The only person on CNBC worth listening to (except for certain guest hosts and maybe Joe Kernan and Mark Haynes who are amusing in their own way) is Rick Santelli. Here is a fantastic interview from a guy who has spent almost 30 years at the Chicago Board of Trade as a trader and reporter:
Truly an education! He points out that we need to maintain the “focus on spending” no matter who is in charge of the government. He also emphasizes that we need to control spending before we start considering VAT taxes etc otherwise it all won’t matter…
A couple of final notes from Rick:
On how John Maynard Keynes would not have intended his ideas to be used as they are today: “Keynes supported spending that created jobs… for the cyclical downturns…we have a structural problem now…”
He ends by summarizing the major issues with the Treasury issuing debt and having another government entity, the Fed, buying those bonds. His critique of how this dynamic is poisoning the US economy and the credit markets is first rate stuff…take the time to listen to this 18 minute interview.