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sarah paulson, everybody!tion. >> great pumped up speech. nothing like telling the team the game's already lost. zero point showing up. anyone who does is a fool. let's go out there and succumb to the inevitable! aaahhh! ( cheers and applause ) ♪ ♪ ♪ >> stephen: hey, everybody! welcome back! ladies and gentlemen-- ( cheers and applause ) my next guest tonight is a six- time grammy award-winning singer and songwriter. her new album is "star-crossed." please welcome kacey musgraves! ( cheers and applause ) ♪ ♪ ♪ >> stephen: nice to have you back. >> thank you for having me. >> stephen: you have been on the show a couple of times before. >> i have. >> stephen: this is the first time we've had a chance to talk. i'm looking forward to hearing the new album "star-crossed" which drops tomorrow. >> yes. >> stephen: it's an interesting old term star-crossed. >> that's right. >> stephen: what do you mean by star-crossed? >> it's ill fated. you are doomed by the stars, you are ( bleep ) celestially. there is a rollercoas

we're here with sarah paulson.peachment saga is far different. like, you think about it, or i think about it when i reflect back on it as like a political event, and this show does a very nice job of showing how human beings were affected and in particular, how young monica lewinsky was when this was all happening. >> monica lewinsky -- i mean, there are so many things about monica's experience during this time that i had no idea about. and i, too, had my own opinions about monica but, you know, she was held in a hotel room by the fbi for 12 hours while waiting for her mother to come from new york city to d.c and, you know, it just -- when you really, really think about it, she was essentially a child. and there was one person who should have been responsible to not only his family but to the country, and that didn't happen so much. >> seth: yeah. >> you know -- you know who i'm talking about. >> seth: i do know who you're talking about. >> yeah, yeah, yeah. cool, cool i'm not sure if the people would know >> seth:

commissioner paulson? >> commissioner paulson: so i'm just sort of weighing in on this as somebody who came from part of his career in life in the construction industry. and i've been on so many different construction jobs, both in public-private sector, a combination of the two, and i can always -- because, you know, i was in charge of running work on many of these projects over time. you can always tell a job you went on as to the level of -- i don't know if it's the vibe or the trust or the tone that is either set by the general contractor, the agency or the owner or whatever else, and it can vary very fast and very differently and to set the tone where people trust each other to know where information is going to be spread is a much better job than the ones where people walk into a room and say this is all screwed up, they just wanted to make sure they put down and covered the company they were working for to, you know, make sure they weren't going to be liable for something they didn't know about. whe

chris connelly spoke to sarah paulson and has more. good morning. >> reporter: good morning to you.oughest ever, transforming to take on this key figure in the clinton impeachment saga. >> people asked me why would you want to play someone for who we have no affection? i said, why wouldn't i? it's the challenge of a lifetime. >> reporter: sarah paulson is all but unrecognizable as linda tripp, confidant and then betrayer of monica lewinsky, in fx's new series, a suspenseful look at events leading to bill clinton's impeachment. >> you are attracted to playing roles that scare you. what scared you about playing linda tripp? >> everything scared me about playing linda tripp. she made choices to this day i find perplexing. yet i had to try to understand them. >> reporter: it shows lewinsky divulging to tripp the secrets of her affair with president clinton. tripp recording lewinsky and providing tapes to prosecutors. >> how did you navigate the moments where she was sincere with monica, and the moments when she was insincere? >> there's sincerity, manipulation, duplicity and sincerity a

paulson of the hedge fund game, not henry paulson, the great benefactor of central park, john paulson'scoin is a fraud. i speak with my own words. what do think about bitcoin? is it a durable thing for banks or institutions? ray: i'm not an expert on bitcoin but i will tell you what i think anyways. bitcoin has an imputed value, not intrinsic value. it depends what it is perceived as. it is a tremendous accomplishment to have done that program. it will have the perceived value it is given by the marketplace. right now if you take the value of bitcoin and you take the price, what should the price be? since the quantity does not change you know whether it is a function of demand. right now bitcoin is worth less than $1 trillion. all golden existence is worth about $5 trillion. it is about 20% of that market that represents the hedge market. i think if it is successful it is not going to be a lot more than that. if it is successful there's a chance the government will outlaw it. tom: 20 seconds. i believe there's a new book coming out. ray: it is a study on the last 500 years on the rise o

