WALLIN, SAVE AMERICA, PAST THE MCCARTHY BILL.
MCCARTHY BILL.
AND AND ALL RIGHT.
JOHN CARNEY, CO-AUTHOR OF
BREITBART BUSINESS DIGEST AND
BREITBART FINANCE AND ECONOMICS.
ECONOMICS. I WANT TO START.
I WANT TO START.
AND IT WAS A BEAUTIFUL
STATEMENT, I TOOK A TO MAYOR
DALEY OF THE SAN FRANCISCO FED
BECAUSE SHE THAT ALL THE WET
COAST BANKS DIDDLED AROUND WITH
CLIMATE LOANS THAT NEVER SHOULD
HAVE BEEN MADE AND ALSO JANET
YELLEN.
>> YOU SHOULD DEFINITELY DO
THAT BUT IT WAS REFRESHING TO
FINALLY READ SOMEBODY, A FED
GOVERNOR SAY SOMETHING
SENSIBLE, WE’VE HAD FOR A LONG
TIME IS THEY WERE THINKING OF
IMPOSING SPECIAL CLIMATE CHANGE
STRESS TESTS AND NEED TO MOVE
AWAY FROM THAT, HE DOESN’T WANT
TO BE A REGULATOR, THIS IS A
GAME CHANGER.
IT IS MOVING PEOPLE AWAY FROM
THIS IDEA THE FED SHOULD BE
FOCUSED ON TRANSITION RISK AND
CLIMATE RISK.
THAT WAS ALL NONSENSE TO BEGIN
WITH AND WE ARE HERE.
LARRY: FIRST TIME THIS
SURFACED, THESE CLIMATE THINGS
TAKE 50 OR 100 YEARS AND THEY
ARE WORRIED ABOUT NEXT WEEK’S
STRESS TEST.
I’M GOING TO SAY, BACK TO THE
REST OF THIS, MY ROLE IS NOT TO
BE A CLIMATE POLICYMAKER, I
GIVE HIM A NOBEL PRIZE IN
ECONOMICS.
>> TOOK ONLY THREE BANK
COLLAPSES TO FIGURE THAT OUT.
AND IS THERE ANY PERSON WHO
WOULD HAVE SET OUR JOB IS TO DO
CLIMATE CHANGE.
I SAID 30 YEARS AGO.
>> THEY CAN’T -- THROUGH THE
BANKS, TELL THE BANKS WE DON’T
WANT YOU LENDING TO FOSSIL FUEL
COMPANIES SO THEY WILL HAVE
LESS FOSSIL FUEL, THAT WAS THE
ACTUAL STRATEGY, BEAUTIFUL TO
HEAR THE PUSHBACK.
>> THEY’VE GONE BEYOND THAT,
YOU HAVE THE FED, NOW YOU’VE
GOT THIS EPA RULE, MAKING THE
RIGHT CASE FOR GROWTH, CAN’T
SOLVE INFLATION WITHOUT GROWTH
EVEN IF EVERYONE AT THE FED
LISTENED YOU’VE GOT THE
BUREAUCRACY EPA RULE AND IT IS
AN ECONOMY KILLER.
THIS IS NOT JUST A LITTLE BIT
OF SOCIALISM.
LARRY: A WHOLE BUILDING OF
CRAZY PEOPLE.
SOME ESTIMATES ARE HALF OF HOW
POWER WOULD BE NOT DOUBT.
EVEN IF YOU COULD DO THE
HYDROGEN STUFF ALONG WITH
NATURAL GAS THEY DON’T HAVE THE
TECHNOLOGY OR CARBON CAPTURE
TECHNOLOGY AND COULDN’T GET A
PIPELINE THROUGH ANYWAY.
>> LIVING ON A DREAM ON A
PRAYER.
THE TECHNOLOGY, THEY ARE
RELYING ON CARBON CAPTURE AND
WE DON’T EVEN KNOW IF WE CAN DO
THAT BUT WITHIN TEN YEARS YOU
HAVE TO HAVE IT ALL DONE.
IT STARTS NOW.
THE PROBLEM IS EVERYBODY
AFFECTED BY THIS HAS TO START
PLANNING FOR IT NOW. IF IT DOESN’T COME IN A DECADE
IF IT DOESN’T COME IN A DECADE
IT COMES WITHIN A YEAR.
LARRY: WHILE CHINA AND INDIA
KEEP OPENING UP NEW COAL
PLANTS, HOW ARE WE GOING TO
SAVE THE PLANET FROM CLIMATE IF
THEY ARE BIGGER THAN WE ARE,
THEY ARE KNOCKING OUT HIGH
CARBON COAL PLANTS.
>> CAN’T MAKE A DIFFERENCE,
REMINDS ME OF A JOKE MY KIDS
TOLD ME, WHY WAS THE CAR RUNNING ON FUMES?
RUNNING ON FUMES?
IT KEPT PASSING GAS.
THE POINT OF THE JOKE IS IF YOU
ARE NOT FILLING UP WITH FUEL
THE ECONOMY ITSELF IS RUNNING
ON FUMES AND THAT IS WHAT WE
ARE DOING TO OURSELVES WITH
THESE EPA RULES.
LARRY: TIME FOR SOME
SUPPLY-SIDE GROWTH.
SCUTTLEBUTT IS MCCARTHY’S PLAN
WHICH HAS VERY GOOD ELEMENTS IN
IT MIGHT GO THROUGH.
THEY ARE LOOKING AT PERMITTING
REFORM WHICH WOULD BE GREAT.
THE CLAWBACK WILL BE GREAT.
