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  • 5/18/2025
Market historian explains why today's market environment is especially unusual.

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Sports
Transcript
00:00I think what's unusual about the period we're going through today, which in some ways makes
00:05it even more challenging than a lot of those past crises, is just the kind of uncertainty
00:11about how things are going to play out.
00:12And the fact that there really is a difference in philosophies between different people who
00:17are in government and operating in the markets.
00:20In the financial crisis, you had the sense that everybody was sort of rowing in the same
00:23direction.
00:24I remember every Sunday night it seemed like you wanted to watch the news because there
00:27was going to be some new announcement.
00:29It was some new government program, some new sort of government lending or stimulus
00:33or something like that to try to get the economy going again.
00:37This time around you've got this kind of tug of war between those who think that we need
00:42to have very substantial tariffs and really change the way the global trading system has
00:46worked and those who are hoping that we really don't do too much to that trading system.
00:52I think how that plays out is really difficult to figure out, in part because my book really
00:57chronicles the 40-year period where Wall Street went from a very, very small place when I
01:02graduated from college to a very large one today.
01:04In that period, the Dow Jones Industrial Average went from under 1,000 the day I graduated college
01:09to 40,000 today.
01:11I think you could call that period a period really of globalization.
01:16You saw the European Union come together, you saw the Berlin Wall fall, you saw China get access
01:21to the World Trade Organization, you saw trillions of dollars of M&A, the kind of thing my firm
01:26did, that caused national and global enterprises to be built.
01:30And if all that has to be to some degree unwound because we're not going to be a fully integrated
01:36global economy, I think there's real questions as to how that plays out for markets and for economies.
01:41So I think there's a lot of things that I've been doing.
01:46I think there's a lot of things that I've been doing.
01:48I think there's a lot of things that I've been doing.
01:50I think there's a lot of things that I've been doing.
01:52I think there's a lot of things that I've been doing.
01:54I think there's a lot of things that I've been doing.
01:56I think there's a lot of things that I've been doing.
01:58I think there's a lot of things that I've been doing.
02:00I think there's a lot of things that I've been doing.
02:02I think there's a lot of things that I've been doing.
02:04I think there's a lot of things that I've been doing.
02:06I think there's a lot of things that I've been doing.

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