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Speaker 1: Remember President Trump's entire program is on turning around the

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Speaker 1: doldrums of the Biden economy, doing a supply side tax

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Speaker 1: cut and getting to two point eight three three and

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Speaker 1: a half percent growth the American economy to be robust,

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Speaker 1: to be replacing jobs, to keep unemployment down, to keep

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Speaker 1: the whole apparatus or the whole project moving forward, you

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Speaker 1: need minimum like three percent growth.

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Speaker 2: You have to have three percent growth or higher.

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Speaker 1: And particularly in Scott Beston's Planet Treasury, you need and

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Speaker 1: I think Chip agrees with three and a half percent.

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Speaker 2: But even at three percent, you.

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Speaker 1: Start to get ahead of where of where you're growing

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Speaker 1: the economy and tax revenues and tariff revenues higher, then

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Speaker 1: you're adding deficits from spending. Now that is a that's

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Speaker 1: what a supply side tax cut's about. People say, well,

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Speaker 1: that's very risky. Well, it's not risky in the fact

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Speaker 1: of you understand the elements that you're putting in there.

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Speaker 3: Up three percent of three percent better than expected, that

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Speaker 3: would be the highest level since the third quarter of

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Speaker 3: twenty four, when it was up three point one percent.

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Speaker 3: On the consumption side, up one point four, very close

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Speaker 3: to estimates, up one point four would be the best

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Speaker 3: since the last quarter of twenty four.

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Speaker 4: Well, we've got a stronger than expected GDP number three

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Speaker 4: percent for the second quarter initial read. That's up from

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Speaker 4: a half percent in the first quarter. The two point

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Speaker 4: six percent was what was forecast.

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Speaker 5: Now again GDP, this is the first read of the

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Speaker 5: second quarter coming in at three percent. That is better

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Speaker 5: than expected two point four percent. I want to bring

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Speaker 5: it Adam Johnson. Markets are certainly watching this right.

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Speaker 6: Yeah, goldilots, because I would add to that, Cheryl that

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Speaker 6: the GDP price index was only two percent and the

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Speaker 6: expectation was two point two. In other words, we have

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Speaker 6: an economy growing at what you say, three percent, we

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Speaker 6: have inflation at two percent. That's the best of both worlds.

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Speaker 6: So I'm very positive on that report. At least in

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Speaker 6: the moment.

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Speaker 7: The left and people that don't like the president and

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Speaker 7: don't want things to work, and you know, like the

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Speaker 7: Center and Elizabeth Warre will come out and say inflation's

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Speaker 7: out of control in the economy is getting killed by

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Speaker 7: what's happening by these taffs.

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Speaker 8: This three percent with the market at new highs, and

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Speaker 8: really we haven't seen inflation, you know, go up back

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Speaker 8: to three for maybe it will this week.

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Speaker 9: Maybe we'll see it.

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Speaker 8: But none of these things, none of these horrible things

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Speaker 8: have happened, but they still talk like it's happening.

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Speaker 9: It's amazing.

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Speaker 3: Well, the important there's an important lesson there. Don't pick

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Speaker 3: a congressman to be your money manager.

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Speaker 2: At That's what I would say.

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Speaker 3: But in the end, Congress has their own reasons to

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Speaker 3: point out certain things. And the Democrats, of course, as

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Speaker 3: you pointed out, really don't want to see the current

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Speaker 3: administration have some success. But there's no doubt that this

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Speaker 3: is some success. We're seeing more horse power, we're seeing

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Speaker 3: better equities. Inflation, Inflation really hasn't changed much in the last.

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Speaker 9: Year or so.

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Speaker 10: Yeah, beat on the ADP number here, one hundred and

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Speaker 10: four thousand versus sixty four thousand estimate and reversing the

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Speaker 10: negative number from last month. I'll talk about their vision

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Speaker 10: in a second. But the goods sector doing what it's

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Speaker 10: been doing about plus thirty one thousand, service sector seventy

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Speaker 10: four thousand. And there's the non farm payroll essem Remember,

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Speaker 10: ADP is only estimating private payrolls and not really even

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Speaker 10: trying to mimic the BLS, just doing its own thing

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Speaker 10: and saying, here's what our data show about national job growth.

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Speaker 10: June was revised to minus twenty three from the original

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Speaker 10: minus thirty three. Small business back in the game here

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Speaker 10: plus twelve thousand had been down the prior two month.

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Speaker 10: Medium and large business both about both both at forty

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Speaker 10: six thousand. By industry, well, there's leisure and hospitality again

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Speaker 10: plus forty six thousand, Financial activities plus twenty eight Trade,

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Speaker 10: Transportation and utilities up eighteen thousand. Construction part of that

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Speaker 10: goods producing number that we told you, and the weird

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Speaker 10: number here, the education Health service is down by thirty

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Speaker 10: eight thousand. That has been a perennial source of job growth.

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Speaker 10: Looking at wage gains, job stairs remaining unchanged plus four

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Speaker 10: point four percent, but if you have changed jobs you

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Speaker 10: get a seven percent raise raise. That's up two tenths

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Speaker 10: from the prior month. ADP Chief economist Neil Richardson writing

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Speaker 10: in the report, are hiring and pay data are broadly

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Speaker 10: indicative of a healthy economy. Employers have grown more optimistic

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Speaker 10: that consumers will remain resilient.

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Speaker 2: This is the primal screen of a dying regime. Pray

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Speaker 2: for our enemies, because we're going to medieval on these people.

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Speaker 2: Here's not got a free shot.

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Speaker 1: All these networks lying about the people, the people have had.

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Speaker 2: A belly full of it. I know you don't like

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Speaker 2: hearing that. I know you tried to do everything in

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Speaker 2: the world to stop that, but you're not going to

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Speaker 2: stop it. It's going to happen. And where do people

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Speaker 2: like that go to share the big line?

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Speaker 9: Mega media?

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Speaker 11: I wish in my soul, I wish that any of

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Speaker 11: these people had a conscience.

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Speaker 1: Ask yourself, what is my task and what is my purpose?

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Speaker 1: If that answer is the my country, this country will

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Speaker 1: be saved.

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Speaker 9: War Room.

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Speaker 12: Here's your host, Stephen K.

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Speaker 11: Bath.

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Speaker 2: It's Wednesday, thirty July. You're Roler twenty twenty five.

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Speaker 1: We're gonna go momentarily, I think at like around ten

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Speaker 1: thirty the Great Matt Boyle at Breitbart we'll be interviewing

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Speaker 1: Scott Bessett, Secretary of the Treasury, former contributor.

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Speaker 2: To the War Room.

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Speaker 1: Around ten thirty on this breaking day of the Federal

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Speaker 1: Reserve is gonna come out. And of course we've got numbers,

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Speaker 1: GDP numbers and ADP the early look at employment numbers.

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Speaker 1: I'm seeing some pattern recognition. Remember the number three percent.

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Speaker 1: And look, it's too early for a lot of the BBB,

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Speaker 1: the big beautiful bill to kick in butt from tariff's

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Speaker 1: animal spirits.

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Speaker 2: You're starting to see it, EJ.

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Speaker 1: And Tony. It joins us this morning. EJ walk us

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Speaker 1: through both the GDP and the labored number.

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Speaker 12: Sir, well, Steve, thanks so much for having me.

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Speaker 11: This GDP report, I mean, really is an absolute blockbuster,

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Speaker 11: completely defies expectations. It's not only a good headline number,

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Speaker 11: it has good internals as well, and we can talk

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Speaker 11: about some of those. So we got a three handle today.

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Speaker 11: We were up three point zero percent. A lot of

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Speaker 11: people thought we couldn't even get that by the fourth

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Speaker 11: quarter of this year, and we already have it right now.

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Speaker 11: Much of what happened in this report was a reversal

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Speaker 11: of the first quarter. In the first quarter, there was

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Speaker 11: front running of tariffs, there were import surges and all again,

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Speaker 11: all of that has completely reversed. And so just as

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Speaker 11: imports subtracted from GDP in the first quarter, the lack

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Speaker 11: of imports added in the second quarter to that GDP number.

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Speaker 11: And so if we look at the overall trend, Steve,

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Speaker 11: what we find again is a lot of positive news.

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Speaker 11: We find that consumer spending is up. Find that government spending,

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Speaker 11: as measured by government purchases is actually flat for the year.

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Speaker 11: In fact, it's off like a tiny fraction of percent,

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Speaker 11: like you know, a tenth of a percent, maybe a

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Speaker 11: few hundredths of a percent.

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Speaker 12: But the fact is government is not growing here.

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Speaker 11: The private sector is delivering literally all of the economic.

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Speaker 12: Growth in twenty twenty five.

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Speaker 11: There are people who told us that if government doesn't

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Speaker 11: keep spending, we're going to have a recession, the economy

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Speaker 11: is going to collapse. They were absolutely wrong. Instead, what

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Speaker 11: we're seeing is personal income growing. Not only is personal

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Speaker 11: income growing, Steve, but even after adjusting for inflation, in

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Speaker 11: other words, real personal income is still up. It was

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Speaker 11: up three percent in the second quarter. That was enough

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Speaker 11: to lift real disposable incomes and even push the savings

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Speaker 11: rate to.

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Speaker 12: Its highest level in a year.

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Speaker 11: So although a lot of people are still hurting, I

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Speaker 11: don't mean to say that everything is all sunshine and rainbows.

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Speaker 9: It's not.

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Speaker 11: We're in a pretty deep hole after four years of Biden.

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Speaker 11: But that being said, things are really moving in the

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Speaker 11: right direction here, Steve. It really is remarkable that after

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Speaker 11: just six months we've had this much of an economic turnaround,

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Speaker 11: and so incomes are going up again even after adjusting

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Speaker 11: for inflation. More people are able to save. That's really

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Speaker 11: really good news. It's not to say everybody's doing okay,

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Speaker 11: they're not, but things are finally moving in the right direction,

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Speaker 11: and that is absolutely phenomenal news. And we haven't even

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Speaker 11: seen the effects of the big beautiful bill kick in,

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Speaker 11: as you were.

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Speaker 12: Just talking about.

