00:20:28.320i don't have the numbers in front of me
00:20:30.800but yes the standard has been that there have been recessions and downturns
00:20:34.980okay fed has tried to reduce inflation now right now the the current inflation rate six point four percent and the current unemployment rate is three point four percent now if history is right i'm not asking you to to to again blame anybody but if history is right unless you get some help in order to get inflation down from six point four percent to let's say four point four percent and the unemployment rate is going to rise to seven percent based on history
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00:28:12.420In my younger days, I was a naval officer on a destroyer.
00:28:17.320In fact, I was the A-gang officer in charge of all the engineering systems that were not main propulsion.
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00:29:47.220Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.
00:29:56.180As I mentioned, the latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated.
00:30:07.040If the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes.
00:30:15.380Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some time.
00:30:22.640Our overarching focus is using our tools to bring inflation back down to our 2% goal and to keep longer-term inflation expectations well anchored.
00:30:32.200Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run.
00:30:39.460The historical record cautions strongly against prematurely loosening policy.
00:30:46.100We will stay the course until the job is done.
00:30:48.840We are taking the only measures we have to bring inflation down.
00:30:53.360And putting 2 million people out of work is just part of the cost, and they just have to bear it?
00:30:58.760Will working people be better off if we just walk away from our jobs and inflation remains 5%, 6%?
00:31:06.000Let me ask you about what happens if you do this.
00:31:09.200Since the end of World War II, there have been 12 times in which the unemployment rate has increased by one percentage point within one year.
00:31:18.860Exactly what you're aiming to do right now.
00:31:21.340How many of those times did the U.S. economy avoid falling into a recession?
00:31:27.460You know, it's not as black and white as very, very...
00:31:33.460Just looking at the numbers, it actually is pretty black and white.
00:31:35.660Yeah, no, no, Alan Berliner's written a book on this and...
00:31:37.460There have been 12 times that we've seen a one-point increase in the unemployment rate in a year.
00:31:44.620That's exactly what your Fed report has put out as the projection and the plan based on how you're going to keep raising these interest rates.
00:31:52.520How many times did the economy fail to fall into a recession after doing that out of 12 times?
00:32:17.860The biggest problem they had, which is a lie, it's a misunderstanding of the problem.
00:32:23.040They said that the biggest problem they have is the rising wages of the working class, particularly African Americans and Hispanics, right?
00:32:39.240Just one reason why Biden is having this invasion of the southern border.
00:32:43.260In the last report, as Peter Navarro and Cortez and Brad have broken down for you, they actually are proud of they have one million illegal aliens now in the workforce, right?
00:34:15.560And I think the Dow is down now for the year.
00:34:18.720It's a bloodbath today because he gave you old-time religion there right at the beginning, kind of gave it to you with both barrels.
00:34:24.880We're going to have to do it quicker, we're going to have to do it higher, and we're having a tough time of bringing inflation out of the system.
00:34:32.040Because we're so far gone, this goes back to Biden, and this goes back to Mitch McConnell, and they're the ones with this American recovery plan, which we said on the show at the time was going to be inflationary.
00:34:42.280We said on the time that if you do this, that aggregate demand is back up.
00:34:47.300You're not at the depths that you were in the pandemic.
00:34:53.220The supply chain is not totally worked out as problems, but you don't need to pass, I don't know, $1.9 trillion.
00:34:59.600You don't need to put – remember, people are sitting on this cash forever.
00:35:02.720This is one of the reasons they had a tough time getting people back going to work.
00:35:06.040Just this week, they cut the SNAP, the food stamp program.
00:35:10.360So you're seeing – and McCarthy and these guys, they're still, you know, dancing around what this budget is going to look like, what the appropriation is going to look like.
00:35:19.080And you've got to start to have dramatic cuts.
00:35:21.400You just cannot go back to this game, I'm going to slow the rate of growth.
00:35:25.720No, you cannot slow the rate of growth.
00:35:35.960He's finally laid out $2 trillion over 10 years on cuts to Medicaid.
00:35:43.860And his is – the rest of it is a lot of just cut out what he calls the woken weaponization of the administrative state, of the federal government against you to get to the rest of it.
00:35:52.120Matt Gaetz is talking about very strict work requirements.
00:35:54.960We'll cut out another trillion dollars over 10 years.
00:35:57.900Then you start to get – you know, you've got to get, I think, the $9 or $10 trillion, $11 trillion in cuts just to get to a balanced budget.
00:36:05.700And this is because right now, because the entire structure of our interest rate was built on zero or negative interest rates when all this money was starting to be accumulated.
00:36:15.080Now and today, it went over – the entire structure of our interest rates are all over 4%.
00:36:21.900First time in living memory, I think it's been over 4%.
00:36:24.460You've got an inverted yield curve, and it's getting worse.
00:36:27.120It's why the bond market is rejecting the business plan of Congress and the Biden regime.
00:36:36.340And all you hear is this kind of namby-pamby talking on the sides.
00:36:39.420We have to have an adult conversation.
