03-23-20: Opinion: How The Coronavirus Is Threatening The Housing Market’
InvestTalk
Hosts Justin Klein & Luke Guerrero, CFA | Wealth Managers and Investment Advisors
4.4 • 1.5K Ratings
🗓️ 24 March 2020
⏱️ 49 minutes
🧾️ Download transcript
Summary
A mortgage firm CEO says lenders must prepare now for a U.S. recession.
Today's Stocks & Topics: F - Ford Motor Co., HAL - Halliburton Co., Tax Day Extension, XOM - Exxon Mobil Corp., Mortgage Refinancing, JNJ - Johnson & Johnson, KMB - Kimberly-Clark Corp., Index Funds, Commodities.
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| 0:00.0 | This podcast is produced by KPP Financial, Steve Peasley President, |
| 0:10.4 | KPP Financial, Independent thinking, shared success. |
| 0:15.0 | And now today's podcast. |
| 0:17.0 | Good afternoon fellow investors and welcome to InvestPOC, this is our Monday, March 23rd, 2020 edition of InvestPOC. |
| 0:30.0 | And once again, we're dealing with the reality of the coronavirus crisis |
| 0:38.0 | that has really turned our world upside down and you know this is an event that I think is going to be in in our |
| 0:46.3 | psyche for many many years you know even even if we get back to somewhat normal life in the next couple of months which I think is |
| 0:57.1 | still unlikely, this is something that's going to affect our global psyche for many years. There'll be various |
| 1:05.1 | changes that come down the pipeline and preparedness as well as probably changes to our medical |
| 1:11.2 | system. And this has been unprecedented. |
| 1:15.4 | And the drop in the market has been unprecedented as well. |
| 1:20.0 | The market highs were just on February 18th. |
| 1:24.2 | You're talking five-ish weeks ago. |
| 1:30.2 | And since then we've seen immense volatility, big drops in the market's dislocation. |
| 1:36.4 | And I want to really address the dislocation in the markets and what caused, and this this heart happens back to the financial crisis. |
| 1:45.8 | See in 2008 or 2009 post financial crisis for the Dodd-Frank Act and what happened was is that |
| 1:57.6 | regulation changed around banks and what they could and could not do. |
| 2:03.0 | And it forced Banks to improve the balance sheets, |
| 2:09.0 | but also reduce the risky activities that they were able to take. Now what that did was it |
| 2:16.8 | pushed a lot of the risky strategies off into what we call the non-bake market, the shadow finance market into private equity firms |
| 2:28.9 | as well as hedge funds and the like. And that's where a lot of the leverage was taking |
| 2:35.8 | is taking place in the market. It was taking place in the market. You know, it |
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