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-- and for more let's bring in Axel -- president and chief investment officer of mark investment.
Axel this is a bigger picture question and qualitative rather than quantitative.
-- how does this impact though confidence.
Among America and our work ethic -- thinking about the American way of life when you hear.
That one group is being hard but if the if you look brawl -- The wealthy are -- -- that group of us or group of those people are expanding.
What my shore and and obviously those numbers -- -- gets pretty busy everybody last decade has been losing little bit of money that no matter what the on the short end audit of the all the rich kind of things.
But I think what -- they're striking things here is that the middle -- is -- -- -- and yes it is good news that down on the top and people that high is getting big.
But what we've been seeing is a great a bifurcation -- com.
We're moving more towards a Latin American type of society and the reason that is happening if if nothing else it is because of the Federal Reserve up.
When you have a low interest rates if you know how to deal with credit it's the right if -- -- hedge fund manager if you sophisticated.
About it is so heated had a road -- you lose a job you debt remains and so that's why more more people -- plunge in below -- So if you are sophisticated if you indicated you do great.
And if interest rates were -- high yet we wouldn't be tempted into credit as much the middle class would be -- got but right now we're just asking what is polarization we asking for the -- is nation and it's not the Democrats Republicans it's actually monitor interest rates politics upon.
Axle didn't real the -- again in 1980s.
And interest rates -- you had double digit federal -- so you can't really blame the availability of credit.
Eight it on the head ever since the early -- sweeping she negative side of -- But ever since fall -- hike of interest rates to between -- so.
They have gradually becoming down with ups and downs and so.
Now we we Biomet has an exercise with -- -- -- credit we only used to buy a house on credit it makes -- more efficient society.
But it makes us -- much such shock resistant or society if we have a problem if we lose us jobs we -- but it cracks but this -- they're remarkable isn't not I mean this is.
This is the direction of the developed society that not it's not remarkable went -- it.
It's not irrational to be -- as your interest rate environment we we've pushed things -- extremes comment if -- we don't -- low cost of credit we need a -- cost of credit we we cannot market based product credits and so that we make business decisions not based on the subsidy of the better result but based on whether prompting as a reason why not and then have everybody can -- to get news -- -- report -- that yes indeed.
The upper bracket is is is doing much -- But it doesn't need to be as polarizing and the policy makers are doing their best to try to get as in -- and facilities things.
We love -- Axel I did and I Axel thank you so much great to speak with you as always Axel mark.
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