let's ask a man from my great respect, an uncanny read of these markets, ken fisher of fisher investmentsn rate hikes. that was part of the -- what got stocks going. you think that is right? >> how do you know? first off, you know me. you know that i'm almost always a fed critic. they don't really know what they'll do. i said that on your show before. thanks for having me back on. the fact is, how do you know what crazy people will do? that's kind of what you got here? the fact so what they have been doing isn't really what they should be. they don't need to keep raising rates. they might. they might do a quarter point, might do a half point, might do nothing. shouldn't have much difference on what we go from here. the focus on the fed. >> you know what is interesting, too, if you think about it, whatever people will say about silicon valley bank and they said a lot, if you think about it, this is not analogous to what we had during the meltdown when they had the fancy invest meant vehicles that people would package and sell to unsuspecting investors and one thing fed on itself. if there'

to ken fisher on that from fisher investments, the founder of that money management firm. hich the chairman kind of telegraphed might be it for a while. what do you make of that? >> well, he kind of did. and the fed did what people expected they would do, prec precisely what he said. and then this feature talk in the q&a afterwards was a little bit tough guy stuff. him, you know, himself getting confused between darth vader and jack dempsey. there's the wild card, which is in the middle of that, out of nowhere, janet yellen comes and says for no apparent reason because she didn't need to because she's people can't learn to not shoot their mouths off that there was no real plan to provide insurance for broader than current fdic coverage, which then gets people going oh, that means we're going to have more bank failures. that instantly started driving the market down. >> neil: you think we'll have more bank failures? >> well, surely we will have more bank failures. that's not the issue. the issue is are they consequential. i don't think they'll be consequential. that is you c

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charles: ken fisher, thank you so much always appreciate it.. >> great to be with you charles charles: folks my takeaway on the federal reserve and its role in throwing cold water on young american's dream of owning a home and we're closing out a volatile month, looking amazing, so rob luna. he's been super hot but he's made something of a major u-turn because of a popular southern restaurant chain. got him thinking, its got us thinking, he's next. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. first, there's an idea and you do something about it for the first time with godaddy. then before you know it, (it is a life changer...) you make your first sale. small business first. never stopped coming. (we did it!) and you have a partner that always puts you first way. (no way!) start today at godaddy.com. these days, our households dep

thank you very much, let's bring up power on wall street, ken fisher joining us this morning.king crisis appears to be back, certainly in europe, where do we go from here? >> first, thank you for having me back and in your honor, your background from the london school of economics, i learned were my london stock market ties today. that said, the shorts have run down european banking world looking for a european version of what went on with silicon valley bank. the reality is they probably don't get anywhere with that but to the questions raised in your prior interview with edward, the fact is the fed right now is hitting their trying to figure out, which we got to do, do we got to do something? is there nothing we have to do? they are busy talking to people, euro bank but also inside the united states and they don't know what they will do. stuart: we have the big american banks down this morning. i believe in part because of larry thinks letter suggesting three and a half to 4% inflation for years to come but it looks like we've got contagion in american banks this morning, wo

ken fisher, great read of the market. >> thanks for having me.eil: he zigs while others are zagging here. he is richly reward in the the process. consider what he said. we like al points of view, and you don't hear much optimistic about that out there. maybe our next segment is about that. china is the big, big worry not so much for bellicose talk but the bellicose spending. it is putting money where its kind of scary mouth is right now. that is putting pressure on us to do the same. i will explore and explain next. ♪. hey, man. you could save hundreds for safe driving with liberty mutual. they customize your car insurance. so you only pay for what you need! whoo! we gotta go again. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ a ballet studio, an architecture firm... and homemade barbeque sauce. they're called 'small businesses.' but to the people who build them there's nothing 'small' about them. that's why at t-mobile for business... you'll save more than $1,000 versus verizon. and with price lock guarantee, we'll never r

it was something that i took up with ken fisher, the billionaire investor. to illustrate the fact that we're focusing on the wrong institution. take a look. >> the fact is, when he talks and the market goes ooh! there's a part of what i have written about in my "new york post" column that ran monday about the pessimism of disbelief that just turns every good thing in the interim to a yeah, but. >> neil: you think that the fed would help the markets with more clarity or are they providing enough clarity and this is just noise? >> it's funny. they keep changing what they say all the time. i go back to what i said on your show before. in may of last years, powell said, we are not even considering 75 basis point rate hikes. then the next month, in june, 75 basis points. the next three meetings in a row, 75, 75, 75. they don't know what they're going to do. they never have. i don't think they ever will. >> neil: admit it, it was scary when ken fisher was laughing like the writler from badman. all right. he raise as lot of good points. the fed can't see the future

ceo ken fisher on this program as a guest is moving his company headquarters from washington state, goingo texas. jason rantz with us, is this beginning in washington state? >> probably is, not just business but wealthy washingtonians. this ruling by the state supreme court is laughably ridiculous and they don't hide it. under washington state law, income tax is unconstitutional, property tax is unconstitutional in this context. what is weird is the irs and 49 other states consider capital gains tax and income tax, in their decision the reason they move in this direction, the upside down tax system burdens disproportionately the community and we have too wealthy white people. they did not rule on the law, it reads like a press release coming from the democrat party and as he pointed out in his statement, not just to come. washington state legislature talking about wealth tax for the last year and a half and that's likely what they will do next. stuart: here's one for you, crews clear out homeless encampments in some seattle neighborhoods, >> we have shelter space available, most of the fo

