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Monday June 20, 2016

// June 20th, 2016 // Daily News

Ex-Morgan Stanley CEO warns about the biggest risk he sees to markets

CNBC.com

John Mack, former chairman and CEO of Morgan Stanley, told CNBC on Monday he sees “geopolitical risk” as the biggest threat to global prosperity and financial markets.
“Hopefully, nothing happens. But there’s a lot of turmoil, whether it’s in the Middle East … North Korea … or China and their [disputed] islands,” Mack said on “Squawk Box,” citing the risk of a “geopolitical blow-up” as his top concern.
“All it takes is for one person to make a mistake. And then you have a global event,” he added in a wide-ranging interview that included his thoughts on the United Kingdom vote Thursday on whether to stay in the European Union trading block.
‘I [bet against Brexit] with bookies in London.’
“I like to take risk. I bet they don’t leave. So that’s where I put my money down,” he said, concerning the Brexit referendum. He said he did not bet in the financial markets. “I did it with the bookies in London.”
In a separate “Squawk Box” appearance Monday, BlackRock Chairman and CEO Larry Fink said he’s “still nervous” about a Brexit but hopeful Britain stays in the EU, which he argued would help boost global stock markets, including Wall Street.
‘I’ve always been bullish on China.’
Meanwhile, Mack said he owns stocks in China and believes the government there will solve, over time, the forces putting a drag on the world’s second-largest economy.
“I’ve always been bullish on China. Are they have having some issues and problems? The answer is yes,” he admitted. “[But] I have a lot of confidence in the leadership of that country.”
Some of the “issues and problems” that Mack was talking about are China’s excessive debt levels and the bumpy transition from export-led growth to a consumption and services model.
As a quality-of-life issue, Mack said: “Clearly there’s dissatisfaction on the environmental issues in China. I think that is a larger issue than we think of here in the United States or maybe in Europe.”
Mack talked about the smog choking many of China’s biggest cities. “When you see pictures of someone walking down the street and you can’t see across the street, because of the pollution — I think that’s a huge issue.”
In a second stint at Morgan Stanley, Mack served as chairman and CEO from 2005 to 2009. He gave up the chairman title at the end of 2011.

Today’s Inspiration

God Will Help You

by Joyce Meyer – posted June 20, 2016

Fear not, for I am with you; be not dismayed, for I am your God. I will strengthen you, yes, I will help you, I will uphold you with My righteous right hand. . . . Those who war against you shall be as nothing, as a nonexistent thing. For I, the Lord your God, will hold your right hand, saying to you, “Fear not, I will help you. Fear not, you worm Jacob, you men of Israel! I will help you,” says the Lord and your Redeemer, the Holy One of Israel.
—Isaiah 41:10-14 NKJV

When we start reading today’s Scripture, we might think, Wow. God must be talking to people who really have their act together, but the good news is that He is talking to ordinary people just like you and me. He helps us because He is good, not because we are. Fear comes against all of us, and God wants us to know that we don’t have to let the feelings of fear defeat us. We can keep moving forward in the presence of fear because He is with us.

If someone has hurt you or treated you unjustly, remember that God promises to deal with them and make them as nothing at all… nonexistent!! When we read that God will strengthen us that means He will enable us to do whatever we need to do today and everyday. God is with you, and that makes you equal to anything that comes against you. Because God is with you, that makes you greater than any problem you have.

Fear is not God’s will for you. He wants you to be bold, courageous, and confident, and you can be if you remind yourself often that you are not alone. God is with you!!

Love Yourself Today: Remember that God is with you at all times and you can do whatever you need to do.