The Future of the Federal Reserve

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I have to watch one hundred and four soccer games, follow the pre game, the post game, yell useless opinions at the TV It's a li So I knew that when it comes to screening for colon cancer, the choice was clear. Cola Guard pllus test. It can be used at home and can only take fifteen minutes, so I can do it during halftime and not miss any action If you are forty five or older or and at average risk, ask your healthcare provider about screening for colon cancer with the cololgard test. You can also request a prescription at cololgard d. comot This is the largest collection k in our lifetime. These are all untreated broken people. On full display. It's flagrant incompetence on full display. And I think Trump loves it. Failing at even this inconsequential stuff like the G American State Fair feeds the correct but wow, he's kind of incom, isn't it? Bread in circuses, as has been said leaders for thousands of years, It's fine. if you've got the bread. but just the circus alone and giant ballrooms for rich people and giant tax benefits for rich people and giant crypto scams for rich people, while I can't afford meat At the grocery store, that doesn't go down so well. I'm Joanna Coles. This is the Daily Beast podcast Happy fourourth of July Wekend to our American viewers and listeners. America two hundred fifty I am going break out into Alexis Wilkins songs. If I could remember any, maybe it's Lee Greenwood. Anyway, we're bringing you a very special episode of the Daily Beast podcast today featuring some of my favourites conversations from our fan favourites But before we dive into the show, you know what's coming, please take a moment to share this podcast with your friends. Invite them to subscribe to the Daily Beasts YouTube channel. And you can become a friend of the Beast, which has all sorts of special perks. So you'll be hearing first today from Jennifer Welsh. She's the co host of the hit podcast. I've had it. and one of our favorite guests on the Daily Beast podcast, she explains why she thinks Trump is in his Death bed confonfession era. And saying what he really feels about his cabinet members, her thoughts on the upcoming midterms and why she's predicting a blue tsunami. One important note, this conversation was actually recorded in late May right after Donald Trump wrapped up a particularly syycophantic cabinet meeting, so syycophantic, even he didn't fall asleep in it which is why we unpack it at the top of this track and Welh I'm so excited to see you. I'm so excited you're here in the studio. There's no one I'd rather talk to. I thought go round the cabinet table and you could tell me who you thought in yesterday's meeting was the most scchophantic. Okay, I have to go with Marco Ribia because he knows better Does he know better? He used to. He used to He used to know better. Yes The fact that he's now as obsequious as he is, does that mean does that cancel everything he's done before? Yes. I think we have to cancel everything they've done before. Right. Because then it means he didn't believe in anything he had done before. He didn't believe in his stance that Vladimir Putin. and Russia were not our friends. And now he's over in Alaska, while Trump's standing on the red carpet with military leaders rolling out red carpet for Vladimir Putin and Trump standing there clapping like a seal Marco Rubio looks star struck when he meets him and it's like American weakness. Marco Rubio is one of the weakest members of that administration because he's so breakable. He's so breakable. Okay, what about Pete Hagseth Kate, Hexeth is just not very smart And yet he went to Princeton. How can he not be smart if he went to Princeton? A lot of the people in this administration are sadly in an indictment on Ivy League A lot of them are really well educated, but I think even Ivy League schools can produce dip shits And Pete Hexeth is a walking, breathing embodiment Of that, mayaybe he's a good test taker, Mbe he's a responsible studyier, but critical thinker, great mind. He's none of these things. He's a Fox newews narcissist that has inner child issues He needs to go off and work on little Pete, Write letters to himself, to his inner child with his non dominant hand. figure out what is so broken in him instead of acting out all of his brokenness onto the American public What then talking about writing notes to himself? I'm always fascinated. You know when the camera manages to get the notes they've been writing? Scott Besson note, resilience and then Operation economic fury with a little arrow by it. So he's writing himself notes so he knows what note to hit with the president Yeah. I mean, You know, Scott Besant is one of these gay men that is carrying water for the patriarchy, and he's going to be one of the first to drown And of course he has a bank account that couldoa Bull. And so that that parachutes him a lot. But because once he got like six hundred, seven hundred million, I think it's not quite a billionaire. Yeah. I mean, he's got enough. I mean, in a pinch., he's gonna be fine. rightight But it's fascinating to me how day They have talking points. They have to praise the president. I think I saw a report. I can't remember if it was the New York Times or Washington Post They analyzed all of the cabinet members' speeches. Y one every six sentences praising Donald Trump I mean, what an indictment on the entire cabinet that every six sentences C can you imagine if we're podcasting? Joanna That lipstick looks great on you. You could do that though. I would be fine if you did'. I need to atone for calling you J. You do do. You need to attone. Dinner is on you next time. That's right If you're in the room I mean, we've all been in corporate meetings like this where all you know from your days in television, you know from your days as an interior designer The obsequiousness and watching other people being obsequious and them trying to out flatter each other justust seems pathetic It really is pathetic. Ruth Bin Guillat, she is a professor at NYU, a scholar on And she says this is a feature of dictators of autocrats. They pick people that are easy to break. They pick people intentionally that are obsequious. Okay, hold on, easy to break. What does it mean easy to break? So like look at Marco Rubio and the humiliation ritual that they do with him. Did you see where they recently had him on Air Force One in the same Nike outfit that Nicholas Maduro was wearing when they captured him. I did not see that. They put Marco Rubio in the same jumpsuit. And that Stephven Chung that runs right the Toms guy. He took a photograph of Lil Marco posted it on the White House social media stuff Which is a humiliation ritual. They put him in those shoes that are too big for him. R the floor shime one hundred and forty eight dollars shoes. Yes. And so these people are very Ey to break, like Christy Noh, the fact that she had murdered her dog And nobody ever talks about the goat, Joanna. She also shot a goat. Right. And then that is a sign for Trump that, oh, she's perfect for me. You know, he says himself I don't want to hang around with winners. I don't want tona hear somebody talk about how great they are. I love hanging out with losers And I say that Trump is entering his death bed confession era So he's starting to say all of the quiet parts out loud. He is He's saying I love hanging out with losers. He likes to be that, you know, the big dick in charge. He wants everybody to kiss his ass and they don't feel secondhand embarrassment or the cringiness of all of that