ANTI-INFLATION STRATEGY IS NOT
ONE OF THEM END QUOTE.
JOINING ME TO DISCUSS FORBES
MEDIA CHAIRMAN EDITOR-IN-CHIEF,
STEVE FORBES AND A MAN WHO HAD A
INCREDIBLE REVELATION WHICH IS
THAT AMERICA CAN BE TURNED TO
SOCIALISM BY REGULATION.
FORGET ABOUT CONGRESS DOES WITH
THE "BUILD BACK BETTER," IT CAN
HAPPEN THROUGH REGULATION.
WE HAVE TO WATCH OUT FOR THAT.
STEVE, CONGRATULATIONS ON THAT
INSIGHT WHICH I THINK IS
TERRIFIC.
I STEAL FROM IT ALL THE TIME.
I TELL YOU IN PERSON BUT THE
MORE I LISTEN TO LARRY SUMMERS,
STEVE, THE MORE I’M CONVINCED
THIS ADMINISTRATION CARE AS LOT
LESS ABOUT INFLATION THAN ABOUT
KILLING CAPITALISM AND KILLING
BUSINESS, DON’T YOU?
>> YES.
IT IS ALL ABOUT CONTROLLING
BUSINESS AND ANTITRUST IS ONE OF
THEIR WEAPONS.
FOR EXAMPLE, THAT ANTITRUST SUIT
AGAINST TWO PUBLISHERS IS NOT
BASED ON ANTITRUST BUT TELLING
BUSINESSES CERTAIN THINGS YOU’VE
GOT TO GET OUR PERMISSION.
YOU SEE IT ON PENSION FUNDS
THEY’RE PRESSURING BIG FUNDS TO
HAVE, FORCE CORPORATIONS TO DO
CERTAIN THINGS, SO THEY’RE DOING
IT ONE WAY OR THE OTHER.
THEY KNOW THEY CAN’T DO THE
THINGS DIRECTLY SO THEY DO IT ON
THE SIDES THROUGH REGULATION,
THROUGH SHAREHOLDERS REGULATIONS
AND THE LIKE.
DAVID: WE SAY THEY A LOT AND I
USE THAT PHRASE TOO TO DESCRIBE
WHO IS BEHIND IT.
WHO IS BEHIND ISN’T BIDEN CLAIMS
HE IS A CAPITALIST, WE HAVE A
LIST OF MANY -- NOMINEES, WE CAN
THROW THAT UP THERE, A LOT
YOU’VE SEEN LIKE SAULE OMAROVA
AND LAEL BRAINARD, NOT ONE OF
THESE NOMINEES, WE’LL GET THEM
UP IN A SECOND, NOT WILLING TO
SAY WHAT BIDEN SAYS OR CLAIMS
THAT HE IS A CAPITALIST.
NONE OF THESE PEOPLE WILL SAY
THAT.
>> PRESIDENT BIDEN WOULD WALK IT
BACK AGAIN AS HE DID YESTERDAY,
WHEN THE STATES ARE IN CHARGE OF
FIGHTING THE VIRUS.
THEY WALKED THAT BACK PRETTY
QUICKLY.
I DON’T, EVERYTHING HE SAYS YOU
GOT TO TAKE WITH A GRAIN EVER
SALT.
THE PEOPLE RUNNING IT ARE FAR
LEFT, THEY ARE RABID, THIS IS
ONE OPPORTUNITY TO TURN THE
COUNTRY AROUND AND THEY DON’T
HAVE THE MANDATE TO DO IT, USING
EVERY INSTRUMENT POSSIBLE,
ANTITRUST, REGULATIONS FIAT AND
AND DECREES, EVEN THROWN OUT BY
THE COURTS THEY DO 10 OTHER
THINGS SAYING COME AND GET US.
DAVID: AMERICANS KNOW, A POLL
OUT, GALLUP COMES OUT WITH THE
POLLS WHO PEOPLE FAVOR, WHETHER
IT IS, WHICH PEOPLE FAVOR
CAPITALISM AND SOCIALISM.
IT HASN’T CHANGED IN 10 YEARS.
60% FAVOR CAPITALISM, 38% FAVOR
SOCIALISM.
SO THEY’RE GOING AGAINST THE
GRAIN OF THE AMERICAN PUBLIC.
DO THEY CARE AT ALL THAT IT IS
GOING TO LOSE THEM AN ELECTION
IN 2022 AND PROBABLY 2024?
>> NOT AT ALL.
THAT IS WHY THEY’RE SO FERVENT
GETTING THINGS DONE NOW.
THE THREE B BUILD, I CALL IT THE
BIG BAD BIDEN BILL GOT DEFEATED
THANKS TO JOE MANCHIN AND
SENATOR SINEMA OF ARIZONA,
HOWEVER THEY WILL DO IT
PIECEMEAL.
