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>> Tucker: GOOD EVENING AND
WELCOME TO "THE INGRAHAM "TUCKER
TONIGHT," HAPPY TUESDAY, A
SEMIHILARIOUS MOMENT IN HISTORY
THAT JANET YELLEN WENT THROUGH
THE SINGLE MOST UNCOMFORTABLE
CONGRESSIONAL HEARING OF HER
LIFE.
AT THAT TIME YOU MAY REMEMBER
SHE WAS RUNNING THE
FEDERAL RESERVE AND SHE WAS AS
SHE REMAINS TODAY A LIFESTYLE
LIBERAL IN NEW STANDING.
SO PUT YOURSELF IN HER POSITION
AND IMAGINE THE SHOCK SHE
MUST’VE FELT WHEN MEMBERS OF THE
CONGRESSIONAL BLACK CAUCUS
SUGGESTED THAT SHE JANET YELLEN
WAS IN FACT A RACIST.
MAYBE EVEN A WHITE SUPREMACIST.
WHAT DOES JANET YELLEN DO WRONG?
THEY SUGGESTED WHAT SHE DID
WRONG WAS SHE FAILED TO HARNESS
THE POWER OF THE FEDERAL RESERVE
TO HELP AFRICAN-AMERICANS
SPECIFICALLY.
NOW AT FIRST JANET YELLEN SEEMED
CONFUSED BY THIS POINT, THE
POINT OF THE FED IS TO KEEP THE
AMERICAN ECONOMY STABLE.
IT’S NOT TO PAY OFF LOYAL BLOCKS
OF DEMOCRATIC VOTERS AND TRIED
TO EXPLAIN THIS.
OUR POWER, SHE SAID, CAN’T BE
TARGETED AT THE EXPERIENCE OF
PARTICULAR GROUPS.
THAT WAS HER RESPONSE.
THE CONGRESSIONAL BLACK CAUCUS
DID NOT BUY IT.
THEIR MESSAGE TO JANET YELLEN
WAS THE SAME TO YOU YOU AND EVER
OTHER PERSON IN THE COUNTRY, DO
WHAT WE SAY OR WE WILL DENOUNCE
YOU AS A RACIST.
AND FINALLY, JANET YELLEN GOT
THAT MESSAGE.
BOY, DID SHE.
WITHIN A YEAR SHE HAD ALL BUT
ABANDONED THE TRADITIONAL
CONSTRAINT OF MONETARY POLICY,
AND STEADY THERE SHE WAS
YAMMERING ON A PUBLIC ABOUT
THINGS LIKE RACIAL EQUITY AND
ENVIRONMENTAL JUSTICE.
THOSE ARE ISSUES THAT UNLIKE
ECONOMICS CANNOT BE QUANTIFIED
OR SPECIFICALLY DEFINED, THEY
ARE THEREFORE PERFECT VEHICLES
FOR POWER-HUNGRY POLITICIANS
HOPING TO BECOME MORE POWERFUL.
JENNY ELLEN WAS SUPPOSEDLY AN
ECONOMIST, BUT AS SHE TURNED 70,
SHE LEFT THE FIELD OF ECONOMICS
COMPLETELY AND ENTERED THE FAR
MORE FAMILIAR WORLD OF POLITICAL
ACTIVISM.
THEN SHE WAS JOE BIDEN’S
TREASURY SECRETARY THE
TRANSFORMATION WAS COMPLETE,
AMONG THE FIRST ACT AS TREASURY
SECRETARY WAS AN ORDER OF
CHANGING THE MISSION OF THE
TREASURY DEPARTMENTS FINANCIAL
STABILITY OVERSIGHT COUNCIL.
THAT COUNCIL WAS CREATED BY
CONGRESS AFTER THE LAST
FINANCIAL CRISIS AS ITS NAME
SUGGESTS TO PREVENT SOMETHING
SIMILAR FROM EVER HAPPENING
AGAIN.
