Latest / The Mark Simone Show / Hour 1: The future of the Federal Reserve.

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Hour 1: The future of the Federal Reserve. · The Mark Simone Show

0:00
Speaker 1: Fly from Midtown Manhattan. Here comes the Mark Simone Show
0:04
Speaker 1: on seven ten wo on.
0:08
Speaker 2: Well, we'll get to Kathy Hochele. The State of the
0:11
Speaker 2: State speech did not impress anybody. We'll get to President Trump.
0:17
Speaker 2: We'll get to Iran, We'll get to Kamala Harris. We'll
0:20
Speaker 2: get to Mom Donnie, who turns out and out to
0:23
Speaker 2: be a great texting buddy with Donald Trump. It said
0:26
Speaker 2: that they text a few times a week. At least
0:30
Speaker 2: twice a week they text. It's a bromance that has blossomed.
0:35
Speaker 2: They discuss a wide range of topics. Lately they have
0:38
Speaker 2: discussed Venezuela, zoning, red tape in the Big Apple, real
0:42
Speaker 2: estate and now why does Trump like to take Well,
0:46
Speaker 2: he'll talk to anybody. He'll talk You could be his
0:48
Speaker 2: worst enemy. You could be the New York Times. You
0:50
Speaker 2: could be Bill Maher. He'll bring you right into the
0:52
Speaker 2: White House, sit down with you, talk to you. Could
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Speaker 2: be the awful, evil, deceptive, corrupt sixty minutes, he'll sit
0:59
Speaker 2: down with you again and talk to you. Does it
1:01
Speaker 2: all the time. And in the case of Mom Donnie,
1:04
Speaker 2: he is the mayor of New York, so he does
1:07
Speaker 2: have a lot of power over New York real estate
1:09
Speaker 2: where Trump has a huge steak, and they you know,
1:13
Speaker 2: it's like that old godfather, keep your enemies closer, kind
1:17
Speaker 2: of a kind of a deal. Sources say, Mom Donnie
1:22
Speaker 2: is not kissing his rear end, but speaking out to
1:26
Speaker 2: Trump on his beliefs. Now, of course Trump kind of
1:29
Speaker 2: rolling his eyes as he texts back the budding relationship,
1:33
Speaker 2: the regularity of the texting or a big departure from
1:37
Speaker 2: previous interactions between presidents and New York City, and that
1:41
Speaker 2: might be part of it. Trump realizing he made a
1:43
Speaker 2: mistake just avoiding Deblasio. You should try to just keep
1:46
Speaker 2: talking to him, keep the door open and try to
1:50
Speaker 2: work with him, try to persuade him. You never know,
1:53
Speaker 2: And remember, Mom Donnie is just a little kid. He's
1:56
Speaker 2: a little thirty four year old guy Trump, a senior
1:59
Speaker 2: veteran who's everywhere done everything Mom Donnie, who's never even
2:03
Speaker 2: had a job, never done much of anything in life.
2:06
Speaker 2: So he could become some sort of mentor in a
2:11
Speaker 2: way to Mom Donnie. Now they say he's also he's
2:15
Speaker 2: kind of fascinated by the whole Mom Donnie's story. He
2:18
Speaker 2: feels kind of an emotional connection to what Mom Donnie
2:23
Speaker 2: did in that it's similar to Trump. Trump was a
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Speaker 2: guy who came out of nowhere politically. I mean, he
2:30
Speaker 2: was a very successful business guy, but no political experience
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Speaker 2: of any kind. And usually if you're a business guy
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Speaker 2: who wants to get into politics, heh, you run for Congress,
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Speaker 2: maybe you run for Senate. We've had some business guys
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Speaker 2: run for mayor, run for governor, but for a business
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Speaker 2: guy out of nowhere to run for president, it's really unusual.
2:51
Speaker 2: The most successful before that was Ross Perrault, but that
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Speaker 2: was a third party candidate. But to have a business
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Speaker 2: guy with no political experience come out of nowhere get
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Speaker 2: the Republican nomination, and to do so had to defeat
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Speaker 2: the Bush machine and the Clinton machine to get the nomination,
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Speaker 2: it's pretty impressive. So I think he kind of sees
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Speaker 2: Mom Donnie as really having to accomplished something impressive. A
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Speaker 2: guy with no job, no experience, no resume of any kind,
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Speaker 2: just a fast talker, talk his way into the nomination,
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Speaker 2: wipe out Andrew Cuomo in two debates to get the nomination,
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Speaker 2: wipe out everybody in the general, and win. So I
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Speaker 2: can understand that in just wanting to keep his keep
3:40
Speaker 2: his hands on the Mam Donnie there. But maybe something
3:43
Speaker 2: something good might come out of this. Maybe Trump can
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Speaker 2: persuade him on certain things. Now. President Trump has also
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Speaker 2: said sanctuary cities and states will have their federal funds
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Speaker 2: cut off on February first. That can be devastating for
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Speaker 2: states and cities that none federal money for transit, for
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Speaker 2: mass transit, for all kinds of things. It could even
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Speaker 2: affect the Medicaid food stamps, all that sort of stuff.
