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Mark interviews John Carney from Breitbart News. · The Mark Simone Show

• 0:00
  Speaker 1: He's always a headline. I had Mark Simmo seven to ten.
• 0:04
  Speaker 1: Wo r. Well, we bring you the smartest people around
• 0:09
  Speaker 1: now John Karney brilliant. He's the editor of the Breitbart
• 0:12
  Speaker 1: Business Digest, which you should read every day. You know,
• 0:16
  Speaker 1: the smartest guys. Larry Kudlow, Scott Bessen. First thing they
• 0:21
  Speaker 1: check every day, bright Bart Business Digest. They read it
• 0:24
  Speaker 1: every morning. Now you can sign up for it. Just
• 0:26
  Speaker 1: go to Breitbart dot com and where it says newsletters,
• 0:31
  Speaker 1: just click on Breitbart Business Digest. Sign up. It's free.
• 0:34
  Speaker 1: It'll come write to your email every day. And here's
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  Speaker 1: the editor of it, John Karney. How you doing.
• 0:41
  Speaker 2: Very good, good to talk to you. Mark.
• 0:43
  Speaker 1: Hey all, I hear about is AI is going to
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  Speaker 1: wipe out everything and nobody will have a job. Everybody's
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  Speaker 1: going to But meantime, the job numbers are going up.
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  Speaker 1: What's the what's the deal.
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  Speaker 2: Yeah, so the job numbers have been really good. Three
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  Speaker 2: months in a row. We have consistent the beaten expectations.
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  Speaker 2: The average three month average right now is one hundred
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  Speaker 2: and eighty eight thousand jobs. That's a lot in any
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  Speaker 2: that in any kind of economy, that would be a
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  Speaker 2: really good one. It's very good in ours when the
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  Speaker 2: unemployment rate is already so low that we don't need
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  Speaker 2: to create a lot of jobs. So the AI is
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  Speaker 2: not destroying jobs across the economy. It may be weighing
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  Speaker 2: on tech jobs not extremely high, but the tech layoff rate,
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  Speaker 2: meaning the percent of tech jobs that get shut down
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  Speaker 2: every month, is higher than it usually is. That's a
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  Speaker 2: sector that actually doesn't see that many layoffs because it's
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  Speaker 2: been growing, so it has seen some I think of
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  Speaker 2: it almost like a Greek mythology, where like the you know,
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  Speaker 2: the guys Odds eat their their titan parents, that the
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  Speaker 2: AI is eating its parents a little bit. But in general,
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  Speaker 2: I actually think that AI is not going to be
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  Speaker 2: destructive for jobs. It may change jobs, but if it
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  Speaker 2: succeeds in making people more efficient at what they do,
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  Speaker 2: that actually tends to expand employment because people because when
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  Speaker 2: people are better at what they do, it actually makes
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  Speaker 2: more sense to hire more of them because each person's
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  Speaker 2: productivity rises. You know, we in the past, we've seen
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  Speaker 2: big technological changes. My father said that people worried when
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  Speaker 2: they introduced computers into the workplace that there would be
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  Speaker 2: that there would be no work for the young ladies
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  Speaker 2: who were typists in the office anymore to do. Well,
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  Speaker 2: guess what, we don't have mass young lady unemployment. We
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  Speaker 2: actually found more productive work for them to do, so
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  Speaker 2: it doesn't actually cause massive unemployment like people are afraid.
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  Speaker 1: Yeah, and we went through all this the same exact
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  Speaker 1: talk when the Internet came in twenty six years ago
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  Speaker 1: or something, you know, twenty seven years ago, same exact fears.
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  Speaker 2: That's right. Yeah, Look, there may be things we don't
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  Speaker 2: like about the way it's going to go. I don't
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  Speaker 2: you know. I think people got you know, people got
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  Speaker 2: so used to being able to email people at any
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  Speaker 2: time of the day I and expect responses back. But
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  Speaker 2: that was actually a negative and now people push back
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  Speaker 2: against that. But I, you know, so it doesn't mean
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  Speaker 2: everything about AI is going to be terrific, but I
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  Speaker 2: don't think it the result will be some sort of
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  Speaker 2: mass unemployment event.
