1 00:00:03,840 --> 00:00:11,600 Speaker 1: It's that time, time, time, Luck and loud of Michael 2 00:00:11,760 --> 00:00:13,360 Speaker 1: Verie Show is on the. 3 00:00:13,360 --> 00:00:29,920 Speaker 2: Air as promise, and absolutely eloquent and elegant commentary by 4 00:00:29,920 --> 00:00:35,120 Speaker 2: Greg Guttfeld of Fox News after Kamala Harris was criticizing 5 00:00:35,159 --> 00:00:40,560 Speaker 2: that businesses are price gauging because she didn't read gouging. 6 00:00:41,080 --> 00:00:45,960 Speaker 2: She read gauging because she didn't come up with either notion. 7 00:00:47,240 --> 00:00:51,519 Speaker 2: She doesn't even know what that means. They give her 8 00:00:51,560 --> 00:00:55,240 Speaker 2: things to say that are meant to upset the peasants. 9 00:00:55,680 --> 00:00:58,880 Speaker 2: The rest people are getting all the money. I'm gonna 10 00:00:58,880 --> 00:01:02,520 Speaker 2: fight for you. They're taking all your money. Stuff costs 11 00:01:02,600 --> 00:01:09,600 Speaker 2: too much. Well, Guttfeld had a wonderful piece where he 12 00:01:09,680 --> 00:01:14,560 Speaker 2: pointed out that price gouging is a weak phrase directed 13 00:01:14,840 --> 00:01:19,160 Speaker 2: at weaker minds, and boy, is he ever right. 14 00:01:19,920 --> 00:01:22,160 Speaker 3: First, I want to point out something Jessica said that 15 00:01:22,200 --> 00:01:24,959 Speaker 3: Trump began as a millionaire and now he's a billionaire. 16 00:01:25,360 --> 00:01:27,880 Speaker 3: I think that makes him an expert in this I 17 00:01:27,880 --> 00:01:30,240 Speaker 3: would rather listen to somebody who began as a millionaire 18 00:01:30,280 --> 00:01:33,280 Speaker 3: and is now a billionaire than somebody who doesn't have 19 00:01:33,319 --> 00:01:35,120 Speaker 3: a damn clue about economics. 20 00:01:35,280 --> 00:01:36,240 Speaker 1: I've never heard. 21 00:01:36,000 --> 00:01:39,520 Speaker 3: A candidate today more unsure of themselves on a topic 22 00:01:39,720 --> 00:01:42,920 Speaker 3: than Kamala Harris. I think she's been burdened by the 23 00:01:42,959 --> 00:01:46,240 Speaker 3: weight of expectations put on her by the media. I've 24 00:01:46,240 --> 00:01:49,360 Speaker 3: never seen a better campaign ad for Trump. She's campaigning 25 00:01:49,400 --> 00:01:52,360 Speaker 3: better for Trump than Trump is. First, let's talk about 26 00:01:52,360 --> 00:01:54,400 Speaker 3: the down payment issue on the House. A lot of 27 00:01:54,400 --> 00:01:58,200 Speaker 3: this stuff is infuriating because they're treating the American public 28 00:01:58,320 --> 00:01:59,040 Speaker 3: like idiots. 29 00:01:59,400 --> 00:02:01,840 Speaker 1: She makes a proposal that is only half an equation. 30 00:02:02,360 --> 00:02:04,640 Speaker 3: The first half is here's a nice. 31 00:02:04,400 --> 00:02:05,120 Speaker 1: Thing for you. 32 00:02:05,560 --> 00:02:09,160 Speaker 3: The second half is missing who pays for it? You 33 00:02:09,200 --> 00:02:12,680 Speaker 3: saw this with student loan fact described as forgiveness. 34 00:02:12,800 --> 00:02:14,720 Speaker 1: Who paid for it? You paid for it. 35 00:02:14,840 --> 00:02:17,400 Speaker 3: You see with immigration policy, who's footing the. 36 00:02:17,360 --> 00:02:18,920 Speaker 1: Billions and all that free stuff? 37 00:02:19,160 --> 00:02:23,320 Speaker 3: You're paying for it. Nothing is free. Nothing is free. 38 00:02:23,440 --> 00:02:24,120 Speaker 1: And the sooner or. 39 00:02:24,200 --> 00:02:26,000 Speaker 3: Lady you figure that out, the better off you're going 40 00:02:26,080 --> 00:02:28,440 Speaker 3: to be. And that's directed at Democrats who don't understand 41 00:02:28,440 --> 00:02:30,800 Speaker 3: that these policies are going to sink this country. You know, 42 00:02:31,760 --> 00:02:37,040 Speaker 3: if you cap prices, you increase scarcity by diminishing competition. 43 00:02:37,320 --> 00:02:39,200 Speaker 1: People can call her a communist, but you got to 44 00:02:39,280 --> 00:02:40,640 Speaker 1: you gotta explain. 45 00:02:40,240 --> 00:02:43,920 Speaker 3: This because the media won't ask the follow up questions, 46 00:02:44,200 --> 00:02:46,800 Speaker 3: how do you plan on doing this? Please give me 47 00:02:46,840 --> 00:02:51,240 Speaker 3: an example. Give me an example where industries got together 48 00:02:51,400 --> 00:02:55,440 Speaker 3: in a room they decided to drastically increase prices. 49 00:02:55,600 --> 00:02:56,680 Speaker 1: That doesn't exist. 50 00:02:57,040 --> 00:02:59,400 Speaker 3: The only example they'll have is, oh, you know a 51 00:02:59,440 --> 00:03:02,760 Speaker 3: boudet E raise prices on umbrellas when it rained. 52 00:03:03,360 --> 00:03:04,520 Speaker 1: That's all they got. 53 00:03:04,720 --> 00:03:10,119 Speaker 3: There is no payoff for industries to increase artificially inflate 54 00:03:10,160 --> 00:03:13,280 Speaker 3: their prices because the people who drive the. 55 00:03:13,280 --> 00:03:15,040 Speaker 1: Prices are the consumers. 56 00:03:15,600 --> 00:03:19,160 Speaker 3: That is, if you want to understand supplying demand, it's 57 00:03:19,240 --> 00:03:23,440 Speaker 3: the consumers who drive the prices. There is absolutely no 58 00:03:23,600 --> 00:03:24,400 Speaker 3: debate on this. 59 00:03:24,760 --> 00:03:25,480 Speaker 4: There is not a. 60 00:03:25,440 --> 00:03:29,880 Speaker 3: Single economist who would agree that this is the right 61 00:03:29,960 --> 00:03:32,160 Speaker 3: thing to do. We can go and talk about Eastern 62 00:03:32,160 --> 00:03:34,840 Speaker 3: Bloc countries. You can look at the chiep terrible cars 63 00:03:34,840 --> 00:03:36,400 Speaker 3: that they made, in the appliances they. 64 00:03:36,320 --> 00:03:38,200 Speaker 1: Made, but you already know that story. 65 00:03:38,600 --> 00:03:41,160 Speaker 3: So how do you keep a debate alive if we 66 00:03:41,280 --> 00:03:43,080 Speaker 3: know this is a fraudulent idea. 67 00:03:43,640 --> 00:03:45,400 Speaker 1: You don't talk to economists. 68 00:03:45,720 --> 00:03:49,320 Speaker 3: You listen to politicians or talking heads like me who 69 00:03:49,360 --> 00:03:51,520 Speaker 3: have to do the research, because I'm sick and tired 70 00:03:51,520 --> 00:03:53,960 Speaker 3: of hearing people pretend like they know what they're talking 71 00:03:53,960 --> 00:03:56,760 Speaker 3: about on TV, but they don't, so you won't see 72 00:03:56,760 --> 00:04:01,800 Speaker 3: economists on other shows, other networks. I'm seeing these questions like, 73 00:04:01,840 --> 00:04:04,480 Speaker 3: can you give me an example of how this is done? 74 00:04:04,640 --> 00:04:07,320 Speaker 3: What are the major industries? What is the right price? 75 00:04:07,600 --> 00:04:11,120 Speaker 3: What is too high? What is too low? Can the 76 00:04:11,160 --> 00:04:14,680 Speaker 3: government set prices based on not having a knowledge. 