So And why don't they? Wh Are they just glad to be in the room Yes, I think these are this is the largest collection broken people in our lifetime. This is you've never seen a group of such broken people before. This is like if you went to they rehab facility with a triple diagnosis of a personality disorder,, meteth addiction,, inner childhood trauma, all of Gambling addicts. seex addicts, gambling with their futures. Yes. And you're sitting around in the circle and I have experience with this. My husband is in recovery and so I've been to a family week. And no disrespect to anybody who is struggling with addiction or anything These are all untreated broken people. R on full display. It's flaggrant uh, uh, incompetence on full display I think Trump loves it. Hey, it's Ryan Reynolds from MitMobile. Now I was looking for fun ways to tell you that Mint's offer of unlimited premium wireless for fifteen dollars a month is back. So I thought it would be fun if we made fifteen dollars bills, but it turns out that's very illegal. So there goes my big idea for the commercial, Give it a try at mintmobile dot com slash swwitch. Upront pay forty dollars for months, ninety dollars for six months or one hundred eightyllars forelveth, required fifteenllars month equal to taxes extra. initial planerm only greater than fifty gigabtes slow netork busy terms. Where do you think he is with people like Howard Lutnk and and peent who've made a lot of money I mean, because he admires them in a different way, doesn't he? Doesn't he love rich people? He loves rich people, but I think he's also jealous of rich people. Okay I think these people are completely disposable at any minute, and they know this, which is why they humiliate themselves on national television at these cabinet meetings. They know. I do not say Trump is so great. He has unleashed the golden age. All of this jet stream of bullshit. they know that he will pick them up and put him in the trash can. And so I don't think any of his relationships have any depth or any mean meaning other than you tell me how great I am. Right. You get humiliated. E for one of the richest men on the planet. Let's talk about Jeff Bezos. And the interview that he had recently, Remember he said Trump was more mature. Right and more measured. R. in the second term. And he had some good ideas Objectively false, obbjectively an idiotic, detached, obsequious statement And then I'm like, there hass never been a billionaire class against the having billions of dollars than this existing class of billionaires. When I used to hear this Six or seven years ago, billionaires shouldn't exist. I didn't think that much of it thought whatever and they made their money. I get it now There's something that happens when you exploit people that much You become so broken that then you get to have all this fuck you money and you're kissing Donald Trump's ass? Like what's the point of it? Right, what's the point? The other thing I think is interesting about Jeff Bzoff, and I go back and forth on this because I can't live without Amazon if is the showing off of the money. that there is something so antagonistic about showing off in the way that he and Lauren do and that, do you remember the foam party? And you're like, and also if you are the second richest, third richest, who cares person in the world, Why would you have that guest list to your wedding? You could have anybody, you could have Nobel winning scientists, you could have mathematicians,. You could have astronauts, you could have the people that have changed humanity. and instead you go for reality television stars who've really contributed very little apart from skim that skim, notot bad skims is pretty good. But apart from SMs have contributed very little, you have Leo DiCaprio, who looks so embarrassed to be there. He's got a baseball over his face. He's trying not to be there, but also wanting to be there. Right. And I just think, why wouldn't you reach higher becausecause Lauren Sanchez Bezos, she likes to thirst trap. These are vapid people. It's not even that deep. Do we think he's even really good friends with the people on the guest list? No, of course. they didn't know some of the people R The guest list, right? She had to buy her way into the M Gala. And it is so pathetic that she wants to be famous and in her pursuit of being famous, they're now infamous. It's her. Because you've probably met Laura and I've met Laura.' never met her. She's actually very warm and funny and smart when you meet her in real life. And there's a big disconnect between that And the way she somehow appears as a kind of trophy bimbo of the highest order. Yeah. And yet actually when you talk to her, she's funny, she's warm, she's clever, she's not like that. And I don't know why she's cultivating that image of someone the sort of thong snapping nature of it all. I just find odd I think it's really odd, especially when you contrast it. with his ex wife, MackKenzie Scott Bzos. right who is spending money hand over fist on lifting up the marginalized. She tens of millions of dollars to mills on whales hasn't done one interview about it. She spent hundreds of millions in HBCUs. She has she's an incredible Philanthropist, she's what we think we would do if we had billions of dollars. Do you think it's just I can't believe we've now got into comparing Jeff Bezos's wives, but there's something interesting about how much fun it looks like he and Lauren have, even though they're screamingly showing off which to me just feels like why do you need to do this? Why do you need the attention? It's only going to bad for you I think, you know, the relationship started in an affair So it started in very insecure footing, Right? Right. So then the, I think it was the Inquirer, didnidn't they publish The National Equirer published yeah the text messages. and Well, I think it published a bit more than the text messages And it was, you know, I think that's embarrassing. She's the other woman and is As you know, you can meet people that in social settings are confident and warm and engaging doesn't preclude them from being broken are toxic and her behavior is objectively It's just not even that deep. It's's it's pick me Thirst trap. I mean she has this opportunity This man has Money that's unfathomable to stand up for let's just say the LGBTQ plus community What would this woman be wearing? I bet she has, you know, four or five gay men that help her throughout all the stuff that she goes to. And she and her husband are funding Fascism Funding ice. It's repulsive. It's disgusting. And yes, people on the one hand can be warm, engaging. I mean, clearly she is. She scored a big fish But at the same time, she's still broken. She's a broken Thirst trap who has this moment. Right now to me, I'm looking for people that have conviction. There was a guy who won a scholarship a couple nights ago. Oh yes, CBS scholar. And he stood up to CBS a man who doesn't have any money, and he stood there and had conviction about Barry Wise Ellison family Waitly ripping up sixty minutes and throwing it into the trash. And he does this But Lauren and Jeff Bezos can't, he gets on television and tells the world that Trump is mature and measured I mean, it's the patronizing nature that they're treating the public with is so repulsive to me. Right All right, so let's go back to the cabinet table. Do you think Because four women have now left the cabinet, three of them fired in theory, Tulsa Gabbard resigning because of her husband's illness Do you think That's taken on a new frissant of danger for the people around the cabinet table