. >> reporter: a nearly unrecognizable sarah paulson plays linda tripp, gaining more than 30 pounds,he was also one of the show's executive producers. the real-life linda tripp sat down with abc news in 2001, defending her actions with monica. >> she essentially accosted me coming into the pentagon, pulled me into the cafeteria, blurted it out. she said, i've been involved in an affair for a long time. >> why did you tape monica lewinsky? >> i found myself in the personal crosshairs of the president of the united states. remember, i was going into an as was monica.uation, as was he- they were both going to lie. they said, essentially, i'm going to lie, he's going to lie, you are going to be the one convicted for perjury, not us. >> reporter: lewinsky is also a producer on this series, seen here on the red carpet alongside the star-studded cast who worked closely with her in retelling her personal story. >> monica was incredibly involved in the scripts. so by the time the scripts got to me, i knew that everything that monica said was sanctioned or approved by monica herself. >> from t

we sat down with paulson. >> you are attracted to playing rules that scare you.you about pulling her? >> everything. she made choices that to this day i find perplexing. i have to try to understand them. reporter: this actress stars as monica lewinsky, who revealed the affair with clinton. tripp recorded lewinsky and gave the tapes to prosecutor. how to deal with the moments when she was insincere with monica lewinsky? >> there is sincerity, manipulation, duplicity, and then there is sincerity again. i tried my best to ride it like a wave and go with it. tell me about him. >> is, it is just that he is unavailable. >> someone important. linda had a lot of maternal feelings towards monica and i think she truly believed what she had done, the choices she made, were going to improve monica's life. i think she thought she would be considered a hero. reporter: paulson had to, transform herself for the role even gaining 30 pounds. she wore a prosthetic neck, prosthetic nose and even a bodysuit. still, history does not see linda as a hero. >> i don't know that it is achi

. >> seth: and you got sandra oh through your friend sarah paulson, yeah?r me, as she sometimes does >> seth: okay. and so, had you known sandra oh before 'cause she seems so perfect for the part >> yes, we had met a couple of times. i knew her peripherally, but i didn't have her phone number >> seth: okay, so you got her phone number >> so -- no, no. i just had sarah do it >> seth: you had sarah call and be like, "do you want to do this show?" >> or she dm'd what do you people do who are -- >> seth: we are exactly the same age. [ laughter ] don't try to - my doctor told me i can't even play pickleball. that's my age. >> really? >> seth: he's like, "it'll go right away." >> go right away >> seth: no, not really. >> "this will go right away. >> seth: yeah, as like everything - >> well, i thought maybe you had an injury. >> seth: you -- but you got so - >> 'cause there's a lot of torque, you know and it's -- >> seth: so she dm'd >> okay. yeah >> seth: she dm' >> i'll go back to that she dm'd - >> seth: i just feel like, i would like to go back, 'cause i feel

commissioner paulson, did you have something to add? >> no, thank you, chair. going to say that there is a lot of loaded words on this teen the need to get somebody in and then what the political climate is in san francisco. there are times when it is like, my god, michael carlin found the exact person. he is the only person that can do this thing out of this dam or whatever else. now it takes eight months from beginning to end to get that person done. there is an eight month lapse. there is a hiring and firing thing. this idea every time somebody gets a job, a contract, there is like some time there is arbitrary assumption of corruption that you are bucking the system or something. we also deal with good government issues in the mix of this, too. this is not just we have to ramp something else. we have to do it in a way to respect good government culture and history and all of the other stuff that has to happen. i just want to put that marker down. none of this is unfortunately a quick fix. even though everything we are talking about is quick fix. thank you, c

commissioner paulson, did you have something to add? >> no, thank you, chair. i was going to say that there is a lot of loaded words on this teen the need to get somebody in and then what the political climate is in san francisco. there are times when it is like, my god, michael carlin found the exact person. he is the only person that can do this thing out of this dam or whatever else. now it takes eight months from beginning to end to get that person done. there is an eight month lapse. there is a hiring and firing thing. this idea every time somebody gets a job, a contract, there is like some time there is arbitrary assumption of corruption that you are bucking the system or something. we also deal with good government issues in the mix of this, too. this is not just we have to ramp something else. we have to do it in a way to respect good government culture and history and all of the other stuff that has to happen. i just want to put that marker down. none of this is unfortunately a quick fix. even though everything we are talking about is quick fix. thank

