tv WSJ at Large With Gerry Baker FOX Business November 14, 2021 11:00am-11:30am EST
futures. she's got exclusive interviews with senator ted cruz, carson jordan, doug collins and former defense department chief of staff cash patel. plus start smart every weekday from 6:00 a.m. -- 9:00 a.m. eastern with the mornings with maria right foxbusiness for that will do it for us, thanks for w have a great weekend. ♪ ♪ ♪ ♪ hello this week on the wall street journal at large, inflation hits at the highest level in three decades. it looks like it could go even higher. from thanksgiving dinner to filling up gas tanks prices are surging across the country fueling on each about the viability of economic recovery. now was all this avoidable? does joe biden have any sort of plan to get a grid on the
spiraling prices? are these administration policies big spending and energy supply simply making things worse? we'll discuss this and more with their panel of top economic advisers for the past two presidents. and jason who had the same post in the obama administration. plus a courtroom in wisconsin young man fights to clear his name we learn once again it pretty well everything that media told about kyle rittenhouse was misinformation. we'll talk more about that later. but hello welcome to the walls or journal at large for the last time prices in the united states for raising this vast, george h.w. bush was president cheers was the top-rated tv show the buffalo bills were in the super bowl. at least that last one has the faint ring of contemporary plausibility. after three decades in which inflation seems to be consigned to the ancient history of a previous century, all signs are >> with a vengeance. this week the governor reported prices rose by
six-point to percent from a year earlier that's the fastest pace since 1990. inflation is especially intractable and invasive economic problem. it affects far more people than even the kind of high unemployment we get in a severe recession. it represents eight tax especially on the porch to tend to spend almost all their income on daily necessities. it creates destabilizing uncertainty for businesses and it is notoriously hard to break once it becomes embedded in the expectation of workers, employers and investors it takes on a self-perpetuating or even self accelerating. in you need to nip it in the bud, fixing the problem later is much more painful and costly. that is now the problem we have. the inflation we are seeing is been building for at least a year. and a large part by the supply chain will open x on the economy for the destruction is the massive wads of cash the
federal government's throne with the economy the last years to christian americans from the pandemic. the crucial moment came at this year when the new biden administration decided to add further fuel to the fire with another huge round $1.9 trillion. the american rescue plan is exactly with the economy did not need it would only increase inflation. the democrats ignored the warnings impressed ahead. when prices did begin accelerating even faster the administration insisted all be short-lived. >> are higher prices here to stay? >> i believe it's transitory but i do not mean to suggest that these pressures will disappear in the next month or two. >> transitory have a chance have we heard that word? inflation cap right next biden's people it was good news it was a sign of a healthy economy it was growing. >> more people have jobs, more people have goods at increasing the demand. that is a good thing.
gerry: friendly with your thanksgiving turkey likely to cost 10% more than a dead last in gas prices in some parts of the country at $4 a gallon, joe biden has acknowledged we do indeed have a problem. >> and jobs are, and savings are up. but we've got problems too. many people remain unsettled about the economy and we all know why. they see higher prices. >> the worry is it may already be too late. history tells us getting inflation under control once is it is incredibly painful. the late president bush if he were still with us could tell joe biden what that could mean for president seeking reelection. former president obama counsel economic advisors thank you both for joining us.
>> it thank you gerry good to be a pretty quick states on to your one of the democrats who were coming to your credit warning back at the start of the year about inflationary pressures and raising questions about whether i might actually add fuel to those inflation do you feel vindicated? >> i think the fiscal stimulus was midsize. i'd date it all back to december of 2020 when president trump came out of said send everyone a 2000-dollar check. president biden then decided to follow through and deliver that to thousand dollars check that president trump called for. cicely got the money but they got at a time of the economy cannot make it up for them to buy it so we've seen prices go up. >> prices -- it can be terribly difficult to break inflationary spiral do you
think that is what we now risk? do you think it's still janet yellen in the federal reserve jay powell telling it's still transitory? >> i am of the view inflation will remain elevated through much of next year. the fed needs to take inflation more seriously and do something to bring it down. but i do not think we are seeing a spiral. i don't there would see higher inflation rate next within this year for the inflation rate going to come down just it might not come down as much as we like it is not going to come down enough of the fed does not help it come down. >> kevin are you is optimistic as jason? do you think we may be near the peak of inflation or could it go higher? >> it could definitely go higher. if you go back and look at the history of years where you accelerate where you have accelerated this year so far, then it typically what happens is you go up from there. he even this year when she make it this far into the something with a six handle
that on average you end up with an eight -- ten handle. so it really is the case we probably have not seen the top of inflation. we also not seen a positive policy reversal that needs to get more serious about it that would suggest to us. but we are thinking about the policy that goes back i think the one thing jason and i agree with about a lot the one thing i disagree and i had a little heart in the story when president biden came in in january you might recall there is a big surge in covid cases up to 250,000 on a moving average per day. it looked like we might even have to rolling shutdowns because covid was so out of control. then the vaccine had a big positive effect even bigger than the epidemiological models were suggesting was possible heard once he got the high-risk people it really cut the cases back down.
