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Blame Hurricane Irene for GDP Boost

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  • Description

    Jason Weisberg of Seaport Securities on the boost in GDP and its impact on the markets.

  • Duration 1:50
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Here on Wall Street the Dow Industrials -- up -- 126 points holding with a 200 point gain for the last forty odd minutes Jason why but Weisberg.

-- -- -- now from the floor of the New York Stock Exchange closing.

-- time since we -- you but welcomed back.

I'm saying this is a rally because.

There is a European debt deal and because no double dip recession in the United States we gonna give me an.

On even behind accounts.

Well our marketing and an argument put up a little resistance I think that.

It's -- best foot forward scenario with -- Europe I happen to agree with -- -- other panelists that it's a short term fix not a long term fix for its step in the right direction.

However.

On the US economic front double dip recession I don't know that we're gonna go into the recession.

That you mention however I think all the economic key data points that came out this morning specifically -- GDP.

Are all skewed by one fact that.

Everyone seems to be overlooking and that was all the money that was being spent in relation a Hurricane Irene from the Carolinas all the way up to -- Inventories are being stripped out of the stores people -- spending well beyond what they anticipated -- would've liked to have spent in preparation for an anomaly event.

That does construction related costs and spending as it relates that storm.

And no one seems to be talking about that -- the Obama administration will -- -- a positive light but the end of the day it doesn't tell the story of what's really going on in the national economy.

So we've got a rally 200 points for the Dow do you think -- gonna hold -- -- 121000 hold for the down.

You know what short term yes I don't think.

I don't think it's gonna hold.

Until maybe we'll see something in the middle of next this quarter of the fourth quarter but right now I think that what we're seeing in these numbers from last quarter -- an anomaly.

All right Jason once -- telling it how you see it and we appreciate that thanks so much -- -- and -- -- -- --

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