The First Look - Michael Regan, Bloomberg News
Nov 7, 2012|
Michael Regan, Bloomberg News, gives us The First Look into the markets.
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Good morning welcome to the financial exchange it is the day after. But the day after two nights stayed up way too late. And I knew her I use the -- doing the late shift over WR -- yeah you know that's like for news people this is like our Super Bowl -- So to speak we get all excited about every four years. It's actually. Well I've got some bad news for you after checking out the futures this morning Barry Dow down a 113 points. NASDAQ down 23 S&P down 111. Illustrating down 1198751. Good thing gold is trading up six dollars. To seventeen point five my question is this offsetting yesterday's gains or is this a reaction to last night. Well we're gonna get the answer to that a lot more we've got Steve Forbes coming by the studio today or not by the -- in the coming on the show and we're going to be joined by Deb -- shark from thestreet.com. And were pleasantly surprised to be joined by Michael Regan at Bloomberg News Michael was also up late I'm assuming last night following the election results good morning Michael. So yeah. You know the markets down futures are down 114113. Point is this in fact a response to the Obama victory. Well I think it would a lot of people post yesterday member of the market had a good rally yesterday yes he was up about -- -- -- percent. A lot of people yesterday were saying well. Whoever wins but at least we're gonna have some closure to this race will have a you know -- end the uncertainty over. Who's gonna take control so so could rally yesterday beating incidents. And I think may issue now you wake up and see okay that the senate is so controlled by Democrats yeah. They're so Democrat in the White House but he's the Republicans are still controlled House of Representatives. So it's basically we're back to square warning his followers the gridlock that we've seen all year regarding the budget. And you know the fiscal cliff is you know that the sort of -- that these hanging over the market right now for prologue but I think investors that sort of you know. Price and a happy resolution to this fiscal cliff and now the election comes and goes pretty much where we -- as far as the numbers in each of the chambers you know the poverty in the White House pretty much back to square one where we started. And the pressure now really goes to to the party leaders to really get together and resolve this the school but issue. How does that get resolved because that's hanging that's that's less than two months away our tax rates go up military spending gets cut. Medicare it's got to mean drastic measures occur if if this if we go over the fiscal cliff we go into another recession. That's what I you know a lot of economists are that it would create a recession you know a lot has changed in the last few weeks I've been hurt gain. You know that the question marks about that affect on -- cheeky or are still pretty open it -- at least you know obviously we're gonna get a little bit of it it. Deep deep for this quarter and on the question remained well it is he -- is part of rebuilding East Coast but it did it -- opted to give a big boost the economy. I think you know it for the last year. To the market that has been hanging on every -- coming out of Europe European politicians. Now I think -- higher. Attention -- ship -- the -- House speaker John Boehner has press conference or at least it's gonna make a statement at 330 today. And you know. All eyes and beyond that he closed the deal conciliatory here is he is still be our art line about you know Republicans obviously -- trying to preserve the bush tax cut. You probably be conciliatory as long as he gets to deal with Geithner right they need it seems like -- Being -- Geithner. Might be able to work through this but the president's got a lot of political capital he's gonna want his agenda that. He does yeah and edit you know it it's. At this moment it's hard to imagine anyone you know moving to our towards the middle I would I'd like -- I think ever going to be you know spokesman on every word and -- -- of each speech at these guys make going forward now because. It really is crunch time now two months to to really get as a result. Uncertainty right now the Wall Street does not like uncertainty the we've got it now. Read that and it might be back in the you know in August last year when everyone -- -- Book on the some resolutions. So we you know. That the deadlock that caused. Credit rating to -- well last year and you know. -- it could have a fetus were forced. Like you know he's -- is a very acrimonious. Hit it on both sides. It's is very hard to believe that you know everyone's going to be happy and and reaching across aisles were. -- -- well Michael thank you very much for your time and and my it would be -- down about 800000 people without electricity in New York now. -- I haven't looked at the last the latest numbers whoever enters the I was up for about a week. But without and miles inland from the beach so no ordinary thing but. Slowly but surely. The back of the spirit here at they'll play people by the without power buy it. You know street by street alike are finally coming coming back on. All right well thanks I appreciate your time. Michael -- Bloomberg News joining us on the financial exchange again we're going to be joined by Steve Forbes that's coming up very soon you wanna stay with us. Steve's gonna tell us yeah I -- some questions for Steve for this but. Yes I I do now I have many questions and I know you have some questions. I do actually I just need to set things up for the show as we always do at this time and you know what. We're not giving way Turkey day we're straying just for one day. Well we've got is three cents. A Boston sentiment so I keep saying sympathy today gee I wonder like that. Symphony orchestra Boston sympathy symphony orchestra tickets if there's going to be a tough one BS so -- area -- Thursday night. You must pick up tickets. In the -- studios WRKO OK listen. For the symphony sound. Sound effect you be the 25 caller at 8882052263. And password is Arthur. There -- ago Arthur Fiedler. He used he was famous back in the day at as the -- back and that was sixties and seventies was since and a widget that we should look up his tenure but he was he was the guy Arthur -- is the password of the day. We're giving away three different sets. Of tickets for the DSL for more answers Thursday night and we have a question of the day we wanted to know if you were surprised by last night's elections -- Any of them now do you. I think you -- yeah. Yeah I I have to say that I guess I was surprised by the severity of some tentativeness and let -- Elizabeth Lauren line and I mean that was just. -- text number 68680. Our question of the day is. Are you surprised by last night's election results X 8680s the text number Steve Forbes coming up soon on the financial exchange.