Speaker 1: Well look at that. Here we are gathered around the
Speaker 1: old podcast on this Thursday. Today is the twentieth day
Speaker 1: of November, Year of Our Lord, twenty twenty five. My
Speaker 1: name is Tom Sullivan. Where do you want to start Today?
Speaker 1: We've finally a jobs report out, We've got some things
Speaker 1: on the economy. Dick Cheney's funeral was today at the
Speaker 1: National Cathedral in Washington. Well, let's start with Maam Donnie.
Speaker 1: This is going to be interesting to see. I don't know.
Speaker 1: People are all worried about his supporters think that he
Speaker 1: might be walking into a trap because Zoran Mondnnie is
Speaker 1: going to the White House tomorrow to meet with President Trump.
Speaker 1: And well, he says that he wants to talk to
Speaker 1: the President about affordability. The President says he's willing to talk.
Speaker 1: Here's what Mom Donnie has said, what he's going to
Speaker 1: talk to Donald Trump about.
Speaker 2: I want to just speak plainly to the President about
Speaker 2: what it means to actually stand up for New Yorkers
Speaker 2: and the way in which New Yorkers are struggling to
Speaker 2: afford the city and frankly, cost of living is something
Speaker 2: that I heard time and time again from New Yorkers
Speaker 2: about why they voted.
Speaker 3: For Donald Trump.
Speaker 1: So the President was getting on Air Force One the
Speaker 1: other day a couple of days ago and was asked
Speaker 1: about would he meet with ma'am Donnie. Here's what he's
Speaker 1: the mayor of New York. I will say it, would
Speaker 1: like to meet with and we'll work something out.
Speaker 4: But he would like to come to Washington and meet
Speaker 4: and we'll work something out.
Speaker 1: We want to see everything work out well for New York.
Speaker 1: So everybody talking nice, nice about a meeting with each other.
Speaker 1: But this is what ma'm Doney said in his speech
Speaker 1: just a couple of days ago. Not it wasn't. It
Speaker 1: was a different tone.
Speaker 5: If anyone can show a nation betrayed by Donald Trump
Speaker 5: how to defeat him, it is the city that gave
Speaker 5: rise to him. So, Donald Trump, since I know you're watching,
Speaker 5: I have four words for you.
Speaker 1: Turn the volume up. Well I'm not quite sure what
Speaker 1: that means. Turned the volume up. I really don't. I
Speaker 1: don't know. I don't know how you take it. But
Speaker 1: the other part about it, did you hear what he says?
Speaker 1: He says, and I know your watch Donald Trump. He's
Speaker 1: been saying that at almost any gathering where there are
Speaker 1: television cameras. He is saying, I know you're watching Donald Trump.
Speaker 1: He has a big view of himself. He may be
Speaker 1: a socialist, he may be a communist. I don't know.
Speaker 1: All I know is that he's a big narcissist. Hey
Speaker 1: really thinks that he is the center of the universe.
Speaker 1: But here's the thing, and I'm glad that Mam Donnie
Speaker 1: brought this up because everybody, every politician, always talks about
Speaker 1: in one way or the other, affordability. And at first
Speaker 1: President Trump was, you know, that's a Democrat thing. That's
Speaker 1: not true. It's a hoax. He's embracing it now because
Speaker 1: every politician in the two ladies that won the governorship
Speaker 1: of Virginia and New Jersey, they promised that they would
Speaker 1: get prices down. President Trump promised that he would get
Speaker 1: prices down. Ma'am Donnie is saying, I'm going to get
Speaker 1: free buses and free childcare and freeze, and I'm gonna
Speaker 1: get prices down, and we're gonna make it. We're gonna
Speaker 1: make New York City more affordable. I can tell you,
Speaker 1: ladies and gentlemen, boys and girls, New York City has
Speaker 1: never been affordable. It's a very expensive city. It has
Speaker 1: for us as long as I've lived here, and long
Speaker 1: before I moved in, it's always been probably one of
Speaker 1: the most expensive cities in the world. So are people
Speaker 1: going to if if people are gonna hold Donald Trump
Speaker 1: to you said you were gonna make it more affordable,
Speaker 1: You're gonna bring prices down. Are they gonna hold the
Speaker 1: new governor of Virginia, the new governor of New Jersey, Uh,
Speaker 1: the new mayor of New York City? Are they gonna
Speaker 1: hold them accountable for getting prices down? And bottom line
Speaker 1: is there's some things that government can do, but they
Speaker 1: can't do a lot. It's the private sector is the
Speaker 1: marketplace which deturn rmans whether prices go up or go down.
