Berkshire Hathaway Chairman and CEO Warren Buffett is in Tokyo for the first time in 11 years. This special three-part series delivers Becky Quick’s full interview with the Oracle of Omaha in Japan. In Part 2, Buffett comments for the first time on the regional banking crisis, the collapse of Silicon Valley Bank, and the regulatory response. The 92-year-old reflects on Jerome Powell’s leadership at the Federal Reserve and his biggest worries, while Joe Kernen and Andrew Ross Sorkin join statesid...
Apr 12, 2023•50 min
Berkshire Hathaway Chairman and CEO Warren Buffett is in Tokyo for the first time in 11 years. This special three-part series delivers Becky Quick’s full interview with the 92-year-old Oracle of Omaha and his successor Greg Abel in Japan. In Part 1, the Berkshire leaders explain their bullish case on Japan’s five largest trading houses, plus the similarities–and differences–in their leadership styles. Buffett and Abel discuss everything from basketball to the Berkshire-owned railroad, BNSF, whil...
Apr 12, 2023•58 min
Eric Schmidt, Google’s former CEO and chairman, discusses the AI arms race in China and in the U.S., as well as the Future of Life Institute’s viral letter on AI , which calls for a pause on development. With an infusion of $80 billion, the IRS has big plans for taxpayers. CNBC’s Robert Frank reports on which taxpayers are likely to face a crackdown. Plus, Becky Quick is in Tokyo! Warren Buffett’s Berkshire Hathaway has raised its stakes in Japan’s five largest trading houses , and Buffett himse...
Apr 11, 2023•36 min
Carlyle Group co-founder and co-chairman David Rubenstein considers how the banking crisis of today compares to that of 2008. In a wide-ranging conversation, he discusses the latest jobs report , the tight labor market, and the Federal Reserve’s path forward. Rubenstein shares details from his upcoming new docuseries on PBS, “Iconic America.” A federal judge in Texas suspended the FDA’s approval of the abortion pill mifepristone. CNBC’s Meg Tirrell reports on the pharmaceutical response to the d...
Apr 10, 2023•26 min
The U.S. economy added 236,000 jobs in March , and the unemployment rate ticked down to 3.5%. Joe Kernen, Becky Quick, and Andrew Ross Sorkin break down the Labor Department’s latest data and what it means for investors and for the Federal Reserve’s rate hiking journey. CNBC’s Steve Liesman and Rick Santelli join SMBC Nikko Securities America Chief Economist Joe Lavorgna and former Labor Department Chief Economist Betsey Stevenson to digest the report. In this episode: Steve Liesman, @steveliesm...
Apr 07, 2023•16 min
President Macron is meeting President Xi , Speaker Kevin McCarthy (R-CA) is meeting President Tsai , and CNBC’s Eunice Yoon has the pulse of Beijing through it all, on the ground in China. Stateside, high tax states like New York and California are seeing an exodus of residents due to the burden. CNBC’s Robert Frank reports on the money-fueled movers, and former Senator Judd Gregg (R-NH) debates sitting Senator Michael Gianaris (D-NY) about the tax policies and wealth disparities shifting in Ame...
Apr 06, 2023•39 min
For better or worse, the age of AI has arrived! LinkedIn co-founder, ‘Masters of Scale’ podcaster, and OpenAI investor Reid Hoffman co-founded AI company Inflection and co-wrote a book with GPT-4; he considers public fears of the technology, calls to pause its development , and the rift between Elon Musk and OpenAI founder Sam Altman. ExxonMobil is growing its green energy business. Dan Ammann, President of ExxonMobil Low Carbon Solutions, shares how clean energy fits in with the company’s large...
Apr 05, 2023•33 min
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...
Apr 04, 2023•34 min
UFC parent Endeavor is taking a majority stake in World Wrestling Entertainment , spinning off UFC and WWE into a new company. CNBC’s Alex Sherman, who broke the story over the weekend, discusses the many colorful characters in the new boardroom, and what’s next in streaming and scripted entertainment. Sen. Joe Manchin (D-WV) discusses the Inflation Reduction Act, U.S. deficit, and pushing for a “reasonable, responsible” middleground. Plus, OPEC is cutting oil output , in a surprise announcement...
Apr 03, 2023•37 min
Former President Donald Trump has been indicted by a grand jury for hush money payments to porn star Stormy Daniels just before the 2016 election. It marks the first time a former U.S. president has been charged with a crime. CNBC’s Eamon Javers reports on Trump’s indictment and what it means for the future of the Republican party. The Fed’s key inflation gauge rose slightly less than anticipated in February, providing some hope that interest rate hikes are helping ease price increases. Jason Fu...
