JACKIE: EDWARD LAWRENCE THANK
YOU SO MUCH.
AND OF COURSE AMID RECORD HIGH
INFLATION S&P GLOBAL
VICE-CHAIRMAN DANIEL YERGIN IS
WARNING THAT THE GLOBAL ENERGY
SUPPLIES EXPERIENCING A TIGHT
OIL MARKET, ALSO SAYING THAT IT
IS ONLY GETTING WORSE.
JOINING US NOW RANKING MEMBER OF
HOUSE OVERSIGHT REFORM,
CONGRESSMAN JAMES COMER, ALONG
WITH FORMER WHITE HOUSE COUNCIL
OF ECONOMIC ADVISORS ACTING
CHAIRMAN TOMAS PHILIPSON.
GOOD TO SEE BOTH.
CONGRESSMAN, I WILL START WITH
YOU.
WAITING FOR THE JOBS REPORT, THE
SITUATION SEEMS TO BE GETTING
WORSE.
MORE CLAIMS WERE FILED TODAY.
THAT IS IT WHAT THE CLAIMS
REPORT TOLD US.
YOU’VE GOT AN ADMINISTRATION
STILL ESSENTIALLY DENYING
INFLATION WAS ITS PROBLEM
POINTING THE FINGER EVERYWHERE
BUT RIGHT HERE AT HOME IN
WASHINGTON.
YOU ALSO HAVE THE DEMOCRATS
CONTINUING NOT TO RECOGNIZE WHAT
CAUSED THE INFLATION IN THE
FIRST PLACE WHICH WAS THEIR
RECKLESS SPENDING.
HERE THEY ARE, WANTING TO PUSH
FORWARD WITH ANOTHER TRILLION
DOLLARS IN RECONCILIATION.
YOUR THOUGHTS WHERE WE ARE
TODAY?
>> WELL THE DEMOCRATS DO NOT GET
IT.
THEY DO NOT UNDERSTAND BASIC
ECONOMICS.
THEY DIDN’T PAY ANY ATTENTION
WHEN THE REPUBLICANS WARNED
EXCESSIVE GOVERNMENT SPENDING
WOULD LEAD TO INFLATION.
THERE WERE UNINTENDED
CONSEQUENCES OF ALL THE STIMULUS
CONGRESS WANTED TO PASS.
THANK GOODNESS
"BUILD BACK BETTER" DID NOT PASS
OR INFLATION WOULD BE EVEN
WORSE.
I THINK THE REASON THE JOBLESS
NUMBERS ARE GOING UP AND CLAIMS
ARE GOING UP FOR UNEMPLOYMENT IS
BECAUSE BUSINESSES ARE JUST
GETTING HIT WITH INFLATION NOW.
THEY’RE HAVING TO SCALE BACK.
THEY’RE HAVING TROUBLE GETTING
RAW MATERIALS BECAUSE OF THE
SUPPLY CHAIN CRISIS AND IT IS
JUST ONE CRISIS AFTER ANOTHER BY
THIS ADMINISTRATION IS GOING TO
FINALLY COME TO A BREAKING POINT
WITH THE ECONOMY.
I’M AFRAID THAT IS WHERE WE’RE
HEADED RIGHT NOW.
JACKIE: I THINK A LOT OF PEOPLE
ARE WORRIED ABOUT THAT.
IT HAS BEEN EVIDENCED ON
WALL STREET.
THOMAS, SEEMS THE MARKET
REBOUNDING JUST A LITTLE BIT,
MAYBE THINKING THAT THE FED
WON’T RAISE RATES AS QUICKLY AS
IT WAS ANTICIPATING.
NO MATTER HOW YOU SLICE IT,
WE’RE STILL IN TROUBLE HERE
ECONOMICALLY SPEAKING F A
RECESSION ISN’T LOOMING, MANY
SAY WE’RE IN ONE ALREADY.
I POINT TO THIS IDEA, THIS
NOTION OF SPENDING SPENDING
MONEY WE DIDN’T NEED TO SPEND TO
BRING THE ECONOMY BACK, LOOKING
TO SPEND MORE MONEY.
UNDER PRESIDENT TRUMP HE CAME
IN, HE REDUCED REGULATIONS, HE
LOWER THE TAXES, GOT THE ECONOMY
BOOMING.
I MEAN THE FORMULA HAS BEEN LAID
OUT FOR US.
>> YEAH WHAT IS TROUBLING WITH
GOING AROUND BIDEN SAYING LABOR
MARKETS ARE SO GOOD, THEY HAVE
NOT CAUGHT UP WITH PRE-PANDEMIC
LEVELS AND THEY’RE WAY OFF WE
STARTED PRE-PANDEMIC UNDER THE
TRUMP ADMINISTRATION.
SO WHAT IS HAPPENING NOW
CONSUMPTION CAME IN REALLY WEAK.
CONSUMPTION IS 70% OF OUR
ECONOMY AND CONSUMERS ARE
DROPPING OFF AND LABOR MARKETS
ARE NOT GOING TO RESPOND UNTIL
THAT DROP-OFF TAKES PLACE.
SO CONSUMPTION GOES FIRST.