because three people have now been fired and one left under personal circumstances, but everybody said she was about to be fired Yeah, I mean, it's it's hard to. I mean, I think When I think about Trump and what goes on with the cabinet meetings, I just think rearranging the deck chairs on the Titanic likeike the country is sinking. He is dismantling everything that we h de, institutions, the swamp that he ed about he's installing right a real swamp U so I don't know I worry about who would replace these people U because I think they would be worse Um Yeah, I think we're really heading off a cliff. Trump said at that cabinet meeting, he doesn't care about the midterms. He's talking about the fact that Iran thinks they can wait him out He backs Ken Paxton in a move that may well impact the Republicans losing the Senate because John Cornyn, who's been there for the last three terms, look like he would win again, possibly against James Talerica, the Democratic candidate. Trump just now sailing off into the wind? I mean, he and Maga, have they just lost the plot at this point compleompletely. I mean I think we see that Trump is finally doing what he wants to do. He did learn from Trump one point zero. Remember when Susan Collins, the senator from Maine, said, I think he's learned his lesson. He did learn his lesson. He learned how to get rid of guardrails. He learned how to kick out all the adults in the room and We're in a very, very dangerous place right now. anyone with him surrounding him. I don't think he gives a shit about the country. He believes the White House is his personally. He believes the treasury is his. He believes the attorney general, the acting attorney general is his personal attorney, which he used to be. He doesn't. Yeah, Tod Blanch. He doesn't have any instinct that he needs to provide for the country I do think it's good news because I have said he's in his death bed confession era. So some truth starts to get out And when he says, I don't care about the midterms or we don't know why, but always the opposing party wins during the midtermss and nobody can explain it. to some extent, he's acknowledging that there is going to be a blue tsunami, but I'm very worried about red states because The governor Governor Abbott, he will very easily send in whatever he needs to do, whether it's state troopers or whomever to just get ballots And I'm very worried, I think Talo Rico could win for the first time. I think Texas could deliver a blue senator But I'm worried about these Democratic governors, secretary of states, attorney generals that are all Trump pscchophantans not cheating for him because we know he's going to make the phone calls. We know that from Trump one point zero. Right. We know he'll do that. Right. And we saw Brad Rasenberger in Georgia who held up when Trump said, I need eleven. when he called him and said, I need eleven thousand votes was like, Mr. President, that's not how it's done. Yeah Trump's sort of retribution and vindic vindictiveness against people who stood against him seems to be playing out in the primaries at least. When you think about the moral collapse on display Broken breakable people, let's review. The tolerance of sex crimes is a feature of MAGA. It is a feature Not a bug.. It seems to be a feature that if you're a member of the MAGA movement, you don't care about sex crimes against children, against women. So they sexually assault and then Christians signal to get out of it. It is a feature that MAGA is the party of sexual depravity. How will you be celebrating two hundred fifty years of America? I won't be. the horror. I Patriotism has to be earned. You know, And when we see our government killing Civilians in the street, zero investigations, The murderers that killed Renee Good and Alex Predty. No investigation, no accountability, put back out into this terrorist regime Iice Um We have this president who is using all of the name whatever good name America had for his own personal But enrichment You have a Democratic party that is disjointed. Some of the Democrats play patty cake with the fascists. someome of them actually try to stand up and be an opposition party I want to celebrate like the kid who got the scholarship who called out CBS Like that's the America I like, where we cheer for the underdog, where we shine a light on injustices, where we right wrongs. Right now we're celebrating the villains There's nothing it feels so anti American to celebrate the villain. and all of the villains, everybody in the White House, they're all dirty cops right now So I don't want to celebrate You need a laptop that's built to perform and designed to last all day? Select Windows eleven PCs starting at four dollars ninety nine dollars ny nine cents are now at Best Buy. Learn more at bestestbuy dot comot Best Buy. Imagine that Who brought us an unexpected moment of lobster roll chic? Well, none other than the author, Kurt Anderson, whose book Tale of the century I love No one is better than explaining the crazy carnival hcksterism of America and the kind of conspiracy theories and the crazy religion than Kurt who's tracked it over the last, well, the last two hundred fifty years, no one better to get into the history of it, the madness of it, the brilliance of it and the magic of what makes up America, all of it. All of it. sin The man who created the phrase the fuckening of America. And I couldn't help thinking, and I don't know if this is me being a snob and I want to get into this conversation with you. But when I saw The erection of the octagon on the south lawn of the White House for the UFC fight, which Donald Trump has chosen as his cultural emblem for the two hundred fiftieth anniversary of America. I couldn't help thinking, oh, Kurt Anderson foresaw all this with the fuckening of America. Is that what's going on here I think in his case, yes, it is, but as I wrote in my book, Fantasy Lind, there is a long history and much of it Fine and good. I mean America is this ly creation of ordinary people and small D, democratic tes, right? So It's not all bad and I love country music and I like boxing and, you know It's not exactly a snobbish Uh You know Oh my Godd, sensoriousness It is this diotics highly politicized use of of culture symbols, in this case in this really debasing way Um You know I don't know if you saw the movie idiocracy if your listeners have, but I'm sure lots of people have seen it. I mean people mention it in the comments all the time. Well and it was this Mike Judge filmmaker animation guy, whatever director created this film that I thought in two thousand six was terribly over the top about this future where , America has runun by idiots and morons. and and and kind of You know reality show carnival like freaks and show business. Well, here we are in so many ways. and indeed, people make sure your comments, starting in twenty seventeen couldn't get idiocracy out of my head. Anyway, the president that Mvie is this You know, show busiz. Madman who like shoots S's a automatic weapon around Congress and And but and dresses in this WWE costume. Oh Right And the UFC, by the way. Uh in addition to, I mean Unlike professional wrestling, it's absolutely real. I mean, these people are really fighting. It's a show, but they're not faking anything. Right. So there's that. So it's not Hulk Hogan. But it's not Hulk Hogan, although they're characters, but it's real and it's legit But it is a descendant of WWE WWF, the McMahon Empire of show busiz wrestling in which Donald Trump. years ago was a character himself, literally got up on Right. I remember he would get under the