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  Speaker 1: Hey, John Carney. Every morning I wake up, I put
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  Speaker 1: on a Morning Joe and MS now and I all
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  Speaker 1: I hear is the economy is a disaster. Everybody is struggling, suffering.
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  Speaker 1: Americans can't pay their bills. We've never had such a
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  Speaker 1: bad economy. What is what is the real story.
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  Speaker 2: Yeah, well that's definitely not it. But you deserve a
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  Speaker 2: medal for putting that on in the morning. I couldn't
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  Speaker 2: do that so the but I will say that they
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  Speaker 2: that what they're wrong about is pretty obvious in the
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  Speaker 2: job's numbers. Uh, we are seeing a big jump in
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  Speaker 2: employment in the US. We we've seen We've seen people
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  Speaker 2: mass jobs being added. We saw them. For instance, the
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  Speaker 2: black unemployment rate fell a lot last month. The and
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  Speaker 2: people are doing very well. There's pockets of difficulty, But
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  Speaker 2: I think one of the things they want to do
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  Speaker 2: is make it sound like people are really bad off,
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  Speaker 2: and then if you try to say something good about
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  Speaker 2: the economy, they try to shame you for it. Oh,
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  Speaker 2: how dare you say that while people are suffering? But
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  Speaker 2: but you know, first of all, there are always people
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  Speaker 2: suffering in the world. But the economy is actually doing
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  Speaker 2: very well that we have high it's actually doing better
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  Speaker 2: than I would have expected given the price of gasoline.
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  Speaker 2: I thought that would actually weigh a little more on
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  Speaker 2: our growth because you know, obviously, when you have to
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  Speaker 2: spend fifty percent more to fill up your gas tank,
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  Speaker 2: that gives you less money to spend elsewhere. But people
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  Speaker 2: are actually not reacting by pulling back on others spending.
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  Speaker 2: We're seeing actually a lot of spending going on, in
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  Speaker 2: part because everybody knows that this is a temporary situation.
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  Speaker 2: It's not like the world ran out of oil so
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  Speaker 2: the price of gasoline is going up. It's that there
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  Speaker 2: is a you know, a war going on, and so
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  Speaker 2: that makes people when people think about like can I
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  Speaker 2: afford to spend this? Sometimes it helps them, sometimes it
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  Speaker 2: hurts them. But they don't always think can I afford
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  Speaker 2: to spend it right now? But can I afford to
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  Speaker 2: spend it this year or over the next couple of years,
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  Speaker 2: So they don't necessarily The economists called this a permanent
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  Speaker 2: income hypothesis. When you buy a house, for instance, you
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  Speaker 2: know you can't pay it all off at once, but
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  Speaker 2: you know you can over time, and that's how people
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  Speaker 2: think about their household spending as well.
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  Speaker 1: Yeah, hey, Friday, that's a SpaceX ipo supposed to be
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  Speaker 1: one hundred and thirty five dollars. You know it'll probably
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  Speaker 1: go nuts once the market's open and go to five hundred.
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  Speaker 1: Who knows what will go to? What is that going
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  Speaker 1: to do for the mood of the economy and the
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  Speaker 1: stock market.
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  Speaker 2: Yeah, I mean, yeah, will it'll certainly make a bunch
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  Speaker 2: of people who went to work for SpaceX a few
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  Speaker 2: years ago, you know, very very wealthy. But I think that, Look,
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  Speaker 2: stock market's at record highs. It has done very well.
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  Speaker 2: That's another indication that the doomers on the economy are wrong.
