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-- now to the markets that is the big story of the -- a big moves today.
If you are hoping for any kind of rebound apple last week's sell off it's not happening at least not so far this morning.
When 92 minutes into the trading session the Dow is off a 178.
-- is the interesting part about today's activity the yield on the ten year treasury would -- interest rates here and they've gone straight off.
A week ago maybe ten days ago -- yield was 2.2 percent well now what to with sixty -- What's this all about Steve.
Huge drop like that in interest rates you -- -- explain it from -- us.
What the market as anticipate him markets don't wait for little -- things from the Federal Reserve if they feel in the next year or so the barriers are gonna come off on interest rates they're gonna -- up now not wait worked a year to eighteen months down the road.
Really interest rates for the price you pay for money it's like -- we've had rent control which is distorted the credit markets hurt job creation.
And now we're we're bit of getting getting off of the drug.
OK one other factor here and we got to -- we were coming on at this discussion -- -- China.
That week flaky banks.
The Central Bank says we're not gonna bail -- out would open to a Ben Bernanke would all -- a flood yo you guys with money though we gotta make you hold the line.
That's a big part of today's sell -- business.
It is and the question is is the Central Bank truly in charge they want to smack these banks around -- not.
They're paying their directives in terms of curbing the speculation.
Just as they did in the early 1990s when they last night the big time.
So the question is -- they really in control just given these guys spanking.
Then we'll pull back when these guys -- learn their lesson supposedly see you at this moment it old -- south for stocks yes.
Up short term but I think it's a buying opportunity because the less the Federal Reserve does in the economy the better the economy will be I was just one doctor we don't want treating by the way is the Federal Reserve now we're learning a lesson from the markets the markets are telling the Federal Reserve that interest rates heard officially low have been low for too long.
Is this the market come back.
That we got louder and I unfortunately potential -- -- Bernanke may be saying gee the market went -- we're taking away the drug we generally in my -- of the truck.
May open you shoot shoot you all really really isn't inflation Jeffs is heard of Germany in nineteen and that's not the job of the Federal Reserve forces and -- stock -- -- -- -- their -- -- unemployment solid Wall Street in the economics profession much of it has bought into the idea of the pretty pieces of paper.
And then Bernanke done withdrawing it somehow stimulates the economy instead of put make in the -- the credit markets look like a pretzel that you just set -- important.
If -- if I'm an investor.
I'm looking down the road and I think Janet Yellen is the next chairman of the chat all of the federal is I think she's gonna -- some money.
That market will go back up -- I've got enough credit on what's what's saving us from that scenario is that the -- there is a market of a kind and additionally she interest rates are pushing back saying no matter -- -- whatever.
-- she may believe the press clips you see what Bernanke is done is put running out in the banking system and then withdrawn it.
So it hasn't had the rapid inflationary effect of the seventies -- -- but not the totally disaster like the -- she -- -- the money go out there I've got to Dallas office hitting and.
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