WEBVTT - Why the Federal Reserve Investigation Should Concern You | MiniPod 0:00:00.080 --> 0:00:03.640 Native Landpod is a production of iHeartRadio in partnership with 0:00:03.760 --> 0:00:05.359 Reason Choice Media. 0:00:05.559 --> 0:00:09.600 Welcome, Welcome, Welcome, Welcome. 0:00:09.200 --> 0:00:11.440 And welcome to this week's mini pod. 0:00:11.560 --> 0:00:14.800 After a great, great long pod with our special guest 0:00:14.920 --> 0:00:17.200 Joy and Reed and Nicole Hanna Jones, we now have 0:00:17.440 --> 0:00:18.640 this mini pod. 0:00:18.680 --> 0:00:20.640 Welcome home, y'all come. 0:00:20.680 --> 0:00:22.960 One of the things we wanted to do was dig 0:00:23.000 --> 0:00:26.000 a little deeper on the Federal Reserve. I just felt 0:00:26.040 --> 0:00:28.040 like this week, one of the episodes, or one of 0:00:28.080 --> 0:00:30.840 the things that we needed to spend some time on, 0:00:30.960 --> 0:00:33.760 particularly in an episode or mini pod, was the Federal Reserve, 0:00:33.760 --> 0:00:35.600 because a lot of people don't really understand what it does, 0:00:35.640 --> 0:00:37.919 and they don't understand the implications of not having an 0:00:37.920 --> 0:00:40.280 independent Federal Reserve. So I want to tell you what 0:00:40.280 --> 0:00:42.199 the Federal Reserve is quickly, and then I want to 0:00:42.320 --> 0:00:45.920 flip to a clip from Jerome Pile from earlier in 0:00:45.920 --> 0:00:48.199 the week, actually he released it on Sunday night. That 0:00:48.280 --> 0:00:50.479 tells you how damning it is, and then we'll go 0:00:50.520 --> 0:00:52.720 from there. But the Federal Reserve acts as the central 0:00:52.840 --> 0:00:56.800 Bank of the United States. It manages monetary policy to 0:00:56.880 --> 0:01:01.960 achieve maximum employment and stable price. It supervises excuse me, 0:01:02.000 --> 0:01:07.080 stable prices. It supervises banks, maintains financial system stability, provides 0:01:07.120 --> 0:01:10.840 financial services to banks and the government, and promotes consumer 0:01:10.920 --> 0:01:12.360 protection and community development. 0:01:12.560 --> 0:01:14.280 Its core role is. 0:01:14.200 --> 0:01:19.039 To ensure a safe, flexible, and stable US monetary and 0:01:19.120 --> 0:01:24.080 financial system by controlling money supply. The FED is the 0:01:24.120 --> 0:01:27.679 backbone for the dollar, It's the backbone of our economy, 0:01:27.840 --> 0:01:30.600 and that's why it has to be independent. But apparently 0:01:30.600 --> 0:01:33.160 Donald Trump has some other thoughts thanks to Project twenty 0:01:33.200 --> 0:01:35.000 twenty five, and we're going to roll a clip just 0:01:35.040 --> 0:01:37.600 so you can see how angry Jerome Power was. 0:01:38.360 --> 0:01:41.520 On Friday, the Department of Justice served the Federal Reserve 0:01:41.560 --> 0:01:45.640 with grand jury subpoenas threatening a criminal indictment related to 0:01:45.680 --> 0:01:50.560 my testimony before the Senate Banking Committee last June. That 0:01:50.600 --> 0:01:54.800 testimony concerned, in part, a multi year project to renovate 0:01:54.920 --> 0:01:59.600 historic Federal Reserve office buildings. I have deep respect for 0:01:59.640 --> 0:02:02.880 the rule of law and for accountability in our democracy. 0:02:03.560 --> 0:02:06.160 No one, certainly not the Chair of the Federal Reserve, 0:02:06.520 --> 0:02:07.360 is above the law. 0:02:08.080 --> 0:02:09.800 And I mean, I think that's the larger point. That 0:02:09.880 --> 0:02:11.919 nobody is above the law. That's the point that Jerome 0:02:11.960 --> 0:02:14.120 Pile was trying to make and you know, a lot 0:02:14.120 --> 0:02:16.320 of people are wondering what this is about and why 0:02:16.400 --> 0:02:18.200 is he picking on the You know, why is he 0:02:18.240 --> 0:02:19.919 picking on the FED chair? First of all, I don't 0:02:19.919 --> 0:02:22.000 think you should pick on any man named Jerome, even 0:02:22.040 --> 0:02:23.520 if he is five eight and white. 