Buffett Speaks; Print-a-Gun; Santelli Slams Obamacare
An informative and entertaining look at the must-see CNBC moments that will sharpen your business edge today, tomorrow and beyond. What follows is a look at some of the most compelling conversations and noteworthy moments broadcast on CNBC on Monday, May 6.
When he talks, Wall Street listens.
For that matter, Main Street listens, too.
And for good reason. After all, Warren Buffett is arguably one of the most successful investors of all time. His business acumen and investment savvy has made him one of the richest men on the planet and head of conglomerate Berkshire Hathaway, which owns everything from Dairy Queen to Fruit of the Loom and Geico.
Following Berkshire Hathaway's annual meeting of shareholders in Omaha, Buffett gave a three-hour interview to CNBC's Becky Quick, touching on the market rally, the economy and his thoughts on select stocks.
Buffett told CNBC that stocks are still "reasonably priced" with a lot of room to run. He anticipates a correction at any time but recommends that investors focus on the long term.
But wait. That doesn't mean Buffett's getting behind bonds. In fact, he called Treasurys a "terrible" investment because they're priced "artificially" high because of the Federal Reserve's asset-buying program.
As for the economy, Buffett said it's showing signs of "gradual improvement ... moving forward, but at a slow pace." He expressed concern about the disparity between the rich and poor, though, arguing that a greater divide will inevitably hurt demand.
Schumer Seeks to Outlaw Printing Pistols
Here in the newsroom, we can't seem to go a day without running into some kind of printer problem, not unlike the classic scene from the comedy film "Office Space."
"PC load letter. What the #@!% does that mean?"
Pop culture references aside, apparently printing is no sweat for Cody Wilson, a 25-year-old law student at the University of Texas. Wilson created the world's first working gun using a 3-D printer. Called "The Liberator," it fires a .380 caliber bullet and is made of plastic except for a single nail used as a firing pin (because guns made entirely of plastic are illegal).
Wilson, who founded and heads the nonprofit Defense Distributed, plans to post the blueprints for the weapon online.
Sen. Charles E. Schumer, D-N.Y., would like to make printing guns illegal.
"The problem here is, for the first time, posted online, will be how to make a gun with virtually no metal," Schumer told CNBC's Brian Sullivan on "Street Signs," arguing that a terrorist or criminal could now create an "undetectable" weapon. "We think it ought to be made a crime to do this—to make any one of these guns from a 3-D printer."
Legislation has already been introduced in the Senate, Schumer said, adding he plans to push it through. He didn't name the bill or detail what's in it but said that "at the very least [we should] make it a crime to have such a gun. … What we should do beyond that, I don't know."
Santelli Slams Obamacare
Patient Protection and Affordable Care Act. Health care reform. Obamacare.
Whatever you call it, CNBC's Rick Santelli made clear of one thing: He thinks it's hurting jobs.
Santelli referred to an article in Friday's Investor's Business Daily that said retailers are slashing work hours ahead of the new law. At issue: Large employers will face a hefty, nondeductible fine of up to $3,000 per full-time worker if they don't provide them with the insurance coverage mandated by law.
What's interesting, though, is that employers aren't ponying up for the coverage. No! They're just cutting employees' hours, Santelli inferred. In fact, the Labor Department said Friday that the average workweek had dropped 2 percent year-over-year.