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tv   WSJ at Large With Gerry Baker  FOX Business  March 5, 2022 11:00am-11:31am EST

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scott informant senior advisor to president trump steven miller. it's all sunday at 10:00 a.m. live on fox news. plus right on foxbusiness, start smart every weekday from 6:00 a.m. until 9:00 a.m. eastern for mornings with marie hope you start a week with us every weekday on foxbusiness. that will do it for us today, thank you so much for joining me. i will see it next time have at. ♪ ♪ ♪ ♪ ♪. gerry: hello this week on the wall street journal at large war rages on with vladimir putin's assault on ukraine continues. is anything more we can do to stop the carnage? and in his first state of the union address, with oil prices surging and the economic uncertainty intensifying, joe biden assures us everything will be okay. does he even know what he is talking about?
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the february drop support brought a glimmer of hope this week, beating expectations but with oil prices surging global insurgency rising, can the economic recovery survive? will be discussing all this with her guesses with former trump national scaredy advisor robert o'brien washington examiner chief medical examiner. but first joe biden state of the union speech perfectly captured the weird mood of the triumph and that seems to have gripped the west since the russian invasion of ukraine last week. ukrainians are being slaughtered by invading russians, biden chose a moment to take an improbable victory lap for diplomacy. he told members of congress, many of whom were productive blue and yellow covers of ukraine's frank had built coalition for freedom. >> we prepared, extensively and carefully we spent months building coalitions of other free loving nations in europe. and the for america to asian and african continent. to confront putin. like many of you, i spent
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countless hours unifying our european allies. >> he claims those efforts were bearing fruit in a concerted sanctions against russia because the battle between democracy and a talker sees, democracies are rising to the moment. and the world is clearly choosing the site of peace and security. >> well, to be fair biden spent only ten minutes of 65 minute speech talking about first major land war in europe since 1945 before he moved on to more pressing topics likes tax credits to weatherize homes art measures two and the persecution of transgender americans. that ten minutes was enough. not pledge to rollback putin's aggression. he did not explain with the u.s. and its allies expect to achieve is the word intensifies. instead he merely offered sunny reassurance that everything was going to be okay. >> in the history of this era is written, putin's war in ukraine relate leave russia weaker and the rest of the world stronger. and i wish we could be as certain a future history as he
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has but helped her if we declined to join the celebration for the unity the west is shown. we should be absolutely clear about what this war represents. that is a colossal failure of american leadership. mesh only by the fecklessness of europeans. it's actually sickening to watch the western leaders sit back and bless the brave ukrainians during the fighting and dying for freedom while they congratulate themselves for having the courage to tolerate higher gas prices and a lost russian sales of gucci handbags. we seem to have forgotten the objective of the policy of the u.s. and its allies for the last year has been deterrence. that means stopping someone from doing something. now, when they go ahead and do it is not cause for celebration. say what you will about putin, but if he had been standing at the podium of the united nations waving flags he could not have made his intention in the clear. he has been invading former republics of the soviet union for more than a decade. last july in an essay he laid out his theory of russian and ukrainian history.
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spoiler alert, the two countries belong together he said. now what was our response to all this? wendy persing spied that on taking office a year goes to cancel sanctions on the gas pipeline that would have funded russia's expansion ambition. in december, with one 30,000 troops -- medical russian troops a mass on the board he explicitly ruled out in the u.s. military resistance to innovation. now, we are supposed to be shocked, shocked putin has invaded. conveniently, having failed to deter him, some people are suggesting the only explanation can be that putin has actually gone mad. >> there is discussion about putin state of mind whether he is serious about certain things. if he has gone mad requesters no rationality here. he is motivated by some crazy ideas requests the guy has gone mad. span really come a crazy question work on the controversy in such a weak resistance of the niceties putin's behavior represents the cold eyed rationalism of an opportunistic serial killer.
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smi in this country including some conservatives say it's all our fault we provoked russia by pushing nato too far to the east after the cold war. but now we see the reality. ukrainians wanted to be part of the west, precisely because they feared exactly what is going on now. there once sovereign but now sadly increasing devastated country. perhaps joe biden is right and everything will be okay perhaps as much a stirring bravery of the ukrainian people we can say putin is bitten off more than he can chew. but we cannot be so sure. it is surely past time we start letting her hopes triumphed over our experience. so let's talk what they worn out with the u.s. should be doing with her goes to washington examiner chief political correspondent fox news conservator byron york. former security adviser o'brien. thank you so much for joining me. >> thank you. >> right to be with you gerry. >> let me start with you. again joe biden gave a speech this week he seemed to think this is all a triumph of diplomacy we have implosive sanction isn't that a little bit
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like walking the stable door after the horses bolted? >> we have been late on the sanctions have been late on deterrence were not out punishing putin for we did not deter putin. when i was in office president trump was in office, flattering tune had to foreign policy objectives when he won a clean extension of the start treaty. we would not give it to him unless he agreed to stop producing non- new start compliant nuclear weapons but until he wanted nord stream2. as soon as he biden folks got into office they gave him both and got nothing in return. though in the face of that sort of weakness and appeasement, perhaps are trying to reset things with russia hoping they get good will that might explain some of the goshen with the russians if you get them anything they pocket it and then they come back and ask you what you've done for them lately. we did not do anything to deter them to start with and now that we have had this invasion we are content to buy russian oil. the swift sanctions in the
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central bank is a prime minister boris johnson pointed out really have no effect on russia because we have exempted oil sales. the only thing russia sells is oil. there is nothing else that russia sells if you have sanctions but exempt the oil and gas sales they are not sanctions we got to stop at the half measures at the rally now the ukrainian people are running out of time. gerry: league carefully exempted from the swift sanction things like the bank that supplies the funding and ensures the sales can go ahead. fire and there is this talk i think it does sound to me a little bit like a convenient excuse that somehow vladimir putin's gone crazy, he's gone mad, he's taken leave of his senses and made several mistakes but as i said i don't think if you look at what he's been trying to do as robert has just said what he has done over the last ten years, does not look like it is way out of line with his character pretty looks like he's taking advantage of an opportunity that was there. >> it does indeed seem to be irrational when you view it from that lens.
