Let's go, let's imagine this is six months from now and we look back on the September inflation

port and said darn, if only we'd seen X in here, we would have known inflation is going

to come down quickly and this is the same mistake the Fed made.

Is there some argument to be made because you do have people as Andrew mentioned like

Barry Stern that coming forward, Jeremy Siegel coming forward and saying, you idiots,

you're missing the big story.

Are we missing the big story of inflation coming down?

I remain completely open to being completely reversed on my thinking.

I just can't see the data yet, but maybe you can help me.

The big story, Steve, unfortunately, in my view, is not optimistic that we're missing.

A sea of derivatives out there that have all these similar adjustments and tweaks that

need to be made almost on a daily basis.

I see that we haven't heard or seen any major explosions, but they're out there.

The point here is that all these structural issues that we are discussing, they're real

and they have to correct and just take housing, for example.

Why do we have supply at a decade low?

Probably because of the 070809 credit crisis and why was that caused?

Well, everybody's going to tell you because of greedy bankers, but that's not really the

case.

Many bankers are always greedy, they're lions, lions eat meat, the government left a lot

of raw meat around and they ate it.

The point here is many of these structural issues we created ourselves.

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