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Nuveen Asset Management’s Bob Doll on what is needed to improve the U.S. economy and the environment for business growth.
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Whether he's wearing it this entity thank you don't -- -- you but it it.
-- -- problem on the idea I don't know how -- -- -- how many as one of the questions but we shouldn't be in tenth place.
-- when you think about the economic and political -- that realities of the US.
Probably not a surprise.
Creeping up regulatory environment.
Economic and income and wealth redistribution.
Absence of growth.
All of this is just not great news for economic freedom we used to lead service like this because we would be.
Plates.
For capital to grow and for careers to.
When we're increasingly dropping -- like -- and you could pick a list any mysteries -- -- on this one it is a common thing.
Should we worry it is that the world saying.
There are other more promising spots if he is a worry when you drop on any list like this you have to be concerned -- and you -- -- what are the causes I just -- a couple of them.
I think we have to focus our attention O'Neal is.
Can we compete are we willing to make the sacrifices and to compete.
They didn't get in his latest -- deal.
My view I think if there are you optimistic we -- well look that was not a pretty deal there's no question about it is its income redistribution is what it is.
We need to have some leadership to forge the path for I don't know how many CEOs and CFOs I talk to that say Bob.
Tell me the rules -- -- -- bad news I just need the rules like -- mind as well -- what are they on again off again on the the deal because awful as it was at least -- -- for sure what the tax rates are very.
And I guess certainty of Armageddon because Circuit City incident that took something -- so what now what's gonna -- Any movement but I didn't Wasserstein during the break -- a lot of these guys are saying.
You know we see the public appetite.
Recruit for spending cuts and further the president self telling -- -- and we don't have a spending -- you're actually right because what you and I are worried about and what.
Everybody should be worried about is.
On down the line it is the rate of growth of entitlements that will do us and we have to arrest it.
You -- its also security for example in the back of of 353 by five card.
Reason that the the retirement age over time may be some means testing what whatever the cocktail looks like.
But you want to get elected and that's the problem is it getting to be simply so dogmatic that even.
The hands of compromise is deemed.
Enough to.
Throw -- but at a congress well they're -- absolute revenue to look at who this hero was in the fiscal cliff talks.
Vice President Biden why.
Because he knew how to spell the word compromise we need a whole raft of folks in Washington DC that can really learn that word.
The gerrymandering of districts the polarization.
Of the electorate.
Mean you know the facts about that the states that.
President Obama didn't win he lost by double digit percentage margin to -- there's nothing close the polarization.
Really part of our problem here.
Normally what would compels people to to a wake up is of Wall Street crash.
A downdraft that mean.
We we had after nearly 800 point fall off to after the rejection it's our one.
TARP soon that could debate whether that was lies because market and a falling a lot more after that.
But will -- take that we'll take a Wall Street -- to do get these guys of the time.
It just might in that I'm wondering will it take a hit on the dollar will take a rise in our interest -- -- why hasn't that happened -- While everyone is -- -- we have problems but they have more problems you know the saying goes best else in the bad neighborhood you can't live on that forever.
And so we do have to.
Big get our outlook get ourselves together and figure out some way let's say that doesn't happen -- -- -- the proverbial financial chickens come home to roost when you see this.
House of cards and -- you want to call it.
Who argue -- took to monitor on the street here the ones who -- talking to me.
Well we'll scenario I'd been up all this stuff it's not that bad -- -- it went when do you see -- that what well and look let's look at the economy the economy is growing modestly.
Our trade picture is reasonable not -- great these things would good enough that this stuff that you and I are worried about for the out years.
Nobody's worried about how did you reserves are -- Arab around the corner -- -- it it's gonna have to keep hearing now we'd have to go into.
A recession again for the pressured do you see a recession that nobody I know times Maryland now.
If we make it enough of a mess out of march as we almost did in December in DC.
I'm -- have another conversation with you but that the natural forces of economic growth of trade of recovery.
Of monetary stimulus.
These are all keeping the thing going -- you know the bears say it's a house of cards there are some element of that.
With short term interest rate to zero but there -- other some good things happening some hiring is taking place.
Housing is moving back up and healing somewhat so so there are some things happening.
To do it's not a boom but enough of a growth sued two to stave -- any problem dissents in some ways sad but true.
So for the Fed -- takes -- punch bowl away stops doing all of this.
Buying up notes bonds mortgage securities and -- -- then they weren't then -- -- got a problem of the Fed's gonna.
The slap -- face and is the fiscal policy is slapping our face them we're we're gonna have a problem because the economy does not have enough on its own to really report.
Robert great seeing a question you don't -- offerings basis.
Do those get over -- at the old days Bob doll -- -- asset manager he's their chief strategist.
When the smartest guys -- -- on Wall Street will.
