cgarison wrote:No, it is pinch hitter Steve and the guy on the sound board who must have been trained by the producers of CNBC Squawkbox.
Of course, Squawk wins hands down for having some of the deepest cuts I have ever heard played on a morning news program.
I'm not 100% sure exactly what you mean by that, but, on the topic of CNBC's
Squawk, did you happen to see this morning's edition between 8:20 and 8:45?!? People were all but calling each other "stupid, ignorant, moronic imbeciles" and getting into fist-fights!
After the rate cuts, various managers/economists/commentators/players were all being brought on the air to comment on the cuts. Really wild stuff started happening when various guys started
remembering what the other guys had said in the past about rates, growth, monetary policy, and so on....several things stood out.....
Jared Bernstein....like Bob Reich, he's an economist who will come on and reliably spout the party line of the communist/socialist left (I'm pretty sure he thinks John Edwards is still too free-market!). He's on around 8:30, talking about the cut and lack of projected growth in the first quarter and blah blah blah, and Brian Wesbury is brought into the discussion. Brian just picks up with the flow of the topic and,
remembering what Bernstein had said in the past, points out that Bernstein has said the very same "gloom and doom" thing in the first quarter last year (the last three or four years in a row, as a matter of fact) only to be proven wrong by much stronger growth in the second and third quarters (of each year, year after year). It started as somewhat normal conversation, but Brian's obviously frustrated that Jared and others keep doing this and getting away with it every year when they're clearly wrong every time due to the cyclical and seasonal nature of commerce!
Jared jumps back in (slightly stammering but still smiling) and comes back with, "you know,
our argument from a year ago is not that interesting. What's important here is going forward...." Well, that's just too much for even left-leaning Carl Quintinilla to handle, and he burst out with laughter!
A few minutes later, Greg Ip is on and comments. A couple of minutes after that, Cramer is on the phone commenting and,
remembering what Ip had written just three weeks ago, points out that Ip all but stated The Fed had the exact
opposite views and plans as what today showed. Ip defends himself by relaying what Fed governors had been saying, but Cramer's not having much of it....
A minute or two later, Ip is gone, Cramer is still on the phone ranting about Bernanke, and Rick Santelli butts in and,
remembering what Cramer had been saying night after night just a few months ago, says that Cramer shouldn't have been so hard on Ip because BOA and others had the same conclusions about The Fed's stance, the credit stuff had been going on for years, and Cramer had been calling for a bull market until just recently. Cramer fires back to defend himself, and Santelli says, "Come on, Jim...," while shaking his head and turning away in disgust.
Folks, if you're not accustomed to the smart, edumacated, semi-intellectual, Wall-Street-ish, the-world-didn't-exist-before-today kind of discussion that goes on on these shows, you need to know
this was the financial world's equivalent of guys repeatedly kicking each other in the jewels and then bringing uppercut after uppercut once the guy had doubled over. I mean, actually remembering and bringing up what a guy said or wrote in the past and then saying out loud whether it was right,........
man!
By the way, folks, if you've been wanting/hoping to refinance to lock in a more comfortable rate, get your stuff together and be ready to start looking around in 2-4-6 weeks......yet another cut is expected in about 10 days and maybe even another one a month after that......
...and, if you haven't funded last year's IRA, today -- today! -- might be an excellent day to EFT that into your stock-based fund(s)....
(Blah blah blah...personal opinion and general advice...may not be right for you or your situation...no promises or guarantees made or implied....blah blah blah....)