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Speaker 1: I think I'm a lot of very expensive work, There's

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Speaker 1: no question about it. And Tim has been with me

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Speaker 1: for a long time, and you're in charge of the committee.

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Speaker 2: And one of the reasons why I wanted to see

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Speaker 2: it was the overruns of the expenses, wanting to figure

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Speaker 2: out why.

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Speaker 3: Yeah.

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Speaker 1: So we're taking a look and it looks like it's

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Speaker 1: about three point one billion, one up a little bit

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Speaker 1: or a lot. So the two point seven is now

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Speaker 1: three point one.

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Speaker 3: Yeah, it just came out.

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Speaker 4: Yeah, I haven't heard that from anybody to fed.

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Speaker 5: I just came Man, I knows about three point one

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Speaker 5: as well, three three point two this game from us?

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Speaker 3: Yes, I don't know who does that?

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Speaker 5: Are you including the Martin renovation? You just added retire capital?

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Speaker 4: Yeah, you just you just added in the third buildings?

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Speaker 6: What that is?

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Speaker 4: That's a third building.

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Speaker 3: It's a building that's being built.

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Speaker 4: It's been you was built five years ago, Smarten five

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Speaker 4: years later.

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Speaker 1: To fe over as part of the overall where sow.

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Speaker 1: So we're going to take a look. We're going to

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Speaker 1: see what's happening, and it's got a long way. Do

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Speaker 1: you expect any more additional course.

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Speaker 5: Overs, don't expect them.

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Speaker 4: We're ready for him. But we have a little bit

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Speaker 4: of a reserve that we may use. But no, we

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Speaker 4: don't expect to be finished in twenty twenty seven. We're

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Speaker 4: well along as you could see.

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Speaker 3: What would you do with a project manager who would

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Speaker 3: be over a budget? Generally speaking? What would I do?

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Speaker 3: I'd fire him?

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Speaker 7: Do you think he was the president USI cols to

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Speaker 7: do that.

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Speaker 3: Well, I'm here just really with the Chairman.

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Speaker 1: He's showing us around, showing us the work, and so

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Speaker 1: I don't want to get that.

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Speaker 3: I don't want to be personal.

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Speaker 1: I just would like to see it get finished. And

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Speaker 1: in many ways it's too bad it started, but it

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Speaker 1: did start, and it's been under construction for a long time.

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Speaker 1: It'll be it's going to be a real long time

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Speaker 1: because it looks like it's got long way to go.

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Speaker 8: Sir, So are there are things the Chairman can say

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Speaker 8: to you today that would make you back off some

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Speaker 8: of the earlier criticism.

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Speaker 1: Well, I'd love him to lower interest rates. Other than that,

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Speaker 1: what can I tell you? The country is doing really well.

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Speaker 1: I just brief the Chairman of the deal.

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Speaker 3: We've made with Japan.

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Speaker 1: Japan is putting up five hundred and fifty billion dollars in.

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Speaker 3: Order to lower their tariffs a little bit. That way,

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Speaker 3: they have a little bit lower tariff.

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Speaker 1: And they also opened their country to free trade, which

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Speaker 1: nobody thought was even a possibility, and we get a

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Speaker 1: zero tariff in the free trade, we don't pay tariffs,

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Speaker 1: and they're going to pay fifteen percent on everything they

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Speaker 1: send into our country. So it's great. But they put

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Speaker 1: up as you could call it seed money. Let's call

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Speaker 1: it seed money, you could call it anything you want,

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Speaker 1: but it's five it's a total of five hundred and

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Speaker 1: fifty billion dollars.

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Speaker 3: So nobody thought any of that was possible, and it's wonderful.

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Speaker 1: And we're doing pretty well with the European Union likewise,

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Speaker 1: and we have some others that are all really.

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Speaker 3: Big, and our country is going to make a lot

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Speaker 3: of money. We would be helped.

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Speaker 1: I interest rates would come down, but we're going to

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Speaker 1: see how the board rules.

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Speaker 3: On that soon.

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Speaker 1: I'd love to see him come down a lot. But

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Speaker 1: we have a country that's thriving. We had a dead

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Speaker 1: country one year ago. Today we have the hottest country

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Speaker 1: anywhere in the world. And we'll get this one finished exactly. Yeah,

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Speaker 1: that's a terrible thing. I have great respect for Tulsa

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Speaker 1: and the documents they found on President Obama.

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Speaker 3: Frankly, it was an.

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Speaker 1: Obama thing, but it was the people that worked under

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Speaker 1: them also working with them. And now it's a very

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Speaker 1: very serious thing.

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Speaker 9: Thank you very much.

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Speaker 10: This is the primal screen of a dying regime.

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Speaker 11: Pray for our enemies because we're going to medieval on

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Speaker 11: these people.

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Speaker 10: You've not got a free shot.

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Speaker 11: All these networks lying about the people, the people have

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Speaker 11: had a belly full of it.

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Speaker 10: I know you don't like hearing that. I know you've

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Speaker 10: tried to do everything in the world to stop that,

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Speaker 10: but you're not going to stop that. It's going to happen.

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Speaker 6: And where do people like that go to share the

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Speaker 6: big line?

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Speaker 7: Mega media?

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Speaker 12: I wish in my soul, I wish that any of

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Speaker 12: these people had a conscience.

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Speaker 13: Ask yourself, what is my task and what is my purpose?

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Speaker 11: If that answer is to save my country, this country

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Speaker 11: will be saved.

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Speaker 10: War Room, use your host, Stephen k Ba.

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Speaker 11: Thursday, July twenty four July, in the year of LERD

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Speaker 11: twenty twenty five. I'm asked first part of that to

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Speaker 11: be we're kind of doing this on the fly. Present

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Speaker 11: just finished the tour at the Versailles on Connecticut Avenue.

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Speaker 11: And for people in this city, in the Imperial capital,

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Speaker 11: see what they've done over there to what was called

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Speaker 11: the temple on this construction, it looks like, you know,

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Speaker 11: you're building Versie. People can't really understand the scale of it.

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Speaker 11: He saw President Ruver there. It's two billion dollars and

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Speaker 11: now another bay and overrun.

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Speaker 10: Who knows.

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Speaker 11: I wanted a lot more of the first part. The

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Speaker 11: expection seemed like it was pretty fast. I think we

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Speaker 11: started at about four o'clock four ten, and of course

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Speaker 11: ended at about four forty five four fifteen. Took questions

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Speaker 11: from the from the press. Let me, you've heard of

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Speaker 11: alpha and omega. This is alpha and a beta. This

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Speaker 11: is an alpha dog. And I don't know what Pale is,

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Speaker 11: but man, he's a beaten man. Whoever in his staff

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Speaker 11: told him he had to do this. You're supposed to

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Speaker 11: be an independent agency. I guess if the President says, uh,

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Speaker 11: you show up, you show up. But you can you

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Speaker 11: can take a look at Powell and see he's not

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Speaker 11: enjoying this. This is one of the most brutal photo

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Speaker 11: ops in the history of Washington, d C.

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Speaker 10: Let's go ahead and play.

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Speaker 11: I want to play replay the first part of this

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Speaker 11: because it's so good. President Trump went over like he

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Speaker 11: went to the Kennedy Center to inspect the building, see

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Speaker 11: what in the hell is going on here?

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Speaker 10: Why is this? You know? Now he says three point

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Speaker 10: one billion dollars, But.

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Speaker 11: It was also to kind of see Pal and say

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Speaker 11: hey in President Trump answered, I'm not going to fire you,

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Speaker 11: but I want you to drop interest rates three or

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Speaker 11: excuse me, yeah, three hundred basis points. Excuse me, three

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Speaker 11: hundred basis points. Let's go ahead and replay the beginning

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Speaker 11: of that.

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Speaker 1: And they've got a lot of very expensive work, there's

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Speaker 1: no question about it. And Tim has been with me

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Speaker 1: for a long time, and you're in charge of the committee.

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Speaker 2: And he's one of the reasons why I wanted to

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Speaker 2: see it was the overruns of the expenses, wanting to

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Speaker 2: figure out why.

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Speaker 1: Yeah, so we're taking a look and it looks like

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Speaker 1: it's about three point one billion, one up a little

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Speaker 1: bit or a lot.

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Speaker 3: So the two.

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Speaker 1: Point seven is now three point one. Yeah, it just came.

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Speaker 4: Out and I haven't heard that from anybody to feed.

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Speaker 3: It's just kidding.

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Speaker 5: Our notice that about three point one as well. Three

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Speaker 5: one three point.

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Speaker 6: Two's name from us.

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Speaker 3: Yes, I don't know who does that. You're including the

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Speaker 3: Martin renovations.

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Speaker 5: You just a retired capital, Yeah, you just you just

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Speaker 5: added in a.

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Speaker 4: Third building, is what that is? That's a third building.

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Speaker 3: It's a building that's being built.

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Speaker 4: It's been it was built five years ago. We finished

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Speaker 4: Martin five years ago.

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Speaker 1: It was over as part of the overall one so new,

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Speaker 1: so we're can take a look. We're going to see

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Speaker 1: what's happening. And it's got a long way. Do you

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Speaker 1: expect any more additional course overs.

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Speaker 5: Don't expect them.

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Speaker 4: We're ready for him. But we have a little bit

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Speaker 4: of a reserve that well we may use. But no,

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Speaker 4: we don't expect to.

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Speaker 6: Be finished in twenty twenty seven.

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Speaker 3: We're well as long as you could see. What would

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Speaker 3: you do with the project manager who would be over

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Speaker 3: a bunch of generally speaking, what would I do? I'd

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Speaker 3: fire him?

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Speaker 7: He was the president gusy Colas to do that.

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Speaker 3: Well, I'm here just really with the chairman.

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Speaker 1: He's showing us around, showing us the work, and so

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Speaker 1: I don't want to get that.

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Speaker 3: I don't want to be personal. I just would like

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Speaker 3: to see it get finished.

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Speaker 1: And in many ways it's too bad it started, but

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Speaker 1: it did start, and.

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Speaker 3: It's been under construction for a long time.

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Speaker 1: It'll be it's going to be a real long time

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Speaker 1: because it looks like it's got a long way to go.

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Speaker 6: It's her so things are.

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Speaker 8: There are things the Chairman can say to you today

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Speaker 8: that would make you back off some of the earlier criticism.

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Speaker 1: Well, I'd love him to lower interest rates. Other than that,

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Speaker 1: what can I tell you? The country is doing really well.

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Speaker 1: I just brief the Chairman on the deal we've made

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Speaker 1: with Japan. Japan is putting up five hundred and fifty

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Speaker 1: billion dollars in order to lower that.

