tv WSJ at Large With Gerry Baker FOX Business June 4, 2022 11:00am-11:30am EDT
chief james craig bertoni sunday on fox news at 10:00 a.m. writer foxbusiness start smart every weekday from 6:00 a.m. until 9:00 a.m. eastern for mornings with maria on foxbusiness we hope you'll start your morning every morning with us right here on fox business news. that will do it for us this week and print thank you so much for being with me have a great westu next time. ♪ ♪ ♪ ♪ ♪ ♪ ♪ >> secretary secretary said she was wrong about inflation for the president said he has a plan to fight it. the ceo of america's biggest bank's warning of economic hurricane print welcome to the wall street journal at large. i'm james freeman and for gerry baker. hurricane warning is come from jamie dimon of j.p. morgan chase as he considers potential consequences of the were ukraine
and the u.s. federal reserve effort to tame inflation. so what is the good news? friday brought other solid jobs report and at least the people running washington now acknowledge that inflation is a problem but remember last year when they acted like the spending and money creation party could go on forever? >> these investments interest rates are at historic lows will generate more growth, higher incomes, a stronger economy. >> do not expect that we will be in a situation where inflation rises to troubling levels. >> is there a risk? i think there is a small risk. i think it is manageable. >> don't you just love and politicians pouring your money into federal programs call them investments? do not expect a finance router and the result of washington 2021 blowout is financial pain including inflation. at least one pillar of official washington is acknowledging failure even if she is still trying to redirect the blame to
unexpected events. >> look, i think i was wrong then about the path that inflation would take. as i mentioned there have been on anticipated in large shocks to the economy the boosted energy and food prices, and supply bottlenecks that have affected our economy badly that i did not at the time fully understand. james: some cultures within admission was someone would be followed by a resignation or a firing. coming to at least get a change in policy? you may have noticed the bar for accountability inside the washington beltway is set very low. perhaps we should be glad anyone in the administration has been willing to admit a mistake. >> another topic when are you guys want to admit you were wrong about inflation?
>> no easy questions today. >> the treasury secretary said she was wrong. why not the white house questioner. >> the president's economic plan as we see it is working there. >> present robust plan to fight up inflation this week in the wall street journal includes relying on the same federal reserve officials who have worked alongside them to greatly inflation. they are now expected to manage. not everyone it's entirely optimistic with the look out upon the economic horizon. >> it is a hurricane. right now it's kind of sunny, things are doing fine. everyone thanks they can handle this. that hurricane is down the road coming our way. we just do not know if it is a minor one or super storm sandy. you've got to brace yourself. there were now bracing herself with an exciting discussion. fox news contributor trent eight. and richard fowler. thank you both for joining us. tomi you are known for
delivering clear messages. tell us what you are hearing in the biden less message on inflation and the economy? >> well, i'm not hearing a whole lot accountability. again it's nice to see someone claim a mistake here and there within the administration but it will give them that for there's a lot more people that need to fess up to what they've done to our economy. i will be honest with you i am no wall street economist but i will tell you this when you spend two plus years discouraging people from going to work in fact incentivizing them not to go to work to close down their business and the new pump trillions of dollars into the economy the of the taxpayer. then you have extended unemployment then you have vaccine bandits and people still don't want to go to work. then the cost of goods goes up because it no employer can find anybody that wants to work without paying a high wage. then have biden's america and here we are. james: okay richard, biden's america but we do sell pre-good job growth. the president said the job
growth is going to slow. he expects it too. but tell us about the biden message here for thanks of our journal riddles were a little surprised this week when the president acknowledged the inflation problem but did not really chart out a new course. there is not a policy term some people might have expected. >> what started with the president first came at the beginning of his term and said inflation was transitory that was a huge misstep by the white house. there is no such thing for my economic studies is transitory you're either inflationary or not it could be mild, it could be strong inflation. but you are inflationary to the people were at the grocery tried by bacon, trying to buy eggs trying to buy milk and those at the gas station will all acknowledge we are currently inflationary. with that being said to say this is just happening in america went late at the feet of the president is a myopic view look at a larger problem this is a
debacle of epic proportion. james: okay tomi which give you a shot of this the politics of the blame game if you wells may be some legitimate. the president is saying blame china lockdown spread blame the war, global supply chain, covid, and his op-ed this week of the journal he blamed freight companies. he has blamed eight companies. he has blamed energy companies. is that possible this is a political winner even if we might argue with the economics here? >> hey currently midterms are coming up you've got to blame somebody right? if you pass the blame around turnup entities he thanks maybe he will get out of it. i don't think that's going to happen. richard has accounted for the american people going to the grocery store the gas pump and looking at biden and sing this issue buddy. it's time for you to take the blame for this. but again we talk about covid and the pandemic yes, though certainly difficult time it's more the covid policies i
believe it crippled our economy. as i alluded to when you first asked me. when you encourage people not to go to work you tell people you're going to give them extended on employment benefits are going to give them a seamless check of the mill, one, two, three times people stopped wanting go to work. in them they do have to go back to work they want to demand wages that these employers cannot pay. nowhere in the situation that creates also part of the supply chain crisis. your cost of goods are going up. your cost of services are going up. everything is going up. and we want to talk about energy this is particular important to me i hail from south dakota were biden and his first hours in office shut down the keystone pipeline for no good reason. and now we are sitting here having to look to russia for energy policy and energy relief? no, i don't think so. made in america let's start there. >> a couple points here. >> really quick that a go. sure, listen on the world were gas prices are not yes the keystone pipeline would've create some relief here's why we
don't oil does not really work as an alternative number one is the price of oil show is far too high to produce which is why the keystone pipeline did not go into action fast enough. >> that something markets can decide richard berg. >> the markets of already decided that. [inaudible] >> they decided that when opec and russia dumped oil prices a couple years ago. james: want to leave it there. when we come back hillary clinton's with the mike sussman. when the trial tells about hillary clinton? former president trump is weighing in. that his next break works until the to the fbi of the jury truly recognize that. i am relieved justice ultimately prpr (vo) singing, or speaking. reason, or fun.
