May 24, 2024 • 31 mins
Congressman Chip Roy is on the "Best of Sean Hannity Show" to talk about the important issues of the day and why it's so important that Congress does its job!
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Speaker 1 (00:00):
Be aware.
Speaker 2 (00:00):
I'm coming to your stock.
Speaker 3 (00:09):
From coast to coast, from border to border, from c
to Shining Sea. Sean Kennedy is on.
Speaker 2 (00:23):
All right, Thanks scat chat an hour two Sean Hannity Show.
Toll free. Our number is eight hundred and nine to
four one, Shawn, if you want to be a part
of the program. Uh. An effort started yesterday by conservative
House Republicans, along with the Speaker of the House Mike Johnson,
legislation that is aimed at blocking non citizens from voting
(00:45):
in US elections. I may surprise you that it didn't
become law, got stopped in the courts. But in New
York City, for example, they wanted to allow illegal immigrants
to vote local elections. In DC, we just had recently
the city Council there voting to allow illegal immigrants to
vote in local elections. But anyway, they held the big
(01:08):
press conference yesterday with the leaders in the House and
the Senate. It's being spearheaded by Congressman Ship Roy in
the House and Senator Mike Lee in the Senate. And
the bill obviously comes amid this flood of what are
illegal immigrants, over ten million unvetted. Joe Biden illegals. I'll
keep repeating tens and tens of thousands from our top
(01:30):
geopolitical foes, and that would be China and Russia, that
would be Egypt and Afghanistan and Yemen, that would be Iran,
that would be Syria, And they're all flooding into the country,
which means that, unfortunately for all of us, that it's
not a matter of if, it's a matter of when
this country's going to be attacked again. I have no
(01:52):
doubt in my mind, and I pray to God that
I'm wrong, but I know I'm not. Now the issue
comes down to, Okay, well, Democrats they don't want voter
ID why not. They don't want signature verification. But this
bill obviously now has become important and necessary amid this
flood of Joe Biden unvetted legal immigrants in the country
(02:13):
and Democrats fighting hard to allow illegal immigrants. I mean,
think about this. It makes no sense, does it. Why
would they be allowed to vote in any election? And
by the way, it's not just New York and DC.
Other parts of the country have been dealing with this
as well. Anyway, Congressman Ship Roy of Texas is back
with us congressmen. Great to have you, Thank you for
being with us. I can't even believe we're at a
(02:35):
point in this country where this has to be even
considered as law. I can't believe we're at a point
in this country where you need an ID, for example,
to go visit If I wanted to go visit you
in Congress, I'd need a picture ID to be able
to get in the capital. The last time I voted
before I exited New York and became a full time
(02:56):
resident of Florida this year. You know, sure enough, I've
walked in him. Mister Hannity, how are you? And I
start to pull out my wallet. Oh you don't need
an ID. I'm like, huh, figures right. Anyway, Chip Roy,
welcome back to the program. Tell us the status of
all this and what you're planning to do here?
Speaker 4 (03:15):
Sean great to be on and yeah, you just laid
it out perfectly well as usual. And yesterday I just
wanted to say, was I think a really good day
for what I think ought to be a strong six
month run of Republicans demonstrating how radical and extreme the
radical progressive Democrat agenda really is. We had two things
yesterday one a press conference that you just described where
(03:36):
we put forward with Speaker Mike Johnson standing there with me,
Senator Mike Lee, who's doing the Senate version of the
bill you just described, which we call the Save Act,
which is designed to say that it will be federal
law to require proof of documentary proof of citizenship when
you register to vote in federal elections, and that we
(03:56):
want to make sure that only citizens are therefore able
to vote, and that states are able to enforce that law,
which currently they're not able to. There is a federal
law now that says that only citizens vote, but in
the motor voter laws, it prohibits the states from doing
the things necessary to check that citizenship, which is crazy.
(04:19):
We've had good bills to say that will allow states
to do it. This bill goes further because of the
times where we stand today to just say, look, it
is our duty in Congress to require that if you're
voting in the federal election, you're going to have to
show proof of citizenship.
Speaker 5 (04:33):
That's it.
Speaker 4 (04:34):
Guess what that is an eighty seven percent issue. If
you pull it like eighty percent of Democrats support that, Sean,
it's off the charts. So we put that out there.
I hope we can move that through the House. We're
going to try to do that in the next couple
of weeks, speak our jobs to demonstrating great leadership on
that point, and then hopefully we'll send it to the
Senate and see what they do. I mean, look, my
(04:55):
guess is they'll oppose it and not bring it up.
But you know what, good luck expl that. The second
thing that we did yesterday was we passed a bill
on the floor of the House to require that we
check citizenship status in the census, and then only US
citizens when we do ap portionment of our members of Congress.
(05:17):
Literally on a party line vote, two hundred and two
Democrats unanimously opposed, two.
Speaker 2 (05:22):
Hundred and two to two hundred and six. You can't
get one Democrat, not one that supports us, not one.
Speaker 4 (05:28):
It's shocking, but very revealing of the current state of
the radical progressive Democrats that has been frankly undermining every
bit of what we've been trying to do for the
last two years. I have been and we don't need
to get into this in detail. Obviously at times a
critic of Republicans not pushing harder at times, but I
want all the listeners, all the conservatives out there, to
understand we have helped the ball on our side of
(05:50):
the field, meaning we've had flat spending on non defense.
We increased defense spending by cutting the IRS. We ended
any discussion of amnesty. We moved at good borders causey Bill.
We now have passed these this legislations to try to
fix what's going on with our apportionment of our members
of Congress and by the way, the Electoral College for presidents.
And these radical progressive Democrats want none of it. They
(06:12):
blocked us at every turn. They stopped HR. Two, They
fought us on spending, they're fighting us on this common sense,
uh you know, proposal to make sure that our voting
rules are protected and to make sure that our apportionment
is for citizens only. This is the state of the
modern Democratic Party.
Speaker 2 (06:28):
Show. So explain to me why anybody would be against us,
Because if you're not for election integrity laws as simple,
as basic and as fundamental as you are describing here,
there's got to be a reason for it. And I
would imagine that we're beginning to see that that reason
reveal itself. When you see radical Democrats in New York
(06:51):
City and d C and other other leftists havens around
the country as they unite together to allow illegal immigrants
to vote in local elections, because, as you rightly point out,
there is federal law that prevents them from voting from
in federal elections. But you know, you're taking this a
step further. You're saying, if you want to register to vote,
(07:12):
you've got to show that you're an American citizen. Why
is that so onerous? Why is that considered unfair? What
is their argument against that? Because why do I need
to show I'm you know, I'm not exactly eighteen years
old anymore, and I don't look like I'm eighteen years old,
and yet I have to show an idea if I'm
going to buy a jewel pod, or if I'm going
(07:33):
to buy a six pack of Corps light or whatever
else I might be drinking on any given day.
