INSANE Fact Check in Trump vs Powell Meeting!! AWKWARD

Awkward fact check between Donald Trump

and Jerome Powell here that doesn't go

in Trump's favor, but Donald Trump

actually a lot more respectful than what

you might have expected in touring the

Federal Reserve here. Especially since

this morning Fox News, especially Fox

Business, was hyping him up, suggesting

Trump needs to go in there and throw

around the marble, arguing that the

marble is the wrong type and I'm a

developer and doing this wrong. Donald

Trump actually taking quite the high

road here despite complaining about the

basement. But let's listen to the fact

check first

>> and we're with the chairman as you know.

Chairman, come on over. And we're just

taking a look at what's happening. You

know, it's a it's a tough construction

job. They're building basements where

they didn't exist or expanding them. A

lot of

>> the reason they're building basement

where they didn't exist is because these

buildings in DC are right next to the

National Mall. And when you have

buildings right next to the National

Mall, you have to follow extremely

stringent design standards because

they're a representation of the United

States. So what ends up happening is you

get really strict requirements that say,

"Hey, hey, hey, you could do this, you

could do this, but you've got limits in

terms of your height. you've got limits

in terms of the design that you could

use. Uh there are a lot of restrictions

that commissions ultimately put on

historical buildings. And so when you

look at the National Mall of the map,

you'll see here we've got the Washington

Monument. You've got the World War II

War Memorial, the Lincoln Memorial

Reflecting Pool, the Lincoln Memorial.

All of this, mind you, was built in a

swamp. You know, the Lincoln Memorial

was built on on top of what used to be

just water. None of this existed. Uh,

and if you actually zoom in right here,

this is the Fed building right here. So,

the National Mall's here. Fed building's

here. I've personally been there, and

it's incredible that, you know, you're

right next to the National Mall. I know

this just looks like a road, but the

point is, you've got the Lincoln

Memorial over here, Washington Monument

here. Uh, and it is a pretty critical

street in Washington DC. That's one of

the reasons why they're expanding down

to maintain that horse on or that sort

of exterior impression of the building

without violating a bunch of height

restrictions which yeah even the Federal

Reserve has to follow. We almost like to

think that oh well you know they'll be

able to get an exception right? Nope.

All everything in DC has got to follow

the same sort of historical looking

standard.

>> Very expensive work. There's no question

about it. And uh Tim has been with me

for a long time and you're in charge of

the committee.

>> Indeed. One of the reasons why we wanted

to see it was the overruns of the

expenses. Wanted to figure out why.

>> Yeah. So we're taking a look and uh it

looks like it's about 3.1 billion. It

went up a little bit or a lot.

>> Drum Powell here shaking his head. This

is where it starts getting a bit

awkward.

>> Uh so the 2.7 is now 3.1.

>> I'm not aware of that. Yeah,

>> I love how JPAL actually jumps. I'm not

aware of that. But then I also love what

Trump does next.

>> It just came out.

>> Yeah, I haven't heard that from anybody.

>> Uh it just came out.

>> So here comes Trump's fact check and

then JPAL

slaps back again. This is like the

craziest interaction because you get

Donald Trump going, "Yeah, the numbers

just went up again." JPA, no they

didn't. Yeah, they did. pulls out paper.

Pal's like, "Oh crap. What is this? This

is embarrassing.

This is TV.

>> This is what we pay TV for."

>> 3.1 3.2.

>> This came from us.

>> Yes. I don't know who does that.

>> You're including the Martin renovation.

You just added

>> entire capital.

>> Yeah. You just You just added in a third

building is what that is. That's a

>> You just added in a third building is

what that is. And then look, Trump's

like, "Oh,

it appears I didn't quite understand

which buildings we were referring to

here." Most people don't, and that's

okay. We've got some pictures to go

through uh of these various different

buildings. Uh and and I'll show you some

of these different buildings. So,

remember I showed you the front of the

Eckles building right here, built in

1937. I showed you the front of this.

So, there are a few buildings here. The

Martin building is actually this

renovation completed 5 years ago when

the Federal Reserve acquired this to

essentially expand their compound, if

you will. I mean, you've got ballards

and security everywhere. These are very

highly, you know, fortified buildings.

They had to substantially renovate this.

This was in disrepair. Uh, and they also

have a third building that if we zoom,

it's actually from the backside. It's

right here. It's a little hard to see on

this side. We'll see if we can uh scoot

over to the other side, but the Federal

Reserve is now also renovating this

building right here, which you can see,

I mean, it's quite a bit of a

renovation. I mean, windows are missing

here, right? This is a pretty old

building right here. Uh, in fact, this

old building, I believe, was Yeah, here

it is. The US Public Health Service

building, and it sits right next to the

Eckles building. Uh, and it's it's I

mean it's being completely remodeled to

actually make it functional again. This

is a historic building built in the uh

well, let's see here. It was built also

in the 30s. So during you kind of had a

bunch of buildings built on that uh yeah

1931. It's even older than the Eckles

building. So 1931 for this particular

building and the Eckles building was

1937.

