1 00:00:09,720 --> 00:00:14,120 Speaker 1: The Great Depression? What was it? I mean, you've heard 2 00:00:14,160 --> 00:00:17,759 Speaker 1: of it, you're aware of it. What was it? What 3 00:00:17,880 --> 00:00:20,040 Speaker 1: was it like back then? I'll tell you. Do you know? 4 00:00:20,120 --> 00:00:23,760 Speaker 1: Before I did this job, I was kind of in 5 00:00:23,760 --> 00:00:26,439 Speaker 1: between jobs, looking for work. And one of the things 6 00:00:26,440 --> 00:00:29,040 Speaker 1: I did for work was there's a local film production 7 00:00:29,080 --> 00:00:33,680 Speaker 1: companies and they make documentaries about individuals and go around 8 00:00:33,720 --> 00:00:36,160 Speaker 1: and I have to sit down with an old person. 9 00:00:36,200 --> 00:00:38,479 Speaker 1: It was always an old person, and I would just 10 00:00:38,520 --> 00:00:40,319 Speaker 1: interview them, sit down in front of them for four 11 00:00:40,400 --> 00:00:42,479 Speaker 1: or five hours and interview them about their life, telling 12 00:00:42,520 --> 00:00:44,520 Speaker 1: me about your life, kind of make their own biography 13 00:00:44,560 --> 00:00:47,280 Speaker 1: type thing. And more than once I got to sit 14 00:00:47,320 --> 00:00:51,600 Speaker 1: down with somebody who went through the Great Depression, and 15 00:00:51,920 --> 00:00:59,040 Speaker 1: it was eye opening, absolutely jaw dropping and eye opening 16 00:00:59,080 --> 00:01:03,200 Speaker 1: to hear about things people went through in America. Right 17 00:01:03,200 --> 00:01:06,640 Speaker 1: We're used to hearing stories about starving kids in Africa. 18 00:01:06,760 --> 00:01:10,840 Speaker 1: You're used to hearing that that stuff happened right here 19 00:01:10,920 --> 00:01:14,240 Speaker 1: in America. One of the things that really took me back, 20 00:01:14,240 --> 00:01:15,800 Speaker 1: and I'll get to the causes and things like that 21 00:01:15,840 --> 00:01:17,119 Speaker 1: in a minute, but one of the things that really 22 00:01:17,120 --> 00:01:20,880 Speaker 1: took me back was the mortality rates and how they 23 00:01:21,000 --> 00:01:23,480 Speaker 1: rose during a great depression. That's one thing we don't 24 00:01:23,520 --> 00:01:28,520 Speaker 1: think about is poverty kills people. It does. Remember, money 25 00:01:28,520 --> 00:01:33,920 Speaker 1: buys you access, right access to what everything anything better, food, 26 00:01:33,959 --> 00:01:36,880 Speaker 1: better house, better car, better pool, pretty girls, nice steaks, 27 00:01:37,000 --> 00:01:40,440 Speaker 1: cavy are, diamonds, whatever, whatever your thing is. But one 28 00:01:40,440 --> 00:01:44,960 Speaker 1: of the things that buys you access to is healthcare, medicines, 29 00:01:45,319 --> 00:01:49,800 Speaker 1: good doctors. Poor people don't have those things. One thing 30 00:01:50,280 --> 00:01:53,240 Speaker 1: I've read several things on this before you realize in 31 00:01:53,280 --> 00:01:56,120 Speaker 1: the United States of America again, not some far off land, 32 00:01:56,200 --> 00:01:59,480 Speaker 1: not some third world country. In the United States of America, 33 00:01:59,600 --> 00:02:05,680 Speaker 1: right here, kids would go a day without eating. If 34 00:02:05,720 --> 00:02:08,960 Speaker 1: parents had multiple kids, sometimes they would have days of 35 00:02:09,000 --> 00:02:12,680 Speaker 1: the week where they got to eat. No, no, no, no no, no, Sorry, Timmy, 36 00:02:12,960 --> 00:02:16,519 Speaker 1: this is your little sister's turn to eat today. You ah, yeah, 37 00:02:16,560 --> 00:02:20,320 Speaker 1: you're on the schedule for tomorrow. Again, not in some 38 00:02:20,400 --> 00:02:22,800 Speaker 1: far off land, right here, right where you live. This 39 00:02:22,840 --> 00:02:26,119 Speaker 1: stuff happened. I mean, we all know the story, right, 40 00:02:27,120 --> 00:02:30,800 Speaker 1: massive peak in the stock market, kind of like these days, 41 00:02:31,440 --> 00:02:34,800 Speaker 1: and then nineteen twenty nine, it all comes crashing down, 42 00:02:35,440 --> 00:02:41,000 Speaker 1: and what happens is momentum. Momentum is a very powerful thing. 43 00:02:41,000 --> 00:02:43,840 Speaker 1: There were a lot of things that led to that crash. Honestly, 44 00:02:44,080 --> 00:02:45,880 Speaker 1: you can tie it clear back to World War One 45 00:02:45,960 --> 00:02:50,160 Speaker 1: and before we had all these idiotic tariffs on places. 46 00:02:50,200 --> 00:02:53,760 Speaker 1: They then tariff back. But really, when things start to 47 00:02:53,840 --> 00:02:56,040 Speaker 1: go bad, momentum kind of pours on. And one of 48 00:02:56,040 --> 00:02:57,880 Speaker 1: the things that really killed us gret during the Great 49 00:02:57,880 --> 00:03:00,000 Speaker 1: Depression was as soon as that stock market went down, 50 00:03:00,120 --> 00:03:02,840 Speaker 1: people started to get scared, started the panic, started to 51 00:03:02,919 --> 00:03:05,480 Speaker 1: run down to the bank and withdraw all their money. Well, 52 00:03:05,520 --> 00:03:08,959 Speaker 1: that's how banks stay in business, is keeping your money. 53 00:03:09,480 --> 00:03:11,920 Speaker 1: You realize we lost one third of the banks in 54 00:03:11,960 --> 00:03:14,800 Speaker 1: the United States of America. And do you realize people 55 00:03:14,880 --> 00:03:17,880 Speaker 1: walked up to banks to withdraw their money to find 56 00:03:17,880 --> 00:03:23,040 Speaker 1: the doors closed, locked, with a notice saying, your money's gone, 57 00:03:23,160 --> 00:03:25,800 Speaker 1: this bank is out of business. Can you even imagine 58 00:03:25,800 --> 00:03:27,720 Speaker 1: what that would be like? And yet it happened here. 59 00:03:28,760 --> 00:03:31,160 Speaker 1: It happened right here in the United States of America 60 00:03:31,240 --> 00:03:35,680 Speaker 1: because of idiotic policies. Have you ever heard of the 61 00:03:35,760 --> 00:03:40,720 Speaker 1: term Hooverville? No, I'm not not making any Kamala Harris jokes. Hooverville, 62 00:03:40,720 --> 00:03:43,840 Speaker 1: You ever heard that term? Hoover was the president who 63 00:03:43,960 --> 00:03:46,280 Speaker 1: put in a lot of the idiotic policies that got 64 00:03:46,360 --> 00:03:48,520 Speaker 1: us into this place. And at some point in time 65 00:03:48,640 --> 00:03:54,840 Speaker 1: unemployment rose to twenty five percent. Twenty five percent. Now, 66 00:03:54,840 --> 00:03:59,040 Speaker 1: when you have an employment like that, widespread unemployment like that, 67 00:03:59,200 --> 00:04:01,840 Speaker 1: people simply can't afford to live. And again, this is 68 00:04:01,840 --> 00:04:03,840 Speaker 1: a world that you don't even know that I don't 69 00:04:03,840 --> 00:04:06,640 Speaker 1: even know we've ever experienced this, And yet this happened, 70 00:04:06,800 --> 00:04:10,640 Speaker 1: This happened less than a hundred years ago in our country. 71 00:04:11,360 --> 00:04:14,440 Speaker 1: Families would be evicted from their homes just as they 72 00:04:14,480 --> 00:04:17,320 Speaker 1: will be today. Can't pay the bills, can't pay the mortgage, 73 00:04:17,760 --> 00:04:24,000 Speaker 1: out you go, and families oftentimes had nowhere to go. 74 00:04:24,440 --> 00:04:27,280 Speaker 1: Oftentimes mom and dad were either dead or they were 75 00:04:27,360 --> 00:04:31,320 Speaker 1: kicked out too. And the look it ended up with Hoovervilles, 76 00:04:31,440 --> 00:04:36,120 Speaker 1: which were tiny little shanty towns on the outskirts of cities. 77 00:04:36,600 --> 00:04:39,480 Speaker 1: You ever see a place like Brazil, it's a great one. 78 00:04:39,480 --> 00:04:43,599 Speaker 1: They call them favelas in Brazil, these little ghetto, really 79 00:04:43,640 --> 00:04:47,440 Speaker 1: really poor areas where houses, if that's even what you 80 00:04:47,480 --> 00:04:50,039 Speaker 1: want to call them, are just basically sheet metal and 81 00:04:50,200 --> 00:04:53,040 Speaker 1: scraped lywood that you've got stacked together to make some 82 00:04:53,120 --> 00:04:59,080 Speaker 1: sort of a dwelling. That's what a hooverville was. Shanty 83 00:04:59,080 --> 00:05:02,599 Speaker 1: towns like that across the United States of America. A 84 00:05:02,800 --> 00:05:05,760 Speaker 1: horrendous time. And every person I've ever talked to in 85 00:05:05,800 --> 00:05:09,600 Speaker 1: my life who went through it, it's similar to when 86 00:05:09,640 --> 00:05:12,479 Speaker 1: I talk to veterans who've been through combat. You can 87 00:05:12,520 --> 00:05:16,000 Speaker 1: tell they get this look, this kind of far off 88 00:05:16,080 --> 00:05:19,200 Speaker 1: look in their eye about man, that was the worst 89 00:05:19,320 --> 00:05:22,600 Speaker 1: thing ever. And we're talking people who were sixty seventy 90 00:05:22,680 --> 00:05:26,360 Speaker 1: years removed from it, and that they still are emotionally 91 00:05:26,520 --> 00:05:29,760 Speaker 1: just wretched at the thought of a great depression. And 92 00:05:29,800 --> 00:05:34,400 Speaker 1: I bring all this up because I do genuinely believe 93 00:05:34,440 --> 00:05:38,960 Speaker 1: we are on the verge of one, and there are 94 00:05:39,000 --> 00:05:42,159 Speaker 1: a lot of factors that come into play. But I'll 95 00:05:42,200 --> 00:05:45,200 Speaker 1: tell you, and I suppose this is supposed to make 96 00:05:45,200 --> 00:05:48,280 Speaker 1: me feel good, it doesn't. It actually makes me feel bad. 97 00:05:48,920 --> 00:05:52,599 Speaker 1: I told you all this was coming. I am telling 98 00:05:52,600 --> 00:05:57,120 Speaker 1: you the public outcry had better start switching gears from 99 00:05:57,200 --> 00:06:00,159 Speaker 1: save us from the disease and close us all down 100 00:06:00,320 --> 00:06:03,120 Speaker 1: to open us back up now, or we are heading 101 00:06:03,160 --> 00:06:06,000 Speaker 1: towards a great depression in the United States of America. 