Capital Record: Recent Episodes
National Review
David is joined today by Christian theologian, Dr. Andrew Walker, to discuss the recent flare-up of interest in the “common good.” They will evaluate what first principles underlie the current debate, where there is common ground, and how we can advance the conversation to a place that honors both liberty and virtue. You will be shocked to hear that the conversation will delve into federalism, limiting principles, the need for specificity, and yes, a hierarchy of loves. Few Capital Record episodes scratch all the itches of what we care about like this one!
Show notes:
Andrew Walker’s Daily Wire article
David’s National Review article
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We’ll take on the economic illiteracy of Mamdani grocery stores in a future podcast, but first let’s take on his first policy case of incomprehensible duncery: His public posture on rent control and rent stabilization. This is an easy topic to address even in a 2026 Mamdani context, because nothing has changed since the early mix of rent stabilization with reality – it doesn’t work, and the reasons why are unbelievably predictable.
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Markets exist to accommodate commercial transactions, and these commercial transactions represent a major sphere of human existence. We work, produce, and exchange as a vital part of our human endeavor, and when these commercial transactions are not distorted, perverted, and suffocated by extrinsic forces, the testimony of history is that they do wonders toward building a more prosperous society and a higher standard of living.
But they don’t meet all human needs, because they are not designed to. It is an extreme category error to wonder how humans are becoming lonelier even in a free market society.
On today’s Capital Record, David suggests that many things markets have produced enhance our capacity for friendship, social interaction, and human togetherness, but that many other things could give us excuse to minimize these things, generally to our own detriment. The solution to this whole thing may surprise you, but it will be presented on today’s Capital Record.
Show Notes:
"The Economics of Friendship"
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Critics of private equity love to cite obscure or outlier stories of companies that failed and had private equity investment as some sort of proof for the evil of private equity. The arguments are as financially cogent as they are honest, which is to say, they are idiotic and riddled with lies. But in addition to the lies the Elizabeth Warren class tell about private equity all the time are the clear and obvious counterfactuals to their hideous narrative that they purposely ignore. Today, we are going to not ignore one such case. We are going to tell the story of Michaels, and explain why private equity derangement syndrome has to ignore this case, and the 90 percent-plus of other examples just like it.
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Economic measurements are a tricky thing. There are multiple ways to do things. People are entitled to varying opinions about which measurements of economic aggregates are better than others in terms of methodology and substance. However, are those of us who value economic growth really guilty of making a “golden calf” out of GDP? Do various limitations in what GDP measures and how it does it really mean the whole system is stupid, corrupt, or wrong? Or could it be that promoters of a free and virtuous society can, all at once, understand and reinforce that the totality of economics, rightly understood is, and at the same time, not feel the need to lie, alter, or poke at data. A Capital Record to defend GDP, and to make abundantly clear what should be obvious: GDP measurements are not everything.
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David is joined by Dr. Alexander Salter for a refreshing, nuanced, honest, and candid assessment of the good, the bad, and the mysterious in Alan Greenspan’s legacy as the chairman of the Federal Reserve.
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Vice President JD Vance stated last week in a now infamous interview that the right needs less Milton Friedman and an economic approach more like Alexander Hamilton's. One can hope the VP simply doesn’t understand Milton Friedman, but more than likely this “new right” mentality is trying to draw a line against the laissez faire to the economy favored by Friedman. But when various 21st century voices claim Alexander Hamilton as one of their own in seeking larger government control over the economy, do they actually understand Hamilton correctly? In this Capital Record episode, David is happy to defend Milton Friedman, but also happy to defend Alexander Hamilton, too -- against a revisionism that not only gets its economics wrong, but its history, too.
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A recent article in The Atlantic thoughtfully asked what makes Americans so unhappy. It looked at conflicting economic data (the delta between sentiment and actual economic conditions) and pondered what may be going on to make Americans feel so lousy about the economy.
In this episode of Capital Record, David suggests that there are a few different things going on, and they all point to issues near and dear to our hearts.
Show Notes:
Atlantic article
The Secret to a Happy Life (Commencement speech)
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When a who’s who of progressive economists, some Nobel laureates, all academics, take to the pages of the, ummm, Guardian, to say that “growth is doomed” and that “poverty is manufactured,” is it time for policymakers to reverse course and embrace the policy solutions these “experts” present to “change the rules of the global economy”? Or, rather, is this the ideal time for lovers of freedom who believe in human flourishing to double down on the only things the world has ever seen that manufacture prosperity?
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The Covid-19 era claims that working in an office was over -- an unnecessary relic rendered obsolete by the realities of Zoom and the cloud -- have spent the last five years being decimated by rediscovery of the facts of human nature. Company after company has backtracked, admitted failure in remote work allowance, and attempted to salvage the damage done to brand, culture, and mentorship by telling people they didn’t need to come to work. But a new study has gone further, and the results should not surprise any of us who understand the human person. They should disturb any of us who claim to care about the wellness of human beings.
Show notes: Science.org study
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David is joined today by special guest Peter Travers, investor, financier, and long-time trustee at National Review. Their conversation goes from a proper definition of Wall Street to a proper defense of Wall Street to, ultimately, the profound benefits of a market system that coordinates all sorts of different people, actors, capital, and motives in a wide array of human endeavor. It is a pivotal conversation for those wanting to understand not just financial markets, but how human dignity is undermined by the enemies of financial markets.
