1 00:00:00,160 --> 00:00:02,560 Speaker 1: Our two. Sean handed his show told Free he'd eight 2 00:00:02,640 --> 00:00:04,360 Speaker 1: hundred ninefold one Shawn, if you want to be a 3 00:00:04,360 --> 00:00:07,200 Speaker 1: part of the program, we have an update involving Joe 4 00:00:07,240 --> 00:00:11,200 Speaker 1: Biden and zero experience Hunter. Now, the Laptop from Hell 5 00:00:11,320 --> 00:00:13,800 Speaker 1: has shown us a lot of things, not the least 6 00:00:13,800 --> 00:00:16,680 Speaker 1: of which is Joe Biden lied repeatedly when he said 7 00:00:16,720 --> 00:00:20,400 Speaker 1: he didn't have discussions with his son, not one single 8 00:00:20,440 --> 00:00:23,520 Speaker 1: time about his foreign business dealings. I mean, clearly that 9 00:00:23,600 --> 00:00:26,799 Speaker 1: was obvious when he leveraged a billion taxpayer dollars to 10 00:00:26,840 --> 00:00:30,120 Speaker 1: get a prosecutor and Ukraine fired or else, they weren't 11 00:00:30,120 --> 00:00:31,960 Speaker 1: going to get the billion, son of am b they 12 00:00:32,000 --> 00:00:35,479 Speaker 1: did it. They fired him in six hours. Let you 13 00:00:35,560 --> 00:00:37,680 Speaker 1: know that something's going on. He knew his son was 14 00:00:37,720 --> 00:00:41,080 Speaker 1: being investigated by that prosecutor. We have a dual system 15 00:00:41,120 --> 00:00:43,800 Speaker 1: of justice in America. We don't have equal justice under 16 00:00:43,800 --> 00:00:46,479 Speaker 1: the law anymore. We don't have equal application of our 17 00:00:46,520 --> 00:00:49,239 Speaker 1: laws anymore. I said this over and over again, just 18 00:00:49,320 --> 00:00:52,480 Speaker 1: to refresh your memory, Joe Biden said over and over again, 19 00:00:52,560 --> 00:00:54,800 Speaker 1: not one time. Now, Remember we have pictures now of 20 00:00:54,920 --> 00:00:58,800 Speaker 1: Joe Biden, Hunter Biden and foreign business associates. We have 21 00:00:58,880 --> 00:01:02,600 Speaker 1: pictures of them. Sounds like the family the Biden syndicate 22 00:01:02,720 --> 00:01:05,680 Speaker 1: might be compromised. But Joe said he never knew a thing. 23 00:01:06,160 --> 00:01:09,840 Speaker 1: But yet Hunter complains bitterly about paying half of you know, 24 00:01:09,880 --> 00:01:13,720 Speaker 1: paying all of his father's bills, complains bitterly about putting 25 00:01:13,760 --> 00:01:17,039 Speaker 1: aside all the money for the big guy. It's all there. 26 00:01:17,120 --> 00:01:19,880 Speaker 1: Tony Bobolynski was in on those meetings. Nobody wants to 27 00:01:19,880 --> 00:01:24,400 Speaker 1: talk to Tony Bobolynsky. Why not anyway, just to refresh 28 00:01:24,400 --> 00:01:28,520 Speaker 1: your memory times, have you ever spoken to your son 29 00:01:28,640 --> 00:01:31,880 Speaker 1: about his overseas business ceilings. I've never spoken my son 30 00:01:31,920 --> 00:01:35,800 Speaker 1: the most overseas series. I have never discussed with my son, 31 00:01:36,160 --> 00:01:39,320 Speaker 1: or my brother or anyone else in the him to 32 00:01:39,360 --> 00:01:42,679 Speaker 1: do it their business experiod. And what I will do 33 00:01:42,800 --> 00:01:46,160 Speaker 1: is the same thing we did an our administration. Be 34 00:01:46,319 --> 00:01:51,840 Speaker 1: an absolute wall between personal and private. And do you 35 00:01:51,880 --> 00:01:54,720 Speaker 1: stand by your statement that you did not discuss any 36 00:01:54,760 --> 00:01:58,240 Speaker 1: of your son's overseas business by that statement? Yes, high 37 00:01:58,280 --> 00:02:00,800 Speaker 1: stand by that statement. I remember you know, why did 38 00:02:00,800 --> 00:02:03,840 Speaker 1: he get paid? Why did he make millions from Russia? 39 00:02:04,000 --> 00:02:06,120 Speaker 1: Why did he get him one point five billion dollar 40 00:02:06,240 --> 00:02:09,600 Speaker 1: deal with the Bank of China? Why are they all 41 00:02:09,680 --> 00:02:13,760 Speaker 1: these concessions to all these hostile regimes. Well, why would 42 00:02:13,760 --> 00:02:18,680 Speaker 1: you import oil from Russia, Iran, Venezuela, Saudi Arabia OPEC 43 00:02:19,120 --> 00:02:22,400 Speaker 1: when you can produce it all domestically. You know, Putin 44 00:02:22,560 --> 00:02:27,000 Speaker 1: is now cut back to twenty percent of the normal 45 00:02:28,280 --> 00:02:32,280 Speaker 1: gas supplies that he was providing Germany in retaliation. You 46 00:02:32,400 --> 00:02:36,400 Speaker 1: think we'd learn the lesson from that, but apparently not. Anyway, 47 00:02:36,440 --> 00:02:39,520 Speaker 1: we now have a big story breaking Senator Charles Grassley 48 00:02:40,040 --> 00:02:42,680 Speaker 1: as well as Senator Ron Johnson saying there's a cover 49 00:02:42,800 --> 00:02:46,720 Speaker 1: up that the FBI and DOJ tried to bury damning 50 00:02:46,760 --> 00:02:50,639 Speaker 1: evidence against Hunter. You know, it's it's been obvious since 51 00:02:50,680 --> 00:02:54,519 Speaker 1: twenty sixteen. The FBI is politicized now onto Merrick Arland, 52 00:02:54,560 --> 00:02:58,880 Speaker 1: the DOJ's politicized. You know, the FBI's attempts to sabotage 53 00:02:58,919 --> 00:03:03,600 Speaker 1: Trump's presidential election and as presidencies over three plus years 54 00:03:03,639 --> 00:03:06,520 Speaker 1: of never ending lies. You know, just the fact they 55 00:03:06,520 --> 00:03:11,639 Speaker 1: abuse FISAL laws is one massive example. But anyway, it 56 00:03:11,680 --> 00:03:14,920 Speaker 1: looks like Grassley has developed several sources within the FBI 57 00:03:15,120 --> 00:03:18,680 Speaker 1: whistleblowers that are telling him things that probably the FBI 58 00:03:18,720 --> 00:03:21,400 Speaker 1: doesn't want public. That the FBI and the Justice Department 59 00:03:21,440 --> 00:03:26,079 Speaker 1: have been accused of highly by highly credible whistleblowers, of varying, 60 00:03:26,320 --> 00:03:31,200 Speaker 1: verified and verifiable dirt on President Biden's troubled son Hunter 61 00:03:31,360 --> 00:03:36,280 Speaker 1: by incorrect correctly dismissing the intelligence is disinformation. In other words, 62 00:03:36,280 --> 00:03:40,200 Speaker 1: they're saying it's being done on purpose. Grasslely actually said, 63 00:03:40,200 --> 00:03:43,800 Speaker 1: the information provided to my office involves concerns about the 64 00:03:43,840 --> 00:03:48,400 Speaker 1: FBI's receipt and use of derogatory information related to Hunter Biden, 65 00:03:48,800 --> 00:03:53,160 Speaker 1: the FBI's false portrayal of acquired evidence as disinformation. He 66 00:03:53,200 --> 00:03:57,040 Speaker 1: wrote this to Merrick Garland and FBI Director Christopher Ray, 67 00:03:57,640 --> 00:04:00,400 Speaker 1: You have an obligation to the country to take these 68 00:04:00,440 --> 00:04:03,880 Speaker 1: allegations seriously. Well you would have taken it seriously years 69 00:04:03,880 --> 00:04:07,160 Speaker 1: ago when Hunter went on GMA and admitted he had 70 00:04:07,240 --> 00:04:11,280 Speaker 1: no experience, But yet he's being paid millions for what 71 00:04:11,480 --> 00:04:14,119 Speaker 1: portraits of a crack addict. He makes money on art. 72 00:04:14,560 --> 00:04:16,320 Speaker 1: You know, here you have a crack addict and a 73 00:04:16,320 --> 00:04:19,320 Speaker 1: guy that likes prostitutes with no experience and energy oil 74 00:04:19,400 --> 00:04:22,960 Speaker 1: gas or Ukraine, but he's getting paid millions. Who else 75 00:04:23,000 --> 00:04:24,640 Speaker 1: wouldn't want this deal. This is what he said to 76 00:04:24,760 --> 00:04:27,120 Speaker 1: GMA when he said, I hope you know what you're doing. 