Larry Summers

So you've got an inflation shock. When you raise the prices of people and their income, at least in the short run, is the same. They're poorer, and that means they can afford less stuff. That pushes the economy down. So you've got higher inflation, and you've got less demand, and therefore more unemployment, and all of that's bad for the economy and companies.

The last thing which I think is profoundly important, is we are trading like an emerging market country right now.

For serious countries, for the United States, the pattern is that when the world gets riskier, the bonds go down in yield and the currency goes up in value, because people come for the safe haven. When you're a country like Argentina, then the assets all move together. Falling stock prices go with higher bond yields, go with a weakening currency.

The foreign exchange market is very big, and it's a big referendum on whether people have confidence in the United States. And somehow, tariffs reduce imports, are supposed to reduce dollar selling and make the currency go up. And not only is the currency not going up, it's going down substantially.

Rare earths, you want to have a strategic petroleum reserve for any rare earth. You want to do more mining in the areas that Chamath says we should in the United States, or in friendly countries. I am all for that.

my belief is that the revenue loss from the dose's destruction of significant part of the functioning of our nation's tax collection system is likely to exceed in terms of contributing more to the deficit than any savings that is successfully realized.