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Mark Interviews economist Steve Moore. · The Mark Simone Show

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  Speaker 1: Where you York comes for common sense.
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  Speaker 2: Mark Simon on sevent ten wo r.
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  Speaker 1: Hey, Steve Moore, the brilliant economist and of course you
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  Speaker 1: see them all over television. Read his columns. Make sure
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  Speaker 1: you get his book. Steve Moore's latest book is The
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  Speaker 1: Trump Economic Miracle. It's excellent. He runs the Committee to
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  Speaker 1: Unleashed Prosperity. Every day they put out the best news
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  Speaker 1: and analysis. If you want to be really smart, have this.
• 0:27
  Speaker 1: Sign up for this. It's free, it'll come right to
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  Speaker 1: your email. Just go to Unleash Prosperity dot com sign
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  Speaker 1: up for the hotline. Steve Moore, how you doing.
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  Speaker 2: Well, Happy to East and everyone. And so we got
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  Speaker 2: to I thought Trump was good last night. I think
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  Speaker 2: we are coming to the conclusion of the situation around
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  Speaker 2: and we're going to get those straights of moves open.
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  Speaker 2: And when that happens, I'm here to tell you that
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  Speaker 2: the gas price will head back down to both to
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  Speaker 2: three dollars or least. Now. I know in New York
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  Speaker 2: area pay maybe a little bit more than that, but nationwide,
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  Speaker 2: I think we're going to see gas prices back down
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  Speaker 2: to three dollars galleon and it'll take maybe a month.
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  Speaker 2: But this is a temporary situation and we're going to
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  Speaker 2: see once we get that gas price back down, the
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  Speaker 2: economy is going to be roaring back to life.
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  Speaker 1: Yeah, we don't get any oil from the Straits horm
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  Speaker 1: I mean really almost nothing. So the WTI and these
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  Speaker 1: people that just raise the price anyway, it just shows you,
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  Speaker 1: how j are youing these guys? Are You can't trust
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  Speaker 1: these guys, can you?
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  Speaker 2: Well? So what's going on? Because I get asked this
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  Speaker 2: question all the time? How come? I want to give
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  Speaker 2: you a few statistics. Number One, the United States is
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  Speaker 2: the number one oil and gas producer in the world.
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  Speaker 2: I don't know if you're aware of that, but we are.
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  Speaker 2: We produce more oil and gas than Saudi Arabia, than Russia,
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  Speaker 2: than Iran, than Venezuela, and so we're number one in
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  Speaker 2: the world. Number two, we are actually an oil and
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  Speaker 2: gas exporter. On that did you know that we export?
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  Speaker 2: We produce more oil and gas them we consume. That's
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  Speaker 2: about the first time and a long long long time
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  Speaker 2: that that's happened. And it's partly because the you know,
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  Speaker 2: the shale revolution and Trump's drill baby drill strategies. So
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  Speaker 2: then people ask, Okay, well, if that's the case, why
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  Speaker 2: are we paying you know, one hundred dollars a barrel
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  Speaker 2: for oil. It's because it's a globally traded commodity. So
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  Speaker 2: the price is not set any in any country. It's
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  Speaker 2: set by world demand and world supply. And the fact
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  Speaker 2: that you know about you know, I think it's about
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  Speaker 2: twenty percent of the world's oil, maybe a little higher
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  Speaker 2: than that comes from the straits of Romus. You've got
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  Speaker 2: a supply chain problem, and when that happens, the price
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  Speaker 2: goes up. But my point is Mark that what goes
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  Speaker 2: up quickly can come down quickly, and when that happens,
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  Speaker 2: you're going to see the stock market war back to life,
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  Speaker 2: and you're going to see prices. Now, look, we're going
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  Speaker 2: to get a lousy number for the March consumer price.
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  Speaker 2: It'll probably come out in a week or two, and
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  Speaker 2: it's going to show, you know, a big increase in
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  Speaker 2: consumer prices because gas is higher, and when entergy prices
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  Speaker 2: go up, price, if a lot of things go up.
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  Speaker 2: But I'm feeling pretty good that that's going to be
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  Speaker 2: a situation that is that has resolved, because I want
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  Speaker 2: to get the economy booming and it was. Remember twenty
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  Speaker 2: twenty five was a blockbuster. You're for the economy, as
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  Speaker 2: was Trump's first term.
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  Speaker 1: Yeah, so when the oil price, when it drops the
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  Speaker 1: sixty dollars a barrel, those oil company heads aren't that
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  Speaker 1: thrilled about that, are they? They kind of like it?