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Sanae Takaichi is not just set to be the first female prime minister of Japan -- and someone whose childhood hero was the legendary Margaret Thatcher. She also launched her global claim to fame by saying she “wanted to abandon the idea of work-life balance” and planned to “have everyone work like a workhorse.” Well, this has generated some push back from people who are apparently happy with Japan’s 0 percent real GDP growth for over 30 years. In today’s episode, David analyzes why Takaichi is starting off as his favorite leader on the planet.
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As New York City prepares to elect Mamdani as mayor and young people across college campuses tout the miseries of “capitalism,” is the financial crisis of 2008 to blame for a paradigm shift in public sentiment? In this episode, David unpacks the truth of the narrative that everything changed that year.
Show notes:
The Rise of America’s Young Socialists—From the 2008 Financial Crisis to Mamdani
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The artificial intelligence moment is a perfect opportunity for free marketeers to defend market innovations and technological progress, but also a challenging moment to question the role of the state, the impact on society, and the errors in moving with speed but not wisdom.
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A reading of the early National Conservatism movement manifesto indicated a belief in the tenets of free enterprise, albeit with qualifications that would prove to undermine that which they said they wanted to uphold. Fast forward a few years since the movement crystalized in the public square, and it is very clear that NatCon can no longer advocate for what they said they once did, that the reason for this is their very own concession, and that what they said they energetically opposed is actually what they gave birth to. A case study in being treated as useful idiots by the politicos a movement helped empower.
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David looks at the danger that happens when we use hasty generalizations in our economic thinking. A company does something bad? Companies are bad. A business deal goes bad? Business deals are bad. A trading partners does wrong? Trading partners are bad. The illogical movement from a particular to a universal is flawed thinking, but when it gets put into practice, it undermines optimal economic outcomes and ignores the most basic of economic principles.
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Today’s episode goes into David’s Dividend Cafe to look at the desire of the 9/11 terrorists to strike at our nation’s financial markets, and makes the case that a love of country means a love of capital markets.
https://bahnsen.co/47JU4Vn
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David delves into the reality of youth (sports) gone wild, whether or not market forces should restrain this phenomenon gone mad, and where rightly centered and ordered priorities might create the optimal virtuous outcome.
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David is so tired of talking about the tariff debacle of 2025 that this week he brought on a special guest to do some of the talking for him. Joel Griffith of Advancing American Freedom joins David for a further rap session on all that is wrong with the current tariff regime, but the two of them take a special weapon to the imbecility of a “tariff rebate.”
Show notes:
Rebates Can’t Clean Up the Tariff Mess
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David is joined by Richard Reinsch, the second guest to join Capital Record this year, for a discussion of the “new conservatives” and the “new right” movement toward populism. What you will hear in this discussion is that none of it seems very new at all.
Notes:
Reading the New Conservatives
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David got very excited when a recent Wall Street Journal article said that “work-life balance will keep you mediocre.” He wrote a whole book tearing down the very concept of “work-life balance.” But this article’s rationale might be just as flawed as that of those who use this deplorable phrase.
Show Notes:
'Work-Life Balance' Will Keep You Mediocre
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David is joined again today by Michael Matheson Miller of the Acton Institute, and they continue their robust talk about what markets can do, what they cannot do, what the moral implications of these things are, and much more. The theology is thick (the corrupting impact of sin), the controversy is real (is creative destruction a “tension” or an “evolution”), and the clarity is infectious (mistakes of the moment are repudiated). As all the talks with Miller have been, this is an all-time Capital Record best!
Dr. Vance Ginn paper on illegal immigrant cost to Medicare
Dr. Vance Ginn paper on balancing the budget
David is joined this week by Dr. Steve Jeffery to discuss the parallel economy in depth. Pastor Jeffery’s doctorate in physics from Oxford gave him a definition of “parallel” that causes him to wonder if what the “parallel economy” is all about is actually properly defined. David and Steve walk through the whole subject, discuss the priorities believers in business ought to have, and consider at a deeper level how we ought to think about those in our web of economic activity.
David is joined once again by Steve Moore of the Committee to Unleash Prosperity for a thorough discussion of what to expect out of the upcoming election, what the economic stakes are, what to expect in terms of policy, and perhaps most importantly, what to expect in terms of personnel.
David is joined by Michael Matheson Miller of the Acton Institute for what will be a two-part discussion on the very essence of this podcast. Here in Part 1, we unpack the fact that so many of the structures and artifacts that enhance our quality of life, that make market activity possible, are invisible, often becoming “out of sight” and “out of mind” for many of us. But these structures, systems, and conventions are no small thing, as you shall soon see. An absolute core episode that deserves the words, “must listen.”
Over Past Year, Working Age Population Increased by 1.8 Million; Only 1 in 32 Equal New Workers
What Is Happening in This Unprecedented U.S. Labor Market? April 2024 Update
David is joined this week by Dr. Victor Claar, an economics professor at Florida Gulf Coast University and a renowned Acton Institute fellow. They discuss the anthropology that underlies all economic schools of thought, but particularly the Austrian school, and ask whether or not knowing that mankind acts with purpose is really enough. This is a fascinating discussion on what might be at the heart of economics for those committed to a worldview-understanding of human action.
