u.s. pulled its troops out of north eastern syria the americans presence had prevented any turkish offensive u.s. troops did return but only to guard syria s oil fields against the islamic state they re not here to protect kurdish civilians anymore and that s why the kurds feel betrayed and why as well as fighting back militarily they re also boy causing all turkish products that are every little we spend on turkish goods will be invested in bullets used to kill our sons. ramsey the owner of the shoe shop in kabbani says he hardly sells any shoes made in turkey anymore but he says he understands why. we re scared they re coming here to drive us out or kill us we just want them to go to get out of the whole region or ramsay s turnover has fallen by 2 thirds people aren t spending money anymore he says because they re certain they ll soon have to
that is not in line with what president trump is telling them to do. it is not. it s great the president is bringing back manufacturing jobs especially in the heartland, love that. however, we have a huge problem with automation and retail. let me explain for a second. i wrote about this the other day. we can bring back 10,000 manufacturing jobs, that s great. we lose 5%, that s 250,000 people 2.5 million, whatever the number is. you get thepoint, automation is taking over the retail business. amazon opened up a store with no cashiers. retail making hip clothes for kids filed for bankruptcy. we are seeing a wipeout for retail. we are focusing on a few jobs here, which is great. we have to do something about the retail wipeout. that s millions of jobs, not thousands of jobs. what s important is not that people aren t spending money, they are spending money. they don t have to pay full price anymore.
correlation between levels of taxation and the boom you ve identified? you know, it s there s some things on the edges. you know, even though capital gains tax rates have come up, there are still low by historical standards. that said, what this really is a story about is a mismatch between the economic prospects, the willingness of businesses to invest in the future and the amount of savings looking for a home. that is the big disconnect shaping this world we are in. people aren t spending money, though. when you look at the stock market. everything else is rising but no consumer confidence. we talked about wages. mark halpern, you want to jump in? that is one of the primary problems here? it comes down to the individual spending? it still drives a big part of the economy but neil, what about cattle features and greek real estate? surely there must be someplace we can put our money to get a good return? greek real estate, yeah. that creates its own risk. certainly pockets
it is fascinating that the math that you re doing it seems to be happening across the board. yeah, it s true. you look around. there aren t deals out there. none. if you re an investor trying to save for retirement. spain a debt crisis a couple of years ago and spanish bond deals and the interest rates lowest since 1989. got knot a good deal out there if you re looking for a return on your investment dollars. you look at risks here. why is this happening? and what could possibly where could this go? two big factors driving this and related to ecach other. the federal reserve here printing money by trillions of dollars and trying to get the global economy on track and encourage growth through low interest rates. the result of that is to make asset prices go up and make interest rates go down. what that is related to more savings floating around the world looking for a home than
all of this from the federal reserve banks and propping up financial market prices than creating real growth and real spending and investment by businesses and individual americans. but if i could just say one other thing that 0 that. it s true, isn t it? we could have had a world in which congress took low interest rates from the federal reserve and give them to give everybody $100 or $600 and could have moved that to everyday people but they just didn t? right. for example very low interest rates mean people have been able to refinance their mortgages and have more money to spend so not that there is no effect. wealth effects. higher stock portfolio you have more money to spend and more comfortable going out to the stories. not there is no effect. as you say the effects have all been through the financial channels and not through, say, congress cutting taxes or spending more money. jon? neil, is there any