WEBVTT 00:00:00.000 --> 00:00:04.620 It's Friday, January 30th, 2026. And looking 00:00:04.620 --> 00:00:07.519 at the stack of reports for this week, the theme 00:00:07.519 --> 00:00:11.099 isn't just chaos, though there's plenty of that. 00:00:11.199 --> 00:00:13.179 Oh, there is. It feels more specific. It's like 00:00:13.179 --> 00:00:16.339 we're watching this head on collision between, 00:00:16.339 --> 00:00:18.699 you know, political theater, the performance 00:00:18.699 --> 00:00:22.039 of governing and the actual mechanical reality 00:00:22.039 --> 00:00:25.010 of of running a country. That is a perfect way 00:00:25.010 --> 00:00:27.309 to put it. Because from the streets of Minneapolis 00:00:27.309 --> 00:00:30.890 to the halls of the Federal Reserve, everyone 00:00:30.890 --> 00:00:32.750 seems to be holding their breath. Just waiting 00:00:32.750 --> 00:00:35.109 for that other shoe to drop. Exactly. We're seeing 00:00:35.109 --> 00:00:37.630 mixed messages on law enforcement, a government 00:00:37.630 --> 00:00:40.210 shutdown that looks absolutely inevitable this 00:00:40.210 --> 00:00:42.630 weekend, and a huge shakeup at the top of the 00:00:42.630 --> 00:00:44.429 financial world. It is a lot to get through. 00:00:44.490 --> 00:00:47.009 So for this deep dive, our mission is to cut 00:00:47.009 --> 00:00:48.909 through all of that noise. We've got legislative 00:00:48.909 --> 00:00:51.090 updates, electoral analysis, and some breaking 00:00:51.090 --> 00:00:53.619 news on the economy that's... Uh, honestly going 00:00:53.619 --> 00:00:55.990 to affect everyone's wallet. And... We're going 00:00:55.990 --> 00:00:58.490 to connect the dots. We want to move past the 00:00:58.490 --> 00:01:01.409 headlines and really look at what's driving these 00:01:01.409 --> 00:01:04.430 decisions. Why is the administration saying two 00:01:04.430 --> 00:01:06.109 completely different things about the border? 00:01:06.609 --> 00:01:09.150 Why is this Fed chair nomination happening right 00:01:09.150 --> 00:01:11.829 now? OK, let's start in Minneapolis. This story 00:01:11.829 --> 00:01:14.290 just will not go away. We've covered the Alex 00:01:14.290 --> 00:01:17.469 Priddy shooting, the ICE fallout. But now the 00:01:17.469 --> 00:01:20.370 administration has sent in Ham Homan, the border 00:01:20.370 --> 00:01:23.290 czar, to clean up what they're calling the Gregory 00:01:23.290 --> 00:01:26.010 Bovino mess. Right. And this is where that whole 00:01:26.010 --> 00:01:28.209 mixed messages thing just kicks in immediately. 00:01:28.909 --> 00:01:31.370 Homan gets to Minneapolis, and he announces a 00:01:31.370 --> 00:01:34.849 plan to begin a drawdown of ICE agents. OK, so 00:01:34.849 --> 00:01:36.510 that sounds like de -escalation. He's trying 00:01:36.510 --> 00:01:38.810 to lower the temperature. You'd think so, but 00:01:38.810 --> 00:01:41.489 then just hours later, you have Donald Trump 00:01:41.489 --> 00:01:44.010 being asked about this drawdown, and his response 00:01:44.010 --> 00:01:46.989 is, quote, no, no, not at all. So the fixer says 00:01:46.989 --> 00:01:49.049 pull back, and the boss says full steam ahead. 00:01:49.290 --> 00:01:52.549 It's a classic case of what you'd call a cleanup 00:01:52.549 --> 00:01:56.629 confusopoly. The analysis suggests it's not a 00:01:56.629 --> 00:01:59.269 mistake. It lets them play to two audiences at 00:01:59.269 --> 00:02:02.030 once. Holman talks to the moderates and local 00:02:02.030 --> 00:02:04.530 officials, and Trump talks to the base that wants 00:02:04.530 --> 00:02:06.950 a hard line. And we're seeing this exact same 00:02:06.950 --> 00:02:08.990 thing in New England with Senator Susan Collins, 00:02:09.090 --> 00:02:12.039 aren't we? Exactly. This is such a fascinating 00:02:12.039 --> 00:02:14.620 little subplot. Senator Collins announces that 00:02:14.620 --> 00:02:17.319 the DHS secretary, Kristi Noem, told her that 00:02:17.319 --> 00:02:20.759 ICE has ended its enhanced activities in Maine. 