Ryan

I mean, this video message came out, I think, on a Sunday, right?

Rocketed around the financial world.

Yeah, it did.

It was just full of everything that I was looking at, like all media.

Lynn Alden calls this the most direct clash between the Fed and the executive branch since the 1950s.

People probably don't remember that, but there's a lot of back and forth and a nibbling away of like a complete removal of Fed independence during the 1940s and the 1950s.

And that same sort of thing is happening here.

I don't know that there's ever been a DOJ prosecution of the chair of the Fed, though.

That is truly unprecedented territory.

Now, a lot of people, David, will say, including I saw a tweet from Eric Voorhees about this, the Fed was never independent in the first place.

That was always smoke and mirrors.

It was always a political institution at the whims of the executive branch or members of Congress.

And so this is just like not a big deal.

What do you think about that?

Do you think this is not a big deal?

It's always been like, or do you think this is, are we crossing a Rubicon here that the US has not crossed maybe ever, or at least since like the 1940s?

He kept saying transitory inflation.

That bothered me because like we knew it was much more durable than just like, oh, it'll be a few months.

It'll be over.

He's done a great job.