HAPPY ABOUT IT.
DAGEN: JOINING ME NOW, STOVE
FORBES, AND ROBERT WOLF.
FORMER ECONOMIC ADVISOR TO
PRESIDENT BARACK OBAMA.
INFLATION.
ROBERT, NAME SOMETHING JOE BIDEN
AND HIS ADMINISTRATION HAVE DONE
RECENTLY TO HELP FIGHT
INFLATION.
NAME ANYTHING.
>> I THINK THEY OBVIOUSLY
LOOSENED UP THE SPRY CHAIN AND
LOGISTICS.
THEY HAVE WITHOUT A DOUBT THE
STRATEGIC RESERVES.
THE FEDERAL TAX HOLIDAY WOULD BE
GOOD.
THERE IS A LOT OF THINGS THEY
ARE DOING.
BUT INFLATION IS NOT GOING TO
SUBSIDE OVERNIGHT.
IT WILL TAKE MONTHS.
A LOT OF IT IS ON THE FED’S
SHOULDERS AND THEY HAVE BEEN
INCREDIBLY BEHIND THE 8 BALL.
DAGEN: WHY DIDN’T JOE BIDEN FIRE
YAY POWELL WHEN HE HAD THE
CHANCE.
HE COULD HAVE POINTED AT HIM AND
SAID I GOT RID OF TRUMP’S GUY.
WHY ON PLANET DID HE NOTE FIRE
JAY POWELL?
>> I LIKE FED CHAIR POWELL.
BUT I THINK HE HAS BEEN WRONG IN
THE PAST SIX MONTHS, WHETHER
IT’S NOT REDUCING THE BALANCE
SHEET OR CALLING IT TRANSITORY.
AND HAVING A HAWKISH TONE.
I DON’T THINK IT THE FED CHAIR
HAS ANYTHING TO DO WHETHER IT’S TRUMP OR OBAMA OR BIDEN.
TRUMP OR OBAMA OR BIDEN. DOES HE HAVE CON.
DOES HE HAVE CON.
DAGEN: WHAT HAS BIDEN DONE TO
CURB UNNATION.
>> ON BOTH SIDE, THE BIDEN
ADMINISTRATION HAS BEEN AN
OBSTACLE.
WAGING WAR ON FOSSIL FUELS IS
RIDICULOUS.
AND CLIMATE OBSESSION PUTTING
BARRIERS FOR FUTURE INVESTMENT.
BLAMING EVERYONE BUT THEMSELVES.
IT’S RIDICULOUS.
ON THE FEDERAL RESERVE SIDE,
EARLY 2021 IT WAS CLEAR WE WERE
RECOVERING FROM THE COVID
CRISIS.
THEY WERE USING A GIMMICK TO
BORROW THE MONEY THEY WERE
CREATING TO TRY TO MITIGATE IT.
EVEN BEFORE COVID THEY WERE
CREATING TOO MUCH MONEY.
DAGEN: I WOULD HAVE FIRED HIM.
NOW ROBERT THE FED CHIEF SEEMS
TO BE THOUGHT STANDING UP FOR
THE PRESIDENT WHO GAVE HIM THE
SECOND TERM.
THIS IS FROM A COUPLE DAYS AGO.
>> WOULD YOU SAY THE WAR IN
UKRAINE IS THE PRIMARILY DRIVER
OF INFLATION IN AMERICA.
>> NO, INTHRAITION WAS HIGH
CERTAINLY BEFORE THE WAR IN
UKRAINE BROKE OUT.
>> I HAVE TO ADMIT WITH POWELL
INFLATION WAS HERE BEFORE THE
UKRAINE WAR.
THE CRISIS PROLIFERATED IT
SPECIFICALLY WITH FOOD AND GAS.
YOU TOOK ABOUT 25% OF AG OUT.
IT HAD AN INCREDIBLE IMPACT ON
WHAT I WOULD CALL THE TWO MOST
IMPORTANT BOOKEND.
BUT WE HAVE INFLATION.
THE MOMENT COVID DECIDED
INFLATION WAS HERE, I AGREE WITH
STEVE.
I THINK THE FED WAS LATE TO THE
GAME.
