James Tisch, Loews CEO, was a guest on CNBC’s Squawk Box this morning, but he wasn’t talking about Lowes per say. The conversation focused on their other businesses, mainly oil and gas, and natural gas pipelines. It was the latter that was being addressed when Becky Quick, who was leading the interview, made a statement that nearly gave her co-host Joe Kernen a heart attack.
Tisch was promoting his businesses, so it came as no surprise that he took advantage of our dependency on foreign fossil fuels to support his efforts. However, when the conversation turned to pipelines, things went array when Quick exposed a big fallacy in Tisch’s plan: it won’t actually reduce our dependence on foreign oil because Tisch’s pipeline is intended to ship natural gas overseas.
Speaking to Tisch, Kernen reacted with “that keeps it in the country”. Not sure what he meant by that, but it sure sounded like Kernen was trying to steer Tisch away from talking about shipping our natural gas overseas. Then he quickly followed that up with “don’t get her started”: “her” meaning Quick.
Kernen obviously knew Quick had some strong feelings about building pipelines across the country just to ship our fossil fuel products over seas when we have such a big demand for it here in our country. Quick responded to Tisch and said “I know you’re in favor of exporting and I was thinking of this last night, trying to get my head around it and …” Tisch interrupted with a highly sensitive voice and obvious fake compassionate tone saying “It’s — all —about — jobsssssss”; to which Quick literally rolled her eyes.
Then Kernen chimed in: “Oh, man, ixnay on the port exnay — oh boy, oh boy”; meaning don’t talk about exporting our natural resources. The look and stare he gave Quick was with daggers —
followed by a very unsettling queasy look.
To get the entire impact, watch the video below. But before you do, know this; Tisch did get “the message” from Kernen. He went into high gear talking about the jobs aspect of exporting our oil and gas. But Quick didn’t fold; she pulled a Kernen and kept talking, not allowing either of them to get away with their attempt to distract from something Kernen and others like Tisch has been vigorously promoting: screwing the consumer for the benefit of corporate America. At this point, Kernen nearly went silent, just sitting their like he had lost his best friend (if he has one).
So why is any of this important enough to write about? Well, while I admit that it’s very satisfying to see Joe Kernen squirm, given his constant anti-American rants, that’s not the real point here. The point is that CNBC, much like Fox Faux, goes to great lengths to omit any and all facts that might not support corporate America or the GOP’s agenda. And the pipeline issue presents a huge problem for CNBC and other supporters. This is the reason today’s conversation on Squawk Box is extremely important.
Watch the 6-minute video. The good stuff begins at about the 3 minute mark.