WEBVTT 1 00:00:00.520 --> 00:00:03.680 So our friend Zach Abraham, Chief Investments are Borck Capital Management, 2 00:00:04.240 --> 00:00:07.040 my friend and brother. He joined us. Every week he's 3 00:00:07.040 --> 00:00:09.560 gotten to meet and talk with a key Trump nominee, 4 00:00:09.560 --> 00:00:12.439 Stephen Moran. We're gonna get his tests and what he 5 00:00:12.480 --> 00:00:15.560 thinks about this guy plus Trump and Putin meeting in Russia. 6 00:00:15.640 --> 00:00:18.559 Zach does deals for a living, and I'd love to 7 00:00:18.559 --> 00:00:22.480 talk about that. There's much you get to including inflation 8 00:00:22.640 --> 00:00:27.640 and AI, plus a happening anti populace happening in France. 9 00:00:27.640 --> 00:00:30.519 We'll talk about this all was Zach Abraham. Chief Investments 10 00:00:30.519 --> 00:00:32.840 are Borock Capital Management. Thank you to God Almighty. 11 00:00:34.960 --> 00:00:39.280 The Todd Herman Show is one disapproved by big pharma 12 00:00:39.520 --> 00:00:46.679 technocorrats in tyrone s everywhere from the high mountains of 13 00:00:46.799 --> 00:00:54.640 Free America. Here's the Emerald City exile Todd Herman. 14 00:01:02.560 --> 00:01:05.079 Today is the day the Lord has made, and these 15 00:01:05.120 --> 00:01:07.280 are the times to which God has decided we shall live. 16 00:01:07.400 --> 00:01:10.079 Joining me, my friend and brother, Zach Abraham, Chief investment 17 00:01:10.079 --> 00:01:14.560 Officer Bower Capital Management and football coach of the youth Man. 18 00:01:14.599 --> 00:01:15.120 Welcome back. 19 00:01:16.359 --> 00:01:19.200 Thank you me. We've been grinding, grinding on that. It's 20 00:01:19.239 --> 00:01:21.359 funny you brought up the football we've been we've been 21 00:01:21.359 --> 00:01:22.000 putting in work. 22 00:01:22.000 --> 00:01:22.159 Man. 23 00:01:22.159 --> 00:01:25.599 We're we're installing a new offense this year. And installing 24 00:01:25.640 --> 00:01:28.480 a new offense with a group of fifth graders is 25 00:01:29.079 --> 00:01:31.640 a uh, it's it's a it's it's a bortage. 26 00:01:31.920 --> 00:01:35.359 It's interesting. How are you dealing with the endorsement money 27 00:01:35.359 --> 00:01:37.000 with those kids? Is that changed who they are? 28 00:01:40.159 --> 00:01:40.280 Right? 29 00:01:40.359 --> 00:01:42.599 Because I saw that kid riding up to your practice 30 00:01:42.599 --> 00:01:45.000 in that new uh, that new electric bicycle with his 31 00:01:45.079 --> 00:01:45.560 name on it. 32 00:01:45.640 --> 00:01:48.640 And yeah, yeah, Now, I mean for you, for the 33 00:01:48.640 --> 00:01:50.799 mid tier kids, you'd count on maybe like a happy 34 00:01:50.879 --> 00:01:51.280 or Ashwin. 35 00:01:51.760 --> 00:01:54.599 But if you're a blue chipper, we might get you 36 00:01:54.680 --> 00:01:59.560 an electric razor or an electric bike. Everybody, you know, 37 00:01:59.560 --> 00:02:02.719 it's I mean, everybody's getting cheeseburgers, right, cheeseburger in Sundays. 38 00:02:02.719 --> 00:02:04.439 That's just that's what you got to pay to play. 39 00:02:04.439 --> 00:02:07.640 But yeah, there, it's getting spendy, getting spendy. 40 00:02:08.719 --> 00:02:10.319 The world's changing so so much. 41 00:02:10.400 --> 00:02:12.599 Oh my gosh, man, So Trump. 42 00:02:12.840 --> 00:02:15.240 President Trump flew a bunch of his senior people up 43 00:02:15.280 --> 00:02:19.199 to Alaska to go to a military base, all of them, 44 00:02:19.599 --> 00:02:21.560 you know, to be in this meeting with Putin. And 45 00:02:21.639 --> 00:02:24.240 I'm just I'm trying to remember back to a time 46 00:02:24.719 --> 00:02:29.759 where figurehead Biden tried that. I don't recall that ever happening, 47 00:02:29.759 --> 00:02:31.919 and when it did, it was press press or Biden 48 00:02:31.960 --> 00:02:34.280 being distracted by a scroll during a photo session. You, 49 00:02:34.800 --> 00:02:37.080 I mean, I don't know that you walk around making deals, 50 00:02:37.120 --> 00:02:40.520 but you do investments, you sit on boards, you certainly 51 00:02:40.560 --> 00:02:44.400 advise on deals. What do you do in a big, 52 00:02:44.759 --> 00:02:47.120 super high stakes meeting like this, How do you personally 53 00:02:47.120 --> 00:02:48.120 prepare for something like that? 54 00:02:49.879 --> 00:02:53.240 Well, I you know, I don't think it's all that 55 00:02:53.840 --> 00:02:56.759 I don't think it's all that different, honestly in how 56 00:02:56.800 --> 00:02:59.800 you going back to I don't think it's honestly that different. 