Capital Record

When a who's who of progressive economists, some Nobel laureates, all academics, take to the pages of the, ummm, Guardian, to say that “growth is doomed” and that “poverty is manufactured,” is it time for policymakers to reverse course and embrace the policy solutions these “experts” present to “change the rules of the global economy”? Or, rather, is this the ideal time for lovers of freedom who believe in human flourishing to double down on the only things the world has ever seen that manufacture prosperity? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Covid-19 era claims that working in an office was over -- an unnecessary relic rendered obsolete by the realities of Zoom and the cloud -- have spent the last five years being decimated by rediscovery of the facts of human nature. Company after company has backtracked, admitted failure in remote work allowance, and attempted to salvage the damage done to brand, culture, and mentorship by telling people they didn't need to come to work. But a new study has gone further, and the results should not surprise any of us who understand the human person. They should disturb any of us who claim to care about the wellness of human beings.   Show notes: Science.org study Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined today by special guest Peter Travers, investor, financier, and long-time trustee at National Review. Their conversation goes from a proper definition of Wall Street to a proper defense of Wall Street to, ultimately, the profound benefits of a market system that coordinates all sorts of different people, actors, capital, and motives in a wide array of human endeavor. It is a pivotal conversation for those wanting to understand not just financial markets, but how human dignity is undermined by the enemies of financial markets. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

With the SpaceX IPO and a paper mark-up of value in Elon Musk's net worth to $1 trillion, many have bemoaned the “concentration of power” that this kind of wealth represents. In today's episode, David suggests that some may not seem to understand what “concentration of power” really means, and that if people want to see a “concentration of power,” they should see what their desired plans to stop it do. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Yes, Bernie Sanders, who has always admitted to being a socialist, has called for the government to take equity stakes in American AI companies. And yes, it is a terrible idea. But today on the Capital Record, David does what too few on the right appear willing to do: say why it is a bad idea, and why the right are going to have a very hard time stopping it.               Clip courtesy of Overtime with Bill Maher Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Treasury Secretary, Scott Bessent, gave a memorable speech at the Reagan Foundation Economic Forum last week.  In it, he reiterated the completely true economic principle of permanence – that when policies are properly codified they assure economic actors of the rules of the road, enabling more confident decision-making when it comes to hiring, production, consumption, and investment.     In today's Capital Record, David flushes out this concept more, acknowledges where the permanence of OBBBA has been a benefit, and asks a rather obvious question about another tax policy that remains, well, not permanent. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sen. Elizabeth Warren's recent tirade against private equity is a libelous set of dishonest manure that should be treated as seriously as any attempt to broadly demonize private equity these days, which is not at all.  Whether the Senator's problem is intellectual or just in telling the truth, she is wrong in so many ways that today's Capital Record gives us a chance to set the record straight.  You will be better off for hearing it, which is never true when one listens to today's private equity critics. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We started this podcast over five years ago, committed to a free and virtuous society, and now with 300 episodes under our belt, the commitment is deeper and more robust than ever. In this very special episode, David revisits the genesis of Capital Record, reaffirms the themes that matter, identifies the enemies of human flourishing working to undermine freedom and opportunity, and offers up a manifesto of commitments for the years ahead. Pre-roll:Duke Energy Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ben Sasse may not know exactly how much more time God has for him here on earth, but he sure is using whatever time he does have to spread truth and wisdom. On today's Capital Record we look at Sasse's recent op-ed in the WSJ and his contrarian approach to the AI tech revolution. In this transformative technological moment, Ben doesn't see a need to “get with the algorithms” but rather an opportunity to “re-discover the virtues.” And he knows just where to go to find them. Show notes:Habits for Humanity in the Age of AI   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined this week by U.S. energy industry legend and pioneer, Charif Souki. Hear not only his incredible story as a leading force in the shale revolution but also get the lay of the land in one of the great stories of our time: U.S. energy dominance. All at once this episode will remind you of the role robust capital markets play in the cause of free enterprise and reiterate the most important business principles that matter. A truly special Capital Record! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

