Frank Gaffney

the whole world to make China our manufacturing platform, that that level of dependency is just going to come with a lot of transition costs. So, we have to deal with the emotional and balance sheet freak out. Is that a technical economic term, a balance sheet freak out?

the whole world to make China our manufacturing platform, that that level of dependency is just going to come with a lot of transition costs. So, we have to deal with the emotional and balance sheet freak out. Is that a technical economic term, a balance sheet freak out?

I completely agree. And it also has held out another part of this conversation that really wasn't out there before. Everyone's talked about where the rivers come from and where the processing is done, but they hadn't talked about the hidden subsidies that were done by the Chinese government, where others had the capability to process. We did too, and so did some of our friends and allies.

I completely agree. And it also has held out another part of this conversation that really wasn't out there before. Everyone's talked about where the rivers come from and where the processing is done, but they hadn't talked about the hidden subsidies that were done by the Chinese government, where others had the capability to process. We did too, and so did some of our friends and allies.

I completely agree. And it also has held out another part of this conversation that really wasn't out there before. Everyone's talked about where the rivers come from and where the processing is done, but they hadn't talked about the hidden subsidies that were done by the Chinese government, where others had the capability to process. We did too, and so did some of our friends and allies.

But the subsidies inside China, basically using our money, taking from one pocket and put it into another. were killing the ability for our processing facilities to exist in a marketplace. And so, it's a form of dumping that was taking us out of the game. And so, what tariffs were doing, at least temporarily, and I think they could only last temporarily, is making it so that it is business viable.

But the subsidies inside China, basically using our money, taking from one pocket and put it into another. were killing the ability for our processing facilities to exist in a marketplace. And so, it's a form of dumping that was taking us out of the game. And so, what tariffs were doing, at least temporarily, and I think they could only last temporarily, is making it so that it is business viable.

But the subsidies inside China, basically using our money, taking from one pocket and put it into another. were killing the ability for our processing facilities to exist in a marketplace. And so, it's a form of dumping that was taking us out of the game. And so, what tariffs were doing, at least temporarily, and I think they could only last temporarily, is making it so that it is business viable.

for us and some others to do some of this processing, to revive some of these facilities, and that can rebalance the flow of the market in a way. But people know about subsidies when they're buying goods, but they forget about how the subsidies distort the flow of processing, and that is a major, major part of this. Yeah, that's actually a great point there.

for us and some others to do some of this processing, to revive some of these facilities, and that can rebalance the flow of the market in a way. But people know about subsidies when they're buying goods, but they forget about how the subsidies distort the flow of processing, and that is a major, major part of this. Yeah, that's actually a great point there.

for us and some others to do some of this processing, to revive some of these facilities, and that can rebalance the flow of the market in a way. But people know about subsidies when they're buying goods, but they forget about how the subsidies distort the flow of processing, and that is a major, major part of this. Yeah, that's actually a great point there.

I don't think we will. I think the other thing that came out of all this is that the size and the power of the American consumer market is one of the purest forms of leverage there's been and almost no one's used it. We've always thought of, well, if we're dependent on buying things from other people, then they must have the leverage over us. And they do at times.

I don't think we will. I think the other thing that came out of all this is that the size and the power of the American consumer market is one of the purest forms of leverage there's been and almost no one's used it. We've always thought of, well, if we're dependent on buying things from other people, then they must have the leverage over us. And they do at times.

I don't think we will. I think the other thing that came out of all this is that the size and the power of the American consumer market is one of the purest forms of leverage there's been and almost no one's used it. We've always thought of, well, if we're dependent on buying things from other people, then they must have the leverage over us. And they do at times.

But these factories in China don't whir with activity at all if Americans aren't buying and taking the stuff in. And America is such a huge footprint. And so that is one of the big forces in this realignment. And because of the size of our economy, and it's a real size of our economy, they have kind of fake accounting. I'm not convinced their economy is as big as has been reported, but-

But these factories in China don't whir with activity at all if Americans aren't buying and taking the stuff in. And America is such a huge footprint. And so that is one of the big forces in this realignment. And because of the size of our economy, and it's a real size of our economy, they have kind of fake accounting. I'm not convinced their economy is as big as has been reported, but-

But these factories in China don't whir with activity at all if Americans aren't buying and taking the stuff in. And America is such a huge footprint. And so that is one of the big forces in this realignment. And because of the size of our economy, and it's a real size of our economy, they have kind of fake accounting. I'm not convinced their economy is as big as has been reported, but-

Hours consumes a lot, drives a lot. And so this pain and disruption, it'll be felt in sort of the emotions of the stock market that go up and down. And so people will talk about, I lost this in my 501k, but 401k, I should say. This shows you how good I am at finance. But these things will come up, they'll come down, but they're coming down from a high watermark. And so we'll weather this.

Hours consumes a lot, drives a lot. And so this pain and disruption, it'll be felt in sort of the emotions of the stock market that go up and down. And so people will talk about, I lost this in my 501k, but 401k, I should say. This shows you how good I am at finance. But these things will come up, they'll come down, but they're coming down from a high watermark. And so we'll weather this.

Hours consumes a lot, drives a lot. And so this pain and disruption, it'll be felt in sort of the emotions of the stock market that go up and down. And so people will talk about, I lost this in my 501k, but 401k, I should say. This shows you how good I am at finance. But these things will come up, they'll come down, but they're coming down from a high watermark. And so we'll weather this.