Here's the clip from my appearance on Fox Business today.

I was "debating" economist Joe Lavorgna regarding MMT. Lots of things we didn't have time to get into, but that's TV.

Click the link to watch the clip.

https://video.foxbusiness.com/v/6323472385112#sp=show-clips

Wall Street "star" Meredith Whitney blows up and is back giving interviews to Fox News.

"Famed" Wall Street, "star" Meredith Whitney is back to where she started--with nothing, and doing interviews with Fox Business after she swore she'd never go on Fox again. (She considered Fox to be too lowly a network for her highly important stature.)

Say what you want, but I guess this proves what I said right from the very start: that this woman's fame always befuddled me. I worked alongside her for years at Fox News, where she was a business contributor, like me, and never found anything she said to be all that insightful or intelligent. For sure I don't think she had much of a grasp on the markets or, the economy.

I remember back in 2009 when the fiscal stimulus was announced, she said it wouldn't do much because it was a "hodgepodge." (A fucking hodgepodge? Seriously? And she was already big-time famous by then.)

Even the whole, Citi "call," seemed like a sham to me, too. Fadel Gheit, who is an Oppenheimer (where Whitney worked) Managing Director and senior oil and gas analyst once told me that Whitney ripped off that call from her former boss.

Anyway, the media went crazy over her and that made her a star and rich, but then she proceeded to fall flat on her face with a series of blunderous calls. (More hodgepodges, I guess.)

It wasn't long before her research firm had to close its doors because of client defections. At one point she even had John Paulson as a client. Remember Paulson? The obscure money manager who nobody knew for years, but then he rocketed to massive fame and fortune with that rigged, subprime trade that Goldman structured, which was ultimately deemed an exercise in fraud?

Did Whitney also advise Paulson to buy gold? Remember that one, too? Paulson thought that ZIRP and QE would lead to hyperinflation. The "genius" was just another Schiff. Only richer.

There were other terrible calls, too. Like the one where she said that hundreds of municipalities were going to go bankrupt.

When her research firm closed, she moved to Bermuda and started a hedge fund and got some other hedge fund clown to "gift her" $50 million in seed capital, which she proceeded to blow out. Finally the guy couldn't take it anymore and sued to get his money back, but only after she refused to return it.

Wow. You can't make this shit up even if you were writing a script for some crappy Hollywood B movie.

The funniest thing about Whitney, though, is how she married this gung-ho 'murica, cowboy-wrestler, John Layfield, who still, I think, is a regular on Fox's Saturday morning business block. As an aside, you gotta love that about Fox News...they don't give a shit who they put up there as long as it helps ratings. Do you believe anyone would take investment advice from this dude?

And now she, too, is back giving interviews at Fox. Oh, how the mighty have fallen. (Some of them, anyway.)

P.S. There's a lot more about Whitney that we posted up over the years right here on MNE. Check it out.

Maria Bartiromo leaving CNBC for Fox Business. What took her so long?

The "Money Honey," Maria Bartiromo, is finally taking her Wall Street apologist, criminal banker loving excuse for a business anchor TV sideshow to a place where it will be really appreciated: Fox Business.

I'm tempted to ask what took her so long, however, I think the proper question is...why? Why would she go to Fox Business when CNBC has already become a Fox knock-off, with the same endless stream of make-you-want-to-gag out of paradigm economic vomit that worships austerity, corporate welfare and fraud, gold buggery, worker income debasement and the quest for inequality to the nth degree?

I'd like to think that CNBC was already considering canning her, but I doubt it. That would be giving the "brain trust" over there--Sr. V.P. and Editor in Chief, Nik Deogun, CNBC Managing Editor, Nick Dunn and President, Mark Hoffman--way too much credit.

But the real joke is on Gary Schreier, the former Fox Executive Producer who formerly produced all of Neil Cavuto's shows, who jumped ship for CNBC about a year and a half ago, apparently lured over to try to get Bartiromo's in-the-toilet ratings out of the toilet and at least onto the toilet seat. Guess that didn't work out too well, eh Gary? With any luck you'll be soon looking for work.