77 00:04:14,280 --> 00:04:15,200 Speaker 1: Of an industry? 78 00:04:15,520 --> 00:04:19,039 Speaker 3: What do you mean exactly by price gouging? How is 79 00:04:19,080 --> 00:04:23,520 Speaker 3: that done? Beyond unique exceptions? Price gouging is a weak 80 00:04:23,560 --> 00:04:26,320 Speaker 3: phrase directed at weaker minds. 81 00:04:26,800 --> 00:04:30,440 Speaker 2: David Friedberg is the CEO and founder of the Production Board, 82 00:04:30,440 --> 00:04:36,520 Speaker 2: an investment holding company focused on innovations in food, agriculture, biomanufacturing, 83 00:04:36,560 --> 00:04:41,440 Speaker 2: and life sciences. He absolutely shredded Kamala Harris's claim of 84 00:04:41,720 --> 00:04:42,520 Speaker 2: price gouging. 85 00:04:42,839 --> 00:04:43,599 Speaker 1: Give this a listen. 86 00:04:43,839 --> 00:04:51,840 Speaker 5: I unequivocally hate socialism. Socialism destroys innovation, destroys productivity, and 87 00:04:51,920 --> 00:04:58,200 Speaker 5: destroys individual liberties. Agriculture and food markets have insanely competitive 88 00:04:58,279 --> 00:05:01,760 Speaker 5: dynamics because there are commodity markets, there are tons of competitors. 89 00:05:01,960 --> 00:05:03,919 Speaker 5: There is no monopoly in making food. There is no 90 00:05:03,960 --> 00:05:07,359 Speaker 5: monopoly making CpG products. There is no monopoly in retail. 91 00:05:07,480 --> 00:05:10,120 Speaker 5: There is no monopoly in grocery stores. It is a 92 00:05:10,160 --> 00:05:14,960 Speaker 5: small margin, highly competitive, highly fragmented, free market, and the 93 00:05:14,960 --> 00:05:18,120 Speaker 5: free market works in that everyone is always competing with 94 00:05:18,160 --> 00:05:21,440 Speaker 5: each other, creating new productivity improvements, and as a result, 95 00:05:21,480 --> 00:05:26,640 Speaker 5: over time, prices come down, except when the government intervenes 96 00:05:26,680 --> 00:05:30,880 Speaker 5: and gets involved. So I would argue that the real 97 00:05:31,000 --> 00:05:34,080 Speaker 5: cause of price inflation in food is not the supposed 98 00:05:34,160 --> 00:05:37,720 Speaker 5: price gouging by corporate players in the ag and food industry, 99 00:05:37,760 --> 00:05:40,200 Speaker 5: all of whom are deeply competitive with one another, but 100 00:05:40,400 --> 00:05:44,799 Speaker 5: rather is the result of the inflation associated with government 101 00:05:44,839 --> 00:05:48,680 Speaker 5: spending and stimulus coming out of COVID. Nick Exhibit one. 102 00:05:50,200 --> 00:05:53,000 Speaker 5: The Fed balance sheet from COVID to today, the Fed 103 00:05:53,040 --> 00:05:55,480 Speaker 5: balance sheet grew from four point two trillion to seven 104 00:05:55,520 --> 00:05:59,280 Speaker 5: point two trillion dollars, a growth of seventy percent. The 105 00:05:59,279 --> 00:06:02,400 Speaker 5: Federal reserve one out and they bought assets, and they 106 00:06:02,480 --> 00:06:06,240 Speaker 5: issued debt to banks and introduced liquidity into the system 107 00:06:06,560 --> 00:06:07,680 Speaker 5: if you go to the next slide. 108 00:06:07,680 --> 00:06:09,680 Speaker 4: As a result, the M two money supply. 109 00:06:09,520 --> 00:06:13,200 Speaker 5: Increased from fifty to trillion to twenty one trillion since COVID, 110 00:06:13,600 --> 00:06:14,960 Speaker 5: a forty percent increase. 111 00:06:15,640 --> 00:06:16,599 Speaker 4: Okay, so now. 112 00:06:16,480 --> 00:06:18,240 Speaker 5: There is more money in the system, so the cost 113 00:06:18,320 --> 00:06:21,200 Speaker 5: of everything should go up, which is exactly what we've seen. 114 00:06:21,240 --> 00:06:23,120 Speaker 5: We can walk through a couple of the other commodity 115 00:06:23,160 --> 00:06:26,120 Speaker 5: price charts from the Saint Louis fed Here is the 116 00:06:26,160 --> 00:06:29,320 Speaker 5: price of electricity as an example. The price of electricity 117 00:06:29,600 --> 00:06:31,000 Speaker 5: has gone out a little bit less of the M 118 00:06:31,040 --> 00:06:33,520 Speaker 5: to money supply. But the truth is when you start 119 00:06:33,520 --> 00:06:37,040 Speaker 5: to actually look at AG commodity prices over time, what's 120 00:06:37,040 --> 00:06:39,280 Speaker 5: happened is there was certainly a boost coming from COVID, 121 00:06:39,320 --> 00:06:42,440 Speaker 5: but the competition and the challenges in overproduction and the 122 00:06:42,480 --> 00:06:45,159 Speaker 5: AG markets has started to hit and started to bring 123 00:06:45,200 --> 00:06:46,160 Speaker 5: prices back down. 124 00:06:46,320 --> 00:06:47,640 Speaker 1: So here's the price of strawberry. 125 00:06:47,680 --> 00:06:51,359 Speaker 5: Strawberries today are selling for less than they were pre COVID. 126 00:06:51,440 --> 00:06:53,960 Speaker 5: Potatoes are now back to where they were pre COVID. 127 00:06:54,839 --> 00:06:55,440 Speaker 4: Now, let me. 128 00:06:55,360 --> 00:06:58,200 Speaker 5: Give you some statistics on some of the supposed price 129 00:06:58,200 --> 00:07:03,400 Speaker 5: gouging companies in the industry. Craft time Stock pre COVID 130 00:07:03,400 --> 00:07:05,720 Speaker 5: was twenty nine bucks a share. Today Kraft tie Stock 131 00:07:05,800 --> 00:07:08,719 Speaker 5: is thirty four bucks a share. Twenty nineteen revenue of 132 00:07:08,720 --> 00:07:11,680 Speaker 5: twenty five billion, twenty twenty three revenue of twenty six 133 00:07:11,720 --> 00:07:14,840 Speaker 5: billion EBITDA on twenty nineteen of six point one billion 134 00:07:14,880 --> 00:07:17,520 Speaker 5: EBITDA on twenty twenty three of six point three billion. 135 00:07:17,840 --> 00:07:19,960 Speaker 5: There's not a lot of praffit cougy against that. Craft 136 00:07:20,040 --> 00:07:23,880 Speaker 5: times has not been able to keep up with the inflation. Starbucks, 137 00:07:23,920 --> 00:07:26,280 Speaker 5: which we just talked about, their stock was at ninety 138 00:07:26,600 --> 00:07:30,320 Speaker 5: dollars pre COVID and today ninety three bucks. Twenty nineteen 139 00:07:30,360 --> 00:07:32,840 Speaker 5: revenue of twenty six billion, operating income of four point 140 00:07:32,880 --> 00:07:35,640 Speaker 5: one billion, twenty twenty three revenue of thirty six billion, 141 00:07:35,640 --> 00:07:37,320 Speaker 5: but operating income only five point nine. 142 00:07:37,640 --> 00:07:40,440 Speaker 4: Margins have come down in Starbucks nick. 143 00:07:40,480 --> 00:07:43,240 Speaker 5: If you pull up the mackenzy chart, this is a 144 00:07:43,280 --> 00:07:45,520 Speaker 5: study of the grocery industry. The State of Grocery in 145 00:07:45,520 --> 00:07:50,880 Speaker 5: North America twenty twenty three by McKenzie. Accelerating pressures on profitability. 