57 00:02:59.800 --> 00:03:02.400 How you prepare for a football game, any football season, 58 00:03:02.800 --> 00:03:03.439 meaning that. 59 00:03:06.800 --> 00:03:09.599 Like a big part of it is assessing who your 60 00:03:09.599 --> 00:03:10.319 counterparty is. 61 00:03:10.400 --> 00:03:12.520 Right, So, like you're looking at a guy like Putin, 62 00:03:12.840 --> 00:03:15.000 say whatever you want, he's not there because he's done 63 00:03:15.400 --> 00:03:17.719 right right, the guy's been able to hold I mean, 64 00:03:17.960 --> 00:03:21.000 think about what he's been able to do, consolidate power 65 00:03:21.080 --> 00:03:26.840 in an absolute mess, chaotic countries going here there, All 66 00:03:26.919 --> 00:03:31.439 that dude's able to consolidate power, get the country back 67 00:03:31.479 --> 00:03:32.479 on its feet, and. 68 00:03:32.400 --> 00:03:35.159 Hold that power for the better part of twenty seven years. 69 00:03:35.240 --> 00:03:35.439 Yep. 70 00:03:35.680 --> 00:03:39.719 So like be they you can be critical, but you 71 00:03:39.800 --> 00:03:42.759 better be realistic and you better have an honest assessment. 72 00:03:43.159 --> 00:03:45.840 And then I think it's about going in and I. 73 00:03:45.800 --> 00:03:49.680 Honestly believe that the smaller list of objectives and accomplishments 74 00:03:49.759 --> 00:03:54.240 you're trying to get to the better. Right, you want 75 00:03:54.240 --> 00:03:58.319 to come in with preconceived things that you are prepared 76 00:03:58.800 --> 00:04:00.039 to offer up. 77 00:04:01.479 --> 00:04:05.039 That they might think that you're not willing to. Yeah, 78 00:04:05.120 --> 00:04:08.639 I just it's you. You You just had You have 79 00:04:08.719 --> 00:04:11.159 to have it mapped out, and you have to have 80 00:04:11.199 --> 00:04:14.759 a battle plan because if you don't, you will get right, 81 00:04:14.800 --> 00:04:16.480 You'll get you'll get swung around. 82 00:04:16.560 --> 00:04:21.839 Now, I don't think Trump approaches it that way because 83 00:04:23.279 --> 00:04:25.000 I don't think he knows how to do it any 84 00:04:25.000 --> 00:04:28.439 other way, Like meaning, I think he approaches it that way. 85 00:04:28.360 --> 00:04:29.720 But I don't think he's thinking about it. 86 00:04:29.800 --> 00:04:31.519 Yeah you know what I mean? Well, look, when you've 87 00:04:31.519 --> 00:04:34.759 been doing deals like he has, it's it's almost like, hey, 88 00:04:35.000 --> 00:04:36.839 what do you do to prepare to get out of bed? 89 00:04:37.199 --> 00:04:37.360 Right? 90 00:04:37.439 --> 00:04:37.680 Right? 91 00:04:37.920 --> 00:04:40.399 You kind of have these instinctual things we used to 92 00:04:40.439 --> 00:04:42.920 go in and have, you know, our set of things 93 00:04:42.920 --> 00:04:45.399 we're going to present and these are the things we want. 94 00:04:45.680 --> 00:04:47.600 And if we knew someone was someone who needed to 95 00:04:47.639 --> 00:04:50.079 grind you down, because they're those personalities, they need to 96 00:04:50.160 --> 00:04:51.959 grind you down and they need to feel like they 97 00:04:51.959 --> 00:04:54.519 have sweated you, we would put in a couple of 98 00:04:54.560 --> 00:04:56.959 items there. And our agreement as a team was, we 99 00:04:57.040 --> 00:04:59.120 know he's gonna want to grind on these, let him 100 00:04:59.120 --> 00:05:01.639 grind and let's even have like good cop bad cop 101 00:05:01.680 --> 00:05:03.360 among us. You know, look, Todd, I mean, I don't 102 00:05:03.399 --> 00:05:06.160 think the lad's being wait wait no, we're not going 103 00:05:06.240 --> 00:05:08.560 to negotiate him wrong ourselves. Give us a break and 104 00:05:08.600 --> 00:05:10.839 we go out to side and you know, and talking. 