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Speaker 1: He's editor in chief of Breitbart News and a New

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Speaker 1: York Times best selling author, and on this podcast he

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Speaker 1: brings deep research, prescient analysis at world class guests. He's

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Speaker 1: Alex Marlowe and this is the Alex Marlowe Show.

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Speaker 2: All right, John Carney's here for the episode. We're talking

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Speaker 2: about all sorts of things economic as well as ill children.

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Speaker 2: You have ill children as well. I've got all four

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Speaker 2: are sick right now. No, actually, you know, the baby's

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Speaker 2: doing well, which is very odd, but the other three

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Speaker 2: are just I'm a dodging vomit and dookie. It's just horrible.

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Speaker 3: It's that time of year. It's the you know, the

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Speaker 3: everybody gets sick, all the kids get sick and then

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Speaker 3: this So one thing that's good over the years, Alex,

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Speaker 3: my kids are a little older than yours, you start

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Speaker 3: to gain super immunity. I don't get sick ever anymore. Yeah,

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Speaker 3: because my kids have just you know, carried home the

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Speaker 3: biggest kind of germ virus, so you know, they like

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Speaker 3: throw up on me. I'm like, it's no sweat, I'm fine.

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Speaker 3: It's good.

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Speaker 2: It's really interesting because my daughter, my eldest daughter, coughed

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Speaker 2: on me in a way where it had physical force. Yesterday,

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Speaker 2: it actually it hit my head and my head jolted

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Speaker 2: back like I was in a car crash of some sort.

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Speaker 2: And I was thinking, does this mean I'm gonna get

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Speaker 2: super violently ill? And I concluded the answer is probably no.

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Speaker 2: And it's probably the same things you're talking about. I said,

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Speaker 2: I get sick, but it's all mild, Like I got

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Speaker 2: the stuffles right now. But it's like the remedy is

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Speaker 2: like I got the warm coffee today instead of the cold,

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Speaker 2: like just to kind of warm up my vocal cords,

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Speaker 2: and that's it, and then you just go about your business.

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Speaker 2: I got admit, though I did miss the workout this morning.

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Speaker 2: I slept in the extra forty five minutes. So that's

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Speaker 2: a I've got that level of laziness going. But it's

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Speaker 2: I've got to share this with the audience. But when

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Speaker 2: I came back from my first vacation with no children

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Speaker 2: John in seven a half.

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Speaker 3: Years, oh incredible.

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Speaker 2: Yeah, we've always taken at least one We always take

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Speaker 2: at least one child with us, and we had zero

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Speaker 2: for my fortieth birthday and I know you to birthday

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Speaker 2: this week too, is a happy birthday to you happy birthday. Yeah,

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Speaker 2: thank you. And so we went with no children and

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Speaker 2: it was it was a pretty great trip. But I'll

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Speaker 2: tell you we came back and the shi t storm

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Speaker 2: that we walked into was just beyond belief. The house

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Speaker 2: is completely upside down. All the children are sick, the

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Speaker 2: nanny sick, and we've burned out all of the favors

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Speaker 2: from all the grandparents because they've all been stepping up

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Speaker 2: during the vacation. And I got to say, I'm very

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Speaker 2: happy that I like my children and I like my job,

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Speaker 2: because any in a normal circumstance, I would have been

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Speaker 2: at suicidal levels of depression after that moment.

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Speaker 3: Where did you? Where did you go?

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Speaker 2: And we went to White So that's our that's our

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Speaker 2: move because it's just a straightaway flight. So the hardest

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Speaker 2: part is dealing with LAX if you can survive LAX.

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Speaker 2: And the problem is that's also the very end of

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Speaker 2: your trip. So the code of your trip is dealing

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Speaker 2: with La International Airport, which is there's no good way

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Speaker 2: to do it because either you know, you're paying a

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Speaker 2: fortune for cabs and you can't have cabs pull up

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Speaker 2: to the curb because this genius airport where we is

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Speaker 2: not big enough to the car. The space for cars

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Speaker 2: to drive is not big enough to accommodate all the traffic,

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Speaker 2: so if you are taking a cab or an uber

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Speaker 2: or a lyft, you have to walk or shuttle to

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Speaker 2: a special lot for that. Also, the airport is super confusing.

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Speaker 2: For example, so I took off from Terminal three and

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Speaker 2: then we arrived in Terminal four. So we parked in

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Speaker 2: the Terminal three lot. That would be right next to

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Speaker 2: terminal four, right, John, Oh, No, the Terminal three lot

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Speaker 2: is next to Terminal B. Because of lax you have one, two, three,

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Speaker 2: and then the next terminal is B. There's a logic

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Speaker 2: behind it that I won't wait the audiences come on

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Speaker 2: for now. But so Terminal four is actually hide of

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Speaker 2: ways from Terminal three because we have to go through

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Speaker 2: Terminal B and you've all this stuff going on. So

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Speaker 2: it is truly depressing after coming back from the islands.

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Speaker 3: Yeah, I can imagine. The last time my wife and

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Speaker 3: I went on a Kid's List facation, we went to Florida.

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Speaker 3: It was a great trip. Next summer, we're actually taking

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Speaker 3: a trip with the kids and with a bunch of

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Speaker 3: in laws to Hawaii. I've never been. You know, East

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Speaker 3: Coasters don't usually make it out there because it's really,

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Speaker 3: you know, it's it's really it's tough.

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Speaker 2: I think we did it once in the eight years

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Speaker 2: that I was in DC Virginia and it was worth it.

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Speaker 2: But you know, it's like eleven hours or total flying.

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Speaker 2: We'd at least one baby at the time. I think

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Speaker 2: maybe it was even two. It's a real commitment. So

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Speaker 2: hopefully you're getting a good chunk of time to go.

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Speaker 2: Where are you going? You pick an island out, you.

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Speaker 3: Know, I it's sort of in my it's my wife's family.

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Speaker 3: So I've actually stepped back from any planning at all

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Speaker 3: because I figure if I start to get interested, I'll

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Speaker 3: start to try to influence things in ways that I

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Speaker 3: think are not welcome. And so I'm just gonna, you know,

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Speaker 3: go for the ride, see where where they take me.

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Speaker 2: So do you know which island?

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Speaker 1: No?

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Speaker 3: I have, no, No, I have not, because.

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Speaker 2: They're all totally different. So so Honolulu, which I've actually

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Speaker 2: never been to. I think the plan is I want

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Speaker 2: to go there next, but that's like a real city.

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Speaker 2: So a Wahuu is the island, but everyone goes into

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Speaker 2: Honolulu and it's actually one of the most populous cities

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Speaker 2: in the country. It's like a million people, so and

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Speaker 2: it's a horrific traffic, so some of the worst traffic.

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Speaker 2: But you also got Pearl Harbor there, so there's some

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Speaker 2: it actually feels like an American city, and there's some

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Speaker 2: history you can do. And then you've got some islands

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Speaker 2: like Kauwhai, which is mostly sort of rainforest, and so

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Speaker 2: that's really fly and flop territory, and you know, it's

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Speaker 2: just incredibly beautiful from there. And then maw he's got

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Speaker 2: a bit of everything, very family friendly that that's the

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Speaker 2: one for the kids.

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Speaker 3: So that's maybe, you know, I suspect now that you

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Speaker 3: put it that way, Mao is probably where we're where

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Speaker 3: we're gonna head because there's a you know, I have

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Speaker 3: my cousin, my kids, cousins there come. You know, we're

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Speaker 3: gonna have like ten kids on those trip, So I

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Speaker 3: bet we're headed towards now.

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Speaker 2: He's most likely then, because it really is the best

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Speaker 2: place I think you could travel with children. It's just

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Speaker 2: it's all kids centric, and it's just you know, when

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Speaker 2: the last time I was there with the kids, we

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Speaker 2: were probably I don't know, seventy five one hundred yards

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Speaker 2: from the from the from the actual Pacific Ocean and

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Speaker 2: maybe twenty five yards from the pool, and it's just

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Speaker 2: it just makes things a lot easier with all the

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Speaker 2: some some block and the schlepping and the lugging and

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Speaker 2: it just stops, like you just it's all there in

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Speaker 2: front of you, and so amazing.

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Speaker 3: How much more stuff you need when you go to

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Speaker 3: the beach with kids, you know. Yeah, like I used

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Speaker 3: to be able to, you know, you have a towell

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Speaker 3: and maybe some sunscreen and that was it. Right now

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Speaker 3: now you have like seven kinds of sunscreen, a million

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Speaker 3: kinds of food, water, drinks, you know, everything.

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Speaker 2: So I used to feel a little bit like I was.

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Speaker 2: It was almost bragging or something if you act like

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Speaker 2: you go there. But I'll tell you why I've become

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Speaker 2: embraced being a Hawaii advocate for a couple of things.

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Speaker 2: First of all, I do think it's actually affordable for

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Speaker 2: a lot of people, because you know, we flew on

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Speaker 2: miles and over half of our hotel was paid for

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Speaker 2: its credit card points. So it's like you can do

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Speaker 2: it so that you're it's not a super expensive trip

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Speaker 2: if you are if you're precise about you know, how

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Speaker 2: you're getting points and stuff like that, so you can

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Speaker 2: do it. The other thing that's so important about it, John,

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Speaker 2: is it's America and it is not Maga America. I'll

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Speaker 2: tell you that. But it is very nice that no passports.

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Speaker 2: It's you feel much more safe at these places. Not

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Speaker 2: say it's perfectly safe, but it's our country, and I

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Speaker 2: feel like that that is a big advantage when it

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Speaker 2: comes to peace of mind, especially if you're traveling with

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Speaker 2: young people. Is I don't Baja California is very close

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Speaker 2: to me, and I don't really want to go to

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Speaker 2: Mexico right now. And I know that basically a lot

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Speaker 2: of these resorts are opera only because the cartels give

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Speaker 2: them permission. So even the results, I just I mean

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Speaker 2: even the resorts, I don't know. And then you're going

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Speaker 2: to the Caribbean. I mean, so many of those countries are corrupt.

