RUSH TRANSCRIPT Politics Now ░░░░░░░░ to your world Charles ░░░░░░░░ s been a volatile ░░░░░░░░ half of the year ░░░░░░░░ your money so far ░░░░░░░░ two weeks the federal ░░░░░░░░ serve will be at ░░░░░░░░ with another possible rate ░░░░░░░░ to deal with inflation ░░░░░░░░ would that mean for ░░░░░░░░ stocks in your portfolio ░░░░░░░░ your money in general ░░░░░░░░ want to bring in ░░░░░░░░ money panel Rebecca wallser ░░░░░░░░ David botson Rebecca Rebecca ░░░░░░░░ changes daily but the ░░░░░░░░ is turning If you ░░░░░░░░ the Fed was done ░░░░░░░░ they re not Absolutely ░░░░░░░░ said that so long ░░░░░░░░ I said hey if ░░░░░░░░ think we re going ░░░░░░░░ get a pause and ░░░░░░░░ pivot everybody was talking ░░░░░░░░ pivot The market was ░░░░░░░░ it in and having ░░░░░░░░ go in on a ░░░░░░░░ It wasn t going ░░░░░░░░ happen The labor market ░░░░░░░░ the small and medium ░░░░░░░░ businesses was too tight ░░░░░░░░ it will give the ░░░░░░░░ too much trouble on ░░░░░░░░ labor conditions Obviously we ░░░░░░░░ tight labor conditions wages ░░░░░░░░ up have gone up ░░░░░░░░ s a lot of ░░░░░░░░ and they can t ░░░░░░░░ filled We have that ░░░░░░░░ happening Charles David my ░░░░░░░░ looking at the last ░░░░░░░░ report wages are going ░░░░░░░░ but going up slower ░░░░░░░░ learned from the small ░░░░░░░░ nfib that they re ░░░░░░░░ They won t spend ░░░░░░░░ more on cap x ░░░░░░░░ hiring You have to ░░░░░░░░ concerned about the so ░░░░░░░░ lag effect the Fed ░░░░░░░░ done a lot They ░░░░░░░░ been on a record ░░░░░░░░ How concerned are you ░░░░░░░░ they may go too ░░░░░░░░ I m far more ░░░░░░░░ about that than the ░░░░░░░░ The idea that they ░░░░░░░░ keep raising rates because ░░░░░░░░ many people have jobs ░░░░░░░░ absurd It s immoral ░░░░░░░░ Jobs don t create ░░░░░░░░ People having jobs produces ░░░░░░░░ and services It adds ░░░░░░░░ supply and brings down ░░░░░░░░ Your point that the ░░░░░░░░ of growth of wages ░░░░░░░░ slowed that s not ░░░░░░░░ not good but the ░░░░░░░░ opposite of what them ░░░░░░░░ predict There s no ░░░░░░░░ price spiral If you ░░░░░░░░ out the lag of ░░░░░░░░ inflation they have about ░░░░░░░░ 2 5 rate right ░░░░░░░░ I don t believe ░░░░░░░░ Fed is keeping up ░░░░░░░░ the times and they ░░░░░░░░ going to do what ░░░░░░░░ said tighten too far ░░░░░░░░ hurt on going cap ░░░░░░░░ and business investment Charles ░░░░░░░░ with that in mind ░░░░░░░░ have 500 phds over ░░░░░░░░ Golly Maybe they don ░░░░░░░░ get out of the ░░░░░░░░ much You know they ░░░░░░░░ about the time There ░░░░░░░░ an army of them ░░░░░░░░ talking and trying to ░░░░░░░░ bone the market That ░░░░░░░░ fine You can consider ░░░░░░░░ a tool The Powell ░░░░░░░░ has blew it on ░░░░░░░░ and I think that ░░░░░░░░ re try too hard ░░░░░░░░ going to blow it ░░░░░░░░ You can have as ░░░░░░░░ ph d s in ░░░░░░░░ world And the theory ░░░░░░░░ never been proven as ░░░░░░░░ has never gone up ░░░░░░░░ ve never had mmts ░░░░░░░░ this level to this ░░░░░░░░ of time to see ░░░░░░░░ the results and repercussions ░░░░░░░░ So I think we ░░░░░░░░ starting to finally feel ░░░░░░░░ effects of too much ░░░░░░░░ a debt burden too ░░░░░░░░ things going on at ░░░░░░░░ too much just globally ░░░░░░░░ happening we can t ░░░░░░░░ through Coronavirus and recapitalize ░░░░░░░░ back in 2019 and ░░░░░░░░ we can keep fixing ░░░░░░░░ problem but pausing pivoting ░░░░░░░░ having to do that ░░░░░░░░ This country has to ░░░░░░░░ out how we re ░░░░░░░░ to pay our bills ░░░░░░░░ debt borrowing against the ░░░░░░░░ world Charles I m ░░░░░░░░ they didn t have ░░░░░░░░ in mind when they ░░░░░░░░ the Fed in 1913 ░░░░░░░░ the markets have held ░░░░░░░░ it good Markets trade ░░░░░░░░ the long term around ░░░░░░░░ They have to look ░░░░░░░░ a lot of noise ░░░░░░░░ the way They have ░░░░░░░░ look through the noise ░░░░░░░░ debt ceiling discussions that ░░░░░░░░ dumbfounding and how stupid ░░░░░░░░ are and they have ░░░░░░░░ look through other volatility ░░░░░░░░ the news cycle will ░░░░░░░░ have different things Charles ░░░░░░░░ issue that Rebecca brought ░░░░░░░░ is the important one ░░░░░░░░ we have the precedent ░░░░░░░░ That is Japan When ░░░░░░░░ get too much monetary ░░░░░░░░ fiscal policy trying to ░░░░░░░░ things it looks to ░░░░░░░░ pressure on growth that ░░░░░░░░ last for decades not ░░░░░░░░ So for everyone handwringing ░░░░░░░░ have government trying to ░░░░░░░░ too many things that ░░░░░░░░ is the problem Unlike ░░░░░░░░ financial crisis in 08 ░░░░░░░░ that were over levered ░░░░░░░░ s governments over levered ░░░░░░░░ is the story that ░░░░░░░░ need to worry about.