JACKIE: GRADY TRIMBLE, THANK YOU
SO MUCH.
HERE NOW, FORMER WISCONSIN
CONGRESSMAN SEAN DUFFY AND
DOUGLAS HOLTZ-EAKIN, AMERICAN
ACTION FORMER PRESIDENT.
DOUG, I WANT TO START THE --
SEAN, I WANT TO START WITH YOU,
THE FACT THAT PRESIDENT BIDEN
SEES HIS NUMBERS DROPPING HERE.
36% OF PEOPLE NOW, THAT’S IT,
APPROVE OF HIS JOB ON THE
ECONOMY.
NOW ALL OF A SUDDEN HE’S BLAMING
ALL THESE PROBLEMS -- THE SUPPLY
CHAIN CRISIS, GAS PRICES, ALL OF
IT -- ON EVERYBODY ELSE, TAKING
NO RESPONSIBILITY, TAKING NO
BLAME.
IT’S MUCH EASIER TO LAUNCH AN
FTC INVESTIGATION THAN TO SAY I
DID THIS, FOLKS.
>> YEAH.
AND YOU KNOW, IN POLITICS PEOPLE
APPRECIATE WHEN YOU TAKE
RESPONSIBILITY AND TRY TO FIGURE
OUT SOLUTIONS TO THE PROBLEMS
THAT FACE THE ECONOMY OR
AMERICAN PEOPLE.
WHAT SHOULD HAVE HAPPENED IS THE
ADMINISTRATION SHOULD HAVE
REACHED OUT MONTHS AGO TO ALL
THESE COMPANIES TO FIGURE OUT
WHAT WAS THE HOLDUP IN THE
SUPPLY CHAIN AND THEN FIGURE OUT
THE POINTS THAT GOVERNMENT
TOUCHES, THOSE CLOGS, AND TRY TO
ALLEVIATE THE PRESSURE THAT
GOVERNMENT CREATES.
AND IF YOU DO THAT, THE BIDEN
ADMINISTRATION COULD HAVE HAD
SOME EFFORT IN TRYING TO
ALLEVIATE THIS STRESS IN THE
SUPPLY CHAIN.
BUT TO GO IN AND DO AN
INVESTIGATION WHETHER IT’S IN
OIL AND GAS OR LARGER COMPANIES
LIKE WALMART, I THINK, IS
ABSOLUTELY IDIOTIC.
THE BUSINESS IS SELLING GOODS,
NOT TO TRY TO LEVERAGE A SUPPLY
CHAIN ISSUE AND GOUGE THEIR
CUSTOMERS.
THAT’S NOT WHAT THEY DO.
JACKIE: RIGHT.
>> THEY WANT TO STOCK THEIR
SHELVES AND SELL THEIR GOODS AS
MUCH AS POSSIBLE.
AND AGAIN, IF YOU WANT TO DO AN
INVESTIGATION, WHY WASN’T THIS
INVESTIGATION DONE 45 DAYS AGO
INSTEAD OF STARTING TODAY AND
HAVE THE INFORMATION COME IN 45
DAYS FROM NOW?
JACKIE: I HEAR YOU, BECAUSE THEY
CAN’T FIX THE SUPPLY CHAIN
CRISIS, AND SOMEHOW THEY HAVE TO
EXPLAIN IT AWAY.
DOUGLAS, WE’RE LOOKING AT THIS,
YOU KNOW, INFLATION CRISIS
PLAGUING AMERICANS ACROSS THE
COUNTRY AS WE HEAD INTO THE
HOLIDAY SEASON, ANOTHER
SITUATION THAT HASN’T BEEN
SOLVED YET.
YOU’VE GOT JEROME POWELL
TODAY -- I BELIEVE WE HAVE SOUND
BITE OF HIM, I’D LIKE TO PLAY IT
IF WE HAVE IT.
HE BASICALLY SAID INFLATION, YOU
KNOW, WE’VE GOT TO TAKE THAT
WORD OUT OF THE EQUATION.
WE’VE BEEN SAYING THAT ON THIS
SHOW, ON THIS NETWORK SINCE THEY
STARTED CALLING IT TRANSITORY.
LISTEN TO THIS.