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Speaker 2: Is I don't necessarily want to patronize them to the

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Speaker 2: extent I want to patronize our own country.

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Speaker 3: You know what. Also, you shouldn't feel bad because I

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Speaker 3: know a lot of you know, Middle Americans, Maga Americans

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Speaker 3: who really want to go to Hawaii, like it's not

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Speaker 3: you know, they don't look at that as something that's

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Speaker 3: like unobtainable. That's a vacation that they want to take.

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Speaker 3: And so I mean, that's why I'm going. I'm going

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Speaker 3: with my in laws from the Midwest. It's closer for them. Still,

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Speaker 3: it's still quite a hype, but you know, East Coast

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Speaker 3: is a big hype for them too, going to So

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Speaker 3: I'm excited. I actually had never really thought I'd go

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Speaker 3: to Hawaii, the closest you know, I went to Uh,

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Speaker 3: I've been to Asia, I've been to Thailand, Cambodia, Laos,

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Speaker 3: but I never really thought i'd make it to Why.

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Speaker 3: I thought I'd skip that and go like maybe to

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Speaker 3: Australia or New Zealand someday. But now I'm excited. It's

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Speaker 3: gonna be a good trick.

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Speaker 2: You will like it. There is a spot that was

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Speaker 2: near where we were saying, well, I'm pretty convinced of

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Speaker 2: the most beautiful place that I've ever seen. It's the

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Speaker 2: most beautiful place I would say in the world that

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Speaker 2: I've been to. And I've been to some cool places,

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Speaker 2: but you know, it just has got that. It's got that,

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Speaker 2: and it's America too. It's also very fun, all John,

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Speaker 2: because you're a history guy and you're a culture guy. Obviously,

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Speaker 2: anyone a bright party is by nature, and I know

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Speaker 2: that you're interested in history, and there's basically no culture

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Speaker 2: there and it's all stuff we imported. And I just

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Speaker 2: get a huge kick out of that because the culture

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Speaker 2: is whatever we want it to be. No disrestract to

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Speaker 2: the Hawaiian people. Many of them are very lovely people,

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Speaker 2: but there really is not a lot culturally, And it

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Speaker 2: makes a lot of sense because when you've got that

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Speaker 2: sort of scenery, I don't think there's a ton and

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Speaker 2: you're in a very remote island, there's not a ton

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Speaker 2: of culture that you're incentivized to have when you hang

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Speaker 2: out in paradise.

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Speaker 3: Who needs to like create beautiful sculpture or art around you.

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Speaker 3: You've got it. God gave it to you.

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Speaker 2: You guy. He gave you everything. You don't need to

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Speaker 2: invent the port. Do you understand why the Porsche wasn't

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Speaker 2: invented there?

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Speaker 4: Like it?

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Speaker 2: It makes sense? So anyway, I know there's a big digression,

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Speaker 2: but you know what, it's podcast format, so I'm indulging myself.

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Speaker 2: We actually have a lot of pretty serious stuff to

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Speaker 2: talk about. And it was funny when I came back

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Speaker 2: to Live radio, I was talking about what stories made

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Speaker 2: it all the way to Hawaii, because not everything did,

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Speaker 2: Like how we were supposed to invade Iran while I

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Speaker 2: was there, and that never made it to the island.

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Speaker 2: There's no discussion. No one was saying, yeah, we're about

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Speaker 2: to invade Iran. I guess, I guess the chips around Uh,

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Speaker 2: that did not make it. But one thing that did

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Speaker 2: make it, of course, was the FED chair announcement. And

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Speaker 2: so I want to start with this. So Kevin Worsh,

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Speaker 2: we knew be one of the two Kevins? Why Worsh?

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Speaker 2: And then I'm very curious because I am sort of

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Speaker 2: politics first, economic second, your sort of I think economics first,

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Speaker 2: politics second. But I'm very curious why Tom till Us

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Speaker 2: things he can blackmail President Trump to odd staff, which

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Speaker 2: is we'll get into we'll get there. But tell me

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Speaker 2: who's Kevin Warsh? And why would you think you got

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Speaker 2: the nod over? Has it?

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Speaker 3: Sure? Kevin Worsh was a Fed governor way back in

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Speaker 3: up until twenty and eleven. He was appointed originally by

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Speaker 3: George Bush. He only served part of his term He

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Speaker 3: left in twenty eleven, partly out of protest when the

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Speaker 3: FED kept doing chewing, so quantitative easing, where the Fed's

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Speaker 3: buying all these bonds. They do one round, Worsh's supportive

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Speaker 3: of it. They start a second round, and wors is like, wait,

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Speaker 3: why are we doing this? It doesn't seem to be

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Speaker 3: prophy up the economy. We did it as an emergency

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Speaker 3: thing because like the financial system was collapsing. Why are

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Speaker 3: we doing it again? He believes the Fed he was.

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Speaker 3: He goes into you know, private sector is there for years.

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Speaker 3: Trump gets elected, he is up for iteration with J.

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Speaker 3: Powell to be FED chairman. He was one of the

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Speaker 3: two finalists that time, and it was actually Steve Mnusian,

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Speaker 3: who was then the Treasury Secretary, who pressured Trump into

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Speaker 3: appointing J. Powell. Trump sometimes talks about this, by the way,

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Speaker 3: he is not happy with that, with his decision and

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Speaker 3: with Mnusian's influence over that. He thinks he picked the

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Speaker 3: wrong guy. So I think Hassett always had a pretty

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Speaker 3: strong chance of getting the knob this time because Trump

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Speaker 3: looked back on it and was like, I want to

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Speaker 3: undo my mistake. Hassett was another strong contender for this position.

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Speaker 3: He Trump knows him at this point extremely well. He's

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Speaker 3: served in two Trump White Houses. He was at the

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Speaker 3: Council for Economic Advisors, he's now the National Economic Director.

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Speaker 3: And just so people know, National Economic Director is one

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Speaker 3: of the most powerful positions in the US government, not

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Speaker 3: because it exercises any formal power, but because you're literally

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Speaker 3: in the Oval Office all the time, like every day,

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Speaker 3: You're in all the meetings because everybody wants to know, Okay,

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Speaker 3: how does you know we're gonna do X? What does

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Speaker 3: that do for the economy? Even national security matters. You're

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Speaker 3: more or less brought in because people want to know, Okay,

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Speaker 3: Bob I ran, what happens to the economy? Rights that

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Speaker 3: do oil prices go up? So that the National Economics

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Speaker 3: Director is one of the president's closest advisors, which makes

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Speaker 3: it you know, and when you're the president of the

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Speaker 3: United States's closest advisor, you're the most powerful people in

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Speaker 3: the world.

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Speaker 1: Uh.

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Speaker 3: Trumpe has to get along well. Trump regards has it

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Speaker 3: as really good salesman for the Trump Economic program. Is

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Speaker 3: in addition to being a good thinker about how it

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Speaker 3: should work, he's also good when he goes on TV

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Speaker 3: and talks about it, and ultimately I think that's what

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Speaker 3: did in is. Trump was like, well, if I point

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Speaker 3: has it to the Fed, he's not my economic advisor anymore.

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Speaker 2: I think about that quite a bit, and there is

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Speaker 2: a lot of that in Washington, is that you can

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Speaker 2: get kind of trapped in a very good job where

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Speaker 2: if you've got a boss who wants you there, you're

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Speaker 2: not going to necessarily help you get to the next

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Speaker 2: level out of the goodness of their heart when they'd

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Speaker 2: rather have you at their at their side.

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Speaker 3: Yeah, I think that's right. I think they he wanted

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Speaker 3: to have him out of side. I think also there

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Speaker 3: was a secondary consideration that hurt has its chance, because

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Speaker 3: I think it has it had pushed really hard, he

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Speaker 3: may have gotten it. But the uh, the current fight

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Speaker 3: with j Powell, particularly when the Justice Department subpoenaed J.

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Speaker 3: Powell over his testimony to the Senate Banking Committee and

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Speaker 3: the having to do with the construction or the renovation

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Speaker 3: of the new FED headquarters, that provoked a backlash not

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Speaker 3: just among Democrats in the Senate, but also among some Republicans.

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Speaker 3: You mentioned Tom Tillis, he's kind of leading the charge

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Speaker 3: on this, and I think it became a concern about

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Speaker 3: whether the if somebody was considered too close to Trump.

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Speaker 3: And obviously, you know I just went through Hassett's very

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Speaker 3: close to Trump, that the Senators may object to confirming

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Speaker 3: him because they may say, will this guy really be independent?

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Speaker 3: Will he lead the FED? Or is he so close

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Speaker 3: to Trump that he won't? Now, I think that's a

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Speaker 3: little wrong. I think Hassett thinks for himself. One of

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Speaker 3: the reasons he's a great advisor to Trump is that

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Speaker 3: he's not a yes man. He's actually an ideas guy.

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Speaker 3: I think so. I don't think that's a fair criticism

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Speaker 3: of hass It, but I do think that became a

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Speaker 3: worry could has to get confirmed with a Senate so

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Speaker 3: evenly divided that you can't afford to lose more than

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Speaker 3: one Republican vote. You have to worry about that. So

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Speaker 3: I think practically they figured out that worsh can be confirmed.

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Speaker 3: He doesn't work for the administration. He's been confirmed to

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Speaker 3: the FED before. He's I mean, this isn't a selling

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Speaker 3: point for our audience. But he's more tied to hasid

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Speaker 3: Is too, though he's more tied to sort of traditional

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Speaker 3: Republican maybe Republican establishment a little more, but has it

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Speaker 3: is too So I don't think I'm going to take

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Speaker 3: that back, but they I think so. The view was

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Speaker 3: both worsh will be good and worsh is confirmable. So

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Speaker 3: that's why I got the nod.