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Speaker 11: We haven't even yet seen the increase in investment that

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Speaker 11: that's going to deliver. The real driver of long term

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Speaker 11: economic growth, Steve, is what we call fixed private investment,

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Speaker 11: so that would be investment that doesn't include things like inventory,

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Speaker 11: for example. And within fixed investment, we can even exclude

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Speaker 11: residential investment, so not talk about building homes. We just

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Speaker 11: want to talk about non residential, so building factories, building equipment,

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Speaker 11: all of that.

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Speaker 12: That did not.

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Speaker 11: Go up very much in the second quarter. It was

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Speaker 11: only up a fraction of a percent, but we can

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Speaker 11: expect that to go up big time in the third

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Speaker 11: quarter because now we have full expensing of things like

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Speaker 11: plant and equipment.

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Speaker 12: That's going to.

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Speaker 11: Provide a huge tax incentive for folks to build stuff

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Speaker 11: here in the US to manufacture here in the US.

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Speaker 11: I mean, things are really looking bright for the second

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Speaker 11: half of twenty twenty five.

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Speaker 1: You know, I was with you. I didn't think that

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Speaker 1: three percent. I kept using three percent and eventually three

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Speaker 1: point four or above because, as you remember, and we

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Speaker 1: talked about it all the time in President Trump's first term,

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Speaker 1: the average was two point eight percent growth at the

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Speaker 1: fourth quarter of twenty nineteen, when things are really converging

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Speaker 1: and coming together as three point four percent, so we

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Speaker 1: thought it was achieved.

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Speaker 2: What was going to take a while?

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Speaker 1: I said on the show, I think a week ago

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Speaker 1: I talked to a lot of businessmen and real estate

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Speaker 1: people about exactly what you just said that they're getting

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Speaker 1: for their phones are ringing off the hook. People are

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Speaker 1: looking to either take old abandoned plants or facilities that

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Speaker 1: were left maybe not max you know, used to maximum capacity,

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Speaker 1: and they're looking to purchase capital equipment and to expand production,

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Speaker 1: to expand actual capital investment, which is you've drilled into

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Speaker 1: our heads EJ is absolutely the essential thing you have

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Speaker 1: to do, and that would actually do it now you're

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Speaker 1: fully expense it, but you feel the implications of that.

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Speaker 1: I don't know in the fourth quarter or the first

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Speaker 1: quarter of next year. This starts off with a bang.

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Speaker 1: And folks, what we talk about this like when we

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Speaker 1: talk about birch gold about it's not the price of goal,

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Speaker 1: it's the converging forces that drive it. The same thing

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Speaker 1: here at the economy on the GDP, it's the converging forces.

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Speaker 2: What you have in here, EJ.

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Speaker 1: You can tell you have the closing of the border

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Speaker 1: and the self deportations of you know, a ton of

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Speaker 1: these illegal alien invaders are just going home because they

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Speaker 1: understand it's going to be tough.

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Speaker 2: This is why.

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Speaker 1: Just look at the freeways in La Uh. That's where

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Speaker 1: you're starting to see wages. Hey, things aren't slowing down,

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Speaker 1: they're picking up, and American citizens are getting those jobs.

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Speaker 1: And you're seeing that now from the you know, the

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Speaker 1: lack of this relentless pressure of illegal aliens coming across

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Speaker 1: hundreds of thousands coming across the border every day. You're

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Speaker 1: starting to see they're starting to see the initial impact

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Speaker 1: of the tariffs and the people saying, hey, I want

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Speaker 1: to avoid the fifteen percent tariff. I want to build

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Speaker 1: a facility here, Let's get some Let's start talking to

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Speaker 1: people about long term you know, capital investment. This is

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Speaker 1: all converging together. Right, If we get our financial house

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Speaker 1: in order, you could turbo charge this.

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Speaker 2: Your thoughts on that, EJ.

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Speaker 11: Steve, I think that's exactly right. Look at how much

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Speaker 11: the private sector is growing when we prevent government from growing.

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Speaker 11: In other words, we're giving the private sector the breathing

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Speaker 11: room that it needs to expand and to grow and

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Speaker 11: to increase prosperity. All you literally need to do is

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Speaker 11: have the government do nothing, get out of the way.

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Speaker 11: And as the Trump administration has done that so successfully,

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Speaker 11: whether it's the President or the Treasury Secretary or the

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Speaker 11: heads of the other departments and agencies who have all

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Speaker 11: issued these directives to get the spending down, it is

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Speaker 11: having remarkable effects, and very very quickly as well. Another thing, Steve,

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Speaker 11: since you mentioned the terrorists, so many people thought that

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Speaker 11: this was going to cause runaway inflation. The inflation number

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Speaker 11: here in this report. One of the measurements that we

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Speaker 11: can use for inflation is the price index for GDP.

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Speaker 11: The increase there, the rate of increase fell by almost half.

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Speaker 11: It's down to two percent. It was almost four percent

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Speaker 11: in the first quarter, and even that, honestly had very

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Speaker 11: little to do with the Trump administration. Most of that

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Speaker 11: increase was due to prices jumping in the month of January,

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Speaker 11: and obviously President Trump didn't even take over until the

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Speaker 11: end of that month, so much of that Q one

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Speaker 11: inflation was just baked into the cake by inauguration day.

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Speaker 12: So what we've.

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Speaker 11: Seen is the exact opposite of what all the doom

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Speaker 11: sayers told us was going to happen. We have not

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Speaker 11: seen the economy collapse and we have not seen inflation

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Speaker 11: skyrocket and said. Instead, we've seen exactly the opposite of

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Speaker 11: both of those two. And part of the reason for

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Speaker 11: that is another thing that you touched on, which is

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Speaker 11: the reprivatization and the re Americanization, if you want to

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Speaker 11: call it that, of our labor market. And what we've

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Speaker 11: seen now is not only an increase in the number

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Speaker 11: of jobs, a steady increase in the number of jobs

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Speaker 11: while the federal workforce, the number of bureaucrats, has been

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Speaker 11: declining every month of this year. Not only have we

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Speaker 11: seen more jobs, but it's more Americans getting those jobs.

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Speaker 11: We're no longer relying on inexpensive, low skill or no

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Speaker 11: skill labor from abroad flooding in to keep costs down,

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Speaker 11: whether it's labor costs or other costs. Instead, what we're

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Speaker 11: seeing is an increase in good paying jobs and an

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Speaker 11: increase in the number of Americans getting those jobs. And

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Speaker 11: that's really getting confirmed not only by the publicly available

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Speaker 11: data from the Bureau of Labor Statistics, we're increasingly seeing

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Speaker 11: that from private sector sources as well, whether it's the

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Speaker 11: payroll process in companies ADP or paychecks with an X,

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Speaker 11: or it's other sources like purchasing man purchasing manager indexes

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Speaker 11: what we call pmis. We're seeing it in the Federal

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Speaker 11: Reserve Bank data, the regional Federal Reserve banks. Again, I

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Speaker 11: don't want to say that everything is sunshine and roses

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Speaker 11: and rainbows.

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Speaker 12: It's not.

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Speaker 11: There's a lot of problems in the economy. We've dug

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Speaker 11: ourselves a very deep hole, and it's going to take

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Speaker 11: a while to dig ourselves out of it. But what

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Speaker 11: I can say, Steve, is that the downward trajectory has stopped.

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Speaker 11: We've leveled out, and we're back on the upswing. It's

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Speaker 11: going to take us time, I understand that, to get

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Speaker 11: back to where we were in twenty nineteen. But again,

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Speaker 11: things are moving in the right direction, EJ.

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Speaker 2: Hanging for one second. We'll take a short break.

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Speaker 1: I know you got to bounce. You're a wanted band today, but.

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Speaker 2: I got it. Just a couple more questions.

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Speaker 1: On the other side, EJS one correct and remember Liberation

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Speaker 1: Day on April first and now August first, are coming

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Speaker 1: down to it.

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Speaker 2: Short break EJ.

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Speaker 13: On the other side, America's Voice family.

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Speaker 2: Are you on Getter yet?

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Speaker 9: No? What are you waiting for?

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Speaker 5: It's free, it's uncentered, and it's where all the biggest

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Speaker 5: voices in conservative media are speaking out.

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Speaker 2: And download the Getter app right now. It's totally free.

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Speaker 1: Is where I've put up exclusively all of my content

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Speaker 1: twenty four hours a day.

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Speaker 2: You want to know what Steve Banner is thinking.

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Speaker 9: Go together, that's right.

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Speaker 4: You can follow all of your favors Steve Bannon, Charlie.

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Speaker 14: Kirk, Jack, the Soviet and so many more. Download the

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Speaker 14: Getter app now, sign up for free and be part

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Speaker 14: of the new pan You.

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Speaker 15: Know, I always watch and see who buys The New

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Speaker 15: York Post because it tells me that the people want

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Speaker 15: an alternative to people like you or me. Right, they

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Speaker 15: were an alternative. They went to the Trumpian view and

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Speaker 15: maybe they want to expose themselves to the Trumpian view

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Speaker 15: so that they can expose the weaknesses they've got. But

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Speaker 15: also to be honest with you, the country is moving

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Speaker 15: towards Trump.

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Speaker 12: I may these polls that.

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Speaker 15: Come out and show them not doing well.

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Speaker 9: I don't buy that.

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Speaker 15: Okay, strength, his strength is still greater than the Democratic strength.

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Speaker 15: He is a stronger public figure then the Democratic people.

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Speaker 15: I mean, Obama still has tremendous charisma, but Trump has strength,

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Speaker 15: and I think that's what all the voters look for.

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Speaker 15: But they wanted a president who is a strong figure,

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Speaker 15: and and he's got it.

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Speaker 2: Okay, let me have it, let me, let me, let

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Speaker 2: me have it. Thank you Denver right there.

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Speaker 1: I wanted to play that because it's about the animal spirits.

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Speaker 1: I want this audience to understand something, point blank. You

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Speaker 1: did this.

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Speaker 2: This is your win.

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Speaker 1: You backed Trump in the darkest days and on Liberation

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Speaker 1: Day on April first, when you know all the geniuses

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Speaker 1: were mocking us.