102 00:06:06,240 --> 00:06:11,000 Speaker 1: Not every session a great depression, and some jerkwater one 103 00:06:11,040 --> 00:06:13,520 Speaker 1: trillion dollar bill in Congress, even if it did pass. 104 00:06:13,560 --> 00:06:17,800 Speaker 1: Ain't going to change that, not one bit. I have 105 00:06:18,080 --> 00:06:20,760 Speaker 1: never seen this kind of lunacy in my life. I'm 106 00:06:20,880 --> 00:06:24,719 Speaker 1: disgusted by the people who lead us, but I'm not surprised. 107 00:06:25,440 --> 00:06:27,200 Speaker 1: Maybe that is a good thing that can come from 108 00:06:27,240 --> 00:06:30,000 Speaker 1: all this. On top of the family time, maybe more 109 00:06:30,040 --> 00:06:33,240 Speaker 1: time in prayer. Maybe we all need a helpful reminder 110 00:06:33,480 --> 00:06:37,560 Speaker 1: that we have a bunch of degenerate sociopaths leading this country. 111 00:06:38,040 --> 00:06:44,320 Speaker 1: Don't trust them. Ever, that was obviously from the very 112 00:06:44,360 --> 00:06:49,839 Speaker 1: beginning when we were talking about the coronavirus lockdowns. And look, 113 00:06:50,480 --> 00:06:59,000 Speaker 1: this is something everyone should have seen coming, everyone left right, middle, Republican, Democrat, American, Canadian, Mexican, 114 00:06:59,080 --> 00:07:03,920 Speaker 1: I don't care where we're from. The very idea that 115 00:07:04,000 --> 00:07:06,640 Speaker 1: you should look at your economy when you get a 116 00:07:06,720 --> 00:07:11,679 Speaker 1: virus and tell it to stop moving is so irrational 117 00:07:12,200 --> 00:07:16,760 Speaker 1: and insane and suicidal. And it's not just that the 118 00:07:16,840 --> 00:07:21,240 Speaker 1: idea exists, this became the mainstream way of thinking. It 119 00:07:21,400 --> 00:07:23,880 Speaker 1: still is in large part out there, that you can 120 00:07:23,960 --> 00:07:27,080 Speaker 1: just look at your economy and just hit pause and 121 00:07:27,120 --> 00:07:30,600 Speaker 1: we'll just start it again when we're ready. What kind 122 00:07:30,640 --> 00:07:33,920 Speaker 1: of lunacy is this? And of course, now now that 123 00:07:33,960 --> 00:07:37,280 Speaker 1: we're already screwed. Now we have all the experts out 124 00:07:37,320 --> 00:07:40,200 Speaker 1: there like Larry Summers saying, oh, we're going to a recession. 125 00:07:41,800 --> 00:07:44,080 Speaker 1: I think when inflation is as high as it is 126 00:07:44,200 --> 00:07:47,560 Speaker 1: right now and unemployment is as low as it is 127 00:07:47,800 --> 00:07:53,240 Speaker 1: right now, it's almost always been followed within two years 128 00:07:53,320 --> 00:07:57,720 Speaker 1: by inflation by recession. I look at what's happening in 129 00:07:57,760 --> 00:08:02,600 Speaker 1: the stock and bond market, I look at where consumer 130 00:08:02,760 --> 00:08:08,280 Speaker 1: sentiment is. I think there's certainly a risk of recession 131 00:08:08,360 --> 00:08:11,880 Speaker 1: in the next year, and I think given where we've 132 00:08:11,920 --> 00:08:15,800 Speaker 1: gotten to, it's more likely than not that we'll have 133 00:08:15,880 --> 00:08:21,960 Speaker 1: a recession within the next two years. Well thanks, that's 134 00:08:21,960 --> 00:08:26,480 Speaker 1: awfully helpful now, and we're not having a recession in 135 00:08:26,520 --> 00:08:28,480 Speaker 1: the next two years. We're in the middle of one 136 00:08:28,600 --> 00:08:32,240 Speaker 1: right now. We are. Remember, a recession is two straight 137 00:08:32,320 --> 00:08:36,080 Speaker 1: quarters of economic shrinkage. We already have one official you're 138 00:08:36,120 --> 00:08:38,040 Speaker 1: in the middle of the second, when they just haven't 139 00:08:38,080 --> 00:08:40,439 Speaker 1: gotten to the end and announced the thing officially yet. 140 00:08:41,240 --> 00:08:45,800 Speaker 1: And how is it possible in a nation as wealthy 141 00:08:45,840 --> 00:08:49,400 Speaker 1: as ours, with all these fancy universities at schools and 142 00:08:49,480 --> 00:08:52,880 Speaker 1: endless amounts of technology information available. I mean, I could 143 00:08:52,880 --> 00:08:54,920 Speaker 1: pull the phone out of my pocket right now and 144 00:08:55,000 --> 00:08:57,440 Speaker 1: look up how to do brain surgery or something like 145 00:08:57,480 --> 00:09:00,079 Speaker 1: that if I wanted. And yet the people who in 146 00:09:00,120 --> 00:09:04,439 Speaker 1: our country, they're so stupid it doesn't matter. It doesn't 147 00:09:04,440 --> 00:09:07,120 Speaker 1: matter the education level either. In fact, the higher the 148 00:09:07,240 --> 00:09:10,760 Speaker 1: education level, the dumber it seems our people are. Janet 149 00:09:10,840 --> 00:09:16,439 Speaker 1: Yellen was educated at Brown in Yale, Brown in Yale, 150 00:09:16,920 --> 00:09:20,520 Speaker 1: and yet she was shocked that we printed six trillion 151 00:09:20,559 --> 00:09:23,720 Speaker 1: dollars and now we have inflation. Is there a risk 152 00:09:23,760 --> 00:09:28,199 Speaker 1: of inflation. I think there's a small risk, and I 153 00:09:28,240 --> 00:09:33,240 Speaker 1: think it's manageable. I don't anticipate that inflation is going 154 00:09:33,320 --> 00:09:36,280 Speaker 1: to be a problem, but it is something that we're 155 00:09:36,320 --> 00:09:41,920 Speaker 1: watching very carefully. Well, look, I think I was wrong 156 00:09:42,040 --> 00:09:48,520 Speaker 1: then about the path that inflation would take. As I mentioned, 157 00:09:48,559 --> 00:09:53,280 Speaker 1: there have been unanticipated and large shocks to the economy 158 00:09:53,440 --> 00:09:59,920 Speaker 1: that have boosted energy and food prices and supply body 159 00:10:00,240 --> 00:10:04,600 Speaker 1: necks that have affected our economy badly that I didn't 160 00:10:04,679 --> 00:10:16,240 Speaker 1: at the time, didn't fully understand unanticipated, unanticipated. We told 161 00:10:16,240 --> 00:10:19,320 Speaker 1: a bunch of businesses they weren't essential anymore, and then 162 00:10:19,360 --> 00:10:24,320 Speaker 1: we printed trillions of unbacked dollars while passing huge bills 163 00:10:24,360 --> 00:10:30,320 Speaker 1: through Congress. And you didn't anticipate inflation. Brown and Yale 164 00:10:30,800 --> 00:10:33,400 Speaker 1: were they teach it over there at those schools. There's 165 00:10:33,440 --> 00:10:37,000 Speaker 1: FED Chairman Jerome Powell. In the end, it's not going 166 00:10:37,040 --> 00:10:40,440 Speaker 1: to be In the end, it will be transitory, and 167 00:10:42,000 --> 00:10:43,839 Speaker 1: people need to have faith in the Central Bank that 168 00:10:43,960 --> 00:10:45,400 Speaker 1: we that we will do that. So I think the 169 00:10:45,440 --> 00:10:48,680 Speaker 1: word transitory has different meanings to different people. Too many 170 00:10:48,720 --> 00:10:52,800 Speaker 1: it carries a time, a sense of short lived. We 171 00:10:53,240 --> 00:10:57,280 Speaker 1: tended to use it to mean that it won't leave 172 00:10:57,320 --> 00:11:00,440 Speaker 1: a permanent mark in the form of higher inflation. I 173 00:11:00,480 --> 00:11:02,679 Speaker 1: think it's it's probably a good time to retire that 174 00:11:03,480 --> 00:11:05,559 Speaker 1: word and try to explain more clearly what we mean. 175 00:11:07,720 --> 00:11:10,480 Speaker 1: Don't you love the word games they play. They knew 176 00:11:10,520 --> 00:11:13,079 Speaker 1: exactly what they meant when they would called it transitory. 177 00:11:13,160 --> 00:11:16,439 Speaker 1: They knew that you would take that as being shortlived. 178 00:11:16,640 --> 00:11:19,559 Speaker 1: By the way, short lived is not a word, but shortlived. 