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<v Speaker 1>Ato six if if you find Karen c De Talk Station,

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<v Speaker 1>Brian Thomas right here. Glad to be especially on a Tuesday,

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<v Speaker 1>because this is the time we get the inside scoop

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<v Speaker 1>with bright Bart News bookmarkt B R e I, t

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<v Speaker 1>b a art dot Com, some solid reporting from folks

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<v Speaker 1>like my guest today, John Carney, bright Bart financial letter

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<v Speaker 1>and co author of breit Bart Business Digest. John, welcome

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<v Speaker 1>back to the morning show. It's a pleasure to have

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<v Speaker 1>you on as always.

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<v Speaker 2>Yes, thanks for having me pleasure.

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<v Speaker 1>Man. What's this election going to mean to the economy?

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<v Speaker 1>I was kind of glad. I think everyone expects the

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<v Speaker 1>Fed to lower the interest rate, but at least they

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<v Speaker 1>waited to laughter the election because that's certainly would have

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<v Speaker 1>been viewed as some sort of perhaps election interference. At

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<v Speaker 1>least that's the way I perceive it. But by all

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<v Speaker 1>expectations are supposed to lower it. I know, folks that

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<v Speaker 1>are interested in buying a home expect a little love

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<v Speaker 1>in terms of interest rates. But generally speaking, Kamala Harris

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<v Speaker 1>versus Donald Trump, the outcome is going to have some

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<v Speaker 1>impact on the economy. What's your take, John.

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<v Speaker 2>Yeah, So, the so the Fed did cut in September,

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<v Speaker 2>but mortgage rates have gone up since then because the

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<v Speaker 2>market actually doesn't think the FED will be able to

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<v Speaker 2>keep cutting. They're almost certainly going to cut later this

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<v Speaker 2>week in November, but after that, either in December or

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<v Speaker 2>sometime next year, they are going to have to slow

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<v Speaker 2>down their cuts because, frankly, there are parts of the economy,

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<v Speaker 2>including consumers spending, that are just too high to justify

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<v Speaker 2>further cuts, and we're actually risking further inflation. I think

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<v Speaker 2>that what we're going to see after this election is

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<v Speaker 2>probably a lot of uncertainty. Remember it's not just the

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<v Speaker 2>presidential election, but both houses of Congress, and it may

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<v Speaker 2>take a few days to learn who's going to be president,

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<v Speaker 2>and it could take even longer to learn who will

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<v Speaker 2>control Congress. All of that will matter a lot for

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<v Speaker 2>how the economy is going to develop over the next

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<v Speaker 2>few years. A Republican sweep is viewed by a lot

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<v Speaker 2>of people. A sweep by either party really is viewed

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<v Speaker 2>by a lot of people as probably auguring in more deficits.

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<v Speaker 2>I'm not sure that's right. I think actually a Republican

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<v Speaker 2>sweep would lead to both lower inflation and lower deficits,

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<v Speaker 2>whereas if the Democrats do well, they will have more

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<v Speaker 2>or less been rewarded for driving deficits up to record

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<v Speaker 2>highs and driving inflation up to record highs, and so

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<v Speaker 2>therefore they won't ever stop. I think we will get

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<v Speaker 2>a resurgence of inflation if we get Democrats, not just

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<v Speaker 2>in the White House, but if they do well enough

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<v Speaker 2>that they capture one or both Houses of Congress.

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<v Speaker 1>Well in terms of the Democrats taking over both Houses

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<v Speaker 1>of Congress, at both houses and the presidency, so give

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<v Speaker 1>them a clean sweep. You suggest that spending will never stop,

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<v Speaker 1>doesn't I know inflationary realities or dollars you print the

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<v Speaker 1>less value they have. Anybody with a measure of common

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<v Speaker 1>sense understands that. But we are on an already unsustainable path.

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<v Speaker 1>Debt service is already close to a trillion dollars annually.

