Tell us why.

specifically around AI in the AI buildup, right? And the president said, you know, this is your fault.

So the question is, what are Democrats going to do? And this isn't about, oh, Democrats are crazy.

They're anti-AI.

We saw ballot measure after ballot measure in states.

The American people saying, I am uncomfortable.

with these data centers.

So Steph, remind viewers watching, what sort of authority does Congress actually have here? Because I think for your average person, they think, well, the tariffs are just Trump's whims.

Steph, what's happening?

Hey, girl, talk about a whipsaw.

Just think about this, right? Elections two days ago.

Yesterday, we see the market soared the Dow up about 1,500 points.

And the story yesterday was, well...

The market likes the rule of law.

The market is happy to see that we have free and fair elections.

Steph, do you have an idea of how Democrats are going to try to regulate this industry? What they're going to do with AI? So many big, scary concerns about the future regarding it.

it? Market likes it.

Who would have thunk it? I mean, listen, Donald Trump has been very clear over the last two years.

Call me, Mr.

Market.

He equated the market with the economy.

He regularly told people, you're 401k.

You like it.

You can't plan for that.

Don't

forget, J.D. Vance, on the record twice, said he sees absolutely no evidence of self-enrichment or how the president has made any money since he won the second term.

How people are feeling about the economy is linked to what David's writing about, the

corruption.

100%.

Because when everybody is doing well, you actually don't notice the corruption as much.

But the fact that people are struggling in almost every element of their economic life, and they're watching this president.

One of the reasons he's able to say we don't have an affordability crisis, that's a made up hoax, is because they can see he's operating in a gilded cage where he's making an enormous amount of money and he's surrounded by people who are doing just the same.

So the economy is at front and center of this election, but the new GDP numbers just crossed.

It's great.

3.4%.

That is a great number.

Really strong.

It's most likely, you know, and they didn't have advance notice, but yesterday when the Fed didn't raise rates and you're going, wait a minute, isn't inflation out of control? Listen, it wasn't just Kevin Warsh.

You had 10 Fed governors say, we're going to hold off here.

It certainly united people across New Jersey.

So what is it that the traditional two-party system is like not getting right now?

I don't think it's so much about a two party system.

Listen, like we would all love to say we want more independent candidates.

I'd love it.

You love it.

Unfortunately, the way the system is designed, it's very difficult for an independent to make its way through.

I think the economy is complicated.

Talk to me a little bit about this K-shaped divergence and are we ever coming back from it?

[audience cheering]

Wow.

I can't hear you.

Woo! Thank you so, so much.

You know, I forgot, what's the name of my show?

Money, power, politics.

That was pretty good.

Money, power, politics.

What stood out from that back and forth?

Okay, first things first is my reaction to you, Peter.

I, I watched Tom Tillis, and I totally appreciate the interview, I appreciate that he sat down with you, I appreciate a lot of what he had to say.

But, but this attempt to pin you as his adversary, like, "You guys, you Democrat, I'm a Republican," and your response, where you stopped him in his tracks and you simply said, "I'm neither.

I'm a fierce advocate for the truth." And I think that is so important, Peter, 'cause here's the thing about the ban on the press a- and, and calling news fake news.

The truth is not biased.

There's just a whole lot of people who don't want to hear the truth, especially i- if it makes them look bad.

Does he have the trust of Wall Street?

I don't know if I am, but please continue.

Okay, okay, okay.

Many, many years ago, my oldest child had like a rash or something.

And we lived in Tribeca.

And I'm like, how are we going to find like a dermatologist, a pediatric dermatologist? And I knew that my husband's college girlfriend and like girlfriend for like a year or two was a dermatologist in Tribeca.

And I'm like, can you call her? Can you call her? Because we would like see her on the street sometime.

And he's like, yes.

in which they want the federal government to cooperate with them so that they can get antitrust exemptions, so they can figure out how to protect everyone.

Yeah.

And that baseline in the current, right now in this moment in time, has been completely blurred.

Like, I get in life, in business or in politics, you should play ball, right? You shouldn't completely abandon your, your, your, your values, but you should play ball because compromise is the answer, right? It's how we solve things in our private lives, in our public lives.

But, but right now, we're watching Congress, at least Republicans in Congress, completely just walk away from even, even their j- their, their basic job functions because the president is saying, "If you don't side with me, you know, I have a $400 million war chest of campaign dollars that can go to one of you, so you boys and girls better behave." And it's becoming increasingly difficult for all of these Republicans to side with him because he's presiding over a war that makes no sense that we're boxed into, an economy that's problematic for millions of Americans, uh, healthcare that millions of people are losing and even more are going to lose after the midterms.

