Transcript (en)

your argument, but I just want to go back to you and President Trump. How could this come? You're making a pretty fundamental case that this guy has a fundamental misunderstanding of all of this. How could that happen when we spent two years in a who's going to be the next Fed chairman and Powell's terrible and you and I, I just want to, for full disclosure, Peter and I were I think two of the strongest voices about Powell not being the Fed chair the last time. But how can we not fully vet Kevin Warsh and understand Kevin's an institutionalist. I'm not making a judgment call about Kevin Warsh right now. All I'm saying is Kevin Warsh is an institutionalist. He's a deficit hawk. He's a hard money guy. And I realize he went on Fox and CNBC and danced the mambo. But he is what he is. Why does it surprise you and President Trump that he had this decision yesterday. Why do you think I'm surprised? I was not a worse guy. I'm not a worse guy. I see him not as MAGA. I see him, let's call him Mara or Masa, like make recessions great again or make stagflation great again I just look he sold himself and now he selling us out I think it pretty much as simple as that. And I don't know, here's what I don't know. I don't know whether it's a gap in his training or whether he's just one of them. And this is political. I fear it's political. I mean, If he understood this issue, he would have gone against the grain of what is a very politicized anti-Trump Fed and tried to lead on the issue and maybe lose, but at least try to lead. He did not do that. What was it? So why did he go along with it? I don't know. Was it not unanimous, the vote not unanimous? it was unanimous and people will point out that at least some in the minority were appointed by trump but two of them now are warsh and powell they kind of revealed themselves powell we know is virulently anti-trump and you got the guy from minnesota he's he's he's against this as well so it's just a hostile politicized group steve the bottom line is they made a monumental mistake and it's going to come back to haunt us and they're going to do it again in October because they don't read history like you do and I do.