Posts filed under “Video”
Economist Nassim Nicholas Taleb and his mentor, mathematician Benoit Mandelbrot, speak with Paul Solman about chain reactions and predicting the financial crisis.
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RAY SUAREZ: Finally tonight, we return to a subject on many minds these days: the financial crisis. Our economics correspondent, Paul Solman, checked back in with one particularly prominent voice in the investment world and his colleague, who guided his thinking.
Here is the pair’s sobering conversation on what may lie ahead.
PAUL SOLMAN, NewsHour Economics Correspondent: One of the world’s hottest investment advisers these days, Nassim Nicholas Taleb, author of "The Black Swan," who’s been warning of a crash for years, betting on one, and winning big.
He’s been ubiquitous in the financial media of late, from cable TV’s "Colbert Report" to the BBC’s "Newsnight," where he was infuriated by what he called "bogus accounting."
NASSIM NICHOLAS TALEB, Scholar and Author: The first thing I would get immediately, immediately, I would suspend something called value at risk, quantitative measures of risk used by banks, immediately.
PAUL SOLMAN: We sat down with Taleb and the man he calls his mentor, mathematician Benoit Mandelbrot, pioneer of fractal geometry and chaos theory. And even more than feeling vindicated, they’re both scared.
NASSIM NICHOLAS TALEB: I don’t know if we’re entering the most difficult period since — not since the Great Depression, since the American Revolution.
PAUL SOLMAN: The most serious situation we’ve been in since the American Revolution?
Top Theorists Examine Rippling Economic Turbulence
PBS, October 21, 2008
Bill Moyers talks about the economic future with with James
K. Galbraith, Lloyd Bentsen, Jr. Chair in Government/Business Relations
at the LBJ School of Public Affairs at the University of Texas at
Austin. Galbraith is the author of six books, the most recent, The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too.
Bill Moyers Journal
PBS, October 24, 2008
Snag Films approached me some time ago about hosting some of their content — I demurred, only because none of it seemed appropriate for TBP crowd of investors, traders, and economy watchers and what we all might be interested in.
They wrote me this week, suggesting a few fims that they had added to their playlist that might be of interest to an investing/economic/market related crowd. This documentary — In Debt We Trust — seemed dead on to our interests. (There is a short pre-roll commericial before the film)
I only saw the first 10 minutes, but it looked interesting (share your thoughts about the film, format, whatecver in comments).
Here’s the description:
In America’s earliest days, there were barn-raising parties in which neighbors helped each other build up their farms. Today, in some churches, there are debt liquidation revivals in which parishioners chip in to free each other from growing credit card debts that are driving American families to bankruptcy and desperation. ‘In Debt We Trust’ is the latest film from Danny Schechter, “The News Dissector,” director of the internationally distributed and award-winning WMD (Weapons of Mass Deception), an expose of the media’s role in the Iraq War. The Emmy-winning former ABC News and CNN producer’s new hard-hitting documentary investigates why so many Americans are being strangled by debt. It is a journalistic confrontation with what former Reagan advisor Kevin Phillips calls “Financialization"–the “powerful emergence of a debt-and-credit industrial complex.” While many Americans may be “maxing out” on credit cards, there is a deeper story: power is shifting into fewer hands. And with frightening consequences.
How does the current financial crisis compare to the Great Depression, and has the government learned the lessons of the 1930s?
Echoes of a Dismal Past
Former Federal Reserve Chairman Paul Volcker and Nobel economics laureates Robert Mundell and Joseph Stiglitz participate in a Women’s Economic Round Table discussion in New York about the global financial crisis, the outlook for the U.S. economy and the government’s financial-rescue plan:
Teresa Tritch, a member of the board of editors of the New York Times,
moderates. Heidi Hartman, president of the Institute for Women’s policy
research, and Marina Whitman, a professor at the University of
Michigan, also speak.
00:00:00 Tritch introduces roundtable participants.
00:01:28 Mundell: current crisis vs. Great Depression
00:05:33 Mundell: need to reduce corporate taxes
00:08:05 Volcker: financial crisis "without precedent"
00:14:48 Volcker: rebuild U.S. banks from "ground up"
00:19:56 Stiglitz: "long, deep downturn" in economy
00:21:34 Stiglitz: government response, bank rescue
00:33:30 Questions: Volcker, Mundell on world currency
00:44:29 Participants on fiscal stimulus, U.S. deficit
00:57:55 Stiglitz on government regulation, innovation
01:00:46 Volcker, Mundell, Stiglitz on global currency
01:07:18 Participants make summary remarks.
Running time 01:19:59
Volcker Says U.S. in Midst of `Unprecedented’ Financial Crisis
Bloomberg, Oct. 22 2008
Jim Bianco, president of Bianco Research LLC, talks about the Federal Reserve’s move to provide up to $540 billion in loans to help relieve pressure on money-market mutual funds, credit market conditions and the outlook for the U.S. economy and stock market.
00:00 Fed move to buy money fund commercial paper
01:59 Commercial paper market; "shortage" of loans
04:36 U.S. credit markets, Fed liquidity efforts
06:59 Outlook for housing, mortgage markets
07:54 Potential second stimulus a "short-term fix"
09:27 Fannie and Freddie loan, mortgage rules
11:08 Bank lending practices, housing market
13:10 Fed liquidity efforts: impact on inflation
16:01 Outlook for U.S. dollar, stocks: strategy
Running time 19:47
Bianco Calls Fed Liquidity Efforts `Hyper-Inflationary’
Bloomberg, October 21, 2008 13:30 EDT
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"We’re extremely oversold at the present time,” Faber said in an interview with Bloomberg Television. "The market is in a position to rebound.”
The Standard & Poor’s 500 Index dropped 38 percent from its record 1,565.15 reached Oct. 9, 2007, as investors speculated more than $660 billion in bank losses will spur a recession. The ratio of stocks advancing versus those declining on the New York Stock Exchange fell to a 17-month low on Oct. 15.
Faber said he is holding gold, cash and short-term bonds because inflation will increase as the U.S. government lowers interest rates to stave off an economic slowdown. Gold climbed 5.8 percent from Sept. 11 through yesterday and yields on three- month Treasury bills fell 51 percent over the period.
Faber Says Stocks May Rally, Won’t Reach Records
Eric Martin and Rhonda Schaffler
Bloomberg, Oct. 20 2008
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Banks are supposed to lend money, and when they stop – as they have in recent
months – the workings of our entire economy are threatened. Credit became so
frozen, the government had to step in this past week and take an ownership stake
in the country’s biggest banks.
On Monday Treasury Secretary Henry
Paulson summoned the CEOs of the nine largest banks to Washington – and gave
them a massive amount of money so they would start lending again.
largest of the banks is Bank of America (B of A) – now partly owned by the
United States of America.
The head of Bank of America, Ken Lewis, says
that when he and the others met at the Treasury Department, it became clear that
Secretary Paulson’s "offer" was an ultimatum – no negotiations.
other words, take it or leave it?" correspondent Lesley Stahl asked.
"Right. Right, right."
The Bank Of America
The CEO Of The Nation’s Largest Bank Talks About Treasury’s Plans For Buying Into Financial Firms
60 Minutes, Oct. 19, 2008