tv Way Too Early MSNBC June 21, 2013 2:30am-3:01am PDT
not a lot of relaxation if you own stocks right now, though. the dow loses more than 500 points in two days. we'll try to let you know how nervous you need to be about that 401(k). this is "way too early." ♪ good morning, everybody. i'm brian shactman. it is friday, june the 21st. happy summer, the first day of summer. it's also my daughter, annelise's 7th birthday. if you're awake, get back to bed. you're in huge trouble. if you're watching on tv, i love you and happy birthday. i'll see you later in the day. we start to start the day's news with serious stuff, though, surrounding the investment world, where global markets stabilized overnight after a two-day sell-off that has just about everyone rattled. stocks, bonds, commodity prices around the world were down, a sign that global investors may not share the same confidence in
the economic recovery as the u.s. federal reserve. stateside, the dow, s&p, nasdaq dropping by more than 2%, the largest one-day decline since november of 2011. over the past two days, the u.s. markets have wiped out all of their gains since the beginning of may, and we want to bring in for the big business stories, chief economic correspondent for "politico," ben white. i guess for everyone, put the fed aside and all the jargon talk for a second. people watching, how freaked out should they be? >> little freaked out, i would say. as you've said, we've stabilized a little bit this morning. looks like the u.s. might open a little higher. but you know, what ben bernanke said in his press conference was he's trying to land on an aircraft carrier. he's trying to pull all the stimulus out of the system and we've never done it before. it's unprecedented territory for the central bank to be doing this. the big question was, were they propping up the economy and stock market or can it fly on its own? that what we'll wait and see. if i'm a retail investor with a 401(k), hold tight, see what happens. it will be volatile for weeks,
probably months at this point while the fed figures out how to get the stimulus out. ultimately, it will shake out to a normalized level. the underlying economy is good so i'd freak out a little bit, but ultimately just wait. >> we want to have the economy stand on its own two feet, but that's the thing here. 401(k) investors, they're not active traders, and the people trading here are probably booking profits from this huge run-up we've had. >> yeah. what it is is a very professional market right now, and you've got traders who love volatility, cashing in on this. we had a pretty tepid market for a while, wasn't a lot of daily motion, and then the fed said we're going to pull out stimulus and you've got big swings up and down. we could pop back up today, so this is a professional trader's market, not for the amateur, mom-and-pop investor. best thing is to wait it out at this point. if you're risk averse and can't stomach all the swings, maybe take a little money off the table at this point, but you could also buy the dips. it might be a good opportunity to get in. >> this is an opinion question. usually when people are scared about stocks, they flock to bonds, but that's not the case here, right?
people are just selling them off. so the bond yields come up. do you see that as a long-term trend? do you see people going out and buying that new car, buying that new house because we may be off to the races with rates? >> i actually did that and locked in a new interest rate on the house partly because of this and the fear that interest rates will be going up. they're going up now and they will continue to be. the fed is not buying all these bonds anymore. interest rates are going to rise. the ten-year yield will rise. that means home loans and credit cards rise a little bit. so, if you're thinking about buying or refinancing, not a bad time to do it around now. they're not going to spike real high, but over the next year or so -- >> going up. >> they'll go from 4% to 5% to 6% on the 30-year. >> ben white. he's good on twitt twitter @morningmoney. ben, thanks for coming in. of course, with a second consecutive day of triple-digit losses, we want to sask the question here. if the stock market is not a safe investment right now, you should be putting your money in blank? use the #waytooearly.
