Power Play 9/13/12
Can Fed action make voters feel recovery? Arab uprisings roil campaign, and the Obama democrats.
- Duration 24:40
- Date Sep 13, 2012
Can Fed action make voters feel recovery? Arab uprisings roil campaign, and the Obama democrats.
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And this is power play and I -- Chris -- while it is so good to be back with you Internet and mister show.
And I can tell you this.
That there are some very high stakes things going on for American interest around the world for the future of liberty in the Arab world and all of those things.
But what have we been talking about in Washington what is the topic of discussion in Washington -- Tweets and statements and what time was Mitt Romney's statement released.
Indeed do the wrong thing is his campaign terminal leave ruined or not it's been a lot a lot a lot of -- -- around here.
So let's put it in perspective and let's talk about how it actually will affect the race and what it actually means.
And so fortunately we have Smart people who have good perspective who can help us do that -- excellent.
Communicators you -- no doubt for now he was former top communicated for Chris van Holland.
He's a Smart guy Democrat.
And we -- -- -- -- in every case for -- -- -- -- pro American staunchly pro American.
And you are with as -- -- -- -- barker -- just a big -- democratic.
Talking from talking to people about things.
And you know match lap whose former senior aide George W.
Bush political director at the White House he's a Republican strategist in the name of your firm -- growth strategies got to get the plugs and get the bugs and -- -- -- trade we don't even given -- that we let him get the bugs and all right so let's start with you met since this is about the red team.
Mitt Romney came out with a statement about.
Statements that -- made by the State Department in Cairo.
That were then taken down heat or end on this about president and -- that this was indicative of failed leadership.
Then the Internet and television like exploded all over them and they're still trying to put the pieces back together and what.
What went wrong offer but why did this happen.
This well that -- seemed a little perspective you're in a presidential campaign.
And polls have been pretty tight for a long period of time in the president's approval ratings have been under fifty for a very long period of time.
Every day the senior staff around -- campaign.
He's got a burden.
Which is they're trying to do something to break out when trying to do something to shave off these voters supported.
President Obama last time when -- disenchanted and they want to make them like.
Their guy so they're trying to everything they've tried to reach out in Chicago and get a little bit involving -- into Iran vs the president this was that.
This this I think this attempt was try to kind of -- a foothold on foreign policy which they have largely -- in the debate in this presidential race.
And a lot of pollsters are telling them he just could be like 1980 with the economy is doing terribly.
The president is really having trouble convincing people get reelected.
And then you had a hostage crisis he had a national security problem and -- the bottom fell out and they're wondering you know this is similar to that great where.
Later in the campaign obviously that may -- the bottom falls out because people just say -- -- leadership and you know.
I think they deserve some decreases in -- getting -- alcohol well alcohol.
-- -- now I'm sure you agree that they deserve some of the criticism that they're getting.
But let's talk about and we'll stipulate that as well but absolutely I mean it was said it was a knee jerk reaction when he didn't have all the.
-- -- -- -- -- -- Correct and I agree with -- campaigns are always looking for opportunities but this is a situation when you're dealing with national security and foreign policy.
Particularly as a challenger sometimes the best thing to do is just sit back.
And let let him in and make sure you have the facts -- Mitt Romney is not getting national briefing national security briefings right now so.
It it it was just -- risk they didn't need to take.
Well it's if I can -- and I -- because my name is on -- thing back there but the I would posit that this was and I wrote about this much power -- today which I will tweet soon I promise we've been running behind today my apologies my apologies and that I will tweeted soon.
That I wrote today there is an obsession.
Among campaigns all campaigns but particularly you see in this Romney campaign.
An obsession with these -- news cycles we did we win this fifteen minutes who look with the rest showing in the in his fifteen minutes.
Instead of Matt taking very day.
Elevated more elevated -- say wait a minute are we being direct and simple with our message and getting it out.
Yeah that's right and what's the message the messages is that we need to create jobs -- turns program need to get the the turnaround agent into the White House and things will get better in the problem.
If you get stuck in these skirmishes in the last too long and then there's this.