105 00:05:11.079 --> 00:05:13.720 Part of this is Mack show. It's drama. And then 106 00:05:13.759 --> 00:05:15.759 if you have people who want to be the peacekeepers, 107 00:05:15.959 --> 00:05:17.800 you know, and you'll have those you negotiate with people 108 00:05:17.800 --> 00:05:19.879 that they want to be those peacekeepers. You try to 109 00:05:20.000 --> 00:05:23.720 create possibilities for that. I can't put a bead on putin. 110 00:05:23.839 --> 00:05:25.600 I know he's a meg Oh I don't know, but 111 00:05:25.639 --> 00:05:28.160 I think he's a meg lamaniac. He's become a multi 112 00:05:28.240 --> 00:05:32.600 billionaire in public service, et cetera. So in some ways 113 00:05:32.600 --> 00:05:34.360 I guess he and Trump are very similar, except for 114 00:05:34.399 --> 00:05:38.000 this that Vlad has killed people like full on right, KGB, 115 00:05:38.160 --> 00:05:40.639 dude has actually choked the life out of people. 116 00:05:41.600 --> 00:05:44.319 Being pretty hard to think of a scenary in which 117 00:05:44.360 --> 00:05:45.079 that isn't the case. 118 00:05:45.240 --> 00:05:46.319 Yes, right, right, right? 119 00:05:46.639 --> 00:05:49.439 Uh he was, he was, he was playing in some dark, 120 00:05:49.480 --> 00:05:50.519 dirty alleys. Uh. 121 00:05:51.160 --> 00:05:54.439 You know, I I think I'll be honest with you, 122 00:05:55.160 --> 00:05:59.120 I'm not entirely sure what Trump seeks to get accomplished here. 123 00:05:59.720 --> 00:06:03.040 I don't There really isn't any kind of deal that 124 00:06:03.079 --> 00:06:06.399 we can cut with Russia that I think is extraordinarily 125 00:06:06.480 --> 00:06:11.759 beneficial to us. I mean, they do possess the same 126 00:06:11.839 --> 00:06:14.439 type of crude we need, but we get that from Canada. 127 00:06:16.680 --> 00:06:18.399 Rare work metals. I mean they got tons of they 128 00:06:18.439 --> 00:06:19.399 got tons of I mean. 129 00:06:19.319 --> 00:06:21.800 Look, it's better for us to have a to have 130 00:06:21.839 --> 00:06:25.480 a complimentary and a friendly relationship with Russia. I'm just 131 00:06:25.519 --> 00:06:29.360 not exactly sure what it is that he's trying to accomplish. 132 00:06:28.560 --> 00:06:31.680 Yeah, And and by saying that, I'm not saying I 133 00:06:31.680 --> 00:06:32.279 disagree with it. 134 00:06:32.319 --> 00:06:35.199 I'm saying, genuinely, I wish that I knew what it 135 00:06:35.360 --> 00:06:40.800 was that they wanted out of this, because I from 136 00:06:40.839 --> 00:06:46.000 the outside looking in, what it looks to me is 137 00:06:46.040 --> 00:06:50.199 that internally, I think that their goal is to get 138 00:06:50.240 --> 00:06:54.639 the dollar down further, to keep a cap on energy 139 00:06:54.680 --> 00:06:59.560 prices at the same time, and I think that it's 140 00:07:00.319 --> 00:07:04.120 so cap on oil or excuse me, cap keep the 141 00:07:04.160 --> 00:07:05.759 dollar down, keep a cap on oil. 142 00:07:05.800 --> 00:07:06.680 At the same time, I. 143 00:07:06.680 --> 00:07:08.680 Think they want to see the I think they want 144 00:07:08.720 --> 00:07:11.079 to continue to see the dollar get lower and try 145 00:07:11.120 --> 00:07:13.959 to hold some type of control level on. 146 00:07:14.000 --> 00:07:21.079 CPI right, because that's I guarantee. 147 00:07:20.600 --> 00:07:23.360 You they're prepared to tolerate a slightly higher level of 148 00:07:23.399 --> 00:07:26.399 inflation than they're saying that they are right, they got 149 00:07:26.399 --> 00:07:29.560 to play the anti inflation game. But but when you 150 00:07:29.600 --> 00:07:33.759 look at the things that they're trying to do, it's tough. 151 00:07:33.800 --> 00:07:33.959 Man. 152 00:07:34.000 --> 00:07:35.800 They're trying to thread a needle and I and I 153 00:07:35.839 --> 00:07:37.600 and I tip my cap that they're giving it a go. 154 00:07:38.199 --> 00:07:41.720 But I just don't know what And I'm sure they've 155 00:07:41.720 --> 00:07:43.240 got I'm sure they've got bullet points. 