Tuesday, March 08, 2011

Wilbur Ross vs. Liesman on CNBC This Morning

This morning, on CNBC, viewers were treated yet another example of why the network must fire Steve Liesman.

Under discussion was the proposition that the Dodd-Frank law has solved nothing, and only added to regulatory costs and uncertainties. Wilbur Ross opined that nothing in Dodd-Frank that was new would have prevented any of the of the recent mortgage-related financial excesses. Another guest echoed Ross' comments.

Leave it the networks senior economic idiot, Liesman, to begin yelling over and at Ross, claiming that he disagreed. Not once, but two or three times, did Liesman interrupt or shout over guests with actual, successful experience in the sector, to object to their opinions and tell them they were wrong.

When he finally sputtered to a stop, the uncredentialed reporter uttered some barely-comprehensible, feeble and, frankly, unbelievable reason that he felt Dodd-Frank would have improved upon prior regulatory schemes. I seem to recall him repeatedly yelling,

'but Fannie and Freddie......,'

so it's likely his mistaken belief had something to do with safeguards involving the GSEs.

You had to see this exchange, though, to truly appreciate just how clueless and pompous Liesman has become. It would have been one thing for him to ask Ross and the other guest a question focused on what he believed was a feature of the recent regulatory law that may have had a positive effect on the crisis. But without any credible basis for his comments, to simply try to shout down two more involved and experienced businessmen on the topic, was just deplorable.

Liesman has become a glaring liability for CNBC. It would not surprise me if Ross conditioned his next appearance upon Liesman being banned from the set for the duration of his visit.

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