Podcast appearances and mentions of Jerome Powell

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureTrump is bringing in more investments each and everyday which is countering everything the [CB] has done over the many years. The parallel economy is getting stronger and the [CB] has lost the fight. Trump is prepping the new economy and the Federal Reserve will be restructured into the Treasury. The [DS] is panicking, Trump is in process of removing the state funded terrorists around the world. The people of Iran will be free soon. The [DS] is planning a mass riot across the country. They will most likely try to push a [FF] of creating some type of martyr. How do you force antifa, illegals, terrorist the [DS] out of the shadows and into the light? How do you bypass the corrupt judges? The [DS] is desperate and panicking, Trump is using this to trap them.   Economy https://twitter.com/EricLDaugh/status/1933554795765477508 (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Restructuring the Federal Reserve into the Department of the Treasury—effectively absorbing its functions under direct executive control—would be a dramatic shift in U.S. monetary policy and governance. While Andrew Jackson dismantled the Second Bank of the United States by withdrawing federal funds and vetoing its recharter, the Federal Reserve is a far more complex and entrenched institution, created by the Federal Reserve Act of 1913 with a perpetual charter.     Potential Steps Trump Could Take   Trump could work with Congressional allies to draft a bill transferring key Fed functions (e.g., monetary policy, bank supervision) to the Treasury. This might involve creating a new Treasury division or empowering the Treasury Secretary to oversee interest rates and money supply. Frame the Narrative: Like Jackson, Trump could rally public support by portraying the Fed as an elitist institution that prioritizes Wall Street over Main Street. He could argue that placing monetary policy under the Treasury ensures democratic accountability. Leverage Political Capital: With Republican control of Congress, Trump could prioritize this agenda, using budget negotiations or debt ceiling talks to pressure lawmakers. However, he'd need to overcome resistance from moderates and filibuster threats in the Senate. Historical Precedent: Before the Fed, the Treasury managed some banking functions (e.g., under the Independent Treasury System post-1836). Trump could cite this as a viable model, though it was abandoned due to inefficiencies. Executive Actions to Increase Treasury Influence:   Trump could nominate a Treasury Secretary and Fed governors who support closer alignment between the two entities. While the Fed chair cannot be fired mid-term without cause, Trump could appoint a like-minded chair when the current term ends (e.g., Jerome Powell's term as chair expires in 2026).  Trump could issue orders directing the Treasury to study or assume certain Fed roles (e.g., payment systems or debt management). While symbolic, such moves could signal intent and pressure Congress. Treasury-Fed Coordination: Trump could push for formal agreements (e.g., a revised Treasury-Fed Accord, like the 1951 agreement) to give the Treasury more say in monetary policy, short of full control.

Today is the second Mayoral Debate for NYC's Mayoral Race. Can Zohran Mamdani argue Andrew Cuomo off in the debate? Beach Boys Founder Brian Wilson passed away at 82. Mark Takes Your Calls! Mark Interviews Economist Steve Moore. The Big Beautiful Bill looks like it may not pass by July 4th according to the Government. Treasury Secretary Scott Bessent is thinking of running to be in Jerome Powell's position, if or when he steps down. Are the Riots in California destroying their economy? See omnystudio.com/listener for privacy information.

Today is the second Mayoral Debate for NYC's Mayoral Race. Can Zohran Mamdani argue Andrew Cuomo off in the debate? Beach Boys Founder Brian Wilson passed away at 82. Mark Interviews Economist Steve Moore. The Big Beautiful Bill looks like it may not pass by July 4th according to the Government. Treasury Secretary Scott Bessent is thinking of running to be in Jerome Powell's position, if or when he steps down. Are the Riots in California destroying their economy? The Democrat's new talking point is now "Defund Ice". There's two new restaurant critics for The New York Times. Could The Beach Boys music top the charts at this time, if Z gen's blow it up? NYC may not need the National Guard to go against this weekend's protests. Mark Interviews Columnist Miranda Devine. Miranda talks about how Trump's energy is contagious. Miranda has a new podcast out that's a must listen. The podcast is called Pod Force 1. See omnystudio.com/listener for privacy information.

The Big Beautiful Bill looks like it may not pass by July 4th according to the Government. Treasury Secretary Scott Bessent is thinking of running to be in Jerome Powell's position, if or when he steps down. Are the Riots in California destroying their economy? See omnystudio.com/listener for privacy information.

Jerome Powell...Lower interest rates. Inflation is clearly under control and it's time to unleash the American economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Plenty of Buy-the-Dip excitement Trial Balloons - Next Fed Chair thoughts Excitement over China talks PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Interactive Brokers  Warm-Up - Trial Balloons - Next Fed Chair - Everyone loves to hate China these days - Trump and Musk breakup - Your DNA may be for sale Markets - Retail shares have wide earnings outcomes - Plenty of Buy-the-Dip excitement - Excitement over China talks - Lutnik is showing the thumb-up - Who is buying? Powell Replacement - President Trump considering naming Treasury Secretary Scott Bessent to succeed Fed Chairman Jerome Powell after his term ends in May 2026, according to Bloomberg - Just floating the idea (Trial balloon) at this point - YES! --- Proof - Wait 45 minutes: - White House official tells Reuters that Bloomberg reporting is "false" that Treasury Secretary Scott Bessent is being considered for Fed Chair China - Everyone loves to hate - China's May factory activity unexpectedly shrinks as tariffs dent sentiment — worst drop since 2022 - China's manufacturing activity in May shrank at its fastest pace since September 2022, a private survey showed Tuesday, as a sharper decline in new export orders highlighted the impact of prohibitive U.S. tariffs. - The Caixin/S&P Global manufacturing purchasing managers' index came in at 48.3, missing Reuters' median estimate of 50.6 and dropping sharply from 50.4 in April. It fell below 50, the mark that separates growth from contraction, for the first time since September last year. China Eco Who is Buying and Selling? - When President Donald Trump set off a global stock market slump in April with the announcement of sweeping new tariffs, small investors across Asia rushed to the US stock market to buy the dip. -Retail investors in South Korea turned net sellers of US equities in May for the first time since before Trump's election victory, while Japanese accounts became net sellers of US exchange-traded funds, according to official data. - The number of Singapore traders buying US stocks fell by a quarter in May from the previous period. Trump Musk Divorce (Mutual Assured Destruction) - Trump says Elon Musk went ‘CRAZY,' suggests cutting government contracts for his companies - “The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts,” Trump wrote in a Truth Social post. ”I was always surprised that Biden didn't do it!” - Trump wished Elon "very well" in a presser on Monday night - “I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” Trump wrote in the social media post. -- Musk fired back with pictures of Trump with Jeffrey Epstein and backed impeachment - “I asked him to leave,” Trump claimed. Musk called that “an obvious lie.” - - - - Does either one of these guys know the truth from a lie? -- Telsa stock dove harder than Trump's ratings post election on the spat BUT BUT - Wasn't the point of hiring Musk and the DOGE to reduce waste, fraud and abuse? - - Lots of positive thoughts on the job he was doing - Now that he found waste in the Big Beautiful Bill - he is banished??? Palantir CEO - CEO Alex Karp said the artificial intelligence arms race between the U.S. and China will culminate in one country coming out on top. - “My general bias on AI is it is dangerous,” Karp told CNBC's “Squawk on the Street” on Thursday. “There are positive and negative consequences, and either we win or China will win.” - Either way - Palantir wins - right? Select Retail

Chuck Zodda and Paul Lane discuss the idea that Scott Bessent could be next in line to replace Jerome Powell as the head of the Federal Reserve. Entry-level worker confidence is lower than ever. Why younger Americans trust stocks and bonds over homes to build wealth. Is the US ready to go nuclear?

Billionaire investor Paul Tudor Jones said President Donald Trump is likely to appoint an “uber dovish” Federal Reserve chair to accommodate his growth agenda, adding he thinks US Treasury Secretary Scott Bessent would be his likely pick when Jerome Powell’s term ends. Jones, Tudor Investment CEO, spoke with Bloomberg's Matt Miller and Katie Greifeld.See omnystudio.com/listener for privacy information.

Andrew Brenner believes the uptrend in equity valuations made stocks expensive compared to bonds. He says it could be smart for investors to move into the bond market... just not yet. A lack of institutional inflow has Andrew believing more equity rallies are coming. With the Fed making its interest rate decision next week, he weighs inflation data against recent job prints. Andrew later talks about who he sees serving as Fed Chair once Jerome Powell's tenure ends.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Trump is ramping up pressure on the Federal Reserve, demanding a dramatic one-point interest rate cut while hinting at a replacement for Fed Chair Jerome Powell. In today's episode, we unpack what this political heat means for monetary policy and housing affordability. Then, we dig into new data showing that buyers—especially younger generations—are still waiting on the sidelines. Keep reading the article here: Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

“It's time for Jerome Powell to put on his big boy pants and say, no, inflation is not the bigger problem,” says Danielle DiMartino Booth, CEO and Chief Strategist for QI Research. In today's interview with Daniela Cambone, Booth argues that the Fed should prioritize employment, as true inflation is low and declining—especially in housing—while job losses continue and consumer purchasing power weakens. “Companies are saying in no uncertain terms, they don't have pricing power because U.S. consumers don't have purchasing power." On Trump's tax bill, she aligns with Elon Musk, warning that it will increase the deficit and national debt. “This gravy train was supposed to end at the end of 2025… you're not stimulating the US economy. You're simply preventing a negative shock to the system,” she concludes. Register for Rick Rule Symposium 2025 conference this July in Boca Raton, Florida, at https://registration.allintheloop.net/register/event/rick-rule-symposium-2025-ccha?via=DaniC

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God's Debris: The Complete Works, Amazon https://tinyurl.com/GodsDebrisCompleteWorksFind my "extra" content on Locals: https://ScottAdams.Locals.comContent:Politics, Rebellious Power-Hungry Vegetarians, McDonalds DEI, Self-Driving Redesigned Vehicles, Adam Schiff, Elon Musk, Trump Musk Spat, President Trump, Kilmar Abrego Garcia's Legal Troubles, UK Illegal Free Speech, SCOTUS Discrimination Ruling, Kathy Griffin, Kash Patel Swatted, Epstein Files, John Kiriakou, Opioid Crisis, Alcohol Sales Decline, Mexico Remittances Decline, Fed Interest Rates, Jerome Powell, Ghislaine Maxwell Pardon, Iran Nuclear Program, Van Jones, Anti-DOGE Lawfare, Trump's WH Ballroom Plan, CA Solar Corruption, CA Violent Felons Compassion, Scott Adams~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~If you would like to enjoy this same content plus bonus content from Scott Adams, including micro-lessons on lots of useful topics to build your talent stack, please see scottadams.locals.com for full access to that secret treasure.

