IAC Chairman Barry Diller: Birdbrains, Business, & Social Justice; Jobs “Misclassification” Explained

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 8 June 2020

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

The May jobs report encouraged investors last week, but it’s raising economists’ eyebrows this week. The Washington Post reporter Heather Long explains the Bureau of Labor Statistics’ “misclassification” footnote that has all but eclipsed the encouraging signs of U.S. economic recovery. IAC and Expedia Chairman Barry Diller shares his bold calls for business leaders, from relationships with shareholders to responses to social justice demands.

Transcript

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0:00.0	This is
0:02.0	This is Squawk Pod. I'm C. NBC producer Katie Kramer.
0:05.0	Today on our podcast, Barry Diller.
0:07.0	The media mogul on reopening the economy.
0:10.0	The damage is huge.
0:11.0	I mean, of course, we will come out of it, but you can't at the same time think that this damage is not going to last and be tough to come out of.
0:21.0	Why he thinks the end is near for quarterly guidance.
0:24.5	Keeps companies accountable.
0:25.7	It keeps companies doing dumb-ass work.
0:27.9	And the role of business leaders to address unrest and inequality.
0:31.6	I think they should be out there displaying their humanity and also yes playing a role politically.
0:38.6	Plus unemployment and the misclassification heard around the world.
0:42.6	I don't think I've ever seen so much interest in the footnotes of a jobs report before.
0:47.6	The key takeaway here is obviously the unemployment rate would have been even higher in March and April as well.
0:55.0	It's Monday, June 8, 2020, Squawk Pot begins right now.
1:00.0	Good morning everybody.
1:01.0	Welcome to Squawk Box here on C. M. I'm Becky Quick, along with Joe Cronin and Andrew Ross
1:05.7	Sorkin. You've been watching.
1:07.3	The first week of June, just like the first week of every month,
1:10.3	the Bureau of Labor Statistics released its jobs report, revealing the state of U.S.
1:14.2	employment from the month before, and during the coronavirus pandemic, these reports have
1:18.5	garnered more interest and scrutiny than usual.
	...

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