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

• 0:00
  Speaker 1: And Mark on wr.
• 0:04
  Speaker 2: Well, we like to bring in the smartest people around.
• 0:07
  Speaker 2: Now the Breitbart Business Digest that is must read every day.
• 0:12
  Speaker 2: All the top economists, business people all read it religiously
• 0:15
  Speaker 2: every day. Breke Bart Business Digest. Sign up for it.
• 0:19
  Speaker 2: You can get the daily newsletter coming write to you
• 0:22
  Speaker 2: Breitbart dot com and then go to Breitbart Business Digest.
• 0:26
  Speaker 2: The guy that edits it and writes all this brilliant
• 0:28
  Speaker 2: stuff is with us, John Carney, How you doing very good?
• 0:32
  Speaker 1: Mark, trying to stay warm and out.
• 0:35
  Speaker 3: Of the snow.
• 0:36
  Speaker 2: Well, it's good. It's not easy nowadays. Hey, let's talk
• 0:39
  Speaker 2: about Minnesota. Now, you got silly governor and mayor, but
• 0:43
  Speaker 2: you got major corporations in Minnesota, Minneapolis, where are they
• 0:47
  Speaker 2: in all of this?
• 0:49
  Speaker 1: So it's very interesting. A bunch of them sent a
• 0:53
  Speaker 1: letter calling for de escalation. And one of the things
• 1:00
  Speaker 1: that they didn't do though, is really it's specify what
• 1:03
  Speaker 1: they meant by this. It seems like they're calling on
• 1:07
  Speaker 1: the Trump administration to back down, but that would be
• 1:10
  Speaker 1: a disaster. The fastest way to de escalate what's happening
• 1:15
  Speaker 1: would be for Walls, the governor, Ellison, the attorney general
• 1:21
  Speaker 1: to actually stop doing what they've been doing, which is
• 1:25
  Speaker 1: resisting federal law enforcement, and start cooperating with it. And
• 1:30
  Speaker 1: I think, really that's.
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  Speaker 3: What the businesses in Minnesota should actually.
• 1:35
  Speaker 1: Start calling, and businesses around the country should start calling
• 1:39
  Speaker 1: on the political leadership to begin to cooperate and stop resisting.
• 1:45
  Speaker 1: The only way to deescalate this really is for this
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  Speaker 1: to do what's going on in most of the country.
• 1:51
  Speaker 1: Mark most of the country isn't having the problems we're
• 1:54
  Speaker 1: seeing in Minneapolis and Minnesota because I have to do
• 2:00
  Speaker 1: it alone. It's not the it's not border patrol, it's
• 2:03
  Speaker 1: not ICE, it's not DHS. In most of the country,
• 2:07
  Speaker 1: local law enforcement is cooperating with federal immigration enforcement. It's
• 2:13
  Speaker 1: in Minnesota that we're having the problem.
• 2:15
  Speaker 2: So could this have an effect on Minnesota for the
• 2:17
  Speaker 2: next few years. Maybe business is not opening there, not
• 2:19
  Speaker 2: moving there.
• 2:21
  Speaker 1: It could I actually think, Look, we know that when
• 2:25
  Speaker 1: businesses don't like a state policy. We saw this in
• 2:31
  Speaker 1: some pretty horrible ways a few years ago. When businesses
• 2:36
  Speaker 1: don't like the way a state government is operating, they
• 2:40
  Speaker 1: can opt to not do business there, to threaten more
• 2:45
  Speaker 1: or less to boycott the state. We North Carolina faced
• 2:48
  Speaker 1: that a few years ago when it had a policy dispute.
• 2:51
  Speaker 1: I think Kim Cook's Apple was going to pull out,
• 2:55
  Speaker 1: you can. You know, we've seen things like sports leagues
• 2:58
  Speaker 1: threatened and threatened to lead.
• 3:00
  Speaker 3: Some of these businesses obviously can't leave Minnesota because.
• 3:03
  Speaker 1: That's where they're based, but they can send a message,
• 3:06
  Speaker 1: a powerful one and saying, look, this is making business
• 3:09
  Speaker 1: impossible in the state and you need to do something
• 3:13
  Speaker 1: to fix it.
• 3:13
  Speaker 2: Yeah, well, let's hope they do that. Now. The Fed,
• 3:20
  Speaker 2: we don't know what's gonna happen tomorrow as far as
• 3:22
  Speaker 2: the rate, but what do you think?
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  Speaker 1: So, yeah, tomorrow's Fed will be interesting. They're not going
• 3:29
  Speaker 1: to do anything in terms of interest rates. But what
• 3:33
  Speaker 1: we will watch for is what they signal they will
• 3:37
  Speaker 1: do in the future, sort of what the path for
• 3:40
  Speaker 1: interest rates are. Right, I'm not sure it matters all
• 3:43
  Speaker 1: that much because this is Jerome Powell's third to last
• 3:48
  Speaker 1: meeting as chairman, and I think the market is going
• 3:52
  Speaker 1: to say, we really won't know how. The Fed's probably
• 3:56
  Speaker 1: not going to cut again. While Powell is chairman, he
• 3:59
  Speaker 1: is in a fight with Trump. He knows Trump wants
• 4:02
  Speaker 1: to cut the interest rate, and he's probably you know, Frankly,
• 4:06
  Speaker 1: it's super irresponsible. But I think he's Jerome Powell's in
• 4:10
  Speaker 1: resistance mode and is not going to cut as long
• 4:13
  Speaker 1: as he's there. So, but we will look for signals
• 4:18
  Speaker 1: for what other people on the FED might be thinking.
