Earlier this afternoon, I interview free market economist Brian Wesbury of First Trust Portfolios. We talked about the Rick Santelli Uprising, Obama’s misguided mortgage plan (and the stock market’s reaction to it), mark-to-market accounting rules, and his current economic outlook for the economy. Below are also some selected quotes by Wesbury taken from the interview.
WESBURY QUOTES
“Every time [politicians in Washington] come out with a new plan and stand on the steps of the Capitol or wherever, and say ‘This plan will save America’, the market goes down even more.”
“This idea that it’s somehow too late to change mark-to-market…I think that argument just proves that whoever says it doesn’t understand the issue.”
“[Mark-to-market] is freezing banks from doing anything.”
“Today money market account balances are over 55%, probably today up closer to 60%, of the total value of the S&P 500. It’s never been this high. Capital is on strike.”
“If the bond market was Clinton’s barometer or bellwether, the stock market is going to be Obama’s. And he’s gonna have to figure out a why to get [the stock market] up. That tells me that he’s going to be forced to look at alternatives.”