The day has come! Kara and Scott discuss the explosion of a legendary bromance: what does it mean for the government, the economy, and most importantly, the memes?  Then, a new slew of executive orders, President Trump's trade call with China's President Xi, and Jerome Powell faces heat from President Trump (again). We've got another call in show coming up! Send us your questions by calling us at 855-51-PIVOT, or at ⁠nymag.com/pivot⁠. Watch this episode on the ⁠Pivot YouTube channel⁠. Follow us on Instagram and Threads at ⁠@pivotpodcastofficial⁠. Follow us on Bluesky at ⁠@pivotpod.bsky.social⁠. Follow us on TikTok at ⁠@pivotpodcast⁠. Help us plan for the future of Pivot by filling out a brief survey: ⁠⁠⁠voxmedia.com/survey⁠⁠⁠. Thank you! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Trump slams Jerome Powell after a weak jobs report sparks fears of a recession. The panel breaks down job cuts, interest rate drama, and Trump's pressure campaign on the Fed. With Europe slashing rates and layoffs rising, is Powell ignoring the signs or keeping the economy steady?

Guest host Dom Giordano of WPHT Philadelphia fills in for Rich and reacts to Elon Musk naming Donald Trump in the Epstein files. David Bozell, President of the Media Research Center, joins to expose liberal bias at NPR and PBS and calls to defund public media. Bruce de Torres of the American Small Business League discusses Trump's criticism of Federal Reserve Chair Jerome Powell and the implications of a disappointing jobs report. Plus, workplace expert Heather Lisle, author of Hold the Pineapple, breaks down the blue-collar job boom as more employers drop college degree requirements in the age of AI. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Patrick Bet-David, Tom Ellsworth, Vincent Oshana, and Adam Sosnick react to Donald Trump's scathing criticism of the Federal Reserve and Chairman Jerome Powell, Dave Portnoy's viral meltdown over media hypocrisy, and rising global concerns as Volodymyr Zelenskyy's war powers face scrutiny.------

Hour 1 Segment 1 Tony starts off the show with what U.S. Senator Jack Reed said about monetary policy with Federal Reserve Chairman Jerome Powell during the Fed's semiannual report to Congress. Hour 1 Segment 2 Tony shares his thoughts on Chuck Schumer’s comments about the GOP Budget claiming it will 'kill clean energy in its tracks’ and raise energy costs. Hour 1 Segment 3 Tony shares his thoughts on the story of the University of Michigan scholar from China that was arrested on charges she tried to smuggle a biological pathogen into the United States characterized as a potential agricultural terrorism weapon that can be used for targeting food crops, and how it’s an example of terrorism taught on a global level. Hour 1 Segment 4 Tony talks about the arrest made in the Palm Springs fertility clinic bombing. See omnystudio.com/listener for privacy information.

“ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” - Trump on Truth Social. Tony gets into this blame aimed towards Fed Chair Jerome Powell, and what changes need to be made for the job market and the economy, with Dr. Matt Will, Economist at the University of Indianapolis.See omnystudio.com/listener for privacy information.

Hour 3 Segment 1 “ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” - Trump on Truth Social. Tony gets into this blame aimed towards Fed Chair Jerome Powell, and what changes need to be made for the job market and the economy, with Dr. Matt Will, Economist at the University of Indianapolis. Hour 3 Segment 2 Tony talks about the active Canadian wildfires. Why is it happening? Do we charge them tariffs on their smoke? Hour 3 Segment 3 Tony breaks down Russia’s position right now, with the latest drone attack from Ukraine, NATO pushing back, and other reactions across the globe. Hour 3 Segment 4 Tony wraps up the show talking about Karine Jean-Pierre switching her affiliation away from the Democratic party and releasing her new book, Independent: A Look Inside a Broken White House, Outside the Party Lines. See omnystudio.com/listener for privacy information.

Hour 1 Segment 1 Tony starts off the show with what U.S. Senator Jack Reed said about monetary policy with Federal Reserve Chairman Jerome Powell during the Fed's semiannual report to Congress. Hour 1 Segment 2 Tony shares his thoughts on Chuck Schumer’s comments about the GOP Budget claiming it will 'kill clean energy in its tracks’ and raise energy costs. Hour 1 Segment 3 Tony shares his thoughts on the story of the University of Michigan scholar from China that was arrested on charges she tried to smuggle a biological pathogen into the United States characterized as a potential agricultural terrorism weapon that can be used for targeting food crops, and how it’s an example of terrorism taught on a global level. Hour 1 Segment 4 Tony talks about the arrest made in the Palm Springs fertility clinic bombing. Hour 2 Segment 1 “You don’t hate the media enough.” Tony talks about - MSNBC’s Jen Psaki seeing 47% dip in ratings last month, compared to Alex Wagner, Rachel Maddow. And, once again, Joy Reid is blaming everything on race. Tony talks through this and the possible pattern and bigger story this is part of across the nation. Hour 2 Segment 2 Tony talks about the Steelers fans being upset that players appeared on stage with Trump Hour 2 Segment 3 Is Jerome Powell at fault for the economy and job market report? Charles Payne of FOX Business’s Making Money with Charles Payne joins to share insight into these new reports, and his thoughts on the Big Beautiful Bill. Hour 2 Segment 4 Tony talks about the tariff impact that could change after the trade deal deadlines. Hour 3 Segment 1 “ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” - Trump on Truth Social. Tony gets into this blame aimed towards Fed Chair Jerome Powell, and what changes need to be made for the job market and the economy, with Dr. Matt Will, Economist at the University of Indianapolis. Hour 3 Segment 2 Tony talks about the active Canadian wildfires. Why is it happening? Do we charge them tariffs on their smoke? Hour 3 Segment 3 Tony breaks down Russia’s position right now, with the latest drone attack from Ukraine, NATO pushing back, and other reactions across the globe. Hour 3 Segment 4 Tony wraps up the show talking about Karine Jean-Pierre switching her affiliation away from the Democratic party and releasing her new book, Independent: A Look Inside a Broken White House, Outside the Party Lines. See omnystudio.com/listener for privacy information.

In this episode of Conservative Conversations, join Reid and Frank as they broadcast from the hills of Lost Creek, West Virginia. They dive into the Supreme Court's upcoming decision on Trump's controversial executive order regarding the 14th Amendment and reflect on the constitutional implications of bypassing legislative processes. They don't hold back—even when it comes to critiquing Trump, a president they deeply support.Later, the discussion shifts to economic recovery, trade deals, and Jerome Powell's resistance to Trump's push for lower interest rates. The hosts also highlight the rise of Marco Rubio, praising his no-nonsense performance before Congress and speculating on a potential 2028 presidential run.Subscribe and follow for more commentary on politics, policy, and the people shaping our future.Read more at: https://contemporaryconservative.netsubscribe for exclusive content or donateContact Us:Frank: contempconserv@gmail.comReid: contempconserv2@gmail.comFollow Us on Twitter/ X @contempconservFollow Us on Truth Social @contempconservOur Links:ContemporaryConservative.netContemporary Conservative Podcast ChannelContemporary Conservative Youtube ChannelSupport this podcast at — https://redcircle.com/contemporary-conservative-audio/exclusive-content

