Inflation keep investors on edge. Welcome. Im Sandra Smith in for neil cavuto, this is your world. A Down Tour in Chinas Housing Market sparking worries over there as inflation is a huge concern here. Democrats continue to push for massive new spending plans. The Dow Diving on the news today. Down nearly 1,000 points midday. Coming back on the final minutes of trading. Finishing off down 614 points. Weve got Fox Team Coverage with Fox Businesss Lauren simonetti and what is driving the selling. Chad pergram on the spending that has inflation fears spiking. We begin with lauren. Lauren, what was it about today . The impetus to sell, not the reason, came from china, sandra. They have a major Property Developer called ever grand and they have Debt Due that they Cant Pay. Some call it chinas lehman brothers bankruptcy. The white House Isnt worried yet. Let me first note that this is a company based in china whose activities are overwhelmingly centered in china. That being said, we always ar
Street figures in america. His name was Michael Milken. He was famous for figuring out a new and ingenuous, and it turns out illegal way for Wall Street traders to get even more fantastically rich used something called Junk Bonds to stage corporate takeovers. You dont need to understand the financial intricacies of the Junk Bond Scam to know the kind of character Michael Milken was. Do you remember the movie Wall Street, michael douglas, the Lead Kericer in Wall Street, greed is good . That was based on Michael Milken. Milken, a Wharton School Graduate who lives in clark gables former home in encino, california, and is driven to work in a mercedes bends, has been praised by some as a brilliant visionary and assailed by others for triggering a massive hostile takeover that piled up corporate debt while generating huge fees for drexels young and aggressive traders. Michael milken was charged for fraud and racketeering. Charged with him was his brother and a former trader for drexel. The
A new and ingenious and, it turns out, a legal way for Wall Street traders to get even more fantastically rich, using junk bonds, to stage corporate takeovers. And you dont need to understand the intricacies of this Junk Bond Scam to know the kind of character he was. Do you remember the movie Wall Street . Michael douglas, greed is good . That was based on Michael Milken. This is how the post described him on the day he was finally indicted. Quote, milken, a Wharton School graduate, who lives in Clark Gables former home in california, and drives to work in a mercedes benz, has been praised by some as a Brilliant Visionary And Assail by others for triggering a wave of hostile takeovers while generating fees for young and aggressive traders. He did that, and then the law showed up. The king of junk bonds, Michael Milken, was indicted today on charges of fraud and racketeering. Charged with him in the indictment was his brother and another former trader for russell burner lambert. Im of
so, are you going to an office christmas party? if so, do you have to be masked up, tested, the works? we will discuss that later. but first. we start in the us, where market volatility continues, overfears about the new omicron variant of covid i9. wall street shares fell sharply after public health officials confirmed the first case of omicron in the us. it s now been detected in two dozen countries. markets have been on a roller coaster since news of the new, possibly vaccine resistant variant emerged late last week. after a brief recovery, leading us shares have now had their worst two day sell off in more than a year. let s show you how that s impacting asian markets. and let us talk this through with andy macdonald. the fund manager at amity global investors. good morning to you. first of all, i am loving your christmas tree. first of all, i am loving your christmas tree. thank you very much. christmas tree. thank you very much- that christmas tree. thank you very mu
rogers: we ve had 29-year-olds making $1 million a year, expecting to make $2 million the year after that. diana ferry: but if you ve got plastic money, there s nothing holding you back. history will prove the bakkers were honest people. reporter: insider trading could become wall street s watergate. pauley: what do we call greed the day before an indictment? i m afraid recently, we ve called it success. robinson: the u.s. economy, which used to be the envy of the world, is in the most serious trouble since the great depression. inflation is rising while our standard of living is declining. thomas: there was tremendous inflation and not much growth. the country was not in a great depression in 1980, but the united states was in the dumps. dobyns: on wall street, it was cold, gray, wet, and miserable. there was no comfort to be found outside. and for investors, there was not much inside, either. the tickers carried almost nothing but bad news. mclean: we d come off a terribl