Howard Lutnick

There's the million dollar Trump card and then the $5 million card.

Where are those programs and how have they been working so far?

Have you announced how many people have applied or the first batches yet that have been granted this?

This is an excellent point that no one has actually made.

The narrative that the media has been trying to paint recently is this is a debasement problem for the US dollar.

But I actually think what you said is more accurate, which is what people looked through were the tariffs and saw a level of economic resilience in these other markets that made them very attractive in a way that they weren't attractive at the current course and speed.

That's why Korea did so well, Japan did so well, Europe did so well.

It's why a lot of these base commodities did well, because now you're seeing an increasing of demand because you're going to see production capacity all over the country.

It was a huge change, actually.

It really resets how capitalism and capital markets will work.

I don't know if it was an intended consequence, but it's a very positive consequence.

I want to talk, though, about what you just said about 2026.

You said, we will be surprised at the level of...

focus that you and the president put on fraud and you think there's a trillion dollars.

Can you just double click into what that means, how you're going to go after it, and is it at the federal level, at the state level?

Just kind of give us the rough game plan, what you can say.

Just the furlough, that's 150 basis points.

But that would have been to your point four.

5% GDP on a base this big is just, it's enormous.

Let's just put six in context.