CNBC’s “SquawkBox” host Joe Kernen and Jared Bernstein, White House Economic Adviser, argued on Monday over the White House’s accusations of Kernen spreading the White House messaging.
The yield on 10-year treasury bonds fell to 3.732% mid-November according to The Wall Street Journal. According to the outlet, the yield is lower than the federal-funds rate of 3.83%.
Kernen said that China must reopen to lower fuel prices. Bernstien stated that he would not go into details of foreign policy, but Bernstien noted that Biden and Chinese President Xi Jinping had recently spoken about global commodities. He then said that Biden’s goal was “to get the best deal possible for the American middle class.”
Kernen accused Bernstein then of not giving a “straight response.”
Kernen stated, “So, you’re an economist but, because of your new position, you even had difficulty just giving me the straight reply on the ten year because you’re just there, I don’t think, to walk or spread the White House message.” “I don’t know if I can —
Bernstein replied, “I don’t know if it’s fair, wait, a second, but I don’t think that’s fair.” “It is a very important policy to seek fed independence from the — but here’s the truth.
Kernen stated, “I know.” Kernen said, “I know,” and added, “I want this next thing.”
Bernstein stated, “We know that there are economies who were just brought to their knees because they compromised their independence.”
Kernen stated, “But the next one I know that you’re going to not answer now because you’re going to not be able –”
“As an economist, we now have a divided government. Are you at all relieved that certain parts of the Democratic Party don’t need to be appeased now with more spending?” You can just — you can just — just let it go for the next two-years and say, “No, we can’t even pretend that we’re going to pass any more crazy legislation. Really, Jared, that happened.”
Kernen asked, “Aren’t economists happy?”
Bernstein stated, “I am, and I am happy right here, but it’s because I am not an economist.”
Kernen stated, “Not because that is okay.” Gridlock is not something we should be welcoming. Gridlock is not something you are welcoming. You are, I believe.
Before Kernen could finish his sentence, Bernstein stated, “No, I mean. I think, like. basically, the idea that we’d sit on our hands. It’s just… kinda nuts.”
Bernstein repeated the phrase “Kind Of Nuts” before praising the implementation by the Biden administration of the Inflation Reduction Act and CHIPS and Science Act.