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파월 연준의장 발언 30분 전 라이브 방송. 애플-알리바바 AI 제휴로 BABA 상승, BYDDY 하락 언급. 관세 영향 및 미국 CPI가 연초 인플레이션 조정으로 높게 나올 수 있다고 주장. 중국 주식 강세 지속 전망을 언급하나 구체 가격 목표는 없음. 본인 매매 포지션(BABA 장기 보유 등)과 회원 대상 부동산·부업 권유가 주된 내용.
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all right are we live I think we are I was just ranting to the twitch there uh you could ask him I was being honest but ladies and gentlemen boys and girls I hope you guys are ready I hope you are locked and loaded I think we are live and ready to go what the ready to go do you hear that oh do you hear that oh what is that noise do you guys hear that do you hear that is is it doing that to you too or is that just me it's echoing no do you still hear it wait do you still hear it not now okay oh I was like what that was very very wild very very very wild why is there three different lives I just you'll figure it out I want you to you know it's it's it's like a scavenger hunt but that's good but either way chatt Adonia if you missed it there is a Apple by do or Baba partnership uh so that's why apple and Baba are going crazy on AI uh the steel tariffs didn't do much uh they might be enacted in March but now 30 minutes from now we are going to be getting Jerome Powell so you guys are here right now we have a little bit of time but tell me what is your first play of the day baby oh wait I haven't even opened it up off of Members Only oh man oh man I'm behind I need to go P too so I hope you guys got good plays do you have any I can't read the plays right now I have to turn it off we got to turn on we got to we got to free the members bro oh I have the wire on too oh yeah that's terrible we wouldn't want that without the likes amen oh no you don't get the wire no that's a crazy idea there we go they're free what what's our plays baby let's go we only have a minute Baba Freedom arm spy buenos Diaz Apple waiting for po good morning good morning spy P spy PCI put Panter Baba Apple ACR woo uncensored smti smci Nvidia Wing It TLT calls baba baba TLT Panter Coca-Cola Coca-Cola BB AI Lord watching Bill like the video by UAA M go spy calls buying human man smcx put LMI Tesla Panter shop Liberty 15 minutes algo pop Baba in the final plays puts on P Morgan oxy why is Baba up spy TLT and I'm playing the like button in roblo puking premarket all right game we only got 30 seconds I'm going to the bathroom I talk about meta I'm taking it I'm taking it quite a bit Microsoft's really struggled and it's been you know now it's going on 10 months where Microsoft really hasn't been a net contributor to to Max 7 also excluding the MA 7 the S&P this year is up like almost 6% uh whereas it's more like under 3% for the index on market cap waited going to be down today is that is that it looks like it looks like it might have finally wi streak finally empty the tank possibly there been a f fascinating revaluation of that stock it's not just that the earnings revision momentum is there and obviously they're seeming in the right sweet spot in terms of AI open source and how they can utilize Trump presidency Trump presidency obviously they've been viewed as very uh in a favorable spot there but also it's it's sort of pulling value Valu ation premium from alphabet it really just completely diverged from what they've really been in lock step for a while and it actually trades I don't know if you heard the round one but yeah get ready so again China oh damn Baba with that candle damn so baba2 again that Apple news otherwise take a look at any of the commodity steel plays and then once again man gold is making a lot of waves gold is like oddly very very high right now and then you have fed hammock talking Portugal said to consider sale of at least 49% of Airline tap no idea what that is all right oh dollar yeah those Babas are very very widespread and then even the K webs super widespread you're going to have to let that level out for a little bit Coca-Cola is up by 4.8 that's the most intraday since 2020 no way so yeah again Coca-Cola they had like 7% increase in their margin or something 700 basic point points yeah Intel I don't know what intel was Intel had a pop in the morning I did not see any headlines on it but yeah they are up by 1.9 Baba is uh partnering with Apple for AI and China and Chinese iPhones so that was out there in the morning yeah I don't know what's going on N Video is coming out Goldman kills IPO diversity pledge with us Dei goals Under Fire Cocola raised the dividend oh the prices yeah I dude I think they've had 11 price increases but again that reaction is very good Humana they did not have a good earnings but they're up so watch out for that then you got oo on the high and then Mna again keep in mind I don't know from yesterday's watch list if you guys watch what we said about the critical Imports that's it yeah by do is going down because they're not getting mentioned in the AI deal with Apple so again Apple was working with BYU at another time so to go to Baba that's kind of lost for them I don't think uh they're going to die but they'll track all the China [ __ ] but if you guys watch yesterday's watch list uh literally this is uh let's see what happens with these China stocks man again if you haven't noticed in 2025 China is the number one performer it is kind of wild actually Panter oh wow they went down and then B pop back up my spy is stuck a little bit it's moving around a little bit you know just that morning candle again bonds are down too remember we have tariffs and again yesterday's video uh tariffs are literally the widest and largest they have been so far but again the market is uh taking it there I did see teer bought China I think we bought it a couple weeks before him so again our Baba and our longterm is doing very very well but yeah that value there but again people aren't talking about it as much apple is up after reports with Alibaba to develop AI features for iPhones in China that's coming out again Uber almost 80 I know Uber's crazy again that bill akman thing who was the other one Corning yesterday that one did not go at all and then where is Tesla oh Tesla kind of coming up a little bit Yeah the 13fs that'll get people excited again there was a lot of hedge fund buying from last week again remember retail has kind of been the leader uh but last week coming into this week you got a lot te and DD on the high tm's running us steel and aluminum producers uh raise tariffs or are are up after tariff raises ewz Brazil uh where's India India's down Nike's on the high Shopify too they had earning I'm surprised Shopify is not up they had a high bar but they're only up four they did actually very well spies going up there too you're only down a quarter uh Russell is the worst on the day spy Dow NASDAQ pretty much matched up right now so we'll see and then Microsoft see what apple apple was a leader there I don't know where meta's at meta is barely in the red Amazon and then again Nvidia Nvidia is barely down too and then Intel's still up I have no idea what's going on there do I think CPI will be hot I mean it's GNA I think it's going to be very odd uh just because literally I don't know if you heard people talking about it yet but people are bringing up how the beginning of the year has the highest inflation so if you go and look at how he started 2022 21 23 even 2024 the inflation kind of spikes in the beginning of the year and that's because of some of the changes that they make to like the yearly adjustment so today or tomorrow CPI is going to be having one of those yearly adjustments so we'll see people are expecting it to be hot but in general I think it's going to be kind of it will generally read how it should but it might be either buys lower or the print of this month is going to come in hotter so we'll see but when it's all said and done I think it's going to be an important one but right now as long as it's not too hot I don't I don't think uh the Market's going to get shocked by it so again if it comes in hot then we have a problem again risk on till rate hikes uh you might want to educate yourself on that one is it you who is talking about government spending is what's [ __ ] it up I that that tracks that would that sounds like me nibus on the high no comment on bitcoin I mean not for now but I really think Bitcoin is going to start moving uh once we get the hearings for this like little Bitcoin strategic team or whatever they're doing they're going to have hearings and from there we're going to see what what's really going to happen otherwise it's just like the market bitcoin's kind of just stayed in this range spy near the high still again apple and I think Microsoft are the best ones Microsoft still R mhm yeah BYU is down off of the Apple news and then Baba is up again at 113 so it's a nice little balance there if you got both of them Josh what's up baby good morning uh who's the other where's kweb kweb is the one that's still lagging there so all the other CH names pinu Doo is trying to come up the hearing will be in uh if you go look at the title of this video and as you're G at the title of this video make sure you hit the like button uh but Jerome pal should be on in about 20 minutes so at 10: a.m.
is when we are expecting your your boy Jerome Powell I don't know what the hell is happening with Intel I'm telling I looked in the morning let me double check all right why won't it load Hood CVS is on the high right now and then chewy you got an interesting mix right now on the high low ticker again I don't think we've really found a direction yet I'll get you a checkup in a little bit I'm checking Intel right now cuz again it was like that in the morning and then we had that Apple uh Baba news but then that's it uh Nokia yeah I don't see anything still it's fairly dry there was some stuff last night but an opinion but nothing like official released JD Vance chip comments that's it TM on the high left one free we got some old intels that came back and then again the Babas so we have a b damn we have 10 of those oh [ __ ] they're up 400% yeah you guys remember those Baba 145s for February those are doing very well and then we have the final K webs as well for May too those came up now Nike popping up Nike remember they got cream the other day and now they're they're literally just it's been bad on the daily so this is like the first or second relief day yeah TM is killing it again even any of the steel plays assuming they're not foreign-based the foreign-based steel companies went down the domestic ones went up Trump did sign the tariffs yeah we're waiting if any tariff news we're waiting for the reciprocal tariffs and this is I brought this up very briefly on the watch list but again I mean there's there's a lot of data on the watch list too you should probably check out uh but keep in mind you know reciprocal tariffs it is the countries that already have tariffs on us so Trump is going to now hit back any country that has tariffs on us so and even just like yesterday A lot of people don't realize that yesterday was all about Mexico and Canada in a weird way uh but now the other tariffs we're we're probably going to be going after Vietnam and India and all of that well that's the thing I mean I'm telling you just at the end of the day when it comes to this topic you're going to have a lot of people with very dramatic opinions and I I just strongly doubt I I think a small minority of people are actually like looking at the data rather than just freaking out uh because again this is I I'm telling you I didn't even go over all of it it's a lot it's intense uh I'm telling you yeah Vietnam literally has the second amount of highest tariffs and then India has the highest tariffs on us now so this chart is just showing you if we raise tariffs where do they go for GDP it's insane bro I'm telling you the the reciprocal tariffs is actually intense cuz now we're talking about 30 other nations and like it has the potential to put like a couple like Saudi Arabia might go from top to the bottom and then like it starts to get a little bit crazier yeah I mean for real it is clickbait it's a lot of details but then I mean I brought it up on the watch list you need to go watch it you need to understand this chart so you know how to react in the future so again that's all on yesterday's watch list so check it out if you have time Russia emergency Ministry troops neutralize French scalp missile in kers region I don't know what that means are is it good or bad for the economy sometimes it's good sometimes it's bad uh you know that chart really just shows you winners and losers you know what I'm saying so for some people it's going to be a good thing like Denmark is going to love it right uh Malaysia they're going to love it but other people they're going to fall like Saudi Arabia will be a loser depending on what it is and then this is just the projection but then what's the other part of it these all these countries have tariffs on us what if they decide to lower their tariff so now if India says no okay we we'll chill they're going to stay in the number one spot but again there's a whole another point that that matters to all of this uh again I'll check the watch list you will be prepared and then Nidia back up we got two of those Intel still but coming down a little bit slqt up 30 after earnings where's Baba they're still holding nvo they had earnings the other day but they've been kind of chilling I don't know if when Eli already had good earnings and then nardis they bought somebody but I don't think anything specific on nvo yeah remember we're meeting with India on Friday too all right yeah Po's going to be at 10: a.m.
we have it I got two different Fe up ready by do is clap because of Baba Apple news so Baba is shot up again this is kind of crazy news but apple is partnering with Baba for AI and iPhones and BYU is going down because if you remember people have talked about BYU also working with apple uh on AI in China so the fact that baba got like a deal I think people are instantly selling off bu do I don't think it's bad for by do in the long run I'm dude I love China right now I mean I hate communism and I think so social I even talked to Olivier the other day uh but you know the socialism and the communism is one thing but again like David teer and a lot of people I mean if you are a value investor uh just op again it's already crazy because China's ran up a lot but from where we positioned on China I'm uh I'm very I'm I like it a lot again I think at the right value it's it's beautiful there so uh but for now just ever since the Deep seek stuff if you haven't been paying attention China has gone insane Alibaba by do Pinn every single one of them they've all gone crazy you want me to give you the insight into Bao and Baba honestly I've held Baba for a couple years now in the long term and I've held BYU for a while so if you don't know at this point I'm going to defer that responsibility to you how does that sound I think that's fair all right you've been here for a while too so take a take a little Google Rabbit Hole search and you'll find all the details apple is in only in China only in China Tesla going back up that's so do you guys know the tin foil uh on the Sam Alman offer it's actually kind of crazy it's actually kind of wild so this whole time Elon wasn't lowballing open AI Elon is trying to mess with Sam Alman no I believe the tin foil I think it's true I I posted a thread on it I retweeted it yesterday go follow my Twitter real CT news uh but no dude yeah it's cuz I didn't know Sam was trying to sell that controlling stake to himself for $40 billion so now that there is a open unsolicited public offer of 90 billion it it brings up a lot of weird questions where it's like how come then if you have a offer for double what you're willing to sell it for why wouldn't you sell it so essentially it now raises the comps where worst case scenario even if Sam Alman gets to buy the controlling stake he has to pay double for it now uh versus that if if pretty much if Elon didn't put in that offer and no one said anything he might have been able to buy it for 40 billion and the company is valued at 150 billion So based on the fundraising so yeah it just in a in a weird way by Elon putting in that offer now yeah he just Sam might have to spend a lot of money unless the board in which Sam is on the board decides not to he's not required to take the higher offer but you can be sued because then if you say I'm doing this as a again the company is a nonprofit it is structured as a public good with a certain incentive technically the nonprofit owns the open AI that that you could make for profit so you could call it whatever you want but the nonprofit owns open AI that is monetizable that is owned by a nonprofit 501c3 as if that [ __ ] was a church it is owned by the nonprofit they own all the assets and have all rights to it so that's why it's like exactly it's like a FID not necessarily I don't think this falls under the purview of fiduciary duty uh but in the end of the day it's like if you're saying you want to maximize public good and other things it does bring you know you you have questions why would you reject a 96 billion offer but take a 50 billion doll offer or 40 so yeah very trolly but we'll see either way I thought that was interesting when I found that out I said o drama BBA I yes sir it's on the high ticker a lot of you called that out in the morning again temm is nonstop BBI going crazy you sell the calls you make free whenever you want whenever your heart desires you either go for a three-pointer or you just take the layup so whatever you decide whatever ever your account tells you to do I have no idea what's going on with uh Intel to be honest I looked several times already I don't see anything I'll check again damn it but yeah everything I've seen so far been quiet yeah people are saying Advanced comments but that's it I don't I don't know if that's it those comments came out before like the comments came out before and it didn't have that reaction but then again just like the other day remember the quantum Quantum news came out and it ran up and then nobody really read into it so I don't know Intel I think Loosely you could attach it to the JD Vance comments but I think there's something else going on to be honest but Chad is saying uh and then a lot few of you are saying and that's the only thing I see on Twitter they're saying JD Vance comments at open a or not opener at the Paris AI Summit you got 10,000 in the longterm baby let's go remember little by little that's the whole key man uh you know I had this talk yesterday and although I'm very excited and I know some of you are getting both like motivated and hyped don't forget all of this like success story [ __ ] I've been telling you is a result of several years unfortunately so just remember you know whatever you do with your long-term even if you depend the deposit 10 20 grand remember we didn't grow our account by just putting money in and then the next day it went up you know this is going to be a multi-month multi-year process so I I hope you are prepared for that and I'm excited for you that's why I'm I'm here to give you words of caution but you know I think those of you who go out of it with the same intensity and excitement of the long term with the same reality of being at you know you're prepared to be disappointed and you're not being a crackhead with unreasonable expectations I think you're going to do very very well so just keep that in mind because I wish it was better because I wish man I really wish uh you know it sucks that it takes so long but you know don't lose sight of that when you're watching all the people get excited and you know most of the people who are like Josh Josh Josh I did it I bought a house I did this they did this took them years it literally took them several SE like thousands of days so I hope you guys are are locked and loaded but little by little man so that first 10K is going to be the foundation that builds your whole mansion bro so just little by little though we got to dig down Build It Up Foundation frame it you going to take some time baby am man Netflix on the low City on the high I'm patient let's go then baby let's get it we have a great journey ahead of us amen he man Russia Saratov oil refinery has been suspended for safety reasons after drone attacks come on send it banking all right should start in 10 minutes I only have two feeds up and none of them have a visual yet took a year saved up for the down payment baby let's go I'm telling you bro it's very I'm very excited to hear all of that and just dude it it goes a long way so have that goal no Airbnb plays but I kind of want to play it not going to LI or we just buy it if it drops uh like the other times but at the end of the day it is uh travel has done very well uh Marriott Hilton Expedia everybody's done super good so I'm assuming it's going to be a good for them buying an apartment a condo yeah I mean in the right place but even then like you know you want to go for utility I think a single family home is better but if you could get a condo in the right area with the right utility like really good location some I mean it's not all it's not a bad investment uh just all depends puts are decent for next week I feel like it hasn't moved in a long time that's why I'm like I don't know if it breaks it's either going to break out or break down but they do need a I mean again I don't know the last time they beat k bro tem still thing's up 15% yeah so that went from the morning till now bro that's it Trump will beef with Jerome's decision no I don't think he cares so the fact that like Scott Bess was talking about the 10-year and they said they don't care about rates that's a very big difference than Trump and 2018 I think Trump learned a lot I think Trump learned a lot from Biden I know this may freak some of you guys out but yeah I think he learned a lot and I think Trump kind of uh with the team he has in place it's a it's a stupid game to play to try to mess with the fed and you literally watch them waste months asking as a Fed Independence as a Fed Independence you know what I'm saying so I really don't think uh I think this that's why he's just staying out of it Powell's going to be gone I Promise You by 2026 I don't think he's going to keep Powell that's easy Powell's job is over after this and then why Why Try to affect the money through Powell and the independent when you could just do it through the treasury and that's what I mean dude go look at what [ __ ] Joe Biden did Joe Biden and Janet Yellen in a weird way did more than Jerome Powell as even though drone pal is a piece of [ __ ] sometimes uh with transitory and keeping rate zero do you understand that because again and that's where I think they're doing it I think Scott Besson and Powell or Donald Trump I think they don't they're ignoring Powell because essentially Powell could do whatever you want but if you could really control it through deficit and treasury I mean who gives a [ __ ] what the FED does uh and you don't need to yell at him and tell him the lower rates or anything if you could bring down the 10year or talk the market down into Bringing Down the 10year it doesn't matter what Jerome Powell does vix is going up because you got events you have Jerome pow in a couple minutes you have Jerome pal tomorrow then you got CPI and then you have reciprocal tariffs on ice or waiting for that after we got tariffs you know so it's a very interesting one yeah Intel's at 2077 now the move to bring down the 10 years increase labor Supply increase oil supply uh and then lower the deficit by not spending a lot that's that's literally the plan it's it tracks economically they just have to actually do it treasury bessent to visit keev As Trump seeks minerals so Scott Besson is going to Ukraine right now that's the headline that we are getting Intel put the call 15,000 to 114 no no way let's see holy [ __ ] yeah bro there is 121,000 calls on in and 15,000 puts that's crazy that's like it's almost 10 to1 ratio right now of calls to puts on Intel I have no idea what the headline is too so they're saying the JD Vance thing but like I'm saying the JD Vance headline I'm pretty sure hit before this so I don't know but yeah it's on fire right now but the the put the I don't again you got to be careful with the put the call ratios all the time cuz sometimes it could just be a hedge you never know but I mean that is a that's a very very large amount uh Apple reportedly passed over deep seek as Apple intelligence partner reviewers like the new Intel chip nobody likes the new Intel chip k no I don't know I think Intel we just like we said if we need a good earnings otherwise it might be at 20126 thing but either way I'm down I'm down we'll find smci remember they have earnings after the Bell today then bbai on the high and then Dell spy hasn't moved man again we have Powell in three minutes I don't know why tell me why he ain't nothing but Jerome pal tell me why I never want to hear you say I raise the race today tell me why ain't nothing but transitory tell me why S I thought it was muted my bad okay get ready you say uh want yeah I don't know everything usually we got visual before then but now it's just chilling yeah Scott bessin again he's going to keev high ticker I mean there's a lot of names low key but keep in mind uh what's on the low ticker I see ypf to DTD the industries are a little mixed I'll get you guys a checkup here in about a minute but let's get through this no I don't think it'll be a continual reschedule this is like a congressional thing so they have it like intact tell me why aidia let me see in I think Intel is a wild one so again I mean be careful and the videos coming down I mean remember chips did have their first rally there after a while I want it that way thanks toyt will use mobile ey I there's just so many reasons that's all I'm saying is that they have so many different answers as to uh why Intel's doing that today from the JD Vance to that comment but I don't know something there spy power comments we do not need to be in a hurry to adjust policy policy is well positioned to deal with risks and uncertainties so again his written statements are coming out this is going to neuter the move can maintain policy for longer if remain strong does not move