WEBVTT 00:00:00.000 --> 00:00:02.459 Welcome to the Deep Dive. Today, we're diving 00:00:02.459 --> 00:00:06.500 headfirst into a really interesting mix of your 00:00:06.500 --> 00:00:10.419 shared sources, all dated April 11th, 2025. That's 00:00:10.419 --> 00:00:12.660 right. We've got a couple of reports here from 00:00:12.660 --> 00:00:16.300 Electoral Vote News, a Bloomberg piece that sounds 00:00:16.300 --> 00:00:18.820 pretty serious. Treasuries are trading like risky 00:00:18.820 --> 00:00:20.899 assets and warning to Trump. Yeah, that one caught 00:00:20.899 --> 00:00:23.800 my eye too. And also a JP Morgan analyst report, 00:00:24.000 --> 00:00:26.960 which seems to describe a bit of an unusual atmosphere. 00:00:27.000 --> 00:00:30.000 It does. And well, what we're aiming for in this 00:00:30.000 --> 00:00:32.679 deep dive is to kind of pull together the threads, 00:00:33.659 --> 00:00:35.539 connect the dots between what's happening with 00:00:35.539 --> 00:00:38.979 Tesla, this surprising surge we're seeing in 00:00:38.979 --> 00:00:41.299 green energy, the whole economic picture shaped 00:00:41.299 --> 00:00:43.899 by trade wars, which seems a bit shaky, and then 00:00:43.899 --> 00:00:46.079 these underlying political currents, maybe even 00:00:46.079 --> 00:00:48.859 a bit of nervousness or apprehension floating 00:00:48.859 --> 00:00:52.020 around. OK, sounds good. Let's jump right into 00:00:52.020 --> 00:00:54.759 Tesla then, the Schadenfreude report, and yeah, 00:00:54.859 --> 00:00:57.000 the name kind of fits. It paints a, well, a pretty 00:00:57.000 --> 00:00:58.840 stark picture. It really does. Seems like it 00:00:58.840 --> 00:01:01.039 boils down to a couple of key things driving 00:01:01.039 --> 00:01:03.939 this downturn for them. Yeah, and it's interesting 00:01:03.939 --> 00:01:08.180 how the report links the brand image with the 00:01:08.180 --> 00:01:10.640 actual product, right? So one big factor they 00:01:10.640 --> 00:01:13.620 point to is Elon Musk himself. Oh, really? Yeah, 00:01:13.939 --> 00:01:16.790 his... let's say polarizing effect. It suggests 00:01:16.790 --> 00:01:19.650 his public persona, his statements, are actually 00:01:19.650 --> 00:01:22.549 hurting the brand for a decent chunk of potential 00:01:22.549 --> 00:01:25.549 buyers. And at the same time, the tech itself, 00:01:25.629 --> 00:01:28.430 which used to be so cutting edge, is now seen 00:01:28.430 --> 00:01:31.689 as, well, maybe a bit dated. Long in the tooth, 00:01:31.849 --> 00:01:33.670 I think was the phrase. Exactly. And that's on 00:01:33.670 --> 00:01:36.510 top of these ongoing issues with build quality 00:01:36.510 --> 00:01:39.019 and manufacturing defects. Right, and the Cybertruck 00:01:39.019 --> 00:01:41.540 seems to be like exhibit A for all this, doesn't 00:01:41.540 --> 00:01:43.760 it? It really does. I remember the hype. Over 00:01:43.760 --> 00:01:46.260 a million pre -orders claimed. Huge numbers. 00:01:46.459 --> 00:01:48.260 But the reality, they've delivered, what, about 00:01:48.260 --> 00:01:51.060 46 ,000? Yeah. And they've got another 2 ,400 00:01:51.060 --> 00:01:54.280 just sitting there unsold. That's like $200 million 00:01:54.280 --> 00:01:58.120 in inventory. Wow. Yeah, and the report is pretty 00:01:58.120 --> 00:02:00.640 blunt about the perception, too, calling its 00:02:00.640 --> 00:02:04.219 look fascism in vehicular form. Oof. Yeah, I 00:02:04.219 --> 00:02:06.079 saw that quote. That was even before some other 00:02:06.079 --> 00:02:08.780 stuff. Right. And beyond just the looks, which, 00:02:08.780 --> 00:02:11.280 OK, people argue about. There are these persistent 00:02:11.280 --> 00:02:15.000 reports about mechanical problems, reliability 00:02:15.000 --> 00:02:18.159 issues, even safety concerns being raised. It 00:02:18.159 --> 00:02:20.400 seems like the initial buzz just didn't stick. 