Torsten Slok

That's the first thing that I'd like to get your reaction to.

And then the second is your point that even if the science fiction scenario does play out, the Citrini scenario where we're all out of jobs, unemployment rate hits 10, 20%, you made the point that the government at that point would step in.

But I think that there is probably a concern for a lot of Americans, which is that so far, this government and this administration doesn't seem that interested to take any action when it comes to AI.

In fact, the policy that they have proposed is we want to make sure that we actually don't regulate AI.

We want to put a moratorium on states coming up with their own AI legislation.

We want to get out of the way.

So for a lot of Americans, I think that would also inspire a lot of concern, which is, you

Can we really rely on government to figure this all out, to pay us a UBI dividend or to retrain us or reskill us?

I look at what's happening right now.

I think, I don't know if they can.

I get the sense that the reaction from the markets to the Citrini research article, the blog post that went very viral, it just totally kneecapped the markets.

I assume your view is that that was a major overreaction.

I'm glad you bring up the tail risk and the probability here, because that seems to be playing a big part in how people are pricing assets at this point.

I also wonder, I mean, my view is generally the same as yours.

I think Scott agrees.

We thought that there was an overreaction.

We thought that software was generally sold off too much.

And we think that, you know, investors are kind of losing their cool a bit.

At the same time,

your point that the probability of the tail risk has gone up does seem to have importance and significance for those of us who believe we're still on the straight.