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  • >> FINGERS CROSSED. >> YOU TOO.

  • >> YOU TOO. >> THE ECONOMY ENDING THE YEAR

  • >> THE ECONOMY ENDING THE YEAR ON A STRONG NOTE.

  • ON A STRONG NOTE. STOCKS NEAR RECORD HIGHS.

  • STOCKS NEAR RECORD HIGHS. THE FEDERAL RESERVE SLASHED

  • THE FEDERAL RESERVE SLASHED RATES DURING THE YEAR TO SAVE ON

  • RATES DURING THE YEAR TO SAVE ON THE CHINA TRADE DEAL READY TO BE

  • THE CHINA TRADE DEAL READY TO BE SIGNED.

  • SIGNED. WE HAVE NAFTA 2.0.

  • WE HAVE NAFTA 2.0. THESE ARE PRETTY BIG

  • THESE ARE PRETTY BIG ACCOMPLISHMENTS FROM PRESIDENT

  • ACCOMPLISHMENTS FROM PRESIDENT TRUMP.

  • TRUMP. WHAT DOES THAT MEAN GOING INTO

  • WHAT DOES THAT MEAN GOING INTO 2020?

  • 2020? MY FRIEND TO TALK ALL THINGS

  • MY FRIEND TO TALK ALL THINGS ECONOMY.

  • ECONOMY. ALI, IF WE TAKE A LOOK AT IT,

  • ALI, IF WE TAKE A LOOK AT IT, LOOK, THE ECONOMY IS PRETTY

  • LOOK, THE ECONOMY IS PRETTY GOOD, RIGHT?

  • GOOD, RIGHT? GDP AROUND 2%.

  • GDP AROUND 2%. UNEMPLOYMENT AROUND 4%.

  • UNEMPLOYMENT AROUND 4%. >> YEAH.

  • >> YEAH. 3.5% UNEMPLOYMENT.

  • 3.5% UNEMPLOYMENT. >> IT LOOKS PRETTY GOOD.

  • >> IT LOOKS PRETTY GOOD. >> YOU AND I WERE TALKING ABOUT

  • >> YOU AND I WERE TALKING ABOUT THIS EARLIER ON MSNBC AND

  • THIS EARLIER ON MSNBC AND SOMEBODY TWEETED US AND SAID 93%

  • SOMEBODY TWEETED US AND SAID 93% OF AMERICANS DON'T LOOK AT THE

  • OF AMERICANS DON'T LOOK AT THE STOCK MARKET AND SAY WOW LOOK AT

  • STOCK MARKET AND SAY WOW LOOK AT MY PORTFOLIO.

  • MY PORTFOLIO. >> IT'S LIKE A VOICE.

  • >> IT'S LIKE A VOICE. >> 40 SOME ODD PERCENT OF

  • >> 40 SOME ODD PERCENT OF AMERICANS OWN STOCKS AND THE

  • AMERICANS OWN STOCKS AND THE STOCK MARKET IS UP 28% YEAR TO

  • STOCK MARKET IS UP 28% YEAR TO DATE, RIGHT?

  • DATE, RIGHT? IT'S A VERY, VERY BIG GAIN.

  • IT'S A VERY, VERY BIG GAIN. SO ACTUALLY ABOUT HALF OF -- IF

  • SO ACTUALLY ABOUT HALF OF -- IF YOUR MONEY IS IN THE STOCK

  • YOUR MONEY IS IN THE STOCK MARKET AND IN SOMETHING THAT

  • MARKET AND IN SOMETHING THAT LOOKS LIKE THE S&P 500 YOU DID

  • LOOKS LIKE THE S&P 500 YOU DID ACTUALLY DO VERY WELL ON THE

  • ACTUALLY DO VERY WELL ON THE STOCK MARKET.

  • STOCK MARKET. HERE'S THE REST OF IT.

