craig smith is just like you. says if washington doesn't raise the debt ceiling, he is going to cash out. craig good to see you have. thank you so much for being here. you can be forgiven for not, not knowing who to trust on this. some say use it as a buying opportunity, and others spay get dangerous. >> i'm worried that the public will panic, and if the public panics and the stock market starts to plunge, it will be like a torn gathering speed, and if you don't get out you will see your investments and pensions crash. so watching it very close on the 14th, 15th, it looks like they are not going to get something done, then i think there will be a lot of people that will start drop. >> back before 2008, there were a lot of people that didn't get out, and boy that was a hard year, but in the end the people would have made the money back. markets do come back. are you worried if you get out you won't get back in? >> i'm more worried if i don't get out at age 60, that the market won't come back fast enough for me to r

craig smith does not like it. fox, chickens, confused. what do you make? >> the president's signature piece of legislation on the first dayt crashes, how appropriate, in president shows that big government cannot do anything as efficiently as private sector. neil: you disagree wither there premise that -- with their premise that it is because there is such huge demand for this. >> i got to give it to the democrats for messaging, everyone said that. but saying it does not make is so, to watch the president in the rose garden yesterday, it was laughable. i was putting in it terms of my own company, if we just announced a major launch and it failed i would have gone public, i am embarrassed we're fixing it people who made mistakes we're asking them to leave the firm, but i take personal responsibility, this is my legislation, i'm going to make sure it works properly. what did he do? he put a couple show people behind him, say they signed on and with how happy they are, and how their lives are better it is only going to cost $100 a month. you know as well as i

rich edson on what happened with craig smith on what wall street will be watching for.k wall street will be watching for? >> well, i think that they will be interested in this meeting with jamie dimon in the group at the white house. i am not sure whether they will ask him for some money. a contribution. >> they are going to be in town with the president so far, i don't know what they will do it that. >> this is where the bigger thing will happen in the white house. i truly believe this. we have this budget battle coming. this debt ceiling battle. he has to have everybody reading from the same piece of music. tom ridge just said that the world is watching us and if we go into this debt ceiling crisis not in accord with our bankers and having everyone on the same page, we could see a worldwide recession in the world is looking for leadership out of washington and the president is going to hide behind the bankers. he will say one thing and do another. it is something that we should pay close attention to. neil: rich edson, if you think about it, when the first t.a.r.p. vo

craig smith is the chairman of smith america and says i guess official live it is out of control. what do you make of this? >> you know, neil, it just amazes me. you just laid it out perfectly. we are not going to default on the debt. having to prioritize bills does not mean you are going to default on a debt. and i got to tell you, neil, i know a lot of business guys that couldn't get loans at certain times and it was the best thing that ever happened because it made them look at what they had to do to get their businesses become in order. and here's what is interesting. 2011 we had this same rhetoric, the same exact rhetoric, and now the president is taking credit for the deficit going down faster than it ever has in the last 60 years as a direct result of the republicans holding the line against him in 2011. >> neil: craig, all i want to -- we're not embracing this soap opera going on or this tit-for-tat. what we're saying is you better be careful what you're using to define a default, and equating this soap opera with a default or pushing if against the debt ceiling. it is sho

they bring on some of the obama operatives and craig smith has been brought on as number two.re not going to take joe biden for granted even though he's pretending not to really be out front until she makes a decision. >> and the report is ttself featured a somewhat provocative quote that said time and time again, clinton mentioned the vice president's opposition to the raid while characterizing herself and leon panetta, then director of the central intelligence agency as the action's most fierce advocates. could the former secretary have been laying the ground for what's going to be perhaps a line of attack against joe biden? >> craig, i would not read that much into this. i've seen reporting subsequent to that saying she's made a reference to this once or twice. it was a long speech. she mentioned this. joe biden has said in the past he was opposed to the raid anyway. to be totally honest, you look at the polls, i don't think hillary clinton should be worried about joe biden. she's well ahead in the polls. most democratic operatives, even some close to biden consider her be

. >> back with us, sara hughes, craig from "the economist," roger smith joins us at the new york stock exchange and lance roberts from street talk advisers. rominus, grit to see you in person. >> likewise. >> hope springs eternal. we have a deal being discussed and markets sitting near the all-time highs. >> the market always has to try and anticipate these things. what's been most encouraging throughout the whole shutdown debate process is that if you look at high yield spreads, credit and small midcaps those would be the most sensitive to any direct economic response. the fear for someone like myself, managing money is, do i need to go to cash because of the 2014 recession? everything else is just theater. we made the judgment two weeks ago that we would not go to cash. we are a tactical manager. we can go to cash. because we judged that in the end, politicians want to get re-elected and a recession won't help that. so, we could be wrong. we have to have a contingency plan. the market keeps giving us reinforcing signals. >> lance roberts, it makes me wonder, especially with regard to