ropes and get up try Vince McMahon and everything. Well, now of course, his secretary of education is is the separated wife of Vince McMahon sex trafficker and sexual assaultter accused. Linda McMahon, who's in charge of basically dismantling Yeah. Linda McM. Linda is dismantling the Department of Education. Yes. that was her. And again, Task. The richness of the irony is. She's the secretary of education. person who you know, made professional wrestling as Huge. as it became in the eighties and nineties. It's remarkable So It is, but It is a this cage match of people who You know, can fight well but it has basically its attraction is that it has no rules. It has very, very few rules, unlike boxing or or actual normal old fashioned Olympic sports. This sport was invented in the last thirty years for this purpose of show business. So it's You know, I mean, And you can do anything, right? You can kick, you can bite, you can You can't bite. Oh you can't bite.. So it has some It has some ro. It has some rul. But you can you can, you know, it's But isn't the goal to get someone in a choke hold so they so they go to sleep Well, you know more than I do if that's if that's the case. I know what I don't think they they They don' I don't know. I don't think people become unconscious during the fights, but it is it is. All but that, I think But the symbolism of him using the ultimate fightingrect correct to show himself as the ultimate fighter, in theory for correct. the American people, but really for himself. Indeed. and as his pursuing a stupid War. moreore than stupid war a war that is hurting America's place in the world in all kinds of ways and making us look weak and incompetent and having a cartoon figure secretary of war out there like some you know, animated character talking about how great war is and how wonderful our war fighters are. It's all of a piece. It's the same comic book understanding of and presentation of the world and their U the way they think about how the world ought to work. S. You have written I mean you mentioned Fantasyland, which is a fantastic book explaining America's obsession with storyland and conspiracy theories and religion. I mean, what did you see in Donald Trump when you first started mocking him at Spy magazine, which you were a co founder of with Graydon Carter Was it in Trump? And I know we've talked about this before, but I can never get enough of it. And by the way, we have to come ont to your lobster roll sheet in a moment, which people wrote about in the comments last time we were on But what was it specifically about Donald Trump? that you spotted forty years ago. Well Oh his features salient features today Bragger Bully The liar All of it, the the craving to the point of what looks like addiction to me, attention. All of those things. mean Um you know later on and while while we were doing spies then the You know, oh, let's execute these accused. Oh defendants who were later exonerated the Central Park five. Exactly. So it wasn't initially any political thing at all. It was just, God, what an asshole this guy is And what so that was it. and he was, you know, as we were starting spy in the l mid late eighties as New York was kind of coming back from bankruptcy and all that He was and he was extxtraordinary character in this awes moment where tabloid newspapers had suddenly become big deal in New York City, especially as well as American culture. and he got them both to cover him relentlessly and And it was it was He was putting on a show. and you know, you know, we were I don't know, at least jeering from the cheap seeds, you know and and doing journalism and trying to expose him for the Lire bully, Bragget He is when he was still purely a joke He was just A rich boy who had built a couple of buildings and pretended he was king of the world backack then startarting in nineteen eighty about being president Starting in our first issue spy where he was saying, I could negotiate the missile you know, arms control treaty with Russia in an hour. I know everything I need to know about missiles. So he was the guy. He was the guy, that guy already. Right. And then just explain to me one more time, and then we'll come onto your lobster roll weekend where What is it about America that that produces a character like this and that people even knowingly We know he's a bragger, we know he's a liar, we know he's the bully. All that stuff still buy into the story of him What is it about America that needs to live in those narratives Well There's various kinds of fictions and narratives that all people Eceptionally Americans. I mean we talk about American exceptionalism and that is one of our extreme ones is we can make our own truth and live our own stories and invent our own lives, and that's why we come here from other countries. Start afresh and guilty as charge. Well and create a new version of ourself, create a new country. So and it was as it was working well, you know, had a good side and occasionally a bad side, The bad side was kept in check by Oh, the Enlightenment founders, for instance. their descendants ever since until the last half century or so when You know The fetters came off and thingsings kind of went off the rails. And so this it was it was as though we had this chronic condition had its good sign and America was fun and America was more interesting than, say Canada or, you know was it was you know, and full of interesting oddballs and various, you know, ethnicities and characters and all that. and so You know, I think, for instance, and in terms of precedents President Andrew Jackson populist Democrats, small D, and I guess large D. And I think who Trump has sometimes modeled himself when he has a portrait of him in the Oval Office. Well, well horrible genocidal person as regards indigenous Americans for one thing. So I'm sure Trump, to the degree he knows about that thinks that's great. But he was but he was also this actual military hero, general or anything. Anyway, so he gets elected president and his first inauguration, he opens the White House you know, the fairly new White House to anybody who wants to come You know, and it's twenty thousand people show up in a city that probably didn't have a population of twenty thousand. Right. And obviously pre social media twenty thousand. Yes and pre high security and pre everything. Right. trash the place basically when they fill them up, they trash the place, there are too many people President Jackson himself gets pushed up against the wall. His people, I mean, you know, no seecret serervice then. somehow managed to getet him out a window and he escapes And then they lure the crowd out of the White House. And again, it's winter, it's March Uh with with barrels of whiskey and ice cream So I mean, talk about an American iconic event. right And so You know, we'll see what happens on on when what's it called UFC freedom fights two hundred fifty happens or the great American state fair thereafter. Data management is slowing down your business You need the Iuit ERP. If one entity is here and one here, and one here and one here here, you need the Iuit ERP. If scaling your business feels like start starting up, starting, starting up, starting over You need the Intuit ERP Intuit Enterprise Suite is the AI native ERP solution that consolidates, migrates, and automates, all in one place Learn more at I it. com slash YarP Right well so the Great American State Fair is supposed to be this huge concert which several artists agreed to do, thinking it was going to be like a national state fair. Like the bicentennial was fifty years ago. Right. So