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Speaker 2: Twelve states really good to have a problem. California, Illinois,
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Speaker 2: New York, a bunch of the nation's ten largest cities
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Speaker 2: could have their funds cut off. Now New York is
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Speaker 2: a perfect candidate for that because of Kathy Holkle. That's
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Speaker 2: stupid state of the State of the State speech that
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Speaker 2: she made yesterday, which everybody thought was just awful, just nothing.
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Speaker 2: She just wants to get reelected. That's her only goal
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Speaker 2: to get re elected in November. So she just threw
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Speaker 2: out all the focus grouped buzzwords in her State of
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Speaker 2: the state, you know, affordability, just rattled off all the
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Speaker 2: affordability stuff except childcare, groceries, utility bills, parents, veterans, disabled seniors.
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Speaker 2: They all need relief. She kept talking about how bad
4:55
Speaker 2: things were, everybody needs relief, how it's so awful and
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Speaker 2: something's got to be done. Okay, now this could be
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Speaker 2: a nice political speech, but the problem is Bruce Blakeman,
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Speaker 2: who's a much better talker than Kathy Hogel, far more
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Speaker 2: qualified to be governor of Kathy Ogel. His response was simple,
5:14
Speaker 2: if you listen to her speech, you'd think she was
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Speaker 2: not the governor. You'd think she was just elected today.
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Speaker 2: She's been the governor for over four years. You know,
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Speaker 2: by the time it's election time, she'll have been the
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Speaker 2: governor five years. So if you're going to complain about
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Speaker 2: all this stuff, the argument is, why would anybody vote
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Speaker 2: for you if it's that bad. This is after five
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Speaker 2: years of you being governor, so everybody should get rid
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Speaker 2: of you. So that's the problem Hokeel faces. They have
5:37
Speaker 2: a very tough time against Blakeman. It's her fifth State
5:40
Speaker 2: of the State speech as governor. She'll now campaign all
5:45
Speaker 2: over the place. She spent a lot of the speech
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Speaker 2: bashing Trump, throwing red meat to the blue state electorate.
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Speaker 2: But a lot of these issues, you know, especially with
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Speaker 2: ice and illegals, a lot of people want something done
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Speaker 2: about this. They just don't want it to go on
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Speaker 2: the way it is. Also, not everybody thinks ice is
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Speaker 2: that bad. Yeah, once in a while they might make
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Speaker 2: a mistake, but not always.
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Speaker 1: Yesterday they arrested an analyst at New York City Hall,
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Speaker 1: an analyst with legal work authorization.
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Speaker 3: Have you met an analyst lately?
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Speaker 1: I mean, they're really.
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Speaker 2: Not threatening, they're not the baddest of the bad when
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Speaker 2: they're just doing their jobs. Is that person really a threat? Well,
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Speaker 2: first of all, they don't even know if that's true.
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Speaker 2: Even if it is true, that's one case out of
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Speaker 2: how many people have they arrested, three hundred and fifty
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Speaker 2: thousand so far. The other thing is there was nothing
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Speaker 2: in the speech about crime. Can you imagine that? No
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Speaker 2: mention of crime. She's continued the crazy Cuomo ridiculous policies
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Speaker 2: of no bail, no jail, emptying out the prisons, all
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Speaker 2: that sort of stuff. You know, every time you go
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Speaker 2: into a drug store and everything's locked up, everything you know,
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Speaker 2: from anywhere else, from way out in the suburbs. When
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Speaker 2: they come into New York and they going to a
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Speaker 2: drug store, they can't believe a shampoo is locked up,
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Speaker 2: the soap is locked up, the aspen is locked everything's
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Speaker 2: locked up. They've never seen anything like it. And that's
7:13
Speaker 2: because of Cuomo. That's because of Kathy Hochel and this
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Speaker 2: no bail, no gail. Now she's found another way to
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Speaker 2: lower crime, by the way, you just make some things
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Speaker 2: no longer a crime. Yeah, you just take certain categories
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Speaker 2: and make them no longer illegal. Gets your numbers lower.
7:30
Speaker 2: But it was not a good speech by any stretch
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Speaker 2: of the imagination. So, hey, Kamala Harris just bought a
7:36
Speaker 2: new house Malibu, eight million dollar mansion. She and Dougie there.
7:41
Speaker 2: It's four thousand square feet. It's in a very very
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Speaker 2: very nice part of Malibu. Is she's certainly entitled to
7:48
Speaker 2: do that. She made a lot of money on the book.
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Speaker 2: I imagine she gets a lot of money on speeches. She's
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Speaker 2: the world's worst speaker. But you know, to a left
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Speaker 2: wing audience, they don't care. They'll listen to they'll think
7:59
Speaker 2: it's great. So, a new eight million dollar mansion. This
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Speaker 2: is just one of her many real estate holdings. So
8:08
Speaker 2: the nurse's strike continues. This is pretty bad, this nurse's strike.