The Threats Posed by Environmental, Social, and Governance Policies
https://religiouslibertyinthestates.com/
David is joined today by Dr. David Innes, long-time politics professor at The King's College and current pastor in the great city of Phoenix, Ariz. They discuss the idea of a Christianized state, the tension between liberty and religion, the economic implications in the state facilitating a common good, the need for localism, the need for sphere sovereignty, and the role of wisdom in adjudicating state jurisdiction. This is a discussion that will challenge you and leave you wanting more!
David is joined once again by macro-intelligence icon Rene Aninao. They wax and wane about the 2024 presidential election, but then spend a lot of time on China, Russia, and other hot spots of the world, where the new weapons are . . . economic.
https://thebahnsengroup.com/dividend-cafe/artificial-intelligence-and-the-bahnsen-group-june-21-2024/
http://www.beckandstone.com
https://americanmind.org/features/what-is-christian-nationalism/the-case-for-christian-civilizationism/
David is joined this week by Darren Doane and David Shannon of the Doane Creative Agency for a lengthy, thorough, and challenging talk. They discuss business, technology, social media, and the tension between conserving the lessons of the past and moving into the opportunities of the future. It is perhaps the most provocative episode of Capital Record ever.
David is joined by Dr. Hunter Baker for a real walk through the kind of society we want to be and the things that are most likely to facilitate such a society. Their discussion delves deeply into what the state can and cannot do in the formation of character, and how markets reflect the character of the people. Their prescriptions for a free and virtuous people call for more freedom and more virtue, and the way we get there is the subject of this talk. A not-to-be-missed conversation.
David holds the microphone himself today, taking advantage of his 50th birthday to look at what 50 years of progress in capital markets in our country has meant to the cause of human flourishing. In a time where many use class warfare or dumbed-down sentimentality to demonize financial markets, David lets history render its empirical verdict as to how capital markets have enhanced human flourishing, and does so with a nod to trade-offs and a full cost-benefits analysis. The results speak for themselves: Fifty more years of growing, robust, free, innovative capital markets, please.
David is joined this week by Danielle DiMartino Booth, one of his favorite Fed critics, and now his new favorite critic of those who steal from taxpayers.
In this last installment for Mentor Month, David is joined by his late father, Dr. Greg Bahnsen, who, although he passed away in 1995, left a legacy of material perfect for incorporating into a 2024 podcast. David went through 20+ sermons and lectures from his dad from the 1970s and '80s to assemble a wonderful back and forth on work, and the power of Greg Bahnsen’s mentorship couldn’t be more clear!
David is joined for this third installment of Mentor Month by Lowell Miller, the founder and former head of Miller/Howard Investments, who taught David the philosophy of dividend-growth investing he has held dear for a couple of decades now. Together, they walk through Lowell’s fascinating journey from Rolling Stone poet to leading dividend-growth guru, what it meant to David’s life and career, and why that approach to investing is as important now as it has ever been.
David is joined by Larry Kudlow for the second episode in our Mentor Month series. Larry's influence goes beyond the merits of supply-side economics. Whether it is sobriety or civility, temperament or loyalty, style or substance, David couldn’t do much better than striving to be like Larry Kudlow. No one could do much better than striving to be like Larry Kudlow.
David kicks off “Mentor Month” on Capital Record, a four-part series featuring the four mentors of his life in capital markets, with a discussion with the great Nick Murray, the legendary sage of wisdom to wealth advisers who had such a profound impact on David’s life and career.
David is joined once again by supply-side legend Dr. Art Laffer, who points out that property tax is a wealth tax by another name, demonstrates that transfer payments can only work perfectly by bringing income to zero, suggests a commission system for how Congress gets paid, and insinuates that sound money and fiscal sanity matter. A fun conversation, as always!
David is joined again by economic guru and long-time investing writer, John Mauldin. They assess the current economy; what people have gotten wrong; what to expect in 2024; the actions of the Fed; the “wall of maturity” in a lot of debt; and most importantly, what it all means to investors, savers, citizens, and more. This is a practical conversation between two old friends you will not want to miss.
David is joined by world-class economist Louis Gave, who makes his case for better investing alternatives in international stocks, bonds, and currencies than the U.S. presently has to offer. It is a heady and thorough discussion about valuations, the “Magnificent 7,” and all sorts of deep-dive investing questions. But the big unknown remains: Is the U.S. the best house in a bad neighborhood, or is its house deteriorating in value, too? And is Mexico the alternative?
What is needed to protect the free society we aspire to have? What are the dangers being posed by the left and the right? Do we need Teddy Roosevelt to come back? David and Anthony Scaramucci walk through the circumstances that plague our desire for greater opportunity and prosperity and bat around a few ideas and solutions. A truly fascinating conversation between two good friends!
David walks through the connection of his new book on work in this latest episode. He discusses why production as the driver of economic activity is crucial to our understanding of economic theory, and to the peace of mankind’s soul.
From the jobs market to inflation to wages to energy, David has a lot to say about Bidenomics. Good, bad, ugly, and bizarre, you’ll get it all in this episode.
David is joined this week by the former president of Marsh Advisory, Michael Poulos, for a trip around the horn, discussing the Covid impact on the economy (and public trust), the right defense of a market economy, and the challenges underlying the current state of affairs that often get missed. There is something for everybody here -- from theology to economics to politics -- and the takeaways may surprise you.
