The Epstein case takes a turn for the worst, as a key witness in the case now has a new opportunity to cooperate with the DOJ. President Trump releases thousands of records related to the assassination of Martin Luther King Jr. despite his family's opposition. Federal judges sentence former Louisville police detective Brett Hackerson to 33 months in prison for civil rights violations. The S&P and Nasdaq hit record highs once again as communication services and discretionary stocks led the gains. Developments out of China with the State Department confirming a U.S. government employee has been blocked from leaving the country, this comes as an Atlanta-based managing director at Wells Fargo has also been prevented from returning to the US from China.
00:00:58.680The 240,000 pages have been under a court-imposed seal since 1977.
00:01:04.980President Trump today meeting with the president of the Philippines expected to talk trade.
00:01:09.780Ten days out from sweeping reciprocal tariffs set to hit trading partners around the world.
00:01:15.060The Treasury Secretary saying the administration is not rushing trade negotiations.
00:01:19.880Developments out of China with the State Department confirming a U.S. government employee has been blocked from leaving the country.
00:01:27.040This comes as an Atlanta-based managing director at Wells Fargo has also been prevented from returning to the U.S. from China.
00:01:34.440The S&P and the Nasdaq both hitting record highs once again as communication services and discretionary stocks led the gains.
00:01:41.040Federal judges sentenced former Louisville police detective Brett Hackerson to 33 months in prison for violating Breonna Taylor's civil rights.
00:01:49.140The sentence came down late yesterday afternoon.
00:01:51.100Federal prosecutors had suggested one day behind bars for Hankerson, outraging Taylor's family.
00:01:56.560The Justice Department confirming it has received National Intelligence Director Tulsi Gabbard's criminal referral related to her Obama-area officials' manufactured intelligence,
00:02:07.100claiming Russia tried to influence the 2016 election.
00:02:09.760It would be President Obama, and Biden was there with him, and Comey was there, and Clapper, the whole group was there.
00:02:18.760If you look at those papers, they have them stone cold, and it was President Obama.
00:05:35.140You need to provide receipts and name names.
00:05:37.620So if Ghislaine Maxwell wants anything from the Department of Justice, there needs to be names, there needs to be receipts, and, by the way, a full-on chain of custody.
00:06:03.020And when I say everything, I mean who did what, where did it happen, and you also have to provide information that is able to back up the credibility of the accusation, because there are people who are falsely accused.
00:06:19.780President Trump was falsely accused in Russiagate.
00:06:22.320He's been falsely accused of illicit behavior with Epstein time and time again.
00:06:37.560And if you do have this information and it's able to come forward, then maybe, maybe there could be a discussion about some kind of, I don't know.
00:08:42.600They will scan and scrub your personal information and continually monitor your info to make sure every new instance of a possible data breach is eliminated immediately.
00:08:53.660I'm talking 24-7 protection for the cost of keeping the porch lights on.
00:09:22.620Okay, we're very excited now because, folks, there's so much going on with the economy.
00:09:27.980There's so many good news stories that people really could be reporting on, but they're just not for, well, political purposes or also just because they don't understand how economics works.
00:09:37.960We figured we needed to get on someone who absolutely understands how that works.
00:09:42.980That's why we've got Joe LaVorna, the counselor to the Secretary of the Treasury, Scott Besson, joining us now.
00:09:56.560So Secretary Besson had this huge tweet up earlier this morning, and he's talking about the CapEx comeback.
00:10:06.460Now, that's capital expenditures, investments of businesses into capital here in the United States.
00:10:14.240Talk to me, why is the business community responding so positively to Secretary Besson and President Trump's economic policies,
00:10:22.940especially when I was told by the mainstream media that the entire economy was going to crash and burn by this summer?
00:10:30.640It actually seems to be doing really well.
00:10:32.440The CapEx comeback is a function of the one big, beautiful bill, which was designed to get the CapEx moving as soon as President Trump took office because it was set up to be retroactive to Inauguration Day.
00:10:55.020So when the president was elected last year at the historic election with which he won, sentiment improved, the markets got excited.
00:11:04.880We're going to get this bill that's going to make the tax cuts permanent.
00:11:07.760It's going to have even more pro-growth supply-side initiatives in it.
00:11:11.500And by the way, it's going to be retroactive to the first day the president takes office.
00:11:15.200That's going to encourage businesses to spend, to invest in their product, whether it's a good, a service, whatever it may be.