Martina McBride, the Commodore', Forider, Millie Vanilli, who knew they were still going. Myles of poison Oh, really? Yes. Okay. And now it turns out they're all pulling out because as you say, as you mentioned at the beginning Trump is able to politicise anything and they discovered it's actually basically going to be a MAGA concert. Yeah. Well, and they immediately pulled out, which is I has to be humiliation and embarrassment and causing lots of shouting around the White House and panic Because I believe this thing was announced on Wednesday. They started pulling out on Thursday. You know, I mean, so right. Yeah, one wonders what the conversations between Grinnell who was part of it or whomeever was organizing this in the White House and the the representatives and agents of these performers like As you're suggesting, I'm sure they were told, Ohh, no, it's just Its great It's the hundred fiftieth. It's great. It'll just be a national celebration as opposed to inevitably because and Maga and And and Donald Trump's obsessive posting on his site indicates is that it is indeed a Republican Mga event and would be and will be. It's a little seems a little disingenuous that they had no clue inevitability, but maybe they don't pay attention. A lot of people don't pay attention to the news. I don't know. I can imagine people listening to this or watching this can say, o, look, there's so many more important things to talk about world economy is being ruined. you know, as as we mentioned, the, you know, America's place in the world is being diminished. There's a horrible war going on that we can't seem to get out of that made no sense to. and now Hello, we've held up twentywenty percent of the world's fuel. Exactly. All that, all these consequential things they could say, why are you talking about this silly stuff? Well, it's summer is one reason, but But you know, I mean, what's interesting It's part of It is consequential because it's why Here two four He has been so popular because so many people like him and vote for him, especially not necessarily the hardcore because, hey, this guy is fun. This guy' entertaining. My belief is and I've seen, you know, focus groups results to show that it's true is that lots of say the younger people We don't pay that much attention to news and maybe we're even very aware of Trump first term. This guy's running in twenty twenty four. Hey, this guy is interesting. He shakes it up I like watching him, unlike other politicians. That's been a huge part of his power and success is the entertainment. So talking about his attempts at Entertainment at indulging his mania to build and fix the reflecting pool and overpay and no bid contract for that and all this like All' like, let me do this, let me do this stuff that he can just do and order as opposed to you know, negotiating with Congress to pass legislation or negotiating with Iran to stop this madness. he can just order it done and And to see it So It's consequential in that way because it's part of his governing power has been But here it is along with trying to do things that you know some Republicans are objecting to, pay one point eight billion to people such as the January six wrrioters Um are substantive things causing problems. but failing at even these inconsequential stuff like the great American state Fair or You know, is like, wow It feeds the correct view that I think is spreading among more and more and more people that Wow, he's kind of in compopered, isn't it You know, he's not You. Here we are trying to this authoritarian canan't even make the trains run on time, you know It's It's like what is the benefit to the public? becausecause the public are willing to forgive all sorts of weirdness if there is a benefit. But if there is no benefit, if they're paying higher prices at the pumps, if their neighbourors are being picked up by ice then things feel destabilized. And I think that's what makes people anxious. Correct. And Bread and C circuses has been said. leaders for thousands of years It's fine if you've got the bread you know, right. and but just the circus alone and giant ballrooms for rich people and giant tax benefits for rich people and giant crypto scams for rich people, while I can't afford Neat at the grocery store, that doesn't go down so well. One of the things that you tweeted out This week has been knocking around the internet, but I wanted to just revisit it because it's extraordinarily prescient. comomes from Mad magazine and it's Donald Trump as the wizard of odds. When did this come out?? January nineteen ninety one. of course I was Well into my adulthood virgin and middle age by then. And so I was unaware of this in Mad, but it's extraordinary. I mean, I was We were in the middle of doing spine. and having her own coverage of showing Trump's buullying and simicity and coration, corruption and cynical kind of criminal view of the world Well, here is the premise is it's one of these standard You know panel cartoons about Donald Trump. He is advising he is the wizard, as in the Wizard of Oz advising the Tin Man and the scarecrow and the lion and Dorothy what to do as for his famously the End of the Wizard of Oaz the wizard does. And instead of saying, Oh, just believe your courage or believe your smarter all the things that happens in the movie U he says don't be a sucker, you know, you don't need a job, scarecrow, jobs are for suckers or tin men you should tin, what? You're plastic. You got to be replaced in plastic. It goes on and on, just encouraging him to lie cheat steal and be a cynic It's it's with v with specifics about, you know, it's just a ring so true I had no idea. I mean Like hats off. Whoever wrote this thirty five years later. R I don't know if you're still alive, who ever did this Madmen cartoon, but you saw the future. You saw the future. and I want to refer people to your you tweeted it, right? So you Xed it out. What is your exX account called? It is called KB Anderson. KB Anderson, it's worth going and having a look at the whole thinger Blue sky if you prefer bllue sky and I can't remember what my hand But there I am. Okay, I once had a blue sky account. It's all to you know, threads, blue sky, all of it, and then you just I just Now they're substack. You gott to get there too. I am on substack. I'm saying o, on the notes part, they're like Oh you should post this on substack notes Well, I should. I am definitely should. I should. Maybe I did. Yeah Anyway, wherever you get your socials, you should look for this because it's so prescient, it's alarming. But let me read a bit. I mean, he tell us this scarecrow, Jobs are for losers, scarecrow, G into junk bonds or phny real estate schemes, or get control of a union's pension fund. Better still, become a televangelist. There's a world out there just waiting to be taken There's a world out there just waiting to. And then at the end, even better in a thing that, you know We wouldn't have done ins Spy then not because it would be too edgy because I just wasn't that aware of it. He sits you know, Dorothy down on his knee and basically is grooming her like, hey, when you're old enough, you know, you know, we can That was just when his friendship with Jeffrey Epstein was beginning Yeah No shades of Epstein. I mean, how about this? Stick around and I'll put you up in a penthouse with a limo and ten grand a week in spending money in a couple of years after you fill out You could be my steady bimbo What an invitation. I mean. You know, I mean, no, it is remarkable. I wrote a little song to remind you, Choice Hotels get you more of the experiences you value. The