Well, ladies and gentlemen, welcome to Grant's, I guess, Grants Radio.

We are podcasting, Evan Lorenz and I.

I'm Jim Grant.

We are podcasting on the topic of the current issue of grants.

And Evan, if I do say so, and I do say so, it is merely fabulous.

You agree, Evan?

Oh, wholeheartedly.

Let's begin by talking about what's in it.

I want to begin about the cartoon, which is not the least important part of what we do.

And here's the, here's the cartoon.

Okay, so the scene is a dining room table, a husband and a wife.

He has a mouth full of her cooking and he is looking at her with a certain

amount of mazeman and husbandly guilt. And what she is saying to him is, quote, how can you

eat knowing that that man is president?

So that is the cartoon.

And because we're not going to talk about religion, having discussed politics, we're going

to dive right into the financial content of the current issue of Grants' interest rate observer.

And with me is the deputy editor of grants, the inimitable

analyst, Evan Lorenz. So Evan, here's what I propose that we talk about, we talk about

Detroit and its woes, or most of these woes are to come. We're going to talk about the margin of

safety, this central doctrine in investing, actually value investing. We're going to talk about

bank credit, and we're going to talk about the future. The future is a very big topic, Evan,

...