00:02:20.680 --> 00:02:22.419 But here's the kicker. This is what really got 00:02:22.419 --> 00:02:25.479 me. Tesla itself apparently doesn't want used 00:02:25.479 --> 00:02:28.400 Cybertrucks back. Wait, really? Yeah. The report 00:02:28.400 --> 00:02:30.460 says they won't buy them back, won't take them 00:02:30.460 --> 00:02:33.020 as trade -ins. Why? Because they can't resell 00:02:33.020 --> 00:02:35.699 them easily. That's incredible. For a carmaker 00:02:35.699 --> 00:02:37.639 to say that about their own recent product. I 00:02:37.639 --> 00:02:40.060 know. And their advice to unhappy owners, they're 00:02:40.060 --> 00:02:42.199 suggesting they should pursue lemon lawsuits. 00:02:42.439 --> 00:02:45.870 Wow. That speaks volumes doesn't it it suggests. 00:02:45.870 --> 00:02:50.270 I mean a serious lack of confidence in the vehicles 00:02:50.270 --> 00:02:53.689 Long -term value or maybe even its basic function 00:02:53.689 --> 00:02:55.590 if they're pointing people towards lemon -loss 00:02:55.590 --> 00:02:57.969 and you see it in the prices, right? Use cyber 00:02:57.969 --> 00:03:00.370 trucks. The value has just plummeted. How much 00:03:00.370 --> 00:03:04.169 are we talking down 55 % in the last year? 55. 00:03:04.509 --> 00:03:07.090 Good grief. And it's still dropping, down 13 00:03:07.090 --> 00:03:09.430 % in the last three months, another 6 % just 00:03:09.430 --> 00:03:11.889 in the last month. So yeah, the reports outlook 00:03:11.889 --> 00:03:14.990 is pretty skeptical. It certainly makes you wonder 00:03:14.990 --> 00:03:17.389 about Tesla's whole strategy moving forward. 00:03:17.509 --> 00:03:19.590 I mean, they were the pioneers, no doubt. Absolutely. 00:03:20.289 --> 00:03:22.250 But the competition is catching up fast, and 00:03:22.250 --> 00:03:25.289 this suggests, well, brand loyalty isn't guaranteed, 00:03:25.569 --> 00:03:27.810 especially if the quality isn't there or the 00:03:27.810 --> 00:03:30.650 tech feels old. Being first isn't everything, 00:03:30.710 --> 00:03:33.620 you know. Okay, so shifting gears completely, 00:03:33.759 --> 00:03:36.120 let's talk about something maybe a bit more positive. 00:03:36.639 --> 00:03:39.500 This Freud and Freud report the opposite of schadenfreude, 00:03:39.500 --> 00:03:41.860 I guess. Huh. Right. Joy and others' success. 00:03:42.099 --> 00:03:45.099 Exactly. This one's about green energy, and it 00:03:45.099 --> 00:03:47.680 paints a very different picture compared to Tesla's 00:03:47.680 --> 00:03:49.680 troubles. It really does. And the historical 00:03:49.680 --> 00:03:52.340 context they provide is fascinating. Apparently, 00:03:52.360 --> 00:03:55.319 back in the 1940s, non -polluting energy, mostly 00:03:55.319 --> 00:03:58.319 hydro back then, actually made up about 40 % 00:03:58.319 --> 00:04:01.360 of the global total. 40 % back then? Yeah. But 00:04:01.360 --> 00:04:05.139 this is key. Overall, energy demand was tiny 00:04:05.139 --> 00:04:08.159 compared to now, like 150th of today's demand. 