Valuetainment - June 06, 2025


＂Too Late Powell＂ - Trump ERUPTS On Fed Chair Over Interest Rates In STUNNING Attack


Episode Stats

Length

14 minutes

Words per Minute

199.47885

Word Count

2,858

Sentence Count

310

Misogynist Sentences

3

Hate Speech Sentences

3


Summary

Trump shifts blame to Powell after a shock job report threatens President with worse, his hiring slowdown in years. Trump criticizes the Federal Reserve's Jerome Powell after the ADP National Employment Report showed private payrolls increased by only 37,000 jobs in a month that made the lowest since March of 2019.


Transcript

00:00:00.000 Trump shifts blame to Jerome Powell after a shock job report threatens President, with worse, his hiring slowdown in years.
00:00:08.760 Trump criticized Federal Reserve Jerome Powell after the ADP national employment report showed private payrolls increased by only 37,000 jobs in a month that made the lowest since March of 2023.
00:00:18.520 Posting on Truth Social, ADP numbers out.
00:00:21.040 Too late.
00:00:21.560 Powell must now lower the rate.
00:00:23.880 Trump claimed he is unbelievable.
00:00:26.000 Europe has lowered nine times, despite the European Central Bank cutting rate seven times, with the latest in mid-April.
00:00:32.280 The weak job report far below the 110,000 job forecast by Reuters economists prompted—damn, that's 30 percent of it.
00:00:40.700 That's not good—prompted Trump's pressure on Powell, who has kept interest rates between four and a quarter and four and a half, with the Fed stating after a May 29 meeting with Trump,
00:00:49.280 Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information.
00:00:58.740 Jamie Dimon stated, the amount of mismanagement is extraordinary, citing high yields and national debt risk.
00:01:05.040 Tom.
00:01:06.120 Well, guess what?
00:01:07.900 I'm citing with the president on this, and let me paint it for you.
00:01:10.900 I'm going to paint you fat.
00:01:12.020 Words talk, but numbers scream.
00:01:14.200 Let's go look at some numbers.
00:01:15.500 So, I pulled together four quick exhibits, Pat, that we can go through this, and if you're watching, I hope you can see it in video and on their rate, for those of you that are listening.
00:01:25.340 So, the first thing we have CNBC pointing out, they say, Trump says, too late, Powell.
00:01:31.300 But, underneath, they talk about facts, things that are happening with European Central Bank cutting rates, and they also talk about jobs.
00:01:39.080 Then, we go over here, Procter & Gamble.
00:01:41.340 Take a look here.
00:01:42.000 Headline, today, this morning, Procter & Gamble to cut 7,000 jobs.
00:01:47.860 Wow.
00:01:48.360 So, I looked at it, and I said, well, let's just say that's one headline, one company.
00:01:53.020 That's certainly a lot of people.
00:01:54.460 But, if jobs are being cut, and then employment is threatening to go up, that is a very, very, very, very, very good reason to lower interest rates.
00:02:02.200 So, then I go, how many, what has been happening with jobs?
00:02:05.060 So, I went and took a look.
00:02:06.420 And, guess what I found out?
00:02:08.560 It's the, where is that, Rob?
00:02:10.900 Do you have that?
00:02:12.180 Yeah, right here.
00:02:12.800 There it is.
00:02:13.680 Check this out.
00:02:16.200 May over May, 47% increase in job cuts.
00:02:20.660 May 24 versus May 23.
00:02:23.200 100,000 cuts in the United States.
00:02:26.120 Walt Disney, TikTok, Electronic Arts, Microsoft, Google, Match Group, Amazon, Morgan Stanley, and Bristol-Myers Squibb.
00:02:33.720 I'm naming things from biotech to retail.
00:02:37.600 So, that's happening.
00:02:39.080 Interesting.
00:02:39.700 Well, you know, that would seem to indicate that maybe Powell should give us a quarter point.
00:02:44.960 Well, when does that happen?
00:02:46.060 Let's look at the European Central Bank.
00:02:47.880 So, this morning, European Central Bank headline, eighth straight cut.
00:02:52.280 So, he said nine times, but the eighth straight cut is coming because Lagarde, he says, is forced.
