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Sort of thing, lost in faith and tech stocks, whatever happened it hit stocks this week and they have gone down and donald trump should give himself more credit, deregulation that they did and those tax cuts have put such an enormous base under the economy right now that i kind of expect will be short term. paul: what about the wealth effect, james, they think it's gone up, they look at assets and they feel, i'm feeling pretty good, i think i will go buy that car, you know, take that vacation, if that -- if they don't feel as wealthy because stocks go down, could that have effect on the econom...

Basically lost a few months worth of gains in a great stock market. if you were in from election night 2016 you still crushed it even despite recent turbulence. paul: so you have to have a really much greater decline in stocks, 20, 30% before you saw tangible impact from a negative wealth effect? >> yeah, i have a hard time seeing that because that underlying economy is so strong. we've got both the st. louis fed and atlanta fed saying 4.2% growth this quarter, so -- paul: third quarter. >> third quarter, excuse me, i think there's a lot to say that this prosperity is real and it's not just co...

Companies expand and people have basically lost a few months worth of gains in a great stock market. if you were in from election 2016, he still crushed it even despite recent turbulence. paul: you really have to have a much greater decline in stocks. 20 or 30 percent before you see tangible impact from a negative wealth effect? >> i would have a hard time seeing that because of the underlining economy being so strong. we are both the st. louis fed and the atlanta fed saying 4.2 percent growth this quarter. >> the third quarter. >> excuse me, the third quarter. i think there is a lot to say th...

Been donald trump trade with a weakening chinese economy, european economies go inside -- loss of tech stocks. whatever happened, it hit stocks this week and they have gone down. but i think donald trump should give himself more credit, deregulation they did and those have put such an enormous base under the economy right now. i kind of expect it will be short-term. >> what about the effects, people feel wealthier because they look at the 401(k) and think it has gone up. they look at assets and they feel, i'm doing good i think i will go out and buy that car or take that vacation. if they don'...

They think there is better opportunities. why is that? because of the policies when you have deregulation and when you stimulate the economy where you let companies decide how they want to spend their money, which is better than the government. you are seeing it go to higher and better uses. so, when you look at the leading economic indicators like i said new orders index, when you look at the jobs numbers, they're leading, right? because you are only going to invest in your property, your plant, your people if you think it's going to grow. we are seeing it take effect in the g.d.p. numbers. p...