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-- back Keith FitzGerald and bring in Monica Crowley also witnessed first of Monica the president time.
-- -- wanna ask about the impact of higher fuel prices and these higher taxes.
The president says gas prices are going all okay.
If you follow my green policy.
They'll go down and you'll save some money.
What do you make of that he actually said to us said to the American people use less oil -- reminiscent of Jimmy Carter during that energy crisis telling the American people to put on a sweater.
Rather than have -- real effective and realistic energy and I remember that speech remember that the president set out when he first came into office January 2009.
Set out to remake the main pillars of the US economy a major one of course being health care and other major one being on the energy sector and what is done is try to subsidize all of these green energy companies we've seen so many of them go belly up they've -- gone bankrupt the American -- -- on the hook for -- as.
But he is still obsessed with remaking that -- getting away from fossil fuels and even if he still -- pork.
Hundreds of millions of dollars billions of dollars into this green energy sector even though its faltering even though it cannot compete in the free market.
He is still willing to force -- that at the expense of the tax -- Case we've got high gas prices and we've got higher taxes for everybody starting January the first.
How much does not slow was down that is the real question case.
I mean this is a big impact this thing amid higher gas prices higher taxes big impact is -- -- off.
To create a recession in America what's your judgment.
Yes I think it is for every twenty dollar rise and by and now oil prices there is a point zero minutes give me -- zero point 4% drop in GDP so the possibilities very real.
We've already talked about consumer spending going down I think -- potentially affects education is certainly affects health care.
If you've got bigger government got smaller wallet in bigger energy costs are certainly smaller while we're seeing that right now.
You know -- I think is the national federation of retailers.
Reported as in the Wall Street journalists morning.
Of -- hub of cut spending 25% of us have delayed a big ticket purchase 33%.
Always eat out less.
That's a serious take Al to of consumer spending.
Would that affect your investment -- Keith would it would it to turn you away from certain stocks.
Absolutely it's gonna turn me away and as you know for some time we've been away from -- customer consumer discretionary.
You want -- shift at times like this to what the world needs now regardless of what President Obama -- and -- I think he's delusional by the way.
I think that you want to contrary to what the world needs and energy is something the world needs never -- what's happening here in the US -- all the failed green stuff.
Think you need medical -- I think you need certain kinds attack -- cyber defense those are all things have been headlines recently investors would be wise to look at that as opposed to what somebody.
Once all right Wall Street John reports this morning about the young that talks that will take effect on March the first could take months.
Even he is to have a real impact on the economy is what they say I'm quoting directly.
Cuts like it to bleed slowly so the sky isn't falling.
-- -- -- Right all of this hysteria coming from the president coming from the left that blackmail market of the court harassment is gone excellent political -- else.
That's exactly right we've seen this movie before many times coming from the laughed.
Deported at least be made here is that you know we use the -- cuts very freely but this -- -- -- actually cuts this is just a slowing.
Of the growth and a very slowing slowing of the growth of government spending we're talking about three cents on every dollar federal spending -- this is not -- thing.
This is -- near -- right so 85 billion actually the government says we can't even get 85 billion.
In cots -- in the slowing of the growth this year so we're looking more -- 45 billion dollars.
In the slowing of growth this year 45 billion out of a total budget of 3.5.
We're not talking about anything draconian here or drastic and by the way the government has the ability to transfer funds.
Money is fungible they can move money around the government's so.
No no don't have to furlough they're actually very fact actually the government did the Obama administration will not allow -- all authority did not do it that way to do it but could well until they will -- -- will inflict maximum pain no matter walk that's right because they want to fight.
That if they want it's not about policies -- the -- Monica thanks for being here in New -- Keith FitzGerald thanks for being -- is out there in Portland Oregon where it is not -- apparently.
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