In an interview on FOX Business Network, Former NYSE Chairman and CEO Dick Grasso shared his take on stock market turmoil.
“Take two aspirin and call your broker in 6 months. This is dancing with the elephants going on right now. What people are forgetting is that China is not in a depression, they simply experienced shrinkage in their GDP from 10 percent to 5 percent. Wouldn’t we love to have that in the United States?” he said.
Grasso sees opportunity in the selloff.
“We are in a secular bull market with a predictable correction as we’ve seen over the last few weeks. People who have missed last 7,000 points of upside in the Dow can now take the opportunity to leg-in intelligently to a well-balanced portfolio," he said.
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