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Capital Record

National Review

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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#326
Yesterday · 13 min
Episode 323: No One is a Libertarian Now
One of the craziest things that has worked its way into the folklore of our age is that the new-found appreciation for a heavy role of government in our personal and economic lives is replacing what was previously this broad moment of “libertarianism,” wherein society ran off of a very limited role of government in matters of economic regulation. Not only did I miss the memo on when that period was to have taken place, but today, some of yesterday’s loudest proponents of a small government are actually screaming for the government to tell you what you can eat. My, how the tea party has fallen. Come tread on me, 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.
#325
September 15 · 14 min
Episode 322: AI Is Slowing Down to Find Itself
The internet and social media were aghast over the weekend as Anthropic founder and CEO Dario Amodei penned a “Jerry Maguire” screed about the AI labs “slowing down” due to the risks of “losing control” and giving way to “bioterrorism” and “serious economic disruption” … Other AI lab heads from Sam Altman to Elon Musk chimed in with agreement. You may read his letter as a call for prudent, selfless moderation, or you may read his call as rent-seeking, cronyist, "pull the ladder up" corporatism at its worst. Today, we will unpack it all. Show Notes: Dario Amodei's Letter David Sacks' Response Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#324
September 10 · 25 min
Episode 321: Subsidies for Child Care?
Vice President JD Vance and a few other folks on the right beat the drum this weekend for a new bill to pay married families with one stay-at-home spouse based on the number of kids they have. Some people on the right defend the bill as “pro-family.” Others on the right lambaste it for being “pro-welfare state.” Some claim it merely redirects funds already in circulation. Others claim it represents a new entitlement altogether and that the bill is a classic case of “right-wing dressing” on top of a “left-wing salad.” In today’s Capital Record, David calls a spade a spade – which is to say, he takes this awful anti-family, pro-welfare, statist idea to the woodshed. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#323
September 8 · 11 min
Episode 320: Gratitude for Higher Football Costs
A “consultant” was on TV last week in a panic over the cost of watching NFL games now, not to mention the utter horror of finding out which streaming network your game might be on. The greed and debauchery of “big football” are on full display as far as many are concerned, but one group stands out as not being concerned at all: those who actually watch the NFL. And there is something else being missed when people complain about the cost of watching the NFL, something even more obvious than the fact that NFL fans love it. Listen to today’s Capital Record for a test case in basic economics that even a punter could understand. Show Notes: Fox Business Video Clip Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#322
September 1 · 16 min
Episode 319: Uncle Sam, The Oil Tycoon
It was announced over the weekend that the United States is taking a 35 percent stake in a private energy company connected to Venezuelan oil rights. Is this “U.S. government in private business” thing getting out of control, or is the United States government a natural business partner in the Venezuelan oil production market? In today’s Capital Record, David will unpack the good, bad, and ugly of this deal, and ask us if our first principles endorse these public-private partnerships, or if they should cause us concern. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#321
August 27 · 44 min
Episode 318: Fusionism
David is joined by Stephanie Slade, author of the brand new book, Fusionism, and a prolific writer and public thinker around the fusion of liberty and virtue. The discussion is historical and philosophical, and represents the topic most foundational to the founder’s vision of this great republic. Not to be missed! Show Notes: Stephanie Slade’s new book, Fusionism: Liberty, Virtue, and the Future of the American Right Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#320
August 25 · 9 min
Episode 317: Discovered, Not Imposed: Bond Yields and Government Intervention
Secretary Bessent announced that the Treasury Department was going to intervene in the bond market last week because “market fundamentals were not working.” In today’s Capital Record, David explains what was done, why it was done, what to expect, and most of all, why it is so, so sad to see this happening. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#319
August 18 · 13 min
Episode 316: What Is Wrong with JD Vance?
Social media was ablaze over the weekend as Vice President Vance continued his streak of outrageous economic statements that quickly allowed defenders of markets to pounce (yours truly included), and allowed his sycophantic defenders to rush to his defense (generally by claiming he didn’t mean what he said he meant). The fact of the matter is, we have a problem with what VP Vance is saying about economic matters, and if he ever wants to be president, he has a problem, too. But the biggest problem is not political. For if we are to take seriously the threat of the DSA and other leftist leanings into progressive economic philosophy, the best option is a choice, not an echo -- let alone an incoherent echo. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#318
August 11 · 57 min
Episode 315: The Common Good, Pornography, Gambling, and You
David is joined today by Christian theologian, Dr. Andrew Walker, to discuss the recent flare-up of interest in the “common good.” They will evaluate what first principles underlie the current debate, where there is common ground, and how we can advance the conversation to a place that honors both liberty and virtue. You will be shocked to hear that the conversation will delve into federalism, limiting principles, the need for specificity, and yes, a hierarchy of loves. Few Capital Record episodes scratch all the itches of what we care about like this one! Show notes: Andrew Walker’s Daily Wire article David’s National Review article Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#317
August 4 · 10 min
Episode 314: The Real Story of Rent Stabilization
We’ll take on the economic illiteracy of Mamdani grocery stores in a future podcast, but first let’s take on his first policy case of incomprehensible duncery: His public posture on rent control and rent stabilization. This is an easy topic to address even in a 2026 Mamdani context, because nothing has changed since the early mix of rent stabilization with reality – it doesn’t work, and the reasons why are unbelievably predictable. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#316
July 28 · 11 min
Episode 313: When Economic Convenience Enhances Loneliness
