Obama speaks to CEOs

TEXT OF INTERVIEW

JEREMY HOBSON: Now let’s get to President Obama and the CEOs.

Dan Cook is senior market analyst at IG Markets he’s with us live from Chicago now to discuss. Hi Dan.

DAN COOK: Hello Jeremy.

HOBSON: So let’s listen to something the President said just moments ago…

BARACK OBAMA: I believe that the primary engine of America’s economic success is not government. It’s the ingenuity of America’s entrepreneurs. It’s the dynamism of our markets.

HOBSON: So, Dan, the President’s makes nice — is there any reason to believe that we’ll get some serious hiring after this meeting?

COOK: I don’t know that this meeting necessarily will be the impetus that drives the hiring. But I do think that we have several factors that are coming together. The government spending is there and is going to continue to support that time of environment. And we’ve seen the Fed make that commitment. I think when we look at the cash on the balance sheets of corporations, there’s a lot of room for growth. And I think once we’ve gotten through some of this uncertainty, we could see a much more promising year next year.

HOBSON: Much more promising year, Now Dan — we got an indicator this morning from the housing market. The price of getting a mortgage, the interest rate average, is going up. Is there any way the economy can really recover if the housing market is going to remain in the doldrums?

COOK: We can recover. And I think what we’re going to face is kind of a new reality we’ll call it. In that we’re going to have to live with kind of a depressed housing market. But I do think we’ve seen some signs of stabilization. The big shocks are over and we can have a little bit of room to grow up from here.

HOBSON: Dan Cook, of IG Markets in Chicago, thanks.

COOK: Thank you.