00:02:21.039 --> 00:02:23.419 Enhanced activities? Okay, but what's the difference 00:02:23.419 --> 00:02:25.659 between that and just regular activities? That 00:02:25.659 --> 00:02:27.840 is the million dollar question, isn't it? The 00:02:27.840 --> 00:02:30.419 sources we have point out that there is no standard 00:02:30.419 --> 00:02:33.099 legal definition for that term. So by saying 00:02:33.099 --> 00:02:35.639 they've ended, Collins gets to tell her constituents 00:02:35.639 --> 00:02:37.919 she solved the problem. Which she needs to do 00:02:37.919 --> 00:02:40.789 to survive politically. Of course. And meanwhile, 00:02:41.349 --> 00:02:43.569 the administration can keep the operational tempo 00:02:43.569 --> 00:02:46.990 exactly where it was, just under a different 00:02:46.990 --> 00:02:49.210 name. A semantic game. But while they're playing 00:02:49.210 --> 00:02:51.250 word games, the situation around privacy and 00:02:51.250 --> 00:02:54.270 tech is getting very real. We have to talk about 00:02:54.270 --> 00:02:56.810 the Signal app. This is a major deep dive moment. 00:02:56.969 --> 00:02:58.569 If you have a smartphone, you should really pay 00:02:58.569 --> 00:03:01.710 attention to this. The FBI director, Kash Patel, 00:03:02.050 --> 00:03:04.189 has announced an investigation into activists 00:03:04.189 --> 00:03:07.069 using the app Signal. That's the encrypted messaging 00:03:07.069 --> 00:03:09.569 app, right? The one focused on privacy. That's 00:03:09.569 --> 00:03:11.990 the one. And Patel is claiming that activists 00:03:11.990 --> 00:03:15.990 using it to track ICE movements are, in his words, 00:03:16.530 --> 00:03:20.030 breaking the law. He went on a podcast and basically 00:03:20.030 --> 00:03:23.430 compared them to a terrorist network. That seems 00:03:23.430 --> 00:03:26.129 extreme. What's the legal argument? It's based 00:03:26.129 --> 00:03:29.620 on two things, intent and encryption. He claims 00:03:29.620 --> 00:03:31.719 that because they have the intent to obstruct 00:03:31.719 --> 00:03:33.780 federal agents and they're using encryption to 00:03:33.780 --> 00:03:36.199 hide it, it becomes a criminal conspiracy. But 00:03:36.199 --> 00:03:38.360 our legal sources are. Well, they're tearing 00:03:38.360 --> 00:03:40.740 that apart. Completely. First off, the terrorism 00:03:40.740 --> 00:03:43.199 laws he's citing usually apply to non -citizens. 00:03:43.379 --> 00:03:45.240 These are Americans with First Amendment rights. 00:03:45.460 --> 00:03:47.960 Right. It's not illegal for me to see an ICE 00:03:47.960 --> 00:03:50.219 agent on a public street and text my friend, 00:03:50.520 --> 00:03:53.000 hey, there's a Fed on Fifth Street. Precisely. 00:03:53.500 --> 00:03:56.729 That is protected speech. You're tracking public 00:03:56.729 --> 00:03:59.469 agents in a public space. And the encryption 00:03:59.469 --> 00:04:01.629 part. The analysts just call that a red herring. 00:04:02.069 --> 00:04:04.250 A legal act doesn't become illegal just because 00:04:04.250 --> 00:04:06.669 you use a secure app. What about the obstruction 00:04:06.669 --> 00:04:08.689 claim? That's the weakest part of his argument. 