1 00:00:23,079 --> 00:00:26,640 Speaker 1: And hello, how are you welcome to the Big Podcast 2 00:00:26,679 --> 00:00:29,960 on this Monday to day is the fourth day of May. 3 00:00:30,399 --> 00:00:33,560 Year of our Ward, twenty twenty six. My name is 4 00:00:33,560 --> 00:00:37,759 Tom Sullivan, and man, we got a lot to go 5 00:00:37,840 --> 00:00:40,439 over today, and it's kind of different too. I mean, 6 00:00:40,719 --> 00:00:42,960 I'll update you on what's going on with the war 7 00:00:43,000 --> 00:00:46,920 in Iran and gas prices. We'll do all that which 8 00:00:46,920 --> 00:00:50,359 we've been doing over and over and over, but today 9 00:00:50,439 --> 00:00:53,439 I want to start with something. A lot of aviation 10 00:00:53,600 --> 00:00:58,679 news today, and I love aviation. So the big story 11 00:00:59,119 --> 00:01:05,840 was Friday night, Spirit Airlines shut down. That was it. 12 00:01:05,840 --> 00:01:10,319 It was over. And what gets me about this is 13 00:01:11,519 --> 00:01:16,760 it's being reported so poorly. And I'm sure that there's 14 00:01:16,840 --> 00:01:18,879 just a lot of people in the news business who 15 00:01:19,040 --> 00:01:22,879 just don't know, but they don't do any effort to 16 00:01:22,959 --> 00:01:26,879 find out why. So they are blaming it on the 17 00:01:27,040 --> 00:01:30,040 jet fuel prices. All all fuel prices are way up, 18 00:01:30,040 --> 00:01:32,319 and they're saying, well, it's because of the war and 19 00:01:32,400 --> 00:01:35,000 the jet fuel prices and that's why Spirit had to 20 00:01:35,000 --> 00:01:39,200 shut down. That's so far from the truth. It is 21 00:01:39,239 --> 00:01:41,280 not the truth at all. This is something And then 22 00:01:41,400 --> 00:01:45,280 they do the stories that the the tear jerker stories 23 00:01:45,319 --> 00:01:49,519 about oh the poor employees, they had no idea. This 24 00:01:49,640 --> 00:01:54,879 caught them by surprise. And that also if this, if 25 00:01:54,879 --> 00:01:57,200 you're an employee of Spirit Airlines and this caught you 26 00:01:57,239 --> 00:02:03,000 by surprise, I'm sorry, you've got bigger. Everybody in the 27 00:02:03,079 --> 00:02:09,719 airline industry and beyond knew that Spirit was in financial skids. 28 00:02:10,199 --> 00:02:13,080 They went bankrupt, what was it a year or two ago. 29 00:02:14,159 --> 00:02:18,560 They went bankrupt again just a few months ago. That 30 00:02:18,719 --> 00:02:22,680 they've sold everything. They basically, as they say in bankruptcy court, 31 00:02:22,719 --> 00:02:26,360 they basically sold the furniture. They sold everything that they 32 00:02:26,520 --> 00:02:31,360 had to basically hang on. I mean, including the planes 33 00:02:31,360 --> 00:02:34,400 that they owned. They sold those. The only thing left 34 00:02:34,800 --> 00:02:38,680 were some least planes that go back to the less hores. 35 00:02:39,360 --> 00:02:43,439 So there really wasn't anything to sell. I was very 36 00:02:43,479 --> 00:02:46,319 concerned that the President was talking about maybe bailing them 37 00:02:46,360 --> 00:02:49,039 out with taxpayer money on that. No, no, no, no, no, 38 00:02:50,080 --> 00:02:54,159 they listen. Listen. They're an ultra they were an ultra 39 00:02:54,360 --> 00:02:59,240 low cost airline. Maybe they were a little too ultra 40 00:02:59,319 --> 00:03:03,439 low on their ticket prices. Maybe they should have charged 41 00:03:03,560 --> 00:03:07,840 just another few bucks or something, because I mean, it 42 00:03:07,879 --> 00:03:10,639 was it's a it's a unique airline. Because they the 43 00:03:10,759 --> 00:03:14,319 joke was they charged for everything you want to You 44 00:03:14,360 --> 00:03:16,280 want to pick your seat, there's a there's a fee. 45 00:03:16,319 --> 00:03:18,120 You want to bring a bag, well everybody does that. 46 00:03:18,199 --> 00:03:19,919 Now there's a fee if. 47 00:03:19,800 --> 00:03:20,240 Speaker 2: You want to. 48 00:03:20,800 --> 00:03:22,520 Speaker 1: I mean it goes on and on and on. You 49 00:03:22,599 --> 00:03:26,840 want anything other than a seat to from point A 50 00:03:26,960 --> 00:03:29,159 to point B, they ever gonna charge you an extra fee. 51 00:03:29,960 --> 00:03:31,800 But I want to play a couple of things just 52 00:03:31,840 --> 00:03:36,280 to show you how the media is getting this so 53 00:03:36,280 --> 00:03:42,560 so so wrong. This is the introduction to ABC's network 54 00:03:42,759 --> 00:03:51,560 newscast last night from ABC News World headquarters in the UK. 55 00:03:52,680 --> 00:03:54,080 These World News. 56 00:03:53,840 --> 00:03:56,639 Speaker 2: Tonight, Good evening. It's great to have you with us 57 00:03:56,639 --> 00:03:59,000 on this Sunday. I'm Went Johnson. We begin tonight with 58 00:03:59,080 --> 00:04:02,240 growing fears over the future of air travel. More than 59 00:04:02,280 --> 00:04:05,520 twenty four hours after Spirit Airlines abruptly shut down, some 60 00:04:05,719 --> 00:04:09,400 other carriers are now worried about their financial stability. The 61 00:04:09,479 --> 00:04:13,479 ripple effect of Spirit ceasing operations still being felt across 62 00:04:13,560 --> 00:04:17,040 the country, many stranded passengers forced to pay hundreds of 63 00:04:17,040 --> 00:04:20,720 dollars more to reach their destinations. Spirit placing much of 64 00:04:20,720 --> 00:04:23,560 the blame on the soaring cost of jet fuel triggered 65 00:04:23,560 --> 00:04:26,160 by the war with Iran. For putting the company out 66 00:04:26,160 --> 00:04:26,720 of business. 67 00:04:28,199 --> 00:04:33,199 Speaker 1: Well, no, actually, the first of all, it wasn't sudden, 68 00:04:33,480 --> 00:04:38,639 and secondly, it wasn't the jet fuel prices. They have 69 00:04:38,839 --> 00:04:44,439 been in financial trouble for years. Then Sarah Nelson, who's 70 00:04:44,519 --> 00:04:47,680 the I like her. I think she does a good job. 71 00:04:47,759 --> 00:04:52,000 She's the president of the Airline Flight Attendants Association, the 72 00:04:52,120 --> 00:04:54,800 union for flight attendants for a lot of them, and 73 00:04:54,879 --> 00:04:57,920 she did the exact same thing, and she should know better. 74 00:04:58,240 --> 00:05:01,759 Speaker 3: Here's the problem. Went out of business because of the 75 00:05:01,800 --> 00:05:04,759 spike and fuel costs because of the war, and that 76 00:05:04,920 --> 00:05:07,920 is causing a problem across the industry. So capacity is 77 00:05:07,959 --> 00:05:11,480 being cut. That's why Spirit wasn't bought. Spirit had a 78 00:05:11,480 --> 00:05:14,720 plan to exit bankruptcy, and but for those spikes and 79 00:05:15,079 --> 00:05:19,439 fuel prices, they would have succeeded. So there it's difficult. 80 00:05:19,439 --> 00:05:22,360 But there are some airlines hiring, although on a lesser rate, 81 00:05:23,160 --> 00:05:24,120 basically on attrition. 82 00:05:24,519 --> 00:05:27,439 Speaker 1: Okay, Like I said, she should know better. But they 83 00:05:27,439 --> 00:05:29,680 did not go out of business because of the fuel prices. 