8:12
Speaker 2: It's a big, big, strike. Now, Mam Donnie was out
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Speaker 2: there picketing with the nurses, which is a huge mistake
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Speaker 2: on his part, but that's part of being a little
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Speaker 2: kid who's never had a job, doesn't know anything about
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Speaker 2: this stuff. Normally, we've had nurses strikes before, but usually
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Speaker 2: it's the mayor who steps in and tries to settle
8:35
Speaker 2: the thing. But Mam Donnie is out there on the
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Speaker 2: picket line with the nurses, so he can't be an
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Speaker 2: honest broker in this. It's a big problem. Now. You
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Speaker 2: hear the nurses complain about healthcare. Isn't that funny? The
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Speaker 2: nurses can't get a healthcare plan. That's how you know
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Speaker 2: our healthcare system is really messed up when the nurses
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Speaker 2: working in the hospital can't get decent healthcare. But the
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Speaker 2: union demands, I don't know about some of these. They
9:01
Speaker 2: want a pay raise ten percent a year for three years.
9:05
Speaker 2: That's thirty three percent over three years. That's a big
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Speaker 2: pay raise. How much do nurses make? You might be
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Speaker 2: surprised the average nurse's salary. What do you think it is? No,
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Speaker 2: the average nurses salary one hundred and sixty two thousand
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Speaker 2: a year to two hundred and seventy two thousand a year,
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Speaker 2: which is not bad. One of the things a're fighting for.
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Speaker 2: They don't want to have to contribute to their pensions,
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Speaker 2: which is but most private sector workers do that. Now,
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Speaker 2: the problem with this strike and if you settle, if
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Speaker 2: you overpay in wages, if you give away too much,
9:46
Speaker 2: it affects the city's budget because a lot of these
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Speaker 2: nurses are working at city hospitals. It's not just north
9:52
Speaker 2: Well or Wild Cornell or New York Presbyterian. It's not
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Speaker 2: just these private hospitals. But the nurse's contract will affect
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Speaker 2: all the city hospitals too and drive up their costs.
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Speaker 2: In these city hospitals are already in a lot of trouble.
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Speaker 2: PBS has announced, you're supposed to feel bad about this.
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Speaker 2: They've had to cancel the PBS news Weekend show. You
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Speaker 2: know they do newscasts on PBS. This is where they
10:18
Speaker 2: got themselves into trouble. The idea of PBS, it was
10:21
Speaker 2: originally called educational television, public broadcasting. It was things like
10:26
Speaker 2: Sesame Street, educational shows, cultural shows, stuff you wouldn't normally
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Speaker 2: see on regular too. That was the whole idea of it.
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Speaker 2: Then now even there they got a little biased, a
10:36
Speaker 2: little slanted, but that's okay, they're entitled. But then they
10:39
Speaker 2: got into the news business doing newscasts, and they were
10:43
Speaker 2: the most slanted, biased newscast. It was basically propaganda for
10:48
Speaker 2: one side. Then they got these guys like Bill Moyers,
10:52
Speaker 2: who so awful the slanted propaganda that was coming out
10:57
Speaker 2: of Bill Moyer's So that's what led to the calls
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Speaker 2: for the funding to be cut. They shouldn't have been
11:01
Speaker 2: doing that. Why were they in the news business. The
11:04
Speaker 2: whole idea of PBS of public television stuff you can't
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Speaker 2: see anywhere else, stuff you can't see on regular television. Well,
11:11
Speaker 2: obviously if you wanted to see a newscast, you could
11:13
Speaker 2: see that every where you looked this newscast everywhere. There
11:18
Speaker 2: was no need for PBS to do it none whatsoever.
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Speaker 2: It ended up costing them their funding. They still have
11:25
Speaker 2: it during the week but PBS News Weekend, that's the
11:29
Speaker 2: weekend version. It's final episode, and they were very dramatic
11:34
Speaker 2: about it. They said, due to federal budget cuts, we
11:37
Speaker 2: had to make the difficult decision. But first of all,
11:41
Speaker 2: you got like five, no more than that, maybe seven
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Speaker 2: all news television Networks twenty four to seven. You've got
11:48
Speaker 2: newscasts everywhere. Every city has all news radio, and we
11:52
Speaker 2: got the talk radio which covers news. You've got everything.
11:55
Speaker 2: There is no reason for PBS to ever be through
11:58
Speaker 2: in news. That's why the Hey, speaking of PBS, there's
12:02
Speaker 2: a very nice guy. He used to work with him
12:05
Speaker 2: for him. Neil Shapiro ran Channel thirteen here in New
12:08
Speaker 2: York in Channel twenty when he's stepping down, retiring, still
12:12
Speaker 2: going to stay on as chairman emeritus, but a very
12:14
Speaker 2: good guy. Now, the Clintons, what the hell is this
12:20
Speaker 2: all about? The Clintons were asked to come in and
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Speaker 2: testify in a private session, not on camera, private talk
12:30
Speaker 2: about the Epstein stuff, just explain it, and they sent
12:35
Speaker 2: word they will refuse. They refuse to testify. And if
12:38
Speaker 2: you refuse to testify when you're summoned to Congress, it's
12:41
Speaker 2: contempt of Congress. You can go to prison for it.
12:44
Speaker 2: Just ask Peter Navarro, just ask Steve Bannon. They've gone
12:48
Speaker 2: to prison for this. Now Congress has to decide what
12:52
Speaker 2: they'll do. They could make a criminal referral. If they
12:56
Speaker 2: refer it, it goes to the DC Justice Department, the
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Speaker 2: local district attorney. And guess who that is. It's Janine Piro.
