michaelt more from joining us from san francisco.et another day of up and down ending the day higher. what did you make of it? question here big is whether this is the start of a different type of market or just a correction in a longer-term bull market. since we are in it, it is tough to say. we definitely saw a great breath the last couple days. we saw strength across the board, especially energy and natural resources. tohink it was largely due the more than expected robust gdp number for the second quarter. it remains to be seen. we're still growing at 2.5% and the number was better than expected. is the big selloff over then? over? correction phase >> that>> is a big questioned and you can make a case either way. off the ball case, the u.s. does have economic growth. curve,e a positive yield technological innovation, employment -- unemployment low. those are reasons it could continue. corporate earnings remain strong. on the negative side, we have had our correction now. the question is whether there is another downside lag, on t

michaelt's go to waiting in gerard, illinois, on the line for independents. we do not see any regulation of the stock market on wall street. i am a small business owner. we see money loaned. i go to a local bank. with a 700 credit score i cannot get a loan to buy a bobcat. you talk about the 2008 collapse, not one person held accountable. in my small town, you bounce a check for $18 and the police come to your home to take you to jail. yet, big banks can bounce checks for $750 million and nothing happens. they are never held accountable, never going to jail. our banks do nothing for us but charge us. host: michael konszal, start on this issue, no one was held accountable. guest: there was very little criminal investigation of wall street. there's a bunch of transfer. one is the interlocking of the leaf and finance and washington. second, concerns about what happened after arthur anderson. it put a chill in a lot of the investigations about the proper way to do it and instead, folks rely more on large fines. essentially, do not admit. people say they did not d

michaelt to go back to regan. he made a particular question. is the bull market over? good morning, everyone. we have a morning must-read. we have been wondering about joe biden. there have been lots of leaks. here is a morning must-read. biden has been running all along. he is hillary clinton's understudy. i picked this read. it's the first o'hara explanation of what he is doing. we have this conversation all the time. what is he doing publicly when she has endorsements, money, locked down. there is polling data out. in a head-to-head with trump, joe biden has the edge. a 10% advantage in ohio. stand, he could carry it. isn't the rhetorical debate that her support goes to him? she has to implode. he real question is not if eats her in the primary or if something causes her to collapse or it scandal after scandal, she has proved resilient. bernie sanders is having a much bigger affect on her campaign, dragging her to the left. joe biden has many qualities. he is roughly similar to her. he serves as a replacement. essentially he is in mourning. brendan: everything that