00:04:09.490 --> 00:04:12.030 Legally, obstruction almost always requires you 00:04:12.030 --> 00:04:14.830 to physically interfere. Stand in their way, 00:04:15.069 --> 00:04:17.730 block a car. You can't physically obstruct someone 00:04:17.730 --> 00:04:20.769 from a chat app. So it's not a legal case so 00:04:20.769 --> 00:04:23.470 much as an intimidation tactic. That's the consensus, 00:04:23.730 --> 00:04:25.810 yeah. It's about creating a chilling effect, 00:04:26.290 --> 00:04:28.170 making people afraid to even have the app on 00:04:28.170 --> 00:04:30.269 their phone. Speaking of chilling, let's talk 00:04:30.269 --> 00:04:32.529 about the new video that came out about Alex 00:04:32.529 --> 00:04:35.509 Preti, the shooting victim in Minneapolis. Yes. 00:04:35.990 --> 00:04:38.350 A new video was released, and it shows Preti 00:04:38.350 --> 00:04:41.870 arguing with ICE agents. In the footage, he spits 00:04:41.870 --> 00:04:43.990 in their direction and kicks a taillight on a 00:04:43.990 --> 00:04:45.569 federal vehicle. And some people are pointing 00:04:45.569 --> 00:04:48.250 to that and saying, see? He was aggressive. They're 00:04:48.250 --> 00:04:50.850 using it to justify what happened later. But 00:04:50.850 --> 00:04:53.490 the context here is absolutely everything. You 00:04:53.490 --> 00:04:55.970 have to look at the timestamp. That video is 00:04:55.970 --> 00:04:59.649 from 11 days before he was shot. 11 days. Exactly. 00:04:59.889 --> 00:05:01.689 And one source pointed to what Willie Guy said 00:05:01.689 --> 00:05:04.709 on MSNBC, which really nails it. The question 00:05:04.709 --> 00:05:07.569 isn't, was Alex pretty a saint? The question 00:05:07.569 --> 00:05:10.490 is, does kicking a tail light justify an execution 00:05:10.490 --> 00:05:13.050 style shooting almost two weeks later? Especially 00:05:13.050 --> 00:05:16.079 when On the day he was actually killed, the evidence 00:05:16.079 --> 00:05:19.120 suggests he wasn't resisting. Correct. He wasn't 00:05:19.120 --> 00:05:22.360 resisting that day. The existence of an old video 00:05:22.360 --> 00:05:24.600 doesn't change the facts of what happened at 00:05:24.600 --> 00:05:26.720 the moment the trigger was pulled. It's a heavy 00:05:26.720 --> 00:05:29.420 situation, and that tension is now bleeding into 00:05:29.420 --> 00:05:32.660 Washington and this looming government shutdown. 00:05:32.899 --> 00:05:35.459 It's a total mess. The House bill failed in the 00:05:35.459 --> 00:05:39.600 Senate, 45 to 55, and the House has already left 00:05:39.600 --> 00:05:41.740 town, so a weekend shutdown is pretty much a 00:05:41.740 --> 00:05:44.079 guarantee. So what's the plan? just kick the 00:05:44.079 --> 00:05:45.920 can down the road. That seems to be the strategy. 00:05:46.180 --> 00:05:48.600 But here's the twist. The deal they're floating 00:05:48.600 --> 00:05:50.800 is to pass all the spending bills except for 00:05:50.800 --> 00:05:53.120 the Department of Homeland Security. Ah, so they're 00:05:53.120 --> 00:05:55.439 isolating DHS because it's too controversial 00:05:55.439 --> 00:05:57.500 right now. Exactly. Nobody wants to touch it. 00:05:57.620 --> 00:06:00.120 Yeah. So the idea is to give DHS a separate two 00:06:00.120 --> 00:06:02.180 -week extension and figure it out later. But 00:06:02.180 --> 00:06:04.699 even that plan is hitting roadblocks. It is. 00:06:04.939 --> 00:06:08.040 You have Republican budget hawks like Rand Paul 00:06:08.040 --> 00:06:12.199 and Mike Lee voting no. And Lindsey Graham is 00:06:12.199 --> 00:06:15.540 objecting to unanimous consent. So the whole 00:06:15.540 --> 00:06:18.339 sausage making process is just completely jammed 00:06:18.339 --> 00:06:20.680 up. And while Congress is jammed, the White House 00:06:20.680 --> 00:06:23.120 held a cabinet meeting that the sources are calling 00:06:23.120 --> 00:06:25.699 vaudeville. That's putting it nicely. We know 00:06:25.699 --> 00:06:28.339 that the DHS Secretary Kristi Noem and the Attorney 00:06:28.339 --> 00:06:31.399 General Pam Bondi were there, but they weren't 00:06:31.399 --> 00:06:33.870 allowed to speak. which is a huge tell. That's 00:06:33.870 --> 00:06:36.470 the political timeout corner. They're taking 00:06:36.470 --> 00:06:38.449 the heat for the Minnesota headlines so they 00:06:38.449 --> 00:06:40.949 get silenced. The rest of the meeting was basically 00:06:40.949 --> 00:06:43.730 a praise circle for Trump. So one detail that 00:06:43.730 --> 00:06:45.850 just stood out, Energy Secretary Chris Wright 00:06:45.850 --> 00:06:49.230 praising beautiful, clean coal for saving lives. 