Hour 2 - Reagan and Trump
4/24/202637 mincomplete
0:00This is an iHeart Podcast.
0:02Guaranteed human. Welcome in. Hour number two, Friday edition.
0:07Clay Travis, Buck Sexton Show.
0:09Buck with his family in New York City.
0:11Out today, we will be back hanging on Monday.
0:15I'm in Washington, D .C.
0:16I was sharing off the top of the show some of the great, outstanding, phenomenal
0:20data as murders have collapsed across the entirety of our nation's capital.
0:26A lot of you reacting to that.
0:28We'll get to some of those.
0:29Again, phone number 800 -282 -2882 for those of you who want to be able
0:34to be involved in the program today.
0:37And again, we've got Stephen Moore here in studio, an economist who worked with Trump.
0:42Going to talk a little bit about that Spirit Airlines situation, also the economy writ
0:45large. And then Scott Turner from the Trump administration will be with us at the
0:51top of the final hour of the program.
0:53Yesterday, President Trump, as often is the case, took a wide variety of questions on
1:00a substantial degree of issues, but in particular, talking about the timeline in Iran.
1:09And I think this is one of the things that is incredibly important about the
1:13situation in Iran. There have been a lot of media that have bought into the
1:18idea that time is on Iran's side.
1:21I would say that's one of the great fallacies that all of you, falsehoods that
1:25all of you are being told right now.
1:28The reality is the markets have pretty much adjusted to the Strait of Hormuz being
1:33closed, and the price of oil and gas already started to tick back down in
1:38the United States. And as soon as the Strait of Hormuz eventually opened, I think
1:42the price of oil and gas will come collapsing back down in rapid order.
1:47But Iran can't deal with the Strait of Hormuz being closed.
1:53They do not have the ability to store the oil and gas that is building
1:59up right now. And as I told you in the last hour, in fact, they're
2:03bringing out old ships just to serve as holding ports for the oil and gas
2:11that they are building up.
2:12And the data reflects that they only have about 48 more hours worth of pumping
2:18and an ability to store the oil and gas in Iran.
2:23And we took calls yesterday, some of you will remember, thank you for listening yesterday,
2:27from oil and gas guys talking about the fact that, well, if you stop pumping,
2:32you can do tremendous damage to the infrastructure of the oil and gas.
2:37I didn't realize this. I need a crash course in oil and gas.
2:42I'm not even kidding about this.
2:44I want to go to Texas, and I want to be taken around and learn
2:48everything that you can learn in a short period of time.
2:52I'm not saying I need to get a PhD, but just in the business of
2:55oil and gas, because I think it's so integral for what we do now to
3:00be able to understand that.
3:01I would say I was a little bit jealous Buck got to go to Taiwan.
3:05But I think semiconductors is probably the other aspect of current economic globalism that you
3:14need to know. Oil and gas prices and AI infrastructure production of semiconductors, I would
3:20say are probably the two most important things anyone could know and understand from a
3:24business perspective about what's going on today in all facets of American commerce and global
3:30commerce. But I've been doing a lot of reading to try to familiarize myself as
3:34best one can without seeing it face -to -face and actually being instructed directly.
3:39It is very challenging to stop producing oil and gas.
3:43And in fact, if you stop pumping and producing oil and gas, there are all
3:48sorts of major issues that arise.
3:50Why do I bring that up?
3:52I think we're all being sold a bill of goods by media that wants Iran
3:56to do well because they hate President Trump.
3:58And they haven't even really analyzed in an honest, steadfast, forthright degree what exactly is
4:05going on when it comes to timing.
4:07And President Trump pushed back on that aggressively, cut nine, answering questions from a reporter
4:16yesterday. I'm going with Iran.
4:17How long are you willing to wait until you get a unified spot?
4:21Don't rush me, Jeff. You know, guys like you, you want to say, oh, so
4:25we were in Vietnam like for 18 years.
4:27We were in Iraq for many, many years.
4:29We were in for all the - I don't like to say World War II
4:33because that was a biggie.
4:34But we were four and a half, almost five years in World War II.
4:38We were in the Korean War for seven years.
4:41I've been doing this for six weeks.
4:44And their military is totally defeated.
4:48They're outside of the little white sky ships.