00:04:08.419 --> 00:04:11.400 Oh, OK. That makes sense. But then, you know, 00:04:11.520 --> 00:04:13.780 after World War II, the whole petroleum boom 00:04:13.780 --> 00:04:16.879 happened and clean energy share just dropped 00:04:16.879 --> 00:04:20.800 for decades. Right. But the big news now is we're 00:04:20.800 --> 00:04:23.300 back over that 40 percent mark for the first 00:04:23.300 --> 00:04:26.319 time in 85 years. Exactly. It feels like a really 00:04:26.319 --> 00:04:28.439 significant turning point. And it's not just 00:04:28.439 --> 00:04:31.019 Hydra this time, is it? No, not at all. Hydro 00:04:31.019 --> 00:04:33.660 is still important. But the real drivers of this 00:04:33.660 --> 00:04:37.259 recent surge are wind power and even more so 00:04:37.259 --> 00:04:39.660 solar power. Solar is the big one. Apparently 00:04:39.660 --> 00:04:43.060 so. The report says global solar capacity doubled 00:04:43.060 --> 00:04:45.420 in just the last three years. Doubled in three 00:04:45.420 --> 00:04:48.329 years. That's... That's incredibly fast growth. 00:04:48.589 --> 00:04:50.730 It really is. And there's this forecast from 00:04:50.730 --> 00:04:54.149 Ember Energy, their 2025 report, predicting we'll 00:04:54.149 --> 00:04:56.689 hit 50 % non -polluting energy within the next 00:04:56.689 --> 00:05:00.009 decade. 50%. Even with rising demand from AI 00:05:00.009 --> 00:05:02.009 and all that. Yeah. Even accounting for that 00:05:02.009 --> 00:05:04.269 increased demand, it really shows how much momentum 00:05:04.269 --> 00:05:06.310 there is. There's a quote in there from an analyst, 00:05:06.550 --> 00:05:08.509 pretty strong. Oh, yeah. Basically saying, clean 00:05:08.509 --> 00:05:11.410 tech, not fossil fuels, is now the driving force 00:05:11.410 --> 00:05:15.230 of economic development. and that the era of 00:05:15.230 --> 00:05:18.529 fossil growth is coming to an end. Wow. So the 00:05:18.529 --> 00:05:21.649 conclusion is pretty straightforward. Bad news 00:05:21.649 --> 00:05:24.649 for big oil, but great news for the planet. Pretty 00:05:24.649 --> 00:05:27.389 much sums it up. So it's this interesting contrast, 00:05:27.569 --> 00:05:30.269 right? You've got this former tech darling Tesla 00:05:30.269 --> 00:05:33.170 hitting some serious bumps, while the broader 00:05:33.170 --> 00:05:35.569 shift to green energy seems to be accelerating 00:05:35.569 --> 00:05:38.990 like crazy. It really suggests a major disruption 00:05:38.990 --> 00:05:41.740 playing out. The industries that define the last 00:05:41.740 --> 00:05:44.199 few decades might not be the ones defining the 00:05:44.199 --> 00:05:46.939 next few. This green energy boom could reshape, 00:05:46.939 --> 00:05:50.100 well, a lot of things. OK, let's wait into some 00:05:50.100 --> 00:05:53.019 choppier waters now. The economy, these trade 00:05:53.019 --> 00:05:55.759 issues, the trade war section in electoral vote 00:05:55.759 --> 00:05:57.240 news, and that Bloomberg piece you mentioned 00:05:57.240 --> 00:05:59.180 earlier, they definitely sound some alarm bells. 00:05:59.220 --> 00:06:01.740 They do. And it seems the bond market is, uh... 00:06:01.740 --> 00:06:04.019 getting jittery. How so? Well, the bond market 00:06:04.019 --> 00:06:06.060 often acts like a canary in the coal mine, you 00:06:06.060 --> 00:06:08.920 know, an early warning sign. Right. And the report 00:06:08.920 --> 00:06:11.019 suggests that the recent tariffs or the talk 00:06:11.019 --> 00:06:14.000 of them caused some major holders of U .S. debt. 00:06:15.000 --> 00:06:19.139 Japan is mentioned specifically to start dumping 00:06:19.139 --> 00:06:22.319 their holdings in huge quantities. OK, dumping 00:06:22.319 --> 00:06:25.040 bonds. Let's unpack that a bit. What does that 00:06:25.040 --> 00:06:28.300 actually mean and why is it bad? Sure. So when 00:06:28.300 --> 00:06:31.509 big players like Japan dump bonds, They're selling 00:06:31.509 --> 00:06:34.329 off massive amounts quickly. This pushes the 00:06:34.329 --> 00:06:37.009 price of those bonds down. And if bond prices 00:06:37.009 --> 00:06:40.209 go down, their yield, the return you get for 00:06:40.209 --> 00:06:43.060 holding them, goes up. Which means when the US 00:06:43.060 --> 00:06:45.300 government needs to borrow more money by selling 00:06:45.300 --> 00:06:48.459 new bonds It has to offer that higher yield to 00:06:48.459 --> 00:06:50.579 attract buyers. So it becomes more expensive 00:06:50.579 --> 00:06:53.139 for the government to borrow money Exactly. Yeah, 00:06:53.220 --> 00:06:55.240 which leads to bigger borrowing costs potentially 00:06:55.240 --> 00:06:59.079 bigger deficits It basically signals a lack of 00:06:59.079 --> 00:07:01.680 confidence in the US economy or its financial 00:07:01.680 --> 00:07:03.560 stability And the report suggests this could 00:07:03.560 --> 00:07:07.100 even lead to a recession or worse and that the 00:07:07.100 --> 00:07:09.300 administration itself is worried about a depression 00:07:09.300 --> 00:07:12.079 Yeah That fear is mentioned. And the Bloomberg 00:07:12.079 --> 00:07:14.319 article really doubles down on this anxiety, 00:07:14.519 --> 00:07:16.360 but from a slightly different angle. How's that? 00:07:16.560 --> 00:07:19.639 It says U .S. treasuries, you know, historically 00:07:19.639 --> 00:07:21.420 the safest investment on the planet. The gold 00:07:21.420 --> 00:07:24.000 standard, yeah. They're now trading like risky 00:07:24.000 --> 00:07:28.040 assets. Trading like risky assets. Treasuries. 00:07:28.220 --> 00:07:30.959 That sounds fundamentally wrong. It's definitely 00:07:30.959 --> 00:07:33.410 concerning. The article points out this weird 00:07:33.410 --> 00:07:35.790 pattern where investors are selling off long 00:07:35.790 --> 00:07:37.910 -term treasuries at the same time They're selling 00:07:37.910 --> 00:07:41.009 off stocks and other things usually seen as riskier 00:07:41.009 --> 00:07:43.589 So they're selling everything safe stuff and 00:07:43.589 --> 00:07:46.629 risky stuff pretty much which suggests a really 00:07:46.629 --> 00:07:49.350 deep lack of confidence a flight from US assets 00:07:49.350 --> 00:07:52.509 generally Lauren Summers former Treasury secretary 00:07:52.509 --> 00:07:55.410 is quoted comparing the US to an emerging market 00:07:55.410 --> 00:07:57.889 country in the eyes of the markets right now 00:07:58.379 --> 00:08:00.939 Ouch. That's a harsh comparison for the U .S. 00:08:01.199 --> 00:08:03.639 And the global implications must be huge, right? 00:08:03.839 --> 00:08:06.220 Since treasuries underpin so much of the financial 00:08:06.220 --> 00:08:08.579 system. Absolutely. They're used as the benchmark 00:08:08.579 --> 00:08:10.779 for pricing almost everything else used as collateral. 00:08:11.319 --> 00:08:13.540 If their status as the ultimate safe haven is 00:08:13.540 --> 00:08:16.040 questioned, it sends ripples everywhere. So who's 00:08:16.040 --> 00:08:17.980 saying what about this? Well, Jim Grant wonders 00:08:17.980 --> 00:08:20.060 if the world is rethinking its faith in U .S. 00:08:20.379 --> 00:08:22.139 financial management. Bloomberg also mentions 00:08:22.139 --> 00:08:24.600 German bonds may be emerging as an alternative 00:08:24.600 --> 00:08:27.360 safe haven. And an ING analyst apparently called 00:08:27.360 --> 00:08:30.319 treasuries a tainted product. Tainted product. 00:08:30.600 --> 00:08:33.860 Wow. OK. Yeah. It's pretty strong language. And 00:08:33.860 --> 00:08:36.879 how does this filter down to like regular people? 00:08:37.240 --> 00:08:39.159 Is there an impact there? Well, the Yale Budget 00:08:39.159 --> 00:08:41.480 Lab did an estimate mentioned in one of the reports. 00:08:42.080 --> 00:08:44.279 They figure the combo of tariffs and inflation 00:08:44.279 --> 00:08:49.289 could mean almost $4 ,700 less disposable income 00:08:49.289 --> 00:08:52.110 for the average household. $4 ,700? That's a 00:08:52.110 --> 00:08:54.830 big hit. It is. And you see little signs, right? 