WEBVTT 00:00:00.000 --> 00:00:02.740 Welcome back to The Deep Dive. So this week, 00:00:02.859 --> 00:00:05.419 the source material, it really forces us to look 00:00:05.419 --> 00:00:08.919 at two, I mean, two completely opposed realities. 00:00:08.919 --> 00:00:10.359 Yeah, they're pulled right from the notes. You've 00:00:10.359 --> 00:00:13.939 got this institutional chaos on one hand. Exactly. 00:00:13.939 --> 00:00:16.140 And then on the other, just this overwhelming 00:00:16.140 --> 00:00:19.519 financial confidence. We are looking at the political 00:00:19.519 --> 00:00:22.600 fallout from 2025 a year. Your source is called 00:00:22.600 --> 00:00:24.879 the Democracy Demolition Derby. And we're setting 00:00:24.879 --> 00:00:27.219 that right against the current macro environment 00:00:27.219 --> 00:00:31.480 of early 2026. which is flashing these incredibly 00:00:31.480 --> 00:00:33.140 strong market signals. We're talking the high 00:00:33.140 --> 00:00:36.200 growth, low inflation. A textbook quad one environment. 00:00:36.259 --> 00:00:38.700 That's it. So that juxtaposition is really the 00:00:38.700 --> 00:00:41.359 mission today. How are these constitutional guardrails 00:00:41.359 --> 00:00:43.759 so challenged, so systematically pushed against 00:00:43.759 --> 00:00:46.149 last year? And at the same time, how is the market 00:00:46.149 --> 00:00:48.630 telling us to position for massive growth right 00:00:48.630 --> 00:00:51.090 now? It's a profound duality. We need to synthesize 00:00:51.090 --> 00:00:53.950 the damage report and the dashboard readout for 00:00:53.950 --> 00:00:55.530 you. OK, let's start with the political wire. 00:00:56.229 --> 00:00:58.390 Your sources characterize Donald Trump's second 00:00:58.390 --> 00:01:01.270 term as, well, maybe the most significant presidential 00:01:01.270 --> 00:01:03.810 term since FDR's first. But they're careful to 00:01:03.810 --> 00:01:06.689 add, not in a good way. Not in a good way, no. 00:01:06.950 --> 00:01:09.510 The core assessment is that American institutional 00:01:09.510 --> 00:01:13.370 democracy took a major, major beating in 2025. 00:01:14.090 --> 00:01:16.290 The analysis is really structured around this 00:01:16.290 --> 00:01:20.069 desire to, as they put it, monetize the presidency. 00:01:20.280 --> 00:01:23.519 Power for the sake of power, for ego and for 00:01:23.519 --> 00:01:25.700 money. Right. Running completely against what 00:01:25.700 --> 00:01:27.620 the founders designed. So let's start with that 00:01:27.620 --> 00:01:30.920 most fundamental power struggle then. The outright 00:01:30.920 --> 00:01:33.719 nullification of checks and balances. The scale 00:01:33.719 --> 00:01:35.980 of governing by decree is probably the first 00:01:35.980 --> 00:01:38.260 signal. I mean, instead of legislation, the administration 00:01:38.260 --> 00:01:42.640 signed a staggering 225 executive orders. 225. 00:01:42.659 --> 00:01:44.879 That's not governing. That's just ruling by fiat. 00:01:45.099 --> 00:01:48.340 It is. And it goes further than just XOs. We 00:01:48.340 --> 00:01:51.560 saw a direct attack on Congress's power of the 00:01:51.560 --> 00:01:53.579 purse. Right. The impounding of funds. Exactly. 00:01:53.939 --> 00:01:56.079 Just illegally freezing money that Congress had 00:01:56.079 --> 00:01:58.180 already appropriated for projects the administration 00:01:58.180 --> 00:01:59.819 didn't like. Which, if I remember correctly, 00:01:59.959 --> 00:02:02.620 was outlawed specifically after Nixon for this 00:02:02.620 --> 00:02:05.599 very reason, right? That's the one. It was designed 00:02:05.599 --> 00:02:09.680 to stop exactly this kind of maneuvering. And 00:02:09.680 --> 00:02:12.960 that disregard, it extended to core constitutional 00:02:12.960 --> 00:02:16.759 functions. Congress has the power to levy tariffs. 00:02:17.000 --> 00:02:20.659 Yep, they were levied. on a whim with zero consultations. 