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Let's talk about sending them on an expert is that this guy wearing next to me certainly is we have.
Don and changing into joining us parents say you are the chief investment officer of Greenwich wealth management thank you so much for coming on thank you name is -- joining shopping over the weekend.
All we did we actually bought some -- on the birthday presents on Friday -- home from apple.
Yeah -- us yeah they do that every year by the we need to do they -- jurors world.
Let's say I didn't -- that it seems like a lot of content you I was confident that seriously at first it was there's more highly advertised this year.
Well it was -- -- got a lot of emails about it you know my wife and I hadn't intended divine like power for quite some time so we decided was just understand.
Forty bucks are.
Today however we're talking about the scope left the White House has a report out this morning showing that if -- fall off of it.
-- went past AMT and everybody's tax rates go up next here that's 200 billion dollars it's taken out of the economy consumer spending dried out.
Next year -- consider certain things that.
You should do to your portfolio as we prepare for possibilities in the next year while you're -- You know it's kind of late to do that home we saw how the stock market all fell dramatically after the election.
-- went on when President Obama was reelected there was a lot of disappointment in the investor community a lot of people felt that.
This made it more likely that a deal for the fiscal cliff would not be reached.
We saw a big drop in the stock market.
But then we saw the leaders of the the house and senate both majority and minority leaders.
Give a short press conference in any case that we -- glamour and all of a sudden the market's been awful lot since then right.
So now the big question is will they really get their act together and cut a deal or at least a framework for a deal.
Or are we going to go back to the old ways of all bickering and fighting not reaching any agreement.
The other person sitting at home.
-- is probably saying to themselves.
Parents something's going to be an optional add taxes they're not to kill the economy and send it back into recession next year.
I would imagine that that the average person cent whereas the business owner maybe someone makes a little bit more than the average person.
A little more into into these things might be saying -- this isn't real possibility maybe I'm not gonna shop apparently the time for Christmas this year.
And I'm gonna take my money out of the stock market.
You know these -- dividend taxes are going up name might be making more aggressive moves as we prepare for January 1.
Well you know I I believe they've already done that the investors have already done so don't think it's a bit late if you're if you're expecting to sell your stocks now -- -- that in anticipation of another sell -- I think it's already too late to do that.
So what -- people on the Wall -- doing right now.
And right now they're they have a wait and see attitude they wanna see if these are comments that we've heard from Democrats Republicans are going to actually materializing.
Agreement there's a lot of hope that they will.
I think the report that the White House put out today was really -- -- Democrats rather than Republicans because there have been a lot of Democrats lately who have been saying.
So let's go off the cliff we don't care because we want taxes to go -- on the rich and -- it's the defense companies that will be hurt the most.
I think the White House is trying to send a signal to Democrats that if you do this is -- -- really hurt the economy.
On the other side my fellow Democrats have well a home.
Some do but there are many who are now saying that unless we get everything we want we don't want to deal.
No on the Republican side then you're rich well that's right that's right but the Republicans today were targeted by Warren Buffett -- wrote an op Ed.
There are talking about how increasing tax rates are are not going to kill the economy and I think he's trying to.
Convince the Republicans.
Marginal increases in tax revenues and perhaps even tax rates are not going to hurt the economy.
So is it snow incredibly.
Hard to understand that -- really you know little things.
I think we're we are going to do -- little feature however I have to say that in general it is not a good idea for the economy to the increased tax rates.
I think it certainly makes a lot of sense to do tax reform and make the tax code more efficient but Buffett said today in his op Ed that we shouldn't -- We shouldn't put reform first.
I would disagree I think reform has to come first we have a convoluted tax system that doesn't make a lot of sense.
We need to simplify the tax code we need to get rid of a lot of these loopholes and deductions and I think that's what would really drive the economy in the future.
And really quickly it just wanna talk about super strong -- she's -- already taken it.
President jobless claims -- -- in the past two weeks expected to rise again the next couple of weeks I mean inside them.
The -- kind of -- October retail sales -- How do you think Sandy's gonna affect.
Investments going forward stocks -- -- in the long run I think there could be some benefit from the rebuilding that has to take place after sending my short run and by that I mean over the course of the next three to six months.
We could see some trouble because of the jobs market has taken a big hit from that that's going to put another crimp on consumer spending especially in the northeast which is really the critical -- We Cohn exactly and -- consumer spending at 70%.
Of the economy here in the northeast we -- a lot of -- weakness in the dense population businesses mature here behind Jen -- can't.
Thanks so much for coming on -- CIO -- French wealth management.
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