Video-o-rama: Gloomy investors shun risky trades
With stocks falling sharply and flight-to-safety trades taking center stage, the debate on what should (or shouldn’t) be done to stop the financial and economic rot is raging on.
Although the mood is decidedly gloomy, if not outright doom, good viewing material was produced. A few of the more interesting video clips are shared below, with the likes of Joseph Stiglitz, Peter Schiff, Nouriel Roubini, Michael Hudson, Hugh Hendry, Sam Stovall, Steve Leuthold, Boone Pickens and Martin Wolf in attendance.
The selection concludes with the “Wall Street Meltdown” video parody. Also, do not miss the second-last item in which Jon Stewart (love him or hate him!) has a go at CNBC’s financial advice.
CNBC: Joseph Stiglitz – seeking solutions
“A look at solutions to the country’s financial and economic problems including banks and toxic assets, with Joseph Stiglitz, Columbia University professor and 2001 Nobel Prize Winner in economics.”
Source: CNBC, March 4, 2009.
TheStreet.com: Peter Schiff’s economic plan
“Peter Schiff, president of Euro Pacific Capital, says Treasury Secretary Tim Geithner’s new ‘Financial Stability Plan’ is just more of the same bad policy. Here’s what Schiff would do if he were in charge.”
Source: TheStreet.com, March 1, 2009.
Fox Business: Fleckenstein – essentials to fixing the finance sector and economy
Source: Fox Business, March 3, 2009.
CNBC: Roubini: Nationalization debate is moot
“The debate isn’t about nationalization anymore, says Nouriel Roubini, chairman of RGE Monitor. He tells CNBC’s Martin Soong and Sri Jegarajah that the real discussion is whether banks should be wholly or partially nationalized.”
Source: CNBC, March 3, 2009.
CNBC: Jim Rogers – better to let financials fail
“The US bailing out troubled financials is not going to remove systemic risk. In fact, it is making the problem worse, says Jim Rogers, author and international investor. He tells CNBC’s Martin Soong & Sri Jegarajah why it is better to let financials fail.”
Source: CNBC, March 3, 2009.
CNBC: Fed Chairman Bernanke’s testimony to House committee
“Federal Reserve chairman Ben Bernanke discusses the stress in the markets and the significant decline in the economy with the House Financial Services Committee.”
Source: CNBC, March 3, 2009.
Bloomberg: Roubini sees multi-year recession without policy action
“Nouriel Roubini, the New York University economist who predicted the current global financial crisis, talks with Bloomberg’s Bernard Lo about the need for more global policy action to prevent a protracted recession. Roubini, speaking in Hong Kong, also discusses the Japanese economy, the outlook for Asian fiscal stimulus measures and the impact of the financial crisis on HSBC.”
Source: Bloomberg, March 3, 2009.
YouTube: Michael Hudson – six minutes with the renegade economist
Source: YouTube, February 27, 2009.
CNBC: Hugh Hendry – quantitative easing will fail
“Quantitative easing does not succeed in an environment where debt is too high such as in the US, says Hugh Hendry, CIO of Eclectica Asset Management.”
Source: CNBC, March 2, 2009.
Financial Times: Treasury launches housing plan
“The Obama administration’s $275 billion plan takes a multi-pronged approach to reducing foreclosures, working with both mortgage servicers and government-sponsored mortgage agencies Fannie Mae and Freddie Mac, says Saskia Scholtes.”
Source: Financial Times, March 4, 2009.
CNBC: Greenberg sues AIG
“AIG assured investors it would not lose money on its credit default swaps – but then did – says Hank Greenberg, former chairman/CEO, who is suing the insurer for securities fraud.”
Source: CNBC, March 3, 2009.
CBS News: Madoff – the man who knew=
“Harry Markopolos blew the whistle to the Securities and Exchange Commission about Bernard Madoff as early as 2000. Why were his warnings ignored? Steve Kroft has the interview.”
Source: CBS News, March 1, 2009.
Bloomberg: Leuthold says US stocks will surge
“Steven Leuthold, who helps manage the Grizzly Short Fund and the Leuthold Core Investment Fund, talks with Bloomberg’s Betty Liu about the outlook for the US economy and stock market. Leuthold, speaking from Tucson, Arizona, also discusses investment strategy and expectations for inflation and gold prices.”
Click here for the article.
Source: Betty Liu and Lynn Thomasson, Bloomberg, March 4, 2009.
Bloomberg: Stovall expects S&P 500 to bottom between 625-675
“Sam Stovall, chief investment strategist at Standard’s & Poor’s, talks to Bloomberg’s Mark Crumpton and Carol Massar about the outlook for the Standard & Poor’s 500 Index. Stovall also discusses his investment strategy under current market conditions, the outlook for the end of the recession and consumers’ savings rates.”
Source: Bloomberg, March 2, 2009.
John Authers (Financial Times): Awaiting the bottom
“This week’s brutal sales of stocks across the world brought indices to historic levels. Harder questions are how far stocks must fall to get there, and how long it will take to climb out, says John Authers.”
Click here for the article.
Source: John Authers, Financial Times, March 3, 2009.
CNBC: Eastern European currencies to slump
“Eastern European currencies need to fall by between 25% and 30% to provide the basis for a recovery, Roger Nightingale from Pointon York told CNBC Monday. Such a slump is likely to occur, Nightingale added.”
Source: CNBC, March 2, 2009.
CNBC: Oil crunch coming
“Legendary oil investor Boone Pickens, BP Capital CEO, sheds light on whether we are headed for another supply crunch like we saw last summer.”
Source: CNBC, March 5, 2009.
CNBC: Rogers – the case for agricultural commodities
“As the supply of commodities continues be under stress, Jim Rogers tells CNBC’s Martin Soong & Sri Jegarajah why the case for agricultural commodities in China is particularly strong.”
Source: CNBC, March 5, 2009.
Financial Times: Martin Wolf – BoE’s monetary policy should start unfreezing credit markets
“If the Bank of England is sufficiently ruthless, expansionary and imaginative, its new monetary policy should begin to unfreeze credit markets and allow the government to increase its spending, says Martin Wolf.”
Source: Financial Times, March 5, 2009.
Financial Times: Ireland at risk
“Ireland was until 2007 Europe’s best performing economy but the property market has crashed, public finances are deteriorating, the banking sector is in crisis and unemployment is projected to rise to 9% in 2009. FT’s John Murray Brown, Ireland correspondent, reports from Dublin on how public outrage and industrial action has made the governments task even more difficult.”
Source: Financial Times, March 2, 2009.
CNBC: Chinese economy unlikely to grow 8%
“Gerard Lyons, chief economist and group head of global research at Standard Chartered, says China’s stimulus efforts will work, but it is unlikely the economy will grow 8% this year. He speaks to CNBC’s Martin Soong and Karen Tso.”
Source: CNBC, March 6, 2009.
Charlie Rose: A conversation about Russia
“A conversation about Russia and Iran with Jim Hoagland of The Washington Post and Peter Baker of The New York Times. President Obama sent a secret letter to Russia’s president last month suggesting that he would back off deploying a new missile defense system in Eastern Europe if Moscow would help stop Iran from developing long-range weapons.”
Source: Charlie Rose, March 3, 2009.
Jon Stewart (The Daily Show): Nailing CNBC’s financial advice
Source: Jon Stewart, The Daily Show, March 4, 2009.
YouTube: Wall Street meltdown – Redux
“This is a sequel to a video parody made in December 2007 entitled Wall Street Meltdown that chronicled the developing financial crisis of 2007. Redux picks up where the original left off and covers the deepening crisis in 2008.”
Source: YouTube, February 24, 2009.
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