0:02:23.880 --> 0:02:26.000 That ain't that ain't what you spoke. That should not 0:02:26.080 --> 0:02:27.480 be something that you out here doing. 0:02:30.600 --> 0:02:32.480 Before he got angry, I was like, I don't think 0:02:32.520 --> 0:02:35.440 I sent sensed a sense changing emotion. 0:02:36.040 --> 0:02:38.600 That them the ones you need to be afraid to swallow. 0:02:38.760 --> 0:02:39.920 You could hear it in the swallow? 0:02:40.000 --> 0:02:41.840 Is that where it is? Swallow? 0:02:42.720 --> 0:02:46.200 Because he referenced the renovation project, I think we should 0:02:46.639 --> 0:02:49.359 harken our listeners back to what actually happened. It might 0:02:49.400 --> 0:02:52.440 be associated with the project, but it probably has a 0:02:52.480 --> 0:02:54.639 lot more to do with the fact that Donald Trump 0:02:55.080 --> 0:02:57.919 left that press conference about the renovation of the FED 0:02:58.160 --> 0:02:59.200 feeling pretty embarrassed. 0:02:59.240 --> 0:03:00.360 Let's roll this clip, HM. 0:03:00.840 --> 0:03:03.799 So we taking a look, and it looks like it's 0:03:03.840 --> 0:03:06.240 about three point one billion, one up a little bit 0:03:06.840 --> 0:03:10.000 or a lot. So the two point seven is now 0:03:10.040 --> 0:03:12.120 three point one. 0:03:12.480 --> 0:03:15.000 Yeah, it just jeral is standing next to him, shaking 0:03:15.000 --> 0:03:15.359 his head. 0:03:15.560 --> 0:03:18.280 I haven't heard that from anybody the Fed. I know 0:03:18.600 --> 0:03:19.720 about three point one as well. 0:03:19.760 --> 0:03:22.520 Care come, Tim Scott, nobody asked you, Tim, standing from us. 0:03:23.080 --> 0:03:25.240 Yes, are you're including the Martin renovation? 0:03:25.320 --> 0:03:26.600 You just add our retire capital. 0:03:27.040 --> 0:03:28.920 You just you just added in the third building. 0:03:28.960 --> 0:03:29.520 Is what that is? 0:03:29.560 --> 0:03:30.400 That's a third building. 0:03:31.200 --> 0:03:32.640 It's a building that's being built. 0:03:33.000 --> 0:03:35.680 It's been it was built five years ago. We finished 0:03:35.680 --> 0:03:36.760 Martin five years was. 0:03:36.840 --> 0:03:41.800 Over as part of the overall. So so we're going 0:03:41.880 --> 0:03:43.960 to take a look. 0:03:44.160 --> 0:03:46.520 Jero pals like, you're not the liar on me. 0:03:46.720 --> 0:03:50.360 So he he included a building in his estimate of 0:03:50.400 --> 0:03:54.240 how much the renovation was costing that was finished five 0:03:54.520 --> 0:03:57.360 years ago. I just want to shout out Tim Scott, 0:03:57.440 --> 0:04:01.920 Senator Tim Scott in this clip or providing the documentation 0:04:02.600 --> 0:04:05.960 that would say that the building that was engaging in 0:04:06.040 --> 0:04:09.000 cost overruns and somehow as a result of a cost 0:04:09.040 --> 0:04:12.960 overrun of a federal building construction project, now the Federal 0:04:13.040 --> 0:04:17.279 Reserve Chair and the Federal Reserve in total, is receiving 0:04:18.360 --> 0:04:22.840 subpoenas about a potential criminal indictment. I think it's about 0:04:22.839 --> 0:04:26.280 the interest rate, y'all. I think Donald Trump wanted him 0:04:26.320 --> 0:04:30.520 to reduce the interest rates regardless of the impact. 0:04:30.080 --> 0:04:30.719 That may have. 0:04:30.839 --> 0:04:33.360 I mean, personally, I would like to see lower interest rates, 0:04:33.400 --> 0:04:34.320 but at what costs? 0:04:34.520 --> 0:04:37.679 No pun intended, Well, you lower interest rates can get inflation. 