Speaker 4 (07:39):
Yeah, Sean, look, I think what we're seeing is, remember,
if you go back in time, we had differences with
our Democratic colleagues, but you had Democrats like Barbara George Right,
a known civil rights champion and someone that broke ceilings
from Texas. Barbara Jordan's charity a Commission on Illegal immgrat
(08:00):
under President Clinton, in which she made very clear the
need for strong border security and to end the flow
of the legal immigration because it was bad for immigrants,
bad for America. We've had such a move away from
common sense by our Democratic colleagues. Democrats voted for the
law they currently exist. It says only citizens can vote.
(08:21):
But I bet if you held that vote today on
just that question, they would have problems getting any Democrats
to support it. We'll see, because obviously the overwhelming majority
of Americans support it. But they're so out of touch
because they don't believe in sovereignty, they don't believe in
American exceptionalism. They don't believe, frankly, that we should even
have a border at all. They don't believe we should
(08:45):
have fences and restrictions and ability to come into the
United States. And again I remind people out there who
I know. I've got a lot of my you know, faith,
people of faith who.
Speaker 5 (08:54):
Are like Chip.
Speaker 4 (08:54):
But you know, we got to make sure and everybody's
all and they're welcome. And we're a nation of immigrants,
I know. But guess what, fifty one and a half
million people in the United States today are foreign born.
We allow in about a million a year legally. This
trope that we're anti immigrant that don't allow immigrants come.
Speaker 5 (09:11):
In is faith. It's not true. It's fake news.
Speaker 4 (09:14):
The fact is we're a nationtive immigrants, but we're at
a point now where we're exploding the numbers of the
legal immigration. Known people who want to do us harm.
And now on this issue Democrats who want people to
come here and vote regardless of their citizenship, as you
pointed out in DC San Francisco Liberal Haven's that's what
they want. They're already doing it in state and local elections.
(09:36):
They want to do it in federal elections. And that's
why we have to act. We have a duty in
a republic. Texas has to protect our vote against the
radicals in San Francisco, and same Florida. You have to
protect against the radicals in your former state of New York.
Speaker 2 (09:51):
All right, quick break right back more with Congressman ship
Royer Texas and then your calls on the other side
of eight one hundred and nine to four one Sean
if you want to be a part of the program.
We continue now with Congressman ship roy Great State of Texas,
you know, as I listened to you, what I like
about this issue, and I've talked a lot about ninety
(10:12):
ten or in this case, eighty seven thirteen issue, eighty
twenty issues, seventy five, twenty five issues. In other words,
on all of these important issues of the day. I
think it should be the business of the House to
put all of these issues before every Democrat and Republican
for that matter, because with all due respect, Congressman, you
(10:35):
have some weak rhino Republicans that I'm really fed up
and disgusted with among your coalition. I really am. You
were there the night it was after Mike Johnson mccame speaker.
I brought everybody together and I said, you're gonna succeed
together or you're going to fail together. And I wasn't
wrong in my prediction, but I would like to take
every major issue from immigration, voting integrity issues as you're
(10:58):
bringing up here. I want to talk about late term abortion,
taxpayer funded abortion. I want to talk about the economy
and balanced budgets. I want to talk about defund dismantle
no bail laws, et cetera, and put in support of
Israel's right to win the war against terrorism. That they're
now engaged in that Joe Biden has abandoned them on
(11:21):
and I'd like to get the Democrats on record before
the election on November fifth, which is really before November fifth,
because early voting, voting by mail begins, you know, god
knows how early this year. And we have all that
on Hannaday dot com. But I think there should be
a vote on every major issue so that the voters
(11:43):
are very aware, you know, where every every single candidate
stands on every single issue, Republican and Democrat.
Speaker 4 (11:50):
Well, Sean, I could not agree more. This is why
I said, I think yesterday was a great day for
the next six months where we align and we do
what we need to do to strated the American people.
Where there is a clear line of distinction between our
Democratic colleagues and ourselves. Again, they are radical progressive Democrats
who want wide open borders, who don't mind underminding the
(12:11):
rule of law, who are fine putting criminals on the streets,
who undermine the police at every turn, who spend money
at every turn, who want to increase your taxes, who
want all to good on the list, all of the
woke stuff, undermining the military, all the vans. They are
radically opposed to your way of life if you're a
hard working American. They're forgiving student loans. They're fueling all
of this nonsense and the hatred and anti semitism on
(12:32):
our campus.
Speaker 2 (12:32):
By the way, didn't we have a Supreme Court ruling
on the issue of student loans? I mean, don't we
have laws that Joe Biden is not enforcing on the border.
How is he getting away with all of that? Well,
and parties getting away with it because you have weak
Republicans that won't stand on principle on a lot of
these issues, haven't supported people like Jim Jordan and James
(12:53):
Comer and their investigations and the work that they've been doing. Obviously,
you know, I think it's cleared the quid pro quote
with Joe and Brie. Well, why would a vice president
go against the administration policy leverage a billion taxpayer dollars
to get a prosecutor in Ukraine fired unless you find
out that his drug addict son, who has no experience
(13:17):
in oil energy gas coal of Ukraine, is getting paid
millions by a big oil conglomerate in Ukraine. I mean,
all of this stuff should be no brainers for Republicans.
But you know what, you have a coalition there of
left wing Republicans that are no help.
Speaker 4 (13:32):
No, that's exactly right, and that's an important point without
going too far backwards, because we need to look forwards
and beating Democrats. But this is where it's some degree vote.
Kevin McCarthy and Mike Johnson's hands are certainly, if not tied,
they were undermined by certain members of the conference who
just vote the wrong way. Let me give you an example.
We forced all those votes last year on appropriation bills.
(13:53):
We were changing the House in a good way. One
of the votes we had in September was when we've
had a vote on defunding UNRUH entirely now we had
worked into the base that a language I put forward
to undo a lot of unresdamaged. But we had a
full defund vote three weeks before, less than three weeks
before to ten to seven the October seventh attacks on
our friends in Israel. Eight Republicans voted against that. There
(14:16):
are numerous examples I could give me sean where we're
trying to fight to actually wrestle control of the party
back away from the Unit Party and some weak Republicans.
The bottom line is they answer your question. Until Republicans
figure out that you have to unite to use the
power of the purse to force change from an executive
branch that's not following your rules or following what you
(14:37):
put forward to following the law, then you're never going
to change it. Anthony and Scalia gave a great speech
on this, and I'm happy to send it to you
where he made this whole point. When people are complaining
about the Court not fixing some things, he ses, Look,
we can fix certain things when it's a violation of law,
but Congress has to flex its muscle to stop an
executive branches out of control.
Speaker 5 (14:57):
So here we are.
Speaker 4 (14:59):
We're putting four now great legislation on making sure only
citizens can vote. We're going to keep pushing that issue.
We're going to keep pushing border security. We have the
spending fight here in for the fiscal twenty five. We
probably need to kick a cr into next year so
we can focus on getting President Trump elected and then
fix all of this. Then, well that's where the clock is.
Speaker 5 (15:19):
Now.