Cambriia Hotels got in all, a rooftop b, have a ball. cocktails up and feel just right This Campry are home amazing Noright Bring a date, your team, or even your mom, Brooke direct at choiceaktales dot com see you on the ro And then we have Stephanie Rule, the new host of Money power and politics on MS now, who really understands how this war has impacted inflation, which Donald Trump says he doesn't really care about But I think he probably does care about it. And we know that Republicans out there standing for election again really care about it. Nobody's better than Stephanie in explaining it. So let's get into it and how the grift. Yes, the grift The grift may come for Donald Trump in the end. Stephanie, you are brilliant observer of the economy Trump's war in Iran seems to have had much more of an impact than he would have expected, not least because the Iranians have closed the Strait of Hormuz, something that any basic wargaming would have shown you was about to happen What is the impact on the American economy first? and then let's talk about the global economy And then let's talk about the market. because we have always said the market and the economy are not the same thing, but now more than ever And as soon as he launched into this, every big investor I spoke to was like, this isn't going to last more than five days. And I mean big, sophisticated investors. And the funny thing is They continue to buy his line the whole time. Every time you talk to someone, they're basically like, I just talked to him or I just talked to Howard or I just talked to Scott Besscent. they're wrapping this thing up Trump very clearly wants to wrap this up? Of course, he does.ump to do a forever war. He jumped into this, ignoring intelligence, which is why our NATO allies said, we're not jumping in with you. You didn't tell us, you ignored intelligence. He thought this could be another victory like Venezuela was. I saw the president the day of the state of the Union the White House and the president has sort of just come off. It was right around the time of Venezuela. And he was sort of, you know, he loves talking about the strength of the military and the beautiful soldiers and their might. And that was joyful for him. right? You had people in Venezuela partying, you know, celebrating in the streets here, I mean all over the world. He wanted to have that again And you're actually watching him now try to leapfrog over Iran And talk about, well, guess what? Cuba is right around the corner. You hear it from Marco Rubio. Rg over Iran. What a great phrase So talk to me about the impact of it because this is not a warall that's being measured in body bags, it's being measured in the price at the pump And look at the price of the pump, not just here, but around the world. Like we're actually seeing jet fuel shortages around the world. We see gas prices have gone down a little, but they're still very high. Food prices are high. Talk to the American farmers. Talk the American farmer who needs diesel, which is high, who needs fertilizer, which is high. And the president, you know, he wants to talk like, well, affordability is an old fashioned term. it's not important. This is really hurting the president. I would argue that economically or even across the board, before Iran I think the president was really happy I think he existed very much in a gilded cage at the White House and at Mar a Lago, surrounded by an administration who truly you know bows at his altar and surrounded by business people who are making an extraordinary amount of money whether on their own or they've got government contracts now, but that's who's rolling at Mar a Lago this term. But step away from that and go to the American people Go to Trump's actual voters. right? G go to my mother, right who voted for Donald Trump who she believes Donald Trump when he says there's a caravan of criminals. coming from South America and they're going to attack your grandchildren and steal your job. She's going to believe that because she doesn't see it We cannot lie to the American people or any people about our lived experience And we knowact my mother knows exactly how much her groceries cost, how much her gas costs. And so you're watching all of these Republicans just sort of on pins and needles. How many times have we heard from this White House Trump's going to go on an economic tour? He can't. He doesn't have a message. And the market is doing extraordinarily well. Corporate profits are super strong. But even if you look under that hood It's the massive tech companies. It's the magnificent seven. If you talked to lots of Ftune five hundred companies that are not in the tech space where they're not booming because of AI or they are impacted by the tariffs or mass deportations, many of those companies are suffering And if we see any sort of puncturing, which I don't necessarily think we will in the AI superpowers, then it's going to be devastating. But also only fifty percent of the American population are in the marketrect. So that's fine for rich people or people who feel that they're taken care of and they have financial security. But we know that the other half don't have even five hundred dollars in case of emergency. And we haven't even talked about healthcare, right? At the end of last year, before we spent billions and billions and billions on this war Republicans' argument was we do not want to spend a dime continuing expand, you know, on Obamacare subsidies. It's time for them to expire. So we there's so much news out there. We don't even talk about the fact that American people have seen their health carere premiums spike and they are struggling. And what's interesting is we always we had Coming of COVID, right? We had a k shaped economy. The rich were getting richer and the poor were getting poorer Joanna, this has been superchged. And I don't just mean the rich. Think about the richest of the rich are so unimaginably wealthy. Now we now have the American oligarchs. Right. No We're about to get our first trillionaire with the SpaceX IPO and Elon Musk. And it's not just Elon. with the SpaceX IPO, we're going to have a whole slate of new billionaires. And while one might say You know, well you know, I'm mad that they're so rich, but what does that have to do with my life? Here's where it does becausecause now that investor class is donating so much money to these campaigns, right We're sixteen years out from Citizens United Where you can now have an unlimited amount of corporate dollars in political campaigns. And you've got the wealthiest of the wealthy people now that we live in a Donald Trump world who understand that politicians are transactional. Donald Trump is completely transactional. And so you know when John Cornan lost his primary in Texas, people said, well, Ken Paxson's not going to be as good at raising money Yes, he is. He absolutely is, right When Thomas Massey lost his primary in Kentucky, it was the most expensive primary we've seen. The majority of people writing those big checks have never set a big toe in the state of Kentucky But now that we have created these massive American oligarchs who have more power and influence than we have ever seen business people have over policy making, I think this is a game changer the rich sentiment is not being led by a group of Democrats. I think it's being led by Americans who are saying, this country doesn't work for me. And many of those Americans are the original MAGA voters who Donald Trump appealed to because he said, you feel forgotten You feel that there aren't jobs for you in this country, I'm your guy And