06-19-25 - 8am - Prepare yourself for Colorado Governor Michael Bennett

Episode Transcript

Speaker 1 (00:00):
I don't want to kill the buzz, so to speak,

(00:03):
considering what Dragon I were talking about Dragon, what Shannon
and I were talking about during the break, I didn't
mean that, Shannon in the way that you may be
thinking a minute about wanting to kill the buzz. But
I want to talk a little economics next. But your
point about we've turned the water off and now we've

(00:26):
got to keep you know, mopping up the mess and
getting it fixed and keep the water off reminded me
of something I'm talking about over on Freedom Today. There
is a story that was released in the Post Independent,
which is the paper route that serves Glenwood Springs in
that area, and the story is about the Democrat primary

(00:50):
to become the next governor of the state of Colorado.
The crap Post State of Colorado, Comic Colorado. There's a
new poll out done by let's see, it's the Global
Strategy Group. That's a national polling firm. They've actually done
surveys in Colorado before. I don't know this firm very well.
I only read about this last night. Well, they released

(01:11):
a survey on Monday of six hundred likely voters in
the June twenty sixth primary. Right now we've got Phil Wiser,
We've got Jenni Griswold, we've got Michael Bennett, and I
don't know we got about it, you know, half a
dozen or more other Democrats all time because it's an
open seat. Don't you stop and think about that for

(01:33):
a moment. If you don't understand the power of incumbency,
stop and just think about how many people run for
any given office, everything from dog catcher to president. When
you have an incumbent, very few. But when the incumbent
is term limited out or is no longer running, or

(01:57):
has died, or have been assassinated or chosen not to run,
whatever the reason is, and you have an open general election,
isn't it fascinating? Now, all of a sudden, you've got
dozens and dozens of people running for that office.

Speaker 2 (02:11):
Hm.

Speaker 1 (02:13):
I've always been anti term limits because I believe that
voters hold the power of term limits in their hands.
But I'm slowly beginning to think, and I know because
there are I can just assure you that there are

(02:33):
huge unintended consequences of constitutional limits term limits, or let
me rephrase that there are huge unintended consequences if we
were to put in the Constitution term limits on legislative offices.
I know we have one for the president, and I

(02:55):
know we've got them for governor, and I know we
have them in Oklahoma. But for Congress, the unintended consequences
are humongous. Why because of the deep state, because of
the administrative state. If you think they have power, now
imagine when you have congressmen and senators who have a

(03:20):
limited amount of time in DC. I know it sounds great,
but boy, I'm getting way off track here, and I apologize.

Speaker 2 (03:30):
Let's get back to the survey.

Speaker 1 (03:33):
So for the gubernatorial race in Colorado, this survey showed
that Michael Bennett holds a thirty thirty one point advantage
over Phil Wiser thirty one points, with a four percent
margin of error in either direction. But then here's what

(03:55):
caught my eye. The Post Independent newspaper says this, and
I quote vote the winner of the June Democrat primary
is expected to prevail over the Republican nominee in the
November twenty twenty six gubernatorial election. Close quote. Now, unfortunately,

(04:15):
I think that statement is probably true, which begs the
question why cannot the Republican Party produce a winning candidate
in this state under the point where I would literally
take a carpetbagger. I don't care where you come from.

(04:36):
Come to Colorado. If you personify the kind of conservative
leadership that this state needs to stop our being flushed
down the drain of progressing Marxist Democrat politics pushed by
the people like Jared Polis and all the yahoos in
the Colorado pulp Bureau, then please move to Colorado, please,

(05:01):
because the Colorado Republican Party seems incapable of producing someone
who is rational enough to appeal to. Remember, in this state,
one third Democrats, one third unaffiliated, one third Republicans. So
if you're going to win in Colorado, you must be
able to attract some unaffiliated voters in order to get

(05:25):
a at least a plurality to win. And we just
keep nominating people that just don't have any I can,
based on my experience in both running, managing, and involving
in campaigns all the way from you know, state representatives
all the way to the freaking President of the United

(05:46):
States of America, I can look at a candidate and
almost within thirty minutes tell you not whether or not
that person has a chance of winning and everybody we
keep nominating is just like you don't have a chance
in Hill. And I say that with people that that
I like. I have had people who want to run
for office come to me and when I spell out

(06:09):
everything that they need to do to win, and sometimes
that they may have to, you know, prevaricate a little
bit on certain issues because you're not really quite sure
how you feel about a particular issue, because you need
to get an unaffiliated voter that that turns them off.
Or when I talk about you're going to have to
spend a thirty your time, if not fifty percent of

(06:31):
your time doing nothing but raising money. And then you're
going to have to make sure that you have the
kind of organization in place, because you can't run this
campaign by yourself. You have to have surrogates all over
in Colorado. You've got to have the ability to campaign
in Sterling one day and then tell your ride that

(06:53):
same day. Well, you can't do that driving your Volkswagen
van from Sterling to tell your ride that expect to
have two rallies in the same day. It's just physically
well it's not physically impossible, but you're not going to
get anybody.