13:05
Speaker 2: Now nobody remembers this, but the Clintons put years ago,
13:11
Speaker 2: they put Janine Piro's husband in jail, Al Piro, who
13:15
Speaker 2: was a top attorney and a very nice guy in Westchester.
13:20
Speaker 2: And the reason they did that they were trying to
13:21
Speaker 2: mess up the reputation of the Piros. Because remember that's
13:26
Speaker 2: when Hillary wanted to run for Senate and it looked
13:29
Speaker 2: like the main competitor that might be able to beat
13:32
Speaker 2: her was Janine Piro. So they had to ruin the
13:35
Speaker 2: reputation of the Piros. So they charged him. It was
13:39
Speaker 2: some charge with it. Whenever he asked anybody in US
13:42
Speaker 2: Attorney's office, what the hell is this charge? I said
13:44
Speaker 2: it was from years ago. It doesn't mean anything. They
13:46
Speaker 2: just drummed up something. But they got a conviction with it.
13:49
Speaker 2: It was enough to make her drop out of the race,
13:51
Speaker 2: so it was an awful thing. Pierro was later pardoned.
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Speaker 2: He's not a convicted fellow anymore and he's a good guy.
13:57
Speaker 2: But you got to remember, I think that still haunts her,
14:03
Speaker 2: and she would be the one prosecuting them. And I'm
14:07
Speaker 2: sure they've thought about this now. James Comer is the
14:10
Speaker 2: chairman of the committee. Clinton's have refused to testify as a.
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Speaker 4: Result of Bill Clinton not showing up for his lawful subpoena,
14:18
Speaker 4: which again was voted on it unanimously by the committee
14:21
Speaker 4: in a box partisan manner. We will move next week
14:24
Speaker 4: in the House Oversight Committee mark up to hold former
14:27
Speaker 4: President Clinton in contempt of Congress.
14:29
Speaker 2: Yeah, that's a problem that it gets referred to Janine Piro. Now,
14:34
Speaker 2: if you got nothing to hide, if you did nothing wrong,
14:36
Speaker 2: why wouldn't you come in and testify, clear things up?
14:39
Speaker 2: If you did nothing wrong, wouldn't you be happy to
14:42
Speaker 2: come in and testify. I don't know. Now, Bill Clinton
14:46
Speaker 2: may try arguing that there's a principal here, a next president,
14:50
Speaker 2: the former president should not be forced to testify in
14:53
Speaker 2: front of He'll argue that principle or something like that.
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Speaker 4: No one's accusing Bill Clinton of any wrong doing. We
14:59
Speaker 4: just have questions, and that's why the Democrats voted along
15:02
Speaker 4: with Republicans to subpoena Bill Clinton.
15:05
Speaker 2: Yeah, now it would make sense to ask Bill Clinton
15:10
Speaker 2: a lot of questions because we're talking about Donald Trump.
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Speaker 2: He knew Jeffrey Epstein in the beginning years ago, but
15:15
Speaker 2: very briefly, and then cut him off, never spoke to
15:17
Speaker 2: him again. But Clinton was with Jeffrey Epstein day and night,
15:21
Speaker 2: all over the place, in a closer relationship to Jeffrey
15:24
Speaker 2: Epstein than almost anybody. Epstein was the one that helped
15:27
Speaker 2: start the Clinton Foundation, the Clinton Global Initiative. That's Epstein
15:32
Speaker 2: and Clinton's are flying all over the world. And that
15:35
Speaker 2: doesn't mean there was underage women. From what I know
15:38
Speaker 2: of Epstein. I got to see Epstein a lot. I
15:42
Speaker 2: stayed away from him, but I got to observe it
15:45
Speaker 2: wasn't underage girls with everybody. If you liked that, he
15:47
Speaker 2: had that. But if you were Bill Clinton and you
15:50
Speaker 2: liked forty year old floozies, he would get you that.
15:52
Speaker 2: So I don't think Clinton had anything to do with
15:55
Speaker 2: any underage women, but he should come and testify. I
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Speaker 2: explained the whole thing. I was looking back on this.
16:04
Speaker 2: I remember the last time I saw Epstein was it
16:07
Speaker 2: was late June, the twenty third of June twenty nineteen.
16:14
Speaker 2: I looked it up. We went to him. I was
16:16
Speaker 2: at a party where Epstein was there. Actually it was
16:19
Speaker 2: part of it was a movie premiere and he sat
16:22
Speaker 2: like right in front of me, and then I saw
16:23
Speaker 2: him in the party afterwards, and it was one week
16:26
Speaker 2: later that he got arrested. It was I think July sixth,
16:29
Speaker 2: twenty nineteen, arrested and that was the end of it.
16:33
Speaker 2: Now twenty nineteen, Donald Trump was president, so he was
16:36
Speaker 2: arrested by Donald Trump's Justice Department. Was that Bill bar
16:41
Speaker 2: at the time, I don't know. You know, Bill Barr's
16:45
Speaker 2: father actually had a close relationship with Jeffrey Epstein. So anyway,
16:48
Speaker 2: it's all a tangled mess in the swamp. We'll take
16:51
Speaker 2: some calls next. Eight hundred three to two one zero
16:55
Speaker 2: seven ten is the number. Eight hundred three to two
16:58
Speaker 2: one zero.