Speaker 2 (15:20):
You got one hundred and seventy nine days. Congressmen, work hard.
We need you. We appreciate your time, said Congressman Ship Roy, Texas.
Thank you, sir. Eight hundred and nine to four one,
Shawn is a number. If you want to be a
part of the program, you are listening to the best
of the Sean Hannity shows.
Speaker 1 (15:38):
Sean Hannity always concerned for our country, always honoring our
servicemen and service women, and standing up for liberty every day.
Speaker 2 (15:50):
I go back to this issue as Joe Biden. You know,
it's really frustrating to me. It's just outright lying. It's
sort of like him saying the border is secure, is closed. No,
it's Trump fault three years later, No, it's Biden. They
were bragging about everything they've done, and it's a disaster,
just like you know, defund dismantle, no bail laws are
(16:12):
a disaster, just like the economy has been a disaster,
just like foreign policy is a disaster. Anyway. You know,
he's so clueless and out of touch, you know, after
being told that grocery prices are up thirty percent, a
very rare sit down interview became a disaster for him
on fake news CNN. And by the way, even Aaron
(16:33):
Burnett didn't actually have the nicest things to say about
Joe Biden, which I thought was pretty interesting. But anyway,
this is Joey, your president, trying to put a positive
spin on the economy, and it just shows how clueless
and out of touch he is. And remember inflation in
(16:55):
the last two months, CPI numbers went up three point
two percent year over year and three point five percent
up year over year. Okay, what does that mean? Inflation
is not going down. That's three and a half percent
up from last year year over year. And you know
he inherited inflation rated of one point four percent. But anyway,
(17:16):
he's not living in the real world. Listen, you're aware
of many of these.
Speaker 6 (17:19):
Of course, the cost of buying a home in the
United States is double what it was when you look
at your monthly costs from before the pandemic. Real income
when you account for inflation, is actually down since you
took office, Economic growth last week far short of expectations.
Consumer confidence, maybe no surprise, is near a two year low.
(17:39):
With less than six months to go to election day.
Are you worried that you're running out of time to
turn that around.
Speaker 7 (17:46):
We've already turned it around. We have the strongest economy
in the world. We say it again in the world.
Speaker 6 (17:52):
Although GDP last week was far short of expectations.
Speaker 7 (17:55):
Always look, GDP is still grown looking the response to
the markets.
Speaker 2 (18:00):
But there's real pain.
Speaker 6 (18:01):
I mean, grocery prices are up thirty percent, more than
thirty percent since the beginning of the pandemic, and people
are spending more on food and groceries than they have
at any time really in the past thirty years. I mean,
that's a real day to day pain that people.
Speaker 7 (18:17):
It really is, and it's freeo. The fact is that
if you take a look at what them, then people
have they have the money to spend.
Speaker 2 (18:25):
And I played this earlier, but it's worth playing it again.
David Axerod keeps saying, oh, well, the economy improved. He
doesn't even believe that. But he's saying that he's out
of touch with the American people, and this pride of
his may cost Biden the election. That part interests me.
Speaker 8 (18:42):
Listen, that's not the way people are experiencing the economy.
They're experiencing it through the lens of the cost of living.
And he is a man who's built his career on empathy.
Where is why not lead with the empathy? And I
think he's making a terrible miss. You know, it may
not be if he doesn't win this race. It may
(19:03):
not be Donald Trump that beats him. It may be
his own pride.
Speaker 2 (19:07):
And John King pointing out that Biden better be careful
with all those positive economic talk. They have tried this
Biden Bidenomics game forever. Let me, let's push Bidenomics. Let's
push We're not going to talk about Bidenomics anymore. No,
let's go back to Bidenomics anyway. Here's even John King
trying to warn him.
Speaker 9 (19:25):
I can tell you from my travels eight months now
nited states now he has to be careful with that.
Speaker 2 (19:31):
And this says he's right, and when he cites the statistics,
he is right.
Speaker 9 (19:34):
When he says, to the Michigan Consumer Confidence survey, sixty
five percent say they're doing better off, guess what the
thirty five percent who don't.
Speaker 2 (19:39):
A lot of those are his voters. They should be
his voters.
Speaker 9 (19:42):
When you travel the cost of living we're in Michigan,
we met with those younger voters. We also are starting
to put together a group of autoworkers. Their union has
endorsed Biden. Most of them are going to vote for Biden.
But you ask them what life is like, and they
can't buy a bigger house because of mortgage rates. They
still when you talk about grocery prices, and so the
president has to be careful. That sounds like somebody in
(20:02):
Washington telling people you're wrong and whatever your party is,
photostope process.
Speaker 2 (20:07):
It that way. They don't like that, all right. Joining
us now in the real state of the economy, Vance
Jin is with us, former chief economists for the Office
of Management and Budget, currently founder and president of GIN
Economic Consulting, host of Let the People Prosper podcast. Our
friend EJ and Tony public finance economists at the Heritage Foundation.
(20:28):
Welcome both of you. You know, you would think EJ,
with all the bad news and inflationary pressures coming back
in dramatic ways, and all those expected rate reductions that
are not going to happen or materialize, and the soft
landing that's not materializing, you would think that Joe would
have gotten the message by now. But apparently, I guess
(20:49):
the people around them are too gutless to tell them
the truth about the economy well sewn.
Speaker 5 (20:54):
Either that or they've told him time and time again,
and the old man just can't remember. I mean, honestly,
I don't know what is worth what is worse? Is
the president just senile and doesn't remember the facts, or
is he just a complete and total liar. I mean,
you outlined it very well already, Sean, where inflation actually
was one point four percent. It didn't get up to
(21:15):
nine percent until a year and a half into his presidency.
And by the way, President Trump handed Biden in economy
growing at a one point five trillion dollar annualized rate.
By the time Biden managed to achieve that nine percent
annual inflation rate, he had turned that into two consecutive
negative quarters of economic growth, in other words, of recession.
Speaker 2 (21:38):
Yeah, hey, Vance, let me ask you, what's your take
on all this happy talk? And do you agree with
even Axelrod and John King that you know he better
be careful. This is the American people living a very
different reality. Sixty percent of Americans living paycheck to paycheck,
and then we learned about a week and a half
ago that about twenty six percent of Americans in the
(22:01):
last year have struggled to even put food on their table,
the worst of any of the G seven nations. I mean,
that ought to shock the spide and soul of anybody
that cares.
Speaker 5 (22:14):
Well it should.
Speaker 10 (22:15):
It's a pleasure to be with you, Sean, and I
think you all are exactly right. What you are talking
about here is that the president is just on a
different planet. He doesn't see exactly what's going on in
the economy. I know they've got to talk up the
economy as much as possible, given Bidenomics and everything else,
but the fact is that this is a dismal economy.
Whatever you have, real meaning inflation adjusted person power or
(22:36):
average weekly earnings are down about four percent since Biden
took office. People can't keep up with everything that's going
on around them, and it's just one thing after another.
