payne capital management manager ryan payne and james freeman. let's first get this reaction. we were expecting a good number, ryan. where does this fit in for your expectations? >> i have been a raging bull for a long time. this fits into my bleft american economy is in great shape and this is validation. maria: it's validation on business spending and on the consumer. consumers spent money rather than saving it. businesses unleashed their pocketbooks. >> a lot of happy consumers, confident consumers and business executives. business spending up 7%. slower than the first quarter but still very robust. this is just what the administration was hoping for with the corporate tax rate cut. maria: where do you think this goes now. what are you going to be watching in terms of more evidence this economy is firing on all cylinders? >> this is a long-term change in the competitiveness of the united states whether it's the 21% corporate tax rate which makes us right in the middle with the rest of the world and the deregulatory effort by the president. this is the first time in several

joining me, ryan payne. president of payne capital management. the "wall street journal" had a couple articles on buyback. cautionary in my mind. what do you think? i don't have a problem with it. there are two ways returning capital into vestors, buybacks or higher dividend. >> i love stock bye backs. companies -- buybacks. so when they are mature enough to say maybe it shareholders have a better idea what to do with that cash and we do. charles: you are not worried about the legend of poor timing? you are not worried about that? >> it's always something to worry about. typing is everything. the timing is always an issue. i'll take that risk. >> i agree. it comes out of valuation. i would argue with david, it's a great time to be buying back. the markets have been lackluster. this is the time to do it. charles: we had two corporations make decisions based on -- starbucks wants to get rid of straws and costco wants to get rid of the polish sauce age -- sausages due to political correctness. >> i love polish hot dogs. but i do defer to management.

in because the protesting missouri turned into ryan payne, cable networks were out there 24 hours a day and people were internet 24the hours a day. at the subject of the police use of deadly force was suddenly front and center because of those developments. forespecially the aftermath a few weeks in ferguson. and that was the moment -- no matter what you think of that shooting -- that was the moment when america stopped and realized that they would have to pay attention. michael from alabama. good morning. lawrence o'donnell, i can't believe i have a chance to speak to you. thank you so much for speaking and standing up for us who have no public voice. you are so special. this element of fascism and racism that has taken over the country is bringing fear to everybody who has common sense. and what i'm asking you to do -- most of all, is to take and republicans are actually defining what the democrats are about. us baby them to call killers. we hate abortions. i will let you get back to saying what you are saying because what you are saying is so important in every way. guest: it is a di

ryan payne is from payne capital management still on set with us is marty mosby. and market analyst steve grasso. ryan, do you watch the bank or are you waiting for bank earnings or does it not play into your overall approach >> i like to take a macro approach but i think the banks are probably a good litmus test for overall in general >> really? >> i think inflation is going up which i think will be good for the banks. interest rates go up that's great for the banks i think all those things kind of play into the same story >> all right so as far as jpmorgan goes, not bad to start with. >> it's a good start to the process, yes >> what was -- now you're back, you've been in there crunching the numbers. >> well, we saw once you could crunch the numbers is that loan growth which is very benign in the fourth quarter actually core loan growth was at 2% quarter over quarter growth. which is your litmus test. in other words, we see loan growth coming through and the bank earnings then the economy is generally starting to percolate. >> exactly right the economy is definit

in because the protesting missouri turned into ryan payne, cable networks were out there 24 hours a day and people were internet 24the hours a day. at the subject of the police use of deadly force was suddenly front and center because of those developments. forespecially the aftermath a few weeks in ferguson. and that was the moment -- no matter what you think of that shooting -- that was the moment when america stopped and realized that they would have to pay attention. michael from alabama. good morning. lawrence o'donnell, i can't believe i have a chance to speak to you. thank you so much for speaking and standing up for us who have no public voice. you are so special. this element of fascism and racism that has taken over the country is bringing fear to everybody who has common sense. and what i'm asking you to do -- most of all, is to take and republicans are actually defining what the democrats are about. us baby them to call killers. we hate abortions. i will let you get back to saying what you are saying because what you are saying is so important in every way. guest: it is a di