Author and financial expert, Chris Whelan, joins Keith as they explore the intricacies of the housing market's potential future. Chris drops an intriguing prediction of a possible 20% price correction. They dive deep into the complex world of real estate, examining the pandemic's significant impact on mortgages and economic trends. The conversation reveals the behind-the-scenes challenges of the housing market, from government interventions to the nuanced effects of interest rates and forbearance programs. They unpack the struggles in commercial real estate, particularly highlighting the unique challenges in markets like New York's rent-controlled properties. Chris's new book "Inflated: Money, Debt, and the American Dream" promises an insightful journey through America's economic transformation, tracing how the nation evolved from an agrarian society to a global economic powerhouse. Show Notes: GetRichEducation.com/556 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, what's the state of the housing market for the next five years, and could what's happening in the foreclosure market affect it? I see relative housing market price stability. My guest sees cracks. This could be somewhat of a debate today, then two great new cash flow and real estate markets in the same state that we're helping your portfolio with on get rich education, mid south home buyers, I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider. Their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows and A plus rating with the Better Business Bureau and now over 5000 houses renovated. There's zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter, remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis, get to know Mid South. Enjoy cash flow from day one. Start yourself right now at mid southhomebuyers.com that's mid south homebuyers.com.   Corey Coates  1:56   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  2:12   Welcome to GRE from Edison, New Jersey to Edinburgh, Scotland, where I am today, and across 188 nations worldwide, I'm Keith Weinhold, and you are back for another wealth building week on get rich education. Today's guest came to me recommended. It came from a guest that we've had on the show here before, Jim Rickards and his daughter Ally Rickards. His name is Christopher Whelan. He has a distinguished background. Comes from a prominent family, and he's the author of a new book that just published a few weeks ago. His father, Richard Whelan, was the biographer of Joe Kennedy, and was advisor to presidents and Fed chairman and today's guest, his son there, Chris. He has done a lot of work in DC. He lives just north of New York City today. So I guess coming recommended from Jim Rickards and learning a few things about today's guest helped me want to host him on the show. So though I'm just meeting him for the first time right here on the show, as it turns out, I learned that he has mentioned on other channels that real estate prices could correct down 20% and fall back to 2020 levels. I absolutely don't see how that's possible in any way. I'm going to bring that up with him, so we'll see. This could turn into somewhat of a debate. Like I said last week, I believe that significantly falling housing prices. That's about as likely as grocery store prices falling back to 2020 levels. Yes, I am in Edinburgh, Scotland today. It's my first time here. My mom, dad and also my brother's entire family came over from the US to meet up. It's been great. We're taking in all the best sites, Edinburgh Castle, other castles, the Scottish Highlands, Loch Ness, though I don't believe in any Loch Ness monster at all. I mean, come on, what a hoax. And we're seeing some other sites, though it didn't really interest the others, which I could understand. I visited the home where Adam Smith once resided, and I might put my video about that on our get rich education YouTube channel, so you could check that out over there. Of course, Adam Smith is considered the father of modern day economics for his work on supply versus demand and the GDP concept, the invisible hand, concept, much of that work conveyed in his magnum opus, The Wealth of Nations, published in 1776 as for the present day, let's meet this week's guest, including me, meeting him for the first time.     I'd like to welcome in a first time guest. He's the author of a widely acclaimed new book. It's named inflated money, debt and the American dream. It just released, and the book couldn't be more timely with the multitude of challenges related to inflation, many involving the housing market in his earlier books, he's been known, frankly, for just telling his readers the truth. He's worked at the Federal Reserve Bank of New York in politics and as an investment banker for more than 30 years. Today, he runs Whalen Global Advisors. You've seen him on CNBC in the Wall Street Journal, and now you're hearing him on GRE Welcome to the show. Chris Whalen.   Chris Whalen  5:43   Thank you, Keith, appreciate your invitation.    Keith Weinhold  5:45   Whalen is spelled W, H, A, l, e, n, if you're listening in the audio only, Hey, Chris, we're in a really interesting time in the economic cycle. We all know the Fed has a dual mandate, high employment and stable prices. What's interesting to me is, late last year, they cut rates by a full 1% and this is despite inflation being above target. Makes me wonder if they care more about high employment and they're rather willing to let inflation float higher. What are your thoughts?    Chris Whalen  6:18   I think historically, that's been the case. You know, the dual mandate Humphrey Hawkins, that drives the Fed's actions today was a largely socialist compromise between the Republicans and the Democrats. The Democrats wanted to guarantee everybody a job after World War Two, the legislation was really about soldiers and people who had served their country in many, you know, places around the world, for a long time, and then you would have the depression. So you had a whole generation or more of people that were looking for help when they came home. And that's what this was. But today, you know, there's another mandate, which is called keeping the treasury bond market open. We saw it was during COVID in 2020 President Trump got up, declared that people didn't have to pay their rent or their mortgages, and then didn't do anything. There was no follow up. At the time, folks in mortgage industry kind of looked at each other funny for about 60 days and said, What's going to happen? Because they have to advance principal, interest, taxes and insurance to protect the house. The first rule in mortgage finances protect the asset. But it all worked because the Fed dropped interest rates to zero and we had a boom. We refinanced two thirds of every mortgage in the United States, and that cash flow allowed the finance forbearance for millions of Americans. Now the unfortunate part, of course, was home prices went up double digits for six years. So why we had no affordability today? So, you know, it helped, but it certainly didn't help in some ways,   Keith Weinhold  7:48   mortgage loan forbearance back in the COVID era about five years ago, where you could basically just skip your mortgage payment and then they increase the overall duration of your loan period.   Chris Whalen  8:00   That's right. So you know, your government market, your conforming market, were falling. They also had various schemes, state forbearance for non agency loans. Nobody thought at all about the multifamily sector and the developers that didn't get paid for two years. And we're feeling the impact of that. Of course, today, that's probably the biggest pain point in US economy today is commercial real estate and multi family real estate, and neither one of them involves a consumer. So it gets no attention at all. You read about it in the specialty press, but that's about it.    Keith Weinhold  8:34   And by talking about multi family not affecting the consumer, you're just talking about who's on the owner side there?   Chris Whalen  8:40   precisely if all of the consumers have problems, you'd hear about it, and you do, especially in some of the blue states. I live in New York, so we have some of the more aggressive rent stabilization, rent control laws in the country. And they go back to World War Two. They go back almost a century,   Keith Weinhold  8:58   right? It's those people in the one to four unit space in residential real estate investing that really got the help there.    Chris Whalen  9:06   Well, at least, you know, the world didn't end. Imagine if all of those people had gone to foreclosure. The industry wouldn't have done that. Of course, they would have thrown up their hands and cried for help. But the point is, they made it work. But the cost of making it work that zero interest rate regime that the Fed put in place is still being felt today. If you look at banks which typically have prime large mortgages on their books, the loss given default is zero. Home prices are so high that if somebody actually goes to foreclosure, they sell the house, they pay off the loan easily, and there's usually a large residual left, which would go to the homeowner. So today, you know, if somebody gets in trouble, we do a short sale, we do a deed in lieu, and off they go. And that's why the stats don't show you the pain that many American families are feeling today, because about 60% of all payoffs of one to four family mortgages are people who. Are exiting the market, they're not going to buy another house. So what that means is that the cost of home ownership, or whatever other factors are involved, has made them make the decision not to go to another home mortgage.    Keith Weinhold  10:13   Yes, we have this historically low affordability that's beginning to be reflected in the home ownership rate. It's trended down from about 66 to 65% recently, we continue to be in this environment here, Chris in the one to four unit space, where those existing homeowners are in really good shape. They have record high equity levels of over 300k A lot of them have their home paid off. About 40% of American homeowners own their home free and clear, and of the remainder, those borrowers, 82% still have a mortgage rate of under 5% and of course, that principal and interest payment stays fixed. So even if there's economic hardship, it's pretty easy for people to make their payments and stay in their homes.   Chris Whalen  11:02   Well, it certainly is for most of the marketplace. If you look at the bottom 20% the FHA market, also the VA market, there's a little more stress there. There's still an awful lot of people who are in various types of forbearance in that market. That's going to end in October. So the Trump administration is pushing most of the rules back to pre COVID approaches for delinquency, for example, what we call the waterfall. And what that basically means is that if an FHA borrower gets in trouble, they'll have one shot at a modification where they lower the loan cost and stick part of the loan out the back to be paid off when the house is sold. If that doesn't take, if they don't re perform, then they're going to go to a foreclosure. We just ended another program for veterans. You know, they had three weeks notice, so now you're going to see a lot of veterans going to foreclosure. Unfortunately.   Keith Weinhold  11:56   yes, this administration is basically making sure that people are responsible or resume their payments. We've seen that student loan repayments needing to resume as well. Most foreclosure rate types are still pretty low, but yes, FHA foreclosure rates are higher than those for conventional loans.    Chris Whalen  12:15   Yeah, the interesting thing is, the veterans delinquency rate is half of the FHA rate, and even though people in uniform don't make a lot of money, they pay their bills. Yeah, it's quite striking.   Keith Weinhold  12:25   Why don't you talk to us more about areas where you see distress in the housing market before we talk about more inflation? Chris, the   Chris Whalen  12:34   key areas of housing stress at the moment are commercial real estate that has become underutilized. COVID drove a lot of this, but also the fact that industries could change their work practices. It could have people work from home. Look at housing. We sent everybody home in 2020 while we increased headcount by a third to address a surge in lending volume. It was insane. I gotta tell you, we were hiring people that we didn't see for months that changed the business model assumptions for a lot of industries. A lot of them moved out of blue states and went down to Florida and Texas. In the mortgage industry particularly, and so we have a lot of older real estate particularly, that is suffering. It has dropped in terms of appraised values. You also have higher interest rates and higher cap rates, that is to say the assumption of returns on the part of investors. So that hurdle has made a lot of these properties impaired, essentially. And then the other subclass is older multifamily properties. Think about those beautiful old apartments in the middle block up on the east side or the west side of Manhattan. They're not big enough to be viable, and so they have become this kind of subprime asset class, much in the way if you recall the signature bank failure, they typically bank these sorts of real estate properties, and now there's nobody that wants them. I think you're going to see some very specific pain coming out of HUD, and also Fannie Mae and Freddie Mac because they bank some of these smaller properties that really aren't bankable by commercial banks. That's what it comes down to. If you're going to read about this and hear about it a lot in the commercial market over next several years. And again, you know, the losses on bank owned multifamily properties today are averaging 100% so that means that there are a lot that have more expenses than simply losing the full loan amount. And you know, if you want to have a bank loan, they're not taking these properties. They don't want them, right? So the bank, REO rate, if you look at the data from the FDIC, is zero. And what that tells you is that they can't sell the properties they don't want them, because if they take ownership, the city's not going to let them abandon the property. They'll have to keep it and maintain it. It's a tough situation. This is. Has evolved over the last 20 years or so, because consumer incomes have been kind of stagnant in real terms. But the cost of operating a property in New York City is not going down. It's going up quite a lot, and the legislation we've seen from Albany doesn't allow owners to recapture expenses, doesn't allow them to renovate apartments. So if I have a rent stabilized apartment, I'll use a real example, in a beautiful building on Central Park South right, to renovate a unit that's been occupied for 20 years, new kitchen, new bathroom, sir, everything services. That's $150,000 so if I'm the owner and I can't recapture that cost. What do I do? I lock the door, I gut the apartment, and I lock the door, and I hope that the laws will change in the future, because I can't rent it, my insurance underwriter will not allow me to rent out an apartment that's not brought up to code. That's New York law, but the folks in Albany don't care about that. We have some really unreasonable people in positions of authority, unfortunately, in some of these states, and you talk to them about these issues, and they don't care. They just pander to consumers, regardless of whether or not it makes sense or not. And that's just the way it is.   Keith Weinhold  16:15   Those evil landlords, quote, unquote, most right evil. They're just mom and pop investors that are trying to beat inflation with real assets, and they have real expenses. Rent Stabilization basically just being a genteel term for rent control, which gives no one an incentive to improve a property for sure   Chris Whalen  16:35   and it reduces the availability of housing ultimately, because nobody builds. You see that in New York right now the home market is pretty tight, up to the conforming limit for Fannie Mae and Freddie Mac so you figure a million, 1,000,002 here in New York. But above that, it's quieted down quite a lot. There's compression in some of the higher end homes. And you know, if you go down south, you see a different problem, which is over building. They didn't want to build here, so they went down to the Carolinas and Texas and Florida. There's a huge amount of both multi family condo type developments and single family homes too. But above that average price level way above half a million dollars.   Keith Weinhold  17:15   Sure, it's made this dynamic where things have been flip flopped in the Northeast and Midwest, where the populations aren't growing very fast, those markets have been appreciating more than those in the high growth southeast, all coming back to supply. They're not bringing on enough new supply in the Northeast and Midwest, Chris has just laid out a few reasons for that, due to this high regulation. And then in the southeast, a high growth area, even though that's where people are moving, we're not getting much appreciation there, because you're able to build and that supply is able to keep up with demand. Well, Chris and I are going to talk more about the housing market and about inflation. When we come back, you're listening to get rich education. Our guest is Chris Whelan, the author of a great new book. I'm your host. Keith Weinhold.   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Caeli Ridge personally. While it's on your mind, start at Ridge lendinggroup.com. That's Ridge lendinggroup.com.    You know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text family to 66866, to learn about freedom. Family investments, liquidity fund again. Text family to 66866.   Kathy Fettke  19:45   this is the real wealth network's Kathy Fettke, and you are listening to the always valuable get rich education with Keith Weinhold.    Keith Weinhold  20:00   You welcome back to get rich education. We're talking with the author of a great new book, Chris Whelan, it's called inflated money, debt and the American dream. Chris, I see the residential housing market and their price points as being resilient. I'm kind of looking around and seeing if you have any places where you think that there are any cracks in that? I've heard you talk elsewhere about a housing price correction. Were you talking in the one to four unit space? And how do you think that could happen?   