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Barry speaks with Fox Business' Adam Shapiro

Dec 14, 2012|

Barry speaks with Fox Business' Adam Shapiro about the European Union and their bank's.

Transcript - will not be 100% accurate

Well because of all the other headline news that the Federal Reserve in the fiscal put this story about what's going on in Europe has gone unnoticed except here. And except that the Fox Business Network Adam Shapiro from fox joins us now -- -- good morning. Hey good morning it's good to be with you. Hey this is a pretty big deal this European Union and is it basically they're saying they're gonna have a single supervisor. All their banks that this. Under normal day this would be a lead story. Yeah and the way to think about it is they did they they took the FDIC and the Federal Reserve and they all -- but it but he he'd be that. And the the bill. From what I can read and what I can gather with they're trying to do is cut the links say between Banco Santander which is sovereign bank here in the United States and a week's Spanish government war -- Well four away any of the bank and government is that there -- the operatives have been turning to their banks stepped on you know their pensions and there entitlement program. With no way to pay them that they it's not -- they've got the deal in place but it doesn't start of 2014. I think I am. The CPA said it's -- three banks in every country. At least would fall -- it and its banks that have minimum thirty billion Euro. -- in deposits or. Represent percent of the country's GDP. So it will be interesting to see who gets -- and business but you still have the issue over the capital requirements or what is -- 8000 banks in Europe that haven't agreed upon is supposed to be raising capital come January -- the Basel accords by it. -- ensure that -- it and that there's a lot of fighting going on but it's a step in the right direction it brings calm to you'd be European banking crisis -- that by the power in the EPA. I thought that it based on that I thought we'd see the stock futures up a little more we didn't is this. Is this at least eight path to recovery for European does he give them a direction they say okay we can follow this leadership and we know that. You know we put this in place and fourteen and means by 1617. We should be able to see the light at the end of the tunnel. To let's say diluted 96 street Manhattan and it's 12180 miles to drive to Miami and expect to take the -- -- so. We just like Europe this status -- getting back to economic security on 9060 to ninety its street on -- 12180 mile track. Is good to have -- But they -- long ago. So how much longer you from what you. You know the economists say you're talking to in New York how much longer does Europe remain in recession is this something that goes on another year two years. It signaled he should watch for our one. The European. Consumers not spending not gonna start spamming until employment such as the problem here. That you don't get people back to work. When governments aren't able to spend more money. That's just one of the kind of even even if you're not attending and the people acknowledged that back kind of stimulus and government to cutting in -- people are not impact work and they are still doing austerity. So it would outlook could be up to mr. year. A year and if you're not that's the -- and can't pay Adam I have December 21 in the office pool. As to when we avert the fiscal cliff would have -- Elkhart I'm not going to join your office open if -- were designer of the book I think we go over. You'd -- lever I think we go over I think about 45 days after we go over. They're able to restore spending I got a buddy who's part of -- very large hedge fund and its spirit. In and out my theory is they're. Is that if we go over and then make -- restore. Tax cuts to the middle class. -- is Republicans and now remember in any negotiation the need to know what you're -- walkway at the table which got to eat your opposing side. You've got to guide them to -- -- and that's and make it that the. Very interesting period you're going out on a limb I appreciate that thank you here. Adam Shapiro when we come back to what we should do CNBC. In the Wall Street Journal conducted a whole of the American public. About how they feel about the fiscal cliff that tax -- we'll take a look at those poll numbers and we'll take a look at your text answer is to our question of the day. But I tactic on the glasses and you do give the questions that they -- under the table yeah I had a -- to hair now it's it's it's terrible what's going on just get one good -- stop unit chief -- know it's only outline has had a -- one and a half's and two he immediately you get all the earmarks. So far away from the screen ID a one and a half we -- basic quantity that yeah. It doesn't -- and maybe work for readers that it adds he's leaving no not easy it doesn't work if you wearing reading glasses and only works for distance problems right anyhow I text question of the day the Massachusetts teachers pension. Underfunded by eleven billion dollars or 34%. How should that shortfall be fixed do you care we're getting a lot of text. 68680. On the financial exchange.