David is joined this week by well-known pundit and conservative thought leader, Stephen Moore. They talk about economic growth, antitrust fallacies, right-sized monetary policy, and the three pieces of advice Steve has for the 2024 presidential candidates. It is a thought-provoking talk and not one you will want to miss!
David takes on Gretchen Morgenson’s horrific new book, "These Are the Plunderers," an embarrassing assault on private equity (though now published thanks to private equity, hysterically enough). Understanding the innovation of private equity and its net benefit to society is facilitated by some general understanding of financial vocabulary, a deeper appreciation for private property and the rule of law, and, of course, the adoption of first principles that embrace risk and always ask the question, “Compared to what?”
David is joined this week by Barry Habib, proprietor of MBS Highway and one of the foremost mortgage-finance and housing experts in the country. They discuss the supply and demand of residential real estate in 2023, the difference between housing’s impact on GDP and home prices themselves, and delve into the relevance of household formation when it comes to building needed supply. It is the most robust and practical talk on real estate you will hear anywhere, and you will want to share it with your friends after you listen.
David is joined today by the new distinguished fellow at the Acton Institute, Dr. Anthony Bradley, for a thorough conversation on family values, sustainable employment, the policy errors that have created the current challenges for family formation (it is different than you think), and so much more. If you came to be encouraged about the path to human flourishing, you came to the right place!
Markets may be the greatest mechanism in history for advancing human prosperity and flourishing, but that doesn’t mean its design is conducive for self-promotion! So says the brilliant chair of the Economics Department at George Mason University, Dr. Donald Boudreaux. The Café Hayek economic genius joins the Capital Record this week to talk about Misesian pessimism, market complexity, and new-right market skepticism. David’s comment: Maybe his favorite Capital Record discussion ever!
David is joined by the GOP candidate who had the most money spent against him in a House race in history -- by DOUBLE -- Scott Baugh of CD-47. As Scott prepares for a 2024 campaign to win the seat he is called to, David and Scott walk through the economic challenges facing us right now, discuss what a reform-minded conservative looks like these days, consider how to think about legislation in an economic crisis, talk about first principles, and, oh yeah . . . take a look at the Fed!
David walks through our nation’s glorious founding documents and gives listeners crucial takeaways as to how America’s first principles connect to economics. The free and virtuous society requires some key commitments, and they were put into a document in 1776!
David is joined this week once again by Dr. Alexander Salter for a comprehensive talk on the economy, current policy problems causing significant harm, the dangers of cronyism, and most importantly: the subject of distributism. They unpack the good and bad of valuing more widespread ownership of private property and seek to work within first principles in understanding how one’s opinions on these things ought to work. You won’t be disappointed!
David is joined this week by Kevin Williamson for a long riff about the new Right; why liberty and virtue are not at odds; why many people who claim they are anti-market are really quite pro-market (personally); and what the Fed, the WTO, the sexual revolution, and so many other things all have to do with the current moment. It is one of those episodes you will not want to miss, and one in which David had more fun recording it than he is supposed to.
David sits down with Tim Busch, founder of Pacific Hospitality Group, a leading hotelier and key advocate in the fight for a free and virtuous society. The two discuss the state of inflation, the reality of Fed policy on the hospitality industry, and what we can learn about the silliness of the LA Dodgers. This is a discussion you will not want to miss!
David is joined this week for part two of our Adam Smith celebration by National Review’s own Dominic Pino. They continue the dialogue David started last week with Mark Skousen, really unpacking our modern understanding of and appreciation for Adam Smith. Once again, moral philosophy and classical economics are shown as going hand in hand, not pitted one against the other, and the result is what Smith himself produced: a legacy of freedom and virtue.
David is joined this week by Mark Skousen, economist extraordinaire and fellow Adam Smith disciple. The two of them unpack Adam Smith on the 300th birthday celebration of the great moral philosopher and defend his legacy as the father of classical economics.
David welcomes back (for the third time) economist extraordinaire Louis Gave of Gavekal Research for an episode where they geek out for an hour about the U.S. dollar, the bond market, global economic reality, and so much more.
David is joined once again by Ryan T. Anderson, president of the Ethics and Public Policy Center, and a stalwart defender of the free and virtuous society. David and Ryan discuss the current skepticism on the right over free markets, the principles at play that limit freedom, and where lines ought to be drawn (or not drawn) in some controversial issues of our day.
David offers some commentary in light of the Fed’s latest announcement of another quarter-point rate hike. He wonders if the Fed has not only failed in the overly lofty aspirations society has unfairly put on it, but even in its own stated objectives that are far more humble. In other words, has post-Covid monetary policy just made everything worse all around?
Capital. Knowing your customers. Relationships and service. Quality capital stewardship. Avoiding reckless loans. Who would have thought banking would be so hard and complicated? Well, Henry Walker, president of the $12 billion Farmers & Merchants Bank in Southern California, might disagree that any of this is that complicated. David and Henry vigorously defend banking and how it ought to be in this captivating episode of the Capital Record.
David is joined this week by National Review's Ramesh Ponnuru to discuss the realities of free trade -- the politics, nuances, nooks, and crannies -- what it means for national security, economic growth, and yes, the NBA. It's a discussion you won’t want to miss!
