Hot Takes from Charlie Munger, Hot PPI Data from Labor, & a Hot Debt Warning from the CBO 2/16/23

Berkshire Hathaway Vice Chairman Charlie Munger, a shareholder and board member of the Daily Journal Corporation, spoke at this year’s virtual Daily Journal Annual Meeting. Becky Quick delivers the highlights from that meeting, where Munger addressed A.I., his favorite stocks of all time , Elon Musk’s Twitter takeover, and what he calls “crypto crap-o.” The Labor Department reported a producer price index hotter than economists expected , raising questions about the longevity of inflation in the U.S. CNBC’s Rick Santelli and Steve Liesman discuss what the most recent inflation data means for the Fed’s fight against inflation. The Congressional Budget Office has warned that the U.S. the Treasury Department can only sustain its extraordinary measures to prevent a debt default for five to eight more months. The CBO also raised its projection of national debt over the next decade. Phillip Swagel, the director of The Nonpartisan Congressional Budget Office, discusses the deficit and default warnings, the contentious Congressional debt ceiling fight, and rising interest payments challenging the U.S. budget window. Plus, more leadership changes are coming for the Federal Reserve, Wall Street Bets founder is suing Reddit, and a growing population of wealthy Chinese are relocating out of China, as economic concerns rise in the mainland. In this episode: Rick Santelli, @RickSantelli Steve Liesman, @steveliesman Robert Frank, @robtfrank Becky Quick, @BeckyQuick Joe Kernen, @JoeSquawk Cameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.