The far left is "going for broke" ahead of the midterm elections and will try to ram through as many regulations as possible and take over as many regulatory agencies as possible so "they can keep a lot of what they do," Steve Forbes, chairman and CEO of Forbes Media, told Newsmax TV Thursday.
"Look how hard it's been to try to roll back Obamacare more than a decade later," Forbes said during an appearance on "Eric Bolling: The Balance."
"So the left is going for broke, and they don't care about what it does in the meantime. And that's why Joe Biden says, 'Oh, the tough times you're going through — glorious times will be ahead, when we have to rely on windmills to run our cars and run our airplanes.' And it’s a disaster, but they are absolutely oblivious to it. And they're doing great harm, and they're doing it deliberately."
Forbes also discussed JPMorgan Chase CEO Jamie Dimon's comments Thursday predicting an economic hurricane caused by the war in Ukraine, rising inflation, and interest rate hikes from the Federal Reserve.
"We point out there are two kinds of inflation — monetary, which comes when the Fed prints too much money, and non-monetary, when you get a situation like you shut down economies, disrupt supply chains, create shortages, and the prices go up — in my book, 'Money.'"
"The Biden administration is doing that now, as you know, in a number of areas, including energy; so I think Jamie Dimon is right that we're going to have these disruptions in the future. But the amazing thing is if the Biden administration just would back off and the Federal Reserve would just keep the dollar stable, we would work our way quickly through this thing. But unfortunately, I think what Jamie Dimon fears is the Federal Reserve believes the only way they can fight inflation is by slowing the economy down and perhaps having a recession. So when Joe Biden talks about transition, that's code for get ready for hard times."
Inflation has become a major problem for the Biden administration.
Fed officials are attempting to fight the fastest rate of inflation since the 1980s by lifting borrowing costs.
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