IT WITH MY OWN EYES.
THE CALVARY IS COMING.
NOW WE CAN HAVE SOME GREAT FUN
WITH STEVE FORBES, FORBES MEDIA
CHAIRMAN, EDITOR-IN-CHIEF AND
AUTHOR OF INFLATION A MUST-READ
BOOK, STEVE FORBES, WELCOME BACK
BACK.
DID YOU FEEL THE FORGIVENESS
FROM JANET YELLEN WAS IT COMING
THROUGH, THE TEARS DID YOU FEEL
ANY OF THE EMOTIONALLY.
>> IT WAS FAKE FORGIVENESS I’M
HUMBLED AS YOU POINTED OUT THE
ECONOMIC MALPRACTICE CONTINUES
NO MENTION OF ENERGY NO MENTION
OF REDUCING BARRIERS TO BUSINESS
THEY ARE FINDING NEW WAYS TO PUT
UP BARRIERS, NOT A GOOD THING
AND SADLY THE ONLY WAY WE HAVE A
FLASHING NOVEMBER ELECTION AND
THE WHITE HOUSE MAY CONSIDER
CHANGES.
IN THE MEANTIME THEY WILL STICK
TO THE OLD SONGS.
LARRY: JAMIE DIMON GAVE A SPEECH
A VERY GOOD BANKER SMART GUY WE
KNOW HIM, HERE’S SOME SOUND FROM
JAMIE DIMON.
>> IS A HURRICANE IT’S SUNNY,
THINGS ARE DOING FINE AND
EVERYONE THINKS THE FED CAN
HANDLE IT THAT HURRICANE IS OUT
THERE DOWN THE ROAD COMING OUR
WAY WE DON’T KNOW IF IT’S A
MINOR ONE WERE SUPER STORM SANDY
SANDY.
IT’S INTERESTING TO HEAR HIM SAY
THAT JAMIE IS NOT ALWAYS RIGHT
BUT HE’S A SMART GUY HE RUNS A
VERY GOOD BANK.
HE’S BASICALLY MAKING THE
ARGUMENT, HE IS WORRIED ABOUT
THE FEDS TIGHTENING AND IS VERY
WORRIED ABOUT UKRAINE WITH
RESPECT TO HIGHER OIL PRICES AND
I GUESS ADDING TO THE HIGHER
FOOD PRICES.
HE SAID AT ONE POINT IN THIS
TALK OIL COULD GO TO 150 OR $175
A BARREL, WHAT DO YOU THINK
ABOUT HIS WARNINGS.
>> I THINK IS WARNING THE FED DO
YOU REALLY KNOW WHAT YOU’RE
DOING YOU DON’T FIGHT INFLATION
BY TRASHING AN ECONOMY WHICH THE
FED STILL BELIEVES WE HAVE TO
SLOW THINGS DOWN CREATE
UNEMPLOYMENT AND CREATE SUPPLY
THAT’S EXACTLY WHAT RONALD
REAGAN DID WITH THE TERRIBLE
1970s.
HE’S FIRING A SHOT OBLIQUELY
BECAUSE YOUR BANK AT THE FEDERAL
RESERVE AND ALSO WARNING ABOUT
EVENTS LIKE UKRAINE.
TAKE UKRAINE FOR EXAMPLE IF THIS
ADMINISTRATION CONSIDERING THE
FOOD CRISIS OF SENDING NEUTRAL
SHIPS INTO THE BLACK SEA INTO
THE PORTS OF UKRAINE AND HAVE
VLADIMIR PUTIN STOP NEUTRAL
SHIPS TO PICK UP FOOD FOR
STARVING PEOPLE AROUND THE
WORLD.
ARE THEY EVEN THINKING ABOUT
THAT GIVEN UKRAINIANS TO BLAST
THE SHIPS OUT OF THE WAY IF
NECESSARY OR WHEN THE WAR.
UKRAINE IS A PROBLEM WHAT YOU
DOING ABOUT IT I THINK JAMIE
DIMON IS POINTED OUT THESE
THINGS ARE OUT THERE BUT THE
ADMINISTRATION IS NOT POWERLESS
TO DEAL WITH THEM IF THEY WANT
TO.
>> THE EUROPEAN UNION IS
ANNOUNCING THEY WILL NOT HAVE
ANY SEABOURN OIL IMPORTS FROM
RUSSIA THAT WILL KNOCK AT 75%
ACCORDING TO REPORTS BY THE END
OF THE YEAR THAT WILL KNOCK OUT
90%.
OIL IS BACK TO $120 A BARREL IN
THE WORLD MARKET.
JAMIE DIMON IS CONCERNED ABOUT
THAT.
BIDEN IS NOT NONE OF THESE
PEOPLE HAD ANYTHING TO SAY.
