Transcript
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The topics and opinions expressed in the following show are
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solely those of the hosts and their guests, and not
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those of W FOURCY Radio. It's employees are affiliates. We
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make no recommendations or endorsements for radio show programs, services,
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or products mentioned on air or on our web. No
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liability explicitor implied shall be extended to W four CY
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Radio or it's employees are affiliates. Any questions or comments
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should be directed to those show hosts. Thank you for
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choosing W FOURCY Radio.
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Well, hello and welcome. Good to have you here.
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I'm Bill Martinez, and we are live and we've got
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a great show planned for you today. Get doctor Michael Butler,
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the econ expert and professor, is going to be joining
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us to talk about all things DOZE. Right, are the
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numbers adding up?
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You know?
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Do we have expectations that are realistic? I mean, there's
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just been so much much excitement about DOZE, and I
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think that you know, a lot that we expected in
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terms of the waste and fraud in that in our
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government is coming.
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To be true.
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But can we really get down to the bottom number,
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can we really be able to penetrate the bureaucracy in
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such a way that we can, you know, really understand
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how much actual waste that we're talking about. I mean,
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more and more as I look at these numbers, the
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projected true trillion. I mean, at one point I thought, gosh,
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there's the way this thing is going. We could probably
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find three trillion dollars or more, you know, in terms
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of you know, fraud and waste. But I think we're
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going to be lucky to find uh, you know, a trillion.
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Maybe I don't know. I mean, it's just it's hard
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to tell because some numbers come out and then they're corrected,
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and you know, it's very dynamic and very fluid as
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to what's going on. And of course you know the
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government has planned it that way. It's it's rather been,
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you know, rather purposeful. I mean, you think about all
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the shenanigans, for example, that we experienced with the Biden
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family fraud situation, that they had ten different sources of
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revenue how they were coming in, and it's not sources
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of revenue, but just where the banking the way it
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was kind of convoluted in such a way. I mean
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bo' donald's had said that, you know, with his experience
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in dealing with money laundering. This is very typical. This
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is what they do, and so a lot of slight
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of hand, a lot of confusion, you know. And in
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the cases of what we've heard from Doze and from
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Elon Musk, you know, accounting principles they're just out the door.
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I mean, clearly the institutions have been very happy to
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you know, kind of hide the peece so to speak,
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you know, and the shells moving.
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It's a bit of a shell game.
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So will we ever get down, you know, to the
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bottom and find out exact exactly I don't. I don't know,
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But more and more I become increasingly skeptical because the
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bureaucracy is so well established, it's so big. I mean,
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we still can't figure out certain obvious things, you know,
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even the most recent assassination attempt on President Trump, so
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many details still out there. So you know, the government
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has a way of hiding the piece, so to speak,
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and it's going to make it difficult. And you know,
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the hope that maybe we would all get a five
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thousand dollars dividend because of this found money. Hey, don't
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go go spending the check yet, Okay, it's what i'd recommend,
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So let's slow it down. We'll talk with Michael Butler
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about that, and then also we're going to be talking
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with Leslie Corby. Leslie is a she's a self proclaimed
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anti feminist attorney. She's an author and columnist, and she asked,
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are we in a constitutional crisis? I mean, this is
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kind of the language of the left every time, you know,
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something doesn't go their way, and of course right now
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it hasn't gone their way for a while, and you know,
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that's all they can talk about is the sky is falling.
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You know, the sky is falling.
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It's like Pinky lear, No, it's not falling, but everything
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is a constitutional crisis. And the constitutional crisis that they're
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noting seems to be coming from their end, you know,
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the interruption and disruption of what they're doing in terms
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of a smooth transition of wanted misstration to another. You know,
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the left, the Democrats don't like the policies of the
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Republicans anymore of the Republicans like the policies of the Democrats. Well,
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the American people didn't like the policy of the Democrats either,
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and they voted quite clearly right said hey, get that
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out of here.
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Donald Trump's our guy.
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We want him to come in and straighten this mess up,
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and they gave him the mandate.
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Said go, you know, go correct it.
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We believe that you're the guy who's going to be
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able to take care of the border crisis that we've
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been experiencing, take care of inflation, take care of the
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energy crisis, get us back a foothold of energy to
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where we could become you know, beyond energy independent, become
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energy dominant, and then also, uh, you know, improve our
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standing on the world stage. Now, there were some things
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that Donald Trump could do pretty quick, and he's been
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able to do that quite effectively. And hear, what about
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six weeks so this administration roughly. I mean, it's amazing
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what he's been able to accomplish. But some of these
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other things like uh, you know, like dealing with you know,
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dealing with you know, with inflation, these are Biden's numbers still.
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In fact, you know, our guest, doctor Michael Bustler is
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with us right now. Let's bring Michael on and he
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can break that down a little bit more, doctor Michael Butler,
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welcome to the show.
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Good to have you with us, sir, Well.
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Hi Bill, Thanks for having me, as you know, it's
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always my pleasure to be here.
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Well, Michael, we talk about where Trump is right now,
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moving at the speed of Trump on Trump time, and
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you know, the thing is is that people are getting
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you know, it's kind of amazing.
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You know how I guess how impatient we are as
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a nation.
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You know, we think Trump's going to come in and
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fix inflation right away, But what he's dealing with is
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still cleaning up the mess that Biden left behind, right exactly.
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And in order to clean up this mess, it's going
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to take him a little bit of time. Every thing
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else he can do quickly, he's done quickly, and he's
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moving as fast as he can. But let's look at it.