00:02:20.879 --> 00:02:23.120 Zero. And even more significantly, the power 00:02:23.120 --> 00:02:25.560 to declare war. I mean, a cornerstone of congressional 00:02:25.560 --> 00:02:28.039 authority was completely bypassed. The attack 00:02:28.039 --> 00:02:31.560 on Iran, the capture of Nicolas Maduro in Venezuela. 00:02:31.939 --> 00:02:33.900 No congressional authorization at all. It's a 00:02:33.900 --> 00:02:36.780 fundamental violation. But what about sidelining 00:02:36.780 --> 00:02:40.180 the Senate? That whole power to advise and consent, 00:02:40.259 --> 00:02:42.740 how did they get around that? By, well, by sheer 00:02:42.740 --> 00:02:45.060 disregard for the law, we saw repeated violations 00:02:45.060 --> 00:02:47.300 of federal statutes. They were holding people 00:02:47.300 --> 00:02:50.000 in acting positions way past the legal limits 00:02:50.000 --> 00:02:52.560 without Senate confirmation. People like Alina 00:02:52.560 --> 00:02:55.439 Haba and Lindsay Halligan serving as U .S. attorneys. 00:02:55.599 --> 00:02:57.710 For months after the clock ran out. And then 00:02:57.710 --> 00:02:59.770 you have that extraordinary example of asking 00:02:59.770 --> 00:03:03.310 a private citizen, Elon Musk, to effectively 00:03:03.310 --> 00:03:05.270 dismantle parts of the federal government. Which 00:03:05.270 --> 00:03:07.069 would make him an officer of the United States. 00:03:07.289 --> 00:03:09.750 It would. And that requires Senate sign -off. 00:03:09.949 --> 00:03:12.370 If you connect this to the wider picture, the 00:03:12.370 --> 00:03:15.729 administration waged a campaign of, I think the 00:03:15.729 --> 00:03:18.889 source called it, systemic decapitation against 00:03:18.889 --> 00:03:21.069 independent agencies. These are the agencies 00:03:21.069 --> 00:03:24.150 designed to span presidencies to be non -political. 00:03:24.370 --> 00:03:26.969 And they just removed officials with fixed terms, 00:03:27.469 --> 00:03:29.310 firing General Charles Q. Brown, the chairman 00:03:29.310 --> 00:03:31.469 of the Joint Chiefs, halfway through his four 00:03:31.469 --> 00:03:33.960 -year term. And it wasn't just the military. 00:03:34.099 --> 00:03:36.159 They went after the financial watchdogs, too. 00:03:36.280 --> 00:03:38.620 Oh, yeah. They ordered the Federal Election Commission 00:03:38.620 --> 00:03:41.020 to submit regulations for approval. They tried 00:03:41.020 --> 00:03:43.740 to fire Fed Governor Lisa Cook. They gutted the 00:03:43.740 --> 00:03:48.300 CFPB. And the reason the good cause for firing 00:03:48.300 --> 00:03:51.740 commissioners at the FTC and the NLRB, what was 00:03:51.740 --> 00:03:53.840 it? It was simply their prior appointment by 00:03:53.840 --> 00:03:56.060 a Democratic president. That was it. If you can 00:03:56.060 --> 00:03:58.120 fire an independent regulator for that, then 00:03:58.120 --> 00:03:59.960 they're not independent anymore. They're not. 00:04:00.060 --> 00:04:02.340 It's a total demolition of institutional independence. 00:04:03.199 --> 00:04:06.439 And this dismantling of oversight, it seems to 00:04:06.439 --> 00:04:08.240 have created the perfect environment for what 00:04:08.240 --> 00:04:10.280 the sources are calling institutional extortion. 00:04:10.840 --> 00:04:13.780 OK, the spoils system. When you look at the cash 00:04:13.780 --> 00:04:16.459 for favors examples, it's less like traditional 00:04:16.459 --> 00:04:18.879 influence and more like, I don't know. A shakedown. 00:04:19.399 --> 00:04:22.060 What are the clearest examples of this? The sources 00:04:22.060 --> 00:04:25.139 have several really explicit ones. Paramount 00:04:25.139 --> 00:04:27.759 paid 16 million dollars to get approval for the 00:04:27.759 --> 00:04:30.519 Skydance merger. And that was right after CBS 00:04:30.519 --> 00:04:33.019 aired an interview that displeased the president. 