for example, withjohn paulson, i would ask what is a hedge fund?is, i feel like my audience will understand each concept, each topic, everything much better. ., . concept, each topic, everything much better. ., , ., ., better. your a 17-year-old high school student, _ better. your a 17-year-old high school student, you're - better. your a 17-year-old high school student, you're about i better. your a 17-year-old high j school student, you're about to better. your a 17-year-old high i school student, you're about to go school student, you�*re about to go off to college, and i am sitting here looking at the list of people you have interviewed. the billionairesjohn paulson, as you say, the government, howard marks, former chair of the us council of economic advisers, former best by chief executive. aside from the fact that i want your contact list, who have you encourage them to come and speak to your podcast question mercure broadcasting from your bedroom, why do they want to engage with you? i bedroom, why do they want to engage with ou? ., , , with

paulson, good to see you again. we've had a chance to meet several times during the past two congresses when i was part of the library and education committee. i spent much of my two years as the ranking member on the higher education and work force investment subcommittee discussing the reauthorization of the higher education act. and one of the things i was pushing for was emphasizing the importance of alternatives to traditional four-year degrees including apprenticeships and career technical education. just a little background, i was a nontraditional student in college working during the day, attending college at night. in fact, i was the first in my family to graduate not only attend college but also graduate from high school. and so i've seen the importance of education and what it can do to ensure we have a great career and provide a lot of opportunities for me. and we want every single child, every single student to be able to access a great career of their own opportunity to live the american dream, and we

according tots press reports former republican secretaries of state or secretaries of treasury hank paulsonwho worked under george w. bush, and stephen mnuchin who worked under donald trump, republican secretaries of the treasury, both of them visited with senator mcconnell to make the case about the need to extend the debt ceiling. they understand as all of us do how important it is united states of america does not default on its debt and it is about time our republican colleagues listen to. let me say a word about the three.$5 trillion reconciliation bill. there has been a lot of talk lately about the need to compromise. let me be clear. to a very significant degree, that has already taken place. of the 11 democratic members of the senate budgetary committee, nine understood the need for a 6 trillion-dollar bill which would finally address the unmet needs the long ignored needs of the working families of our country as well as beginning the process to tackle the existential threat of climate change. my guess is at least 40 out of the 50 members of the democratic caucus support the 6 tril

my guests will be sarah paulson and kacey musgraves. james cordon is next. good night!

if you need a real life betrayal you go to paulson. fact that the president, who had the affair in the oval office with an intern half his age isn't the one that is the main focus here or his wife who talked about bimbo eruptions and didn't exactly paint herself in a great light, either, is interesting here. monica lewinsky never married, no kids. >> harris: not for lack of trying. >> you hear the name monica. the trump documentaries like the one turning james comey to a sympathetic figure came out while he was in office. this clinton documentary comes up 22 years later so boy, it took a long time before we saw what obviously was one of the biggest news stories we've seen in modern politics in 1998 and 1999. >> harris: we've watched it for a while. when people go down the road it's a gender thing, no, it is more. it can be that but it is more about a bias thing. because for years mainstream media, i never have called it this. they called it the monica lewinsky affair. it's the bill clinton affair. married man doing all this covering up

we also learned this week former treasury secretary mnuchin and paulson reaching out, expressing theirappen. but the message from mitch mcconnell is he's not budging. is there any reason to think that would change? >> no. i don't think it is going to change. he's been saying rather publicly since july, right, that you should not expect senate republicans to participate in raising the debt limit, not in the wake of the $2 trillion covid bill that was passed in march that senate republicans, house republicans thought substantially overshot the mark and i think they feel vindicated in that view. and doubling on especially with $3.5 trillion spending bill simultaneously being processed by the house and the senate. >> so when it comes to the debt ceiling, the debt limit as we have been talking about, just reminding folks at home, this is saying you're going to pay the bill for what you have already purchased, right? it is paying your credit card bill for what is already out there. look, he's done that before. is this a purely political move on the part of mitch mcconnell? >> you know, it is

♪ >> seth: i want to thank my guests, sarah paulson and machine gun kelly. wan to thank jose medeles and the 8g band. stay safe. get vaccinated we love you. ♪ eilish. >>> keep gavin as governor. >> we have 24 more hours to vote no on this republican recall. >> governor newsom and his top republican challenger larry elder on the campaign trail late tonight. >> i've been asked all day, will you accept -- i think you're answering the wrong question. i say will gavin newsom accept the results? >>> what's being done to make sure your ballot is safe and secure. >> and a close call on the peninsula. take a look. the pilot who had a very lucky day. and the emergency update apple wants to you download asap. >>> good evening. we're not used to elections in september but it's happening tomorrow. and tonight, a fiery night of campaigning. the nation's top democrats are here in california helping governor newsom fight to keep his job. his challengers are making a case for change. not just trying get the governor out of office but many republicans are also focused on the