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Speaker 2: All this is terrible. Trump doesn't know what he's doing.

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Speaker 2: It's going to go to the depression.

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Speaker 9: Right.

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Speaker 1: You hammer through this, and e. J Antoni's absolutely correct.

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Speaker 1: This is not an end point. It's all a process.

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Speaker 1: But we've hit a inflection point already, and a big

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Speaker 1: part of that is the animal spirits. This is the

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Speaker 1: core of capitalism, to unleash the animal spirits of the entrepreneur,

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Speaker 1: of the American worker.

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Speaker 2: J and Tony.

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Speaker 1: How important is that in this beginning because you can

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Speaker 1: start to see it. We ain't in the sunlit uplands yet,

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Speaker 1: but baby ahead, you can see it. It's in the

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Speaker 1: far distance, but you know you're on a path. Now,

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Speaker 1: you're on a journey ej and Tony.

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Speaker 12: And Steve. That's all the entrepreneur needs.

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Speaker 11: As long as he knows that he's going to be

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Speaker 11: able to keep what he earns, as long as he

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Speaker 11: knows he's going to be able to benefit from his

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Speaker 11: own inventions, let's say, or the work of his labor,

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Speaker 11: he is going to go ahead and do those things.

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Speaker 11: Thomas Soul famously said that wealth is created when those

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Speaker 11: who know how to do it are free to do so.

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Speaker 12: That's it again.

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Speaker 11: This is all about government getting out of the way

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Speaker 11: and unleashing those animal spirits. You don't need to create them.

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Speaker 11: They're naturally there. It's part of the human condition. The

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Speaker 11: humans are born into poverty and we desire to get

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Speaker 11: out of it, and if you simply allow people to

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Speaker 11: do so, if you respect people's property rights, for example,

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Speaker 11: then they will go ahead and they will achieve those ends.

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Speaker 11: And that's precisely what we're seeing right now. As you

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Speaker 11: get government out of the way, whether it's taxation or regulation,

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Speaker 11: you are going to see this economy continue to take off.

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Speaker 1: Give me the two or three things you looked at

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Speaker 1: in the GDP report that you say, Hey, this has

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Speaker 1: given me comfort that I can see the arc that

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Speaker 1: we're on. I see the path that we're on. What

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Speaker 1: are the ones make us smart here?

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Speaker 2: Ejay?

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Speaker 1: What's your big takeaways from this?

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Speaker 11: This is entirely private sector growth this year. The government

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Speaker 11: hasn't grown at all, So that's absolutely phenomenal news. Again,

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Speaker 11: all of the growth that we have seen this year

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Speaker 11: is coming from the private sector. Start contrast, that is

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Speaker 11: to the bind administration, where it was disproportionately reliance on

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Speaker 11: excess government spending that drove us deeper and deeper into

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Speaker 11: this massive debthole.

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Speaker 12: So there's that huge takeaway. Also the fact.

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Speaker 11: That we are seeing inflation not go up but go

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Speaker 11: down another great great sign. That's not to say price

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Speaker 11: increases have stopped entirely, but the rate of increase has

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Speaker 11: slowed pretty dramatically. And then finally, just that really really

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Speaker 11: good headline number. We already have a three handle three

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Speaker 11: point zero percent, phenomenal news.

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Speaker 12: The economy is not a losing steam, it is gaining steam.

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Speaker 11: Really great news to see that we're already having an

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Speaker 11: acceleration of growth. And that's before you get an investment

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Speaker 11: surge from the big beautiful bill, so we can anticipate

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Speaker 11: even better economic growth I think in the months and

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Speaker 11: years ahead.

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Speaker 1: This is when we kept talking about three point four

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Speaker 1: percent from nineteen. This is h a couple of quarters

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Speaker 1: ahead of where I thought we'd be, So it's a

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Speaker 1: great inflection point.

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Speaker 2: ADP. You normally come on here and.

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Speaker 1: Talk about the first cut at the labor numbers. What

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Speaker 1: was in the ADP report that excited you and what

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Speaker 1: concerned you.

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Speaker 11: Well In terms of that ADP report, not only seeing

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Speaker 11: growth in the month of July, but also seeing June

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Speaker 11: having to have a big upward revision. In other words,

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Speaker 11: ADP realizing, oops, we completely botched this one.

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Speaker 12: That was something we actually talked about.

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Speaker 11: I think last time I was on with you, Steve

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Speaker 11: thank you for having me then too. And essentially what

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Speaker 11: they're having to do is realize that, oh, I guess

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Speaker 11: all of our predictions are wrong.

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Speaker 12: In other words, we're having to.

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Speaker 11: Reevaluate how we look at this data to come to

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Speaker 11: our conclusions, because again they're approaching this with terrible biases

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Speaker 11: that are then skewing their results.

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Speaker 9: EJ.

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Speaker 1: Amazing, And now I'm convinced that we can't let you

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Speaker 1: go into treasury. You've got to be on the outside,

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Speaker 1: be won the surrogates so you can do all the

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Speaker 1: shows and get everything done and do all your great

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Speaker 1: work on the outside.

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Speaker 2: You're amazing.

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Speaker 1: Another called shot from EJ and Tony, sir, where that

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Speaker 1: your Twitter is on fire?

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Speaker 2: Where do people go and get it?

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Speaker 11: That's gonna be the best place to find me. The

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Speaker 11: handle is at real EJ and Tony.

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Speaker 2: Thank you, brother, fantastic, Thank you, Steve, thank you. We're

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Speaker 2: gonna go.

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Speaker 1: We got a lot on this Tulsi situation. John Solomon's

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Speaker 1: going to join me later. President and I State reposted

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Speaker 1: a big old meme about Obama and treason and it's powerful.

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Speaker 1: And now we got to stick to the landing We're

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Speaker 1: and get to that shortly. I got to ask Dave Walsh.

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Speaker 1: I was going to have Dave one today, but I

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Speaker 1: asked to move up his hit because of want him

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Speaker 1: here on the economy part, Dave, full spectrum energy dominates.

445
00:21:51,520 --> 00:21:56,000
Speaker 2: Uh, maybe maybe we will make a caveat for wind.

446
00:21:56,359 --> 00:21:59,400
Speaker 1: I think President Trump has officially gone to war with wind.

447
00:21:59,680 --> 00:22:02,800
Speaker 1: But talk to me about these numbers in light of

448
00:22:03,440 --> 00:22:06,680
Speaker 1: It's only started to kick in the return to President

449
00:22:06,720 --> 00:22:08,920
Speaker 1: Trump's full spectrum energy dominance.

450
00:22:09,040 --> 00:22:13,240
Speaker 16: Sir, well, we have a new I mean the new

451
00:22:13,280 --> 00:22:18,240
Speaker 16: emerging threat to electrification for our ratepayers out there, average

452
00:22:18,280 --> 00:22:21,600
Speaker 16: citizens is AI and data centers. We just saw in

453
00:22:21,600 --> 00:22:24,959
Speaker 16: the last day here a revised forecast through the Economist

454
00:22:25,160 --> 00:22:28,439
Speaker 16: of two and a half percent growth per year in

455
00:22:28,560 --> 00:22:32,800
Speaker 16: power generation needed just for AI and data centers. Before

456
00:22:32,920 --> 00:22:37,320
Speaker 16: Mackenzie booz Allen BCG had been projecting about zero point

457
00:22:37,440 --> 00:22:40,200
Speaker 16: nine percent per year power growth for data centers and AI.

458
00:22:40,680 --> 00:22:42,720
Speaker 16: This will take that forecast up by a factor of

459
00:22:42,720 --> 00:22:45,080
Speaker 16: almost three times to two and a half percent a year.

460
00:22:45,560 --> 00:22:49,359
Speaker 16: On top of consumer demand for power itself. Ratepayers growing

461
00:22:49,400 --> 00:22:51,880
Speaker 16: one point six percent a year would mean a four

462
00:22:51,920 --> 00:22:55,200
Speaker 16: point one percent every year growth and necessary power generation

463
00:22:55,720 --> 00:22:58,040
Speaker 16: that compares to the whole period since the two thousand

464
00:22:58,040 --> 00:23:01,520
Speaker 16: and eight collapse of only point five percent per year

465
00:23:01,680 --> 00:23:06,000
Speaker 16: electrification growth was necessary eight times more now in the

466
00:23:06,080 --> 00:23:08,800
Speaker 16: next four years, which says we'd have up to a

467
00:23:09,080 --> 00:23:12,840
Speaker 16: five hundred thousand megawatch shortage of electric power in the

468
00:23:12,880 --> 00:23:16,560
Speaker 16: country by twenty thirty because of data centers in AI

469
00:23:16,720 --> 00:23:20,600
Speaker 16: now if you will, hogging up to two thirds of

470
00:23:20,680 --> 00:23:24,679
Speaker 16: new capacity demand. So you've got these asset plays going on,

471
00:23:24,840 --> 00:23:27,199
Speaker 16: such as I sent to Denver a picture of the

472
00:23:27,240 --> 00:23:31,840
Speaker 16: Google acquisition of existing hydro capacity in Pennsylvania on the

473
00:23:31,840 --> 00:23:35,600
Speaker 16: Susquehanna last week announced it about six hundred and fifty megawatch.

474
00:23:35,640 --> 00:23:39,600
Speaker 16: Google broadcasts like at some new capacity. They've acquired three

475
00:23:39,640 --> 00:23:42,760
Speaker 16: billion dollars. This is like fifty year old capacity that

476
00:23:42,840 --> 00:23:47,160
Speaker 16: has supported rate payers in BJM forever with pretty much

477
00:23:47,200 --> 00:23:49,760
Speaker 16: base load power except July in August when the water's

478
00:23:49,840 --> 00:23:54,040
Speaker 16: load rest of the year full time, buying that away

479
00:23:54,080 --> 00:23:56,840
Speaker 16: from rate payers and now hoarding it by Google for

480
00:23:57,119 --> 00:23:58,399
Speaker 16: data center service.

481
00:23:58,160 --> 00:23:58,760
Speaker 12: Center need.

482
00:24:00,240 --> 00:24:02,159
Speaker 2: Hang over hangers a full stop.

