>> YOU TOO. >> THE ECONOMY ENDING THE YEAR

>> THE ECONOMY ENDING THE YEAR ON A STRONG NOTE.

ON A STRONG NOTE. STOCKS NEAR RECORD HIGHS.

STOCKS NEAR RECORD HIGHS. THE FEDERAL RESERVE SLASHED

THE FEDERAL RESERVE SLASHED RATES DURING THE YEAR TO SAVE ON

RATES DURING THE YEAR TO SAVE ON THE CHINA TRADE DEAL READY TO BE

THE CHINA TRADE DEAL READY TO BE SIGNED.

SIGNED. WE HAVE NAFTA 2.0.

WE HAVE NAFTA 2.0. THESE ARE PRETTY BIG

THESE ARE PRETTY BIG ACCOMPLISHMENTS FROM PRESIDENT

ACCOMPLISHMENTS FROM PRESIDENT TRUMP.

TRUMP. WHAT DOES THAT MEAN GOING INTO

WHAT DOES THAT MEAN GOING INTO 2020?

2020? MY FRIEND TO TALK ALL THINGS

MY FRIEND TO TALK ALL THINGS ECONOMY.

ECONOMY. ALI, IF WE TAKE A LOOK AT IT,

ALI, IF WE TAKE A LOOK AT IT, LOOK, THE ECONOMY IS PRETTY

LOOK, THE ECONOMY IS PRETTY GOOD, RIGHT?

GOOD, RIGHT? GDP AROUND 2%.

GDP AROUND 2%. UNEMPLOYMENT AROUND 4%.

UNEMPLOYMENT AROUND 4%. >> YEAH.

>> YEAH. 3.5% UNEMPLOYMENT.

3.5% UNEMPLOYMENT. >> IT LOOKS PRETTY GOOD.

>> IT LOOKS PRETTY GOOD. >> YOU AND I WERE TALKING ABOUT

>> YOU AND I WERE TALKING ABOUT THIS EARLIER ON MSNBC AND

THIS EARLIER ON MSNBC AND SOMEBODY TWEETED US AND SAID 93%

SOMEBODY TWEETED US AND SAID 93% OF AMERICANS DON'T LOOK AT THE

OF AMERICANS DON'T LOOK AT THE STOCK MARKET AND SAY WOW LOOK AT

STOCK MARKET AND SAY WOW LOOK AT MY PORTFOLIO.

MY PORTFOLIO. >> IT'S LIKE A VOICE.

>> IT'S LIKE A VOICE. >> 40 SOME ODD PERCENT OF

>> 40 SOME ODD PERCENT OF AMERICANS OWN STOCKS AND THE

AMERICANS OWN STOCKS AND THE STOCK MARKET IS UP 28% YEAR TO

STOCK MARKET IS UP 28% YEAR TO DATE, RIGHT?

DATE, RIGHT? IT'S A VERY, VERY BIG GAIN.

IT'S A VERY, VERY BIG GAIN. SO ACTUALLY ABOUT HALF OF -- IF

SO ACTUALLY ABOUT HALF OF -- IF YOUR MONEY IS IN THE STOCK

YOUR MONEY IS IN THE STOCK MARKET AND IN SOMETHING THAT

MARKET AND IN SOMETHING THAT LOOKS LIKE THE S&P 500 YOU DID

LOOKS LIKE THE S&P 500 YOU DID ACTUALLY DO VERY WELL ON THE

ACTUALLY DO VERY WELL ON THE STOCK MARKET.

STOCK MARKET. HERE'S THE REST OF IT.

HERE'S THE REST OF IT. 3.5% UNMOMENT SHOULD MEAN THAT

3.5% UNMOMENT SHOULD MEAN THAT EVERYBODY CAN GO TO THEIR BOSS

EVERYBODY CAN GO TO THEIR BOSS AND ASK FOR A RAISE BECAUSE

AND ASK FOR A RAISE BECAUSE THEY'RE SHORT OF WORKERS.

THEY'RE SHORT OF WORKERS. THAT DIDN'T MATERIALIZE ACROSS

THAT DIDN'T MATERIALIZE ACROSS THE BOARD.

THE BOARD. 2% GDP GROWTH IS ABSTRACT TO

2% GDP GROWTH IS ABSTRACT TO PEOPLE.

PEOPLE. THEY DIDN'T KNOW WHAT THAT

THEY DIDN'T KNOW WHAT THAT MEANS.

MEANS. SO THE STOCK MARKET AND WAGES

SO THE STOCK MARKET AND WAGES ARE THE VALUE OF YOUR HOUSE.