people have already said bacon, right? i said i want to reinvest in cronuts. the best tweets will get a shout-out later in the show. other news this friday, republicans are blaming democrats -- wait, don't they blame them for everything and the democrats blame the republicans for everything? anywhere, they are blaming them for the surprise defeat of a farm bill, but the vote count shows it's not that cut and dry. 62 members of the gop broke ranks with their own party leaders to knock down the legislation. many in the conservative wing said the measure was too expensive, while democrats opposed the planned cuts to the food stamp program. republican leaders accuse democrats of withdrawing their support at the last minute, but minority leader nancy pelosi says there are bigger issues at play. >> what is happening on the floor today was a demonstration of major amateur hour. they didn't get results and they put the blame on somebody else. if we ever came to you when we
had the majority and said we didn't pass a bill because we didn't get enough republican votes, well, you know, that's really, it's silly. it's sad. it's juvenile. it's unprofessional. it's amateur hour. >> the republican revolt over the farm bill could spell some trouble in the house for other big issues, including immigration reform. still, the u.s. senate presses on with a new deal in the works to strengthen border security in hopes of winning bipartisan support for the overhaul. the agreement which was hammered out by republicans bob corker and john hoeven calls for 40,000 agents and 700 miles of fence along the southern border. only then will the undocumented workers begin to go down the pathway to citizenship. >> some people have described this as a border surge. and the fact is that we are investing resources in securing our border that have never been invested before. >> you'll have a border patrol agent every 1,000 feet on the border 24 hours a day, 7 days a
week. >> we need to fix this, and this is our chance to fix it. >> by some estimates, the bill could gain as many as 70 supporters in the senate, but don't count ted cruz among them. >> what we saw in 1986 was the amnesty occurred, and yet, the border never got secured. and here we are three decades later, and instead of 3 million people here illegally, there's some 11 million people here illegally. and this gang of eight bill repeats the exact same pattern of 1986. and the amendment that has been proposed today does the same thing. let's turn to news overseas now. brazil's president will hold an emergency meeting today in an attempt to put an end to the country's growing antigovernment protests. yesterday an estimated 1 million people took to the streets despite several concessions to the protesters' demands. by nightfall, the protest had
spread to more than 100 cities across the country. it is believed to be the largest protests in brazil in two decades. the demonstrations have been mostly peaceful with a few incidents of violence. yesterday, however, an 18-year-old man was killed after a car drove through a barricade. it was the first reported death related to the protests. president barack obama plans to nominate president george w. bush's former number two at the justice department to lead the fbi. james comey will take over as the agency, of course, is dealing with privacy debates over recently exposed investigative tactics. comey is best known for a 2004 standoff over a no-warrant wiretapping program literally at the hospital bed of attorney general john ashcroft. comey stopped white house officials in their attempt to get an ailing ashcroft to reauthorize the program. if confirmed by the senate, comey would serve a ten-year tenure and replace robert mueller. mueller has held the job since the week before the terrorist attacks on september 11th. the murder investigation involving new england patriots tight end aaron hernandez
continues to develop this morning. the fox affiliate in boston is reporting that neighbors heard gunshots early monday morning, the day that oden lloyd's body was found about a mile from hernandez's house. the station is also reporting that hernandez's cell phone and home security system were damaged when police arrived at the house to question hernandez. si.com is reporting hernandez likely will be arrested, although we do need to point out, it's not clear what he'll be charged with, if he is arrested. we could maybe make this one serve as the friday feel-good story for you. not hernandez, but this one. it's an experimental technique that is giving a little boy -- and this is unbelievable -- the opportunity to hear for the very first time. and you just really kind of have to watch it to understand what that gift means to 3-year-old grayson. >> daddy loves you. daddy loves you. daddy -- >> yes, he heard! >> can you hear daddy?