179 00:11:19,720 --> 00:11:22,720 Speaker 1: They knew you would take it as being shortlived. And 180 00:11:22,840 --> 00:11:25,400 Speaker 1: now that they're busted and we're wrong again, it's well, 181 00:11:25,600 --> 00:11:28,680 Speaker 1: it was just a missaid, look a misunderstanding. Sometimes the 182 00:11:28,720 --> 00:11:32,000 Speaker 1: word means this, and sometimes it means that you peasants 183 00:11:32,000 --> 00:11:34,560 Speaker 1: were just kind of too dumb to understand or what 184 00:11:34,600 --> 00:11:37,760 Speaker 1: are you talking about? I love these word games they play, 185 00:11:38,320 --> 00:11:40,360 Speaker 1: But how is it possible again, how is it possible 186 00:11:41,160 --> 00:11:44,720 Speaker 1: that I got it right and all the brainiacts got 187 00:11:44,720 --> 00:11:47,640 Speaker 1: it wrong? I'm stupid. I went to community college. I 188 00:11:47,640 --> 00:11:50,719 Speaker 1: don't even have an associate's degree. How did I call 189 00:11:50,840 --> 00:11:52,960 Speaker 1: this from day one? And none of these people did 190 00:11:53,720 --> 00:11:56,680 Speaker 1: well because none of these people actually live in the 191 00:11:56,720 --> 00:12:00,760 Speaker 1: real world and have any real world experience whatsoever. They 192 00:12:00,760 --> 00:12:04,800 Speaker 1: don't know how to run a business. Janet yelling Jerome Powell. 193 00:12:04,800 --> 00:12:07,400 Speaker 1: Pick any one of these brainy acts and put them 194 00:12:07,440 --> 00:12:10,200 Speaker 1: in charge of the local sandwich shop that mom and 195 00:12:10,280 --> 00:12:13,199 Speaker 1: pop run, and the sandwich shop will be hanging and 196 00:12:13,320 --> 00:12:16,360 Speaker 1: out of business sign in the window within six months, 197 00:12:16,360 --> 00:12:18,840 Speaker 1: because these people have no idea how to run anything, 198 00:12:18,920 --> 00:12:22,760 Speaker 1: let alone a nation. And oh oh less we forget 199 00:12:23,000 --> 00:12:25,600 Speaker 1: the guy at the top. He's so out of it 200 00:12:25,679 --> 00:12:28,079 Speaker 1: right at this point in time, he's decided the appropriate 201 00:12:28,120 --> 00:12:30,240 Speaker 1: message is to tell you just how great you have 202 00:12:30,360 --> 00:12:34,640 Speaker 1: it is this and on my plan for the economy, 203 00:12:34,679 --> 00:12:38,920 Speaker 1: we've made extraordinary progress and for the American a position 204 00:12:39,360 --> 00:12:43,960 Speaker 1: to tackle a word worldwide problem is worse everywhere but here. Inflation, 205 00:12:44,200 --> 00:12:49,920 Speaker 1: families are carrying less debt nationwide. They had more shavings nationwide. 206 00:12:50,000 --> 00:12:51,760 Speaker 1: I don't want to hear any more of these lives 207 00:12:52,480 --> 00:13:01,160 Speaker 1: about reckless spending. We're changing people's lives because of the facts. 208 00:13:01,240 --> 00:13:06,160 Speaker 1: This year, we're delivering the biggest drop but deficited a 209 00:13:06,200 --> 00:13:11,440 Speaker 1: history of the United States of America, lies and lies 210 00:13:11,440 --> 00:13:13,760 Speaker 1: and lies. Look, you just don't realize how good you 211 00:13:13,800 --> 00:13:17,199 Speaker 1: have it. And it's not just to mention Joe. Look there, 212 00:13:17,240 --> 00:13:20,040 Speaker 1: here's top economic advisor. You've got it good. Why are 213 00:13:20,040 --> 00:13:22,559 Speaker 1: you whining if you have a four or one k 214 00:13:22,720 --> 00:13:25,120 Speaker 1: out there, or if you're a retiree out of fixed income, 215 00:13:25,440 --> 00:13:28,200 Speaker 1: it's pretty rocky right now given what we're seeing with 216 00:13:28,240 --> 00:13:31,400 Speaker 1: the inflation eating into your returns as well as the 217 00:13:31,440 --> 00:13:35,120 Speaker 1: markets down, what do you tell those people? Look, the 218 00:13:35,160 --> 00:13:38,960 Speaker 1: President is deeply sympathetic to that. His number one priority 219 00:13:39,080 --> 00:13:41,360 Speaker 1: right now is tackling inflation. He's made that clear for 220 00:13:41,679 --> 00:13:45,720 Speaker 1: several weeks, several months for now. But I think what 221 00:13:45,800 --> 00:13:47,400 Speaker 1: we need to take a step back and look at 222 00:13:47,960 --> 00:13:51,120 Speaker 1: is that American households as a whole are doing very 223 00:13:51,200 --> 00:13:53,040 Speaker 1: very well. If you look at where we can we 224 00:13:53,080 --> 00:13:55,040 Speaker 1: work before the pandemic and where we are right now, 225 00:13:56,920 --> 00:13:59,520 Speaker 1: we're doing very well. Why are you complaining about? Yeah, 226 00:13:59,559 --> 00:14:02,720 Speaker 1: we're doing so well. Forty six percent are dining out less, 227 00:14:02,760 --> 00:14:05,480 Speaker 1: forty two percent are doing less grocery shopping, thirty one 228 00:14:05,480 --> 00:14:09,079 Speaker 1: are driving less, twenty three year canceling vacations, twenty two 229 00:14:09,160 --> 00:14:14,840 Speaker 1: are cutting subscriptions, and twenty one percent our delaying retirement. 230 00:14:16,400 --> 00:14:19,040 Speaker 1: Part of the reason I am so pessimistic about where 231 00:14:19,040 --> 00:14:21,040 Speaker 1: we're going, and I do believe we're heading towards a 232 00:14:21,080 --> 00:14:23,440 Speaker 1: great depression, isn't just where we are, It isn't just 233 00:14:23,520 --> 00:14:26,320 Speaker 1: everything that came before. It's that the people who lead 234 00:14:26,360 --> 00:14:30,000 Speaker 1: this country now are at best idiots and at worst 235 00:14:30,120 --> 00:14:34,000 Speaker 1: insane sociopathic monsters who are actually trying to put us 236 00:14:34,040 --> 00:14:38,240 Speaker 1: into one. All that may have made you uncomfortable, but 237 00:14:38,360 --> 00:14:41,120 Speaker 1: I'm right. The Great Carol Roth is going to join 238 00:14:41,240 --> 00:14:51,920 Speaker 1: us next to talk about all this hang on. Each morning, 239 00:14:52,080 --> 00:14:55,040 Speaker 1: the President of the United States receives a highly classified 240 00:14:55,080 --> 00:14:58,080 Speaker 1: briefing on the most important issues facing the country. It's 241 00:14:58,120 --> 00:15:02,160 Speaker 1: called the President's Daily Brief PDB. It's delivered by America's 242 00:15:02,160 --> 00:15:05,160 Speaker 1: spies and analysts. Well, now you can hear your very 243 00:15:05,200 --> 00:15:08,320 Speaker 1: own PDB in the form of a podcast hosted by 244 00:15:08,360 --> 00:15:12,400 Speaker 1: me Brian Dean Wright, a former CIA operations officer. Each 245 00:15:12,440 --> 00:15:15,040 Speaker 1: morning at six am Eastern, I'll bring you fifteen to 246 00:15:15,040 --> 00:15:17,640 Speaker 1: twenty minutes of the most important issues facing the country, 247 00:15:17,920 --> 00:15:21,280 Speaker 1: giving you the critical intelligence and analysis you need to 248 00:15:21,320 --> 00:15:37,920 Speaker 1: start your morning. Do you know who Cardi B? Is? Sure? So, 249 00:15:38,120 --> 00:15:42,320 Speaker 1: Cardi B. I mean, I don't have that much time 250 00:15:42,360 --> 00:15:45,720 Speaker 1: for it, but I am. I am alive. You know, 251 00:15:46,240 --> 00:15:50,200 Speaker 1: Cardi B tweets out over the weekend when y'all going 252 00:15:50,240 --> 00:15:53,800 Speaker 1: to announce there's a recession coming, and so I wanted 253 00:15:53,840 --> 00:15:57,400 Speaker 1: you to react to what Cardi B Is saying. Don't 254 00:15:57,440 --> 00:16:00,640 Speaker 1: look to me to announce it. I'm not going to 255 00:16:00,760 --> 00:16:05,520 Speaker 1: natch it. I don't think we're going to have a recession. Well, 256 00:16:06,560 --> 00:16:08,640 Speaker 1: to be honest, I'm not sure who I trust more 257 00:16:08,760 --> 00:16:11,440 Speaker 1: with the economy, Janet Yellen or Cardi B. Joining me 258 00:16:11,520 --> 00:16:14,720 Speaker 1: now recovering investment banker and author of the great book 259 00:16:14,760 --> 00:16:17,480 Speaker 1: The War on Small Business. My friend Carol Roth Carroll, 260 00:16:18,360 --> 00:16:20,600 Speaker 1: gun to your head. You gotta put one of those 261 00:16:20,600 --> 00:16:23,080 Speaker 1: two in charge of the economy. You got Janet Yellen 262 00:16:23,400 --> 00:16:25,960 Speaker 1: or Cardi B. Who are you going with? This is 263 00:16:26,000 --> 00:16:28,600 Speaker 1: not even a choice. It's Cardi B. She cares about 264 00:16:28,600 --> 00:16:33,160 Speaker 1: the little person. She cares about what's happening in people's pocketbook, 265 00:16:33,240 --> 00:16:35,720 Speaker 1: she cares about where her tax dollars are going. Janet 266 00:16:35,800 --> 00:16:38,040 Speaker 1: Yellen doesn't care about any of those things. So, like 267 00:16:38,560 --> 00:16:41,600 Speaker 1: that was kind of softball. Give me a tough decision, Jesse. 268 00:16:42,600 --> 00:16:45,320 Speaker 1: Why doesn't Janet Yellen care? I'm still a flesh and 269 00:16:45,320 --> 00:16:48,840 Speaker 1: blood human being, right eye's ears. We assume a soul somewhere, 270 00:16:48,960 --> 00:16:52,080 Speaker 1: there's a heart in there. Why doesn't Janet Yellen look 271 00:16:52,080 --> 00:16:55,160 Speaker 1: out at all the destruction cause by her and people 272 00:16:55,200 --> 00:16:59,400 Speaker 1: like her and feel bad? Okay, so that's the difficult question. 