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campaign's lawyer michael sussman when he brought a discredited story of ed trump/russia ties to the bureau 2016 left meaty wing outlets were quick to praise the verdict or. >> washington jernigan are handing special counsel from a stinging defeat. >> the fbi trump/russia investigation suffered a major blow pay. >> the jury rejected efforts worth noting, the vast majority of federal cases over 95% of all federal cases result in convictions for the fact this is a not guilty verdict is a stark rebuke for a quick couple years of slandering the fbi, they have absolutely nothing to show about it. of course the polarity of the whole sussman thing, after we heard the deep state fbi, they were going after poor donald trump and former president trump also weighing in saying the acquittal makes him want to fight even harder. if we don't when our country is ruined must take this up with our panel. richard, i am not sure if you're getting ready for a victory lap
here. although mr. sussman was acquitted, the whole assorted scheme we now learned backed by hillary clinton laid out in this trial is not necessarily a win for democrats and generally wouldn't you say? >> my problem with this case even if you go back to the mueller investigation. even if you go back to pfizer corporate have a laundry list of issues with the justice department and how they do business for just like we talked about the last segment this idea frivolous and less government spending for the sake of government spending, it's utterly ridiculous. what happens the worse is a justice department to be of endless ridiculous nonstop investigations that are costing the taxpayers millions of dollars to no results. we expect some sort of vomit show trial this past couple of weeks but what we got was a nothing burger pretty think we will continue to get nothing burgers will cost the american people over $3 million.
james: okay tomi what we think about this would look at the process think may be at home cooking for the swamp group or the fact is john durham did have a lot of time. he brought a case. he made his case and mr. sussman was acquitted. >> i do not think the american people care so much what happened to sussman for think they care more about hillary clinton and the role her campaign played in it she is not getting off at this with their hands clean. it is very apparent to anyone who has been paying attention to every thing going on that hillary clinton and hillary clinton's campaign wanted to dig up dirt on the trump campaign and then lay it at the doorstep of the immediate late at the doorstep of the fbi in then go on twitter and pretend she had no idea it was some kind of breaking news to her when we know it was not. sussman was working for her campaign when he brought this to the fbi and he said he was not working on behalf of anybody. again i understand that is how the trial is played out. i am honestly not happy with the
verdict. i think it was pretty clear he wasn't guilty of what he was charged with. but still, and the court of public opinion i do think hillary clinton is incredibly damaged by this. i think this might have shut down her political career. maybe not from this trial alone but moving forward she's going to have to face this and what her involvement was. most relief damning tweets of her pretending she had no idea where any of this was coming from when we all know she did. space it would got to go but richard on this point is this the end of hillary's political career? is the door finally shut? rex i am giggling here because hillary clinton's political career was over 2016 when she lost the presidential election went to walker dogs at the house in new york. it's been over since then. think there is a world in which conservatives want hillary clinton to be resurrected to the semi to run against have a bogeyman. the truth of the matter is for my viewpoint and from my vantage point hillary clinton's political charisma and over since 2016.