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<v Speaker 1>That's more than we spend on defense. We do have obligations,

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<v Speaker 1>some would argue, maybe less than we should have, but

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<v Speaker 1>we have global obligations as well as obligations here. Domestically,

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<v Speaker 1>our social welfare safety net is collapsing and underfunded. So

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<v Speaker 1>how can that trajectory continue without bringing us to our

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<v Speaker 1>knees and causing our collective bankruptcy.

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<v Speaker 2>John, I think there's a big problem here, and this

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<v Speaker 2>is one of the reasons why if the elector rewards

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<v Speaker 2>the Democrats and Biden and Harris in particular for having

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<v Speaker 2>driven up inflation with their unnecessary American Rescue plan so high,

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<v Speaker 2>forty year high in inflation, if that doesn't have electoral consequence,

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<v Speaker 2>I do not see why they don't do it again.

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<v Speaker 2>It's like, you know, if you can tell a child,

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<v Speaker 2>I'm very sorry, you know, I'm very upset at you

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<v Speaker 2>for having stolen, you know, eaten the cookies out of

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<v Speaker 2>the cookie jar when I told you not to. But

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<v Speaker 2>if there are no consequences, when the cookie jar is refilled,

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<v Speaker 2>the kids can will be right back in it. That

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<v Speaker 2>is exactly what it's going to happen with the Democrats.

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<v Speaker 2>If Kamala Harris comes in, she will see it as

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<v Speaker 2>a basically as a mandate for them to get back

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<v Speaker 2>on this Green New Deal, massive subsidy spending program, and

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<v Speaker 2>they are going to do it all over again.

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<v Speaker 1>Well, and you know, I keep going back to the

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<v Speaker 1>reason why the Democrats are the fascists in spite of

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<v Speaker 1>what they scream with Donald Trump. But again going back

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<v Speaker 1>to the reality of that is this just fiddling while

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<v Speaker 1>the country burns, and they think they're going to outlive,

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<v Speaker 1>or rather that their time on this earth is going

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<v Speaker 1>to end before the co collapse hits, because you can't

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<v Speaker 1>sustain this kind of spending. It's just every country that's

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<v Speaker 1>ever gone down this road has collapsed. We've got so

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<v Speaker 1>many illustrations. I don't even know where to begin.

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<v Speaker 2>Remember though, that they so one is they are in denial.

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<v Speaker 2>They still say, you know, price hikes went up. You know,

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<v Speaker 2>prices went up because of greed or putin or whatever.

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<v Speaker 2>You want to imagine anything but their program. So one,

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<v Speaker 2>they're a little bit in denial. But two, as institutions collapse,

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<v Speaker 2>the Party of big Government benefits because they use the

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<v Speaker 2>government to step in. So as we have communities fall

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<v Speaker 2>apart across America, that benefits the Party of big centralized government.

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<v Speaker 2>That and so they don't necessarily look at the collapse

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<v Speaker 2>as something that's bad for them. In fact, it tends

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<v Speaker 2>to benefit them. I'm not saying they're rooting for the

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<v Speaker 2>collapse of the United States, but they do benefit from

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<v Speaker 2>a lot of the things that are going to happen

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<v Speaker 2>between now and for their deterioration.

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<v Speaker 1>Of our republic right b our financial letter to John Carney.

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<v Speaker 1>I just have to point out what it may be

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<v Speaker 1>obvious to so many people, but I still have to

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<v Speaker 1>say it out loud. They create the problem that causes

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<v Speaker 1>the collapse, and then of course we the government will

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<v Speaker 1>rush in with a solution that will solve the problem.

