1 00:00:17,000 --> 00:00:19,000 Speaker 1: Welcome to the Federalist Radio Hour. 2 00:00:19,120 --> 00:00:22,480 Speaker 2: I'm Joy Pullman, the executive editor here at the Federalist. 3 00:00:22,960 --> 00:00:26,120 Joining me today is David Bratt. He is the senior 4 00:00:26,239 --> 00:00:29,600 vice president of business Relations at Liberty University and the 5 00:00:29,640 --> 00:00:31,359 former congressman from Virginia. 6 00:00:32,000 --> 00:00:34,039 Speaker 1: David, welcome, Hey. 7 00:00:33,840 --> 00:00:35,159 Speaker 3: Thanks Joy, thanks for having me on. 8 00:00:36,280 --> 00:00:39,759 Speaker 2: Let's first, I mean, so you're economics professor, long before 9 00:00:39,799 --> 00:00:42,640 you were political representative. So let's kind of go into 10 00:00:42,679 --> 00:00:46,240 your major field of economics. A lot going on there 11 00:00:46,280 --> 00:00:49,920 in the economy right now. I would love if you 12 00:00:49,960 --> 00:00:52,359 would just start out. I'm getting a lot of questions 13 00:00:52,399 --> 00:00:56,600 from my normal, you know friends, my everyday friends, kind 14 00:00:56,600 --> 00:00:59,679 of about the tariff situation because I think most a 15 00:00:59,759 --> 00:01:03,399 mayor Americans, even if they're intelligent, well read educated people 16 00:01:03,399 --> 00:01:05,680 who pay attention to the news, which is already maybe 17 00:01:05,680 --> 00:01:09,120 ten percent of the country, I think even those kinds 18 00:01:09,159 --> 00:01:13,040 of people are not super familiar with the tariff game, you. 19 00:01:13,000 --> 00:01:14,560 Speaker 1: Know, how they are used in policy. 20 00:01:14,599 --> 00:01:17,680 Speaker 2: Because, of course, the last forty plus years you know, 21 00:01:17,959 --> 00:01:21,079 of our lives have entailed in this country offshoring, lowering 22 00:01:21,120 --> 00:01:24,200 the tariffs on other countries, and basically getting played by them. 23 00:01:24,519 --> 00:01:26,640 So could you just start here about as an ECON 24 00:01:26,760 --> 00:01:29,640 professor giving our audience a one oh one on the 25 00:01:29,719 --> 00:01:32,519 current tariff war. How we got here and how you 26 00:01:32,519 --> 00:01:33,280 think that's going. 27 00:01:35,239 --> 00:01:38,439 Speaker 4: Yeah, well, the federalist I like a lot of the 28 00:01:38,480 --> 00:01:40,879 folks on your team, and the ones I don't like, 29 00:01:40,959 --> 00:01:43,280 I don't know yet. And so you guys do a 30 00:01:43,319 --> 00:01:46,879 good job educating people. And so the problem with the 31 00:01:46,959 --> 00:01:51,239 tariff debate is the assumptions going in. Right, in economics, 32 00:01:51,280 --> 00:01:53,799 you got to make assumptions going into the making models, 33 00:01:54,480 --> 00:01:57,400 and one of the huge assumptions is you have perfect competition, 34 00:01:57,599 --> 00:02:02,200 et cetera, and smooth functioning marks and whatever. That could 35 00:02:02,200 --> 00:02:04,920 not be further from the truth anymore, Right, And so 36 00:02:05,000 --> 00:02:06,760 you know, I'm on the War Room and on some 37 00:02:06,840 --> 00:02:10,240 other shows here and there, and I get my free 38 00:02:10,280 --> 00:02:13,240 market friends getting heart palpitations when they hear me lately, 39 00:02:14,039 --> 00:02:17,879 and I just tell them, I say, you know, when 40 00:02:17,879 --> 00:02:21,680 it comes. I love Milton Friedman and Milton Friedman's logic work. 41 00:02:21,759 --> 00:02:23,800 Forty years ago, when there was still the hope of 42 00:02:23,879 --> 00:02:30,159 downsizing and bringing federalism right, the federalist federalism back into 43 00:02:30,240 --> 00:02:33,919 play right, downsize in the federal government and state local Unfortunately, 44 00:02:34,000 --> 00:02:38,280 now you got markets that are characterized by the Magnificent seven. 45 00:02:38,919 --> 00:02:43,000 Our top seven big tech firms, et cetera make up 46 00:02:43,120 --> 00:02:46,280 forty percent of the S and P five hundred. Right, So, 47 00:02:46,599 --> 00:02:48,800 for folks who don't know the S and P five hundred, 48 00:02:48,800 --> 00:02:50,360 that's a big stock market. 49 00:02:50,400 --> 00:02:52,240 Speaker 3: Most of you are all invested. 50 00:02:51,800 --> 00:02:55,319 Speaker 4: In that, and seven firms make up forty percent of 51 00:02:55,319 --> 00:02:58,639 that stock index. And then on top of that, the 52 00:02:58,800 --> 00:03:03,759 US right now is characterized by monopoly all over the place, 53 00:03:03,759 --> 00:03:07,400 which is the worst outcome in entry level econ one 54 00:03:07,439 --> 00:03:10,080 oh one. The best outcome is when you have a 55 00:03:10,120 --> 00:03:12,360 bunch of firms on the supply curve and a bunch 56 00:03:12,360 --> 00:03:15,000 of demanders on the demand curb. And they call that 57 00:03:15,080 --> 00:03:19,240 perfect competition, and that market structure gets your lower prices 58 00:03:19,280 --> 00:03:24,319 and more variety and all the good properties. Right, So, 59 00:03:24,400 --> 00:03:26,960 right now we have monopolies. Just think of the major 60 00:03:27,000 --> 00:03:30,439 industries in your head, and if big comes up in 61 00:03:30,520 --> 00:03:35,039 any of them, it's not good. Big automotive, big pharmaceutical, 62 00:03:35,439 --> 00:03:42,240 big banking, big financial, big government, big agriculture, big healthcare. 63 00:03:42,319 --> 00:03:43,120 Speaker 3: You know, just go through. 64 00:03:43,159 --> 00:03:45,840 Speaker 4: It's big, right, and the left wants it to be 65 00:03:45,840 --> 00:03:47,919 big because they can put their thumb down on it. 66 00:03:48,560 --> 00:03:51,879 Speaker 2: And I'll interject quickly that I just during the lockdowns 67 00:03:52,400 --> 00:03:55,199 that the majority of Americans because of the big business 68 00:03:55,439 --> 00:03:58,319 jab mandate, you know, the majority of Americans are working 69 00:03:58,400 --> 00:04:00,280 for one of those big countries. Like you said, we 70 00:04:00,319 --> 00:04:04,759 went from many, many, many many companies everywhere, regional, you know, local, 71 00:04:05,560 --> 00:04:08,319 but now it's a really monopoly market. And that's really 72 00:04:08,360 --> 00:04:10,280 where I learned that whoa, this is a different country 73 00:04:10,280 --> 00:04:10,960 than I thought it was. 74 00:04:11,039 --> 00:04:14,039 Speaker 4: Right, No, it is, and if you google down or 75 00:04:14,719 --> 00:04:17,240 explore the data and now you'll find the same thing. 76 00:04:17,319 --> 00:04:19,680 And then unfortunately that the same thing is kind of 77 00:04:19,680 --> 00:04:25,319 true on the international front. There is no free trade whatsoever, right, 78 00:04:25,360 --> 00:04:28,879 so all markets. I did my dissertation on economic growth 79 00:04:29,480 --> 00:04:32,560 following a Nobel Prize winning paper Solo and man Q 80 00:04:32,759 --> 00:04:35,800 at Harvard, and that model for. 81 00:04:35,800 --> 00:04:38,079 Speaker 3: The country to be included, they had to use. 82 00:04:37,959 --> 00:04:41,720 Speaker 4: The price system, right, because if the price system doesn't work, 83 00:04:41,720 --> 00:04:45,240 you can't do economics because we use prices as measures 84 00:04:45,279 --> 00:04:45,879 of information. 85 00:04:46,920 --> 00:04:49,639 Speaker 2: So you're saying, if the places don't actually reflect value, 86 00:04:49,800 --> 00:04:53,360 then there's market is like, it's not an accurate You're just. 87 00:04:53,360 --> 00:04:57,079 Speaker 4: Not even you can't do ecmodity, no numbers. So I'm 88 00:04:57,079 --> 00:04:59,319 just trying to give some sense of how off this is. 89 00:05:00,040 --> 00:05:02,519 And then when you come to tariffs. I got some 90 00:05:02,639 --> 00:05:05,519 free trade friends in high level, high level donors, high 91 00:05:05,879 --> 00:05:10,560 high level, the highest level. If I told you the names, uh, politics, 92 00:05:10,560 --> 00:05:12,800 et cetera. And I asked them the question. I said, 93 00:05:13,000 --> 00:05:16,000 do you think it's possible to do free trade with 94 00:05:16,160 --> 00:05:21,240 a communist, totalitarian surveillance state called slave empire? 95 00:05:21,399 --> 00:05:26,040 Speaker 3: Right, slave empire? How could you do free trade? 96 00:05:26,079 --> 00:05:28,720 Speaker 4: And they think it's possible, we can do fred free 97 00:05:28,759 --> 00:05:31,160 trade and they don't have to. And I'm like, well, 98 00:05:31,560 --> 00:05:33,680 I don't know what that's called, but that's not free trade. 