Howard Lutnick

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.

Six was China at its peak under central planning with a tight control on every aspect of its economy.

That was what the world knew is what six looked like in the modern era.

And now the alternative version of six will be the president, you, the team, in a much more open way.

I'll be shocked.

I would be shocked.

Well, I'll give you a perfect example of this.

I am the lead investor in a one gigawatt data center project in Arizona.

We have to pay electricians between 500 and $750,000 a year, which is more than what we pay the engineers that work at the models at a Facebook.