This is a rush transcript from "Your World With Neil Cavuto," July 2, 2010. This copy may not be in its final form and may be updated.
STUART VARNEY, GUEST HOST: One hundred and twenty-five thousand jobs
wiped out, but don`t get down and out.
(BEGIN VIDEO CLIP)
PRESIDENT BARACK OBAMA: Now, make no mistake. We`re headed in the right direction.
(END VIDEO CLIP)
VARNEY: Are we? Well, welcome, everyone. I`m Stuart Varney, in for Neil Cavuto. This
is "Your World."
And if fears for a double-dip recession weren`t heightened before,
they are now, the labor market losing another 125,000 jobs last month, the
jobless rate dropping two notches, as 652,000 people simply stopped looking
for jobs. In all, more than 3 million jobs have been wiped out since
the president took office.
Wall Street`s clearly troubled, the Dow diving over 400 points this
My next guest says double-dip recession, here we come.
Craig Smith is CEO of Swiss America.
Craig, are you absolutely — are you saying flat-out, set in stone,
here comes another recession?
CRAIG SMITH, CEO, SWISS AMERICA TRADING CORPORATION: Absolutely,
Stuart. No mistake about it, to quote Mr. Obama. We`re heading into the
All you have to do, Stuart, is look at bond rates. We`re below three
percent, got corporate — corporate balance sheets are stuffed with cash.
They see a slowdown coming. The consumer is deleveraging. Unemployment is
How in the world can this president say that we`re headed in the right
SMITH: Everybody knows, if you look at the data, we`re heading for a
VARNEY: I`m not going to put words into the president`s mouth, but he
could point to the 600,000 new private sector jobs created in the last six
months. That is, as he would put it, a step in the right direction.
SMITH: Well, Stuart, but I`m suspect of those numbers to begin with.
I mean, you know, this president wants to create or save or — I mean,
the jargon is getting ridiculous. Let`s look at just the data, Stuart. If
you look at the manufacturing number, it dropped 1.4 percent. If you look
at consumer confidence, eight percent of the people think that business is
good. Four percent believe that jobs are plentiful.