SPARKED THE GAS PRICES WE’RE
SEEING TODAY.
>> THANK YOU, EDWARD LAWRENCE.
GOOD TO SEE YOU.
LOOK WHO IS HERE, CONGRESSMAN
FRENCH HILL FROM HUSBAND
FINANCIAL SERVICES STIFEL CHIEF
ECONOMIST LINDSAY PIEGZA.
THANKS FOR BEING HERE TONIGHT,
CONGRESSMAN.
FIRST YOUR REACTION TO REACTION
TO EDWARD LAWRENCE’S REPORT.
WHY IS THE GOVERNMENT’S ANSWER
TO WITH PRICE CONTROLS?
>> THANK YOU, ELIZABETH.
ISN’T THAT RIDICULOUS.
WE’RE GOING BACK TO THE NIXON,
CARTER FORD, ADMINISTRATION,
PRICE CONTROLS CONTROL INFLATION
OR WINDFALL PROFITS TAX OR BIDEN
PROPOSAL TO INCREASE TAXES ON
OIL PRODUCERS BY $145 BILLION.
NONE OF THESE THINGS WILL WORK.
NONE OF THESE THINGS WILL
INCREASE PRODUCTION OR LOWER THE
PRICE OF OIL AT THE PUMP FOR
AMERICAN FAMILIES.
ELIZABETH: TO THE CONGRESSMAN’S
POINT, LINDSEY, YOU’VE BEEN
REALLY SHARP WHAT IS DRIVING
INFLATION.
THE PRESIDENT IS TALKING ABOUT
SHORT-TERM FIXES LIKE A FEDERAL
GAS TAX HOLIDAY.
LINDSEY, EVEN SENATOR
BARACK OBAMA MOCKED THIS AS
GIMMICKS.
SHOW THAT IN THE NEXT SEGMENT.
WANT YOUR REACTION TO TREASURY
SECRETARY YELLEN OPENING UP A
KEYSTONE PIPELINE IS ALSO QUOTE
A SHORT-TERM FIX.
WATCH THIS.
>> WITH THAT SAID WOULD YOU
CONSIDER REOPENING PRESIDENTIAL
PERMIT FOR THE KEYSTONE
PIPELINE?
>> THAT IS UP FOR THE PRESIDENT
TO CONSIDER.
I DON’T THINK IT IS SOMETHING
EVEN IF IT WERE ALLOWED WOULD
TAKE YEARS TO COME INTO
COMPLETION.
SO I DON’T SEE IT AS SHORT-TERM
MEASURE TO ADDRESS THE CURRENT
SITUATION.
ELIZABETH: ALSO TALKING ABOUT
11,000 JOBS HERE, RIGHT?
SO THIS IS ROUNDINGER ROSS, NOT
GOOD ENOUGH.
SHORT TERM MEASURES.
YOUR REACTION, LINDSEY.
>> TO HER POINT THAT IS
LONG-TERM SPENDING STRATEGY BUT
WE NEED SHORT TERM REPRIEVE AND
PATHWAY TO SUSTAINABLE ENERGY
PRODUCTION.
IN THE NEAR TERM WE COULD TAKE
EMERGENCY MEASURES THAT THE
GOVERNMENT IMPLEMENTS AFTER
NATURAL DISASTERS SUCH AS
HURRICANES TO INCREASE ENERGY
PRODUCTION.
BUT LONGER TERM WE COULD ALSO
CHANGE OUR ENERGY POLICIES TO
ENCOURAGE INVESTMENT IN
INFRASTRUCTURE SUCH AS
PIPELINES.
BUT ALSO HAVE MORE FREQUENT AND
PREDICTABLE LEASE SALES.
AND, A NUMBER OF REGULATIONS
COULD ALSO BE REVERSED TO ALLOW
MORE CAPITAL TO FLOW INTO THE
INDUSTRY.
SO I DO THINK THAT CHAIR YELLEN
IS CORRECT SAYING THAT THE
KEYSTONE PIPELINE WILL NOT GIVE
CONSUMERS IMMEDIATE RELIEF
TOMORROW BUT THERE ARE PATHWAYS
THAT THE PRESIDENT CAN TAKE TO
PROVIDE THAT SHORT-TERM RELIEF
AS WELL AS LONGER TERM POLICY
IMPLEMENTATION THAT COULD PUT
INFRASTRUCTURE IN PLACE SO WE
DON’T RUN INTO THE PROBLEM YET
AGAIN DOWN THE ROAD.
ELIZABETH: TURN ON THE U.S.