00:04:33.379 --> 00:04:36.180 Right. The payment is described as a fee to resolve 00:04:36.180 --> 00:04:38.620 that displeasure. And look at the terms on Big 00:04:38.620 --> 00:04:41.339 Tech. Intel was required to sell 10 percent of 00:04:41.339 --> 00:04:43.800 its stock to the government to get eight and 00:04:43.800 --> 00:04:46.879 a half billion for a chip factory. And Nvidia 00:04:46.879 --> 00:04:49.160 had to give up 25 percent of revenue on certain 00:04:49.160 --> 00:04:51.300 ships just to get permission to sell them to 00:04:51.300 --> 00:04:53.839 China. It's not regulation. It's the government 00:04:53.839 --> 00:04:56.199 demanding a slice of the pie in exchange for 00:04:56.199 --> 00:04:58.420 permission to operate. It just blurs all the 00:04:58.420 --> 00:05:00.360 lines. Speaking of blurring lines, what about 00:05:00.360 --> 00:05:02.660 the Trump P meme coin? How does that fit in? 00:05:02.839 --> 00:05:05.100 It's described as an open -ended bribery scheme. 00:05:05.680 --> 00:05:08.600 It's a way for people seeking favors to openly 00:05:08.600 --> 00:05:10.740 signal their loyalty, their financial backing. 00:05:10.980 --> 00:05:13.279 And it comes with perks like dinners for the 00:05:13.279 --> 00:05:16.290 top coin holders. And we see things happen right 00:05:16.290 --> 00:05:18.810 after these signals. We do. There's the case 00:05:18.810 --> 00:05:21.709 of Paul Walsack. He got a full pardon for tax 00:05:21.709 --> 00:05:25.149 crimes just three weeks after his mother, a fundraiser, 00:05:25.529 --> 00:05:27.670 paid a million dollars for a Mar -a -Lago dinner 00:05:27.670 --> 00:05:29.709 ticket and spoke to the president. That kind 00:05:29.709 --> 00:05:33.170 of transactional justice, it's blatant. And the 00:05:33.170 --> 00:05:36.509 scale of it. The New York Times tracked 346 donors 00:05:36.509 --> 00:05:39.829 who gave over half a billion dollars for explicit 00:05:39.829 --> 00:05:43.600 favors. Palatir gives 10 million, then gets hundreds 00:05:43.600 --> 00:05:46.579 of millions in federal contracts. A couple donates 00:05:46.579 --> 00:05:48.939 a million to the inauguration. Their son becomes 00:05:48.939 --> 00:05:52.000 ambassador to Finland. The speed of the transaction 00:05:52.000 --> 00:05:54.680 is what's so different. And this targeting, it 00:05:54.680 --> 00:05:57.040 wasn't just commercial. It was aimed at anyone 00:05:57.040 --> 00:05:59.300 who might be an opponent. Absolutely. Threats 00:05:59.300 --> 00:06:02.199 to big law firms. Lose your security clearances, 00:06:02.319 --> 00:06:04.540 your federal contracts, unless you do free work 00:06:04.540 --> 00:06:06.540 for them. And the media. Threats of law states 00:06:06.540 --> 00:06:09.000 against the NYT, ABC. We saw that lead to self 00:06:09.000 --> 00:06:11.980 -censorship, didn't we? We did. CBS News killing 00:06:11.980 --> 00:06:14.339 that segment on the CECOT prison in Guatemala, 00:06:14.839 --> 00:06:17.399 a story their own lawyers had cleared. The fear 00:06:17.399 --> 00:06:19.660 of reprisal, that becomes the new guardrail. 00:06:19.959 --> 00:06:22.519 Which brings us to the ultimate breakdown, the 00:06:22.519 --> 00:06:25.220 Justice Department. Pam Bondi, Stephen Miller. 00:06:25.980 --> 00:06:28.339 The sources say they see the Dado J as serving 00:06:28.339 --> 00:06:31.579 the president, not the public. And that view 00:06:31.579 --> 00:06:35.120 led directly to selective prosecution. prosecuting 00:06:35.120 --> 00:06:37.720 opponents like Letitia James, James Comey, and 00:06:37.720 --> 00:06:39.819 then you see immediate protection for allies. 