to the extent people say it is, it hasn't been supported by the facts. >> david kelly, former u.s. attorney, steve clemens from the atlantic. thank you for joining me. >> thank you. coming up, who described the gun lobby as a minority terrorizing the majority. it's someone who could be the next president of the united states. we'll tell you who. we'll tell you who. stay tuned. [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. ♪ my mom works at ge. ♪ ♪ my mom works at ge. in life, there are things you want to touch, and some you just don't. introducing the kohler touchless toilet. the no-touch flush for your home. [ female announcer ] f provokes lust. ♪ it elicits pride... incites envy... ♪ ...and unleashes wrath. ♪ temptation comes in many heart-pounding forms. but only one letter. "f". the performance marque from lexus. but only one letter. could help your business didavoid hours of delaynd test caused by slow internet f

to the extent people say it is, it hasn't been supported by the facts. >> david kelly, former u.s. attorney, steve clemens from the atlantic. thank you for joining me. >> thank you. coming up, who described the gun lobby as a minority terrorizing the majority. it's someone who could be the next president of the united states. we'll tell you who. stay tuned. helps reduce the risk of heart disease. it seems that 80 is the new 18. grannies, bless your heart, you are bringing sexy back! eat up. keep heart-healthy. live long. for a healthy heart, eat the 100% natural whole grain goodness of post shredded wheat. doctors recommend it. so i can reach ally bank 24/7 but there are24/7branches? i'm sorry- i'm just really reluctant to try new things. really? what's wrong with trying new things? you feel that in your muscles? yeah...i do... drink water. it's a long story. well, not having branches lets us give you great rates and service. i'd like that. experience a new way to bank where no branches = great rates. ally bank. your money needs an ally. how do i win?ight.everyone wins. because we'

i don't think we were expecting it to be that day, but let's wring in david kelly and blackrock's russ -- i don't want to be too harsh here, about but is the fed's credibility a bit on the line in the fact that they maybe didn't acknowledge the inflation situation picking up as much as some people maybe were expecting? >> well, let's be clear about how much inflation we're facing. what we're really seeing is a stabilization rather than a real acceleration. headline inflation at 2%, most of the measures the fed prefers are still below that 2% threshold. really what we have seen is less about a real pickup in inflation, but the fact that we're no longer as worried about deflation, at least not in the united states, is perhaps as we were six or 12 months ago. i think these a normalization of conditions. >> yeah, yeah, the fed is facing this interesting issue here, rising inflation. i know david is very concerned about that, but also lower growth. in 2014, it lowered by 0.7 down to 2.2. though very slightly raising the forecast to 1.6, up by 0.05. i wanted to point that out, that they lowe

. >>> and david kelly joins us to talk more about the fed. david, welcome. stock investors seem to see what janet yellen said today and did today as green light. did you see it that way? >> it was a positive report on the economy and the economy is picking up through the second quarter of the year and will pick up, there is a chance it will grow above trend pace. whey thought was interesting, long-term interest rates came down today and the bond market is complacent here. the fed, although, changes the forecast, it didn't change much what it's doing in the short term but said the individual members said they thought short-term interest rates would be higher in 2015 than '16 than they thought before and ought to push long-term interest rates up and didn't. there is something of a bubble in the bond market at this stage. there isn't a huge bubble, but there is a bubble there and interest rates are too low given the outlook. >> david, i want to follow what you said at the beginning of your answer to tyler's question, this is a positive, good for investors. what

joining us is david kelly, also russ kostrich. any expect of anything from the fed today?ah, i don't think there had be any change to the quantitative easingport or interest rate past, but they will be changing their forecast. three new people are among the 16 making forecasts this time around, i think they will nunch down their forecast of unemployment, nudge up their forecast to inflation in 2016, so the really interests thing is will they nudge of the trajectory even a little. that could have a bond market reaction. >> a stock market reaction as well, david? >> i presume it would, but as usual. the stock market will be a mixed picture. >> russ, what are your expectations here? when the consensus is there shouldn't be any surprises from the fed, it kind of scares me. the market could react. >> i think that's fair. i think we're going to see a slightly more hawkish tone, just racing the prospects that an initial rate hike might happen earlier. to some extent the market has been more bullish than the fed, so we may see the expectation coming along with the fed. so me one o

