simply saying we have no more shelters, spaces or resources. and new york city mayor eric adams blaming both sides in washington for the crisis. it is the irresponsibility of the republican party in washington for refusing to do the real immigration reform, and it s the irresponsibility of the white house for not addressing this problem. paul: let s bring in our panel, columnists dan dan henninger kim strassel and editorial board member kyle peterson. so, dan, what kind of a surge do we expect? is it going to be a big one? yeah, it will be a big one. and it s been big. might be who s been watching the people just streaming nonstop across the border, it s going to simply become larger. you know, basically the southern border has become a place where anybody who wants to get into the united states can walk across whether venezuelans or ukrainians for that matter. chinese nationals have been coming over paul: in big numbers. and the biden administration s policy so to th
now over 5% for its benchmark rate. was it the right thing to do amid all of these financial bank problems? well, i think narrowly in the environment we re in they re doing it to stem the risk of inflation but, paul, we have to the take a bigger step back and understand the federal reserve s policies have been disastrous over the last 25 years. trying to hit two targets with one arrow, inflation and unemployment, proving disastrous at both over a 25 the-year time horizon. i think the right answer is to put the fed back in its place. focus on stabilizing the u.s. dollar. that s where they need to refocus their attention. and i think in the name of smoothing out business cycles, what we ve seen is actually a federal reserve now that is contributing to financial crises, actually, rather than smoothing out the business cycle. they re exacerbating it because they tend to tighten precisely when we re at the top of a business cycle already because they end up treating, for example, wage gro
prices keep going up. but experian is here to help you save on personal loans, credit cards, or car insurance. experian helped me save over $1,400 a year on car insurance. start saving now. free. at experian.com or get the app now. paul: the federal reserve raised interest rates by another quarter point this week, the enth straight increase in its fight to get inflation urn control. but my next guest says the central bank has another role that it is failing to address and that reforming the fed should be a priority for the next president. vivek ram ramaswamy joins me now, candidate for the 2024 republican presidential nomination and author of the new book capitalist punishment: how wall street is using your money to create a country you didn t vote for. welcome, sir. good to see you. so the fed raised interest rates this week again.
principle that the benefits of dollar stability vastly outweigh those fringe risks. paul: what about your response to those who say, you know what? you re just meddling with the independence of the federal reserve. they re supposed on the independent of politics, independent of the political branches. well, briefly what i would say is politics isn t the only thing that can capture an institution. managerial bureaucracy can too, a bunch of rogue bureaucrats in the late 90s kid the same thing. what i m talking about is leadership, principle for the american people, not the kind of corruption that you would worry about with the president offering leadership and vision. paul: if all right. vivek ramaswamy, thank you for that provocative take on the fed, we appreciate it. when we come back, treasury secretary janet yellen warns that the u.s. cocould rub out of money to pay its run out of money in a matter of weeks as democrats are refuse to negotiate on spending reductions. so who wi
my main message to americans is stop playing financial god, stabilize the dollar, good things will happen with the economy. paul: you know the fed has by statute a dual mandate, unemployment and stable prizes. are you saying that the congress should repeal the unemployment mandate? i would favor legislative reform. but in the meantime, it s had that dual mandate even as long as you have had fed governors and even chairmen in the past who have still understood the importance of dollar stability as an objective. i mean, take paul volcker. he wail, you know, was somebody who focused on stabilizing the dollar. i think that s manager that the right head of the federal reserve can take into account even without statutory change. but as a presidential candidate, i ll be clear, i would favor putting that fed back in its place by getting rid of the unemployment mandate. paul: the implication is that the currented fed isn t doing it right. of course, jerome powell was appointed by donald trump