156 00:07:43.639 --> 00:07:45.959 I'm just it's a little bit of a head scratcher 157 00:07:46.000 --> 00:07:49.240 for me. What he can get from putin that will 158 00:07:49.360 --> 00:07:51.959 enable that will help him in those in those aims well. 159 00:07:51.920 --> 00:07:55.319 Those ames same. I think I'm guessing his aim is 160 00:07:55.360 --> 00:07:57.040 to get to a point where he can put Putin 161 00:07:57.079 --> 00:07:59.480 and Zelenski in a room together so that that he 162 00:07:59.519 --> 00:08:01.680 can say that and then they can blow the deal up, 163 00:08:02.399 --> 00:08:04.879 so that it's not Trump that he sets them down. 164 00:08:04.920 --> 00:08:06.480 Look what I got them. I got them to come 165 00:08:06.480 --> 00:08:09.000 to the table. I got them discussion. But that's it, 166 00:08:09.000 --> 00:08:11.079 and that's a huge pr win. But I also generally 167 00:08:11.160 --> 00:08:13.560 think he wants peace. I actually think that Trump hates war. 168 00:08:15.040 --> 00:08:18.920 Oh yeah, I mean I I look, if you if 169 00:08:18.920 --> 00:08:21.279 you want to go back through history before Trump was 170 00:08:21.319 --> 00:08:23.720 even involved in politics, I mean, I think anti war 171 00:08:23.800 --> 00:08:25.920 is the most consistent part of everything he ever said. 172 00:08:26.279 --> 00:08:28.959 Yeah right, I mean you know that and some of 173 00:08:29.000 --> 00:08:31.800 his points about you know, free trade and NAFTA, but 174 00:08:31.879 --> 00:08:33.240 I mean those are the things he's been the most 175 00:08:33.240 --> 00:08:36.000 consistent on. So I absolutely all take him at face value. 176 00:08:36.120 --> 00:08:39.480 But but you know it, like so many other things 177 00:08:39.519 --> 00:08:41.279 today in our culture. I was trying to explain this 178 00:08:41.320 --> 00:08:42.840 to my kids the other night because they were asking 179 00:08:42.840 --> 00:08:44.679 me questions about Russia and Ukraine. 180 00:08:44.879 --> 00:08:48.799 And when you really sit down and assess it with 181 00:08:48.960 --> 00:08:53.559 clear eyes, the problem you have is that neither side 182 00:08:53.600 --> 00:08:56.960 has an incentive to stop. Like that's the issue, right, 183 00:08:57.240 --> 00:09:00.000 Like nobody has Like everybody's like Russia needs to pull out. 184 00:09:00.240 --> 00:09:01.039 That's not gonna happen. 185 00:09:01.480 --> 00:09:01.679 Yep. 186 00:09:01.720 --> 00:09:04.600 Right, there's no way they're given that back, not after 187 00:09:05.000 --> 00:09:08.440 like the very thing that you're saying that we've lost 188 00:09:08.519 --> 00:09:11.399 too many people. Yeah, exactly why they're not going to leave, right, 189 00:09:11.440 --> 00:09:13.240 there's no way they've paid that price, they're going to 190 00:09:13.279 --> 00:09:16.639 give that back. Yeah, Ukraine's got no incentive to fold. Like, 191 00:09:16.679 --> 00:09:20.440 that's the problem with this whole thing. It's a horrible situation. 192 00:09:22.080 --> 00:09:25.559 And I don't and we went pot committed and Zelensky's 193 00:09:25.559 --> 00:09:28.519 popupin and now you have europe saying and a European 194 00:09:28.720 --> 00:09:31.360 boss lady just said this, if we can't defeat Russia, 195 00:09:32.200 --> 00:09:34.600 then how do we defeat China? Yeah, you know what, 196 00:09:34.639 --> 00:09:37.600 You've answered your own question, because you can't defeat Russia 197 00:09:37.600 --> 00:09:40.080 by buying gas from the natural gas which Trump had said. 198 00:09:40.320 --> 00:09:42.120 Now that sort of ended, and we've got the deal 199 00:09:42.120 --> 00:09:43.759 now where they're going to buy energy from us. But 200 00:09:44.080 --> 00:09:46.080 are you just awakening to this fact lady? 201 00:09:47.039 --> 00:09:51.159 Yeah. The other thing is I just don't look. I 202 00:09:51.159 --> 00:09:51.759 could be wrong. 203 00:09:51.879 --> 00:09:54.120 I am not a geopolitical expert and certainly not a 204 00:09:54.320 --> 00:09:59.039 Russian expert, but I do not at all agree with 205 00:09:59.279 --> 00:10:00.000 or understand. 