WEBVTT - Michael Steele & Chris Hughes

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<v Speaker 1>Hi, I'm Molly John Fast and this is Fast Politics,

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<v Speaker 1>where we discussed the top political headlines with some of

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<v Speaker 1>today's best minds and Republican Jefferson Griffin has conceded the

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<v Speaker 1>North Carolina as Supreme Court race to Justice Riggsay, finally,

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<v Speaker 1>we have such a great show for you today. MSNBC's

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<v Speaker 1>The Weeknight host Michael Steele stops by to talk about

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<v Speaker 1>Republican dysfunction. Then we'll talk to entrepreneur Chris Hughes about

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<v Speaker 1>his new book, Market Crafters, The one hundred years Struggle

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<v Speaker 1>to shape the American economy.

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<v Speaker 2>But first the news Somali, there's a war between Jerome

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<v Speaker 2>Powell and Donald J. Trump, and Jerome Powell has chosen

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<v Speaker 2>to keep rates on hold because of Donald Trump's tariff shock.

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<v Speaker 2>What are you thinking about this?

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<v Speaker 1>So Donald Trump doesn't quite understand a lot of stuff.

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<v Speaker 1>He understands that if you lower interest rates, the stocks

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<v Speaker 1>go up.

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<v Speaker 3>That's all he understands.

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<v Speaker 1>He doesn't understand why you raise interest rates. He doesn't understand.

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<v Speaker 1>Like when he was president the last time, he would

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<v Speaker 1>just spend much of his time like tweeting you got

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<v Speaker 1>a lower rates because he knew it would pump up stocks.

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<v Speaker 1>And look, Trump's whole thing is to just sort of

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<v Speaker 1>puff up everything, the economy, the numbers, the sort of

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<v Speaker 1>juice things. Now here is the problem. We are still

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<v Speaker 1>an economy reeling from inflation. So if Jerome Pale lowers

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<v Speaker 1>interest rates, what's going to happen is that inflation's going

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<v Speaker 1>to go up. The reason you raise interest rates is

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<v Speaker 1>because it slows inflation. So what Trump wants to do,

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<v Speaker 1>Trump really really really wants to fire Jerome Powell and

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<v Speaker 1>put in someone who will do whatever he wants. But

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<v Speaker 1>he does not have the presidential power to do that,

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<v Speaker 1>so he would be breaking the law. And I think

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<v Speaker 1>it's important because Trump is always sort of musing about

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<v Speaker 1>doing things that are really illegal, like running for a

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<v Speaker 1>third term, and I think it's important we take him

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<v Speaker 1>seriously and really explain this. But he can't fire Jerome Powell.

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<v Speaker 1>So even when he says like and luckily for you,

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<v Speaker 1>I'm not going to fire him, you don't have the

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<v Speaker 1>power to, buddy. But Jerome Pal it would be malpractice

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<v Speaker 1>right now because these tariffs are going to be very inflationary.

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<v Speaker 1>So if you lowered interest rates, Trump thinks it.

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<v Speaker 3>Would juice the economy.

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<v Speaker 1>But what it would really actually do is juice the

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<v Speaker 1>inflationary stuff, and we would have even more inflationary problems.

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<v Speaker 1>There's a real scenario where we are sort of heading

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<v Speaker 1>into stagslation. Things get more expensive, and we're in a recession,

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<v Speaker 1>and that's all because of this stupid tariff crap. So

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<v Speaker 1>I don't think that you know this is what it is.

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<v Speaker 1>Whatever it's stupid, Trump's going to be furious.

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<v Speaker 3>And Palell had a.

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<v Speaker 1>Really good quote, which which is the level of tariff

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<v Speaker 1>increases and now so far are significantly larger than anticipated.

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<v Speaker 3>Duh.

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<v Speaker 1>The same is likely to be true of the economic effects,

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<v Speaker 1>which will include higher inflation and slower growth. Right, higher

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<v Speaker 1>inflation and slower growth, those are the two things you need.

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<v Speaker 1>When those two things get really bad, that's stagflation. And

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<v Speaker 1>that's where we're careening to unless Donald Trump can make

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<v Speaker 1>ninety deals in the next two weeks or whatever, however

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<v Speaker 1>much time he has left.

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<v Speaker 2>So another feature of the Trump presidency is the grifting

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<v Speaker 2>ed I've become personally obsessed with understanding meme coins in

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<v Speaker 2>the culture around them, because I find it funny. But

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<v Speaker 2>seven hundred and sixty four thousand Americans lost money on

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<v Speaker 2>Trump meme coins, well, only fifty eight profited. That's what

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<v Speaker 2>we call a rug pull in that business. And that's insane.

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<v Speaker 1>Like so many things in Trump world, this is a

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<v Speaker 1>Ponzi scheme Trump launched. Meant, by the way, Jimmy Carter

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<v Speaker 1>had to put his peanut farm in a blind trust.

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<v Speaker 1>Two million accounts have purchased the Trump coin. By the way,

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<v Speaker 1>what even is it? It's just nothing, right, it's just

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<v Speaker 1>a it's nothing.

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<v Speaker 2>It's like you're buying into an idea, which Navault Perrari

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<v Speaker 2>would argue that we're all doing that with currency. But

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<v Speaker 2>this is just the stupidest version of it.

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<v Speaker 1>Like most of our society, meme coins based on Internet

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<v Speaker 1>jokes or fast moving cultural trends. I mean, so here

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<v Speaker 1>are the people who made money on meme coin, his friend, I.

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<v Speaker 3>Mean, I don't know.

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<v Speaker 1>We don't know because we don't really have the reporting yet.

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<v Speaker 2>This is such an unregulated space. They did even more

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<v Speaker 2>deregulation to make it so that they could get away

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<v Speaker 2>with more of this bullshit.

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<v Speaker 3>Right, So we don't know, but it seems pretty sketchy.

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<v Speaker 2>You could say that. So we have a Trump budget

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<v Speaker 2>and there are medicaid cuts. Were really shocked to hear this.

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<v Speaker 2>We never would have seen them doing this. But the

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<v Speaker 2>CBO has just scored it, and it's not looking good

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<v Speaker 2>for the people of America.

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<v Speaker 1>Some Democrats are saying, and I actually think this is

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<v Speaker 1>pretty smart messaging that this is the largest transfer of wealth.

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<v Speaker 1>I think Burscher said it to us on the podcast.

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<v Speaker 1>Largest transfer of wealth from poor peoples of rich people

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<v Speaker 1>is the Trump budget. The analysis requested by Democrats says that.

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<v Speaker 3>Per capita caps for.

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<v Speaker 1>Medicaid expansion population would save two hundred and twenty five

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<v Speaker 1>billion in federal spending and result in one point five

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<v Speaker 1>million more uninsured people by twenty thirty four. Blocking provider

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<v Speaker 1>taxes could save six hundred and sixty eight billion and

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<v Speaker 1>lead to three point nine million losing coverage.

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<v Speaker 3>So here's the idea.

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<v Speaker 1>Medicaid pays for nursing homes, pays for rural hospitals, pays

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<v Speaker 1>for the pediatricians who see the poor kids. In a

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<v Speaker 1>lot of states. You cut all of this, here's what happens.

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<v Speaker 1>The nursing homes close, the rural hospitals close, there is

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<v Speaker 1>no pediatrician to see your kid. So if Republicans can't

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<v Speaker 1>prevent elections, which they may try. It will be the

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<v Speaker 1>single you know, they will never win another election if

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<v Speaker 1>they do this, because you will see your hospital close,

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<v Speaker 1>your nursing home close. Why is why is Grandma coming

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<v Speaker 1>home to live with us? Because there's no nursing home.

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<v Speaker 1>It's closed, right? Why is great Uncle Milton living on

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<v Speaker 1>the street because the nursing home is closed.

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<v Speaker 3>Because they cut medicaid.

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<v Speaker 1>I mean, that's what this looks like in real time,

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<v Speaker 1>and it means like you're not driving forty miles to

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<v Speaker 1>a hospital, You're driving one hundred and forty miles to

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<v Speaker 1>a hospital. So these are real things that people in

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<v Speaker 1>Red states are going to see. And in some ways

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<v Speaker 1>this is just indulge me for another minute because.

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<v Speaker 3>It's my fucking podcast. Exe's my friend.

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<v Speaker 1>The brilliance of Obamacare, the brilliance of it and medicated

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<v Speaker 1>space was that I remember when I was a kid,

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<v Speaker 1>we had people who weren't insured and those people went

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<v Speaker 1>to emergency.

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<v Speaker 3>Rooms for treatment.

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<v Speaker 2>I was one of them.

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<v Speaker 3>Yeah, they had no choices.

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<v Speaker 1>And what we did with Obamacare and this is really

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<v Speaker 1>honestly like, we gave people medicine and now I'm telling

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<v Speaker 1>you the Medicaid expansion you know, some states have rejected

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<v Speaker 1>it because they're you know, Republicans, but largely the states

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<v Speaker 1>that have it, like Andy Buscher who we talked to,

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<v Speaker 1>like this has been a game changer.

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<v Speaker 4>Right.

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<v Speaker 1>There are hospitals where there were no hospitals, so Republicans

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<v Speaker 1>would have to get rid of these hospitals. And I'm

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<v Speaker 1>just not convinced that they want to take the poison

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<v Speaker 1>on this.

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<v Speaker 2>And what we see in the Houses, they're bullying a

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<v Speaker 2>lot of members to pass this so that they can

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<v Speaker 2>fundraise off this, saying that the Senate will strike it down.

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<v Speaker 2>Don't worry, guys, You'll be fine. And they're trying to

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<v Speaker 2>get some of the more wavery Republicans on board with

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<v Speaker 2>it that way.

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<v Speaker 3>Good luck team. Yeah.