BIDEN’S ARTICLE MY PLAN JANET
YELLEN FORGIVE ME NOBODY
MENTIONED THE FACT HOW PEOPLE
PUT A FREEZE ON OIL AND GAS
DRILLING, FRACKING AND
PIPELINING.
>> THAT THE STRANGE THING THEY
THINK PUTTING UP WINDMILLS AND
SOLAR PANELS IS GOING TO DEAL
WITH THE SHORTFALL.
THAT’S WHY WE HAVE TO WAIT UNTIL
NOVEMBER.
THE KEY THING IS WITH THE
CALVARY THEY ARE GOING TO COME
IN THEY HAVE TO KNOW WHAT THE
WORLD TO DO. THAT IS THE THING THAT WE HAVE
THAT IS THE THING THAT WE HAVE
TO WORK ON THINGS THAT CONGRESS
CAN DO BY PUTTING OUT TAX CUTS,
OPEN UP THE FEDERAL LANDS AS WE
DISCUSSED BEFORE IN TEXAS IF YOU
HAVE A PIECE OF LAND IN YOU
DRILL ON IT YOU COULD GET A
PERMIT IN A FEW DAYS.
THE FEDERAL GOVERNMENT MONTH IF
NOT YEARS.
THEY CAN INCREASE THE SUPPLY BUT
AS YOU POINTED OUT THEY DON’T REALLY WANT LOW ENERGY PRICES
REALLY WANT LOW ENERGY PRICES
THEY THINK THE SALVATION IS
HAVING ALL THESE ALTERNATIVES
WHICH DON’T WORK NOT ONLY WILL
THEY BE MORE EXPENSIVE BUT LESS
ENERGY, BAD FOR US AND BAD FOR
THE WORLD THAT’S WHAT WE HAVE TO
CALL THEM OUT ON WHY IS PRUDENT
OIL OR VENEZUELAN OIL OR THE
IRANIAN OIL IS MORE SACRED THAN
OUR OWN SOIL.
LARRY: ONE OF MY THINGS ON THIS,
I DON’T TAKE HIM SO FAR OFF
UNTIL THEY’RE STOPPED.
BASICALLY MR. BIDEN ALL TALK
ABOUT THIS ECONOMY IN TRANSITION
STUFF.
WHEN HE WAS IN ASIA LAST WEEK HE
DID NOT REALLY DENY HIGHER
GASOLINE PRICES HE JUST SAID WE
CAN HAVE A NEW CLIMATE CHANGE
ECONOMY AND I HOPE IT WORKS AND
GOD BLESS AND ALL THE REST OF
THE STUFF.
REALITY IF YOU HAVE A FOSSIL
FREE TOY GREEN ECONOMY.
MY ARGUMENT IS THAT WOULD PUT US
INTO A PERMANENT RECESSION WITH
VERY HIGH INFLATION AND MILLIONS OF JOB LOSSES THAT THE BIDENS
OF JOB LOSSES THAT THE BIDENS
ARE IN DENIAL AMONGST THEMSELVES
THEMSELVES, THEY HAVE NO
ALTERNATIVE PLAN A COUPLE OF
WINDMILLS IS NOT GOING TO DO THE
JOB YOU HAVE NOTHING AGAINST
WIND OR SOLAR IN EITHER DRY,
WHAT ABOUT FOSSIL FREE ECONOMY I THINK THAT’S IN THE BACK OF
THINK THAT’S IN THE BACK OF
THEIR MIND.
>> WHEN THE FEDERAL RESERVE
TALKS ABOUT A SOFT LANDING YOU
BETTER PUT YOUR SEATBELT ON
BECAUSE IT COULD GIVE US A
ASHLEY ENDING WHEN THEY TALK
ABOUT A TRANSITION THEY SAY TOUGH TIMES ARE GONNA GO THROUGH
TOUGH TIMES ARE GONNA GO THROUGH
TAKE THE PAIN BECAUSE GLORIA’S
DAYS ARE GONNA LIE AHEAD THEY
ARE NOT.
IT’S NOT JUST GOING TO BE A
RECESSION RECESSION DOESN’T EVEN
BEGIN TO DESCRIBE IF YOU GET RID
OF FOSSIL FUELS WE WILL HAVE A
DRASTICALLY LOWER STANDARD OF
LIVING LIVES WILL BE SHORTENED
MORTALITY RATES AMONG BABIES ARE
GOING TO GO UP THERE KNOCKING TO
GET THE MEDICINES THAT THEY
NEED.
ALL OF THE ENERGY EVERY MAJOR
BREAKTHROUGH STANDARD OF LIVING
WHETHER AUTOMOBILE, THE INTERNET
REQUIRES MORE ENERGY NOT LESS
ENERGY, NOT MORE EXPENSIVE
ENERGY AGAINST 200 YEARS OF
HISTORY SINCE THE INDUSTRIAL
REVOLUTION IT’S AMAZING THEY
CALL THEMSELVES PROGRESSIVES THE
GOING BACK TO 500-YEAR-OLD
TECHNOLOGY, THE DARK AGES WHY DO
THEY WANT US TO LOOK LIKE THEY
DID IN THE 1800S, EXPLAINED
THAT.
