we had henrietta treyz join us. talking about some of the issues in energy policy but it feels like there's a lot of corporate investigations that may be at stake as well. walk us through your take. >> thank you so much for having me. i would like to reiterate something henrietta said which is you are probably going to see more happen in the next two months than the next two years and one of the results of that is very little room for new legislation in the next two years. a republican house majority is going to use its authority to haul by the bending -- how -- biden administered haul biden administration reps in. and the general slate of economic policy issues. jon: what do you think that means for -- i'm sorry to interrupt. for a market that gets caught up in this idea of these midterm elections coming in a cycle of the market when you tend to see outperformance and the idea of gridlock being something that is well-received? what are some of the nuances to be watching? clayton: the biggest thing to watch is you a

henrietta: i have to defend myself, ben bernanke once told me a joke about elvis. through it, that disaster, all eyes are on the fed, to your point. the hike coming is something that we have to anticipate. my one holdover from the great recession i would say is that if we look ahead to what we have coming out of 2023 it's a high likelihood of recession connections in the united states and the eu with a fiscal stimulus out of congress. having the fed reducing interest rates, is a nightmare for investors but i am happy to see it go up. lisa: what was the joke? henrietta: my gosh, i can't remember and i've never been able to remember but it was about elvis, ben bernanke told me and i'm thrilled about it. lisa: thank you so much for this human fabric of the past feeding into the future. you wonder how much there will be a less friendly approach to the federal reserve coming. just saying. ethic it's already started. tom: that's right i think we will be seeing it from a few more. jonathan: will go down there. tom: i would say that we don't know, monday of next week or ev

my name is henrietta wilson. and this is my story.

tom: having henrietta on is a breath of fresh air where the you agree or disagree with her.f fresh air versus the nonstop punditry. she is great about the specificity of what goes on. jonathan: let's talk about the -- what was the word again? specificity. november 15, are we saying he will not make the announcement when it sounded like a preannouncement? tom: i will leave that up to people smarter than me but lisa commented on mccarthy of california and the legit national champion wrestler jim jordan of western ohio and the common fabric there is they are huge to the former president, particularly congressman jordan. lisa: what happens if donald trump announces that presidential run on november 15 and loses and ron desantis wins or is not necessarily the frontrunner? what does joe biden do? do the democrats need joe biden to be donald trump if his ratings were not really showing any particular game for the democrats which is the reason this was so surprising? jonathan: it will be an interesting couple of weeks. lisa: specificity. jonathan: that's a nice word. equity futures

jonathan: henrietta said she still doesn't think he's going to make a run for this but if he does on november 15, that will be the trigger for the current president to make a run himself for a second term. tom: i'm not going to speculate on this one. there are many other candidates out there on both sides and one thing we learned yesterday is will we have debates in two years? i guess that's what we will have. jonathan: i think we've been trying to work out that if you get donald trump making a run for it, does anyone compete against him? we can push that conversation to one side and joe biden runs for a second term, does anybody run against him? we don't know the answer to that yet stuff lisa: what happens if trump runs, then biden will run. what if trump doesn't win the primaries? what if we see a ron desantis when and biden isn't contested, what do you get? tom: what did we learn about our geriatric politics last night? chuck grassley did win in iowa. he barely w ando you look at his age and trumpn after the horrific news of her family. these people are older. jonathan: i'm not in