Trump’s Tariffs Will Unleash Chaos, S&P to Crater? (Uncut) 03-06-2025

Trump’s Tariffs Will Unleash Chaos, S&P to Crater? – Porter Stansberry’s Dire Warning

I know you’re all feeling it. There is so much happening in the gold market right now. We talk of revaluations, uncertainty, shifting trends, even talk about auditing for NOX.

It almost feels as if something big is really coming. So if you have questions or concerns about how this could impact you, reach out to our team. It’s free and they’ll be happy to explain the situation and help you out and prepare.

So scan the QR code right here on the screen or there’s a link below in video description. Now let’s get to today’s video. Porter Stansbury is back with us today with a dire warning.

He says we’re sitting at the echo peak, if you will, of the greatest financial bubble in the history of mankind. He says the only times you’ve ever seen the equity market be this overvalued was in 1844 during the railroad boom and 1929 during the auto boom. We’re going to find out why he thinks this.

Also, I’m going to get his thoughts on Trump’s upcoming tariffs. He hates the idea. Why? We’re also going to get his thoughts on gold and all this craziness happening in the market.

Please welcome back to the show, Porter Stansbury. Always good to be with you. Danielle, genuinely, thank you so much for having me.

You have a great audience and you’re the best informed interview I ever get. So I’m very happy to be here. Thank you.

I am honored. Thank you. Thank you for that, Porter.

Let’s start with this dire forecast of yours of why you feel equities are so overvalued. You’re comparing it to, you know, a scenario out of 1929, Porter. Well, you know, I’m not making that up.

Those are just unfortunately the facts. We’ve we’ve had a an enormously unprecedented period of paper money speculation. I mean, you will recall that in the last decade we’ve had negative, not negative real interest rates, negative nominal interest rates and most of the developed world.

And that has led to just incredible amounts of speculation. And so you have situation like today, Home Depot reported great numbers. Good for them.

It was the first time in four years they had organic sales growth at their stores. That’s wonderful. But, you know, they’re trading at 50 times earnings, so that stock could go down 25 percent.

It’s still be trading at 40 times earnings. In my lifetime, we’ve we have only seen speculative mania like this once, and that was at the end of the tech bull market in the 1990s, early 2000s. And unfortunately, these things, of course, never last.

I think right now the Buffett indicator, which is the value of the stock market compared to total U.S. GDP, is over 200 percent. I mean, that’s that has never happened in my lifetime. So if you look back far enough, you can find times where people were this optimistic.

And that was in 1844, as you mentioned, during the railroad boom and during 1929, during the auto boom and then in the late 90s, during the Internet boom. And I’m certainly not saying that A.I. is an incredible technology. It is amazing technology.

I use it every day, but it will not change the basic dynamics between stocks and bonds. And when you have Doge cutting government spending and you have a Treasury bond yield at four and a half percent, then investors get to make a choice every day where they want to buy stocks or they want to buy bonds. And of course, you’re expecting to have a much higher earnings yield and stocks than you have a dividend yield or sorry, a coupon yield in bonds.

And right now you don’t. You’re right. So there is no there is absolutely zero risk premium in the stock market, which is a situation that we know cannot last.

And if you also if you look at the corporate bond market, there’s there’s very rarely been any other time in history where there was absolutely no preference for corporate bonds relative to Treasury bonds. So that the premiums, the risk premium in the bond market is also gone. These are all indications that we are at a really big cyclical peak and speculation.

And of course, those things won’t last. But, you know, that doesn’t mean that I’m a bear or that I think the world’s ending or that, you know, that you shouldn’t own any stocks. There is still value to be found in these markets.

Look at Buffett’s investment into the major Japanese trading stocks. There are incredible values and European stocks. Look at Novartis as an example.

You know, Eli Lilly might be trading at 70 times earnings, but Novartis is still at 15 times earnings. Look at Hershey. Look at Nestle.

I mean, there are still lots of high quality businesses that are trading at reasonable prices. But there but most of the market, 40 percent of the market and the S&P is now crowded into five stocks. And those five stocks do not make any sense at all from from the standpoint of a financial analyst.

I mean, there is no way to explain the share price of Tesla. There is no way to explain it. And so when you can’t explain something that typically doesn’t last forever.

So if we’re talking to Mag 7, you wouldn’t touch with a 10 foot pole right now? No, I wouldn’t. We we actually cleared out of all of our Mag 7 positions and my newsletter. I believe it was in about November.