99 00:05:34,360 --> 00:05:37,079 Speaker 1: And then I'm your slavery. 100 00:05:37,480 --> 00:05:39,399 Speaker 3: Yeah, the whole thing is frigged, just. 101 00:05:39,399 --> 00:05:40,720 Speaker 1: Off sharing the slavery. 102 00:05:40,959 --> 00:05:41,279 Speaker 3: Yes. 103 00:05:41,360 --> 00:05:45,120 Speaker 4: And then finally the G twenty the richest twenty countries, 104 00:05:45,160 --> 00:05:48,439 you know, and we're you know, with that crew they 105 00:05:48,519 --> 00:05:48,959 all have. 106 00:05:49,120 --> 00:05:50,560 Speaker 3: And I'm not making this up right. 107 00:05:50,560 --> 00:05:52,519 Speaker 4: So Trump came out with his tearf list that's highly 108 00:05:52,519 --> 00:05:56,319 correlated with the size of the trade deficit, and uh okay, 109 00:05:56,360 --> 00:06:00,720 so the press or palpitations, but they missed another list 110 00:06:00,759 --> 00:06:04,680 that came out from Bank of America, the World Bank 111 00:06:04,759 --> 00:06:08,399 in PwC that had all the g Twenty countries have 112 00:06:08,480 --> 00:06:11,800 two to three hundred percent tariffs against US, higher than 113 00:06:11,839 --> 00:06:15,319 we have on them two times to three all of them, 114 00:06:15,920 --> 00:06:16,839 and we're the smallest. 115 00:06:16,839 --> 00:06:17,879 Speaker 3: We're at the bottom of the chart. 116 00:06:18,399 --> 00:06:21,639 Speaker 4: They're all posted on Bratt Economics, on Getter and on 117 00:06:21,920 --> 00:06:24,199 x if you want to go, bore yourself to sleep 118 00:06:24,240 --> 00:06:24,600 at night. 119 00:06:25,240 --> 00:06:27,720 Speaker 3: But that, in a in a nutshell is just a 120 00:06:27,839 --> 00:06:32,399 kind of an introductory to tariffs, right, and that's why work. 121 00:06:32,519 --> 00:06:35,319 Speaker 2: They're taxing the things that we sell to them, but 122 00:06:35,399 --> 00:06:37,720 we're taxing at a far less rate, or we had 123 00:06:37,759 --> 00:06:39,319 been things that they say to us. 124 00:06:39,519 --> 00:06:41,839 Speaker 1: Yeah, but what can you explain? What? How? 125 00:06:42,439 --> 00:06:43,120 Speaker 3: What does that matter? 126 00:06:43,199 --> 00:06:43,279 Speaker 4: Right? 127 00:06:43,319 --> 00:06:45,120 Speaker 2: There's a lot of people who say the trade deficit 128 00:06:45,160 --> 00:06:47,959 doesn't matter. You know, we're getting cheap stuff. It's better 129 00:06:48,000 --> 00:06:51,720 for us. We're we're you know, we're increasing in our specialization. Right, 130 00:06:51,759 --> 00:06:55,360 We're offering them higher value services, right, and they're offering 131 00:06:55,439 --> 00:06:58,680 us lower value you know, cheap trinkets. So you know, 132 00:06:59,079 --> 00:07:01,360 or if people you know want the stuff, it's good. 133 00:07:01,439 --> 00:07:03,720 Speaker 1: Right. So what's the response to that? How is this 134 00:07:03,800 --> 00:07:04,439 bad for us? 135 00:07:04,959 --> 00:07:09,399 Speaker 4: Yeah? No, Well, if you read the economics book, just 136 00:07:09,439 --> 00:07:13,040 the two sentenced answer is that you have winners and 137 00:07:13,079 --> 00:07:15,720 losers from trade and comparative EVANGELI that stuff, and you're 138 00:07:15,720 --> 00:07:18,560 supposed to take care of the losers right with the 139 00:07:18,600 --> 00:07:21,439 rewards that went to the winners. Well, that has never 140 00:07:21,480 --> 00:07:25,920 happened in US history. And the one thing also is 141 00:07:26,319 --> 00:07:29,040 we used to have these people called liberals. I like 142 00:07:29,160 --> 00:07:31,959 liberals right at the federalists. You know, you're almost kind 143 00:07:31,959 --> 00:07:33,920 of quasi liberal, and I am too, you know, with 144 00:07:34,000 --> 00:07:37,639 James Madison and Adam Smith, John Locke, some of these 145 00:07:37,680 --> 00:07:41,040 guys were considered, you know, historically liberal because the room 146 00:07:41,120 --> 00:07:42,360 word is liberty. 147 00:07:42,560 --> 00:07:46,920 Speaker 3: Right, and so you know that sets you up. 148 00:07:47,399 --> 00:07:53,560 Speaker 4: But the basic problem is that we've lost five million 149 00:07:53,720 --> 00:07:57,319 manufacturing jobs over the past thirty or forty years and a. 150 00:07:57,319 --> 00:07:58,319 Speaker 3: Country named China. 151 00:07:58,360 --> 00:08:02,319 Speaker 4: Our intelligence agencies law track of China, and so we 152 00:08:02,399 --> 00:08:05,959 gave them every benefit, every advantage. We've let them build 153 00:08:06,040 --> 00:08:09,199 up huge trade deficits, and now they're a threat to us. 154 00:08:10,000 --> 00:08:11,800 And if you don't know that, you know, go look 155 00:08:11,839 --> 00:08:17,079 up a document in nineteen ninety nine called unrestricted warfare. 156 00:08:17,600 --> 00:08:21,959 And by unrestricted warfare they mean unrestricted from their side. 157 00:08:21,959 --> 00:08:23,399 What they're going to do to you will make your 158 00:08:23,399 --> 00:08:26,959 stomach crawl and when you read that document and then Shijiping. 159 00:08:27,240 --> 00:08:29,160 You know, I won't bore you to tears with all this. 160 00:08:29,240 --> 00:08:31,120 But a year ago he gave his famous speech in 161 00:08:31,120 --> 00:08:34,240 front of the CCP, and he said, we're going full 162 00:08:34,240 --> 00:08:37,720 on Marxist Leninist. We're getting rid of no economic reforms, 163 00:08:38,320 --> 00:08:40,440 and we're getting rid of all China stuff in China, 164 00:08:40,600 --> 00:08:43,440 meaning you're going to get rid of Buddhism and Confucianism 165 00:08:43,440 --> 00:08:46,639 and peace and harmony, no need for that stuff. Right, 166 00:08:46,679 --> 00:08:52,480 not to mention Christians and Wigers and whatever, right, other 167 00:08:52,879 --> 00:08:59,639 minority religions. And so why does it matter this irregularity 168 00:08:59,840 --> 00:09:01,320 in trade, which who's getting what? 169 00:09:01,559 --> 00:09:01,720 Speaker 3: Right? 170 00:09:01,759 --> 00:09:04,080 Speaker 4: So we get the goods from them, and then we 171 00:09:04,120 --> 00:09:08,559 give them capital, we give them pieces of paper dollar bills, right, 172 00:09:08,840 --> 00:09:10,720 and then they get to go around the world investing 173 00:09:10,759 --> 00:09:11,279 in things. 174 00:09:11,879 --> 00:09:14,519 Speaker 3: At the same time the US is not investing in things. 175 00:09:14,600 --> 00:09:19,080 Speaker 4: And capital equipment is what we need to produce economic growth. 176 00:09:19,799 --> 00:09:23,279 Speaker 3: So trade and manufacturing. 177 00:09:22,559 --> 00:09:25,639 Speaker 4: Is highly correlated with a lot of good things like 178 00:09:25,799 --> 00:09:30,000 capital investment and innovation and research and development and all 179 00:09:30,080 --> 00:09:32,440 that kind of stuff. And so we have a forty 180 00:09:32,519 --> 00:09:35,480 year deficit of all of those things. And when you 181 00:09:35,679 --> 00:09:39,200 don't put capital in the hands of your people, their 182 00:09:39,200 --> 00:09:41,559 productivity goes down. And so the leading guy in the 183 00:09:41,559 --> 00:09:45,080 world on that is named Bob Gordon. He's at Northwestern University. 184 00:09:45,200 --> 00:09:49,480 I doubt he's a wool Room Posse member, and he's 185 00:09:49,639 --> 00:09:52,879 cited by every macro growth economist there is. And he's 186 00:09:52,919 --> 00:09:55,440 got a nice chart that I also have posted with 187 00:09:55,480 --> 00:09:59,799 productivity trend productivity going down for the last seventy years. 188 00:10:00,799 --> 00:10:03,200 Speaker 3: It was at five or six and then three or four. 189 00:10:03,320 --> 00:10:03,960 Now it's at two. 190 00:10:05,279 --> 00:10:10,600 Speaker 4: And that two matches precisely the Congressional Budget Office projection 191 00:10:10,720 --> 00:10:14,399 for economic growth for the next thirty years at two percent. 192 00:10:15,000 --> 00:10:17,679 Speaker 2: In that mass, it does not basically reflect for normal people. 193 00:10:18,360 --> 00:10:21,360 Productivity basically is your wages, right, so you don't have 194 00:10:21,399 --> 00:10:23,960 any value able to you know, you earn a marketplace 195 00:10:24,039 --> 00:10:25,759 what you can put out that other people are willing 196 00:10:25,799 --> 00:10:27,399 to buy. So if it's a higher value, you get 197 00:10:27,480 --> 00:10:30,120 higher wages. I mean ideally, of course the market is 198 00:10:30,159 --> 00:10:32,519 really rigged. But if it's lower value, get lower wages. 