 Bring Alyssa Armo into this and Jonathan Honegan what the long-term in cap could be because obviously the first thing you think of then I'll begin with you Jonathan is that other industries take a look at that the Steel industry getting this support from the White House and then a sort of a me too is and builds up here now Wall Street Is the first to complain about that but if memory serves you right Wall Street was the beneficiary of a big You know federal grant as it were in a bailout of its own after the meltdown and many other Industries have experienced it. What is your sense of what what this could lead to? Well, this is setting up exactly that slippery slope kneel of more companies more industries Going to the government with their handout demanding their piece of cronyism, you know the Democrats Hey, they're cronyism with with the salindron and the and the environment This is the Republicans version of cronyism helping steel workers helping you in a ministry. I don't know Let's go back in the 70s. Maybe there's some zenith television employees. They would like their jobs protected kneel I mean this war this trade war has already begun But it's a trade war against American citizens who just want to oh, I don't know buy something cheaper So they can save some money for their families. This is terrible No, Democrat could do this type of harm to the free economy that Donald Trump is doing me. Oh, no I'm gonna put you down as a maybe on this now Melissa, I'm looking at all this and I'm wondering I know markets fear of the unknown and how widespread that I understand Also, the prospect of inflation of obviously if you're putting a tariff on a good it makes that good more expensive and all of that, but I Thought it was interesting this week that the Federal Reserve chairman Jerome Powell had had kind of Express concerns about this but kind of hoping that cooler heads would prevail. What do you think of that? Well, I think that the market really fell more on him talking the Fed chair talking this week than it did on this tariff thing I mean you look at the chart we rallied today. I don't know where we had next week We definitely have to gap up Monday and follow through higher from the rally today But and I want to address Jonathan's point. We cannot survive or exist without the steel and aluminum industries We need them and right now the US is the largest importer of steel in the world We can't survive without his industry. I just question that premise. What why is that? Why can we not steal with exists without a foreign steel? Without television But what why is that industry protected? Why do they deserve government handouts government cronyism more than any other industry? Listen Trump is trying to get ahead of having to bail them out like we did bail out the banks like we did bail out the Audit industry because what we can't live without them He doesn't want to have to bail them out like we bailed everybody You just answer can you just answer that question? Why is it that we cannot live that Americans cannot live without a domestic producer of steel? You haven't answered that question neither has the president. Well, we can't because what if we would get in a war with North Korea? Were we gonna get steel from China? That is that is a fear that's been raised that it's almost been heightened to a national security concern I understand that's coming on but Jonathan your view is that once you make a carve-out for one industry Omega for others you made the same of course before for the banking industry after the meltdown You made the same for the housing and the mortgage industry the auto industry so you can make a compelling argument Here's where I'll differentiate a little bit to her point and that is that steel is sort of the bedrock if everything hits the fan And we don't have enough of it here or where to disadvantage here We're certainly not going to be getting it from people who wish to sail right? That's right. You know we have enough Armaments military armaments in this country to blow up North Korea or any other adversary by hundreds of times over So that that's that's a straw man. That's a red herring. That's not even worth addressing Steel we needed steel and we're increasingly I see your point Jonathan But we need to steal or increasingly rely on on those from abroad that we would be at a disadvantage at least in the beginning, right? If we needed steel and you know, we would buy it but what you're doing by just But but you know, you know, you're sitting up this impossible situation. What if I just remember I just remember what it was like after Pearl Harbor, right? Well, it's a longer discussion. You know, I'll just I'll just put towards what you're offering as the remedy central planning Soviet Russia of a lot Venezuela. We're governing picking winners and losers so you can spin a fantasy about what if this breaks out? What if that breaks out? Melissa are we doing it because we've done it before where we've had a perfectly justified reason to support or help in industry I was looking back in history and briar trade tips We've had the steel industry has been back and forth to the White House numerous times sometimes getting what they want Sometimes going back to John Kennedy not getting what they want when he slapped, you know Just left them down for a price increase But is that a dangerous trend with that's expected. Isn't that in and of itself a dangerous trend? I don't think it is because they need help if you look at the charts AKS steel is worth five bucks It used to be worth over 70 dollars 11 years ago X united steel look at the chart. That's an downtrend these companies We might end up bailing them out because we need them to have we need that industry in the u.s You can buy from you can if we if need If need is the only if need is the only justification for government involvement in the economy Then that's that's it neil. That's that that's what that can Let me switch gears very quickly guys. Do you think this has damaging impact on the markets? Unless I mean let's see how this proceeds if it escalates into the trade war Will this hurt the markets and that it gets to be inflationary gets to be global friction You know the drill. What do you think? I think the markets are strong I think the market's going to react to anything. It's going to react to certain people talking about this. Not this Well, it's going to react to this it did but whether it's going to change the trend of the market. No, Jonathan Well, you know, I don't know if donald trump has read a book. He's certainly not a read history book He would know that those who repeat who are repeating it are going to repeat it once again Neil look up herbert hoover. He enacted a these exact type of trade tariffs in 1930 He turned what could have been a mild recession into a decade-long great depression. We're headed on the same road I remember talking to hoover at the time and warned him about it, but uh, thank you guys very very much Thanks, you know, there are young people in this room saying neil talk to herbert hoover. All right All right, let me turn from the uh the market storm to the real world