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<v Speaker 1>It's like the whole green thing. You know, if we

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<v Speaker 1>weren't worshipers at the climate cause, we wouldn't have the

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<v Speaker 1>problems we're facing right now across the board. They're the

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<v Speaker 1>ones that force these solutions, so called solutions upon US

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<v Speaker 1>windmills and solar panels that don't generate enough electricity and

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<v Speaker 1>also cause well geopolitical realities like helping China and China's

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<v Speaker 1>military build. But then they have to come to the

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<v Speaker 1>rescue and solve our problems with high gasoline prices, intentionally

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<v Speaker 1>high because they refuse to allow us to drill and refine.

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<v Speaker 1>They come in with a subsidy or tapping into the

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<v Speaker 1>strategic petroleum oil Reserve to soften the blow of what

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<v Speaker 1>they created. It's insanity, that's right.

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<v Speaker 2>Look, I mean that the metaphors almost suggests themselves. It's

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<v Speaker 2>like a burglar who also has a home security company

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<v Speaker 2>on the side. He robs your house and then tells

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<v Speaker 2>you how much you need a home security system to

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<v Speaker 2>protect you, or an arsonist who is also a fireman.

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<v Speaker 2>They are causing the destruction that we are then that

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<v Speaker 2>they and then they come in with their solutions that

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<v Speaker 2>actually tend to make things worse. Look, one of the

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<v Speaker 2>things that we got in economic news just yesterday is

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<v Speaker 2>that the average age of a first time home buyer

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<v Speaker 2>has gone up to thirty eight because and interest rates

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<v Speaker 2>are so high. Think about what that means for family

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<v Speaker 2>formation in the United States. If you're a young couple,

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<v Speaker 2>you want to have a family. Maybe you know you

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<v Speaker 2>have one child, you're living in an apartment, you are

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<v Speaker 2>hoping to buy a house. If you have to wait

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<v Speaker 2>till you're thirty eight to have the savings to be

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<v Speaker 2>able to afford a house, this means your children, This

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<v Speaker 2>means more dependency on government. That is, we look at

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<v Speaker 2>that and say that's terrible. We need to bring that

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<v Speaker 2>back down to the normal level. It was thirty one,

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<v Speaker 2>thirty two, thirty three before thirty eight is basically saying

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<v Speaker 2>we're not going to have families in the United States.

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<v Speaker 2>The Democrats look at this and they say that's a feature,

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<v Speaker 2>not a bug.

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<v Speaker 1>Well, and some folks may connect the dots with this

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<v Speaker 1>whole idea of the fifteen minute city and the idea

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<v Speaker 1>that you know, we shouldn't be had. We shouldn't own

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<v Speaker 1>these large homes or even modest homes out in the suburbs.

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<v Speaker 1>Those are bad. We have to have more commute time

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<v Speaker 1>causes pollution. It's unfair, it's not equitable, whatever I think

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<v Speaker 1>that's built into the equation. It's what they want. They

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<v Speaker 1>don't want people to have private home ownership, and if

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<v Speaker 1>they own something, they want it to be a tiny

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<v Speaker 1>little home. Hence the rezoning that's going on in all

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<v Speaker 1>these different cities around the country at the behest of

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<v Speaker 1>liberals who want to, you know, build more condensed and

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<v Speaker 1>apartment dwelling type housing as opposed to individual homes.

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<v Speaker 2>Right. It's it's sort of hilarious. And this is a

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<v Speaker 2>great example of what we're talking about. We say, oh, no,

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<v Speaker 2>you've created a system where we can't afford home because

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<v Speaker 2>you drew prices and interest rates through the roof of

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<v Speaker 2>your inflationary policies. And they say, I have an idea.