All we need now is to see that slouching clown, Joe Kernan, and supply-side Bozo, Larry Kudlow bail for the Fox network and the hilarious coup will be complete: The Three Stooges will have found a new home.

Honestly, if Roger Ailes thinks that Fox Business's ratings will climb with the edition of air head Bartiromo or the other two losers, if they happen to go, then all I can say is I envy him. It must be fun playing sadist to Rupert Murdoch's money. The old geezer Murdoch is probably already senile, so he doesn't even know.

CNBC,Fox, you both suck!

At this point if CNBC has any chance at all it needs to dump its editorial line, stop with the unbridled worship of corporate greed, austerity and cease with the needless blowing of smoke up the asses of Wall Street billionaires.

Oh yeah, I forgot about Santelli.

On second thought, I think there's no hope at all.

MMT was right yet again!!!

It must suck being the other guys!

Goodbye Fox, hello CNBC!

Well, I told you all that I quit Fox earlier this month.

I've now got my first appearance on CNBC. Kudlow, Monday night!

-Mike

David Stockman's reluctant and embarrassing admission

I ran into David Stockman at Fox yesterday. Several months ago I bumped into him as well and we got into a conversation about the debt. Stockman was Reagan's budget director until he got fired, probably because he protested too much against the huge deficits that Reagan ran (which created an economic boom). After he left the White House he disappeared for quite a long time, but has since resurfaced as the new "debt Cassandra," warning everyone who will listen that the debt is going to bankrupt the country unless we get it under control, yada, yada, yada.

The last time I met Stockman I asked him what would happen if we didn't get the debt under control? He said interest rates would spike and it would be impossible for us to service our debt. I said that interest rates wouldn't spike, necessarily, so long as the Fed kept them low and even if rates did go up, the U.S. would have no inability to pay the debt service becuase it was simply a matter of the government crediting bank accounts in U.S. dollars, which it does all the time.

He took issue with my assertion that the Fed set the rates.

I asked him about Japan, which has a debt almost three times that of the U.S. yet yields on 10-year Japanese gov't bonds were only 1.0%. (Back in March 10-year U.S. Treasury yields were about 3.6%.) He said that Japan was "different" because it was "internally financed" as opposed to our problem of having external finance. When I countered that the U.S. was also "internally financed" because it's all in dollars, he got annoyed and basically walked out in a huff, shaking his head the whole time as if I was some ignorant fool.

Well, yesterday, Stockman was on Cavuto and he started in with his usual debt rant--unsustainable debt, bankruptcy, etc. But then he said this: "We should abolish the Fed."

Neil Cavuto looked at him and said, "Abolish the Fed? Why?"

He said, "Because the Fed is keeping interest rates artificially low and that is bad."

I couldn't believe my ears. Just a few months earlier this guy was arguing adamantly that the Fed did not control rates and that rates would spike and we wouldn't be able to pay the debt service. Meanwhile, over that short period of time, deficit spending has continued and the U.S. even had its credit rating dowgraded and interest rates had fallen even further. It was obvious that none of the things he had been predicting were coming true.

When he came back to the green room from his segment I said to him, "David, I thought you said in our last discussion tht the Fed didn't control rates and now you just said that it is keeping rates down?"

His face froze for a second and I could see he was trying to collect his thoughts and think of a comeback. Then he just said, "Yeah, but eventually rates are going to spike up. They have to. They can't stay low forever. The Fed will have to raise them to attract capital." (Notice, he says, again, the FED WILL HAVE TO RAISE THEM...)

Unbelievable. These are our policymakers. Clueless, arrogant, people who are so full of themselves and so deep into their club of false beliefs that it is mindboggling. If they weren't so destructive these guys would be truly laughable.

I will be on "Bulls & Bears" on Fox Business today at 4pm EDT

I will be on "Bulls & Bears" on Fox Business today at 4pm EDT. This is the new segment called, "Mike vs Charlie," where I will be debating Fox Business editor, Charlie Gasparino on topics related to economics, the markets and policy. This is going to be a regular Friday segment. Who knows...maybe if it's successful it will be turned into a show so be sure to watch!