moving into today, this concept of rolling crackups. And also, I want to go back and talk a little bit more about what we were discussing in the beginning of the conversation about weakening institutions. Because you know, like I think the way that we're used to dealing with problems in the United States is we kind of deal with them like adults. You know, I don't want to be disparaging of emerging markets. But in general, what you tend to see is that countries that are successful have politicians that put forward long term, more strategic solutions to problems. And while FDR was a populist leader, many of the programs that he instituted have stuck around, whether it's social security, some of the regulations, the Glass-Steakle that was passed in the early 1930s. And whereas emerging markets with weak institutions, it's much more like every election cycle is different. There's much more variability. And that higher level of variability is really bad for business because business people (55/57)
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