199 00:10:33,360 --> 00:10:35,600 So you're saying, so if we have low productivity, we 200 00:10:35,639 --> 00:10:36,799 have low wages for our people. 201 00:10:37,279 --> 00:10:41,120 Speaker 4: By definition almost it's by definition you haven't put capital 202 00:10:41,120 --> 00:10:42,879 in the hands of your worker. So they're not productive, 203 00:10:42,879 --> 00:10:44,360 they're not making as much per hour. 204 00:10:44,639 --> 00:10:46,559 Speaker 2: So you get to say capital in their hands means 205 00:10:46,600 --> 00:10:48,399 you know. So I'm thinking, so my son has a 206 00:10:48,440 --> 00:10:50,840 long lowing business, right, if he were to grow it, 207 00:10:50,879 --> 00:10:53,240 he would need like a shed to store his bigger equipment, 208 00:10:53,320 --> 00:10:56,360 or to buy bigger equipment to have you know, et cetera, 209 00:10:56,360 --> 00:10:58,440 et cetera. So but if he doesn't have access to capital, 210 00:10:58,440 --> 00:11:00,879 he can't grow his business. He's still to be working 211 00:11:00,960 --> 00:11:03,240 hour by hour, low end jobs rather than you know, 212 00:11:03,440 --> 00:11:04,960 being able to hire people, et cetera. 213 00:11:05,320 --> 00:11:08,679 Speaker 4: Yeah, right, Just he's got an old nineteen thirties mower, 214 00:11:09,120 --> 00:11:11,240 one of those things with the things right, and you 215 00:11:11,279 --> 00:11:14,559 can mow a lawn in you know, five hours, right, 216 00:11:14,559 --> 00:11:16,279 and if you get a lawnmower, you can mow it 217 00:11:16,399 --> 00:11:18,799 in one and a half hours. Yeah, And if you 218 00:11:18,799 --> 00:11:21,399 get a big writer mower, you can mote in twenty minutes. 219 00:11:21,759 --> 00:11:22,039 Speaker 1: Sure. 220 00:11:22,399 --> 00:11:24,799 Speaker 4: So that that's what you know, Henry Ford, I mean 221 00:11:25,039 --> 00:11:27,720 the assembly line or whatever. That's your classic kid. So 222 00:11:27,759 --> 00:11:32,480 we're not talking about financial capital. I'm talking about physical capital. Okay, 223 00:11:32,600 --> 00:11:36,159 So that's that's the big deal, and three things cause 224 00:11:36,240 --> 00:11:41,679 economic growth capital is one, and just the basic stats 225 00:11:41,679 --> 00:11:46,039 on that. China has one hundred trillion of capital, the 226 00:11:46,080 --> 00:11:49,399 capital stock, the total amount of capital, the. 227 00:11:49,519 --> 00:11:53,080 Speaker 1: Money available to invest in large things production. 228 00:11:52,960 --> 00:11:57,519 Speaker 4: No, no, nope, the total capital equipment to make stuff. Okay, 229 00:11:58,080 --> 00:12:02,600 so they got a lot of capital equipment, think of equipment. 230 00:12:02,200 --> 00:12:08,279 Speaker 2: And the US talking warehouses, you know, robots, transportation, Yes, yes, and. 231 00:12:08,320 --> 00:12:12,080 Speaker 4: The US only has seventy trillion dollars in total capital. 232 00:12:12,080 --> 00:12:15,200 We're a bigger economy, we're richer, we're older, we should 233 00:12:15,240 --> 00:12:18,159 have way more than them. As a result of all that, 234 00:12:18,320 --> 00:12:23,840 China's doing five trillion a year in uh, manufacturing. The 235 00:12:23,960 --> 00:12:25,799 US is only doing half of that two and a 236 00:12:25,840 --> 00:12:27,600 half trillion in manufacturing. 237 00:12:27,960 --> 00:12:31,240 Speaker 3: Wow. So Trump is a savvy business guy and he's. 238 00:12:31,080 --> 00:12:33,039 Speaker 4: Like, oh, you've got to be kidding me. Who put 239 00:12:33,120 --> 00:12:35,840 us in this ditch? And so he's trying to get 240 00:12:35,879 --> 00:12:38,480 us out of the ditch. And all the complainers you 241 00:12:38,480 --> 00:12:42,559 can complain, it's not optimal tariff, aren't the optimal economic 242 00:12:42,600 --> 00:12:44,519 you know, harbor. I'm going to measure my harbor or 243 00:12:44,559 --> 00:12:49,080 triangles determined perfect efficiency. Okay, well, you go do that, 244 00:12:49,519 --> 00:12:52,039 but you got to explain to me the policy you 245 00:12:52,080 --> 00:12:55,240 have ready to put into place to bring manufacturing and 246 00:12:55,279 --> 00:13:05,480 equipment back for the US. 247 00:13:01,559 --> 00:13:05,039 Speaker 5: People are able to put Gucci on layaway. Watch Dout 248 00:13:05,120 --> 00:13:08,039 on Wall Street podcast with Chris Markowski. Every day Chris 249 00:13:08,039 --> 00:13:10,840 helps unpack the connection between politics and the economy and 250 00:13:10,879 --> 00:13:14,120 how it affects your wallet. Luxury brand Gucci has partnered 251 00:13:14,120 --> 00:13:17,919 with a firm to offer tailored monthly payments for buy now, 252 00:13:18,120 --> 00:13:21,159 pay later. If you can't afford Gucci, that's okay, but 253 00:13:21,360 --> 00:13:24,679 don't do this. This won't end well. Whether it's happening 254 00:13:24,679 --> 00:13:27,200 in DC or down on Wall Street, it's affecting you financially. 255 00:13:27,279 --> 00:13:29,200 Be informed. Check out the watch Dot on Wall Street 256 00:13:29,240 --> 00:13:32,120 podcast with Chris Markowski on Apple, Spotify, or wherever you 257 00:13:32,159 --> 00:13:33,000 get your podcasts. 258 00:13:35,440 --> 00:13:37,320 Speaker 2: So I always think, you know, so as someone who's 259 00:13:37,320 --> 00:13:39,720 involved in hiring people, and you know, my dad's a 260 00:13:39,720 --> 00:13:42,559 businessman as well hiring people. I know that the cost 261 00:13:42,559 --> 00:13:45,240 of hiring a person you have to add thirty percent 262 00:13:45,399 --> 00:13:47,960 on top of what you're actually paying them to comply 263 00:13:48,039 --> 00:13:50,519 with government regulations, et cetera, et cetera. 264 00:13:50,639 --> 00:13:52,600 Speaker 1: So I do think one of the reasons that. 265 00:13:52,639 --> 00:13:54,679 Speaker 2: The US is less competitive is we have a very 266 00:13:54,720 --> 00:13:59,480 sclerotic and over top heavy bureaucratic system. I would love 267 00:13:59,519 --> 00:14:02,200 to be able to pay my employees thirty percent more 268 00:14:02,279 --> 00:14:05,159 right now, instead of sending it off to the federal government. 269 00:14:05,200 --> 00:14:08,919 How much do you think that's a factor as well? 270 00:14:08,919 --> 00:14:10,480 Speaker 3: Oh, that's right in there, right. 271 00:14:10,519 --> 00:14:14,159 Speaker 4: And the three variables that are roughly speaking, that cause 272 00:14:14,200 --> 00:14:16,759 economic growth are capital and then second what you just said, 273 00:14:16,879 --> 00:14:21,080 human capital, your educated workforce. And in Chicago, the Illinois 274 00:14:21,120 --> 00:14:26,440 Public Policy Institute or whatever has studies shown the literacy 275 00:14:26,519 --> 00:14:29,639 rate for the poor kids in Chicago is twelve percent yep, 276 00:14:29,840 --> 00:14:33,879 twelve percent can read, eighty eight percent illiteracy totally. 277 00:14:33,919 --> 00:14:35,440 Speaker 2: So how much do you think those people are going 278 00:14:35,480 --> 00:14:36,720 to be contributing to our society? 279 00:14:36,759 --> 00:14:38,159 Speaker 1: They don't even have the capacity. 280 00:14:38,360 --> 00:14:42,039 Speaker 4: The opposite, right, they're going to be draining. And that's 281 00:14:42,080 --> 00:14:44,399 not a moral statement. I believe all people are made 282 00:14:44,399 --> 00:14:46,200 in the image of God, right, So I want the 283 00:14:46,240 --> 00:14:47,480 best for those kids, of course. 284 00:14:47,480 --> 00:14:47,960 Speaker 3: So I'm so. 285 00:14:48,159 --> 00:14:51,159 Speaker 4: Ticked off of these teachers' unions and these schools who 286 00:14:51,159 --> 00:14:54,879 are not given. We're paying plenty, We're paying twenty thousand 287 00:14:54,960 --> 00:14:56,279 dollars on APAs. 288 00:14:55,960 --> 00:14:58,720 Speaker 2: As well as frankly low expectations for parents, you know, 289 00:14:59,240 --> 00:15:00,000 I mean, I don't have to. 290 00:15:00,200 --> 00:15:01,399 Speaker 1: I'm sure you agree with me on that. 291 00:15:01,639 --> 00:15:06,799 Speaker 4: Yes, no, absolutely, we we've just and again, where's where 292 00:15:06,840 --> 00:15:10,159 are the liberals? They've all turned into leftists. The liberals 293 00:15:10,240 --> 00:15:12,720 used to care about the kids, and they cared about 294 00:15:12,759 --> 00:15:16,159 no wars, and they cared about labor right, and maybe 295 00:15:16,159 --> 00:15:19,000 they had different solutions than conservatives would have, but at 296 00:15:19,080 --> 00:15:22,759 least they cared about you know, the least of these 297 00:15:23,080 --> 00:15:25,879 to use biblical language. And then the third piece that 298 00:15:25,960 --> 00:15:29,080 causes economic growth is technico logical growth, and that were 299 00:15:29,120 --> 00:15:31,879 the envy of the world, but they're the problem is 300 00:15:31,960 --> 00:15:32,919 it's monopolized. 