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It's the Brian Larry Show on WNYC.

Good morning, everyone.

I'm not even going to do an intro today about topic number one, the tariffs chaos.

You know it's happening and it's implications for your financial life.

You know the 90-day pause only calm the markets a bit until they realized the magnitude of it was still in effect,

right? And you probably know how much the Dow or the S&P are up or down more than you usually do.

You don't need an essay or monologue from me. I'm just going to introduce our guest who is top of the tops on this. It's William D. Cohen, the longtime finance journalist, and recently

the co-founder of Park News. His column there is called Dry Powder, which he'll explain.

William D. Cullen wrote maybe the definitive book on the mortgage and financial crisis of

2008, House of Cards, a tale of hubris and wretched excess on Wall Street,

for which he was on the show at the time. Also other books, including money and power,

how Goldman Sachs came to rule the world, and his latest from 2022, power failure, the rise and fall

of an American icon about GE. His latest article for Puck is called

When the Bond Market Panics Like This. And with his many contacts, he's been reporting on the

inside story of Trump's Wild Swings over the last few days and articles with titles like

Wall Street's Tariffs Hunger Games. Bill,

thanks for coming on. Welcome back to WNYC. It's great to be back here, Brian. Thank you.

I was looking at our archive, our show archive, and the last time you were on with us was in 2011

when the financial crisis was still in full swing. And that says a lot about the moment we're in right now,

at least on Wall Street, very least. What would you say to compare the recent, what would you

compare the recent market plunges to, if anything ever? Well, you know, I think we've talked about this before, Brian. I mean, one of the main culprits in

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