1 00:00:00,080 --> 00:00:03,640 Speaker 1: Native Landpod is a production of iHeartRadio in partnership with 2 00:00:03,760 --> 00:00:05,359 Speaker 1: Reason Choice Media. 3 00:00:05,559 --> 00:00:09,600 Speaker 2: Welcome, Welcome, Welcome, Welcome. 4 00:00:09,200 --> 00:00:11,440 Speaker 3: And welcome to this week's mini pod. 5 00:00:11,560 --> 00:00:14,800 Speaker 1: After a great, great long pod with our special guest 6 00:00:14,920 --> 00:00:17,200 Speaker 1: Joy and Reed and Nicole Hanna Jones, we now have 7 00:00:17,440 --> 00:00:18,640 Speaker 1: this mini pod. 8 00:00:18,680 --> 00:00:20,640 Speaker 3: Welcome home, y'all come. 9 00:00:20,680 --> 00:00:22,960 Speaker 1: One of the things we wanted to do was dig 10 00:00:23,000 --> 00:00:26,000 Speaker 1: a little deeper on the Federal Reserve. I just felt 11 00:00:26,040 --> 00:00:28,040 Speaker 1: like this week, one of the episodes, or one of 12 00:00:28,080 --> 00:00:30,840 Speaker 1: the things that we needed to spend some time on, 13 00:00:30,960 --> 00:00:33,760 Speaker 1: particularly in an episode or mini pod, was the Federal Reserve, 14 00:00:33,760 --> 00:00:35,600 Speaker 1: because a lot of people don't really understand what it does, 15 00:00:35,640 --> 00:00:37,919 Speaker 1: and they don't understand the implications of not having an 16 00:00:37,920 --> 00:00:40,280 Speaker 1: independent Federal Reserve. So I want to tell you what 17 00:00:40,280 --> 00:00:42,199 Speaker 1: the Federal Reserve is quickly, and then I want to 18 00:00:42,320 --> 00:00:45,920 Speaker 1: flip to a clip from Jerome Pile from earlier in 19 00:00:45,920 --> 00:00:48,199 Speaker 1: the week, actually he released it on Sunday night. That 20 00:00:48,280 --> 00:00:50,479 Speaker 1: tells you how damning it is, and then we'll go 21 00:00:50,520 --> 00:00:52,720 Speaker 1: from there. But the Federal Reserve acts as the central 22 00:00:52,840 --> 00:00:56,800 Speaker 1: Bank of the United States. It manages monetary policy to 23 00:00:56,880 --> 00:01:01,960 Speaker 1: achieve maximum employment and stable price. It supervises excuse me, 24 00:01:02,000 --> 00:01:07,080 Speaker 1: stable prices. It supervises banks, maintains financial system stability, provides 25 00:01:07,120 --> 00:01:10,840 Speaker 1: financial services to banks and the government, and promotes consumer 26 00:01:10,920 --> 00:01:12,360 Speaker 1: protection and community development. 27 00:01:12,560 --> 00:01:14,280 Speaker 3: Its core role is. 28 00:01:14,200 --> 00:01:19,039 Speaker 1: To ensure a safe, flexible, and stable US monetary and 29 00:01:19,120 --> 00:01:24,080 Speaker 1: financial system by controlling money supply. The FED is the 30 00:01:24,120 --> 00:01:27,679 Speaker 1: backbone for the dollar, It's the backbone of our economy, 31 00:01:27,840 --> 00:01:30,600 Speaker 1: and that's why it has to be independent. But apparently 32 00:01:30,600 --> 00:01:33,160 Speaker 1: Donald Trump has some other thoughts thanks to Project twenty 33 00:01:33,200 --> 00:01:35,000 Speaker 1: twenty five, and we're going to roll a clip just 34 00:01:35,040 --> 00:01:37,600 Speaker 1: so you can see how angry Jerome Power was. 35 00:01:38,360 --> 00:01:41,520 Speaker 4: On Friday, the Department of Justice served the Federal Reserve 36 00:01:41,560 --> 00:01:45,640 Speaker 4: with grand jury subpoenas threatening a criminal indictment related to 37 00:01:45,680 --> 00:01:50,560 Speaker 4: my testimony before the Senate Banking Committee last June. That 38 00:01:50,600 --> 00:01:54,800 Speaker 4: testimony concerned, in part, a multi year project to renovate 39 00:01:54,920 --> 00:01:59,600 Speaker 4: historic Federal Reserve office buildings. I have deep respect for 40 00:01:59,640 --> 00:02:02,880 Speaker 4: the rule of law and for accountability in our democracy. 41 00:02:03,560 --> 00:02:06,160 Speaker 4: No one, certainly not the Chair of the Federal Reserve, 42 00:02:06,520 --> 00:02:07,360 Speaker 4: is above the law. 43 00:02:08,080 --> 00:02:09,800 Speaker 1: And I mean, I think that's the larger point. That 44 00:02:09,880 --> 00:02:11,919 Speaker 1: nobody is above the law. That's the point that Jerome 45 00:02:11,960 --> 00:02:14,120 Speaker 1: Pile was trying to make and you know, a lot 46 00:02:14,120 --> 00:02:16,320 Speaker 1: of people are wondering what this is about and why 47 00:02:16,400 --> 00:02:18,200 Speaker 1: is he picking on the You know, why is he 48 00:02:18,240 --> 00:02:19,919 Speaker 1: picking on the FED chair? First of all, I don't 49 00:02:19,919 --> 00:02:22,000 Speaker 1: think you should pick on any man named Jerome, even 50 00:02:22,040 --> 00:02:23,520 Speaker 1: if he is five eight and white. 51 00:02:23,880 --> 00:02:26,000 Speaker 3: That ain't that ain't what you spoke. That should not 52 00:02:26,080 --> 00:02:27,480 Speaker 3: be something that you out here doing. 53 00:02:30,600 --> 00:02:32,480 Speaker 2: Before he got angry, I was like, I don't think 54 00:02:32,520 --> 00:02:35,440 Speaker 2: I sent sensed a sense changing emotion. 55 00:02:36,040 --> 00:02:38,600 Speaker 3: That them the ones you need to be afraid to swallow. 