The StoneZONE with Roger Stone

00:00:00.000 Welcome back. We're back in the Stone Zone. Today's New York Post reports that the Federal Housing Finance Agency Director Bill Pulte has called on Congress to investigate whether Federal Reserve Chairman Jerome Powell misled lawmakers in his testimony regarding a lavish $2.5 billion revamp of the Federal Reserve's

00:00:29.420 palatial D.C. headquarters. Pulte has been a sharp critic of Chairman Powell, pointing out that despite the fact that both inflation and unemployment are lower today than when the Federal Reserve last cut interest rates, Powell has stoutly refused to cut interest rates on the American people. Joining us now is a man who's all over the news today.

00:00:56.200 He is the fifth Director of the U.S. Federal Housing Agency. In that position, he also oversees and serves as Chairman of both Fannie Mae and Freddie Mac, the two principal mortgage vehicles for the federal government, as well as overseeing the Federal Home Loan Banks. Bill Pulte, welcome in to the Stone Zone.

00:01:18.940 Thank you, Roger. Always good to be with you. What a crazy day, huh?

00:01:22.300 It really is. You've raised some very serious questions here. You've called for a congressional investigation. Break this down for us, if you will.

00:01:31.700 Well, I really haven't heard from a lot of people that I heard from today in a long time. I mean, it's everywhere, and I think that it really strikes a chord with people, Roger.

00:01:40.940 I don't think it's really about what I did or President Trump or yourself or anyone else in this world. I think it really has to do with Jerome Powell and his actions.

00:01:50.280 You know, we had to deal with this guy all throughout COVID, as you remember. Everybody's so used to seeing this guy on TV during COVID.

00:01:57.320 And now he's still here, but, you know, he's out there doing a $2.5 billion renovation on a building, which, you know, I know a lot about construction, Roger.

00:02:06.800 It would be very hard for me to spend $2.5 billion on a renovation, just to be frank.

00:02:13.000 And then on top of it is he's sitting there and not lowering interest rates despite inflation being lower.

00:02:19.000 So the whole thing stinks to high heaven, and we're going to get to the bottom of it.

00:02:25.060 Yeah, I mean, it's really shocking. He won't cut interest rates despite the fact that today both inflation and unemployment are lower than the last time the Federal Reserve cut interest rates ahead of the 2024 elections.

00:02:42.980 Very clearly a political move designed to try to help Joe Biden.

00:02:46.720 That didn't work out so well. But his whole let him eat, take mentality is really offensive.

00:02:54.280 He said before Congress that this $2.5 billion renovation of the Federal Reserve's incredibly palatial headquarters,

00:03:06.420 he specifically said there is no VIP dining room, there is no new marble, there are no special elevators,

00:03:14.460 there are no new water features, there's no beehives, there's no roof terrace gardens,

00:03:21.920 and none of that turns out to be true.

00:03:25.020 According to the plan approved by the government, pen pushers,

00:03:30.180 their private dining room on level four is being completely restored,

00:03:34.980 that there is a new private elevator for the use of the Fed governors

00:03:40.460 that will discharge them at the dining suite level.

00:03:43.880 The document expressly mentions a vegetated roof garden with urban wildlife and a spectacular view of D.C.'s skyline,

00:03:56.240 as well as new water and marble features.

00:04:00.380 So it appears to me that he lied and he lied on a material matter.

00:04:06.840 I was once accused of lying to Congress, but I had no motive to lie and no misstatement I made to Congress covered any underlying crime,

00:04:15.500 nor was it material to Russian collusion because there was no Russian collusion.

00:04:20.700 In this case, there is a $2.5 billion plan.

00:04:23.840 While the American people are struggling, struggling certainly to buy a home or to buy a car,

00:04:32.300 I don't know how he justifies his position other than to say tariffs, which is not much of an answer.

00:04:40.680 Well, he's got real problems and he's going to continue to have real problems because, you know,

00:04:46.120 people look the other way for a long period of time.

00:04:48.500 We had COVID.

00:04:49.200 We had all these different things going on in our economy.

00:04:52.840 But when you start messing with people's money for no reason whatsoever, which is what he's doing, in my opinion,

00:04:58.860 I think that it's just a matter of time before this gets worse for him.

00:05:03.160 And I wouldn't be surprised to see there be investigations.

00:05:06.700 And, you know, we'll see where it goes from there, Roger.

00:05:08.980 But, you know, this is a cautionary tale for, frankly, for me and for other people who serve in government,

00:05:14.980 but also people who, frankly, make money and become wealthy.

00:05:19.680 You just can never become detached from reality like it appears Jerome Powell has become.

