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American prosperity was built on a foundation of free markets and free people. But, with inflation on the rise and a struggling market, many in America’s political class are attempting to recycle failed socialist ideas and calling for government intervention in nearly every aspect of American life. In this National Review Capital Matters podcast, presented by the National Review Institute, financier David Bahnsen hosts interviews with the nation’s top business leaders, entrepreneurs, and financial commentators. Tune in to hear guests such as Larry Kudlow, Steve Forbes, and Art Laffer present a practical and moral vindication of America’s capitalist way of life.
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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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
David takes on the state-capitalism idea that the right has been rightly critical of in China for many years (market forces that are highly directed by the state), but takes this cogent criticism to the idea of Nvidia revenue shares, Intel equity ownership, CEO selection, and other mystifying things that if a leftist president were doing the right would be losing their ever-loving minds over. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
It appears from media reports that SiriusXM is done with their long-term, nine-figure (annual) relationship with Howard Stern, the former FM radio shock jock turned woke, politically correct bore. On today’s Capital Record, David walks through how the two Howard Sterns were both perfect encapsulations of the undermining of a free and virtuous society, only each Howard Stern did this in a totally different way. This is an unconventional Capital Record with a perspective you’re unlikely to hear anywhere else. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
1On today’s Capital Record, David looks at the issue of housing affordability and walks through Rahm Emanuel’s new op-ed in the Washington Post whereby a confused explanation of the financial crisis is given, and even more confused solutions are offered to a problem Rahm mostly identifies correctly. Few subjects in the American economy touch more people than housing, and if housing has become unaffordable for too many, the one thing we really cannot afford is to get this subject wrong.Show notes:What’s Really Depressing America’s Young Men Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
David looks at the unspeakable recent murder of the Blackstone Real Estate CEO and those who have celebrated the murder. Highlighting their despicable lack of moral clarity is the easy part. But unpacking the inexplicable economic ignorance embedded in their murderous hatred is perhaps an equally important subject. Fortunately, most people do not condone horrific murders; but unfortunately, far too many do buy the rationale that a Blackstone Real Estate CEO was doing something bad for regular people. And that assumption is what we will take to the woodshed in today’s Capital Record. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
David is joined by his first podcast guest of 2025, and what a guest it is! The distinguished economist, Dr. Lacy Hunt, joins David to talk about a real assessment of the labor market; of economic growth; and of the second, third, and fourth order impact of tariffs. He transcends the mere first order inflationary impact to delve into the second order disinflationary impact. It is a fascinating conversation that is apolitical, objective, and vitally important.Quarterly Review and Outlook Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
David responds to his National Review colleague Michael Brendan Dougherty's recent attack on free trade. David tries to be far more charitable in tone and content than protectionists appear willing to be, but seeks to hold the anti-free-trade crowd to the same thing all engaged in public argument ought to be held to, especially in an economic way of thinking: first principles, a limiting principle, and, most of all, the accountability of real life. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
David takes a look at certain efforts to undermine the spirit of the law, whether or not the letter of the law is followed, and what it means for our financial markets. This is a golden issue for Capital Record, an optimal application of where freedom and virtue must be juxtaposed.
This week, David unpacks some really important lessons on the current state of U.S. manufacturing: why the electoral and the political cannot be confused with the economic, and why neither should be confused with the cultural. There is something in here for everyone to be bothered by, so jump on in to a reality check about U.S. manufacturing.
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How should we think about people who make billions of dollars managing the capital of others? Does a hedge fund manager like Bill Ackman add any value to society? Why would someone worth $50-100 million hate someone worth $9 billion? This week’s Capital Record doesn’t have time to get into dog-whistle antisemitism, but it does have time to get into class envy, the embarrassing error of believing capital allocation is a valueless exercise, and the merit of achievement embodied by someone like Bill Ackman.
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excellent episode! David and the Congressman have a really good conversation that helps folks understand in simple terms what's going on.
Thank you for interviewing Mr. Charles Payne. He is truly a wonderful soul.
Informative interview with John Mauldin.