483
00:24:03,040 --> 00:24:06,480
Speaker 1: I want to make sure for the viewers because we

484
00:24:06,600 --> 00:24:08,280
Speaker 1: just had these GDP numbers.

485
00:24:07,960 --> 00:24:10,160
Speaker 2: And we had this and and we do have this.

486
00:24:11,000 --> 00:24:14,240
Speaker 1: I don't want to call it a specter, but there's

487
00:24:14,240 --> 00:24:15,800
Speaker 1: something and I want to make sure we converge it.

488
00:24:16,080 --> 00:24:19,199
Speaker 1: Given the GDP numbers that we just saw, given the

489
00:24:19,320 --> 00:24:23,120
Speaker 1: fact that the foundational element is we've talked about over

490
00:24:23,240 --> 00:24:25,639
Speaker 1: and over and over again with Trump. It's not tax

491
00:24:25,680 --> 00:24:29,920
Speaker 1: cuts in tariffs is a big part, but the fundamental

492
00:24:30,359 --> 00:24:34,600
Speaker 1: part of Trump's economic growth plan has always been full

493
00:24:34,640 --> 00:24:38,320
Speaker 1: spectrum energy dominance in the cheapest forms of energy and

494
00:24:38,400 --> 00:24:42,120
Speaker 1: plentiful energy so access availability, uh.

495
00:24:42,359 --> 00:24:44,000
Speaker 2: And and cheap. Right.

496
00:24:44,240 --> 00:24:46,640
Speaker 1: I mean, that's the when you talk about Trump's economics,

497
00:24:46,680 --> 00:24:48,480
Speaker 1: and anytime you're in a room with him, this is

498
00:24:48,480 --> 00:24:51,399
Speaker 1: what he talks about. We have a whole we have

499
00:24:51,480 --> 00:24:54,000
Speaker 1: to dig ourselves out of. Right from the Biden ears

500
00:24:54,480 --> 00:24:57,640
Speaker 1: what EJ just said back there, Please take your number

501
00:24:57,680 --> 00:25:02,200
Speaker 1: two pernsal and write this down. This is private sector growth,

502
00:25:02,400 --> 00:25:05,000
Speaker 1: not put When when Biden these guys went on MSNBC

503
00:25:05,080 --> 00:25:07,160
Speaker 1: and C and they're talking about, oh we got growth,

504
00:25:07,200 --> 00:25:11,240
Speaker 1: we got growth. It always came for more government spending.

505
00:25:11,359 --> 00:25:14,280
Speaker 1: It all came from it was a Kinesian stimulus over

506
00:25:14,320 --> 00:25:16,720
Speaker 1: and over again. As we told you, this is what

507
00:25:16,800 --> 00:25:19,960
Speaker 1: was going to drive inflation. President Trump's theory, the case

508
00:25:20,840 --> 00:25:23,200
Speaker 1: is totally different. And this is why, by the way,

509
00:25:23,200 --> 00:25:25,680
Speaker 1: we're going to have Wade Miller on tonight. Wayde Miller

510
00:25:25,760 --> 00:25:27,240
Speaker 1: is going to come on from cra to talk about

511
00:25:27,240 --> 00:25:30,679
Speaker 1: the recisions. Where's the pocket decisions, where the recisions packages?

512
00:25:31,880 --> 00:25:34,200
Speaker 1: You know, where's all that? You know, where's all these cuts?

513
00:25:35,040 --> 00:25:39,919
Speaker 1: But private sector growth. Finally, we're starting to turn this

514
00:25:39,960 --> 00:25:40,560
Speaker 1: ship around.

515
00:25:40,640 --> 00:25:40,920
Speaker 2: Now.

516
00:25:41,240 --> 00:25:43,480
Speaker 1: A big part of that is you're seeing the beginning

517
00:25:43,520 --> 00:25:46,320
Speaker 1: of all the executive voters and everything President Trump has

518
00:25:46,400 --> 00:25:50,760
Speaker 1: done at the beginning on energy because once again energy

519
00:25:50,840 --> 00:25:53,800
Speaker 1: with tariffs in a closed border, right, so you have

520
00:25:54,000 --> 00:25:59,000
Speaker 1: an EJ's great term, the reamericanization of the labor force.

521
00:25:59,720 --> 00:26:04,440
Speaker 1: It's all coming together now. At the same time, there

522
00:26:04,600 --> 00:26:10,160
Speaker 1: is an underlying tension. This is where Elon and David

523
00:26:10,200 --> 00:26:12,359
Speaker 1: Saxey's guys say, hey, I can see it's getting a

524
00:26:12,359 --> 00:26:14,680
Speaker 1: four and five percent because it's gonna be driven by technology.

525
00:26:14,720 --> 00:26:15,879
Speaker 2: It's gonna be driven by AI.

526
00:26:17,000 --> 00:26:21,000
Speaker 1: There's a very interesting thing that has to happen there,

527
00:26:21,760 --> 00:26:23,840
Speaker 1: and can it start to chop block or slow the

528
00:26:23,880 --> 00:26:26,520
Speaker 1: economy of the rest of the economy, And that is energy,

529
00:26:26,560 --> 00:26:30,280
Speaker 1: and that is these data centers. And this is something

530
00:26:30,320 --> 00:26:32,320
Speaker 1: we want to make sure you fully understand right now,

531
00:26:32,800 --> 00:26:34,360
Speaker 1: so because that's quite important.

532
00:26:34,440 --> 00:26:36,879
Speaker 2: Dave Walsh, hang on, we're gonna take a short break.

533
00:26:38,960 --> 00:26:41,840
Speaker 2: Birch Gold. Now more than ever, you've got to understand it.

534
00:26:41,880 --> 00:26:44,720
Speaker 1: Go to End of the Dollar Empire birch Gold dot

535
00:26:44,760 --> 00:26:45,840
Speaker 1: com slash bannon.

536
00:26:46,000 --> 00:26:46,560
Speaker 2: That would be me.

537
00:26:47,760 --> 00:26:50,879
Speaker 1: End of the Dollar Empire seven free installments. Eighth is

538
00:26:50,920 --> 00:26:54,439
Speaker 1: coming ninth. We're working on read it. Talk to Philip

539
00:26:54,440 --> 00:26:55,679
Speaker 1: Patrick and the team short break.

540
00:26:59,119 --> 00:27:02,199
Speaker 14: Any issues with this White House taking the power of

541
00:27:02,240 --> 00:27:05,760
Speaker 14: the purse away from Congress? Do you worry that what's

542
00:27:05,760 --> 00:27:08,639
Speaker 14: happening right now is sort of making Congress a rubber

543
00:27:08,680 --> 00:27:11,800
Speaker 14: stamp And I'm careful how I say this, but a

544
00:27:11,880 --> 00:27:13,040
Speaker 14: lesser branch of government.

545
00:27:14,359 --> 00:27:16,640
Speaker 13: You know, I think for a long time Congress has

546
00:27:16,640 --> 00:27:19,679
Speaker 13: been abdicating their power of the purse. In fact, what

547
00:27:19,800 --> 00:27:24,040
Speaker 13: happens almost every year is there are no appropriation bills,

548
00:27:24,320 --> 00:27:27,879
Speaker 13: and there's one big bill, and really most rank and

549
00:27:27,920 --> 00:27:29,639
Speaker 13: biol people have nothing to do with it. Even the

550
00:27:29,640 --> 00:27:32,199
Speaker 13: appropriation committees have very little to do with it. And

551
00:27:32,320 --> 00:27:34,920
Speaker 13: one person, the leader of the Majority and the leader

552
00:27:34,960 --> 00:27:37,720
Speaker 13: of the Minority, work out the details. And if you're

553
00:27:37,720 --> 00:27:40,840
Speaker 13: a special interest and you want one specific tax break.

554
00:27:41,160 --> 00:27:43,720
Speaker 13: You don't bother talking to any rank and file congressmen

555
00:27:43,720 --> 00:27:45,240
Speaker 13: to tell them the pros and cons of this.

556
00:27:45,600 --> 00:27:46,640
Speaker 9: You go to one person.

557
00:27:46,960 --> 00:27:50,080
Speaker 13: And that's why the leaders in both parties raise millions

558
00:27:50,119 --> 00:27:54,240
Speaker 13: and millions of dollars because both corporate and labor interests

559
00:27:54,359 --> 00:27:56,679
Speaker 13: only go to the top of the party, only go

560
00:27:56,760 --> 00:28:00,840
Speaker 13: to the leadership and the whole you know, having the

561
00:28:00,880 --> 00:28:03,320
Speaker 13: power of the person. The adjudication of what we spend

562
00:28:03,560 --> 00:28:06,800
Speaker 13: doesn't really happen because the process is so broken. We

563
00:28:06,920 --> 00:28:10,320
Speaker 13: rarely have budgets, we really have appropriations bill. It's what

564
00:28:10,400 --> 00:28:12,840
Speaker 13: I've been telling people since the first big beautiful bill

565
00:28:12,920 --> 00:28:15,720
Speaker 13: the summer is we're going to get another big beautiful

566
00:28:16,280 --> 00:28:19,480
Speaker 13: omnibus come the end of September. And that's what normally happens,

567
00:28:19,640 --> 00:28:22,679
Speaker 13: some enormous bill nobody can read, put out with a

568
00:28:22,720 --> 00:28:24,800
Speaker 13: couple hours to look at it. That's what will happen

569
00:28:24,840 --> 00:28:25,639
Speaker 13: September thirtieth.

570
00:28:25,680 --> 00:28:27,840
Speaker 9: Because the system is so broken.

571
00:28:27,480 --> 00:28:29,600
Speaker 13: People haven't woken up enough to really change it.

572
00:28:31,560 --> 00:28:33,639
Speaker 1: Ooh, mister Bennon, you told us that a couple of

573
00:28:33,720 --> 00:28:35,720
Speaker 1: days ago, and now you heard it from Rand Paul.

574
00:28:36,760 --> 00:28:37,400
Speaker 2: What did EJ.