146 00:07:50,920 --> 00:07:53,560 Speaker 5: To cope with the pandemics upheaval, grocers have had to 147 00:07:53,600 --> 00:07:57,880 Speaker 5: dramatically increase capex increase supplies. As a result, they've seen 148 00:07:58,000 --> 00:08:01,480 Speaker 5: a significant impact on margins. Here's the margin profile pre 149 00:08:01,560 --> 00:08:06,560 Speaker 5: pandemic and today. Gross margin has declined by two points 150 00:08:06,560 --> 00:08:08,840 Speaker 5: from forty seven point six to forty five point six. 151 00:08:09,080 --> 00:08:11,440 Speaker 5: Ebitdam margin has declined by one and a half points. 152 00:08:11,760 --> 00:08:13,640 Speaker 5: And now let's just go to the final chart, which 153 00:08:13,680 --> 00:08:15,840 Speaker 5: is CpG companies the companies that make food and sell 154 00:08:15,840 --> 00:08:19,440 Speaker 5: it to consumers. As you can see during the COVID era, 155 00:08:21,000 --> 00:08:25,400 Speaker 5: the three year rolling TSR has declined since COVID across 156 00:08:25,400 --> 00:08:28,600 Speaker 5: the board, so food companies are seeing food prices come down, 157 00:08:28,640 --> 00:08:31,680 Speaker 5: So farmers they're really suffering. Labor costs have tripled since 158 00:08:31,680 --> 00:08:33,880 Speaker 5: the pandemic, but they're still having to sell products at 159 00:08:33,880 --> 00:08:38,199 Speaker 5: the same price. CpG companies have lower margins and supermarkets 160 00:08:38,200 --> 00:08:40,800 Speaker 5: have lower margins, so there is nowhere in the ag 161 00:08:40,880 --> 00:08:44,160 Speaker 5: or food supply chain that we are seeing fundamentally price 162 00:08:44,200 --> 00:08:47,040 Speaker 5: gouging or profit taking happening. What has happened is the 163 00:08:47,080 --> 00:08:50,120 Speaker 5: cost of labor, the cost of moving stuff around, the 164 00:08:50,120 --> 00:08:52,680 Speaker 5: cost of fuel, the cost of electricity, the cost of 165 00:08:52,720 --> 00:08:55,560 Speaker 5: goods has all risen with inflation because of the increase 166 00:08:55,600 --> 00:08:57,600 Speaker 5: in the money supply and federal spending. 167 00:08:58,280 --> 00:08:59,599 Speaker 4: This is for Michael. 168 00:08:59,360 --> 00:09:05,680 Speaker 2: Berrish, CNBC being an NBC product, has not been as 169 00:09:05,760 --> 00:09:09,840 Speaker 2: pro business as I would like them to be when 170 00:09:09,840 --> 00:09:13,319 Speaker 2: it comes to covering the Biden and now Harris campaigns, 171 00:09:15,080 --> 00:09:19,680 Speaker 2: which again makes this surprising. Megan Cassella over there says 172 00:09:19,679 --> 00:09:24,040 Speaker 2: that Kamala Harris tells donors one thing behind closed doors, 173 00:09:24,800 --> 00:09:28,640 Speaker 2: but then goes out and runs as a progressive. That is, 174 00:09:30,120 --> 00:09:37,640 Speaker 2: she tells business owners, investment banks, folks who depend on 175 00:09:37,720 --> 00:09:42,880 Speaker 2: a thriving economy that she'll be pro business, solid fundamentals 176 00:09:42,880 --> 00:09:47,040 Speaker 2: of economics, and then she goes out and tells the peasants, Hey, 177 00:09:47,679 --> 00:09:51,079 Speaker 2: those people I just spoke to over there, they want 178 00:09:51,120 --> 00:09:55,040 Speaker 2: to steal all your money. Well, we all know this 179 00:09:55,080 --> 00:09:59,200 Speaker 2: is happening, but the fact that CNBC's Megan Cassella is 180 00:09:59,240 --> 00:09:59,960 Speaker 2: calling it out. 181 00:10:01,440 --> 00:10:01,840 Speaker 5: This is. 182 00:10:03,440 --> 00:10:03,960 Speaker 4: Important. 183 00:10:05,040 --> 00:10:09,120 Speaker 6: She hasn't stuck to any very clear set of ideological policies. 184 00:10:09,200 --> 00:10:12,559 Speaker 6: She's wavered a bit throughout her years in politics. What 185 00:10:12,840 --> 00:10:15,240 Speaker 6: was interesting to me today in seeing this plan is 186 00:10:15,240 --> 00:10:17,800 Speaker 6: that it's clearly very progressive. Regardless of what she's saying 187 00:10:17,800 --> 00:10:20,640 Speaker 6: to donors behind closed doors. She is putting a progressive 188 00:10:20,679 --> 00:10:22,959 Speaker 6: bent to her campaign at this point, and that's not 189 00:10:23,000 --> 00:10:25,559 Speaker 6: what a lot of people expected or hoped to see. 190 00:10:25,640 --> 00:10:27,960 Speaker 6: I've been talking to moderate Democrats who said she could 191 00:10:27,960 --> 00:10:29,839 Speaker 6: just run a vibes campaign. She didn't have to get 192 00:10:29,840 --> 00:10:32,280 Speaker 6: into policy details at all. They think the best way 193 00:10:32,320 --> 00:10:34,280 Speaker 6: for her to win is to do anything to just 194 00:10:34,320 --> 00:10:36,920 Speaker 6: distance herself from the far left. Regardless of whether or 195 00:10:36,960 --> 00:10:39,240 Speaker 6: not she dives into policy details and she would win. 196 00:10:39,400 --> 00:10:41,480 Speaker 6: Clearly she didn't take that advice. She is diving into 197 00:10:41,480 --> 00:10:44,160 Speaker 6: policy details that go more left. She might be saying 198 00:10:44,200 --> 00:10:46,959 Speaker 6: other things behind closed doors to make sure corporations are 199 00:10:47,000 --> 00:10:49,720 Speaker 6: still on her side as well, but clearly she wants 200 00:10:49,760 --> 00:10:53,120 Speaker 6: to sort of have this brand of the progressive candidate. 201 00:10:54,480 --> 00:10:58,319 Speaker 2: Jade Vance was on Fox Business and he had perhaps 202 00:10:58,400 --> 00:11:01,760 Speaker 2: the best one liner about Kamala Harris's economic plan. 203 00:11:02,679 --> 00:11:07,040 Speaker 7: The American people just don't buy the idea that Kamala Harris, 204 00:11:07,080 --> 00:11:09,680 Speaker 7: who has been Vice president for three and a half years, 205 00:11:10,000 --> 00:11:12,480 Speaker 7: is somehow going to tackle the inflation crisis in a 206 00:11:12,520 --> 00:11:16,040 Speaker 7: way tomorrow that she hasn't for the past thirteen hundred days. 207 00:11:16,320 --> 00:11:19,959 Speaker 7: Giving Kamala Harris control over inflation policy, Shannon, It's like 208 00:11:20,000 --> 00:11:23,040 Speaker 7: giving Jeffrey Epstein control over human trafficking policy. 209 00:11:23,200 --> 00:11:25,440 Speaker 1: The American people are much smarter than that. 210 00:11:25,640 --> 00:11:28,240 Speaker 7: They don't buy the idea that Kamala Harris represents a 211 00:11:28,280 --> 00:11:28,880 Speaker 7: fresh start. 212 00:11:29,160 --> 00:11:31,760 Speaker 1: She is more of the same. It is doubling. 213 00:11:31,320 --> 00:11:35,040 Speaker 7: Down on the failed policies of the Harris administration. To 214 00:11:35,080 --> 00:11:38,200 Speaker 7: give Kamala Harris a promotion rather than to fire her, 215 00:11:38,200 --> 00:11:39,920 Speaker 7: which is what I think most Americans are going to 216 00:11:40,000 --> 00:11:41,120 Speaker 7: do on November. 