Matthew Miller

The fact that home buyer demand has declined even as rates have dropped suggests that a deflationary psychology has infected the housing market.

You buy that?

Will we see a significant drop in the dollar from that?

Because we had seen, right, in the first half, the biggest drop for the dollar since 1973.

That's the year I was born, so a long time ago.

You're a baby.

Thank you.

But we have recently seen the dollar recovering, showing a little bit of strength here as people look for, I think, safe haven in that.

Even with the shutdown.

I wonder what you think about that.

You mentioned rare earths, and even we can't inflate our way out of that problem, right?

J.D.

Vance said, we have the cards.

But it seems to me China has us between a rock and a hard place.

Meredith Whitney put out a note on Sunday, and she says,

you know, don't bother being distracted by 100% additional tariffs that President Trump was talking about because aside from the massive dependence on the US industrial complex for these rare earth minerals and magnets, the US military is 100% dependent on them and is nearly depleted of its reserves.

I just think of the strategy that it looks like the White House is following, right?

They take a stake in MP materials.

They take a stake in lithium Americas.

They're trying to ramp up mining so they can produce these things.