56 00:02:38,760 --> 00:02:39,920 Speaker 5: You could hear it in the swallow? 57 00:02:40,000 --> 00:02:41,840 Speaker 3: Is that where it is? Swallow? 58 00:02:42,720 --> 00:02:46,200 Speaker 6: Because he referenced the renovation project, I think we should 59 00:02:46,639 --> 00:02:49,359 Speaker 6: harken our listeners back to what actually happened. It might 60 00:02:49,400 --> 00:02:52,440 Speaker 6: be associated with the project, but it probably has a 61 00:02:52,480 --> 00:02:54,639 Speaker 6: lot more to do with the fact that Donald Trump 62 00:02:55,080 --> 00:02:57,919 Speaker 6: left that press conference about the renovation of the FED 63 00:02:58,160 --> 00:02:59,200 Speaker 6: feeling pretty embarrassed. 64 00:02:59,240 --> 00:03:00,360 Speaker 5: Let's roll this clip, HM. 65 00:03:00,840 --> 00:03:03,799 Speaker 7: So we taking a look, and it looks like it's 66 00:03:03,840 --> 00:03:06,240 Speaker 7: about three point one billion, one up a little bit 67 00:03:06,840 --> 00:03:10,000 Speaker 7: or a lot. So the two point seven is now 68 00:03:10,040 --> 00:03:12,120 Speaker 7: three point one. 69 00:03:12,480 --> 00:03:15,000 Speaker 5: Yeah, it just jeral is standing next to him, shaking 70 00:03:15,000 --> 00:03:15,359 Speaker 5: his head. 71 00:03:15,560 --> 00:03:18,280 Speaker 3: I haven't heard that from anybody the Fed. I know 72 00:03:18,600 --> 00:03:19,720 Speaker 3: about three point one as well. 73 00:03:19,760 --> 00:03:22,520 Speaker 6: Care come, Tim Scott, nobody asked you, Tim, standing from us. 74 00:03:23,080 --> 00:03:25,240 Speaker 2: Yes, are you're including the Martin renovation? 75 00:03:25,320 --> 00:03:26,600 Speaker 3: You just add our retire capital. 76 00:03:27,040 --> 00:03:28,920 Speaker 4: You just you just added in the third building. 77 00:03:28,960 --> 00:03:29,520 Speaker 3: Is what that is? 78 00:03:29,560 --> 00:03:30,400 Speaker 4: That's a third building. 79 00:03:31,200 --> 00:03:32,640 Speaker 7: It's a building that's being built. 80 00:03:33,000 --> 00:03:35,680 Speaker 4: It's been it was built five years ago. We finished 81 00:03:35,680 --> 00:03:36,760 Speaker 4: Martin five years was. 82 00:03:36,840 --> 00:03:41,800 Speaker 7: Over as part of the overall. So so we're going 83 00:03:41,880 --> 00:03:43,960 Speaker 7: to take a look. 84 00:03:44,160 --> 00:03:46,520 Speaker 5: Jero pals like, you're not the liar on me. 85 00:03:46,720 --> 00:03:50,360 Speaker 6: So he he included a building in his estimate of 86 00:03:50,400 --> 00:03:54,240 Speaker 6: how much the renovation was costing that was finished five 87 00:03:54,520 --> 00:03:57,360 Speaker 6: years ago. I just want to shout out Tim Scott, 88 00:03:57,440 --> 00:04:01,920 Speaker 6: Senator Tim Scott in this clip or providing the documentation 89 00:04:02,600 --> 00:04:05,960 Speaker 6: that would say that the building that was engaging in 90 00:04:06,040 --> 00:04:09,000 Speaker 6: cost overruns and somehow as a result of a cost 91 00:04:09,040 --> 00:04:12,960 Speaker 6: overrun of a federal building construction project, now the Federal 92 00:04:13,040 --> 00:04:17,279 Speaker 6: Reserve Chair and the Federal Reserve in total, is receiving 93 00:04:18,360 --> 00:04:22,840 Speaker 6: subpoenas about a potential criminal indictment. I think it's about 94 00:04:22,839 --> 00:04:26,280 Speaker 6: the interest rate, y'all. I think Donald Trump wanted him 95 00:04:26,320 --> 00:04:30,520 Speaker 6: to reduce the interest rates regardless of the impact. 96 00:04:30,080 --> 00:04:30,719 Speaker 5: That may have. 97 00:04:30,839 --> 00:04:33,360 Speaker 6: I mean, personally, I would like to see lower interest rates, 98 00:04:33,400 --> 00:04:34,320 Speaker 6: but at what costs? 99 00:04:34,520 --> 00:04:37,679 Speaker 2: No pun intended, Well, you lower interest rates can get inflation. 100 00:04:38,480 --> 00:04:45,400 Speaker 2: Hell ut yeah, I mean the other For the average 101 00:04:45,400 --> 00:04:50,200 Speaker 2: person listening, this is an agency and organization and entity 102 00:04:50,279 --> 00:04:53,440 Speaker 2: that most of us aren't thinking about. We it just 103 00:04:53,440 --> 00:04:56,200 Speaker 2: doesn't cross our mind. But I will tell you that 104 00:04:56,279 --> 00:05:02,159 Speaker 2: it is probably one of the most significant can't reasons 105 00:05:03,000 --> 00:05:05,920 Speaker 2: why anybody outside of the United States, any other government, 106 00:05:06,200 --> 00:05:09,880 Speaker 2: any other country, any other wealthy person would ever invest 107 00:05:09,920 --> 00:05:13,280 Speaker 2: in the United States of America, Because it's the same 108 00:05:13,360 --> 00:05:16,640 Speaker 2: judgment that they make in every other country around the world, 109 00:05:16,680 --> 00:05:20,440 Speaker 2: and that is is this a banana republic where the 110 00:05:20,480 --> 00:05:25,600 Speaker 2: financial system is run by politicians and politics, or is 111 00:05:25,640 --> 00:05:35,480 Speaker 2: this a safe, secure, reliable country or entity that prioritizes 112 00:05:35,640 --> 00:05:42,080 Speaker 2: expertise and stability over politics and, in Trump's case, buffoonery. 