Breitbart’s Carney: ‘I Don’t Think We Should Give the Stock Market a Veto over the Public Policy of the U.S.’

ROCHA Market don t ░░░░░░░░ instability But regular folks ░░░░░░░░ boys from East Texas ░░░░░░░░ we like instabilities Well ░░░░░░░░ mom would say Why ░░░░░░░░ t you wearing your ░░░░░░░░ hat tonight She don ░░░░░░░░ like change but she ░░░░░░░░ don t like when ░░░░░░░░ messes with her 401 ░░░░░░░░ right PHILLIP Yes ROCHA ░░░░░░░░ I mean I get ░░░░░░░░ of that and I ░░░░░░░░ being quippy here but ░░░░░░░░ mean that when I ░░░░░░░░ I don t do ░░░░░░░░ markets and you all ░░░░░░░░ tell that with this ░░░░░░░░ but I win elections ░░░░░░░░ regular folks are seeing ░░░░░░░░ does this mean to ░░░░░░░░ They can take some ░░░░░░░░ They don t really ░░░░░░░░ the market They understand ░░░░░░░░ they get their statement ░░░░░░░░ their 401 k And ░░░░░░░░ it s better in ░░░░░░░░ months they feel better ░░░░░░░░ six months And this ░░░░░░░░ happening now and there ░░░░░░░░ not another election here ░░░░░░░░ almost two years so ░░░░░░░░ s the only thing ░░░░░░░░ s the break for ░░░░░░░░ right now if I ░░░░░░░░ him any break at ░░░░░░░░ But there s a ░░░░░░░░ how much is the ░░░░░░░░ and how is the ░░░░░░░░ of the regular folks ░░░░░░░░ do any tariffs actually ░░░░░░░░ anything actually go up ░░░░░░░░ that s when you ░░░░░░░░ going to see real ░░░░░░░░ raise a lot of ░░░░░░░░ PHILLIP This thing can ░░░░░░░░ real fast if things ░░░░░░░░ bad It really could ░░░░░░░░ elections are in 18 ░░░░░░░░ but I don t ░░░░░░░░ that they have that ░░░░░░░░ of time to figure ░░░░░░░░ out FOROOHAR And the ░░░░░░░░ of the world would ░░░░░░░░ evolved CARNEY I think ░░░░░░░░ often the market often ░░░░░░░░ down when you adopt ░░░░░░░░ right policy We saw ░░░░░░░░ in Jackson Hole when ░░░░░░░░ had Jay Powell come ░░░░░░░░ and say I m ░░░░░░░░ to be a lot ░░░░░░░░ hawkish There s going ░░░░░░░░ be pain that we ░░░░░░░░ to inflict to bring ░░░░░░░░ inflation Now was that ░░░░░░░░ mistake just because the ░░░░░░░░ went down 6 percent ░░░░░░░░ day No it wasn ░░░░░░░░ And then it kept ░░░░░░░░ down as people realized ░░░░░░░░ the Fed was really ░░░░░░░░ about crushing inflation I ░░░░░░░░ we re seeing a ░░░░░░░░ of that right now ░░░░░░░░ did PHILLIP How many ░░░░░░░░ John how many times ░░░░░░░░ we had days like ░░░░░░░░ or weeks or you ░░░░░░░░ these Cross talk JENNINGS ░░░░░░░░ 2022 the S P ░░░░░░░░ down 23 percent the ░░░░░░░░ was down 33 percent ░░░░░░░░ How many times JENNINGS ░░░░░░░░ had a whole year ░░░░░░░░ it PHILLIP This is ░░░░░░░░ a trivia question How ░░░░░░░░ times have we had ░░░░░░░░ consecutive days of these ░░░░░░░░ of losses When was ░░░░░░░░ last time JENNINGS We ░░░░░░░░ a whole year of ░░░░░░░░ market crash in 2022 ░░░░░░░░ re talking about