THEY WILL DO IT BY REGULATION.
THEY WILL DO IT THROUGH STEALTH.
CONGRESSES WHAT, DAVID, 140, 150
LAW AS YEAR.
THE REGULATORY AGENCIES VIEW OUT
3 TO 4,000 A YEAR.
THEY HAVE THE FORCE OF FEDERAL
LAW.
TIGHTENING UP ON FARMERS,
ENERGY, TELLING IN EFFECT BANKS
DON’T LEND TO THE FOSSIL FUEL
INDUSTRY THINGS LIKE THAT.
TELLING PENSION FUND THE HOW TO
VOTE IN PROXY ELECTIONS, THINGS
LIKE THAT.
THEY ARE GOING ALL OUT.
THEY DON’T CARE ABOUT THE
ELECTION.
IF THEY FIGURE IF THEY GET
CERTAIN THINGS DONE AS
OBAMACARE, VERY HARD TO REMOVE
ONCE ON THE BOOKS.
DAVID: THEY HAVE ALREADY KILLED
OUR ENERGY INDEPENDENCE.
THAT WAS DONE PRIMARILY THROUGH
REGULATIONS AND EXECUTIVE ORDERS
AS WELL.
CONGRESS DIDN’T HAVE TO GET
INVOLVED IN THAT.
WHAT ELSE COULD THEY HURT OR
PERHAPS KILL THAT WE ARE PROUD
OF AS AMERICAN CAPITALISTS?
>> WELL, TAKE MANUFACTURING.
WE ALL KNOW IN BETWEEN 2006 AND
2016, DAVID, THERE WERE
LITERALLY TENS OF THOUSANDS OF
REGULATIONS PUT AGAINST
MANUFACTURING WHERE A TYPICAL
MANUFACTURER, I KNOW THAT COVERS
A BROAD SPECTRUM, WOULD PAY
TAXES ABOUT FIVE OR SIX TO
$8,000 PER WORKER.
THE REGULATORY COSTS WERE 20 TO
30 TO 40,000-DOLLARS PER WORKER.
WE WONDERED WHY MANUFACTURING
WENT DOWN THE TUBES IN THIS
COUNTRY.
THE PREVIOUS ADMINISTRATION,
DONALD TRUMP REVERSED THAT SO
THEY WILL GO AFTER
MANUFACTURING.
THEY WILL ALREADY AFTER THE
FINANCIAL INDUSTRY AND
ESPECIALLY TRYING TO GET THEIR
HANDS ON 401(k)S AND THE LIKE.
SO EVERYTHING IS GOING TO BE UP
FOR GRABS ON THE LABOR SIDE, ON
THE AGRICULTURAL SIDE, THEY ARE
GOING AFTER THE FARMERS WITH THE
EPA UNLEASHED AGAIN.
YOU SEE IT IN FEDERAL
COMMUNICATIONS COMMISSION, WHAT
THEY’RE TRYING TO SLIP THROUGH
THERE, HAVE SO-CALLED NET
NEUTRALITY WHICH WOULD BE
MASSIVE GOVERNMENT REGULATION
WHICH UNDER THE PREVIOUS
ADMINISTRATION, WHICH UNDER THE
OBAMA ADMINISTRATION DEVASTATED
OR DID DAMAGE TO HIGH-TECH
ADVANCEMENTS.
SO EVERYTHING IS UNDER THEIR
PURVIEW.
THEY WANT EVERYTHING.
DAVID: REGULATION IS A TAX.
TAXES USUALLY ARE PAID BY
COMPANIES THAT PASS IT ON TO THE
CONSUMERS AND THAT LEADS TO MORE
INFLATION.
THAT IS WHY LARRY SUMMERS GOT SO
UPSET.
YOU KNOW, CONGRATULATIONS TO HIM
BUT EVEN THE STAID CHAMBER OF
COMMERCE WHICH WE SHOULD MENTION
SUPPORTED BACKED 23 DEMOCRATS IN
THE LAST ELECTION, THEY CAME OUT
WITH A PRETTY REMARKABLE
STATEMENT AGAINST WHAT THE
ADMINISTRATION IS DOING SAYING
IT IS PRETTY CLEAR THAT THE
ADMINISTRATION IS ATTEMPTING TO
USE HIGHER PRICES TO JUSTIFY
THEIR PREEXISTING AGENDA TO
OVERTURN DECADES OF BIPARTISAN
CONSENSUS AROUND ANTITRUST AN
COMPETITION POLICY IN FAVOR OF A
GOVERNMENT KNOWS BEST REGULATORY
APPROACH.
SO WHEN THE CHAMBER OF COMMERCE
RISES TO THE BAIT IN TERMS OF
SOMETHING LIKE THIS, DOESN’T
THAT HAVE A LOT OF PRESSURE
AGAINST THE ADMINISTRATION DOING
IT, USING ANTITRUST TO SO CALL
COMBAT INFLATION?
