The s p is down roughly 6 as well. Bob pisani, all the d. C. Dysfunction going on, what is the mood on the floor . The mood is hope. Ly optimistic. We have two problems there. One was a crummy adp jobs report, including an august downward revision. The real problem was talk of a twoweek shutdown overnight . That is not priced into the stock market. This morning a couple things happened. The president announced he would meet with congressional leaders. Late morning, early afternoon, harry reid, Senate Majority leader came out and talked budget talks to john boehner, the speaker, to allow the government to reopen. Thats what the market wants, government reopen and budget cuts is something everybody can sit down and negotiate on. Thats why weve lifted off the bottom. Dow still two to three deing on advancing stocks. I want to show you the vix here. The fear is still not there. What is fear, people ask me . Vix goes over 20, that gets my attention. Sitting here at 15, 16, thats not a high
Hear that. You can always hear that. Bob sa pa san any, one week down. What do you think happens in the stock market . A stock market believes the deal will be made in the next several days. Certainly before the punitive october 17th deadline. Take a look at the dow. It wasnt a pretty or magnificent market, but the bottom line is, we ended on the plus side two to one advancing declining stocks. Volume is light. No one is watching volume. Everyone is watching washington right now. Bottom line, smooth and steady as she goes. Watch the tenyear. Its been rock solid around 2. 6 . As long as thats not going crazy, the rest of the market is steady. The vix elevated a little where it was earlier in the week but nothing like back in june. Bottom line, still pretty steady as well. Interest rate sensitive stocks have had a tough time all week. That area is a little rocky. Reits down a little, Home Builders also to the downside. A brand name ipo, the fourth one this week. P potbelly went public, 2
Like a disease. Like a mole. Get out of my life. This magician must have a license for his rabbits . How is any normal human suosed to understand this and follow that. I dont have that answer. The constitution says i have a right to bear arms. But where i live, i cant do this legally. Cant we get rid of some of this . The good news is that some entrepreneurs cut through the red tape. I chose to be a survivor, not a victim. So families have a better experience and i can drive a cab. Welcome. All these people are combatants in the war on the little guy. A certain amount of regulation is good. The problem is they dont stop. I would be out of business. With every phone call there came more bureaucratic red tape. Our government adds thousands of new pages of law every year. Thats on top of the 175,000 pages they passed in prior years. This is just what you see here, just the federal part. States, local governments add much more than this. If you wanted to get state, county, and city laws, y
Securities,ked bonds, sovereign debt, corporate debt, commercial loans, real estate loans this is where they put their money. The risk, whether the bank making the loan, or the Insurance Company, the risk of the same. To suggest it is an Insurance Company, does not need capital roles, that is not right. We need a more thoughtful dialogue. Heorry so often these regulatory movements can get started with soundbites, and of a sound bite is we cannot have bank rules apply to insurance companies. I do not know what that means. Except leverage is back. Stakeholderse your , policyholders, depositors, to harm if you are over leveraged and get yourself the trouble. Yes, it canc be done. I am not going to get my big question. I am sorry. If folks have questions out there . I think there is a mike. Given your experience at fdic and what you were just talking about with the mega Financial Institutions, how would you feel about putting up an Insurance Program like fdic to apply to the mega Financial
Thats why you convince people of the other side of the aisle to vote for your stuff. Thats why we have so much contention over health care. Not one republican voted for it. If there had been where the democrats came closer to our side, we would not be having this big war on the country. The way i look at issues is, you do not have to agree with anything. We are a mixture of people from parties and all walks of life. Lets say we take 10 issues. We will not agree on all 10. Maybe three out of 10. Why not work on the three out of 10 instead the seven out of 10 . [applause] you have shown support for a flat tax, are you worried about inequailty resulting . Some of the wealthy paid no taxes. Some of the wealthy corporations pay no taxes under the current system. Another interesting fact over the last five years, income equality has gotten worse in the even though we raised tax rates. I am of the opinion that in way you stimulated the economy and the way you create jobs is by leaving more mo