ENERGY SPIGOTS.
CONGRESSMAN, THERE IS ALSO THIS.
U.S. TREASURY SECRETARY LARRY
SUMMERS, HE IS OUT WITH THIS
SHOCKER AFFIX TO INFLATION THAT
MILLIONS NEED TO LOSE THEIR JOBS
TO CONTAIN INFLATION.
TALKING A ONE YEAR SPIKE TO 10%
UNEMPLOYMENT.
THEN SAYING TWO YEARS OF 7 1/2%
JOBLESSNESS.
BY THE WAY THIS IS SO OUT THERE.
PEOPLE ARE SAYING THIS IS CRAZY.
ALSO DOESN’T THIS VIOLATE
CONGRESS’S DUAL MANDATE FOR THE
FED, MAXIMUM EMPLOYMENT AND
STABLE PRICES?
WHAT DO YOU THINK OF THIS IDEA?
>> WELL, LARRY SUMMERS HAS BEEN
RIGHT FOR MONTHS IN URGING THE
BIDEN ADMINISTRATION NOT TO
SPEND SO MUCH MONEY INCREASING
DEMAND.
HE URGED THE FEDERAL RESERVE TO
START SHRINKING HIS BALANCE
SHEET AND RAISE INTEREST RATES
MONTHS AND MONTHS AGO.
SO LARRY SUMMERS HAS BEEN RIGHT
HERETOFORE.
WHAT HE IS COUNTERING TODAY IS
THE STARK CONTRAST, WHEN YOU
KEEP SPENDING MONEY THAT YOU
DON’T HAVE --
ELIZABETH: WAIT A MINUTE HE IS
TALKING ABOUT GETTING RID OF
JOBS.
DEMOCRAT SHUTDOWNS WIPED OUT
22 MILLION JOKES WE’RE -- JOBS
THAT WE’RE CRAWLING BACK.
DO WE WANT TO GET RID OF JOBS TO
CONTAIN INFLATION?
>> WHAT HE IS ARGUING, LIZ, YOU
LET THIS RUN, FISCAL POLICY OF
THE BIDEN ADMINISTRATION, KEPT
PRINTING MONEY AT THE FED YOU
HAVE TO RAISE INTEREST RATES
SHARPLY.
HE ASSUMES THAT IS LARGE
INCREASE IN UNEMPLOYMENT.
WHAT JAY POWELL IS TRYING TO DO
HAVE IT BOTH WAYS HAVE HIS CAKE,
EAT IT TOO, WHICH MINIMIZED THE
IMPACT ON EMPLOYMENT WHILE HE
TRIES TO DROWN OUT INFLATIONARY
EXPECTATIONS.
>> THERE IS SEISMIC SHIFT,
LINDSEY.
I WANT YOUR REACTION TO WHAT
LARRY SUMMERS IS SAYING IN THE
CONTEXT OF THIS.
CHARLES COOK IS SAYING IN
"THE NATIONAL REVIEW" FLORIDA IS
NO LONGER A SWING STATE.
THAT SO MANY VOTERS IN FLORIDA
ARE FLEEING THE DEMOCRAT PARTY,
IT IS NO LONGER PURPLE.
IT IS RED.
WHAT DO YOU SAY?
>> I THINK RIGHT NOW VOTERS ARE
RECOGNIZING THAT THE EARLIER
POLICIES OF THE BIDEN
ADMINISTRATION DID CONTRIBUTE TO
THE SHORTFALL THAT THE ECONOMY
IS FACING RIGHT NOW, RISING
PRICES AT THE PUMP, AT THE
GROCERY STORE.
ARE MAKING IT VERY DIFFICULT FOR
THE AVERAGE AMERICAN HOUSEHOLD,
AVERAGE SMALL BUSINESS IN THIS
COUNTRY TO SURVIVE.
SO WE DON’T NEED MORE OF THE
SAME.
WE NEED DIFFERENT POLICIES.
BUT IN TERMS OF WHAT THE FEDERAL
RESERVE CAN DO, I THINK LARRY
SUMMERS IS POINTING OUT AT THE
FACT THAT THE FED HAS VERY
LIMITED CONTROL OVER
INFLATIONARY PRESSURES WE’RE
SEEING IN THE ECONOMY AT THIS
POINT, BECAUSE THE VAST MAJORITY
STEMS FROM SUPPLY SIDE
CONSTRAINTS OR VARIABLES THAT
ARE OUTSIDE OF THE FED’S
CONTROL.