77 00:04:27,520 --> 00:04:29,680 Speaker 1: What did he think you were doing? Well? He wrote 78 00:04:29,680 --> 00:04:31,760 Speaker 1: the press reports that I joined the board of Barreisma, 79 00:04:31,800 --> 00:04:35,120 Speaker 1: which was a Ukrainian natural gas company, and there's been 80 00:04:35,200 --> 00:04:39,880 Speaker 1: a lot of misinformation about me, not about my dad. 81 00:04:40,000 --> 00:04:42,600 Speaker 1: Nobody buys that, but advised this idea that I was 82 00:04:42,680 --> 00:04:45,240 Speaker 1: unqualified to be on the board. Well were your qualifications 83 00:04:45,279 --> 00:04:46,960 Speaker 1: to be on the board of Barresma. Well, I was 84 00:04:47,040 --> 00:04:49,520 Speaker 1: vice chamer of the board of Amtrak for five years. 85 00:04:49,680 --> 00:04:51,680 Speaker 1: I was the chairman of the board of the UN 86 00:04:51,760 --> 00:04:54,960 Speaker 1: World Food Program. I was a lawyer for boy Schiller Flexner, 87 00:04:55,080 --> 00:04:57,559 Speaker 1: one of the most prestigious law firms in the world. 88 00:04:57,880 --> 00:05:01,320 Speaker 1: You didn't have any extensive knowledge about natural gas or 89 00:05:01,520 --> 00:05:05,040 Speaker 1: Ukraine itself though, No, But I think that I had 90 00:05:05,040 --> 00:05:06,960 Speaker 1: as much knowledge as anybody else that was on the board, 91 00:05:07,480 --> 00:05:09,920 Speaker 1: if not more. Oh, no, good. But why do you 92 00:05:09,960 --> 00:05:12,600 Speaker 1: think you got all that money? I don't know. Maybe 93 00:05:12,600 --> 00:05:16,240 Speaker 1: because your father's in charge. Yeah, that's it. David schooners 94 00:05:16,240 --> 00:05:18,480 Speaker 1: with us. By the way, he's also representing Steve Bannon 95 00:05:18,720 --> 00:05:20,960 Speaker 1: in his most recent case. While ask him about that 96 00:05:21,000 --> 00:05:23,679 Speaker 1: in a second. So, now you got whistleblowers. It sounds 97 00:05:23,720 --> 00:05:26,599 Speaker 1: like from within the FBI saying that the Biden FI 98 00:05:26,640 --> 00:05:31,760 Speaker 1: and DJ are burying damning evidence on Hunter. Yeah, it's 99 00:05:31,880 --> 00:05:34,720 Speaker 1: really pretty shocking stuff, but you know it's what results. 100 00:05:34,720 --> 00:05:37,240 Speaker 1: Where we have no checks and balances anymore, you have 101 00:05:37,360 --> 00:05:40,000 Speaker 1: Congress working hand in hand to cover up these stories. 102 00:05:40,000 --> 00:05:42,680 Speaker 1: They're perfectly happy with it happening. Remember, there are no 103 00:05:42,720 --> 00:05:45,440 Speaker 1: policy initiatives from the Democratic side right now, so you 104 00:05:45,480 --> 00:05:49,120 Speaker 1: have things like January sixth Committee is their policy initiative 105 00:05:49,320 --> 00:05:51,640 Speaker 1: and thing covering up any bad news. But you have 106 00:05:51,680 --> 00:05:53,120 Speaker 1: to take a step back. I think. You know, we 107 00:05:53,200 --> 00:05:57,520 Speaker 1: talked about the investigation that President Donald Trump called for 108 00:05:57,800 --> 00:06:01,080 Speaker 1: into the Ukraine situation with Hunter Biden years ago that 109 00:06:01,160 --> 00:06:04,599 Speaker 1: got him impeached, asking for an investigation. That tells you 110 00:06:04,640 --> 00:06:08,000 Speaker 1: how seriously democratic side takes these things. And you covered 111 00:06:08,040 --> 00:06:10,200 Speaker 1: it back then. You exposed all of these things back then. 112 00:06:10,400 --> 00:06:13,719 Speaker 1: But we have a bad institutional memory. It's all coming 113 00:06:13,720 --> 00:06:17,039 Speaker 1: around now, full circle, and now we see Fortunately we 114 00:06:17,080 --> 00:06:19,560 Speaker 1: have people like you know, Grant, Senators Grassley and Johnson 115 00:06:19,560 --> 00:06:21,360 Speaker 1: who are going to point it out to me. Marck 116 00:06:21,400 --> 00:06:23,920 Speaker 1: Garland's one of the biggest disappointments I know many people 117 00:06:23,960 --> 00:06:26,240 Speaker 1: felt when the Supreme Court nomination came up. You know, 118 00:06:26,279 --> 00:06:27,839 Speaker 1: he wasn't qualified and so on. I had a case 119 00:06:27,880 --> 00:06:30,480 Speaker 1: in front of him, thought he was a very legitimate judge. 120 00:06:30,520 --> 00:06:33,839 Speaker 1: And all that's been completely political politicized now in this 121 00:06:33,960 --> 00:06:36,320 Speaker 1: Justice Department. Some of the comments he has made, it's 122 00:06:36,320 --> 00:06:38,320 Speaker 1: shocking to me. But there seems to be no end 123 00:06:38,320 --> 00:06:40,800 Speaker 1: to it. I think that, you know, Jerry Nadler summed 124 00:06:40,800 --> 00:06:43,000 Speaker 1: this all up a long time ago when he said 125 00:06:43,240 --> 00:06:45,719 Speaker 1: we can't trust the voters. I think that was sort 126 00:06:45,720 --> 00:06:47,640 Speaker 1: of a green light for all of this kind of 127 00:06:47,640 --> 00:06:51,960 Speaker 1: corruption that goes on. I have no doubt while all 128 00:06:52,040 --> 00:06:54,919 Speaker 1: these people lied to the Fiser court. No, why do 129 00:06:55,000 --> 00:06:57,599 Speaker 1: I believe if I lied to a Fiser court and 130 00:06:57,680 --> 00:07:01,280 Speaker 1: I told the court that information is verified when it's 131 00:07:01,320 --> 00:07:07,120 Speaker 1: completely unfverifiable and demonstrably false, which it became, which every 132 00:07:07,400 --> 00:07:10,920 Speaker 1: everybody knew, And then they still continue continue to file 133 00:07:11,320 --> 00:07:14,960 Speaker 1: the new FISA warrants or extensions to the original FISA application. 134 00:07:15,680 --> 00:07:17,720 Speaker 1: And if I lied to a court water, I think 135 00:07:17,720 --> 00:07:20,920 Speaker 1: I'd probably be in jail. Whether I had you a 136 00:07:20,920 --> 00:07:24,040 Speaker 1: great attorney that you are, or an army of great attorneys, 137 00:07:24,080 --> 00:07:25,560 Speaker 1: I don't think any of you can keep me out 138 00:07:25,600 --> 00:07:28,680 Speaker 1: of prison. Listen, we've seen that double standard with everything. 139 00:07:28,680 --> 00:07:31,160 Speaker 1: I mean how many Enron was prosecuted for obstruction of 140 00:07:31,200 --> 00:07:35,120 Speaker 1: justice by Andrew Weissman and Lisa Monico, the current deputy 141 00:07:35,320 --> 00:07:40,120 Speaker 1: Attorney General, but Hillary Clinton destroyed all of those emails, 142 00:07:40,120 --> 00:07:42,240 Speaker 1: nothing happened. We've seen this double standard, I mean in 143 00:07:42,320 --> 00:07:44,800 Speaker 1: shocking terms all across the board. And you're a hundred 144 00:07:44,800 --> 00:07:47,520 Speaker 1: percent right to keep focusing on the FISA applications because 145 00:07:47,520 --> 00:07:50,920 Speaker 1: these were lies to get the most intrusive surveillance on 146 00:07:51,120 --> 00:07:55,120 Speaker 1: American citizens and others that we have that our technology allows. 