Mr. Seidman was born April, 29, 1921, in Grand Rapids, Mich. He received his undergraduate degree from Dartmouth College, his LLB from Harvard University and his MBA from the University of Michigan's Ross School of Business.
During World War II, Mr. Seidman served in the U.S. Navy as a communications officer on a destroyer and received the Bronze Star while serving in the invasion of the Philippines, Iwo Jima, and Okinawa.
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."
If you want to know when the economy is making a comeback, keep a watchful eye on the frequency of high oil and gas price reports in the news.
Throughout 2007 and the first half of 2008, viewers were inundated with high gas and oil price reports on cable and broadcast news. But since hitting $147 back in July 2008, oil prices have plummeted into the low-$40 range mid-January and so has the frequency of doom-and-gloom oil warnings.
However, crude has since rallied into the upper-$50s. And, as crude has rallied, predictions of oil hitting unfathomable heights appear to be making a comeback as well. CNBC's May 8 "The Kudlow Report" considered that $300-a-barrel oil was a possibility.
Back in March, CNBC in what seemed to be an effort to pander to critics on the left, officially named former DNC chair and former Vermont Gov. Howard Dean a CNBC contributor.
But aside from campaigning for left-wing MoveOn.org causes in his spare time, Dean will appear on daily CNBC programming. But on the May 7 "Power Lunch," Dean, a contributor for the network with the slogan, "First in Business Worldwide," explained to viewers we've had enough capitalism after conservative radio talk show host Jason Lewis derided the president for supporting bailouts over bankruptcy. (h/t IHTM)
"I think we had quite enough capitalism in the last eight years and I think we need some regulation now," Dean said.
For whatever reason, CNBC keeps lining up challengers to take on its Chicago Mercantile Exchange floor reporter Rick Santelli over his self-reliance, pro-taxpayer persona - whether it's Steve Liesman, Arianna Huffington or this time, Keith Boykin - editor of The Daily Voice, a CNBC contributor and a BET TV host.
ON CNBC's May 7 "The Call," Santelli took on Boykin in the program's "The Call of the Wild" segment. Boykin was armed with the usual anti-George W. Bush talking points to defend President Barack Obama and his policies.
"Look what he inherited first of all," Boykin said.
"He didn't inherit anything," Santelli said. "He ran for office, it was his choice."
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."
We were told all throughout the 2008 presidential campaign and on up into the debate over the stimulus that the way out of the current economic malaise is through growing a green economy. "NBC Nightly News" is still on message.
On the May 6 broadcast of "Nightly News," anchor Brian Williams explained that Ford Motor Company (NYSE:F) didn't accept federal bailout money, but all the while it has been producing green cars - as if the two were related.
"We have a report tonight on the car industry," Williams said. "The Ford Motor Company has its own challenges ahead, but they are rightfully proud of being the only one of the Detroit big three not to accept taxpayer bailout money. Ford announced today it's retooling a plant that made big gas guzzlers in order to produce smaller, greener cars. And this comes at a time that other automakers are cutting production and thousands of jobs."
CNBC's Steve Liesman has always gone after tea party inspiration and network floor reporter Rick Santelli for his views, but this time it was Santelli playing offense.
The CNBC "Power Lunch" crew was discussing Bank of America (NYSE:BAC) CEO Ken Lewis and disclosure of details surrounding his bank's acquisition of Merrill Lynch May 5. Santelli accused Liesman, CNBC's senior economics reporter of saying "dumb things" and acting like Nixon, when he suggested there could be a compelling reason for Lewis was not forthcoming about the acquisition.
"Ask the question in a more compelling way which is - I want you to save the world and not disclose," Liesman said.
NBC Universal and its networks have been criticized for the global warming alarmism it parades on a regular basis. However, now the criticism is coming from its own affiliates.
Prior to its April 26 airing on MSNBC, shows on NBC had been promoting the first part of the climate special "Future Earth" - an MSNBC program that used computer animation to show the possibilities of a polar icecap melting. That prompted Bill Steffen, a meteorologist for NBC's Grand Rapids, Mich. affiliate, to call out MSNBC for that special.
On CNBC's April 24 "The Call," Santelli expressed his frustration with an overreaction by the government to solve the financial crisis when Kudlow asked him about the expansion of bailout obligations from the original TARP bailout price tag $750 billion to the $3 trillion.