ARE THE VALUE OF YOUR HOUSE. THOSE ARE THE ONLY PLACES WHERE

THOSE ARE THE ONLY PLACES WHERE IT MATERIALIZES AND YOU HAVE A

IT MATERIALIZES AND YOU HAVE A HOUSE IF YOU HAVE MONEY.

HOUSE IF YOU HAVE MONEY. IF YOU ARE A HIGHER EARNING WAGE

IF YOU ARE A HIGHER EARNING WAGE EARNER YOU HAVE DONE WELL IN THE

EARNER YOU HAVE DONE WELL IN THE LAST TWO YEARS.

LAST TWO YEARS. WHERE WE'RE STUCK IS IN THAT

WHERE WE'RE STUCK IS IN THAT MIDDLE CLASS TO LOWER.

MIDDLE CLASS TO LOWER. THERE'S STILL PEOPLE IN THIS

THERE'S STILL PEOPLE IN THIS COUNTRY EARNING $7.25 AN HOUR

COUNTRY EARNING $7.25 AN HOUR AND THERE'S STILL PEOPLE

AND THERE'S STILL PEOPLE HOMELESS AND STILL PEOPLE FOOD

HOMELESS AND STILL PEOPLE FOOD INSECURE SO THERE'S SOMETHING

INSECURE SO THERE'S SOMETHING WEIRD ABOUT IT.

WEIRD ABOUT IT. IF YOU WERE LOOKING AT ALL THE

IF YOU WERE LOOKING AT ALL THE ECONOMIC NUMBERS YOU'D SAY IT'S

ECONOMIC NUMBERS YOU'D SAY IT'S GREAT.

GREAT. >> THINGS ARE GOOD, RIGHT?

>> THINGS ARE GOOD, RIGHT? >> JUST NOT PROPERLY DISTRIBUTED

>> JUST NOT PROPERLY DISTRIBUTED DISTRIBUTED.

DISTRIBUTED. >> COULD WE SEE HIM SAYING THE

>> COULD WE SEE HIM SAYING THE ECONOMY IS GREAT, THE ECONOMY IS

ECONOMY IS GREAT, THE ECONOMY IS GREAT.

GREAT. THE DEMOCRATS WILL SAY WAIT A

THE DEMOCRATS WILL SAY WAIT A SECOND.

SECOND. >> IT'S GOING TO BE THE SAME

>> IT'S GOING TO BE THE SAME PROBLEM THAT BARRACK OBAMA

PROBLEM THAT BARRACK OBAMA FACED.

FACED. IT'S GOING TO BE THE SAME

IT'S GOING TO BE THE SAME PROBLEM THAT THE DEMOCRATIC

PROBLEM THAT THE DEMOCRATIC CANDIDATES FACED EXCEPT THEY'RE

CANDIDATES FACED EXCEPT THEY'RE TALKING ABOUT UNIVERSAL HEALTH

TALKING ABOUT UNIVERSAL HEALTH CARE AND HIGHER MINIMUM WAGE.

CARE AND HIGHER MINIMUM WAGE. DONALD TRUMP WENT TO OHIO AND

DONALD TRUMP WENT TO OHIO AND SAID DON'T SELL YOUR HOMES.

SAID DON'T SELL YOUR HOMES. WELL EVERYBODY THAT DIDN'T SELL

WELL EVERYBODY THAT DIDN'T SELL THEIR HOMES PROBABLY HAS A HOME

THEIR HOMES PROBABLY HAS A HOME WORTH LESS NOW.

WORTH LESS NOW. COAL MINING JOBS DIDN'T COME

COAL MINING JOBS DIDN'T COME BACK.

BACK. SO THE CHALLENGE IS GOING TO BE

SO THE CHALLENGE IS GOING TO BE FOR THOSE PEOPLE, TENS OF

FOR THOSE PEOPLE, TENS OF MILLIONS OF PEOPLE LOOKING AT

MILLIONS OF PEOPLE LOOKING AT THE REMARKABLE STOCK MARKET.

THE REMARKABLE STOCK MARKET. WE HAVE TWO NEW RECORDS ON

WE HAVE TWO NEW RECORDS ON TODAY.

TODAY. BUT GENERALLY SPEAKING WE HAVE A

BUT GENERALLY SPEAKING WE HAVE A RECORD BREAKING STOCK MARKET.

RECORD BREAKING STOCK MARKET. THEY'RE LOOKING AT GDP GROWTH

THEY'RE LOOKING AT GDP GROWTH AND LOW UNEMPLOYMENT AND SAYING

AND LOW UNEMPLOYMENT AND SAYING WHAT HAPPENED TO ME?

