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We can't recall another new year beginning with such negative sentiment and low expectations for the domestic economy as 2023, with the lone exception of 2009 during the global financial crisis.
>>guest: yes and what the low rates have done, there were month major corporate bankruptcies in the united states. zero. the restructuring activity in this country has gone to zero. it was easy for businesses to refinance. if you take a reasonable scenario of what will happen in the economy, a reasonable expectation of inflation, it is clear that interest rates have to go up. it is only a question of when. when they go up the cost do businesses will be enormous and we will see a wave of bankruptcies and a wave --. >>neil: if they go up a lot. >>guest: it could be 1 percent if you pay 6 percent...