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A quiet summer Friday night on Fast Money, not so Fast

09/01/2009

Something has been bothering me about President Obama. I can't understand why the closest "Presidential" anything that has come to Wall Street since President Obama took office in January was Air Force One's ridiculous lower Manhattan flyover. Given the tumultuous period Wall Street has experienced and its effect on Main Street, I would think President Obama would come hold hands with "The Street" and sing kumbaya. He can even take credit for the market recovery, no problem.

So, on Friday evening August 28 we had Dr Laura Tyson, presidential advisor to the current administration scheduled to join us on Fast Money. I like Dr Tyson and I have enjoyed talking with her on the show in the past few months. She understands the crisis, even correctly identifying the "Balance Sheet Recession" in the early hours of the crisis. Clearly, she is a brilliant woman who speaks with great candor.

So I fired away, asking Dr Tyson why, when, if President Obama was coming to Wall Street to "bury the hatchet." Remember, I have been a market bull for much of this year. But her answer gives me pause looking forward. It concerns me that yes, a "W" is coming, not George 43, but a possible double dip recession unfolding a year or so from now.

By the way, her answer was to debate me about whether there was a hatchet considering all President Obama had done for Wall Street; I think she wanted me to acknowledge that the hatchet was a life preserver. But the debate itself and the apparent continued divide between Pennsylvania Avenue and Wall Street concerns me.

If the pending financial market regulation, policies and taxes are enacted without any consultation with the Street, the "W" is coming. A "W" that makes me look forward to late 2010 and want to invest based on the themes of inflation, rising yields, and Emerging Market economies.

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