AND FOR ABOUT A DECADE IT
FOCUSED ON QUESTIONS THAT MIGHT
PREVENT ANOTHER MELTDOWN.
LIKE SUBPRIME LENDING AND
AUTOMATIC TRADING ON
WALL STREET, RELEVANT QUESTIONS.
JENNY ELLEN, THE COUNCIL CHANGE
THEIR ATTENTION TO A FASHIONABLE
ISSUE SHE WAS CONSUMED WITH.
GLOBAL WARMING.
"WE MUST LOOK AHEAD AT EMERGING
LIST, CLIMATE CHANGE IS
OBVIOUSLY A BIG ONE."
SHE SENT LETTERS SAYING THE SAME
THING, AS FOR INFLATION WHICH
TRADITIONALLY WAS A POOR CONCERN
OF GOVERNMENT ECONOMISTS, THAT
WAS THE EMERGING RISK THEY WERE
WORRIED ABOUT, JENNY ELLEN
SHRUGGED THAT OFF, INFLATION, IF
THAT HAPPENED, SHE TOLD US IT
WILL BE "TRANSITORY."
ININ THE HISTORY OF BRAD
PREDICTIONS FROM WASHINGTON,
THAT MIGHT TAKE FIRST PLACE.
SINCE JOE BIDEN WAS PRESIDENT,
THE PRICE OF GASOLINE HAS
DOUBLED, AND SO IF THE PRICES OF
MANY OTHER KEY COMMODITIES THAT
AMERICANS NEED TO LIVE.
AND THE WORST PART IS THAT NOT
ONLY DID JANET YELLEN COME OF
THE TREASURY SECRETARY FAIL TO
SEE ANY OF THIS COMING,
JANET YELLEN MORE THAN ANY OTHER
SINGLE PERSON IN AMERICA CAUSED
IT IN THE FIRST PLACE TO
RECKLESS LOOSE MONEY’S POLICIES
IMPLEMENTED DURING HER YEARS AT
THE FED THAT WERE BOUND TO CAUSE
INFLATION.
SO IF YOU ARE MAD ABOUT THE
CURRENT STATE OF THE ECONOMY,
JENNY ELLEN IS PROBABLY THE
FIRST PERSON YOU SHOULD BLAME,
WHY DOES SHE STILL HAVE A JOB?
WE MIGHT’VE HEARD AND ANSWERED
AT THAT, BECAUSE JANET YELLEN
WAS BACK IN PART OF CONGRESS
TODAY, BUT THIS TIME THERE WERE
NO CUP INTERROGATORIES FROM THE
PROFESSIONAL BLACK CAUCUS, NO
ONE CALLED HER A RACIST, AS
JENNY ELLEN HAD A DEEPLY
SYMPATHETIC MOVE TO MEMBERS OF
CONGRESS, THE REAL PROBLEM WITH
THE AMERICAN ECONOMY IS THAT SHE
AND THE DEMOCRATIC PARTY DON’T
YET HAVE ENOUGH CONTROL OVER IT.
WATCH.
>> A MEDIUM TERM, THE CRITICAL
THING IS THAT WE HAVE BECOME
MORE DEPENDENT ON THE WIND IN
THE SUN THAT ARE NOT SUBJECT TO
GEOPOLITICAL INFLUENCES AND
PASSING CLEAN ENERGY CREDITS
THAT WILL BOOST NONRENEWABLE’S
IS I THINK REALLY, REALLY
CRITICAL TO TO ADDRESSING
CLIMATE CHANGE AND OUR ENERGY
COSTS FOR HOUSEHOLDS.
B-2 JUST FOR FUN IF YOU HAVE
5 MINUTES, REWIND THE TAPE AND
TRANSCRIBE WHAT SHE SAID AND SEE
IF YOU CAN MAKE SENSE OF THE
VERBAL BULLY A BASE.
WHAT ARE YOU LOOKING AT?
