10-21 Steve Syre

This to be that yeah.

Steve's I have from Boston Globe good morning Steve how are you today. Good morning -- long time note off.

You know didn't she misses. I was trying out Howard Stern being married somebody. Else not he's pervert.

Sweet science think he added that he is Howard Stern not -- and I don't know Steve's legit Steve's site the we says and it's a good thing to behead this is. Steve -- I'm reading in New York Times article signs of easing credit in stimulus. Constant talk of stimulus lift Wall Street the Dow jumps about 400 yesterday 400 give -- take a point. What is.

And in all -- beyond even in the stock -- is pretty good you know I feel like I've been. On every morning for the last five starts -- that gloom and doom and finally that there is some good news as.

Good news I'm bent.

And it's. All the work all the effort and all this. Funny these billions and billions of dollars. Aimed at solving the problem are having a real effective in I think we saw little drips and -- that beginning last week but. I think this week you'd see. Really convincing evidence that -- having a positive designed affect. Eating this real immediate credit crisis panic that was going on the market net. I think sometimes people at a a hard time understanding how it would actually impact their lives but if they're really. It was about two and would have had much more serious effects and we've we've kind of ease that panic right now and that's that's a really great thing.

Steve is the market going to go back to fundamentals the basics of a business sales. Revenue management. New products. Distribution networks that kind of stuff as opposed to us some of the -- leveraging stuff that none of us ever understood anyway.

Yeah I think so but not let that happen overnight there's the -- of that day remains do you averaging which just means that it you know. From individuals. Up and down your street -- companies around the world everybody was. Popped up in terms of what they owned by a lot of debt all of that dentists. That a lot of air coming out of the problem that will continue to capital reputed crime and that that's not an an easy clean process that'll take place but it is. Happening right now I I think. Some of the positive -- is seeing right now is that. Does the indications that companies and banks will. Are not too petrified to lend people money even on an overnight basis. Art are easing back a little bit a mention that you see this a lot of different in points. Information. That commercial paper market which is this really short term market mostly for corporate loans. The rates they are coming down their -- well. Everybody from companies to municipalities. Are finding that it's possible to go out and borrow money and there was the turnpike in authority in Pennsylvania. The just raised the big slug of money underneath billion dollars. Companies all over the country had raised. Just a little over three billion dollars last week. Selling bonds historical bases that's a really really low number devoted heat up for something like fifteen -- factor. Five going up I think people are seeing. That basically the panic has receded and we're not at normal levels yet but -- sort of that the strangle hold is is being released and slowly were getting back to normal PC that reflected in the stock market people -- relaxing a little bit. The stock market was up 4% yesterday and what's not just the numbers going up but what's also good is that. It it's it's improvement that's wide across the board -- in the and that Dow Jones Industrial Average to talk about everyday. There -- thirty stocks and an average. Every one of those thirty stocks went up mr. -- wrapped in the market that's very positive sign.

academy -- and ask you a political question because two weeks away from the firm that big presidential election and of course you know we talk about the analyst time on on the shadow and on WRQ and general. So I'm reading also a lot of policy issues a lot of CEOs. Sort of changing tactic you know feeling the winds changing bit in and it's getting more turbulent -- In particular has to do with the hedge funds and which were also tax avoidance. Funds and CEOs now who have spent benefited from a as have their clients. But progress is now adding that happens and we have lost billions and billions and billions of dollars because of some of the policies not just. Because of the agreed it's now also policies in addition to CEO compensation. Do you see a lot of this switching back the pendulum swinging way back in terms of oversight of the products that they can sound.

Product that hedge funds.

Right well on talk about -- whole bunch of answer it's I don't want to restricted to management but. All of the many many different instruments that have been settled in very part of our. Text that's. --

I think clearly it is business sort of you know. -- hearing greedy businessman. Drove it into the ditch. Sentiment that when it comes to tax products -- it that's part of the package. You know where that actually calmed down in the end up creating new tax policy that makes it harder to. -- you know sell products financial products that help you get out your tax bill I don't know that's getting pretty far down into the -- maybe something like that would happen. But. Debt that's sort of translating of a populist sentiment into real. Tax code that that's that's a pretty big -- and frankly I don't know -- that'll turn.

Well I just I just suspected of exit right now we have voters who -- also citizens taxpayers. Maybe floral and -- people who are thinking we're at a held at my money got may be looking to sell us it's our -- I think I think we're Tennessee. This next president have to deal with this for the complete fort perhaps even years they have amounts policy.

They have -- and regulations -- did president's having to deal with the you know the residue of what's been going on state congress has under consideration. A second stimulus of maybe you don't just. Stimulus to as much as 300. Billion dollars. Is under under on -- at least consideration -- take on that is it just. I mean at some point when does the Camel's back just simply. Collapsed because of the piling up of national debt.

Well you know. Going into this into it in them that -- of the elections the peak of election cycle is is that dangerous -- We we talked a little bit of that this -- in and there's there's certainly history and evidence that stimulus packages are a useful -- and often good thing. When you're at the bottom -- recession and we're we're we may not be at the bottom but we certainly. Headed in that direction. But. You know as you point out we've just spent. A -- billion dollars on this bail out and now. That the numbers that they are talking about are just incredible and you know you start out with a lower number and all of a sudden economists say well you know you need. Much much more than that have a real impact you need 300 billion dollars it's like. I can't believe these numbers that people are talking about I I just don't see out anything like that it is tenable from a a budget standpoint -- you can. -- whereas 300 billion dollars going to compliment how can you justify you could say well we're going to bring the economy back and it's gonna it's gonna grow the economy bigger and faster and therefore. Boat that borrowing is going to justify itself over the long term which. You know I would say is that. He is. When it comes to stimulus packages is that is a viable argument but when you start talking about the kind of numbers that are being thrown around right now I think that's pretty dubious and I just don't know how -- 300 billion right now we can barely afford it and perhaps can't afford you know what with spending at the moment.

Yeah this you know I I continue to rant and -- here behind my microphone about the devaluation. Of -- dollar Bok currency. Based upon these incredible. I think it it'll be the greatest embarrassment of and and the worst legacy that was -- Out of his legacy that being said another 300 billion inside and it sounds of people just think it's a printing machine down there in -- you know that you know somewhere down in the treasury just did -- the -- and the American dollar is always good I don't think.

I mean they're sort of bipartisan noise about this which again may be a a function of going into the last election cycle.

A function of October 21 and ultimately -- event great we are right up against the clock appreciate.