17:00
Speaker 1: Blogged into Everything New York on the Voice of New
17:04
Speaker 1: York Mark Simon on sevent Tenor.
17:10
Speaker 2: Hey, let's take some calls. Eight hundred three to two
17:12
Speaker 2: one zero seven ten is the number. Let's go to
17:15
Speaker 2: Linda in Long Island. Linda, how you doing, hi?
17:18
Speaker 5: Mark?
17:19
Speaker 6: You know what they're really scared about is the Pony
17:23
Speaker 6: Clinton Foundation. Years and years nobody's done anything about it.
17:28
Speaker 6: They were stealing the money was meant for starving people.
17:33
Speaker 6: And I was told that the allum. Anyway, the people
17:39
Speaker 6: are in Haiti, Well, yeah, they.
17:41
Speaker 2: Were very bad in Haiti. Listen. The Clinton Foundation stealing
17:45
Speaker 2: the money, Well, the money's probably not going where you
17:48
Speaker 2: think it's going. It's a weird structure. You know. If
17:51
Speaker 2: you go to the website, it'll say the Clinton Global Initiative,
17:55
Speaker 2: eighty nine percent of the money goes to the charity. Yeah,
17:59
Speaker 2: well that's the Clinton Global Initiative. But if you check
18:02
Speaker 2: into this, maybe they don't want to answer questions about this.
18:05
Speaker 2: When the money's donated, like ninety seven percent of it
18:08
Speaker 2: goes out of the Clinton Global Initiative and into all
18:11
Speaker 2: these other things, the Clinton Foundation of Canada, the Clinton
18:14
Speaker 2: Foundation of Mexico, the Clinton and that's where the funny
18:17
Speaker 2: business might take place with the with the money, there's
18:20
Speaker 2: ways to fudge it, so you could be right. They
18:23
Speaker 2: might not want to answer questions about that. And it
18:25
Speaker 2: was Jeffrey Epstein that had a big role in setting
18:28
Speaker 2: up the Clinton Foundation, so maybe they don't want that
18:31
Speaker 2: to become so public. Let's go to Dan and Queen's Dan.
18:34
Speaker 2: How you doing, Good morning, Mark.
18:38
Speaker 1: This denial of Somali organized crime Foruda Minnesota.
18:42
Speaker 3: It's like when Hoover denied that there was no mafia
18:45
Speaker 3: in the nineteen fifties in the US.
18:48
Speaker 2: Well kind of, yeah. I mean, this happens when you
18:51
Speaker 2: get the crazy left wing Democrats and think money goes missing.
18:55
Speaker 2: It happened with the Blasio A billion dollars went missing,
18:57
Speaker 2: happens all the time. It could happen with my Donnie,
19:00
Speaker 2: even with Eric Adams there was some funny business money
19:03
Speaker 2: and now a lot of times it's just that they're
19:06
Speaker 2: such incompetent leaders, like this mayor of Minneapolis or a
19:10
Speaker 2: mom Donnie type with no experience in government, so inexperienced,
19:13
Speaker 2: so incompetent, that they just don't know what the hell's
19:17
Speaker 2: going on, and everybody under them does all this stuff.
19:20
Speaker 2: It's like the Fed with your own Powell. A couple
19:23
Speaker 2: billion went missing when they rebuilt the building, they redid
19:27
Speaker 2: the they rebuilt the whole Fed building. Trump said he
19:30
Speaker 2: could have done it for twenty five million. They ended
19:32
Speaker 2: up spending two and a half billion. Where did that
19:35
Speaker 2: extra two billion go? Well, and it's most likely that
19:40
Speaker 2: Powell's not a crook, just a total bungling incompetent, like
19:45
Speaker 2: most of the government wasn't paying attention to anything and
19:48
Speaker 2: everybody involves still everything. Let's go to Can in New
19:51
Speaker 2: York City. Ken, how you doing?
19:55
Speaker 5: Ken?
19:55
Speaker 2: Are you there?
19:58
Speaker 5: No?
19:58
Speaker 2: Ken? H Let's go to Joel in Florida. Joel, how
20:02
Speaker 2: you doing?
20:03
Speaker 3: Good morning, Mark, I hope you're having a good day. Recently,
20:08
Speaker 3: even this morning, it sounds like China's making overtures on
20:11
Speaker 3: trying to do whatever they can to get a strong
20:14
Speaker 3: foothold in Greenland. I'm just wondering if you might be
20:17
Speaker 3: able to reach out to Gordon Chang it's some time
20:19
Speaker 3: per season, preeminent China expert, and see what he might
20:23
Speaker 3: think about all of this going on. Because Greenland and.
20:26
Speaker 2: China planning to go out and have fun today, I
20:28
Speaker 2: could cancel all that and just talk to Gordon Chang.
