Inside Scoop with Breitbart News - John Carney

Episode Transcript

Speaker 1 (00:00):
Summer. What is happening now?

Speaker 2 (00:02):
Russia US in the market.

Speaker 1 (00:05):
Every day, every day happens here.

Speaker 3 (00:08):
I'm fifty five KRC, the talk station, Ato six fifty
five kr CE the talk station.

Speaker 1 (00:16):
It's that time a week. I always look forward to it.

Speaker 3 (00:19):
We get the inside scoop from bright Bart News, b
R E I t B A art dot com book market.
Like I always say, we start out this segment book market,
you'd be glad you did, because you don't want to
live in an echo chamber. You're going to get some
really good reporting and some reporting that's well done and
isn't tainted with the left wing liberal bias like it's
terrible out there.

Speaker 1 (00:39):
We're all gonna die.

Speaker 3 (00:40):
Joining us to talk about that, John Carney, return of
John Carnegie, bright Bart News Finance and economics editor as
well as co author of the breit Bart Business Digest. John,
welcome back to the fifty five KRC Morning Show. It's
a pleasure to have you back on.

Speaker 2 (00:54):
Yeah, thanks for having me. And we are all going
you to die, just not yet.

Speaker 1 (00:59):
Right. It's death and taxes, right, John.

Speaker 2 (01:05):
That's right. You know, well, but maybe a little less
taxes and you know, maybe we'll get to live a
little bit longer that we can.

Speaker 1 (01:11):
Let's hope for that.

Speaker 3 (01:13):
But you know, as we talked quite a bit about
the echo chamber, and many people live in their own
echo chamber, I think notably politicians. We talk about the
DC swamp, and something happens to people when they get
elected and move off to Washington, d C. Their collective
psyche is somehow removed somewhat from reality. But in this
modern age where we can pick and choose which news
outlets we want to get our news from, uh, some

(01:35):
people choose to dwell on the left leaning sites and
never leave them. Some people choose to dwell on the
right leaning sites and never leave them. And you truly
get a completely different perspective depending on.

Speaker 1 (01:47):
What you're reading and where you're reading it.

Speaker 3 (01:49):
And so generally speaking, our topic today is the economy,
good or bad. Now, I just want ahead to pull
up gasbuddy dot com and I'm pleased to see that
the average price erection regular gas, at least in my neighborhood,
is now down to two dollars and seventy nine cents.
And it wasn't that long ago that I was paying
north of three, if not even four dollars and I'm

(02:09):
sure you remember that and maybe even worse where you live, John,
But that's a great one. That's something that we all
have to deal and cope with, and that's a sign
that the economy is doing better. At least that price
has come down. And I know the price of eggs
has come down because I read about it at Breitbart,
down sixty one percent since Trump took office. We don't
have runaway inflation anymore. I think the report was that

(02:31):
core inflation is the lowest in four years. All of
this sounds like positive news, John.

Speaker 2 (02:39):
It is positive news. This is we just went through
the lowest Memorial Day weekend gas prices other than not
counting twenty twenty when we were locked down and people
weren't really traveling much, but in decades it was. And
gas prices probably this summer are going to average around

(03:00):
three dollars a gallon. You're where you are, it's already
cheaper than that. It's going to get cheaper than that.
I mean, it's been a while since some of us
saw a two at the beginning of the game, avice,
which is, you know, quite thrilling and frankly good for
the economy. Because remember, every dollar that we're not pumping
into our gas tank is a dollar that you can

(03:21):
spend taking your family out to dinner, going on vacation,
but you know, spending on back to school clothes. So
it's actually acts as a tax cut for the economy.
People have more money in their pockets or to save. Frankly,
you know, they're not just spending it to get to
work to drive their cars. So this is a really

(03:42):
good thing for the economy. And what we're seeing throughout
the economic numbers is that the economy is actually doing
quite well. The Atlanta Fed's GDP now estimate, which is
you know, it changes a lot over the course of
a quarter, but it tries to look at the most
recent economic doubt and says, if this is how if

(04:03):
the economy looks exactly how it does right now through
the rest of the quarter, what would that mean? It
has us growing at three point eight percent. Now, I
don't think we're going to grow at three point eight
percent in this April through June period, but we are
growing pretty fast and the economy is doing very well,

(04:24):
which again you wouldn't know looking at a lot of
the headlines elsewhere, because there is a lot of doom
and gloom out there, but I don't and that has
depressed consider sub to it. But I don't think that'll
last because, as I've said a number of times, you
can't really fool people about the economy because they see
it in their paychecks, they see it in their neighbors.
They know when people have jobs. So the truth will

(04:47):
out when it comes to the economy.

