Doug Burgum

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.

I said, like, if air traffic controllers did this, no one would get in an airplane.

They do seem to put a little tailspin on everything.

Well, I think the most important thing that we are doing is getting out of the way and setting the conditions for it, because

I would say one of the surprises that I've had, and I've had a lot of them when I went from civilian to a public servant, has been that in the U.S., we've made it so hard to build things.

And it's just very frustrating.

I'm sure Doug and Chris will talk about it, but this idea...

TSMC wants to build a gigantic fab system in Arizona, and I think it might be able to produce up to 7% of the chips that the United States needs.