How Trade Wars Become Real Wars
March 13, 2018
Hal Snarr of Westminster College called in this morning discussing affordable healthcare and the wages of doctors versus insurance companies. Joel Elconin of Benzinga shares his views regarding the NCAA and discussed trade wars. Kenny Polcari, Director of NYSE Floor Operations at O’Neil Securities and a contributor to CNBC, also touched on tariffs and the steel industry. Next up, we had Karl Denninger of Market Ticker discussing the difference between dumping and competitiveness. Karl also sparked some interesting questions regarding just and unjust means of production and related those viewpoints back to Trump’s flat rate tariffs. Lastly, John Neal of PTI Securities & Futures‘ Peoria, AZ location calls in to talk CPI reports and short term trade.
Guests & Co-Hosts
Hal W. Snarr is the son of a third generation Idaho potato farmer who was raised in an ignoble but resolute Mormon household. His career is a result of a fortuitousseries of accidents.
Hal got his first taste for teaching after shining in Naval Nuclear Power School, but was not aware of what a Ph.D. was until he took Calculus I, II and III for fun at Idaho State University. A couple of years later he found himself teaching algebra and proving theorems in the master of science in mathematics program at ISU. Although he was having fun, he wanted to use mathematics in more meaningful ways. He discovered how to do this while taking mathematical economics at ISU. In this course, he gained an intuition of the eigenvalue. This set him on his present path. After all, wouldn’t you do the same if you had just learned that negative eigenvalues mean you are on the peak of a three dimensional surface because steps taken in thex and y directions are downward?
His unconventional journey gives him a unique insight into the cohorts he studies.Most economists were not raised by low-income single mothers who had to, on occasion, reluctantly use public assistance and purple money (old school food stamps). As a teenager, he also observed beer-for-purple money exchanges.
Between 2004 and 2013, Hal was taught economics and statistics at North Carolina A&T State University. In 2013, Hal accepted a similar position at Westminster College. He regularly teaches money and banking, macroeconomic principles, business statistics, introductory regression analysis, and labor economics. His research studies how welfare and other policies affect labor supply, marriage, fertility, migration, dependency, and poverty.
Hal’s hobbies include producing instructional videos for his YouTube channel, The Snarr Institute, and commenting on economic policy proposals and politics on Twitter and Facebook. He occasionally writes op-eds for PolicyMic and OpEdnews. He enjoys home improvement projects, vehicle repair, watching the news and movies, walking, attending church services, a good debate, and spending time and traveling with his family.
Joel’s introduction to trading was in the Standard and Poor’s 500 Index futures pit at the Chicago Mercantile Exchange. Also, during his time at the CME, he was involved in Index Arbitrage as well as trading foreign currency futures and options. From 1994-1999 he was a proprietary trader for Olde Discount Corporation. Following his tenure at Olde Discount, he founded the Detroit office of Bright Trading, LLC. His responsibilities included trader recruitment, orientation and education as well as the day to day management of the office. He held this position office until 2003. Since 2003, Joel has been an independent trader researching and developing proprietary indicators and trading systems for the equities and futures markets. In 2007, Joel joined JC Trading Group as a Market Consultant and trading supervisor. He provides daily market commentary at www.premarketinfo.com. Joel obtained his Bachelor of Art in Political Science from the University of Michigan in 1985. Also, he is a graduate of the Chicago Mercantile Exchange Continuing Education Program. He also holds his Series 7 and 63 licenses and is a licensed real estate broker.
In the realm of institutional financial services, Kenneth Polcari stands out as a go-to expert in starting up, turning around, and growing investment operations to consistent profitability and world-class service. His background in managing institutional relationships and directing trading strategies has given him the steely drive, inventiveness, and perseverance to prevail in the most volatile economic climates.
Currently Mr. Polcari is Director of NYSE Floor Operations at O’Neil Securities, Inc – the B/D division of Wm. O’Neil & Company out of Los Angeles, CA and represents the interests of global institutional asset managers that need to access the world’s equity markets. He is a Board Advisor/Markets Expert for The Integral Board Group and a speaker on behalf of The American College. Prior to this he was a Managing Director for 15 yrs at Icap Corps, LLC- a British based Inter-dealer Broker. Earlier in his career, Mr. Polcari served as Senior Vice President, member New York Stock Exchange and division manager with Salomon Brothers directing their NYSE Division during the heady bull market of the 1990’s. In addition to managing the division, he helped design an equity technology platform that automated and enhanced trading functions and significantly improved productivity. Mr. Polcari gained a reputation for superior management skills, client service and relationship building, as well as a savvy insight in risk mitigation.
