April 26, 2024 • 45 mins
GDP numbers just came in and they weren't good. What does this mean for the American consumer? Carol Roth is Jesse Kelly's guest and she has the scoop on that as well as Biden's plan to raise taxes. Jesse makes a point about power and gets an update on how Democrats are using it to target Trump. Plus, Arynne Wexler joins the show for a discussion about America's street communists.
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Episode Transcript
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Speaker 1 (00:02):
The economy sucks. We're gonna talk to Carol Roth about that.
Bill Jacobson is here talking about lawfair, culture, war stuff.
Speaker 2 (00:09):
Aaron Wexler.
Speaker 1 (00:10):
We have such a great night on the right. All right,
let's talk about the economic numbers that came out today.
We just have such a huge show for you with
economy stuff, lawfair stuff. Carol Roth is going to join
(00:31):
us to talk about these economic numbers in a couple
of minutes. It's a huge show tonight. So let's deal
with the number numbers GDP. First of all, let's wrap
our minds around something before we get into the GDP
numbers themselves. It was supposed to increase the economy was
supposed to grow at two point four. Instead, it grew
at one point six. That is a large number. You
(00:55):
look at that and you think, wow, that's not that bad.
They only missed it by less.
Speaker 2 (00:59):
Than a percentage point.
Speaker 1 (01:00):
When you consider we're talking about a twenty billion dollar economy.
Missing it by almost an entire point is a really, really,
really big deal. All right, So let's deal with this.
What's happening out there right now? Well, what's happening is
we've spent the longest time printing money, printing money, printing money,
(01:22):
printing money that's not backed, and.
Speaker 2 (01:25):
Spending out of control spending.
Speaker 1 (01:28):
You realize right now, right now, as a country, we
are spending at levels percentage wise, that we have not
spent since World War Two.
Speaker 2 (01:40):
Wrap your mind around that.
Speaker 1 (01:41):
World War Two was one of these all hands on
deck situations, past bill after bill after bill. We need
new aircraft, carries, we need new planes, more troops.
Speaker 2 (01:49):
We got to do this.
Speaker 1 (01:51):
A massive, the largest event in world history, prompted government
spending at the levels we're currently spending. There's no World
War IIE, there's no national emergency, so they're not stopping.
Speaker 2 (02:07):
They're accelerating. Right now.
Speaker 1 (02:09):
Every single thing is accelerating, meaning the stalling of the
economy is accelerating, the growth of the debt is accelerating.
The interest on the debt based off that is accelerating,
Inflation is accelerating.
Speaker 2 (02:24):
I was hesitant to even say it because you already
know it. We don't have to go economic numbers.
Speaker 3 (02:28):
Wow.
Speaker 1 (02:29):
I mean, the Wall Street Journal says today you know this.
Everyone knows this. When you live today, you buy anything,
you can see what's happening out there, and this is
part of why I've been so angry at the GOP
and Democrats for the spending. For the longest time, I've
been angry about the spending, but lately I'm getting.
Speaker 2 (02:50):
More and more angry.
Speaker 1 (02:52):
Why because look, even if ten years ago you could
deny that the spending was a problem, the debt was
a problem, well, Jesse, I think we can withstand it.
Nobody can deny what we're seeing now. No Republican, no Democrat, nobody,
nobody who can read can deny the fact that the
boat is taking on water so quickly that we're going under.
Speaker 2 (03:11):
And still the.
Speaker 1 (03:12):
People at the highest levels of power in this country talk, well,
like Bench McConnell talks.
Speaker 4 (03:19):
Is sixty billion dollars enough money for Ukraine to push
back Russia decisively?
Speaker 5 (03:27):
Well, we hope show it's actually only zero point two
percent of our gross domestic product. So put in in
that context, it's not a whole lot of money for us.
Speaker 6 (03:44):
Not a whole lot of money. It's just it's just
zero point two percent.
Speaker 1 (03:48):
It's just sixty billion dollars. Why are you whining these people?
They don't care. They know all the numbers. They have
all the numbers. I have you and I We don't
have special access to these numbers that they don't have
access to. Mitch McConnell knows everything about the debt, the
interest rates, inflation, and they just don't give a crap.
(04:10):
We found out today from the AARP twenty five percent
of people fifty and older believe they will never retire.
They simply can't afford the American dream. For Americans, it's
not being destroyed in the future, you know. It's not
(04:30):
troubles that are coming. They're happening now right now. Wealth
is disappearing, small businesses disappearing, the middle class disappearing, old
people getting crushed, people on fixed incomes getting crushed. You
can't avoid inflation. No one can escape it. I can't,
you can't, nobody can. The spending, the printing has brought
us here, and no one's stopping, no one's even slowing down.
Speaker 2 (04:56):
It's bad. It's really, really bad. And the problem with.
Speaker 1 (05:01):
Bad economies and bad economic situations, when it's debt and
interest in inflation is bad, almost always leads to more bad.
It really really snowballs terribly. And actually that's what we're
going to talk to Carol Roth about. So let's talk
to her. So joining me now the wonderful Carol Roth,
author of many books but hers. Her latest is particularly
(05:24):
on the nose for where we're at today, titled You
Will Own Nothing, highly recommended. Okay, Carol, the GDP, well,
you wanted it to.
Speaker 6 (05:33):
Grow two point four. It didn't do that. It grew
one point six. When you're talking about a twenty trillion
dollar economy, that tiny little eighth of a percentage point
is kind of a really big deal.
Speaker 2 (05:44):
What are we looking at today?
Speaker 4 (05:46):
So this was an ugly GDP report and is not
going to be a surprise to probably you, Jesse, to
me two people who have been following this because the
emperor has no clothes and while there's been a lot
of justtions with laser light shows to make him appear
to some people as though he's been wearing clothes, it
is now becoming more and more clear that he's absolutely naked.
(06:09):
So we saw some pretty paltry growth of one point
six percent, as you said, And this is coming at
a time when we're showing deficits to GDP which are
kind of double the historic average, So that means that
we're getting less bang for our buck as the government
(06:31):
continues to spend, they are not able to turn that
into any growth. Surprise, surprise. The government isn't a good
steward of capital and not productive with money, and it
would be better in the hands of the private sector.
Again many of us knew that. At the same time,
one of the things in this report was what was
going on with prices. So you might expect, as the
(06:52):
economy is beginning to slow that maybe some of that
inflation would be slowing down as well to match it.
But no, no, no, course not, because as we know,
everybody has been doing the wrong thing, including the government
in that respect. So we saw that prices, the price
component of this report started to accelerate. Again, that also
(07:13):
beat expectations in the wrong way. So that means that
we're seeing increasing inflation, which again many of us knew.
So when you have an economy that is stagnating and
you have inflation that is increasing, you get something that
we've talked about before, which is called stagflation, which is
sort of the buffet of the worst options kind of
(07:35):
left over for you. And when you hear people like
Jamie Diamond of JP Morgan Chase saying I'm worried that
we are going to have an economy that looks a
little bit more like the seventies. That was where you
saw a double dip inflation, where I guess should say
a double spike in inflation. We saw come up, go down,
and go back up again, and then you ended up
(07:57):
with many years of this stagflationary environt So that's really
what we're seeing. It puts the FED between a rock
and a hard place in terms of their decisions. But
at the end of the day, this is all the
government's fault and until they get their act together, you know,
which is going to be never, we're in for a
stagnating economy.
Speaker 3 (08:18):
And more inflation.
Speaker 1 (08:21):
Okay, So since neither of us are going to hold
our breath until the government gets its act together, where
does this take us? Because this may be similar to
the seventies, but there is something way way different than
the seventies, and that's our debt to GDP ratio. Yeah, Pierrel,
I know it was bad in the seventies. Today it's suicidal.
That is drastically different today than it was fifty years ago.
(08:43):
That component of it, the interest rates, the debt to GDPs,
the servicing of the debt.
Speaker 2 (08:49):
How does that hurt.
Speaker 4 (08:50):
Us more so when we're looking at what the FED
might do and the decisions that they're thinking about making.
I would argue that they should cut rates. But the
normal thinking, because of course not a normal thinker, although
I'm usually right about these things, the normal thinking is, oh,
they're going to cut interest rates, and that that is
(09:10):
going to stoke inflation, and that's something they don't want
to do. They don't want to be on the hook
for that higher inflation that they told us wasn't coming
and was transitory and all of that good stuff, even
though they don't have the right tools to fix that,
and the government is completely moving in the opposite of
direction and working against them. So if they're seeing inflation
go up now, the market's starting to ask itself, well,
(09:32):
could they hike interest rates? And that's where really puts
us in a potential world of hurt because we've seen
the projections Bank of America a few weeks ago projected
that by the end of the year, if there was
no changes to spending and there was no changes to
FED interest rates, by the end of the year, we'd
be at a run rate of one point six trillion
dollars in terms of the interest we're paying on our debt,
(09:54):
it would be the biggest line item in the budget,
bigger than Social Security, mea care, all those other things,
so that we'd be spending the most on paying for
the debt for the things that we've already bought. Now,
if the FED were to increase interest rates, then that
would add to that amount, and then that becomes, in
my opinion, even more inflation area as well, because that
(10:17):
means that we have even bigger deficits that we need
to finance. The demand for our debt is not great.
As we know. Central banks around the world have been
net sellers of debt for the last ten years, and
so people are going to be demanding investors of demanding
higher prices for that. So we are really in this
really bad place of fiscal dominance. What the FED needs
(10:39):
to do again is not say we're going to lower.