Mar 31, 2023•25 min
House lawmakers tore into top U.S. bank regulators at congressional hearings this week about how Silicon Valley Bank and Signature Bank collapsed practically overnight. Daniel Tarullo, former Fed governor and Harvard Law School professor, discusses what went wrong with Silicon Valley Bank, if de-regulation had any impact on the collapse, and who is at fault. Elon Musk and dozens of other technology leaders have called on AI labs to pause the development of systems that can compete with human-lev...
Mar 30, 2023•32 min
Antibiotics and generics are in short supply, and it’s affecting every demographic in the U.S. CNBC’s Senior Science & Health reporter Meg Tirrell does a deep dive into America’s prescription drug shortage . In a conversation exclusive to Squawk Pod, Tirrell explores the supply chain disruptions and market failures that are to blame for the shortage. Plus, Joe Kernen and Becky Quick digest Wall Street’s headlines: Jamie Dimon’s upcoming deposition , the Silicon Valley Bank hearings on Capito...
Mar 29, 2023•25 min
The CFTC has filed a complaint against Binance , alleging that the crypto exchange violated federal law. Speaker of the House Rep. Kevin McCarthy (R-CA) has sent President Biden a letter pushing for a path forward on the debt limit. In an extended interview, Speaker McCarthy discusses U.S. economic stability, the collapse of Silicon Valley Bank, and the one thing all American lawmakers seem to agree on: cracking down on TikTok . Oscar Health co-founder and CEO Mario Schlosser is handing over lea...
Mar 28, 2023•37 min
First Citizens will buy Silicon Valley Bank’s deposits and loans, prompting a stock rally in regional banks. Lawmakers are gearing up to question Federal Reserve officials about the banking crisis on Capitol Hill . CNBC’s Steve Liesman reports the many questions Congress will ask during the two-day hearings. Pantheon Macroeconomics Chief Economist Ian Shepherdson warns that the global banking contagion could exacerbate a recession , should we fall into one. In a conversation about the global cre...
Mar 27, 2023•28 min
Lawmakers grilled TikTok CEO Shou Zi Chew on data, the platform’s relationship with Chinese owner Bytedance , and content moderation. Stanford University Geopolitics and Technology Adviser Jacob Helberg recaps the vitriol in DC and suggests that TikTok served merely as a placeholder for all Chinese companies operating in the U.S. CNBC’s Steve Kovach explains the stakes for Apple CEO Tim Cook’s trip to China this weekend, in light of the pressure on TikTok on Capitol Hill this week. European bank...
Mar 24, 2023•35 min
The Federal Reserve announced a rate hike of 25 basis points , its ninth consecutive hike in the last year. Chair Jerome Powell softened his tone on the central bank’s aggressive hiking policy, and the markets interpreted his comments as a hint that the end of the hikes may be approaching. Though temporarily sated by Powell’s comments, markets bristled at those of Treasury Secretary Yellen to a Senate subcommittee. Real estate mogul, investor, and Starwood Capital CEO Barry Sternlicht digests th...
Mar 23, 2023•38 min
In an extended interview, former Goldman Sachs CEO Lloyd Blankfein discusses the fine line for Federal Reserve Chairman Jay Powell , who prepares to speak to markets and investors today. Blankfein discusses the Fed’s inflation fight vs. market stability balancing act, and he shares the lessons on regulation and transparency that he learned from his own experience with a banking crisis in 2008. Plus, a break from the banks: Petco’s business is booming, CEO Ron Coughlin says, thanks to the work-fr...
Mar 22, 2023•37 min
JPMorgan is advising First Republic on strategic alternatives, after JPM and 10 other banks announced a $30B deposit into the embattled bank. Treasury Secretary Janet Yellen lauded the move , but told lawmakers that the government would not refund all uninsured deposits for every bank that fails. The Federal Reserve begins a critical two-day policy meeting; former Fed Governor Kevin Warsh discusses the central bank’s options to hike, pause, or pivot, and he argues that a time-out is in order. Hi...
Mar 21, 2023•37 min
The Swiss government has helped broker a deal for UBS to acquire its embattled rival Credit Suisse in an “emergency rescue” to curb global contagion in the financial sector. Joe Kernen, Becky Quick, and Andrew Ross Sorkin unpack the details of the deal and whether it will work in stabilizing banks and investors. Steve Liesman explains, the Federal Reserve is coordinating with other central banks to improve global liquidity with enhanced swap lines . Sen. Bill Cassidy (R-LA), a member of the Sena...
Mar 20, 2023•42 min
Joe Kernen and Andrew Ross Sorkin digest the chaotic week that was: banks in crisis, markets in tumult, and the Fed under pressure. Lazard’s Peter Orszag unpacks the instability in our financial ecosystem and the action it may prompt from the Federal Reserve in next week’s FOMC meeting . ProPublica’s Robert Faturechi discusses his latest investigation revealing never-before-seen IRS records that show CEOs are sometimes making multimillion-dollar stock bets—and doing so with some very lucky timin...