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Speaker 2: Fantastic, But let's talk about the confirmable part, because I

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Speaker 2: was kind of shocked. I got admit I was kind

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Speaker 2: of shocked by the ham fisted nature of this. Tom

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Speaker 2: Tillis does not strike me as a particularly bright guy,

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Speaker 2: but he basically threatened. But he basically black is blackmailing

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Speaker 2: Trump because Trump is Trump's DOJ, so not doal Trump himself,

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Speaker 2: the DOJ investigating the FED and their overhaul of I

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Speaker 2: guess the Federal Reserve building, and I want you to

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Speaker 2: give me exactly what's happening, John. So the audience is

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Speaker 2: crystal on. This seems like a pre legitimate investigation, and

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Speaker 2: Tom Tillis is literally demanding Trump intervene and and the

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Speaker 2: investigation or he won't support Walsh. It just this to

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Speaker 2: me is just it's such blatant black You're not supposed

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Speaker 2: to make it this obvious you're blackmailing someone, But that's

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Speaker 2: what's happening, and.

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Speaker 3: There's a yes. So you described it perfectly. What Tillis

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Speaker 3: has said is he will not confirm anybody to the FED,

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Speaker 3: whether it's a different governor or to the chairmanship, unless

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Speaker 3: the DJ drops this investigation. I think that's not a

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Speaker 3: legitimate position. Frankly, I think that it's asked Trump to

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Speaker 3: do something he's accused of, which is politically interfere with

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Speaker 3: the Justice Department investigations. Right, You're not supposed to make

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Speaker 3: the confirmation of a FED chair turn on whether a

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Speaker 3: president will pressure the Justice Department to drop an investigation

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Speaker 3: of someone that's not good the So Tillis shouldn't do that. However,

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Speaker 3: I will say I think the Justice Department subpoena. I

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Speaker 3: think it was almost an accidental thing.

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Speaker 4: What happened was, in my view, that the the Jeanine

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Speaker 4: Piro's office, she's the assistant US Attorney for the.

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Speaker 3: District of Columbia, had sent some inquiries into the FED

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Speaker 3: and said like, hey, we've got some questions about your testimony,

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Speaker 3: we've got some questions about this renovation we you know here,

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Speaker 3: they are get back to us. They didn't get back,

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Speaker 3: so they start to follow uping Q didn't get back.

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Speaker 3: That's I think struck the US Attorney's office as arrogance.

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Speaker 3: They were like, what is going on with Okay, so

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Speaker 3: this is.

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Speaker 2: Lebyus emphasizes I did make this point on the show

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Speaker 2: at the time, and it's worth emphasizing that the there's

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Speaker 2: just ignoring subpoenas. If I just ignoring subpoenas and just

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Speaker 2: acting like, how do they think they're going to build out?

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Speaker 2: Who's going to build to mountain scenario? Yeah, well, so

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Speaker 2: at first they weren't ignoring the subpoenas. They were ignoring

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Speaker 2: just like the inquiries. And what do you do if

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Speaker 2: you're a US attorney and you're ignored, you then subpoena. Right,

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Speaker 2: That's how that works. And so they subpoena and by

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Speaker 2: the way, as far as I can as far as

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Speaker 2: we know, that then continues to ignore those subpoenas. They

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Speaker 2: have not, as far as we can tell, answered the subpoenas,

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Speaker 2: So they shouldn't have done that.

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Speaker 3: However, it doesn't seem like there's a lot of actual

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Speaker 3: criminality that happened here. So you've had senators, i think

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Speaker 3: including Tim Scott on the Banking Committee say like, we

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Speaker 3: don't think he lied to us, and we don't think

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Speaker 3: there's you need to do a perjury investigation. We've had

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Speaker 3: others say, uh, you know so the Justice Department probably

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Speaker 3: can and probably will, I expect, drop this. But it's

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Speaker 3: one of those situations where you're like, it should never

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Speaker 3: have gotten here. They shouldn't have had a subpoena them.

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Speaker 3: They then should have just answered the questions. The Tillis

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Speaker 3: should not be trying to blackmail the president with with

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Speaker 3: with doing this. He should drop that.

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Speaker 1: Uh.

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Speaker 3: My solution is the is and I hope the President

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Speaker 3: watches this uh and does this, which is pardon Pow.

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Speaker 3: Just say okay, whatever you did wrong, it's okay, Jay,

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Speaker 3: I'll issue you a pardon. Then the investigation goes away.

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Speaker 3: Trump gets to look magnanimous. It'll Illinois Powell. He doesn't

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Speaker 3: want to get pardoned, he doesn't think he'd wrong, but

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Speaker 3: pardon Powell, and the whole investigation goes away. I do

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Speaker 3: think by the way, the Senate can hold confirmation hearings.

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Speaker 3: Tillis hasn't said he's not going to allow confirmation hears

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Speaker 3: He can't stop the hearings anyway, so they can hold

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Speaker 3: the confirmation hearings. Tillis can try to stop it from

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Speaker 3: getting out of committee because he's on the Banking Committee,

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Speaker 3: but he that won't matter until we get to May,

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Speaker 3: when Jay Powell's term runs up. May fifteenth is when

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Speaker 3: the term is up, and if then you need to

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Speaker 3: confirm somebody by then, But that's several months, so I

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Speaker 3: imagine the Justice Department's investigation will be done by it then. Anyway, Okay,

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Speaker 3: so there's not that much to investigate. So but here's

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Speaker 3: the trick here is it? Do we think this is

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Speaker 3: on track for a confirmation?

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Speaker 2: And I feel like Trump probably wouldn't put him up

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Speaker 2: if he didn't think he was gonna get confirmed. I'm

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Speaker 2: guessing just because of the headache nature of it all.

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Speaker 2: But it said as far as we know, and there's

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Speaker 2: really only one example, which you've written about extensively, which

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Speaker 2: is during the quarter years of what would happen if

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Speaker 2: there isn't an immediate confirmation, maybe Trump would get to

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Speaker 2: appoint someone, and he could probably appoint someone good. So

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Speaker 2: play these scenarios after us.

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Speaker 3: Right, So I do think it's on track for confirmation.

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Speaker 3: I think ultimately they will resolve the investigation that'll go

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Speaker 3: away well, I mean another thing is by the way

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Speaker 3: you can investigate Powell when he's out of office, Like

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Speaker 3: you can just say, okay, you know, we're putting aside

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Speaker 3: the investigation and then reopen it. There's no reason to

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Speaker 3: do it right now while he's in office. So just

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Speaker 3: keep that in mind. If Powell did do something bad,

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Speaker 3: it doesn't mean he's off the hook. If they drop

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Speaker 3: the investigation. I think it'll get that part will get results.

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Speaker 3: But if it does not, and May fifteenth rolls around,

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Speaker 3: the statute is very clear that Powell is no longer

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Speaker 3: chairman when his term is expired. It's not you know

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Speaker 3: like that there are some positions in the US government

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Speaker 3: where that you keep it until the next guy gets

429
00:23:05,000 --> 00:23:08,719
Speaker 3: the job. So you'd like remain the acting chairman. Uh,

430
00:23:09,520 --> 00:23:12,520
Speaker 3: that's not one of these. That's not this. You lose

431
00:23:12,640 --> 00:23:15,080
Speaker 3: this position when your term is up. So then the

432
00:23:15,200 --> 00:23:20,120
Speaker 3: question becomes who becomes chairman. Now we've had position, We've

433
00:23:20,200 --> 00:23:26,399
Speaker 3: had instances. It happened both actually with Powell under Biden,

434
00:23:26,560 --> 00:23:30,719
Speaker 3: and it happened with Alan Greenspan where the president had

435
00:23:30,760 --> 00:23:34,719
Speaker 3: appointed somebody but actually appointed the guy he was already chairman,

436
00:23:35,000 --> 00:23:38,760
Speaker 3: reappointed him and the Senate had it confirmed him yet.

437
00:23:39,320 --> 00:23:43,879
Speaker 3: In that case, Powell was allowed to sit as temporary

438
00:23:43,960 --> 00:23:48,960
Speaker 3: chairman for a couple of weeks months, but there was

439
00:23:49,080 --> 00:23:54,639
Speaker 3: no problem there. Everybody thought, he'll be confirmed, he's been appointed,

440
00:23:54,760 --> 00:23:57,679
Speaker 3: he's been nominated to it, and he's already got the position.

441
00:23:58,359 --> 00:24:02,200
Speaker 3: So the last time we were in a position where

442
00:24:02,600 --> 00:24:05,879
Speaker 3: the President was going to appoint somebody else and not

443
00:24:06,080 --> 00:24:08,000
Speaker 3: the current chairman and there was a vacancy was in

444
00:24:08,040 --> 00:24:12,320
Speaker 3: the Carter administration. And in that case, the statute actually

445
00:24:12,440 --> 00:24:15,879
Speaker 3: doesn't say what happens when the chair has become vacant

446
00:24:15,920 --> 00:24:20,879
Speaker 3: and the president wants to appoint somebody knew there's the

447
00:24:20,960 --> 00:24:25,560
Speaker 3: statute fail. It's more like a drafting problem back in

448
00:24:25,640 --> 00:24:28,359
Speaker 3: the seventies or in the nineteen thirties, or maybe at

449
00:24:28,400 --> 00:24:33,119
Speaker 3: nineteen thirteen, they messed it up. It doesn't say exactly.

450
00:24:33,200 --> 00:24:36,360
Speaker 3: So the Carter administration determined the Office of Legal Counsel

451
00:24:36,920 --> 00:24:40,800
Speaker 3: said that means that the president has the inherent power

452
00:24:41,359 --> 00:24:44,040
Speaker 3: because his job is to make sure the government continues

453
00:24:44,119 --> 00:24:48,359
Speaker 3: to function to appoint somebody, not anybody, because a FED

454
00:24:48,440 --> 00:24:52,520
Speaker 3: chairman has to be a sitting governor of the Federal Reserve.