Speaker 2 (10:43):
We're going to raise.
Speaker 4 (10:43):
They need to go to the government and say you
got to get your act together because we're trying to
do this thing and you're doing exactly the opposite. You're
working against them. But it's an election year, that's not
going to happen. Powell's you know, said as much as
he's going to say, and so you know, there there
are a lot of potential outcomes depending on what the
policy ends up being, but none of them are good
(11:07):
for the average America. And whether that ends up being
high inflation, or they do something where they go back
to a seventies type of policy and really raise interest
rates and completely tank the economy, or you know, and
you again, you could end up with some cycle of
both of those. So again, the middle and working class
are getting screwed. It's being done by government and monetary policy.
(11:28):
We've been telling you that this is the consequence, and
you cannot have central planners messing with the economy for
fifteen years and expect that you're going to get out
of this without any consequences. Unfortunately, the people who are
in charge are not the ones who are accountable for
those consequences. It is you and your family and your
bank account.
Speaker 1 (11:49):
Carol, Let's circle back to the interest on the debt
portion of that, because I caught that same thing too,
that it was already going to be a big fat
number without interest rates going up. How do we deal
with that number as a country with the interest only
loan and we can't cover the payments. How do we
even begin to tackle that problem?
Speaker 4 (12:12):
Well, this goes back to math. There are only so
many things that you can do.
Speaker 3 (12:16):
You know.
Speaker 4 (12:16):
One of them is you can have a productivity miracle.
We could have a breakthrough in quantum computing or some
kind of you know, amazing nuclear fission and energy something
like that, and we could really grow the economy side,
and we can get more money to keep this all
in balance. You know, is it a possibility, Yes, but
(12:38):
you know I wouldn't be putting my odds on that
they could go back and try and cut some of
the programs and some of the government spending. We know
that that's not going to happen. So they continue to
run up this debt, which is going to be the
deficit's going to be increased, and the debt ultimately increased
by more and more interest payments, and that is they
(13:00):
have to finance that. And when you don't have enough
buyers at at least a certain pride, they have two choices.
They have enough buyers that they raise up the interest
that they're that they're going to charge and try and
track more people, which would suck more money out of
private investment and again create even more debt for or
(13:21):
more interest for us, or ultimately they have some sort
of monetization of the debt like we saw over the past,
you know, the couple of years during the COVID scenario.
And we know that that itself is inflationary. And so
that's why I'm so focused on this sticky inflation thesis
(13:42):
because it is coming, you know, not just from the
monetary policy side, It's coming from this fiscal foundation. If
we don't have the people to buy the debt at
a reasonable price, eventually the Fed in some way, shape
or form, whatever they call it. They come up with
these weird names and programs all the time, but their
going to find a way to monetize it. That is
(14:02):
the printing of more money, and that means that is
ruining your purchasing power.
Speaker 1 (14:09):
Yeah, which brings us finally to bricks. I know that
we're not going to get off the dollar being the
world's reserve currency tomorrow. I'm not naive, but man, Carol,
it sure seems like we're inching towards that direction, doesn't it.
Speaker 2 (14:25):
Well.
Speaker 4 (14:25):
I think that this is something that's been building a
long time. For a long time, I talked about this
and you will own nothing. And certainly as the US
has not only neglected the dollar, you know, as the
reserve currency, keeping it stable either domestically or on an
international basis. And now we have the weaponization of the dollar.
(14:47):
You know, you've got Yellen who's trying to get all
these Russian reserves and to flip them over, cash them
in and give them to Ukraine. Countries around the world
are going, yeah, I don't know that. We want to
keep our money with the US and in US treasuries.
And that's why central banks around the world have been
net sellers. Over the last ten years. We've had almost
seventeen trillion dollars a debt we've issued, and on a
(15:09):
net basis, central banks have sold about one hundred billion
over that time. So they are not the ones buying
our currency. What they're buying, though Jesse is not another currency.
It's not like they're they're going and replacing the US
dollar with something the currency of another country. What they're
replacing it with is gold. And that's what we're seeing
over and over again these countries, particularly the Chinas of
(15:31):
the world, Russia, Turkey to some extent that they have
been loading up on gold as the reserve, and they're
using that not to officially back their currency, but sort
of as a settlement. So as those countries trade amongst
themselves and there is maybe a little bit that's left over,
instead of settling that in the yuan, the Chinese currency,
(15:54):
they say, well, if you want, you can trade that
in for gold. And so I think that we're going
to see that being a more and more important part
of what's happening globally, because that is something that no
matter what country you are in, all the central banks
have some amount of it, and you know, certainly we've
got a five thousand year plus social contract around it.
(16:17):
So I would look instead of having some other currency,
you know, necessarily supplant the US dollar, I think that
you could see gold playing.
Speaker 7 (16:25):
More of a role.
Speaker 4 (16:26):
But what it does mean here in the United States
is that with the dollar not having this sort of
privileged position, is it means everything's going to be more
expensive for US bottom line. And so I think we're
going to be living through several decades going forward that
are nothing like the ones that we grew up in,
and it's not going to be to our benefit unless again,
(16:47):
we have a productivity miracle which changes everything. So if
you're putting forth investment dollars as the government, that's where
you should be putting it towards. But certainly that's not
what they're doing, no doubt about it.
Speaker 2 (17:01):
Carol, thank you, ma'am. You are the best all right.
Speaker 1 (17:06):
All that may have made you uncomfortable, but I'm right,
and so she lawfair makes you uncomfortable too. We'll talk
to Bill Jacobson about what happened at the Supreme Court.
We'll talk to him next. Before we talked to Bill,
let's talk about your feet. Your feet. You've heard a
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(17:27):
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Every pair comes with custom orthotics. You see. Your shoes
need to be made for your feet, not the general
(17:49):
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brings to you.
Speaker 2 (17:53):
At the end of the day.
Speaker 1 (17:55):
Wouldn't you love to have your feet feel good, not sore,
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Speaker 2 (18:15):
G D e f y dot com. We'll be back.
Speaker 1 (18:27):
There was a big immunity case today in front of
the Supreme Court. Arguments in front of the Supreme Court.
How immune is Donald Trump from all the various things
that they're throwing at him.
Speaker 2 (18:37):
I don't know. I don't know how it went today.
Speaker 1 (18:39):
Of course, some justices sounded like it was gonna go
well for Trump.
Speaker 2 (18:44):
Some didn't. Joining me, now, the Great William A.
Speaker 1 (18:46):
Jacobson, founder of Legal Insurrection, professor at Cornell. Okay, Bill,
you heard it today. You have a much different ear
that I have, meaning yours is educated.
Speaker 2 (18:56):
Mine is not. How'd this go for Trump today?
Speaker 3 (19:00):
I'd say it went well. I don't think he's going
to hit home run here. I don't think his case
is going to be thrown out as such. The issue
is whether official prosecution, and I think that's what the
Court's going to rule. The answer is yes on that.
But they're not going to say this case against Donald
(19:20):
Trump gets thrown out. They'll send it back down to
the district court. In all likelihood and say that you've
got to examine it under our rulings. So I think
he'll get a legal win here, but he's not going
to get a win in the real sense. What he
will get is even more delay in that trial, which
would push it after the election.
Speaker 2 (19:39):
Okay, that's good.
Speaker 1 (19:41):
Tell us why we're not going to get the win
win that many Trump supporters would want, and most people
looking at this think we should get Why not?
Speaker 3 (19:51):
I think because the court court is just hesitant to
get very deep in the weeds of the indictment. I
think it was Justice Barrett today was going over some
of the allegations and some of the claims and asking
the attorney for Trump, is this official business or is
this private business? And the answers went back and forth.
(20:13):
I just don't see the court going through a lengthy
indictment paragraph by paragraph and saying this is in this
is app That's something that normally a district court would do.
So I think they will issue a pronouncement of law.
They will uphold the question that was before them when
this was brought to them, they said we will accept
this case on the following question. And I'm paraphrasing. Now
(20:36):
are the official actions of a president immune from prosecution,
and if so, to what extent. So they will rule
that this is either immune or not, and they may
even rule the breadth of the immunity. But I don't
see them pulling out the indictment and going through it
(20:58):
line by line and saying this is in this is
app That's not something the Supreme Court normally does.
Speaker 2 (21:05):
Okay, let's set that aside.
Speaker 1 (21:07):
Trump was not there today, although I'm sure he wanted
to be. Trump was in New York City, where he's
required to be at this ridiculous trial that everyone knows
is ridiculous. But ridiculous doesn't mean it's not going poorly
for him.
Speaker 2 (21:19):
How is it going there?
Speaker 3 (21:21):
Yeah, it's hard to know. We only know what the
media reports. So I wish it was live streamed. I
wish we could watch it ourselves and reach our own conclusions.
What the prosecution appears to be doing is proving a
lot of stuff that is not in and of itself illegal,
the relationship with whoever the money paid. There's nothing illegal
about paying someone to be quiet. That happens every day
(21:44):
in lawsuits around the country, probably hundreds of times a
day in the United States. Someone gets money, and part
of that payment is a non disclosure agreement. Nothing unusual
about that, but that's what they seem to be starting
the case with. They want, as if they need to
vincent Manhattan jury to hate Trump. They want the jury
to hate Trump and to show that he did all
(22:05):
sorts of you know, nefarious stuff, but none of it's illegal,
so it seems that they're not. That's what their strategy is,
to build up the anti Trump aspect of the trial.