WHAT HAPPENED TO ME? I'VE BEEN TEN YEARS INTO AN

I'VE BEEN TEN YEARS INTO AN ECONOMIC EXPANSION.

ECONOMIC EXPANSION. WE HAD THAT FOR TEN YEARS.

WE HAD THAT FOR TEN YEARS. >> LET'S TALK ABOUT THAT.

>> LET'S TALK ABOUT THAT. YOU AND I ALSO TALKED ABOUT

YOU AND I ALSO TALKED ABOUT THIS.

THIS. I LOOKED AT YOU AND I SAID WE

I LOOKED AT YOU AND I SAID WE KNOW THAT THE NEXT YEAR IS 2020

KNOW THAT THE NEXT YEAR IS 2020 BUT SOMETHING IN MY BRAIN WAS

BUT SOMETHING IN MY BRAIN WAS LIKE WOW, A WHOLE DECADE IS

LIKE WOW, A WHOLE DECADE IS COMING TO AN END AND A WHOLE

COMING TO AN END AND A WHOLE DECADE WITHOUT A RECESSION.

DECADE WITHOUT A RECESSION. >> CORRECT.

>> CORRECT. >> THAT'S GREAT BUT THEN PEOPLE

>> THAT'S GREAT BUT THEN PEOPLE STARTED TO THINK WELL WHAT DOES

STARTED TO THINK WELL WHAT DOES THAT MEAN.

THAT MEAN. >> I WOULD HAVE TO SAY THIS.

>> I WOULD HAVE TO SAY THIS. I THINK ONE ALWAYS COMES.

I THINK ONE ALWAYS COMES. >> THEY DON'T ALL HAVE TO BE

>> THEY DON'T ALL HAVE TO BE LIKE THE LAST ONE.

LIKE THE LAST ONE. LOTS OF THINGS COMPLICATED IT

LOTS OF THINGS COMPLICATED IT AND MAYBE THEY DO A JUNGLE

AND MAYBE THEY DO A JUNGLE VARIETY RECESSION.

VARIETY RECESSION. WE DON'T HAVE TO DO THAT.

WE DON'T HAVE TO DO THAT. BUT ONE OF THE THINGS THAT

BUT ONE OF THE THINGS THAT HAPPENED IS CENTRAL BANKS THAT

HAPPENED IS CENTRAL BANKS THAT LASTED WELL LAST TIME AROUND

LASTED WELL LAST TIME AROUND THEY CAN LOWER RATES AND

THEY CAN LOWER RATES AND STIMULATE THE ECONOMY BUT THE

STIMULATE THE ECONOMY BUT THE PROBLEM IS THAT TRUMP HAS BEEN

PROBLEM IS THAT TRUMP HAS BEEN PUTTING THEM ON IT ALL YEAR AND

PUTTING THEM ON IT ALL YEAR AND THEY HAVE BEEN DOING THAT.

THEY HAVE BEEN DOING THAT. IT HASN'T HURT THE ECONOMY.

IT HASN'T HURT THE ECONOMY. IT PROBABLY HELPED THE ECONOMY

IT PROBABLY HELPED THE ECONOMY BUT THAT'S THE FUEL IN THE TANK

BUT THAT'S THE FUEL IN THE TANK FOR CENTRAL BANKS.

FOR CENTRAL BANKS. >> CORRECT.

>> CORRECT. AND IF YOU HAVE NO FUEL IN YOUR

AND IF YOU HAVE NO FUEL IN YOUR TANK WHEN A RECESSION COMES

TANK WHEN A RECESSION COMES THAT'S SOMETHING TO THINK ABOUT

THAT'S SOMETHING TO THINK ABOUT OVER THE COURSE OF THE YEAR.

OVER THE COURSE OF THE YEAR. >> WE'RE WAITING TO SEE IF THEY

>> WE'RE WAITING TO SEE IF THEY SIGN THAT IN JANUARY.

SIGN THAT IN JANUARY. NOW WE HAVE PHASE ONEISH WITH

NOW WE HAVE PHASE ONEISH WITH CHINA SO IT'S PROBABLY NOT GOING

CHINA SO IT'S PROBABLY NOT GOING TO GET WORSE BUT FOR PEOPLE

TO GET WORSE BUT FOR PEOPLE LOOKING AT OUR TRADE ISSUES WITH

LOOKING AT OUR TRADE ISSUES WITH CHINA, WE HAVEN'T IMPROVED ON

CHINA, WE HAVEN'T IMPROVED ON ANYTHING.