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<v Speaker 2>I'll just say this mine, if my in laws were

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<v Speaker 2>forced to come to live with me, I voted lifelong

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<v Speaker 2>Democrat all my life. That would change real fast, That's

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<v Speaker 2>all I'm saying. If they forced that, I'd be some

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<v Speaker 2>real borsch belt humor for you all.

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<v Speaker 3>Okay, bomb bomb never follow a dog up.

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<v Speaker 2>A judge's blocked Trump's dismantling of three different agencies, which

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<v Speaker 2>yet again, let's just thank god for the courts. I think.

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<v Speaker 2>I never thought I'd be saying it's.

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<v Speaker 1>So good they wanted to By the way, I just

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<v Speaker 1>want to say the three ones they wanted to get

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<v Speaker 1>rid of, Okay, the Institute of Museum and Library Sciences.

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<v Speaker 3>First of all, it is like you, how many people

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<v Speaker 3>work in that? You know?

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<v Speaker 1>It's point zero zero zero zero zero one percent of

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<v Speaker 1>the Pentagon, right, I mean it's like ten people. The

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<v Speaker 1>Institute of Museum and Library Sciences. They wanted to kill that.

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<v Speaker 1>The Minority Business Development Agency obvious reasons because they're not

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<v Speaker 1>interested in that. And the Federal Mediation Services, which, by

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<v Speaker 1>the way, I'm just gonna tell you, mediation is like

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<v Speaker 1>a way to save money versus you know, lawsuits, you know,

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<v Speaker 1>and I'm sure this is about workers' rights. But the

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<v Speaker 1>point is they tried to close it. Like yet again,

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<v Speaker 1>we're seeing the Trump world just absolutely lose it in

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<v Speaker 1>the courts, as they should, as they will continue on

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<v Speaker 1>as they deserve. Michael Steele is the co host of

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<v Speaker 1>The Weeknight along with Slomone, Sanders Townsend, and Alicia Menendez.

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<v Speaker 1>It airs Mondays from seven to nine pm and Tuesdays

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<v Speaker 1>through Fridays from seven to eight pm on MSNBC.

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<v Speaker 3>Welcome to Path Politicists.

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<v Speaker 4>Michael Steele, Okay, what's up.

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<v Speaker 1>I'm so excited that I get to have I get

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<v Speaker 1>to have you, Alicia and Simone on my podcast to

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<v Speaker 1>promote your show. But like, here's the trick. I actually

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<v Speaker 1>would have you on anyway to talk about politics. So

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<v Speaker 1>it's like there are occasionally are times when what I

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<v Speaker 1>want to talk about and doing something that is sort

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<v Speaker 1>of what is needed or wanted coincide, but almost never.

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<v Speaker 1>So I'm very excited about this and I'm extremely happy

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<v Speaker 1>to have you here, and I'm gonna I think we

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<v Speaker 1>should start by talking about the hundred days of I

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<v Speaker 1>told you so? Do you remember what you wrote on

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<v Speaker 1>a piece of paper on election night at three o'clock

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<v Speaker 1>in the morning to make no okay, so eight o'clock

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<v Speaker 1>in the morning, I am to say that I am

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<v Speaker 1>like I have never I'm out of my body. I'm

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<v Speaker 1>so upset, I am like watching myself. We are on

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<v Speaker 1>the set and I look over at you and I'm.

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<v Speaker 3>Like, holy, what are we gonna do?

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<v Speaker 1>And you write down at a piece of paper, We're gonna

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<v Speaker 1>at least won't be able to say we told them so.

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<v Speaker 5>Yeah, it is true. I was having a conversation. We

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<v Speaker 5>actually just came up on our show last night, and

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<v Speaker 5>so one of the guests that made the comment about

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<v Speaker 5>you know, you know, we don't want to necessarily be

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<v Speaker 5>it saying I told you something like hello, I've forgotten

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<v Speaker 5>that I actually written that down on paper, but it's true.

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<v Speaker 5>I don't know why we can't say I told you so,

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<v Speaker 5>I'm sorry. I give you every warning in the world.

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<v Speaker 5>If I say to you, look, get out of the building.

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<v Speaker 5>It's on fire. Get out of the building. It's on fire,

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<v Speaker 5>and then you don't get out of the building, and

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<v Speaker 5>bad things happened to you. Yeah, I'm going to tell

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<v Speaker 5>you I told you so. I'm sorry. I'm that guy.

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<v Speaker 5>I'm not just warning you to just to be a

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<v Speaker 5>pain in the butt or to be to have trumped

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<v Speaker 5>derangements syndrome that crazy. I'm warning you because he's warning us, right.

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<v Speaker 1>And I think that's a really good point because we

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<v Speaker 1>saw so many times on the trail where he would say,

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<v Speaker 1>you know, people would say, well, you don't read mean

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<v Speaker 1>you're gonna hunt your political enemies, and you'd say, no, no.

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<v Speaker 3>I mean that, Yeah, that's right.

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<v Speaker 1>You were like very high up in the Republican Party structure,

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<v Speaker 1>and I think you were a chair of the R andCA.

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<v Speaker 5>Yeah, I did that for a little bit something like that.

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<v Speaker 1>Yeah, And so what I think that, I mean, there

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<v Speaker 1>was a moment when all of this stopped making sense,

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<v Speaker 1>when they were just like, we're going to give up

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<v Speaker 1>on trying to be the sort of cut taxes and

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<v Speaker 1>be you know, a little less for people, but still

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<v Speaker 1>you know, ultimately not so different. I mean, the two

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<v Speaker 1>parties were very were much more similar than they were

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<v Speaker 1>different until Trump came along.

0:12:42.640 --> 0:12:45.760
<v Speaker 5>I'd agree that there were, but it's interesting you could

0:12:45.880 --> 0:12:48.800
<v Speaker 5>see the evolution that was occurring to both and where

0:12:48.800 --> 0:12:52.719
<v Speaker 5>that was really sort of one of those moments was

0:12:53.200 --> 0:12:55.720
<v Speaker 5>when you had the emergence of the Tea Party and

0:12:55.880 --> 0:12:59.240
<v Speaker 5>Occupy Wall Street. They were two sides of the same coin.

0:12:59.480 --> 0:13:03.120
<v Speaker 5>Interesting making the same case against Wall Street, making the

0:13:03.160 --> 0:13:08.000
<v Speaker 5>same case about government intrusion, et cetera. That then crystallized,

0:13:08.480 --> 0:13:11.319
<v Speaker 5>Occupy Wall Street sort of went off into crazy land

0:13:11.559 --> 0:13:13.800
<v Speaker 5>with a whole lot of other stuff, so that collapsed.

0:13:14.160 --> 0:13:18.480
<v Speaker 5>Tea Party held over and then but then eventually collapsed

0:13:18.960 --> 0:13:23.000
<v Speaker 5>and morphed into something else, which then leveled up. By

0:13:23.040 --> 0:13:26.480
<v Speaker 5>the time you get to twenty sixteen Trump. But then

0:13:26.480 --> 0:13:28.760
<v Speaker 5>when you get into that election, what did you see

0:13:28.840 --> 0:13:33.360
<v Speaker 5>happening during the course of that primary was the emergence

0:13:33.480 --> 0:13:37.160
<v Speaker 5>of the Donald Trump you know, Bernie Sanders voter, that

0:13:37.360 --> 0:13:42.200
<v Speaker 5>sort of progressive, you know, hard right conservative kind of

0:13:42.600 --> 0:13:46.560
<v Speaker 5>coming together. And I met my first Bernie Sanders Donald

0:13:46.600 --> 0:13:51.120
<v Speaker 5>Trump voters at the Democratic Convention in twenty sixteen. In

0:13:51.200 --> 0:13:54.240
<v Speaker 5>twenty sixteen, when all the drama was going on with

0:13:54.400 --> 0:13:57.400
<v Speaker 5>Hillary and not of that at that they didn't, you know,

0:13:57.440 --> 0:14:01.160
<v Speaker 5>and Bernie, Bernie made the case. I still contind had

0:14:01.200 --> 0:14:04.559
<v Speaker 5>he started that race earlier, or he had an extra month,

0:14:04.840 --> 0:14:06.840
<v Speaker 5>he likely could have been the nominee, would have been

0:14:06.840 --> 0:14:09.480
<v Speaker 5>the nominee of the Democratic Party, because that's where the

0:14:09.520 --> 0:14:12.840
<v Speaker 5>momentum was going. Very much as we saw with Donald Trump,

0:14:13.160 --> 0:14:15.400
<v Speaker 5>the same thing was beginning to happen on the left.

0:14:15.400 --> 0:14:17.920
<v Speaker 5>So you do have these the two parties have always

0:14:18.040 --> 0:14:21.520
<v Speaker 5>kind of been molly in this sort of race with

0:14:21.640 --> 0:14:24.760
<v Speaker 5>each other, and along the way they dabble in some

0:14:24.800 --> 0:14:28.320
<v Speaker 5>policy or they you know, they you know, have an

0:14:28.360 --> 0:14:33.280
<v Speaker 5>opinion or an ideological spap, but they they find a

0:14:33.360 --> 0:14:36.320
<v Speaker 5>way to get get to the point where they can

0:14:36.320 --> 0:14:39.800
<v Speaker 5>get some things done that piece is not broken. And

0:14:39.840 --> 0:14:42.760
<v Speaker 5>the work that the Congress, for example, used to do

0:14:42.880 --> 0:14:45.480
<v Speaker 5>has stopped. It has stopped for a while. And so

0:14:45.560 --> 0:14:49.280
<v Speaker 5>what you now have, interesting enough, is the two parties

0:14:49.520 --> 0:14:54.640
<v Speaker 5>shifting and taking on the opposite position, where Democrats today

0:14:54.840 --> 0:14:58.680
<v Speaker 5>in many cases sound like old line Republicans and Republicans

0:14:58.720 --> 0:15:01.160
<v Speaker 5>sound like they just you know what, crazy.