113 00:05:43,040 --> 00:05:45,680 Speaker 2: So it's one of the Put another way, it is 114 00:05:46,720 --> 00:05:50,800 Speaker 2: the hallmark of a country that is either a banana republic, 115 00:05:50,800 --> 00:05:54,200 Speaker 2: which is a place you don't put money, and a 116 00:05:54,360 --> 00:06:00,200 Speaker 2: first world civilized, safe and secure monetary system that is 117 00:06:00,240 --> 00:06:03,400 Speaker 2: worth your investment. Even if you're like the United States 118 00:06:03,480 --> 00:06:05,960 Speaker 2: and you're buried in debt. It's a good place to 119 00:06:06,000 --> 00:06:09,160 Speaker 2: invest because over the long run, those debts payoff. 120 00:06:09,960 --> 00:06:10,160 Speaker 3: You know. 121 00:06:10,200 --> 00:06:12,400 Speaker 1: Also, we have to look at nothing happens in a vacuum. 122 00:06:12,400 --> 00:06:14,880 Speaker 1: I think that's like my mantra on this show, nothing 123 00:06:14,960 --> 00:06:17,640 Speaker 1: happens in a vacuum or exclusive. I mean, you have 124 00:06:17,760 --> 00:06:21,960 Speaker 1: to look at these large corporations, many of which are 125 00:06:22,040 --> 00:06:26,120 Speaker 1: the President's friends, buying up many of these homes throughout 126 00:06:26,160 --> 00:06:28,880 Speaker 1: the country that we're seeing. They're not buying one or 127 00:06:28,880 --> 00:06:33,240 Speaker 1: two homes, they're buying thousands of properties. You have to 128 00:06:33,279 --> 00:06:41,560 Speaker 1: look at his first of all, that they're being a nonpartisan, 129 00:06:41,680 --> 00:06:47,159 Speaker 1: independent banking safeguard or safety net is paramount to the 130 00:06:47,160 --> 00:06:49,719 Speaker 1: financial security of this country. But if when you're looking 131 00:06:49,720 --> 00:06:52,919 Speaker 1: when you're talking about housing in particular, the President talking 132 00:06:52,920 --> 00:06:55,560 Speaker 1: about buying back mortgages and all of these other things, 133 00:06:56,279 --> 00:07:00,839 Speaker 1: you have the you have outside of inflation, as you 134 00:07:00,880 --> 00:07:03,919 Speaker 1: all talked about, you have the ability or the likelihood 135 00:07:03,920 --> 00:07:06,040 Speaker 1: that we're going to have another housing bubble or housing 136 00:07:06,080 --> 00:07:09,400 Speaker 1: crisis that we just emerge from between two thousand and 137 00:07:09,440 --> 00:07:11,720 Speaker 1: six and two thousand and eight. I mean, we're going 138 00:07:11,760 --> 00:07:15,040 Speaker 1: backwards when it comes to forward looking policy. I mean 139 00:07:15,080 --> 00:07:17,680 Speaker 1: we have to create more supply in this country if 140 00:07:17,680 --> 00:07:19,840 Speaker 1: we're going to do anything about the housing crisis that 141 00:07:19,880 --> 00:07:23,440 Speaker 1: we have, the only way to make the only way 142 00:07:23,480 --> 00:07:25,840 Speaker 1: to make housing affordable is to create more supply. 143 00:07:26,600 --> 00:07:29,720 Speaker 3: And what he wants to do is inversely enrichest friends. 144 00:07:30,080 --> 00:07:32,880 Speaker 1: Limit supply, buy up all the homes, jack up all 145 00:07:32,960 --> 00:07:36,400 Speaker 1: the prices, and we won't have a backstop in place 146 00:07:36,560 --> 00:07:38,960 Speaker 1: like the FED to prevent things like this from happening. 147 00:07:39,280 --> 00:07:42,760 Speaker 2: Well, God help us, if we if we if this 148 00:07:42,960 --> 00:07:45,920 Speaker 2: is supply, If right now what we're seeing in housing 149 00:07:46,000 --> 00:07:50,000 Speaker 2: crosses land and the largest of supply, that's the problem 150 00:07:50,040 --> 00:07:52,760 Speaker 2: I don't want to see. We need more homes, need 151 00:07:52,840 --> 00:07:54,640 Speaker 2: we need more homes and that. But this is why 152 00:07:54,640 --> 00:07:58,760 Speaker 2: it's so stupid and my opic. Even the investors, the 153 00:07:58,800 --> 00:08:01,400 Speaker 2: big banks who are the money by behind big builders, 154 00:08:01,800 --> 00:08:06,520 Speaker 2: they don't want no damn political a FED board. They 155 00:08:06,520 --> 00:08:10,000 Speaker 2: don't want a political FED board because it is. It 156 00:08:10,080 --> 00:08:14,080 Speaker 2: is what president wouldn't want to say, I presided over 157 00:08:14,120 --> 00:08:17,720 Speaker 2: an economy that had the lowest interest rates consecutively for 158 00:08:17,760 --> 00:08:21,800 Speaker 2: four years. Politicians are going to be incentivized never to 159 00:08:21,880 --> 00:08:24,480 Speaker 2: raise interest rates, never to make it look like it's 160 00:08:24,520 --> 00:08:27,080 Speaker 2: a hard thing. When it comes to money, but the 161 00:08:27,120 --> 00:08:30,440 Speaker 2: truth is supplying demand. And we all saw those curves. 