Hello and welcome to the board podcast.

I'm your host, Tim Miller.

We've got a tariff-palooza doubleheader today that I'm really excited about.

In the second segment, it's Congressman Chris Deluzio, who I might have sent a little snarky tweet about last week,

and so I was thrilled that he's willing to come on and hash it out with me.

But up first, he writes the very serious newsletter on Substack

and co-host Illegal Podcast Serious Trouble with Popat, aka Ken White.

It is Josh Barrow, also fresh off Coachella.

So we'll see how well our brains are popping for you guys today.

I'm doing great, Tim. You're at 100? I'm totally refreshed. Really? I'm happy for you. What'd you do yesterday? Did you get a massage or something? Green juice?

No, I took two flights. I drove to the Inland Empire from Coachella and then flew through Salt Lake City to New York.

Okay. Well.

Nice Delta Airlines Day.

Start chugging that coffee then. All right. I want to get into a little bit on the tariffs and you had an op-out in the New York Times that offered a similar critique to one that I had of Chris Deluzio, who's also on the podcast today. So I want to get into that. But first, I just want to talk a little bigger picture about what's

going on with the economy. You had a tweet the other day that I liked, and it said, my number one

recession indicator is normies asked me questions about the bond market. So for all of us,

Normies, what is happening in the bond market and what does it say about a recession?

Yeah. Well, so, I mean, first of all, to talk about what is supposed to happen in the bond market when things go wrong, I mean, normally when there's a crisis around the world,

the U.S. dollar will strengthen and interest rates on U.S. government bonds will fall.

And both of those are because of flight to quality. Basically, you know, people, they don't know what's happening. They're concerned about future economic prospects. They want to be in the safest thing possible,

and normally the safest thing possible is U.S. Treasury bonds and the U.S. dollar.

There was also an expectation that the dollar would strengthen if we started imposing tariffs

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