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eurozone down very sharply. germany has gone into recession. china is slowing down. also the u.s. consumer, which, you know, we hear a lot about how buoyant the u.s. consumer has been, there are actually signs of fragility there, too. people are very worried about prescription drug price hikes. you re seeing working class white women turning away from trump because they re concerned about the slowing economy. you re seeing people scale back on gasoline purchases in the middle of a summer travel season. i ve been looking beyond the headline figures and i think there s a lot of weakness. and do you think that the shall we call it policy uncertainty because there really is japan/south korea, u.s./china, u.s./europe. there s still dangers of trade wars that adds to it? hugely. with any previous downturn you can think of, there s been policy coordination across borders. in the 80s, there was a plaza
when i go home to idaho i hear how frustrated they are with the system. i think you have parts of the country that are dying. i was in my hometown, the county seat of my hometown a couple months ago with my cousin and all the shops were closed. every store we had been to as a child. there was a funeral parlor that had been there since i was a kid and a new funeral parlor. my cousin turned to me and said, it s getting where the only thing to do in town is die. i don t think it s a bad metaphor for what these people are experiencing. their whole way of life is evaporating. i think a lot of things that could be good for the country as a whole, whether it s globalization, technology, all the ways the world is changing, economists will tell us this is good for the country, as a whole are disastrous for them. the feeling there s an elite crowd, they re the ones in charge, i don t think that s crazy.