James B. Bullard

The other mess people are talking about potentially is the build-out and the cost of the build-out at the same time.

Brian, I caught up with a Fed official, a former Fed official, the former St. Louis Fed president, Jim Bullard, a little bit earlier this morning on Bloomberg Surveillance, and he made the point that he thinks this build-out is a bubble that will eventually burst.

Now, you've been more engaged in, in lending and financing this build-out over the last year, Brian.

I just wonder where you come down on the debate about how sustainable this is and how active you want to be with that in mind.

Well, let's go back to COVID.

It became clear to me when COVID happened, I saw a interview, James Bullard, then president of the St. Louis Fed, He was on Face the Nation.

It was April 20th, I'll never forget, of 2020.

And that's when it all clicked for me.

In his rough English, Lee seemed to be pushing to understand the dynamic among the members of the Federal Reserve Board, which at the time was chaired by Jerome Powell.

Not Powell himself, Lee wrote, even James Bullard agree with Trump.

Rogers replied, yep.

But Roger's lawyer says none of this was inappropriate.