The American Debt Dilemma with Joe Manchin 8/03/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 3 August 2023

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

The markets are shrugging off the Fitch downgrade of the U.S. long term credit. Business titans like JPMorgan Chase CEO Jamie Dimon told CNBC that America’s credit is sound, and Warren Buffett told CNBC that he isn’t worried either; he’s not slowing down his purchases of Treasury bills. Senator Joe Manchin (D-West Virginia) responds to the downgrade and to those comments from Buffett and Dimon, and suggests that there’s something lawmakers could learn from the decision, about responsible fiscal spending. In this episode: Sen. Joe Manchin, @Sen_JoeManchin Andrew Ross Sorkin, @andrewrsorkin Becky Quick, @BeckyQuick Jon Fortt, @jonfortt Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:03.0	This is Squawk Pod and I'm C and DC producer Cameron Costa.
0:09.0	On today's episode, The United States Credit Rating Downgraded. The decision heard round the world from Fitch ratings.
0:18.0	If you're going to downgrade the United States, you effectively have to downgrade everybody else.
0:22.0	Reaction from J.P. Morgan, C.E. States, you effectively have to downgrade everybody else.
0:22.8	Reaction from J.P. Morgan CEO Jamie Diamond,
0:26.5	and from Warren Buffett.
0:28.4	The dollar is the reserve currency of the world
0:30.6	and everybody knows it.
0:32.2	Plus how a lawmaker's perspective matches up.
0:36.0	It's West Virginia Senator Joe Manchin.
0:39.0	This is a fiscal cliff and we're getting closer and closer.
0:42.0	Now this warning shot, I think,
0:44.0	by Fitch is this. I don't think it'll take 12 years for Moody to step up to the plate.
0:49.0	What this symbolic downgrade tells him about the quandary of bipartisan spending.
0:55.0	This is not normal, it's not right, and it's not a good fiscal policy for the future generation.
1:01.0	It's Thursday, August 3rd, 2023 and Squawk Pot begins right now.
1:08.0	Stand back you by in three, two, one, QA3.
1:12.0	Good morning everybody.
1:15.0	Welcome to Squawk Box here on
1:16.0	see NBC.
1:17.0	We're live from the NASDAQ market site in Times Square.
	...

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