• 4:21
  Speaker 1: It's Jerome Pal's he'll hold a press conference, but he
• 4:24
  Speaker 1: may also talk about what the committee is thinking, and
• 4:28
  Speaker 1: that is what people will want to know. Where are
• 4:30
  Speaker 1: rates going?
• 4:31
  Speaker 2: You know?
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  Speaker 3: Not?
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  Speaker 1: So Powell is there in this meeting, two more meetings
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  Speaker 1: after that, But what happens this summer and this fall
• 4:39
  Speaker 1: and this winter.
• 4:40
  Speaker 2: Boy, this guy Powell, he is so bad as Fetchum.
• 4:43
  Speaker 2: Remind me again, how did we get stuck with this guy?
• 4:46
  Speaker 2: It was trump to pick.
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  Speaker 1: I mean, yeah, he was Trump's pick. There were better picks.
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  Speaker 1: Trump listened to the guy who is his Treasury secretary
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  Speaker 1: at the time, Steve Maninchen, frankly gave him batt by.
• 5:01
  Speaker 1: Powell was a Republican, but he had been at the
• 5:04
  Speaker 1: FED for quite a while already. And it was between
• 5:09
  Speaker 1: Powell and a couple other people. Trump had meetings with
• 5:11
  Speaker 1: all of them, and palells. We talked Trump into believing
• 5:16
  Speaker 1: that he would be good. It's been a disaster. And
• 5:19
  Speaker 1: it's not just the monetary policy. If you look at
• 5:22
  Speaker 1: the number of FED officials who have had to resign
• 5:25
  Speaker 1: under scandals because they violated ethics and trading rules at
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  Speaker 1: the FED, or some of them may not have violated
• 5:33
  Speaker 1: the rules but came close enough that it became a
• 5:35
  Speaker 1: big deal and they were forced to resign. We haven't
• 5:39
  Speaker 1: really seen such a scandal ridden Federal Reserve in its
• 5:45
  Speaker 1: entire history. So Pale's been a bad job. He's run
• 5:48
  Speaker 1: a dirty shop. He should step down. Frankly, it would
• 5:52
  Speaker 1: be great if he were announce tomorrow's stepping down, but
• 5:55
  Speaker 1: that's not in the cards.
• 5:57
  Speaker 2: He's of the economy.
• 5:59
  Speaker 1: Kind of that's perfect. He is the fauci of the economy.
• 6:05
  Speaker 1: The good news is Trump is going to get to
• 6:07
  Speaker 1: name a replacement. He may do it this week. In fact,
• 6:12
  Speaker 1: they've indicated that that Trump's announcement's going to come out.
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  Speaker 1: If I were Trump, I do it tomorrow during Palas,
• 6:23
  Speaker 1: step onto the guy's you know, press conference, and say
• 6:26
  Speaker 1: that's it. Don't pay attention, I'm announcing the new guy.
• 6:30
  Speaker 2: Well, it's always been down to these two. Kevin's Kevin
• 6:32
  Speaker 2: has Kevin Walsh, who everybody likes. But there's a third
• 6:35
  Speaker 2: guy that all of a sudden popped up in the mix. Here.
• 6:38
  Speaker 2: What's his name, Reiner or whatever his name is.
• 6:40
  Speaker 1: Look, yes, Rick Reder, who is a Wall Street guy.
• 6:44
  Speaker 1: He's is smart, he knows markets very well. He isn't
• 6:50
  Speaker 1: at the Fed and hasn't ever been that that I think,
• 6:53
  Speaker 1: from Trump's point of view, is a plus. It's a
• 6:56
  Speaker 1: little weird to consider him an outsider because he is
• 6:59
  Speaker 1: a deep Wall Street insider in many ways. He also
• 7:04
  Speaker 1: has a history of donating to some fairly left wing
• 7:09
  Speaker 1: Democrats Sharon Brown of the Where that I think may
• 7:15
  Speaker 1: trouble some of the you know, the the Trump administration.
• 7:19
  Speaker 1: They may wonder is this really the right guy? But frankly, look,
• 7:24
  Speaker 1: how was a Republican. He looked good on paper. So
• 7:26
  Speaker 1: I'm not upset if if they're thinking a little bit
• 7:29
  Speaker 1: more broadly about who to a point.
• 7:31
  Speaker 2: Yeah, but this guy sounds like another power with those
• 7:33
  Speaker 2: left wing crazy donations back then, another wolf in sheep's clothing.
• 7:37
  Speaker 2: I hope President Trump learned his lesson go with the
• 7:40
  Speaker 2: safer choice.
