Tim Stenovec

That was really the first domino of a series of dominoes and then a series of, frankly, terrible policy choices.

The Federal Reserve basically doing nothing.

The implementation of tariffs.

We can discuss what that means today.

Right.

There was a gold standard, so there was a question about how much money you could throw into the system, austerity, all of that that worked against things that led to 25% unemployment.

It didn't have to happen, if you will.

Everybody thinks it's like there's one bad day, and then somehow there's a Great Depression, but there's so much in between.

Well, look, it didn't happen... Rather than can 1929 happen again?

Well, but I'll tell you, I'll give you actually how you could get to 1932 today, and that sort of maybe speaks to this.

So...

One of the lessons that came out of 1929, it was actually the lesson that Ben Bernanke learned when he was doing his great, his thesis on the Great Depression at Princeton, is when there's a crash or a crisis or a panic,

playbook is to throw money at the problem.

Maybe politically unpopular, but that is the lesson.

And he did it in 2008.

And by the way, we did it again during the pandemic.

And I think we now think that there is a playbook.

And by the way, there's also therefore a put on the market because we now have we have the playbook.

The one thing that's different this time is if you genuinely believe every financial crisis to some degree is a function of debt, too much debt in the system.

So far, we're all talking about corporate debt, really.