It's actually why Mike Johnson wants to recess sooner than they're supposed to because they don't want to debate on the floor and have to talk about these policies because they're so wildly unpopular.

Just today, the president, I, I'm, I'm, I'm blown away, put a post on social media that basically said anybody who doesn't wanna have an AI center where they live just wants to live somewhere junky and be poor.

And I'm paraphrasing it, but that was the, the spirit of what he said.

Yeah

Right now, tell me how you're feeling.

Joe, it was right at these moments, right? I was a very junior salesperson at Credit Suisse at the time, and on the trading desk we have regular phones and then they have turrets.

And a turret is a direct line between a trading desk and these brokers' brokers, many of whom euro brokers, Cantor Fitzgerald, that were down at the World Trade Center.

And people's cell phones weren't working, and so they couldn't make outside calls to call their wives.

And so as we-- And I'm a really junior person, and as we're watching the, the first plane hit and everyone's confused, and these guys suddenly are making calls like, "I don't know what's happening." Then the calls turned 'cause they're calling these traders at banks 'cause they could only call on these direct lines and they're saying, "Call my wife.

Call my mom.

Call my son at school." And, and it was these moments of like we're, we're confused about what's happening and then absolute devastation.

Is there anybody who comes to mind?

So what will this mean for your average American?

In the short term, right, this is not a huge amount of money.

We're not going to see a huge impact here.

But over the long term, this back and forth, if we're actually seeing this happen with aluminum and metals or the company you're talking about is Bombardier.

Right.

This company has operations in in 20 different states and to your point, employs hundreds and hundreds of people here.

So it's not just what is the impact now that these tariffs are in place today? This back and forth.

And so many of them are going to be impacted by these tariffs.

I need to

immediately respond to that.

Do you know why? Because you know who Louise Ruhl is? She's my mother.

You know what else she is? A Fox News viewer.

And she does, lucky me, watch my show to see what I'm wearing if my voice is scratchy.

But besides that...

He's saying we're going to blame the left wing media for how we're couching the economy.

That's going to impact the world, right?

[laughs]

The guy absolutely understands the economy.

He absolutely understands financial markets, and we've now watched Scott Bessent for the better part of two years tell us that tariffs are not a tax.

Tara tell us that neither companies nor the American people are paying for the tariffs.

And you and I and the rest of the country absolutely know based on the fact that we just went to the grocery store, uh, uh, a clothing store or anywhere else, that we absolutely do pay the tariffs.

So just because you're qualified for the job doesn't mean people are gonna be pleased with how you've done it.

So yesterday, when we saw Kevin Warsh, everyone is paying attention because we all know that Kevin Warsh had to make, um...

Yes

That's

how Jared started, okay? In Trump's first administration when Mohammed bin Salman, MBS, and Saudi Arabia were still – entangled in the Jamal Khashoggi situation.

It was Jared who went to Saudi Arabia, raised his first $2 billion and has since raised more from MBS.

Donald Trump has a very close relationship with the Saudis.

Now, let's be clear.

Donald Trump isn't the first president to enter into this idea of this sort of agreement with Saudi Arabia.

It was on the table during the Biden administration.

Now back to your news podcast.

What happened there?

Well, obviously I didn't get it.

Um, when I was 26, I was actually leaving Credit Suisse where I worked, and I was signing a deal to go work at Deutsche Bank, and it was a really big deal for me.

And, uh, and at the time it was, um...

I had a lot of early success in banking.

I had, I had, I had, I had, uh, th- my most surprising success was sort of like my first five years, was like I really shot out of the gate big.

And I was leaving Credit Suisse to go work at Deutsche Bank, and I was at this lawyer's office signing the contract.

You once said, "I don't have any political ideals that I'm tied to." Is that still the case?

Right

... okay? It's complicated in the age of Trump.

You've spent the last year and a half not figuring out the latest innovations and the newest products.

No. You've had a tariff policy supply chain war room in your office where you're desperately trying to figure out, what's Trump's next move? Where can we move our manufacturing to because we don't actually make plastic toys here? Where do I move manufacturing to so I don't get whacked with a-

Yes

... saying, "No, no, no.

We wanna be in charge of everything." So, so and then there's a third category of CEOs of big, medium, small businesses who think this is preposterous, this is crazy, this is terrible, but- They're fiduciaries.

They have bills to pay, they have customers they want in the door.

I mean, what's it like for you, the rhythm of covering the news? Does it change for you when you're talking to people at the beginning of the day as opposed to when it's all a wrap up? Because, boy, we're really in it now.

So I'm going to say two things.

It's not as big of a change in terms of who's watching you only because viewing habits have changed so much.

Right.