147 00:07:55,440 --> 00:07:57,760 Speaker 1: If you would lie there, you're going to continue to lie. 148 00:07:57,840 --> 00:08:00,880 Speaker 1: You have no credibility. All right, Let's talk about the case, um, 149 00:08:01,120 --> 00:08:04,280 Speaker 1: And I've known you for many, many years, and I 150 00:08:04,320 --> 00:08:08,320 Speaker 1: watched pretty closely the case involving Steve Bannon being held 151 00:08:08,360 --> 00:08:12,360 Speaker 1: in contempt by the January sixth Committee, and it looked 152 00:08:12,400 --> 00:08:15,720 Speaker 1: like even before you walked into the courtroom, every every 153 00:08:15,760 --> 00:08:19,320 Speaker 1: avenue that you would pursue in terms of illegal defense 154 00:08:19,440 --> 00:08:22,240 Speaker 1: was shut down by the judge, you know, at right 155 00:08:22,320 --> 00:08:24,760 Speaker 1: from the get go, So you really didn't have the 156 00:08:24,800 --> 00:08:26,640 Speaker 1: ability to put on the defense you would have liked 157 00:08:26,640 --> 00:08:30,200 Speaker 1: to have put on. And I heard your comments after 158 00:08:30,400 --> 00:08:33,880 Speaker 1: the verdict. You didn't put on a defense in that case. 159 00:08:34,400 --> 00:08:37,080 Speaker 1: I think I know why, because I think you you 160 00:08:37,200 --> 00:08:41,319 Speaker 1: basically figured that you know this, it's already a foregone 161 00:08:41,360 --> 00:08:44,600 Speaker 1: conclusion on terms of the verdict, because you couldn't put 162 00:08:44,600 --> 00:08:46,720 Speaker 1: the defense forward that you wanted, and you were planning 163 00:08:46,760 --> 00:08:50,360 Speaker 1: on an appeal at that point. Am I wrong? You're right? 164 00:08:50,720 --> 00:08:53,360 Speaker 1: You know. One week before the trial started, the judge 165 00:08:53,400 --> 00:08:56,480 Speaker 1: ruled on our motion dismiss and barred every defense in 166 00:08:56,520 --> 00:08:59,040 Speaker 1: the case. Um. I made a decision at that point, 167 00:08:59,120 --> 00:09:00,719 Speaker 1: I said to the judge, by doing this, you will 168 00:09:00,760 --> 00:09:03,760 Speaker 1: require me to provide ineffective assistance of counsel. I made 169 00:09:03,800 --> 00:09:06,120 Speaker 1: a decision that I would not participate. I was hired 170 00:09:06,120 --> 00:09:07,880 Speaker 1: as lead counsel in the case. I made a decision 171 00:09:07,920 --> 00:09:10,439 Speaker 1: I would not participate in open your closing or in 172 00:09:10,480 --> 00:09:14,000 Speaker 1: the examination of witnesses under those circumstances. With all defensive barns. 173 00:09:14,040 --> 00:09:16,520 Speaker 1: I raised the legal issues and I continue to do that, 174 00:09:16,720 --> 00:09:19,520 Speaker 1: and we will win the appeal in the case. But yes, 175 00:09:19,720 --> 00:09:23,160 Speaker 1: the judge Listen Steve Bannet got the subpoenas. Royer wrote 176 00:09:23,200 --> 00:09:26,040 Speaker 1: a letter saying he wants to comply. Executive privilege has 177 00:09:26,040 --> 00:09:28,400 Speaker 1: been invoked. If you'll take us before a judge and 178 00:09:28,440 --> 00:09:30,520 Speaker 1: a judge orders the privilege is not valid or not 179 00:09:30,600 --> 00:09:34,199 Speaker 1: so broad, I will testify, I will give you the documents. Period. 180 00:09:34,440 --> 00:09:36,440 Speaker 1: They chose not to do that. That's the normal course 181 00:09:36,480 --> 00:09:39,040 Speaker 1: of things, go to a civil enforcement proceeding. By the way, 182 00:09:39,080 --> 00:09:40,960 Speaker 1: that people need to know the history of this. This 183 00:09:41,040 --> 00:09:44,840 Speaker 1: does not happen since nineteen seventy four and G. Gordon Lyddy, 184 00:09:45,040 --> 00:09:49,280 Speaker 1: Just so people understand, historically, this doesn't happen. Eric Holder 185 00:09:49,400 --> 00:09:52,959 Speaker 1: was never charged in the case when he was held 186 00:09:52,960 --> 00:09:56,000 Speaker 1: in contempt at Congress. There's a whole host of Democrats 187 00:09:56,000 --> 00:09:58,319 Speaker 1: that were held in contempt to Congress and nothing ever 188 00:09:58,360 --> 00:10:01,600 Speaker 1: happens to them. And before this administration, the Justice Department 189 00:10:01,600 --> 00:10:03,800 Speaker 1: has had a policy for at least six decades, back 190 00:10:03,800 --> 00:10:07,040 Speaker 1: to the fifties that when executive privilege is invoked, this 191 00:10:07,160 --> 00:10:10,079 Speaker 1: criminal statue will not apply, and they will not Congress 192 00:10:10,120 --> 00:10:13,079 Speaker 1: may not pursue it. Executive privilege is entitled to a 193 00:10:13,920 --> 00:10:16,920 Speaker 1: presumption of validity. It's not for Congress to decide whether 194 00:10:16,960 --> 00:10:19,000 Speaker 1: it applies or how broadly it applies. But yeah, so 195 00:10:19,040 --> 00:10:22,079 Speaker 1: that's the background. The President Trump had voked executive privilege 196 00:10:22,400 --> 00:10:25,559 Speaker 1: and here's here's the question though, that I think would 197 00:10:26,240 --> 00:10:30,000 Speaker 1: be relevant, considering that Steve Bannon had been out of 198 00:10:30,040 --> 00:10:32,720 Speaker 1: the adminute. And I've known Steve Bannon for years and 199 00:10:32,800 --> 00:10:34,800 Speaker 1: we usually get along. Not at all, but we usually 200 00:10:34,800 --> 00:10:36,720 Speaker 1: get along. I have a lot of respect for him. 201 00:10:36,760 --> 00:10:39,320 Speaker 1: He could have walked in, he could have pled the fifth, 202 00:10:39,440 --> 00:10:41,320 Speaker 1: walked out, and they couldn't lay a hand on him. 203 00:10:41,760 --> 00:10:44,040 Speaker 1: He chose not to do that, which means he was 204 00:10:44,080 --> 00:10:46,160 Speaker 1: willing to go to the mat for what he believes here. 205 00:10:46,280 --> 00:10:48,400 Speaker 1: And I got you know, I respect people that stand 206 00:10:48,440 --> 00:10:51,320 Speaker 1: on their principles, I really do. So he could have 207 00:10:51,320 --> 00:10:55,560 Speaker 1: had an easy out here he chose not to. Why right, 208 00:10:55,720 --> 00:10:57,800 Speaker 1: He said he would never take the fifth. He said 209 00:10:57,800 --> 00:11:00,240 Speaker 1: he wanted to testify. They don't want to hear Steve 210 00:11:00,280 --> 00:11:03,559 Speaker 1: Bannon's testimony. That's clear because even now, when President Trump 211 00:11:03,640 --> 00:11:07,160 Speaker 1: removed privilege on July ninth, Bannon's royer wrote another letter 212 00:11:07,240 --> 00:11:10,079 Speaker 1: saying he wants to testify, wants to comply with the subpoena. Now, 213 00:11:10,480 --> 00:11:12,679 Speaker 1: everybody liked to do it publicly. They said, oh no, no, 214 00:11:12,720 --> 00:11:15,160 Speaker 1: you don't set the rules. You'll come in, You'll do 215 00:11:15,200 --> 00:11:18,240 Speaker 1: it privately, just with us. Will decide if it goes public, 216 00:11:18,400 --> 00:11:20,400 Speaker 1: the last thing they wanted for, and then they'll cut, 217 00:11:20,440 --> 00:11:23,120 Speaker 1: dice and slice it like they did with everybody else's. Now, 218 00:11:23,200 --> 00:11:25,880 Speaker 1: I've called for them to release all of the interviews 219 00:11:26,360 --> 00:11:28,800 Speaker 1: in full from all the people that they brought in 220 00:11:29,160 --> 00:11:31,560 Speaker 1: and let the public see it that way, rather than 221 00:11:31,720 --> 00:11:35,040 Speaker 1: filtered through a committee of people, all of whom hate 222 00:11:35,040 --> 00:11:37,920 Speaker 1: Donald Trump and voted to impeach him. That's right, and 223 00:11:38,000 --> 00:11:40,800 Speaker 1: not just a committee. Remember, we have a television executive 224 00:11:40,800 --> 00:11:44,000 Speaker 1: who has hired specifically to produce this circus of the 225 00:11:44,040 --> 00:11:46,439 Speaker 1: hearings going on to the American public is seeing fully 226 00:11:46,559 --> 00:11:50,679 Speaker 1: edited snippets that this committee of complete Trump paters wants 227 00:11:50,679 --> 00:11:53,080 Speaker 1: to show them. What I say is the committee, unfortunally 228 00:11:53,120 --> 00:11:56,000 Speaker 1: is illegitimate from the start. You cannot pick an entire 229 00:11:56,040 --> 00:11:59,839 Speaker 1: committee of all one political mindset. Let me stay on 230 00:11:59,880 --> 00:12:01,959 Speaker 1: the law issue though for just a second here, I 231 00:12:02,000 --> 00:12:03,800 Speaker 1: think this is an important question. Because he had left 232 00:12:03,840 --> 00:12:08,320 Speaker 1: the administration and this has posed his time in the administration. 