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Speaker 3: Tre the.

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Speaker 10: And way you described as up front payment. Will have

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Speaker 10: to deconstruct that.

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Speaker 11: But right there, not alpha and omega, right, which is

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Speaker 11: from Holy Scripture, but uh, alpha and debata. That was

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Speaker 11: one of the worst photo ops I've ever seen. And

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Speaker 11: course Powell, no, it's three point one. No, it's two

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Speaker 11: point seven three point one hey, and he gives it nobody.

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Speaker 11: The FEDS told me that number, not that a number

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Speaker 11: at the FED would ever be wrong. Far be it

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Speaker 11: from any number coming out of the Federal reserved to

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Speaker 11: be wrong, and of course Trump Handancy pays three. I

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Speaker 11: think it's three to two. Then they start arguing about

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Speaker 11: it is that a building. No, it's a building was

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Speaker 11: completed five years ago. That's not what you want to

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Speaker 11: be doing on global television, Secretary Pal. Just take it,

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Speaker 11: fold it, move on. Don't get into a debate because

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Speaker 11: you're not gonna win. President Trump's really over there, I think,

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Speaker 11: to talk about interest rates again, he made a.

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Speaker 10: Pretty uh thoughtful.

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Speaker 11: Description of what he wants to see and how important

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Speaker 11: he thinks it is to lower rate interest rates. Three

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Speaker 11: hundred basis points far b from President Trump going to

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Speaker 11: overshoot the target to try to get the deal.

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Speaker 10: He wants right to drag it his way.

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Speaker 11: I don't think we're gonna be seeing a three hundred

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Speaker 11: basis point rate cut anytime soon, but I think he's

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Speaker 11: putting the guy on notice. He wants the talking about

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Speaker 11: twenty five basis points in September, maybe another twenty five

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Speaker 11: basis points in December. He wants more and he wants

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Speaker 11: to be more aggressive, and he makes a very compelling

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Speaker 11: argument to get there. Of course, I think Paulty was

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Speaker 11: with him. We're gonna have We're gonna have brother fishback

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Speaker 11: on here as soon as we get him up. He's

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Speaker 11: been a big critic of the of the Federal Reserve

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Speaker 11: and a big uh is he upbringing a big he's

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Speaker 11: been observing all of this, and of course Paul, I

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Speaker 11: think Paulty actually made it over there, Brother fishback, thank

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Speaker 11: you for joining us, particularly the day and President is

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Speaker 11: doing a tour of the Federal Reserve.

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Speaker 10: First off, ca he just walk your audience through your

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Speaker 10: bona phides. Here.

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Speaker 11: We're gonna talk a lot about the FED, a lot

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Speaker 11: about President Trump's economic plan, and this kind of historic trip.

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Speaker 11: I think it's the only third time in the history

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Speaker 11: of the Republic that a president United States has gone

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Speaker 11: to the FED.

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Speaker 10: Once was FDR believed this FDR to actually.

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Speaker 11: You know, inaugurate the building, the buildings, this building, very

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Speaker 11: famous building was built during his term.

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Speaker 10: And and then I think.

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Speaker 11: Jerry Ford went over there because a buddy of his

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Speaker 11: was a governor or something.

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Speaker 10: But I think this is only the third. Trips are

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Speaker 10: pretty pretty pretty important.

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Speaker 11: What can you walk the audience through, since this is

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Speaker 11: your first appearance, what your background is and why you

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Speaker 11: have become a FED observer, sir.

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Speaker 7: We're good afternoon, Steve. It's an odor to be here

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Speaker 7: on w room with you.

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Speaker 13: I run an investment firm called a Zoria. We have

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Speaker 13: an anti de I E t F that strips the

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Speaker 13: woke out of the S and P five hundred.

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Speaker 7: It's called SPXM.

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Speaker 13: I've sent the last ten years prior to starting Azoria,

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Speaker 13: working as an interest rate options trader, and so my

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Speaker 13: job was literally to follow every word of the FED,

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Speaker 13: to build out my own economic models, to anticipate what

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Speaker 13: the Fed was going to do next, and then to

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Speaker 13: try to capitalize on those ships. And I got to

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Speaker 13: tell you the truth, Steve, when I look at the

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Speaker 13: FED today, I barely recognize. I can barely understand what's

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Speaker 13: going into their decisions. Let's not forget this is a

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Speaker 13: federal Reserve that cut interest rates right before the twenty

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Speaker 13: twenty four election by fifty points, the largest cut in

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Speaker 13: over four years, and now will not cut rates. Even

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Speaker 13: though inflation is lower today than it was when that

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Speaker 13: pre election cut happened. It's lower today than it has

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Speaker 13: been in four years, and under President Trump's leadership, inflation

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Speaker 13: has had five consecutive lower than expected better than expected

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Speaker 13: inflation prints. And so when I look at the housing market,

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Speaker 13: when we've got new home sales the lowest since nineteen

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Speaker 13: ninety five, when we've got mortgage originations down seventy six

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Speaker 13: percent compared to President Trump's first term, that is something

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Speaker 13: you lay squarely as the responsibility of the Federal Reserve.

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Speaker 13: And so Jerome Powell has a responsibility here which is

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Speaker 13: too look at the real economic data for inflation, mortgage origination,

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Speaker 13: home sales, the employment picture, and bring rates down. I'll

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Speaker 13: leave it at this point. Steve, which is the Federal

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Speaker 13: Reserve's own models, agree with President Trump and disagree with

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Speaker 13: Jerome Powell. The New York Fed is what's called a

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Speaker 13: natural rate model, which anticipates projects where interest rates would

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Speaker 13: be in their natural setting. Those rates are more than

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Speaker 13: one full percentage point lower on a natural basis than

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Speaker 13: the artificially high rates today. And so President Trump is

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Speaker 13: going to keep delivering, whether it's on the big beautiful

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Speaker 13: bill or new foreign investment from Japan or elsewhere. But

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Speaker 13: the truth is that Jerome Powell has a responsibility here

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Speaker 13: to look at the data and to lower rates accordingly.

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Speaker 10: James, can you hang on for one second.

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Speaker 11: I want to get into some details that the audience

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Speaker 11: wants to know about natural rates. They also want to

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Speaker 11: know about what an interest rate optionist trader does and

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Speaker 11: why you know these models backwards and forth.

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Speaker 10: We're gonna take a short commercial break.

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Speaker 11: We'll be back in a moment. We're gonna start at

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Speaker 11: the FED and with money. President went over the day

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Speaker 11: in historic and historic tour to see where you know,

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Speaker 11: he watches the taxpayer's money like it's his own. He

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Speaker 11: wants to know why it's three point one billion dollars

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Speaker 11: to build the Versailles on the Connecticut Avenue.

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Speaker 10: He's kind of shocked.

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Speaker 11: I'm sure, I'm sure if he'll be up in true

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Speaker 11: social and I give him more observations. But he also

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Speaker 11: had a chance to talk to the media about a

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Speaker 11: lot of things, but principally about his Japanese deal, the economy.

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Speaker 11: Why he thinks a three hundred bases point cut makes sense.

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Speaker 11: We're gonna put that to James fishback, short commercial break.

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Speaker 10: We're gonna be back in a moment. Got American.

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Speaker 14: America's kill America's voice Family, Are.

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Speaker 3: You on getter yet?

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Speaker 13: No?

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Speaker 3: What are you waiting for?

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Speaker 7: It's free, it's uncensored and it's where all the biggest

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Speaker 7: voices in conservative media are speaking out.

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Speaker 10: Download the Getter app right now. It's totally free.

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Speaker 11: It's where I've put up exclusively all of my content

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Speaker 11: twenty four hours a day.

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Speaker 10: You want to know what Steve Banner is thinking.

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Speaker 3: Go together, that's right.

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Speaker 13: You can follow all of your favors Steve Banning, Charlie Hurt, Jack,

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Speaker 13: the Soviet and so many more. Download the Getter app now,

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Speaker 13: sign up for free and be part of the new bank.

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Speaker 11: Okay, go up on Getter. I can use it, and

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Speaker 11: I'm a moron. You'll be able to use it because

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Speaker 11: you're not. It's the easiest social media out there, and

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Speaker 11: we put up a lot of great content and it's

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Speaker 11: got a fantastic following, a lot of warm posse and

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Speaker 11: a lot of not warrem Posse's good checking out, putting

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Speaker 11: up great news all the time. James fistback, speaking of news,

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Speaker 11: we have breaking news even as we speak. Very serendipitous

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Speaker 11: that you're here walkers through what just broke across the tape, sir.

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Speaker 13: Or We just heard from the federal judge in our

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Speaker 13: lawsuit against Jerome Powell that we filed this morning. This

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Speaker 13: is a reminder, we filed a lawsuit against Jerome Powell

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Speaker 13: for breaking federal law by holding the Federal Reserves rate

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Speaker 13: setting meetings behind closed door that contravenes the government in

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Speaker 13: the Sunshine Act of nineteen seventy six. We asked the

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Speaker 13: federal court very simply to block next week's FED meeting

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Speaker 13: from happening in secret. We just heard from the federal judge.

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Speaker 13: She handed down the order, which is that there is

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Speaker 13: going to be an emergency hearing on this on Monday

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Speaker 13: afternoon at ten pm in the DC Federal Courthouse. This

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Speaker 13: is Judge Beryl Powell, appointed by President Obama. She has

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Speaker 13: immediately ordered the Federal Reserves attorneys and our attorneys to

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Speaker 13: meet for a hearing on Monday at two pm, right

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Speaker 13: before the FED is set to meet on Tuesday. Our

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Speaker 13: temporary restraining order would block Jerome Powell's Federal Reserve from

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Speaker 13: meeting behind closed doors. Steve, you and I have thinks

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Speaker 13: thee eye to eye on this. We have concern is

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Speaker 13: that what Powell may be doing is politically influenced, and

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Speaker 13: the American people, whether they voted for President Trump or

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Speaker 13: voted otherwise, deserve to know what the government is doing.

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Speaker 7: And they're name with their money and we're going to

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Speaker 7: bring that all to light. And so federal hearing in

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Speaker 7: this emergency injunction against Jerome Powell in DC Monday at

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Speaker 7: two pm.

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Speaker 10: It just came across James. So this is huge.