0:04:38.480 --> 0:04:45.400 Hell ut yeah, I mean the other For the average 0:04:45.400 --> 0:04:50.200 person listening, this is an agency and organization and entity 0:04:50.279 --> 0:04:53.440 that most of us aren't thinking about. We it just 0:04:53.440 --> 0:04:56.200 doesn't cross our mind. But I will tell you that 0:04:56.279 --> 0:05:02.159 it is probably one of the most significant can't reasons 0:05:03.000 --> 0:05:05.920 why anybody outside of the United States, any other government, 0:05:06.200 --> 0:05:09.880 any other country, any other wealthy person would ever invest 0:05:09.920 --> 0:05:13.280 in the United States of America, Because it's the same 0:05:13.360 --> 0:05:16.640 judgment that they make in every other country around the world, 0:05:16.680 --> 0:05:20.440 and that is is this a banana republic where the 0:05:20.480 --> 0:05:25.600 financial system is run by politicians and politics, or is 0:05:25.640 --> 0:05:35.480 this a safe, secure, reliable country or entity that prioritizes 0:05:35.640 --> 0:05:42.080 expertise and stability over politics and, in Trump's case, buffoonery. 0:05:43.040 --> 0:05:45.680 So it's one of the Put another way, it is 0:05:46.720 --> 0:05:50.800 the hallmark of a country that is either a banana republic, 0:05:50.800 --> 0:05:54.200 which is a place you don't put money, and a 0:05:54.360 --> 0:06:00.200 first world civilized, safe and secure monetary system that is 0:06:00.240 --> 0:06:03.400 worth your investment. Even if you're like the United States 0:06:03.480 --> 0:06:05.960 and you're buried in debt. It's a good place to 0:06:06.000 --> 0:06:09.160 invest because over the long run, those debts payoff. 0:06:09.960 --> 0:06:10.160 You know. 0:06:10.200 --> 0:06:12.400 Also, we have to look at nothing happens in a vacuum. 0:06:12.400 --> 0:06:14.880 I think that's like my mantra on this show, nothing 0:06:14.960 --> 0:06:17.640 happens in a vacuum or exclusive. I mean, you have 0:06:17.760 --> 0:06:21.960 to look at these large corporations, many of which are 0:06:22.040 --> 0:06:26.120 the President's friends, buying up many of these homes throughout 0:06:26.160 --> 0:06:28.880 the country that we're seeing. They're not buying one or 0:06:28.880 --> 0:06:33.240 two homes, they're buying thousands of properties. You have to 0:06:33.279 --> 0:06:41.560 look at his first of all, that they're being a nonpartisan, 0:06:41.680 --> 0:06:47.159 independent banking safeguard or safety net is paramount to the 0:06:47.160 --> 0:06:49.719 financial security of this country. But if when you're looking 0:06:49.720 --> 0:06:52.919 when you're talking about housing in particular, the President talking 0:06:52.920 --> 0:06:55.560 about buying back mortgages and all of these other things, 0:06:56.279 --> 0:07:00.839 you have the you have outside of inflation, as you 0:07:00.880 --> 0:07:03.919 all talked about, you have the ability or the likelihood 0:07:03.920 --> 0:07:06.040 that we're going to have another housing bubble or housing 0:07:06.080 --> 0:07:09.400 crisis that we just emerge from between two thousand and 0:07:09.440 --> 0:07:11.720 six and two thousand and eight. I mean, we're going 0:07:11.760 --> 0:07:15.040 backwards when it comes to forward looking policy. I mean 0:07:15.080 --> 0:07:17.680 we have to create more supply in this country if 0:07:17.680 --> 0:07:19.840 we're going to do anything about the housing crisis that 0:07:19.880 --> 0:07:23.440 we have, the only way to make the only way 0:07:23.480 --> 0:07:25.840 to make housing affordable is to create more supply. 0:07:26.600 --> 0:07:29.720 And what he wants to do is inversely enrichest friends. 0:07:30.080 --> 0:07:32.880 Limit supply, buy up all the homes, jack up all 0:07:32.960 --> 0:07:36.400 the prices, and we won't have a backstop in place 0:07:36.560 --> 0:07:38.960 like the FED to prevent things like this from happening. 