ANYTHING. WE ARE JUST NOT IN THE WAR SO IT

WE ARE JUST NOT IN THE WAR SO IT MAKES PEOPLE FEEL BETTER AND I

MAKES PEOPLE FEEL BETTER AND I THIS I THAT THE PRESIDENT AND

THIS I THAT THE PRESIDENT AND THEY'LL SAY WE LIKE IT BETTER

THEY'LL SAY WE LIKE IT BETTER WHEN WE'RE NOT IN A TRADE WAR.

WHEN WE'RE NOT IN A TRADE WAR. >> I HATE TO BE THE PERSON THAT

>> I HATE TO BE THE PERSON THAT SAYS ARE THEY A PROBLEM.

SAYS ARE THEY A PROBLEM. BUT IF WE HAVE GOTTEN IT OUT OF

BUT IF WE HAVE GOTTEN IT OUT OF THE WAY.

THE WAY. IF WE HAVE GOTTEN THE NAFTA

IF WE HAVE GOTTEN THE NAFTA PROBLEM OUT OF THE WAY.

PROBLEM OUT OF THE WAY. IF WE HAVE PEOPLE THAT LIKE TO

IF WE HAVE PEOPLE THAT LIKE TO SEE THAT LAST YEAR, DOES THAT

SEE THAT LAST YEAR, DOES THAT MEAN AS WE HEAD INTO 2020 WE

MEAN AS WE HEAD INTO 2020 WE DON'T HAVE THESE EVENTS OR THESE

DON'T HAVE THESE EVENTS OR THESE THINGS TO LOOK FORWARD TO THAT

THINGS TO LOOK FORWARD TO THAT MIGHT GIVE THE ECONOMY A BOOST?

MIGHT GIVE THE ECONOMY A BOOST? >> I HAVE NEVER IN 25 YEAR

>> I HAVE NEVER IN 25 YEAR CAREER BEING ABLE TO ADEQUATELY

CAREER BEING ABLE TO ADEQUATELY PREDICT WHAT THE NEXT BAD THING

PREDICT WHAT THE NEXT BAD THING IS GOING TO HAPPEN ECONOMICALLY

IS GOING TO HAPPEN ECONOMICALLY SOMETIMES.

SOMETIMES. >> SOMETIMES IT'S EVENT DRIVEN

>> SOMETIMES IT'S EVENT DRIVEN AND SOMETIMES IT'S JUST THE

AND SOMETIMES IT'S JUST THE CYCLE AND WE HAVE NOT FIGURED

CYCLE AND WE HAVE NOT FIGURED OUT -- THE SMARTEST ECONOMIC

OUT -- THE SMARTEST ECONOMIC MINDS HAVE NOT FIGURED OUT HOW

MINDS HAVE NOT FIGURED OUT HOW WE CREATE A WORLD IN WHICH WE

WE CREATE A WORLD IN WHICH WE DON'T HAVE UPS AND DOWNS.

DON'T HAVE UPS AND DOWNS. I'D SAY THIS.

I'D SAY THIS. WE'RE ON A WAVE.

WE'RE ON A WAVE. IT'S GOING ON RIGHT NOW.

IT'S GOING ON RIGHT NOW. WE SHOULD TRY TO ENJOY IT AND WE

WE SHOULD TRY TO ENJOY IT AND WE SHOULD TRY TO HOPE THAT ALL OF

SHOULD TRY TO HOPE THAT ALL OF THOSE PEOPLE NOT CAUGHT UP IN

THOSE PEOPLE NOT CAUGHT UP IN THAT WAVE SOMEHOW TRY TO

THAT WAVE SOMEHOW TRY TO PARTICIPATE IN THAT BUT BE

PARTICIPATE IN THAT BUT BE PREPARED FOR THINGS TO HAPPEN.

PREPARED FOR THINGS TO HAPPEN. ECONOMIC EXPANSIONS THAT ARE TEN

ECONOMIC EXPANSIONS THAT ARE TEN YEARS OLD AND LONG IN THE TOOTH

YEARS OLD AND LONG IN THE TOOTH THEY CAN'T CRUMBLE.

THEY CAN'T CRUMBLE. THOSE BECOME TOUGH DECISIONS.

THOSE BECOME TOUGH DECISIONS. DO I THINK THERE'S ANYTHING

DO I THINK THERE'S ANYTHING TODAY THAT SAYS THERE'S

TODAY THAT SAYS THERE'S SOMETHING IMPENDING THAT'S GOING

SOMETHING IMPENDING THAT'S GOING TO BE DANGEROUS FOR THEM AS AN

TO BE DANGEROUS FOR THEM AS AN INVESTOR.