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Speaker 11: That law was passed as a whole thing to have

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Speaker 11: transparency in the government post Watergate. The but the Fed's

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Speaker 11: been meeting in private in fact, the lords of easy Money. Yes,

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Speaker 11: you know this great book that was written. Chris went

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Speaker 11: back and looked at ten years because they keep there,

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Speaker 11: they keep their minutes secret for a decade. He had

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Speaker 11: to go back and look at and so it's an

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Speaker 11: amazing book. By going back, they haven't they have they

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Speaker 11: ever had these Fed meetings that anybody ever implement the

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Speaker 11: Sunshine Rule and law. And did you think it was

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Speaker 11: a long shot when you first thought of this to

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Speaker 11: go do it that way?

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Speaker 10: Just lost him. Okay, let's getting back up in a second. Wow.

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Speaker 11: So they went back to law that was kind of

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Speaker 11: I think is one of these post Wartergate reformer government

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Speaker 11: laws and sued for a t r O. And of

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Speaker 11: course Beryl Howe that Battle Acts. She said, let's have

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Speaker 11: a hearing on it. So they're going to have a

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Speaker 11: hearing on Monday for the closed door meeting. I think

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Speaker 11: all the meanings have been closed door. I don't ever remember.

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Speaker 11: I don't ever remember these the meetings being otherwise. Remember

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Speaker 11: you go back to Lords of Easy Money, where I said,

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Speaker 11: if you read that book, and there's there's another book

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Speaker 11: out about the enduring the pandemic of what the Fed

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Speaker 11: did to basically infuse the government the economy with an

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Speaker 11: additional trellion dollars not even authorized by President Trump. I said,

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Speaker 11: you read these two books, and you'll have a You'll

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Speaker 11: have a revolution in this country. It's just absolutely amazing

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Speaker 11: what goes.

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Speaker 10: On and what the author did.

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Speaker 11: In Lords of Easy Money, he basically goes back and

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Speaker 11: reconstructs from the financial crisis of two thousand and eight

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Speaker 11: and reconstructs all the boards of the Governor's meetings and

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Speaker 11: these means are talking about the Open Market Committee and

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Speaker 11: all that. He reconstructs it from the minutes because he

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Speaker 11: could finally get to him in twenty I guess twenty

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Speaker 11: eighteen and twenty nineteen, because that was over a decade.

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Speaker 10: They're kept secret up until then.

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Speaker 11: President Trump today at the Federal Reserve really to see

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Speaker 11: pow and say once again, I want you know, but

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Speaker 11: I want loans. I want interest rates at three hundred

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Speaker 11: basis points lower, which is a pretty big a pretty

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Speaker 11: big shocking, you know, that would be a quite.

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Speaker 10: That would be really a dramatic drop.

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Speaker 11: James fishback right there, who specializes this and models this,

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Speaker 11: says that if you look at their model the way

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Speaker 11: it should be, the natural interest rates, it should be

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Speaker 11: at least one hundred basis points one point lower, which

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Speaker 11: is President Trump started off with that he should James,

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Speaker 11: given the Sunshine laws they've been around, everything's been in secret.

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Speaker 11: I believe what got you the idea to use that

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Speaker 11: law to actually wedge this thing open, sir.

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Speaker 13: Well, Steve, it was really about using the overturn of

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Speaker 13: the Chevron doctrine in the lower bright case that we

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Speaker 13: were able to, of course win because of President Trump's

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Speaker 13: appointees on the Supreme Court. And so what Chevron doctrine

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Speaker 13: is the warriorm audience will know very well.

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Speaker 7: Is it over?

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Speaker 13: It gave federal agencies like the Fed deference. It allowed

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Speaker 13: them to tell the courts how they wanted to interpret

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Speaker 13: federal law and regulations that applied to them. The Supreme

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Speaker 13: Court overturned that, and so that is a massive tailwind

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Speaker 13: for our case against Jerome Powell. And I mean this

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Speaker 13: was asking for a tro is a long shot by

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Speaker 13: any stretch of the imagination in any sense, Steve, you

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Speaker 13: know this, but as a conservative in Washington, DC, you

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Speaker 13: forget about it. What we just heard from Judge Beryl Howell,

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Speaker 13: appointed by President Obama, is that she is now moving

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Speaker 13: forward with an emergency hearing on our tro If we

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Speaker 13: are successful at that hearing, Steve, on Monday, this will

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Speaker 13: be the first FED meeting in nearly fifty years a

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Speaker 13: half century that is open to the public.

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Speaker 7: The public deserves.

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Speaker 13: To know what the Fed is doing doing those deliberations,

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Speaker 13: because when I talked to folks, woman stopped me at

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Speaker 13: every day in the airport, Steve, and she said, President

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Speaker 13: tump is.

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Speaker 7: Doing a great job, but Jerome Powell is too late.

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Speaker 13: Jerome Powell's job isn't making any sense, but he's keeping

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Speaker 13: rates near twenty year highs, despite the fact that inflation

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Speaker 13: is now at a four year low.

446
00:21:52,840 --> 00:21:55,040
Speaker 11: We're to get back to your model in natural laws.

447
00:21:55,040 --> 00:21:57,840
Speaker 11: I want to stick with this for a second. What

448
00:21:57,920 --> 00:22:00,400
Speaker 11: do you tell the audience, what will take place. If

449
00:22:01,080 --> 00:22:03,439
Speaker 11: you're not using deconstruction of the Administry of State, the

450
00:22:03,520 --> 00:22:07,320
Speaker 11: Chevron exemption, all that. If you're not able to actually

451
00:22:07,480 --> 00:22:11,240
Speaker 11: open this up what normally happens at these FED meetings?

452
00:22:11,280 --> 00:22:14,199
Speaker 11: And why do you believe it's so important for us

453
00:22:14,320 --> 00:22:16,639
Speaker 11: actually to see how the sausage is being made.

454
00:22:18,920 --> 00:22:23,480
Speaker 13: It's so important because in that room there are nineteen

455
00:22:23,520 --> 00:22:26,199
Speaker 13: people who are deciding the cost of how much you

456
00:22:26,240 --> 00:22:28,919
Speaker 13: pay on your credit card, whether you can afford a mortgage.

457
00:22:28,920 --> 00:22:30,520
Speaker 13: If you can't afford a mortgage, you can't get to home.

458
00:22:30,560 --> 00:22:32,240
Speaker 13: If you can't go to home, you may not be

459
00:22:32,280 --> 00:22:34,960
Speaker 13: able to start or grow your family. You're a small

460
00:22:35,000 --> 00:22:37,080
Speaker 13: business owner, you're a farmer, you want to expand your

461
00:22:37,119 --> 00:22:39,679
Speaker 13: cattle ranch. You can't do that if interest rates are

462
00:22:39,720 --> 00:22:41,720
Speaker 13: near twenty year highs. And that's the predicament that we're

463
00:22:41,760 --> 00:22:44,879
Speaker 13: currently in. Let's talk about the way things are right now. Steve,

464
00:22:44,920 --> 00:22:47,959
Speaker 13: which brought Azoria, the investment firm that I founded and

465
00:22:48,080 --> 00:22:51,000
Speaker 13: run that brought Azoria to bring this case against Jerome

466
00:22:51,000 --> 00:22:55,199
Speaker 13: Powell in federal court. Today, Today's meeting, the meeting that

467
00:22:55,240 --> 00:22:57,320
Speaker 13: is set to happen next Tuesday and Wednesday at the

468
00:22:57,320 --> 00:23:01,560
Speaker 13: Federal Reserve. The minutes, the full transcript of that meeting,

469
00:23:01,600 --> 00:23:04,880
Speaker 13: what was said and by whom would be delayed, would

470
00:23:04,880 --> 00:23:10,120
Speaker 13: be withheld by the Federal Reserve until January twenty thirty one.

471
00:23:10,880 --> 00:23:14,719
Speaker 13: Imagine if the Federal Trade Commission or the FCC was

472
00:23:14,880 --> 00:23:19,040
Speaker 13: creating new laws and regulations and was not releasing the

473
00:23:19,080 --> 00:23:23,400
Speaker 13: deliberations for half a decade. The Federal Reserve is arguably

474
00:23:23,440 --> 00:23:26,960
Speaker 13: the most important economic body in the country. They're the

475
00:23:27,080 --> 00:23:30,880
Speaker 13: least transparent by far and the least accountable by far,

476
00:23:31,200 --> 00:23:34,040
Speaker 13: and so Steve. Even though this lawsuit is entitled Azoria

477
00:23:34,119 --> 00:23:37,760
Speaker 13: Capital Versus Powell, we bring it on behalf of every

478
00:23:37,840 --> 00:23:41,840
Speaker 13: American who deserves to know what the Federal Reserve has

479
00:23:41,880 --> 00:23:45,040
Speaker 13: been doing behind closed doors, because none of it makes sense.

480
00:23:45,400 --> 00:23:48,160
Speaker 13: It doesn't make sense when Jerome Powell is cutting by

481
00:23:48,200 --> 00:23:51,359
Speaker 13: fifty points right before the election what looks like a

482
00:23:51,440 --> 00:23:55,400
Speaker 13: political attempt to help Kamala Harris. Inflation is lower today,

483
00:23:55,720 --> 00:23:58,720
Speaker 13: closer to the Fed's target, and he refuses to cut

484
00:23:58,840 --> 00:24:00,920
Speaker 13: rates at the four meetings that have happened so far

485
00:24:01,000 --> 00:24:02,960
Speaker 13: this year, likely because Donald J.

486
00:24:03,040 --> 00:24:05,480
Speaker 7: Trump is the forty seventh president of the United States.

487
00:24:06,960 --> 00:24:09,240
Speaker 11: Chris Landard, who wrote the book Lords of Easy Money

488
00:24:09,280 --> 00:24:12,240
Speaker 11: went back. You know, the book is such a revelation

489
00:24:12,320 --> 00:24:14,399
Speaker 11: because you couldn't see the minutes, you couldn't see the

490
00:24:14,440 --> 00:24:16,000
Speaker 11: transcripts until a decade later.

491
00:24:16,040 --> 00:24:17,000
Speaker 10: You're absolutely correct.

492
00:24:17,160 --> 00:24:19,960
Speaker 11: What are you guys going to argue on Monday? What

493
00:24:20,400 --> 00:24:23,200
Speaker 11: is your basic argument to the judge? If it hasn't

494
00:24:23,200 --> 00:24:28,800
Speaker 11: been done in fifty years, doesn't precedent take override, override

495
00:24:28,840 --> 00:24:29,840
Speaker 11: the sunshine laws.

496
00:24:30,160 --> 00:24:30,400
Speaker 10: Sir.

497
00:24:31,520 --> 00:24:33,919
Speaker 7: It's a great question. It is a really good question.

