Jonathan V. Last

So I agree with you on the economics. I disagree with you on the politics. So why don't I start where I agree and then, and then we'll move to the disagreement. So I'll give you a chance to push back. On the economics, you're right. I mean, the interest rates have been low since Bill Clinton came in.

So I agree with you on the economics. I disagree with you on the politics. So why don't I start where I agree and then, and then we'll move to the disagreement. So I'll give you a chance to push back. On the economics, you're right. I mean, the interest rates have been low since Bill Clinton came in.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

That's refreshing. That's right.

That's refreshing. That's right.

That's refreshing. That's right.

That's why you used to be Republicans.

That's why you used to be Republicans.

That's why you used to be Republicans.

It's nice to remind people. It's nice for us to flex the old muscles. It's nice to demonstrate to people that we haven't gone fully native. That's good from time to time.

It's nice to remind people. It's nice for us to flex the old muscles. It's nice to demonstrate to people that we haven't gone fully native. That's good from time to time.

It's nice to remind people. It's nice for us to flex the old muscles. It's nice to demonstrate to people that we haven't gone fully native. That's good from time to time.