Speaker 1 (22:19):
Yeah, like you said, as if they need any help
to hate Trump any more than they already do in
a place like Manhattan. Okay, let's shift gears to the
classified documents case, because for the longest time you've been
telling us this is the one that really may bite him.
This is the one, at least to you i'm paraphrasing,
looks most legitimate and like he may burn for it.
What do you make of this redacted unredacted documents update.
Speaker 3 (22:44):
Yeah, that didn't strike me as usually significant. A lot
of people are making a big deal about that, and
I think you fairly paraphrased. My position on this was
that of the cases, this is the one where he
had the greatest exposure because rather than like New York
City or DC or Georgia. They are not relying on
convoluted novel legal theories. They're either going to prove their
(23:07):
case where they're not going to prove their case down
in Florida. But so that to me was the most
straightforward and the most risk to him. I think what
these documents that have been released, based upon what I've
seen the analysis is, it shows a bumbling government. It
shows a government that doesn't really know what it's doing,
but that doesn't necessarily relieve him of whatever legal obligations
(23:29):
he had. So I think that the case is the
same case it was before those redacted documents were released.
Speaker 1 (23:39):
We got some pretty significant news out of Arizona as well.
We have I believe eleven Yes, Grangeury indicted, eleven Trump allies,
everyone from Mark Meadows to Rudy Giuliani. What is this
another ridiculous thing? Are these people going to prison? What's
happening here?
Speaker 3 (23:57):
Yeah? And this one has to do with an alternative
slate of electors proposed by the Trump team, Maybe not
him himself, but they felt Arizona was stolen from them
and they wanted there to be a slate of electors
ready to go, and that is the issue. They are
being charged with fraud deceiving people as to these electors
(24:19):
and falsely portraying them as the legitimate electors. The problem
with this case in reality, forget what jury they're going
to have, is that no one was deceived. Everybody knew
exactly what Trump was doing or his supporters were doing.
They didn't think the election was fair, they think it
was stolen, and they were proposing their own slate of electors.
(24:40):
Nobody was tricked, It wasn't hidden. It all took place
in plain sight. So I think that is a really
incorrect theory that this was a fraudulent attempt to deceive people.
But that's not the point of this. With all of
these why is this being brought now at the end
(25:00):
of April. It's because we're entering into the election season
in Arizona and there's a hotly contested Senate race, which
may come down to how much bad coverage this gets.
And so why wasn't this brought two years ago? Every
single fact in this has been known for a long time,
is three and a half years old. Why wasn't this
(25:22):
brought a year or two? We could have had that trial,
people would have either been convicted or not convicted, but
it wouldn't have interfered with the election. So what this
Democrat prosecutor in Arizona has done is she is now
frozen a significant part of the leadership of the Republican
Party in Arizona. With these indictments, they're not going to
be able to really do anything. So again, whether it
(25:45):
has married or it doesn't. Every single one of these cases,
with the exception of Marilago because that all took place
later in time, but every one of these other cases
could have easily been brought two years ago, we would
know the results and voters could make their choice. But
they were deliberately delayed until the election year. And that's
all people really need to know about this case is
(26:07):
that this is being was delayed for three and a
half years in order to be dropped right on the
eve of a Senate election.
Speaker 1 (26:16):
Okay, so we all know the deal. This is law fair.
That word has been thrown around a bunch because that's
what it is. Okay, this is all bad, it's evil,
it's wrong, it shouldn't happen, but it is happening. Bill,
What does that mean for the country. If this kind
of thing can happen, even let's say Trump gets away
with all this stuff and its people get out from
(26:36):
all this stuff and they get out from under it.
This very clearly is just how the country, how Democrats
at least are going to run elections from now on.
Shouldn't shouldn't there be something in place to stop this?
Speaker 3 (26:48):
Yeah, there should be, But it's very difficult because there's
an imbalance, and there's an imbalance of evil here. The
Democrats are willing to do this stuff. Republican prosecutors are not.
And that's always the disparity. You always hear people say, oh,
Democrats have opened the door to this. They will regret
the day that they did this to Donald Trump.
Speaker 8 (27:06):
No, they won't, because there's no Republican prosecutor who's going
to do this. There's no Republican prosecutor who's going to
wait two and a half or three years to dump
a case on the eve of elections in key swing states,
so they'd get away with it.
Speaker 3 (27:20):
I don't know what the answer is. I wish I
had the answer to it. The answer to it is
to somehow, despite all the Shenanigan still win the election,
and when you get put in power, change the laws,
so this can't happen. But there is a difference in
agenda here and a difference in how people operate. So
it is a real problem, and I wish I had
(27:41):
the answer to it. How you can rein in rogue
local Democrat prosecutors.
Speaker 1 (27:48):
Bill, You're a professor at an Ivy League university, so
I'm going to I want to acknowledge that.
Speaker 2 (27:52):
Before I asked what I'm about to ask.
Speaker 1 (27:54):
But I can't let you go without asking about all
the protests all over campus. It's all over the place, Columbia.
It's everywhere at our most elite universities. And what I'm
struggling with right now, Bill, is why I should care.
It's not that I don't value high education. I want
our country to have a great higher education system. It's
an important part of a country. But we don't, at
(28:15):
least in many pockets we don't. They produce these anti
American kids who hate the frigging.
Speaker 2 (28:20):
Place, and then they go on to run the country.
Speaker 1 (28:22):
So if a bunch of dirty street commies on the
street are messing with the administrators, why is why do
I have a crap?
Speaker 3 (28:30):
Yeah? Well, I think you just mentioned why it matters
because these are the kids who are moving into the government,
who are moving into Democrat prosecutors' offices, who are moving
into Google and suppressing people. These are the people who
this is a serious problem. No, I don't think you
need to care about tents on the lawn at Columbia.
Nobody really cares about that. But the fact that elite
(28:52):
education particularly is so corrupted politically, I think affects the
whole country. What people need to understand is that these
are a combinate. What's happening this year is different than
in the past. This is a combination of far leftist,
almost Kamerouge style people who want to tear down our
(29:14):
society and start again at year zero. It's combined with
the Islamis who want to tear down our society and
start in the eighth century again. So this is a
really toxic movement and people need to understand. Israel is
simply the excuse. Israel is the organizing mechanism for them.
They can gin up universal hatred of Jews and the
(29:36):
universal hatred of Israel, but Israel is not really the target.
The United States is the target. They hate us. They
are forming what they call liberated zones liberated from what
liberated from our country. That's what they're liberated from. They
refer to the United States as Turtle Island. Turtle Island
(29:56):
is the mythical name that some Native Americans give to
the creation of the earth. They literally want to tear
us down. They do not recognize our own sovereignty in
this country. They're liberating themselves from our sovereignty. They want
to destroy us. That's why people should care.
Speaker 1 (30:16):
Yeah, well I wish it was different, Bill, Thank you
so much, wish wishing.
Speaker 2 (30:20):
You the best.
Speaker 1 (30:22):
All right, let's talk about those Ivy League schools. In fact,
we have a graduate of one of those Ivy League schools.
Before we do that, let's talk about, Oh, what are
they missing? What are we missing as a nation? Many things,
but what's one of the main things we're missing. Patriotism.
Speaker 2 (30:40):
That's really it. Patriotism.
Speaker 1 (30:43):
So much of what we're seeing simply comes back to
love of country.
Speaker 2 (30:47):
And our lack of it. Look, that's why we have
to be.
Speaker 1 (30:50):
More purposeful with our money, with where we spend and
don't spend it. There are a million places you can
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(31:11):
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(31:31):
That's what I have, and I maybe have one or
two of these. Blackout Coffee dot com slash jesse.
Speaker 2 (31:38):
We'll be back.
Speaker 1 (32:02):
That was Harvard USC announced today. They're not even having
a graduation speech. I think this is all fantastic. I
wonder if Aaron disagrees with me though joining me now.
Aaron Wexler political commentator. You can find hers with outstanding
on Instagram non live take.
Speaker 2 (32:18):
All right erin.
Speaker 1 (32:18):
Obviously it's not good to have a bunch of dirty
communists scum destroying American universities, kill all the Jews and
all that stuff. That's obviously not ideal, But the American
university system is poison. A bunch of Americans are now
realizing it's poison, and I think in the end.
Speaker 2 (32:33):
That's a good thing.
Speaker 9 (32:35):
Yeah, Jesse, the first things for having me, and I
definitely agree with you. This is one of my favorite
subjects right now as an Ivy League graduate. I hope
you and your audience will not hold that against me.
But when I was I actually graduated from the University
of Pennsylvania. When I was there, we actually colloquially referred
to it as the University of Pennsylvania, And back then
(32:55):
we were doing things like taking finance exams and writing
history papers.
Speaker 7 (32:59):
And even back then, which.
Speaker 9 (33:00):
Was almost a decade ago, you know, it was very
evident that the university was turning into what is essentially
a woke Madrasa. Even I could not have predicted things
would be this bad. The administration, the students, the faculty,
they are so far to the left. They are churning
out Marxists who are basically taking classes in roadside bomb
(33:21):
making and underwater he jab be weaving. So you know,
at this point, I agree with you. I've seen your
tweets online and I love.
Speaker 4 (33:28):
To see this.
Speaker 9 (33:29):
This is the educational enema that these institutions need. There's
been a lot of bull building up for a long time,
and it is time to flush it out. So you know,
we have some of these soft conservatives who are saying, oh,
this is so terrible to see. It's you know, if
people like us who love watching this, like I love
watching this, and for those of us who do there,
(33:49):
they would argue that, you know, we're celebrating the fall
of great American institutions. These institutions are not American anymore.