206 00:10:00.039 --> 00:10:03.080 And the narrative that suggests that Putin wants to take 207 00:10:03.120 --> 00:10:08.399 over Europe. The guy has got an imploding population on 208 00:10:08.440 --> 00:10:12.200 his hands, he's having a tough time keeping control of Europe. 209 00:10:12.399 --> 00:10:16.519 And then he got bogged down in Ukraine for three years, right, Like, 210 00:10:16.919 --> 00:10:20.200 what how does that signal he's about ready to take 211 00:10:20.200 --> 00:10:23.039 over Europe? That's the part to me that those are 212 00:10:23.080 --> 00:10:26.000 the kinds of I could be wrong. I could be wrong. 213 00:10:26.039 --> 00:10:29.200 I'm not omniscient. That's the kind of stuff that scares 214 00:10:29.200 --> 00:10:32.480 me though, because you everybody just accepts that what are 215 00:10:32.480 --> 00:10:34.480 we doing? We're making sure he doesn't invade Europe and 216 00:10:34.480 --> 00:10:40.320 you're looking around going how would that work? What are 217 00:10:40.759 --> 00:10:44.120 we what are we talking about? Yeah, and and and 218 00:10:44.120 --> 00:10:44.720 and and. 219 00:10:44.919 --> 00:10:47.080 I know, like you, Todd. The thing that scares me 220 00:10:47.080 --> 00:10:49.799 about that is, Okay, here's this great narrative out here. 221 00:10:50.879 --> 00:10:51.799 Who's pushing this? 222 00:10:51.879 --> 00:10:52.240 And why? 223 00:10:52.360 --> 00:10:55.519 Oh, it's it's the defense industry, the other ones and 224 00:10:55.600 --> 00:10:58.360 pushing this. It's the former intelligence officials who are now 225 00:10:58.440 --> 00:11:01.639 on boards for defense industry companies. And you know, look, 226 00:11:01.639 --> 00:11:03.679 I've been in this business for forty five years. Putin's 227 00:11:03.720 --> 00:11:06.320 position well, and you know he's good. And that's that's 228 00:11:06.360 --> 00:11:09.039 the thing they're pitching you. You talk to someone speaking 229 00:11:09.039 --> 00:11:12.960 of Trump, He's nominated to be on the Federal Reserve, 230 00:11:13.799 --> 00:11:16.360 and so it's just he's the power replacement Steve Moran 231 00:11:16.480 --> 00:11:19.360 that he wants. I want to talk to you about 232 00:11:19.440 --> 00:11:21.879 him because this could this, this is something that could 233 00:11:21.879 --> 00:11:24.360 affect us deeply. So we'll talk with Zach about this 234 00:11:24.440 --> 00:11:26.840 in just a second. You know, we're talking about Putin 235 00:11:27.039 --> 00:11:29.320 and his sort of country and our sort of country. 236 00:11:29.360 --> 00:11:31.200 One of the things that we bear in common is 237 00:11:31.240 --> 00:11:35.559 we're surveillance states. So is Europe. We're censorship states. Sorry, 238 00:11:35.600 --> 00:11:38.120 it's not as bad here, and President Trump is far 239 00:11:38.159 --> 00:11:41.039 from as bad as figure at Biden, but that stands. 240 00:11:41.159 --> 00:11:44.039 That's the case. There are people in both countries who 241 00:11:44.039 --> 00:11:46.799 hate truth. Now, I have friends at Angel Studio have 242 00:11:46.919 --> 00:11:50.000 taken a program and they've created something called Testament. And 243 00:11:50.039 --> 00:11:52.799 here's what it is. It's the Book of Acts transposed 244 00:11:52.799 --> 00:11:55.840 into our timeline. So what's it like to spread the 245 00:11:55.840 --> 00:11:58.600 word of Jesus and more importantly, to build his church 246 00:11:59.360 --> 00:12:02.879 while you're in surveillance state, Well, everything you say is monitored, 247 00:12:03.159 --> 00:12:05.840 where they can shut down your ability to share with others, 248 00:12:06.000 --> 00:12:07.840 and where people just hate everything you say. You can 249 00:12:07.879 --> 00:12:12.360 stream this immediately right now, and it's brave Christian storytelling. 250 00:12:12.399 --> 00:12:14.919 It's not soft stope stuff. Go to Angel dot com 251 00:12:14.919 --> 00:12:18.440 slash Todd, become a premium Angel Studio Guild member. You 252 00:12:18.519 --> 00:12:21.679 can stream testament right now. You get two free tickets 253 00:12:21.679 --> 00:12:23.600 to all of the theatrical releases, and you get to 254 00:12:23.679 --> 00:12:26.360 vote on the programs that they create and distribute and promote. 