455
00:24:53,240 --> 00:24:56,800
Speaker 3: So Trump could not make Wars the temporary chairman. But

456
00:24:56,960 --> 00:25:01,280
Speaker 3: he could make Mickey Bowman, who is now a FED governor,

457
00:25:01,359 --> 00:25:05,280
Speaker 3: she's vice chair for supervision. He could make Christopher Waller,

458
00:25:05,480 --> 00:25:09,479
Speaker 3: now a FED governor, and he could make Stephen Myron,

459
00:25:11,440 --> 00:25:14,320
Speaker 3: who is you know, became a FED governor very recently.

460
00:25:15,760 --> 00:25:18,520
Speaker 3: He could appoint him to the position. I actually like

461
00:25:18,600 --> 00:25:23,240
Speaker 3: the idea of appointing Steven Myron because Myron worked in

462
00:25:23,359 --> 00:25:27,359
Speaker 3: the Trump administration until very recently. And if you're concerned,

463
00:25:27,400 --> 00:25:30,240
Speaker 3: if you're like you know, Tellus or whoever you're really

464
00:25:30,320 --> 00:25:34,800
Speaker 3: concerned about FED independence, you don't want President to appoint,

465
00:25:35,080 --> 00:25:36,880
Speaker 3: you know, the guy who worked in the White House

466
00:25:36,960 --> 00:25:41,280
Speaker 3: recently as temporary chairman. So maybe even just threatening to

467
00:25:41,359 --> 00:25:45,439
Speaker 3: a point Myron would be enough to First of all,

468
00:25:45,480 --> 00:25:48,320
Speaker 3: I think Byron would be amazing against chairman. He's one

469
00:25:48,320 --> 00:25:50,560
Speaker 3: of the smartest people I've ever seen serve on the

470
00:25:50,600 --> 00:25:51,040
Speaker 3: federal ords.

471
00:25:51,080 --> 00:25:52,440
Speaker 2: So why do I nominate him? To begin with?

472
00:25:54,000 --> 00:25:57,040
Speaker 3: He didn't frankly, he doesn't have a lot of like

473
00:25:57,520 --> 00:26:01,000
Speaker 3: enough experience. He's a young guy. He he just got

474
00:26:01,119 --> 00:26:03,480
Speaker 3: onto the Federal Reserve. I think.

475
00:26:05,440 --> 00:26:07,160
Speaker 2: The oh yeah, yeah, yeah, yeah, this is the guy.

476
00:26:07,280 --> 00:26:09,800
Speaker 2: This is Stephen Myron. We've talked about this before. He's

477
00:26:09,840 --> 00:26:12,119
Speaker 2: a guy. He's like my age, but he looks like

478
00:26:12,200 --> 00:26:14,080
Speaker 2: he's like sixty three, so I always think he's older.

479
00:26:14,680 --> 00:26:17,120
Speaker 3: He is. He's you know, he shaves his head. Maybe

480
00:26:17,359 --> 00:26:20,800
Speaker 3: maybe he's naturally bald, but yeah, he's got you know,

481
00:26:20,880 --> 00:26:24,680
Speaker 3: no hair. He also sort of has that like economist

482
00:26:24,800 --> 00:26:26,840
Speaker 3: to look to him. Yeah, it's good in that line

483
00:26:26,880 --> 00:26:28,560
Speaker 3: of work. That's exactly what you want your economy. He

484
00:26:28,600 --> 00:26:31,200
Speaker 3: looks exactly like he wants your economists to look like. Yes,

485
00:26:31,560 --> 00:26:35,800
Speaker 3: and and he's really brilliant and smart. That probably also

486
00:26:36,320 --> 00:26:38,720
Speaker 3: adds to his age little because when he talks, you know,

487
00:26:38,840 --> 00:26:42,320
Speaker 3: he just, yeah, he's sounds, he's using sort of like,

488
00:26:43,080 --> 00:26:48,600
Speaker 3: you know, economics professor words. Uh so, but I but

489
00:26:48,720 --> 00:26:51,879
Speaker 3: I but I think the general view was like Myron

490
00:26:52,000 --> 00:26:53,920
Speaker 3: might be a great bed chairman in the future, but

491
00:26:54,000 --> 00:26:55,920
Speaker 3: it's not his time yet. So that's why he didn't

492
00:26:55,920 --> 00:26:59,760
Speaker 3: get the appointment. And also, as I said, like, there

493
00:26:59,840 --> 00:27:04,560
Speaker 3: is concern that he might be too close to Trump's

494
00:27:04,640 --> 00:27:07,400
Speaker 3: view of things. Even before he was in the Trump administration,

495
00:27:07,800 --> 00:27:11,800
Speaker 3: he was writing about problems about you know, international trade

496
00:27:11,840 --> 00:27:16,520
Speaker 3: that line up very nicely with Trump's views. So but anyway,

497
00:27:16,520 --> 00:27:22,080
Speaker 3: I think, look, if the Senate refuses to confirm Worsh

498
00:27:22,359 --> 00:27:27,680
Speaker 3: in time meeting by May fifteenth, Trump should appoint Myron

499
00:27:28,080 --> 00:27:32,720
Speaker 3: as chairman, and I think that will prompt the uh,

500
00:27:33,720 --> 00:27:37,879
Speaker 3: the Senators to say, oh we I as far as

501
00:27:37,920 --> 00:27:40,960
Speaker 3: I can tell tillis, I've written this, I've said it

502
00:27:41,080 --> 00:27:45,240
Speaker 3: on I think I've We've talked about it on podcasts before,

503
00:27:45,640 --> 00:27:49,920
Speaker 3: have said it on television a number of times. I

504
00:27:50,000 --> 00:27:53,760
Speaker 3: don't think that the Senators realize that Trump has the

505
00:27:53,800 --> 00:27:57,000
Speaker 3: inherent power to appoint a chairman. If they try to

506
00:27:57,040 --> 00:28:01,639
Speaker 3: block Worsh that if May fifteenth through rolls around, the

507
00:28:01,760 --> 00:28:05,679
Speaker 3: Senate actually loses their power to control who Trump points

508
00:28:06,000 --> 00:28:07,639
Speaker 3: and Trump will get to a point any governor.

509
00:28:09,720 --> 00:28:11,760
Speaker 2: It's so cool. I'm looking forward to it to see

510
00:28:11,800 --> 00:28:13,840
Speaker 2: how it plays out. So overall, I feel like we're

511
00:28:13,840 --> 00:28:15,280
Speaker 2: in a good spot here and we'll catch up on

512
00:28:15,359 --> 00:28:17,239
Speaker 2: this down the road. John, I want to catch up

513
00:28:17,400 --> 00:28:21,399
Speaker 2: with you on a couple other angles, on different stories.

514
00:28:21,400 --> 00:28:23,040
Speaker 2: I got two more, but one of them I got

515
00:28:23,119 --> 00:28:25,920
Speaker 2: to ask about Eddie Bauer is going under. I didn't

516
00:28:25,920 --> 00:28:27,159
Speaker 2: know Eddie Bauer was still around.

517
00:28:27,840 --> 00:28:34,400
Speaker 3: Yeah. Look, Eddie Bauer founded by a guy named Eddie Bauer.

518
00:28:34,760 --> 00:28:42,160
Speaker 3: Lloyd Tabago was a iconic American brand. They they they're around,

519
00:28:42,560 --> 00:28:48,040
Speaker 3: they should be thriving. The category of outdoor gear is

520
00:28:48,240 --> 00:28:51,800
Speaker 3: really a pretty successful category. I mean if you just

521
00:28:52,280 --> 00:28:54,960
Speaker 3: walk around look at people, how many people are in

522
00:28:55,120 --> 00:28:59,680
Speaker 3: like you know, fleece jackets and down jackets and they're

523
00:28:59,720 --> 00:29:02,440
Speaker 3: wearing hiking pants and hiking boots, and you know, like

524
00:29:02,920 --> 00:29:04,640
Speaker 3: this is a thriving category.

525
00:29:05,120 --> 00:29:05,680
Speaker 2: So they weren't.

526
00:29:06,000 --> 00:29:06,320
Speaker 1: It is.

527
00:29:06,800 --> 00:29:09,480
Speaker 2: This is exactly the type of staff that's very common

528
00:29:09,560 --> 00:29:13,120
Speaker 2: for casual where it's the fleece jackets. It's the kind

529
00:29:13,120 --> 00:29:16,600
Speaker 2: of light puffy jackets that are light in made and

530
00:29:17,040 --> 00:29:19,720
Speaker 2: kind of warm and can be worn outside. Yeah, it

531
00:29:19,800 --> 00:29:21,840
Speaker 2: should be. This is all kind of right down the

532
00:29:21,880 --> 00:29:23,160
Speaker 2: middle for what America is interested in.

533
00:29:23,920 --> 00:29:26,280
Speaker 3: Yep, And so it should be. So this isn't like

534
00:29:27,280 --> 00:29:29,760
Speaker 3: you know, a company like Kodak or you know, like

535
00:29:30,440 --> 00:29:33,200
Speaker 3: you they're not making a product that's outdated and they

536
00:29:33,280 --> 00:29:37,520
Speaker 3: had trouble they have. They have a number of issues.

