This Is Serious

" Sir of the economy now. There were -- the recession it's hitting all of us now is not just United States problem we all know that its worldwide financial crisis. And a global problem requires global solutions next week the president will try to get world leaders working on some solutions -- the G twenty summit. Of course that's easier said than done a lot of those leaders -- simply not offering much help us regain your -- senior editor at Newsweek magazine and the author of dumb money. How our greatest financial minds bankrupted. A nation how serious is the split here we get cooperation not."

" It's really actually quite serious. The ozone is about the size at all those economies up its about the size of the United States worth 30% of the global coming together their post 30%. You need all or throwing to get things moving again. They have a much more restrained attitude toward stimulus they'll want to spend hundreds of doing abdominal want to cut taxes to get things going and they're willing to tolerate lower growth because -- really really worried about inflation."

" We we had some some talk on this from the from the current president of the -- that's a rotating thing. And I think we have some that is it sound going to players -- a full screen going to book but put -- let's put that quote -- here's the quote from the president of the European Union. The United States is repeating mistakes from the 1930s. Such as wide ranging stimulus is protectionist tendencies. And appeals the American can't American buy American campaign and so on. All these steps their combination and their permanency or the road to hell. We're supposedly friendly with -- begun and the rest of the EU has said today speaking for himself to listen to him but he did say if -- speaking to --"

" Underlying thing to do they look back at the 1930s we look back in the 1930s we had bad economic times without Social Security out of it. We've got a lump some good stuff out of the of the thirties that lasted. They look back in the 1930s and we all happened in the middle of Europe after that they got Hitler and World War II and literally lost everything. So they have a much different attitude about inflation how you manage crisis they're very much into. Stability that Germany's economy they're saying now -- shrink and -- 6% rate for the whole year. That seems to be tolerable that we had our compatriot 6% in the fourth quarter wolf freaking out about it here and we're much more wired for growth from there."

" We've been in what I guess a lot of people figure is a bear market rally that nobody really knows it sort of feels like a bear market rally to most of the experts I don't know. But that's what percent do you see another really rough patch ahead because there are a lot of indications that that there's short term and long term trouble."

" In the stock market can frequently be disconnected from is. But here we're going to see I think it's going to be if it's not going to be a situation where everything is good news from the situation room is bad news you see some corporations. Start to do well in -- banking is actually good business to be and now you ignore all the losses. Thankful -- start to put up some good numbers consumer products companies. Some of them will do well groceries are doing fine but cars horrible so it's going to be a continued. Stream of data that comes out for one up one down for awhile I want to put the cover --"

" The book up on the screen because you mentioned that the nation is bankrupt and technically the nation is bankrupt how they do it. We London went in with -- through all."

" Participated in the week we talk about the sometimes like it was a sub prime crisis like the people people at the bottom cost it. This happened from the elites on down we all drank the same Kuwait about you my money and everybody has you can sell off the risk. Everybody will always pay the money back interest rates will always be low. We have the securitization this whiz bang technology. That lets all the geniuses manage the risk -- all turned out to be wrong. --"