You know -- postmortem on how they did it kind of gets us away from the key of the campaign now.
You say that -- he's not getting briefings he's getting briefings but I think actually your man.
-- Exxon is skipping actually -- as guys given -- he's actually not getting national security is getting national security briefings from Republican national secure journalist does that mean he hasn't gotten.
No he's getting this and it's your guy it's your -- -- -- and debriefing on the president's daily brief and we'll do it ourselves that so that's.
-- -- -- -- I mean -- here's -- here but your larger point about this kind of back and forth by.
The campaigns always trying to find an opportunity.
I mean I think Obama campaign also does as well I think what you're seeing if you remember four years ago I think that the that there is a similar.
Sort of inflection point in the campaign obviously different states where.
The president really stepped back and kind of just you know.
It took a more -- patient cautious approach to what was going on the economy and I think a more.
Smarter approach and what mr.
McCain did when he suspended -- -- And certainly that's sort of game that meant that magic moment for McCain that you describe you talk about and it happened he unwound his campaign basically at 72 hours.
When he I'm suspending my campaign but I'm going to go do Letterman and then after that the campaign is is we suspended again -- and he came back to Washington and then.
Didn't do it and I think sit -- else did stick to secular I just think that voters look at these moments that I don't think this is gonna decide the election but they do their route and -- few moments in campaigns that voters.
I have an opportunity take the measure of candidates lights on engine and and I think that this is one of them along with -- the debates in the conventions is.
Over though is just over the last conversation that will take place about that it -- didn't work were -- this so this doesn't mean unfortunately for my side it's great every day that President Obama to talk about something.
The -- affected his economic plan -- that it you know completely hasn't worked so.
Actually think that you know plays he plays to their advantage but I but I also think that.
There's too much criticism leveled at the Romney campaign you know one week it's a good campaign and really get after the next week these people are horrible -- these Boston people we got a you know put that that the old veterans into the campaign in here's the bottom line.
The rugby team is is very solid team -- that held the job yesterday primary.
There working their plan.
And they have a candidate right.
Who has certain aspects about him being from Wall Street being wealthy.
Which maybe doesn't -- perfectly into -- times I'm hoping the American people can look beyond the fact that you know some people in the society don't wanna be successful person be president.
And we'll let them but the -- piling on the campaign because we have there.
There isn't there is -- thing that happens and it's happened for the Obama people -- that they had their turn in the dunking Booth before the Romney people.
You're too specific you're not specific enough you are too aggressive you're not aggressive enough I -- isn't.
This town is I mean is is known for him bringing -- -- letters and that happens when.
Campaigns you know arm fall behind a little bit and that's happening a little bit on the Republican side it happened for President Obama I mean I think.
The issue though especially in this instance with foreign policy is that.
Romney -- you tried to take advantage of -- situation any kind of struck out and so.
You have you have important people on the Republican side not just people like me who are criticizing her and he's got a very -- that by the pleasure sir -- on a little -- so I think we're both good I think we're.
But -- you know look Romney's just gonna have to figure out how -- -- -- ship and I as I said I don't think this is gonna decide election but it's an important.
Point -- ship is righted.
We're talking about new things today we're gonna talk about -- -- tomorrow that you stay on the economy they're gonna stay.
Talking about the dismal jobs record and I really think it's going to be -- close election to the end I hope the pollsters that tell me this is like 1980.
And that the American people will decide you know this guy just really happy I accept secretary.
That's like I don't know it felt pollsters about 1980 you're totally wrong for president and chief Jimmy Carter at the time at a high thirty approval rating.
And it was actually losing to President Reagan for not a good deal to -- Killing it gentlemen we thank you both very much for being -- And our place as this the stores around Washington should stock up on plastic sheets because that bed -- And I -- as described is going to only get worse on both sides as we get closer.
To Election Day -- these dizzy or says quite quite so OK we're gonna take a quick break but when we come back somebody you like very much right now.
Andrew Napolitano the Fox News Channel senior judicial correspondent.
Be with us so stick around.