Speaker 2 (07:09):
Why can't we do it? What what's wrong with us?
Are we are?

Speaker 1 (07:15):
We are we so fed up with the Marxism in
this state that we think the only way to win
is to be as radically to the right as they
are radically to the left. Well, that that's a formula
for disaster. I'm not talking about some wishy, washy, mealy
mouth candidate that you know doesn't have any particular conservative

(07:37):
stance on anything, but someone who can communicate and understand
that someone who is unaffiliated is someone who just cannot
or will not take a position. So you have to
win them over. You have to understand that you have
to You have to persuade them, and you can't persuade

(08:00):
them by well, you can't persuade them by being so
hard nosed right leaning that you can't see their point
of view. You've got to get them into the fold.
That's why I say, if it takes a carpet baker,
I'm ready for a carpet bagger. I'm I'm I'm ready

(08:22):
for anybody. Because when I think about how e ft
up Michael Bennett did the Denver public schools, and then
how efed up he has this.

Speaker 2 (08:36):
State, this state, and and and he was.

Speaker 1 (08:39):
You know, I called him the accidental Senator because his
appointment by by Bill Ritter was simply to save his
ass from the Denver Public Schools. And Governor Ritter, a Democrat,
needed somebody to fill in that position. So he plucks
Michael Bennett out from the superintendency in the Denver Public
Schools throws him into the United States Senate where he's

(09:00):
he's been an absolute worthless senator and now he has
a thirty And don't get me wrong, I think Phil
Wiser would be just as bad, if not worse. But
let me just say three words and see if you
don't either panic or vomit. Governor Michael Bennett, are you

(09:29):
through wretching?

Speaker 2 (09:31):
All right? Then find somebody. Find somebody.

Speaker 1 (09:35):
And I know you may think it's you, but I
benef I sat you down and went through all the
questions I would have and describe all the things you
need to do. I would scare you out of running,
which means you should not be running. If I can
scare you out of running, then you shouldn't be running.

(09:56):
And I promise you ninety nine point nine percent to
scare you out a running, you have to give up everything.
I mean everything. You know, all these little pictures they have.
You know Michael bennettout fly fishing, Well, he had to
go buy a one day license and he had to

(10:17):
go to Rii or to Cabela's or somewhere and buy
all the gear. Then he had to get the photographer.
He had to get assuming I don't whether it's on
private or public land, but wherever he took that stupid
photograph or film that commercial, he had to get permission
from somebody to go do that, unless it was public land,
and then he had to have somebody write all of that,

(10:38):
and then you know he might have a closing photo
of him and his family. Well, I can tell you
that during the campaign, you can forget your family. You
can forget your family. You have to live breathe that
campaign twenty four hours a day, seven days a week

(10:59):
if you want to win. And the thing is most
people don't really want to win. They just think that, oh,
I'm going to raise a little bit of money. I
got some friends that can give me a couple of
thousand dollars and I can go win. You're kidding yourself.
So if anywhere in the sound of my voice you
live in Iowa, you live in Texas, you live in Oklahoma,
you live in Wyoming, you live in don't I don't give

(11:21):
a rat to ask you live in Massachusetts.

Speaker 3 (11:23):
Uh?

Speaker 1 (11:24):
You know, Mitt Romney. Would you take a Mitt Romney
over a Michael Bennett. I'd take a Mitt Romney over
a Michael Bennett. And I despise Mitt Romney. I despise him.

Speaker 2 (11:35):
I had. I had to deal with him when he
was the governor of Massachusetts. He was worthless.

Speaker 1 (11:40):
I finally just gave him and realized, just to deal
with the chief of staff's chief of staff, she was
actually very good. If we can find somebody from Massachusetts
or New York, Chicago, I don't care, but a solid
conservative who understands how to bring independence. Oh, might be
thinking about a Donald Trump kind of individual. Yeah, who

(12:04):
can speak to working class, blue collar Democrats that are
disaffected by the Marxism and the Democrat Party. Yet is
conservative enough that for the right wing jobs like me,
I'm more than willing to.