Uh this is not the Martin building. This

is considered the East building. Donald

Trump includes the Martin building uh in

the renovation budget for the Federal

Reserve which even though they overlap

because this renovation began in 2019,

you had massive cost overruns and delays

because of not just COVID and inflation

which obviously things got a lot more

expensive but running into issues uh

like groundwater contamination uh

asbestous lead you're basically trying

to expand in a swamp very very

challenging. The Fed also wanted,

according to the Wall Street Journal, to

end up using uh where was it? They

wanted to use more glass uh to signal

their transparency.

But the commissions ended up revising

this, requesting the incorporation of

more marble because they wanted more of

this sort of traditional 1930s look. Uh

and this is the National Capital

Planning Commission and the Commission

of Fine Arts. These are federal

commissions that are not part of the

Federal Reserve. They basically plan

uh and work to make Washington DC as,

you know, jewel like as possible. And so

when you look, it's actually outside

commissions coming in telling you, "No,

no, no. Spend more money here. No, no,

no. We want actually this. We want you

to spend more money on this." It's not

all the Federal Reserve. Now, I'm not

trying to defend everything the Federal

Reserve does by any means, but this is a

pretty epic moment. And having that

extra context of three different

buildings, I think is really helpful.

>> Third building.

>> But it's it's a building that's being

built.

>> No, it's been it was built five years

ago. We finished.

>> I know, but it's a building that's being

built. It wasn't built 5 years ago. As

JPL says here, I think he's just

speaking quickly. The renovation was

completed 5 years ago. So JPL's

basically like, why are we still using

that in this budget as a totally

different renovation? Trump's like, "All

right, people don't usually talk back to

me because I fire them, but I can't fire

you."

>> More than 5 years later,

>> it's part of the overall work.

>> It's not new.

>> So, we're going to take a look. We're

going to see what's happening. Uh, and

it's got a long way. Do you expect any

more additional cost overruns?

>> Don't expect them. Uh we're we're ready

for them, but we we have a little bit of

a reserve that we we may use, but no, we

don't expect to be finished in 2027.

Um we're well along as you can see.

>> Uh nice to take these off every once in

a while when we're not under too much

danger. Uh so any questions,

>> Mr. President?

>> Developer, as a real estate developer,

what would you do with a project manager

who would be over budget?

Uh, generally speaking, what would I do?

I'd fire him.

>> Do you think this issue, Mr. President,

gives you courts to do that?

>> Well, I'm here just really with the

chairman. He's showing us around,

showing us the work. And so, I don't

want to get that. I don't want to be

personal. I just uh would like to see it

get finished. And in many ways, it's too

bad it started, but it did start. And uh

it's been under construction for a long

time. going to be it's going to be a

real long time because it's like it's

got a long way to go.

>> Yes, sir.

>> So, Mr.

>> President, are there things are there

things the chairman can say to you today

that would make you back off some of the

earlier criticism?

>> Well, I'd love him to lower interest

rates, but other than that, other than

that, what can I tell you? Uh, the

country is doing really well. I just

briefed the chairman of the deal with

Japan. Japan is putting up 550 billion

dollars in order to lower their tariffs

a little bit. That way, they have a

little bit lower tariff. And they also

opened their country to free trade,

which nobody thought was even a

possibility. And uh we get a zero tariff

in the free trade. We don't pay tariffs.

And uh they're going to pay 15% on

everything they send into our country.

So it's great. But they put up uh as you

could call it uh seed money. Let's call

it seed money.

>> Yeah. Now, a quick reminder, the Federal

Reserve is also very protected. They

hold gold deposits at the New York Fed,

which if you ever go through the New

York Fed building, you'll see that it's

extremely highly guarded. I mean, you

look and there are a lot of guns outside

of the New York Fed building. One of the

reasons is not because the Federal

Reserve actually holds or buys gold.

They don't. In fact, they are legally

not uh supposed to buy gold. That, you

know, remember currency is supposed to

be totally free floating. But if you

look at the Fed New York building, it's

really incredible. I mean, it's

basically shielded by these giant uh,

you know, bomb concrete pads, if you

will, ballards all the way around. And

typically, you have uh folks with

assault rifles on various different

portions of the building. I don't know

if we'll actually be able to find them

in this Google Street View, but if you

ever walk around this area, you'll find

them. And they're all over the place.

I'm actually surprised we can't see him

right now, but this is a very, very

secure building because it's essentially

a gold vault. Uh, which is kind of

remarkable to think about. Yeah, I can't

find a single one today. Well, anytime

I've ever been there, you've had a lot

of guns out. Uh, but very very secure

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down below. Here's the second part of

that walkthrough or media moment from

Donald Trump uh at the Federal Reserve

>> back on a construction site. You know,

uh if you remember not so long ago, we

rebuilt the old post office into the

Trump Hotel and we sold it to Waldorf

Histori and it was a great success and

we had great luck with the building. We

did a good job. We built it quickly and

relatively inexpensively for about $200

million. And that was a big hotel, big

big project. But uh we looked around and

Tim Scott's here someplace. Tim, come on

up.

>> Uh just uh

you saw what we saw. And the big thing

is to get it done. They have to get it

done. They have to get it finished. And

very importantly, we have to get

interest rates lowered in our country.

