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Credit to the fed and monetary policy and qe 1, 2 and 3 but also if you look at obama over his eight years we had average gdp of 1.5% last year we had 1.6 and when trump came into office his first budget hit 2.3 and he hit 2.3 so i think there s a very clear dichotomy of obama versus president trump real bull market coming on strong with president trump. david: kevin who gets credit? i actually think the fed gets credit they went into the market and artificially suppress ed interest rates so people went into riskier assets so if we look at what, how you grow an economy, there s two levers you pull, monetary policy and fiscal policy, and so you saw monetary policy during barack obama s administration and then you saw fiscal policy during president trump s and so the fed is really dictating the market as going forward because we saw him capitulate six weeks after they raised rates in december and that s why you ve seen the recovery in the market ....
Take off and it went up 7,000 points in a year, so it s clear the business community took the election of president trump as a huge positive for the economy. i call it the trump bug. it was funny i was watching the election returns on fox business and the futures were diving because they had priced in hillary winning and they weren t sure okay what is this guy going to do and then all of a sudden when they started looking at it they started going back up and the very next day obviously it s huge. obviously president trump i think has been an amazing this is the president we needed for this economy at this time in history. carl icahn went home to start trading, and he was like wow, well this is business friendly. i can start buying some companies. david: well there is one thing that is not necessarily business friendly that s the trade policies a lot of folks in business are complaining about the tariffs, complaining that it s costing u.s. consumers and u.s. businesses, on the other ....
Them. david: the telecom company from china. he could have put them out of business but denying them parts from qualcomm and others so that s how you get their attention not putting tariffs on each other. tariffs are sales taxes, and that s what is overhanging the market. if you could have all these trade disputes, and one is coming up on autos, where we re threatening to put tariffs on every auto part and every automobile around the world, called section 232 if you want to impress people at a cocktail party. [laughter] and but if you could just clear those out of the way, you d see the market go up another 15-20%. david: susan very quickly what s the latest on the trade talks? are we making real progress because you keep getting mixed reports. yeah, well yesterday we ve been hearing that it looks like the chinese have not penciled in this meeting, face to face with president trump between chinese president xi and i think in this trade dispute right now the question is about pa ....
Haystack worth, former democrat congressional press secretary rochelle richie and trump 2020 advisory board member jenna ellis. good to see you all ladies so na n, we know that president obama had the slowest recovery since the great depression. he raised taxes, increased regulation, a lot of people said it was the wrong thing; however the reboot, of the market beg w. he won in 2012 re-election, partly as a result of what the market was doing, so is the same thing going to happen for the re-election of donald trump? well i think obviously, a continued bull market will help president trump but i think we have reasons to anticipate that it will continue. when we think about the obama bull market, a lot of its energy was derived from the fact that interest rates, the fed started quantitative easing, it s effectively keeping interest rates incredibly low, so there was no place to go but the markets basically and that certainly helped the markets. president trump was given runway ....
Having with china right now? well the problem the trade talks is we re actually having negotiations with a lot of allies and they re not pleas ed with this administration especially with the negotiating tactics that have taken place, you know, when we look at canada , when we look at europe but i think the important thing when we actually dissect what s happening in the market, the non -cyclicals and the defenses are doing belter. utilities did exceptionally well last week. if we look at real estate investment trust, they re outperforming the market this year so everyone s worried about the slowing economy and getting more defensive because of trade and tariffs. david: but steve staying with the trade talks themselves the fact that we have such a strong economy and that the chinese economy has been very weak their stock markets been decimated, it s kind of it gives us a position of arguing from strength doesn t it? it s the economy but i think we could of gotten things we needed fr ....