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US markets this -- went -- despite this economy all but shaken up.
And with a -- -- closing -- at sixteen trillion bucks you have to wonder what's up.
But -- -- stock exchange -- Dick Grasso.
Kind of knows what's going on here and it kind of makes sense he's considered one of the best exchange's chairman that -- a -- body ever had does on the phone right now.
Dick why is there's this what appears to me.
A disconnect between Iraqi recovery.
And at least a pretty strong year to date market.
Yellowish -- can be with you I think what the market is telling us is a couple things one.
A resolution of the fiscal -- issues.
If not before the election and certainly before the clock runs out in December secondly.
-- kind of the market is pricing in or attempting to price in a resolution of the Europe crises.
Third I think the market is by historical standards.
Still had a relatively cheap level and lastly let it let's not you know lose sight of the fact that the market.
Is pricing they were -- Reagan.
Tight election I he'd -- election of Mitt Romney.
Do you really think so I did I ask is if you look at it we're looking at some video -- right after the markets reopened after nine elevenths.
You know the markets have effectively the Dow certainly has doubled from the lows in early 2009 when the president just came into office of the president go back and say.
I've been the wind at your market back I've been to come back guy I and the reason why that's happening.
What do you say about that.
Well remembered -- didn't even -- cat's bounce when you throw off.
The Empire State Building no doubt it but that's -- -- -- -- well let me let me say this still looked at.
He earning power of American corporations.
What the market is basically pricing and is 8813.
To fourteen multiple which by historical standards is cheap.
I think you you look back to the bottom of the market march of 2009.
It was that you rationally.
And I think that you know where it's we're covering to a point -- Saturday.
Did you say.
This latest jump -- And the surge we've been seeing is anticipation of a Romney victory.
I think there's -- there's an element of that in the market OK and you can call it a Romney victory or the other side of the aisle would say.
A second Obama term in which we begin to deal substantively.
With the issues of debt deficit.
And entitlement reform whichever side of the -- you want to pick.
-- -- went out of the latter is an unlikely scenario right now being that that's the rap against the president.
Said he gets reelected those things do not.
Well he he will you know -- the morning after the election if you assume he's reelected.
They'll have one thought in mind and that is how will history report his leadership years and he wants to evolve from like Carter escalate.
-- Dick it's always a pleasure sir thank deserve polish cricket spirited -- all right take care state drives thank you Dick announce that the --
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