David is joined by Sam Rines for a succinct, hard-hitting, comprehensive look at OPEC+, Saudi Arabia, China, and more. You will listen to this episode and instantly become more informed about the future of the U.S. dollar, the nature of all the different interests embedded in this oil story, and where U.S. policy-makers are continually screwing up.
David is joined this week by House Financial Services Committee member, Representative Andy Ogles. The two chew the fat on the government being here to help and how scary that really is -- especially if you're a small bank! You won’t want to miss this discussion.
David unpacks the entire story of banking drama from Silicon Valley to Switzerland with all the FDIC talk and Fed talk that is needed in between. He leaves you with five takeaways for consideration and a little refresher on why this all is, what can and cannot be done about it, and who is generally to blame.
Recessions are sad enough when they can’t be avoided, but purposely creating them because of poor economic theory or practice is an entirely new level of unacceptable. That is the view of yours truly, as well as the view of my guest on Capital Record this week, Alan Reynolds. Alan is a senior fellow at the Cato Institute and a long-time Reagan-era supply-side economist and thought leader. Listen in for a conversation on why inflation is lower than people think -- and has been -- and why the Fed is making the same mistake in 2023 that it made in 2021, only from the other side of the coin. Just as “too easy” creates all sorts of problems, “too tight” does the same -- and then, guess what, leads to a new era of . . . “too easy.”
David is joined by former Trump-era OMB economist, Dr. Vance Ginn, to discuss the history of economic thought; the strengths and weaknesses of the classical, Chicago, and Austrian schools of thought; whether or not we need a Fed; and what to do about excess debt and economic growth. Yes, it is a busy hour, but one you will not want to miss!
David is joined once again by Renè Aninao, a macroeconomic and foreign-policy analyst at Corbu, a leading Wall Street research firm. The conversation is not for the faint of heart, but they talk a bit about 30 years of post-Cold War market reality and the current reality in the Ukraine. When all is said and done, you will have a better understanding of how financial markets intersect with geopolitics, the opportunity staring President Xi in the face, and the unlikely beneficiary of it all. Furthermore, it will be clear how all of this is an economic story -- a lesson Jerome Powell has understood for over a year now.
David is joined this week by Dr. Glory Liu, author of the new book, 'Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism.' David and Glory discuss the vast historical treatments of the famed moral philosopher, and how history has produced an Adam Smith for everyone, depending on their own presuppositions and biases. But through it all, we find that the great questions which come out of different treatments of Smith still require answers to this day. How do moral philosophy and economic laws optimally intersect? Where does economics as social theory stop and as political policy begin? And what are the rules and principles that govern our treatment of these subjects? Adam Smith had opinions. People for the last 250 years have had opinions about these matters, and had opinions about Smith’s opinions. And you will be shocked to know that we at Capital Record have some opinions, too.
David is joined for the third time by Jerry Bowyer, who is an economist, thought leader, activist, strategist, and friend, as they talk through the best antidote shareholders have to the ESG frenzy of today. Retreatism is held in disdain, surrender is deemed a moral failure of duty, and engagement is consider in a thoughtful and tactful manner. This is the Capital Record you have been waiting for.
David is rejoined by the great economist Dr. Lacy Hunt for a meaty and needed conversation about the “spender of last resort,” the Federal Reserve, the state of inflation, and expectations for bond yields in a world not having enough kids.
David is joined this week by First Things editor, Rusty Reno, a renowned theologian and public intellectual who has begun asking questions as to whether or not those who value markets are going to need more intervention from the state to see markets work better and to maintain a better social cohesion. There are areas of agreement and overlap and areas of tension and difference, but what David tries to do in this cordial discussion with Dr. Reno is clarify agreement on first principles. This leads to a wide discussion on various applications, and hopefully the beginning of a further conversation on the underlying tensions at play.
David is joined by supply-side legend Dr. Art Laffer to really look at the empirical truth of what higher taxes and lower taxes mean in an economy. They go all around the horn on the moral, economic, and political considerations of these questions, and leave you with conclusions you won’t be able to resist.
David and Anthony Scaramucci intended to talk about SBF, the FTX collapse, and the state of the whole crypto world, but they got distracted into a very broad discussion of vaccines, school choice, papal authority, and the blessings our guest and host enjoy in a market economy. This is a classic episode you will not want to miss.
For David’s annual white paper reviewing 2022 and forecasting 2023, go to www.dividendcafe.com on Friday, January 6.
David walks through the highlights of 2022; the big themes on Capital Record; and all the guests, topics, and dramas that made this a year to remember.
Show notes:
- The Fate of FAIT: Salvaging the Fed’s Framework
- The Causes and Cure of the 2021-2022 Inflation Surge
David is joined this week by Adam Brandon, the CEO of FreedomWorks and a devout advocate of a free society aimed toward human flourishing. They discuss the midterms, the 2024 elections, the economic and existential value of work, why social and economic conservatism is one and the same, the fate of ESG, and so much more. You will come away from this talk encouraged for the future.
David is joined again by Dr. Sam Gregg -- a long-time scholar with the Acton Institute and now Distinguished Fellow at the American Institute for Economic Research -- this time to discuss his new book, 'The Next American Economy.' In an era where the basic orthodoxies of free-enterprise thinking are being relitigated on the left and the right, David and Sam look at the whole subject with a charity and rigor needed for the contemporary debate. They are also unsparing in holding fast to the principles of a market economy, inseparably connected to the moral virtues needed for human flourishing.
