With stock markets bouncing for a second day off the latest leg of November losses, the credit markets continue to signal red alert. Good discussion on why the euro zone is facing a region-wide credit crunch, which could trigger further downgrades and undermine global consumption, with Mohamed El-Erian, Pimco CEO/co-CIO. If you cannot see the clip below, look here.
The last time I was on BNN was last November when I said that QE2 was a farce that was unduly pumping up stock prices and was a recipe for losses likely to harm investors once the economy weakened again. I was not asked back for a year. Now that QE2 gains have mostly evaporated and we are staring the next global recession in the eye, I have been asked to join BNN Monday morning at 7am ET. I thought of saying no, since in my view, with one stock-touting guest after another, the network has increasingly lost all credibility in favour of their sponsors. But in the interests of promoting some more balanced discussion I have decided to show. Wish me luck.
Done. Here is Part 1 and here is Part 2.
Insight on European worries weighing in on U.S. futures, with Tony Crescenzi, Pimco executive vice president,/market strategist/portfolio manager who says countries in Europe are playing a game “hot potato” with debt. See clip here if your browser is not showing it embedded below.
