Yamarone – The Collapse Is Getting Even Worse
December 4, 2012
King World News released an incredibly sobering interview over the weekend with Egon von Greyerz, which detailed the reality of what is really happening around the globe in terms of the economy. KWN has received tremendous interest in this piece and wanted to follow it up today with a warning from one of the top economists in the world.
The piece below was courtesy of our friend 50-year veteran Art Cashin, and it has comments from Richard Yamarone which are extremely troubling. This should be of concern to all KWN readers globally as it is more proof that the US and global economy is in a great deal of trouble:
“He Laughs And Smiles Like Santa But Sounds A Bit Like Scrooge – One of my most anticipated research reads is Kate Welling’s package called “Welling on Wall St”. It invariably provides that rare combination of insight and entertainment. Nobody gets more out of an interview than Kate and she’s been doing that for decades. In the most recent Welling on Wall St, she did a marvelous interview of Bloomberg’s Rich Yamarone.
Rich is a good friend (part of our occasional dining group) and a treasure trove of anecdotal insights and comments of CEOs and CFOs around the country. Their companies range from the local to the multi-national. Rich compiles the Bloomberg Orange Book monthly, reflecting the economy through those quotes and comments. He has a grueling speaking schedule as Kate drew out in the interview. Here’s a bit that made me wince:
The fiscal cliff actually doesn’t seem to be all that problematic. What is problematic is just that the economy is slowing and people are not coming to stores. The small retailers are saying customers are not coming into the stores. They don’t have good traffic and they’re losing a lot of sales to the internet.