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[0:01] ..." BBC financial editor Dave Caruso and Dave I've heard more versions recently bing Crosby's brother can you spare a dime -- the sure out now here we go again the futures are down. Try to give"...
[0:26] ..." issues there and -- this is. Eight credit problem and unfortunately the stock market just reacting to what's going on in the credit markets so he could bring it to the -- summit has stopped and"...
[1:41] ..." World War II little bit like it did yesterday. The worst to bear markets we face were down 48% and 47% in 1973 and and and in 2000. So were already off 42%. To that's probably"...
[2:18] ..." that's 411. Right now. The NASDAQ down 35 and a half oil prices are blown away Canadian gold -- imagine spiking up its up front what."...
[0:00]" Joining us now is double BBC financial editor Dave Caruso and Dave I've heard more versions recently bing Crosby's brother can you spare a dime -- the sure out now here we go again the futures are down. Try to give us a rundown of what happened to."
[0:14]" We're -- a little stability yesterday morning source -- about porcelain the last 45 minutes of the day it's just walked right up the rebel windows so. You know and unfortunately a continuing this morning that big -- so we you know we're getting back to the fact that the that the credit issues there and -- this is. Eight credit problem and unfortunately the stock market just reacting to what's going on in the credit markets so he could bring it to the -- summit has stopped and bought this little confusing but. You know it was nice to the Fed cut rates and they did it on a worldwide basis. The problem is is it's not making its way into the people who really need it and that's something like that would be like to Libor rate to London Interbank rate because. Even though the -- is lending money at 100%. Most of the people right now are paying for half for 5% so that's a big spread that's not really effective. So -- I'm looking at these things these spreads need to global war. And there's a little evidence that it's happening this morning is we're seeing the Libor come down a little bit. And probably the good news but Jeter became a earnings that there earnings -- line but the good -- was is that the commercial paper. It's easy to get so I think we have to CDs pray that things. Get resolved first before wouldn't get the market going its. -- it's kind of like we just an accident. The -- the patient. It's there at the hospital but they're not admitting and I think that's really what has to do and and that is causing a lot of panic in the markets and volatility spiking but I think we need something in a global nature. In everyone's saying well okay were at the bottom we ignored the -- You can put it in perspective just by going back and -- since World War II little bit like it did yesterday. The worst to bear markets we face were down 48% and 47% in 1973 and and and in 2000. So were already off 42%. To that's probably not a time to sell but it is the time to get what's called a classic. Your bottom and in what happens that a day like that is reserved very big sell off that the open. And then either by the -- the end of the -- it's starts running up those in the way that bottoms are develops so. I don't know if -- today I don't know it's Monday after some good news over the weekend but the reality is there's panic -- markets right now so we look at the deed futures right now it's down 48. The -- that's 411. Right now. The NASDAQ down 35 and a half oil prices are blown away Canadian gold -- imagine spiking up its up front what."
[2:26]" For a slow pitch is there anything else that can be done that hasn't been done."
[2:30]" You know essentially being done in Europe right now I think -- particular lead from the UK weather actually could just say you know -- forget about all of this stuff we're just gonna ensure all of the money it's in the banks in. It you know instead of just 250000. That we which just passed institute for the FBI seats. Well the big players who are worried and let them breathe a little bit easier that'll allow things to be a little bit better better done better adjusted more used. And again it's gotta be worldwide coordination and policy can't dispute US it's a worldwide mr. once so. Maybe over the weekend that the G seven get together come up some sort of arrangement. Another thing we can do is just kind of band but the fact that we have to more. All of these crazy bonds that are the portfolios at the price because they're being priced as if everybody in America is going to foreclose so. That and the -- of the money it can be done and will see what happens."
[3:18]" Okay Dave and good luck today thank you."
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