Mar 17, 2023•35 min
Credit Suisse gets a lifeline! CNBC’s Geoff Cutmore reports on the Swiss Central Bank’s backstop for banking contagion, and CNBC’s Steve Liesman explores how this week of financial instability affects the chances of another immediate rate hike from the Federal Reserve. Today’s podcast further investigates the shockwaves from the Silicon Valley and Signature bank collapses, first with the congressman who represents Silicon Valley itself: Rep. Ro Khanna (D-CA). Rep. Khanna argues for more banking ...
Mar 16, 2023•32 min
After the collapse of Silicon Valley and Signature banks and the subsequent regional bank crisis in the US, European banks are now rattling the global markets . Credit Suisse stock has hit an all time low, and global investors fear that banking contagion is spreading. Stateside, CNBC’s Eamon Javers reports, the Department of Justice and the SEC are investigating the SVB failure. Allianz and Gramercy advisor and president of Queens’ College Mohamed El-Erian unpacks the Fed’s long term policies th...
Mar 15, 2023•30 min
The Federal Reserve’s next rate hike is around the corner–or is it? The latest inflation report , last month’s Consumer Price Index, came in hot but not worse than expected. CNBC’s Steve Liesman considers whether it’s a stable enough report to merit a pause on the Fed’s rate hiking spree. Another concern for the Fed: instability in the financial system. Markets and regulators are digesting the second- and third-largest bank failures in U.S. history , and former CEO of Bridgewater Dave McCormick ...
Mar 14, 2023•33 min
Did we dodge the bullet? Federal agencies on Sunday approved plans to safeguard depositors affected by the collapse of Silicon Valley Bank on Friday, and the Federal Reserve is creating a Bank Term Funding Program to secure financial institutions from instability amid the SVB failure. Squawk Box’s Becky Quick, Andrew Ross Sorkin and Steve Liesman discuss the near-miss, how government action prevented a broader financial crisis, and the moral hazard of the federal action. Alexis Ohanian, venture ...
Mar 13, 2023•37 min
Job creation decelerated in February but was still stronger than expected despite the Federal Reserve’s efforts to slow the economy and bring down inflation. Jason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, discussed the latest job report and what we should expect from the Fed regarding rake hikes, and more. SVB Financial, parent of Silicon Valley Bank, was unable to find a buyer before a bank run caused regulators to shut it down . SVB was trying to find...
Mar 10, 2023•24 min
Salesforce is the latest tech powerhouse to join the ChatGPT mania , now offering Einstein GPT. The offering draws on OpenAI’s technology that’s taken the tech industry by storm . Salesforce Service Cloud CEO Clara Shih discusses the future of generative A.I., details behind the company’s contract with ChatGPT, and how much data goes back to ChatGPT. Credit and debit spending per household decelerated in February to 2.7% year-over-year according to Bank of America’s consumer spending data. Liz E...
Mar 09, 2023•31 min
Federal Reserve Chairman Jerome Powell testified to the Senate Banking, Housing and Urban Affairs Committee and warned that interest rates may rise higher than expected as inflation continues to show signs of increasing. The remarks led to a drop in stocks and an increase in Treasury yields. President Biden is set to propose a tax increase on those earning more than $400,000 to extend Medicare's solvency by 25 years. House Minority Leader Hakeem Jeffries joins to discuss how the tax increase wil...
Mar 08, 2023•33 min
The move to ban foreign technology – including TikTok – gains traction in Congress. Sen. Mark Warner (D) Virginia describes his new bill , to take a more holistic approach at technology developed in China. Three years this month since Covid-19 was declared a pandemic, Semafor business and finance editor Liz Hoffman shares her inside account of how the CEOs of the world’s biggest companies responded to crisis and changed how they operate - forever. Hoffman’s book “Crash Landing” is out today. The...
Mar 07, 2023•27 min
President Biden’s fiscal year 2024 budget proposal will be released later this week, intensifying the debt limit fight between the President and Capitol Hill. House Speaker Kevin McCarthy discusses America’s debt crisis, his focus on bipartisanship, the legislative work the House has done, and more. Plus a glimpse into the 2024 race for the White House and potential nominees. And the FAA is holding an emergency safety meeting to address a number of recent near-crashes. CNBC’s Phil LeBeau reports...
Mar 06, 2023•36 min
The Senate voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider ESG factors in their investment decisions. The House version of the bill passed with the support of every Republican and one Democrat. Sen. Mike Braun (R-Ind.) discusses the critiques around the bill and how it would play out in real-time. Apple quietly included a new feature on your iPhone called Clean Energy Charging and turned it on by default. Joanna Stern, Wall Street Journal sen...
Mar 03, 2023•31 min