"Listen - I'm glad I didn't say that, I'm glad I didn't say all that," Santelli said. "Do I disagree with it? Probably not. But, I'll take it a step farther - in the beginning, whether it was the commercial paper program, there was a need just like babies have a need for milk. But I don't need to drink a couple of gallons anymore."
As readers here know from Noel Sheppard's report last night, at yesterday's annual GE shareholder meeting, CEO Jeffrey Immelt was challenged on the subject of media bias at GE-owned NBC, CNBC and MSNBC.
The story is far from over.
I encourage those interested in it to watch the O'Reilly Factor tonight for additional in-depth reporting, including the airing at least part of an audio recording of the Q&A session inside the stockholders' meeting made by Tom Borelli and shared with Fox News. (As of this writing, Fox has also made a tiny portion of the tape, the part featuring Fox reporter Jesse Watters asking about about Keith Olbermann's handling of the recent infamous Janeane Garofalo interview, and the shareholders booing when GE cut off Jesse Watters' mike, available on its website now here, and it has been linked to by Drudge.)
The economy is already in rough shape, but some think we should let it go to pot - literally. Pro-legalization advocacy groups are promoting the possibility that legalizing marijuana could provide some economic relief, and the media has eagerly explored the idea.
On April 20, the National Organization for the Reform of Marijuana Laws (NORML) aired TV ads calling for marijuana legalization. They ran on CNN, Fox News Channel and were covered by CBS News.
"In the spot, Americans say of the drug, ‘you can tax it, you can regulate it, apply age restrictions...create millions of new jobs ... save our economy,'" Brian Montopoli wrote for CBSNews.com on April 20.
With chatter that this could be a campaign issue in 2010, the new Obama Administration's relaxed policies toward the drug and some people's desperate, try-anything approach to solving the government spending deficits and economic woes, the idea of marijuana legalization is gaining traction with the media.
General Electric held its annual shareholders meeting Wednesday, and attendees apparently were very upset with the increasing leftward tilt of MSNBC.
According to the Hollywood Reporter, during the question and answer phase of the meeting, shareholders repeatedly brought up the company's far-left leaning network, and often had their microphones turned off as a result.
Here are highlights from the THR report (link loading slowly due to appearance at the Drudge Report):
It was either an effort to avoid blaming individuals for ill-advised borrowing or an effort to vilify the banking system, but a segment on the April 20 "CBS Evening News" took a very one-sided view of credit-card lending.
On a day bank stocks struggled and dragged the Dow Jones Industrial Average (DJIA) down nearly 300 points, "Evening News" scrutinized the current state of the banking system's credit-card lending. According to anchor Katie Couric, that sell-off of bank stocks occurred as a result of the realization the institutions would be forced to cover bad loans.
"Wall Street had been on a six-week winning streak, but today it suffered its worst drop in two months as investors rushed to sell bank stocks," Couric said. "[T]he sell-off came after Bank of America reported earnings of more than $2.8 billion last quarter, but that good news was offset by the word that the bank has set aside more than $13 billion to cover its losses from bad loans made in the past."
Despite all the criticisms of the Fox News Channel broadcasted on MSNBC for promoting tea party coverage, one thing hasn't been pointed out - how the NBC networks, including CNBC and MSNBC are given a pass for their shameless promotion of their Green Week and Green is Universal network events.
Jonah Goldberg, editor-at-large for National Review and author of "Liberal Fascism," appeared on Fox News Channel's April 18 "Fox News Watch" and commented on FNC's promotion of the tea parties, but the double standard of MSNBC's criticism of Fox News.
"I think that there's a perfectly legitimate criticism against Fox for not so much the coverage, but the commercials, you know - promoting the coverage, which was in effect advertisements for these things," Goldberg explained. "But, this was all transparent, people knew that's Fox was doing. But let's flashback to what GE, to pick up a point that Jim [Pinkerton] made - that GE basically issued a fatwa to NBC for Green Week, where they did hundreds of hours of environmental messaging in all of their dramas, news coverage, "Today" show - throughout the network and it was all hailed as a wonderful progressive thing. That is a much more pernicious promotion than anything Fox did."
General Electric CEO Jeffery Immelt, thought to be one of Keith Olbermann's biggest supporters, and NBC Universal President Jeff Zucker are reported to have called some of CNBC's on-air talent to a secret meeting at least if the The New York Post's Page Six column for April 16 has it right. The meeting was called to scold the cable yackers for being too harsh on the Obammessiah, with the duo ala Jeffs warning that CNBC is turning into "the Obama bashing network" and that the cable outlet is becoming "too conservative."