. >> any winner sarah paulson gained 30 pounds transforming herself for her role as monica's former friendpp. my calls mark. >> it was startling to see myself for the first time. and at the same time, i thought, oh, there she is. >> other transformations a teeth as hillary clinton and that anna lee ashford as paula jones who sued clinton for harassment. what actually did you do to transform into her physically. i spent about 3 hours in the hair makeup trailer. we did. >> multiple legs. i had 3 says at one and then i also had a prosthetic nose. >> and make sure you tune in to e t tonight because drew barrymore is our special guest calls. she's telling us all about the new season of her show and its premiere episode with jennifer aniston. hello. now it's going to be a good time plus, she has a britney secret for entertainment tonight. i'm kevin frazier. well, hello now, you can catch entertainment tonight right here on kron 4 at 7.30. that wraps up kron news at 5 cover news at 6 is coming up next. we appreciate you spending this hour with us next hour. ken and pam are here that taking away.

and jim gardner and hank paulson they got together and they kind of rewrote all regulations as they apply to financial markets to make it possible. busy to just channel and just torrance, of, of cash, and to strip out a lot of those regulations. so you're, as you point out your money manager, you do this day in and day out. what did you steam structural a? is it, is there a risk of a been the wheels actually falling off at this point? is there are, are there any safeguards in place or is it just a house of cards writing to blog? i'll choose the ladder match. this is we have a record amount of margin dead, a record amount of margin debt as a percentage of gdp. we have the biggest junk bond market in history, with the tightest spreads to treasuries and the lowest rate in history. we have the highest real estate values in history. the home price, the income ratio, is the highest, it ever been outside of maybe one month in 2005. we have the biggest bubble in the bond market, real estate and stock market. we have a, triumvirate of bubbles and records of fortunes. and the problem here now is th

now if you're hank paulson or john paul sen, or any one of these hedge fund managers out there, you can insulate yourself and profit by this unfortunate circumstance where the finance hairs are captured, the rest of the economy. but for the vast majority of folks out there, they simply take the brunt of it. they simply have a quality of life adjustment down. and they and they're getting angrier and angrier and, and one would understand why americans are getting angry because they're going from meritocracy. to neil feudalism. right. or as gerald salenti calls it, the slab slave landey a slave landey. oh, well yeah, it happened. it's too late. so they're only just beginning to notice that. and that's what the f t opinion piece concludes. with that they say that a further no, i think if these me on strike, but soupy are right. the political implications are particularly nasty inequality and their view is self perpetuating. with the feedback loop running through low rates, access savings of the rich depressed rates, low rates, push asset prices up, the rich get richer. still, many governmen

now if you're hank paulson or john paul sam, or any one of these hedge fund managers out there, you can insulate yourself and profit by this unfortunate circumstance where the finance hairs are captured, the rest of the economy. but for the vast majority of folks out there, they simply take the brunt of it. they simply have a quality of life adjustment down. and they, they're getting angrier and angrier and, and one would understand why americans are getting angry because they're going from meritocracy to neal feudalism. right. or as gerald salenti calls it, the slab slave landey a slave landey a well, yeah, it happened. it's too late. so they're only just beginning to notice that and that's what the f t opinion piece concludes with that they say that a further no, i think if these are me an style but soupy are right. the political implications are particularly nasty inequality and their view is self perpetuating. with the feedback loop running through low rates, accessed savings of the rich depress rates, low rates, push asset prices up, the rich get richer. still, many governments, ho

and jim gardner and the tank paulson. they got together. and they kind of rewrote all regulations that apply to finance markets to make it possible to just channel in just torrance, of, of cash. and to strip out a lot of those regulations. so you're, as you point out your money manager, you do this day in and day out what, what did you steam structural a? is it, is there a risk of a, been the wheels actually falling off at this point? is there are, are there any safeguards in place or is it just a house of cards ready to blow? i'll choose the ladder match. this is, we have a record amount of margin dead record amount of margin debt as a percentage of gdp. we have the biggest junk bond market in history with a tightest reads to treasuries and the lowest rate in history. we have the highest real estate values in history. the home price, the income ratio, is the highest, it ever been outside of maybe one month in 2005. we have the biggest bubble in the bond market, real estate and stock market. we have a triumvirate of bubbles and, and records