David sits down for a very special briefing with Dan Clifton, the head of legislative and public policy research at Strategas. The two do a really deep dive into the ramifications of the midterm elections and what is actually on the line now, legislatively and otherwise. Some perspective is sure to surprise you!
Britain's former prime minister Liz Truss ended up serving a “Scaramucci term” in office (okay, maybe a little longer than that). The circumstances around her brief and tumultuous run as prime minister, however, are quite consequential. Did the talk of tax-rate cuts really tank the British economy? Do years of embedded leverage in the bond market really fall on her shoulders? What has happened in the U.K., and what can we learn from it here in the States? Andrew Stuttaford, the editor of National Review’s Capital Matters initiative, joins David to unpack the economic facts and lessons behind the abrupt ending to Liz Truss’s reign.
David is joined today by Nick Timiraos, the chief economic correspondent of the Wall Street Journal and a renowned Fed-watcher. Timiraos is also the author of a best-selling book, 'Trillion Dollar Triage,' which examines the Fed’s economic decision-making during the early stages of Covid. The two of them carefully examine the current interest-rate policy, what to expect going forward, and what may happen to other Fed policy tools. Some may call it “geeking out” over monetary policy, but others may see it as a careful conversation about the prominent economic topic of our times.
David is joined this week by Vivek Ramaswamy, the author of the best-selling book, Woke Inc., to talk about a moral defense of markets. They go all around the horn in looking at where the Business Roundtable got it all wrong, where so-called “stakeholder” capitalism is an exercise in futility, and what market solutions exist to the so-called “Larry Fink problem.” An absolute premium episode.
David is joined by National Review's Thomas L. Rhodes fellow and frequent writer at Capital Matters, Dominic Pino. They go into all sorts of things economic, from Dominic’s time as an economics student at George Mason to the present state of policy madness to the world of ESG. Talks like this are why Capital Record exists.
David is joined again on the podcast by former chair of the Council of Economic Advisers, Kevin Hassett, who was the first ever guest on this show. They talk through the state of the economy and opine on the dangers of promoting false economic narratives, regardless of the motivation. Listen in to hear a clear, cogent, and honest discussion with one of the great economic thinkers of our day.
David is joined today by a very special guest, Larry Kudlow. The 2022 honoree of the William F. Buckley Prize for Leadership in Political Thought, Larry has a long history with National Review, with William Buckley, and of course, with the cause of defending free enterprise. In this deep and heavy conversation, David and Larry discuss how work is the heart of economics and the formula to economic prosperity, and they also look at the role of civility and friendship in maintaining a fulfilling life. It is truly an episode that strikes at the very heart of a free and virtuous society.
David is joined this week by Sheila Weinberg, founder and CEO of Truth in Accounting, a watchdog group fighting the good fight around governmental accountability. The mission of this organization seems harmless enough: to compel governments to produce financial reports that are accurate (stop the presses!), but apparently, this is more controversial than it sounds. David and Sheila walk through the simply unfathomable abuses of basic accounting that local, state, and federal governments get away with, and ultimately, how this undermines the optimal growth of a free and productive economy in monumental ways.
David is joined this week by business titan and patriot, John Catsimatidis. John walks through an extensive list of his concerns about the American economy today, including some people's policy belief that the solution to inflation is not more goods and services, but rather manufacturing a recession. This living example of the American dream shares his story and his perspective on what the needs of the hour are.
David is joined this week by Dr. Anne Bradley, an Acton Institute scholar and the VP of Academic Affairs at The Fund for American Studies. Dr. Bradley was a James M. Buchanan Scholar in earning her Ph.D. in Economics from George Mason University and remains one of the foremost public intellectuals today. She offers scholarly writing and academic research that is clear, cogent, and readily understandably by all in defense of a free and virtuous society. David and Anne go around the horn discussing first principles, the theological foundation of economics, human nature, economic history, and ultimately, the needed vigilance in defending our ideas in times like these.
David is joined this week by Stephen Miran, lead portfolio manager of Amberwave Partners and a recent Treasury Department economist in the Trump administration. Together, the two wrestle through questions of monetary-policy efficacy, the right criteria for governmental “support” to an economy, and the future of global macro in an era where leveraged beta (i.e. “the easy money”) is harder to come by. It is a discussion that covers a lot of ground and will leave you wanting more.
David is joined once again by renowned monetary economist Judy Shelton for a robust conversation on the state of the Fed, the perpetually growing role in the economy they assert (and so many want to give them), and the dangers that an excessively interventionist Fed represents for economic growth. David and Judy lack a fever-swamp focus on the Fed but do hold nothing back in asserting a properly framed critique of what the Fed has become -- and how it needs to be rectified.
David is joined this week by John Tamny, an editor at RealClearMarkets.com and a highly regarded economic writer and speaker. The two of them tackle some of their economic vocabulary challenges which interfere with a cogent understanding of “inflation,” and seek to put the focus on the lowest hanging fruit for facilitating economic activity. You will find it provocative, informative, contrarian, and maybe even a little enlightening.