Chris Whalen  20:31   I didn't come up with that idea. I did a biography of my good friend Stan middleman, who's the founder of freedom mortgage. It's a real rags to riches story of a successful entrepreneur, a great guy, by the way, is a beloved man in the mortgage industry. And so what he believes is that cycles are about a decade in terms of human behavior. And he says misery on the eights, which is kind of a cute way of saying it. And what Stan is basically saying is you eventually see so much price appreciation that affordability goes to zero. You run out of buyers, is another way to put it. And then once the Fed gooses it, he thinks we see an interest rate decline this year next year, perhaps you get rates to run a little bit. You get volumes to jump the way they did last summer. You remember, in the third quarter, we had great volumes in the mortgage industry, carried everybody through to the end of the year, and then after that, he says, we get a price correction, maybe back down to 2020 21 levels. So we're talking about a 20% price correction, and we're talking about the loans that have been made in the last few years being underwater. That's something we haven't talked about in a long time. We haven't talked about that since 2008 so I think that Americans inevitably have to see some kind of a correction. What the Fed did was wrong, what they did was excessive. I write about that in the end of my book, but unfortunately, the result is home prices that have galloped along, and eventually you got to reset it. Part of its supply coming online. Part of it is simply, like, I say, you run out of buyers, and when it's simply that purchase buyer who is either all cash or happens to have the deposit, and that's all you have. And there's no flexibility for people that want to get into the market. You know, that's tough. I could recall Paul Volcker years ago, we were talking about that in the book too. He ratcheted down home prices. He raised interest rates so much that home prices went down, and a lot of builders went out of business who had had a lot of snls go out of business, and, you know, the previous decade. So that was a tough time. We didn't even start to do that this time around, because they were afraid to the Fed is worried about keeping the Treasury market open, so they are afraid of deflation, which unfortunately means you don't get those opportunities to get into the market. I remember my parents, when I was very young, they would buy busted homes in Washington, DC. It was a great way to make a lot of money, and in five years, the House would double. That's the kind of market Washington was   Keith Weinhold  23:05   in my opinion, I don't see how there could be any substantial residential home price correction. Historically that happens when there's a wide swath of homeowners that get into financial trouble, like I was talking about earlier, the homeowner is in great financial shape today. In fact, since World War Two, we've only seen home prices drop substantially during one period. That was that period around 2008 and that's when we had conditions that are opposite of what they are today. We had loans underwritten with liar loans. We had an over supply of homes, like I was saying earlier, inflation can't touch one's principal and interest payment. We're still under supplied with homes. Most experts don't think we'll get that into balance for at least five years. I really don't see how home prices could fall substantially. I also don't see how they could rise substantially, like, say, 10% due to that low affordability, but I expect continued stability in prices?    Chris Whalen  24:02   Well, we'll see. I'm not as sanguine about that, because a lot of people feel house rich on paper, but when the bottom of the stack is really hurting as it is now, FHA delinquency rates really are in probably the mid teens. You don't see that yet in the middle with the 727, 40 FICO type borrowers. But I think over time you could, and if, again, it depends on the economy and some other factors, but I'll tell you right now, you're already seeing a correction in the hyad the bottom half, no. And there's a supply problem here, which I agree with you on. It's going to keep those home price is pretty firm. And even where I am in New York, for God's sake, Keith, there's no construction here. So we just had a house across the street from me go from million one. I live in Sleepy, hollow New York, and you know, this is typically around the conforming limit for prices for most of these homes, and it went for 150 $1,000 over the ask, it was crazy. Went in two weeks now, during COVID, we saw this sort of behavior, and we thought, Well, okay, you had zero interest rates. I got a 3% mortgage, by the way, awesome. But here we have a situation when markets cooled down a lot, and yet the lack of availability is really the driver. So in that sense, I agree with you, but I do think the high end could correct rather substantially.   Keith Weinhold  25:24    And of course, in multi family apartments, that's different. That's where values in a lot of markets have been depressed by more than 30% they were subject to those interest rates being jacked up, and we're still going to see balloon loans mature and people default on those in apartments. The pain is not over with air, but at some point that's going to bottom out, and that'll be a buyer opportunity in apartments.   Chris Whalen  25:47    Well, the thing is, new stuff is going fine. It's what happens is when the new gets built, the older assets down the road get discounted. That's really what's going on. People love new as you know, these kids love a new house, as opposed to an older house.   Keith Weinhold  26:02   Yes, that'll help reset the prices in the new market when you can compare those to what existing values are. Well, Chris, talk to us more about your new book and what the overall thesis of the book is in these critical times.    Chris Whalen  26:16   Inflated is meant to help people understand how our country went from agrarian, sleepy, isolationist America in the 1900s to being the dominant economy in the world and the provider of global money. We talk about how we got here. We talk about Abraham Lincoln and Franklin Roosevelt and many other characters. Obviously, we had to talk about Andrew Jackson, who is now embodied in our president, Donald Trump. We try and frame how this is all going to evolve in the future. And my thesis is basically the global currency role is something you get during or after a war. We took the baton from Great Britain after the First World War, and then by the end of World War Two, everybody in the world was broke, except for us. It was last man standing. And so rebuilt the world. We let everybody take advantage of us, and now President, who's saying, Nope, we got to change this. I think if it wasn't Trump, it would be somebody else. To be honest with you, Americans are tired of high inflation. They're tired of some of the other costs that come along with being the global reserve currency, so we try and frame all of this in an understandable way. And I particularly talk about housing during COVID and how that all really, I think, changed things for many Americans. Home ownership has been one of the basic ways we create wealth in this country, and the fact that we didn't have an opportunity for people to get in cheap with a fixer upper or a house that was foreclosed. You know, I think it's unfortunate, but the system just can't tolerate it. We've gone in 2008 and then in 2020 through two very significant crises when the government bond market stopped working. So we talk about that as well.   Keith Weinhold  28:03   I don't predict interest rates. I think it is really difficult to do you mentioned earlier about the prospect for lower interest rates coming. Everyone wants to know about coming. What's your outlook for the future of interest rates and inflation for just say the next five years? Chris,    Chris Whalen  28:19   I think interest rates will drop. That is to say what the Fed controls, which is short term interest rates. In the next year or so, we'll have a little bit of a boom as a result. But I think the concern about the federal deficit and US debt, the volatility caused by President Trump's trade strategy, and just general I think a sense of uncertainty among investors is going to keep long term interest rates higher than we saw during COVID And really the whole period since 2008 the Fed bought a lot of duration and took it out of the market, so they kept rates low. They're not going to do that as much in the future. I don't think they'll buy mortgage securities again, they are very chastened by that experience. So if they don't buy mortgage backed securities, and if the banks don't become more aggressive buyers, and I don't think they will, then you know, the marginal demand that would drive mortgage rates down is just not going to be there. Banks have been holding fewer and fewer mortgages and mortgage backed securities on their books for 35 years. If you look at the growth in the industry, the dollar amount of one to four family mortgages hasn't changed very much. So when you look at it that way, it's like, you know what's wrong? Two things. They want to only make mortgages to affluent households. They want to avoid headline risk and litigation and fines and all of that. And I think also, too some of the Basel capital rules for banks discourage them from holding mortgages and mortgage servicing rights, which is an area I work in quite a lot.   Keith Weinhold  29:55   It seems to me, like increasingly, the powers. It be the United States government just won't let the homeowner fail. They want to do so much to promote home ownership over the long term, we see relative ease with getting a mortgage. We've seen lower down payment requirements during other times, including COVID. We see the government jump in with things like mortgage loan forbearance and an eviction moratorium for renters. They just don't want to let people lose their homes. It just seems like there's more propensity to give homeowners a greater safety net than ever. Well,   Chris Whalen  30:29   we've turned it into an entitlement. Yeah, and Trump is changing that at the federal level. The states, the blue states, are going to continue to play that game at the state level, and they can even have state moratoria. But what's going to happen, and I think sooner rather than later, is you may see the federal agencies start to tier the states in terms of servicing fees, simply to reflect the cost. It takes over 1400 days to do a foreclosure in New York. Gosh, that is a big problem. You can lose the lien in New York now, it takes so long. So I think that, you know, from an investor perspective, from a developer perspective, it's not an attractive venue. That's just the reality. Then you even California is as progressive and as activists as it is, you can still get a foreclosure done very quickly using the trustees. It's just a totally different situation. If there are complications, you can get into a judicial foreclosure, which will take longer. But still, California works. New York is deliberately dysfunctional. We have people in the state legislature who are in foreclosure themselves, and they keep passing these laws. So, you know, I think at the federal level, you're going to see it roll back to pre COVID, but I will say that forbearance, both with respect to the agency and conventional market and private loans, is kind of the rule. Now we work with the borrower much more than we would in the past. It's it is really night and day.   Keith Weinhold  32:00   Chris, your new book has gotten a lot of acclaim. Let us know anything else that we should know about this book, and then if we can get it in all the usual places   Chris Whalen  32:10   you can buy it at Barnes and Noble Amazon. I have a page on my website, RC, waylon.com, with all the relevant links. But the online is the best way to get it. Most of the sales are on Kindle anyway, but well over 90% are online, so we don't have to worry about physical books. I think we'll be doing some book signings in the New York area. So we'll definitely let you know about that.   Keith Weinhold  32:33   One last thought is that the rate of inflation means more to a real estate investor than it does to a layperson, maybe five times as much or more, because when we borrow for an income property, our asset floats up with inflation. That part's really just a hedge on inflation. Our debt gets debased by inflation, which is really a mechanism for profiting from inflation over time. And then, thirdly, our cash flow tends to go up even faster than the rate of inflation, since our principal and interest stays fixed, so real estate investors can often be the beneficiary of inflation. It's sort of strange to go root for a force like inflation that can impoverish so many people. But what are your thoughts with respect to real estate investors and inflation?   Chris Whalen  33:19   Well, you know, it's funny when Jerome Powell at the Fed says that they have a 2% inflation target, my response is, well, we better have at least 2% inflation if we're going to make commercial real estate work. Commercial real estate went up for 75 years after World War Two. I can remember when I was in the rating business at Crowell bond ratings going to see some of the banks here in New York, their multifamily books had only seen the equity underneath the asset go up and up and up. In other words, the land ended up being 90% of the value, you know, 1520, years after the purchase and the improvements were almost worthless simply because the land appreciated so much. Now that has changed since COVID. A lot of commercial real estate, particularly has gotten under a bit of a cloud. You've seen falling prices. However, in parts of the country that are growing where you have a positive political environment, positive economic environment, you're still seeing fantastic growth in both commercial and multifamily markets. So I think being very careful and patient in doing your homework in terms of picking venues is more important now than ever before. You know, I'll give you an example. Down in Florida, we're building new malls every day. The mall down the road that's 15 years old. There's nothing wrong with it, but it's 15 years old. And so the price discounts that you're seeing for existing assets are rather striking. Same thing down in the Carolinas, down in, you know, Atlanta, and going down to the Texas growth spectacle, I'm always astounded by what's going on in Texas. They built so much in that whole area around South Lake, out by the airport. It, they're going to basically subsume used it. So, you know, in those markets, you have great opportunities, but you also have over building. And so we're going to see some cycles where they're going to be deals out there for projects that maybe were a little too ambitious have to get restructured, and astute investors can come in and do very well on that   Keith Weinhold  35:20   like we often say around here, in real estate investing, the market is typically even more important than the property itself. The name of Chris's new book, again, is inflated money, debt and the American dream. It has an awful lot of intersections with real estate investors and how they can play inflation. Uh, Chris has been a terrific conversation about the real estate market and larger market forces. It's been great having you here on the show.   Chris Whalen  35:47   Thank you, Keith. Let's do it again.   Keith Weinhold  35:49   Yeah, some good insights from Chris, a smart guy. And gosh, what a really sad state for rent stabilized apartments in New York City, where landlords of some of those properties, they would have to spend sometimes hundreds of 1000s of dollars in order to bring them up to code, but then they couldn't charge enough rent to offset those expenses due to government intervention and price fixing, so landlords just lock up the property vacant. And this sort of harkens back to when we were talking about some of this last year, when we had documentary film maker jen siderova on the show with her film called shopification, and it was about how rent control slowly makes neighborhoods fall into disrepair. All right, Chris and I had some difference of opinion there on the prospects for a home price correction. I think I made most of my points. He did, though, talk about running out of home buyers. If I have him back, maybe I'll pick up right there. More buyers are baked into the demographics, like I think I shared with you one time the US had its highest ever birth rate years between 1990 and 2010 more than 4 million births per year for a lot of those years. Just to review this with you, you might remember that 2007 was the US is peak birth year. Add 38 years to that for the average first time homebuyer age, and that housing demand won't even peak until 2045 and it will continue to stay high for a few years after that. So that's where the demand is just going to keep coming from, just piling on. And when I say that loan conditions have eased for American homeowners, like I did there during the interview, of course, what I'm talking about is the long term. I mean, lending conditions got more rigid after 2008 and with the adoption of Dodd Frank. What I'm talking about is, before the Great Depression, it was most common to have to make 50% to 60% down payments on property, and you had to repay the entire note in five to 10 years. I mean, can you imagine how that would hurt affordability today and then later, by 1950, 15, year loans were the common one. I mean, even that would impair affordability today. Today, 30 year loans are the common one, and you can put as little as 3% down on a primary residence. A lot of people don't know that either. It does not take 20% on a primary residence. So that's what I mean about the relative ease of credit flow today. Now, Chris has knowledge about other parts of the real estate market that I don't for his work inside DC and in other places like the foreclosure market. We talked about some of that right after the interview. For example, He was letting acronyms like NPL roll off his tongue, and I had to ask him what that meant. That's a non performing loan. Check out Chris's new book. Again, it's called inflated money debt in the American dream. And again, his website is RCwhalen.com and Chris also has a great sense of history, which we didn't get into, longtime real estate guys radio show co host Russell gray and I will discuss monetary history here on the show soon. Like I said, I'm coming to you from Edinburgh, Scotland this week, even if you don't see great sites, you know, it's interesting just walking the historic streets here, if you're an American that's visited here before, you surely know what I mean. And I told you that I'd let you know, the current real estate transaction I'm involved in is paying $650 a night for the hotel here in Edinburgh. Yes, that's a lot. I've actually paid less for fancier places in Dubai, but this hotel here is on the Royal Mile. Of course, I could have found less expensive accommodations elsewhere.    Speaking of less expensive, here's an announcement. And we have new investment property providers at GRE marketplace, two of them, the markets are both in Oklahoma, and they are Oklahoma City and Tulsa, Oklahoma as a state, is known for landlord friendly eviction processes and legal systems, kind of the opposite of New York. So this makes your property management more predictable. Now, when we look at this city, OKC has the lowest priced new single family rentals. I can think of it under 160k Yes, that really puts the exclamation point on inexpensive and favorable rent to price ratios often exceeding 1% which is obviously attractive for cash flow, meaning a 150k single family rental could yield over $1,500 in rent. There's high rental demand in certain sub markets. We have scouted out those exact places for you in the OKC metro, like Edmond Moore spelled M, O, O, R, E, and Midwest City, all supporting consistent rent income, though it was once really oil dependent, OKC has diversified economically, reducing your risk tied to commodity cycles and ok sees local economy that's supported by industries including aerospace, energy, health care and logistics. Then there's Tulsa. Tulsa has the highest cash flowing new build duplexes, perhaps anywhere in the US that I know about. On the single family rental side, a lot of Tulsa investors can find properties under 150k with monthly rents again exceeding 1% of the purchase price, clearly ideal. So yes, both Oklahoma City and Tulsa are now on GRE marketplace. You can either visit the pages and see them there, or one of our qualified, experienced GRE investment coaches. Meet with them. They can help guide you to the very best deals and show you the specific property addresses available right at this time for whatever best meets your needs. If you're looking to either start or expand to another market and you seek cash flow, you really need to consider Oklahoma. Yes, it is free to have a strategy session with an investment coach, whether that's for Oklahoma or other investor advantage regions. I often like to leave you with something actionable. You can start at GREinvestment coach.com start book a meeting for a free strategy session remotely. That's at GREinvestment coach.com, until next week, I'm your host. Keith Weinhold, don't quit your Daydream.   Dolf Deroos  42:51   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Advice, opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC exclusively.   Keith Weinhold  43:14   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got pay walls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters, and I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter, you'll also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text gre to 66866. While it's on your mind, take a moment to do it right now. Text, gre to 66866.   The preceding program was brought to you by your home for wealth, building, getricheducation.com.