00:08:54.950 --> 00:08:56.870 Like remember how egg prices went through the 00:08:56.870 --> 00:08:58.690 roof, that kind of thing? Yeah, I remember that. 00:08:58.830 --> 00:09:02.450 And beyond the direct costs, it's damaging relationships. 00:09:03.250 --> 00:09:05.789 There's that quote from Canada's PM, Mark Carney. 00:09:06.049 --> 00:09:08.909 Oh, right. What did he say? Something like, the 00:09:08.909 --> 00:09:11.009 old relationship we had with the United States. 00:09:11.240 --> 00:09:13.960 is over. It's clear the U .S. is no longer a 00:09:13.960 --> 00:09:16.779 reliable partner. That's blunt. Coming from Canada. 00:09:16.940 --> 00:09:19.519 Very blunt. It just shows how this uncertainty, 00:09:19.759 --> 00:09:22.240 this volatility around trade policy, is really 00:09:22.240 --> 00:09:25.120 eroding trust internationally. And the electoral 00:09:25.120 --> 00:09:27.840 vote piece mentions some scenarios for what might 00:09:27.840 --> 00:09:29.840 happen next with trade policy, like over the 00:09:29.840 --> 00:09:32.440 next few months. Yeah. It outlined three possibilities. 00:09:32.679 --> 00:09:35.200 One was basically putting tariffs back on, then 00:09:35.200 --> 00:09:37.240 quickly suspending them again. OK. Political 00:09:37.240 --> 00:09:41.240 theater. Maybe. Another idea floated was potential 00:09:41.240 --> 00:09:43.799 stock market manipulation linked to tariff news. 00:09:44.299 --> 00:09:46.159 And the third was making some minor tweaks, but 00:09:46.159 --> 00:09:48.879 presenting them as huge victories. So basically 00:09:48.879 --> 00:09:52.259 more uncertainty and maybe some spin. It really 00:09:52.259 --> 00:09:55.379 points to a lack of a clear stable path forward, 00:09:55.759 --> 00:09:58.120 which just feeds the anxiety we're seeing in 00:09:58.120 --> 00:10:00.940 the markets. Summers warned about vicious spirals, 00:10:01.100 --> 00:10:03.480 debt, relying on foreign buyers, losing their 00:10:03.480 --> 00:10:07.179 confidence. It's a worrying mix. OK, let's let's 00:10:07.179 --> 00:10:09.799 pivot again. There's this JPMorgan analyst report. 00:10:10.059 --> 00:10:13.539 It talks about a climate of, well, fear on Wall 00:10:13.539 --> 00:10:15.299 Street, about criticizing the administration. 00:10:15.539 --> 00:10:17.419 Yeah, this is a really striking piece of information. 00:10:17.659 --> 00:10:20.379 It focuses on a top analyst at JPMorgan, Michael 00:10:20.379 --> 00:10:23.100 Semblist. Right. What happened? Apparently, he 00:10:23.100 --> 00:10:25.720 felt he had to actually redact parts of one of 00:10:25.720 --> 00:10:28.179 his research reports. Yeah. And even held back 00:10:28.179 --> 00:10:30.139 some info during a client presentation. Why? 00:10:30.440 --> 00:10:34.289 Because he's worried about repercussions. Backlash. 00:10:34.389 --> 00:10:36.210 Worried about backlash for financial analysis. 00:10:36.309 --> 00:10:39.409 He actually said that. Reportedly, yes. He's 00:10:39.409 --> 00:10:41.490 quoted saying something like it was the first 00:10:41.490 --> 00:10:43.990 time in his whole career, like 30 years, that 00:10:43.990 --> 00:10:45.950 he had to really think about the implications 00:10:45.950 --> 00:10:48.409 of what he was saying beyond just the market 00:10:48.409 --> 00:10:52.009 analysis, the political blowback. Wow. Yeah. 00:10:52.009 --> 00:10:56.169 And he apparently expressed concern that people 00:10:56.169 --> 00:10:59.269 are being held accountable for their views in 00:10:59.269 --> 00:11:02.090 ways that they probably shouldn't be. It hints 00:11:02.090 --> 00:11:04.769 at a kind of chilling effect. Yeah, self -censorship. 