233 00:12:08,679 --> 00:12:13,319 Speaker 1: Does executive privilege in that circumstance still apply. I just 234 00:12:13,360 --> 00:12:17,000 Speaker 1: don't know the legal aspect of it. There's no question 235 00:12:17,080 --> 00:12:20,080 Speaker 1: executive privilege applies, and the Justice Department has an opinion 236 00:12:20,320 --> 00:12:23,079 Speaker 1: directly on that an Office of Legal Council opinion. The 237 00:12:23,200 --> 00:12:26,280 Speaker 1: question is whether this sort of immunity or whether the 238 00:12:26,520 --> 00:12:30,280 Speaker 1: obligation to appear before the committee doesn't apply because the 239 00:12:30,720 --> 00:12:33,319 Speaker 1: Justice Department is said, if you're a former Executive Branch 240 00:12:33,360 --> 00:12:36,240 Speaker 1: member or current Executive Branch member, you cannot be forced 241 00:12:36,280 --> 00:12:39,000 Speaker 1: to appear and the criminal statute doesn't apply. Quick break 242 00:12:39,040 --> 00:12:42,199 Speaker 1: more with Attorney David Shone on the other side. That 243 00:12:42,320 --> 00:12:44,240 Speaker 1: we'll get to your calls eight hundred and nine for one. 244 00:12:44,240 --> 00:12:45,880 Speaker 1: Shawn our number if you want to be a part 245 00:12:45,880 --> 00:12:48,320 Speaker 1: of the program, will update you more in this horrific 246 00:12:48,400 --> 00:12:52,640 Speaker 1: economic news. Today's just bad day, one of the bad news. 247 00:12:53,160 --> 00:12:56,120 Speaker 1: So many people are getting pinched financially right now. You 248 00:12:56,160 --> 00:12:58,600 Speaker 1: see what's happening. You see the price of gas, You 249 00:12:58,640 --> 00:13:01,760 Speaker 1: see record high in plation, consumer confidence at an all 250 00:13:01,840 --> 00:13:04,080 Speaker 1: time low. Up. It's a no risk Bunny Back guarantee, 251 00:13:04,120 --> 00:13:08,000 Speaker 1: the exact same service half off pound two fifty keywords 252 00:13:08,040 --> 00:13:09,800 Speaker 1: save now. If you do it now, you'll get an 253 00:13:09,800 --> 00:13:12,720 Speaker 1: additional fifty percent off your first month from our friends 254 00:13:12,720 --> 00:13:15,400 Speaker 1: of Pure Talk. All right, we'll continue with David Schone, 255 00:13:15,559 --> 00:13:20,000 Speaker 1: former counsel for President Trump and Civil Liberties Attorney. Now 256 00:13:20,040 --> 00:13:22,640 Speaker 1: the counsel for Steve Bannon. What is the next step 257 00:13:22,679 --> 00:13:25,280 Speaker 1: in this? Obviously it's an appeal. Where do you appeal 258 00:13:25,320 --> 00:13:28,439 Speaker 1: to and how high up can you possibly take this? What? 259 00:13:28,600 --> 00:13:30,560 Speaker 1: It maybe make it to the Supreme Court, which I 260 00:13:30,559 --> 00:13:34,240 Speaker 1: think would be a fascinating case. Yeah, many scholars have 261 00:13:34,320 --> 00:13:35,920 Speaker 1: said that it will go to the Supreme Court. Alan 262 00:13:35,960 --> 00:13:37,719 Speaker 1: Dershowitz have said, you will absolutely when the appeal. The 263 00:13:37,800 --> 00:13:39,280 Speaker 1: question is whether you get a good panel at the 264 00:13:39,360 --> 00:13:41,760 Speaker 1: DC Circuit Court of Appeals where we go next? Or 265 00:13:41,840 --> 00:13:44,680 Speaker 1: yea good luck good by the way. Yeah, I don't 266 00:13:44,679 --> 00:13:46,520 Speaker 1: wish you a lot of luck in the DC Circuit 267 00:13:46,520 --> 00:13:49,080 Speaker 1: Court of Appeals. I understand, But listen, we have a 268 00:13:49,160 --> 00:13:52,640 Speaker 1: remarkable situation in this case. This judge, the question turns 269 00:13:52,640 --> 00:13:56,360 Speaker 1: on willfully. The statute requires you to willfully violate it. 270 00:13:56,679 --> 00:13:59,560 Speaker 1: This judge said that he's bound by a nineteen sixty 271 00:13:59,600 --> 00:14:02,000 Speaker 1: one to see that says willfully in this case only 272 00:14:02,040 --> 00:14:04,080 Speaker 1: means did you get a subpoena and did you not go? 273 00:14:04,160 --> 00:14:06,800 Speaker 1: It doesn't matter your reasons. So this jury was instructed 274 00:14:06,960 --> 00:14:10,439 Speaker 1: you may not consider Steve Bannon's reasons. Advice of counsel 275 00:14:10,559 --> 00:14:13,000 Speaker 1: and executive privilege. You can't consider any of those things. 276 00:14:13,040 --> 00:14:15,640 Speaker 1: But here's what the judge said, because he obviously, you know, 277 00:14:15,679 --> 00:14:17,720 Speaker 1: he had a conscious he's a bright guy. He said, 278 00:14:17,840 --> 00:14:20,760 Speaker 1: as that stress many times, I have serious reservations in 279 00:14:20,880 --> 00:14:23,800 Speaker 1: the Court of Appeals interpretation of willfully is consistent with 280 00:14:23,880 --> 00:14:26,440 Speaker 1: a modern understanding of the word. It's not consistent with 281 00:14:26,480 --> 00:14:29,080 Speaker 1: modern case law surrounding and using that term, let alone 282 00:14:29,120 --> 00:14:31,880 Speaker 1: the traditional definition of the word. That's the a focus 283 00:14:31,880 --> 00:14:36,240 Speaker 1: of the appeal. Every criminal statute we has requires, thank god, 284 00:14:36,680 --> 00:14:38,920 Speaker 1: for any American citizen be convicted of a crime in 285 00:14:39,000 --> 00:14:42,080 Speaker 1: this country, you have to at least believe or known, 286 00:14:42,200 --> 00:14:44,840 Speaker 1: or had reasons to know you were doing something unlawful 287 00:14:45,000 --> 00:14:47,800 Speaker 1: or wrong. Steve Bannon thought he was complying with the law. 288 00:14:47,880 --> 00:14:50,920 Speaker 1: His lawyer told him, you may not comply with this subpoena. 289 00:14:51,120 --> 00:14:53,360 Speaker 1: Your hands are tied. This is a fight between Trump 290 00:14:53,400 --> 00:14:56,320 Speaker 1: and Congress. He followed what he understood to be the law. 291 00:14:56,480 --> 00:14:59,320 Speaker 1: We don't allow people to go to prison under those circumstances. 292 00:14:59,360 --> 00:15:01,360 Speaker 1: But that's what this jury was told. So that's going 293 00:15:01,440 --> 00:15:03,840 Speaker 1: to be the fundamental question, and that's why you chose 294 00:15:03,880 --> 00:15:05,560 Speaker 1: not to put on a defense and just go to 295 00:15:05,600 --> 00:15:09,400 Speaker 1: the next level. I got it anyway. David Shone, friend 296 00:15:09,400 --> 00:15:12,960 Speaker 1: of the program, a great lawyer in his own right. 