gentlemen, thank you both for being here with us stephen, i'll throw it out to you first, leon coopermans what he says, he's got a view is this the right time for people to be feeling safer about the markets or is there still caution to be had? >> when you've had negative events and there's apprehension and the rebounds can be fairly strong, yet at the same time, what we think is that the economy has a price to pay to keep the fed on hold, right? if you have taken down the expected fed funds rate mid-year by 100 basis points there should be something that's going on here and we think markets are pricing in probably too high a probability and we can have strong growth and fed easing at the same time. these are concerns for us particularly when we look at the mid part of the year, the april through june quarter where earnings estimates saw a sharp rise from the first quarter. we think the economy will be in a lull in that period, and if it isn't, it can bring the fed back in >> so, peter, the interesting disconnect here is markets versus maybe you could argue some of the economic data vers

. >>> still to come, our exclusive interview with billionaire investor leon cooperman.senator joe manchin is going to talk everything from the debt limit to inflation and more stay tuned, you're watching "squawk" and this is cnbc. prevan and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. at stores everywhere without a prescription. >>> our next guest says that he had been anticipating a crisis of some sort and that the u.s. is now in what he calls a self-induced crisis. he calls it textbook joining us right now in an exclusive interview is lee cooperman. we haven't gotten the chance to talk to you since all the turmoil that broke out in the banking industry what do you think is happening right now? >> well, i think we're finding it much more tidifficult to gett 2e as we realized. we've had irresponsible policies for a decade, 0 interest rates i did not forecast the banking crisis, but i did say this will end with some kind of crisis, it usual