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00:00Do you think, though, that the policies announced on Liberation Day, as it's being called by President Trump, will make Americans wealthy again? Is it going to work?
00:11No, they're going to make America poor again. It's a doom loop day.
00:17It's probably the stupidest economic policy we've had now for almost 100 years, because you have to go back to 1930, March of 1930.
00:28That's when the Smoot-Hawley tariff was put in, something similar or akin to what's going on now.
00:36It was a little clearer, actually, than what's going on now, because, as Thomas mentioned, we have uncertainty.
00:44Now, let me just make a remark about that. It isn't just plain old-fashioned uncertainty that we have with Trump.
00:52We have what's called regime uncertainty. That is, the whole regime is changing.
00:57All kinds of things are changing. It's exactly like the New Deal.
01:02Remember the propaganda around the New Deal when Franklin Delano Roosevelt came in?
01:08Happy days are here again? Well, that was just propaganda.
01:12It was a disaster, because when the New Deal started, there were so many changes going on in Washington, D.C.,
01:21that something called regime uncertainty reared its ugly head.
01:26And when regime uncertainty rears its ugly head, investors hunker down and don't invest.