1 00:00:00,560 --> 00:00:05,680 Speaker 1: The Mark Simoniall on sevent tenor well, we like to 2 00:00:05,720 --> 00:00:09,000 Speaker 1: bring you the smartest people on earth, and Steve Forbes 3 00:00:09,080 --> 00:00:12,240 Speaker 1: is one of them. Steve Forbes, chairman of Forbes Media, 4 00:00:12,320 --> 00:00:15,680 Speaker 1: and you should get his latest book. It's an excellent book. 5 00:00:15,680 --> 00:00:18,320 Speaker 1: You should read this book. It's called Inflation, and there's 6 00:00:18,320 --> 00:00:21,760 Speaker 1: no better book on the subject. Steve Forbes. How you doing. 7 00:00:23,160 --> 00:00:27,400 Speaker 2: Doing fine today? Good jobs report and we're having, as 8 00:00:27,440 --> 00:00:30,640 Speaker 2: you know, in the New York area heat wave in 9 00:00:30,680 --> 00:00:35,720 Speaker 2: the thirties after single digital temperatures. I feel like getting 10 00:00:35,720 --> 00:00:39,440 Speaker 2: out the sunlation. It's quite wonderful, Yeah, shivering. 11 00:00:39,760 --> 00:00:43,120 Speaker 1: Job much. Job report was big, it was much a double. 12 00:00:43,440 --> 00:00:45,240 Speaker 1: I could tell it was a good jobs number because 13 00:00:45,280 --> 00:00:47,040 Speaker 1: I have all the TV networks on. I see no 14 00:00:47,080 --> 00:00:48,880 Speaker 1: coverage of it, so it must have been really good. 15 00:00:50,920 --> 00:00:53,880 Speaker 2: Well, and just just a little note of caution the 16 00:00:53,960 --> 00:00:57,240 Speaker 2: way they do seasonal adjustments, and with all the government 17 00:00:57,520 --> 00:01:03,440 Speaker 2: problems with the numbers recently, I'm waiting for February, I 18 00:01:03,440 --> 00:01:07,039 Speaker 2: think for you and Marshall finally get some sanity back. 19 00:01:07,480 --> 00:01:10,720 Speaker 2: But the number, though, no denying, the number that came 20 00:01:10,720 --> 00:01:13,840 Speaker 2: in today was about two or three times what they're 21 00:01:13,840 --> 00:01:17,600 Speaker 2: so called experts are estimating. So take what we can 22 00:01:17,800 --> 00:01:21,479 Speaker 2: and certainly fourth quarter growth looks are pretty good. There 23 00:01:21,480 --> 00:01:25,480 Speaker 2: are some very big roadblocks ahead, but that's true of 24 00:01:25,480 --> 00:01:30,080 Speaker 2: the world. But in the meantime things the arrows are 25 00:01:30,120 --> 00:01:33,640 Speaker 2: green rather than red in terms of the economy moving 26 00:01:34,000 --> 00:01:36,200 Speaker 2: and joy why you can even if the weather's a 27 00:01:36,240 --> 00:01:38,360 Speaker 2: lousy These are real jobs. 28 00:01:38,520 --> 00:01:40,360 Speaker 1: In the Biden administration, often they would just throw in 29 00:01:40,440 --> 00:01:42,360 Speaker 1: government jobs to get that number up. These are real. 30 00:01:42,400 --> 00:01:46,520 Speaker 2: Wow, that's why you hit on something very important. Government jobs, 31 00:01:46,680 --> 00:01:50,640 Speaker 2: according to these numbers fell and so that means that 32 00:01:51,200 --> 00:01:55,520 Speaker 2: we have which might call more productive jobs, people doing 33 00:01:55,680 --> 00:01:56,800 Speaker 2: real things. Yay. 34 00:01:57,440 --> 00:01:59,400 Speaker 1: Yeah, So in the Biden years they would go out 35 00:01:59,440 --> 00:02:01,360 Speaker 1: and hire a few hundred thousand people that would get 36 00:02:01,760 --> 00:02:02,760 Speaker 1: a job. Number to go on. 37 00:02:02,840 --> 00:02:05,919 Speaker 2: And by the way, they did a revision of twenty 38 00:02:06,000 --> 00:02:09,920 Speaker 2: twenty four, the last year of President Biden or whoever 39 00:02:10,000 --> 00:02:16,000 Speaker 2: was handling him, and the number of estimated jobs went 40 00:02:16,080 --> 00:02:20,359 Speaker 2: down almost by a million. So so so so much 41 00:02:20,400 --> 00:02:22,040 Speaker 2: for his economic performance. 