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Mark interviews economist Steve Moore. · The Mark Simone Show

• 0:00
  Speaker 1: It's more and more, mister New York on sevent ten
• 0:04
  Speaker 1: w R.
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  Speaker 2: Well, welcome to the hunt for Steve Moore. Uh, we're
• 0:12
  Speaker 2: going to get him right. We've made contact with him,
• 0:16
  Speaker 2: the great economist, and he leads the Great Committee Unleashed Prosperity.
• 0:24
  Speaker 2: By the way, every day they put out the best
• 0:26
  Speaker 2: daily briefing with news and analysis. You'll love it. It's free,
• 0:30
  Speaker 2: it'll come write to your email. Go sign up for it.
• 0:32
  Speaker 2: Go to Unleash Prosperity dot com. Unleash Prosperity dot com
• 0:37
  Speaker 2: and get Steve Moore's latest book, The Trump Economic Miracle.
• 0:41
  Speaker 2: You'll love it. Steve Moore, How you doing.
• 0:44
  Speaker 3: They Mark? I am doing really well. I think that
• 0:48
  Speaker 3: this economy is flying high. I think all the signals
• 0:52
  Speaker 3: are pointing north, whether it's incomes, and we're seeing a
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  Speaker 3: lot of new jobs, a lot of new manufacturing, a
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  Speaker 3: lot of money poor into the United States. I think
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  Speaker 3: were they out economy? And so I'm very bullish right
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  Speaker 3: now about you.
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  Speaker 2: Yeah, you know, well, I'm not an expert like you are.
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  Speaker 2: But the jobs number looked okay, not great, But if
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  Speaker 2: you look at the household survey, it looked great. What
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  Speaker 2: is the difference between the two things.
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  Speaker 3: Well, I don't want to get too far into the weeds.
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  Speaker 3: I don't want to be a nerdy coniser. But basically
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  Speaker 3: they do serves one of us households and one of
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  Speaker 3: the businesses, and they pointed in different directions, and so
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  Speaker 3: the household survey showed a big gain in jobs and
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  Speaker 3: the other one just showed a little tiny game. I
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  Speaker 3: don't know which one to believe. I think maybe somewhere
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  Speaker 3: in the middle. But look, the problem in the United
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  Speaker 3: States is not a shortage of jobs. It isn't it's
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  Speaker 3: a shortage of workers. I mean, we have eleven thousand
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  Speaker 3: American retirement every day and eight thousand people that work
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  Speaker 3: for so just do the math there are our labor
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  Speaker 3: force is going to be shrinking unless we have immigration
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  Speaker 3: and unless get the people who are on employed in
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  Speaker 3: into jobs. So if you talk to most businesses, they say, look,
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  Speaker 3: we're hiring, we just can't find the people with the
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  Speaker 3: skills we need. You saw Bill Ford, you know, who,
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  Speaker 3: of course is the president of Ford Motor Company, Yeah,
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  Speaker 3: saying we have fifteen thousand mechanic jobs open and those
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  Speaker 3: day over one hundred thousand dollars a year. And we
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  Speaker 3: can't fill them.
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  Speaker 2: Wow. Yeah, I know that's and for it's an example
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  Speaker 2: of a great American company that's a coming back manufacturing
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  Speaker 2: in America.
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  Speaker 1: Yep and yep.
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  Speaker 3: I mean, you know it's interesting, Mark, because you probably
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  Speaker 3: said a lot of your listeners, and I'm sure you
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  Speaker 3: saw Trump, you know, give that little talk at the
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  Speaker 3: Ford plant where they make the F one fifty. And
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  Speaker 3: you know, when I was a kid, you know, I
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  Speaker 3: in the early seventies, when I grew up in Chicago,
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  Speaker 3: we took a trip.
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  Speaker 1: We drove to Detroit and.
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  Speaker 3: We went to the Kellogg's factory, and we went to
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  Speaker 3: the steel plants, and we went to the Ford you
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  Speaker 3: know plant there. And back then this was nearly seventy
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  Speaker 3: like sweatshops. I mean, those are tough factory jobs, you know.
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  Speaker 3: And I looked at the factories, you know, that factory,
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  Speaker 3: that four factory today. It didn't look at anything like
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  Speaker 3: that fifty years ago. And so my point is, you
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  Speaker 3: know that it's changed a lot, these kind of manufacturing jobs,
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  Speaker 3: and it so much is done with automation now, and
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  Speaker 3: so it's it's amazing and the fact that we're now,
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  Speaker 3: you know, producing more cars is a really positive thing
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  Speaker 3: and producing America. Trump that it used to be the factory.
