build more nuclear plants to reduce dependence on energy supplies from abroad. science professor john friedman says, the lack of a consensus among b, e, you states isn't surprising. are you going to get all these european countries that have different interests on histories and son, judie, and again, within the judge and the french speaking about and even on climate? the dutch speaking again with the, with the last, so 10 bucks in and i think the german position is 20 extraordinary because they have been opening the plans and using gas and so on. to substitute for nicky. i know they're not doing everything read. so good name, the solar and wind. now using you know, cabin anything happens on the east coast. i'm down over the hope of getting a gene to me that given the situation, if you're worried about to do, then i need to actually be considered lesson, at least with no crucial agreement. being settled that the climate talks headlines about the event were dominated by some minor, but rather peculiar issues. ah, camilla hasn't stopped talking about hearing the president break when during chat a

john: let's think about that. milton friedman said that it is always a monetary phenomenon.interpret that to mean that necessarily the start of inflation was the printing press. but for it to continue, to go beyond a shock and into a process, it needs monetization and we still have monetization. yes, we are starting to see a slowing in asset purchases that will continue through june of next year. but here is what i would like to see. the fed to, talking about what they talked about in the past, chairman powell talked about the trimmed pce inflations with faster and slower rising components. that moved adversely to the transitory story in november and at the press conference did he mention it? no. talk about it, say it is of concern. acknowledge the fact that between september and october in the fomc meetings, you had 50 basis winks in rise between the market five year eight, so let's talk honestly about the data and how we might respond. of canada responded by ending their asset purchases rather than continuing to pay for them. the fed could have down to $30 billion, but the

john. jonathan: that is where the focus is. tom: joining us now, eric friedmanays some wisdom in his research. eric, is the glass half-full and then you have a tendency in your modeling to say up and higher where you raise your estimates out a year, or even have three years? >> tom, good morning. we do think the glass is half-full and we are very optimistic. we are going to be predominantly based on earnings. that sends a story i know you have covered so well as a team. we started the year at $160. now we are north of $200. we actually think we will get even $230 next year. our viewpoint is that it is a glass half-full environment. the first quarter of next year, everyone knows there is a big basis. the question for us is whether the market will actually sell up starting in march, april of next year. tom: intermediate microeconomics course where everybody including me goes down in flames. it is about the word ambiguity. when the rate rises off of inflation flipped the equity discussion from optimism and resiliency over to a challenge. >> that was a tough class f