by the time they pass the stimulus bill it was kind of clear it was not going to be another big shut down we had in the spring of the previous year. they should have resized it. in washington once the legislation gets going it's hard to modify it based on new facts on the ground. but i think in march she decide a stimulus bill you would have designed one that was way, way smaller. >> just briefly got to take a break, you said the fed is probably going to move more quickly than it has done. what is it going to take to break this? in the past these do result which bring about recession is there a danger of that do you think? >> there certainly is a danger jason said it right, but we have got is too much demand chasing after two little supply. if we do not want a recession
we need to come up with this a positive supply policy. >> we got to take a break there coming up employers to go green is asking energy go green is asking energy nations to produce more oil. there's a different way to treat hiv. it's once-monthly injectable cabenuva. cabenuva is the only once-a-month, complete hiv treatment for adults who are undetectable. cabenuva helps keep me undetectable. it's two injections, given by a healthcare provider once a month.
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♪ ♪ corrects travel industries primarily coal industry and coil oil and gas industry. will probably go bankrupt in short order. at least we want them to go short order form to tackle climate change. we starve them of their sources of capitol. gerry: this from a moment of candor and someone in joe biden's administration his nominee for controlled the currency said energy companies going bankrupt prison violence
: pertinent zero emissions in the u.s. at the same time asking opec to increase their all or jet oil output let's take this up at the panel. jason, how much do you ascribe these energy policies of joe biden's? killing off the pipeline, cutting the oil expiration on, how much is not contributing to the squeeze in energy supply? >> we are taught about supply before. it's important understand president biden's plan to increase supply. the historic infrastructure bill that was just passed on a bipartisan basis in congress is going to do really good things for supply port is not what to do it right away. you look at the green energy plants president biden hands it's about subsidizing
different forms of electricity, forms of electricity like wind and solar paired all the analysis i have seen with lower electricity prices for family. visit me would have a carbon tax would rebate that money to families but i don't know that i would do it that way but the way he is doing it would lower energy cost. gerry: is a bit curious, jason, to be arguing for a net zero to be going to glasco and proclaiming the end of the carbon era. it literally at the same time to urge opec oil producing companies -- countries to increase their output to take some of the pressure off rising prices. it does seem a little hypocritical. >> my own view is that if gasoline prices were a little higher they could afford that they are trying to avoid large and disruptive changes in
gasoline prices and trying to keep gasoline prices lower. you might like that you may not like that. that doesn't seem to be what his goal is. it's a goal about preventing larger disruptive rapid changes. gerry: haven't acted this point up some contradictions here with the administration is trying to do. if they really want to wean us off of fossil fuels they should be welcoming higher oil prices so that will speed up the transition for the green economy they tell us are going to do. they do not want to do that it reveals how painful that transition is going to be despite the happy talk. >> that contradiction is actually something that is said real political salience if you go back and look when they had a super majority in the senate they are pushing the trade bill that in the end people started to look at how much it costs and how disruptive it might be and
what is going to mean for the price of gas and oil, even all-powerful at the moment party decided to choke on the bill. climate is something that needs to be addressed slow and steady and rationally without emotion. if you want to replace of fossil fuels you need to think carefully about what is most cost-effective way to do it. i think jason is right if you're going to be serious about you have a carbon tax that mix of fossil fuels more expensive than other things come in they compete for the energy business whoever is most efficient ones that. the approach democrats are taking is first of all it is too disruptive right now for energy in the u.s. by halting exploration and shutting down pipelines are not leading biplanes be built. that causes a lot of trouble. the second, they need to not pick winners. if they serious about climate change they should be serious
about climate change and be something prudent with the revenues. let the free market decide with the next energy step is. gerry: got to jiggle more break the house of representatives is still struggling to pass biden's ability back better plan. where is it going and how might it conon (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different.