00:05:26.140 Because, you know, you sit there and you think to yourself, you know, President Trump called him a stubborn mule.

00:05:31.980 And you sit there and you think to yourself, this just doesn't seem right.

00:05:35.320 How could somebody think like this?

00:05:36.860 And honestly, Roger, I think that Jerome Powell has created his own reality where he somehow thinks that it's fine that he has created this $2.5 billion renovation

00:05:47.580 and that he hasn't lowered interest rates.

00:05:50.240 And I don't know what reality that is, but it's certainly not one that I would ever want to live in.

00:05:55.460 You know, the excuse he gives is tariffs.

00:05:59.340 He and many in the economics establishment have been conditioned to treat tariffs as inherently harmful.

00:06:06.880 I think that's false.

00:06:08.660 Here's the truth.

00:06:09.880 Tariffs are one of the few forms of taxation that actually preserve a government's accountability to its citizens.

00:06:16.180 Tariffs tie state revenue to national production and trade policy.

00:06:21.160 Tariffs will allow citizens to remain sovereigns of the government and income and even consumption taxes subjugate.

00:06:29.200 I think it is a phony argument.

00:06:32.900 But the arrogance here, the politicization is kind of obvious.

00:06:38.100 He is also, as we've had Barry Habib, the housing and mortgage guru on the show,

00:06:45.520 Powell stubbornly insists that he doesn't have the data to justify an interest rate cut.

00:06:53.380 You look at the data, I mean, it's like Barry points out, you know, 1.6% is the annualized CPI number.

00:07:00.700 And that literally tells you what prices are.

00:07:03.200 And you're running at 1.6%, but your interest rate is 4.5%.

00:07:07.560 I mean, anybody with a napkin can figure out that that's 2% to 3% way too high.

00:07:13.780 And I personally believe that Jerome Powell is purposely doing this because he hates the president and because he wants to hurt the president.

00:07:23.120 And it's very sad because Jerome Powell is actually hurting the American people.

00:07:26.860 You know, President Trump is very tough, but a lot of American people have these interest expenses.

00:07:31.520 And so when you have, you know, CPI trailing at, you know, let's call it 1.6% on a run rate basis,

00:07:38.580 you apply it over a yearly period, and then you've got these interest rates at 4.5%.

00:07:43.420 That's enough to do substantial damage to the economy.

00:07:47.620 And I think it's, as I said, I think it's going to get worse,

00:07:50.920 and I think the data is going to continue to prove out to be true that he is doing this with willful, willful intent.

00:07:57.880 Yeah, I mean, looking at your statement, it was interesting.

00:08:01.860 You not only pointed out that he may have dissembled before Congress,

00:08:06.140 but you also suggested that the Congress investigate his political bias.

00:08:12.840 I mean, I think they have the authority to do that.

00:08:14.760 I've been through this.

00:08:16.340 They certainly had no problem subpoenaing my email messages, my text messages, tracking all of my phone calls.

00:08:23.220 By the way, they found no evidence of Russian collusion or WikiLeaks collaboration,

00:08:27.620 despite what some in the media had reported.

00:08:31.180 Why could they not subpoena Jerome Powell's emails and text messages for evidence of political bias?

00:08:39.480 I think that would be perfectly reasonable.

00:08:41.880 I think there'll be a lot more coming out, Roger.

00:08:44.200 I spoke with some U.S. senators today, and I think you also saw that one senator, Senator Lummis,

00:08:51.300 texted, or not texted, tweeted the article, or tweeted the quote retweet, let's call it,

00:08:57.800 my tweet about saying that Congress should investigate.

00:09:01.440 So I think a lot more will come out.

00:09:04.220 And if Senator Lummis' tweet is any indication that people are watching,

00:09:08.580 I wouldn't be surprised to see Congress pick this up and pick it up real quick.

00:09:11.980 Bill, I want to ask you about the importance of the big, beautiful bill.

00:09:16.580 Seems to be inching closer and closer to being reality.

00:09:20.980 Earlier in the show, we doused a lot of the disinformation about the bill.

00:09:26.600 It will, in fact, eliminate taxes on Social Security for 88% of Americans.

00:09:33.940 There are those out there saying, no, it doesn't do that.

00:09:36.580 It does do that.

00:09:37.480 It could not be completely eliminated for structural reasons, but there is language in there

00:09:45.140 that has the effect of doing away with a complete tax break on 88% of seniors.

00:09:53.420 Tell us about how important this bill is, because I think a lot of people are buying into the disinformation.

00:10:00.400 It's incredibly important, Roger.

