LARRY: WILL ELON MUSK SAVE FREE
SPEECH AND LET MY FORMER BUS
DONALD TRUMP ON TWITTER?
I WENT OFF TWITTER VOLUNTARILY
SEVER YEARS AGO.
CHARLES, FIRST OF ALL, I’M
MAKING A LARGER CASE.
I KNOW ELON A TINY BIT.
EVERYTHING I’VE LOOKED AT, FREE
SPEECH, BASICALLY, FREE
ENTERPRISE, NOT AFRAID TO SPEAK
OUT, BRILLIANT GUY, SO HE HAS
GOT 9% OF TWITTER AND IT IS ALL
ONE CLASS OF STOCK, RIGHT?
SO HE IS, NO A STOCK, B STOCK.
SO IS HE GOING TO CHANGE
TWITTER, LET’S START WITH THAT?
>> IEY THE ANSWER IS ABSOLUTELY.
IF YOU SEE HOW QUICKLY THE BOARD
OF DIRECTORS MOVED ALREADY, THE
CEO SAYING WE WELCOME THE VOICE,
COME ON THE BOARD, ABSOLUTELY NO
DOUBT ABOUT IT?
EVERYONE IS CHEERING THIS.
THIS IS ONE OF THESE THINGS THAT
CUTS ACROSS EVERYTHING?
THE STOCK MARKET STORY, MORE
IMPORTANTLY IT’S A FIRST
AMENDMENT STORY.
SOMETHING THAT AMERICA HAS BEEN
CLAMORING FOR.
THIS IS THE COUNTER CULTURAL
MOMENT RIGHT HERE.
LARRY: RIGHT.
>> THE CANCEL CULTURE WHICH IS
STARTING TO EAT ITS OWN, WHY
EVERYONE IS BREATHING A SIGH OF
RELIEF.
THIS IS THE COUNTER, COUNTER
CULTURE MOMENT,.
>> RIGHT.
LARRY: IT IS FABULOUS. I KNOW YOU’VE SEEN THIS, THE
I KNOW YOU’VE SEEN THIS, THE
CURRENT CEO,, AGRIWAL REPLACING
DORSEY.
>> RIGHT.
LARRY: HE TWEETS ABOUT ELON
MUSK.
HE IS BOTH A PASSIONATE BELIEVER
AND INTENSE CRITIC OF THE
SERVICE WHICH IS EXACTLY WHAT WE
NEED ON TWITTER.
HE DOESN’T BELIEVE THAT.
HE SAYS I’M EXCITED TO SHARE
WE’RE APPOINTING ELON MUSK TO
OUR BOARD.
HE DOESN’T BELIEVE THAT.
AND THEN HE TALKS ABOUT THE
POLL, CONSEQUENCES OF THIS POLL
WOULD BE IMPORTANT.
PLEASE VOTE CAREFULLY.
THEN HE GETS KILLED BECAUSE 74%
SAY TWITTER IS NOT FAIR
ESSENTIALLY.
>> SURE.
LARRY: SO, ELON, WHO DOESN’T
SUFFER FOOLS GLADLY WILL RUN THE
PLACE?
HOW IS THIS WORK?
>> WE’LL SEE IF HE GOES FROM
HERE, HAS TO GET MORE STOCK.
I THINK RIGHT E WRITING IS ON
THE WALL.
I HAD LAUNCH WITH JACK DORSEY
THREE YEARS AGO.
WE HAD A DINNER, THERE WAS A
BUNCH OF PEOPLE, DOZEN OF US,
JOCK DORSEY HAD LUNCH WITH ME
ONE-ON-ONE.
WE HAD A FRANK CONVERSATION.
HE ADMITTED LIBERAL LEANINGS.
WHAT CAN I DO.
I SAID HOW ABOUT HIRING PEOPLE
FROM ALABAMA?
PUT A SINNER THERE.
EVERYONE CAN’T BE IN PALO ALTO,
RIGHT?
WHEREVER THE HELL YOU ARE, THERE
IS ECHO CHAMBER OF
PROGRESSIVENESS, UNFORTUNATELY
HE WENT FURTHER DOWN THE ROAD.
LET ME TELL YOU, HE.
LARRY: HE GOT WORSE.
>> HE GOT WORSE.
LARRY: YEAH.
