Six more weeks of shutdown? No problem, says pro
An end to the government shutdown could help boost consumer confidence at the start of the holiday season, Paul Richards, UBS' North American head of FX distribution North America, said Friday.
"Listening to [Majority Leader Harry] Reid, I'm not worried about it if it takes another six weeks," he said. "We may need six more weeks. They're so far apart. We need to get this debt-ceiling issue pushed down the road, far over the half-terms, so we can get an economy running again. And if that what it takes, I'll take six weeks."
On CNBC's "Fast Money," Richards likened the shutdown to a snowstorm that results in people doing a lot of shopping when it clears.
(Read more: Don't get bearish on DC dysfunction: Jens Nordvig)
"That could play very well into holiday season," he said. "This could be good for the economy."
Richards also said that he wouldn't buy the recent run-up in stocks, predicting that the S&P 500 would climb toward 1,705 to 1,719 on a budget resolution—"and then we sit because the market's forgetting that this time in a week, we might be sitting and looking at the payroll data. And that's really important. We've been waiting for this 200,000 number for, what, six months?"
Richards said that he didn't expect a deal to be reached over the weekend.
But once the shutdown ends, he added, "then the market's going to be talking about the Fed and tapering and anything else again—back to the economy, back to the Fed.
"There'll be a lot more shopping and a lot more reasons to shop."