The Great America Saturday Show： May 25th, 2024
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Summary
On today's show, we have a special guest on The Great America Show, John Lonsky, the President of the Lonskysky Group, and we discuss the latest in the ongoing Joe Biden scandal, including the House Judiciary Committee holding Attorney General Merrick Garland in contempt for refusing to hand over audio recordings of an interview with a key witness in the Biden investigation.
Transcript
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The House Judiciary Committee this week voted to hold Corrupt Attorney General Merrick Garland in contempt.
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The judiciary contempt vote was for Garland's refusal to hand over audiotapes of Special Counsel Robert Herr's interview with Joe Biden.
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Garland told reporters the congressional subpoena was not legitimate and would harm the DOJ's ability to successfully pursue sensitive investigations.
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Merrick Garland was also visibly irritated that Republicans had the audacity to try to defund Jack Smith's investigations into Trump.
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Here is the outraged Merrick Garland Attorney General.
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The Justice Department is a fundamental institution of our democracy.
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People depend on us to ensure that our investigations and our prosecutions are conducted according to the facts and the law and without political influence.
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We have gone to extraordinary lengths to ensure that the committees get responses to their legitimate requests.
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To the contrary, this is one that would harm our ability in the future to successfully pursue sensitive investigations.
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Now, there have been a series of unprecedented and, frankly, unfounded attacks on the Justice Department.
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This request, this effort to use contempt as a method of obtaining our sensitive law enforcement files, is just the most recent.
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The effort to threaten, to defund our investigations, and the way in which there are contributions to an atmosphere that puts our agents and our prosecutors at risk, these are wrong.
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So, look, the only thing I can do is continue to do the right thing.
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You kind of answered this just now, but I was wondering, like, you know, what this combined with the efforts to defund Jack Smith
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and the other attacks on Biden administration officials say about, you know, the broader effort to discredit you
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and to discredit the Justice Department and also how would you manage that?
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And what can you do about that as Attorney General?
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Look, we have to go about our work following the federal principles of prosecution.
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We screen out outside inappropriate influences.
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We're protecting our ability to continue to do high-profile and sensitive investigations, and we will continue to do that.
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The facts now seem vanishingly small that the two Jack Smith federal cases are going to begin trial, let alone finish trial, this year.
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What does that say about the pace of the justice system and confidence in this Justice Department?
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Look, the special counsel brought both cases last year.
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The matter is now in the hands of the judiciary, and I'm not going to be able to comment any further.
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The House contempt vote came just hours after Joe Biden abused his power by asserting executive privilege over the audio tapes of that interview.
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According to special counsel Her, the tapes depict Biden as an elderly man with a poor memory, end quote.
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And that on at least seven occasions, Biden experienced mental lapses, nothing that we don't already know.
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And Hunter Biden's sugar daddy, Kevin Morris, has reportedly retired from sugar daddy, the role of being Hunter's personal piggy bank.
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Since meeting Hunter in 2019, Morris has loaned him nearly $5 million.
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But Morris' spokesperson told Politico that the reason Kevin got involved financially in the first place was that he could see that no one was going to help Hunter.
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And now, four and a half years later, there's still no help.
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So just when Hunter is facing two criminal trials starting in a few weeks, Morris all of a sudden has no resources.
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On today's show, we're going to be taking up the economy under Joe Biden and what we should expect over the next few months as we head toward that election on November 5th.
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He's also the president of the Lonsky Group, and we think highly of him.
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It's just extraordinary what we're witnessing right now in this economy.
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Biden has given up on Bidenomics, for crying out loud.
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Jerome Powell says he's not confident in the Fed's forecasting.
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And, by the way, his confidence was just about all he had going for him at the Fed.
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My goodness, it looks as though it's Donald Trump's presidential election to go ahead and lose.
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I don't see how things are going to get any better, how they're going to improve for Joe Biden.
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You know, well, maybe month-to-month changes by inflation have eased,
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but we still find the CPI index is something like 18% to 20% higher than would be the case
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had inflation grown at the same rate that it did during the four years ended 2019.
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And the Federal Reserve, I don't want to get – we'll go to the Fed here in just a minute.