20:30
Speaker 2: But now he's a nice guy. But well, obviously that's
20:35
Speaker 2: one of the reasons. One of the main reasons that
20:37
Speaker 2: we want Greenland is very important strategically military wise to
20:42
Speaker 2: have Greenland. We have military assets there, are based there.
20:46
Speaker 2: That's the most important thing. It would be crucial for
20:48
Speaker 2: China to get a hold of it, Russia to get
20:50
Speaker 2: a hold of it, and that's one of the main reasons.
20:53
Speaker 2: There's minerals there, but the strategic military advantage is important.
20:57
Speaker 6: You know.
20:57
Speaker 2: It's the same thing with Venezuela. They don't talk much
20:59
Speaker 2: about this, but there's a lot of oil in Venezuela.
21:02
Speaker 2: There's twenty percent of the world's oil in Venezuela. There's
21:05
Speaker 2: three hundred billion gallons of oil there. There's seventeen trillion
21:10
Speaker 2: in oil there. Now, it's not that we want to
21:12
Speaker 2: take the oil. It's that it's one of the main
21:14
Speaker 2: sources of oil for China. So if we absolutely we
21:19
Speaker 2: cut off, we cut off China from the oil and
21:22
Speaker 2: put them in a very bad spot and gives us
21:24
Speaker 2: tremendous leverage to negotiate with them on other things. So
21:29
Speaker 2: a lot of this is a massive chess game that's
21:31
Speaker 2: being played. Let's go to Tom in Point Pleasant, New Jersey. Tom,
21:35
Speaker 2: how you doing.
21:37
Speaker 5: I'm doing well, Mark. Thank you, Mark. I miss your
21:40
Speaker 5: call ins with Regis philban I used to love to
21:42
Speaker 5: listen to you, and I know you like to reminisce
21:43
Speaker 5: about old TV movie people and performances. I was wondering
21:48
Speaker 5: if you might consider maybe once a week, having a
21:51
Speaker 5: ten minute colon about people would like to reminisce about
21:55
Speaker 5: those type of performances and people I used to love
21:57
Speaker 5: Joe Pine and Morton Downey Junior.
22:00
Speaker 2: Marton Downey Junior. Oh, I gotta forgot about that nutty
22:03
Speaker 2: guy he was.
22:04
Speaker 5: Yeah, they were kind of interesting to listen to.
22:07
Speaker 2: And yeah, well you can do that anytime you want.
22:09
Speaker 2: Anytime we take calls, you can bring up anybody you want.
22:11
Speaker 2: A lot of callers bring up somebody from the past.
22:13
Speaker 2: Regis we lost five years ago. We lost him five
22:18
Speaker 2: years ago, a great, great guy who was all over
22:21
Speaker 2: New York City. Everybody misses Regis Morton Downey Junior. I
22:25
Speaker 2: gotta be honest. He was a nice guy, but crazy,
22:28
Speaker 2: totally crazy, complete chaos surrounded him at all times. Nobody
22:32
Speaker 2: misses him, but Regis, we really really miss hey. When
22:37
Speaker 2: we come back, John Carney will be with us, the
22:39
Speaker 2: great economist and one of the smartest guys on earth.
22:41
Speaker 2: If you want to know everything about how the economy
22:43
Speaker 2: is doing, the FED, all that stuff, we'll get to
22:45
Speaker 2: that next. John Carney from Breitbart Business coming up next
22:49
Speaker 2: on seven to ten wo R New York. Mark Simone
22:56
Speaker 2: war Well, we'd like to bring you the smartest people
22:59
Speaker 2: are on Earth, Johnny Brilliant writer of nobody Better on
23:02
Speaker 2: Business the economy, John Carney's columns and his work. You
23:05
Speaker 2: can see it in bright Bart Business Daily. You should
23:08
Speaker 2: subscribe to it, read it every day bright Bart Business Daily.
23:12
Speaker 2: John Carney, how.
23:13
Speaker 1: You doing very good? Thanks for having me, Mark.
23:16
Speaker 2: Hey at your own Powell, what do you think goes
23:18
Speaker 2: through his mind? Why doesn't he just say to himself,
23:21
Speaker 2: let me step down and get the hell away from
23:23
Speaker 2: all this?
23:26
Speaker 1: You know, that's a good question. He only has a
23:28
Speaker 1: few more months as chairman, and he's decided to make
23:32
Speaker 1: those as explosive as possible rather than sort of quietly
23:38
Speaker 1: ride out into the sunset. I think he's just what
23:41
Speaker 1: we're seeing is he's taking in this very personally. Trump
23:45
Speaker 1: has been very critical of him, and Powell has decided
23:49
Speaker 1: I guess that he's had enough. Unfortunately, Pwell, actually, although
23:54
Speaker 1: his chairmanship ends in May, he actually has two more
23:59
Speaker 1: years to go on as governor term. Normally a chairman
24:02
Speaker 1: steps down from the governor's seat. But Howe, I think
24:07
Speaker 1: is going to end up sticking around, in part just
24:10
Speaker 1: to sort of put a stick in Trump's eye because
24:13
Speaker 1: he's so upset.
24:14
Speaker 2: Now. A trouble of point a new fed chairman and
24:17
Speaker 2: then Powell remains on the board, but as a former chairman,
24:21
Speaker 2: he can wield a lot of influence on the votes,
24:23
Speaker 2: on the decisions.
