You're watching...
U.S. Trust Managing Director Joe Quinlan on the issues that the financial sector will vote for and against.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
I very much.
-- the company now is Joseph Quinlan it -- US trust we go to -- because I want the opinion of Wall Street he used to may miss stone Wall Street.
No object.
No I don't go to America -- now I wanna know what Wall Street wants you guys collectively.
Do you want to go -- the fiscal cliff you know who was sharply higher taxes much less spending.
Do you want tax reform from Romney lower tax rates and -- some loopholes you want -- to just keep on printing money at nausea.
What do you guys want but we don't mind and printing money here but -- we want some tax reform we went we went a roadmap by which we can see how the country's -- deal with its fiscal imbalances.
Spending and tax increases what are we doing -- why -- -- we do you just want a decision.
So we've got some certainty even if it was raising taxes so long as he was dead certain that's what we're gonna get you wouldn't mind I want my -- and neither -- corporations who have to look out 356 -- the very strategic in -- like we're we're gonna put this money to work or we're gonna hire what's the final demand gonna look like in their road in the world map right.
OK I want your opinion.
If we did get tax reform the -- governor Romney's latest out.
A 20% content all tax rates corporations and individuals and the elimination of a lot of loopholes and -- know which ones yet but a lot of Obama effect.
Would that meet the bill is that we want.
I think it's it's a first step forward deal simplifying the base of talking about broadening of the tax -- wouldn't give -- growth -- We would get the economy going for 5% -- -- I know about 45% but I think would unleash all the corporate earnings cash sitting on the sidelines we've -- more hiring more investment.
Greater exports more manufacturing so it would help.
But it's what -- one step that we have to take and it's a critical first step in as a snowball.
A fact.
That could help drive growth confidence and so we'll do what that give us 45% growth -- -- restore confidence and you put all my private sector money to -- -- -- calling -- -- -- if if we -- grows the economy three to 4% real terms on fifteen trillion dollar base we have good markets good employment we -- the world that we are the best economy in world so Wall Street favors Obama victory.
I think Wall Street favors any policy clarity out of Washington house and senate remembered them though that the White House is -- What happens on congress capitals very important as well Wall Street wants clarity from our legislative leader OK supposing Wall Street got clarity with a tax increase on wealthy people -- a shop talks in military spending and social spending -- -- -- Would that happen.
-- -- -- -- -- -- But not not necessarily could -- -- the cuts are coming from you gotta talk about dividend paying stocks you know under the loosen their appeal because of higher taxes related dividends.
I would they be having.
If it's for the better for the medium long term health of the economy you could see civil markets -- here.
But you know deep cuts -- fiscal cliff now the markets don't want that because that's abdication of leadership on the Wednesday morning after the Tuesday election.
And as a Romney's sweet.
He's in the White House the Republicans take the senate increased their majority in the house does the market go up and he goes up -- -- how far how.
-- long because there's work to do after all Republican sweep on whether to my democratic sleep so yes I'd either be.
A knee jerk reaction to say like wow we're back in business -- -- -- the same time and we've we've we've got to -- -- we've -- we shall have to deal with these issues Republican or Democrat.
So happy about right now -- were up 15% for the year up 25%.
Over the past year.
That they're applauding right now well.
Earnings have been good -- date peak but remember this is a global equity markets global capital markets were the best of about -- money's coming out of Europe and the United States is coming out of China it's coming in the Middle East.
To the US -- US corporations are global in nature global growth -- slow down but we're still the best game in town when it comes it.
Reaching in in tapping those new markets in the emerging markets so that's what that's key it's -- this perception.
That the most globally competitive Brazilian economy -- planet earth is America.
So I'm making a bet on America it's a good -- is a good bet I think -- If we get a Romney victory.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Remember -- Democrat or -- Are you in the hedging business enough -- if it looks like you are where we're bullish on America unequivocally.
OK we look at the economy -- private sector.
Best in the world really a -- to this day festivities are generally we appreciate that -- Quinn and everyone thanks so much for joining us thank you would come back shortly.
