Why Fitch was right to downgrade the U.S.

Wall Street Unplugged - What's Really Moving These Markets

Frank Curzio

Business, News, Commodities, Debt, Investing, Macroeconomics, Gold, Personal, Uranium, Oil, Economics, Business News, Geopolitics, Industry, Crypto, Stocks, Curzio, Trading, Finance, Research, Investments, Tokens, Talk, Crisis

4.5 • 1.1K Ratings

🗓️ 2 August 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Prepare yourself for several rants today… I start the show with some comments about CNBC’s Squawk Box, which is usually a solid show—but not today. Next, I highlight some of this week’s most important earnings reports—including results from General Motors (GM) and Ford (F). I break down how GM’s CEO is lying through her teeth about electric vehicles (EVs)… why most automakers are afraid to face the truth about the EV trend… and how a little common sense could help their shareholders. Don’t miss tomorrow’s WSU Premium, where Daniel and I will break down the winners and losers of this earning season (For full access to the premium podcast subscribe at WSUOffer.com). Stocks are sinking today after Fitch Ratings downgraded the U.S.’ credit rating. I highlight some shocking numbers from the report… and explain why we’re in a much worse situation today vs. the last downgrade in 2011. Of course, politicians and economists are pushing back against the downgrade. I rant about some of the most absurd arguments from the likes of Larry Summers and Janet Yellen… why I have to tip my hat to Fitch… and the silver lining in the downgrade. Finally, I rant about how politicians need to be held accountable for their reckless spending… and how the problem spreads into issues like central bank digital currencies (CBDCs), climate change, and political corruption. In this episode I have a bone to pick with Squawk Box [0:30] GM’s CEO is lying through her teeth [6:25] What’s behind Fitch’s debt downgrade? [10:00] Larry Summers is a bum [19:30] Why CBDCs don’t really benefit consumers [26:15] How politicians use climate change to scam us all [28:35] Enjoyed this episode? Get Wall Street Unplugged delivered FREE to your inbox each week: www.curzioresearch.com/wall-street-unplugged/ Wall Street Unplugged podcast is available at: --iTunes: itunes.apple.com/us/podcast/wall-street-unplugged-frank/ --Stitcher: www.stitcher.com/podcast/curzio-research/wall-street-unplugged-2 --Website: www.curzioresearch.com/category/podcast/wall-street-unplugged/ Twitter: twitter.com/frankcurzio Facebook:. www.facebook.com/CurzioResearch/ Linkedin: www.linkedin.com/in/frank-curzio-690561a7/ Website: www.curzioresearch.com

Transcript

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0:00.0	Wall Street Unplug looks beyond the regular headlines, heard on mainstream financial media
0:07.0	to bring you unscripted interviews and breaking commentary direct from Wall Street, right
0:11.6	to you on Mainstream.
0:12.6	Let's go out there and talk a second!
0:18.0	I think her is just a wash of her pasta, bring the headlines and...
0:24.0	Let's say what's really moving these markets.
0:33.8	In the mornings, I like watching Squawk Box for a reason.
0:37.6	Usually on that show, they have analysts on there, hedge fund managers, very important
0:42.4	people, so they get the best guests a lot of the times.
0:45.3	And they let them speak.
0:46.3	They let them sit down and sit and talk, and maybe they go to commercial and come back
0:49.2	and always like it because you want to hear these guys.
0:52.7	You want to hear the biggest hedge fund managers, the billionaires.
0:54.8	You want to hear their opinion on what's going on, there's so much going on.
0:58.3	With their position themselves.
1:00.3	So usually, I like the show, and today, there's freaking horrible.
1:05.4	That's some really, really good guests on.
1:08.1	Gary Gensler, Jay Clayton, Mario Cabelli, Andrew Sorkin, it's not Andrew Sorkin's fault,
1:16.3	but he's interviewing Jay Clayton.
1:18.8	Pretty good.
1:19.8	But towards the end, finally, Jay Clayton, he starts talking about, he has some one
1:24.1	final question.
	...

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