let's bring in david kelly and nick joins us he is chief market strategist. good morning.r low. what do you say to people, fill your boots with risk? >> we are very low volume levels. we wouldn't stand in the way. >> this week you think we will hit s&p 2,000? >> they want to keep interest rates low and we know that they don't want to blow bubbles. citigroup has a note out here that they may try and inject volatility into the market. the next fed meeting could cause a 5% correction. >> i think there is a problem here. but their first opportunity here they may begin to nudge up to when they are going to raise the federal fund rates. the last time it was 7.3%. they need to warn themselves and get to a balanced stance. >> turning max yum under weight. do you think the fed may intervene and inject volatility here? >> treasuries feel complacent. i would agree with that absolutely. do you think that people should fill their boots with risk? >> i think that volatility should pick up. it is a lot stronger than behind treasuries at these levels. we are looking at the dow close to 17

joining us to talk about the momentum in the market is chief equity strategist at federated also david kellyf global strategist for jpmorgan funds. we've said it several times already this morning. i think we say it every day now, if you sold in may and went away, you would be unhappy. the question is whether you will be unhappy come september. >> we're sticking to our guns that we think 2100 on the s&p is the right number. we think $120 in earnings, multiples which ended the year at 17 times last year will end this year a little higher. 17.5. so we'll still got some upside. could we hit an air pocket over the summer? absolutely. in our view that becomes a buying opportunity. >> david, where are you? >> we're still cautiously over u.s. equities are. i think the issue we in the market morse than the equity markets where i think interest rates are seriously mispriced and i think the biggest risk to the equity market is interest rates move up a little bit more rapidly than people think. >> anybody here surprised that given all the turmoil in the middle east and iraq that we have not had a real

really spurred earlier in the day when our own kate kelly talked to david tepper. he told her that most of his fears have been alleviated to a certain extent. remember it was out in las vegas at the salt conference. not that long ago where he said it was nervous time. was looking for europe to do something. had questions about the ukrainian elections, also what bs going on in our own economy, today feeling a little bit better. he was bullish then, but perhaps today he is feeling even a little more bullish about the markets given the events we've seen and the markets are in the green across the board. >>> they are. another banner day looks like. dominic chu is tracking the markets. >> green across the board. joy global leads the percentage gainers on the s&p 500. this after the mining economicsmaker posted better than expected second quarter profits. joy global session highs up 6.5%. then there's siena moving higher posting second quarter earnings and sales that beat wall street forecasts. up 18% on the day. barnes & noble gaining ground on news that its teaming up

kate kelly talking to david tepper earlier this morning. >>> back to gm. mary barra saying 15 employees have been fired over the company's recent ignition switch recalls. mickey maynard is a former "new york times" detroit bureau chief. great to have you back. good morning. >> hello, carl. thanks for having me. >> i think we were trying to join you on the phone although i'm having trouble hearing you. do we have you? all right. i guess we do not have her. if you're just joining us, they did unveil what they're calling the valukas report, anton valukas, the former u.s. prosecutor, who found no wrongdoing or cover-up so to speak but mary barra did call it a saga riddled with incompetence and the dismissals of those 15 employees, about half of those, by the way, executives. over to margaret brennan. >> check out barnes & noble, teaming up with samsung to develop a tablet. they'll develop note digital software and shift away from building its own tab lets. barnes & noble trading up 2.86%. back to you. >> thank you very much. when we come back, bit coin and eba

kelly has more. kate, you spoke with david terp. what did he say? >> i did, scott. he stopped short of saying i'm no longer nervous, but that was certainly the indication. he basically said back in may when he spoke at the las vegas hedge fund conference that you and i were both at, he made a list of things, macroeconomically, that were concerning. ecb was top of the list. i remember him saying at the time, look, they need to ease in june, which of course is today now, but he wasn't even sure at the time that would be enough to alleviate some of his and other people's concerns about the markets, but it might be too lilt, too late. however, he indicated he was pleased by what he saw today, saying if you looked at the ecb and their actions today, not just rates but other step, chinese stimulative policy we've seen unfolding in recent weeks, instability in ukraine starting to settle down a little bit, and the u.s. growth picture improving slightly since he spoke, he said the bottom line is all of those things alleviated one by one by one to a certain extent. so, you kn

david. >>> "live" with kelly and michael is next on 6abc. i'm tamala edwards. have a great monday!ow, here are michael strahan and beth behrs! [cheers and applause] ♪ michael: i got you. beth: oh, thank you!