THAT IS WHAT WE SAW LAST WEEK.
THAT IS WHY THE ATLANTA FED
KNOCKED DOWN THEIR FORECAST THAT
WE’RE CURRENTLY IN RECESS.
THE LABOR MARKETS SOONER OR
LATER NEXT COUPLE MONTHS WILL
HAVE TO BASICALLY BE REDUCED NOT
TO MEET THAT CONSUMPTION.
THE JOBS REPORT TOMORROW WILL
PROBABLY NOT BE AS BAD AS THE
NEXT ONE AFTER THAT.
PARTICULARLY THE JOB REPORT
REFLECTS THE MIDLEVEL OF THE
MONTH.
JACKIE: NO.
THAT IS A GREAT POINT.
YESTERDAY THE PRESIDENT WAS IN
CLEVELAND, CONGRESSMAN, HE WAS
TALKING ABOUT THE STATE OF THE
ECONOMY.
HE WAS TRYING TO EXPLAIN IT
AWAY.
HE ACTUALLY SAID THAT HE SAVED
THE ECONOMY.
THIS IS RICH.
LISTEN.
PRESIDENT BIDEN: YOU ALL
REMEMBER WHAT THE ECONOMY WAS
LIKE WHEN I WAS ELECTED, A
COUNTRY IN PANDEMIC WITH NO REAL
PLANS HOW TO GET OUT OF IT.
MILLIONS OF PEOPLE OUT OF THEIR
JOBS.
FAMILIES AND CARS, REMEMBER
BACKED UP LITERALLY FOR MILES
WAITING FOR A BOX OF FOOD TO BE
PUT IN THEIR TRUNK, JUST A BOX
OF FOOD TO BE PUT IN THEIR
TRUNK.
>> IT IS INTERESTING TO ME,
CONGRESSMAN, BECAUSE THE ECONOMY
WAS STARTING TO GET BACK UP AND
RUNNING AFTER THE PANDEMIC.
HE IS NOT TALKING ABOUT THE
ECONOMY THAT HE WOULD HAVE HAD
HAD THERE BEEN NO GLOBAL
PANDEMIC THAT WE HAVEN’T SEEN IN
100 YEARS BY THE WAY.
HAVING SAID THAT, IF WE WOULD
HAVE JUST OPENED UP ALL OF OUR
STATES AND LET THE ECONOMY FIX
ITSELF IT PROBABLY WOULD HAVE.
>> IF JOE BIDEN HAD JUST STAYED
IN HIS BASEMENT WHEN HE BECAME
PRESIDENT AND NEVER CAME OUT
LIKE HE DID IN HIS CAMPAIGN OUR
ECONOMY WOULD BE THE STRONGEST
IT HAS EVER BEEN BECAUSE WE HAD
THE STRONGEST ECONOMY IN MY
LIFETIME PRIOR TO COVID.
COVID SET US BACK.
THERE WAS NOTHING ANYBODY COULD
DO ABOUT THAT BUT WE WERE WELL
ON THE WAY TO RECOVERY.
ALL THE GOVERNMENT HAD TO DO WAS
GET OUT OF THE WAY OF THE
PRIVATE SECTOR.
ONCE JOE BIDEN TOOK OFFICE,
DEMOCRATS TOOK CONTROL OF
CONGRESS THEY IMMEDIATELY TRIED
TO CHANGE ALL THE LABOR LAWS.
THEY IMMEDIATELY SIGNIFICANTLY
INCREASED SPENDING.
THEY IMMEDIATELY TRIED TO PASS
THE GREEN NEW DEAL FANTASY.
AS A RESULT OF ALL THESE BAD
POLICIES WE HAVE AN ECONOMY
THAT’S REALLY STRUGGLING RIGHT
NOW.
JACKIE: YEAH.
>> THE AVERAGE WORKER IS HAVING
TO PAY FOR IT WITH INCREASED
INFLATION.
JACKIE: WHEN IT COMES TO THE JOB
MARKET, TOMAS, THIS IS ONE THING
WE HAVE THAT IS STRONG RIGHT NOW
BECAUSE THE UNEMPLOYMENT RATE IS
LOW BUT IT DOESN’T REALLY
REFLECT THE ENTIRE PICTURE WHICH
IS THE AMOUNT OF PEOPLE WHO
ESSENTIALLY SAID WE’RE NOT
LOOKING FOR JOBS ANYMORE.
AND AS A MATTER OF FACT WHEN IT
COMES TO THOSE WHO ARE FILING
FOR THESE CLAIMS TO GET ON
UNEMPLOYMENT, FORMER LABOR
SECRETARY SAYS THE BENEFITS ARE
CONTRIBUTING TO INFLATION.
LISTEN.
>> YOU KNOW, I SUPPOSE NOT
MAKING SHERROD BROWN HAPPY ALL
THE TIME IS A BADGE OF HONOR,
BUT YOU KNOW, LARRY, RELATIVELY
EARLY ON IN COVID I DID WARN
HIM, I WARNED HIM SPECIFICALLY
THAT THERE COULD BE SERIOUS
CONSEQUENCES FROM HAVING
UNEMPLOYMENT BENEFITS THAT WERE
JUST WAY TOO HIGH AND KEEPING
THEM GOING FOR WAY TOO LONG
DURING THE PANDEMIC.
