00:10Can you update us on your thinking about that and tell us where you are in your search
00:14for a new chair?
00:15Well, he took a building that could have been painted and fixed, like, we're going
00:18to fix this building for very little money.
00:21He took, and that was in better shape.
00:24He took a building and they just, what they did to that building, they built a basement
00:28under the building.
00:30It didn't have a basement.
00:31This is simple to understand.
00:32The building is right next to a thing called the Potomac River, the beautiful Potomac River.
00:38That means lots of water.
00:40And the water is right under the building.
00:42And they decide to build a basement under the building in the Potomac River.
00:48So in order to do that, you need the biggest pumps that God ever created.
00:53And they were pumping their hearts out.
00:55But as big as those pumps are, you can't pump it fast enough because it's the Potomac River.
01:01If the pump were bigger than this room, you couldn't pump it.
01:04But they tried.
01:05And they've been building a basement.
01:07And I said, why did you want to build a basement?
01:09I thought it would be a good idea, sir.
01:11A basement is the least valuable floor in a building.
01:14I know a lot about real estate.
01:16The least valuable thing is the basement.
01:18And you don't build a basement under a building that is two feet above the river that's right next door.
01:27You know, it's right near the river.
01:29People don't realize the river is right out their window.
01:31And that's the beginning.
01:34They did just a terrible job.
01:37Instead of I could take a ceiling like this, they'd rip out the ceiling because they see a crack.
01:43Let's rip out the ceiling.
01:45And I would fix the crack and I would paint the ceiling.
01:48And under the ceiling, they put the most incredible protective material.
01:53They go out by three quarter inch brand new gorgeous three quarter inch plywood and sheet rock, hardened sheet rock.
02:04And they had it all over the building.
02:06So if a little piece of flake came down.
02:09But the problem is when they took the ceiling down and it would hit, they spent millions of dollars on protective material that you didn't have to spend anything.
02:17And he could have done that job for twenty five million dollars and they spent three point one billion.
02:23He said two point seven.
02:25But it's really three point one.
02:26They just don't want to include one of the buildings in the deal.
02:29But it's going to be much more than that.
02:31And I think he'll be long gone by the time it finishes because they've got a long way to go.
02:36And then I hear they want to hire three thousand economists.
02:39What are they going to do?
02:41And he got it all wrong.
02:42He's too late.
02:43We call him Jerome too late pal.
02:46It will live with him forever.
02:48I believe that name will live with him forever, along with the name Pocahontas and some of the others.
02:52He worked closely with Pocahontas, by the way.
02:55She's another beauty.
02:56But we have a real problem there.
03:00They're way over budget.
03:02And they did a job that shouldn't have been done.
03:04It was unnecessary to be done.
03:06Instead of I could have gotten the greatest wallpaper anywhere in the world from the finest stores in the world.
03:12I could have fixed up a wall a little bit.
03:14It would have taken about two hours and covered it with the most magnificent silk and most magnificent paper for thousands of dollars as opposed to tens of millions of dollars.
03:26What a shame it is that they did.
03:28But they would take down areas of the building that shouldn't have been taken down.
03:32They could have literally been painted.
03:34And they didn't do that.
03:36So they've got a long way to go.
03:38And I think it's just grossly incompetent.
03:40But not quite as incompetent as his decision not to do interest rates, take down interest rates, because just like they shouldn't have taken down a ceiling, they should take down interest rates.
03:54And every point costs us $360 billion a year.
03:59Think of that.
04:00$360 billion for one point.
04:02And we should be down at 1% because we're the leader of the world.
04:06We were always the lowest interest rate for until like a certain time ago, decade, couple.
04:12But we were always because we were the United States of America.
04:15So even if the country was run badly, we were considered like to be super prime.
04:19And now he's got us in a bad place.
04:24So we're paying $360 billion a year for each point.
04:27Now, I believe we should be three or four points lower.
04:31So that's over a trillion dollars we pay every year in interest.
04:35And it's really just a paper calculation.
04:37You sign a document and you save almost a trillion dollars because that number equates very much to the bonds that we have to buy.
04:47But despite that, we're powering through it.
04:50And we have the greatest economy maybe we've ever had.
04:53But the housing sector, people aren't able to get good mortgages.
04:58They're paying too much because of Jerome too late, pal.
05:01He's truly incompetent.
05:03And we'll be making another.
05:04We put a very good man in temporarily in the one spot because one of the people that was appointed by the Democrats left early.
05:12And I heard left because that person wanted lower interest rates.
05:18And I heard her quit.
05:19But I have no idea.
05:20I'm sure she won't say that.
05:21I'll be naming a new chairman sometime within the next.
05:27I think I'll name it a little bit early, the new chairman.
05:30I'm down to three or four names.
05:33All good.
05:34All great.
05:35The problem is you name them and then they turn out to be not good.
05:39That's happened to me a couple of times.
05:41You name somebody.
05:42They tell you everything you want to hear.
05:43And then they go in and they turn out to be not good.
05:45I mean, he told me everything that I thought was appropriate.
05:48He turned out to be a stiff, you know, real stiff.
05:52But other than that, I think he's doing a very good job.
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