Morgan Housel

I have a trade deficit with him.

Did he rip me off?

No.

It's a mutual exchange for someone.

He had a skill that I don't, and I benefited from him.

It was a mutually beneficial transaction.

And I think that is by and large what happens in global trade, which is that China is better at some things than we are.

They're better at low-end manufacturing, and they're willing to do low-end manufacturing when we're not.

I think that can be a false notion because we have a pretty big trade deficit in goods.

We have a massive trade surplus in services.

We sell a shitload of services to other people.

I think it is a very understandable that I can empathize with yearning to go back to an era that for many people, not everybody, but for many people was better than we have it today.

And a politician made a very smart logo off this, make America great again.

the yearning to go back, which can be colored by false nostalgia.

Like in many ways, it wasn't as great as we remember it to be, but in some ways it was better.

And the yearning to go back to that, I think is always gonna be very appealing to the people, whether it was them or their parents who benefited from that era.

And they feel like on the K-shaped economy, they're on the lower end of the K. That's always gonna be a very appealing thing to it.

I think a lot of problems in politics is that

If somebody disagrees with you, it is, well, you're an idiot and you're uninformed.

That's the knee-jerk reaction without asking, well, what have you experienced in life that I haven't that makes you think that?