537
00:29:37,600 --> 00:29:41,280
Speaker 3: I mean, look just straight business issues. Male traffic is down,

538
00:29:41,360 --> 00:29:42,959
Speaker 3: but look a lot of companies that depend on mole

539
00:29:43,000 --> 00:29:45,760
Speaker 3: traffic are thriving. So I don't buy that. I think

540
00:29:45,840 --> 00:29:48,200
Speaker 3: what caused them to go bankrupt is that they went

541
00:29:48,760 --> 00:29:52,880
Speaker 3: full woke in recent years, and I think that alienated

542
00:29:52,920 --> 00:29:55,680
Speaker 3: a lot of their customer base. If you look at

543
00:29:55,720 --> 00:30:01,280
Speaker 3: their I spent some time perusing their corporate today, and

544
00:30:01,400 --> 00:30:04,160
Speaker 3: it's got the you know, it talks about cis gender

545
00:30:04,320 --> 00:30:11,080
Speaker 3: that ableism, uh and the white media. There's this whole

546
00:30:11,120 --> 00:30:15,320
Speaker 3: thing about white mediocrity. This is this, this is super

547
00:30:15,440 --> 00:30:18,520
Speaker 3: alienating to the normal customer and.

548
00:30:19,040 --> 00:30:21,680
Speaker 2: There it really is a brand for normal people. Like

549
00:30:21,920 --> 00:30:23,840
Speaker 2: that's the whole thing. This is not a brand that's

550
00:30:23,880 --> 00:30:27,120
Speaker 2: catering to you know, people who go shopping on Melrose

551
00:30:27,120 --> 00:30:29,920
Speaker 2: in West Hollywood. It's like, this is the this is

552
00:30:30,040 --> 00:30:32,960
Speaker 2: normal clothes for normal people. And that's the problem here.

553
00:30:33,640 --> 00:30:37,920
Speaker 3: They I mean, they had they went all in on

554
00:30:38,080 --> 00:30:42,680
Speaker 3: Black Lives Matter. They they at one point sponsored some

555
00:30:42,840 --> 00:30:45,880
Speaker 3: sort of like film award where they gave out grants

556
00:30:46,240 --> 00:30:53,520
Speaker 3: but only to bipock people. I get black indigitou people

557
00:30:53,560 --> 00:30:57,640
Speaker 3: love color. So you know, like the kind of discrimination

558
00:30:57,840 --> 00:31:01,320
Speaker 3: that I think a lot of corporations went in on

559
00:31:01,560 --> 00:31:04,720
Speaker 3: right after, specifically in twenty twenty, when we had this

560
00:31:04,880 --> 00:31:08,240
Speaker 3: like corporate panic and the you know, the media fooled

561
00:31:08,240 --> 00:31:11,520
Speaker 3: everybody with this like racial reckoning, convinced everybody that they

562
00:31:11,600 --> 00:31:15,920
Speaker 3: wanted far left race stuff. The CEO at one point

563
00:31:16,040 --> 00:31:18,160
Speaker 3: was talking about how one of his favorite books was

564
00:31:18,240 --> 00:31:22,320
Speaker 3: by Ibrahim X Kendy. I mean, you know who's like

565
00:31:22,440 --> 00:31:24,360
Speaker 3: the core critical race theory guy.

566
00:31:24,480 --> 00:31:27,160
Speaker 2: No, No, he's in the racial grievance industry. That's his

567
00:31:27,360 --> 00:31:32,000
Speaker 2: main industry. So let me ask though about this, because

568
00:31:32,080 --> 00:31:34,440
Speaker 2: you know they were seen I remember John, this is

569
00:31:34,560 --> 00:31:35,880
Speaker 2: ringing a bell that they were. Then they have a

570
00:31:35,920 --> 00:31:38,280
Speaker 2: bunch of like four Broncos that were Eddie Bauer edition.

571
00:31:38,400 --> 00:31:41,920
Speaker 2: I mean, these were marketing towards it was very normal marketing,

572
00:31:42,040 --> 00:31:44,200
Speaker 2: and then they moved toward this folk stuff. But it's

573
00:31:44,200 --> 00:31:47,120
Speaker 2: always been Seattle based. I just wonder if you can

574
00:31:47,200 --> 00:31:49,120
Speaker 2: take the company out of Seattle, but you can't take

575
00:31:49,160 --> 00:31:50,320
Speaker 2: the Seattle out of the company.

576
00:31:50,880 --> 00:31:53,040
Speaker 3: Yeah, I mean I think that may be part of it.

577
00:31:53,160 --> 00:31:56,800
Speaker 3: The corporate the culture, the left wing culture there went

578
00:31:57,520 --> 00:32:01,560
Speaker 3: kind of nuts, right, and so they ended up in

579
00:32:01,760 --> 00:32:03,880
Speaker 3: this really far left place. And you're right, there used

580
00:32:03,920 --> 00:32:09,560
Speaker 3: to be Eddie Bauer cars. They actually designed parkas for

581
00:32:09,800 --> 00:32:13,960
Speaker 3: soldiers in World War Two. Like they were a pretty

582
00:32:14,560 --> 00:32:20,800
Speaker 3: core American company, and they let themselves get pulled way

583
00:32:21,000 --> 00:32:25,040
Speaker 3: to the left. And my story on Breitbart about it,

584
00:32:25,120 --> 00:32:28,440
Speaker 3: I have a lot of quotes from their blogs, from

585
00:32:28,480 --> 00:32:33,840
Speaker 3: their corporate executives, and what's interesting to me is that

586
00:32:34,200 --> 00:32:37,120
Speaker 3: there was no organized boycott. As far as I can tell,

587
00:32:37,200 --> 00:32:39,560
Speaker 3: it's not. It wasn't you know, like bud Light right

588
00:32:39,680 --> 00:32:42,720
Speaker 3: where it was so there was like an instance that

589
00:32:42,840 --> 00:32:46,360
Speaker 3: was so shocking. But I think what happens is that

590
00:32:46,520 --> 00:32:49,280
Speaker 3: people just start to get turned off. They no longer

591
00:32:49,440 --> 00:32:53,080
Speaker 3: look at that brand as theirs, right, it's not standing

592
00:32:53,200 --> 00:32:56,360
Speaker 3: up for their values. In fact, it's attacking them when

593
00:32:56,400 --> 00:32:58,880
Speaker 3: you have you know, when you have your corporate blog

594
00:32:58,960 --> 00:33:03,760
Speaker 3: post talking about mediocre white people, guess who's not gonna

595
00:33:03,800 --> 00:33:07,320
Speaker 3: shop in your store anymore? Regular white people who you

596
00:33:07,480 --> 00:33:08,320
Speaker 3: just call mediocre?

597
00:33:08,880 --> 00:33:14,560
Speaker 2: Right, Yeah, absolutely and terrible. Okay, so ri iPad Bauer.

598
00:33:14,600 --> 00:33:16,000
Speaker 2: But is there anything else the reading too it?

599
00:33:17,600 --> 00:33:17,719
Speaker 1: Uh?

600
00:33:18,160 --> 00:33:21,480
Speaker 3: I mean if I were the rest of this category,

601
00:33:21,520 --> 00:33:24,440
Speaker 3: because look, as you said, a lot of these companies

602
00:33:24,440 --> 00:33:27,200
Speaker 3: are based in the Pacific Northwest, and a lot of

603
00:33:27,240 --> 00:33:31,120
Speaker 3: them are pretty left wing. But I think Americans don't

604
00:33:31,200 --> 00:33:35,680
Speaker 3: mind if like they're like outdoor Gear company is going

605
00:33:35,720 --> 00:33:39,120
Speaker 3: to be like a little climate activisty right, whatever, Fine,

606
00:33:39,280 --> 00:33:41,560
Speaker 3: we get it. You know, you're you're really into that stuff.

607
00:33:41,680 --> 00:33:47,320
Speaker 3: So I think when you do the transgender and critical

608
00:33:47,400 --> 00:33:50,280
Speaker 3: race theory, I think that alienates people. They're like, that's

609
00:33:50,320 --> 00:33:54,400
Speaker 3: not part of why is that your brand amission? It

610
00:33:54,480 --> 00:33:57,720
Speaker 3: doesn't really make sense. So I think that it's a

611
00:33:57,760 --> 00:34:02,520
Speaker 3: warning sign to other, you know, storied American companies. You

612
00:34:02,920 --> 00:34:07,560
Speaker 3: you know, don't stay out of politics when you can,

613
00:34:08,280 --> 00:34:10,600
Speaker 3: or at least if you're going to engage in politics,

614
00:34:11,000 --> 00:34:13,719
Speaker 3: stay in the politics that are in your laye. Again,

615
00:34:14,200 --> 00:34:17,040
Speaker 3: I think we were forgiving. If you know, if the

616
00:34:17,400 --> 00:34:20,960
Speaker 3: hiking companies want to talk about you know, pollution or

617
00:34:21,000 --> 00:34:23,680
Speaker 3: even you know, climate change, I don't think they should

618
00:34:23,760 --> 00:34:25,360
Speaker 3: do that, but if they do, I think we'll be

619
00:34:25,440 --> 00:34:25,960
Speaker 3: okay with that.

620
00:34:26,520 --> 00:34:29,160
Speaker 2: It's just so tough though this whole space, because I

621
00:34:29,280 --> 00:34:32,480
Speaker 2: was looking at it. You know, Patagonia, their founder said,

622
00:34:32,520 --> 00:34:36,239
Speaker 2: the the capitalist systems destroying the planet. Even though the guys,

623
00:34:36,280 --> 00:34:39,840
Speaker 2: you know, a billionaire, the they pay the bill for

624
00:34:39,920 --> 00:34:43,000
Speaker 2: employees arrested at a pro abortion protest, They donate to

625
00:34:43,040 --> 00:34:47,840
Speaker 2: Planned Parenthood. They fund of this group called Refuse Activism,

626
00:34:47,920 --> 00:34:52,600
Speaker 2: which was behind this Berkeley riot. The and it's just

627
00:34:52,760 --> 00:34:55,359
Speaker 2: like the I believe that that last one is true.

