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we have david bahnsen here. what is david bahnsen's book. i'm skipping through the text. let's go right to it. wait. david bahnsen, managing partner of the bahnsen group. the author of full-time work and the meaning of life. arthur's book, "taxes have consequences" is that right any know it by heart. >> you got it. larry: art laffer, my dearest friend, who should have had a nobel prize 30 years ago. david, you're here. market going down. gerri willis made i thought some very interesting connections. i don't know this is about the economy t may be about fears in the middle east, what do you think? >> what is interesting as bond yields came down and the stock markets are down. we've had a total correlation with stocks and bonds and bonds going higher on the day that stocks drop. today was a little bit opposite. oil was up, not that much, 86, 87. but it was up. it had been up. it was 75 now it is over 85. i think there is permanent instability in the middle east but it is heightened and i don't think markets know what to make of it but i just want to remind people, markets w
we have david bahnsen here. what is david bahnsen's book. i'm skipping through the text. let's go right to it. wait. david bahnsen, managing partner of the bahnsen group. the author of full-time work and the meaning of life. arthur's book, "taxes have consequences" is that right any know it by heart. >> you got it. larry: art laffer, my dearest friend, who should have had a nobel prize 30 years ago. david, you're here. market going down. gerri willis made i thought some very...
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david bahnsen with the greg ip article, he a start guy. high just says -- he just says that economy is strong and people who poll in surveys they are incorrect. i would raise another point. borrowing costs, are very high, not in the cpi it used to be. mortgage rates over 7%, if you buy a new car i think that 9 percent, and a used car 12%. and credit card rates with 25% plus, i think that it has something to do with pessimism among people who up to their eye balls in debt. >> the most subjective answer that i can. not meant to be partisan, problem for people who expected it last year, a big resolution -- reso recession is no one is paying the higher borrowing costs. people are not, the most people are still paying 3%. and a lot of companies didn't need to go to bond market. because they had borrowed back when rates were lower, i think that fed knows this is coming there is a quiv out there for buyeros costs, they have gotten away with it. larry: expiration date on that. j. powell is back in the news, everyone is you know speculating about t
david bahnsen with the greg ip article, he a start guy. high just says -- he just says that economy is strong and people who poll in surveys they are incorrect. i would raise another point. borrowing costs, are very high, not in the cpi it used to be. mortgage rates over 7%, if you buy a new car i think that 9 percent, and a used car 12%. and credit card rates with 25% plus, i think that it has something to do with pessimism among people who up to their eye balls in debt. >> the most...
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maria: david bahnsen and kevin hassett. a wild week on wall street with first quarter earnings and key inflation if data on deck. dan niles is here with the number one thing he's watching right now. that's next. ♪ ♪ if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. if you have an eye infection, eye pain or redness, or allergies to eylea hd, don't use. eye injections like eyla hd may cause eye infection, separation of the retina, or rare but severe swelling of blood vessels in the eye. an increase in eye pressure has been seen. there's an uncommon risk of heart attack or stroke associated with blood clots. the most common side effects were blurred vision, cataract, corneal injury, and eye floaters. and there's still so much to see. if you are on eylea or a similar type of treatment, ask your retina specialist about eylea hd today, for the p
maria: david bahnsen and kevin hassett. a wild week on wall street with first quarter earnings and key inflation if data on deck. dan niles is here with the number one thing he's watching right now. that's next. ♪ ♪ if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. if you have an eye infection, eye pain or...
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david bahnsen with me this morning. i'm saying the selloff is the direct result of a sharp rise in interest rates this morning. am i wrong? >> no. the bond yields are slightly higher the past two days, but i do disagree with something you said about the fed treating on cuts and that causing the market. that went on for the whole quarter with, and the market was up 10%, and we went from expecting 6 cuts to 3 cuts starting in march to starting in june, and the market couldn't have caredless. i think the -- cared less. stocks and bonds are still very heavily correlated. stuart: we've had two days now, if the selling continues today, is this the start of something bigger or. >> it's impossible to say, but i know you want me to say, and i'll just guess and say 50- 50. [laughter] stuart the, here's what it is, the market's very expensive. bond yields going higher makes the stock market more vulnerable to selling off a because of the high valuation. stuart: got it. david, stay there, please. you're with me for the hour. there'
david bahnsen with me this morning. i'm saying the selloff is the direct result of a sharp rise in interest rates this morning. am i wrong? >> no. the bond yields are slightly higher the past two days, but i do disagree with something you said about the fed treating on cuts and that causing the market. that went on for the whole quarter with, and the market was up 10%, and we went from expecting 6 cuts to 3 cuts starting in march to starting in june, and the market couldn't have...