0:07:39.280 --> 0:07:42.760 Well, God help us, if we if we if this 0:07:42.960 --> 0:07:45.920 is supply, If right now what we're seeing in housing 0:07:46.000 --> 0:07:50.000 crosses land and the largest of supply, that's the problem 0:07:50.040 --> 0:07:52.760 I don't want to see. We need more homes, need 0:07:52.840 --> 0:07:54.640 we need more homes and that. But this is why 0:07:54.640 --> 0:07:58.760 it's so stupid and my opic. Even the investors, the 0:07:58.800 --> 0:08:01.400 big banks who are the money by behind big builders, 0:08:01.800 --> 0:08:06.520 they don't want no damn political a FED board. They 0:08:06.520 --> 0:08:10.000 don't want a political FED board because it is. It 0:08:10.080 --> 0:08:14.080 is what president wouldn't want to say, I presided over 0:08:14.120 --> 0:08:17.720 an economy that had the lowest interest rates consecutively for 0:08:17.760 --> 0:08:21.800 four years. Politicians are going to be incentivized never to 0:08:21.880 --> 0:08:24.480 raise interest rates, never to make it look like it's 0:08:24.520 --> 0:08:27.080 a hard thing. When it comes to money, but the 0:08:27.120 --> 0:08:30.440 truth is supplying demand. And we all saw those curves. 0:08:30.480 --> 0:08:32.199 I had a hard time with it, right, because when 0:08:32.440 --> 0:08:33.920 one goes up, one goes down, and you have to 0:08:33.920 --> 0:08:36.520 figure out those graphs and that kind of thing, which 0:08:36.559 --> 0:08:38.640 is why I'm not math and I'm not science. I 0:08:38.640 --> 0:08:41.120 can read, and I'm good on history and some other 0:08:41.240 --> 0:08:44.560 literature literary pieces, but there has to be people who 0:08:44.559 --> 0:08:48.079 pay close attention to the delicate balance, not just here 0:08:48.080 --> 0:08:53.520 in America, but around the globe of economies. Because just 0:08:53.640 --> 0:08:56.599 like we calls the global economy to tank with a 0:08:56.760 --> 0:09:02.360 US based housing bubble, again, everybody was thrown off the 0:09:02.440 --> 0:09:05.680 yoke and it didn't matter where you were in the world. 0:09:05.720 --> 0:09:09.480 The United States was able to destabilize your economy because 0:09:09.480 --> 0:09:13.880 of the foolishness that was done here in the housing market. 0:09:14.160 --> 0:09:19.199 So it's just too interwoven a global system to put 0:09:19.320 --> 0:09:22.160 idiots who are sick of fans to Donald Trump in 0:09:22.240 --> 0:09:24.600 charge of it. It's not about Jern Powell. I don't 0:09:24.640 --> 0:09:27.280 know the man. What it is about is not letting 0:09:27.320 --> 0:09:29.600 politicians get control of the money. 0:09:30.480 --> 0:09:33.080 I want to say this really quickly on I'm going 0:09:33.160 --> 0:09:34.880 to raise a couple of points that are going to 0:09:34.920 --> 0:09:39.800 feel contradictory. But this administration is highly contradictory. So one 0:09:39.840 --> 0:09:42.040 of the things that's happened is he was pushing the 0:09:42.080 --> 0:09:45.319 Federal Reserve, essentially lobbying them, which is unheard of, is 0:09:45.360 --> 0:09:49.400 certainly unprecedented, lobbying the Federal Reserve for these lower interest 0:09:49.480 --> 0:09:53.199 rates because they were not moving quick enough, because they 0:09:53.200 --> 0:09:57.280 were not aligned with Donald Trump's actions. He's now attempting 0:09:57.320 --> 0:10:01.679 to circumvent that process and go oh directly to agency. 0:10:01.840 --> 0:10:05.920 So he's told Fanny May and Freddie Mack to buy 0:10:06.080 --> 0:10:09.000 two hundred billion dollars worth of mortgage bonds. According to 0:10:09.040 --> 0:10:14.679 this Axios piece, that has impacted rates rates lowered as 0:10:14.720 --> 0:10:18.720 a result of that pressure. He also suggested that credit 0:10:18.760 --> 0:10:22.000 card rates should be capped at ten percent for a year. 0:10:23.600 --> 0:10:24.640 Coming up really soon. 0:10:24.880 --> 0:10:28.640 And there are Republicans who have kind of been like, 0:10:28.800 --> 0:10:31.880 this sounds crazy. This is his attempt to do what 0:10:31.920 --> 0:10:34.880 the Federal Reserve does himself. The other thing that I 0:10:34.920 --> 0:10:37.680 want to raise that there should be some bipartisan or 0:10:37.760 --> 0:10:42.480 nonpartisan support for from the Trump