24:25
Speaker 1: Yeah, that's right. That's why the chairman have tended to
24:30
Speaker 1: step down. I mean almost all of them have for
24:33
Speaker 1: the last seventy five years. The last time somebody didn't
24:37
Speaker 1: step down when they left the chairmanship was in nineteen
24:41
Speaker 1: forty eight, so it's been a long time since this happened.
24:45
Speaker 1: The reason why they stepped down is because you're clearly
24:49
Speaker 1: undermining the new chairman when the old chairman, who you know,
24:52
Speaker 1: ran things, who knows everybody on the FED, who's been
24:55
Speaker 1: dealing with both the half officials and the entire staff
25:00
Speaker 1: for years. In Palace case, he's served two terms. If
25:04
Speaker 1: he stays around, he will essentially become the shadow chairman.
25:09
Speaker 1: It will damage the Fed's credibility and it will hurt
25:13
Speaker 1: it institutionally. He really should go, but there it seems
25:18
Speaker 1: increasingly likely that he's going to stick around and become
25:23
Speaker 1: sort of the shadow chairman of the FED, or at
25:28
Speaker 1: least at least until through twenty twenty eight. January twenty
25:32
Speaker 1: twenty eight is when his final term will end.
25:35
Speaker 6: Wow.
25:36
Speaker 2: John Carne Breitbart Business. By the way, the daily newsletter
25:41
Speaker 2: is excellent. Make sure you sign up for that Breitbart
25:43
Speaker 2: daily newsletter, the Business Digest. Now President Trump will appoint
25:48
Speaker 2: a new FED chairman. We don't know who it's going
25:50
Speaker 2: to be. Can we be sure his name will be
25:52
Speaker 2: Kevin Well?
25:56
Speaker 1: This actually has gotten more complicated reasons because we've had
26:00
Speaker 1: a couple Senators say that they will that until this
26:06
Speaker 1: fight with the Justice Department between the Justice Department and
26:09
Speaker 1: the Fed is resolved, that they're going to oppose any nomination,
26:14
Speaker 1: that they won't confirm any of Trump's nominees to the FED.
26:18
Speaker 1: What that could mean is that Trump would have to
26:21
Speaker 1: Trump still gets to pick somebody. Powell's term will end
26:26
Speaker 1: when it ends in May, he will no longer be chairman,
26:28
Speaker 1: even if they don't confirm a new one. It's unclear
26:32
Speaker 1: exactly what happens in that case. Would the FED just
26:35
Speaker 1: have no chairman? The way back in nineteen seventy eight,
26:38
Speaker 1: the Carter administration looked into this very question and they
26:42
Speaker 1: determined that the president gets to a point a acting
26:47
Speaker 1: FED chairman, but it has to be somebody who's already
26:49
Speaker 1: on the FED. So Trump has three appointees there now,
26:53
Speaker 1: Christopher Waller, Michelle Bowman, and Steven Myron, so he could
26:58
Speaker 1: pick one of them and make him the acting chair.
27:03
Speaker 1: Right now, Kevin Hassett and Kevin worsh are not on
27:07
Speaker 1: the FED. They could not be picked if that was
27:09
Speaker 1: the case, if the Senators were trying to block And
27:13
Speaker 1: there's a lot of skepticism now given this fight with
27:17
Speaker 1: the Justice Department, whether Kevin Hassett could get confirmed. He's
27:23
Speaker 1: seen as very close to Trump. He is Trump's top
27:25
Speaker 1: economic advisor in the White House, and including Republican senators
27:31
Speaker 1: may push back and say, we don't want somebody that
27:33
Speaker 1: close to the president getting the nomination.
27:36
Speaker 2: Well, just something about the FED has to be totally independent,
27:39
Speaker 2: totally separate. Is that always been the case? Is that
27:42
Speaker 2: really true?
27:44
Speaker 1: Yeah, it's not really true. Actually, historically the FED hasn't
27:50
Speaker 1: been totally independent. Sometimes we're good, sometimes we're bad. It
27:54
Speaker 1: used to be by the way that the Treasury Secretary
27:56
Speaker 1: sat on the board of the Federal Reserve. That got
27:59
Speaker 1: changed decades ago. But the and typically the FED hasn't
28:07
Speaker 1: actually usually been at odds. When the President they try
28:11
Speaker 1: to help the economy grow, they don't get in the
28:14
Speaker 1: way of presidential policy. Jerdan Powell is actually probably compromised
28:20
Speaker 1: a bit of the fed's independence by being so vocally
28:23
Speaker 1: an opponent of the tariffs. You know, Trump's signature policy
28:29
Speaker 1: has been under fire and criticized by the FED. That's unusual.
