Wednesday on CNBC’s “Squawk Box,” hosts Joe Kernen and Andrew Ross Sorkin battled over the stock market volatility amid the coronavirus pandemic.
Kernen said, “Still looking at the coincidence and laggard indicator. For a while, it was how can stocks be where they are because of oil prices, remember that was your take then. How can it be based on where interest rates are right now. Every single discussion you had over the weekend is about how can stock prices be here when it is your earnings are here. Can you see how it isn’t the stuff in your face?”
Sorkin said, “That’s the question there are a lot of smart people who have that view.”
Kernen said, “Why is that the smart people? They’ve been wrong for 35 percent. Why are they smart? Just because they can see what’s right in front of their nose? That doesn’t make them smart! It makes them not savvy about the market!”
Sorkin shot back, “Joe, Joe, Joe, you missed it a hundred percent on the way down too! You missed it 100 percent on the way down! And you missed 100,000 deaths.”
As Kernen tried to respond, Sorkin said, “Hold on, hold on, hold on. I’m not going to do this with you, Joe. Every morning you try to question the questions I’m asking.”
After some back and forth, Sorkin said, “Go ahead with the news!”
Kernen said, “You panicked about the market, panicked about COVID, panicked about the ventilators, panicked about PPE, panicked about ever going out again. What good is it?”
Sorkin interrupted, “Joseph, Joseph, you didn’t panic about anything! Joseph, 100,000 people died! One hundred thousand people died, Joe! And all you did was try to do was help your friend the president! That’s what you did! Every single morning on this show! Every single morning on this show! You used and abused your position, Joe!”
Kernen shot back, “That’s totally unfair. I’m trying to help investors keep their cool. Keep their heads. And as it turned out, that’s what they should’ve done!”
Sorkin said, “Do the news. Do the news.”
Kernen said, “If they had listened to you, Andrew, we’re supposed to be at about 8,000.”
Sorkin said, “I wasn’t arguing to go sell your stocks, Joseph! I was arguing about people’s lives! … Do the news, Joseph! I’m begging you! Do the news!”
Follow Pam Key on Twitter @pamkeyNEN
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