84 00:05:30,000 --> 00:05:32,079 If the fuel prices were driving them out of business, 85 00:05:32,120 --> 00:05:34,319 why aren't the fuel prices driving all the airlines out 86 00:05:34,319 --> 00:05:37,120 of business? And secondly the fact that they weren't bought 87 00:05:37,199 --> 00:05:40,000 because of the cutbacks from other airlines because of the 88 00:05:40,000 --> 00:05:43,120 fuel prices, not even close they had. They had, like 89 00:05:43,160 --> 00:05:46,040 I said, they sold the furniture. They had nothing to sell. 90 00:05:47,120 --> 00:05:51,279 So it's it's I'm sorry. I'm just trying to get 91 00:05:51,319 --> 00:05:54,079 the honesty out there because there's so much dishonesty in 92 00:05:54,199 --> 00:05:58,720 all of this. This goes back quite a ways. This 93 00:05:58,800 --> 00:06:04,240 goes back to the Biden administration when Jet Blue tried 94 00:06:04,360 --> 00:06:09,680 to buy Spirit Airlines, and actually Frontier tried to buy them, 95 00:06:09,680 --> 00:06:12,240 and then that Jet Blue jumped in and said it 96 00:06:12,240 --> 00:06:15,279 we'll pay you even more because what they wanted to 97 00:06:15,319 --> 00:06:18,199 do was they realized that Spirit was not going to 98 00:06:18,240 --> 00:06:22,920 make money with their low ultra low faars. So but 99 00:06:23,040 --> 00:06:26,480 they had assets, and they had gate access, and they 100 00:06:26,519 --> 00:06:31,160 had routes and things that were worth money. So because 101 00:06:31,240 --> 00:06:33,439 it was an airline merger, that had to go before 102 00:06:33,480 --> 00:06:36,639 the Federal Trade Commission in the Biden administration, and they 103 00:06:36,920 --> 00:06:39,839 jumped up and down and said, no way, we want 104 00:06:39,879 --> 00:06:44,000 to make sure there's still access to ultra low fares. 105 00:06:44,800 --> 00:06:48,319 And that was not only the argument of the Federal 106 00:06:48,360 --> 00:06:54,639 Trade Commission, but Pete Bodhajetge, that Secretary of Transportation he said, no, 107 00:06:54,680 --> 00:06:56,680 we're not going to do this. So the Biden administration 108 00:06:56,839 --> 00:07:00,199 was very much against corporate mergers and all they were 109 00:07:00,240 --> 00:07:05,519 trying to do was basically save Spirit from going out 110 00:07:05,519 --> 00:07:09,240 of business, which they now have done. Here's Pete Budha 111 00:07:09,360 --> 00:07:10,800 judge from a couple of years ago. 112 00:07:10,879 --> 00:07:15,319 Speaker 4: The Department of Transportation has generally not gotten involved in 113 00:07:15,439 --> 00:07:19,560 these merger cases, but that's changing today. It is so 114 00:07:19,639 --> 00:07:23,639 important to make sure that passengers have choices, that they 115 00:07:23,680 --> 00:07:27,399 have access to low fares, that they have access to competition. 116 00:07:27,920 --> 00:07:31,680 Speaker 1: Yeah, they had an ideological bend bent in the Biden 117 00:07:31,680 --> 00:07:36,240 administration that mergers and corporations were bad, bad, bad. This 118 00:07:36,360 --> 00:07:39,600 wasn't about trying to offer anything to anybody. It was 119 00:07:39,720 --> 00:07:44,399 truly everybody in the airline industry knew. This was basically 120 00:07:44,720 --> 00:07:48,480 trying to figure out a way to save Spirit Airlines 121 00:07:48,519 --> 00:07:52,199 from eventually going out of business because they were losing money. 122 00:07:52,240 --> 00:07:56,319 Hand over fist. You can't keep doing that. Sean Duppy, 123 00:07:56,399 --> 00:08:00,399 the current Secretary of Transportation, had the rebuttal. 124 00:08:00,199 --> 00:08:03,720 Speaker 5: The yeah, field prices have gone up. This story was 125 00:08:03,720 --> 00:08:06,360 not written because of the Iran War. This story was 126 00:08:06,399 --> 00:08:09,519 written years ago because of what Elizabeth Warren Joe Biden 127 00:08:09,519 --> 00:08:12,439 people to judge and the DOJ under Biden what they 128 00:08:12,480 --> 00:08:15,240 did to prevent the murder from happening. So again, I 129 00:08:15,240 --> 00:08:17,800 love that they try to play revisionist politics and try 130 00:08:17,800 --> 00:08:19,720 to come after Donald Trump again. What do they want? 131 00:08:19,720 --> 00:08:20,439 Speaker 1: And nuthar iran. 132 00:08:21,199 --> 00:08:23,839 Speaker 5: I mean they're blaming field prices, but you and I 133 00:08:23,879 --> 00:08:27,240 both know that Democrats love higher energy prices. They fought 134 00:08:27,240 --> 00:08:29,279 for four years to give us higher energy prices. Look 135 00:08:29,319 --> 00:08:32,840 at California five six seven eight dollars a gallon, and 136 00:08:32,879 --> 00:08:37,879 now they're trying to blame Trump who wanted American energy dominance. Again, 137 00:08:38,600 --> 00:08:39,759 the insanity. 138 00:08:39,279 --> 00:08:41,759 Speaker 1: Of they make some politics in there, but it really 139 00:08:41,840 --> 00:08:44,759 wasn't about anything other than the fact that that sorry, 140 00:08:44,799 --> 00:08:47,600 but Spirit was not making money and they haven't for 141 00:08:47,720 --> 00:08:52,759 quite a few years. Scott Brenner, former FAA spokesman, He 142 00:08:52,919 --> 00:08:53,600 weighs it right. 143 00:08:53,759 --> 00:08:56,200 Speaker 6: I mean, you know, you always hate to see a 144 00:08:56,200 --> 00:08:59,919 lot of folks lose their jobs and people be stranded 145 00:09:00,039 --> 00:09:02,559 in a variety of areas. But I mean Spirit for 146 00:09:02,600 --> 00:09:05,000 a long time has been struggling to stay alive. I mean, 147 00:09:05,279 --> 00:09:07,519 airlines don't make a lot of money to begin with. 148 00:09:07,600 --> 00:09:10,600 I mean they operate on very narrow margins, and Spirit 149 00:09:10,679 --> 00:09:13,480 has been struggling for some time. I mean COVID coming 150 00:09:13,519 --> 00:09:17,200 out of COVID started leveraging their airplanes, started taking on 151 00:09:17,320 --> 00:09:19,799 big debt, and the riding was kind of on the wall. 152 00:09:19,840 --> 00:09:21,320 Speaker 1: It was just when it was going to happen. 153 00:09:21,559 --> 00:09:24,039 Speaker 6: And I think, you know, rising gas prices is probably 154 00:09:24,039 --> 00:09:26,039 what pushed them over the edge, but it was going 155 00:09:26,080 --> 00:09:26,919 to happen eventually. 156 00:09:27,360 --> 00:09:27,639 Speaker 1: Yeah. 157 00:09:28,200 --> 00:09:31,720 Speaker 6: Yeah, once again theory versus reality. I mean, Spirit was struggling. 158 00:09:31,840 --> 00:09:34,240 Jet Blue was going to come in, assume a lot 159 00:09:34,240 --> 00:09:36,600 of their routes, help out the folks who lost all 160 00:09:36,600 --> 00:09:39,879 their jobs, basically make it into a more competitive airline, 161 00:09:39,919 --> 00:09:43,039 more sustainable airline. But yet you had some folks in 162 00:09:43,080 --> 00:09:45,919 the Biden administration says, well, wait a second, we could 163 00:09:45,960 --> 00:09:50,279 reduce that those low fee, those lows ticket prices. Well yeah, 164 00:09:50,360 --> 00:09:52,799 it did reduce them by kind of eliminating them. 165 00:09:52,879 --> 00:09:56,799 Speaker 1: Yeah, the concept was to strengthen Spirit but also strengthen 166 00:09:56,879 --> 00:09:59,159 Jet Blue. The two together would have been a lot 167 00:09:59,200 --> 00:10:03,200 stronger airline. But well, so that's water under the bridge. 168 00:10:03,240 --> 00:10:07,120 Also in airline news today, actually it was yesterday afternoon. 