Doug Burgum

I now say TDS is tariff derangement syndrome.

And when you think about it, the market crashed.

Then it had the fastest recovery in history

Over a 54-day period, we're back at a new high.

So I think the market is looking through all this to next year with the productivity boom.

And to the question, I think minimum on a forward 12-month basis, we're going to take in at least $300 billion in tariff income.

No, I think that they're just stuck in an old way of thinking.

I'm only going to talk about the mistakes they made, not the mistakes they're going to make.

But I do think at a point, they're just going to have to kind of admit that they have been wrong.

Because if you think about it, I don't believe that a tariff is a consumption tax.

But if tomorrow we put on a 1% consumption tax, you would never say that's 1% inflation.

That's right.

So I am hoping that in their infinite wisdom that the, I can't remember, it's 350 PhD economists which...

I said on TV yesterday, the day before, my worry is that the Fed is turning into universal basic income for PhD economists.

But I don't know what they do.

They're never right.

If you were to... Maybe you should double the number of PhDs.

If you go to 700, they might get it right.

Well, look, I mean, if you were to look at the central value tendency versus how they've done, it's shocking.

It's shocking.