DO NOT BLAME JOE BIDEN.
GNAWED NADA.
THAT’S IT, JOINING ME NOW,
CHARLES PAYNE, HOST OF
"MAKING MONEY."
IS THIS A GREAT SPEECH OR WHAT,
HUH?
>> YOURS OR BIDEN’S?
[LAUGHTER] YOURS IS SPOT ON.
I TELL YOU I GET FRUSTRATED AS
SOON AS PRESIDENT BIDEN’S OPENS
HIS MOUTH.
HE STARTS OFF THE SAME WAY.
HE STARTS BRAGGING.
I DON’T KNOW WHY HIS TEAM THINKS
THAT IS RIGHT.
LARRY: THAT IS INTERESTING.
>> PEOPLE ARE SUFFERING.
EVERY SPEECH HE GIVES HE BRAGS.
WE DID THIS I DID THIS.
THIS IS THE BEST EVER.
I’M SAYING ARE YOU NUTS?
ARE YOU SERIOUSLY TALKING OFF
THE CONVERSATION WITH THE
AMERICAN PUBLIC SAYING HOW GREAT
THINGS ARE, HOW GREAT YOU ARE?
THIS IS WHAT YOU’RE GOING TO DO?
I JUST, HE DOES IT EVERY TIME,
LARRY, EVERY SINGLE TIME.
LARRY: SO HE IS TAKING CREDIT
FOR A KIND OF A HAPPINESS THAT
DOESN’T EXIST.
THAT IS WHAT THE POLLS ARE
SHOWING AND HE IS IN DENIAL THAT
HIS POLICIES HAD ANYTHING TO DO
WITH INFLATION.
YOU KNOW I MIGHT GIVE HIM AN
INCH OR TWO HERE OR THERE.
I THINK THE LAST SIX WEEKS,
SEVEN WEEKS, WHATEVER IN
UKRAINE, NO QUESTION HAD AN
IMPORTANT IMPACT ON GASOLINE
PRICES AND OIL PRICES BUT,
CHARLES, WHAT HAPPENED TO THE
YEAR BEFORE?
HE IS IN DENIAL ABOUT THAT AND
THE JIHAD AGAINST FOSSIL FUELS.
THAT IS JUST ONE EXAMPLE.
>> YOU KEPT GOING BACK TO
JANUARY 2021.
YOU COULD REALLY HAVE GONE BACK
TO NOVEMBER 3rd, 2020, WHEN
PRESIDENT BIDEN WON AND GAS
PRICE, OIL PRICES WENT THROUGH
THE ROOF.
THEY STARTED MOVING THEN.
THEY NEVER LOOKED BACK, THAT IS
WHAT HE WANTED.
THAT IS WHAT HE PROMISED THE
WORLD.
HE SAID I WILL MAKE GAS PRICES
HIGH.
I WILL MAKE SURE WE PASS A
CLIMATE AGENDA.
HE DECLARED HIS WAR THEN.
LARRY: YOU’RE RIGHT.
>> THE MARKET REACTED TO IT
THEN.
LOOK AT THOSE NUMBERS.
YOU WANT TO TALK ABOUT A STARK
DIFFERENCE NOW?
IMMEDIATELY AFTER HE SPOKE
TODAY, A REPORTER SAID OKAY, IS
ANY OF IT YOUR FAULT?
HE GAVE A WHOLE BUNCH OF THINGS,
A REPORTER SAID, ANY OF IT YOUR
FAULT?
ESSENTIALLY NONE OF IT IS HIS
FAULT.
THAT IS WHERE MAKING A BIG
MISTAKE.
THERE IS A GOOD CHANCE YOU KNOW
WHAT?
I’M LEANING TOWARD THIS CLIMATE
AGENDA I THINK IN THE FUTURE IT
WOULD BE WORTH IT BUT IT IS
CREATING PAIN RIGHT NOW.
I THINK IT WOULD BE A BRILLIANT
MOVE IF HE EVER TO YOUR POINT
WOULD DO IT.
LARRY: I MEAN IT.
YOU KNOW WHAT?
