Oil's Race to the Bottom Aug. 28 -- William Lee of Citi Economic Research discusses the role oil is playing in market volatility and the global economy. He speaks on "Bloomberg Surveillance."
Friday, August 28, 2015
Wells Fargo Chief Economist John Silvia and BNP Paribas’ Darren Wolfberg on the outlook for oil prices. Watch Dagen Mcdowell and Sandra Smith talk about Energy and Oil on Mornings With Maria.
They say the market crash is a buying opportunity. They say it’s a correction and nothing more. My sources say none of that is true, that this is just the warm-up act of a much bigger downturn in the stock market. Gregory Mannarino of TradersChoice.net, who called the top in this market more than 2,000 points ago, says market crashes are not a one and done event but a process. He says the 2008 meltdown started in September and didn’t finish until March of 2009. It only ended with massive QE and money printing and suspension of accounting rules by FASB. Fast forward to today, and we have reports of China selling U.S. debt (Treasuries) because China’s markets are in turmoil. In simple terms, they need the cash to try to stabilize their markets.
Hillary Clinton now says she “made a bad choice” for having her own private server doing government email at the State Department. That is an interesting description, “made a bad choice.” I guess you can say fraudster Bernie Madoff “made a bad choice.” I guess you could say David Petraeus, former head of the CIA, “made a bad choice.” He pled guilty to a felony charge on how he mishandled documents. He did not put national security at risk. It is alleged that Clinton broke the law and jeopardized national security by her use of a private server.
The White House is pushing hard for votes in the Iran Nuke deal. Obama is picking up Senate votes from Democrats, even though the deal allows Iran to inspect its own military facilities. The deal is a sham, but that hasn’t stopped 28 Democratic Senators who have come out in favor of the deal. Obama needs 34 yes votes from Democrats in the Senate, and it is still too close to call if Congress will be able to override a Presidential veto.