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Obama says he wants to let the bush tax cuts expired for the so called wealthy and they also think that this is gonna help the economy now -- what investments Ed do -- even balance.
And -- -- I don't think you're gonna agree with that but you know there's several things I wanna go over with you first and foremost all of this talk about tax policy.
What kind of a -- if any of that taking on the stock.
Market right now.
Well looked -- lot of this sentiment because I mean.
People just have no clarity -- what's gonna take place but let's remember.
When you impose taxes on individuals on corporations there's less money to sucks money out of the economy.
Therefore there's less money to spend to these to the companies in the S&P or you know any other index and even around the world -- -- that there's lower profits as a result of that there's lower stock prices so it's all anti.
You know basically growth and as a result of that we should see an accumulation of all of this along with regulations -- stock prices lower as a result of those taxes.
OK so the market anticipates this and -- and it's under pressure it's been on a lot of pressure since the president went on the attack late last week.
Let's let's -- a little bit more personal to to Europe got clients because you know we just thought -- -- all of these high end luxury retailers -- saying things are wrong.
With -- -- of the economy.
Taxes may be in this -- there what are your clients asking the same to you about this.
But everybody is just so frustrating -- the lot of the stuff that comes out of the appeal this political season doesn't make a lot of sense and -- raising taxes just -- little bit -- I was only gonna bring in a very small amount of money you know it's really what is about eight -- worth of what the government spends per year it makes no sense at all people are just so.
Frustrated and now -- -- so that they were frustrated six months ago with all this rhetoric we're just hearing stuff left and right what is doing is -- causing people just put the brakes on and I -- -- plane last night and some -- looked to -- is that you know -- after we talked for a little -- he said you know what I think about how -- -- -- my money out of this country he says I just don't wanna be here anymore what the tax burden over the exact words last night.
And we don't want the IRS after -- but you know -- higher tax higher taxes create jobs and still.
Flummoxed over that that worked California's unemployment rate wouldn't be 12%.
The joblessness there but issuances for the disappointments in this earnings quarter and -- -- and that our earnings quarter of this period.
Is going to look as bad as it did in 2009.
That's how the S&P 500 earnings are coming in.
What is your forecast and.
Rest of the year.
Well in it really it really depends -- as you know you know lives stocks move up six to nine cents a head of economic data.
I believe that these numbers come in even halfway d.s and I think the whisper feeling.
Out there is that these numbers are going to be really bad and if they're not I actually think in the short run we're gonna see stock prices rise but people are now starting to look way out into the future and you're hearing now I wanna wait till November I wanna see what's gonna happen in November not -- -- anything really.
Is going to change the economy and that's what the stock prices is not -- -- president but who -- the you know how the economy's gonna move people are now just starting to slow down and wait what do I think it's gonna happen.
You know what I just don't know but I I -- over the next couple months was -- -- move.
Ed you arguments and someone saying that maybe they move out of the country you know Mitt Romney getting really hit hard.
Over the fact that he had an account outside this country out of the we have time the so -- Romney sound.
I want to take a listen to this said.
-- We have seen the jobs report this morning.
And it is another kick in the -- to middle class families.
You know -- me that he's he's trying to take MB cool about all this but.
You know why he talks about -- kick in the -- he's getting bludgeoned.
-- over the idea of having a Swiss bank account you talk about people wanting to move outside of this country but the fact of the matter is.
Is that people are really worried about tax policy and they're worried about the misuse of their hard earned money by government.
Right in in in I want to just steal focus for 12 Charles.
On why does Mitt Romney -- offshore account I'll make it very concise and you don't get right to the point.
Being capital creates these vehicles and they invite investors and when investor comes into one of those vehicles from outside of the United States.
They create an offshore council's let's say there was a wealthy German investor he would put money into an offshore account.
And therefore -- in oftentimes they're taxed by their country if they bring -- -- United States so they create offshore accounts.
When they do that and ending capital marriages that money.
They get charged a management -- or they can get paid -- management -- but because -- -- -- offshore the partners and Bain Capital will get paid.
In an offshore account this is legal.
Up until six years ago went away so Mitt Romney has a Bermuda account he has the Cayman Islands account because you got peak for the war he did in the good work they did Bain Capital in offshore accounts that money every year is starting to come back on store the sorry have to come back on over nine year period he has that they're not.
Hi my -- I copper something deceptive it's business as usual in his industry.
-- you know I I did that would you just said I'm not sort of general public is for typically the notion that it's coming back tears slowly -- a lot of people may ask why.
Doesn't disclose them why didn't close in the just bring them all back right away but what we're out of time I noticed on the near and dear to your heart will go over next time some more thanks a lot that apps.
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