Video-o-rama: Stocks between a rock and a hard place

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Stock markets remain caught between the actions of central banks frantically trying to fend off a total economic meltdown on the one hand, and a worsening economic and corporate picture on the other.

Meanwhile, the Dow Jones Industrial Index has fallen to its lowest level since October 2002. It is noteworthy that it took five years for the Index to increase from 7,500 to 14,000, but only 16 months to wipe out the entire 2002-2007 advance.

I have just returned from a business visit to a rather morbid Europe, with the sight of thousands of people queuing for unemployment benefits in Ireland still foremost in my mind. The fact that a number of this week’s video clips refer to the dire situation in Europe, and specifically the crisis in a few Eastern European countries, therefore comes as no surprise.

But although gloom prevails, money-making opportunities do exist as highlighted by John Murphy (StockCharts.com) and Dennis Gartman (The Gartman Letter) who expect gold bullion to keep shining.

CNBC: McCulley & Leuthold – investment strategies for a volatile market
“Paul McCulley, managing director at PIMCO, and Steven Leuthold, chairman of Leuthold Weeden Capital Management, share their best strategies for this market environment.”

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Source: CNBC, February 18, 2009.

Bloomberg: Obama pledges $275 billion to stem mortgage foreclosures

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Click here for the article.

Source: Bloomberg, February 18, 2009.

CNBC: Dimon – housing plan “well designed”
“President Obama’s housing plan is very elegant and well-designed, according to JPMorgan Chase CEO Jamie Dimon.”

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Source: CNBC, February 18, 2009.

Yahoo Tech Ticker: Whalen – “nationalization” of Citi and BofA inevitable
“In the past few months, an increasing number of economists have become convinced that the best ‘fix’ for the banking system is a government takeover and restructuring of companies like Citigroup. And some voices in the government are finally supporting this idea. Over the weekend, Senator Lindsey Graham said he thought ‘nationalization’ has to be considered, because he doesn’t want to throw good money after bad.

“What would this mean, exactly? The government running our banks for the next decade? No, says our guest Chris Whalen of Institutional Risk Analytics. ‘Nationalization’ is a poor word to describe the process. ‘Receivership and restructuring’, along the lines of what the FDIC did with WaMu, is the right way to think about it.”

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Source: Yahoo Tech Ticker, February 18, 2009.

TheStreet.com: Peter Schiff slams TARP 2
“Peter Schiff, president of Euro Pacific Capital, takes on Treasury Secretary Tim Geithner’s banking relief plan in a special ‘lightning round’ session.”

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Source: TheStreet.com, February 15, 2009.

CNN: Stimulus plan irks Ron Paul
“Former presidential candidate Ron Paul is angered at being left in the dark about the details of the stimulus plan.”

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Source: CNN, February 16, 2009.

CNBC: Greenspan on the financial crisis
“Former Federal Reserve Chairman Alan Greenspan delivers a speech on the financial crisis at The Economic Club of New York.”

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Source: CNBC, February 18, 2009.

CNBC: Whitney on the banking sector
“Banking stocks are all lower today as the outlook for the industry fails to brighten. Meredith Whitney, CEO of the Meredith Whitney Advisory Group, has been on point with her outlook for financials and tells CNBC what’s next for the sector.”

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Source: CNBC, February 19, 2009.

Bloomberg: Ross says investors will wait for bank writedowns

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Click here for the article.

Source: Jason Kelly and Carol Massar, Bloomberg, February 12, 2009.

Charlie Rose: A conversation with IMF’s Dominique Strauss-Kahn

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Source: Charlie Rose, February 13, 2009.

Charlie Rose: Mishkin, Roubini, Zandi & Easton – discussion about the economy

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Source: Charlie Rose, February 18, 2009.

Financial Times: Martin Wolf – the slow path to recovery
“Martin Wolf on how countries will extricate themselves from the global financials crisis.”

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Source: , Financial Times, February 17, 2009.

Bloomberg: Bernanke speaks on the economy
Fed Chairman Ben Bernanke reveals the Fed’s long-term economic forecast to the National Press Club in Washington.

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Click here for Part 2 of Bernanke’s speech.

Source: Bloomberg (via YouTube), February 18, 2009.

Bloomberg: In-depth look – the housing crunch
“Analysis and discussion with Nicolas Retsinas of Harvard University.”

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Click here for Part 2 of the discussion.

Source: Bloomberg (via YouTube), February 18, 2009.

Bloomberg: Biggs bullish on US stocks
“US stocks are poised to rise because economic indicators are starting to improve, said Barton Biggs, managing partner at Traxis Partners LLC in New York. ‘There’s too much bearishness and the market is poised for a big, big rally,’ said Biggs.”

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Click here for the article.

Source: Bloomberg, February 18, 2009.

Bloomberg: StockCharts’ John Murphy – gold to outshine

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Source: Bloomberg (via YouTube), February 14, 2009.

Bloomberg: Gartman sees gold as world’s “second reserve currency”
“Dennis Gartman, economist and editor of the Gartman Letter, talks with Bloomberg’s Erik Schatzker and Deirdre Bolton about the outlook for gold prices. Gartman also discusses the state of the Japanese economy and why he favors selling the yen.”

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Source: Bloomberg, February 17, 2009.

The Wall Street Journal: China’s billion-dollar hunger for resources
“WSJ’s Rebecca Blumenstein and Andrew Browne discuss China’s recent investment in natural resources, including a $25 billion deal with Russia for oil.”

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Source: The Wall Street Journal, February 18, 2009.

Financial Times: Austria’s central banker on the EU economic crisis
“Austria’s central bank governor Ewald Nowotny talks to economics editor Chris Giles about possible ‘unconventional measures’ by the European Central Bank, how EU states are more united on policy, and the need to help eastern European countries outside the EU.”

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Source: Financial Times, February 17, 2009.

The Wall Street Journal: A grim forecast for Eastern Europe
“Is Eastern Europe on the brink of economic collapse? WSJ’s Nik Deogun and Joanna Slater discuss the reasons for worry amid the slump in Eastern European currencies.”

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Source: The Wall Street Journal, February 18, 2009.

Bloomberg: Faber says Germany, France may have to bail out nations
“Marc Faber, publisher of the ‘Gloom, Boom & Doom Report’, talks with Bloomberg’s Deirdre Bolton about the possibility that France and Germany may have to bail out entire nations as European government budgets buckle under the weight of recession. Faber also discusses the outlook for the US stock market.”

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Source: Bloomberg, February 18, 2009.

 

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