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“There's a study from not a friend of the administration, the San Francisco fed with a 150 years of data. I would refer everyone to that. That shows that tariffs do not cause inflation, that they're actually disinflationary.”

“If you look at the industries where we are taking stakes and moving forward, we've identified five to eight strategic industries where the U S we have to have endogenous production, or at least adjacent to us in North America or this hemisphere.”

“Minimum on a forward 12 month basis, we're going to take in at least three hundred billion dollars in tariff income.”

“And I've said that I would, by the time President Trump leaves office, that we would like to have something with a three in front of it, which will stabilize the deficit to GDP, which is an important number, and enable us to start paying down debt.”

“The president has absolute ability or the executive branch has absolute ability through three of ones, two 32 and something called one 22 to raise revenue on trade.”

“Look, the BLS is problematic. We've seen that the whole time.”

“And the fed constant probably kept or definitely kept QE going for too long. And, you know, I called the fed the engine of inequality. And someone said to me, would you believe that the fed is responsible for economic equality in the system. And I said, absolu…”

“Yeah, look, I thought that it, that when rates were low, you're supposed to turn out rates. Exactly. And instead, the Treasury for the past few years has pulled rates in, and I think part of that was to keep rates lower, that they changed the issuance schedule…”

“Endless spending, but endless spending when we were in, like, solid economic territory, or not in a war, first time ever”

“I keep saying the U.S., we don't have a revenue problem. We have a spending problem. Because we are averaging right about 18% revenue. And I'm talking about federal government. Federal government only. We're at about 18%, and Biden administration blew it out, …”

“So I actually think there's a chance that if we take, it's called the supplementary leverage ratio. If we take that away, it's, it becomes a binding constraint on banks. We might actually pull treasury bill yields down by 30 to 70 basis points.”

“Everyone's hearing cuts, and they think their government services are going to get cut. Super important. They're not.”

“We had a big announcement on Tuesday, and we brought in the two Hunter Biden whistleblowers, who, they have a lot to say about who gets audited, who doesn't. They're gonna be sitting in this building, working on IRS matters, and understanding exactly how these…”

“Watching President Zelensky do what I thought was the biggest Diplomatic own goal in history.”

“I would predict that in the next 18 or 24 months, Marine Le Pen The bête noire of European politics is going to be president of France, and she's going to be president of France because the alternative on the left is worse than she is.”

“And I think we can through deregulation, energy, independence, and dominance in the U.S., and a growth mindset. We can get back to growth. I feel very strongly that this is the last chance to grow our way out of this.”

“So last year, 20, 24, 40% of the government spending occurred in the fourth quarter as they had the unsuccessful Or their unsuccessful attempt to convince voters that they weren't in a world of hurt.”

“I forecast that we will have approximately a 200 to three hundred billion fiscal contraction for the calendar year, which is between .71% of GDP.”

“We're gonna end the year with a nominal growth close to six percent. So we will be bringing down the Deficit to GDP. I believe it peaked 6.8% for the calendar year, previous year, and we're going to be in the mid fives”

“Same thing on October eighth when Beijing announced that they were going to put a worldwide export license on any product that had .1% of Chinese rare earths in it, which would have ground the Western trading system to a halt.”

“So what should happen is over time, tariff income will come down and U.S. Tax receipts will come up, whether it's from factory jobs or more manufacturing, And through higher payroll taxes.”

“We are now seeing rents are down about five percent. I think that trend will continue.”

“Real incomes are about, up about 1.8% since President Trump took office, and that's back to the Main Street question.”

“And no one told the Fed that you're not supposed to buy high, so. They paid a high, high price for bonds, low interest rates, and their arbitrage, the Fed's losing about a hundred billion dollars a year now.”

“And there, there's a very good study from MIT that's come out that shows, you know, in a way that only PhDs at MIT can be very precise. 42% of the great inflation was caused by the budget deficit. Another 17% was caused by the increase in inflation expectation…”

“I believe that the greatest economic threat to the world economy, to the US economy, more than the Arab oil embargo that I lived through in the seventies when I was lined up with my parents to the, at the pump to do odd even days because of the oil embargo, th…”

“We expect that the Chinese will slowly divest, but the, with the passage of the genius legislation last week, I think that we could see several trillion dollars of demand for T-bills, because the way the legislation works, it, it's under 90 days.”

“I could see in the next few years that we are going to have to have some kind of a grand global economic reordering. There's something on the equivalent of a new Bretton Woods, or if you want to go back, like a treat, something back to the steel agreements or …”

“And I would say in March of 21, the economy didn't need rescue, it was already in recovery.”

“We're going to set a goal by twenty-twenty-eight. We want to get back to the long-term average. We're going to deflate it slowly.”

“Folks who lost their government jobs will be picked up by the private sector.”

“It's very gameable, and one of the most gameable parts of it In normal CBO scoring, that, so we, we're calling, we're saying that we want to renew the tax cuts. We're actually just renewing the current tax regime. That, that somehow, after they expire, Then th…”

“I a hundred percent support the Fed's autonomy in monetary policy.”

“Everybody recognizes that if we don't get this done, it's going to be the biggest, it's pass fail. It's the biggest tax hike in history.”

“Within a 10 mile radius of here, 25% of the GDP of the U.S. Pulsates through here.”

“There's one very large department that everybody deals with on April 15th, that their help desk is fully staffed 24 seven, 365 days a year. They have the same number of people on Christmas Eve as they have on April 14th.”

“I can say today, we're not revaluing the gold.”

“So is there something we could do where you put another layer of private money in there, and then the federal government is the fifth risk. Traunch. But if the federal government comes in, can we mandate down here proper hygiene?”

“But this administration had a jihad on hybrids, because they're, it, they didn't pass the purity test.”

“Yeah, I mean, we're not going to crush labor like China and some other countries have done, so we gotta crush the energy price.”

“My style, still the Duquesne style, is that the micro drives the macro. We can get a huge amount of information from what companies are telling us. We can't predict the PCE deflator better than anybody. We can't have a better model for LEI, but if trucking com…”

“He's a Leninist, so he's not going to allow a clearing function in the market that would Allow for a sustainable Chinese economy.”

“I also felt very strongly that we're in the midst of a great realignment and of a Bretton Woods realignments coming in terms of global policy, global trade.”

“The economy, the markets are biology. They're not math. They're not physics. They're nonlinearities. They're very complex systems. They're mutations in the system. And this idea that we can have this decimal point certainty is just absurd.”

“About half of them have disappeared since the GFC.”

“80, 90% of the precursor chemicals that go into U.S. Pharmaceuticals are made overseas. Majority in China or India.”

“And I can see that we're going to have a gigantic refund year in the first quarter because no one chains their working Americans did not change their withholding. So I think households could see depending on the number of workers, 1002 thousand dollar refunds,…”

“Philanthropists like Susan and Michael Dell, We're going to put in 6.25 billion dollars to top up the accounts”