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-- so we've I think Europe problems we've got our election the fiscal cliff what can we expect from the markets moving forward.
Who better to ask than a band -- 34 billion in assets under management.
Mario Gabelli the chairman and CEO of Gamco Investors -- so -- -- here -- -- Fox Business to conclude that you.
Just to give us you're professional sense of what happens in the second half.
Well are already.
Market discounts the future so we're looking to January -- -- march we still have to get past.
The next three months and the next 112 days until the American election and then.
Tomorrow tomorrow at 10 o'clock or 11 o'clock number ninety gets up and starts talking about the old Humphrey Hawkins type dynamics what does -- see in the world.
In everybody's going to be focused on that Liz and trying to glean the what how and what is he gonna do with that you know come out of the sluggish performance in the economy.
What do you think it's gonna happen a -- you know earnings.
For companies that are reporting.
That are early reporters are a larger companies and they have 20%.
Of their earnings outside the United States and obviously with the Euro 122 vs 145 that is hit everything else constant and then on top of that they weak numbers.
But then the smaller companies and American based small American manufacturers they're gonna report very good results.
And a lot of issues for the negatives are obvious -- the Operation Twist the uncertainty from the the fiscal cliff.
How much of this has the market this -- like JPMorgan announces their results they were a little worse the stock goes up because -- discounted that.
So from our point of view the market is.
Doesn't have a large margin of safety something can go wrong.
On the plus side you have housing that starting to recover you have oil that's come down except for today which is good for the consumer -- the psyche.
And dead the market and stocks -- you've heard all of these before so it's kind of you know I started the year saying was upside down -- of the year.
And but the major question markets deleveraging.
And how long's it gonna take for the world to deleveraging and we're going through that it's a slow -- processed very quickly before we get keep pace Mario -- now you've -- you said before something could go terribly wrong what worries you the most right now that's looking out that.
Five it's everything that I can't think of I'm gonna take everything I can think about the market may have this -- -- great question but.
What are we worried about -- and what we worry about is the end of capitalism obviously that's the big picture downfall and who knows where.
The world is going in some regards.
OK so let's cast your.
Who want to well I'm proud about Vietnam January little a little elevated and the cable that alerts you know I probably get away.
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