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The total collapse of the manufacturing component of the defense base. >> in world war ii we had roughly one dozen contractors for every major weapon system if one could not do it there were 11 other options and they had bargaining power to ensure quality and the ability to produce what we needed. that slowly shrank until the 1990s we had 100 prime contractors and then the clinton administration consolidated into five. now we have five prime contractors who are price givers to the government and it is incredibly inefficient. so when a contracting officer goes out and says we need whatever it i...

>> overall personal consumption. >> i think you are thinking of the come component in the nonism. >> i was thinking of the manufacturing component in the tdo. >> you are making that up. >> no, i think just the opposite. when times are bad, if you don't have money to burn, the first thing you probably stop doing is spending money on vices. most people believe that. >> that's what a reasonable, thoughtful person would do. people want to numb the pain. i don't have the data and the charts. it is standard deviations of how cigarettes and tobacco and casino stocks perform, but you do in different p...