4:51I call them the white sky ships, the little boats that they have running around
4:54with guns in them. And we'll take them out too when we see them.
4:59Okay, I believe that was cut nine.
5:03Here is President Trump also being asked about the timeline and getting even more frustrated.
5:08Cut 10. What do you say to the American people who question how much longer
5:12this will take? Obviously, you know, that they are having - You're such a disgrace.
5:16Did you know what I just said?
5:17Vietnam. How many years was Vietnam?
5:19I understand, sir. How many years was Vietnam?
5:22Well, I did my end.
5:23I took - I took - I took - I took the country out militarily
5:28in the first four weeks.
5:31I took it out militarily.
5:33Now what we're doing is sitting back and seeing what deal.
5:36And if they don't want to make a deal, then I'll finish it up militarily
5:39with the other 25 % of the targets.
5:42We've hit 78 % of the targets that we've wanted to hit.
5:45We've knocked out their manufacturing.
5:47We've knocked out their missile production.
5:49We've knocked out their drone production.
5:51We've knocked out everything. And I also want to point this out.
5:56This show was one of the first to really go after a media narrative that
6:01Iran, remember when everybody was saying they controlled the Strait of Hormuz?
6:06And Buck, I think, really summed it up well when he said, well, actually, they've
6:10just taken it hostage. And the reality is they are terrorists threatening consequences if anyone
6:17decides that they want to bring ships through.
6:20But in terms of actual control, our blockade put in place control.
6:25And Trump has been pushing back, and other members of the administration have as well.
6:30And this is cut eight.
6:32This is yet another inaccuracy that many in the media have been pushing.
6:36The idea that now Iran has control of the Strait.
6:39No, they don't. They're terrorists.
6:41They're threatening to blow up ships.
6:42But they can't even ship anything in the Strait of Hormuz.
6:46We control it. We have a blockade in place.
6:49Cut eight. We'll have the Strait opened up.
6:52Now, right now, we have it closed.
6:53We have total control of the Strait.
6:55And the fact that it's closed, you know, they would have opened it up three
6:58days ago. They came to us, and they said, we will agree to open the
7:01Strait. And all my people were happy.
7:03Everybody was happy except me.
7:04I said, wait a minute.
7:05If we open the Strait, that means they're going to make $500 million a day.
7:08I don't want them to make $500 million a day until they settle this thing.
7:13So I'm the one that kept it closed.
7:14We have total control of it.
7:16And it'll open when they make a deal or something else happens that's very positive.
7:21Okay. And I do think one more significant component to what President Trump said yesterday.
7:29Everyone has tried to say that he's going to use a nuclear weapon on Iran.
7:34This is the talking point that people have been using on President Trump since he
7:40came down the golden escalator at Trump Hotel in 2015.
7:45Here he is going after a reporter who says, are you going to use a
7:49nuclear weapon? Cut seven. Sir, would you use a nuclear weapon against Iran?
7:54He posted on Truth Social a few weeks ago.
7:56No, I wouldn't need it.
7:56That's not right. Why do I need it?
7:58Why would a stupid question like that be asked?
8:00Why would I use a nuclear weapon?
8:03We've totally, in a very conventional way, decimated them without it.
8:08No, I wouldn't use it.
8:09A nuclear weapon should never be allowed to be used by anybody.
8:13So, all of this is coming together.
8:16And I do think, again, doing all the reading and prep for the show this
8:20morning, the biggest challenge right now is we have no idea who we're negotiating with.
8:26And we have no idea who is actually in power in Iran.
8:29And, frankly, I'm not sure they know who is in power.
8:32We've got the Gayatola, as I call him, Kamini's son, is, according to a front
8:38-page article in the New York Times today, has basically lost a leg.
8:42He has been severely burned in the face such that they don't even want to
8:47show him. He's had multiple different surgeries.
8:50They are not even communicating with him in any way other than by written message
8:55through multiple couriers because they're worried that he's going to be killed.
9:00And I think what they're actually doing is using him as a proxy, even though
9:06he's not actually making any decisions.
9:07And so we have the political universe out there, that is, the people who have
9:13been involved in the Iraqi parliament back in the day that we have been negotiating
9:17with. And then they are now in contrast with the hardline elements of the Iranian
9:24military. And so the question is, who is controlling, on a day -to -day basis,
9:30the outcome and the decision -making coming out of Iran?