255 00:12:26.480 --> 00:12:30.440 It's Angel dot Com slash Todd. So Stephn Moran, You've 256 00:12:30.480 --> 00:12:31.919 talked to this guy a couple of times, Zach, and 257 00:12:31.960 --> 00:12:35.919 he's been nominated for the Federal Reserve. So I'm reading 258 00:12:36.000 --> 00:12:37.879 and I went through a look at the Mockingbird media. 259 00:12:38.759 --> 00:12:42.799 Trump's Federal Reserve nominee may receive a cold shoulder. Why 260 00:12:42.840 --> 00:12:46.720 Trump's nominee is posing as an outsider. Trump's nominee a 261 00:12:46.799 --> 00:12:50.679 continuation of Mega anti expert stance. Those are some of 262 00:12:50.720 --> 00:12:55.200 the headlines Mega's anti expert stance. That's some of the happening. 263 00:12:56.000 --> 00:12:58.360 Okay, so here's where I love this. 264 00:12:59.080 --> 00:13:02.320 First of all, I'm going to say several things that 265 00:13:02.399 --> 00:13:04.679 sound self ingratiating, and arrogant. 266 00:13:04.720 --> 00:13:06.320 I can promise you I don't. I don't mean it 267 00:13:06.360 --> 00:13:09.720 that way. What I mean is that. 268 00:13:10.799 --> 00:13:12.919 So the point that I'll be trying to make when 269 00:13:12.960 --> 00:13:15.879 I say that is this is one of the things 270 00:13:16.000 --> 00:13:20.240 I love about Trump, and not because he agrees with 271 00:13:20.320 --> 00:13:23.720 me and I am brilliant and never wrong, but because 272 00:13:24.039 --> 00:13:27.039 he's looking for the same things and I think that 273 00:13:27.120 --> 00:13:30.240 they really matter. Meaning the reason I had Steve Miran 274 00:13:30.320 --> 00:13:32.879 on the show twice, and he's a great guy by 275 00:13:32.919 --> 00:13:37.240 the way, and very very smart, is because he is 276 00:13:37.360 --> 00:13:40.960 precisely the kind of person that we need in in 277 00:13:41.519 --> 00:13:45.240 my opinion, on the Federal Reserve Board and on the FOMC. 278 00:13:45.919 --> 00:13:48.919 And the reason I say that is, okay, lack of 279 00:13:48.960 --> 00:13:54.279 an expert. This guy is a PhD in economics from Harvard. Okay, 280 00:13:56.480 --> 00:13:59.559 I thought that's the I thought, that's the white I 281 00:13:59.720 --> 00:14:01.360 reached power of expert for. 282 00:14:01.320 --> 00:14:04.759 These people, right, Okay. On top of that, the guy 283 00:14:04.840 --> 00:14:08.720 has ran a portfolio, run a hedge fund, and been 284 00:14:08.799 --> 00:14:13.120 a practitioner that has actually operated in markets. That makes 285 00:14:13.200 --> 00:14:17.320 him a white seg right, like those guys don't exist. 286 00:14:17.879 --> 00:14:22.960 So and what it does is it gives him exactly Look, 287 00:14:23.039 --> 00:14:27.559 I don't I'm not anti economics, but without real life 288 00:14:28.200 --> 00:14:31.559 experience and knowledge of how markets work, and how things 289 00:14:31.639 --> 00:14:35.159 actually right. There's economics is all based on the idea 290 00:14:35.200 --> 00:14:37.440 that capital is going exactly where it should all the time. 291 00:14:37.840 --> 00:14:40.440 Capital ends up where it should eventually, but it can 292 00:14:40.480 --> 00:14:43.440 take some really big detours and economists don't have any 293 00:14:43.480 --> 00:14:47.039 answers for that. Guys like Miran understand that. And so 294 00:14:47.639 --> 00:14:51.440 this is one of like this should give everybody heart 295 00:14:51.919 --> 00:14:55.320 because all of those all of those articles have something 296 00:14:55.320 --> 00:14:57.519 in common. I can guarantee you. 297 00:14:57.519 --> 00:15:00.639 That whoever wrote those articles hasn't spoken into that guy 298 00:15:00.720 --> 00:15:03.120 for one tenth as long as I have. And yet 299 00:15:03.159 --> 00:15:06.679 here they are slamming this guy. Look at lack of 300 00:15:06.720 --> 00:15:10.000 an expert. What are you if a guy that has 301 00:15:10.120 --> 00:15:14.080 a PhD in economics from Harvard isn't qualified to be 302 00:15:14.200 --> 00:15:16.279 on the f who is right? 