00:00All three major indexes all dropped about 1% as oil and gas surged.
00:04Tell us what's going on with the markets.
00:06What are investors looking at and where we think this might be going?
00:08Well, there's sort of a dividing line.
00:10Initially, people thought this was going to be very short.
00:13The other military engagements the president's involved us in have been very short.
00:18The longer it goes, the more concerned people get about what the impact on the economy is.
00:23And a lot of that has to do with how Americans are going to be feeling about this conflict
00:28and whether or not they'll pull back on spending.
00:30And we've seen CEOs across the country, because of tariffs sitting on their hands,
00:35not sure what to do.
00:37And this just prolongs that.
00:38And an oil problem can become an everything problem.
00:41An oil problem can become an everything problem, but it's not like it was in the 1970s.
00:45And a lot of people have made that comparison.
00:47We're much less energy dependent.
00:48We use much less energy and oil for each unit of output that we make these days.
00:56And so it is less likely to be a recession in the United States.
01:02We might see slower growth, but it's not as much of a danger as it would appear.
01:06It's more of a political danger to the administration,
01:09because, of course, people hate the idea of rising gasoline prices.
01:13And you're maybe in the 70s.
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