00:10:04.200 I think it will be one of the hallmarks of President Trump's term.

00:10:07.400 I think that this will actually set off the golden age.

00:10:11.380 You know, I've talked a long time about how there's going to be a housing boom in this country.

00:10:15.020 And you know how I feel about what Jerome Powell is doing to stunt that housing boom.

00:10:20.400 But I actually think that the big, beautiful bill will be the gasoline, so to speak,

00:10:25.200 that will start the fire in a good way, which is the housing boom.

00:10:29.780 And you look at what's happening right now in the country.

00:10:32.420 You have four years of inflation that have just robbed Americans of their savings,

00:10:37.380 robbed Americans of their earning potential, meaning nobody's been able to really grow their

00:10:42.260 earnings on an inflation-adjusted standpoint.

00:10:44.780 So I think that this is going to be really a home run.

00:10:47.840 And, you know, this isn't investment advice, Roger, but I think that the stock market will boom.

00:10:53.060 I truly, truly believe that.

00:10:56.160 The president has spoken about the possibility of taking Fannie Mae and Freddie Mac,

00:11:03.200 the two housing mortgage giants, private.

00:11:08.240 It's a decision he'll make down the road.

00:11:10.540 But I also noticed that he very quickly said whether he does that or not,

00:11:14.680 and we don't know whether he's going to do it, he's still considering it,

00:11:18.040 the federal government would continue to guarantee mortgages so there'd be no damage,

00:11:23.260 no deterioration among housing bonds.

00:11:26.720 I think it is an innovative idea.

00:11:30.100 I salute the president because he is an outside-the-box thinker, and he views everything under this prism

00:11:38.020 of what is best for America, what's best for the taxpayers, what is best for U.S. citizens,

00:11:44.980 not our allies, not illegals who are in the country, not the politicians in the political class,

00:11:51.580 but what is best for America.

00:11:56.540 He's an inspiring guy to work for.

00:11:59.460 I don't know when he sleeps, to be honest with you.

00:12:01.540 His energy just astounds me.

00:12:05.120 His stamina is extraordinary.

00:12:07.400 He's obviously very courageous.

00:12:10.700 I mean, they tried to kill him twice, and he still keeps pushing forward on this agenda of reform.

00:12:17.920 I think there's a high probability that we are heading into a golden age here.

00:12:24.640 He's had a heck of a run just in the last week with this decision in the federal courts

00:12:32.180 that seems to me to end the judicial tyranny in which judges that they shop for,

00:12:40.820 activists, liberal judges, issue these sweeping, nationally impacting rulings.

00:12:49.000 It looks to me like that obstacle is now out of the way.

00:12:54.240 USID going out of business, stepping up the deportation of illegals.

00:12:59.920 The president's had one heck of a week.

00:13:02.840 He really has, and he's a machine, like you said, and it's been publicly reported.

00:13:06.460 You know, he stays late into the Oval Office, and then it's been reported that he goes up into the residence

00:13:12.000 and that he continues to work into the late hours of the night.

00:13:15.240 This is a man who is a machine.

00:13:18.120 I mean, I don't know if they will make another one like this gentleman.

00:13:22.560 I mean, think about it, 79 years old.

00:13:25.240 I mean, who knows anybody who's 79 years old who's as efficient, as functional, and frankly, brilliant as he is.

00:13:33.100 I mean, he is brilliant.

00:13:34.060 I said this yesterday, Roger, on my Twitter.

00:13:36.180 I said, I've never met another person who has as good of instincts as this gentleman does in my entire life.

00:13:43.480 His instincts are just otherworldly.

00:13:45.840 I don't care what anybody says about him.

00:13:47.440 I think he's brilliant.

00:13:48.480 Well, the brilliance of doing away with the tax on tips, for example, which really did come from a conversation that he had with a cocktail waitress when he was campaigning in Las Vegas.

00:14:00.720 I think it tipped the silver state of Nevada, a swing state, a state that Republicans lost in the last presidential election.

00:14:11.240 It was one of the more brilliant pieces of the big, beautiful bill.

00:14:17.660 It will soon be federal law.

00:14:19.660 He didn't get that from some economist.

00:14:21.920 It came from the mind of Donald J. Trump.

00:14:25.540 And his affinity for working people.

00:14:28.400 This guy is a billionaire who never really lost his queen's roots.

00:14:33.540 He has the common touch.

00:14:35.260 He understands the language and the instincts and the feelings of the working people.

00:14:42.480 It's why I think he's going to go down in history as one of our greatest presidents.

00:14:46.900 All right, I'm afraid we have to wrap it there.