297 00:15:13,360 --> 00:15:16,400 Speaker 1: We watched him during the second impeachment. Thank you, sir 298 00:15:16,480 --> 00:15:18,840 Speaker 1: for being with us. We always learned something when you're on. 299 00:15:18,840 --> 00:15:21,080 Speaker 1: Appreciate you being with us. Keep up the great work. 300 00:15:21,120 --> 00:15:24,280 Speaker 1: Thank you so much. Quick break right back your calls 301 00:15:24,320 --> 00:15:27,400 Speaker 1: on the other side. Straight ahead. You are listening to 302 00:15:27,440 --> 00:15:29,680 Speaker 1: the best of the Sean Hannity Show, and stay tuned. 303 00:15:29,840 --> 00:15:33,320 Speaker 1: More memorable moments, interesting guests, and a lot of fun 304 00:15:33,440 --> 00:15:36,320 Speaker 1: coming up next. We've been spending a lot of time 305 00:15:36,320 --> 00:15:39,280 Speaker 1: on this program, and we've been talking about how bad 306 00:15:39,320 --> 00:15:42,280 Speaker 1: the economy is and what it means for you, what 307 00:15:42,360 --> 00:15:44,520 Speaker 1: it means for your family, and we've gone through a 308 00:15:44,560 --> 00:15:47,880 Speaker 1: list of people that are suffering. Today was the first 309 00:15:47,880 --> 00:15:50,800 Speaker 1: bit of bad news that where we got this week. 310 00:15:51,120 --> 00:15:54,720 Speaker 1: Consumer confidence declining. Now the third straight month. We'll find 311 00:15:54,760 --> 00:15:57,440 Speaker 1: out how much the Fed is going to raise interest 312 00:15:57,480 --> 00:16:02,200 Speaker 1: rates tomorrow. We're expecting seven point seven five basis points 313 00:16:02,240 --> 00:16:04,800 Speaker 1: three quarters of a point. In other words, you know, 314 00:16:04,880 --> 00:16:07,840 Speaker 1: one thing I've pointed out earlier that if you calculated 315 00:16:07,880 --> 00:16:11,760 Speaker 1: inflation as they as they calculated it in the nineteen eighties, 316 00:16:11,800 --> 00:16:15,080 Speaker 1: it'd be over seventeen percent. Yet, understand this, this is 317 00:16:15,080 --> 00:16:17,640 Speaker 1: a really important point. We're at nine point one percent 318 00:16:17,720 --> 00:16:21,320 Speaker 1: consumer price index, the indication of inflation. Now, remember Biden 319 00:16:21,400 --> 00:16:24,920 Speaker 1: inherited one point four percent a CPI, and the actual 320 00:16:25,000 --> 00:16:27,800 Speaker 1: number is much much higher. Even President Trump said this 321 00:16:27,880 --> 00:16:29,960 Speaker 1: in a speech in what did he say it? Out 322 00:16:29,960 --> 00:16:32,840 Speaker 1: in Arizona? And on the average, Now we see a couple, 323 00:16:33,120 --> 00:16:36,120 Speaker 1: an average couple, paying Biden inflation at the cost of 324 00:16:36,200 --> 00:16:39,040 Speaker 1: six thousand, eight hundred dollars a year, and if you 325 00:16:39,280 --> 00:16:42,080 Speaker 1: drive to work, it's about another two thousand dollars a year. 326 00:16:42,120 --> 00:16:46,200 Speaker 1: You're paying in gas because of Joe's energy stupidity and 327 00:16:46,240 --> 00:16:50,240 Speaker 1: his dumb policies of reducing the world's supply while demand 328 00:16:50,280 --> 00:16:53,440 Speaker 1: remains constant or even higher. But the former president didn't 329 00:16:53,480 --> 00:16:56,360 Speaker 1: give his own estimate for the true rate of inflation. 330 00:16:56,400 --> 00:16:59,160 Speaker 1: When calculated, if you used the same methodology that our 331 00:16:59,200 --> 00:17:02,520 Speaker 1: government used in the eighties, inflation seventeen point three percent, 332 00:17:02,840 --> 00:17:06,480 Speaker 1: which would actually be a seventy five year high. Now 333 00:17:06,480 --> 00:17:10,000 Speaker 1: they're trying to change the name the definition of recession 334 00:17:10,240 --> 00:17:13,920 Speaker 1: ahead of Thursday's numbers GDP numbers. You know, Steve Moore 335 00:17:14,040 --> 00:17:15,360 Speaker 1: is going to join us in a second. He had 336 00:17:15,359 --> 00:17:17,760 Speaker 1: a pretty funny list. I mentioned that in the last 337 00:17:17,760 --> 00:17:21,320 Speaker 1: half hour. You know, Democrats have tried to redefine, okay, 338 00:17:21,320 --> 00:17:24,280 Speaker 1: what a recession is, what the definition of peaceful is, 339 00:17:24,320 --> 00:17:27,200 Speaker 1: what the definition of a woman is, what the definition 340 00:17:27,240 --> 00:17:31,320 Speaker 1: of a secure border means, what transitory means. And government 341 00:17:31,600 --> 00:17:34,800 Speaker 1: they never say they spend money. They're always investing money. Well, 342 00:17:34,800 --> 00:17:38,720 Speaker 1: that's investing your money. That's spending. Just like invading Ukraine. 343 00:17:38,720 --> 00:17:41,040 Speaker 1: Well it's only if it's only a minor incursion. It's 344 00:17:41,040 --> 00:17:43,600 Speaker 1: stole an invasion. And you know it's it's kind of 345 00:17:43,640 --> 00:17:47,159 Speaker 1: like this Alice in Wonderland thinking that they have. But 346 00:17:47,200 --> 00:17:50,520 Speaker 1: the bottom line is every aspect of our economy is 347 00:17:50,560 --> 00:17:54,680 Speaker 1: getting hurt. The poor, the middle class, people unfixed incomes 348 00:17:54,720 --> 00:17:57,000 Speaker 1: are getting clobered. I went through all those numbers at 349 00:17:57,040 --> 00:17:58,760 Speaker 1: the beginning of the program. I'm not going to do 350 00:17:58,800 --> 00:18:01,640 Speaker 1: it again. You know Joe Biden saying this week we're 351 00:18:01,680 --> 00:18:04,280 Speaker 1: not going to see a recession. I think we're gonna 352 00:18:04,320 --> 00:18:07,320 Speaker 1: if If I'm betting if the Atlanta Fete is predicting 353 00:18:07,840 --> 00:18:10,760 Speaker 1: negative one point six percent growth for quarter number two, 354 00:18:11,119 --> 00:18:14,600 Speaker 1: the definition of a recession is very simple. Two quarters, 355 00:18:14,800 --> 00:18:18,840 Speaker 1: two consecutive quarters of negative growth. So if Atlanta Fete 356 00:18:18,920 --> 00:18:21,679 Speaker 1: is right, we will be officially in a recession no 357 00:18:21,680 --> 00:18:24,280 Speaker 1: matter what they say. So Joe says it's not going 358 00:18:24,320 --> 00:18:27,080 Speaker 1: to be a recession, and Karen Jean Pierre refuses to 359 00:18:27,080 --> 00:18:30,119 Speaker 1: give a definition of recession. Listen, the President, we're getting 360 00:18:30,119 --> 00:18:34,159 Speaker 1: GDP numbers on Thursday. How worried should Americans be that 361 00:18:34,800 --> 00:18:38,680 Speaker 1: we could be in a recession? Were commun recession? In 362 00:18:38,960 --> 00:18:42,680 Speaker 1: mind view, the employment rate is still one of the 363 00:18:42,680 --> 00:18:46,280 Speaker 1: most we had in history, to the three point six area. 364 00:18:47,080 --> 00:18:51,560 Speaker 1: We still find ourselves of people investing. My hope is 365 00:18:51,640 --> 00:18:55,560 Speaker 1: we go from this rapid growth to jetty growth and 366 00:18:55,920 --> 00:18:58,600 Speaker 1: so sing we'll see some coming down. But I don't 367 00:18:58,640 --> 00:19:03,520 Speaker 1: think we're going to recession. But based on presidents in 368 00:19:03,640 --> 00:19:07,040 Speaker 1: earlier his head TOOMIC advisors told him they also don't 369 00:19:07,040 --> 00:19:09,959 Speaker 1: think a recession is likely. And what is exactly the 370 00:19:09,960 --> 00:19:13,480 Speaker 1: White House's definition of a recession? Again, we don't. We 371 00:19:13,560 --> 00:19:16,240 Speaker 1: don't define. I'm not going to define it from here. 372 00:19:16,280 --> 00:19:18,479 Speaker 1: I'm just going to leave it to the NBR as 373 00:19:19,040 --> 00:19:23,200 Speaker 1: we have stated, and how they define recession procession declared 374 00:19:23,520 --> 00:19:26,239 Speaker 1: until day I've deserted I'm just saying that we're just 375 00:19:26,280 --> 00:19:28,680 Speaker 1: not going to define it. We use the indicators that 376 00:19:28,760 --> 00:19:33,440 Speaker 1: the NBAR, the National Bureau of Economic Research have used. 377 00:19:33,560 --> 00:19:36,320 Speaker 1: We've mentioned that a few times. All right, joining us now. 378 00:19:36,359 --> 00:19:39,640 Speaker 1: Steve Moore was a member of President Trump's Economic Recovery 379 00:19:39,720 --> 00:19:44,080 Speaker 1: Task Force, author of Trump Eonomics, Inside the America First 380 00:19:44,119 --> 00:19:46,919 Speaker 1: Plan to Revive our Economy. David Bonson back with us, 381 00:19:46,920 --> 00:19:50,080 Speaker 1: founding managing partner the Bonson Group, author of There's No 382 00:19:50,200 --> 00:19:54,639 Speaker 1: Free Lunch two hundred and fifty Economic Truths. Thank you 383 00:19:54,680 --> 00:19:57,640 Speaker 1: both for being with us. Steve, I kind of got 384 00:19:57,640 --> 00:20:00,000 Speaker 1: to kick out of your list of new definitions for everything. 