>> WE’LL GET NEW CPI NUMBERS.
JOINING ME NOW, STEVE FORBES TO
BREAK THIS ALL DOWN.
THANK YOU SO MUCH FOR JOINING US
TONIGHT.
LET’S DIG INTO THESE JOBS
NUMBERS.
THE PRESIDENT SAID HE CREATED 10
MILLION JOBS.
PEOPLE GETTING BACK TO WORK
AFTER THE PANDEMIC.
HE DIDN’T CREATE THEM.
LET’S TALK ABOUT THIS NUMBER.
THE STOCK MARKET WAS DOWN,
THEDOWN WAS DOWN 630 POINTS
TODAY.
THIS WAS A REACTION TO WHAT THE
MARKET THINKS THE FED WILL DO.
BEING THAT THIS IS AN OKAY
NUMBER.
THE IMPLICATION IS THE FED WILL
HIKE RATES TO COMBAT INFLATION.
>> THAT SHOWS HOW SICK THE
THINKING IS TODAY THAT MARKETS
WILL TAKE COMFORT IN AN ECONOMY
THAT IS WEAKENING.
THAT’S WHAT GAVE US TWO GREAT
DAYS MONDAY AND TUESDAY.
IT WAS BECAUSE THE FEDERAL
RESERVE WOULDN’T TURN THE SCREWS
EVEN MORE.
THE JOBS REPORT BECAUSE IT WAS
SO MIDDLING.
JOB OPENINGS WENT DOWN. THAT’S A SIGN THE ECONOMY IS
THAT’S A SIGN THE ECONOMY IS
STARTING TO WAVE WEAVER. -- WAVE
I THINK THE MARKETS ARE
BEGINNING TO WAKE UP AGAIN.
JACKIE: YOU LOOK AT THAT
UNEMPLOYMENT RATE.
I LIKE TO FOCUS ON THIS FOR A
MOMENT.
LABOR PARTICIPATION WENT DOWN
WHEN LABOR PARTICIPATION IS
GOING UP, THAT’S A POSITIVE
SIGN.
SOMETIMES PEOPLE JUST SEE THAT
HEADLINE NUMBER AND SAY 3.5%
UNEMPLOYMENT, THINGS ARE GREAT.
>> THEY ARE NOT GREAT.
WAGES ARE NOT MATCHING
INFLATION.
PEOPLE ARE WORKING MORE AND MORE
TO TRY TO GET THEIR NET PAY THEY
HAD BEFORE THIS CRISIS IN REAL
TERMS.
YOU HAVE 7 MILLION PEOPLE WHO
FOR A VARIETY OF REASONS ARE NOT
GOING BACK INTO THE WORKFORCE.
I THINK WHAT YOU WILL SEE A
COMBINATION OF IN THE NEXT FEW
MONTHS.
IS AS THE ECONOMY WEAKENS, A LOT
OF THOSE JOB OPENINGS WILL
DISAPPEAR AND PEOPLE WILL BE
SEARCHING FOR JOBS RATHER THAN
EMPLOYERS SEARCHING FOR
EMPLOYEES.
OBVIOUSLY THE MARKET DOESN’T
THINK WE ARE AT THAT LEVEL JUST
QUITE YET.
OIL WAS HIGHER THAN $93 A BARREL
TODAY AFTER OPEC HE WE THINK DEMAND IS GOING TO FALL, WE WANT
DEMAND IS GOING TO FALL, WE WANT
TO KEEP PRICES HIGH SO WE’LL CUT
PRODUCTION BY A MILLION GALLONS
A DAY.
>> THIS IS THE FASTEST DECLINING
GAS PRICES WE HAVE SEEN IN A
DECADE.
>> THE PRESIDENT ACTED TO BRING
GAS PRICES DOWN.
>> IN THE MONTHS PRIOR GAS
PRICES HAD COME DOWN BY A
SIGNIFICANT AMOUNT.
>> GAS PRICES ARE DOWN $1.30 A
GALLON.
JACKIE: WELL, THEY ARE GOING
BACK UP, STEVE.
>> THIS IS WAYS SO RIDICULOUS
AND WHY THIS ADMINISTRATION HAS
SO LITTLE TRUST BY THE AMERICAN
PEOPLE AND THE PRESIDENT’S
RATINGS ARE STARTING TO DECLINE
AGAIN.
INFLATION WAS 1.5% WHEN HE TOOK
OFFICE.
NOW IT’S SIX TIMES, 7 TIMES
THAT.
SO WHEN THEY DO THESE THINGS
PEOPLE WONDER WHAT WORLD THEY
ARE IN.
AGAIN, THE REAL DANGER IS THE
FEDERAL RESERVE EXPLICITLY SAYS
IT WANTS LESS ECONOMIC ACTIVITY,
THE ECONOMY NOW IS HARDLY
BOOMING AND THE FED WANTS EVEN
MORE PAIN OUT THERE.
THERE ARE BETTER WAYS TO FIGHT
INFLATION, REMOVING OBSTACLES
AND BARRIERS TO PRODUCTION AND
STABILIZING THE DOLLAR.
WE HAD A GREAT RUN IN THE 90s.
BUT BOTH THE FED AND THE FEDERAL
GOVERNMENT, THE WHITE HOUSE, ARE
DOING THE OPPOSITE OF WHAT THEY
SHOULD BE DOING. I’M SURPRISED THE MARKET DID AS
I’M SURPRISED THE MARKET DID AS
WELL AS IT DID THIS WEEK BECAUSE
THE BIDEN ADMINISTRATION ISN’T
CHANGING POLICIES AND THEY ARE
BEGGING VENEZUELA A COMMUNIST
COUNTRY TO GIVE US HEAVY CRUDE
OIL AND THAT’S NOT GOOD FOR THE
ENVIRONMENT.
JACKIE: TO YOUR POINT TO THE
MARKET, IT DID HOLD UP
REASONABLY WELL, BUT BUCKLE UP.
PEOPLE WILL SUFFER FROM THE