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The Highwire with Del Bigtree

DOWD ON THE A.I. TAKEOVER AND THE FUTURE OF THE FREE MARKET

The Highwire with Del Bigtree

The Highwire with Del Bigtree

News, Society & Culture, Health & Fitness

4.93.4K Ratings

🗓️ 15 August 2024

⏱️ 23 minutes

🧾️ Download transcript

Summary

Are we in a recession? Former Blackrock equity portfolio manager, Ed Dowd, gives his insight on AI technology, the housing boom, and crypto currency, and what he sees for the future of the market in these turbulent financial times.

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Transcript

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0:00.0

This new cycle we've been involved in every week, something crazy. This week it felt like the

0:06.0

stock market was crashing. It was terrifying, but then it came back. Wait a moment, didn't come back?

0:11.6

Is it real? Is it not? Is it happening come back? Is it real?

0:13.0

Is it not? Is it happening in America?

0:14.0

Is it Japan?

0:15.0

So many questions, so little time.

0:18.0

That's why I'm going to talk to somebody that can really get to the point.

0:21.0

But first, if you missed it it this is what happened to us this

0:23.7

week. Stocks around the world taking a major hit.

0:28.4

Markets around the world have dropped. The Dow's down more than a thousand

0:31.4

points as that global sell-off intensifies.

0:34.0

We saw around a trillion dollars worth of wealth wiped off,

0:38.0

just a handful of the biggest tech stock.

0:40.0

And the stock market is opening in the red this morning after a rough finish last week on a weaker than expected jobs report.

0:46.0

The NASDAQ is down 1,167. That is a loss of 5 and 3 quarters of a percent of the S&P is down 231 that is a loss of more than 4 and a quarter percent.

0:57.2

Overnight Japan's Nikh plunge 12 percent.

1:00.1

That is its worst day since 1987.

1:03.3

That's Black Mondays crash.

1:05.3

And investors are responding to Friday's

1:08.3

stock declines in week jobs report here as well.

1:10.6

Only 114,000 jobs were added to the US economy

1:14.4

in July now that was much lower than expected and that raised fears that the world's

...

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