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Now -- -- he's chief economist for Moody's capital markets.
Marion part of ahead of the European Central Bank is gonna do everything to -- -- -- He is single and avoid going to Marshal resources and save the Euro -- And meanwhile we're talking about earlier triple digit decline on the Dow the market gets savaged.
For -- fourth straight session.
-- the -- of Spock said don't be so quick Mario.
A whatever it takes we'll have to wait for a while it is simply a case of warm -- of Europe.
I haven't -- a viewer.
And and say to us that.
What are you talking about you expect anything different from your -- socialist.
In your he had report.
These people don't happy track record with the exception -- I've I've made exempt.
Our friends in Germany.
It -- doing anything right I mean what in the world are we do expect here.
Everybody wants to go their own way there's really no.
A strong reason I guess to compromise unfortunately until Europe begins to go over the best -- then it may be too late it will find ourselves perhaps staring at a.
Recession we -- we just -- -- of recession we just came out of the worst economic crisis since the depression.
Time we we've got balance sheets have been repaired toxic assets of a bid.
I object consumed.
By the federal government -- millions of dollars expended in the effort.
We have nothing to worry about surely.
A commodity -- level household goods sector that struggling -- got 44% of home mortgages underwater.
Mean you have the lowest mortgage yields.
And yet home sales are proceeding day at a pace last seen in the mid 1990s.
There's still a lot of fundamental -- -- little bit of a little -- might but does the talking to brag about.
Let me tell you something are right ahead and look at the data on housing starts from Japan -- -- the United States and its seasonally adjusted.
Annualized basis housing -- to Japan today are significantly greater than they are in the United States and we're doing well.
That's because their economies much bigger than ours -- Much larger population of much and they -- and they have many more natural resource is to exploit that -- support there all I -- -- Utterly wrong bubble.
Yet when -- it's astonishing.
When you talk about Japan you're talking about a country third about the size origin population obviously.
A strong our economy and they do have one thing we don't and that's a lot of reserves they've exactly where they have managed to manage they're capital at least.
And let's not -- for forgot those people that are bragging about the recovery we now have an auto sales will auto sales now recede.
At -- pace of about fourteen million units -- year.
Ten years ended 2007.
That average sales pace.
Was just under seventeen million yet some gear called this recovery by motor vehicle sales strong.
I've got to be honest truth is John about but there auto sales well.
I wasn't so sure we would be back to fourteen so I'm not going to put the automobile industry down -- -- -- -- hallelujah and what they're managing to do right now.
Tomorrow unemployment we're gonna find out how many jobs have been created what are new unemployment rate is what's your opt out.
You know the expectation is where to go from 80000 jobs in the month of June is something close to 100000 big it will talk a little bit better.
But that's a tiny increase when you set against 130.
Million jobs out there.
I have -- I was hoping -- you got to tripled the you know and -- -- -- -- triple digits there out of triple digit -- that was about 110 of 1%.
Man unsure what the civil better coordinate I think we're actually gonna be pleasantly surprised but only for the month of July.
The fact that we now have both business sales.
And a profits declining year to year tells me.
That the employment situation will perhaps worsened quickly enough are now we've we just went you know we're pretty tough and examples and your.
The damn fools -- gonna get a thing done.
You know the Federal Reserve has done all that it possibly the end it's up up for Washington to take more.
Action but that action is not gonna -- what's coming until after the November elections.
Effect as far as US economic policy.
Policy is concerned I think that the November elections matter a lot -- Then the forthcoming meetings of the Federal Reserve.
-- lots of people watching you right now millions upon millions.
-- a little nervous and if you said the elections are going to be about a report.
Job loss is always good to have you here thank pleasure what's implement re going to be tomorrow eight point 2% thank you very much that sounds very familiar that.
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