stanley druckenmiller of duquesne capital and carl icahn will take the stage and we will bring that toou. you're watching cnbc first in business worldwide. >>> welcome in. let's given on andrew ross sorkin speaking to stanley druckenmiller about the fed and market. >> i can't explain in a classroom and with traditional economic theory, maybe that's why i dropped out of a ph.d. program, but what i can tell you it's a historical fact when prices go up and speculation is rampant, that's when corporations buy back stock. that's when they do it. >> so would you say we are in a bubble now? do you really think we are in a speculative bubble at this moment? >> we are in a bubble in terms of what i would call short-term behavior. if that makes any sense. >> so as an -- >> by the way, at all four levels i talked about, government, business, the fed, money managers. it's rampant in our whole society. >> so what do we do about that? >> about what, the latter or the fed? >> let's start as just an investor. everybody here is trying to figure out what to do. how do you deal with this, then? >> well,