Squawk Pod Summary
Episode: NEC Director Kevin Hassett & Changes at Berkshire Hathaway
Date: December 8, 2025
Hosts: Joe Kernen, Becky Quick, Andrew Ross Sorkin
Special Guests: Kevin Hassett (NEC Director), Michael Wolff (former MTV President)
Main Theme & Purpose
This episode dives into the most pressing business stories:
- Kevin Hassett as the leading contender for the next Federal Reserve Chair, his economic philosophy, and his perspective on current policy issues.
- Berkshire Hathaway’s Leadership Transition as Warren Buffett prepares to step down, with details on major management changes.
- Netflix’s Bid for Warner Bros. Discovery, government intervention concerns, and broader media industry shakeups, with insights from Michael Wolff.
- Additional coverage on Elon Musk vs. the EU and the robustness of American economic policy amidst global and domestic transformation.
Key Discussion Points & Insights
1. Netflix's Warner Bros. Discovery Acquisition & Presidential Involvement
[02:35 - 09:30]
- President Trump surprised many by saying publicly that he’d be involved in approving Netflix's acquisition of Warner Bros. Discovery's assets.
- Joe Kernen: "That may very well be the first time I've ever heard the president of the United States saying that they were going to weigh in personally on a transaction." [03:33]
- The hosts debate whether this transparency is truly unprecedented or merely a break from tradition in saying the quiet part out loud.
- They discuss Ted Sarandos' (Netflix Co-CEO) meeting with Trump, and what signals may have been exchanged.
- Andrew Ross Sorkin speculates: "Maybe there was a wink and a nod. As long as you behave, Ted Sarandos." [07:43]
- The broader implication: Presidential involvement could reshape how corporations approach mergers, with some fear of favoritism or transactional politics.
- Becky Quick: "You don't get a $5.8 billion breakup fee on it if you don't have some sense... that things are going to get through." [07:02]
2. Berkshire Hathaway Succession & Major Management Changes
[09:30 - 14:36]
- Becky Quick announces sweeping leadership changes at Berkshire as Greg Abel prepares to succeed Warren Buffett.
- Key new appointments:
- Adam Johnson: President of Consumer Products, Service, and Retailing, will continue as NetJets CEO.
- Todd Combs: Leaving his post as Geico CEO to head JP Morgan’s Strategic Investment Group, focused on direct equity investments in critical sectors.
- Becky Quick: "Todd's going to be running this pretty key and critical frontier." [13:27]
- New group board includes Jeff Bezos, Michael Dell, Condoleezza Rice, and more.
- Nancy Pearce: New CEO of Geico.
- Mark Hamburg (CFO): Retiring in 2027; Charles Chang named successor.
- New general counsel: Michael O’Sullivan (from Snap, ex-Munger Tolles).
- These changes set the stage for Greg Abel’s formal transition as CEO on Jan 1, 2026, with clear plans aiming for a smooth shift after Buffett’s 60-year tenure.
- The scale and structure of these moves signal the seriousness of Berkshire's next era and Jamie Dimon’s ambitions at JP Morgan with $1.5T in planned investments.
3. Elon Musk vs. the European Union
[15:09 - 17:02]
- Elon Musk calls for the EU to be abolished after X (formerly Twitter) gets fined $140 million under the Digital Services Act, raising the specter of U.S. Government retaliation.
- Hosts discuss the thin roster of iconic European tech companies (ASML, Spotify, ARM) and how Europe trails the U.S. in global tech influence.
4. Feature Interview: Kevin Hassett, NEC Director, & Fed Chair Contender
[20:54 - 37:17]
On the Federal Reserve’s Path
- Hassett is now the top betting favorite ("You're at 78% now...") for the next Fed Chair. [20:54]
- On monetary policy: He praises Chairman Powell for managing diverse views and supports a continued, prudent rate-cutting approach.
- "It looks to me like Chairman Powell has done a good job of herding the cats at the committee..." [21:51]
- "What you need to do is watch the data... The Fed Chair's job is to watch the data and to adjust and to explain, you know, why they're doing what they're doing." [22:48]
- Hassett refuses to offer concrete promises on rates, stressing the importance of being data-driven and cautious.
Inflation, Affordability, and Political Reality
- The hosts press Hassett on inflation’s persistence (hovering at 3%) and affordability concerns for Americans.
- Hassett’s view: Real wage growth—up $1200 this year for the average American—signals progress and reflects positive supply shocks (especially from AI).
