Pimco's Bill Gross made comments on the housing market, and Facebook's CEO explained his firm's new site design. Following are today's top videos:
PIMCO'S Gross on Housing Forecast
“The bovine analogy was really to indicate that credit is the mother’s milk of capitalism-- without credit, you can’t go very far. So I shifted the analogy to the pasture with the cows to be more politically correct. But the fact is that the cows aren’t producing too much milk these days and if they don’t produce credit, if the government sponsored agencies, Fannie and Freddie , which are now the appointed cows of the economy. If they don’t produce credit in the next 6-12 months, then we have some nasty repercussions.
--Bill Gross, PIMCO, Founder & CIO
CFTC's Energy Market Probe
“Although this trading scheme was designed to avoid regulatory detection, their activity was promptly uncovered by the compliance department of NYMEX and the commission worked in tandem with the exchange to stop the scheme in its tracks and to build the case we are announcing today. These charges go to the heart of the mission of the CFTC in detecting and rooting out illegal manipulation of the markets.”
--Walter Lukken, CFTC, Acting Chairman
“We just announced and launched a new site design which is designed to surface more of the recent activity that is going on with people’s friends. On the site, people are sharing all kinds of information-- photos, videos, blogs --and typically, there’s a lot of information that’s being shared in a person’s network. The new site design surfaces a lot more of that so people can have a better understanding of what’s going around them. This will enable people to share more information.”
--Mark Zuckerberg, Facebook, CEO
Stop Trading, Listen toCramer!
“In the financials, people were worried about Washington Mutual, people were talking about Citigroup, but this is the flavor of the day for the shorts – Keep XTO and Citigroup on your screen! XTO Versus Citi, those are the two battlegrounds for now. The shorts are battling Citi and the longs are battling XTO.”
--Jim Cramer, CNBC’s Mad Money
Maria's Market Message
“Data on durable goods and consumer sentiment will be among the catalysts for the market on Friday. It was weakness in home sales; even jobs data that sent financial shares to their worst drop in eight years, Thursday. On the housing front, existing home sales failed more than expected – down 2.6 percent for the month of June.”
--Maria Bartiromo, CNBC’s Closing Bell