towards 2% can ease policy if labor market unexpectedly weakens or Falls more quickly you've heard that before but Market's taking that bullish US economy strong inflation is close closer to two but still somewhat elevated unemployment rate is low and steady labor market is solid and not a source of inflationary pressure no I just I've read good but it's the same exact statement it's going to give you the pop but him saying we could lower rates because of Labor Market likes to hear that but that's not new fed framework review will not include a focus on inflation Target which will remain too fed will wrapup framework review by late summer and then uh comments included in prepared test Tony yeah does not need to rush on rate Cuts I think it's going to be a dud like I've been telling you from last night oh Elizabeth Warren's going to be there all right all right let's see I got two of these I'm going to see which one's fast he's not out yet again pre-written statements have came out I think it's going to be a dud Market may like it again the fact that he could lower rates on the jobs but everything sounds exactly the same he even batted It Up by saying the labor market this committee will come to order all right I got this chair Powell thank you for being with us today I appreciate your willingness to have a chat with us about some of the really important issues facing without question theal serves a critical role in the function econ you have the ability to influence markets and directly impact the financial future of hundreds of millions of Americans that is why the Federal Reserve is supposed to be an independent institution free from politics that's why you guys cut ra ahead of the election reality the FED has been susceptible to political pressure take for example the fed's involvement in the network for Greening the financial system a group dedicated to Green financing and climate change which the FED joined in December 2020 as President Biden was about to assume assume office just last month the FED announced that it had pulled out of the organization as president Trump was getting ready to be sworn in to the American people this is flip-flopping in the political win too much focus on climate change instead of supervision is consequential oh dude get ready years you guys they're going to talk about Dei again if that was the pre-written statement thir I mean good Lu I'm listening if anything happened Tesla flushing a single federal but yeah bro this is going to be uh no I Pro I can almost guarantee it now filed a lawsuit against Bank executives which which accused the svb of BR oil dumping check rumors management and I agree how is it yeah big candle on oil I don't have a headline yet be on Lookout I see the oil Russian earlier that never had timely action at svb how can the people who are supposed to be our cops on the beat have not faced any recourse for such egregious fa failures I simply don't understand we must all address the fact take a look at oil I mean spot's coming down but that's the only thing I see moving right now have devastated decimated and destroyed hardworking families ability doll hasn't moved yet themselves during Joe Biden's time in office overall Prices rose by over 20% Energy prices DHR on the low transp SP coming down now this isn't off of Power 22% but that's not all thanks to Biden nomics 2/3 of Canada droing too it could be something there, less than a, in their savings accounts but there is good news things are going to get better during his first term president Trump kept his promises to the American people in the first three years of President Trump built the most inclusive milon jobs created and two3 went to women African-Americans and Hispanics it's time to once again make America's economy work for the folks working paycheck to paycheck Joe Biden broke our economy and Donald Trump will fix it for too long Bank Regulators have followed a blackbox regulatory framework with little to no recourse the FDIC under President Trump's leadership recently released neverbe seen supervisory documents which confirmed that Biden's operation choke.
20 was real despite assurances that these unacceptable practices would end following the democrat's first operation choke point 1.0 we are seeing an unfair playing field that results in disastrous consequences for legal businesses and law-abiding citizens on one hand if you were in the private sector and you do your job poorly you would face consequences reprimands suspensions or even being fired but if you are within the walls of the federal government such as a bank regulator you will face no consequences for your actions even if you pressure a bank to cut off services to digital asset firms political figures and conserv why dude the Dollar's not moving at all again Canada and oil the only thing that moved on that Bond's coming up now low tier got a little active but everything generally the same back to opening candle top of this committee I have consistently argued I'm here big iname for raise costs and limit Credit access for hardworking Americans and while I'm glad this proposal was not finalized the uncertainty surrounding bowel 3 forced Banks to capital on the sidelines limiting access to that capital for local small businesses across our country now as chairman I plan to work to rectify the issues of the Biden Administration chairman bow I look forward to hearing from you on the federal res F and the plans that you have for right sizing the financial regulatory framework specifically around bosil 3 to create jobs here in America we need to make sure there's capital and liquidity in the market and we also no I don't think the job bio affects those growing up like I did to know that they can access the capital necessary to start new businesses grow existing bus Bond's going down again oil's still flushing their American dream like I'm saying I think Canada is the only one moving right now but this just seems like normal Market stuff low ticker picking up again spy still dropping agency like the FED for Liberal positions from De banking crypto bank stress test and the green financing scheme is not calling balls and Strikes as a fair referee and I hope that we are getting ready to clean that slate start aresh and focus on a healthy economy Frank member Warren thank you Mr chairman it is no secret that you and I disagree on the need for strong Bank regulation on monetary policy she's going to rip him and on the traing scandals we have sharp differences but I believe you are a principled public servant who cares about this country we are at an unprecedented moment our financial systems risks from the economic chaos of President Trump and his co-president Elon Musk from on again off again tariffs to on off layoffs for tens of thousands of government workers to on again off again cuts in domestic grain purchases to on again off again if musk and his director succeeding now in the CF it's like putting a sign on every checking account every credit card every mortgage application and every car loan cops have been fired let the scams begin that is not all musk and his doge crew also through the treasury's most important Payment Systems the financial Plumbing that ensures that billions of payments go through this the first time pal has been asked about Security checks to Grants for community health centers no one has verified how they got this access or what they are doing with it no one has checked whether American's financial data has been copied or sold for the personal profit of Mr musk instead we've had a series of misleading and conflicting statements by treasury secretary Besson after receiving public blow going appears that secretary bessent is now trying to throw the Federal Reserve under the bus secretary bessent claims that Doge can't meddle with the treasury's payment systems because ultimately the FED is in control now I'm not sure whether secretary bessent doesn't understand how the system works or he's just trying to shift the blame to you but I know he is wrong the FED simply executes the transac treasury instruction was UNH halted Firefly and his oh I think somebody was mentioned Firefly deal today choke off payments they have a partnership or if they issue instructions to shut down payment for teachers aids for kids with special needs the FED may have no way of knowing that the instructions were manipulated and the FED may have no legal method to override them chair pal the next 18 months May Define your legacy and the country's trust in the FED as an institution I expect that you will work with Democrats and Republicans and Congress next move commer payment system hey there's a lot of tension they hate each other not join the conspiracy shutter the cfpb unlike like the treasury payment instructions you can see if the cfpb's funding requests have been manipulated I understand that some extremists have a different view about what the law ought to be but under the law right now impoundment is clearly illegal do not make the Federal Reserve an accomplice to this illegal act and forever Sully the reputation of the FED Elizabeth do you still think he should funded EXA we haven't addressed that yetes we are in the middle of a crisis as Elon Musk tries to take over our government but let's also talk for just a minute about your day-to-day job meeting the F Mandate of promoting maximum employment and stable prices it's now clear that the FED acted too late and let inflation get too high and then responded by keeping rates too high for too long so you think we should policies made the big drivers of inflation like housing costs even worse that's a lie government jobs at risk that's what I'm saying it's a lie them to afford and your politician should be more educated than that to be able to finance their operations very simple your house prices went up because of government spending bring down it wasn't because of anything else meaningful R 4 trillion dollar between Trump and Biden that's what made houses go you can move quickly when it is politically exper obedient after president Trump was elected within the space of just a few weeks you scrubbed seemingly all mention of diversity and inclusion from the this is what it's going to be about yeah bro you withdrew from an internation Central Bank group that shares information on climate related you can't hear you're free to go anywhere else and I hope they brainwash you with bad ideology number you ignore the long term fig to gut big bank stress test tests I can see the immediate political appeal of your strategy But ultimately it will fail you will lose good people climate catastrophes will continue to mount and the increasing vulnerability no you're going to hear this a lot bro will threaten our entire economy they're literally going to complain about this a Lal Trump may be happier with you right now but waiting deeper into politics to please him over the long R will burn the reputation and the independence of the fed and put our entire economy at risk I urge you don't fall into these traps thank you Mr chairman yes so should we cut rates again or not Reserve Jerome Powell on theual so again what he about to say you've already heard CH Powell thank you for your testimony today so shouldn't move the market much again the employment thing sounded good but and other members of the committee I appr appreciate the opportunity to present the federal reserve's semiannual monetary policy report the Federal Reserve remains squarely focused on achieving our dual mandate goals of Maximum employment and stable prices for the benefit of the American people the economy is strong overall and has made significant progress toward our goals over the past two years labor market conditions have cooled from their formerly overheated State and remain solid inflation has moved much closer to our 2% longer run goal though it remains somewhat elevated we are attentive to the risks on both sides of our mandate I will review the current economic situation before turning to about to go green recent indicators suggest that economic activity has continued to expand at a solid Pace GDP Rose 2 and a half% in 2024 boasted by Bo bolstered by resilient consumer spending investment in equipment and intang appears to have declined in the fourth quarter but was solid year overall following weakness in the middle of last year activity in the housing sector seems to have stabilized in the labor market conditions remain solid and appear to have stabilized payroll job gains averaged 189,000 per month over the past four months following earlier increases the unemployment rate has been steady now since the middle of last year and at 4% in January remains low nominal wage growth has eased all Fe the jobs to workers Gap has narrowed overall a wide set of indicators suggests that conditions in the labor market are broadly inbalance the labor market is not a source of significant inflationary pressures the strong labor market conditions in recent years have helped narrow long-standing disparities in employment and earnings across demographic groups Trump inflation has eased significantly over the past two years but remains somewhat elevated relative to our 2% longer term goal pce inflation prices pce prices Rose 2.6% over the 12 months ending in December and excluding food and energy categories PC Prices rose 2.8% Elizabeth longm inflation to remain well anchored as reflected in a broad range of surveys of households businesses and forecasters me as well as measures from financial markets our monetary policy actions are Guided by our dual mandate and stable prices for you get mad at me you go somewhere else September the fomc by full percentage PE after having maintained the target range for the federal fund rate at 5 and A4 to 5 a half% for 14 months shout out the tweets that recalibration of our policy stance was appropriate in light of the the progress on inflation and the cooling in the labor market meanwhile we've continued to reduce our security Securities Holdings with our policy stance now significantly less restricted than it restrictive than it had been and the economy remaining strong we do not need to be in a hurry to adjust our policy stance that was a crazy one we know that reducing policy restraint too fast or too much could H hinder progress on inflation again this is all pre-written at the same time economic activity and employment in considering the extent additional adjustments to the target range for the federal funds rate the fomc will assess incoming data the evolving Outlook and the balance of risks as the economy evolves we will adjust our policy stance in a manner that best promotes our maximum employment and price stability goals if the economy remains strong and inflation does not continue to move sustainably toward 2% we can maintain policy restraint for longer if the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated policy accordingly that line is what gave you the first po both sides of our dual mandate and policy and uncertainties that we face this year we are conducting the second periodic review of our monetary policy strategy tools and Communications the framework used to pursue our congressionally mandated assigned goals of Maximum employment and stable prices the focus of this review is on the fomc's statement on longer run goals and monetary policy strategy which articulates the committee's approach to monetary policy and on the committee's policy communication tools the committee's 2% longer run inflation goal will be retained and will not be a focus of the review our review out and public events a wide range of parties including fed listens events around the country and a research conference in May we will take on board uh we will take on board lessons of the past five years and adapt our approach where appropriate to best serve the American people to whom we are accountable we intend to wrap up the review by late summer let me conclude by emphasizing that at the FED we'll do everything we can can to achieve our dual M mandate goals that Congress has set stut for monetary policy inflation sustainably to our 2% goal and keeping longer term inflation expectations well J and kind of breaking out success in delivering on these goals matters to all Americans affect communities businesses across the country everything we do is in service to our public Mission thank you I look forward to your questions okay it's live from here on out now thank you CH so they're going to grill him but anything he says from here this is what we are looking for you have the opportunity and responsibility of leading this country in the right direction economically and and I thank you for your commitment to having a conversation with all of us about how you do that well you and I had a conversation yesterday some of it was frustrating some of it was Illuminating my goal is to make sure that the American people and specifically those working paycheck pay have more opportunities to succeed not fewer you have said that the FED is not against Innovation and banks are perfectly able to serve crypto customers as long as they understand still kind ofing you have admitted that the threshold has been a little higher for banks engaging in crypto activities last week I held a hearing on De Banking and once again heard that Federal Banking agencies in particular the FED use reputational risk as a tool to encourage the Deb banking of certain legal Industries and law-abiding citizens for political reasons not tied to safety and soundness Deb banking is a top priority for this committee and it certainly is for me and that I believe is a bipartisan issue will you commit to working with this committee to n banking including working with the new Vice chair of supervision once appointed to revise the Federal Reserve supervision manuals to remove reputational risk as a tool to weigh in on political topics so another chipmaker doing good again in make that commitment thank you sir accountability is very important I would like to thank accountability is a priority for everyone especially the FED given that failures in fed supervision can result in the loss of billions dollars yet following the failure of Silicon Valley Bank Apple breaking out and in about to go to 21 headines we just don't know what management of interest rate and liquidity RIS still going CH yet to see any Regulators be held accountable and as you recall that was a point of my frustration they're going back to the guy spent a lot of time in the priv sector running businesses I can tell you that accountability is a necessary part of making the entire organization healthier and perform its job as as as well as possible I'm encouraged that the FDIC has begun the process of holding svb Executives accountable that's good news but no fed employee has been fired put on probation put on performance Improvement plan all of which would be expected in the private sectors as I just mentioned for employee failure please explain to me why fed employees are held to a different standard from our perspective than everyone else and what are you planning to do to take accountability for fed failures in supervision Microsoft Larry Summers quite a lot has not receed musk bid in response to the events associated with Silicon Valley Bank so we've done many many things in terms of specific accountability what we found was this was not a case of malfeasance or nonfeasance so much it was a case of people were were carrying out a specific Playbook that failed to cause us to act in time for these things it wasn't it wasn't actually particularly fair to the employees to say you didn't you you you violated our our practices in some way that wasn't really what happened what happened was I would say a lot of focus on process and on governance and controls and not enough focus on basic bread and butter banking credit risk liquidity risk interest risk things like that so as we discussed yesterday we we took very substantial steps to avoid further spread of those issues and that was successful but I I understand your point this this is one of the areas where you see the the the approach of looking at safety and soundness Johnson met with Elon Musk on Monday say White House when really documented but no action was taken that leads me to the conclusion that individual employees supervisors uh should have been for that I I'll move on though in the past you've supported tailoring regulations so that we ensure Banks of different sizes Thrive and and to preserve our diverse banking system will you commit to working with me as chairman to make sure that Financial regulations do not impose more burden than is necessary I'll say that this comes after a number of conversations with Community Banks and and Regional banks that have continued to stress that the cost of the regulatory framework around them isn't just harsh it's oppressive uh larger Banks suggest that cost per employee for the regulatory framework is $10,000 employee couple staples still going I think we can do better love eBay on news Intel breaking out still 21 I will commit to working with you on that um we do try to uh to avoid excessive burden I look I think it's fair to take a fresh look on frankly on DB banking I think we all see both on in your hearing and in the one on the house side we hear a lot of people this whole time this is Senate banking K has actually been Runnings and then bonds things but sometimes regulation leads things to happen and we need to be we need to be working on that I appreciate that and I'll turn over to the to the ranking member I'll say this after having a number of conversations with CEOs of banks around the country one of the things that was clear made clear to me with specific statement from the CEOs is that the regulatory OCC and other regulatory agency said specifically to debank certain industries and that is a point that I'm making and one that I think we have to solve if it's legal in America to do business we should do our part running ahead of it thank you Mr chairman oh no so over the weekend co-president musk and acting director vote uh effectively shut down cfpb no more cop on the beat looking out for a family of four in South Carolina facing an illegal for closure no more cop on the beat looking out for your grandma uh whose bank account has just been taken over by a scammer no more cop on the beat looking out for people getting ripped off by giant credit card companies that are charging illegal junk fees it also means that the cfpb is no longer doing one of its most important jobs examining big Banks to root out illegal conduct before it happens or at least stop it before more people get hurt yeah like svb chair po if the cfpb isn't on the job right now then who is administering JP morg SP money and put there we stop it compliance exams to ensure that they are following the law Senator I I believe that um and you would know uh that Dodd Frank moved all authority for he's going to rip her examinations in the consumer space her nicely we still have some jurisdiction we'll talk about that in a sec but the answer technically if the cfd is not there examining these giant Banks to make sure they are following the laws on not cheating consumers who is doing that job I can say no other Federal regulator no one in other words so thanks to co-president musk and cfpb acting the coent Wall Street banks no longer have to show the bank examiners that they're not illegally opening accounts people didn't ask for like happened with Wells Fargo or charging illegal junk fees like the Bank of America did but cfpb has jurisdiction only on banks that have more than1 billion in assets so what's happening in thousands of Community Banks all around the country those that have less than 10 billion do in ACC in assets so chair pal as you know the FED overseas bonds are bouncing there's no real headline he did say avoid excessive bur on banks billion and then you already running there with the NASDAQ might break out fed suspended consumer bonds follow through that'll be the banking comment if not or is the Fed still on the job to make sure that those smaller going following Financial laws still on the job business as usual all right by forcing the cfpb not to do its job president Trump Elon Musk and the author of project 2025 Russ vote are giving Wall Street Banks an unlimited get out of jail free card so they can cheat Working Families even while Community Banks they just got rid of the carried interest loophole how is that Elizabeth who have money deposit Elizabeth JP Morgan or Wells Fargo or any other of the giant Banks they should now know that there is on the make sure that those banks are not they literally enacted a tax law the other day smaller banks that goes directly against the interest of rich people they aren't cheating consumers you know if I have my money in one of those giant Banks I might we don't have as much money as a smaller Bank where the protection at least right now is a whole lot I just put my accounts in the 250 baby you'll that the cfpb is under the FED is buckling to pressure from Wall Street to erase other safeguards for the two big to fail Banks during the first Trump Administration under your leadership the FED weakened the big bank stress test including by giving the big Bank some of the answers to the test in advance I called you out on it but you promised right here in this committee that you would not give those Banks the whole answer key I'm going to quote you fact you said complete knowledge of the models could lead to a model monoculture in which all firms have similar internal stress testing models which could increase the correlation of risk in the system and Miss key idiosyncratic risks faced by the firms I agreed with you really been set on bonds I mean this is just the market I think it's Chip and going nasda all of the answers over the Giant thanks chair Powell why is the Fed about to propose a rule that directly contradicts your own testimony and in your own words would render the stress tests toothless senator in in essence because the the ground has shifted very substantially in administrative law and we we actually want the stress test to remain resilient to that and so we're making changes to to accomplish that well the changes are changes you've ident identified earlier as making those tests Toothless look the big banks are going to juice shareholder payouts and leave this economy