now many of those people who don't necessarily have a political affiliation or are not with Donald Trump anymore are just saying, this country, this world doesn't work, I'm ready to break the system. So do you think the impact of the big, beautiful bill, which enabled even more money to go to billionaires and high net worth individuals as they're referred to. And You know raised the healthcare premiums of millions of people and lots of people chose not to renew as you know, for Obamacare. Do you think that has actually a knock on effect in the midterms I don't think it has a direct knock on effect. I think your average person, even your informed person isn't digging that much into the big beautiful bill But they're just looking at life Right? They're just saying, my life doesn't work for me. And they they listen, Journalism, I would say, great journalism is alive and well and strong as ever. Every single day, there's another story out there about the grififf There's another story out there about World Liberty Financial and the president's crypto business, or the president suddenly buying thousands and thousands of shares of companies that he just met with or suddenly saying you should buy a Dell computer. And then Michael Dell gets a nine point a five billion dollars government contract and their stocks up thirty percent. People see that right? They don't necessarily dial back into what was in the big beautiful bill, what tax breaks were given, But they just say, hold on You're the person in office. You have more you now finally have the suupreme wealth you always said you did. A specific group of business people are wealthy or beyond belief and I'm not. This isn't working. And I don't think that's unique to President Trump Listen what hurt Joe Biden, what hurt Kamala Harris is that people were still struggling economically and they look and see and they say, who's in the White House and they blame that person What's unique about Donald Trump is The reason many of these people are struggling economically is a direct result of his policies He also seems to think that people don't care. I mean, he says that people don't care about the Gif. We know that he's made at least two, possibly three or of four billion dollars in the second presidency. and he openly says peopleople don't care. they just don't care. I don't believe that to be true. However I think there are two things that have to be that Democrats have to be focused on And it's affordability and accountability. Like he's not wrong. There is such a flood of corruption that we're potentially seeing or grift. And a lot of people say will say like, what about Nancy Pelosi's stock trading or what about Hunter Biden Those two examples that I gave are like this compared to the megart. like just even think about the presidential pardon industrial complex. Rightight we have right now. It's Gargantuan and he's not wrong that people's eyes are glazing over and they can't even follow it at all. That's why I mean, we literally have a segment on our show that we do nightly White House for sale because I want to make question mark. I want to make sure every night we're covering it, and it's in one cohesive place so we don't forget it. But it is on the Democrats, and I'm not saying I have a tremendous amount of confidence for them to say This election is about affordability and accountability. Here's what we are going to do to make your life more affordable. And here's what we're going to do to actually demand accountability, right? It was it was Tim Miller who said it, they need to co oppt a Trey Gaudy from what Trey Gauddy did with the Benghazi hearings, Democrats need to birth their own Trey Gauddy to say, we're going to look at every single one of these things and we're going to pull you guys in and have hearings. It's also what Petter Magyard did in Hungary, right? where he managed to make it clear that the corruption under Viictor Orban actually had an impact on the regular population because Orban had had a grip on that country. and yet it was one of his own people that started his own party that was able to connect population to the corruption and why their lives felt worse. That is the best example. The one CEO we've heard even marginally talk about this was Jamie Diamond. when JP. Morgan did not write a check for the ballroom, right? He said Trump's not always going to be in power he didn't say this thing smells to the high heavens, but he said, I don't want to be in a situation in the next go around in the next administration when they turn around and they say this is corrupt. So when he said that, and I agree. I mean, you're like finally someone is saying something like this. and he's very clear about what he thinks Why? Why does this seem such short termism, especially for the tech guys who are sucking up to Trump like this? Do they not think there will be a democratic president in their future So I would say two things So first, I think when Jamie Diamond said that and we said, why don't more why don't other people do that? Well, they don't Because soon after saying that, Trump sued Jamie Diamond, I think to the tune of five billion dollars, JP Morgan and him personally. And that was because they decided to debank him after January the sixth, correct. Correct, correct. Which by the way, if you ever understood sort of the very basic banking rules of KYC, know your client, rightight, you have to understand person who's banking with you, where they got that money from, where that money was made, how it's being used. And if you cannot answer that question, then you should not be banking with them. Things that could have been applied to Jeffrey Epstein when they were banking him. We're moving swiftly on. Wh didn't why don't more of the tech people seem to think Like, there's going to be a Democrat in the House at some point. I'm going to have to account for this So I think they have never had so much access to power. They have never had so much control. right? I almost said Donald Trump doesn't know what AI stands for, but it's extraordinary. Education Secretary is what its. I thought it was you. Yeah Linda come on about How much influence they have been able to have over the president? AI is just AI is going to change every element of the way that we live. And Donald Trump is basically given c bllanche in terms of regulation. And so I think like They're going to go while the going is good And u I think many of them in the Elon Musk averse, have so much power and influence, I don't know that they think it's going to change. And listen, I don't know that Democrats have clearly shown what accountability looks like, look no further than social media regulation. Okaykay? Almost more than laying blame to the billionaires or the business people. I lay it on lawmakers because lawmakers not across the board, but of twenty five thousand dollars here and twenty five thousand dollars there, show me the massive legislation that you saw either party pass over the last fifteen years when it comes to social media. Yeah An industry that we know has had a devastating impact on our lives. So you knew both Scott Besant and Howard Lutnig before they became Treasury and commmerce seecretary respectively. Were you surprised at how sycophantic they've become Um This is a great question. I mean, Howard is a salesman. Howard is not an economist. Howard is a salesman And it's a Candor Fitzerald is a midleman. It's a broker' broker U I mean, I would say I'm more surprised by Scott when people say that like, why does Scott get tongue tied on TV? I think he's tongue tied on TV because he knows many times