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although the talk around this has sometimes gotten kind of crazy. the political world took notice when a senior u.s. senator republican senator lindsey graham went on twitter and called for some russian, any russian to assassinate putin so russians can now say that he senior u.s. lawmaker is calling for that. look, as far as the president is concerned, he comes out of the state of the union says very, very clearly u.s. forces are not going to fight in ukraine. not going to happen. we have a lot of poles he is reacting to a lot of polls show americans do oppose that seriously. so the question is, as you rightly point out he is exempted a number of serious measures from his sanctions regime. is he willing to turn that up to be able to keep his promise of no u.s. military involvement
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there? >> some conservatives are saying it's all our fark fault. we push nato too far we provoked the russians ukraine should never allowed to think of joining nato what you say to that? >> look i am heartbroken for what's happened in the ukraine. i've been there to moderate european say they want to live in the west they do not want to be part of russia's you still be in society but we should be there we are the beacon of freedom. if we cannot support people who want freedom in eastern europe and otherwise, what is the point? it is not an issue of sediment u.s. troops ukraine. we should have done and ukrainians did not ask for u.s. troop what they asked for were the tools necessary to fight the russians. and the obama administration did not give them to them and those tools were slow rolled into the biden administration. we feel we should be helping ukrainians fight for freedom be the arsenal of democracy for them. >> coming up the u.s. impose sanctions of course on russia as we have said but where was still spending hundreds of billions of dollars a week by russian oil?
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planning. investing. advice. jp morgan wealth management. gerry: oil is alive bread of russian economy it has allowed putin to rebuild his mirrored military last 20 years the oil and gas sector and remains by president biden. earlier this week by released 3e strategic petroleum reserve. louisiana congressman is right he compared this move to using flexeril to plug a hole on the hoover dam. oil price plan to help trigger the collapse of the soviet union three decades ago after ronald reagan had saudi arabia open its >> in 1985 for driving prices down just $10 a barrel. crude oil now sits above $100 a barrel with the u.s. spending billions of dollars the art russian imports. all of this by the ways democrats curb u.s. domestic energy capacity in pursuit of their climate agenda. so what would happen if the u.s.
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decided to slow the flow of russian crude? let's ask our guest byron let's start with you first. it's a very strange situation we are sanctioning the russian economy and all kinds of ways. but it's main export, the main means by which it funds itself, we are still buying its oil. >> you know, underlying all of this, is a democratic party in the united states fixation on climate. because under the trump administration there's great encouragement of u.s. energy production. the united states became a net energy exporter. that is almost not the case now. he has gone down, and down, and down under president joe biden. the problem is you have an environmental lobby here in the united states plus in europe. europe used to produce a lot of natural gas. that is discourage energy production making the world more
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dependent on russia and the less likely to actually hit russia where it hurts. gerry: of all people nancy pelosi expressing her willingness to impose sanctions but looks like there is bipartisan agreement to what nancy pelosi said. >> van pick. >> demand the oil? what yes-men oil from russia by. >> look like bipartisan support you think were actually going to do this? because it's not often i agree with nancy pelosi but this is one time i do. the fact that we are funding the putin war machine by buying russian oil is absurd for it's one thing for the german sitter that have to do for to do it is ridiculous. we've got to be about oil but what we've got trabant russian oil sales to the west. there's putting sources you have australia, cutter, there is a big field in beacon there's a bunch close to europe and cyprus, greece, and israel. there are other supplies protected that mid- catalonian pipeline built so we can drop off our lng imports will ship it
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to germany's cleaner. for those who concerned about climate change and clean air, much better to have it come from the west where the epa guidelines and where it is cleaner. we've got to get rid of the russian oil from the westford stop fighting putin's war machines got to go back to energy independence as byron mentioned here in the u.s. elizabeth: the course is we've have cut energy capacity here in the united states but we know with oil practically now surging up the cut imports from russia prices are going to go higher. the administrations got themselves in a complete bind here we are seeing inflation rising dramatically. now the only measure they really should be taking's going to push prices up even higher. >> gas prices going to be huge issue in the midterms for 20 very positive for republicans in very negative for democrats. so, the white house would say well you can't just build a pipeline tomorrow. we can't change everything tomorrow and have a lot more
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production. but the fact is they did, the biden ministration did shut down a lot of u.s. production part yes, it would take time to get it going again. but putin is not going to go away. not going to become a nice guy. it is time for the united states to produce more energy. spinning coming up to bite and nato reject calls for a no-fly zone in ukraine purrs any possibility that decision could change? what lead to a u.s. war with russia if it did? we will discuss that (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money?
