This billionaire trading tycoon argues the public is looking at federal debt all wrong

MarketWatch· Steve Goldstein· Jun 23, 2026 · 9:10 AM

The conventional wisdom is that federal government debt — $39.1 trillion, or a mere $31.6 trillion when accounting for the liabilities owed to itself — is astronomically high. Jeff Yass said that isn’t the right comparison.

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Stock investors expect the Fed to save them. But no ‘Warsh put’ is coming.

Wall Street’s belief in a central bank safety net misreads the dot-com crash. Alan Greenspan was following rules — not saving portfolios.

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