Markets exist to accommodate commercial transactions, and these commercial transactions represent a major sphere of human existence. We work, produce, and exchange as a vital part of our human endeavor, and when these commercial transactions are not distorted, perverted, and suffocated by extrinsic forces, the testimony of history is that they do wonders toward building a more prosperous society and a higher standard of living. But they don’t meet all human needs, because they are not designed to. It is an extreme category error to wonder how humans are becoming lonelier even in a free market society. On today’s Capital Record, David suggests that many things markets have produced enhance our capacity for friendship, social interaction, and human togetherness, but that many other things could give us excuse to minimize these things, generally to our own detriment. The solution to this whole thing may surprise you, but it will be presented on today’s Capital Record. Show Notes: "The Economics of Friendship" Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#315
July 23 · 17 min
Episode 312: Michaels and the Gift of Private Equity
Critics of private equity love to cite obscure or outlier stories of companies that failed and had private equity investment as some sort of proof for the evil of private equity. The arguments are as financially cogent as they are honest, which is to say, they are idiotic and riddled with lies. But in addition to the lies the Elizabeth Warren class tell about private equity all the time are the clear and obvious counterfactuals to their hideous narrative that they purposely ignore. Today, we are going to not ignore one such case. We are going to tell the story of Michaels, and explain why private equity derangement syndrome has to ignore this case, and the 90 percent-plus of other examples just like it. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#314
July 14 · 10 min
Episode 311: That Big, Bad, Evil GDP Thing
Economic measurements are a tricky thing. There are multiple ways to do things. People are entitled to varying opinions about which measurements of economic aggregates are better than others in terms of methodology and substance. However, are those of us who value economic growth really guilty of making a “golden calf” out of GDP? Do various limitations in what GDP measures and how it does it really mean the whole system is stupid, corrupt, or wrong? Or could it be that promoters of a free and virtuous society can, all at once, understand and reinforce that the totality of economics, rightly understood is, and at the same time, not feel the need to lie, alter, or poke at data. A Capital Record to defend GDP, and to make abundantly clear what should be obvious: GDP measurements are not everything. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#313
July 9 · 45 min
Episode 310: Alan Greenspan’s Legacy
David is joined by Dr. Alexander Salter for a refreshing, nuanced, honest, and candid assessment of the good, the bad, and the mysterious in Alan Greenspan’s legacy as the chairman of the Federal Reserve. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#312
July 7 · 15 min
Episode 309: Setting the Record Straight on Alexander Hamilton
Vice President JD Vance stated last week in a now infamous interview that the right needs less Milton Friedman and an economic approach more like Alexander Hamilton's. One can hope the VP simply doesn’t understand Milton Friedman, but more than likely this “new right” mentality is trying to draw a line against the laissez faire to the economy favored by Friedman. But when various 21st century voices claim Alexander Hamilton as one of their own in seeking larger government control over the economy, do they actually understand Hamilton correctly? In this Capital Record episode, David is happy to defend Milton Friedman, but also happy to defend Alexander Hamilton, too -- against a revisionism that not only gets its economics wrong, but its history, too. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#311
June 30 · 15 min
Episode 308: When People Refuse to Be Happy
A recent article in The Atlantic thoughtfully asked what makes Americans so unhappy. It looked at conflicting economic data (the delta between sentiment and actual economic conditions) and pondered what may be going on to make Americans feel so lousy about the economy. In this episode of Capital Record, David suggests that there are a few different things going on, and they all point to issues near and dear to our hearts. Show Notes: Atlantic article The Secret to a Happy Life (Commencement speech) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#310
June 25 · 17 min
Episode 307: Is Growth Doomed?
When a who’s who of progressive economists, some Nobel laureates, all academics, take to the pages of the, ummm, Guardian, to say that “growth is doomed” and that “poverty is manufactured,” is it time for policymakers to reverse course and embrace the policy solutions these “experts” present to “change the rules of the global economy”? Or, rather, is this the ideal time for lovers of freedom who believe in human flourishing to double down on the only things the world has ever seen that manufacture prosperity? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#309
June 23 · 13 min
Episode 306: Remote Work’s Growing Damage
The Covid-19 era claims that working in an office was over -- an unnecessary relic rendered obsolete by the realities of Zoom and the cloud -- have spent the last five years being decimated by rediscovery of the facts of human nature. Company after company has backtracked, admitted failure in remote work allowance, and attempted to salvage the damage done to brand, culture, and mentorship by telling people they didn’t need to come to work. But a new study has gone further, and the results should not surprise any of us who understand the human person. They should disturb any of us who claim to care about the wellness of human beings. Show notes: Science.org study Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#308
June 18 · 53 min
Episode 305: The Different Motives to Cure Cancer
David is joined today by special guest Peter Travers, investor, financier, and long-time trustee at National Review. Their conversation goes from a proper definition of Wall Street to a proper defense of Wall Street to, ultimately, the profound benefits of a market system that coordinates all sorts of different people, actors, capital, and motives in a wide array of human endeavor. It is a pivotal conversation for those wanting to understand not just financial markets, but how human dignity is undermined by the enemies of financial markets. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#307
June 16 · 15 min
Episode 304: Concentration of Power and Elon Musk’s Trillion-Dollar Net Worth
With the SpaceX IPO and a paper mark-up of value in Elon Musk’s net worth to $1 trillion, many have bemoaned the “concentration of power” that this kind of wealth represents. In today’s episode, David suggests that some may not seem to understand what “concentration of power” really means, and that if people want to see a “concentration of power,” they should see what their desired plans to stop it do. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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