joining us on a cnbc exclusive is wharton school professor of finance jeremy siegel. am curious first of all, jeremy, your thoughts on today's action and why you think we're seeing this sell-off now when, you know, the drama has been coming out of d.c. for several weeks now? >> well, one has to remember that the rally since trump's election has been based not on trump's agenda, on the republican agenda. i would say that 90% of the people, investors on wall street and most of the ceos would prefer a president michael pence rather than donald trump. so in a way, you know, what kind of troubles he has, might he have to resign, might he be impeached, all of that does not derail the republican agenda upon which this rally was based. >> but, professor -- >> you know, daresay -- yeah? >> i was just going to say, i take your point about mike pence who is wildly popular, but you don't think a handover of power from the president to mike pence would derail the republican agenda? >> you know what? if donald trump resigned tomorrow, i think the dow would go up 1,000 points. presi

a week where you heard from robert schiller talking about market going up from 50% perhaps and jeremy siegelcoming on our show talk about that juxtaposed against the warnings of singer and others. we'll get lee's thoughts. maybe he'll settle the score, if you will, on the debate of the rally and the risks, and we deal that in about ten minutes or so snow appreciate it. >>> coming up, the impact on business of the ceo of taen yum. legacy technology can handcuff any company. but "yes" is here. you're saying the new app will go live monday? yeah. with help from hpe, we can finally work the way we want to. with the right mix of hybrid it, everything computes. president trump saying germany is very bad on trade what the trump administration wants is more of the vehicles sold here to be built here. >>> just weeks ago, to stand the unprecedent ed attack that hit companies including renow, fedex, nhs, how have businesses faired and what vulnerabilities lay ahead? weighing in is cofounder and ceo of private security giant tanium. so, what have you seen since the attacks in term of client demand and y

jeremy siegel. >> be very careful. he threw out a number, then backtrack and was in terms of years. so let me say this. if you want a definitive declaration, i wouldn't know. bonds are very fully valued. i think stocks are more attractive than bond. but if interest rates belong near current levels, the returns in stock market ought to be 5, 6, 7%. so, if you have enough year, then you'll get to schillers 50%. i didn't understand it because they talk about sickly adjusted capital. cape ratio and it's at a record high and says i'm not bullish. after being cautionary for a year and a half. we do our own work. i would take his views and my own over anybody else's. >> let me get your point of view on what paul singer had to say. >> brilliant man who's been bearish for five years. fabulous business. i said five years ago, we had a yield. he's not being paid for his views. his performance is excellent. it's a great firm. opinions are like noses, everyo everybody has one. >> he said we think this is a good time to build a significant amount of dry powder. active stocks and bonds are exist u

jeremy siegel, another notable voice on the market said stocks are still the place to be. >> yes. >> juxtapose that against the paul stone who says all hell will break loose. the risks are being ignored. they're elevated. lee cooper man on our program had this to say on where he thinks we are in the cycle. let's listen to that. here's lee cooper man yesterday on halftime. >> we're not in the third inning of a bull market. we're not in the 23450i7bth to the last inning. conditions aren't there. bull market doesn't die of old age. economic excesses don't die of old age. >> you're suggesting that we're at a point of excess? >> yes. >> in the u.s. stock market? we're not in the ninth inning, we've gone into extra innings of this rally? >> well, we're somewhere between 99 and 2000. you know, '99 the nasdaq still doabled into march 2000. if you're praying to money, the dow could easily go to 100,000, could go to a million but in real terms it may not go up and as financial assets and asset prices move up, the real economy may actually -- real measure, not measured by the government, the mi

jeremy siegel at the university of pennsylvania. professor, welcome back. >> happy to be here. >> i know you've been listening to this. >> a lot of back and forth. >> why don't you weigh in. >> there is a lot of things, you know, you could say why do value stocks in the long run give better runs than growth stocks who have better earnings. it has to do with the pe ratio. that you're paying for. and slower growing stocks have lower pe ratios and higher dividend yields and they can do fairly well. that's why you can earn quite decent returns in a lower growth environment. but all that said, the biggest shock to macro economists of a last ten years has been the growth of productivity. we useded to grow 2.5% a year. now, we're between zero and one. productivity is what makes wages grow, what makes the standard of living grow. so we can get a lot of jobs, but our standard of living isn't increasing, there's a lot of dissatisfaction, so we could argue about what effect it has on stocks, but it certainly has a lot of effect on people. on i