Mr. Polcari has leveraged his superior communication and presentation skills and is a “CNBC Exclusive Contributor/Market Analyst”. You can find him giving market commentary from the floor of the NYSE across a range of their US programming including “The Half-Time Report”, “Power Lunch” and “Closing Bell” in addition to giving US market commentary to CNBC Asia and CNBC/Italy. In addition he is oft quoted in major print media outlets that include the WSJ, FT, Reuters and regional local and International publications.
He is an engaging public speaker that seeks to help the industry and the public understand current market structure and trends as well as institutional investment styles. Topics include the Evolution of the U.S. Equity Markets & the Role of Technology, Rules And Regulations, Policy Initiatives as well as
The Impact of 9/11 on the U.S. Financial Markets.
Mr. Polcari received his Bachelor of Science in Business Administration, with a major in Finance, from Boston University. He holds FINRA Licenses in Series 7, 24, 27, 55, and 63.
Active in the financial community, he is as a member of the Security Traders Association (STA) and has served on its Trading Rules Committee. In addition he is a board member of the National Organization of Investment Professionals (NOIP), the Security Traders Association of NY (STANY) and the National Security Traders Association. Leadership roles include past president of the Independent Floor Brokers, former governor of the NYSE, former member of the Market Performance Committee, the Technology Committee, and the FACTS Program. He is also a supporter of a variety of charitable causes including the Members Handicapped Children’s Fund, The Headstrong Project, the Non-Hodgkin’s Lymphoma Society, American Cancer Society, and The Spaulding Traumatic Brain Injury Rehabilitation Hospital. He lives in Westchester County, NY with his wife – also a former member of the NYSE – and is the father of two daughters.
Mr. Kenny Polcari is a member and Director of NYSE Floor Operations on behalf of O’Neil Securities, Inc. representing the interests of institutional asset managers needing access to global equity markets. In addition to his role as an Adjunct Professor at the Boston Graduate School he is also a Markets Expert at Integral Board Group, LLC. His decades long experience in the equity markets and his position on the floor of the exchange gives him and his clients a unique view of the daily market action. Mr. Polcari is a veteran equities trader, a CNBC exclusive contributor / market commentator appearing across a range of CNBC Global programming, an engaging speaker and champion of the U.S. capital markets and can be found working with the financial media, industry conferences and investor events helping public audiences understand the markets. In addition to CNBC – media highlights have included Bloomberg, CNN (domestic and international), ABC, Fox, Reuters, AP, BBC, WSJ, Financial Times, Yahoo Finance. Additional international credits include Der Spiegal, China Business and RAI. He is well known for his daily boots-on-the-ground market analysis. Every morning, Mr. Polcari publishes a large-audience newsletter starting with insights on the day’s market action and ends with a recipe to serve the mood of the markets. Earlier in his career, he served as Managing Director at ICAP Corps, LLC and was Senior Vice President, member New York Stock Exchange and division manager with Salomon Brothers directing their NYSE Division. Mr. Polcari graduated from Boston University School of Management with a BS/BA degree with a concentration in Finance. He is a frequent lecturer on topics such as the Evolution of the U.S. Equity Markets & the Role of Technology, Rules And Regulations, Policy Initiatives as well as The Impact of 9/11 on the U.S. Financial Markets.
Karl Denninger is an American technology businessman, finance blogger, and political activist, sometimes referred to as a founding member of the Tea Party movement.
Denninger was the founder and CEO of MCSNet in Chicago. Opened as Macro Computer Solutions, Incorporated in 1987, it expanded its service offerings in 1993 to become one of the area’s first commercial internet service providers. Among its customers was the Chicago Public Library, which relied on MCSNet for both internet access and web hosting. In 1997 he led a coalition of ISPs in setting up the Enhanced Domain Name System, a short-lived alternative DNS root which allowed registrants to add their own generic top-level domains. Denninger continued to run MCSNet until August 1998, when he sold it to Winstar Communications for an undisclosed amount. For his efforts, the Chicago Sun-Times dubbed him one of “the movers and shakers who brought Chicago into the Internet Age”. After the sale of MCSNet, he moved to Florida, where he began to devote more time to stock trading and political activism.
John Neal directs PTI Securities’ Glendale, Arizona office serving the firm’s clients in the Phoenix metro area and across the Western U.S. He oversees day-to-day operations, including client services, investor education, staff management and marketing. John has more than 12 years of management experience in the securities and financial services industry. He joined PTI Securities in 2003 in this role. Prior to that time, he was a branch manager with Phoenix area firms, Granite Capital Management and, most recently, Independent Financial Management. A native of Pittsburgh, Pennsylvania, John earned a bachelor’s degree in international management from Arizona State University in Tempe. Away from work, John enjoys reading, live music and outdoor activities. He also volunteers with the St. Vincent De Paul Society and the Lupus Foundation of America. Married with two children, John and his family live in Peoria, Arizona.