00:02:58.700 And she said she has hit 1.7, 1.8% inflation in Europe.
00:03:04.100 And so, we are taking it down.
00:03:05.680 So, take a look right here.
00:03:07.380 Inflation in Europe went down to 2%.
00:03:09.220 And she says, I'm giving you another quarter point.
00:03:12.360 That is the eighth cut in a row.
00:03:14.400 Trump said nine in his tweet.
00:03:16.840 Actually, it's eight, which means eight times 0.25.
00:03:21.400 If you have eight quarters, Vinny, you have $2.
00:03:23.660 So, that's two full points they've cut, eight cuts in a row.
00:03:27.640 Now, we go to the dot plot, Pat.
00:03:29.300 This is very interesting.
00:03:30.420 This is where the Fed Board of Governors are telling us, and the last dot plot they did was in March.
00:03:39.740 And here it is.
00:03:41.080 They are, right now, our interest rate is 4.25 to 4.5.
00:03:45.620 The dot plot has it, you see the cluster of dots that is drifting down towards 3%.
00:03:51.880 That is where they are actually saying, yeah, we think we better get with the program and maybe get set here to make a cut.
00:04:01.260 So, now we go to the calendar.
00:04:03.060 Go to the calendar.
00:04:03.920 Federal open market.
00:04:05.100 When will they get together, and why is Trump so revved up right now?
00:04:08.940 Oh, June 17th, 18th.
00:04:12.620 Uh-oh.
00:04:13.400 That's a week and a half from now.
00:04:15.720 The Fed will meet.
00:04:17.580 And you've got job reports coming out.
00:04:19.640 You've got the European Central Bank now has their interest rate, Pat, at 2%, half of ours.
00:04:25.820 We are 4.25, 4.5.
00:04:27.460 They are half, which means the dollar is stronger because it's more expensive.
00:04:31.600 You look at the interest rate.
00:04:32.700 Who's more expensive?
00:04:33.480 That's a stronger currency.
00:04:34.860 And take a look here.
00:04:35.980 I am with the president on this one.
00:04:37.740 Now, the president has been talking to Powell a lot, a lot, a lot.
00:04:40.820 And there were people out there, even CNBC was saying, he's been so heavy on this.
00:04:45.620 Maybe it's like the boy who cried wolf.
00:04:47.440 But right now, he's not crawling wolf because you know what it is?
00:04:50.740 Trump is a business guy.
00:04:52.260 You make deals based on what you see and you read tea leaves.
00:04:55.460 Government is fully reactionary.
00:04:57.460 It goes like this.
00:04:58.440 Trump is a lifeguard.
00:04:59.680 He sees a black shadow in the water out there.
00:05:02.540 He blows a whistle, sounds a horn.
00:05:04.200 And let's find out what the shadow is because it could be a shark.
00:05:07.420 So let's get everybody out of the water, just normal thing at the beach, blow it.
00:05:11.480 However, this is how Powell works.
00:05:14.260 Powell works when he sees a fin in teeth.
00:05:17.820 And everybody gets out of the water and everybody's happy except fat Mr. Johnson who just got bit because he's the slowest swimmer.
00:05:24.080 Fat Johnson.
00:05:25.420 So you see what I mean?
00:05:26.580 That's Powell.
00:05:27.440 Powell waits until he sees the fin in the water and some blood.
00:05:30.880 Trump is out there saying, I see a black shadow in the water.
00:05:33.820 I don't like it.
00:05:34.900 In this case right here, I am behind the president 100%.
00:05:37.760 Powell should cut a quarter point coming up next week.
00:05:42.060 Absolutely.
00:05:43.320 Especially on the heels of the numbers and everything that are coming up.
00:05:47.100 I don't think Powell will.
00:05:48.640 I think they're thinking about it.
00:05:50.020 I think the dot plot is showing it, but I think they're going to wait until July 7th to 9th.
00:05:57.160 I think that's the way Powell reads it.
00:05:59.360 I think he'll wait until July 7th to 9th to drop a quarter and we'll get early sniffs of second quarter earning reports because you'll right be there on June 30th.
00:06:07.920 And we'll probably get some more things.
00:06:09.620 But come on, man.
