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Mark interviews the Chairman of Forbes Media, Steve Forbes. · The Mark Simone Show

• 0:00
  Speaker 1: Holy Elisha on sevent ten w R.
• 0:05
  Speaker 2: Well, we'd like to bring you the smartest people on earth,
• 0:07
  Speaker 2: Steve Forbes, chairman of Forbes Media, that you should be reading,
• 0:10
  Speaker 2: subscribe to, and take great advantage of. Also the author
• 0:14
  Speaker 2: of a very important book. I urge you to get
• 0:16
  Speaker 2: this book Inflation. No better book on the subject. Steve Forbes'
• 0:20
  Speaker 2: book is an Amazon Steve Forbes, how you doing.
• 0:25
  Speaker 1: Doing fine? Thanks? And enjoying not a heat wave, but
• 0:31
  Speaker 1: at least not single digit temperatures.
• 0:33
  Speaker 2: Yeah, no, that's.
• 0:35
  Speaker 1: Gotta be grateful. And also seeing what's happening in Florida
• 0:40
  Speaker 1: and Arizona, waiting for a few weeks for those magic
• 0:43
  Speaker 1: words play ball, baseball.
• 0:46
  Speaker 2: Yeah, it's only a couple of weeks away. Spring training
• 0:49
  Speaker 2: is underway. Yes, hey, let me ask you about this
• 0:53
  Speaker 2: crazy Chuck Schumer. Yesterday he said Trump and his endless war?
• 0:58
  Speaker 2: Can you really say endless war? Day four?
• 1:02
  Speaker 1: Well, just so as they have their own definition of
• 1:05
  Speaker 1: the calendar. Now the Republicans are having great glee and
• 1:12
  Speaker 1: digging up that twenty eleven thing from Nancy Pelosi when
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  Speaker 1: a Barack Obama bombed Libya and the reporter asked her,
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  Speaker 1: does that mean that Congress doesn't need to approve this,
• 1:25
  Speaker 1: and she said that's right, Congress doesn't need to approve it.
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  Speaker 1: Then they played it for the Democrat leader yesterday and
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  Speaker 1: he just could smirk and say, the circumstances are different.
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  Speaker 1: What a profound observation. Yes, Libya is not yourant. Oh boy,
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  Speaker 1: he learned his geography well, so, yes, four days is
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  Speaker 1: a forever war? Ten years?
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  Speaker 2: Okay, Now what about all the all the media Democrats
• 1:50
  Speaker 2: they're telling everybody Dan that this is it. Gas prices,
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  Speaker 2: oil prices, energy will go crazy. We're going to be
• 1:57
  Speaker 2: in terrible trouble with the economy as a result. What's
• 1:59
  Speaker 2: the truth?
• 2:02
  Speaker 1: The truth is, you could get a spike, but we've
• 2:06
  Speaker 1: had oil spikes bigger than the ones we've experienced now,
• 2:09
  Speaker 1: and the markets sort of know, which is why the
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  Speaker 1: stock market always wobbly when you have these uncertainties, but
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  Speaker 1: still holding up fairly. Well knows that won the war.
• 2:19
  Speaker 1: This war is not forever. It's a matter of weeks,
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  Speaker 1: not years, and that disruptions there may be straight of Hormuz.
• 2:27
  Speaker 1: Who knows what will happen there, especially with insurance rates.
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  Speaker 1: But these are temporary, These are not permanent, and the
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  Speaker 1: real danger is not what's going to happen in the
• 2:38
  Speaker 1: next four or five weeks. That's going to be dicey,
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  Speaker 1: but what the Federal Reserve might do, thinking, oh, this
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  Speaker 1: is going to raise the infla rate of inflation and
• 2:46
  Speaker 1: do something dumb like not cut interest rates. So that's
• 2:51
  Speaker 1: what I worry about, is misinterpreting what's happening. This war
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  Speaker 1: will not last more than four weeks, five weeks, six weeks.