575
00:28:37,520 --> 00:28:41,160
Speaker 1: And Tony just tell us that the private sector is

576
00:28:41,200 --> 00:28:45,200
Speaker 1: growing faster than public sector of the spending. Cut the spending,

577
00:28:45,240 --> 00:28:47,680
Speaker 1: and you're going to get growth. You keep cutting back,

578
00:28:47,760 --> 00:28:51,479
Speaker 1: you're going to get turbo growth, Turbo church growth. Right there,

579
00:28:51,480 --> 00:28:53,680
Speaker 1: he said the quiet part out loud. I'm telling you

580
00:28:54,680 --> 00:28:58,200
Speaker 1: the Senate under John Thune, who are not doing any

581
00:28:58,400 --> 00:29:03,080
Speaker 1: they're going to leave here and do almost virtually no uh,

582
00:29:03,880 --> 00:29:08,480
Speaker 1: getting his people on board President Trump's people the confirmation processing,

583
00:29:08,720 --> 00:29:11,520
Speaker 1: and he's not going to go into recess. Right there,

584
00:29:11,560 --> 00:29:13,480
Speaker 1: they're telling you they don't trust Trump if they don't

585
00:29:13,480 --> 00:29:17,360
Speaker 1: go into recess formal recess. It shows you it is

586
00:29:17,400 --> 00:29:20,239
Speaker 1: in the president's face. President finally last night came out.

587
00:29:20,320 --> 00:29:24,360
Speaker 1: Guess what he's rant and raven about blue slips. You

588
00:29:24,400 --> 00:29:26,440
Speaker 1: heard about blue slips here over the last couple of weeks.

589
00:29:26,600 --> 00:29:30,200
Speaker 1: He's all over Grassley. They're not giving him the people

590
00:29:30,200 --> 00:29:33,400
Speaker 1: he wants. And right now Rand Paul just told you,

591
00:29:33,560 --> 00:29:36,440
Speaker 1: so don't say you haven't been worn war room posse.

592
00:29:37,320 --> 00:29:40,080
Speaker 1: So get ready for it, baby. They're going to come

593
00:29:40,080 --> 00:29:42,640
Speaker 1: back here after Labor Day, in the third week of September,

594
00:29:42,680 --> 00:29:44,760
Speaker 1: in the run up to the thirtieth of September, they're going.

595
00:29:44,760 --> 00:29:48,400
Speaker 2: To drop a nine thousand page omnibus for.

596
00:29:48,400 --> 00:29:50,520
Speaker 1: The entire year, and it is going to have every

597
00:29:50,640 --> 00:29:53,600
Speaker 1: evil you want in there, and it'll be what chokes

598
00:29:53,640 --> 00:29:54,200
Speaker 1: down growth.

599
00:29:54,280 --> 00:29:56,120
Speaker 2: Why because all about federal spending.

600
00:29:56,600 --> 00:30:00,960
Speaker 1: We need recisions, we need pocket recisions, we need impoundments.

601
00:30:01,480 --> 00:30:04,440
Speaker 1: Keep cutting and this thing will get to three point

602
00:30:04,440 --> 00:30:06,440
Speaker 1: four percent. We'll get over three and a half percent.

603
00:30:06,440 --> 00:30:09,520
Speaker 1: We'll get to wait for it. Put a four handle

604
00:30:09,560 --> 00:30:13,040
Speaker 1: on it. Okay, Then the theory, the cases and the

605
00:30:13,120 --> 00:30:13,680
Speaker 1: all mockers.

606
00:30:13,680 --> 00:30:16,080
Speaker 2: You can't grow aware of it. Hey, you got it.

607
00:30:16,120 --> 00:30:17,719
Speaker 2: As I said, you got a shot. This is your

608
00:30:17,760 --> 00:30:18,240
Speaker 2: last shot.

609
00:30:18,240 --> 00:30:21,480
Speaker 1: Why not take your last shot because if you don't

610
00:30:21,480 --> 00:30:22,880
Speaker 1: do it now, you're not going to have a shot.

611
00:30:22,920 --> 00:30:24,880
Speaker 1: And the big beautiful bill had a lot of you know,

612
00:30:25,000 --> 00:30:27,720
Speaker 1: there was some ugly warts on it, right, we didn't

613
00:30:27,760 --> 00:30:30,600
Speaker 1: love it all, but he gave you a shot for

614
00:30:30,640 --> 00:30:33,640
Speaker 1: a supply side. And right there, Ran Paul told you,

615
00:30:33,720 --> 00:30:35,600
Speaker 1: So you take your number two prints a lot. You've

616
00:30:35,600 --> 00:30:38,160
Speaker 1: been warned. I told you this was going to happen.

617
00:30:38,240 --> 00:30:40,520
Speaker 1: And Ram Paul said, hey, they're working on it right now.

618
00:30:41,400 --> 00:30:45,720
Speaker 1: When they say bipartisan appropriations, that means Democrats and big

619
00:30:45,760 --> 00:30:48,960
Speaker 1: government Republicans coming in with massive checks.

620
00:30:49,040 --> 00:30:50,520
Speaker 2: We're going to go to Scott Best in a second.

621
00:30:50,560 --> 00:30:53,200
Speaker 1: I want to go back to I want to go

622
00:30:53,280 --> 00:30:56,120
Speaker 1: back to by the way, take your phone out Bannon

623
00:30:56,360 --> 00:30:59,520
Speaker 1: at text Bannon nine eight nine eight ninety eight. Get

624
00:30:59,520 --> 00:31:02,040
Speaker 1: the Ultimate Guide from a Birch Gold is a quick

625
00:31:02,080 --> 00:31:03,840
Speaker 1: study and it's free to get you up to speed

626
00:31:03,880 --> 00:31:05,960
Speaker 1: on capital markets, all of it. You need that now

627
00:31:06,040 --> 00:31:08,080
Speaker 1: more than ever to understand all this is going on,

628
00:31:08,200 --> 00:31:13,520
Speaker 1: particularly the jargon. So Dave Walsh number one, Scott Besson, Okay,

629
00:31:13,600 --> 00:31:15,960
Speaker 1: hanger for one second, let's go live to the Breitbart

630
00:31:15,960 --> 00:31:17,640
Speaker 1: event with the great Matt Bull Scott Besson.

631
00:31:17,720 --> 00:31:19,840
Speaker 2: We're going to listen in see where you got going.

632
00:31:19,960 --> 00:31:21,880
Speaker 2: Okay by Dave Walsh on the other side.

633
00:31:21,760 --> 00:31:24,600
Speaker 17: Thank you very much for coming. The chairman of the

634
00:31:24,680 --> 00:31:29,440
Speaker 17: National Bank of Kurve. I'd also like to thank Ballard

635
00:31:29,520 --> 00:31:32,800
Speaker 17: Partners and the financial services for him. I'm glad you

636
00:31:32,840 --> 00:31:33,840
Speaker 17: could be with us today.

637
00:31:34,320 --> 00:31:36,080
Speaker 9: Let's get things started.

638
00:31:35,800 --> 00:31:39,680
Speaker 17: With Breitbart News editor Washington Pure chief Matt Boyle and

639
00:31:39,760 --> 00:31:41,800
Speaker 17: Treasurer Secretary Scott Bessett.

640
00:32:00,880 --> 00:32:04,560
Speaker 18: All right, mister secretary. First off, I really want to

641
00:32:04,560 --> 00:32:07,360
Speaker 18: thank you for taking the time to do this. We

642
00:32:07,480 --> 00:32:10,800
Speaker 18: get to start with the big breaking news GDP three

643
00:32:10,880 --> 00:32:14,160
Speaker 18: percent for the second quarter this year numbers out this

644
00:32:14,280 --> 00:32:19,400
Speaker 18: morning blew away expectations. The Trump boom is real.

645
00:32:20,040 --> 00:32:20,800
Speaker 9: How did this happen?

646
00:32:22,040 --> 00:32:25,840
Speaker 19: Well, as I was trying to explain to people who

647
00:32:25,920 --> 00:32:31,080
Speaker 19: panicked on April second, we're doing peace deals, trade deals,

648
00:32:31,160 --> 00:32:34,320
Speaker 19: tax deals, and they're all coming together and a lot

649
00:32:34,320 --> 00:32:38,160
Speaker 19: of it is just confidence and momentum coming back that

650
00:32:39,000 --> 00:32:42,520
Speaker 19: I was never concerned about what was going to happen,

651
00:32:42,880 --> 00:32:45,680
Speaker 19: That there was a lot of disinformation, a lot of

652
00:32:45,720 --> 00:32:49,120
Speaker 19: what about is, well, what if we have this inflation?

653
00:32:49,320 --> 00:32:51,600
Speaker 9: What if tariffs do this? What if that?

654
00:32:52,240 --> 00:32:56,200
Speaker 19: And you know, I just think the underlying fundamentals and

655
00:32:56,560 --> 00:33:00,480
Speaker 19: the policies of President Trump's putting in place or credible

656
00:33:01,120 --> 00:33:04,880
Speaker 19: that the when you think about the one big, beautiful bill,

657
00:33:05,720 --> 00:33:10,640
Speaker 19: the permanence of that is that the confidence that that's

658
00:33:10,680 --> 00:33:14,400
Speaker 19: going to build. I think it was Al Jolson, after

659
00:33:14,480 --> 00:33:17,320
Speaker 19: he saw the first talkie movie, said you ain't seen

660
00:33:17,320 --> 00:33:22,240
Speaker 19: nothing yet. I think we're just going to accelerate third

661
00:33:22,360 --> 00:33:27,520
Speaker 19: fourth quarter, and I think we can go back to

662
00:33:27,600 --> 00:33:32,800
Speaker 19: the nineties where we had this very strong non inflationary

663
00:33:32,920 --> 00:33:37,280
Speaker 19: growth for a decade, because right now we're also seeing

664
00:33:38,880 --> 00:33:44,480
Speaker 19: about one percent of GDP and AI spending by the hyperscalers,

665
00:33:44,880 --> 00:33:48,320
Speaker 19: So all in they're roughly spending three hundred billion dollars

666
00:33:48,360 --> 00:33:53,040
Speaker 19: a year. And in a perfect world, and worlds never perfect,

667
00:33:53,120 --> 00:33:56,920
Speaker 19: but in my dream world, they would keep spending and

668
00:33:56,960 --> 00:34:01,080
Speaker 19: then the AI productivity boom would kick in first second

669
00:34:01,200 --> 00:34:04,680
Speaker 19: quarter next year and we could have something that looks

670
00:34:04,760 --> 00:34:07,680
Speaker 19: like the nineties that hopefully ends in a better way.

