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As the financial markets await the bank stress test results in the US, a potpourri of video clips was produced. Although the discussions were varied, a golden thread prevailed: the duration of the financial crisis and the economic recession, and whether stock markets have hit bottom. Needless to say, the plight of the beleaguered automakers and fears of an escalation in the number of swine flu cases also captured the attent ion of battle-weary investors. However, the S&P 500 Index rallied to a gain of 9.4% for April - representing its best monthly advance since Ma rch 2000 - and US Treasury yields jumped to levels last seen in Novembe r as investors “looked past the valley”. Commentators featured on camera in this post include Simon Johnson, Mic hael Perino, Jim Walker, Steve Forbes, Christopher Whalen, Joseph Stigl itz, Marc Faber, Bill Ackman, Paul Kasriel, James Galbraith, Paul Volck er, Sheila Bair, Mark Mobius, Robin Griffiths and Jim Rogers. The selection kicks off with a recession singalong - a Walt Handelsman animation entitled “Worst Slide Story”, and concludes with an interesti ng visualization of President Obama’s planned budget cuts. Walt Handelsman: Animation - recession singalong! “The classic ‘West Side Story’ is enjoying its Broadway revival. Now co mes the remix, ‘Worst Slide Story’.”
Source: Walt Handelsman, Newsday, April 13, 2009.
<strong>CNBC: How swine flu spreads in humans “A deadly outbreak of swine flu has killed more than 100 people in Mexi co, and infections have been reported around the world. Malik Peiris, p
rofessor at University of Hong Kong, spoke to CNBC about how the flu ca n spread.” Source: CNBC, April 27, 2009. <strong>Bloomberg: Jim Rogers says flu may be “disaster in weak economy ” “Jim Rogers, chairman of Rogers Holdings, talks with Bloomberg’s Betty Liu and Peter Cook about the potential impact of swine flu on the globa l economy. Rogers, author of ‘A Gift to My Children’, also discusses the restructu
ring efforts at US automakers, ‘short’ strategy and investment opportun ities in commodities. He speaks from Singapore.”
Source: Bloomberg, April 28, 2 009.
<strong>Bill Moyers (PBS): Conversation with Simon Johnson and Michael Perino “Bill Moyers speaks with economist Simon Johnson and Ferdinand Pecora b iographer and legal scholar Michael Perino. Johnson is a former chief e conomist of the International Monetary Fund (IMF) and a professor at MI T Sloan School of Management, and Perino is a professor of law at St. J ohn’s University and has been an advisor to the Securities and Exchange Commission.”
Source: Bill Moyers Journal, PBS, April 24, 2009.
<strong>CNBC: Financial crisis still has long way to go “Hold on to your horses as the global financial crisis still has a long way to go, says Jim Walker, founder & CEO at Asianomics. He tells CNBC’ s Martin Soong that we are probably in the horizontal part of a L-shape d recession.” Source: CNBC, April 29, 2009. <strong>Fox Business: Forbes - recovery hinges on credit market
SSource: Fox Business, April 27, 2009.
<strong>CNBC: Christopher Whalen on financial fallout from stress tests “What the stress test results will mean for financials going forward, w ith Paul Miller, FBR Capital Markets, and Christopher Whalen, Instituti onal Risk Analytics.” <strong>Source: CNBC, April 27, 2009. The Wall Street Journal: Can America handle the truth? “Evan Newmark and Dennis Berman discuss whether Americans can swallow ‘ the truth’, especially in relation to the results of the bank-stress te sts.” <embed src="http://s.wsj.net/media/swf/main.swf" bgcolor="#FFFFFF" flas hVars="videoGUID={60FBF6B3-CA3F-44D4-A3FB-594FA3DB8693}&playerid=1000&p lyMediaEnabled=1&configURL=http://wsj.vo.llnwd.net/o28/players/&autoSta rt=false” base="rtmpt://wsj.fcod.llnwd.net/a1318/o28/video" name="main" width="512" height="363" seamlesstabbing="false" type="application/x-sh ockwave-flash" swLiveConnect="true" pluginspage="http://www.macromedia.
com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"> Source: The Wall Street Journal, April 28, 2008. <strong>Credit Suisse: Joseph Stiglitz calls for US bank nationalizatio n<strong> “Leading economist and Nobel Laureate Joseph Stiglitz advocated the nat ionalization of troubled US banks and raised concerns about the America n government’s efforts to stimulate the economy, in the keynote economi c session at the Credit Suisse Asian Investment Conference. “Addressing a record crowd of delegates, Stiglitz said the current glob al downturn had been worse than he had expected. ‘The one ray of optimi sm in this really dark cloud is that China and India look like they’re going to continue to grow, although somewhat slower than they have been growing,’ he said. “Stiglitz said the US will play a critical role in the recovery of the world economy, and that the key issues would be consumption growth - wh ich until now had been led by ‘unbridled borrowing - and the restructur ing of the financial institutions. ‘(Americans were told) if you don’t have income, don’t let it bother you, keep spending, and we lent them m oney and they kept borrowing and the debts grew,’ he said.”
