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Can afford to spend more this holiday season. the wealth effect. steve: it's good news-bad news thing. people are spending more money. at the same time they are doing so much online, the person down the street, the brick and mortar store, you know, not as many people went in on thursday and friday. which means they are buying online. >> i just want to point out the contrast here. you have a boonelling trump economy. terrific holiday sales. and what have we got in washington, d.c.? these boring hearings about impeachment increasingly irrelevant and ignored by people who are getting on with thei...

The wealth effect and the trickle-down effect. you feel good, you spend money. >> the most recent sentiment never had a lot of striking parts. the one that caught my eye, folks expect to make a 4% raise. that will be monumental. could we be getting in over our skis? it will be too optimistic about 2020? >> i think one of the biggest drivers of sentiment is how you feel about your job. people feel that job opportunities are plentiful. only 10% of americans feel that they cannot switch. when you feel that level of stability, you go out and buy houses. people are going out and buying houses. cons...

Behind the curve. by the time they decide this disaster, you can see there already on fire. not talking about tax cuts, joe biden is saying a tax increase typically to capital gains. we shouldn't be giving them any more breaks. the stock market is a great equalizer, most people watching the show are investing in the stock market through a 401(k) on the round and also it's a reflection of society. if the stock market were to start to fall back, it would mitigate strong jobs market. it doesn't matter if people don't spend that money. they are spending that money right now, the markets at an all-...

We saw a retail sales. we saw walmart's number. yesterday, target stock was up 20%. can consumers stay this strong too much longer? >> frances: well, my contention is that if we have defaults in the credit market, we are going to see deflation. >> charles: but what about the american consumer? that's two-thirds of the economy. it feels like they have been doing all the heavy lifting. >> frances: no, it's absolutely true. that's going to affect some spending down the road. >> charles: right. that's the inverse of the wealth effect, if the stock market starts to come down, no matter what the rea...

Not just the tariffs. the big story is the back and forth on the tariffs that the market sits and waits and hears something and it changes. the markets were set up to correct a little bit, but i think this really lit it up. i have to tell you, since the news came out, the dow is down 1,450 points. apple is down 115 billion of wealth. so if he was determined to do something that world work, we just lost trillions of the wealth effect because of the markets. i have a sneaking suspicion there's more to come and a sneaking suspicion the. may have to pivot again and i have a sneaking suspicion the ...