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First time buyers are essentially all but priced out here and mortgage rates fell slightly, but look at that, the 30 year still 5.25%, it has doubled in the past year. there are so many cross-currents all at once in the economy. we keep picking each one of these little threads trying to figure out what is the story. is the u.s. economy still strong, powering through in the post-covid world? or is it weak and we are on edge here and nearinging higher riskf recession. no one knows for sure. >> and all these can be true at the same time. but the short story is it is really hard to buy a home and ...

Year. look, interest rates are rising, inflation is too hot. the era of easy money is over. russia is waging war in europe. i could go on and on. so much cross-currents any one of which would be destabilizing. the "wall street journal" finds that this could be a lost decade for stocks. let's bring in spencer jacob, editor of the herd on the street c column. so why a lost decade for stocks, spencer? >> good morning. so look, it is always painful when you check your retirement account and it is down by 15% or 20%, which is about par for the course now. but it is more painful when you look back a...

They were spending like crazy in the month, buying stuff, and what they're buying is starting to change a little bit, but the airlines say they're expecting to see what could be record travel maybe this year and next year, but we want to complain about this because what we've been through over the past couple of years. i will say there is so much going on and i'm not the first person to say it's like chaos to try to find the thread through some of these economic figures every week because there's just so many cross currents that are so -- in my career i don't remember so many different things ...

See that. >> any signs of it coming down and if not how long are we going to see them raising rates? >> it means more interest rate hikes are coming. the cost of borrowing will continue to go higher and there is this other fear, that's what we saw in the stock market yesterday, this other fear that the fed maybe hasn't got this quite right yet and doesn't have a handle on the situation and that could tip things into a recession in the u.s. it is not a certainty a recession, but the odds rising and more high profile market analysts have been saying the risks are rising. the same time you got en...

Up rates to fight the inflation and could it tip things into a recession. the american consumer has been mighty, no question, very strong retail sales numbers this week, but we saw from some of those big retailers that they're saying they can see how people are shifting their spending a little bit because of inflation and inflation actually and the supply chain problems starting to hurt the profits of some of the big retailers. there's just a lot going on, jim. i mean i talk about these cross currents. i don't remember a time where there was so many different threads all at once. any one would...