What it looks like the federal government prints money hundred dollar bills -- you like to just grab a couple of sheets of that certainly take pressure off the monthly bills.
And this is power play my -- back.
Now the Federal Reserve is part of the federal government but not really.
And it's complicated and it's been accountable but not really.
And they have tremendous power.
Things -- our currency those hundred dollar bills that you saw the value of them.
Manipulating that values the job of the Federal Reserve that's what it's supposed to do to make sure that we have a sound currency.
But the other thing that the Federal Reserve does is under mandate by congress deal with unemployment that is part of its directive.
And to deal with unemployment they have been printing.
Have extra money actually any president when they just digitally conjure it.
And dump it into the economy in an effort to keep things moving along in -- today that there -- reserve as -- tell us whether they're gonna do more -- that we're not.
It's become a controversial issue as the consequences for the election somebody who knows a lot of stuff.
Not just that but of course the law jurisprudence all of these things is injured -- on -- The judge Fox News senior judicial analyst welcome back welcome to the delight to be here Chris we'll see if that hole yeah.
I don't I don't.
Don't make any promises and I always talk about life where you well and sit in the -- the -- and you and we are gonna talk today about.
You have -- a theory.
Provocative column today your column today is very provocative and it's just -- questions you just ask a lot of questions about is that it is there really a difference between Barack Obama run the biggest issues facing the country.
There interest and we will talk about that.
And I will encourage you'll read it you're done watching this but.
Before the Federal Reserve this has become a flashpoint.
Yes four libertarians this has become a flash point for.
Kinds of Americans that the Federal Reserve's entry and manipulation.
Of the economy.
And what they say is devaluing the currency is a dangerous precedent.
If the Fed does act it called quantitative easing.
Well the quantitative easing is it's a fancy phrase sources say pumping cash into the economy in the old days they literally printed it literally delivered it to banks.
Today's such as simply add a couple of zeros to the -- Accounts.
Just by way of background it enjoys all of the benefits of being a government entity that is it has certain immunity and -- secrecy -- privacy.
But it has none none of the burdens that is it can make a lot of money.
From my perspective even though one gets on the board of the Federal Reserve my apartment by the president it is a private bank an extremely wealthy private bank.
About which we know very little.
The job of the CIA is to steal and keep secrets we know more about the CIA then we do about the Federal Reserve just by way background -- -- coming from.
If the Federal Reserve.
Engages in quantitative easing now I mean literally in the next four or five days or two or three weeks.
I do not think that that won't have any material effect before Election Day.
Because the theory behind quantitative ease and it is to get the cash out in the economy.
And it just will -- Have any appreciable effect either at the polls.
Or in terms of unemployment before people vote in November it just takes too long so this -- just because -- This will be -- the president and his allies that congress saying we finally got the Federal Reserve to do something.
We haven't forgotten that -- something that we'll do is raise the price of everything by injecting more cash into the.
And to the months and we already have commodity prices have been up for a while the drought that we can't have had this summer is exacerbated that commodity prices are people definitely do that not just that the competent -- -- other places.
And certainly can say that we have sort of the shadow inflation that's going on the other.
Stagnant economy can't have inflation you can have stagflation which -- -- have -- -- real inflation when the economy starts growing but we continue to.
The price of things -- let me tell you who will benefit from a quantitative easing immediately.
The banks right in -- -- -- are ready and whose accounts almost 00 the end of -- -- cash immediately they can -- a lot of easily can lend that that stuff out but you know the economy moves very slowly think about if you Orion and the small business in this market.
It it takes a while to decide when to take one to make an investment you can't make the investment -- night.
So even -- that -- is out there -- Friday Chris.
People are not going to be able to borrow it.
Spend it and hire people to make an impact before election but when special report which will be analysts on this evening -- -- all -- -- Are you in Charleston tonight yes well I think Charles is OK good because when you I speak from personal experience and you -- Charles.
Matter what you say it's never good enough conflict affect us but this is just that I cannot tell us you -- no one can but win news special report ends tonight if the Federal Reserve during expert report tonight.
