Kevin Hassett

There's nobody that expects that we're going to have a disruption that is anything like what the bears right now fear.

This is a matter that is being studied very closely by the military and discussed constantly.

And I expect a heck of a lot of progress was made in coming up with a plan that can do exactly what the president has suggested.

Well, I think it's really the insurance and the naval effort and the destruction of the Iranian assault capability.

Those things are all on the table.

And I think that markets will move forward quickly once it's clear that the military, U.S.

military, has resolved those matters.

We're tracking it very closely.

We're keeping an eye on things that are liquid, things that are illiquid, and so on.

And right now we see a very well-functioning market that's under a tiny little bit of stress.

But for the most part, outside of the one firm that had the significant issue, it looks like everybody's in good shape.

But we're following it very closely.

There are behaviors that make you concerned, like when you see a radical amount of shorting of assets of firms that are starting to feel some distress and so on.

And that's something that we really haven't seen since the financial crisis in 2008.

And we're seeing nothing like that kind of activity.

I think people have made some bets that didn't pay off, but that's kind of what happens in financial markets, right?

So whether it's dumb or not, ex ante, ex post it looks dumb.

No, I believe that there's so much security in that space that they can handle the stress that we're observing right now.

President Trump told us from the beginning that we had to have a backup plan and a backup plan for the backup plan in case the Supreme Court ruled against his first try of doing it with AIPA.

And so isn't it wonderful to think about how well organized he is that the same day that we get the Supreme Court ruling, we come out with a backup plan that's just as good.