00:06:40.420 --> 00:06:43.699 The Duddo J dropped that $50 ,000 bribe case 00:06:43.699 --> 00:06:47.000 against the border czar, Tom Homan. And the disregard 00:06:47.000 --> 00:06:49.639 for due process and deportations is, well, it's 00:06:49.639 --> 00:06:51.839 staggering. Half a million people, some of them 00:06:51.839 --> 00:06:54.860 American citizens, shipped out with almost no 00:06:54.860 --> 00:06:57.339 process at all. It's only possible because the 00:06:57.339 --> 00:06:59.829 integrating mechanisms were gutted. They fired 00:06:59.829 --> 00:07:01.449 the director of the Office of Government Ethics, 00:07:01.610 --> 00:07:04.389 David Hurima. They killed the DOJ's anti -kleptocracy 00:07:04.389 --> 00:07:06.709 team, reduced the public integrity section to, 00:07:06.949 --> 00:07:09.050 what, 15 % of its prior size? You remove the 00:07:09.050 --> 00:07:11.009 eyes and ears of oversight? And the corruption 00:07:11.009 --> 00:07:14.009 becomes self -perpetuating. So that's the crucial 00:07:14.009 --> 00:07:16.230 question, then. I mean, when you list it all 00:07:16.230 --> 00:07:19.269 out like that, it's exhausting. This level of 00:07:19.269 --> 00:07:21.310 chaos would have sunk any previous president. 00:07:21.829 --> 00:07:24.610 How did it not cause a total political or economic 00:07:24.610 --> 00:07:28.290 crash? Why did this just become the new Business 00:07:28.290 --> 00:07:30.829 as usual. The sources point to three main reasons, 00:07:30.850 --> 00:07:33.269 and it's really a structural failure. First, 00:07:33.329 --> 00:07:36.029 there's the psychological part. A lack of guilt. 00:07:36.730 --> 00:07:38.769 The president sees everything as a transaction. 00:07:39.230 --> 00:07:42.069 It's not right or wrong. The idea of a norm violation, 00:07:42.189 --> 00:07:44.689 it just doesn't register. Second, the political 00:07:44.689 --> 00:07:47.829 fragmentation. The media polarization. Exactly. 00:07:48.269 --> 00:07:50.790 And that narrative that any criticism from the 00:07:50.790 --> 00:07:53.279 left is just partisan wokeness. It means half 00:07:53.279 --> 00:07:55.720 the country just tunes out the warnings. It's 00:07:55.720 --> 00:07:58.060 all dismissed as political noise. Making it totally 00:07:58.060 --> 00:08:00.120 ineffective. And finally, the structural frailty. 00:08:00.300 --> 00:08:02.540 The Constitution's only real penalty, impeachment. 00:08:02.939 --> 00:08:05.259 It's just too heavyweight. It can't work if the 00:08:05.259 --> 00:08:07.160 President's party controls even one chamber of 00:08:07.160 --> 00:08:09.120 Congress. The guardrails failed when they were 00:08:09.120 --> 00:08:11.720 actually tested. Speaking of tests, the capture 00:08:11.720 --> 00:08:14.139 of Nicolas Maduro in Venezuela. How did the public 00:08:14.139 --> 00:08:16.699 react to that? The initial polls were split right 00:08:16.699 --> 00:08:20.339 down the middle. 40 % approval, 42 % disapproval. 00:08:20.420 --> 00:08:23.480 And it was almost perfectly partisan. 74 % of 00:08:23.480 --> 00:08:26.560 Republicans approved, 76 % of Democrats disapproved. 00:08:26.699 --> 00:08:29.079 But what was the key number? That almost two 00:08:29.079 --> 00:08:32.139 -thirds of Americans across party lines believe 00:08:32.139 --> 00:08:34.820 Congress should have been consulted first. So 00:08:34.820 --> 00:08:37.200 even with the deep divisions, the idea of checks 00:08:37.200 --> 00:08:40.259 and balances still has public support. And the 00:08:40.259 --> 00:08:44.200 Epstein files. The DOJ is reviewing 5 .2 million 00:08:44.200 --> 00:08:46.580 pages. That's up from the 1 million we heard 00:08:46.580 --> 00:08:49.919 about before. That volume is astonishing. 