00:01Can you take away from the Fed minutes yesterday on the ongoing dispute on the trade of the President's tariffs?
00:09The Fed is, the Federal Reserve is totally out of touch with reality.
00:17If you look at the global interest rate spread right now, we're at 4.25 in the interest rate, okay?
00:30Europe is more than 200 basis points lower than we are.
00:36Japan's four times lower.
00:38China's three times lower.
00:41Now, that dog won't hunt for the American people because it creates all sorts of problems here.
00:48Just the high interest rates alone are discouraging the mortgage and housing market and the purchase of new cars.
00:56And it's very costly because we have increased debt financing because about 20 to 30 percent of our debt financing is just pure short-run debt.
01:09So that's no good.
01:10But there's also currency effects.
01:12When you have higher interest rates and they're lower in theirs, the dollar's higher, and that exacerbates the trade deficit we're trying to deal with.
01:21So if the Fed's looking at what's going on, we're seeing improvements in inflation.
01:29The tariffs are having zero impact on inflation like they did in the first term.
01:34And my fear with the Federal Reserve, it's just a partisan game going on.
01:39If you look at what you have there, you only have two Republicans nominees on there.
01:46Soon to be a third with Stephen Mirren.
01:49But the other five, it's like, and Jay Powell, he's a Republican, but he's so anti-Trump.
01:55It's unsettling.
02:00And I say that just so I fill that out a little bit.
02:03If you look at the arc of Powell's decisions, everything he's done since he got appointed has been against President Trump.
02:13When he was in with Biden and yelling, he was doing things he shouldn't have done, lowering rates too early and causing inflation.
02:20So they've got to get their act together.
02:22I hope they find some enlightenment in Jackson Hole.
02:29But I'm not betting my house on that.
02:33Okay, yeah, go here and then go here.
02:34Hang on.
02:35Go here, here, and then here.
02:36Yes?
02:37I'll try again.
02:37Are you saying that if you still win an exemption on what?
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