42 00:02:23,000 --> 00:02:26,720 Speaker 1: I don't know, he was He was a pretty impressive president, 43 00:02:26,720 --> 00:02:28,680 Speaker 1: don't you think I'm kidding? 44 00:02:29,760 --> 00:02:34,680 Speaker 2: Yeah, No, you have to put make a plural presidents. Yeah, whoever, 45 00:02:35,240 --> 00:02:38,920 Speaker 2: whoever was running, whoever was running it behind the scenes, 46 00:02:40,680 --> 00:02:45,040 Speaker 2: including Missus Wilson aka doctor Joe Biden. 47 00:02:45,919 --> 00:02:47,799 Speaker 1: Now, the problem with government spending, one of the big 48 00:02:47,800 --> 00:02:51,120 Speaker 1: problems which people forget, is you're overpaying by about ten 49 00:02:51,200 --> 00:02:55,400 Speaker 1: thousand percent for everything, I mean, the fraud, the waste. 50 00:02:55,440 --> 00:02:57,040 Speaker 1: Are we ever going to fix that problem? 51 00:02:58,320 --> 00:03:01,800 Speaker 2: I think the answer in this high tech age is yes. 52 00:03:02,480 --> 00:03:05,480 Speaker 2: Because one of the things that is coming out, and 53 00:03:05,600 --> 00:03:09,440 Speaker 2: especially it's amazing how these things really hit the critical mass, 54 00:03:10,000 --> 00:03:14,040 Speaker 2: is what's unfolding in Minnesota. Twenty three year old comes 55 00:03:14,080 --> 00:03:17,200 Speaker 2: in and actually looks where does this money go? And 56 00:03:17,280 --> 00:03:21,560 Speaker 2: we find out about the Leering Center and other massive wastes. 57 00:03:22,040 --> 00:03:25,559 Speaker 2: And so the key thing is and what the Republicans 58 00:03:25,600 --> 00:03:27,960 Speaker 2: have to get across. We're not toying about taking things 59 00:03:28,000 --> 00:03:31,000 Speaker 2: away from people. We're toying about taking money away from people. 60 00:03:31,080 --> 00:03:34,320 Speaker 2: Are stealing it from you and not using it for 61 00:03:34,520 --> 00:03:39,120 Speaker 2: stated purposes. And that Liering Center, so called learning center, 62 00:03:39,680 --> 00:03:42,680 Speaker 2: will stand as a symbol. And so people get that, 63 00:03:42,920 --> 00:03:45,600 Speaker 2: and that says and of course it's not just Minnesota, 64 00:03:45,640 --> 00:03:48,640 Speaker 2: it's everywhere Illinois. You name it, you're going to find 65 00:03:48,680 --> 00:03:52,240 Speaker 2: it there. And so if people are dedicated online is 66 00:03:52,560 --> 00:03:56,320 Speaker 2: doing some basic research going and finding out where do 67 00:03:56,400 --> 00:03:59,080 Speaker 2: these things go, what are these people being paid for? 68 00:04:00,080 --> 00:04:03,320 Speaker 2: Going to set in motion and grass roots reduction in 69 00:04:03,440 --> 00:04:07,560 Speaker 2: terms of wastele spending, not from hearings in Washington, but 70 00:04:07,920 --> 00:04:10,800 Speaker 2: grass roots and that's where you get results, not just 71 00:04:10,840 --> 00:04:14,040 Speaker 2: with the federal budget budget but state and local budgets. 72 00:04:14,680 --> 00:04:17,000 Speaker 2: People are going to take in a good way the 73 00:04:17,279 --> 00:04:18,800 Speaker 2: budget law in their own hands. 