162 00:08:30,480 --> 00:08:32,199 Speaker 2: I had a hard time with it, right, because when 163 00:08:32,440 --> 00:08:33,920 Speaker 2: one goes up, one goes down, and you have to 164 00:08:33,920 --> 00:08:36,520 Speaker 2: figure out those graphs and that kind of thing, which 165 00:08:36,559 --> 00:08:38,640 Speaker 2: is why I'm not math and I'm not science. I 166 00:08:38,640 --> 00:08:41,120 Speaker 2: can read, and I'm good on history and some other 167 00:08:41,240 --> 00:08:44,560 Speaker 2: literature literary pieces, but there has to be people who 168 00:08:44,559 --> 00:08:48,079 Speaker 2: pay close attention to the delicate balance, not just here 169 00:08:48,080 --> 00:08:53,520 Speaker 2: in America, but around the globe of economies. Because just 170 00:08:53,640 --> 00:08:56,599 Speaker 2: like we calls the global economy to tank with a 171 00:08:56,760 --> 00:09:02,360 Speaker 2: US based housing bubble, again, everybody was thrown off the 172 00:09:02,440 --> 00:09:05,680 Speaker 2: yoke and it didn't matter where you were in the world. 173 00:09:05,720 --> 00:09:09,480 Speaker 2: The United States was able to destabilize your economy because 174 00:09:09,480 --> 00:09:13,880 Speaker 2: of the foolishness that was done here in the housing market. 175 00:09:14,160 --> 00:09:19,199 Speaker 2: So it's just too interwoven a global system to put 176 00:09:19,320 --> 00:09:22,160 Speaker 2: idiots who are sick of fans to Donald Trump in 177 00:09:22,240 --> 00:09:24,600 Speaker 2: charge of it. It's not about Jern Powell. I don't 178 00:09:24,640 --> 00:09:27,280 Speaker 2: know the man. What it is about is not letting 179 00:09:27,320 --> 00:09:29,600 Speaker 2: politicians get control of the money. 180 00:09:30,480 --> 00:09:33,080 Speaker 6: I want to say this really quickly on I'm going 181 00:09:33,160 --> 00:09:34,880 Speaker 6: to raise a couple of points that are going to 182 00:09:34,920 --> 00:09:39,800 Speaker 6: feel contradictory. But this administration is highly contradictory. So one 183 00:09:39,840 --> 00:09:42,040 Speaker 6: of the things that's happened is he was pushing the 184 00:09:42,080 --> 00:09:45,319 Speaker 6: Federal Reserve, essentially lobbying them, which is unheard of, is 185 00:09:45,360 --> 00:09:49,400 Speaker 6: certainly unprecedented, lobbying the Federal Reserve for these lower interest 186 00:09:49,480 --> 00:09:53,199 Speaker 6: rates because they were not moving quick enough, because they 187 00:09:53,200 --> 00:09:57,280 Speaker 6: were not aligned with Donald Trump's actions. He's now attempting 188 00:09:57,320 --> 00:10:01,679 Speaker 6: to circumvent that process and go oh directly to agency. 189 00:10:01,840 --> 00:10:05,920 Speaker 6: So he's told Fanny May and Freddie Mack to buy 190 00:10:06,080 --> 00:10:09,000 Speaker 6: two hundred billion dollars worth of mortgage bonds. According to 191 00:10:09,040 --> 00:10:14,679 Speaker 6: this Axios piece, that has impacted rates rates lowered as 192 00:10:14,720 --> 00:10:18,720 Speaker 6: a result of that pressure. He also suggested that credit 193 00:10:18,760 --> 00:10:22,000 Speaker 6: card rates should be capped at ten percent for a year. 194 00:10:23,600 --> 00:10:24,640 Speaker 5: Coming up really soon. 195 00:10:24,880 --> 00:10:28,640 Speaker 6: And there are Republicans who have kind of been like, 196 00:10:28,800 --> 00:10:31,880 Speaker 6: this sounds crazy. This is his attempt to do what 197 00:10:31,920 --> 00:10:34,880 Speaker 6: the Federal Reserve does himself. The other thing that I 198 00:10:34,920 --> 00:10:37,680 Speaker 6: want to raise that there should be some bipartisan or 199 00:10:37,760 --> 00:10:42,480 Speaker 6: nonpartisan support for from the Trump administration. I certainly agree 200 00:10:42,520 --> 00:10:44,760 Speaker 6: with this, and it goes right to what Bakari's last 201 00:10:44,760 --> 00:10:47,760 Speaker 6: point was. He was talking about Donald Trump's friends buying 202 00:10:47,880 --> 00:10:51,600 Speaker 6: up homes. Well, the President suggested last week on a 203 00:10:51,640 --> 00:10:55,880 Speaker 6: true Social post that he was ready to immediately ban 204 00:10:56,559 --> 00:11:00,720 Speaker 6: Wall Street from buying up family homes. He said that 205 00:11:01,120 --> 00:11:04,679 Speaker 6: people don't live in corporations, they live in homes, and 206 00:11:04,720 --> 00:11:08,280 Speaker 6: so I am fascinated to see what happens with this. Certainly, 207 00:11:08,320 --> 00:11:12,560 Speaker 6: we know that there's long been a democratic led ideal 208 00:11:13,480 --> 00:11:16,280 Speaker 6: that people should not be corporations should not be buying 209 00:11:16,320 --> 00:11:18,280 Speaker 6: up homes that people should have access to. 210 00:11:18,920 --> 00:11:19,920 Speaker 5: While all of this. 211 00:11:19,760 --> 00:11:24,720 Speaker 6: Is going on, though, his chairman of f HFA, the 212 00:11:24,720 --> 00:11:30,960 Speaker 6: Federal Housing Financing Agency, is working to make home ownership 213 00:11:31,000 --> 00:11:31,640 Speaker 6: more difficult. 214 00:11:32,000 --> 00:11:33,400 Speaker 5: So even if Wall Street is. 215 00:11:33,360 --> 00:11:37,240 Speaker 6: Not buying up these homes, if you are restricting fair 216 00:11:37,320 --> 00:11:41,400 Speaker 6: housing opportunities and affordable housing opportunities, what difference does it 217 00:11:41,440 --> 00:11:44,320 Speaker 6: make if you implement good policy on one side, if 218 00:11:44,400 --> 00:11:46,800 Speaker 6: your f HFA chair doesn't do the same thing or 219 00:11:46,840 --> 00:11:51,240 Speaker 6: director doesn't do the same thing. 