administration. I certainly agree 0:10:42.520 --> 0:10:44.760 with this, and it goes right to what Bakari's last 0:10:44.760 --> 0:10:47.760 point was. He was talking about Donald Trump's friends buying 0:10:47.880 --> 0:10:51.600 up homes. Well, the President suggested last week on a 0:10:51.640 --> 0:10:55.880 true Social post that he was ready to immediately ban 0:10:56.559 --> 0:11:00.720 Wall Street from buying up family homes. He said that 0:11:01.120 --> 0:11:04.679 people don't live in corporations, they live in homes, and 0:11:04.720 --> 0:11:08.280 so I am fascinated to see what happens with this. Certainly, 0:11:08.320 --> 0:11:12.560 we know that there's long been a democratic led ideal 0:11:13.480 --> 0:11:16.280 that people should not be corporations should not be buying 0:11:16.320 --> 0:11:18.280 up homes that people should have access to. 0:11:18.920 --> 0:11:19.920 While all of this. 0:11:19.760 --> 0:11:24.720 Is going on, though, his chairman of f HFA, the 0:11:24.720 --> 0:11:30.960 Federal Housing Financing Agency, is working to make home ownership 0:11:31.000 --> 0:11:31.640 more difficult. 0:11:32.000 --> 0:11:33.400 So even if Wall Street is. 0:11:33.360 --> 0:11:37.240 Not buying up these homes, if you are restricting fair 0:11:37.320 --> 0:11:41.400 housing opportunities and affordable housing opportunities, what difference does it 0:11:41.440 --> 0:11:44.320 make if you implement good policy on one side, if 0:11:44.400 --> 0:11:46.800 your f HFA chair doesn't do the same thing or 0:11:46.840 --> 0:11:51.240 director doesn't do the same thing. 0:11:50.360 --> 0:11:55.200 I thought it was a no, there's no clip, there's 0:11:55.200 --> 0:11:55.640 no clip. 0:11:55.760 --> 0:11:57.959 I just wanted to I wanted to dive into all 0:11:57.960 --> 0:12:01.439 the pieces because there are a lot of moving It's overwhelming. 0:12:01.480 --> 0:12:04.000 It's gonna have a lot of impact on us the 0:12:04.000 --> 0:12:07.280 White House just last week talked about, oh, well, the 0:12:07.280 --> 0:12:09.520 mortgage rates are falling, this is because of Donald Trump. 0:12:09.520 --> 0:12:11.600 Their gas prices are falling because of Donald Trump. 0:12:11.880 --> 0:12:15.400 Let me tell you the campaign thing that he like, 0:12:15.480 --> 0:12:18.360 his biggest campaign promise that is still unfulfilled, and in 0:12:18.400 --> 0:12:21.199 fact it has been worse under the Trump administration. 0:12:21.400 --> 0:12:24.640 That is grocery prices. Grocery prices still are not down. 0:12:25.559 --> 0:12:28.120 So while he's doing all this market manipulation, he's not 0:12:28.240 --> 0:12:31.560 fulfilled the one campaign promise that he I think rode 0:12:31.600 --> 0:12:32.280 to victory on. 0:12:32.760 --> 0:12:35.840 He's my He is looking at this only through the 0:12:35.920 --> 0:12:39.240 lens of his family business. He's not even looking at 0:12:39.280 --> 0:12:42.040 it in the interest of his big friends of wealthy 0:12:42.040 --> 0:12:44.760 friends who are homebuilders, because the people who are the 0:12:44.800 --> 0:12:55.959 money behind those homebuilders know that it is a terrible idea. 0:12:57.600 --> 0:13:00.840 And the other truth is I love Elizabeth Warren and 0:13:00.880 --> 0:13:04.200 I want her to get as much reform as can 0:13:04.240 --> 0:13:09.600 be had when it comes to protecting the rights and. 0:13:09.640 --> 0:13:13.160 The gross how do you say the gross. 0:13:14.200 --> 0:13:18.040 Overtaking and manipulation that's done against the average American consumer. 0:13:19.040 --> 0:13:21.040 The fact that we were able to go through a 0:13:21.080 --> 0:13:24.280 Biden era and a portion of the Obama era, with 0:13:25.600 --> 0:13:31.800 these fees for overdrafts cut significantly. Not one of us 0:13:31.880 --> 0:13:33.559 heard a bank talk about I'm going out of business 0:13:34.040 --> 0:13:36.559 because the overdraft. Right, So that was a good thing. 