>> this is straight out of wood david rosenberg said.s a lag between when the fed raises rates and we see the impact on the economy. i think we will probably see the impact of excess savings going away for sure. that will be in the not-too-distant future not to mention all of the additional liquidity that the government has been pouring in with respect to differing payments on rent and deferring the limits of unemployment. all these things are the stragglers from the covid emergency fund, they are just now really being pulled out. i think we will see the impact of those being taken away toward the end of the year that's going to change the dynamic as well. this is not mean, we are not talking at the end of the world but it means the meme stock phenomenon and the overpriced stocks, there could be a lot of pain for people who haven't done their diligence and make sure that when they choose a technical strategy, it's supported by fundamentals, not just the fomo. sonali: coming up next, we will talk about walmart raising its profit forecast

david rosenberg of rosenberg research. i think that's an interesting look at debt and the argument that consumers are okay, because they've got the 3% mortgage and they're locked in. >> yeah, and corporates with floating rate debt, too, are paying a lot more. that's going to hit margins. and he's right to talk about the sequencing of this market. i just think -- no one has been able to really make a call on just how this was going to continue to roll out. i don't think there's any question. we haven't begun to see the consumer fight. and therefore, it's really just been about where in the market you want to be. it's setting up for a place to really want to own health care, which is going to go into this period, after being underappreciated and we know what the head winds are right now. i think it's an interesting time to build those positions. >> so, defensive. >> yeah. >> it's funny, here we are and tim had a great call into jackson hole on the broader market. and i was saying to you guys earlier today, i mean, i just was

. >>> for more on where the markets go from here, let's bring in david rosenberg david, great to have you with us you say it's silly season, these days, for the equity markets why is that? >> well, i think it goegs back to the comment that was just made about valuations. so i understand the momentum aspect of this market and the technical aspect of it, and we can debate the soft landing or hard landing i would say if you have a soft landing, no landing view, let's face facts you have a 20 multiple on the s&p 500 on forward earnings. that's a 5% earnings yield, and you can pick up 5.5% in the treasury bill market with no risk, though duration risk, no capital risk so, i would say that, you know, when do the math, it's a very expensive market, no matter what your macro view is when i'm talking about silly season, it's one thing to have a 20 multiple a couple years ago when rates were at zero. but the premium has only been where it is today 10% of the time in the past the valuations are extreme i'm not going to say that they are dot com level extreme, but we are in the top 10% of valuati

i'd like to welcome david rosenberg. [applause] joseph lhota pave the way for his family to go to college. he worked on corporate finance, that's where we met. i came to admire his skill and particularly his ethics. it is hard to track, his career, in many acts in public service. he was deputy mayor of new york. he was head of the amity a, i think, two times. he is currently working as the vice dean and see all all of nyu langone hospital. not to mention he ran for republican mayor. this is an interesting and amazing facts. he was endorsed by every daily newspaper in new york, including the new york times. so i don't know if you'll recognize joe, but this documentary on rudy giuliani that i've seen several times. and when 9/11 happened, rudy giuliani is on the phone. the first thing he says is 9/11 is occurring, get me lhota, because joe was really the met running this city. and joe wisely closed the new york city subway and then elevated some of the how -- subway for hurricane sandy. he was affectionately, it goes to sh

tom: david rosenberg has been talking some optimism on disinflation. camp for some time. he talked about it out of toronto this morning. i will go to where claudia psalm is. she is important in this discussion. she is set back by her iconic analysis of how you measure recession. she is begging for some humility here. i want to emphasis -- emphasize this. even andrew on a wing of inflation has an immense humility on how he could possibly be wrong. lisa: this is probably my favorite story of the week, zoom called all of their employees back to the office and said you can't work from home anymore. jonathan: it's -- tom: it's amazing how many different narratives and that being about what are we going to do after the pandemic about how we work and where we work? lisa: all of these transitions, it is how we are struggling to come up with the right model. you think it is bayesian? tom: they got used to this in the pandemic and they are like this is fun, let's keep it going. negative seven for the dow. futures, -16. the dow is bayesian. we do that for jon fer

rosenberg . chuck, you're going to be a regular on the show at this point. explain this to me. why did the attorney general choose to make davidpecial counsel? the same rational he used for donald trump's special counsel clearly applies to here. >> and he had described david weiss's running room that he had the ability to make his own decisions in the case. so i give him this extra title? it seems somewhat cosmetic to me, chuck. >> are there additional tools that he did not have before? what are those tools? >> at the edges, yes. he can bring charges in other districts on his own signature. but frankly he could not have done that if he wanted previously two. the word here is, cosmetic. it doesn't change the tilt of the earth. >> so the motivation here for the attorney general, is he worried the cases against trump will look biased? >> there seems to be a drumbeat to the point the special counsel can investigate at least hunter biden if not the biden family. mr. weiss and the special counsel has the authority to take the investigation where everything ought to go. there is a problem i think, generally, with the special counsel