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Raymond James chief investment strategist Jeff Saut weighs in on government policy and the markets.
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Many lawyers don't seem that -- -- our next guest says we have the best congress.
That money can buy it he says we need to well get rid of these professional -- -- And get some real business people and off us Jeff -- as chief investment strategist Raymond James joining me now from saint Petersburg Florida.
Does have this to say about that not gonna happen.
I'm not so sure that you did in the mid term elections you had 63 sir -- turn over.
And I think what you saw while was a notion surfaced.
By the Tea Party that actually Adam Smith wrote in the wealth of nations back in 1776.
When he talked about the political corruption.
That prevents prosperity and if you vet the newbies that were elected at the mid term election you find the majority M came at a private practice and are not lawyers.
But can you point to anything that the congress has done.
That those very people elected two years ago have -- -- list that represents change in Washington.
Not yet but people when they look at policy they look at the wrong way -- and they look at -- from the top down.
And anything of import always happens from the bottom up like the Reagan revolution in the seventies.
And if you look what's happening at the bottom up this Scott Walker.
Who withstood the recall.
Was historic.
You've got Jerry Brown one of the more left leaning people I know attacking deficits in California you've got got Cuomo in your town Christie.
In New Jersey so when you look from the bottom up there's a lot happening both on the left and the right the only ones that -- on board yet are the people inside the DC -- lot of.
Gonna say those are all examples of what is going on in the states and in some ways.
It is more it resonates with individuals and -- residents of those states more that they will accept that kind of action -- except those kind types of tough decisions.
But depending on what happens in the little more than a couple of weeks do you think anything changes in terms of the amount of money that we spend -- -- and our deficit with at sixteen trillion dollars accounting.
I do I think that trend going forward no matter who's elected you're gonna elect smarter policy makers and therefore get smarter policies.
And the people I talked to on the hill know the war on a unsustainable.
Path and I think you gonna -- actually attacked the deficits again no matter who gets elected and I think you'll see a move to get more productivity out of the government.
What do you make of the weakness in the market in the last couple of days this morning it looked like.
Hey we might have a nice start to the day now we're down forty -- points on the heels of the -- -- point loss on the industrials Friday.
Just simply because well Caterpillar came out with some -- disappointing that is.
-- the earnings the earnings have been challenging the tendency I think 58 point some of the companies that are reported.
As of the end of last week have have actually -- the earnings estimates which is that weighed down from where it's been.
Over the past -- or ten -- twelve quarter so earnings are going to be a challenge however there's still a lot of money on the sidelines I don't think the economy's gonna.
Get re geared into the secondary recession so -- I'm a buyer on weakness here.
Jeff great to see what covered at all I believe state -- -- pleasure in the markets just saw.
Pleasure to you.