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  Speaker 2: High, of course they like it. I I mean, of
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  Speaker 2: course they do. If you're if you have if you
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  Speaker 2: have a lemonade stand and nobody else says lemon lemonade,
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  Speaker 2: you're gonna make a lot of money, right, And so
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  Speaker 2: that's the way the free market works. But I'm afraid
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  Speaker 2: that we're going to try mark some of the stupid
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  Speaker 2: policies that Jimmy Carter put in place in the nineteen
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  Speaker 2: seventies the last time we had a big oil spike
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  Speaker 2: up and that wasn't the last time, but one of
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  Speaker 2: the more recent times when I don't know if you
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  Speaker 2: remember the Iranian hostage situation at the embass and so on,
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  Speaker 2: but we had we had all these stupid policies that
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  Speaker 2: came out of Washington, including a what they call a
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  Speaker 2: windfall profits tax. Of the old companies says, oh no,
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  Speaker 2: you can't make money up. So guess what they stopped
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  Speaker 2: producing because they put in this, and so then the
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  Speaker 2: price wentn't even higher.
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  Speaker 1: Yeah, the stock market. We always look to the stock market,
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  Speaker 1: what do they think? What are they? Aren't they really
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  Speaker 1: always overreacting to everything. They're not the best barometer of anything,
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  Speaker 1: are they.
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  Speaker 2: Well, it's compared to what you know, he's going to
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  Speaker 2: ask a bunch of economists on a CNBC here. I mean,
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  Speaker 2: so I think that it's probably the best forward looking
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  Speaker 2: barometer we have. But it, you know, it really moves,
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  Speaker 2: you know, still saying it moves on feed fear and
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  Speaker 2: greed would drive the stock market, and right now the
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  Speaker 2: fear is prevailing. But look, we I've told you this
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  Speaker 2: many times. When I got started in this business that
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  Speaker 2: Dow Jones was about one thousand. Now we're close to
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  Speaker 2: fifty thousand, so you know, we've had a nice run up.
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  Speaker 2: And look, the United States is in a such a
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  Speaker 2: great position to be the dominant country. We've got to
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  Speaker 2: keep you know, the dominant energy country. And more of
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  Speaker 2: the lessons of this is, by the way, let's produce
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  Speaker 2: so much oil and gas here at home that we
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  Speaker 2: don't have to worry about what's happening. And countries like
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  Speaker 2: Iran or Russia, or remember that we saw big spike
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  Speaker 2: up when the Russians invaded Ukraine. You know that. Yeah,
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  Speaker 2: you know, so we keep living through this and I
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  Speaker 2: want to disengage from a lot of these other countries
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  Speaker 2: by just making us energy self sufficient, which basically Trump
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  Speaker 2: is done.
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  Speaker 1: Yeah. Hey, Steve Moore, if you owned a restaurant, all
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  Speaker 1: of a sudden thirty percent of your customers stopped coming,
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  Speaker 1: you'd say, I got to change things. I got to
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  Speaker 1: make some tea. You got these blue cities where in
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  Speaker 1: New York, LA, everybody's moving out. Yes, why wouldn't a
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  Speaker 1: politicians say, hey, we better change something our tax policy
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  Speaker 1: or something.
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  Speaker 2: So this is a very big story. We've covered it
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  Speaker 2: in our hotline this morning, which is the three metro
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  Speaker 2: areas that have lost the most population since twenty twenty.
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  Speaker 1: You know what they are, I would say, New York
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  Speaker 1: in LA.
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  Speaker 2: Yes, yes, And you know what the third one is
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  Speaker 2: my hometown, Chicago. Yeah, So those are you know, and
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  Speaker 2: I look for for the last hundred years, those have
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  Speaker 2: been the three of the most important cities in the world.
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  Speaker 2: You know, New York was the financial capital, Los Angeles
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  Speaker 2: became the entertainment capital. Chicago was the commodities capital. And
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  Speaker 2: they are great, great cities and they're being destroyed by
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  Speaker 2: by left wing socialist What does Mondomi call himself a
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  Speaker 2: democrat socialist whatever that means? Well, you know, how is
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  Speaker 2: it that such a great city like New York can
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  Speaker 2: the voters of New York really be that stupid? I mean,
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  Speaker 2: as I said in the Highline today, you wouldn't hire
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  Speaker 2: these people to change a light bulb. You know Brendan Johnson,
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  Speaker 2: the ones who's he's he's the mayor of Chicago. He's
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  Speaker 2: got a nice smile, just like Mondommie has a nice smile.