And I would not go back into those stocks until there is a washout of valuations. I can’t tell you when that will be. It could be the correction that’s starting right now.

I don’t know. But yeah, I don’t I don’t want to buy a business in the semiconductor space with a trillion dollar market cap that’s trading at 40 or 50 times earnings. That industry is inherently cyclical.

It is inherently ultra competitive. And I’m not disagreeing with anybody who says that Nvidia doesn’t have a big advantage. They do have a big advantage, but it’s not going to last for 35 years.

There will be a competitor. There will be a new chip architecture. There will be other innovations that come along.

And if you if you go back and you think, OK, well, how did I do, you know, buying Cisco in 2000 or buying Intel in 2000? Both of those both of those companies had tremendous advantages in the tech space and they had a tremendous earnings run ahead of them. But of course, their stock prices were pricing in all 20 years of success. And eventually there’s a hiccup in this.

In our case, there was 9-11 and there was a 10 year bear market and U.S. equities were almost a 10 year bear market in U.S. equities from from a peak in early 2000 until the bottom in the spring of 09. So, yeah, these giant valuations, they’re they’re bubbles that seek a pen. And I can’t tell you what the pen will be, but I can tell you that the U.S. stock market will not trade at these valuations in another 36 months.

No way. Absolutely impossible. And that’s exactly also why you’ve seen Warren Buffett raise.

I think there’s there’s different numbers I’ve seen. The end of the year filings, it was 318 billion in cash. The more recent numbers I’ve seen are 330 billion dollars in cash.

But let’s let’s let’s make sure people understand what this is. That is an ungodly sum of money. And he he has six hundred eighteen billion in equity.

So he has fully half of his equity in Treasury bills right now. That’s absolutely unprecedented. That has never happened before at Berkshire.

And of course, that’s going to be a huge tax on their return on equity moving forward. So, you know, I don’t blame him for that, by the way. I think that’s the rational thing to do.

And if and if the best investor in the history of the world has gone to 50 percent cash, maybe you, the investor at home, should look around at your portfolio and take steps to reduce your exposure, particularly to the overvalued sectors of the world’s markets, which is namely the S&P 500. Let me ask you this. You say, you know, within the next 36 months, so if I asked you to fill in the blank like Porter Stansbury, I wouldn’t be surprised to see the S&P go down X percent.

What’s that number for you? What are you looking at? Listen, I, you know, I asked my wife this morning and at last check, neither one of my balls are crystal. So I just have no idea. And I appreciate the question and I appreciate that everybody wants this certainty.

Well, you know, what’s going to happen first, Danielle, is there’s going to be a 27 percent correction and then the market’s going to rally back to close to its highs. And then there’s going to be a 47 percent correction and then the market’s going to rally a little bit. And then there’s going to be the final blow off where the market’s down 80 percent or something like I wish I could script that out for you.

But I don’t I can’t see the future. And honestly, I actually don’t believe it really matters. If you’re an investor, then what you need to know is some very basic, simple questions, which is, number one, is this a high quality business that’s going to treat shareholders well? That’s a simple question to ask.

Sorry to answer. I can look at what the return on equity is. I can look at what the operating margins are.

I can look at the revenue growths and I can look at the management’s history. Do they buy back stock? Do they pay dividends? Do they make smart investments? Are they crooks? OK, that’s the green light. And then number two is, am I paying a reasonable price? And if those both those answers aren’t yes, then you just have to move on.

And if you’re not doing that, if you’re not going to do that kind of disciplined work, then you shouldn’t be buying individual stocks. OK, fine. You’re not going to buy individual stocks.

Great. Well, then look around at the world’s markets. You know, where are you going to get a reasonable valuation and a reasonable return on equity? And right now, the last number I saw was the S&P was trading at 28 times earnings.

Well, if you go and look historically what the equity returns are for the next decade, when you buy stocks at that price, you’re not going to find any positive numbers. There’s never been a time in history where you bought stocks at 28 times earnings on average and and then, you know, had a had a had a successful investment over the next 10 years. So I can’t tell you exactly when the when the bear market will come.

I can’t tell you how long it will last. I can’t tell you how far stocks will decline. But what I can definitely tell you is it is not a good time to be buying the S&P 500 period.

And so if you’re not going to buy stocks and you want to save money for the future, what can you buy? Well, you’ve basically got two other choices. Now, three. You’ve got bonds.

