i went to wharton. have a degree in art history and social psychology david: is it unusual for someone in norway to go to school at wharton school in philadelphia? when you went to wharton and said you were from norway, did people say where is that? nicolai: of course. david: did they make fun of norway and say you were a viking or something like that? nicolai: i was. [laughter] david: you graduate from wharton and get other degrees. nicolai: the cool thing is you come from norway, it is all about being very humble and so on and then you come to wharton, which is like the opposite. [laughter] i went to class one day, what do you want to do? i want to conquer the world -- i did not say that, someone else did. people applauded. the mindset was different. david: you did not find much humility at wharton? nicolai: not so much. david: you graduated, did you go into the private sector right away? nicolai: i became an analyst and worked there for five years. i joined one of the earliest hedge funds in europe.

you you went to wharton didn't you. or was it just the war part of wharton? >> that's not fair.des. so let's just be clear. he was a legacy admission, legacy. the legacy admission is not really usually so smart. let me show you this, because it's not just. >> i was. >> going to say another die student, that's all. >> go ahead. him and jd and look and let's go through just a few of these. walmart a $2 $2.60. what is it, $2 260 count carton purchase up high. sam's club two of the same. you know they're they're just up. i'm just going to show you all those places that are limiting the number of eggs that you can buy because of how expensive it is. and then let's look at all the other things that have gone up. it's not just eggs. fresh fish and seafood are up. bacon and related prices are up. you know that's a problem. meat, poultry and fish up. cookies up. fresh biscuits, rolls, muffins, ice cream, canned fruits, olives, pickles. relishes. you can go on and on and on. and what the republican response has been, the trump response. this is from the new york times. they argue that mr.

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payment, to repay their loans and made is easier for loans with smaller balances to be forgiven and pen whartonthe save plan costing about $550 billion of taxpayer money over ten years and would have added to the federal debt and republicans working through the budget process in congress are seeking costs. listen. >> what we did was tie to importantly finding cuts necessary to reduce the government spending that's perpetuating the inflation tax on americans. we did a good job doing that and by the way, student loans, all the ev mandates and all the green new deal subsidies, and lots of things to cut. we can actually have medicaid so everybody can maintain the benefits and can be more efficient. reporter: democrats sticking to asking americans to pay more to afford government subsidies. listen to this. >> republican majority proposing 2 trillion in spending cuts and significant decreases komed cade, aca, food assistance, student loans and sustainable energy programs. cuts that will make it harder on working families to afford college, to access healthcare, and to put food on the table. reporter:

she's the former cleveland fed president, currently adjunct professor of finance at wharton school of business and a cmc contributor. it's great to see you. welcome. thank you very much for having me. so the big development this week, cpi. is that why we're on hold. and it was interesting to have the president say lower rates should go hand in hand with tariffs when if anything tariffs probably make lower rates less likely. or maybe they don't. yeah i mean the cpi. was just another confirmation that. >> the progress. >> on inflation coming down has stalled since. >> the fall of last year. >> and so. you know, given. >> that the economy. >> still is healthy in terms of the labor market and growth, we saw that the economy grew. >> at 2.5%. >> last year. that's really good. it was 3% the year before. that's very healthy growth. it's above trend, right. there's no reason for the fed to be moving rates down at this point. they need to hold and wait and see how things develop. and so that, you know, it was another confirmation that we haven't seen the progress that we'd like to see on infla

. >> ben keys is a professor of real estate and finance at the wharton school. >> that's going to accelerate process. >> of a. >> revaluation, where there's a disconnect between buyers and sellers, and ultimately assets are going to have to find a new equilibrium in order to clear the market. >> and foreclosures add to that. after hurricane sandy in 2012, foreclosures rose by 46%. and after the 2008 floods in ames, iowa, they jumped 144%. the mortgage market is not unaware of these rising risks. fannie mae declined an interview request for this story, but we spoke with their chief climate officer two years ago on the same subject as the mortgage giant was beginning to study climate risk in underwriting. >> the amount of. >> climate change. >> is not necessarily always. priced into the. >> market, and consumers. >> aren't really. >> aware of. >> what that's going to do. to insurance premiums going forward. the decisions. >> that fannie and freddie make are guiding the mortgage market away from pricing climate risks directly. >> and in the meantime, dave bert is betting again. >> that can. >>