498
00:24:34,000 --> 00:24:36,560
Speaker 13: So our our immediate argument would be, you've been breaking

499
00:24:36,600 --> 00:24:38,240
Speaker 13: the law for the last fifty years. It doesn't give

500
00:24:38,240 --> 00:24:40,800
Speaker 13: you an excuse to break the law again. The second

501
00:24:40,960 --> 00:24:43,840
Speaker 13: is that Azuria, as an investment firm, has unique standing

502
00:24:43,840 --> 00:24:46,679
Speaker 13: in this case that others may not have, and that

503
00:24:46,840 --> 00:24:48,520
Speaker 13: is that we run an investment firm. We have an

504
00:24:48,560 --> 00:24:52,000
Speaker 13: anti dei ETF STEVE. It's called s e XM. It's

505
00:24:52,000 --> 00:24:55,080
Speaker 13: available on any brokerage account. Because of that ETF and

506
00:24:55,119 --> 00:24:58,639
Speaker 13: our forthcoming Golden AGTF, both of which infest in the

507
00:24:58,720 --> 00:25:02,440
Speaker 13: US Treasury market, we are an active participant in the

508
00:25:02,480 --> 00:25:05,639
Speaker 13: sort of open market operations and asset purchases that the

509
00:25:05,640 --> 00:25:07,960
Speaker 13: FED does so in the FED sets interest rates and

510
00:25:08,040 --> 00:25:12,280
Speaker 13: doesn't disclose what sort of policy thinking went into that decision.

511
00:25:12,600 --> 00:25:15,240
Speaker 13: We are harmed, and we would argue we are irreparably

512
00:25:15,240 --> 00:25:19,560
Speaker 13: harmed by that sort of opacity, by that secrecy. And

513
00:25:19,600 --> 00:25:22,280
Speaker 13: so our argument is that we have unique standing. The

514
00:25:22,359 --> 00:25:26,080
Speaker 13: Chevron doctrine has been overturned, and that this meeting in

515
00:25:26,160 --> 00:25:30,000
Speaker 13: particular comes at a time where the public, Republican and Democrat,

516
00:25:30,560 --> 00:25:34,040
Speaker 13: is rightly concerned that monetary policy, under the leadership of

517
00:25:34,080 --> 00:25:38,119
Speaker 13: Jerome Powell or lack thereof, is being unduly influenced in

518
00:25:38,160 --> 00:25:41,040
Speaker 13: a way to undermine the duly elected president of the

519
00:25:41,119 --> 00:25:45,520
Speaker 13: United States that in turn hurts millions of Americans. Mortgage

520
00:25:45,600 --> 00:25:48,760
Speaker 13: rates Steve. They're at a twenty four year high, credit

521
00:25:48,760 --> 00:25:51,400
Speaker 13: card rates are at a twenty five year high. New

522
00:25:51,440 --> 00:25:55,880
Speaker 13: mortgage originations down seventy six percent. New family home sales

523
00:25:56,160 --> 00:25:59,480
Speaker 13: are down to the lowest level since nineteen ninety five.

524
00:26:00,080 --> 00:26:02,720
Speaker 13: All of this lays at the feet of Jerome Power.

525
00:26:03,160 --> 00:26:04,520
Speaker 13: I think he's a good guy. I met him a

526
00:26:04,520 --> 00:26:07,240
Speaker 13: couple times when I was a macro trader attending these

527
00:26:07,280 --> 00:26:10,080
Speaker 13: econometric conferences. But I got to tell you the truth.

528
00:26:10,280 --> 00:26:12,879
Speaker 13: It's not that rates are simply too high. They are

529
00:26:13,000 --> 00:26:15,960
Speaker 13: artificially too high. The natural rate models that we've built

530
00:26:16,000 --> 00:26:18,159
Speaker 13: at Azoria, that we look at from the New York

531
00:26:18,240 --> 00:26:21,560
Speaker 13: Federal Reserve suggest that rates are at least one hundred

532
00:26:21,640 --> 00:26:24,320
Speaker 13: to one hundred and seventy five basis points too high.

533
00:26:24,440 --> 00:26:26,800
Speaker 13: And the President Trump coming out and saying that rates

534
00:26:26,800 --> 00:26:29,879
Speaker 13: should go three hundred lower, that is perhaps a negotiating strategy,

535
00:26:29,960 --> 00:26:31,760
Speaker 13: but we believe rates do need to be a lot lower,

536
00:26:31,800 --> 00:26:32,359
Speaker 13: a lot faster.

537
00:26:33,600 --> 00:26:35,320
Speaker 11: James, skin you hanger for one second. I just want

538
00:26:35,320 --> 00:26:38,520
Speaker 11: to hold you into the next. The audiences is loving this.

539
00:26:38,640 --> 00:26:39,920
Speaker 11: I want to make sure. I want to make sure

540
00:26:39,960 --> 00:26:44,439
Speaker 11: we break down and get some analytics here on the

541
00:26:44,520 --> 00:26:46,280
Speaker 11: rates in the natural rate and all that and what

542
00:26:46,440 --> 00:26:49,800
Speaker 11: you did as a options trader in rates. Short commercial break.

543
00:26:49,800 --> 00:26:52,000
Speaker 11: We're going to be back in the worm on Texas Monday.

544
00:26:52,000 --> 00:26:55,160
Speaker 11: We're going to go to Texas Monday, nine to seven to two.

545
00:26:55,160 --> 00:27:00,160
Speaker 11: Patriots go there today. Check out Patriot Mobile short breaks.

546
00:27:00,200 --> 00:27:01,760
Speaker 2: Your host Stephen.

547
00:27:05,520 --> 00:27:07,679
Speaker 11: So James hitry one for a second. President Trump has

548
00:27:07,680 --> 00:27:09,719
Speaker 11: been hammering this, and yes, I do believe the three

549
00:27:09,800 --> 00:27:12,119
Speaker 11: hundred basis points. He believes that, but I think he

550
00:27:12,160 --> 00:27:15,800
Speaker 11: also knows, knowing his negotiating style, he's trying to drive

551
00:27:16,480 --> 00:27:17,879
Speaker 11: pal to a point.

552
00:27:19,400 --> 00:27:21,760
Speaker 10: Walk us through this concept.

553
00:27:23,160 --> 00:27:25,120
Speaker 11: Well, okay, hang over a second, let's go yeah, let's

554
00:27:25,119 --> 00:27:26,640
Speaker 11: go right to russ vote.

555
00:27:26,359 --> 00:27:29,000
Speaker 10: At the at the sticks. We'll come back to James fishback.

556
00:27:29,600 --> 00:27:31,080
Speaker 6: Interest rates need to come down.

557
00:27:32,480 --> 00:27:35,560
Speaker 12: The country is exploding, and there's this one part that

558
00:27:35,640 --> 00:27:39,199
Speaker 12: could allow it to go even and higher. To have

559
00:27:39,320 --> 00:27:42,760
Speaker 12: relief for families that want to get new mortgages.

560
00:27:42,840 --> 00:27:46,120
Speaker 6: Very very important. We're gonna keep asking the questions.

561
00:27:48,000 --> 00:27:50,359
Speaker 12: A lot of still things that we could have done better,

562
00:27:50,840 --> 00:27:55,240
Speaker 12: a lot cheaper. We kind of got you know, we've

563
00:27:55,240 --> 00:27:57,440
Speaker 12: seen the paper now you kind of get to see

564
00:27:57,480 --> 00:28:02,720
Speaker 12: the tunnels, the atriums that didn't exist before, and we're

565
00:28:02,720 --> 00:28:04,440
Speaker 12: going to continue to ask those kind of questions.

566
00:28:04,760 --> 00:28:08,080
Speaker 2: Brush have avoided linking the idea of lowering interest rates

567
00:28:08,080 --> 00:28:09,960
Speaker 2: to the president's scrutiny of this project.

568
00:28:10,600 --> 00:28:12,640
Speaker 9: But the President's talking about them both at the same time.

569
00:28:12,960 --> 00:28:14,720
Speaker 9: You're talking about them both at the same time.

570
00:28:14,800 --> 00:28:18,280
Speaker 14: How much does the administration's concern about this project have

571
00:28:18,359 --> 00:28:20,719
Speaker 14: to do with frustration that Jay Powell won't do when

572
00:28:20,760 --> 00:28:21,439
Speaker 14: the President says he.

573
00:28:22,080 --> 00:28:24,760
Speaker 12: I think he's the President's a builder. I mean, we've

574
00:28:24,800 --> 00:28:27,040
Speaker 12: learned the three of us have learned more in this

575
00:28:27,160 --> 00:28:30,520
Speaker 12: afternoon seeing him on a job site, going around and

576
00:28:31,640 --> 00:28:34,760
Speaker 12: talking about how he would have done things differently, the

577
00:28:34,840 --> 00:28:38,840
Speaker 12: expensiveness of something, and you just can't take that away

578
00:28:38,840 --> 00:28:41,640
Speaker 12: from someone feels the same way.

579
00:28:41,680 --> 00:28:43,719
Speaker 6: And so we want this to go.

580
00:28:43,840 --> 00:28:48,320
Speaker 12: We want this thing to get done cheaply, and we

581
00:28:48,360 --> 00:28:50,760
Speaker 12: want to make sure the taxpayers have as much information

582
00:28:50,840 --> 00:28:52,360
Speaker 12: about what the state of the facts are.

583
00:28:52,600 --> 00:28:55,320
Speaker 9: Is the president the president sail back off.

584
00:28:55,120 --> 00:28:57,200
Speaker 15: From what you were told what you saw today on

585
00:28:57,320 --> 00:28:59,040
Speaker 15: the ground at the fuddlers, or.

586
00:28:58,920 --> 00:29:01,240
Speaker 11: Do you believe that they're sprad coppy air like.

587
00:29:01,640 --> 00:29:04,160
Speaker 6: Through the slag. We're taking a look look s uh

588
00:29:04,440 --> 00:29:04,880
Speaker 6: s center.

589
00:29:04,960 --> 00:29:08,600
Speaker 12: Scott's gonna continue to have a major uh document request

590
00:29:08,640 --> 00:29:10,920
Speaker 12: that either went up tonight or or this earlier this

591
00:29:11,040 --> 00:29:13,120
Speaker 12: week or last night and earlier this week.

592
00:29:13,960 --> 00:29:16,680
Speaker 6: We still have questions that we want answered.

593
00:29:17,240 --> 00:29:17,360
Speaker 13: Uh.

594
00:29:17,720 --> 00:29:18,760
Speaker 6: We want the facts.

