Head of thee to the oecd and the chairman of bp world. If you are in london. And minimizes a little bit what was the most drop for u. S. Stocks into years. 10 out of the 11 sectors on the s p 500 are making gains and driving the index to a close over 1 . We saw gains in the Dow Jones Industrial average. Spot 85. Re at two the point to make here is on the u. S. Junk bond market which had its worst week in two years. We talked about the this a little bit on the show. Corporate bonds have been accelerating, handing investors there weres lost their worst loss since the oil slump. Let us show you what has been happening around the world. We have some pressure coming through in the commodities space, specifically on crude and hedge funds. They have been scaling back their bets by the most since august. We have the red count. That is weighing in on the broader picture. We will discuss that later on in the program. The cable tray 1. 38, down 6 10 of 1 . That is the weakest in three weeks. That
Recognized names in swiss banking. He is now vicechairman at blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. So we are 10 years on from the financial crisis. What have we learned . Philipp well, we have learned that we had too much leverage in the system without any doubt. And that when you have leverage, bad things happen. Not only do they happen, but when they happen, the effects tend to be amplified. So i think that is the key take away from it all. I think we have also learned that this notion of kind of letting the market be totally free, that governments really should get out of the way, that wasnt a very good idea. I think what stands out is banks needed much, much more capital than they had at the time. We had capital levels that were excessively low. I mean, in some cases, these banks, they were, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In fact, in some ways i wish we had focused
, political, and Business Leaders gathered in dubai this week for the world government summit. The event brought together officials, policymakers, thought leaders, and private sector trail blazers to explore the future of government in the face of a changing world. On sunday, Tracy Alloway spoke with the secretarygeneral of the oecd, angel gurria, and began by asking for his take on the recent market volatility. angel the experts say it was a correction, but i think it is a warning. I think it is very important to take heed and say, listen this is the kind of thing that happens when the stock market or any other indicator takes off without a linkage to the real economy underground. This is the kind of thing that happens. Therefore, it is a warning against complacency, against patting yourself too much on the back. I think that we should acknowledge that there is a recovery going on. That there is a synchronized recovery, that is good. But we are running out of Monetary Policy room and
Dubai this week for the world government summit. The event brought together officials, policymakers, thought leaders and private sector trail blazers to explore the future of government in the face of a changing world. On sunday, Tracy Alloway spoke with the secretarygeneral of the oecd, angel gurria, and began by asking for his take on the recent market volatility. angel the experts say it was a correction, but i think it is a warning. I think it is very important to take heed and say, listen this is the kind of thing that happens when the stock market or any other indicator takes off without a linkage to the real economy underground to react trac. This is the kind of thing that happens. Therefore, it is a warning against complacency, against patting yourself too much on the back. I think that we should acknowledge that there is a recovery going on. That there is a synchronized recovery, that is good. But we are running out of Monetary Policy room and as well as on the fiscal policy.
Business leaders gathered into dubai this week for the world government summit. The event brought together officials, policymakers, thought leaders and private sector trail blazers to explore the future of government in the face of a changing world. On sunday, Tracy Alloway spoke with the secretarygeneral of the oecd, angel gurria, and began by asking for his take on the recent market volatility. Angel the experts say it was a correction, but i think it is a warning. I think it is very important to heed and say, listen this is the kind of thing that happens when the stock market or any other indicator takes off without a linkage to the real economy on the ground. Therefore, it is a warning against complacency, against patting yourself too much on the back. I think that we should acknowledge that there is a recovery going on. That there is a synchronized recovery, that is good. But we are running out of room. Running out of room on the fiscal policy. Therefore we have to focus on the st