Ed Elson

that he, one, shouldn't have raised tariffs, as an example, but two, that he shouldn't have attacked Iran, that he shouldn't have invaded the Middle East, or at the very least, that his strategy in doing so was a fumble.

But I wonder if investors just don't want to admit that.

And we should be clear, we see this from investors on the left and from investors on the right.

But it seems it's happened to such a degree where to admit that we're seeing structural issues in the economy is to admit that the president...

who has become this sort of larger-than-life personality in the minds of many investors, is wrong about something, that his strategy was flawed.

And I wonder if that's inherently pushing investors to try to downplay or ignore or put their blinders on and think, no, it's not a problem, everything's fine.

Yeah, we'll just leave in a couple weeks.

Yeah, it's going to be okay.

And that might be a real problem over the long term.

It seems that the bond investors have decided, no, this is a problem.

But over in the stock market, you're not really seeing that.

So despite the fact that

Which would be just devastating to the markets if that were to actually transpire.

And I think, I mean, you made the point about how the bond markets, going back a year ago to Liberation Day and the tariffs, the bond market was the adult in the room.

Trump issued these tariffs.

He came out with his stupid billboard in the garden and everyone freaked out.

Stock market investors freaked out.

Bond investors particularly freaked out.

where you saw the 10-year yield jumping more than 50 basis points in three days.

It was the biggest three-day jump in more than two decades.