You’ve got you’ve got Bitcoin and you’ve got gold and gold is up. What now? Fifty percent in the last year, Daniela. And have you in your lifetime, have you ever seen a wider spread between the gold price and the cost of mine gold? I haven’t.

Like gold is very expensive, too. OK, so what’s that leave us with Bitcoin? All right. Well, you know, Bitcoin is a really tough thing to value because its price is completely correlated to the hash rate.

And so the more people who are mining Bitcoin, the higher the price will go. So that is completely just a bet on Bitcoin’s popularity. Now, I happen to believe that Bitcoin is going to get a lot more popular, so I wouldn’t shy away from buying some Bitcoin.

But if I was going to save one hundred thousand dollars this month, I wouldn’t put it all on Bitcoin. And so then what do you have? You’ve got bonds. OK, well, geez, do you really trust that the U.S. government is going to stop printing money? It’s going to run a balanced budget.

Do you really think that Doge is going to find some way to get rid of two trillion dollars and spend this year? I don’t believe a word of that. So I don’t want to buy anything that’s long term because I don’t think that inflation is going away. And by the way, I don’t have to.

I can get what, four percent on two year paper right now. Great. I’m happy to do that all day long.

I’ll do that till the cows come home. And you could do other things, too, that are similar. So I love investing in property and casualty insurance stocks because what do they own? They own huge portfolios of bonds.

And I get an active bond manager. So if you look at W.R. Berkeley, you look back over the last 25 years, you know, W.R. Berkeley is one of the best bond investment managers in the entire world. He’ll manage the duration risk for me and he’ll do it for free.

And his stock is trading at 15 times earnings. And it has a 16 percent compound annual growth rate for the last 20 years. Like, I don’t have to.

It doesn’t have to be hard. You just have to be smart. And, you know, I love the way that Buffett says, I don’t want to try to make the six foot leap.

You know, I want to I want the I want the six inch jump to be successful. And I’m not going to go try to figure out, you know, how to buy puts on Nvidia to make money as the stock market crashes, which I do believe if you bought puts today on Nvidia and you had a year premium, you’re going to do very well, because I think we’re going to see a correction this year. But I am not taking that bet with my own money.

Absolutely not. I work too hard to get it. And the first rule of investing is don’t lose money.

So that’s how I go about my work. And and I don’t think that any of that requires that you have to see into the future. You just have to make rational decisions with your savings.

So well said, Porter. So a few things I want to go back on there. In the AI space, right, if let’s say Nvidia’s time has come and gone and those competitors are emerging based on your research, are have the new darlings already emerged or are these companies yet to be born? What are you finding? Oh, that is a great question.

That is a really great question. I’d like to say something about the whole group first, and then and then I’m going to answer that in a little bit of detail. But it occurs to me that you’ve got a big problem as an investor when over a weekend, a rumor emerges from a second tier investment bank that Microsoft might have canceled a lease somewhere.

And that rumor from a second tier investment bank about leases, which are not major financial commitments in any way, shape or form, results in what? How many billions of market cap dollars disappearing? Like if you need a sign that you’re investing at the wrong time and in the wrong place, that that’s pretty much like ringing a bell at the top of the market. So I think that there’s just got to be a complete rewriting of these stocks. And I suspect that the companies that spend the most on CapEx in this cycle, Meta, Microsoft, Amazon, Oracle, etc., Tesla or whatever, whatever the I’m not quite sure how Musk is funding his own AI thing.

But my point is that those companies are going to have very low returns on that invested capital, very low returns. Because can you explain to me what the moat is around web services? I can open a browser right now and I can use Grok or I can use open AI or I can use Google AI, Gemini, I think it’s called. And I can use it all for free.

And there is no way to differentiate those things to me. Now, there are people who are like, oh, this is clearly better or this is clearly better. But it’s not.

And so to me, that’s a perfect economic situation where there will be a race to the bottom. Whoever spends the most and charges the least will win. And then they’ll try to figure out how to monetize it.

And there may be one winner, like there was with Facebook versus Friendster versus MySpace. There’s one winner. And so that encourages really reckless behavior to get to the market first and to spend the most on the product.

But there’s only going to be one winner. And I don’t believe there’s anybody in the world who can tell you who that winner will be. Just like if you had asked me in 1998, who’s going to win search? Well, Yahoo looked completely dominant.