three ░░░░░░░░ I would bet it ░░░░░░░░ when the TARP was ░░░░░░░░ in 2008 PHILLIP Okay ░░░░░░░░ We had a market ░░░░░░░░ PHILLIP All right So ░░░░░░░░ times when these things ░░░░░░░░ happened have proceeded major ░░░░░░░░ downturns So what we ░░░░░░░░ experiencing right now is ░░░░░░░░ No that actually well ░░░░░░░░ I just sorry to ░░░░░░░░ PHILLIP Yes go ahead ░░░░░░░░ I don t think ░░░░░░░░ did precede a major ░░░░░░░░ downturn In fact we ░░░░░░░░ in the midst of ░░░░░░░░ major economic downturn when ░░░░░░░░ happened last time PHILLIP ░░░░░░░░ that a defense CARNEY ░░░░░░░░ I think it is ░░░░░░░░ defense because right now ░░░░░░░░ are not in the ░░░░░░░░ of a major economic ░░░░░░░░ We are in the ░░░░░░░░ of a reorienting of ░░░░░░░░ global economy that will ░░░░░░░░ painful to the incumbent ░░░░░░░░ that have done very ░░░░░░░░ under Biden and they ░░░░░░░░ not do as well ░░░░░░░░ the new order QUEST ░░░░░░░░ that sentence and reverse ░░░░░░░░ So it becomes we ░░░░░░░░ in the middle of ░░░░░░░░ major economic of a ░░░░░░░░ refine of the global ░░░░░░░░ system and we are ░░░░░░░░ in the middle of ░░░░░░░░ major economic downturn yet ░░░░░░░░ if this continues JENNINGS ░░░░░░░░ sound so hopeful QUEST ░░░░░░░░ because if this continues ░░░░░░░░ is JENNINGS Can I ░░░░░░░░ you some inaudible QUEST ░░░░░░░░ I just tell you ░░░░░░░░ I m tired of ░░░░░░░░ in debates like this ░░░░░░░░ having everybody say Oh ░░░░░░░░ know you elites you ░░░░░░░░ of this at the ░░░░░░░░ you at this you ░░░░░░░░ that all day I ░░░░░░░░ heard this The reality ░░░░░░░░ yes there are maybe ░░░░░░░░ smaller section of the ░░░░░░░░ that is share owning ░░░░░░░░ their own right but ░░░░░░░░ of people have 401 ░░░░░░░░ s And even if ░░░░░░░░ don t have a ░░░░░░░░ k or you don ░░░░░░░░ have a retirement account ░░░░░░░░ company depends on the ░░░░░░░░ CARNEY I don t ░░░░░░░░ we should give the ░░░░░░░░ market a veto over ░░░░░░░░ public policy of the ░░░░░░░░ States And so if ░░░░░░░░ stock market doesn t ░░░░░░░░ us doing the right ░░░░░░░░ just like Jay Powell ░░░░░░░░ t do the Fed ░░░░░░░░ t say Oh no ░░░░░░░░ can t raise interest ░░░░░░░░ because of inflation QUEST ░░░░░░░░ the Fed whoa CARNEY ░░░░░░░░ might not QUEST The ░░░░░░░░ knew that the Fed ░░░░░░░░ to do it to ░░░░░░░░ rid of inflation CARNEY ░░░░░░░░ market went down And ░░░░░░░░ did it go down ░░░░░░░░ Yes they didn t ░░░░░░░░ it but they knew ░░░░░░░░ was the orthodox they ░░░░░░░░ that was the orthodox ░░░░░░░░ policy that was following ░░░░░░░░ And this is what ░░░░░░░░ re doing today QUEST ░░░░░░░░ is not orthodox CARNEY ░░░░░░░░ s not orthodox you ░░░░░░░░ absolutely correct but the ░░░░░░░░ will realize that this ░░░░░░░░ the right thing to ░░░░░░░░ and it s necessary ░░░░░░░░ had no choice.”