Barton Biggs Scarred to Death Live on BloombergTV — The Video Footage

Yesterday I mentioned that perma-bull Barton Biggs — Biryni's and Cramer's best pal — was scared to death. Bloomberg has now published the video footage of that segment, that I am sharing with you.

Here is the embedded video clip:

But you can also look at it from Bloomberg.com here.

He's amazed by what market is doing — isn't it his job to forecast it?

He doesn't think we're going to have a double dip — while we're probably already in a global recession
US stocks are very cheap — right?
Asia stocks are extremely attractive — right?

He suspects that we're in a high frequency trading cascading downturn — on the way up, his skills were creating profits for his clients, not the HFT trading systems, but on the way down, HFT systems are making him lose his money, right?

He's amazed that market's can go down — obviously. 

He doesn't know the markets, he doesn't understand the markets, he's never been a trader — he formerly held the title of "chief global strategist" for Morgan Stanley and was with that firm for 30 years [WikiPedia].

The question is, who could have known? It was completely unforeseeable. Not a single blogger mentioned that we'd have such a scenario. Marc Faber, Jim Rogers, Robert Precheter, none of them recommended selling shares just a few days/weeks ago.

He's just one of these guys which boat rises with the tide of the market, but he is a pretty incompetent fund manager.