On Clear Channel Communications Inc. (CCU)...
JJC:    I think a lot of people are way too focused on the breakup fee between CCU and the private equity (companies). I think that the private equity companies have a fabulous case against the banks... The banks are going to owe billions and billions of dollars... because what's happened here... there is no explanation for why these banks who made this deal in a very thoughtful moment are backing away... There's no material change... CCU's done better than everyone else in the industry. These banks are going to be on the hook, if this deal doesn't go through... not necessarily for specific performance, but for contractual damages of astronomical proportions... CCU's done so much better than Cumulus and CBS radio. It really is... There's just no... The banks are really hung here. It's just a bad situation for them... 

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On the financials...
JJC:    Washington Mutual (WM) is breaking down, and you can see that there's a lot of pressure on that... And all I want to tell you is that, in the next 45 minutes, there'll be no buybacks, and if I were a short seller - which I am not, and I am not allowed to trade - at 3:35pm, I would come with all the firepower I can... 500 (thousand) to a million shares... and I would take these stocks down to a level that would really scare people. This is the game that is being played. This is not right to me... I think it's wrong. I favor the uptick rule but, with this particular broadcast, I'm giving up on that, because the shorts are in charge, and they've managed to convince the government that they are not doing anything, other than going after really bad companies with bad fundamentals... You know, we didn't create the uptick rule in a vacuum... There was this thing called The Depression, and there was this market crash... They were thoughtful people then. They understood what happened... and I think that, 10 years from now... another commission will look back and think that the shorts really did some damage... Now, I love shorts. Again, I was a short seller... It is not like I am Bambi or Thumper... I just feel very strongly that I see these patterns... I get these calls... I hear about the put buying... I hear about the rumors... And then I see it on the tape... And all I can say is, if you own these stocks, understand that that happens... Hey listen, if the fundamentals are good, they'll lose money and, if the fundamentals aren't good they (the shorts) will make money. And that's the beef... But, for a long time in this country, we recognized that you should not be able to cause a panic yourself, and now you can cause a panic with short selling... And, obviously, the short selling community is trying very much to shut me up, which is a very difficult thing...
 

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On United States Steel Corp. (X)...
JJC:    I also want to apologize, as I will later tonight... X... the specialist is doing a good job. It's a very difficult stock to trade. I impugned him, and that was a mistake, and I like X right here very much.

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