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Mark interviews Breitbart business news editor John Carney. · The Mark Simone Show

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  Speaker 1: Mark Simone. Mr. New York. Now three hours every weekday
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  Speaker 1: from 9 till noon on 710WOR. Well, John Carney, the
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  Speaker 1: brilliant writer, he's the editor of Breitbart Business Digest. You've
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  Speaker 1: got to read this every day. A lot of the
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  Speaker 1: top smartest economy people, Larry Kudlow, Scott Besant, they say
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  Speaker 1: it's the first thing they read every morning. The Breitbart
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  Speaker 1: Business Digest. You can subscribe. It's free. It's absolutely free.
• 0:30
  Speaker 1: Just go to Breitbart. Then go to where it says Newsletters.
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  Speaker 1: Sign up for the Breitbart Business Digest. It'll come write
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  Speaker 1: your email free every day. John Carney, how you doing?
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  Speaker 2: Great. Thanks for having me, Mark.
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  Speaker 1: I'm reading the New York Times. Apparently, our economy is
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  Speaker 1: in crisis. Unemployment, everything's out of control. Is that the case?
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  Speaker 3: No, it's the opposite of the case today. We actually
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  Speaker 3: just got jobless numbers in.
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  Speaker 2: These are people who lose their jobs.
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  Speaker 3: They go and apply for unemployment benefits. These came in
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  Speaker 3: at 194,000 for last week on a three-month rolling basis.
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  Speaker 3: It's the lowest it has been since 1969.
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  Speaker 1: Wow.
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  Speaker 3: So we have never had such a stable and secure job.
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  Speaker 3: labor market as we have right now.
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  Speaker 1: In the United States. What about the claim that we're
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  Speaker 1: in an affordability crisis? How bad is this affordability crisis?
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  Speaker 2: Look, gasoline prices are up. That's a problem.
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  Speaker 3: It started to leak into some other things, but it
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  Speaker 3: pales in comparison to what they tried to underplay during
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  Speaker 3: the Biden administration when it really, really became a big problem.
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  Speaker 3: We also, inflation has come down a lot since the
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  Speaker 3: worst years of the Biden administration.
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  Speaker 2: And we're probably, and look, once.
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  Speaker 3: We get through the Iran situation, we should expect to
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  Speaker 3: see oil prices come down a lot.
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  Speaker 1: Yeah. One thing about Democrats, you don't really want to
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  Speaker 1: count on them to bring down oil prices. They tend
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  Speaker 1: to shut down drilling.
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  Speaker 3: Yeah. But they don't want drilling. I mean, that's one
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  Speaker 3: of the big lies about this whole situation. The Democrats
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  Speaker 3: act as if they're bad about high gas prices, but
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  Speaker 3: they've done everything in their power, and they will do
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  Speaker 3: everything in their power to make sure gas prices stay high.
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  Speaker 3: They consider it, when it's not politically useful for them
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  Speaker 3: to attack Donald Trump over gasoline prices, they actually want
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  Speaker 3: gasoline prices higher because they want to force people out
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  Speaker 3: of using gasoline-powered cars into electric cars. So they will
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  Speaker 3: do everything they can, including shut down refineries, shut down pipelines,
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  Speaker 3: shut down drilling in order to drive up and put taxes,
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  Speaker 3: of course, on gasoline in order to drive up the price.
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  Speaker 1: They did this in California. You know, they now have
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  Speaker 1: it up to $ 10 a gallon in California. Pretty amazing.
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  Speaker 2: It is incredible.
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  Speaker 3: I do, you know, everybody should, it's actually really easy
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  Speaker 3: to find it. And I have no interest in telling
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  Speaker 3: people this, but if you go to the AAA's website,
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  Speaker 3: you know, the car company, the driver's company, you go
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  Speaker 3: there and you look it up and you will find
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  Speaker 3: the prices all over the country.
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  Speaker 2: Look at how expensive California gas is.
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  Speaker 3: And remember, that's what the Democrats want for everyone.
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  Speaker 1: Yeah. So, hey, what about the Fed? When is the
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  Speaker 1: next meeting?
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  Speaker 2: The next meeting is next Tuesday and Wednesday.
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  Speaker 3: The Fed is widely expected not to raise interest rates
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  Speaker 3: at this meeting.
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  Speaker 2: Although I have to say, I think there's a chance
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  Speaker 2: they might.
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  Speaker 1: Yes.
