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Saturday, October 23, 2010

Weekly KWN Interviews

This week King World News interviews Jim Rickards, Stephen Meister, Greg Weldon, Chris Whalen and Art Cashin.  Each guest takes on different areas of expertise in our markets and what is going on in the banking industry.

Jim Rickards - Talks about what will lead to another massive bank bailout.  Jim breaks down the difference between a mortgage and a note, as well as how they play in foreclosuregate.
Stephen Meister - Is an Attorney in Real Estate litigation and discusses the legality of the foreclosures.
Greg Weldon - Talks about the pull back in the precious metals markets that have occurred over the past few days and the long term outlook/risks.
Chris Whalen - Discusses the foreclosure freeze and how the holder of the note has rights to foreclose and fighting a bank that can prove holding the note, even if the other paper work is off, can still foreclose.  Chris also discusses how a dramatic re-pricing of housing will take place over the next couple of years.
Art Cashin - Discusses the inverse relationship between the dollar and the dow as well as dollar vs. commodities.  Art also talks about the market in the 80's during the banking crisis and the current predicament.

I heard a great analogy I heard earlier was that out of all the countries that would benefit by putting a fiat currency on a gold standard again, the U.S. would be the best positioned and could use it in some of these currency wars.  This kind of move would cause a surge in gold and silver prices.  Interesting note from Art Cashin this week that we will find out what the consumer is going to do (in spending) in two months.

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