James Altucher

Right. But like just like a portfolio, even if your portfolio is down, even if the economy is down, even if there's so much uncertainty, there's so much uncertainty right now. But we know that everyone says that every time, oh, the world's over, capitalism's dead, but it always comes back. We never got closer than 2008. 2008, things were legitimately bad.

Right. But like just like a portfolio, even if your portfolio is down, even if the economy is down, even if there's so much uncertainty, there's so much uncertainty right now. But we know that everyone says that every time, oh, the world's over, capitalism's dead, but it always comes back. We never got closer than 2008. 2008, things were legitimately bad.

We still bounce back so strong. I mean, there was like an 11-year bull market that lasted until the pandemic. And even that year of the pandemic, the market was up. So it lasted until essentially 2022.

We still bounce back so strong. I mean, there was like an 11-year bull market that lasted until the pandemic. And even that year of the pandemic, the market was up. So it lasted until essentially 2022.

We still bounce back so strong. I mean, there was like an 11-year bull market that lasted until the pandemic. And even that year of the pandemic, the market was up. So it lasted until essentially 2022.

Yeah. So let's talk about it. First off, let's set the historical stage, like what historically has happened and when have tariffs been bad? Because there has been a period when they've been bad. So first off, for the entire first half of the United States from the founding of the United States until 1913, 97% of the United States revenues came from tariffs. We didn't have any federal taxes.

Yeah. So let's talk about it. First off, let's set the historical stage, like what historically has happened and when have tariffs been bad? Because there has been a period when they've been bad. So first off, for the entire first half of the United States from the founding of the United States until 1913, 97% of the United States revenues came from tariffs. We didn't have any federal taxes.

Yeah. So let's talk about it. First off, let's set the historical stage, like what historically has happened and when have tariffs been bad? Because there has been a period when they've been bad. So first off, for the entire first half of the United States from the founding of the United States until 1913, 97% of the United States revenues came from tariffs. We didn't have any federal taxes.

So all the revenues came from tariffs. And during that time, you know, we had the industrial revolution, like the US went from being small country to the basically just about the biggest economy in the world next to the UK. And then around World War I, which is right after we surpassed the UK, And I know this is a very different period than now. Nobody has to correct me on that.

So all the revenues came from tariffs. And during that time, you know, we had the industrial revolution, like the US went from being small country to the basically just about the biggest economy in the world next to the UK. And then around World War I, which is right after we surpassed the UK, And I know this is a very different period than now. Nobody has to correct me on that.

So all the revenues came from tariffs. And during that time, you know, we had the industrial revolution, like the US went from being small country to the basically just about the biggest economy in the world next to the UK. And then around World War I, which is right after we surpassed the UK, And I know this is a very different period than now. Nobody has to correct me on that.

Obviously, it's very different. But historically, tariffs was the main source of revenues, at least for early America. And there was zero inflation then. So tariffs are not really connected to inflation, despite... what people are saying and we can get to why in a second. But then federal income taxes started. It was a constitutional amendment.

Obviously, it's very different. But historically, tariffs was the main source of revenues, at least for early America. And there was zero inflation then. So tariffs are not really connected to inflation, despite... what people are saying and we can get to why in a second. But then federal income taxes started. It was a constitutional amendment.

Obviously, it's very different. But historically, tariffs was the main source of revenues, at least for early America. And there was zero inflation then. So tariffs are not really connected to inflation, despite... what people are saying and we can get to why in a second. But then federal income taxes started. It was a constitutional amendment.

I think it was the 16th amendment and Woodrow Wilson was the first president to introduce income taxes. And then slowly the US started shifting their revenues. Now almost all the revenues come from income taxes and very little comes from tariffs. But in 1929, which is a familiar day to people is the beginning of the great depression.

I think it was the 16th amendment and Woodrow Wilson was the first president to introduce income taxes. And then slowly the US started shifting their revenues. Now almost all the revenues come from income taxes and very little comes from tariffs. But in 1929, which is a familiar day to people is the beginning of the great depression.

I think it was the 16th amendment and Woodrow Wilson was the first president to introduce income taxes. And then slowly the US started shifting their revenues. Now almost all the revenues come from income taxes and very little comes from tariffs. But in 1929, which is a familiar day to people is the beginning of the great depression.

There was a tariff act passed, the Smoot-Hawley tariff, which put a huge, like a 60% tariff on everything, like everything imported. So Herbert Hoover, the president, he just did not want any foreign country to interfere with American industry. So he was completely a protectionist and isolationist. He didn't want trade. He only wanted us selling to other countries.

There was a tariff act passed, the Smoot-Hawley tariff, which put a huge, like a 60% tariff on everything, like everything imported. So Herbert Hoover, the president, he just did not want any foreign country to interfere with American industry. So he was completely a protectionist and isolationist. He didn't want trade. He only wanted us selling to other countries.

There was a tariff act passed, the Smoot-Hawley tariff, which put a huge, like a 60% tariff on everything, like everything imported. So Herbert Hoover, the president, he just did not want any foreign country to interfere with American industry. So he was completely a protectionist and isolationist. He didn't want trade. He only wanted us selling to other countries.