WHEN YOU’RE DOING SOMETHING
WRONG AND YOU KNOW YOU’RE DOING
SOMETHING WRONG, ALL YOUR
FRIENDS ARE TELLING YOU DOING
SOMETHING WRONG, ACKNOWLEDGE IT
AND CHANGE IT.
NOBODY’S PERFECT.
POLITICIANS -- BY THE WAY THERE
WAS ONCE A PRESIDENT NAMED
BILL CLINTON.
>> I KNEW YOU WOULD BRING THAT
UP.
LARRY: HE IS MY FAVORITE EXAMPLE
OF THIS, THAT PRESIDENT
BILL CLINTON HAD A ROUGH TWO
YEARS, KIND OF DID EVERYTHING
WRONG, HILLARY CARE, HIGH TAXES,
ECONOMY SLOWED DOWN, DA, DA,
WHAT DID HE DO?
HE TOOK OWNERSHIP AND CHANGED.
>> RIGHT.
LARRY: HE JUST CHANGED HIS
AGENDA.
>> RIGHT.
LARRY: BIDEN HAS OPPORTUNITIES
FOR RESET, REMEMBER THE RESET
ARGUMENT EVERY FEW MONTHS, HE
GIVE AS SPEECH, EVERYBODY SAID
HE WOULD RESET, HE NEVER RESETS.
HE DIGS A HOLE DEEPER.
>> IT IS NOT WORKING THOUGH.
LARRY: THAT’S THE KEY.
>> WOULD SEE IF IT MOVES THE
NEEDLE.
IT DOESN’T MOVE THE NEED DELL.
SO IT’S LIKE, TODAY, THE
ULTRAMAGA?
LARRY: LOVE THAT.
ULTRAMAGA.
MEGAMAGA.
>> LIKE YOU’RE IN THE BOYCOTTS.
YOU GOT THE MAGA PATCH, MAN,
WHAT DO I HAVE TO DO TO GET THE
ULTRAMAGA PATCH?
[LAUGHTER]
LARRY: GOT RICK SCOTT AND
CONGRESSIONAL REPUBLICAN
POLICIES.
>> RICK SCOTT FROM WISCONSIN.
LARRY: FROM WISCONSIN.
WE HAVE TO REMEMBER THAT IN THE
INTRO, NOT FLORIDA MIND YOU,
WISCONSIN.
YOU KNOW, THE PROGRESSIVE AGENDA
THAT HE IS REPRESENTING AND
TOUTING HAS LOST FAVOR.
>> IT HAS LOST FAVOR.
LARRY: THAT IS ONE OF THE BIG
THINGS HE DOESN’T GET, AND NOT
CHANGE ON IT.
>> LOOK AT OHIO, THE AOC
CANDIDATE GOT SHELLACKED THE
MODERATE DEMOCRAT.
LOOK AROUND THE COUNTRY.
THEY WON A COUPLE FEW YEARS AGO.
THIS MODERN MONETARY ASSEMBLY
DOESN’T WORK A WHOLE LOT OF CASH
DOESN’T EARNED ONLY GOES TO OUR
DEBT.
DOES NOT WORK.
AMERICAN PEOPLE PICKED UP ON IT.
LOOK AT "GALLUP POLL" YESTERDAY.
THAT IS SHOCKING.
HE SHOULD HAVE LOOKED THAT.
8% OF INCREASE OF PEOPLE WHO SAY
STANDARD OF LIVE SOMETHING IN
TROUBLE.
7%AGE POINT INCREASE OF FOLKS
WORRIED HOW THEY WILL PAY THEIR
MONTHLY BILLS.
THESE ARE MONTHLY CHANGES.
I WOULD BE TERRIFIED AS A
POLITICIAN, RESPONSIBILITY I
HAVE TO THE GENERAL PUBLIC,
REGARDLESS OF PARTY.
SECONDLY IF I WANT TO WIN
RE-ELECTION?
YOU KNOW WHAT I INTERESTING?
I READ ABOUT NIXON, PAUL VOLCKER
IN THE NIXON ADMINISTRATION, I
DON’T KNOW IF YOU KNOW THE
STORY, I JUST READ IT OVER THE
WEEKEND, WENT TO NIXON, SAID,
TAKE THE HIT NOW EARLY IN THE
TERM.
