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A little after being down a close to what 250 points.
At the Dow finished about a 13940.
Down the latest -- -- -- on China's economy and worries that earnings profits over here -- not looking too rosy either.
All this is interest rates continued to move off.
A former Reagan economic advisor ought last -- on how he -- things playing out here.
That's what copy was want to vote art should -- -- really worried about another of the beginning of a really big slide.
I'd already -- -- Stuart I mean I think the markets look fine to me you've had a couple of really big down days but.
For the year as a whole were up substantially.
The -- shield the treasury inflation protected security yield.
Which is really the forecast of what will be at the expected real return on a unit of capital over the next ten years.
That's up well over a hundred basis points which is really very good news and government spending is a share GDP is way down.
It's collapsing and that's just greatness to it now -- reassuring stock market investor is okay.
But what about those people who are looking closely at interest rates specifically home buys.
But -- statement -- I expecting I think the general consensus that there -- expecting more victories to shoot up to maybe four and a half percent real fast what do you say to them.
Well I think they're -- and united were Drake should be a lot higher.
And I think they're -- -- rise great deal I mean there's no way you should have a T bill yield of four basis points it's just ridiculous.
And that you should have a ten year bond yields.
Of of what to 5255.
That's way way way too low for long term -- -- Latin what is what -- it damage the housing recovery.
If you suddenly get a nice another -- that he's fine if it -- -- what do remember that it's not only what you can borrow but it's also what people get paid for lending.
It's both sides of the equation and -- when market rates are held way below where they should be.
People find a way of denying home bill homebuyers.
-- mortgages now people who have full complete credit.
Yes they'll get less -- -- higher interest rates but both people who couldn't buy before because -- of whatever conditions.
They won't be able to buy houses if you keep rates low you'll find all sorts of regulators and all sorts of conditions.
For getting a mortgage that they won't satisfy and they won't I hear a lot of -- -- all then you know he's looking at what's going on in the market's always right politics stock prices rising interest rates and he will then it.
To the -- He'll say something like.
I'm not gonna cost off the printing presses and time it.
-- -- -- You -- to just say something like that lucky he made he made god knows what he'll do to -- -- -- for the it's been five years of this nonsense.
And have you seen how wonderfully the -- to housing market is doing.
It's doing very poorly still five years of almost zero interest rates and and it's still a terrible terrible housing market.
If you had nothing to do with anything they've left that all alone that there have been no stimulus funds -- QE1 -- QE2 none of that stuff.
We'd be back in a full -- this has been the worst recovery ever Stewart.
Because of what.
Bernanke and because of what.
The Republican as well as the democratic administration did with the new spending it's ridiculous you can't tax an economy in the prosperity.
Nor can a poor person -- himself in the well it doesn't happen that way we hear it.
Ottawa thank you has already -- Stewart.
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