>> HOW LONG DOES INFLATION HAVE
TO RUN ABOVE YOUR TARGET BEFORE
THE FEDDED CANS -- FED DECIDES
MAYBE IT’S NOT SO TRANSITORY?
>> I THINK IT’S PROBABLY A GOOD
I’M TO RETIRE THAT WORD AND TRY
TO EXPLAIN MORE CLEARLY WHAT WE
MEAN.
>> DO YOU AGREE THAT INFLATION
IS A SERIOUS THREAT TO OUR
ECONOMY?
AND HOW DO YOU INTEND TO ADDRESS
INFLATION?
>> CLEARLY, THE RISK OF MORE
PERSISTENT INFLATION HAS RISEN.
>> YOU ANTICIPATED THAT
INFLATION PRESSURES WILL LINGER
WELL INTO NEXT YEAR.
>> THAT’S OUR EXPECTATION, BUT B
OF COURSE, THAT DATA THE’S BEEN
PUSHED OUT REPEATEDLY AS SUPPLY
SIDE PROBLEMS ARE NOT REALLY
IMPROVED.
JACKIE: ALL RIGHT.
SO YOU HERALD IT FROM THE
HORSE’S MOUTH, IT’S TIME TO
RETIRE INFLATION.
WE’RE GOING TO HAVE TO LIVE WITH
THIS, DOUGLAS.
>> YEAH.
I THINK CHAIRMAN WAS PRETTY
CLEAR TODAY THAT THE HE
RECOGNIZES THAT THE FED IS
BEHIND THE CURVE, AND HE HAD AN
ABRUPT CHANGE IN HIS TONE.
INFLATION IS THE PRIMARY
OBJECTIVE OF THE FEDERAL
RESERVE, REALLY EMPHASIZING THE
DURABILITY OF INFLATION PROBLEM
AND HOW UNDESIRABLE IT IS TO
HAVE PERSISTENT INFLATION
CONTINUE PAST 18 MONTHS OR SO.
AT ONE POINT HE EVEN MADE THE
INFLATION TARGETTERS ARGUMENT
WHICH IS, LOOK, IF WE JUST
CONTROL INFLATION, WE’LL GET
BETTER ECONOMIC PERFORMANCE
OVERALL AND GET THIS SUPPLY
PROBLEM FIXED.
SO A MARKED CHANGE MANY TONE.
OBVIOUSLY, NUMBER ONE, HE WANTS
TO SEND THAT MESSAGE TO MARKETS.
NUMBER TWO, HE WANTS TO SEND THE
MESSAGE TO THE AMERICAN PUBLIC,
DON’T EXPECT THIS OVER THE NEXT
FIVE YEARS.
DON’T BUILD INTO YOUR PLANS
CONTINUED INFLATION BECAUSE
THAT’LL MAKE IT HARDER FOR US TO
GET RID OF IT.
JACKIE: THE DOW WAS DOWN 652
POINTS TODAY, AND THAT WASN’T
NECESSARY IFLY ON FEARS ABOUT
THE NEW VARIANT, IT WAS REALLY
BASED MORE ON THIS COMMENTARY.
SEAN, PRESIDENT BIDEN’S IN
MINNESOTA RIGHT NOW, AND HE’S
TALKING ABOUT THIS
INFRASTRUCTURE PLAN AND SAYING
IT’S GOING TO CREATE ALL THESE
JOBS AND FIX ALL OF THESE TO
PROBLEMS AND, BY THE WAY, WE’VE
GOT BUILD BACK BETTER TOO, WE’VE
GOT TO PUSH THAT EXTRA, YOU
KNOW, LITTLE BIT LESS THAN $2
TRILLION IN SPENDING ACROSS, AND
WE’RE GOING TO FIX ALL OF THESE
PROBLEMS BY DOING THAT.
IT DOESN’T EVEN MAKE SENSE.
I DON’T EVEN THINK THE
ADMINISTRATION KNOWS WHAT
THEY’RE TALKING ABOUT AT THIS
POINT.
>> YEAH.
SO, I MEAN, SAYING YOU’RE GOING
TO SPEND BILLIONS OF MORE
DOLLARS ON INFRASTRUCTURE -- BY
THE WAY, THOSE PROJECTS AREN’T
GOING TO BE BUILT FOR YEARS TO
COME, RIGHT?
THOSE AREN’T JOBS WE’RE GOING TO
HAVE IN THE NEXT SIX MONTHS OR A
YEAR.
IT’S GOING TO TAKE A LONG TIME
TO GET THOSE PROJECTS UNDERWAY.
BUT IF YOU CAN SAY THAT YOUR
DOLLAR DOESN’T GO AS FAR, IT’S
THE HIS FAULT.
PEOPLE UNDERSTAND PRINTING AND
BORROWING AND SPENDING MONEY BY
GOVERNMENT LEADS TO INFLATION,
AND THEY BLAME JOE BIDEN FOR IT.
WHAT I’M CONCERNED ABOUT WITH
ALL THIS SPENDING IS NOT JUST
WHAT IT’S THE DOING TO
INFLATION.
WHAT IS THE COST OF SERVICING
THIS MASSIVE NEARLY $30 TRILLION
DEBT WHEN INTEREST RATES RISE IN
IT’S AN ISSUE THAT WE DON’T TALK
ABOUT MUCH ANYMORE, BUT IT IS A
REAL PROBLEM MOVING FORWARD.
HOW DO YOU SERVICE -- HOW DO YOU
PAY THE INTEREST ON THE DEBT?
IF.
JACKIE: YEAH.
AND, DOUGLAS, OF COURSE, WE’RE
GOING INTO THE HOLIDAY SEASON,
AND WE’RAL LOOKING AT THE
VARIANT TRYING TO GET SOME DATA
TO UNDERSTAND WHAT IT WILL LOOK
LIKE IN THE BIG PICTURE.
BUT THIS IS A PRESIDENT WHO SAID
FORMER PRESIDENT TRUMP DID A
HORRIBLE JOB OF HANDLING THE PAN
PANDEMIC.
HE WAS GOING TO COME IN AND
CLEAN THINGS UP.
THERE WERE MORE DEATHS THIS YEAR
WHEN WE HAVE THREE VACCINES IN
PLACE, ANTIBODY TREATMENTS, MORE
TESTING IN PLACE AS WELL, THERE
WERE MORE DEATHS THIS YEAR THAN
THERE WERE LAST YEAR.
I MEAN, HOW DO YOU EXPLAIN THAT
AWAY?
>> WELL, I THINK THERE THE ARE
REALLY TWO VERY IMPORTANT THINGS
AT THIS JUNCTURE.
NUMBER ONE, I WANT TO PICK UP ON
WHAT SEAN DUFFY SAID WHICH IS
THE ADMINISTRATION HAS A BIG
PROBLEM.
THEY’RE CLAIMING THAT BUILD BACK
BETTER IS GOING TO SOLVE OF
INFLATION, DO ALL THESE
WONDERFUL THINGS OVER NEXT TEN
YEARS, BUT THESE PROGRAMS GO
AWAY AFTER A YEAR OR WHO.
SO EITHER THEY’RE PERMANENT IN
WHICH CASE THEY HAVE A HUGE
BUDGET PROBLEM, OR THEY’RE NOT
IN CA CASE THEY HAVE NO -- CASE
THEY HAVE NO ECONOMIC EFFECT.
AND THAT LEAVES THEM WITH THE
PANDEMIC AS THEIR PRIMARY
ECONOMIC POLICY PROBLEM, AND HAY
DON’T HAVE THE CENTRAL.
THEY DON’T HAVE A STRATEGY
GLOBALLY WHICH IS WHERE THE
SUPPLY CHAIN PROBLEMS COME FROM,
THAT’S JUST LABOR SHORTAGES
ACROSS THE GLOBE, AND THEY DON’T
HAVE A GOOD ANSWER TO THE
QUESTION THAT, HEY, WE KNOW THIS
VIRUS MUTATES.
WE SHOULD HAVE EXPECTED DELTA
AND OMICRON, YOU KNOW?
WHAT’S THE PLAN?
PEOPLE ARE STRUGGLING IN THE
FACE OF THE UNCERTAINTY ABOUT
WHAT THE ADMINISTRATION’S GOING
TO DO.
JACKIE: I FORGOT AND YOU ARE
RIGHT, AS LONG AS THERE IS A
PANDEMIC OUT THERE, THEN THERE’S
SOMEWHERE TO PLACE THE BLAME FOR
THE PROBLEMS THAT HAVE YET TO BE