more vulnerable to a crash the FED is knuckling under to bank lobbyists you just wanted them to have lower rates in September Elizabeth confus Wall Street will get bailed out cut you advocated made margin cheaper and made homes more expensive inste ofall Street you know that right Elizabeth rules so for four months from September to the end of the year you made it 100 basis points more expensive for a 30-year Mortage became almost half a per cheaper to if you give you an opportunity if you would like uh thegg the ranking member has made Jones you got 19 red 11 in the green individuals now any change in the laws regarding how they're supposed to be individual consumers out there or anything along that line Law changes no I'm not aware of any any changes any rules rules that they would have to follow not that I'm aware of are they still audited and do they still have the Regulators in watching all of their business just as they did before well they have all the Regulators 171 green 330 red so most of the market is red today cfp but you're on the cusp of going on everything no I'm good thank you thank you Mr chairman uh as we continue to prioritize the stability and the resilience of our financial system the ongoing bosel 3 rulle making process has remained front and center in shaping our regulatory framework now I guess I was rather outspoken with my opposition to the original proposal and further work was stalled at the end of the last year uh my I guess my question for you today sir is is could you provide an update on the Federal Reserves progress in finalizing the bosel 3 endgame ruem process I'd be glad to so we remain committed to completing bosel 3 endgame we think it's good for US Banks it's good for our economy that there be a global standard beneath which uh foreign Banks can't fall and that was one of the big Ideas behind the whole Basel committee approach so where where it sits now is we await um leadership arrive arriving at the OCC and the FDIC and that that seems to be happening and and when that happens we're going to sit down with them and work our way through to a bosel 3 endgame proposal and I think we can do this reasonably quickly one that is plant consistent with the Basel requirements and and also consistent with what other large jurisdictions are doing I'm optimistic that we can do that fairly quickly and we're committed to doing that we always wanted our banks to be competitive with European Banks and I'm just curious the original proposal that uh was in front of you and and I'd like your thoughts on this it was estimated to increase our bank's Capital by 19% which I think may very well have created a potential disadvantage with uh within the US institutions versus our European counterparts with any new proposal um what's your thoughts would you make a commitment that this would be a neutral approach with regard to Capital the main commitment I'll make is is we'll work together with with uh new leadership at the at the other banking agencies to do something but that that's certainly you know I've I've said many times this comme that I think that the level of capital largest banks is about when he says no BOS somewhere in that in that area expectation would be in the markets would expect that it would be neutral with regard to uh capital in that range but I I want to I want to defer to our new colleagues U and get their views as well that but that's that's a good starting place okay thank you um the federal reserve's partnership with the US Treasury plays a central role in supporting our nation's payment infrastructure which processes a vast range of daily transactions from federal benefit dispersements to debt obligations could you outline the Federal Reserve role in supporting going Payment Systems including bonds don't like it Regal still ever since this started going Cent and capable of handling the government's high volume of daily transactions so it's a it's it's a complicated set of arrangements and I'll I'll try to summarize quickly effectively um Congress authorized spending car out those spending orders and when they the way they do that is send an order to pay rebound I don't think and then oil only victim in the last like hour before it gets all these decisions are made about is this an an appropriate order does the is this is this pay on the Note don't pay list and all those things once it once all of that is set it comes to the fed and by that I mean four or so of the reserve banks and we actually make the payment we we take the money out of the treasury general account and we make the payment we make no judgments whatsoever those are all made Upstream from us we are contact YouTube I don't handle any of it of uh of the treasury confirm for me today is the system safe today I believe it is and I will tell you we we are very strongly committed to the Integrity efficacy resilience and all those things uh of of this system and you know people do depend on this in a big way and we're committed to that one last question for you sir uh the failure of Silicon Valley Bank and the chairman brought this up I'm just curious recognizing a lot of banks out there looked at this it cost the other banks in the system a lot of money to pick up the costs involved in in the losses you want me to remind them to repent I fired but let the w a failure in the Playbook I hope they get brainwashed all of them the Playbook been revised or can we expect that it will be revised in a lot of ways it's been revised yes I can go into some details you I mean we're one thing that didn't happen was uh for example we didn't the supervisors didn't follow through aggressively enough on things that they'd said if they'd done that that that could well have been enough to uh to stop it but a lot of it was just not focusing enough directly on what was a very large amount of interest rate risk a large portfolio of long-term Securities matched up with a an unstable funding base and somehow people wrote abouted not the FED but others wrote publicly about this but somehow we don't expect Bank runs outside of a crisis in this country and that's what that was was a bank run and B Bank runs are incredibly damaging I think everyone learned a lot from that and is determined to do better interesting thank thank you Mr chairman I think this is one that I think as you see so while they're blaming him for regulators and all that he's just calling it a bank I mean we already knew that problem I think perhaps this all started criticism ofing regulations finding stuff before they happened thank you Senator Cortez Master chairman pal thank you and thank you always uh for the conversations uh in between these hearings as well um let let me focus on a couple of things of concern um and you touched on a little bit of this and I think this is this is important to clarify there there was a change in the law when cfpb was created uh the cfpb examines the banks and enforces the law whereas the FED only supervises those Banks is that correct or how would you how would you determine that relationship with CF so DOD Frank took um a lot of the consumer U compliance jurisdiction away from the other banking agencies and uh and gave it to a newly created agency the cfbb we retained a residual amount of that as we just discussed which was Banks under 10 billion in assets but the cfbb essentially took all of that uh when Dodd Frank uh came into being so as it was created when you two were working together um the Federal Reserve collabor high is breaking out again remember Apple China news was in the morning met went green supervision over all the holding companies and also of fed member banks and let me ask you this then does the Federal Reserve um enforce consumer protection laws now for things like money transmitters not for for money for that would be the consumer prote would C okay and so when we're talking about uh collaborating with the cfpb um for finan cial technology firms what would the FED Reserve now do that if the cfpb if this if the hypothetical is the cfpb no longer exists what would be the fed's role right now with respect to technology firms we don't have jurisdiction over we have jurisdiction over Banks and some Financial Market utilities so let me ask you this because I know there's a number of nevadans who file consumer reports of concerns about fraud and predators with the cfpb the FED Reserve doesn't receive those reports correct G you have no rle when it comes to Consumer Protection uh like the cfpb does correct unless you're a a a Fed member bank that has 10 billion or less in assets then then we have jurisdiction on a so there is a gap if if the hypothetical is true and what we're hearing that the cfpb is being shut down there is a gap what we're hearing in enforcement uh out there and particularly when it comes to Consumer Protection is that would would you say that's true yes for for all banks that we don't um yeah supervisor and I think that's the concern we're all having right now um is this concern of when we're looking to streamline government and listen I'll be the first to tell you there's a lot of bloat we need to streamline it uh we need to um over but there's a strategic way to do it not this burn down the house going to harm people across the country including in my state those nevadans that are looking for some sort of uh enforcement uh around Consumer Protection Law so that's that's what you're hearing uh from many of us on on our side of the aisle here can I just very briefly add that we do have some residual enforcement authorities but what we don't have is examination Authority and for for the banks at the cfbb supervis thank you um let me let me ask you this and just what happens when a Ken pay them millions of dollars to become a caring do you see what I'm saying the federal res board members have been clear that future interest rate cuts are unlikely to happen despite the strong economy um and um but there are folks in my home that are are in my state that are waiting to buy a home and we know that's still an issue the high prices right now for home affordability you add the interest rates to it it is a problem so do you think it's most likely that interest rates will remain above 6% this year or can you address that you know the so overall the economy is is strong growing 2 and a half% last year the labor market is is also very solid unemployment at 4% of quite a low level inflation last year was 2.6% for the year so we're in a pretty good place with this economy uh we want to make more progress on inflation and and we think our policy rate is in a is in a good place and we're not we don't see any reason to be in a hurry to reduce it further as it relates to housing so there's a it's true that mortgage rates have gone remained high but that's not so directly related to the fed's uh rate that's really related more to long-term Bond rates particularly the treasury the responsibility of real estate reasons the treasury and Trum lowy related to to Fed policy talking about long end of the curve he's saying we don't do that there's a once we lower rates and kind of rates return to a lower level mortgage rates will come down I don't know when that'll happen um and even when it does happen we're still going to have a housing shortage in many places thank you chairman pal thank you again for being here so again he the rate cut question or rates how they are same one and then real estate kind of leaning towards hting towards long end of the curve and treasury or excuse me Trump and treasury okay my friend I rank member said that you are knuckling under to the big Bank lobbyists is that true no um it seems to me that the big p big picture should not go unnoticed do you recall a year or two ago when he going to say inflation was raging I think his Peak was about 9% he watches the watch many economists and other experts based in part on History said that you were going to have to provoke high unemployment and no he's going to be nice to him put our country into recession in order to get inflation down do you recall that very very well are we in a recession we are not spy still ripping again none of this is related is an American trade places right now with Germany in terms of the economy no I sure wouldn't how about China no wouldn't trade places how about France no thanks I's like [ __ ] what the [ __ ] is happening things aren't perfect inflation's obviously still loves it though and rates are too high you're going green on the NASDAQ green on D and spy talk about in a second but the fact is knock on wood we have experienced a soft Landing haven't we oh not for me to say really okay yeah good answer I'll let other have we experienced a hard Landing no we sure are we in a recession no we're not I call that a soft land okay fair enough um fair enough and it seems to me it's not landed hard some of the ladies and gentlemen who are your colleagues at the Federal Reserve behind you deserve some credit for that thank you I I don't know why you don't take the credit everybody else in Washington DC does um like all right well again I'm not saying things are perfect but u i I never imagined that has no idea what's happening that's it could be this soft albe it not perfect and I wanted to thank you and your colleagues you just went from Elizabeth Warren to this sure didn't get any help from from Congress and on the and uh and and our our president on the fiscal side I don't expect you to comment on that you you and the Federal Reserve can can to a large extent control short rates can't you yes through the uh through the Open Market Committee um you can't control long R though can you no we can't tou why is that so a lot of things going still running on there Dall is now green spies at break Russ only one not really the speech I think chips in Staples and a couple utilities going up inflation in the longer run the the the sort of risks around uh around the economy and around the budget deficit go into something called the term premium which is the part we can't explain um when we do these decompositions and so you know it's set by supply and demand in the in the bond market at the long end and we're not particularly uh we have some influence but mostly mostly not um me many Americans are looking at Short rates and looking at the fed's uh behavior and how you you you you reduce inflation but they they don't seem uh they don't they don't see the long rates going down and obviously that in affects mortgage rates uh and I I would encourage you and your colleagues to spend some time explaining to the American people yeah why that is final question um if you went home tonight and uh mayor pal your spouse uh said you know I got a call today from our bank and they're uh they're debank us they're worried about their reputational risk because they don't like our politics our politics would you think that fair no I sure wouldn't and as I as I mentioned earlier all these questions are about like the the quantity discrimination de like a couple of you really want to understand better why this is happening even the de banking is is very risk averse around BSA and moneya laundering and that's because we're so tough on them and that they just don't any red flag is enough um but I you know we we um it may be that this whole thing with reputation risk needs to be thought about I it's actually coming out of our of our One manual uh that we use we're taking that concept out the the manual that we've been using for um for account access for master accounts just take hey spy now green everything went green ever since it started not really any comments bonds are still down oil and other stuff I've asked our chairman nothing really new has been to invite uh some of the CEOs of some of the banks that have been de de banking people the CEOs yes not their lawyers not their PR Consultants not the lobby not their priests them the CEOs to come in and let's talk about this and find out what what the hell's been going on thank you Senator Kennedy that one wasn't Senator re could have been thank you chairman Scott uh chairman P welcome thank you very much U I think your monetary policy combined with the Biden fiscal policy over the last four years has made a tremendous difference we've avoided a recession i' like to remind people how far we've come in 2020 the gross domestic product decreased Mr Reed has so much [ __ ] money he has no idea what has happened in the last year at 6.7% by 2024 did a great J product grew 2.5% the unemployment rate was 4.1% Labor Force participation rate went up from 61% to 62.5% and that's a combination of your work together with the fiscal policy of the B Administration so I thank you for that um one of the issues is the issue of tariffs and July 2018 testimony you stated Mr chairman countries that have remained open to trade that have not erected barriers including tariffs have grown faster and had higher incomes do you still believe that yes I I do I would stand by that uh so president Trump almost fully G and again everything just went red to Green on the day remember it's day economists project about contracts have gone GRE household will be paying extra run the premum factoring to out the money economic growth depression and for example they increase to the average car price by $2,700 is that a wise policy so I guess I I say this um you know the I think the standard case for for uh free trade and all that logically still makes sense um it didn't work that well with when we have one very large country that doesn't remember everybody is being very dramatic with you over ter far Trump has only announced maybe up to billion between steel being 60 billion and China being 14 Mexico and Canada are halted but otherwise everyone freaking you out over amounts the amounts are still extremely small just this we SC the president removed the board of the Kennedy himself Sherman what would you doc BS are kind of liking that well it's pretty clearly um not allowed under the law yeah thank you uh We've communicated back and forth about synthetic risk transfer as a potential danger to the banking system uh and could you give us some insights on how we can improve Financial stability by regulating these transactions more appropriately Marvel gold on the high now too going is um looking at them on a caseby Case basis and if they really do transfer risk successfully then that's okay check RTX and LMT Pete he us needs to spend more on defense than it did under in a way that it gets compensated for and all that um but what you want to make sure the RIS is really transferred and that was the problem financial crisis with sort of things it appeared to but did not accomplish a transfer of risk so we we we see this coming and we've been you know we've been looking at these transactions on on an ongoing basis well I commend you for that in fact what happens typically is the transaction becomes Complicated by synthetic synthetic risk transfers as it was the case with synthetic derivatives so thank you for your attention to that uh we've talked about housing it's absolutely critical everywhere across the country we're in a housing shortage of force housing is difficult two of the main stats of our housing market are Fanny May and Freddy Mack [ __ ] helping to supp ownership does the federal guarantee Fanny and Freddy help make mortgage rates more affordable and home home ownership more access he's not asking about the I imagine it does hold down mortgage rates the fact that they're Sovereign risk and then watch defense head making comments right now I'm sure that families can afford a home in in our housing market the 30-year mortgage is very important yeah yeah RTX moving on that some discussions about uh eliminating Fanny May and Freddy Mack which would be detrimental I presume to the house democ that's really a question for uh for you you know I mean we putting putting them back in the private putting Finance back in the private sector has some appeal over the longer run but I I leave that with you headline P says we need to spend more on defense than Biden thank you Senator 3% should not go below 3% of GDP well thank you uh Mr chairman ranking member for holding this important and then V after meeting with J all the things that are going on Jance comments too I want to address something the ranking member started talking off about which was characterizing the cfpb as being the cop on the beat here but I can tell you is having been a governor and having a department of banking that reported to me that if any consumer would contact us and make a complaint about a bank even a big Bank like JP Morgan we would investigate as could the OCC the Ft FDIC FTC so to characterize it nobody's out there looking for consumers I think is inaccurate and to scare consumers right now that somehow uh this is the case because yeah Elizabeth Stop scaring consumers if you're a consumer please reach out to Department Bing because those folks are Elizabeth have one of those Department of Bings they did a fantastic job of looking out for the consumers um one of the things that has also impacted consumers is inflation prices under the biderman inflation were up 20% an average household is paying $133,000 more today than they were for the same standard of living they had before Joe Biden got elected uh we see that grocery prices for example are up 22% rents up up 23% simply put Nebraskans are economically worse off today than they were four years ago and I expect CH administ they thought that that was not something that they wanted to continue to pursue uh they didn't want the same policies being followed we have to end the The Reckless federal spending reain in inflation and um you know be responsible about how we make decisions to be able to grow the economy one of those areas that I'm concerned about is the expansion of the fed dvn the fed's balance before uh as 2019 so before the pandemic 4.1 trillion still ging by May of 2020 to 7 trillion and by 2022 the fed's balance sheet hit an all-time record r.9 trillion uh inflation peaked at 99.1% that year a high we had not seen since 1981 now I'm encouraged by the actions the FED has taken with quantitative tightening uh to shrink the balance sheet down to 6 .85 trillion but at $ 6.85 trillion is still too high and one of my concerns with this chairman is that that's kind of one of your tools to be able to guard against a downturn the economy or some sort of shock obviously used it during the pandemic uh looking ahead long term will the FED Reserve continue to this course of unwinding the balance sheet oh wow good question yes so what we said is that we intend to slow and then stop the decline when Reserve balances are somewhat above the level that we judge consistent with that's what we were looking for last meeting he didn't talk about most recent data and and the feel of the markets is definitely that reserves are still abundant they're about the level they were at when runoffs started because the the runoff has really happened out of the overnight repo facility reverse repo so yes it's it's an ongoing thing and we're not we're not yet where where we're headed so what kind of pace can we expect and I know that obviously there's going to be a lot of factors like what happens to the economy over the course of next year but if you were if if things were going to go along the way they are today you've already said the econom is doing well inflation is a little higher than we wanted to be at 2.6% but unemployment's at 4% if these commissions and I think you used the word stable quite a bit if these conditions were to remain stable throughout the course of the year would you have where the Ballance sheet might be if we were talking again here in January 2026 we we we basically we're going to be um looking at at Reserve conditions conditions in reserve markets and trying to stop a little bit above what we consider ample and we think we're meaningfully above that now we we we can't put a number on it because you can't directly know the demand for reserves other than by observing behavior in the market and then putting a little bit of a of a buff that's kind of bullish I can't give you an exact number but for now it's ongoing and uh yeah no answer but what kind of conditions would happen have to happen for you to start going back to quantitative easing you know so oh wow to quantitative easing uh so you know that's a tool we we tend to use when we're at the effective lower bound and we can't cut interest rates anymore so nothing like what you're seeing in the current uh day we it's a different test for stopping quantitative tightening but we we would use QE going forward only only in a situation where where rates are at zero and you know we're a long way from zero now so that you think that again just generally speaking then Q to unwind the balance sheet you continue the quantitative tightening um can't give me a range on this is that what I hear you saying that's right that's exactly what he said he's not he's pting well I encourage you to keep doing thatg it but we not give you a timeline get powdered for the next is well aware issue that we may face so thank you very much Mr chair appreciate you being here decent that could have been it that could have been the question you wanted yeah just got a pop $1 one of the things we've talked about I've got two or three and int still breaking out is that our um that while our regulatory framework should always pronote promote um PR Innovation Boeing deliveries ramp up oh yeah Wall Street Journal Boeing order numbers coming consumer protection six airplanes 45 jetliners in January continue to worry many of these hearings where we keep seeing this regulatory these real quick uh Boeing delivered 4737 478 88s and 1777 frer six net moved out of ACS 606 uh back in the back Boeing had no cancellations in January book gross orders were 34 737s 2 777s and 36 jetliners deliveries were most deliveries were uh 737 at stable coins in particular within the regulatory that's boing right now um I know my friend Bill Hagerty just introduced a bill in this area um I'm looking at trying to make sure we get those Guard Amazon on the low what the hell's happening Amazon how it touches yo Amazon alongside Tesla going to mess up the market if those start going down news kind of a decent l% but it's out of nowhere the same regul regulation in the non-bank sector um if you'd like to wax briefly uh on this