John Case

Tell me what's happened here in the last couple of days.

I think only you've brought up of how they're trying to thwart really President Trump's nationalist economic plan, sir.

Are they doing that?

Well, first of all, let me go to the presidents.

Are you saying because Powell's tenure is running out and the president's going to announce either any day or early?

It looks like he's come down to Kevin Warsh or Hassett, his NEC advisor, head of NEC, one of those two.

And I think even President Trump said yesterday maybe Warsh is a little ahead in the run.

But was Powell obligated to wait for President Trump's new pick to get in there before renewing the contracts for the presidents of the different Federal Reserve banks?

Or was he obligated to do it at this meeting, which was the last meeting of this year?

This is – so this is what Liz Truss is saying in her new effort in the United Kingdom saying, hey, she was turfed out by the Bank of England as a deep state that over in England is not MI5, MI6 or the Crown.

She argues it's the Bank of England and the central banks.

What you just put out there a moment ago is exactly what President Trump has been arguing about.

It's not just that they miss –

calculate interest rates, but we just had a supply side tax cut to drive growth, to give big tax advantages, depreciation for plant and equipment now in period zero.

Plus the whole tariff situation was to really drive, it was a forcing function to drive companies and countries to invest here for manufacturing.

You're saying, and this is what Trump's arguing, the Fed's fighting you every step of the way.

Do you believe they consciously put these 11 presidents back in for the five-year extensions before Trump announced his new head of the Fed, which would be logical, hey, maybe not early to March or see what – let's get Kevin Warsh or Hassett confirmed quickly in January and February.

Do you think they did it to thwart Trump and to set up a basic blocking function now at the Fed that the president and his –

Federal Reserve Chief and the Secretary-Treasurer going to have a limited field of maneuver?

David, hang on one second.