Andrew Ross Sorkin

I think the bond market will freak out when we get to a moment where the Fed should be doing something that it's not doing.

But I think it's going to be a show-me-case situation.

I don't think that the market is necessarily going to get ahead of that because I think ultimately two things.

One is most professional investors at least are also professional optimists.

So they want to believe it's going to work.

They do.

And historically, by the way, betting – being the Cassandra has not been the profitable trade.

And so I think you're going to – you sort of want to watch to see that play out before you sell everything.

The other thing is – but I've – I mean this is interesting.

I don't know if we can think about this with the bond market.

I've always thought for years we all thought the bond market would get rattled about all sorts of things.

I've always thought there was some invisible line that would turn into a red line about how much debt the U.S.

government could have.

$38 trillion.

You thought, OK, at some point the –

they're going to say, no, we're not doing this anymore.

And yet we continue to do it and the bond market's been fine.

Totally.

I mean, so that's interesting, because I don't know if that's about being an optimist or not.

You know, I go back and think about 1930, Smoot-Hawley tariffs ended up a year later, you had global trade fallen by something like 60%.