628
00:34:55,400 --> 00:34:56,719
Speaker 2: Hold on, I want to make sure I don't get

629
00:34:56,719 --> 00:34:58,640
Speaker 2: any get any trouble. You have a lot more money

630
00:34:58,640 --> 00:35:02,080
Speaker 2: to sue me. Yeah. Yeah, they gave forty greeto that thing.

631
00:35:02,200 --> 00:35:04,759
Speaker 2: So it's the So here's the point. And then I

632
00:35:04,800 --> 00:35:07,640
Speaker 2: look at the North Face, which is another Eddie Bauer competitor,

633
00:35:08,560 --> 00:35:10,920
Speaker 2: and they've got a bunch of other woke stuff. They

634
00:35:11,080 --> 00:35:14,040
Speaker 2: drag queens in an ad and they were among sponsors

635
00:35:14,080 --> 00:35:17,239
Speaker 2: of an LGBTQ camp for twelve year old who can

636
00:35:17,320 --> 00:35:21,040
Speaker 2: perform and drag Like what it's the Why can't you

637
00:35:21,200 --> 00:35:24,959
Speaker 2: just dress up for just some light weather without having

638
00:35:25,040 --> 00:35:27,040
Speaker 2: to contribute some sort of woke cause.

639
00:35:27,719 --> 00:35:31,040
Speaker 3: I think there's a huge opportunity for one of these companies.

640
00:35:31,040 --> 00:35:34,760
Speaker 3: And I don't know if it's ll Bean or Arii.

641
00:35:35,040 --> 00:35:38,400
Speaker 3: Arii is also from out in the far left region

642
00:35:38,480 --> 00:35:42,560
Speaker 3: of the country, but like Elbean, I mean, it's from Maine,

643
00:35:42,600 --> 00:35:45,800
Speaker 3: and Maine has its own political problems. But you know,

644
00:35:46,239 --> 00:35:48,200
Speaker 3: maybe one of the you know there, I think there's

645
00:35:48,239 --> 00:35:52,160
Speaker 3: a huge opportunity for a non woke, non far left

646
00:35:52,520 --> 00:35:56,759
Speaker 3: outdoor gear company to come in and take market share, uh,

647
00:35:58,360 --> 00:36:01,600
Speaker 3: at least one way i'd put it is, if you're

648
00:36:01,680 --> 00:36:04,520
Speaker 3: trying to look for a competitive advantage in this field,

649
00:36:05,160 --> 00:36:08,640
Speaker 3: going far left is a crowded market. There's no more

650
00:36:08,800 --> 00:36:10,960
Speaker 3: you know, there's no more people who are like, oh,

651
00:36:11,040 --> 00:36:13,960
Speaker 3: you know what, there's not a leftist out there is

652
00:36:14,000 --> 00:36:17,040
Speaker 3: Like I really wish there were a outdoor gear brand

653
00:36:17,080 --> 00:36:21,160
Speaker 3: that had my values. Yeah, they all do, So maybe

654
00:36:21,200 --> 00:36:24,360
Speaker 3: there's an opportunity there for some of the other companies,

655
00:36:24,440 --> 00:36:26,880
Speaker 3: maybe the smaller ones. Well Bean's pretty big and I

656
00:36:27,000 --> 00:36:30,200
Speaker 3: haven't noticed them being far left, so maybe maybe they'll

657
00:36:30,440 --> 00:36:31,400
Speaker 3: move into the space.

658
00:36:33,239 --> 00:36:36,319
Speaker 2: All right, let me let me switch gears here, John,

659
00:36:36,520 --> 00:36:38,040
Speaker 2: This is the one I really wanted to talk about

660
00:36:38,200 --> 00:36:40,080
Speaker 2: the most, but it kind of gets pushed down the

661
00:36:40,120 --> 00:36:43,120
Speaker 2: list when I'm ever. I'm not totally agenda driven, which

662
00:36:43,120 --> 00:36:45,880
Speaker 2: I think is nice. But we I talked about this

663
00:36:45,920 --> 00:36:49,040
Speaker 2: briefly in the Live Red New Show where there's this

664
00:36:49,200 --> 00:36:52,959
Speaker 2: panic over this data from the something called Challenger Challenger data,

665
00:36:53,640 --> 00:36:57,120
Speaker 2: and it suggested that we're experiencing layoffs at a fifteen

666
00:36:57,239 --> 00:37:00,600
Speaker 2: year high people who just get headlines from mainstream media.

667
00:37:00,680 --> 00:37:04,919
Speaker 2: That's what they were told late this week. So break

668
00:37:05,040 --> 00:37:07,120
Speaker 2: some of this down for us. Sure, First of all,

669
00:37:07,160 --> 00:37:11,839
Speaker 2: let's talk about what this is. So Challenger Gray puts

670
00:37:11,840 --> 00:37:17,040
Speaker 2: out a report. They're an executive recruitment and company.

671
00:37:17,480 --> 00:37:21,160
Speaker 3: They put out a report every month, almost like advertising

672
00:37:21,239 --> 00:37:24,680
Speaker 3: for themselves. It gets their name out there, that is,

673
00:37:25,080 --> 00:37:27,120
Speaker 3: and they've been doing this for years and years. That

674
00:37:27,280 --> 00:37:32,920
Speaker 3: basically counts up corporate announcements of layoffs and Warren notices.

675
00:37:32,960 --> 00:37:36,840
Speaker 3: Those are like official government notices by big companies that

676
00:37:36,840 --> 00:37:40,239
Speaker 3: they're going to do layoffs. They count these up and

677
00:37:40,920 --> 00:37:43,879
Speaker 3: they say how many of these got announced in the month.

678
00:37:43,960 --> 00:37:46,439
Speaker 3: So this was how many layoffs got announced in the month.

679
00:37:46,800 --> 00:37:53,080
Speaker 3: The huge number was something like one hundred and fifteen thousand. Now,

680
00:37:54,080 --> 00:37:56,880
Speaker 3: just to make to be clear about that, if we

681
00:37:57,000 --> 00:37:59,120
Speaker 3: ever had a month in America where only one hundred

682
00:37:59,120 --> 00:38:02,839
Speaker 3: and fifteen thousand peace got laid off, it would mean

683
00:38:03,440 --> 00:38:05,520
Speaker 3: that we had had a plague that killed off most

684
00:38:05,560 --> 00:38:10,360
Speaker 3: of Americans. They're like every week at least two hundred

685
00:38:10,640 --> 00:38:15,360
Speaker 3: thousand people lose their jobs in America, far more than that.

686
00:38:16,040 --> 00:38:20,080
Speaker 3: A average month, around a million people lose their jobs.

687
00:38:21,280 --> 00:38:22,880
Speaker 3: That's in a good month. By the way, those are

688
00:38:22,960 --> 00:38:25,560
Speaker 3: like good times, that's not like the bad times. I'm

689
00:38:25,600 --> 00:38:28,280
Speaker 3: not talking about during a recession. I mean, in a growing,

690
00:38:28,480 --> 00:38:31,719
Speaker 3: thriving economy, two hundred thousand people lose their jobs. Up

691
00:38:31,760 --> 00:38:33,759
Speaker 3: to three hundred thousand people can lose their jobs, and

692
00:38:33,800 --> 00:38:36,520
Speaker 3: your economy can in a week can be doing well.

693
00:38:36,840 --> 00:38:39,759
Speaker 3: So the Challenger Gray thing is counting a very small number,

694
00:38:41,560 --> 00:38:43,480
Speaker 3: and the January number was up.

695
00:38:43,560 --> 00:38:45,719
Speaker 2: So what is the number they're counting? Like, where are

696
00:38:45,719 --> 00:38:47,759
Speaker 2: they getting the information?

697
00:38:48,040 --> 00:38:51,320
Speaker 3: What is it? That's basically corporate press releases and in

698
00:38:51,440 --> 00:38:56,560
Speaker 3: this case Amazon and ups accounted by my count, forty

699
00:38:56,680 --> 00:38:59,759
Speaker 3: two percent of the total amount of the Challenger Gray

700
00:39:00,280 --> 00:39:03,040
Speaker 3: counted layoffs. So basically what they do is they, you know,

701
00:39:03,120 --> 00:39:06,200
Speaker 3: companies announced all the time, we're you know, we're shutting

702
00:39:06,280 --> 00:39:11,840
Speaker 3: down this unit, or we're we're having we're going to

703
00:39:11,920 --> 00:39:15,359
Speaker 3: computerize the factory in this area, or this warehouse will

704
00:39:15,400 --> 00:39:18,160
Speaker 3: employ less of people. And when those announcements get made,

705
00:39:18,239 --> 00:39:20,880
Speaker 3: Challenge are Gray, you know, tallies them all up for

706
00:39:20,960 --> 00:39:23,759
Speaker 3: a month. That's where the number comes from. It's not

707
00:39:24,040 --> 00:39:27,719
Speaker 3: actual layoffs, it's actually announced laoffs. And very often these

708
00:39:27,800 --> 00:39:32,160
Speaker 3: layoffs either never happen or happen months from now. So

709
00:39:32,400 --> 00:39:36,440
Speaker 3: a company may, you know, in January announce a whole

710
00:39:36,480 --> 00:39:39,120
Speaker 3: bunch of layoffs. So the number was up something like

711
00:39:39,160 --> 00:39:42,440
Speaker 3: one hundred and five percent from December, but the December

712
00:39:42,560 --> 00:39:46,360
Speaker 3: number was very low, which may just be like companies

713
00:39:46,400 --> 00:39:50,440
Speaker 3: didn't want to fire people in December because it's Christmas,

714
00:39:51,040 --> 00:39:55,760
Speaker 3: and the January number was but it was high for January.

715
00:39:56,239 --> 00:40:01,520
Speaker 3: But again, these numbers are small and very volatile. What

716
00:40:02,280 --> 00:40:04,200
Speaker 3: like economists like to do when they look at this

717
00:40:04,440 --> 00:40:07,440
Speaker 3: is say, don't look at one month, look at three months.