385 00:20:00,400 --> 00:20:04,120 Speaker 1: What the reality is is two thirds of Americans are 386 00:20:04,320 --> 00:20:07,560 Speaker 1: gulping water, barely surviving, and it's getting worse for them 387 00:20:07,560 --> 00:20:10,720 Speaker 1: every day. Yeah, the inflation numbers are so bad that 388 00:20:11,240 --> 00:20:16,080 Speaker 1: it almost sounds insulting the American people and completely out 389 00:20:16,119 --> 00:20:18,320 Speaker 1: of touch when the White House says things, we're just buying, 390 00:20:18,320 --> 00:20:21,240 Speaker 1: We're not really in a recession when you have eighty 391 00:20:21,280 --> 00:20:24,000 Speaker 1: percent of Americans who say the economy is headed in 392 00:20:24,080 --> 00:20:26,320 Speaker 1: the wrong direction. And by the way, Sean, those are 393 00:20:26,359 --> 00:20:29,879 Speaker 1: worse numbers than they were at the depth of Jimmy 394 00:20:29,920 --> 00:20:35,520 Speaker 1: Carter's recession. So that's how Americans understand the ditch that 395 00:20:35,560 --> 00:20:38,359 Speaker 1: we're in right now. And I have to say that 396 00:20:38,800 --> 00:20:41,159 Speaker 1: having worked for Donald Trump on the economy, it's not 397 00:20:41,160 --> 00:20:44,160 Speaker 1: I'm a little biased, but I honestly believe Sean, if 398 00:20:44,200 --> 00:20:47,400 Speaker 1: we'd just stuck with the Trump policies, the economy would 399 00:20:47,400 --> 00:20:50,760 Speaker 1: be booming today. We let me talk about a recession. Well, 400 00:20:50,760 --> 00:20:52,800 Speaker 1: you know, we've got people going finally going back to work. 401 00:20:52,880 --> 00:20:55,119 Speaker 1: We've got restaurants reopening or people going back to the 402 00:20:55,160 --> 00:20:58,680 Speaker 1: movie theaters. You know. So there's no reason that we're 403 00:20:58,680 --> 00:21:01,800 Speaker 1: in this ditch except they're by changed all the Trump 404 00:21:01,840 --> 00:21:05,040 Speaker 1: policies that we're working and as you said, the worst 405 00:21:05,200 --> 00:21:07,679 Speaker 1: was shutting off our energy production. We wouldn't have to 406 00:21:07,720 --> 00:21:10,280 Speaker 1: be by the way, Sean, we wouldn't have to be 407 00:21:10,680 --> 00:21:14,199 Speaker 1: drawing down our reserves right now of the street or 408 00:21:14,280 --> 00:21:17,119 Speaker 1: selling them to China, which was a really brilliant move 409 00:21:17,400 --> 00:21:19,560 Speaker 1: to pay back for I guess all the money Hunter made. 410 00:21:19,560 --> 00:21:21,080 Speaker 1: But go ahead, Well, I was just going to say 411 00:21:21,119 --> 00:21:23,359 Speaker 1: that we should be producing about three or four million 412 00:21:23,640 --> 00:21:28,119 Speaker 1: more barrels a day and we would be completely energy independent. 413 00:21:28,400 --> 00:21:30,399 Speaker 1: You wouldn't have the problem that Europe has right now, 414 00:21:30,440 --> 00:21:32,880 Speaker 1: because we could be exporting some of this stuff and 415 00:21:32,960 --> 00:21:35,680 Speaker 1: we wouldn't be depleting our energy rest. I mean, my guest, 416 00:21:36,080 --> 00:21:38,399 Speaker 1: hurricane season is coming up, where if we have a 417 00:21:38,480 --> 00:21:41,680 Speaker 1: hurricane that knocks out one of our major refineries or 418 00:21:41,920 --> 00:21:45,800 Speaker 1: of one of our major pipelines, then what are we 419 00:21:45,840 --> 00:21:48,720 Speaker 1: going to do. We're pretty close to running on empty here, Sean, 420 00:21:49,560 --> 00:21:52,639 Speaker 1: it's that serious. I agree with you, David Bunson. Welcome 421 00:21:52,680 --> 00:21:56,480 Speaker 1: back to you, sir. Looking at these numbers, I put 422 00:21:56,480 --> 00:21:59,040 Speaker 1: my money on the Atlanta Fed over Joe Biden. And 423 00:21:59,520 --> 00:22:01,480 Speaker 1: the fact that they want to change the definition of 424 00:22:01,520 --> 00:22:05,359 Speaker 1: recession is a little you know, appalling to me. I 425 00:22:05,480 --> 00:22:09,119 Speaker 1: find it pretty orwelly in nineteen eighty four ish, But 426 00:22:09,400 --> 00:22:12,479 Speaker 1: that's who they are. Well, yeah, look, it's a tricky 427 00:22:12,520 --> 00:22:16,399 Speaker 1: thing in this sense. I expect politicians to lie, cheat, 428 00:22:16,600 --> 00:22:22,000 Speaker 1: steel and spin and you know, the NBR very high expectations. 429 00:22:22,040 --> 00:22:25,560 Speaker 1: I'll tell you, yeah, Well, experience is a great teacher. 430 00:22:26,800 --> 00:22:30,920 Speaker 1: I believe that nbr's definition is a problem. When they 431 00:22:30,960 --> 00:22:34,320 Speaker 1: say it's two quarters in a row of contraction along 432 00:22:34,359 --> 00:22:38,200 Speaker 1: with other you know, degeneration and wages and employment. They 433 00:22:38,280 --> 00:22:40,200 Speaker 1: leave it as a gray area, and there's no reason 434 00:22:40,520 --> 00:22:44,399 Speaker 1: these economists are funny. They say that economics is mass 435 00:22:44,400 --> 00:22:47,480 Speaker 1: and science and the these central planners can get everything right. 436 00:22:47,760 --> 00:22:49,879 Speaker 1: But then when it comes to defining recession, all of 437 00:22:49,920 --> 00:22:54,200 Speaker 1: a sudden they resort to some gray area type definition. 438 00:22:54,480 --> 00:22:57,439 Speaker 1: You know, Sean. Politically, it's irrelevant if there's two quarters 439 00:22:57,440 --> 00:22:59,439 Speaker 1: in a row of a negative GDP print, even with 440 00:22:59,520 --> 00:23:02,880 Speaker 1: three point six percent unemployment, it's gonna hurt Biden. That's 441 00:23:02,880 --> 00:23:06,040 Speaker 1: just not gonna matter. I'll open in the world. Lawrence 442 00:23:06,040 --> 00:23:09,240 Speaker 1: Summers says, unless we have a year at ten percent unemployment, 443 00:23:09,280 --> 00:23:12,040 Speaker 1: we're not getting out of this fast, and maybe you 444 00:23:12,119 --> 00:23:15,200 Speaker 1: need multiple years. I want to be clear Larry's wrong 445 00:23:15,240 --> 00:23:18,240 Speaker 1: about that, because Larry is wrong that what you need 446 00:23:18,320 --> 00:23:22,000 Speaker 1: in inflation area periods is to go attack of growth. 447 00:23:22,240 --> 00:23:24,960 Speaker 1: But the supply siders of the eighties taught us is 448 00:23:25,000 --> 00:23:28,879 Speaker 1: that you could actually help the economy to take down inflation. Agree. 