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  Speaker 1: And by the way, there's growing pressure not to send
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  Speaker 1: US troops in, but to start arming militias of Iranians
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  Speaker 1: so they can deal with this inside. And by bombing
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  Speaker 1: the police and the military, these citizen armed citizens can
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  Speaker 1: take over. You know, we had a citizen's army in
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  Speaker 1: our revolution. These things can work.
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  Speaker 2: Yeah, good point. So hey, these New York politicians, especially
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  Speaker 2: the Assembly, now they're talking about it twenty five percent
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  Speaker 2: surcharged tax on corporations and your mom, Donnie, was a
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  Speaker 2: tax on corporations increase. Isn't that the same thing as
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  Speaker 2: a tariff? I thought they hate tariffs.
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  Speaker 1: Well, it's a matter what you call it, and so
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  Speaker 1: but it is, it is a tax, and maybe they
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  Speaker 1: should call it a tariff. Twenty there. But anyway, it's
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  Speaker 1: a it's a dumb thing going to hurt the economy
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  Speaker 1: of a New York economy. They're already sneaking in things
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  Speaker 1: like vastly increasing their pensions and the like. And as
• 4:01
  Speaker 1: we all know, New York City's budget alone, the city's
• 4:05
  Speaker 1: budget alone is bigger than the state of Florida. Even
• 4:08
  Speaker 1: though Florida has almost three times as many people as
• 4:11
  Speaker 1: New York, Florida gets by with a smaller budget than
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  Speaker 1: New York City. And last I look, we don't have
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  Speaker 1: we're actually wandering around Florida the way they do in
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  Speaker 1: New York City, and people seem to be doing all right.
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  Speaker 1: We don't have people dying in the streets or anything
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  Speaker 1: like that. So yes, it's just another self destructive move.
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  Speaker 1: And I just hope with this year's election that we
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  Speaker 1: finally get a governor who realizes you want to have
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  Speaker 1: businesses grow, not destroyed.
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  Speaker 2: Yeah, let me ask you an inflation question. Maybe it's
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  Speaker 2: a stupid question, but you get inflation, the prices go up,
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  Speaker 2: and then if you solve the problem, you stop the inflation,
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  Speaker 2: but you never get the prices to go down. Correct.
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  Speaker 1: Well, you can get when costs go up, yeah, they
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  Speaker 1: get it embedded. But with the spikes that we see,
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  Speaker 1: the spikes that we see now in oil, that is
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  Speaker 1: very though. Gasoline prices and certain food prices are very sensitive,
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  Speaker 1: so they can go up, but we also know they
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  Speaker 1: can go down. Going back to a year, you know,
• 5:15
  Speaker 1: centuries ago and Joe Biden was allegedly president, we all
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  Speaker 1: know what happened to gas prices and even though they're
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  Speaker 1: spiking now, still way below than when Donald Trump took
• 5:24
  Speaker 1: office for a second term. So these things will sort
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  Speaker 1: themselves out. And the key thing is not the panic.
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  Speaker 1: See this thing through and the oil price the markets
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  Speaker 1: will readjust And remember we're a big oil producer, We're
• 5:39
  Speaker 1: a big natural gas producer. So it's Venezuela and so
• 5:44
  Speaker 1: and Iran when it gets a new government, which eventually
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  Speaker 1: will is also a major oil producer. And one of
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  Speaker 1: the things that a new Iranian government is not going
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  Speaker 1: to do is so discounted oil to a country called China.
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  Speaker 2: Now, if you get the right government there, you could
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  Speaker 2: really increase the flow of oil we have. That would
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  Speaker 2: really bring the prices down. But what about our relationship
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  Speaker 2: with Saudi Do you think we have to make some
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  Speaker 2: kind of agreement them not to drop the price too much.
