RUSH TRANSCRIPT I was ░░░░░░░░ about this after I ░░░░░░░░ lamenting the yankees Bill ░░░░░░░░ Steve Liesman thank you ░░░░░░░░ much What does this ░░░░░░░░ for the Fed and ░░░░░░░░ the markets Our next ░░░░░░░░ says the central bank ░░░░░░░░ making some key mistakes ░░░░░░░░ to explain and tell ░░░░░░░░ how to invest is ░░░░░░░░ trainor what are the ░░░░░░░░ David welcome I think ░░░░░░░░ ve been making the ░░░░░░░░ mistake they ve been ░░░░░░░░ for the last couple ░░░░░░░░ years I ll simplify ░░░░░░░░ think big picture Inflation ░░░░░░░░ been going on and ░░░░░░░░ stock market es set ░░░░░░░░ and as it trades ░░░░░░░░ down and the latter ░░░░░░░░ food and oil and ░░░░░░░░ goods all we re ░░░░░░░░ is increasing the income ░░░░░░░░ gap and the pain ░░░░░░░░ we re putting on ░░░░░░░░ working class while the ░░░░░░░░ get rich err is ░░░░░░░░ going to make the ░░░░░░░░ s job harder as ░░░░░░░░ feel more more but ░░░░░░░░ delays in your flights ░░░░░░░░ my brt I worry ░░░░░░░░ the price of stuff ░░░░░░░░ can t substitute away ░░░░░░░░ whether it s health ░░░░░░░░ child care in some ░░░░░░░░ parts of education Once ░░░░░░░░ prices go up because ░░░░░░░░ ljmor shortages and people ░░░░░░░░ don t have a ░░░░░░░░ They re kind of ░░░░░░░░ in the squeeze that ░░░░░░░░ re describing Right they ░░░░░░░░ got no choice but ░░░░░░░░ demand higher wages right ░░░░░░░░ s something that the ░░░░░░░░ is not going to ░░░░░░░░ able to dampen down ░░░░░░░░ this inflation monster just ░░░░░░░░ to grow I think ░░░░░░░░ keep turning a blind ░░░░░░░░ to these bigger inflationary ░░░░░░░░ income inequality problems and ░░░░░░░░ will come home to ░░░░░░░░ in a big and ░░░░░░░░ way David I think ░░░░░░░░ s fashionable and vogue ░░░░░░░░ say the Fed was ░░░░░░░░ the curve that they ░░░░░░░░ a mistake that they ░░░░░░░░ and that they missed ░░░░░░░░ the whiffel ball I ░░░░░░░░ t remember many market ░░░░░░░░ economists swamis I don ░░░░░░░░ know what urnyou were ░░░░░░░░ in March of 2021 ░░░░░░░░ inflation but most people ░░░░░░░░ people were going along ░░░░░░░░ the consensus view that ░░░░░░░░ was going to be ░░░░░░░░ and not as high ░░░░░░░░ it is would you ░░░░░░░░ on that Yeah You ░░░░░░░░ look I don t ░░░░░░░░ how long my crystal ░░░░░░░░ was working back then ░░░░░░░░ and I don t ░░░░░░░░ if we ve made ░░░░░░░░ many comments around macro ░░░░░░░░ It s not really ░░░░░░░░ focus The new construct ░░░░░░░░ more on the underlying ░░░░░░░░ of individual companies but ░░░░░░░░ do think no one ░░░░░░░░ get around understanding the ░░░░░░░░ market context of investment ░░░░░░░░ making and one of ░░░░░░░░ telltale signs are if ░░░░░░░░ in just how seeing ░░░░░░░░ s these some of ░░░░░░░░ Amazon bow stocks and ░░░░░░░░ high valuation and probably ░░░░░░░░ have any pros feks ░░░░░░░░ making any moment in ░░░░░░░░ that that allocate who ░░░░░░░░ will siphon it off ░░░░░░░░ some of those You ░░░░░░░░ to name some of ░░░░░░░░ companies What is an ░░░░░░░░ that has gone when ░░░░░░░░ described in other words ░░░░░░░░ huge amount of capital ░░░░░░░░ it s going to ░░░░░░░░ executives or money heaven ░░░░░░░░ the board of directors ░░░░░░░░ the main investors rivian ░░░░░░░░ coin robinhood carvana Tesla ░░░░░░░░ We just published a ░░░░░░░░ of a bunch of ░░░░░░░░ stocks Tesla is a ░░░░░░░░ Have they continued to ░░░░░░░░ money Will they continue ░░░░░░░░ make money I don ░░░░░░░░ know when it comes ░░░░░░░░ zombie stocks the amount ░░░░░░░░ loss that could be ░░░░░░░░ by the owners of ░░░░░░░░ stock and its current ░░░░░░░░ is devastating I think ░░░░░░░░ folks and I think ░░░░░░░░ the unwind hits it ░░░░░░░░ going to be really ░░░░░░░░ across all of it ░░░░░░░░ I hear you correctly ░░░░░░░░ sounded like you were ░░░░░░░░ some of the responsibility ░░░░░░░░ the zombie companies and ░░░░░░░░ ability to raise massive ░░░░░░░░ of capital to the ░░░░░░░░ or the Fed is ░░░░░░░░ really their fault or ░░░░░░░░ capital markets Absolutely Explain ░░░░░░░░ me highway andow a ░░░░░░░░ is the case and ░░░░░░░░ it isn t the ░░░░░░░░ fool putting money and ░░░░░░░░ sold that crap that ░░░░░░░░ it Tyler I m ░░░░░░░░ going to argue that ░░░░░░░░ should not be responsible ░░░░░░░░ their investment decisions Ultimately ░░░░░░░░ s what it comes ░░░░░░░░ to but I think ░░░░░░░░ s a little bit ░░░░░░░░ to say that like ░░░░░░░░ most investors are willing ░░░░░░░░ do that I mean ░░░░░░░░ at the craze we ░░░░░░░░ seen with amc and ░░░░░░░░ it s clear that ░░░░░░░░ s utter disregard for ░░░░░░░░ value of money in ░░░░░░░░ lot of ways and ░░░░░░░░ s a gambling machine ░░░░░░░░ the Fed continues to ░░░░░░░░ out lots and lots ░░░░░░░░ money and money is ░░░░░░░░ and risky and continues ░░░░░░░░ sort of stoke the ░░░░░░░░ of speculation Yeah they ░░░░░░░░ some role in that ░░░░░░░░ I think in some ░░░░░░░░ it s a distraction ░░░░░░░░ getting back to the ░░░░░░░░ of doing hard work ░░░░░░░░ doing the things that ░░░░░░░░ required to make a ░░░░░░░░ living I see what ░░░░░░░░ re saying by making ░░░░░░░░ easy and cheap it ░░░░░░░░ and flowed into that ░░░░░░░░ where speculating I don ░░░░░░░░ even want to call ░░░░░░░░ investors or speculators decided ░░░░░░░░ gamble with the free ░░░░░░░░ low price money I ░░░░░░░░ your point David thank ░░░░░░░░ as always good to ░░░░░░░░ you.