Speaker 1: So we'll see what happens. But the meeting's going to
Speaker 1: take place tomorrow, and people are warning ma'am Donnie his supporters, Ah,
Speaker 1: you're walking into a trap. I don't think so. I
Speaker 1: think Donald Trump he's a slick guy. He knows what
Speaker 1: to do. So this whole thing about Democrat socialists is
Speaker 1: starting to spread. We told you the Bear of Seattle
Speaker 1: is another one that is basically echoing Mamdannie and uh,
Speaker 1: we'll find out how she does But now there's a
Speaker 1: new filing for a Democrat socialist has filed to run
Speaker 1: against Hakim Jeffries, the Congressman from Brooklyn. And now the
Speaker 1: question is are the Democrat socialists taking over the Democrat Party?
Speaker 1: And if so, should HAKEM. Jeffries be nervous? Well, the
Speaker 1: question was asked of Harryington, so.
Speaker 6: I don't think he should be preted. I mean, look,
Speaker 6: you're either running unopposed or scared. Is for Talings, the
Speaker 6: great senator from South Carolina one said before he lost before, No, he.
Speaker 1: Says a retired you're retired, You're retired.
Speaker 6: He got out of South Carolina before they really run
Speaker 6: against the Democrats.
Speaker 7: But take a look here, I think this really gives.
Speaker 6: You an indication of why I think the primary challenge.
Speaker 6: One of the big reasons I think the primary challenge
Speaker 6: that King Jeffies will likely fail net favorability among Democrats.
Speaker 6: You know, nationally, Remember there was all this energy not
Speaker 6: just locally but nationally from Mamdanie, and there's all this
Speaker 6: national energy against Chuck Schumer. But Akim Jeffries and Chuck
Speaker 6: Schumer on different planets. Here you look at January, the
Speaker 6: net Fairbrilly rating, they're pretty close, plus twenty two for Jeffreys,
Speaker 6: plus eleven for Schumer. But over the course of the year,
Speaker 6: Jeffery's net favorability among Democrats, he's actually gone up. That's
Speaker 6: gone up to plus twenty nine points. Look overhere, Chuck
Speaker 6: Schumer is he's underwater with Democrats in the most recent
Speaker 6: Fox News pault minus two points. But at this point
Speaker 6: Hakim Jefferies is running over thirty points better with Democrats
Speaker 6: nationally than Chuck Schumer's. The anger on the left is
Speaker 6: much more so against Chuck Schumer than it is against
Speaker 6: Hakim Jefferies. Most Democrats think that the King Jefferies is
Speaker 6: actually doing a pretty good jea. This is okay, So
Speaker 6: we can go into New York City, right, we can go.
Speaker 6: And we had that mayoral election just a few weeks ago,
Speaker 6: and I think there's this idea, right, you know, obviously it.
Speaker 1: Is around Umdani very much on the left.
Speaker 6: But what was the percentage of Democrats and the percentage
Speaker 6: of Mundanni voters who actually consider themselves democratic socialists.
Speaker 7: In the election a few weeks ago?
Speaker 6: In fact, it was the minority of Mumdani voters forty
Speaker 6: three percent. Phill a pretty large number, but the minority
Speaker 6: forty three percent who said they were Democratic socialists. And
Speaker 6: then you look among Democrats in general, and it's thirty
Speaker 6: six percent. And it's thirty six percent. The majority of
Speaker 6: Democrats in New York City and the New York eight
Speaker 6: district looks a lot like New York City. And look
Speaker 6: at least in terms of the mayoral vote back in
Speaker 6: the primary.
Speaker 7: You see it here thirty six percent.
Speaker 6: So the majority of Democrats in New York City and
Speaker 6: likely in New York eight do not consider themselves Democratic socialists.
Speaker 6: It's a fairly large percentage, but thirty six does not
Speaker 6: get you north of the fifty percent that you would
Speaker 6: need to defeat you. The Democratic parties become more left,
Speaker 6: but not that far. Y all right, Okay, see again,
Speaker 6: you know, you look at the prediction market odds. Here
Speaker 6: the chance to win the New York LA Democratic nomination.
Speaker 6: You see a Kim Jeffries has the majority chance at
Speaker 6: this point eighty percent chance in twenty twenty six. That
Speaker 6: number has actually climbed over the course of this week
Speaker 6: as Mamdani has come out against that primary challenge to
Speaker 6: Hakeem Jefferies. And I actually think this number is a
Speaker 6: little bit. Well, look, anything can happen in politics, but
Speaker 6: at this particular point, Hakim Jefferies looks like the likely favorite,
Speaker 6: likely to win another term, likely to win renomination.
