A Quote by Kevin Hassett
One of my favorite indicators of the near-term trend for the economy is auto sales, since folks tend to buy a car when they are feeling optimistic about their financial circumstances.
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I will just say, no matter where you buy the car, do your homework. When I purchase a car I come in with a folder an inch thick. In fact, one time the auto sales person asked if he could copy my research!
I mean, these good folks are revolutionizing how businesses conduct their business. And, like them, I am very optimistic about our position in the world and about its influence on the United States. We're concerned about the short-term economic news, but long-term I'm optimistic. And so, I hope investors, you know - secondly, I hope investors hold investments for periods of time - that I've always found the best investments are those that you salt away based on economics.
I've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're feeling it. If you're a jewelry retailer, you're feeling it. I know some of these businesses because we're in them. Yeah, it's being felt, but it will be felt big time more if we don't do something about it, what's going on.
I believe there should be some financial incentives to make the right choice: to make them to buy the right car or not to buy a car but using public transport systems. I believe that these financial incentives are important.
Green is not just about renewable energy. It's also about creating a new direction for the whole economy. This requires government to step up, not step back, creating the kinds of mission-oriented public organizations that will enable us to tackle climate change - as ambitious as those that got us to the moon. It also requires the financial sector to be less short-term since we know that short-term finance has distorted incentives and directions in areas like biotechnology.
I am super optimistic about the near-term prospects of AI because every time there is a technological disruption, it gives us the opportunity of making the world a little different.
When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.
If you can't buy a hybrid car, your first question should be, 'What is the fuel economy of this car?'
The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.
The error that we tend to make is that we think that women's magazines are what editors want and what their readers want - and thus are social indicators - when, in fact, they are what advertisers want. They're just advertising indicators.
One measure for promoting both stability and fairness across financial market segments is a small sales tax on all financial transactions - what has come to be known as a Robin Hood Tax. This tax would raise the costs of short-term speculative trading and therefore discourage speculation. At the same time, the tax will not discourage "patient" investors who intend to hold their assets for longer time periods, since, unlike the speculators, they will be trading infrequently.
The financial time frame always has been short-term. Projects with long-term paybacks are cut back, because CEOs and financial managers simply want to take their money and run. That is the financial mentality.
I remember when I was in Chicago and data started coming out that when black folks walk into an auto dealership, and women, too, to some degree, they are automatically given higher quotes, worse deals. And this was just documented extensively across auto dealerships around the country. There was a tax being imposed on black folks. By collecting that data, you can construct policies to combat that.
I wish the dashboard indicators for lights were standardized throughout the auto industry.
Fifty years ago or a hundred years ago, generally, most people would buy a house the way you buy a car. When you buy a car, do you think, 'I better buy this year rather than next year because car prices might go up?'
Be brutally honest about the short term and optimistic and confident about the long term.
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