Morgan Housel

We've tried it all over the place.

It never ends well.

And so I think it's self-defeating.

I think it's closer to the latter.

Now, I have a lot of empathy for people who, their jobs were lost to,

to China in the last 50 years.

And those people are right to be upset.

Of course, if I'd be upset, you'd be upset if that was your life and that was your livelihood and you felt like you got shipped away and you wanna do something about it.

So you can have empathy for that and understand why something needs to change and also say, this is not the way to do it.

That the way to do it is, but A, I think that this is true for a lot of things in economics that the era in the United States from probably about 1950 to 1980,

when the US had virtually a monopoly on global manufacturing, where there was a lot of peace and tranquility, at least relatively, 1970s of course were kind of a shit show, but by and large a pretty good era.

That was the anomaly.

That was not the norm for which we should expect to go down to.

That was the outlier.

That was so many crazy confluence of events that came together that gave the United States this unbelievable bounty of economic prosperity.

that we enjoyed and I think there's a lot of damage that has been done in the last 30 years or so of assuming that that was normal and what we're going through right now is abnormal when I think the opposite is true.

That what we're going through right now historically is probably closer to normal and what we had back then was this unbelievable unsustainable advantage that we will never go back to again.

And so when people want to recreate

that old America when we had manufacturing dominance with much higher wages and whatnot.

That was such an outlier event that I think is very hard to repeat.