>> that's amazing. grayson was born without auditory nerves in either ear. doctors performed the surgery on the 3-year-old. they placed an implant into his brain. he's, of course, still getting into what you could imagine is a rush of information into his brain, but his mother hopes one day soon he'll start to be able to use words as well. so, just an awesome story on friday. one of the more annoying parts of flying could be in store for some changes. and to me, it's less on a human level, but still an awesome story. the "wall street journal" reporting the faa is expected to walk back some of the rules on using personal electronic devices. it will probably mean you won't have to turn your kindle off during takeoff and landing, which is great. you're at a good part of the book and you have to power down. then you feel like a criminal when the flight attendant yells at you or you hide it under something. they're not expected to change the rules on in-flight phone calls, though. the exact changes won't be announced until the end of september. and it's about time for an update. how about this? the rules have not changed since the 1960s, where you probably
could smoke on a plane and sneak in your own jack daniel's, but that's another story. still ahead on "way too early," the biggest star in the nba living up to his billing. game seven of the nba finals. we'll look back at the miami heat's win and lebron's performance. and it could be the most challenging assignment of all time for a sign language interpreter. her assignment, signing woo tang clan. that's hard enough for me to say. and a check on weather when "way too early" comes right back. 15 months ago, outside of the hilton hotel, the president and others gunned down. john hinckley jr. was found innocent by reason of insanity by a jury. >> only hinckley's victims avoided comment. >> no comment. vo: traveling you definitely end up meeting a lot more people but
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time for sports. game seven of the nba finals, of course, heat versus the spurs. lebron james, really all about lebron trying to silence his critics with a repeat championship. and the aging spurs trying to become the first team to win a game seven on the road since 1978. and this was close for most of the game. in the third, spurs just daring lebron to use the outside jumper, and he nails it. he hit five 3-pointers. to the fourth, game still close. lebron kicks it out to shane battier. like ray allen in the game before, kind of the hero, 6 for 8 behind the arc, 16 points. spurs would not go away. kaw hi leonard makes it a two-point game. same score, time winding down. tim duncan could be the hero but can't get it to go. next possession, lebron, that would be the metaphor for dagger. heat up by four. tony parker on the bench. spurs, one last effort. manu ginobili throws it away and
the heat win back-to-back titles. lebron was a monster, 37 points, 12 rebounds, wins the bill russell trophy for most valuable player. nice embrace with gregg popovich, coach of the spurs, dwyane wade as well. no hard feelings. there's lebron and bill russell, the celtic great. and he was asked after the game about the pressure that comes with being lebron. >> how, when everybody is coming at you, do you keep your head and perform at the level you do? >> listen, for me, i can't worry about what everybody says about me. i'm lebron james from akron, ohio, from the inner city. i'm not even supposed to be here. that's enough. every night i walk into the locker room, i see a number 6 with "james" on the back. i'm blessed. so, what everybody says about me off the court don't matter. i ain't got no worries!
>> congratulations, lebron. >> miami fans, the ones that stayed for the game this time, took to the streets outside american airlines arena to celebrate. i mean, obviously, lebron james, probably the better all-around player than maybe michael jordan, but i still can't put him with michael jordan as of yet as a winner, but they get two titles in three years, so taking the talent to south beach seems to have worked out. i don't know about five, though. might be done. we go now from the pros to high school. a new policy in new jersey aiming to ban trash talking during high school sporting events. the new rule could even get a player or coach investigated by the state's civil rights division. the new rule stems from new jersey's new crackdown on bullying in schools. so, i just wonder if i could say to bill karins, you're not going to stick that weather report. >> right. >> you're going to report me. please don't do that. to baseball now. the best highlight of the day was not freeven a player.
during yesterday's white sox/twins game, check out the ball boy. boom! oh, fell right on the back, but no worries. got up a little gingerly, but he made the grab. a little semi fist bump, gives it to a little boy, of course. watch the replay. watch this, right down, and ooh, get him an advil. that's a great grab. he's all over every newscast in america today. finally, david beckham only a few days into retirement still getting huge crowds wherever he goes. yesterday in shanghai, china, beckham -- and you know how i feel about mr. beckham. i would have been there, too, like ahh! visiting a university to meet members of its soccer team. organizers of the event apparently underestimated how many people would show up. just a couple billion people in china and a lot of them like mr. beckham. upon his arrival, all hell broke loose. more than 1,000 people stormed the gates of the stadium to get a glimpse of the soccer star. seven people were injured. it was like a beatles concert.
pretty unbelievable. that's how you're greeted at 30 rock when you come in every day, like bill karins! but i -- >> your david beckham restraining order needs to be expanded from one mile to like a ten-mile radius. >> i just admire his soccer -- >> don't say what you admire of him. i don't want to know. good morning, everyone, and welcome to summer. we are watching a nasty line of storms. i'm sure a lot of you probably woke up in the middle of the night in minnesota, especially minneapolis, st. cloud. the 60-mile-per-hour winds went through, a lot of people without power and that's headed to eau claire and rochester. so watch out this afternoon as you head out. more storms this afternoon for chicago, madison, the fire weather dangerous in the four corner region. it's still dry, still hot. that's not going to change this weekend. so, your first summer weekend forecast. the east coast looks really nice, starting off warm, low
humidity. by the end of the weekend, humidity jumps. 87 on saturday for d.c., dallas at 97, so we're really turning the furnace up here definitely in the central plains, as you'd expect. no 100s, but by sunday, getting a little warm there. d.c. about 90 degrees. looks like a great beach weekend for much of the east coast. >> nice. >> enjoy. >> hope everyone does have a good weekend. thanks, bill. coming up on "morning joe," the stock market drops more than 300 points, but is it exclusively a problem for traders on wall street? we'll toss it around the panel with joe and mika. when we come back here, we'll huddle around the cooler. kim and kanye's baby girl has a name, and she has some direction. we'll explain when we come right back. [ female announcer ] a classic macaroni & cheese from stouffer's starts with freshly-made pasta, and 100% real cheddar cheese. but what makes stouffer's mac n' cheese best of all. that moment you enjoy it at home. stouffer's. made with care for you or your family.