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Why is it that we have such high inflation and
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it is so stubborn and hard to get down to
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where we'd like it? Three main reasons for it. One,
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when the Biden administration, literally the first day was sworn
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into office, he took action to significantly decrease the supply
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of energy, and when you decrease the supply of any energy,
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the price goes up. He canceled the Keystone pipeline. He
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made permitting process more difficult. You can't drill on federal lands.
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All that decreased production of oil and gasoline, and the
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decrease in spy led the higher prices. Now people are
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going to argue, back, wait a minute, at the end
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of Biden's term, he was producing more than when he started,
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and that's true, but we had a big drop in production,
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and gradually over the four years they were able to
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increase somewhat. But had he not taken that action, we
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would have probably be producing between a million and a
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million and a half barrels per day more than we
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are currently producing. And that's what Trump is trying to do.
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So it takes a little time to do that, but
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I would estimate by the middle of the third quarter
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of this year you're going to start to see energy
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prices drop significantly. So that's the first reason we had.
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Well thether thing too, Michael.
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Can we say anything about the Strategic Petroleum Reserve that
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Biden emptied?
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Yeah?
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Remember Trump filled that up with extremely cheap oil. As
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a matter of fact.
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Didn't they pay us for it.
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I was just going to say that much of that
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during COVID and nobody was taking any oil, and the
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oil producing nations need to have the tankers loaded and
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get back to put more oil on. Nobody would take oil.
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The price of oil plummeted so low that the oil producers,
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the foreign oil producers, said we'll pay you to take
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the oil. They paid US thirty seven dollars a barrel
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to unload their ships. And Trump said, well, I would
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have filled up the oil reserve. So Biden in order
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to keep the price of energy down as low as
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he could, and his actions drove it way up. But
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to soften that a little bit, he started emptying the
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strategic reserve. It's now less than half full. That could
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create some problems further down the road.
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And wasn't that against the law, though, Michael, Because the
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only time you can go into the strategic reserve is
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with an emergency. I guess the Democratic Party perceived the
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midterm elections as an emergency, right.
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He declared a national emergency when energy prices were going
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up that high. He tried to get oil from Venezuela two,
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which is a little strange, but so he took some
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out of the reserve and he declared an emergency so
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he could do that. So the first reason we had
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inflation was energy. Second reason massive increases in government spending
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in twenty nineteen. Between twenty nineteen and twenty twenty four,
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there was a fifty percent increase in government spending from
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four point five trillion up to nearly seven trillion. Since
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we didn't have that money, that became borrowed money, so
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it created a huge deficits every year, a massive public debt.
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But all that excess demand in the economy pulled prices up,
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so it is the second reason we had inflation. Third
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reason was the Federal Reserve just fell asleep when energy started.
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When prices inflation started going up in January of twenty
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twenty one, and that's when it started. For a year
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and a half, the Federal Reserve did absolutely nothing. They said,
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don't worry, it'll go away by itself. It's transitory, transitory. Well,
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obviously that didn't work, and finally in June of twenty
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twenty two, they said that didn't work. We're going to
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have to drastically increase interest rates, which they did. It
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brought inflation down, and then for some reason it wasn't
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down to the two percent target, although it was close
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down to two point four percent, and then for some
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reason they started cutting interest rates in September, November, and
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December of last year, as I said it would do,
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it did now. The inflation went from two point four
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up to three percent. So Trump will eventually replace the
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chair of the Federal Reserve, but he can't do that
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until next February. In the meantime, he's going to dramatically
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increase the supply of energy. That will bring the price down,
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not going to You won't see it until towards the
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end of this year because it takes time, but he'll
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do that. And secondly, he's going to drastically cut government spending.
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And with Elon Musk and through DOGE, he's finding billions,
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tens of billions, maybe hundreds of billions of dollars we're
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spending on literally stupid things. So we're going to cut
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all that. And by reducing the government spending, by increasing
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the supply of energy and bringing energy prices down. Can't
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deal with the FED until you get somebody else in there.
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But just those two things will bring inflation down. I
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wrote in Newsmax this morning, No worries. The long term
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economic outlook looks very rosy. So in the next few
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months we're going to see some not so good numbers,
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inflation may and chuck a little bit. The economy is
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starting to slow down. Third fourth quarter last year, GDP,
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which had been growing at a three percent rate, dropped
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two point three percent. Last year, we had the largest
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number of bankruptcies ever in by business ever in the US,
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So things are starting to slow down. But Trump will
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get rid of these regulations that stop business from expanding
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and stop new businesses from starting. He'll reduce the cost
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of energy, which makes it much easier for business and consumers.
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And he'll drastically cut government spending and try as best
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as he can to try to balance the budget as
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soon as as possible. Now we're running at two trillion
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dollar deficits, so that's going to take some time.
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To exactly without a doubt.
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He's a public policy analyst, economics expert, and professor of
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finance at Stockton University in New Jersey. Doctor Michael Bust
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is our guest. Michael, with all these pressures you know
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on our economy, I mean, you know, I like your
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temperate approach on this that it's going to take some
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time in order to get there because we're still getting
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through what Joe Biden did not to mention the fact
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that he exacerbated the problem on his way out, according
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to you know, according to the government, is that he
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spent close to a trillion dollars out of nowhere that
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was just kind of wasted. I mean, it's almost like
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he was pitching a fit and was just throwing gold
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bars over the you know, over the rails here as
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he was leaving Dodge.
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Unfortunately, Elon Musk is finding a lot of this and
243
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before it gets spent, he's stopping this. So that's part