So I'm just curious how you would think about how the AI sector Business dynamic changes what Doug just said.

Well, you know, I guess my view has always been...

Not I guess, it has.

My view has always been the same, Marshall.

I think market-based economies have in the post-World War II period...

In fact, there's no economy in the world that's been successful in the post-World War II period that didn't have fundamentally a commitment to market-based economics.

Deng, when he came into power in, I think it was 72, if I remember correctly, or maybe it was 72 or 78, I've forgotten which, in India in the early 90s when they changed from socialism to...

It's harming the functioning of this country.

Yeah, yeah, I got the

question.

I don't have much wisdom on that.

I've asked our people that, too.

I mean, clearly the labor market has softened.

There's no question about that.

I'll give you my personal opinion, whatever it's worth, but it's really mostly based on just what I think about AI.

Do you still feel that?

What do you think those risks are?

One is that it affects interest rates.

And I think that's probably a little bit now, but maybe not.

But I certainly think that's a material risk as you go out in time.

It can affect business confidence.

I don't think it is now.

But once again, we saw that once before.

And what does that look like?

How do you think about tariffs in general and maybe how they're being used by this administration?

Yeah, I think tariffs are exactly what you just said.

I think they create a very serious risk of inflation, not only because prices of imported goods will be higher, but domestic producers will be able to raise prices because their competitive prices will be higher.

But also, I think it's a substantial threat to growth because it can adversely affect productivity since you can no longer have access to whatever is the most efficient producer of goods and services.

And as you can see from today's papers, there's a very serious risk of retaliation.

You know, more broadly, though? And that's a serious set of risks.

More broadly, I think there's the risk of a trade war.

So how do we fix it? I mean, Ray Dalio said yesterday the debt crisis in three years could look like a heart attack.