I'm actually very pleased to see they decided not to raise rates because it's really not justified by the performance of this economy,

That could be bullish for the stock market if the household sector concludes that real estate is not the place for speculative gains any more.

Now, I think you have to add an entire percentage point

We have two surprises in our economy: better-than-expected growth and lower-than-expected inflation, and the growth is based on productivity, ... People are working harder. They're generating more products efficiently at lower prices.

The economy's doing well, [and] Bill Clinton's in the White House. Hence, it follows that the administration must be good for the economy. But thinking back, I think the administration promoted all sorts of policies that if they were actually allowed to implement them, they probably would have screwed up the economy big time.

It's going to be very hard to find anybody on Wall Street who can complain about Bill Clinton with the kind of performance we've had in the stock market.