Speaker 3 (04:48):
So let me assaysk you in this fashion. Is the
gloom and doom reporting that I see regularly because for
this job, John, I got to look at everything. I
look at left wings, I look at right wing sites,
I look at everything in the middle, so I kind
of get a clear picture of where the bad news
is coming from. Is this a phenomenon of like Trump

(05:09):
derangement syndrome? We cannot say a positive thing because Donald
Trump might get credit for it.

Speaker 2 (05:15):
It is what's really funny. So I read everything there
is that comes out about the economy because that's my job,
and I can see where the way this manifests itself
is that when there is good news, it is spun
in the worst way. Yes, when we got good news

(05:35):
on inflation, there were headlines that said inflation is low,
but that probably won't last for law.

Speaker 1 (05:41):
Right.

Speaker 2 (05:42):
In other words, you know, they ignore the actual good
data and try to lead with the scary prediction. It
doesn't really make sense, but it's definitely out there, this
pushing the gloom narrative.

Speaker 3 (05:54):
Yeah, and you know it's funny because I have a
financial planner on the program every week to talk about
you know, financial planning, and you know the things that
impact our long term outlooks. And you know, you're always
pointing out, yeah, it's this way now, but it will change.
The markets go up, the markets go down. That's inevitable.
So enjoy it while it lasts, because, yes, the inflation

(06:14):
will change in one direction or another. It may very
well get better to leave that part out, you know.

Speaker 2 (06:22):
Yes, And look, I think that there probably will be
some prices. I've said this before. Tariffs will affect some prices.
It'll push some prices up, but it will most likely
result in other prices being lower. So it won't result
in the kind of inflation that we just lived through,

(06:44):
which was month after month, all prices more or less
going up. We won't see that this time. We may
see some things that are directly affected by teriffs. Those
prices go up, but remember most of the things people
buy in America are services, first of all not affected
by tariffs, and second are domestically produced goods. Your eggs,

(07:07):
for instance, most of your groceries. Yes, avocados, a lot
of them are imported, but a lot of what we
buy is not actually imported won't be affected by tariffs.
Only some of it will go up in price and
other things will come down, so I don't expect some
sort of big inflation from the tariffs.

Speaker 3 (07:26):
Well, and going back to the price of fuel, obviously
the price of diesel also has dropped, and that's what
we pay for in terms of delivering all the goods
and the goods in our country to the supermarkets and elsewhere.
So maybe some of the potential increases from terrafs might
be offset by lower transportation costs, so we won't feel

(07:47):
it as badly.

Speaker 2 (07:48):
I think that's right. We'll have lower transportation costs and
lower energy costs to produce things because, as you said,
you know, when you order something online it gets delivered
by a truck that you have to fill that up
with guessing. But even further out in the economy, a
lot of things have to be shipped either by rail

(08:09):
or by truck to a factory to be processed into
a good that we make. And so when you bring
down the cost of fuel, it actually does have a
ripple effect through the economy that can actually have a
deflationary effect, and I think we're going to see that
counter balancing this inflationary effect. One of the things that

(08:32):
the re election of Donald Trump has done is reassure
people that, yes, when we have Democrats in office, they
will probably try to crack down on fossil fuels. But
we're not on a one way track, right. This war
against fossil fuels is not inevitable. It's not just going
to happen in one direction. We can push back and

(08:53):
do energy abundance. And I think that's very reassuring to
anybody who wants to, for instance, either go to work
in the field of drilling or extracting, or or be
a chemical engineer. In these fields. Those are all threatened occupation, yes,
much less being an investor in those fields who wants

(09:14):
to invest in something the President is saying he's going
to wipe out in the next ten years nobody. Instead,
now people can feel a little bit more reassured that
we're not going to allow the government to wipe out
oil natural gas.

Speaker 3 (09:29):
Well, we've also got cautionary tails out in the world
which are causing people to maybe take some pause over
pursuing this so called green energy production. And we had
the whole issue in Spain and Portugal with the outage
of the power plants who relied I guess like seventy
five percent on solar. They had a major disruption because
solar is not isn't easily controlled because of the sun

(09:50):
like ebbs and flows. But that if you don't have
backup energy production gas coal, nuclear, the lights are going
to go out, and no, no one likes that when
they're stuck on an elevator, most notably right.