IT’S CALLED ENTER SECTIONALISM
COME IN THE NEW RELIGION OF
GOVERNMENT AND IT ALLOWS
BUREAUCRATS WHEN IT IS CLEAR
THAT THEY HAVE NO IDEA WHAT THEY
ARE DOING TO PIVOT AND TALK
ABOUT SOMETHING THEY KNOW EVEN
LESS ABOUT!
SO HERE YOU HAVE JENNY ELLEN
TALKING ABOUT GEOPOLITICAL
INFLUENCES, CLEAN ENERGY
CREDITS, CLIMATE CHANGE.
WHAT IS JANET YELLEN TALKING
ABOUT?
SHE HAS NO IDEA.
THE PROBLEM IS THAT THERE ARE
PEOPLE OUT THERE WHO ACTUALLY DO
UNDERSTAND WHAT SHE IS TRYING TO
TALK ABOUT, EXPERTS HAVE STUDIED
THE SUSTAINABILITY OF RENEWABLE
ENERGY FOR YEARS, MICHAEL
SHELLENBERGER FOR EXAMPLE FOUND
THAT FROM 2011 TO 2017 THE COST
OF SOLAR PANELS DROPPED BY MORE
THAN 70 PERCENT IN THE COUNTRY.
THERE WERE MORE OF THEM SUPPLY
AND DEMAND, BUT HERE’S THE
INTERESTING PART, DURING THE
SAME PERIOD AS THE COST OF SOLAR
PANELS FELL, ELECTRICITY COSTS
IN CALIFORNIA WENT UP FIVE TIMES
MORE THAN THEY DID IN THE REST
OF THE UNITED STATES, WHY?
MORE SOLAR PANELS, THEY WERE
CHEAPER, BUT ELECTRICITY WAS
MORE EXPENSIVE.
HOW DOES THAT WORK AND HOW IS IT
HELPING YOU?
WE KNOW IT HAPPENS, BECAUSE IT
HAPPENED IN GERMANY AT SCALE.
2006-2018, THE HEYDAY IN THE
PEAK YEARS OF THE BIG RENEWABLE
ENERGY PUSH, ELECTRICITY PRICES
WENT UP 50%.
WHY DID THAT HAPPEN?
WELL, LET’S COMPARE IT TO A
NEIGHBORING COUNTRY.
IN FRANCE, ELECTRICITY PRICES
WERE MUCH LOWER THAN GERMANY,
EVEN THOUGH FRANCE GETS TWICE AS
MUCH OF ITS ENERGY FROM CLEAN
ENERGY SOURCES AS GERMANY DOES.
WHAT?
WHAT MADE FRANCE SO SPECIAL?
HOW DID THEY PULL THAT OFF?
SIMPLE, NUCLEAR.
FRANCE GETS A LOT OF THE ENERGY
FROM NUCLEAR POWER, JANET YELLEN
DOES NOT CONSIDER THAT A
RENEWABLE.
WHEN SHE SAYS RENEWABLE, SHE
MEANS WIND AND SOLAR, WHICH BY
DEFINITION ARE NOT RELIABLE
SOURCES OF ENERGY, BUT THEY ARE
HIGHLY PROFITABLE TO DEMOCRATIC
DONORS AND THE GOVERNMENT OF
CHINA.
SO OF COURSE JENNY ELLEN IS FOR
THEM.
OF COURSE SHE DID NOT GO INTO
DETAILS ON WHY SHE THINKS WHAT
SHE DOES, BECAUSE IF YOU UNPACK
IT, IF YOU SLOW DOWN AND SPEAK
CLEARLY, IT DOES NOT MAKE ANY
SENSE.
AND JENNY ELLEN KNOWS THAT.
SHE IS AN ACTIVIST, SHE GETS
THAT LOGICALLY IT IS IRRELEVANT.
THINKING CLEARLY, NO, THAT GETS
YOU NOWHERE.
EMOTION IS WHAT CARRIES THE DAY.
AND THAT’S WHY DURING TODAY’S
CONGRESSIONAL HEARING SHE
STARTED TALKING ABOUT YET
ANOTHER TOPIC SHE KNOWS NOTHING
ABOUT.