question price Target inrease couple minutes same point of you know if they are similar to other activities structure meta starting cell we we definitely uh support these U efforts to to create a regulatory framework around stable coins stable coins may have a may have a big future with consumers and businesses we we can't know that now but um it is important for the development of stable coins honestly it might be something yeah it might have to do with the AI that there be a regat you know we see these bills and we're in contact uh as we were in the last Congress and trying to trying to add our technical thoughts and and and how to do this and we think it's a very constructive exercise well we do do think you know you have a lot of expertise in this session and there are people that are people come with lots of opinions on everything in crypto from Over the Top crypto question the other one of the spectrum and we're going to I'm going to need to rely on your expertise as well as as we try to work through some framework for stable coins um I know there are lot of earlier questions on cfpb um you know I think I don't know I think there's bad news brewing for AI you just had the AI Summit all of a sudden now all these AI names and then Oracle Amazon meta Google they're starting to sell so I don't have any word yet but be on the lookout yeah Nvidia is the only one holding up right now but watch out for that mention this more for my colleagues um could be something I don't know but like just like that BX they're not too big yet but we're watching a lot of these moves lot of things happening in Virginia normally we would get maybe three five 6,000 folks on a telet Town Hall we had 60,000 last night I have not seen anything like that uh in in my time up on here here on the hill and a huge amount of concern about what the Doge boys are doing whether our information is safe where their privacy is protected you I had one lady say in light of what was happening at cfpb and while there's a direct not a direct connection she's saying is her is her deposits at her bank safe we tried to give her a Assurance but I said um you know what ma'am I'm going to be talking to the chairman of the Federal Reserve tomorrow and uh with this dimunition or shuttering at least at the time being of the cfpb uh can I tell uh I believe her name was Mary can I tell Mary from Virginia that her bank bank account is safe I think bank accounts overall across the economy are safe yes we've still got Deposit Insurance at the FDIC and the banking system is well capitalized and and safe well again I think the concern was was being raised was that the um dimunition of of Consumer Protections lent her concerns about whether that dollar being safe last thing I want to recognize is that um you there's been reports in the media about the thinness in the treasury markets uh the number of of additional bonding that we were going to have to do particularly if with so many of these unpaid tax cuts um matter of fact one of the things that was really striking to me was that yesterday the president mentioned how he was quote examining treasury debt payments for possible fraud and suggested that our debt might not be as high as possible you know you we all understand the full faith and credit of the United States B reputation ifresh JD Vance comments wiping off knows I don't believe we owe it what kind of effect would that have on both stability of the dollar and the overstability of the of our economy it will probably not surprise you that I will defer to you on that question so you think it would be um United States starts to saying we're we're going things we have selling and buying right now are hell we going have no view at all I I'm not going to comment on things that the President says good answer I I I would like to see us at some point get a get a stronger answer on that because I think that in light of the president's willingness to shut down agencies willy-nilly his ability to potentially curtail payment of debt I think would have devastating consequences on our economy thank you Mr chairman Senator Brit yeah the higher still act Mr chairman obviously both in and out of this hearing room today um conversations about a co-president uh referencing Elon Musk referencing the work that doge is doing I think it's important to remember that president Trump ran on this I mean he said we're going to look for wasteful spending across our government we're $36 trillion in debt you that's not only fiscally irresponsible it is actually morally irresponsible and the difference in this Administration and the last Administration is that President Trump is actually the final Arbiter and it's interesting that none of you had anything to say over the last four years when it is clear that our commander-in-chief was not in command and if we're going to use the term co-president then let's go back and say co-president Jake Sullivan Co president Ron Clan Pro presid Biden I mean it seems that some of the biggest decisions were made during the president's afternoon nap time and so I just think we need to be a little bit more honest about what's been laid out and what's actually occurring chair Powell um Rous want discuss some monetary policy issues but I first want to highlight a few supervisory items we unfortunately started 2023 with several bank failures in which the FED itself admits it's super visors were quote too slow to ask the question has been asked earlier about who was fired who was not I think that there there's some real me Merit um to having accountability that that we have not seen there in the aftermath of those failures the FED uh was certainly not slow to act when it came to new regulations like the new capital requirements that would have had it would have put the US Banks and actually hurt consum Ru the way I look at this is the world came up with a gold standard and then Vice chair bar said hold my beer and unfortunately that hurts alabamians in addition to that Alabama had Community reinvestment act and stress testing Frameworks that were basically adopted and secret or as we discussed last week um the reputational risk and just the arbitrary nature of that and those standards that were used to push political agendas none of this is acceptable and we've got to take a look at how to promote greater accountability and transparency into the fed's supervisory function shifting gears as ofan the Federal Reserve had beautiful name a mark to Mark to Market loss on its balance sheet of roughly $221 billion in fact I looked back and the FED has posted losses since September of 2022 meanwhile we've seen transfers to the cfpb totaling $2 billion since September of back to break even so just to clarify chair Powell these money are requested and those director cfpb director each quarter and then directly deposited by the FED is that how that works so the the director of the cfpb requests money and we under the law we send that money yes so and yeah in fact but dot Frank actually prohibits the fed from actually reviewing or amending those requests that is correct and so it gives full discretion to the cfp up to I think 12% of our there's there's a ceiling on that but that's correct so just to level set how many times you know has the cfpb funding request been Den watch if Boeing's going to have another update soon but they're chilling for now zero right zero yeah yeah that's that's what I by way I'd like to applaud the current Administration and acting director vote for inserting some accountability back into the agency by pausing these quarter Le no Source cited two minutes the biggest players in I there's been a lot of I saw something about but I do want to F on C years particularly the two billion we just saw received from September 2022 up to the last receipt on January 2nd 2025 Congress specified in statute that the FED shall fund the cfpb through the combined earnings of the Federal Reserve System however as I mentioned the FED has no current earnings it has a balance sheet um of negative2 200 billion so instead of the recent audit statement saying watch if nuclear start going up in energy on its Reserve Banks um Mr chair there are only two statutes make Reserve Bank assessments and neither present I mean permit the cfpb to fund trans not moving at all so what what Authority exactly did the Federal Reserve have to assess the reserve banks in this manner over the last two years I just just wanted kind of a fact finding we um you know we looked at that question very carefully and it's very clear watch bonds kind of breaking out there in the last hour still required to make those payments to do so appreciate it thank you Senator van Holland uh thank you Mr chairman I would point out that candidate Trump did not run on implementing project 2025 in fact when he was asked on the campaign Trail about project 2025 he said I don't know anything about that who are those people and yet he early on and quickly installed a key architect of project 2025 Russ vote as the head of the Office of Management and budget which we know is the command and control center for the budget overseeing all federal agencies and that's what Elon Musk is doing now he's implementing project 2025 the same project 2025 that Canada Trump said he knew nothing about we should stop him and he said that heal stop him now he knew it would be unpopular to take the financial cop off the beat and I want to start by talking like cops the cfpb confusing this [ __ ] Bureau because that is the cop on the beat to go after frauders and scammers who cheat Americans out of their hard-earned money and they have returned billions of dollars yeah to our C consumers who have been victims of these scams and in doing so they've earned some powerful enemies who want to shut them down powerful enemies and Elon Musk is doing that dirty work on behalf of those fraudsters wow and there's something especially Twisted about the rich richest man in the world shutting down an agency that helps victims of scammers and frosters recover just a little bit of their hard-earned money and I find it especially interesting that the new self-declared head of look at bonds that we coming down here but then the bonds are starting to run up there we had other weird rumors but we don't see anything stop work here's what he wrote and I'm quoting employees should not come into the office unquote and Stand Down from performing any work task unquote so this is an interesting situation federal employees continue to get paid but the Trump Administration tells them to stop doing their work that apparently is what the Trump Administration thinks is a good deal for the American taxpayer to pay employees to not to do their job so Mr chairman I have a simple question for you is that a practice that you pursue at the FED to pay your employees but tell them not to come to work have you have you done that no that wouldn't be very efficient would it no no it wouldn't oh great question and and yet that's what the socalled the rhetorical voice efficien voice are doing in addition to that they're ruming rumaging through the private very personal sensitive information of Americans at the Department of Treasury so it seems to me that the Trump Administration and Elon Musk are focused oh wow on you guys know we only need like seven more likes right Donald Trump said he was going to did it finally during The Campaign which was to bring prices down good seven and when you look at the price of eggs these days I noticed that Waffle House just instituted a new 50 Cent per egg search charge due to the Nationwide rise in the cost of eggs they said that's going to be a new sear charge and other restaurants are are following suit you've seen that right Mr that's crazy 300 of you just likeed the video and at the same time you guys are disgusting Trum Administration has restricted federal agencies from providing the public with information that's wild about the bird FL 400 of you just like that crazy which is part of the cost of egg increases you guys is really needed me to tell you huh what we're really facing here is an Administration Wild campaigned on bringing down prices and is not doing that did not campaign on Project 2025 and that's what they're doing but when it comes to prices Mr chairman the president's also talking about significant increases in tariffs our Republican colleagues are also talking about passing a tax bill that gives way disproportionately to the super wealthy and which will add trillions to the deficit by their own account they're talking about playing around with the Baseline so my question to you is simple all things being equal do big increases in tariffs and increasing the deficit in debt put upward pressure on inflation isn't that simple AMD alongside the other one great it really does remain to be seen what tariff policies will be implemented and I I just think would be unwise to speculate we really don't know I mean we we we see proposals but we it's so hard to say what's going to happen and well well last time the Trump Adar industry is on its took us allies have not abided by rules but abused them ofre again you got ho comments out of trade adviser Naro kind of weird man so let me get you update real quick since this guy just grilling him but there was some weird rumors with AI some of the AI names moved but we haven't seen anything materialized and now you got Navaro but like ever since you're pinned right now but then the bonds I don't see the dollar moving they're kind of moving like a fear bid but something's going on with bonds and then we're getting a couple more headlines here now related to trade but yeah keep in mind the deficit trillions of dollars and what has on infl inflation and prices thank you Mr chairman yes sir Senator lumus thank you Mr chairman and thanks uh chairman palp today um I think you're aware I know could openi thing again but other than that maybe f um and I'd point out that when you and I were toddlers 1956 um the chairman of the headline I saw Tye I saw saw you tag me in that was it said that the Federal Reserve board is an agency of the Congress Ben banki said something similar in in 2013 when he told Janet Yellen that quote Congress is our boss do you agree with that statement yes the way I always say it is that our our supervision our accountability runs through the legislative branch not through the executive branch as it does in many other forms of government um thank you for that because I I wouldn't have guessed that that was going to be your response the way that the FED has behaved for the last four years in its relationship with the US Congress um is to thumb its nose at Congress um your staff has repeatedly styed information requests from the bond do again you got Naro made by myself the chairman the ranking member Senator Tillis former senator Pat Tumi and others in my experience n 500,000 F on a refere consumes information but briber allegations no your fellow Governors have personally misled me on at least two occasions with respect to Wyoming and digital assets bro bosti lied about alled former senator Pat Tumi has accused your staff of lying to him while providing technical assistance on legislation govern lied to me in the National Defense authorization act in 2022 now I have behind me a statement by the fed's general councel one of the staff that's sitting behind you today who said quote the FED generally resists legislative prescriptions now to me that's thumbing his nose at Congress the very people that you and I just agreed you are responsible to and the people depend on so this is why the American people think there's a deep State this is why they think there are faceless bureaucrats making policy to hurt people of this country just look at the mess the FED made of Silicon Valley Bank and I contend that there is a lack of understanding that is deliberate on the part of the FED with respect to digital asset policy so the Constitution says Congress is your boss but somehow your staff have not gotten that message so chairman Powell do you commit on behalf of yourself and the Federal Reserve staff to comply fully all docum demands issued by this Committee in a Tim manner sure sure instruct your staff to be in their respon care not to of this committee well you know we we alwaysed it got it early but still to be responsive to your requests um sometimes they're beyond our capacity to respond to and we work with committee and with committee staff to do that but we always we we're always responsive to to committee requests and I'll look forward to engaging with you when you feel that our requests um are outside of the scope of uh the oversight that we have over the FED do you commit to disciplining or removing any staff that are found to have engaged in Deb banking activity furthering operation chokepoint 2.0 or other misconduct I I I can't make a open-ended commit commitment to remove anybody but I will tell you that uh I am struck and my colleagues and I are struck by the uh by the growing number of cases of what appears to be de Banking and and we're determined to uh take a fresh look at that in fact I took the thing that you showed during the um de banking hearing when I saw that we're now we're now taking that out of the manual so I thank you for that thank you Mr chairman what did you have about de banking in the manual Senator Smith thank you Mr chair and ranking we stopped moving whatever happened here with that Bond I appreciate something just kind of got us let's see if we can break out here or not I'd like to start with the the rising cost of home ownership something that I know um is of great interest to many of my colleagues on this uh committee I know Mr chair that you care a lot about home ownership and making home ownership I'm sorry Dan we've already been here for an hour and a half many of the folks on on my side of the aisle as well and so I think this is something that we can agree on that the rising cost of home ownership is a big challenge for our um constituents for Americans and one of the big pressures there're many but one of the big pressures is the rising cost of Home Insurance um in Minnesota families um seniors are struggling increase in rates um we've seen this over the last um seven years cenes are all Breaking that you've told this U Committee in the past that that rising cost of um of buying insurance for your home has been a source of inflation as we've been trying to manage inflation now um I don't know anyone who doesn't see this crisis of rising insurance rates as being caused by extreme weather events where we've seen massive flooding in um Southeastern America United States we've seen flooding in Minnesota we've seen fires in the Mountain West in California um I mean this is these are climat related um um events um that's not a political position that is just on the low so you know we've got banks that are of course require understandably that a homeowner provide insurance at as a a predicate for getting a mortgage so there's a big question about what's going to happen when Insurance becomes unaffordable or in some parts of the country just literally not available and what impact that would have cand the American Homes we latest headline Street showed that overall the value of US real estate could be reduced by$ 1.4 trillion doll colleagues over the next 30 Years due to unac accounted for climate risk that's the cost the risk of not being able to afford home insurance because of um these extreme weather events and the prospect of trillions of dollars of property become uninsurable is clearly a recipe it seems to me for Market instability both in the rental as well as the mortgage market so my my question chair Powell is given these Trends how do you think the fed and how do you think we should be thinking about the challenges that these um events are going to opposed to Insurance markets and to the overall Financial stability of the economy I'm asking you to comment specifically on climate change because I understand my colleagues on the other side of the aisle see that as a political question um it's more like what you see is the the risk to financial stability here so let me quickly note that we don't regulator supervise insurance companies for the most part but we're seeing the same thing which is um both Banks and insurance companies are pulling out of areas coastal areas and things like that or areas where there are a lot of fires so what that is going to mean is that you know if you fast forward 10 or 15 years they're going to be regions of the country where you can't get a mortgage there won't be ATMs there won't you know the banks won't have branches and things like that that's that's a possibility coming up down the road it's it's not that the banks will stay there and keep making loans in the face of evidence of of disaster or that insurance companies will will do right policies they can cancel those policies every year so I I think the risk is that they just won't be there and that people won't be able to get them that's really the issue and seems to me that um that would be a massive source of instability in our economy overall if you were to see that kind of dramatic decline in home ownership um you know home values um not to mention the disruption that would ex occur if people literally couldn't be in their homes anymore so I I think it's going to fall if if that happens it'll fall on homeown owners and residents but it'll also fall on State and local governments you know which is which you see happening now where they're stepping in in states where Insurance getting murdered right now away private insurance you're seeing States step in because they they want those are to remain prosperous so yeah Bitcoin flushing through 97,000 issue but it certainly will have significant Economic Consequences well certainly the to try to figure out how to provide reinsurance as an example in the circums in the places where um Commercial Insurance isn't available would be a massive impact on state budgets if to follow your chain of thinking and I know in this committee I've heard some of my colleagues on both sides of the aisle talk about the the challenges overall with flood insurance just as an example and the massive expense that that would have for us as well I raise this colleagues because I think that this is an important issue that we need to be paying attention to I do think it has a fundamental impact on the overall health of our economy as we look not even down the road but where we are right now so I'm out of time talk quite frequently about my deep and Keen interest in the community reinvestment act and I'll follow up with a question on that for the record thank you thank you Senator Smith Senator Hagerty thank you chairman Scott um chairman pal it's good to see you here today welcome um I want to start by talking with you a bit about markets and inflation uh less than six months ago you expressed some serious concerns about labor market we and the risk of persistent inflation but since then the fomc has begun its easing cycle and cut its Target rate by 100 basis points as you mentioned in your opening remarks now in the January meeting the fomc has telegraphed that it felt both the labor market and inflation have reached a point where you're comfortable maintaining its target range and my question is this the recent Market data including last week's strong jobs reportan offset 50% of trump tarff impact and I just wanted to talk broadly about these market conditions that you see do you see evidence of a higher neutral rate emerging at this point yes I mean let me say uh there was a lot of Reon to be concerned about uh downside risk in the labor market toward the middle of this year but really that concern has diminished significantly labor Market's very strong I think the evidence is Market doesn't like hearing neutral rate out of power there many different views on this but is that the neutral rate will have risen meaningfully very hard to be precise about it from what it was it was clearly very very low before the pandemic you it it uh extraordinarily historically so but yes I I think it's moved up and many of my colleagues on the fomc feel so feel that way too it certainly seems that way I I'd like to turn now to a what seems to be a very popular topic right right at this point and that's the cfpb um in your response to Senator Brit's question earlier you confirmed that when the cfpb submits quarterly funding request the Fed is not in a position to exercise any discretion Co crypto still sell in and now Oracle again as long as it's compliant with the law I I I just It just strikes me the FED is not in a position to hold the cfpb accountable for uh what it does or how it spends its money uh Congress hasn't been allowed to hold the cfpb accountable for what it does or how it spends its money uh it looks like no one has been able to hold the cfpb accountable uh at all and and now I hear you know complaints coming from every corner uh particularly from the other side complaints about the excessive delegation of authority to a republican cfpb director uh when this entity was intentionally created to be wholly unresponsive to elected officials so I I just find that quite Rich before I close I'd like to come to um a point on climate uh in particularly the fed's forray Into Climate activism that have taken place over these past four years and and the recent retrenchment that we've seen it's one thing for the FED to disassociate from its past climate activism and a press release but to credibly claim that it's divorced itself from partisan climate policies the FED needs to do more than just issue statements it needs to actually end its climate policies the feds independence from politics is a headline Topic at the moment of course much has been given to potential external press I think it's also critical that we scrutinize how the fed's own regulations conf is up due to to in some way politicize institution Korean start Furious political debates legitimate political scrutiny I don't know if they're public so I just want to urge the FED to on its core statutory mandates I know it's a commitment that both you and I share r i s a AI thank you thank you Senator War not I don't think it's publicly thank you very much uh chairman Scott and welcome again chairman Powell I want to Echo the words of ranking member Warren and so many of my colleagues today