  • HERE'S THE REST OF IT. 3.5% UNMOMENT SHOULD MEAN THAT

  • 3.5% UNMOMENT SHOULD MEAN THAT EVERYBODY CAN GO TO THEIR BOSS

  • EVERYBODY CAN GO TO THEIR BOSS AND ASK FOR A RAISE BECAUSE

  • AND ASK FOR A RAISE BECAUSE THEY'RE SHORT OF WORKERS.

  • THEY'RE SHORT OF WORKERS. THAT DIDN'T MATERIALIZE ACROSS

  • THAT DIDN'T MATERIALIZE ACROSS THE BOARD.

  • THE BOARD. 2% GDP GROWTH IS ABSTRACT TO

  • 2% GDP GROWTH IS ABSTRACT TO PEOPLE.

  • PEOPLE. THEY DIDN'T KNOW WHAT THAT

  • THEY DIDN'T KNOW WHAT THAT MEANS.

  • MEANS. SO THE STOCK MARKET AND WAGES

  • SO THE STOCK MARKET AND WAGES ARE THE VALUE OF YOUR HOUSE.

  • ARE THE VALUE OF YOUR HOUSE. THOSE ARE THE ONLY PLACES WHERE

  • THOSE ARE THE ONLY PLACES WHERE IT MATERIALIZES AND YOU HAVE A

  • IT MATERIALIZES AND YOU HAVE A HOUSE IF YOU HAVE MONEY.

  • HOUSE IF YOU HAVE MONEY. IF YOU ARE A HIGHER EARNING WAGE

  • IF YOU ARE A HIGHER EARNING WAGE EARNER YOU HAVE DONE WELL IN THE

  • EARNER YOU HAVE DONE WELL IN THE LAST TWO YEARS.

  • LAST TWO YEARS. WHERE WE'RE STUCK IS IN THAT

  • WHERE WE'RE STUCK IS IN THAT MIDDLE CLASS TO LOWER.

  • MIDDLE CLASS TO LOWER. THERE'S STILL PEOPLE IN THIS

  • THERE'S STILL PEOPLE IN THIS COUNTRY EARNING $7.25 AN HOUR

  • COUNTRY EARNING $7.25 AN HOUR AND THERE'S STILL PEOPLE

  • AND THERE'S STILL PEOPLE HOMELESS AND STILL PEOPLE FOOD

  • HOMELESS AND STILL PEOPLE FOOD INSECURE SO THERE'S SOMETHING

  • INSECURE SO THERE'S SOMETHING WEIRD ABOUT IT.

  • WEIRD ABOUT IT. IF YOU WERE LOOKING AT ALL THE

  • IF YOU WERE LOOKING AT ALL THE ECONOMIC NUMBERS YOU'D SAY IT'S

  • ECONOMIC NUMBERS YOU'D SAY IT'S GREAT.

  • GREAT. >> THINGS ARE GOOD, RIGHT?

  • >> THINGS ARE GOOD, RIGHT? >> JUST NOT PROPERLY DISTRIBUTED

  • >> JUST NOT PROPERLY DISTRIBUTED DISTRIBUTED.

  • DISTRIBUTED. >> COULD WE SEE HIM SAYING THE

  • >> COULD WE SEE HIM SAYING THE ECONOMY IS GREAT, THE ECONOMY IS

  • ECONOMY IS GREAT, THE ECONOMY IS GREAT.

  • GREAT. THE DEMOCRATS WILL SAY WAIT A

  • THE DEMOCRATS WILL SAY WAIT A SECOND.

  • SECOND. >> IT'S GOING TO BE THE SAME

  • >> IT'S GOING TO BE THE SAME PROBLEM THAT BARRACK OBAMA

  • PROBLEM THAT BARRACK OBAMA FACED.