Speaker 2 (10:04):
So you absolutely, you know it's fine to supplement oil
natural gas with solar panels, you know water when that's great,
but again those are not reliable. You know, the weather changes,
the climate changes, so you can't count on it to

(10:27):
be there when you need it. At the very least,
you need an underlying infrastructure that's going to base down
fossil fuels for the foreseeable future. So they were trying
to push us ahead to a future that we actually
don't have the technology for you. We cannot be reliant
on solar power, for instance, and we won't be. And

(10:49):
but the problem is when they were trying so hard
to push us, they were trying to make it so
that people would invest less in fossil fuels. And when
you invest less than fossil fuels, you're extracting ress of it,
which pushes up the price. So even though they claimed
that they weren't trying to raise the price in gasoline
and oil and natural gas, of course they were. Of

(11:11):
course it was very intentional. They wanted it to be
more expensive.

Speaker 3 (11:14):
Well, Barack Obama famous quote the price of gas will
necessarily go up, and didn't he predict the future accurately?
I mean, that was the idea, you know, And I
have a t shirt that says, you know, great ideas
do not require force. And this green energy crap is
being is being forced upon an economy that is not
demanding it, either through incentives or just outright bands and

(11:38):
refusals to allow drilling or whatever. You know. Extraction goes
on by the permitting requirements to get a modular nuclear
plant build all the impediments that are thrown in the
way by government force you to go into a direction
you don't want to go, and that's that's going to
cause problems with the price of gasoline, which it did intentionally.

Speaker 2 (11:58):
Right and we also so to follow through on that theme,
they were trying to force the car companies to make
far more electric vehicles. The car companies discovered is that
their demand just isn't there. People don't want People will
buy hybrids, but the demand for a pure electric car
is not there. The market has rejected this. It's a

(12:21):
niche market. It's fine, there will always be a small segment,
but it doesn't fit the lifestyles of many people across America.
So they were trying that. They were trying to rate
and raise the price of extraction. Basically banned pipelines. If
you can't have pipelines, you can't get oil to a refinery.
There's no point in even taking it out of the ground.

(12:43):
It's almost impossible to build a new refinery. Fortunately, there
was recently last week a new Supreme Court decision that
actually may be pairing back some of the environmentalists interference
in the US, and that could be very helpful.

Speaker 3 (12:59):
It is you don't have to look at the downstream
changes at what others downstream will do in connection with
whatever project is being as an environmental review.

Speaker 2 (13:09):
I believe that was I don't even like to call
it downstream changes. It was really imaginary changes. Somebody could
come up with some way that this could be the
pollution in the future. You couldn't build it, right, so
you wanted literally in this in the case was that
was settled by the court, decided by the court. Somebody
wanted to build a railroad, right, and somebody said, well,

(13:30):
if you build the railroad there, somebody might drill for
oil nearby, because you'll have a railroad that they could
ship the oil on, and that would cause more and
when you burn that oil, it would put carbon in
the air, which may cause global climate change, which therefore
your character I mean.

Speaker 1 (13:44):
And then you have to do it.

Speaker 3 (13:46):
You have to do the environment You have do an
environmental study for a project that hasn't even been suggested yet.
I mean, that's the absurdity of it. And then that
project obviously would yield further downstream environmental studies for fictitious
product that someone came up within their head. The idea
that we lived in that world up until the Supreme
Court decision came out just boggles my mind, John, It

(14:07):
really does.

Speaker 1 (14:10):
You know.

Speaker 2 (14:10):
And one of the most amazing things is that decision
was nearly unanimous. It was just because one of the
judges didn't participate in it ato, so even the liberal
judges agreed that it had gone way too far. And
to me, it's actually kind of amazing that we weren't
having a bigger discussion about this. Congress actually should have
acted even earlier. They should have been rekealing this law

(14:35):
because it was crazy that it took the courts to
say we shouldn't have this.

Speaker 3 (14:39):
How many topics could we say that prior sentence Congress
should have acted? How many topics could we talk about
Congress should have acted? Uh?

Speaker 1 (14:51):
You find it at Breitbart b R E. I. T. B.
A Art. He is the financi and Economics editor.

Speaker 3 (14:56):
Always a pleasure to have you on the program, John Carney,
keep up the great work, friend. I'll look forward to
another discussion with you soon.

Speaker 2 (15:03):
Thanks for having me.

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