. >> that weekend, i'll tell you what, david -- "live" with kelly and michael is next.certified used vehicles. from cars and trucks to suvs and minivans. browse the store nearest you... ...or shop from our nationwide inventory and have the car of your dreams, transferred to your local carmax store. finding the perfect car is easy when you start your search at carmax. carmax. start here. announcer: it's "live with kelly and michael." today, award-winning recording artist nicki minaj. and a sharp and poignent interview with adam and jamie, the "mythbusters." also, performing her latest single "try," colbie caillat. plus, from the new series "murder in the first," taye diggs. he's joining kelly at the co-host desk. all next on "live!" [captioning made possible by disney-abc domestic television] announcer: now here are kelly ripa and taye diggs! [cheers and applause]

which is only a small part it turns out of the sewage, but once the alibi was that david wildstein and bridget anne kellythemselves not only planned and executed the lane closures on the gwb, but convinced everyone, everyone including christie's chief counsel, charlie mckenna and other former -- u.s. assistant attorney general -- >> right. >> yeah, and kevin o'dowd, his chief of staff. everyone was befuddled and bedazzled. >> two people, ran with it, convinced everyone. >> that was it. the entire master report, $3 million, $5 million, all reverse engineered from my point of view and many other people's point of view to solidify that alibi. >> i will say this. having done some reporting on u.s. attorney's offices and having worked with people, known people, friends who worked in u.s. attorney's offices, when they get going on something, they tend to dig until they hit something. it's in the nature of prosecutorial offices. it's very rare they start getting resources together, start taking depositions, getting documents and say there's nothing here and walk away. >> especially -- paul fishman, methodical,

there's a lot of geopolitics here, kelly. >> well, we wish you the best on your 1.5-mile swim on sunday, david so much. thank you, kelly. happy father's day, everybody. >> and to you. thank you, david p . up next we will come right back with the closing countdown. >> and after the bell stick around. it's coming right up. our special father's day edition of the show. i see them right here, leon cooperman, bill miller, and their sons with me for the whole hour. you're watching cnbc, first in business worldwide. she's still the one for you. and cialis for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get medical help right a

stocks really took off around 11:00 a.m., just as our own kate kelly came on the air with details of a conversation that she had with davidepper, you might remember, last month said he was getting nervous about the market, that spooked the market. but he told kate kelly today that his chief market concerns have been, quote, alleviated. and as you can see, stocks reacted very clearly to this. and i who hope that david is cognizant that he's having this kind of influence on the market and he needs to be careful with what he says and who he says it to if the market's going to take this kind of reaction. >> we talked about the fed taper. the taper tantrum. is this the tepper tantrum? >> i think it is. it's going up in which case it's the tepper clapper. i don't know. >> this is the tepper taper. either way, the dow is up 300 or so points since he said that back on may 14th. it's kind of funny he's alleviated from just a couple hundred points. the dow -- that was my first impression. >> absolutely. what's really changed from then apart from the ecb? there were a number of things he said. >>> more on your top story that ecb unp

joining me now in today's panel david sieberg and kate kelly and kate today, look at this, has a newret club that runs the world, inside the fraternity of commodity traders" and joins us along with anthony steve mariucci and "shark tank" investor kevin o'leary the author of "the cold hard truth and men, women and money." with us as well is "fast money" trader guy adami back for a repeat appearance? right on. >> good to see you. and good to see everybody again. with these markets, we're going to talk in a little bit about or -- we talked a little while ago about what's going on with tesla, the cars on autopilot, but these markets, david, seem to kind of be on autopilot. >> they really are on autopilot. everybody is waiting on the ecb and what will happen with the employment report but they really are on autopilot. i talked to a lot of investors, the institutional guys and they are confused. they don't know what to do here, it's anemic volume, you know. i think there's much more risk to the downside right now than upside given the lofty levels we're at and given the fact that we could