303 00:15:16.360 --> 00:15:18.440 Like like, why are you gotta be kidding me? 304 00:15:20.120 --> 00:15:23.679 And so I A, I love this about Trump because 305 00:15:24.080 --> 00:15:29.080 he's not looking to just the expert elite status, which 306 00:15:29.200 --> 00:15:32.679 funny enough, are you there? That group of people is 307 00:15:32.960 --> 00:15:35.879 never the most competent, they're never the most knowledgeable. 308 00:15:36.039 --> 00:15:38.759 It's a country club, right, like that, It's a social 309 00:15:38.840 --> 00:15:40.360 It's a social group. That's what it is. 310 00:15:40.639 --> 00:15:40.840 Right. 311 00:15:41.919 --> 00:15:44.720 You take a guy like Steve there's a reason Steve 312 00:15:44.799 --> 00:15:47.600 didn't come right out of the out of Harvard and 313 00:15:47.759 --> 00:15:49.639 just jump into those kinds of jobs. 314 00:15:49.919 --> 00:15:50.120 Right. 315 00:15:50.320 --> 00:15:51.960 He did some work for the government, but then he 316 00:15:52.000 --> 00:15:53.919 went to private route, went out on his own, started 317 00:15:53.960 --> 00:15:55.279 a hedge fund, did stuff like that. 318 00:15:55.559 --> 00:15:58.200 He's an outsider. He looks at things differently. 319 00:15:58.279 --> 00:16:03.399 Here's CNN in me world. That's said, okay, in megaworld. 320 00:16:03.519 --> 00:16:06.559 Stephen Moran, the White House economists President Trump nominated last 321 00:16:06.559 --> 00:16:09.039 week to the Federal Reserve's top ranks, is a force 322 00:16:09.080 --> 00:16:11.080 to be reckoned with. Moran has been a key voice 323 00:16:11.080 --> 00:16:13.679 in support of Trump's sweeping economic agenda, with the President 324 00:16:13.759 --> 00:16:16.240 praising him as distinguished and unmatched. But what it takes 325 00:16:16.279 --> 00:16:18.279 get nominated to the FED is different what it takes 326 00:16:18.320 --> 00:16:21.320 to succeed at the Central Bank. Moran was nominated in 327 00:16:21.360 --> 00:16:24.080 place of Adrian Coogler, who resigned from the FED with 328 00:16:24.120 --> 00:16:26.240 six months left in her term. That means Marann would 329 00:16:26.279 --> 00:16:28.679 serve on the Fed's Board of Governors until January thirty one. 330 00:16:28.919 --> 00:16:31.759 Should he be confirmed by the Senate, his unconventional views 331 00:16:31.799 --> 00:16:34.879 on the economy will be unfold display during his confirmation 332 00:16:34.960 --> 00:16:37.759 hearing before the Senate Banking Committee. The same views that 333 00:16:37.840 --> 00:16:40.200 put him out of step with the rest of the board. 334 00:16:40.639 --> 00:16:44.000 Unlike most mainstream economists, including those at the FED, Moran 335 00:16:44.080 --> 00:16:46.759 believes that Trump's widespread traffs and US trading partners won't 336 00:16:46.840 --> 00:16:49.519 stoke conflation, the view that suggests the FED should have 337 00:16:49.559 --> 00:16:52.320 already cut interest rates this year, as Trump was loudly 338 00:16:52.360 --> 00:16:55.600 demanded for months. He's doubled down on the position recently. 339 00:16:56.000 --> 00:16:57.960 Moran also co out of the little paper last year 340 00:16:58.000 --> 00:17:00.799 that argued that the Fed's independence, so he's struck a 341 00:17:00.799 --> 00:17:04.039 different tone in recent years argued against the Fed's independence, 342 00:17:04.240 --> 00:17:06.480 though he struck a different tone in recent years, it's 343 00:17:06.559 --> 00:17:09.960 unclear if he'll be unequivocal about honoring the Fed's independence 344 00:17:10.279 --> 00:17:13.519 as chaired Jerome Powell and other FED members typically are. 345 00:17:13.880 --> 00:17:17.359 This is CNN raising alarm bells that this guy might 346 00:17:17.400 --> 00:17:19.839 think that maybe the Federal Reserve should, oh, I don't know, 347 00:17:20.920 --> 00:17:24.759 be audited or be responsible to someone of themselves. That's insane. 