6:09 AM ET
JOE KERNEN: How can it be based on where interest rates are right now? Then it is how can stocks be – and that was every single discussion you have over the weekend is about how can stock prices be here when the economy is here. Now it’s going to be your earning. But can you see how that probably isn’t the coincidence? We’re going to have David Levowitz on. He’s going to say, “Every client he talks to is asking him how can the stock market be here when everything else is –”
ANDREW ROSS SORKIN: And that’s the question. There are a lot of smart people who have that view you may not have that view. You may not have that view.
KERNEN: Are they? 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: Joe Joe. You missed it 100 percent on the way down and you missed 100,000 deaths. So we can have this debate back and forth and you can try to question the questions I’m asking —
SORKIN: Hold on hold on! Hold on! I’m not going do this with you Joe! Every morning, you try to question the questions I’m asking. These are questions that investors are asking every single morning. I’m just trying to get through some of this clutter. I may be right. I may be wrong. Investors may be right. They may be wrong. That’s what makes the market. But it doesn’t make people a good person or a bad or person. It doesn’t make it right to act the way you are. I’m sorry. I’m not going to do it at this hour.
KERNEN: You yelled at the poor guy with masks
SORKIN: I’m not, Joe.
KERNEN: You just yelled again!
SORKIN: Go ahead.
KERNEN: I’m sorry.
SORKIN: No, you’re not. No, you’re not, Joe. I’m sorry. Go ahead with the news
KERNEN: You panicked about the market. Panicked about COVID. Panicked about the ventilators. Panicked about the PPE. Panicked about ever going back again. Panicked about getting back to normal.
SORKIN: Joseph, you didn’t panic about anything!
KERNEN: What good is it?
SORKIN: Joseph, 100,000 people died!
KERNEN: I understand that!
SORKIN: 100,000 people died, Joe! And all you did was try to 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! You used and abused your position!
KERNEN: That’s totally unfair I’m trying to help investors keep their cool, keep their heads. As it turned out, that’s what they should have done.
SORKIN: You know what, Joseph? Do the news. Do the news.
KERNEN: If they had listened to you, Andrew, we’re supposed to be at about 8000.
SORKIN: I wasn’t arguing about selling stocks, Joseph! I was arguing about people’s lives! That’s the argument! Do the news I’m begging you to do the news, Joseph!
KERNEN: It is a global pandemic, Andy! It’s a global pandemic where per capita deaths we are down near the low end of per capita deaths. We’re nowhere near 100,000. Most places are at 60 deaths of 100,000. We are at 29 it is terrible, but it was never going to be that we weren’t going to come back and return to normal. Siding with Ackman and everything else didn’t give credence with all of that panic didn’t help any investors at all or people with their anxiety and everything else. So that’s why we’re here. To try and help people navigate through. Not to try and help Donald Trump.
May 27, 2020 5:30 pm