“The Crisis is Not Yet Over.” Economic Warnings, Disney’s Drama, & Google Goes Lean 04/04/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 4 April 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

JPMorgan Chase CEO Jamie Dimon delivers a direct warning in his annual letter: “The current crisis is not yet over.” Joe Kernen, Becky Quick, and Andrew Ross Sorkin digest Dimon’s commentary on the banking crisis, inflation, and energy with real estate mogul and Starwood Capital Chairman and CEO Barry Sternlicht. In a direct conversation spanning inflation, the Fed, and corporate real estate, Sternlicht warns, a recession is coming. At Disney, CEO Bob Iger has fired back at Florida Governor Ron DeSantis, and he has spoken directly to shareholders. BofA Securities analyst Jessica Reif Erlich unpacks all the storylines in the House of Mouse. Plus, Google is cutting costs–and paper–where it can. In this episode: Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squack Pod and I'm C and D.C. producer Cameron Costa.
0:08.0	On today's episode,
0:10.0	J.P. Morgan's Jamie Diamond in his annual letter saying the banking crisis is far from over.
0:18.0	The idea that he called it a banking crisis throughout, I think puts people a little bit on notice with this too.
0:23.0	And a matching warning from real estate Mogulberry Sternlick,
0:27.0	who says the US is headed for recession.
0:30.0	All else being equal, inflation's going down, the PPI's down. You're seeing lots of things coming down.
0:35.8	Wage growth is slowing.
0:38.2	Disney CEO Bob Eiger is firing back at Florida, and he's talking to shareholders both stories in the
0:45.6	House of Mouse with analyst Jessica Erlich. They're growing, they're adding
0:49.6	attractions, they're adding push-ups and it almost seems insatiable demand from consumers.
0:55.6	Those stories plus Google cutting costs where it can.
1:00.0	Do they even have paper at Google? Maybe that's why they're getting rid of the staplers, by the way.
1:05.2	It's April 4th, 2023, and Squawk Pod begins right now.
1:10.1	Stand backy by in three, two, one, pure first.
1:15.0	Good morning everybody.
1:16.0	Welcome to Squackbox here on C.
1:18.0	We're live from the NASDAQ market site in Times Square.
1:21.0	I'm Becky Quick, along with Joe Kernan and Andrew Ross
1:24.0	Sorkin. Let's talk about some drama in the Mouse House. Bob I got going on the
1:28.5	offensive here. Disney's CEO, ripping Florida Governor Ron DeSantis
	...

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