jim bianco. he says larry summers is guilty of chart crimes. we'll tell you what they are but more importantly what does he think about navigating our monetary policy by the stars? plus u.s. dominance is slipping but will china have a lehman moment on its way to superseding america? peter st. onge is with us on that. going public, the list is getting longer and longer. we have sarah kuntz to break it all down, because guess what there will be good names out there but some bad ones you want to avoid as well. you don't want to miss "my take" on this headline, old people are the worst. really? all that and so much more on "making money." ♪. charles: all right. we're holding on to gains grudgingly. at this rate we could give it all up. nevertheless a good start to the week but there is still so many unanswered questions out there and contrarian investors might like the market now because we're actually heading what is typically the weakest month of the year. this is september over the years. you can see the last few septembers have been absolutely

i will ask jim jim bianco his thoughts, not an advocate, he says that paradime is set. next. ♪. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ so, you have diabetes, and your glucose is heading low. [ alert sound ] dexcom g7, the most accurate cgm, can alert you before you go too low. now, that's more peace of mind with dexcom g7. ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪. charles: all right, guys, let's pick back up on this soft landing mania, right? a lot of headlines out in the last couple days from the most influential papers out there. so they all agree, "wall street journal," you know, soft landing, "the financial times," soft landing, "the new york times," bolster and soft landing hopes. everyone is digging the soft

let's bring in jim bianco, he is the bianco research president -- all righty, welcome to jim, as well. let's talk a little bit about these rising rates, and so far, a rising market at least today in the nasdaq. >> yeah, it's interesting. i think you spelled it out pretty well there, tyler. >> i did? i hope so. >> when the fed said they were going to battle inflation by raising interest rates, what got hit first? in anticipation of their acknowledgement, they kind of let things run too easy for too long, we saw high valuation tech stocks, we saw crypto, we saw a whole host of things start to sell off. and that's the thing that i think we all grew up with in this business with higher rates, and that should be applied to, you know, investment returns going forward and the valuations that are being applied to such. so, the reinflation we've seen as rates have gone higher in 2023, at some point, something does have to give here, okay? like, so, to me, i think this really, a small shortage of names that are benefits from excitement around a new technology, we talked about that a lot here. a

joining us jim bianco. i wonder if you think it's going to play given the jolts today? >> let's keep in mind, too, the july data that we just got a month ago is very strong. that's why the atlanta fed gdp were talking about 6% gdp for the third quarter. now we get the third set of august data and lagging july data. i'm thinking more along the lines of consumer confidence number took a big dive and the jolts number took a dive. the market gets excited about data that comes in well off cob census. in this case it was weaker. we had stronger data and weaker data right now. i think the trend in the economy is still stronger. i think that's going to keep pushing on inflation. that's going to keep the trend in interest rates up. the ten-year yields, high for the whole cycle, was yesterday. excuse me, the two-year yield was higher. the ten-year's was last week. we're not anywhere much off the peaks we've seen so far. >> are you in the bill gross fair value 10.5 or the summers get used to 3.75 camp? >> i am and definitely for the reasons they cited. using bill gross as an examp

i will bring in bianco research president jim bianco.efore i ask you about some of the topics of the day, your talk about self-destruction and creative destruction, seems like they go hand in hand to me? >> they do. creative destruction, joseph shumpeter's greatest line is the most important thing in capitalism. it allows us to change. we allow it to change. when you stop doing that your economy runs into trouble. look no further than china. their economy is suffering right now and one of the biggest reasons it is suffering they won't allow it to change. change is difficult. change is hard. change leads to uncertainty they don't want to see that. you become left behind. that is the risk. charles: controlled economies always run into that same problem over and over again. let me ask you about the spike in bond yields, all right? we're here, back to 2008, this is key significant number, we get to 4.2 or 4.3 or higher. what is it selling you? what is the message of the bond market to you. >> inflation is behind us. we have more worries abou

tom: -- jonathan: i saw jim bianco fishing over the weekend.think inflation has bottomed for the year. do you share that view? cameron: i think that is possible. durable goods have gone from a peak inflation rate of 18% and alley are running in deflation. they are very much correlated to shipping prices. look at the price to move a container from shanghai to los angeles. it fell 87% from 2021. in july, up 41%. you are starting to see signs of a potential for higher goods inflation, not just on durable goods but also nondurable goods. i think that is a key watch on where we could see a reacceleration. jonathan: is that good or bad for the s&p 500? cameron: i think it is bad from a valuation standpoint. higher inflation is good for earnings. if we are to meet earnings estimates for 2024, you need inflation to stay high. tom: that is the key point. there is a belief that with the interest rate structure of 16 years ago and beyond higher inflation is bad. it is not true when you look at history. she nailed that. jonathan: it raises the question of

i'm going to bring him bianco research president jim bianco and jim you know, yesterday you had like what you put out yesterday about yesterday's session. the anatomy, the anatomy of a good day and video was 34% of the move. tesla was 19% of the move to so called magnificent 7 94% of all of the s and p moved yesterday. rest of the stocks. just 6. here's the thing we've been hearing about this all year long, and sometimes i hear experts talk about it. it sounds like sour grapes. oh, i missed the rally. but it's only seven stocks. so i mean, ultimately, do you expect these others to participate or the fact that this should make magnificent seven will come back to earth and take the rest of the market with it? well, you're right that this has been a very concentrated rally, and by some metrics, it's been the most concentrated. it's ever been. i think the other 493 stocks have been suffering under the chart you showed a few minutes ago of the breakout of higher yields. the magnificent seven companies, they you know the new videos in the apples of the world. they don't need banks. they're

you start seeing all of these signs and it points to that strength that neil dutta and jim bianco speak to other people say, just wait, just wait. that's going to come in. i'm so pleased that wasn't there for that. coming up, lindsay piegza, chief economist at steve, he wouldn't have said her name. he would have just said no, no, he would have asked me to say it. and then would have butchered it. and he would say, great, well done, john. yeah, nice work. you know, that would be on him. okay. you missed. you are missed. hopefully. see him later this week. jeff, you with melon coming up shortly. we'll talk to him about the market. also some developments over in the united kingdom. record wage growth in the uk just as people were hoping the bank of england could back away and bring some life to the mortgage market. for those of you looking to get on the housing market, the housing ladder may be the bear comes back for more. 7.8% wage growth. that's without bonuses. that is shocking compared to the expectation of 7.4%. fantastic. if you're receiving it. you know, it's shocking if your goal

jim is president of bianco research and ron is a senior analyst and commentator. he's also chief market strategist at dynasty financial partners. welcome to both of you. jim, i'll start with you, help us make heads, once-in-a-lifetime chance to buy higher yields or no? >> yields are going up because the market is not completely convinced that inflation is behind us. now, it's not worried about 8, 10% zimbabwe inflation, but we might be in a 3 or 4% inflation world and if we are, you could be looking at bond yields settling in closer to 5% than 4%. that's you're seeing with the 10-year yield and 30-year yield. they're starting to drift towards that target. ironically, it might be because the fed has backed off of tightening, that the bond market is starting to get nervous. if the fed is not going to fight the inflation it's going to fight the inflation fight selling off bonds. that's the big picture that's been driving bonds for most of the last several months they've been moving higher. >> ron, i sense you don't agree here. >> not entirely. i don't disagree fully.