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Mark interviews Breitbart Business News Editor John Carney. · The Mark Simone Show

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  Speaker 1: Now nine till noon weekdays, smart some more.
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  Speaker 2: Market on seven ten wr Well. John Carney writes the
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  Speaker 2: Breitbart Business Digest. It comes out every day. You can
• 0:13
  Speaker 2: go sign up for it. It'll come write your emails free.
• 0:16
  Speaker 2: Just go to Breitbart and then go over to Newsletters.
• 0:20
  Speaker 2: Sign up for the Breitbart Business Digest. Now the smartest
• 0:23
  Speaker 2: people in the world. It's the first thing they read
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  Speaker 2: every morning. Scott Bessont, Larry Cudler, first thing they go
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  Speaker 2: to is the Breitbart Business Digest. Go to Breitbart dot com.
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  Speaker 2: You can sign up for it. John Karney, how you doing.
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  Speaker 1: Very good? Thanks for having me on. And somebody asked
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  Speaker 1: me recently who likes the Breidbart Business Digest even more
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  Speaker 1: than Treasury Secretary of Scott Bessett, And I said, Mark Simone, Yeah,
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  Speaker 1: he helps it.
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  Speaker 2: Hey, every time I look on and watch anything news, television,
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  Speaker 2: networks everywhere, the economies and shambles, the economies of mess affordability,
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  Speaker 2: the economy is a disaster. What's the real story, what's
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  Speaker 2: the truth.
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  Speaker 1: So the truth is the economy is actually doing very well.
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  Speaker 1: We have very low unemployment, manufacturing sector in particular, which
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  Speaker 1: was really deteriorating. Biden, I mean, it has been on
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  Speaker 1: a long term decline before that a little under Trump
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  Speaker 1: one point zero Biden really hurts manufacturing. You could see
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  Speaker 1: manufacturing output kept falling. Manufacturing is coming back where the
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  Speaker 1: output is rising, productivity is rising, and jobs are rising again.
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  Speaker 1: This is something that they said would be impossible, can't
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  Speaker 1: be rescued, Trump can't do it. But we're doing it
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  Speaker 1: and it's happening, and it's looking very good for the
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  Speaker 1: US economy.
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  Speaker 2: And what is the manufacturing boom? Is it tech stuff?
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  Speaker 2: Is it AI data center? Is it actual factory?
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  Speaker 1: Yeah, so it's a little bit of everything. It really
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  Speaker 1: did start out around AI. But what we're seeing in
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  Speaker 1: the latest data is that it is expanding now. Some
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  Speaker 1: of it is sort of like I would call AI adjacent.
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  Speaker 1: So remember when we're building data centers, that actually requires
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  Speaker 1: a lot of equipment. So you need new forklifts to
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  Speaker 1: build data centers, you need new bulldozers, you need you know,
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  Speaker 1: so you need a lot of equipment. But we're actually
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  Speaker 1: seeing it go beyond that where we're seeing a lot
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  Speaker 1: of new new construction but also just new equipment. Businesses investing.
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  Speaker 1: The business investment in machinery is up tremendously, and a
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  Speaker 1: huge part of that is you're no longer penalized by
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  Speaker 1: the tax code for investing in thee for making capital
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  Speaker 1: investments in your business the way you used to be
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  Speaker 1: because of Donald Trump's one big, beautiful bill that actually
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  Speaker 1: took away the penalties, So now you can expense these
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  Speaker 1: capital expenditures right away, and that's really helped boost investment
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  Speaker 1: in businesses.
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  Speaker 2: Yeah, there's also a national security factor here. It's dangerous
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  Speaker 2: for us to not be making our own medicine, our
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  Speaker 2: own weapons, that sort of stuff, to depend on another
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  Speaker 2: contry we're.
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  Speaker 1: Bringing and that's one of the things that's actually happening
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  Speaker 1: is drug companies, in part because frankly, Donald Trump said, look,
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  Speaker 1: we're going to slap you with giant tariffs if you
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  Speaker 1: continue to make the pharmaceuticals abroad. Bring that back home.
