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Bianco: Markets trapped in central bank bubble

Jim Bianco, president of Bianco Research, and CNBC's Rick Santelli debated the potential repercussions from the ongoing money-printing bonanza from central banks around the world.

"If you want to complain, you can't complain when the stock market is at an all-time high and yields are this low, because everyone is trapped in the relative performance game," said Bianco. "This is like '99 with tech stocks or 2006 with real estate."

Bianco believes that as long as asset prices continue going up, everybody "keeps rolling their eyes" and looking the other way. "Today it's a new era that central banks are running everything," he said.

Apart from asset bubbles, Santelli and Bianco discuss the potential outcome of the upcoming U.S. election.

This interview is an exclusive for CNBC PRO subscribers.