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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.”

“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.”

“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.”

“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.”

“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”

“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…”

“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…”

“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 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.”

“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”

“The budget deficit, which was running about 6.7% of GDP under the Biden administration, highest, highest that we'd ever had when we weren't at war or in a recession”

“With AI that we can go back to the paradigm When I was younger, in the nineties, Alan Greenspan was able to run the economy very hot in the nineties, and because, you know, it was the IT boom, and we had this very powerful non-inflationary growth, and I think …”

“We estimate that that is approximately one percent of GDP a year. So, three hundred billion dollars. That's being spent on AI.”

“I think we could have this massive construction boom And then the factories get populated, and part of President Trump's one big beautiful bill, the most powerful part of that is the hundred percent immediate expensing of equipment, and we also did it for fact…”

“TSMC wants to build a gigantic fab system in Arizona, and I think it might be able to, Produce up to seven percent of the chips that the United States needs, and they're dealing with local building inspectors.”

“CPI went up about 22 during the period, but the Everyman Index was up over 30, 35%, because the bottom 25%, the bottom 50% of wage earners have a different basket than we do, and it inflated much faster.”

“After World War II, I think 90% of American families The children made more than the parents. Now, now I think it's fifty-fifty.”

“Every three hundred billion we cut is about a percent of GDP”

“We, we've just designated the Mexican cartels as foreign terrorist organizations.”

“Previous to my getting here treasury had disrupted the ecosystem so much that the Iranians used to hand them cash. Now they're just handing them here, take, take this oil tanker and try to sell it.”

“There's been no technological change in house building in 50 years, maybe 60.”

“Because of the exchange rate mechanism, the Bank of England or the British government had to buy an unlimited number of pounds to keep the pound in a quarter. So it was an asymmetric bet. We could push them up against the wall And the most they could push us b…”

“I think cumulative CPI during the Biden administration was 21, 22%.”

“June was the first positive June for the Treasury since 2015. We actually had a surplus.”

“And in my perfect world, which never happens, we would go through this big capex boom, and then sometime in 26, the capex boom would hand off to a productivity boom.”

“Stan Druckenmiller, who's incredible. I think he's on, he's more than 40 years now, never a down year.”