>> we have to undstand how bubbles occur. what we see right now is based on corporate profits.iced very fairly. that is not the case back in 2000 with the.com bubble. it certainly wasn't the case in 2008. the markets not going to continue to grow the rest of the year the way to pass the hour. what that really means is you can get back in the water. you don't have to have this fear that we are going to have a return of 2008. that is not on the table. gerri: is the bigger risk rising at this point? inflation at some point? >> yes, if ou takea look at the nd market over the past month. that is good evidence. the bond market came down dramatically. interest rates are now higher higher than they were a year ago. this is bad ws for bondholders. the risk that we have talked about how been the fact that rising interest rates mean bad news fobonds. it is ironic. peop who are fearful are worried we're going to lose money. so you have to wonder what are peoplehinking. and do they ha a rational basis for the strategy? gerri: thankou for coming on. you are a voice of reason. among a lot of

. >> i undstand this has been happening throughout history, it may mass the senate -- pass the senate, it is not going to pass the house, yes, we can be concerned but the house will complain more. liz: per, image not worried about pork it is getting rejected. >> >> i think wt bil like these show us is folly of comprehensive reform of any type, whether health care or immigration. if you are worried about immigratio you wan more immigration, find a solution to the problem of 11 million peoe here illegally, what do we do with them? the are problem you should be solving, creating, sane paths t immigration here in u.s. rather than this screwing and complicated system we have right now. we'roing is focussing on trying to do everything at once, that is not immigration rorm, that is bad politic >> ron, to peter's point,e are kitchen sinking this. >> i tnk that is te. we should be looking at how to make a better legal immigration system, that desers a debate, and focus, nothese other provisions, why capacity we juut folk -- why can't congress just focus on one thing at a time so the american p