David is joined today by Aswath Damodaran, the highly renowned professor at New York University’s Stern School of Business, expert in the field of corporate finance and investment valuation, and most pertinent to us, cogent critic of all things ESG. David and the professor look at all aspects of the ESG movement and find it not just lacking, pharisaical, poorly defined, and cronyist, but even worse, highly counter-productive to the aims it says it has.
David is joined this week by Sachin Khajuria, author of the brand new book, 'Two and Twenty,' and long-time partner at private equity behemoth, Apollo Group. They discuss the state of the private-equity industry, the true differentiating factors of the cultures at the best firms, and ultimately, what this all means for the economy. Private equity and innovation in financial markets are under attack. If you listen to this whole podcast, you may decide the righteous fight is with the masters of the universe.
David is joined this week by Michael Matheson Miller of the Acton Institute, and the two devote considerable time to the poverty problem, and to the concerns many have about the direction of the culture. They also focus on a general understanding of multi-generational expectations and why, at the foundation of it all, our common ground must be theological and philosophical understandings of the human person. They strive to understand the frustrations of the so-called “new right” with “market fundamentalism” and, better yet, present a coherent vision for society that covers all bases.
David is joined this week by Matthew Hennessey, author of the new wonderful book, 'Visible Hand,' and a deputy editor at the Wall Street Journal. They talk all things economics, especially the kind of economics that people actually care about and understand! A must-listen!
David is joined this week by his Radio Free California co-host, Will Swaim. Fresh off of a week-long trip to Grand Rapids, Michigan for the annual Acton Institute’s university symposium, David speaks to Will about his path from Marxism to Markets, and where good intentions and good results can both find a home in a properly ordered vision of liberty.
David is joined today by Dr. Mark Skousen, Presidential Fellow of Economics at Chapman University, best-selling author, founder of the Freedom Fest, and a leading public intellectual in the fight for free enterprise. David and Mark cover a wide gamut of economic topics, economic history, and discuss which schools of thought they most enjoy playing footsie with.
David is joined once again by Oren Cass of American Compass, this time to discuss the state of American financial markets. The two have a congenial conversation about private equity and venture capital, what is going wrong with the two, and what the solutions may be. There is more disagreement than agreement, but there is a mutual and sincere effort to identify issues and present thoughtful remedies. Whatever your view may be on what is right or wrong in the evolution of financial markets, you’ll find this robust discussion thoughtful, provocative, and engaging.
David is joined this week by Lyman Stone, renowned expert in demographics from the American Enterprise Institute and other significant think tanks and organizations. Lyman and David dive deep this week into mortality, migration, and fertility, and look to better understand the implications for economic growth and human flourishing that various trends in these components represent.
David is once again joined by Father Robert Sirico, co-founder of the Acton Institute and a leading public intellectual in the cause of a free and virtuous society. Fresh off the publication of Father's brand new book, 'Economics and the Parables,' David and he dive deep into the Biblical teachings of economics, the state of affairs on the right, and where integralism commits its fatal flaw.
And you’re not going to like it! David is joined once again by Louis Gave of Gavekal Research, and the only things they talk about this week are the bond market, the stock market, global wars, foreign currency, crypto, and pets. You won’t want to miss a word of Louie’s brilliant musings!
David is joined this week by Andrew Crapuchettes, the past CEO of leading labor-economics firm EMSI and the founder and CEO of RedBalloon.Work. Their discussion ranges from what has escalated the present DEI insanity in corporate America to how all of this will play out. Hint: You will be encouraged by where they see this going, as labor and capital share a destination of the most rational application.
David is joined this week by Steve Forbes, supply-side hero and flat-tax pioneer, who is the co-author of a brand new book on inflation. Steve and David go deep into the weeds of what matters in American economic policy, and, as always, the objective is intelligible, reasoned discourse, not platitudes and false prophecy.
David joined this week by Jim Iuorio, Managing Director at TJM Institutional Services and 30-year veteran of markets, to talk about the economy, the Fed, the state of the labor markets, and most importantly, the fate of old-school restaurants. It is not an episode to miss.
David is joined this week by the architect of the landmark 2017 corporate-tax-reform bill, Congressman Kevin Brady of the House Ways and Means Committee. They discuss current economic conditions, the supply chain, the labor shortage plaguing our economy, and even find a little green shoot of optimism.
David sits down with Rene Aninao of Corbu LLC, a macro-intelligence firm with special expertise in geopolitics, national security, and foreign policy. They unpack the specifics of the Russia-Ukraine impact on commodities, bond yields, equity markets, economic growth, and of course, the rules-based order.
David is joined for the second time on Capital Record by Ramesh Ponnuru, editor of National Review. From market monetarism to inflation hawkishness to decades of central-bank history, David and Ramesh get into it all, and you’re going to want more.
Kenin Spivak of SMI Group joins David this week to talk about the mad rush toward corporate policies of Diversity, Equity, and Inclusion, what they are doing to hurt the cause of opposing discrimination, and what they are doing to hurt economic productivity. Kenin is a multi-decade investment banker and corporate attorney with vast expertise in this field and a keen understanding of what the risks of the woke religion are to the cause of a free society. The conversation is riveting, and the cause is monumental.
Sam Rines of Corbu Intelligence rejoins the Capital Record for a really plain English breakdown of what is going on with oil and gas, Russia–Ukraine, and where the risk and opportunity lies in the future.
