This week’s video-o-rama comes to you a day late as I make my away from Cape Town to Europe. Notwithstanding terribly slow broadband at South African airports, I have managed to compile an interesting potpourri of clips.
Topics ranged from another round of discussions about the proposed regulatory reform to Fed chairman Ben Bernanke facing a grilling on Capital Hill over the Bank of America-Merrill Lynch deal to the usual dose of debate on the outlook for the economy and financial markets.
The stars of this week’s round-up include Steven Pearlstein, Pete Peterson, Warren Buffett (US economy in “shambles”), Nouriel Roubini (US economy “sort of stabilizing”), Puru Saxena, Edmund Phelps, Mohamed El-Erian, Robert Prechter (a “lot more” bear market) and T. Boone Pickens.
The compilation kicks of with Barry Ritholtz, author of must-read “Bailout Nation” and editor of The Big Picture blog, sharing his views on the financial collapse, and concludes with Dennis Gartman, editor of The Gartman Letter, calling Warren Buffett an idiot.
TheStreet.com: Tales from “Bailout Nation” “Barry Ritholtz, author of the new bestseller “Bailout Nation”, blames Alan Greenspan for America’s financial collapse and says troubled banks should be allowed to fail.”
CNBC: Issa versus Bernanke “Rep. Darrell Issa (R-CA), questions Fed Chairman Ben Bernanke regarding the Federal Reserve’s influence in the Bank of America-Merrill deal, and whether the Fed actually tried to cover it up.”
CNBC: Pete Peterson on the financial crisis, economy and regulation Pete Peterson, co-founder and former chairman of the Blackstone Group, shares his thoughts on the economy, the financial crisis and regulation.”
CNBC: US economy in “shambles” “In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the ‘economic war’ being fought by the country. ‘We haven’t got the economy moving yet,’ he told Becky Quick.”
Bloomberg: Nouriel Roubini – US economy “sort of stabilizing” “Nouriel Roubini, professor at New York University’s Stern School of Business, talks with Bloomberg’s Deirdre Bolton and Tom Keene about the state of the US economy. Roubini, speaking from London, also discusses Federal Reserve monetary policy, personal savings and the outlook for the US unemployment rate.”
CNBC: Credit market problems to creep up again? “‘We are now returning to some distress in the credit markets,’ Puru Saxena from Puru Saxena Wealth Management said, adding that is why he has sold off all of his long positions. Saxena told CNBC the market is wrong to expect hyperinflation. Christian Blaabjerg from Saxo Bank joins the discussion.”
Bloomberg: Phelps says US wealth may take 15 years to rebound “Edmund Phelps, a professor at Columbia University and winner of the 2006 Nobel Prize in economics, talks with Bloomberg’s Elliott Gotkine about the outlook for the US economy. Phelps said, ‘The only way we’re going to get a healthy, full recovery is over a long period of time, involving households rebuilding their balance sheets and companies in trouble rebalancing their balance sheets.”
Consuelo Mack (WealthTrack): Lo & Asness – applying hedge fund skills to mutual funds “On this week’s Consuelo Mack WealthTrack: two innovative hedge fund managers challenge conventional investment wisdom and explain why they have recently brought their hedge fund skills to the mutual fund world. MIT’s Professor of Finance and portfolio manager of the ASG Global Alternatives Fund, Andrew Lo, and AQR Capital Management’s Cliff Asness, portfolio manager of the recently launched AQR Diversified Arbitrage Fund discuss their investment outlook and strategies.”
Bloomberg: Robert Prechter sees a “lot more” bear market, deflation “Robert Prechter, chief executive officer of Elliott Wave International Inc., talks with Bloomberg’s Betty Liu about the outlook for the US stock market. Prechter, speaking from Atlanta, also discusses his expectations for inflation and emerging markets.”
MoneyNews: Pickens – oil could go to $300 a barrel “Legendary oil man T. Boone Pickens says that if the US doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic. ‘Let’s say in 10 years, you do nothing,’ Pickens tells Fortune. ‘You will be importing 75% of your oil (up from 68% now), and you’ll be paying $300 a barrel. That’s $2 trillion a year going out of this country.'”
Chris Giles (Financial Times): OECD foresees end to global slide “The OECD has revised its World Economic Outlook upwards for the first time in two years, concluding that the global economic slump is approaching a nadir. Chris Giles, economic editor, explains the significance of the findings for the ‘green shoots’ debate.”
CNBC: China could outdo its 8% growth target “China could do better than 8% growth this year, says Kenneth Courtis, chairman of Next Capital Partners & also former vice chairman of Goldman Sachs. He explains his optimistic view to CNBC’s Martin Soong and Amanda Drury.”
CNBC: Another thorn on China’s side? “The US and European Union have filed a complaint to the World Trade Organization over China’s export curbs. Jing Ulrich, MD & chairman of China equities at JPMorgan, assesses this news, with CNBC’s Martin Soong and Cheng Lei.
CNBC: Japan’s exports show deeper slide in May “Japan’s exports fell 40.9% in year-ago terms in May, showing a slightly deeper slide, but its trade surplus came in stronger than expected, though it continued to fall. Luca Silipo, chief economist at Natixis digests the data, with CNBC’s Amanda Drury and Martin Soong.”