E.J. Antoni

All of the models pointed to the market being overbought. And so some of this is simply rebalancing.

It's largely because people are having trouble planning for the future. They don't know how the tariff game is eventually going to shake out. Now, some of that, you could argue, has to do with different folks in the administration not singing from the same hymnal. But I would argue a lot of it has to do with the fact that as soon as we're talking about reciprocal tariffs,

It's largely because people are having trouble planning for the future. They don't know how the tariff game is eventually going to shake out. Now, some of that, you could argue, has to do with different folks in the administration not singing from the same hymnal. But I would argue a lot of it has to do with the fact that as soon as we're talking about reciprocal tariffs,

you now have a whole nother element that's completely outside of your control, which is what is the president of Mexico going to do? What is the governor of Canada going to do? We don't know. And because our reciprocal tariffs are based off of what those foreign leaders are going to do, we have to essentially wait and see.

you now have a whole nother element that's completely outside of your control, which is what is the president of Mexico going to do? What is the governor of Canada going to do? We don't know. And because our reciprocal tariffs are based off of what those foreign leaders are going to do, we have to essentially wait and see.

You can't plan on anything because you don't know what that foreign leader is going to do. And our response, again, is dependent on what that foreign leader does.

You can't plan on anything because you don't know what that foreign leader is going to do. And our response, again, is dependent on what that foreign leader does.

In a lot of ways, the market was simply just overbought. For literally years, we had government debt fueling both government spending as well as consumer spending, government handing out welfare payments, for example, that were funded by borrowing.

In a lot of ways, the market was simply just overbought. For literally years, we had government debt fueling both government spending as well as consumer spending, government handing out welfare payments, for example, that were funded by borrowing.

And all of those different things have helped to drive corporate earnings, but they didn't create any kind of sustainable growth within the private sector. And the result of that has been people thinking that this runaway so-called growth would last forever. And clearly that's not possible. It

And all of those different things have helped to drive corporate earnings, but they didn't create any kind of sustainable growth within the private sector. And the result of that has been people thinking that this runaway so-called growth would last forever. And clearly that's not possible. It

Anyone who has had too much to drink and woke up the next day and had to deal with a headache knows exactly what this feels like. And so the solution is not to say, hey, I felt better when I was drinking, so I should go back to alcohol, right? And yes, the detox is a painful period. But look, the sins of the past always catch up to you, be they moral or monetary.

Anyone who has had too much to drink and woke up the next day and had to deal with a headache knows exactly what this feels like. And so the solution is not to say, hey, I felt better when I was drinking, so I should go back to alcohol, right? And yes, the detox is a painful period. But look, the sins of the past always catch up to you, be they moral or monetary.

What we're dealing with today is the result of all the runaway government spending and debt and other profligacies that we've had for several years now. So it will be painful to undo all of that mess, but that's the only way you get to long-term economic health.

What we're dealing with today is the result of all the runaway government spending and debt and other profligacies that we've had for several years now. So it will be painful to undo all of that mess, but that's the only way you get to long-term economic health.

Well, I would love to know by what metric he is using to determine that this is the greatest economy ever. I mean, look at inflation, for example. He is handing President Trump an economy with a higher inflation rate than it ever was at any point during Trump's first term. So this idea that somehow the economy is firing on all cylinders, I'm sorry, I just don't see the evidence for that.

Well, I would love to know by what metric he is using to determine that this is the greatest economy ever. I mean, look at inflation, for example. He is handing President Trump an economy with a higher inflation rate than it ever was at any point during Trump's first term. So this idea that somehow the economy is firing on all cylinders, I'm sorry, I just don't see the evidence for that.

You know, there are fewer... native-born Americans with jobs today than there were in 2019, five years ago before the pandemic. Again, by what metric are we using to say that the economy is better now than it ever has been before? What's better now than it ever has been before is government employment. The number of people employed by the government, over 23 million.

You know, there are fewer... native-born Americans with jobs today than there were in 2019, five years ago before the pandemic. Again, by what metric are we using to say that the economy is better now than it ever has been before? What's better now than it ever has been before is government employment. The number of people employed by the government, over 23 million.

Government is growing at an exponential rate. We're going to spend about $1.4 trillion to finance the debt in the year ahead. I mean, that's the only metric I can see that shows the economy really growing at a brisk pace.