Here is the brief summary of what he said:
— U.S. July job report is mixed. Headline numbers beat which is good news. However, the participation rates came down and those who are struggling continue to struggle — teenage unemployment is going up and also going up for those with less than a high school diploma.
— Do we need another round of QE3? Jobs number is a mixed number; it is a muddling number, not strong enough to suggest that the economy is about to take off and not weak enough to confirm that the Fed will come in.
— QE3 action from Fed will happen in September but will be ineffective as the Fed does not have many tools left.
— Europe Crisis: It will take weeks not days for the ECB to interfere to support countries like Spain.
— U.S. Economy: Good news is that the U.S. is healing. The bad bad news is the EU continue to be critical.
Here is the video: