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

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  Speaker 1: Mister New York marks them all. Dan wlr Well, we
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  Speaker 1: like to bring you the smartest people around here is
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  Speaker 1: the brilliant John Carney. Now you should read the Breitbart
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  Speaker 1: Business Digest every day. He writes that John Carney's a
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  Speaker 1: great stuff there. Now the way you get it just
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  Speaker 1: go to Breitbart and then where it says newsletters, click
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  Speaker 1: on newsletters and sign up for the Breitbart Business Digest.
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  Speaker 1: It's important reading every day. All the top economists read it,
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  Speaker 1: and he great writers with us right now, John Carney,
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  Speaker 1: how you doing.
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  Speaker 2: Really good? Mark? For a moment, I was afraid you
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  Speaker 2: were going to say we bring all the smartest people.
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  Speaker 2: Couldn't find any of you. Feel we got John.
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  Speaker 1: Corney now president nine o'clock to night. What does he
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  Speaker 1: need to say to calm down the stock market, the
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  Speaker 1: calm down you know, oil prices and what does he
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  Speaker 1: need to do?
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  Speaker 2: So I think what he is going to tell us
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  Speaker 2: is that the wars conclude it. He said about five
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  Speaker 2: and a half, about five weeks ago, that this would
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  Speaker 2: be a six week war, four to six weeks. We
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  Speaker 2: keep hearing the administration say that we are that things
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  Speaker 2: are ahead of schedule. You know, they like to say,
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  Speaker 2: under budget and ahead of schedule. Well, I think. And
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  Speaker 2: he was today on Truth Social saying that the current
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  Speaker 2: leadership of Iran is asking for a ceasefire, and Trump said,
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  Speaker 2: we will give them a ceasefire as long as the
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  Speaker 2: straight of Her Moves opens. That's the key, right, Once
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  Speaker 2: the oil can fruly pass through the Straight of Her
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  Speaker 2: Moves again, which is just a little tiny bottleneck that
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  Speaker 2: separates the Persian Gulf from frankly, the rest of the world,
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  Speaker 2: once it can pass through there, oil prices will come
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  Speaker 2: will fall very rapidly. Gas prices will fall a little
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  Speaker 2: less rapidly, because that always happens. They know they trail
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  Speaker 2: a little bit. And basically what we saw on the
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  Speaker 2: way up was every ten dollars of barrel of oil
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  Speaker 2: gas of the price equals about twenty five cents for
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  Speaker 2: a gallon of gasoline. And we'll see that in reverse.
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  Speaker 2: So as the price falls from one hundred and ten
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  Speaker 2: dollars to one hundred dollars to ninety to eighty, people
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  Speaker 2: who I talked to in the oil industry think we
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  Speaker 2: could see less than sixty dollars a barrel in relatively
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  Speaker 2: short order. They don't want it that low. By the way,
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  Speaker 2: they think that's too low, but they but they're afraid
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  Speaker 2: that the price is actually going to crash once we
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  Speaker 2: get through this crisis.
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  Speaker 1: Well, so we don't really use We don't use oil
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  Speaker 1: from the Straits, hormuse a drop or two, but we
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  Speaker 1: produce our own oil. So our own oil that we produced,
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  Speaker 1: Like the WTI crewed, where did they get the nerve
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  Speaker 1: to raise the price? There was no reason to do that,
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  Speaker 1: was there.
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  Speaker 2: No. We have plenty of oil. But remember it isn't
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  Speaker 2: global commodity, and there are people around the world who
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  Speaker 2: will bid it up, who will try to buy it
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  Speaker 2: from US as we want them to. So we don't
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  Speaker 2: have a lot. So when the war broke out, some
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  Speaker 2: people said, will the White House try to say, like,
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  Speaker 2: we won't sell our oil abroad? You know, only the
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  Speaker 2: US could use it. That would keep US prices down,
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  Speaker 2: but it would actually hurt our allies and people. We
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  Speaker 2: want to be customers. We actually want the rest of
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  Speaker 2: the world to look at the US as a reliable
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  Speaker 2: supplier of energy, whether it's natural gas. Frankly, we could
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  Speaker 2: shift coal. Nobody buys you know, is buying coal to
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  Speaker 2: ship abroad, but natural gas and oil we want them
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  Speaker 2: to not just look at US as the reliable supplier
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  Speaker 2: of it, but a supplier in a time of crisis,
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  Speaker 2: right that when something goes wrong in the Middle East,
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  Speaker 2: people can rest assured that the US will continue to
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  Speaker 2: produce oil. So yes, that means that when the globe
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  Speaker 2: oil price goes up, we are paying more for gasoline.
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  Speaker 2: But I think it's actually beneficial to the US, both
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  Speaker 2: geostrategically and economically to have the rest of the world
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  Speaker 2: look to US as a reliable.
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  Speaker 1: Support to John Carney, Breitbart Business Digest. Hey, Jamie Diamond,
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  Speaker 1: the very respected CEO on television yesterday trying to calm
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  Speaker 1: the markets down. The stock market did overreact to this,
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  Speaker 1: didn't They?
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  Speaker 2: Absolutely? Look the stock the stock market is a overreaction
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  Speaker 2: machine when things that it cannot predict. You know that
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  Speaker 2: has trouble predicting happened, so we saw, you know, a
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  Speaker 2: big sell off. What I would remind people is, look
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  Speaker 2: at what happened in the immediate panic after Liberation Day
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  Speaker 2: when Trump announced the initial teriff rates, and you had
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  Speaker 2: a huge sell off. People who sold off into that
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  Speaker 2: lost money because stocks went up a lot. If you
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  Speaker 2: buy into these panic selloffs, you will do well. I
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  Speaker 2: actually coined a acronym for this. It's panickers always lose money, pom.
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  Speaker 2: Don't be a palm guy. Go ahead and don't panic,
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  Speaker 2: you know, and frankly, just general good advice. People shouldn't
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  Speaker 2: try to, you know, time the market panic. Just just
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  Speaker 2: follow your investment strategy that you had before this happened,
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  Speaker 2: and you'll do very well.
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  Speaker 1: Yeah. But now, a lot of the market they like
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  Speaker 1: these big swings, They like that panic, They love those
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  Speaker 1: upsodes because that's where you can make money. The Gordon
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  Speaker 1: Gecko types, right, yeah.
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  Speaker 2: Oh sure, the hedge funds, the the you know, the
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  Speaker 2: golden sacks is the word. All of the big firms
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  Speaker 2: do well when there's tend to do well when there's
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  Speaker 2: volatility because they have professional traders, so they do like
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  Speaker 2: it and they but the other thing to remember is
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  Speaker 2: they also hedge everything. So even though they may be
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  Speaker 2: selling stocks, they are taking positions that if we get
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  Speaker 2: a violent reversal and stocks go up, which by the way,
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  Speaker 2: already happened this week. We saw a couple of days
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  Speaker 2: where stocks went up really fast. And if Trump I
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  Speaker 2: mean that, I would say, right now, there's two risks
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  Speaker 2: in the market. One that Trump announces, you know, say
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  Speaker 2: tonight that we are ceasing all military action. If that's
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  Speaker 2: the case, oil prices crash and stock prices will soar.
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  Speaker 2: The other thing, though, is maybe he says, you know,
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  Speaker 2: we're doubling down, and you know, I don't think this
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  Speaker 2: will happen, but we're doubling down. We're invading. You know,
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  Speaker 2: I have one hundred thousand marines flying to take Tehran today.
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  Speaker 2: Then the stock market will crash. Right, So there is
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  Speaker 2: a risk, and that's why you get these ups and
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  Speaker 2: downs because people are trying to trying to predict something
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  Speaker 2: that frankly is inherently pretty unpredictable.
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  Speaker 1: Well, now, John Connie, aside from the stock market, how
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  Speaker 1: are we doing consumer confidence wise? That sort of stuff.
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  Speaker 2: So it's very interesting the consumer confidence numbers improved in March.
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  Speaker 2: That took a lot of people by but yeah, you know,
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  Speaker 2: the official consensus was that it was going we're going
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  Speaker 2: to see a declining competence. In fact, it went up.
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  Speaker 2: Now there was a decline in the more forward looking
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  Speaker 2: so that the consumer competence numbers are made up of
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  Speaker 2: what they call the present situation evaluation and also the
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  Speaker 2: expectations the expectations number came down a little bit, but
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  Speaker 2: people's view of how the economy is today actually improved.
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  Speaker 2: And we also got ADP numbers today. This is the
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  Speaker 2: payroll processing company that has a pretty good view of
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  Speaker 2: how hiring is going, and they actually said March was
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  Speaker 2: a very good month for hiring. We added, according to them,
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  Speaker 2: sixty four thousand jobs. By the way, small businesses added
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  Speaker 2: one hundred and twelve thousand jobs in March according to ADP,
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  Speaker 2: So the economy is doing pretty well. The reason why
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  Speaker 2: I came down to sixty four is that larger business
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  Speaker 2: has actually let some people go. We may be seeing
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  Speaker 2: a little bit of an AI mix in there where
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  Speaker 2: larger businesses that can use AI and what they do
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  Speaker 2: are replacing some back office people with you and smaller businesses,
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  Speaker 2: which tend to not you know, tend to be much
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  Speaker 2: more hands on businesses are not using AI and not
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  Speaker 2: letting people go. They're actually hiring. They hired according to ADP,
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  Speaker 2: one hundred and twelve thousand people. That's a lot.