They don't have enough in savings to pay for a
rainy day or get their tires fixed. And so while
they like to tout the jobs numbers that keep coming out,
and of course they keep being revised down lower, and
then they'll say, you know, the unemployer RaSE three point
(22:58):
nine percent. It's been below four percent for so many months.
But yeah, if you include the layor force participation rate
that is lower. Even compared to February of twenty twenty,
the unemployee would be higher than five percent culture to
six percent. So this is not a good economy. High inflation,
a stagnating economic growth. So it's a period of stagflation
that is going to continue because of the big government
(23:21):
spending policies out of DC and it's out a reserve
printing more money than what they know what to do with.
So this is a bad situation for Americans.
Speaker 2 (23:29):
I'm glad you said stagflation because I think I'm the
only one that's been saying we're in a period of
stagflation because we are. And I look, I'm not the
expert on the economy. Both of you are. This is
your business, however instinctively, and I understand you could never
time the markets. If you try to, you're being stupid.
I think wealth preservation for many people is way more
(23:53):
important than maybe a higher rate of return that they
might get investing in the stock market or what they
might have gotten in recent years. But I just in
my gut, I have a feeling that we are headed
for a massive correction and I think things are going
to get worse. The inversion scares me, Eja, and I
(24:15):
don't know when it's going to happen, but I'm pretty
certain it's gonna happen. Do you agree or disagree?
Speaker 5 (24:21):
Sean, I agree, and I think a lot of other
investors do too. And this is a big reason why
what you would normally see as typical flights to safety
things like gold, have been on an absolute pair this year.
A lot of people have lost confidence in this economy,
in the government, in the market, etc. And so they're
(24:42):
not as concerned as you were saying. They're not as
concerned with a return on investment. They're more so concerned
with just trying to preserve their wealth because you have
this dual threat today of low economic growth and also inflation.
As you said, this is the stag fl recipes that
was so detrimental to investors in the nineteen seventies, and
(25:05):
it's coming back to bite us today. You know, in
most of the nineteen seventy sean investors saw a huge
positive rate of return, at least nominally, but then once
you took out inflation, it was it was deeply, deeply negative.
Speaker 2 (25:19):
You know, Van's let me ask you this, because I
reduced my exposure to the market as much as I
possibly could without penalty. As you know, you can move
money out of the stock market or funds that you
might be a part of into treasuries which were you know,
one two year treasuries paying what a little over five
(25:41):
percent of the time. I'll take five percent in terms
of a return on my money, but knowing it's safe
over risking what I think could likely happen, maybe sooner
than later, which is a major correction in the stock market.
And I mean a major one.
Speaker 4 (25:57):
Yeah, I think you're right, Sean. And one thing you
want to look at is the ratios price earning ratios,
which are still well above historical norms, and so we are.
Speaker 10 (26:05):
Due for what I believe to be a major correction.
And we've been propped up here and there, and every
time that Jerome Pallett the FED talks, you see wild
variation volatility in the stock market. And this is what
happens whenever you have government is basically controlling the economy
through government spending, through taxes, through regulations, and through money printing.
(26:26):
This is a socialist economy that creates a situation of
less economic growth and higher inflation and people having so
much uncertainty about the economy, whether they're businesses, whether they're
going to continue to advance and be able to hire
workers or from your point about the amount of returns
they're going to get on their investments. And one thing
I would say also about the economy and the labor
(26:46):
market is while nonfarm employment has continued to increase over
the last year, the household employment is essentially flat. It's
been down for the last five months. So we're already
starting to see the slow down in economic activity getting
Americans hard across the economy.
Speaker 2 (27:03):
Yeah, and it's hurting a lot of people that I know.
All right, quick break right back more with Van Skin
on the other side as well as Ejntoni. We'll get
to your calls coming up as well. Eight one hundred
and ninety four one Sean, if you want to join us,
all right, we continue our economic gurus. Van Skin is
with us at as well as Hejntni. Here's the most
frightening thing. Let me play for you this guy Jared Bernstein,
(27:26):
who's the chairman of the Council of Economic Advisors. By
the way, he doesn't have any background educationally in the economy,
all right, just just put that out there. He's the
White House Council of Economic Advisor's chair and anyway, he
was interviewed for a new film called Finding the Money,
and it's a documentary, and he said, the US government
(27:49):
can't go bankrupt and because we print money. His ignorant level,
his ignorance level is so high. I'm shocked, EJ.
Speaker 6 (27:57):
Listen to this, Like you said, they print the dollars,
So why why does the government even borrow?
Speaker 2 (28:03):
Well?
Speaker 11 (28:06):
The uh so the I mean again, some of this
stuff gets some of the language that the some of
the language and concepts are just confusing. I mean, the
government definitely prints money, and it definitely lends that money.
Which is why the government definitely prints money. And then
it lends that money by by selling bonds.
Speaker 2 (28:28):
Is that what they do? They they.
Speaker 11 (28:32):
They yeah, they they they sell bonds. Yeah, they sell bonds, right,
since they sell bonds and people buy the bonds and
lend them the money.
Speaker 1 (28:41):
Yeah.
Speaker 2 (28:41):
So I don't I don't get it.
Speaker 11 (28:43):
I don't know what they're talking about, like, because it's like,
the government clearly prints money, it does it all the time,
and it clearly borrows. Otherwise we wouldn't be having this
debt and defest conversation. So I don't think there's anything
confusing there.
Speaker 2 (28:57):
How chilling is that.
Speaker 5 (29:00):
Sean that explains very very well why we are in
the economic shape we are today, because those are the
kinds of people at the helm in the White House, somebody,
as you said, who has no economics background. He's a
musician turned social worker, and somehow that landed him as
chair of the Council of Economic Advisors. I mean, this
(29:23):
is absolutely insane, but it helps explain how we have
gotten such disastrous policies in place to create stagnant economic growth,
run away inflation. I mean, it is absolutely appalling that
people like this can be allowed anywhere near the levers
of power.
Speaker 2 (29:40):
Yeah, unbelievable. We'll give you the last word here of
van so that we have to run.
Speaker 10 (29:44):
Yeah, no, it is unbelievable. I remember being in the
White House and talking with the share at the time,
with Kevin Hassett. He would never have answered it that
way in the Trump administration, and it was a totally
different type of economic policy, one of reducing taxes, reducing
right now relations, and allowing for people to have more
individual liberty and freedom. That's what's going to create more
(30:04):
opportunities to proper, not this MMT modern monetary theory nonsense
that Jared Bergenstein may or may not know about, but
plenty of Biden administration do. It's exactly what happens in places.
Speaker 2 (30:15):
Likens, The government definitely prints money, right, Is that right? Either?
It definitely prints money and definitely lends money right right, right, Wow,
that's pretty frightening. Anyway, I do know I trust you
guys a hell of a lot more when I trust
this guy anyway. Vance, thank you, EJ. Thank you. Appreciate
(30:38):
both of you. Eight hundred and nine to four one, Sean.
If you want to be a part of the program,
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(31:02):
defendfamily dot com. You are listening to the best of
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Show weekdays right here on this station and stay tuned
for more. Right after the latest news
Be aware.