Capital Record welcomes Andy Puzder this week, the long-time CEO of CKE Restaurant Group who became a legendary corporate executive in the fast food space, and has spent his post-C-Suite career doing the unthinkable: Actually defending the free-enterprise system that has been so kind to him (imagine that!). David and Andy discuss everything from ESG to labor shortages to private equity, and provide some insights that will leave you very satisfied.
Scott Lincicome of the Cato Institute joins David today to talk about free trade, globalization, and the nuanced reality of market impact when the state intervenes to thwart a trade impact. Scott brings his wide experience in matters of trade policy to the discussion and makes the case that not only has free trade been an unalloyed good for the net of society, it has been good for those who are most often presented as the losers out of it. It's a discussion you will not want to miss!
David is joined today by Dr. Samuel Gregg of the Acton Institute for a robust conversation on “common good” conservatism, economic nationalism, and the frustrations with a market economy so prevalent on the political right these days. A little history, a little political science, a little philosophy, and just enough ecumenical theology to keep you coming back for more! This is a discussion you will not want to miss.
David is joined this week by business reporter Christopher Leonard, whose new bestselling book, 'The Lords of Easy Money,' is the talk of the town when it comes to monetary finance. David and Christopher explore the Fed’s post-financial-crisis policy framework, what it meant when the Covid moment came, and most importantly, what it all means for the future. Their talk is fair-minded, earnest, and informative, and will leave you not only understanding the Fed better, but understanding the risks embedded in our economy that few people want to talk about at parties.
David is joined this week by Dan Clifton, head of Washington Research and Public Policy Outlook at Strategas Research. From the outlook for the midterms to the current impact of policy on markets, David and Dan go all over the policy landscape to look at what D.C. is doing to help, and hurt, the economy. Of particular interest may be a dissection of how things shook out in 2021 on the Hill, and what is driving decision-making from Senators Manchin and Sinema now. We would all be better off if D.C. had less to do with the economy. But as long as they do, this is a podcast episode for you.
David is joined this week by one of his very favorite scholars, thinkers, and writers, Yuval Levin of the American Enterprise Institute. Their discussion covers a wide array of topics, including what really matters in the contemporary debate over markets -- that is, anthropology, mediating institutions, moral formation, and growth as a moral good. The two of them feel comfortable criticizing Aristotle, but all toward the aim of a free and virtuous society.
Those who view the cultural assault on the institution of the family as entirely separate from the realm of economics misunderstand not only the family unit but also basic macroeconomics. David is joined today by Dr. Jennifer Roback Morse of the Ruth Institute, who unpacks bit by bit the centrality of the family to economic life, the ways in which the sexual revolution has damaged our cultural soul, and embraces all the conversation topics David throws at her! A pivotal conversation that too many on the left, and right, are unwilling to have.
David Beckworth of the Mercatus Center at George Mason joins Capital Record today. David is an international economist and renowned expert on matters of monetary policy. David and David look into the Fed, the way it is perceived by others, the false impressions many have about “natural” interest rates, and where policy decisions impact the ability of free markets to flourish. It is not a Fed-bashing party, nor is it a Fed-celebration -- just a good, honest look at a subject that many do not care about, but all are impacted by.
David is joined today by Samuel Rines, long-time Chief Economist at Avalon Advisors who has recently joined Corbu as a senior market intelligence expert in the energy sector. David and Samuel explore the U.S. energy sector and evaluate what the future holds in an ESG landscape that has done its very best to bring economic incoherence to its pharisaical agenda.
David is joined by Ryan Anderson, president of the Ethics & Policy Center in Washington, D.C. Ryan is one of the foremost intellectuals in the country in matters of political philosophy and social thought and has done significant work in applying his disciplines to economic rights. David and Ryan use this podcast time to dive into the present debates about markets prevalent in faith circles, where markets are increasingly looked upon skeptically by those flustered with the state of the culture war. David fears the horse is about to get out of the barn as many of the right’s best and brightest abandon faith in markets, and Ryan brings the needed calm, sobriety, and wisdom that this pivotal topic desperately needs.
David is joined by free-market guru, supply-side legend, flat-tax hero, and all-around happy warrior Steve Forbes. The two of them embark upon a far-reaching conversation on the misguided intentions of the current administration, the right way to talk to young adults about markets, and why the future belongs to believers in a free society.
David is joined today by Judy Shelton, Senior Fellow at the Independent Institute, who was famously (and tragically) one vote away from being approved for a seat on the Federal Reserve Board of Governors. Judy and David talk about the Fed’s legitimate function, where it has exceeded that function, and what the repercussions have been for all of us. The “moral contract” that the government’s “legal monopoly” on legal tender implies means we are doing a lot of things wrong, and Judy Shelton is the person to walk us though this.
David hosts George Gilder yet again, this time in an interview for the National Review Institute, to discuss his positively profound insights on “information theory” and “life after capitalism.” Not to be missed!
David is joined this week by Dr. Anthony Bradley, professor at the King’s College and research fellow at the Acton Institute, for a deep and wide conversation on the anthropology of economics, the realities of inner cities, the need of the hour in job creation, and so much more. Dr. Bradley is one of the most compelling public intellectuals today making the case for a free and virtuous society, and the insights shared on this week’s podcast are, well, memorable.