0:15:01.400 --> 0:15:04.000
<v Speaker 1>No, I'm going to ask you a question just for Jesse,

0:15:04.520 --> 0:15:07.520
<v Speaker 1>because he's listening, or maybe he's gone to get a coffee.

0:15:07.720 --> 0:15:09.080
<v Speaker 1>U think Bernie would have won.

0:15:09.440 --> 0:15:11.720
<v Speaker 5>I look, I just look at the trend lines in

0:15:11.800 --> 0:15:15.480
<v Speaker 5>that election. I mean the momentum he had, the momentum

0:15:15.640 --> 0:15:18.240
<v Speaker 5>that was the big part of how a lot of

0:15:18.400 --> 0:15:20.960
<v Speaker 5>a lot of Democrats felt that the party put their

0:15:20.960 --> 0:15:23.440
<v Speaker 5>finger on the scales for Hitdle, that the energy on

0:15:23.480 --> 0:15:26.720
<v Speaker 5>the ground was for Hillary, I mean for Bernie, and

0:15:27.480 --> 0:15:30.800
<v Speaker 5>that still is true. I mean, hell, he just got

0:15:30.840 --> 0:15:34.680
<v Speaker 5>thirty thousand plus people to come out. Who else in

0:15:34.760 --> 0:15:38.320
<v Speaker 5>politics is talking to thirty thousand people in the stadium

0:15:38.400 --> 0:15:38.840
<v Speaker 5>right now?

0:15:39.280 --> 0:15:42.080
<v Speaker 1>You know. I just want to add one thing about

0:15:42.200 --> 0:15:45.080
<v Speaker 1>Bernie being out there right now, which I think is important,

0:15:45.680 --> 0:15:48.440
<v Speaker 1>is that, first of all two things, one is that

0:15:48.920 --> 0:15:52.120
<v Speaker 1>he's doing it not because he's running for president. He's

0:15:52.160 --> 0:15:55.080
<v Speaker 1>doing it for the good of American democracy, which is,

0:15:55.880 --> 0:15:59.320
<v Speaker 1>you know, like this is not the most fun thing,

0:15:59.680 --> 0:16:02.360
<v Speaker 1>and you know, I mean, it's good whatever, but he

0:16:02.440 --> 0:16:04.480
<v Speaker 1>really is doing it for the greater good, which I

0:16:04.480 --> 0:16:07.560
<v Speaker 1>think is an important data point. And then also it

0:16:07.720 --> 0:16:12.320
<v Speaker 1>is Charles Schumer who is sort of sending these people

0:16:12.360 --> 0:16:15.520
<v Speaker 1>out there and giving them the blessing to do it,

0:16:15.960 --> 0:16:19.840
<v Speaker 1>because otherwise they wouldn't be doing it. I mean, maybe Bernie.

0:16:20.120 --> 0:16:23.080
<v Speaker 1>I still think Bernie is largely has been pretty much,

0:16:23.720 --> 0:16:27.640
<v Speaker 1>you know, So I do think when we criticize Schumer,

0:16:28.080 --> 0:16:31.080
<v Speaker 1>that is an important that he does. He has he

0:16:31.120 --> 0:16:33.480
<v Speaker 1>does have senators out there doing the stuff that they're

0:16:33.520 --> 0:16:34.280
<v Speaker 1>supposed to be doing.

0:16:34.480 --> 0:16:38.680
<v Speaker 5>Chris Murphy does he, I mean, I supposed if you

0:16:38.680 --> 0:16:40.160
<v Speaker 5>want to give it to him, give it to him.

0:16:40.440 --> 0:16:44.640
<v Speaker 5>My issues with leadership, with the leadership of Chuck Schumer

0:16:45.400 --> 0:16:48.520
<v Speaker 5>is not that he can send a senator out to

0:16:48.600 --> 0:16:51.160
<v Speaker 5>hold a rally. How do you use the rules of

0:16:51.200 --> 0:16:54.720
<v Speaker 5>the United States Senate to protect your interest? Right?

0:16:54.760 --> 0:16:57.080
<v Speaker 3>And the master of the Senate stuff, right, I.

0:16:57.120 --> 0:17:01.760
<v Speaker 5>Mean, you've gotten pulped at every turn post, especially when

0:17:01.760 --> 0:17:04.879
<v Speaker 5>it comes to judicial appointments and the fact that the

0:17:05.280 --> 0:17:10.080
<v Speaker 5>Democrats of the Senate capitulated and voted for in some

0:17:10.200 --> 0:17:13.520
<v Speaker 5>cases or allowed the vote to go forward in all

0:17:13.640 --> 0:17:19.600
<v Speaker 5>cases with the with the highly incompetent not ready for

0:17:19.720 --> 0:17:23.679
<v Speaker 5>anything close to prime time nominees for various positions in

0:17:23.720 --> 0:17:27.560
<v Speaker 5>our government. And there was no fight. Yeah, I mean case.

0:17:27.600 --> 0:17:30.600
<v Speaker 5>So now you want to send people out into a rally, okay,

0:17:30.640 --> 0:17:33.920
<v Speaker 5>But the rally was should have been before you got

0:17:33.960 --> 0:17:36.480
<v Speaker 5>to this point. And so that's where I have a

0:17:36.560 --> 0:17:40.640
<v Speaker 5>problem with the leadership is that, yes, you have the title,

0:17:40.720 --> 0:17:42.880
<v Speaker 5>but you don't have the political instincts to know how

0:17:42.880 --> 0:17:44.480
<v Speaker 5>to use the title right.

0:17:44.600 --> 0:17:47.880
<v Speaker 1>And there are there are all sorts of weird Senate

0:17:48.160 --> 0:17:50.960
<v Speaker 1>things you can do to come up the works. We've

0:17:51.040 --> 0:17:55.080
<v Speaker 1>seen Mitch McConnell do them. We saw Harry Reid do them.

0:17:55.560 --> 0:17:57.960
<v Speaker 1>That that stuff Schumer.

0:17:57.640 --> 0:17:58.840
<v Speaker 3>Has not filled it with.

0:17:59.240 --> 0:18:01.959
<v Speaker 1>I do want to talk for a minute about the

0:18:02.119 --> 0:18:08.040
<v Speaker 1>cr because in the there was a year prior budget

0:18:08.160 --> 0:18:13.199
<v Speaker 1>reversal for the District of Columbia. Now they need this

0:18:13.440 --> 0:18:18.000
<v Speaker 1>money and and poor Mary al Bowser is trying to

0:18:18.160 --> 0:18:22.400
<v Speaker 1>kind of get it through and now Republicans, the far

0:18:22.640 --> 0:18:25.800
<v Speaker 1>right plank is giving her trouble again, which.

0:18:25.840 --> 0:18:27.960
<v Speaker 3>I think that could have been an easy one that

0:18:28.040 --> 0:18:28.919
<v Speaker 3>Democrats could have.

0:18:29.400 --> 0:18:31.600
<v Speaker 5>It should have been an easy one for the Democrats

0:18:31.600 --> 0:18:34.840
<v Speaker 5>in my view, irrespective of what you think about the

0:18:34.880 --> 0:18:38.200
<v Speaker 5>District of Columbia, there's seven hundred thousand plus people who

0:18:38.200 --> 0:18:41.040
<v Speaker 5>live there. I'm a native Washingtonian. My dad still lives

0:18:41.600 --> 0:18:44.879
<v Speaker 5>in our family home in the city. And the fact

0:18:44.960 --> 0:18:52.200
<v Speaker 5>that you would have Republicans who who fundamentally have a slightly, no,

0:18:52.560 --> 0:18:55.280
<v Speaker 5>just a full on racist view of the city. They

0:18:55.359 --> 0:18:58.080
<v Speaker 5>still think it's chocolate city, you know, from back in

0:18:58.119 --> 0:19:01.440
<v Speaker 5>the day of Marion Barry and and the street thug

0:19:01.560 --> 0:19:04.359
<v Speaker 5>life that sort of pervaded in some parts of the city,

0:19:04.480 --> 0:19:07.720
<v Speaker 5>all of that that every urban community went through in

0:19:07.760 --> 0:19:10.560
<v Speaker 5>the eighties and the nineties, in the early two thousands

0:19:10.600 --> 0:19:14.120
<v Speaker 5>for example, that they just have this sort of pejorative

0:19:14.240 --> 0:19:17.560
<v Speaker 5>view of the city, a city that they barely know

0:19:17.760 --> 0:19:20.320
<v Speaker 5>because they barely spend any time in it, and it's

0:19:20.440 --> 0:19:22.600
<v Speaker 5>just a federal property that they think they can do

0:19:22.680 --> 0:19:25.480
<v Speaker 5>whatever they want. But they're real people who live There

0:19:25.560 --> 0:19:29.159
<v Speaker 5>was no vote in the United States Congress that have

0:19:29.320 --> 0:19:33.800
<v Speaker 5>fought desperately for home rule. I very much remember when

0:19:33.800 --> 0:19:37.560
<v Speaker 5>home rule was passed and I worked on as a

0:19:37.600 --> 0:19:41.399
<v Speaker 5>young college student on the first Amendment to the Constitution

0:19:41.560 --> 0:19:45.879
<v Speaker 5>to give DC voting rights in nineteen seventy eight, and

0:19:45.920 --> 0:19:48.480
<v Speaker 5>to hear these people now sort of jerk around with

0:19:48.520 --> 0:19:53.560
<v Speaker 5>their money, largely these senators and members from Congress, mostly

0:19:53.600 --> 0:19:56.639
<v Speaker 5>members from Congress from places that are smaller than the

0:19:56.680 --> 0:20:03.480
<v Speaker 5>District of Columbia. It's offensive. Racial undertones are well documented,

0:20:03.640 --> 0:20:06.080
<v Speaker 5>and it's unfortunate. And so you would hope that there'll

0:20:06.119 --> 0:20:08.520
<v Speaker 5>be some friends out there who could fight for this city.