400 00:08:49.919 --> 00:08:51.700 lawyers are being brought in to speed it up. 00:08:51.960 --> 00:08:55.340 And the concern is that in that rush, information 00:08:55.340 --> 00:08:57.700 the administration wants suppressed could slip 00:08:57.700 --> 00:09:00.519 through. The sheer scope of it means the data 00:09:00.519 --> 00:09:02.940 is no longer fully controllable. Okay, let's 00:09:02.940 --> 00:09:05.019 make that pivot. The institutional scaffolding 00:09:05.019 --> 00:09:07.679 is, well... Structurally unsound. And yet the 00:09:07.679 --> 00:09:10.159 market is signaling clear skies. It seems like 00:09:10.159 --> 00:09:12.399 all this political chaos is being priced at zero. 00:09:12.679 --> 00:09:15.639 Let's look at why. We go from chaos to clarity 00:09:15.639 --> 00:09:18.679 with the macro dashboard. The economy is firmly 00:09:18.679 --> 00:09:21.940 in Quad 1. And for listeners, Quad 1 just means 00:09:21.940 --> 00:09:25.159 growth is U .P. and inflation is down. It's the 00:09:25.159 --> 00:09:28.019 sweet spot for risk assets. The sweetest spot. 00:09:28.480 --> 00:09:30.700 The Fed can stay dovish while the economy picks 00:09:30.700 --> 00:09:33.639 up speed. And our forecast has this holding for 00:09:33.639 --> 00:09:37.340 the first third of 2026. It all points to a pro 00:09:37.340 --> 00:09:40.139 -growth positioning. So why is the market prioritizing 00:09:40.139 --> 00:09:42.759 this growth over the political risk? Because 00:09:42.759 --> 00:09:44.779 liquidity and momentum are just stronger drivers 00:09:44.779 --> 00:09:46.759 than institutional risk, at least in the short 00:09:46.759 --> 00:09:49.039 term. If the economy is growing and the Fed is 00:09:49.039 --> 00:09:51.580 stable, money flows into assets. It doesn't matter 00:09:51.580 --> 00:09:53.860 what's happening in Washington. The market cares 00:09:53.860 --> 00:09:56.600 about cash flow, not constitutional integrity. 00:09:57.220 --> 00:09:59.840 For now. So what are the key market signals telling 00:09:59.840 --> 00:10:02.220 you this Quad One story is real? The biggest 00:10:02.220 --> 00:10:04.700 signal is the U .S. dollar. It is in a bearish 00:10:04.700 --> 00:10:07.059 trade and trend setup, meaning it has a sustained 00:10:07.059 --> 00:10:09.559 downward trajectory. The dollar index had its 00:10:09.559 --> 00:10:11.860 worst year since 2017, down almost nine and a 00:10:11.860 --> 00:10:14.259 half percent in 2025. And that single factor 00:10:14.259 --> 00:10:16.980 powers everything else. It powers that whole 00:10:16.980 --> 00:10:19.899 hashtag go anywhere alpha playbook. A weaker 00:10:19.899 --> 00:10:22.120 dollar makes U .S. assets cheaper for foreign 00:10:22.120 --> 00:10:25.000 buyers, and it makes commodities priced in dollars 00:10:25.000 --> 00:10:27.580 instantly more valuable. It's the engine. OK, 00:10:27.639 --> 00:10:30.019 what about rates? Is the bond market confirming 00:10:30.019 --> 00:10:32.919 a dovish Fed? It is. The key short -term indicator, 00:10:33.200 --> 00:10:35.940 the U .S .T. two -year yield, is also bearish 00:10:35.940 --> 00:10:38.799 trade and trend. That signals the Fed is committed 00:10:38.799 --> 00:10:41.799 to being accommodative. And Treasury volatility, 00:10:41.960 --> 00:10:43.980 the move index, is collapsing to cycle lows. 00:10:44.200 --> 00:10:46.820 Let's define move V for everyone. What does it 00:10:46.820 --> 00:10:49.480 mean when bond volatility collapses? Move is 00:10:49.480 --> 00:10:52.039 basically the VIX for the bond market. When it 00:10:52.039 --> 00:10:54.460 collapses, it signals stability, low risk and 00:10:54.460 --> 00:10:56.960 fixed income. That gives investors the confidence 00:10:56.960 --> 00:10:59.519 to take on more risk in equities because they 00:10:59.519 --> 00:11:01.419 don't see rate hikes on the horizon. And the 00:11:01.419 --> 00:11:04.080 VIX itself, the fear gauge. Equity volatility 00:11:04.080 --> 00:11:07.019 is sitting at 14 .51. That is squarely in what 00:11:07.019 --> 00:11:09.519 we call the investable bucket between 9 and 19. 