Welcome to Crash Course, a podcast about business, political, and social disruption and what we can learn from it.

I'm Tim O'Brien. Every week on Crash Course, I'm going to bring listeners directly into the arenas where epic upheavals occur and

I'm going to explore the lessons we can learn when creativity and ambition collide

with competition and power.

Listen to Crash Course every Tuesday on the IHeartRadio app, Apple Podcasts,

or wherever you get your podcasts. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene with David Gura.

Daily, we bring you insight from the best of economics.

Finance, investment, and international relations.

Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course,

on the Bloomberg. We come with Michael Darda. He's the chief economist and market strategies at

MKM partners, joins us here in our Bloomberg 1130 studios in New York. Great to see

you. Great to be back. Thank you. A last poor York, you write a last fiscal

policy in the U.S. looks dead.

What role when we look at the record numbers that we've seen this week, Dow hitting 23,000?

How much of that do you attribute to the prospect still that there might be somewhere

in the corridors of Congress work proceeding on new fiscal policy?

Well, not much, David, and it's a very controversial and unpopular view, but consider

the fact that emerging markets are up what 30 plus percent this year.

Let's take a look at the Eurozone business cycle.

They have the same lift in business confidence in PMIs that we're seeing in the U.S.

So the idea that we can continue to attribute what's happening here, whether it's the market

or data to a surprise election that happened last fall, just to me seems like a real stretch. Now maybe something minor gets done on the

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