9:34Because it sounds like the military effectively said, hey, we're not going to allow you
9:39to talk and potentially negotiate peace this week in Pakistan.
9:44And so we haven't traveled there.
9:46J .D. Vance and the other Americans, Jared Kushner and Witkoff, who would otherwise be
9:50involved in trying to get a peace deal done.
9:52And even in the New York Times article, I was surprised by this, that they
9:58cited six different Iranian sources that they talked to.
10:01They said there's a substantial element inside of Iran saying, we can't keep doing this.
10:09The time, in other words, is not on Iran's side.
10:13And so I think we've been told by a lot of people out there, oh,
10:17my goodness, President Trump, he has to decide this in the next week, the next
10:21two weeks, next three weeks.
10:22If this goes on for one week more, Iran's oil and gas industry may never
10:27recover. And you heard me at the end of the last hour telling you that
10:31ultimately that impacts China because China is buying through the black market a huge percentage
10:39of otherwise sanctioned oil and gas from Iran.
10:41China can't get its oil and gas.
10:45Ultimately, China, if it hasn't already, is going to be leaning on Iran to an
10:51incredible degree. saying, hey, we have to have peace here, you have to come to
10:57the table, and we have to have the Strait of Hormuz open, not because of
11:01what Iran wants, but because of what their partner China wants.
11:05And so Trump sees this.
11:08Trump, whatever you think about President Trump, even if you hate him, the guy has
11:14been negotiating deals his entire life.
11:17The thing that I would say Trump understands better than anyone, certainly in politics, is
11:23the concept of leverage. If he gets an inch of leverage, he turns it into
11:28two feet. And right now, he has all of the leverage in this relationship.
11:34As I am speaking to you at this exact moment, the United States stock market
11:40has hit another all -time record high.
11:45There has never been a point in time when your 401ks are more valuable than
11:50they are right now. Iran thought they could cripple the global economy by shutting down
11:56the Strait of Hormuz. All they are doing is destroying themselves.
12:01Other parts of the United States economy are completely thriving.
12:07There is no major negative impact that has happened at all.
12:12Trump has all the time in the world.
12:14And there are a lot of morons, not surprisingly, in media who don't understand basic
12:21leverage, who don't understand negotiation, who frankly don't understand basic economics.
12:28We can we pull, producer Greg, can you grab that New York Times editorial board
12:32member? Remember when she said that everybody in America could be given a million dollars?
12:38It was something crazy. Do you remember that clip when she was on CNN?
12:42Almost no one you ever read or hear from has ever run any business in
12:48their life. And yet they are trying to analyze the biggest economic battle that has
12:56gone on in the Middle East since the war in Iraq, for sure, since Afghanistan.
13:03And you expect those people to be able to understand all of the larger machinations
13:08in play. Trump understands it.
13:10He understands leverage. We have it.
13:12I'm going to ask Stephen Moore about this when he joins us here at the
13:15bottom of the hour. We're not only going to talk about the Spirit Airlines situation,
13:19but also Iran. In fact, let's try this.
13:22I'm not sure if producer Greg can turn on this quickly enough.
13:25But if you have economic questions for Stephen Moore and you want to give us
13:29a talk back, we will take some of those.
13:32Maybe I'll play a couple of them for you.
13:33And or if you tag me at Clay Travis, I will go into my mentions
13:39and I will ask a couple of questions from there.
13:42I'm on Twitter at Clay Travis.
13:44I will try to get some of your economic questions for Stephen Moore, who is
13:49an economic expert. And we'll try to address this and have a high level conversation
13:54about what the economic impact is of what is going on inside of the straight
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16:16Looking for normal in a world of crazy?
