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Smart and when they read day in and day out about other companies are doing it they follow suit. don't get the other part of the equation here. we now have $8 trillion of the wealth effect because of the election and whether you attribute it to trump or not it doesn't matter to me i just feel with $8 trillion in a matter of 15 million untrained months is gargantuan possibilities for spending by the consumer going forward and that turns into a virtuous cycle that you really can't stop easily. eric: one of the keys for this is maybe the carrier company in indianapolis they wanted to move that fa...

What is it that is crazy right now? >> we might be in 1997. the last two crashes in major recessions happened because bubbles popped. it was tech stocks and 05 and 06 and 07 was real estate. we don't have a tremendous bubble but it's getting close in stocks and the cripto currency thing. i don't think we're quite there yet, but it's getting close to the dot-com size in total value. things to watch out for. they're based in overconfidence and over the wealth effect going too far. too much of a good thing. we're probably not there yet. probably has a couple more years before it gets totally insa...

So obviously we need to wait longer to see if this plays out. this is the idea. >> neil: by the way, gary, there's no delays in this tax cut that had to be phased in. everything from the expensing to the corporate relief, it's all immediate. so that is why the president is hopeful to get a bang for the buck right away, right? >> exactly. by itself that is great, but you have markets doing very well. it's two words, "wealth effect." people feel more wealthy. if they feel wealthy, they spend more. if they spend more, businesses do better then they hire more. those people that get hired spend mor...

The wealth effect is created and good things happen. >> neil: thanks, peter. a former goldman sachs partner and best-selling author there for the 1929 crash. >> thank you, a terrible day. >> neil: thank you. too many marks the 30th anniversary of that famous crash. historic parallels between now and then which we'll explore in greater detail. i was there to cover that. i know what your thinking. can't be old enough. that's tomorrow. nfl players, they should stand. the commissioner, the nfl, says they should stand for the national anthem. but he's not demanding they stand. can you stand this? a...

Wealthy, not the wider american public. now, the president and others will argue that the wealth effect from the market can trickle down and lift all votes for the rest of us in the form of increased i ceconomic activi and job creation. 1.5 million jobs have been added since trump was elected in november helping make the president's case yet overall economic growth averaged 1.9% in the first six months of this year. while wages have only ticked up by 2.5% a year. figures that only hamper his case. the truth is, linking the stock market to the wider economy is just meaningless to most americans...