Phil Cannella – Phillip Cannella News
Phil Cannella: “What factors drove you to writing your Op-Ed?”
Andrew Huszar: “I think you can look across a number of policies in the Government and say to yourself, ‘do both of these political parties have an idea of what they’re really doing or are they being just, are they talking to the wrong people, are they having the wrong ideas?’ I’m just very frustrated and the reason ultimately I spoke up is because I wanted to try to explain what’s been happening; put it into some context. It’s really hard at a time when the stock market is at an all-time high, and where the financial markets are humming overall. It’s hard to say, ‘you know what, we need to do some difficult things’, but the reality is I think we’re going to get back to that place where unfortunately we’re going to have some more pain, and we’re going to say to ourselves, ‘wow I wish we had done more ahead of time’, and so ultimately that’s why I was motivated to write this, and then that’s why I’m speaking up, because I really want to help provide my background and my experiences to try to help people get a better sense of what’s happening and some of the ill-advised decisions we’re making.”
Phil Cannella: “Joann Small and myself, we sit around often and talk about the everyday investor and why is it that the everyday investor takes the risk of Wall Street but Wall Street never takes a risk on the everyday investor? Does that seem like a fair game?”
Andrew Huszar: “It’s a really good point. My program, for example, just to take it back to where I was from 2009-2010… The Fed comes up with this new policy of investing, of pumping effectively, in my program, $1.25 trillion dollars into Wall Street with the idea that it’s actually going to stabilize the banks and stimulate lending, mortgage lending. From day one of our trading, which was in January of 2009 through the last day, which was the end of the first quarter/the end of March 2010… At the same time as we were pumping all this cash into Wall Street we actually saw a net decrease in the amount of mortgage lending in America, and so clearly the tool wasn’t working in the way The Fed suggested in terms of easing credit for Americans, and yet we’ve seen $2.5 trillion more.”
Phil Cannella: “Why continue if we know it’s not going to work?”
Andrew Huszar: “I don’t know and I think that’s the real question. If you look at the politics of it and you look at the state of Washington, you can understand where people are coming from and why they want to try to help no matter what, but it’s clearly not working and I think those people who are concerned as citizens, we need to really talk with each other and try to come up with better solutions for how to get the U.S. economy working for all Americans.”
Hear more from the interview with Phil Cannella and Andrew Huszar on The Crash Proof Retirement Show®. Saturdays at 11am and Sundays at 1pm on Talk Radio 1210AM, WPHT!