DO WHATEVER YOU CAN TO GET
INFLATION UNDER WRAPS AND
APPARENTLY NIXON IGNORED HIM.
BUT THE POINT IS, HE SAID TAKE
THE HIT EARLY.
LARRY: SURE.
THIS IS THE TIME FOR BIDEN TO
TAKE THE HIT.
>> TAKE THE HIT NOW.
HE COULD COME OUT TO TAKE THE
HIT NOW AND BE OKAY, MAYBE GET
REELECTED BUT THE WAY HE IS
GOING RIGHT NOW THE WHOLE SHIP
IS SINKING.
LARRY: BY THE WAY, SO
INTERESTING, PAUL VOLCKER WHO
THEN WAS UNDERSECRETARY OF THE
TREASURY FOR MONETARY AFFAIRS IN
NIXON’S FIRST TERM, VOLCKER WAS
A DEMOCRAT, VOLCKER SAID TO
NIXON, DON’T LEAVE BRETTON WOODS
GOLD STANDARD.
REVALUE GOLD BUT DON’T GO OFF
THE DISCIPLINE WHICH OF COURSE
NIXON DIDN’T LISTEN TO VOLCKER.
>> YEAH.
LARRY: NIXON WAS NOT A GREAT
ECONOMIC PRESIDENT.
I WAS WORRIED YOU SAY BIDEN DO
WHAT NIXON DID.
THAT WOULD NOT BE AT ALL COOL.
CAN I GET SOME MARKET WISDOM?
IT’S A TOPSY-TURVY MARKET.
IT MAY BE A BEAR MARKET.
WHAT --
>> IT IS A BEAR MARKET.
WE HAVE BEHIND THE SCENES REDUX
OF THE GREAT TELECOM CRASH.
PELOTON WAS 11 BUCKS TODAY.
SOME OF THESE STOCKS, LARRY,
THEY’RE DOWN 70, 80, 90%.
I THINK WE’VE OVERDONE IT.
THE LAST TWO DAYS SOMETHING
INTERESTING HAS HAPPENED.
THE INFLATIONARY TRADE HAS
INWORKED.
ENERGY DOWN AGAIN TODAY.
NATURAL GAS WAS DOWN 11%
YESTERDAY.
AND WE’RE SEEING BONDS GO BACK
UP.
LARRY: INTEREST RATES ARE
SLIPPING.
>> INTEREST RATES ARE SLIPPING.
WE MAY ACTUALLY SEE BEGINNING OF
A GLIMPSE WHAT THE MARKET COULD
LOOK LIKE ONCE THE FED GETS
INFLATION UNDER CONTROL.
LARRY: I NOTICED INDUSTRIAL
COMMODITY PRICES AND METALS
PRICES IN THE FUTURES MARKET ARE
GETTING KILLED, SWAMPED.
>> LAST TWO WEEKS ALL THE PMI
DATA AROUND THE WORLD
PARTICULARLY HERE GOT HAMMERED.
ALL THE REGIONAL FED DATA GOT
HAMMERED.
REMEMBER THE MARKET LOOKS AHEAD.
THE MARKET IS LOOKING SIX MONTHS
OUT.
I THINK THIS MARKET WILL START
TO BUILD IN A WORLD WHERE
INFLATION IS NO LONGER RUNNING
CRAZY.
UNFORTUNATELY THE DOWNSIDE TO
THAT IS THE ECONOMY IS GOING TO
BE SLOWING.
LARRY: CHINESE YUAN GETTING
CLOBBERED.
THEY’RE CLOSING DOWN THE
ECONOMY.
THE YUAN IS GETTING CLOBBERED.
THAT IS FUNDAMENTALLY
DEFLATIONARY.
YOU KNOW WHAT?
OUR FEAR IN THE NEXT 12 MONTHS
OR SO, YOU WILL HAVE
INFLATIONARY RECESSION, WORST OF
ALL POSSIBLE WORLDS.
>> YEAH.
LARRY: WATCH CHARLES PAYNE
WEEKDAYS ON "MAKING MONEY,
2:00 P.M. EASTERN ON FOX
BUSINESS AND CHARLES DOES NOT