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-- is -- he he's not in the top two -- You're doing just fine he is somebody who sees life and sparkling companies that other people have left for dead and he's making billions of dollars doing it.
And the aforementioned well Wilbur Ross is chairman and CEO of WL Ross and company in here and -- Fox Business exclusive.
And I'm sure we'll do better than that New York Times article which at all kinds of figures in fact strong including the net worth of your company by that way -- -- -- WL Ross.
Has about a ten billion and that's right OK and including thirteen point 7%.
Of a natural gas company exco and and as a fed who were you will be free.
To buy into more of it and maybe to take managerial control and -- which -- interest in doing well.
That was announced yesterday that I'm going on the board of the -- coming out because threats from where we're gonna be a little bit more involved with them.
None other than the lack of confidence in what they're doing but we do have a big position and -- -- we'd like to work more closely with.
But that does that indicate that you really see natural -- as the wave of the future well I think it's inevitable it's much cheaper per BTU than any other form of energy.
And it's much less polluted than any of the fossil.
You -- two dollars and thirty cents is the level today per billion British thermal units compared to a 106.
Dollars a barrel for crude.
We always like to get inside your mind you're a classic distressed investor you go -- to things like steel and coal when they are at their lowest points.
And -- -- that usually take off what will force a catalyst move forward natural gas.
Think about how silly it is that he can get a million BTUs.
Natural gas for less than the price of one gallon of regular guests at the pump.
And makes no sense whatsoever don't.
Okay yeah next thing right now because it means we don't have a lot of cars and vehicles that are automatically on the showroom floors that run on natural no we don't -- You noticed there was some announcements by the Big Three a few days dodge around that they're starting to do and it'll really start with trucks first.
Just says that earlier started -- buses and garbage trucks and things so it'll come.
Well you have worked her magic on so many distress and she steel of course one of the biggest turn that industry -- natural gas now you target.
Textile companies are involved in textile groups and financial services that is a distressed industry.
Would -- be a great time for new private equity fund to focus on on some of those financial interest that have been beaten down and have become.
-- break the Boland and to buy up the pieces that break off.
Well we have we have been buying -- financial service business was most recently we bought into the bank of Ireland and -- -- Richard Branson.
In the takeover of northern rock from the British government.
So we we are there and we already have about four or five banks and -- us but.
Should there should there actually be and I know you can't talk about details of whether you're getting into a new fund or not.
What do you think it's a big enough area where -- there's really room for tremendous pick up here.
All this room because banking is an enormous sector and there's an enormous amount of capital going to be needed I think the bigger opportunities near term.
Probably in Europe rather than in the U us.
As the European banks never raise the capital after the last financial crisis that the American banks -- Now they're going through one form or another sovereign debt crisis.
Then they also are very dependent on wholesale funding.
-- -- have more loans than deposits.
Whereas American banks have more deposits than loans.
How is the US economy doing from where you stand having two people were saying the other day in a conversation of businesspeople that.
We're actually doing rather well and we're not leveraged this time.
Well I agree with him for that we're doing relatively well in that was still legal long -- doing a little better jobs thing is slightly improving.
But thrusting -- was the session down at the Brookings Institution.
Yesterday in Washington.
The -- had a survey that showed that 88%.
Of the people who been unemployed more than -- -- don't want another job.
That was a shocking statistic to me.
And to what do you attribute that.
I can't really figured out whether it's some combination of unemployment benefits you think those benefits actually generous that are taken away the initiative of people go -- just so no would have staggers me that they did percent say they don't -- -- job.
You have -- will support Mitt Romney yes I'm supporting -- button bright what is certain.
On many many levels and some people say you know what that looks like it'll add to the deficit.
Well there's no way to help the economy short term without running some risk of temporarily increasing the deficit the real question is.
Have you set in motion a program.
To reduce it over time.
So I think you need both ends of the spectrum.
Because well I think a lot of his -- -- result in more economic growth and therefore grow way out of this.
They may not be -- month by month.
I have to ask a quick question or give me -- rapid the Federal Reserve are they buying up too much treasury debt.
Well I don't think that buying of treasury debt has -- -- -- to stimulate the economy I think it's -- -- want to simulate the price of competitive interest rates down but that's certainly hasn't attitude to sales of of homes or more lows going now.
Nor really helps them because -- of other problems in the mortgage field particularly the houses being underwater.
And then all of these foreclosure moratoriums.
And things and various attorneys general have put in.
But what it where it has helped a little bit at the margin.
Some homeowners have been able to refinance at lower rates mechanism a little bit more cash.
So that's helpful.
It's probably contributed to weakening the dollar bit that helps a little with the trade balance of those -- things -- the margin million effect that it did.
Was it -- made people more the risk on trade and go into equities went to commodities by -- problems.
Wilbur Ross could to see you thank you for -- -- -- taking a bet on natural gas this time around after coal and -- that so well for his thank wisdom told about it.
It's your life it's your business and so --
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