00:11:04.950 --> 00:11:07.289 Nadine Strossen called it anticipatory obedience 00:11:07.289 --> 00:11:09.330 in the reform, right? Where you censor yourself 00:11:09.330 --> 00:11:11.789 before anyone tells you to just in case. Exactly. 00:11:11.809 --> 00:11:14.070 And the report gives other examples like companies 00:11:14.070 --> 00:11:16.289 maybe being quiet, not wanting to rock the boat, 00:11:16.669 --> 00:11:18.370 maybe trying to align with the administration 00:11:18.370 --> 00:11:20.789 to avoid trouble. And banks being under scrutiny. 00:11:21.029 --> 00:11:23.409 That Wells Fargo analyst who was maybe too blunt 00:11:23.409 --> 00:11:25.830 and paid the price. Right. It emphasizes the 00:11:25.830 --> 00:11:28.669 risk of backlash. Another analyst, Dick Bugga, 00:11:28.710 --> 00:11:31.399 is quoted saying the pressure is real. and in 00:11:31.399 --> 00:11:34.080 some ways unprecedented, even leading people 00:11:34.080 --> 00:11:36.200 to worry about their own government. Worrying 00:11:36.200 --> 00:11:38.240 about your own government when you're doing financial 00:11:38.240 --> 00:11:41.340 analysis, that's quite something. It suggests 00:11:41.340 --> 00:11:43.759 that independent thinking, critical analysis 00:11:43.759 --> 00:11:46.000 might be getting stifled in a really important 00:11:46.000 --> 00:11:48.539 sector. It's a very concerning potential trend, 00:11:48.700 --> 00:11:50.539 absolutely. Okay, and finally, let's touch on 00:11:50.539 --> 00:11:53.720 some of the pure politics mentioned in electoral 00:11:53.720 --> 00:11:56.279 vote news. Speaker Johnson getting that Republican 00:11:56.279 --> 00:11:58.399 budget plan through the House sounds like it 00:11:58.399 --> 00:12:00.840 wasn't easy. No, definitely not. The vote was 00:12:00.840 --> 00:12:04.419 super close, 216 to 214. That tells you how divided 00:12:04.419 --> 00:12:06.600 the House Republicans are right now. And the 00:12:06.600 --> 00:12:09.720 report mentions some interesting methods used 00:12:09.720 --> 00:12:11.940 to flip the nay votes. Yeah, it was quite the 00:12:11.940 --> 00:12:13.700 list. They called it a little political theater, 00:12:14.799 --> 00:12:17.240 a promise, apparently, Johnson offered to consider 00:12:17.240 --> 00:12:19.639 stepping down later. Seriously. That's what the 00:12:19.639 --> 00:12:23.639 report claims. And ending one difficult meeting 00:12:23.639 --> 00:12:29.460 with Jesus, meaning with a prayer. Wow. OK. Whatever 00:12:29.460 --> 00:12:31.639 works, I guess. But the substance of the budget, 00:12:31.820 --> 00:12:33.539 huge difference between the House and Senate 00:12:33.539 --> 00:12:35.500 plans. Massive difference. The House wants, what, 00:12:35.580 --> 00:12:38.220 $1 .5 trillion in cuts? Yeah. And the Senate's 00:12:38.220 --> 00:12:42.299 number is like $4 billion. With a B. Trillion 00:12:42.299 --> 00:12:45.019 versus billion. That's a big gap to bridge. Huge. 00:12:45.259 --> 00:12:47.200 It really shows the power the Freedom Caucus 00:12:47.200 --> 00:12:49.539 has in the House, but also the reality check 00:12:49.539 --> 00:12:52.139 they'll face, especially with moderate Republicans 00:12:52.139 --> 00:12:54.919 in tough districts, probably not wanting huge 00:12:54.919 --> 00:12:57.480 cuts to popular programs. So getting a final 00:12:57.480 --> 00:13:00.519 budget done looks... challenging. Very challenging. 00:13:00.580 --> 00:13:03.419 It just highlights how fragile that House majority 00:13:03.419 --> 00:13:06.539 is and how hard it is to get anything major done, 00:13:06.899 --> 00:13:08.539 especially with all the economic stuff swirling 00:13:08.539 --> 00:13:10.700 around. There is also a quick mention of a Supreme 00:13:10.700 --> 00:13:14.059 Court order about a deportation. Oh, right. Kilmar 00:13:14.059 --> 00:13:17.419 Abrego Garcia mistakenly deported. The court 00:13:17.419 --> 00:13:20.360 ordered the White House to facilitate his return. 