. >> let me get to don luskin. you're a fed watcher.ernanke couldn't have been clearer the last 48 hours it's been easy money, easy money, easy money and i'm saying easy money with some profits is very good for the stock market. >> look, go back to september 15th or september 13th when the latest qe round was announced. the stock market is less than 2% higher today than it was then. so what's he going to have to do, buy 185 billion a month to make any difference? honestly we're so deep down the diminishing returns curve as far as fed action is concerned it doesn't matter. you want to look at great central bank policy look to japan. there's a country that's been in deflation for 15 years. they are bringing in a new central bank governor, a new deputy governor. you got to love this deputy governor. talk about rules based monetary policy. he wants to set inflation targets and have a law that the govern of the bank of japan will lose his job if they don't hit the targets. that's accountability. when you start with 15 years of deflation and

it's a great time to double down on some of the issues that got beaten up overnight. >> don luskin, it's a throwaway line. here's obama on the super bowl interview. the guy's talking about raising taxes. he needs to go after investment partnership. harry reid wants to go after oil and gas companies and lord knows what. that kind of tax carpet bombing would generate a correction in the market. the market absorbed the last tax hike okay. but we don't want to push our luck, it seems to me. >> i think we're pushing our luck already. the market has yet to wake up to the reality of the last tax hike. the problem is obama puts the threats out because this is his way of premeg nating with republicans who are going to come to him in the debate about the sequesters and continuing resolution. obama is saying, don't even talk to me about entitlement reforms. if you oh mention those words it will be tax, tax, tax. i will control the public dialogue and that's all we'll e talk about. guys, fold your cards now. that's what this is about. i don't think there will be more tax hikes this year. there's als