this an environment where we know the
next president united states is going to
be offering a lot of stimulus
we'll get the details later tonight when
joe biden outlines what it's expected to
be
uh two trillion dollars in extra
spending that will include the likes of
two thousand dollar uh you know the
checks
virus stimulus checks if you will uh
also higher jobless benefits from the
300
a week that was just passed by congress
a few weeks ago maybe make it 600
dollars maybe extend it from 10 weeks to
20 weeks
a lot of details here but a lot of money
as well liz peek the foxes contribute
extraordinaire
garrett kalpaum with us as well just
extraordinary in so many levels
gary ended with you then let me begin
with you on
the markets just finding uh oh i
apologize gary's not there
i hope he comes back but liz let me ask
you what i was going to ask this notion
that the markets like
uh probably what the federal reserve
chairman is saying
uh and they like what a democratic
incoming president will be doing because
it's it's going to stimulate and
they like stimulus what do you think
yeah look the market basically prices
stocks on future expected earnings
and this incredible flood of stimulus
spending
combined with uber low interest rates
means a lot of industries are going to
do very well
we've seen that during uh 2020 that some
sectors of the economy really boomed
while others that were under lockdown
did not
but neil everyone is uh optimistic that
this
rush of new spending is going to be very
good for the market
i do think at some point people are
going to stop and say wait a minute this
is not organic growth we've got to go
back to opening up the economy the
vaccine has to get out
we have to have real demand creating uh
you know a vibrant growing economy just
throwing more money into people's
savings accounts which is what happened
last year and could happen again
is not uh you know i think it's a sugar
rush and it won't last forever
there's nothing wrong with sugar rush as
young lady just because you're thin and
fit don't dismiss
them but let me ask you about you know
we just got word that the u.s budget gap
rose about 61 in the october to december
quarter so we're at 573 billion dollars
for a quarter
for the year a deficit total debt
of the 3.3 trillion dollars that 3.3
trillion added to our national debt
that that is for one year is anyone
looking at these numbers i generally of
the age now that
it's not going to have to be my
immediate worry my kids worry but
but i can deal with that they're just
not going to be able to is anyone
worrying about this stuff
i think we're going to start hearing
those worries voiced by
republicans in congress and i have to
say they're standing on pretty
shaky legs considering that they've been
behind
and enthusiastic about most of this
spending but
yes i think we will begin to hear about
these deficits
and the debt of this country these are
unprecedented numbers
neil and the fact that now they're being
backed up by
so-called modern monetary theory which i
think is absolute hogwash
you cannot indefinitely spend not only
more than you have
coming in but way more than you have
coming in there will be a day of
reckoning i have no idea when
or how but i think we have to begin
to imagine cutting back on this flow of
government
uh you know spending and i don't think
biden is at all interested in doing that
we're talking about a
two trillion dollar stimulus package and
then another trillion dollar
infrastructure bill
holy crow when does it end
yeah you know the thinking is that it
leads to a boom you get growth that can
eradicate a lot of problems that was
what helped bill clinton with the
internet boom and the technology boom
and that provided
untold revenues to uncle sam but barring
that and i don't
see that but again who knows um it's
gonna it's gonna be dicey right
well i i think that you know at some
point people are gonna begin to imagine
and a tapered tantrum will take place
because people are going to start to
think that the fed's going to be less
accommodative
and i think we're going to start seeing
some voices raised about paring back
budgets and
look i mean there's no question the
economy is in trouble
but much of it is because of government
shutdowns because
new york and california have suppressed
activity in so many sectors of those
states and many other states as well
and i get it they're very concerned
those governors about
covid but the lockdowns don't appear to
be having much effect and meanwhile
hundreds of thousands of businesses are
going under wouldn't it be better
to maybe open up those economies uh
and and hope and and also push out the
vaccine as quickly as possible
and get those companies hiring again
that's the big problem here
yeah that's what's going on in florida
so they must be doing something right um
always a pleasure liz thank you very
very much liz peek