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We're looking at records being set on the indexes.
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We're looking at strong performance in the markets.
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And then I look at what's happening, and I think, how can this be?
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I mean, we're talking about – we're on our way to $37 trillion in national debt.
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We're looking at deficits that are rolling up by a trillion dollars every hundred days or so.
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Anything the crazy Joe Biden does doesn't seem to have a material, real effect on the economy
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in the minds, at least, of these geniuses on the left side of the ledger.
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That's why the only thing that's going to bring an end to this problem with inflation,
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the only thing that's going to bring an end to fiscal policy madness, this rapidly growing
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And I keep my eye on that because, you know, recently we've gotten some not-so-good news
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Real GDP, for instance, in the first quarter slowed to a 1.6 percent rate.
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It's probably going to be revised lower according to these latest downward revisions for retail
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sales for the months of February and March, never mind the fact that retail sales did nothing.
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I think the economic situation, economic outlook is worsening inexorably.
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And we're going to begin to see fairly soon a rise in unemployment that's going to lead
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And what do companies do if sales are less than expected?
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They lay people off and it becomes a vicious downward cycle.
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And that cycle, I hear John Lonsky saying he thinks that cycle may well be underway.
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No one has, in my opinion, greater talent than you, more experience than you with looking
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at the economy and making a determination that is realistic and understanding what the
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Let's turn to first the John Lonsky view of the American economy under this Biden regime.
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Well, first of all, you know, upper income Americans are still doing pretty well.
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What I worry about are middle income Americans and lower income Americans, younger Americans,
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those people that really haven't established much in the way of wealth accumulation.
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And I think that's where we are beginning to see a pullback by discretionary spending.
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Believe it or not, the S&P 500 stock price component that focuses on discretionary consumer
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And the message that I'm getting is there's going to be a slowdown by consumer spending
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And eventually it's going to hit vacations and whatnot.
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And all of this is, you know, tells me the labor market can only weaken.
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And by the way, you know, as far as the labor market is concerned, I'm really shocked that
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I might be the only guy in the world to notice this.
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But because I do have some close contacts with young people going to universities, what I'm
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noticing is they're complaining about a lack of attractive job opportunities.
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They said this labor market, this job market for the class of 2024 is the worst that it has
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been, the worst it's been since the COVID recession.
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And I'll add to that, that these young kids, these younger undergraduates can't find any
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Because banking employment has stalled with consulting.
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There's really not much left in terms of job opportunities outside of government and outside
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Yeah, when you look at the those numbers coming out of the BLS monthly, and we know they're
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a little squirrely because it is an election year.
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But what we see time and time again is, you know, the government is just doing a bang up
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And the one thing you don't need in this situation is a government as the as the employer
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And we're living in a period of unreality when it comes to economic policy.
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Even economic theory, as abstract as it can be, has much more solidity than anything we're
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hearing out of this administration, anything out of this Federal Reserve.
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The government becoming the primary driver of jobs growth.
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You know, the reason why health care is doing so well is because of the considerable government
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And I'll say that if we look into construction or manufacturing, what's really doing well are
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those aspects of manufacturing and construction that benefit from the government's subsidies
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that are being provided to microchip manufacturers that are being provided to green energy.
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You take that away and not much of anything is happening.
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You know, because of government support of manufacturing as it relates to microchips and as it relates
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to green energy, construction spending on manufacturing facilities, factories and the like, soared by 70 percent,
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You take away that support and that growth rate is going to drop considerably.
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We have our gargantuan government debt relative to GDP.
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We have these huge budget deficits, as you said, better than a trillion dollars to maybe two trillion dollars per year.
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At some point, you're going to pay the price for this.
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And maybe we're beginning to see the beginnings of where we are going to have to basically pay the price,
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pay the cost of having run these giant deficits indefinitely.
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We're talking with John Lonsky, a great economist, great American.
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And I want to just say that we have so many cross currents in this economy right now.
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And folks working day-to-day, small business people trying to drive their business in this environment.
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I mean, I start scratching my head at how in the world we could have gotten to this point
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sort of in a stealthy sort of manner in terms of public policy.
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I look at that national debt, the government hiring, as we were discussing.
