Michael Cembalest

And it turned out to be a disaster, contributed to a terrible recession in 56, 57. And two years later, the deportations were 80,000. So the public support and congressional support for the program evaporated. In the late 1800s, Trump talks about McKinley a lot, loves McKinley. The McKinley tariffs were put in place.

And it turned out to be a disaster, contributed to a terrible recession in 56, 57. And two years later, the deportations were 80,000. So the public support and congressional support for the program evaporated. In the late 1800s, Trump talks about McKinley a lot, loves McKinley. The McKinley tariffs were put in place.

The next midterm elections, the Republicans lost 100 seats in the House because the economic consequences were bad and people reacted to them. So If a lot of what you and I are talking about doesn't go right, there are, you know, the electoral process has ways of correcting some of these things.

The next midterm elections, the Republicans lost 100 seats in the House because the economic consequences were bad and people reacted to them. So If a lot of what you and I are talking about doesn't go right, there are, you know, the electoral process has ways of correcting some of these things.

The next midterm elections, the Republicans lost 100 seats in the House because the economic consequences were bad and people reacted to them. So If a lot of what you and I are talking about doesn't go right, there are, you know, the electoral process has ways of correcting some of these things.

And my discussions with European policymakers, you know, behind closed doors and just other people that are kind of watching this, CEOs from other parts of the world, they're not ready to throw in the towel. They've definitely picked it up and they're watching.

And my discussions with European policymakers, you know, behind closed doors and just other people that are kind of watching this, CEOs from other parts of the world, they're not ready to throw in the towel. They've definitely picked it up and they're watching.

And my discussions with European policymakers, you know, behind closed doors and just other people that are kind of watching this, CEOs from other parts of the world, they're not ready to throw in the towel. They've definitely picked it up and they're watching.

But they're going to wait to see how some of these things play out before making some irrevocable decisions that they wouldn't be able to reverse. The administration on April 11th added hundreds of codes to this exclusion list because it realized that the United States doesn't have any domestic production of certain things and tariffing them would just make them more expensive.

But they're going to wait to see how some of these things play out before making some irrevocable decisions that they wouldn't be able to reverse. The administration on April 11th added hundreds of codes to this exclusion list because it realized that the United States doesn't have any domestic production of certain things and tariffing them would just make them more expensive.

But they're going to wait to see how some of these things play out before making some irrevocable decisions that they wouldn't be able to reverse. The administration on April 11th added hundreds of codes to this exclusion list because it realized that the United States doesn't have any domestic production of certain things and tariffing them would just make them more expensive.

So they're reacting – in certain ways to certain things at certain times. And, and my belief is that before this is all done, they will have to make substantial modifications as to the long-term damage. Um, I'm worried about it.

So they're reacting – in certain ways to certain things at certain times. And, and my belief is that before this is all done, they will have to make substantial modifications as to the long-term damage. Um, I'm worried about it.

So they're reacting – in certain ways to certain things at certain times. And, and my belief is that before this is all done, they will have to make substantial modifications as to the long-term damage. Um, I'm worried about it.

Um, look, I, I gave a webcast a couple of weeks ago and I don't know if you guys saw this, but I ended the webcast by saying, I've talked about most of the things I wanted to say, but not everything. Um, because we don't live in the kind of environment where people can necessarily say all the things they think anymore. That's going to have to change, right?

Um, look, I, I gave a webcast a couple of weeks ago and I don't know if you guys saw this, but I ended the webcast by saying, I've talked about most of the things I wanted to say, but not everything. Um, because we don't live in the kind of environment where people can necessarily say all the things they think anymore. That's going to have to change, right?

Um, look, I, I gave a webcast a couple of weeks ago and I don't know if you guys saw this, but I ended the webcast by saying, I've talked about most of the things I wanted to say, but not everything. Um, because we don't live in the kind of environment where people can necessarily say all the things they think anymore. That's going to have to change, right?

And if that doesn't change, then I would buy more into your thesis about the permanence of some of these things.

And if that doesn't change, then I would buy more into your thesis about the permanence of some of these things.

And if that doesn't change, then I would buy more into your thesis about the permanence of some of these things.