• 7:42
  Speaker 1: I think.
• 7:43
  Speaker 3: Yeah.
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  Speaker 1: I also hope Trump they should really be questioning him
• 7:48
  Speaker 1: very closely in a different way that they than they
• 7:50
  Speaker 1: would question, say, Kevin Hassett. We know where Kevin Hassett stands.
• 7:54
  Speaker 1: We really need to know more about how Rick Writers
• 7:57
  Speaker 1: is the world and my minitary policy. I think that,
• 8:03
  Speaker 1: you know, I'm pretty confident, Look Secretary Treasury. Treasury Secretary
• 8:08
  Speaker 1: Beston is running the vetting process, and I'm very confident
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  Speaker 1: that he is asking all of the right questions and
• 8:19
  Speaker 1: so you know, if he's giving the right answers, that's good.
• 8:22
  Speaker 1: But then again, as I said earlier, Powell seemed to
• 8:26
  Speaker 1: give the right answers and it didn't work. So you
• 8:30
  Speaker 1: have to you know, these guys will say anything to
• 8:32
  Speaker 1: get you know, it's the most powerful, it's one of
• 8:34
  Speaker 1: it's arguably the most powerful position in finance in the world,
• 8:38
  Speaker 1: and one of the most powerful positions anywhere, you know,
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  Speaker 1: second to the US President, but not that far in
• 8:45
  Speaker 1: many ways, I really hope that, you know, people will
• 8:48
  Speaker 1: say anything to get the job. So I hope they're
• 8:50
  Speaker 1: being very, very careful about this appointment.
• 8:53
  Speaker 2: John Corney, Breitbart Business died just one more question. If
• 8:57
  Speaker 2: you watch your CNN or MS. Now, we're in a
• 9:00
  Speaker 2: economic crisis, affordability crisis, The economy is in real trouble.
• 9:04
  Speaker 2: You're the expert. What is the truth?
• 9:06
  Speaker 1: Yeah, that's not true. The economy is actually doing very well.
• 9:10
  Speaker 1: There are some spots of weakness. The housing market is
• 9:13
  Speaker 1: still weak and that's a problem. But I think the
• 9:17
  Speaker 1: economy will do very well this year. We're actually set
• 9:20
  Speaker 1: up because we're getting so many things coming online all
• 9:24
  Speaker 1: at once. We'll get tax cuts later or sorry, we'll
• 9:26
  Speaker 1: get rate cuts later this year. Once Powell is gone.
• 9:29
  Speaker 1: The tax cuts are coming into play. This is remember,
• 9:32
  Speaker 1: no tax on tips, no tax on overtime. The bonus
• 9:36
  Speaker 1: to appreciation that let business is right off. Capital expenditures
• 9:39
  Speaker 1: is in place already. This is going to be a
• 9:42
  Speaker 1: lot of tailwinds to the economy going in.
• 9:45
  Speaker 3: As we begin twenty twenty six, I think we're set
• 9:47
  Speaker 3: up for.
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  Speaker 1: A pretty strong year. Wall Street thinks we're going to
• 9:50
  Speaker 1: grow two point one percent. I think we're growing north
• 9:53
  Speaker 1: of three percent. So, you know, the people who are
• 9:56
  Speaker 1: trying to end in tlation keeps coming down. So I'm
• 10:00
  Speaker 1: not on the side that's very worried about the economy.
• 10:04
  Speaker 1: I think we could use a couple more interest rate cuts.
• 10:07
  Speaker 1: The THG could derail things if they didn't cut, but
• 10:10
  Speaker 1: I'm confident they will later this year.
• 10:12
  Speaker 2: Well, great stuff. Everybody should sign up for the bright
• 10:15
  Speaker 2: Bart Business Digest. Go to bright Bart Business Dies, sign
• 10:18
  Speaker 2: up for the daily newsletter. It's great stuff. And John
• 10:21
  Speaker 2: Carney also see him all over television. He is great,
• 10:24
  Speaker 2: John Carney, thanks for being with us.
• 10:26
  Speaker 1: Yeah, thanks for having me.
• 10:27
  Speaker 2: Mark, take care. Hey, don't forget coming up at noon today,
• 10:32
  Speaker 2: Buck Sexton, Clay Travis, excellent show. Jimmy Fala nine o'clock tonight.
• 10:38
  Speaker 2: You'll love that show, very funny. Oh and of course
• 10:40
  Speaker 2: Sean Hannity at three o'clock, the most listened to radio
• 10:44
  Speaker 2: show on Earth. Hey, when we come back after the
• 10:47
  Speaker 2: news at eleven, Bill O'Reilly will be here.
• 10:49
  Speaker 1: You know.
• 10:49
  Speaker 2: Announsty's taking a little leave for medical reasons, but apparently
• 10:53
  Speaker 2: he's gotten through it. He'll be with us right after
• 10:55
  Speaker 2: the eleven o'clock news. We'll ask him about that. Coming
• 10:58
  Speaker 2: up on seven to ten you oh r