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Mark interviews John Carney from Breitbart Business News. · The Mark Simone Show

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  Speaker 1: Welcome back to the Mark Simone Show, Live from the
• 0:03
  Speaker 1: w o R Life Back Studios. Well, there's nobody better
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  Speaker 1: at covering business the economy than Breitbart Business Digest, and
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  Speaker 1: John Karney is the guy behind it. John Carney, the
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  Speaker 1: great writer, reporter. In fact, that Breitbart Business Digest the
• 0:20
  Speaker 1: first thing Larry Cudler reads every morning, first thing Scott
• 0:24
  Speaker 1: Bessett reads every morning. And you sign up for it.
• 0:26
  Speaker 1: It's free. Just go to Breitbart dot com, go to
• 0:29
  Speaker 1: the Business Digest. I'm to actually go to newsletters. Go
• 0:32
  Speaker 1: to Breitbart, go to newsletters, and then sign up for
• 0:35
  Speaker 1: the Breitbart Business Digest. Come write to your email every day.
• 0:39
  Speaker 1: John Carney, how you doing.
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  Speaker 2: You gave me a great idea, Mark, I should actually
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  Speaker 2: just have a page that's Breitbart dot com slash Business Digest.
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  Speaker 3: Yes, let's think it's.
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  Speaker 2: Simple for people. I'm gonna put put the word in
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  Speaker 2: with the powers to.
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  Speaker 3: Be Yes, definitely get directly there.
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  Speaker 1: Yeah. Hey, well these job numbers that came out of
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  Speaker 1: a little disappoint and.
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  Speaker 2: You know, I actually thought that they weren't as bad. Yeah, look,
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  Speaker 2: they came short. These are the ADP job numbers, and
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  Speaker 2: they came short a little bit of where you know,
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  Speaker 2: analysts thought they would be. But ninety eight thousand is
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  Speaker 2: actually pretty good number. And remember this is happening amidst uh,
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  Speaker 2: you know, all of the you know, kind of chaos.
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  Speaker 2: People didn't know, like is the war in Iran?
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  Speaker 3: Ending? Is it not ending?
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  Speaker 2: Ninety eight thousand, I thought is a pretty strong number,
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  Speaker 2: And when you look through it, you can actually see
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  Speaker 2: that there was pretty good hiring in construction, in manufacturing.
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  Speaker 2: The weakness really in this report, I think came in
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  Speaker 2: leisure and hospitality, which you know was a little bit yeah,
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  Speaker 2: they only hired. So leisure and hospitality is a huge industry, right,
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  Speaker 2: you know, it is restaurants, amusement parks, it's a big
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  Speaker 2: summer hiring. These numbers, I assume are seasonally adjusted, and
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  Speaker 2: so it could be that what happened was that some
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  Speaker 2: of the hiring that went on with the you know,
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  Speaker 2: summer jobs fell a little short of what their seasonal
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  Speaker 2: adjustment expected. Because I guarantee you more than two thousand
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  Speaker 2: people were hired into leisure and hospitality jobs in the
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  Speaker 2: month of June.
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  Speaker 3: So what we're looking at.
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  Speaker 2: Here is really a seasonal adjustment number that fell short.
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  Speaker 2: That doesn't mean, it wasn't disappointing, but it does mean
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  Speaker 2: that you have to look at this and say, Okay,
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  Speaker 2: there's no way two thousand people were hired, you know,
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  Speaker 2: I mean two thousand people were probably hired in you know,
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  Speaker 2: just to work, you know, the ticket counters at amusement
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  Speaker 2: parks all over America. So I'm not too worried about
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  Speaker 2: this number.
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  Speaker 1: Hey, but between robots and AI, why aren't we losing
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  Speaker 1: jobs like crazy with all that going on?
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  Speaker 2: Now that's a really good question, and a lot of
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  Speaker 2: people thought we would be losing a lot of jobs.
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  Speaker 3: The only place that.
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  Speaker 2: Actually seems to be losing jobs two places. There's some
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  Speaker 2: job contraction in the financial sector. There's a lot of
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  Speaker 2: jobs in finance that can be instead of having ten
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  Speaker 2: people do them, you can probably have seven people plus
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  Speaker 2: some AI. So you know, you don't lose all the jobs,
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  Speaker 2: but you can do it with fewer and that in
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  Speaker 2: tac Remember a few years ago they were saying everybody
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  Speaker 2: should have learned to code and that would be the future. Well,
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  Speaker 2: it turns out that AI can code pretty well. And
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  Speaker 2: so you know, it's a little bit like a Greek
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  Speaker 2: myth where like they you know, the gods are always
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  Speaker 2: killing their parents.
