President Trump wants higher tariffs, and he also wants more industrial production in the United States. This we know. In the meantime, a coterie of economists and pundits have tried to assemble a larger intellectual architecture to explain that strategy in a coherent way. The story they tell is one where America gets paid by its allies for national security and access to American markets, while the US brings down its debt and deficits, and weakens the dollar, so as to make US manufacturing more globally competitive. Whether Trump sees things this way himself, and whether it will actually work is an entirely separate question. On this episode of the podcast, we speak with Jim Millstein, co-chair of Guggenheim Securities, about what he sees as the massive risks underway with this line of thinking. During his time in government, he was closely involved with the conservatorship arrangement of the GSEs, so we also talk about the possibility of re-privatizing Fannie Mae and Freddie Mac.

Read more: 
Dalio Warns of US Debt Crisis ‘Heart Attack’ Within Three Years
Wishful Thinking Won’t Solve the US Debt Crisis

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

President Trump wants higher tariffs, and he also wants more industrial production in the United States. This we know. In the meantime, a coterie of economists and pundits have tried to assemble a larger intellectual architecture to explain that strategy in a coherent way. The story they tell is one where America gets paid by its allies for national security and access to American markets, while the US brings down its debt and deficits, and weakens the dollar, so as to make US manufacturing more globally competitive. Whether Trump sees things this way himself, and whether it will actually work is an entirely separate question. On this episode of the podcast, we speak with Jim Millstein, co-chair of Guggenheim Securities, about what he sees as the massive risks underway with this line of thinking. During his time in government, he was closely involved with the conservatorship arrangement of the GSEs, so we also talk about the possibility of re-privatizing Fannie Mae and Freddie Mac.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-03-03/dalio-warns-of-us-debt-crisis-heart-attack-within-three-years?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">Dalio Warns of US Debt Crisis &lsquo;Heart Attack&rsquo; Within Three Years</a> <a href="https://www.bloomberg.com/opinion/articles/2025-02-24/us-debt-crisis-won-t-be-solved-by-economists-wishful-thinking?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">Wishful Thinking Won&rsquo;t Solve the US Debt Crisis</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox &mdash; now delivered every weekday &mdash; plus unlimited access to the site and app. Subscribe at&nbsp;<a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

Jim Millstein on the Massive Risks of Any 'Mar-a-Lago Accord'

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f5f29edc-783f-488e-87bf-b2a701217c9d/transcript

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