Earlier this week, CNBC resident idiot and economic-pretender Steve Liesman demonstrated why he loses so many debates, especially with Rick Santelli.
On the morning in question, Squawkbox had Wisconsin Republican House member Paul Ryan as guest-host.
Ryan, in response to a typical charge that conservatives/Republicans in Congress were simply 'against healthcare reform' and had no ideas of their own, quickly rattled off several bills proposed by Senate or House Republicans, but ignored by Democrats. His own proposal, he noted, covers the poor uninsured by providing a (roughly) $5,000 amount as a credit or rebate to use for health insurance.
When Liesman contended that this would cost Treasury, Ryan corrected him, explaining current treatment, taxes typically paid by these filers, i.e., not much, and the alternative of redesigning our entire healthcare finance system just to cover several million people.
Liesman then stared blankly at Ryan, mouth open, eyes dull, uttering something like,
'I'm sorry, I'm just not getting it, Congressman.'
Even I had understood Ryan's explanation, and I'm sure most viewers did, too.
Ryan smiled and patiently replied that he'd take Liesman back through the numbers- again- after the commercial break.
It was a priceless moment. CNBC's clueless economic reporter didn't have a clue about Ryan's rather straightforward manner of providing healthcare insurance for the poor, and the entire program had to stop until the staff dunce 'got it.'
As if it mattered. Or Liesman would be able to retain the explanation for more than a few minutes.
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