Sparks flew on Fox Business as anchor Dagen McDowell got into it with a contributor over the economic costs of the Iran War.
McDowell went toe-to-toe with contributor Lou Basenese on The Big Money Show after he said that Wall Street remains optimistic about the continued attacks on Iran.
Watch:
“You saw this in the last inflation prints, right? The oil coming back down brought inflation back down with it. So investors right now, I think, are having an optimistic outlook of, ‘Hey, we’re escalating 10 nights in a row. We’re gonna go to 11, 12, whatever we have to do to get this over with. And we know even if there’s a temporary inflation because of oil re-spiking back to $90—’” he began, before McDowell cut in.
“It’s not just inflation, it’s the spend!” she exclaimed. “President Trump’s talking about Pickaxe Mountain, President Trump is talking about taking on the Houthis in another area of the Middle East, on the water!”
“But the market’s not freaking out about that,” Basenese argued.
“Well, look at the 10-year! The stock market is not freaking out yet,” the anchor responded.
“Defense spending was bullish for the market, Basenese pointed out when McDowell noted that Secretary of War Pete Hegseth was due to talk about spending needs Tuesday afternoon.
“Not if it drives up longer-term interest rates!” she shouted.
“But what’s going to drive up long-term interest rates? The deficit, or oil prices?” the contributor pressed.
“It’s both!” McDowell said. “Longer-term interest rates started going up at the very onset of this conflict simply because of the spending on the military. And it was the inflation from oil prices showing up in the CPI, feeding through to the Federal Reserve.”
“The second we have another ceasefire, I will bet you dollars to donuts this print will-” Basenese started.
“Oh you’re bettin’ on a ceasefire? That’s really gonna take care of Iran,” McDowell snarked. “Have we lived through that — I don’t want to say idiocy —didn’t we live through that before?”
“You and I are in violent agreement that the shortcomings of the MOU was the fact that it gave them economic relief,” the contributor said.
“So you’re asking for another ceasefire?” she asked.
“No, I’m asking to finish the job,” he explained.
“How much is it going to cost?” McDowell wondered, coming back to the economic concerns surrounding Iran War funding. “How much is it going to cost?”
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Sierra Marlee is a millennial whose hunger for the truth in a world of fake news has led her to write. Marlee also contributes to BizPac Review.
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