turned around very specifically when noted hedge fund manager/guru david tepper turned it around, when an interview with cnbc's kate kelly. he said the concerns that made him worry that much, remember, he was worried. worried so much about the market -- have been alleviated. ♪ hallelujah >> that's right. barely a month after his negative comments about how the market was making him nervous and it wasn't time to be too freakin' long to use his word he's now sanguine. sanguine about stocks. >> house of pleasure. >> apparently with the s&p up 3% from when he made those negative remarks it's no longer nervous time and the market must no longer be, quote, kind of dangerous in a way, now. i put it it like that for a reason. before you start criticizing tepper, let me just say that what he predicted, what he actually said occurred. if. you actually instead of the headlineses go for the transcript of the first interview, he never said he didn't like the market. in fact, he just said he didn't want people to be borrowing money, a view i express on "mad money," tepper said he expected the market to grind higher and that's exactly

kelly -- help me here. >> david slater. >> you're amazing. >> chrysler up 17, estimates 14, they seeauto sales the annual run rate at 16.9, the best year since 2006, and then nissan crossed 18.8 their best year ever. >> this is amazing. it's amazing. we know that the average age of cars is 12. you need a car to get a job. when you have a job you need a car. this is bullish. we had marty musy talking in the previous show about paychecks, best three months for small business. i think that this is an incredible sign. union pacific said the same thing. autos are great. of course 5 million autos in mexico. they make the cars in mexico. they make them here too. steve liesman good point, saying let's see if they have to ramp up. once you start ramping up opening the factories having them run more you get really good numbers for the economy. you do. sorry to be so cheery. i know. >> we're going to rid you of that habit. >> it's not easy being a philly fan. i'm trying to put a good face on things. >> not easy. >> eagles training camp not that far away. >> look -- >> beat by my team. >> commun

christie's appointees at the port authority, david samson, bill brokeny and david wildstein and bill stepian and bridget kellye. "esquire" speculates that the biggest variable is who might make a deal and give evidence against the others and maybe even against chris christie himself. sources say the most direct way to get to governor christie is to turn david samson. they also say not to underestimate what david wildstein has on governor christie. a request for comment from the governor's office was not returned. there's an open invitation for wildstein and baroni to appear on the show. so chris christie can try to dance his trouble as way with jimmy fallon and tell "the tonight show" host that he can hypothetically beat hillary clinton. he can also make a trip to the first in the nation primary state. but will that be enough if the investigation against his administration unfolds in a way that now looks much more likely. for a look at what all this means, i am joined by brian murphy who's been following this story over the past several months. he's also a professor with brook college. msnbc political analyst

david. >> good to see you as well, kelly and bill. of course, amazon now offers an array of astounding products, selling books though still a key part of its dna, given its history, as you mentioned, of having started there. as it has gained power in selling so many things, it always continues to press its advantage and play business hardball. i talked to publishers about doing business with amazon and within that amazon oouuniverse they tell me it can be a tough place to get anything done, including making profits. >> they control the marketplace. they're the big guy. they're the big kid on the block. you can't piss them off. >> they're a huge gorilla. >> reporter: for dennis johnson and david goedine, book fairs like this one are a battleground. >> we have people who come here with their cell phones and they'll scan the barcode of the book and they'll compare the price i'm charging to what they could get it for at amazon and they'll walk away. >> reporter: amazon accounts for a third of both godine and johnson's sales. when you get

kelly is back at hq and has news for us. kate? >> thanks so much, andrew. news that david tepor, vet well known hedge fund manager and his wife, marlene of more than 25 years, are considering the possibility of getting divorced. they have been living in separate residences for some time, i'm told. and talking about what to do. no official divorce filings yet out there. it's unclear what this would mean for appaloosa management, tepor's $20 billion hedge fund, one of the most successful in recent years. last year alone, for example, the palomino fund, one of his main funds, returned about 42%. as well, annualized returns in main funds, figure they released the middle of last year, 20-year anniversary, have been net gains of north of 30%. so, a really impressive performance from a market leader, andrew, unclear, as yet, if there is a divorce and if that divorce happens what it might mean for the structure or the assets of the fund. more details if we get them. >> thank you, kate. i'm thinking in my head prenup. i'm thinking postnups. do you after the, smiles to the hedge fun

