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Wearing David joy -- talk a little bit more about this is chief market strategist at Ameriprise Financial op -- not Boston.
With this today I -- the question economically with a story like this is -- says you combine it with other investigations that we know are on the way whether it's.
Libor -- some of the financial.
Crisis related investigations of the banks that are not related to interest rates but.
Just the idea that litigation risk is out there but what's the economic impact of that is -- significant.
I don't think so I think it's more psychological quite frankly it suggests is that in contrast to -- -- the last ten years regulatory oversight is becoming a little bit more strict.
And their following -- I think that's a good thing businesses should be held accountable if there -- found liable.
But in terms of economic impact the numbers that you -- they pale in comparison to some of the self inflicted wounds that you see in these.
Banks like UBS JPMorgan and they seem to overcome knows pretty easily so.
I would say not economically significant but psychologically to not so anybody that says -- we've got to get these things behind us and -- if you wanna move forward.
With the economy you would say no no wait a second what's -- prosecute people -- -- the wrong thing.
-- because it's the right -- to -- it -- because it won't have much of the net.
We'll have much of an impact yet.
That that's exactly right and you're gonna have these things all the time anyway I mean businesses are involved in a lot of different types of activities different geographies different regulatory regimes.
She got to have this sort of thing what I -- as a chilling effect on some of the things that represent.
Sort of conspiracies like this Libor reshoot well we'll talk more about that as we get more information -- editing and we get more of the -- starts to come out about the various banks that we expect that.
As -- -- pointed out probably happen at some point next -- let's talk a little bit while we still happy about the markets were up a little bit.
Today so you're writing one of the things she said this is -- uninteresting because everybody's putting out there they're cut.
Predictions or expectations about this fiscal cliff and you said you expected deal to get done.
But the risk of one not getting done is also so great that it hurts the way you invest you wouldn't.
-- too aggressive.
Well what I meant by that was that I think that the if you put probabilities on and you say maybe there's a one in four chance of one in three and it doesn't get done.
Then I think clearly the market would sell off I think you see a flight to safety and so you have a big risk exposure going into an event like that you gotta get -- so I -- say.
You know due to let the let the information come to you -- and wait to see I think you can always or get more aggressive on the road.
If the nose is good also good it to that point if you're right.
About that -- -- the fiscal cliff deal does get you know push forward in some form and then that's not may be.
Again if you're right it's not may be priced in that the market might have -- -- room to rally on.
Oh I think -- rally quite sharply.
If you look at if you look at the economy it's actually doing okay what's being held back got recently.
Capital spending and nice are a little dent to consumer confidence I think those things -- way if we get a deal especially one.
That's lays out the framework for grand bargain -- all of a sudden I think now you can make some long term investment decisions.
And I don't think that's price and at all you have because people just don't have confidence of these guys getting anything done but maybe they -- and that's the thing that could give you.
Or -- if -- outside David joy is always good to have you on enough thanks joining us today.
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