Brad Gerstner

If you're right, and we have inflation over 3% next November, and you have higher youth unemployment, and the economy is only growing at 1.5%, and interest rates stay high,

then I think it'll be a rough midterm for the Republicans.

I don't actually think that's the flight path for the country.

I actually think you are going to get three to four rate cuts.

I actually think you are going to see a reacceleration of GDP.

I don't think that these job cuts are the result of AI, but that's what makes a market.

I think you heard the president say after the elections this week,

that there are a lot of things around affordability that got to be delivered that aren't being delivered.

And that number one affordability issue starts with interest rates being lower.

And he's been pounding the table on that all year long.

But listen, I think a big mistake by Republicans in this last election cycle is they weren't talking about affordability.

And the people they lost to were talking about affordability.

So I think on that score, you're correct.

But

I happen to think that inflation is going to continue rolling over.

I think you see some one-time effects in here.

And so I'll take the under, Jason, with you.

And I can have a little side wager.

I want to read you something from Morgan Stanley this week on this question of are the job losses caused by AI or are they caused by something else?

And the title of this section is Flatter is Faster.