Sean Hannity
 Weeknights, 7pm - 10pm
Sean Hannity

Text Us: #30930
Phone: (800) 616 WBEN
Business: (716) 843-0600
| More

Tony Ogorek

Aug 3, 2011|

Discusses Wall Street Drop

Related Audio:

  1. 3-15 Robey Radio With Mike Robitaille

    Audio

    Wed, 15 Mar 2017

     

  2. Student Loan Debt - Ryan Burrow

    Audio

    Wed, 15 Mar 2017

     

+

Automatically Generated Transcript (may not be 100% accurate)

The Dow Jones Industrial Average plunged 266. Points yesterday. So far is offset all of the gains that made so far this year. Futures today seem to be trending upward financial planner Tony you're court from -- wealth management is with us now on the WBM I've -- the morning Tony what's going on. Well David -- I think we've got a couple things going and one is. That when you look at the at the debt deal. I think America is a pretty much you audience they had and you know politicians may be here just saying that we've done a wonderful thing. But I think the markets you know realize that battle -- changing here and the second thing as. You know we're getting some fairly weak economic data and -- -- economy continues to weaken. The possibility exists that we may slide into recession and I think those two things. Are the primary drivers for white Americans given up about you know 16% over the past. -- -- -- so. -- Dow futures. Trading this morning. Indicating that we could get a higher opening on Wall Street today but some privately compiled reports of the job market. Are coming out today also the institute for supply management reports on the service sector. Is discouraging news like -- like to do affect the market rally again like it did Monday morning. Well -- -- -- efficiency question the challenger numbers it's jobs numbers came out this morning. And they were fairly weak in terms of job cuts and using a lot of large corporations. Making job cuts at this point. Anytime we get this circus that we get going out of Washington. What it does is it weakens confidence in business in terms of them don't want to rules are going to be going forward and I think it also. We can -- our confidence to consumers and Asian no. You know this much is just a few days ago we hear consumer no risk that we you know which actually showed it declining consumption. And consumer consumption 70% of what drives her academy. So. You know these things here are really not it is a number is gonna come out Friday you know we're gonna hit the July job numbers about them. And you know either that we get this six figure. Print you know where were up under -- 120000 jobs. We need to be creating at least a 150000. Jobs per month in order just to keep unemployment where check. Does spending cuts that were part of that deal in Washington won't kick in now for several weeks do we have to wait that long before things turn around. And this is going to take years. The United States in the global economy. Is in for a long slide. This is now according -- over weeks just to give you -- sense days of how this spending deal was worked. Billiton up 2.4 trillion dollars. Spending cuts over ten years so using basic -- He would think well I must be getting 240 billion dollars a year. In. Again reductions. But in effect. The next fiscal year for the government which begins in October our going to be seeing is 21 billion dollars of cuts. Now the government spends about nine billion dollars today. You're getting about two days. Spending cuts relative to 365. Days a year so. This you know budget cutting plan is -- next to nothing. Over the next fiscal year. What should investors do. I think investors are you know -- -- You know and -- difficult point last year. The market picked up a bit more than we did now and it was really true the end of the year. You know my taxes if this is going to be easy money within the next year or so they should be sure to -- adequate cash. To fund their needs. If they tend to be long term investors I think they want to. You know take a look at -- you know allocation of domestic you know verses. Foreign holdings. And interestingly if you are invested and done. I think this sense was that He can be -- going to be picking up and interest rates we're going to be taking up. It doesn't look like it's -- going to be playing out. And you know looks like we're probably going to be -- -- You know zero increase you know short term rates. For the foreseeable future I -- right now. If you wanna buy it and here treasury. The interest rates it to pay you for the next ten years is just about two point 6%. Okay Tony we are out of time thanks for all this though. Okay guys take care Tony and -- is with the cork wealth management in Amherst.

Poll
Would you like to see more of President Trump's tax documentation released?
  Yes
  No
 
View Results

Get it Now

WBEN iPhone App

Perks

Contests

Photo Galleries

RSS Center