The Wall Street Journal: Was John Thain a scapegoat? “In an interview with WSJ's Susanne Craig, former Merrill Lynch Chief Executive John Thain told her he was unfairly scapegoated for the growi ng problems of Bank of America.”
<strong>CNBC: GM's third restructuring plan “General Motors CEO Fritz Henderson discusses the automaker's third res tructuring plan since December, with CNBC's Phil Lebeau.”
<strong>Financial Times: Wilbur Ross on Detroit and the economy “Wilbur Ross, chief executive and chairman of WL Ross & Co, talks to Chrystia Freeland, FT's US managing editor, about the possible bankr uptcy of GM, the fate of the auto suppliers and the future ownership st ructure of GM. He also discusses the treatment of bank bondholders, the US government's handling of the economic crisis and the prospects for r ecovery this year.”
<strong>Bloomberg: Faber says GM's debt offering rig ht way to restructuring “Marc Faber, publisher of the Gloom, Boom and Doom report, talks abou t General Motors Corp's offer to exchange $27 billion of bondholder cla ims for equity. Faber also discusses the Federal Reserve's money printi ng efforts to fight economic crises.”
<strong>CNBC: Global meeting of the minds “Insight on the world leaders convening in Washington over the weeken d for the G-7 meeting, with Dominique Strauss-Khan, IMF managing direct or, and John Sununu, former senator (R-NH).”
<strong>Charlie Rose: A conversation about the econo my “A conversation about the economy with Bill Ackman, major investor an d hedge fund manager of Pershing Square Capital Management LP, Kate Kel ly of The Wall Street Journal, Andrew Ross Sorkin of The New York Times and Joseph Stiglitz, economist and a member of Columbia University facu lty.”
<strong>Paul Kasriel (Northern Trust): Coming out of the downturn “Paul Kasriel, Northern Trust's Chief Economist, discusses the curren t economic climate and the potential impact on market consumption durin g any recovery.”
<strong>Fox Business: Galbraith - economic strings a ttached? “Professor James Galbraith on his concerns about the economic turnaro und. He makes four essential points about the expansion yet to come.”
<strong>Bloomberg: Volcker - economy leveling off, s timulus not needed “Former Federal Reserve Chairman Paul Volcker talks with Judy Woodruf f about the outlook for the US economy.”
<strong>CBS: Shrinking necessities “A new study finds that Americans are downsizing their list of things considered essential. Charles Osgood reports.”
<strong>Barron's: Big money poll - t he long view “After the worst stretch for stocks in decades, America's money manag ers say they're bullish. But do they really believe it? Based on the re sults of our latest Big Money poll, the pros are hoping for the best, b ut … hold on! Aren't those fresh bear tracks in the mud?
Source: Jack Willoughby, Barron's , April 27, 2009.
<strong>Financial Times: Have markets hit bottom? “Have markets reached a bottom? How the market participants affect th e direction of stock markets? Michael Mauboussin, an expert in the wisd om of crowds theories, talks to John Authers about market timing and un derstanding how different players change sentiment.”
<strong>John Authers (Financial Times): Deflating th e earnings bubble “The bad news is that shares are predicting a 50% fall in non-financi al companies' earnings. The good news is that this is already priced in. ”
<strong>CNBC: Hugh Hendry - d ownturn still underway
“The recent rise in stocks and talk about green shoots in the markets are optimistic assumptions, as the world downturn ‘still has a way to r un', Hugh Hendry, CIO at Eclectica, told CNBC.”
<strong>CNBC: Charts - Asia signals new bull market “While western stock indexes struggle to rally in an overall bear mar ket, their emerging counterparts are set to enjoy the real thing, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC.”
<strong>John Authers (Financial Times): Obama's firs t 100 days John Authers puts Obama's first 100 days into context, looking at equ ity markets, volatility and overall economic sentiment.”
<strong>YouTube: Obama budget cuts visualization “How much is the $100 million dollars in budget cuts compared to the fe deral budget as a whole? This video imagines the budget as $100 in penn ies to provide the answer.”
Source: Bloomberg, April 28, 2 009.
Source: Bill Moyers Journal, PBS, April 24, 2009.
SSource: Fox Business, April 27, 2009.
