SEAN: THANK YOU, EDWARD.
I APPRECIATE THAT.
UP NOW IS REPUBLICAN SENATOR
JOHN KENNEDY FROM LOUISIANA.
SENATOR, THANKS FOR JOINING ME.
SO GIVE IT TO ME STRAIGHT HERE.
IS THIS CORPORATE GREED THAT’S
DRIVING PRICES UP, OR IS THIS
BAD FISCAL AND MONETARY POLICY
FROM THE FED AND FROM THE WHITE
HOUSE?
WHAT IS ITS?
>> WELL -- WHAT IS IT?
>> WELL, I HEARD THE PRESIDENT’S
PRESS SECRETARY SAY THAT, AND
SHE’S A VERY TALENTED PERSON.
BUT IF SHE BELIEVES WHAT SHE
SAYS, SHE WAS IN THE QUAD
PLAYING FRISBEE DURING ECON 101.
THE PRESIDENT ALSO SAYS THAT
COVID CAUSED INFLATION.
NOW, I’LL ADMIT THAT INFLATION
IS SPREADING, BUT AS ONE
COMMENTATOR PUT IT LAST WEEK,
PEOPLE AREN’T WALKING AROUND
COUGHING INFLATION ON EACH
OTHER.
OUR INFLATION RIGHT NOW IS
CAUSED BY THE FACT THAT THE
FEDERAL GOVERNMENT IS SPENDING
AND BORROWING BREATHTAKING
AMOUNTS OF MONEY WITH MORE ON
THE WAY, AND YOU’VE GOT TOO MUCH
MONEY CHASING TOO FEW GOODS.
AND I AM VERY WORRIED ABOUT
THIS.
INFLATION IS A VERY PERNICIOUS
TAX.
IT IS ESPECIALLY TOUGH ON THE
MIDDLE CLASS AND THE LOW INCOME
AMERICANS.
IT’S GOING TO CAUSE THE FEDERAL
RESERVE TO HAVE TO ACT MORE
QUICKLY THAN IT WOULD LIKE, AND
BY THAT I MEAN IT’S GOING TO
RAISE INTEREST RATES, AND THAT
COULD THROW US INTO A RECESSION.
BUT I’M NOT SURE THE FED HAS A
CHOICE BECAUSE ONCE, ONCE THAT
GENIE OF INFLATION GETS OUT OF
THE BOTTLE, IT’S HARD TO GET IT
BACK IN.
WE’RE JUST IN A HECK OF A MESS
HERE.
AND IF WE PASS BUILD BACK
BETTER, IT’S GOING TO BE LIKE
THROWING KEROSENE ON A TIRE
FIRE.
SEAN: WELL, AND, SENATOR, THIS
IS MY CONCERN ON THIS
CONVERSATION BECAUSE THE WHITE
HOUSE WANTS TO SAY, YOU KNOW,
INFLATION IS COMING FROM
CORPORATE GREED, NUMBER ONE, OR
INFLATION’S THE PROBLEM OF THE
FEDERAL RESERVE.
IF THEY DON’T RECOGNIZE THEIR
OWN ROLE IN THE SPENDING BINGE
THEY’VE BEEN ON, YOU CAN NEVER
FIX THE PROBLEM WHICH IS THIS
MASSIVE SPENDING THAT’S BEEN
TAKING PLACE OVER THE COURSE OF
THIS SHORT 11-MONTH BIDEN
ADMINISTRATION.
>> I’VE HEARD WHAT THE WHITE
HOUSE IS SAYING, AND I GET IT.
YOU KNOW, THEY’RE JUST PULLING
IT OUT OF EVERY ORIFICE THEY
HAVE AVAILABLE BECAUSE THEY’VE
GOT A PROBLEM HERE.
I THINK IT WOULD BE MORE HONEST
TO JUST DEAL STRAIGHT UP WITH
THE AMERICAN PEOPLE ABOUT IT.
THAT IS, AND THIS IS THE TRUTH,
WE HAD TO SPEND A WHOLE LOT OF
MONEY TO KEEP THE ECONOMY FROM
CRASHING FROM COVID.
I VOTED FOR IT.