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  Speaker 3: Zeus kills Krona.
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  Speaker 2: The AI is killing its parents, right, it is. It
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  Speaker 2: is hurting the tech industry more than anything else. But
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  Speaker 2: to be honest, the tech the job losses in tech
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  Speaker 2: aren't even that big.
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  Speaker 3: But it's just that it's.
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  Speaker 2: Unusual when you have a growing economy for there to
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  Speaker 2: be any job losses in technology. We tend to only
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  Speaker 2: lose jobs in technology when we've had when we're in
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  Speaker 2: a recession. So when you're when you're the economy is
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  Speaker 2: growing and you're losing jobs in tech, it'll feel to
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  Speaker 2: them like a recession, but it's clearly not.
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  Speaker 1: So. Hey, I look at the price of oil. Sixty
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  Speaker 1: eight dollars a barrel. That's a pretty much pre war level.
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  Speaker 1: That's pretty close to it. How long does it take
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  Speaker 1: so we see that at the pumps?
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  Speaker 2: Yeah, I think we're coming, you know, I know people
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  Speaker 2: are always this happens every time. People get very impatient,
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  Speaker 2: including you know, our pres wants the gas prices to
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  Speaker 2: come down. The national average though today's three dollars and
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  Speaker 2: let's call it eighty five cents. It's you know, the
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  Speaker 2: way they do gas prices, And I have no idea.
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  Speaker 3: Why this is they always.
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  Speaker 2: Do it three dollars eighty four cents and then seven
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  Speaker 2: tenths right.
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  Speaker 3: You know, you go to the gas pumpet, there's a
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  Speaker 3: tenth of a.
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  Speaker 2: Point there, and you're wondering why, why is that?
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  Speaker 3: I don't know.
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  Speaker 2: But in in the national average is down to three
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  Speaker 2: dollars eighty four cents. That's a lot better than where
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  Speaker 2: we've been a year ago. Look, we were at three
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  Speaker 2: dollars and seventeen cents. Three called three dollars eighteen cents,
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  Speaker 2: and so we're not all the way down to there,
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  Speaker 2: but we're getting there pretty rapidly. I mean, we were
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  Speaker 2: up at four dollars and fifty cents and now we're
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  Speaker 2: down to you know, three dollars eighty four cents. In
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  Speaker 2: New York, it's around four dollars. Uh, it's going to
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  Speaker 2: come down pretty quickly. Over in New Jersey it's three
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  Speaker 2: dollars and eighty four cents. And you know, so look,
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  Speaker 2: if you're driving around New York and you want to
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  Speaker 2: save some money, you can probably just you know, fill
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  Speaker 2: up in New Jersey.
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  Speaker 1: Yeah, I know, thanks, I'd rather get it here. You know,
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  Speaker 1: you got to you can't pump your own gas in
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  Speaker 1: New Jersey. Got some kind of law that you can't
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  Speaker 1: pump your own gas there. It's quite an annoying law.
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  Speaker 2: Yeah, that's it's super strange. The cheapest gas in New
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  Speaker 2: York City. Uh, it's actually in you won't be shot
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  Speaker 2: by This is Staten Island.
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  Speaker 3: So if you want to you know, if you want
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  Speaker 3: to stay to the five boroughs, uh, that island. So
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  Speaker 3: it's cheaper.
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  Speaker 2: It's about forty cents more in Manhattan. That's just because
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  Speaker 2: there's just so maney fewer gas stations around Manhattan. It's
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  Speaker 2: you know, uh, and it's all commercial vehicles that built.
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  Speaker 2: You know, very few people fill.
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  Speaker 3: Up their gas in New York City. It's it's uber,
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  Speaker 3: it's taxes, it's trust interesting.
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  Speaker 1: Hey. Kevin Warsh, new FED chairman, declines to hint at
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  Speaker 1: July rate decision, but says inflation too high. Well that
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  Speaker 1: sounds good, right, He's right, isn't he.
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  Speaker 2: Yeah, it's one of my favorite things.
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  Speaker 3: Declined to hint at July rate decision.
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  Speaker 2: Yes, Kevin Warsh has told us he does not think
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  Speaker 2: the FED should be telling us in advance what it's
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  Speaker 2: going to be doing. He hates forward guidance. But every
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  Speaker 2: time he speaks, at least for the you know, the
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  Speaker 2: next few months, I think we're going to you know,
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  Speaker 2: he's going to be us. Will you please make an
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  Speaker 2: exception today and give us forward guidance? And he will
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  Speaker 2: always say no, I told you I don't believe that
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  Speaker 2: the Fed should be doing this.
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  Speaker 3: So yes, he declined to give it.