>> WELL THAT’S THE THING, THEY
DON’T CARE WHAT THE OPPOSITION
IS AND THEY FIGURE IF THEY CAN
JUST RAM IT THROUGH, THEY CAN
GET AWAY WITH IT.
THAT IS WHY THESE NOMINEES,
SENATORS DON’T LIKE TO TURN DOWN
MOST OF THE NOMINEES OF A AN
ADMINISTRATION.
DOESN’T LOOK GOOD POLITICALLY
BUT THIS ADMINISTRATION KNOWS
THAT.
SO IF THEY PUT UP 20 BAD
APPOINTMENTS SEVERAL WILL GET
THROUGH IN KEY POSITIONS,
WHETHER BEING IN CHARGE OF BANKS
AT THE FEDERAL RESERVE, WARREN
PROTEGE, SENATOR WARREN PROTEGE
IS FRONT-RUNNER FOR THAT JOB,
WHETHER IT IS USING MILES PER
HOUR STANDARDS FOR THE AUTO
INDUSTRY TO FORCE CONVERSION TO
ELECTRIC VEHICLES, THEY KNOW
THEY COULDN’T GET THAT THROUGH
CONGRESS.
THEY FIGURE THEY CAN DO THAT,
MAKE IT IMPOSSIBLE TO
MANUFACTURE TRADITIONAL
AUTOMOBILES IN THIS COUNTRY.
THEY DON’T HAVE TO BAN IT.
THEY MAKE IT IMPOSSIBLE TO MEET
THE REGULATIONS.
THEY THROW IT OUT THERE.
THEY DON’T CARE ABOUT THE
IMPACT.
THEY JUST WANT THEIR FANTASY OF
A UTOPIA WHICH BE HELL FOR THE
REST OF US.
DAVID: STEVE, HOW DO WE FIGHT
ISN’T.
>> YOU EXPOSE IT AS WE AND
OTHERS ARE DOING AND PUTTING
PRESSURE ON REGULATORS, FOR
EXAMPLE, NEXT YEAR WHEN WE GET
CONTROL OF CONGRESS, WE CAN
START CONTROLLING THE BUDGET
STRINGS IN A WAY THAT WE HAVEN’T
BEEN ABLE TO DO.
MEANTIME YOU DO HEARINGS.
YOU DO COURT HEARINGS.
YOU FILE CASES.
SO YOU FIGHT THEM THE WAY THEY
HAVE FOUGHT US ON EVERY FRONT.
DAVID: BUT WHERE DOES IT GO?
HOW FAR CAN THEY GO IN TURNING
THIS COUNTRY INTO, INTO A
ANTI-CAPITALIST STATE IN WHICH
THERE IS NO FREEDOM TO EXCEL, NO
FREEDOM TO CHOOSE?
>> I DON’T THINK THEY ARE GOING
TO BE ABLE TO DO IT.
I THINK WHAT HAPPENED TO BIDEN’S
BIG BILL WHICH LOOKED LIKE A
SURE THING A FEW MONTHS AGO IS
ONE EXAMPLE.
TAKING IT TO THE COURTS.
I THINK THE SUPREME COURT WILL
RULE AGAINST THE VACCINE MANDATE
WHICH IS DEVASTATING BUSINESSES
IN THE LABOR MARKETS NOT TO
MENTION HEALTH CARE IN THIS
COUNTRY.
SO YOU FIGHT THEM EACH INCH OF
THE WAY SO THEY DON’T GET THE
BEACHHEADS THEY NEED.
YOU DON’T GET PERMANENT
ENTITLEMENTS.
WE FIGHT TO KEEP THEM BACK NOW.
WE GO ON POSITIVE OFFENSE,
OPPORTUNITY OFFENSE WHEN WE WIN
THE ELECTIONS NEXT YEAR.
DAVID: YOU KNOW BETTER THAN MOST
PEOPLE WHAT INSIDE OF THE
BELTWAY IS LIKE.
ARE REPUBLICANS AWARE OF WHERE
THEY ARE GOING, HOW FAR THEY ARE
WILLING TO GO AGAINST THEIR OWN
POLITICAL INTERESTS IN ORDER TO
TURN THIS COUNTRY AROUND?
>> I THINK THEY’RE BEGINNING TO
WAKE UP TO IT.
THIS IS WHERE ELECTIONS IN
VIRGINIA AND NEW JERSEY WERE SEW
GOOD, OTHER PARTS OF COUNTRY.
VOTERS ARE WAKING UP TO IT.
YOU HAVE TO GET THE MESSAGE OUT
THERE, NOT THROW HANDS UP IN
DESPAIR THEY WILL GO THEIR WAY
ANYWAY.
