What the Pros Say About Obama's Victory
Barack Obama claimed a decisive victory in Tuesday's presidential election, and CNBC asked some big-name financial experts what this means for the market and the economy.
Moving to the Center
“Working with business in a bipartisan way, moving to the center, which I think is what’s going to have to happen because the economy is so awful. The big picture items that he put in his election campaign have to come to the table: energy, health care, tax reform, all the things he talked about.”
Andrew Liveris, Dow Chemical CEO
Obama's Market Effect
“The stock market has always been a leading indicator. If you’re thinking about what the economy’s going to do, I’m looking for a moderately serious recession probably lasting a year-and-a-half, maybe more than that, but the stock market…anticipated all of that and more…I think the president is going to take us in a new direction – the new president, President Obama - and I think it shouldn’t influence your view of the market at all.”
Jack Bogle, Vanguard Group Founder & Former CEO
Obama, Energy & OPEC
"We have to watch OPEC, because every time something good happens, they raise the price of oil, and it just drains the blood out of the economy...you really need a Secretary of Energy that would be tough and smart, and you do have to create other alternatives to oil."
Donald Trump, Trump Organization Chairman & CEO
Obama & the Auto Industry
“I think Obama will be very good for the auto industry, and I think that’s a very important factor. General Motors and Chrysler need something like $10 billion to pay the one-time costs of merging; that’s a very cheap investment. There will be jobs lost at GM and Chrysler as a result of the transaction, but it will protect 781,000 jobs in the suppliers, including ours. That’s a huge amount of jobs. If either GM or Chrysler were to fail, probably 100,000 jobs would go almost immediately…so just stabilizing that would do an awful lot of good for the economy.
Wilbur Ross, WL Ross Chairman & CEO