On today’s show we are looking at the impact of the announcements over the past week emanating from the White House to understand the impact on real estate investors.

First of all, I think you need to take President Trump seriously, but not necessarily literally.

We tend to look at various initiatives and evaluate them through a lens that is not necessarily the same lens that the administration sees. When that happens, you are likely to have a reaction that the initiative makes no sense.

It’s not that it doesn’t make sense. It’s that you don’t understand the rationale or the end objective.

In the past few days we have seen so many counter-current changes in the economy. We have seen the first moves by the White House. But so far we have not seen any counter punches. We have not seen a response from China, or Canada or Mexico or the European Union. We don’t know what legal challenges might cause an overnight injunction to some of the initiatives. We don’t know if an injunction will stop an initiative, or merely delay it until the Congress enacts legislation to implement the President’s agenda.

We live in an interconnected world now more than ever, even if it's currently pivoting around Donald Trump, but other people will respond to what he's planning to do, and that will create massive volatility.

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