Approach the Market Cautiously: Former UBS CEO

Investors should approach the market very cautiously both abroad and here in the U.S., Joseph Grano, the chief executive of consulting firm of Centurion Holdings and former CEO and chairman of UBS told CNBC Wednesday.

"We have to get people stabilized relative to real estate" in the U.S., Grano said. "Every community we live in, the life blood is real estate taxes. If rates continue to go down in terms of values we're going to have a serious problem."

"Employment is the second big problem. We have to get people back to work. It's double from what it was in 2007, the unemployment rate. And then the deficit itself and the national debt. I mean we're at close to $15 trillion dollars. It was $9 trillion in 2007, " he added.

"We have to get some serious solutions out there," Grano said.

He said that "over the long term nothing outperforms like equity, and despite my caution or prudence don't ever underestimate the prowess of the United States and our economy. It will recover."

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