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I mean, government is everywhere driving this economy right now.
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The principal stimulus, without question, is the federal government, right?
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And let's not forget, the government is also making matters worse through stepped-up regulatory
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And it's basically confusing businesses about where they should be investing their capital.
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There's a lot of uncertainty as to where this economy is headed in terms of regulations,
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And as a result, when we look beyond those elements of business investment spending that
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now benefit from government subsidies, not much of anything is taking place.
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We really, again, we're not seeing much growth outside of government and those private sector
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activities that get considerable support from government.
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And those health organizations that depend on the boomer generation for a lot of subsidies
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and as well as a lot of revenue, we're watching an economy changing rapidly because never has
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Never have we had a population that has more aged Americans in it than younger Americans.
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This nation has always been driven by youth, which is the greatest, I think, the greatest
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It's clear that this younger generation right now, from 18 to 30, doesn't have a lot of optimism because
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And as you said, the job market for them right now is withering.
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And the other problem that the younger generation has perhaps is a lack of leadership, a lack of
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business leadership and a lack of political leadership.
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You know, what bothers me is you have a lot of these corporations that are trying to do
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I mean, not only are they trying to maximize profits, they're also going ahead and they're
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trying to save the world through woke policies and the like.
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And they're confusing everybody in the process.
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And, you know, they're worried about how much carbon they're using or their carbon emissions.
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And you would think that with fewer young people relative to the overall economy, there
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And, you know, getting back, you know, like the housing market is a disaster for young people.
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I mean, it's just housing for the most part is unaffordable.
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You could go ahead and work your tail off as a recent college graduate and find it because
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you have to pay a very high rent from where you're currently living.
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You can never save up the money to meet the down payment for that first purchased home.
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And I just can't help but think that there are some very serious leadership problems,
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not only in the public sector, but in the private sector as well.
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You know, and it's and by the way, it's an international problem, as you know, certainly.
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I mean, you look at what's happening in Europe.
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They don't know which way they're going, in part because the Biden administration is dispensing
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with its allies or at least America's allies like Israel are coming up with new policies
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It can continue its war as as they like against Ukraine.
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I mean, it's preposterous what we're watching this this moronic White House do.
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I mean, one hand, you have Biden saying we need another 60 billion for Ukraine.
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He's not saying to Vladimir Putin, you know, hey, Vlad, maybe we could lighten it up on the
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casualties here and maybe take a stand down and perhaps see if we could negotiate peace.
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He's not once suggested that he tells Israel not to bomb Rafa, but he doesn't tell Putin
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And what you're leaving out is something I think there's something very important.
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Let's not forget China's providing support to Russia.
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And at the same time, there are some, you know, not exactly cold relations between China
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You have this access of access powers, Russia, Iran and China that are working against the
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interest of the United States and advanced Western economies.
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And we also find that there are a lot of major corporate leaders in the United States who
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are more than happy to continue to do business with China.
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I don't see where it gets any better without stronger leadership, without laying down the
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rules of the game, the law, as far as how we are going to proceed internationally.
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And we're going to take up exactly that subject as we continue with John Lonsky.
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We're back with John Lonsky, president of the Lonsky Group.
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And John, I just want to bring up the Financial Times poll, which I think is really interesting
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because the majority of voters are saying very specifically that Biden's economy is crippling
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their finances, crippling, not having an impact, not in some way, some measured abstraction
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Against that, and you said it at the outset, I don't see how anyone could survive as a candidate
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for president who is responsible for crippling finances of both business and the American
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Remember, Lou, once upon a time, long, long ago, the Democratic Party worked for the interest
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of the middle class and lower classes in America.
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It seems as though the Democratic Party primarily exists to serve the wishes of the elite, of
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the highly educated, and the hell with the rest of the U.S. And, you know, the idea is the
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Democratic Party gets their ideas on policy from the elite, from this relatively small segment of
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society, and then tries to force these ideas on the average American with, quite often, what are
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unpleasant and unwanted consequences. I think that's the point where we've gotten today. You know,
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not every American is suffering under the Biden economy. Some are doing quite well, but as I
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stated earlier, the people that are not fearing well are the people that are striving to get ahead,
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the people that are stuck with incomes that are not much higher than the median income.
