Video-o-rama: Global economy – banked into submission

By Prieur du Plessis, on January 30th, 2009 posted in: Investment, Markets, Money 5 people had their say - chime in!

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While financial markets remained mired in uncertainty, the who’s who of global economics descended on Davos in Switzerland for the annual meeting of the World Economic Forum. This week’s harvest of video clips therefore includes a number of interviews set against the backdrop of the snow-covered Alps.

The overall message of the video footage is aptly conveyed by titles such as “Mountains of doom” (Nouriel Roubini) and “Wall Street winter blues” (Robert Shiller). Also discussing aspects of President Obama’s stimulus plan, the mooted bad bank, and other crisis-related issues are Jamie Dimon, Edmund Phelps, Steve Forbes, Joseph Stiglitz, Barry Ritholtz, Chris Whalen, George Soros, Stephen Roach, Kenneth Rogoff, Jack Welch, Jan Hatzius, George Friedman and Michael Lewis.

But although gloom prevails, money-making opportunities do exist as highlighted by John Murphy (StockCharts.com), who expects gold bullion to be the best investment for 2009.

In lighter vein, this week’s compilation is rounded up by Bunny and Mimi (the Pinky Show) with a clip entitled “Banked into submission”.

CNBC: Dimon on economic recovery
“Jamie Dimon, JPMorgan chairman and CEO, tells CNBC’s Maria Bartiromo when he’s expecting an economic recovery.”

Source: CNBC, January 29, 2009.

CNBC: Orszag on Obama’s stimulus plan
“Peter Orszag, director of the Office of Management and Budget, discusses Obama’s stimulus package and what the final product will look like.”

Source: CNBC, January 28, 2009.

Bloomberg: Edmund Phelps says US needed “more coherent” stimulus
“Edmund Phelps, a professor at Columbia University and winner of the 2006 Nobel Prize in economics, talks with Bloomberg’s Francine Lacqua and Erik Schatzker about the US government’s plans to stimulate the economy and ease the credit crisis. Phelps, speaking at the World Economic Forum meeting in Davos, Switzerland, also discusses measures to remove toxic assets from banks’ balance sheets and the outlook for US housing.”

Source: Bloomberg, January 28, 2009.

Fox Business: Steve Forbes talks stimulus, economy & Geithner

Source: Fox Business, January 28, 2009.

CNBC: Stiglitz on the economy
“Opportunities for your money at the World Economic Forum, with Joseph Stiglitz, Columbia University professor and Nobel Prize winner, and CNBC’s Becky Quick.”

Source: CNBC, January 28, 2009.

CNBC: Barry Ritholtz – nationalize the banks

Source: CNBC, January 29, 2009.

Yahoo Finance: Chris Whalen – give money to healthy banks, let FDIC’s Bair handle the dying
“Why should taxpayers have to keep bailing out banks that aren’t lending and are black holes? Why can’t Congress just force these banks to write down their bad debt then recapitalize them? Why doesn’t the government create a bank that does not have toxic assets and will fill the void of much needed loans to businesses who need them?

“‘Lack of political courage [and] ignorance of finance’ in Congress are the answers to these and related questions, according to Chris Whalen, managing director and co-founder of Institutional Risk Analytics. ‘Our friends in Washington who’ve been receiving a lot of money from Wall Street don’t want to put these people out of work.’

Click here for the article.

Source: Aaron Task, Yahoo Finance, January 21, 2009.

BBC News: Soros on getting out of the global crisis
“Financier George Soros has outlined his recipe for stabilising the global economy to the BBC’s Business Editor, Robert Peston. Speaking against the backdrop of the World Economic Forum in Davos, he said the present problem was ‘bigger’ than in the 1930s.He was asked if he thought there were any signs of recovery in sight.”

Source: BBC News, January 28, 2009.

CNBC: Roubini – mountains of doom
“Discussing the stimulus and the disaster that is the world economy, with ‘Dr. Doom’, Nouriel Roubini, RGEMonitor.com chairman.”

Source: CNBC, January 28, 2009.

Bloomberg: Roach sees “longer and deeper” recession, weak recovery
“Stephen Roach, chairman of Morgan Stanley Asia, talks with Bloomberg’s Betty Liu about the outlook for the global economy. Roach, speaking from Zurich, also discusses the US recession and the state of the Chinese and Indian economies. Mario Gabelli, chief executive officer of Gamco Investors, also speaks.”

Source: Bloomberg, January 27, 2009.

Fox Business: Rogoff – 80′s crisis a “baby” compared to now

Source: Fox Business, January 28, 2009.

CNBC: Jack Welch on the economy
“Perspectives on the government’s stimulus plan, with Jack Welch, former GE chairman/CEO.”

Source: CNBC, January 29, 2009.

Bloomberg: Hatzius says Fed will likely buy treasuries eventually
“Jan Hatzius, chief US economist at Goldman Sachs, talks with Bloomberg’s Betty Liu about the likelihood the Federal Reserve will buy US Treasuries. Hatzius, speaking from New York, also discusses the outlook for monetary policy and need for a ‘large’ stimulus package.”

Source: Bloomberg, January 28, 2009.

John Authers (Financial Times): Housing and the Fed
“If there is a single key variable to determine when the crisis in the US banking system can be brought under control, it is house prices. The further they fall, the higher the likely default rate on the mortgage-backed securities that banks now hold on their balance sheets.”

Click here for the article.

Source: John Authers, Financial Times, January 27, 2009.

Barron’s: Santoli’s market outlook: 8,000 and 800
“Barron’s Mike Santoli explores whether the Dow hovering around 8,000 and the S&P around 800 carries a certain significance and what this could mean.”

Source: Barron’s, January 26, 2009.

CNBC: Robert Shiller – Wall Street winter blues

Source: CNBC, January 28, 2009.

CNBC: Steve Forbes discusses outlook for stocks

Source: CNBC, January 28, 2009.

Bloomberg: StockCharts’s Murphy sees gold at $1,000 by year end
“John Murphy, chief technical analyst at StockCharts.com, talks with Bloomberg’s Brennan Lothery about the outlook for the gold price in 2009. Murphy also discusses commodity prices, the US equity market and investment strategy.”

Source: Bloomberg, January 27, 2009.

BBC News: Trichet – system must be more resilient
“The president of the European Central Bank, Jean-Claude Trichet, has warned about imbalances in the global economy for some time. He told the BBC’s Tanya Beckett that it was a question of ensuring that by being extremely bold in the short term, long term confidence was not hampered.”

Source: BBC News, January 29, 2008.

CNBC: China – the next world superpower?
“China is unlikely to replace the US as the world’s dominant superpower, says George Friedman, CEO of Stratfor. He tells Kirby Daley from the Newedge Group & CNBC’s Amanda Drury why. He also reveals the other key challenges we may face in the next 100 years.”

Source: CNBC, January 30, 2009.

YouTube: Michael Lewis on how to avoid bankruptcy

Source: YouTube, January 28, 2009.

Pinky Show: Banked into submission
“Part III of the globalization comic series. In this mini-episode, Bunny tells Mimi about the World Bank and IMF and how wonderful they are.”

Source: Pinky Show (via YouTube), March 21, 2007.

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