RAISE INTEREST RATES FASTER THAN
THEY FIRST FORECASTED FOR.
>> ’S ET CETERA LAWRENCE THINK
OF SOME ADJOINING IS NOT RANKING
MEN FROM OVERSIGHT IS
CONGRESSMAN JAMES COMER ALONG
WITH FORMER WHITE HOUSE COUNSEL
OF ECONOMIC ADVISOR ACTING CHAIR
TOMAS PHILIPSON.
FIRST YOU CONGRESSMAN THE POLLS
SHOW AMERICANS DO NOT BELIEVE
THE PRESIDENT AND HIS TEAM.
THIS IS THE WORST SPOT FOR THEM
TO BE IN A CREDIBILITY CRISIS.
HE IS AGAIN BLAMING PUTIN TODAY
COME INFLATION AND GAS WERE WAY
UP.
RISING WEB FOR THE WAR IN
UKRAINE BECAUSE OF GOVERNMENT
HANDOUTS EQUAL TO MORE THAN A
QUARTER OF U.S. GDP.
IN OTHER WORDS POURING HOT MONEY
INTO LOCKED UP SYSTEM AFTER THE
DEMOCRATS SHUT DOWN.
WHAT YOU SAY CONGRESSMAN?
>> YOU CANNOT BLAME PUTIN FOR
SHUTTING DOWN THE KEYSTONE
PIPELINE PURDUE COPLEY PUTIN FOR
DECLARING WAR AGAINST AMERICAN
ENERGY COMPANIES AND YOU CANNOT
BLAME PUTIN FOR WANTING TO PASS
STIMULUS AFTER STIMULUS IN YOUR
FIRST YEAR END HALF AN OFFICE.
THANK GOODNESS FOR JOE MANCHIN
AND KYRSTEN SINEMA OR THERE’D BE
ANOTHER TRILLION DOLLARS WORTH
OF GOVERNMENT MONEY FLOATING OUT
THERE LEADING TO MORE INFLATION.
SO UNFORTUNATELY THE DAMAGE HAS
BEEN DONE.
NOW HAVE TO FACE THE
CONSEQUENCES.
THERE’S BEEN TOO MUCH GOVERNMENT
SPENDING AND THEN OUR ECONOMY IS
TOO DEPENDENT ON TWO OTHER
THINGS BUT FIRST ABOUT TO DEPEND
ON THE PRICE OF GASOLINE.
IT TAKES GASOLINE TO FUNCTION IN
OUR ECONOMY TO GET A GOODS FROM
POINT A TO POINT B FOR US TO GET
TO OUR JOBS AND EVERYTHING ELSE.
AND THEN SECONDLY INTEREST RATES
HAVE BEEN KEPT SO LOW FOR SO
LONG THE ONLY WAY TO COMBINE
INFLATION NOW IS TO RAISE
INTEREST RATES.
THAT IS GOING TO HAVE AN EFFECT
ON THE HOUSING MARKET.
YOU LOOK AT HOW YOU MEASURE THE
ECONOMY THE HOUSING MARKET IN
ALL -- OIL PRICES ARE THE TWO
MOST IMPORTANT FACTORS MEASURING
OUR ECONOMY THEY ARE BOTH IN
TROUBLE AS A DIRECT RESULT OF
TOO MUCH GOVERNMENT SPENDING AND
BAD ECONOMIC POLICY BY THE BITE
OF MINISTRATION BRICK NEXT WITH
THE CONGRESSMAN IS SAYING THE
PRESIDENT OUT WITH THIS WHOPPER
CLAIMS INFLATION IS NOW IS TOP
PRIORITY.
THOMAS HE HAS NEVER MET A TOP
PRIORITY FOR MONTHS AND MONTHS
HE AND HIS TEAM DENIED INFLATION
IS EVEN HAPPENING SAYING AS
TEMPORARY AND TRANSITORY.
>> INFLATION IS KIND OF LIKE AN
ILLNESS.
THE PROBLEM IS IT’S ALWAYS A
GOVERNMENT AND UNFORTUNATELY
GOVERNANCE IS DIAGNOSING THE
ILLNESS AND UNFORTUNATELY IT
GOVERNMENT IS THE ONLY ONE WHO
CAN CURE THE ILLNESS.
ECONOMIST KIND OF SEPARATE
WIDESPREAD PRICE INCREASES WHICH
WOULD INFLATION FROM SEPARATE
INDIVIDUAL MARKETS AND PRICES
CAN GO UP AND DOWN DEPENDING ON
DEMAND GOING UP OR SUPPLY GOING
DOWN.
WHEN YOU SEE A WIDESPREAD PRICE
INCREASE LIKE WE HAVE TODAY BUT
PARTICULARLY TODAY CORE
INFLATION WENT OUT QUITE A BIT.
THE QUANTITY OF MONEY.
>> WE ALSO HAVE THIS
PRESIDENTIAL MALPRACTICE FOR THE
PRESIDENT GOING AFTER SHIPPERS
WAVING SHIPPERS FOR INFLATION.
WHEN SHIPPERS ARE HOLLERING THE
SUPPLY CHAIN IS BROKEN AND
CHINA’S ZERO COVID POLICY IT’S
SCREAMING GET GOVERNMENT OUT OF
THE WAY.
AGAIN AND AGAIN THE PRESIDENT
REFUSING TO TAKE RESPONSIBILITY
FOR RISING GAS AT TREE CAMPAIGN
TO SHUT DOWN OIL AND GAS AND
UNDERCUT U.S. ENERGY.
CONGRESSMAN I LIKE YOU TO REACT
TO THIS, WATCH.
