“The Fed has an impossible dilemma right now because two percent inflation is not compatible with winning the race, if in fact the administration is being honest with us, that this is truly a national security imperative and not just a race to more corporate profits.”

So let's set the chairs condescending delivery aside because I think we're all getting tired of it.

The Federal Reserve. So said the gentleman. There was some massive shaking. Good morning, Robert Schiller.

That's the single smartest thing I've heard on this conundrum, Paul, in months and months. There's a bigger picture here than Fed parlor game, if you will.

And this is why we think, you know, we do believe this market regime gets worse. And so ultimately you're going to see more credit spread. You're going to see multiples come down, but you have to buy this dip because we ultimately believe that Fed Treasury Scott Besant, Fed Chair Kevin Worshen…

Let's go back to the heritage of Yale economics here. I think of Edward Yardeni, the Cowles Commission, the giant James Tobin and all.