169 00:10:07,120 --> 00:10:12,519 The United Airlines a flight from Venice, Italy to Newark 170 00:10:13,360 --> 00:10:19,240 and in landing at Newark, one of the shortest runway 171 00:10:19,399 --> 00:10:22,600 there runs kind of east and west, and to make 172 00:10:22,639 --> 00:10:26,279 the approach to it, you come right over the New 173 00:10:26,360 --> 00:10:29,840 Jersey Turnpike, which is Interstate ninety five, always very very 174 00:10:29,840 --> 00:10:35,279 busy with cars, and whamo bamo. The plane was too 175 00:10:35,360 --> 00:10:41,039 low and hit a bakery truck and a light pole. 176 00:10:41,440 --> 00:10:45,000 It landed fine. The runway was smack dab in front 177 00:10:45,039 --> 00:10:49,039 of it. It landed, and they didn't discover They heard something, 178 00:10:49,080 --> 00:10:51,000 but they didn't discover anything until they got to the 179 00:10:51,000 --> 00:10:53,200 gate and there's a big hole in the back of 180 00:10:53,279 --> 00:10:55,960 the of the plane. Not that big, but it was 181 00:10:56,000 --> 00:10:59,519 a hole. And so then they started investigating. Here's the 182 00:10:59,519 --> 00:11:01,320 air trap controlled talking about it. 183 00:11:02,039 --> 00:11:06,519 Speaker 7: The reports for what the issue was, I got different 184 00:11:06,639 --> 00:11:13,200 conflictions on the turnpikes. Yeah, they felt something over the 185 00:11:13,279 --> 00:11:15,720 threshold and they stre's a hole. 186 00:11:15,519 --> 00:11:16,639 Speaker 1: In the side of the airplane. 187 00:11:16,720 --> 00:11:19,080 Speaker 7: So I'm going to get see on the runway here 188 00:11:19,080 --> 00:11:21,200 in a moment, they said it was right at the threshold, 189 00:11:21,279 --> 00:11:22,759 so it's just be a minute. 190 00:11:23,919 --> 00:11:27,240 Speaker 1: Well, the plane was obviously too low and the bakery 191 00:11:27,240 --> 00:11:32,679 truck driver minor injuries, some glass that was broken. He's fine. 192 00:11:33,440 --> 00:11:35,759 And light pole hit a car. The people in that 193 00:11:36,399 --> 00:11:41,000 car were fine. But mat iView, you always see the 194 00:11:41,000 --> 00:11:43,039 planes that are coming in and they look really low, 195 00:11:43,080 --> 00:11:46,320 but they missed. They don't hit the cars every day. 196 00:11:46,440 --> 00:11:50,159 Sean Duffy, the Transportation Secretary, was asked about that today 197 00:11:50,200 --> 00:11:50,639 as well. 198 00:11:50,759 --> 00:11:53,399 Speaker 5: So listen, this is a well trained pilot and can 199 00:11:53,440 --> 00:11:56,240 you fly that route coming in from Italy? These are 200 00:11:56,279 --> 00:11:59,320 good pilots. We don't quite know yet what happened. Again, 201 00:11:59,519 --> 00:12:01,840 it was did did did? Did the pilot hit the truck? 202 00:12:02,240 --> 00:12:03,120 Did he hit the light pole? 203 00:12:03,360 --> 00:12:04,840 Speaker 1: And the way? 204 00:12:04,879 --> 00:12:07,000 Speaker 5: So the NTSP is coming up today. The FA is 205 00:12:07,039 --> 00:12:09,960 going to be there today as well, And we don't 206 00:12:09,960 --> 00:12:11,679 want to get ahead of the facts, and oftentimes the 207 00:12:11,679 --> 00:12:15,039 first facts are wrong. But obviously there was issues with 208 00:12:15,919 --> 00:12:17,440 a couple of vehicles on the roadway. 209 00:12:17,840 --> 00:12:18,000 Speaker 2: Uh. 210 00:12:18,039 --> 00:12:19,960 Speaker 5: And what could have happened is there was gustin winds yesterday. 211 00:12:19,960 --> 00:12:21,840 And again I don't want to speculate, but I guess 212 00:12:21,840 --> 00:12:23,720 I will right now with you for a moment. If 213 00:12:24,279 --> 00:12:26,440 if the plane was too low and he and he 214 00:12:26,559 --> 00:12:29,720 flared up, that tale will come down. So we'll have 215 00:12:29,759 --> 00:12:33,039 more information in the next days, but an initially initial 216 00:12:33,080 --> 00:12:34,919 report will come out from the NTSP in the next 217 00:12:35,000 --> 00:12:38,279 thirty days. But this should obviously, so I'm saying this 218 00:12:38,320 --> 00:12:38,960 shouldn't happen. 219 00:12:39,080 --> 00:12:42,200 Speaker 1: Yeah, I don't know what he was talking about with. Yes, 220 00:12:42,279 --> 00:12:45,519 it was windy, a little bit gusty, and then and 221 00:12:45,559 --> 00:12:49,200 then the tale will come down. No, not yet, not 222 00:12:49,320 --> 00:12:53,279 until you're on the over the runway anyway. So there's 223 00:12:53,360 --> 00:12:56,120 your aviation news for the day. The other news, which 224 00:12:56,159 --> 00:13:00,080 is not the normal part of this podcast. I I 225 00:13:00,159 --> 00:13:05,679 have to tell you I am bummed today. I am 226 00:13:06,000 --> 00:13:09,679 just I'm doing everything I can to kind of pick 227 00:13:09,799 --> 00:13:13,960 myself up. And I don't get bummed very often, but 228 00:13:14,200 --> 00:13:19,639 I was sad, so sad to hear John Sterling, the 229 00:13:19,759 --> 00:13:23,720 voice of the New York Yankees for thirty six years, 230 00:13:24,559 --> 00:13:28,080 died this morning at the age of eighty seven. Now 231 00:13:28,080 --> 00:13:35,600 he retired about not last season, the season before. Nobody 232 00:13:35,720 --> 00:13:39,519 liked John Sterling, and I growing up in Seattle, we 233 00:13:39,559 --> 00:13:42,840 didn't have a major league team. When I played Little 234 00:13:42,879 --> 00:13:46,000 League baseball, I became a Yankees fan and I've been 235 00:13:46,000 --> 00:13:49,600 a Yankees fan ever since. And John Sterling has been 236 00:13:49,919 --> 00:13:54,720 the announcer for the Yankees since the eighties. In any case, 237 00:13:55,600 --> 00:14:00,559 I miss him. I've missed the broadcast that this past 238 00:14:00,639 --> 00:14:03,759 year have just not been the same. Even his longtime 239 00:14:03,799 --> 00:14:07,919 partner Susan Walden, She's great, but she's just not the 240 00:14:07,960 --> 00:14:11,639 same Without there was a chemistry that you get in 241 00:14:11,759 --> 00:14:16,879 broadcasting when you have a partner that programmers look for 242 00:14:17,039 --> 00:14:19,679 and there's no way to figure it out. But boy, 243 00:14:19,720 --> 00:14:22,600 they figured it out between John Sterling and Susan Walden. 244 00:14:23,440 --> 00:14:26,159 Here's a little bit of some of the some of 245 00:14:26,200 --> 00:14:30,000 the calls that John Sterling has made over the years 246 00:14:30,759 --> 00:14:33,320 and some of the nicknames he attached to some of 247 00:14:33,360 --> 00:14:33,879 the players. 248 00:14:34,240 --> 00:14:37,679 Speaker 8: Here goes it is hot, hurt us far, hurt Us, 249 00:14:37,919 --> 00:14:40,000 go she Rino. 250 00:14:40,120 --> 00:14:42,399 Speaker 9: Udrilla, Bye Godzilla. 251 00:14:42,720 --> 00:14:48,720 Speaker 8: It's an ABM from Hey ron Burn Eddy Burn Now 252 00:14:49,600 --> 00:14:55,399 Cutty Tome, Robbie put I don't shut out Georgie you small. 253 00:14:55,159 --> 00:14:59,519 Speaker 9: City from Coorian mix Hurkey Van you Courier. 254 00:15:00,080 --> 00:15:02,000 Speaker 8: The Milkman delivers. 255 00:15:02,120 --> 00:15:04,440 Speaker 1: That's baseball season mark since. 256 00:15:04,200 --> 00:15:06,600 Speaker 3: A test mess. One of the best. 257 00:15:06,320 --> 00:15:15,639 Speaker 8: Games you'll ever see with the game Baseball Immortality, the fantod. 