Bottoms Up?

" Traders on Wall Street -- a couple more hours of work to -- today mark is down about 31 points right now. And over the past few months they have -- Actually putting in a fairly impressive charge if you take a look at that -- does that. Steepest rise steepest two month rise in something like 35 years. But some contradictory statements are coming -- people like Warren Buffett. They're leaving Americans to wonder could it possibly be true little could the worst possibly be overt. Or is there more to kind of think about this back October Warren Buffett said this. This really -- this is October something on -- an economic Pearl Harbor. That's sounds melodramatic but I've never used a phrase like that before and it really is what. An economic Pearl Harbor yesterday. At a different ten. So we are now in the more drawn out phase of fighting this battle of this war. You don't want them all but the crisis is past said Warren Buffett yesterday so is this really a bottom that we're seeing in the market some might say that -- certainly looks like -- let's bring -- Some smart folks who know more than -- do about this Nina Easton is a Washington bureau chief of what part of fortune magazine Harry dent is an economist season off the author of the ominously titled book the Great Depression ahead of and Liz MacDonald is Fox Business -- senator welcome law Harry didn't start with you I because I know the UN says something very interesting and not so long values that you think. That we're going to see this nice pop that is probably and it just did this summer right and then you would advise people to do what as they have watched some of their portfolio. Peace is self that together."

" Did you know you they get in a very safe investment to build where you can get him to maybe gold because. You know yes we we are recovering we're seeing the signs of it. But we think this banking crisis is much deeper commercial is now falling as -- as residential. And that's going to -- from the bank of higher unemployment and and this whole thing is way more than a sub prime crisis because home prices double. Five years that's when the banks really got trouble and the baby boomers are peaking after a 25 year run ever going to be saving anyway so the government has no idea. That depth -- what they're fighting -- this was an ordinary recession and a sub prime crisis we would be coming out of that we don't say so yeah we're saying Dow 10000 get out."

" Yet you should you say -- when the Dow its 10000 you think it's time for people LaSalle and I and I just -- eight. Reiterate two things that you just said because I think they're very soon if again. And one is that the consumer credit the credit card part of this crisis is yet to play out and the commercial real estate part. This crisis is yet to play out so you're saying the sub prime mortgage mess we've seen in the investments that went along with does. But the prions the prime part of the of the investment community is still to sort of flesh out a little bit. Let -- you make of you know what. The Warren Buffett and first -- making these very dire Pearl Harbor comments. An apple announced -- whole you know -- the administration does some pretty smart things and things -- not. Well liked."

" Think he within that Ed pretty broad company -- for the past several months he's been in and a lot of people have been saying this is -- Pearl Harbor that's that's nothing new. I'm personally sending it think that that that was a -- exaggeration. I think the right now though is we're in a situation where we're seeing bottom. But it's a bottom that's going to be there for awhile I don't advocates say it's you know if you think about it is the view. We're service that bottom that -- going to struggle and muddle along for awhile and it is a very serious recession. And that I you know I I do think that there are a lot of good signs -- signs in construction and home sales as some of the worst hit places in California for example we're seeing relief. Series rebounds. Yes commercial credit commercial real estate and -- credit card. But maybe that's still a real soft spot -- a sore point. But that Fed and treasury have put in place some programs. To help. Pump money into that sector so you know it's I think there's probably more shoes to drive yeah supposedly -- in the worst to have an apple --"

" we have seen the worst in Avaya we think it -- you would also cautioned people to sort of you know -- we army we need to pass staying in the place that we're in to a certain extent in terms of spending. And reinvestment to have -- thank yeah."

" No surprise about Warren Buffett's comment because if things were so great -- why we stress assessing the banks -- deeper economic downturn for every few years. I think yes commercial real estate. We know the usual suspects credit card portfolios that the banks some of them are outstripping the unemployment rate -- in terms of their losses. And it's also you know he's really dead aren't just rate mortgages three setting and then reset in 20102011. So I think you know what what gets amigos -- we're with the government's wading deeper into the banking system how -- unwind all of those as stock purchases that may happen. How do you do that without roiling the trading floors and swapping those shares even further dive into -- so that's another issue that has to."

" spread laid -- go Harry -- a vacuum are taxing you say expected Dow to go to 10000 over the course of the summer. And then how far back -- are you estimate it."

" We see another crash similar to what we've seen and 2008 in early 2009. -- that bell somewhere between about 2005000. Late next year. The first time we see possible bottom of the stock market would be August October of 2010 source Gannett crises like this are never over and here and I mr. sunshine harried and always good to have you here there -- thinking anything great to see you doesn't doubt you're kind what I. To -- a bankruptcy judge who."