Art Cashin: Fed's QE2 Starting to Look Like the 'Titanic'

Stocks slid Wednesday, despite news of an unexpected drop in US jobless claimsand a narrowing of the trade deficit. Art Cashin, director of floor operations at UBS Financial Services, shared his outlook.

“Jobs are looking hopeful and the NFIB* ticking up mildly yesterdaywas also somewhat hopeful,” Cashin told CNBC.

“But QE2 (quantitative easing) is going to be a real debate and we’re going to see what happens when the G20 meeting kicks in tomorrow.”

“There are talks about people doing capital controls and other things,” he explained. “QE2 is looking less like 'the love boat' and maybe a little like the Titanic."

* NFIB: National Federation of Independent Business, which reported a rise in small-business optimism.

More on Cashin:

Art Cashin was recently inducted into the hall of fame at New York's Xavier High School. Read his dramatic storyand watch the videoto see his graduation photo from 1959.

Scorecard—What He Said:

  • Cashin's Previous Appearance on CNBC (Nov. 4, 2010)

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No immediate information was available for Cashin or his firm.