74 00:04:19,000 --> 00:04:21,760 Speaker 1: Yeah, Now, what about California. Besides the fact that we're 75 00:04:21,760 --> 00:04:23,839 Speaker 1: probably going to find more fraud out there, but what 76 00:04:23,920 --> 00:04:25,880 Speaker 1: about you know, they'll get like one hundred billion for 77 00:04:25,920 --> 00:04:27,800 Speaker 1: a high speed rail and it's twelve years later and 78 00:04:27,839 --> 00:04:29,440 Speaker 1: they haven't built one inch of it. How do they 79 00:04:29,480 --> 00:04:30,159 Speaker 1: get away with that? 80 00:04:31,760 --> 00:04:34,680 Speaker 2: Well, they get away with it because you have very 81 00:04:34,720 --> 00:04:39,080 Speaker 2: powerful interest construction interests that want things to do, and 82 00:04:39,120 --> 00:04:42,479 Speaker 2: we have very real needs in terms of infrastructure. But 83 00:04:43,000 --> 00:04:48,159 Speaker 2: these kinds of things are just political payoffs. You mentioned 84 00:04:48,160 --> 00:04:52,000 Speaker 2: that train to nowhere spending billions and billions of dollars, 85 00:04:52,600 --> 00:04:55,880 Speaker 2: and even if they ever completed a thing, which they won't. 86 00:04:56,320 --> 00:04:58,760 Speaker 2: Even if they completed it, the estimates are you're only 87 00:04:58,839 --> 00:05:00,840 Speaker 2: going to get a handful of peace people using it, 88 00:05:01,279 --> 00:05:04,480 Speaker 2: and so you're taking real resources created by real people 89 00:05:04,800 --> 00:05:08,000 Speaker 2: for something that does nothing, that is a drain and 90 00:05:08,080 --> 00:05:12,000 Speaker 2: diverting it for unproductive purposes and being polite here. And 91 00:05:12,080 --> 00:05:14,599 Speaker 2: I think the public is going to react against that, 92 00:05:14,760 --> 00:05:16,520 Speaker 2: and that's what we have to run against. We're not 93 00:05:17,080 --> 00:05:20,040 Speaker 2: we're not taking away safety nuts. We're just making sure 94 00:05:20,080 --> 00:05:22,440 Speaker 2: that the fraudsters are ferreted out. 95 00:05:22,800 --> 00:05:27,359 Speaker 1: Yeah, hey, Steve Forbes, voter i D. It's used everywhere. 96 00:05:27,360 --> 00:05:28,560 Speaker 1: You can't go into NBC. 97 00:05:30,080 --> 00:05:34,080 Speaker 2: Yeah, you're right about that. You go you got to Fox, 98 00:05:34,160 --> 00:05:36,359 Speaker 2: you go to NBC or any place you have to 99 00:05:36,400 --> 00:05:39,680 Speaker 2: show an ID, not to mention getting on an airplane. 100 00:05:39,920 --> 00:05:43,880 Speaker 2: And so this whole thing that this is a great 101 00:05:44,320 --> 00:05:48,559 Speaker 2: smear against voting, well, we've states that have voter ID, 102 00:05:49,000 --> 00:05:52,280 Speaker 2: like Georgia, where everyone was saying, oh, this is going 103 00:05:52,360 --> 00:05:55,240 Speaker 2: to throw hundreds of thousands people off the rolls. You know, 104 00:05:55,320 --> 00:05:59,920 Speaker 2: you've covered it. Voting, voting went up, turnout went up, 105 00:06:00,480 --> 00:06:04,359 Speaker 2: so and people. I think one of the reasons people 106 00:06:04,400 --> 00:06:07,880 Speaker 2: are one of the factors in their sour mood is 107 00:06:08,000 --> 00:06:12,680 Speaker 2: no trust in the integrity of elections. The whole thing 108 00:06:12,720 --> 00:06:16,919 Speaker 2: on redistricting, that mess, jerry mandering. People just feel the 109 00:06:16,960 --> 00:06:20,800 Speaker 2: game is rigged, so they want it's overwhelming. You've seen 110 00:06:20,839 --> 00:06:25,160 Speaker 2: the polls, You've discussed them. It's across every every segment 111 00:06:25,200 --> 00:06:29,719 Speaker 2: of society wants voter ID, they want honest elections. 