348 00:17:24.799 --> 00:17:27.160 That's crazy talk megal world baby. 349 00:17:27.519 --> 00:17:30.559 Yeah, pure insanity. And also you sit there and go, hey, 350 00:17:30.960 --> 00:17:33.279 cool job writing a story about somebody where you draw 351 00:17:33.279 --> 00:17:35.759 all these conclusions that you've never even spoken to him. Yeah, 352 00:17:35.839 --> 00:17:39.319 he wait, here's the other thing to drive me nuts. 353 00:17:39.480 --> 00:17:41.279 And I don't want to sound too elitist or anything 354 00:17:41.279 --> 00:17:45.480 when I say this, but it gets so exhausting listening 355 00:17:45.480 --> 00:17:48.319 to people try to sound smart and try to sound 356 00:17:48.359 --> 00:17:51.079 like they understand what they're talking about when it's so 357 00:17:51.319 --> 00:17:53.920 clear that they've got no idea. 358 00:17:54.039 --> 00:17:56.680 One of the biggest issues you've got in this economic 359 00:17:56.720 --> 00:18:01.680 talk is these are pardoning Turner. But these idiots out 360 00:18:01.720 --> 00:18:06.880 there GDP up good, GDP down bad. Now, they'll sit 361 00:18:06.920 --> 00:18:09.279 there and talk at their cocktail circuits about the plight 362 00:18:09.279 --> 00:18:11.960 of the middle class and the financialization of the economy. 363 00:18:12.000 --> 00:18:16.039 And but anything you do that makes GDP go down 364 00:18:16.079 --> 00:18:18.079 for so much as a quarter is a disaster. 365 00:18:18.599 --> 00:18:18.839 Right. 366 00:18:19.519 --> 00:18:23.720 Well, in real life, we understand sometimes we've got to 367 00:18:23.759 --> 00:18:26.240 take a step back to take three steps forward. 368 00:18:26.319 --> 00:18:26.519 Yep. 369 00:18:26.680 --> 00:18:26.880 Right. 370 00:18:27.359 --> 00:18:31.480 And Trump isn't even doing what they're talking about. Trump 371 00:18:31.599 --> 00:18:35.119 is even said this might be uncomfortable, this might be 372 00:18:35.359 --> 00:18:38.880 you know, not ideal. There's going to be some pain, right, 373 00:18:39.160 --> 00:18:42.680 But we're talking about two different things. Nobody ever said 374 00:18:42.680 --> 00:18:46.519 that this might cause a short term recession, which when 375 00:18:46.559 --> 00:18:50.400 you've got record household debt or record household wealth, record 376 00:18:50.400 --> 00:18:54.559 household equity, at homes and four point two percent unemployment. 377 00:18:54.880 --> 00:18:57.240 Hey, every lost job is a bad thing. 378 00:18:57.559 --> 00:19:00.440 But if that's what it takes to get you know, 379 00:19:01.880 --> 00:19:05.599 you know what manufacturing back in America and livable wages 380 00:19:05.640 --> 00:19:06.000 and all that. 381 00:19:06.160 --> 00:19:10.359 Right, if that's what it takes, then then okay, sounds. 382 00:19:10.079 --> 00:19:12.480 Like a great idea, right, But it's you're gonna sit 383 00:19:12.519 --> 00:19:15.519 here and tell me all the horrible plights of capitalism 384 00:19:15.680 --> 00:19:18.200 and how it screwed everybody. And yet when we go 385 00:19:18.279 --> 00:19:20.119 back to policy, it's, well, you can't do anything that 386 00:19:20.240 --> 00:19:20.640 is GDP. 387 00:19:20.720 --> 00:19:25.680 Go now you're going Wait a second, I thought this 388 00:19:25.839 --> 00:19:29.319 was all about how evil capitalists only care about number 389 00:19:29.359 --> 00:19:31.799 go up. And yet any time I suggest to Paul, 390 00:19:32.039 --> 00:19:34.640 like I said, I have to remind myself all day 391 00:19:34.680 --> 00:19:37.680 that I'm not living in a black mirror episode because 392 00:19:37.680 --> 00:19:43.240 I'm sitting there going you, now, you are vehemently fighting 393 00:19:43.319 --> 00:19:48.279 somebody that wants to institute quote unquote protectionist measures that 394 00:19:48.359 --> 00:19:51.119 would be beneficial to wages for the middle class. Like 395 00:19:51.559 --> 00:19:55.000 if you hang out long enough, you'll see everything, right, 396 00:19:55.119 --> 00:19:56.720 I mean, that's like a and I've said this a 397 00:19:56.720 --> 00:19:59.640 million times before, but there's certain parts of what Trump 398 00:19:59.799 --> 00:20:02.599 is saying that are just pages right out of Noam Chomsky. 399 00:20:03.319 --> 00:20:07.079 I mean, and by me saying that, I'm not saying 400 00:20:07.079 --> 00:20:07.480 it's bad. 401 00:20:07.599 --> 00:20:09.640