220 00:11:50,360 --> 00:11:55,200 Speaker 5: I thought it was a no, there's no clip, there's 221 00:11:55,200 --> 00:11:55,640 Speaker 5: no clip. 222 00:11:55,760 --> 00:11:57,959 Speaker 6: I just wanted to I wanted to dive into all 223 00:11:57,960 --> 00:12:01,439 Speaker 6: the pieces because there are a lot of moving It's overwhelming. 224 00:12:01,480 --> 00:12:04,000 Speaker 6: It's gonna have a lot of impact on us the 225 00:12:04,000 --> 00:12:07,280 Speaker 6: White House just last week talked about, oh, well, the 226 00:12:07,280 --> 00:12:09,520 Speaker 6: mortgage rates are falling, this is because of Donald Trump. 227 00:12:09,520 --> 00:12:11,600 Speaker 5: Their gas prices are falling because of Donald Trump. 228 00:12:11,880 --> 00:12:15,400 Speaker 6: Let me tell you the campaign thing that he like, 229 00:12:15,480 --> 00:12:18,360 Speaker 6: his biggest campaign promise that is still unfulfilled, and in 230 00:12:18,400 --> 00:12:21,199 Speaker 6: fact it has been worse under the Trump administration. 231 00:12:21,400 --> 00:12:24,640 Speaker 5: That is grocery prices. Grocery prices still are not down. 232 00:12:25,559 --> 00:12:28,120 Speaker 6: So while he's doing all this market manipulation, he's not 233 00:12:28,240 --> 00:12:31,560 Speaker 6: fulfilled the one campaign promise that he I think rode 234 00:12:31,600 --> 00:12:32,280 Speaker 6: to victory on. 235 00:12:32,760 --> 00:12:35,840 Speaker 2: He's my He is looking at this only through the 236 00:12:35,920 --> 00:12:39,240 Speaker 2: lens of his family business. He's not even looking at 237 00:12:39,280 --> 00:12:42,040 Speaker 2: it in the interest of his big friends of wealthy 238 00:12:42,040 --> 00:12:44,760 Speaker 2: friends who are homebuilders, because the people who are the 239 00:12:44,800 --> 00:12:55,959 Speaker 2: money behind those homebuilders know that it is a terrible idea. 240 00:12:57,600 --> 00:13:00,840 Speaker 2: And the other truth is I love Elizabeth Warren and 241 00:13:00,880 --> 00:13:04,200 Speaker 2: I want her to get as much reform as can 242 00:13:04,240 --> 00:13:09,600 Speaker 2: be had when it comes to protecting the rights and. 243 00:13:09,640 --> 00:13:13,160 Speaker 3: The gross how do you say the gross. 244 00:13:14,200 --> 00:13:18,040 Speaker 2: Overtaking and manipulation that's done against the average American consumer. 245 00:13:19,040 --> 00:13:21,040 Speaker 2: The fact that we were able to go through a 246 00:13:21,080 --> 00:13:24,280 Speaker 2: Biden era and a portion of the Obama era, with 247 00:13:25,600 --> 00:13:31,800 Speaker 2: these fees for overdrafts cut significantly. Not one of us 248 00:13:31,880 --> 00:13:33,559 Speaker 2: heard a bank talk about I'm going out of business 249 00:13:34,040 --> 00:13:36,559 Speaker 2: because the overdraft. Right, So that was a good thing. 250 00:13:36,960 --> 00:13:39,160 Speaker 2: But I honestly got to tell you this fight for 251 00:13:39,720 --> 00:13:42,960 Speaker 2: who can own homes. That train has left the station, 252 00:13:43,400 --> 00:13:44,520 Speaker 2: circled the globe. 253 00:13:45,040 --> 00:13:46,599 Speaker 3: It's built the whole. 254 00:13:46,280 --> 00:13:49,480 Speaker 2: New platform two thousand. If we didn't learn anything from 255 00:13:49,480 --> 00:13:56,000 Speaker 2: the two thousand and seven eight collapse, we ought to 256 00:13:56,040 --> 00:14:01,760 Speaker 2: know it now. Pensions, everybody pension, all our money. If 257 00:14:01,760 --> 00:14:06,880 Speaker 2: you work for a government, municipal, state, federal, if you 258 00:14:07,000 --> 00:14:12,040 Speaker 2: are one of the big big hedge funds on Wall Street, 259 00:14:12,679 --> 00:14:17,160 Speaker 2: you are deeply, deeply invested in housing in this country. 260 00:14:17,559 --> 00:14:19,480 Speaker 2: And right now, I mean, I'd love to see the numbers, 261 00:14:19,800 --> 00:14:26,360 Speaker 2: but I mean, certainly new housing overwhelmingly disproportionately owned by 262 00:14:27,200 --> 00:14:33,000 Speaker 2: hedge fund managers and hedge hedge fund companies and pensions 263 00:14:33,080 --> 00:14:36,520 Speaker 2: public pensions, not just anybody's pension. Let me be specific, 264 00:14:37,120 --> 00:14:41,400 Speaker 2: public pension funds meaning the same government workers who can't 265 00:14:41,440 --> 00:14:44,240 Speaker 2: afford to buy a home in the communities where they 266 00:14:44,280 --> 00:14:50,000 Speaker 2: work serve diligently. They also happen to be owners of 267 00:14:50,280 --> 00:14:52,840 Speaker 2: much of the housing in this country, except they don't 268 00:14:52,880 --> 00:14:56,080 Speaker 2: do it directly. It's through their retirement investment funds. 269 00:14:56,440 --> 00:14:58,560 Speaker 3: You know, just kind of put a pin on your 270 00:14:58,600 --> 00:14:59,040 Speaker 3: own pile. 271 00:14:59,360 --> 00:15:03,120 Speaker 1: I mean senators, Republican senators have already let the cat 272 00:15:03,160 --> 00:15:05,880 Speaker 1: out the bag. In fact, they said that he should 273 00:15:05,920 --> 00:15:08,880 Speaker 1: go to Uh, what's the woman's name? Who's the United 274 00:15:08,880 --> 00:15:11,480 Speaker 1: States Attorney in DC. She had the show on Fox News. 275 00:15:11,480 --> 00:15:16,000 Speaker 2: Oh perier Piere hero Piero. 