00:00And I said, why did you want to build a basement? I thought it would be a good idea, sir.
00:04A basement is the least valuable floor in a building. I know a lot about real estate.
00:08The least valuable thing is the basement. He could have done that job for $25 million and they spent
00:14$3.1 billion. He said $2.7, but it's really $3.1. They just don't want to include one of the
00:21buildings in the deal. And then I hear they want to hire 3,000 economists. What are they going to
00:25do? And he got it all wrong. He's too late. We call him Jerome Too Late Powell. He worked closely
00:32with Pocahontas, by the way. She's another beauty. Thousands of dollars as opposed to tens of millions
00:38of dollars. What a shame it is that they did. The housing sector, people aren't able to get
00:43good mortgages. They're paying too much because of Jerome Too Late Powell. He's truly incompetent.
00:49You're considering suing Jay Powell. Can you update us on your thinking about that and tell us where
00:54you are in your search for a new chair? Well, he took a building that could have been painted
00:58and fixed. Like, we're going to fix this building for very little money. He took and that was in
01:03better shape. He took a building and they just what they did to that building. They built a basement
01:09under the building. It didn't have a basement. This is simple to understand. The building is right
01:14next to a thing called the Potomac River, the beautiful Potomac River. That means lots of water
01:20and the water is right under the building. And they decide to build a basement under the building
01:28in the Potomac River. So in order to do that, you need the biggest pumps that God ever created.
01:35And they were pumping their hearts out. But as big as those pumps are, you can't pump it fast enough
01:40because it's the Potomac River. If the pump were bigger than this room, you couldn't pump it.
01:45But they tried. And they've been building a basement. And I said, why did you want to build
01:49a basement? I thought it would be a good idea, sir. A basement is the least valuable floor in a
01:55building. I know a lot about real estate. The least valuable thing is the basement.
02:00And you don't build a basement under a building that is two feet above the river that's right next
02:08to it. You know, it's right near the river. People don't realize a river is right out their window.
02:12And that's the beginning. They did just a terrible job. They, instead of, I could take a ceiling like
02:21this, they'd rip out the ceiling. Because they see a crack, let's rip out the ceiling. And I would
02:27fix the crack. And I would paint the ceiling. And under the ceiling, they put the most incredible
02:33protective material. They go out by three-quarter inch, brand new, gorgeous three-quarter inch
02:39plywood and sheetrock, hardened sheetrock. And they had it all over the building. So if a little
02:48piece of flake came down. But the problem is, when they took the ceiling down
02:52and it would hit, they spent millions of dollars on protective material that you didn't have to
02:56spend anything. I could have done that job for $25 million. And they spent
03:02$3.1 billion. He said $2.7 billion. But it's really $3.1 billion. They just don't want to include
03:08one of the buildings in the deal. But it's going to be much more than that. And I think he'll be
03:13long gone by the time it finishes. Because they've got a long way to go. And then I hear they want to
03:19hire 3,000 economists. What are they going to do? And he got it all wrong. He's too late. We call him
03:25Jerome. Jerome too late pal. It will live with him forever. I believe that name will live with him
03:30forever. Along with the name Pocahontas and some of the others that he worked closely with Pocahontas,
03:36by the way. She's another beauty. But we have a real problem there. They're way over budget.
03:43And they did a job that shouldn't have been done. It was unnecessary to be done. Instead of
03:48I could have gotten the greatest wallpaper anywhere in the world from the finest stores in the world.
03:53I could have fixed up a wall a little bit. It would have taken about two hours
03:57and covered it with the most magnificent silk and the most magnificent paper for
04:02thousands of dollars as opposed to tens of millions of dollars. What a shame it is that they did.
04:09But they would take down areas of the building that shouldn't have been taken down. They could
04:13have literally been painted. And they didn't do that. So they've got a long way to go. And I think
04:20it's just grossly incompetent. But not quite as incompetent as his decision not to
04:26do interest rates, take down interest rates. Because just like they shouldn't have taken down a
04:32ceiling, they should take down interest rates. Every point costs us $360 billion a year. Think of that.
04:41$360 billion for one point. And we should be down at 1 percent because we're the leader of the world.
04:48We were always the lowest interest rate for until like a certain time ago, decade, couple.
04:54But we were always because we were the United States of America. So even if the country was run
04:58badly, we were considered like to be super prime. And now he's got us in a bad place. So we're paying
05:06$360 billion a year for each point. Now, I believe we should be three or four points lower. So that's
05:13over a trillion dollars. We pay every year in interest. And it's really just a paper calculation.
05:19You sign a document and you save almost a trillion dollars because that number equates very much to
05:27the bonds that we have to buy. But despite that, we're powering through it. And we have the greatest
05:33economy maybe we've ever had. But the housing sector, people aren't able to get good mortgages.
05:39They're paying too much because of Jerome too late, pal. He's truly incompetent. And we'll be making
05:45another. We put a very good man in temporarily in the one spot because one of the people that was
05:51appointed by the Democrats left early. And I heard left because that person wanted lower interest rates.
05:59And I heard her quit. But I have no idea. I'm sure she won't say that.
06:03I'll be naming a new chairman sometime within the next. I think I'll name it a little bit earlier,
06:10the new chairman. I'm down to three or four names. All good. All great. The problem is you name them
06:18and then they turn out to be not good. That's happened to me a couple of times. You name somebody,
06:23they tell you everything you want to hear. And then they go in and they turn out to be not good. I mean,
06:27he told me everything that I thought was appropriate. He turned out to be a stiff, you know, real stiff.
06:33But other than that, I think he's doing a very good job. Yes.
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