meanwhile, cole tends to resonate with older investors, those of john paulson. tends to resonate. there is no reason not to let gold to. amanda: there is some concern, even among people who believe crypto is here to stay that there are regulatory challenges ahead. bitcoin may be ticket early vulnerable, including if it ever is to become a replacement monetary currency. do you worry about that as an investor? is it too far down the road? julian: in my opinion, bitcoin is somewhat unstoppable just given the global nature. we have seen a bit of a crackdown coming out of china, but from a global perspective, we have seen other jurisdictions be more welcoming. if you look at central banks globally and governments, they do hold large amounts of gold. for example, fort knox. as we indicated, younger investors, millennials, they will be the central bankers in 20-30. you can imagine what happens to those gold reserves over time as millennials head up central banks from the current baby boomers and generation x that are in charge right now. that underlines it one of my lo

by the way his classmates include hank paulson who they like to say is the most famous person at yale at that time was the inet garten. now we are going to talk about this fantastic look "three days at camp david." it is a remarkable summary of one of the key events that happened in the global financial world and i would also argue one of the great events are most important events in terms of really dealing with the u.s. role in the rest of the world and changing the dynamic of global policy as well as global financial markets. jeffrey, welcome. i want to open this up i ask you why you wrote the book and why you think this is the subject of crucial importance. >> thank you david. you know i've written several hooks and they are all about the global economy and the political dimension of the global economy but they had dwelt very much on trends and i wanted to try something else. i wanted to identify a single event really focus in on it and focus in on great detail so that you knew the people and you knew what was in their head and you knew what was influencing them in terms of the glo

sarah paulson as linda tripp -- i didn't know linda tripp.has come to scorn bill clinton in a way that we used to adore bill clinton. now he's out. he's a political liability. he cost hillary the election with his wayward ways. >> i think she cost herself the election. >> i think hillary cost herself. also bill clinton was impeached for lying under oath not what you talked about. liberty mutual customizes car insurance so you only pay for what you need. how much money can liberty mutual save you? one! two! three! four! five! 72,807! 72,808... dollars. yep... everything hurts. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ have you tried crunching? crunching gave me resting fun face. crunching solved my tan lines and frown lines. 100% real milk chocolate and crispy rice really works. crunching solved my midlife crisis. start crunching today! it's an important time to save. with priceline, you can get up to 60% off amazing hotels. and when you get a big deal... you feel like a big deal. ♪♪ priceline. every trip is a big dea

paulson adibo. late third, packers go on fourth and two from their own 20. that is incomplete.are we doing in green bay? the saints slammed the packers. it is the worst margin of defeat in their career. this is a good one. kc trailed by double digits in the half and by nine early in the fourth. mahone's finds tyreek hill, who breaks away and takes his time into the end zone. 75 yards as he finally gets in. mahone's is like, let's go after the browns messed up a pond. mahomes to kelsey. a lot of fans at arrowhead. last chance for cleveland. he is picked off. the chiefs win the playoff matchup. a celeb sighting at the u.s. open. brad pitt, bradley cooper watching novak djokovic scope the calendar grand slam. novak dropped the first set to daniil medvedev. he rushes the net, then medvedev, what a shot for the point. fired up. pitt intends. djokovic tries a drop shot. medvedev with that winter. what a winner it was. medvedev wins's first ever major in straight sets, denying joker the slam. local toyota dealers. dion: and that is it for this edition of abc 7 news at 11:00. abc 7 new

are many women who are part of this launch, but none is more important than a woman named barbara paulson. on this evening she is the one responsible for calculating the trajectory of the satellite as it leaves earth. to do this, she is sitting at a light table with paper and pencil. remember, she's doing this all by hand. standing over her shoulder are richard fineman, the famous physicist, and lee dubridge, who is then president of cal tech, and everyone in the room is waiting on her calculations to find out if this mission will be a success. when she calculates that, yes, explorer 1 made it, america has its first satellite, the room erupts in celebration. it's an incredible moment. it is also the birth of nasa. after explorer 1, everything changes. the women leave military design behind and are now focussed on space. things are also changing for barbara here, too. macy roberts is now retiring. barbara, who has worked there for a decade at this point, has been promoted to supervisor of the computing section. however, she's also 30 years old. she is about to get married and about to star