16:19Clay and... buck have your back welcome back in clay travis buck sexton show all
16:25right i want all those questions roaring in now stephen moore is going to join
16:30us at the bottom of the hour fairly quick turn here um but i want
16:34all of your economic questions for him he's in studio here with me in washington
16:39dc and we've already been talking off air about the spirit airline situation about what's
16:45going to happen in iran the oil and gas situation all of that coming in
16:50just a couple of minutes uh but we've got a bunch of talkbacks and i
16:55wanted to hit this one if i can uh curtis from mount juliet tennessee said
17:01thanks and you know i was on a flight this morning there were 80 kids
17:04from nashville on an eighth grade school trip coming to washington dc a lot of
17:09them going on and it was awesome uh curtis from mount juliet says he's taking
17:14a trip soon and he appreciated the details on dc being safer cut see clay
17:19thank you for the report from washington dc this is curtis mount juliet tennessee just
17:24checking in i am going to washington dc for the first time to see to
17:29uh visit the museum of the bible i'm going to be spending three days there
17:34going through the museum so thank you for the encouragement because i've never been there
17:39i don't like the big city i'm a small town guy never has it been
17:44safer it's an awesome success story that is not receiving very much attention than in
17:50this the 250th anniversary of our nation's founding so it is a tremendous story stephen
17:55moore is a washington dc area resident i will bring him in to see whether
17:58or not he feels that in his day -to -day existence as well but i
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18:49in between super sure .com one powerful platform that's super sure .com welcome back in
18:58clay travis buck sexton show economist stephen moore in with us right now we're going
19:05to get to a bunch of things a lot of you asking questions but i
19:08want to ask you this question right off the top you came here you were
19:11just telling me in 1983 to work with ronald reagan you've now worked with president
19:15trump how are they alike how are they dissimilar what was it like with reagan
19:21what for people out there who never got to meet him and i would imagine
19:24that's almost everybody in this audience and and also with trump who uh a large
19:28number of people would never get to meet they are economic heavyweights in terms of
19:33unleashing american uh opportunism and exceptionalism how are they similar how are they different in
19:40your experience so let me just say one thing about what you were talking about
19:42a few minutes earlier about the plane you were on with all the kids coming
19:45into yes it just flashed back to when i was in eighth grade growing up
19:49in chicago at faith hope and charity grade school and in our eighth grade we
19:54flew into dc to you know we spent four days here as so many did
19:58and every you know now i've lived in dc for 40 years i've probably flown
20:02into the other part a thousand times i always remember the first time i looked
20:06out you know we're looking out the window oh my god there's the last the
20:09kids sheared when we landed it was super cool cool it really is and i
20:13still feel and so every every kid in seventh and eighth grade should come to
20:17to uh to explore this wonderful wonderful city uh look i didn't i only met
20:22reagan once or twice uh so i was a little i was 24 year old
20:25snot -nosed kid back then but i'll say this about reagan just meeting with a
20:28couple times i've met him the guy really did have a twinkle in his eye
20:32and he was just such a warm person and so in terms of how reagan
20:37and trump are different and i love both of them i think they're two of
20:40our greatest presidents reagan was a an ideological conservative he was a bill buckley milton
20:47friedman he was steeped in the conservative trump is not ideological you know he's a
20:51businessman which is good he's a businessman so he doesn't look in the world in
20:56a kind of ideological way he looks at the world in a common sense way
20:59but luckily we as conservatives look at the world in the conservative and and common
21:04sense way and so the point i was making you off the air is when
21:08i just this amazing statistic when i came to washington late 83 you want to
21:13take a guess at what the dow jones industrial average was late 83 600 well
21:19it hit a low at 800 okay and but for the year let's say it
21:23was 1000 okay yeah because you know it was fluctuating so think about that i
21:27mean think about that so in 40 some years 45 years the dow went from
21:321000 to 50 000 this is the greatest period of wealth capitalism is pretty good
21:38history turns out works pretty well blew away the rest of the world uh and
21:41it's because for the most part we made you know very good economic decisions and
21:45i was saying you know the two that really you Bookended this where Reagan, who
21:49really did rebuild the economy from the tragic 1970s.
21:54I mean, I remember when I was a kid, you know, we would pack up
21:58in our station wagon. You probably don't even know what a station wagon was.
22:01No, no, we had a station wagon when I was a little kid, the wood
22:04-paneled station wagon. Yeah, we had one of those, and we'd pack in at 6
22:07.30 in the morning on these frigid February mornings in Chicago, and it was 10
22:11degrees below zero, and we'd drive to the gas station and we'd be 10th in
22:15line to get gas. Yes, that's how bad it was under Jimmy Carter, and I
22:18remember thinking, you know, it's only 13 years old.
22:21What the hell is wrong with our country?
