Oil Feeling Pressure of U.S. Shutdown, Iran Talks

REPLAY VIDEO
Your next video will start in
Pause
  • Info

  • Comments

  • VIDEO TEXT

Sept. 30 (Bloomberg) -- Bloomberg's Scarlet Fu and Bloomberg Tradebook’s Gregory Bender, put futures in focus with a look at the oil market ahead of a possible government shutdown in "On The Markets." They speak on Bloomberg Television's "In The Loop."

Economic juggernaut of the world is we have been extremely stable government.

Right now the house is not acting in a stable manner.

Ok, not acting in a stable manner, which means a shutdown for how long?

A shutdown goes a day at a time.

Congress could have a bill ready to both houses in one day if both houses are cooperating.

It is a day-to-day basis.

We had a shutdown in the 1990s that cost over 100 million dollars a day.

Just drag our government shutdown.

This is not fun and games -- coming out of that time, considering that the economy is on a rather anemic growth for jeffrey right now -- growth trajectory right now.

But nevertheless, growth.

Are you worried that a shutdown will sell that growth?

-- stall that growth?

Absolutely.

I used to run a small business, i know what that is light.

When you see things like this happening, you shudder.

What do you think the ultimate problem is?

Is it a breakdown -- there is not enough leadership on both sides?

I think it is demagoguery.

There is a small faction in the republican party our house where they are actually controlling things.

You can see it in the eyes of the more experienced members that they don't like what is going on, what have you, but when they get in the caucus, what comes out is the demagoguery were they say it is all about obamacare, all about the debt ceiling, what have you.

No, today is about finding a budget.

We have a possibility -- the response ability of passing a budget on a 12-month basis.

What do you think this means for the debt ceiling?

The debt ceiling will come in a little while.

Right now we have to pay our bills.

The debt ceiling is nothing to do with their day-to-day budgeting.

Draft, but the inability to pass a budget -- does that speak to the dysfunction among her colleagues right now?

Is that the heart of the issue, which has some people questioning whether we will see anything around the debt ceiling -- yes, absolutely.

I will mention how we had a republican president and democrat speaker, and tip o'neill and reagan would fight and argue but at the bottom line, they would never let this happen.

The dysfunction has to do with very immature, inexperienced elected officials -- on both sides?

Mainly when it comes to the tea party faction.

When you listen to their rhetoric, don't take my word for it.

Listen to what they say on the campaign trail.

"i will not summarize.

-- i will not compromise." that is not democracy.

There is polarization here.

This has happened before, 15 times.

Government has shut down between three and 28 days.

It is amazing we have had this long of a reprieve, right?

Even during that wonderful period when ronald reagan was president -- i've got to leave it there.

Back after this.

?

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change