00:06:49.470 --> 00:06:51.790 It's the perfect example of how performative 00:06:51.790 --> 00:06:53.889 it all is. Because here's the irony you need 00:06:53.889 --> 00:06:55.990 to know. The Department of Energy deals with 00:06:55.990 --> 00:06:58.810 nuclear weapons. Right. Not coal. Coal is under 00:06:58.810 --> 00:07:01.170 the Department of the Interior. So the energy 00:07:01.170 --> 00:07:03.470 secretary is praising a resource he doesn't even 00:07:03.470 --> 00:07:06.269 manage. It shows the meeting wasn't about policy. 00:07:06.569 --> 00:07:10.649 It was about loyalty. A pep rally. Exactly. Trump's 00:07:10.649 --> 00:07:13.949 approval is down to 37 percent, which is getting 00:07:13.949 --> 00:07:16.829 close to what they call the Bush line. He needed 00:07:16.829 --> 00:07:19.569 a pep rally. Facts be damned. Well, if that was 00:07:19.569 --> 00:07:21.430 a pep rally, the financial market's just got 00:07:21.430 --> 00:07:24.629 a bombshell. We have a new nominee for Fed chair. 00:07:24.970 --> 00:07:28.050 This is the big one. Donald Trump has nominated 00:07:28.050 --> 00:07:30.730 Kevin Warsh to replace Jerome Powell. And for 00:07:30.730 --> 00:07:33.269 anyone listening, the Fed chair is arguably the 00:07:33.269 --> 00:07:35.490 second most powerful person in the world. And 00:07:35.490 --> 00:07:37.790 Trump's reasoning for picking him. He said Warsh 00:07:37.790 --> 00:07:40.389 is central casting. Central casting. It tells 00:07:40.389 --> 00:07:42.410 you everything about how he views these jobs. 00:07:42.750 --> 00:07:44.750 So who is Kevin Warsh? What do we know about 00:07:44.750 --> 00:07:47.120 him? He's a Wall Street insider. A former Fed 00:07:47.120 --> 00:07:49.600 governor under George W. Bush worked at Morgan 00:07:49.600 --> 00:07:52.399 Stanley. And crucially, he married into the Ron 00:07:52.399 --> 00:07:54.839 Lauder family. They're huge Trump donors. So 00:07:54.839 --> 00:07:57.040 he's got the connections. But what does he believe 00:07:57.040 --> 00:07:59.699 about the economy? Because Powell and Trump have 00:07:59.699 --> 00:08:02.459 been at war. Warsh is what you'd call a supply 00:08:02.459 --> 00:08:05.319 side guy. He is a very specific theory. He thinks 00:08:05.319 --> 00:08:07.779 inflation is caused by government spending, not 00:08:07.779 --> 00:08:10.040 by wages going up. That's a huge distinction. 00:08:10.360 --> 00:08:13.240 It is. And he's also incredibly bullish on AI. 00:08:13.420 --> 00:08:15.939 He thinks artificial intelligence will boost 00:08:15.939 --> 00:08:18.560 productivity so much that it'll naturally lower 00:08:18.560 --> 00:08:21.579 inflation. And because of that, he thinks he 00:08:21.579 --> 00:08:24.540 can cut interest rates. So, robots will save 00:08:24.540 --> 00:08:26.980 us from inflation so we can lower interest rates 00:08:26.980 --> 00:08:30.560 now. In a nutshell, yes. He believes the U .S. 00:08:30.600 --> 00:08:33.279 is already in a housing recession and that rates 00:08:33.279 --> 00:08:35.960 need to come down. But here's the key part that 00:08:35.960 --> 00:08:39.559 aligns him with Trump. He sees tariffs as just 00:08:39.559 --> 00:08:42.879 one -off price changes. Not as a long -term problem. 