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All right well we have some sort of rally some -- calling it an Election Day rally others are calling it as Dennis said in got a moderate rally.
So the markets go higher -- we see a pullback depending on who wins today joining us now Michael Jones chief investment officer.
At riverfront investment group.
Look Michael ever want to know what to do with their money and where to put it but let's talk short term in the short term regardless of who wins.
Nothing really happens right.
That absolutely the most important policy makers are not sitting in -- in the White House or in congress most important policy makers are at the Fed.
And the Fed is all in with unlimited fiscal started monetary stimulus.
Until they get the unemployment reaction they want.
So you you we have an old saying don't fight the Fed.
And you particularly don't want to fight the Fed when they've got the ECB the Bank of Japan the People's Bank of China and virtually every other Central Bank in the world.
Printing money about as fast as they possibly can.
That's a tail wind for the market no matter who wins.
All right thank you then by eight days.
This theory if you will -- have -- Obama plan for your portfolio at a Romney plan.
You know those -- it's almost it if they're so different in terms of the specific stocks that you would need.
That it's probably better at this point not to trying to too cute in your sector strategy and just go with a broadly diversified almost index replication strategy.
Because in our opinion once you get through the uncertainty of the election we need to recognize that last week's unemployment report.
Was actually pretty good as a matter fact for the last three months we've been.
Adding jobs at three times the pace of the spring and when you think about all the uncertainty that business decision makers and consumers have faced.
Over their tax rate over me health care policy over virtually every aspect of their lives.
If we can add jobs at that kind of pace under that kind of uncertainty.
Bank of what we could see in the first quarter of this year.
If we get some certainty either way Republican or Democrat.
But it's become a dirty word no on wants to hear anymore about uncertainty quite frankly I think so much of our our sick that we are uncertain about whether in the lights on -- -- -- just done with uncertainty.
But I think -- still on the table will be the Fed Chairman right I mean who's it gonna be again.
That might actually be worth waiting for before you make portfolio decisions right.
Actually have a different view of that I believe that Ron Paul himself could win a surprise writing campaign and it would not change fed policy one -- And the reason for that is quite simple.
The policy that the Fed is pursuing right now zero interest rates printing money and buying long bonds to keep long interest rates down.
This is not the first time the Fed's done that.
After war war two when we had dead at a 100% of GDP the Fed pursued the exact same policy for the exact same reasons.
If you have that much debt and the Fed -- rates rise the budget deficit explodes out of control.
So Ben Bernanke and any successor to Ben Bernanke is gonna be under tremendous pressure to keep interest rates close to zero now because the CBO says rising interest rates at 400 billion to the deficit every year.
Yeah not so black enough that's must have Michael Jones another front -- makes him.
Can't thank you sir Michael had a lot of good points but being optimistic about the jobs picture.
I would have been so bullish but -- --
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