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Sounding off on the volatility, even blaming the federal reserve for the drop. >> i think the fed is making a mistake. they're so tight. i think the fed has gone crazy. i really disagree with what the fed is doing. >> cnn senior economic analyst stephen moore joins me now. he's a former economic adviser for the trump campaign. stephen, what is going on this week in the market? >> well, panic. panic selling. you know, every time the fed raises interest rates as it announced it was going to do last week, there's this fear and panic and people start selling stock. although the pattern has been, y...

Since we had seen that kind of price movement. things sort of resettled. the fundamentals are very, very good. pete: david, that's why it happened. so what should investors going into this week do? >> well, investors versus traders, very likely shouldn't be doing anything. you can't try to trade, either panic selling or panicked buying. in the midst of that kind of chaos. it was technically broken. the market wasn't functioning the way it normally would. so investors need to stay calm. they need to understand, we have had 60, 60 little panic movements since the financial crisis. and each time ...

Chips dropped a good five hundred points just within two minutes it's not normal so we're still trying to figure out what really caused this massive sell off yesterday and all this volatility so rather strange isn't it so us is the economy is doing well that global growth is starting to sync up how do you reconcile all of that with the pessimism from investors in the past few days. and on top of it corporate profits that we're getting so far this earning. susan also looks rather bright and it also gives some comfort to investors and that's why nobody is really talking about a christian or anyt...

Gerri willis taking the pulse of all of that in new york. >> that's right, neil. that's right. you look at the dow and the drags on the dow here. tells story that you've been telling since the beginning of the show. yes, people are worried about the trump agenda, financial stacks getting hit hard here. goldman sachs representing 79 points that the dow lost. the stocks down 5.4%. jp morgan down 4%. big moves for these stocks. investors worried that the agenda won't come through, we won't get tax reform, regulatory reform. apple down. 3.4%. big moves for stocks that normally wouldn't see this ki...

Tabled for who knows how long and traders are trying to figure out whether that means president trump still has the ability to push through perhaps even more complex legislation down the line in the form of tax cuts, a comprehensive tax cut package both for companies and individuals as well as any infrastructure spending plans down the line. so again, it's important to note, this is not panic selling. we're going to be down 150 points. this has happened in the past. this is not one of those days where we see the markets gap lower like 500 points. >> jared, you buy that, 150 points not 5 moints...