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  Speaker 3: We're moving from Michigan to Mexico. And now they're moving
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  Speaker 3: from Mexicano Michigan.
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  Speaker 2: Yeah. Hey, speaking of all that, you know, years ago,
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  Speaker 2: the Democratic Party was the party of the working class.
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  Speaker 2: You thought of a Democrat voter, you thought of the factory,
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  Speaker 2: the lunch bucket, the hard hat. Now you think of
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  Speaker 2: a Democrat vot do you think of a nose ring,
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  Speaker 2: pink hair? They don't work. Chasing the ice around what happened.
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  Speaker 3: It's a great point, I think one of the real
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  Speaker 3: uh political positions that has happened in the last fifteen repointers,
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  Speaker 3: especially in the Europe Trump, it's been Trump really has
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  Speaker 3: turned the Republican Party into the party of the working class,
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  Speaker 3: and Democrats have become the party of the league. And
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  Speaker 3: so that's why you're seeing you know, uh they have
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  Speaker 3: in the cities and so on. I mean, you look
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  Speaker 3: at what's happening in New York City and it's just
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  Speaker 3: it breaks my home mark. I mean, you live there
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  Speaker 3: in the New York It's just how can you who
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  Speaker 3: admits that he's a socialist, where is socialism? Point to
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  Speaker 3: a cit place where it works.
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  Speaker 1: Yeah.
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  Speaker 2: Uh, well, but the president seems to have a good
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  Speaker 2: relationship with mom Donnie, not that it's ye done anything relationship.
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  Speaker 3: He also has a good relationship now with pok.
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  Speaker 1: Honest up, Steve, are you there a credit cards?
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  Speaker 2: Yeah?
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  Speaker 1: Uh hey?
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  Speaker 2: Speaking of credit cards, this idea of capping, because they're interesting, Well,
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  Speaker 2: the interest rate on a credit card can be ridiculously high.
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  Speaker 2: Why not a cap?
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  Speaker 3: Well, because if you do that, it's because they've tried
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  Speaker 3: this before. When you put these kind of caps on,
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  Speaker 3: then then they issue fewer credit cards, and we estimated
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  Speaker 3: millions of Americans will lose, especially lower income Americans, Americans
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  Speaker 3: with poorer credit ratings, and then they're not going to
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  Speaker 3: have access to credit at Oh then what are they
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  Speaker 3: gonna have to do? They're gonna have to go to
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  Speaker 3: you know, Guido the loan Shark you can get money.
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  Speaker 3: So I think it's a really bad idea. And I'm
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  Speaker 3: not a financial advisor, but I will advise this to
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  Speaker 3: your listeners. The worst way to borrow is to borrow
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  Speaker 3: off your credit card. People are stupid to do that,
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  Speaker 3: and we should. We need more financial literacy in this country.
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  Speaker 3: You're better off taking a loan at a bank than
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  Speaker 3: borrowing off your credit cards because you said they'll pay you,
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  Speaker 3: they'll charge your twenty two percent interest. So don't that.
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  Speaker 3: Credit cards are not for borrowing. And if you get
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  Speaker 3: if you get into debt on your credit card, try
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  Speaker 3: to pay it back as quickly as possible. So, but look,
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  Speaker 3: the banks don't make money when people go, uh, you know,
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  Speaker 3: go don't link went on their credit cards. But they
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  Speaker 3: have to recapture, you know, they pay you know, they're
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  Speaker 3: paying the same four percent interest rate, they pay six
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  Speaker 3: percent on the capture. They pay all these costs. So
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  Speaker 3: there's way. But I saw at two trillion dollars of
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  Speaker 3: debt on people's credit cards. That's bad.
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  Speaker 2: Yeah, I remember that Warren Buffett. That old woman said, uh,
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  Speaker 2: he said, well what do you Oh, it's well my
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  Speaker 2: credit card did well, how much you're paying a twenty
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  Speaker 2: two percent? And he said pay it off immediately. She said,
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  Speaker 2: well I need money. He said, I'll give you all
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  Speaker 2: the money you want if you're paying twenty two percent.
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  Speaker 3: So right, exactly. So it's just a bad way to burow.