0:13:36.960 --> 0:13:39.160 But I honestly got to tell you this fight for 0:13:39.720 --> 0:13:42.960 who can own homes. That train has left the station, 0:13:43.400 --> 0:13:44.520 circled the globe. 0:13:45.040 --> 0:13:46.599 It's built the whole. 0:13:46.280 --> 0:13:49.480 New platform two thousand. If we didn't learn anything from 0:13:49.480 --> 0:13:56.000 the two thousand and seven eight collapse, we ought to 0:13:56.040 --> 0:14:01.760 know it now. Pensions, everybody pension, all our money. If 0:14:01.760 --> 0:14:06.880 you work for a government, municipal, state, federal, if you 0:14:07.000 --> 0:14:12.040 are one of the big big hedge funds on Wall Street, 0:14:12.679 --> 0:14:17.160 you are deeply, deeply invested in housing in this country. 0:14:17.559 --> 0:14:19.480 And right now, I mean, I'd love to see the numbers, 0:14:19.800 --> 0:14:26.360 but I mean, certainly new housing overwhelmingly disproportionately owned by 0:14:27.200 --> 0:14:33.000 hedge fund managers and hedge hedge fund companies and pensions 0:14:33.080 --> 0:14:36.520 public pensions, not just anybody's pension. Let me be specific, 0:14:37.120 --> 0:14:41.400 public pension funds meaning the same government workers who can't 0:14:41.440 --> 0:14:44.240 afford to buy a home in the communities where they 0:14:44.280 --> 0:14:50.000 work serve diligently. They also happen to be owners of 0:14:50.280 --> 0:14:52.840 much of the housing in this country, except they don't 0:14:52.880 --> 0:14:56.080 do it directly. It's through their retirement investment funds. 0:14:56.440 --> 0:14:58.560 You know, just kind of put a pin on your 0:14:58.600 --> 0:14:59.040 own pile. 0:14:59.360 --> 0:15:03.120 I mean senators, Republican senators have already let the cat 0:15:03.160 --> 0:15:05.880 out the bag. In fact, they said that he should 0:15:05.920 --> 0:15:08.880 go to Uh, what's the woman's name? Who's the United 0:15:08.880 --> 0:15:11.480 States Attorney in DC. She had the show on Fox News. 0:15:11.480 --> 0:15:16.000 Oh perier Piere hero Piero. 0:15:17.360 --> 0:15:22.120 Janine, yes her, and make it deal a clip and 0:15:22.200 --> 0:15:25.600 simply say we'll talk to it and simply say that 0:15:25.680 --> 0:15:30.600 I will resign in exchange for this investigation being over. 0:15:30.920 --> 0:15:32.040 Roll that clip, Angela. 0:15:32.840 --> 0:15:38.120 And my request in this case with the Federal Reserve 0:15:38.640 --> 0:15:42.640 was a legal request, and the chairman of the Federal Reserve, Powell, 0:15:42.800 --> 0:15:45.720 chose not to give a legal response. Instead, he chose 0:15:45.760 --> 0:15:51.160 to politicize and publicize. I did not politicize or publicize 0:15:51.200 --> 0:15:54.760 any of this. I followed the federal rules. I investigate 0:15:54.920 --> 0:15:58.080 until I have evidence, uh, and if in what I do, 0:15:58.400 --> 0:16:00.960 then I go forward with the public SA statement. Now 0:16:01.280 --> 0:16:04.360 what are we talking about. We're talking about a billion 0:16:04.520 --> 0:16:10.640 dollars in cost overruns. Talk about fiscal irresponsibility, talk about 0:16:10.640 --> 0:16:11.880 bureaucratic blow. 0:16:12.400 --> 0:16:13.400 Now we're talking. 0:16:13.080 --> 0:16:16.600 About a million, ten million, one hundred million, we're talking 0:16:16.640 --> 0:16:22.360 about a billion dollars in cost overruns in DC and 0:16:22.800 --> 0:16:25.720 something that is purely in my lane as the United 0:16:25.720 --> 0:16:30.840 States Attorney to investigate as well as lying before Congress. 