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  Speaker 2: The stock market actually isn't appreciating because people are assigning
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  Speaker 2: higher valuations, meaning like stocks aren't getting more expensive in
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  Speaker 2: terms of earning. They've actually gotten less expensive in terms
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  Speaker 2: of earnings. What's happening is people think companies are going
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  Speaker 2: to make a lot of money, and SpaceX looking the
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  Speaker 2: valuation is you know, pretty extreme. I always tell people
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  Speaker 2: I don't buy I don't try to like get on
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  Speaker 2: an IPO. The history of that isn't really great. Yes,
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  Speaker 2: some do very well and people are very happy. But
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  Speaker 2: you'll have other opportunities to buy stocks in the future.
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  Speaker 2: You don't need to be you know, you're not actually
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  Speaker 2: getting in on the ground floor when you buy an IPO.
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  Speaker 2: The building's been built. You're actually just going and renting
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  Speaker 2: the apartment from the guy who's owned it for ten years.
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  Speaker 1: Yeah, and it'll go way up and then it'll come
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  Speaker 1: way down and there'll be plenty of other times you
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  Speaker 1: can get into SpaceX if you want to get into it.
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  Speaker 1: That's right, hey, Fed chairman, everysoning world. We've got the
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  Speaker 1: rate increase. We need a rate decrease. We need a
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  Speaker 1: rate increase. Does the FED rate really matter that much
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  Speaker 1: right now?
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  Speaker 2: No, I look, I don't think that we need a
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  Speaker 2: rate increase at all. The things that are driving up
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  Speaker 2: prices in particular are not lightly forge. It's the oil
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  Speaker 2: shortage caused through the Gulf of Hormones are not going
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  Speaker 2: to be addressed by higher interest rates. We don't see
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  Speaker 2: those sort of like classic overheating, where there's too many
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  Speaker 2: dollars chasing too few goods in the economy. That doesn't
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  Speaker 2: seem to be happening. So I don't think there's any
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  Speaker 2: need to raise rates. However, the good news I was
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  Speaker 2: just telling you about employment means there's probably not a
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  Speaker 2: huge need to cut rates right now either. There's if
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  Speaker 2: you cut interest rates now, it is possible that you
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  Speaker 2: would reduce inflation. Probably the right thing to do, and
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  Speaker 2: this is nice Kevin Morrish is so it'll give him
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  Speaker 2: some time to grow into the job is to wait
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  Speaker 2: Let's see what happens over the next six months to
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  Speaker 2: the economy and respond to that instead of you know,
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  Speaker 2: coming in with like just a set view of what
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  Speaker 2: should be done. I know the President wants lower interest rates,
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  Speaker 2: and we may get them eventually, but you know what
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  Speaker 2: I would like to say is, like, mister President, your economy,
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  Speaker 2: in large part because of the tax cuts we put
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  Speaker 2: in place last year, is doing very well. So and
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  Speaker 2: the Fed isn't going to cut when inflation is high
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  Speaker 2: and there's no employment problem. Those are the two things
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  Speaker 2: that tries to handle employment and prices, And if the
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  Speaker 2: prices are still high and employment is doing very well,
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  Speaker 2: they're not going to cut well.
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  Speaker 1: John Connie brilliant as always. He runs the edits the
• 9:53
  Speaker 1: Breitbart Business Digest. You should read that every day. As
• 9:57
  Speaker 1: I say, this is the first thing. Scott Beston reads
• 9:59
  Speaker 1: in the morning first, Larry Cudlow reads in the morning's
• 10:02
  Speaker 1: President Trump looks at You. Gotta read breit Bart Business
• 10:05
  Speaker 1: Digest every day. Go to breit Bart and where it
• 10:08
  Speaker 1: says newsletters. Click on that and click on breit Bart
• 10:11
  Speaker 1: Business Dies and it's free. It'll come write your email.
• 10:14
  Speaker 1: Just sign up for it. John Carney great stuff. Thanks
• 10:17
  Speaker 1: for being with us.
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  Speaker 2: Yeah, thanks for having me, Mark.
• 10:20
  Speaker 1: All right, take care. Hey. Coming up at noon, it's
• 10:23
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