on Doge and project 2025 is illegal attack on the Consumer Financial Protection Bureau certainly the bureau was not created to be dismantled and since it's in if it wasn't doing a good job has been the only Federal agency CLE made to be dis protecting Americans wallets and pocketbooks from scammers and predatory companies in financial services the cfpb reduced cost for Americans returning more than 21 billion dollars to Americans who have been cheated since its Inception I want us to focus on that as folks are talking about chasing after waste and Fraud and Abuse the cfpb has returned more than 21 billion uh to Americans uh make no mistake uh this attack on a cfpb uh will increase cost for Americans and it will give the green light to frauders and predatory actors seeking to cheat bought 19 hardworking Americans so you spent um and so chairman of Georgians of all on next week or political Stripes have written into my office post to play and they are alarmed uh by an unelected billionaire and his haers dangerous attempts to access Americans private data and the treasury Department systems control6 trillion in annual payments to millions of American citizens including Social Security Medicare and tax refunds quickly yes or no has Elon Musk or members uh of his team to your knowledge attempted to access the fed's protect on China news I don't I don't believe so I don't believe so okay so will you commit to report to this committee uh majority and minority immediately should you become aware of any such attempt by Elon Musk or Doge to pierce the fed's independence or to access its protected systems yes thank you for that commitment the FED latest monetary policy report states that the tight labor market has allowed employment and earnings gaps between Black and Hispanic Americans and white americ Americans to narrow I was glad to see that many of the longstanding disparities in employment and wages by sex race ethnicity and education have narrowed under the Biden Administration some gaps have reached historic lows specifically the employment gap for black workers and white workers is near its lowest point in almost 50 years that is the economy uh that the Trump Administration uh is inheriting uh a historic low uh in almost 50 years chair poell as you work to promote maximum employment what steps will the FED take to ensure that these Equity gains are permanent so the the best thing we can do um is to it's it's both of our mandates really because as you well know High inflation hits people at the low end of the income Spectrum first and most uh and in addition to that we know that the the benefits of a strong labor market over time can be can be really visible and and and important in those communities as well so we pursue our mandate we keep our heads down and and and it works out that that is the single best thing we can do to to Foster you know closing those gaps you you pursue your mandate you want to make sure that it's working would you agree that we still need good Equity data to continue to narrow and close those gaps by race and gender I do think you know we're always going to be in favor of good data at the fed and we actually bar is a really reputable for finance so they're confirming the JD Vance thing this may just be the run of the politics for Intel good yeah bro this is out this is abnormal n [ __ ] 10% right now very very big with that type of comment there's a lot of things flying around that's why I think it's standing out like a sore thumb was disappointed to hear that the Federal Reserve which is independent from the White House had scra had scrubbed A diversity and inclusion section uh from its website after president Trump's executive JJ still from the morning while also scrubbing data on the racial ethnic and gender makeup of its economists and researchers I hope you will continue to ensure that the public has good data on how our economy is working or not AI Summit JD said all the chips are going to be made here that was it was morning then the stock move later now think about the value of protecting data on the black white wealth Gap or employment gap I think it's important to understand what policy makers can learn from this data historically we have old intels came back to green we have them for March what types of economic March 25 and I think we have another one wealth Gap or employment gap to why well High inflation downturns uh you see um generally the just take the black unemployment rate it generally moves at twice the speed of the white unemployment rate so uh when coming back down these moves are killing premium comes down faster but there theice always been a gap and we we you know we want to we want to run a strong labor market and and and you know we target overall uh you know overall labor market conditions for maximum employment but one of the benefits of that is that that that that Gap comes down thank you so much we all know that fully deregulating our financial Regulators like the cfpb firing Bank examiners at the FDIC or weakening the FED supervisory capacity makes an economic shock or recession open a Paris buy out he says I have nothing to say I mean it's ridiculous real consequences to weakening and eliminating Financial regulations that keep us safe uh working people are the ones especially who suffer so thank you so much and I look forward to continuing to work with you to close these gaps s Senator Banks is next the compan is not for you for presenting another one of tactics to mess with us week in my office as well the Federal Reserve has enormous power over Americans ability to work and earn a living and the fed's interest rate decisions have an especially big impact on Industries like manufacturing which depend on big Investments chair pal the fed's data on manufacturing is still holding up nationally but it doesn't look very good in the Chicago region which includes in Indiana bro Friday is Valentine's Day book says maning jobs are declining looking at contracts February 14th ispp Che steel is at a low level Auto production has slowed and Machinery orders off the bottom watch any of do about the rest of the country when Manufacturing in the Heartland int is getting unreal now signal it's about to turn into into a trump play if everybody keeps running on this JD van you hav had a candle like this in a minute watch if everyone starts really tying the dots manf start saying Trump trump made in America this is going to be [ __ ] beautiful but other than that I just be cautious we already have plays so I wouldn't really be adding unless it's mad red already but yeah it's kind of the way this developed though it's kind ofer proportion of the econ abnormal that's all I can say still extremely important uh Senator re ask you why free trade doesn't work when one of the giant players doesn't abide by the rules uh yeah it's the FED has a mandate to maximize emplo still going watch how do you account for the whole industry that is repeatedly suffocated by unfair competition I know we have we made those Mar in anticipation com bullsh so but you know better late than never this is going to be good for the sh a ro in focusing specifically either way though should be on watch now not for any other reason except for political rumor do you agree that Health manf has mov like this in years I do or at least a year um I hope you had an opportunity to read Robert ligh heiser's February 6th essay explains why big trade imbalance between any two countries is harmful to citizens in both of those countries how does the FED take the trade deficit into account in your decision-making at all again we really don't you know we're aware of it but it's not something that directly affects our our mandate goals so not at all no I did read his book by the way I didn't read that editorial uh fair enough it is a good book as well I want to get into tariffs it's no secret that most conventional economists hate tariffs but I want to note that Indiana gained manufacturing jobs during President Trump's first term uh with the 2018 2019 tariffs even though the economist conventional wisdom is that tariffs will reduce jobs do you commit to following the data and not prejudge any outcome very much so as we did uh in 201819 uh finally my staff reviewed uh the research paper on tariffs and preparation for this hearing and I want to point out uh one of them called the employment consequences of us trade Wars Mr chairman I'd like to enter this paper for the record um it found that the timing of tariffs are very important it found that China's retaliation to president Trump's tariffs did hurt us job jobs but if the US had imposed tariffs on China much earlier in the '90s and early 2000s it would have almost completely eliminated job losses to due to the China shock I know I know you've said um what you said before but will you and your staff please take a look at this paper we we certainly will I imagine we already have but I would I'd love to see it I appreciate that um home ownership is an essential part of the American dream but families are struggling to afford homes in just 5 years the price of a typical home in Indiana has gone up more than 60% more than 3/4 of American families can't afford an average home in their neighborhood how do the FED decisions about monetary policy affect the ability of regular families to buy a home P to the long most so most of what will have driven that increase will be about um some of it's about local regulation for as you I'm sure know um it's also about just wages going up and costs of materials and things like that going up uh we're and and land costs and all that are going up a lot the channel That that through which we affect housing is of course interest rates and uh right now interest rates are still pretty high but actually mortgage rates are really not set at the FED there's a really key off of so terrible nonetheless we're we're clearly having an now they're going back to now they're like well mortgages are the long no one said that in September when you cut rates sir but we're still going to be faced with high Insurance costs now the mortgages are Trump investment responsibility that keep driving housing prices up across the country thank you I mean he's not wrong but it's just weird that they never really said that be Senator gyo thank you Mr chair uh Mr Paul just kind of running along that made on thought the housing costs are one of the top concerns of my constituents in in Arizona from 2010 to 2022 rents in Arizona increased by 72% and I wish wages were as increased to to match but they did not and the average 30-year fixed mortgage rate has been above 6% for nearly 30 months with very few rate Cuts anticipated in the near future potential conru here bro it's been almost an hour and a half see burning premium on this uh from California uh and labor shortages what do you think needs to happen to make housing more affordable uh in Arizona and the United States in general uh nuclear on the low and and things to other are really in your in your wheelhouse not our yeah all of I do think um you know the housing markets around the country are are still suffering from the effects the after effects of the pandemic once once that's all the way through and short-term rates are down to normal whatever The New Normal level is I think housing costs are still going to be high I think it's still going to be expensive to build housing in many parts of the country where lots of the lots of the urban areas the the obvious places to build housing has happened so I think it's a it's a longterm there's a short-term problem which will go away in coming years but there's a longer term problem with housing availability and that's that's going to be something that that is not that's not within our our authorities or power to effect you know one of the things that I I've seen Arizona is because we have people that are locked into mortgages at 2.9 2.8% and in order for them to move to the new house they're going to have to essentially go and try to get quot a quit a bigger house the mortgage payment is going to be through the roof and while I know the FED doesn't set the mortgage rate the same time one of the biggest drivers obviously of inflation especially is housing cost one of the biggest decisions 15 minutes past zero clely inflation which is driven by hous so we're in this kind of Perpetual Vicious Circle in Arizona when it comes to uh interest rates so I don't know what the answer to that is but I just want at least for for there to be some understanding on that because it's it's the reason we're not breaking out of this cycle is because it kind of the problem kind of feeds itself over and over and over again it yes that's that's exactly what's going on but it's not obvious though that lower rates would lead to lower housing inflation because of course that would increase housing demand it would unlock um people's you know low mortgages but that creates both both a buyer and a seller so it's not it's not clear that that would be something that would drive down housing inflation well my supposition especially in places like Arizona which really growing fast is that by increasing uh Supply with lower rates you end up essentially having more of a competitive market so people will start moving uh and then and essentially bring down the overall cost but uh moving on so I've also heard from businesses in Arizona they're concerned about the threat of economic stability in tariffs uh are that are imposed on our key us trade Partners how how should we expect prices to move for basic items like tomatoes peppers cars and the like if we place a 25% tariff on Mexico next month as the president has threatened so as you know we don't do tariff policy and we don't do commentary on on uh on tariff policy um I mean I think just generally uh when somebody's got to pay the Tariff and it can be the it can be the exporter it can be the Importer it can be uh a middleman and it canum somebody does but you know in some cases it doesn't reach the consumer much in some cases it does and it really does depend on facts that we we haven't seen yet yet but that also contributes to some of the calculations on inflation overall it can but it you know the there's also there's a question of of how persistent that that would be and how large it would be so and of course I'm I understand you're not here to specifically um but overall is it your opinion let's just say a Bas opinion that uh High tariffs can lead to higher costs which would then end up being uh seen in terms of your inflation calculation that helps you set the rates say that's a that's a possible outcome which will St way more respect than I do long he's your peer not you're not M that's a stupid ass question asking a generic ass basic ass thing to frame the whole entire complexity of the macroeconomy good to see be a fo uh in the past five years alone the national debt has exploded Federal by more than 50% debt held by the public our true debt obligation has more than tripled during the past 15 years reaching more than 28 trillion all told US national debt is over is now over 120% of our GDP and runaway spending contributed to a regressive tax on all Americans a tax known as inflation in the past five years the cost of living has skyrocketed for working class Pennsylvan especially as you and I discussed when uh when we visited uh those relying on F fixed incomes and unfortunately that compounded effective inflation has not been offset by commensurate rise in in wages for for many pennsylvanians uh I've heard from countless pennsylvanians who had to count their dollars at the gas pump cancel family trips even tighten their belts at the dinner table because of uh inflation so while we discuss these heady issues let's not lose sight of the very real human cost of the decisions made by people sitting in this room and given that cost I'd like to ask you about the national debt and the cost of financing it we now spend more to service the debt uh annually than we do on National Defense so how concerned are you about the accelerating pace of government borrowing and the borrowing nuclear still on the which will oh yeah w got washed form of higher mortgage rates hey yo yeah you know uh we we don't comment on fiscal policy other than to say that as my predecessors have said that the US federal budget is on an unsustainable path it's not that the level of spending or the level of the debt I it's that the path is unsustainable and ultimately the level of the debt will be so it it's um's no time like the president on longer we wait the more painful it will be starts at 9 invest and that's why you don't have a headline on it the short they're having investor day conference right now and just as a practical matter how do you fact fin thinking and decisions we don't you know we're we're maximum employment and price stability and uh it's really up to Congress to to deal with fiscal issues and uh we we leave that we leave that to you well just is is a more practical question I think which Falls clearly in your belly Wick uh because of that national debt uh it's caused a supply of us treasuries needed to finance the debt Skyrocket and that that's at the same time the FED is shrinking its Holdings of Treasury more nuclear AI weakness but is not really reacted on the low all those Tech that this is having on the treasury market as investors must absorb that supply and in particular I'm interested in how the biggest holders of us treasuries how their behavior is changing as debt uh increases so this is a this is a real treasury question but I think from our standpoint I can say that there you know there are lots of buyers for treas Scot into Ukraine buy are going to be confirming assments of the supply watch out first the lowest you've been in like an hour so watch out here and again it's the same like AI Dynamic that little AI rumor was weird again there was like bad news out of the Paris Summit but I don't know if it was enough to bring us down but all the Microsoft met moving forward with Comprehensive changes to the stress testing the stress test process could you discuss how you're thinking about reducing the volatility of the results and increasing transparency on the stress test so on transparency we're going to release the models um you know clean them up and and publish the models put them out for comment um and um in terms of volatility we're also going to by the way we're also going to release the the stress test scenarios um before we Implement starting to break down terms of we said we would do is average the changes to you know the the problem is the stress Capital buffer can be moving PR so you're lower by like half a point and then the premiums are the same prices like right smooth that out by averaging over a couple of years in not dumping but it's ched down 1% from being up 10 will reflect those comments in the final decisions we make thank you I'll yield back my time I yield back okay breaking down a little bit Senator no headline but once again nuclear AI thank you chair and ranking member Trump says war must end and will end soon thank you for meeting with me last week um we discussed everything from jobs and housing supply to the real impact on fed policies on all either out go or I think there's going to be an AI rumor something AI related is going to come out later conation of delawareans for the past few weeks um have been frightened um by hiring uh firings and funding freezes um and just the real impact on people's Financial and personal data and information um when you know Doge has access to this information um I'm hearing from my constituents as well about the potential shuttering of the Consumer Financial Protection buau um as Senator War warno mentioned um cfpb has returned over 21 billion dollar to millions of consumers and that's a real impact but I want to also highlight that it was your leadership in the FED working with Congress um and the Biden Administration to really help answer that question that you were asked about if you had the choice to switch countries with France and Germany and others um that you said no you'd rather be here and that success is a testament to all of us um we came together during a really tough economic voted 52 to 46 to invoke closure activate gab nomination um it limited the recession Co will be the next officer um but we also have bullish on prices up for so many goods and I've worked um to address one part of this phenomenon supply chain disruptions in fact I recently joined Senators cwell re introduce the bipartisan promoting resilience supply chain act to address supply chain vulnerabilities and while we see indications that inflation to many of our constituents high prices and economic spy holding up but NASDAQ has been do everything that we can to address this anxiety and the realities that Americans are facing and there seems to be um a disconnect um while the economy is doing you know well here on the ground people aren't really feeling that um so Mr pal can you talk about from your perspective just what is driving this disconnect between traditional economic indicators um such as GDP growth and the stock market performance for families I wanted that move earlier but the premiums didn't go the velocity looks big but premiums are up 2 cents from buying here kind of weird inflation down to 2.6 again I think it's something AI Brewing but other than that this isn't you don't have anything else happening what people are the result particularly for people in the in the low and moderate income category they're really feeling it so if you look at the earnings releases and and press conferences that they that they do that companies like the dollar stores and things like that do who deal a lot with low and Moder income people they're all telling you that those consumers are feeling really strapped so we we do understand that and we we try to keep that in mind even though we we acknowledge that the overall data are good we see what's what what people are feeling and you know that's inflation so it's just another reminder how much people hate on the high and akci dying now to get inflation back again they have earnings after the Bell it's down six now um one of the big big areas that I focus on you've heard many of us across the aisle talk about um the housing crisis that we have in this country and I know a few others have asked questions um previous to to me about this but I would love to follow up afterwards with um specifically what you think are the shortterm and long-term things that we can do to really address the um housing Supply and affordability crisis I have legislation that looks at things like reducing regulatory barriers zoning reform um these things that we know we can imp partnership with local governments make a significant difference and so if I could um would love again to follow up with you even cutting red tape those kinds of things that we can do long-term and short term but I did want to um mention one last thing in the 20 seconds that I have the FED listens uh things that you do activities that you do could you talk a little bit about that as well because working people a lot of times people don't feel that they have a place in these kind of conversations but can you talk about what the FED does with fed listens so briefly um we did this as part of our review five years ago we do it on an ongoing basis now and the idea is that we break out from the usual people that we talk to which is a pretty diverse group and try to deal directly with people who are experiencing the economy and our policies and it's been it's it's you know quite eye openening to to listen to people talk about we we had one a person in at the Chicago conference five years ago who said the expansion which was then N9 years old is just reaching my community and he and he he talked for some minutes about how companies were going into prisons and finding people people who weren't going to get out for a year like that it was you could hear a pin drop it was very uh telling stuff so I I think we learned from from all that uh and so we'll keep doing it well I will end by saying um is's a famous quote I think it's Martin Luther King we may have come over on different ships but we're all in the same boat now we need to get it together thank you I Y back thank you Senator blunt Rochester Senator Marino chairman thank you for being here thank you for taking the time on the phone the other day appreciate that very much just ask you a broad general question when you increase M2 the money supply by 40% over a short period of time is that going to drive inflation it could well um question as you I think we discussed um monetary Aggregates have not been a great predictor of of really any other thing but I think when there's a sharp increase like that in M2 then that that could you know we that's something that that might cause some inflation now is that is that just to be clear for the people watching uh that happened because of public policy in this institution here correct in other words there wasn't a civilian Le effort to increase government spending outside of the elected leaders that were chose to make those decisions I think I think that was part of it I think there were just a lot of causes in the inflation that we saw but that you know it's fiscal policy it was monetary policy it was just closing and reopening the economy again you're coming down now picking up Nidia everywhere in the world really a lot of slow again but there were there were many if that's not the final Wick or not but just to be clear it wasn't the citizens of the country making those decisions uh those were elected leaders choosing to close the economy businesses didn't decide one day to close didn't decide to uh have not be able to go to work uh those were decisions made by policy makers correct yes so it's so it's a little disingenuous to uh hear my colleagues talk about how they care so much about inflation when in reality they caused it but I I don't want to continue that I'd ask you a question just out of curiosity because you worked at the Department of Treasury at what point did you think they were going to run out of Inc that concern you that maybe it was possible that they were printing so much money that uh the treasury would have to find alternate uh ink suppliers uh didn't occur to me but good question so Ong those lines um something