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

• 0:00
  Speaker 1: Insight from the inside. This is seven to ten wors
• 0:06
  Speaker 1: Marksmon show. Well, John Karney, the brilliant business writer. Now
• 0:11
  Speaker 1: you know one thing you should be reading every day
• 0:14
  Speaker 1: is the Breitbart Business Digest. All the top economists, all
• 0:18
  Speaker 1: the Larry Cudlow types, they all first thing you do
• 0:22
  Speaker 1: every morning, Bright Bart Business Digest. In fact, you can
• 0:25
  Speaker 1: sign up for it. It'll come to you free. It's
• 0:27
  Speaker 1: a newsletter. Just go to Breitbart dot com and where
• 0:31
  Speaker 1: it says newsletters, Just click on there and order the
• 0:34
  Speaker 1: Breitbart Business Digest. It's free, it'll come write to your email.
• 0:38
  Speaker 1: And John Karney is the guy that puts it together.
• 0:41
  Speaker 1: John Carney, how you doing very good?
• 0:45
  Speaker 2: It's been an interesting week. Is interesting morning so far? Mark?
• 0:50
  Speaker 1: Yeah, Well, so what's going on this morning?
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  Speaker 2: Well, the latest news is that Janine Piroo, who is
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  Speaker 2: the US Attorney for the District of Columbia, announced that
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  Speaker 2: she is dropping her investigation into Jerome Powell and the
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  Speaker 2: Federal Reserve. This is a big deal because that's what
• 1:10
  Speaker 2: was holding up Kevin worsh She's the guy that Trump
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  Speaker 2: has dominated to be the successor for Jerome Powell. Senator
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  Speaker 2: Tom tillsrim North Carolina had said he would not vote
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  Speaker 2: to confirm Warsh as long as the investigation was ongoing.
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  Speaker 2: Piero had dug in and said she wasn't going to
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  Speaker 2: drop the investigation. Now she says she will, but we're
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  Speaker 2: not sure if that'll satisfy kill us shit, because she
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  Speaker 2: says she could reopen it later she wants, and Tillis
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  Speaker 2: and Powell have said they think it needs to be
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  Speaker 2: dropped once in parole. So we'll see whether this is
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  Speaker 2: you know, this changes anything. Maybe it does. It gives
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  Speaker 2: everybody a way to sort of step away.
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  Speaker 1: From this fight.
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  Speaker 2: Powell's term ens on May fifteenth, that's just twenty one
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  Speaker 2: days from now. Yeah, so you know, something had to
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  Speaker 2: give at some point, and it looks like Pierro is
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  Speaker 2: going to at least suspend investigation while the Inspector General's
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  Speaker 2: Office looks into it. So it's still going to be investigated,
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  Speaker 2: but it's no longer going to be investigated by the
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  Speaker 2: Justice Department.
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  Speaker 1: Yeah, well that makes sense. I would take Paul's name
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  Speaker 1: off it. It's about the new FED building. Donald Trump's
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  Speaker 1: a world expert on what construction costs are. He looked
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  Speaker 1: at building over said this is like eight hundred million.
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  Speaker 1: They spent two three billion, but just investigate the project,
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  Speaker 1: see where that extra money went.
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  Speaker 2: Yeah, and I think that's what they're going to do.
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  Speaker 2: I've said before that I thought the Senate or the House,
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  Speaker 2: both of whom have oversight of the FED, should also
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  Speaker 2: conduct an investigation. They should hold hearings. It does look
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  Speaker 2: like there was huge cost overruns. Now, look, some of
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  Speaker 2: this is that they were un lucky, like the rest
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  Speaker 2: of us, to have to live through Biden inflation. So
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  Speaker 2: if you planned out building something in twenty nineteen and
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  Speaker 2: then prices went up, you know, the worst inflation in
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  Speaker 2: forty years in twenty twenty two, you know, is that
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  Speaker 2: your fault?
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  Speaker 1: You know?
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  Speaker 2: Maybe not. So maybe some of the cost overruns were
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  Speaker 2: just bidenflation. Blame Joe Biden. But look, as you said,
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  Speaker 2: Donald Trump is a you know, he's got a lot
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  Speaker 2: of experience in this area, and he looked at it
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  Speaker 2: and said, this doesn't make sense to me. It needs
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  Speaker 2: to be looked at. So I'm glad that they are
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  Speaker 2: continuing to investigate it, maybe taking it out of the
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  Speaker 2: Justice Department so it's no longer framed as a criminal investigation.
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  Speaker 2: Maybe that'll allow everybody to cool down a little, and
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  Speaker 2: the main important thing is getting President Trump's nominee Kevin
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  Speaker 2: Walsh confirmed. This may clear the path to allow that
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  Speaker 2: to happen.
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  Speaker 1: Yeah, all right, John Conny. Let's say we get Kevin
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  Speaker 1: Walsh confirmed he's the new FED chair. Does Powell step down?
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  Speaker 1: Then he's threatened not to, so what he to go ahead?
