Liveblogging…

Posted by Jeff Carter
on September 20th, 2010

Let’s get to it. By the way, only around 250k people watch CNBC at any one time-but most of them are market pros.

Pre color on CNBC is more blather. At least they will have Kudlow and Cramer on. Kudlow is a right leaning economist. Cramer is a southpaw.

The President has arrived, getting ready to tee it up in 12 minutes

Kudlow says “midterms are over”. I disagree. The Dems will not go down without a tenacious fight.

Powerful lead in…….

The Dow is up 98.39 as this opens…would be funny if there was a flash crash during this

Listen to the crowd…..huge applause. Yeah, it’s a cross section….

Easy first question. first hole is always easy on an 18 hole course

BLAME BUSH!!! It’s not my fault.
as traders in this trading room are saying, “he is like a whiny little bitch”

Supporters clap-this looks totally stacked

More govt stimulus, then more BLAME BUSH

Needs more time to turn it around…..to take over more industry and more central planning.

~~Who the fuck is this moderator~~John Harwood, dumbest question yet?
your background, ivy league, racial heritage-who cares?
has no relevance to the economy

The moderator is putting knee pads on.. maybe a Monica moment beginning to happen? I don’t think ACE will think this is a dipping moment.

First question from an AMVETS employee (Chief Financial Officer)

“How are you going to change things for the middle class?”

make a joke…..talk about service-we don’t want profit, just community service…BLAME BUSH

Talking about how he took over the student loan program and made it more efficient, causing higher college costs in the long run, making it so less people won’t go to college.

Talking about the consumer protection bureaucracy, that will increase costs.

Talked about Obamacare, and lied about increased costs. Obama said, If you haven’t seen a raise to a govt employee. They are the only people that got a raise.

My gut tells me she voted for Obama. She said she has two kids in private school. Economy is probably hurting her organization. I was incorrect. AMVETS is a (501)c charity organization, not a government organization.

Peanut gallery comment, “Obama needs a teleprompter”

Ken Langone, Don’t treat us like criminals. Are you vilifying business? “Absolutely not.”
HA
Said they haven’t increased taxes, and technically he is right. BLAME BUSH AGAIN. All tax increases happen in 2011]

too big to fail-obama did nothing for too big to fail. he actually codified it.

IS another question coming from the audience?
Working for profit morally wrong….. NO
Ha. What about the statement, You should get out of the way when you’ve made enough…?

Ted Brassfield recent law school grad-wants public service. Now he has loans. Should have gone to the private sector stupid.
this Brassfield kid is a whiny bitch. He might start tearing up.
here is a link to Brassfield’s blog. He was at the Sharpton rally the same day of the Beck rally.
http://tedbrassfield.com/2010/08/28/differences-of-opinion/ Brassfield is a liberal.

These are horrible questions……Dow +92

Obama BLAME BUSH again..

Austan Goolsbee is an excellent debater. Couldn’t prep Obama well enough though.

Time for another vapid question
Will he change his approach? will you get rid of Timmee?
Nope. Need to give it more time. Constantly evaluating

They aren’t listening to the Chicago Boys….

BLAME BUSH BLAME BUSH. This is laughable.

No meat on this carcass.

Identified 250 billion dollars of ways to cut. Where? Here comes the lies.

BLAME BUSH again.

Debate on tax cuts we are having is informative. BLAME THE RICH

Keynesian economists are advising him on a demand driven economy. Big mistake.

700 Billion is a bad stat. That using static budget analysis. Total misnomer.

More applause. Fun to debate on a home court.

Obama says he is not good at math…..no kidding. not good at statistics or calculus either.

Next question, small business owner from PA. Monogrammed glass.
Public is fearful and negative. Likes his stimulus package….Obama getting a boner.

c’mon out with your question. “How can you get the political center?” Is that economics? WTF. Home cookin’ is good.

Nothing here so far, DOW at +92…….

Explaining why it was okay to screw over the legal contracts of bond holders. “They should take a haircut”-what about the reduced value of their bonds?

an aside, I wouldn’t put a penny in a stock that had a chance of a govt takeover like GM.