671
00:34:09,280 --> 00:34:14,080
Speaker 18: So people are excited about this. So the other thing,

672
00:34:14,239 --> 00:34:16,080
Speaker 18: the other big numbers that came out this morning, ADP

673
00:34:16,239 --> 00:34:19,319
Speaker 18: jobs numbers also better than expected one hundred and four

674
00:34:19,320 --> 00:34:25,920
Speaker 18: thousand private sector job growth. You've called the broader picture

675
00:34:25,960 --> 00:34:28,600
Speaker 18: of the American economy that's been coming together, the Trump

676
00:34:28,680 --> 00:34:32,040
Speaker 18: economic miracle. Talk to us about the ADP jobs numbers,

677
00:34:32,040 --> 00:34:35,760
Speaker 18: private sector job growth, and the broader Trump economic miracles.

678
00:34:35,760 --> 00:34:38,960
Speaker 19: Well, I think one thing that's important here is there's

679
00:34:39,040 --> 00:34:41,279
Speaker 19: the job numbers. But then we look at the number

680
00:34:41,320 --> 00:34:45,760
Speaker 19: of jobs for American citizens, and that's really taken off

681
00:34:46,080 --> 00:34:51,120
Speaker 19: and somehow in the academic literature, in the mainstream media

682
00:34:51,280 --> 00:34:55,800
Speaker 19: for years, the one area where supplying demand didn't matter

683
00:34:56,520 --> 00:35:00,600
Speaker 19: was in low end labor. We can let hundreds of

684
00:35:00,600 --> 00:35:04,360
Speaker 19: thousands and it turned into millions and then maybe tens

685
00:35:04,360 --> 00:35:07,640
Speaker 19: of millions of people across the border, and it wouldn't

686
00:35:07,680 --> 00:35:14,520
Speaker 19: suppress wages. And now I think that we've had this horrible,

687
00:35:14,880 --> 00:35:22,200
Speaker 19: horrible despair, especially among young men aged sixteen to thirty five.

688
00:35:23,080 --> 00:35:27,760
Speaker 9: We're seeing a real problem there.

689
00:35:28,239 --> 00:35:31,280
Speaker 19: But I think now that we're seeing real wage growth,

690
00:35:31,680 --> 00:35:35,680
Speaker 19: that good, high paying jobs are coming back, that I

691
00:35:35,719 --> 00:35:38,360
Speaker 19: think this is just going to build on itself because

692
00:35:38,440 --> 00:35:42,439
Speaker 19: a lot of these commitments for the trade deals are

693
00:35:42,560 --> 00:35:45,080
Speaker 19: for substantial investments in the US.

694
00:35:46,800 --> 00:35:49,040
Speaker 18: One of the things you mentioned, we mentioned wages. We're

695
00:35:49,080 --> 00:35:53,359
Speaker 18: seeing wages outpaced inflation this year. This is a big deal.

696
00:35:53,840 --> 00:35:56,640
Speaker 18: I don't think this happened during Biden's presidency. I think

697
00:35:56,680 --> 00:36:00,000
Speaker 18: it's this is a unique thing to President Trump's economy.

698
00:36:00,080 --> 00:36:01,560
Speaker 18: Can you talk to us a little bit about that.

699
00:36:02,360 --> 00:36:06,560
Speaker 19: I think other than I'm sure the President would agree

700
00:36:06,600 --> 00:36:09,040
Speaker 19: with me on both. Other than the facts, he's the

701
00:36:09,040 --> 00:36:13,120
Speaker 19: most transformative political figure of this century. The other reason

702
00:36:13,160 --> 00:36:17,400
Speaker 19: he won is because the bottom fifty percent of a

703
00:36:17,480 --> 00:36:24,799
Speaker 19: working Americans got crushed. That if you go by the

704
00:36:24,840 --> 00:36:31,080
Speaker 19: standard inflation numbers PCE CPI during the Biden years, it

705
00:36:31,120 --> 00:36:33,800
Speaker 19: was about eighteen or twenty one percent.

706
00:36:35,239 --> 00:36:38,080
Speaker 9: The wages reported.

707
00:36:38,120 --> 00:36:42,320
Speaker 19: Wages for working Americans were about three percent below those numbers,

708
00:36:42,800 --> 00:36:47,960
Speaker 19: But that isn't the real story because working class Americans

709
00:36:48,000 --> 00:36:51,480
Speaker 19: have a different basket of goods and services than everyone

710
00:36:51,520 --> 00:36:58,040
Speaker 19: in this room. They're dependent on used cars, insurance, rent,

711
00:36:58,880 --> 00:37:04,640
Speaker 19: they don't have assets, so they probably experienced inflation between

712
00:37:04,640 --> 00:37:08,560
Speaker 19: thirty two thirty five percent with wage growth at sixteen,

713
00:37:08,640 --> 00:37:12,560
Speaker 19: So they had a gigantic, gigantic loss of purchasing power.

714
00:37:13,040 --> 00:37:17,680
Speaker 19: And so with this administration, we're committed to doing two things.

715
00:37:18,719 --> 00:37:20,520
Speaker 19: And everyone says, how are you going to fix the

716
00:37:20,520 --> 00:37:25,120
Speaker 19: affordability crisis? And the first way to do it was

717
00:37:25,200 --> 00:37:28,319
Speaker 19: to bring down inflation to make sure inflation doesn't get worse.

718
00:37:28,400 --> 00:37:32,800
Speaker 19: So in May we had the best inflation number four years.

719
00:37:33,280 --> 00:37:37,520
Speaker 19: They're down. Inflation's down, But as you said, we're going

720
00:37:37,600 --> 00:37:43,520
Speaker 19: to get real wage growth up, which is what happened

721
00:37:43,560 --> 00:37:44,839
Speaker 19: in Present Trump's first term.

722
00:37:45,280 --> 00:37:47,080
Speaker 9: Present Trump's first term.

723
00:37:47,200 --> 00:37:51,760
Speaker 19: Hourly workers did better than supervisory workers. The bottom fifty

724
00:37:51,800 --> 00:37:55,080
Speaker 19: percent of household net worth went up more than the

725
00:37:55,080 --> 00:37:58,040
Speaker 19: top ten percent, which might not suit anybody in this room,

726
00:37:58,360 --> 00:38:00,719
Speaker 19: but it was great for work Americans.

727
00:38:01,120 --> 00:38:01,319
Speaker 15: Right.

728
00:38:01,440 --> 00:38:05,240
Speaker 18: So now, mister Secretary, you just got back from Stockholm, Sweden.

729
00:38:05,280 --> 00:38:09,440
Speaker 18: You were there meeting with the Chinese delegation about trade talks.

730
00:38:09,800 --> 00:38:10,760
Speaker 2: This is your third.

731
00:38:10,600 --> 00:38:12,640
Speaker 18: Such meeting, I believe with them. I can you talk

732
00:38:12,640 --> 00:38:15,160
Speaker 18: to us a little bit about what happened there and

733
00:38:15,200 --> 00:38:18,040
Speaker 18: then we'll get into kind of some of the specifics

734
00:38:18,080 --> 00:38:20,040
Speaker 18: about where things go from here on.

735
00:38:20,400 --> 00:38:25,080
Speaker 19: Well, what I can tell you is, I don't think

736
00:38:25,200 --> 00:38:27,720
Speaker 19: it's overstating it to say that they were a little

737
00:38:27,760 --> 00:38:31,359
Speaker 19: on their heels because we the week before we had

738
00:38:31,440 --> 00:38:35,360
Speaker 19: just done the Japanese trade deal. Then the day before

739
00:38:35,719 --> 00:38:39,520
Speaker 19: we began our talks. I know, you were in Scotland

740
00:38:39,600 --> 00:38:44,120
Speaker 19: with the President Arsu LeVander lad and the president of

741
00:38:44,239 --> 00:38:48,440
Speaker 19: the European Commission came and did you know, what's the

742
00:38:48,520 --> 00:38:55,319
Speaker 19: deal of the century with the EU? So you know Japan, EU.

743
00:38:55,880 --> 00:38:58,839
Speaker 19: We are, I believe, meeting with the Koreans this afternoon,

744
00:38:59,320 --> 00:39:03,040
Speaker 19: so you know, our largest trading partners we have trade

745
00:39:03,080 --> 00:39:07,280
Speaker 19: deals with. So the Chinese, who like to project strength

746
00:39:07,680 --> 00:39:15,640
Speaker 19: and under this monolithic view, they were on their heels

747
00:39:15,960 --> 00:39:19,600
Speaker 19: because it was listen, guys, this is the way it is.

748
00:39:20,080 --> 00:39:24,839
Speaker 19: And you've got a pretty good deal going. But the

749
00:39:24,880 --> 00:39:28,479
Speaker 19: rest of the world is now with US, and you're

750
00:39:28,520 --> 00:39:30,880
Speaker 19: not going to get a special deal. You're not going

751
00:39:30,920 --> 00:39:33,520
Speaker 19: to get this to you use a bigger trading partner

752
00:39:34,120 --> 00:39:39,040
Speaker 19: and the more excess manufacture. I keep telling them that

753
00:39:39,080 --> 00:39:41,880
Speaker 19: they have to The Chinese have to rebalance their economy.

754
00:39:42,160 --> 00:39:45,520
Speaker 19: They have the most unbalanced, imbalanced economy and the history

755
00:39:45,560 --> 00:39:49,200
Speaker 19: of the modern world. They're thirty percent of manufacturing. They

756
00:39:49,200 --> 00:39:52,400
Speaker 19: have a current account surplus that's equivalent to two percent

757
00:39:52,520 --> 00:39:56,000
Speaker 19: of global GDP. We haven't seen that since the eighteen

758
00:39:56,040 --> 00:40:00,080
Speaker 19: seventies eighteen eighties when there was the British Empire. And

759
00:40:01,800 --> 00:40:05,600
Speaker 19: I just said that the world's with us now, because

760
00:40:06,280 --> 00:40:10,120
Speaker 19: for a while it looked in April May like the

761
00:40:10,520 --> 00:40:13,560
Speaker 19: US was alone against the world. Now that we've done

762
00:40:13,600 --> 00:40:17,880
Speaker 19: deals with our top training partners that we have a

763
00:40:17,880 --> 00:40:21,040
Speaker 19: lot more leverage, and as you know, nobody generates the

764
00:40:21,120 --> 00:40:22,280
Speaker 19: leverage like the President.

