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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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#334
Tuesday · 12 min
Episode 331: Selling a House How You Want to Sell It
In recent weeks, I have heard surprising criticism of the idea of people selling their homes without listing it (so-called “private listings”) and of the MLS system that so many in the residential real estate world rely on. Naturally, I had no idea these were problematic, but when a professional in an industry asks the government to regulate something happening in that industry, I usually suspect some good old-fashioned crony rent-seeking is going on. It turns out, I wasn’t wrong. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#333
October 27 · 12 min
Episode 330: Is Business School Bad?
A recent op-ed in the New York Times by a Cambridge University business professor argues that it is time to get rid of business schools. His arguments do not center around the need to root business education to first principles or moral philosophy or a cogent sense of wealth creation; rather, they center around a contempt for profits and a basic inability to appreciate the social good of producing goods and services that enhance our quality of life. Where have we seen this mistake before? Find out on today’s Capital Record. Show Notes: NY Times op-ed, "I Teach at a Business School. It's Time to Shut Them Down." Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#332
October 20 · 10 min
Episode 329: Hopelessness and Social Unrest
The images that came out of France over the weekend created a real test of how one views the world—whether the violent riots and looting are the by-product of economic desperation and hopelessness, or the by-product of a crisis of responsibility run amok. In the rather revelatory moment of chaos and barbarism, one worldview is exposed for the reductio ad absurdum it is, and the opportunity presents itself to offer the vision for a free and virtuous society, even to a country like France. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#331
October 13 · 15 min
Episode 328: The Crisis of Responsibility on the Right
Whether it is woke-right groypers or “conservative” media pundits like Steve Deace who are supposed to know better, a movement is afoot to say that Gen-Z white men have been dealt a bad hand—and a spirit of victimhood is the way to reckon with it. But a free and virtuous society is not built by asking a politician to keep you off porn, and it is not built by blaming others for your problems. This episode of Capital Record is ground zero for how we think about society, and how we think of our own peace, joy, and opportunity within it. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#330
October 6 · 5 min
Episode 327: You Have to Earn It, Baby!
Today’s short Capital Record is a simple refresher on the difference between capital formation and capital allocation, and why entrepreneurs bemoaning the challenges of having capital allocated to them get it all wrong. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#329
October 1 · 20 min
Episode 326: The American Dream, Human Flourishing, and The Bahnsen Group
Those who hate the financial sector and demonize the activity of capital markets will never understand that beneath it all is the story of the human spirit. Dealing with the aspirations embedded in financial markets has to be avoided, because it gets in the way of their narrative of grievance and victimhood. On today’s Capital Record, David has a highly personal story to tell that gets to the essence of all of this. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#328
September 29 · 12 min
Episode 325: Being Trained to Be an Entrepreneur... by the Government??
The United States federal government currently has an aggressive agenda, and it has now added to its portfolio… training workers in technology, energy, and defense. Several universities are creating the materials, and the government is organizing the national training program known as the Foundry School. Is this the retraining and investment in work-and-business dynamism we have been waiting for, or is it another government overreach where inexperienced bureaucrats are way out of their lane, feeling good about saying the right things? A balanced and nuanced discussion 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.
#327
September 24 · 17 min
Episode 324: A Choice, Not a Socialist Echo
We are living in a period when the greatest political opportunity I have ever seen for either party is being squandered. For the Democrats, it is understandable. For the Republicans, it is unforgivable. In today’s Capital Record, David looks at this current moment, where true conservatives have a chance to present an actual contrast – a choice – to the left-wing socialist nonsense of our day. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
#326
September 22 · 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.

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