Speaker 2 (00:00):
I'm coming to your stock.
Speaker 3 (00:09):
From coast to coast, from border to border, from c
to Shining Sea. Sean Kennedy is on.
Speaker 2 (00:23):
All right, Thanks scat chat an hour two Sean Hannity Show.
Toll free. Our number is eight hundred and nine to
four one, Shawn, if you want to be a part
of the program. Uh. An effort started yesterday by conservative
House Republicans, along with the Speaker of the House Mike Johnson,
legislation that is aimed at blocking non citizens from voting
(00:45):
in US elections. I may surprise you that it didn't
become law, got stopped in the courts. But in New
York City, for example, they wanted to allow illegal immigrants
to vote local elections. In DC, we just had recently
the city Council there voting to allow illegal immigrants to
vote in local elections. But anyway, they held the big
(01:08):
press conference yesterday with the leaders in the House and
the Senate. It's being spearheaded by Congressman Ship Roy in
the House and Senator Mike Lee in the Senate. And
the bill obviously comes amid this flood of what are
illegal immigrants, over ten million unvetted. Joe Biden illegals. I'll
keep repeating tens and tens of thousands from our top
(01:30):
geopolitical foes, and that would be China and Russia, that
would be Egypt and Afghanistan and Yemen, that would be Iran,
that would be Syria, And they're all flooding into the country,
which means that, unfortunately for all of us, that it's
not a matter of if, it's a matter of when
this country's going to be attacked again. I have no
(01:52):
doubt in my mind, and I pray to God that
I'm wrong, but I know I'm not. Now the issue
comes down to, Okay, well, Democrats they don't want voter
ID why not. They don't want signature verification. But this
bill obviously now has become important and necessary amid this
flood of Joe Biden unvetted legal immigrants in the country
(02:13):
and Democrats fighting hard to allow illegal immigrants. I mean,
think about this. It makes no sense, does it. Why
would they be allowed to vote in any election? And
by the way, it's not just New York and DC.
Other parts of the country have been dealing with this
as well. Anyway, Congressman Ship Roy of Texas is back
with us congressmen. Great to have you, Thank you for
being with us. I can't even believe we're at a
(02:35):
point in this country where this has to be even
considered as law. I can't believe we're at a point
in this country where you need an ID, for example,
to go visit If I wanted to go visit you
in Congress, I'd need a picture ID to be able
to get in the capital. The last time I voted
before I exited New York and became a full time
(02:56):
resident of Florida this year. You know, sure enough, I've
walked in him. Mister Hannity, how are you? And I
start to pull out my wallet. Oh you don't need
an ID. I'm like, huh, figures right. Anyway, Chip Roy,
welcome back to the program. Tell us the status of
all this and what you're planning to do here?
Speaker 4 (03:15):
Sean great to be on and yeah, you just laid
it out perfectly well as usual. And yesterday I just
wanted to say, was I think a really good day
for what I think ought to be a strong six
month run of Republicans demonstrating how radical and extreme the
radical progressive Democrat agenda really is. We had two things
yesterday one a press conference that you just described where
(03:36):
we put forward with Speaker Mike Johnson standing there with me,
Senator Mike Lee, who's doing the Senate version of the
bill you just described, which we call the Save Act,
which is designed to say that it will be federal
law to require proof of documentary proof of citizenship when
you register to vote in federal elections, and that we
(03:56):
want to make sure that only citizens are therefore able
to vote, and that states are able to enforce that law,
which currently they're not able to. There is a federal
law now that says that only citizens vote, but in
the motor voter laws, it prohibits the states from doing
the things necessary to check that citizenship, which is crazy.
(04:19):
We've had good bills to say that will allow states
to do it. This bill goes further because of the
times where we stand today to just say, look, it
is our duty in Congress to require that if you're
voting in the federal election, you're going to have to
show proof of citizenship.
Speaker 5 (04:33):
That's it.
Speaker 4 (04:34):
Guess what that is an eighty seven percent issue. If
you pull it like eighty percent of Democrats support that, Sean,
it's off the charts. So we put that out there.
I hope we can move that through the House. We're
going to try to do that in the next couple
of weeks, speak our jobs to demonstrating great leadership on
that point, and then hopefully we'll send it to the
Senate and see what they do. I mean, look, my
(04:55):
guess is they'll oppose it and not bring it up.
But you know what, good luck expl that. The second
thing that we did yesterday was we passed a bill
on the floor of the House to require that we
check citizenship status in the census, and then only US
citizens when we do ap portionment of our members of Congress.
(05:17):
Literally on a party line vote, two hundred and two
Democrats unanimously opposed, two.
Speaker 2 (05:22):
Hundred and two to two hundred and six. You can't
get one Democrat, not one that supports us, not one.
Speaker 4 (05:28):
It's shocking, but very revealing of the current state of
the radical progressive Democrats that has been frankly undermining every
bit of what we've been trying to do for the
last two years. I have been and we don't need
to get into this in detail. Obviously at times a
critic of Republicans not pushing harder at times, but I
want all the listeners, all the conservatives out there, to
understand we have helped the ball on our side of
(05:50):
the field, meaning we've had flat spending on non defense.
We increased defense spending by cutting the IRS. We ended
any discussion of amnesty. We moved at good borders causey Bill.
We now have passed these this legislations to try to
fix what's going on with our apportionment of our members
of Congress and by the way, the Electoral College for presidents.
And these radical progressive Democrats want none of it. They
(06:12):
blocked us at every turn. They stopped HR. Two, They
fought us on spending, they're fighting us on this common sense,
uh you know, proposal to make sure that our voting
rules are protected and to make sure that our apportionment
is for citizens only. This is the state of the
modern Democratic Party.
Speaker 2 (06:28):
Show. So explain to me why anybody would be against us,
Because if you're not for election integrity laws as simple,
as basic and as fundamental as you are describing here,
there's got to be a reason for it. And I
would imagine that we're beginning to see that that reason
reveal itself. When you see radical Democrats in New York
(06:51):
City and d C and other other leftists havens around
the country as they unite together to allow illegal immigrants
to vote in local elections, because, as you rightly point out,
there is federal law that prevents them from voting from
in federal elections. But you know, you're taking this a
step further. You're saying, if you want to register to vote,
(07:12):
you've got to show that you're an American citizen. Why
is that so onerous? Why is that considered unfair? What
is their argument against that? Because why do I need
to show I'm you know, I'm not exactly eighteen years
old anymore, and I don't look like I'm eighteen years old,
and yet I have to show an idea if I'm
going to buy a jewel pod, or if I'm going
(07:33):
to buy a six pack of Corps light or whatever
else I might be drinking on any given day.