Will ETH hit $3,000 this week? In today's episode, we break down the latest Ethereum price action, analyze key resistance levels, and discuss how Fed Chair Jerome Powell's speech could impact the entire crypto market. ➡️ Unlock 13,000 USDT Trading Rewards! https://www.lbank.com/activity/futurestournament/DiscoverCrypto?icode=4M7MZ ➡️  Arculus - https://www.getarculus.com/products/arculus-cold-storage-wallet ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ➡️ Follow on X - https://x.com/DiscoCryptoLive ➡️  Join Telegram - https://t.me/+vS5uDtG57XpjNDA1 ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person's opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice. Our videos are sponsored & include affiliate content. Digital Assets are highly volatile and carry a considerable amount of risk. Only use exchanges for trading digital assets. We never keep our entire portfolio on an exchange. #bitcoin #crypto

LIVE today at 2pm PT, join me on Trader Merlin for an action-packed episode as we tackle one of the most common questions traders ask: “What's the best technical indicator to use?” I'll share my take on what I consider a true “killer indicator”—and how you can apply it effectively to your own trading strategy. Whether you're new to trading or a seasoned pro, this is one you won't want to miss! We'll also break down today's major market moves, take a look at the latest OPEC production statements and what they mean for oil prices and energy stocks, and discuss the market's reaction to Jerome Powell's latest speech—are we headed for more rate volatility, or a steadier course from the Fed? Topics on deck:

