What's Up On Wall Street - Cheryl Casone, Fox Business

Well I hate to say but I'm not ready to call a bottom for stock prices yet June in the Dow's down more than 200 points you have got the Dow down too -- for NASDAQ down 41 all -- across S&P down 21. Not tenured US treasury one point 634 oil down 199862. Golds and Mary. It's up 6817. Point six let's go to Cheryl Casone she's in New York with the Fox Business Network -- welcome to the show good morning Edouard. So today after. Republicans took a humbling -- stocks selling off is this strictly response to the Republican loss last night. That -- -- actually is that response to what happened with the election and then a couple of issues that are -- to the fact that that that. Governor Ronnie -- and become president is not the issue of the movement and the Republicans expect eating. That and it's and that can affect all of the discussions around a fiscal left that's an impact discussions taxes spending. Regulation all the things that it does care about now we had many years. Small and large companies coming on fox that the over the last few months thanks. They want it needs someone like governor Romney in because you consider -- business Stanley. That regulations would not be an issue that he would actually a roll back some of the regulations and all that ill health care law which is something else that that is as concerned about that. And then the typical crap I mean I have to advocate in the big conference here in Europe last week and that that. Biggest high roller to a university and it broke you know off camera and that's not talked about the -- the -- and then as he's concerned. How will that get out with now BA you know the is Obama going to. Negotiators he analyst over the cliff and then wait you know because if he does it say he lets a school over the cliff and he says OK I'll just let the next congress. -- deal with because that's the the ramifications of going over the cliff are devastating. I -- I don't know the president's plan as it yeah. But I will say this there isn't the only fun began immediately to get it fixed now beginning debate. They're the ones that are able to come on a bipartisan basis on the table and have a conversation talk about -- Alabama the failure of the super committee. But I feel like it meant that and we heard John Boehner and Mitch McConnell made it on the already -- at the kind of short term effects. That's not right deal that it is -- that congress has that. -- -- -- -- Now what if the president doesn't accept their short term fix well it says you know it. You idiots have been dilly dally with this for a long time. I'm gonna let a school over the cliff and will do a real that you will will go in or not he doesn't care what I wouldn't care if we go into another recession he's never running for office. I'm the one thing that's different now about the first warriors President Obama he's not going to be running for reelection again so I think that. It is you can -- looking -- more -- his legacy. But gridlocked any -- Ingraham like the good in that case got like it's not -- No I think the president made this comment last night during his acceptance speech at the victory speech that he was going to actually -- get some bipartisanship going I don't -- It actually governor Romney really throughout there. With Matt hit it to you about and the fact that he was able to work where. You know -- democratic legislature and get things done it on. You know there and you have that we hate them I mean it. Does report. The video got reelected. -- -- knew it wasn't that much turnover in congress you know these guys ran that Republicans have. Just about as much control over congress is they had before the election of. I don't -- underground but I mean. Basically delegates are still living articulate it up if you if you're gonna go complete party and vote and have done it. So that we are you currently have the motivation I -- -- -- there is motivation these -- behind in competition that -- But haven't put the senators and also with lawsuit executives believed that they will get done but it's going to be short term effects. So short term pact between now and the end of the year. And then major tax reform and entitlement reform in 2013 -- In the short term -- that they -- talking about a one year extension another one year extension most likely the best taxcut -- -- something American about the president made. Had an issue he had in the past. But at least getting something through to the next here because they realize. Every economist apply this. Even that the work that I respect a critical -- That the we will go to the passionate commitment to recession. All as it will mark cabinet that Friday it would -- -- letter from the eighty executives a couple of weeks you know things that you do have to raise taxes. Andy you need to cut spending and that's. But. You know what where they draw the line that they questioned. Guess they they. The question I have -- as to why -- the president has a gun to their head right now right and he can get -- he did this with health care right he just jammed it through. I wonder if he doesn't just say you know what. Will go over the fiscal cliff and we'll get this done in January February march but we're gonna get tax reform and entitlement -- on the way I want to know. A Canadian that I'm sorry he's not because remember you've got you've got leaders in Europe you've got Christine Lagarde the -- it got very respected. People around the world they're telling. The people. Under a a president who let's face it at this well thank you Bernanke Geithner telling them you cannot let this happen you'll dynamic country into recession keeping it a monolith that it is like -- -- Another recession is now yet. -- -- -- -- All right well you know what it is that's what makes it interest that the. Oh it's been like that. Experts point four hours of pocketed -- let me diet isn't bad -- -- Karl Rove is a locket around is arguing. That. What's there. What it what it Carl have to say he -- as he was predicting victory right after the yen that. It's even pay any. Is that it was god into the area and it looked like I'd just I'd just never got to be carefully got to be careful I went -- and it it ultimately got a bit. He medicated and. Easy to survive. And -- -- you know put around I mean like it definitely made the call we are consistent with -- strong in the belief in May end -- our guy and -- That Kyle -- nothing else that it was great television in the -- exciting final moment of the campaign. Yeah it was entertaining all right Cheryl thank you -- -- as we appreciate your time the word medicated that the day -- the that the word of the day I'm thinking that's it should've been head and maybe we're tonight what are terrific idea award of the year you you know but pharmaceuticals. -- -- earlier in the Shelton. I'm liking that now there's a lot of people wake up with an anti depressants. And ask you this to you mentioned this before to a lot of financial services. And a lot of these fossil fuel industries act. Romney. What's going to happen to them what will. Obama do to these folks that's what's selling off this. If there are there people are selling the stocks. Because they're saying oh Obama is gonna spank them and it that's kind of what I anticipate IE CI. I it was Cheryl Cheryl thinks that Obama's gonna be very reasonable he doesn't wanna have a a recession is his legacy amateurish share that opinion you know like -- -- he's done he never has to run for office again. Right now he can he can now he was so steadfast in his desire to get the health care bill done yes they got. EED get one Republican vote for now now I think he even lets you go over the fiscal cliff. And and doesn't care elect the next person you know he he he does. He doesn't Karen and more importantly June he does not under have a clear understanding of how the economy work and neither did does most of his scores of people -- voted for Geithner does. It is -- ye mighty -- people had did Geithner has many detractors but he and John Boehner actually along quite well and you get Boehner. Is more inclined to do a deal with Geithner. Then he used to do a deal with any of -- any other Democrat Paul Ryan he automatically. As getting his his seat back up so he's back in there thinking they're getting use him near a big way -- -- to get in there and it -- he's got it. Absolutely we'll talk about that we'll also talk about we're gonna revisit the deficit commission against -- I think this is gonna get dusted off. An and I think it becomes a platform. During the next 812 to 24 months we'll talk about the deficit commission what does that look like -- -- -- need to be reminded that's up next.