does a consumer get scared in the fall, and are we just whistling past the graveyard, as danny moses tuesday night? >> if inflation stays where it is we have a problem. you're right. wages are rising five, 6% at most, so that means real wages after inflation is declining and cutting into people's purchasing power. they can manage that for a while from extra savings they built up during the pandemic, but they can't do that forever. we do need to see inflation moderate.that is why these inflation statistics we got on wednesday and today are very encouraging, because they signal that we have seen a peek in inflation, but it has to continue to moderate. otherwise you're right, by christmas we are going to have a problem. >> quick question relative to this good news bad news scenario. how do you view what is going on in the labor market? obviously good news underpins some of the fundamentals of the economy, but to your point about inflation, how do you square all of that in terms of the impact on the economy and the markets? >> i am more of a good news kind of guy. i like jobs and creatin

i will tell you last summer that the only person talking about stagflation was danny moses and its right before us. going to 50 basis points inverted, there is no errors to fight this and they say will they will pivot and pause but if they do that commodity goes back up. how do they get out of this mess? >> they are certainly going to deposit certain point but why would they pause? i think it's probably a combination. we see peak inflation but i don't know what they can do, they are and winding. this is a little bit of a 70s, 80s, 90s and 2000 mixed in but there's no precedent for what we see and look what has already happened with the fed having done very little and builders have gotten hit and you see what's going on in that sector so the consumer is starting to feel it and there's not a lot of margin for error. >> used spoke to employment and what we see so far is unemployment or the peaking of unemployment is more so in the tech sector her versus the spinning power, the spinning power is being challenged in the lower third of the consumer base. what is it that the fed needs to see fr

there was an interesting tweet this morning from danny moses i wanted to bring up, because it helps tiehese meme celebrities that we talk about -- if trading meme stocks was equated to playing chess, all of the pawns are being taken and the knights and bishops are in retreat it's all about taking the queen catty wood, and then the king elon musk to clean up this market >> that's a deep melt afor >>> the action this week, wee pleased to welcome back to post 9 jim stork, who hasn't been on the desk for a while >> nice to be here. >> you make the point that the idea that the meme traders were going to be washed out for good was overstated. >> totally i think so many of us, including me, have misunderstood this from the beginning as some kind of at least somewhat rational investment strategy that people lose money, and as rational beings, they would go away, but i think it's not investing, but more entertainment i think it's probably chess masters would take affront at that you don't have to be as skill. but a lot of it comes from my students at columbia they say forget about it, it's not i