00:36:41.900You're going to have to have – you can't let – CIS says at the end of the Biden regime term, 12 to 14, 15 million illegal aliens will be in the country.
00:37:10.980Because you're sitting there bringing in illegal alien labor.
00:37:14.940This is a – you know, if you think of the crimes of this government, you think of what they did on J6 and how they withheld that information and that footage and fought like hell, never have it released because they understood it, cut against their lies and their misrepresentations and their narrative.
00:37:30.620Then you see what they're doing on the economy.
00:37:33.040You're seeing what they're doing geopolitically.
00:37:34.960There has never been a worse administration.
00:37:39.000This rivals the Bush junta as far as how horrible they're doing, what they've done to this country.
00:37:45.220And I think it goes back to the time of Buchanan before the Civil War for total incompetence.
00:37:50.760Let me – so the economics, and I got to tell you, Powell, we've told you Powell was eventually going to have to come before the American people and speak the truth.
00:38:36.040In addition, you have people like Elizabeth Warren, others that are very focused on what could be the collateral damage, and it could be substantial.
00:38:45.520And for you people, and particularly for young people living on credit cards, what he told you today, you think your life is bad now, you have no money.
00:38:52.960If you're in college, you have no money to go out and hang out, go get beers, go get food on the outside.
00:38:58.160Hey, it's only going to get dramatically worse.
00:39:01.100And now that they lied to you about your student debt being written off, your student debt is not only going to be written off.
00:39:05.860If it's a variable rate, you're going to get crushed.
00:39:08.660If you've got a variable rate mortgage, if you've got variable rate credit cards, which all the credit cards are, if you've got variable rate anything, get ready for heavy rolls.
00:39:16.260The American people are going to get overwhelmed here by a tsunami of increased interest rates, and particularly the American people as far as the economy goes.
00:39:24.920Remember, because of the increasing rate of financing the government debt, it's like we have a second mortgage out on your home.
00:39:31.220I think the average family has now government debt, $250,000.
00:39:37.400It's like a second mortgage out on your home.
00:39:39.720And you're going to have to pay with higher costs everywhere, but they're also going to try to get you taxes, fees, all of it.
00:39:46.840So economic, the two converging factors, the crisis, what I said on Friday, the crisis in capital markets in the economy and the crisis geopolitically and militarily are converging.
00:40:01.640And you saw that today from China and the Ukraine to the capital markets.
00:40:05.280They're converging and conflating as they converge.
00:40:08.240And now you're going to live in the law of unintended consequences, and things are going to spin out of control, and you're going to be less of a master of your own fate unless you step in there.
00:40:16.100And this is where I'm saying, hey, even if you hate Donald Trump, he gave you four years of peace and prosperity.
00:40:21.340And you don't need all the job training.
00:40:23.960You see when that got you with Biden, all his experience in Washington, blinking these guys, you see where this has gotten you.
00:40:43.800The other question that hits me is there seems to be a fundamental bind that Republicans running in 2024 are going to face.
00:40:52.380They have to say one way or another how they stand on the legitimacy of the 2020 election.
00:40:57.820If you come forward and say the 2020 election is legitimate and Joe Biden got elected, you automatically lose the MAGA crowd.
00:41:04.380If you come forward and say the 2020 election was not legitimate, then you're acknowledging that Donald Trump should have been president.
00:41:10.060So how do you justify running against the guy?
00:41:12.700How are Republicans, how is Nikki Haley, DeSantis, or anybody else, how are they going to run and answer that question?
00:41:19.180Well, Jason, I think the issue is the point you brought up at the beginning of the segment.
00:41:25.940Republicans, if they want to win the nomination, if they want to defeat Donald Trump, they're going to have to confront Donald Trump eventually.
00:41:34.700You're not going to beat this guy by being nice to him.
00:41:37.620You're not going to beat him by agreeing with him.
00:41:39.520So the only path to winning the Republican primary contest in 2024 is to take on Donald Trump head-to-head and to defeat him.
00:41:49.120We'll see if any of these candidates actually have the courage to do that.
00:41:54.720I think DeSantis has an ego that can compete in size with Donald Trump, and that might drive him to actually confront Trump and go toe-to-toe with him.
00:42:03.640But for now, all these people being cautious and trying to dance around Donald Trump, I mean, that's fine.
00:42:13.040But I don't know if they're going to be able to win.
00:42:15.020And the guy who got a pardon from Trump, who ran his 2016 campaign, and they've been on and off too, but Steve Bannon, also in a sign that this seems to be somewhat orchestrated, went publicly after Murdoch to back Trump.
00:42:30.920Okay, Murdoch, here's the way it's going to be, brother.
00:42:33.640You've disrespected Donald J. Trump long enough.
00:42:37.860He hasn't been on Fox News since he announced for presidency.
00:42:42.560Remember, Murdoch, you've deemed Trump's not going to be president.
00:42:48.500Well, we've deemed that you're not going to have a network because we're going to fight you every step of the way.
00:42:54.900The Murdochs immediately have to start covering President Trump.
00:43:00.600Pretty striking to see this all spill out there.