GUN CRIME!
>> I AM ALSO TERRIFIED BY
GUN VIOLENCE, WHAT WE HAVE SEEN
IN RECENT WEEKS OVER MANY YEARS,
AND I DO HOPE THAT CONGRESS WILL
TAKE LONG-OVERDUE ACTION AND PUT
IN PLACE COMMON SENSE MEASURES
TO REDUCE GUN VIOLENCE.
>> Tucker: I AM HORRIFIED
ABOUT GUN VIOLENCE, I’M SORRY,
MA’AM, YOU’RE THE TREASURY
SECRETARY.
LET’S TALK ABOUT THE ECONOMY
WHICH IS IMPLODING.
STOP WITH YOUR LITTLE ABORTION
TALK, GUN TALK, NOT YOUR AREA,
LET’S GET BACK INTO YOUR LANE.
YOU’RE THE TREASURY SECRETARY.
SHE DOES NOT WANT TO.
THE GOAL ALWAYS IS TO TALK ABOUT
ANYTHING OTHER THAN THE ECONOMY,
WHY?
BECAUSE THEY DESTROYED THE
ECONOMY.
BUT THERE WAS ONE EXCEPTION.
AT ONE POINT JENNY ELLEN WAS
ASKED BECAUSE IT IS AN OBVIOUS
QUESTION, HOW EXACTLY DOES THE
TREASURY SECRETARY AND FORMER
CHAIR IS AN ECONOMIST AND
GENIUS, HOW DID YOU MISS THE
INFLATION COST?
HERE IT WENT.
>> I SAID THAT INFLATION WOULD
BE TRANSITORY, WHAT I WAS NOT
ANTICIPATING WAS A SCENARIO WHEN
WHICH WE WOULD END UP CONTENDING
WITH MULTIPLE VARIANTS OF COVID
THAT WOULD BE SCRAMBLING OUR
ECONOMY AND GLOBAL SUPPLY
CHAINS, AND I WAS NOT
ENVISIONING IMPACTS ON FOOD
MANAGING PRICES.
WE HAVE SEEN FROM RUSSIA’S
INVASION OF UKRAINE, SO AS WAS
INDICATED HIMSELF, BOTH OF US
PROBABLY COULD’VE USED A BETTER
TERM THEN TRANSITORY.
I DO EXPECT INFLATION TO REMAIN
HIGH, ALTHOUGH I VERY MUCH HOPE
THAT IT WILL BE COMING DOWN NOW.
>> Tucker: OH, SO YOU DID NOT
SEE COVID COMING EVEN THOUGH IT
WAS HERE FOR TWO YEARS AND WE
SHUT DOWN THE ENTIRE ECONOMY AND
THEY MADE UP FOR THE GAP IN
PRODUCTIVITY WITH PROFIT
GOVERNMENT SPENDING WHERE WE
PRINTED TRILLIONS OF FAKE
DOLLARS.
BUT YOU DID NOT THINK THAT THAT
WAS GOING TO CAUSE INFLATION
SOMEHOW?
AND YOU DID NOT THINK THAT THE
WAR IN THE BREADBASKET OF EUROPE
WOULD AFFECT FOOD PRICES?
LET’S SAY YOU ARE A TALK SHOW
HOST ON A CABLE CHANNEL WITH NO
ECONOMIC EXPERIENCE WHATSOEVER
OR THE ABILITY TO BALANCE A
CHECKBOOK AND IT WAS OBVIOUS TO
YOU, BUT YOU’RE THE TREASURY
SECRETARY, BUT YOU DID NOT SEE
IT, AND YOU SHOULD NOT HAVE
CALLED IT TRANSITORY.
IN YOUR ANSWERS, AND WE ARE
QUOTING, I DO EXPECT IT TO
REMAIN HIGH, BUT I DO MUCH VERY
HOPE IT WILL COME DOWN.
YOU VERY MUCH HOPE, IS THAT
WHERE WE ARE WHERE WE ARE VERY
MUCH HOPING.
