October 10, 2008

Financial Markets in Panic

Vic Opened this edition of Crosstalk with news out of Connecticut where the State Supreme Court has ruled that same-sex couples now have the right to marry. This makes Connecticut the third state in our nation, behind Massachusetts and California, to allow such unions.

Vic then introduced David McAlvany, the president of the McAlvany Financial Group and ICA, a precious metals brokerage firm.

David explained to listeners how the current financial crisis began. We'd had a 5 year boom in real estate from about 2001-2006. There was the stock market crash in 2001 where close to 8 trillion in market value was wiped out. To prop up the system and keep things flowing, the Fed lowered interest rates to 1%. That cheap money made its way into the real estate and mortgage markets. The result was that more homes were bought by first time home buyers as well as for speculative purposes as investment properties.

From there the program takes off and includes questions and comments from listeners dealing with the possibility of a world currency, the situation in Iceland which is now bankrupt, why private mortgage insurance doesn't seem to be helping out, the truth about advertised inflation rates, and more advice concerning the world financial crisis.

More Information

http://www.mcalvany.com
1-888-512-0789

To order today's program on CD or Cassette for a donation of $6.00

Online: Use the link at the top of this entry

By mail:

Crosstalk
3434 W. Kilbourn Ave.
Milwaukee, WI 53208

By phone: 1-800-729-9829 M-F 8am-5pm Central