0:20:08.960 --> 0:20:11.239
<v Speaker 5>To strip a billion dollars out of the budget, how

0:20:11.280 --> 0:20:13.160
<v Speaker 5>the hell you think they're going to run their police

0:20:13.160 --> 0:20:14.840
<v Speaker 5>and fire, how the hell you think they're going to

0:20:15.320 --> 0:20:18.359
<v Speaker 5>run the school system and provide the services to the

0:20:18.400 --> 0:20:20.719
<v Speaker 5>extent that your dumb ass still live in the city,

0:20:20.920 --> 0:20:23.200
<v Speaker 5>and you're going to be calling up the mayor saying,

0:20:23.200 --> 0:20:25.560
<v Speaker 5>why aren't you picking up the trash? Well, because you

0:20:25.600 --> 0:20:28.159
<v Speaker 5>took a billion dollars out of the budget, right, and

0:20:28.200 --> 0:20:30.919
<v Speaker 5>because I'm not the governor of this of the state

0:20:31.040 --> 0:20:33.880
<v Speaker 5>of the District of Columbia. I'm a mayor and I've

0:20:33.880 --> 0:20:35.880
<v Speaker 5>got to make this stuff work. And when you cut

0:20:35.880 --> 0:20:38.000
<v Speaker 5>my money, I can't make it work the way you

0:20:38.119 --> 0:20:40.920
<v Speaker 5>want it to work. So everybody kind of thinks the

0:20:40.920 --> 0:20:44.040
<v Speaker 5>things you just cut and everything will continue to run.

0:20:44.320 --> 0:20:48.679
<v Speaker 5>Not just run, not just run, Molly, but run better.

0:20:49.440 --> 0:20:52.400
<v Speaker 1>Yeah, you know, we're starting to see Republicans are trying

0:20:52.440 --> 0:20:55.520
<v Speaker 1>to pass the bill. They're now calling it this budget.

0:20:55.520 --> 0:20:57.680
<v Speaker 1>They're calling it the one big Beautiful Bell.

0:20:57.920 --> 0:21:03.080
<v Speaker 5>Because that's what Donald Trump calls it. So you know

0:21:03.800 --> 0:21:05.920
<v Speaker 5>when you're yeah, it's.

0:21:05.760 --> 0:21:07.840
<v Speaker 1>Gonna you know, when you're traveling in the Gulf of

0:21:07.880 --> 0:21:12.320
<v Speaker 1>America and in this one big beautiful bill, they need

0:21:12.359 --> 0:21:14.400
<v Speaker 1>to pay for these tax cuts. Right.

0:21:14.480 --> 0:21:18.000
<v Speaker 3>The whole game here, doge, Everything is to pay for

0:21:18.080 --> 0:21:18.679
<v Speaker 3>tax cuts.

0:21:18.680 --> 0:21:20.760
<v Speaker 1>It's to pay for the tax cuts that already happened

0:21:20.760 --> 0:21:23.080
<v Speaker 1>and the tax cuts that are coming. And the idea

0:21:23.200 --> 0:21:26.480
<v Speaker 1>here is that these tax cuts, by the way, the

0:21:26.640 --> 0:21:29.920
<v Speaker 1>new ones, I don't know, you know, the old ones.

0:21:29.960 --> 0:21:31.879
<v Speaker 1>People are gonna be like, where's my tax cut? No,

0:21:31.960 --> 0:21:34.960
<v Speaker 1>we just extended the other ones, right, I mean, we're

0:21:35.000 --> 0:21:38.320
<v Speaker 1>not even you know, but even say the new ones come.

0:21:38.920 --> 0:21:42.359
<v Speaker 1>The problem is, now Elon had all these ideas he

0:21:42.480 --> 0:21:43.720
<v Speaker 1>was going to cut all this stuff.

0:21:44.000 --> 0:21:46.040
<v Speaker 3>It turns out it's a lot harder than it looks.

0:21:46.200 --> 0:21:48.960
<v Speaker 5>It is a lot harder than it looks because when

0:21:49.000 --> 0:21:52.880
<v Speaker 5>you rob from Peter to pay Paul, you realize, hell,

0:21:53.560 --> 0:21:57.200
<v Speaker 5>I gotta go and rob Paul to pay Pete. It's

0:21:57.240 --> 0:22:01.440
<v Speaker 5>all Look, it's a finite amount of mine. Period. It's

0:22:01.480 --> 0:22:04.000
<v Speaker 5>a bud Like any budget, there's a fine item if

0:22:04.000 --> 0:22:06.479
<v Speaker 5>there's only so much that goes in and there's an

0:22:06.480 --> 0:22:10.439
<v Speaker 5>amount that goes out, and you're always constantly trying to

0:22:10.520 --> 0:22:14.040
<v Speaker 5>figure out the balance of those. And so when you say,

0:22:14.359 --> 0:22:17.040
<v Speaker 5>as the president of the United States that you want

0:22:17.080 --> 0:22:23.920
<v Speaker 5>a trillion dollar defense budget, okay, when does that come? Okay, Peter? Yeah,

0:22:24.040 --> 0:22:27.760
<v Speaker 5>you know, Paul wants a trillion dollar defense budget. Guess what,

0:22:28.119 --> 0:22:30.640
<v Speaker 5>I gotta grab a little bit from you to get there.

0:22:30.920 --> 0:22:34.520
<v Speaker 5>And that's the way this works. So you know, if

0:22:34.520 --> 0:22:37.159
<v Speaker 5>you stop and think about it, the only time in

0:22:37.280 --> 0:22:41.480
<v Speaker 5>our modern lifetime we've done seen the balancing the budget

0:22:41.560 --> 0:22:45.760
<v Speaker 5>was during Clinton's period. Clinton period in newk Enguage in

0:22:45.800 --> 0:22:49.840
<v Speaker 5>the House, and there was this sense of trying to

0:22:50.359 --> 0:22:54.840
<v Speaker 5>work towards some level of common goals, and they decided

0:22:54.840 --> 0:22:57.840
<v Speaker 5>what those goals were, and they put in motion the

0:22:57.920 --> 0:23:01.080
<v Speaker 5>steps necessary to do that. And while lot they balanced

0:23:01.080 --> 0:23:05.880
<v Speaker 5>the budget, there were compromises. There were things that Democrats

0:23:05.920 --> 0:23:10.159
<v Speaker 5>weren't happy about Republicans weren't happy about, but they ultimately

0:23:10.240 --> 0:23:15.000
<v Speaker 5>resulted in a number of years of not just balance budgets,

0:23:15.040 --> 0:23:19.280
<v Speaker 5>but surpluses money that was then subsequently returned to the

0:23:19.320 --> 0:23:23.520
<v Speaker 5>public in some form. And so that's that's governing. That's

0:23:23.600 --> 0:23:27.199
<v Speaker 5>not what we're doing now. We're trying to placate a

0:23:27.280 --> 0:23:32.000
<v Speaker 5>particular class of people by giving them unfettered access to

0:23:32.160 --> 0:23:37.520
<v Speaker 5>cash and wealth. And for a lot of people that is,

0:23:38.119 --> 0:23:40.840
<v Speaker 5>like you just said, they're sitting here thinking that they're

0:23:40.840 --> 0:23:42.840
<v Speaker 5>going to get a tax cut. Well, you didn't get

0:23:42.840 --> 0:23:45.120
<v Speaker 5>a tax cut the last time, and the only thing

0:23:45.119 --> 0:23:47.960
<v Speaker 5>they want to do is extend those tax cuts now,

0:23:48.920 --> 0:23:51.399
<v Speaker 5>which means you still don't get a tax cut. And

0:23:51.480 --> 0:23:54.840
<v Speaker 5>so that's the hard, cruel reality. And it's eight hundred

0:23:55.000 --> 0:23:59.240
<v Speaker 5>and eighty billion dollars that's got to be made up somewhere.

0:23:59.640 --> 0:24:02.120
<v Speaker 5>And do you think that's going to come from. It's

0:24:02.200 --> 0:24:05.399
<v Speaker 5>coming from that school lunch program that you live that

0:24:05.480 --> 0:24:08.600
<v Speaker 5>you need in your little Mississippi district, comes from that

0:24:08.760 --> 0:24:12.720
<v Speaker 5>after school program that you need in your Alabama district. Yeah,

0:24:12.760 --> 0:24:16.480
<v Speaker 5>And the communities that are often hurt the most are

0:24:16.520 --> 0:24:19.800
<v Speaker 5>the ones clamoring the loudest for the thing that will

0:24:19.880 --> 0:24:22.840
<v Speaker 5>hurt them the most. And that's fundamentally because I don't

0:24:22.880 --> 0:24:26.199
<v Speaker 5>think they appreciate or understand just how they're impacted. I

0:24:26.320 --> 0:24:29.080
<v Speaker 5>talked to one guy who got excited by the fact

0:24:29.080 --> 0:24:31.840
<v Speaker 5>that he saw fifty dollars more in his paycheck every

0:24:31.880 --> 0:24:35.080
<v Speaker 5>two weeks from the last tax cut, and I say, well,

0:24:35.119 --> 0:24:37.639
<v Speaker 5>that's nice, because you know that guy over there, he

0:24:37.720 --> 0:24:39.760
<v Speaker 5>got a thousand. So there you are.

