wars that adds to it? hugely. with any previous downturn you can think of, there s been policy coordination across borders. the u.s. in in the 2008 there was the g-20 meeting in london. there were recession fears in 2015. again, international coordination. the prospect of any international coordination with trump as president is extremely low. so the policy uncertainty really comes from the white house. america is not playing the role and is very unlikely to play the role to help, coordinate an international response to a global downturn that it s been playing for 70 years. that s a huge factor here. and trump is, you know, seems to be almost worried about the politics more than the policy where he s trying to position it as if this is all the federal reserve s fault, right? he is at war with his own chairman of the federal reserve. just as an aside, interest rates are already historically low. there s not a lot of stimulus,
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