Speaker 4 (07:39):
Yeah, Sean, look, I think what we're seeing is, remember,
if you go back in time, we had differences with
our Democratic colleagues, but you had Democrats like Barbara George Right,
a known civil rights champion and someone that broke ceilings
from Texas. Barbara Jordan's charity a Commission on Illegal immgrat
(08:00):
under President Clinton, in which she made very clear the
need for strong border security and to end the flow
of the legal immigration because it was bad for immigrants,
bad for America. We've had such a move away from
common sense by our Democratic colleagues. Democrats voted for the
law they currently exist. It says only citizens can vote.
(08:21):
But I bet if you held that vote today on
just that question, they would have problems getting any Democrats
to support it. We'll see, because obviously the overwhelming majority
of Americans support it. But they're so out of touch
because they don't believe in sovereignty, they don't believe in
American exceptionalism. They don't believe, frankly, that we should even
have a border at all. They don't believe we should
(08:45):
have fences and restrictions and ability to come into the
United States. And again I remind people out there who
I know. I've got a lot of my you know, faith,
people of faith who.
Speaker 5 (08:54):
Are like Chip.
Speaker 4 (08:54):
But you know, we got to make sure and everybody's
all and they're welcome. And we're a nation of immigrants,
I know. But guess what, fifty one and a half
million people in the United States today are foreign born.
We allow in about a million a year legally. This
trope that we're anti immigrant that don't allow immigrants come.
Speaker 5 (09:11):
In is faith. It's not true. It's fake news.
Speaker 4 (09:14):
The fact is we're a nationtive immigrants, but we're at
a point now where we're exploding the numbers of the
legal immigration. Known people who want to do us harm.
And now on this issue Democrats who want people to
come here and vote regardless of their citizenship, as you
pointed out in DC San Francisco Liberal Haven's that's what
they want. They're already doing it in state and local elections.
(09:36):
They want to do it in federal elections. And that's
why we have to act. We have a duty in
a republic. Texas has to protect our vote against the
radicals in San Francisco, and same Florida. You have to
protect against the radicals in your former state of New York.
Speaker 2 (09:51):
All right, quick break right back more with Congressman ship
Royer Texas and then your calls on the other side
of eight one hundred and nine to four one Sean
if you want to be a part of the program.
We continue now with Congressman ship roy Great State of Texas,
you know, as I listened to you, what I like
about this issue, and I've talked a lot about ninety
(10:12):
ten or in this case, eighty seven thirteen issue, eighty
twenty issues, seventy five, twenty five issues. In other words,
on all of these important issues of the day. I
think it should be the business of the House to
put all of these issues before every Democrat and Republican
for that matter, because with all due respect, Congressman, you
(10:35):
have some weak rhino Republicans that I'm really fed up
and disgusted with among your coalition. I really am. You
were there the night it was after Mike Johnson mccame speaker.
I brought everybody together and I said, you're gonna succeed
together or you're going to fail together. And I wasn't
wrong in my prediction, but I would like to take
every major issue from immigration, voting integrity issues as you're
(10:58):
bringing up here. I want to talk about late term abortion,
taxpayer funded abortion. I want to talk about the economy
and balanced budgets. I want to talk about defund dismantle
no bail laws, et cetera, and put in support of
Israel's right to win the war against terrorism. That they're
now engaged in that Joe Biden has abandoned them on
(11:21):
and I'd like to get the Democrats on record before
the election on November fifth, which is really before November fifth,
because early voting, voting by mail begins, you know, god
knows how early this year. And we have all that
on Hannaday dot com. But I think there should be
a vote on every major issue so that the voters
(11:43):
are very aware, you know, where every every single candidate
stands on every single issue, Republican and Democrat.
Speaker 4 (11:50):
Well, Sean, I could not agree more. This is why
I said, I think yesterday was a great day for
the next six months where we align and we do
what we need to do to strated the American people.
Where there is a clear line of distinction between our
Democratic colleagues and ourselves. Again, they are radical progressive Democrats
who want wide open borders, who don't mind underminding the
(12:11):
rule of law, who are fine putting criminals on the streets,
who undermine the police at every turn, who spend money
at every turn, who want to increase your taxes, who
want all to good on the list, all of the
woke stuff, undermining the military, all the vans. They are
radically opposed to your way of life if you're a
hard working American. They're forgiving student loans. They're fueling all
of this nonsense and the hatred and anti semitism on
(12:32):
our campus.
Speaker 2 (12:32):
By the way, didn't we have a Supreme Court ruling
on the issue of student loans? I mean, don't we
have laws that Joe Biden is not enforcing on the border.
How is he getting away with all of that? Well,
and parties getting away with it because you have weak
Republicans that won't stand on principle on a lot of
these issues, haven't supported people like Jim Jordan and James
(12:53):
Comer and their investigations and the work that they've been doing. Obviously,
you know, I think it's cleared the quid pro quote
with Joe and Brie. Well, why would a vice president
go against the administration policy leverage a billion taxpayer dollars
to get a prosecutor in Ukraine fired unless you find
out that his drug addict son, who has no experience
(13:17):
in oil energy gas coal of Ukraine, is getting paid
millions by a big oil conglomerate in Ukraine. I mean,
all of this stuff should be no brainers for Republicans.
But you know what, you have a coalition there of
left wing Republicans that are no help.
Speaker 4 (13:32):
No, that's exactly right, and that's an important point without
going too far backwards, because we need to look forwards
and beating Democrats. But this is where it's some degree vote.
Kevin McCarthy and Mike Johnson's hands are certainly, if not tied,
they were undermined by certain members of the conference who
just vote the wrong way. Let me give you an example.
We forced all those votes last year on appropriation bills.
(13:53):
We were changing the House in a good way. One
of the votes we had in September was when we've
had a vote on defunding UNRUH entirely now we had
worked into the base that a language I put forward
to undo a lot of unresdamaged. But we had a
full defund vote three weeks before, less than three weeks
before to ten to seven the October seventh attacks on
our friends in Israel. Eight Republicans voted against that. There
(14:16):
are numerous examples I could give me sean where we're
trying to fight to actually wrestle control of the party
back away from the Unit Party and some weak Republicans.
The bottom line is they answer your question. Until Republicans
figure out that you have to unite to use the
power of the purse to force change from an executive
branch that's not following your rules or following what you
(14:37):
put forward to following the law, then you're never going
to change it. Anthony and Scalia gave a great speech
on this, and I'm happy to send it to you
where he made this whole point. When people are complaining
about the Court not fixing some things, he ses, Look,
we can fix certain things when it's a violation of law,
but Congress has to flex its muscle to stop an
executive branches out of control.
Speaker 5 (14:57):
So here we are.
Speaker 4 (14:59):
We're putting four now great legislation on making sure only
citizens can vote. We're going to keep pushing that issue.
We're going to keep pushing border security. We have the
spending fight here in for the fiscal twenty five. We
probably need to kick a cr into next year so
we can focus on getting President Trump elected and then
fix all of this. Then, well that's where the clock is.
Speaker 5 (15:19):
Now.
Speaker 2 (15:20):
You got one hundred and seventy nine days. Congressmen, work hard.
We need you. We appreciate your time, said Congressman Ship Roy, Texas.