i was looking up there ken fisher op-ed in the washington post today i feel empathy for this viewpoint. a bull market is in full swing despite many in denial suckers rally since the recovery doubters of bull markets hunt boogeymen. distractions like chinese spy balloons is all part of the pessimism of disbelief that bull markets climb. >> that's an interesting perspective. that's why you see the grind in the market >> especially when people come on and they may end up being right right. that is my point if you cite the fed and inflation and earnings, no one in the world, even people that don't follow things closely could name those three things. when it is front and center, it has to be worse than what we already know. >> is it because we have already seen the sell off or it was brought down last year and 20% drop in the s&p? >> the 10-year is off? >> the argument that the fed is going to have to stop sooner rather than later? >> liesman says there is no such thing as a lag i still think there is a lag >> there's doesn't have to be a lag if you talk to steve schwartzman who says the co

ken fisher was on the program yesterday and said now is the time to purchase big bank stocks. >> just the best shape of my 50 plus year career in markets. when you get the bank failures you don't know where stocks will be 45 days later, in two years they are higher. as warren buffett said you should be greedy when others are fearful and fearful when others are greedy, people are fearful. stuart: very interesting, dr barton is with us, are you on board with buying big banks nauert expectation of a nice again a couple years down the road? >> i really am and i think several of them are really well-positioned to. i wrote you in my notes that i like jpmorgan because of what they've done leading up to now. they have shown so much strength, made money hand over fist to the tune of $46 billion. strong reserves, too big to fail category. it's pretty safe for american investors to put money in too big to fail when they have a 12%, 13% holdback. stuart: show me the regional banks. looks to me like they are down again, enormous volatility, first republic 30%, still a lot of jitters in the second

i'm talking about ken langone and billionaire investor ken fisher coming up. both are here. an

is ken fisher one of them? what does he think

are two camps here we're going to fall off a cliff economically at the end of this year, or, like ken fisher're at the start of a brand new bull market. the truth is probably somewhere in the middle but for the markets interest rates and the fed what will be front and center that will affect which way these markets go, neil. neil: what about interest rates themselves? of course the 10-year, for majority of last week was over 4%. now under that, not by a whole bunch. and the expectation is whatever rate increases we are to see, they won't be that dramatic. i don't know if that is a bit too sanguine of you. how do you see it? >> i tend to agree with that. i think the risks for the market is not how high rates go from here but it is really what is the duration of rates. look at rafael bostic the fed president from atlanta, he sees the terminal rate going above 5%. this is key, neil, staying there into 2024. that is what the market is missing. i think you're seeing a lot more fed presidents say that. that is our base case as well. seeing terminal rates get above 5%. you get post-elections, 2024

a lot of big business titans like ken langone, big investors like kin fisher are in that camp as weller the battle on rates is complicated now by this bank situation. the fact that he is seemed to indicate this might be it for a while this latest rate hike? >> neil a pleasure to be with you. i think we're in agreement that jerome powell has not done a great jock over last couple years. i would like to see him raise interest rates more last year, 50 basis points, something like that. start pulling down on the balance sheet. that is what is going on out there. adding all the liquidity, manipulating the overall economy. too often we look at boom period, excess government spending massive increase in the deficit, increase balance sheet of the fed, keeping interest rates too low, too long, that will eventually bust, we'll see at this point in time, something break with silicon valley bank, signature bank, others, that was a couple of shoes to drop. so many liquidity into the economy. it will start to break down here after. neil: you know if the federal reserve has indicated that maybe beca

jonah fisher, bbc news, in shrewsbury. veteran radio 2 presenter ken supposed to present his last show at the end of march, but his leaving date was brought forward to today. it�*s entirely within the bbc�*s right to ask me to step away a little early. gardening leave is a known concept in broadcasting and in many other areas. but for the sake of 17 days, which was all that was remaining — i would have finished on the 24th, anyway — it seems a shame. but, you know, you just adapt your timetable. instead of three weeks, it�*s one week and that�*s been fine. the line—up for this year�*s glastonbury festival has been announced. arctic monkeys and guns n roses will top the bill, joining previously—announced headliner sir eltonjohn, who will play the last uk show of his farewell tour at worthy farm injune. other acts on the line—up include lizzo, lana del rey, lil nas x, manic street preachers, wizkid and blondie. singer—songwriter cat stevens will play the coveted "legend slot", previously occupied by kylie and dolly parton. the massive event starts on the

fisher, bbc news, in shrewsbury. the much loved radio 2 presenter ken bruce has hosted his final mid—morning show, after 31 years. much, and may we meet again somewhere. cheering and applause david sillito, bbc news, wogan house. good luck to him. clive is coming up at five, but now time for the weather. there has been some sunshine today, towards the south coast of england. and also notably across parts of scotland as wealth. we�*ve seen some sunshine developed. this is five in scotland earlier today, but for the vast majority, it�*s been cloudy and dull, so we�*ve got these clouds this evening. temperatures on the average, with the added wind—chill. overnight tonight, we�*ve still got this cloud coming in from the north sea, so staying cloudy and underneath the cloud, temperature staying a few degrees above freezing. cloudy for northern ireland, but the blue tinge is the clearer skies, septemberjust likely to dip below freezing. into the start of the weekend, we have a future change is happening. high pressure moving away, still dry but cold sink and southwards, particular cold sink and southwards, particular c