Barry Sternlicht Takes on the Economy, and Meme Stock Mania Returns 9/29/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 29 September 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Barry Sternlicht, the hospitality and real estate investor, discusses the risks to the economy from union strikes and the Federal Reserve’s interest rate policy. Washington inches closer to a shutdown as House members have failed to come up with a consensus government funding deal – setting up a busy weekend in the Capitol. GameStop activist Ryan Cohen is becoming the retailer’s CEO, nearly three years after the “Meme Stock Mania” showcased individual investors betting on the mall retailer against hedge funds shorting the stock. Author Ben Mezrich remembers fondly the GameStop craze and the story in the new movie “Dumb Money,” The Antisocial Network. Sternlicht - 14:03 Mezrich - 31:02 In this episode: Ben Mezrich, @benmezrich Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Zach Vallese, @zachvallese

Transcript

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0:00.0	Bring in show music please.
0:03.0	Today on Squack Pod, hours away from a government shutdown.
0:09.0	Congress still has no plan that could fund the government before Sunday at midnight.
0:14.4	Washington scrambles for a new deal before thousands of workers are off the job.
0:18.6	It's a mess, it's not a way to run a government.
0:21.6	The looming crisis in DC, union strikes, and what danger is the Federal
0:26.2	Reserve's higher interest rate policies doing? Billionaire activist
0:29.9	Barry Sternly. The Fed should stop because what they're injuring is the balance sheet of the United States.
0:35.1	The economy is going too slow.
0:36.8	The regional banks do not have money.
0:39.9	And game stop. Back in the news, King of the Memes activist Ryan Cohen was appointed the retailer's new CEO,
0:48.8	Dumb Money author Ben Mezray.
0:51.0	Wall Street needs to open its eyes because you're trying to treat the market as rational
0:55.6	when the market is emotional.
0:58.1	I'm C. M. B.C.
0:59.8	Visei.
1:00.8	It's Friday, September 29th.
1:02.6	Squawk Pod begins right now.
1:05.0	Stand back you by in three, two, one, pure first.
1:09.0	Good morning, everybody.
1:11.0	Welcome to Squawk Box right here on C. M. Welcome to Squack Box right here on
1:13.4	c. Welcome to Friday. We are live from the NASDAQ market site in
	...

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