595
00:29:19,400 --> 00:29:19,520
Speaker 13: UH.

596
00:29:19,600 --> 00:29:21,360
Speaker 12: But we're taking a look at it and that that

597
00:29:21,440 --> 00:29:23,840
Speaker 12: will continue. But I think what was helpful about today

598
00:29:24,800 --> 00:29:27,360
Speaker 12: is that we got to see on the ground. When

599
00:29:27,360 --> 00:29:30,200
Speaker 12: you see something on paper, what's that referring to And

600
00:29:30,320 --> 00:29:35,560
Speaker 12: the extensiveness of what they really embarked on, really dug

601
00:29:35,640 --> 00:29:39,120
Speaker 12: digging out an entire new basement a tunnel. You know,

602
00:29:39,160 --> 00:29:41,960
Speaker 12: we we don't have a tunnel here between our buildings.

603
00:29:42,960 --> 00:29:46,520
Speaker 12: They have uh atriums that never existed before. Just the

604
00:29:46,600 --> 00:29:49,040
Speaker 12: extent to which they put up wood on all of

605
00:29:49,120 --> 00:29:52,360
Speaker 12: the panels, the extent to which air condition was flowing

606
00:29:52,400 --> 00:29:55,840
Speaker 12: throughout the job. There's a lot of things about this that, uh,

607
00:29:55,920 --> 00:29:59,040
Speaker 12: I think would raise questions. And we're gonna keep working

608
00:29:59,120 --> 00:30:01,640
Speaker 12: at it and do this in a very deliberative approach.

609
00:30:04,120 --> 00:30:06,600
Speaker 7: Said that you would fire a project manager who went

610
00:30:06,720 --> 00:30:07,520
Speaker 7: over budget like this.

611
00:30:07,920 --> 00:30:11,040
Speaker 6: You believe this is caused for drum howells for.

612
00:30:11,640 --> 00:30:13,880
Speaker 12: You guys have always tried to make it as metaphysical

613
00:30:14,360 --> 00:30:17,760
Speaker 12: conversation about the FED, and it's not. The president has

614
00:30:17,920 --> 00:30:21,360
Speaker 12: policy views. He wants lower interest rates.

615
00:30:21,880 --> 00:30:22,959
Speaker 6: Uh, you are asking him.

616
00:30:23,200 --> 00:30:25,200
Speaker 12: You're asking him about tariffs, You're asking him a whole

617
00:30:25,240 --> 00:30:27,160
Speaker 12: sorts of things that think he gets to talk about

618
00:30:27,320 --> 00:30:29,680
Speaker 12: lower interest rates at the same time he gets to

619
00:30:29,720 --> 00:30:32,320
Speaker 12: talk about his opinions about how he would do a

620
00:30:32,400 --> 00:30:33,440
Speaker 12: building cheaper.

621
00:30:37,680 --> 00:30:41,960
Speaker 14: Specifically project three point one billion versus two point five and.

622
00:30:42,480 --> 00:30:45,680
Speaker 6: Trump and back and forth on that. The headquarter.

623
00:30:46,440 --> 00:30:49,840
Speaker 12: The headquarters is three buildings. The two that are still

624
00:30:50,600 --> 00:30:53,880
Speaker 12: in progress are the echos and the one that's next

625
00:30:53,960 --> 00:30:55,920
Speaker 12: door to it with the tunnel. Right, that is a

626
00:30:56,120 --> 00:30:59,880
Speaker 12: three billion dollar in counting project that started at one

627
00:31:00,080 --> 00:31:00,560
Speaker 12: point eight.

628
00:31:00,960 --> 00:31:04,640
Speaker 6: It is massively overrun. It's massively overrun if.

629
00:31:04,480 --> 00:31:07,760
Speaker 12: You take just the two buildings, nearly a billion dollars

630
00:31:07,800 --> 00:31:08,920
Speaker 12: of cost overrun.

631
00:31:09,040 --> 00:31:12,040
Speaker 6: So again, we've got a lot of questions.

632
00:31:12,120 --> 00:31:14,840
Speaker 12: Those questions were not satisfied, but we certainly have a

633
00:31:14,920 --> 00:31:16,080
Speaker 12: better sense of what's going on.

634
00:31:21,040 --> 00:31:23,719
Speaker 15: To do this almost historic tour given us how rare

635
00:31:23,760 --> 00:31:26,040
Speaker 15: it is for a president, and also does this tour

636
00:31:26,080 --> 00:31:27,080
Speaker 15: today do anything.

637
00:31:26,880 --> 00:31:29,280
Speaker 5: To change dynamic or improved it?

638
00:31:29,360 --> 00:31:34,000
Speaker 1: That dynamic between the federal chariots charitable when a president comes.

639
00:31:33,840 --> 00:31:36,880
Speaker 12: In president is a world class builder, and when when

640
00:31:36,920 --> 00:31:38,720
Speaker 12: he learns that his team is gonna go and do

641
00:31:38,840 --> 00:31:41,320
Speaker 12: a tour of the Federal Reserve that's literally like three

642
00:31:41,360 --> 00:31:43,720
Speaker 12: blocks down, he's gonna want to be a part of it.

643
00:31:43,840 --> 00:31:45,920
Speaker 12: And we were thrilled that he wanted to come along.

644
00:31:48,280 --> 00:31:50,800
Speaker 13: How how is demeanor did you find him to be

645
00:31:50,960 --> 00:31:53,160
Speaker 13: opening your inquiries?

646
00:31:53,800 --> 00:31:55,600
Speaker 6: You find him to be cordial?

647
00:31:55,880 --> 00:31:56,720
Speaker 8: How would you describe it?

648
00:31:56,800 --> 00:31:58,280
Speaker 6: I mean much of it was on television.

649
00:31:58,360 --> 00:32:01,920
Speaker 12: I think they had good conversations and some of it

650
00:32:02,000 --> 00:32:06,400
Speaker 12: we weren't privy to, and we're able to really go

651
00:32:06,560 --> 00:32:09,800
Speaker 12: through the tour and see and get a sense of

652
00:32:09,880 --> 00:32:10,600
Speaker 12: what each other we're.

653
00:32:10,520 --> 00:32:11,000
Speaker 6: Looking at.

654
00:32:13,680 --> 00:32:16,280
Speaker 13: Is about the price tag of these renovations to you

655
00:32:16,520 --> 00:32:18,040
Speaker 13: were certain right now how much this.

656
00:32:18,080 --> 00:32:20,360
Speaker 7: Has cost to two these renovations.

657
00:32:20,440 --> 00:32:21,920
Speaker 12: No, I don't know for sir, and I'm going off

658
00:32:21,960 --> 00:32:27,440
Speaker 12: a third party uh information that's been released, and that

659
00:32:27,960 --> 00:32:31,680
Speaker 12: information search is going to continue. We still want to

660
00:32:31,720 --> 00:32:34,920
Speaker 12: get to the bottom of the plans that were submitted,

661
00:32:35,360 --> 00:32:39,240
Speaker 12: uh and how they have changed those never came back

662
00:32:39,280 --> 00:32:41,560
Speaker 12: into the National Capital Planning Commission.

663
00:32:42,120 --> 00:32:43,640
Speaker 10: I don't even think they know the costs.

664
00:32:43,920 --> 00:32:45,160
Speaker 6: I don't even think they know the cost.

665
00:32:45,280 --> 00:32:48,040
Speaker 9: And the three point one billion is important. There's a

666
00:32:48,120 --> 00:32:48,640
Speaker 9: cost over on.

667
00:32:48,760 --> 00:32:49,120
Speaker 6: You can look.

668
00:32:49,160 --> 00:32:51,320
Speaker 9: These are the fed's own internal documents that we're floyd

669
00:32:51,360 --> 00:32:52,440
Speaker 9: and are published online.

670
00:32:52,720 --> 00:32:54,640
Speaker 14: It went from one point eight one point nine to

671
00:32:54,720 --> 00:32:56,840
Speaker 14: two point five and nine to three point one for

672
00:32:56,960 --> 00:33:00,240
Speaker 14: the capital expenditures within their own budget for the little

673
00:33:00,280 --> 00:33:01,680
Speaker 14: renovation and building a complex.

674
00:33:01,720 --> 00:33:04,000
Speaker 9: So the chairs really splitting hairs there when.

675
00:33:03,920 --> 00:33:06,240
Speaker 14: He's saying, well, that's this building, Okay, if you take

676
00:33:06,280 --> 00:33:08,680
Speaker 14: that building out of it, it's still an inflation from

677
00:33:08,720 --> 00:33:10,960
Speaker 14: one point four billion to two point five billion.

678
00:33:11,160 --> 00:33:15,120
Speaker 9: There's no way around it. The cost overrun is Mass's.

679
00:33:14,200 --> 00:33:18,440
Speaker 6: Own doctor fraud through this investigation.

680
00:33:18,520 --> 00:33:20,240
Speaker 1: Does that mean the President that would.

681
00:33:20,080 --> 00:33:21,400
Speaker 15: Fire care Powell.

682
00:33:21,920 --> 00:33:24,560
Speaker 12: We are where we are, which is we want the

683
00:33:24,840 --> 00:33:27,760
Speaker 12: lower interest rates. The president that is his policy view.

684
00:33:28,480 --> 00:33:32,240
Speaker 12: He thinks it's vital to the country economically. And we

685
00:33:32,320 --> 00:33:35,200
Speaker 12: are also on a host of issues, this one being

686
00:33:35,560 --> 00:33:37,760
Speaker 12: one that is front and center today. Trying to do

687
00:33:37,880 --> 00:33:41,160
Speaker 12: things cheaper on behalf of the American taxpayer. And there's

688
00:33:41,160 --> 00:33:42,680
Speaker 12: a lot of ways you could have done this differently.

689
00:33:42,840 --> 00:33:45,080
Speaker 14: If the ped cuts raise to the head cuts rates,

690
00:33:45,200 --> 00:33:47,200
Speaker 14: is the President going to drop this inquird the pad

691
00:33:47,200 --> 00:33:48,520
Speaker 14: cuts rates really dropped inquiry.

692
00:33:49,040 --> 00:33:52,680
Speaker 12: This is he's approaching this as a builder. We want

693
00:33:52,720 --> 00:33:55,360
Speaker 12: to get this done, so we want a project to

694
00:33:55,400 --> 00:33:57,760
Speaker 12: get done unrelated.

695
00:33:57,240 --> 00:34:00,680
Speaker 6: To interest rates. That's what's important. You know, it's on

696
00:34:00,760 --> 00:34:02,320
Speaker 6: the national mall. Uh.

