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[0:13] ..." I mean they've they've come in with some incredibly innovative historic non interest rate policy moves. And they came in was 75 basis points today I think if that was to bare minimum. Require to avoid"...
[1:57] ..." to come out in the coming months. Word than going to the commercial real estate he can to take a toll on the regional banking system. And through the fall you've got to US consumers that's going to continue to be weighed by high gas prices high food prices and housing market that that offers from from gross oversupply and and still miles overvaluation."...
[0:00]" What I would term the last. 1015 days response from policymakers is is overwhelming but not -- extravagant. Him and by that I mean they've they've come in with some incredibly innovative historic non interest rate policy moves. And they came in was 75 basis points today I think if that was to bare minimum. Require to avoid a market meltdown and equity and it turns -- in retrospect equities are actually decided that are okay with us to receive a pretty -- rally."
[0:39]" Yes the reaction was quite dramatic on Wall Street but I was always. Is that lasting and are traders and investors seen the kind of of security that they expect."
[0:52]" Well I think that we are in the midst oh -- lifetime. Battle I can that we are seeing -- try to run a gauntlet as it. Attempts to control and an implosion of the financial system that we -- Created an alternative universe using derivatives that needs to come down. And -- the Fed is is trying to allow that to calm down without wiping out the formal banking system."
[1:24]" By that change though obviously companies will be losing billions of dollars in. They've been reporting that off already."
[1:31]" Yes we've we've -- that the that the large banks are probably 50% of the way through their write -- we should see the vast majority of the right found the be known by April and may then. Then in -- and why this is such a long war. Then you're going to have the real money investors increasingly recognize their losses and that's going to come out in the coming months. Word than going to the commercial real estate he can to take a toll on the regional banking system. And through the fall you've got to US consumers that's going to continue to be weighed by high gas prices high food prices and housing market that that offers from from gross oversupply and and still miles overvaluation."
[2:22]" So you're implying that this convergence of these negative realities. Will not mean this is going to be result anytime soon."
[2:32]" can be resolved any time soon but pretty comfortable that the defense has put a floor under the formal banking system at least for large banks right now and indeed. Even though we we end and the regulators have come out and Bernanke has come out and said that he expects to see some banking offices we don't expect the entire system to go down but it but -- we will -- bank failures and in coming months and quarters."
[2:59]" Obviously once we see that we will see other maybe bankruptcies in other types of companies as well that this recession could could last for a long time."
[3:11]" Hold another UN music you dropped our bombs -- wasn't and -- hits. And up most economists we'll get very -- because you need two quarters of negative growth for a quote bright -- recession although increasingly need the economic indicators look look quite weaken as the Fed noted today in its statement the outlook. For growth is weakening"
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