On today's episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about Trump's plan for a possible shadow Fed president to bring down interest rates. Related to this episode: FHFA Director Pulte calls on Powell to lower interest rates | HousingWire ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠More info about HousingWire⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoy the episode! The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate stories. Hosted and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

S&P Futures are moving lower this morning due to an escalation of trade tensions between the U.S. & China. Both sides have accused each other of violating the 90-day trade truce. President Trump said that he will be raising tariffs on steel and aluminum from 25% to 50%. The EU and the U.S. will be holding trade talks this week. Fed Chairman Jerome Powell well be making some opening remarks today, yesterday Fed governor Christopher Waller indicated that the Fed will likely be able to lower interest rates this year. Oil prices are spiking this morning as geopolitical concerns with Ukraine and Iran overtake OPEC decision to hike its output in July. On the economic front ISM Manufacturing PMI data is out today. SAIC is trading lower after an earnings miss this morning. This week's earnings announcements include, SIG, DG, HPE, CRWD, DLTR, PVH, FIVE, CIEN, DOCU, LULU & AVGO.

What is going on with the Democrat party? The Democrat party is down but parties don’t stay down forever. Detail people vs big picture people. Elon is leaving the government. Carol Roth walks us through what is happening with the deficit and Trump’s talk with Jerome Powell. Follow The Jesse Kelly Show on YouTube: https://www.youtube.com/@TheJesseKellyShowSee omnystudio.com/listener for privacy information.

 Trump's tariffs are back, for now, after a federal appeals court paused yesterday's ruling to block many of them. Then, President Trump pressures Jerome Powell to lower interest rates during a face-to-face meeting at the White House. And, Harvard's commencement speaker sends a powerful message to its students as the White House continues to target the university. Peter Baker, Carol Leonnig, Ron Insana, Rohit Chopra, Tommy Barone, and Leo Cuello join The 11th Hour this Thursday.  

Hurricane season begins on June 1st and runs through November 30th ; Kevin has the forecast/estimates of named storms and hurricanes and offers his insights. Federal Reserve Chairman Jerome Powell visited the White House for a meeting with President Trump on Thursday; Kevin has the details and offers his insights and opinion. The U.S. Bureau of Economic Analysis revised the first quarter Gross Domestic Product; Kevin has the details, revisits the factors that went into the previous estimate, puts the information into perspective. The U.S. Labor Department released the Weekly Jobless Claims; Kevin has the details and offers his perspective. The National Association of Realtors (NAR) on Thursday. released its Pending Home Sales Index: Kevin discusses the numbers and offers his perspective. Oil reacts to ongoing talks between Iran and the U.S. to rein in Iran's nuclear activities, a U.S. court blocking President Trump's tariffs, the possibility that OPEC+ could hike crude oil output, falling U.S. crude oil, gasoline and distillates inventories.

Democrats would do everything and anything to bring the Republican party down. Stop playing the game and do what is right!Trump tariffs are back on after appeal. Trump tells Jerome Powell it's time to cut interest rates. Congress still can't get their shit together and pass DOGE cuts.Federal Judge temporarily blocks Trump administration from banning Harvard international students.Dan Bongino and FBI find a secret room.

A U.S, federal appeals court has temporarily reinstated President Trump's tariffs just a day after the U.S. Court of International Trade ruled he had overstepped his authority in imposing the levies. President Trump summons Federal Reserve Chairman Jerome Powell to the White House over his interest rate policy stance. Powell has insisted his rate decisions will remain data-based. And we are live in Dubrovnik where global economic policymakers are gathering for the Croatian National Bank/IMF meeting. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A federal appeals court offered President Donald Trump a temporary reprieve from a ruling threatening to throw out the bulk of his sweeping tariff agenda, giving at least some hope to a White House now facing substantial new restrictions on its effort to rewrite the global trading order. Meantime, Asian shares and US stock futures declined as uncertainties around President Trump’s tariffs whipsawed the markets. For more, we spoke to Mary Nicola, Bloomberg MLIV Strategist. Plus - the US equity market advanced as it grappled with several forces such as solid guidance from Nvidia, legal uncertainty around President Trump's trade war and questions about monetary policy. That is after the fact President Trump pushed Federal Reserve Chair Jerome Powell to lower interest rates. We speak to Scott Ladner, Chief Investment Officer at Horizon Investments. See omnystudio.com/listener for privacy information.

En dat is misschien een verrassing als je naar de huidige cijfers kijkt. Die blijven bizar goed. Beleggers hebben moeite om er negatieve punten in te vinden. Maar dat hoeven ze ook niet, want topman Jensen Huang licht ze er zelf even uit. Hij heeft wederom kritiek op het Witte Huis. Met hun exportrestricties levert de VS hem een min van 8 miljard dollar op zijn kwartaalrekening op. Maar hij lijkt nog steeds niet helemaal eerlijk. De impact van Trump kan nog veel groter zijn dan de topman nu beweert. Daarnaast hoor je ook wat je gemist hebt in de handelsoorlog de afgelopen dagen. Een dag niet opletten betekent namelijk meteen een hele hoop ontwikkelingen missen. Zoals de rechter die een streep door zo ongeveer alle importheffingen zet. En vervolgens ook weer de melding dat er een streep door die streep gaat zolang het hoger beroep loopt. Dan zijn er ook nog die gesprekken met China. Die verlopen niet stroef, maar staan zelfs 'een beetje vast', zegt Financiënminister Scott Bessent. Het is nodig dat de presidenten persoonlijk met elkaar gaan praten. Maar of ze dat ook echt gaan doen, dat blijft de vraag. En verder vertellen we je over het onderonsje tussen Donald Trump en Jerome Powell. Die zou niet heel vriendschappelijk zijn verlopen. Trump vindt dat Powell een fout maakt doordat hij de rente niet verlaagt. En Powell zou een poging hebben gedaan om z'n acties uit te leggen.See omnystudio.com/listener for privacy information.

De Europese Centrale Bank (ECB) zou een voorbeeld moeten nemen aan de verhouding tussen de president van de Verenigde Staten en de voorzitter van de Fed, de Amerikaanse centrale bank. Gisteren hebben Donald Trump en Jerome Powell elkaar gesproken in het Witte Huis, en dat gebeurt niet vaak, zegt macro-econoom Edin Mujagić. ‘In Europa is het “lieve Ursula” en “lieve Christine”.’ Laat me raden, het gesprek in het Witte Huis ging niet over de vakantieplannen van Trump en Powell? We hebben het hier over twee mannen, waarvan één - de president – de ander – de Fed-baas - nog niet zo lang geleden met de weinig vleiende woorden als loser en dom heeft omschreven. Dus dat heeft de toon van het gesprek wel gezet. Waar hebben ze het wel over gehad zal je niet verrassen. In de verklaring na afloop zei de Fed dat het is gegaan over economische ontwikkelingen inclusief werkgelegenheid, economische groei en inflatie. Wat de Fed niet zegt, maar wat we wel weten, is de Amerikaanse president weer een poging heeft gedaan om de Fed zover te krijgen de rente te verlagen. Dat weten we omdat de Fed na afloop een verklaring online heeft gezet, en dat is nog ongebruikelijker. Daarin staat dat de Centrale Bank zich laat leiden door economische omstandigheden, zoals de wet voorschrijft, op basis van niet politieke analyse. Dat is heel diplomatiek voor. Laten we met rust, Ik ga de rente niet verlagen, Alleen Omdat jij Daarom vraagt, wij kijken naar economie, wij kijken naar inflatie en op dit moment zeggen die signalen ons dat we niks doen met de rente. De Fed weet heel goed dat de buitenwereld zich zorgen maakt over de onafhankelijkheid van de centrale. Met deze verklaring willen zie de vrees wegnemen De president en de Fed-baas spreken elkaar dus niet vaak, waarom is dat zo? De Amerikaanse president en de voorzitter van de centrale bank spreken elkaar één á twee keer per jaar, alleen in 2008 zijn er meer contactmomenten geweest. Centrale Bank die spreken elkaar één á twee keer per jaar. Dat is Als je historisch kijkt. Een aantal uitzonderingen in het jaar 2008 bijvoorbeeld zijn er veel meer contactmomenten geweest. Dat wordt gedaan om die schijn van belangenverstrengeling te vermijden. k geloof dat er zelfs geen Amerikaanse president in ieder geval In de moderne geschiedenis niet niet zijn die het vet kantoor van binnenuit hebben gezien. In de EU gaat dat dus anders? Mijn hemel zou ik bijna willen zeggen, want Wij hebben hier heel veel contactmomenten tussen Christine Lagarde en Ursula von der Leyen, bijvoorbeeld voorzitter van de Europese Commissie. De band is best wel goed; ze staan samen op de foto’s, ze lopen hand in hand, ze noemen elkaar bij de voornaam en zeggen ‘lieve Ursula’ en ‘lieve Christine’. De baas van de ECB nodigde Ursula von der Leyen begin dit jaar nog uit op het ECB-kantoor om te praten over rente. Dat zijn allemaal zaken die je in de VS niet ziet. Hier laat Amerika zien hoe het wél moet, en de ECB zou zich daar iets meer van moeten aantrekken. Er komt een nieuwe baas van de Fed, dat is duidelijk. De termijn van Powell loopt eind mei 2026 af. Na de zomer gaan die namen lekken Natuurlijk en daar gaan markten op reageren . See omnystudio.com/listener for privacy information.