273 00:16:59,440 --> 00:17:03,040 Speaker 1: Now you're seeing me to explain a lack of empathy 274 00:17:03,160 --> 00:17:06,800 Speaker 1: or maybe even craziness. My guess is because she doesn't 275 00:17:06,800 --> 00:17:09,720 Speaker 1: have to. She's part of the elite class. She's part 276 00:17:09,720 --> 00:17:12,560 Speaker 1: of the class that makes millions of dollars. If we're 277 00:17:12,560 --> 00:17:15,080 Speaker 1: giving speeches on the economy even when you have no 278 00:17:15,200 --> 00:17:17,879 Speaker 1: idea what's going on in the economy. So why should 279 00:17:17,960 --> 00:17:21,399 Speaker 1: she care. She's never been penalized for being wrong. She 280 00:17:21,440 --> 00:17:24,199 Speaker 1: didn't even see inflation coming. Yet she gets to go 281 00:17:24,240 --> 00:17:26,880 Speaker 1: and have nice chats with deal book at the New 282 00:17:26,960 --> 00:17:29,760 Speaker 1: York Time and everybody laugh and tell her how kuchis 283 00:17:31,800 --> 00:17:33,639 Speaker 1: I was not one of those people telling her that. 284 00:17:33,640 --> 00:17:35,760 Speaker 1: But we're going to move on from that, Carol. We 285 00:17:35,800 --> 00:17:39,639 Speaker 1: are told there's gonna be a recession. We're already in 286 00:17:39,640 --> 00:17:42,200 Speaker 1: a recession. There's not going to be a recession. There's 287 00:17:42,200 --> 00:17:44,840 Speaker 1: gonna be a depression. I'm the one saying that, where 288 00:17:44,880 --> 00:17:49,800 Speaker 1: are we, Carol? What's coming? So there's sort of the 289 00:17:50,200 --> 00:17:55,040 Speaker 1: base case scenario, and then there's the possible case scenario. 290 00:17:55,080 --> 00:17:57,360 Speaker 1: So I'll start Sains. We're both such, you know, kind 291 00:17:57,400 --> 00:18:00,480 Speaker 1: of big optimists, you and I we've been, you know, 292 00:18:00,520 --> 00:18:02,879 Speaker 1: putting forth this this happy news. I'll start with the 293 00:18:02,880 --> 00:18:06,400 Speaker 1: base case scenario. The biggest case scenario is things aren't 294 00:18:06,400 --> 00:18:08,679 Speaker 1: going to be great. Whether you call it a recession 295 00:18:08,920 --> 00:18:11,440 Speaker 1: or you call it stagflation, we are going to be 296 00:18:11,520 --> 00:18:16,800 Speaker 1: in a prolonged period of financial pain for the average consumer. 297 00:18:17,280 --> 00:18:21,199 Speaker 1: Whether it is the spiraling costs that continue while the 298 00:18:21,240 --> 00:18:25,679 Speaker 1: economy sputters along that stagflation, or whether they use the 299 00:18:25,840 --> 00:18:29,639 Speaker 1: FED quote unquote tools to slow the economy down, to 300 00:18:29,720 --> 00:18:32,960 Speaker 1: cool off the economy, which means that they have pulled 301 00:18:33,000 --> 00:18:36,800 Speaker 1: it to the point that consumer spending is low enough 302 00:18:36,800 --> 00:18:39,320 Speaker 1: that puts us into a recession. Then you get sort 303 00:18:39,320 --> 00:18:41,639 Speaker 1: of all the recessionary issues that come out of it 304 00:18:42,040 --> 00:18:44,880 Speaker 1: that takes us, I don't know, eighteen months twenty four 305 00:18:44,880 --> 00:18:47,560 Speaker 1: months to work through in a typical cycle, and a 306 00:18:47,560 --> 00:18:50,639 Speaker 1: lot of pain for the average American. You have to 307 00:18:50,720 --> 00:18:53,560 Speaker 1: draw down your savings, you're putting stuff on your credit cards, 308 00:18:53,560 --> 00:18:57,160 Speaker 1: and you're basically bailing out the people who created this 309 00:18:57,240 --> 00:18:59,880 Speaker 1: mess to begin with. So that's that's the good news. Jess. 310 00:19:00,040 --> 00:19:02,119 Speaker 1: Do you want to hear the bad news? I would 311 00:19:02,119 --> 00:19:05,840 Speaker 1: love to hear the bad news, please, Carol continue. So 312 00:19:06,119 --> 00:19:08,880 Speaker 1: there are what I call sort of the three gray 313 00:19:09,040 --> 00:19:12,199 Speaker 1: Swans scenarios. And I call them gray swans because obviously 314 00:19:12,280 --> 00:19:14,959 Speaker 1: they're not black swans because I can predict them, although 315 00:19:15,000 --> 00:19:18,679 Speaker 1: the government reaction to them can become a black swan, 316 00:19:18,720 --> 00:19:21,960 Speaker 1: as we saw with COVID. So the three gray Swans 317 00:19:22,040 --> 00:19:26,400 Speaker 1: scenarios are that we have massive energy rationing. We are 318 00:19:26,480 --> 00:19:29,840 Speaker 1: already preparing for some rolling blackouts here in the US 319 00:19:29,840 --> 00:19:32,479 Speaker 1: and in Europe, and if that kind of ends up 320 00:19:32,520 --> 00:19:34,679 Speaker 1: on the bigger side of what we thought it was, 321 00:19:34,760 --> 00:19:39,879 Speaker 1: you know, that could create massive issues from people mass starvation. Again, 322 00:19:40,000 --> 00:19:42,280 Speaker 1: we know that there is food and security going on 323 00:19:42,400 --> 00:19:44,560 Speaker 1: right now in places around the world, But it could 324 00:19:44,640 --> 00:19:48,159 Speaker 1: be that tends two hundreds of millions of people end 325 00:19:48,280 --> 00:19:50,840 Speaker 1: up with mass starvation based in part by some of 326 00:19:50,920 --> 00:19:53,680 Speaker 1: the ridiculous decisions that have been made over the past 327 00:19:53,720 --> 00:19:58,040 Speaker 1: couple of years, and the social unrest that comes with 328 00:19:58,119 --> 00:20:01,840 Speaker 1: those first two scenarios would lead us to you know, 329 00:20:01,920 --> 00:20:05,960 Speaker 1: full scale global war, in which case, you know, all 330 00:20:05,960 --> 00:20:08,480 Speaker 1: of these sort of predictions that we're making are all 331 00:20:08,520 --> 00:20:11,080 Speaker 1: at the table and it becomes this outside the scenario. 332 00:20:11,160 --> 00:20:16,320 Speaker 1: As I said, that's the possibility, not the probability. But 333 00:20:16,440 --> 00:20:19,359 Speaker 1: it's important for us to be prepared in thinking about 334 00:20:19,440 --> 00:20:23,719 Speaker 1: any scenario, especially with the wonderful leadership that we have 335 00:20:23,760 --> 00:20:25,280 Speaker 1: in charge, because you know, there is going to be 336 00:20:25,280 --> 00:20:27,960 Speaker 1: a crisis. The group of adults that we have in 337 00:20:28,040 --> 00:20:30,840 Speaker 1: charge of us right now, Jesse, those are exactly the 338 00:20:30,880 --> 00:20:34,000 Speaker 1: people I was hoping would be leading us. The way 339 00:20:34,000 --> 00:20:36,639 Speaker 1: out of this prixis yeah, of course, all right. You 340 00:20:36,880 --> 00:20:40,560 Speaker 1: mentioned earlier a prolonged period and then you talked about 341 00:20:40,640 --> 00:20:44,960 Speaker 1: eighteen twenty four months. Is that something I realized people 342 00:20:44,960 --> 00:20:46,720 Speaker 1: don't want to you know, don't take that to the bank. 343 00:20:46,760 --> 00:20:48,280 Speaker 1: You never know what the future is going to be. 344 00:20:48,320 --> 00:20:50,159 Speaker 1: I'm asking you to have a crystal ball here. But 345 00:20:50,440 --> 00:20:52,560 Speaker 1: how long are we going to wake up every morning 346 00:20:52,560 --> 00:20:56,680 Speaker 1: and roll over and look at our phone and say crap. Yeah, 347 00:20:56,720 --> 00:21:01,400 Speaker 1: I mean until there's some major structure role shift. Because 348 00:21:01,680 --> 00:21:04,840 Speaker 1: the reality is there's only one thing right now that 349 00:21:05,000 --> 00:21:07,480 Speaker 1: is going to get us out of inflation, and that 350 00:21:07,680 --> 00:21:11,080 Speaker 1: is a one hundred and eighty degree turn on energy 351 00:21:11,160 --> 00:21:15,720 Speaker 1: policy from the Biden administration. And I'm not a betting woman, Jesse. 352 00:21:15,840 --> 00:21:18,119 Speaker 1: You know, we don't find me in Vegas very often, 353 00:21:18,400 --> 00:21:22,000 Speaker 1: but if I was, I'd be taking like my life savings, 354 00:21:22,040 --> 00:21:24,560 Speaker 1: taking it to Vegas and betting that he is not 355 00:21:24,680 --> 00:21:27,600 Speaker 1: going to do a one eighty on energy policy. And 356 00:21:27,640 --> 00:21:30,480 Speaker 1: so since he's not willing to step into that difficult 357 00:21:30,800 --> 00:21:33,760 Speaker 1: role that leaders find themselves in and make a tough decision, 358 00:21:34,600 --> 00:21:37,800 Speaker 1: I don't see any other route for us coming out 359 00:21:37,840 --> 00:21:41,040 Speaker 1: the other end without some level of carnage. It's just 360 00:21:41,080 --> 00:21:43,840 Speaker 1: a question of the degree of carnage. And that just 361 00:21:43,880 --> 00:21:46,040 Speaker 1: goes to the level of stupidity they have. I mean, 362 00:21:46,240 --> 00:21:50,639 Speaker 1: the Democrats are so disconnected from reality. There could be 363 00:21:50,680 --> 00:21:53,199 Speaker 1: a situation where where they go, oh, well, you know, 364 00:21:53,280 --> 00:21:56,880 Speaker 1: people are hurting, we should send them more cash, which 365 00:21:56,920 --> 00:21:59,560 Speaker 1: as we know, putting more cash into a supply constraint 366 00:21:59,560 --> 00:22:02,520 Speaker 1: a con well, just further inflation. But that's what got 367 00:22:02,560 --> 00:22:04,240 Speaker 1: us into earth this must to begin with. They don't 368 00:22:04,280 --> 00:22:06,480 Speaker 1: seem to have a lot of connection to reality in 369 00:22:06,560 --> 00:22:10,719 Speaker 1: any policy, so putting a crystal ball on what insane 370 00:22:10,760 --> 00:22:15,520 Speaker 1: people are going to do is very challenging. Carol, COVID 371 00:22:15,560 --> 00:22:18,440 Speaker 1: did this to us, well, I should say COVID lockdowns 372 00:22:18,440 --> 00:22:23,679 Speaker 1: did this to us, didn't it. No, the government reaction 373 00:22:23,880 --> 00:22:26,639 Speaker 1: to COVID did this to us. You know, this is 374 00:22:26,680 --> 00:22:29,879 Speaker 1: the part that's frustrating. This is a virus that you know, 375 00:22:30,000 --> 00:22:32,520 Speaker 1: there have been all kinds of viruses pretty much at 376 00:22:32,520 --> 00:22:35,680 Speaker 1: this point, everyone I know who's been super careful has 377 00:22:35,760 --> 00:22:38,360 Speaker 1: gotten it. At this point in time, we were never 378 00:22:38,400 --> 00:22:41,840 Speaker 1: going to suppress the virus. But there was this myopia, 379 00:22:42,080 --> 00:22:45,400 Speaker 1: this kind of ridiculous focus. I'm like, we need to 380 00:22:45,440 --> 00:22:48,560 Speaker 1: stop this virus and just to hell with everything else 381 00:22:48,640 --> 00:22:52,040 Speaker 1: in the world. And that's what got us into this situation. 