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We'll go -- watch rock -- and haven't put a wall brought today the Dow soaring better than 207 points on I'd just right.
A job number I -- just right because a 175000.
Respectable -- seven point 6% unemployment rate still high enough because it and stuff.
To keep I guess Ben Bernanke and his -- -- -- bodies continue to pour money into these markets something that then presidential candidate Mitt Romney had said.
Probably wouldn't end well he joins us back beginning you talk a governor what do you think of of the market's reaction and Ben Bernanke.
Providing all the fuel for this what event.
Well there's no question but that what are the reasons people are putting money into the stock market is that they see that the Federal Reserve continues to.
Have a monetary policy.
Money printing if you will Q we well I don't what the number is but quantitative easing.
Of such a nature that interest rates are almost zero.
And so money's pouring into the stock market and this will not end well.
You you can you can't keep on if you will this -- more more money.
Borrowing more more money as a nation and not having that pay the piper at some point.
But the but the markets like what's going on because it says look bonds there are targeted continue to be cheap money is gonna -- -- the stock market so prices go up.
But you know it's it's it's -- disconcerting when you see that that the people who have stocks making a lot of money.
Even though you've got lots and lots of people well seven and a half percent of the people in this country that are unemployed.
And when you consider the other people who dropped out of the workforce you got a lot of people hurting in this country.
This is very different than what was advertised by the president.
When he took office and the stimulus -- monetary policy we're gonna have us under 5% unemployment right now.
And -- were about double where the president said we'd be right now.
So this a tough times.
But people who have stocks that that like to see interest rates near zero they're making a lot of money on so would you say this won't end well what do you mean.
Well you can't keep on borrowing massively more than -- -- -- forever you can't keep on printing money Ed and keeping interest rates near zero for ever at.
At some point that -- -- and at some point people who were loaning us the money.
Say to themselves I'm a little concerned about the risk an American they want higher interest rates.
And interest rates as they start going up will mean that we're gonna see a lot of money going to pay people around the world we may -- be happy with.
Right now we spent about 250 billion dollars a year.
But his interest rates return to their nor normal level that number will go to 500 or 750.
Billion dollars a year.
Miss more than we spend on defense at a lot of that'll be going to places like China.
Will be paying for their schools their research.
They'll be they'll be investing in their future is we're paying off for the sins of the past.
That this is this is not the kind of management anybody in their home or in their enterprise would pursue.
Instead you try and live within your means invest in the future but you don't borrow and print money.
You know you mentioned -- -- in the the president meeting with his Chinese counterparts things -- -- tonight.
And this hacking scandal has come up where the Chinese that recklessly repeatedly and almost without abandon.
-- and everything from our advanced computer systems to defense contractors they say now on the latter but not as strong now.
How would you and how do you think this president.
You know I I think but we have a mind set sometimes that.
That that really relates to China in the distant past -- a very poor country.
This try to get on its feet we sort of say well they gotta do what they gotta do to get back on their feet.
But the reality is China's a major economic power.
It will soon over the next decade or -- pass us in terms of the size of the GDP.
The -- they get deep water navy they're very serious and and significant competitor globally.
And we've allowed them to manipulate their currency in a way that this killed businesses -- this country had killed a lot of jobs here.
And we've also allowed them with just the protests but not a lot of action to hack into our computers military otherwise.
And there has to be consequence.
Unita has an -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Well there has to be consequence.
Clearly trade is one of the places where you have consequence.
You don't -- -- have consequence in trade but does that.
Then it ends up costing us as well you don't want to see a trade war.
But you can't allow people to continue to abuse yourself if -- you know your own interests.
Without without following international norms and international law without there being some consequence.
All right we 'cause Europe for Donald Trump said of the pardon the French here.
The governor -- grown if they're going to.
The treat us like this we don't need and they need us a lot more than we need them we don't we don't tolerated if that means that the price of their goods go up in this country as a result so -- it -- -- -- -- Well you know he's got there at the point right about them needing us more than we need them right now.
But in a decade or two that will not be the case.
And so the only time we have for leverage to make sure that the practices that exists between two nations that have very similar interest we want to see free trade.
We want to see the rule of law.
What we have a lot in common in terms of our interest but but they're taking advantage of us right now.
And if we don't if we don't set those rules that make sure were abiding by -- now we'll never be able to do it a decade or so from now.
When they won't need -- like that it is today this is a time for real backbone on the part of our nation.
To come up against China and say guys you've got to play by the rules he can't manipulate your currency.
You cannot hack into our computers or there will be consequence and you put everything on the table about military obviously but I -- That the kinds of trade relations and other relations that you have soft power are the kinds of things that are on the table.
Would you ever run for president again.
-- We've got other people I got my chance I tip my message to the American people I wasn't successful.
It's time for someone else to take their message to the people see if they can be successful.
-- optimistic about a Republican becoming the next president.
I going to be working for our nominee.
But I'm not ready guests all right I think it was what are your sons of might have been Josh I apologize if there was a bit your heart -- an -- you really didn't.
Wanted to to run for president and that the family kinda.
Twisted your arm -- true.
Well I think what he was saying is that and I said this all along.
I didn't want to become president for for all the benefits of the office in the fun of being president -- I looked at the presidency as an opportunity to serve.
Did I want that job.
You could not have worked harder to get that job that I worked for that job but I didn't get it but it wasn't for lack a work let me tell -- I in the people around me and people around the country gave their all we put everything on the field.
But but I don't want the job for fun.
One -- the job because I wanted to help the people of America make sure that they and the next generations live in the country that's free and prosperous.
Would you ever want to be it Treasury Secretary and -- future Republican -- -- -- I'm going back to the same point I don't think but I think people who watch a job in government I've got their priorities wrong.
I think people who feel they can make a difference and make a contribution to the country they love.
May sometimes have to say yes when they're asked to do something which otherwise -- a pretty tough.
Are your son just by the way apparently isn't ruling out a political future for himself may be an office and you -- Is that what it is now of the Romney dynasty continues.
Well I hardly a -- at a state.
But I by you know I've got a terrific sons and daughters of law I don't know the politics is in their future it's say it's a tough road.
No question about that it's a tough and grueling road.
Where they better know a lot of -- sounded bitter governor after your loss in the way you -- in the media.
Are they better.
Look anybody who's a Republican.
Who goes in the politics and thanks to get a get a fair shake for the mainstream media is obviously missing semis of IQ points.
I mean maybe you go into it knowing that you're gonna have a tough a tough road with a media.
And if you're not willing to deal of that why don't don't get into that did the race.
You know that I understood that I I don't have hard feelings I think it's harder on my -- my sons and on my daughters in law and and my wife.
To watch their dad getting you know beaten about the years at a -- for BM and I've been in the game I understand works I watch my dad.
And you know it was harder on me that I was -- -- him you know what I watched him it it his campaign that's just the way it's going to be.
Governor of the pleasure right or left I think anyone would take -- I'm very favorable view of your family.
And have you will dealt with us.
Thank you very much -- Thanks -- good to be with you today.
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