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  Speaker 2: Yeah, so that's another question. So Powell's term is chair
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  Speaker 2: ends by fifteenth but all chairs are also governors, and
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  Speaker 2: his governorship lasts until twenty twenty eight, so he could
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  Speaker 2: potentially stay in the office for a few more years.
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  Speaker 2: That has only happened once back in nineteen forty eight,
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  Speaker 2: when one chairman stayed on. Every other chairman when their
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  Speaker 2: term is chair runs out, they step aside because they
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  Speaker 2: don't want to interfere with the new chairman's ability to
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  Speaker 2: get the job done. Powell said maybe he won't do that.
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  Speaker 2: He said he definitely wouldn't do it as long as
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  Speaker 2: the investigation continued. He hasn't said whether he'll step down
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  Speaker 2: from if the investigation is dropped. He left that an
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  Speaker 2: open question. A lot of people think it would be
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  Speaker 2: very irresponsible for him to stay on. It would be
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  Speaker 2: destabilizing to monetary policy people would not know. You know,
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  Speaker 2: do we listen to Owl the old chairman, or do
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  Speaker 2: we listen to the new chairman? Is Powell still running
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  Speaker 2: the committee even if worsh is the ostensible chairman of it?
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  Speaker 2: I think if Powell really does care about the institution
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  Speaker 2: of the FED, he'll see the wisdom in stepping down.
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  Speaker 2: But he's taken this entire investigation very personally, so he
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  Speaker 2: it may cloud his judgment here.
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  Speaker 1: Yeah, So will he go down as the Joe Biden
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  Speaker 1: of FED chairman? Annoying, irritating, sort of a guy who
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  Speaker 1: did things you should.
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  Speaker 2: Yeah, I think he really. He had the potential to
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  Speaker 2: have had a really good reputation as FED chair. He
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  Speaker 2: did some things that were pretty good at the FED.
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  Speaker 2: He for instance, he held back the people who wanted
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  Speaker 2: the FED to get involved in climate change politics. He said,
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  Speaker 2: that's not our job, We're not.
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  Speaker 1: Going to do that.
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  Speaker 2: But they messed up Right after the pandemic was starting
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  Speaker 2: to and and Biden was pouring billions of dollars into
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  Speaker 2: the economy and in place was starting to take off.
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  Speaker 2: That's when the FED should have said, Okay, we need
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  Speaker 2: to raise interest rates in order to combat the inflationary
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  Speaker 2: effect of all this. Instead, they kept interest rates really
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  Speaker 2: low and told everybody inflation was going to go away
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  Speaker 2: any minute. Now. It didn't, and it just got worse
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  Speaker 2: for a year and a half. That's going to be
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  Speaker 2: his reputation. And then adding on to this, this sort
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  Speaker 2: of I would say, petty fights with the president. You know,
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  Speaker 2: the President picks on Powell, and presidents have picked on
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  Speaker 2: FED chairman before. Typically the FED chairman tried to stay
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  Speaker 2: out of politics. They'd let the politicians bad mouth them.
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  Speaker 2: Powell just couldn't do that, and so he you know,
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  Speaker 2: he put up a video accusing Trump of having organized
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  Speaker 2: Jene Piro's investigation, with no evidence of that at all.
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  Speaker 1: Yeah, speaking of that kind of stuff. As crazy mayor
• 6:54
  Speaker 1: of ours, mom, Donnie may have crossed a big line.
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  Speaker 1: He's targeting specifically a private citizen, Ken Griffin. He did
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  Speaker 1: a video in front of Ken Griffin's apartment pointing at it.
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  Speaker 1: These kind of democrats when it comes to tax the
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  Speaker 1: rich and all that, they always screaming that. Don't they realize, guys,
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  Speaker 1: Ken griff, these are your biggest customers. These guys give
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  Speaker 1: you more money than anybody. Are you supposed to call
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  Speaker 1: them and say, hey, is there anything we can do
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  Speaker 1: to help you build this new six billion dollar building?
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  Speaker 1: Can what do they think is going to happen if
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  Speaker 1: they go after these billionaires?
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  Speaker 2: Yeah, I mean, look, it's a huge mistake. Even just
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  Speaker 2: this building was going to provide a lot of construction jobs,
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  Speaker 2: a lot of work just as it was being built
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  Speaker 2: forget about you know, all the people who are going
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  Speaker 2: to be employed to work for Citadel, Ken Griffin's firm
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  Speaker 2: in that building. That's that's long term employment. But you
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  Speaker 2: know this will call if they if Citadel pulls out,
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  Speaker 2: which they may do because the mayor has announced its
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  Speaker 2: hospital territory. The attacked Henny gripped not for anything he
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  Speaker 2: grind and it's done, but because Ken Griffin owns a
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  Speaker 2: you know, one of the most expensive apartments in New
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  Speaker 2: York City, a penthouse that went you know, I think
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  Speaker 2: reportedly bought for two hundred and thirty million dollars. It's
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  Speaker 2: outrageous that the mayor treats that as a as some
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  Speaker 2: sort of crime. You know, Griffin did nothing wrong. The
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  Speaker 2: mayor made an example out of him. Threat is saying
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  Speaker 2: he's good that we're raising taxes on those people raising
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  Speaker 2: taxes is one thing people you know, can get their
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  Speaker 2: heads around. That Actually targeting wealthy individual homeowners, I think
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  Speaker 2: is a step too far, and it's going to make
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  Speaker 2: a lot of people say, maybe I shouldn't be working
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  Speaker 2: in New York City. I definitely shouldn't be buying expensive
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  Speaker 2: real estate in New York City, and I probably shouldn't
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  Speaker 2: be opening any offices in New York. Hey.