718
00:40:07,840 --> 00:40:10,160
Speaker 3: So if you look at the three month average, it's

719
00:40:10,160 --> 00:40:15,000
Speaker 3: around seventy seven thousand. That's high too, So you know,

720
00:40:15,080 --> 00:40:17,279
Speaker 3: it's not that there are no layoffs happening. It's just

721
00:40:17,360 --> 00:40:20,520
Speaker 3: that these apocalyptic headlines are bad. And then if you

722
00:40:20,600 --> 00:40:23,480
Speaker 3: look at the actual data, so you look at jolts

723
00:40:23,920 --> 00:40:26,960
Speaker 3: or you look at the jobless claims, there's not a

724
00:40:27,040 --> 00:40:29,440
Speaker 3: lot of layoffs at all. So I think the headlines

725
00:40:29,440 --> 00:40:32,800
Speaker 3: have been irresponsible. I don't think that they reflect reality.

726
00:40:32,880 --> 00:40:36,319
Speaker 3: I think if there was there was one month, by

727
00:40:36,360 --> 00:40:39,800
Speaker 3: the way, under Biden when we saw something like a

728
00:40:39,920 --> 00:40:44,160
Speaker 3: three hundred percent increase in Challenger Gray layoffs and it

729
00:40:44,280 --> 00:40:47,320
Speaker 3: just got brushed out of the carpet. You know, you

730
00:40:47,520 --> 00:40:49,520
Speaker 3: know why that was right, because they don't you know,

731
00:40:50,000 --> 00:40:52,680
Speaker 3: there was nothing for them to gain by playing up

732
00:40:53,080 --> 00:40:55,480
Speaker 3: the idea that the economy was going to fall apart.

733
00:40:56,040 --> 00:40:59,080
Speaker 3: Now they want to create that idea. It's just not

734
00:40:59,239 --> 00:41:03,759
Speaker 3: true of people are We don't have the January jobs number.

735
00:41:03,800 --> 00:41:05,560
Speaker 3: We're not going to get those that for a little

736
00:41:05,600 --> 00:41:08,320
Speaker 3: while because of the because of the new government shutdown

737
00:41:08,360 --> 00:41:11,200
Speaker 3: that like mini government shutdown that just happened. Normally we'd

738
00:41:11,239 --> 00:41:13,920
Speaker 3: be getting them on Friday. This time we're not. But

739
00:41:14,160 --> 00:41:17,880
Speaker 3: what we but the jobless claims, which are a proxy

740
00:41:18,000 --> 00:41:21,080
Speaker 3: for layoffs, they're like the best measure we have of

741
00:41:21,160 --> 00:41:24,680
Speaker 3: people losing their jobs in America. They're not high, they're

742
00:41:24,719 --> 00:41:28,719
Speaker 3: not elevated. So the challenger gray numbers should really be

743
00:41:28,920 --> 00:41:34,520
Speaker 3: dismissed unless they're confirmed at some point by the jobless claims.

744
00:41:34,880 --> 00:41:37,520
Speaker 3: Otherwise people shouldn't pay attention to them.

745
00:41:37,640 --> 00:41:39,920
Speaker 2: All right, So let me give the top line stuff.

746
00:41:40,160 --> 00:41:43,600
Speaker 2: So these aren't the actual layoffs. These are press releases,

747
00:41:44,040 --> 00:41:46,359
Speaker 2: so they're kind of reading between the lines, and then

748
00:41:46,400 --> 00:41:50,000
Speaker 2: the government data suggests the opposite is true.

749
00:41:50,480 --> 00:41:53,120
Speaker 3: Yeah, there's not a lot. It's not that the opposite

750
00:41:53,200 --> 00:41:57,600
Speaker 3: is true, it's that most layoffs, most jobs in America

751
00:41:58,200 --> 00:42:04,279
Speaker 3: don't happen, aren't announced right, Like, so when when twenty

752
00:42:04,360 --> 00:42:08,080
Speaker 3: people lose their job somewhere because like a pizza hut

753
00:42:08,160 --> 00:42:11,399
Speaker 3: closes down, that's not you know, like pizza hut doesn't

754
00:42:11,400 --> 00:42:14,319
Speaker 3: make it an announcement. The announcements come when a big

755
00:42:14,480 --> 00:42:17,759
Speaker 3: company is laying off tens of thousands of people. So

756
00:42:17,960 --> 00:42:20,279
Speaker 3: that's where these numbers come from. So that's why they're

757
00:42:20,360 --> 00:42:23,120
Speaker 3: not representative of the of what's going on in the

758
00:42:23,280 --> 00:42:24,000
Speaker 3: entire economy.

759
00:42:26,120 --> 00:42:32,480
Speaker 2: Okay, so what do you say a weekend. No one's

760
00:42:32,520 --> 00:42:34,759
Speaker 2: barbecuing right now, but you know you're at some sort

761
00:42:34,760 --> 00:42:37,680
Speaker 2: of a function. Someone asks you, hey, Cartier, your bright

762
00:42:37,760 --> 00:42:41,960
Speaker 2: bart economic guru, how come the showy layoffs going on?

763
00:42:42,280 --> 00:42:44,399
Speaker 3: What is your What is your response to these people?

764
00:42:44,520 --> 00:42:46,320
Speaker 3: It's that there aren't a lot of layoffs going on.

765
00:42:47,080 --> 00:42:50,320
Speaker 3: That the again, to get back to the jobless claims.

766
00:42:50,640 --> 00:42:53,239
Speaker 3: Jobless claims tell us that layoffs are actually very low,

767
00:42:53,880 --> 00:42:58,280
Speaker 3: that people are not losing their jobs, We're not hiring

768
00:42:58,400 --> 00:42:59,920
Speaker 3: a ton of people. There's not a ton of job

769
00:43:00,200 --> 00:43:03,600
Speaker 3: creation going on. But there is not a lot of

770
00:43:03,719 --> 00:43:06,920
Speaker 3: job losses occurring. And the unemployment rate, which is the

771
00:43:07,040 --> 00:43:11,239
Speaker 3: other thing you should look at, is very low. Now

772
00:43:11,320 --> 00:43:14,600
Speaker 3: that could change. Look the labor market changes can change rapidly,

773
00:43:15,120 --> 00:43:17,839
Speaker 3: so maybe things will change, But right now, the data

774
00:43:17,920 --> 00:43:20,440
Speaker 3: does not support the idea that there are a lot

775
00:43:20,480 --> 00:43:24,520
Speaker 3: of layoffs. There have been more announced layoffs by big companies,

776
00:43:24,560 --> 00:43:27,760
Speaker 3: and in particular this was driven by Amazon and UPS,

777
00:43:28,040 --> 00:43:31,840
Speaker 3: which by the way, are not unrelated. Right Like, when

778
00:43:31,920 --> 00:43:35,560
Speaker 3: Amazon isn't doing that well, neither is UPS because guests

779
00:43:35,560 --> 00:43:38,960
Speaker 3: who delivers all of those packages. Right, If Amazon is

780
00:43:39,000 --> 00:43:42,239
Speaker 3: cutting back, it makes sense that UPS is cutting back,

781
00:43:42,360 --> 00:43:45,080
Speaker 3: or the other way. If UPS is coming back, that

782
00:43:45,280 --> 00:43:48,160
Speaker 3: probably means Amazon doesn't need as many people to do

783
00:43:48,360 --> 00:43:51,759
Speaker 3: some of the work that's getting done. So not only

784
00:43:52,160 --> 00:43:54,920
Speaker 3: are they not representative of the whole economy, they're not

785
00:43:55,040 --> 00:44:00,560
Speaker 3: even independent variables. They're actually operating in a very interrelated space.

786
00:44:02,400 --> 00:44:06,400
Speaker 2: Okay, So here's the last thing I want to get

787
00:44:06,400 --> 00:44:09,200
Speaker 2: to in this. So I want to get a sense

788
00:44:09,239 --> 00:44:11,520
Speaker 2: of the changes in the economy that have taken place

789
00:44:12,200 --> 00:44:15,799
Speaker 2: essentially since we start cracking on immigration. And the way

790
00:44:15,920 --> 00:44:17,640
Speaker 2: that I think you've described in the past is a

791
00:44:17,760 --> 00:44:23,120
Speaker 2: low higher low fire equilibrium where we're basically adjusting from

792
00:44:23,200 --> 00:44:27,120
Speaker 2: an economy where we constantly be cycling in people who

793
00:44:27,200 --> 00:44:31,480
Speaker 2: are working relatively menial jobs and because their immigrants are

794
00:44:31,520 --> 00:44:34,320
Speaker 2: new to the country, and that was a lot of

795
00:44:34,360 --> 00:44:36,360
Speaker 2: what our economy and our numbers were based off of.

796
00:44:36,440 --> 00:44:40,280
Speaker 2: We're having less of that. So is this all positive

797
00:44:40,400 --> 00:44:42,799
Speaker 2: thing because we want to get immigration under control, because

798
00:44:42,800 --> 00:44:45,040
Speaker 2: they'll drive up wages of Americans, will drive down rent.

799
00:44:45,120 --> 00:44:47,880
Speaker 2: We've seen rent go down a lot, so that's a positive.

800
00:44:48,320 --> 00:44:51,480
Speaker 2: But what does this new low higher low fire equilibrium

801
00:44:51,560 --> 00:44:53,320
Speaker 2: really mean for normal Americans?