697
00:34:02,680 --> 00:34:05,160
Speaker 12: It needs to get done as soon as possible, and

698
00:34:05,280 --> 00:34:07,600
Speaker 12: we can't have the situation where this is hanging over

699
00:34:07,640 --> 00:34:08,279
Speaker 12: the country's head.

700
00:34:10,600 --> 00:34:14,240
Speaker 6: The president would have the power fire adventure.

701
00:34:13,840 --> 00:34:18,480
Speaker 14: And shows I think the president every day almost at

702
00:34:18,520 --> 00:34:21,239
Speaker 14: this point answers that he's not really thinking about that

703
00:34:21,400 --> 00:34:24,080
Speaker 14: right now. I mean, how many press conferences this week

704
00:34:24,360 --> 00:34:26,080
Speaker 14: has that question been posed to the president?

705
00:34:26,160 --> 00:34:30,080
Speaker 16: And looking at it again, I think he's a builder.

706
00:34:30,160 --> 00:34:32,200
Speaker 16: He cares about the cost the costs have gotten out

707
00:34:32,239 --> 00:34:35,800
Speaker 16: of control. And then separately, you know, we run the

708
00:34:35,840 --> 00:34:38,719
Speaker 16: president runs Fannie May and Freddie Mack. In his first term,

709
00:34:38,760 --> 00:34:41,360
Speaker 16: people were able to buy a mortgage for three percent

710
00:34:41,760 --> 00:34:44,720
Speaker 16: these days after Biden's inflation, and what happened with rates.

711
00:34:44,920 --> 00:34:47,239
Speaker 16: Now you're looking at seven percent mortgages. So this is

712
00:34:47,320 --> 00:34:50,239
Speaker 16: of great concern to the president. But I view them

713
00:34:50,320 --> 00:34:52,800
Speaker 16: very differently as two different things. You can't help be

714
00:34:52,840 --> 00:34:54,440
Speaker 16: a builder and be the president of the United States

715
00:34:54,440 --> 00:34:57,000
Speaker 16: and see these cost overruns and not ask a bunch

716
00:34:57,040 --> 00:34:57,480
Speaker 16: of questions.

717
00:34:57,760 --> 00:35:02,279
Speaker 9: Pressure care to lower interest rates? Is that what this

718
00:35:02,400 --> 00:35:02,680
Speaker 9: is about?

719
00:35:02,719 --> 00:35:04,759
Speaker 13: I mean, he stood right next to woman said I

720
00:35:04,840 --> 00:35:06,800
Speaker 13: think rate should be lower at the same moment you

721
00:35:06,880 --> 00:35:09,960
Speaker 13: guys are there investigating the Then is this a pressure campaign?

722
00:35:10,280 --> 00:35:10,560
Speaker 6: Again?

723
00:35:10,840 --> 00:35:14,360
Speaker 12: Can answer it the same way many different times. The

724
00:35:14,520 --> 00:35:18,400
Speaker 12: President has a policy view about lower interest rates that,

725
00:35:18,560 --> 00:35:22,040
Speaker 12: as Bill said, is vitally important to the country economically

726
00:35:22,160 --> 00:35:24,719
Speaker 12: and for the pocketbooks of the American people. And he

727
00:35:24,840 --> 00:35:28,959
Speaker 12: is a builder that looks at Largesse and just automatically

728
00:35:29,239 --> 00:35:31,640
Speaker 12: starts to think about how what he would do in

729
00:35:31,719 --> 00:35:34,239
Speaker 12: that situation. I think the FED learned a lot today

730
00:35:34,280 --> 00:35:36,560
Speaker 12: based on those conversations. We certainly learned a lot, and

731
00:35:36,600 --> 00:35:38,840
Speaker 12: it's going to inform the questions that we're going to

732
00:35:38,880 --> 00:35:40,360
Speaker 12: continue to ask to get to the bottom of it.

733
00:35:44,080 --> 00:35:46,440
Speaker 6: What did you see today? That s What did you

734
00:35:46,480 --> 00:35:47,719
Speaker 6: see today that surprised him?

735
00:35:48,080 --> 00:35:51,800
Speaker 12: I think the extent to which, uh, the degree to

736
00:35:51,880 --> 00:35:56,040
Speaker 12: which they had to build down into the basement, uh

737
00:35:56,200 --> 00:35:59,520
Speaker 12: and really essentially jack the entire building up to do

738
00:35:59,640 --> 00:36:01,440
Speaker 12: some of these things. I mean, remember, this was a

739
00:36:01,480 --> 00:36:04,840
Speaker 12: building that was renovated between nineteen ninety nine and and

740
00:36:05,680 --> 00:36:06,280
Speaker 12: over a three.

741
00:36:06,200 --> 00:36:07,080
Speaker 6: Or four year period.

742
00:36:08,080 --> 00:36:10,919
Speaker 12: So the notion that you know this it's never seen

743
00:36:11,120 --> 00:36:15,399
Speaker 12: any kind of renovation since the nineteen thirties, there's more

744
00:36:15,440 --> 00:36:19,480
Speaker 12: to that story and so that and that's still in

745
00:36:20,080 --> 00:36:21,520
Speaker 12: there's there's still at the.

746
00:36:21,600 --> 00:36:25,040
Speaker 6: Very beginnings of that renovation. So this is a long

747
00:36:25,080 --> 00:36:27,000
Speaker 6: way to go. But that's what I was.

748
00:36:30,600 --> 00:36:32,440
Speaker 15: The cost here, and that is exactly what you have

749
00:36:32,480 --> 00:36:35,400
Speaker 15: been talking about. President's been talking about who was responsible

750
00:36:35,440 --> 00:36:37,560
Speaker 15: for you? I think the president accurate information on what

751
00:36:37,680 --> 00:36:41,560
Speaker 15: the cost is because Beteor J. Powell was correcting them online.

752
00:36:41,680 --> 00:36:44,760
Speaker 14: No, he wasn't what the President pulled out of his pocket. Now,

753
00:36:44,960 --> 00:36:47,960
Speaker 14: the President pulled out of his pocket a page from

754
00:36:48,040 --> 00:36:51,000
Speaker 14: the foyer request of the Fed's own internal documents that

755
00:36:51,120 --> 00:36:52,239
Speaker 14: is available.

756
00:36:51,800 --> 00:36:52,840
Speaker 6: On their website.

757
00:36:52,920 --> 00:36:54,120
Speaker 9: So it's available there.

758
00:36:55,719 --> 00:36:58,439
Speaker 14: No, what what the President is saying is the entire

759
00:36:58,600 --> 00:37:01,680
Speaker 14: construction project that's going on, which is a build in

760
00:37:01,719 --> 00:37:04,960
Speaker 14: renovation project over the last number of years, is currently

761
00:37:05,040 --> 00:37:07,399
Speaker 14: at three point one billion dollars. And what the FED

762
00:37:07,520 --> 00:37:09,520
Speaker 14: Chair was saying was no, no, you have to take

763
00:37:09,680 --> 00:37:12,319
Speaker 14: one of the buildings out of it. Well, no, it's

764
00:37:12,360 --> 00:37:15,440
Speaker 14: all one project on the whole complex.

765
00:37:16,239 --> 00:37:17,640
Speaker 15: That the building was already done.

766
00:37:17,680 --> 00:37:18,800
Speaker 6: It's not part of what your.

767
00:37:19,000 --> 00:37:19,839
Speaker 3: Issues are right now.

768
00:37:20,280 --> 00:37:22,359
Speaker 14: I don't know what you're saying. If you go back

769
00:37:22,400 --> 00:37:24,480
Speaker 14: and look and the presidents looked at the forums, they're

770
00:37:24,560 --> 00:37:26,960
Speaker 14: right there. You can see every single year they put

771
00:37:26,960 --> 00:37:29,280
Speaker 14: out the foyers for every single year, and every single

772
00:37:29,360 --> 00:37:31,640
Speaker 14: year the numbers have gone up for this project.

773
00:37:32,760 --> 00:37:37,360
Speaker 9: President, accurate in your assent.

774
00:37:37,480 --> 00:37:40,360
Speaker 14: I think what the FED Chair is doing is splitting

775
00:37:40,520 --> 00:37:44,160
Speaker 14: hairs in that moment to try to drive down the

776
00:37:44,280 --> 00:37:46,080
Speaker 14: top line costs for what we're talking about.

777
00:37:47,120 --> 00:37:48,720
Speaker 6: Yes, we believe our numbers are accurate.

778
00:37:48,960 --> 00:37:52,560
Speaker 14: Ahead, they're their numbers again, the President was citing their

779
00:37:52,680 --> 00:37:55,480
Speaker 14: numbers from their forms that they have published.

780
00:37:56,640 --> 00:37:58,839
Speaker 9: Because we did not foy it. It's available right now

781
00:37:58,920 --> 00:37:59,840
Speaker 9: on the Fed's website.

782
00:38:00,560 --> 00:38:03,359
Speaker 6: James, President, right, go ahead, go ahead, go ahead, right here.

783
00:38:03,920 --> 00:38:06,080
Speaker 8: You want to see this project sped up and go faster.

784
00:38:06,320 --> 00:38:08,520
Speaker 6: What are the specific actions even tend to take next?

785
00:38:08,560 --> 00:38:10,680
Speaker 14: Does that mean you're not going to call the project?

786
00:38:11,040 --> 00:38:13,240
Speaker 5: And who will have the alternate decision.

787
00:38:12,960 --> 00:38:15,480
Speaker 14: Over the next The President said that, you know, we

788
00:38:15,560 --> 00:38:17,359
Speaker 14: are where we are. The project has to be done now.

789
00:38:17,360 --> 00:38:20,120
Speaker 14: It'd be nice if they don't have more cost overruns.

790
00:38:20,200 --> 00:38:22,040
Speaker 14: But I mean, the building's got a long way to go,

791
00:38:22,200 --> 00:38:23,880
Speaker 14: and at this point it's just kind of got to

792
00:38:23,880 --> 00:38:24,200
Speaker 14: get done.

793
00:38:24,280 --> 00:38:25,600
Speaker 6: This building's got a long way to go.

794
00:38:25,880 --> 00:38:26,800
Speaker 9: It's got a long way to go.

795
00:38:26,920 --> 00:38:29,719
Speaker 15: You're saying that concerns about interest rates and the cost

796
00:38:29,840 --> 00:38:31,880
Speaker 15: of this renovation or two separate things. But are you

797
00:38:32,000 --> 00:38:34,640
Speaker 15: concerned about the messages sends to markets to have the

798
00:38:34,760 --> 00:38:37,440
Speaker 15: President visiting who beds something that hasn't happened in twenty

799
00:38:37,520 --> 00:38:40,120
Speaker 15: years and publicly saying on television.

