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WBEN NewsRadio 930>Audio & Video on Demand>>Fiscal Cliff Looming Larger - Jill Schlesinger

Fiscal Cliff Looming Larger - Jill Schlesinger

Dec 10, 2012|

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Automatically Generated Transcript (may not be 100% accurate)

Jill Schlesinger is editor at large at CBS -- wants dot com she's also host of Jill on money. Saturday afternoons four until six here on WB -- morning -- good morning fiscal cliff it's December 10 -- we need some real progress on this. This week yeah I think this is it men at the home stretch because we've got two weeks before congress is supposed to go on holiday break at me. Look I guess at the end of the deal maybe they'd gas -- day -- vacation but you know they don't like to miss their vacations so I'm thinking this could be the week. You know I I thought it was progress that the president and speaker Boehner met face to face yesterday and you know was so great. Nobody was talking trash about the other so they decided to keep everything. Really quiet and -- might be a sign of progress. Really you know what do we know they could have been watching the bills -- rams football -- I hope not for others. There'll bills and let me ask you this -- honestly are you personally worried about the effects of this fiscal cliff. If Washington fails to act both sides -- c'mon who's not looking like the bad guy. Well I am I don't really care but whose habit I think I only care about the economy and I do think that the longer this drags on the worse it is for the economy. And it would mean that the we're gonna fall off a cliff but it is becomes a very insidious. Eating away at confidence and we can see it already -- in surveys that consumers are starting to talk about the fiscal -- for the first time they haven't done the last few months. We -- seen at some businesses manufacturing specifically mentioning that this Bill Clinton by name as a reason -- there and I'm willing to hires a the law does drag on the more each and confident that's not good for the economy remember. Growing by 2% the year in this economy that's not a lot anything it eat into that is at that thing. At the Fed meets this week is just the last many of the year. Yes I know it's exciting you guys can mark this down on your calendars and fewer. And that you know what why is it why do you care at this because that had a couple of policies in place that helped keep mortgage interest rates really low. And we're gonna find out when they're going to extend one of those programs this week. We're also going to get that said economic projections that comes at -- other meeting. And I think that could be interesting for next year let's see -- the that thinks growth looks like where I'm sure that and Bernanke's going to talk about the fiscal -- easily have coined the term after all. And he does give a press conference after this particular meeting so. A lot of information that the Fed and I promise you that he's going to try to ditch these lawmakers into making. What do you make of those unemployment numbers from Friday morning because -- you know bottom line there really were not nothing to write home. Well I you know this -- the funny thing is that we have very low expectations and something exceeds those low expectations it seems great but absolutely right we're not -- robust job market. We're averaging about a 150000. Jobs per month. That heated this report was really thought there was going to be huge effect of sandy. And when -- wasn't and job creation kind of stuck at that same -- 150000. Level everybody was so excited. That they it was not very exciting as the unemployment Reagan might make it to integrate the city. Seven point nine to seven point seven it's going Dan yes it's the right direction but it's for the wrong reason. That number went down because people literally left the workforce so. Where I have to see how we do that job creation next you're expecting huge. That that job creation. But you don't want. I am happy with a 150000 jobs a month after just a few years ago which it would lose 600000 jobs. OK Jill will hopefully have a good week. Thanks for joining us take care just lessen your editor at large at CBS money watch dot com.

Poll
How do you react to those big drops on Wall Street?
  I don't pay attention!
  I'm in it for the long haul so "no worries"!
  It makes me worry!
 
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