Venezuelan stocks are plunging today. This comes in the wake of Venezuela's president Hugo Chavez's call for nationalizing power and telecom companies in his country. Later today on "Power Lunch" Theirry Wizman head of Latin America investing at Bear Sterns will be on to talk about what this all means for American companies (we'll update this story with Wizman's comments). But just how important is what Chavez said? Is it all talk? Well--it's evidently important enough for the New York Times to make it their second editorial of the day.
Chavez gave a speech on Monday (he's recently been re-elected to a third term--for six years) where he said--"We're moving toward a socialist republic of Venezuela, and that requires a deep reform of our national constitution,, we're heading toward socialism, and nothing and no one can prevent it." Not much mistaking his intentions there.
(On "Morning Call" CNBC's Michelle Caruso-Cabrera talked about the Chavez speech. See video below)