Fox Business guest on results of Trump's tariffs: “The damage is done”
Ted Oakley: “If you look at business and consumer confidence, it's already broken”
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From the April 10, 2025, edition of Fox Business' Mornings with Maria Bartiromo
MARIA BARTIROMO (ANCHOR): You say it's not unusual to have a strong snapback in markets after what we saw. I mean, come on, that was a wild overreaction, $6 trillion in market value lost in two and a half days the other day.
TED OAKLEY (MANAGING PARTNER, OXBOW ADVISORS): Well, it's not. I mean, Maria if you look at after Bear Stearns collapsed, and after Lehman collapsed you have big days up. We had big days up after 9/11 --
BARTIROMO: You're going to compare the 2007 financial crisis to this moment in time?
OAKLEY: No, but I'm comparing it to market drops. You know, market drops, not necessarily what was happening. But when you get this type of thing, people rush in to buy. And the best buys were two days ago, not yesterday.
BARTIROMO: So you're saying you're not going to step in here.
OAKLEY: Not today.
...
BARTIROMO: Well, you got the bond market, and you've also got the first quarter earnings reporting season coming up, right? So let's talk about the first quarter because I spoke with Ken Leon yesterday from CFRA, and he was great in terms of going through capital markets businesses. Obviously, trading will do well. We've had volatile trading. But the other capital markets business, IPOs, you're not seeing anything in the first quarter, M&A. You know, deals have been shut down in in a number of areas. So is that something that you're looking at in terms of what will show up in the earnings?
OAKLEY: Well, I think what's happening is best days are behind them, because cyclically I think the damage is done. If you look at business and consumer confidence, it's already broken. So if you look at the next nine to twelve months, those numbers, I can't believe, would be better than what they've come through the last first quarter.