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David Kotok of Cumberland Advisors weighs in on his concerns over the economy.
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All we said were on top of the number of -- breaking stories today certainly the politics of gun control back front and center after those remarks from.
Wayne Lapierre of the National Rifle Association.
A few moments ago gonna have Senator John Kerry nominated we think by President Obama less than two hours from now 1:30 eastern as the next secretary.
A state but the fiscal cliff is right there as well as Nicole says that's why we see the market selling off up to day let's bring David -- hockey and to talk more about -- chairman and chief investment officer Cumberland.
Advisors -- you've been worried about recession David -- if we fly off this cliff.
If we go off the cliff Connell and we stay off the cliff now that doesn't mean January 1 that means this goes on it gets -- February march.
The debt limit gets in the fight we go off the cliff the United States goes into recession.
And it's a serious one here's the thing the markets are trying to figure this out sale and I said to the call.
That where the pay the selling is sick it's picking up and it is and this is how was this morning before opened -- -- go down 200 and to be back to 150.
They're trying to figure out what last night means the trying to interpret the speaker's comments this morning to see what he means and people are China.
-- -- We easy to be given now because he doesn't have the leverage he being Boehner or is he going to be standing even for we don't really know what's next in the what do you think's next.
Well let -- I -- my basic assumption.
Is that in the end this resolves.
There is a deal.
Every side has to give and we saw dance going on where it looked like they were trying to do that.
Do we need a TARP moment in the markets to get that deal -- I don't know yelling down our Philly area 500 points say now for example we don't wanna be but if we -- but yes.
Then they would that.
-- and a deal in no time is that what you're saying.
Well that would be a TARP moment does it take that -- who knows my view is these periods of weakness like today.
Are buying opportunities because I think the US recovery.
Stays on line interest rates stay low inflation stays low the Fed policy -- in place.
And this political impasse will resolve it must resolve.
If you think it's not gonna resolve you don't want to own anything but I believe the well so I'm in the market because absent dysfunction in Washington you like it -- -- he's getting better at lot of reasons to like.
The -- -- how things getting better.
Housing is getting better lot of things good some.
Off the radar screen so I mean the current account deficit in the United States is half of what it was five years ago.
We're having a rising energy patch expansion in the United States it's not just housing.
I mean there are a lot of good things happening incomes gradually rising employment.
Gradually improving if they -- gradual let it happen -- David thank you as always talking against India.
It's thanks -- it's frustrating to.