Speaker 1: Well we'll see. I mean, all of a sudden, you
Speaker 1: got this Democrat socialis who's running against Hakim Jeffrey. So
Speaker 1: we'll see what comes out of all of that. So,
Speaker 1: speaking to politics, I know this is a strange segue,
Speaker 1: but the funeral for Dick Cheney was held today at
Speaker 1: the National Cathedral in Washington, DC. And the reason why
Speaker 1: I tie this next to the political topic is because
Speaker 1: of the fact of the people that went to the funeral.
Speaker 1: This was a who's who of Washington DC. You had
Speaker 1: all the well, most of the recent vice presidents were there.
Speaker 1: You've got Mike Pence was there, Joe Biden and doctor
Speaker 1: Jill were there. Kamala Harris, the previous Vice president, she
Speaker 1: was there. Al Gore, Dan Quayle, John Bayner, Lindsey Graham,
Speaker 1: Nancy Pelosi, who had nothing good to say about Dick
Speaker 1: Cheney ever, was there. Mitch McConnell, Bill Cassidy, Lisa Murkowski,
Speaker 1: John Barrasso. Anyway, there's a whole bunch of people's gray
Speaker 1: hair that were there that I don't know who they were,
Speaker 1: but the catheter was full. But it was all these
Speaker 1: big Democrats and big Republicans. I mean, you've got to
Speaker 1: look back at Dick Cheney's time in Washington. He was
Speaker 1: in high office in Washington for fifty years. Five oh.
Speaker 1: He was youngest chief of staff. He started Richard Nixon's administration.
Speaker 1: He was the chief of staff to President Gerald R. Ford.
Speaker 1: He went on to become a congressman for a decade.
Speaker 1: He was a defense secretary under George H. W. Bush.
Speaker 1: He was Vice president under George W. Bush. So you
Speaker 1: look at this and you go, Okay, he's been there
Speaker 1: a long time, and a lot of people certainly cross
Speaker 1: passed with him. But I thought, I don't know, I
Speaker 1: thought it was kind of phony that all these people
Speaker 1: who had nothing good to say about Dick Chenney when
Speaker 1: he was alive were all there at the funeral service
Speaker 1: at the National Cathedral today. I don't know. I mean.
Speaker 1: And by the way, he wasn't just a Republican. He
Speaker 1: was This is the part that bothers me about the
Speaker 1: fallout with Donald Trump. And by the way, Donald Trump
Speaker 1: and the Vice President JD. Vance were notably not at
Speaker 1: the funeral today. They were not invited. So there was
Speaker 1: bad blood between Dick Cheney and his daughter versus Trump
Speaker 1: and JD. Vance, which is sad, but it just was
Speaker 1: what I mean, It's okay they disagreed with each other.
Speaker 1: But Dick Cheney, I don't want to see the fact
Speaker 1: that he was probably the most conservative Vice president and
Speaker 1: congressman that you will find in the Republican Party. But
Speaker 1: what he represented was the old guard, the old Republican Party.
Speaker 1: Certainly the mag of people turned on not only him
Speaker 1: but also the old Guard. I'm totally convinced of it.
Speaker 1: Here's a little bit from Mike Pince who was asked
Speaker 1: about Dick Cheney when he before he went into the
Speaker 1: into the National Cathedral.
Speaker 4: Well, I think Vice President Dick Cheney is going to
Speaker 4: be remembered as an American patriot, but an extraordinary public
Speaker 4: servant when you think of a lifetime that spanned and
Speaker 4: not only service in Congress where he was in leadership,
Speaker 4: but being one of the youngest chiefs of staff for
Speaker 4: a president with President Gerald Ford going on to be
Speaker 4: the Secretary of Defense for President George Herbert Walker Bush
Speaker 4: and then, of course Vice President of President George Shelvy Borsh.
Speaker 2: And there are very.
Speaker 4: Few Americans who have served at such levels with such
Speaker 4: distinction as Dick Cheney. But I think more than that, Jeff,
Speaker 4: I think he will be remembered as a man who
Speaker 4: was there at critical moments in the life of the nation.
Speaker 4: In the wake of Watergate, we had President Gerald Ford
Speaker 4: who made that hard decision part of the president mixing
Speaker 4: and moved the country forward to a time to heal.
