version of it right now it really begs the question over if it's classical kind of adam smith and david ricardo joseph schumpeter capitalism as taught in college and grad school or if it's more of an i and randy and servile of the fittest at any and all costs by any means necessary vulture market fundamentalism that is built on increasing amounts of financial leverage and speculation versus actual manufacturing productivity and this is stand ability of a middle class i don't think it's working in the same way that it had in decades past ok it's going to alexander in the annapolis i mean i think that's the point here is that i have actually for capitalism ok i don't want to have any misunderstanding but i'm i want to work for everyone or more people and it's working for now ok because we we see you know we hear you know depending on what side of the political aisle you are you know how well the economy is doing well it's doing really well for rich people and that is undeniable when it goes a little bit further down i think it's a lot more nuanced than the talking points that here on c.n.n. or fo

major central banks work together they don't there's no sense of competition in the world like david ricardo talked about in during the 1st years of nail classic economics it's all collusion they're all buying horrible junk and they're all working together and they have printing presses a so why with this and any time soon things don't always end when you expect them to and as we just said this bubble has been going on for 10 years you should have collapsed 2009 at the latest or 7 even if you didn't and you know the theory is very simple if you if you grow 2006 when the grocery store to world global debt was 125 trillion since then another 140 trillion has been printed so we are around 20665 true you know and remember all of that is just it's bubbles it's nothing to do with real money and that money has been invested into main in the stock market is not going into the real economy so then manufacture. fake money and created fake well now i'll long you think the world can continue to live on just scenario or on fake money and fake asses i think we are not a reach to point one that sheer weigh

comparative advantage, david ricardo. it's a win-win for the world, this free-trade agreement. the further we go on free trade, the bigger the wins will be. the only losers i can see are some democratic naysayers who were really, never going to work. he is a protectionist. he is tariff man, all of that, they're the losers. the winners are all the american people and rest of the world. it is not us versus them. it is us with them making it more profitable world for everyone. cheryl: art laffer. thank you for being here. appreciate it. >> cheryl, you're doing a great job. take over the show more often. i love coming on with you. cheryl: charles would love to hear that, thanks. [laughter]. thank you, art laffer. >> i love charles too, don't get me wrong, don't get me wrong. cheryl: he will be back tomorrow. you're so cute. in addition to the trade deal signing on wednesday earnings season will kick off this week, tomorrow, actually, with the big banks posting their fourth quarter results. bring in to break it all down, bny mellon market director ellen young and erin gibbses cio, e

websited, so you can go back and say, aunty, it's true that you prayed to the idol of adam smith and david ricardo but i just hate to give you this footnote. let me print out some of these documents. folks, love you dearly, but world bank data shows the developing countries who have liberalized fastest have seen huge income inequality and their growth rates declined. and i'd like to share with you the 400 page will banks study i've printed out jamming the entire computer. but that kind of information, so that when you want to make the point, hey, this is what's happened, so you have actually the muscle to go back and say, or to read more about it. if you read it and you say, i'm skeptical about that. those folks must have gotten that wrong. go back to the original source and actually read it. we have the pages pinpointed so you don't have to read the whole 300-page study to get to the data we're talking about. the other thing we did is we made it a little sarcastic because it's a little depressing. so, for instance, the chapter on the environment is called, the w.t.o.'s environmental impact. first