301 00:15:33,000 --> 00:15:34,960 Speaker 3: Like I talked about earlier. 302 00:15:37,840 --> 00:15:39,159 Speaker 1: Was that the third thing I was going to ask 303 00:15:39,159 --> 00:15:40,559 you about that yeah your tree. 304 00:15:40,879 --> 00:15:43,799 Speaker 4: Yeah, technological growth. And that's hard to measure. 305 00:15:43,840 --> 00:15:43,919 Speaker 5: Me. 306 00:15:45,080 --> 00:15:46,159 Speaker 3: That's a good, that's a good. 307 00:15:46,840 --> 00:15:49,360 Speaker 4: That's economists don't know how to measure it, so they 308 00:15:49,440 --> 00:15:52,720 use they use proxies, or they'll take economic growth, uh, 309 00:15:52,840 --> 00:15:55,720 and then they'll take the results of capital and human 310 00:15:55,799 --> 00:15:58,879 capital out, and what's left they'll assume. 311 00:15:58,639 --> 00:15:59,840 Speaker 3: Is technological growth. 312 00:16:00,559 --> 00:16:02,799 Speaker 4: Or you can try to proxyate with you know, like 313 00:16:03,240 --> 00:16:06,720 miles of fiber octic cable. The amount of our research 314 00:16:06,759 --> 00:16:10,919 and development spent in aggregate across the country. Uh, just 315 00:16:11,039 --> 00:16:15,960 other proxies for what what causes technological growth? 316 00:16:16,159 --> 00:16:17,039 Speaker 3: A number of. 317 00:16:16,960 --> 00:16:19,279 Speaker 4: Computer chips produced, you know, this is kind of in 318 00:16:19,320 --> 00:16:23,000 a cross country setting. So those proxies will help get 319 00:16:23,080 --> 00:16:24,879 at you know that. 320 00:16:24,919 --> 00:16:26,720 Speaker 3: But it's very hard because. 321 00:16:26,720 --> 00:16:32,679 Speaker 4: Technology, the technicook definition and that it's just knowledge, it's measure. 322 00:16:32,720 --> 00:16:34,759 Speaker 2: So I'm wondering why and it says third item rather 323 00:16:34,799 --> 00:16:36,000 than hold into the other two. 324 00:16:36,080 --> 00:16:37,399 Speaker 1: And you're saying it kind of is. 325 00:16:38,320 --> 00:16:41,120 Speaker 4: Yeah, right, and you want that that technical knowledge gets 326 00:16:41,159 --> 00:16:46,440 embedded in capital and in people. And you know, the 327 00:16:46,840 --> 00:16:50,480 Bob Gordon story is kind of funny. And people back 328 00:16:50,519 --> 00:16:52,240 when the cell phone was going to produce all this 329 00:16:52,320 --> 00:16:56,519 massive economic growth in the dot com bubble, and they said, Bob, 330 00:16:56,639 --> 00:17:01,399 don't you see technology everywhere? And he said, yeah, it's 331 00:17:01,440 --> 00:17:04,680 all over the place, see it everywhere except in the data, right, 332 00:17:04,839 --> 00:17:08,119 So that there was a little blip in productivity, but 333 00:17:08,640 --> 00:17:09,599 not not sustained. 334 00:17:09,640 --> 00:17:11,799 Speaker 2: Well, I think now our tech is actually making us 335 00:17:11,880 --> 00:17:14,680 stupider and worse at productivity because think about how many 336 00:17:14,759 --> 00:17:16,839 hours a day we you know, on knowledge workers like 337 00:17:16,880 --> 00:17:18,680 me and you have to spend on email. 338 00:17:18,920 --> 00:17:21,880 Speaker 1: You know, yes, because every day I actually try. 339 00:17:21,759 --> 00:17:23,720 Speaker 2: To think about my ratio if I call like points 340 00:17:23,720 --> 00:17:25,279 on the board, and points on the board is like 341 00:17:25,359 --> 00:17:29,720 actually getting accomplished, like shippable you know, an article, something edited, 342 00:17:29,880 --> 00:17:33,160 a podcast, like some you know item that's going happening, 343 00:17:33,400 --> 00:17:36,400 rather than you know, the communication churn back and forth. Right, 344 00:17:36,799 --> 00:17:39,000 you know, nobody sees it anyway. Some of the course 345 00:17:39,039 --> 00:17:40,440 has to happen, but why does it have to take 346 00:17:40,480 --> 00:17:42,319 four hours? Everybody wants to know that. 347 00:17:42,799 --> 00:17:46,599 Speaker 4: And for those who have to, you know, the stock market, 348 00:17:46,599 --> 00:17:49,599 for example, sell a positive you know, cheerleading game. 349 00:17:50,160 --> 00:17:52,759 Speaker 3: The AI is going to be the wonder of the world, 350 00:17:53,359 --> 00:17:53,960 I hope so. 351 00:17:54,279 --> 00:17:56,440 Speaker 1: But again I feel that way about it as well. 352 00:17:56,680 --> 00:17:58,559 Speaker 3: It's not in the data yet. 353 00:17:58,720 --> 00:18:01,799 Speaker 4: We all hope it does something great, but we don't 354 00:18:01,839 --> 00:18:03,319 know which way that breaks. 355 00:18:04,640 --> 00:18:04,799 Speaker 3: Well. 356 00:18:04,799 --> 00:18:06,920 Speaker 2: And so in this whole tariff picture, you know, there's 357 00:18:07,119 --> 00:18:09,799 obviously been a lot of media scare mongering, and I mean, 358 00:18:10,240 --> 00:18:12,240 I mean every single one of us, all the normal 359 00:18:12,240 --> 00:18:14,759 people I talk to, including me. You know, we've all 360 00:18:14,759 --> 00:18:17,960 been through four years of historic inflation. You know, our 361 00:18:18,000 --> 00:18:20,200 budgets are really you know tight. Try and put food 362 00:18:20,240 --> 00:18:21,839 on the table for our kids, make sure that they 363 00:18:21,839 --> 00:18:24,160 have medical care when they need it, et cetera. You know, 364 00:18:24,200 --> 00:18:27,000 that makes people really nervous, and so there's been you know, 365 00:18:27,079 --> 00:18:29,720 I think the media fear mongering really feeds something that's 366 00:18:29,759 --> 00:18:33,640 already you know, already sore, really has riven a sore spot. 367 00:18:34,039 --> 00:18:35,759 But however, I will say, we just had you know, 368 00:18:35,839 --> 00:18:39,519 news out I believe it was today, or that inflation 369 00:18:39,680 --> 00:18:42,319 has under the Trump administration while he's doing all of 370 00:18:42,319 --> 00:18:45,599 this tariff negotiation, fall into the lowest level in more 371 00:18:45,640 --> 00:18:48,839 than four years. So again, you know, I remember still, 372 00:18:48,880 --> 00:18:50,920 you know, when everything was fifty percent cheaper in the 373 00:18:50,920 --> 00:18:53,920 grocery store. But I do appreciate the fact that inflation 374 00:18:54,039 --> 00:18:57,720 has not continued to increase at a record pace. So 375 00:18:57,839 --> 00:18:59,559 what do you think do you think that has any 376 00:18:59,599 --> 00:19:03,119 information to offer about you know, people's fears about the 377 00:19:03,200 --> 00:19:06,799 tariff thing, you know, the tariff war maybe driving up prices, 378 00:19:06,880 --> 00:19:08,400 or do you think it's still too early to tell 379 00:19:08,400 --> 00:19:09,920 it's just a really small data point. 380 00:19:10,759 --> 00:19:12,599 Speaker 3: Well, no, it's an important day to point. 381 00:19:12,599 --> 00:19:14,480 Speaker 4: And I googled you guys ahead of time just to 382 00:19:14,480 --> 00:19:16,839 see what's hot at the Federalist. I was very happy 383 00:19:16,880 --> 00:19:20,599 to see that already out. So whoever compliments to whoever 384 00:19:20,640 --> 00:19:24,319 did that. But yeah, you know, this guy's falling inflation's creating. 385 00:19:24,319 --> 00:19:26,680 Inflation was twenty percent under Biden. You never heard a 386 00:19:26,720 --> 00:19:27,799 word four years. 387 00:19:27,880 --> 00:19:28,960 Speaker 1: It's more than twenty percent. 388 00:19:29,240 --> 00:19:32,200 Speaker 2: Anyway, I memorized all my grocery buy prices and it's 389 00:19:32,200 --> 00:19:33,400 at least fifty percent more. 390 00:19:33,400 --> 00:19:36,039 Speaker 4: No food, all that higher whatever. But you know, just 391 00:19:36,200 --> 00:19:38,799 on average, the market rasket whatever. 392 00:19:38,720 --> 00:19:40,799 Speaker 1: Our home values doubled in three years. 393 00:19:40,880 --> 00:19:45,359 Speaker 2: Ridiculous, yeah, right, no housing, right stuff, and therefoses and 394 00:19:45,480 --> 00:19:46,759 it hasn't come back down. 395 00:19:46,799 --> 00:19:48,559 Speaker 3: And that's due to the Federal Reserve. 