Our country is the hottest in the world

right now. But the one section, people

are pretty much unable to buy housing.

>> Yes.

>> Cuz the interest rates are too high.

>> I'll speed this up. Uh Donald Trump

talks a bit here talking about, hey, you

know, they used a lot of plywood, maybe

more plywood than I would have used to

protect the surfaces of the building.

This is because if you have a lot of

sensitive surfaces, whether they're

brushed, uh, you know, sort of brass

surfaces or marble surfaces, people

walking by with tool belts can end up

scratching these surfaces. So, it's not

uncommon. Uh it's also very very normal

uh to look at a project like this Fed

building that's a historical site that's

expected to take five six years to build

it out with some form of fortification.

Donald Trump does take issue with that,

but he doesn't take issue with the uh uh

you know expansion underground. He

recognizes that's what's in the budget.

That's what's happening. uh he does

recognize that uh hey maybe people could

have parked somewhere else and they

don't need underground parking because

it's so expensive and you know maybe

people could just walk a few blocks but

then this building is also used for

visits from dignitaries around the world

and so this is why these sort of things

are included it's not so every single

person can uh go park underground at the

Federal Reserve and have a shorter

commute so to speak but overall Donald

Trump is relatively reasonable with his

comments here he doesn't really give JPL

hard time, at least what we could see on

camera. Uh we did see Donald Trump sort

of say, "Hey, we'd love him we'd love

for him to lower interest rates and then

sort of pat uh Jerome Powell on the

back, but beyond that, we didn't get too

much aggressiveness from Trump here." Uh

and I'm kind of thankful that we didn't

get more of that. You know, it it didn't

didn't have to be that. I think we've

already had enough from Donald Trump uh

you know sort of lambasting JPAL uh over

the uh you know social media airwaves if

you will. At the end of the day, the

point is that instead of talking about

interest rates, instead of talking about

first-time home buyers, instead of

talking about the heat in our economy,

that's a good thing. We're talking about

an overrun on the Federal Reserve

building as

>> which has really become a hot button

issue because back when the Federal

Reserve began this project, they

actually had massive billions of dollars

of of surpluses from essentially holding

uh treasuries and paying out

substantially lower on deposits for um

uh well they would buy treasuries with

higher yields and then they were paying

out essentially zero to banks that would

deposit with the Federal Reserve and so

they made that spread. Now, the opposite

is true. Treasuries are yielding lower

than what the Fed is paying out on on on

reserves. This is essentially how they

set interest rates as high as they are.

And of course, the rationale is, hey,

you know, we'll cut once we're convinced

that inflation is down. The problem with

that is, how can we be convinced that

inflation is down when we don't know yet

that those uh impacts of tariffs have

really come all the way through? Look,

for example, at the S&P global US flash

PMI this morning. growth accelerates but

manufacturing dips and the only reason

we get a boost is because of services

which is fine. It's sort of a mixed

report but what you get in this mixed

report is a steeper increase in cost

inflation which was increasingly passed

through to customers. Resulting rate of

inflation prices charged for goods and

services was among the largest seen over

the past three years.

Business activity re rose at a rate not

seen since December which is great. So

what you have is exactly what the Fed is

concerned about. This idea that hey the

economy is at the moment doing fine but

inflation is rising based on some of

these surveys at a rate we haven't seen

in three years. Uh and some of the

increases in prices are the first that

we have seen in in multiple years. Uh so

uh let's see here. Yeah, look at this.

services price inflation accelerated to

register the second steepest increase

since April of 2023 and input cost

inflation for manufacturers registered

the second steepest rise since January

of 2023. So in other words, like hey,

you're kind of getting a relatively

strong report. Yeah, you mix missed on

manufacturing, but services in US with

more US domestic spending holding up uh

while at the same time uh you know being

in this place of hey we've got more

inflation and the whole point of the

Federal Reserve is to make sure that

doesn't turn into some form of sustained

form of inflation. Now of course people

who are trying to shill for the job at

the Federal Reserve, they are saying,

"Oh, no, no, no. We're fine. those are

just going to be one-time cost

increases. We don't need to worry about

those. Don't worry about it. We'll we'll

we'll lower rates, which is also

probably true, but doesn't change the

fact that the Federal Reserve has a job

to be cautious uh and uh make sure that

we don't create any sustained forms of

inflation. That's really what's going on

here. If I had the power, I would love

to lower rates because I'm more

concerned that we are going to see a

substantial slowdown in the labor market

at some point. We have no idea when

that's going to be or if it's going to

be. Uh but uh that's what you want to

protect right now. That's what

everybody's nervous about. Uh and so

we'll see. We'll see what ends up

happening. But that said, uh kind of

wild moment between JPAL and uh the

Federal Reserve chair uh and uh must see

TV.

>> Why not advertise these things that you

told us here? I feel like nobody else

knows about this.

>> We'll we'll try a little advertising and

see how it goes.

>> Congratulations, man. You have done so

much. People love you. People look up to

you.

>> Kevin Praath there, financial analyst

and YouTuber. Meet Kevin. Always great

to get your take.