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  Speaker 1: They're actually building facilities here in the US now so
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  Speaker 1: that we will not not be dependent. I think, look,
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  Speaker 1: some of us have known for a long time that
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  Speaker 1: this was dangerous, but I think the pandemic woke a
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  Speaker 1: lot of people up to the idea of, like, we
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  Speaker 1: do not want to be dependent. And frankly, even what's
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  Speaker 1: going on in the straitor for Moves is probably woken
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  Speaker 1: pieople up to the idea. You don't want to think
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  Speaker 1: if there's a civil war in India or something happens
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  Speaker 1: in China, that's suddenly we can't buy aspirin. Yeah, we
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  Speaker 1: need that stuff that we need to be able to
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  Speaker 1: make it and acquire it at home. One of the
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  Speaker 1: regions of straight up her moves has been so much
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  Speaker 1: less of a drain on the US economy than people
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  Speaker 1: buck is because we're not dependent on it for oil anymore.
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  Speaker 1: We are now in an oil producing giant, and so
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  Speaker 1: what happens around the world affects us much less than
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  Speaker 1: it used to.
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  Speaker 2: Yeah, but what about prices though, affordability inflation prices people
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  Speaker 2: paying more. Is that really as bad as the media
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  Speaker 2: makes it out to be.
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  Speaker 1: No, inflation has come way down. Look, the price of
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  Speaker 1: oil is too high. That is driven the price of
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  Speaker 1: gas too high. That and I see this morning it's
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  Speaker 1: the barrel of oil is now up above ninety dollars
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  Speaker 1: a barrel. That's not great. So I understand people can
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  Speaker 1: feel squeezed to that. But one of the great things
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  Speaker 1: that's happened is the fear that this would out and
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  Speaker 1: become a more widespread inflation hasn't happened. In fact, it's
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  Speaker 1: remain confined to oil, gasoline, maybe also airfares, but things
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  Speaker 1: very directly tied to the price of oil and not
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  Speaker 1: the broader economy impact. The inflation outside of oil has
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  Speaker 1: actually been quite well behaved and seems to be on
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  Speaker 1: the trend back to the FEDS target of two percent.
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  Speaker 2: Yeah, so it's Brent crude that went over ninety dollars,
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  Speaker 2: but WTI the American oil eighty five dollars. Is there
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  Speaker 2: any reason why the American companies had to raise the
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  Speaker 2: price to match the world price produce.
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  Speaker 1: Yeah, here's what's sort of odd about that. The WTI,
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  Speaker 1: although that is the sort of American benchmark, actually has
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  Speaker 1: a lot less of an effect on American gasoline prices
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  Speaker 1: actually reflect the global price, the Brent crude price much
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  Speaker 1: more closely and always have. Really one reason for that is, Frankly,
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  Speaker 1: we sell a lot of oil around the world, and
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  Speaker 1: so when our you know, when gas stations, when refineries
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  Speaker 1: are buying oil, they're not typically importing it unless they're
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  Speaker 1: in California, which you know is cut off bizarrely from
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  Speaker 1: American oil. They're not typically importing it, but the international
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  Speaker 1: market really does actually affect it. We could stop that,
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  Speaker 1: but I don't think it would be a good idea.
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  Speaker 1: We could restrict exports of oil so that we used
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  Speaker 1: all of our own oil. I don't think it's a
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  Speaker 1: great that would be a very good idea, in part
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  Speaker 1: because we actually want the world to look to us
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  Speaker 1: as the place where it buys the things it needs.
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  Speaker 1: Want the rest of the world to say, yes, you know,
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  Speaker 1: there is a crisis, we can turn to America for oil.
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  Speaker 1: That's good for our national security, our influence in the world,
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  Speaker 1: and it's good for our economy. Yeah.
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  Speaker 2: Hey, hey, John Conney, explain that California thing. Why they
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  Speaker 2: are dependent on foreign oil in California. This is the
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  Speaker 2: stupidest story about California. The way they've conduction is incredible.
