Kevin Warsh Faces Elizabeth Warren in Heated Fed Confirmation Hearing

Let me go to the commissioner uh the new Fed chair that's going through his confirmation hearing again and I want to get your thoughts on this as well. Well, so he's being pushed a lot and he's going back and forth and Elizabeth Warren is accusing him of doing what uh Trump's going to want him to do and it was actually good exchange. Rob, I think you have a couple of those clips. Is this one of them? This is where she asked him to verify the 2020 election results, right? So he this is one of them. Go for it. Correct. Gotcha.

We'll start easy. Mr. worse. Did Donald Trump lose the 2020 election? Um, uh, we try to keep politics, if I'm confirmed, out of the federal. I'm just asking a factual question. I need to know. I need to measure your independence and your courage. Senator, I believe that this body certified that election many years ago. That's not the question I'm asking. I'm asking, did Donald Trump lose in 2020? I'm suggesting you in 2020 the Fed mandate your huge inflation problem and you certified the election politics out of monetary policy monary polic okay by the way go back was that Larry Fitzgerald sitting behind I'm like why is Larry Fitz is that him?

Oh wow. Is that Larry Fitzgerald from the Cardinals the wide receiver or am I getting wrong? It looks a lot like him. Can you verify that? I may be wrong but that looks like his twin. Uh so there you go. That's the exchange that they're having. And then there's another one. Rob, do you have the other one as well where it's more from uh the sock puppet, you know? Is that is this the one? Cuz this is the main one. Yes, I have um this is Elizabeth Warren asking if he'll end up being Trump's sock puppet. Okay, go for it. That's the one.

Mr. Chairman, last week, every single Democratic member of this committee asked that you postpone this hearing and instead conduct oversight on the president's role in directing bogus criminal probes into Chair Powell and Governor Cook. The Senate should not be aiding and abetting Donald Trump's illegal takeover of the Fed by installing his chosen sock puppet as chair. It's an invitation for corruption and for economic catastrophe. We have the power to stop it and we should be using that power. Thank you, Mr. Chairman. That was Larry Fitzgerald. That's crazy. Why was he there? Which led to a lot of questions. Sadly, we don't have an answer yet, but we'll update you as soon as we do. Football and politics today on

Capitol. Pro Hall of Famer Larry Fitzgerald sitting behind Kevin Worsh at his Federal. Okay, listen. This is not about Larry Fitzgerald. This is about Kevin War. So Tom, I'll come to you first and then uh David, I'm coming to you next. Go ahead, Tom. Thoughts on this? Well, first of all, Jesus Christ could have been coming up for confirmation and Elizabeth Warren would have found some angle to go after him and to say, "Do you think your relationship with your father in terms of uh religious, you know, policy is nepotistic?" I mean, it wouldn't have mattered who was there. Elizabeth Warren's going to go after it. um anybody because she's part of the no Trump at any time. And here you have a guy that everybody believes is very

intelligent and has a very moderated view of Fed reactionary uh tools. And what I mean by that is you never want somebody to turn the ship radically. Ships don't turn like that. They have to be gentle. And you also need a Fed that is less rearward looking and will accept certain forwardlooking and the Fed typically reacts late. You look back at Powell, if anything can be said for Powell and I kind of watch this, I feel like he's been late that there were shifts that he could have been, you know, ahead of. Not a not, you know, three, you know, 50 basis point moves in a row. No, but a quarter point of moderation here and then be ahead of

it. And this guy, you know, or he is seen as being uh I was a fan of his and we were tracking him on Cal Street. Remember this Pat? Who's going to come up here? And they thought it would be um Hasset. Hasset was another candidate, correct? Kevin Hasset, I believe. And then this guy showed up and everybody was like, "Wow, you know, people were happy that it was worse." And I think that what you just saw from him is a feisty, measured response in the face of Democratic pressure. And I like what I see in him and I like how he responded. And I'm not surprised even a little bit with Elizabeth Warren. David, right, I just have to go back one thing.

Uh may maybe I'm speaking Kevoqua French. Uh but we're in agreement because I said that China is an economic adversary. Uh and made that point rather emphatically. You did. Uh so on this particular thing uh with Wars, it's uh just a really great political theater. Um and the reality is that um the choice of the Fed chairperson is always political like Janet Yellen was uh appointed by uh Obama and u she worked in the White House, right? And uh Alan Greenspan, the maestro who was writing speeches for uh for President Ford. So there it's always there always political uh and we have to re realize at the same time that the Fed chairperson

is just a figurehead. It's a committee. Uh he can't do anything on interest rates or anything on policy uh without cobbling together a majority or consensus on the FOMC. It's the FOMC and actually the FOMC voters um the governors uh president of New York Fed and the rotating banks. Uh so we tend to overplay this. Uh he is the leader. He has one vote. It's the most powerful vote, but it's one vote. What is the process? If he wants to increase rates, what is the process? Well, if he wants to increase rates or decrease rates, uh well, they have a two-day meeting. Uh and uh they discuss it. I mean, he'll always throw what

his particular view is. Uh and then they discuss you can actually I mean, they produce the FOMC minutes a few weeks after. You have to wait five years to see the actual transcripts and you could see it's a very wholesome discussion. And you can see there's there are dissents. There's been times in the past where actually the descents were so large this happened with Vulkar near the end of his tenure uh where they get outvoted. So, you know, he's got uh he's got one vote. It's the most powerful vote. Um but it's a committee. It's called Federal Open Market Committee. It is a committee. That's the one thing that doesn't come out. Most people most people think because the way he's portrayed uh that one person controls interest rates. It's very interesting

