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WL Ross & Co. CEO Wilbur Ross argues there is growing pressure on Fed Chairman Ben Bernanke to take steps to prevent a potential double-dip recess...
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While after the stocks on the spending surged.
But not where you wanted where we -- -- not on Wall Street it wants to do exactly where.
You don't want it to be just as Jennifer was warnings would get ready nervous capital -- in.
To spend some more capital so.
From the folks who brought you TARP and -- -- count billionaire investor Wilbur Ross.
They're worried joins exclusively on the phones will -- what on that I'd be here we go again non.
I guess I've heard talks of initiatives.
I I think Watson's it's about an initiative not dead anymore initiatives but what do you make of what's happening.
Well my guess is that we probably will end up with some form.
Of -- -- three.
Not that I think they QE2 did very much except help stop.
And help the prices commodities go up.
I think.
If unemployment status as I think it will that -- -- very high levels.
And if inflation gradually moderates.
Which also think it will.
Then I think chairman Bernanke.
It is very likely to feel -- got to do something that would have monetary policy.
To avoid the danger.
Of the double.
There's never will be you seem to be saying the -- -- will be -- Ben Bernanke.
And the markets will expect -- resulted from Ben Bernanke and -- something on the fiscal side from anyone in congress on nor the president.
Well I think the fiscal side is kind of under control with what was passed birth control long term but for the moment.
With what was already passed and then when you have the commission so I guess is that they commission Melinda.
People getting into the one point two trillion both sort of across the board -- But whenever we seriously what we are talking about this to this well number committee it's it's Republicans or Democrats right who have to police and that savings of the one point two to one point three trillion about it is -- about.
And that you don't think it's gonna go down well also we're gonna have these automatic triggers kick in that are going to be very -- -- defense.
Some entitlements.
Do you welcome that -- Well I think it's better than just having runaway budget deficit.
But it has put it really piece this but if -- right but it's what'll happen is the intellectual bankruptcy of the congress.
You know people aren't able really to figure out where to make real cuts this time.
The cuts that they've put in what 25 billion dollars something like that in the first year.
I mean what yeah that's -- -- that the whole thing struck me and I was there watching that sausage being made.
-- kind of struck me as a bit of a joke.
And they talk about these big numbers -- -- -- the one point four.
There's also far off into the future.
And -- is so great big -- -- disperse them.
Subsequent congress.
So I think the only thing you can really count that was save.
Is what's happening mail that's the 25 billion that -- these terror that the tiny fraction of 1% of GDP.
But the book president what He has the power -- read what He talked medicine or something -- another jobs program.
The speech in the vaguest of terms.
Easy low claims proves to Begin do is extend payroll tax cut holiday that sort of nine.
But beyond that a big jobs initiatives sort of akin to what He had in the first two years in his administration that's out that's a.
I don't I don't see that happening and if they put it may try to do is to gin up the idea of an infrastructure bank on the on -- theory.
This doesn't really have much budgetary impact.
But theoretically could surprise us from the floor -- structure.
And therefore put some people -- work I would get -- I never see that working with hundreds and you know I mean I remember the last time -- -- -- -- all of these shovel ready.
Earlier it was sort of sort controlled the ones that were shovel ready that is still shovel ready.
But there's -- -- 100 there's.
Right away by may as long as I've been in the tristate -- -- -- -- Connecticut area.
There didn't construction crews working in the now that the those crews grandkids.
Are working on those same.
Roads -- I don't see any end out there.
Both the same thing with Port Authority with these rebuilding of the world trade.
Then with the MCA and this.
Both boys.
They're supposed to go in.
This is not right this government is not good at managing projects there's certainly proven that and so on not supporting.
The idea of the infrastructure bank.
But I think they might sure -- that is the way you.
Not really busting the budget we've just got a task -- respect to the budget of -- spare us.
Is very limited amount of but additional fiscal stimulus but they could get -- Tattooed on my friend is always a pleasure and an honor -- on Wilbur Ross one of the saddest investors.
On the planet thank you Wilbur very much.