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year. this is spending plan we still do not know how it's going to look finally or if indeed it gets passed. biden tells us is going to help a long-term is going to help increase supply at long term it's going to free up families because people will be able to work it will free up labor pressures and childcare is it really the right set of priorities the u.s. should really be focusing on and now as their major legislative initiative? >> and no i really don't. if you think about the world has changed a lot in the last year. we've got inflationary pressures jason knight both saw, clearly the bite administration did it. against that backdrop it's going to sit back and look at the huge tax hikes they have in the bill. i think childcare is a worthy objective. we sort of shot these supply disruptions will be upended by the return to school of so many kids we did not see much effect to that. i do not view it as a positive
supply bill. i viewed as a positive demand bill and eight negative supply bill. therefore i think it will feed the spiral we are potentially heading into. that's another thing to disagree with jason on another point, wages have not kept up with the surge in prices. wages will, when wages start to adjust early next year wages are going to go up in employers are going to have to pass those wage increases. that is why we start to have a spiral because up from here. it's very important policy get it right right now i think this bill is the right policy under some circumstances but not these. >> jason it does seem as though i know you're going to argue this will help increase supply in the long term you've said that with the bipartisan infrastructure bill. it seems again like not the kind of priorities the u.s. should really be focusing on right now given where inflation is kevin says it's going to put up is going to raise taxes. there are a lot of things that need more urgent attention than this transform the u.s.
economy in this way. >> gerry, we elected president expect them to be able to more than one thing at a time. joe biden should not wake up every day and just think about supply chain. he should think as much as he possibly can. he shoves commerce secretary thinking is much as she possibly can. he was also elected because people were concerned in this country about issues like childcare, and investments in children, green energy, and the like. there is no reason he cannot do both. this bill would have a negligible impact on inflation on that medium and long run. if you would to argue it's a good idea because it does great things for childcare, i think that. i would support it for that reason but if you want to argue it is bad things for childcare, i respect that argument too. this bill is not going have any material impact on medium-term inflation. that is really. [inaudible] >> polling data suggests people don't think this bill
is going to help them for they do not think it's with the economy needs right now there does not seem to be a lot of support for it. including possibly within the democratic party we still do not know if joe manchin and kyrsten sinema are still going to vote for perry. >> 99% of democratic legislators supported part of course you did one 100% for it to pass. i am not a polling expert i've seen polls that show is popular for a look at it economically and think it's in the interest of our country economically and hope they pass it. >> and jason, thank you both very much indeed for joining us. coming up next to destructive immediate gets it wrong once again putting out again putting out misinformation that fitit
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so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ gerry: the corporate media likes make a big fuss about the misinformation that is out there in social media and elsewhere. and how it needs to be censored by tech companies and perhaps even regulated by this week that another opportunity to see where that most of the misinformation is actually coming from. plaintiff washing televised trial of kyle rittenhouse and wisconsin charges of murder after he shot three men's with a black lives matter inspired right in wisconsin last year. rittenhouse were told by commentators at the time and by the way by now president joe biden himself was a white supremacist, vigilant to kill protesters in cold blood. >> rittenhouse is basically what you would have had in a school shooter pre-
>> arguably a domestic terrorist picked up a driver, drove to different state to shoot people. >> the vast majority were peaceful and the violence that have come from outside trump supported kyle rittenhouse the arms teenage vigilante. >> the evidence has painted a very different picture bolstering rittenhouse's case he acted in self-defense even where the key witnesses, one of the event shot by rittenhouse testified on the sand that he was fired on only after he had pointed his own gun at the defendant. the judge repeatedly written to the prosecutor for outrageous breaches of judicial process. we do not know the verdict of course yet, but what we can see for ourselves is that the story that we were initially created by the media was false for this was no domestic terrorist but frightened young man acting out of fear. it is the same story again and again. donald trump was a russian agent, brett kavanaugh was a rapist, nick sandman, remember him the kid from the catholic school on the steps of the lincoln memorial was a privileged white races. biden's laptop was a russian
plot. on and on it goes media puts out misinformation far more extensively in far more damaging way than any right wing conspiracy website. this is a primary source of corruption international conversation pretty thank goodness we can still find ways of getting at the truth. that is it for us this week i'll be back next week at more in-depth interviews right on the wall street journal large. thank you so much for joining us. ♪ ♪ >> barron's roundtable sponsored by invesco qqq. ♪ ♪ welcome to barron's roundtable will be get behind the headlines and prepare you for the week ahead i am jack otter. coming up inflation, stock prices and corporate profits all soaring what comes next question at veteran ceo has seen it all. he will tells how to ride it out. and later more americans are planning to do their shopping in-store this holiday season. brick-and-mortar retail i