00:11:09.690 --> 00:11:11.909 When the fear gauge is that low, it's a green 00:11:11.909 --> 00:11:14.350 light for investors to be aggressive. The sources 00:11:14.350 --> 00:11:17.129 say VIX could even fall to 12 .45. Which could 00:11:17.129 --> 00:11:20.470 push the SPY to new all -time highs. Could perpetuate 00:11:20.470 --> 00:11:23.269 freshly squeezed all -time highs, exactly. Low 00:11:23.269 --> 00:11:25.370 volatility means high confidence. So where is 00:11:25.370 --> 00:11:27.350 all that confidence flowing? What's getting the 00:11:27.350 --> 00:11:29.940 alpha? Commodities are doing exactly what they 00:11:29.940 --> 00:11:31.899 showed this environment. Precious metals are 00:11:31.899 --> 00:11:33.980 just thriving. Look at the three -month gains. 00:11:34.480 --> 00:11:37.980 Silver is up a staggering 55 percent. Platinum 00:11:37.980 --> 00:11:41.220 up 36 percent. Copper up 14. That's all driven 00:11:41.220 --> 00:11:43.659 by that currency dynamic. And inside the U .S. 00:11:43.799 --> 00:11:45.440 stock market, where's the money going? It's all 00:11:45.440 --> 00:11:48.019 flowing to high beta encyclicals, the sectors 00:11:48.019 --> 00:11:50.620 that do best when growth accelerates. Consumer 00:11:50.620 --> 00:11:55.440 discretionary, XLY. Technology, QQQ. Industrials, 00:11:55.620 --> 00:11:59.080 XLI. And financials, KRE. They're all leading 00:11:59.080 --> 00:12:01.080 the charge. And the defensive stuff is lagging. 00:12:01.200 --> 00:12:04.120 Lagging badly. Staples, utilities. No one wants 00:12:04.120 --> 00:12:06.440 safety when volatility is this low. High risk, 00:12:06.500 --> 00:12:08.860 high reward is the playbook. And globally. Country 00:12:08.860 --> 00:12:10.840 -level dispersion is the alpha engine, thanks 00:12:10.840 --> 00:12:13.659 to the down dollar. Israel EIS is a great example. 00:12:13.940 --> 00:12:17.039 Up over 7 .5 % month over month. The thesis is 00:12:17.039 --> 00:12:19.820 simple. Go anywhere. Buy growth. It's a really 00:12:19.820 --> 00:12:22.240 remarkable picture. You have political institutions 00:12:22.240 --> 00:12:24.700 eroding at a pace we haven't seen in generations. 00:12:25.279 --> 00:12:27.159 Meanwhile, financial markets are hitting all 00:12:27.159 --> 00:12:30.320 -time highs and signaling suppressed risk. The 00:12:30.320 --> 00:12:32.120 key takeaway from the political side is just 00:12:32.120 --> 00:12:35.139 the sheer scope of that institutional dismantling. 00:12:35.580 --> 00:12:37.419 Firing the inspector's general, the director 00:12:37.419 --> 00:12:40.669 of the OGE, gutting the do -jays public integrity 00:12:40.669 --> 00:12:43.470 section, that systematic removal of oversight 00:12:43.470 --> 00:12:47.070 is the defining political act of 2025. And the 00:12:47.070 --> 00:12:49.870 defining economic takeaway is that sharp, powerful 00:12:49.870 --> 00:12:53.450 inverse correlation. The down dollar down 9 .4 00:12:53.450 --> 00:12:56.629 percent last year is directly fueling those massive 00:12:56.629 --> 00:12:59.169 commodity gains. The market dynamics are just 00:12:59.169 --> 00:13:01.669 ignoring the political instability. And this 00:13:01.669 --> 00:13:04.330 is the crux of the problem. The sources suggest 00:13:04.330 --> 00:13:06.990 the only potential remedy left for a rogue president 00:13:06.990 --> 00:13:09.529 is making future presidents prosecutable for 00:13:09.529 --> 00:13:11.830 up to 10 years after they leave office. But that 00:13:11.830 --> 00:13:14.450 solution depends entirely on a future hostile 00:13:14.450 --> 00:13:16.850 administration actually having the political 00:13:16.850 --> 00:13:20.309 will to enforce that law. Exactly. So if the 00:13:20.309 --> 00:13:21.690 established constitutional checks impeachment, 00:13:21.929 --> 00:13:24.870 the Senate and independent DOJ, if they all failed 00:13:24.870 --> 00:13:27.309 under the stress of 2025 and this proposed legal 00:13:27.309 --> 00:13:29.909 remedy is so fragile, so dependent on politics, 00:13:30.429 --> 00:13:32.840 what functional non -political guardrail is actually 00:13:32.840 --> 00:13:34.879 left to prevent this from happening again. That's 00:13:34.879 --> 00:13:36.500 something for you to consider as you digest this 00:13:36.500 --> 00:13:36.840 deep dive.