00:00And Mr. I can't see. Mr. Carbone, you seem to be here to promote cryptocurrency. I love cryptocurrency, but I
00:10don't think that's the problem with our economy.
00:13Mr. Brown, you're here to promote realtors. I love realtors, but that's not going to solve our economic problems.
00:24Ms. Johnson's here to promote banks. I love banks. Dr. Morgan is here to bash Trump without telling us that
00:38she formerly was part of the Biden administration.
00:40I have to say I'm a little disappointed. You all seem like fine people. And Mr. I can't see. Mr.
01:01Carbone, you seem to be here to promote cryptocurrency.
01:05I love cryptocurrency, but I don't think that's the problem with our economy.
01:11Mr. Brown, you're here to promote realtors. I love realtors, but that's not going to solve our economic problems.
01:21Ms. Johnson's here to promote banks. I love banks.
01:26Dr. Morgan is here to bash Trump without telling us that she formerly was part of the Biden administration and
01:39worked for Mr. Chopra, the CFPB, and that your policies caused inflation to go to 9%.
01:49I think those would have been relevant things to tell us. I guess you thought we were going to look
01:55up your background.
01:57Can we agree that the problem of affordability is the prices are too high? Duh. Does anybody disagree with that?
02:08And prices are too high because of inflation. Does anybody disagree with that?
02:18And inflation, despite Dr. Morgan's political beliefs, is not just a Trump problem. It was a Biden problem. Was it
02:29not?
02:30Okay. So here's my question to you.
02:35Let's start with you, Ms. Johnson. How do you get prices down?
02:41That's what we're here for. How do you get prices down?
02:45Well, we think a lot of the things that you all are doing, focusing the committee on the sources.
02:50Tell me how to get prices down.
02:52You increase supply and you make sure you cut the red tape.
02:55You increase supply. Okay.
03:01Some people want to talk about deflation.
03:07If you believe in deflation, as we see it in the world today, you need to change your meds.
03:14China's got deflation.
03:16How's it going for them?
03:19They've got about a 20% unemployment rate for their young people.
03:25The only way out of the inflation is to grow our way out of it.
03:29Am I wrong?
03:32Well, you're going to have to increase our economic growth, not at the top line, but so people feel it.
03:40You're going to have to increase wages.
03:42And to do that, do you disagree with Mr. Brown?
03:47We're going to have to grow the pie.
03:49Right or wrong?
03:52Well, Senator, first of all, I'm here to support homeownership.
03:59No disrespect, but whatever.
04:01I'm sorry if I offended you.
04:04Do you think we can get out of these high prices?
04:08I mean, you can try to promote deflation, get ready for 10% unemployment.
04:16Okay.
04:17Then Dr. Morgan's really going to be bashing us.
04:21Okay.
04:22Tell me how we grow our way out of it.
04:24I don't see any other way to deal with inflation but to grow people's wages.
04:29I think that we increase inventory.
04:32We reduce zoning restrictions.
04:34We do a lot of the same things that are in the bill.
04:37And how are you going to increase inventory?
04:40By...
04:41Who holds the inventory?
04:43Businesses.
04:44You're going to have to stimulate the economy and help businesses to grow, aren't you?
04:49Well, I come from California, which is ground zero for the lack of housing affordability, and it's a little more
04:55complicated than that.
04:56I don't think you want to answer my question.
04:59Ms. Johnson, aren't we going to have to grow the economy and therefore increase wages in order to help people
05:05deal with inflation?
05:06If I'm wrong, tell me.
05:08If there's a better way, tell me.
05:09I think growth has been a key driver.
05:11Consumer spending continues to be strong.
05:13It's what's driven us through one of the most tumultuous times that we've been through, including bringing historic high inflation.
05:22We also do need to address prices.
05:24And I think the Fed's focused on it.
05:26Price stability has got to be key.
05:28Okay.
05:28Yeah.
05:28So we basically have...
05:30We're free enterprise in America.
05:33We're basically, to grow the economy, you've got to stimulate businesses and try to direct labor to share in the
05:45growth.
05:45Is that right?
05:46Yes.
05:47Okay.
05:48Dr. Morgan, are you a democratic socialist like your colleagues?
05:52No.
05:53You're not?
05:54I noticed that y'all's new policy is to create a four-day, 32-hour work week with no loss
06:02in pay.
06:03Where are we going to get the money to do that?
06:05That's not my policy.
06:06You don't think we ought to do that?
06:07I'm sorry.
06:08You think we ought to have a federal jobs guarantee?
06:12I think a federal jobs guarantee is a good idea, yes.
06:14Oh, you do?
06:15Okay.
06:15How do you think we're going to pay for that?
06:17Ferry, you believe in the Easter money, do you?
06:20I think it's incredibly hard to pay for these things when we're giving tax cuts to the ultra-rich.
06:24Yeah.
06:25Okay.
06:26You think that all the growth in our economy just goes to the ultra-rich?
06:32I think that we just gave massive tax cuts to the wealthiest in this country, yes.
06:36Yeah.
06:37Yeah.
06:37You are a democratic socialist, aren't you?
06:40I have never used that term to refer to myself.
06:43No, I know.
06:44You have a Nazi tattoo?
06:45Excuse me?
06:46Do you have a Nazi tattoo?
06:48I don't have any.
06:48Mr. Chairman.
06:49Okay.
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