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Also today the New York Stock Exchange released its new survey on jobs and the economy.
Among the main finding small businesses are having a hard time raising the capital they need to expand and won't be hiring anytime soon any time either.
I went down to the New York Stock Exchange this afternoon is spoke to CEO Duncan Niederauer about it.
And asked him if there was any silver lining in his report.
There was a silver lining in that with the -- through your view I think people -- at least cautiously optimistic.
But it it was I think a call to action -- a little bit disturbing.
That lack of optimism going into next year from big business and more importantly small business.
We all sit here and say we'll small businesses the job creation engine.
Let's let's count on them -- job growth next year.
What was most.
I -- disturbing from the results this year was this was the first few weeks surveyed small businesses and they overwhelmingly said don't look for a lot of -- from last next -- were nervous.
In fact two thirds of them say we're either gonna cut jobs or have a job and prevent it -- all right what's holding small business back right now.
From what we can tell from this survey and I can tell you it confirmed what I've been hearing.
You know in the water for the last twelve months primarily to access to capital issue.
That's an easy thing to talk about it's a hard thing to -- everyone's got a different view wind.
We were hearing that so consistently.
That we decided to tackle that in two different ways one was our involvement in the jobs act which we felt would help companies -- had a chance of getting to the public market.
Have a smoother ride to get there.
And the big start -- was really -- all about main street.
And it was trying to figure out ways to get this main street businesses more capital but also get them connected to some of the big companies that are listed here.
So I wasn't surprised that the survey said.
That we just can't get the capital that's what we're not growing but on taxes I think people are up for.
You know higher taxes for individuals even potentially a higher corporate tax rate.
For what they want is -- simplified tax code.
And I think particularly for small businesses what you saw was some small business tax incentives I would agree with you that this translate this.
Are you saying that big business is happy to see taxes go higher if some of their.
Special Guinea's in the tax -- go way that this sense I get when I talk to business leaders is just tell us what the tax rates going to me.
What -- clearly -- you and I are sitting here and it's almost September of 2012.
Don't know I don't know that if your viewers know and -- company knows what their tax rates going to be next year.
We talked a lot about your survey and I also want to ask you about some issues in the industry as you're well.
How we watch very closely the Knight capital story sure we watched as -- computerized trading has led some frankly.
You know really disturbing glitches problems.
-- is this is safe market for small investors is this something that we need to be worried about and are you working towards a solution.
-- lot of good questions and -- start with the last question first yes we're always working towards a solution because anyone who would look at what's transpired.
And the resulting behavior from -- -- it.
And say that we still have their confidence.
Would be intellectually dishonest and my opinion anyway.
-- you can't possibly say that that you look at the fundamentals the markets are okay.
-- risk free alternative really pays zero for your savings account.
People should be more interest in equities and effort and they period -- interest in equities and I am so -- so that tells us that we have a problem that needs to be addressed.
So we try to do in the wake of the recent situations.
Is -- hopefully an industry leader because we think we're uniquely positioned to get.
People from the exchange community the sell side community and the buy side community.
All in one room and say okay let's acknowledge that we need to propose some solutions here what might they look like.
-- do you think you'll see more.
Governors and by that I mean not.
More speed bumps not to be slow everybody down but I do think is going to be called particularly around risk monitoring systems.
Whether they're provided by the participants -- by us.
Where where everyone says.
-- we have an extra set eyes on this and can really pay more attention to.
What's happening given that it's all happening a lot faster than -- -- -- -- was another big issue for small investors some people feel like they got ripped off and that whole deal it to not happen at this exchange obviously it.
Any fallout for you though and could that happen here.
It any -- any issue like that happens and you could list a number of different issues that have happened in the last twelve to eighteen months.
It has an impact on the overall financial services industry.
Did some of these issues have an impact closer to home for us on the exchange industry so yes of course we take all that very seriously.
His I think that's another call to action where we can be a leader and say.
Whatever we've done.
We got some stuff right the industry has to have knowledge about everything is working the way we'd like it too.
What can we do to make it better and that's what these conversations are all about and we have lost confidence in the individual investor there's no doubt about that.
We as a system.
-- one final question is -- going to be fighting to reduce the national debt tell us about that.
So I was asked recently by.
The folks on the campaign depicted that community -- we have -- committee if I would led by energy today.
And if we would -- our platform and brand for that.
I thought that was a pretty easy question to answer to be honest.
At this survey also tells us it's one of the biggest issues facing us.
And I'm always happy to get involved the issues that I think are nonpartisan.
This is a bipartisan committee this is not pointing fingers at Republicans or Democrats it simply saying this is a big issue.
We want people in Washington to hear about it from the voters we wanted to hear about it from people in business saying.
Please don't play political foot -- of this on either side of the aisle it's just too important.
And it's one of those clouds it has to be lifted if we're going to get people to be more optimistic about investing in American 2013.
So I was happy to join that.
I'm sure they'll announce who who else is on the committee and I think that's a group that is prepared to devote a lot of energy to -- Right -- to thank you for coming I -- they really appreciate thank you nice to see you thank you.
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