right. you re saying that people should it is a beach read. that is what you re saying, entertaining. well i m saying you re a special guest and we got a special beef tab for you. i m honored and i m flattered and it is great to be here. i m come back any time. come back. because we try to book certain writers an they re like hey, i m over here writing a book, i can t do tv. no, happy to do tv. people watch tv. thanks. have a great weekend. appreciate you. we re going to fit in a break. when we come back we look at wall street greed and the culture with a very special guest. stay with us. y special guest. stay with us
an interesting moment. there was some question about whether new york was going to go down the drain or whether it would rise like a phoenix. and ronald reagan was elected, the stock market started to boom. although, i still think it is quaint when we talk about the greed and the excesses of the 80s. the dow at the end of the decade was like 3500 or something. and a lot of what we thought of as excess then now seems awfully quaint given where we are and where wall street is. it only looks quaint because of what might be even more absurd level of billionaire wealth and greed today. what do you see there in that contrast from then until now? well i do. i mean, as i say, as excessive as the some of the behavior
and they re having trouble. you are seeing rates go higher. there are some positives out there. the big question mark now is there a bubble or isn t there? there is a bubble that will burst and the federal reserving bank wrote about this in march seeing signs of a housing bubble. so is that going to crash? no, it is not 2007. that was wall street greed and banks. this is different. this is the pandemic, a shift in dynamics and population but it is also obviously mortgage rates are jumping. but rates are going up. less disposable income if you are dealing with inflation, right? there is an inventory problem in this country and also still supply disruptions. all that is negative. but if you look i always look at phoenix. my favorite market as a barometer for the national market. what happens in phoenix happens here and other places of the country five months later. it is a good barometer.