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The single best idea on an April first into I guess a key to April second for our president and for all Americans. We did lots on politics today. We'll do even more tomorrow, I'm sure, because we do economics, finance, investment, and it folds into our international art relations. We had great coverage today from the old Northwest of America, the Great Lakes and up to Minnesota and Wisconsin. An Maletti was with us from Milwaukee. Thought. Nancy Lazarre out of Minneapolis.
Piper Sandler was just absolutely spellbinding today on the economic moment we're in. Part of that is to get in people with bulletproof academics and public service. Richard Clared, the former vice chair of the FED, definitive with Columbia economic Excuse me here in New York. We really got sort of technical today, sort of academic, and he talked about a thing called time consistency, which is basically, if what you say now down the road, will it continue, will
it maintain? Will it be stable? In thought? Here is the former vice chairman.
Well, I'm not sure, and in particular it gets it another fundamental idea in economics, which is the idea of time consistency that eventually people figure out that your promise now may not be delivered in the future. And so that's why, in particular, if the twenty percent tariffs that we're hearing about are really the beginning of a negotiation, that also adds an additional layer of uncertainty on top of just knowing what the tariff number is is now.
You know, Tom we saw him when I was at the FED in twenty nineteen that in fact, just the uncertainty about the trade policy itself was a damper to the economy. And that's a very tangible factor fact of life. The macaron I think we're seeing an elevated version of it now from Pimco.
Richard Claire had just on fire today in terms of taking his academic work in DSGE. I'm not going to expel it out for him, but there it is DSGE. But over to the real world of FED policy and the real world we're all living. And he was heated about the two Americas this morning out there as we face tomorrow and April second Liberation Day, if you will, with President Trump, We'll let full coverage of that. Looked
at Joe, Matthew and Kayli. Lene's leading our way. David Gerh, I'm sure we'll be involved in that coverage as well, joining us as well. Michael Nathanson with Moffatt Nathanson. He wrote a huge report. Paul Sweeney showed it to me and we both agreed we had to get him in right away. Michael Nathanson on YouTube. It was fascinating conversation. Of course, we're all bundled up in it because of YouTube podcasts and what we do on YouTube each and every day. Paul and I are living this each and
every day with their team. Michael Nathanson on the choice set that major media.
Has, Tom, you have no choice. YouTube is the platform, right, you have to do what you're doing. You have to basically use it to FoST capabilities, right, So you have to basically program long form like you're doing. What's missing in media is short form, right.
There's not enough attention on kind of the YouTube shorts or TikTok you know, or meta reels.
You have to come up with a way to leverage short form video.
And also you have to become a creator, like you have to basically become a mister beast which I don't know if you're familiar with, and basically you have to program for all types of consumption, right, So I think what everyone can do is do long form content. But what's missing here in the DNA of these companies is that short form creator economy where you're using the difference, you know, kind of the short form essence of YouTube
to break through the clutter. It's hard because there's no barriers to entry, right, Like a great business that we've analyzed in our careers had a big moat cord cord cutting the cord, you know.
Michael nathan'son there on YouTube. Just the entire conversation was just brilliant about this absolute mystery of where we're heading in our consumption of entertainment and media. We're on a YouTube podcast. This is single best idea