American capital markets are celebrated on this podcast -- as they should be by anyone who values a free and virtuous society. Rule of law is a vital component to upholding the effect strong capital markets have on our economy. The DOJ blocking of a Jet Blue acquisition of Spirit Airlines did not avoid two bankruptcies -- it created one. And on today's podcast, we prove it. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If only there was a way to avoid taxpayers now bailing out a failed private enterprise whose pricing model cannot work in this economy? Well, there was -- it was a merger with a more capitalized and established brand name airline, only the same government about to spend your tax dollars on a failed private business with no national security connections whatsoever was the same one who blocked the private markets solution that would have been a winner for everyone. Now, instead of everyone winning, we literally get everyone losing -- and I mean everyone. But nobody is losing more than those arguing that increased government stewardship of the economy is a good idea. There is no bankruptcy deep enough for the intellectual rot of that position. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David concluded an 18-month research project and interviews with a dozen attorneys and judges with a lengthy piece on the the disaster of our current legal system. In today's Capital Record he offers a dozen reform ideas that are desperately needed, and concludes with one that is more important than all of them put together. Hint: It doesn't involve the judicial system. Show Notes: David's National Review article, "The Next Supply-Side Battle" Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The political world was abuzz Sunday night at the devastating defeat pro-Putin post-liberal, Viktor Orbán, suffered in Hungary's national election. Some on the American right have mistakenly cozied up to Orbán, finding some compatibility with his occasional messages about social values. But alas, even beyond the confused moral messaging, what did Orbán in is what will do all “new right” illiberals in -- a disdain for the freedom and opportunity of a market economy. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David French wrote a provocative piece in the New York Times recently asking the very legitimate question, “If people are doing better, why are they more resentful?” In today's Capital Record, David Bahnsen looks at the macroeconomic picture, reviews the thesis of our crisis of responsibility, unpacks the difference between greed and envy, and suggests a culprit that is at least a good starting place for improving those who feel left out of the modern economy. "How Can America Be So Miserable When It's So Rich?" Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What does it say about a con man and con woman that they got away using fake names and doing fake events to rip off people, charities, and investors for years? It says that they are con artists! Perhaps the bigger question, though, is what it says about their marks. In today's Capital Record David looks at a depressing fact about too many affluent people that even makes something like this possible. Show Notes:The Fake Cartier and the Fake Rockefeller   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A jury ruled last week that social media companies are financially liable for a young woman's becoming “addicted” to social media use. In today's Capital Record, David opines on the utterly ridiculous verdict and the horrific things it says about society, but also offers a social commentary on where companies do have a moral burden, outside the law, if we are to have a free and virtuous society. As is often the case, there is enough fusionism in David's take to bother everyone. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is it a good thing for wealthy people to give money away? Is it a good thing for them to give half of it away? All of it? Is a pledge a gift? How should one who values a virtuous society think about this very idea? In this Capital Record, David looks at the results of a high-profile 2010 effort launched by Warren Buffett and Bill Gates, and suggests that there is a way to promote generosity that does not lend itself to a high-profile indulgence. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The World Bank has spent three decades saying industrial policy is a bad way to go -- stunting growth, creating bad signals, and facilitating suboptimal outcomes. But now, lo and behold, they claim that government management of an economy can be a very good idea, as long as it is done the way they suggest. The internal contradictions in this statist mess are easy to see, and we're not having it. You shouldn't either. Show notes: WSJ on World Bank reversal on industrial policy Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Do financial transactions all add up to zero? Should we be more concerned with piety than technique? Is a business going out of business a good thing if the founder treats his people well? Does money serve a greater purpose if we apply nice-sounding adjectives to our marketing pitch? Are all views of human dignity okay as long as they end with humans having dignity? On today's Capital Record, David analyzes a plethora of things he literally heard in the last few days alone! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined this week by a very special guest, Tim Estes, for a thorough discussion on artificial intelligence. But this is not one of those exhausting conversations about whether or not AI would take our jobs, or is a good investment, or one of the other numerous things that dominates AI discussion these days. Rather, David and Tim use first principles to address the problems that conservatives are missing. The discussion goes all over the map but then ends with a profound idea from our special guest that might just scratch all the itches! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined by special guest Renè Aninao, of CORBU, for an invigorating discussion about the state of geopolitics, the Fed, markets, and more. They cover multiple countries, multiple world leaders, and most of all, multiple first principles. It is always worth the listen when Renè Aninao steps into the Capital Record! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Some of the biggest companies in America are changing what they do with DEI, saying no the Human Rights Commission and the Southern Poverty Law Center, defending fossil fuels, and yes, even defending the profit motive. It sometimes takes more nudging than we want, but today's podcast gives you an update on how shareholder engagement, not boycott, is yielding great dividends. And then, yielding great dividends. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The New York Times published a long, redundant, somewhat odd screed from Oren Cass this weekend, bemoaning “financialization” and suggesting that Wall Street has duped everyone, from their investors to their own clients, about what they really do. The wide net of the attack manages to capture exactly no one, and exposes what the anti-market, pro-statism new right fail to grasp about markets. David takes on the piece point by point, and the rebuttal is worth a listen.Show notes:Oren Cass NYT piece on financializationDavid's AIER paper on financialization Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

