Jonathan V. Last

We've often said that if Trump were an actual Russian asset, would he be doing anything differently? I think we can say if he was a Chinese asset, would he be doing anything differently? Yeah. China is going to wind up in a much, much stronger place at the end of this than they were at the beginning. And there will be pain. They'll have a lot of pain.

We've often said that if Trump were an actual Russian asset, would he be doing anything differently? I think we can say if he was a Chinese asset, would he be doing anything differently? Yeah. China is going to wind up in a much, much stronger place at the end of this than they were at the beginning. And there will be pain. They'll have a lot of pain.

We've often said that if Trump were an actual Russian asset, would he be doing anything differently? I think we can say if he was a Chinese asset, would he be doing anything differently? Yeah. China is going to wind up in a much, much stronger place at the end of this than they were at the beginning. And there will be pain. They'll have a lot of pain.

But they are actually going to get something for their pain. We're not.

But they are actually going to get something for their pain. We're not.

But they are actually going to get something for their pain. We're not.

Yeah, I think that's true. But again, I mean, the Chinese are able to manage and weather those sorts of things in ways that a liberal society is not, as we saw during COVID, where they basically shut the country down, right?

Yeah, I think that's true. But again, I mean, the Chinese are able to manage and weather those sorts of things in ways that a liberal society is not, as we saw during COVID, where they basically shut the country down, right?

Yeah, I think that's true. But again, I mean, the Chinese are able to manage and weather those sorts of things in ways that a liberal society is not, as we saw during COVID, where they basically shut the country down, right?

Is it sanguine? I mean, it's trending down. It keeps trending down. The bond market looks bad. The dollar is weakening. There's a lot of volatility that's kind of within a certain band. Yeah, well, that's because, I mean, so the market is really taking the temperature right now. Right.

Is it sanguine? I mean, it's trending down. It keeps trending down. The bond market looks bad. The dollar is weakening. There's a lot of volatility that's kind of within a certain band. Yeah, well, that's because, I mean, so the market is really taking the temperature right now. Right.

Is it sanguine? I mean, it's trending down. It keeps trending down. The bond market looks bad. The dollar is weakening. There's a lot of volatility that's kind of within a certain band. Yeah, well, that's because, I mean, so the market is really taking the temperature right now. Right.

And so the market will, you know, like if the market says, you know, the stock market looks and says like, oh, look, these truckers have figured out how to bribe the president. I can make that trade today because today we can make money on that trade. That's really all it's about. And it trends down over time, but it's not really long term thinking.

And so the market will, you know, like if the market says, you know, the stock market looks and says like, oh, look, these truckers have figured out how to bribe the president. I can make that trade today because today we can make money on that trade. That's really all it's about. And it trends down over time, but it's not really long term thinking.

And so the market will, you know, like if the market says, you know, the stock market looks and says like, oh, look, these truckers have figured out how to bribe the president. I can make that trade today because today we can make money on that trade. That's really all it's about. And it trends down over time, but it's not really long term thinking.

The bond market is the one that's looking at seeing all the risk right now. The bond market is freaking out. And the dollar is weakening. We... We got a Fed report yesterday. I think the Dallas Fed looking at anticipated orders and mergers and acquisitions. And like the whole American economy is grinding to a halt. It's because nobody can make any plans.

The bond market is the one that's looking at seeing all the risk right now. The bond market is freaking out. And the dollar is weakening. We... We got a Fed report yesterday. I think the Dallas Fed looking at anticipated orders and mergers and acquisitions. And like the whole American economy is grinding to a halt. It's because nobody can make any plans.

The bond market is the one that's looking at seeing all the risk right now. The bond market is freaking out. And the dollar is weakening. We... We got a Fed report yesterday. I think the Dallas Fed looking at anticipated orders and mergers and acquisitions. And like the whole American economy is grinding to a halt. It's because nobody can make any plans.

And this is the insanity of the Trump administration. Even I hate to take it seriously because none of it deserves to being taken seriously. But the serious version of the tariffs is, well, it is important to American national security to get some certain types of manufacturing bases back in America. This is like the Gretchen Whitmer trying to steel man the thing, right? But to do that.

And this is the insanity of the Trump administration. Even I hate to take it seriously because none of it deserves to being taken seriously. But the serious version of the tariffs is, well, it is important to American national security to get some certain types of manufacturing bases back in America. This is like the Gretchen Whitmer trying to steel man the thing, right? But to do that.