that Donald Trump even pressures and pressures the one person. He's only got one vote. Like why doesn't Donald Trump just come after the whole FOMC? Well, because we know Donald Trump that when it becomes personal, he's going to come after you personally. Uh and so he came after Pal personally. Did anybody really on the FOMC outside of Steve Myron vote against whatever it was that Pal wanted to do or not do? Donald Trump just sort of come after the whole committee and maybe called each one of them uh out on the fact that they didn't pursue his more aggressive interest rate cuts, but he went after Powell. Powell is just the leader. It's like you're coming after the

quarterback. Bring up the football analogy. Uh you're coming after the quarterback. It's a whole team, right? Uh so we tend to overplay the power of the term. So it's interesting. So, it's it's uh seven members of the Federal Reserve Board of Governors, one permanent seat, the president of the Federal Reserve Bank of New York, four rotating seats from uh the other 11 regional Federal Reserve Bank president, seven governors, only 12 votes, and uh this group sets interest rates, monetary policies, decisions, move, markets, inflation, jobs. So, he's got one vote and his one vote is not above everybody else. Brandon, your thoughts?

Yeah. Um that's uh super interesting and I do wish that Trump would have come after the whole concept of the Fed the way he's coming after the um the head of it. And uh yeah, I mean the thing with a lot of these people I don't think there's like a lot of diversity in opinion. It's a lot like politics where you're either kind of a dove or a hawk. And uh you know they tend to um I think overcorrect a lot of the time. But like this guy for example, I was laughing. It says in the past that he was um calling to raise interest rates and in 2009 when we were at the bottom of a recession and then um you know he was suddenly doubbish when Trump was trying to be dovish in uh 2018. So um kind of goes in

whatever direction the wind's blowing. Um and not super excited but you know he's probably like slight increase uh slight better than Pal because I think Pal's been consistently wrong every time. Um tight loosened too much in 2020 tightened too quickly um too late. But uh yeah, no, I wish Trump would attack the concept more than just the person of it because I think that we don't have a serious economy until the concept of the Federal Reserve controlling the price of money goes away or changes. Yeah. You know what? What's the one thing people forget, Tom? Is Elizabeth Warren makes it seem like him and Jerome Powell are best friends. And here's what they forget. Who appointed Jerome Powell?

Trump. Trump did. So yeah, if there's one thing you got to give credit to Powell is He did his job as much as he could. No matter how much hate he was, he got in trouble a little bit with this building stuff that was not pretty. It was nasty. Hey, you spend this much money. You were supposed to spend this much money and it was problematic. But at least Powell did his job. He is not the most liked guy in economy today, but he held it together. Okay, so good for him. So Kevin, he comes and she's asking questions like that. Oh, because he's appointing you, you're going to do this. This guy Tom said it yesterday. He's probably going to be a potentially could be a definitely going to be for two, but he potentially could be a, you

know, chair for three different presidents on the six years. Mhm. So Trump, whoever gets elected 28, if they're one term, it could be another person next term. Or it could be a two-term, you know, same president. So it'll be interesting while we're going through it. And by the way, what's interesting to look at one simple chart, if we can look at one and move on, I know we've been on this for a minute. You got Rob, you have the dot plot I just sent you to Wednesday. And that list of people there, you usually will see 181 19 dots on this, but it's you've got the 12 votes and you can see where it's going. Scroll down right there. And you click on

that. See there, Pat? There it is. So, there's the dot plot. Those are represented by, you know, the Fed voters, but they all get influenced. And the chairman of the Fed, you know, talks to these people and he does lobby his group. And part of the job of the chairman of the Fed is to kind of make the peace or keep the peace. And you can see right here, the majority of the dots are only down a quarter point for year-end 26. You can get rid of that. And then next year, they're only aiming to another quarter point. So unless we have economic stats that go crazy, you know, this is where it is. But somebody the summary of economic projections is also what you look at and they publish that every third meeting or something

like that. It's not every meeting. Summary of economic projections is like every I think it's like uh twice a year. Yeah. So anyway, you can see which way it's going. But to say that he's one guy and only one vote, I think kind of understates the influence he has on these dots and these folks. We don't do any uh major sponsorships on the podcast. You won't see us doing a podcast and uh announcing seven sponsors. We haven't done that yet. We're talking to some big companies we'll entertain and have that. We have some things that we'll invest in and if we do, we'll talk about it. There's certain companies I invest in. I'll gladly talk about it. But when it comes

out to the Vault Conference, if there's one thing that I can tell you, it's 12,000 people in one room this year in Las Vegas at the MGM Grand Arena. And a lot of business owners want to get in front of these qualified customers. So, Rob, I don't know if you have the pitch deck for go on that real quick if you could. Uh, go on that if you could and go to the sponsorship all the way at the top. Uh, uh, yeah, if you can click on that, it explains go a little bit lower. I don't know if the slides are there or not. Go a little bit lower, lower, lower, lower, lower. Keep going lower. Keep going, Lord. That one right there if you could. So if somebody on the title sponsor side, your logo would

be on the MGM. Go to the next slide if you could. So you can find out which of these you could have your small business owner, small business in front of while the customers are coming through and taking a look at the event. Keep going, Rob. Uh you could be on stage, you know, there could be videos. Keep going, Rob. Just keep going every second. You could be on the app while people are going on there. U manual that's going to go to 12,000 folks. And then if you want to play the clip and then we'll start the podcast. Go for Rob. Here's what it looks like for sponsors at the Vault Conference. Go ahead. In 2019, the Vault Conference started with just 420 visionaries, 1,500 in 2022, 3,000 in 2023,

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