exacerbated the inflationary picture we are in. he is a tough job and a lot of people are wondering when he s talking about raising rates. the core of the inflation problem is higher rents and higher wages. it s what they call sticky. it s not going to go away and it s only going to get worse. i m not sure what the fed can do at this point to get that genie back in the bottle. speech is remarkable. and washington backed powell, by the way. speak a wall street loves free money more than anybody. sandra: great to see you. have a great show. john: the city of beverly hills rocked after the wife of mood music legend a shot in their home and later dying in the hospital. but we know about this murder mystery. sandra: we are following that, but first, the 15-year-old suspect on michigan s school shooting may not be the only one facing charges. why prosecutors could it be into
many of them are going to speak up, but they see what s happening with inflation and they know that the build back better bill is about a $4 trillion bill. it s going to be like throwing kerosene on a tire fire. they know it s going to hurt the american people and it s going to hurt them politically. john: excuse me, want to get into one other point here because we are on the verge of a government shutdown if we can t get the spending bill passed. there reports that some republicans want to use the threat of a shutdown to get money out of the spending bill that would be used to enforce coronavirus vaccine mandates and the private sector question might senator mitch mcconnell says no, there s not going to be a shutdown. who is right? senator mcconnell or this group of republicans that want to use this as a lever? the last time i talk to the republicans, they did not look
but now you go back earlier this year and we were not in that same emergency. the economy was open and people were flustered we just had another 900 bucks in december. we did not need that money. that took us over the top. you did not see the word inflation anywhere. look at the google searches. no one googled inflation until that money went out and all of a sudden, you have more cash, you were buying less. sandra: a year ago, we were still in a prevaccine world and they were limited buildings for people to go out and shop and theaters in all that. here s jay powell really quickly on inflation. he did acknowledge you got this wrong. listen. the point is, we cannot act as though we are sure of that. we are not at all sure of that. inflation has been more persistent and higher than we have expected and we have to use our policy to address the range of possible outcomes. sandra: i don t know what the accountability is forgetting that wrong. getting it wrong could further
and here s janet yellen extending the stimulus saying it was necessary and helped a robust economy. listen. inflation is a matter of demand and supply. it certainly is true that the american rescue plan put money in people s pockets and help them meet expensive that they have and contributed to strong demand in the u.s. economy. speech was the acknowledgment that the extra money that went into the american families went out the door because of inflation caused that spending? speak up she wants to take a victory lap. every time they speak, we were in an emergency situation a year ago. the government shut down the economy and it turns out it was a great move. we had the shortest recession on record and we had the v-shaped recovery.
a good game. this guy is in charge of inflation! that s his gag! we ve been trusting him with that job so for him to take it and acknowledge it, okay. here s the thing. watching these last two days have been riveting. in part because of what you said in the introduction. they are still pushing more fiscal spending. tomorrow, we are going to hear that the country created 500,000 jobs last month. we ve 11 million jobs open. wages are the highest level they ve been in their moving. household is going phenomenal. we don t need more money. inflation should not of been a surprise for either one of them, particularly janet yellen because the blinded administration, these checks they keep spending out. it is fueling inflation. the war on oil is fueling inflation. a lot of the straps right at their doorsteps and the american public knows. sandra: but they don t acknowledge it that extent.