New Market Week, Yellen's Debt Ceiling Warning, Buffett on Banking Crisis and Apple 5/8/23
Squawk on the Street
CNBC
4.1 • 567 Ratings
🗓️ 8 May 2023
⏱️ 43 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Market moving insight and analysis. |
| 0:02.1 | Join Jim Kramer, David Faber, and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kaintena with Jim Kramer and David Faber at post-9 of the New York Stock Exchange. Following through from Friday's rally with some continued uplift for the regional banks, at least today. Busy week for consumer earnings, |
| 0:21.2 | the debt ceiling negotiations, and inflation data. We'll get the loan officers survey this afternoon. |
| 0:26.5 | A roadmap begins with a big week for investors. The banks rebound. We'll get that latest read on |
| 0:31.0 | CPI, PPI, and the president set to meet Speaker McCarthy. Plus, Warren Buffett delivers a gloomy |
| 0:36.7 | outlook for corporate earnings, |
| 0:38.2 | says Apple remains his best portfolio business, |
| 0:41.1 | and cautions that fear is contagious as we continue to watch that regional bank volatility. |
| 0:47.1 | And Treasury Secretary Janet Yellen, |
| 0:48.8 | warning of economic chaos and a constitutional crisis |
| 0:51.6 | if Congress fails to raise the death suit. |
| 0:55.3 | Let's begin, though, with a new market week featuring, as we said, a lot of data and earnings in some of these talks of the White House. |
| 1:01.6 | Jim, what is going to be of those buckets? |
| 1:04.1 | What's the most important going into mind? |
| 1:05.4 | I think it is the Janet Yellen on ABC News because there was this moment where George Stephanopoulos, who was obviously a very shrewd observer, tried to press her on whether the president would use the 14th Amendment. |
| 1:20.7 | And she kept coming back to saying, look, it's catastrophic. I don't think that she spoke for the president. |
| 1:28.8 | I think she spoke for Treasury. |
| 1:37.0 | And it's very difficult to make good investment decisions when you have a situation where someone is trying to play chicken. |
| 1:42.9 | David, it's not clear who benefits, but one of the things that she made it clear was, listen, we're not going to play Social Security. |
| 1:45.0 | We're not going to play Medicare. We're not going to pay interest. |
| 1:46.0 | So, I mean, well, that's like the trifect of what you would do if you're a lesser-developed country. |
| 1:54.0 | Yeah, it wouldn't be good. |
... |
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