When economic analysis and partisan cheerleading get mixed together, one suffers, and the other becomes embarrassing. David dissects Kevin Hassett's claim that the economy is growing at 7 percent per year, and the dissection is not kind. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We are living in a time period where humans are spending less time together than ever, and more and more mechanisms in the market are facilitating this. Cultural trends and a host of demographic realities are reinforcing a human isolation that is problematic at best, and catastrophic at worst.In today's Capital Record, David addresses the human element of social interaction, and the very nature of things that undergirds this. He laments this social trajectory and recognizes where market forces can serve to accommodate unhealthy trends if human beings stay determined to do unhealthy things. But he suggests that the solution is not in criticizing the natural accommodation of markets but rather in reversing those feedback loops through intentional and deliberate action. Naturally, he finds the state's role in this to be dubious. Rather, and with some biographical confessions, he suggests that the solution to people being increasingly alone, lonely, and devoid of healthy, human interaction, starts with us.Show notes:Derek Thompson on the anti-social century Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We all got a lesson this week in one of the most powerful forces in world history. It is maybe the most important political dynamic on the globe today -- even more powerful than the separation of powers found in the Constitution. Indeed, unlike the latter, market discipline cannot be willed away. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The limit of a 10 percent interest rate on credit card debt is a perfect storm, an unintended consequence, a territory for bad policy. Since that Friday night announcement of the president, inspired by the Sanders/Warren wing of political ideology, we have now seen support from the president for the Credit Card Competition Act. Here, more nuances abound, and more opportunities for shaking one's head exist. In this episode of Capital Record, David:Takes on the “credit card fees are usury” argument, some conveniently jump onto.Explains who is hurt the most by a government price control on credit card interest.Unpacks the Credit Card Competition Act.Reminds us of the most important law in economics -- “there's no free lunch” -- accompanied by the most important question in economics -- “compared to what?” Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The president of the United States has ordered Fannie and Freddie to buy $200 billion of mortgage bonds (in a week where he has said and done a lot of things, some of which he is even allowed to do). On today's Capital Record, David unpacks what this means, what it doesn't mean, and why it doesn't represent any solution to the housing affordability mess in which we find ourselves.Show Notes: The Saddest Part of This Recent Economic Lunacy  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On Wednesday, January 7, President Trump sent out two messages via social media: First, that he was “banning institutional ownership of residential real estate.” Later, that he was “outlawing return of capital to shareholders.” The Warren/Sanders/Mamdani wing of the Democratic Party is celebrating. The Reagan/Hayek/Laffer wing of the Republican wing is scratching its head.Today, David goes back to the utterly incoherent idea that institutions putting investment into residential real estate (all 0.4 percent of the single-family residences this represent) is behind the affordability issues. He reminds listeners what “supply-side” growth means. And he does a quick refresher on capital formation, and how capital is needed to innovate, and that how capital gets treated is somewhat relevant to that process. It's a plea to remember first principles when it comes to economic policy, and why we have spent a lifetime rejecting this Marxian drivel. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The new mayor of New York City is praising collectivism and urging optimism for what it can do. Many freedom lovers want to give a history lesson to the mayor about the 20th century's horror of collectivist failures around the globe. But in addition to those needed history lessons, New Yorkers are welcome to their own current rent laws and the debacle they have created for those who claim to want more affordable rent options. In the first episode of Capital Record this new year, David explains how bad policies with good intentions do the same damage that bad policies with bad intentions do, and uses a real-life policy illustration to demonstrate why collectivism has always failed. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Are exclusive deals of private companies for select investors exacerbating the divide between haves and have-nots? Or is there an entirely different lesson in the fact that there are substantially fewer public companies than there used to be? Is this a class struggle issue, or rather, a by-product of certain unavoidable realities combined with unintended consequences of policy decisions. Put differently -- are there some trying to have their cake and eat it, too?Show notes:Inside the Invitation-Only Stock Market for the Wealthy  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Scott Galloway is no conservative, and I am not sure he would like me nearly as much as I like him. But despite his professed atheism and center-left political leanings, a certain common grace has enabled Galloway to become a counter-voice in today's responsibility-averse culture.  His new book, Notes on Being a Man, offer a few truisms that are desperately needed, desperately lacking, and profound for their counter-cultural tenor. In today's Capital Record, we will look at how this message may be the lowest hanging fruit for a free and virtuous society in this current societal moment. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If tariffs are “making us rich,” and if tariffs are “beautiful,” and if tariffs are “finally making things fair again,” and if tariffs are everything the administration has told us they are, why have there been exemptions, exclusions, and carveouts on $1.7 trillion of imports so far? Don't get me wrong -- I would favor excluding tariffs on 100 percent of imports. But the question we address on Capital Record today is why we have exempted so many special parties and particular products if tariffs are such a force of good? As you will see, the question answers itself. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