22:23Yeah. Things could be this bad, and Reagan just, through his policies, but just through
22:28his optimism, really helped rebuild the economy, and so here we are with Trump, and
22:32look, the Biden, what's happening with Iran is a bump in the road on the
22:37economy, but we're going to see continued prosperity throughout the rest of his - How
22:42concerned are you about this situation in the street of form?
22:45I'm concerned, because I think it's been much tougher, and I'm not a foreign policy
22:48guy, I'm an economist, but we thought that we could get this done in a
22:54matter of weeks, and it's taken a lot longer, partly because you're dealing with a
22:57rogue regime, these are evil people, they're hard to negotiate with, so Trump is obviously
23:02frustrated. By the way, Clay, I'm frustrated, as Trump is, with our supposed, quote, allies
23:08in Europe and the UK, who have not lifted one finger to help get the
23:14straight open, and do you know what two countries are most reliant on that Middle
23:19Eastern oil? Well, we were talking about China.
23:23China is number one, and India is number two.
23:24Yeah. Why isn't China helping?
23:26You know, it's more in their interest than in ours.
23:29I mean, my God, thanks to Trump's drill baby drill policy, we're actually energy independent.
23:34Did you know that? Oh, we talk about it on the show all the time,
23:36that it's changed the culture compared to the 80s and the 90s.
23:39Sure has. And not only that, but we are now producing more oil and gas,
23:44ladies and gentlemen, any other time in American history.
23:47So this is so critical.
23:48We have to no longer be, because I talked about the 70s, for 50 years
23:52we've been reliant on the Middle East.
23:54No longer. That's why drill for oil, we should use our oil, our gas, our
23:59coal, our nuclear power, our hydropower, everything, maybe even a little bit of solar wind.
24:03We're never going to be able to power this country with solar mill power, but
24:06we can use it all, and then we don't have to be dependent on the
24:09Middle East. We've got people weighing in, and I'm going to get to their questions
24:13in a sec, but I want to first ask you the question, because we talked
24:18all about Spirit Airlines, and so many people are interested in that conversation, and I'm
24:24still furious that the judge got the ruling wrong in the first place, but you
24:28pointed out, of course, that the Biden administration said JetBlue and Spirit can't merge because
24:34it'll be anti -competitive, and that was the wrong opinion, Mayor Pete Buttigieg was in
24:39charge of that, and then the judge said, you can't do it.
24:42They've gone bankrupt. That's the background.
24:45What should happen now, and should the government, in your mind, get involved?
24:50I imagine traditionally you would say no, partly because we blew it when we didn't
24:54allow the merger between JetBlue and Spirit, which would have been beneficial, certainly, to Spirit's
25:01shareholders. It would have been beneficial to everyone.
25:03It would have been beneficial to the shareholders, clearly, of both airlines, of JetBlue and
25:08Spirit, and like 80 % of Americans are invested in America, so it would have
25:12helped us all. It would have saved thousands of good blue -collar jobs, and it
25:19would have made the, that's why it's so idiotic that Pete Buttigieg and Joe Biden,
25:25I call them the killer bees, because they are the ones who really, truly blocked
25:29this deal. If we had done this, right now we have four major airlines.
25:34We have United, American, Delta, and Southwest, right?
25:37Those are the big four.
25:38And so what we were saying, because we were on the side of the merger
25:41back then, and I don't believe in that, I trust, so I think it's just
25:44always reckless behavior. All this would have done was created a fifth big airline to
25:50compete. Yeah. So it would have had, what I'm saying, Clay, is we would have
25:53had more competition in the year and not less, and now what's happened, this, because
25:58they blocked this deal, and we predicted this, if they block this deal, it's going
26:02to go bankrupt. That's exactly what's happened.
26:04Everybody loses here, all the shareholders, airline traffic, and so on, and so now Trump
26:10is saying, well, let's have the government buy it and run it.
26:12I'm opposed to that. I'm a free market guy.
26:14I don't want, look, tell me whenever the government has run something efficiently.
26:19Look at Amtrak. Look at the Postal Service.
26:21Look at solar power. None of it ever works, so I respectfully disagree with President
26:26Trump, but again, he looks at it as a businessman, and he's like, well, we
26:29can make this thing work, but that's not the role of government, in my opinion.
