Posts filed under “Video”
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U.S. stocks retreated, sending financial shares to their lowest level in five years, on a deteriorating outlook for bank earnings. Rising oil prices pushed crude producers higher, leaving the Standard & Poor’s 500 Index and Dow Jones Industrial Average little changed.
Merrill Lynch & Co., Morgan Stanley and Lehman Brothers Holdings Inc. helped lead the drop after Bank of America Corp. cut income estimates for brokerages and Goldman Sachs Group Inc. advised selling bank shares as credit losses linger into 2009. Oil’s second day of gains pushed down Home Depot Inc., General Motors Corp. and United Airlines parent UAL Corp., while sending energy shares to their first advance in four days. American International Group Inc., the largest insurer, tumbled to the lowest since 1997 on Barron’s recommendation to sell the shares.
Almost two stocks fell for each that rose on the New York Stock Exchange. The S&P 500 rose 0.07 point to 1,318. The Dow decreased 0.33, or less than 0.1 percent, to 11,842.36. The Nasdaq Composite Index slipped 20.35, or 0.9 percent, to 2,385.74.
Most U.S. Stocks Retreat, Led by Financials on Credit Concern
Bloomberg, June 23 2008
Seven Words You Can’t Say on Television
And the Supreme Court decision relating to the above: FEDERAL COMMUNICATIONS COMMISSION v. PACIFICA FOUNDATION, 438 U.S. 726, 98 S.Ct. 3026 (1978).
Other videos after the jump . . .
It Ain’t So: George Carlin Dies (Village Voice)
George Carlin: American Radical (The Nation)
From our files: The
nonconforming George Carlin (Christian Science Monitor)
The complete works of George Carlin
MFR’s Shapiro Sees Federal Reserve on Hold for Next Year:
MFR’s Shapiro Sees Federal Reserve on Hold for Next Year: Audio
Bloomberg, June 20 2008
Fascinating stuff: Little Denmark, with its five-and-a-half million people, is the happiest country in the world, says a study done by an English University. 60 Minutes reports why the Danes are so happy and explores why the U.S. is way down the list.
See also this study:
Center for Research in Economics, Management and the Arts, May 2008
And The Happiest Place On Earth Is…
Morley Safer On Why The Danes Are Considered The Happiest People On Earth
60 Minutes, June 15, 2008
Interesting interview with George Soros:
WSJ: You argue that the crises we’ve experienced in the past 25 years have been, in retrospect, "testing events" that convince us the system is stable, encourage us to take even bigger risks, leading to one, cataclysmic collapse. Could this be just another testing event?
Mr. Soros: Each time the authorities saved us, that reinforced the belief that markets are self-correcting. Each time when you bail out the economy, you need to find a new motor, a new source of credit and a new instrument that allows for the credit expansion. [It's] difficult to imagine what you can do when you are already lending effectively 100% on inflated house prices.
I have a record of crying wolf at these times. I did it first in "The Alchemy of Finance" [in 1987], then in "The Crisis of Global Capitalism" [in 1998] and now in this book. So it’s three books predicting disaster. [After] the boy cried wolf three times … the wolf really came. If we can sail through this without a recession, then the superbubble story is seriously impacted … I [will] have cried wolf again. Unfortunately, if you go into a recession, [it is not] proof of reflexivity, or vice versa.
WSJ: How is that you are rich despite your world view having been wrong so far?
Mr. Soros: I’m only rich because I know when I’m wrong.
There are no more important or truer words in trading than this: Bad trade, I was wrong, sell out the position. (That sounds strangely familiar) Soros makes it clear that he understands that quite well.
The whole interview is worth a few minutes of your precious weekend time . . .
Hey Greg! Your cube’s desk looks awfully clean . . . Oh, that’s right — I almost forgot!
Soros, the Man Who Cries Wolf, Now Is Warning of a ‘Superbubble’
WSJ, June 21, 2008; Page B1
Government leaders and oil producers will meet in Saudi Arabia over the weekend to discuss record crude prices. Saudi Arabia, the world’s biggest oil producer, is considering raising production. But will this solve the problem?
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Exploding commodity prices, lax monetary policy, and sovereign wealth funds
20 June 2008
Leaders, Oil Producers to Meet to Discuss Supply, Prices: Video
Bloomberg, June 19, 2008 23:12 EDT
Former Federal Reserve Bank of St. Louis President William Poole talks about monetary policy, the outlook for inflation and the housing market, and the Fed’s response to the turmoil in credit markets.
00:00 Fed’s stance on inflation, policy outlook
03:58 Core PCE; energy not a "temporary shock"
05:49 Inflation expectations, wage growth
07:12 State of U.S. banking system
08:32 "More pain" in housing market; energy prices
11:40 Fed’s response to credit market turmoil
14:01 Brokerage regulation; Fed’s independence
15:50 Fed "should stay clear" of dollar policy.
Poole Says Fed Has to Deter Inflation From Fueling Wages: Video
Bloomberg, June 17, 2008 09:51 EDT