david bianco guest host richard fisher is with us for this conversation. are. we're down by 6% right now >> that's right. another few percent downward from here and i think from that point we've got better risk reward into the end of the year. but that's still assuming that we don't have any further additional tariffs in order for the s&p to rally from there. i think the existing tariffs stay with us through the rest of the year >> there were a lot of people who were talking about some technical levels that were breached yesterday the s&p fell below 2,800 round number people like to look at even below that during the intra-day trading it fell below 2776 which is the 200 day moving average. do either of those technical signals concern you? >> it's a market of stocks, but when so those round numbers we do look at but keep in mind it's still a market of individual stocks when you have a macro issue like the trade tariffs dominating the market right now, then you can look at a higher top down level. i think the key is that the expectations for s&p earnings gro

when we talk about the fed -- >> the very thing richard fisher was talking about. >> -- it's very logical to think maybe we need to ease, fed funds pushing us in. markets have hissy fits and the feds always want to accommodate them in that relationship. at the end of the day, those nine quarter points are our insurance. i think they ought to be really stingy in giving them back because we don't know what size moguls are down the road. >> you're reading from the hymnal that fisher is reading from. >> absolutely. >> bill, what about you? >> i would agree with joe in that within a 12-month time frame, what the fed does is incredibly important but to make the most money over a ten-year time period, you have to think in long-term time periods. i'm kind of clicking my heels together like dorothy and going, there's no places like home, there's no place like home let's just think about there for a minute rick, i think you'll like this the baby bombers were a 75% bigger group than the group that preceded them. so when they borrowed their money in the '70s and '80s, we had the highest interest rate

. >> that's the former dallas fed president richard fisher not unlike what we've heard at the desk take a step back take a chill >> yeah. >> calming voice in the storm. >> is he right >> i think he is i think he's basically saying the fed will do nothing. think about capital. having to be deployed. where do you go now? you really can't buy fixed income here. it's terrible investment at this point. >> why >> 2.4 when your boguey is 5.6%. you're a money manager i donts think you go there >> you offer me the debt on a financial institution versus the equity right now i might take the debt. >> how much duration risk do you want to take >> we know the answer to that. >> 36 months probably, right >> maybe maybe five years >> well, you'll get your opportunity because there's going to be some issuance here, these incredibly low rates and you'll have to make a decision probably 5 and 7-year paper and i'm not going to buy any of it >> okay. i'll take the other side >> i agree to be data dependent. so i agree there i just think that the consumer is a little more vulnerable. remember what happened

richard schwartz, new forms of digital to balaji offer a limited substitute for communicating by real physical presence. sherry turkel argues in "alone together," though americans are increasingly connected, electronically, they are more alone. even fisher was sanguine about the continuing inclinations of americans to join together, wonders at what point having options for more people to exit more groups creates a society in which too little is certain, too little can be counted on and people often are left behind sometimes by an unsubscribed email. i should also add on the topic of social media that had often cited benefit is the opportunity it gives people for individual self-expression. it is understood facebook and other venues represent license where one can express one's unique and highly individualized self. in terms of tocqueville, individualism part of the paradox. the technology writer christine rosen discovers even hear one finds a curious conformism. trying to approximate this paradox, she says facebook and other forms of social media are "an overwhelmingly [indiscernible] of monotonous uniqueness, distinctive sameness." it is a medium that reflects the individualism and conformism paradox detected by our visitors. whether f

richard clarida to with a precise speech yesterday. i was taken by the acuity of his speech and the difference hearing from vice chairman fisher.ve and deteriorated in the last 20 minutes. we are thrilled to bring you worldwide andrew sheets, who synthesizes this in a wonderful way. i want to go to what it means for our viewers and listeners. this is the 10 year yield which is plunging, and then we take away the cleveland cpi which you know is somewhat like dallas trim, chairman powell's favorite level, and the yield has disappeared. real yield is gone. what i find remarkable is the real yield of the 10 year cleveland is lower than the lehman low. how much stress is there in the system for vice chairman clari da? andrew: this highlights a big challenge the fed is facing. you have a bond market highlighting very low real yields, a yield curve increasingly inverting. things you usually get around times of severe stress or signs the bond market is really worried about the economic cycle , and yet the incoming data, the u.s. unemployment is at a 40 2.1.low, core cpi is at make it difficult for the fed to react aggressively, compoun

fisher investments. clearly better money management. (music throughout) >>> new developments in the fight for president trump's tax returns. house ways and means committee chairman richardturning fire after treasury secretary mnuchin mch refused hand them over. neal now handing subpoenas to mch a mnuchin and the irs director. joining me to talk about this from "the washington post" david fahrenthold, also an msnbc political analyst. thank you for joining me today. does chairman neal think these will be more effective than the first time he asked for them? >> you mean effective in getting treasury secretary mnuchin to produce them, he shouldn't believe that. that won't happen. the law is pretty clear mnuchin does have to produce them. mnuchin declined citing a loophole that doesn't exactly exist in the law. he said you're not asking for legitimate legislative purpose which the law does not allow a loophole where that works. so we will possibly see a battle in the courts, supreme court, which will determine if this law from the 1920s is constitutional. if it is neal might win but we're talking months and months down the road. >> you reported on the takeaways from presiden