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District Arthur Laffer the chairman of Laffer associates he served as an economic policy advisor in the Reagan administration hello are wonderful to have -- joining us off the top here.
I was racking up.
Record gains there seems to be a parade of analysts.
Tripping over themselves warning of massive -- now perhaps suggesting right pretty exits we've seen all the gains that we're gonna see.
At least in this cycle what you think I mean how long are the legs of this rally if you will.
I don't really know how long they are -- but let me just say that they if you go back to march 2000 in real terms.
The S&P has been down about.
2.2 2.3 percent per annum compound in.
For what twelve years.
So when you talk about all time highs you're talking -- all time highs in nominal terms not real -- so.
As far as this market has it has plenty of room to go up but not say it well.
But it has plenty of room to go up.
Last week when the Dow initially hit its peak all time record high there was criticism that was all driven by the Federal Reserve in this.
Easy money policy right keeping interest rates at these record -- But we had that surprisingly strong February payrolls data -- Released Friday in so wonderful -- -- fantastic but at any kind of caught in some skeptics -- -- -- the underlying economy.
Is supportive of this rally.
-- -- -- -- -- -- Our economy by any means but compared what we've had for the last four and a half five years -- it's still a lot better I mean it's a lot better than it has been for a long time.
And frankly I really hope it gets a lot better going forward what do you think.
-- -- Well right now I think that there's been a lot of positive things happening government spending as a share GDP it's come down.
The Fed is headed low interest rate policies we stop the worst of the tax increases going through.
And now the Republicans seem to have gotten their legs back again and I think they're gonna hold and not let Obama raise taxes anymore and maybe we're gonna get some spending cuts which is what this country badly needs.
Well we're gonna hear more about that from the Paul Ryan budget to be released tomorrow -- gonna you're gonna stick with us to comment on that -- stay right there we'll check back with -- you know.
Thank you Larry.
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