about the state of the economy, malcolm etheridge, executive vice president at cic wealth, and brian jacobson with annex wealth management. welcome to you both. brian, let me begin with you where are you on the sort of spectrum of recession, slight recession, no recession, what do we need to be prepared for economically >> thank you for having us when we discuss it here at annex, we think that just look in the rearview mirror we've had recessions you had two down quarters in 2021 2022 2023 as well you see the fourth quarter gross domestic income was negative same thing first quarter 2023. so really the recession is somewhat in the review mirror and we may be going through this kind of choppy period almost like a double dip triple dip kind of recession environment. thankfully earnings were one of the first things to drop so in a way you can almost kind of position yourself more for recovery, but it will likely be a tough slog so from an investing perspective, we think the recession is mostly in the rearview mirror. >> and while i take your point that the classic definition of a recession is tw

joining me now is brian jacobson, along with keith fitzgerald keith, you think this is for real, ande're underestimating how big of an impact it will have. >> i think it's not only being underestimated but most investors are not aware of the magnitude of what we are talking about. this parallels the introduction of electricity, something that will change the course of human history. the goldman numbers are low, and every company is going to adopt or use ai in the next ten years, and profits will follow. >> i am not sure many people would disagree with you. where everyone disagrees is what it means for the stocks that are affected when you see anyone who mentions ai, the stock gets a bounce. the ai ticker is up double this year i don't know, we are reaching the point at which, you know, the hype's going to overtake everything and drive things to silly levels >> respectfully, that's always a risk, and it's go ting to like dot com 22 years ago there's going to be a degree of hype that comes with anything that sin vented. it's the same when we transitioned from silent movies to talkies b

former wells fargo economist, brian jacobson. d trader scott bauer who's making trades to prepare, and we have ross gerber of gerber kawasaki, he's going to talk about the tesla news. brian, staffers on both sides of the aisle are meeting even if the big guys are not. but you're calling this locking of the horns on the debt ceiling just theater. it's kind of smoke but not fire? but even the first act of this play has audience shift anything their seats and piling into treasuries. why are you not worried? >> yeah, thanks for having me. our investment policy committee, we've discussed this quite regularly as far as how should we be positioning client portfolios in anticipation of if there will be a default or not. and a lot of us have lived through a number of these debt ceiling debates in the past, and we do know that politicians love deadlines. and one of the problems is that there really isn't a hard deadline here. so even though treasury secretary yellen said june 1st, it could be as early as that that they actually run are out