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Budget Impasse

Jul 26, 2011|

Tony Ogorek; Ogorek Wealth Management

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Automatically Generated Transcript (may not be 100% accurate)

The standoff between Republicans and Democrats continues over planned to cut the deficit and raise the debt ceiling to avoid a possible default the deadline. Is a week away Tony Al Gore from Al -- wealth management. It's on the WB in my -- morning Tony. Martin -- you know the markets are clearly on edge stocks saying yesterday because of the back and forth on this. Do you expect more of the same as we get closer to this deadline. I don't think anyone really knows this morning the the markets are are flat. And you know the president seemed to be his tester I think bit you know when -- seventh Sunday. That the Asian Americans. We're going bracken Roland is that we could have an agreement and that really didn't happen. Market is the -- itself. God wouldn't analyzed and people are looking at. Any daily action American and that kind ascribe political reasons why this happened but. Fact of the matter is that the markets have to be holding it at this point so. It's anyone's guess is they have a vehicle out what's going to be happening. Tony back on a July 18 if you posted on your website on the Internet. Your opinion that -- of this whole thing in Washington is nothing little soap opera anything happen to make you change your mind. That really I mean the interesting thing is this is the problem that we've created for ourselves. And in my opinion I don't think we should even have a gut feeling. It's not required in the constitution. There's no other democratic country they're Denver it uses a debt ceiling they can be doing okay. And the interesting thing is over the past fifty years the debt ceiling increase. Seventy -- So the thought is if it. Really something they have. It -- effective I don't think we need to be increasing it you know seventy different time then you know you may. I think you need to understand something. We only have a mechanism in our government. For controlling spending and -- -- the budget. And the United States is that hit the budget for over 800 days. Catholic that he's the -- resolution. So the fact of the matter is. In other Republicans there complain that the president is spending too much apparently to prove all that spending that happens in this country. Well from your standpoint Tony does nothing else matter until this is resolved. Well I'll tell you what I think that the United States is -- -- -- -- -- and parish. Because. It appears that government is not able to address. Basic functioning I think part of their. Is because we you know. Drawing of congressional districts -- we have extremely harmful side. I think it undermines the confidence of the public in business because they don't know what the rules is going to be going forward. And I think the project something you know quote about America to the rest of the world. Because of the book leading we appear to be you know reacting -- something basic is whether -- care bill. I don't think that this is going to be he's now in the next seven days I think probably going to need some sort of short term pension. For another week or two but I understand the forces that we're grappling with right now if caught and fifty years. And they are not going to be -- the next seven days I think it's going to be you know it's going to take care if years. Before we get to query and one other interesting point. I didn't until you they -- what you know do you believe that the United States. Was spending that would do right now that -- is pristine -- incredibly. I don't know over in a position answer that I get my guess the question I was wondering is about the value of the US dollar. Was salary is continuing its continued -- and I think it. You know there was going to be for a bad and the fact of the matter is that we still had -- -- currency the world. There is no other currency out here this is as much Paper as it. Well here we do. So there really is no substitute for the United States and I would venture -- bit in the event we do get a default. I don't think it was going to see in history directing the president indicated I think the most are probably looking at a quarter percent. Click here for percent increase interest rates. So it is going to be a great having. Is that going to be helpful but I also don't think it's going to be the end of the world. Carried interest -- Hey Tony thanks for taking some time in spending it with us we appreciate it. OK guys feel great day. -- Antonio -- from. A -- wealth management in Williamstown.

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