but none is more important than barbara paulson. on this evening she is responsible for targeting the satellite trajectory. to do this, she is sitting at a light table with paper and pencil. remember, she is doing this all by hand and standing over her are richard fineman and lee, president of caltech. and everyone in the room is waiting on her calculations to find out if the mission will be a success. and she calculates that, yes, explore one has made it, and the room eruption celebration. it is an incredible moment. it is also the birth of nasa. after explore one, everything changes. the women leave military design behind in a now focused on space. things are also changing for barbara here to. may see roberts is now were tiring and barbara who has worked there for a decade at this point has been promoted to supervisor of the computing section but she is also 30 years old, she is about to get married and start a family. and in 1960 only 25% of mothers worked outside the home. but barbara decide that she loves her job and she feels

sarah paulson plays the mushroom dong and she just "transforms." unbelievable.seven hours in the chair, every day. in covid news, supply chain problems are hitting kids in the lunchbox. across the country, schools are facing shortages of cafeteria staples like chicken, meatballs, apple juice, and even plastic cutlery. it has gotten so bad, cafeterias have been forced to serve orderly joes. ( laughter ) issues like school lunch wouldn't be such a big deal if we had a robust social safety net. and when americans are looking to pay for social programs, liberal politicians like bernie sanders tend to point to the success story of scandinavia. so i thought it would be nice to check in with our nordic friends in my new segment: "scandinavia's bjorking nuus." ( applause ) so what's the latest from this social democratic utopia? young scandinavians are sticking nicotine pouches up their asses. ( laughter ) now, i know what you're thinking: "ahhh!" also, "why?" well, turns out, kids chewing tobacco is a big problem in scandinavia, and it got so bad that the danish govern

sarah paulson go was there to speak to them about the feeling of returning home and what comes next. >> after hearing bad news for most of the past week. here's some good news. homeowners are returning to the city of south lake tahoe tommy to kony and his 3 dogs. one of the first ones to return the dogs are so happy to be home. >> evacuated a few days before the mandatory orders and took his trailer to oregon and mammoth lakes before coming back. it's like a ghost town shocked at how quickly they got our town taking care of and safe shocked after nearly a week of being told to evacuate sunday afternoon says city of south lake tahoe into home. residents were allowed to come back. the evacuation orders were downgraded to one. i'm excited to be home. you know, has been a crazy dread, tony. more relieved. this ordeal is getting closer to being over in town is still standing strong with city of south whitehall now under evacuation warning. >> fire chief clive topical says people will have to be self-sufficient as it will take a few days for emergency resources to be up and running because

they have, and what he told them today is what i have found fascinating is that we have seen henry paulsonve seen under george w. bush coming out of mcconnell's office, and the democrats have sent other intermediaries to him, to be like, well, i won't talk to schumer and i may not talk to president biden, but he is not, and he is saying the same thing in private as he is in public. so like at some point, they have to give up on plan-a, and come up with plan-b, because again, i am not saying that mcconnell is, is, you know, he is right here, because i am not taking a side in this, but this is where mcconnell -- >> of course not. >> and he is not moving. and you know him, and mitch mcconnell is not going to change. >> look, and the democrats whether they like it or not, they have a path to do it without him. and there's, and i know that they like to create political pain for mcconnell and the republicans on this, but brett, you tell me how they can find pain here. there is no, the incentive structure on the right is so much different, and there would be more pain for democrats not being the

i have leuthold group's jim paulson. all year long, guests on the show need a barbell approach they say, growth and value. today is i think a reminder you might have defensive names as well. what are your thoughts? >> stay diversified, you have to do that, charles. more a question how you tilt. doesn't mean you will not own a little of everything and i think that makes perfect sense for the long term but i personally think defensive stocks might continue to underperform over the next year or so. they could do really well if we have a sharp downward correction. i totally agree with that and we'll probably get one at some point but i look back historically and since 1950 when the real gdp grows less than 2 1/2%, defensive sector stocks do really well. they outperform the s&p by 4% per annum but when we gee greater than 2 1/2% they underperform by a little more than 3 1/2% per annum. we've been used in recent decades to really sluggish growth economies growing less than 2 1/2%. much of the last recovery was that way. defens

[ cheers and applause ♪ ♪ ♪ ♪ ♪ >> announcer: tonight on "late night with seth meyers," sarah paulsonity leader chuck schumer,