America in the 2020s is experiencing a 'roaring decade' analogous to the 1920s, because a wave of existing technologies (robotics, automation, AI, cloud) is raising standards of living and, contrary to widespread recession fears, the economy keeps proving resilient.

9:45>> Uh Donald Trump's best friend is Ron Lauder. >> Mhm. >> He's Ron Lauder's uh son-in-law. This was It was never going to be you or anyone else. It was always going to be this. Okay. Um we're going to talk Fed stuff in a little while. I want to get to I think one of the best calls you've ever made and I listened to it. I heeded

10:04it and I think I'm benefiting as a result of it. >> You you were talking about the roaring 2020s I think before the pandemic. >> Uh actually August 2020. So right right at the beginning. Yeah. Right after the lockdowns and uh there was a lot of angst obviously about uh what was going to happen. Uh but uh I try to point out that uh if you look back at the 1920s uh

10:31a few years before that Spanish flu and a couple years before that we had world war the great war they call it back then. And as a matter of fact in 1920 they had what they called the depression back then. And so if if you were uh forecasting the 1920s in 1920 and said it's going to be the roaring uh 1920s, you would have been looked as delusional.

10:55>> They had a they had a recession in 20 and 21 or a depression. >> Yeah. Right. >> 1920. >> Okay. >> Yeah. And and this time around um we had a we didn't really have a recession. It was a two two-month lockdown. And I kept betting on the resilience of the economy. As a matter of fact, early on in the decade, I kept saying that, you

11:13know what, I think we're experiencing the most widely anticipated recession of all times that just ain't going to happen. It's I call it the GDAU recession. And so, I was a big fan of the economy. I had lots of reasons for believing that the economy would, if anything, experience rolling recessions, but not an economywide recession. So, uh, it worked. In the 2020s, the analog is in the 2020s you had radio and you

11:37had >> 1920s >> 1920s you had radio and you had um the assembly lines, manufacturing, automobiles, obviously driving >> a lot of technology, >> right? So that in that time that was the technology of the day >> um >> and it increased standards of living and people were feeling good and it was the roaring 1920s. >> So right now from the safety of 2026 we could all say, "Oh yeah, of course the

12:00roaring 2020s. We have AI." Mhm. >> But you said that in August of 2020, you could not have known about the existence of chat GPT or any >> I made I made a list of some of the technologies that were already existing. Uh so obviously robotics and automation, humanoid robotics, nanotechnology, cloud computing, all that stuff. uh and I said an AI but I no I didn't anticipate that

12:24uh in uh November of 2022 uh chat GPT would kind of get everybody excited about this uh this new technology. Uh let let me just say something about that and that is um in my mind uh AI is evolutionary evolutionary not revolutionary. The revolution is what I call the digital revolution and it started in the mid 1960s with the IBM mainframe and the whole point of that