They were infiltrated a long time ago. The American flag
was lowered, and some of these clips you'll see the
students actually lowering the American flag raising terrorist flags over
the schoolyard. So this is I think absolutely necessary and
(34:12):
I'm just glad that everyone gets to see it now.
Speaker 2 (34:16):
Yeah, hav me too. I will know we will have
succeeded if.
Speaker 1 (34:20):
I can go to one neighborhood party in my area
and not have one of my neighbors bragging that Aiden,
Jaden and Brayden got into Yale. Oh these universities, their
reputation needs to go the way the university has gotten.
I am curious, though you were at some fancy school
like you Penn, very similar to the community college I
went to. Did you feel this stuff coming when you
(34:41):
were there, meaning, did it feel like it was getting darker?
They've always been democrat, they've always been you know, crappy libs.
Speaker 2 (34:48):
But did you feel something sinister or is this just
really recent?
Speaker 4 (34:53):
Yeah?
Speaker 9 (34:54):
Well, first in credit to you, Jesse, I do think
that now your college ranking is definitely inversely correlated to
your intelligence, So you're you're one upping me on that
way to brag, way to brag about your degree. But yeah, no,
it was really clear when I was an undergrad that
things were heading in the wrong direction.
Speaker 7 (35:12):
And this is what the left is really effective at.
Speaker 4 (35:14):
Right.
Speaker 9 (35:14):
They're really good at the slow boil of the frog,
and I think a huge problem we've had on the
right is letting them get.
Speaker 7 (35:19):
Away with it. For us, it's always always.
Speaker 9 (35:22):
Been lived and let live, and you know, it's not
so bad, and they just slowly turned the temperature up
on us little by little. So when I was there,
it was seemingly small things, but I.
Speaker 7 (35:33):
At the time could identify it.
Speaker 9 (35:34):
And I was actually asked to be the president of
College Republicans when I was there. So just to give
you a sense, I've always been very, very conservative and
very vocal.
Speaker 7 (35:41):
When I was on campus, but they were doing things.
Speaker 9 (35:44):
Like, you know, getting rid of Greek life and getting
fraternities in trouble because the administration saw that as you.
Speaker 7 (35:50):
Know, the patriarchy and the rich white male.
Speaker 9 (35:52):
Even though, like many liberal policies, it wound up backfiring
because with the fraternities on campus, you could have parties
that everyone could attend that were you know, free for people,
and in getting them off campus it actually just made
certain social activities even more exclusive and even more expensive.
Speaker 7 (36:08):
So we saw, we saw whether it.
Speaker 9 (36:09):
Was in our social life the teachers. I was both
in Wharton undergrad and the Liberal Arts School, so I
got a taste of both, and even in Wharton, which
I went to because I saw it as the final
beacon of capitalism in this country, in the Ivy League,
and that's why I wanted to go to Penn. Even
there we had professors who were just trying to shove
(36:30):
liberal almost socialist agendas down our throats all the time.
And as these professors retired, the old school, you know,
the old guard, they were white men, and they were
always replaced with a DEI hire without fail. And then
don't even get me started about the Liberal Arts School,
because you know that was you know, it was like
Jahati training camp over there. But even Wharton was infiltrated
(36:53):
back then, and it only got progressively worse. And I
think we all know that pos post COVID, the left
decided that they had free reign to do whatever they want,
and that was especially true in college campuses.
Speaker 1 (37:05):
Gosh, even Wharton. I don't know why. I'm shocked to
hear that. Of course it would be Wharton too, but Wharton.
Everyone knows about Wharton, even dummy's like me who could
never get in.
Speaker 2 (37:14):
Everyone knows about Wharton.
Speaker 1 (37:15):
Did you get the sense that some of your professors
or administrators that they knew this stuff was bad and
maybe they were afraid, maybe pushing back, but only pushing
back a little, don't want to lose that tenure. I'm
trying to figure out, basically, Aaron, at these high level schools,
do we have any friends left?
Speaker 7 (37:35):
I know we do have friends left.
Speaker 9 (37:37):
When I was an undergrad that we're talking twenty eleven
to twenty fifteen, I could always sniff out my conservative
professors because they were the only ones not shoving an
agenda down your throat, right, So that's how I was
able to identify them. I do recall also the day
after Barack Obama was elected president in twenty twelve, crying
(37:57):
as I handed a finance midtrementing my professor, what's the
point and he said, we will.
Speaker 7 (38:03):
Get through this.
Speaker 9 (38:04):
But besides that one professor, I did find that most
of them truly believe this. They actually are Marxists in
these institutions. And I mean it does make sense now.
The DEI hiring practices are so rampant. It is almost
impossible to get hired in any of these places unless
you totally subscribe to these You.
Speaker 7 (38:22):
Know, they could sniff you out.
Speaker 9 (38:23):
And I think conservatives just stay quiet. You have to
subscribe to these ideas. So no, I think we have
few friends left. But generally, these are people who've never
lived in the real world, never held a real job,
and they have their fantastical ideas and they just sit
in these institutions getting paid.
Speaker 7 (38:41):
Some of them actually a lot of money.
Speaker 9 (38:42):
The DEI admins get paid a lot more than professors,
so that's turned out to be a great gig. And
you know, I just don't really have hope in these institutions.
I don't think it's worth any penny sending your kids
to these schools, even if you have a full ride.
At this point, I don't know what you gain from
going to places where instead of right now. You know,
this time when I was a student, I'd be sweating
(39:05):
in the library.
Speaker 7 (39:06):
So nervous about finals.
Speaker 9 (39:07):
I don't know how these kids feel comfortable sitting in
the middle of college campus, you know, just protesting something
that has nothing to do with their exams. So I think,
I think that you'll be better served going elsewhere or
not going to school and getting a skill set and
going into the real world. So that is my message
to anyone here with a teenager thinking of going into
an IVY League school. I certainly would not let my
(39:30):
kid go to an IVY League school.
Speaker 2 (39:34):
That is quite a statement. The library, you.
Speaker 1 (39:36):
Know, I don't even know if my community college had
a library. I never did see it though, Aarin, Thank
you so much, appreciate you as always. All right, now,
we needed to talk about power, the president and power.
Before we talked about that, let's talk about your power,
your time share you see you feel power, yes, because
(40:01):
you can't get out of it. You've called hey, guys,
we don't use it anymore. Can you let us get no. No,
They tell you no, you've sent emails. Hey, we haven't
used this in two years. You won't even let us in,
let us out. And the timeshare company keeps telling you
know you can't. Sorry, pay your annual fees, pay up
special assessments, and you feel powerless. But you were not
powerless because Loan Star Transfer exists to hand you that
(40:24):
power back.
Speaker 2 (40:26):
This is a family business.
Speaker 1 (40:28):
They have an A plus rating from the Better Business
Bureau for a reason. What do they do with loan
Star Transfer, Well, they get you out legally and permanently.
They put it in writing, they give you a timeframe,
talk about the ultimate Babe Ruth calling of the shot.
They will get you out, and they'll tell you when
(40:48):
you're not powerless, you just have to make a phone call.
Speaker 2 (40:51):
One phone call eight four.
Speaker 1 (40:52):
Four three one zero two six four six, wrap your
arms around the power you have and call loans our Transfer.
Speaker 2 (41:00):
All right, we'll be back.
Speaker 1 (41:11):
You know. One of the things that we try not
to forget on this show, or maybe we do try
to forget it up, and something we bring up is this,
the man who holds the power, the top executive in
the United States of America really Oh, my gosh, the
most powerful person on the planet. It's very reasonable to
say the President of the United States is the most
(41:32):
powerful person on the planet. He's virtually helpless by this
point in time. Yesterday he was given a speech and
obviously he's reading from the teleprompter. He can't think he's
reading from the teleprompter, and he does this four more
years line. And then his staff knew that that was
(41:52):
kind of one of those lines where the crowd would
start chanting four more years, four more years. So they
wrote on his telepromom. I'm sure it was in parentheses
or something, they wrote, pause, four more years.
Speaker 2 (42:04):
Pause. This is the president of the United States of America.
Imagine what we can do next.
Speaker 6 (42:13):
Four more years are years?
Speaker 2 (42:24):
Four more years?
Speaker 3 (42:25):
Pause?
Speaker 1 (42:26):
And look, honestly, this is not even on Joe at
this point in time.
Speaker 2 (42:30):
He is what he is.
Speaker 1 (42:31):
This is on the staffers, This is on whoever's drawing
up these speeches.
Speaker 2 (42:35):
This is not a one off.
Speaker 6 (42:36):
This is not the first time Joe Biden's done this before.
Remember when he did, Remember when he did the end
of quote thing.
Speaker 5 (42:43):
The percentage of women who registered to vote and cashed
to ballot is consistently higher than the percentage of the
men who do so.
Speaker 2 (42:50):
End of quote. Repeat the line A, repeat the line.
We shouldn't laugh.
Speaker 1 (42:59):
It's not funny that man, that's the leader of the
free world. That's where we are, all right, whatever, we
have light in the mood. Next, all right, it is
time to lighten the mood. And I have a confession
(43:20):
to make. I miss professional sports. You know, I used
to watch the NFL for ages, ages, lived and died
for it, and now it's all America sucks, scrap. I
can't watch it anymore, just can't do it.
Speaker 2 (43:32):
So I've been looking for more professional sports to watch.