>> WHAT IS THIS TRANSITION
STUFF.
HERE’S THE ARTICLE JOE BIDEN MY PLAN FOR FIGHTING INFLATION WHAT
PLAN FOR FIGHTING INFLATION WHAT
IS IN HERE I’VE LOOKED AT THIS
FOR TWO STRAIGHT DAYS I’VE BEEN
TO OPENING REPS ON THE SUBJECT.
THE MORE I NEED IT THE WORSE IT
GETS WHY DO YOU THINK HE PUT
THIS OUT IS HE WARNING THAT A
RECESSION IS COMING, IS HE
SETTING UP THE FED, DOES HE
THINK A NEW VERSION OF BILL BACK
BETTER IS GOING TO CONQUER
INFLATION OR RAISING TAXES?
>> I THINK THEY BELIEVE THEIR
OWN KOOL-AID AND THEY WANT US TO
DRINK THEIR KOOL-AID.
THEY HAVE DRUNK IT.
HE SAYS THE NUMBER OF JOBS IS
GOING TO GO DOWN 150,000 A
MONTH, THAT’S A GOOD THING,
INSTEAD OF 500,000 A MONTH AND
SETTING UP THE FED WHO
REAPPOINTED CHERRY POWELL IN
THESE GOVERNORS AND HE SAYS IT
CAN BE THE FEDS FAULT NOT MINE
IT’S NOT GOING TO HAPPEN HE NOW
OWNS THE FED HE REAPPOINTED
POWELL IN THOSE GOVERNORS IF HE
THINKS HE CAN RUN AWAY FROM IT,
GOOD LUCK WITH THAT.
>> WHAT DO YOU THINK HE OWNS AN
APOLOGY JUST OFF THE TOP.
YELLEN’S APOLOGY.
THEY’RE RUNNING AROUND SAYING WE
FEEL YOUR PAIN ON INFLATION AND
WERE SORRY BUT SHE’S NOT SORRY I
PLAYED THAT CLIP IF YOU DON’T
DIAGNOSE THE PROBLEM PROPERLY,
THEY’RE ALL RUNNING AROUND DOING
IT.
>> IT’S LIKE THE OLD SOVIET
UNION WHEN YOU HAVE THE CROP
FAILURES OR THE WEATHER IT’S
ALWAYS SOMETHING ELSE IN THIS
COUNTRY THEY WOULD SHOOT YOU
BECAUSE YOUR SABOTEUR AND THE
SABOTEURS TODAY ARE HEADS OF OIL
COMPANIES AND MEATPACKERS AND
VLADIMIR PUTIN THEY BLAME
EVERYBODY.
SADLY THERE’S A WHOLE HISTORY OF
BLAMING WHETHER THE ROMANS ARE
BLAMING CHRISTIANS, MEDIEVAL
BLAMING WHICH IS AND THE LIKE
THEY ALWAYS FIND A SCAPEGOAT BUT
IT REALLY POINTS TO THEM AND
THAT’S WHAT THEY WANT TO AVOID
HAVING THE PUBLIC REALIZE BUT
THE PUBLIC IS ONTO THEM THE
ARTICLE MAY SAY THAT AMERICANS
ARE SAVING SO MUCH ALL THESE GLORIOUS JOBS.
GLORIOUS JOBS.
>> IT IS PLUMMETING.
WHAT THEY DON’T UNDERSTAND
ECONOMICS IS NOT JUST NUMBERS IT
IS PEOPLE’S TRUST IN YOU.
THAT IS WHY THE DOLLARS ON THE
PRECIPICE THEY DON’T TRUST JOE
BIDEN ANYMORE.
LARRY: I KNOW JANET YELLEN IS A
SMART LADY, I’M SO SORRY WE
MISSED INFLATION BUT IT WAS NOT
OUR FAULT, I JUST THINK
AMERICANS SEE RIGHT THROUGH THAT
THAT.
>> IF YOU WANT THE JOB YOU TAKE
RESPONSIBILITY FOR THE JOB ABRAHAM LINCOLN ON THE CIVIL WAR
ABRAHAM LINCOLN ON THE CIVIL WAR
SAID MY PREDECESSOR LEFT ME IN A
TERRIBLE SITUATION, YOU DEAL
WITH IT THAT’S WHAT AMERICANS
WANT A FIRM LOOK FORWARD NOT
LOOKING BACKWARDS LET THE
HISTORIANS WORRY ABOUT THE
BACKWARDS YOU GOTTA LEAD US
FORWARD THAT’S WHAT THEY DON’T
REALIZE. >> LET’S NOT MAKE THIS ANY
>> LET’S NOT MAKE THIS ANY
HARDER THAN IT NEEDS TO BE.