276 00:15:17,360 --> 00:15:22,120 Speaker 1: Janine, yes her, and make it deal a clip and 277 00:15:22,200 --> 00:15:25,600 Speaker 1: simply say we'll talk to it and simply say that 278 00:15:25,680 --> 00:15:30,600 Speaker 1: I will resign in exchange for this investigation being over. 279 00:15:30,920 --> 00:15:32,040 Speaker 3: Roll that clip, Angela. 280 00:15:32,840 --> 00:15:38,120 Speaker 8: And my request in this case with the Federal Reserve 281 00:15:38,640 --> 00:15:42,640 Speaker 8: was a legal request, and the chairman of the Federal Reserve, Powell, 282 00:15:42,800 --> 00:15:45,720 Speaker 8: chose not to give a legal response. Instead, he chose 283 00:15:45,760 --> 00:15:51,160 Speaker 8: to politicize and publicize. I did not politicize or publicize 284 00:15:51,200 --> 00:15:54,760 Speaker 8: any of this. I followed the federal rules. I investigate 285 00:15:54,920 --> 00:15:58,080 Speaker 8: until I have evidence, uh, and if in what I do, 286 00:15:58,400 --> 00:16:00,960 Speaker 8: then I go forward with the public SA statement. Now 287 00:16:01,280 --> 00:16:04,360 Speaker 8: what are we talking about. We're talking about a billion 288 00:16:04,520 --> 00:16:10,640 Speaker 8: dollars in cost overruns. Talk about fiscal irresponsibility, talk about 289 00:16:10,640 --> 00:16:11,880 Speaker 8: bureaucratic blow. 290 00:16:12,400 --> 00:16:13,400 Speaker 5: Now we're talking. 291 00:16:13,080 --> 00:16:16,600 Speaker 8: About a million, ten million, one hundred million, we're talking 292 00:16:16,640 --> 00:16:22,360 Speaker 8: about a billion dollars in cost overruns in DC and 293 00:16:22,800 --> 00:16:25,720 Speaker 8: something that is purely in my lane as the United 294 00:16:25,720 --> 00:16:30,840 Speaker 8: States Attorney to investigate as well as lying before Congress. 295 00:16:31,080 --> 00:16:33,960 Speaker 8: So both of these things are our issues that I 296 00:16:34,080 --> 00:16:37,880 Speaker 8: looked at, and on December nineteenth, we started the investigation 297 00:16:37,960 --> 00:16:42,520 Speaker 8: in November. On December nineteenth, shortest investigation in history. An 298 00:16:42,520 --> 00:16:44,560 Speaker 8: email and we said, we'd like to talk to people 299 00:16:44,640 --> 00:16:48,240 Speaker 8: at the Federal Reserve. Give us a call. No response 300 00:16:48,320 --> 00:16:52,000 Speaker 8: for ten days. December twenty ninth, Please give us a call. 301 00:16:52,120 --> 00:16:54,320 Speaker 8: We'd like to talk to you. We'd like to speak 302 00:16:54,360 --> 00:16:57,520 Speaker 8: to you. No response for ten days. We want to 303 00:16:57,520 --> 00:17:00,560 Speaker 8: meet them the first week of January. No response. So 304 00:17:00,600 --> 00:17:03,280 Speaker 8: then we did what any normal prosecutor we're doing. We 305 00:17:03,440 --> 00:17:07,880 Speaker 8: issued legal process. I'm not saying that he's saying that. 306 00:17:08,480 --> 00:17:11,000 Speaker 2: Okay, So all the over runs that ain't no damn 307 00:17:11,040 --> 00:17:15,439 Speaker 2: crime at all, and on all believe a referral. What 308 00:17:15,520 --> 00:17:19,919 Speaker 2: committee referred what Committee chairman referred to you that they 309 00:17:19,920 --> 00:17:22,679 Speaker 2: were concerned about a witness who came before the Congress 310 00:17:22,680 --> 00:17:23,040 Speaker 2: in life. 311 00:17:23,320 --> 00:17:25,159 Speaker 1: What are the what are the what are the overruns 312 00:17:25,160 --> 00:17:27,200 Speaker 1: for what are the overruns for the for the Trump 313 00:17:27,280 --> 00:17:27,880 Speaker 1: Convention Center? 314 00:17:27,920 --> 00:17:29,240 Speaker 3: They building on the side of the building. 315 00:17:29,240 --> 00:17:31,919 Speaker 2: I'm sorry, where are the permits for tearing down the 316 00:17:31,920 --> 00:17:33,480 Speaker 2: goddamn half of the White House? 317 00:17:34,200 --> 00:17:34,919 Speaker 5: Well know that? 318 00:17:35,680 --> 00:17:37,520 Speaker 1: And then she's talking about she's talking about he made 319 00:17:37,560 --> 00:17:39,800 Speaker 1: it public. And then she went to Fox News. How 320 00:17:39,800 --> 00:17:42,560 Speaker 1: many United States attorneys have you seen on Fox News 321 00:17:42,600 --> 00:17:44,000 Speaker 1: during the Biden administration. 322 00:17:44,160 --> 00:17:46,920 Speaker 6: But this is what happens when you put media personalities 323 00:17:46,920 --> 00:17:49,480 Speaker 6: in charge of the federal government. You have the guy 324 00:17:49,520 --> 00:17:52,359 Speaker 6: who ran The Apprentice and ran several businesses into the ground, 325 00:17:52,720 --> 00:17:55,640 Speaker 6: lied all through New York about the amount of money 326 00:17:55,680 --> 00:17:57,320 Speaker 6: that he was making so that he had to pay 327 00:17:57,440 --> 00:17:59,640 Speaker 6: hundreds of million dollars back to the state of New York, 328 00:17:59,680 --> 00:18:03,639 Speaker 6: thanks Tis James. And then now you have Pete Hegg says, 329 00:18:03,680 --> 00:18:06,200 Speaker 6: the drunk running the Department of Defense. 