IT WAS NOT ONLY POLITICS, TRUMP
HATER AND YOU WILL THAT BUT HE
MOVED INTO THE HEALTH CARE AND
THE WAR AND CLIMATE CHANGE AND I
MEAN WHO DOES HE THINK HE IS?
WHO DO THEY THINK THEY ARE?
THAT IS WHAT I LOVE ABOUT MUSK,
RIGHT?
MUSK DOESN’T SUFFER FOOLS
GRADUALLY, MUSK DOESN’T TAKE
PRISONERS.
HE DOESN’T CARE WHETHER HE IS
LIKED OR LOVED?
A FREE SPEECH GUY.
>> SUB STACK, ONE OF THE HOTTEST
THINGS OUT THERE.
WE HAVE ONE OF THE VPs, ONE OF
THE TOP PERSONS OVER THERE.
THIS IS AMAZING WHAT SHE TWEETED
OUT.
SHE SAID SUBSTACK IS HIRING.
IF YOU ARE A TWITTER EMPLOYEE
WHO IS CONSIDERING RESIGNING
BECAUSE YOU WERE WORRIED ABOUT
ELON MUSK PUSHING FOR LESS
REGULATED SPEECH, PLEASE TO DO D
COME WORK HERE.
I LOVE IT [LAUGHTER].
OH, MAN, I LOVE IT.
THAT IS THE KIND OF THING,
PEOPLE FEEL THAT WAY.
LET’S’S TALK, HOW WE BECAME THE
GREATEST COUNTRY IN THE WORLD.
WE GOT UPSET AT EACH OTHER, STOP
CANCELING EACH OTHER,
PARTICULARLY IN PUBLIC FORUM.
LARRY: YOU GOT TO LOVE THAT.
YOU GOT TO LOVE THAT.
WHAT IS THE LEFT SAYING ABOUT
THIS?
I HAVEN’T SEEN THAT MUCH THUS
FAR.
I KNOW ELIZABETH WARREN WANTS TO
TAX UNREALIZED GAINS.
POLITICALLY WHAT IS THE LEFT
SAYING?
>> I KNOW HAVE NOT SEEN HARDLY A
THING.
I’M SURE THEY WILL MOUNT AN
ATTACK.
WHO KNOWS WHAT IT IS.
THEY HAVE ONLY A FEW MONTHS
BEFORE TO CALL MUSK IN FOR A
HEARING.
LARRY: BECAUSE THE CALVARY IS
COMING.
WON’T LET YOU GO UNTIL YOU GIVE
ME A LITTLE STOCK MARKET WISDOM,
GIVEN WHAT WE HAVE INFLATION,
AND WAR AND AGRICULTURE AND
COMMODITY PRICES ARE VERY STRONG
AND A WHOLE BUNCH OF
UNCERTAINTIES ABOUT THE ECONOMY,
I WOULD SORT OF SAY THE STOCK
MARKET IS OUTPERFORMED WHAT I
MIGHT HAVE FEARED IT WOULD DO.
I DON’T KNOW IF YOU AGREE WITH
THAT, BUT WHAT’S YOUR OUTLOOK?
>> NO DOUBT IT OUTPERFORMED.
IT CAUGHT EVERYONE FLAT-FOOTED.
ARGUE THE FEBRUARY 24th LOW,
WHICH MATCHED THE
JANUARY 24th LOW.
AN AMAZING POINT.
WE HAD LAEL BRAINARD, VP, VICE
CHAIRMAN OF THE FED, MORE OR
LESS THE SAID THE OBVIOUS IN
TERMS HOW AGGRESSIVE THEY ARE
GOING TO BE.
MARKET WILL REACT.
IT WILL BE THESE KIND OF
SESSIONS.
IT IS REMARKABLE, AMAZING HOW IT
HOLDS UP.
GOES BACK TO ONE THING HOW YOU
TALK ABOUT IT, MOTHER’S MILK.
LARRY: PROFITS.
>> PROFITS WILL CONTINUE TO
OUTPERFORM WALL STREET
INDEPENDENT ESTIMATES.
LARRY: I’M ALWAYS PART OF, WE’RE
PART OF FOX BUSINESS PROUDLY SO.
WE TRY TO PASS OURSELVES OFF
OCCASIONALLY AS BUSINESS SHOW.
IT IS GREAT TO HAVE YOU ON HIRE
FOR A STOCK MARKET.