then kate kelli tells us what the secret club that rules the world is betting on now. and one of the first tiger cubs. davidersenhauber is here with his best bets. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. ...i got lots of advice, but i needed information i could trust. unitedhealthcare's innovative, simple program helps moms stay on track with their doctors to get the right care and guidance. (anncr vo) that's health in numbers. unitedhealthcare. >>> welcome back to the halftime report. let's talk stanley cup. tonight the two biggest media market miss the u.s. -- new york and l.a. -- begin to battle for the stanley cup. it's the first time for the rangers in 20 years. that's sending ticket prices soaring. average ticket, $1,437 for the di kings and $2,376 for the rangers which

david wildstein at the port authority, quote, time for some traffic problems in ft. lee. we also heard testimony from a top staffer in christie's office that bridget kelly instructed her colleague to destroy a potentially incriminating e-mail linking her to the lane closure. and today, we heard testimony from a heavyweight inside christie's office. his chief of staff, kevin o'dowd. christie has repeatedly said he only had two direct reports to him, and o'dowd was one of them. o'dowd testified today that governor christie asked him to personally question bridgel kelly last december and by all appearances she said she had nothing to do with the lane closures. here's o'dowd. >> i said bridget i need to ask you about the lane closures. she said something like sure, what about. i said did you have anything to do with closing the lanes at the george washington bridge? she responded with about -- absolutely not. >> did you find her denial credible? >> i did. >> why? >> bridget kelly was someone i had worked with and known for four years, someone who i thought very highly of, hardworking, energetic, loyal. someone who i believed and trusted. >> and it's not jus

kelly, what a night. >> it is the best way to describe it. it is sending after shocks on the political landscape. the second most powerful. he falls victim to little known candidate davidcollege economics professor and supported by the tea party. brat with very little money made a stunning victory in virginia's primary telling fox news his victory is a miracle from god and that his win is based on a grass-roots movement for change. >> our founding was built by people who were political philosophers. it is part of the cheap political rhetoric of right and left. >> it is disappointing, sure. but i believe in this country. i believe there's opportunity around the next corner for all of us. >> meantime cantor's campaign spent more than $5 million, brat spent a little more than 100,000 dollars. in the end brat says of all of this, voters vote. they want to get rid of the washington establishment. >>> a surprising night. thank you kelly wright. the big question everyone is asking who is dave brat and how did he pull off such a stunning win? doug zoo laider is looking at who took downer rick cantor. >> what we are learning here is money doesn't necessarily win in politics. da

kelly is live with the ceo of nrg. >> thanks so much, sue. i'm here with energy's nrg, who just came off a very interesting panel. talk to me about your business, david, in both conventional a and -- energy, 50,000 of the megawatts are conventional, yet you're the biggest solar provider in the u.s. explain that. what's the context of that? >> we're at an early stage in the transformation from the conventional fossil feel fleet, which as you said 50,000 megawatts to what i think is the driver of the future, which is clean energy, wind and solar, particularly solar on the household, but it has a long way to go before it's the dominant source of energy in the united states. >> many people have been talking about barriers to entry, whether it's the permitting process or the lack of subsidies, or any manner of other things stopping the progression of it. i wanted to ask you a quick political question, if i want. there has been a lot of talk about regulation today, the epa's new climate rules, and you were commenting on that. what does this shift in the house do to the possibility of some really forward-thinking legislation on energy, on renewables? >> wel

kelly? >> that is coming up before we know it. see ma, thank you for now. he runs one of the world's largest private equity firms and yes, up next i'll pick the brain of davidout where he sees the biggest investment opportunities around the globe. and president obama is expected to ask former procter & gamble chairman bob mcdonald to run the embattled department of veterans affairs. that's live as soon as it happens. you're watching cnbc. ♪ ♪ ♪ [ male announcer ] if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. hurry, before this opportunity cools off. ♪ really... so our business can be on at&t's network for $175 dollars a month? yup. all five of you for $175. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share. what about expansion potential? add a line anytime for 15 bucks a month. low dues... great terms... let's close. introducing at&t mobile share value plans... ...with our best-ever pricing for business. [ girl ] my mom, she makes underwater fan