Speaker 4: Dick Cheney was there as as Chief of Staff Operation
Speaker 4: Desert Storm under President Georgia, but Walker Bush, where he
Speaker 4: was Secretary of Defense in an extraordinary American military victory,
Speaker 4: and then of course being there on September eleventh, a
Speaker 4: day those of us who were serving in Washington at
Speaker 4: the time will never forget. I believe his steady hand
Speaker 4: through all those years contributed mightily to the life of
Speaker 4: the nation, and who we remembered an honored for that.
Speaker 1: Well. Mike Pint obviously he's always sounds like he's scripted,
Speaker 1: but I thought his comments were nice. Timneth Polly, who
Speaker 1: was a presidential historian, reflected on Dick Cheney today.
Speaker 8: I remember I took a group with my colleague at
Speaker 8: the University of Virginia. We took a group of students
Speaker 8: to the CIA for a visit.
Speaker 1: And.
Speaker 8: We were at a pretty high level. It was a guide,
Speaker 8: but let's say a guide who was complaining to us.
Speaker 8: He probably shouldn't have been about how difficult was because
Speaker 8: the Vice President had just been there with a team
Speaker 8: to scrub some estimates and scrub some intelligence. And this
Speaker 8: was something completely new in the in the history of
Speaker 8: US intelligence for the Vice President to go to Wrangley
Speaker 8: and basically to tell the analysts and the and the
Speaker 8: operators to show me this what he believed this, And
Speaker 8: Jene was pushing the line that there's a connection between
Speaker 8: al Qaeda and it's I'm the same at that.
Speaker 9: Point, and he was very upfront again about the fact
Speaker 9: that being the one in the White House on nine
Speaker 9: to eleven, when the President was traveling that day, being
Speaker 9: the one in the White House bunker to have to
Speaker 9: give the orders to potentially shoot down a commercial aircraft
Speaker 9: fell filled with civilians, but potentially to be used as
Speaker 9: a missile.
Speaker 7: After we saw that happening already changed him.
Speaker 1: From so I guess that's what you do at funerals,
Speaker 1: you say nice things. Even Jonathan Alter, who is a
Speaker 1: far far, far far left guy had no use for
Speaker 1: any Republican ever, made these comments about Cheney.
Speaker 7: Well, he was the most powerful vice president in the
Speaker 7: history of the United States, full stop. You know, the
Speaker 7: role was not considered very important until Jimmy Carter's vice president,
Speaker 7: Walter Monde. That's where it started to become of more
Speaker 7: important office of government. And non Bald. Some other vice presidents,
Speaker 7: including Alba and had a lot of authority, but not
Speaker 7: anywhere close to what Cheney had. And so his fingerprints,
Speaker 7: especially in the first Bush tram run everything, particularly in
Speaker 7: the national security area, and particularly in that world Rock,
Speaker 7: which mars his record because even the Bush administration don't
Speaker 7: believe it was a successful room.
Speaker 1: So even Jonathan Alter recognized that Dick Cheney was the
Speaker 1: most powerful vice president we've ever had in our nation's history. So,
Speaker 1: as far as political stinks go, there's one going around
Speaker 1: today on the left side media, they're all upset. They're
Speaker 1: all upset because President Trump reacted to the tape that
Speaker 1: six Democrats put out yesterday reminding members of the military
Speaker 1: that they can disobey on illegal order and I'm very
Speaker 1: I haven't had a chance to go back and look
Speaker 1: at the six and see if they spent any time
Speaker 1: in the military. I highly doubt it. I did see
Speaker 1: an interview with a Democrat congressman who had military experience,
Speaker 1: and he said, exactly what any of us that ever
Speaker 1: served in the military know. They drill it into your
Speaker 1: head from the first day, whether you're at boot camp
Speaker 1: or at branch school, or wherever you might be, They've
Speaker 1: drill into your head that you can you do not
Speaker 1: obey illegal orders, but you must obey legal orders. And
Speaker 1: so these Democrats decided to go out, Well, let me
Speaker 1: play the tape for you and you can. We'll talk
Speaker 1: about here in just a second.
Speaker 7: This administration is pitying our uniform, military and intelligence community
Speaker 7: professional steak against American citizens like us. You all sworn oaths.
Speaker 1: Right now.
Speaker 7: The threats to our constitution aren't just coming from road,
Speaker 7: from right here at home. Our laws are clear. You
Speaker 7: can refuse illegal orders. You can refuse illegal orders. You
Speaker 7: must refuse illegal orders.