Thank you, sir. Eight hundred and nine to four one,
Shawn is a number. If you want to be a
part of the program, you are listening to the best
of the Sean Hannity shows.
Speaker 1 (15:38):
Sean Hannity always concerned for our country, always honoring our
servicemen and service women, and standing up for liberty every day.
Speaker 2 (15:50):
I go back to this issue as Joe Biden. You know,
it's really frustrating to me. It's just outright lying. It's
sort of like him saying the border is secure, is closed. No,
it's Trump fault three years later, No, it's Biden. They
were bragging about everything they've done, and it's a disaster,
just like you know, defund dismantle, no bail laws are
(16:12):
a disaster, just like the economy has been a disaster,
just like foreign policy is a disaster. Anyway. You know,
he's so clueless and out of touch, you know, after
being told that grocery prices are up thirty percent, a
very rare sit down interview became a disaster for him
on fake news CNN. And by the way, even Aaron
(16:33):
Burnett didn't actually have the nicest things to say about
Joe Biden, which I thought was pretty interesting. But anyway,
this is Joey, your president, trying to put a positive
spin on the economy, and it just shows how clueless
and out of touch he is. And remember inflation in
(16:55):
the last two months, CPI numbers went up three point
two percent year over year and three point five percent
up year over year. Okay, what does that mean? Inflation
is not going down. That's three and a half percent
up from last year year over year. And you know
he inherited inflation rated of one point four percent. But anyway,
(17:16):
he's not living in the real world. Listen, you're aware
of many of these.
Speaker 6 (17:19):
Of course, the cost of buying a home in the
United States is double what it was when you look
at your monthly costs from before the pandemic. Real income
when you account for inflation, is actually down since you
took office, Economic growth last week far short of expectations.
Consumer confidence, maybe no surprise, is near a two year low.
(17:39):
With less than six months to go to election day.
Are you worried that you're running out of time to
turn that around.
Speaker 7 (17:46):
We've already turned it around. We have the strongest economy
in the world. We say it again in the world.
Speaker 6 (17:52):
Although GDP last week was far short of expectations.
Speaker 7 (17:55):
Always look, GDP is still grown looking the response to
the markets.
Speaker 2 (18:00):
But there's real pain.
Speaker 6 (18:01):
I mean, grocery prices are up thirty percent, more than
thirty percent since the beginning of the pandemic, and people
are spending more on food and groceries than they have
at any time really in the past thirty years. I mean,
that's a real day to day pain that people.
Speaker 7 (18:17):
It really is, and it's freeo. The fact is that
if you take a look at what them, then people
have they have the money to spend.
Speaker 2 (18:25):
And I played this earlier, but it's worth playing it again.
David Axerod keeps saying, oh, well, the economy improved. He
doesn't even believe that. But he's saying that he's out
of touch with the American people, and this pride of
his may cost Biden the election. That part interests me.
Speaker 8 (18:42):
Listen, that's not the way people are experiencing the economy.
They're experiencing it through the lens of the cost of living.
And he is a man who's built his career on empathy.
Where is why not lead with the empathy? And I
think he's making a terrible miss. You know, it may
not be if he doesn't win this race. It may
(19:03):
not be Donald Trump that beats him. It may be
his own pride.
Speaker 2 (19:07):
And John King pointing out that Biden better be careful
with all those positive economic talk. They have tried this
Biden Bidenomics game forever. Let me, let's push Bidenomics. Let's
push We're not going to talk about Bidenomics anymore. No,
let's go back to Bidenomics anyway. Here's even John King
trying to warn him.
Speaker 9 (19:25):
I can tell you from my travels eight months now
nited states now he has to be careful with that.
Speaker 2 (19:31):
And this says he's right, and when he cites the statistics,
he is right.
Speaker 9 (19:34):
When he says, to the Michigan Consumer Confidence survey, sixty
five percent say they're doing better off, guess what the
thirty five percent who don't.
Speaker 2 (19:39):
A lot of those are his voters. They should be
his voters.
Speaker 9 (19:42):
When you travel the cost of living we're in Michigan,
we met with those younger voters. We also are starting
to put together a group of autoworkers. Their union has
endorsed Biden. Most of them are going to vote for Biden.
But you ask them what life is like, and they
can't buy a bigger house because of mortgage rates. They
still when you talk about grocery prices, and so the
president has to be careful. That sounds like somebody in
(20:02):
Washington telling people you're wrong and whatever your party is,
photostope process.
Speaker 2 (20:07):
It that way. They don't like that, all right. Joining
us now in the real state of the economy, Vance
Jin is with us, former chief economists for the Office
of Management and Budget, currently founder and president of GIN
Economic Consulting, host of Let the People Prosper podcast. Our
friend EJ and Tony public finance economists at the Heritage Foundation.
(20:28):
Welcome both of you. You know, you would think EJ,
with all the bad news and inflationary pressures coming back
in dramatic ways, and all those expected rate reductions that
are not going to happen or materialize, and the soft
landing that's not materializing, you would think that Joe would
have gotten the message by now. But apparently, I guess
(20:49):
the people around them are too gutless to tell them
the truth about the economy well sewn.
Speaker 5 (20:54):
Either that or they've told him time and time again,
and the old man just can't remember. I mean, honestly,
I don't know what is worth what is worse? Is
the president just senile and doesn't remember the facts, or
is he just a complete and total liar. I mean,
you outlined it very well already, Sean, where inflation actually
was one point four percent. It didn't get up to
(21:15):
nine percent until a year and a half into his presidency.
And by the way, President Trump handed Biden in economy
growing at a one point five trillion dollar annualized rate.
By the time Biden managed to achieve that nine percent
annual inflation rate, he had turned that into two consecutive
negative quarters of economic growth, in other words, of recession.
Speaker 2 (21:38):
Yeah, hey, Vance, let me ask you, what's your take
on all this happy talk? And do you agree with
even Axelrod and John King that you know he better
be careful. This is the American people living a very
different reality. Sixty percent of Americans living paycheck to paycheck,
and then we learned about a week and a half
ago that about twenty six percent of Americans in the
(22:01):
last year have struggled to even put food on their table,
the worst of any of the G seven nations. I mean,
that ought to shock the spide and soul of anybody
that cares.
Speaker 5 (22:14):
Well it should.
Speaker 10 (22:15):
It's a pleasure to be with you, Sean, and I
think you all are exactly right. What you are talking
about here is that the president is just on a
different planet. He doesn't see exactly what's going on in
the economy. I know they've got to talk up the
economy as much as possible, given Bidenomics and everything else,
but the fact is that this is a dismal economy.
Whatever you have, real meaning inflation adjusted person power or
(22:36):
average weekly earnings are down about four percent since Biden
took office. People can't keep up with everything that's going
on around them, and it's just one thing after another.
They don't have enough in savings to pay for a
rainy day or get their tires fixed. And so while
they like to tout the jobs numbers that keep coming out,
and of course they keep being revised down lower, and
then they'll say, you know, the unemployer RaSE three point
(22:58):
nine percent. It's been below four percent for so many months.