THEY CERTAINLY HAVE HAD AN
INCREDIBLE IMPACT IN THE PAST
SIX MONTHS.
DAGEN: IN TERMS OF BIDEN AND
COMPANY MAKING INFLATION WORSE,
WE CAN TALK FOR DAYS IF NOT
WEEKS ABOUT THE FEDERAL GAS TAX
HOLIDAY.
BUT IT DOESN’T SEEM LIKE IT-GO
ANYWHERE.
BUT THE BIDEN ADMINISTRATION
EXTENDED THE PAUSE IN MAKING
STUDENT LOAN PAYMENTS.
THESE ARE STIMULUS CHECKS TO
PEOPLE, AND TO A LOT OF WEALTHY
DOCTORS AND LAWYERS.
AT THE TIME, INFLATION WHEN THEY
MADE THIS DECISION ON THE
STUDENT LOAN PAYMENT EXTENSION,
AT THE TIME INTHRAITION WAS
RUNNING AT 8.5% AND THE
UNEMPLOYMENT RATE WAS 3.6%.
ROBERT?
>> DAY DAGEN, AS YOU KNOW, I HAV
BEEN ON THE OTHER SIDE OF
MOISTURE DEMOCRATS ON THIS
ISSUE.
I WOULD HAVE IT INCOME ADJUSTED.
I WOULD SAY OVER THE NEXT 10
YEARS IF YOU MAKE X, YOU ONLY
HAVE TO PAY X AMOUNT OF YOUR
MCINCOME.
I WOULDN’T DO THE FORGIVING OF
STUDENT LOANS.
I THINK YOU HAVE TO LOOK AT
INCOME BASE TO DECIDE WHETHER TO
PAY IT BACK OR NOT.
I WOULD LOVE TO DEBATE THE
FEDERAL GAS TAX POLL HOLIDAY BUT
CAN DO IT AT ANOTHER TIME.
DAGEN: WHEN SUPPLIES ARE TIGHT
YOU DON’T WANT TO KEEP DEMAND
ELEVATED, EVEN A SMIDGEN.
>> I TAKE THE ATTITUDE IF THE
BIDEN ADMINISTRATION WANTS TO
GET RID OF A TAX, IT’S HISTORIC.
THE ONLY WAY TO CONQUER
INFLATION IS CRUSHING DEMAND
INSTEAD OF FINDING WAYS TO
INCEASE SUPPLY.
WHAT THE -- INCREASE SUPPLY.
WHAT THE FED IS DOING IS
AUSTERITY AND WE DON’T NEED IT
NOW.
DAGEN: ROBERT, ARE THEY CALLING
YOU FROM THE WHITE HOUSE AND ASKING YOUR ADVICE?
ASKING YOUR ADVICE?
YOU MIGHT BE ABLE TO -- TO VERBA
SHAKE SOME SENSE INTO THEM.
>> I WAS THERE LAST WEEK AND I
HAD GOOD MEETINGS WITH RON
CLIENT CHIEF OF STAFF.
I HAVE BEEN HAVING A LOT OF
CONVERSATION WITH THE TREASURY
AND THE ADMINISTRATION WITH
RESPECT TO THE ADMINISTRATION
AND THE ECONOMY.
I THINK WE NEED TO BE PART
RENEWABLE AND ALSO OIL AND GAS
AND FRACKING AND NUCLEAR.
IN MY OPINION WE HAVE TO MAKE
SURE THE WORST CASE SCENARIO WE
HAVE TO MAKE SURE WE HAVE ENOUGH
ENERGY TO BE ENERGY INDEPENDENT.
I WOULD HAVE GONE WITH THE ALL
OF THE ABOVE APPROACH.
DAGEN: ROBERT I BET YOU WOULD
HAVE FIRED RON KLAIN BY NOW.
>> I AM A BIG FAN OF RON’S.
DAGEN: I’M A NOBODY.
I HANG OUT WITH DOGS ON THE
WEEKEND LITERALLY.
BUT I STILL DON’T UNDERSTAND
WHAT THE HECK IS GOING ON IN
THAT WHITE HOUSE.
BUT I’M JUST AN OBSERVER.
>> I WILL TRY TO KEEP INSERTING
MYSELF.