That you think we should be looking at what areas for the millennial than others do you think they should be looking at for Investment Opportunities well other than the obvious like the thing stocks facebook amazon that flex and google were and then one expanding economy in a rising Interest Rate environment so the stock Market Dynamic is getting ready to significantly change even with the tax cuts so id be leaning more towards financials banks and Insurance Companies that apparently do much better in a rising rate environment and where are you on Digital Currencies jeffery. On Digital Currencies you know i like the blog change Technology Im not a fan of big coin until we see the f. C. C. Actually decide to start regulating the cryptocurrency side of the equation im not a big fan i see theres a bubble just like everybody else does you know there is news and were going to talk about it a little bit more on this program tomorrow there was another big loss at a Crypto Currency Exchange in and japan last friday and they dont know if the money is going to be there to cover it so i also share your pessimism at some points on you know whats going on here it needs to be regulated i think although theres a future let me ask you about President Trump hes obviously going to talk about the all the economic records in the the stock market highs and talk about weve got this great economy right now but just today we saw the dow drop when we went to air jeffrey three hundred twenty three points it dropped one hundred seventy seven yesterday thats the first two day triple digit loss in a year and today is the s. And ps worst one day fall in five months is this just normal market ups and downs given weve had this. Record of record highs jeffrey or is there something more to it all bartletts and theres not much more to it we had fourteen straight months of record stock Market Growth thats never happened in one hundred forty seven years without at least one bad month or one negative month so we were really due for a pullback there some profit taking bomb yields are rising theres pressure on health care theres a number of reasons for pulling back but valuations are a little high right now and i agree with you youre certainly an expert and im not although you know three hundred twenty three was a little higher than i had hoped for the second day but i think the overall thrust absolutely markets go up they go down you cant just one direction going up up up its going to take a down jeff or you know were going to talk zero zero zero. While back on the Government Shutdown it ended up just being three days and two of those were on the weekend but were going to be headed towards one again in a couple weeks here that congress has just kicked the can down the road on another Government Shutdown so how do you look at those the Economic Impact of a shutdown well the Economic Impact going back to the seventys on Government Shutdowns mostly has been one on the markets we actually see the markets grow you know wall street and main street have a lot more common sense than the politicians and the politicians need to realize that we need to have some Border Security and we need to do whatever that means for our countrys economic sake and the secure our people American People should come first and what about the Market Impact of a potential Government Shutdown in a couple of weeks if congress and the president dont come to some agreement on that border wall and those dhaka dreamers jeffrey well i dont think thats going to affect the stock market to be honest with you has in the past weve actually seen the market rise it could hurt the economy longer term though if we see the shutdown go on forever but then of course theres political consequences and i dont believe that either party wants to take that road no i think they i think youre right on that jeffrey thank you so much for being with us for sure appreciate it hope youll come back jeffrey small president of arbor financial and the author of turning Financial Planning right side up thanks for your time thank you. Time now for a quick pause for the promotional cause but stay with us because when we return ashley banks talks with peak prosperity c. E. O. Chris martenson about what he calls the everything bubble plus before we go ill give you my two cents maybe a nickel on what President Trump should do at his state of the union speech and as we hit the break here are those numbers again two days in a row down triple digits on the dow the numbers the closing bell right in front of. The released a memo moment this upon us republicans are billing it as some kind of Silver Bullet revealing political corruption at the highest levels of the department of justice and the democrats on the other hand and their supporters in the liberal media holiday distraction finally the public will decide. Apple will cut and to support a production of the i phone x by half the first report that apples new plans to build only twenty Million Units of their latest model of the flagship phone broke late monday in november the company had said they planned to build over forty Million Units the i phone x carries a list price of nine hundred ninety nine dollars and holiday sales fell be low expectations apple stock fell on the cutback news and has been in decline since january eighteenth although the stock is up year over year by more than forty five dollars. Market moves record after record high over the last year we also see some signs of pullback in selling as weve talked about just a moment ago triple digits first time in two days first time in the year weve seen that and the largest dip in the s. And p. Five hundred in five months here with more is actually banks who spoke with Chris Martenson the c. E. O. And cofounder of peak prosperity dot com. Twenty seven thousand and twenty eight thousand have seen record highs for the stock markets but will that continue and what does that mean for people here to discuss and give his take is Chris Martenson the c. E. O. And cofounder of peak prosperity dot com thank you so much for joining us chris and now what is your opinion on the current status of the u. S. Markets and how do you think this will be a strong year for the u. S. Economy. Two separate questions there actually weve got obviously record high stock prices all over the globe but in the United States we see the same condition and we see records being set all over the place