David Malpass

It'll be hard to remove those presidents.

And so then what that means is that as President Trump's growth program accelerates and brings faster growth, the Fed has a model that says that growth is bad because they think growth causes inflation.

We know that's not right.

Growth causes more production.

It causes more goods and services.

But in the Fed's model, they think it causes inflation.

So they'll be fighting Trump all year next year by keeping interest rates higher than they should be.

That's what they did this year in 2025.

They should have been cutting in June.

I did a big Wall Street Journal article in June saying they should cut in June, but they waited all the way until September.

So that means you're just compounding the interest on the national debt when you do that.

And now they've got the majority of the board.

It's the deep state really controlling things.

And Steve, I don't want people to forget the deep state, you know, extends into the globalism in almost every sphere.

It's continuing to make things bigger in Europe, in the international financial institutions that we've talked about here, the IMF and so on, getting big increases in their size.

I think they're trying to lock in their models.

And so they wanted to get it done before a new chairman comes in, but also before the Supreme Court decides on the president's executive power.

You know, there's a big important decision coming down from the Fed on who the president can appoint.

And so that is coloring everything that's going on.

President Trump was really clear on, I think, December 10th,