00:14:50.220 I want to thank our guest, Bill Pulte, who is the director of the Federal Housing Finance Agency and who today called for a congressional investigation into Federal Reserve Chairman Jerome Powell.

00:15:04.440 Bill, thank you for entering the Stone Zone.

00:15:06.740 This is the Stone Zone with Roger Stone.

00:15:18.580 This is the Stone Zone with Roger Stone.

00:15:31.460 The Stone Zone.

00:15:36.740 On the Red Apple Podcast Network.

00:15:40.500 And we're back in the Stone Zone.

00:15:43.540 Thanks again to Bill Pulte, the director of the Federal Housing Finance Agency.

00:15:49.460 Breaking news here in the Stone Zone, calling for a congressional investigation into whether Jerome Powell, the chairman of the Federal Reserve,

00:15:58.180 lied to Congress about a $2.4 billion renovation to the palatial headquarters of the Federal Reserve.

00:16:08.020 Also, Pulte criticized the director of the Fed for his stout refusal to cut interest rates on the American people,

00:16:15.480 despite the fact that both the inflation rate and the unemployment rate, the two measures the Fed uses,

00:16:21.760 are lower than they were when the Fed last cut rates ahead of the 2024 election.

00:16:31.400 Meanwhile, the University of Pennsylvania has reached a settlement with the U.S. Department of Education rejecting transgender insanity 1.00

00:16:43.420 after letting a biological man, Leah Thomas, dominate women in swimming competitions. 0.99

00:16:49.880 U.Penn has agreed to give titles and records back to female athletes who were robbed of these honors because they were misappropriated by male athletes

00:17:01.620 who were allowed to compete in female categories.

00:17:04.560 The Trump administration initiated an investigation into the University of Pennsylvania early this year before freezing $175 million in funding for the university

00:17:18.740 after it refused to comply with a DEI-related executive order.

00:17:25.180 The Feds later determined that U.Penn had in fact violated Title IX rules,

00:17:32.020 allowing Thomas to participate in a female swimming competition, denying opportunity to competitors who were biological females. 0.96

00:17:43.560 University of Penn officials will be issuing apologies to the women who were adversely impacted by their embrace of this transgender insanity. 1.00

00:17:53.980 This, I think, shows how the Trump administration is fulfilling its mandate of eliminating wokeism from our culture.

00:18:01.520 As the country is no longer held hostage to the delusions and perversions of a fringe leftist minority.

00:18:11.500 Meanwhile, the Congressional Black Caucus is big mad after the corporate retailer Target announced they would no longer be giving money to that nonprofit.

00:18:22.980 Target has been giving at least $1.4 million in annual donations to the Congressional Black Caucus Fund,

00:18:30.340 as well as additional money to other racial justice groups for years hoping to avoid a multicultural mob from ransacking their stores,

00:18:40.700 like they did after the death of serial felon George Floyd back in 2020.

00:18:48.060 With Black Lives Matter mania waning in recent years,

00:18:52.900 Target has determined they will no longer have to participate in this racial protection racket anymore.

00:18:59.340 They announced back in January they would be cutting off their funding to the Congressional Black Caucus and similar organizations.

00:19:09.120 The Congressional Black Caucus struck back by announcing a boycott of Target,

00:19:14.740 which I don't think will be terribly successful.

00:19:17.200 The Black Caucus stated,

00:19:19.200 like many of the coalition leaders and partner organizations that have chosen to boycott their stares across the country,

00:19:26.340 we found that the explanations offered by the leadership of the Target Corporation fell woefully short of what our communities deserve

00:19:34.800 and of the values includes of that Target once touted.

00:19:39.800 So, folks, if you're shopping this afternoon, let me recommend that you drop by Target,

00:19:46.480 showing rare courage in this atmosphere,

00:19:50.240 no longer willing to be strong-armed by those playing the race card.

00:19:56.420 It demonstrates that it is a new day in America and we're entering a golden age,

00:20:03.520 an age of unprecedented peace, prosperity, security, justice, and law and order.

00:20:10.760 You can hear about it every day here on The Stone Zone on the Red Apple Audio Networks.

00:20:17.460 Until tomorrow, God bless you and Godspeed.

00:20:21.160 Thanks for listening to The Stone Zone with Roger Stone.

00:20:25.580 You can hear The Stone Zone with Roger Stone weeknights at 8 on 77 WABC.

00:20:31.800 If you like the podcast, share it with your friends and listen anytime at WABCradio.com

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00:20:49.460 See you next time for a new episode so you never have to wonder.

00:20:53.460 What the heck is going on here?

Bill Pulte ｜ 07-02-25

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