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WL Ross & Co. Chairman Wilbur Ross on the fiscal cliff negotiations the debt ceiling and the potential growth of U.S. natural gas.
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Hello.
Let's face it we're down to the wire just hours from falling off the fiscal -- if -- deal is reached right now what deal does not seem like -- mean even if they came out and said okay.
News flash -- here.
It's not enough time to vote on it will the US economy fall back into recession.
And either way.
What's the Smart money doing where they investing joining me now billionaire investor Wilbur Ross WL Ross chairman and CEO good to talk to you -- thank you for calling -- You're welcome.
But it what do you think you think -- -- -- deal of any any kind of what does this really mean for the markets.
Well what I'm bored of that is that they may make it deal but it wouldn't be as sensible -- The bill kind of put some sort of the permanent.
Kept -- to the level at which the bush tax cuts are repealed.
Extend true some short period unemployment.
Spend a few of this thing.
And not really deal with the big issue punted over and mix -- up with the debt ceiling talks.
Which will be coming up sometime between -- donor room into triple.
Will -- yeah I -- we had Timothy Geithner the Treasury Secretary warning that we will hit the debt limit today I mean obviously that's a big issue is that a bigger problem.
Then the fiscal what expiration here.
Well they're they're both tied to each other but I think -- secretary Geithner actually says.
Was that -- technicals and spirit bear because they've breached their borrowing amount.
I don't think he's sort of do we have any danger of going -- -- deep fault.
Until another couple of months -- Because of global little step that is suitable to take both to bridge so I don't think.
That we -- talking about simultaneously.
Fiscal cliff and a -- peaceful.
Wilbert you of an uncanny ability to tune out a lot of the fear and invests.
Either way now you know even if we face a Greek style problem like a major recession again.
What are you investing in the last we spoke you really liked natural gas in certain regards you were making some investments there.
Tell us what you like going forward into the new year.
-- I'd really like the natural gas shale gas activity.
As of this sort of like get is that it's the one thing that could be of true economic game and future.
With -- requiring one penny of federal system.
It could move us toward energy independence.
Could cut our balance of payments deficit.
Could create hundreds of thousands of job.
Could but I just be an exporter.
Of chemicals and other products.
Could've resulted sales capital expenditures.
Didn't chemical and plastics industries.
-- finally could lower the cost of electricity both from manufacturers.
And consumers.
That could put if you aren't you don't see here more in the current good to have their -- date people.
That's so big bill would really be good for the economy quite independently of all of these other move.
We have -- -- ten seconds left if if we don't get a deal and we do get one of the that the that the they -- Fitch ratings agency or perhaps Moody's downgrading the US -- -- the awful yesterday now.
Well I think that it great we'll have very little effect we're at the bottom actually trade.
We gotta go -- happy new year happy -- -- know I don't does have been happy new year do you folks we'll see.
