Bill Pulte demands a congressional probe into Fed Chair Jerome Powell, accusing him of lying about a $2.5B D.C. headquarters renovation—complete with marble upgrades and VIP perks—while refusing to cut rates despite 1.6% inflation, calling it election-year politics favoring Biden. He contrasts Powell’s policies with Trump’s "big beautiful bill," which slashed Social Security taxes for 88% of Americans, predicting a housing boom, and praises Trump’s Fannie Mae privatization plan. Pulte also celebrates Penn’s reversal on transgender athlete policies and Target’s $1.4M donation cut to the CBC Fund as wins against "wokeism," framing them as proof of Trump’s law-and-order era reshaping progressive agendas. [Automatically generated summary]
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Welcome back.
We're back in the Stone Zone.
Today's New York Post reports that the Federal Housing Finance Agency Director Bill Pulte has called on Congress to investigate whether Federal Reserve Chairman Jerome Powell misled lawmakers in his testimony regarding a lavish $2.5 billion revamp of the Federal Reserve's palatial D.C. headquarters.
Pulte has been a sharp critic of Chairman Powell, pointing out that despite the fact that both inflation and unemployment are lower today than when the Federal Reserve last cut interest rates, Powell has stoutly refused to cut interest rates on the American people.
Joining us now is a man who's all over the news today.
He is the fifth director of the U.S. Federal Housing Agency.
In that position, he also oversees and serves as chairman of both Fannie Mae and Freddie Mac, the two principal mortgage vehicles for the federal government, as well as overseeing the federal home loan banks.
Bill Pulte, welcome into the Stone Zone.
Thank you, Roger.
Always good to be with you.
What a crazy day, huh?
It really is.
You've raised some very serious questions here.
You've called for a congressional investigation.
Break this down for us, if you will.
Well, I really haven't heard from a lot of people that I heard from today in a long time.
I mean, it's everywhere, and I think that it really strikes a chord with people, Roger.
I don't think it's really about what I did or President Trump or yourself or anyone else in this world.
I think it really has to do with Jerome Powell and his actions.
You know, we had to deal with this guy all throughout COVID, as you remember.
Everybody's so used to seeing this guy on TV during COVID.
And now he's still here, but he's out there doing a $2.5 billion renovation on a building, which, you know, I know a lot about construction, Roger.
It would be very hard for me to spend $2.5 billion on a renovation, just to be frank.
And then on top of it is he's sitting there not lowering interest rates despite inflation being lower.
So the whole thing stinks to high heaven, and we're going to get to the bottom of it.
Yeah, I mean, it's really shocking.
He won't cut interest rates despite the fact that today both inflation and unemployment are lower than the last time the Federal Reserve cut interest rates ahead of the 2024 elections.
Very clearly a political move designed to try to help Joe Biden.
That didn't work out so well.
But his whole let him eat take mentality is really offensive.
He said before Congress that this $2.5 billion renovation of the Federal Reserve's incredibly palatial headquarters, he specifically said there is no VIP dining room.
There is no new marble.
There are no special elevators.
There are no new water features.
There's no beehives.
There's no roof terrace gardens.
And none of that turns out to be true.
According to the plan approved by the government, pen pushers, A private dining room on level four is being completely restored, that there is a new private elevator for the use of the Fed governors that will discharge them at the dining suite level.
The document expressly mentions a vegetated roof garden with urban wildlife and a spectacular view of DC skyline, as well as new water and marble features.
So it appears to me that he lied and he lied on a material matter.
I was once accused of lying to Congress, but I had no motive to lie, and no misstatement I made to Congress covered any underlying crime, nor was it material to Russian collusion because there was no Russian collusion.
In this case, there is a $2.5 billion plan.
While the American people are struggling, struggling certainly to buy a home or to buy a car, I don't know how he justifies his position other than to say tariffs, which is not much of an answer.
Well, he's got real problems, and he's going to continue to have real problems because, you know, people look the other way for a long period of time.
We had COVID.
We had all these different things going on in our economy.