00:06:10.540 Look at that list of companies.
00:06:12.000 It was biotech, Microsoft, electronics, retail.
00:06:15.340 There's a lot of things happening.
00:06:16.660 And the job cuts in America are up 47% this May versus last May.
00:06:23.920 Come on, man.
00:06:24.860 That's a black shadow in the water.
00:06:26.440 Come on, man.
00:06:26.880 Come on, man.
00:06:27.860 Good job, Tom.
00:06:29.380 Shoulda, woulda, coulda.
00:06:30.840 I'm not going to get into the weeds or in depth as good as Tom is, but I will explain the relationship between Trump and Powell as best as I can.
00:06:37.880 So there's nothing more that Trump would like to do than yell two words to Jerome Powell, and that's, you're fired.
00:06:45.620 He's threatened him.
00:06:46.580 He's dissed him.
00:06:47.100 He's publicly berated him.
00:06:48.540 He's threatened to fire him.
00:06:50.120 But looky, looky, looky here.
00:06:51.980 Jerome Powell hasn't gone anywhere.
00:06:53.680 Has he?
00:06:54.580 Has he conceded to Trump once?
00:06:57.280 Trump is the person that put Powell in charge of the Fed in 2018.
00:07:01.620 How many times has he completely berated him in the public?
00:07:06.900 And has Jerome Powell done anything?
00:07:09.640 So here's my opinion.
00:07:11.500 I think Trump is like, they're both driving the car together.
00:07:15.400 Trump, he's all gas, no brakes.
00:07:17.900 We had that guy on the show, Andrew Callahan.
00:07:20.940 Trump is like, go faster, cut the rates.
00:07:23.400 We want dynamic growth.
00:07:24.820 Let's go, let's go, let's go.
00:07:25.800 And Jerome Powell's like, listen, guy, there's a speed limit here.
00:07:29.380 We're going to basically try to take it easy.
00:07:31.620 I get it if you want to speed a little bit.
00:07:33.420 But we're going to stay in the lanes here.
00:07:35.100 And we're going to go exactly what the speed limit should be.
00:07:38.500 And that is the height of the conflict of what's going on here.
00:07:41.520 Trump wants to go fast.
00:07:43.120 All gas, no brakes.
00:07:44.580 And Jerome Powell's basically saying, pump the brakes, buddy.
00:07:47.260 I know you're president of the United States.
00:07:48.620 But I'm president of the Central Bank.
00:07:50.400 And I'm going to run this show.
00:07:51.420 Do you think he's doing a good job?
00:07:52.360 Because, I mean, obviously, Trump hired a bunch of people when he first came in
00:07:55.420 because he didn't know any better.
00:07:57.200 You think it was a good choice to have Powell or not?
00:07:59.620 Because, I mean, the feds don't answer to anybody, right, Tom?
00:08:02.420 They're their own.
00:08:03.080 I think Powell has been a steady hand at the wheel when there's been a lot of chaos in the world.
00:08:09.500 So, good choice.
00:08:10.140 I'd give him a B+.
00:08:11.200 What do you think?
00:08:11.700 I don't think Jerome, like, you know some of these guys get jobs
00:08:16.500 and they just want to get in front of the camera.
00:08:18.480 Of course.
00:08:19.620 That's not this guy.
00:08:20.380 Oh, for sure.
00:08:20.760 So, he's not doing it because he's trying to come up with a book and say,
00:08:23.200 I'm now an independent.
00:08:24.520 Biden did this.
00:08:25.960 He's not that guy.
00:08:26.740 He's just kind of like, look, man, you asked me to do this job, I'm going to do my best.
00:08:31.060 It sucks because you have to deal with Trump and every day is going to call you out,
00:08:34.780 blame everything on you, da-da-da-da-da-da.
00:08:36.280 But here's what I'm doing.
00:08:37.740 I think the more we wait, the better it is, you know,
00:08:41.920 because it's forcing the market to correct the fake actors.
00:08:47.260 And, you know, I'm not worried about June or July because, you know,
00:08:51.720 of course you'd want June because June becomes what?
00:08:53.980 Q2 instead of having a July.
00:08:56.420 July becomes what?
00:08:57.460 Q3.
00:08:58.160 So, you may, you know, you may, it may help June if you do the reports this month,