258 00:15:14,759 --> 00:15:20,480 Speaker 9: Number sixty two to send the new American League record 259 00:15:20,679 --> 00:15:26,559 all ride. Here comes the Judge World Series over. Yankees win, 260 00:15:27,200 --> 00:15:30,279 the Yankee win. 261 00:15:31,919 --> 00:15:35,279 Speaker 1: Maybe it's because of my love for the Yankees for 262 00:15:35,320 --> 00:15:39,039 so long, but also being a broadcaster, I just I 263 00:15:39,080 --> 00:15:42,679 always just admire John Sterling so much. So the Yankees 264 00:15:42,759 --> 00:15:47,399 are at home tonight at seven o'clock playing the Baltimore Orioles, 265 00:15:47,440 --> 00:15:50,360 game four of a series there. So the Yankees are 266 00:15:50,360 --> 00:15:53,679 going to have a special tribute before the game tonight 267 00:15:53,799 --> 00:15:57,559 over at the stadium. So I miss him already since 268 00:15:57,600 --> 00:15:59,960 he retired, and now, I mean, he just got a 269 00:16:01,240 --> 00:16:05,200 That's what it is. Life goes on. So shall we 270 00:16:05,639 --> 00:16:09,399 get to some of the other items in the news. 271 00:16:09,440 --> 00:16:15,440 We've got the war, and it's interesting because of the 272 00:16:15,480 --> 00:16:19,360 fact that today they're trying to do everything they can 273 00:16:20,639 --> 00:16:25,200 to not break the ceasefire, but everybody is shooting something. 274 00:16:25,679 --> 00:16:31,600 Apparently Iran has fired three or four missiles at the Dubai, 275 00:16:31,639 --> 00:16:37,039 at the United Arab Emirates, and they are apparently able 276 00:16:37,080 --> 00:16:39,559 to They fended off three of the four, but one 277 00:16:39,559 --> 00:16:43,480 of them hit and hit an oil area, oil production area. 278 00:16:44,000 --> 00:16:48,480 So Iran is firing missiles and now they're saying that 279 00:16:48,559 --> 00:16:52,159 they're going to set up another blockade, and we're saying 280 00:16:52,399 --> 00:16:56,200 that we're opening up the blockade. We are sending navy 281 00:16:56,240 --> 00:16:59,960 ships we're going to escort or we're going to guide, 282 00:17:00,399 --> 00:17:03,720 and I'm not quite sure what the differences of. Somehow 283 00:17:04,039 --> 00:17:08,039 some ships of two ships have made their way through 284 00:17:08,119 --> 00:17:12,559 the Strait of war moves American flag ships. Let's talk 285 00:17:12,640 --> 00:17:17,880 to Kareem, said Japoor, who is the guy from Carnegie 286 00:17:17,880 --> 00:17:22,160 who studies nothing but the Middle East. This was from 287 00:17:22,279 --> 00:17:22,839 last night. 288 00:17:23,319 --> 00:17:26,039 Speaker 10: Well, Jessica, I think it's clear that both the United 289 00:17:26,079 --> 00:17:29,200 States and Iran want to conclude this war, but I 290 00:17:29,240 --> 00:17:31,720 think we're still very far apart when it comes to 291 00:17:32,200 --> 00:17:35,519 the specific terms. It's not lost, shouldn't be lost on anyone. 292 00:17:35,559 --> 00:17:38,440 That market's open tomorrow, And I think over the last 293 00:17:38,480 --> 00:17:41,480 weeks we've constantly heard mixed messages from President Trump and 294 00:17:41,519 --> 00:17:44,799 that he wants to signal to the markets that the 295 00:17:44,839 --> 00:17:47,440 war is winding down to bring down the price of oil, 296 00:17:47,839 --> 00:17:49,920 but at the same time signals to Tehran that if 297 00:17:49,960 --> 00:17:54,559 they're not prepared to compromise, the war could return. This 298 00:17:54,599 --> 00:17:57,880 war has been very devastating economically for the Iranian regime, 299 00:17:57,920 --> 00:18:02,519 in particularly the economic block. It's estimated they're losing around 300 00:18:02,559 --> 00:18:05,400 four hundred and fifty million dollars a day, and this 301 00:18:05,519 --> 00:18:09,079 is already a regime, which is battling seventy percent inflation. 302 00:18:09,200 --> 00:18:12,480 I just read some reports today that public sector workers 303 00:18:12,480 --> 00:18:15,559 and Iran haven't been paid for more than a month now, 304 00:18:15,799 --> 00:18:18,200 and so you can see the impetus on both parties 305 00:18:18,240 --> 00:18:21,359 to once to end the war. But I think the 306 00:18:21,400 --> 00:18:24,720 negotiations are still probably going to take many months to 307 00:18:25,359 --> 00:18:26,200 lead us anywhere. 308 00:18:26,359 --> 00:18:29,079 Speaker 1: Okay, mark that down. He's said it'll be many months 309 00:18:29,119 --> 00:18:32,200 before we get to any sort of solution. So for 310 00:18:32,279 --> 00:18:35,559 people looking for a quick fix, it ain't going to happen. 311 00:18:35,599 --> 00:18:42,720 The six week war is fantasy and was Naraz. She 312 00:18:43,880 --> 00:18:48,480 also brings up the fact that military options are clearly 313 00:18:49,359 --> 00:18:51,799 well the market today. The markets are down, we'll get 314 00:18:51,799 --> 00:18:54,279 to the numbers in a minute, and oil prices are 315 00:18:54,319 --> 00:18:57,240 way up because a lot of people think that the 316 00:18:57,279 --> 00:19:00,559 military options are going to actually take place. 317 00:19:00,680 --> 00:19:03,519 Speaker 11: Well, we know President Trump has not taken military options 318 00:19:03,559 --> 00:19:06,319 off the table since the start of these actions. He 319 00:19:06,400 --> 00:19:08,359 never has. I doubt he ever will, because this is 320 00:19:08,400 --> 00:19:11,160 a president who likes to keep his options open. I 321 00:19:11,200 --> 00:19:14,000 found it interesting the legal argument he was making there, 322 00:19:14,000 --> 00:19:15,920 because we should also point out this is not the 323 00:19:15,960 --> 00:19:19,319 first president to argue about the unco constitutionality of the 324 00:19:19,359 --> 00:19:21,880 War Powers Act. I'm old enough to remember Obama and 325 00:19:21,920 --> 00:19:25,599 the signature drone strikes, George W. Bush and enhanced terrorgation techniques. 326 00:19:25,920 --> 00:19:28,160 Nixon tried to vitro the War Powers Resolution. 327 00:19:28,319 --> 00:19:31,880 Speaker 1: Right, Yeah, she said war Plowers Act the big debate 328 00:19:32,079 --> 00:19:36,079 and Congresses haven't a fit about it. But Obama ignored 329 00:19:36,119 --> 00:19:39,799 the Wars Powers Act. So to George W. Bush, General 330 00:19:39,880 --> 00:19:42,640 Jack Keane, since we're talking about military options, let's see 331 00:19:42,640 --> 00:19:43,440 what he has to say. 332 00:19:43,519 --> 00:19:46,319 Speaker 12: Since the cease fire, we've seen a number of things happen. Obviously, 333 00:19:46,480 --> 00:19:49,559 Ron took control of the Straits, the United States went 334 00:19:49,559 --> 00:19:53,440 into negotiations. We've gone into those things for weeks now. 335 00:19:53,519 --> 00:19:57,359 There's never been a proposal yet to come close to 336 00:19:57,440 --> 00:20:00,839 President Trump being able to accept it. So what have 337 00:20:00,920 --> 00:20:04,559 we done. We've established a blockade that's been incredibly effective 338 00:20:05,119 --> 00:20:09,240 at Actually, all of Iran's export shipping, whether it's oil 339 00:20:09,359 --> 00:20:12,680 or any other commodity, has been halted one hundred percent. 