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An extraordinary set of days. This is a single best idea with two of what could be fourteen vignettes today. Abby Joseph Cohen was at Goldman Sachs and developed so much for the CFA Institute. Full disclosure, I'm a member. She's now teaching at Columbia Business School. And to have Jean Beauvain of Canada and Blackrock with us, to have Carl Weinberg of high frequency economics and all he did at Lehman over the years, Barbara Reinhart Avoya, and on
and on. I thought David Gerrow was fascinating about what we would see tonight at the Joint Session of Congress. But Abby Joseph Cohen was piercing in her critique. I alluded to what Kevin Gordon of SCHWAB said, which is, well, this gets a back to the nineteen forties. Many people will say to the nineteen thirties. Abby Joseph Cohen disagrees.
It's not going back to the nineteen thirties. It's going back to the nineteenth century. Tariff based economy is something that didn't work then didn't work in the nineteen thirties, and I think it's very dangerous. You know, you have had other guests on who have talked about quantifying the impact, which will be very substantial if in fact these tariffs hold. And it's not just the US tariffs on our best neighbors and best trading partners, but also what they decide
to do. I'll use the word to reciprocate, but this is a very difficult situation. Obviously. The thing that is somewhat odd about this and different from what was seen in previous periods of history, is these are tariffs being levy on our friends, and the blowback, the damage economically can actually be extremely severe on our own economy, even without the so called pushback and reciprocal nature.
Just some of the data that we try to dig up today, little anecdotal like Nebraska, what does Nebraska do with China? It's overwhelming. The China business that Lincoln, Nebraska over to Coosad and onto Carne and what they do, it's just absolutely overwhelming. I learned a lot ready for this, folks, It's not chicken feet, They're called chicken paws. I guess that sounds better or whatever. The business in American chicken
feet going abroad. My fancy word is ginormous. All these little things that all of a sudden are under threat. Just interesting seeing of course we picked up on a gilded age idea there with the abbey. We then spoke to Abby Joseph Cohen about any things, including the resiliency to be in the markets. We heard that from Barbara Reinherd Atvoya as well. I thought Jay Bowen and Bowen Haines Florida was just brilliant. Basically said shut up and buy as the way I would put it. But there's
wasn't enough talk about the FED. Here's Abby Joseph Cohen and the FED in Jerome Powell.
Mister Powell and the other members of the FOMC need to be doing what they have been doing, and that is to focus on the data and to keep in mind the dual mandate of inflation but also employment. And one of the things that has been terrific throughout the Biden administration has been this ongoing creation of jobs and then the increase in the average wage adjusted for inflation for the America American family. They will be watching at the FED whether that good news continues. If we see
in erosion in the labor markets. If we see an erosion in wages adjusted for inflation, I think at that point they're going to need to adjust the policy and provide some stimulus to basically offset some of these policy decisions coming out of the White House.
Emma Joseph Cohen, the Columbia Business School. We will continue to work on the set of stories now as a president speaks tonight. The Joint Session, of course, will be with you tomorrow to pick up the pieces. On your commute across the nation on Applecarplay, Android Auto, Good Morning on Serious XM channel one twenty one across the corridor from ninety two NINEFM Boston to nine point one in Washington.
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