217 00:11:43,160 --> 00:11:45,920 Speaker 2: One of the things I liked about the Republican Convention 218 00:11:47,360 --> 00:11:52,720 Speaker 2: was that it reflected America. There were goalstar parents, there 219 00:11:52,760 --> 00:11:55,880 Speaker 2: were parents of children who don't want their child transitioned. 220 00:11:57,080 --> 00:12:03,760 Speaker 2: There were small business owners, veterans, there were teachers, there 221 00:12:03,800 --> 00:12:10,760 Speaker 2: were mothers, fathers, and I really liked that it represented America. 222 00:12:12,160 --> 00:12:16,440 Speaker 2: And that's why I'm very happy that President Trump has 223 00:12:16,480 --> 00:12:21,680 Speaker 2: been bringing people on the stage who represent the broad, 224 00:12:22,280 --> 00:12:26,520 Speaker 2: rich tapestry that is America, regardless what they look like, 225 00:12:27,440 --> 00:12:33,200 Speaker 2: people who share our values. Danielle compos is a Venezuelan 226 00:12:33,280 --> 00:12:37,640 Speaker 2: born pilot. President Trump brought him on stage in Pennsylvania, 227 00:12:38,200 --> 00:12:41,320 Speaker 2: and he spoke from the heart because he saw what 228 00:12:41,520 --> 00:12:45,800 Speaker 2: happened to his beloved Venezuela and he shared it. 229 00:12:46,559 --> 00:12:49,440 Speaker 8: First of all, Hi, everybody, thank you for coming here 230 00:12:49,640 --> 00:12:58,760 Speaker 8: and supported the presidential I'm gonna say they first buy 231 00:12:59,000 --> 00:13:02,319 Speaker 8: off the speech of my story in English. Then I'm 232 00:13:02,320 --> 00:13:06,319 Speaker 8: gonna repeat it in Spanish in order to allow our 233 00:13:06,400 --> 00:13:11,360 Speaker 8: Latino waters to understand and hear what the situation is 234 00:13:11,400 --> 00:13:18,920 Speaker 8: going on. First of all, as the President of Ray said, 235 00:13:18,920 --> 00:13:22,120 Speaker 8: I'm from Venezuela. I left the country in two thousand 236 00:13:22,120 --> 00:13:24,080 Speaker 8: and seven because of communism. 237 00:13:24,360 --> 00:13:25,560 Speaker 4: I still have family there. 238 00:13:26,160 --> 00:13:29,920 Speaker 8: There's been family that left my there has left even 239 00:13:29,960 --> 00:13:34,120 Speaker 8: before me or continuously living little by little. But going 240 00:13:34,200 --> 00:13:36,880 Speaker 8: further back, my grandparents from my mom's. 241 00:13:36,600 --> 00:13:38,160 Speaker 4: Side were from Cuba. 242 00:13:39,280 --> 00:13:44,000 Speaker 8: They they were at the university when the communist revolution 243 00:13:44,160 --> 00:13:47,839 Speaker 8: was going on, and they end up leaving to Venezuela. 244 00:13:48,000 --> 00:13:51,000 Speaker 8: They only had the money they received for us their 245 00:13:51,120 --> 00:13:55,680 Speaker 8: wedding present, and they were living in a midhouse, going 246 00:13:55,720 --> 00:14:00,480 Speaker 8: to school and trying to, you know, move ahead. My 247 00:14:00,480 --> 00:14:05,400 Speaker 8: granddad ended up becoming a doctor and had a family, raising. 248 00:14:05,200 --> 00:14:07,520 Speaker 4: Three children, my mom and my two uncles. 249 00:14:08,520 --> 00:14:11,880 Speaker 8: In the early nineteen nineties, Chaviz did a military coup 250 00:14:12,040 --> 00:14:13,199 Speaker 8: and right after. 251 00:14:13,559 --> 00:14:15,559 Speaker 4: He run for president. 252 00:14:16,040 --> 00:14:19,440 Speaker 8: My granddad saw the similarities to what was happening. 253 00:14:19,200 --> 00:14:21,320 Speaker 4: In Cuba, and he told. 254 00:14:21,080 --> 00:14:24,200 Speaker 8: Everybody that would listen to him that he was coming. 255 00:14:24,560 --> 00:14:27,400 Speaker 8: And everybody was like, no, this is Venezuela, this is 256 00:14:27,440 --> 00:14:30,760 Speaker 8: not Cuba. This will never happen to us. And guess what, 257 00:14:31,520 --> 00:14:33,960 Speaker 8: it happened to us and has been happening to other 258 00:14:34,080 --> 00:14:37,280 Speaker 8: Latin American countries as well. So when they tell you 259 00:14:37,360 --> 00:14:40,160 Speaker 8: here it will never happen, that's not true. 260 00:14:40,280 --> 00:14:43,440 Speaker 4: We lived it now here we are. 261 00:14:42,960 --> 00:14:45,320 Speaker 8: So in two thousand and seven we end up leaving 262 00:14:45,400 --> 00:14:49,480 Speaker 8: because the socialists and the government started changing the education 263 00:14:49,600 --> 00:14:52,440 Speaker 8: system to make it more like the Cuban education system, 264 00:14:52,760 --> 00:14:54,840 Speaker 8: and myself ring a bell to what's going on here 265 00:14:54,880 --> 00:14:59,800 Speaker 8: as well. So it's extremely important for everybody to keep this. 266 00:14:59,760 --> 00:15:04,360 Speaker 1: In breaks my heart to hear these stories breaks my heart. 267 00:15:05,200 --> 00:15:09,560 Speaker 2: Flashback to twenty twenty on CNN how Kamala Harris's campaign 268 00:15:10,120 --> 00:15:12,840 Speaker 2: unraveled before the Iowa Caucus. 269 00:15:13,520 --> 00:15:18,720 Speaker 9: How Kamala Harris's campaign unraveled. They obtained the resignation letter 270 00:15:18,720 --> 00:15:22,200 Speaker 9: of the Harris campaign state operations director, who is now 271 00:15:22,280 --> 00:15:25,880 Speaker 9: joining the Bloomberg campaign. She wrote, it is unacceptable that 272 00:15:25,960 --> 00:15:29,080 Speaker 9: with less than ninety days until Iowa, we still do 273 00:15:29,160 --> 00:15:32,080 Speaker 9: not have a real plan to win. Our campaign for 274 00:15:32,120 --> 00:15:35,000 Speaker 9: the people is made up of diverse talent which is 275 00:15:35,040 --> 00:15:41,200 Speaker 9: being squandered by indecision and a lack of leaders who lead. 276 00:15:41,560 --> 00:15:41,880 Speaker 10: Molly. 277 00:15:42,000 --> 00:15:43,080 Speaker 4: That is rough stuff. 278 00:15:43,120 --> 00:15:46,120 Speaker 9: You wrote a fantastic a cover story on Kamala Harris 279 00:15:46,320 --> 00:15:47,800 Speaker 9: about a month ago or so. 280 00:15:48,520 --> 00:15:50,920 Speaker 1: I'm sure based on what you're reporting. 