330 00:18:06,880 --> 00:18:08,920 Speaker 5: And you have Janine. 331 00:18:08,320 --> 00:18:12,000 Speaker 6: Pirot like taking all of her marching orders from Donald 332 00:18:12,040 --> 00:18:15,440 Speaker 6: Trump to target all of his political enemies. Again, this 333 00:18:15,480 --> 00:18:18,280 Speaker 6: is an a political entity with an a political fed chair. 334 00:18:18,359 --> 00:18:21,480 Speaker 6: This is Jerome Powell that they're claiming lied before Congress 335 00:18:21,520 --> 00:18:23,600 Speaker 6: would love to see that proof, and we'd love to 336 00:18:23,720 --> 00:18:29,679 Speaker 6: understand when construction project. Mind you, tariffs and the costs 337 00:18:29,720 --> 00:18:33,120 Speaker 6: of goods probably have everything to do with any potential 338 00:18:33,160 --> 00:18:36,120 Speaker 6: cost overrun the experience. So thank you Donald Trump for that. 339 00:18:36,440 --> 00:18:39,960 Speaker 6: You are now prosecuting or seeking to prosecute someone based 340 00:18:40,000 --> 00:18:43,639 Speaker 6: on the economic conditions that you created, targeting all of 341 00:18:43,680 --> 00:18:47,400 Speaker 6: these countries around the world with these crazy tariffs. 342 00:18:47,920 --> 00:18:49,439 Speaker 5: What do you think is going to happen? 343 00:18:49,560 --> 00:18:53,000 Speaker 6: Construction goods are going to cost more. Basic supplies at a 344 00:18:53,040 --> 00:18:56,600 Speaker 6: grocery store is going to cost more. That is not criminal. 345 00:18:56,640 --> 00:19:00,919 Speaker 2: That is a building built in DC that didn't anyway. 346 00:19:00,720 --> 00:19:03,680 Speaker 5: And I know it wasn't a billion dollars. 347 00:19:03,680 --> 00:19:07,080 Speaker 3: It's also not criminal. I mean what is. 348 00:19:07,040 --> 00:19:13,919 Speaker 2: Criminal is destroying a historic building without having achieved the 349 00:19:13,960 --> 00:19:18,560 Speaker 2: appropriate permits and sign offs from the respective governing boards 350 00:19:18,680 --> 00:19:22,439 Speaker 2: who are responsible by statute for what happens at the building. 351 00:19:22,600 --> 00:19:24,600 Speaker 2: So anytime they bring this mess up, I'll just say, 352 00:19:24,640 --> 00:19:29,800 Speaker 2: east wing, east wing. This conversation starts and stops. 353 00:19:30,160 --> 00:19:32,800 Speaker 1: That's how we know. That's how we know it's not 354 00:19:32,840 --> 00:19:35,640 Speaker 1: about that. That's how we know. It's about monetary policy. 355 00:19:35,680 --> 00:19:38,480 Speaker 1: It's about interest rates, it's about making sure his friends 356 00:19:38,480 --> 00:19:39,200 Speaker 1: can get richer. 357 00:19:39,600 --> 00:19:42,520 Speaker 5: It's about his ego being destroyed at at press conference too. 358 00:19:42,640 --> 00:19:44,400 Speaker 1: I think it's about getting rid of your own pole 359 00:19:44,640 --> 00:19:46,320 Speaker 1: because they know fascism. 360 00:19:46,840 --> 00:19:48,720 Speaker 5: They're literally waiting on you. 361 00:19:48,760 --> 00:19:50,120 Speaker 3: Guys are all saying the same thing. 362 00:19:51,359 --> 00:19:54,480 Speaker 6: But I was going to say to your point, Bakari, 363 00:19:55,359 --> 00:19:58,639 Speaker 6: they have the Supreme Court is slated to hear Lisa 364 00:19:58,680 --> 00:20:03,520 Speaker 6: Cook's case week on whether or not Donald Trump had 365 00:20:03,560 --> 00:20:05,800 Speaker 6: the authority to fire her, and that is going to 366 00:20:05,840 --> 00:20:11,400 Speaker 6: be instrumental in what happens next with Chairpal. I don't 367 00:20:11,440 --> 00:20:13,200 Speaker 6: know that the case would continue if to your point, 368 00:20:13,200 --> 00:20:14,879 Speaker 6: he was able to get rid of him. But he 369 00:20:15,040 --> 00:20:19,959 Speaker 6: wants people in positions that have typically been you know, 370 00:20:20,359 --> 00:20:24,760 Speaker 6: crossover tenured through various presidential administrations so that he can 371 00:20:24,840 --> 00:20:26,399 Speaker 6: manipulate the outcome of this. 372 00:20:26,760 --> 00:20:29,240 Speaker 5: He's lying to us. He's telling us our lies. 373 00:20:29,320 --> 00:20:32,480 Speaker 6: Our eyes are lying our to us every time a 374 00:20:32,520 --> 00:20:34,480 Speaker 6: new piece comes out, every time he puts something else 375 00:20:34,520 --> 00:20:37,040 Speaker 6: on truth social every time, like the way that even 376 00:20:37,080 --> 00:20:40,199 Speaker 6: Fox News reports was happening with Ice in Minnesota. It 377 00:20:40,320 --> 00:20:44,000 Speaker 6: is anti ice protests. It's violent protesters. It's all this nonsense, 378 00:20:44,280 --> 00:20:47,600 Speaker 6: and they are on a propaganda campaign and it's violent. 379 00:20:47,720 --> 00:20:49,040 Speaker 5: At this point, it. 380 00:20:49,040 --> 00:20:52,560 Speaker 6: Is not okay to be targeting your people who you're 381 00:20:52,600 --> 00:20:55,240 Speaker 6: making political enemies who are not political. 