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WL Ross & Co. CEO Wilbur Ross on how Obama’s re-election impacts the economy, energy sector and efforts to resolve the fiscal cliff.
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The markets lost a lot of steam just one day after the presidential elections right before the election our next guest said businesses would suffer if President Obama got reelected.
Is that what the markets are telling us today and does he still feel that way.
Joining us now legendary investor Wilbur Ross chairman CO WL Ross and cutting -- you went further than that -- -- very specific you said last time you're here.
If -- Obama is reelected we're probably gonna go into a another recession do you still believe that.
Well what I said -- that if he doesn't exert leadership and solve the fiscal cliff.
We will I don't think we're in a recession right.
If you have any reason to believe that he's going to solve the fiscal -- he said that if he is presented with a tax bill that does not include major tax increases he won't sign it.
-- -- heard that speaker Boehner has been going around saying that he might do except some revenue increase.
In return for an overall deal.
I don't know if that's his actual words enough that's when I heard.
Well wouldn't you heard a lot of people -- infected David Stockman of the world who is a conservative said at some point it's gotta be a mix of both.
Do you think I mean look at how frightened people are about this they're rushing -- to safety and in both sides have to see something's gotta be done to have belief that it will get to well.
It should and the reason it should -- this is not a typical lame duck congress is very little changed Republican leadership was the same democratic leadership is the same president is the same.
We've all seen this movie before.
So there's no reason for them to delay.
During the so called lame duck period there really ought to get -- There was one part of Simpson Bowles that a lot of republic not everybody Lou Dobbs doesn't like if -- who had a lot of Republicans -- Democrats.
Who believe it was a good part of sensible said it's lowering tax rates and getting rid of deductions now it.
It's it seems it sounds very familiar to people who were for Mitt Romney so maybe for that reason alone Obama might not like it but a lot of Democrats did is that an area where we might go well.
-- they would solve one set of problems which is if you try to be selective about which deductions you -- you know the lobbyists -- go crazy.
-- we have to belief or K street.
-- -- that's the meaning got -- -- and not just say no no no no no deductions at all much harder for individual lobbyists and change.
Or if you give people a choice up to a certain point put a ceiling on it and -- you get this much pick whatever you want like a cafeteria -- I was and I -- that -- have that I thought was a very good one.
Let the individual decide rather than the congress and rather than the lobbyists let.
Me get to what you're looking at now is your famous for picking up on distressed opportunities last we spoke.
Natural gas freighters moving liquid natural gas to Europe because they pay more for that stuff but also looking back.
In the early days when you had bought a lot of distressed coal companies now we see coal falling again which you look back into home.
Well I think -- recurrence of -- Obama administration has bad for called the EPA because you probably know is gone so far.
With trying to -- -- by rule making things that congress turned down.
Lost several times in court they don't overturn.
So -- PA is quite adverse to coal as far as I can tell.
Well natural gas though and I brought this up with the chairman of of Ryder System before you came in.
It's one of those areas where it could be said it's it's a kind of a green energy burns much cleaner than coal does.
We have so much of it -- or could it could change the whole equation the price of gasoline is well.
Is that something where the president could possibly please both the energy companies and his -- lobbyists.
Well I think natural gas could have a -- formative effect on the whole economy and it's not just not true that's the shale gas.
It's also the -- oil that's often found an association with that.
We could be reducing our energy imports but -- half million barrels a day if there's no interference with the and a hundred dollars a barrel which it used to be that's a huge amount of savings and balance of payments.
And we could become and indeed -- starting to become a net exporter of petroleum products you can't export crude it's illegal.
But you can export petroleum products including game changer that is.
-- -- think what does it mean for the chemical industry for transportation.
For home heating.
-- sorts of uses to get the shale gas.
And your generator Wilbur with Smart enough to get -- -- -- generator.
Me I was on gasoline does yeah thank you so much for joining us thanks -- -- remember Wilbur Ross always finding a way to make money no matter who is in office say --
