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 conjured by monetary policy. paul: dan, donald trump is a real estate man, i have never met a real estate man who didn t want low interest rates, is that what he s talking about here? yeah, i would say so, he s a businessman and most businessmen think they can run interest
paul: now, president trump criticizing the federal reserve for continuing to raise interest rates despite some recent market turbulence, concern over rising rates contributing to stock selloff. so are the president s complaints about the fed fair? we are back with dan henninger, james freeman, james all kinds of explanations offered for why the fed, why stocks fell, what s yours? well, i think i m all for criticizing the fed as a general matter, i think they make a lot of mistakes but in this case i think they are making the right move and ironically it s because they are comfortable now raising rates because the economy is doing so well thanks in large part to the man we just saw criticizing the fed. paul: trump tax plan. yeah, it s kind of a commentary on how strong the economy is and comfortable raising. paul: some of it, dan, is the result of change basically the fed withdrawing quantitative easing bond buying and zero-rate
goes, we are looking at election cycle. what people remember is the past four weeks dominated by the kavanaugh hearings and what they saw democrats attacking kavanaugh and not only that but after he s confirmed after he s seated on the supreme court you ve got senator richard blumenthal to drive kavanaugh, the american people right now and that s what the democrats are hoping to paul: you think it s not just posturing but something that democrats want to do? they absolutely want to do, not just for show, they want to get him off the supreme court. i regard that outside of boundaries of american politics and i think most people would recognize as such. paul: okay, thank you. president trump stumping for for republican candidates in ohio as democrats look to make gains in states he carried, is the rust
personal decorum or health care or something else? well, and i think you ve hit it right, i ve sat into a low a lot of focus people and people who like the statement they don t like the tone and rhetoric, that s number one. number two, i think the president and our party is too easily put off message, the president likes to move on to the new new instead of reinforcing everything and that s problematic and number 3 the democrats have become very unified in trying to attack this president in any way they can and i think they ve been effective at doing that. paul: all right, thank you, john, we will watch the coming weeks still ahead from the kavanaugh confirmation to medicare for all, our panel takes a closer look at some key midterm races and the issues both parties hope will drive voters to the - i get headaches. a lot. but no way i m gonna keep taking extra strength products. no way. it s vanquish for me. a special formula goes right to the pressure
more constructive relationship with that international system that china is not going to go away. paul: right. but china, i think, has made in order to really fit in to the international system, china would have to make a lot of economic changes at home and the calculus in beijing has been that the risk of international confrontation is less than the risk of domestic repercussions and i think, you know, we are trying to change that calculus. paul: and would a lot of people in china think that this is just trump, trump is short and maybe she s a short-timer, we are not going to see this continue if trump leaves, so let s let s sit tight, ride it out, you don t think so, you think this is a bigger shift than just this president? i think that s right. i certainly talked to a lot of democrats and what i hear is