112 00:06:30,120 --> 00:06:32,839 Speaker 1: Hey, yeah, it's a good, good point. Steve Forbes, A 113 00:06:32,880 --> 00:06:34,440 Speaker 1: long time ago, a couple of years I asked you 114 00:06:34,440 --> 00:06:36,839 Speaker 1: about AI and you said, you know, back then, thought 115 00:06:36,839 --> 00:06:38,160 Speaker 1: it was going to kill us. It was going to 116 00:06:38,200 --> 00:06:40,280 Speaker 1: wipe us out, it was going to take over, and 117 00:06:40,360 --> 00:06:42,559 Speaker 1: you you caution, you said, it's going to be fine. 118 00:06:42,560 --> 00:06:45,640 Speaker 1: It's but now there's other things I'm worried about. Apparently 119 00:06:45,680 --> 00:06:48,200 Speaker 1: it takes double the electricity we can produce in this 120 00:06:48,240 --> 00:06:51,839 Speaker 1: country just to run AI. For all the benefits, is 121 00:06:51,839 --> 00:06:53,520 Speaker 1: it going to cause us a lot of headaches too? 122 00:06:54,920 --> 00:06:58,840 Speaker 2: Well, anything new like that is going to We get 123 00:06:58,880 --> 00:07:03,359 Speaker 2: the benefits, but also it has repercussions, and one of 124 00:07:03,400 --> 00:07:07,799 Speaker 2: them is they are huge consumers of electricity, and the 125 00:07:07,839 --> 00:07:11,920 Speaker 2: AI spending now is far above what we might say 126 00:07:12,000 --> 00:07:18,080 Speaker 2: really need because every company feels, even though there may 127 00:07:18,120 --> 00:07:21,800 Speaker 2: be a temporary surplus, they have to do it if 128 00:07:21,800 --> 00:07:24,520 Speaker 2: they're going to stay in the game. So these things 129 00:07:24,560 --> 00:07:27,800 Speaker 2: are normal, they shake out. And what it also underscores 130 00:07:27,880 --> 00:07:32,000 Speaker 2: is in terms of electricity. Hopefully it leads to we 131 00:07:32,000 --> 00:07:37,240 Speaker 2: can always hope Pollyanna existed for a reason, that this 132 00:07:37,320 --> 00:07:40,200 Speaker 2: will bring about reform of the electricity grid in the 133 00:07:40,320 --> 00:07:44,160 Speaker 2: US and stop cluttering the grid, especially in California with 134 00:07:44,280 --> 00:07:48,200 Speaker 2: all these renewables that are expensive to make, and when 135 00:07:48,240 --> 00:07:51,920 Speaker 2: you go on these renewables, especially the windmills and the 136 00:07:52,760 --> 00:07:56,040 Speaker 2: solar panels from the beginning, when you mind, when you 137 00:07:56,120 --> 00:08:00,360 Speaker 2: need these special minerals, rare earth minerals, and the finding 138 00:08:00,440 --> 00:08:03,480 Speaker 2: which takes place in China you go from, and then 139 00:08:03,520 --> 00:08:06,200 Speaker 2: when you have to recycle these things. These things don't 140 00:08:06,280 --> 00:08:11,360 Speaker 2: last forever environmentally, they don't do anything for the environment. 141 00:08:11,440 --> 00:08:13,520 Speaker 2: They harm it actually at the end of the day. 142 00:08:14,200 --> 00:08:18,160 Speaker 2: So let's pull back on these mandates. If somebody's got 143 00:08:18,240 --> 00:08:21,440 Speaker 2: a good solar panel and makes sense, fine, But these 144 00:08:21,480 --> 00:08:27,119 Speaker 2: mandates are killing the grid, overwhelming the grid. So we've 145 00:08:27,160 --> 00:08:29,560 Speaker 2: just got to make some major reforms in what we're 146 00:08:29,560 --> 00:08:32,040 Speaker 2: doing here and going to what we know works. One 147 00:08:32,120 --> 00:08:35,480 Speaker 2: is natural gas beautiful and even though it's going to 148 00:08:35,520 --> 00:08:42,160 Speaker 2: take years, nuclear power is suddenly oh it's clean revelation. 149 00:08:44,080 --> 00:08:45,920 Speaker 1: Hey, we only got a minute left. Steve Forbes, you 150 00:08:45,960 --> 00:08:49,199 Speaker 1: wrote the best book on inflation get his book called Inflation, 151 00:08:49,800 --> 00:08:51,920 Speaker 1: So give us the scorecard. How are we doing right 152 00:08:51,920 --> 00:08:52,720 Speaker 1: now in inflation? 