Mike Pesca

And then, of course, the return of Donald Trump.

In some ways, his fingerprints are as much on Trump's ability to get back here than any other.

So the point was Trump came in with a huge opportunity, sort of like Ronald Reagan in 1980.

You know, people just found the Jimmy Carter presidency unpopular.

They were ready to turn the page.

So the opportunity for a honeymoon was big.

And if you look at sort of, frankly, I think Joe Biden had the same opportunity.

And it is interesting to me that Donald Trump's second term and Joe Biden's one term in the first year of their presidency pretty much are mirror images of each other.

They both had sort of one issue that sort of quickly severed whatever

Mild hope voters, at least swing voters, had that the presidency could be somewhat successful.

Right.

With with Joe Biden, it was the Afghanistan withdrawal.

And for Donald Trump, it was Liberation Day.

And there's no doubt Liberation Day was sort of the first hit.

And he never recovered from Liberation Day because the economy changed.

didn't really, the economy just kept getting sort of uneven.

And those that were not doing well, continue to not doing well.

Those that were doing well could continue to do well, thanks to the super investments of AI.

So the opportunity Trump had at the start of his term versus what he, where he is now, I think you should, and at this point it becomes

it becomes hard to recover without sort of an outsized event to sort of change the narrative.