0:24:40.040 --> 0:24:43.040
<v Speaker 1>Why are people having such a hard time standing up

0:24:43.200 --> 0:24:45.639
<v Speaker 1>to Trump? Why is everyone so scared of him? And

0:24:45.680 --> 0:24:48.760
<v Speaker 1>I'm going to give you one example. Janet Mills, Governor

0:24:48.880 --> 0:24:52.479
<v Speaker 1>Mayne says, I'll see you in court on you know

0:24:52.560 --> 0:24:57.000
<v Speaker 1>the five trans kid athletes in Maine. Maybe there are ten,

0:24:57.480 --> 0:25:01.120
<v Speaker 1>Probably there are two or one. She goes to court,

0:25:01.200 --> 0:25:05.920
<v Speaker 1>she wins. So why is why is everyone so scared

0:25:05.960 --> 0:25:06.280
<v Speaker 1>of Trump?

0:25:06.320 --> 0:25:10.280
<v Speaker 5>Because they're punks. They're punks. Bullies see them, bullies pick

0:25:10.320 --> 0:25:12.080
<v Speaker 5>them out. At the beginning of the school year, the

0:25:12.080 --> 0:25:15.320
<v Speaker 5>bully often walks the playground the first day or two

0:25:15.400 --> 0:25:18.720
<v Speaker 5>of school to size up, size up what's in the yard.

0:25:19.359 --> 0:25:23.480
<v Speaker 5>And Donald Trump has, over the four years that he

0:25:24.320 --> 0:25:28.399
<v Speaker 5>was waiting in the wings, sized up the yard and

0:25:29.000 --> 0:25:32.479
<v Speaker 5>has made promises to a number of these folks who

0:25:32.560 --> 0:25:36.320
<v Speaker 5>think they're actually going to get something right. Others he

0:25:36.359 --> 0:25:38.880
<v Speaker 5>wants to make an example of, and he knows who

0:25:38.920 --> 0:25:41.919
<v Speaker 5>he can make an example of. And the rest just

0:25:42.040 --> 0:25:44.439
<v Speaker 5>look there and tremble and say there, but for the

0:25:44.440 --> 0:25:47.280
<v Speaker 5>grace of eye God goes I. You know, I don't

0:25:47.280 --> 0:25:50.040
<v Speaker 5>want I don't want that to happen to me. And

0:25:50.119 --> 0:25:52.280
<v Speaker 5>my question is why not? What do you think is

0:25:52.320 --> 0:25:54.400
<v Speaker 5>going to happen to you? Do you think that if

0:25:54.400 --> 0:25:56.959
<v Speaker 5>you give Donald Trump a billion dollars worth of pro

0:25:57.080 --> 0:25:59.000
<v Speaker 5>bono work, that he's not going to ask you to

0:25:59.040 --> 0:26:03.320
<v Speaker 5>represent so very unsavory characters that got in trouble because

0:26:03.359 --> 0:26:05.879
<v Speaker 5>of him. That's the pro bono work. It ain't It

0:26:05.880 --> 0:26:09.040
<v Speaker 5>ain't doing what you did with the Legal Aid Society, dumas.

0:26:09.880 --> 0:26:12.600
<v Speaker 5>It is exactly what Donald Trump wants you to do.

0:26:12.920 --> 0:26:15.439
<v Speaker 5>And now they're coming to realize that, Molly. They're like,

0:26:15.760 --> 0:26:19.000
<v Speaker 5>oh suddenly, now, oh so you mean we got to

0:26:19.040 --> 0:26:22.040
<v Speaker 5>represent who? Yes, Donald Trump has a list of people

0:26:22.080 --> 0:26:23.920
<v Speaker 5>that you need to take care of. Some of them

0:26:23.920 --> 0:26:27.160
<v Speaker 5>maybe January sixth, or some of them may be former

0:26:27.400 --> 0:26:31.960
<v Speaker 5>officials from his last administration. Whatever, I thank yourself, beholden

0:26:32.320 --> 0:26:35.479
<v Speaker 5>to the thug. You're going to get caught up in

0:26:35.640 --> 0:26:39.720
<v Speaker 5>thug things, and so I don't understand the fear, because

0:26:39.760 --> 0:26:43.080
<v Speaker 5>there are more examples of people standing up and winning

0:26:43.200 --> 0:26:47.320
<v Speaker 5>to your very point than there are people cow towing

0:26:47.359 --> 0:26:49.240
<v Speaker 5>and capitulating and winning.

0:26:49.440 --> 0:26:53.560
<v Speaker 3>True. Michael Steele, thank you, thank you, thank you.

0:26:55.600 --> 0:26:59.840
<v Speaker 1>Chris Hughes is an entrepreneur and author of Market Chapters

0:27:00.240 --> 0:27:03.960
<v Speaker 1>one hundred year Struggle to Shape the American Economy.

0:27:04.480 --> 0:27:05.880
<v Speaker 3>Welcome to Fast.

0:27:05.560 --> 0:27:07.800
<v Speaker 4>Politics, Chris, thanks for having me.

0:27:08.040 --> 0:27:12.280
<v Speaker 1>You're an economic historian and you have this book, Market Crafters,

0:27:12.320 --> 0:27:13.480
<v Speaker 1>which I want you to talk about.

0:27:13.560 --> 0:27:14.800
<v Speaker 3>What is a market crafter.

0:27:15.200 --> 0:27:18.919
<v Speaker 4>It's a policy maker who's guiding and harnessing a market

0:27:19.040 --> 0:27:23.560
<v Speaker 4>towards some political goal. So that could be making Americans richer,

0:27:23.800 --> 0:27:29.240
<v Speaker 4>making them safer, making their financial lives more stable. Their Republicans,

0:27:29.280 --> 0:27:33.080
<v Speaker 4>they're Democrats. And I track a lot of these cases

0:27:33.119 --> 0:27:36.760
<v Speaker 4>from the past to try to pull out lessons for today.

0:27:36.800 --> 0:27:38.120
<v Speaker 4>How are we going to build back on the other

0:27:38.200 --> 0:27:42.560
<v Speaker 4>side of the chaos and insanity of Trump's economic policy.

0:27:42.840 --> 0:27:47.399
<v Speaker 1>Give me a counterintuitive example of someone who is in

0:27:47.440 --> 0:27:47.879
<v Speaker 1>the book.

0:27:48.080 --> 0:27:51.359
<v Speaker 4>I kept focusing on counterintuitive examples that at one point

0:27:51.520 --> 0:27:54.560
<v Speaker 4>a colleague who had read through parts of the manuscript said, Okay,

0:27:54.560 --> 0:27:56.080
<v Speaker 4>you've got to get some more like bread and butter

0:27:56.160 --> 0:28:00.720
<v Speaker 4>vanilla people. So a lot of the characters are libertarians. Actually,

0:28:01.720 --> 0:28:04.639
<v Speaker 4>One that might be well known to some is a

0:28:04.680 --> 0:28:08.679
<v Speaker 4>Bill Simon, who was a bond trader on Wall Street

0:28:08.840 --> 0:28:11.199
<v Speaker 4>and a pretty gruff one, as they tended to be

0:28:11.480 --> 0:28:15.760
<v Speaker 4>in the nineteen sixties and nineteen seventies. And he goes

0:28:15.760 --> 0:28:18.960
<v Speaker 4>in auditions for a job with Richard Nixon in nineteen

0:28:19.480 --> 0:28:24.960
<v Speaker 4>seventy two after Nixon wins reelection, and he thinks he's

0:28:24.960 --> 0:28:28.520
<v Speaker 4>interviewing to become HUDs secretary, and in reality, George Schultz

0:28:28.680 --> 0:28:30.639
<v Speaker 4>wants him to be Deputy Secretary of the Treasury. So

0:28:30.680 --> 0:28:34.600
<v Speaker 4>he brings in this libertarian and they park maybe the

0:28:34.640 --> 0:28:37.720
<v Speaker 4>hardest set of problems on his desk, which is how

0:28:38.200 --> 0:28:43.840
<v Speaker 4>do you respond to rapidly escalating oil prices, which gets

0:28:44.120 --> 0:28:46.640
<v Speaker 4>much worse when the oil embargo happens in the fall

0:28:46.680 --> 0:28:50.000
<v Speaker 4>of nineteen seventy three after the Yan Kapoor War. So

0:28:50.040 --> 0:28:53.920
<v Speaker 4>this libertarian who came in thinking that government was mostly

0:28:53.960 --> 0:28:56.000
<v Speaker 4>not the answer, all of a sudden it has a

0:28:56.160 --> 0:29:00.840
<v Speaker 4>mission stabilize oil prices in shore that there are not

0:29:00.960 --> 0:29:03.840
<v Speaker 4>gas lines, and you know, in that period it was

0:29:03.880 --> 0:29:05.720
<v Speaker 4>really important to make sure there was enough home heating

0:29:05.720 --> 0:29:08.120
<v Speaker 4>oil in New England for that winter so that nobody

0:29:08.120 --> 0:29:10.280
<v Speaker 4>froze to death. So all of a sudden, this guy

0:29:10.720 --> 0:29:16.440
<v Speaker 4>becomes a market crafter. He makes very precise decisions around allocations.

0:29:16.520 --> 0:29:21.920
<v Speaker 4>He sets price controlled, he creates quotas for usage, and

0:29:22.200 --> 0:29:26.200
<v Speaker 4>creates a whole federal administration to a stockpile oil and

0:29:26.240 --> 0:29:29.160
<v Speaker 4>gas to make sure that we don't chew through what

0:29:29.200 --> 0:29:32.200
<v Speaker 4>we have too quickly. And it was hard for me

0:29:32.240 --> 0:29:34.400
<v Speaker 4>to write because the guy is sort of an asshole,

0:29:34.440 --> 0:29:36.520
<v Speaker 4>like he's not a nice guy in his letters. But

0:29:36.840 --> 0:29:40.840
<v Speaker 4>he was successful. He actually helped heap down the cost

0:29:40.920 --> 0:29:43.840
<v Speaker 4>of gasoline to a pretty modest level, particularly when it

0:29:43.960 --> 0:29:47.840
<v Speaker 4>compared to what happened where doubled in Western Europe. Now

0:29:48.080 --> 0:29:51.320
<v Speaker 4>later in the decade, ironically it's a disaster. That's when

0:29:51.360 --> 0:29:53.880
<v Speaker 4>the gas lines that we all remember is in nineteen

0:29:53.920 --> 0:29:56.280
<v Speaker 4>seventy nine and the next gas I'm shocked. But he

0:29:56.320 --> 0:29:59.240
<v Speaker 4>had laid a framework for an effective market craft, despite

0:29:59.280 --> 0:30:00.880
<v Speaker 4>his liber tarian politics.

