Art Cashin: Bankruptcies in the US Oil Industry Could Cause Severe Stress in the Financial System! It is Very Similar to What You Get Before You Slip into a Crisis
- Art Cashin: Bankruptcies in the US Oil Industry Could Cause Severe Stress in the Financial System! It is Very Similar to What You Get Before You Slip into a Crisis
by CHRISTOPH GISIGER, http://www.fuw.ch/
Wall Street veteran Art Cashin warns that bankruptcies in the US oil industry could cause severe stress in the financial system. He believes the rate hike of the Federal Reserve was a mistake.
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Around the globe financial markets are in turmoil. Alarming news out of China and the crash in the oil market is causing angst among investors everywhere. In the United States, the S&P 500(SP500 1880.33 -2.16%) is down more than 8% since the beginning of the year. Art Cashin, director of floor operations for UBS(UBSG 16.75 0.24%) at the New York Stock Exchange, thinks that the rate hike of the Federal Reserve is one of the main reasons for the sell-off in the stock market. The highly respected Wall Street veteran fears that America will fall into a recession if the Fed doesn’t change its course and lowers interest rates back to zero.
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Mr. Cashin, the pressure on the financial markets is rising. How’s the mood on the trading floor of the New York Stock Exchange?
The mood is both concerning and frustrated. On Friday, we traded temporarily lower than we got during the August spike down. That is never a good indication and it is troublesome. Here in the US, there was some concern that the markets will be closed for a holiday on Monday whereas the exchanges in Europe and in Asia are going to be open. So a lot of investors were worried about the exposure they will have for this extra day.
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gasoline sold for .47c in INdy for a short RD Date: Tue, 19 Jan 2016 03:39:04 +0000 To: rdr6@outlook.com