this is your well red world. a lot of major averages down on the prospect that we re looking at higher rates down the road. we got our third 3/4 hike in a row with signs that year s end, rates could be a point to a point 1/4 higher than they are right now. we re north of 4%. some wondering if that is enough to deal with inflation that is double that. let s get the read on what happens today and why. jackie deangelis. jackie? good afternoon. this is the fed s fifth rate increase this year. it s the fourth increase in a row. as you pointed out, the third time the market is seeing 3/4 percentage point. the market was trading higher most of the session before the decision indicating they were expecting a 75 basis point hike rather than the full point percentage point that a small group of market watchers thought was possible. then when the news broke about the hike, the fed hikes rates trying to tame persistently high inflation, the economy will slow. consumers and corporations
when trump was still president. your dollar went a whole lot further under trump. you could fill up your gas tank for less than two bucks a gallon and the stock market was doing so well we all looked like geniuses. the 401(k)s, they are up 90%. 95%. [cheers] i always tell the story people come up to me they say i want to thank you my wife thinks i m a total loser, sir. she thinks i m the worst person with money, financials. she thinks i m just horrible and the last three years i m up 94%, sir. she thinks i m a total genius when it comes to finances. jesse: well in biden s america, we re now all fools. no longer geniuses. because i hate to say it the good old days are over. our economy has officially reached bear market territory today. the s&p fell 20%. that s officially now collapsing. now, on top of that, the nasdaq is off about 20 percent this year and the dow is about 5,000 points down. since january. that s the longest losing streak since the height of the great de
feelings of most of this country. but here s now the difference. if you have a recession, that s going to wake up the upper class. that s going to wake up the elites in this country. and they are going to turn and they are going to turn hard. you can have, you know, crime. and you can have illegal immigration and can you have inflation. it doesn t affect a lot of the people in the upper class. once you see stock market dip into bear market territory, that is finally, i believe, going to wake up the entire country, the biden s failure and hopefully someone starts saying hey, joe, wake up, do something. do you agree with that? i do. but i would say that the core problem, with the whole biden agenda, the reason why he is polling right now 25% with hispanics. is he polls worst than the seasonal flu with hispanic voters. the reason is because his agenda is the agenda of progressive