stanley druckenmiller.ever had a down year in 30 years. and then -- >> i can't believe that. that's amazing >> then got to a point saying it's just too hard then he talked to us in the past he doesn't take the big swings anymore. he said tepper did i don't know what's with these pittsburgh guys. first as we head to break, here's a look at the biggest premarket winners and losers in the dow. we'll be back. this is the couple who wanted to get away who used expedia to book the vacation rental which led to the discovery that sometimes a little down time can lift you right up. expedia. everything you need to go. expedia. you should be mad at airports. excuse me, where is gate 87? you should be mad at non-seasoned travelers. and they took my toothpaste away. and you should be mad at people who take unnecessary risks. how dare you, he's my emotional support snake. but you're not mad, because you have e*trade, whose tech helps you understand the risk and reward potential on an options trade it's a paste. it's not

what they're doing is they're recognizing behavior in the market, the stanley druckenmiller behavior that says, i want to buy treasuries because i see something in the economy, in the market that is troubling, and they are trying to reverse that risk averse behavior by cutting rates incentivizing speculative risk appetites, it's proven to have worked in the past, it could fail again, but there's no correlation to what's going on with the economy it's strictly about asset pricing and the market and as we -- you were talking before and we're sharing notes, as well as cutting rates you've got the balance sheet runoff and you have to expect that's going to end sooner than sometime in q3, q4 >> i mean, maybe i think the fed likes the idea that it's going to run off the balance sheet and tweak rates -- keep the balance sheet running off and tweak rates and they're stopping in september. it's possible that it would be on the table you can't rule it out. i think it would take a little bit more >> scott asked the right question, what happens to earnings and you're right. we have very little v

interest rate cuts to raising the capital gains tax, just last week,re billion hedge fund manager stanley druckenmiller said he would not have a problem with a hirer capil gains rate but what about individual investors? joining us with his assessment, ben phillips' founder and chief nvestment officer of event shares. thanks for joining us tonight. you know, among proponents, one of the arguments in favor of raising the cap gains tax is that many wage earners already pay a higher tax tn capital gains tax rates, so raising the cap gains rate would just lev e playing field. what do you say? >> well, you know, we lked at past examples in '81, '97 and 2003 when you saw the tax gains rate actually cut and you saw an increase in tax revenue so for the individual we actually think that higher gains taxes means that they're going to be less willing to invest in stocks and it reduces potential future growth as entrepreneurs are less willing to invest and so we think that means lower stock market returns and lower incomf retirees who are trying to ionetize their stock portf >> yeah, i was going to say, you make t

billionaire investor stanley druckenmiller this morning on "squawk" predicted a weak jobs number taken't use the jobs number to predict the economy i just -- it is unbelievable the obsession with the lagging indicator. i use them for entry and exit points to fade but i think if the job number is weak, given everything else they're saying the fed will be on a clear easing path by july. >> joining us with more, jan hatzius is back at post nine love seeing you on jobs friday sounds like the report did make you raise your eyebrows. >> yes and the -- i think it raises the question about whether the trade uncertainty was already having some impact on the economy prior to the latest escalation this came after the original tweets about china, and i do think it raises that question. now, i don't think it answers the question because while both the bls and the adp report were both very weak, some of the surveys including nonmanufacturing and unemployment were very strong. so i don't think it is something that would lead you to judge conclusively that things are weakening, but raises the questio

today's rally exhibit a investors think the fed is ready to make a move legendary investor stanley druckenmillers, yes. >> i think if the job number is weak, given everything else they're saying, the fed will be on a clear easin

i agree with him that you might not be able to emulate stanley druckenmiller's actual actions in the marketplace but circumstances can dictate that you change your mind when you're looking at asset classes i think if anything about 2019 has given the investor community a lesson, it is that there are other asset classes out there. we spend the majority of our time talking about equities but i would offer in the month of may, circumstances did change that maybe made equities a little bit less desirable than they have been over the last five or six years and i'm curious what has changed in the last 24 hours that would stimulate that interest to where it was prior to may. i'm not sure we have the answer to that. so, there are still other asset classes out there that you can look at right now and pivot given circumstances that were presented to us in early may that certainly dictate a little bit of a change in the thought process. >> you know, so you got president over in the uk, he made some positive comments, actually, made negative comments about mexico, basically, that tariffs are goi