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>> for gods sake of this man cannot remain in power. >> we do not have a strategy regime change in russia. >> they are willing to get involved militarily to defend taiwan if it comes to that? >> yes for. >> united states are means committed to our one china policy. we do not support taiwan independence. [inaudible]
>> is no rational in terms of protection were quick to support a ban on the sale of assault weapons and high-capacity magazines? he does not support a ban on the sale of all handguns. exciting anonymous sources nbc news said this week president biden is frustrated with his staff are repeatedly contradicting his public statements. the white house denied the report. meanwhile there's no doubt many democrats are frustrated with the biden presidency. they want a new presidential candidate for 2024. they hell has compiled a list of ten potential democratic contenders. including vice president kamala harris, new york congresswoman aoc and california governor gavin newsom. so who would be the most formidable democratic question or take up these questions are back to our panel, richard fowler first is kind of a bizarre nbc report saying the president is getting angry about staff correcting him.
but he is the president. they all work for him but if he doesn't like it he can fire them, right? >> maybe he should pray this is one of my biggest critiques of the white house but often times when this president speaks off the cuff he speaking what is on his mind that's what he wants to be and that's what the american people elected perry spoke out we heard them talking about taiwan, venice after the right footing in my opinion provide decades we played footsie with china around taiwan. look where it has gotten us but we talked about ukraine and about russia and why putin should be removed the white house walk that back. i think most people in the world can agree putin should no longer be the leader of russia produced speaking as a global citizen. this is my one critique of the white house and i praised donald trump. donald trump did very well this for years in office but he talked to his base all of the time, every day and he constantly sent to his base and followed them. often times because of the staff that surrounds the present the present is ignoring his face and ignoring was based wants. as a result of that, that is why
see a decrease in the president's approval rating. james: tomi the unscripted biden is refreshing some people find it i qassem probably not the only person who's a little unnerved for example talked about he would respond in kind to a chemical weapons attack. that was later clarified. do you think we are better off with the president swinging away? or is this cleanup effort as disorganized as that look actually help him? >> i think his team which as he traveled around the teleprompter at all times for they could manage what he is saying. i think richard is right when he goes off the cuff he actually says what he means. and i have to respect that. not so much when your administration then goes and corrects you. really what this reminds mia as grandpa at the nursing home pretty says what he feels and that is great for any random elderly person out there. not so great when it is the president of the united states and the leader of the free
world. we've got gaffe after gaffe. him saying one thing doing another the staff saying one thing and doing another for the american people are frustrated with the sioux want to know the man that is in power, the man that is controlling our country is actually coherent enough to control our country. but to me is also incredibly troubling as we are time and time from this president, he says they're going to get mad at me for saying this, i have to go there going to get upset with me. who is they? isn't he the president of the united states customer that is troubling for. >> anytime the president says i shouldn't say this are going to get mad at me as sort of causes the voters at home in the american state and him being the leader. here's the truth he is not grandpa at a nursing home is actually a president who has eight years of experience as vice president for almost 40 years of expense the united states senate paid much of that time on the foreign stage has great relationships across the board. where you are seeing those come to play is how we are managing the situation in ukraine.
when the russian ukraine conflict started ukraine was behind because of joe biden because of his ability to strengthen the alliances and data we've been able to not only push russia back but no rush is on a time lag. on top of that we've seen nato get stronger under joe biden. this shows you why having somebody 47 years of experience and having eight years in the vice presidency matters in the white house. and i think with the american people need to see is more of that and less of his staff telling him what to say and how to say it. >> okay will leave it they are. coming up leon musk said covid state home policies tricked people into thinking they do not have to work hard. have to work hard. now our panel is hard at work mamá, growing up... you were so good to me.
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♪ ♪. james: elon musk this week telling his executives to come back to the office or find a new job. tesla ceo previously expressed his disdain for remote work and a tweet last month saying quote, the covid state home stuff is trick people into thinking you don't actually need to work hard. let's bring this question to our panel. griff: it has been interesting for the ups and something of a backlash for elon's remarks may be people of gotten used too and enjoy the time at home. what you think of his order two execs? >> hey, i think you need structure. being present, being there being
professional men dressed nicely i think it matters. especially to those that are working with you and those that are working beneath you. sends a very strong message of professionalism. but each get back to that. we had two years of sweat pants and sitting on the couch eating cereal and watching reality tv on zoom calls. now it is time to get back to work. work hard and have structure in our lives. i believe elon musk is exactly right and i hope other ceos and companies will take note do the same. james: it richard, can you run a campaign with people remote? is there something about the whole team gathered together that makes it work? >> are two presidential campaigns run remotely so i guess it's possible. let's go very clear we have to look at what the new world looks like post covid-19 but here's the truth i work harder during the pandemic while sitting at home then i did while being in an office for the truth of the matter is. quickset is what i am claiming as well i'm in the same place. >> i'm being honest. it's the truth. i think the truth of the matter is this there is a balanced
approach to this there is a world in which you can have a hybrid schedule you spent some days in the office you spent some days working at home you have a real true intentional work life balance but that is the workplace we should all be striving for. james: okay sounds good but thanks guys that's it for this week. we'll be back next week with more in-depth interviews right here on the wall street journal at large. thanou >> abca10 sponsored by jpmorgan asset management. >> welcome to "barron's roundtable" where we get behind the headlines. the white house morning the semiconductor chip shortage will last through next year. i am asking cristiano amon about the impact to rebound faster than the competition in the future of c