CNBC's Art Cashin on King World News: "This country is in very difficult straits."Submitted by Cornmeal Smithy on Mon, 08/09/2010 - 15:14
Old-time market observer and head of floor operations at UBS Art Cashin was interviewed by Eric King over the weekend.
Their conversation covers the continuing deterioration of the economy, the increasing threat of outright deflation - already seen in widespread wage deflation - and the shift of US society to a welfare state. "This country is in dire straits," he says. "If you ask small businesses why aren't you borrowing, their answer is 'send me a customer, don't send me credit.'"
The interview concludes "the Fed is walking a tightrope in a hurricane and it's going to be tough."
The Fed meets tomorrow.
Listen to the interview today: Art Cashin on King World News