allergan trading at 5 times and shire at 10 times. they don't grow at 1% or 2%. they are selling at discounts on the markets. the market is excessively pessimistic about what this administration will do. gary: why is the bond market not buying into this growth story? u.s. treasuries continue to tell the market mess and that we are not going to d market message that we are not going to see the bond growth. >> after a 35-year bull market in bonds, i think the bottom in rates was hit july 6 of last year at 1.37 on the 10-year. it's creeping up gradually and it will be a jagged move. but i think we are in a long up trend in rates. it will be gradual and slow. as you pointed out, low rates around the world. german bonds hit a record low. that's anchoring our yields down, but the trend is still up in my view. i think we are in a bear market in bonds. trish: in some ways perhaps it's good to have a cap on those yields if we want to do all this spending. >> and if we want to continue to have a bull market. it's fine that interest rates go up gradually. but if they spike,

. ♪ >>> time for cramer and stop trading. >> 14 times earnings with high single digit growth on the top line and double digit growth on the bottom line, i'm talking about allergan, brent saunders delivering what i think is a terrific quarter. he talks about how one day he's not going to be a long-term holder of the teva he got. been reduced dramatically when he got it from selling generics. but talking about not putting through big price increases, president trump should listen to that call or summary of it. the guidance, he reset everything back when the stock went down to 180 from what he was saying about the pfizer memo. and now he's got six drugs that are about to come out that he thinks could be big. a lot of stuff in the pipe. and i've got to tell you, this is going to be the new favorite of the growth guys given the come-ups of the gileads. >> pursuing different strategy of peers going after smaller companies. people recall that incredible premium they paid but a small number for a deal not long ago. >> for life cell. >> these are going to be the way they go. >> right. >> because