28:34
Speaker 1: The last time it happened really was probably Arthur Burns
28:38
Speaker 1: when Jimmy Carter came in, and Burns was critical of
28:41
Speaker 1: the Democrats economic plans. But Burns actually was probably not
28:47
Speaker 1: independent enough from the Nixon administration and kept rates low,
28:52
Speaker 1: helping spur inflation back then. So it's not really true
28:56
Speaker 1: that they're always independent. It would probably be good to
28:59
Speaker 1: have them be independent, but not in a way that
29:02
Speaker 1: interferes with the political process. They need to stay keep
29:07
Speaker 1: their distance from that. Alan Greenspan was good at keeping
29:09
Speaker 1: his distance of that. Frankly, soon Is Bernanki and even
29:13
Speaker 1: Yelling were better than what Powell has done, which has
29:17
Speaker 1: really been to enmesh himself in the politics of the day,
29:20
Speaker 1: which is a mistake.
29:21
Speaker 2: Yeah, he says he's like a financial fauci. Isn't he
29:25
Speaker 2: kind of.
29:28
Speaker 1: Love that idea? He really so. One thing that you
29:32
Speaker 1: can notice about how he thinks about his role is
29:36
Speaker 1: when Ben Bernanke began doing press conferences, he only did
29:40
Speaker 1: them every other meeting, and he did them sitting behind
29:43
Speaker 1: the desk. It was like going to office hours like
29:46
Speaker 1: an economics professor. Powell changes that, he does them every meeting,
29:52
Speaker 1: and he does it standing up at a podium as
29:54
Speaker 1: if he were an elected official. That I think was intentional.
29:59
Speaker 1: It's it made him a lot more visible and frankly,
30:02
Speaker 1: it makes him a bigger part of the political process.
30:06
Speaker 1: Which again, if the FED wants to preserve its independence,
30:09
Speaker 1: it needs to stay out of politics. It needs to
30:11
Speaker 1: stay in its own lane. The next guy should probably
30:16
Speaker 1: not hold a press conference every meeting, or at the
30:18
Speaker 1: very least go back to the days where Yellen and
30:23
Speaker 1: Bernank did it from behind a desk. Don't try to
30:27
Speaker 1: stand up there and look like your press conference is,
30:30
Speaker 1: you know, a White House press conference, which is what
30:32
Speaker 1: they look like.
30:33
Speaker 2: Hey, John Cannie, WILLI on a minute left. But for
30:35
Speaker 2: somebody might say to themselves, well, the president wants rates lowered.
30:39
Speaker 2: If the economy is going to do so well, if
30:41
Speaker 2: it's booming, do you need rates lowered?
30:45
Speaker 1: The weakest part of the economy is the right now
30:49
Speaker 1: is the part that is most exposed to interest rates,
30:52
Speaker 1: which is the housing market. We probably need rates lower
30:56
Speaker 1: to unfreeze the housing market. A lot of people have
30:58
Speaker 1: the situation where they are. They got a low interest
31:01
Speaker 1: rate mortgage back during the pandemic. They might want to
31:05
Speaker 1: sell today, but they would have to trade into a
31:07
Speaker 1: much higher interest rate mortgage, so they feel locked in.
31:10
Speaker 1: That's my very low supply of existing homes on the market,
31:14
Speaker 1: and that's pushed up prices a lot. We may get
31:16
Speaker 1: some if we bring rates down. I think we'll get
31:19
Speaker 1: some resolution to.
31:20
Speaker 2: That, all right. The brilliant John Carney. Read him every
31:23
Speaker 2: day bright Bart Business Digest and make sure you sign
31:26
Speaker 2: up for his daily newsletter. It's brilliant stuff every day
31:30
Speaker 2: bright Bart Business Digest, the daily newsletter. John Carney, thanks
31:34
Speaker 2: for being with us.
31:36
Speaker 6: Thanks for having me Mark, I.
31:37
Speaker 2: Take care, hey, everybody. Also, don't forget Buck and Clay
31:41
Speaker 2: at noon today. I love their show noon to three
31:43
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31:46
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31:51
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32:02
Speaker 4: Set another for Mark's podcast to hear him anytime.
32:06
Speaker 1: Now, back to Mark Simone on woar.
32:13
Speaker 2: Well, in the next hour, let's see, we'll get to
32:15
Speaker 2: the Supreme Court. They're gonna rule on men and women's sports.
32:21
Speaker 2: You know, I mean, I said this yesterday. I played
32:24
Speaker 2: football in high school. I was good. I wasn't great.
32:27
Speaker 2: I was okay, I did okay. If they had let
32:30
Speaker 2: me play against the women, I would have had the
32:32
Speaker 2: most incredible rereck. I would have been Tom Brady. I
32:34
Speaker 2: would have been the star quarterback. It's a problem if
32:38
Speaker 2: you play with men a football team, they're all bigger
32:42
Speaker 2: than you and they knock you down immediately. If you're
32:44
Speaker 2: playing with a bunch of women, you can just do
32:49
Speaker 2: much better. So it's obviously insane. Supreme Court, I think
32:53
Speaker 2: we'll rule that. Well, we'll get to this in the
32:55
Speaker 2: next hour. Also, we'll get to Minnesota and all the
33:00
Speaker 2: crazy left wing, childish kooks, the unhinged left in Minnesota,
33:05
Speaker 2: and a lot more coming up right after the news.
33:07
Speaker 2: I'm here every day ten to noon or listen to anytime.
33:10
Speaker 2: Get the podcast back after the News on seven to ten,
33:13
Speaker 2: Woir