382 00:22:52,359 --> 00:22:56,400 Speaker 1: All along the way, everything that's happened was entirely avoidable. 383 00:22:56,720 --> 00:22:59,840 Speaker 1: The mistakes that were made were easy to walk back. 384 00:23:00,040 --> 00:23:03,400 Speaker 1: Even something like the FED intervention in the market. They 385 00:23:03,440 --> 00:23:07,439 Speaker 1: went to the market with emergency measures in March of 386 00:23:07,480 --> 00:23:11,679 Speaker 1: twenty twenty two. By June fifth, the NASDAC hit a 387 00:23:11,880 --> 00:23:14,920 Speaker 1: historic intra day high, the highest level it had ever 388 00:23:14,960 --> 00:23:18,240 Speaker 1: been a few months later, why did they still need 389 00:23:18,280 --> 00:23:21,560 Speaker 1: to have emergency measures when the stock market is at 390 00:23:21,640 --> 00:23:25,840 Speaker 1: an all time high. So at every point along the way, 391 00:23:26,000 --> 00:23:29,160 Speaker 1: they just said, oh, we made this mistake. Let's double down, 392 00:23:29,200 --> 00:23:32,359 Speaker 1: let's triple down the American rescue plan. We were opening 393 00:23:32,440 --> 00:23:35,040 Speaker 1: up the economy, but it was the five constraint the 394 00:23:35,160 --> 00:23:39,120 Speaker 1: vaccines were rolling out. Let's throw another two trillion dollars 395 00:23:39,119 --> 00:23:41,639 Speaker 1: into that. I mean, if we're going to thank someone 396 00:23:41,760 --> 00:23:44,760 Speaker 1: right now, let's thank Joe Mansion who stopped that other 397 00:23:45,240 --> 00:23:49,240 Speaker 1: massive build back broker spending bill, because then we'd have 398 00:23:49,280 --> 00:23:53,000 Speaker 1: trillions more thrown on this fire. But you know, along 399 00:23:53,000 --> 00:23:55,800 Speaker 1: the way, there were points to stop and say, you know, 400 00:23:55,840 --> 00:23:58,400 Speaker 1: we didn't get it right, let's reverse course. And that's 401 00:23:58,440 --> 00:24:00,600 Speaker 1: not been done, and there has been no ability for 402 00:24:00,720 --> 00:24:03,840 Speaker 1: that now and then never will be. Carol Roth, the 403 00:24:03,880 --> 00:24:06,600 Speaker 1: book is the War on Small Business. Thank you, ma'am, 404 00:24:06,760 --> 00:24:11,960 Speaker 1: Thank you. All right. John Carney joins us. Next, we're 405 00:24:11,960 --> 00:24:15,119 Speaker 1: going to get into some specifics on just how ugly 406 00:24:15,200 --> 00:24:18,760 Speaker 1: this economy. Is the inflation, where's it going? Where did 407 00:24:18,800 --> 00:24:21,439 Speaker 1: this come from? John? John Corney joins us. Hang on, 408 00:24:35,080 --> 00:24:37,600 Speaker 1: but we are coming out of the strongest job market 409 00:24:37,680 --> 00:24:40,800 Speaker 1: in American history, and that matters, and that a lot 410 00:24:40,840 --> 00:24:43,160 Speaker 1: of that is thanks to the American Rescue Plan, which 411 00:24:43,320 --> 00:24:47,320 Speaker 1: only Democrats voted for that Republicans did not, and it 412 00:24:47,480 --> 00:24:51,840 Speaker 1: led to uh, this this economic boom, this historic economic 413 00:24:51,880 --> 00:24:56,879 Speaker 1: boom that we're seeing, which job No, that is not 414 00:24:57,040 --> 00:24:59,879 Speaker 1: that is that is that is not that is not 415 00:25:00,160 --> 00:25:06,600 Speaker 1: how we're seeing the American Rescue Plan. Well, they're just 416 00:25:06,680 --> 00:25:08,639 Speaker 1: not seeing it that way. I don't see, They're just 417 00:25:08,680 --> 00:25:10,680 Speaker 1: not seeing it that way. Joining me now, my friend 418 00:25:10,760 --> 00:25:13,400 Speaker 1: John Carney, of course at Brightbart News, he's the finance 419 00:25:13,440 --> 00:25:16,840 Speaker 1: and economics reporter over there, John, They're just not seeing 420 00:25:16,880 --> 00:25:20,320 Speaker 1: it that way. Yeah. Look, they want to take credit 421 00:25:20,440 --> 00:25:23,640 Speaker 1: for the jobs. But then the inflation produced by all 422 00:25:23,680 --> 00:25:26,200 Speaker 1: the stimulus they pumped into the economy they want to claim, 423 00:25:26,520 --> 00:25:29,520 Speaker 1: you know, is just you know, nothing, It didn't do 424 00:25:29,560 --> 00:25:34,960 Speaker 1: anything to to inflation at all. All right, John, let's 425 00:25:35,040 --> 00:25:37,360 Speaker 1: let's have a hard talk about all this here. We'll 426 00:25:37,400 --> 00:25:40,080 Speaker 1: get to Joe Biden and his screwups and whatnot. But 427 00:25:40,440 --> 00:25:42,919 Speaker 1: we are still in the middle of a lot of 428 00:25:42,920 --> 00:25:46,080 Speaker 1: inflation that took place before, or we're getting the inflation 429 00:25:46,200 --> 00:25:48,720 Speaker 1: from things that happened before Joe Biden stepped into the 430 00:25:48,760 --> 00:25:51,919 Speaker 1: Oval Office, are we not? We are? There is a 431 00:25:51,960 --> 00:25:55,880 Speaker 1: little bit of We went through a pandemic, we closed 432 00:25:55,880 --> 00:25:58,320 Speaker 1: down a lot of the economy, so that was going 433 00:25:58,359 --> 00:26:01,919 Speaker 1: to produce some inflation, but nowhere near the amount of 434 00:26:01,920 --> 00:26:04,760 Speaker 1: inflation we actually ended up with. We would have had 435 00:26:04,800 --> 00:26:08,199 Speaker 1: a pick of an inflation as we came through the 436 00:26:08,240 --> 00:26:12,040 Speaker 1: supply chain problems, but this was exasperated by pouring so 437 00:26:12,119 --> 00:26:15,320 Speaker 1: much money into the economy and also by doing things 438 00:26:15,320 --> 00:26:19,960 Speaker 1: like holding down oil production in the US by promising 439 00:26:20,000 --> 00:26:22,600 Speaker 1: that you're going to spend even more. Remember a lot 440 00:26:22,640 --> 00:26:24,719 Speaker 1: of what happens in the economy is based on people's 441 00:26:24,720 --> 00:26:28,600 Speaker 1: expectations and what you say, Well, we're not just doing 442 00:26:28,800 --> 00:26:31,200 Speaker 1: the American Rescue Plan, but we have build back better. 443 00:26:31,440 --> 00:26:34,119 Speaker 1: Then we have another couple of trillion dollars coming down 444 00:26:34,160 --> 00:26:36,480 Speaker 1: the pipe later on. This is one of the things 445 00:26:36,480 --> 00:26:39,360 Speaker 1: that contributes to inflation because people say there's no end 446 00:26:39,359 --> 00:26:44,120 Speaker 1: to this spending. Well, there is an end to the spending. 447 00:26:44,160 --> 00:26:45,959 Speaker 1: I think we all are at least most of us 448 00:26:45,960 --> 00:26:48,439 Speaker 1: are starting to realize that now, and it's got to 449 00:26:48,480 --> 00:26:52,320 Speaker 1: be coming soon, right, I mean, John, surely we can't 450 00:26:52,320 --> 00:26:55,240 Speaker 1: have any more massive bills passed. We are out of money. 451 00:26:56,080 --> 00:26:58,440 Speaker 1: I think that's right. I think there's no more room 452 00:26:58,640 --> 00:27:02,360 Speaker 1: fiscally to stand. This actually is going to be challenging 453 00:27:02,440 --> 00:27:05,560 Speaker 1: because if we run into a situation where the economy 454 00:27:05,640 --> 00:27:08,879 Speaker 1: starts to contract, we're at a room. We already got 455 00:27:08,920 --> 00:27:11,720 Speaker 1: all the inflation we can possibly take. If we start 456 00:27:11,760 --> 00:27:15,760 Speaker 1: to pour deficit spending into this economy again, because if 457 00:27:16,119 --> 00:27:18,560 Speaker 1: you know, as many sides to say, we run into 458 00:27:18,760 --> 00:27:24,600 Speaker 1: a recession next year, that'll be problematic, John, Aren't we 459 00:27:24,640 --> 00:27:28,280 Speaker 1: in a recession? Now? We just had one quarter of shrinkage? 