153 00:08:54,320 --> 00:08:58,840 Speaker 2: Well, in terms of nominal inflation, it's going up less 154 00:08:59,520 --> 00:09:03,760 Speaker 2: and there'll be some blips, but people still feel pressure 155 00:09:04,600 --> 00:09:07,800 Speaker 2: because while their wages are starting to rise again, it 156 00:09:07,840 --> 00:09:10,880 Speaker 2: hasn't had enough time and momentum for people to really 157 00:09:10,880 --> 00:09:13,680 Speaker 2: feel Okay, I'm finally getting head on the instead of 158 00:09:13,720 --> 00:09:16,240 Speaker 2: being on a treadmill. And one of the things the 159 00:09:16,280 --> 00:09:18,600 Speaker 2: Federal Reserve is sewing though, and that's why we got 160 00:09:18,600 --> 00:09:21,439 Speaker 2: to get Kevin Warsh and some other governors in there, 161 00:09:22,160 --> 00:09:25,400 Speaker 2: is that they're undermining the value of the dollar. You 162 00:09:25,440 --> 00:09:28,720 Speaker 2: see it against other currencies. We're a week against things 163 00:09:28,760 --> 00:09:31,920 Speaker 2: like the British pound for crying out loud, and they 164 00:09:32,040 --> 00:09:33,160 Speaker 2: see it in the gold price. 165 00:09:33,240 --> 00:09:33,440 Speaker 1: Ye had. 166 00:09:33,520 --> 00:09:36,000 Speaker 2: Gold took a big hit, but it's still more than 167 00:09:36,040 --> 00:09:38,760 Speaker 2: twice what it was a couple of years ago. All 168 00:09:38,800 --> 00:09:41,400 Speaker 2: those things say the dollar is wobbly. So we've got 169 00:09:41,440 --> 00:09:44,320 Speaker 2: to go in and restore integrity and belief in the dollar. 170 00:09:44,920 --> 00:09:47,400 Speaker 2: And that's what I worry about longer term. It's not 171 00:09:47,440 --> 00:09:50,319 Speaker 2: going to affect us this year, but longer term, great 172 00:09:50,360 --> 00:09:55,360 Speaker 2: countries don't have weak currencies and that destroyed George W. Bush. 173 00:09:55,400 --> 00:09:58,240 Speaker 2: They thought they could gradually weaken the dollar, and it 174 00:09:58,360 --> 00:10:00,640 Speaker 2: ended up giving us the crisis of two thousand and 175 00:10:00,640 --> 00:10:03,760 Speaker 2: eight two thousand and nine, which is still coping with today. 176 00:10:04,360 --> 00:10:08,479 Speaker 2: Good countries have good currencies, Steve. Great countries have great currencies. 177 00:10:08,920 --> 00:10:11,319 Speaker 1: Steve Forbes, brilliant as always, great stuff. Make sure you 178 00:10:11,360 --> 00:10:14,400 Speaker 1: get his book Inflation. It's the best book on the subject. 179 00:10:14,559 --> 00:10:16,400 Speaker 1: All of his books are great, but get the latest book, 180 00:10:16,400 --> 00:10:20,040 Speaker 1: and of course read Forbes and read his columns. And 181 00:10:20,320 --> 00:10:23,199 Speaker 1: we'll see you all over television too. Steve Forbes, thanks 182 00:10:23,200 --> 00:10:26,080 Speaker 1: for being with us. Thank you all right, take care, hey, 183 00:10:26,120 --> 00:10:28,720 Speaker 1: don't forget Buck and Clay coming up today twelve noon. 184 00:10:29,720 --> 00:10:31,600 Speaker 1: Excellent show, in fact, they were yesterday where the name 185 00:10:31,679 --> 00:10:35,800 Speaker 1: the number one syndicated show in America, and then the 186 00:10:35,840 --> 00:10:38,760 Speaker 1: most listened to radio show in America, Sean Hannity right 187 00:10:38,800 --> 00:10:41,240 Speaker 1: after that at three, Jesse Kelly at six, and the 188 00:10:41,280 --> 00:10:45,480 Speaker 1: funniest show it's on every night at nine. It's Jimmy 189 00:10:45,520 --> 00:10:48,400 Speaker 1: Fayala every night nine to midnight. Here on seven to ten, 190 00:10:48,720 --> 00:10:49,600 Speaker 1: WR