when he's on TV, he's not being honest. Certainly not when he talks about tariffs, That's for sure I think I mean when they sit around the table and they go, Oh, mr. President, you are the greatest president. Oh, mis. President, how can I lick you more? Correct I was just surprised that. No, it's stunning to see it. That's when I'm like, wait Are we in North Korea? But we should look no further than the transition, right? Howard Lutniick and Lynda McMahon, who wanted to be the commmerce secretary before Howard said But boom, He said very clearly, the number one job qualification in Trump's second term is loyalty to Trump. So while when I watch it, I watch and disbelief that these people who have lots of credibility or lots of success would And like I'm like, why would you know you're on television? Like why would you do that? U But I think we knew that going in. I mean, it was a knife fight for all these people to get these positions And now that they have them, they're not letting go. If you think back to Trump's first term There was one meeting where he brought these CEO's in and business roundable Yes,. And it was not the official business roundtable, but it was like his business advisers, right? And I remember Jeff Emmult was there. And he made the time was running GE. Yes. And he made Jeff tell Jeff, it was like Tell them the story of when I hit a hole in one? Actually, it was two holes in one that day. And I remember watching like Jeff Emmel, just like I'm watching his face as he's just like, yes, Mr. Bret. You know what I mean? He's like I'm at the White House. What am I going to do? And I remember that day being like These CEO's are not going to last on these councils. like and sure enough they didn't That is such a quaint distant memory of like, yes, you hit a hole in one. now It's like, when did you get great at being perfect, Mr. President? And they all just go around the table and say it. It's just remarkable. So he's gone after the Fed, has famously gone after Chairman Powell, gone after Lisa Kirook on the Fed board, set the DOJ on her to try and find discrepancies in how she claimed things for her mortgage U Kevin Warsh is the new Fed Gairman you know him Right. So does the same thing happen to him? Is he Is he going to be able to maintain the independence of the Fed So He's in a he's in a more unique position than Scott Besscent and Howard Lutnick that he's not part of the indpend he's not part of the administration, right? He is part of the Fed Now Kevin Wars does want to make big changes to the Fed. right. He It was a blood sport getting this position. He wanted it before. he got what he wanted. If I were a betting woman, it was funny when his confirmation was getting delayed and delayed, I thought I kept saying, I'm like, I bet he wants it delayed. I bet he would love for this thing to get the further it gets to the midterms or past the midterms, when he actually has a little bit of room I don't know what he's going to do, but it's going to be very tricky for him because Inflation being where it is U Donald Trump wanting rates to get cut. And inflation being where it is, this isn't even if Kevin Warsh wanted to do it re warar in Iran, even if he want to do it six months ago, it's tricky But it's funny, L people dog, especially like on social media, people will dog on me because remember when you said Scott Bessant was qualified? Scott Bessant was qualified. He is qualified. It doesn't mean he's doing the job, right? It doesn't mean he's doing the job. honestly. Kevin Warsh is super qualified to do this job Highly respected, right? I mean, he's been in the government before. He spent the last number of years as Stan Drucken Miller's partner. Stan is one of the greatest living investors that I can even think of Um Kevin is going to do, how he is going to manage the pressures of Trump That remains to be seen. Well, and we've talked a lot on this podcast about the real skill of surviving around Trump is managing Trump. It's not thinking that you should actually do the job in hand. It's all about how you manage him. And the job is almost immaterial. And that's actually when you think back to Trump one point zero, there's the books and the stories them, you know, playing three card Monty, you know, Gary Coh and Jared and Manuchin with like trying to hide some, you know, they don't want Trump to see this or they don't want Trump to Theyre taking things literally off his desk. Literally off his desk But part of that is those were guys who were qualified for those jobs. They understand the content at hand. We're in a different world The number one and I'm not talking about Kevin Warson, people in the administration. The number one qualification, as I said, was loyalty to Trump. R. So if that's your number one skill set I'm not even sure that you know what you're going to push and pull and take from. We don't have the cal Remember, Peter Navarro is super close to the president and the president's sons at this point. and Trump one point zero. one and Stevenen Nuchin wouldn't even let Peter and Navarro work on their teams. They sent him to go work for Wilbur Ross and hopopeed that Wilbur might be napping when he was at work that day. Now, you've got the likes of Navarro in the inner inner circle. so It's funny, many of these people and remember, Peter Navarro was chosen. Jared Kushner found him doing an Amazon search looking for, is there somebody an economist or someone who covers the economy out there whose views mimic Trump's. And that's how they found Navarro. And this is on tariffs in particular.re tariffs in particular. And then you remember In Navarro's books, he had fake quotes from a person from a from a made up name whose name was like a derivation of his name. It was Ron Vara. Yes, Yes. this is my point of like this is who we're dealing with. So Kevin Worsh Totally different caliber, a totally different quality. and the Fed does have Clear separation He knows Kevin Warsh knows that the Fed's independence is a crucial part of American exceptionalism and the strength of our economy. It's the reason international investors want to invest their money here. At the same time, he would like to reimagine the Fed. and I'm guessing his hope is that his reimagining the Fed aligns somewhat with what Trump wants him to do and he can move forward. We'll see. So goodbye from me, from Jen Welsh, from Kurt Lobster Chic Anderson and from Stephanie Money Power, Sex Politics, all of it rule We'll be back with David Rothkop tomorrow and he will start off your week. with a ban If you have been, thank you for joining us. Big thanks to our production team, Ryan Murray, John Romero, Rachel Paser, Heather Posaro, and Neil Rosenhouse. So the good news is we have so many bebeast tier members now. There are too many names to read out, and we really appreciate your support. I'm Serena Williams And I'm healthier on ROe. I've lost thirty four pounds a year with GLP one's diet and exercise. On ROe, you can access GLP one options, including the first FDA approved GLP one pill for weight loss. Go to Re dot co slash journey to see if you qualify. fourteen percent to twenty percent average weight loss in one year in non diabetics with obesity or overweight with a weight related medical condition versus two point two percent to three point one percent in placebo R RX only. to stay informed about serious side effects, go to row. co slash safety Starting a business can seem like a daunting task, unless you have a partner like Shopify They have the tools you need to start and grow your business. 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