  • FACED. IT'S GOING TO BE THE SAME

  • IT'S GOING TO BE THE SAME PROBLEM THAT THE DEMOCRATIC

  • PROBLEM THAT THE DEMOCRATIC CANDIDATES FACED EXCEPT THEY'RE

  • CANDIDATES FACED EXCEPT THEY'RE TALKING ABOUT UNIVERSAL HEALTH

  • TALKING ABOUT UNIVERSAL HEALTH CARE AND HIGHER MINIMUM WAGE.

  • CARE AND HIGHER MINIMUM WAGE. DONALD TRUMP WENT TO OHIO AND

  • DONALD TRUMP WENT TO OHIO AND SAID DON'T SELL YOUR HOMES.

  • SAID DON'T SELL YOUR HOMES. WELL EVERYBODY THAT DIDN'T SELL

  • WELL EVERYBODY THAT DIDN'T SELL THEIR HOMES PROBABLY HAS A HOME

  • THEIR HOMES PROBABLY HAS A HOME WORTH LESS NOW.

  • WORTH LESS NOW. COAL MINING JOBS DIDN'T COME

  • COAL MINING JOBS DIDN'T COME BACK.

  • BACK. SO THE CHALLENGE IS GOING TO BE

  • SO THE CHALLENGE IS GOING TO BE FOR THOSE PEOPLE, TENS OF

  • FOR THOSE PEOPLE, TENS OF MILLIONS OF PEOPLE LOOKING AT

  • MILLIONS OF PEOPLE LOOKING AT THE REMARKABLE STOCK MARKET.

  • THE REMARKABLE STOCK MARKET. WE HAVE TWO NEW RECORDS ON

  • WE HAVE TWO NEW RECORDS ON TODAY.

  • TODAY. BUT GENERALLY SPEAKING WE HAVE A

  • BUT GENERALLY SPEAKING WE HAVE A RECORD BREAKING STOCK MARKET.

  • RECORD BREAKING STOCK MARKET. THEY'RE LOOKING AT GDP GROWTH

  • THEY'RE LOOKING AT GDP GROWTH AND LOW UNEMPLOYMENT AND SAYING

  • AND LOW UNEMPLOYMENT AND SAYING WHAT HAPPENED TO ME?

  • WHAT HAPPENED TO ME? I'VE BEEN TEN YEARS INTO AN

  • I'VE BEEN TEN YEARS INTO AN ECONOMIC EXPANSION.

  • ECONOMIC EXPANSION. WE HAD THAT FOR TEN YEARS.

  • WE HAD THAT FOR TEN YEARS. >> LET'S TALK ABOUT THAT.

  • >> LET'S TALK ABOUT THAT. YOU AND I ALSO TALKED ABOUT

  • YOU AND I ALSO TALKED ABOUT THIS.

  • THIS. I LOOKED AT YOU AND I SAID WE

  • I LOOKED AT YOU AND I SAID WE KNOW THAT THE NEXT YEAR IS 2020

  • KNOW THAT THE NEXT YEAR IS 2020 BUT SOMETHING IN MY BRAIN WAS

  • BUT SOMETHING IN MY BRAIN WAS LIKE WOW, A WHOLE DECADE IS

  • LIKE WOW, A WHOLE DECADE IS COMING TO AN END AND A WHOLE

  • COMING TO AN END AND A WHOLE DECADE WITHOUT A RECESSION.

  • DECADE WITHOUT A RECESSION. >> CORRECT.

  • >> CORRECT. >> THAT'S GREAT BUT THEN PEOPLE

  • >> THAT'S GREAT BUT THEN PEOPLE STARTED TO THINK WELL WHAT DOES

  • STARTED TO THINK WELL WHAT DOES THAT MEAN.

  • THAT MEAN. >> I WOULD HAVE TO SAY THIS.

  • >> I WOULD HAVE TO SAY THIS. I THINK ONE ALWAYS COMES.

  • I THINK ONE ALWAYS COMES. >> THEY DON'T ALL HAVE TO BE

  • >> THEY DON'T ALL HAVE TO BE LIKE THE LAST ONE.