record bullish sentiment record low levels of cash an investor accounts record high stock prices by multiple different valuations so were we are seeing technically fundamentally conditions that have literally never before been seen in all of stock buying history so that certainly is the definition of buy high and hope for the best so thats part one and for the economy it looks like were seeing some signs of life at the same time this recovery is very long in the tooth its its been almost i guess the third may be closing in on second longest expansion in the record books so lackluster for sure but do we see the things there that are necessary to really take this thing to the levels of growth that these equity and bond prices have been implying i dont see it i want to switch now to an article you wrote on thinking alpha you say that when people think wealth they think about money and stocks but you make the claim that wealth of the stuff we actually buy like oil land food and fatter and now evan those are the things that really determine wealth why is it that we thea bigger focus on stock than money. Well you know the history is clear on this actually we see the pendulum swing from fascination with things those are the real tangible assets you just mentioned to a fascination with paper were coming out at the tail end of the longest period of financialization in our history so theres a lot of fascination with paper right now but i love reminding people that real wealth is not money its not stocks its not bonds its not derivatives each of those is a claim on real wealth and to make it simple if youre on a Deserted Island its just rocks theres no fresh water no soil no nothing you are a big pile of cash isnt going to do you any good so its important to remember that real wealth is land its resources thats primary well thats the means of production that secondary wealth Everything Else is a claim on those first two and history is complete actually we see times when those two things got badly out of balance like in why marger money or in some bob way or recently in venezuela and thats what we think is where we are is it an extraordinarily imbalanced market with the highest levels of debt the highest levels of unfunded liabilities and the highest equity prices these are all claims not real wealth create some say that most of the largest bubbles and has three have occurred when Price Inflation on after that becomes higher than and comes can sustain that now if that holds true what would you say is the next great bubble to burst. I think were in the everything bubble here actually what weve seen is since the late one nine hundred seventy s. Early one nine hundred eighty s. Depending on which country were talking about an experiment started to be run and the experiment was this could we expand credit at twice the rate that the underlying economy was expanding so in this story the credit fuels the asset bubbles that you just talked about those asset prices and on the other side the economys your income thats what can sustain the prices of these things so where are we seeing sort of bubbles listen i dont know you know every bubbles in search of the pin but i dont think that we just have a housing bubble in vancouver in toronto in sydney in San Francisco those are true we dont just have a bubble in european junk debt which is now trading with a lower yield than us ten year debt figure that one out if you can we dont just have a bubble in equity markets which are priced at the highest theyve ever been this is kind of the everything bubble unlike the prior bubbles that we saw in two thousand and seven and two thousand and i cant find any really undervalued places to hide this time except cash in commodities chris every word to experience a financial disaster in the near future do you think our current markets are ready and how do we you think weve learned enough to offset the damage that could be done. No unfortunately the lesson that we should have learned in two thousand and eight was hey that was a bad idea creating so much credit not that you defined what a bubble is its when yes had prices rise beyond what incomes can sustain but to have one in the first place you need one thing always one thing and thats too much credit so our credit markets fell apart in rightfully so we were running a bad strategy in the Federal Reserve along with the bank of japan bank of england bank of Canada European Central Bank said not on our watch lets get those bubbles going again were going to push credit is the markets they did a great job we have a normas amounts of new debt in the system since two thousand and seven but we havent had is the organic underlying Economic Growth that would justify those actions so you know when this next crisis comes are we ready for it the answer is no we have more debt just as much derivatives on the books and worse we dont know where the risks really are because dont forget these big banks big Financial Institutions are still allowed to account for the derivatives on their books by something everybody calls mark to fantasy whatever that whatever number they want they are still not marking to market we see emergency provisions stuffed into place in two thousand and eight still muddying the waters all the way here ten years later chris lets switch over to tax reform what kind of impact do you think will think now that trump and the g. O. P. Have passed their latest version of it. Well were seeing some i think some very positive developments with companies deciding to give some of that cash in bonuses to their employees thats going to come straight into the economy ive long been a critic that if you want to do emergency cash infusions go ahead and do it money for main street at least then it gets to the places it should money for wall street not a fan of that for wall street fritters that stuff away so thats on the Positive Side i will take the other side of the estimates where they say maybe a trillion dollars in new debts will result im going to say that numbers at least off by a factor of fifty percent maybe more it could be two trillion could be three trillion because actually the way they calculated that number first you can disagree with that under any circumstance but they also assumed no recessions are going to come along and were going to get really robust Economic Growth the at a rate we havent seen in ten years so from those two bases alone i think