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♪ ♪. gerry: joe biden's baker no u.s. forces will fight in ukraine priest rejected calls from that country and others for no-fly zone to help the country defend itself. but as the cartage continues, will that hold? history has some fastening lessons for us here pretty may
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recall a bill clinton said this in 1999, about the war he was in kosovo. >> of nato is invited to do so, our troops should take part in that mission to keep the peace. but i do not intend to put our troops and close vote to fight a war. gerry: and then of course soon enough we did. >> security must be established. some 50000 troops from almost 30 countries will deploy to kosovo. america will contribute about 7000. gerry: the u.s. and its allies quickly went on to win the war thanks to the ground troops were enough soviet of course did not have nuclear weapons i nato and the current u.s. currently grimacing out of ukraine paired but could that change must ask our panel. robert o'bryant let me start with the a process work goes on and the carnage continues and we know -- russian testing seems to be targeting siblings, targeting cities but were going to see as we bid did back in 1999 horrible images of civilians being
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killed. do you think the current bipartisan agreement that new u.s. forces should actually engage there even in the no-fly zone, do you think that is going to hold? >> i think it will hold. unlike xhosa vote we were dealing with serbia, we are doing with the nuclear power of russia and then putin who is already rattling the nuclear saber. but the beauty of this situation is to brave ukrainians who are fighting for it hope you're not seeing a choice situation in alamo situation. i compared zelensky that to davy crockett or to hector. maybe a better comparison is to charlton who helped the french together was able to eventually return as a president to france. we need to supply the a gratings with the tools they need to fight spring ukrainian pilots can fly soviet era jet fighters that are available in poland, romania, bulgaria when you get the spiders to the ukrainians they can fly and defend themselves. when you get them stinger
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antiaircraft missiles but we need to get them a longer range antiaircraft artillery for the higher flying of bombers and jets. when we also need to get them harpoon antiship missiles so they can defend the southern border on the black sea. we should have done all those things earlier. by the way xi jinping is watching this right now trying to decide how to calibrate his invasion of taiwan set of waiting until's to waiter supplying taiwan we need to make sure taiwan is fully supplied with all of the weapons it needs to deter a chinese invasion. spin it will be briefly absent byron seems to be universal rejection of the idea were going to get into a shooting war directly with nuclear armed russia. but as robert said are there other things people and congress in washington talking to other measures that can still be taken? >> well, increasing the sanctions that we were talking about earlier enclosing the big loopholes in the sanctions as far as a no-fly zone where the first voices in washington to
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advocate it was representative adam kinsinger republican veteran. he was really kind of shouted down the bread including by some former officials of the obama administration. now, the question is when you talk about increasing carnage and this is receiving wall-to-wall coverage on the american news networks like nothing we have seen in quite a while. much more than the coverage of covid in the past few months. so this is something where public opinion could be fluid given the intensity and emotionalism of the coverage of many americans are seeing. spinning coming up all this is creating new economic uncertainty with oil prices surging and the war in europe worsening part we will talk about the implications for the economy,
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make more of what's yours. gerry: there was good news on the economist with much better than expected jobs report for fiber that x not make recovery is very much on track print almost 700,000 jobs were added last month. unemployment fell back down to 3.8% that's almost where it was before the pandemic. but with this growing crisis overseas, soaring inflation, rising interest rates and big spikes in oil prices can it last? , good news. the economy actually seems to be recovering jobs are being created wages are rising nothing as fast as inflation but doesn't like were heading into some
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serious headwinds. >> america's fundamentally strong. this is a good sign of that. but what concerns me about the jobs numbers were great, the wages people are earning are being eaten away by hack high gas prices at the pump and food prices at the grocery stores have got to give inflation under control but one way to do that is to produce energy domestically that would help from agriculture to the pump. gerry: byron very briefly as we head into the midterms were talking about earlier gas prices are going to be a big deal for the economy is creating jobs are going to have some hope for the democrats the economy could bail them out? >> first of all the jobs numbers are really good news for their really good news for the democratic administration. when you look at the midterm polls what appears to be really, really worrying americans the most is inflation and it is going to be incredible liability for democrats going in.
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so much so by the way that we have seen what, 31 departures of democrats who are not going to run again now. a lot of democrats have clearly i think given up on the possibility they will control the house next year. spent i've got to go with ink very much indeed for my guest this week probably back next week with more commentary and interviews on the wall street journal at large. thank you so much for joining jack: welcome to "barron's roundtable". we get behind the headlines and look at the week ahead. why a leading expert on geopolitical risk, ian brehmer, says vladimir putin has painted himself into a corner and how to invest in natural gas was we begin with the most important things investors ought to be thinking about,


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