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  Speaker 1: It all started with this Pieta tearor tax, which was
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  Speaker 1: created by Andrew Cuomo. This was his idea, why would
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  Speaker 1: you get mad at somebody who buys an apartment doesn't
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  Speaker 1: live here. If they don't live here, they're not going
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  Speaker 1: to use any services. It's like a business, you know,
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  Speaker 1: a guide buys a big three hundred dollars gift card
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  Speaker 1: and then never uses it. That's your dream customer. Why
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  Speaker 1: would you get mad at?
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  Speaker 2: Yeah, yeah, no, that's right. And a lot of these
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  Speaker 2: a lot of these buildings people are are from people
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  Speaker 2: who actually spend money in the city, even if they
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  Speaker 2: don't live there, so they're not using a lot of
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  Speaker 2: the services of the city. Their kids aren't in school there,
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  Speaker 2: so it's not a tax on the school system. They're
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  Speaker 2: not on mass transportation. They're not calling the city's budget
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  Speaker 2: very much, but they're contributing to it through their taxes.
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  Speaker 2: And then they're contributing to the city's economists economy when
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  Speaker 2: they eat out to dinner, when they take a taxi somewhere.
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  Speaker 2: So the idea of going after them never really made
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  Speaker 2: much sense.
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  Speaker 1: I think you know.
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  Speaker 2: The reason why they do it is the same reason
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  Speaker 2: bank robbers rob banks because that's where the money is.
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  Speaker 1: Yeah, hey, we only have a little less than a
• 10:01
  Speaker 1: minute left Iran. If it's all cleaned up and settled
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  Speaker 1: within a let's say two months from now, the economy
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  Speaker 1: will be pretty good by the end of the summer,
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  Speaker 1: won't it.
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  Speaker 2: Absolutely. Look, we're actually seeing signs that the economy is
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  Speaker 2: pretty good right now. We got retail spending numbers for March.
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  Speaker 2: Those were fantastic. Consumers may be grumbling when it comes
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  Speaker 2: when they're asked about how the economy is doing, but
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  Speaker 2: they are still spending money. The ADP we don't next week,
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  Speaker 2: we'll get the week after nexts Actually, we get the
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  Speaker 2: government's official jobs numbers, but ADP for five weeks in
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  Speaker 2: a row says private payrolls have been growing and on
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  Speaker 2: average over the last four weeks they are adding fifty
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  Speaker 2: thousand jobs. That's a lot. So the economy is doing
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  Speaker 2: really well. If the Iran war goes away and oil
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  Speaker 2: prices and gas prices come downtown, this is going to
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  Speaker 2: be a boom summer for the economy.
• 10:53
  Speaker 1: Wow, that's a good note to end on. Hey, everybody
• 10:55
  Speaker 1: read the bright Bart Business Digest, the smartest people Economy.
• 11:00
  Speaker 1: It's the first thing you read every morning, bright Bart
• 11:02
  Speaker 1: Business Digest. Just go to Breitbart dot com. You'll see
• 11:06
  Speaker 1: it where it says newsletters. Click on that. Sign up
• 11:09
  Speaker 1: for the bright Bart Business Digest. It's free. It'll come
• 11:11
  Speaker 1: write to your email every day, or go online and
• 11:14
  Speaker 1: read it every day. And John Carney, you're doing great work.
• 11:17
  Speaker 1: Keep it up and we'll talk again soon.
• 11:20
  Speaker 2: Bets. Mark, have a great weekend, all.
• 11:22
  Speaker 1: Right, take care, Hey, don't forget coming up at noon,
• 11:25
  Speaker 1: Buck and Clay excellent show. Buck Sexton had a great
• 11:30
  Speaker 1: book party last night. He's got an excellent new book
• 11:33
  Speaker 1: out which I highly recommend. In fact, go to Amazon
• 11:37
  Speaker 1: order Bucks new book. It's called Manufacturing Delusion. It's all
• 11:41
  Speaker 1: about it'll fascinate you by what the left does to
• 11:45
  Speaker 1: brainwash and doctrinate it's fascinating. Get bucks new book, Manufacturing Delusion,
• 11:50
  Speaker 1: and listen to Buck and Clay coming up at noon
• 11:53
  Speaker 1: today on seven to ten WR