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Pal has been intensely political. I think Trump is right to be frustrated. Let's just go back through the history.
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In the summer of 2021, we got that 5% shock inflation print. And it was pal who played along with Biden and Yellen
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that this was transitory. And that transitory narrative they used to basically avoid any change of policy for
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6 months. Now, what was the importance of that timing? Well, Pal was renominated for a second term by Biden
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on November 22nd, 2021. So in other words, he went along with this whole transitory narrative to get renominated
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and then a week later on November 30th, he said it was time to retire the word transitory.
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Do you think that was incompetence or do you think that was political sex? It was obviously political because think
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about it. If Pal had stood up and said, "No, I think Biden and Yellen are wrong and this isn't transitory." It would
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have been contradicting the Biden administration and it probably would have cost him getting renominated for a
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second term. 100% and it caused an asset bubble in 2021. It caused the 9% inflation that we had
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the following year and it caused the crash that we saw in 2022 and 2023. Let me give you another one. Pal started the
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rate cutting cycle last fall with a 50 basis point cut right before the election shortly after Elizabeth Warren
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sent him a letter demanding a cut. She says that we're writing to urge the Fed to cut the Fed funds rate and it says in
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fact it may be too late. Your delays have threatened the economy and left the Fed behind the curve. The bottom line
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here is Elizabeth Warren was saying that Pal needed to cut dramatically when inflation was at 2 and a half%. Now
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Elizabeth Warren is saying that Pal needs to stand up to Trump and not cut rates. So you can see the hypocrisy