Speaker 2 (12:19):
Vote for them.

Speaker 1 (12:22):
I just saw that yesterday in the Glenwood Springs paper,
and I thought I got to share that with you guys,
because oh, I know, I know the new chair is out,
you know, I get the emails from her all the
time about we're doing this and doing that and doing
everything else, and I just want to laugh, because, you
know what, the party apparatus is only good for raising

(12:48):
money to support candidates. In terms of recruiting candidates, they've
been in utter failure for as long as I've been
in Colorado, and that's three decades or so. So anyway,
I want to go to economics, which is not totally disrelate,

(13:08):
unrelated to what I was just talking about. Uh Trump yesterday,
Let's first listen to Trump talking about Jerome Powell, the
Chairman of the Federal Reserve, who.

Speaker 2 (13:21):
Said that you know, I'm data based.

Speaker 1 (13:24):
I make our the Federal Reserve makes their decisions based
on the data. Well, when you look at the data,
inflation is kind of killed off for the time being.

Speaker 2 (13:36):
We have.

Speaker 1 (13:38):
Highest growth in blue collar wages in sixty years. The
unemployment rate is good. Prices are coming down slowly, but
surely they're coming down, and not as fast as I'd
like for them too, And they may not come down
as much as I would like for them too, but
prices are down somewhat. Well, if it's all, if if
your decision out the FED rate is all based on data.

(14:04):
Then why are you saying, well, we might consider a
rate decrease in our fall meeting in September. Well, why
not do it now? Why not do it now? That
led Trump?

Speaker 4 (14:18):
I go him too late, pale, because he's always too late.

Speaker 2 (14:21):
I mean, if you.

Speaker 4 (14:22):
Look at him, every time I did this, I was
right one hundred percent, he was wrong. Maybe I should
go to the FED. Am I allowed to point myself.
He's not a smart person. I think he hates me.
But that's okay.

Speaker 2 (14:32):
You know he should. He should.

Speaker 4 (14:34):
I call him every name of the book trying to
get him to do something.

Speaker 2 (14:36):
I'm nasty, I'm nice. Nothing works.

Speaker 4 (14:39):
He's like just a.

Speaker 1 (14:41):
Stupid person, just a stupid person.

Speaker 2 (14:46):
I love it.

Speaker 1 (14:47):
Call him the chairman of the Federal Reserve a stupid person.
Let's go to Fox News.

Speaker 3 (14:53):
A lot to chew through.

Speaker 2 (14:54):
I want to bring it right off the back here.
QY Research, the.

Speaker 3 (14:57):
CEO and chief strategist Daniel de Martine both so what
I mean there was a lot there to digest.

Speaker 2 (15:03):
I'm taking notes. You don't have the benefit, but I
jumped out at you.

Speaker 5 (15:06):
The FED is saying that we're heading straight into stagflation.
That's what they're saying. Growth is going to slow on,
employment's going to rise, Inflation is going to be much
hotter than it is right now. Where they're getting these ideas,
I absolutely have no idea, Charles. It says if they
didn't look at the housing data that came out this
morning and yesterday.

Speaker 2 (15:22):
Yeah, there's a lot of data. I don't think they
looked at.

Speaker 3 (15:25):
It felt like not long ago, four point four was
the unemployment trigger, Like that would have been the number
that would have gotten Jay Palin side. And now they're
projecting four and a half percent.

Speaker 5 (15:33):
They're moving the goal posts.

Speaker 2 (15:34):
They're moving a goal.

Speaker 3 (15:35):
Posts, and they seem to be somewhat comfortable with it.
Is it because it's offset by inflation?

Speaker 5 (15:40):
If that gives them comfort, Charles, we're in trouble. I mean,
possibly that they can make that their justification. But in
this environment, with initial jobless claims pushing up to the
highest in the post pandemic era, as well as continuing
jobless claims, they're clearly not making monetary policy for anything else.
Been trying to hurt the current administration.

Speaker 3 (16:02):
And of course, you know, and I hate to say
to pick up on that, but it's hard to push
back on it.

Speaker 2 (16:06):
So last September last year.

Speaker 3 (16:08):
Fifteen basis points, a lot of people were saying that
was to help Joe Biden win the eluntion.

