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Wealthier when the market goes up and that has an impact on our spending, right? you're willing to go out and unzip your wallet if you feel like, hey, my stock portfolio is doing really well so those two things really are connected. it's going to be interesting to see as the market goes down how much real impact that has on people's behavior. >> i want to bring in also claire sebastian who is live at the stock exchange. claire, i'm wondering what the reaction is there? >> yeah, anderson. we did hear a bit of a roar when the market went down over 1,000 points. it's been pretty calm on the floor...

Money into the economy. a lot of people think that's a band-aid over problems. it's kind of like the tide. as warren buffett once told me, when it pulls out, you see who's been swimming without their shorts on. i suspect that if we get a more serious correction, we'll see exactly that. >> so you've got on the macro prudential side, yes, things are considerably better. there are a lot better buffers, all these sort of things. however, however, if you look at the debt levels and the rising debt levels, consumer debt, credit card debt, auto loans, they have been rising once again to worrying leve...

But prices -- people are always talking. as long as i can remember and rana probably would agree, people are either sagely saying, well, p ratios are very high and then pe ratios are very low. the reality is it depends on the sector and it depends on the point of the cycle that that sector is. so some like amazon will be at one end, ford will be at the other. >> yeah, i agree with that. i'd be looking particularly at the tech sector, at the financial sector. some of those have really driven the markets in the last year and say, okay, how much froth is going to come off of there. i have to say ...

Joining me now is hogan gidley. hogan, thanks for taking the time. i want to start with the markets. the president has been speaking in ohio through this market, i don't know if you want to call it a correction or a plunge. i'm wondering has the president seen it yet? what's his reaction? >> well, i haven't spoken with him directly about that obviously. he's on his way back to the white house. but i can say the overall economy obviously is very strong. we've seen trillions and trillions of dollars of wealth created since this president took office. we've seen a 7,000-point increase in the stoc...

On wall street. is anyone at the white house concerned that now he's going to be held responsible if there is a correction? >> no, because still it's overall -- overall in a very strong place and it's exorbitantly higher than when he took office. you did talk about the real economy. i did hear the previous guest and they're right. the president this is a place where this company, they were giving their employees thousand dollar bonuses, wage increases. we've seen 3.5 million americans receive bone uses and that's all because of this president. so overall this economy is soaring. even though th...