And then there are these geeks, you know, at Stanford who had a all white web page with no advertising at all. Who would have thought they’d become Google? And so I just to answer your question specifically, I just think we’re way too early in the game. And I bet and I don’t I don’t know who this is yet, but I bet you there are dozens of teams of three and four people, computer scientists who are dreaming up of ways of solving this problem with much less energy and with much less hardware that will find a way to be successful, especially if you start talking about not large language models, but industry or area specific models.

And just think about it this way. It’s not it will not cost very much money or be very difficult to take every single financial filing that is in the SEC’s database all the way back to 1934 and to create essentially a Bloomberg that works with AI. And I think probably Bloomberg has already has already done that.

So what I think will happen is most of the use cases for AI will become very user specific, industry specific, and will be very cheap to operate and to maintain. And then there’ll be these very large language models that are that are operated by these massive tech companies. And one of them will win.

But I can’t know which one. Before we move on, I just want to focus in a little bit more on gold here. I don’t think in my career I’ve seen so much happen, so many bizarre things happening around gold right now.

I mean, there’s talk of revaluation of gold and whether this would be bullish for the sector, you know, bringing back, you know, let’s audit Fort Knox. Is the gold really there? Does it matter? How many times has it been sold? And look what’s happening on the COMEX right now. Physical deliveries.

We’ve never seen these these levels. But there’s one thing that’s clear. There’s a party that wants their gold and they want it now.

Couple this with all the gold flying in from from London, from Switzerland now into New York. Is it to avoid tariffs? Is it part of something bigger? I just want to get your thoughts on the gold space, on whether you think there’s something just bizarre happening right now with gold. Yeah, I think everyone has a good reason to be nervous because gold, of course, is the mirror image of the dollars, the global dollar financial system.

It’s the mirror image. And so if the global dollar financial system is collapsing, then there’s every reason to believe that gold and gold demand will soar. And why is the global dollar financial system on the verge of collapse? It’s not.

This also, by the way, happened in 08 or 09. A lot of the same things happened. And it was because no one could figure out how in the world all the investment banks that were failing were not going to just completely lead the world into collapse.

What’s happening now is not that. The financial system isn’t over levered. You don’t have a whole lot of crack dealers that have bought five homes with mortgages.

So, you know, you don’t have those kinds of problems. The problem that you have is that the central actor in that system is going bankrupt. The federal government of the United States is clearly bankrupt.

Absolutely, positively cannot finance its existing debts in any legitimate way and, by the way, has another 200 or so trillion of obligations that are coming due in the next 30 years. So, you operate on a system of paper money, credit-based money, and the credit worthiness of the central actor is paramount. And the central actor is broke.

And the central actor is acting like a broke person acts, right? We had a 7% of GDP deficit last year when we have full employment. That’s never happened before, ever. And if you look, supposedly, Doge is cutting everything.

But in the first quarter of fiscal 25, we’ve already run an $800 billion deficit, which puts us on track for close to $4 trillion in deficit spending this year. I mean, it’s just completely insane. And so, the rise in gold is the market’s legitimate response to the collapse of the U.S. financial system.

And that’s based on the fact that our federal government is bankrupt. Now, Trump wisely is trying to do everything he can to save this system. So, he’s trying to implement tariffs to generate a lot more revenue for the government without, he thinks, without killing our economy.

But whether you call it an internal tax or an external tax, it’s still a tax. And so, one of the things I think is actually a positive is that during the recent correction in tech stocks, and I think, you know, correction, the MAG-7 is maybe down 5% so far. But during this retreat in tech stocks, we have seen for the first time in a very long time that U.S. Treasury bonds are rallying.

And I think that is the market now beginning to tilt to believe more in what Trump is doing. In other words, the odds of either a massive inflation or austerity. And before, the price of gold just soaring was just the market believing the only way that the government was going to handle their bankruptcy was just through printing money.

And that’s why gold’s up 50% this year. But now, the market is saying, well, wait a minute. If Doge can cut $500 billion this year, a trillion next year, if he does do 25% tariffs, then you could see a really big economic contraction in the U.S. And that austerity would mean that bonds are going to rally significantly.

And the best way to judge where the 10-year bond yield should be is by adding what you expect real GDP growth will be, and the real GDP growth in the U.S. has been around 2.5% for a long time. And you add that to what you expect the inflation rate to be. And we can argue all day long about what the real inflation rate is.