396 00:19:49,119 --> 00:19:51,680 Speaker 4: By the way, government spending triggers it, and then the 397 00:19:51,680 --> 00:19:54,880 Federal Reserve does not have to accommodate all that spending, 398 00:19:54,920 --> 00:19:57,680 and they did. And so it's a little ironic right 399 00:19:57,720 --> 00:20:01,640 now that the Federal Reserve will not accommodate Trump's tariff policy. 400 00:20:02,119 --> 00:20:05,119 That they have a dual mandate, right, stable prices and jobs. 401 00:20:06,000 --> 00:20:07,720 And so Trump is the one that's trying to bring 402 00:20:07,759 --> 00:20:10,200 the American worker jobs. There's going to be some ripples, 403 00:20:10,240 --> 00:20:12,559 you know that's coming. So Trump told the Fed, you know, 404 00:20:12,680 --> 00:20:15,319 print me some money in the short run. You printed 405 00:20:15,359 --> 00:20:18,640 it for every other reason right under the sun. For 406 00:20:18,960 --> 00:20:23,759 two trillion dollar deficits every year. They accommodate. The seven 407 00:20:23,799 --> 00:20:28,240 to eight financial crisis, they accommodated the crooks. No one 408 00:20:28,279 --> 00:20:31,240 went to jail. That's what got us this populous revolution. 409 00:20:32,279 --> 00:20:35,640 Most likely variable and so no, there's. 410 00:20:35,440 --> 00:20:36,519 Speaker 3: Good news on that front. 411 00:20:36,559 --> 00:20:39,119 Speaker 4: On the tariff front, right, they're supposed to jack up prices, 412 00:20:39,720 --> 00:20:44,440 and then the mainstream media is the culprit. They are 413 00:20:44,480 --> 00:20:46,440 just doing disinformation. 414 00:20:46,839 --> 00:20:47,400 Speaker 3: By the day. 415 00:20:47,519 --> 00:20:50,640 Speaker 4: A month ago, they were making the analogy that the 416 00:20:50,680 --> 00:20:54,799 stock market is down like nineteen twenty nine, for real, 417 00:20:54,920 --> 00:20:57,680 I mean they were saying this, it's just like the 418 00:20:57,720 --> 00:21:02,440 Great Depression, the markets down year on year, the market, 419 00:21:02,519 --> 00:21:06,079 and it's in finally the news today the markets are 420 00:21:06,200 --> 00:21:09,599 up on the year, right, So they're not down, they're 421 00:21:09,759 --> 00:21:12,519 up a little bit. And you know, go verify all that. 422 00:21:12,599 --> 00:21:15,480 People need to get economically literate and get their kids 423 00:21:15,599 --> 00:21:19,559 economically literate so they can't get fooled again and again 424 00:21:19,640 --> 00:21:20,039 and again. 425 00:21:21,160 --> 00:21:23,279 Speaker 2: Well you know, I will say, however, it always makes 426 00:21:23,279 --> 00:21:25,480 me nervous to have the government printing money because we're 427 00:21:25,480 --> 00:21:31,319 already you know, the money printing has been just incomprehensibly high, 428 00:21:31,480 --> 00:21:34,279 right from basically you know, my lifetime the last but 429 00:21:34,400 --> 00:21:37,240 twenty years have been you know more, you know since Obama. 430 00:21:37,279 --> 00:21:39,359 Speaker 1: Basically it's just been never ending. 431 00:21:40,480 --> 00:21:43,279 Speaker 2: So can you kind of talk about how people I 432 00:21:43,319 --> 00:21:46,440 think it's difficult for people to become financially literate or 433 00:21:46,519 --> 00:21:49,079 know how to make wise decisions when you're in an 434 00:21:49,079 --> 00:21:52,519 economy in which so many things are fake inflated this 435 00:21:52,680 --> 00:21:54,160 I mean, you know, like you said, you know, you 436 00:21:54,160 --> 00:21:56,640 have big businesses and big financiers. You know, there's a 437 00:21:56,759 --> 00:21:59,720 minority of small people owning the vast majority of the 438 00:21:59,720 --> 00:22:01,880 stuff and all of the wealth and et cetera. So 439 00:22:01,960 --> 00:22:04,920 how is like a normal average person supposed to trust 440 00:22:05,000 --> 00:22:05,599 the market? 441 00:22:05,920 --> 00:22:06,119 Speaker 1: You know? 442 00:22:06,279 --> 00:22:09,519 Speaker 2: No, you know, uh, you know, what will be a 443 00:22:09,519 --> 00:22:12,039 reliable way to provide for the needs that you have 444 00:22:12,119 --> 00:22:13,880 in life in a responsible manner. 445 00:22:14,400 --> 00:22:18,839 Speaker 4: Well, the way to do that is through the political process, 446 00:22:19,240 --> 00:22:22,559 and you turf out anyone that's voting for seven trillion 447 00:22:22,640 --> 00:22:25,319 dollar government budgets. 448 00:22:25,640 --> 00:22:28,160 Speaker 2: Well, I think people, I mean, I agree with you, 449 00:22:28,240 --> 00:22:31,440 but you know, you know that has been obvious for 450 00:22:31,480 --> 00:22:33,920 the last twenty years, and we still have I mean, 451 00:22:34,000 --> 00:22:36,240 that's the entire period of time in which Congress hasn't 452 00:22:36,240 --> 00:22:39,039 given us a budget. We literally have no regular budget 453 00:22:39,039 --> 00:22:40,759 process for the last almost twenty years. 454 00:22:40,839 --> 00:22:42,599 Speaker 3: Yeah, and so voters. 455 00:22:42,279 --> 00:22:44,759 Speaker 1: Are not giving us that Congress. 456 00:22:44,279 --> 00:22:48,119 Speaker 4: No and that people keep voting that those back in Exactly, 457 00:22:48,160 --> 00:22:50,920 they don't do a budget, then they make it too high, 458 00:22:51,000 --> 00:22:54,160 and then they do the Pelosi budget, and then you know. 459 00:22:54,160 --> 00:22:57,039 Speaker 2: All put all of their friends and all their campaign 460 00:22:57,079 --> 00:22:59,480 donors and basically ninety five, you know, ninety percent of 461 00:22:59,480 --> 00:23:03,200 them are in a and so you know, everybody walks 462 00:23:03,240 --> 00:23:06,000 off while our economy continues to you know, run towards 463 00:23:06,039 --> 00:23:07,000 the clift yep. 464 00:23:07,519 --> 00:23:10,680 Speaker 4: Yeah, and don't trust. Don't trust any of it because 465 00:23:10,960 --> 00:23:12,359 most of it is not good. 466 00:23:12,720 --> 00:23:14,640 Speaker 3: Right, they were supposed to do the Trump agenda. 467 00:23:14,720 --> 00:23:17,720 Speaker 4: The Trump agenda is roughly speaking for the working class 468 00:23:18,599 --> 00:23:21,440 America first. And when you go look at the tax 469 00:23:21,519 --> 00:23:24,720 cuts and they're going to say, oh, the average American 470 00:23:24,759 --> 00:23:27,319 family got x and x x and thousands of dollars 471 00:23:27,319 --> 00:23:28,440 of savings. 472 00:23:28,880 --> 00:23:29,640 Speaker 3: Don't trust that. 473 00:23:29,920 --> 00:23:32,240 Speaker 4: What they probably did is take the total number divided 474 00:23:32,279 --> 00:23:33,359 by the total number of people. 475 00:23:33,720 --> 00:23:36,359 Speaker 3: I'd say, on average, this is it. But that ain't 476 00:23:36,359 --> 00:23:37,400 the deal, right. 477 00:23:37,440 --> 00:23:39,440 Speaker 4: You want to find out what did the middle person get, 478 00:23:39,480 --> 00:23:42,480 what did the media median person get? In the middle 479 00:23:43,319 --> 00:23:46,400 And I'm not too optimistic there, and so you put 480 00:23:46,440 --> 00:23:50,480 your finger on it. With the donor class, they've gotten everything. 481 00:23:50,559 --> 00:23:53,920 They're getting the spoils of the seven trillion dollar budget, 482 00:23:54,440 --> 00:23:58,759 and then they're getting the tax cuts as well. And 483 00:23:58,799 --> 00:24:01,799 that's what's got the American people restless right now. And 484 00:24:01,880 --> 00:24:05,880 I'm pro growth, pro capital, pro tax cuts, always have been. 485 00:24:07,039 --> 00:24:10,759 But if the rich, the fortune five hundred and the 486 00:24:10,799 --> 00:24:14,359 Magnificent seven, they haven't said a word about spending. They 487 00:24:14,359 --> 00:24:17,440 haven't said a word. In fact, they're trading into China 488 00:24:17,599 --> 00:24:21,480 still while China implodes. There's a video going out right now. 489 00:24:21,920 --> 00:24:26,400 G is in some deep kimchi or whatever the China 490 00:24:26,440 --> 00:24:27,240 equivalent is. 491 00:24:27,599 --> 00:24:28,519 Speaker 1: You mixed your Asians. 492 00:24:28,960 --> 00:24:30,960 Speaker 3: Thank you. That's my creat food talking to me. 493 00:24:31,720 --> 00:24:37,920 Speaker 4: But anyway, the he there's a video out yes day, 494 00:24:38,240 --> 00:24:41,640 massive hailstorms going off, and she may have lost it. 495 00:24:42,039 --> 00:24:44,559 And then the problem is who's waiting in the wings, 496 00:24:45,240 --> 00:24:49,359 even more hardline or not. And so their economy has 497 00:24:49,400 --> 00:24:53,440 been cracking for the past five years with his trade 498 00:24:53,880 --> 00:24:59,200 tariff war is really cracking. Ships aren't shipping, people are 499 00:24:59,279 --> 00:25:02,119 not getting their job. There's there's riots and protests. 