Aug 11, 2017|
Blake Burman (Fox Business, Market Update) by The Financial Exchange
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Clark ticket tumbled yesterday in here to make sense out of the situation is Blake Burman from Fox Business. Mike thank you for coming out with us. Good morning again soon. Break we're doing well obviously we saw you know the vick's bike yesterday we saw an S&P down one and a quarter percent NASDAQ off you know Little Rock right around one and a half. Markets seem to be bouncing back with a little more stability today what do you see kind of behind the scenes. Hey got good dollop right now I believe like 45 points or so. I mean look it's been a rough week obviously North Korea has been in the headlines are being spent on page right now on the ballot beyond case or worst week since mid April. Absentee worst week since late march that back worst week since June 30. It is tied to North Korea potentially have in the Wall Street or. Also evidenced in article out this morning about. How you know North Korean rhetoric. The market kind of brushing off. We actually got some signs pointing obviously. What splashing on most everyone screens right now are these you know. File video of test launching missiles and then let the North Korean state media saying that a president responding. Let me not that's been a big big story in question about how much that that had an impact on. Like how hard is it for mark twisted tune properly value the risk related. To political situations when you look at the economy it's easy to say okay we can figure out what millions of people are going to do when you're trying to get in someone's head. Seems like markets have a tough time figuring this out. Well. You talk about the North Korean leader to get the picture and but they can get it. Exactly it and trying to figure out what he's thickening is that they're going I don't know. Pray as you look the market have obviously been tied. At least demonstrate upper line. Since the election of the president how much you have to do it that you can debate that on both sides for days. But you know there there's been held here from investors. And Washington and beyond that. You know with healthcare reform would then come tax reform would tax reform would come some big. You know dozens of debate. Fell swoop for everybody out there who would benefit from a net right now we're kind of mired in that. Would help desk healthcare reforms stalled in tax reform is starting off the ground. But it's been up what to do it down 1920%. Since November 8. Yup there's been a lot of optimism but blah obviously wanted to question going forward is what happens here taxes and in the last. Lasts 34 months of the year here. Well I guess and even stripping away the North Korea situation that there's a case to be made just based on valuations. That this market might be ripe for correction anyways right. So that's that's you know with with what we saw yesterday with a 200 point drop in the North Korea specific. Or is it you know where rattle and hide the air in in you know there's going to be gets what it. You know there's obviously part of the potentially what you're seeing today is. But a little bit of the debt that 200 point drop yesterday and Friday it is the middle of the summer. But yen and market's really haven't been moving. The volatility one way or the other you know it just kind of been. Creeping up creep in now creeping up but it does have the potential here to shake up it is as one of the worst weeks that we've seen here in. If an election and you look at you know three or five months. Could there any other signs kind of been surrounding markets bond market options gold. That suggests that this could be part of something bigger that's yet to Palmer is nothing really flashing any warning signs right now. You know all the politics. Special satellite out for workers. And leave them there so I kind of I kinda focused on that I'll I'll only after the traders that help people you know provided answers that I would be talking knew from watching and talking from my hot that the quicker. So well because Florida. It's a nice thought to have what's let's talk a little bit more about the the expectations that on tax reform I saw some pieces today suggesting that. The administration is likely to have some further details coming in September. Any idea on what we might be getting from them. So when you talk to folks here on the record officially. And I have to do Israelis and the White House stolen and Republicans on Capitol Hill was probably an alleged. Is you know they wanna get it bit through the committee process and how September kick it over to this that it October. Get something done. In November for congress to leave in December that that's the plan. But they were also gone how adamant that things would go according to plan healthcare and I don't need to remind you how that how. So when when you talk to people. As you know the more realistic timeline of this. There are some real questions as to whether or not that they twice seventeen event. Or 828 feet event and with Republicans out there are a seemingly locked in with themselves. Whether or not that will be in event at all. We know the other two items that are on the docket right now are trying to figure out an increase to the debt ceiling as well as get a budget in place for the next year. Is there anything else out there and we heard some talk about infrastructure anything else that's kinda making the rounds there's a pretty quiet on other fronts. Well look me the ugly stuff as somebody described it to me. The other day is gonna be that debt ceiling and the budget they have to get. That done right the US. It. It's not gonna default on the audit these operating credit. And so we've always been told. And then in order to get tax reform done keep in mind they're going through this reconciliation process. Just did that the bare bones level of this it's the same as it did so that they only ended up 51 votes in the senate which they tried to want health care. And didn't get Don but it alerted to kick that process salt. They need to pass a budget. Double or even talk about tax reform yup either need to get a full scale or at least some sort of skinny down down budget. But so so really before you even get any of the big stuff with help with with tax reform. You've got to get the debt ceiling down he got to get a budget done and those are must use. Before even get into the other political style of of taxes health care and apparently he's talking about infrastructure immediate comment on Mitch McConnell yesterday. He wants to get infrastructure dominating this is something that Republicans and Democrats to vote rally behind. But that is so far down the list I mean I don't like talking about. You know the seventh inning of a baseball game in the sixth inning when Jiri you know. Good going around batting order for the first time in the top of the second. So pretty much you tell me that we have to eat our dinner before we get dessert. Eight exactly there there are a lot of broccoli. There's a lot of greens they're so I canceled. Or he can get the ice cream that is better most likely infrastructure. Outstanding Blake appreciate the time today pressure or enjoy yeah. YouTube Blake Burman from Fox Business.