THE SPEED LIMIT, WE DON’T KNOW
WHAT THE SPEED LIMIT WILL BE,
ONE% GROWTH AND WORK
REQUIREMENTS.
YOU’VE GOT A COUPLE PROGROWTH
THINGS FOR CHANGE.
>> OR OPTIMISM THAT ALL THAT
WILL STAY IN THERE IS -- DO YOU
REALLY THINK ALL THOSE PIECES
MAKE IT THROUGH THIS
NEGOTIATION?
SOMEDAY -- YOU MADE SUCH A
GREAT CASE ON THIS BUT I DON’T
SEE BIDEN GOING -- HR ONE,
DON’T SEE THAT HAPPENING.
LARRY: I KNOW THEY ARE SO
IDEOLOGICALLY OPPOSED TO
EXTRACTING FUEL OUT OF AMERICAN
GROUND THEY WOULD RATHER
VENEZUELA GET IT -- IF IT --
>> GET ANYTHING WRONG --
LARRY: AND ACTUALLY COME TO
BELIEVE IT, I ALWAYS FELT THAT
WAY.
I KNOW IT IS A REACH, I GET
THAT BUT THOUGHT I WOULD PUT IT
IN ON A FRIDAY BUT I AM HEARING
GOOD SCUTTLEBUTT.
BRIAN: THE WORK REQUIREMENTS
HAS SOMETHING THAT COULD BE
ALMOST AS IMPORTANT.
LARRY: THE PERMITTING STUFF HAS
DEMOCRATIC SUPPORT IN THE
SENATE.
TAKE 60 VOTES.
SO THERE IS SOMETHING THERE.
THE FED SHOULD BEYOND PAUSE.
>> I TEND TO AGREE WITH YOU BUT
I’M NOT SURE THEY ARE GOING TO
PAUSE.
MICHELLE BAUMAN GAVE A SPEECH
IN GERMANY TODAY IN WHICH SHE
INDICATED THEY MAY NEED TO GO
HIGHER.
THEY PAUSE IN JUNE BUT MAY END
UP RETURNING GET TO HIKING IN
JULY.
THE ARGUMENT FOR NOT PAUSING IN
JUNE IS THE MARKET CUTS AS
EARLY AS JULY.
IF THE FED WANTS TO PUSH THEM
OFF OF THAT POSITION THE BEST
WAY TO DO THAT WOULD BE ONE
MORE HIKE.
LARRY: LAST THOUGHTS, THE CBO
CAME OUT, AND THEY BASICALLY
SAID IF YOU GET THROUGH THE
CORPORATE TAX DAY, GET THROUGH
THAT WITH CASH AND THEY WILL
FIND CASH AND GO THROUGH JULY.
BRIAN: IT WAS A NEGOTIATING
TACTIC.
THEY WANT TO PUT PRESSURE ON
IT.
YOU MADE THIS MANY TIMES, THE
FEDERAL GOVERNMENT CAN
PRIORITIZE PAYMENTS, WE CAN
CLOSE PART OF THE GOVERNMENT,
WE DON’T HAVE TO DEFAULT, THIS
IS A NEGOTIATING TACTIC BY
DEMOCRATS TO FORCE A BAD DEAL
INSTEAD OF A GOOD DEAL.
MCCARTHY SHOULD CALL BLUFF AND
SAY WE GET THIS DONE RIGHT.
LARRY: I DON’T WANT TO DEFAULT ON THE DEBT, WE NEVER WILL
ON THE DEBT, WE NEVER WILL
DEFAULT ON THE DEBT BUT IF I
HAD A TRADE-OFF, IF I THOUGHT,
SO I WAITED 10 OR 12 DAYS TO
PAY INTEREST ON THE 10 YEAR
BOND, IF THAT IS WHAT IT TOOK
TO GET $5 TRILLION SPENDING CUT
I WOULD DO IT.
I DON’T WANT TO DEFAULT, BUT
YOU KNOW WHAT, IF YOU WENT
RIGHT TO THE EDGE ON THIS,
TRUMP IMPLIED THIS, HE DIDN’T
WANT DEFAULT EITHER BUT THE
POINT IS IF YOU DON’T CUT
SPENDING THEN YOU ARE GOING TO
BE IN THE SOUP, YOU JUST ARE.
IF ATTEND A INTEREST PAYMENT, I
WANT THE SPENDING CUTS.
ONE LAST POINT.
THE SPENDING CUTS, SPENDING
PROGRAMS CONTAIN REGULATORY RED TAPE AFTER ALL THOSE
TAPE AFTER ALL THOSE
REGULATIONS.
>> THEY ARE MAKING IT SCARY TO
PAY CHICKEN ON THAT.
NOT SAYING THEY COULD DELAY 10
DAYS BUT I DON’T THINK THE DAY
IS RIGHT.
YOU SHOULD CALL HER BLUFF AND
SAY YOU COULD MAKE ALL YOUR
PAYMENTS.
THIS IS A FALSE CRISIS IN TERMS
OF DEFAULTING ON THE DEBT.
IT’S MORE ABOUT CLOSING THE
GOVERNMENT.
IF YOU GOT TO DO THAT, DO THAT
ALL DAY LONG.
>> YELLEN ADMITTED THEY COULD
PRIORITIZE SUDLEY FROM JAPAN
SAYING WE MAY HAVE TO DEFAULT
ON SOMETHING.
SHE MEAN STOP PAY AND IT IS
EASY.
YOU DON’T HAVE TO DEFAULT ON
BOND, JUST TELL GOVERNMENT
CONTRACTOR THE CHECK IS IN THE
MAIL AND YOU WILL GET A TWO
WEEKS LATER.
LARRY: I LIKE THE SAVE AMERICA