Speaker 1 (43:35):
And I do know this hockey is amazing in person,
not the best on television. But I will say, in
my never ending search to find a new sport, hockey
fans are bar none, my favorite, bar none, my favorite.
You want a little example of hockey fans, here's one
(44:00):
m that's so great we.
Speaker 2 (44:48):
Don't want to see anyone else. Put it back on
the kid, I'll see it. Hey,
The economy sucks. We're gonna talk to Carol Roth about that.
Bill Jacobson is here talking about lawfair, culture, war stuff.
Speaker 2 (00:09):
Aaron Wexler.
Speaker 1 (00:10):
We have such a great night on the right. All right,
let's talk about the economic numbers that came out today.
We just have such a huge show for you with
economy stuff, lawfair stuff. Carol Roth is going to join
(00:31):
us to talk about these economic numbers in a couple
of minutes. It's a huge show tonight. So let's deal
with the number numbers GDP. First of all, let's wrap
our minds around something before we get into the GDP
numbers themselves. It was supposed to increase the economy was
supposed to grow at two point four. Instead, it grew
at one point six. That is a large number. You
(00:55):
look at that and you think, wow, that's not that bad.
They only missed it by less.
Speaker 2 (00:59):
Than a percentage point.
Speaker 1 (01:00):
When you consider we're talking about a twenty billion dollar economy.
Missing it by almost an entire point is a really, really,
really big deal. All right, So let's deal with this.
What's happening out there right now? Well, what's happening is
we've spent the longest time printing money, printing money, printing money,
(01:22):
printing money that's not backed, and.
Speaker 2 (01:25):
Spending out of control spending.
Speaker 1 (01:28):
You realize right now, right now, as a country, we
are spending at levels percentage wise, that we have not
spent since World War Two.
Speaker 2 (01:40):
Wrap your mind around that.
Speaker 1 (01:41):
World War Two was one of these all hands on
deck situations, past bill after bill after bill. We need
new aircraft, carries, we need new planes, more troops.
Speaker 2 (01:49):
We got to do this.
Speaker 1 (01:51):
A massive, the largest event in world history, prompted government
spending at the levels we're currently spending. There's no World
War IIE, there's no national emergency, so they're not stopping.
Speaker 2 (02:07):
They're accelerating. Right now.
Speaker 1 (02:09):
Every single thing is accelerating, meaning the stalling of the
economy is accelerating, the growth of the debt is accelerating.
The interest on the debt based off that is accelerating,
Inflation is accelerating.
Speaker 2 (02:24):
I was hesitant to even say it because you already
know it. We don't have to go economic numbers.
Speaker 3 (02:28):
Wow.
Speaker 1 (02:29):
I mean, the Wall Street Journal says today you know this.
Everyone knows this. When you live today, you buy anything,
you can see what's happening out there, and this is
part of why I've been so angry at the GOP
and Democrats for the spending. For the longest time, I've
been angry about the spending, but lately I'm getting.
Speaker 2 (02:50):
More and more angry.
Speaker 1 (02:52):
Why because look, even if ten years ago you could
deny that the spending was a problem, the debt was
a problem, well, Jesse, I think we can withstand it.
Nobody can deny what we're seeing now. No Republican, no Democrat, nobody,
nobody who can read can deny the fact that the
boat is taking on water so quickly that we're going under.
Speaker 2 (03:11):
And still the.
Speaker 1 (03:12):
People at the highest levels of power in this country talk, well,
like Bench McConnell talks.
Speaker 4 (03:19):
Is sixty billion dollars enough money for Ukraine to push
back Russia decisively?
Speaker 5 (03:27):
Well, we hope show it's actually only zero point two
percent of our gross domestic product. So put in in
that context, it's not a whole lot of money for us.
Speaker 6 (03:44):
Not a whole lot of money. It's just it's just
zero point two percent.
Speaker 1 (03:48):
It's just sixty billion dollars. Why are you whining these people?
They don't care. They know all the numbers. They have
all the numbers. I have you and I We don't
have special access to these numbers that they don't have
access to. Mitch McConnell knows everything about the debt, the
interest rates, inflation, and they just don't give a crap.
(04:10):
We found out today from the AARP twenty five percent
of people fifty and older believe they will never retire.
They simply can't afford the American dream. For Americans, it's
not being destroyed in the future, you know. It's not
(04:30):
troubles that are coming. They're happening now right now. Wealth
is disappearing, small businesses disappearing, the middle class disappearing, old
people getting crushed, people on fixed incomes getting crushed. You
can't avoid inflation. No one can escape it. I can't,
you can't, nobody can. The spending, the printing has brought
us here, and no one's stopping, no one's even slowing down.
Speaker 2 (04:56):
It's bad. It's really, really bad. And the problem with.
Speaker 1 (05:01):
Bad economies and bad economic situations, when it's debt and
interest in inflation is bad, almost always leads to more bad.
It really really snowballs terribly. And actually that's what we're
going to talk to Carol Roth about. So let's talk
to her. So joining me now the wonderful Carol Roth,
author of many books but hers. Her latest is particularly
(05:24):
on the nose for where we're at today, titled You
Will Own Nothing, highly recommended. Okay, Carol, the GDP, well,
you wanted it to.
Speaker 6 (05:33):
Grow two point four. It didn't do that. It grew
one point six. When you're talking about a twenty trillion
dollar economy, that tiny little eighth of a percentage point
is kind of a really big deal.
Speaker 2 (05:44):
What are we looking at today?
Speaker 4 (05:46):
So this was an ugly GDP report and is not
going to be a surprise to probably you, Jesse, to
me two people who have been following this because the
emperor has no clothes and while there's been a lot
of justtions with laser light shows to make him appear
to some people as though he's been wearing clothes, it
is now becoming more and more clear that he's absolutely naked.
(06:09):
So we saw some pretty paltry growth of one point
six percent, as you said, And this is coming at
a time when we're showing deficits to GDP which are
kind of double the historic average, So that means that
we're getting less bang for our buck as the government
(06:31):
continues to spend, they are not able to turn that
into any growth. Surprise, surprise. The government isn't a good
steward of capital and not productive with money, and it
would be better in the hands of the private sector.
Again many of us knew that. At the same time,
one of the things in this report was what was
going on with prices. So you might expect, as the
(06:52):
economy is beginning to slow that maybe some of that
inflation would be slowing down as well to match it.
But no, no, no, course not, because as we know,
everybody has been doing the wrong thing, including the government
in that respect. So we saw that prices, the price
component of this report started to accelerate. Again, that also
(07:13):
beat expectations in the wrong way. So that means that
we're seeing increasing inflation, which again many of us knew.
So when you have an economy that is stagnating and
you have inflation that is increasing, you get something that
we've talked about before, which is called stagflation, which is
sort of the buffet of the worst options kind of
(07:35):
left over for you. And when you hear people like
Jamie Diamond of JP Morgan Chase saying I'm worried that
we are going to have an economy that looks a
little bit more like the seventies. That was where you
saw a double dip inflation, where I guess should say
a double spike in inflation. We saw come up, go down,
and go back up again, and then you ended up
(07:57):
with many years of this stagflationary environt So that's really
what we're seeing. It puts the FED between a rock
and a hard place in terms of their decisions. But
at the end of the day, this is all the
government's fault and until they get their act together, you know,
which is going to be never, we're in for a
stagnating economy.
Speaker 3 (08:18):
And more inflation.
Speaker 1 (08:21):
Okay, So since neither of us are going to hold
our breath until the government gets its act together, where
does this take us? Because this may be similar to
the seventies, but there is something way way different than
the seventies, and that's our debt to GDP ratio. Yeah, Pierrel,
I know it was bad in the seventies. Today it's suicidal.
That is drastically different today than it was fifty years ago.
(08:43):
That component of it, the interest rates, the debt to GDPs,
the servicing of the debt.
Speaker 2 (08:49):
How does that hurt.
Speaker 4 (08:50):
Us more so when we're looking at what the FED
might do and the decisions that they're thinking about making.
I would argue that they should cut rates. But the
normal thinking, because of course not a normal thinker, although
I'm usually right about these things, the normal thinking is, oh,
they're going to cut interest rates, and that that is
(09:10):
going to stoke inflation, and that's something they don't want
to do. They don't want to be on the hook
for that higher inflation that they told us wasn't coming
and was transitory and all of that good stuff, even
though they don't have the right tools to fix that,
and the government is completely moving in the opposite of
direction and working against them. So if they're seeing inflation
go up now, the market's starting to ask itself, well,
(09:32):
could they hike interest rates? And that's where really puts
us in a potential world of hurt because we've seen
the projections Bank of America a few weeks ago projected
that by the end of the year, if there was
no changes to spending and there was no changes to
FED interest rates, by the end of the year, we'd
be at a run rate of one point six trillion
dollars in terms of the interest we're paying on our debt,
(09:54):
it would be the biggest line item in the budget,
bigger than Social Security, mea care, all those other things,
so that we'd be spending the most on paying for
the debt for the things that we've already bought. Now,
if the FED were to increase interest rates, then that
would add to that amount, and then that becomes, in
my opinion, even more inflation area as well, because that
(10:17):
means that we have even bigger deficits that we need
to finance. The demand for our debt is not great.
As we know. Central banks around the world have been
net sellers of debt for the last ten years, and
so people are going to be demanding investors of demanding
higher prices for that. So we are really in this
really bad place of fiscal dominance. What the FED needs
(10:39):
to do again is not say we're going to lower.
Speaker 2 (10:43):
We're going to raise.