460 00:27:28,520 --> 00:27:31,600 Speaker 1: Are we really expecting this economy to be expanding in 461 00:27:31,640 --> 00:27:33,760 Speaker 1: the second quarter? And you're the expert, I'm not, But 462 00:27:34,560 --> 00:27:38,159 Speaker 1: don't two quarters of shrinkage mean it's a recession? Typically? Yes, 463 00:27:38,280 --> 00:27:41,280 Speaker 1: two quarters be that we're in a recession. And I 464 00:27:41,280 --> 00:27:44,359 Speaker 1: would have said a couple of weeks ago even No, 465 00:27:45,240 --> 00:27:47,760 Speaker 1: we're still growing this quarter. We're not going to have 466 00:27:47,800 --> 00:27:53,480 Speaker 1: a recession now. Maybe early next year, maybe later this year. Now, 467 00:27:53,520 --> 00:27:56,920 Speaker 1: I'm not so sure. The retail sales numbers we got 468 00:27:56,960 --> 00:28:01,000 Speaker 1: in this week, we're very weak. They showed that gas 469 00:28:01,040 --> 00:28:04,240 Speaker 1: prices are actually stealing from everywhere else in the economy. 470 00:28:04,480 --> 00:28:06,800 Speaker 1: People can't buy furniture, they can't buy appliance, since they 471 00:28:06,800 --> 00:28:09,280 Speaker 1: can't buy elect products because they're spending so much on 472 00:28:09,400 --> 00:28:12,760 Speaker 1: gas prices. And when you remember, the American consumer is 473 00:28:12,760 --> 00:28:15,640 Speaker 1: seventy percent of the economy. When you are taking too 474 00:28:15,720 --> 00:28:18,320 Speaker 1: much of their money putting it into the gas pub, 475 00:28:19,359 --> 00:28:22,640 Speaker 1: they can't spend it elsewhere. And so we're if we're 476 00:28:22,680 --> 00:28:27,439 Speaker 1: not in a recession, we're virgin on one. Here's a 477 00:28:27,480 --> 00:28:31,119 Speaker 1: little video of Joe Biden calling things the putin price hikes. 478 00:28:31,160 --> 00:28:35,840 Speaker 1: I'm sure you've seen today's inflation report. Confirm what Americas 479 00:28:35,840 --> 00:28:39,240 Speaker 1: already know. Prudent price hyce is city in America hard. 480 00:28:39,400 --> 00:28:44,000 Speaker 1: This is a putin price hyite. Seventy of the increasing 481 00:28:44,040 --> 00:28:46,960 Speaker 1: inflation was a consequence of prudence price syite because of 482 00:28:47,000 --> 00:28:50,920 Speaker 1: the impact on oil prices seventy percent. I'm doing everything 483 00:28:51,000 --> 00:28:53,440 Speaker 1: within my power by executive orders to bring down the 484 00:28:53,480 --> 00:28:58,440 Speaker 1: price and address the prudent price hyde. Okay, let's set 485 00:28:58,440 --> 00:29:03,280 Speaker 1: aside the idiocy of that attempted political messaging. I am 486 00:29:03,400 --> 00:29:07,680 Speaker 1: worried about international events hurting us more, are you yes? 487 00:29:07,800 --> 00:29:11,040 Speaker 1: I yeah. There is going to be food shortages all 488 00:29:11,080 --> 00:29:15,920 Speaker 1: over the world. There is already energy shortages. Obviously, there's 489 00:29:15,960 --> 00:29:19,240 Speaker 1: no way for places like for the Opeque outside of 490 00:29:19,280 --> 00:29:22,360 Speaker 1: Russia to make up for taking out all the supply 491 00:29:22,480 --> 00:29:24,960 Speaker 1: from Russia that we've taken out. So yeah, I'm worried 492 00:29:25,000 --> 00:29:28,360 Speaker 1: about this having global repercussions. We're already seeing it around 493 00:29:28,400 --> 00:29:30,720 Speaker 1: the world where there are riots going out, Places like 494 00:29:30,760 --> 00:29:36,040 Speaker 1: Sri Lanka are having serious social and political problems, riots 495 00:29:36,160 --> 00:29:41,480 Speaker 1: because food is getting too expensive for people. Okay, John, 496 00:29:42,000 --> 00:29:46,480 Speaker 1: you've mentioned food shortages in third world places, obviously, who 497 00:29:46,680 --> 00:29:49,760 Speaker 1: let's hope it doesn't come here. Why though, Why why 498 00:29:49,800 --> 00:29:53,000 Speaker 1: does a poor country in Africa? Why are they facing 499 00:29:53,040 --> 00:29:57,440 Speaker 1: food shortages? What is it? Well, they were major in Egypt, 500 00:29:57,480 --> 00:30:00,920 Speaker 1: for instance, was a major importer of grain from Ukraine 501 00:30:00,960 --> 00:30:04,880 Speaker 1: and Russia many countries around the world. Remember there's basically 502 00:30:04,920 --> 00:30:08,320 Speaker 1: two bread baskets of the world. One is Russia Ukraine 503 00:30:08,680 --> 00:30:11,440 Speaker 1: and the others of the United States. We grow a 504 00:30:11,520 --> 00:30:15,880 Speaker 1: tremendous amount of a tremendous amount of soil. Everything you 505 00:30:15,880 --> 00:30:18,040 Speaker 1: can think of, we grow a ton of it and 506 00:30:18,080 --> 00:30:22,120 Speaker 1: the world is dependent on both Russia and the US. 507 00:30:22,520 --> 00:30:25,560 Speaker 1: We've now tried to take Russia out of the equation. 508 00:30:25,600 --> 00:30:28,560 Speaker 1: In Ukraine is obviously going to be largely taken out 509 00:30:28,560 --> 00:30:32,400 Speaker 1: of the equation because one because they're fighting a war, 510 00:30:32,440 --> 00:30:35,200 Speaker 1: but the weather is very bad. That's actually happening in 511 00:30:35,280 --> 00:30:37,000 Speaker 1: the US too. We're having one of the weakest we 512 00:30:37,200 --> 00:30:40,680 Speaker 1: crowds in decades, and so these two things are coming 513 00:30:40,880 --> 00:30:43,360 Speaker 1: at the same time, and that's going to be a 514 00:30:43,480 --> 00:30:46,680 Speaker 1: real problem as we stretch into the summer and go 515 00:30:46,720 --> 00:30:52,360 Speaker 1: into the fall. Okay, are we going to be okay? John, 516 00:30:52,360 --> 00:30:54,280 Speaker 1: because I gotta be honest, you're not giving me warm 517 00:30:54,320 --> 00:30:57,200 Speaker 1: fuzzies about how we're going to get through all this. Look, 518 00:30:57,520 --> 00:31:01,440 Speaker 1: we're not going to have food shortages like other places 519 00:31:01,440 --> 00:31:04,440 Speaker 1: around the world. People won't starve In the United States, 520 00:31:04,720 --> 00:31:07,880 Speaker 1: we have plenty of food. But food prices are going up. 521 00:31:07,880 --> 00:31:10,000 Speaker 1: That they have gone up. I mean, my joke about 522 00:31:10,040 --> 00:31:13,400 Speaker 1: this Putin's price ie thing, is the price of hamburgers 523 00:31:13,400 --> 00:31:16,320 Speaker 1: of something like eighteen percent year over year. Do they 524 00:31:16,360 --> 00:31:19,520 Speaker 1: think putin ate all the burgers? This is you know, 525 00:31:19,560 --> 00:31:23,160 Speaker 1: Makestos said, And so I have to say we food 526 00:31:23,160 --> 00:31:26,080 Speaker 1: prices will probably continue to go up, but we're not 527 00:31:26,160 --> 00:31:29,400 Speaker 1: going to run out of food as some other countries 528 00:31:29,400 --> 00:31:33,960 Speaker 1: are going to. Joe Biden and Joe Biden's people are 529 00:31:34,040 --> 00:31:37,520 Speaker 1: fond of trashing the energy industry. Here's a little video. 530 00:31:38,000 --> 00:31:40,440 Speaker 1: I think that where we are is in a transition. 531 00:31:40,520 --> 00:31:43,920 Speaker 1: Do you filled up your EV by charging, and you 532 00:31:44,000 --> 00:31:47,080 Speaker 1: filled up your gas tank with gasoline and you have 533 00:31:47,120 --> 00:31:50,720 Speaker 1: the same sized tank, you would save sixty dollars per 534 00:31:50,800 --> 00:31:55,560 Speaker 1: Philip by going electric rather than using gasoline. So it's 535 00:31:55,840 --> 00:31:58,760 Speaker 1: very compelling case. But again to your point, we want 536 00:31:58,760 --> 00:32:01,160 Speaker 1: to bring down the price at the point of purchase 537 00:32:02,040 --> 00:32:04,840 Speaker 1: and energy security. Where he is driving a lot of 538 00:32:04,840 --> 00:32:07,200 Speaker 1: the thoughts now about oh, we need more drilling of gap, 539 00:32:07,240 --> 00:32:08,640 Speaker 1: we need more drilling of this, We need to go 540 00:32:08,680 --> 00:32:11,959 Speaker 1: back to coal. No, we don't, We absolutely don't. The 541 00:32:11,960 --> 00:32:16,440 Speaker 1: President Biden has made a very significant commitment for the 542 00:32:16,520 --> 00:32:22,320 Speaker 1: United States to be first of all power sector carbon 543 00:32:22,480 --> 00:32:26,480 Speaker 1: free by twenty thirty five. By twenty thirty five, to 544 00:32:26,600 --> 00:32:29,760 Speaker 1: only be producing electric vehicles in the United States, which 545 00:32:29,800 --> 00:32:33,400 Speaker 1: General Motors and Ford and others manufactured had brought into 546 00:32:34,920 --> 00:32:40,000 Speaker 1: John setting gas prices aside. I don't think people understand 547 00:32:40,200 --> 00:32:43,600 Speaker 1: how expensive the energy bills and how lacking in energy 548 00:32:43,640 --> 00:32:46,920 Speaker 1: we're about to be at the worst possible time. This 549 00:32:47,000 --> 00:32:50,719 Speaker 1: is absolutely true, this plan of we're going to have 550 00:32:51,000 --> 00:32:55,000 Speaker 1: no carbon at all, everything will be electric. First of all, 551 00:32:55,080 --> 00:32:57,200 Speaker 1: when you fill up your electric