500 00:25:01,759 --> 00:25:02,359 Speaker 3: In the streets. 501 00:25:02,440 --> 00:25:05,400 Speaker 4: Go out to YouTube and confirm what I'm saying, and 502 00:25:05,480 --> 00:25:08,799 it's widespread, it's not here and there, And now there's 503 00:25:08,880 --> 00:25:13,960 this new idea that she's lost the decree of Heaven 504 00:25:14,039 --> 00:25:17,559 or whatever they call it. Yeah, the mandate of Heaven. Correct, 505 00:25:18,039 --> 00:25:19,640 that's a good thing about hanging out with you smart 506 00:25:19,640 --> 00:25:21,920 people at the Federalists. This is a fun interview. 507 00:25:24,000 --> 00:25:25,920 Speaker 2: Well, I mean, right, so, I mean, I know you 508 00:25:25,960 --> 00:25:29,119 know that China, right, it projects a very a lot 509 00:25:29,160 --> 00:25:31,319 of power, and it does have a lot of capacity, 510 00:25:31,319 --> 00:25:34,359 as you noted all the manufacturing ability. 511 00:25:33,960 --> 00:25:36,799 Speaker 1: That it has that we have eroded ours. But also 512 00:25:36,880 --> 00:25:38,519 you know, people who pay attention to. 513 00:25:38,519 --> 00:25:40,599 Speaker 2: China are aware that, you know, a lot of their 514 00:25:41,160 --> 00:25:43,359 they falsify their numbers, you know, they do. 515 00:25:43,480 --> 00:25:44,200 Speaker 1: I mean they have. 516 00:25:44,400 --> 00:25:46,200 Speaker 2: I mean, to have a communist society is to have 517 00:25:46,240 --> 00:25:49,000 a corrupt society. So that's a lot of transaction costs 518 00:25:49,000 --> 00:25:50,119 and bureaucracy that's. 519 00:25:49,960 --> 00:25:51,039 Speaker 1: Embedded into the system. 520 00:25:51,799 --> 00:25:52,000 Speaker 3: You know. 521 00:25:52,119 --> 00:25:52,960 Speaker 1: Then then you have the. 522 00:25:52,920 --> 00:25:55,000 Speaker 2: Whole problem of you know, you have to basically buy 523 00:25:55,000 --> 00:25:57,559 people's silence or you know, terrify it out of them, 524 00:25:57,599 --> 00:25:58,759 which is another really. 525 00:25:58,559 --> 00:26:00,319 Speaker 1: Expensive thing for a government to do. 526 00:26:00,880 --> 00:26:02,839 Speaker 2: I have a lot of strategic weaknesses that are a 527 00:26:02,880 --> 00:26:04,839 part of their system. And we tend to see the 528 00:26:04,880 --> 00:26:08,000 more positive things, you know, while they hide the negative things. 529 00:26:08,359 --> 00:26:09,960 Speaker 1: But I guess I've always. 530 00:26:09,799 --> 00:26:12,200 Speaker 2: My thought about that has always been kind of like 531 00:26:12,240 --> 00:26:14,599 the United States is in a similar position, with maybe 532 00:26:14,640 --> 00:26:19,839 different structural risks and different structural assets and advantages. So 533 00:26:20,000 --> 00:26:22,319 we're kind of, you know, in a situation where you know, 534 00:26:22,440 --> 00:26:27,200 which hulking be behemoth with major structural internal problems is 535 00:26:27,240 --> 00:26:30,880 going to you know, come out and triumph in the end. Yeah, 536 00:26:31,000 --> 00:26:33,079 and you know the word, it's not clear which one 537 00:26:33,119 --> 00:26:33,759 that's going to be. 538 00:26:34,000 --> 00:26:36,279 Speaker 1: But as an American, of course, I. 539 00:26:36,240 --> 00:26:38,680 Speaker 2: Want the United States to do better and obviously win that, 540 00:26:38,799 --> 00:26:41,240 especially just for the sake of you know, that it's 541 00:26:41,279 --> 00:26:42,920 better for the world that we do that, even though 542 00:26:42,920 --> 00:26:43,599 we're not perfect. 543 00:26:43,920 --> 00:26:49,599 Speaker 4: Yeah, well no, And I think the evidence is tilted 544 00:26:49,640 --> 00:26:53,039 heavily toward the US win. And the evidence for that 545 00:26:53,279 --> 00:26:57,039 is when Trump goes around the world, the second most 546 00:26:57,079 --> 00:27:00,799 populous country is India. Under mody, there are buddies. Now, 547 00:27:01,880 --> 00:27:05,960 Saudi's today is our buddies. Everybody's given us free planes. 548 00:27:05,960 --> 00:27:08,519 Speaker 1: Right to the because we can't build them. 549 00:27:10,240 --> 00:27:10,319 Speaker 4: Right. 550 00:27:10,400 --> 00:27:12,799 Speaker 1: Well, hey, great to know. 551 00:27:13,200 --> 00:27:14,880 Speaker 3: That was the first part of my lecture. Now I 552 00:27:14,880 --> 00:27:15,279 got to give. 553 00:27:15,559 --> 00:27:17,680 Speaker 4: I went to seminary thirty five years ago, so I 554 00:27:17,720 --> 00:27:19,400 got to you know, you got to give the pastoral 555 00:27:19,480 --> 00:27:21,839 side and give you faith and hope as well. 556 00:27:25,079 --> 00:27:27,000 Speaker 2: Yeah, well go ahead, And I mean, well, I guess 557 00:27:27,079 --> 00:27:29,279 I always wonder about what do you think are kind 558 00:27:29,279 --> 00:27:31,839 of the you know, so Trump has this big, huge 559 00:27:31,880 --> 00:27:33,759 mess of a situation, right, you know, he wants some 560 00:27:33,839 --> 00:27:36,079 liquidity that the Federal Reserve won't give him, even though 561 00:27:36,079 --> 00:27:38,119 we give it to other people. He has to basically 562 00:27:38,240 --> 00:27:41,960 remedy you know, forty years of if not more, you know, 563 00:27:42,279 --> 00:27:45,240 major cultural and economic and social problems. 564 00:27:45,559 --> 00:27:47,960 Speaker 1: He's got four years to do it, maybe only. 565 00:27:47,759 --> 00:27:50,079 Speaker 2: Two because you know what I was about to say, 566 00:27:50,079 --> 00:27:51,960 he won't have maybe Congress in the midterms, and then 567 00:27:51,960 --> 00:27:53,440 I thought, well, what good is congress? 568 00:27:54,240 --> 00:27:54,559 Speaker 3: Right? 569 00:27:55,279 --> 00:27:56,359 Speaker 1: You know, what is that the matter? 570 00:27:56,359 --> 00:28:00,599 Speaker 2: They can't even pass a budget or do anything else. So, 571 00:28:00,720 --> 00:28:02,799 you know, so what what's your play? You know, what 572 00:28:02,839 --> 00:28:04,759 do you think are the things that he can do 573 00:28:04,799 --> 00:28:09,079 in an extremely precarious situation, you know, to kind of 574 00:28:09,240 --> 00:28:11,319 help the good things happen and tamp down, you know, 575 00:28:11,599 --> 00:28:14,240 with the United States, for example, sitting on a tsunami 576 00:28:14,240 --> 00:28:17,319 of unfunded liabilities, you know, among all kinds that we 577 00:28:17,359 --> 00:28:20,039 don't have the manufacturing we've saw, we saw the supply 578 00:28:20,119 --> 00:28:23,200 chain in the national security risks with all the COVID stuff. 579 00:28:23,400 --> 00:28:25,359 You know, So, what what's the major play that you 580 00:28:25,400 --> 00:28:27,799 think is necessary in order to kind of help the 581 00:28:27,880 --> 00:28:29,440 United States not collapse? 582 00:28:31,200 --> 00:28:31,440 Speaker 3: Yeah? 583 00:28:31,480 --> 00:28:35,000 Speaker 4: Well, this time around, I think he did his homework 584 00:28:35,039 --> 00:28:39,200 and sharpen the pencil, and he's picking the biggies, right. 585 00:28:39,200 --> 00:28:41,839 You always want to go for the low hanging fruit first. 586 00:28:42,000 --> 00:28:45,759 So he's doing the tariff piece, which causes the ripples. 587 00:28:45,759 --> 00:28:48,319 And I don't like money printing either, and it was 588 00:28:48,359 --> 00:28:50,480 but it was just more of a comparative thing, right, 589 00:28:50,559 --> 00:28:53,680 like why won't the Fed ease a little or just 590 00:28:53,799 --> 00:28:57,319 signal they can even just signal, right, you know we're there. 591 00:28:57,559 --> 00:28:59,119 Speaker 1: You're more fake trillion dollars. 592 00:28:59,200 --> 00:29:02,799 Speaker 3: Yeah right, I know exactly. And so that's the hard piece. 593 00:29:02,839 --> 00:29:05,160 Speaker 4: But then he's got the energy pieces moving in the 594 00:29:05,200 --> 00:29:06,720 right direction, and. 595 00:29:06,680 --> 00:29:08,920 Speaker 3: Then Congress of course won't do the right thing on that. 596 00:29:09,000 --> 00:29:11,680 Speaker 4: In the budget, they're still they got legs of five 597 00:29:11,759 --> 00:29:14,039 years on all the Biden clean stuff, not all, but 598 00:29:14,119 --> 00:29:17,680 most of it. So you got the energy piece, and 599 00:29:17,720 --> 00:29:20,480 then you've got the regulatory piece, and then you've got 600 00:29:20,480 --> 00:29:25,079 the healthcare piece, and then the lawfare piece. 