Hurricane season begins on June 1st and runs through November 30th ; Kevin has the forecast/estimates of named storms and hurricanes and offers his insights. Federal Reserve Chairman Jerome Powell visited the White House for a meeting with President Trump on Thursday; Kevin has the details and offers his insights and opinion. The U.S. Bureau of Economic Analysis revised the first quarter Gross Domestic Product; Kevin has the details, revisits the factors that went into the previous estimate, puts the information into perspective. The U.S. Labor Department released the Weekly Jobless Claims; Kevin has the details and offers his perspective. The National Association of Realtors (NAR) on Thursday. released its Pending Home Sales Index: Kevin discusses the numbers and offers his perspective. Oil reacts to ongoing talks between Iran and the U.S. to rein in Iran's nuclear activities, a U.S. court blocking President Trump's tariffs, the possibility that OPEC+ could hike crude oil output, falling U.S. crude oil, gasoline and distillates inventories.

In our news wrap Thursday, President Trump and Federal Reserve Chair Jerome Powell had their first in-person meeting of the president's second term, the Supreme Court backed an oil railroad expansion in Utah, the first named storm of the Pacific hurricane season is churning off Mexico and Swiss authorities ended the search for a man who went missing after a huge chunk of a glacier crushed a town. PBS News is supported by - https://www.pbs.org/newshour/about/funders

The Supplementary Leverage Ratio (SLR) was designed to increase banking sector resiliency after the Global Financial Crisis. Some have argued the SLR reduces Treasury market liquidity because the ratio is risk insensitive. Fed officials like Jerome Powell and Michelle Bowman have supported SLR reform, and Treasury Secretary Scott Bessent believes changes to the SLR could push Treasury yields down 30-70bp. In this episode, we talk with Joseph Wang, Principal at Monetary Macro and former trader on the Fed's open markets desk, about the motivation behind the SLR, how it limits banks' balance sheet flexibility, and whether reforms would help improve liquidity in the Treasury market.

In our news wrap Thursday, President Trump and Federal Reserve Chair Jerome Powell had their first in-person meeting of the president's second term, the Supreme Court backed an oil railroad expansion in Utah, the first named storm of the Pacific hurricane season is churning off Mexico and Swiss authorities ended the search for a man who went missing after a huge chunk of a glacier crushed a town. PBS News is supported by - https://www.pbs.org/newshour/about/funders

The National Security Hour with Blanquita Cullum – What has happened with the balance of power? The recent decision by the Supreme Court protecting the Federal Reserve Chairman Jerome Powell. The central bank, the court added, “is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.” How protected is the Federal Reserve?

Carl Quintanilla, Jim Cramer and David Faber engaged in a wide-ranging discussion about what to expect from Nvidia when the chip giant reports quarterly results after Wednesday's close of trading. What's at stake for the AI trade? Rates also in the spotlight: New data showmortgage rates hitting highs not seen since January -- and President Trump elaborates on his push to take Fannie Mae and Freddie Mac public. The anchors reacted to FHFA director Bill Pulte's blunt call for Fed Chair Jerome Powell and his fellow policymakers to cut interest rates. Squawk on the Street Disclaimer

“Jerome Powell's putting on a tough face right now – because he has to,” but is ultimately more dovish than people think. However, David Stryzewski argues the Fed has “been wrong on inflation” and we are facing systemic issues the Fed can't impact. He notes that $9.6 trillion dollars of U.S. debt are coming due, and higher interest rates will make the economy “stall out.” He thinks we'll see bankruptcies and even bank failures this year. On the other hand, he gives his bullish case for metal miners, highlighting FCX, CCJ and RIO.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Preview Colleague Liz Peek of The Hill and Fox News comments on how it appears that Jerome Powell and the Fed are keeping rates high because of what might result from perhaps high tariffs in the future. More later. 1914 FEDERAL RESERVE BOARD

President Trump's genius plan to announce that he's about to violate the First Amendment — and then do it! — runs into the judicial buzzsaw as two federal courts restrain his attacks on Harvard and the law firm Jenner & Block. And his campaign's lawsuit against Iowa pollster Ann Selzer continues to be a humiliating series of self-owns. But SCOTUS hands the administration a win by allowing the president to fire anyone and everyone. They exempted Fed Chair Jerome Powell for, uh, reasons.   Links:   Jenner & Block v. DOJ [Docket via Court Listener] https://www.courtlistener.com/docket/69807126/jenner-block-llp-v-us-department-of-justice   Trump v. Selzer [Docket via Court Listener] https://www.courtlistener.com/docket/69476247/trump-v-selzer/   Trump Allies Look to Benefit From Pro Bono Promises by Elite Law Firms https://www.nytimes.com/2025/05/25/business/trump-law-firms-pro-bono.html   Trump v. Wilcox [Supreme Court order] https://www.supremecourt.gov/opinions/24pdf/24a966_1b8e.pdf   Seila Law v. CFPB https://www.supremecourt.gov/opinions/19pdf/19-7_n6io.pdf   President and Fellows of Harvard College v. DHS [docket via CourtListener] https://www.courtlistener.com/docket/70349156/president-and-fellows-of-harvard-college-v-united-states-department-of/   Show Links: https://www.lawandchaospod.com/ BlueSky: @LawAndChaosPod Threads: @LawAndChaosPod Twitter: @LawAndChaosPod  

On Friday, the U.S. Commerce Department released the April New Home Sales Report; Kevin has the details, offers his insights and adds an historic perspective to the report. Kevin makes the case that it is time for the Federal Reserve to lower interest rates by taking a look at how an average home price is affected by different interest rates. Also, using a $110,000 annual income, Kevin takes a look at how much home can be purchased at different interest rates. The Federal Reserve is supposed to be non-political, however, this past Sunday, Fed Chairman Jerome Powell spoke to graduates at Princeton University; Kevin has the details, was it non-political? Oil prices remained stable during subdued holiday trading. 

China, Cultural Revolution, Mao, Hua Guofeng, Gang of Four, China's shift to capitalism, China's economy, the Sino-Soviet split and how it effected China in the long run, China and the World Trade Organization, China's global infrastructure, Belt and Road Initiative, Trump 2.0's love/hate relationship with the Chinese economy, the purpose of deindustrialization in the US, how US corporations cannibalize one another, Trump's position on US Treasuries, how tariffs relate to Treasury yields, Modern Monetary Theory (MMT), how Trump 2.0 is employing MMT, how Trump's NATO policy factors in, private military companies, the prospect of the US further outsourcing military services, Trump's relationship with the Fed & Jerome Powell, DEI and how it plays into Trump's strategy, why the Democrats are doing so little to uphold DEI, how the situation in Palestine effects Trump's economic agenda, will the US go to war with China?River misspoke on Guofeng's role in the Gang of Four trial: "re: Hua Guofeng and the Gang of Four. He helped to arrest the gang of four only one month after Mao's death in 1976. Trial was in 1981. When I said he didn't persecute the gang of four I was wrong, he did. I conflated his unwillingness to further the revolution (and unwillingness to stop it- same pattern of not taking the initiative we talked about) with his actions towards the gang of four."Music by: Keith Allen Dennishttps://keithallendennis.bandcamp.com/Additional Music: Chay and the Hostageshttps://chaythehostages.bandcamp.com/album/trigger-warning Hosted on Acast. See acast.com/privacy for more information.

Tom Bodrovics introduces Chris Whalen, author of Inflated: Money, Debt, and the American Dream, which has been re-released in a second edition with significant updates. The conversation focuses on the current state of markets, the impact of President Trump's tariff policies, and the challenges posed by the federal debt and inflation. Chris explains that he removed 20,000 words from his original book to make space for a new chapter analyzing the Federal Reserve's management of the money supply under Ben Bernanke, Janet Yellen, and Jerome Powell. He highlights how the U.S. housing market has become heavily government-supported, leading to increased volatility and rising costs for consumers. Discussing inflation, Chris notes that it is driven by the inability of governments to generate sufficient income to meet their people's needs, as seen in countries like Argentina. He argues that borrowing from future income through debt creates distortions, particularly in housing markets, where prices have surged due to low interest rates and government intervention. He also critiques the dysfunctionality of Congress, which he believes is unable to pass budgets or manage spending effectively. Chris emphasizes the importance of gold as a hedge against inflation and expresses skepticism about stablecoins and cryptocurrencies, calling them speculative vehicles rather than reliable alternatives to fiat currency. He suggests that the U.S. dollar's dominance in global markets contributes to inflationary pressures, as other countries benefit from using dollars without bearing the associated costs. The discussion concludes with Chris offering an optimistic outlook, noting that while challenges remain, opportunities exist for investors to navigate inflation through real estate and gold. He encourages listeners to manage investments with a long-term perspective, considering the erosive effects of even low levels of inflation over time. Time Stamp References:0:00 - Introduction1:02 - His Revised Book3:08 - Tariffs & Debt Distortions7:12 - Reserve Currency & Inflation11:03 - Debt Markets & Fed/Banks17:32 - National Debt & Spending21:18 - DOGE Cuts & Old Systems30:17 - Trump's Strategy?34:04 - Gold During Nixon Era39:08 - Book & US Administrations44:13 - MMT Era & Cryptocurrency?50:21 - Silver Supply & 1800s52:06 - Stablecoin Backing55:02 - Concluding Thoughts56:33 - Wrap Up Guest Links:Website: https://www.rcwhalen.com/X: https://x.com/rcwhalenBooks (Amazon): https://tinyurl.com/mv3wctcrLinkedIn: https://www.linkedin.com/in/rcwhalen/ Richard Christopher Whalen is an investment banker and author based in New York. He serves as Chairman of Whalen Global Advisors LLC, focusing on banking, mortgage finance, and fintech sectors. Christopher is a contributing editor at National Mortgage News and a general securities principal and member of FINRA. From 2014 to 2017, he was the Senior Managing Director and Head of Research at Kroll Bond Rating Agency, leading the Financial Institutions and Corporate Ratings Groups. Previously, he was a principal at Institutional Risk Analytics from 2003 to 2013. Over three decades, Chris has worked as an author, financial professional, and journalist in Washington, New York, and London. After graduating, he served under Rep. Jack Kemp (R-NY) at the House Republican Conference Committee. In 1993, he was the first journalist to report on secret FOMC minutes concealed by Alan Greenspan. His career included roles at the Federal Reserve Bank of New York, Bear Stearns & Co., Prudential Securities, Tangent Capital, and Carrington Mortgage Holdings. Christopher holds a B.A. in History from Villanova University. He is the author of three books: "Ford Men: From Inspiration to Enterprise" (2017), published by Laissez Faire Books; "Inflated: How Money and Debt Built the American Dream" (2010) by John Wiley & Sons; and co-author of "Financial Stability: Fraud, Confidence & the Wealth of Nations,