800
00:38:39,800 --> 00:38:42,440
Speaker 9: The lower interest rates of this sort of ropes. The independence.

801
00:38:42,640 --> 00:38:44,440
Speaker 16: No, I think I think the market should like it.

802
00:38:44,520 --> 00:38:46,560
Speaker 16: You have a president who's engaged. He's a builder, and

803
00:38:46,600 --> 00:38:49,719
Speaker 16: he also understands interest rates. Remember, building in construction is

804
00:38:49,760 --> 00:38:51,800
Speaker 16: also very much tied to interest rates. This is a

805
00:38:51,840 --> 00:38:54,600
Speaker 16: president who understands interest rates better than any president before.

806
00:38:54,880 --> 00:38:57,520
Speaker 16: He's crushed inflation. In his first term, we had three

807
00:38:57,560 --> 00:39:01,040
Speaker 16: percent mortgages. Now we have seven percent more mortgages. Costs

808
00:39:01,080 --> 00:39:03,920
Speaker 16: have doubled. People can't afford mortgages because of the last

809
00:39:03,960 --> 00:39:06,040
Speaker 16: four years under Biden, and so we need to get

810
00:39:06,080 --> 00:39:08,600
Speaker 16: these rates down. We can get rates down, and that

811
00:39:08,680 --> 00:39:11,000
Speaker 16: would have a booming effect on the housing market and.

812
00:39:11,040 --> 00:39:11,799
Speaker 6: The mortgage market.

813
00:39:12,239 --> 00:39:14,440
Speaker 14: And as for the market reaction, I mean, this is

814
00:39:14,520 --> 00:39:16,920
Speaker 14: not a new concept. This is a very public discussion.

815
00:39:16,960 --> 00:39:19,440
Speaker 14: The market continues to go up, the revenue of the

816
00:39:19,520 --> 00:39:23,280
Speaker 14: country continues to go up. There is a budget surplus

817
00:39:23,400 --> 00:39:26,200
Speaker 14: last month of twenty eight billion dollars. Just yesterday or

818
00:39:26,239 --> 00:39:28,600
Speaker 14: two days ago, the president announced a huge trade deal

819
00:39:28,680 --> 00:39:31,520
Speaker 14: with Japan. I mean, let's stop speaking and hypotheticals. Let's

820
00:39:31,560 --> 00:39:33,960
Speaker 14: just look at what's happening. This conversation is being had

821
00:39:34,000 --> 00:39:36,840
Speaker 14: in public. The market is reacting every day the market

822
00:39:36,960 --> 00:39:40,280
Speaker 14: is going up, the job numbers are improving, every economic

823
00:39:40,360 --> 00:39:42,800
Speaker 14: indicator is going in the right direction. And if we

824
00:39:42,880 --> 00:39:44,560
Speaker 14: can just look back to last year, go back to

825
00:39:44,640 --> 00:39:47,680
Speaker 14: last summer, every Democrat that's now silent was calling for

826
00:39:47,760 --> 00:39:50,200
Speaker 14: the interest rates to be lowered, every single one of them.

827
00:39:50,239 --> 00:39:53,680
Speaker 14: Now they're completely silent now that President Trump is in office.

828
00:39:53,800 --> 00:39:56,080
Speaker 14: But one year ago they said the rates are too high,

829
00:39:56,080 --> 00:39:57,680
Speaker 14: and they were calling all it for it all the

830
00:39:57,719 --> 00:40:01,080
Speaker 14: way leading up until the election. The economy is markedly

831
00:40:01,160 --> 00:40:03,239
Speaker 14: better now than it was then. So our question would

832
00:40:03,239 --> 00:40:06,120
Speaker 14: be where the Democrats on this. Mortgage rates are too high,

833
00:40:06,320 --> 00:40:08,919
Speaker 14: credit card interest rates are too high, all loan rates

834
00:40:08,960 --> 00:40:10,879
Speaker 14: are too high. They felt that way a year ago.

835
00:40:11,320 --> 00:40:13,439
Speaker 14: Everything is better now. Why don't they feel that way today?

836
00:40:13,440 --> 00:40:14,279
Speaker 14: It doesn't make any sense.

837
00:40:14,920 --> 00:40:17,400
Speaker 16: The Democrats own The Democrats own the high rates, and

838
00:40:17,400 --> 00:40:21,319
Speaker 16: they own the mortgage rates and not coming out Bill

839
00:40:21,400 --> 00:40:23,240
Speaker 16: poultiwise from.

840
00:40:23,120 --> 00:40:26,080
Speaker 11: The Trump administration, you got James Blair's the political head

841
00:40:26,120 --> 00:40:29,560
Speaker 11: of the political group inside the White House of West Wing.

842
00:40:29,800 --> 00:40:32,319
Speaker 11: He's uh, he's a hammering the media and of course

843
00:40:32,960 --> 00:40:36,600
Speaker 11: the great russ vote, making a very compelling argument about

844
00:40:36,680 --> 00:40:38,920
Speaker 11: and by the way, I'm a comment when we get

845
00:40:38,960 --> 00:40:42,440
Speaker 11: back pal Yo, dude, the head of the Federal Reserve.

846
00:40:42,480 --> 00:40:44,479
Speaker 11: You got to have the basic understanding of the math.

847
00:40:45,160 --> 00:40:48,279
Speaker 11: Pretty good screw up or misdirection play. If the guys

848
00:40:48,320 --> 00:40:50,120
Speaker 11: are right, and I think as I've checked it, they're right.

849
00:40:50,160 --> 00:40:52,280
Speaker 11: Short commercial break back in the warm in a moment.

850
00:40:53,640 --> 00:40:59,160
Speaker 6: Right now to have their first home. Appreciate there they are.

851
00:40:59,719 --> 00:41:01,839
Speaker 14: There's a very ambiguous argument, Well, we're not really sure

852
00:41:01,840 --> 00:41:03,920
Speaker 14: with Tarff's. I don't know how you're not sure with Tariff's.

853
00:41:04,000 --> 00:41:06,759
Speaker 14: The President talks about it every single day. The plan

854
00:41:06,920 --> 00:41:10,080
Speaker 14: is very transparent, and what the President predicted, what happened

855
00:41:10,120 --> 00:41:12,760
Speaker 14: with tariffs is happening. Money is coming into the country,

856
00:41:13,080 --> 00:41:16,000
Speaker 14: Prices are not going up, Inflation is not going up.

857
00:41:16,280 --> 00:41:18,600
Speaker 14: We run it again. We ran a surplus last month.

858
00:41:19,120 --> 00:41:22,880
Speaker 14: It's just it's a very arbitrary argument. I think can

859
00:41:23,040 --> 00:41:25,279
Speaker 14: argue that they've been making to keep rates where they are.

860
00:41:25,520 --> 00:41:29,600
Speaker 12: Direct last question, this particular project in the Federal Reserve,

861
00:41:29,680 --> 00:41:31,919
Speaker 12: but it costs for in the United States.

862
00:41:32,040 --> 00:41:35,000
Speaker 8: To build infrastructure more than any other composition in the

863
00:41:35,080 --> 00:41:36,040
Speaker 8: country in the world.

864
00:41:36,320 --> 00:41:38,920
Speaker 9: Are you looking into a system wide problem or it's

865
00:41:38,960 --> 00:41:40,160
Speaker 9: just one project.

866
00:41:40,239 --> 00:41:44,600
Speaker 12: Club We always can We're very interested in infrastructure. The

867
00:41:44,680 --> 00:41:48,800
Speaker 12: President's always been an infrastructure president. Those policy processes like

868
00:41:48,920 --> 00:41:53,240
Speaker 12: NEPA reform are always a part of our deregulatory agenda

869
00:41:53,400 --> 00:41:56,320
Speaker 12: and priorities. There is something unique about this project and

870
00:41:56,360 --> 00:41:59,440
Speaker 12: some of the decisions that were made that has caused

871
00:41:59,440 --> 00:42:02,840
Speaker 12: a kind of a fern level, heightened level of concern

872
00:42:03,840 --> 00:42:05,800
Speaker 12: that we're going to keep asking questions about.

873
00:42:07,200 --> 00:42:09,239
Speaker 6: And you know, I only expect that to continue. But

874
00:42:09,280 --> 00:42:14,000
Speaker 6: thanks guys. As on what on changing the way to

875
00:42:14,080 --> 00:42:15,520
Speaker 6: the federal governments stets wanting.

876
00:42:15,320 --> 00:42:20,440
Speaker 12: To build things, we're always in working with conjunction with Congress.

877
00:42:21,719 --> 00:42:24,160
Speaker 12: They just passed one big beautiful bill all sorts of

878
00:42:24,239 --> 00:42:28,560
Speaker 12: things that allow us to have cheaper energy, lower better

879
00:42:28,680 --> 00:42:32,880
Speaker 12: tax regime. You know, our view right now with this

880
00:42:33,080 --> 00:42:36,520
Speaker 12: project is that there are things that can certainly be

881
00:42:36,600 --> 00:42:38,920
Speaker 12: done better. Uh and we still want to get to

882
00:42:39,160 --> 00:42:41,360
Speaker 12: the bottom of unanswered questions that we have.

883
00:42:42,040 --> 00:42:44,640
Speaker 6: Thank you guys, Thank you James.

884
00:42:45,880 --> 00:42:49,719
Speaker 11: Bill Paulty, James Blair, the political director of Paulty, And

885
00:42:50,640 --> 00:42:53,440
Speaker 11: of course the Grace or Russ vote. The reason we

886
00:42:53,560 --> 00:42:56,440
Speaker 11: played that in its entirety was to see a confrontational

887
00:42:56,600 --> 00:43:00,320
Speaker 11: press and what amazing staff they have over there that

888
00:43:00,440 --> 00:43:03,040
Speaker 11: will not back down. Those three guys right there are

889
00:43:03,120 --> 00:43:04,240
Speaker 11: just hey, here are the facts.

890
00:43:04,960 --> 00:43:05,919
Speaker 10: No brag, just fact.

891
00:43:06,520 --> 00:43:10,200
Speaker 11: We've got James fishback back up for this block. James,

892
00:43:10,320 --> 00:43:14,000
Speaker 11: you heard the back and forth walk through the mathematical

893
00:43:14,160 --> 00:43:17,440
Speaker 11: argument why you and the President United States are correct

894
00:43:17,520 --> 00:43:18,560
Speaker 11: and Jerome Powell is wrong?

