Paul Krugman

going to be something.

Some stuff happens, as the bumper stickers don't quite say.

And there's really two kinds of stuff that can happen.

One of them is politics.

And, you know, I'm reading whether there's now, it's possible that my president is about to impose 25% tariffs on Canada and Mexico tonight, or then again, maybe not.

And that's a big deal.

And

We have a bunch of potential political shocks to the system.

I've just been doing some work.

And if you look at tech stock valuations, it really has that sort of end of 1999 feeling.

And are we going to be facing a sort of financial bubble burst?

It's, you know, and so they really calm good times never last.

And in this case, I think it's unusual that we have at least two obvious threats to the times we're in.

But all of this would take time to unwind.

So the numbers will continue to look good for the next two months at least.

Okay, I would actually mildly disagree with you on that because in 1999, we think about the conspicuously silly.

We think about pets.com and so on.

But, you know, that bubble was in large part telecoms companies rather than dot coms.

And the telecoms companies had real revenue and just not enough to justify the valuations.

And the technological, the technology actually did deliver.