0:30:01.280 --> 0:30:03.920
<v Speaker 1>So we're in the middle of a kind of crisis

0:30:04.280 --> 0:30:07.600
<v Speaker 1>not so different than the gas crisis in a way. Right,

0:30:08.120 --> 0:30:16.120
<v Speaker 1>president doesn't understand mass decides to enact broad tariffs, totally unfocused.

0:30:17.000 --> 0:30:21.840
<v Speaker 1>What it does is it screeches the economy to a halt.

0:30:22.440 --> 0:30:27.120
<v Speaker 1>It reverses growth. So talk to me about what you

0:30:27.240 --> 0:30:31.480
<v Speaker 1>think the president for this is and what you've seen

0:30:31.600 --> 0:30:36.080
<v Speaker 1>sort of historically, how this kind of self perpetuated crisis

0:30:36.120 --> 0:30:37.360
<v Speaker 1>could get thought through.

0:30:37.760 --> 0:30:40.000
<v Speaker 4>Now, I went on a daily show on Monday and

0:30:40.080 --> 0:30:43.680
<v Speaker 4>John Stewart called Trump a market crasher instead of a

0:30:43.720 --> 0:30:46.480
<v Speaker 4>market crafter, which I thought was very clever, as John

0:30:46.480 --> 0:30:48.280
<v Speaker 4>Stewart can be. And so now I think I'm going

0:30:48.360 --> 0:30:51.000
<v Speaker 4>to use that term. I mean Trump is bludgeoning the

0:30:51.040 --> 0:30:56.960
<v Speaker 4>American economy. I mean the uncertainty alone from the impulsiveness

0:30:57.520 --> 0:31:01.040
<v Speaker 4>is causing us to likely high into recession. You know,

0:31:01.240 --> 0:31:03.040
<v Speaker 4>just this morning, aren't we in it?

0:31:03.240 --> 0:31:06.120
<v Speaker 1>Because of the now we're oh, it's got to be

0:31:06.240 --> 0:31:08.680
<v Speaker 1>two quarters, right of negative.

0:31:08.240 --> 0:31:11.840
<v Speaker 4>Growth, exactly quarters of negative growth. But the point is

0:31:11.840 --> 0:31:15.840
<v Speaker 4>is the economy is right now is contracting. Consumers are

0:31:16.240 --> 0:31:19.720
<v Speaker 4>less confident than they have been in five years, which

0:31:19.840 --> 0:31:23.680
<v Speaker 4>you know was literally this the pandemic spring, when we

0:31:23.680 --> 0:31:25.760
<v Speaker 4>were all locked up in our houses at the very

0:31:25.800 --> 0:31:32.280
<v Speaker 4>beginning inflation expectations are up, investor uncertainty is up, and

0:31:32.560 --> 0:31:35.400
<v Speaker 4>there's a lot of questions around whether investors are going

0:31:35.440 --> 0:31:38.960
<v Speaker 4>to flee American assets and dollar denominated assets across the board.

0:31:39.000 --> 0:31:42.920
<v Speaker 4>So this is a big self inflicted problem. The question

0:31:43.120 --> 0:31:44.800
<v Speaker 4>is is, first off, how we're going to get through

0:31:44.840 --> 0:31:47.080
<v Speaker 4>it for the next couple of years, and then how

0:31:47.120 --> 0:31:49.280
<v Speaker 4>we're going to rebuild on the other side. I'm afraid

0:31:49.280 --> 0:31:51.400
<v Speaker 4>it is going to get worse before it gets better.

0:31:51.600 --> 0:31:53.920
<v Speaker 4>I think there will be a recession and we'll see

0:31:53.920 --> 0:31:58.080
<v Speaker 4>how deep it goes. But Democrats and progressives are going

0:31:58.120 --> 0:32:00.880
<v Speaker 4>to need to be able to say, hey, we understand

0:32:01.000 --> 0:32:03.680
<v Speaker 4>the economic challenges that are in front of us. Right now.

0:32:03.880 --> 0:32:07.840
<v Speaker 4>It's high costs, housing, groceries, care. Eventually it's going to

0:32:07.840 --> 0:32:11.960
<v Speaker 4>be jobs increasingly, and we have a plan to bring

0:32:12.040 --> 0:32:15.280
<v Speaker 4>down those costs and create the jobs that Americans want

0:32:15.280 --> 0:32:17.680
<v Speaker 4>to see. And Americans, you know, they're wary of that

0:32:17.720 --> 0:32:20.320
<v Speaker 4>after Bidenomics. But in my view, that plan is going

0:32:20.360 --> 0:32:23.120
<v Speaker 4>to have to involve market crafting. It's going to have

0:32:23.280 --> 0:32:26.040
<v Speaker 4>to say these are the industries of the future me

0:32:26.240 --> 0:32:28.640
<v Speaker 4>to the jobs that we need, and these are the

0:32:28.680 --> 0:32:31.239
<v Speaker 4>costs that need to be stabilized, and we got to

0:32:31.360 --> 0:32:34.440
<v Speaker 4>use all of the tools that we have to make

0:32:35.040 --> 0:32:39.280
<v Speaker 4>the economy work for everyday people, not just investors and

0:32:39.600 --> 0:32:40.680
<v Speaker 4>the people who do the best.

0:32:41.000 --> 0:32:46.320
<v Speaker 1>So dollar flight, let's talk about dollar flight. There is

0:32:46.640 --> 0:32:51.760
<v Speaker 1>a real anxiety. The reason people have said that Trump

0:32:52.200 --> 0:32:55.800
<v Speaker 1>stopped the tariffs was because of the bond market. Because

0:32:55.840 --> 0:33:00.160
<v Speaker 1>the bond market usually the stock market goes down, the

0:33:00.160 --> 0:33:02.560
<v Speaker 1>bond market goes up, right, because the money goes from

0:33:02.560 --> 0:33:06.560
<v Speaker 1>stocks to bombs. This time the money didn't go to bonds,

0:33:06.680 --> 0:33:12.560
<v Speaker 1>which meant that perhaps there was dollar flight, or that

0:33:12.600 --> 0:33:16.040
<v Speaker 1>there is the possibility of dollar flight. So I want

0:33:16.040 --> 0:33:19.240
<v Speaker 1>you to explain to our listeners what that is, what

0:33:19.320 --> 0:33:22.160
<v Speaker 1>that means, and if there's a historical president for it.

0:33:22.480 --> 0:33:26.400
<v Speaker 4>Yeah. I think there are three ingredients that are creating

0:33:26.440 --> 0:33:30.600
<v Speaker 4>a perfect storm. The first is the tariffs and the

0:33:30.640 --> 0:33:34.360
<v Speaker 4>instability that Trump is introduced with them. The second is

0:33:34.640 --> 0:33:38.480
<v Speaker 4>the threat to fire J. Powell and potentially other members

0:33:38.480 --> 0:33:41.480
<v Speaker 4>of the Board of Governors at the Federal Reserve, which

0:33:41.480 --> 0:33:46.560
<v Speaker 4>if followed through, could make monetary policy really a political project,

0:33:46.600 --> 0:33:50.520
<v Speaker 4>which could mean chronic inflation as many countries have seen.

0:33:50.880 --> 0:33:56.400
<v Speaker 4>And then the third issue is the existing size of

0:33:56.520 --> 0:33:59.840
<v Speaker 4>the budget deficit, and what the Republicans plan to do

0:34:00.120 --> 0:34:02.320
<v Speaker 4>in this tax bill. And I think the third is

0:34:02.560 --> 0:34:05.720
<v Speaker 4>the least talked about and maybe the most important. Last year,

0:34:05.800 --> 0:34:09.640
<v Speaker 4>the budget deficit was seven percent of GDP. That's very

0:34:09.719 --> 0:34:13.399
<v Speaker 4>high for a healthy economy. And if the Republicans pass

0:34:13.480 --> 0:34:15.840
<v Speaker 4>the spending package that they're talking about, the size of

0:34:15.880 --> 0:34:19.000
<v Speaker 4>that is the tax cut from the first Trump term

0:34:19.160 --> 0:34:23.440
<v Speaker 4>plus all of the COVID stimulus spending, plus the Biden

0:34:23.560 --> 0:34:27.440
<v Speaker 4>infrastructure bill in this one bill, further running up the

0:34:27.480 --> 0:34:32.480
<v Speaker 4>deficit and giving international investors anxiety. Can the United States

0:34:32.520 --> 0:34:36.000
<v Speaker 4>actually make good on its commitment to pay the coupon

0:34:36.080 --> 0:34:40.240
<v Speaker 4>on its outstanding debt? And so as people see that happening,

0:34:40.680 --> 0:34:45.320
<v Speaker 4>they are rightly seeking for safer assets in the global system.