449 00:23:29,000 --> 00:23:31,199 Speaker 1: Reagan did it simultaneously, and I was going to make 450 00:23:31,240 --> 00:23:33,800 Speaker 1: that point. He created twenty million new jobs, the longest 451 00:23:33,800 --> 00:23:36,360 Speaker 1: period of peacetime economic growth in history. So you're you're 452 00:23:36,440 --> 00:23:39,679 Speaker 1: right on all points, you know, I'm just looking at 453 00:23:39,720 --> 00:23:42,360 Speaker 1: the impact. They're not going to change their energy policy. 454 00:23:42,520 --> 00:23:45,159 Speaker 1: So we're going to are to keep the the the 455 00:23:45,320 --> 00:23:49,160 Speaker 1: world supply of the lifeblood of the world's economy. We're 456 00:23:49,160 --> 00:23:53,040 Speaker 1: going to keep it artificially reduced. Here's my prediction. Tell me, 457 00:23:53,040 --> 00:23:55,159 Speaker 1: and I've been saying it for two months now on 458 00:23:55,200 --> 00:23:59,520 Speaker 1: this program. Once the housing market really gets impacted, here 459 00:24:00,119 --> 00:24:02,640 Speaker 1: say they go up maybe a full basis point tomorrow 460 00:24:03,720 --> 00:24:06,600 Speaker 1: in the FED with interest rates. Okay, Now we're talking 461 00:24:06,640 --> 00:24:10,520 Speaker 1: about a thirty year mortgage somewhere close to the seven 462 00:24:10,960 --> 00:24:14,760 Speaker 1: percent mark for a thirty year fixed mortgage. New home construction, 463 00:24:14,880 --> 00:24:17,600 Speaker 1: I predict Steve Moore will come to a screeching halt. 464 00:24:18,000 --> 00:24:21,520 Speaker 1: Sale of pre existing homes will stop. Nobody's gonna want 465 00:24:21,520 --> 00:24:23,520 Speaker 1: to give up their two point eight percent mortgage or 466 00:24:23,560 --> 00:24:26,119 Speaker 1: the three point seven five percent mortgage, whatever it happens 467 00:24:26,160 --> 00:24:29,000 Speaker 1: to be, and nobody's gonna want to pay seven percent. 468 00:24:29,359 --> 00:24:32,120 Speaker 1: So those sales will come to a screeching halt. Home 469 00:24:32,240 --> 00:24:36,760 Speaker 1: values will begin to tank quickly, and then we'll really 470 00:24:36,840 --> 00:24:39,960 Speaker 1: feel the impact even greater, because that's all going to 471 00:24:40,040 --> 00:24:42,920 Speaker 1: happen in the next six, nine, twelve months. Well, I 472 00:24:42,920 --> 00:24:46,880 Speaker 1: hope you're wrong, Sean, but you very well may be right. 473 00:24:46,960 --> 00:24:49,399 Speaker 1: I'm nervous about that too. We saw what happened in 474 00:24:49,400 --> 00:24:51,959 Speaker 1: two thou what are the odds that I'm right? Well, 475 00:24:52,080 --> 00:24:53,919 Speaker 1: you know those rates are going to go up, and 476 00:24:53,920 --> 00:24:56,159 Speaker 1: we're already seeing a little bit of a slowdown in 477 00:24:56,200 --> 00:25:00,280 Speaker 1: the housing and the housing Yeah, it's a pretty significant slowdown. Yeah, 478 00:25:00,320 --> 00:25:02,720 Speaker 1: I think that. And look, I'll just give you a 479 00:25:02,720 --> 00:25:04,920 Speaker 1: personal example. My wife and I looked at our four 480 00:25:05,000 --> 00:25:07,000 Speaker 1: or one K plan. Don't forget about the South market. 481 00:25:07,080 --> 00:25:09,960 Speaker 1: That's a catastrophetis cheer as well. So we lost over 482 00:25:10,040 --> 00:25:12,160 Speaker 1: one hundred thousand dollars. And I'm not rich in our 483 00:25:12,320 --> 00:25:14,480 Speaker 1: retirement savings, and so we said, well, at least we 484 00:25:14,560 --> 00:25:17,400 Speaker 1: got a lot of equity in our house. But if 485 00:25:17,400 --> 00:25:19,639 Speaker 1: those home values go down, you know you're gonna have 486 00:25:19,720 --> 00:25:22,040 Speaker 1: families like the more family to do well. What happened 487 00:25:22,040 --> 00:25:24,160 Speaker 1: to all our money? Quick break more on the economy 488 00:25:24,200 --> 00:25:26,560 Speaker 1: with Steve Moore and David Bonson on the other side. 489 00:25:26,560 --> 00:25:28,800 Speaker 1: Eight hundred and nine four one sean our number will 490 00:25:28,840 --> 00:25:31,360 Speaker 1: take your calls anyway, one way to save money. This 491 00:25:31,440 --> 00:25:33,520 Speaker 1: is the great thing that our friends of American Financing 492 00:25:33,560 --> 00:25:36,560 Speaker 1: dot net are offering. We know interest rates are going up, 493 00:25:36,560 --> 00:25:39,280 Speaker 1: We're gonna have another rate increase tomorrow eight six six 494 00:25:39,359 --> 00:25:42,920 Speaker 1: six one two hundred. On the web, it's American financing 495 00:25:42,920 --> 00:25:45,840 Speaker 1: dot net, American financing nmls when a two three three 496 00:25:45,880 --> 00:25:48,960 Speaker 1: four nmls consumer access dot org? All right? More in 497 00:25:49,000 --> 00:25:52,439 Speaker 1: the economy, bad news today, consumer confidence down. We'll see 498 00:25:52,600 --> 00:25:56,400 Speaker 1: how many basis points sleeve FED raises interest rates tomorrow, 499 00:25:56,720 --> 00:25:59,879 Speaker 1: and then on Thursday we'll see if find out official 500 00:26:00,080 --> 00:26:03,640 Speaker 1: if we're in a recession. Atlanta Fete is predicting negative 501 00:26:03,640 --> 00:26:06,000 Speaker 1: growth at one point six percent. We'll see if they're right, 502 00:26:06,119 --> 00:26:07,840 Speaker 1: or if Joe Biden's right that we're not going to 503 00:26:07,880 --> 00:26:11,480 Speaker 1: head a recession, but that would be by definition a recession. 504 00:26:12,080 --> 00:26:14,960 Speaker 1: What's going to happen in your view? David Boonson to 505 00:26:14,480 --> 00:26:17,480 Speaker 1: the real estate market. Am I right? Am I wrong? 506 00:26:17,560 --> 00:26:19,440 Speaker 1: Am I in the middle? Where am I? Well? I 507 00:26:19,520 --> 00:26:22,040 Speaker 1: don't want Steve Moore and his wife to feel poor, 508 00:26:22,200 --> 00:26:24,480 Speaker 1: but I have to say, if home prices come down 509 00:26:24,520 --> 00:26:26,600 Speaker 1: a little bit, I think that might be a good 510 00:26:26,640 --> 00:26:30,080 Speaker 1: thing because they're in a bubble. They went up too 511 00:26:30,160 --> 00:26:32,399 Speaker 1: much too fast, and I don't think Steve and his 512 00:26:32,480 --> 00:26:35,879 Speaker 1: wife were really getting richer when the market, the housing 513 00:26:35,920 --> 00:26:39,240 Speaker 1: prices went up twenty five percent artificially in the last 514 00:26:39,240 --> 00:26:43,040 Speaker 1: couple of years. And I don't think I know people 515 00:26:43,160 --> 00:26:46,119 Speaker 1: that sold their homes in the last year at a 516 00:26:46,359 --> 00:26:51,120 Speaker 1: massive profit, and they cashed out, they would put their 517 00:26:51,160 --> 00:26:54,640 Speaker 1: home up for sale, they'd have three four fifteen offers 518 00:26:54,720 --> 00:26:57,760 Speaker 1: over asking the same day. Those days are dead. They 519 00:26:57,800 --> 00:26:59,720 Speaker 1: were away and they should be dead. They weren't good 520 00:26:59,720 --> 00:27:03,159 Speaker 1: in the created it with artificially low rates. But here 521 00:27:03,200 --> 00:27:06,520 Speaker 1: back to my supply side agenda that you both agree with. Well, 522 00:27:06,560 --> 00:27:08,560 Speaker 1: our problem is that we are not doing enough to 523 00:27:08,560 --> 00:27:11,760 Speaker 1: facilitate the building of new houses. We need to clear 524 00:27:11,840 --> 00:27:15,240 Speaker 1: the market, and you have a supply demanding balance because 525 00:27:15,240 --> 00:27:19,320 Speaker 1: the governors like Newsom in California put so many restrictions 526 00:27:19,320 --> 00:27:24,040 Speaker 1: on building new houses, so many crazy environmental regulations. That's 527 00:27:24,080 --> 00:27:26,400 Speaker 1: the way you right size the housing market. Don't get 528 00:27:26,400 --> 00:27:30,320 Speaker 1: the FED manipulated. Let's build more. But David, the problem 529 00:27:30,520 --> 00:27:32,920 Speaker 1: is is, all right, if you've got if you're getting 530 00:27:32,920 --> 00:27:35,359 Speaker 1: a three percent thirty year fixed mortgage and now you're 531 00:27:35,359 --> 00:27:37,640 Speaker 1: going to get a seven percent thirty year fixed mortgage, 532 00:27:37,680 --> 00:27:40,040 Speaker 1: you guys do the math the half a million dollar home, 533 00:27:40,440 --> 00:27:42,440 Speaker 1: how much more per month are you going to be paying? 