Speaker 2 (16:12):
I resisted that, right.

Speaker 3 (16:13):
I thought there were reasons for them to cut it,
but it was a big cut, fifty bases. And then
even though CPI went up, and you know, they still
cut again. And now we've got conditions where unemployment is
going to be higher than when they saw if they
saw a set emergency at four point two percent, but
don't think it's going to be one now.

Speaker 2 (16:29):
It's just it's tough.

Speaker 3 (16:30):
And I want to bring up some other charts here
because you kind of talked about what we saw just
this week some of the economic data.

Speaker 2 (16:35):
So it stood out for me. It's expectations two ways.

Speaker 3 (16:38):
Michigan's Sentiment number index of consumer expectations up twenty two
percent month over month, so people are feeling better about
the next six months. There on the other side of that,
this morning, you know the Empire Fed numbers, right.

Speaker 2 (16:50):
Same thing came in.

Speaker 3 (16:52):
Empire Fed itself fell off the cliff. But if you
look at new orders, if you look at employment up,
prices down, fractionally, but they were going into in the
right direction. It just feels like, can they hide behind stagflation?
Can they How long can they hide behind the fear
of stagflation?

Speaker 5 (17:07):
I don't think they can. Look housing is thirty six
percent of the CPI. It's coming House prices are coming down,
Apartment rents are coming down. This will feed through, and
it has been feeding through into a disinflationary impulse in
the CPI that the Fed is absolutely clearly ignoring. And
you're looking at the manufacturing side of the state of

(17:28):
New York. New York is the biggest services economy in
the country, is the bell weather for the majority of
the US economy, and we're seeing serious weakening on the
services side of the New York state economy.

Speaker 2 (17:39):
We'll bring up but we're gonna skip a tarto for this.

Speaker 3 (17:41):
Bring up the housing starts and permits, because that's out
this morning, that's fresh data.

Speaker 2 (17:45):
You alluded to this, you know, this is the primary focus.

Speaker 3 (17:48):
So again, it's not just that the private the starts
down big, but they've been down a lot recently.

Speaker 2 (17:54):
Permits down.

Speaker 3 (17:57):
I don't how important is how market for the Federal Reserve.

Speaker 1 (18:02):
How important is the housing market for the Federal Reserve.
Let's listen to De Martino's answer, De Martino Booth's answer
on the other side, and then let's think for a
moment about the FED and interest rates. Michael Bennett, Governor

(18:22):
Michael Bennett, I just wanted to say that occasionally to
kind of reminds you the seriousness of the upcoming election.
Back to Fox Business for a moment.

Speaker 5 (18:33):
A disinflationary impulse in the CPI that the Fed is
absolutely clearly ignoring. And you're looking at the manufacturing side
of the state of New York. New York is the
biggest services economy in the country. It is the bell
weather for the majority of the US economy, and we're
seeing serious weakening on the services side of the New
York state economy right now.

Speaker 1 (18:53):
Before we finished this sound bite. What's the argument. The
argument is really interest rates. You're weakening in the services industry. Yes,
some wages are up, but in the housing market, prices
are beginning to drop a little bit on apartments and

(19:14):
condos and single family homes.

Speaker 2 (19:17):
Drop the interest rate. Yeah, but we're gonna skip a
chart here.

Speaker 3 (19:21):
This wring up to housing starts and permits, because that's
out this morning as fresh data.

Speaker 2 (19:25):
You alluded to this, you know this is the primary focus.

Speaker 3 (19:28):
So again, it's not just that the private the starts
down big, but they've been down a lot recently.

Speaker 2 (19:34):
Permits down.

Speaker 3 (19:36):
Uh, I don't how important is the housing market for
the Federal Reserve.

Speaker 5 (19:41):
Housing leads the economy into and out of recession and
expansion period. It is what drives the economy. There's so
many people employed in this sector as well, and we're
seeing backlogs of housing starts also come down three months
in a row. That means that demand is not out
over the horizon. We've heard the news from Leonard thirteen

(20:01):
point three percent that they spent on average in the
streets and quarterine incentives. Home prices are coming down. This
is going to translate into fewer construction workers.

Speaker 3 (20:10):
You've already mentioned that President Trump's not going to be
happy with what he heard later on in the show
and asking who might be the next.

Speaker 2 (20:15):
Proc Oh, I've got some answers for you who whom.
I'm not really concerned about who might be the next
FED chairman.

