j. powell really, powell and a couple lieutenants run this place, okay? they have whatever 600 economists, but he run tvice chairman does not run it board of governors does not run it, he runs it the decisions are made by him and a couple senior economists, they could have wait the. or put it to you this way, there is no reason they couldn't understand what it is like for middle class and lower income people who have suffered through 20% plus price increases across the board, or mortgage rates or home prices, pause of what the federal reserve has done, on top of that, deficits federal budget deficits, are running 2 trillion dollars a your as far as the eye can see, we're not far from full employment we have high inflation we running deficit 2 trillion a year, by themselves are absolutely inconsistent with low inflation, and this spending number of uncle sam, government, was 11% this year. you are running 11% spending, you are running deficits 2 trillion that is what 6 or 7% of gdp, and you still above, your inflation target. >> money supply is highest it

j. powell, there is a study that shows people who have fallen, keep look do you think at their feet.s them fall more, j. powell keeps looking at his feet he let great inflation happen now he is terrified there will know a recession, what happens if we get this recursive inflation like the 60s and 70s. >> scott is right, economy estimates by fed is wrong. he was overly exuberantly dovish to fed jackson hole meeting in august that is first surprise. then the september jumbo rate cut, but rhe rhetoric even in settlement, you smelled a rat way back in august, i don't think that fed knows more than we did, and with their poor models they know less. >> mary daily said to "wall street journal" yesterday she saw no new information that would mean that fed should slowdown cuts, san francisco fed head said no new information, they are blind. everyone in market sees, that it was a mistake, that they need to slow down the cuts, at very least, and next move. could well be up. , and i agree, if it is up, powell has got to go. larry: interesting point by -- >> up and out. larry: scott you have writ

j. powell said it. two "squawk box" regular guests, not going to say them who they are, just walking down the street, they said, tell them the economy is good. >> larry fink said it yesterday. >> we've had these debates where others say it's terrible. i don't think it's terrible, but -- >> people that can't buy groceries. >> the macro economic statistics are good. but underneath the covers there, there are some very serious issues with people you have to worry about, no doubt about that. the lower end of the marketplace is something where people are having -- also, this is why the 50 basis point reduction, right? because you've got signs of weakness. by the way, when the elephant stands in the way, the grass gets hurt. the people at the bottom of the socioeconomic spectrum are the ones that will be hurt first. those are the ones we should care the most about, because the others can take care of ourselves. >> you should never have a mission accomplished banner, because the next thing you turn around, you

j powell.r what's going on economically and especially with the stock market because a presidential candidate says something doesn't mean it's going to happen. when jay powell is speaking everybody is listening and what does it mean? based upon how the fed is acting, even fdic's insurance will not allow this market to go down. neil: mention donald trump. he is not a fan of jerome powell. he's made clear when his chairmanship is up it won't be him. >> he may change that. jerome powell is do what he wants. trump has people who don't like him and he doesn't like them and they say something nice about him. and they are back. neil: the market is racing, we are at a ball market you were telling me during the break and you see that going on a while longer. >> the way the fed is reacting, he signaling we will have lowering of interest rates. a lot of cash on the sideline means we could anticipate it going into the market but driven by what jerome powell was saying. neil: not long ago we were going to s

j. powell and fed. >> larry that ratchet affect you describe where prices only go up, they may go up slowery go up that is a key problem with federal reserve, why dollar has lost over n 96 percent of its value since fed created in 1913. and why? because they need to help facilitate all of the run away government spending that you and david were talking about. that is really what inflation is, it is a way for the fed to take value away from american people, to reduce the value of their income and reduce value of their saving and transfer the wealth to government to pay for massive budget deficits that is key, that people need to were, so long as -- remember so long has run away spending deficits spending remains, the inflation will remain too. larry: you want david malpass, last word, fact is, retirement savings, have lost tremendous value because of the inflation people buying gold, 2700 dollars. that gold signal, which economists and wall street love to scoff at, that is telling you there is a loss of confidence right now, it may be regained after the election, but right now, biden-harris,

. >> meanwhile, state sside fed j powell said the fed will aggressively cut rates before year end.peaking before the audience in nashville, the fed chair sees inflation easing and the u.s. economy continuing to grow strongly putting the fmoc in no hurry to cut rates quickly. >> we will do what it takes in the speed with which we move. if you look at where we were two weeks ago, coming up on three weeks ago, i guess, when we wrote down our sep and made our decision, it was a decision that the bulk of the committee was 57 75 or 50 basis points. of course, that will depend on the data. ultimately, that's the baseline. if the economy performs as expected, that would mean two more cuts this year. a total of 50 more. >> so what do these comments mean for u.s. equity investors? let's ask charles henri? powell telling the markets hold your horses. not too quickly. we will not do a series of jumbo cuts. let's say we get two more 25-basis point cuts from the fed this year, are you still key on risk assets? >> yes. we have the two world's largest economies, u.s. and china, inflating and cutti