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  Speaker 3: And people are gonna look, I'm I have relatives who've
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  Speaker 3: gotten into the card trouble. And then the problem is
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  Speaker 3: then if you don't pay the credit card, you know,
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  Speaker 3: then you lose your credit rating. So we just need
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  Speaker 3: need to be more disciplined, uh, in terms of you know,
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  Speaker 3: not overspending. But I don't think look taking away credit card.
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  Speaker 3: Look it used to be when I grew up, only
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  Speaker 3: in the less half of the population even had access
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  Speaker 3: to credit cards. Now almost everybody has a credit card,
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  Speaker 3: and that's a good thing. It means we've democratized credit
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  Speaker 3: and innocently. Have you noticed this. I don't know if
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  Speaker 3: it's true in New York City, but a lot of
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  Speaker 3: stores where I live, they say, we don't take cash anymore. Well,
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  Speaker 3: if they don't take cash and you can't get a
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  Speaker 3: credit card, are you going to pay for anything?
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  Speaker 2: But in five years, I don't think we'll have any
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  Speaker 2: cash anywhere. Everything will be I.
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  Speaker 3: Don't think so either. So that you know, well, how
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  Speaker 3: are people going to you know, people are going to
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  Speaker 3: use electronic transfers, and so we want everybody to have
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  Speaker 3: access to credit. And but look, I agree with you.
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  Speaker 3: I think though some of those interest rates are really high.
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  Speaker 1: But I don't think.
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  Speaker 3: I don't like the government setting price.
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  Speaker 2: Controls Yeah, if we're not going to have any cash anymore.
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  Speaker 2: Is that the reason we really have to have crypto?
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  Speaker 2: For people that want to avoid taxes and all that
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  Speaker 2: stuff and criminal activity, that's why they need crypto.
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  Speaker 3: Well, I'm not an expert on cryptos. I'm very happy
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  Speaker 3: we have them. And are you an investor in cryptos?
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  Speaker 1: No?
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  Speaker 3: No, no, I'm not either, but I'm happy that we
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  Speaker 3: have them because, you know what, we've got a lot
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  Speaker 3: of you know, we've got Jerome Paul up the FED
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  Speaker 3: who doesn't know what he's doing. And you know what
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  Speaker 3: does the government always do when we get in trouble
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  Speaker 3: They inflate the currency. So this is a fact that
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  Speaker 3: people can buy a private currency. I think it's going
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  Speaker 3: to keep these central bankers honest.
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  Speaker 1: Hey, we just petition is a good thing.
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  Speaker 2: Yeah, we only got a few seconds. Jerome Paul, when
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  Speaker 2: he is done is the FED chairman? Will he leave
• 8:34
  Speaker 2: or will he stay on the board and annoy everybody?
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  Speaker 3: Does it matter? I just want him out of the
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  Speaker 3: chairmanship as soon as possible. I'm with Trump. I think
• 8:41
  Speaker 3: he's been a total disaster at the FED. Uh and
• 8:44
  Speaker 3: he hates Trump and a lot of this. He's also
• 8:46
  Speaker 3: the most political fed chairman we've ever had. I cannot wait.
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  Speaker 3: But my advice to Trump just.
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  Speaker 1: Wait him out.
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  Speaker 3: He'll be gone in four months and we'll he'll be
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  Speaker 3: He'll be gone and forgotten.
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  Speaker 2: Well, unlike you, I want him out of the building,
• 8:58
  Speaker 2: not on the board, not a vote. I want him gone,
• 9:01
  Speaker 2: leave Washington anyway. Steve Moore, great stuff. Everybody sign up
• 9:04
  Speaker 2: for his daily briefing is the best there is. It's free.
• 9:07
  Speaker 2: It'll come write to your email. Just go to Unleash
• 9:10
  Speaker 2: prosperity dot com. Unleash prosperity dot com. Steve Moore, thanks
• 9:14
  Speaker 2: for being with us.
• 9:16
  Speaker 3: Thanks Miro to have a great weekend.
• 9:17
  Speaker 2: Take care all right, take care hey, don't forget Buck
• 9:20
  Speaker 2: and Clay Noon Today excellent show. Then at three o'clock,
• 9:24
  Speaker 2: the most listened to radio show in America Sean Hannity,
• 9:28
  Speaker 2: Jesse Kelly at six, and the best news show we've
• 9:31
  Speaker 2: got is Jimmy Fayla every night at nine. Funny, interesting.
• 9:35
  Speaker 2: In fact, he'll be with us in the next hour
• 9:37
  Speaker 2: right here on seven to ten. WR