00:08:42.899 --> 00:08:45.679 Right. Most economists worry tariffs cause systemic 00:08:45.679 --> 00:08:48.100 inflation. Warsh says, no, it's just a one -time 00:08:48.100 --> 00:08:50.740 bump. That gives Trump perfect intellectual cover 00:08:50.740 --> 00:08:52.840 for his trade wars. But getting him confirmed 00:08:52.840 --> 00:08:55.799 might not be that easy. No. Senator Tom Tillis 00:08:55.799 --> 00:08:58.200 has threatened to block any nominee until the 00:08:58.200 --> 00:09:00.440 DOJ resolves its criminal investigation into 00:09:00.440 --> 00:09:02.940 the current chair, Jerome Powell. Let's just 00:09:02.940 --> 00:09:05.480 pause there. The DOJ is criminally investigating 00:09:05.480 --> 00:09:08.419 the current Fed chair. Yes. And many see that 00:09:08.419 --> 00:09:10.460 investigation as a political pressure tactic. 00:09:11.080 --> 00:09:12.779 There's even talk that Powell might stay on the 00:09:12.779 --> 00:09:14.639 board as a regular governor after his term as 00:09:14.639 --> 00:09:16.840 chair ends, just to protect the institution. 00:09:17.120 --> 00:09:20.460 Wow. He'd demote himself. To block a seat and 00:09:20.460 --> 00:09:23.039 protect the Fed's independence, it would be a 00:09:23.039 --> 00:09:25.720 historic move. So how did the markets react to 00:09:25.720 --> 00:09:28.100 Warsh? Stocks ticked up a little. Wall Street 00:09:28.100 --> 00:09:31.929 knows him. But gold plunged. The bigger picture, 00:09:32.250 --> 00:09:34.009 though, is that the stock market just had its 00:09:34.009 --> 00:09:36.789 worst first year for a president since 2005, 00:09:37.269 --> 00:09:41.029 and the trade deficit just skyrocketed. Suggesting 00:09:41.029 --> 00:09:42.809 the tariffs are backfiring. The data certainly 00:09:42.809 --> 00:09:44.970 points that way. Speaking of policies that might 00:09:44.970 --> 00:09:47.990 backfire, there's this new proposal about visas. 00:09:48.309 --> 00:09:50.610 Oh, this is a classic case of security theater. 00:09:51.309 --> 00:09:54.330 The proposal is to require visitors on 90 -day 00:09:54.330 --> 00:09:57.389 visas to provide a list of their social media 00:09:57.389 --> 00:09:59.860 accounts. So a tourist coming to Vegas has to 00:09:59.860 --> 00:10:02.019 hand over their Instagram handle. Pretty much. 00:10:02.440 --> 00:10:04.600 And the source we saw estimates this could cost 00:10:04.600 --> 00:10:08.279 the U .S. 4 .7 million tourists and about 16 00:10:08.279 --> 00:10:11.379 billion dollars in revenue. 16 billion dollars. 00:10:11.639 --> 00:10:14.139 And I mean, let's be honest, a real bad guy isn't 00:10:14.139 --> 00:10:15.940 going to list their real crime account on the 00:10:15.940 --> 00:10:17.759 floor. Of course not. They'll just make a fake 00:10:17.759 --> 00:10:20.279 one. So we lose the tourism money and we don't 00:10:20.279 --> 00:10:23.320 actually get any safer. An expensive show. Which 00:10:23.320 --> 00:10:25.320 brings us to another struggling institution. 00:10:25.779 --> 00:10:28.549 The Washington Post. The source material describes 00:10:28.549 --> 00:10:31.990 it as imploding. It's a really grim situation. 00:10:32.409 --> 00:10:34.830 We know Jeff Bezos changed the editorial policy 00:10:34.830 --> 00:10:37.870 to be more pro Trump and subscribers fled. Now 00:10:37.870 --> 00:10:39.970 we're seeing the fallout. They're cutting coverage 00:10:39.970 --> 00:10:42.490 of the Winter Olympics, local sports teams. I 00:10:42.490 --> 00:10:44.889 even read they might cut the entire foreign desk. 00:10:44.990 --> 00:10:47.629 That's the rumor. A paper in the nation's capital 00:10:47.629 --> 00:10:50.309 with no foreign desk. It shows the Bezos model 00:10:50.309 --> 00:10:52.809 is failing. He's not subsidizing the losses. 