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Markets aren't reflecting a Joe Biden victory: Art Laffer - YouTube
Channel: Fox Business
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look at it a new york times article says
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the pandemic
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depression is over the pandemic
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recession has just begun
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what does art laffer think about that
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art
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the pandemic recession has just begun
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what's your side of the story i don't
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think that makes very much sense i
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looked at that article and i read it and
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it doesn't make much sense we have
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really great policies in place stewart
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and as soon as the lockdown is lifted
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and i mean totally lifted so people can
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go back to work
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i think this economy is going to
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continue growing and catch right back up
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to where it was before
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it will return to normal this is not a
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recession like the ones that have been
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caused historically because of bad
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economics
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this is a recession that's been caused
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by a virus
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a coronavirus and and once that virus is
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gone once the lockdown stops
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i think this economy will be back up to
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where it was before
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with really low unemployment rates and
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really great prosperity
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and total employment and output so i i
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don't understand what this person talks
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about at all
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well it seems to me that they're simply
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responding to the fact that
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we we are indeed in a a difficult
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position for the economy
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and they're blaming president trump
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simply because it's on how can they do
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that
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because he's on his watch that's all
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they've got president trump
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got the virus i mean you know the virus
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doesn't like him either
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and and they're blaming him it's
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ridiculous but
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now some that's exactly states are just
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locking down and that's what's causing
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the problem
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and not that they shouldn't lock down
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stewart i'm not an expert but
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but that's what joe biden was saying
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last friday i distinctly heard him say
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railing against the terrible situation
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that our economy finds itself in
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you shouldn't have to work two jobs just
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to make put food on the table
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he's blaming president trump when it's
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the virus that's at fault here anyway
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let me move on because uh yeah well joe
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biden you'd expect that from
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you wouldn't expect it from the people
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who searched the truth like the new york
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times
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editorial comment i mean they're just
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very reporters aren't they now
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that was sarcasm and you know it all
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right let me move on
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no me sarcasm how could that be
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edward lawrence and susan lee right here
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they've both been reporting that speaker
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pelosi
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and steve mnuchin treasury secretary are
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expected to talk today and see if they
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can make some progress on a relief
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deal uh i think the markets looking at
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this very favorably
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the market wants a relief deal do you
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well no i don't i don't know that the
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market's looking at it favorably or not
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because
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i really think a relief deal won't help
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the economy but what amazes me about
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this market steward if i can
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is this market has not told us there's a
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biden victory coming
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it really is not reflecting abiding
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presidency
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once that's built in with the taxes and
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all the policies and all that stuff
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going on
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i would expect this market to decline
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quite dramatically and it's not so maybe
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the market still thinks
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trump has a good shot well i'm hearing
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the opposite
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i'm hearing that if joe biden wins the
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white house and the democrats
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win the senate they will embark first on
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a huge
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spending operation not a big
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taxing operation if that were the case
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then you've got a flood of money coming
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from the fed
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and from congress as well i think that's
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the market's judgment on the election at
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the moment
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well if it is i think the market's
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incorrect and expecting a good outcome
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from a lot of government spending
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because it won't be a good outcome now
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if it's spending to companies their
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profits will rise that's true
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but uh the long run prosperity of the
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country will not be benefited by more
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spending
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we we've spent plenty stewart 3.6
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trillion
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is a lot of money i mean a huge amount
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of money i mean
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and i just don't see that as helping the
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economy at all okay
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taxes is really being bad by the way but
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but that but the spending is not
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good for the economy either it may be
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good for some profits for a while yeah i
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i i
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just i'm just surprised that this market
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is as strong as it is aren't you steward
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a little bit
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yes i am i literally i really did
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we were speculating with our producers
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over the weekend when the futures market
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opened up at six o'clock
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eastern time last night i thought it
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would just go down because of all the
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things that's going on
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and the polls and what have you i was
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completely wrong completely wrong
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you know well sometimes that's why you
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and i do what we do and not
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invest money for other people that's
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true too
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yes you know people have to find their
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niche in life and
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i love being an economist but uh i just
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don't see this market i mean
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if biden wins i don't see this market
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going way up
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i just got it okay and i think junotion
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would be a big mistake doing it too
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all right thanks very much sir we'll see
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you again soon
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welcome back you're wonderful thanks
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stuart
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