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Discover opportunities in a transforming world, B of A.M.com slash VR, Merrill Lynch, Pierce, Fenner, and Smith, Incorporated. 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 Bloomberg.com, and of course on the Bloomberg.

With us, Edward S. Hyman was rumored to actually watch every once in a while.

He's with Evercourt ISI.

And I want to get back to the economy into what you, many would say, invented.

And that is the linkage of the economy into the equity markets.

This is a chart you and I know from Yale Management.

I've put it in terms of the Dow and not the S&P 500.

On radio folks, it's a gorgeous shot of the Depression in 1929 a percent

change log chart and up we go and we just seem to prosper along the way. Do you

still have a belief in American exceptionalism and in American capitalism?

Yeah, way over my head. I'm a practitioner and right now it looks like it's continuing to prosper.

This is a very important chart in that we're learning more and more that the more the stock market goes up, the more it helps optimism

and consumer spending, capital spending, and that's what's been going on.

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