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October 16th, 2013
05:01 PM ET

"Piers Morgan Live, Rewind": Christine Romans, Richard Quest, Josh Barro, and El-Erian on the government shutdown

Whether you fell asleep early, stayed out too late, or simply want to watch it again, we realize it's not always possible to get your entire "Piers Morgan Live" fix from television. As an answer to this, we offer the below labor of love – "Piers Morgan Live, Rewind" – dedicated and designed to getting you caught up and connected to the conversation.

  • Richard Quest doesn't see things going back to normal in Washington

On Tuesday evening, Piers Morgan sat down with CNN’s chief business correspondent, Christine Romans, Richard Quest of CNN’s “Quest Means Business,” and Business Insider’s politics editor Josh Barro. Joining the program for a live conversation, the panel’s focus was on the damaging effects of the government shutdown on Americans, and the global economy.

Barro began by explaining the politics behind the situation:

“Most of the Republican caucus didn't want to get into this mess in the first place,” he began. “You have about 50 or 60 of them who really wanted to have this government shut down to fight the debt limit fight over Obamacare. The rest of them understood this was a dumb strategy but they never wanted to take votes saying it was a dumb strategy because they are afraid of republican primaries in which people will demand that they shut down the government and fight to the dead end against Obamacare.”

Luckily for those Republicans, Barro explained, a deal from the Senate will be a welcome relief to end the madness. However, he added, the outcome of all of this will not be as favorable for Republicans seeking re-election in the house:

“Democrats take back the House in the election in a year, and Republicans learn their lesson. They don't get away with this forever and we have normal governance.”

Quest, meanwhile, had a different picture in mind for the future of America:

“Things will not go back to normal,” said Quest, arguing Barro’s point. “The world has changed in the sense that you have China talking about de-Americanizing ... The U.S. cannot continue to play this sort of role and expect to get away with it.”

Moving the conversation down a slightly different path, Morgan asked the international CNN anchor to predict what the impact will be on the average American. Quest’s opined that the consequences would not been seen overnight, calling the situation “a slow burner,” but felt that “overtime, it will have a corrosive effect. You cannot have this sort of dislocation in financial markets and not see an effect.”

This perspective mirrored that of Romans, who explained that too many Americans seem unfazed by the result this could have on their financial future, and when the realization finally kicks in, it may be a classic example of the cliched phrase, too little too late:

“By the time you worry about it that's when your grandmother is going to get a social security check and the social security trust fund might get an IOU for the interest paid and you start to see things really getting ugly," noted the anchor of CNN’s “Your Money.” "Any unforeseen links in the financial systems start to come unraveled and then it's too late to stop it.”

  • El-Erian: "Damage has been done to the real economy"

As the outcome of the debt ceiling crisis weighs heavily on the minds of many, on Tuesday "Piers Morgan Live" consulted one of the biggest global experts on international economics and finance, Mohamed El Erian. The CEO and co-CIO of PIMCO, a global investment management firm that has almost $2 trillion in assets under management, El Erian did not hold back on sharing his fears this crisis is already beginning to have on global markets:

"Damage has been done to the real economy, people are spending less, companies are hiring less, so that's a real problem because it's not as if our economy was growing very fast to begin with.”

El Erian's concerns did not end there:

“There's also damage being done to the standing of the U.S. in the global economy," he explained. “After all, they use us as reserve currency.”

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soundoff (12 Responses)
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    Thanks for not shear again this blog.

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    October 16, 2013 at 7:10 pm | Report abuse | Reply
  2. Creed Wait

    Piers is a reactionary blowhard. Anderson is farther left than me and yet I enjoy watching his program. Why is this? Anderson often does not agree with his guests. But Anderson lets his guests finish most of their sentences and you can see that when a guest makes a good point with which Anderson may not agree then he clearly considers the point very thoughtfully. Piers just shouts everyone down, and as such he is part of the problem, not part of the solution. It is now about six months since I watched Piers. My life is better. I want to hear both sides of all issues, but not from this blowhard. Come on, CNN. You can do better.

    October 16, 2013 at 8:04 pm | Report abuse | Reply
    • D Bedford

      Piers Morgan is a foreigner from another country and should not have a show thrashing out our President or its leaders. The British. People scream and throw chairs @ each other. Piers needs to stick to what he knows about Entertainment and leave American Politics along.Pierce should try being more like Anderson. He is good @ what he does even if you don't. Always agree with him.

      October 17, 2013 at 9:46 pm | Report abuse | Reply
  3. Michael Cusumano

    Really! Can you really be stupid enough to misinform the American people this way? I promise you that in a few years when the American people begin to truly suffer due to your misrepresentation, you and your colleagues will become public enemy #1 and wind up in some American prison under a charge of treason.

    How about telling the truth regarding default?

    October 16, 2013 at 9:23 pm | Report abuse | Reply
  4. Robert Cherry

    Why is no one in the media talking about the fact that the Affordable Health Care Act is RomneyCare 2? The federal plan is almost an exact copy of RomneyCare in Mass. He was extremely proud of this accomplishment when Governor. 84% of the citizens of Massachusetts are happy with this plan AFTER SEVEN YEARS.

    The Republican Party is just after this because they need a cause to beat on in hopes of winning elections. They have no interest in the common man.

    Come on. Ask Ann Coulter how she feels about RomneyCare. No one in the media has hit upon this yet.

    Robert Cherry
    Boone, NC

    October 16, 2013 at 9:50 pm | Report abuse | Reply
    • Diane

      I totally agree with you.

      October 16, 2013 at 10:37 pm | Report abuse | Reply
  5. Margaret

    Romney-care was set up for the state of Mass. Obamacare is for the entire country. Please give me an example when the federal government has ever beeen able to do anything well. Please don't give me SS and medicare, because most people under 50 wil never see this.

    October 16, 2013 at 11:34 pm | Report abuse | Reply
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    Calling all War Veterans to serve their countrymamsecond time! Vote out the status quo and vote in the War Veterans!

    October 17, 2013 at 12:42 am | Report abuse | Reply
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