But when you start messing with people's money for no reason whatsoever, which is what he's doing, in my opinion, I think that it's just a matter of time before this gets worse for him.
And I wouldn't be surprised to see there be investigations.
And, you know, we'll see where it goes from there, Roger.
But, you know, this is a cautionary tale for, frankly, for me and for other people who serve in government, but also people who, frankly, make money and become wealthy.
You just can never become detached from reality like it appears Jerome Powell has become.
Because, you know, you sit there and you think to yourself, you know, President Trump called him a stubborn mule.
And you sit there and you think to yourself, this just doesn't seem right.
How could somebody think like this?
And honestly, Roger, I think that Jerome Powell has created his own reality where he somehow thinks that it's fine that he has created this $2.5 billion renovation and that he hasn't lowered interest rates.
And I don't know what reality that is, but it's certainly not one that I would ever want to live in.
Yeah, no, the excuse he gives is tariffs.
He and many in the economics establishment have been conditioned to treat tariffs as inherently harmful.
I think that's false.
Here's the truth.
Tariffs are one of the few forms of taxation that actually preserve a government's accountability to its citizens.
Tariffs tie state revenue to national production and trade policy.
Tariffs will allow citizens to remain sovereigns of the government and income and even consumption taxes subjugate.
I think it is a phony argument, but the arrogance here, the politicization, is kind of obvious.
He is also, as we've had Barry Habib, the housing and mortgage guru on the show, Powell stubbornly insists that he doesn't have the data to justify an interest rate cut.
You look at the data, I mean, it's like Barry points out, you know, 1.6% is the annualized CPI number.
And that literally tells you what prices are.
And you're running at 1.6%, but your interest rate is 4.5%.
I mean, anybody with a napkin can figure out that that's 2% to 3% way too high.
And I personally believe that Jerome Powell is purposely doing this because he hates the president and because he wants to hurt the president.
And it's very sad because Jerome Powell is actually hurting the American people.
You know, President Trump is very tough, but a lot of American people have these interest expenses.
And so when you have, you know, CPI trailing at, you know, let's call it 1.6% on a run rate basis, you apply it over a yearly period, and then you've got these interest rates at 4.5%, that's enough to do substantial damage to the economy.
And I think it's, as I said, I think it's going to get worse, and I think the data is going to continue to prove out to be true that he is doing this with willful, willful intent.
Yeah, I mean, looking at your statement, it was interesting.
You not only pointed out that he may have dissembled before Congress, but you also suggested that the Congress investigate his political bias.
I mean, I think they have the authority to do that.
I've been through this.
They certainly had no problem subpoenaing my email messages, my text messages, tracking all of my phone calls.
By the way, they found no evidence of Russian collusion or WikiLeaks collaboration, despite what some in the media had reported.
Why could they not subpoena Jerome Powell's emails and tech messages for evidence of political bias?
I think that would be perfectly reasonable.
I think there'll be a lot more coming out, Roger.
I spoke with some U.S. senators today, and I think you also saw that one senator, Senator Lummis, text, or not texted, tweeted the article or tweeted the quote retweet, let's call it, my tweet about saying that Congress should investigate.
So I think a lot more will come out.
And if Senator Lummis's tweet is any indication that people are watching, I wouldn't be surprised to see Congress pick this up and pick it up real quick.
Bill, I want to ask you about the importance of the big beautiful bill.
It seems to be inching closer and closer to being reality.
Earlier in the show, we doused a lot of the disinformation about the bill.
It will, in fact, eliminate taxes on Social Security for 88% of Americans.
There are those out there saying, no, it doesn't do that.
It does do that.
It could not be completely eliminated for structural reasons, but there is language in there that has the effect of doing away with a complete tax break on 88% of seniors.
Tell us about how important this bill is, because I think a lot of people are buying into the disinformation.
It's incredibly important, Roger.
I think it'll be one of the hallmarks of President Trump's term.
I think that this will actually set off the golden age.
You know, I've talked a long time about how there's going to be a housing boom in this country.