00:11:23.660And what we've seen is that chart you had just shown up there shows is essentially, excluding the pandemic, the fastest two-quarter gain going all the way back to late 1997.
00:11:35.140It's really stunning and is a direct function of President Trump's policies.
00:11:39.500So when we're talking about this, that means – so if businesses are making capital expenditures, so that's CapEx, capital expenditures.
00:11:48.180If businesses are doing that, that's not something that businesses do if they think they're going into a decline or if they think that the economy is going into a downturn because this is – if you're doing that, they'd be looking at offshore.
00:12:00.900They'd be looking at ways to protect their assets, et cetera.
00:12:05.120They wouldn't actually be looking to expand and grow, but that's really what the president's – President Trump's one big, beautiful bill and all of these other economic policies are actually pushing towards, this idea that the American people are suddenly going to have more of their own wealth and that that's actually going to be what spurs this economic growth.
00:12:26.060Now, that's exactly right, Jack, and the fact that you've had this boom in anticipation of the bill becoming low, which it now has, just only strengthens and solidifies this improvement and will carry it forward.
00:12:41.360So the CapEx continues, and that capital expenditure, the spending, the investment, they're all interchangeable words, yes, is a sign that the future is bright.
00:12:50.800It's a sign that there's confidence in President Trump's policies.
00:12:54.040What then happens after that is you get faster productivity growth, you get stronger wages, which means bigger take-home pay for workers.
00:13:01.940The good news is because President Trump's policy is unable to get inflation lower, we've seen a very large increase in what we call blue-collar wages.
00:13:12.580The only time that we've had a faster or larger six-month gain to start a new administration was the first six months of President Trump's first administration,
00:13:21.500and it was only a tenth stronger, so they're basically the same, but with this bill not being implemented, the forward on households and living standards, it's all positive.
00:13:31.540So it's great news, and I appreciate you being able to have us highlight it because people should talk more about it.
00:13:37.940It's really good news, and it should be bipartisan.
00:13:39.920Well, it actually is, because one of the side effects of this as well is that when you see those capital expenditures,
00:13:48.100so this is something, and I'll try, of course, to translate it, right, for Normie speak, for the audience.
00:13:55.140Look, everyone sits there at their business, at their work.
00:13:59.020Gosh, I complain about it all the time.
00:14:01.180Rob Sig, you've got to spend more on the lights around here.
00:14:04.780You've got to do more capital expenditures.
00:14:06.740That's what we need, Rob, over here with Real America's Voice.
00:14:09.960But the point is that no business owner is going to be doing that, unless, by the way, Rob spends a ton of money on the lights, to be fair,
00:14:17.080that no business owner is going to be doing that if they're not confident, if they're not seeing the returns that they want on their business.
00:14:23.600And I would say in connection with that, the relationship with that, of course, is that your workforce is then going to be more motivated, number one,
00:14:33.080because they see these expenditures reinvesting in the business, but also if they see prices coming down, they say it's easier to afford things,
00:14:42.540they're going to be more motivated in general as well.
00:16:52.440Energy is integral, as Secretary Besson has highlighted.
00:16:55.180And you need cheap and abundant energy.
00:16:57.700So that was also part of the one big, beautiful bill.
00:17:00.480Try and improve the permitting process, making it easier for companies to conduct business.
00:17:05.500And that is literally the genius and the foresight that this administration has in trying to actually allow business to produce the goods and services that people want at affordable prices.
00:17:16.420And that clearly was not the case in the prior four years.
00:17:19.860So when you're in a situation like that, and we used to talk about the Kitean effect many, many times here on the program, we're to say that, OK, this is great.
00:17:31.300The price of money has gone down for people who have the direct access to those funds.
00:17:36.000But that has an inflationary effect because what you're doing is that increased spending at the top is driving up prices at the bottom.
00:17:57.380We obviously would like Wall Street to do well, but it's really Main Street's term.
00:18:01.000These are people who live paycheck to paycheck who, until President Trump's first term, had seen no real wage growth, really, as I mentioned, in a decade and a half or so.
00:18:20.080It was actually over 3 percent a year before COVID, and yet inflation was de minimis.
00:18:24.860When you have inflation, it's typically because the government spends way too much, and this administration inherited the worst, basically, fiscal backdrop we've ever had.
00:18:33.740And, of course, the Fed monetizes or prints money to pay for the government's profit gets spended.
00:18:39.120And that's exactly what we had over the previous four years.