that were going to see much higher deficits coming down the future and of course i think the u. S. Treasury markets already agreeing with that as we watch Interest Rates climb everywhere from one year to the thirty year paper were going to leave it right there Chris Martenson the theme you know and cofounder of peak prosperity dot com thank you so much for joining us today my pleasure. Before we go donald trump will or should show up at the state of the union but who will be there will it be teleprompter trump or davos trump that i witnessed in davos last week at the World Economic forum well he should probably be that davos teleprompter prompter trump and heres why going into the forum there were a few trump opposition protests primarily in zurich when air force one touched down in a small group there in davos itself while a few davos attendees walked out of the president s speech one eyewitness with a t. Shirt proclaiming i stand with eighty the president s remarks remained uninterrupted he was scripted and stay glued to the words that appeared in the teleprompter and. It worked the result he spoke about his America First agenda not meaning america alone he was in fact warmly received and avoided up setting Global Political and Business Leaders most of us recall that he didnt do quite that of the one his few forced four and four raise last year to the middle east and to europe and the reception in davos with Business Leaders was likewise pretty positive his davos speech home to many and was a success by almost any measure thats the fellow who should show up for the state of the union davos teleprompter chump so doing so is particularly important given the heightened and angry antagonism of Many Democrats the president shouldnt inflame already smoking embers many recall rep joe wilsons shouting out you lie during one of president obamas state of the Union Addresses it was by any reasonable standard pretty bad form the u. S. House of representatives where the speech is delivered is not the u. K. s house of commons where booing and hissing cat calls and shout out sorry regular regimen the state of the Union Address should be a place for inside voices and making progress for our nation but this isnt just about being respectful of the speech of venue or of those in the room its most importantly about doing the right thing for our nation and the only true way to make long term positive progress is to work with members of both Political Parties thats particularly important on an issue that President Trump has touted all the way back to the twenty sixteen Campaign Infrastructure reform today the president and his administration has only provided a six pages six pages of bullet points on infrastructure its a trillion dollar plan for gosh sakes six pages come on that needs to be fleshed out with more detail and the state of the unit. Tonight is an obvious opportunity to do so furthermore infrastructure is not a very partisan issue the policy debates around infrastructure usually center more around urban versus rural transit versus roads debates than partisan politics a davos teleprompter trump could make a heck of a lot of progress if he speaks about the need for infrastructure reform the official says that would be created not to mention the jobs and boom and business to the overall economy for the democrats they should really refrain from any bad behavior whatsoever that will be decidedly difficult for some who believe the president has toward opportunities to Work Together and put in place a Tax Reform Program that will only exacerbate the current wealth gap and has demeaned the office of the presidency nevertheless democrats should be respectful and civil we want people in Public Office who believe passionately in causes thats what our democracy is all about what its based upon but the state of the Union Address however it isnt the place to deride or demean the president nor the president to be particularly partisan or sort of go to his learned worst instincts we can all do better well see if the president and the Congress Republicans and democrats alike can do a better job tonight will see and will listen. Thats it for now thanks for watching be sure to catch boom bust on you tube you tube dot com slash boom bust r. T. Catch you next time. He. Says harlan kentucky. The places you go three families leave. A co money city with no coal mines left. The jobs are gone all the coal mines a said. That it was a lot of to see these people a survivor was disappearing before their eyes. I remember thinking when i was younger that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in a million years i would see that and its how its happened. Thank you and God Bless America could. Conclude his first state of the Union Address as president of the United States with a speech that received both boos and standing ovation. Oh oh im going to go on the phone and grows trouble persists with his decision to treat jerusalem as israels capital u. S. Trade delegation becoming the latest target of protests. To pharmacy chains in the german city of frankfurt has been labeled a racist with a centuries old name deemed offensive to africa. Thank you. Eight oclock on wednesday morning here in moscow youre watching our international thank you very much for joining. Us delivered his first state of the Union Address on capitol hill in his speech he praised the accomplishments of his first year as president of the United States to get there we are building a safe strong and proud america we want every citizen to be proud and our nation will for ever be safe and strong and proud and mighty and free thank you and God Bless America because. Its across the washington correspondent and its just after midnight where you are now its been a long night for you following the state of the Union Address some of the highlights so narrow. Well he started off explaining whats changed since last year and all of the policies he falter on and then went on to say that his administration has been making America Great for all americans but this statement turned out to be quite decisive divisive reactions range from Standing Ovations to some booing from the audience. We have gone forward with a clear vision and a righteous mission. To make America Great again for all americans. But moving on to policy it was a fairly lengthy speech but he managed to go into both domestic and Foreign Policy but of course mostly domestic