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  Speaker 1: Yeah, wow, John Carney, Breitbart Business Digest. Let's get to
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  Speaker 1: the FED for a minute. This When do we get
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  Speaker 1: our new FED chairman? When do we get rid of
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  Speaker 1: this Jerome Powell.
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  Speaker 2: That's the greatest question that's ever been asked. Nobody knows.
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  Speaker 2: Jerome Powell has said that he may refuse to go.
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  Speaker 2: Our friend Larry Tudlow has said that, you know, Jerome
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  Speaker 2: Powell wants to be chairman for life forever, maybe eternity.
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  Speaker 2: But his look, his term as chairman ends May fiftem
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  Speaker 2: on May six, kids, he is no longer chairman unless
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  Speaker 2: the pre reappoints him as a temporary interim chairman. I
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  Speaker 2: don't think. Look, do you think Trump is going to
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  Speaker 2: reappoint him as the Intern German? Though Powell seems to
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  Speaker 2: think that the Fed itself can appoint him as the
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  Speaker 2: Intern chairman if Kevin worsh isn't confirmed. Yes, he has
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  Speaker 2: said that, you know, oh well, the Fed will get
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  Speaker 2: to choose me. That's wrong. By the law. It would
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  Speaker 2: be really kind of an out of control, unaccountable move
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  Speaker 2: for the Fed to decide to can point its own head.
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  Speaker 2: He can't do that. So what will happen is the
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  Speaker 2: President will get to appoint somebody. But frankly, we may
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  Speaker 2: not get there because I think what we're going to see.
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  Speaker 2: I have said before the Trump administration should announce that
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  Speaker 2: it is wrapped up the investigation of the FED. That's
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  Speaker 2: what Senator Tom Tillis in North Carolina is saying, is
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  Speaker 2: holding up his willingness to confirm Kevin Warsh Trump's appointed
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  Speaker 2: to run the FED. Once that is wrapped up, then
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  Speaker 2: Tillis will vote to conform Worsh. We may even get
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  Speaker 2: Democrats voting to confirm him. So I think Worsh is
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  Speaker 2: going to get confirmed before we get to this May
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  Speaker 2: fifteenth date when Powell's thing runs out. And by the way,
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  Speaker 2: if Trump is worried about interfering with the investigation, you know,
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  Speaker 2: because it's not usual for the president to interfere with
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  Speaker 2: a justice a part of an investigation, he could preemptively
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  Speaker 2: pardon Powell. And I've said this, Trump should issue a
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  Speaker 2: pardon to Powell. Powell will hate that, he doesn't want
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  Speaker 2: to be parted, but it would be you know, it
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  Speaker 2: would resolve the whole thing. No more investigation, No, you know,
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  Speaker 2: Powell doesn't have a reason to stick around. The one
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  Speaker 2: caveat to everything I said is Powell can actually stay
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  Speaker 2: on the FED board, not as chairman, but as a
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  Speaker 2: governor of the FED for another two years. Till twenty
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  Speaker 2: twenty eight. That would be it's really actually a year
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  Speaker 2: and a half because it's January two, those twenty eighth,
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  Speaker 2: but that would be unprecedent. People don't The practice of
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  Speaker 2: FED President of FRED chairman has been even if their
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  Speaker 2: governorship runs a few more years, to step down. But
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  Speaker 2: Powell has kind of stubbornly refused to say he will
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  Speaker 2: step down when his chairmanship ends. It's a very bad
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  Speaker 2: president he's setting he should just say yeallgo No.
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  Speaker 1: He's like arthritis. You never really get rid of it.
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  Speaker 1: You can't get rid of it. Hey, everybody read John Carney,
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  Speaker 1: Breitbart Business Digest, Larry Cudlow, all the top economists. This
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  Speaker 1: is one of the first things they read every morning.
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  Speaker 1: You can subscribe to it. Just go to Breitbart the
• 11:40
  Speaker 1: website Breitbart and where it says news letters, click on
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  Speaker 1: that and then sign up for the Breitbart Business Digest
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  Speaker 1: and make sure you get it every day. John Carney,
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  Speaker 1: great stuff as always, and thanks for being with us.
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  Speaker 2: Thanks for having me.
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  Speaker 1: Mark, take care. Hey, don't forget at noon today, Buck Sexton,
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  Speaker 1: Clay Travis. They always do a really good show every
• 12:00
  Speaker 1: day at noon. Then you got the most listened to
• 12:03
  Speaker 1: radio show in America, Sean Hannity at three, you got
• 12:06
  Speaker 1: Jesse Kelly at six. Now tonight, at nine tonight we're
• 12:09
  Speaker 1: gonna have the president's speech. Normally it's Jimmy Fayle at nine,
• 12:12
  Speaker 1: but he'll come on right after the President's speech. He'll
• 12:15
  Speaker 1: be listening to Jimmy Fayla every night, nine to midnight
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  Speaker 1: on seven, ten, wor