You're watching...
Keith Fitz-Gerald of Money Map Press on the possibility of a negative job reports and whether the participation rate will change.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Let's get to the -- comment.
One week from today we get those GDP numbers for the second quarter some big banks have cut their forecasts and that looking for only one -- a half percent annual growth.
Then the Friday after -- that will be -- stood who got the July jobs numbers some on now predicting the economy will actually lose jobs.
A joining the company now is Keith FitzGerald -- money map press.
Right Keefe I wanna get technical here but this thing out yes Nicholas Philly Fed report.
Within its there was a very negative jobs component and that's why some people announced saying.
Come -- all that's good jobs number it might show few jobs.
-- No it wouldn't as you know I've been quite pessimistic about the numbers I'm seeing out of any source lately and in very very concerned this is a political bombshell if in fact the numbers do drop like that.
Yet now the report but I so loss suggested maybe a 100000.
Fewer jobs now that's a bombshell.
Because that's what I think we've had what does it three and a half years -- -- they had growth in the number of jobs each month or at least three years of that.
To lose a 100000.
That's a bomb shell but that that will be really -- via you -- about -- You know I don't know I see it that bad right away what I'm very concerned about is are the number of actual openings increasing or decreasing in -- the number of people actually in the workforce.
Decreasing or increasing because if you move by the to -- though either one of those factors in the numbers changes well I think those are going to be more telling -- actual number itself.
You -- got the Dow down eighty points I have to believe that maybe this projection forward of -- very weak economy has something to do with that.
Hold on -- government I'm gonna read another news item here -- -- -- wanna get back to you.
A study by Ernst and young.
Shows that if the president's plan goes through.
And the bush tax cuts for those making more than a quarter million dollars a year if they expire that's the president's plan then that.
The country would lose 7101000.
Jobs.
Bring you back in again -- because.
7101000.
Jobs if we tax the rich.
I would only bring get an extra eighty billion dollars by taxing the rich and one yeah.
That seems -- an awfully high number 7101000.
Jobs can you get beyond that.
I actually think that's conservative frankly Stuart you know I really do and unfortunately here's why is most of middle America the people who -- -- building this country.
Are being affected by this in the way to fix this is not the immoral taxation and redistribution of wealth -- to create value when people have value they have hope when they have hope assets go up.
It's very simple.
We valuing -- the way they're talking about has never worked throughout history and I don't think it's gonna work now is -- bogus is a very grim picture.
You share it dissidents -- bad.
Yeah I do IE IA I have got studied the numbers carefully in that report -- theoretically I think it's actually conservative.
And that's a bombshell and a negative bombshell for the president I would suggest.
Yes it is I think is an extreme bombshell for the president because no amount of political white watchers that is going to be able covered that if in fact comes to fruition now real fast and -- politicize this interview blocks.
If Mitt Romney wins -- the Republican sweep the senate and the house do you think that's a plus for stocks.
Well you know I.
How don't know the answer that Stewart that this to me is not a democratic issue this is not even a Republican issue this is -- uniquely American issue.
When people have hope they have value and that's what it comes down to this is a moral actually immoral I think that it.
Tax the rest of us at the expense of subsidizing government that is arguably running us off the edge of a cliff -- addressing Keith it's -- -- thanks very much indeed for joining us so we appreciate and as always.
-- everybody we're gonna.
