coming up in the next hour, scott minard. returned to wall street beat where recover three things wall street is covering this morning. said to berica is offsetting margin loans and bond to the future. is ready to deal bonds that look more like peterg stocks and peterson, the leading exile behind blackstone has died. will start with this story that we know something about. withof america got hit $300 million. and it was a margin loan and they thought they were protected. didn't work out that well. want to make sure that the nonrecourse single stock market loan -- stock margin loan -- that is just one thing and if it goes sideways or straight down, you really are in a pickle. brian moynihan has prided himself on being so cautious. word is they are not very happy inside of bank of america. they obviously were not alone on this. but they did have a heavy exposure. loss is $300 million and for me, that sounds like pennies. -- ok, not pennies, maybe quarter. why the drama? it is sort of a cultural thing. we have seen the shift. in

joe: we were talking earlier with scott minard of guggenheim about the crosswinds in the economy, thes, tax cuts, potentially tightening monetary policy. when you look at the fiscal side and half of it is spending and the other half tax cuts, what will be the ramifications from the tax cuts for the market? because the markets seem to like the news. binky: sure. i would argue that there are several things that are very unusual about this cycle. we are now in the 10th year of the recovery. labor market by anybody's measure, we are at or past full employment and we are getting, i would argue, most people say stimulus, i would argue four. i think they are well-known. cut in taxes, especially the corporate tax parts, increase in government expenditure, the acceleration of capital spending, and to the list i would actually add the increase in interest rates, the increase in short rates. everybody is well aware that the household sector has 14 chile dollars in debt -- has $14 trillion in debt, and $11 trillion in cash. you talk about the basis points, that is an injection of $110 billion int