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<v Speaker 2>You can live in a pod instead. Thanks right, that's

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<v Speaker 2>the solution. And by the way, the pod living and

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<v Speaker 2>the no children means that the government goes bankrupt even faster,

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<v Speaker 2>because the thing you need the most of the society

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<v Speaker 2>are young people to support your elderly people. When you're

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<v Speaker 2>not producing enough young people, your elderly people are therefore

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<v Speaker 2>more dependent on government than before. And that again is

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<v Speaker 2>part of the program. It's why that when we say

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<v Speaker 2>it's unsustainable, they say, no, it's sustainable. It just means

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<v Speaker 2>more government from now until the eventual We know how

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<v Speaker 2>this will will eventually end unless we vote correctly, right,

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<v Speaker 2>we have a choice. It's not inevitable. We can turn

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<v Speaker 2>back the tide. But if we reward what's happened over

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<v Speaker 2>the last four years with another four years, it becomes

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<v Speaker 2>harder and harder.

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<v Speaker 1>It does. And of course the fat is these problems

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<v Speaker 1>and our refusal to have children as a multitude of

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<v Speaker 1>reasons for that justifies and supports their open borders argument,

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<v Speaker 1>which is, well, this is the replacement population that we

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<v Speaker 1>won't have. We need work there, We need workers to

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<v Speaker 1>do the jobs that Americans won't do. We've been convinced

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<v Speaker 1>that we won't do certain jobs that always blows my mind.

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<v Speaker 1>But that serves as justification for the insanity on the

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<v Speaker 1>southern border, in northern border.

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<v Speaker 2>And actually that is another circular argument again where when

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<v Speaker 2>you have fewer children, then you bring in more immigrants,

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<v Speaker 2>that actually discourages family formation because it lowers the income

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<v Speaker 2>of young people because they're now competing with more young people.

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<v Speaker 2>So rather than having a cycle where when you had

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<v Speaker 2>a wave of fewer children, you then get a baby boom,

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<v Speaker 2>after that, you bring in the immigration boom, which supplants

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<v Speaker 2>the baby boom. Those immigrants then don't get along as

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<v Speaker 2>well with their friends and neighbors because they're from all

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<v Speaker 2>over the world, which requires more government. So it is,

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<v Speaker 2>you know, all these things are very very deeply connected.

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<v Speaker 2>You're absolutely right, And there is a you know, and

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<v Speaker 2>we're faced with a choice, right and it's very clear,

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<v Speaker 2>do you want more of what we saw, you know,

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<v Speaker 2>high prices, unrestricted, open borders, higher crime, or do you

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<v Speaker 2>want a economy that will promote family formation, that will

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<v Speaker 2>have price stability and will have secure borders, you know,

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<v Speaker 2>And frankly, that's the choice. They don't want us to

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<v Speaker 2>look at it. In those choices, they say These are

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<v Speaker 2>all separate policies, don't connect the dots, but you just

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<v Speaker 2>did a great job of connecting.

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<v Speaker 1>This all well. Thank you. I try to apply logic

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<v Speaker 1>and reason to any situation, and that's where I come

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<v Speaker 1>down on this actually seems as obvious as you had

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<v Speaker 1>our conversation out loud this morning. Going back to your

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<v Speaker 1>initial comment, though I really must do this, John Carney Bright,

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<v Speaker 1>part Financial Editor, Consumer Spending, you said it's expected to ry. Now,

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<v Speaker 1>I've read any number of articles about consumers already maxing

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<v Speaker 1>out their credit card debts, and given the landscape of

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<v Speaker 1>inflationary pressures, I'm just wondering, I mean, are there that

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<v Speaker 1>many extra dollars around to allow consumers to increase spending

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<v Speaker 1>and any given moment. I know we're entering Christmas season,

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<v Speaker 1>which is like the biggest time we spend, but I

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<v Speaker 1>mean home budgets, they face the stark reality the federal

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<v Speaker 1>government doesn't have We don't have a printing press in

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<v Speaker 1>our home, so we've got to mind our budgets. And

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<v Speaker 1>you know, the weight of credit card debt is almost

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<v Speaker 1>insurmountable given how high the regular the credit card rates are.