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  Speaker 3: So Kevin Warsh does not like the market believing that
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  Speaker 3: everything a Fed person does is indicating with certainty about
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  Speaker 3: what's going to happen at the next meeting. What happened
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  Speaker 3: when Kevin Warsh spoke at a IMF conference, which, by
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  Speaker 3: the way, these are ridiculous. They cost hundreds of millions
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  Speaker 3: of dollars to put on. The last one was in Bangkok.
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  Speaker 3: Kevin Warsh was there. He's a nice guy. He probably
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  Speaker 3: doesn't need to go to those things anymore, but he
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  Speaker 3: goes to the IMF thing, and he refuses to say
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  Speaker 3: what the Fed is going to do this week, as
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  Speaker 3: he should. He said he's not giving forward guidance anymore.
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  Speaker 3: They'll decide what they're going to decide at the meeting,
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  Speaker 3: and then they'll announce it afterwards. But the market took his, uh,
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  Speaker 3: refusal to say anything as him saying something as him saying, yes,
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  Speaker 3: we're going to do exactly what you expect. So he
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  Speaker 3: really wants the market to stop thinking in that way.
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  Speaker 3: He probably at some point will need to surprise the market.
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  Speaker 3: And you know, this, I, I, you know, I'm not
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  Speaker 3: privy to, you know, what Kevin Walsh was thinking as
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  Speaker 3: he got on the plane back from Bangkok and saw
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  Speaker 3: the markets reacting to his comments. But if I were him,
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  Speaker 3: I would seriously consider the market has it so that
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  Speaker 3: there's no chance of a hike next week, but almost 100%
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  Speaker 3: chance of a hike in December.
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  Speaker 2: There's no real difference between the two.
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  Speaker 3: Warsh could actually accomplish something by hiking in October and
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  Speaker 3: teaching the market to stop trying to pretend he's still
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  Speaker 3: doing forward guidance.
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  Speaker 1: It's not Warsh's fault, but in the Last bunch of years.
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  Speaker 1: Hasn't the Fed been a little too aggressive? Shouldn't they
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  Speaker 1: stay the hell out of it when they can?
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  Speaker 2: Yeah.
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  Speaker 3: What I think the Fed and Walsh does want to
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  Speaker 3: do this, make the Fed less important to the economy
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  Speaker 3: so that, you know, so that it's stocks and businesses
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  Speaker 3: and everything isn't constantly not just about, you know, whether
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  Speaker 3: or not we're producing good stuff, whether productivity is growing.
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  Speaker 3: whether people have jobs, but instead people are so focused
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  Speaker 3: on the idea of like, what will the fed do?
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  Speaker 3: Kevin Walsh wants to move away from that. And I
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  Speaker 3: think that would be a very welcome development, but it's
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  Speaker 3: going to take some time. Look, the fed has been
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  Speaker 3: basically since the financial crisis of 2008, the fed has
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  Speaker 3: become one of the central actors in everything to do
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  Speaker 3: with the economy. Ending that after close to 20 years
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  Speaker 3: is going to take, uh, It's going to take a
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  Speaker 3: little while and take some effort.
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  Speaker 1: Hey, we're talking John Carney, Breitbart Business Digest. You should
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  Speaker 1: read it every day. AI data centers, you know, the
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  Speaker 1: problem is they're massive. They're way too big. They're too noisy.
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  Speaker 1: Isn't this just a matter of time before they get
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  Speaker 1: smaller and smaller like the computers did in the 70s, 80s?
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  Speaker 1: They're going to get smaller, quieter. Isn't that going to
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  Speaker 1: solve the problem?
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  Speaker 2: I think they will get smaller and quieter.
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  Speaker 3: Sort of like we've done with nuclear power, where people
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  Speaker 3: are developing small modular reactors rather than giant reactors. They
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  Speaker 3: will get smaller, quieter, and probably there will be more
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  Speaker 3: of them. But I think a big possibility, look, if
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  Speaker 3: enough states put moratoriums on AI data centers or try
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  Speaker 3: to tax them in some way or another, I think
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  Speaker 3: we may get Elon Musk's dream of the space-based data
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  Speaker 3: centers where we'll be powering these things from satellites and
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  Speaker 3: their signals will be beamed down to Earth so that,
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  Speaker 3: you know, we won't hear them because they'll be up
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  Speaker 3: in space.
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  Speaker 1: I know he keeps talking about that. I don't even
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  Speaker 1: understand what he's talking about. So you don't have to
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  Speaker 1: be connected. I mean, you can do it from space,
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  Speaker 1: send all that data. There's a channel big enough to
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  Speaker 1: send it all down.
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  Speaker 3: Our technology in getting signals from space is improving all
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  Speaker 3: of the time, partly because of what SpaceX is doing.