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  Speaker 1: Well, I think the Saudis wants stability, and one of
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  Speaker 1: the things that they've worked on is is to make
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  Speaker 1: sure oil didn't spike. And also they want stability, so
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  Speaker 1: they don't want to go too low, but they don't
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  Speaker 1: want it to go too high because then they know
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  Speaker 1: that leads to all sorts of cheating and bring a
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  Speaker 1: new supply on. So they want control. They don't have
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  Speaker 1: the kind of control they had in the past by
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  Speaker 1: a long shot. But the thing is in terms of
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  Speaker 1: the war, and I think the markets recognize this. Again,
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  Speaker 1: these are temporary disruptions. These are not four year, six
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  Speaker 1: year disruptions. These are four weeks, six weeks, pick a number.
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  Speaker 1: But they're not forever disruptions.
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  Speaker 2: Yeah, hey, let me aska one more question AI. Five
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  Speaker 2: years from now, how are we going to feel about
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  Speaker 2: AI A We're going to think it's a wonderful thing
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  Speaker 2: and it worked out perfectly. Or are we going to
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  Speaker 2: be furious that hundreds of tens of millions of people
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  Speaker 2: got laid off?
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  Speaker 1: Well, I think we're well with AI. It's like anything
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  Speaker 1: can be used for good or for evil. But I
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  Speaker 1: think if we have the right kind of economy, I e.
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  Speaker 1: Continue to reduce regulations in the like I hope President
• 7:32
  Speaker 1: Trump goes for another tax cut and so you get
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  Speaker 1: a booming economy. We'll cope with the disruptions of AI.
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  Speaker 1: You know, I live through it in the print industry.
• 7:42
  Speaker 1: You know, the print industry is upended in the nineteen
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  Speaker 1: nineties by the Internet and so huge adjustments there. But
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  Speaker 1: in the free economy, you go with it and we
• 7:52
  Speaker 1: all end up more prosperous. And I think I've mentioned
• 7:56
  Speaker 1: that with AI, whoever invented that name artificial and intelligence
• 8:00
  Speaker 1: should be shunned. We don't call we don't call cars
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  Speaker 1: artificial horses, and we don't call airplanes artificial birds. My
• 8:09
  Speaker 1: friend Mark Mills made that observation. And by the way,
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  Speaker 1: in closing on that, over two hundred and twenty years ago,
• 8:16
  Speaker 1: there was great fears of this thing called electricity, and
• 8:19
  Speaker 1: you had medical students taking cadavers and you know, giving
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  Speaker 1: them jolts of electricity and the bodies bounced around. Everyone's wondering,
• 8:27
  Speaker 1: good lord, can we create life with electricity jolts? That's
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  Speaker 1: how we got the novel Frankenstein. Wow, Well, we didn't
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  Speaker 1: get we didn't get we didn't get the body of
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  Speaker 1: Frankenstein's coming out of the labs. We've got great entertainments.
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  Speaker 1: So yes, with any with humans, nothing is perfect. But
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  Speaker 1: I think AI. One of the big things in AI,
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  Speaker 1: by the way, is going to be in the coming years,
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  Speaker 1: faster approval development approval of new medicines and their new
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  Speaker 1: medical devices. Instead of ten or twelve years, will be
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  Speaker 1: able to eventually do it in ten or twelve months.
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  Speaker 1: That'll be a great thing.
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  Speaker 2: Wow, that's an amazing point. People were afraid of electricity
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  Speaker 2: came along well, Steve, Steve Forbes, great as always, thanks
• 9:12
  Speaker 2: for being with Hey. Everybody get his book Inflation. You
• 9:15
  Speaker 2: love this book and learn a lot the books Inflation.
• 9:18
  Speaker 2: Steve Forbes also of course Forbes Media. Make sure you
• 9:20
  Speaker 2: read it, make sure you have subscribed to it. And
• 9:22
  Speaker 2: Steve Forbes, thanks for being with us.
• 9:25
  Speaker 1: Thank you soon, Thank you.
• 9:28
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• 9:31
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