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Former PaineWebber CEO Donald Marron on the outlook for the markets and economy and their impact on the Presidential election.
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The president could get an early Christmas gift from mobile all places Wall Street because -- the Dow and S and B -- -- rising.
He has a much better chance of winning it's true since 19100 when the Dow -- climb between Labor Day and Election Day.
The incumbent as 190%.
Of the time right now it's up about.
4% since Labor -- former PaineWebber CEO Don -- how to how this could play out but -- That's pretty reliable barometer.
But it's been pretty good I think this time though we've got a three market election.
The job market.
The housing market in the stock market in the past times of stock market probably comes third because it's watch in the job market and -- watching the housing market.
But -- the argument that the market.
Is factoring in.
Optimism but we're -- -- the buying is reflective of more optimistic investors.
It's discounting trends on our whole world is discounting -- that that they think things are you gonna get better just going from bad to not so bad.
That's a good trend from the market -- -- pushed him I think in this case the job market we know it's terrible but it looks like -- bottomed out.
The housing market looks.
Reasonable right now which means that -- its biggest asset isn't going down anymore.
He stopped tumbling -- -- -- -- the thing about the third one this time they're sixteen million for one case there.
Double a few years ago and that means sixteen million individuals that have a direct stake in markets this time so it does have a big impact in those terms.
But -- less jobs look okay -- housing.
Looks reasonable that's going to impact the market I think.
Maybe that's -- senator president's.
Pretty resilient poll numbers.
His approval -- about around 50% he's leading a lot of battleground states close nationally the popular vote.
But on those crucial swing -- swimming you know.
I didn't -- what I have always.
I think this election of that I think is the fact that people are looking for specific solutions to specific problems in the not hearing -- not -- -- from either party.
But the challenge -- really has to be very specific and that's I think what mr.
-- -- to do more I am gonna help you do better in this yellow dust up over them.
47%.
-- -- -- and -- -- explanation -- I think they can be open heart of I think it helps a little -- if you explained in more than that pay any federal taxes but state taxes have gone up enormously in the last few years sales taxes have gone up enormously Social Security until motion office not all -- seeing there are taxes the real issue here is.
Cutting taxes isn't gonna get your job.
Getting an education.
And a focus on one side and helping manufacturing to do more on the other side of the combination that we have and neither of the candidates are talking about that in that.
Persuasive way.
But Mitt Romney tried to bring it back today -- to government is the problem the Ronald Reagan and it's not the solution it's the problem.
And it's growing at a point now where have to -- -- -- getting something from it and that's not sustainable is that.
A lady double issue for him with seven weeks out.
I think it's a real issue for all of us and it started maybe when Medicare came in what's that.
1960s and 1966.
It's been through democratic administrations Republican administrations and all the rest of seems to be no stopping the impact your government.
Every American ought to be worried about that.
The other hand right now what you need -- to.
Do some thing.
To educate people to take the 21 century jobs.
Because this fifty million people underemployed who were doing twentieth century jobs that to me is the heart of the issue and that's not going to be solved.
In two or three years.
But recognizing that's what you need its training it's education.
It's recreating the American optimism and I can do better next -- -- doing this.
But to the wind at the president's back with -- is improving markets the same markets that apparently were run by guys who didn't flip over the president there might.
Help reelect him.
I think it might help reelect him.
Everybody likes a market to be going up and everybody likes to feel -- a little more money in their pocket and that's the way it is right now get that statement.
But we're back again as the job market -- housing much -- -- the stock let's make calls reworking them they got a good economy.
All right Wall Street icon Don -- closed its intimate friend entity.
