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Wonderland element to this. we used to talk about this all of the time. that was the big issue. and we look around and say we're in the middle of a pandemic how is it possible that stocks are this high. so everything is relative. you see the prices come down but maybe the truth is you should look at where prices were pre-pandemic. >> and certainly the price of the stocks not necessarily commensurate to the health of the economy and that is a lesson that donald trump never wants anyone to learn because he would brag about it all of the time. and that is where we are now. and talk about what we ...

Down, the more it may act as a deinflationary metric where the fed says, well, we were going to raise interest rates even more, maybe we don't have to as much. so there is this push/pull situation going on back and forth. >> obviously, the money that people have made off of the markets, just the billions and billions of dollars -- >> it's the wealth effect. >> the wealth effect and so many of them are spending that money finding it difficult to spend all the money they're making in the market. you have the supply chain issue. it is all backing this economy up. you're right. if the market goes ...

Netflix's announcement earlier this week that it had lost 200,000 subscribers should sound a warning on the real ...

For. >> bret: liskly if you a high jobs number and low inflation number how do we as a country avoid recession? >> >> prices if they can come down organically, now, we have seen 2.5% decline in gasoline use. and by the way, that's what the federal reserve is trying to do. now, what they're try position do is to punish the stock market enough and i think the number for jay powell is to knock it down 20%. so that we lose some of that so-called wealth effect. and when we lose that wealth affect we stop spending enough so that the fed fed themselves don't have to wreck our economy. it's only been ...

There's the wealth effect incluesing the housing boom. the fed has to walk a delicate bouncing act, don't they? >> absolutely. we talked about record prices for homes. i'd say that sales are moderating. there's not the right supply out there. you know, there's a lot of jobs around. we talked about 11 million jobs opening. you don't quit in a bad economy. that's the good part for consumers out there. >> martha: here's the good news. back then, the number 1 song was "ebony and ivory." maybe we'll get good music out of this. >> michael jackson? >> thanks very much. of course, it's not just prices...