00:13:20.490 --> 00:13:23.309 Seen mostly as a minimal step, but maybe a small 00:13:23.309 --> 00:13:25.370 test of the administration following court orders. 00:13:25.730 --> 00:13:27.490 Got it. And then just some quick election updates. 00:13:27.809 --> 00:13:29.970 Colorado and Minnesota. Yeah. Michael Bennett 00:13:29.970 --> 00:13:32.049 jumping into the Colorado governor race, setting 00:13:32.049 --> 00:13:34.970 up a potential primary clash. And Ilhan Omar 00:13:34.970 --> 00:13:37.330 deciding to stay in the House race in Minnesota, 00:13:37.769 --> 00:13:40.070 not run for Senate, which might affect Democratic 00:13:40.070 --> 00:13:41.990 chances there. Just little pieces moving on the 00:13:41.990 --> 00:13:45.950 board. OK. So let's try to wrap this all up. 00:13:46.009 --> 00:13:47.909 Bring these threads together for everyone listening. 00:13:48.070 --> 00:13:51.000 Sounds good. We've seen, well, A tech giant, 00:13:51.120 --> 00:13:53.440 Tesla, looking surprisingly vulnerable, right? 00:13:53.600 --> 00:13:56.039 At the very same time, that green energy is just 00:13:56.039 --> 00:13:58.360 taking off like way faster than maybe expected. 00:13:58.500 --> 00:14:01.000 A real potential changing of the guard, technologically 00:14:01.000 --> 00:14:03.840 speaking. Yeah. And then overlaying all that, 00:14:03.960 --> 00:14:07.019 you have these deep economic anxieties. Trade 00:14:07.019 --> 00:14:09.700 wars, bond markets acting weirdly, questioning 00:14:09.700 --> 00:14:12.559 the safety of U .S. debt. Creating real turbulence. 00:14:12.879 --> 00:14:15.059 Yeah. Yeah, even hitting that bedrock of treasuries 00:14:15.059 --> 00:14:17.159 and this is all happening against a backdrop 00:14:17.159 --> 00:14:20.720 of Tricky politics super tight budget fights 00:14:20.720 --> 00:14:23.960 in Congress and this reported climate of well 00:14:23.960 --> 00:14:26.100 self -censorship or fear on Wall Street It's 00:14:26.100 --> 00:14:28.360 a complex mix lots of interconnected pressures. 00:14:28.360 --> 00:14:31.820 So maybe the big aha moment for listeners is 00:14:31.820 --> 00:14:34.440 just how fast things can change, like that doubling 00:14:34.440 --> 00:14:36.200 of solar power in three years you mentioned. 00:14:36.299 --> 00:14:39.059 That's a great example. Or maybe just how fragile 00:14:39.059 --> 00:14:42.080 even seemingly rock -solid things like the reputation 00:14:42.080 --> 00:14:44.899 of U .S. treasuries can be when confidence starts 00:14:44.899 --> 00:14:48.080 to erode. Right. We covered a ton of ground here, 00:14:48.299 --> 00:14:50.259 hopefully distilled it down, made those connections 00:14:50.259 --> 00:14:52.259 clear without just throwing facts at people. 00:14:52.419 --> 00:14:54.059 Yeah, trying to see the patterns and all the 00:14:54.059 --> 00:14:56.759 noise. So maybe a final thought to leave people 00:14:56.759 --> 00:15:00.490 with. We've talked about cars, energy, finance, 00:15:00.929 --> 00:15:05.250 politics, all these areas in flux. What other 00:15:05.250 --> 00:15:07.929 sectors, ones that maybe seem really stable right 00:15:07.929 --> 00:15:11.710 now, might be quietly nearing some kind of unexpected 00:15:11.710 --> 00:15:14.129 tipping point? And what clues should we even 00:15:14.129 --> 00:15:15.990 be looking for? That's the big question, isn't 00:15:15.990 --> 00:15:18.210 it? What's the next disruption? Definitely something 00:15:18.210 --> 00:15:18.769 to think about.