00:05That's why they call me the velvet hammer sir, I
00:09Didn't I didn't I didn't see that you weren't harsh as well. You're nice when you do it like just right now see
00:15cinema remind me not to give Tina a compliment in the middle of that
00:21Chairman Powell just want to make certain I understand this correctly control inflation and
00:26Maximize employment. That's it two things correct. Yes, so let's take one at a time maximize employment
00:34Do you care if every American makes minimum wage or makes a livable wage?
00:40Is that something that factors into your convert and your thought process in other words? We have full employment
00:45But most Americans are on substandard wages. Does that change your calculus?
00:51Does it change my what calculus does it do you care in other words?
00:54Is it full employment is full employment every American has a job, but they're making minimum wage?
01:00Versus having a family sustaining wages that does that matter to the Federal Reserve
01:04It would matter to the country a lot and say does it matter to the Federal Reserve when you're making it to honestly
01:09We wouldn't we don't really have the tools to affect that right? So it doesn't it doesn't factor in now
01:14That's different than us the people of this country elect us to make certain that their wages are higher than inflation
01:20And by the way that the records show that real wages are up this year
01:24So we we've done that not the Federal Reserve second piece of it is let's talk about
01:29Inflation for we've we've helped control inflation, which we're gonna jump right into the inflation conversation
01:35There's different kinds of inflation. There's different causes. There's not witnesses to inflation
01:40There's key actors to inflation. Would you agree? Sure. Okay, so let's talk about the actors
01:46Uh, did you comment you're in kovat lockdowns that that was a bad idea meeting that you're shutting down the entire economy?
01:53It's not a button
01:55I hit the button. You can hear me. It's on and off
01:58Kovat wasn't that we just shut down the economy any
02:03Comments on that of course not okay, so you didn't comment on that vaccine mandate something that my democrat colleagues loved
02:09If you don't get the vaccine, you're a terrible human being you can't go to work. In fact
02:14Joe biden
02:15Was overruled by the supreme court
02:17Because he said that if you work in a company with more than 100 employees and you don't get vaccinated
02:22The company has the ability to fire you fire you
02:25Unless you prove that you're a negative on covet that obviously is a supply chain shock wouldn't you agree if i'm running an assembly line
02:32And now I have to put my people six feet apart and now I have people
02:36Quitting or not coming to work or I have to fire them. That's a supply chain shock. Wouldn't you agree?
02:41I mean, it's a medical thing that you know, but it's a supply chain
02:45I'm asking you to make a medical decision. I'm asking you make a fed decision on inflate way outside anything
02:50We would come but it but it affects inflation because the plot it didn't
02:54Are you saying that supply chains shocks don't affect inflation? They do but they didn't so that that's clearly one if you ban the export of liquid natural gas
03:04Which is an under which is going to cause a commodity price to go up with that
03:08The supply shock not also cause inflation potentially could yeah, so and now my the ranking member loves to talk about billionaire
03:17Corporations, you know that are going to get away with paying taxes, right? Who pays corporate taxes?
03:23Like who pays it? Is it like some obscure?
03:26Wizard of Oz character behind the curtain that is a corporate entity that pays taxes who pays taxes?
03:31I mean ultimately it's shareholders and and customers so it'd be I'm going to read you a line
03:35You tell me this accurate on taxes. It's not possible to know in advance
03:40Precisely how the cost will be shared for taxes. That's I add right
03:46But it is highly likely that consumers will pay a meaningful share
03:49Meaning if if my the ranking member has her way, let's just tax corporations at a hundred percent. Why not?
03:55Be fantastic, right? Nobody would want to start a company, but that aside
04:01Uh, that cost would be added to consumer products, correct?
04:05A tax or a tariff. What are you talking about now?
04:08The income tax for american corporations goes up
04:11They will share that tax burden with their consumers true or false
04:17Ultimately yeah, so then taxes do raise inflation
04:21But you don't comment and they have it and you don't but you don't not true
04:25Empirically, it's not true. The chairman is going to beat me up in 56 seconds
04:28So but you sent me a very nice letter which I appreciate and it says the federal reserve plays no role in commenting on trade policy
04:38So you don't comment on supply shocks. You don't comment on tax policy, which clearly affects inflation
04:43You don't comment on the demand pool. You just said now that we should forgive student debt
04:49Why is this a person that goes to harvard does gets a gender studies major pays harvard obscene amounts of money because professors are grossly overpaid there
04:57Is that person better than a working-class ohio and that is a plumber but can't afford a car?
05:03Because interest rates are too high and car prices have gone up
05:06Why is that person why don't we forgive that person's car loan instead of forgiving their student loan?
05:11But you don't comment on that you comment on tariffs
05:14So I'm going to just show you I don't comment on tariffs at all. Actually, I come in only
05:19You've only commented on tariffs. You've only commenting on the wisdom of tariffs. I
05:23The chairman's over there in the conversations. I'm going to show you a chart here. This is car prices. I'm paying attention
05:28This is car prices
05:30This is this year car prices are down
05:33Car prices are down inflation in america is down
05:37We got elected by millions of voters. You got elected by one person
05:41He doesn't want you to be in that job
05:43And you are costing this government 400 billion dollars a year by refusing to lower interest rates
05:49Nobody in this chamber has that kind of power to have a 400 billion dollar impact on this economy
05:55On our deficit and I just think that you should consider
05:58Whether you're really looking at at this from a fiscal lens or a political lens because you just don't like tariffs