765
00:40:22,520 --> 00:40:24,640
Speaker 18: That's exactly right. So one of the things he told

766
00:40:24,680 --> 00:40:27,160
Speaker 18: me that the President Trump told me when I interviewed

767
00:40:27,239 --> 00:40:29,439
Speaker 18: him in Scotland about China, because I asked him about

768
00:40:29,440 --> 00:40:31,239
Speaker 18: your meetings which were ongoing at the time when we

769
00:40:31,280 --> 00:40:34,600
Speaker 18: did the interview a couple of days ago. By the way,

770
00:40:34,600 --> 00:40:37,319
Speaker 18: Turnbury fantastic property guys right, if you ever get a

771
00:40:37,400 --> 00:40:40,920
Speaker 18: chance to go, please like it's a beautiful they're right

772
00:40:40,920 --> 00:40:44,440
Speaker 18: there on the coast. But one of the things he

773
00:40:44,480 --> 00:40:46,719
Speaker 18: said about China in particular is the goal is to

774
00:40:46,719 --> 00:40:48,640
Speaker 18: get China to open up. Did you get the sense

775
00:40:48,640 --> 00:40:52,520
Speaker 18: that they're open to opening up or their economy to

776
00:40:52,680 --> 00:40:53,440
Speaker 18: American goods?

777
00:40:54,520 --> 00:40:58,080
Speaker 9: They will move at a very deliberate pace.

778
00:40:58,960 --> 00:41:03,360
Speaker 19: I was in the macro economic investment business for thirty

779
00:41:03,400 --> 00:41:08,320
Speaker 19: five years, and I think probably the most overused saying

780
00:41:08,760 --> 00:41:13,880
Speaker 19: recently is the ernest timmingway saying, how did you go bankrupt?

781
00:41:14,160 --> 00:41:15,360
Speaker 9: Slowly? Then quickly?

782
00:41:16,600 --> 00:41:20,280
Speaker 19: I think that with a lot of these big economies

783
00:41:20,920 --> 00:41:23,080
Speaker 19: that it's a slow process, then.

784
00:41:22,960 --> 00:41:24,080
Speaker 9: It will happen quickly.

785
00:41:25,400 --> 00:41:30,600
Speaker 19: I remember that the Japanese had the bubble burst, they

786
00:41:30,600 --> 00:41:32,919
Speaker 19: didn't want to do much about it. Then Abbe came

787
00:41:33,360 --> 00:41:37,640
Speaker 19: President Trump's great friend. Prime Minister Abe came into office

788
00:41:37,960 --> 00:41:42,440
Speaker 19: in twenty and twelve, and boom, the Japanese hit the

789
00:41:42,480 --> 00:41:47,440
Speaker 19: accelerator and never looked back. So my sense is that

790
00:41:48,360 --> 00:41:51,439
Speaker 19: it's not going to be a straight line that they

791
00:41:51,600 --> 00:41:56,799
Speaker 19: are doing. They have five year planning sessions. They are

792
00:41:56,920 --> 00:42:01,520
Speaker 19: meeting for the planning sessions. It's called the five year plan.

793
00:42:02,239 --> 00:42:06,680
Speaker 19: They're doing their five year plan in September October. They'll

794
00:42:06,719 --> 00:42:11,480
Speaker 19: announce the results of that in February. So I encouraged

795
00:42:11,520 --> 00:42:15,160
Speaker 19: them that if they are going to rebalance to more

796
00:42:15,200 --> 00:42:17,839
Speaker 19: of a consumer economy, to make that known.

797
00:42:19,239 --> 00:42:19,719
Speaker 9: We'll see.

798
00:42:19,920 --> 00:42:23,160
Speaker 18: So you mentioned the other deals, the EU deal, and

799
00:42:23,160 --> 00:42:26,239
Speaker 18: that happened while we were there with the President. We

800
00:42:26,280 --> 00:42:28,920
Speaker 18: saw the Japan deal. We've seen deals with the Philippines,

801
00:42:29,000 --> 00:42:33,760
Speaker 18: with the Indonesia, with Vietnam, obviously the United Kingdom previously.

802
00:42:33,760 --> 00:42:36,480
Speaker 18: That was the first big one, and the Prime Minister

803
00:42:36,560 --> 00:42:39,600
Speaker 18: of the UK came right after our interview with the President.

804
00:42:39,680 --> 00:42:41,440
Speaker 18: Literally the staff for deal only out.

805
00:42:41,440 --> 00:42:43,280
Speaker 2: The Prime Minister is going to be here in four minutes.

806
00:42:43,560 --> 00:42:44,279
Speaker 9: You gotta wrap it up.

807
00:42:44,760 --> 00:42:49,240
Speaker 18: So but mister Secretary, one of the things the President

808
00:42:49,320 --> 00:42:53,680
Speaker 18: told me was that when in the previous administration last year,

809
00:42:54,480 --> 00:42:57,640
Speaker 18: the world leaders are telling him this that our country

810
00:42:57,760 --> 00:42:59,960
Speaker 18: was dead, like we were done, like we were finished,

811
00:43:00,040 --> 00:43:02,879
Speaker 18: that we were on the decline, and now they're telling

812
00:43:02,960 --> 00:43:05,160
Speaker 18: him we're the hottest place in the world. I think

813
00:43:05,200 --> 00:43:07,840
Speaker 18: you were asked about, you know, as a macro investor

814
00:43:08,360 --> 00:43:11,120
Speaker 18: last night when you were in Stockholm, where would you

815
00:43:11,239 --> 00:43:13,560
Speaker 18: invest right now. You said the United States of America.

816
00:43:13,680 --> 00:43:15,719
Speaker 18: Your thoughts on that, like, is this the hottest place

817
00:43:15,760 --> 00:43:16,520
Speaker 18: in the world right now?

818
00:43:17,280 --> 00:43:19,960
Speaker 19: I think not only is the hottest place in the world,

819
00:43:20,680 --> 00:43:26,000
Speaker 19: that we've set the conditions to really accelerate that so

820
00:43:27,520 --> 00:43:30,960
Speaker 19: at a very nice life the private sector, nice nice

821
00:43:31,000 --> 00:43:34,440
Speaker 19: office in my hometown in Charleston, South Carolina. Reason I

822
00:43:34,600 --> 00:43:37,680
Speaker 19: came out from behind my desk was for two reasons.

823
00:43:37,840 --> 00:43:40,520
Speaker 19: I was alarmed by the debt levels that we were

824
00:43:40,600 --> 00:43:45,000
Speaker 19: seeing the Biden administration. We inherited a mess six point

825
00:43:45,120 --> 00:43:49,479
Speaker 19: seven percent deficit to GDP, the highest we've ever seen

826
00:43:49,600 --> 00:43:54,680
Speaker 19: when we were at peacetime or not at war, not

827
00:43:54,840 --> 00:43:57,719
Speaker 19: in a recession. And then the other thing that I

828
00:43:58,160 --> 00:44:02,239
Speaker 19: was very worried about was this regulatory state and the

829
00:44:02,680 --> 00:44:05,640
Speaker 19: amount of regulation that was just being put in the

830
00:44:05,719 --> 00:44:11,520
Speaker 19: Federal Register. And I think that this deregulation is both

831
00:44:11,760 --> 00:44:16,040
Speaker 19: a huge amount of economic friction, but it's also a

832
00:44:16,400 --> 00:44:20,959
Speaker 19: big tax. And I think now as we're bringing down

833
00:44:21,040 --> 00:44:25,760
Speaker 19: these barriers that with the tax bill, one hundred percent

834
00:44:25,920 --> 00:44:30,920
Speaker 19: depreciation permanent for equipment for the next five years, you

835
00:44:31,040 --> 00:44:34,000
Speaker 19: build your factory in the US, you can write that

836
00:44:34,200 --> 00:44:38,880
Speaker 19: off one hundred percent. We are pushing for energy dominance,

837
00:44:39,360 --> 00:44:44,239
Speaker 19: so we're going to have abundant and cheap energy we've addressed.

838
00:44:44,880 --> 00:44:48,399
Speaker 19: Imagine this like there's an ai zar when you look,

839
00:44:48,520 --> 00:44:53,719
Speaker 19: when you see the interview with Mark and Dreesen and

840
00:44:53,800 --> 00:44:56,520
Speaker 19: Ben Hurwitz and why they might grade it over to

841
00:44:56,600 --> 00:44:59,440
Speaker 19: President Trump. They couldn't get the White to the greatest

842
00:44:59,520 --> 00:45:02,160
Speaker 19: venture ca capitalists to the generation. They couldn't get the

843
00:45:02,200 --> 00:45:04,719
Speaker 19: White House, the Bible White House to call them back

844
00:45:04,760 --> 00:45:09,560
Speaker 19: on ai And now we have an ai zar that

845
00:45:10,040 --> 00:45:15,759
Speaker 19: we are having a digital asset event. So I think

846
00:45:16,200 --> 00:45:24,080
Speaker 19: we are setting the stage for great policies but also

847
00:45:24,320 --> 00:45:27,280
Speaker 19: focusing on the jobs of the future.

848
00:45:27,880 --> 00:45:31,799
Speaker 9: So I am I'm super bullish on that. And then

849
00:45:32,880 --> 00:45:33,520
Speaker 9: when you deal.

