The markets had their worst day today since the war in Iran began, and oil prices saw another big jump.

I spoke about the broader concerns around these latest events yesterday with Lloyd Blankfein, the former CEO of Goldman Sachs.

He's also the author of a new book called Streetwise, Getting to and Through Goldman Sachs.

And I began by asking him about the potential economic impact of the war in Iran.

Generally, these kind of geopolitical events, as long as they're not long in duration and no big

surprises, they generally don't affect except other than in the short term.

What would be what would be a problem that would affect the longer term? I suppose if

the close the straits of her moves, oil prices stayed up that would feed into

inflation and that would create other kinds of dislocation. I personally don't

expect that but as somebody in the risk management business I would be prepared

for those eventualities. It's certainly possible and certainly a concern. So there's

a lot of worries, but everything could actually work out.

If it's a shorter conflict, you're saying.

If it's a shorter conflict, well, if it's a long conflict, but there's no great effect.

We're not dealing in a part of the world that's a really big part of the global economy

other than the fact that it sources a lot of energy.

There are so many wonderful insights in your book about you navigating both good times and really tough times,

running Goldman Sachs.

And you've talked to about how everything has cycles.

And you said something about how we're getting close to the end of the late stages of this,

meaning the good market cycles were due for a kind of reckoning.

That caught my attention.

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