802
00:44:53,880 --> 00:44:58,320
Speaker 3: Yeah, so I think it's only good news. The fact

803
00:44:58,520 --> 00:45:01,920
Speaker 3: is that the number that we saw in the past,

804
00:45:02,440 --> 00:45:05,480
Speaker 3: where where we would read, you know, each month, we're

805
00:45:05,480 --> 00:45:10,799
Speaker 3: getting two hundred thousand jobs in the post pandemic era,

806
00:45:11,000 --> 00:45:13,080
Speaker 3: a lot of that. So initially it was driven by

807
00:45:13,120 --> 00:45:16,560
Speaker 3: people getting rehired because we reopened the economy, But then

808
00:45:16,600 --> 00:45:19,040
Speaker 3: a huge part of it was the fact that we

809
00:45:19,160 --> 00:45:22,560
Speaker 3: had so many people coming into America. And it's not

810
00:45:23,120 --> 00:45:26,480
Speaker 3: like that all of the jobs were necessarily going the

811
00:45:26,600 --> 00:45:28,840
Speaker 3: new jobs were going to these people, but you have

812
00:45:29,000 --> 00:45:33,320
Speaker 3: this flood of people coming in. The constant threat of

813
00:45:33,520 --> 00:45:37,120
Speaker 3: new people meant that it was hard to ask for

814
00:45:37,239 --> 00:45:40,680
Speaker 3: higher wages, better working conditions because the boss could just say,

815
00:45:41,160 --> 00:45:43,360
Speaker 3: you know, there's going to be ten thousand more people

816
00:45:43,440 --> 00:45:47,520
Speaker 3: coming over the border tomorrow. That's not good for workers,

817
00:45:47,840 --> 00:45:51,239
Speaker 3: it's not good for the American economy. It actually leads

818
00:45:51,320 --> 00:45:54,880
Speaker 3: to what I would call a low wage, low skill,

819
00:45:55,360 --> 00:45:58,800
Speaker 3: low productive equilibrium, where the economy is operating and it

820
00:45:58,880 --> 00:46:03,000
Speaker 3: seems to be growing pretty well and it's employing, it's

821
00:46:03,040 --> 00:46:06,960
Speaker 3: creating lots of generating lots of jobs, but you're not

822
00:46:07,280 --> 00:46:11,520
Speaker 3: Actually people aren't doing as well. What you want is

823
00:46:11,719 --> 00:46:16,120
Speaker 3: high productivity, high wage, and high growth. That's the economy

824
00:46:16,160 --> 00:46:19,600
Speaker 3: we're moving to, and high wage, high growth.

825
00:46:19,640 --> 00:46:22,480
Speaker 2: So sometimes you're saying low higher, low fire, could lean

826
00:46:23,320 --> 00:46:28,520
Speaker 2: could eventually evolve to high wage, high growth. Yeah, do

827
00:46:28,520 --> 00:46:29,520
Speaker 2: you feel like we're on that path?

828
00:46:29,800 --> 00:46:33,400
Speaker 3: I do. So we see this already. The productivity numbers

829
00:46:33,440 --> 00:46:35,440
Speaker 3: coming out of the government, which is like how much

830
00:46:35,520 --> 00:46:39,120
Speaker 3: each worker produces for every hour of labor they put

831
00:46:39,160 --> 00:46:43,520
Speaker 3: in our skyrocketing. We're having a productivity boom. We're seeing

832
00:46:43,719 --> 00:46:48,319
Speaker 3: companies do capital investment because they can't rely on cheap labor,

833
00:46:48,360 --> 00:46:50,000
Speaker 3: and they know they won't be able to for a

834
00:46:50,160 --> 00:46:55,200
Speaker 3: long time to come. They're deciding to say, how can

835
00:46:55,280 --> 00:46:58,279
Speaker 3: I make my current workforce more productive. When their current

836
00:46:58,320 --> 00:47:01,759
Speaker 3: workforce is more productive, they can actually pay them more so,

837
00:47:02,520 --> 00:47:04,719
Speaker 3: what we're seeing is a I think this is good

838
00:47:04,800 --> 00:47:07,480
Speaker 3: for Americans. And just to put some numbers around this,

839
00:47:09,040 --> 00:47:12,680
Speaker 3: the Federal Reserve Bank of Dallas and economists there, he

840
00:47:13,120 --> 00:47:18,719
Speaker 3: estimated that in twenty twenty three twenty twenty four, the

841
00:47:18,840 --> 00:47:23,200
Speaker 3: economy needed something like one hundred to two hundred thousand

842
00:47:23,360 --> 00:47:27,759
Speaker 3: new jobs every month just to keep up with the

843
00:47:28,200 --> 00:47:36,120
Speaker 3: population growth driven by immigration. Now, because of Trump's immigration

844
00:47:36,480 --> 00:47:42,560
Speaker 3: crackdown on illegals, what we are seeing is a dramatic decline.

845
00:47:43,360 --> 00:47:45,880
Speaker 3: And the Dallas FED estimate is that we only need

846
00:47:46,120 --> 00:47:49,440
Speaker 3: thirty thousand jobs a month to keep up with the population.

847
00:47:49,560 --> 00:47:52,319
Speaker 3: In other words, if we only add thirty thousand jobs

848
00:47:52,320 --> 00:47:55,560
Speaker 3: a month, unemployment rate will not go up, will be

849
00:47:56,000 --> 00:47:59,759
Speaker 3: at more or less full employment. So whenever you see

850
00:47:59,760 --> 00:48:03,200
Speaker 3: a job's number now, I think, is it greater or

851
00:48:03,320 --> 00:48:06,880
Speaker 3: lesser than thirty thousand? Frankly, that break even number, that's

852
00:48:06,920 --> 00:48:09,759
Speaker 3: what they call it, the break even. Maybe even lower

853
00:48:09,840 --> 00:48:13,200
Speaker 3: than thirty thousand, because Trump has continued the crackdown on

854
00:48:13,280 --> 00:48:18,799
Speaker 3: illegal immigration. So but you know the Dallas number right now,

855
00:48:18,880 --> 00:48:21,600
Speaker 3: the Dallas Fed number is thirty thousand. So if you

856
00:48:21,680 --> 00:48:25,359
Speaker 3: see fifty thousand, that means we're adding more jobs then

857
00:48:25,440 --> 00:48:30,440
Speaker 3: we need to. Anything above thirty thousand means we're actually

858
00:48:30,520 --> 00:48:33,840
Speaker 3: growing the labor market faster than the workforce is growing.

859
00:48:34,560 --> 00:48:36,680
Speaker 3: The only way you can do that is probably by

860
00:48:36,719 --> 00:48:38,680
Speaker 3: bringing people who had dropped out of the labor force

861
00:48:38,760 --> 00:48:41,919
Speaker 3: in so that there is some room to grow slightly faster,

862
00:48:42,080 --> 00:48:44,080
Speaker 3: but not much. The other thing, I'll just say that

863
00:48:44,120 --> 00:48:47,560
Speaker 3: it's driving It's not just immigration crackdown. We also have

864
00:48:47,640 --> 00:48:50,440
Speaker 3: an aging population and so people are retiring, so that

865
00:48:50,640 --> 00:48:56,520
Speaker 3: also means that you need fewer job new jobs being created, John.

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00:48:56,400 --> 00:48:58,200
Speaker 2: Carne, anything else you think the audience really needs to

867
00:48:58,239 --> 00:48:58,799
Speaker 2: know at this point?

868
00:49:00,160 --> 00:49:03,040
Speaker 3: Uh? You know. One thing I think that will a

869
00:49:03,120 --> 00:49:06,040
Speaker 3: lot will turn on is when we finally get the

870
00:49:06,160 --> 00:49:08,480
Speaker 3: jobs numbers. We haven't had jobs numbers come out on

871
00:49:08,560 --> 00:49:12,360
Speaker 3: time for months because of the government shutdown. We're not

872
00:49:12,440 --> 00:49:15,480
Speaker 3: getting it in January. When that comes out, I think

873
00:49:15,560 --> 00:49:18,760
Speaker 3: that will be clarifying. Look, if the unemployment rate jumps

874
00:49:18,840 --> 00:49:23,239
Speaker 3: up or the job creation number terms terms negative, then

875
00:49:23,360 --> 00:49:25,799
Speaker 3: we'll we'll know we have a problem, and it will

876
00:49:25,880 --> 00:49:27,359
Speaker 3: mean by the way that the FAT has to cut

877
00:49:27,400 --> 00:49:31,720
Speaker 3: interest rates. But if we produce more than thirty thousand

878
00:49:31,800 --> 00:49:34,120
Speaker 3: jobs and the unemployment rate doesn't jump up a lot.

879
00:49:34,680 --> 00:49:37,440
Speaker 3: All of this fear mongering about the labor market that

880
00:49:37,480 --> 00:49:40,800
Speaker 3: we're seeing today will look embarrassing and silly.

881
00:49:43,640 --> 00:49:45,960
Speaker 2: John Corney, you're a fond of information and you're nice

882
00:49:46,000 --> 00:49:47,480
Speaker 2: to hang out with as well. You at the Bride

883
00:49:47,480 --> 00:49:49,640
Speaker 2: our business digest that I also contribute a little bit

884
00:49:49,680 --> 00:49:52,200
Speaker 2: too as well. You can get that at brightboard dot com.

885
00:49:52,480 --> 00:49:54,840
Speaker 2: Just hit the newsletters, got to subscribe. Hundreds of thousands

886
00:49:54,840 --> 00:49:57,160
Speaker 2: of subscribers. You should join them, and you should enjoy

887
00:49:57,200 --> 00:49:58,719
Speaker 2: it is read by some of the most powerful people

888
00:49:58,800 --> 00:50:00,239
Speaker 2: in the world, and for good reason. This is a

889
00:50:00,320 --> 00:50:03,360
Speaker 2: delightful read and you will always learn. Thanks John, appreciate you.

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00:50:03,560 --> 00:50:05,600
Speaker 2: Thanks to Missy for putting this together, and everyone in

891
00:50:05,760 --> 00:50:07,239
Speaker 2: the Marlow audience. See you next time.