- "...That huge 20, 23% hole that was dug by Joe Biden is a thing of the past. Because people have... enough money in their pockets to bring their real standard of living back up..." [26:09]
- He looks to Trump’s new tax and wage policies to boost after-tax incomes in 2026.
- Argues that sentiment sours during government shutdowns, but "the hard indicators really didn't" decline, implying the real economy is stronger than the media narrative suggests.
Health Care Subsidies & Bipartisanship
- Hassett discusses current debates over expiring health care subsidies, mentioning bipartisan attempts and the administration's efforts to lower drug prices.
- Predicts another "third year of a negative CPI" on drug prices due to these ongoing measures. [32:15]
AI Policy – “One Rule Executive Order”
- Trump vows for a single federal rulebook on AI to prevent a patchwork of state regulations, which Hassett endorses.
- "This executive order... is going to make it clear that there's one set of rules for American companies in the U.S." [34:02]
Presidential Transparency & Merger Intervention
- Pressed about the President’s public involvement in antitrust decisions (Netflix/Warner), Hassett deflects to DOJ’s technical analysis but acknowledges Trump’s “most transparent administration I've seen in my lifetime.” [36:13]
- Cites Trump’s supportiveness of his team: "He sort of patted me on the back and said, don't worry, a lot of people are going to be grumbling at you... And he's had my back the whole time." [36:28]
5. Michael Wolff - Media Industry Shakeup and the Real Streaming King
[39:31 - 48:37]
- Michael Wolff (former MTV President) analyzes Netflix’s must-have deal:
- "For anybody to succeed in streaming, they need two things: global franchises... and large volumes of programming." [39:52]
- YouTube and Amazon Prime are the real threats, with Tubi TV’s massive content library as a sleeper rival.
- Netflix’s 7,000 titles vs. Amazon's 25,000 and Tubi’s 70,000 highlight Netflix’s need to scale up content.
- Live sports are an emerging battlefront:
- "Both Peacock and Paramount plus have a lot of sports. And you know who doesn't is [Warner Bros. Discovery]." [41:04]
- Wolff dismisses monopoly concerns:
- "The facts here are that the company that is quickly becoming the monopoly is YouTube." [46:18]
- He expects regulatory approval for the Netflix/Warner deal, noting YouTube's dominance is the real antitrust issue, not Netflix.
- On deal-making, Wolff predicts the flurry of media mergers will be driven less by regulatory timing than belief in competitive necessity.
Notable Quotes & Moments (With Timestamps)
- On Presidential Antitrust Involvement
- Joe Kernen: "That may very well be the first time I've ever heard the president of the United States saying that they were going to weigh in personally on a transaction." [03:33]
- On Transparency
- Andrew Ross Sorkin: "How much do you love transparency?" [05:51]
- Joe Kernen: "Love transparency." [05:53]
- On Supply-Side Wage Growth
- Kevin Hassett: "...what you want to do is lock that kind of gain in where you're seeing real wages coming from positive supply shocks..." [26:09]
- On AI Policy
- Kevin Hassett: "This executive order... is going to make it clear that there's one set of rules for American companies in the U.S." [34:02]
- On Media Monopolies
- Michael Wolff: "...the company that is quickly becoming the monopoly is YouTube." [46:18]
Important Timestamps
| Timestamp | Segment | |-----------|-----------------------------------------------------| | 02:35 | Trump’s Netflix/Warner involvement discussed | | 09:30 | Berkshire Hathaway leadership changes | | 15:09 | Elon Musk vs. the EU fine | | 20:54 | Kevin Hassett interview begins | | 26:09 | Hassett on inflation & wage growth | | 34:02 | AI regulation executive order | | 39:31 | Michael Wolff analyzes Netflix/Warner deal | | 46:18 | Wolff: YouTube, not Netflix, is the real monopoly |
Summary
This episode is a comprehensive, high-tempo tour through enormous stories shaping markets and industry: the extraordinary transparency and hands-on posture of the Trump White House in antitrust and economic policy; tectonic shifts at Berkshire Hathaway as Buffett steps down; deep media disruption as Netflix absorbs a Hollywood pillar and faces off against content-heavy rivals (especially YouTube); and the elevation of Kevin Hassett as the leading face of next-gen U.S. monetary leadership.
Listeners come away with a sense of the urgency, drama, and personal stakes as the power players of business, politics, and tech jockey beneath the surface of headline news—with the Squawk Box team’s signature blend of skepticism, analysis, and humor.