RUSH TRANSCRIPT Mutual advisor ░░░░░░░░ nm com David despite ░░░░░░░░ bad news is omicron ░░░░░░░░ markets are doing extremely ░░░░░░░░ they ve extended their ░░░░░░░░ the S P is ░░░░░░░░ an all time high ░░░░░░░░ dow Jones industrials up ░░░░░░░░ 254 points let s ░░░░░░░░ at a particular stock ░░░░░░░░ recovering it was down ░░░░░░░░ it s up another ░░░░░░░░ today It is very ░░░░░░░░ to 3 trillion market ░░░░░░░░ 2 95 right now ░░░░░░░░ market cap good day ░░░░░░░░ apple it s been ░░░░░░░░ very choppy December for ░░░░░░░░ markets Stocks are higher ░░░░░░░░ as they assess the ░░░░░░░░ threat Back with me ░░░░░░░░ market watcher George c ░░░░░░░░ Carol roth would we ░░░░░░░░ about inflation last time ░░░░░░░░ question you said markets ░░░░░░░░ doing well because we ░░░░░░░░ low interest rates that ░░░░░░░░ the one stable with ░░░░░░░░ over the past several ░░░░░░░░ If the rates are ░░░░░░░░ the markets do well ░░░░░░░░ inflation gets higher the ░░░░░░░░ whether Jerome Powell the ░░░░░░░░ of the Fed has ░░░░░░░░ backbone to do what ░░░░░░░░ needed in order to ░░░░░░░░ inflation Does he have ░░░░░░░░ volker did at the ░░░░░░░░ of a very severe ░░░░░░░░ in the early 1980s ░░░░░░░░ Paul volker does Powell ░░░░░░░░ a kind of backbone ░░░░░░░░ s an interesting question ░░░░░░░░ have a different set ░░░░░░░░ circumstances than we did ░░░░░░░░ the late 70s early ░░░░░░░░ inflation was in double ░░░░░░░░ in mid single digits ░░░░░░░░ interest rates were in ░░░░░░░░ digits back then and ░░░░░░░░ single digits right now ░░░░░░░░ s very different and ░░░░░░░░ face two different threats ░░░░░░░░ rates are the threat ░░░░░░░░ the stock market and ░░░░░░░░ prosperity and inflation is ░░░░░░░░ threat to mainstream and ░░░░░░░░ guy on main street ░░░░░░░░ trying to pay the ░░░░░░░░ There are two different ░░░░░░░░ into different levels of ░░░░░░░░ Interest rates are very ░░░░░░░░ low while inflation is ░░░░░░░░ high it s a ░░░░░░░░ conundrum for the Fed ░░░░░░░░ deal with I think ░░░░░░░░ painstakingly and slowly makes ░░░░░░░░ lot of sense then ░░░░░░░░ in and raising interest ░░░░░░░░ Eventually what happened on ░░░░░░░░ street catches up to ░░░░░░░░ Street as consumers pull ░░░░░░░░ on their spending and ░░░░░░░░ prophets begin to deteriorate ░░░░░░░░ certainly does unfortunately the ░░░░░░░░ companies don t really ░░░░░░░░ they re undergoing a ░░░░░░░░ consolidation transfer of wealth ░░░░░░░░ main street to Wall ░░░░░░░░ I think it s ░░░░░░░░ shortsighted of the market ░░░░░░░░ want to have a ░░░░░░░░ interest rate policy to ░░░░░░░░ them afloat not thinking ░░░░░░░░ what happened in the ░░░░░░░░ When they don t ░░░░░░░░ the small business customers ░░░░░░░░ average customer stretch because ░░░░░░░░ dollar is buying fewer ░░░░░░░░ and services Unfortunately having ░░░░░░░░ short term view has ░░░░░░░░ us into the issue ░░░░░░░░ in today and with ░░░░░░░░ being a midterm year ░░░░░░░░ will weigh heavily as ░░░░░░░░ David then you have ░░░░░░░░ Summers lament which I ░░░░░░░░ Larry Summers is Democrat ░░░░░░░░ secretary he worries the ░░░░░░░░ is filled with awoke ░░░░░░░░ who think the Fed ░░░░░░░░ responsibility is climate change ░░░░░░░░ equity and things like ░░░░░░░░ Will that affect their ░░░░░░░░ Summers has been spot ░░░░░░░░ for a year he ░░░░░░░░ been the song in ░░░░░░░░ so to speak Clarissa ░░░░░░░░ something like that I ░░░░░░░░ Chairman Powell has done ░░░░░░░░ great job so far ░░░░░░░░ kept the economy online ░░░░░░░░ Covid David forgive me ░░░░░░░░ interrupting but can he ░░░░░░░░ to do it if ░░░░░░░░ has people working for ░░░░░░░░ and voting on these ░░░░░░░░ who care more about ░░░░░░░░ issues than the value ░░░░░░░░ the dollar They re ░░░░░░░░ the decision makers yet ░░░░░░░░ got really lucky he ░░░░░░░░ reappointed they were going ░░░░░░░░ reappoint more devilish than ░░░░░░░░ Powell will get at ░░░░░░░░ three rate rises and ░░░░░░░░ Powell will nip it ░░░░░░░░ the butt I think ░░░░░░░░ will take longer I ░░░░░░░░ you shaking your head ░░░░░░░░ banks are a menace ░░░░░░░░ society and the Fed ░░░░░░░░ reality is they have ░░░░░░░░ completely wrong about inflation ░░░░░░░░ did not anticipate the ░░░░░░░░ market or the supply ░░░░░░░░ issues now they want ░░░░░░░░ get into woke but ░░░░░░░░ need less fed David ░░░░░░░░ agree maybe a current ░░░░░░░░ would be better off ░░░░░░░░ the Fed thank you ░░░░░░░░ being here New York ░░░░░░░░ s private sector vaccine ░░░░░░░░ taking effect today how ░░░░░░░░ restaurants and hotels already ░░░░░░░░ with the