But yeah, if you include the layor force participation rate
that is lower. Even compared to February of twenty twenty,
the unemployee would be higher than five percent culture to
six percent. So this is not a good economy. High inflation,
a stagnating economic growth. So it's a period of stagflation
that is going to continue because of the big government
(23:21):
spending policies out of DC and it's out a reserve
printing more money than what they know what to do with.
So this is a bad situation for Americans.
Speaker 2 (23:29):
I'm glad you said stagflation because I think I'm the
only one that's been saying we're in a period of
stagflation because we are. And I look, I'm not the
expert on the economy. Both of you are. This is
your business, however instinctively, and I understand you could never
time the markets. If you try to, you're being stupid.
I think wealth preservation for many people is way more
(23:53):
important than maybe a higher rate of return that they
might get investing in the stock market or what they
might have gotten in recent years. But I just in
my gut, I have a feeling that we are headed
for a massive correction and I think things are going
to get worse. The inversion scares me, Eja, and I
(24:15):
don't know when it's going to happen, but I'm pretty
certain it's gonna happen. Do you agree or disagree?
Speaker 5 (24:21):
Sean, I agree, and I think a lot of other
investors do too. And this is a big reason why
what you would normally see as typical flights to safety
things like gold, have been on an absolute pair this year.
A lot of people have lost confidence in this economy,
in the government, in the market, etc. And so they're
(24:42):
not as concerned as you were saying. They're not as
concerned with a return on investment. They're more so concerned
with just trying to preserve their wealth because you have
this dual threat today of low economic growth and also inflation.
As you said, this is the stag fl recipes that
was so detrimental to investors in the nineteen seventies, and
(25:05):
it's coming back to bite us today. You know, in
most of the nineteen seventy sean investors saw a huge
positive rate of return, at least nominally, but then once
you took out inflation, it was it was deeply, deeply negative.
Speaker 2 (25:19):
You know, Van's let me ask you this, because I
reduced my exposure to the market as much as I
possibly could without penalty. As you know, you can move
money out of the stock market or funds that you
might be a part of into treasuries which were you know,
one two year treasuries paying what a little over five
(25:41):
percent of the time. I'll take five percent in terms
of a return on my money, but knowing it's safe
over risking what I think could likely happen, maybe sooner
than later, which is a major correction in the stock market.
And I mean a major one.
Speaker 4 (25:57):
Yeah, I think you're right, Sean. And one thing you
want to look at is the ratios price earning ratios,
which are still well above historical norms, and so we are.
Speaker 10 (26:05):
Due for what I believe to be a major correction.
And we've been propped up here and there, and every
time that Jerome Pallett the FED talks, you see wild
variation volatility in the stock market. And this is what
happens whenever you have government is basically controlling the economy
through government spending, through taxes, through regulations, and through money printing.
(26:26):
This is a socialist economy that creates a situation of
less economic growth and higher inflation and people having so
much uncertainty about the economy, whether they're businesses, whether they're
going to continue to advance and be able to hire
workers or from your point about the amount of returns
they're going to get on their investments. And one thing
I would say also about the economy and the labor
(26:46):
market is while nonfarm employment has continued to increase over
the last year, the household employment is essentially flat. It's
been down for the last five months. So we're already
starting to see the slow down in economic activity getting
Americans hard across the economy.
Speaker 2 (27:03):
Yeah, and it's hurting a lot of people that I know.
All right, quick break right back more with Van Skin
on the other side as well as Ejntoni. We'll get
to your calls coming up as well. Eight one hundred
and ninety four one Sean, if you want to join us,
all right, we continue our economic gurus. Van Skin is
with us at as well as Hejntni. Here's the most
frightening thing. Let me play for you this guy Jared Bernstein,
(27:26):
who's the chairman of the Council of Economic Advisors. By
the way, he doesn't have any background educationally in the economy,
all right, just just put that out there. He's the
White House Council of Economic Advisor's chair and anyway, he
was interviewed for a new film called Finding the Money,
and it's a documentary, and he said, the US government
(27:49):
can't go bankrupt and because we print money. His ignorant level,
his ignorance level is so high. I'm shocked, EJ.
Speaker 6 (27:57):
Listen to this, Like you said, they print the dollars,
So why why does the government even borrow?
Speaker 2 (28:03):
Well?
Speaker 11 (28:06):
The uh so the I mean again, some of this
stuff gets some of the language that the some of
the language and concepts are just confusing. I mean, the
government definitely prints money, and it definitely lends that money.
Which is why the government definitely prints money. And then
it lends that money by by selling bonds.
Speaker 2 (28:28):
Is that what they do? They they.
Speaker 11 (28:32):
They yeah, they they they sell bonds. Yeah, they sell bonds, right,
since they sell bonds and people buy the bonds and
lend them the money.
Speaker 1 (28:41):
Yeah.
Speaker 2 (28:41):
So I don't I don't get it.
Speaker 11 (28:43):
I don't know what they're talking about, like, because it's like,
the government clearly prints money, it does it all the time,
and it clearly borrows. Otherwise we wouldn't be having this
debt and defest conversation. So I don't think there's anything
confusing there.
Speaker 2 (28:57):
How chilling is that.
Speaker 5 (29:00):
Sean that explains very very well why we are in
the economic shape we are today, because those are the
kinds of people at the helm in the White House, somebody,
as you said, who has no economics background. He's a
musician turned social worker, and somehow that landed him as
chair of the Council of Economic Advisors. I mean, this
(29:23):
is absolutely insane, but it helps explain how we have
gotten such disastrous policies in place to create stagnant economic growth,
run away inflation. I mean, it is absolutely appalling that
people like this can be allowed anywhere near the levers
of power.
Speaker 2 (29:40):
Yeah, unbelievable. We'll give you the last word here of
van so that we have to run.
Speaker 10 (29:44):
Yeah, no, it is unbelievable. I remember being in the
White House and talking with the share at the time,
with Kevin Hassett. He would never have answered it that
way in the Trump administration, and it was a totally
different type of economic policy, one of reducing taxes, reducing
right now relations, and allowing for people to have more
individual liberty and freedom. That's what's going to create more
(30:04):
opportunities to proper, not this MMT modern monetary theory nonsense
that Jared Bergenstein may or may not know about, but
plenty of Biden administration do. It's exactly what happens in places.
Speaker 2 (30:15):
Likens, The government definitely prints money, right, Is that right? Either?
It definitely prints money and definitely lends money right right, right, Wow,
that's pretty frightening. Anyway, I do know I trust you
guys a hell of a lot more when I trust
this guy anyway. Vance, thank you, EJ. Thank you. Appreciate
(30:38):
both of you. Eight hundred and nine to four one, Sean.
If you want to be a part of the program,
listen to violent crime sadly, and this country has committed
every twenty four seconds when it hits your doorstep, well,
one wrong decision could mean losing your home, losing your freedom,
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(31:02):
defendfamily dot com. You are listening to the best of
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