Treasury Secretary Henry Paulson discusses a comprehensive approach to market developments, while Gold was up over 15% over the past two days but took a beating this morning. Following are today's top videos:
Paulson On Market Developments
“Last night, the Federal Reserve Chairman Ben Bernanke, SEC Chairman Christopher Cox and I had a lengthy and productive working session with congressional leaders. We began on a discussion on a need for comprehensive approach to relieving the stresses on our financial institutions and markets.”
—Henry Paulson, Treasury Secretary
Chanos on New SEC Rules & Fed's Loan
“Short sellers were not the cause of the recent financial stock declines. The data that we have indicates that the aggregate short positions for the publicly traded investment banks has been dropping over the course of 2008 and dropping since July.”
—Jim Chanos, President & Founder, Kynikos
“We’ve had similar volatile markets in the 70s and 80s—but that is very unusual for the gold market, it’s normally a much more stable asset than most others. It’s more stable than other commodities and it’s typically less volatile than even equities. So these are very unusual times.”
—George Milling-Stanley, Director, World Gold Council
Questioning the U.S. Government's Rating
“I think it raises the question—for how long can we continue to regard the U.S. government as a triple-A organizations? There are plenty of other economies around the world that are in a much better position. Look at the Australian economy for example. I would argue that Australia should be quadruple-A in that situation!”
—James Shugg, Senior Economist, Westpac Bank
Stop Trading, Listen to Cramer!
“I’m feeling so bad for the shorts—such a shame! I haven’t heard anyone say anything good about this plan all day today. All I’ve heard that it’s bad and it’s all artificial. I also think the confiscation of Fannie Mae was bad…”
—Jim Cramer, CNBC’s Mad Money
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