00:09:04.660 lower the rates this month instead of next month.
00:09:06.660 But I actually don't mind him taking his time.
00:09:08.420 I don't.
00:09:09.360 I don't mind him taking his time.
00:09:10.360 I am more concerned about the stuff that's going on over there with the war
00:09:13.000 than I'm concerned about this.
00:09:14.920 I agree with that.
00:09:15.760 We can wait one more month.
00:09:16.840 We can wait one more month before we get there.
00:09:19.320 And, by the way, you know what's crazy?
00:09:20.640 If I was Trump, I'd be doing exactly the same thing I'm doing.
00:09:23.260 Hurry up and lower the rates.
00:09:25.080 But as a consumer that I'm not the president, guess what?
00:09:28.940 I'm saying it's okay if we go one more month.
00:09:32.100 So I'm supportive of both sides.
00:09:33.980 Would you agree with one thing?
00:09:35.260 You don't hear me like this.
00:09:36.500 You don't hear me.
00:09:37.220 And, by the way, you made a very eloquent argument on all our numbers.
00:09:40.720 If we're at four and a quarter, four and a half, Europe is at two points.
00:09:44.480 Half of us, and, of course, a dollar is strong because they used to talk about
00:09:47.100 how weak the dollar was.
00:09:47.960 Now the dollar is strong.
00:09:48.800 But you don't want to come a little bit lower?
00:09:51.540 Like a little bit?
00:09:52.900 You think a quarter or a half is going to do anything?
00:09:55.220 No.
00:09:55.740 Do it.
00:09:56.120 I get that argument.
00:09:57.620 But we can wait one more month.
00:09:58.760 How much influence would you say between zero and 100 Trump actually has on Powell?
00:10:06.020 10%.
00:10:06.420 Yeah, I think that's even a high number.
00:10:08.600 Yeah, 10%.
00:10:09.420 There's no indications that Powell has listened to Trump.
00:10:12.600 No.
00:10:13.060 I don't think Powell goes to sleep being worried about getting fired.
00:10:15.700 Not at all.
00:10:16.520 No, I don't think he cares.
00:10:17.620 And not in an arrogant way.
00:10:19.880 Not in a Comey way.
00:10:21.600 Not in a Hillary way.
00:10:22.840 I just don't think he cares.
00:10:23.940 He's like, look, you asked me to do this job.
00:10:25.660 He probably was raised good by his parents, that he's got pride in his job and his duties
00:10:30.680 and his country and all that stuff.
00:10:32.420 And he wants to do his job right.
00:10:33.640 And I'm okay with that.
00:10:34.280 You remember when he started talking trash about Trump?
00:10:37.000 When is that?
00:10:37.860 Exactly.
00:10:38.300 It never happened.
00:10:39.020 He just keeps quiet.
00:10:39.940 It's not him.
00:10:40.540 It's not his style.
00:10:41.420 Last year, we ran one of the coolest contests ever.
00:10:44.880 And I thought it was going to be a basic dinner and meet and greet and all this other stuff.
00:10:49.040 It turned into a massive spectacle.
00:10:50.900 It was a Manet contest for two months for lightweight, middleweight, heavyweight, and super heavyweight.
00:10:55.720 And even users got involved.
00:10:57.340 And we invited the top three.
00:10:58.840 You pay your flight, hotel, all that stuff.
00:11:00.220 But once you came here, we went to dinner together at Casa D'Angelo.
00:11:03.380 Top-notch dinner.
00:11:04.560 Then we went to the cigar lounge.
00:11:06.480 And it was such a great time.
00:11:08.160 We stayed together until midnight.
00:11:09.360 We had six and a half hours of conversations.
00:11:11.560 I'm going to show you the highlight from last year.
00:11:14.080 Then I want to announce this contest for all of you guys to compete in from June to July.
00:11:18.820 And the dinner will be sometime in August.
00:11:20.720 Rob, play this clip.
00:11:21.400 Go for it.
00:11:21.820 We just had our first Manet dinner.
00:11:25.780 Let me tell you, it was so awesome because we had the dinner.
00:11:28.140 It was absolutely an amazing experience.
00:11:32.500 The conversations, the networking, great.
00:11:38.760 People from all over the world.
00:11:40.620 So I said, maybe I'll stick around for an hour, maybe an hour and a half.