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  Speaker 3: There are other companies involved in this as well. But
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  Speaker 3: I'll just give you a big picture.
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  Speaker 2: In 10 years.
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  Speaker 3: From now, we will probably not be using cell phone
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  Speaker 3: towers except in New York City, in really dense areas, right?
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  Speaker 3: In really dense areas, you'll still need cell phone towers.
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  Speaker 3: The rest of the planet, particularly the rest of the
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  Speaker 3: United States, will mostly work off of satellites.
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  Speaker 1: Wow. And what is Musk? I'm reading all these predictions.
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  Speaker 1: In 10 years, we'll have 100 million robots will be
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  Speaker 1: doing everything. You won't need to work that much anymore.
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  Speaker 1: Does he know what he... Well, obviously, he must know
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  Speaker 1: what he's talking about, right?
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  Speaker 2: We'll have robots.
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  Speaker 3: And right now, think of this when they're self-driving cars, right?
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  Speaker 3: So those are already robots that are moving around on
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  Speaker 3: their own.
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  Speaker 2: We will have.
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  Speaker 3: Robots that are able to, that are less expensive than
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  Speaker 3: cars that are able to do a lot of things.
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  Speaker 3: But the idea that like there will not be work
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  Speaker 3: for humans.
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  Speaker 2: Is not true. there will always be plenty of work
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  Speaker 2: for humans.
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  Speaker 3: As I said to my daughters, you know, you still
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  Speaker 3: got to study hard because you're still going to have
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  Speaker 3: to get a job someday.
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  Speaker 2: I hate to break it to everybody.
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  Speaker 3: We're not going to have permanent vacation time anytime in
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  Speaker 3: our lifetime.
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  Speaker 1: Oh, except I like this. Musk is saying it'll be
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  Speaker 1: a four, three day week, a four day week.
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  Speaker 3: I think a lot of jobs that aren't that fun
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  Speaker 3: to do will be done by robots. And a lot
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  Speaker 3: of our jobs will actually become more fun and we'll
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  Speaker 3: have a.
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  Speaker 2: Lot more, call it bespoke things, because.
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  Speaker 3: When robots can do a lot of sort of menial
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  Speaker 3: labor tasks, that will mean that humans can focus on
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  Speaker 3: things like more luxury tasks, tasks that are more fun.
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  Speaker 2: We'll all be, I mean, we'll be, if things, if
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  Speaker 2: we do get.
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  Speaker 3: A world of super abundance where people, you know, Musk's
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  Speaker 3: idea of, you know, we produce so much that we
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  Speaker 3: only have to work two days a week, I think
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  Speaker 3: we'll actually work more than that But we'll be wearing, like,
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  Speaker 3: jeans that are hand-sewed by somebody down the street from us.
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  Speaker 1: Yeah.
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  Speaker 3: Because we'll have so much free time and so much
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  Speaker 3: abundance that things that right now are incredibly luxurious will
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  Speaker 3: actually become, you know, made-by-hand shoes will become things that
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  Speaker 3: we can all afford.
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  Speaker 1: Wow. All right. Great stuff. Hey, everybody, I'm telling you,
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  Speaker 1: you're going to love the Breitbart Business Digest. The smartest
• 10:38
  Speaker 1: people in the world read this every day. And it's free.
• 10:41
  Speaker 1: It'll come right to your e-mail. Just go to Breitbart.com
• 10:45
  Speaker 1: and go to where it says newsletters. Sign up for
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  Speaker 1: the Business Digest. It'll come right to your email. John Carney,
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  Speaker 1: brilliant as always. Thanks for being with us.
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  Speaker 3: Yeah, thanks for having me. Someday, the Breitbart Business Digest
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  Speaker 3: will come to people from space.
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  Speaker 1: All right. Well, thanks a lot. Have a great day.
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  Speaker 1: Take care.
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  Speaker 2: Thank you.
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  Speaker 1: Thanks. Those satellites will be everywhere. Well, let's say you've
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  Speaker 1: got like serious satellite radio, which you can go forever
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  Speaker 1: and get the signal. So that will fix the cell
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  Speaker 1: phone problem where, you know, now you've got these dead
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  Speaker 1: zones in certain places. That'll fix that. Hey, coming up
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  Speaker 1: at noon, don't forget Buck and Clay. Excellent show. The
• 11:28
  Speaker 1: most listened to radio show in America, Sean Hannity, 3 o'clock. Now,
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  Speaker 1: I'm here three hours every day, 9 to noon. And,
• 11:36
  Speaker 1: of course, before me, Curtis Sliwa, Larry Menti, 6 to
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  Speaker 1: 9 on 710WOR.