Markets Are Too Casual on U.S. Shutdown: Hubard

This, for me, is dangerous.

We saw the first today when it happened, the dow was off and the ftse was off.

Now it is a little bit here and a little bit there.

The key thing and i should probably say this, is president obama went on cnbc last night and said flat out, the world should be concerned about this impasse.

And you had goldman sachs saying, if it lasts 21 days, it could take 0.9% of the gdp and even mr.

Draghi yesterday in the press conference said he was concerned about the shutdown.

We don't have 21 days.

October 17 is the debt ceiling.

I hope it can get resolved but as you just said, why is everybody not concerned about it?

They are very cool.

The dollar has come up but the volumes aren't great.

This is a very serious situation.

During the clinton administration, in today's money, it would be like $2 trillion out of the u.s. economy.

These are just astronomical numbers at a time when the global economy is still very very fragile.

Very fragile.

What are the market looking at?

Last year, it was risk.

The markets would gyrate.

Have the central banks done too much of a good job in appeasing markets?

I think you just said it.

We were all shocked on the 18th of september.

The only losers that night were chelsea football club and the u.s. dollar.

We had a major rally in the equity markets.

Everybody said, maybe it goes from september to october.

Yesterday's numbers and mr.

Bernanke's comments, i think we can just count -- discount october.

The federal reserve will probably protect us through the end of the year.

The ecb says they will do anything they need to do.

It will be quite interesting to see if we got some statement today from the bank of england saying, we will continue to do what is necessary.

I think the markets may be putting too much faith, hope and the federal reserve bank, the bank of japan, the european central bank and the bank of england.

Let's just hope this can get resolved before the weekend so we can have a reality check.

I agree with you.

I think the situation with the markets is being too casual.

Too casual.

Bill, thank you so much.

We will keep you up-to-date and keep on talking about the u.s. in a few minutes with the roundtable from jpmorgan.

Thank you very much indeed.

As we head into break, it is time for the pulse number.

$52 billion.

That is how much a ferrari has sold for making it the world's most expensive car.

The ferrari gto after being refurbished had won the 1963 tour de france road race.

It was acquired by an unidentified buyer in a private transaction.

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