gary b. smith, edema or president joining us now.investors looking for more business friendly progrowth policies from president trump. how does the setback with the administration's health care bill affect the plans to overhaul the tax code and pay for infrastructure improvement. >> you will be tough at this point. it's funny, last week we were talking about everything was going so smoothly, that we were kind of -- at least i was thinking there's got to be some big down day and maybe it turns out there's going to be down week or maybe a few weeks. my premise is based. the rally from the time trump got elected until just a week or so ago was all built on him being able to get things done, change things. the failure of the health care bill to get any progress puts everything into jeopardy. that was just a single issue. you talk about infrastructure, which touches all 50 states, every senator or congressman and then tax reform, which touches every industry. you have to think what are the odds are that getting done. if those don't get do

gary b smith, jonas, jay, welcome to everybody. john, is the federal reserve with an interest rate hike maybe this month going to wreck it all? >> i think they certainly could. you have to understand. even the fed goes to their target rate of just under 3% in 2018 of historically low rates. but specifically on tax cuts and regulation reform that have been promised. now, if you have a rising rate environment that generally hurt stocks, and if you have that lag time, the market can't go up forever. we're in the second longest bull market ever and at some point, i think if the fed raised rates before we see either application of tax cuts or a defined plan when we're going to get those tax cuts, i think we're going to be in for a rough patch. >> will interest rate hikes wipe away any future benefit of the tax cuts? >> there's a lot of risk in raising rates because, first of all, the federal reserve is a in a tough situation. they're timing what's going on in the trump administration and we don't know exactly when we're going to get the

gary b smith, jonas, jay, welcome to everybody.al reserve with an interest rate hike maybe this month going to wreck it all? >> i think they certainly could. you have to understand. even the fed goes to their target rate of just under 3%

gary b smith, jonas, jay, welcome to everybody.. you have to understand. even the fed goes to their target rate of just under 3%