0:16:31.080 --> 0:16:33.960 So both of these things are our issues that I 0:16:34.080 --> 0:16:37.880 looked at, and on December nineteenth, we started the investigation 0:16:37.960 --> 0:16:42.520 in November. On December nineteenth, shortest investigation in history. An 0:16:42.520 --> 0:16:44.560 email and we said, we'd like to talk to people 0:16:44.640 --> 0:16:48.240 at the Federal Reserve. Give us a call. No response 0:16:48.320 --> 0:16:52.000 for ten days. December twenty ninth, Please give us a call. 0:16:52.120 --> 0:16:54.320 We'd like to talk to you. We'd like to speak 0:16:54.360 --> 0:16:57.520 to you. No response for ten days. We want to 0:16:57.520 --> 0:17:00.560 meet them the first week of January. No response. So 0:17:00.600 --> 0:17:03.280 then we did what any normal prosecutor we're doing. We 0:17:03.440 --> 0:17:07.880 issued legal process. I'm not saying that he's saying that. 0:17:08.480 --> 0:17:11.000 Okay, So all the over runs that ain't no damn 0:17:11.040 --> 0:17:15.439 crime at all, and on all believe a referral. What 0:17:15.520 --> 0:17:19.919 committee referred what Committee chairman referred to you that they 0:17:19.920 --> 0:17:22.679 were concerned about a witness who came before the Congress 0:17:22.680 --> 0:17:23.040 in life. 0:17:23.320 --> 0:17:25.159 What are the what are the what are the overruns 0:17:25.160 --> 0:17:27.200 for what are the overruns for the for the Trump 0:17:27.280 --> 0:17:27.880 Convention Center? 0:17:27.920 --> 0:17:29.240 They building on the side of the building. 0:17:29.240 --> 0:17:31.919 I'm sorry, where are the permits for tearing down the 0:17:31.920 --> 0:17:33.480 goddamn half of the White House? 0:17:34.200 --> 0:17:34.919 Well know that? 0:17:35.680 --> 0:17:37.520 And then she's talking about she's talking about he made 0:17:37.560 --> 0:17:39.800 it public. And then she went to Fox News. How 0:17:39.800 --> 0:17:42.560 many United States attorneys have you seen on Fox News 0:17:42.600 --> 0:17:44.000 during the Biden administration. 0:17:44.160 --> 0:17:46.920 But this is what happens when you put media personalities 0:17:46.920 --> 0:17:49.480 in charge of the federal government. You have the guy 0:17:49.520 --> 0:17:52.359 who ran The Apprentice and ran several businesses into the ground, 0:17:52.720 --> 0:17:55.640 lied all through New York about the amount of money 0:17:55.680 --> 0:17:57.320 that he was making so that he had to pay 0:17:57.440 --> 0:17:59.640 hundreds of million dollars back to the state of New York, 0:17:59.680 --> 0:18:03.639 thanks Tis James. And then now you have Pete Hegg says, 0:18:03.680 --> 0:18:06.200 the drunk running the Department of Defense. 0:18:06.880 --> 0:18:08.920 And you have Janine. 0:18:08.320 --> 0:18:12.000 Pirot like taking all of her marching orders from Donald 0:18:12.040 --> 0:18:15.440 Trump to target all of his political enemies. Again, this 0:18:15.480 --> 0:18:18.280 is an a political entity with an a political fed chair. 0:18:18.359 --> 0:18:21.480 This is Jerome Powell that they're claiming lied before Congress 0:18:21.520 --> 0:18:23.600 would love to see that proof, and we'd love to 0:18:23.720 --> 0:18:29.679 understand when construction project. Mind you, tariffs and the costs 0:18:29.720 --> 0:18:33.120 of goods probably have everything to do with any potential 0:18:33.160 --> 0:18:36.120 cost overrun the experience. So thank you Donald Trump for that. 0:18:36.440 --> 0:18:39.960 You are now prosecuting or seeking to prosecute someone based 0:18:40.000 --> 0:18:43.639 on the economic conditions that you created, targeting all of 0:18:43.680 --> 0:18:47.400 these countries around the world with these crazy tariffs. 0:18:47.920 --> 0:18:49.439 What do you think is going to happen? 0:18:49.560 --> 0:18:53.000 Construction goods are going to cost more. Basic supplies at a 0:18:53.040 --> 0:18:56.600 grocery store is going to cost more. That is not criminal. 0:18:56.640 --> 0:19:00.919 That is a building built in DC that didn't anyway. 0:19:00.720 --> 0:19:03.680 And I know it wasn't a billion dollars. 0:19:03.680 --> 0:19:07.080 It's also not criminal. I mean what is. 0:19:07.040 --> 0:19:13.919 Criminal is destroying a historic building without having achieved the 0:19:13.960 --> 0:19:18.560 appropriate permits and sign offs from the respective governing boards 0:19:18.680 --> 0:19:22.439 who are responsible by statute for what happens at the building. 