david: okay. let's not bury the news which is that you beat expectations. people didn't think it was going the grow as much as it did. the chairman of nahb, kevin kellyhe said one of the headwinds against housing right now is the limited availability of labor. that really surprised me with all of the unemployed laborers around. i thought that would not be a problem. explain that to me. >> well, david, the fact of the matter is that during the housing depression a lot of the skilled laborers, the finishing carpenters, the drywall hangers, it takes about 18-24 months to train some of the laborers in the home building sector. those guys all went and found jobs somewhere else, and they're reluctant to leave their current employment if they have it, and most of them do, to come back into the housing sector. so we're looking at a labor issue that's going the take a while to get through the pipeline. that is the number one concern right now for builders across the country. cheryl: well, speaking of builders, this is a survey, of course, you've got about 2,000 builders in this survey, many of them small builders. i want you to listen to what steven hilton sa

david. >>> coming up on "action news" at noon new charges filed in connection with that heroin elementary school. hear about the accusations a mother and her boyfriend now face f live with kellyss u.s.a., nia says. also, a performance from the legendary aretha franklin. plus, anderson cooper joins kelly at the co-host desk. ll next on "live." now, here are kelly ripa and anderson cooper! [cheers and applause] ♪

david abeny and scott davis later on "squawk on the street." it's funny, davis only 62. >> i was surprised. >> but when you look back at the tenure whether kelly or the guy who preceded davis, six years, they seem to be stuck on six years at ups as being an optimal amount of time for a ceo. >> well, i think davis did a great job. i know that he is often on the conference call talked about the economy and washington has been a problem. i always like davis' conference calls. he tells it real straight. i think that's a tough tenure, a little window they give you there versus fedex. your ceo for life at fedex. >> fred going on a lot of years there. it helps when you own at lot of the company. >> yes, it does. he's -- i -- look there's some ceo turnover. i had doug touf on recently, the ceo of iff recently. he stepped down. the turnover is a little more rapid than i like to see from the guys who are good guys, how about that. >> right. es cue, that's who i was trying to think of who davis took over from and again the tenure more or less the same. >> great american story. starts at ups like 18. >> that's right. >> and now he works his way up to ceo.

kelly? >> all right, julia, thank you for now. we want to dig deeper into what this means for broadcasters and disrupters going forward. joining us is bill hague and davidterback from seton hall university law school. welcome to you both. bill, were you surprised by this ruling? >> i wasn't, our firm wasn't. i actually was talking to a client of mine, a major broadcaster, who called it a loophole piracy. so, we figured that the folks who owned the content would continue to own it, and aereo wouldn't be allowed to resell it without compensating the owners of the content that sells. >> the language, though, around cloud computing was pretty interesting, don't you think, bill? >> i do. i do. you know, very specific, right? so, it created a very narrow ruling that really -- you know, technology's moving awfully fast, so i think they wanted this to be very specific to relate just to aereo and not to things that we can't imagine nor exist today, so i think that's exactly the point you're making. >> yeah. david, i wanted to ask about scalia's dissent as well, which is getting attention, where he says he disagrees, because aereo, the way he sees it, doesn't tra

, kelly, and -- and, yes, i was concerned a couple weeks ago and manich my concerns have been eradicated. i think the market goes higher. we're not early, but i'll never fight the tape. >> okay. davida fundamentalist. i think technicals matter but they take a distant back seat to fundamentals such as valuation, compelling. >> are companies very disciplined with their cash flow and their capital? much more at this tage of this business cycle than in the loft two or three seconds. that's a positive. sentiment is still up. reasonable mistrust in stocks and mean reversion is still working over the lock term and pretty good backdrop to be a -- >> what you do i -- let me put it this way. if matt is right and this is as god as it gets for the economy then those factors you mentioned will be offset by a loss of momentum fundament atherley? >> not as god as it gets. we're in the going to travel at 22% annualized growth rates in the s&p 500 as we have the last five years, but if we setting into a 7.5%, maybe as much as 8% rate of return for stocks, including dividends, that's going to outperform the majority of every other asset class and do it competitively. you nexts the quality of jobs wh