Santelli, going after Santelli
“Does it bother you that .42 of every dollar is borrowed?” BLAME BUSH
“We are going to have to do something rapidly”-of course Obamacare blows a gigantic hole in the budget.
60% of our budget is entitlements, and that goes up with obamacare

This is a campaign stop for Obama……

Talking infrastructure. Bad stat. US GDP is much higher than China or Europe…. This is a straw man stat.

Andy Conti, full time MBA student at Gtown (MBA at Georgetown???), are there any real businesspeople in the crowd? Tea party question…
“What will the administration do if these activists are elected?”
link for Andy Conti, no telling what his political persuasion is. http://sga.gumbaclub.org/board
However, the tone of the question makes me think he is anti-tea party, and thus pro-Obama.

Gee where does this guy stand?

Obama: BLAME BUSH

Taxes have gone down. Why? because the economy is so shitty. That’s why revenues are down.

Who’s benefits do we cut?-Obama=spread FEAR.

Corporate tax rates are a straw man. Corporations don’t pay taxes

Talking cap gains, and screwed up on the rate. It wasn’t 39% under Clinton, was 20%

Constitution question on Tea Party…..
Well. why not ask anton scalia?
Fed govt is less intrusive now than it was 30 years ago….. Yeah, Ronny Raygun changed it in 1980.

“My entire focus right now is the private sector”……

No taxes on dividends above 20%, wrong…. Obamacare lifts them higher.

DOW+101

Who is this guy asking a question now? Represents the WS community.
Runs Skybridge Capital……http://www.skybridgecapital.com/our_firm/our_team Anthony Scaramucci, no idea of his political persuasion but he made a good points. Obama avoided it.

Costs too much to hire people. 90k a year. When are we going to stop whacking Wall Street, how you going to cut my employment costs?

Obama, Read my speeches in 2007…before you elected me imperial leader. It’s not just me that’s beating Wall St., it’s Main St too.
Many think I am too soft.

After the last crisis, hedge fund managers made too much money. “Hang the Rich”.

If you are rich, you should not feel put upon….you should be happy to give your wealth away to everyone else.

Remember, “I just think you should spread the wealth around.” to Joe the plumber?

Taxes on carried interest under Obama would decimate the VC and Hedge fund industry…..blogged about it awhile ago. All funds would go offshore. Bye bye capital.

50 employees or less. Yeah, that’s the way to grow an economy. Just grow your company to 50 employees and stop.

Housing market. We have supported the housing market. Trading room comment, “What a dumbfuck, you need to let housing prices drop so the market can clear.”

“People worked really hard for that house….and bought too much house”..of course they had no doc loans and no money down, interest only….

National security questions. Iran? Who cares about Iran? What about Greece? China buying our debt? China currency valuation?

Here comes China…
China currency is lower than it should be…..
You need to let your currency rise…
DOW +102
Talking about two way street on China
Hasn’t blamed Bush yet
Have to be fair..we are going to enforce our trade laws more effectively

More applause

John Boehner question
This is Democratic campaign ad now…..BLAME BUSH

If the Republicans are watching this at all, they ought to do a town hall on CNBC for them now.

“economy that is shrinking is not growing.” Hmmm, what is GDP doing?

John Harwood was one of the worst moderators I have seen.

CNBC has lost total credibility as a network. Might as well be MSNBC..
DOW +105, sigh of relief.

CNBC anchors are trying to paint it well. Make no mistake, this is a unpaid political announcement for the Democratic Party.

Erin Burnett-said he had a Reagan moment!!!! WTF. Not a chance of a Reagan moment.

This was a total waste of time. Two salient points GDP comparisons. Europe spends no money on defense. The GDP of the US is much higher than Europe or China. You cannot compare the three.

Wells Cap Mgmt says Obama didn’t budge at all.

250K a year-taxes going up. Sorry Charlie.
If you want to attend an Obama news conference, may I suggest some proper attire

additions to this were done in italics where I could get links to provide color on the people asking questions. This was not done at random to my knowledge. Perfectly scripted, like every Obama press conference. Very few hard questions about economics and thunderous applause. Like he was on Oprah.

hey ACE, thanks for the link to this grim tableaux

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