policy a braying about his trickle down economic policies and celebrating police and veterans and exporting on clean energy to the world he also brought up the infrastructure of proposing one point five trillion dollars to improve infrastructure but he focused quite heavily on immigration announcing and Immigration Reform plan that will ensure a path to citizenship for one point eight million Illegal Immigrants and find his border wall and arguably one of the most important announcement tonight keeping Guantanamo Bay open beyond that trump took credit for eliminating isis but truthfully that credit should go to the syrian army the iraqi Army HezbollahKurdish Forces and of course russia and iran but then he seemed to have hinted at continued military presence in the region saying that quote we will continue our fight until isis is defeated but what does that mean exactly who knows trying to also boasted about recognizing jerusalem as israels capital and then who raided the quote dozens of countries that vote its voted against the u. S. But it wasnt dozens it was actually one hundred twenty countries i dont know that qualifies as dozens or not but then he went on about iran and he reiterated support for iranian protesters who quote rose up against their corrupt dictatorship and then bragged about increasing sanctions on the quote communist and socialist dictatorships in cuba and venezuela he ended with north korea calling it the worst of all call dictatorships warning that their pursuit of Nuclear Weapons could soon for end our whole way and even though d p r k d p r k has never attacked another country before. North koreas reckless pursuit of nuclear missile. Threat. Has taught us that complacency. And concessions only invite aggression and provocation i will not repeat the mistakes of past administrations that got us into this very dangerous position. Well russia and china have been trying to reduce tensions between the u. S. And north korea and they even call on the u. S. To not provoke north korea anymore but somehow they were listed as threats and trump speech the safety around the world we face rogue regimes terrorist groups and rivals like china and russia that challenge our interests our economy and us in confronting these horrible dangers we know that weakness is the surest path to conflict and unmatched power is the surest means to our crew and great to fetch. Well representative kennedy will be responding from the democratic side and senator Bernie Sanders will be Live Streaming his response but im definitely interested to i hear the democratic partys response to see if they criticize this Foreign Policy at all now i was watching some Mainstream Media responses and and the only thing Foreign Policy wise they had to criticize or Guantanamo Bay and were being too soft on russia so well just have to wait and see what their responses are at least American Life in washington thank you. For live now to a real w m a k of National Political reporter Big League Politics ideal thanks for coming on and i was off to midnight where you also was a late night for you but you were watching the state of the union you overall fold to anything that surprised you i mean you know well i thought the speech was absolutely fantastic i thought the president was as regular yes as ive ever heard him and i thought one thing that was very interesting because i was in the room last year who are his first address to congress and it was very awkward many of the republicans werent even sure people long there in a way trump. He had a sense that he was Enemy Territory a year ago this year. Are completely United Republican Party it was absolutely an amazing speech and i think people who listened to the reese thoughts all of the interruptions from you was really really the liberty great speech. Is it too soon to draw any comparisons between a state of the union and the two from former president barack obama. Think about barack obama he was a very clinical speaker he was very. Very intellectual and he had a lot of trouble connecting with people he gets a lot of credit for his soaring rhetoric but seven in eight of his it ministration really tired. I spent twenty minutes. Of the Union Address with a massachusetts congressman congressman mcgovern a democrat and for about twenty minutes we talked about the lost opportunities. And certainly it was surprising to me to hear a democratic congressman. Because hes really as i said he had trouble connecting with people and getting things done and so to listen to his rhetoric every year it is stated. It really awkward because he was able to visit through congress itself. Very quickly if you. Think that the real challenge right now is to settle immigration but to really seek compromise but also he called for a very bold Infrastructure Program of one point five trillion dollars he also he also expressed an openness of working with democrats he said he had an open hand to work with democrats. The problem before are pretty in america and its really up to the democrats now to take him up on. Politics thanks so much for your time its. Great to be on thank you. Well during his speech donald trump criticized the International Backlash that followed his decision to recognize jerusalem as israels capital in palestine theres mounting anger over the move spilling over recently during our u. S. Business delegations visit to the city of bethlehem. I. Dont know much. About the scenes took place at a meeting of the Bethlehem Chamber of commerce and industry protesters arrived with a condemning donald trump after minor scuffles at the meeting was cut short. As more of the cost by the jerusalem controversy. This is just the latest incident in a string of protests that have been taking place on the palestinian street there were protests in front of the palestinian Prime Ministers Office in the west bank city of ramallah now there they were protesting against of induction of services being offered by the United Nations relief and works agency for Palestinian Refugees the protests coming anger on the palestinian street have gone as far as to the Israeli Parliament all these really knesset where just last week the american Vice President mike pence was visiting as he stood up to speak a group of arab lawmakers who constitute the food largest faction in the Israeli Parliament started shouting and holding up banners with anti american messages citizens of israel. Thank you