that concerns me a lot uh is the idea that we would uh even look like China in any way so can I have your commitment that as long as you're the chairman of the Federal Reserve System that we will never have a central bank digital currency yes thank you for that I think that's extremely important it makes me very happy to hear you say that uh shifting gear to a little bit uh something that matters to me entrepreneurs all over the country is why can't watch weird mov and we were talking about it yeah Bitcoin was dropping to now it'sing round twoed every day all day uh I think that would uh that would be very very helpful to I did make a play I haven't been telling y'all so that didn't get anywhere near the 2,000 likes but yeah you have them so my bad I did in the video I called out a couple on the stream alerts I did one closer to the money called two to watch wait till I go down cuz I bought into a red I flipped the Spy put too there for a loss that's how I knew the pric but you guys got to like the videos or I shut up fed now was very familiar with it uh but it was a little bit late in coming can we get a commitment to do that this year so that by the end of this calendar year uh businesses can transact yeah bro no it was that whatever that AI thing they all started going in the video held up now on I believe they can do it now now and they can also do it on the um RTP system as well so it's I think it's available um let me check in it and I'll follow I'll follow up with you that' be great uh one one uh other U piece of the uh puzzle here is uh what do you think the FED can do uh to fight inter International Terror groups uh for example Hamas Hezbollah Iran the proxies uh that are funded by places like cter what can do you think that we're doing enough uh to keep them outside of the banking system uh because at the end of the day terrorism is ultimately funded uh by these op are met hostage families heartwrenching to hear stories about it's only are better being held for almost 500 Days uh the qataris are obviously completely complicit in all this what can what can we do what advice would you have that we can do we bring these Terror groups to their knees you know we do enforce the any the money laundering laws very very strictly and um but it's it's a tough question you know it's it it's a huge focus in international uh meetings and things like that but you're right it's it's weird decent velocity but the SP one's not moving but that looking n video now but we can we can do gone 20% faster than any so costly though that they debank people because they're so worried about about violating the se's O output of 135 versus for according to the banks is that so afraid that there might be money laundering that they just they just cut people off at the first flag as opposed to perfectly legal businesses are being you know thrown out because of their fear of and then spy still it's still picking up you got WDC on the low I don't think it's anything I'm telling you everything that I was monitoring only thing moving is Bitcoin but likeor everything is moving very slow I think there was some new info that came out around dramatically your articulation here I just want to share with you you know I did a telephone Town Hall last night and I'm glad to hear some of my other colleagues as well and there is a lot of anxiety right now by the American people and trying to understand what's happening and uh seeing and interpreting what's happening on the news I guess I just want to ask back but they're moving 10% words of how you would explain to the American people the importance of Let's see we don't know what this is from this is like a mix of natural movement but I think there was bad news at the AI Summit that's what we heard butage didn't react for an hour now Nidia is going if we just focus on doing our job and stay out of politics stay out of Elections have don't try to favor or to hurt any political party any political figure just focus on the data if we put up start putting up political filters we'll be no good will be less effective at our already quite difficult job yeah like cutting rates I think that's that's broadly understood I think and I think there's broad support up here in in both political parties and on both sides of the hill I I think that there there is a decent degree of support for for continued Independence that's not to say we won't we shouldn't be accountable we should be very accountable and transparent about what we do we should be up here explaining what we do and why to our oversight body which is this committee and and then the committee on the house side so that's what I would say making decisions about your your abouted disppointed but not thinking about in terms of the context of an election cycle for instance is that right yes exactly I wanted to just shift gears a little bit but similar type topic you know there's been a lot of attention to the role of public servants government and uh you know I mean again you're just back to where we started in the morning but now premium just went 20 30% on that to the role of the Federal Reserve employees their qualifications and more importantly like their importance to the mission and being able to engage uh how important are they to the work that you are trying to do towards stability and growth so I'm very proud to be associated with the people of the the Federal Reserve and I I'll give you an example why when the pandemic hit kind of out of the blue and economies all over the world are shutting down the US treasury market is stopping to function uh companies can't roll over their commercial paper um economists are writing about a depression people people at the FED who went through the global financial crisis 10 years before Ste forward and say we got this we know what to do here's what we do with the treasury market here's what we do with uh with money market funds here's what we do with uh you know the the companies that can't get any financing the tier picking up you still got names on the high but yeah that's it whatever there's nothing but I think it's that first rumor we were talking about no confirmation yet now you got Oracle and other big Tech butci stopped it was Oracle Amazon Microsoft look at all them seen Apple's the only one holding the way people react and and and you know how hard they work and how much they know and how well it worked really our work during the the the acute phase of the crisis was very successful and it's entirely rumor tariffs on Taiwan I don't people at the Fed so Chad is saying a rumor on Taiwan fed is overa I think AI rumor was the earlier one again nothing is confirmed maybe not overstepped we everybody at the Fed works really hard it's it's a it's a place where people work and a lot of this conversation right now about Staffing numbers at different departments and agencies I don't know where you're seeing that I don't think that one's as CR taxpayer dollar you know in terms of accountability SC to Trum by the tax I think something happened with AI at Paris that was the only thing there was a report it was credible when it comes to the Staffing Federal Reserve not coming from the taxpayers Prime Minister Netanyahu if Hamas does not return hostages by Saturday CE profits we give back to profits would watch Bitcoin too yeah really Bitcoin is the only thing moving so In fairness it does ultimately come it's ultimately paid for by by the taxpayer but we are but in that sense we're self-funded self-funded yeah uh just one last question here you talked about the different actors that are involved when it comes to levying tariffs in terms of paying that the exporter the Importer the consumer said middleman part something AI I guess I just wanted to ask you do you know of I could be wrong but I was telling you here I even made a play on it but it just feels like there's something lurking with AI but like you don't really know so yeah all of them are kind of doing the same move and it seems dramatic but remember we were down from tariffs otherwise we technically are not moving on anything specific right so you got people yelling out rumors right now we have our own but generally I mean we don't really know yet so keep that in mind as we move forward but you're definitely getting your first shakeup here uh following everything and that is about law enforcement why the [ __ ] is she back if you keep the laws the same on the books but you fire the cops you're going to have a lot more crime that's just that's kind of law enforcement 101 oh yeah Elizabeth and the problem did you learn that at poah school consumer has Chang law enforcement 101 the cops at least right at this moment have been told at cfpb to stand down and I appreciate that we have state AGS who step in and often they partner up with the cfpb but there is no one else for the giant Banks who actually does What's called the bank examination the supervision and that is so important remember the Wells Fargo where Wells Fargo was illegal this thing still remember Firefly told you they had a partner I think it was yeah that thing literally we saw it last time 50% it's up figure it out Bank small they were charging people illegally on chunk fees nobody finds that but the people who are down in the banks doing the bank examination on behalf I could have told you that have you we tried a patch said to consider buyout of 2008 we had all those laws scattered among seven different aing there's a couple names going kinding premium just shot down now they're up losing their savings the cfbb is our law enforcement agency to make sure that the giant Banks follow the rules on consumer protection and for me right now I'd be really worried about about doing business with a giant bank when there's no cop on the beat thank you Senator um I will recognize myself for just one question and it'll even be relevant to your job I promise um Mr chairman so thank thank you for your patience and for being here I wanted to follow up on some there were some questions at least I know Senator RS asked a bosel 3 question and your response was basically let's get the people in place from the administration and and then we'll proceed again um treasury secretary Besson recently said that the banking system is I believe it's at quote well- capitalized perhaps over capitalized unquote and given that assessment or if you agree with it could you discuss the ne necessity of advancing a a new basil 3 proposal specifically how how updated regulation would impact the ability of the regional Banks to compete with the Big Wall Street Banks um and what consideration should be taken into account to ensure that we have a competitive banking system because I know there's th this J for those of us who have Banks or my whole value was for shareholders so J brings the manufacturing to America we win if I become CEO we win we uh so either way we're to get together with new colleagues from the FDIC new leadership at the FD and the OCC to try to finish bosel 3 um my own view has been that our banks are welome capitalized and uh you know bosel 3 was was not supposed to Res be in exercise in raising capital in US Banks um Mario dragi said that danant tulo said that back in the day um I believe so I I think that's about right we um we have some work to do but we'll we'll get there I believe fairly quickly in terms of your your regionals you know we um uh we do they they don't face the um the g s charges they don't face the uh the burden that the large Banks face on resolution planning and that sort of thing so we you know we certainly we need those joural putting out Advan because we need them to compete with with the G it's good but doesn't it seem obvious everybody was like Trump America now the chips I don't get it e that's not that's why I'm like why is this and that's what a lot of 10% I'll take it you know we've seen the number of Community Banks especially declining for 30 years yes and uh this is not something majority of the glob that open sour The Way Forward lines up with softw they all just got whacked like silently and then now we had this reaction but so as you look at still don't have any like official confirmation you think of anything specific then again it took us a while today um you know diverse banking system is maintained rather than a consolidation whether it's you know whether it's fewer Community Banks into more Regional Banks or fewer Regional Banks into more Wall Street Banks well I just just I just think it's you think twice before you impose the kinds of the kinds of things that we impose on the largest banks and the next to largest banks you want to be careful not not to just think we should do exactly the same thing you know it's what tends to happen is okay Intel's coming down again lot Regional fix cost B question is always it makes it harder to start new Banks lead ger to new highs larg to uh to be successful so that's not what we want you know we want a lot of competition and you know theseal I was saying that was the rumor that they couldn't find an agreement that's why I said keep an eye out for thank you for that know how big of an effect but for the day and um glad we could get you first so as we wrap up for senators who wish to submit questions for the hearing record those questions are due one week from today Tuesday February 18th go to the bathro CH Paul you have 45 days from that day to submit your response to questions for the thank you the committee stands adjourned no thank you oh all right well I needed to go to the bathroom but yeah so we're reacting pal didn't say much again we're actually going to be listening to him tomorrow uh if you guys remember on the watch list we pretty much said this wasn't going to be a big deal there was a couple of questions but now I don't have any confirmation again people in the chat uh you guys are talking about it but long story short there was the AI Summit they didn't agree to a deal of like everybody working together JD Vance and a couple of other people even starmer and a lot of others said that there wasn't it wasn't too optimistic but we didn't move for like an hour and then we started selling off in an hour now all these AI names but it's hard to tell if that's really it so we're still going to clarify that or categorize that as rumor but other than that I mean we got what two and a half hours here till like middle of the day still pretty early that pal lasted for about 2 hours here hours 15 so not so bad my friends we do have CPI tomorrow morning yes so that is the other thing I mean it's very simple a hot CPI is bad and then everything else is going to be straight all right the premiums on the puts are already dying so be careful this next bounce if it doesn't come back that's going to wipe some of those premiums CPI and then pal you joined the channel baby welcome I hope you got a long term that's the thing you got to join above all else oh yeah let me see I'll free the chat uh you guys just you guys had a lot of feedback during Powell so I thought I would just keep the feedback to those who were paying for it if that makes any sense but yeah so now that Powell and the drama is out of the way I will free you guys you kind of like members only chat says everybody with a membership yeah that's usually how it is man that's usually how it is so there you go well I think we just got a little bit of a flush there and then again we had your boy Powell but other than that though I mean again you know I don't think unless we get any other headlines that might be it uh golden Commodities it's the same situation uh literally the uh tariff so those metal tariffs on steel like I'm telling you that was the most sweeping tariff that Donald Trump has done uh because it affects everybody so that's why people are getting worried about gold because you got to realize it uh the next thing that'll happen uh is going to it's going to lead into gold probably imagine if Trump if they can't get a deal with Ukraine or what and then Disney is changing Dei to focus more on business outcomes no are you [ __ ] kidding me oh that's bullish for Disney well dude we're about to get oh no way dude we're about to get a new Wonder Woman Woman movie and it's actually going to be a woman that's if that if this is true this is insane no yeah axio reporting now they're going to focus on business outcomes instead oh what that's crazy oh I don't know man I didn't think that would happen I never thought the day would happen where they were like yo we should maybe focus on our business you know what I'm saying they're like yo maybe we should be guided by how we spend money on how it makes us money it's a crazy idea I know I haven't seen it in at least four years wow well there you go well that's Disney and then TSM all right you are now washed on the Nvidia puts 40% to back to five you bought 100 Disney good luck my friend good luck and then bonds from the low and then spy at vwap so again we're just dancing on rumor bro we're not really dancing on any headlines again we're still waiting for reciprocal tariffs too uh but you're probably going to get that at the end of the day uh just like the other days there yeah TSM broadcom moving up again all the chip plays I think everyone except Intel but they're still up eight which is insanity fiser near the low TKO at the high oh yeah where is wi bro so wind could keep dropping but this starts to look good cuz remember I told you wind kind of goes inverse to the Spy it like follows along with tariffs and then it inverses so yeah we started going up and then it went down why so covered calls on Intel the premiums are good usually like some old premiums came back on Intel but just make sure that you're going to guarantee yourself a good price and high premium but do the math on it so for every 100 contracts or every one contract is like what 2,000 bucks 3,000 maybe so just determine how much you're getting back otherwise don't forget uh easy money market you could get paid 4% right now doing nothing yeah the case against New York mayor Adams for bribery that was dropped yesterday where they were instructed to drop it so not too bad not too bad my friends yeah NB has been doing good all day let's see I'm looking at a contract ew I mean there's been a lot of tariffs that affected Brazil but they haven't really reacted how I thought so I would kind of wait but it's a good idea a lot of the aluminum and or not aluminum steel and other Commodities even agriculture uh it uh it's affected to Brazil but so far the reaction has been small I think uh because I think Brazil can pivot so that's that's what I was trying to show you guys yesterday this is the part I think a lot of people are missing is that you got to realize like like Brazil tariffs us a lot but like in a weird way even reciprocal tariffs they might stay the same spot it just depends what they do but also too you got to think about it like if we have a bad relation and I don't know this is is all very early right now but let's say hypothetically if we do escalate with China on agriculture we can go to uh Brazil probably for some other stuff and that's kind of where I think people are viewing it but in a weird way reciprocal tariffs they should level out but then anything else they could either be a big winner or big loser depending on who else we align with but I have no idea so I'm not I wish I could give you a better answer but that's what I'm what I'm thinking about there Trump asked about Israeli annexation of West Bank says that it's going to work out I tell you maraza maraza things are going according to plan but if they don't return the hostages tomorrow hell will break loose you have till 12: a.m.
on the dot like Cinderella and then you'll see so yeah maraza is still according to plan according to Trump TSM back up nvda back up too I'm back to break even on my contract I think I got him right here little scared so that was it that little bounce and pop off nothing whoop you guys got the Disney calls on the lack of De I think it's bullish as hell bro honestly we got that early it's like a 1% move but Disney's already up a lot again we're still killing it in the long term but yeah Ken Griffin thank you to musk for government spending cuts yeah Disney is news that they're saying they want to focus on business outcomes instead of Dei I can't believe it that's great man Trump Palestinians will live safely in another location that is not Gaza we know we'll be able to work out something yeah bro I don't think that's going to work I don't think think they're going to go to Egypt maybe Jordan but yeah that Disney thing was said yesterday on their call oh really is it getting read I think it was no it was axios remember ax you guys know axios is a reuter spinoff so a lot of the head guys at Reuters they started axos so in a weird way some of those axios headlines is like reuter's baby brother Trump says he believes 99% will be able to work out something with Egypt oh come on Trump Habibi I don't think tell attack the Jos the Egyptians will do it we bullied them in the 70s we'll get them to do it again they'll do it again I'm telling you that's it we'll close our borders we'll make everybody open theirs meaza buy a time share today with your Trump coin right now thank you what the I'm the greatest Egyptian you know statistically I might be one of the only Egyptians you know you don't really meet Egyptians too often unless you go to Dallas Texas if not there's a lot of Egyptians in Dallas Texas other than that you know you don't meet too many Egyptians so nice to meet you nice to meet you do I F with Mo I don't know who that is I mean respectfully some of you take this offensively when I say it but I don't mean to that's not my attention but I do plan on being directly honest with you I don't f with anybody at all unless they were born in Bethlehem in their Hometown was Nazareth I don't give a [ __ ] respectfully I have zero interest in anything I'm just I am Blinded By My Own Lane my brother so yeah I don't even if it's a comedian I don't give a [ __ ] I don't care unless they make me laugh one day but even then I don't give a about anybody that's it I've made my mind up M so yeah oh it doesn't mean I walk alone I just don't I am fully like focused on what I'm focused on I'm not big Shan no no no no cuz then I would have to break out into another sh and be like ass ass ass ass you remember that I'm stop now make that mother in our turn so it's a long story bro at one point that was a musical genre hit if you don't recall all over the radio it's too early it's not if I turn members only on we have a blast so I think it's too early for you go take a nap get a long term there you go you woke up listening Uncle amen amen it's a good way to wake up all right no I don't know about Fidelity I'd have to look at on The Daily but I do need to go to the bathroom it's 9:30 I didn't get to take break so I'll be right back they're not laying people off employment stays intact consumption stays intact and so does profit there are layoffs but not a lot to your point but here's the real point the real point is nobody believes that the 25% tariffs across the board in steel whatever are going to come for fruition because if they did believe that then the market would be a lot lower so if it happens then it's a different story would it oh without a doubt let me tell you let me let me tell you why because you've got companies take GM with an EA down margin profit margin of 68% yeah but GM's not the market no but I'll go through them you want me to go to retailers where the profit margins are 8 to 15% except for like a Lulu that's over 20% so the profit margin these companies have can absorb those those tariff increases it's not going to be the countries that absorb them it's going to be the companies so while this so what that will do is it will increase inflation that's undeniable all all the BS they talk about the admin talk about it's not going to increase inflation of course it has and of course it had which is which is why when you look at meta which is going for 17 days in a row up and Nvidia is going for I think six doesn't tffa don't don't matter now you know chip exports and things like that are obviously you know what's interesting Scott if you take a look and I looked at before I don't know today but I assume it hasn't changed that over the last 30 days every S&P sector is positive and some around 5% or so except for you know Services tech services Tech is flat discretionary is flat now discretionary has been heard by Tesla obviously which has a huge waiting within the discretionary space everything else year to date is up nicely which is my point com service is 7 materials up 6% Healthcare in six and energy in six and financials in six isn't that what you want is that what you've been waiting for if yes yes and if you look at the 493 stocks that are not the mag 7 and go back a year ago there was no profit growth there was none it was Zero okay now you're looking at High Teens growth in those stocks that's why they're doing better it's not that hard to figure out it's the earnings growth is spreading out Weiss why' you trim some some Microsoft um why why did you do that I mean the chart obviously doesn't doesn't look that great um year-to date it's down 2 and 1.5% it is the only uh I believe uh stock out of the mag 7 that's negative over the past year um down 22% yeah so uh now it's got open AI overhang too yeah so I've trimmed it I think that could be a positive actually uh because they're not exclusively tied to them but uh I TM trimmed it for a few reasons uh the first is I don't see the future this year changing all that much for so I didn't cut it completely it's still a core position but I did cut it because it is a permanent compounder and we've been through periods of this before so I don't think it's going to outperform I want to lower some of my exposure to the market and specifically to the max 7 and I want to have some more cash to deploy because I'm not so sure we're continue to go straight up but if you're worried about you just you know you've talking about the consumer and you're like well retail is a a problem with tariffs you you just you just bought Dick Sporting Goods again I did a and uh the reason for that is not even when we go through recession not every retailer loses there are some that have a unique value proposition like in Netflix for example but also Dick