You're watching...
Edward Jones Managing Partner James Weddle on efforts to end the gridlock in Washington and avoid the fiscal cliff.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Gregg YouTube well what -- the culprit this time that is on Wall Street pulling something fancy but -- wants a good pulling -- doing nothing at all not think.
Edward Jones managing director James -- says.
Congress and the president ignoring this -- -- -- Clinton -- begs the markets to fall off that cliff.
And he puts his money where his mouth disease one of those sixty bankers and fired off a letter.
To watch it and demanding accident -- -- sort of like a bipartisan -- Syria which like I admired jams because it just said look.
We're not blaming you hear you guys we're -- -- -- all you guys do something and soon have you gotten any response.
The response that that we've gotten me and -- has been up primarily internally and get our firm -- glad to see assist speaking up lending her voice to.
-- the need for a bipartisan action and for the president as wells -- together to that the the US does not -- off the.
Fiscal new -- -- getting a pat on the back for saying something bold there's a far cry from.
Actually followed up -- -- recommendations.
And doing something -- Well no that's that's very true but -- you know.
Edward Jones helps the serious long term individual investors wanted to reach their financial goals we.
Will be very conservative individuals were frustrated who are fearful right now were very concerned.
That the lack of of actually gridlock -- wash.
What even the presence of them to use of these other bankers who signed the letter obviously -- there on the front -- there's this thing torpedoes.
Do you talk about a meltdown there could be the same for you right.
Oh listen it it is just it's not reasonable to it to believe that there's anything good that's gonna come out of going over the fiscal cliff it's gonna adversely affect the price went about doing the economy -- -- -- -- it what about the line.
Six months went by delaying a what you're going to be able to do -- -- you -- buy some time you're gonna buy some time so that regardless of how the election turns out.
Hopefully we can get the president and the congress then to to have a and open minded bipartisan discussion with some longer term.
Perspective -- will address both the spending as well as the the the revenue side of the budget.
But you James you're an excellent read the markets one of the reasons -- respect back -- I wonder how the markets and respond.
To a delay it with the hope that that delayed produces.
An agreement on a simpler tax system a budget reform.
You know hope -- springs eternal look you and I probably are old enough to remember it doesn't it stand out that -- -- you get your delay.
The markets don't share our collective hope and confidence that you strike a deal.
And they might sell off right they might order and the agencies might say -- your punt it again are you watching them and there's going to be out of that a big market so when -- -- I think some of the activity you're seeing in in the market right now today and and that and more recently this week.
Maybe -- anticipating the the fiscal cliff in the the lack of of willingness or or movement toward toward addressing it.
There -- again I'll repeat myself there's nothing good is gonna come -- from a line -- to go over the cliff.
You're exactly right James thank you -- during the time on this or -- my pleasure what is it Toney fifth anniversary -- that it -- its -- What it's over I have no -- well it's it's not a happy one but anyway it's always good -- James thank you very much thank you very much.