850
00:45:34,840 --> 00:45:39,400
Speaker 19: What's fascinating for me now is my job for thirty

851
00:45:39,480 --> 00:45:43,800
Speaker 19: five years as a macro investor was when policy makers

852
00:45:43,880 --> 00:45:46,319
Speaker 19: met to kind of have my ear up against the door,

853
00:45:46,840 --> 00:45:49,600
Speaker 19: try to figure out what was going on in the room,

854
00:45:50,280 --> 00:45:52,840
Speaker 19: what they were saying, what they could do, what they

855
00:45:52,880 --> 00:45:56,120
Speaker 19: would do, what they should do, and how the market

856
00:45:56,200 --> 00:46:00,439
Speaker 19: would react. Now I'm in the room and I think, Okay,

857
00:46:01,040 --> 00:46:04,520
Speaker 19: what can we do, what should we do, what's possible?

858
00:46:05,080 --> 00:46:07,920
Speaker 19: How will the market react, how will the economy react.

859
00:46:08,480 --> 00:46:10,160
Speaker 9: And I tell you that.

860
00:46:11,760 --> 00:46:16,880
Speaker 19: The more ideal with the Europeans that they've just given up.

861
00:46:17,400 --> 00:46:22,560
Speaker 19: It is a regulatory morass. Mario Drogy, you don't have

862
00:46:22,640 --> 00:46:25,600
Speaker 19: to read his I think it's three hundred page report.

863
00:46:26,120 --> 00:46:29,480
Speaker 19: The ft about two and a half months ago did

864
00:46:29,520 --> 00:46:32,120
Speaker 19: a summary of the report and he came out and

865
00:46:32,200 --> 00:46:37,720
Speaker 19: said that the EU internally taxes themselves one hundred percent

866
00:46:37,840 --> 00:46:41,960
Speaker 19: on services and fifty percent on goods. The EU was

867
00:46:42,000 --> 00:46:47,200
Speaker 19: supposed to create economic get rid of economic friction, whether

868
00:46:47,280 --> 00:46:51,840
Speaker 19: it's in finance, whether it's in technology, whether it's in energy.

869
00:46:52,080 --> 00:46:55,560
Speaker 9: All the EU wants to do is overregulate.

870
00:46:55,719 --> 00:47:00,520
Speaker 19: It is a bunch of supernatural national bureaucrats with no

871
00:47:01,000 --> 00:47:05,360
Speaker 19: industry experience sitting in Brussels and they've just given up.

872
00:47:05,960 --> 00:47:09,840
Speaker 19: And you know, I think now with America, there's just

873
00:47:09,960 --> 00:47:15,560
Speaker 19: nothing like the US there. With the innovation that we

874
00:47:15,640 --> 00:47:20,799
Speaker 19: are blessed with these natural resources, I think we're going

875
00:47:20,880 --> 00:47:21,799
Speaker 19: to be unstoppable.

876
00:47:22,480 --> 00:47:23,040
Speaker 9: I think the.

877
00:47:23,200 --> 00:47:28,600
Speaker 19: Chinese model, their economic model, is starting to implode.

878
00:47:29,120 --> 00:47:32,359
Speaker 9: That somehow they believe that gravity doesn't apply to them.

879
00:47:32,440 --> 00:47:34,000
Speaker 19: In real estate, they're in the middle of a real

880
00:47:34,120 --> 00:47:37,800
Speaker 19: estate crisis, and I think the rest of the world

881
00:47:38,280 --> 00:47:44,520
Speaker 19: will have had it with just the Chinese pushing out

882
00:47:44,640 --> 00:47:45,800
Speaker 19: these cheap goods.

883
00:47:46,920 --> 00:47:49,400
Speaker 18: Okay, So last thing on trade is that one of

884
00:47:49,440 --> 00:47:53,279
Speaker 18: the things. So we had our John Carney, our Economics Center,

885
00:47:53,360 --> 00:47:57,960
Speaker 18: who introduced us here ran the numbers. Apparently the deals

886
00:47:58,000 --> 00:48:00,520
Speaker 18: that you guys have already made are close to sixty

887
00:48:00,600 --> 00:48:04,279
Speaker 18: percent of world GDP. Obviously, we have an August first

888
00:48:04,320 --> 00:48:07,239
Speaker 18: deadline coming up that the President has made clear. If

889
00:48:07,320 --> 00:48:09,319
Speaker 18: the deals are not in place, then the terrorists are

890
00:48:09,360 --> 00:48:13,360
Speaker 18: going to go into place. Even more so, then do

891
00:48:13,480 --> 00:48:16,960
Speaker 18: you expect any eleventh hour deals and talk to us

892
00:48:17,000 --> 00:48:20,480
Speaker 18: about just how consequential this alliance that has basically come

893
00:48:20,560 --> 00:48:24,440
Speaker 18: together here through these deals that the President's made is

894
00:48:24,600 --> 00:48:25,560
Speaker 18: for the world economy.

895
00:48:26,080 --> 00:48:31,880
Speaker 19: So we have eighteen important trading partners at sixty percent

896
00:48:31,920 --> 00:48:35,160
Speaker 19: of GDP and then you know, excuse me, a lot

897
00:48:35,239 --> 00:48:40,200
Speaker 19: of the GDP if we may not trade with the

898
00:48:42,600 --> 00:48:49,719
Speaker 19: So if I said it in Stockholm yesterday evening that

899
00:48:50,080 --> 00:48:55,239
Speaker 19: if the if there's not a deal by August one,

900
00:48:56,440 --> 00:49:01,719
Speaker 19: I would encourage market participants, corporate in America even the countries,

901
00:49:02,280 --> 00:49:05,000
Speaker 19: not to panic because you can still do a deal.

902
00:49:05,560 --> 00:49:08,640
Speaker 19: You're just going to go back to your April second

903
00:49:09,000 --> 00:49:13,920
Speaker 19: reciprocal tariff level. And it may be on for three days,

904
00:49:14,120 --> 00:49:15,759
Speaker 19: it may be on for three weeks, it may be

905
00:49:15,880 --> 00:49:19,719
Speaker 19: on for three months. You can continue negotiating. But back

906
00:49:19,840 --> 00:49:24,439
Speaker 19: to the President of creating leverage that when the whole

907
00:49:24,480 --> 00:49:27,879
Speaker 19: world's been at ten percent, if you have not come

908
00:49:28,239 --> 00:49:30,640
Speaker 19: with a good deal, if you have not moved quickly,

909
00:49:31,160 --> 00:49:35,040
Speaker 19: I can tell you jumping from ten percent back to

910
00:49:35,520 --> 00:49:37,920
Speaker 19: you know, I'll pick a number, back to thirty four

911
00:49:38,040 --> 00:49:40,800
Speaker 19: percent is going to get a lot of attention.

912
00:49:41,000 --> 00:49:45,320
Speaker 1: Okay, that Secretary Treasury Scott bestn't reinforcing a lot of

913
00:49:45,400 --> 00:49:46,919
Speaker 1: what we said in the first half hour.

914
00:49:47,160 --> 00:49:47,920
Speaker 2: Very very powerful.

915
00:49:47,960 --> 00:49:51,000
Speaker 1: Met Ball doing a great job coming off that really

916
00:49:51,160 --> 00:49:55,200
Speaker 1: amazing interview with the President over at Turnberry, President Trump's

917
00:49:55,280 --> 00:49:56,480
Speaker 1: course in Scotland.

918
00:49:56,560 --> 00:49:58,520
Speaker 2: Dave Walsh, you're going to stick with me at the

919
00:49:58,600 --> 00:50:00,840
Speaker 2: top of the hour. We've got to Joe Allen's going

920
00:50:00,920 --> 00:50:03,600
Speaker 2: to come in. John Solomon a lot to report on this,

921
00:50:03,840 --> 00:50:08,120
Speaker 2: trying to stick the landing on in President Trump.

922
00:50:08,120 --> 00:50:11,759
Speaker 1: I'll share this meme really big time. Also on the

923
00:50:11,800 --> 00:50:14,080
Speaker 1: Blue Slips, President Trump, I don't know. It kind of

924
00:50:14,120 --> 00:50:17,040
Speaker 1: went off on grassy last night. Got to go pretty

925
00:50:17,040 --> 00:50:18,960
Speaker 1: far in the woods to hit his trip wire. I

926
00:50:19,040 --> 00:50:21,440
Speaker 1: think we hit it because he just blew back on

927
00:50:21,520 --> 00:50:24,400
Speaker 1: the President about the blue slips. The blue slips one

928
00:50:24,440 --> 00:50:29,120
Speaker 1: of these structural you know, customs and traditions of the

929
00:50:29,239 --> 00:50:31,480
Speaker 1: United States Senate. I don't think it's changing anytime soon,

930
00:50:32,400 --> 00:50:34,560
Speaker 1: and it does protect you when you're the minority. But

931
00:50:35,280 --> 00:50:38,520
Speaker 1: the Democrats use it far too much. This reason you

932
00:50:38,640 --> 00:50:42,759
Speaker 1: have habba now is another interim for one hundred and

933
00:50:42,760 --> 00:50:48,880
Speaker 1: twenty days. Okay, short commercial break on a three percent Wednesday.

934
00:50:49,960 --> 00:50:52,520
Speaker 1: Scott just sat there, Scott Besson told you, was it

935
00:50:53,280 --> 00:50:53,880
Speaker 1: peace deals?

936
00:50:53,960 --> 00:50:57,280
Speaker 2: Trade deals? Tax deals? How about that? Bingo bango bungo.

937
00:50:58,040 --> 00:50:59,839
Speaker 1: That's he get to a three handle in the eco

938
00:51:00,080 --> 00:51:03,719
Speaker 1: to me the reamericanization of the workforce. He hit the

939
00:51:03,760 --> 00:51:07,120
Speaker 1: most important number in the ADP report. American citizens are

940
00:51:07,160 --> 00:51:13,560
Speaker 1: getting jobs. American citizens and the private sector growing faster

941
00:51:13,920 --> 00:51:15,080
Speaker 1: than the public sector.

942
00:51:16,680 --> 00:51:19,000
Speaker 2: I think there's some lessons here, some pattern recognition.

943
00:51:19,920 --> 00:51:22,319
Speaker 1: What a morning to take us out with the right

944
00:51:22,560 --> 00:51:25,360
Speaker 1: stuff and tee us up for the second hour of

945
00:51:25,360 --> 00:51:26,360
Speaker 1: the war room stick around