But let’s say 4% is a fair number. So if you have 2.5% growth and you have 4% inflation, that gets you a bond yield of 6.5%. And I think that was the base case for most of the market going into this week. If you look at why Stanley Druckenmiller was short treasury bonds, it’s because right now the yield is at 4.5%, and he thinks it’s going to 6.5%. And that means a big decline in the value of those bonds.

But if we have austerity and there is no growth, instead, real GDP is, say, minus 2%. And as a result of the decline in growth, inflation rate drops to, say, 2%. Well, now you’ve got the math for a 10-year treasury yield that’s back down below 2%.

And I don’t know what’s going to happen. Like I said, I can’t predict the future, unfortunately. But what I can tell you is that the market has a way of making the most amount of people the most embarrassed.

That’s just the way markets work. And right now, I would say that long US bonds is probably the single most out-of-favor investment idea of all. And so I think you’ll probably see much better returns in long-dated fixed income in the US over the next 12 months than anybody expects.

And the way that could happen is if Trump actually delivers on cuts to government spending. Now, listen, that is a market forecast, and I think from a market standpoint, that all makes sense. But I will tell you something else, Daniela, which is that I will believe that the US government cuts spending when I see donkeys fly.

Like, I do not believe that it will ever, ever happen. So I am not going to make that bet. I am not going to go long, long-dated US treasuries.

No way. But I am saying that if, if they do cut federal spending by $500 billion or more, and if they continue to do that, they continue to actually reduce the size of government, then you would see a significant recession in the United States develop over the next 12 to 18 months, and you would see US treasury yields fall and US bond prices rally. You’d also see the stock market get absolutely massacred.

So I think that is definitely an outcome that’s possible. But like I said, I’ll believe it when I see it. Let me ask you, why do you truly feel that it’d be an incredible long shot, to say the least, that we’d see spending cut? Because of resistance that will be met? Why? Because everybody wants the government to cut spending, but not in their district.

So basically, they’ll just get too much pushback. But it doesn’t seem that Trump or Elon Musk is really afraid of that. No, like I said, it’s been very unusual, very impressive.

But like I said, I mean, you know, that’s what, if we, if we want to have a healthy economy and a healthy country for the next 50 years, this is what must happen. And I am an optimist. So I really hope that they will do this.

And I do believe that stocks are overvalued and they need to fall anyways. And I do think that the economy really needs to be reorganized. You have had a recession in the private sector of our economy for most of the last two years.

And the only way that the economy has kept quote unquote growing was by ridiculous deficit spending and growth in government. I mean, if you look at all of the new hires over the past two or three years, I think at least 75% of them have been government hires. And it just seems very obvious to me, right? We can’t, we cannot grow our economy by growing our government forever.

At some point, it’s the private sector that actually provides all the growth to productivity, all the innovation. And that part of the economy needs to be nurtured and the government is simply going to destroy it. So we have to make these changes.

And I’m hopeful that Elon and Trump will deliver, but let’s be realistic. The, you know, Ronald Reagan came to power after a failed one term democratic president Carter that was very similar to Biden and faced a very similar problems. And promised to cut government spending and to fix the deficit and to get the debt under control.

And what actually happened in his two terms? You know, the government kept growing, the deficit kept growing and the debt kept growing. So I just, I’m optimistic, but I think that the government has zero credibility when it comes to actually affecting real change. And by the way, that bureaucracy in DC is way more powerful than anybody gives it credit for.

They will, they will do all kinds of jujitsu to remain in power. I want to ask you about tariffs now, because the month long pause is over for Canada and Mexico. President Trump says he’s marching on with these tariffs.

Porter, you say it is the worst idea in the world. Yeah, it is. It’s a bad idea because just like, by the way, it’s the same reason why progressive taxation is a bad idea.

Anytime people think they get to vote for more government that they don’t have to pay for, they will vote for more government that they don’t have to pay for. Because it’s a hell of a lot easier to use government grift to get what you want in life, instead of having to actually go satisfy a customer or meet a payroll. This is just human nature.

People respond to incentives. And if we think that we can actually make Mexico build the wall or make Mexico rebuild our highways or make Mexico pay for our planes and missiles, well, everyone’s going to vote for that. The trouble, of course, is that’s not what’s going to happen.

What’s going to happen is that Mexico is going to raise tariffs on us in retaliation and producers in Mexico will just simply raise their prices enough to cover the tariffs. So what will happen is the price of a car will go up 30 percent and you will pay it. So you will now be paying those taxes that you just thought you could vote for to make somebody else pay for.

