January 22, 2013
post contributed by Katerina Yovchev
At the NYHFR’s January Roundtable, "Wall Street, Main Street and K Street", Robert Wolf discussed the outcome of the fiscal cliff negotiations, the importance of the next 60 days and the priorities ahead for Washington.
As the Founder and CEO of 32 Advisors, Robert Wolf began by sharing how he first met the President at an event hosted by George Soros in 2006. Since then he’s been a key fundraiser and an inspiring figure in the Jobs Council and the President’s Economic Recovery Advisory Board.
We have four big things coming up in the next 60 days, said Robert Wolf, the debt ceiling, deficit reduction, sequestration and continuing resolution. The importance of understanding their impact on the markets was key for the membership and guests present at the morning event. The upcoming development of these issues is expected to create higher volatility, an urge of sustaining the credit rating of the US and reaching a consensus on spending cuts, while raising tax revenues and avoiding a government shutdown.
Outlining the reasons why the President didn’t go with the Simpson- Bowles Plan, Robert Wolf continued his speech describing the priorities of Washington after the critical 60 days time frame. The top strategic bipartisan goals, Wolf said, are comprehensive immigration reform, infrastructure (one of the fastest multipliers of GDP), corporate tax reform, export initiatives and foreign direct investments. In order to focus on these priorities, however, reaching a compromise in the next 60 days is essential.
Last but not least, Robert Wolf talked about his vision of 32 Advisors and Impact Players and opened the floor to questions from the audience ranging from China’s debt holdings to concerns about the implementation of the Volcker Rule as part of Dodd-Frank.