534 00:27:42,440 --> 00:27:47,080 Speaker 1: Just an interest it's going to be what two solution, Sean, 535 00:27:47,240 --> 00:27:49,720 Speaker 1: I know the solution is, I don't want FED picking 536 00:27:49,760 --> 00:27:51,960 Speaker 1: the rate. It shouldn't be three and it shouldn't be seven. 537 00:27:52,600 --> 00:27:54,760 Speaker 1: The buyers and sellers can figure out what the rates 538 00:27:54,760 --> 00:27:57,480 Speaker 1: should be and seven is too hot, that threats too 539 00:27:57,600 --> 00:27:59,840 Speaker 1: h When has that ever happened in modern history? That 540 00:28:00,000 --> 00:28:02,840 Speaker 1: it's not the way it works. Once they've fed raises 541 00:28:02,920 --> 00:28:05,480 Speaker 1: interest rates, it's gonna go up across the board, is 542 00:28:05,480 --> 00:28:08,719 Speaker 1: it not. It's been going up. I think that mortgage 543 00:28:08,800 --> 00:28:11,600 Speaker 1: rates are probably going to peak soon, but they're peaking 544 00:28:11,640 --> 00:28:13,959 Speaker 1: at a level that is very high compared to what 545 00:28:13,960 --> 00:28:17,119 Speaker 1: people were used to. I think that the reality is 546 00:28:17,480 --> 00:28:20,800 Speaker 1: people that need a two percent mortgage to buy a 547 00:28:20,840 --> 00:28:23,480 Speaker 1: home can't afford the home they're buying, so they created 548 00:28:23,520 --> 00:28:26,200 Speaker 1: a bubble. And now all of a sudden, we care 549 00:28:26,200 --> 00:28:30,560 Speaker 1: about housing prices being too high because people's kids, grandkids, 550 00:28:30,560 --> 00:28:33,399 Speaker 1: they can't afford to buy a home. So I'm just 551 00:28:33,440 --> 00:28:35,440 Speaker 1: saying that there's two sides to it. I don't want 552 00:28:35,480 --> 00:28:37,960 Speaker 1: to there is. But here's the point, too. Who's gonna 553 00:28:37,960 --> 00:28:40,400 Speaker 1: want to give up a three percent thirty year mortgage 554 00:28:40,400 --> 00:28:43,440 Speaker 1: for a seven percent thirty year mortgage. Nobody. Yeah, well 555 00:28:43,440 --> 00:28:46,720 Speaker 1: that's true. And you know people can't refinance. You know, 556 00:28:46,760 --> 00:28:48,320 Speaker 1: that was a big part of the housing boom in 557 00:28:48,400 --> 00:28:51,280 Speaker 1: the in the banking boom was the refinancing. Nobody's going 558 00:28:51,320 --> 00:28:54,920 Speaker 1: to refinance at higher interest rates. I'm worried. I'm with you, son, 559 00:28:54,960 --> 00:28:59,040 Speaker 1: I am worried about this bubble. And you know, David's right, 560 00:28:59,120 --> 00:29:01,520 Speaker 1: there's been a bit of a bubble. But we should 561 00:29:01,560 --> 00:29:03,800 Speaker 1: have learned from two thousand and six and seven and 562 00:29:03,840 --> 00:29:07,239 Speaker 1: eight that when that allows these bubbles to do, you know, 563 00:29:07,720 --> 00:29:10,320 Speaker 1: top boy, it can cause real pain and suffering. And 564 00:29:10,440 --> 00:29:13,120 Speaker 1: remember how banks, big banks. I don't know if you 565 00:29:13,160 --> 00:29:15,840 Speaker 1: think this could happen, David, but remember the fair Stearns 566 00:29:15,880 --> 00:29:20,120 Speaker 1: and companies like that. Really literally seventy two hours they 567 00:29:20,120 --> 00:29:23,480 Speaker 1: were out of business. So I hope I'm wrong, but 568 00:29:23,520 --> 00:29:25,640 Speaker 1: those kind of financials, I'm not sure that we made 569 00:29:25,680 --> 00:29:28,800 Speaker 1: that same mistake, and that was lowering the standards for 570 00:29:29,200 --> 00:29:33,200 Speaker 1: applicants in terms of their ability to get mortgages. And 571 00:29:33,320 --> 00:29:35,080 Speaker 1: I have been reading that a lot of banks have 572 00:29:35,280 --> 00:29:39,040 Speaker 1: actually been preparing for the possibility of a lot of foreclosures, 573 00:29:39,040 --> 00:29:41,120 Speaker 1: which I hope doesn't happen to anybody. I don't wouldn't 574 00:29:41,120 --> 00:29:43,320 Speaker 1: wish that on anyone. Yeah, all right, we're gonna let 575 00:29:43,320 --> 00:29:45,400 Speaker 1: you both go. Stephen Moore. Now, by the way, David 576 00:29:45,440 --> 00:29:50,400 Speaker 1: Bonsen has a brand new free introduction to Economics class. 577 00:29:50,440 --> 00:29:53,160 Speaker 1: What is it online? Yes, it is on Ryan Free. 578 00:29:53,200 --> 00:29:56,520 Speaker 1: We want to people learn economics supply side the right 579 00:29:56,560 --> 00:29:59,680 Speaker 1: way as God understood it to be. What is the 580 00:30:00,040 --> 00:30:04,360 Speaker 1: real quick one sentence each? What do you recommend people do? Now? 581 00:30:04,760 --> 00:30:07,640 Speaker 1: I'm saying save money wherever you can, and if you 582 00:30:07,640 --> 00:30:09,760 Speaker 1: can bring an extra money, find a way. What do 583 00:30:09,800 --> 00:30:12,640 Speaker 1: you say, Steve? I say you continue to work hard. 584 00:30:12,680 --> 00:30:14,400 Speaker 1: If you don't have a job, that'll get one while 585 00:30:14,400 --> 00:30:16,680 Speaker 1: they're out there. And I don't think i'd sell the 586 00:30:16,720 --> 00:30:19,440 Speaker 1: stock marker right now because the device have fallen already 587 00:30:19,480 --> 00:30:22,520 Speaker 1: so much. David, wake up every day and be as 588 00:30:22,520 --> 00:30:24,880 Speaker 1: productive as you can be, because that's what God made 589 00:30:24,880 --> 00:30:27,000 Speaker 1: you to be, be productive. And it solves a lot 590 00:30:27,040 --> 00:30:29,920 Speaker 1: of financial problems too. It does maybe a little maybe 591 00:30:29,960 --> 00:30:31,840 Speaker 1: instead of working a forty hour a week, join the 592 00:30:31,840 --> 00:30:35,120 Speaker 1: rest of us work seventy eighty ninety hours. And I 593 00:30:35,160 --> 00:30:37,280 Speaker 1: know that's people don't like to hear that advice, but 594 00:30:37,400 --> 00:30:40,040 Speaker 1: that's what I do anyway, Thank you both, David Bonds 595 00:30:40,080 --> 00:30:42,360 Speaker 1: and Steve Moore. They've done that my whole life. Just 596 00:30:42,640 --> 00:30:45,760 Speaker 1: keep working, working, working anyway. When I was a contractor, 597 00:30:45,800 --> 00:30:48,560 Speaker 1: I remember I would work through the night if I couldn't, 598 00:30:48,640 --> 00:30:50,120 Speaker 1: you know, if people would let me stay. If I 599 00:30:50,160 --> 00:30:52,520 Speaker 1: was working in a commercial facility, I'd stay as long 600 00:30:52,560 --> 00:30:53,120 Speaker 1: as they let me.