Michael Batnick

Like NICS tickets.

Like NICS tickets, like consumer spending, like municipal government finances, right?

Like the California legislative office talks about how over half the growth in income tax withholding is a function of all the RSUs that are vesting, right?

Like it's like, that's your meal ticket, right?

If you're a worker in one of those big companies.

Um,

it's probably, it's juicing, obviously, global growth, but more importantly, it's helping corporate earnings.

And that matters because it finances a wealth effect through consumer spending.

And again, that's not something that is neatly captured by a simple accounting identity.

So it's almost like saying,

Yeah, I mean, residential investment, 6% or 7% of US GDP, but not really because we import all the drywall and lumber from Canada.

It's a bit, I don't know, I think it's one of these arguments.

Depends who you ask.

I mean, there's a lot of vibes too, right?

I mean, the other thing, of course, is that the Fed was hiking and

That's true.

And the end.

But the stock market was still going up concurrently as the Fed was hiking.

So it wasn't as I mean, this whole notion that like, oh, the Fed should step in and like

hike to blow this whole thing up.