Topic: Vix

Financial analyst Stephanie Ruhle described the recent doubling of the VIX "fear index" as a devastating event for traders who were short on volatility. The market correction is discussed in the context of Janet Yellen handing over the Federal Reserve chairmanship to Jerome Powell and her subsequent comments regarding an "overheated" market.

Investor Asher Edelman explains the "Plunge Protection Team," a group created under the Reagan administration to stabilize markets during crashes. Edelman suggests the team intervened the night of Trump's election to reverse a 600-point futures drop. The hosts discuss how this group, which includes the Fed and Treasury, operates without public records or audits.