and guest host jason trennert.s saying nodding like no, not yes. >> i think with all due respect to steve i think this is somewhat of an accounting fiction. the fed shouldn't be taking, theoretically the fed shouldn't be taking any risk with the taxpayers' money at all. if it has this incredible power. and before bear failed the fed's balance sheet was $800 million. and now as we know it's over $3 trillion and it's on its way to $4 trillion. i think the bigger issue -- >> not disagreeing with what i say though. >> no i'm not. i'm just thinking in the context of the fact that 50% of our debt now matures in the next three years by the treasury, we've increased the debt from $10 trillion to $16 trillion in the last 4.5 years the bigger issue is what happens to interest expense for the federal government much more on the lack of revenue that you're going to get from the fed. the bigger deal in my view -- i'm not disagreeing with what you said. the bigger issue, though, is really what congress itself is -- i mean it wou

joining us to talk about the markets, jason trennert of strategas research partners at the cme in chicagorio of t.j. institutional services and our guest host jack welch. jack, you've got to look at these numbers and i want to start with you. it's great to have you here. >> thanks. >> we've been watching what's happening. what do you think about how the market's been reacting lately? >> well, everyone's decided they cat get yield so they got to go and risk trades. there's no question, you're forced to get back in. >> yeah. >> you're sitting there waiting. getting no money. the cds are doing nothing, treasuries are doing nothing. what do you do? >> lloyd blankfein's been talking about this. almost dangerous to be in bonds at this point. the markets are prepped at this point, hard to say -- >> short bonds aren't going to hurt you. but to go long is a risky game today. >> and it's hard to fight what's been happening not only with the fed but with other simple things, as well. >> everyone's throwing -- draghi says whatever it takes. i'll do whatever it takes. >> the gdp is so still so lacklus