And you know how I feel about what Jerome Powell is doing to stunt that housing boom.
But I actually think that the big, beautiful bill will be the gasoline, so to speak, that will start the fire in a good way, which is the housing boom.
And you look at what's happening right now in the country.
You have four years of inflation that have just robbed Americans of their savings, robbed Americans of their earning potential, meaning nobody's been able to really grow their earnings on an inflation-adjusted standpoint.
So I think that this is going to be really a home run.
And, you know, this isn't investment advice, Roger, but I think that the stock market will boom.
I truly, truly believe that.
The president has spoken about the possibility of taking Fannie Mae and Freddie Mac, the two housing mortgage giants, private.
It's a decision he'll make down the road.
But I also noticed that he very quickly said whether he does that or not, and we don't know whether he's going to do it.
He's still considering it.
The federal government would continue to guarantee mortgages so there'd be no damage, no deterioration among housing bonds.
I think it is an innovative idea.
I salute the president because he is an outside-the-box thinker, and he views everything under this prism of what is best for America, what's best for the taxpayers, what is best for U.S. citizens, not our allies, not illegals who are in the country, not the politicians in the political caste class, but what is best for America.
He's an inspiring guy to work for.
I don't know when he sleeps, to be honest with you.
His energy just astounds me.
His stamina is extraordinary.
He's obviously very courageous.
I mean, they tried to kill him twice, and he still keeps pushing forward on this agenda of reform.
I think there's a high probability that we are heading into a golden age here.
He's had a heck of a run just in the last week with this decision in the federal courts that seems to me to end the judicial tyranny in which judges that they shop for, activists, liberal judges, issue these sweeping, nationally impacting rulings.
It looks to me like that obstacle is now out of the way.
USID going out of business, stepping up the deportation of illegals.
The president's had one heck of a week.
He really has, and he's a machine.
Like you said, and it's been publicly reported, you know, he stays laid into the Oval Office, and then it's been reported that he goes up into the residence and that he continues to work into the late hours of the night.
This is a man who is a machine.
I don't know if we'll make another one like this gentleman.
I mean, think about it: 79 years old.
I mean, who knows anybody who's 79 years old who's as efficient, as functional, and frankly, brilliant as he is.
I mean, he is brilliant.
I said this yesterday, Roger, on my Twitter.
I said, I've never met another person who has as good of instincts as this gentleman does in my entire life.
His instincts are just otherworldly.
I don't care what anybody says about him.
I think he's brilliant.
Well, the brilliance of doing away with the tax on tips, for example, which really did come from a conversation that he had with a cocktail waitress when he was campaigning in Las Vegas.
I think it tipped the silver state of Nevada, a swing state, a state that Republicans lost in the last presidential election.
It was one of the more brilliant pieces of the big, beautiful bill.
It will soon be federal law.
He didn't get that from some economist.
It came from the mind of Donald J. Trump.
And his affinity for working people.
This guy is a billionaire who never really lost his queen's roots.
He has the common touch.
He understands the language and the instincts and the feelings of the working people.
So I think he's going to go down in history as one of our greatest presidents.
Trump's Common Touch00:02:44
All right, I'm afraid we have to wrap it there.
I want to thank our guest, Bill Pulte, who is the director of the Federal Housing Finance Agency and who today called for a congressional investigation into Federal Reserve Chairman Jerome Powell.
Bill, thank you for entering the Stone Zone.
is the stone zone with roger stone rural americans deserve access to the best of what our country has to offer especially health care Across every state, every community, America's rural hospitals are the first line of defense protecting our families, neighbors, and loved ones.
No matter where you live, hospital care doesn't clock out.
They're there 24 hours a day, seven days a week, 365 days a year.
Each year, America's over 5,000 hospitals care for millions of patients, providing 24-7 emergency care, delivering babies, cancer treatments, and other life-saving care that patients rely on.
Behind every one of those patients are doctors, nurses, and caregivers working tirelessly to keep people healthy and safe.
Hospitals are our community's lifelines.
They employ our neighbors and keep our families healthy.
