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subdivisions that receive so much money from the american rescue plan are just now starting to spend that money. that is only going to fuel the fire of inflation but what does this administration trying to do to address inflation? they re trying to continue to revive the build back broke bill that would spend another five trillion dollars. you cannot influence your way out of inflation. maria: that was missouri congressman jason smith, the ranking republican on the house budget committee on this program last weekend explaining why he thinks inflation gets worse from here. i m back with tom hoenig and dan niles. dan, you just made a great point about the swiss national bank raising interest rates and markets worry that it was going to sell all of its tech holdings. we saw another horrible week in stocks last week. how does this play out, dan? what do you think happens? you think we have more losses in the stock market? do you think inflation gets worse? how are you protecting yourself?
somebody else. when is he going to show leadership including belly-up to the bar say this one s on me? maria: coming up the former president of the kansas city federal reserve, tom hoenig and investor dan niles, on belt-tightening protecting your family during recessionary times. as economic hardship, wide open borders spark a wave of hispanics to move to the gop with a stunning victory in south texas this week. republican mayra flores joins us live. new intelligence this morning, ranking member of the house intel committee, his letter to the president, congressman mike turner on biden s plan to stop russia and china from blackmail ing america. it is all now here on
16%. dan, i want to get your take on growth, why tech stocks take it so hard. even this weekend you look at cryptocurrency, bitcoin fell below 20,000, i believe to 18,000 from high of 65,000 on bitcoin, but before that, tom, you heard what jason smith just said the ranking member on the budget, he thinks in fact inflation gets worse. how much worse do you expect this to get? how much higher to you expect the federal reserve to raise interest rates, tom? i think inflation will probably stay in the 8% range and then depending how, how big of a recession we encounter that will come down once we get started. the real test for the fed, once the recession becomes more apparent, and once that unemployment rate starts going up whether they will stick to their guns. yes, if that spending continues, if the federal reserve backs away its policy because
rate hike of 50 basis points, the first rate hike in 15 years. one thing that hit the stock market they backed away from what they said earlier, implied they would defend their currency potentially selling u.s. stocks. swiss national bank has 177 billion in u.s. stocks. they are one of the top 50 shareholders apple, amazon, google and facebook f you see other sovereign wealth funds looking to defend their own currencies by selling assets that they own, this is going to be a even bigger problem. maria: that is a great point. i want to get your take what to do about it, your best belt this meltdown. let s take a break come back with tom hoenig and dan niles. stay with us. it with a new one of the same make and model. get a whole lot of something with farmers policy perks. we are farmers. bum-pa-dum, bum-bum-bum-bum