Carson Block

you know, when these strains start really showing up in the labor markets and the flows start to go toward net zero, can have this situation, you know, can, like I said, equally probable to me at this point where companies are still engaging in share buybacks.

So maybe it hits, you know, this impact hits more suddenly or, you know,

Companies have to taper the share buybacks because they're not able to fund in the credit markets.

And so you start to see less upward pressure on stock prices as a result of that anyway.

So either scenario, at this point, I'm coin flip on those two.

Yeah.

Yeah.

I mean, look, I think, you know, my impression of of that question has been that there are people who argue, well, it's not going to be that bad because you're going to have a great wealth transfer and, you know, yada, yada, yada.

And, you know, money will be reallocated from credit to equities and younger.

But, you know, I.

No view in a world that doesn't go through an AI disruption, no view on the timing of that.

But yeah, as I said, I think that we're, you know, I think that question is not really going to be that relevant compared to what's coming first.

Yeah, no, look, there will be all of that.

I mean, the one thing is the playbooks are now very well developed for, you know, unlike the GFC, where a lot of the response was theoretical.

It took a long time to implement.

Governments had to get authorities to do it.

The authorities exist.

They've been expanded during COVID.

So from a monetary perspective, that, you know...

I mean, real rates will go zero or negative.