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  Speaker 2: He's a good speech. But it doesn't know how to
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  Speaker 2: do anything. The same thing you know in California with
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  Speaker 2: the mayor there allowed to burn Baby burn. Remember it
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  Speaker 2: burned down all the areas of Los Angeles. So it's
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  Speaker 2: sad to me, it really is. It's leadership matters. And
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  Speaker 2: I remember, as you do, when Rudy Giuliani came in
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  Speaker 2: and within eighteen months he fixed the city. Remember that.
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  Speaker 1: Yeah, So, but the idea if you got rid of
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  Speaker 1: the tax, no state tax, no this tax, that the
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  Speaker 1: whole state would collapse. You wouldn't be able to fund anything.
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  Speaker 1: It would be terrible. We've tried it out in Florida
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  Speaker 1: and Texas and what were.
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  Speaker 2: The rest exactly? Yeah, I mean New York. So we
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  Speaker 2: mentioned the three cities that are, you know, in the
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  Speaker 2: most rapid decline, and now, you know, here's the thing.
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  Speaker 2: It's kind of amazing. San Antonio and Austin, Texas or
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  Speaker 2: two of the fastest growing cities in America. They are
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  Speaker 2: When you and I were growing up, they were kind
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  Speaker 2: of sleepy southern, small southern towns. And how did you
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  Speaker 2: know Austin and San Antonio are both in the top
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  Speaker 2: ten of cities in the country.
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  Speaker 1: What, oh my god, wow?
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  Speaker 2: And with no tax amazing. So no income taxes. Yeah,
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  Speaker 2: and that's because they have no income tacks that are growing.
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  Speaker 2: And then you've got places like uh, I was just
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  Speaker 2: in Naples, Florida, one of the fastest growing cities. You know,
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  Speaker 2: Tampa is booming. So gee, what are all these cities
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  Speaker 2: have a common? Oh, they have no income taxt What
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  Speaker 2: are the cities they have the highest income tax? Oh,
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  Speaker 2: Los Angeles and New York.
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  Speaker 1: So when the mayor says, or any of these democrats,
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  Speaker 1: the rich should start paying their fair share what is there?
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  Speaker 1: What is their fair share? I think they're already paying
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  Speaker 1: more than it, aren't they Well.
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  Speaker 2: It's overall they do. But you know what's happened in
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  Speaker 2: these states like California, Washington State, others that are looking
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  Speaker 2: at these these wealth taxes. Now, guess what the wealth
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  Speaker 2: wealthy move they moved to. You know, Seattle is going
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  Speaker 2: to be see a big decline if they pass that
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  Speaker 2: that wealth tax. In California, it is going to be uh,
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  Speaker 2: it's just a sprint out of the state. But do
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  Speaker 2: you see you know, Elizabeth Warren has a solution to this.
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  Speaker 2: You know what her solution is, no tax everybody in
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  Speaker 2: the country. Let's have a federal you know. Now there
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  Speaker 2: are there were eleven European countries that have wealth taxes,
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  Speaker 2: and ten of the eleven have repealed them because they
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  Speaker 2: don't work. But they but liberals for Lauren Unbelieva.
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  Speaker 1: Hey, yeah, if you want to get the best news
• 9:22
  Speaker 1: in the analysis, Steve Moore in a company they put
• 9:25
  Speaker 1: it out every morning, the hotline go to Unleashed Prosperity
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  Speaker 1: dot com. Hey, I think Jamie Diamond reads your hotline. Boy,
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  Speaker 1: who's out there?
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  Speaker 2: Yeah, he said exactly what I just said on your
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  Speaker 2: show that you know, if these states keep taxing the rich,
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  Speaker 2: the rich are going to be gone.
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  Speaker 1: Yeah.
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  Speaker 2: So uh he's pretty rich himself, by the way.
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  Speaker 1: Well, great stuff, and everybody get your book, The Trump
• 9:51
  Speaker 1: Economic Miracle. Are you working on a new book?
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  Speaker 2: You know we are. It's it's a red state, Blue
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  Speaker 2: state book about exactly what we've been talking about. Why
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  Speaker 2: are these once great blue states and this in a
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  Speaker 2: condition of such decline and it's outbreaking. So let's let's
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  Speaker 2: make every state like Texas and Florida. Let's make everybody.
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  Speaker 1: Richard gud Yeah, good idea. We'll see more great stuff.
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  Speaker 1: Thanks for being with us.
• 10:17
  Speaker 2: Thank you, Happy Easter.
• 10:19
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• 10:25
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• 10:33
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