26:33So you would agree. Rudy, you got 30 seconds to lay it out here for
26:37Stephen. You're driving a truck en route to Alaska, so he's one of the guys
26:42out there working. What's your question?
26:44I think you just heard from Stephen Moore that he probably agrees with you.
26:48No, I agree totally with him.
26:50I think we are propping up and subsidizing mediocrity when we try to subsidize a
26:57failing company. Let the assets go in bankruptcy and let veteran companies employ those assets
27:04more profitably. Rudy, you're driving a truck and you've got more economic understanding than 95
27:11% probably of the congressmen and women up here in D .C.
27:14Rudy. Rudy. Rudy. Rudy. Thank you.
27:15it just might two cents what are you what are you paying for diesel how
27:19would you how would you like to be a shareholder in ford and gm when
27:26the company or when the country bailed out chrysler or how would you like to
27:29be a afforded or chrysler shareholder when the company bailed out gm yeah yeah thank
27:37you thank you for the call um we've got another talk back here we've been
27:41talking about the cost of oil and gas gone from average gallon for the average
27:46drivers gone from about three dollars to four dollars and you just talked about the
27:49fact that we're in that energy exporting country now and john up in cape cod
27:54mass not a bad place starting to be pretty nice this time of year uh
27:58he's got a question for you cut e what i want to know is can't
28:02we charge an export tariff for our oil and use that money to reduce energy
28:11prices for americans hey it's called america first energy policy why can't we do that
28:19though why can't we charge our allies and export tariff on our oil i'll let
28:27you answer so we tried that that was back in the 70s when jimmy carter
28:32one of our worst presidents ever was president we imposed something called the windfall profits
28:36tax when the price of oil went up and what do you think happened to
28:39production it went down so it didn't work um look the this is a global
28:44commodity i know you've heard this a thousand times before it's like saying well you
28:48know if the price of gold goes up why don't we you know sell gold
28:51no we by the way the it's sort of a rainy day these oil companies
28:56incidentally they lose a lot of money when the price of oil goes down i
29:00remember just three or four months ago remember when we were paying 250 a gallon
29:04for gas i was talking to harold ham and others who were leading over they
29:08said they had to shut down their rigs so if they can't make money when
29:11the price is high you're not going to have oil companies that's the that's the
29:14answer i think people get frustrated and the easy way to answer this is in
29:18a global economy let's say that we decided that we were going to charge 120
29:22for our oil uh and gas barrels and they're selling for a hundred dollars to
29:27your point people wouldn't buy it right and if we sell them for under that
29:30amount then people would come in they would buy them and they would resell them
29:34on the global marketplace for higher right so well simply put it is a global
29:38marketplace and there is a price that exists everywhere it's also sort of like the
29:43old story of like you're you're stranded in a desert and you come to up
29:47to somebody who has a uh you know a water stand and he's gonna charge
29:51you eight dollars for a glass of water he's like i'm not gonna pay eight
29:54dollars well that's why he's out there because he can make money it's the same
29:57thing with oil they'll produce oil if they can make money at it here's another
30:00one other yeah thank god we have a president who's drill baby drill because if
30:05we had not done that and stuck with biden's policy with you know windmills and
30:09switch graphs and solar powers we'd be paying eight dollars a gallon no it's totally
30:14true we've been hammering that here's another question for you uh this is podcast listener
30:18randy in austin texas uh let's listen to him cut g i'm just wondering with
30:23china needing 11 million barrels of oil a day for their economy and we are
30:28essentially controlling venezuelan and iranian oil and that's about 20 percent of china's oil needs
30:36how long do you think it's going to take before china orders iran to agree
30:41to surrender and the surrender terms this is what we were talking about earlier fabulous
30:46question it is a great question you have smart listeners uh i don't know the
30:50answer to it i mean it's a great it's a question that defies a good
30:53answer why are the china but here's my suspicion and i'm not a foreign policy
30:58they want to they're sort of trying to destroy the american economy by not opening
31:03because they know that it puts pressure on on trump because look trump is very
31:07tough on china right and that's good i want him to be tough on china
31:10and so they're trying to embarrass him by not helping in the middle east so
31:14that's that's the situation with china but my god italy spain germany france uk nothing
31:21from them when we spend a half a trillion dollars on nato yeah where's our
31:25friends when we need them you're preaching the choir do you want to stick with