895
00:43:18,680 --> 00:43:21,680
Speaker 7: Sir, the honor to Steve.

896
00:43:22,520 --> 00:43:25,960
Speaker 13: The mathematical argument is actually one that's not necessarily mathematical

897
00:43:26,000 --> 00:43:28,640
Speaker 13: in nature. I want to bring up Jerome Powell's own

898
00:43:28,760 --> 00:43:32,560
Speaker 13: speech from Jackson Hole. That's the Annual Policy Conference. It

899
00:43:32,680 --> 00:43:37,160
Speaker 13: was entitled Natural Amongst the Stars from August of twenty nineteen.

900
00:43:37,640 --> 00:43:40,520
Speaker 13: This is the Jerome Powell that President Trump appointed, the

901
00:43:40,560 --> 00:43:43,080
Speaker 13: one that I respected, and what he said was the

902
00:43:43,200 --> 00:43:46,960
Speaker 13: natural rate is not a precise mathematical formula. But you

903
00:43:47,160 --> 00:43:50,680
Speaker 13: judge the natural rate by how the economy is responding

904
00:43:50,760 --> 00:43:55,080
Speaker 13: to interest rates. So, for example, mortgages are higher than normal.

905
00:43:55,320 --> 00:43:59,240
Speaker 13: If you're seeing larger than normal home activity and origination activity,

906
00:43:59,560 --> 00:44:04,360
Speaker 13: that would suggest that the interest rate is below natal levels.

907
00:44:05,560 --> 00:44:14,319
Speaker 13: Lobsilutely home sales the lowest in thirty years, that would

908
00:44:14,360 --> 00:44:17,840
Speaker 13: suggest that rates are too high versus natural. If you

909
00:44:17,960 --> 00:44:22,160
Speaker 13: are seeing mortgage originations down seventy six percent in the

910
00:44:22,239 --> 00:44:25,680
Speaker 13: past four years. That would suggest that interest rates are

911
00:44:25,719 --> 00:44:28,600
Speaker 13: above the natural level, they are artificially high. And so

912
00:44:28,680 --> 00:44:30,359
Speaker 13: what we do at a ZORI is we've built out

913
00:44:30,400 --> 00:44:35,399
Speaker 13: this econometric model to better understand the economic outcomes. If

914
00:44:35,440 --> 00:44:39,480
Speaker 13: they are below the baseline, we then say that the

915
00:44:39,680 --> 00:44:43,320
Speaker 13: natural rate is far lower than the artificial rates that

916
00:44:43,440 --> 00:44:45,520
Speaker 13: are currently being set by the Federal Reserve. But I

917
00:44:45,560 --> 00:44:49,040
Speaker 13: want to make it very clear, Jerome Cowell is the

918
00:44:49,200 --> 00:44:53,280
Speaker 13: Anthony Fauci of economics. He is wrong, he is smug,

919
00:44:53,600 --> 00:44:57,200
Speaker 13: and he is completely non transparent and unaccountable. That's why

920
00:44:57,280 --> 00:45:01,320
Speaker 13: my investment firm, Azoria, brought this federal case against Jerome

921
00:45:01,360 --> 00:45:04,440
Speaker 13: Powell this morning in DC Federal Court. And that's why

922
00:45:04,480 --> 00:45:07,960
Speaker 13: we just learned thirty minutes ago that a judge appointed

923
00:45:08,040 --> 00:45:11,640
Speaker 13: by of all people, President Barack Obama has ordered an

924
00:45:11,719 --> 00:45:16,280
Speaker 13: emergency hearing on our tro on our temporary restraining order Steve.

925
00:45:16,640 --> 00:45:19,840
Speaker 13: That order, if we are successful, will know on Monday afternoon,

926
00:45:20,239 --> 00:45:24,080
Speaker 13: would block Jerome Powell from holding next week's FED meeting

927
00:45:24,360 --> 00:45:28,320
Speaker 13: behind closed doors. Americans from all walks of life deserve

928
00:45:28,440 --> 00:45:32,000
Speaker 13: to know how and why the FED is choosing to

929
00:45:32,160 --> 00:45:34,799
Speaker 13: keep interest rates in near twenty year highs, even though

930
00:45:34,920 --> 00:45:38,680
Speaker 13: President Trump is delivering it the lowest inflation in four years.

931
00:45:40,400 --> 00:45:42,640
Speaker 11: James, social media, Where do people go to find out

932
00:45:42,680 --> 00:45:46,000
Speaker 11: more about your investment fund and more about this case?

933
00:45:47,320 --> 00:45:50,759
Speaker 13: Yes, invest Azoria dot com is the place to go.

934
00:45:50,920 --> 00:45:54,920
Speaker 13: Our investment fund, Steve, is an anti dei ETF. It

935
00:45:55,040 --> 00:45:57,279
Speaker 13: buys the same stocks as the S and P five

936
00:45:57,360 --> 00:46:00,160
Speaker 13: hundred funds that we all know and love, except it

937
00:46:00,280 --> 00:46:04,640
Speaker 13: removes the thirty eight stocks Nike, Starbucks, Airbnb, Intel, that

938
00:46:04,760 --> 00:46:08,840
Speaker 13: have doubled down on disastrous dei quotas that our research

939
00:46:08,880 --> 00:46:13,160
Speaker 13: at a Zoria shows drives massive stock underperformance. So the

940
00:46:13,239 --> 00:46:15,840
Speaker 13: math is simple. When you have a portfolio and you

941
00:46:16,000 --> 00:46:19,919
Speaker 13: kick out the stocks that underperform, you are poised to outperform.

942
00:46:20,200 --> 00:46:22,440
Speaker 13: What we are seeing is folks sell their S and

943
00:46:22,520 --> 00:46:27,120
Speaker 13: P five hundred ETFs and buy sp x M instead.

944
00:46:27,440 --> 00:46:30,040
Speaker 13: It is a better way to be long President Trump's

945
00:46:30,120 --> 00:46:33,360
Speaker 13: golden age stock market without having any exposure to the

946
00:46:33,480 --> 00:46:37,080
Speaker 13: dei laggers and losers that hold back our portfolios.

947
00:46:38,640 --> 00:46:41,040
Speaker 10: James, thank you very much, great maiden voyade here in

948
00:46:41,080 --> 00:46:44,000
Speaker 10: the war room. The timing was exquisite. Thank you so much. Sir,

949
00:46:44,080 --> 00:46:46,560
Speaker 10: look forward to having you back on my pleasure.

950
00:46:46,600 --> 00:46:52,200
Speaker 11: Steve goud Bluss, James fishback bringing the heat as only

951
00:46:52,280 --> 00:46:56,719
Speaker 11: he can. President Trump historic today only the third time

952
00:46:56,800 --> 00:46:58,640
Speaker 11: in the history of the Republic. I think you know why,

953
00:46:59,160 --> 00:47:01,879
Speaker 11: Mike Lindell, you're loose. I keep hearing reports that you're

954
00:47:01,960 --> 00:47:06,879
Speaker 11: loose in DC. Uh before we got we know Lindell, Oh,

955
00:47:07,239 --> 00:47:10,399
Speaker 11: I had him dropped him. That's okay, Uh, next hour,

956
00:47:11,239 --> 00:47:16,680
Speaker 11: next hour, we're going to have We've got Uh. Todd

957
00:47:16,719 --> 00:47:19,839
Speaker 11: blanche is on his way back from the prison down

958
00:47:19,880 --> 00:47:22,560
Speaker 11: in Talla Nasty where he met. I think they actually

959
00:47:22,640 --> 00:47:24,719
Speaker 11: went over to the US Attorney's office and that's where

960
00:47:24,719 --> 00:47:25,920
Speaker 11: they met in the prison itself.

961
00:47:26,239 --> 00:47:28,080
Speaker 10: We're gonna get a we'll do a report on that.

962
00:47:28,400 --> 00:47:32,839
Speaker 11: Also, Taulci Gabbard, understand that they are looking for right now.

963
00:47:33,000 --> 00:47:36,840
Speaker 11: They are looking towards this task force to start putting

964
00:47:36,920 --> 00:47:40,320
Speaker 11: up a couple of US attorneys. People need to be indicted,

965
00:47:40,400 --> 00:47:43,720
Speaker 11: people need to be purp walk, people need to be prosecuted.

966
00:47:44,600 --> 00:47:47,480
Speaker 11: What's happening or getting too all that in the next hour,

967
00:47:48,440 --> 00:47:51,720
Speaker 11: also with trackdown Michael Lindell. Mike Lindell is back in Washington,

968
00:47:51,800 --> 00:47:54,279
Speaker 11: d C. Been hearing great reports all day. Make sure

969
00:47:54,400 --> 00:47:57,239
Speaker 11: you go check out the end of the Dollar Empire,

970
00:47:57,920 --> 00:48:00,880
Speaker 11: birch gold dot com slash Bannon seven free installments were

971
00:48:00,920 --> 00:48:03,320
Speaker 11: working on the eighth post Rio.

972
00:48:04,840 --> 00:48:08,200
Speaker 10: Look at the analysis between Fiat currency and gold.

973
00:48:08,680 --> 00:48:08,839
Speaker 5: Right.

974
00:48:09,680 --> 00:48:11,640
Speaker 11: You also take your phone and text ban and b

975
00:48:11,760 --> 00:48:13,400
Speaker 11: A N N O N at nine eight nine eight

976
00:48:13,520 --> 00:48:16,480
Speaker 11: nine eight to get the Ultimate guide, which happens to

977
00:48:16,520 --> 00:48:19,120
Speaker 11: be free for investing in gold and precious metals in

978
00:48:19,200 --> 00:48:20,520
Speaker 11: the age of Trump.

979
00:48:21,920 --> 00:48:23,920
Speaker 10: I've got something up on Getter. Maybe I'll pull that

980
00:48:24,000 --> 00:48:24,640
Speaker 10: for the next hour.

981
00:48:24,680 --> 00:48:28,319
Speaker 11: It's the Chinese Communist Party getting out of bonds, getting

982
00:48:28,360 --> 00:48:30,399
Speaker 11: out of dollar, getting out of bonds and getting into

983
00:48:30,480 --> 00:48:36,680
Speaker 11: gold kind of record rates, part of their d dollarization movement. Okay,

984
00:48:36,800 --> 00:48:39,560
Speaker 11: short commercial break. The six o'clock hour is going to

985
00:48:39,680 --> 00:48:42,600
Speaker 11: be on fire. Stick around in the war room.