But now, some in Congress are threatening access to care.
Tell Congress, protect patient care to keep America strong.
Don't cut rural health care.
This is the Stone Zone with Roger Stone.
Roger Steppin' Stone.
The Stone Zone on the Red Apple Podcast Network.
And we're back in the Stone Zone.
Thanks again to Bill Pulte, the director of the Federal Housing Finance Agency.
Breaking news here in the Stone Zone, calling for a congressional investigation into whether Jerome Powell, the chairman of the Federal Reserve, lied to Congress about a $2.4 billion renovation to the palatial headquarters of the Federal Reserve.
Also, Pulte criticized the director of the Fed for his stout refusal to cut interest rates on the American people, despite the fact that both the inflation rate and the unemployment rate, the two measures the Fed uses, are lower than they were when the Fed last cut rates ahead of the 2024 election.
Target Cuts Funding to Black Caucus00:03:24
Meanwhile, the University of Pennsylvania has reached a settlement with the U.S. Department of Education rejecting transgender insanity after letting a biological man, Leah Thomas, dominate women in swimming competitions.
UPenn has agreed to give titles and records back to female athletes who were robbed of these honors because they were misappropriated by male athletes who were allowed to compete in female categories.
This is really insanity.
The Trump administration initiated an investigation into the University of Pennsylvania early this year before freezing $175 million in funding for the university after it refused to comply with a DEI-related executive order.
The feds later determined that UPenn had, in fact, violated Title IX rules allowing Thomas to participate in a female swimming competition, denying opportunity to competitors who were biological females.
University of Penn officials will be issuing apologies to the women who were adversely impacted by their embrace of this transgender insanity.
This, I think, shows how the Trump administration is fulfilling its mandate of eliminating wokeism from our culture as the country is no longer held hostage to the delusions and perversions of a fringe leftist minority.
Meanwhile, the Congressional Black Caucus is big mad after the corporate retailer Target announced they would no longer be giving money to that nonprofit.
Target has been giving at least $1.4 million in annual donations to the Congressional Black Caucus Fund, as well as additional money to other racial justice groups for years, hoping to avoid a multicultural mob from ransacking their stores like they did after the death of serial felon George Floyd back in 2020.
With Black Lives Matter mania waning in recent years, Target has determined they will no longer have to participate in this racial protection racket anymore.
They announced back in January they would be cutting off their funding to the Congressional Black Caucus and similar organizations.
The Congressional Black Caucus struck back by announcing a boycott of Target, which I don't think will be terribly successful.
The Black Caucus stated, like many of the coalition leaders and partner organizations that have chosen to boycott their stairs across the country, we found that the explanations offered by the leadership of the Target Corporation fell woefully short of what our communities deserve and of the values include that Target once touted.
So folks, if you're shopping this afternoon, let me recommend that you drop by Target, showing rare courage in this atmosphere.
No longer willing to be strong-armed by those playing the race card.
Red Apple Audio Networks00:01:52
It demonstrates that it is a new day in America and we're entering a golden age, an age of unprecedented peace, prosperity, security, justice, and law and order.
You can hear about it every day here on the Stone Zone on the Red Apple Audio Networks.
Until tomorrow, God bless you and Godspeed.
Thanks for listening to the Stone Zone with Roger Stone.
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So you never have to wonder what the heck is going on here.
Rural Americans deserve access to the best our nation has to offer, especially when it comes to health care.
Across every state and every community, America's rural hospitals are the first line of defense, protecting our families, neighbors, and loved ones.
No matter where you live, hospital care doesn't clock out.
They're there 24 hours a day, seven days a week, 365 days a year.
Each year, America's over 5,000 hospitals care for millions of patients providing 24-7 emergency care, delivering babies, cancer treatments, and other life-saving care that patients rely on.
Behind every one of those patients are doctors, nurses, and caregivers working tirelessly to keep people healthy and safe.
Hospitals are our community's lifelines.
They employ our neighbors and keep our families health.
But now, some in Congress are threatening access to care.
Tell Congress, protect patient care to keep America strong.