Show Notes
Writer and speaker Carol Roth fled Chicago ahead of the festivities of the Democratic convention mostly, she says, to avoid all the purported “joy and vibes.”
Roth is a two-time New York Times bestselling author and former investment banker. Her latest book, You Will Own Nothing, is in bookstores now and explains how the agendas of Wall Street, international organizations led by socialist activists, and multinational corporations all work together to separate millions of Americans from their money. The reference of the title is to the infamous prediction by globalist Klaus Schwab of the World Economic Forum that, by 2030, “You will own nothing, and be happy.”
She joins Eric Eggers, who is flying solo this week as host of The Drill Down podcast while Peter Schweizer is traveling.
The joy and vibes didn’t extend to the street protestors. More than 70 pro-Hamas convention protesters were arrested Tuesday night by Chicago police. Roth wasn’t impressed either.
“On Twitter yesterday I asked, to the nearest dollar, ‘How much joy does it take to pay for food, to pay for rent, to fill up your car?’ and I was unable to get a really good answer,” she tells Eggers. “We’re at a point where we have a debt-to-GDP [ratio] of 120%. To put that in context, the IMF, the Treasury, and other notables say that a country is on the path to financial instability at about 70 to 80 % GDP. So, we really need to cut that in half. Yet we have one political party saying, ‘Daddy, please spend more money!’ And they don’t seem to care about what the consequences will be in the future from what they have been doing,” she added.
Eggers noted the Harris-Walz campaign has still not added any policy positions to its official campaign website. That doesn’t seem to matter to the joyful, vibe-filled convention-goers, either.
“Kamala Harris was the tiebreaker vote on many of the [Biden administration] policies that stoked historic inflation, which have driven close to $2 trillion deficits. We’re on this precipice of financial ruin, yet everybody wants to talk about vibes and joy,” Roth said. “And unfortunately, when you are part of the Democratic cult, you buy into that. It’s like, well, this is my team, and it sort of doesn’t matter what they’re saying,” she said.
Wednesday morning, a US Bureau of Labor Statistics’ review found the economy had created 818,000 fewer jobs in March than they had originally estimated, potentially teeing up a heftier rate cut from the Federal Reserve Board next month.
In her books, Roth has been critical of former President Donald Trump’s policies as well, noting how he let the Democrats on Capitol Hill and in the agencies drive his response to he COVID pandemic.
“That was a giant mess driven by Nancy Pelosi and the states, but he deserves criticism. But now, we no longer have this emergency, but we printed trillions of dollars. The Democrats enacted stimulus, then pretended not to know that this would be inflationary,” she said.
What is needed, she continued, is a “base of economic reality.” The key is growing the economy, giving more freedom to entrepreneurs to start and grow businesses, not having the government spend more money.
“About one-quarter of the price of a new home is attributable to government regulation,” she noted. “And we’re underbuilt in the US by between 2 and 5 million homes. So, there’s a supply problem. Yet, her proposal is to spur demand by offering $25,000 to first-time homebuyers. It’s economic idiocy to put that out there,” she said.
“Brian Deese is on her economic team, and his background is not in economics but in law and political science. He spent some time at Blackrock, but as head of their “sustainable investing,” she noted. “Entrepreneurs – people who have been crushed by their policies — are an ignored constituency,” she observed.
Roth and Eggers joked about Minnesota Gov. Tim Walz’s “Covid Hotline,” for snitching on neighbors who violated the curfew policy he put in place. Eggers joked, “Well, one man’s Covid hotline is another man’s HOA president’s home number.”