31:28us answer a few more questions okay we're going to bring back uh these comments
31:32and questions are great steven moore uh will answer more he's in studio with me
31:36here in dc i want to tell you if you're trying to make sure and
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32:43most clay and buck just preset them on the iHeart app welcome back in clay
32:48travis buck sexton show i'm in dc steven moore sitting with me economist who served
32:53under ronald reagan and president trump you said you had a great reagan story as
32:59we were going to break that you wanted to share with the audience you get
33:01a little bit closer to the mic first of all how cool i mean really
33:04truly i feel so blessed that i worked for two of our greatest presidents last
33:08picture but this is actually a trump story so you may recall clay that back
33:12in 2017 trump nominated me to be on the federal reserve board yes and so
33:17from i thought okay sure by the way i wasn't that excited about being in
33:21that job because you know sitting around with a bunch of economists all day is
33:25not a cup of tea but anyway you know you never say no to the
33:28president so right so anyway to make a long story short i thought you know
33:31there might be a little article in the wall street journal that just had said
33:34you know i was nominated to be there were six full -time uh investigators going
33:40after me and just everything that i had done and digging up stuff i'd written
33:4425 i mean anyway if you believed all this stuff you'd think you know i
33:47belonged in jail it was just this craziness and so i was getting the crap
33:50beat out of me so i called president trump and i say mr president you
33:53know i don't want to embarrass you i should probably withdraw from this and you
33:58can choose someone else 99 out of 100 other people would have said yeah it's
34:03time for you to resign you know what trump said no stay in the fight
34:06stay in the fight and it even got worse a week later go back say
34:10same thing no go stay in the fight he stuck with me the whole time
34:14and even when i had to withdraw he called me that night this is donald
34:18trump this is a side of double donald trump and i'm just this one day
34:21i just felt terrible about the whole thing and he called me he said steve
34:24it almost brings a turn he says steve you enhanced your reputation i'm so proud
34:28of you that's the donald trump a lot of people don't see that's awesome uh
34:32we know him quite well on this program we've had him on a lot over
34:35the years let me ask you this uh they've got the investigation going on into
34:40the fed into the building and how much it costs first of all what do
34:44you think of that secondly interest rates what do you anticipate this year and i
34:49know every economist can tell you what's going to happen after it already happened you're
34:53really good at that um but what is your forecast where do you think we're
34:57headed um as we come into the spring and summer here well first of all
35:00let's talk for just a little a minute for about jerome powell uh every time
35:04i see president trump he says steve i really made a big mistake with jerome
35:07powell didn't i say yes sir you made a big mistake that was one of
35:10his worst mistakes jerome powell was the most political um fed chairman we've ever had
35:15which is ironic because he keeps saying trump is trying to politicize the fed no
35:19the person who politicized the fed was jerome powell yes and then by the way
35:24he cut interest rates when the democrats were in and then he raised him when
35:26trump was and then that was personal then he builds this taj mahal right down
35:31the street billions of dollars billions of dollars and as trump said i could have
35:35built this for 10 percent of the money that they spent because trump's a builder
35:38right he knows the construction industry so that was mal financial malfeasance by the guy
35:43who is in charge of our money supply the good news is he's going to
35:46drop that case kevin warsh will be an awesome fed chairman he will be he's
35:51the most qualified since probably um you know uh probably since gold uh what's his
35:58name um uh the chairman um under under uh bush uh and so he's an
36:05excellent choice and here's what he will do and he will green span sorry i
36:09had a brain fart there green span was a fantastic red chairman what do we
36:13want from the fed and our monetary policy a stable dollar a dollar that is
36:18good as gold we have to retain the dollar as the world reserve currency that's
36:22the most important thing and that's exactly what kevin warsh will do outstanding we could
36:27talk all day probably this is awesome we'll get you on again soon i know
36:31you said as we were talking off air you've always been a big fan of
36:33rush he i told you the reason rush saw what was going on politically before
36:38anyone else did is because he was talking to real people every single day the
36:42politicians in washington don't do that you do it so thank you clay it's an
36:45honor privilege to be able to do it every single day thank you for the
36:48time you spent with us final hour of the week coming up next