Absent a crisis. I think it's Michael Hartnett from Merrill Lynch is one of my favorite quotes. He likes to say that the markets stop panicking when politicians start panicking. And nobody's panicking in DC over the deficit. In fact, I don't think anybody discusses it at all outside of a handful of people because there's simply no appetite by the American public to address deficits because money was free for so long. I tend to think most people just think it drops from the sky and that we can continue to live beyond our means while funded by the good graces of foreign creditors without consequence. And then one day the bond market will take notice or the dollar will take notice. And all throughout this, you have that hiss and the radio white noise in the universe of demographics increasingly aging in the US. But you've also got the crosswind of immigration, especially the broadening labor availability at the low end. And so there's a lot to keep track of in all of this. But I think we (51/57)
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