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Former UBS Americas Chairman Robert Wolf weighs in on the Democratic National Convention, economy and President Obama.
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President Bill Clinton rallied his party at the Democratic National Convention last night.
As Democrats await president Obama's speech tonight let's go live to Charlotte to speak to one of the president's greatest allies when it comes to Wall Street.
And there are few and far between but we've got -- a first on Fox Business interview Robert wolf former chairman of UBS Americas.
And member of president Obama's council on jobs and competitiveness.
Good to see you Bob thank you for joining us -- I know you've been there for at least 48 hours.
I start with what's most interesting and important thing you've heard on the floor whether it was from delegates or people you've run into since you were right there.
Well certainly the excitement here has been just beyond imagination it feels like a Super Bowl.
Listen I think what's important is that people hearing the story of the president's vision.
And the direction he wants to go with respect to the economy.
He's talking about the economic stability we -- President Clinton talk about where we -- are and where we are now.
I thought the First Lady did an incredible job talking about important women issues actually last night I -- the box without -- Lilly Ledbetter.
Who was obviously for -- equal pay for women from.
And so I I think you're getting a diverse array of important issues that are coming right to the F forefront.
Well one of the biggest issues may have a little more clarification.
To -- of course the president accepts the nomination tonight but we -- getting the -- jobs report.
And and I guess the question becomes the ADP number look pretty darn good it was better than expected for private job but creation but.
-- that number tomorrow because you're talking about the economy that has been slow going bobbed and anybody can admit that but what about number tomorrow.
Kind of stomped on the president's and the democrats' message about a recovering economy and our advisors preparing for that possibility.
I don't think you could take one number and say that is the direction.
We have had for the first six months about a million jobs.
And the private sector as far as gains I remember there was one month of zero that had a revision of up 85000.
I think based on the weather has been you have a little walk ups and downs going on up to fifty.
Up a 125.
I think you have to look at we we are we've had 29 straight months of private sector job gains.
That is four and a half million private sector jobs we've created.
You've had manufacturing up 500000.
Jobs that's the best since 1990s.
So I think you have to look at the trajectory we're on.
And feel pretty good that were on a good path.
We're not obviously where we want to be yet but we're certainly going there.
The president.
Is per seat and this is not a surprise to you and you hear it over and over again particularly from the Republican side that he's anti business.
Is he planning do you think that he could or will say something to make -- A different perception.
That he isn't anti business.
The last night you had Jim Sinegal of Costco.
Give and -- incredible speech on how he has been pro business you have a myriad of senior business people around this country.
Okay that support this president whether it's Eric Schmidt Google site Nicholas that you asked you're left yes you're right someone's telling you why they Obama administration.
He's going forward that this -- telling you someone else may tell you why the Romney administration.
Is going pro business.
I don't think it's -- What direction as that the media makes it.
Let's let's talk about.
One thing that does appear to be very much heavily weighted against the president and that some folks from -- arena that would be Pincay.
To say you know he -- get.
First time he -- -- now not so much.
-- have said that he is the better president and then Mitt Romney for Wall Street and that seems like stretched as some people.
Well I think one I believe we need reg reform -- I was there the Lehman weekend we did not have the tools.
The second -- -- let's look at the facts the market is up near a 100% since the day he took off.
You can not change that I think were up somewhere around 50%.
50%.
Year to date.
And so I think we're in the right trajectory business have a lot of cash on hand in this -- -- spending we're seeing better productivity.
Received an average hour workweek fell while.
I don't think this is going to be a referendum on whether Wall -- support for him or against that I think it's gonna be a referendum on we in the right direction in his.
His vision right -- and it's a choice and I believe this president.
The right -- Yeah and some people are not so sure that they really care -- the heck of -- president is really helpful to Wall Street at this point -- -- on Wall Street.
You know is is a lot of Wall Street guys down here you know obviously I saw Tony James from Blackstone down here and a lot of others though.
You know may be the ones who are against them just yelling the little louder than we are well Charlie Gasparino said that he wasn't going to the DNC -- that you didn't get enough contacts from Wall Street guys but I will tell him about Tony and -- thanks Bob.
Good to see you very much -- Charlie -- said hello.
I well I well he's upstairs watching it I would watch problem Bobble former chairman at UBS Americas and the founder of his new consulting company 32.