RONALD REAGAN WAS RIGHT THE WAY
YOU CHANGE MINDS NOT THROUGH
FINE ARGUMENTS, DO IT THROUGH
THE PUBLIC OPINION.
THE PUBLIC IS BEGINNING TO GET
IT, SPENDING BILLS, MASSIVE
REGULATIONS, EVERY TIME THEY GO
TO THE SUPERMARKET, THE GAS
PUMP, THEY SENSE SOMETHING IS
PROFOUNDLY WRONG.
ALSO SADLY, WE’RE GOING TO HAVE
FOREIGN POLICY CRISES WHICH
UNDERSCORES THE WEAKNESS OF THIS
ADMINISTRATION AND DAMAGE
THEY’RE DOING TO OUR SECURITY
AND PROSPERITY.
DAVID: WE’RE TALKING TO GENERAL
KEANE ABOUT THAT COMING UP BUT
AGAIN I WANT TO FOCUS ON THE
REPUBLICAN LEADERSHIP BECAUSE
SOMETIMES I LOOK AT WHAT
McCONNELL DOES IN THE SENATE
AND I THINK, GRANTED HE WAS
SUCCESSFUL IN KEEPING, KEEPING
MANCHIN IN THE FOLD AND
PREVENTING HIM FROM MAKING A
DEAL WITH BIDEN ON BBB BUT TOO
OFTEN AS YOU SAY THEY JUST CHECK
OFF THESE NOMINEES BECAUSE THEY
DON’T WANT TO HURT ANYBODY’S
FEELINGS AND THEY DON’T REALIZE
THE STAKES?
>> I THINK THE BASE OF THE PARTY
IS WAKING UP TO IT.
THEREFORE THESE MEMBERS ARE
WAKING UP TO IT.
REMEMBER McCONNELL, WHATEVER
YOU THINK OF SENATOR McCONNELL
HE DID GET THROUGH 300 TRUMP
APPOINTEES TO THE FEDERAL COURTS
INCLUDING THREE SUPREME COURT
JUSTICES WHICH IS A PHENOMENAL
RECORD NO PREVIOUS PRESIDENT HAD
DONE.
I THINK TWO ON THE NOMINATIONS.
IN THE PAST WE USUALLY LET
JUDGES THROUGH, HOLD THEIR NOSE
AND VOTE FOR THEM.
THIS TIME THEY WILL REALIZE,
THIS IS ALL-OUT WAR.
WE HAVE FIGHT EVERY SINGLE ONE
OF THESE BAD NOMINATIONS IR.
DAVID: BY THE WAY IS ANYBODY
COUNTING UP HOW MANY REGULATIONS
WE HAVE?
TRUMP FAMOUSLY 20 TO ONE HE
WOULD GET RID OF 20 REGULATIONS
FOR EVERY NEW REGULATION?
I WONDER HOW MANY REGULATIONS
HAVE BEEN EITHER RETURNED TO THE
FOLD OR BEEN CREATED OUT OF
WHOLE CLOT BY THIS
ADMINISTRATION IN JUST A CLEAR?
>> THEY HAVE, I HAVEN’T SEEN A
TALLY YET BUT PROBABLY SEVERAL
THOUSAND.
THIS THING IS REALLY THE CLIMAX
OF BAD STUFF EXEMPT UNDER
PRESIDENT TRUMP HAS BEEN GOING
ON FOR YEARS.
LAST COUNT AT LEAST 300,000
FEDERAL LAWS.
NOBODY KNOWS FOR SURE.
SEVERAL HUNDRED THOUSAND.
200,000 MORE REGULATIONS.
NOBODY KNOWS FOR SURE ON HOW YOU
COUNT THESE THINGS SO THAT IS
WHY I FELLOW NAMED HARVEY
SILVERGLADE WROTE A BOOK SEVERAL
YEARS AGO, YOU’RE COMMITTING
THREE OR FIVE FELONIES A DAY
WITHOUT YOURSELF KNOWING IT F
THEY WANT TO GET YOU THEY CAN.
WE CAN’T GO BY REGULATION, BY
REGULATION, DAVID.
WE HAVE PRINCIPLE REGULATIONS,
KEEP A NURSING HOME CLEAN.
DON’T WRITE SEVERAL HUNDRED
REGULATIONS.
DAVID: THE STAKES ARE EXTREMELY
HIGH.
I HOPE EVERYBODY OUTSIDE THE
BELTWAY THE PEOPLE THAT CARE
ABOUT THE FREE MARKET HOW HIGH
THEY ARE.
THE ENERGY, LOSS OF ENERGY
INDEPENDENCE ALONE IS A
SPECTACULAR FAILURE FOR THIS
COUNTRY AFTER WE ACHIEVED THAT
IN THE TRUMP ADMINISTRATION.
STEVE, THANK YOU VERY MUCH,