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From a much longer conversation with my colleague Elizabeth Peek of the Hill of Vox News about

the Federal Reserve's decision to go from raising rates or raising rates when the data tell us to, to cutting rates and the prospect of cutting

rates in the new year and election year.

The consensus, I thought, was three cuts are possible, three reductions in the

interest charge the best customers, taking us from about five and a half to four or

somewhere in the fours. But Elizabeth just shocks me with the number. Well I

know that Wall Street can be aggressive and bullish and cheerful, exuberant, irrational exuberance once called by Mr. Greenspan, but here it is.

Eight cuts.

Do you believe it?

Good evening, John.

Well, I think investors are confused, but they're also elated and they're not keeping

that, letting that confusion keep them from buying stocks.

Stocks continue to go up. It's been an extraordinary. that confusion keep them from buying stocks

...