340 00:20:13,359 --> 00:20:17,119 And now another critical decision that was made the end 341 00:20:17,160 --> 00:20:20,200 of last week is this operation that's unfolded that you're 342 00:20:20,319 --> 00:20:24,920 just demonstrating, and that is to clear the mines for 343 00:20:25,000 --> 00:20:27,519 a lane, which has been done, and that lane hugs 344 00:20:28,240 --> 00:20:31,759 the country of Oman, and it's got a couple of 345 00:20:31,759 --> 00:20:34,880 other parts to it. It's a layered defense that goes 346 00:20:34,960 --> 00:20:37,720 scores of miles out from the straits of a moose 347 00:20:37,880 --> 00:20:42,359 with hundreds of aircraft both man and unmanned in an 348 00:20:42,359 --> 00:20:47,440 air defense posture to defeat missiles, anti ship missiles and 349 00:20:47,519 --> 00:20:50,440 drones coming to hit a target in the straits of 350 00:20:50,480 --> 00:20:53,880 a mouse. The second part of that is a dome 351 00:20:54,000 --> 00:20:58,039 defense right at the straits itself. Think of a dome 352 00:20:58,359 --> 00:21:02,599 making certain that nothing from the land there immediate land 353 00:21:02,640 --> 00:21:07,119 based and nothing that penetrates through that layer of defense, 354 00:21:07,319 --> 00:21:10,759 and certainly that's possible. It would be dealt with right 355 00:21:10,799 --> 00:21:13,880 at the straits then in terms of terminal defense. And 356 00:21:13,920 --> 00:21:17,039 then if there's anything coming from the sea, both on 357 00:21:17,079 --> 00:21:21,559 the surface or underneath the surface, it will be defeated. 358 00:21:21,720 --> 00:21:24,480 So there's going to be that kind of dome over 359 00:21:24,680 --> 00:21:28,160 the straits to protect it in terms of terminal defense. 360 00:21:28,720 --> 00:21:30,880 Then the last part of this is for a couple 361 00:21:30,880 --> 00:21:37,599 of weeks now, Sencom has been talking to shipowners, the 362 00:21:37,640 --> 00:21:41,839 ship inshorers and actually the captains of the ship and 363 00:21:41,880 --> 00:21:44,720 there's a number of ships that once we're able to 364 00:21:44,839 --> 00:21:49,559 achieve security and the lane is already clear, and we 365 00:21:49,640 --> 00:21:53,039 feel comfortable about the defense I just described being in place. 366 00:21:53,680 --> 00:21:56,640 There are ship merchants and owners who are willing to 367 00:21:57,240 --> 00:22:00,440 move their ships through the straits. We'll see if that 368 00:22:00,559 --> 00:22:03,720 actually happens. The Iranians, of course, are going to be 369 00:22:03,880 --> 00:22:06,799 doing what they can to stop that from happening, talking 370 00:22:06,799 --> 00:22:11,000 to them, intimidating them, coercing them, and the Iranians, if 371 00:22:11,279 --> 00:22:15,200 once we do start moving ships through, will retaliate. It's 372 00:22:15,359 --> 00:22:18,480 likely they're going to try to penetrate. If they are 373 00:22:18,559 --> 00:22:22,039 unable to penetrate, and we think we're pretty comfortable that 374 00:22:22,039 --> 00:22:25,480 that'll be kept to a minimum, they'll likely go someplace 375 00:22:25,519 --> 00:22:30,920 else to retaliate us. Bass possibly are allies and partners 376 00:22:30,960 --> 00:22:33,880 take some kind of action, because, believe me, this is 377 00:22:33,920 --> 00:22:36,640 a center of gravity for them that they achieve when 378 00:22:36,680 --> 00:22:38,079 they shut down the straits. 379 00:22:37,720 --> 00:22:38,279 Speaker 7: From a moves. 380 00:22:38,680 --> 00:22:41,559 Speaker 12: They always knew it was in their plan, they never 381 00:22:41,599 --> 00:22:44,759 thought it would be as successful as it is. And 382 00:22:45,000 --> 00:22:47,359 let's give them credit. The enemy has a vote here 383 00:22:47,920 --> 00:22:50,240 and they were able to achieve that in and now 384 00:22:50,279 --> 00:22:51,880 we're about to take it away from them. 385 00:22:52,279 --> 00:22:54,359 Speaker 1: But for the well, a couple of things. First of all, 386 00:22:54,640 --> 00:22:58,839 two ships of US flagships did get through. And in 387 00:22:58,839 --> 00:23:03,519 addition to that, Rowdians have tried to attack. I'm not 388 00:23:03,559 --> 00:23:07,519 sure whom, but they tried to attack with six small 389 00:23:07,599 --> 00:23:11,200 boats that are heavily armed, and all we know from 390 00:23:11,279 --> 00:23:15,359 Sentcom is that they have those six small fast boats 391 00:23:16,039 --> 00:23:19,400 have been quote eliminated. I don't know if they the 392 00:23:19,519 --> 00:23:21,759 Navy took them out or the Air Force took him out, 393 00:23:21,799 --> 00:23:24,519 but there's six of the fast boats that tried to 394 00:23:24,599 --> 00:23:30,519 interfere and they have been eliminated. So the other side 395 00:23:30,839 --> 00:23:35,119 of the story, Pat Ryan, Congressman, Democrat from New York 396 00:23:35,960 --> 00:23:37,440 not happy with what's going on. 397 00:23:38,039 --> 00:23:41,039 Speaker 13: The American people are now significantly less safe, and China 398 00:23:41,079 --> 00:23:45,839 in particular is emboldened because of this unwise move. We 399 00:23:46,079 --> 00:23:52,079 burned in a matter of weeks very important air defense 400 00:23:52,160 --> 00:23:56,440 intercepts or munitions that will take us a decade to 401 00:23:56,799 --> 00:23:59,920 rebuild at the current rate. Anyway, we need to speed 402 00:24:00,039 --> 00:24:00,680 at that rate. 403 00:24:01,480 --> 00:24:05,079 Speaker 1: Okay, so this guy's a sitting congressman. What did General 404 00:24:05,160 --> 00:24:08,400 Keane think about his facts? 405 00:24:09,480 --> 00:24:11,359 Speaker 12: They have part of that wrong. Well, first of all, 406 00:24:11,400 --> 00:24:15,240 he sees the negative of it. Yes, have we expended 407 00:24:15,240 --> 00:24:17,960 a considerable amount of munitions. Of course, I mean that's 408 00:24:18,079 --> 00:24:22,559 been wildly publicized. Are we in Are we reproducing that 409 00:24:22,599 --> 00:24:24,680 at the rate we used to? Absolutely not. This is 410 00:24:24,680 --> 00:24:27,799 a full court press. This is why the Deputy Secretary 411 00:24:27,839 --> 00:24:31,079 of War Feinberg, businessman from right here in New York City, 412 00:24:31,200 --> 00:24:36,519 very successful, is changing the business practices of the department dramatically. 413 00:24:36,680 --> 00:24:40,400 We are on an accelerated path to reproduce things at 414 00:24:40,440 --> 00:24:43,519 a rate we have never done before. Now look at 415 00:24:43,519 --> 00:24:45,359 the other flip side of it. So it is China 416 00:24:45,440 --> 00:24:48,359 understand we've expended a lot and what would happen in 417 00:24:48,400 --> 00:24:50,960 the end of Pacific region? Does that give them, in 418 00:24:51,039 --> 00:24:53,960 their minds a decided advantage? I don't think so. Why 419 00:24:54,759 --> 00:24:57,799 you've seen the demonstration of American power here and so 420 00:24:58,039 --> 00:25:03,279 they they can't do the degree that we can oceans 421 00:25:03,319 --> 00:25:06,480 away and deliver that kind of capability as focused as 422 00:25:06,559 --> 00:25:09,240 it is and sustained it as is for days, to 423 00:25:09,359 --> 00:25:13,759 take amart systematically everything of country values. They have never 424 00:25:13,799 --> 00:25:16,720 done it. The last time they ever fought anybody was 425 00:25:16,759 --> 00:25:19,759 the North Vietnamese and they had to turn their tail 426 00:25:19,920 --> 00:25:24,279 and leave. They have wanted to replicate the United States 427 00:25:24,279 --> 00:25:28,400 capability to do joint operations. They've copied our methods. They've 428 00:25:28,400 --> 00:25:31,839 copied our organizations, but they are unproven. Are they a 429 00:25:31,839 --> 00:25:35,039 formidable threat, You bet you do. They exceed any other 430 00:25:35,119 --> 00:25:39,559 threat that the United States is facing in the world today. Absolutely, 431 00:25:40,400 --> 00:25:43,720 So yeah, We've got to make certain we establish an 432 00:25:43,759 --> 00:25:46,960 effective deterrence there. We've got to make certain that we're 433 00:25:47,000 --> 00:25:49,559 wanting to stand up and support our allies and partners 434 00:25:49,599 --> 00:25:51,640 in the region, and they have to understand that in 435 00:25:51,680 --> 00:25:54,559 their head that the United States is fully prepared to 436 00:25:54,599 --> 00:25:58,519 deal with this. We have demonstrated in this administration, I 437 00:25:58,559 --> 00:26:02,880 think returning the United States is I think rightful role 438 00:26:03,039 --> 00:26:07,559 as the world's global leader. We demonstrated that in Venezuela 439 00:26:07,720 --> 00:26:11,839 with that brilliant operation to halt what was happening there. 