Watch CNBC Anchors Laugh At UBS “Expert” Who Said Fed Did Not Boost Stocks

In at least one way, CNBC and the Fed share an unspoken “third mandate”. While according to Congress, the Fed is responsible for maintaining stable prices and low unemployment – and CNBC proclaims to be a purveyor of real-time news and analysis – both organizations have also taken it upon themselves to help prop up asset prices. For anybody who doubts CNBC’s perennial bullishness, just take a look back at all of the talk about ‘this is what a market bottom looks like’ that has occurred this week.

And while CNBC has typically laughed at market “conspiracy theories” like the notion that the Federal Reserve has used asset purchases and low interest rates with the explicit goal of propping up stocks, once in a while, a rare nugget of truth slips out.

During a segment on Friday morning’s “Squawk on the Street”, Vinay Pande, head of trading strategies for the wealth management unit at UBS Group AG, said during a discussion about QE that the Fed’s easy money policies and their impact on asset prices has been far more nebulous than many economists would have viewers believe.

CNBC’s Sara Eisen reacted to this with a mix of surprise and incredulity, and apparently couldn’t stop herself from pointing out that “everybody” agrees that the Fed’s policies resulted in a very specific outcome – namely, they sent asset prices higher.

Vinay Pande: “I have not met two economists who agree on the impact of QE…”

Sarah Eisen: “But every body agrees that it propped up the stock market.”

Pande: “No.”

Eisen: “No?”

[laughter]

Pande: In the sense that it conveyed that the Fed was serious – it was a signaling tool…

Pande then contrasted the Fed’s QE with the BOJ’s. The BOJ bought stocks directly, which definitely propped up the country’s equity market, while the Fed stuck with bonds, and didn’t buy stocks outright.

Setting aside the fact that plenty of economists agree that QE directly propped up the stock market, Pande is effectively arguing that the act of buying trillions of dollars of assets isn’t what sent stocks higher in a virtually uninterrupted rally over the past eight years. Instead, he’s saying that the Fed’s asset purchases were merely a “signaling tool” – ie that the impact on markets from QE1, QE2 and QE3 was purely psychological. Which of course, ignores Bernanke’s infamous WaPo oped which explicitly said that the unstated purpose of the Fed’s “price stability” mandate is to boost the “wealth effect”, i.e. ramp up markets, to wit:

“higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.”

Hence the laughter at the stupidity (or merely propaganda) of anyone who still claims that the Fed did not prop up the stock market.

Watch the full conversation below. The exchange between Eisen and Pande begins at the 4:50 mark:

 

 

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wh0 said fed did not boost stocks [208] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; wh9 said fed did not boost stocks [209] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who aaid fed did not boost stocks [210] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who zaid fed did not boost stocks [211] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who xaid fed did not boost stocks [212] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who daid fed did not boost stocks [213] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who eaid fed did not boost stocks [214] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who waid fed did not boost stocks [215] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who szid fed did not boost stocks [216] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who ssid fed did not boost stocks [217] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who swid fed did not boost stocks [218] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who sqid fed did not boost stocks [219] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who saud fed did not boost stocks [220] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who sajd fed did not boost stocks [221] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who sakd fed did not boost stocks [222] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who saod fed did not boost stocks [223] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who sa9d fed did not boost stocks [224] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who sa8d fed did not boost stocks [225] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who sais fed did not boost stocks [226] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who saix fed did not boost stocks [227] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who saic fed did not boost stocks [228] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who saif fed did not boost stocks [229] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who sair fed did not boost stocks [230] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who saie fed did not boost stocks [231] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said ded did not boost stocks [232] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said ced did not boost stocks [233] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said ved did not boost stocks [234] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said ged did not boost stocks [235] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said ted did not boost stocks [236] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said red did not boost stocks [237] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fwd did not boost stocks [238] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fsd did not boost stocks [239] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fdd did not boost stocks [240] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said frd did not boost stocks [241] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said f4d did not boost stocks [242] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said f3d did not boost stocks [243] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fes did not boost stocks [244] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fex did not boost stocks [245] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fec did not boost stocks [246] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fef did not boost stocks [247] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fer did not boost stocks [248] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fee did not boost stocks [249] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed sid not boost stocks [250] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed xid not boost stocks [251] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed cid not boost stocks [252] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed fid not boost stocks [253] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed rid not boost stocks [254] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed eid not boost stocks [255] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dud not boost stocks [256] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed djd not boost stocks [257] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dkd not boost stocks [258] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dod not boost stocks [259] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed d9d not boost stocks [260] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed d8d not boost stocks [261] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dis not boost stocks [262] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dix not boost stocks [263] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dic not boost stocks [264] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dif not boost stocks [265] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed dir not boost stocks [266] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed die not boost stocks [267] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did bot boost stocks [268] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did mot boost stocks [269] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did jot boost stocks [270] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did hot boost stocks [271] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did nit boost stocks [272] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did nkt boost stocks [273] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did nlt boost stocks [274] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did npt boost stocks [275] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did n0t boost stocks [276] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did n9t boost stocks [277] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did nor boost stocks [278] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did nof boost stocks [279] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did nog boost stocks [280] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did noy boost stocks [281] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did no6 boost stocks [282] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did no5 boost stocks [283] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not voost stocks [284] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not noost stocks [285] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not hoost stocks [286] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not goost stocks [287] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not biost stocks [288] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not bkost stocks [289] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not blost stocks [290] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not bpost stocks [291] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not b0ost stocks [292] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not b9ost stocks [293] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boist stocks [294] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not bokst stocks [295] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not bolst stocks [296] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not bopst stocks [297] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not bo0st stocks [298] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not bo9st stocks [299] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not booat stocks [300] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boozt stocks [301] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not booxt stocks [302] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boodt stocks [303] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not booet stocks [304] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boowt stocks [305] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boosr stocks [306] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boosf stocks [307] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boosg stocks [308] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boosy stocks [309] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boos6 stocks [310] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boos5 stocks [311] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost atocks [312] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost ztocks [313] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost xtocks [314] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost dtocks [315] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost etocks [316] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost wtocks [317] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost srocks [318] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost sfocks [319] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost sgocks [320] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost syocks [321] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost s6ocks [322] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost s5ocks [323] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost sticks [324] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stkcks [325] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stlcks [326] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stpcks [327] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost st0cks [328] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost st9cks [329] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stoxks [330] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stovks [331] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stofks [332] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stodks [333] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stocjs [334] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stocms [335] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stocls [336] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stocos [337] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stocis [338] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stocka [339] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stockz [340] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stockx [341] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stockd [342] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stocke [343] => watch cnbc anchors laugh at ubs &#8220;expert&#8221; who said fed did not boost stockw ) </h1> </body>