The Morning Joe crew, along with much of the liberal media, has lately been ringing the debt-ceiling alarm, saying that a failure to raise the debt ceiling by October 17 would cause a default that would devastate the U.S. economy. But on Friday’s Morning Joe, CNBC’s Michelle Caruso-Cabrera stepped onto the set and took a wrecking ball to the wall of hysteria surrounding a possible default.
With the air of an economics professor, Caruso-Cabrera educated the other panelists, attempting to set right their erroneous impressions: [See video below.]
White House press secretary Jay Carney appeared on MSNBC’s Morning Joe Tuesday expressing the typical doom and gloom about what the government shutdown means to Americans and the economy.
After he was done, CNBC’s Michelle Caruso-Cabrera told the MJ crew about how the markets were shrugging off the shutdown due to its likely limited impact on the economy and punctuated her thoughts by saying, “Jay Carney’s been fear mongering on your network” (video follows with transcript and commentary):
During the monologue of Friday's Real Time with Bill Maher on HBO, host Maher referred to GOP presidential candidate Herman Cain as a "token black guy" as he asserted that establishment Republicans are "freaking out" because they never expected him to be competitive.
Alluding to the tendency of guest characters in Star Trek television episodes to be killed off, he cracked:
Appearing on Monday's NBC Nightly News, CNBC's Michelle Caruso-Cabrera blamed decades of overspending by European governments and borrowing to help provide promised benefits for the continent's current economic problems.
Bill Maher and Tavis Smiley got into a heated debate Friday about the difference between the treatment of women in America versus in Muslim countries.
When Smiley continually asserted on HBO's "Real Time" that women are maltreated here, Maher said, "It's such bulls--t," and eventually ended the discussion by scolding the PBS host, "When you tolerate intolerance, you’re not really being a liberal” (video follows with partial transcript and commentary):
What is it with Hollywood personalities going to Venezuela and being swept off their feet by the thuggish dictator Hugo Chávez. They come back with these stories claiming he is just misconstrued by the media and that he’s really a great guy.
“I was telling – my two most interesting interviews I think I’ve ever done are Milton Friedman, very influential on me, and also Hugo Chávez, because when I interviewed him I was struck by how much I like him,” she explained. “He’s very funny. He is so charming. He is smooth. He could be a stand-up comedian. He is a seductor, as I suspect most dictators are – that’s how they get to where they are.”
So more government isn’t the answer to all of our problems? For a brief moment, that seemed to be the message Huffington Post editor-in-chief and co-founder Arianna Huffington was conveying.
On CNBC’s Oct. 5 broadcast of “Squawk Box,” Huffington, author of “Third World America” explained what she thought the role of government should be in an American economic system. Now whether she was playing to the CNBC pro-capitalist audience or not remains to be seen, but she did depart with the so-called progressive/liberal view of government’s role in the economy, and criticized the Obama administration.
“[S]o when it comes to the Obama administration’s policies, the problem has been rewarding people for taking excessive risks, which is not at the heart of capitalism,” Huffington said. “You and I have talked about that before. At the heart of capitalism is the assumption that if you take excessive risks and you fail, you’re on your own. The taxpayer is not on the hook. And we still have left the systemic risk in the system despite the financial reform bill that was passed. ‘Too big to fail’ has not ended and that really is the potential problem in the future.”
As we near the midterm elections, left-wingers will be reading from the same tired playbook – the attempted marginalization of the Tea Party movement, but just more of it. But more and more, they are discovering the tactics are tougher to defend, as their side has their own fringe, loose-cannon elements.
KERNEN: I want to talk to you about something, later about -- you're calling Tea Party people wing nuts and fruit loops? RENDELL: Not all of them. KERNEN: Not all of them? You saw the president, the president basically said that most of them, most of the Tea Party “are directed and financed by powerful and special interests lobbies,” this is in the Journal today. That's most of them and the rest of them are bigots. So you're either directed by special interests … RENDELL: I don't believe it. KERNEN: Seventy-one percent of Republicans, according to this poll today in the Journal identify – so, you've just trashed the entire half of the country. CARUSO-CABRERA: He says slowly but surely, the GOP is taken over by whackos. RENDELL: There’s no question about that.
It’s a really skewed view of the relationship between citizens and the government – that anything you earn and get to keep by not paying to the government in the form of taxes is a show of benevolence from the government.
“WANT to give affluent households a present worth $700 billion over the next decade?” Thaler wrote. “In a period of high unemployment and fiscal austerity, this idea may seem laughable. Amazingly, though, it is getting traction in Washington. I am referring, of course, to the current debate about whether to extend all, or just some, of the tax cuts of President George W. Bush – cuts that are due to expire at year-end. They’re expiring because the only way they could be enacted initially was by pretending that they were temporary.”
For the past several years, we’ve heard the doom-and-gloom prognostications coming from perma-bear Peter Schiff: The Federal Reserve is the root of all evil. Inflation will be the United States’ undoing. Invest in gold and overseas because the American stock market is toast.
“You know, I have my own gold company and it bothers me what they're going to do,” Schiff said to CNBC’s “The Kudlow Report” fill-in host Michelle Caruso-Cabrera on the Sept. 24 broadcast. “I think that companies like, you know, like Goldline, you know that are basically marking up their gold coins 67 percent or whatever – it's outrageous. I mean, most companies mark-up 2 or 3 percent, which is what I do. These type of companies give the whole industry a bad name. What I’m afraid of is we're going to have a lot of regulation.”
If you think government has all the answers, you'll certainly approve of this call.
Former Clinton Secretary of Labor and CNBC contributor Robert Reich has determined it's time for President Barack Obama to seize the reigns of control from BP (NYSE:BP) and put the North American operations of the company into a "temporary receivership." He told host Michelle Caruso-Cabrera on CNBC's June 1 broadcast of "Closing Bell" that the government was the only entity remaining capable of determining if the oil giant was properly utilizing its resources to contain a spill that has been going on since mid-April.
