Ken Griffin

Right.

And if you're unwilling to break the back of inflation, you run the risk of runaway inflation.

And in particular, in a profound way,

in a profound way, you hurt those Americans who are most vulnerable, and particularly the retirees and near-retirees who no longer have the flexibility in either their career or their investment portfolios to withstand the damage that inflation yields.

So I think this is a huge strategic mistake by the administration because if inflation does rear its ugly head, they want somebody to be angry with like the rest of the American people are going to be angry with.

And whosever Powell successor will bear the brunt, just as Volcker did years ago, in making that really tough call to raise rates in a way that's painful to the American families in the short run, but necessary to protect the interests of our country holistically.

I think you can't underestimate just, you know, we are deep in a bull market.

And there is a lot of FOMO.

There's a lot of FOMO.

And I just think to sort of chalk everything up to the market looks past, the market looks past, the market looks past.

Crash of 87, and I'm not saying this is going to happen tomorrow.

You know, the big news story on the day of the crash of 87 was Nancy Reagan had just been diagnosed with breast cancer, and there was an attack by some inconsequential Iranian or Iraqi boat on a U.S.

vessel.

I mean, like, inconsequential.

And the market lost almost a quarter of its value in a day.

In a day.

Like the market lost almost a quarter of its value.

So I sort of think, just to sort of say like the market looks past all this, misses the fact that when the market chooses to change its mind, the correction can be extraordinarily quick and extraordinarily painful.

I mean, in 87, we didn't have a catalyst.

Now, in 08, clearly you had the continued erosion of the capital-based banking system due to the housing market turmoil.