Speaker 4 (10:43):
They need to go to the government and say you
got to get your act together because we're trying to
do this thing and you're doing exactly the opposite. You're
working against them. But it's an election year, that's not
going to happen. Powell's you know, said as much as
he's going to say, and so you know, there there
are a lot of potential outcomes depending on what the
policy ends up being, but none of them are good
(11:07):
for the average America. And whether that ends up being
high inflation, or they do something where they go back
to a seventies type of policy and really raise interest
rates and completely tank the economy, or you know, and
you again, you could end up with some cycle of
both of those. So again, the middle and working class
are getting screwed. It's being done by government and monetary policy.
(11:28):
We've been telling you that this is the consequence, and
you cannot have central planners messing with the economy for
fifteen years and expect that you're going to get out
of this without any consequences. Unfortunately, the people who are
in charge are not the ones who are accountable for
those consequences. It is you and your family and your
bank account.
Speaker 1 (11:49):
Carol, Let's circle back to the interest on the debt
portion of that, because I caught that same thing too,
that it was already going to be a big fat
number without interest rates going up. How do we deal
with that number as a country with the interest only
loan and we can't cover the payments. How do we
even begin to tackle that problem?
Speaker 4 (12:12):
Well, this goes back to math. There are only so
many things that you can do.
Speaker 3 (12:16):
You know.
Speaker 4 (12:16):
One of them is you can have a productivity miracle.
We could have a breakthrough in quantum computing or some
kind of you know, amazing nuclear fission and energy something
like that, and we could really grow the economy side,
and we can get more money to keep this all
in balance. You know, is it a possibility, Yes, but
(12:38):
you know I wouldn't be putting my odds on that
they could go back and try and cut some of
the programs and some of the government spending. We know
that that's not going to happen. So they continue to
run up this debt, which is going to be the
deficit's going to be increased, and the debt ultimately increased
by more and more interest payments, and that is they
(13:00):
have to finance that. And when you don't have enough
buyers at at least a certain pride, they have two choices.
They have enough buyers that they raise up the interest
that they're that they're going to charge and try and
track more people, which would suck more money out of
private investment and again create even more debt for or
(13:21):
more interest for us, or ultimately they have some sort
of monetization of the debt like we saw over the past,
you know, the couple of years during the COVID scenario.
And we know that that itself is inflationary. And so
that's why I'm so focused on this sticky inflation thesis
(13:42):
because it is coming, you know, not just from the
monetary policy side, It's coming from this fiscal foundation. If
we don't have the people to buy the debt at
a reasonable price, eventually the Fed in some way, shape
or form, whatever they call it. They come up with
these weird names and programs all the time, but their
going to find a way to monetize it. That is
(14:02):
the printing of more money, and that means that is
ruining your purchasing power.
Speaker 1 (14:09):
Yeah, which brings us finally to bricks. I know that
we're not going to get off the dollar being the
world's reserve currency tomorrow. I'm not naive, but man, Carol,
it sure seems like we're inching towards that direction, doesn't it.
Speaker 2 (14:25):
Well.
Speaker 4 (14:25):
I think that this is something that's been building a
long time. For a long time, I talked about this
and you will own nothing. And certainly as the US
has not only neglected the dollar, you know, as the
reserve currency, keeping it stable either domestically or on an
international basis. And now we have the weaponization of the dollar.
(14:47):
You know, you've got Yellen who's trying to get all
these Russian reserves and to flip them over, cash them
in and give them to Ukraine. Countries around the world
are going, yeah, I don't know that. We want to
keep our money with the US and in US treasuries.
And that's why central banks around the world have been
net sellers. Over the last ten years. We've had almost
seventeen trillion dollars a debt we've issued, and on a
(15:09):
net basis, central banks have sold about one hundred billion
over that time. So they are not the ones buying
our currency. What they're buying, though Jesse is not another currency.
It's not like they're they're going and replacing the US
dollar with something the currency of another country. What they're
replacing it with is gold. And that's what we're seeing
over and over again these countries, particularly the Chinas of
(15:31):
the world, Russia, Turkey to some extent that they have
been loading up on gold as the reserve, and they're
using that not to officially back their currency, but sort
of as a settlement. So as those countries trade amongst
themselves and there is maybe a little bit that's left over,
instead of settling that in the yuan, the Chinese currency,
(15:54):
they say, well, if you want, you can trade that
in for gold. And so I think that we're going
to see that being a more and more important part
of what's happening globally, because that is something that no
matter what country you are in, all the central banks
have some amount of it, and you know, certainly we've
got a five thousand year plus social contract around it.
(16:17):
So I would look instead of having some other currency,
you know, necessarily supplant the US dollar, I think that
you could see gold playing.
Speaker 7 (16:25):
More of a role.
Speaker 4 (16:26):
But what it does mean here in the United States
is that with the dollar not having this sort of
privileged position, is it means everything's going to be more
expensive for US bottom line. And so I think we're
going to be living through several decades going forward that
are nothing like the ones that we grew up in,
and it's not going to be to our benefit unless again,
(16:47):
we have a productivity miracle which changes everything. So if
you're putting forth investment dollars as the government, that's where
you should be putting it towards. But certainly that's not
what they're doing, no doubt about it.
Speaker 2 (17:01):
Carol, thank you, ma'am. You are the best all right.
Speaker 1 (17:06):
All that may have made you uncomfortable, but I'm right,
and so she lawfair makes you uncomfortable too. We'll talk
to Bill Jacobson about what happened at the Supreme Court.
We'll talk to him next. Before we talked to Bill,
let's talk about your feet. Your feet. You've heard a
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(17:27):
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(17:49):
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Speaker 2 (17:53):
At the end of the day.
Speaker 1 (17:55):
Wouldn't you love to have your feet feel good, not sore,
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Speaker 2 (18:15):
G D e f y dot com. We'll be back.
Speaker 1 (18:27):
There was a big immunity case today in front of
the Supreme Court. Arguments in front of the Supreme Court.
How immune is Donald Trump from all the various things
that they're throwing at him.
Speaker 2 (18:37):
I don't know. I don't know how it went today.
Speaker 1 (18:39):
Of course, some justices sounded like it was gonna go
well for Trump.
Speaker 2 (18:44):
Some didn't. Joining me, now, the Great William A.
Speaker 1 (18:46):
Jacobson, founder of Legal Insurrection, professor at Cornell. Okay, Bill,
you heard it today. You have a much different ear
that I have, meaning yours is educated.
Speaker 2 (18:56):
Mine is not. How'd this go for Trump today?
Speaker 3 (19:00):
I'd say it went well. I don't think he's going
to hit home run here. I don't think his case
is going to be thrown out as such. The issue
is whether official prosecution, and I think that's what the
Court's going to rule. The answer is yes on that.
But they're not going to say this case against Donald
(19:20):
Trump gets thrown out. They'll send it back down to
the district court. In all likelihood and say that you've
got to examine it under our rulings. So I think
he'll get a legal win here, but he's not going
to get a win in the real sense. What he
will get is even more delay in that trial, which
would push it after the election.
Speaker 2 (19:39):
Okay, that's good.
Speaker 1 (19:41):
Tell us why we're not going to get the win
win that many Trump supporters would want, and most people
looking at this think we should get Why not?
Speaker 3 (19:51):
I think because the court court is just hesitant to
get very deep in the weeds of the indictment. I
think it was Justice Barrett today was going over some
of the allegations and some of the claims and asking
the attorney for Trump, is this official business or is
this private business? And the answers went back and forth.
(20:13):
I just don't see the court going through a lengthy
indictment paragraph by paragraph and saying this is in this
is app That's something that normally a district court would do.
So I think they will issue a pronouncement of law.
They will uphold the question that was before them when
this was brought to them, they said we will accept
this case on the following question. And I'm paraphrasing. Now
(20:36):
are the official actions of a president immune from prosecution,
and if so, to what extent. So they will rule
that this is either immune or not, and they may
even rule the breadth of the immunity. But I don't
see them pulling out the indictment and going through it
(20:58):
line by line and saying this is in this is
app That's not something the Supreme Court normally does.
Speaker 2 (21:05):
Okay, let's set that aside.
Speaker 1 (21:07):
Trump was not there today, although I'm sure he wanted
to be. Trump was in New York City, where he's
required to be at this ridiculous trial that everyone knows
is ridiculous. But ridiculous doesn't mean it's not going poorly
for him.
Speaker 2 (21:19):
How is it going there?
Speaker 3 (21:21):
Yeah, it's hard to know. We only know what the
media reports. So I wish it was live streamed. I
wish we could watch it ourselves and reach our own conclusions.
What the prosecution appears to be doing is proving a
lot of stuff that is not in and of itself illegal,
the relationship with whoever the money paid. There's nothing illegal
about paying someone to be quiet. That happens every day
(21:44):
in lawsuits around the country, probably hundreds of times a
day in the United States. Someone gets money, and part
of that payment is a non disclosure agreement. Nothing unusual
about that, but that's what they seem to be starting
the case with. They want, as if they need to
vincent Manhattan jury to hate Trump. They want the jury
to hate Trump and to show that he did all
(22:05):
sorts of you know, nefarious stuff, but none of it's illegal,
so it seems that they're not. That's what their strategy is,
to build up the anti Trump aspect of the trial.
Speaker 1 (22:19):
Yeah, like you said, as if they need any help
to hate Trump any more than they already do in
a place like Manhattan. Okay, let's shift gears to the
classified documents case, because for the longest time you've been
telling us this is the one that really may bite him.
