i was at harvard and larry somers was a professor at harvard, so i was like, hey, professor somers, good to see you. i read your articles and they were great. what are you doing now? oh, no, i said, you're in treasury, right? and he said, i'm the deputy secretary. and i'm like, good for you! and i got home and i talked to my boss and i'm like, i met larry somers. he's something like the deputy secretary. and he said, oh, my god, do you know what the deputy secretary is? and i said, no. he said, that's number two in the department. and i was like, i'm so sorry. i didn't get that i was insulting him because i had no idea that deputy secretary was like number two. that was embarrassing. >> at one point i was reading a best-selling book and it had a very interesting, little story in it that was irresistable and it was about john philip souza and his name was actually so. that because of his love for the united states, he added the usa. well, it wasn't true. it was in a best-selling book, but the first person who sees it is the fact-checker. there was no truth to this story. >> you have to li

. >> larry somers is will to wait. and just hope springs eternal. >> eventually.have a bad number. the point is, we're putting all the factories online now buying all these machines and what's going to happen is -- i think if we look forward to the next two, three, four quarters, we've got so much capital investment that second shoe dropping of more outpit because we've built a factory is the gdp is -- >> how do you -- what do you attribute that weakness to >> housing is one of the weaker parts of the economy i think there are a lot of reasons why the cost of building a new home right now are higher because interest rates are higher and because lumber is expensive. i think that's a temporary thing and that housing will pick up by the second half of the year. >> everybody is changing jobs because there's better opportunities. can get more money the lead story in the journal, fewer u.s. workers moving to pursue new job opportunities changing family ties and more openings in your home making people less willing. this almost looks like the first thing in an economy ge

. >> i have one question for you did you see this larry somers piece? in the ft, i'm curious what everyone thinks about this he's knocking the administration and saying that the u.s. should not get credit for what's going on in the markets. this is what he says it relates to where you put your money. it appears growth has accelerated and exceeded expectations more outside the u.s. than within the country, suggesting that whatever is driving america's growth is a global factor rather than something for which the u.s. policy can take credit he goes on and on. >> not true this year. last year. >> it's a last year phenomenon, right? >> there's no question the u.s. economy benefited last year from strong global growth the story this year has been the outperformance of the domestic economy because of the investing. talking about where we are in the cycle, michael was making the point we had gone -- not here, but he has written about the fact we had a profits recession, and we have come out. we're earlier in the equity cycle. >> michael, weigh in on that >> th