'It’s frustrating,' CNBC's Joe Kernen slams Elizabeth Warren over price control measures

AP Photo/J. Scott Applewhite

A recent segment on CNBC's "Squawk Box" erupted into a tense debate between host Joe Kernen and Democratic Massachusetts Senator Elizabeth Warren over proposed price gouging legislation. The discussion, centered around Vice President Kamala Harris' recent announcement of a potential federal ban on "price gouging" for groceries, quickly devolved into a battle of interruptions and accusations.

Kernen initiated the debate by citing criticism of price control legislation from various sources, including The Washington Post. He argued that artificial price controls historically fail to address market issues effectively, stating, "Nothing works when you try to artificially control prices. It's just the supply and demand issue."

Senator Warren countered by pointing out the existence of price-gouging laws in numerous states, including Texas and Florida. She emphasized that these laws are not price controls but rather measures to curb market excesses. Warren argued, "Price gouging laws are to say, 'You know, sometimes markets go off the rails, and when they do, we need some ways to get them back on the rails.'"

The senator cited examples from the pandemic, suggesting that some corporations took advantage of inflation to raise prices beyond merely passing along costs. She pointed to increased profit margins in concentrated industries as evidence of this practice.

The debate grew increasingly heated as both participants accused each other of interrupting and not allowing for a fair exchange of ideas. 

A particular point of contention arose over Warren's claim about Kraft-Heinz's profit increase. Kernen attempted to provide context about an accounting change that affected the company's reported profits but found himself repeatedly interrupted.

Kernen ended the conversation in frustration, stating, "This is the way you never lose an argument because no one can ever say anything back to you, Senator. It's frustrating."

WATCH:

NEW: Senator Elizabeth Warren gets flustered after CNBC's Joe Kernen calls her out for gaslighting & lying to his audience as she tried defending Kamala's price controls.

Kernen was seen shaking his head as Warren continued to cut him off & lie to his viewers.

"This is the way… pic.twitter.com/zzKyKAr5qw

— Collin Rugg (@CollinRugg) August 23, 2024