Tom Keene

She is with Morgan Stanley.

This is a blur.

For Paul and I, it is just an extraordinary advantage of wonderful conversations.

And then somebody will say something which sticks with me.

I'm walking down the street six months later and I'm going, damn that Nancy Lizard.

That's right.

She said something last year that made it my interview of the year of this American labor economy.

Joining us now from Piper Sandler, their chief global economist, truly iconic, Nancy Lazar.

You basically said the strong labor economy is a fiction, it's all government and healthcare supported, and that the private investment in private jobs formation is broken.

What does a war do to that?

I look at the Guadalcanal low, how miserable we were in 41, 42, into that battle in the South Pacific that we didn't want to talk about at the time.

And then up, up and away we went for a year, basically for years into the deflationary fifties, I guess.

Is it the same thing as well that this war could be a stimulus of sorts?

What's the state of American capitalism now?

You've done so much thinking about the arc of the larger picture now.

How do we incentivize ourselves to better productivity, better prosperity?

Yeah, no, it's... Do we just work longer hours as I look at Alexis Christophers over there?

The French have the same productivity we do.

They just work less hours.

They're smarter than we are.