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe Fed continually is pushing the narrative that there is going to be a supply shock. Is the Fed waiting for a [FF] event, is this why they are holding the rate high and not dropping it. The economic transition is working, the supply shock is not happening. The [DS] is in a deep panic, they are now sending messages to assassinate Trump or have a [FF]. The [DS] is losing the legal fight and they are running out of ammunition, they will try to play and threaten the SC next, this is final test. If the SC fails, congress must step in, if all else fails the military will be the only way. The RINOs did not pass Trump's big beautiful bill, they are being exposed for the midterms.   Economy US Fed chair warns of potential for 'more persistent' supply shocks Federal Reserve Chair Jerome Powell on Thursday warned of the possibility of "more persistent" supply shocks, as US central bankers met for talks against a backdrop of uncertainty kicked up by Donald Trump's tariff rollout."We may be entering a period of more frequent, and potentially more persistent, supply shocks -- a difficult challenge for the economy and for central banks," Powell told his colleagues in Washington, according to prepared remarks.  Source:  economictimes.indiatimes.com  https://twitter.com/charliekirk11/status/1923210595123462648 (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");  bank, "There is little evidence, so far, that tariffs are inflationary. Instead profit margins are being squeezed." https://twitter.com/RapidResponse47/status/1922627445674418620 U.S. Import Prices Rose in April, Suggesting No Tariff Supply Shock Import prices ticked up slightly in April, driven by higher costs for nonfuel goods even as fuel prices continued to slide, according to data released Friday by the Bureau of Labor Statistics. The Trump administration's 10 percent universal tariff and additional targeted duties on over 60 countries were announced on April 2 and went into effect on April 5. The modest rise in import prices, particularly outside the fuel category, suggests that the duties have not significantly deterred U.S. purchases of foreign-made goods.   The increase in nonfuel goods prices, combined with steady import volumes, may indicate that tariff-related costs are being absorbed without major shifts in buying behavior, at least so far. source: breitbart.com   https://twitter.com/BehizyTweets/status/1923409184030429667    Biden and the Democrats gave us. Thank you for your attention to this matter!   Political/Rights https://twitter.com/DonaldJTrumpJr/status/1923000897992380724 https://twitter.com/elonmusk/status/1922990397136990647  the great Nelson Mandela who sought to have all races treated equally in South Africa.   https://twitter.com/DonaldJTrumpJr/status/1922752230781833431 Yet, every Democrat on the committee opposed the bill, with even Democrats not on the committee blasting the proposal to block illegal aliens from the program.  https://twitter.com/MrAndyNgo/status/1923052139711955467   BREAKING: Justice Department to Announce Charges against Democrat Rep LaMonica McIver...

Friday, May 16th, 2025Today, the Supreme Court hears arguments on birthright citizenship and whether district judges can issue nationwide injunctions; turns out Kristi Noem wants her own plane too; Walmart announced it will start raising prices because of tariffs; Colorado air traffic controllers lost contact with planes for six minutes Monday; Missouri Republicans have repealed sick leave and wage law that voters approved just months before; RFK Jr wants to reverse Covid vaccine recommendations for kids; Tulsi Gabbard fires two top intelligence officials; the Trump administration is considering bans on abortion drugs after dropping their lawsuit; DOGE fixes some of its math by removing resurrected contracts from it's list of cancellations; and Pam Bondi sold a million in Trump stocks right before the tariffs were announced; and Allison and Dana deliver your Good News.Thank You, BCDistilleryUse promo code DAILYBEANS at CBDistillery.com for 25% off your purchase.  Specific product availability depends on individual state regulations.Thank You, Fast Growing TreesGet 15% off your first purchase.  FastGrowingTrees.com/dailybeansThank you to our thousands and thousands of sustaining members, and please join us and support independent media at patreon.com/muellershewrote for as little as $3 a month.MSW Media, Blue Wave California Victory Fund | ActBlueGuest: John FugelsangTell Me Everything — John FugelsangThe John Fugelsang PodcastSiriusXM ProgressJohn Fugelsang (@johnfugelsang.bsky.social) — BlueskyPre-order Separation of Church and Hate: A Sane Person's Guide to Taking Back the Bible from Fundamentalists, Fascists, and Flock-Fleecing Frauds by John FugelsangGuest: Jon ‘Bowzer' Bauman - Social Security WorksDNC Seniors Council@jonbowzerbauman - Bluesy; @JonBowzerBauman - twitterStories:Supreme Court justices appear divided in birthright citizenship arguments | NPRRFK Jr orders mifepristone review as anti-abortion groups push for ban | US news | The GuardianFed chief Jerome Powell warns that U.S. could face "supply shocks" | CBS NewsMissouri legislature repeals sick leave law that voters approved just months before | KCUR - Kansas City news and NPRTrump wants a new plane. Now, so does Homeland Security Secretary Noem. | The Washington PostPam Bondi Sold Trump Media Stock the Day Trump Announced Tariffs | ProPublicaColorado Air Traffic Control Facility Lost Contact With Some Pilots | The New York TimesGabbard fires leaders of intelligence group that wrote Venezuela assessment | The Washington PostDOGE Removes Dozens of Resurrected Contracts From Its List of Savings | The New York TimesGood Trouble: RFK Jr. eyes reversing CDC's Covid-19 vaccine recommendation for children - POLITICO - There is one week left to submit comments on RFK Jr trying to pull the covid vaccines from the list of recommended vaccines for children.Make your voices heard about KEEPING the vaccine on the list using this link: www.regulations.gov/commenton/FDA-2025-N-1146-0001Find Upcoming Demonstrations And Actions:50501 MovementJune 14th Nationwide Demonstrations - NoKings.orgIndivisible.orgShare your Good News or Good Trouble:dailybeanspod.com/goodFrom The Good NewsWorld Day for Cultural Diversity for Dialogue and Development | United Nations]@catsonacouchhttps://www.facebook.com/amandaelizabethmarcotteRun For Somethingfriendsofbigbearvalley.orgFederal Register :: Rescinding the Definition of “Harm” Under the Endangered Species ActMenstruation Health Week | Beltrami HistoryReminder - you can see the pod pics if you become a Patron. The good news pics are at the bottom of the show notes of each Patreon episode! That's just one of the perks of subscribing! patreon.com/muellershewrote Federal workers - feel free to email me at fedoath@pm.me and let me know what you're going to do, or just vent. I'm always here to listen.Share your Good News or Good Trouble:https://www.dailybeanspod.com/good/ Check out other MSW Media podcastshttps://mswmedia.com/shows/Subscribe for free to MuellerSheWrote on Substackhttps://muellershewrote.substack.comFollow AG and Dana on Social MediaDr. Allison Gill Substack|Muellershewrote, BlueSky|@muellershewrote , Threads|@muellershewrote, TikTok|@muellershewrote, IG|muellershewrote, Twitter|@MuellerSheWrote,Dana GoldbergTwitter|@DGComedy, IG|dgcomedy, facebook|dgcomedy, IG|dgcomedy, danagoldberg.com, BlueSky|@dgcomedyHave some good news; a confession; or a correction to share?Good News & Confessions - The Daily Beanshttps://www.dailybeanspod.com/confessional/ Listener Survey:http://survey.podtrac.com/start-survey.aspx?pubid=BffJOlI7qQcF&ver=shortFollow the Podcast on Apple:The Daily Beans on Apple PodcastsWant to support the show and get it ad-free and early?Supercasthttps://dailybeans.supercast.com/Patreon https://patreon.com/thedailybeansOr subscribe on Apple Podcasts with our affiliate linkThe Daily Beans on Apple Podcasts

President Trump announces a tariff deal with the UK; fans of Hamas take over Columbia University again; and Jerome Powell and the Fed don't lower interest rates. Click here to join the member-exclusive portion of my show: https://bit.ly/3WDjgHE Ep.2195 - - - Facts Don't Care About Your Feelings - - - DailyWire+: Join us at https://dailywire.com/subscribe and become a part of the rebellion against the ridiculous. Normal is back. And this time, we're keeping it. The hit podcast, Morning Wire, is now on Video! Watch Now and subscribe to their YouTube channel: https://bit.ly/42SxDJC Get your Ben Shapiro merch here: https://bit.ly/3TAu2cw - - - Today's Sponsors: Good Ranchers - Visit https://goodranchers.com and subscribe to any box using code BEN to claim $40 off + free meat for life! LifeLock - Join now and save up to 40% your first year. Call 1 (800) LifeLock and use promo code BEN or go to https://LifeLock.com/BEN for 40% off. Terms apply. Grand Canyon University - Find your purpose at Grand Canyon University. Visit https://gcu.edu today. HIYA - Get your kids the full-body nourishment they need to grow. Receive 50% off your first order at https://hiyahealth.com/SHAPIRO - - - Socials: Follow on Twitter: https://bit.ly/3cXUn53 Follow on Instagram: https://bit.ly/3QtuibJ Follow on Facebook: https://bit.ly/3TTirqd Subscribe on YouTube: https://bit.ly/3RPyBiB - - - Privacy Policy: https://www.dailywire.com/privacy