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Fox -- all -- budget cut addition the clock ticking down to those automatic budget cuts but traders say so -- as the Dow closes in on that all time high what's going on here.
And it's this are not our Fox Business -- -- -- -- that the CME.
David Asman and Charles -- rate here in studio with us his TU verse -- and the market completely ignoring this mean -- we're not off to the races like we were yesterday but nobody seems to care.
You know it's one of those things I just got done talking to us trader in the Fed fund futures -- -- Hey if you go to the doctor -- -- gonna die tomorrow and you wake up on Saturday morning.
You're gonna be happy -- and Washington has been crying wolf it was the fiscal clip clocks it's been something it's been the debt ceiling.
And not -- budget cuts in the markets is not buying into the chaos anymore and guess what they have an obligation to be in this market.
If those investors that missed the rally in 2012 they're up -- a -- this rally so they're staying in the market despite.
All the fear mongering happening in Washington.
Yet Charles you think this rally is for real -- -- wrong no I think it's 100% for -- but it's not based on Americans based on global prosperity has never ever been seen before.
On Saturday you look at the top stocks and we couldn't see Priceline international Joy Global international monster going outside this country today Chicago bridge and iron.
At a new high check this out.
Straw they got a contract in Mozambique.
They get oil -- can't -- Canada they get to deals and Australia Australian Denmark did he get another -- in the North Sea.
This is what's happening around the world while the rest of the world is trying to get we have been for the last hundred so years.
That's what stocks are work work and off right now David after that you almost get the feeling.
The traders now no longer believe Washington I mean the Obama districts best selling the horrible impact of the cuts than anything scheduled meeting of congress to well -- until Friday and there's a political price to pay for illicit will.
Affect the economy eventually but that's it that the fear mongering hasn't worked almost panic -- is not working by the president.
That you see it in the markets you seat in the general attitude now the president will try to make these cuts as painful as possible would try to.
To prove his point that this -- these cuts 85 billion dollars could trigger recession but what's more likely to trigger recession ask any trader taking a 160 billion dollars.
Out of the private economy which he just did in tax hikes.
Or taking 85 billion dollars out of a bloated government what is more likely to trigger recession I ask you.
-- see you -- great point -- traders job is to be in this market and make his or her clients' money right and so as a result.
There's not so nice you got to figure out a way to do it.
And guess what they -- -- that it that that is a major backs night that's artificially propping up this stock market so while I do agree with you Charles a lot of this is.
-- -- national prosperity and growth in international companies and stocks right now.
Right here at home -- prop up the markets every time we get a bad piece of economic news guess what it's off to the races for the stock market it goes higher because they know that.
Ben Bernanke's gonna step and he's gonna keep interest rates low and he's gonna continue this easy -- -- He's an eleven well I don't care I think -- absolutely right that's what's fueling the market there's no question about that.
But there is push back against what Ben Bernanke is doing like I've never seen before he tried to dismiss that yesterday in congressional testimony by suggesting that Richard.
Fisher and Plosser in the others were against this easy money were in the small minority but that.
It is a minority but it's a minority there's growing and you begin to see in the popular press now.
Time magazine saying that the Fed is painting itself into a -- a lot of formerly liberal supporters -- what Ben Bernanke was doing with the easy money are backing off now so.
There is pushed back against Ben Bernanke.
Itself its political push back -- -- -- -- CNN's.
-- -- -- -- -- -- -- -- -- -- -- -- -- And Ben Bernanke spoke in Washington for the last two days in the dials up what 300 points going -- here I am so Wall Street this at this point it is something of a backstop but I.
What I fear is that people watching this show.
Have so they they have so there always so skeptical and -- -- so afraid of what they hear us talk about so much that they have missed the Dow above 100%.
Said they don't own Chicago bridge and iron that I don't -- -- -- sorry about your ideology not a very -- -- you have to be very careful about -- but I -- -- by the way.
How about the notion that maybe the market -- sequestration.
Yes -- hand fisted -- but maybe the market likes the idea fiscal sanity lot.
Stop spending -- sandy Smith you know as well companies themselves must be deciding that their stock prices even though they're up.
Are actually trying to -- -- -- got something like it was seventy companies last three months announcing over a hundred billion dollars in stock buybacks.
Payments facts I'm -- people are buying them and you look at the exit this complacency in the market right now we're seeing.
I rushed to the exits in fear in the market place that -- that we look at -- the fewer days in the market.
It's down three street days leading up to this so.
Investors are clearly showing they're not nervous -- not panic during much is Washington is trying to make them feel that way.
Bottom line guys you walk around the trading floor down here and you've got they'll tell you.
And this is not that big of a deal 85 billion dollars while spending continues to go up in this country and what.
-- really gonna do and.
-- got that in -- next societies point what the market care less but Chelsea yours that the little guys not in.
The little guy at this point isn't.
It's gonna take I mean I've got -- -- move them back in there because every day there's going to be in new scare.
A new year Europe's back who knows what all all -- -- about a sourcing even purchase.
Yeah I know but unfortunately you know here's -- thing I tell people all the time if you love the product you tell five friends and family members about it you're beat back -- -- person.
Become an owner -- -- companies by the way to hundred billion did to your point.
If that that the companies believe that America double B capital spending so the administration pro pro pro growth policies will be great but until that happens you know what we're in this their.
-- I don't know I don't Tracy's gonna -- it's it's still we still haven't wiped out the fact that it's a rigged game and no -- the retail investors should not again not at the height of the market talk yeah.
I hope they fell while I apologize I'm nobody's corner not -- they're getting here.
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