President Trump announced on Monday that he was signing an executive order to have ONE RULE (his words, not mine) when it comes to artificial intelligence, seeking to suppress the Tenth Amendment rights of states to have their own regulatory framework around, well, every single other industry on the planet. Over the weekend the president said he was concerned about the Netflix purchase of Warner Brothers because “that might give them too big of a market share.”These feigned antitrust/monopolistic concerns and blatant disregard for states' rights in favor of a behemoth federal government control are longstanding beliefs and practices of the New Deal, big government left. They have been anathema to the right for time eternal. These are deeply concerning shifts in both action and philosophy that must be fervently resisted by those who still revere the Constitution and cherish the very concept of economic liberty. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A little debate broke out on social media when a left-wing progressive mocked the idea that “absolute” standards of living are more important than “relative” ones. To some, what people aspire to is merely “to have a better life than the people around them,” and not “to have a better life.”What is the truth here? And does it matter? If people really are merely concerned with “upping” their neighbors, couldn't we do that pretty easily without driving burdensome things like “progress”?On today's Capital Record, David takes on the reality of human nature and the fundamental aim of economics. Ultimately, we find ourselves back to the Tenth Commandment to resolve one tension, and to the Garden of Eden to resolve another! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Nobel Prize for economics has gone to some serious winners over the years -- Hayek, Friedman, and Mundell come to mind. But the Nobel committee has shamed itself over the years as well (looking at you, Krugman), and more recently seemed to indicate a bias toward so-called economic justice than actual economic productivity and prosperity. That is why this year's winners are an encouragement to those of us who see growth as a moral good, and a rising standard of living for all as dependent on progress, innovation, and growth. It is good for the field of economics when good work is rewarded that explains how the world works, and why. It is far better than rewarding econometrics that explain neither.Show Notes:WSJ article by David Henderson Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We all know President Trump is counting the days until Jerome Powell's term as Fed chair ends. He may be rooting for the right thing for the wrong reason, but it is not debatable that this is where things are headed. In today's Capital Record, David looks at the various candidates for Fed chair and makes the case for the obvious pick (of the major pool of candidates that exists). Let's send this episode to President Trump if we have to! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Now that New York has elected a self-avowed socialist as its mayor, many are concerned with how to combat his dangerous ideas and policies. In this episode of Capital Record, David offers the wild suggestion that one way to defeat Mamdani's ideas is to not replicate them ourselves! From class warfare to price controls to government ownership of production, Mamdani does not have a monopoly on bad ideas in 2025. For conservatives to win this debate, they need to be debating on the right team. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The ‘Greedflation' line is back, only it isn't coming from Bernie Sanders, Elizabeth Warren, or Joe Biden. With beef prices up nearly +13 percent over the last year, many are wondering why, and many are providing answers that don't pass the smell test. Fortunately for those of us on the Capital Record, first principles go a long way toward helping us sort this out. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David devotes this week's Capital Record to the folly of the “game-changing” idea of a 50-year mortgage. He stands within first principles by allowing risk takers to freely transact, but points out the economic reality of how people who believe they get a cheaper house by paying for it over an extra 20 years are, well, wrong. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The “conservative” world lives in interesting times, navigating on one hand the challenges of being a movement based on ideas and then on the other hand the personalities and frustrations that have recently entered the fray, often at odds with the movement and ideas they claim to have joined. We have spent ample time in this podcast defending the conservative ethos against those who would undermine its core orthodoxies either for coalitional benefits at the ballot box or for “street cred” in the desire to be popular, no matter where it leads ideologically.But what if the issue at hand is not merely where to draw the line on government intervention in the marketplace, but what to do with full-blown lunatics like Nick Fuentes? Is antisemitism, conspiratorialism, racism, and broad kookiness part of the membership package in today's conservative world? In today's podcast, David explains why the challenges of gatekeeping for economic cogency are less different than people may think when it comes to gatekeeping full-blown extremism. And the stakes are equally high for those who prize the American and conservative ideal. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.