If Brett -- says.
The stock market is up a bit -- points today because of the Federal Reserve action that's got to be at least psychologically helpful for the president.
Yes it will be psychologically and politically helpful to the president but it won't last.
It's just sort of the gas and -- -- and -- sophisticated people in Wall Street.
Trying to trade and make some cash on the artificial -- that the Fed has promised it's going to inject into the economy it's going to be another blips.
And we'll be right back down where restarted before speculators can make money anything yet -- -- a very good at that read some of our colleges to be speculators have been very rich.
The -- I think there's anything wrong with that if you want to share some of that money -- power play.
I want to quickly hit.
The couple comments here.
And this is what -- said.
About in the chat here about governor Romney's comments on the killings.
And the -- response to the situation in Libya.
And Egypt and now elsewhere.
-- its aim was just fine he criticized the fact that the Obama administration apologize for the film they were -- -- great job.
Romney was absolutely correct we cannot change our society to others the film was a simple -- comedy which are there any American would find offensive.
In fact the film.
In question was important to that Hogan's Heroes was -- sympathizers but our opponents from World War II I.
Like to comment on that as you know I have not hesitate to cruise criticized governor Romney talked about my piece this morning yes good to have argued that he again the president agree on more things -- they disagree.
I've actually stated on air.
That -- Barack Obama is viewed adapted Mitt Romney's use a closer to Barack Obama's -- -- Thomas Jefferson's however don't.
And what governor Romney said in criticism of the president in my view was profound.
Poignant strong and statesman like it was far more statesman like than anything the president.
Or Secretary Clinton have -- about this I was cheering him on as he was saying that I know he was angry I know he was Schwartzel Chris it's about time he got angry and.
Forceful well and I think to mock tank here points that your -- -- -- -- not use your honor.
Your guests are not us Romney was at his best -- -- -- at agreeing agreeing with you and I think that as we get further away from his comments.
He was aggressive the aggressive was good but it -- a political point of view because he needed to show I'm not going to just let you wave Osama bin Laden -- Every time we talk about foreign policy.
You know in that piece this morning I argued that basically their -- will be and -- -- done.
But if he is to win.
And I'll I'll take off my libertarian -- But I'm a Republican from we're just cynical politics okay if she -- two million.
He has to be a lot more forceful he cannot be mr.
nice guy he cannot laugh when people ask -- questions that he doesn't want to answer.
And he cannot give it vague general answers when he goes for the president's got.
People cheer him even people act -- who disagree with them and most things cheer him because that's -- fight we all want us.
And their country and at a moment where Romney has described the challenges the country's facing talked about them in stark terms -- put Paul Ryan on the ticket.
You need to -- matches that absolutely.
He's Smart isn't any judgment follow it's very Smart.
I would encourage you to read this excellent column I would encourage you to watch -- tonight on special report and I would encourage you to follow on Twitter.
And if those three things don't keep you busy I don't know what.
Else will judge we thank you pleasure Chris thanks okay more Smart -- is ahead -- manager from the wall street journal editorial page will be with us and heat we'll talk about.
The way we talk about how Mitt -- affected the Republican Party the Republican Party looks today what its outlook is but what is the lasting imprint of Barack Obama on the Democratic Party.
Well he knows he'll tell us when we come back just to correct.
So why the system is rigged against them and here's the painful part.
-- The system is rigged.
-- -- -- it was Elizabeth Warren who is running for the senate in the state of Massachusetts Commonwealth of Massachusetts politics Massachusetts.
As speaking last week the Democratic National Convention in Charlotte.
Saying that the system is rigged it against working Americans that they are.
Out of luck.
And that radical reform needs to take place in our financial sector -- government and everything else for them to be in franchise that's -- pretty strong statement especially.
Coming at a convention.
President of the United States in this power -- welcome back and it is my -- great.
To have -- game manager who is the deputy editorial page editor.
For the Wall Street Journal and the author of the -- lead.
Column Dan welcome back America -- The Internet delights in you -- and so now.
You wrote a great piece you wonderland that is really interest -- because the under examined questioned in politics as.
