You're watching...
FBN's Adam Shapiro on Goldman Sachs' warning to investors about the languishing U.S. economy and European debt crisis.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
A almost a half a percent.
A lot of this is about Europe a lot of his concerns about -- speaking Europe Goldman Sachs today issuing needs are warning on the EU debt crisis in the global economy and -- -- Has an Intel look at what Goldman is telling its wealthiest investors out -- I think this is a report that was prepared for select hedge funds it wasn't for all of Goldman Goldman's clients but essentially the bullet points in the headlines that we want to pay attention to want to show you right here -- principles mean for your first.
They say that European banks needed at least one trillion dollars in capitalization that they are exposed to sovereign debt that could grow and become a problem and they wrote this report it was Alan Brazil on the trading desk.
Wrote this back at April -- T I'd rather August 16.
So this came out before Christine Lagarde comments also they say the US economy is languishing small businesses having trouble.
And China's growth you know try to keep saying their growth is anywhere between 810%.
They're questioning whether those figures are accurate now let's get back to Christine Lagarde what's going on here.
Just last week we heard her say -- European banks need to capitalize and she said banks need urgent recapitalization.
If it is not addressed we could easily see the further spread of economic weakness -- core countries even a debilitating liquidity crisis I spoke.
We've been one of the -- funds which received the report.
They said none of this is news to anybody who's been watching what's happening in Europe just today.
The IMF said that the European banks need roughly 290 billion dollars 200 billion euros and recapitalization funds.
Trichet over at the ECB is saying no we don't even the European Commission is saying no there's no problem there's no immediate danger but -- guard and the IMF saying they need to recapitalize yeah this Goldman report saying they need to recapitalize and lastly there was a report today.
The European economy the eurozone economy is contracting at a slowing down and China is slowing down because of it it does not bode well for the future to wrap it up -- Robert Zoellick.
Right up to -- -- comment said something that's fall could really create problems worldwide.
Alright -- thank you very much -- -- and Chris -- got.