440 00:26:12,440 --> 00:26:16,640 We demonstrated the Midnight Hammer and supporting the Israelis full out. 441 00:26:16,720 --> 00:26:21,039 Remember the Biden administration was holding back on support for Israel, 442 00:26:21,079 --> 00:26:25,279 curbing their operations. Trump came in and gave them everything 443 00:26:25,640 --> 00:26:28,240 in terms of what we were denying them and weapons capability, 444 00:26:28,279 --> 00:26:31,200 green lighting them to finish a moss, green lighting them 445 00:26:31,200 --> 00:26:34,160 to go after Hezbolah, and then green lighted them after 446 00:26:34,319 --> 00:26:37,640 sixty days of discussions with the Iranians on the sixty 447 00:26:37,680 --> 00:26:41,480 first day the war started in June. Trump did that 448 00:26:41,640 --> 00:26:45,400 with net niow Go and then we supported them. China 449 00:26:45,440 --> 00:26:47,480 watching all of that. 450 00:26:48,039 --> 00:26:51,200 Speaker 1: So the war goes on and they're shooting at each other, 451 00:26:51,240 --> 00:26:53,359 but they're still saying there's a ceasefire. But I think 452 00:26:53,400 --> 00:26:58,400 that will be dropped quickly, all right, White House Correspondence Dinner. 453 00:26:58,519 --> 00:27:02,839 The guy who did the shooting attempted shooting there is 454 00:27:02,880 --> 00:27:07,880 in court today and Janine Pirout, the US attorney for DC, 455 00:27:08,920 --> 00:27:11,680 laid out what they were going to do as far 456 00:27:11,720 --> 00:27:13,759 as accusing him of the crimes. 457 00:27:14,079 --> 00:27:17,200 Speaker 14: We have a lot of evidence that indicates his intent 458 00:27:17,599 --> 00:27:20,680 and the fact that everything that he did thereafter, whether 459 00:27:20,759 --> 00:27:23,759 it was you know, following what the president was doing, 460 00:27:23,880 --> 00:27:27,039 where he was going to the day of the event 461 00:27:27,160 --> 00:27:31,519 at the hotel, tracking on his phone. Is the president 462 00:27:31,559 --> 00:27:34,440 in the ballroom yet as a president sat down? Yet 463 00:27:34,480 --> 00:27:38,039 what time will dinner be served? This is clearly the 464 00:27:38,079 --> 00:27:39,359 president is a target. 465 00:27:39,720 --> 00:27:42,960 Speaker 1: So he shows up in court and the US attorney 466 00:27:43,039 --> 00:27:46,799 has all the goods against him, and the judge wanted 467 00:27:46,799 --> 00:27:49,079 to have the hearing today to find out how he's 468 00:27:49,119 --> 00:27:53,400 being treated in jail. And he's concerned because they had 469 00:27:53,480 --> 00:27:57,720 him on suicide Watch, which was in solitary confinement, and 470 00:27:57,759 --> 00:28:00,960 the judge was worried that he was being mistreated. In fact, 471 00:28:01,000 --> 00:28:05,079 the judge even apologized to this guy who wanted to 472 00:28:05,160 --> 00:28:08,720 kill the president and everybody else in between. The judge 473 00:28:08,720 --> 00:28:11,880 apologized to him about the conditions in that he had 474 00:28:11,920 --> 00:28:16,200 to live in the jail. We're talking, We're talking Washington, 475 00:28:16,319 --> 00:28:22,720 DC judges here. I know, so Jonathan Turley, Georgetown law professor. 476 00:28:22,839 --> 00:28:26,079 Speaker 15: He weighed in, well, you know, the Department of Justice 477 00:28:26,119 --> 00:28:28,519 is in between a rock and a hard place on 478 00:28:28,920 --> 00:28:31,200 an issue like this. You know, if you do have 479 00:28:31,240 --> 00:28:34,920 a suicide, you have a sort of lingering Epstein sort 480 00:28:35,000 --> 00:28:38,119 of conspiracy theories that go on and on and on. 481 00:28:38,240 --> 00:28:40,519 You know, did he really commit suicide? You have someone 482 00:28:40,559 --> 00:28:43,480 here who said I actually expected to die, and so 483 00:28:43,720 --> 00:28:46,279 the response from the DOJ is to make sure he 484 00:28:46,319 --> 00:28:51,160 didn't die in their custody. Now that status appears to 485 00:28:51,200 --> 00:28:54,920 be lifting. It's not entirely clear, but the most important 486 00:28:54,960 --> 00:28:57,839 aspect of this is the denial of access to counsel. 487 00:28:58,720 --> 00:29:01,160 He does have a constant right for that. He also 488 00:29:01,240 --> 00:29:04,319 has right have access to a Bible, But the Department 489 00:29:04,400 --> 00:29:07,000 of Justice and the Bureau of prisons are both given 490 00:29:07,039 --> 00:29:10,680 a great deal of deference in the housing of inmates, 491 00:29:10,759 --> 00:29:14,240 particularly ones where they have concerned for their safety, including 492 00:29:14,599 --> 00:29:18,480 potential suicide. It's not very common you hear a judge apologize, 493 00:29:18,759 --> 00:29:20,720 but this is the type of thing that gets worked 494 00:29:20,720 --> 00:29:24,720 out through the court, and I expect that's what's going 495 00:29:24,759 --> 00:29:27,799 to happen here. He's going to get access to his lawyers, 496 00:29:27,799 --> 00:29:32,119 will get access to a Bible, but the Department of 497 00:29:32,240 --> 00:29:35,160 Justice itself is going to retain a great deal of 498 00:29:35,200 --> 00:29:36,799 discretion on how he is housed. 499 00:29:36,839 --> 00:29:41,440 Speaker 1: All right, So that's curly. Let's check in with James Gagliano, 500 00:29:41,960 --> 00:29:44,839 former FBI supervisor to see what his take was in 501 00:29:44,920 --> 00:29:45,720 all of this today. 502 00:29:46,079 --> 00:29:49,039 Speaker 16: Now, I think it all goes to premeditation and the 503 00:29:49,079 --> 00:29:51,519 amount of time it took to put this plan together 504 00:29:51,799 --> 00:29:54,880 and then to hatchet. We know that the suspect basically 505 00:29:54,920 --> 00:29:58,880 traveled from Torrance, California, through Chicago and then into d C. 506 00:29:59,519 --> 00:30:00,359 Speaker 1: And a long the way. 507 00:30:00,400 --> 00:30:03,400 Speaker 16: He carried a shotgun broken down in his luggage, as 508 00:30:03,440 --> 00:30:06,799 well as a thirty eight pistol and several knives. The 509 00:30:06,839 --> 00:30:10,200 premeditation here is also laid out in the manifesto. He 510 00:30:10,319 --> 00:30:13,440 basically explained in an email that he set in time 511 00:30:13,559 --> 00:30:17,359 to go to his family outlining why and the reasons 512 00:30:17,359 --> 00:30:20,079 why he was going after Membery administration. I think it's 513 00:30:20,079 --> 00:30:23,240 going to be open and shut when it comes to motivations, 514 00:30:23,279 --> 00:30:24,839 can be very simple to prove. 515 00:30:24,839 --> 00:30:27,279 Speaker 1: All right, If it's simple to prove, let's check in 516 00:30:27,319 --> 00:30:29,559 with a defense lawyer, Andrew Tcherkowski. 