Unfortunately for President Trump's agenda and for what I think is a maga movement, this is the worst of all conditions. The financial markets will punish this. The political calculus will be for the president to decide how much credit he actually wants to take for this bill. Because even though it has his name on it, the contents of the bill are different in actual facts than what I think he intended. And what I mean by that is when you look inside of what happened in the 11th hour last night, it's disappointing. This thing is like anti-doge. If doge was meant to be a reflection of the American voting population, their desire for meaningful reforming government, cost controls, some form of austerity, and to get this debt spiral in check, this is the opposite of that. What happened was in the 11th hour, you had a handful of people that abstained. One person didn't vote because he fell asleep on the floor. Another passed away. 215-218. The Senate can, with some technical fine tuning, however, still deliver a win for MAGA and President Trump, but the devil will be in the details. Lots of pressure on Thorne & Co. Right now, though, we are moving to a place where financial markets will likely, you know, top it off. We're moving from Congress to see the big picture or doves to reward them as they get the details right. The tenure is around 4 and a half, 4.75%. At the rate in which it's escalating since liberation day, by the end of this year, we're going to be past 5%. The 30-year is on a rate now, to get past 5%, maybe even reach 6 and a half percent. Those are way beyond what most people thought was a reasonable place to be for the United States economy. And so what will the implications be as rates go to those levels? You'll de-lever from the United States. You'll sell US debt. You'll own things like gold and Bitcoin. They started to spike in the last few days. Rating organizations that add to this cascade by downgrading the United States. That happened on Friday. Very smart people started to signal that this is a much harder problem than they initially thought. That's how I personally interpreted Elon's comments over the last few days. What was the house supposed to do? I think what they were supposed to do was implement some form of austerity. They were given that rescission bill. It was $9 billion. They couldn't even pass a $9 billion rescission bill. And instead, they passed a $4 trillion inflation to our debt. Now you hand this to the Senate. The Senate isn't a difficult place. Do they want to quote unquote claim victory and say, here you go, President Trump, here's your bill? But they'll further bastardize this thing, and it will be even further away from what I think benefits MAGA and benefits mainstream. So who does it benefit? Current courses, right now, this bill is about traditional Republicans and traditional Democrats circling the wagons. And putting on a platter a set of things that I think will be hurtful to average Americans. You're going to see energy prices spike. You're gutting the number of electrons that will be available for things like AI. You're going to increase Medicare prices. And the math is wrong. So when you sensitize this thing to a 4 and a half or 5 or 5 and a quarter percent rate, meaning not what the CBO used, but the real conditions on the ground, this thing is an albatross. And the last thing I'll say is now, to top it all off, I think that Jerome Powell will see the writing on the wall. Many aspects of this thing are inflationary, and if they're not handled well by the Senate, he has a lot of room to actually increase interest rates. So, I would just say that the Senate had an incredibly difficult job. I think the president has an even more difficult job. What to do right now, but the house did nobody any favors. They did not do anybody any favors yesterday.
