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Delphi Management president Scott Black on how President Obama has been disappointing when it comes to job creation.
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Obama kind of forced to face the music this morning after -- less than stellar I jobs report that you're alluding to in our next guest says the president needs a much more clear plan.
On jobs Scott Black is the president of Delphi and he joins us now from Boston he's been on many times over the years to talk about stocks in this -- -- -- we teacher appearance above and ago Scott by saying that you've been in.
Generally -- Democrat for many years which I didn't know I've no idea I don't think we've ever talked about something like that but.
With that in mind and after the president's speech last night and this morning's.
Jobs report.
Is there more he could've done.
Absolutely I wanna proper sound from the generation of Truman Kennedy and Johnson I'm a little -- -- of that a lot of your view is.
The democratic -- was a little bit different them.
I do like co -- -- person but he needs a definitive agenda.
He has to spell out exactly what he's going to do to create jobs if he's reelected in the next four years.
While he gave a beautiful speech last night it really wasn't definitive OK I suggest that almost four years ago after he was elected we have the stimulus that he should of taken a page out of Franklin Roosevelt.
And I array TBA equality alphabet soups but that means -- he really should be putting people back to work.
The rebuild our infrastructure its crumbling it doesn't matter whether -- the bridges here in New York City Europe crossed the plains.
There's plenty of infrastructure projects and they can't be outsourced to China.
That creates demand for aggregates.
Studio cement.
Construction equipment and most important American labor goes back to work well -- also will have a multiplier -- The original 767.
Billion dollars stimulus had about 42 billion dollars for infrastructure.
Think the buzz word then -- shovel ready we didn't really see too much of a shovel ready projects but it's not too late to define that the other thing he needs to do.
And a bipartisan way is a major tax overhaul -- -- corporate and individual.
I don't think you should cut taxes to people like me in the top one -- 2% in the world.
But I do think you need some sort of a tax overhaul to make the United States more competitive -- other countries.
-- part of that we talk a lot about it's got the first part of the donor revisit for Obama because -- think it's.
Hey it's pretty interesting especially coming from the united Bill Clinton argued the other night that nobody could have pulled us out of this economic got -- -- four years included himself when he was making his speech.
It sounds like do you think we could have been pulled out of it.
But not in the way that some of argued.
Some argue we need a completely different -- prescription altogether you're saying we needed more.
We need more money spent than was spent.
Well created more targeting of what was spent I think you know health -- was important.
But that really should've been in the second priority his first priority should have been no different than when -- -- took office and 33.
It's the economy stupid you have to put people back to work and he hasn't done a good enough job.
And he really has to get some of that that the best and the brightest to gather in the next couple months and come up.
Whether real.
Dialogue is that this is one I'm gonna do not just sweeping generalities.
Not that the Romney and Ryanair -- basically we're retro grade into what failed in the first place he needs a positive agenda for America.
-- cut when -- end on this let me ask about the stock market because the performance of the stock market give -- take.
Up about 60% and president Obama's.
Term value -- we've been through a lot amid the crash -- -- everything.
And I don't know how much that says about his policies or anything else but the facts of the facts -- thirteen thousand -- 86.
Today are you bullish or bearish here on the stock market given all we've just talked about.
I'm really neutral -- try not to take the direction but -- does not cheap anymore if you look at smaller mid cap as defined by the Russell 4500.
Multiples from seventeen times expected earnings.
-- logic cap like the SMP is a little while the fourteen times and when you look at stocks on a case by case basis as we -- get it's hot finding really great -- value.
Number yesterday with just -- a -- blow -- nothing's really changed in Europe it's nice that doing quantitative easing but that doesn't mitigate the problems that are ring Italy France.
And Greece and I'm not gonna have a magic wand and make socialism or fifty years in the entitlements disappear overnight ride -- -- Scott you know next time we're back we'll do that case by case stock picking that you're known for.
Over the years but thanks for talking -- expeditious with us today appreciate it.