This is the one, at least to you i'm paraphrasing,
looks most legitimate and like he may burn for it.
What do you make of this redacted unredacted documents update.
Speaker 3 (22:44):
Yeah, that didn't strike me as usually significant. A lot
of people are making a big deal about that, and
I think you fairly paraphrased. My position on this was
that of the cases, this is the one where he
had the greatest exposure because rather than like New York
City or DC or Georgia. They are not relying on
convoluted novel legal theories. They're either going to prove their
(23:07):
case where they're not going to prove their case down
in Florida. But so that to me was the most
straightforward and the most risk to him. I think what
these documents that have been released, based upon what I've
seen the analysis is, it shows a bumbling government. It
shows a government that doesn't really know what it's doing,
but that doesn't necessarily relieve him of whatever legal obligations
(23:29):
he had. So I think that the case is the
same case it was before those redacted documents were released.
Speaker 1 (23:39):
We got some pretty significant news out of Arizona as well.
We have I believe eleven Yes, Grangeury indicted, eleven Trump allies,
everyone from Mark Meadows to Rudy Giuliani. What is this
another ridiculous thing? Are these people going to prison? What's
happening here?
Speaker 3 (23:57):
Yeah? And this one has to do with an alternative
slate of electors proposed by the Trump team, Maybe not
him himself, but they felt Arizona was stolen from them
and they wanted there to be a slate of electors
ready to go, and that is the issue. They are
being charged with fraud deceiving people as to these electors
(24:19):
and falsely portraying them as the legitimate electors. The problem
with this case in reality, forget what jury they're going
to have, is that no one was deceived. Everybody knew
exactly what Trump was doing or his supporters were doing.
They didn't think the election was fair, they think it
was stolen, and they were proposing their own slate of electors.
(24:40):
Nobody was tricked, It wasn't hidden. It all took place
in plain sight. So I think that is a really
incorrect theory that this was a fraudulent attempt to deceive people.
But that's not the point of this. With all of
these why is this being brought now at the end
(25:00):
of April. It's because we're entering into the election season
in Arizona and there's a hotly contested Senate race, which
may come down to how much bad coverage this gets.
And so why wasn't this brought two years ago? Every
single fact in this has been known for a long time,
is three and a half years old. Why wasn't this
(25:22):
brought a year or two? We could have had that trial,
people would have either been convicted or not convicted, but
it wouldn't have interfered with the election. So what this
Democrat prosecutor in Arizona has done is she is now
frozen a significant part of the leadership of the Republican
Party in Arizona. With these indictments, they're not going to
be able to really do anything. So again, whether it
(25:45):
has married or it doesn't. Every single one of these cases,
with the exception of Marilago because that all took place
later in time, but every one of these other cases
could have easily been brought two years ago, we would
know the results and voters could make their choice. But
they were deliberately delayed until the election year. And that's
all people really need to know about this case is
(26:07):
that this is being was delayed for three and a
half years in order to be dropped right on the
eve of a Senate election.
Speaker 1 (26:16):
Okay, so we all know the deal. This is law fair.
That word has been thrown around a bunch because that's
what it is. Okay, this is all bad, it's evil,
it's wrong, it shouldn't happen, but it is happening. Bill,
What does that mean for the country. If this kind
of thing can happen, even let's say Trump gets away
with all this stuff and its people get out from
(26:36):
all this stuff and they get out from under it.
This very clearly is just how the country, how Democrats
at least are going to run elections from now on.
Shouldn't shouldn't there be something in place to stop this?
Speaker 3 (26:48):
Yeah, there should be, But it's very difficult because there's
an imbalance, and there's an imbalance of evil here. The
Democrats are willing to do this stuff. Republican prosecutors are not.
And that's always the disparity. You always hear people say, oh,
Democrats have opened the door to this. They will regret
the day that they did this to Donald Trump.
Speaker 8 (27:06):
No, they won't, because there's no Republican prosecutor who's going
to do this. There's no Republican prosecutor who's going to
wait two and a half or three years to dump
a case on the eve of elections in key swing states,
so they'd get away with it.
Speaker 3 (27:20):
I don't know what the answer is. I wish I
had the answer to it. The answer to it is
to somehow, despite all the Shenanigan still win the election,
and when you get put in power, change the laws,
so this can't happen. But there is a difference in
agenda here and a difference in how people operate. So
it is a real problem, and I wish I had
(27:41):
the answer to it. How you can rein in rogue
local Democrat prosecutors.
Speaker 1 (27:48):
Bill, You're a professor at an Ivy League university, so
I'm going to I want to acknowledge that.
Speaker 2 (27:52):
Before I asked what I'm about to ask.
Speaker 1 (27:54):
But I can't let you go without asking about all
the protests all over campus. It's all over the place, Columbia.
It's everywhere at our most elite universities. And what I'm
struggling with right now, Bill, is why I should care.
It's not that I don't value high education. I want
our country to have a great higher education system. It's
an important part of a country. But we don't, at
(28:15):
least in many pockets we don't. They produce these anti
American kids who hate the frigging.
Speaker 2 (28:20):
Place, and then they go on to run the country.
Speaker 1 (28:22):
So if a bunch of dirty street commies on the
street are messing with the administrators, why is why do
I have a crap?
Speaker 3 (28:30):
Yeah? Well, I think you just mentioned why it matters
because these are the kids who are moving into the government,
who are moving into Democrat prosecutors' offices, who are moving
into Google and suppressing people. These are the people who
this is a serious problem. No, I don't think you
need to care about tents on the lawn at Columbia.
Nobody really cares about that. But the fact that elite
(28:52):
education particularly is so corrupted politically, I think affects the
whole country. What people need to understand is that these
are a combinate. What's happening this year is different than
in the past. This is a combination of far leftist,
almost Kamerouge style people who want to tear down our
(29:14):
society and start again at year zero. It's combined with
the Islamis who want to tear down our society and
start in the eighth century again. So this is a
really toxic movement and people need to understand. Israel is
simply the excuse. Israel is the organizing mechanism for them.
They can gin up universal hatred of Jews and the
(29:36):
universal hatred of Israel, but Israel is not really the target.
The United States is the target. They hate us. They
are forming what they call liberated zones liberated from what
liberated from our country. That's what they're liberated from. They
refer to the United States as Turtle Island. Turtle Island
(29:56):
is the mythical name that some Native Americans give to
the creation of the earth. They literally want to tear
us down. They do not recognize our own sovereignty in
this country. They're liberating themselves from our sovereignty. They want
to destroy us. That's why people should care.
Speaker 1 (30:16):
Yeah, well I wish it was different, Bill, Thank you
so much, wish wishing.
Speaker 2 (30:20):
You the best.
Speaker 1 (30:22):
All right, let's talk about those Ivy League schools. In fact,
we have a graduate of one of those Ivy League schools.
Before we do that, let's talk about, Oh, what are
they missing? What are we missing as a nation? Many things,
but what's one of the main things we're missing. Patriotism.
Speaker 2 (30:40):
That's really it. Patriotism.
Speaker 1 (30:43):
So much of what we're seeing simply comes back to
love of country.
Speaker 2 (30:47):
And our lack of it. Look, that's why we have
to be.
Speaker 1 (30:50):
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(31:11):
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(31:31):
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Speaker 2 (31:38):
We'll be back.
Speaker 1 (32:02):
That was Harvard USC announced today. They're not even having
a graduation speech. I think this is all fantastic. I
wonder if Aaron disagrees with me though joining me now.
Aaron Wexler political commentator. You can find hers with outstanding
on Instagram non live take.
Speaker 2 (32:18):
All right erin.
Speaker 1 (32:18):
Obviously it's not good to have a bunch of dirty
communists scum destroying American universities, kill all the Jews and
all that stuff. That's obviously not ideal, But the American
university system is poison. A bunch of Americans are now
realizing it's poison, and I think in the end.
Speaker 2 (32:33):
That's a good thing.
Speaker 9 (32:35):
Yeah, Jesse, the first things for having me, and I
definitely agree with you. This is one of my favorite
subjects right now as an Ivy League graduate. I hope
you and your audience will not hold that against me.
But when I was I actually graduated from the University
of Pennsylvania. When I was there, we actually colloquially referred
to it as the University of Pennsylvania, And back then
(32:55):
we were doing things like taking finance exams and writing
history papers.
Speaker 7 (32:59):
And even back then, which.
Speaker 9 (33:00):
Was almost a decade ago, you know, it was very
evident that the university was turning into what is essentially
a woke Madrasa. Even I could not have predicted things
would be this bad. The administration, the students, the faculty,
they are so far to the left. They are churning
out Marxists who are basically taking classes in roadside bomb
(33:21):
making and underwater he jab be weaving. So you know,
at this point, I agree with you. I've seen your
tweets online and I love.
Speaker 4 (33:28):
To see this.
Speaker 9 (33:29):
This is the educational enema that these institutions need. There's
been a lot of bull building up for a long time,
and it is time to flush it out. So you know,
we have some of these soft conservatives who are saying, oh,
this is so terrible to see. It's you know, if
people like us who love watching this, like I love
watching this, and for those of us who do there,
(33:49):
they would argue that, you know, we're celebrating the fall
of great American institutions. These institutions are not American anymore.
They were infiltrated a long time ago. The American flag
was lowered, and some of these clips you'll see the
students actually lowering the American flag raising terrorist flags over
the schoolyard. So this is I think absolutely necessary and
(34:12):
I'm just glad that everyone gets to see it now.