OF COURSE ONE OF THE REASONS
WE’RE HAVING THE PROBLEMS WITH
INFLATION WE HAVE TODAY IS
BECAUSE OF THE LEGISLATION THAT
WAS PASSED IN MARCH EVER 2021
WHEN WE WERE REALLY STARTING TO
DO VERY WELL IN THE JOB MARKETS.
IT WAS JUST AN INFUSION OF CASH
INTO THE ECONOMY THAT WAS
ULTIMATELY IN NOBODY’S INTEREST,
AND HE WAS A SUPPORTER OF THAT.
JACKIE: BASICALLY THOSE BOOSTED
UNEMPLOYMENT BENEFITS WERE
BOOSTED FOR AN ENTIRE YEAR AFTER
THE VACCINES WERE STARTING TO BE
DISTRIBUTED.
WE THOUGHT, WELL WE MIGHT
ACTUALLY BE GETTING BACK UP AND
RUNNING.
PEOPLE SHOULD GET BACK TO WORK.
THEY DISCOURAGED PEOPLE, TOMAS,
FROM GETTING BACK TO WORK.
>> YEAH.
I THINK THE GENERAL PATTERN OF
THE BIDEN ADMINISTRATION IS SORT
OF THEIR IMPOSING A TRIPLE
THREAT ON PRICE INCREASES.
THEY’RE STIMULATING DEMAND
MASSIVELY, WHICH RAISES PRICE.
THEY’RE HAMPERING DOWN ON SUPPLY
WHETHER THROUGH SUBSIDIES TO
WORKERS TO STAY HOME OR THROUGH
REGULATIONS FROM COMPANIES
THEMSELVES.
IN ADDITION THEY HAVE MONETIZED
THROUGH THE FED, THEY HAVE
MONETIZED MASSIVE AMOUNT OF
DEBT.
ALL THOSE THINGS ARE OBVIOUSLY
RAISING PRICES.
THAT IS IT WHAT WE’RE SEEING
NOW.
IT IS VERY UNFORTUNATE.
THIS IS YOU KNOW, TAXATION
WITHOUT REPRESENTATION.
MANY SAY WE DON’T ELECT THE FED,
ET CETERA.
BUT IT’S A MASSIVE TAX ON THE
AMERICAN PEOPLE.
JACKIE: I JUST WANT TO SHIFT
GEARS FOR A MOMENT, CONGRESSMAN
AND END WITH YOU.
WE’VE BEEN FOLLOWING THE
HUNTER BIDEN STORY ON THIS SHOW
QUITE SOME TIME.
OUR VIEWERS ARE VERY INTERESTED
IN IT.
MY UNDERSTANDING YOU’RE HAVING
TROUBLE GETTING YOUR HANDS ON
SOME DOCUMENTS YOU NEED TO
EVALUATE THE SITUATION TO SEE
EXACTLY WHAT WAS HAPPENING
BETWEEN HUNTER BIDEN AND CHINA
AND SOME OF HIS OTHER BUSINESS
RELATIONS AND ACTUALLY HOW MUCH
THE PRESIDENT KNEW ABOUT IT?
>> YEAH.
WE’VE UNCOVERED THAT
HUNTER BIDEN AND JOE BIDEN’S
BROTHER JIM HAVE HAD OVER 150
SUSPICIOUS ACTIVITY REPORTS
FILED AGAINST THEIR VARIOUS
CHECKING ACCOUNTS.
THIS IS THE MOST SERIOUS BANK
VIOLATION THAT ANYONE CAN HAVE,
AND THEY HAVE HAD OVER 150.
PRIOR TO JOE BIDEN BECOMING
PRESIDENT ANY MEMBER OF CONGRESS
COULD REQUEST FROM THE TREASURY
DEPARTMENT A LIST OF SUSPICIOUS
ACTIVITY REPORTS IN THEIR
CONGRESSIONAL DISTRICT FOR THEIR
STATE OR FOR ANY SPECIFIC
PERSON.
JOE BIDEN IN THE DEAD OF NIGHT
ONCE HE TOOK OFFICE CHANGED THAT
RULE.
NO ONE KNEW WHY UNTIL IT BECAME
APPARENT THAT HIS SON AND HIS
BROTHER HAD ALL THESE BANK
VIOLATIONS.
I HAVE REQUESTED WHAT EVERY
MEMBER OF CONGRESS HAS BEEN ABLE
TO RECEIVE FROM THE TREASURY
DEPARTMENT OVER THE PAST THREE
ADMINISTRATIONS AND JOE BIDEN’S
BLOCKING ME FROM GETTING THAT AS
THE TOP REPUBLICAN ON THE
OVERSIGHT COMMITTEE, THIS IS
SOMETHING THAT WE SHOULD HAVE TO
BE ABLE TO DETERMINE WHAT LED TO
THESE 150 SERIOUS BANK
VIOLATIONS.
JACKIE: WHAT A COINCIDENCE THAT
HE MADE THAT CHANGE.