601 00:29:24,960 --> 00:29:25,720 Speaker 3: Is blocking them. 602 00:29:26,000 --> 00:29:30,799 Speaker 4: But he's got a lot of the major you know, 603 00:29:31,319 --> 00:29:35,400 sectors in the economy, and then he's downsizing the federal government. 604 00:29:36,079 --> 00:29:40,119 The doge did have some I think significant, at least 605 00:29:40,160 --> 00:29:45,079 symbolic effects, like us AID showed. Right. We a lot 606 00:29:45,079 --> 00:29:49,440 of times the conservatives make charges, they're called conspiracy theorists. 607 00:29:49,759 --> 00:29:52,480 But now we got receipts right across the board of 608 00:29:52,599 --> 00:29:57,599 the State Department's CIA, FBI cut out in the media, 609 00:29:57,799 --> 00:30:01,039 cutouts in the Protestant Church, the Jewish, the Catholic Church. 610 00:30:01,279 --> 00:30:02,400 There's receipts on all of it. 611 00:30:02,440 --> 00:30:04,759 Speaker 3: And it's not small. It's in the hundreds of millions each. 612 00:30:05,599 --> 00:30:06,039 And so. 613 00:30:07,759 --> 00:30:10,119 Speaker 4: The fact that the American people now know that, you know, 614 00:30:10,160 --> 00:30:13,079 that gets back to some of you know, the institutions. 615 00:30:13,079 --> 00:30:16,480 There's a guy in Economic growth there he Dug North, 616 00:30:16,519 --> 00:30:19,720 won the Nobel Prize for his work on institutions, and 617 00:30:19,759 --> 00:30:23,160 they really matter. And if you lose trust, right, and 618 00:30:23,279 --> 00:30:26,920 we leave religion out of the picture, that Judeo Christian 619 00:30:27,039 --> 00:30:31,279 West gave us the central defining issues, which we they're 620 00:30:31,359 --> 00:30:34,640 still there, but they you know, Trump could work on 621 00:30:34,680 --> 00:30:39,160 those a bit more right. The the the first and 622 00:30:39,240 --> 00:30:41,599 probably most important idea is that we're all made in 623 00:30:41,599 --> 00:30:44,319 the image of God. And then if you're a government. 624 00:30:44,400 --> 00:30:49,079 James Madison went to Princeton Seminary, roughly speaking, wrote the Constitution, 625 00:30:49,279 --> 00:30:52,920 studied Hebrew. He was the first graduate student Hebrew. And 626 00:30:52,960 --> 00:30:55,359 in the Hebrew text that you got the fall and 627 00:30:55,440 --> 00:30:58,480 human nature ain't good. So how would you structure a government. 628 00:30:58,519 --> 00:31:01,759 You'd separate powers every which way. Right, So on the 629 00:31:01,759 --> 00:31:03,400 one hand, we're made in the image of God. On 630 00:31:03,400 --> 00:31:06,880 the other hand, we're falling. You build the architecture, do 631 00:31:06,960 --> 00:31:09,680 the rule of law. Moses is prominent. I was in 632 00:31:09,720 --> 00:31:12,640 the Congress. Moses is the number one lawgiver up there 633 00:31:12,640 --> 00:31:15,839 in the pantheon. And we need to get back to 634 00:31:15,839 --> 00:31:18,119 some of that and all the founders. This was not 635 00:31:18,240 --> 00:31:22,559 a cliche. This republic was founded for a moral people. 636 00:31:23,200 --> 00:31:26,519 The invisible hand of Adam Smith only works right with 637 00:31:26,640 --> 00:31:28,680 a moral people. That doesn't mean he got to be 638 00:31:28,720 --> 00:31:32,519 a bunch of Puritans and you know, judgmental Pharisees or whatever. 639 00:31:33,039 --> 00:31:33,599 Speaker 3: It just means. 640 00:31:33,680 --> 00:31:35,920 Speaker 1: That's just a smear. I kind of like the Puritans. 641 00:31:36,240 --> 00:31:37,960 Speaker 3: I do too. I'm a Prebeterian. 642 00:31:39,000 --> 00:31:40,839 Speaker 2: I don't know if you ever read Albion Seed, but 643 00:31:40,920 --> 00:31:42,839 you know that's uh. It looks through kind of the 644 00:31:42,880 --> 00:31:46,640 four founding kind of ethnic groups of early America, and 645 00:31:46,839 --> 00:31:49,160 it made me really like the Puritans a lot, would 646 00:31:49,400 --> 00:31:49,759 you know. 647 00:31:49,839 --> 00:31:52,799 Speaker 3: Run right? Well? They One of. 648 00:31:52,680 --> 00:31:55,359 Speaker 2: My favorite things was this is totally rando, But I thought, 649 00:31:55,359 --> 00:31:58,319 why did the peer entertains do that? They when a 650 00:31:58,359 --> 00:32:00,759 young man and women were courting, they put you know, 651 00:32:00,799 --> 00:32:03,759 them in a sac which with a board tied between 652 00:32:03,799 --> 00:32:05,319 them and let them sleep all night together. 653 00:32:05,400 --> 00:32:08,680 Speaker 1: He's like, that doesn't sound very Puritan, but we're you know, 654 00:32:08,799 --> 00:32:11,039 but they have also some very lovable traits. 655 00:32:11,480 --> 00:32:15,480 Speaker 4: Yes, well, one of them is called putting off consumption 656 00:32:16,039 --> 00:32:18,599 instant gratification for the long term of good of your 657 00:32:18,599 --> 00:32:21,400 country and your kids. And the Black Church used to 658 00:32:21,440 --> 00:32:25,359 be iconic and the grandparents would work three jobs to 659 00:32:25,400 --> 00:32:29,400 get one kid through college and they did it, and 660 00:32:29,400 --> 00:32:33,200 and the same with the Hispanic Catholic Church, et cetera. Right, 661 00:32:33,799 --> 00:32:36,200 but there used to be that, you know that that 662 00:32:36,359 --> 00:32:41,079 Protestant work ethos and boy, we're losing that and that's 663 00:32:41,200 --> 00:32:44,640 tied to that character piece. And if you lose that piece, 664 00:32:45,400 --> 00:32:47,759 you know, Why am I on the planet? That's Socrates. 665 00:32:47,759 --> 00:32:49,079 You don't even have to be religious? 666 00:32:49,640 --> 00:32:51,599 Speaker 3: Who am I? What is man? Why are we on 667 00:32:51,640 --> 00:32:52,480 the planet? Right? 668 00:32:52,519 --> 00:32:56,000 Speaker 4: I mean, just the basic questions we're not answering, and 669 00:32:56,079 --> 00:32:58,119 Kate to twelve, you're not allowed to ask the questions 670 00:32:58,240 --> 00:32:58,920 or you go to jail. 671 00:32:58,960 --> 00:33:00,079 Speaker 3: I think these days. 672 00:33:02,279 --> 00:33:02,880 Speaker 1: There's a lot of. 673 00:33:02,880 --> 00:33:10,400 Speaker 2: People going to jail now thanks for ridiculous reasons. Well, 674 00:33:10,880 --> 00:33:12,880 I'm trying to think what I'd like to talk about 675 00:33:12,880 --> 00:33:14,240 as we close off. There's a lot of I mean, 676 00:33:14,279 --> 00:33:19,039 there's a lot of good stuff going on on economics. 677 00:33:19,640 --> 00:33:21,400 Speaker 1: I guess, I guess I would think. 678 00:33:21,680 --> 00:33:24,319 Speaker 2: I guess this is a slight switch from the economics topic. 679 00:33:24,359 --> 00:33:26,319 But something I think that you're close to and I 680 00:33:26,359 --> 00:33:27,839 wanted to ask you about, which. 681 00:33:27,640 --> 00:33:30,400 Speaker 1: Is you know, Trump can't do all of it alone. 682 00:33:30,400 --> 00:33:33,680 Speaker 2: We've been trashing Congress during this podcast for a very 683 00:33:33,680 --> 00:33:36,559 good reason, you know, but you know, really to get 684 00:33:37,759 --> 00:33:41,519 generational changes in place to really reverse a lot of 685 00:33:41,559 --> 00:33:46,240 the institutionalized, chronic problems of the United States, it's going 686 00:33:46,279 --> 00:33:49,160 to take you know, people being elected at multiple levels 687 00:33:49,160 --> 00:33:49,960 and working with him. 688 00:33:49,960 --> 00:33:51,599 Speaker 1: You know, he can't do this alone. 689 00:33:52,119 --> 00:33:54,240 Speaker 2: So and I think a lot of the time, you know, 690 00:33:55,039 --> 00:33:57,839 I mean, the Trump administration really in a way different 691 00:33:58,200 --> 00:34:01,920 from administrations for against at least since Reagan, if not before. 692 00:34:02,640 --> 00:34:04,119 Speaker 1: He brought into power a lot of. 693 00:34:04,119 --> 00:34:07,000 Speaker 2: The Republican base and the activist types against the wishes 694 00:34:07,000 --> 00:34:08,159 of the party establishment. 695 00:34:08,639 --> 00:34:11,440 Speaker 1: So I wonder, you know, is it that he's getting 696 00:34:11,440 --> 00:34:11,960 bad advice? 697 00:34:12,000 --> 00:34:15,039 Speaker 2: But often when he endorses people for running for seats, 698 00:34:15,039 --> 00:34:17,320 some of them are really great picks, but some of 699 00:34:17,360 --> 00:34:20,400 them are just entrenching the same system that he's fighting against. 