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Carol Roth on the upcoming fiscal cliff deadline, plus her take on a strike threatening to shut down coastal ports from Boston to Houston.
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Senate Democrats -- coming the GO pay that they should not stand in the way of a last minute deal on the fiscal cliff.
They are demanding -- -- -- the Democrats demanding higher tax rates on the so called wealthy.
-- joining us now former investment bank of -- Roth's.
Carol -- it seems like a total standoff.
B seems like we really are headed over that -- really looks like it so it is a question for you count.
If we go over that cliff what happens to the markets.
-- third I think -- that we go over the -- the markets are going to react negatively they reacted connected negatively.
The last time we revisited the debt ceiling have for TARP so I don't think the markets are going to be particularly happy.
But I don't know that it's necessarily for the right reasons I do think that we're going to get a deal here.
I just think that -- -- end up happening.
Late January.
Maybe middle of January but at the end of the day started doesn't solve any of our problems and I didn't -- frustrated that -- -- thirteen month and a with that thirteen months to figure that out -- everybody here at the eleven reality.
The mood of the country I think -- almost furious but does nothing is happening here in the politicians that dithering at the very last minute but again.
Why is it and it doesn't o'clock a deal's gonna get down and if we do get some cut -- it's a total stop gap and as you say it's not a good deal anyway.
So why hasn't the stock market fallen out of bed was still up thirteen thousand on the now why -- still that.
What I think -- Usually when congress doesn't do anything that is a good signal for the market to I think that the market is very sophisticated.
And they -- that whether or not we get a deal here is not going to make.
In the grand scheme of things and number three we still have the Fed printing money so you put all that together the markets have been behaving at some point in time though they're gonna get frustrated in everyone's gonna say less than we still need to get a deal done even if it's just -- theatrical purpose says.
Because eventually we don't make some meaningful strides we will get downgraded in terms of -- -- -- and that will be a huge issue for them.
Mark I think you and I agree that they will be a deal all -- some sorts.
And I agree with you that it probably will come -- -- ended January and that they'll deal will be.
The rich pay more.
No serious cuts in spending and softly no reform of entitlements and just ignore the debt you great.
It will be DL it will not be a solution and you and I are in 100%.
Agreement I'm very glad to hear that count now this one and and it -- different subject.
Is something that could really affect our economy I think short term -- -- all the way from Boston to Houston.
That threatened to strike threaten to just walk off the job come Sunday.
That's strike could disrupt two million tonnes of imports every single day.
A billions of dollars worth of economic activity.
Every day every week that this walkout continues it's a threat to the moment.
But he could become reality come Sunday.
If it happens.
You think we go into recession is it that is -- that that the final straw all the pictures into recession.
Well.
Given the fact that so many goods have come and in the end of the third the beginning of the fourth quarter for the holiday season I think it was a short term thing we don't go into recession and but you know what I say about the Stuart I say if that -- -- Fire them all.
Working and having a job is a privilege not a right we have become the entitled states of America.
And I'll tell you what I've never been in a job where I decided to go on strike they wouldn't that Carol gets -- that the door don't let it hit you on the but on the way out so I think if they wanna strike -- -- their arch funny some -- million people that are -- employed -- unemployed that would be very happy.
Have a job Stewart says this is shades of Ronald Reagan's firing 111000 -- co workers and I -- that in nineteen days.
Exactly -- you know as well as -- -- the president present a -- he's not in a position to fire -- look at this.
And the the people who from the ports ban all gonna fire him that just let him walk out that's what's -- on.
Well look this don't work out so well for the hostess company and for chewing -- And so I feel like somebody's got to take a hard stand here we keep letting this happen over and over again we're gonna continue to be in the situation.
I think there needs to be some real repercussion what -- -- with congress whether it be with these strikes -- need to be some consequences for people's actions to.
You know you right here we are the end of the year would run out of money.
We've got a fiscal cliff crisis on -- hands.
Don't look as a probably gonna go on strike it's all coming to ahead -- we thought that everything was going to be resolved by the election we had a couple of months ago just not working as.
I.
Know it's not without MBS as -- news cycle and certainly that not happen.
No no no no no it is not happen.
-- it in the news business that's coming good news is all right -- -- we appreciate you being with us thank you very much indeed you know.
-- is the news -- gonna.