TELL US MORE ABOUT ABORTION AND
GUN VIOLENCE IF YOU WOULD!
BLAME COVID AND PUTIN AND CALL
IT A DAY.
HILLARY VAUGHN TO HER CREDIT WAS
NOT COMMENCED.
SHE ASKED JANET YELLEN WHETHER
JOE BIDEN’S DECISION TO SPEND
TRILLIONS OF DOLLARS MIGHT HAVE
CONTRIBUTED TO INFLATION,
BECAUSE WHEN HE OR SOMETHING
IT’S WORTH LESS, LIKE A CURRENCY
WHICH IS ALMOST WORTHLESS.
AND HERE WAS THE RESPONSE.
>> DO YOU EVER WON THE
WHITE HOUSE THAT INCREASED
GOVERNMENT SPENDING COULD HAVE
CONTRIBUTED TO THE INFLATION WE
ARE SEEING TODAY?
>> Tucker: GO AWAY, PEASANT,
TROLL!
YOUR INFLATION TALK, I’M WORRIED
ABOUT CLIMATE CHANGE AND
GUN VIOLENCE AND ABORTION.
LEAVE ME ALONE.
IT’S NOT LIKE I’M A TREASURY
SECRETARY, BEGONE!
SHE SHOULD BE GONE.
THIS IS CRAZY!
AND IN A FUNCTIONING COUNTRY,
SHE WOULD BE IN A RETIRING HOME
SOMEWHERE RIDING HER MEMOIRS
THAT NO ONE WOULD EVER READ.
BUT THAT’S NOT WHAT IS
HAPPENING, SHE IS STILL THE
TREASURY SECRETARY AND THAT’S
HOW IT HAPPENED TODAY.
INSTEAD DEMOCRATS TOOK TURNS
BRAGGING ABOUT THEIR EXPENSE OF
ELECTRIC CARS, WORRIED ABOUT GAS
CRISIS, JUST GET A TESLA, BABY.
HERE IS DEBBIE STABENOW OF
MICHIGAN.
>> WELL, GOOD MORNING, WE ARE
GLAD TO HAVE YOU WITH US, I JUST
HAVE TO SAY ON THE ISSUE OF GAS
PRICES, AFTER WAITING FOR A LONG
TIME TO HAVE A NICE CHIPS IN
THIS COUNTRY TO GET MY ELECTRIC
VEHICLE, I GOT IT AND DROVE IT
FROM MICHIGAN HERE THIS LAST
WEEKEND, AND WITH MY EVERY
SINGLE GAS STATION AND DID NOT
MATTER HOW HIGH IT WAS.
I’M LOOKING FORWARD TO THE
OPPORTUNITY TO MOVE THE VEHICLES
THAT ARE NOT DEPENDENT ON THE
WHIMS OF THE OIL COMPANIES IN
THE INTERNATIONAL MARKET.
>> Tucker: [LAUGHS]
YES, BECAUSE ELECTRIC CARS DON’T
ACTUALLY USE ENERGY USE WHEN ARE
DISCONNECTED --
WHAT IS AN INTERNATIONAL MARKET?
DO YOU HAVE ANY IDEA WHATSOEVER?
DO YOU KNOW ANYTHING?
YOU ARE TELLING US THAT THE OIL
COMPANIES ARE SO GREEDY THEY
SOMEHOW CANCELED THEIR OWN
LEASES, THEY ARE SO GREEDY THEY
DON’T NATURAL OIL, THAT’S WHY
THEY SHUT DOWN THEIR OWN
PIPELINES?
AND IMPLEMENTING A GAS TAX?
BECAUSE THEY DON’T WANT YOU TO
USE OIL, RIGHT?
WHAT IS THE REASONING HERE,
DEBBIE STABENOW, MAYBE WE SHOULD
CONTACT JENNY ELLEN AND SHE WILL
ANSWER AND WAVE US AWAY LIKE THE
PEASANTS WE ARE.
WHAT IS GOING ON HERE?