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-- president of Holland balanced fund my great to have you here in the room all K I can put in perspective for.
Not let -- when you use the word legend.
The charger later.
But the fact is that this this will move today seems a little different atmosphere on Wall Street seems a little different from what we've experienced through some absolutely.
Virtually had this monster -- in stocks of people in the viewers in where you ask most people.
Most people are not in the stock market and presume the stocks and not done well because economy is not an.
Stocks because of Ben Bernanke have done extremely well he said a couple of years ago I'm doing this.
Q we stuff these talk about to get.
Stocks up -- get -- so people feel better me home price will go a little bit people feel better -- by more than people will build things and we'll get more jobs.
He said congress isn't doing that the administration isn't doing it so someone has to do it.
And that's been helping -- this most recent round of stuff he's going.
Even his own Talking Heads Charles sponsors you refer to -- said I don't think is gonna work who knows.
In any sort of it seems a bit Campbell.
Later from the Fed presidents.
To be -- fourth you know we're.
Distributor but that's fine also one can accuse him of doing dishonest because there's every reason to question whether the work because we've never done this before.
We've never had a Fed Chairman this adventurous.
And it also the same time and -- but it's a question.
How much trouble -- we him because surely.
Ben Bernanke wouldn't have taken this extraordinary unprecedented step of monetary easing -- the election before the election if he didn't think that he was anticipating a reality that hasn't presented itself -- And that was the problem with the comment today from the Fed -- who spoke.
I don't think it's gonna work and his boss Ben Bernanke is saying.
Finger really ugly I've got the numbers I get better numbers in dodger pollen gets and I think that probably we should do something now -- it's really serious due to.
And -- this -- -- -- -- economic technical I was putting have a way of one FY however.
It whether -- serious do do or whether it is really serious.
The fact of the matter is that this housing market looks like it's offering some support -- all.
And but when you look at the broader.
Macro economic reality you have to question even whether this is an -- the housing recover.
I think it's not.
Inconsistent to look at the housing -- and we've gone down so low for so long.
With -- interest rates so.
People have to live somewhere -- have moved up over the past year to so housing may have bottomed out doesn't mean we're gonna have a bull market and -- Having said that he.
Economic numbers you talked about earlier in the -- when you're just reporting Caterpillar talking 2015.
They -- is gonna worldview and what's going right -- Intel came out that many veterans benefits of companies I listened to I don't listen to Washington.
-- listen to the company's.
They say it -- good but just in China last week -- -- over there.
And -- of course moving to.
Greater China where there is every suggestion let me ask is -- you.
One of the newest -- from.
China but he is there -- sense there that they're moving toward even greater slowing.
Talking to people on the ground once again -- lives and we listen to FedEx and until over here talking to people who run businesses.
But they're saying is they think that the third quarter will mark the low point for the year.
The fourth quarter reading up a little bit and then throughout 2013.
Little bit better a little bit better now for the -- it's much better than what we have because we're talking about slowing down.
77 and have maybe six and a half percent in the third quarter.
And then after that moving them where we're talking 12% here let's be clear that's the world's second largest economy of so there's still doing very well with the slow.
Inflation unfortunately for them these -- people are saying they think we hit the low point there in the second quarter they have a problem with inflation potentially.
And in Europe for crying out -- we're watching something of a modest two day rally.
In the Euro -- he even as Spain's borrowing costs -- up we watch moms.
Against austerity measures.
And the Euro is is suddenly.
Rallying in the face of what is clearly.
A crisis for them for all of your.
The people who are buying that Euro are betting that the central bank of the ECB.
It's going to be able to do with Ben Bernanke has done which is stem the tide that has been going out mean things we're -- there.
So -- hopes are pinned on that and that perhaps people in Italy.
And and in Germany will be able to figure out things in France -- that they that their politics won't keep them from making this work a little bit.
Right now if it gets uglier by the day when they make little bit of progress they -- -- back.
They're elected officials -- -- any part of the future.
The case of very Italy for example -- month saying.
No thanks I won't be running -- yours or can you guys you guys figure this taper Berlusconi back again -- -- Well if nothing else he's -- for entertain her at thanks so much Michael -- to be.
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