Realized, I mean are we on a precipice or is this really showing that the underlying

fundamentals are still good?

Because the world is, I mean, they're, I've seen, you know, Jamie Diamond and others others say they've never seen things more

concerning this the geopolitical the economic backdrop it's really frightening

even more more than so than the. I think he's right.

I think there's a lot of things that are frightening.

The thing that frightens me the most right now,

I have to say from a market perspective,

is Bagnolts and the fact that without, in the absence of quantitation. is buying

Bine yields and the fact that without in the absence of quantitative easing in the absence of

fed buying treasuries

Treasury yields are going to move higher and that's because our spending is out of control.

We're running a budget deficit that's 5.5% of a GDP at full employment.

We've looked over the past 70 years.

We've never run a budget deficit of 5% of GDP when the unemployment rate wasn't above 7.

And I always tell people if you want to see what Donald Trump's going to do if he gets reelected,

don't think about him laying up people against the walls and having them shot.

Just see what Orbán has done in Hungary.

Yeah.

Where he's bragged about having a liberal democracy and he's wiped out the judiciary, he's wiped out the free press,

and then I suppose that's probably what Donald Trump will look for as a blueprint if he gets elected again?

Well, one thing we know he'll do and there are plans floating around that indicate that he'll try to,

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