SO IF IN FACT THE FED WANTS TO
BRING DOWN PRICES MORE THAN THEY
OTHERWISE WOULD BE ABLE TO WITH
TRADITIONAL MONETARY POLICY
METRICS THEY ARE GOING TO HAVE
TO FORCE A VERY SEVERE RECESSION
WHICH TO LARRY SUMMERS POINT
WHICH WOULD RESULT IN ELEVATED
UNEMPLOYMENT.
ELIZABETH: HOW ABOUT
STRENGTHENING THE DOLLAR?
YOU KNOW?
BY THE WAY, LET’S WATCH THE
PRESIDENT’S DAUGHTER STEPPING IN
TO SAVE THE PRESIDENT AFTER HE
LOSES IT ON A REPORTER.
YOU WILL SEE THE PRESIDENT MAKE
ANOTHER BLUNDER.
WATCH THIS.
>> YOU MADE UP YOUR MIND ON
CHINA TARIFFS, SIR?
PRESIDENT BIDEN: WE’RE IN THE
PROCESS OF DOING THAT.
REPORTER: YOU’RE LIFTING THE
TARIFFS.
PRESIDENT BIDEN: WE’RE IN THE
PROCESS OF MAKING UP MY MIND.
>> MORE LIKELY THAN EVER.
PRESIDENT BIDEN: DON’T MAKE
THINGS UP, OKAY?
YOU SOUND LIKE A REPUBLICAN
POLITICIAN.
I’M JOKING THAT IS A JOKE.
ALL KIDDING ASIDE, NO, I DON’T
THINK IT IS.
ONE OF THE THINGS YOU MAY RECALL
I INITIATED WAS INTERNATIONAL
FLAT TAX.
>> NO MORE.
NO MORE.
PRESIDENT BIDEN: 140 SOME
NATIONS TO SIGN ON IT.
I’M COMING.
THIS IS MY SON BO’S FAVORITE
DAUGHTER.
SHE IS TRYING TO TELL ME, DAD,
POP, KEEP GOING.
ELIZABETH: WE’RE IN THE PROCESS
OF MAKING UP MY MIND.
SO THERE IS A COMMITTEE.
WHO IS THE COMMITTEE OF WE IN
THE PRESIDENT’S MIND?
BY THE WAY KNEW HE WAS FOR
INTERNATIONAL FLAT TAX?
>> OH, I DON’T EVEN KNOW WHAT TO
SAY TO THAT, LIZ.
HE IS USING KAMALA HARRIS’S
SPEECHWRITER.
JUST ANOTHER NONSENSICAL COMMENT
FROM OUR PRESIDENT.
HE IS NOT FOR A GLOBAL FLAT TAX.
PRESIDENT TRUMP IS THE ONE WHO
REFORMED INTERNATIONAL TAXES IN
SUCH A WAY THAT BROUGHT A
TRILLION DOLLARS HOME, INCREASED
INVESTMENT HERE.
WE NOW HAVE THE HIGHEST LEVEL OF
CORPORATE TAX REVENUES IN THE
HISTORY OF THE COUNTRY.
ELIZABETH: YOU KNOW, TO THE
CONGRESSMAN’S POINT, RIGHT?
LINDSEY YOUR FINAL WORD.
YOU’RE RIGHT, THE FEDERAL
RESERVE CAN’T FOX GAS PRICES
RIGHT?
THE FEDERAL RESERVE CAN’T FIX
SUPPLY CHAIN OR BABY SHORTAGE
FORMULA.
PRESIDENT INVOKED THE DEFENSE
PRODUCTION ACT TO GET MORE BABY
FORMULA SUPPLIES.
THE STORE SHELVES ARE STILL
EMPTY.
YOU DO NOT SHUT DOWN ENTIRE
SECTORS AND THREATEN U.S.
COMPANIES LIKE AIRLINES OR
ENERGY SECTOR.
SHOULD UNLEASH THE POWER OF THE
U.S. ECONOMY TO GET RID OF
INFLATION.
WHAT DO YOU THINK, FINAL WORD?
>> ABSOLUTELY.
MANY FISCAL POLICIES WE’VE SEEN
ARE CURRENTLY PROPOSED DOING THE
EXACT OPPOSITE WHAT WE NEED IN
THIS ECONOMY.
RENDERING THE QUESTION OF
WHETHER OR NOT POLITICIANS
SIMPLY DON’T UNDERSTAND WHAT IS
HAPPENING OUT IN THE ECONOMY OR
WORSE, THEY SIMPLY DON’T CARE.