In this short clip, Patrick Bet-David, Adam Sosnick, Tom Ellsworth and Vincent Oshana react to Jerome Powell going against climate change.
FaceTime or Ask Patrick any questions on
Want to get clear on your next 5 business moves?
Watch the PBD Podcast Ep.225 here:
To reach the Valuetainment team you can email:
#valuetainment
Federer is a chair Jerome Powell Cautioned that the FED must resist the Temptation to tackle social issues such As climate change saying that taking on New goals such as climate or social Policy without a clear statutory mandate Would undermine the case for the fed's Independence Powell emphasized that the Fed's regulatory Powers give it a narrow Role to ensure financial institutions Appropriately manage the risks they face From climate change but it should not be A climate policy maker he also stated That decisions about policies to Directly address climate change should Be made by the elected branches of the Government and must uh reflect the Public's will as expressed through Elections what are your thoughts by the Way tomorrow Vivek who's going to be on He wrote the book awoke and couple other Books on this topic one other book on This topic he'll be here ESG so so what Tom is the is what he's really saying is ESG can apply to corporations but not to The Federal Reserve let us do our part Don't judge us with our ESG score or is He just saying let's not get the two Confused let's run a business here yeah I think we're just talking about his Independence he's saying listen without A clear mandate you're going to Undermine our independence we're Supposed to independently look all over
The economy all over legislation and Everything and saying where should Interest rates discount rates and these Other things be we're supposed to be Independent on that now you're saying That rates and other things would move And Bank overnight banking rates would Would change if they want to penalize Institutions or Industries no I I I'm With Powell here it's like all right I Know everybody wants to do and by the Way World economic Forum tomorrow they're Getting together in Davos you know it's Coming up Listen most of the climate change saying Is income redistribution if you take a Look what's really going on there and All he's saying is hey we're supposed to Be independent Fueling the economy with everything That's in that leave us alone and do This because unless there's a mandate to Do this you elected guys do it you Program guys do it you tax guys do it And I think that's all he's saying and I Think he's right I just want to say one Thing about Jerome Powell and just to I'm gonna I'm gonna reiterate this and Reiterate this a drone pal is the most Important person in America today it's Not Trump it's not Biden it's not Elon Musk it's not this person that like Jerome Powell as Jerome Powell goes the
Country goes at this point everything That's going on with inflation and money Printing and stimulus checks and Everything I mean is there is there is There a person even on Jerome Powell's Level right now including the president United States is anybody even touching Jerome Powell's status as far as the Most important American in the world Right now anybody he's up there he's up There with the amount of influence that He has but what's your point with Climate change I don't know nothing About climate change it's just the fact That that's the stance that he's taking Is is a very very yeah but this is about Climate change we know he's the most Powerful but but most people don't know That that's what I'm saying I understand That so for for a guy this powerful to Say what he says about climate change What's he saying to his peers you know What it's like it's kind of like when Jon Stewart went to his buddy and he Said so what do you think about the fact That the virus was leaked from Wuhan it Was not a bat no it's not about what's The last time you saw about so so Jerome Powell is essentially calling out his Peers the same way Bill Maher is calling Out his own side it's the same way Stephen A Smith is calling out his own Side it is a very tough position to be In because when you get invited to those
Parties which Jerome Powell is going to Be at People are going to go up to them and They're going to say why would you make Those kind of comments you know how much Progress we were making with climate Change and you say something like that And you know the media on the opposite Side our enemy is going to pick it up we Have to stay United you can't say Something like that so for a guy like That to say that You know it it just comes across as There is at least somebody with logic That is thinking the way that Jerome Powell is thinking and by the way don't Forget who nominated Jerome Powell it Was Trump Biden kept him yeah so you Hear you have someone that's David Rubenstein our good friend yeah Seven years wow yeah he worked for David Rubinstein so yeah and he's saying this On the eve of Davos which is coming up Over the next seven that's what I'm Saying for him to say that that with the Timing of it I think he's given the Other fed Board of Governors also air Cover he's given them air cover so from The top he's saying we're not going to Get involved in this and doing it so he Would be giving someone like let's say I'm on the board in St Louis the FED in St Louis he's giving me some air cover Because the boss is saying hey we're
Going to worry about fiscal policy and You get elected officials everybody else They're flying your Um highly pollutant private jets into Davos at this very moment you guys can Talk about global warming right and Tom Think of just he's given me air cover Yeah you you'll know this I mean what is The purpose of the FED it's there to you Know stamp down inflation uh price of Goods unemployment keep the uh the money Supply it has nothing to do with social Issues or ESG or anything like that so that just That just do your job and that's his job Independently turn the knobs that help The economy for everyone right so if you Like this clip and you want to watch Another one click right here and if you Want to watch the entire podcast click Right here [Music]