vehicles in most areas, 552 00:32:57,240 --> 00:33:00,280 Speaker 1: you're filling your electric vehicle up on coal because a 553 00:33:00,320 --> 00:33:03,000 Speaker 1: lot of electricity is still generated by coal. So you're 554 00:33:03,000 --> 00:33:07,720 Speaker 1: actually creating a more demand for coal when you create 555 00:33:07,760 --> 00:33:11,280 Speaker 1: more demand for electricity. But putting that aside, we don't 556 00:33:11,320 --> 00:33:15,239 Speaker 1: have the copper in the entire world to meet this 557 00:33:15,360 --> 00:33:22,520 Speaker 1: kind of transition to complete electric everything. It's just we 558 00:33:22,520 --> 00:33:26,040 Speaker 1: were not mining enough copper all over the world. The 559 00:33:26,080 --> 00:33:28,120 Speaker 1: rest of the world is at a RaSE for with us, 560 00:33:28,240 --> 00:33:32,760 Speaker 1: especially Europe, to further electricity. Copper is the only thing 561 00:33:33,200 --> 00:33:37,840 Speaker 1: that can economically conduct electricity and we and there hasn't 562 00:33:37,880 --> 00:33:41,480 Speaker 1: been a new copper mind open in years. Why is that? 563 00:33:42,040 --> 00:33:46,360 Speaker 1: Partly because environmentalists don't like mining of any sort, but 564 00:33:46,480 --> 00:33:50,360 Speaker 1: also there just hasn't been enough investment in that area 565 00:33:50,480 --> 00:33:54,080 Speaker 1: for quite some time. So we're not going to be 566 00:33:54,120 --> 00:33:56,800 Speaker 1: able to do this by twenty thirty five. We're not 567 00:33:56,800 --> 00:34:00,320 Speaker 1: going to be able to do it by twenty forty five. Unless, 568 00:34:00,360 --> 00:34:03,640 Speaker 1: in particular, we need to as the United States, to 569 00:34:03,640 --> 00:34:06,040 Speaker 1: decide that we want to be copper and dependent, that 570 00:34:06,120 --> 00:34:09,000 Speaker 1: we want to be able to if we need to 571 00:34:09,040 --> 00:34:11,239 Speaker 1: make sure that we can produce enough copper to reach 572 00:34:11,239 --> 00:34:13,120 Speaker 1: our goals, because if we're not going to do that, 573 00:34:13,320 --> 00:34:16,240 Speaker 1: how do we expect other countries to produce the copper 574 00:34:16,280 --> 00:34:19,840 Speaker 1: that we're going to need. Do we even have the copper? 575 00:34:19,920 --> 00:34:22,120 Speaker 1: Is it there? Is it in the ground. We can 576 00:34:22,200 --> 00:34:25,640 Speaker 1: get plenty of copper. It's just that people don't want 577 00:34:25,680 --> 00:34:28,279 Speaker 1: to think about a copper mind down the road, right 578 00:34:28,320 --> 00:34:31,160 Speaker 1: they're in the past. A lot of copper minds have polluted. 579 00:34:31,440 --> 00:34:34,200 Speaker 1: Copper minds are much better than they used to be, 580 00:34:34,480 --> 00:34:38,080 Speaker 1: and we could, we could clean copper mind, but we're 581 00:34:38,200 --> 00:34:41,760 Speaker 1: not preparing to do that. We're prepared to import our copper, 582 00:34:42,120 --> 00:34:44,279 Speaker 1: and frankly, that puts us at risk as we'd see 583 00:34:44,320 --> 00:34:49,080 Speaker 1: Europe being, you know, addicted to Russian energy. We don't 584 00:34:49,080 --> 00:34:52,879 Speaker 1: want to be addicted to, say, Chilean copper, because then 585 00:34:53,000 --> 00:34:56,640 Speaker 1: what happens if something goes wrong in Chile, We're then 586 00:34:56,880 --> 00:34:59,799 Speaker 1: having to turn to them and say, sorry, guys, we 587 00:35:00,040 --> 00:35:03,279 Speaker 1: can't do our energy plans because we just talk have 588 00:35:03,400 --> 00:35:07,960 Speaker 1: wires to wire the world. That's crazy, John Carney Bright 589 00:35:08,000 --> 00:35:10,400 Speaker 1: Part News. Thank you so much, my man, thanks for 590 00:35:10,480 --> 00:35:15,879 Speaker 1: having it. All right, we're gonna talk to Brian Dean Wright. 591 00:35:16,520 --> 00:35:34,000 Speaker 1: Hang on. I mentioned before tariffs played a part in 592 00:35:34,040 --> 00:35:37,480 Speaker 1: the first Great Depression. Actually lifting terrorists may pay a 593 00:35:37,600 --> 00:35:40,520 Speaker 1: part in the second one. Here my friend Brian Dean 594 00:35:40,680 --> 00:35:43,759 Speaker 1: right of the Great President's Daily Brief podcast, caught up 595 00:35:43,800 --> 00:35:46,360 Speaker 1: with him earlier and talk to him about it. Brian, 596 00:35:46,840 --> 00:35:50,520 Speaker 1: for the lazy people who didn't download your podcast today, 597 00:35:50,760 --> 00:35:52,800 Speaker 1: First of all, before we get to all the solar stuff, 598 00:35:53,800 --> 00:35:57,080 Speaker 1: what is the Defense Production Act. That's a lot of words. 599 00:35:57,080 --> 00:36:00,640 Speaker 1: What's that mean? Yeah, Basically, it's the president its authority 600 00:36:00,680 --> 00:36:04,200 Speaker 1: to demand or compel the private sector to do some 601 00:36:04,239 --> 00:36:07,640 Speaker 1: sort of federal government's bidding. It tells them, instead of 602 00:36:07,640 --> 00:36:10,160 Speaker 1: producing a car, you have to produce a tank, or 603 00:36:10,320 --> 00:36:12,840 Speaker 1: instead of producing whatever particular product, we need a plane 604 00:36:12,880 --> 00:36:15,799 Speaker 1: for the war. That's how it was designed to be used, 605 00:36:15,800 --> 00:36:17,960 Speaker 1: but that's not how it's being used much these days, 606 00:36:18,080 --> 00:36:23,319 Speaker 1: especially on this solar panel business. Okay, what is this 607 00:36:23,480 --> 00:36:27,560 Speaker 1: solar panel business? Yeah? So for most people that are 608 00:36:27,600 --> 00:36:29,880 Speaker 1: like this story is boring, I live in Seattle and 609 00:36:29,920 --> 00:36:33,440 Speaker 1: it's always gray, right. It's a complicated issue, and it's 610 00:36:33,440 --> 00:36:36,080 Speaker 1: a bit, but it's really really important and that's why 611 00:36:36,120 --> 00:36:39,080 Speaker 1: I talk about why. And it has everything to do 612 00:36:39,239 --> 00:36:42,480 Speaker 1: with not only our economy today, but the economy that 613 00:36:42,520 --> 00:36:44,279 Speaker 1: we have in the future. Are we going to have 614 00:36:44,640 --> 00:36:47,440 Speaker 1: manufacturing plans? Are we going to have jobs here that 615 00:36:47,600 --> 00:36:51,520 Speaker 1: produce stuff, not just import stuff. So let's unpack this 616 00:36:51,600 --> 00:36:54,120 Speaker 1: a little bit to understand what I've just said. Back 617 00:36:54,120 --> 00:36:57,759 Speaker 1: in twenty and twelve, Barack Obama, then President, slap these 618 00:36:57,800 --> 00:37:01,840 Speaker 1: tariffs on Chinese solar panels panels that we were importing 619 00:37:01,880 --> 00:37:04,920 Speaker 1: from China. But here's the deal. China was doing two things. 620 00:37:05,160 --> 00:37:08,479 Speaker 1: One they were cheating. Second, they were stealing. So let's 621 00:37:08,480 --> 00:37:11,359 Speaker 1: talk about the cheating part. First, what they were doing 622 00:37:11,480 --> 00:37:14,200 Speaker 1: was giving their solar panel companies and a bunch of 623 00:37:14,239 --> 00:37:18,520 Speaker 1: other companies, by the way, sweetheart finance deals. Basically, these 624 00:37:18,560 --> 00:37:22,320 Speaker 1: companies were operating without revenue, and so the Chinese government 625 00:37:22,360 --> 00:37:24,839 Speaker 1: was underwriting all their efforts so they could go out 626 00:37:24,840 --> 00:37:27,239 Speaker 1: into the world and sell their products for super cheap, 627 00:37:27,400 --> 00:37:30,239 Speaker 1: lose a lot of money, and then manufacturing companies like 628 00:37:30,239 --> 00:37:32,440 Speaker 1: ours in America would go out of business, right because 629 00:37:32,480 --> 00:37:34,799 Speaker 1: they don't have those sweetheart deals, all right. That was 630 00:37:34,840 --> 00:37:37,360 Speaker 1: the first thing that Obama was addressing with these tariffs 631 00:37:37,360 --> 00:37:41,440 Speaker 1: in two and twelve. The second cheating. So the issue 632 00:37:41,480 --> 00:37:44,000 Speaker 1: here is that China, as we all know, hacks and 633 00:37:44,680 --> 00:37:49,040 Speaker 1: conducts corporate espionage to steal things. Beyond the cheating, it's thievery. 634 00:37:49,520 --> 00:37:51,840 Speaker 1: So back in two and twelve and again in two 635 00:37:52,120 --> 00:37:55,239 Speaker 1: and fourteen, we had these major hacks by China, and 636 00:37:55,239 --> 00:37:58,600 Speaker 1: they were breaking into various companies throughout the United States. 637 00:37:58,960 --> 00:38:03,080 Speaker 1: US steal was on Alcoa, Aluminum production was another. The 638 00:38:03,239 --> 00:38:06,160 Speaker 1: third was a company called Solar World, and this is 639 00:38:06,200 --> 00:38:10,680 Speaker 1: a solar company that was manufacturing solar panels in this country. 