281 00:15:50,680 --> 00:15:52,720 Speaker 9: Has been a lot of this isn't really a surprise 282 00:15:52,800 --> 00:15:53,600 Speaker 9: to you. 283 00:15:53,640 --> 00:15:55,840 Speaker 11: No, what's the surprise is that she has failed to 284 00:15:55,840 --> 00:15:58,600 Speaker 11: turn it around despite literally months and months and months 285 00:15:58,640 --> 00:16:01,920 Speaker 11: of hearing this kind of frustration. And you hear you know, 286 00:16:02,000 --> 00:16:05,080 Speaker 11: it's reporters, it's people inside the campaign, it's people outside 287 00:16:05,080 --> 00:16:08,080 Speaker 11: the campaign. It's pretty much every voter that you meet 288 00:16:08,320 --> 00:16:10,680 Speaker 11: on the campaign trail who goes to see her, and 289 00:16:10,720 --> 00:16:14,040 Speaker 11: the common theme is people want to like her, and 290 00:16:14,080 --> 00:16:17,360 Speaker 11: then she doesn't close the deal. She's not able to 291 00:16:17,640 --> 00:16:20,960 Speaker 11: articulate a consistent and compelling message that makes those voters 292 00:16:21,000 --> 00:16:23,360 Speaker 11: who show up for her, who are interested in what 293 00:16:23,440 --> 00:16:25,840 Speaker 11: she's selling, that makes them decide, yes, this is the 294 00:16:25,840 --> 00:16:28,400 Speaker 11: candidate I can commit to. And the Time story and 295 00:16:28,400 --> 00:16:32,360 Speaker 11: a post story today have really laid out this frustration, 296 00:16:32,480 --> 00:16:35,200 Speaker 11: especially within her team, that she hasn't been able to 297 00:16:35,320 --> 00:16:36,480 Speaker 11: make those decisions. 298 00:16:36,520 --> 00:16:38,040 Speaker 9: And she's been all over the place in terms of 299 00:16:38,040 --> 00:16:40,520 Speaker 9: the message. Here's a clip to show some of her 300 00:16:40,640 --> 00:16:42,359 Speaker 9: kind of all over the place messaging. 301 00:16:43,200 --> 00:16:49,440 Speaker 12: Truth, justice, decency, equality, freedom. Our mother would sit up 302 00:16:49,480 --> 00:16:51,720 Speaker 12: trying to figure out how to make it all work. 303 00:16:52,200 --> 00:16:55,880 Speaker 12: That's something most Americans know all too well. And that's 304 00:16:55,960 --> 00:16:58,320 Speaker 12: what my three am agenda is all about. 305 00:16:58,720 --> 00:16:59,920 Speaker 1: He's caring your support. 306 00:17:00,920 --> 00:17:01,960 Speaker 13: She will bring us together. 307 00:17:03,240 --> 00:17:07,399 Speaker 14: This is Trump and in every possible way, this is 308 00:17:07,440 --> 00:17:08,400 Speaker 14: the anti. 309 00:17:08,119 --> 00:17:11,439 Speaker 9: Trump and now Tolu her one of the messages is 310 00:17:11,520 --> 00:17:14,040 Speaker 9: she's the one who can bring back the Obama coalition 311 00:17:14,680 --> 00:17:15,760 Speaker 9: in the way that Obama had. 312 00:17:16,840 --> 00:17:17,639 Speaker 1: Yeah, they've tried out a. 313 00:17:17,640 --> 00:17:19,800 Speaker 15: Number of different messages over the past several months and 314 00:17:19,960 --> 00:17:21,680 Speaker 15: just tried to see what is stuck. And it's been 315 00:17:21,720 --> 00:17:23,919 Speaker 15: difficult to follow her campaign because there have been so 316 00:17:23,920 --> 00:17:26,639 Speaker 15: many different messages. And one of the biggest debates that 317 00:17:26,680 --> 00:17:28,760 Speaker 15: she's having internally is whether she wants to be sort 318 00:17:28,760 --> 00:17:32,760 Speaker 15: of the progressive left wing California liberal or whether or 319 00:17:32,840 --> 00:17:34,639 Speaker 15: not she wants to be more of a moderate, and 320 00:17:34,720 --> 00:17:36,960 Speaker 15: both of those lanes are currently clogged up, and the 321 00:17:36,960 --> 00:17:38,960 Speaker 15: fact that she's kind of vacillating between the two of 322 00:17:38,960 --> 00:17:41,320 Speaker 15: those makes it difficult for any voter to stick to 323 00:17:41,359 --> 00:17:43,400 Speaker 15: her when there are so many other options. 324 00:17:43,640 --> 00:17:46,600 Speaker 9: And Julie, this is a policy heavy campaign, I think 325 00:17:46,600 --> 00:17:48,760 Speaker 9: in a way that some folks who got in didn't 326 00:17:48,760 --> 00:17:52,159 Speaker 9: necessarily predict and maybe weren't ready for. And then she 327 00:17:52,240 --> 00:17:52,639 Speaker 9: has hit the. 328 00:17:52,680 --> 00:17:54,919 Speaker 16: Issues with some of her policies right, and some of 329 00:17:54,960 --> 00:17:56,879 Speaker 16: this goes back to the candidate herself. I mean, they 330 00:17:56,880 --> 00:17:58,879 Speaker 16: have tried out a lot of different messages and a 331 00:17:58,880 --> 00:18:01,359 Speaker 16: lot of different strategies. But as Molly said, it is 332 00:18:01,440 --> 00:18:04,400 Speaker 16: her lack of ability to stick to one policy prescription, 333 00:18:04,480 --> 00:18:06,960 Speaker 16: one set of policy issues that she really wants to 334 00:18:07,000 --> 00:18:08,960 Speaker 16: be her trademark that has put our worship. 335 00:18:08,720 --> 00:18:10,000 Speaker 4: Michael Arry Show. 336 00:18:13,880 --> 00:18:21,440 Speaker 2: Focus on the border of crime inflation. That's where we win. 337 00:18:22,480 --> 00:18:27,200 Speaker 2: When the hearts and minds of people focus. You can't 338 00:18:27,240 --> 00:18:32,240 Speaker 2: scattershot fifty eight different things about Kamala just because they bother. 339 00:18:32,359 --> 00:18:40,400 Speaker 2: You focus on what matters. Ronaldus Magnus, as Russ used 340 00:18:40,400 --> 00:18:45,960 Speaker 2: to like to call him, eloquently and succinctly explained the 341 00:18:46,000 --> 00:18:47,359 Speaker 2: cause of inflation. 342 00:18:48,400 --> 00:18:51,240 Speaker 17: Mister Carter became president. Inflation was four point eight percent. 343 00:18:51,600 --> 00:18:53,560 Speaker 17: It is now running at twelve point seven percent. 344 00:18:53,960 --> 00:18:56,520 Speaker 13: He is blamed the people of living too well. We 345 00:18:56,560 --> 00:18:56,920 Speaker 13: don't have. 346 00:18:56,920 --> 00:18:58,760 Speaker 18: Inflation because the people are living too well. 347 00:18:58,880 --> 00:19:01,480 Speaker 13: We have inflation because government is living too well. 348 00:19:02,359 --> 00:19:05,080 Speaker 2: I'm going to play that again because I want you 349 00:19:05,119 --> 00:19:08,600 Speaker 2: to learn it and repeat it, because it's powerful. 350 00:19:09,119 --> 00:19:11,960 Speaker 17: Mister cardib became president. Inflation was four point eight percent. 351 00:19:12,359 --> 00:19:14,280 Speaker 17: It is now running at twelve point seven percent. 352 00:19:14,680 --> 00:19:16,600 Speaker 13: He is blamed the people of living too well. 353 00:19:17,160 --> 00:19:19,520 Speaker 18: We don't have inflation because the people are living too well. 354 00:19:19,600 --> 00:19:22,200 Speaker 18: We have inflation because the government is living too well. 355 00:19:24,440 --> 00:19:26,480 Speaker 1: Let me tell you what that inflation did to people. 356 00:19:26,840 --> 00:19:29,199 Speaker 2: Because most of us aren't old enough to have been 357 00:19:29,280 --> 00:19:31,840 Speaker 2: professional at that time to understand the costs. 358 00:19:31,840 --> 00:19:32,720 Speaker 1: We were just children. 