  • LIKE THE LAST ONE. LOTS OF THINGS COMPLICATED IT

  • LOTS OF THINGS COMPLICATED IT AND MAYBE THEY DO A JUNGLE

  • AND MAYBE THEY DO A JUNGLE VARIETY RECESSION.

  • VARIETY RECESSION. WE DON'T HAVE TO DO THAT.

  • WE DON'T HAVE TO DO THAT. BUT ONE OF THE THINGS THAT

  • BUT ONE OF THE THINGS THAT HAPPENED IS CENTRAL BANKS THAT

  • HAPPENED IS CENTRAL BANKS THAT LASTED WELL LAST TIME AROUND

  • LASTED WELL LAST TIME AROUND THEY CAN LOWER RATES AND

  • THEY CAN LOWER RATES AND STIMULATE THE ECONOMY BUT THE

  • STIMULATE THE ECONOMY BUT THE PROBLEM IS THAT TRUMP HAS BEEN

  • PROBLEM IS THAT TRUMP HAS BEEN PUTTING THEM ON IT ALL YEAR AND

  • PUTTING THEM ON IT ALL YEAR AND THEY HAVE BEEN DOING THAT.

  • THEY HAVE BEEN DOING THAT. IT HASN'T HURT THE ECONOMY.

  • IT HASN'T HURT THE ECONOMY. IT PROBABLY HELPED THE ECONOMY

  • IT PROBABLY HELPED THE ECONOMY BUT THAT'S THE FUEL IN THE TANK

  • BUT THAT'S THE FUEL IN THE TANK FOR CENTRAL BANKS.

  • FOR CENTRAL BANKS. >> CORRECT.

  • >> CORRECT. AND IF YOU HAVE NO FUEL IN YOUR

  • AND IF YOU HAVE NO FUEL IN YOUR TANK WHEN A RECESSION COMES

  • TANK WHEN A RECESSION COMES THAT'S SOMETHING TO THINK ABOUT

  • THAT'S SOMETHING TO THINK ABOUT OVER THE COURSE OF THE YEAR.

  • OVER THE COURSE OF THE YEAR. >> WE'RE WAITING TO SEE IF THEY

  • >> WE'RE WAITING TO SEE IF THEY SIGN THAT IN JANUARY.

  • SIGN THAT IN JANUARY. NOW WE HAVE PHASE ONEISH WITH

  • NOW WE HAVE PHASE ONEISH WITH CHINA SO IT'S PROBABLY NOT GOING

  • CHINA SO IT'S PROBABLY NOT GOING TO GET WORSE BUT FOR PEOPLE

  • TO GET WORSE BUT FOR PEOPLE LOOKING AT OUR TRADE ISSUES WITH

  • LOOKING AT OUR TRADE ISSUES WITH CHINA, WE HAVEN'T IMPROVED ON

  • CHINA, WE HAVEN'T IMPROVED ON ANYTHING.

  • ANYTHING. WE ARE JUST NOT IN THE WAR SO IT

  • WE ARE JUST NOT IN THE WAR SO IT MAKES PEOPLE FEEL BETTER AND I

  • MAKES PEOPLE FEEL BETTER AND I THIS I THAT THE PRESIDENT AND

  • THIS I THAT THE PRESIDENT AND THEY'LL SAY WE LIKE IT BETTER

  • THEY'LL SAY WE LIKE IT BETTER WHEN WE'RE NOT IN A TRADE WAR.

  • WHEN WE'RE NOT IN A TRADE WAR. >> I HATE TO BE THE PERSON THAT

  • >> I HATE TO BE THE PERSON THAT SAYS ARE THEY A PROBLEM.

  • SAYS ARE THEY A PROBLEM. BUT IF WE HAVE GOTTEN IT OUT OF

  • BUT IF WE HAVE GOTTEN IT OUT OF THE WAY.

  • THE WAY. IF WE HAVE GOTTEN THE NAFTA

  • IF WE HAVE GOTTEN THE NAFTA PROBLEM OUT OF THE WAY.