Sporting Goods sure there are Regional players in the sporting retail Sporting Goods but the management and the new management continues to excel so watch that's going to pump it they Sporting Goods Uber on the low same thing with human again Humana had bad earnings in the morning they guided down but then uh they opened up higher so yeah then Disney Disney went up like what two bucks a150 from the bottom so yeah we'll see ECB snable and certainty in trade has increased dramatically so that's a ECB comment again dks just got mentioned there on CNBC uh so they're going up you got some volume Trump trolling Global I don't think he is I think he's actually moving forward with the plan and a lot of people are uneducated on the topic and I think they're or the media is more prone to get people to freak out but just remember we've gone through this in 2018 so like I was saying on the watch list yesterday the steel tariffs in 2018 that was the first shot of the trade War so that's why I'm saying like you have a lot of drama and people are being very very dramatic but when it's all said and done I mean we have only really discussed uh 50 to 60 billion doll in tariffs and yeah you're right this is a very different trade war in 2018 and this is why I'm saying you guys need to watch the watch list uh because I'm covering all of this you are just falling behind uh because yes here are the big differences between Europe Germany GDP deficit the manufacturing pmis and even the CPI there's a lot of big differences but like I'm saying what is similar to 2018 is the phasing in of tariffs and where we're going but again if you are freaking out over about $50 billion of tariff risk right now when there is trillions of dollars potentially on the table we're talking 3.2 trillion uh does that seem reasonable to Warrant your fear like literally here it is all that really matters is your critical Imports which I've been saying for months uh but yeah it's it's a drop in the bucket but this is why little by little he's not trolling he's just trying we're setting up the process again there's legal authorities and reasons they could do it but it just it's all kind of leading into this slow process and remember it's day like what 20 or something of the first 100 days so yeah well the recession risk is part of it but again I'm not talking about that in the sense of I am just looking at economics how many dollars of goods are being affected by tariffs and how does this compar to the other trade war and then how does this compare to the other instances where we have experienced inflation which was 2008 in 1970 uh 2001 briefly but yeah so try to stay in tune with it if you care about it otherwise no worries uh but that's why I'm like it's we got to be both patient and even then like you're going to get your updates seemingly after the bell and then just remember when it's all said and done all that really matters is whether or not inflation comes back or that deficit comes down China deep seek May face regulatory actions in future EU privacy Watchdog says I don't think uh I don't know about recession but I still believe uh I still believe in a hard Landing I'm been I've been the hard Landing guy man I've been all about the hard Landing I really believe uh but yeah other than that um I don't yeah it just it's a matter of timing and then again the yield curve but in the that's why in the meantime until I see something totally terrifying or like objectively bearish to the point where yeah you know we got to that's not good uh I'm probably just going to be chilling and that's why I've been saying diversification is going to be the answer you need a little bit of of uh you need a little bit of cash a little bit of growth a little bit of value lock in a couple of dividends if the inflation or lack thereof or fed policy gives you a discount on good growth you buy it but just balance all you a little bit of everything equities to real estate and then that's it I would probably hold my uh longterm through any potential hard Landing unless I like really knew it was going to like but my my gut tells me to hold it and then position accordingly cuz even then like I I think longterm will do good in a hard Landing as odd as that may sound I think everything will come down but I think our long-term will do good if you haven't noticed so far this year the longterm is outperforming the index is like 6 to 7 to one right now and that's assuming that's with my plays if you added a Panter or you added any other growth name you're outperforming because you have the China the value and the growth and the growth that's been doing good so yeah uh I'm hard Landing I still believe in it but I hope my diversification and cash that should be able to help me before having to think about selling uh because I do have a 10-year minimum plan it would hard Landing would be great to buy everything a hard Landing would it be a bigger play it probably would be a bigger play yes if I really objectively can confirm it I would probably scale in with a smaller size and then I would try to hit it big Trump asked if he planed to do development personally in Gaza he says no Trump asked under what Authority the US would take Gaza says under us Authority so he's getting interviewed right now bro so again uh what time is is at 9:30 a little early but we are getting Trump comments so these aren't going to be live but that means a reporter is questioning him and then you're going to hear these statements live shortly this is such a different Market it's not I promise you that's what I'm saying if you have a if you stick to a long-term plan nothing has changed it just it just fell in your favor that's it that's the only thing that has happened to to this like for real if Joe Biden or if Camelo won I just wouldn't be live but my long term would have been exactly the same I think we would have bought other plays and we would have I would have focused on some other things but generally uh there trading wise I mean there was a moment where you had to be on your toes but we are getting back to uh to this kind of after hours movement but again I mean if you're worried about missing news if you're here I I mean I can almost guarantee we'll get it to you early but uh don't be afraid to burn a couple and like I'm saying the broader long-term plan it just fell in our favor it's not even uh yeah and and I do think there is a lot of noise for sure but I wouldn't nothing really has changed from that that element should you sh stack up cash until your hard Landing um if you're a baby back [ __ ] yeah uh and why do I say that it's a joke if you take it personally then you're probably really are a baby back [ __ ] uh but what I mean by that is you you could spend a lot of time doing nothing and I've seen a lot of people they spent their whole lives waiting for a crash and never and even when the crash happened they waited more so you're better off little by little 20% cash if the market drops 50% 20% cash will get you 40% of what your long term's at today if that makes any sense with Tesla I don't I think Tesla if there's the buyout that's it but otherwise Elon I mean I know there's a lot of people that don't like Elon but don't there's a lot of people that like Elon like you know what I'm saying uh I just think this time it hits different because you could hit P Elon but people just don't believe it the same way that's it like I'm sorry just like two years ago when Wall Street Journal and uh Elizabeth Warren and all these people would like come after Elon people believed it and people would get like really involved with it but this time around I mean honestly I just think there Elon a lot of people are forgetting like this is what some people voted for with Donald Trump they wanted Elon and they wanted him to do all of this stuff and now just with like the media and the lack of like Dei stuff I mean these hit pieces don't hit the same so I think it's been down from the beginning of the year and there's been some bills that don't necessarily benefit Elon but I don't think any of this drama is actually affecting Elon just yet spy feel I mean again we're still just dancing on like a lot of hypotheticals right now you know it's not all you've had is really the terrorists you got these random Trump comments we're going to see how those follow through but yeah we're just still kind of odd you know you want to sell your Tesla well do it but I'm telling you there's a lot of people that just quite frankly it's kind of like the chat I don't think you guys realize it you get rid of all of the Elon haters who held this stock you get rid of all the people who are dumping that [ __ ] for no good damn reason uh I just I think it's a lot yeah I think you're you're going to be left with a lot of people who own that stock for a different again I don't own Tesla you know what I'm saying remember that don't forget about that I I'm not really a big fan of the stock to be honest with you uh you know but I just I really think at this point there you know if you're still like oh Elon pisses me off I buy or sell you should fig figure that out I think but I think a lot of those people are gone uh I think now it's turning into people who are either financially invested on the numbers or they believe everything Elon touches turns to gold and that's it uh but you know there's some of you who might be in that spot where you're like I'm selling but I don't I don't think that represents consensus at all I think it's very far from I think you're in a minority now whereas like two years ago I think you guys were the consensus all the people who are like I'm selling because Elon bought Twitter you know what I'm saying I'm selling cuz he's a Nazi uh you know all of that stuff I think was more popular two years ago but now I think it's turning you know again I think more shareholders are being involved in Tesla for the reasons they want to be and if you are the type that Wen be a holder for some of the extracurriculars I I think a lot of those people have been wiped out uh they may have made money but I just I don't think they're in that stock anymore in in the same amount looking to build I do it's on this channel it was on my Twitter but I posted the uncle album instead so if you go to my Twitter you could get the uncle album but if you go to this channel the one you're on right now stock market live and click posts the all three long terms the big one 200 Grand 26 Grand and then 11 Grand they're all here organized by the biggest position and then pay attention to uh which names are down cuz those are a good place to start yeah the Tesla cult is real but that's why I'm saying like I don't think the people now like oh I'm selling and like oh Wall Street this isn't it's not hitting the same way do you guys not remember that in a month Wall Street Journal and politicians brought this stock from $315 to $100 bro we're talking in two months you don't remember that I would even argue the numbers were better here than they were here you know what I'm saying so it's just like I I think a lot of the people uh a lot of the people more susceptible to that they already got their licks in there but then again I mean Elon finds a new way kind of like Kanye he finds a new group to offend every couple of months so we'll see oh what's this all right I want win I want win win a lot I told you wi is going to bounce hard with China but now it'll do bad with America for a little that's what I talked about in the watch list a couple weeks ago so I never made a play on it but I really I think win is going to be very attractive in the midterm I don't know when but you know and it's at like it could go down like another three to five bucks but even then it's at a very interesting spot smci earnings is today after the Bell root OS Lidos Holdings what is is it didn't they have earnings they're down four they're getting a candle right now it's not Haram I don't want to ban you Mosby you're a good guy you don't deserve that but that's a ridiculous question so remember guys if you were going to waste my time with like these weird morality questions about a play on the stock market you need to sell everything you own and go move to the [ __ ] Mountains for Real uh you know it's not I think we're all too far gone and corrupt so you got to either you know find your way home or you should uh really really start hurdling over that easy obstacle I just think I don't think Donald Trump is going to get the Egyptians to take anybody unless they give them a lot but it's a very wild concept I mean I wanted the war to end I think uh the Middle East gets done very dirty uh a lot in all of this stuff but I don't that's the part I said it right when he started talking about it I'm not really uh I haven't really been the biggest fan of all this stuff but I I'm looking forward to good outcomes but I just kind of doubt that it'll be done as easily terrorist would further d Competitive Edge on us and then Russian military jet intruded in a Polish airspace on Tuesday no I don't I had n phase options like a couple weeks ago but those expired after we made him free you got kicked out of the hostel where you're at that's probably good thing I'm sure you were probably causing a new I don't how do you get kicked out of a hosle what were you smell people you go full Joe Biden or what Palestine got you okay I'm just going to ban you uh that's not the answer we were looking for so good one cono thank you that was worth it I'll see you in 24 hours minimum Samuel Huber what up baby yeah I don't want to hear your sex story either you're banned too thank you again uh I don't believe any of you too that's why I just think you're a little cockoo uh but I appreciate you taking the time to tell me uh but yeah would I love my thoughts on Reit uh oh I've heard of APL APLE I think somebody in here put me on to it uh but I want re when the bonds stabilize adding win no no Trump no win I like win win earnings are coming up Roo Vince hooking up the T twitch has been on fire bro I don't know I might have to just stare at the twitch more I make your day that's good man I hope you guys smile some of you like the the clapback so that's good that's the Silver Lining getting under contract for a house next month should have it paid off next year I'm 24 let's go baby I love to hear it that's another one man I'm telling you dude I don't know what just you guys that's what I'm saying like even my my attitude in many ways bro but I'm very glad for some of you so you just triggered another rant but I can't tell you enough man the Gap that I keep seeing right now I don't know what happened in 2025 but like I'm it's like 20 Chads now at this point you guys have gone from long-term to real estate bought your own damn [ __ ] house and like it's dude I I love it like some of you even if you have not bought a house what your longterm is done I know that you're like you're ready to go man and I'm very excited about it so I don't know man here I love the good news reports and just like you know I don't know you guys think I focus on the negative but every time I've heard a Chad tell me this man I have ranted on this because I think it's so special it's very very important and if you guys are like man I need a house you'll get one bro trust me and that but that's why too like this wasn't overnight uh and that's what you guys got to really start realizing right now you know you make a commitment you make a goal you make that plan right here right now with that longterm bro it's going to take you there but you know as we get to celebrate the people who invested four or five years ago don't feel down about it but you have to realize like that is going to be you if you could actually stick with it so very excited bro good work Sam and everybody else in the chat who's done it bro good [ __ ] [ __ ] he man he said I still take those ankles on the court I don't know man we old we old US and Britain snub International AI Accord so look at that rumor when we were saying the AI thingy that's hitting CNBC now so you get an article on it yes it's you no it's not you don't try to take his glory now I have to wait to see you tomorrow look at that get out the way thank you it just hits CNBC right now with that headline credit above 700 30 in hot let's go baby zero debts awesome that feeling of having zero debt man is going to be free you're going to love it oh yeah they are playing that Trump clip now fantastic it's so beautiful it's music to my ears again we I already read you every headline to work something and I know we'll be able to work something so now you got CNBC dropping the AI while playing a recording a trump not not 100% but 99% we're going to work out something with Egypt Mr President during your election campaign how is the US how is the US going to own Gaza your white house has made clear taxpayer dollars won't be used for this so what money are you going to use to buy we uh we're not going to buy anything we're going to have it and we're going to keep it and we're going to make sure that there's going to be peace and there's not going to be any problem and nobody's going to question it and we're going to uh run it very proper properly and eventually we'll have economic development at a very large scale maybe the largest scale on that site and we'll have lots of good things built there including hotels and Office Buildings and housing and other things and we'll make that site into what it should be and the people from Gaza who wouldn't be able to be be there for years because the just to get it and prepare it and to take care of all of the problems that cadel Ken Griffin says crypto needs regulations to attract big Banks and good people and some bad people and you may have hostages right now you know you have the hostages possibly there they don't know where they are and you know I have a Saturday deadline and I don't think they're going to make the deadline personally I think they they want to play tough guy see tough they are but it's it's going to be a wonderful thing it's going to be wonderful for the Middle East I think it'll turn the Middle East I think you're going to have peace in the Middle East you're going to eventually have peace in the Middle East isn't this couldn't this deadline um risk undermining the talks that you're having with the the King today and risk the kind of wide piece that you're trying to because that's not we're not talking about a big situation we're talking about something that can go very quickly we're talking about it's going to go quickly it's not going to take a long time okay that's not going to take a long time you know bullies you know what the bully is right you know the the bully I've always and I found it throughout my life a bully is the weakest person and they're bullies hamas's bullies just bullies weest people are bullies you know that right all right go ahead ND are SC Palestinians will live somewhere else safe um where exactly do you want them to live well it's not where I want them to live it's going to be where we uh ultimately choose as a group and I believe we'll have a parcel of land in Jordan I believe we'll have a parcel of land in Egypt we may have uh someplace else but I think when we yes there will be AO today we have to finish yesterday and if you didn't watch yesterday's F it's available for free should go check it out the Gaza a lot of you really really like that one on the and they don't want to be on the Gaza Strip but they have no choice they have to be and they're being killed there at levels that nobody's ever seen no no place in the world is like as this danger kind of we had all the headlines earlier they have no alternative alternative not one person will want to stay where they are nobody wants to stay there they're living in hell it's a it's a death trap Mr President how do you know that the Palestinians don't want to leave their land some people say this is ethnic cleansing you won't be able to force them to leave their land this we're moving to a beautiful location where they have new homes where they can live safely where they'll have doctors and medical and all of those things and I think it's going to be great yeah any questions kingd what do you you think about the US taking over the Gaza Strip do you want to see the US own the Gaza Strip well I think as I said earlier um the president is looking at Egypt coming to present that plan uh as I said uh we will be in Saudi Arabia to discuss how we can uh work with the president and with the United States um so I think let's wait until the Egyptians can come and present to to the president drop L can you like Lim it to like two or three well I think said I have after three kind of like this thing with 2000 children and again I I believe that the president is looking forward to to getting a group of us Arabs here to discuss um the overall plan and and last question the the the 2,000 children are those from the Gaza Strip absolutely from the Gaza Strip are you willing to change your mind Mr that's from the Gaza Strip the 2000 are you willing to change your mind if you hear the Egyptian and the Arab plan end of the month if they present you something different are you are you open we sort of and all of your guys' takes on this are cute and all but nobody ever mentions all of the Christians getting sled in the middle eent for the they're going they're going to be L whatever we feel but with real estate I can tell you about going to be in love with it but Mr President doesn't concern you that that moving 2 million people from from it's a very small number of people relative to other things that have taken place over the decades and centuries it's a very a small number of people and they're living a a terrible life look at look at the way they're living now nobody's nobody's living like that in the entire world uh they're living under buildings that are mostly falling down and will continue to fall down and they're living under try to save usid food program there are no conditions anywhere in the world this threee auction 4322 or 332 you said all hell will break out if the hostages are not released on Saturday that could move some things but walk away from this deal have you talked about this with so I've looked at what farm states are trying to save 1.8 billion on F us food Aid situation and it's hor which has been said by closed by usaid after yesterday Tracy Kansas Arkansas's Washington and North Carolina the Old Gentleman who died which everybody said he was alive and well he's he's dead but the three young men and I looked at them from a short while ago and I looked at them now they're emaciated they look like Holocaust Survivors they looked uh I mean they'll get better but they uh they were in rough shape they were treated really badly and we've heard things from them since and I think the reason that uh Hamas is playing so cute is because they probably they they saw the reaction to these three people that came out and the and the other was look the one young lady had her hand blown off practically and uh they were not in great shape either but she's missing her fingers and B comment right now what she did she was stopping a bullet that was aimed at her talking Ukrainian energy and it blew off her hand uh no I I think what they're I think they want time because I think they the people that they have living are in such bad shape because they're sending the most healthy people out because they don't want to send the least healthy people out and there was an upro when they saw the people from yesterday so these people are so I don't want to do two and then do another two in another week and then we do four and three weeks no no they either have them out by Saturday at 12:00 or all bets are off Mr President Mr President would you still consider it is a replay we I read you all the headlines about 30 minutes ago sadly if you aren't aware process Trump is kind of trying to limit Market reaction and then he is uh he's just saying everything 30 minutes ahead Market digest it and then we get the live video saving 2000 if that makes any sense we could talk about it when it's done but you need to start understanding that because I think it's being done very purposefully the king his son I assume you told your son I think it levels out the market a lot better and I just thought it was great cuz now no matter what he says the market has 30 minutes to digest it time we contribute a lot of money to Jordan and to Egypt by the way a lot to both but I don't have to threaten that I don't think I think we're above that I I do believe we're above that so would you consider other countries not Jordan and Egypt there was talks about Indonesia Albania other places yeah sure we would and we have other uh countries that want to get involved we have a lot of people that want to get involved there's a great sense of uh wanting to help the Palestinians they really there's a lot yeah he said he didn't care about the market this just in a way countries puts it in the middle big hearts and this gentleman so that way it doesn't get used against him as much or for him how are you going to force him Mr President no I think the market is the market doesn't like surprises the market doesn't like boom boom boom boom you see what I'm saying that's it just ease into it just like even Biden you could talk the market and whatever you want got to do it gently from multitude of countries Arab inter I know the Europeans want to bond 43 look to the help of the United States to make sure that a good clearing Agency on the Israeli side makes it as efficient as possible that's why TT watch the bests and get them straight to our institutions and I also believe that quite a few countries would also probably like to take some of those kids and have them treated in their their hospitals so yes and that's right this should have been done by the Biden Administration but you know they didn't do anything they didn't know what the hell they were doing so this should have been done by the Biden Administration this should have never happened because October 7th would have never happened if I were president zero chance of happening you wouldn't have had that Z whole mess where the Middle East got blown up and you wouldn't have had Ukraine and Russia fighting that would have never happened and by the way we're making good progress there I think I really think we're