So when you think about when you watch television, when you watch television at home and whether you're watching YouTube, whatever way you look at the icons, you look at the show that you want to watch and you click and there it is.

And so we're we're we're we're decades away from the Thursday night must see TV.

I got to get home at 8 p.m. to see Rachel and Ross.

They are, but

And maybe that's not the case.

But let's just go beyond that for a moment.

The president has become now suddenly laser beam focused on the price of gas and understanding that this shortage around the world, the jet fuel shortage around the world, the potentially catastrophic economic impact.

Now the president seems to care about that.

What are we actually getting out of this war? The position that the United States is in today versus before they launched the war.

Economically, national security, take your, whatever vertical you want to look at, you can't find something where we are better off.

So the president is doing everything possible to address oil prices, which then addresses gas prices as we go into the summer and the average American voter cares.

Again, it's not what you know, but who you know, and largely who you're going to bribe.

Okay, Kyle Richards.

In season six of Salt Lake City, Brittany Bateman famously brought a stuffed unicorn with a recording of Jared Osman's voice on the yacht trip.

It's a representative.

Right down to the fact that the person they hired to do it was a no-bid contract who ran a company called Green Solutions.

Mm-hmm

...

it was the most expensive primary we've seen.

The majority of people writing those big checks have never set a big toe in the state of Kentucky.

But now that we have created these massive American oligarchs who have more power and influence than we have ever seen business people have over policymaking, I think this is a game changer.

I think this eat the rich sentiment is not being led by a group of Democrats.

I think it's being led by Americans who are saying, "This country doesn't work for me." And many of those Americans are the original MAGA voters who Donald Trump appealed to because he said, "You feel forgotten? You feel that there aren't jobs for you in this country? I'm your guy." And now many of those people who don't necessarily have a political affiliation, are not with Donald Trump anymore, are just saying, "This country, this world doesn't work.

Mm-hmm.

A combined 74,000 for April and May

... correct, signaling that jobs are absolutely slowing in this country.

We are seeing employers, at the very least, press pause.

So the question is, what is the Fed going to do? Now, the assumption has been could the Fed raise rates as we go into the end of the year because inflation is a persisting problem? At the very least, we're guessing they're going to hold tight.

But one thing is for sure, we're not gonna hear much from Kevin Warsh.

The one thing we know about Kevin Warsh is he is not going...

He thinks that the Fed has been communicating too much over the last five or 10 years.

political message for Democrats this fall.

Is, is there a third act in Stephanie Ruhle's life?

So I've actually worked on this a lot, um, because a lot of people, me especially, me included, um, tied myself to my brand of my job, right? Like, I'm a banker, I'm TV, like, that's who I am.

And the truth is, when you tie your whole self to a job or a man or a lifestyle or anything, like, all that is is, like, ego tying you up in a prison that, like, you convince yourself you're nothing without that thing.

And I actually think the more we can remove those titles, because all those titles are are, like, weights, and you're just-

I think you've answered the next question, which is what are you trying to prove now? [laughs]

I mean, that, like, like, that's what I, that's...

Listen, the, the, the beauty of having that, um, sickness is that I would say that my energy or my, uh, what drives me is I sort of live at the, at the, at the crossroads of super outgoing confidence and absolute debilitating insecurity.

[laughs] And those two things, um, are sort of what got me to where I am, but the thing that I would love to release the most and where I think, like, if there's something I could unleash or if there's something I could do better in television, it's, um, in life or just to believe I'm worth it.

Well,

let's be clear.

It was five years ago that Donald Trump said that crypto was a scam.

He said it was a disaster waiting to happen, which could be.

And maybe the most important point that Ty made right there is that Trump is now the policymaker.

OK, you could argue that in the last administration, you could argue that Gary Gensler, who's the SEC chair, was too tight on this.

Or one would say he was listening to Elizabeth Warren, who who doesn't have an ounce of open-mindedness for crypto.

But just a little thing.

So let... give us your headline of the SpaceX IPO.

People who are in, who are buy- who are investing, people who are participating in the IPO, they're not buying SpaceX.

You're betting on Elon Musk.

You are buying Elon Musk.

The amount of control he has over this company is unprecedented, and I'm not saying people should or they shouldn't, but that's who they're betting on.

And it's extraordinary to me because even think about what you just mentioned with where he's taken to X and with regard to the protests in Ireland.

We haven't heard one word from the underwriters of like, "Are we okay with this?" Do you remember, it was five or six years ago when, it was sort of like at the height of Me Too, when Goldman had the big proclamation of like, "We're only gonna be doing deals with, you know, with companies that are, have a commitment to diversity," and, you know, that's the most...

What is the situation with MPP?