on.it s going to be bumpy. we ll have tough times. we re going to get through this inflation, all the difficulty affecting people right now and wall street will be chasing the story like last year. charles: happy new year. talk to you soon. speaking of new year, tensions still high at the border. the situation escalating as border patrol faces gun fire over the weekend. we ll have more on that after this.
one, inflation is very hot right now. the federal reserve has to cool it off by raising interest rates. low rates were great to the stoke. high rates may not be, depending on how high and how fast. another thin, runna and ukraine, the tensions are high. that creates a lot of uncertainly for investor the other thing is the corporate earns outcomes. they haven t really lived up to the hype. so that s why we ve seen the market pull back so much. the question is whether or not this becomes overdone, and we see stocks drop so low that investors come off the sidelines and start to buy the dip. we may be starting to see some of that today, given that the market has bounced off the worst levels of the day. we also know that the stock market is not the real economy. just because there s losses on wall street doesn t take away
of you ignore the fact they are propping up putin s murderous march through ukraine. the sad thing is it s working. the biden administration is zero interest holding china accountable for what s happening in ukraine. wall street doesn t want to do it. can t upset the markets. this is the ccp s war and it s time they were made to pay for it. joining me now is mike pillsbury, director of the center for the chinese strategy at hudson. mike, you ve learned some new information about how china is currently aiding and abetting russia. what is it? several things. the most important is all the talk about the swift system and taking russia out of the swift system so they wouldn t be able to do transfers to 11,000 banks. that was going to really hurt russia. it turns out china over the last six years has developed its own worldwide swift system. it s called the cross world interbank system.
sort of have one narrative, usually, in washington. and if the covid narrative ends up taking over again, that will not be helpful to president biden s agenda. he has a desire, i think, and you referenced this in your intro, to spend the next few weeks really pushing for that build back better bill to get passed in the senate, but there are these other distractions. especially the debt ceiling. and if this variant ends up becoming another distraction, that will make it harder to get people focused on what he would like to do, which are those elements of the bill that robert went over just a few minutes ago. yeah, and you know, to be fair, betsy, as you know, wall street doesn t always get it right. just because the dow is down 940 points, doesn t blow up in the faces of all the hard and good work that s been done to get coronavirus under control. it does reflect the concern about and it what they re seeing
neil: better than a minus. better than what we re seeing across the globe and i ll tell you what the economy has been able to do every time we ve had a little bit of a drop it s re accelerated again, so that s what i m hoping for. i m not sure just yet. i need to see more and of course , the holiday season will tell us everything. neil: you know what s interesting about it, jonas is that that is true, that every time we had a fall off, people have pounced in and bought on these debts, have where you buy on the dips and i don t know how long it holds true but for the better part of 11 years its held true. it s when the doesn t work that there is a problem. neil: shhhhh. all of the economic numbers that would get you re-elected look good. the ones that predict recessions are scaring investors to be honest. and the bond yields for one, the manufacturing, i ve got to tell you was a lot stronger during the moon landing and that concern is that neil: we only had a 5% inflation rate?