00:43:05.480I mean, you could have skipped some of CPAC, but those moments right there we wanted to show you because it's all out in the open.
00:43:10.740On the one hand, it shows the stakes of this thing and that this really is a channel to the Republican primary base at a time where Fox is under pressure to change while it's being exposed for being even worse than people thought.
00:43:21.880On the other hand, the question I'm about to take to my next guest is, how weak of a former presidential campaign are you, the former president running, when your top people are out here publicly begging for one interview on Fox News?
00:43:38.720Josh Marshall joins me, founder and editor of Talking Points Memo and a shrewd analyst.
00:43:43.520I put that question and all the above to you, sir.
00:43:45.920You know, the one thing that occurs to me is, you know, we're all familiar with the HBO show Succession, which is a romantic clef about the Murdoch family and Fox News and so forth.
00:43:59.800And so many of the things that you've been talking about over the last few minutes, each few of them is like an episode of Succession.
00:44:09.880The, you know, the Zoom call, the banning back and forth.
00:44:20.080But 91, you know, just the back and forth.
00:44:24.320And, you know, one thing that comes out is this is what happens when you're a corrupt news organization, right?
00:44:31.680There are one of the benefits of being a real news organization is that you keep basically on track by needing to cover the news, right?
00:44:40.520You're not in fights with the presidential candidate who you run or runs you or something like that or trying to get, you know, all this kind of stuff.
00:44:53.780There's, as you said earlier, there are lots of problems with, you know, the big corporate news organizations.
00:45:02.480But this is something that generally keeps them on track is that you always know that you are supposed to report at least what you think is the truth at the moment, right?
00:45:39.240But as soon as Trump was the guy, they got on board.
00:45:43.760And I don't think there's any question that is what is going to happen again.
00:45:49.400And, you know, another part of this you have...
00:45:52.080Let me build on your point and then you finish.
00:45:53.760That's why we're seeing this so early, because they know they either stop Trump in this primary early or a former president who's also Donald Trump becomes the nominee and then they're stuck with him in the general.
00:46:08.320And they're stuck with what everyone would gird to be a January 6th sequel with more training.
00:46:14.720I'm not trying to be alarmist, but Rupert Murdoch is not dumb and he understands exactly what they're up against.
00:46:21.040And so we're flushing out earlier a fight that might have normally come later.
00:46:26.020So that builds on, I think, the point you were making.
00:46:30.860This is one of the most important and perceptive between Ari Melbert and Jason Johnson.
00:46:36.760Jason Johnson being a thinker professor at Morgan State, very perceptive analyst of conservative and right wing politics.
00:46:45.720This is that Ken Griffin, Mitch McConnell donors, Rupert Murdoch kind of Maginot line that is, has, and remember, they have taken a blood oath that Trump will not return to the White House.
00:47:04.480In the depositions, Murdoch says we're going to turn Trump into a non-person after January 6th, after he would leave the White House on the 20th, we're going to turn him into a non-person.
00:47:16.460They are bound and determined to stop Trump's return to the White House.
00:47:20.880Now, if they can do that in a primary with the instrumentality of a Ron DeSantis, they will do that.
00:47:28.100If it's not Ron DeSantis, then they'll look to Tim Scott or to Glenn Youngkin or to Nikki Haley or Mike Pompeo or somebody that pops up after that.
00:47:39.000And if they can't defeat him, they hope to mortally damage him so that he can then lose to a, what they consider a centrist.
00:47:49.980Because remember, they don't really care about the social issues at all.
00:48:27.420And they will take the, they will take the, they will take the side of the Democrats.
00:48:31.440And then I want to make, and this is what I'm telling people every day.
00:48:34.560When Trump does win the primary and Trump does win the presidency in 24, and when Trump returns to the White House, they will fight you every day that you're there.
00:48:43.140They're going to be as negative on you as they are in source to the degree that they can't come in and get some, you know, some deals on, on don't take, don't take away our tax breaks on carried interest or do some deregulation in my industry.
00:48:56.380They'll suck up to Trump like they did the first time.
00:49:14.540And you can't win a primary without MAGA.
00:49:17.540So number one, you have to commit to the fact that it was stolen.
00:49:19.680Number one, and if by definition you think it was stolen, it was stolen from Trump, why are you running against Trump?
00:49:26.460Trump obviously is the aggrieved party, is technically, he's actually the real president, had it stolen, and therefore deserves to return, particularly when he gave you four years of peace and prosperity.
00:49:52.600Tomorrow, I kind of like these second hours where I get to break down these bigger stories and kind of give you some context and some of our thinking here.
00:50:03.280Tomorrow morning at 10, today's shows were just absolutely on fire, and we're on top of, I think, in the middle of what is important in the country, what's important in the world right now.
00:50:11.980We're going to be back here at 10 a.m. tomorrow morning.
00:50:15.580It'll be lit, so make sure you don't miss an episode.
00:50:18.020Tell your friends, if you miss it, go get our podcast, download the podcast, give us a review on the podcast, push it out, get your friends to sign up for the podcast, all of it.
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