  • PROBLEM OUT OF THE WAY. IF WE HAVE PEOPLE THAT LIKE TO

  • IF WE HAVE PEOPLE THAT LIKE TO SEE THAT LAST YEAR, DOES THAT

  • SEE THAT LAST YEAR, DOES THAT MEAN AS WE HEAD INTO 2020 WE

  • MEAN AS WE HEAD INTO 2020 WE DON'T HAVE THESE EVENTS OR THESE

  • DON'T HAVE THESE EVENTS OR THESE THINGS TO LOOK FORWARD TO THAT

  • THINGS TO LOOK FORWARD TO THAT MIGHT GIVE THE ECONOMY A BOOST?

  • MIGHT GIVE THE ECONOMY A BOOST? >> I HAVE NEVER IN 25 YEAR

  • >> I HAVE NEVER IN 25 YEAR CAREER BEING ABLE TO ADEQUATELY

  • CAREER BEING ABLE TO ADEQUATELY PREDICT WHAT THE NEXT BAD THING

  • PREDICT WHAT THE NEXT BAD THING IS GOING TO HAPPEN ECONOMICALLY

  • IS GOING TO HAPPEN ECONOMICALLY SOMETIMES.

  • SOMETIMES. >> SOMETIMES IT'S EVENT DRIVEN

  • >> SOMETIMES IT'S EVENT DRIVEN AND SOMETIMES IT'S JUST THE

  • AND SOMETIMES IT'S JUST THE CYCLE AND WE HAVE NOT FIGURED

  • CYCLE AND WE HAVE NOT FIGURED OUT -- THE SMARTEST ECONOMIC

  • OUT -- THE SMARTEST ECONOMIC MINDS HAVE NOT FIGURED OUT HOW

  • MINDS HAVE NOT FIGURED OUT HOW WE CREATE A WORLD IN WHICH WE

  • WE CREATE A WORLD IN WHICH WE DON'T HAVE UPS AND DOWNS.

  • DON'T HAVE UPS AND DOWNS. I'D SAY THIS.

  • I'D SAY THIS. WE'RE ON A WAVE.

  • WE'RE ON A WAVE. IT'S GOING ON RIGHT NOW.

  • IT'S GOING ON RIGHT NOW. WE SHOULD TRY TO ENJOY IT AND WE

  • WE SHOULD TRY TO ENJOY IT AND WE SHOULD TRY TO HOPE THAT ALL OF

  • SHOULD TRY TO HOPE THAT ALL OF THOSE PEOPLE NOT CAUGHT UP IN

  • THOSE PEOPLE NOT CAUGHT UP IN THAT WAVE SOMEHOW TRY TO

  • THAT WAVE SOMEHOW TRY TO PARTICIPATE IN THAT BUT BE

  • PARTICIPATE IN THAT BUT BE PREPARED FOR THINGS TO HAPPEN.

  • PREPARED FOR THINGS TO HAPPEN. ECONOMIC EXPANSIONS THAT ARE TEN

  • ECONOMIC EXPANSIONS THAT ARE TEN YEARS OLD AND LONG IN THE TOOTH

  • YEARS OLD AND LONG IN THE TOOTH THEY CAN'T CRUMBLE.

  • THEY CAN'T CRUMBLE. THOSE BECOME TOUGH DECISIONS.

  • THOSE BECOME TOUGH DECISIONS. DO I THINK THERE'S ANYTHING

  • DO I THINK THERE'S ANYTHING TODAY THAT SAYS THERE'S

  • TODAY THAT SAYS THERE'S SOMETHING IMPENDING THAT'S GOING

  • SOMETHING IMPENDING THAT'S GOING TO BE DANGEROUS FOR THEM AS AN

  • TO BE DANGEROUS FOR THEM AS AN INVESTOR.

>> FINGERS CROSSED. >> YOU TOO.

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