"Well, Michelle, it is temporary," Reich said. "And the government merely takes over the North America operations, the subsidiary, in order to make sure the public is getting the right information, in order to make sure that risks and benefits are being weighed properly - still using the expertise and intelligence of BP. I think, in fact in many ways BP would want some relief and might even appreciate that direct kind of ownership."
Although to ask this question is to invite with a good degree of criticism, it is still worth asking: Is Obama administration's approach to publicly reprimanding private industry cause for concern?
On CNBC's May 4 "Squawk Box," host Michelle Caruso-Cabrera raised this point and asked Washington correspondent John Harwood if White House Press Secretary Robert Gibbs' recent statement BP was a little overboard.
"The spokesperson says, quote, ‘We're going to keep our boot on the throats of BP,'" Caruso-Cabrera said. "How is the Business Council going to react to that when they see President Obama?"
Harwood, who often goes easy on the Obama administration, wasn't so quick to criticize Gibbs for this. His explanation was that it was a little "hostile," but repeated Gibbs' suggestion it was just a regional saying.
The government's traditionally enforced safety standards on automobiles sold in the United States. But the government didn't always own a car company. So you'd expect the media to take a hard look when the government's roles as regulator and competitor converge.
"We've got a fabulous Toyota engine plant in Alabama," Sessions replied. "They've been doing very well. It seems that they've recognized they're going to fix this problem and it's going to take some effort."
Want to make a big splash to bolster your chances in a political campaign? A tried and true strategy for some attorneys general has been to champion a populist position by exploiting the legal system for publicity. Just look at the lead up to the launch of former New York AG Eliot Spitzer gubernatorial campaign with his attacks on Wall Street.
And that appears to be the playbook California Attorney General Jerry Brown is using in a lawsuit accusing State Street (NYSE:STT) of cheating the state's two largest pension funds, the California Public Employees' Retirement System and the California State Teachers' Retirement System, of at least $56.6 million.
However, CNBC's Michele Caruso-Cabrera wasn't afraid to ask Brown if that was indeed the case in an Oct. 20 interview on CNBC's "Power Lunch."
After nearly two years of favorable treatment from seemingly every corner of the media since he announced his candidacy for the presidency in 2006, Obama is still finding ways to delight his biggest fans.
On his first day on the job, Obama announced "a new standard of openness" at a swearing in ceremony for senior members of his administration. According to CNBC's Michelle Caruso-Cabrera, that was greeted with cheers from the CNBC studio.
"Not to belabor the whole point of the Freedom of Information Act, but politically brilliant in a way to immediately co-opt the press," Caruso-Cabrera said on CNBC's Jan. 21 "Power Lunch." "I mean a big cheer went up here - journalists of the world rejoice and automatically you have pleased a big part of the folks that are going to be covering you."
With General Motors in serious trouble, Speaker of the House Nancy Pelosi, D-Calif., and Senate Majority Harry Reid, D-Nev., are making a push for the government to intervene and rescue the auto giant as they did with AIG. However, Francesco Guerrera, U.S. editor for the Financial Times, isn't so sure a GM failure would be as bad as some are letting on.
Guerrera appeared on CNBC's Nov. 10 "Power Lunch" to weigh the pros and cons of the newly revised AIG (NYSE:AIG) rescue package. He was asked if this type of government intervention should be offered for General Motors (NYSE:GM).
"That's what they say," Guerrera said. "I'm not sure I buy that. I think there'll be a lot of job losses if GM fails, but there's nothing systemic in the sense that if AIG goes or if, you know, one of the other banks goes - there'll be a ripple effect throughout not just the U.S. economy, but global financial markets. I don't see how you can make the systemic risk argument for a car company."
Perhaps the media's Obama lovefest isn't as infectious as previously thought - at least in some corners of the financial media. For the second day in a row CNBC's Michelle Caruso-Cabrera noted low taxes - a conservative economic ideal - trumps those of the left, both economically and politically.
"You know what I just love, Doug?" Caruso-Cabrera asked. "Everybody and their mother, whenever they want to endorse their tax plan - they want to cite the almighty Ronald Reagan, right? I mean, everybody wants to dump all over the Republicans, but when they want to tout their economic and their tax plan, who do they go back to? The guy who cut taxes and cut taxes."
It's not often someone in the media challenges the liberal point-of-view - especially on the issue of taxes when they become a means to redistribute income.
CNBC "Squawk Box" fill-in co-host Michelle Caruso-Cabrera wasn't afraid to buck the trend and challenge Democratic presidential nominee Sen. Barack Obama's senior economic adviser Austan Goolsbee.
Goolsbee appeared on the August 14 "Squawk Box" to defend an op-ed he wrote for the August 14 Wall Street Journal outlining Obama's tax plan. Caruso-Cabrera invoked the name of Milton Friedman, an economist who was a primary defender of free markets throughout the 20th century. Ironically, Friedman taught at the University of Chicago, where Goolsbee is a faculty member.
"WWMD, Austin - what would Milton do? Remember that," Caruso-Cabrera said. "Remember your roots - what got you to where you are."
Not a mere hell-freezes-over-moment. Call it–in honor of Chinese Olympic diving which made the NY Times today–a a triple-twisting forward three-and-a-half flying pig, pike position. An MSM reporter has condemned socialist big-government programs, adding a pitch for unrestrained free-market forces. Check the end of this item for a factoid making the moment even more remarkable.
CNBC's Michelle Caruso-Cabrera made the stunning statement on Morning Joe today while reporting on a change in Chinese policy that should lower the price of crude oil world-wide.