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  Speaker 1: But oil that goes all the way down to Texas,
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  Speaker 1: so right next to California, you know, from the mid Last,
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  Speaker 1: from Oklahoma, from the South Dakota, from North Dakota can't
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  Speaker 1: make it across the mountains, can't make it to California
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  Speaker 1: because the Left didn't, the environmentalists didn't let us build
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  Speaker 1: pipelines to bring American oil all the way. So we
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  Speaker 1: were able to build a railroad one hundred and fifty
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  Speaker 1: years ago, you know, to cross the continent, but we
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  Speaker 1: cannot have a pipeline that crosses the continent. So California, well,
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  Speaker 1: California makes a little bit of its own oil too,
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  Speaker 1: but barely. You know, they don't let they haven't let
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  Speaker 1: that expand at all, and so they are actually dependent
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  Speaker 1: on oil coming from the Persian Gulf all the way
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  Speaker 1: across the ocean, when you know, right next door practically
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  Speaker 1: there's plenty of oil supplied. Oil tankers can't really get
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  Speaker 1: through the Gulf of through the Panama Canal, so when
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  Speaker 1: oil needs to come from the what we used to
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  Speaker 1: call it the Gulf of Mexico, from the Gulf of
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  Speaker 1: America to California, it actually has to go all the
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  Speaker 1: way around South America or Africa to get to California. So,
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  Speaker 1: in other words, we did this to ourselves, or rather,
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  Speaker 1: the Californians did it to themselves, and they and the
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  Speaker 1: climate change of armists start to blame. It's ridiculous because
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  Speaker 1: it's not like they use less gasoline because of this.
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  Speaker 1: It's just much more expensive. If you look at where
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  Speaker 1: the most expensive gasoline in the United States is it's
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  Speaker 1: always California. And Hawaii actually has expensive castles, but they're
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  Speaker 1: an island. We can understand that.
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  Speaker 2: Yeah, so these idiots banned pipelines in California. They depend
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  Speaker 2: on foreign oil and they're paying what seven dollars a
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  Speaker 2: gallon six fifty a.
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  Speaker 1: Gallon for Yeah, it is. It's incredible. And they it
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  Speaker 1: did not have to happen. Like I said, it didn't
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  Speaker 1: know how to get to California. Right. We built in
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  Speaker 1: the eighteen hundreds, we built a transcontinental railroad. Why don't
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  Speaker 1: we have trans continental pipelines. It's crazy, But it's because
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  Speaker 1: of climate change policy.
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  Speaker 2: These climate change people have cost more Americans more money.
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  Speaker 2: I mean, it's an amazing story. Well, John carneye fascinating
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  Speaker 2: as always. Everybody should subscribe to the bright Bart Business Digest.
• 9:56
  Speaker 2: It's free. You get it every day. Just go to
• 9:58
  Speaker 2: brightbart dot com go where it says newsletters, and then
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  Speaker 2: sign up for the Breitbart Business Digest. You'll love it.
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  Speaker 2: And John Carney, I hope you're gonna write a book
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  Speaker 2: at some point.
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  Speaker 1: Everybody wanted to thanks, I really, you know, I'm planning to.
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  Speaker 1: I just gotta you know, I always tell everybody I'll
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  Speaker 1: be able to sit down and write my book once
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  Speaker 1: things calm down in the economy a little. But I've
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  Speaker 1: been saying that for a decade, so keeps me busy.
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  Speaker 2: All right, Well, John Carney, great as always, Thanks for
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  Speaker 2: being with us. Thanks Mark, all right, take care. Hey,
• 10:33
  Speaker 2: we got a lot coming up. We'll get to we'll
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  Speaker 2: get back to the Carnegie Deli. We'll get to Hey,
• 10:38
  Speaker 2: what is China up to in DC? We'll get to
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  Speaker 2: that coming up, and some CNN news. We'll get to
• 10:43
  Speaker 2: ABC suing suing the Trump administration. They've had to reveal
• 10:48
  Speaker 2: some things in that lawsuit. Hey, I'm here nine to
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