00:10:53.509 --> 00:10:57.179 And it gets darker. The DOJ recently raided a 00:10:57.179 --> 00:10:59.299 reporter's home and apparently got access to 00:10:59.299 --> 00:11:01.899 the newsroom's internal Slack channels. That's 00:11:01.899 --> 00:11:04.399 terrifying for a free press. It's a massive chilling 00:11:04.399 --> 00:11:06.399 effect. If you can't talk about a story internally 00:11:06.399 --> 00:11:08.679 without the DOJ reading along, you stop going 00:11:08.679 --> 00:11:10.860 after the hard stories. You just can't. Before 00:11:10.860 --> 00:11:12.840 we wrap, a couple of quick legal hits. Trump 00:11:12.840 --> 00:11:16.500 is suing the IRS. For $10 billion over the 2020 00:11:16.500 --> 00:11:19.379 tax leak. $10 billion? Does that have any chance? 00:11:19.700 --> 00:11:21.919 Not really. The statute of limitations is likely 00:11:21.919 --> 00:11:24.799 expired. The leaker is already in jail. And here's 00:11:24.799 --> 00:11:27.960 the catch. To prove $10 billion in damages, Trump 00:11:27.960 --> 00:11:29.600 would have to open his current financial boats 00:11:29.600 --> 00:11:32.240 in discovery. The one thing he never wants to 00:11:32.240 --> 00:11:34.399 do. Exactly. So it's probably just a distraction. 00:11:34.620 --> 00:11:36.559 And finally, there's some math in the House of 00:11:36.559 --> 00:11:38.879 Representatives that's about to get tricky. An 00:11:38.879 --> 00:11:41.899 expulsion. Sheila Cherfilis McCormick, a Democrat 00:11:41.899 --> 00:11:44.879 from Florida. She's likely facing expulsion after 00:11:44.879 --> 00:11:47.279 a really damning ethics committee report. And 00:11:47.279 --> 00:11:49.019 why does that matter to the average listener? 00:11:49.230 --> 00:11:51.309 because Speaker Mike Johnson can only afford 00:11:51.309 --> 00:11:54.070 to lose two votes on any given bill right now. 00:11:54.409 --> 00:11:58.029 If she gets expelled, that margin shrinks. Every 00:11:58.029 --> 00:12:00.289 single vote becomes a potential crisis and the 00:12:00.289 --> 00:12:03.529 House becomes basically ungovernable. So I see 00:12:03.529 --> 00:12:07.029 the Fed, the shutdown, the press. What's the 00:12:07.029 --> 00:12:09.090 thread connecting all of this? I think the thread 00:12:09.090 --> 00:12:12.789 is a shift away from expertise and towards performance. 00:12:13.090 --> 00:12:15.289 You see it everywhere. The pep rally cabinet 00:12:15.289 --> 00:12:18.889 meeting. the central casting Fed nominee, the 00:12:18.889 --> 00:12:21.129 security theater visa rule. It's all about how 00:12:21.129 --> 00:12:24.029 things look, not how they actually work. Precisely. 00:12:24.470 --> 00:12:28.509 But the economy and the budget, they are mechanical 00:12:28.509 --> 00:12:31.149 realities. They don't run on applause. And the 00:12:31.149 --> 00:12:33.950 thought I want to leave you with is this. If 00:12:33.950 --> 00:12:37.230 the Fed, the FBI, and the budget all become purely 00:12:37.230 --> 00:12:39.970 performative tools for the executive, at what 00:12:39.970 --> 00:12:42.090 point does that performance fail to manage the 00:12:42.090 --> 00:12:45.009 actual mechanics of a global economy? You can't 00:12:45.009 --> 00:12:46.870 spin your way out of a trade deficit forever. 00:12:47.149 --> 00:12:49.549 The math eventually wins. The numbers don't lie, 00:12:50.070 --> 00:12:52.070 even if the politicians do. That's a thought 00:12:52.070 --> 00:12:53.509 that is definitely going to stick with me. We'll 00:12:53.509 --> 00:12:55.330 be watching the markets react to Kevin Warsh 00:12:55.330 --> 00:12:57.830 next week. That'll be the real scorecard. Thanks 00:12:57.830 --> 00:12:59.649 for joining us on this deep dive. We will be 00:12:59.649 --> 00:13:00.970 back next time. Stay curious.