Speaker 2 (34:16):
Yeah, hav me too. I will know we will have
succeeded if.
Speaker 1 (34:20):
I can go to one neighborhood party in my area
and not have one of my neighbors bragging that Aiden,
Jaden and Brayden got into Yale. Oh these universities, their
reputation needs to go the way the university has gotten.
I am curious, though you were at some fancy school
like you Penn, very similar to the community college I
went to. Did you feel this stuff coming when you
(34:41):
were there, meaning, did it feel like it was getting darker?
They've always been democrat, they've always been you know, crappy libs.
Speaker 2 (34:48):
But did you feel something sinister or is this just
really recent?
Speaker 4 (34:53):
Yeah?
Speaker 9 (34:54):
Well, first in credit to you, Jesse, I do think
that now your college ranking is definitely inversely correlated to
your intelligence, So you're you're one upping me on that
way to brag, way to brag about your degree. But yeah, no,
it was really clear when I was an undergrad that
things were heading in the wrong direction.
Speaker 7 (35:12):
And this is what the left is really effective at.
Speaker 4 (35:14):
Right.
Speaker 9 (35:14):
They're really good at the slow boil of the frog,
and I think a huge problem we've had on the
right is letting them get.
Speaker 7 (35:19):
Away with it. For us, it's always always.
Speaker 9 (35:22):
Been lived and let live, and you know, it's not
so bad, and they just slowly turned the temperature up
on us little by little. So when I was there,
it was seemingly small things, but I.
Speaker 7 (35:33):
At the time could identify it.
Speaker 9 (35:34):
And I was actually asked to be the president of
College Republicans when I was there. So just to give
you a sense, I've always been very, very conservative and
very vocal.
Speaker 7 (35:41):
When I was on campus, but they were doing things.
Speaker 9 (35:44):
Like, you know, getting rid of Greek life and getting
fraternities in trouble because the administration saw that as you.
Speaker 7 (35:50):
Know, the patriarchy and the rich white male.
Speaker 9 (35:52):
Even though, like many liberal policies, it wound up backfiring
because with the fraternities on campus, you could have parties
that everyone could attend that were you know, free for people,
and in getting them off campus it actually just made
certain social activities even more exclusive and even more expensive.
Speaker 7 (36:08):
So we saw, we saw whether it.
Speaker 9 (36:09):
Was in our social life the teachers. I was both
in Wharton undergrad and the Liberal Arts School, so I
got a taste of both, and even in Wharton, which
I went to because I saw it as the final
beacon of capitalism in this country, in the Ivy League,
and that's why I wanted to go to Penn. Even
there we had professors who were just trying to shove
(36:30):
liberal almost socialist agendas down our throats all the time.
And as these professors retired, the old school, you know,
the old guard, they were white men, and they were
always replaced with a DEI hire without fail. And then
don't even get me started about the Liberal Arts School,
because you know that was you know, it was like
Jahati training camp over there. But even Wharton was infiltrated
(36:53):
back then, and it only got progressively worse. And I
think we all know that pos post COVID, the left
decided that they had free reign to do whatever they want,
and that was especially true in college campuses.
Speaker 1 (37:05):
Gosh, even Wharton. I don't know why. I'm shocked to
hear that. Of course it would be Wharton too, but Wharton.
Everyone knows about Wharton, even dummy's like me who could
never get in.
Speaker 2 (37:14):
Everyone knows about Wharton.
Speaker 1 (37:15):
Did you get the sense that some of your professors
or administrators that they knew this stuff was bad and
maybe they were afraid, maybe pushing back, but only pushing
back a little, don't want to lose that tenure. I'm
trying to figure out, basically, Aaron, at these high level schools,
do we have any friends left?
Speaker 7 (37:35):
I know we do have friends left.
Speaker 9 (37:37):
When I was an undergrad that we're talking twenty eleven
to twenty fifteen, I could always sniff out my conservative
professors because they were the only ones not shoving an
agenda down your throat, right, So that's how I was
able to identify them. I do recall also the day
after Barack Obama was elected president in twenty twelve, crying
(37:57):
as I handed a finance midtrementing my professor, what's the
point and he said, we will.
Speaker 7 (38:03):
Get through this.
Speaker 9 (38:04):
But besides that one professor, I did find that most
of them truly believe this. They actually are Marxists in
these institutions. And I mean it does make sense now.
The DEI hiring practices are so rampant. It is almost
impossible to get hired in any of these places unless
you totally subscribe to these You.
Speaker 7 (38:22):
Know, they could sniff you out.
Speaker 9 (38:23):
And I think conservatives just stay quiet. You have to
subscribe to these ideas. So no, I think we have
few friends left. But generally, these are people who've never
lived in the real world, never held a real job,
and they have their fantastical ideas and they just sit
in these institutions getting paid.
Speaker 7 (38:41):
Some of them actually a lot of money.
Speaker 9 (38:42):
The DEI admins get paid a lot more than professors,
so that's turned out to be a great gig. And
you know, I just don't really have hope in these institutions.
I don't think it's worth any penny sending your kids
to these schools, even if you have a full ride.
At this point, I don't know what you gain from
going to places where instead of right now. You know,
this time when I was a student, I'd be sweating
(39:05):
in the library.
Speaker 7 (39:06):
So nervous about finals.
Speaker 9 (39:07):
I don't know how these kids feel comfortable sitting in
the middle of college campus, you know, just protesting something
that has nothing to do with their exams. So I think,
I think that you'll be better served going elsewhere or
not going to school and getting a skill set and
going into the real world. So that is my message
to anyone here with a teenager thinking of going into
an IVY League school. I certainly would not let my
(39:30):
kid go to an IVY League school.
Speaker 2 (39:34):
That is quite a statement. The library, you.
Speaker 1 (39:36):
Know, I don't even know if my community college had
a library. I never did see it though, Aarin, Thank
you so much, appreciate you as always. All right, now,
we needed to talk about power, the president and power.
Before we talked about that, let's talk about your power,
your time share you see you feel power, yes, because
(40:01):
you can't get out of it. You've called hey, guys,
we don't use it anymore. Can you let us get no. No,
They tell you no, you've sent emails. Hey, we haven't
used this in two years. You won't even let us in,
let us out. And the timeshare company keeps telling you
know you can't. Sorry, pay your annual fees, pay up
special assessments, and you feel powerless. But you were not
powerless because Loan Star Transfer exists to hand you that
(40:24):
power back.
Speaker 2 (40:26):
This is a family business.
Speaker 1 (40:28):
They have an A plus rating from the Better Business
Bureau for a reason. What do they do with loan
Star Transfer, Well, they get you out legally and permanently.
They put it in writing, they give you a timeframe,
talk about the ultimate Babe Ruth calling of the shot.
They will get you out, and they'll tell you when
(40:48):
you're not powerless, you just have to make a phone call.
Speaker 2 (40:51):
One phone call eight four.
Speaker 1 (40:52):
Four three one zero two six four six, wrap your
arms around the power you have and call loans our Transfer.
Speaker 2 (41:00):
All right, we'll be back.
Speaker 1 (41:11):
You know. One of the things that we try not
to forget on this show, or maybe we do try
to forget it up, and something we bring up is this,
the man who holds the power, the top executive in
the United States of America really Oh, my gosh, the
most powerful person on the planet. It's very reasonable to
say the President of the United States is the most
(41:32):
powerful person on the planet. He's virtually helpless by this
point in time. Yesterday he was given a speech and
obviously he's reading from the teleprompter. He can't think he's
reading from the teleprompter, and he does this four more
years line. And then his staff knew that that was
(41:52):
kind of one of those lines where the crowd would
start chanting four more years, four more years. So they
wrote on his telepromom. I'm sure it was in parentheses
or something, they wrote, pause, four more years.
Speaker 2 (42:04):
Pause. This is the president of the United States of America.
Imagine what we can do next.
Speaker 6 (42:13):
Four more years are years?
Speaker 2 (42:24):
Four more years?
Speaker 3 (42:25):
Pause?
Speaker 1 (42:26):
And look, honestly, this is not even on Joe at
this point in time.
Speaker 2 (42:30):
He is what he is.
Speaker 1 (42:31):
This is on the staffers, This is on whoever's drawing
up these speeches.
Speaker 2 (42:35):
This is not a one off.
Speaker 6 (42:36):
This is not the first time Joe Biden's done this before.
Remember when he did, Remember when he did the end
of quote thing.
Speaker 5 (42:43):
The percentage of women who registered to vote and cashed
to ballot is consistently higher than the percentage of the
men who do so.
Speaker 2 (42:50):
End of quote. Repeat the line A, repeat the line.
We shouldn't laugh.
Speaker 1 (42:59):
It's not funny that man, that's the leader of the
free world. That's where we are, all right, whatever, we
have light in the mood. Next, all right, it is
time to lighten the mood. And I have a confession
(43:20):
to make. I miss professional sports. You know, I used
to watch the NFL for ages, ages, lived and died
for it, and now it's all America sucks, scrap. I
can't watch it anymore, just can't do it.
Speaker 2 (43:32):
So I've been looking for more professional sports to watch.
Speaker 1 (43:35):
And I do know this hockey is amazing in person,
not the best on television. But I will say, in
my never ending search to find a new sport, hockey
fans are bar none, my favorite, bar none, my favorite.
You want a little example of hockey fans, here's one
(44:00):
m that's so great we.
Speaker 2 (44:48):
Don't want to see anyone else. Put it back on
the kid, I'll see it. Hey,
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