well, this target behind me in the cambria neighborhood opens up in about a half-hour.ing to people who shop here and they are dealing with the stress of holiday shopping. they don't want to have to think about identity theft or their account being drained. now, target officials say that up to 40 million accounts may have been compromised. if those have resolved the issue and is partnering with a third party forensic firm, customers who shopped from thanksgiving day all the way through december 15th are at risk. the information compromised includes customer names, credit or debit card numbers, the card's expiration date and the three-digit security code. >> i shop there all of the time. i just have to check on my bank. make sure everything is okay. >> i'm disappointed it's so easy for somebody to be able to do that with a company like target. >> reporter: the seat cret service is investigating how the unauthorized access occurred. a silicon valley expert said it could have been a skimming device attached to a credit card reader. he says it's more likely computer hackers

cambria investment management joining me with they're take.>> i don't care and nothing is baked into the market. i think the reality is that the fed tapir will not occur until probably 2015. of talking about a real tapir, not two or 3 billion a month. dennis: 2015. okay. do you take the other side of that? >> no, i echo exactly what john said. i think it is fairly big tent. if you see yields move about is a positive thing for the equimark, especially for reits and banks. the bond yield has moved up pretty quick. no think there's a lot that you will see, bonds coming down in the next three to six months. cheryl: both of you guys a team of wall street is betting more and more at the taper could come next week or right after. so 2015. is it because you think that the economy is so bad? >> the economy is weaker than people think. the fed will not raise until we see that gdp flair. dennis: where is it now? >> it is about one floor. dennis: and for the people who don't know. >> said gdp adjusted for inflation. dennis: some fancy math. is it because