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  Speaker 2: He's correct. Inflation is too high. But that's not news, right,
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  Speaker 2: everybody knows inflation is still too high.
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  Speaker 3: The good news is inflation is coming down.
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  Speaker 2: The next We've had a couple high inflation reports primarily
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  Speaker 2: driven by high gas prices. Gases have come down a lot.
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  Speaker 2: That's going to show up in the CPI reports of
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  Speaker 2: the consumer price Index. So the main inflation index we
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  Speaker 2: have in the next one, it may go to zero.
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  Speaker 2: It may go negative in the months ahead because the
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  Speaker 2: gas prices are coming down so quickly. There are other
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  Speaker 2: pockets of inflation, but the real driver of inflation going
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  Speaker 2: back up this year has been gas prices and things
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  Speaker 2: directly adjacent to gas prices, so like airfares went up,
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  Speaker 2: but that's because you know, jet fuel got more expensive.
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  Speaker 1: Yeah, Hey, John Carnie, Breitbart Business Digest give us an update,
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  Speaker 1: Jerome poll. Where where is he now? Have we gotten
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  Speaker 1: rid of him? Is he still hanging around?
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  Speaker 3: He's still hanging around.
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  Speaker 2: He is. He's decided, unlike everybody else who's ever been
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  Speaker 2: FED chairman, that when his chairmanship ended, is going to
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  Speaker 2: stick around on the Board of Governors because he thinks
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  Speaker 2: he is indispensible to the independence of the Feed. You know,
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  Speaker 2: it just it'll collapse without him. I guess he's stuck around.
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  Speaker 2: There's there was some speculation that he might lead if
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  Speaker 2: the Supreme Court allowed Lisa Cook, who was another FED
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  Speaker 2: governor who Donald Trump tried to remove, and the Supreme
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  Speaker 2: Court said this week, no, you can't remove her. You
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  Speaker 2: and especially you can't remove her.
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  Speaker 3: You know they might have a point of this.
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  Speaker 2: You can't remove her with a truth social post. You
• 9:35
  Speaker 2: have to have a notice and hearing, and you know,
• 9:38
  Speaker 2: give her formal notice, explain to her why you're firing her,
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  Speaker 2: let her answer it. So, by the way, Donald Trump's
• 9:45
  Speaker 2: going to do that almost immediately, that's what he did
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  Speaker 2: deliver to her, the formal notice saying we have we
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  Speaker 2: there are credible allegations that you committed a form of
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  Speaker 2: mortgage fraud and we think that you are no longer
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  Speaker 2: fit to serve of the sense, she'll get to answer it.
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  Speaker 3: But eventually I think she actually may end.
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  Speaker 2: Up being removed anyway. Unfortunately, though, because of that possibility,
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  Speaker 2: it probably means aouse sticks around. He doesn't want to
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  Speaker 2: go as long as he thinks that there, you know,
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  Speaker 2: Trump is going.
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  Speaker 3: To mess around with the with the Federal Reserve. He
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  Speaker 3: should go. It doesn't make any sense.
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  Speaker 2: But you know, maybe this is the most funny he's
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  Speaker 2: ever had. Right, but he may just love being on
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  Speaker 2: the Fed so much that he just doesn't want to leave.
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  Speaker 2: Kevin Wore should give him the worst parking spot.
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  Speaker 1: Yeah, you know, yeah, especially on a day.
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  Speaker 2: Like today, you know where it's like ninety eight degrees.
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  Speaker 2: If you you know, you you park him, you know,
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  Speaker 2: steven blocks away from the Fed.
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  Speaker 3: Let him show up, you know, dredged and sweat and uh.
• 10:56
  Speaker 2: And and put his put his parking spot under a
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  Speaker 2: tree that of birds, take them back to the cars.
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  Speaker 1: Hey even better, Hey, great stuff, brilliant as always, Johncarney.
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  Speaker 1: Now you should go to Breitbart dot com and then
• 11:11
  Speaker 1: where it says newsletters, click on that. Sign up for
• 11:14
  Speaker 1: the bright Bart Business Digest. It's free. You'll get all
• 11:17
  Speaker 1: this wisdom and brilliance every day for free. It'll come
• 11:19
  Speaker 1: right to your email. Bright Bart Business Digest, John Carney,
• 11:23
  Speaker 1: thanks for.
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  Speaker 2: Being with us, Mark, thanks for having me.
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  Speaker 1: All right, take care. Hey, don't forget Buck and Clay
• 11:29
  Speaker 1: Noon today and then coming up at three. You got
• 11:33
  Speaker 1: the most listened to radio show in America and the
• 11:36
  Speaker 1: very funny Jimmy Fayla every night nine o'clock on seven
• 11:40
  Speaker 1: to ten WR