00:11:43.680 But then afterward, we came right here at the cigar lounge.
00:11:49.660 I stayed till midnight.
00:11:51.580 We had six and a half hours of conversation.
00:11:54.680 That was fantastic.
00:11:56.000 Yeah.
00:11:56.520 So if you weren't there, you missed it.
00:11:58.160 We wish you were there.
00:11:59.080 But I'll give you one counsel.
00:12:04.060 We're about to announce the next contest.
00:12:06.540 Do not miss the next Manet contest.
00:12:10.800 And I hope to see you there.
00:12:14.200 By the way, it was so great.
00:12:15.500 Deals were done.
00:12:16.480 Relationships were built.
00:12:17.700 Conversations.
00:12:18.240 So go download the app if you haven't yet.
00:12:20.180 Whether it's Apple or Google.
00:12:22.080 Start Manetting.
00:12:23.120 Ask questions.
00:12:24.560 Nowadays, we got Ray Lewis that's officially on Manet.
00:12:27.220 And he's responding back to people on Manet.
00:12:29.120 By the way, Stephen A.
00:12:29.940 Smith's going to get active on Manet on today or tomorrow.
00:12:32.900 Starting his account for.
00:12:33.800 People can ask Stephen A.
00:12:34.940 Questions.
00:12:35.280 James O'Keefe.
00:12:35.720 Anna Kasparian.
00:12:36.680 James O'Keefe.
00:12:37.500 Paul Saladino.
00:12:38.480 Terrence Howard.
00:12:39.820 Cuomo.
00:12:40.260 There are so many great people.
00:12:42.000 Lindy Lee is crushing it.
00:12:43.600 Killing it.
00:12:44.080 On Manet the way that it's going.
00:12:45.500 And by the way, who knows who's going to be at this dinner when we host this.
00:12:48.360 So if you like good conversations, if you want to come to South Florida, we're going
00:12:51.640 to probably give you a tour to headquarters as well when you come down here.
00:12:53.980 Then go straight to dinner.
00:12:55.080 Then go straight to the Cigar Line, which is a private club.
00:12:57.800 But some of you guys will have a chance to be a part of it.
00:13:00.540 And by then, we have a lot of new surprises with the private club.
00:13:03.280 So you'll get a chance to tour as well.
00:13:04.780 So download the app.
00:13:06.340 Start Manetting.
00:13:07.120 Start competing.
00:13:07.720 The update on the Leaders Bulletin will be on Manet.com.
00:13:10.500 Rob, if you go to Manet.com, just go to Manet.com.
00:13:12.740 And if you look at the contest, on the experts, that's how it works.
00:13:16.640 Okay?
00:13:16.940 If you look at it, lightweight right now at the top is Dean Mason.
00:13:19.940 James O'Keefe right now is second place.
00:13:21.440 Then it's Luis Concior.
00:13:22.420 Go to a middleweight, Rob.
00:13:24.320 Middleweight right now is John Mason.
00:13:26.500 Then Lily Tam.
00:13:27.340 Then it's James Murphy.
00:13:28.620 Let's go to heavyweight.
00:13:29.700 Heavyweight.
00:13:30.220 Because everybody from heavyweight goes to super heavyweight.
00:13:32.180 So it's Daniel number one, Michael Maher, Matt Sopala.
00:13:35.120 Then at super heavyweight is what?
00:13:37.560 Super heavyweight is Lindy Lee, myself, Timothy Ryan, Oshana Tom Sauce, Dennis Punemann, a couple
00:13:42.820 other guys.
00:13:43.400 By the way, the scoring will be the following.
00:13:45.080 To compete the next two months, lightweight will have to do a minimum of 200 points.
00:13:48.860 You have to be lightweight today.
00:13:50.020 You can go up.
00:13:51.120 But we're going to calculate your points from today.
00:13:52.760 Middleweight, you have to do a minimum of 400.
00:13:55.360 Heavyweight is a minimum of 400 points.
00:13:56.860 And super heavyweight has to be 1,500 points.
00:13:59.200 And the user's contest, go to user's wrap, a new user goes out there, 200 points you
00:14:05.820 score, new users, existing user has to be 400 points, you'll be invited to that dinner
00:14:11.120 and a cigar lounge with us.
00:14:12.560 Go download the app, start connecting today.
00:14:14.100 If you enjoy this video, you want to watch more videos like this, click here.
00:14:16.860 And if you want to watch the entire podcast, click here.