It gave no means of tracing this back to the source, but it had a lot of information in it about things that had been happening in trump tower. And it appeared to be from somebody inside the transition or inside trump tower who was concerned about what this person was seeing. And a lot of whats written or conveyed in this letter has sort of come become true over time. Its taken a while for a lot of this stuff to surface, including this detail about this discussion over a back channel or a private channel of communications with moscow. Again i just want to im trying to sort of bend over to read this as charitably as possible. So i mean is it possible that they were setting up lots of different back channels with lots of different foreign leaders . Well, we dont i mean i suppose its possible. Clearly they were in communication and meeting with a lot of leaders, a lot of foreign leaders. Most of them, as you point out,
were coming through the front door, not the back door. The behavior he
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inflation takes time to operate. you raise rates and people have to say to themselves, do i need to buy that new house, do i need to buy that new car. business has to say, do i need to go out and do a financing and buy more capital equipment. it s a long slow process, particularly when you re talking about rate increases of a quarter percent each quarter, that s a small impact on the market. i don t think you re going to see the impact of fed inflation soon. the question is whether inflation will go down of its own accord, a supply problem, port problems go away, et cetera, et cetera, that s what the biden administration is in effect staking its political future in this midterm election on. private forecasters, people like larry summers, myself, whatever, i think are not nearly so optimistic about inflation. i think you re going to see very substantial inflation, at least throughout this year. mr. liesman, let s talk about the markets. people are obviously panicked about these huge m