359 00:19:35,320 --> 00:19:41,760 Speaker 2: Nineteen eighty November of eighty, when Reagan was elected, the 360 00:19:41,840 --> 00:19:46,080 Speaker 2: interest rates were well above ten percent. Because when you 361 00:19:46,280 --> 00:19:52,560 Speaker 2: have inflation, the only way with your monetary policy you 362 00:19:52,640 --> 00:19:57,520 Speaker 2: can suck the air out of the inflation balloon is 363 00:19:57,600 --> 00:20:03,479 Speaker 2: you have to constrict the cash the currency. So your 364 00:20:03,520 --> 00:20:06,640 Speaker 2: monetary policy has to be nobody can get a loan. 365 00:20:07,440 --> 00:20:10,119 Speaker 2: How do you keep people from getting a loan? You 366 00:20:10,200 --> 00:20:13,440 Speaker 2: drive the interest rate up high. That's what you do 367 00:20:13,520 --> 00:20:17,040 Speaker 2: to try to battle inflation, to bring the cost down, 368 00:20:17,160 --> 00:20:19,440 Speaker 2: to bring sorry, to bring the prices down. The cost 369 00:20:19,480 --> 00:20:22,359 Speaker 2: doesn't change, the price has come down, that's the goal. 370 00:20:23,600 --> 00:20:27,040 Speaker 2: That's what happened under Jimmy Carter, Joe Biden, and Kamala 371 00:20:27,080 --> 00:20:30,280 Speaker 2: Harris are just Jimmy Carter three point zero Jimmy Carter, 372 00:20:30,520 --> 00:20:34,159 Speaker 2: Barack Obama, Joe Biden. These policies have the same damned 373 00:20:34,160 --> 00:20:38,400 Speaker 2: effect every time. But there's a new audience with each 374 00:20:38,440 --> 00:20:40,520 Speaker 2: new generation. And when that happened, I was talking to 375 00:20:40,640 --> 00:20:45,840 Speaker 2: Charlie Hartland. Charlie is a well he spent most of 376 00:20:45,880 --> 00:20:48,520 Speaker 2: his career with inspirity, but before that he was a 377 00:20:48,560 --> 00:20:51,440 Speaker 2: home builder, And I said, why did you stop being 378 00:20:51,440 --> 00:20:54,560 Speaker 2: a homebuilder And he said, well, under Carter, the interest 379 00:20:54,600 --> 00:20:59,200 Speaker 2: rates were so high that nobody could borrow to build 380 00:20:59,280 --> 00:21:00,600 Speaker 2: a new to buy a new home. 381 00:21:01,760 --> 00:21:02,320 Speaker 1: So what'd you do? 382 00:21:02,359 --> 00:21:04,320 Speaker 2: He said, Well, first, I had a family to feed, 383 00:21:05,359 --> 00:21:10,479 Speaker 2: so I first started by instead of building new homes, 384 00:21:11,119 --> 00:21:14,040 Speaker 2: I would renovate the homes that people were in because 385 00:21:14,040 --> 00:21:16,520 Speaker 2: they couldn't afford a loan to buy a new house. 386 00:21:17,040 --> 00:21:20,240 Speaker 2: And I still had mouths to feed and guys, you know, workers. 387 00:21:20,880 --> 00:21:22,679 Speaker 2: So that's what he did until he couldn't any longer. 388 00:21:23,160 --> 00:21:25,440 Speaker 2: Then he went to work for what was in administaff 389 00:21:25,440 --> 00:21:29,000 Speaker 2: and became inspired and had a great career. But he 390 00:21:29,119 --> 00:21:32,199 Speaker 2: was talking about how inflation had hurt him because the 391 00:21:32,240 --> 00:21:36,120 Speaker 2: response to inflation is high interest rates, which is why 392 00:21:36,200 --> 00:21:38,960 Speaker 2: we have had to have highest rates because of the 393 00:21:39,040 --> 00:21:43,600 Speaker 2: inflation that this government has cost. And I'll play it 394 00:21:43,640 --> 00:21:46,600 Speaker 2: again because I want you to understand, because Ronald Reagan 395 00:21:46,680 --> 00:21:47,760 Speaker 2: is absolutely right. 396 00:21:48,240 --> 00:21:51,520 Speaker 17: When mister Carter became president, inflation was four point eight percent. 397 00:21:51,920 --> 00:21:54,040 Speaker 17: It is now running a twelve point seven percent. 398 00:21:54,560 --> 00:21:56,639 Speaker 13: He is blamed the people of living too well. 399 00:21:57,280 --> 00:21:59,840 Speaker 18: We don't have inflation because the people are living too well. 400 00:22:00,080 --> 00:22:02,800 Speaker 18: We have inflation because the government is living too well. 401 00:22:04,920 --> 00:22:10,320 Speaker 2: The great Milton Friedman once called inflation the true tax. 402 00:22:13,240 --> 00:22:16,640 Speaker 14: As I said before, keep your eye on one thing, 403 00:22:16,720 --> 00:22:19,760 Speaker 14: and one thing only, how much government is spending, because 404 00:22:19,800 --> 00:22:23,919 Speaker 14: that's the true tax. Every budget is balanced. There is 405 00:22:23,960 --> 00:22:27,919 Speaker 14: no such thing as an unbalanced federal budget. You're paying 406 00:22:28,000 --> 00:22:30,679 Speaker 14: for it if you're not paying for it through it 407 00:22:30,720 --> 00:22:31,640 Speaker 14: in the form. 408 00:22:31,480 --> 00:22:32,640 Speaker 1: Of explicit taxes. 409 00:22:33,000 --> 00:22:35,600 Speaker 14: You're paying for it indirectly, in the form of inflation 410 00:22:36,160 --> 00:22:37,360 Speaker 14: or in the form of borrowing. 411 00:22:37,920 --> 00:22:40,400 Speaker 10: The thing you should keep your eye on is what 412 00:22:40,520 --> 00:22:41,480 Speaker 10: government spends. 413 00:22:42,359 --> 00:22:45,560 Speaker 14: And the real problem is to hold down government spending 414 00:22:46,359 --> 00:22:48,240 Speaker 14: as a fraction of our ind And. 415 00:22:48,240 --> 00:22:50,920 Speaker 10: If you do that, you can stop worrying about the debt. 416 00:22:52,880 --> 00:23:00,520 Speaker 2: The problem is politicians want to make promises. They don't 417 00:23:00,560 --> 00:23:05,280 Speaker 2: pay for it. You do, but they don't make a 418 00:23:05,359 --> 00:23:09,720 Speaker 2: promise to say give me your money that I may 419 00:23:09,800 --> 00:23:10,320 Speaker 2: give it. 420 00:23:10,400 --> 00:23:13,919 Speaker 1: To someone else. They appeal to your heart. 421 00:23:15,160 --> 00:23:18,560 Speaker 2: It's the right thing to do that we spend this 422 00:23:18,800 --> 00:23:23,760 Speaker 2: money on this thing. I don't believe the American people 423 00:23:25,359 --> 00:23:28,720 Speaker 2: want so many billion dollars to have gone to Ukraine. 424 00:23:30,440 --> 00:23:35,840 Speaker 2: And the way this argument is couched is if you 425 00:23:35,880 --> 00:23:40,720 Speaker 2: can't afford dinner tonight, just remember Vladimir's Zelensky. 426 00:23:40,760 --> 00:23:41,200 Speaker 1: Sure can. 427 00:23:43,560 --> 00:23:46,639 Speaker 2: Instead of giving that money to Zelensky and Ukraine, we 428 00:23:46,720 --> 00:23:51,560 Speaker 2: could have given it to you. Government shouldn't need to 429 00:23:51,600 --> 00:23:56,160 Speaker 2: take your money to give it back to you. Government 430 00:23:56,240 --> 00:24:00,000 Speaker 2: shouldn't need to take your money to give it back 431 00:24:00,320 --> 00:24:06,679 Speaker 2: to you. Governments should let you keep your money. You 432 00:24:06,840 --> 00:24:11,760 Speaker 2: earned it, and when they tell you you're greedy. The 433 00:24:11,840 --> 00:24:15,760 Speaker 2: left will tell you you're greedy for not wanting to give 434 00:24:15,800 --> 00:24:18,879 Speaker 2: more of your money to other people and let the 435 00:24:18,920 --> 00:24:22,760 Speaker 2: politicians get the credit by collecting it first before they 436 00:24:22,800 --> 00:24:25,080 Speaker 2: hand it to them. If I wanted to give my 437 00:24:25,119 --> 00:24:27,359 Speaker 2: money away, I would give it to charity, and I do, 438 00:24:28,280 --> 00:24:30,120 Speaker 2: but I don't need to rout it through the government. 