Speaker 1 (20:22):
I'm more concerned about the fact that we have a
FED chairman, which leads me into what I the plan
I want to make. I want you to think about
a world where the price of everything you buy, everything, groceries, clothes,
your car, the price of everything you buy is not

(20:43):
set by the market, but instead is set by a
small group of unelected officials sitting in a boardroom along
Constitution Avenue in Washington, d C. They've set all the prices,
says like the communist country, doesn't it yet?

Speaker 2 (20:59):
Central plan yet?

Speaker 1 (21:01):
That is exactly how we handle one of the most
critical prices that exists in our economy, the interest rates
that we pay. I want to try to convince you
that that system is flawed and we ought to trust
instead the free market to set the price of money.
That's what interest is the price of money, because we

(21:25):
trust the market for everything else. Interest rates are the
price of borrowing money. For example, when you take out
a loan to buy a house, a loan to buy
a car, a loan to buy a business, that interest
rate is going to primarily determine how much you pay

(21:48):
to borrow that sum of money. Now, in a free market,
that price would be set by supplying demand. If lots
of people want to borrow, been ready to go up
if more people save, rates go down because of the
amount of money available. It's the same logic that decides

(22:09):
the cost of the sneakers I'm wearing right now. But
in our economy, interest rates aren't set by you, me,
or the millions of people out there and the millions
of companies and individuals that are borrowers and savers. Instead,
they're set by the economists at the Federal Reserve. And

(22:32):
what's wrong with that because people will argue that, well,
the FED is just trying to keep the economy stable.
But here's the problem with that thinking. When the Fed
controls interest rates, they're driving a car blindfold.

Speaker 2 (22:46):
They're guessing.

Speaker 1 (22:48):
They're absolutely guessing what the economy needs based on they
say data. I say models, not the real world knowledge
of millions of people that make decisions every single day.

Speaker 2 (23:05):
On models.

Speaker 1 (23:07):
Guesses based on models, and those guesses have consequences.

Speaker 2 (23:12):
But go back to how the market actually works.

Speaker 1 (23:16):
Millions built well worldwide globally, billions of people making individual
decisions every single day. Am I going to buy this
or not buy that? Am I gonna borrow some money
or not borrow some money? Am I going to sell
this or not sell this? Am I going to go
into business, not go into business. Am I going to
spend some money on marketing and advertising? Am I going

(23:38):
to spend some money on legal fees? Am I going
to spend some money on some capital improvements? Or do
I need to do some maintenance? All these all of
these decisions drive prices and interest rates. As I said,
is simply the price of money. So think about That's
how the market works, except when it comes to the

(24:00):
price of money. Now, when the faith keeps rates too low,
borrowing becomes cheap. And that sounds great, But what does
that lead to. That's an artificial price on the price
of money, which means you'll end up with bubbles in housing,
you'll end up with like the stock market, just skyrocketing

(24:22):
a stock market bubble. It even leads to the creation
not that I'm saying this is bad, but it leads
to the idea that I want something that is kind
of more within my control and is kind of private
and just among me.

Speaker 2 (24:37):
And other.

Speaker 1 (24:40):
Cryptocurrencies. You know, people borrow more than they can afford.
Businesses take risks, they shouldn't. People that save they're getting
nothing for their hard earned money. You look at I'm
on the hunt right now for I'm setting up a

(25:00):
sinking fund for a particular purpose. It's well, it's none
of your business, but I'm going to open an account.
I'm looking for the best rate that I can find
for no and am I looking for stocks. I'm not
looking for equities or anything else. And I don't want
a CD. I'm looking for a simple checking account that

(25:23):
maybe is a savings account attached to it, but has
the best possible rate. I've got one that I'm thinking
about that is offered by a large trading company at
over four percent. Well, if I just wanted to save

(25:47):
the money, or you get interest on your checking account
or your savings account, you're getting a dominious, dominimous amount
of money. So savers are not getting anything for their
hard earned money. And yet when rach are too high,
that's going to choke off growth because that makes it
harder for families to buy a home or for a

(26:07):
business to expand. And they're not just numbers. They affect
your mortgage, your job, your very future. Frederick Kyk the
Great Economists, once said that prices act as signals, and
interest rates the most important signal in our economy because
they tell businesses where to invest they tell entrepreneurs where

(26:30):
to innovate, and they tell families what they can afford
or not afford. And when the FED manipulates those signals,
it's like static on the radio. The message gets garbled.
You don't hear everything that I say. And then when
you don't hear everything I say, you might misjudge what
I said.