0:34:45.360 --> 0:34:48.880
<v Speaker 4>And that could be gold, that could be European military companies,

0:34:49.040 --> 0:34:54.080
<v Speaker 4>the bonds, yeah, exactly, European bonds from Germany, for instance,

0:34:54.120 --> 0:34:56.840
<v Speaker 4>are attractive to a lot of investors. That can create

0:34:56.920 --> 0:35:00.480
<v Speaker 4>a real flight from the dollar, significantly weaking it and

0:35:00.560 --> 0:35:02.880
<v Speaker 4>making it much more expensive for us to have the

0:35:02.960 --> 0:35:05.200
<v Speaker 4>kind of fiscal policy make the kind of investments that

0:35:05.200 --> 0:35:06.640
<v Speaker 4>we want to make as a country.

0:35:06.640 --> 0:35:07.239
<v Speaker 3>Exactly.

0:35:07.520 --> 0:35:10.799
<v Speaker 1>It will also mean that our debt will be significantly

0:35:11.400 --> 0:35:16.800
<v Speaker 1>more expensive to service. Explain what sort of downstream consequences

0:35:16.840 --> 0:35:18.399
<v Speaker 1>of more expensive debt are.

0:35:18.800 --> 0:35:21.520
<v Speaker 4>The federal government in any given year has a meaningful

0:35:21.520 --> 0:35:24.000
<v Speaker 4>portion of the budget that goes to pay off the debt.

0:35:24.280 --> 0:35:27.200
<v Speaker 4>But it's just like with a household if the rate

0:35:27.280 --> 0:35:30.320
<v Speaker 4>on your credit card goes up, even if the balance

0:35:30.400 --> 0:35:32.479
<v Speaker 4>is still the same, you've got to pay more every

0:35:32.480 --> 0:35:35.960
<v Speaker 4>single month from your income to just keep servicing the debt.

0:35:36.040 --> 0:35:39.200
<v Speaker 4>So the concern is that all of this excess fiscal

0:35:39.200 --> 0:35:44.520
<v Speaker 4>spending will either cause meaningful inflation, which means that interest

0:35:44.600 --> 0:35:47.640
<v Speaker 4>rates will have to be higher for longer, making it

0:35:47.680 --> 0:35:51.520
<v Speaker 4>more expensive for government to borrow, or that we head

0:35:51.520 --> 0:35:56.000
<v Speaker 4>into an extended period of stagflation when inflation is high

0:35:56.000 --> 0:35:58.480
<v Speaker 4>and unemployment is low and the central Bank doesn't have

0:35:58.840 --> 0:36:02.040
<v Speaker 4>isn't able to it's normal tools to get us out

0:36:02.040 --> 0:36:04.920
<v Speaker 4>of it, to do the basic sort of pinsy and

0:36:05.040 --> 0:36:08.319
<v Speaker 4>macroeconomic smoothing that should happen in coordination to central Bank

0:36:08.360 --> 0:36:11.680
<v Speaker 4>and the Congress. So that's the concern. I think it's

0:36:11.680 --> 0:36:15.080
<v Speaker 4>been a concern for a few years. Of ten years ago,

0:36:15.080 --> 0:36:17.480
<v Speaker 4>it wasn't so much of a concern because interest rates

0:36:17.520 --> 0:36:20.440
<v Speaker 4>had been low for so long. Now they're higher and

0:36:21.280 --> 0:36:23.920
<v Speaker 4>could in theory go even higher, and so investors are

0:36:23.960 --> 0:36:26.920
<v Speaker 4>rightly you watching that with anxiety and concern.

0:36:27.160 --> 0:36:30.120
<v Speaker 1>So we had the dollar flight, and we have this

0:36:30.600 --> 0:36:34.560
<v Speaker 1>problem with the debt. Stagflation is a word we don't

0:36:34.600 --> 0:36:37.200
<v Speaker 1>talk about very much because it's so scary.

0:36:37.800 --> 0:36:39.600
<v Speaker 3>I was born in nineteen seventy eight.

0:36:39.480 --> 0:36:42.160
<v Speaker 1>So stagflation when I was a baby, that was like

0:36:42.280 --> 0:36:46.400
<v Speaker 1>a big issue. I make everyone on this podcast explain

0:36:46.480 --> 0:36:49.680
<v Speaker 1>what stagflation is, so I think that people who listen

0:36:49.760 --> 0:36:52.680
<v Speaker 1>to this know that things get more expensive. But you're

0:36:52.719 --> 0:36:55.520
<v Speaker 1>also in a recession, so there's just no way out.

0:36:55.800 --> 0:36:59.880
<v Speaker 1>Talk to me about what Vulgar did and why that is.

0:37:00.120 --> 0:37:02.400
<v Speaker 3>Sorry, I'm a real nerd here when it comes to

0:37:02.440 --> 0:37:03.240
<v Speaker 3>this kind of stuff.

0:37:03.440 --> 0:37:05.360
<v Speaker 4>I've come to the right place because I have a

0:37:05.360 --> 0:37:08.680
<v Speaker 4>whole chapter on the Vulgar Shock, and I tell the

0:37:08.680 --> 0:37:12.279
<v Speaker 4>story of this woman on Nancy Teeters, who is the

0:37:12.320 --> 0:37:17.120
<v Speaker 4>first female governor of the Federal Reserve, who served with

0:37:17.320 --> 0:37:22.920
<v Speaker 4>Vulcar and became the sort of person the symbolic contrast

0:37:23.120 --> 0:37:26.280
<v Speaker 4>to a lot of the Vulgar Shock. So her story

0:37:26.719 --> 0:37:29.360
<v Speaker 4>begins decades before, but she becomes a fed governor. In

0:37:29.360 --> 0:37:33.080
<v Speaker 4>the late nineteen seventies, inflation's very high. Paul Vulker, who

0:37:33.120 --> 0:37:35.040
<v Speaker 4>had been the president of New York Fed, becomes the

0:37:35.080 --> 0:37:38.040
<v Speaker 4>Chair of the Federal Reserve, appointed by Carter, who wants

0:37:38.040 --> 0:37:42.320
<v Speaker 4>someone to finally get inflation under control. Vulker comes into

0:37:42.320 --> 0:37:45.040
<v Speaker 4>the building. He's just a few weeks in. They're doing

0:37:45.080 --> 0:37:48.440
<v Speaker 4>some marginal rate hikes, and the markets balk. They think

0:37:48.480 --> 0:37:50.319
<v Speaker 4>that he's not going to be strong enough. So he

0:37:50.440 --> 0:37:53.160
<v Speaker 4>decides to effectively tear up the rule book that the

0:37:53.200 --> 0:37:58.120
<v Speaker 4>FED has abided by since its beginning and throw out

0:37:58.200 --> 0:38:02.160
<v Speaker 4>to kind of mandate for order literally well managed stable

0:38:02.239 --> 0:38:05.880
<v Speaker 4>money markets, and say we're not going to target interest

0:38:05.960 --> 0:38:09.080
<v Speaker 4>rates at all. We're going to do something different, get

0:38:09.120 --> 0:38:12.080
<v Speaker 4>reserve targeting. The details of it don't really matter. The

0:38:12.120 --> 0:38:15.520
<v Speaker 4>point is we're going to use a different framework to

0:38:16.800 --> 0:38:20.120
<v Speaker 4>really really constrict the money supply. And so it's like

0:38:20.160 --> 0:38:23.880
<v Speaker 4>a train screeching to a halt. It throws the entire

0:38:23.960 --> 0:38:26.920
<v Speaker 4>economy into the deep freeze, and you had the worst

0:38:27.000 --> 0:38:30.240
<v Speaker 4>recession in the United States since the Great Depression between

0:38:30.280 --> 0:38:34.120
<v Speaker 4>nineteen eighty one and nineteen eighty three, purposefully cost by

0:38:34.120 --> 0:38:37.120
<v Speaker 4>the monetary policy of the Vulcar fed now Nancy Teeters.

0:38:37.160 --> 0:38:40.480
<v Speaker 4>Initially she votes for it, even though her politics are

0:38:40.560 --> 0:38:43.680
<v Speaker 4>left she generally favors looser monetary policy, but she goes

0:38:43.719 --> 0:38:46.600
<v Speaker 4>along with it, believing that they have to do something

0:38:46.680 --> 0:38:49.120
<v Speaker 4>dramatic and rates might be able to go up quickly,

0:38:49.160 --> 0:38:51.360
<v Speaker 4>but they'll be able to come down quickly. But then

0:38:51.520 --> 0:38:53.880
<v Speaker 4>a little bit over a year later, she begins making

0:38:53.920 --> 0:38:59.960
<v Speaker 4>these really principal dissents, which are thoughtfully considered and clear

0:39:00.360 --> 0:39:05.240
<v Speaker 4>that they should stop using this experimental methodology for monetary policy,

0:39:05.680 --> 0:39:08.920
<v Speaker 4>move back to something that creates orderly and stable markets,

0:39:09.280 --> 0:39:12.760
<v Speaker 4>and step down from these high interest rates gradually rather

0:39:12.800 --> 0:39:14.440
<v Speaker 4>than just holding on to them. And so if you

0:39:14.520 --> 0:39:17.600
<v Speaker 4>look back, most historians and economists see the Volker shock

0:39:17.680 --> 0:39:22.279
<v Speaker 4>as broadly a good intervention because it's squelched inflation. But

0:39:22.719 --> 0:39:26.960
<v Speaker 4>they also I think that the recession didn't have to

0:39:27.040 --> 0:39:29.040
<v Speaker 4>last as long as it did, and it didn't have

0:39:29.120 --> 0:39:33.520
<v Speaker 4>to be as deposited, and Teeters offered a third way,

0:39:33.600 --> 0:39:36.000
<v Speaker 4>a more modest route forward. And so I think her

0:39:36.080 --> 0:39:38.120
<v Speaker 4>story is really important because if we're going to head

0:39:38.120 --> 0:39:41.480
<v Speaker 4>into another period like that, there are going to be

0:39:41.600 --> 0:39:43.840
<v Speaker 4>some people who want to pair a Paul Volker, and

0:39:43.880 --> 0:39:46.560
<v Speaker 4>we need some of these templates from history to help

0:39:46.640 --> 0:39:48.719
<v Speaker 4>us see how to do this in a way that

0:39:49.160 --> 0:39:50.240
<v Speaker 4>is more practical.