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<v Speaker 2>Well, I have some terrible news when you look at

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<v Speaker 2>the money, the amount of money in the economy, it's

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<v Speaker 2>actually been rising again for the last three months. I

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<v Speaker 2>don't think that's a coincidence that this is happening while

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<v Speaker 2>we're going into this election. I think they've actually turned

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<v Speaker 2>on the metaphorical printing presses to get more money into

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<v Speaker 2>the economy. And they cut interest rates in September irresponsibly,

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<v Speaker 2>one before or eight weeks before the election. So yes,

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<v Speaker 2>they are putting trying to put more money into the system.

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<v Speaker 2>And frankly, look, as long as interest rate, as long

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<v Speaker 2>as unemployment stays low, and it's been very low, uh,

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<v Speaker 2>then we will still see a lot of consumer spending

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<v Speaker 2>because people don't spend just out of money they have now,

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<v Speaker 2>they actually spend out of money that they expect to have.

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<v Speaker 2>So if they feel secure in their jobs, they will

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<v Speaker 2>keep spending and they will run up credit card debt.

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<v Speaker 2>It's unfortunate because credit card debt is very expensive right now.

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<v Speaker 2>And if I were, you know, if I were to

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<v Speaker 2>give people advice and they don't do that. But look,

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<v Speaker 2>it is still happening, and people are when you look

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<v Speaker 2>discretionary spending, spending on restaurants, spending on airplanes. People are

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<v Speaker 2>spending on things that they could choose not to. That

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<v Speaker 2>tells me that consumer spending is going to keep going strong.

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<v Speaker 1>All right, fair enough, and one final question before we

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<v Speaker 1>part company. Let's us say assume, for the sake of

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<v Speaker 1>discussion that the Republicans sweep everything and they choose to

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<v Speaker 1>make good on their long standing promise to be fiscally

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<v Speaker 1>responsible and cut down the size and scope of government.

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<v Speaker 1>Do you think we have any hope of that happening?

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<v Speaker 1>With Elon Musk having some role in that, as is suggested,

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<v Speaker 1>may happen.

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<v Speaker 2>Yes, Elon Musk came in and found that he could

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<v Speaker 2>fire tons of people at Twitter. He runs his other

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<v Speaker 2>companies very leanly. There are offices inside of every branch

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<v Speaker 2>of government that shouldn't even exist. Does every part of

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<v Speaker 2>the government need a diversity, Equity and Inclusion office? Of of

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<v Speaker 2>course not. So just start right away and zero those out.

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<v Speaker 2>And by the way, you have to fire all of

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<v Speaker 2>those people. And because if you just say eliminate the office,

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<v Speaker 2>they get transferred and do the same job. You actually

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<v Speaker 2>have to say how many people work in this department

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<v Speaker 2>in your agency? All right? You have to get rid

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<v Speaker 2>of them, and that well, I mean, look, that's not

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<v Speaker 2>that much money, but it will set the tone. They

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<v Speaker 2>could do that on day one with an ex second quarter.

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<v Speaker 1>Well, I've been living for that day since I became

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<v Speaker 1>aware politically in my late high school years. It's dreams,

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<v Speaker 1>but let's say the dreams can come true. John Carney,

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<v Speaker 1>appreciate everything you do. Probly. I have one of my

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<v Speaker 1>listeners in Florida just chimed in instant media you are

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<v Speaker 1>her favorite Breitbart reporter. And I know a lot of

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<v Speaker 1>people feel that way very much. And Marie loves you,

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<v Speaker 1>John Carney. We love you too. On the fifty five

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<v Speaker 1>Carsy Morning Show, keep it the great work with Breitbart.

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<v Speaker 1>Tell everybody there that the fifty five Carssy Morning Show

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<v Speaker 1>listeners said, Hello, I'll look forward to another edition next Tuesday.

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<v Speaker 1>We'll be logging in John's been fun today eight twenty one.

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<v Speaker 1>Coming up at eight twenty two, Stick around Daniel Davis

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<v Speaker 1>Deep Dive at the Bottom