517 00:30:29,839 --> 00:30:32,960 Speaker 17: Yeah, the evidence is going to be overwhelming on really 518 00:30:33,000 --> 00:30:35,400 whatever charges they decide to bring, and I think that 519 00:30:35,440 --> 00:30:39,200 he is looking almost absolutely at life behind bars. What 520 00:30:39,240 --> 00:30:41,440 we see this morning, though, is the judges having them 521 00:30:41,480 --> 00:30:45,079 come in to discuss the conditions of the confinement. Even 522 00:30:45,119 --> 00:30:48,279 though the defense over the weekend withdrew their past motion 523 00:30:48,480 --> 00:30:51,279 on that, complaining that he had been in solitary confinement 524 00:30:51,839 --> 00:30:55,880 for longer than usual. The judge says that he has 525 00:30:56,000 --> 00:30:59,279 concerns over what's going on. I think it's absolutely appropriate 526 00:30:59,279 --> 00:31:01,599 for a judge to sure that a defendant in any 527 00:31:01,640 --> 00:31:05,880 case is having their constitutional rights respected. It is easier 528 00:31:05,920 --> 00:31:10,400 to remedy when it's litigated early versus letting it go 529 00:31:10,480 --> 00:31:13,160 on for weeks or months. So I think this morning 530 00:31:13,240 --> 00:31:16,000 is just the judge making sure that everything is being 531 00:31:16,079 --> 00:31:19,119 done right and so that the prosecution isn't thrown off track. 532 00:31:19,400 --> 00:31:21,880 Speaker 1: So that that was the big fuss over at the 533 00:31:21,920 --> 00:31:27,119 federal courthouse in Washington today was the shooter is They 534 00:31:27,200 --> 00:31:30,079 checked on her, make sure he is okay. You want 535 00:31:30,119 --> 00:31:32,559 to talk about oil and gas prices. Oh you don't, 536 00:31:33,359 --> 00:31:37,799 I understand. I totally understand oil and gas prices. Sorry, 537 00:31:39,039 --> 00:31:44,720 average average price across the country triple a four dollars 538 00:31:44,759 --> 00:31:49,400 and forty six cents. That is the highest since back 539 00:31:49,480 --> 00:31:51,759 in twenty twenty two we got hup to I think 540 00:31:51,759 --> 00:31:55,160 it was five oh one, but it's four forty six. 541 00:31:55,680 --> 00:31:59,839 That is up thirty four cents from this time a week. 542 00:32:00,759 --> 00:32:06,240 Diesel five dollars sixty four cents. The winner in all 543 00:32:06,279 --> 00:32:09,640 of this, as far as high prices go, California thinks 544 00:32:09,640 --> 00:32:12,799 there's a prize to have the highest prices six dollars 545 00:32:12,880 --> 00:32:18,559 eleven cents the average in California. Diesel in California seven 546 00:32:18,640 --> 00:32:24,240 dollars fifty cents premium. You want to buy the not 547 00:32:24,319 --> 00:32:27,920 the cheap stuff. That's six to eleven the premium in California, 548 00:32:27,960 --> 00:32:34,400 averaging six dollars and fifty three cents. Mike Worth, the 549 00:32:34,440 --> 00:32:37,440 CEO of Chevron, said this. 550 00:32:38,039 --> 00:32:42,160 Speaker 18: The way I would frame it is the energy system 551 00:32:42,720 --> 00:32:47,039 has lost an incredible amount of flexibility. The global economy 552 00:32:47,079 --> 00:32:50,400 consumes about one hundred million barrels of oil every day. 553 00:32:50,640 --> 00:32:53,920 The barrel is forty two gallons. About twenty percent of 554 00:32:53,960 --> 00:32:55,920 that moves through the strain of horr moves, so that's 555 00:32:55,960 --> 00:33:01,640 been significantly disrupted. Normally, the energy system has shock absorbers 556 00:33:01,640 --> 00:33:06,440 in it, so we have inventory in tanks at facilities, 557 00:33:06,480 --> 00:33:09,720 We've got inventory on the water in ships, we've got 558 00:33:09,720 --> 00:33:13,759 inventory in strategic reserves. All of those have been pulled 559 00:33:13,799 --> 00:33:16,240 down over the last couple of months as these events 560 00:33:16,279 --> 00:33:18,680 have unfolded. And what it has done is it's taken 561 00:33:18,720 --> 00:33:21,680 those shock absorbers and made them much less effective in 562 00:33:21,680 --> 00:33:26,680 the system. And so disruptions normally are met by moving 563 00:33:26,680 --> 00:33:31,759 these inventories around, and price response can be muted. As 564 00:33:31,759 --> 00:33:35,720 the shock absorbers are withdrawn, the shocks translated a little 565 00:33:35,720 --> 00:33:38,759 bit more directly. And so I think what he's referring 566 00:33:38,799 --> 00:33:41,440 to is we're in a period where there's been significant 567 00:33:41,480 --> 00:33:44,839 supply taken out of the system and we are facing 568 00:33:44,880 --> 00:33:50,279 this upward pressure on prices and volatility that is manifest 569 00:33:50,319 --> 00:33:53,680 itself thus far and likely to continue. 570 00:33:53,880 --> 00:33:56,079 Speaker 1: Yeah, So he summed up all that with and it's 571 00:33:56,319 --> 00:34:02,279 likely to continue. Karen Young an economists who studies this. 572 00:34:02,440 --> 00:34:03,559 Let's see what she says. 573 00:34:04,119 --> 00:34:07,079 Speaker 19: Well, they're probably going to keep going up as well. Right, 574 00:34:07,160 --> 00:34:10,920 So the surge is happening probably because we're getting into this, 575 00:34:11,079 --> 00:34:13,800 you know, nine weeks of the crisis, we've drawn down 576 00:34:13,920 --> 00:34:16,519 now of all the supplies that you know, we're headed 577 00:34:16,519 --> 00:34:20,280 to market have arrived. Now we're dipping into inventories, and 578 00:34:20,360 --> 00:34:23,159 so there's a realization that there are you know, there 579 00:34:23,159 --> 00:34:27,480 are shortages, particularly of refined products, and what was first impacted, 580 00:34:27,519 --> 00:34:31,519 particularly in Southeast Asia, is now equally affecting the United States. 581 00:34:31,599 --> 00:34:35,239 So as a proportion of price increase, gasoline has risen 582 00:34:35,239 --> 00:34:38,239 about thirty seven percent in Southeast Asia, about forty two 583 00:34:38,239 --> 00:34:39,719 percent in the United States. 584 00:34:39,920 --> 00:34:40,519 Speaker 7: So we are. 585 00:34:40,440 --> 00:34:45,960 Speaker 19: Feeling this as you know, an impact a crunch equally 586 00:34:46,079 --> 00:34:49,119 or more than the most affected countries that first felt 587 00:34:49,119 --> 00:34:50,280 it in the East. 588 00:34:50,480 --> 00:34:53,599 Speaker 1: Yeah, what she got into was the supply chain, and 589 00:34:53,679 --> 00:34:56,360 remember the supply chain. We all learned about supply chains 590 00:34:56,440 --> 00:34:59,639 during COVID. But she's talking about the fact that we 591 00:34:59,760 --> 00:35:03,719 have used up all the inventories of oil and gas 592 00:35:04,320 --> 00:35:09,679 and liquid petroleum and now we're getting into products that 593 00:35:10,159 --> 00:35:13,840 are expensive to make or can't be made without a 594 00:35:13,920 --> 00:35:17,480 sufficient amount of petroleum, a lot of plastics. So what 595 00:35:17,599 --> 00:35:21,920 she's pretending is that it's going to get worse and 596 00:35:22,000 --> 00:35:25,800 there's going to be supply shortages, and I don't know where, 597 00:35:26,000 --> 00:35:29,679 but she thinks that the supply shortages are the next 598 00:35:29,719 --> 00:35:34,000 thing to happen. Diane Swank longtime economists, she's the head 599 00:35:34,000 --> 00:35:37,239 of the economics department at KPMG. 600 00:35:38,079 --> 00:35:39,199 Speaker 7: Well, what we usually. 