Script:
Todd Benjamin is with me, you have been banging on about credit risk for as long as I can remember in the housing market. So Todd, is this serious?

Well, I think it’s serious in the short term. Right now, basically, you can’t get credit. You are having a many crises here, a many credit crunch. I think people are reassessing risk. That is what this is all about. Because for so long, financing was dirt-cheap, Richard, money was dirt-cheap. And therefore let the party continue, you had all this emanate activity.

It still is, it still is relatively cheap, Todd, it’s still relatively cheap.

It’s relatively cheap, and you are right. Corporate defaults are at a twelve-year low but nevertheless, people are pricing it differently. You know, so cheap. Wait a second, Richard, if it was so cheap , then the deal to finance Chrysler would have gone through this week, the deal to finance Boots would have gone through this week, and the deal for (greed, Todd, greed),no ,no, no ,no the deal to finance the North American operations of Cadbury Shops would have gone through. Right now, credit is getting more expensive and the reason it's getting more expensive is because people are questioning the amount of risk they wanna take. And that if you have like a pyramid here, and it all started from the problems in the housing market, of the sub-prime market, and now it is starting to spill out.( Alright.) Long overdue.

Alright, so it’s longer overdue, and it’s a nasty blip on the horizon, that doesn’t answer our question of all our goods which they want to know tonight, is it going to continue?

I think it continues in the short term, I think what people don’t know is where exactly is the cost of money going to be? And as long as eerie is this uncertainty over the credit market, it’s going to be tough for the stock market to make it away.

I see a fence here, Todd, I see a fence (I'm not sitting on the fence.)here that you are sitting on.

No, I am not sitting on the fence at all. Richard, listen to what I am saying here instead of trying to be a showman right now. What’s going on is this, very very simply, people think moneys can be more expensive because it’s more risky, taking on certain loans. Emanate activity has been the lifeblood of this market, alright? If the deals aren’t gonna go through, that cause them the question how long the rally can last? Now, back against the fundamentals of this is that basically the global economy is in great shape, corporate earnings are good, and therefore if it weren’t for that, we’d be in bigger trouble than we are right now.

Alright, Todd, we have to act the showmen as you put it, carry on, carry on with the circus tonight.

Notes:

sit on a fence: To remain neutral, to refuse to take sides in a dispute