making some very good progress Mr President you said you've said before that the US would buy watch out just said we're not we're not going to have to buy so get ready uh you have Reuters saying Iran Envoy alerts un Security Council to deeply alarming and irresponsible remarks by Trump threatening use of force iron warns that any acts of aggression will have serious conse severe consequences for which US will Bear full responsibility Sovereign to territorial Integrity uh oh [ __ ] there's a bunch of these serious consequences will statement flagrantly violate international law uh that any Act of aggression will be retaliated will resolutely defend their sovereignty territorial integrity and National interest against any hostile action reuter's rumor on Iran clapping a little bit well remember though Trump said the most gangster thing he said if they touch me I have plans to obliterate them he literally pulled a John mcfi you know that he said I got a dead man switch he said if you kill me I already left them instructions on what to do that will be carried out so yeah we as Arabs will be um um coming to um to the United States with something that we're going to talk about later um to discuss all these options and Mr President take it under what Authority it it is Sovereign ter under the US US Authority Mr President would you see property in Gaza after this happens no I've had a great career in real estate you know when you've done what I've done in the last uh number of years including the four years that uh we should have been doing something else frankly because people see that now for sure but uh when you've done what I've done you can just do more good for people SPG was that the one that got sorted President we can do things proper all things that should been done maybe going to get the Gaza contract had to be done Gaza absolutely it would have been it would have been so great if the Biden Administration would have started this but actually in all fairness to them uh it was uh they should have never let it happen it did happen and because of the fact that they let this happen this catastrophe of October 7th something like this becomes practical and very real meaning the development and and all of the things that I've talked about with respect to the Gaza Strip uh if you didn't have the October 7th catastrophe and it was a horrible catastrophe probably you wouldn't be talking about that but the only thing I can say is uh this is going to bring stability and peace to the Middle East and ultimately when it's developed which will be in quite a while from now this we want to let things calm down but when it's developed it's going to bring tremendous numbers of jobs to the Middle East including biohaven on the high bhn what if it does not bring peace to the Middle East there are many Palestinians even though you say that everything is going to be beautiful everything is going to be lovely they're not going to want to go back there are going to be people who want to go back and feel like that it is their right to do that you hav't said will there be any type of repercussions or anything that happen we don't think that's going to happen we think it's going to we think people are going to be very happy thrilled a lot of those people that you're talking about maybe living there and maybe working there but it'll be in a different form uh we have had tremendous support for this project and we think the biggest asset of the project it's going to bring peace B remember Elliot took a stake behind you Mr President one of your promises on the campaign trade is to bring peace to the Middle East it was a a promise to your voter Arab voters here you know your dog knows more about Middle East and Trum really ask him about the Arab Spring well you know if you look at Michigan go Google that y just stop talking [ __ ] okay calm down just remember if uh you think someone's terrible it's usually CU it like arises the pride in you remember pride is something we hate but we hate seeing it in others as much yeah you know it's a long story finished uh we want itous amount by 30 points uh so my relationship with the Arab population has been fantastic and my relationship with the Middle East is very good very good with all the countries just about all the countries let's see I would say all the countries and they all want list I don't deny there might be some things he doesn't know also we should start like all of us we don't know [ __ ] either want if we should start acknowledging that the stor are false they want to have peace yeah just try take it in man don't understand it all but experience it all okay that's will be a big factor in bringing peace to all all right get come in the opal office along photog why are you here right now then that doesn't make any sense either way I hope you're safe out there but again I think as a society we will come together once we all realize we're all Clueless Okay we need to work together work together I don't agree with that whole thing I don't think it's going to work but I mean I'm not going to sit here tell it you [ __ ] idiot he's so full he doesn't know anything ah you know what I'm saying so it just I there's a lot of things I agree with and I've everything I've disagreed with I've told you right away uh and like I'm saying there's a there's a lot of things out there our ignorance is what causes Americans to get hurt oh I agree that's why like although you may not like what he says uh I would strongly encourage you to like go research it like I said I mean a lot I've been talking about the Middle East for a very long time uh you know even like Yemen and some of the other stuff before even the war stuff too it just like at the end of the day I mean you know Middle East is a very complex topic and you know if you want to be more educated and you think this stuff isn't doing right I really encourage you to really look into it and and study and educate yourself more on it and then you'll see what is both good and bad and then you could form your own opinions you know uh Above All Else hopefully the more knowledge you have you'll kind of accept and and be like okay this is a very difficult scenario although I may not agree per se it's not like what we haven't found a solution in this continent or region in in a very long time so like I said I don't think it's going to work what are you saying I don't agree with it uh I don't I think it seems kind of outlandish and maybe a pipe dream but then again I mean Trump has done stuff in the Middle East for but it's just this is uh this this goes bigger than Trump is is the simple way you know Israel Hamas Palestine uh the Christians the other religions out there you know it's gone on this is before all of it you know what I'm saying it's morally wrong I don't know it's up to you bro do we all have the same morality then that's it ask me about stocks you guys don't care about it some of you come here to have a moral circle jerk but I want you to make money so that you could think for yourself protect your families and be the wisest you can be but again if anything of this is tripping you up on morality you need to pick another task to do this that's why I charge for felo now because it's not this is not a moral game uh and some of y'all need to take a step back and really come to terms with that or not uh but stocks wise I could give you a lot of opinions and facts on that too but we don't even agree on morality together so what what are we doing you know mhm Hood earnings I mean I just think they had an announcement today uh with the Futures and then the UK options is going to be good but other than that yeah yeah we're C we're here to make money seriously for real we are all throwing stones in a glass house like fools myself included think like that's why even when I talk [ __ ] bro like I'm I'm a scrub what are you saying like we're all just like little [ __ ] we sit in our room to try to [ __ ] make a dollar while people are dying and Veterans and people have to go to work bro in the last four years what we did to all the people who work outside bro we all get to work inside what the [ __ ] are we saying so yeah I'm very aware of it I just I hope some of you guys get there and be aware of it and do do good and I hope when you make money you do something good with it uh and at the end of the day though like until you could protect your family and yourself like obviously we're here for a reason and and that's going to that's what I plan on helping all of you regardless of what you believe in uh or what you think is right or wrong because that's the opportunity we have but yeah amen bro I I agree with you JP Morgan coo says there's an overall cautiously optimistic sentiment in terms of policy interesting Heaven H insane asylum amen bro y should that's why I said yesterday's felo I don't know I think it's good liberals know too much and conservatives know too little no man the problem is anybody regardless of race religion political e background Creed or anything is everyone thinks they know too much I know a decent amount and I still think I don't know [ __ ] bro I'm an idiot until we all could kind of come to that conclusion you just have a lot of overly confident people being very arrogant yes I agree 100% so yeah man that's why I don't again everything I do here is slow and I'm a dumbass so don't don't hold me to any higher standard than that but at the end of the day I mean that's why I said there's a lot of info out there and you know we could under we could experience and that's an exercise you need to experience Tak in a lot and try to think for yourself but at the end of the day like trying to understand it all is and someone telling you they do is a [ __ ] liar uh that's cuz it's just too complex we have a lot of complexity uh with all of it and that's why just like we live in a world of social media and we have so much access to info but we all just think we are God you know that's what I've noticed so yeah we got to kind of approach that a little more uh humbly and then and then we'll be good so yeah why talk about anything then why are you throwing me to an extreme so just cuz we can't understand everything we must not talk about anything what in the communism are you saying like I said you can experience everything that is an exercise but to understand everything is a strain and a lot of people are laring like they understand or they're driving themselves insane trying to understand past the most levels rather than learning how to accept multiple things all at once uh and then use it to benefit themselves in their community and Society so you could still talk but that's do you get the idea it's there's a balance and hopefully like that extreme you stay away from them this is Way Beyond a stock I know this is why I go private when I go on these rants yeah some of you can't handle it amen I agree exactly man so I hope in the time you have free you must use that as your to avoid the temptation of getting brainwashed by a prop fund seller Pusher whatever you call them so yeah good luck yeah Bitcoin all day has been flushing we haven't moved though again ever even that AI Tesla has been the only one I don't know man I I want to say it's the open AI stuff to be honest Russia releases us prisoner after talk with Trump Envoy nice and then bro Valentine's Day is on Friday bro okay have I measured my IQ before I'm going to go with like a low 20s because the other day uh we were watching an interview with the Japan president and I thought this hoe was asking him a long ass question come to find out it was just some girl translating the president and it took me roughly about three minutes to figure that out I could interpret a Powell statement in less than 10 seconds but that one three minutes so I'm just going to I'm going to go I'm going aim low on the whole IQ thing you know what I'm saying just I got a longterm even the longterm is not anything high IQ you know that it's actually so low IQ that it works so well you realize that right I don't know if you guys figured that out you realize the long term is not s that's why people get mad at me it's so unsophisticated and it's still outperforming but all it is is why did you buy it I use it no why cuz I use it my toothpaste I use the proor gamble meta I like Fakebook big I use company 10 year I see it's very very unsophisticated but uh you know it goes a long way yeah broadcom again they were running with TSM earlier Disney Frozen ah he man you only get one share Eli Lily for Valentine's well listen uh fellas I don't know if this is this is not stock related but ask your girl out for Valentine's okay so just make sure I'm looking out for you just ask your girl to be your Valentine okay because if you haven't done that you're just it's a easy it's an easy L you could avoid it get some good brownie points and then that's it mhm it's all you got to do just letting you know just letting you know now taking her to the aquarium for Valentine that's hype I like a aquariums fish are cool I wanted a shark at one point but that's another story I like Pepsi a lot even Coca-Cola is good even if you live with her well yeah I mean I kind of had the assumption that most of you live with your wives and [ __ ] but yeah uh just anybody that's it your girl is roasting you she should if you didn't know this already and and the [ __ ] stock streamer had to tell you come on bro get the long term that's that's important but there's no way I'm the one informing you on this so if that's that so she has every right she has every right taking her local Applebee's I'm trying to hit Applebee's up I feel I feel heavy did it at a gas station with a Dr Pepper and flaming Munchies she was happy that's sounds beautiful that's I don't that sounds like a movie bro I don't know I'm proud of you all right then it's 10:20 who is this Diane Swan so Diane but people talking about the FED including those in just last week exclusive Scott best secretary suggesting he does not want to weigh in on monetary policy basically saying that this Administration is is not concerned as to whether or not the FED wants is to cut rates or hike rates they're just trying to make sure that the 10year yield goes down we heard the chairman talking about this in the testimony today that actually the FED only has so much control over things like mortgage race because it's about what the tenure is doing do you see the ability for fiscal uh conversations happening here in Washington Even If the Fed is not really trying to take those into account still altering what borrowing costs look like in this economy absolutely I mean everything from deficit financing of tax cuts that could push the yield up even further on the other side of it some of the spending cuts that they're trying to attempt to do may actually take some of the steam out of the upward rise in bond yield so clearly this is outside of the fed's purview they can only do what they can do at the short end of the curve the treasury secretary has also made clear that he would like to change some things that he's doing at the long end of the curve and perhaps be able there has been a statements by the administration they'd like to see a dollar depreciation that's why they're so focused on the long end of the yield curve what is unclear is how much they could actually engineer that on their own what the higher deficits mean for inflation Diane particularly if the Trump tax cuts if extended are not paid for well the extension of the tax cuts alone aren't all that stimulative because we're already in place so you know falling off a cliff of not extending the tax cuts that would be holding back the economy quite dramatically what really matters is the composition of tax cuts going forward are there going to be just extensions and sweeteners for individuals or will there also be some offsets on investment to try to offset any losses we see due to tariffs and the higher costs of tariffs and that's where a lot of debate is currently going on in Washington and trying to think about how do we think about expensing Investments right now how do we think about R&D I don't think they're going to come up with any solutions on that till year end because it is so complicated but depending on where the tax cuts actually come that will have a different effect on the overall treasury bond market but we have seen some return globally of the Bond vigilantes and I don't think they're limited anymore to developing economies alone we've already seen Bond vigilantes remind me of anonymous they're like liberal now doesn't count you know that I never thought I'd see the day where [ __ ] Anonymous is defending big government have you guys seen that on Twitter it's the wildest [ __ ] I'm like this makes no sense this is not the anonymous I grew up with you guys were not we didn't get one Epstein list and now they're like threatening Elon Musk like what this stupid bro anyways yeah we were just talking Illuminati yesterday hell no that's not a real account I know he's a reject bro that guy can't even no [ __ ] he can't even no scope he's not a real one anyways but we are going to move to felo here in a little bit but don't go I have a rant for everybody in here right now so we are going to move to felo that's kind of been something we've been doing here if you don't know why you got to catch up and figure it out but but I have something for all of you right now like I said if you want me I'm still I think I've got back to like 60 70% of them I still have a lot more we got overwhelmed but it's very simple bro you want me to pay for your membership go get a real estate deal right now and even then I'm just telling you right now it's very simple in life bro something get shut off you want it you can't afford it you need to make up your decision on what to go do you either go wherever else you need to go wherever you get your info if that's what you want to do but what I would really try to tell you guys right now for real if I'm gone here for an hour or two bro go outside and knock on a door I'm telling you I don't know this could be a blessing for some of y'all but use this little uh this thing go back and forth and that's it you don't do sales I don't it doesn't M I'm just saying do you want money I don't again sadly I love you but I don't want to hear that lack of ambition you know respectfully go ahead if if you don't want more money and you don't want to work and you don't want to put yourself and you have time energy hands and you could sit down in a nice clean room for two hours and you don't want any more money by by by all means my brother do you but for those of you who want to make a lot of money and those of you who want who still have goals you want to accomplish and you need to go somewhere and you want to do something bro I really I'm being dead serious you may not like me right now but I really think bro use this time to get out there and you could lowkey start another another money making effort you see what I'm saying and we'll be back here you won't miss I mean look it most of the announcements are going to come after the hours yeah you might miss a random news play but do you hear what I'm saying for real some of you right now you get mad about my filo you can listen to it after but for I'm telling you why wouldn't you use this chance right now go get a real estate deal you know what I'm saying that's it you don't have to lowball anybody again Brian just leave out of the conversation your lack of ambition I don't like uh but I'll still let you stay here but to come up with fliping solutions to not work it's fine you don't want to work that's okay no one I'm just talking to the 20 year olds the 21s the 25 the 30y olds the 40y olds who want 20 50 100 Grand a million dollar bro it's very simple you don't have to lowball anybody you get a deal you can ref refer there's so many ways we've talked about I did I said 70% if I'm going to buy it I if you've heard that part you should have heard the other parts where I said we'll help you in any other way and if they can't we can't buy it there's still ways to make money so again I don't you're done with this Brian I'm not Banning you I thank you for your service brother but I'm not going to uh you know what I'm saying I'm not there's people in here who want something and I want people to get three to five sources of income and while you could find this as a negative opportunity cuz people didn't even want to hear the damn Bible then I'm just saying some of you can use this right now and if you [ __ ] around and do it right by the end of this month you can make 10 20 50 Grand depending on who knows what happens or you may just stumble into another career but I'm saying you have couple options you want to sit here and trade don't cry just go somewhere else figure it out otherwise if you're like damn what do I do uh this bro you could get out there right now and you could start a whole another career while still trading while having the longterm play your cards right bro let's go that's I don't know what to tell you but so that's what I'm trying to say here I really want some of you as we go to felo here if this felo moment is not for you and it doesn't work right now and especially you're like I don't want to pay five bucks I strongly encourage you to start your other career right now cuz by the end of this bro in a couple weeks you might be you might be doing a lot better than you think uh if you apply yourself but what I am telling you is to get out there and work and we have a way and like I said if you send me any lead bro I'll pay I'll pay for your membership I don't care uh but I do hope you are motivated to get out there and do it so I mean you could listen if you don't want that I don't know anything else uh I just know what I what I'm good at and what I've helped people again I have made several millionaires through this form not several more than several real estate in stocks bro it works uh you know somebody said you could go Uber door Dash if that's what you want to do by all means uh you know what I'm saying uh like it's super that's on you you could start a marketing company you could do other cold calling if you have other technical physical skills like we have people in here who frame homes or build garages or even Plumbing for crying out loud that's another thing but like I'm telling you just as a little Egyptian boy stocks in real estate and again I didn't sit in front of the screen all day and putting those two together that has got me a a real ample amount of freedom and that's why I'm saying for the people we have a good track record and I've seen it just don't forget about that real estate and if you got this two hours and if unfortunately you are prevented I would don't sulk in the prevention and get motivated and start a career right now and you could get something knocked like really good bro so I don't know I'm just encouraging y'all to take advantage of the Harvest so I hope y'all feel me man because I've seen some of you do it and y'all have met me and I think it was a win-win for both of us cuz I'm happy and then you get to be in the Chad more and you're happy and then you're like holy [ __ ] I just found a real estate deal I think I might be on to something and then it's a win-win for everybody the only people who don't win are the people who don't want to apply apply in this way and I get we may not agree you guys may have different plans but unfortunately this stuff isn't for you you know it's for the people who want it and I know where I could help so I would do it man and take this to heart because I I genuinely mean it and I've already seen results so I would love uh I would love more of you and I again bro it's it's it's waiting for you you know what I saying bro a new career big commissions it's all waiting for you the moment you're willing to embark on it and again just remember life is a like your body and energy it will produce what you demand of it you know that so the less you demand the less energy you get the more you demand the more energy you're going to have I promise you it's a pyramid scheme I hate it but that's for real that's how it works so if you're like man you start working applying yourself time time effort effort I'm me bro you're going to have more and more energy before you before you know it and then vice versa so like I'm saying watch the market be involved go where you need to go but bro so you could walk out outside right now even pick up a phone and who knows who knows my friends so yeah I appreciate it man thank you guys for listening for real CU I know some of you have other opinions and I get it we don't like the whole like members only thing but I think some of you heard me and I'm glad but for real because like I'm saying deal with this nonsense for a little bit you're going to come out the other side with a new career a new job and and and all of this value is going to even hit for you 10 times more you know what I'm saying so I appreciate you and I I hope that you know taking it to to heart and realizing your own potential and acting on it I I I'm I look forward to that I really do because that has only led to a stronger better community and those are the the other thousands of people who are here with no questions asked because of that you know what I'm saying so let's get on it bro and I i' love I I can't wait to see some of you guys there all right so that being said the market did love that whole little rant but now we're going to go to felo and here's the deal go watch yesterday's filo 2o uh if you're not going to be going outside for any other money-making activity uh because it's a big one and how it relates to uh today uh we're going to go off of that so check it out man uh but that being said it's going to take you there otherwise I'll be on by Power Hour follow me on Twitter if any breaking news uh happens I'll post it on my Twitter so you guys will be good to go man but there is the felo link I love you all man thank you for being here and honestly I look forward to those of you who are going to surprise me with what you're about to do in the next two hours you know what I'm saying I'm I look I'm I'm I look forward to it so let's go baby challenge accepted I hope challenge accepted but I love you all I'll catch you guys to near Power Hour and peace
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