00:19:25.560Bringing back manufacturing to the U.S.
00:19:28.440It's the full expensing and the one big, beautiful bill, which I think is one of the most important things that we did.
00:19:37.960Companies can do 100% expensing for equipment, 100% expensing for factories.
00:19:43.420If you bring your factory back here, I think we had big pent-up demand.
00:19:47.600We are in the middle of this incredible AI boom that, you know, I don't know whether you want to say this is the third, fourth, fifth industrial revolution.
00:19:56.760So we're seeing the hyperscaler spin like we never have before.
00:20:00.620And I think what's really gone unheralded here is the Trump administration's emphasis on deregulation.
00:20:09.400We are making it possible to build things in America again.
00:20:13.680All right, Jack Posobiec, here we are back live, human events daily, Real America's Voice.
00:20:22.120By the way, folks, there's this letter running around on X.
00:20:25.700It's viral right now about Jerome Powell.
00:21:09.900It did have an inflationary effect, which, by the way, a lot of people said that it would.
00:21:15.120Trumponomics is substantially different from that because it's about allowing businesses to do what they do best in a better environment for themselves and hopefully for their workers as well.
00:21:27.360So if you could contrast Trumponomics with Bidenomics for us.
00:21:43.520And this is the problem with the past four years, in large part from an economic perspective, is that we've left with the highest deficit, highest deficit to GDP in an environment of full employment we've ever had with record high debt.
00:21:58.320And that is a reflection of the fact that the government spent way too much money to stimulate an economy that didn't need stimulus.
00:22:05.140And therefore, you've got a 40-year high in inflation.
00:22:09.600What the problem has been trying to get businesses to invest in their communities, to invest in their businesses, and then to hire and lift wages.
00:22:17.240And that, as a builder, is what President Trump understands, that you need to create things.
00:22:22.800So it's not demand-driven, but rather supply-driven.
00:22:26.160How can we increase the economy's potential capacity?
00:22:30.100How can we increase its ability to produce more of the goods and services that people and firms want at a low cost?
00:22:39.240That was what the Tax Cuts and Jobs Act of 2017 was designed to do, and that is what the one big, beautiful bill that was passed in record time is set to accomplish, which is let business operate in a way that's productive, that's constructive, that the shackles of government regulation and high tax rates aren't going to impede that progress.
00:23:00.940Because if businesses do well, the economy does well, people do well, their paychecks grow.
00:23:07.020As Secretary Besson has said, economic security is national security.
00:23:14.560The results of the first Trump term were excellent.
00:23:17.880That's why people put President Trump back in office, because they loved the results that he had in terms of lifting middle and lower class wages.
00:23:26.320As I mentioned earlier, real household incomes boomed, and it's supply-driven.
00:23:31.260You focus on producing things that people want.
00:23:34.380It's not just giving money out or spending money to try to create demand, because what you wind up getting, as we saw, is inflation.
00:23:44.740And so you're looking at this, and I'll just, you know, I'll zoom out a little bit here in the sense of saying, look, you know, we're out of the weeds, and we're talking about what does this mean to say you're, you know, I have a family of four.
00:23:56.320And, you know, we live in the mid-Atlantic, and it's summertime, and we're looking at things as they go.
00:24:04.700And what we're looking at and seeing is that gas seems to, you know, the gas prices seem to be lower than they were a year ago this time.
00:24:13.380Prices in general certainly seem to have stabilized or come down in some places as well.
00:24:18.700Something, by the way, I'm seeing just anecdotally, but I've noticed it out there, is that people seem to be, you tend to see a bit more middle-class Americans taking more summer trips to Europe.
00:24:30.920And that is not something that you're going to be seeing if more people are worried about economics.
00:24:37.340I'm not saying that economics aren't an issue or anything like that, but you are starting to see these huge signs of comeback from the Biden economy that we can absolutely track, and they are tangible metrics.
00:24:51.740So I'm seeing this more and more often, and, you know, I hear people making more trips like this, and I think you're going to see more and more people sort of getting back to where they were, honestly, kind of at pre-pandemic level.
00:25:02.700For sure. I mean, two of the signature issues which President Trump has delivered on that people voted him in office for is, one, getting the cost of living down, which he has.
00:25:13.020So you're seeing energy prices fall rapidly.
00:25:16.080This past Memorial Day, gas prices were at the lowest level in four years.
00:25:20.040You're not seeing food prices accelerate as they were under President Biden.