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To our rich at Saddam what could be -- the sort of a very long and very hot summer from the White House.
End to UBS managing director John of the -- on how does not stop rallied ten stop suddenly.
And even some of this stuff sticks -- guys welcome to both be rich to you first how involved is this getting spinning developing what are you hearing.
When you know they seem to have all hit the administration -- -- Friday featured arguably the most typical white house press preview for the administration much of it about the response of the bank Gaza attack today wasn't much better.
Also on Friday the Internal Revenue Service -- it targeting conservative groups applying for tax exempt status.
And yesterday we had the word from the Department of Justice that -- seized phone records of Associated Press reporters.
To the administration really -- and offered very much in response to any of these citing ongoing criminal investigation.
With the AP case waiting for full inspector general report before saying much about the IRS issue.
As for the president's agenda it's fate has and continues to be with congress lawmakers will continue.
Their work on immigration reform and will fight another round to raise the debt ceiling.
And of course find time to hold hearings on all of these issues.
Long term if any of these issues damage the president for next year's mid terms elections they could jeopardize Democrat's chances to hold the senate or take the house.
And that has serious policy implications for Democrats.
Going into the last couple of years the presidency.
Jonathan that was somewhat Thompson got that -- one of the reasons why stocks were up to say that it's ninety's it's big government agenda I don't know if I'd make that lead but I.
I can't -- but notice -- else.
Wall Street soars to record after record day out today in the middle or otherwise scandals so.
What is going on here and what could disrupt.
That here yeah I know you listen to rich talk about it you would think that the Dow would be down 3000 points instead of making another all time high today at fifteen to plus.
I think -- this is sort of like -- attrition in chemistry it's just the slow drip drip drip of negative headlines.
That slowly erode our trust -- far it hasn't adversely impacted investors.
They continue to focus more on the micro things that are going on things like earnings and -- bond yields etc.
But at some point you have to wonder if the average investor out there isn't going to be adversely impacted by this sort of distrustful.
Stuff coming out of Washington.
Well then it gets back to it's hard because -- used Donovan told me it will Wall Street -- boards whether Republican or democratic president uncertainty right -- the idea that we could be dragged throughout.
One crisis after another that is a distraction off these issues rich alluded to like addressing did that like.
But -- -- did dealing with some of these very pressing uses that Wall Street doesn't want one you know either party -- -- what.
No I think you're exactly right about that and that's what I mean about this Thai tradition thing at some point that.
Question mark could begin to impact.
The mentality of investors UBS just that a big survey over 2000 people responded asking investors.
In an investor -- survey how they felt about things the survey was done about a month ago 73%.
If we continue to see these sorts of headlines and stories coming out of Washington.
Those levels are gonna come down.
You know bottom -- -- boys learn -- scandal it if it's it's always what happens after the fact whether there was evidence of a cover up -- re.
You know revisiting.
The remarks are written read that -- -- -- well.
-- did that that is what Don did Nixon a forty years ago once the hearing started and that became rather.
Pronounce it involved as the hearings in suit.
Does anyone at the White House realistically fear that it -- that is the kind of stuff the comes alive whether it's been -- or whether it's desire has staying at the Justice Department leaping.
A candidate he reporters thing or did they feared that these are so.
Disconnected these various events that there's really no there there -- -- sort of playoff -- Jay -- remark.
Well right now they are definitely saying there is no there there especially when it comes to the AP issues in the IRS -- -- We are so early of -- stage of all of this right now we're still waiting for this treasury inspector general report to come out.
To find out how high up this -- within IRS remember IRS was saying on Friday it was contained.
Just within the Cincinnati office by the weekend we were finding out to people in DC found out.
In January or June of 2011 and that the leadership the current leadership -- the IRS -- about this a year ago.
The AP story again the White House is distancing itself from that.
Attempting to try to contain each of these issues within the IRS with in the Justice Department the problem really becomes you really want to anger reporters at the White House.
They expect this spin.
They don't want to be misled and they don't want to be lied to so what we see coming out over the next couple -- weeks couple months.
From the reports coming out the criminal investigation coming out will be vital as to how much this is gonna tarnish the White House.
Jonathan one quick point to put a bow on that that that -- one thing that the administration.
Has going forward is certainly a better economy than Richard -- had forty years ago of course we had a place and then later on oil crisis.
None of that right now not the world to the races but we're definitely off the map and that might.
Helped him whether what could otherwise be a difficult summer when you make -- Well I'm not a political expert as you know -- but I think right now most Americans trust corporate America.
And the businesses that they -- through their mutual funds through their 401K management to.
Companies like Johnson and Johnson and -- -- -- I think we have more faith in those companies and those management selling more widgets.
Providing more services and we do our own government and who knows -- -- that's why the markets making all time high investors have more trust in.
Company management than they do our country management.
Whether they took -- or not I -- The guys thank you all very much I appreciated in -- -- --
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