Before the Bell 10/06/2008

[1:11] ..." hedge funds there's not a single benchmark -- that with The Wall Street -- this morning that they were down -- the worst was convertible arbitrage is that about 22% in the best was a"...

[1:52] ..." They're having more testimony this morning about some of the mistakes made Wall Street -- Washington so the head of Lehman Brothers is scheduled to testify and then Washington testimonies are usually not good for the"...

[2:31] ..." right now we got a little bit the bustle going on between Citigroup and Wells Fargo. They both wanted to buy troubled Wachovia Citigroup cut the first not a Wells -- that we can do it by giving him more money and not have the FDIC"...

[3:08] ..." their houses. Then I guess finally open the Americans say that the Federal Reserve issuing about 900 billion dollars and they're pumping money into the system. They're pumping cash to keep things going so let's hope"...

[3:20] ..." That magic ATM Sandra day."...

[0:09]" Yonhap news. -- just thought that I stood up. I -- tell you -- it seemed like every Monday morning we can do an update here -- tell you what the markets are doing you know fortunately I happened because there's been major developments over virtually every weekend. For the last month the workforce will go -- at some point I was going to have to go back to confirm that we are the bear market and we've put this morning the water were also about it much help over -- age and then Europe as well as those markets are. We're getting beat up again this morning despite the you know the good news hopefully that we get this rescue bill that's okay here's the bad news doubt so far this year is down a little bit more than 22%. The S&P 500 -- little more than 25%. The NASDAQ down almost 47%. The Russell 2000 which is small cap index is down around 19% and the worst what is overseas is there are also having problem because in many countries that are up if you look at them now and and the international EAFE index that's down 31 point 4% and even though the commodities they used to -- the -- just commodity indexes fell 14% Orioles down 2% gold is down a little more little less than a percent. Corporate -- point 2% -- hedge funds there's not a single benchmark -- that with The Wall Street -- this morning that they were down -- the worst was convertible arbitrage is that about 22% in the best was a merger arbitrage that was -- around 4% so I think that's enough -- from companies don't really think it was whale probably is -- treasury is that -- the -- they've -- and so as a result -- the bad -- of what's going -- Europe right now it appears to -- down 29 point -- That was not 241. Right the NASDAQ itself is down 27 to have the get some good news goes could have dollars -- below 90 this morning it's about 91 right now. And gold that's the worry -- it's up baked goods up 31 dollars a date sixty Ford unfortunately. They're having more testimony this morning about some of the mistakes made Wall Street -- Washington so the head of Lehman Brothers is scheduled to testify and then Washington testimonies are usually not good for the market."

[2:10]" We don't have the support of the subtle positive stuff going but I I think it's going to take a few weeks for the players to -- get to know each other we've got to get this market pricing down on the -- to the going to be buying -- to get a little bit more accurate so we can actually -- won't that a -- in and buy back -- I think this will ultimately is that the credit crunch -- right now. We're not seeing the effects of that. The fact that right now we got a little bit the bustle going on between Citigroup and Wells Fargo. They both wanted to buy troubled Wachovia Citigroup cut the first not a Wells -- that we can do it by giving him more money and not have the FDIC step and so. We'll see the -- going to handle that first argument right now."

[2:49]" Oh wait too much you know the markets -- have mentioned are wobbling looks like our biggest exporter over to the seas to Europe was the problems we've had a mortgage markets -- they're doing the same sort of thing by. Ensuring their deposits is world a Bank of America maybe about 40000 people though are going to be a better shape because it looks like there's a settlement countrywide clients so they can save their houses. Then I guess finally open the Americans say that the Federal Reserve issuing about 900 billion dollars and they're pumping money into the system. They're pumping cash to keep things going so let's hope we end up better than down two point one that."

[3:20]" That magic ATM Sandra day."