A FEW MOMENTS LEFT.
THEY SAID WE’RE DONE ALREADY.
NO, I WANT TO TALK TO CHARLES
ABOUT THE MARKET.
PEOPLE ARE TALKING ABOUT AN
INVERTED YIELD CURVE.
I DON’T THINK THEY’RE READING IT
RIGHT, THE ORIGINAL RECESSION
MODEL WAS WHEN THE THREE MONTH
T-BILL, THIS IS FROM THE OLD
NEW YORK FED MODEL.
>> RIGHT.
LARRY: THREE MONTH T-BILL HAS TO
BE ABOVE THE 10-YEAR.
NOWHERES NEAR THAT.
OF POSITIVE SLOPE UP BY 200.
I THINK WE HAVE A SLAG --
STAGFLATION THREAT.
I DON’T SEE RECESSION THIS YEAR.
>> NOT THIS YEAR.
JAY POWELL SAID AS WELL.
WALL STREET GOING WITH THE TWO
AND 10.
EVEN IF THAT HOLDS UP IT IS NOT
INVERTED ENOUGH TO MEAN MUCH.
IT WOULD BE A RECESSION POSSIBLY
18 MONTHS FROM NOW.
I THINK THE MOST IMPORTANT THING
LET’S GET OUT OF HERE AND SKIRT
STAGFLATION AND THEN YOU KNOW,
REBUILD MOMENTUM, GET SOME
ORGANIC GROWTH.
CHANGE THE ANTIBUSINESS POLICIES
BY THE SECOND HALF OF THE YEAR.
THE SECOND HALF OF THE YEAR
MARKET WILL REALLY ERUPT TO THE
UPSIDE.
LARRY: CALVARY IS COMING.
CALVARY IS COMING.
>> YOU HAVE TO READ WHAT LAEL
BRAINARD SAID TODAY.
LARRY: I LOVE HER BECAUSE UNDER
QUESTIONING FOR HER NOMINATION
AS VICE-CHAIR SHE WAS ASKED
REPEATEDLY IF SHE WAS A
CAPITALIST.
SHE REFUSED TO SAY YES.
THAT IS WHY I LOVE HER.
>> THIS IS THE VICE-CHAIR, BY
THE WAY, THERE WAS A BIG PUSH BY
WARREN OR OTHERS TO MAKE HER IN
CHARGE OF FEDERAL RESERVE.
SHE PUT OUT A STATEMENT TODAY
THAT, PART OF IT WAS REFRESHING
THEY WOULD ADMIT IT BUT PART WAS
SCARY AS HELL.
WE’RE ONLY BEGINNING TO
UNDERSTAND THE WAIVES INFLATION
EXPERIENCES VARY FROM HOUSEHOLD
TO HOUSEHOLD.
HOW THE VARIATION CORRELATES
WITH INCOME DEVIATION.
WE’RE ONLY BEGINNING TO
UNDERSTAND HOW INFLATION AFFECTS
DIFFERENT HOUSEHOLDS LIKE RICH
VERSUS POOR?
SHE PUT THIS IN WRITING!
LARRY: SHE WOULDN’T ADMIT TO
BEING A CAPITALIST.
SHE DOESN’T REALLY CONCEDE
INFLATION IS A PROBLEM.
>> NO, SHE DOESN’T.
LARRY: ONLY LOOKING AT
DISTRIBUTION, BUT IT DOES CAUSE,
BLOOMBERG ECONOMICS, $5000 A
YEAR FOR MIDDLE INCOME PEOPLE.
>> THAT IS --
>> LOWER INCOME 70% OF THEIR
SPENDING ON STUFF THAT YOU NEED.
THERE IS NOT, WHEN THEY START
TALKING ABOUT 2 1/2 TRILLION
DOLLARS IN SAVINGS, EXCESS
SAVINGS THE VAST MAJORITY OF
THAT GOES TO HANDFUL OF PEOPLE.
MOST AMERICANS ARE REALLY
DIGGING DEEP INTO THE SAVINGS
POOL.
LARRY: WE GOT TO GET OUT.
>> ALL RIGHT.
LARRY: CHARLES PAYNE, CATCH
CHARLES WEEKDAYS "MAKING MONEY,"
2:00 P.M. EASTERN RIGHT HERE ON