What will the Democratic Party post Obama what is the Democratic Party in the age of Obama.
And what is it all add up to give us a little -- would you.
Well best grip was the one you just showed Chris which was Elizabeth Warren saying the system is rigged and that was I was down there -- Charlotte I was listening to those Democrats and Elizabeth Warren was not the only one who essentially saying that the American system.
Is rigged against the middle class now.
We had a constitutional convention and 1789.
Are they suggesting that nearly 225.
And incidentally -- been seven democratic presidency since FDR.
That right now the American system is still rigged against the middle class in this country.
You know what struck me about the Democrats and Charlotte.
Chris was that.
They are -- qualitatively different.
Then there did Democrats who have come before this is not the party of FDR or Harry Truman or -- -- or even Bill Clinton I mean you're.
For call Holler but he said Bill Clinton -- -- -- -- have a very gracious speech well.
He did and that Clinton's speech was and -- liar compared to what is in the Democratic Party today.
My view Chris is that what Barack Obama has achieved.
Is the final ascendancy of the democratic laughed in the United States they call themselves progressives now.
But they have been intention with the party's liberals for a very long time remember that convention in Chicago in 1968.
They're out in the streets call themselves the days of rage and they were out there are protesting against a democratic president.
Lyndon Baines Johnson and his vice president Hubert Humphrey.
And we went -- to the San Francisco Democrats in 1984.
Where the left was still in force.
But the party nominated.
Conventional establishment liberal Walter Mondale.
I think rolling all this forward what happened in those 2008 democratic primaries Chris is that the progressives on the -- and Obama.
Finally over through bill and Hillary Clinton who were the final vestiges of the -- Centre left.
Elements in the Democratic Party.
And that's what accounts for the sort of things it was coming we're coming off the stage in Charlotte about irreconcilable.
Differences in American society.
But is this of lasting imprint I suppose it depends a lot on whether or not president gets reelected.
But is this a lasting imprint certainly -- Clinton third way was this a big switch and people thought that it was going to be the future of the party.
But in fact his own wife fell to do liberal wing of the party.
How lasting do you think this changes.
Well I think you're right Chris it depends a lot on the outcome of the election I do believe that if Barack Obama -- chance loses that what Bill Clinton has been doing here the past year.
Is with all the effort he's made for -- -- and -- appearances he's been making is to position himself to take back control of the Democratic Party.
I mean to be some other competitors out there like Andrew Cuomo but nobody quite has Clinton's reaching clout and network capability on the other hand if Obama wins and gets another four year term.
I think he's gonna have time to put in place of some of the sorts of things that Elizabeth Warren and the other speakers and Charlotte we're talking about which is essentially about.
Here's a pretty good example Chris.
Medicare and Social Security.
Medicare and -- 1965 by LBJ the basic idea was that everybody paid into -- we all bought into this basic idea of supporting.
People when they're older.
Obama -- by comparison.
Tag is different groups in society to pay for it he's got this surtax on wealthy people use.
To attack various -- of the health care industry hospitals and so forth.
That's not the same as the old Democrats which made all of -- buy into these social programs the Obama Democrats want to pit one classes society.
Against other classes of society that's that's very different.
Dan you are wise you are helpful and we love having you want thanks for stopping it are right good to -- at the press.
Okay Internet we have to go.
Not because we don't which we its day but we need you to know that on the hunt with Jonathan Hunt this coming up next you love that we would -- keep you from that.
And now as we like to do every day we want to leave you with the word.
From our -- sure.
I agree I think with the substance -- would Romney said at the time was absolutely right.
The problem is that he needs to make a larger argument.
There there is a collapse of Obama's policies began with a Cairo speech to begin with the apologies.
To -- -- began with regret for the Iraq War to begin with so called outreach and it's completely collapsed.
It's gotten nowhere on Iran.
Do these are the fruits of appeasement and apology than he should make it -- speech that an attack here in there but his speech explaining and connecting all the guys.
That's what a candidate ought to do -- to leave -- tax.
Two surrogates tend to --