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Public Notice Executive Director Gretchen Hamel, Accent Asset Management CEO Scott Martin and Leeb Capital Management CEO Stephen Leeb on the potentia...
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The Scott -- it's -- Gretchen Hamel Gretchen what's the deal here well present all happy sequestration today.
I can't say that -- but -- Affect act -- well I think you know lowers staying right now that the secrecy this -- is going to into that fact and that.
They will.
Be seeing what the ramifications are down the road and instead have finding other ways to have Smart -- and only three cents on the dollar they are going ahead -- You know a big meekly -- the president calls it.
All right but it isn't that the agony flavor in the scheme of things it's really do not done a delicate tiny little one of the little butter knives and butter knife to I don't expect about her -- -- it.
It's a small little night so Scott I'm looking at -- thinking.
Maybe that's at the markets realize that they don't think the cuts are going to be that damaging and they certainly don't think they're going to be that compromise and to our growth -- GD -- what is.
That's more like a healer to me in neo which -- used very often the kitchen I'll -- -- because.
Listen the market realizes something here that we have to kind of crawl before we can walk and walk before you can run and what does that mean.
That means the and we need to have some sort of spending cut plan in order I mean I'm just happy we're cutting anything that a problem is they -- billion dollar number of you really look at it.
Half of its budgetary authority and that basically means that there's future spending that they can't do not necessarily got to it doesn't really -- funny.
But it's something that they just kind of worked in there to show you hey this is the number even though really isn't.
The market like you said is not paying attention to it it seems like as we get closer -- state the market get stronger I don't think there's going to be any impact on the economy -- market.
From this -- -- I'm -- I I totally agree with you I -- 85 billion dollars is not a big number in itself.
But sequester.
Sequester is something designed to be a doomsday machine.
It's something that -- decide to be so bad that if it goes off everybody you know is in huge trouble.
The fact that we've gone through this situation although it's only 85 billion dollars worth.
Tells me we're not fighting for the people and watched it.
We're fighting religious wars right now Obama I mean I just heard a quote I'm not gonna get it exactly but I hope that Republicans will come up with a rep.
And you.
Remedy that fits into this.
What's -- -- paying close some of these loopholes all okay that's fine.
But incentivize.
Companies.
Can't build infrastructure.
Where's the argument about growth of this whole thing we have a liberal president now -- Yet media news -- what we've -- yeah I thought we get I honestly did think so.
Yet median incomes under this liberal president real purchasing power -- median incomes have declined ten per -- That's a de oppression we should be talking about growth if you wanna close loopholes.
All -- for to have pretty about a W severe -- -- you to liberal burning -- -- -- I am but we need more open this country haven't given up bomb on and on growth but this is no way to get it deal.
-- is no way.
I understand on the Gretchen.
Let's say we get through this without much -- damage or much disruption -- not -- to minimize.
The impact for those defense contractors and and then the part time workers who.
Are unemployed but -- a -- a picture we get through it.
Okay.
That's kind calling the president's bluff right it's -- so.
He is warned of the catastrophe com he's sort of like the -- cried wolf and it does that hurt his credibility.
I think I heard his credibility but more importantly it hurts his overall agenda right now this president wants an agenda that -- spending -- and building up a government that does more.
For the people and takes up more than marketplaces that -- the private sector taking up some of those duties so therefore it not only -- ten minutes credibility that more importantly it hurts is -- -- said that you know spinning is not the problem which is what he wants us to bully.
And that we need to be taxing more so he misses out.
On making some of those core principle arguments at this half bends and sequester goes into fact and American people don't see the ramifications that he said we would say.
Scott I'm just wondering about the impact for the next you know.
The -- the common that is this and -- march.
Phenomenon where we could -- looking at a potential sat down again -- -- is just a Wall Street to get tired of this.
Yeah we DO but I think the market gonna start to figure out kind aggressions point that it's just.
It's just noise at this juncture I -- -- that your question earlier you know this reminds me of August 2011 when we have the debt downgrade.
-- Obama and his constituents of the same thing nothing happened affect the market went up the bond market went up there everything was fine so I think.
The markets and wall streeters like myself for saying half you know what it's great political theater but it really does -- Mean anything -- I'm -- I and you know I come back of the same theme.
I mean -- this president is serious about helping people that are really dire and really having problems this solution is growth.
It's not -- -- it's not.
Tax cut its -- tax hikes it's nothing other -- growth.
And I haven't heard this president mentioned growth once I was told yes to have few days ago by someone who knows.
That are graded on the east -- is so old.
That it's H protects itself from cyber attacks because everything is written in the different software -- I mean we live in time -- right now in America which is supposed to be the greatest country in the face of the earth.
What we've got an antiquated -- were vulnerable all over the place so what's the solution.
Cut -- -- military expenditures the only thing the government is good for probably right now.
It's protecting us and they're not doing a good jab at right now with the -- but but you.
There wouldn't be open and Brad tonight and it was this week that -- -- we had Republican.
You know senator and a number revolve it's gone it's our Coburn does say look we're open to cutting defense in fact we thousands of votes of -- That would do just that and we've we've say -- to get his case weren't some odd billion over defensive in ten years.
It's started to date started its Republican delegates I always argue that it every one guns and with the -- bound applies awards on cutting you're gonna tell all cutting.
A way we goblet of what what's happening is it's not very fair and balance that way and -- a greater propensity to sort of protect your interests than ever.
You know look after tax there.
I think we're living in a time where there are no sacred -- right you've got Medicare that is going to get be insolvent tenure so security and none of those entitlements are that it once that's done well they haven't -- could this its defense is also said those two programs along -- defense pretty much make up half the budget those are areas where we have to look at maker and hot.
We can make Smart -- fishing cuts and still be able to achieve our overall object that we just have to find -- benefit and to how to do it and do it.
-- being Smart.
You know whenever -- Smart about it -- Scott again I don't know straight days -- pretty uncanny read at things it -- will accept.
You know sloppy cuts the no cuts at all like kind of think that's for Wall Street kind of steps back and sizes and.
I think it's able in the name able Neela separate all this horsing around that's going on in DC and something that Gretchen mentioned earlier which is there's a chance.
That with this sequestration more money actually on my goodness gets back in the hands of the private sector which is where it needs to be.
To see that growth that that that we talked about -- that Steve mentioned all right -- I was from more time which we do not I want to thank you.