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♪ "panama" by van halen. van halen on a friday. enough of the real news, let's go to the water cooler. feelings of course far from friendly when president obama met with russian president vladimir putin this week. putin still shooting down claims that he stole a super bowl ring from patriots owner robert kraft, and that's not all. david letterman shows us what else he stole. >> we are continuing to strengthen our cooperation on this issue, including as we
welcome russia hosting the winter olympics. >> honestly, what's the matter with the guy? >> and iran, of course, elected a new president this week, moderate hassan rowhani, but before stephen colbert embraces him, he looks back one last time on outgoing president mahmoud ahmadinejad. >> there is one thing i will miss, never knowing how to pronounce his last name. ahma -- jimmy just roll the tape -- ijad. president -- oh, boy, let's see if i can get this right. lord, help me get my mouth around this crazy name. ahma ali ali oxen free. ahma we just won an emmy mijad, ah mad space we just heard you
scream ijad. ahma we come from the land of ice and snow ijad. i'm just glad rowhani is so much easier to say than ahmadinejad. wait! i just did it! >> just in time, too. there were four days of back-to-back concerts at the bonnaroo music festival in tennessee this week, but the most memorable moment was not on stage, and jimmy kimmel explains. >> they had a sign language interpreter on stage with the wu-tang clan, which is funny just to start with, but i'll tell you what, i've seen a lot of signers at a lot of concerts. this one crushes them all. ♪
>> i'll tell you something, that is a def jam right there. >> i like this one the best. i don't know what that one means. that's good. again, i mispronounced the name wu-tang clan many times. by the way, jon meacham did not go to bonnaroo this year, which i'm disappointed in you. you like wu-tang, too. all right, this is a story we tried to stay away from for as long as humanly possible, but kanye west and kim kardashian's baby girl, it has a name, and so, we couldn't not talk about it. the baby girl, her name is north. yes, her full name will be north west. as you would expect, quite a response on twitter. one of the best tweets -- you name your baby north west. were key and wild already taken?" i don't know what to do. mika, save me, please. >> you said you didn't want to cover it, then you covered it, so -- >> there's no trash can to burn
paper on. >> no, but you could vomit. all right, thank you, brian. the stock markets take a nasty, nasty hit, dropping 300 points, but could it mean good news for the economy? we're going to ask the "washington post" economist neil irwin and steve rander's back in to explain it all later. our interview of jeff daniels, star of "newsroom," will give us some pointers. okay. we'll also ask him shamelessly about the upcoming "dumb and dumber" sequel, of course. finally, i have a bone to pick with a guest who claims junk food can end obesity. i'm not buying it, of course. we'll discuss this with david friedman. eugene roberts and david gregory are back with us. brian, back to you. see you in a few minutes. >> i'll bring in the donuts. thanks, mika. still ahead on "way too early," your most creative tweets. with the stock market swooning, you are putting your money where? we'll be right back. ♪
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mr. tower has some answers. >> got great ones. this is a common theme -- larry, i'm investing in a new mattress so i have a place to hide my money. and i'm betting my beanie babies in san antonio spurs t-shirts. and diane writes as in, a tesla, as in the actual car. more fun than watching my stocks tank. and finally, "i'm putting my money in bacon." >> i dollar cost average in my bacon investments. i just invest a little bit every single day. actually, mostly investing that on sundays at the local diner. thank you, john tower. have a great weekend, everyone. time for "morning joe." the spurs will not bow. final seconds. what a finish. it's back to back titles for the heat! th