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O'Neill created the famous "BRIC" acronym for the economies of the leading large emerging economies. He is chairman of Goldman Sachs Asset Management. CNBC checked in with him today for his view on a few subjects; here are his main thoughts:
- He is encouraged by the fact that global stock markets don't seem to be impacted by the fiscal cliff issues.
- The markets either think this issue will only impact the states or the American politicians will do something useful.
- He thinks the global markets are taking leadership from the market in the states which led in 2012.
- Investors seem to realize that whatever politicians do isn't going to address the long-term challenges facing the economy.
- The U.S. economy has two big strengths right now: housing and the shale oil and gas boom.
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