>> COULD THERE BE ANY PLACE FOR
FOSSIL FUEL INCLUDING COAL AND
FRACKING AND ABIDE
ADMINISTRATION?
>> NO.
WE WOULD WORK IT OUT WE WOULD
MAKE SURE IT IS ELIMINATED AND
NO MORE SUBSIDIES FOR EITHER ONE
OF THOSE.
ANY FOSSIL FUEL.
>> THE IDEA I WILL CLICK A
SWITCH AND BRING DOWN THE COST
OF GASOLINE IS NOT LIKELY IN THE
NEAR TERM.
>> YOUR REACTION CONGRESSMAN?
>> HERE WE HAVE IT.
THIS IS WHAT HAPPENS WHEN YOU
TRY TO HAVE A NEW DEAL POLICY
BUT WE NEED COAL I’M A BIG COAL
PRODUCING DISTRICT OR DO WE NEED
FOSSIL FUELS.
I SUPPORT ELECTRIC VEHICLES BUT
THE AVERAGE AMERICAN CANNOT
AFFORD TO GO OUT AND BUY A
TESLA.
I THINK JOE BIDEN REALIZES THAT
YET.
HE HAS A BIG GOVERNMENT SALARY
IS PROBABLY THE BIG GUY HE’S GOT
HIS SON THAT HELP SUBSIDIZE HIS
LIVING.
THE AVERAGE AMERICAN IS BARELY
GETTING BY INFLATION IS KILLING
THEM IT’S KILLING THEM AT THE
GROCERY STORE IT’S KILLING THEM
AT THE GAS PUMP.
WE CAN’T AFFORD A TESLA.
WE HAVE TO DEPEND ON TRADITIONAL
SOURCES OF ENERGY THAT BEING
COAL AND GAS.
HIS POLICIES BUT A HINDRANCE ON
BOTH OF THOSE IMPORTANT SOURCES
IN AMERICA.
>> EVEN JIMMY CARTER, IS A BAD
PLAN HE HAD SOME SORT OF PLAN ON
INFLATION.
CUT GOVERNMENT SPENDING THEY’RE
GOING IN REVERSE DOWN THERE FOR
THE MAJORITY OF AMERICANS EXPECT
INFLATION TO GET WORSE.
THEY ARE CHANGING THEIR SPENDING
HABITS.
NOW WE’VE GOT THIS NEW REPORT
THAT TRUCKERS ARE QUITTING THEIR
JOBS, ALSO BECAUSE OF HIGH GAS
AND IN MICHIGAN, ILLINOIS AND
PENNSYLVANIA COPS AND FIRE
DEPARTMENTS ARE CUTTING BACK
THEIR NON- URGENT EMERGENCY
RESPONSES BECAUSE OF RISING GAS.
>> THE PROBLEM WITH INFLATION IS
IT IS TAXATION WITHOUT
REPRESENTATION. UNELECTED BUREAUCRATS MAINLY IN
UNELECTED BUREAUCRATS MAINLY IN
THE FED ARE FORCING THIS ISSUE.
THE PROBLEM IS THERE’S THINGS NO
ONE CAN DO.
IN ECONOMY THAN FINE TUNE IT AND
A LOT OF PEOPLE THINK THAT IS A
FRUITLESS ACTIVITY.
THIS IS KIND OF GROUNDHOG DAY
AGAIN OF PEOPLE NOT BEING ABLE
TO DO THAT.
WE HAVE THIS INFLATION THAT WE
HAVE IT.
ELIZABETH: CONGRESSMAN, PEOPLE
WERE VOTING FOR BIDEN BECAUSE
THEY THOUGHT HE WAS THE
ANTITRUST.
I THOUGHT IT WOULD BRING SOME
SORT OF NORMALCY BACK TO D.C.
IT DID NOT HAPPEN PRE-TRUMPS
POLICIES WORKING.
SECRETARY JANET YELLEN REJECT
THE CLAIM BY BIDEN AND DEMOCRATS
PRICE GOUGING AND CORPORATE
GREED ARE CAUSING INFLATION.
EVEN TREASURY SECRETARY IS NOT
IN LINE WITH WHAT THE NARRATIVE
IS AT THE WHITE HOUSE, WATCH
THIS.
>> THERE FROM POINT AND MOMENTS
THAT MADE THE ARGUMENT THAT
CORPORATE GREED IS THE REASON
FOR INFLATION.
YOU SEEM TO WALK AWAY FROM THAT
A LITTLE BIT DURING THE HEARINGS
THIS WEEK.
>> I THINK DEMAND AND SUPPLY IS
MADE MAINLY DRIVING INFLATION.
ELIZABETH: YOUR REACTION?
>> WILL THIS HELP WITH THE
AMERICAN VOTERS HAVE LEARNED A
LESSON AND THAT LESSON IS POLICY
IS MORE IMPORTANT THAN
PERSONALITY.
THE AMERICAN VOTERS FOR WHAT
EVER LACKED SOME OF THE FORMER
PRESENTS PERSONALITIES OF HIS
POLICIES WERE WORKING.
WE HAD A STRONG ECONOMY.
YOU DID NOT HAVE COVID.
NO TELLING WHERE THIS ECONOMY
WILL BE IN THE SECOND TRUMP
ADMINISTRATION.
SO JOE BIDEN CAME IN YOU CAN SEE
HOW MUCH DAMAGE YOU CAN DO IN A
SHORT PERIOD OF TIME ON THE
HOUSE AND SENATE.
WE CAN SEE WHAT FULL DEMOCRATIC
CONTROL LOOKS LIKE I DON’T THINK
THE AMERICAN PEOPLE WANT TO SEE
ANY MORE OF IT AND HOPEFULLY