the fed's policy path could be a game changer paul riley is ceo. welcome. congratulations.nvestment banking was strong but i start on the yield curve because what we see is a little bit worrisome and last hour we spoke with an investor saying that's specifically whythere could be pressure on the financials what would you say about the concerns >> it depends on where you are great to be here, kelly. we had a great year with record assets and record every metric going forward but also interest rate sensitive so we said that 100 basis point move is $560 million kind of uptick to earnings banks that are floating and have fundamental with the spread and many will do very well with the rates movinging up the curve you worry about the long term play and the fixed income markets and things like that but in terms of our space the private client group it would be a big tailwind and the question is longer term what will happen to the market. >> still allowing you to make money if that spread is narrow right now. let's talk about the bread and butter butter deal flows are you facing a

and then this piece by jason riley in "the wall street journal," with the headline, "the racial progress democrats won't admit." he writes -- host: paulkentucky. you are next. >> the democrats are the most corrupt organization on the planet. california did the same thing. they wanted voter id. they wanted all voter id. they wanted these drop boxes with no cameras or anything where everybody could put in as much, as many ballots as possible. everybody gets mail-in ballots. this is ridiculous. they want to cheat this country. the other thing, they do away with filibuster, i want the republicans to tell them, when they take over, they will have 100 carveout for the filibuster rule. what comes around, goes around. host: on mail-in ballots, what's your concern? caller: then presidents want them to have no voter id. in texas they got the law. they don't want that. they want to make the law illegal. why would you want to do that? why would you want no voter id on any ballot? one thing the democrats want to do away with? why they want to do that for? in the states they want to make it illegal for illegal aliens to vote. one plus one equals tw