The Ledger, every show

“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.”

“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, …”

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

“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”

“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…”

“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…”

“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.”

“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”

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

“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.”

“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.”

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

“The number of degrees awarded, Harvard, Yale, Princeton, probably hasn't changed very much since the 19 fifties.”

“Some of the building codes go all the way back to the Chicago Fire.”

“The state of Connecticut has put in a, I guess it's a law, that every municipality has to allocate 10% of vacant land to multifamily”

“He kept a trading journal in a year when he was up over a 140%, and these currency, the realignments, the plaza cord, the lube cord happened. The things move six percent in a night, and He would add a 300% position because things really used to trend a lot mor…”

“I think five days in, the biggest trade I'd ever done was John Corzine's firm got liquidated out of their Italian bond position, and it was a three and a half billion dollar trade. I still had the index card that I worked it out on. JP Morgan called us, and I …”

“Right now, about 38% of Americans Do not own equities, either directly or through some kind of a four or one K or something.”

“And then the asymmetric risk reward was, we made about twenty-something percent in a day.”

“This isn't well publicized. I think we made another 20% During the rest of the year.”

“Maybe in 1990, the S&P was down, high teens, 20, and we were up 50.”