social media. [cheering and applause] greg: i have to tell you what bothers me about the pope, is all the pontificating. [laughter] i thank you would have been more upset that he is nine catfish accounts. what is he doing with all those accounts? greg: i am just proud of my stupid joke. let me wallow in it. it is like one real blue check account and a stock account and then i find it. jesus, this is the gospel according to matthew chapter four and jesus saith unto them, follow me. [laughter] it is right there in black and white. what is the pope up to? greg: different for actresses
chinese economy? there is going to be some damage but the chinese stock market is not as big or important as the u.s. stock markets for the u.s. economy. it s not that every chinese has a stock account. the number has been rising but still only about 12% of household wealth is in the stock market. so a fall in the stock market has some impact but nowhere near as large as in the uk or u.s. the broader economic workings of china. the global investors shouldn t be too worried at this stage? we are in a volatile phase. we were worried about where is the market going to be and what is the impact on banks and corporations trying to issue equities. but bottom line is the stock market in china isn t as big as people make it out to be. a fantastic rally, very impressive but overall in terms
account anymore than you could in your stock account at merrill lynch and say, you know, i m going to trade on your behalf. jon: and that s one of the sad parts about this missing $1.2 billion. you know, you hear numbers like that, and you think, oh, it s a bunch of george soros a lot of family farmers have been hit here. absolutely. and their money may have been lost, other money has been frozen, so they can t use it. let s not only focus on corzine here, okay? we ve got to focus on the regulators. they ve been telling us they need more authority to regulate the financial system. and here we are, they couldn t even use the authority they had, and they had plenty of it, to stop the most basic kind of financial regulation, and that is really raising a question about who was the cop on the beat, and how much more power should we give these people if they can t do regulation 101? jon: jon corzine was the head of goldman sachs, he was a united states senator, he was the governor of new
know they re down. i m getting that feeling that i get very rarely, when i m almost ready to throw in the towel, that s the time for me to started buying. there are a lot of people out there who are probably nearing retirement. they say this is my 401k. i m going to retire on this thing and they open the thing up and i swear to you, last night, i look at it and i go do i open this or do i not? i don t want to see what the stock account looks like. what are they going to do? are they going to end up working another five years? i don t think so. i think investors need to remain calm. ultimately, sellers will exhaust and there will be no more selling and people will have the liquidity on the sideline to have compelling valuations in the marketplace where they should step in and buy. over the next six months, looking back now, this is a great opportunity to buy stocks. let s talk about this a little bit, you know, this downgrade in the u.s. credit means that bonds might be for the fi