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Capital Record

Author: National Review

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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.
181 Episodes
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LFG (Looking for gamers): CFPB wants to hear about your video game loot
It is amazing how, these days, the word “bipartisan” is always attached to Republicans doing something leftist in economic policy, and never Democrats doing something pro-market. And the bipartisanship of the Hawley-Sanders bill to cap credit card interest rates is a wonderful reason to not be yearning for bipartisanship. In this episode of Capital Record, David provides principle-based reasons for opposing this federal overreach, and it is a set of principles that have held up very well over time. A must listen!
How can we have an honest conversation about tariffs as public policy, let alone one rooted in first principles, if the conversation changes every five minutes? David uses this podcast to focus the attention where it belongs, to separate categories, and to encourage thoughtful and siloed analysis about the American worker, about tax revenue, about trade deficits, about human rights, and about negotiating tactics -- in a coherent and sensible manner. One may just find that the right policy decision on a given matter is easier to come by with good faith, logic, and conversation than bouncing around without focus or purpose.
With the RFK confirmation hearings in the news, could it be that “health and human services” is not just a story about vaccines, snack foods, and the controversy around Robert Kennedy, but is actually an economic story, with a lesson for us all about the reason people use words like “big pharma” and “big business”?
"When Engagement Works"
'Gary Stevenson claims to have been the best trader in the world. His old colleagues disagree'
David heard someone say recently, “All I do is help rich people get richer” (this person, like David, works in wealth management), and this inspired David to do this podcast on how incredibly wrong that sentiment is.
David addresses the economics of the fire disaster in Los Angeles, the public-policy ramifications, and the history of voter action in California that speaks to some of what has happened (or not happened). There is not a lot of political dunking going on here, but there is a difficult and important discussion on municipal finance and the principles by which we think about regulations, environmental stewardship, and federal aid.
David breaks down the huge challenges of what has gone on with Fannie Mae and Freddie Mac, the challenge of where things stand now, and the even bigger challenge of what to do into the future. You will be shocked to hear that he believes the solution to how guarantees are given to support the housing markets must be rooted to some first principles, and he has a few to try on for size.
David does a deep analysis of the arguments for blocking the Nippon Steel acquisition of U.S. Steel and finds them . . . lacking. He unpacks the danger in calling things a “national security threat” disingenuously, and makes the case that the big beneficiary of blocking this deal is an Asian country, but it isn’t Japan.
Further reading: “Financialization and Missed Boats” 
As Capital Record completes its fourth year and logs over 200 episodes, we look to what 2025 holds: a new format, a new schedule, and a commitment to the same mission.
David is joined by his favorite, and yours, Renè Aninao of Corbu, as the last guest of 2024. All they do is discuss oil and the dollar as weapons of geopolitical interest, the Xi-Putin-Saudi trades that make sense for markets, and the way in which low-propensity young white male voters can become satisfied with the Trump 2.0 economy. Other than all that, it's just fun and games.
David is joined once again by Dan Clifton, head of policy research at Strategas Research, for a thorough discussion of what to expect in 2025 in the aftermath of the 2024 election: tariffs, trade, taxes (lots and lots of tax discussion), deficits, and so much more. We started 2024 with a huge discussion with Dan, and this new interview with him is a perfect way to begin closing out the year.
David is joined this week by our very own Dominic Pino of National Review to analyze each and every cabinet nominee from President-elect Trump related to economic policy thus far, from Energy to Commerce to Treasury and others. This leads to a discussion on higher education, bureaucracy, spending, transportation, and more. I honestly don’t know what could be more fun, besides recording it, than listening to this episode.
2024 Chart Book Examines Spending, Taxes, and Deficits
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!
Renewing Labor
Dr. Vance Ginn paper on illegal immigrant cost to MedicareDr. 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.
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Comments (4)

Jon King

bb f cc o no

Aug 16th
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stinky rex

excellent episode! David and the Congressman have a really good conversation that helps folks understand in simple terms what's going on.

Apr 8th
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Jonathan Grossman

Thank you for interviewing Mr. Charles Payne. He is truly a wonderful soul.

Jul 31st
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Jonathan Grossman

Informative interview with John Mauldin.

Apr 11th
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