Welcome back to The Red Letter.
Robert Wolf — the former chairman and CEO of UBS and an informal economic advisor to President Obama during the 2008 financial crisis — has seen moments like this before. And he says this one feels different.
As tensions escalate in the Strait of Hormuz, the global energy supply is already taking a hit and Americans are starting to feel it at the pump. Gas prices are climbing past $5 in some places, diesel is hitting record highs, and the ripple effects could stretch from U.S. farmers to food shortages abroad.
In this conversation, we break down what Trump’s plan to “guide” ships actually means (and why Wolf calls it a “failed experiment”), how a historic oil shock is colliding with inflation, and why that’s turning into a political liability heading into the midterms.
We also get into the quieter story Washington isn’t fully grappling with yet: a shaky economic message from Democrats, rising voter frustration, and why this may not be the wave election many expect even as Americans feel squeezed.
If you want to understand where the economy, politics, and global conflict collide — this is the conversation.
Thank you Karen Hinton, Pat Noon, Sylvia Rivers, Mark, Bluesin’ Bob, and many others for tuning into my live video! Join me for my next live video in the app.