Speaker 2 (26:50):
And in the and in.

Speaker 1 (26:51):
The commerce world, in the economy, businesses, individuals misjudge risks,
families overextend, put too much my oor a credit card,
and then when the bubble burst, everybody pays the price.
So why do we let it happen? Why do we
allow a group of central planners to control something so
vital as the price of money. We don't let bureaucrats

(27:14):
set the price of gas. They don't set the price
of bread, because we know that the markets do it better,
that invisible hand does it better than anybody else. And
I know that markets aren't perfect, but they're built on
real choices of millions of people, not the guesses of
a few sitting at the Federal Reserve inside the Beltway.

(27:34):
If we trust markets to price oil, that results in
the price of gas, or steel or all the smartphones
that we buy. Why don't we try Why don't we
trust the market to price money?

Speaker 2 (27:54):
Now?

Speaker 1 (27:54):
People will say, well, but the Fed is doing what
they think is right. But just having the power doesn't
give you wisdom. I don't care how smart the economists are.
They can't possibly know what the economy needs better than
the collective decisions of borrowers, savers, and businesses. Thomas soul

(28:14):
He's pointed out that when we replace the market's discipline
but central planning, results are rarely good. I would actually
say that it's never good. It's never good, even if
the outcome might be good, It's never good because you've
given up your power. Do you realize how much power
you have as a consumer, every a spender or a saver,

(28:40):
every single day, every decision you make about whether to
buy or not buy something. Or you're a business owner,
Am I going to hire some new people, not hire
some new people? Am I going to buy that piece
of equipment? Not buy that piece of equipment? You have
incredible power over the entire economy, and everybody acting independently,
it all comes together in w That's what free markets do.

(29:04):
So what should we be doing? What should we be
doing instead of what we're doing right now. Think about this.
A free market for interest rates save the state or
at least get us back in the right path.

Speaker 2 (29:24):
So let's think about this.

Speaker 1 (29:26):
What about a free market for interest rates where we
let the savers and the borrowers decide the price the
money through their actions. If borrowing demand spikes upward, then
rates will increase naturally, and if savings grow, then rates
are going to fall. Think about that. We all we
we I don't we need all need to save more

(29:49):
that we bring rates down. You wouldn't have these stupid
press conferences, no cryptic you know, let's read the let's
dissect all the meetings, minutes of the Federal Reserve, no
guess in games. As as Frederick Heike said, prices are signals, Well,
we would have honest signals that would guide the economy.

(30:14):
And this is about actually making our system stronger, because
a market driven economy is what makes this country thrive.
It's why we innovate, why we grow, why we leave.
But every time we let the Fed override the market,
we chip away at that strength and we replace the
wisdom of millions with the guesses of a model created

(30:35):
by a few people. You think about the change that
would make do Why do we allow an unelected group
of people decide what the price of money is? Go
back to my very first contention. Imagine a group of

(30:58):
people that decide the price you're gonna buy. Maybe you're
gonna fill your car up today, we have Why don't
we have the Gas Price Commission, the gas price board.
Maybe you're gonna buy some groceries today. We ought to
have the Federal Grocery Board determining prices of everything in
the grocery store. You're gonna go car shopping today, Uh, okay,

(31:21):
you're going to have to find out, uh, what's the price? Well,
the price is at by the the Auto Board. So
the Federal Auto Board tells you what the cost of
that new BMW is. Everything centrally planned. That's one step
toward a centralized planned economy. That's one more notch on
the march on the march toward Marxism that this country

(31:44):
has taken. And it's been existing for a long time,
and we just tend to accept it until I hear
Donald Trump called your own pal stupid because Trump thinks
that interest rates how to come down? Well, we go
does whether Trump thinks interest rates ought to come down
or go up. Irrelevant the people who are buying and selling,

(32:09):
the people who are borrowing and saving, the people who
create the prices in this country ought to determine. We
determine the price of everything else. Why don't we determine
the price of money. I know it's probably too libertarian
for some people. Oh my gosh, we can't do that. Scary, scary.

(32:29):
You know why it's scary because we've been trained over decades, decades,
ever since the creation of the Federal Reserve, that we
need them to determine what interest rate. Because again, every
time you hear interest rate, think in terms of that language.
Think instead, oh, the price of money? Well, who determines

(32:52):
the price of everything else?

Speaker 2 (32:55):
We do