439 00:24:32,240 --> 00:24:33,399 Speaker 1: That's not hoow that works. 440 00:24:35,920 --> 00:24:40,919 Speaker 2: But the government wants the credit for taking your money 441 00:24:41,080 --> 00:24:44,920 Speaker 2: and giving it to those people. That's not charitable any longer. 442 00:24:46,680 --> 00:24:51,159 Speaker 2: That's not an act of kindness. But in so doing 443 00:24:51,920 --> 00:24:56,239 Speaker 2: they harm you by taking that which you've earned and 444 00:24:56,280 --> 00:25:00,359 Speaker 2: they harm the person they give it to because they 445 00:25:00,600 --> 00:25:03,719 Speaker 2: lose the ability. Like the bear they tell you not 446 00:25:03,760 --> 00:25:07,840 Speaker 2: to feed, because they'll they'll lose the ability to forage 447 00:25:07,880 --> 00:25:13,080 Speaker 2: on their own the zoo animals. If people don't have 448 00:25:13,160 --> 00:25:16,160 Speaker 2: to forage on their own to provide for themselves, they 449 00:25:16,160 --> 00:25:21,359 Speaker 2: will grow dependent on a government. And that is exactly 450 00:25:21,440 --> 00:25:24,679 Speaker 2: what the Democrats want, and that's where we are. 451 00:25:24,560 --> 00:25:39,040 Speaker 19: Today Michael Berry's show, let's have an economics lesson for 452 00:25:39,080 --> 00:25:41,600 Speaker 19: a moment, because it's very important people know they don't 453 00:25:41,720 --> 00:25:42,360 Speaker 19: like inflation. 454 00:25:43,520 --> 00:25:46,960 Speaker 2: Nobody says, I'm not sure, Michael, I think I might 455 00:25:47,000 --> 00:25:48,120 Speaker 2: be in favor of inflation. 456 00:25:49,840 --> 00:25:53,240 Speaker 1: Inflation to most people simply means. 457 00:25:54,800 --> 00:25:58,640 Speaker 2: They don't have enough money to buy the things they want. 458 00:26:00,160 --> 00:26:05,800 Speaker 2: So in a sense, there is always inflation because we 459 00:26:05,800 --> 00:26:09,680 Speaker 2: can never buy as much as we want. Well, that's economics, 460 00:26:11,080 --> 00:26:16,040 Speaker 2: the allocation of scarce resources. We all have scarce resources. 461 00:26:16,080 --> 00:26:19,879 Speaker 2: We don't have as much money as we'd like. So 462 00:26:21,960 --> 00:26:25,520 Speaker 2: we get our first job. We're making fifty thousand dollars 463 00:26:25,560 --> 00:26:29,560 Speaker 2: a year. We start that job, we don't have anywhere 464 00:26:29,600 --> 00:26:32,560 Speaker 2: to live, we don't have anything to drive, we don't 465 00:26:32,600 --> 00:26:34,080 Speaker 2: have clothes to wear to that job. 466 00:26:35,119 --> 00:26:35,880 Speaker 1: So what do we do. 467 00:26:36,840 --> 00:26:40,600 Speaker 2: We go borrow money from someone else a bank or 468 00:26:40,680 --> 00:26:44,720 Speaker 2: credit card, usually a credit card, and then we're going 469 00:26:44,800 --> 00:26:48,040 Speaker 2: to pay them back as we start making money, but. 470 00:26:48,000 --> 00:26:50,000 Speaker 1: We're going to pay them back what we borrowed and 471 00:26:50,080 --> 00:26:50,399 Speaker 1: then some. 472 00:26:51,960 --> 00:26:56,879 Speaker 2: And this borrowing becomes a crutch because where we do 473 00:26:56,920 --> 00:26:59,120 Speaker 2: then we go buy. Then we borrow money for a car, 474 00:27:00,040 --> 00:27:03,439 Speaker 2: we borrow money for a house. But that's okay because 475 00:27:03,480 --> 00:27:05,080 Speaker 2: we think about how much we're going to pay him 476 00:27:05,119 --> 00:27:09,520 Speaker 2: per month and not what we're going to pay them overall. 477 00:27:09,640 --> 00:27:12,600 Speaker 2: But it adds up, doesn't it, And we never get 478 00:27:12,600 --> 00:27:15,439 Speaker 2: out of that cycle of debt. That's what's happened to 479 00:27:15,440 --> 00:27:20,960 Speaker 2: our nation. And so eventually we say, give me more. 480 00:27:21,160 --> 00:27:27,120 Speaker 2: I want more money. So the government, without producing more goods, 481 00:27:28,440 --> 00:27:34,440 Speaker 2: the government just prints more money. Nobody has spoken more 482 00:27:34,640 --> 00:27:44,000 Speaker 2: eloquently in America's history on inflation than Milton Friedman. He 483 00:27:44,080 --> 00:27:49,360 Speaker 2: called inflation a disease, and it is. It's a sickness. 484 00:27:50,760 --> 00:27:55,119 Speaker 2: It's brought about by the collapse of many nations, or 485 00:27:55,160 --> 00:27:59,560 Speaker 2: it's brought about the collapse of many nations in the past. 486 00:28:00,640 --> 00:28:06,160 Speaker 2: It is a sickness. You didn't cause it. Only government 487 00:28:06,200 --> 00:28:06,720 Speaker 2: can cause it. 488 00:28:06,840 --> 00:28:15,199 Speaker 14: Listen Inflation is a disease. It's a dangerous disease for 489 00:28:15,280 --> 00:28:20,080 Speaker 14: a society. It is sometimes a fatal disease for a society. 490 00:28:21,040 --> 00:28:25,240 Speaker 14: It's a disease that, if allowed to rage unchecked, can 491 00:28:25,280 --> 00:28:26,520 Speaker 14: destroy a society. 492 00:28:26,800 --> 00:28:28,560 Speaker 10: And we have many such examples. 493 00:28:30,320 --> 00:28:36,520 Speaker 14: The classic examples, of course, are the extreme examples of Germany, 494 00:28:37,440 --> 00:28:44,000 Speaker 14: of Austria, of Russia after the First World War, when 495 00:28:44,240 --> 00:28:47,680 Speaker 14: inflation really did reach levels at which the kind of 496 00:28:47,720 --> 00:28:51,800 Speaker 14: apocryphal story I told you was a literal description of 497 00:28:51,840 --> 00:28:58,360 Speaker 14: the reality, when inflation reached levels at which employers would 498 00:28:58,400 --> 00:29:01,640 Speaker 14: pay their workers three times tis a day after breakfast, lunch, 499 00:29:01,720 --> 00:29:04,040 Speaker 14: and dinner so they could go out and spend the 500 00:29:04,040 --> 00:29:04,800 Speaker 14: money before. 501 00:29:04,600 --> 00:29:08,440 Speaker 10: It lost all its value. That's the real extreme cases. 502 00:29:09,640 --> 00:29:12,040 Speaker 14: But you don't have to go to such extreme cases 503 00:29:12,600 --> 00:29:17,280 Speaker 14: to see the enormous harm which inflation left unchecked can do. 504 00:29:18,880 --> 00:29:22,760 Speaker 14: You have the example in many examples in South America. 