Media Appearance: Power Lunch (10/03/08)
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I will be on Powerlunch from 1 to 2, discussing the bailout/rescue plan, recent mergers, and all things finacial crisis related.
1. It looks as if this plan will squeak through the house, thanks to the sweeteners -- and a healthy dollop of fear;
2. The thinking seems to be that a poorly thought out plan is better than no plan at all;
3. M&A activity is a function of certain financials being down 90% -- not an improvement in credit or the economy. The Wells Fargo buy of Wachovia is still a fire sale, albeit at better prices than the Citibank;
4. The raising of FDIC to $250k is a good start; I think we may have to go unlimited gurantees for 6 months, and start closing down the bad banks, recapitalize the good ones.
5. I have yet to see anything that convinces me that eliminating Mark-to-Market is a good idea;
Should be fun . . .
~~~
UPDATE: October 3, 2008 2:15pm
Well, that was weird -- I got into a shouting match Charlie Gasparino over CRA, FRE, FNM.
I'd love to debate him on Air, (if they have the nerve)
Friday, October 03, 2008 | 12:45 PM | Permalink
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Comments
Please deliver some head nouggies to Dennis Kneale while you're there BR.
Posted by: Chief Tomahawk | Oct 3, 2008 12:55:35 PM
Dennis Kneale is such a CHIMP
Posted by: jj | Oct 3, 2008 1:12:33 PM
If Warren Buffett, who folks are fairly well confident knows how to make savvy investments, is buying banks and investment firms, then why in the world is this rescue package necessary?
With having the FDIC already there to prevent bank runs of depositors, the SEC there to prevent bank runs of shareholders, and the Federal Reserve in place to lend freely and w/out much collateral, how could this possibly be necessary?
Buffett had to fight the FDIC to get Wachovia. Wonder how many other good deals won't get done once this bail-out passes because Hank's Hedge Fund is standing in the way.
Posted by: Donkei | Oct 3, 2008 1:13:01 PM
So Bob Steel gets his million back + more. Nicely done Paulson!
Posted by: Elvis | Oct 3, 2008 1:17:40 PM
Way to stand up to Gas-bag-rino's b.s. Barry! He's such an a-hole and so very disingenuous about the cause of this mess. He's a complete GOP hack. The guy won't even let you speak without interupting.
Posted by: Jeff M. | Oct 3, 2008 1:32:07 PM
Enjoyed the Charlie V. smackdown.
Posted by: Carlton Yates | Oct 3, 2008 1:32:59 PM
Did Barry and Charlie just get timeout?
Posted by: PerhapsMaybe | Oct 3, 2008 1:33:04 PM
Bravo, Barry! Take it to Gasparino
Posted by: Steven Place | Oct 3, 2008 1:33:06 PM
Charlie Gasparino is a f'ing jackass. You need to Sumo slam this bitch.
I really loved his condescending remarks about your "newsletter".
I abhor violence but I know you can take him.
Posted by: bdg123 | Oct 3, 2008 1:33:22 PM
how to get into the mud with Gasbag Gasparino !!!
nice takedown
that was insane
Posted by: j1 | Oct 3, 2008 1:33:53 PM
BARRY!! THANK YOU FOR THROWING WATER ON CHARLIE "MEATBALLS" GASPARINO'S LOAD OF YOU KNOW WHAT!
AND THANK STEVE LIESMAN FOR FOLLOWING UP FROM THE REAR!
Posted by: Fenner | Oct 3, 2008 1:35:20 PM
what a joke gasparino is. I guess he is vying for kudlow's spot.
Posted by: basquebob | Oct 3, 2008 1:37:05 PM
Come back Barry, don't waste your precious time on CNBC!!!
Posted by: MM | Oct 3, 2008 1:40:13 PM
nice job on the boob tube- too bad u have to deal w/ the boobs on cnbc
Posted by: p | Oct 3, 2008 1:41:10 PM
agree with above. C. G. came across as a real arrogant lowlife. CNBC is out of control.
Posted by: cloudy | Oct 3, 2008 1:43:32 PM
Gasparino is a dope. Nice smackdown Barry...let's NOT forget Mr. Andrea Mitchell's role in all this...
In conclusion, the Board continues to believe that, aside from safety and soundness regulation of derivatives dealers under the banking or securities laws, regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
http://www.federalreserve.gov/BOARDDOCS/TESTIMONY/1998/19980724.htm
Posted by: Critical Dune | Oct 3, 2008 1:43:43 PM
Call me stupid, but this bill is a joke! Yes, the best thing to do was NOTHING! I get a kick out of these politicians saying that this bill was to prevent a collapse...well, guess what your going to get your collapse. It is adsurd that they can think that they can stop this economic hurricane from going where it wants too!!!!!!!!!!!!!!!!!!!!!
Posted by: Concerned Citizen | Oct 3, 2008 1:43:45 PM
It would get you uninvited to answer the "newsletter writer" slam with the truth, but it would be "cheerleader for bubble vision channel"
Those guys are all a joke, very few redeeming members of cnbc staff.
Look at the lack of rally they have been pumping for all week...
Posted by: which one? | Oct 3, 2008 1:45:24 PM
The Dow is up only 150 points in response to the bailout bill passage.
I guess we’ll have to start thinking about another bailout package pretty soon.
Posted by: DL | Oct 3, 2008 1:46:27 PM
Re congressional hearings to 'find out how we got here'. Do you think he'll find anyone on K Street? Do you think he'll find himself? No I dont think so. I'm sure he's 100% clean. LOL...
Posted by: Jay | Oct 3, 2008 1:50:00 PM
According to 2005 Census, there are 17 million plus War Veterans in America.
Mission: The US taxpayers are ordering the War Vets of America to root out and exterminate the crooks.
This first Oil War veteran has signed up and will lead a platoon to scout in sector 7A(midtown/sunset area).
Please inform EB I will personally escort her safely and calmly out of the war zone.
Posted by: Captain Kief | Oct 3, 2008 1:53:51 PM
Congrats on the smackdown Barry!! Charlie G. has, once and for all, outed himself today as a hack. I loved your line about him having to get his email from a new(or different) source. I actually have more respect for Kudlow because he doesn't hide his bias. Gasparino does(until today).
Posted by: Joe Klein's conscience | Oct 3, 2008 1:59:21 PM
The video is not online yet, darn I missed it. Dow up only 85.
I can't wait for that credit to trickle down. It should take only 6 months. Glad that Congress rushed up to take the vote today.
Posted by: CNBC Sucks | Oct 3, 2008 2:02:59 PM
Sweet looking rally!! What now?
Onto a new and bigger bill!? Bring it on!!
Next up: Rate cut.
After that: ?????
Posted by: Jeff M. | Oct 3, 2008 2:05:38 PM
So how exactly will we know if this bailout bill is working or not? TED spreads? LIBOR rates? Money Market Yields? Bueller? Ferris Bueller??
I feel as if we've all moved to Rock Ridge and that Hedley Lamar is somehow behind the financial crisis (see Blazing Saddles).
Posted by: Big J | Oct 3, 2008 2:05:56 PM