So it’s just political mirage. It’s political theater and it’s just a tax. And I don’t think that we’re going to get wealthy by raising taxes.

There’s no country in history that’s ever made that work. Just like there’s no country in history that’s ever gotten wealthy by printing money. I mean, what’s what’s what’s so interesting to me about all this is none of this stuff is new and there’s not an economist in the world that has, you know, that has two brain cells that would argue that raising taxes or raising tariffs is likely to improve the economy.

Everyone knows the opposite is true. And yet and yet we keep this is what our politicians do. I’m going to give you benefits and you won’t have to pay for them.

And everyone should know that’s a lie. It’s just a lie. So if we really wanted to fix our country, we could do so absolutely.

And and one day and all you have to do is this is very, very simple, is you just tell every member of Congress, you’re not going to get paid at all anything unless you balance the budget. We don’t care how you do it. Balance the budget.

And you have it now. There’s a new constitutional right in America. You have a constitutional right that you don’t have to pay more than X percent in taxes or the government is only allowed to tax sales, you know, economic activity to a limit of 10 percent.

Some some limit that says the government cannot tax you more than this. And then the Congress does not get paid until it balances the budget. And that would solve this overnight.

Absolutely. Overnight. Immediately you’d say, great, well, then we can’t afford Social Security until you’re 75.

OK, fine. That’s changed. And we can’t afford to have, you know, whatever it is now we’ve got a 200 ship Navy or whatever like we have.

We can’t afford all this stuff. Great. We can’t afford it.

And what’s so funny is everybody, everyone would think, oh, my gosh, this is going to be terrible. But what would happen, in fact, is the private sector would grow enormously. And ironically, the government’s tax receipts would grow.

And very shortly you’d have a huge surplus. And then, you know what would happen? They would build more government with that surplus and we’d go back down the path to bankruptcy one more time. But none of these none of these problems are actually difficult to solve.

There is just zero political ability to solve them in a democracy where 75 percent of the population pays no taxes. So, of course, I was going to vote for more government. The problem is not our government.

The problem is our governance. The way that we have structured who pays for government and how we are taxed has to change. And if you’re going to get rid of the income tax completely and replace it with a tariff, now that I would support because that would get rid of progressive taxation.

And that would make everybody in the country responsible for the problem of government spending. But like I said, I believe that when I see it, too. You don’t see him actually getting rid of the IRS.

You see him just adding tariffs. Well, that’s just adding taxes. And that’s not going to solve our problem.

Just to wrap here, Porter, I guess the last time we spoke was right after the election. You were concerned about civil unrest leading up to the inauguration. If I asked you today, how are you feeling overall? Look at what happens anytime a U.S. president opposes the bureaucracy in D.C. They murder Jack Kennedy.

They set up Nixon and ran him out of town. They tried to murder Reagan. No president has been as aggressively against the bureaucracy since maybe Coolidge.

I mean, what you’re seeing Trump do is really unprecedented in its level of speed and aggressiveness and in the kind of people he has put into positions of real power in D.C. And it’s going to be fascinating to see what the result is. Who is going to win? Is it going to be Trump or is it going to be the deep state? And I got no idea. But the first thing he did was went right after their funding base.

So he got rid of USAID, which is where all the money was coming from for all the Antifa people, for all the protests, for all that stuff. So maybe he will win. But I have a feeling that you’re going to see the empire strike back.

I don’t know how yet, but I don’t think they’re done trying to assassinate the president. I think it’s going to be really interesting. I think you can see something like, I think the labor unions are going to strike back too.

I think you can see something like some kind of a massive government strike campaign to try to protect all of these non-existent jobs. What do they call those jobs where you don’t have to pay? You don’t have to show up, you get paid? Federal jobs, Porter. Federal jobs, yeah.

Well, anyways, I just think that when you go after people’s livelihoods this way and you go after so many of them, there will be some consequences. Porter Stansbury, always great getting your insights. Thank you so much.

Thank you, Danielle. Thanks for having me. It’s great to see you.

Where can people find more of you, Porter? You can go to portersdailyjournal.com or you can go to porterandcompanyresearch.com. There you have it, folks. Porter Stansbury, we’ll bring him back soon. And thank you all for watching.

We’ll have more great content coming your way, so be sure to stay tuned to the Daniela Kambonis Show. Thanks for watching.