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Well joining me now of market masters legendary or broker Ted Weisberg.
President of Seaport Securities Barron's online stocks editor Bob O'Brien David Ball past president and founder of and -- our global.
And in West Palm Beach -- nine.
John Brown senior market strategist for Euro Pacific apple former member of the British parliament.
Good to have you all here tell what he turned EU.
A stunning rally the best performance.
-- -- remember though and only three weeks it has been we've had better days.
Well it that is it's been a spectacular October I think the best so far.
Going back to the early seventies.
And and one of the great things about this -- over and nobody.
Nobody talked about the crash of 87 October 19 we just kind of went unnoticed which is the first time I think since 87 we've had -- total ever worried about that well -- -- -- worry about that we could supplement and David you have the sense that this this is for real first.
For real the debt agreement and -- The the -- if you will that.
That the Europeans -- ostensibly agreed to take voluntarily when it comes to the Greek debt.
And what we're seeing in the market.
I think there was some worried that the Europeans couldn't reach a deal at all so the good news is they did reach a deal.
And we've seen the market really rallying since the IMF meeting back at the beginning of October.
When is it became -- that the Europeans were actually gonna work hard success is in a role and dove might be able to do some do some good.
But I so I like what's happening it's coming from this huge liquidity position that you know the Fed's been.
We're Ted calls that candy by the -- -- -- there's an artificial reality to it you've got rates near zero but credit spreads have narrowed that's fabulous profits have been good so we've got some fundamentals under this.
-- and the great news is this takes a fed there's a fed meeting next week.
This takes -- fed out of the gate they're not gonna have to come up with a QE3.
Some other artificial stimulus they can now sit back say you don't mission accomplished more on -- -- -- Marty Feldstein.
The well known Harvard economist a couple weeks ago I said this is as close as we're gonna get.
To a free market for a while congresses -- going to do anything the president can't do any thing.
And and the Fed is through I mean it really is through here yeah -- so we are left with the initiative it's going to be taken.
In Europe and here.
By business primarily by bankers primarily to resolve this -- do you disagree that John Brown.
Yes I do I understand I'm glad I asset and I understand there's a decision.
That decision and -- long lost to salvage the Euro.
-- the potential collapse of the -- has been put off by Citi on the stand that there's been massive short covering.
As a result out of course with a huge liquidity it has been huge bargain hunting.
At the bottom end of the trading range with a -- of bigger profits but it's ready voodoo economics and -- to finance but masses of smoke and -- Liquidity is not enough.
To salvage a solvency problem particularly liquidity that the -- austerity.
And less ability to repay -- And this liquidity.
Is being provided on the hope that people will anti up well the Germans were very successful.
The Germans have actually engineered that deal where they didn't have to provide guarantees for a -- a bomb -- -- 100% guarantee.
With this EFSF.
There's only a 20% guarantee and makes me wonder.
Who's going to be rather stupid to put their money into a black oh without any at 20% guarantee what you're gonna -- -- -- true I content I think in two principal parties.
As to who would be stupid enough as you put it to do that one would be the International Monetary Fund.
And of course the Europeans themselves.
With our support and of course our presidents -- -- -- we're gonna be.
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