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let's bring in bahnsen group manager david bahnsen. david, i have to ask you about this, the dividend play, you pick pick specific stocks, you have a your way to go about it, overall the dividend play has seem to be fading on wall street >> s&p dropped 22%, nasdaq dropped 35%, our dividend portfolio was up 6%. most index growth were down five or six percent. we were up. my point, we beat 20% in the down year. don't forget the defensive of it. charles: right. >> the chart you're talk about more recently, it's amazon and -- charles: a.i. stocks. >> a.i., with nvidia and so forth. really it is a value growth factor consideration right now. the question is, can companies that never return to capital to shareholders be considered good long-term holds? history has punished companies that do that. eventually management gets too arrogant and sets money on fire. charles: sew last week guess, joined ford, hsbc, ford, warehousers offering what they call a special dividend. according to research report, this is the journal of financial economics,
let's bring in bahnsen group manager david bahnsen. david, i have to ask you about this, the dividend play, you pick pick specific stocks, you have a your way to go about it, overall the dividend play has seem to be fading on wall street >> s&p dropped 22%, nasdaq dropped 35%, our dividend portfolio was up 6%. most index growth were down five or six percent. we were up. my point, we beat 20% in the down year. don't forget the defensive of it. charles: right. >> the chart you're...
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if joining me now is the bahnsen group manging director david bahnsen and former council of economic advisers chairman kevin hassett. gentlemen, thank you so much tae before maria: there's also a possibility that there will be no rate cuts at all. your reaction. >> yeah. neil likes to get that attention. i will say this, you started off the year with the market believing there were going to be six rate cuts this year, it's down to three. we started the year believing it would start in march, the market now believes it'll start in june and july, and yet markets are is still up anywhere from 6-10 president on the year. the fed -- 6-10%. the fed is not the key driver in the market case revisions come right after the numbers a month later and we realize, oh, it wasn't as strong as it looked. kevin can, you've been working on this jobs picture in terms of who's really getting hired. tell us what you've learned. >> if you get the breakdown of whether one with was u.s.-born or foreign of born who's in the jobs report, and over the last year that table reports that there were 615,000 jobs cr
if joining me now is the bahnsen group manging director david bahnsen and former council of economic advisers chairman kevin hassett. gentlemen, thank you so much tae before maria: there's also a possibility that there will be no rate cuts at all. your reaction. >> yeah. neil likes to get that attention. i will say this, you started off the year with the market believing there were going to be six rate cuts this year, it's down to three. we started the year believing it would start in...
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david bahnsen with me in new york this morning. the most important part of in this report, i think, is inflation. what did this report tell you about inflation? >> it tells you absolutely nothing about inflation -- [laughter] because this is manager i want the right and the left to understand once and for all. it used to be only people on the left that didn't know this, now the right seems to be confused. jobs don't cause inflation. people working doesn't create inflation. too much money chasing too few goods causes inflation. when people are working, you're producing more goods and services. so this phillips curve model they used to call it in the 1970s, this fed model that we are worried jobs are creating inflation, it isn't true, it's the never been true. what they do or don't do with rates should have nothing to do with people working. stuart: real fast, interest rates are rising this morning, but the market is also on the upside. they don't usually do that. >> no, that's true. stocks and if bonds are correlated. however, the b
david bahnsen with me in new york this morning. the most important part of in this report, i think, is inflation. what did this report tell you about inflation? >> it tells you absolutely nothing about inflation -- [laughter] because this is manager i want the right and the left to understand once and for all. it used to be only people on the left that didn't know this, now the right seems to be confused. jobs don't cause inflation. people working doesn't create inflation. too much money...
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david bahnsen with us this morning. how do you think mar-a-lago man stacks up against scranton man, david? >> well, obviously, that whole language is crass warfare and political -- class warfare and political marketing. and i suppose it's fine as a political message, but substantively i get tired of the class warfare. and, candidly, wages grew the post after trump's business tax cuts at the lower income. that's where the highest percentage of wage growth came from if when we did that the very needed business income tax reform. so there's things that i might disagree with in the trump economic platform, but those are the things that biden continued with. for example, he hasn't touched any of the tariffs at all that president trump put on. so i don't think there's as much daylight as he wants to say other than in areas where president trump was pro-growth and president biden is clearly not pro-growth. stuart: david, one of the most popular features of your appearance on this program is when you give us us some dividend pi
david bahnsen with us this morning. how do you think mar-a-lago man stacks up against scranton man, david? >> well, obviously, that whole language is crass warfare and political -- class warfare and political marketing. and i suppose it's fine as a political message, but substantively i get tired of the class warfare. and, candidly, wages grew the post after trump's business tax cuts at the lower income. that's where the highest percentage of wage growth came from if when we did that the...