0:19:22.600 --> 0:19:24.600 So anytime they bring this mess up, I'll just say, 0:19:24.640 --> 0:19:29.800 east wing, east wing. This conversation starts and stops. 0:19:30.160 --> 0:19:32.800 That's how we know. That's how we know it's not 0:19:32.840 --> 0:19:35.640 about that. That's how we know. It's about monetary policy. 0:19:35.680 --> 0:19:38.480 It's about interest rates, it's about making sure his friends 0:19:38.480 --> 0:19:39.200 can get richer. 0:19:39.600 --> 0:19:42.520 It's about his ego being destroyed at at press conference too. 0:19:42.640 --> 0:19:44.400 I think it's about getting rid of your own pole 0:19:44.640 --> 0:19:46.320 because they know fascism. 0:19:46.840 --> 0:19:48.720 They're literally waiting on you. 0:19:48.760 --> 0:19:50.120 Guys are all saying the same thing. 0:19:51.359 --> 0:19:54.480 But I was going to say to your point, Bakari, 0:19:55.359 --> 0:19:58.639 they have the Supreme Court is slated to hear Lisa 0:19:58.680 --> 0:20:03.520 Cook's case week on whether or not Donald Trump had 0:20:03.560 --> 0:20:05.800 the authority to fire her, and that is going to 0:20:05.840 --> 0:20:11.400 be instrumental in what happens next with Chairpal. I don't 0:20:11.440 --> 0:20:13.200 know that the case would continue if to your point, 0:20:13.200 --> 0:20:14.879 he was able to get rid of him. But he 0:20:15.040 --> 0:20:19.959 wants people in positions that have typically been you know, 0:20:20.359 --> 0:20:24.760 crossover tenured through various presidential administrations so that he can 0:20:24.840 --> 0:20:26.399 manipulate the outcome of this. 0:20:26.760 --> 0:20:29.240 He's lying to us. He's telling us our lies. 0:20:29.320 --> 0:20:32.480 Our eyes are lying our to us every time a 0:20:32.520 --> 0:20:34.480 new piece comes out, every time he puts something else 0:20:34.520 --> 0:20:37.040 on truth social every time, like the way that even 0:20:37.080 --> 0:20:40.199 Fox News reports was happening with Ice in Minnesota. It 0:20:40.320 --> 0:20:44.000 is anti ice protests. It's violent protesters. It's all this nonsense, 0:20:44.280 --> 0:20:47.600 and they are on a propaganda campaign and it's violent. 0:20:47.720 --> 0:20:49.040 At this point, it. 0:20:49.040 --> 0:20:52.560 Is not okay to be targeting your people who you're 0:20:52.600 --> 0:20:55.240 making political enemies who are not political. 0:20:54.800 --> 0:20:55.440 To begin with. 0:20:55.680 --> 0:20:58.040 And it's not okay to target people who just think 0:20:58.080 --> 0:21:00.920 differently than you or see the means the end differently 0:21:00.960 --> 0:21:03.880 than you, right, I mean, at the end of the day, 0:21:03.920 --> 0:21:06.120 for me, the American dream is not about Donald Trump 0:21:06.160 --> 0:21:08.600 and his family getting richer. It is about people being 0:21:08.600 --> 0:21:11.040 able to afford the homes they live in. It's about 0:21:11.080 --> 0:21:13.600 people being paid fair wages. It's about our kids being 0:21:13.720 --> 0:21:17.760 educated and facts being found on government websites, which is 0:21:17.800 --> 0:21:19.639 also a tall order in this day and age. 0:21:19.960 --> 0:21:22.000 That is what we're up against again. 0:21:22.080 --> 0:21:24.240 Jerome Powell just happens to be the person in the position. 0:21:24.640 --> 0:21:28.720 I don't know him. I think he should continue doing 0:21:27.760 --> 0:21:31.520 this thing about Donald Trump. I'm glad about it. I'm 0:21:31.520 --> 0:21:32.399 glad about it all. 0:21:32.760 --> 0:21:33.080 But what. 0:21:35.600 --> 0:21:39.199 I don't want us to miss the whole forest here, 0:21:39.440 --> 0:21:43.560 and that is when a president comes out and says 0:21:43.560 --> 0:21:47.560 the fundamentals of the economy are strong, it's because they 0:21:47.560 --> 0:21:51.560