640 00:38:10,920 --> 00:38:13,040 Speaker 1: And so what China was doing was stealing all that 641 00:38:13,120 --> 00:38:16,400 Speaker 1: intellectual property, all those trade secrets, you know, the chemicals 642 00:38:16,400 --> 00:38:18,719 Speaker 1: that they would put in the panels or the design, 643 00:38:19,160 --> 00:38:22,080 Speaker 1: and then they would give that to their own companies, 644 00:38:22,200 --> 00:38:24,560 Speaker 1: and then those companies would sell it for pennies on 645 00:38:24,560 --> 00:38:28,160 Speaker 1: the dollar, supported by the Chinese communist regime. And then 646 00:38:28,239 --> 00:38:31,240 Speaker 1: here's the kicker, they would sell all those solar panels 647 00:38:31,400 --> 00:38:34,600 Speaker 1: right back to us here in the United States. Meanwhile, 648 00:38:34,640 --> 00:38:38,240 Speaker 1: that means that your manufacturing companies of solar and otherwise 649 00:38:38,480 --> 00:38:40,680 Speaker 1: go out of business because they can't compete with that. 650 00:38:41,200 --> 00:38:44,399 Speaker 1: So Obama slapped these tariffs on And that's what Joe 651 00:38:44,440 --> 00:38:47,759 Speaker 1: Biden just got rid of. Because here's the deal. He 652 00:38:47,800 --> 00:38:52,600 Speaker 1: has tremendous pressure to create progress for his allies on 653 00:38:52,800 --> 00:38:55,560 Speaker 1: climate change. He also is trying to make a point 654 00:38:55,400 --> 00:38:58,600 Speaker 1: that this is about Vladimir Putin. I don't really understand it, 655 00:38:58,600 --> 00:39:01,439 Speaker 1: but he's saying, basically, more solar that we have here, 656 00:39:01,719 --> 00:39:05,319 Speaker 1: the worse it is for Vladimir Putin anyway. But then, 657 00:39:05,320 --> 00:39:07,279 Speaker 1: of course the climate change one is a big one. 658 00:39:07,840 --> 00:39:11,240 Speaker 1: So what his announcement did was basically rip off these tariffs. 659 00:39:11,360 --> 00:39:14,920 Speaker 1: And here's the kicker. There was an investigation underway to 660 00:39:15,000 --> 00:39:17,319 Speaker 1: make sure that what China was doing is they was 661 00:39:17,360 --> 00:39:20,560 Speaker 1: sending either their solar panels directly to us or all 662 00:39:20,560 --> 00:39:24,359 Speaker 1: these other countries in Southeast Asia. That investigation was going 663 00:39:24,400 --> 00:39:28,160 Speaker 1: to confirm that China was still thieving and still engaged 664 00:39:28,239 --> 00:39:30,920 Speaker 1: in all these shenanigans. Well, he took out all the 665 00:39:31,000 --> 00:39:34,920 Speaker 1: teeth to that investigation. So even if even if the 666 00:39:35,000 --> 00:39:38,640 Speaker 1: investigators find the China or these countries are colluding with 667 00:39:38,719 --> 00:39:42,640 Speaker 1: China to undermine our manufacturers undermine people out there who 668 00:39:42,680 --> 00:39:46,200 Speaker 1: have these jobs, these manufacturers, doesn't matter. All the tariffs 669 00:39:46,200 --> 00:39:51,000 Speaker 1: are gone. So this story ultimately isn't just about solar panels. 670 00:39:51,320 --> 00:39:54,520 Speaker 1: It's about can we manufacture stuff in this country? Have 671 00:39:54,719 --> 00:39:59,880 Speaker 1: manufacturers produced great products, have great jobs, our communities stronger 672 00:40:00,400 --> 00:40:03,359 Speaker 1: with good tax base. Are we going to stop these 673 00:40:03,400 --> 00:40:06,879 Speaker 1: foreign competitors, people like China from taking this all from us, 674 00:40:07,040 --> 00:40:10,000 Speaker 1: from stealing it? Well, it doesn't seem like we're going 675 00:40:10,040 --> 00:40:12,680 Speaker 1: to if we keep removing these tariffs and we remove 676 00:40:12,880 --> 00:40:16,560 Speaker 1: any disincentives from China doing this in the future. So 677 00:40:16,920 --> 00:40:19,359 Speaker 1: a lot to talk about on this one, but it's 678 00:40:19,480 --> 00:40:24,279 Speaker 1: really really important. Okay, Brian, Well this doesn't seem at 679 00:40:24,320 --> 00:40:28,040 Speaker 1: all like a national security issue. So I realized this 680 00:40:28,040 --> 00:40:31,600 Speaker 1: as a really stupid question. But how is he allowed 681 00:40:31,800 --> 00:40:36,000 Speaker 1: to do this? So there is a little law back 682 00:40:36,120 --> 00:40:40,000 Speaker 1: from nineteen thirty. It basically allows him to go in 683 00:40:40,160 --> 00:40:44,200 Speaker 1: and undo this investigation that basically trumps the law that 684 00:40:44,239 --> 00:40:47,720 Speaker 1: Congress pasted a few years ago that demanded these investigations 685 00:40:47,760 --> 00:40:51,680 Speaker 1: take place to protect our people, to protect our companies. 686 00:40:51,960 --> 00:40:53,839 Speaker 1: So he used this law. Now there are people who 687 00:40:53,880 --> 00:40:56,920 Speaker 1: are saying that this nineteen thirty law was abused by 688 00:40:57,000 --> 00:40:59,480 Speaker 1: Joe Biden, and they probably are going to sue to stop, 689 00:40:59,480 --> 00:41:02,360 Speaker 1: and not how successful that will be. But the bottom 690 00:41:02,360 --> 00:41:05,840 Speaker 1: line is he is using little tricks of the trade 691 00:41:05,960 --> 00:41:09,680 Speaker 1: to get his climate change agenda past. And it's precisely 692 00:41:09,719 --> 00:41:14,239 Speaker 1: what's happening, figures Brian Dean right. His podcast is the 693 00:41:14,280 --> 00:41:18,080 Speaker 1: President's Daily Brave Go subscribe downloaded every day. Thank you brother, 694 00:41:18,800 --> 00:41:22,239 Speaker 1: you bet you. China might want to keep your eyes 695 00:41:22,280 --> 00:41:24,360 Speaker 1: on them. I don't think they have our best interests 696 00:41:24,360 --> 00:41:41,800 Speaker 1: at heart anyway. Final thoughts next, So why do a 697 00:41:41,840 --> 00:41:45,240 Speaker 1: special on this? Why why talk about a great depression? 698 00:41:45,320 --> 00:41:46,560 Speaker 1: Is it because I want to put you in a 699 00:41:46,560 --> 00:41:49,520 Speaker 1: great depression? No, it's not. I think we have to 700 00:41:49,600 --> 00:41:52,400 Speaker 1: do a couple of things. We have to acknowledge how 701 00:41:52,480 --> 00:41:54,799 Speaker 1: and why we got here so we don't make these 702 00:41:54,800 --> 00:41:58,000 Speaker 1: same mistakes again. Right, we have to acknowledge what got 703 00:41:58,080 --> 00:42:00,200 Speaker 1: us here, where are we and how do we get here? 704 00:42:00,640 --> 00:42:02,680 Speaker 1: And I think more than anything else, we need to 705 00:42:02,719 --> 00:42:06,120 Speaker 1: make preparations. And no, I'm not going to tell you 706 00:42:06,160 --> 00:42:08,640 Speaker 1: to pull all your cash out of the bank now 707 00:42:08,680 --> 00:42:11,720 Speaker 1: and bury it in a Mayonnai's jar in your backyard somewhere. 708 00:42:11,719 --> 00:42:14,600 Speaker 1: And I'm not saying that, not saying you to go 709 00:42:14,800 --> 00:42:16,880 Speaker 1: dig a bunker, although that would be really really cool, 710 00:42:16,920 --> 00:42:21,759 Speaker 1: and I want one myself. Make some preparations, save a 711 00:42:21,800 --> 00:42:23,520 Speaker 1: little more than you have if you can, if you 712 00:42:23,520 --> 00:42:25,640 Speaker 1: can even do that at this point in time, Get 713 00:42:25,680 --> 00:42:30,120 Speaker 1: some ammunition, toilet paper, the ability to drink clean water, 714 00:42:30,880 --> 00:42:35,279 Speaker 1: get some basics, get some medical supplies. And you may 715 00:42:35,320 --> 00:42:37,960 Speaker 1: never need it. This may be just you know, a 716 00:42:38,080 --> 00:42:41,040 Speaker 1: rough one or two year patch and win a couple 717 00:42:41,040 --> 00:42:43,319 Speaker 1: of elections. We turn things around and come out of it, 718 00:42:43,320 --> 00:42:45,640 Speaker 1: and it's all just a bad memory, right And I look, 719 00:42:45,800 --> 00:42:47,960 Speaker 1: hopefully that's where it is. But what if it's not. 720 00:42:49,000 --> 00:42:52,040 Speaker 1: What if we're in some serious downward spiral here that 721 00:42:52,200 --> 00:42:54,719 Speaker 1: lasts for some time. We need to be ready. I 722 00:42:54,760 --> 00:42:56,720 Speaker 1: need to be more ready than I am. You probably 723 00:42:56,760 --> 00:43:00,479 Speaker 1: do too. Let's dig into that, all right, it again. 724 00:43:09,239 --> 00:43:11,960 Speaker 1: Each morning, the President of the United States receives a 725 00:43:12,040 --> 00:43:15,560 Speaker 1: highly classified briefing on the most important issues facing the country. 726 00:43:15,880 --> 00:43:19,440 Speaker 1: It's called the President's Daily Brief, or PDB. It's delivered 727 00:43:19,480 --> 00:43:22,520 Speaker 1: by America's spies and analysts. Well, now you can hear 728 00:43:22,600 --> 00:43:25,640 Speaker 1: your very own PDB in the form of a podcast 729 00:43:25,719 --> 00:43:29,760 Speaker 1: hosted by me Brian Dean Wright, a former CIA operations officer. 730 00:43:30,120 --> 00:43:32,840 Speaker 1: Each morning at six am Eastern, I'll bring you fifteen 731 00:43:32,880 --> 00:43:35,520 Speaker 1: to twenty minutes of the most important issues facing the country, 732 00:43:35,880 --> 00:43:39,239 Speaker 1: giving you the critical intelligence and analysis you need to 733 00:43:39,280 --> 00:43:40,440 Speaker 1: start your morning.