early on any idea, what you are mostly is dead. You're a professor, as opposed to a trader. And if we still have time to talk after the five-minute butt kissing we gave the guy, I'll tell you what - he hasn't made anyone a cent. Until he does, as far as I'm concerned, it's a nice opinion but it's not making me money."
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.
"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."
One of the subplots in the soap opera known as CNBC took another turn on Monday as some of the pieces fell in place of who's doing what and why.
Last Friday, CNBC and former "Fast Money" host Dylan Ratigan parted ways officially. However, on CNBC's March 30 "Fast Money," show panelist Guy Adami, the managing director of Drakon Capital, announced Melissa Lee, a fill-in host over the past year for the popular network show, as the new caretaker of the show's "center seat," that plays the moderator role for the show.
"Whoa, whoa, whoa, and nothing," Adami said. "Listen, clearly you've noticed some changes on the set, but as a show and as a network, we'd just like to wish Melissa Lee, the Emissary, all the best as she now takes the center seat on ‘Fast Money.'"
Despite his tax problems, President Barack Obama's newly minted Treasury secretary, Tim Geithner, was sold to Congress as the one who was going to save the fragile financial system.
However, in what was billed to be a big announcement, and Geithner's first major appearance, he failed to deliver. The Treasury Secretary was slated to outline his plan to rescue troubled financial institutions from the toxic assets they had on their books. But he failed to give specifics and the markets suffered; the Dow Jones Industrial Average (DJIA) nosedived 382 points.
CNBC "Fast Money" host Dylan Ratigan had his own description of Geithner's performance. In an appearance on MSNBC's Feb. 11 "Morning Joe," he likened it to "soiling a bed."
Is it possible the financial media played a role in facilitating the alleged $50 billion Bernard Madoff Ponzi scheme? An interesting theory by Jon Najarian, CNBC analyst and cofounder of optionMONSTER, contends that they very well may have unwittingly done just that. Madoff, he believes, used media publicity to lure investors to his scheme.
As Najarian explained on CNBC's Dec. 22 "Fast Money," Madoff got his reputation on Wall Street in the payment for order flow business. That's when a brokerage firm receives a payment as compensation for directing the order to the different parties that can execute the order at a lower cost.
"First of all you needed something that was very credible, because what he started off with was very credible," Najarian said. "As we both know, Dylan, he was in the payment for order flow business before anybody else. That meant folks that he was buying on the bid and selling on the offer back when the spread on NASDAQ stocks was 50 cents wide."
On The Situation Room today, CNN anchor Wolf Blitzer made a surprising admission to, of all people, real estate entrepreneur Donald Trump:
BLITZER: What do you think of his (Obama's) decision to pick Joe Biden as his running mate?
TRUMP: I really don't know Senator Biden but I know one thing. He's run a number of times for president. He's gotten less than 1 percent of the vote each time. And that's a pretty tough thing. You know, he's also been involved in pretty big controversy like plagiarism in college and various other things. That's a pretty big statement. So perhaps you change over a period of time. But when you plagiarize, that's a very bad statement. That hasn't been brought up yet, but I'm sure at some point it will. I'm sure that Sarah Palin will bring it up in a debate or somebody's going to bring it up.
BLITZER: Are you talking about plagiarism when he was running for president?
TRUMP: No, I'm talking about when he was a college student as I understand it, and this was a big issue originally but he supposedly plagiarized as a college student. That's a pretty serious charge.
BLITZER: I don't remember that. We'll check it out. But maybe you obviously have a better memory about that.
On CNN's American Morning today, White House correspondent Suzanne Malveaux reported on Barack Obama's campaigning in Virginia. Afterwards, anchor Kiran Chetry had a question:
CHETRY: All right. And Suzanne, what's on tap for the campaign today? And please tell me it's not lipstick again.
MALVEAUX: Let's hope not. He's going to be in Norfolk, Virginia. That is in southeast Virginia, and it's home to the world's largest Naval base. It's one of the most competitive areas that the Democrats and Republicans are fighting over. It's a critical piece of property, piece of land there with folks in Virginia, and they want those voters.
It's really frightening to imagine that people who get the bulk of their news from Comedy Central's "The Daily Show with Jon Stewart" will be making what they probably think are educated decisions at the ballot box come Election Day.
Stewart, who is now a self-proclaimed economist, said on his January 23 show, "Our economy is tanking." And now you can add financial media critic to Stewart's list of titles.
"For insight, I turned to the two major financial networks to find out what is going on, or as they're known around here, ‘hot ladies talk economy with bald dudes,'" Stewart said.