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A part of this is, a lot of this is inflation. Some of it is, you know, the sense of reduced job
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opportunities going forward because of too much government regulation, maybe too many taxes and
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Yeah. Think about this, John. I mean, a family, they're getting ready to send their kid off to
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college. Now, which college are you going to send him or her to? It won't be Harvard, probably, if you
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are a middle class, hardworking American. You know, one or both parents working. Because, you know, Harvard
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has gone retrograde. They have turned into a Marxist organization. They just suspended their suspensions
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of the pro-Hamas demonstrators and protesters. They have still held on, as if she were a treasure,
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to Claudine Gay, the plagiarist and bigot. They fired as president. The trustees look like complete,
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completely inept and without values. Where in the world are you going to send your kid?
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Am I going to send my kid? Well, we did send our kids there. But the fact is,
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you're just not going, you know, the grandkids have got a tough choice, is my point. The universities
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are a mess. The education is not, I don't care what anybody says, they're not getting the education
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we were giving students 20 years ago. And I should say it another way, that students were earning 20
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years ago. Yeah, there's a lot of problems with higher education. The tragedy of places like Harvard
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and Columbia and Yale and Stanford is these are the schools that the United States and the Western world
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depends on for leadership. And unfortunately, the type of leadership that we need so badly is not
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coming from our most highly ranked educational institutions. It's troubling. And, you know,
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as you stated, there seems to be too much effort placed at these educations, at these higher
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institutes of education and trying to inculcate students with Marxist values, anti-American,
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anti-capitalist values. It's to the point where it becomes ridiculous. What they're not doing is that
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they are not teaching students how to think, how to analyze, and so on. And their failure to do so
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right now it's proving costly to the United States. I'll tell you something I think is fascinating
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because I've always been a big proponent of community colleges. I think they're the best
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bargain in education in this country. Just as Harvard is not right for everybody, the community
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college isn't right for everybody. But for I think most people, it's a great place for young people
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right now. We're driving along, as we do often going to a nearby town, and there is outside a
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vocational school, there's a group of kids saying, save our shop. Now think about this. This is a
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vocational school, and they're wanting to cut out shop at the college. This is not a community college,
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it's a vocational school. But this is where we are as a country right now. The idiots in a vocational
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school administering it and running it want to cut out shop. I mean, what is, you know, what in the
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world are we coming to? Cut out, you know, biochemistry for pre-med? I don't know. It's nuts.
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Everywhere there's a certain perversity about what we're doing in public policy in terms of the choices
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being made by long-trusted institutions. And there, by the way, is great perversity in this
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administration and perverse policies that attend, whether it's, you know, gender-affirming care
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or deciding to turn on allies first and then maybe think about their enemies.
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Oh, you're so right. How about those schools that want to change the teaching of mathematics,
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because mathematics as it now stands is deemed by some as being racist or sexist. This is ridiculous.
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The laws of physics are the laws of physics. The laws of algebra will never change. Yet they're
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trying to alter them because of ideological reasons. This is why nobody is learning anything.
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They're trying too hard. They're leveling the playing field to such an extent that the playing
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field gets flooded with inanities and stupidity. Yeah. Unfortunately, you know, it's like the old
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saying about money. Bad money chases out good. And what is passing for education destroys young minds.
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It's that simple. And not much as simple about our life in America right now or this economy. But,
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John, we thank you very much for your views and for bringing greater understanding of this
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economy. I won't say Bidenomics, this economy today. John Lonsky, thanks for being here. God bless you.
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Thank you, Lou. Thanks to John Lonsky for sharing his views and opinions and forecasts. And thank you,
00:30:08.640
everybody, for being with us here today. Join us tomorrow for the Great America Saturday Show.
00:30:14.120
And be sure to follow me on Twitter and Truth Social at Lou Dobbs and on Facebook and Instagram
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at Lou Dobbs Tonight. And please join us each and every week evening for Lou Dobbs Tonight,
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7 p.m. Eastern, 6 Central, on Frank Speech, Rumble, Roku, and X. Thanks, everybody. God bless you. And may God bless America.