505 00:29:23,920 --> 00:29:28,560 Speaker 14: Brazil before nineteen sixty four was brought down by an 506 00:29:28,560 --> 00:29:32,760 Speaker 14: inflation that led to a revolution that toppled the existing 507 00:29:32,800 --> 00:29:36,720 Speaker 14: government in order to stem the inflation. In the famous 508 00:29:36,760 --> 00:29:40,880 Speaker 14: case of Chile, with mister Elea a Yendi in power, 509 00:29:41,720 --> 00:29:44,640 Speaker 14: he produced an inflation which was one of the major 510 00:29:44,680 --> 00:29:48,320 Speaker 14: factors that caused the economic catastrophe that led to the 511 00:29:48,360 --> 00:29:51,800 Speaker 14: replacement of his government by a military dictatorship. 512 00:29:54,280 --> 00:29:56,200 Speaker 10: We are nowhere near that stage. 513 00:29:55,840 --> 00:29:59,000 Speaker 14: In the United States, but it behooves us as a 514 00:29:59,080 --> 00:30:03,240 Speaker 14: nation to pay at ten to this disease, to ask ourselves, 515 00:30:04,440 --> 00:30:07,240 Speaker 14: what is the cause of the disease, How do you 516 00:30:07,320 --> 00:30:11,720 Speaker 14: cure the disease, What are the effects of the cure, 517 00:30:13,960 --> 00:30:15,520 Speaker 14: what are the side effects of it? 518 00:30:16,080 --> 00:30:17,880 Speaker 10: And what will happen if we don't cure it. 519 00:30:18,600 --> 00:30:21,120 Speaker 2: Now I want you to understand. You know you've got 520 00:30:21,120 --> 00:30:30,440 Speaker 2: this disease, what causes it? Spoiler alert, It's not what 521 00:30:30,520 --> 00:30:35,000 Speaker 2: Kamala Harris said price gauging, which she meant price gouging, 522 00:30:35,040 --> 00:30:36,680 Speaker 2: but she didn't read the word. 523 00:30:36,920 --> 00:30:38,760 Speaker 1: She has no understanding how this works. 524 00:30:40,120 --> 00:30:44,400 Speaker 2: There is a cancer on this nation that is inflation, 525 00:30:46,800 --> 00:30:49,280 Speaker 2: and it's very important that we understand how we got it, 526 00:30:49,320 --> 00:30:50,800 Speaker 2: and how you treat it and how you stop it. 527 00:30:52,800 --> 00:30:54,280 Speaker 1: So let's go to Milton Friedman again. 528 00:30:55,760 --> 00:30:59,760 Speaker 14: Now, the first step to our understanding the cause of 529 00:30:59,800 --> 00:31:05,040 Speaker 14: an is to recognize that it is always in everywhere 530 00:31:05,240 --> 00:31:07,000 Speaker 14: a monetary phenomenon. 531 00:31:08,920 --> 00:31:11,520 Speaker 10: It's always in everywhere a result. 532 00:31:12,400 --> 00:31:16,760 Speaker 14: Of too much money of a more rapid increase in 533 00:31:16,840 --> 00:31:22,160 Speaker 14: the quantity of money than an output. Moreover, in the 534 00:31:22,200 --> 00:31:28,840 Speaker 14: modern era, the important next step is to recognize that 535 00:31:28,920 --> 00:31:33,720 Speaker 14: today governments control the quantity of money, so that as 536 00:31:33,760 --> 00:31:38,400 Speaker 14: a result, inflation in the United States is made in 537 00:31:38,560 --> 00:31:39,920 Speaker 14: Washington and nowhere else. 538 00:31:40,920 --> 00:31:44,240 Speaker 10: Of Course, no government, any more. 539 00:31:44,120 --> 00:31:46,680 Speaker 14: Than any one of us, likes to take responsibility for 540 00:31:46,760 --> 00:31:47,440 Speaker 14: bad things. 541 00:31:48,160 --> 00:31:49,240 Speaker 10: Where all of us human. 542 00:31:49,760 --> 00:31:53,560 Speaker 14: If something bad happens, it wasn't our fault, and the 543 00:31:53,600 --> 00:31:57,720 Speaker 14: government is the same way, so it doesn't accept responsibility 544 00:31:57,720 --> 00:31:58,400 Speaker 14: for inflation. 545 00:32:00,000 --> 00:32:01,680 Speaker 10: Listen to people in Washington talk. 546 00:32:02,520 --> 00:32:05,800 Speaker 14: They will tell you that inflation is produced by greedy businessmen, 547 00:32:06,880 --> 00:32:10,920 Speaker 14: or it's produced by grasping unions, or it's produced by 548 00:32:11,040 --> 00:32:16,680 Speaker 14: spendthrift consumers, or maybe it's those terrible Arab sheiks who 549 00:32:16,680 --> 00:32:17,240 Speaker 14: are producing. 550 00:32:19,640 --> 00:32:23,040 Speaker 10: Now, of course, businessmen are greedy, who of us isn't. 551 00:32:24,680 --> 00:32:27,960 Speaker 14: Trade unions are grasping who of us isn't. 552 00:32:28,560 --> 00:32:29,920 Speaker 10: And there's no doubt. 553 00:32:29,600 --> 00:32:33,280 Speaker 14: That the consumer is a spendthrift at least every man 554 00:32:33,360 --> 00:32:37,920 Speaker 14: knows that about his wife. But none of them produce 555 00:32:38,000 --> 00:32:42,320 Speaker 14: inflation for the very simple reason that neither the businessman, 556 00:32:43,560 --> 00:32:48,760 Speaker 14: nor the trade union, nor the housewife has a printing 557 00:32:48,800 --> 00:32:51,760 Speaker 14: press in their basement on which they can turn out 558 00:32:51,760 --> 00:32:55,920 Speaker 14: those green pieces of paper we call money. Only Washington 559 00:32:56,000 --> 00:33:00,640 Speaker 14: has that printing press, and therefore only Washington can produce inflation. 560 00:33:00,960 --> 00:33:05,600 Speaker 2: And since we're on the subject of the Great Milton Friedman, 561 00:33:06,160 --> 00:33:10,680 Speaker 2: let's close with a quote we played earlier. It's important 562 00:33:10,720 --> 00:33:18,080 Speaker 2: people understand why we have inflation. Inflation is a tax 563 00:33:18,480 --> 00:33:22,360 Speaker 2: on the people by reducing your income to pay for 564 00:33:22,440 --> 00:33:24,600 Speaker 2: things government has already spent on it. 565 00:33:26,720 --> 00:33:30,040 Speaker 14: As I said before, keep your eye on one thing, 566 00:33:30,080 --> 00:33:30,720 Speaker 14: and one. 567 00:33:30,520 --> 00:33:32,640 Speaker 10: Thing only, how much government is spending. 568 00:33:32,760 --> 00:33:36,960 Speaker 14: Because that's the true tax. Every budget is balanced. There 569 00:33:37,000 --> 00:33:40,640 Speaker 14: is no such thing as an unbalanced federal budget. You're 570 00:33:40,720 --> 00:33:43,240 Speaker 14: paying for it if you're not paying for. 571 00:33:43,280 --> 00:33:45,680 Speaker 10: It through it in the form of explicit taxes. 572 00:33:46,000 --> 00:33:48,520 Speaker 14: You're paying for it indirectly, in the form of inflation 573 00:33:49,080 --> 00:33:51,520 Speaker 14: or in the form of borrowing. The thing you should 574 00:33:51,600 --> 00:33:54,080 Speaker 14: keep your eye on is what governments spent. 575 00:33:55,120 --> 00:33:58,200 Speaker 10: And the real problem is to hold down government. 576 00:33:57,800 --> 00:34:01,440 Speaker 14: Spending as a fraction of our And if you do that, 577 00:34:01,920 --> 00:34:03,400 Speaker 14: you can stop worrying about the day. 578 00:34:06,640 --> 00:34:06,680 Speaker 17: M