700 00:34:20,800 --> 00:34:26,199 Speaker 3: Yeah, yeah, well you really have to get warriors the 701 00:34:26,199 --> 00:34:27,280 folks that you pick. 702 00:34:27,960 --> 00:34:30,280 Speaker 4: And even then, you know, you got the Freedom Caucus 703 00:34:30,360 --> 00:34:33,360 thirty or forty, and we used to get stink eye 704 00:34:33,400 --> 00:34:35,599 from everybody, right, the two hundred over sitting and that 705 00:34:35,679 --> 00:34:38,320 we got, we got the eye every five seconds. 706 00:34:38,599 --> 00:34:40,239 Speaker 3: Now Trump's saying and. 707 00:34:40,239 --> 00:34:42,400 Speaker 4: A lot of those people are the popular kids on 708 00:34:42,440 --> 00:34:44,039 the block, right, it just makes me gag. 709 00:34:44,119 --> 00:34:46,000 Speaker 3: I just I'm just like, you gotta be kidding me. 710 00:34:46,800 --> 00:34:48,880 They were boot licking the leaders. 711 00:34:49,000 --> 00:34:51,840 Speaker 2: They all like took off their you know, heal helmets 712 00:34:51,840 --> 00:34:53,599 and put on their Trump shirts. 713 00:34:53,280 --> 00:34:56,559 Speaker 3: And their hats. They're talking good, but they're not voting good. 714 00:34:56,639 --> 00:35:01,000 Speaker 4: And that rips right, and So the the main problem 715 00:35:01,039 --> 00:35:03,400 that I that I do see that is solvable. And 716 00:35:03,599 --> 00:35:06,760 you look at my evidence for this is Trump took leadership, 717 00:35:06,920 --> 00:35:11,039 ran on an agenda, and one on that agenda, and 718 00:35:11,119 --> 00:35:13,159 he carried a lot of people with and then what 719 00:35:13,239 --> 00:35:14,440 does Congress and the Senate do? 720 00:35:15,199 --> 00:35:16,159 Speaker 3: They're gutless. 721 00:35:16,599 --> 00:35:19,239 Speaker 4: And now at election time because everybody's looking at the 722 00:35:19,280 --> 00:35:21,360 midterms right every and everyone's chicking. 723 00:35:21,239 --> 00:35:22,199 Speaker 3: Oh, we're going to lose. 724 00:35:22,559 --> 00:35:24,000 Speaker 4: Well, you want to know why we lose? Because the 725 00:35:24,039 --> 00:35:26,920 House and the Senate doesn't have an agenda. They're not 726 00:35:27,119 --> 00:35:30,280 following the America First agenda. They won't publish it. When 727 00:35:30,280 --> 00:35:31,880 you see what's in the tax bill, you're going to 728 00:35:31,960 --> 00:35:34,760 see why. Probably I hate to be that that's. 729 00:35:34,679 --> 00:35:36,199 Speaker 1: Right the voters. I'm excited about that. 730 00:35:36,280 --> 00:35:39,800 Speaker 3: Then I know that's a rough statement. 731 00:35:40,960 --> 00:35:45,159 Speaker 4: And so if you look at what's in this package, uh, 732 00:35:45,840 --> 00:35:50,400 predominantly the majority is not going to be middle class driven. 733 00:35:50,519 --> 00:35:52,199 Speaker 3: It's not going to be the Trump agenda. 734 00:35:53,000 --> 00:35:55,679 Speaker 4: And if people unpack the donor connections, they're not going 735 00:35:55,760 --> 00:35:58,079 to be happy campers. And so that's why they don't 736 00:35:58,119 --> 00:36:01,840 want to publicize it. But they have to at least 737 00:36:02,079 --> 00:36:06,039 going forward make some promises. A b. C. Right, Trump, 738 00:36:06,119 --> 00:36:08,440 it was pretty clear. It was the inflation, and then 739 00:36:08,480 --> 00:36:10,519 it was the border invasion, and then it was. 740 00:36:10,440 --> 00:36:11,280 Speaker 3: The Endless Wars. 741 00:36:11,320 --> 00:36:14,880 Speaker 4: Those were the big three and just every day boom 742 00:36:14,920 --> 00:36:16,920 boom boom. Where's the House on any of them? And 743 00:36:16,960 --> 00:36:19,199 then where are the governors on any They won't speak 744 00:36:19,239 --> 00:36:21,239 on any of this stuff. And there's your hint, right, 745 00:36:21,239 --> 00:36:23,440 And these people that want to be president if they 746 00:36:23,480 --> 00:36:26,360 haven't been beating the drum on it now, no way, 747 00:36:26,440 --> 00:36:28,599 Jose right and the Dems. 748 00:36:28,679 --> 00:36:30,639 Speaker 3: You know, we're taking it to the Republicans. 749 00:36:30,639 --> 00:36:33,400 Speaker 4: All political views on my own, but the Democrats is 750 00:36:33,440 --> 00:36:36,880 like fighting against Santa Claus, right, And I shouldn't even 751 00:36:36,920 --> 00:36:39,039 say Santa Claus because a lot of those Santa Clauses 752 00:36:39,320 --> 00:36:41,960 want to destroy and bring the They think the central 753 00:36:42,000 --> 00:36:44,800 problem of America is our exceptionalism and they want to 754 00:36:44,800 --> 00:36:48,880 bring us down some notches. And so the illiteracy rates 755 00:36:48,920 --> 00:36:53,639 in the inner cities fine, right, making lower incomes. Fine, 756 00:36:53,840 --> 00:36:56,400 We don't have a leadership position in the world. Find that, 757 00:36:56,559 --> 00:36:58,119 you know, we don't deserve it. We're a bunch of 758 00:36:58,559 --> 00:37:03,239 you know what, You'reuropean males who've you cursed the earth 759 00:37:03,800 --> 00:37:06,000 and so you know, if that's your view, it ain't 760 00:37:06,039 --> 00:37:09,280 my view. Where the first batch of Puritans that got 761 00:37:09,360 --> 00:37:14,360 human rights came uniquely only out of Judeo Christian West 762 00:37:14,440 --> 00:37:17,239 in Western Europe at a particular time, and the rest 763 00:37:17,280 --> 00:37:19,239 world still doesn't have human rights in trined and the 764 00:37:19,280 --> 00:37:22,599 Marxists don't believe there are human rights right and so. 765 00:37:24,159 --> 00:37:25,519 Speaker 3: We need to get. 766 00:37:25,360 --> 00:37:27,280 Speaker 4: You know, if not a contract, you know, a new 767 00:37:27,360 --> 00:37:30,679 Gingrich contract with America. We got to run on something. 768 00:37:31,159 --> 00:37:34,639 And I'm creedle, I'm Presbyterians, like creeds. I like the 769 00:37:34,719 --> 00:37:38,199 Republican creed. There's nothing wrong with the creed except no one. 770 00:37:38,199 --> 00:37:39,760 Speaker 3: Follows it right. 771 00:37:39,760 --> 00:37:42,639 Speaker 4: And we need just two or three promises that are 772 00:37:42,639 --> 00:37:46,000 big that the American people want to hear, and then 773 00:37:46,000 --> 00:37:47,800 we got to do it and follow through on it, 774 00:37:47,880 --> 00:37:50,880 and then Congress fool will be in for fifty years 775 00:37:50,920 --> 00:37:55,239 because the left's back in AOC and Bernie right now right, 776 00:37:55,280 --> 00:37:59,559 and they're backing drug trafficking, a wife abusing. 777 00:38:00,400 --> 00:38:03,239 Speaker 1: This is for real prescription crisis. 778 00:38:02,880 --> 00:38:07,519 Speaker 3: Backing now right, and we're losing to them. 779 00:38:07,559 --> 00:38:13,320 Speaker 4: Folks, Hello, right, Hold your people accountable. That's the best 780 00:38:13,320 --> 00:38:17,639 thing everyone out there listening. Hold your congressman, woman, senator accountable, 781 00:38:18,199 --> 00:38:21,400 hold them accountable every day. Well. 782 00:38:21,519 --> 00:38:24,559 Speaker 2: David Bratt is the senior vice president of business Relations 783 00:38:24,559 --> 00:38:27,960 at Liberty University and a former US Congressman. We're going 784 00:38:28,000 --> 00:38:31,280 to be actually seeing each other in person a couple 785 00:38:31,360 --> 00:38:34,199 of days here, May twenty second, at the Lucas Estate 786 00:38:34,280 --> 00:38:38,360 in Indianapolis, Indiana. If any of our readers are readers, 787 00:38:38,679 --> 00:38:41,719 any of our listeners are in the area in the Midwest, 788 00:38:41,719 --> 00:38:44,000 you should come join us. You can find information about 789 00:38:44,000 --> 00:38:46,920 that event at the First Principles Forum dot org. I'm 790 00:38:46,960 --> 00:38:50,519 on the board of that organization. Doctor Bratt, thank you 791 00:38:50,559 --> 00:38:53,119 for your time today. Thanks for joining the Federalist Radio Hour. 792 00:38:53,719 --> 00:38:56,679 Speaker 4: You bet if I also can join. And we're having 793 00:38:56,719 --> 00:39:01,239 a CEO summit at Liberty University October fifteen and sixteen, 794 00:39:01,320 --> 00:39:04,199 so you business folks please join us at that as well. 795 00:39:04,320 --> 00:39:07,800 Speaker 3: Thank you to Joy and the Federalists and what a 796 00:39:07,800 --> 00:39:08,320 great show. 797 00:39:09,199 --> 00:39:11,920 Speaker 1: All right, listeners, that's a wrap. You know. 798 00:39:12,199 --> 00:39:20,480 Speaker 2: The tagline be Lovers of Freedom and Anxious for the Fray. 799 00:39:21,920 --> 00:39:24,320 Speaker 1: I heard the fame voice the reason 800 00:39:27,119 --> 00:39:33,159 Speaker 3: And then it faded away.