Before the Bell 8/21/2008

[0:00] ..." time for our before the -- stock report in forehead the vacationing David Caruso is Bob got this morning with. -- nation's you're the CEO Alan thanks so much for being here Bob welcome good morning good morning to you now today is today that the Federal Reserve is having some kind of big summer meeting in Wyoming is this a bash -- black."...

[0:27] ..." talk about particularly oil and the mortgage crisis particularly the -- about Freddie Mac and Fannie -- but one of the things that a lot of people -- going to be talking about. Is that the -- been too lenient. As the Fed bail people out too much. And my opinion is that that had to because the other risk associated with -- and not acting at the psychology of fear. And so I think the Fed has done an excellent job and they than most concerned about he -- You know on the credit crunch getting away from"...

[1:16] ..." in the of the dead on the sixteenth come comes around that the Fed is going to increase industry at all. And the reason is but even though the pressure on the commodity front demand is"...

[1:59] ..." Well Fannie Mae and Freddie Mac obviously. Going to keep our -- on those in groups like at city to city and Goldman and Lehman's. Morgan Stanley didn't."...

[0:00]" It's time for our before the -- stock report in forehead the vacationing David Caruso is Bob got this morning with. -- nation's you're the CEO Alan thanks so much for being here Bob welcome good morning good morning to you now today is today that the Federal Reserve is having some kind of big summer meeting in Wyoming is this a bash -- black."

[0:19]" Know what the annual meeting -- the -- you live review meeting in the thumb and resilient Jackson hole might split the bill. But that doesn't mean they're going to relax and a lot of things to talk about particularly oil and the mortgage crisis particularly the -- about Freddie Mac and Fannie -- but one of the things that a lot of people -- going to be talking about. Is that the -- been too lenient. As the Fed bail people out too much. And my opinion is that that had to because the other risk associated with -- and not acting at the psychology of fear. And so I think the Fed has done an excellent job and they than most concerned about he -- You know on the credit crunch getting away from us and also the problem -- inflation."

[1:05]" Well inflation is is bubbling in the circulating -- recent reports -- about but that's normal because the commodity prices particularly oil now filtering through. But I don't think with a December meeting in the of the dead on the sixteenth come comes around that the Fed is going to increase industry at all. And the reason is but even though the pressure on the commodity front demand is still relatively modest means people not spending. And those result I think the concerns about inflation are a little bit over. Over concerns. And and I don't think that there is an increase rates at all in the -- without all anyway it would look look forward to. Is basically slow growth and on the market is very jittery this morning. Because futures trading has been not good the European stock was down you know earlier today. And as a result the market's going to be -- bit bumpy."

[1:59]" Well Fannie Mae and Freddie Mac obviously. Going to keep our -- on those in groups like at city to city and Goldman and Lehman's. Morgan Stanley didn't. Indeed an asset writedowns. So -- so watch those financial stocks in particular. And finally look at burger king and Barnes & Noble. They're going to be coming over the quarterly reports the morning."