BUT THIS LAST COVID BILL, THE $2
TRILLION BILL THAT PRESIDENT
BIDEN INSISTED ON WHICH WAS NOT
A COVID BILL, WAS THE TIPPING
POINT.
AND NOW HE WANTS TO SPEND
ANOTHER $5 TRILLION AND BORROW
3.
AND BUSINESS PEOPLE ARE LOOKING
AT THIS, THEIR SUPPLIERS ARE
RAISING THEIR PRICES.
PEOPLE ARE SORT OF PANICKING
GOING, WELL, I NEED TO RAISE MY
PRICES, AND THE FEDERAL RESERVE
HAS TO DO ITS JOB AND TRY TO
COOL THIS THING OFF AND RAISE
INTEREST RATES, AND THAT’S GOING
TO HURT THE AMERICAN ECONOMY.
SEAN: IT DEFINITELY WILL --
>> IF THE PRESIDENT WOULD JUST
PULL DOWN BUILD BACK BETTER
UNTIL INFLATION IS BACK TO 3%, I
THINK THE AMERICAN PEOPLE WOULD
SUPPORT HIM.
SEAN: YOU KNOW, YOU’RE IN YOUR
JOB BECAUSE YOU CARE ABOUT
PEOPLE, SENATOR, RIGHT?
YOU WANT TO MAKE SURE PEOPLE ARE
TAKEN CARE OF.
WHEN YOU SEE PEOPLE AT THE LOWER
RUNGS OF THE ECONOMIC LADDER,
SPENDING MORE TO FILL UP THEIR
CARS AND PUT FOOD ON THEIR
TABLE, THEY HAVE LESS MONEY TO
GO TO THE STORE AND MAYBE BUY
SOMETHING FOR THEIR SPOUSE OR
THEIR KIDS FOR CHRISTMAS.
NOT ONLY IS THAT BAD FOR THE
AMERICAN FAMILY OR THE LOUISIANA
FAMILY, IT’S ALSO BAD FOR THESE
STORES, SENATOR, THAT ARE TRYING
TO, YOU KNOW, REBOOT THEMSELVES
AFTER LOCKDOWNS, SHUTDOWNS, MASK
MANDATES, VAX MANDATES AND TRY
TO GET UP AND RUNNING AGAIN.
THIS IS BAD FOR EVERYBODY, ISN’T
IT?
>> YES.
IT’S VERY PERNICIOUS.
IT’S FOOD, IT’S CLOTHING, IT’S
FURNITURE, IT’S ENERGY, YOU
KNOW?
I DON’T, I DON’T LIKE TO BRAG
ABOUT THE EXPENSIVE PLACES I’VE
BEEN, BUT I WENT TO THE GAS
STATION THIS MORNING.
I MEAN, HERE IN D.C. IT’S CLASH
4.50 A GALLON -- $4.50 A GALLON.
OUT IN CALIFORNIA IT’S $5.
IT’S GOING TO BE HEATING OIL.
THE PRESIDENT IN HIS BUILD BACK
BETTER BILL WANTS TO HIT THE
NATURAL GAS INDUSTRY WITH A
BILLION DOLLAR NEW TACK.
WELL, YOU KNOW WHO’S GOING PAY
THAT?
PEOPLE ARE, CONSUMERS.
SO WHEN YOU’RE FREEZING TO DEATH
THIS WINTER OR YOU LOSE YOUR
HOME AND YOU’RE STRANDED ON THE
BEACH HAVING TO EAT SEAWEED,
REMEMBER WE’RE BUILDING BACK
BETTER.
I MEAN, THIS IS JUST NOT THE
TIME TO SPEND $5 TRILLION AND
BORROW 3.
WHAT THE PRESIDENT OUGHT TO DO
IS SAY, LOOK, INFLATION IS OUT
OF CONTROL, I’M GOING TO PULL
THIS BILL BACK UNTIL INFLATION
IS BACK TO 3%.
SEAN: I COULDN’T AGREE WITH
THAT -- I AGREE 100%, SENATOR.
THE FED HAS A DUAL MANDATE.
THEY’RE SUPPOSED TO HAVE FULL
EMPLOYMENT AND STABLE PRICING.
INFLATION OF ALMOST 7%, THEY
HAVE NOT BEEN DOING THEIR JOB.