Phil Cannella – Phillip Cannella News

Phil Cannella: “Can we talk about the real organization

that runs this country – that I would call lobbyists? Isn’t that what Congress responds to – the buck coming in and being lobbied?”
Andrew Huszar: “I think it’s a huge problem; the influence of money in our politics. I didn’t work in a part of the Government in which we dealt with lobbyists. The Fed has remained somewhat independent from that world of Congress, but I would agree with you.”

Phil Cannella: “What are your thoughts on the disconnect between the upper class in this country and the middle and lower classes?”

Andrew Huszar: “This is a longer-term trend. This isn’t even the last five years, this is now 30 years, but if you look at 1983-today, the average middle-class American has had basically a 6% increase in their net wealth, which sounds almost ok, until I tell you the wealthiest American has had an 87% increase in their net wealth. And so we have more and more of – in so many different ways – a structurally unsound U.S. economy, but one of them is that we have the average American and the middle-class of America falling behind further and further, and I think from a long-term perspective, I think that’s a really negative factor across a number of different levels for the U.S.”

Phil Cannella: “Do you think the way mainstream media reports on what’s going on in our economy is good or bad for the market?”

Andrew Huszar: “Well it’s really interesting, and I think that‘s a fantastic question. I’d say a couple different things. One is, if you watch CNBC or a lot of these shows or a lot of these programs – and not all of them but a lot of them – they’re really bullish for what’s going to happen next year. If you talk to most Main Street Americans in the polling that you see, most Americans are very negative about what’s going to happen, and I think that’s the reality. We have this increasing idea in America that the financial markets are the economy, and they really aren’t. They’re a part of the economy. They’re an important part of the economy, but they’re just a part of the economy. And so I wrote this Op-Ed and I found myself on a lot of these shows – and I really appreciate being on this show, I really enjoy what we’re talking about – but you know I’m met with almost 100% skepticism about, ‘why are you apologizing? You help. You’re a hero.’ It was very complimentary. I appreciated it, but the reality is there was such relentless skepticism about what I was saying, and all I’m trying to say is let’s keep our eye on the ball here in this country, and let’s really figure out how this hasn’t helped the average American, and how we can get the average American better off. I think we’re losing sight of this with a lot of this mainstream media dialogue because their eyes are not on the ball.”

Hear more from the interview with Phil Cannella and Andrew Huszar on The Crash Proof Retirement Show®. Saturdays at 11am and Sundays at 1pm on Talk Radio 1210AM, WPHT!