A CNBC reporter since 1990, Bob Pisani has reported on Wall Street and the stock market from the floor of the New York Stock Exchange for more than a decade. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before moving to the New York Stock Exchange in 1997.
He was nominated twice for a "CableACE Award"—in 1993 and 1995.
Prior to joining CNBC, Pisani co-authored "Investing in Land: How to Be a Successful Developer." He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987-1992. Pisani learned the real estate business from his father, Ralph Pisani, a retired real estate developer.
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While futures are at their lows, you would think that traders would have been in for hours, trading heavily. But volume is not that heavy; Chinese stocks down 10 percent-20 percent, and energy and material stocks are down 5 percent to 10 percent--but on light volume.
I've been with CNBC since 1990, and have lived through and reported several financial crises. Each time, the economy recovered, but each one was a little different. A brief synopsis of three of these crises and what we learned.
Why are the markets yawning even though the President has announced a stimulus package? The reason is that 1) The extent of the consumer slowdown is uncertain, and 2) The extent of the global slowdown is uncertain.
So where are we? The markets yawned at the President's stimulus plan, which is short on details; we are now at the lows of the day, the month, the last 52-weeks on the S&P 500. Any stimulus plan is good news, but the problem is the Street wants MORE: more stimulus, more cuts, more fear--more sense of a bottom that really is not yet present.
So for bulls and bears it's a tough call either way: 1) How much do you believe the U.S. consumer is slowing down, and 2) How much ancillary slowdown will the global economy see. Bears say consumer slowdown has just begun, and global slowdown is just starting, with the U.K. already slowing.
If you are wondering why the markets are weak, you cannot blame it all on Mr. Bernanke's somewhat downbeat testimony. The initial comments from Bernanke, on top of a very poor Philly Fed, down 20.1, the lowest since October 2001, set the tone early on.
Uh, no, you must mean the other bald guy who's always around: desk traders on the Street are cracking up over this faux-pas by Congresswoman Marcy Kaptur during an exchange with Fed Chairman Ben Bernanke:
The big story this morning is in bond insurers. Bond insurers weak (again) today as Moody's placed Ambac under review for a possible ratings cut. What happened? Last month Moody's affirmed the rating with a Stable outlookaffirmed the rating with a Stable outlook.
A stimulus package is a big topic on the Street today after House Majority leader Steny Hoyer said a stimulus package could be law within a month. Senator Charles Schumer, speaking with our Erin Burnett, said it could involve:
Copper is swooning on China fears, and it's not exactly alone.
Banks lead this week after underperforming this year. Rising rates provide a boost.
Stocks are at new highs, but where are the bargains?
Stocks trade in narrow range. Financials outperform for second day. Bank of America jumps three percent.
Stock valuations are "not excessive," but they're "not cheap" either, Wells Capital's James Paulsen tells CNBC.
One of the world's most respected investors has raised the alarm over a looming asset price bubble. The FT reports.
As job growth strengthens and commodity prices rise, inflation could rear its head.