601 00:35:38,960 --> 00:35:41,719 Speaker 20: See is when oil prices go up and gas prices 602 00:35:41,719 --> 00:35:43,519 at the pump go up, they go up like a 603 00:35:43,599 --> 00:35:46,440 rocket and they fall like a feather. And I think 604 00:35:46,519 --> 00:35:48,480 that's one of the issues we have to deal with. 605 00:35:48,519 --> 00:35:51,960 And what's so important is this is more than an 606 00:35:51,960 --> 00:35:55,119 oil shock. It is a supply chain chalk. It is 607 00:35:55,239 --> 00:35:59,320 disrupting supply chains the world over, much like we saw 608 00:35:59,480 --> 00:36:03,119 during the pandemic, although without the buffers, and so we're 609 00:36:03,159 --> 00:36:06,079 going to see over the course of the year many 610 00:36:06,119 --> 00:36:10,719 of these effects cascading compound and that'll push inflation up 611 00:36:11,000 --> 00:36:14,559 even higher. The biggest issue for consumers is not just 612 00:36:14,639 --> 00:36:17,599 the mobility and they're not traveling as much with higher 613 00:36:17,639 --> 00:36:21,440 gas prices today, but also it gets into food prices 614 00:36:21,480 --> 00:36:25,719 at the grocery store, and farmers are already complaining because 615 00:36:25,719 --> 00:36:29,360 of course they rely on diesel, but importantly fertilizers and 616 00:36:29,440 --> 00:36:33,440 the chemicals that go into all of our food products 617 00:36:33,719 --> 00:36:37,079 out there, and then the transportation costs on top of it. 618 00:36:37,480 --> 00:36:40,519 This is something that's very hard on consumers, and those 619 00:36:40,519 --> 00:36:43,679 are some of the most important and we call salient 620 00:36:43,840 --> 00:36:49,000 prices for consumers. It's of the basics, food, travel, and shelter. 621 00:36:49,199 --> 00:36:52,199 Those are the things that really matter to the average household. 622 00:36:52,280 --> 00:36:54,719 Speaker 1: I wish I had better news, but I just I 623 00:36:54,920 --> 00:36:57,159 also want to warn you that things that the economists 624 00:36:57,199 --> 00:37:01,639 are saying things are going to go even worse from 625 00:37:01,679 --> 00:37:06,840 where we are right now. Tomorrow in Indiana, Hi, Indiana, 626 00:37:06,880 --> 00:37:12,159 You're having a primary tomorrow. This is Indiana has in 627 00:37:12,199 --> 00:37:17,079 their congressional representation, they have seven Republicans and two Democrats. 628 00:37:17,079 --> 00:37:21,880 They're very red state. But what's happened is that the 629 00:37:21,920 --> 00:37:26,079 President wanted Indiana to redistrict to make it completely one 630 00:37:26,159 --> 00:37:31,199 hundred percent Republican, and a number of the state senators 631 00:37:32,480 --> 00:37:38,159 voted down the idea of redistricting. So President Trump has 632 00:37:38,280 --> 00:37:44,000 targeted seven of them for primaries, and he said he 633 00:37:44,039 --> 00:37:47,920 would go to Indiana to help primary those state senators 634 00:37:47,960 --> 00:37:52,719 who voted against redistricting. He hasn't gone, not even once. 635 00:37:53,679 --> 00:37:56,360 But there's big MAGA money going in to the people 636 00:37:56,400 --> 00:38:01,920 that are primarying the occupants at the current congressional Republicans 637 00:38:01,960 --> 00:38:05,400 from Indiana. And I was surprised. I mean, I get 638 00:38:05,599 --> 00:38:10,280 MAGA money going in. But TPUSA Turning Point USA, Charlie 639 00:38:10,320 --> 00:38:15,000 Kirks organization spending millions. I thought they were there to 640 00:38:15,400 --> 00:38:19,800 help people find Christ, but no, they're spending millions of 641 00:38:19,880 --> 00:38:25,280 dollars on primarying a number of the congressional people that 642 00:38:25,320 --> 00:38:29,400 are running for re election in Indiana. So there's millions 643 00:38:29,440 --> 00:38:33,119 of dollars coming in and a lot of that money 644 00:38:33,159 --> 00:38:37,119 is not from Indiana. So tomorrow night we get the 645 00:38:37,159 --> 00:38:42,800 results on what happens, if anything, in Indiana. Tonight here 646 00:38:42,840 --> 00:38:45,320 again tonight in New York. I told you John Sterling 647 00:38:46,719 --> 00:38:49,639 tribute to him before the Yankees game tonight over at 648 00:38:49,639 --> 00:38:54,599 the Stadium. There's also the met Gala, And in the 649 00:38:54,639 --> 00:38:58,880 fashion world, this is the super Bowl. It's Anna wind 650 00:38:58,960 --> 00:39:04,960 Tower is runs it. And the tickets for this are 651 00:39:05,280 --> 00:39:09,440 one hundred thousand dollars to have a ticket to go 652 00:39:09,519 --> 00:39:13,280 to the met Gala. So all the celebrities show up 653 00:39:13,320 --> 00:39:17,360 and they all wear either beautiful or weird gowns, and 654 00:39:17,400 --> 00:39:22,280 they outfits, and that's tonight at the Metropolitan Museum of Art. 655 00:39:23,000 --> 00:39:26,559 But there's a lot of the celebrities are boycotting because 656 00:39:27,840 --> 00:39:33,039 Jeff Bezos and his wife are the sponsors of the 657 00:39:33,079 --> 00:39:36,920 event tonight. They paid ten million dollars to be the 658 00:39:37,000 --> 00:39:40,440 lead sponsor of the met Gala tonight. So a bunch 659 00:39:40,440 --> 00:39:43,840 of Hollywood celebrities said, well, if Jeff Bezos is going 660 00:39:43,880 --> 00:39:46,519 to be the lead sponsor of this, I want nothing 661 00:39:46,559 --> 00:39:48,840 to do with it. And around Manhattan you can see 662 00:39:49,280 --> 00:39:52,480 they've got a bunch of posters and small billboards up 663 00:39:52,840 --> 00:39:56,159 basically doing everything they can to call Jeff Bezos the 664 00:39:56,199 --> 00:39:59,400 worst human being in the whole wide world. So we'll 665 00:39:59,440 --> 00:40:02,159 see how this goes. But that's the big stink in 666 00:40:02,239 --> 00:40:05,800 the celebrity No, no, no, I'm not going to the 667 00:40:05,840 --> 00:40:10,320 met Gala. No, I'm one hundred thousand dollars a ticket. 668 00:40:12,280 --> 00:40:17,880 Today's Star Wars Day, May the fourth, May the fourth 669 00:40:18,119 --> 00:40:23,159 be with you. Yeah, no, I think it's cute. It's 670 00:40:23,199 --> 00:40:27,000 funny Wall Street today, not a pretty day. I was 671 00:40:27,000 --> 00:40:30,280 trying to avoid it, but we can't. Let's talk about it. Yeah, 672 00:40:30,280 --> 00:40:33,400 we were underwater all day long. The Dow started off 673 00:40:33,480 --> 00:40:36,599 lower and then went lower as today went on, down 674 00:40:36,639 --> 00:40:39,719 five hundred and fifty seven, the Dow closing at forty 675 00:40:39,760 --> 00:40:46,039 eight ninety one, SMP down twenty nine, Nazdack down forty six, 676 00:40:46,760 --> 00:40:50,760 Gold down one hundred and twenty dollars to four thousand 677 00:40:50,800 --> 00:40:55,320 and five twenty four, and the price of oil again. 678 00:40:55,400 --> 00:40:57,840 People in the oil markets and the stock market are 679 00:40:57,840 --> 00:41:01,079 concerned about the fact that connect I think fighting might 680 00:41:01,159 --> 00:41:05,239 start any minute. So oil went back up three dollars 681 00:41:05,800 --> 00:41:10,920 plus today West Texas Intermediate one hundred and five dollars 682 00:41:10,960 --> 00:41:13,679 for a barrel of oil. So that's it for today. 683 00:41:13,800 --> 00:41:16,559 Thank you for coming by. We will be back again 684 00:41:16,599 --> 00:41:18,639 tomorrow and I hope to see you there