382 00:20:54,800 --> 00:20:55,440 Speaker 5: To begin with. 383 00:20:55,680 --> 00:20:58,040 Speaker 6: And it's not okay to target people who just think 384 00:20:58,080 --> 00:21:00,920 Speaker 6: differently than you or see the means the end differently 385 00:21:00,960 --> 00:21:03,880 Speaker 6: than you, right, I mean, at the end of the day, 386 00:21:03,920 --> 00:21:06,120 Speaker 6: for me, the American dream is not about Donald Trump 387 00:21:06,160 --> 00:21:08,600 Speaker 6: and his family getting richer. It is about people being 388 00:21:08,600 --> 00:21:11,040 Speaker 6: able to afford the homes they live in. It's about 389 00:21:11,080 --> 00:21:13,600 Speaker 6: people being paid fair wages. It's about our kids being 390 00:21:13,720 --> 00:21:17,760 Speaker 6: educated and facts being found on government websites, which is 391 00:21:17,800 --> 00:21:19,639 Speaker 6: also a tall order in this day and age. 392 00:21:19,960 --> 00:21:22,000 Speaker 5: That is what we're up against again. 393 00:21:22,080 --> 00:21:24,240 Speaker 2: Jerome Powell just happens to be the person in the position. 394 00:21:24,640 --> 00:21:28,720 Speaker 2: I don't know him. I think he should continue doing 395 00:21:27,760 --> 00:21:31,520 Speaker 2: this thing about Donald Trump. I'm glad about it. I'm 396 00:21:31,520 --> 00:21:32,399 Speaker 2: glad about it all. 397 00:21:32,760 --> 00:21:33,080 Speaker 3: But what. 398 00:21:35,600 --> 00:21:39,199 Speaker 2: I don't want us to miss the whole forest here, 399 00:21:39,440 --> 00:21:43,560 Speaker 2: and that is when a president comes out and says 400 00:21:43,560 --> 00:21:47,560 Speaker 2: the fundamentals of the economy are strong, it's because they 401 00:21:47,560 --> 00:21:51,560 Speaker 2: have been told so by people like the Federal Reserve, 402 00:21:51,720 --> 00:21:55,600 Speaker 2: and it's several banks distributed throughout the United States and 403 00:21:55,760 --> 00:22:02,600 Speaker 2: other economic careerist professionals who are un tainted and unmanipulated 404 00:22:03,160 --> 00:22:08,320 Speaker 2: by the political whims of Washington, DC. We cannot, and 405 00:22:08,400 --> 00:22:10,800 Speaker 2: I don't care how many people he makes wealthy, we 406 00:22:10,880 --> 00:22:16,679 Speaker 2: cannot turn topsy turvy the fundamentals of the US economy 407 00:22:16,720 --> 00:22:20,320 Speaker 2: because if that happens, if we thought that two thousand 408 00:22:20,359 --> 00:22:24,240 Speaker 2: and seven and eight were bad, just just you wait 409 00:22:24,359 --> 00:22:28,200 Speaker 2: what it would do to the global economic structure of structure. 410 00:22:28,480 --> 00:22:32,680 Speaker 2: Every country that is of any importance or significance owns 411 00:22:32,880 --> 00:22:35,840 Speaker 2: parts of the United States. We paid them debt service, 412 00:22:36,160 --> 00:22:39,800 Speaker 2: China being the greatest holder. Right, so when we tank 413 00:22:40,440 --> 00:22:44,320 Speaker 2: everything tanks that's what's at stake here. When you start 414 00:22:44,359 --> 00:22:48,720 Speaker 2: to screw around with the fundamentals of the economy for 415 00:22:48,920 --> 00:22:56,120 Speaker 2: something as ministerial as helping your builder friend get buy 416 00:22:56,119 --> 00:22:58,840 Speaker 2: more land and some more houses, right, that that is 417 00:22:59,320 --> 00:23:01,639 Speaker 2: the tree, not even the trees, That is the tree 418 00:23:02,600 --> 00:23:03,320 Speaker 2: for the forest. 419 00:23:04,240 --> 00:23:06,200 Speaker 1: Well, look, guys, I wanted to make sure that we 420 00:23:06,320 --> 00:23:07,840 Speaker 1: that we plugged this in. I think that this was 421 00:23:07,880 --> 00:23:11,880 Speaker 1: a this was a very important topic, very very important issue. 422 00:23:11,920 --> 00:23:14,520 Speaker 1: Shout out to Jerome. Jerome got a lot of new friends. 423 00:23:14,920 --> 00:23:20,480 Speaker 1: So now y'all can say y'all know, y'all know clip anyway, y'all. 424 00:23:20,560 --> 00:23:23,040 Speaker 1: Y'all know some y'all. Y'all all know a cool brother 425 00:23:23,119 --> 00:23:25,080 Speaker 1: named Jerome. Y'all saw him act up from trying to 426 00:23:25,080 --> 00:23:27,840 Speaker 1: fight back against the fascist president of the United States 427 00:23:27,840 --> 00:23:28,440 Speaker 1: of America. 428 00:23:29,000 --> 00:23:29,960 Speaker 3: This has been another. 429 00:23:29,960 --> 00:23:32,320 Speaker 2: Amazing by the angry part of them. 430 00:23:32,440 --> 00:23:35,720 Speaker 3: Yeah you heard it, You heard it in this throat. 431 00:23:36,480 --> 00:23:40,400 Speaker 1: This has been another mini pod, a product of Native 432 00:23:40,680 --> 00:23:42,600 Speaker 1: Land Pod and Reason Choice Media. 433 00:23:42,680 --> 00:23:44,600 Speaker 3: Welcome Home, y'all, Welcome. 434 00:23:44,280 --> 00:23:59,080 Speaker 1: Home Native Lampod is a production of iHeart Radio and 435 00:23:59,080 --> 00:24:02,560 Speaker 1: partnership with Reasons Choice Media. For more podcasts from iHeartRadio, 436 00:24:02,680 --> 00:24:06,560 Speaker 1: visit the iHeartRadio app, app, Apple Podcast, or wherever you 437 00:24:06,600 --> 00:24:07,879 Speaker 1: listen to your favorite shows.