On Monday, during an appearance on CNN’s “Newsnight,” Breitbart News economics editor John Carney challenged CNN International’s Richard Quest about the market response to the Trump administration’s tariff strategy.
According to Carney, the market’s response should not be the sole determinant of public policy.
Partial transcript as follows:
QUEST: Can I just tell you something? I’m tired of sitting in debates like this and having everybody say, oh, you know, you elites, you people of this — at the top, you at this, you at that all day. I’ve heard this. The reality is, yes, there are maybe a smaller section of the country that is share-owning in their own right, but millions of people have 401(k)s. And even if you don’t have a 401(k) or you don’t have a retirement account, your company depends on the market.
CARNEY: I don’t think we should give the stock market a veto over the public policy of the United States. And so if the stock market doesn’t like us doing the right thing, just like Jay Powell didn’t do, the Fed doesn’t say, oh no, we can’t raise interest rates because of —
QUEST: No. The Fed — whoa.
CARNEY: You might not —
QUEST: The markets knew that the Fed had to do it to get rid of inflation.
CARNEY: The market went down. And why did it go down?
QUEST: Yes, they didn’t like it, but they knew that was the orthodox that. And they knew that was the orthodox monetary policy that was falling —
CARNEY: And this is what we’re doing today.
QUEST: This is not orthodox.
CARNEY: It’s not orthodox, you are absolutely correct, but the market will realize that this is the right thing to do and it’s necessary. We had no choice.
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