0:39:50.640 --> 0:39:53.800
<v Speaker 1>I take I'm sorry to do this too. The COVID

0:39:53.920 --> 0:39:59.359
<v Speaker 1>response was a response to the two thousand and eight

0:39:59.440 --> 0:40:00.759
<v Speaker 1>financial crisis.

0:40:01.000 --> 0:40:04.840
<v Speaker 4>Well, the size of it definitely was Biden and the

0:40:04.880 --> 0:40:07.440
<v Speaker 4>crew were very clear that they'd rather go big than

0:40:07.480 --> 0:40:11.200
<v Speaker 4>go too small, because after the Great Financial Crisis there

0:40:11.280 --> 0:40:13.440
<v Speaker 4>was a consensus that it was too modest. It was

0:40:13.480 --> 0:40:15.839
<v Speaker 4>too modest. I think that they were right to err

0:40:15.880 --> 0:40:18.239
<v Speaker 4>on the side of being more robust. It was a

0:40:18.239 --> 0:40:20.560
<v Speaker 4>lot of money, It was a lot of spending. In retrospect,

0:40:20.560 --> 0:40:22.520
<v Speaker 4>it probably could have been a little bit a smaller,

0:40:22.840 --> 0:40:26.520
<v Speaker 4>but I think directionally it meant that we had the

0:40:26.600 --> 0:40:30.480
<v Speaker 4>fastest recovery in terms of jobs than we've had from

0:40:30.520 --> 0:40:34.239
<v Speaker 4>any recession, and the inflation that came afterward was not

0:40:34.400 --> 0:40:37.960
<v Speaker 4>caused by that spending. I mean, the best economic analysis

0:40:38.000 --> 0:40:42.120
<v Speaker 4>by centrist economists like Ben Bernanke and Alleviate Mancha and

0:40:42.160 --> 0:40:45.320
<v Speaker 4>people like that say that of the nine percent peak inflation,

0:40:45.719 --> 0:40:49.160
<v Speaker 4>at most two percent of it was caused by excess

0:40:49.160 --> 0:40:51.400
<v Speaker 4>spending on the demand side. The rest of it was

0:40:51.440 --> 0:40:54.520
<v Speaker 4>called by all those supply chain bottlenecks, and this rapid

0:40:54.560 --> 0:40:59.200
<v Speaker 4>shift in consumer demand from away from services towards goods,

0:40:59.239 --> 0:41:03.200
<v Speaker 4>towards lumber, towards cars, towards all those things that we remember.

0:41:03.400 --> 0:41:06.279
<v Speaker 4>So I think that not just the COVID stimulus, but

0:41:06.360 --> 0:41:09.919
<v Speaker 4>a lot of the bids economic agenda was actually right

0:41:09.960 --> 0:41:13.560
<v Speaker 4>on point, and in the domain of politics. Because of

0:41:13.640 --> 0:41:18.120
<v Speaker 4>the rapid escalation of inflation, Democrats got flowered. Biden and

0:41:18.239 --> 0:41:20.640
<v Speaker 4>teams should have been paying attention to that more. They

0:41:20.680 --> 0:41:23.880
<v Speaker 4>should have spoken to that as a real issue earlier

0:41:23.920 --> 0:41:25.960
<v Speaker 4>and not done this thing that says like, oh, well,

0:41:26.040 --> 0:41:28.200
<v Speaker 4>jobs are good and wages are going up, so don't

0:41:28.200 --> 0:41:31.600
<v Speaker 4>worry too much about the inflation like this was incredibly

0:41:31.680 --> 0:41:35.799
<v Speaker 4>tone deaf and wrong. And it's also still true that

0:41:35.840 --> 0:41:39.960
<v Speaker 4>the core pieces of Bidenomics investment in clean energy, investment

0:41:40.000 --> 0:41:44.960
<v Speaker 4>in semiconductor construction here here at home for national security reasons,

0:41:45.239 --> 0:41:48.760
<v Speaker 4>the bipars and infrastructure law, the COVID student these things

0:41:48.880 --> 0:41:52.360
<v Speaker 4>were good pieces of policy that helped a lot of

0:41:52.360 --> 0:41:56.160
<v Speaker 4>people in the immediate aftermath of their passage and continue

0:41:56.160 --> 0:41:58.000
<v Speaker 4>to today. So I think we have to be more

0:41:58.160 --> 0:42:00.000
<v Speaker 4>precise when we talk about all this stuff.

0:42:00.360 --> 0:42:05.000
<v Speaker 1>Yeah, I think that's right. And I also think that

0:42:05.160 --> 0:42:09.400
<v Speaker 1>Chips and Science is clearly Trump when he wants to

0:42:09.440 --> 0:42:14.359
<v Speaker 1>onshore manufacturing. What he wants to do is chips and science, right,

0:42:14.520 --> 0:42:17.520
<v Speaker 1>What he wants to do is build in the United States.

0:42:17.840 --> 0:42:20.239
<v Speaker 4>Yeah, I mean, the Chips Act started and Trump won

0:42:20.440 --> 0:42:23.359
<v Speaker 4>the idea. The germ of the idea was from Keith Krack,

0:42:23.400 --> 0:42:26.760
<v Speaker 4>the Undersecretary of Economic Affairs at the State Department, and

0:42:26.840 --> 0:42:28.880
<v Speaker 4>some folks on the hill in Congress, and it got

0:42:28.920 --> 0:42:31.960
<v Speaker 4>a lot of traction. There were, you know, advanced discussions,

0:42:31.960 --> 0:42:34.319
<v Speaker 4>which meant that the wheels had increased. And so when

0:42:34.360 --> 0:42:37.240
<v Speaker 4>the Biden folks came in, I mean they significantly experided

0:42:37.280 --> 0:42:39.880
<v Speaker 4>its size, its scope, and rethought the structure to it.

0:42:40.400 --> 0:42:43.440
<v Speaker 4>And it was a bipartisan piece of legislation that a

0:42:43.440 --> 0:42:45.799
<v Speaker 4>lot of Republicans voted for. And even now, you know,

0:42:46.120 --> 0:42:48.080
<v Speaker 4>Trump says he's against it. I think that's just like

0:42:48.160 --> 0:42:51.040
<v Speaker 4>he's against anything that happened in the Biden years. But

0:42:51.640 --> 0:42:55.920
<v Speaker 4>there are many congressional Republicans who I believe in it

0:42:55.960 --> 0:42:59.680
<v Speaker 4>because it's creating jobs in their districts, and not to

0:42:59.680 --> 0:43:02.279
<v Speaker 4>mention the national security implications of what it means for

0:43:02.360 --> 0:43:05.000
<v Speaker 4>us to be back in the business of building and

0:43:05.040 --> 0:43:06.839
<v Speaker 4>creating these advanced chips.

0:43:06.960 --> 0:43:10.040
<v Speaker 3>Very very interesting. Thank you, Chris.

0:43:10.320 --> 0:43:11.279
<v Speaker 4>Yeah, thanks for having me.

0:43:13.520 --> 0:43:14.560
<v Speaker 5>No Mo.

0:43:16.920 --> 0:43:21.560
<v Speaker 2>Jesse Cannon Bi jug Fast We know around these parts

0:43:21.719 --> 0:43:25.399
<v Speaker 2>Pritzker fan club, Governor Pritzker and Illinois. Just he's really

0:43:25.480 --> 0:43:28.000
<v Speaker 2>leading the way on how to fight back against this administration.

0:43:28.280 --> 0:43:30.080
<v Speaker 2>And I really like this that he's going to sign

0:43:30.120 --> 0:43:34.040
<v Speaker 2>the first nation executive order protecting autism data.

0:43:34.200 --> 0:43:37.200
<v Speaker 3>Yeah, because honestly, fuck RFK Junior.

0:43:37.239 --> 0:43:40.279
<v Speaker 2>Can we say that, Yes, that's legal to say.

0:43:40.440 --> 0:43:41.520
<v Speaker 3>He's our moment of fuck.

0:43:41.520 --> 0:43:45.440
<v Speaker 1>Great, Good for Pritzker yet again, this is becoming the

0:43:45.520 --> 0:43:50.759
<v Speaker 1>Pritzker fan podcast. Good for him, that's correct. Don't let

0:43:50.920 --> 0:43:53.719
<v Speaker 1>r of K Junior get anyone's data. And you know,

0:43:53.760 --> 0:43:56.879
<v Speaker 1>by the way it is, it's worth wondering why this

0:43:57.000 --> 0:44:01.040
<v Speaker 1>administration is so hot for data, right, why they're constantly

0:44:01.080 --> 0:44:05.000
<v Speaker 1>fighting to get our data. It's just something interesting to

0:44:05.080 --> 0:44:08.760
<v Speaker 1>think about. But yes, RFK Junior, you are once again

0:44:09.000 --> 0:44:10.120
<v Speaker 1>our moment of fuck. Right.

0:44:10.880 --> 0:44:14.120
<v Speaker 3>That's it for this episode of Fast Politics.

0:44:14.600 --> 0:44:20.319
<v Speaker 1>Tune in every Monday, Wednesday, Thursday and Saturday to hear

0:44:20.600 --> 0:44:24.960
<v Speaker 1>the best minds and politics make sense of all this chaos.

0:44:25.239 --> 0:44:28.080
<v Speaker 1>If you enjoy this podcast, please send it to a

0:44:28.160 --> 0:44:30.560
<v Speaker 1>friend and keep the conversation going.

0:44:31.000 --> 0:44:32.120
<v Speaker 3>Thanks for listening.