OK... now how did that lefty mantra go again? Doesn't it go that the media couldn't possibly be lefitwing because "the suits" that own the media are conservative corporate types? Once again it looks like the truth is a different animal than the leftist trope pretends.
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.
"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."
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.
Even before a single bag of tea has been dumped as a form of protest over government economic policies, the gang at MSNBC is in full-attack mode over the notion these protests merit any recognition.
On MSNBC's April 10 "Countdown," fill-in host David Shuster imitated his MSNBC colleague Rachel Maddow's juvenile and overdone description of the tea party protest to disparage the upcoming nationwide event.
"Now to the so-called ‘teabagging parties' you may have heard about," Shuster said. "They have been fluffed repeatedly by Fox News. Citizen protests over the government's collection of taxpayer money, specifically that the wealthiest taxpayers in our nation will see their rates go up 3 percent two years from now."
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."
BMI's Dan Gainor has the following column on Tax Day and Tea Parties up on the Fox Forum:
When you want tea, you bring water to a boil. When you want genuine change, you do the same thing to the American public.
Right now, that public is boiling mad and, with April 15 around the corner, the most important thing brewing is tax protest. For every state in the nation, this tea’s for you.
Lucky for us, our cups runneth over. The nationwide Tax Day Tea Party movement is building incredible steam with an event on the day most Americans dread – April 15. It’s an H&R Block Party to take back our government from people who couldn’t manage the budget of a Kwik-E-Mart.
Although CNBC "Mad Money" host Jim Cramer has backed off his hyperbolic attacks on President Barack Obama ever since his "Daily Show" appearance, he's shown that he's not afraid to take on the Democratic-controlled Congress.
So, to give credit where credit is due, the "Mad Money" host dedicated an entire segment to the Employee Free Choice Act, aka card check and how its passage by Congress could be detrimental to Wal-Mart's (NYSE:WMT) stock price on his April 3 program. And during the segment, Cramer used three references to Soviet/Russian communism to describe the Democrat effort pushing card check.
"Right now, in Congress - they're getting ready for what is essentially a referendum on Wal-Mart," Cramer said. "And the referendum's name is the Employee Free Choice Act, also known by slang as card check - a bill that will make it much easier for workers to form unions and much harder for employers to get in their way."
For the second time in a week, CNBC's Rick Santelli faced down one of the standard-bearers of liberalism.
First, he explained to Huffington Post editor and founder Arianna Huffington on the March 31 "Squawk Box" that markets are more efficient in correcting economic hardship, in the banking and housing sectors. On CNBC's April 3 "The Call," Santelli took on University of California at Berkeley economics professor and former Secretary of Labor for President Bill Clinton, Robert Reich.
According to Reich, the agreement brokered between President Barack Obama and other G20 leaders - to give the International Monetary Fund (IMF) $1.1 trillion - was positive and should be celebrated.
It came and went - and some might not have even noticed it - despite the seriousness of its use. On April 2, CNBC's Jim Cramer proclaimed the Depression over.
Throughout that day, the "Mad Money" host told viewers of MSNBC's "Morning Joe," CNBC's "Street Signs" and finally on his own program that the Depression was over and that we were on the verge of a bull run for the financial markets.
"We have reached the land of a thousand bull dances - phoney maroney, why? Because the market swallowed its Prozac," Cramer said on CNBC's "Mad Money" April 2. "And right now, right here on this show - I am announcing the Depression over!"
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."
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."
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.'"
After General Motors (NYSE:GM) Chairman and CEO Rick Wagoner was forced out by President Barack Obama, Wall Street is betting bank CEO firings will be the next shoe to drop.
CNBC's New York Stock Exchange floor reporter Bob Pisani told viewers of CNBC's March 30 "Street Signs" the market's actions, with the Dow Jones Industrial Average (DJIA) dropping as much as 300 points, are reflect, in part,that the government is going to force bank CEOs out as they did with Wagoner.
"Look, the main concern here today is Geithner's comments that some banks are going to need a lot more capital," Pisani said. "And for everybody who says why haven't they fired anymore bank CEOs yet - why hasn't the government done it, wait - they're going to."