. >> ben keys is a professor of real estate and finance at the wharton school. >> that's going to accelerate there's a disconnect between buyers and sellers and ultimately assets are going to have to find a new equilibrium in order to clear the market. >> and foreclosures add to that. after hurricane sandy in 2012, foreclosures rose by 46%. and after the 2008 floods in ames, iowa, they jumped 144%. the mortgage market is not unaware of these rising risks. fannie mae declined an interview request for this story, but we spoke with their chief climate officer two years ago on the same subject as the mortgage giant was beginning to study climate risk in underwriting. >> the amount. >> of climate change is not necessarily always priced into the market, and consumers aren't really aware of what that's going to do to insurance premiums going forward. >> the decisions that fannie and freddie make are guiding the mortgage market away from pricing climate risks directly. >> and in the meantime, dave bert is betting again. >> that can be either avoiding the most at risk securities. it can also be hedgi

it's fair to say and of course, this is a book co-written with ed herman, who was a professor at the wharton school university of pennsylvania. i think the two of them were grappling with one big question, which is how in societies such as ours, are people coerced are people convinced to take on positions often unpopular are positions that stem directly elite interests. and in trying to address this question and of course at least in theory in liberal supposedly democratic societies where you don't have official censorship, unlike under authoritarian regimes where you have direct state repression and in societies such as ours, supposed to have freedom of expression, supposed to have diversity of opinions the marketplace of ideas, but is it that so often we do fall in line? and i think this is obviously the media in propaganda come in to play and ed and noam tried to of course they deliberately took this phrase manufacturing consent from the films liberal journalist walter lippmann whom nathan and no mention in the book. and by the way i put a quick plug for the book it is it is a page. i got

coming up, market historian and wharton professor jeremy siegel on the markets.n a while. i don't know if we've seen him this year. that'll be good. and later, a wide ranging interview with palantir co-founder joe lonsdale. that's always fun. squawk box will be right back. >> the most. >> challenging engineering. >> project in the. history of the human race is our nation. >> golf has never been closer to the heart of this. >> country. >> straight down exists thanks to american manufacturing and the movement. >> to. >> celebrate all things american made. we love this game and we love. >> this country. join us on this journey. >> to. bring back american made. >> here you go. >> is there any way. >> to get a better. >> price on this? >> have you checked single care? whenever my customers ask how to get a better price on their meds, i. >> tell them. >> about single care. it's a free app accepted at pharmacies nationwide. >> before i. >> pick up my prescription, i. always check the single. >> care price. >> it's quick, easy, and totally free to use. >> single care. >>

i didn't go to the wharton school of business like our president did, but tariffs are designed to helpduct or manufacturing made in the united states. so if we are not making these products, what are we going to do? we don't make tv's here anymore. take the tariff plenty to build manufacturing here quickly. i would love to buy a zenith made in ohio, but those days are over. he is just using this as a ploy to pay for policies that he has no money for. i just don't understand. people don't see this. just do a little research. wiki what tariffs are designed for. the fentanyl issue is a drug problem in the united states, but we keep on taking funding away from medical and helping to solve the crisis. they don't do that. they keep on taking money away from health. thank you very much. host: to oregon. carl is in portland. good morning. caller: thank you, john. i think most of the problems that are occurring are not exactly by design. there are people who are poor in this country, and they will have a hard time buying anything. people outside the cities also will be feeling the effects first

she's an adjunct finance professor at penn's wharton school and a cnbc contributor.ve seen. i think that it was the third straight month where maybe you could make a case that that it stopped moderating. most people think it's still in a downward trajectory and it will resume, and maybe we can get some rate cuts. do you feel that that it's ready to start a downward trajectory again, or will we have a fourth straight month of hotter numbers? >> yeah. >> joe, i mean, i guess i'm concerned about the inflation progress. i think it has stalled. i think, you know, long term it's going to probably move back down. but i think the fed is right in being cautious here and not, you know, wanting to keep moving the interest rates down as they had planned to do. so i think they're right to be cautious. we'll have to see. you know we saw a similar kind of stall out at the beginning of last year. and the fed was concerned about it. and then later on in the year it did become move back down again. so it could be seasonality, it could be concerns about tariffs. it could be a lot of th

trillion figure the nonpartisan professionals at the cbo found, which is similar to analysis done by the wharton school and other nonpartisan groups, does that sound approximately like the right number? >> yes. >> and you are familiar with some of the other reports on analysis done by other groups, all approximately in that range, correct? >> that is right. >> so it is fair to say that if we fully extend the tc ja, you will be adding at least $4 trillion more to the national debt. >> that is right. >> let me turn to tariffs. tariff is another word for tax, is it not? >> that is right. >> so if president trump follows through on his promise to do wholesale tariffs on imported goods, it would be in reality like a national sales tax on anything that we get a broad, correct? >> that is right. >> it seems to me that one of the big drivers of the past election was dealing with the global increase in inflation, a problem that wreaked havoc all around the world from the baltics and germany through the u.k., canada, u.s., asia, started in 2021 once economies began to get back into full swing after the pa