Here's why the election didn't lead to more market volatility
Bob Prince of Bridgewater joins "Squawk on the Street" to discuss the outlook for markets and spending. Some things will change after the election, but most things won't, says Prince. Spending matters, but what drives spending is resources. And the financial resources come in three shapes: You've got money, you've got credit, and you've got income. And when you look at those, there's lots of money out there. There's lots of credit, mostly coming from the government. And that government borrowing has more than replaced the lost incomes that people have had. At the same time, savings rates have gone up, and that's produced an accumulation of cash on balance sheets that's unprecedented, he adds.
Wed, Nov 11 202011:17 AM EST