We had, we didn't even have to discuss supply chain during
my administration because it was a perfect moving machine.
It was beautiful.
>> That was Donald Trump speaking to Sean Hannity about inflation and
of course unsurprisingly Trump thinks that his economy was the best.
>> It was the biggest, he never did anything wrong.
The supply chain was moving along smoothly.
And of course there was criticism to follow the statement you just heard toward
Joe Biden.
Because it's all Biden's fault that we're experiencing inflation as we speak.
Now Sean Hannity did ask Trump to his credit,
what his solutions would be if he were present?
How would you combat inflation?
Let's take a listen to what Trump had to say.
>> They're not going to be able to survive if this continues,
if you're president, what would you do?
>> So what you're saying is all sounds very easy and sounds very simple.
Not actually that simple, but
I will tell you this is like the biggest tax increase in history.
If you look at what inflation is doing and I saw a number today that wages can go up
but they're nowhere near what's being taken out of families by pure inflation.
Just the cost of bread, the cost of gas, the cost of gasoline,
the cost of everything, everything is up and then supply chain,
you go to stores and they're half empty.
Many stores, they can't get products, they can't get anything.
You go to a luxury stores or non luxury stores or supermarkets and
the shelves are in some cases half bear and nobody's ever seen it.
We didn't even have to discuss supply chain during my
administration because it was a perfect moving machine.
It was beautiful.
We created the greatest economy in the history of the world.
>> Okay, so what would the solution be again?
By the way all sorts of lies sprinkled in there, including that shelves are empty,
shelves are not empty, shelves are totally fine.
There are supply chain issues.
But I am curious what Trump would do in response to those supply chain issues,
including the fact that china is undergoing another COVID related lockdown,
which has had an impact on the supply chain.
So what would Trump do?
Force the leader of China to lift the lockdown because
it wouldn't work that way, I guarantee it.
But there are other things I wanted to just quickly mentioned before going to
you Dr Richie Richie, because Tom Cotton is also one of these right wingers
who wants to use inflation, which is real as a political tool against Biden.
He wrote a recent op-ed in the Wall Street Journal.
They love to be the professional stenographers for Tom Cotton.
And he wrote this in his op-ed.
The Fed's core mission is to ensure stable prices and a sound currency.
No one can seriously argue that it accompany accomplished this mission under
Powell's meaning Jerome Powell's leadership.
After years of reckless policy inflation in December of 2021 exceeded 6%.
The highest rate in 30 years.
The federal reserve makes decisions about interest rates and
they tend to raise interest rates to cool inflation, okay?
And to be sure that is what the Federal Reserve is engaging in, as we speak.
That's why you've seen a little bit of a change in the stock market.
The market is a little bit of at a standstill because increasing the interest
rates means that it's more expensive to borrow, right?
And the reason why you do that again, is to respond to inflation.
Cotton continues to write, the Fed has manifestly failed during Mr.
Powell's tenure, further rigging our economy in favor of the wealthy.
While working people suffer, there must be consequences for
such failure, Powell is not the right choice to lead the Fed, believe it or
not I actually agree with that last statement from Tom Cotton.
I think that the behavior we've seen from the Federal Reserve has been reckless.
It's been dangerous.
And what we've seen is private equity firms taking free money from the Fed.
And what do they do with that money?
They've been snatching up single residential homes throughout the country,
buying up entire neighborhoods at a time when we have a housing crisis.
And that has further exacerbated an already terrible housing shortage and
housing crisis.
So if you're gonna get interest free money from the Fed, why wouldn't you invest
it and increase your profits and that's exactly what private equity firms did.
But you know what's really interesting is,
I didn't know that Tom Cotton had a problem with Donald Trump because one of
the people who wanted to keep interest rates low was Donald Trump.
He might have forgotten about that, but I'm here to remind him, let's watch.
>> If we had a Fed that would lower interest rates would be like
a rocket ship.
But we're paying a lot of interest and it's unnecessary.
We have a gentleman that likes raising interest rates in the Fed.
We have a gentleman that loves quantitative tightening in the Fed.
We have a gentleman that likes a very strong dollar in the Fed.
So with all of those things and we want a strong dollar.
But let's be reasonable do you understand that.
If the Fed didn't raise interest rates frankly, it would have been much higher
than 3% and the stock market as high as it's been would have been at least,
I think probably anywhere from 7 to 10,000 points higher.
But they wanted to raise interest rates.
You'll explain that to me.
>> So Rashad perhaps Trump didn't have a solution to inflation because he would
actually exacerbate it and make it much worse, especially as someone who certainly
loves to take out loans, is probably looking out for his own interest rates.
>> That's right, 100%.
And if someone actually believed that,
Donald Trump was some kind of economic financial business
genius while President of the United States that back and
forth, should have expelled that ridiculous sentiment.
Hannity once again, like you said to his credit,
figured out how to ask a real question that obviously wasn't scripted.
I'm sure they script a lot of this stuff.
He got one end that wasn't scripted and Trump didn't know what the hell to do.
All right, so what does Trump de evolve into goes to his talking points, right?
That's his default setting is a talking point here.
A talking point there and he gets to continue to cruise forward.
Now he said something quite interesting in that interview.
He said his administration and I quote, did not discuss supply chain issues.
Well, that was the problem.
Okay, you all just didn't talk about it.
There was no solution.
There were supply chain issues during that time.
And if you remember the infamous tariff wars that Donald Trump created,
that also increased the cost for farmers, the cost of goods right here in
the United states of America, China won that war by the way he lost it.
And a lot of Americans lost out on it too.
And let me go back to something that's not talked about much as it relates
to inflation.
There's a national dynamic with inflation, of course,
there's also regional inflation that impacts multiple states at one time.
Let me take you to Texas.
Governor Abbott created a policy where he basically wanted to
crack down on immigration, which was bull because they didn't even have the legal
authority to go on these, go inside of these trucks.
So he did it to slow down the supply chain coming in from Mexico.
But the real reason he was doing it was to enhance inflation.
So that he can ride the suffering all the way to the midterm elections and
to the presidential elections because he can blame all inflation on democrats.
There was one guy who went on Twitter, one of these truckers and he exposed the whole
thing and as soon as he exposes it, Anna guess what Governor Abbott does.
He then changes all of those policies in one day.
And one day he changed it all.
Now that we have the numbers, I reported on those numbers earlier,
Texas was losing $100 million dollars a day because of Abbot.
Inflation increasing,
the number one catalyst to inflation is a disruption in the supply chain.
Every politician knows this and that's what he did
to enhance regional inflation so that he could blame democrats and
popularize the Republican platform all the way through midterms and beyond.
These cats are sick.
>> Yeah, you're absolutely right about that.
And I was pleased to see that the White House was finally willing to call
Abbott out.
They did it in a press release, doesn't matter.
It got the attention that it needed.
And sometimes when you're trying to give your constituents
the illusion of effective governing, which is what Abbott was doing.
Comes back to bite you in the butt when you actually aren't doing anything that's
substantive or helpful for the people in your state.
So love to see that update.