Speaker 1: So the President reacted to all by saying that that
Speaker 1: was basically sedition and is punishable by death. And so
Speaker 1: all of the all of the Democrats and had spent
Speaker 1: some I don't know who comes up with this idea
Speaker 1: to have this tape where they were all going to
Speaker 1: say that you do not obey an illegal order. So
Speaker 1: the President was just said, well, it looks like it's
Speaker 1: sedition that's punishable by death. They're all having major cows
Speaker 1: today about what the President said.
Speaker 9: It.
Speaker 1: Come on, Democrats, why do you let Donald Trump pull
Speaker 1: your chain so easily. You're the one who did this
Speaker 1: kind of stupid tape. Anybody and everybody in the military
Speaker 1: knows you do not obey an illegal order, but you
Speaker 1: do obey a legal order. And that I saw one
Speaker 1: of the anchorrets I forget, one of the one of
Speaker 1: the cable channels was talking about the fact, well, you
Speaker 1: can't leave this up. No, I know who it was.
Speaker 1: It was Jillian Turner on Fox and she I don't
Speaker 1: think she knows what she's talking about. She said, well,
Speaker 1: you don't leave it up to the individual member of
Speaker 1: the military to make that decision. Yes, you do, as
Speaker 1: a soldier, as a sailor, as a marine, all the branches.
Speaker 1: It's up to you, as an individual member of the
Speaker 1: military to decide whether you're going to obey an illegal
Speaker 1: order or not. And if you're wrong, well you're going
Speaker 1: to spend some time in the break because if you're
Speaker 1: wrong because you disobeyed a legal order, that's what is
Speaker 1: over the head of every single member of the military. Anyway,
Speaker 1: there's a big deal being made about it today and
Speaker 1: I thought it was rather ridiculous. You want to talking
Speaker 1: about jobs. The jobs report came out today, Today's November twentieth. Yeah,
Speaker 1: the job report came out today for September. Huh, what
Speaker 1: you think that's a little late. Well, well, you know
Speaker 1: why is because they shut everything down, so they had
Speaker 1: this September jobs report. Now, remember when they do the
Speaker 1: job's survey is called the payroll reference week, which is
Speaker 1: the pay period that includes the twelfth of the month.
Speaker 1: So that means they had the September twelfth. They took
Speaker 1: the numbers and then they weren't able to produce them
Speaker 1: on the first Friday of October because the government was
Speaker 1: shut down. The government reopened on November twelfth, so we
Speaker 1: didn't get Septembers. They never did the survey for October.
Speaker 1: We will get the November numbers on December, the first
Speaker 1: Friday of December. But this September job report is ancient history.
Speaker 1: I think it's meaningless. Bottom line, one hundred and nineteen
Speaker 1: thousand payrolls were added. That was much stronger than the
Speaker 1: estimate of fifty thousand there were. Unemployment rate went up
Speaker 1: to four point four percent, that is a four year high.
Speaker 1: The participation rate, how many people participated in working, unchanged
Speaker 1: at sixty two point four percent. Average hourly earnings this
Speaker 1: is how did your paycheck do versus inflation. It was
Speaker 1: a little weaker than expected. Average hourly earnings up year
Speaker 1: over year three point eight percent. Inflation's at three point
Speaker 1: one percent, so you earned more than inflation, but by
Speaker 1: a hair The U six which is the long term
Speaker 1: unemployed eight percent. So this is an okay report. But
Speaker 1: what it says to the Fed who going to be
Speaker 1: meeting in the second week of December, So this is
Speaker 1: the last unemployment report they'll get before their meeting. No,
Speaker 1: they'll get no, I'm sorry, They'll get the November report
Speaker 1: then they'll have their meeting, and I'm What it says
Speaker 1: is that the labor part of this is worry. People
Speaker 1: worried about labor slowing down. It looks like it's weakening,
Speaker 1: but it's not that weak. It's not that bad, not
Speaker 1: at all. So now the President, of course wants the
Speaker 1: FED to cut interest rates, and he was in his
Speaker 1: speech last night brought up that point. He was making
Speaker 1: a reference to Scott Bessnt, the Treasury Secretary, who was
Speaker 1: in the audience.
Speaker 7: I mean, Scott, you got to work at this guy.
Speaker 7: He's got some real mental problems and there's something wrong
Speaker 7: with him.
Speaker 1: It's just.
Speaker 7: I'd be honest, I'd love to fire his tea should be.
Speaker 7: Guy's grossly incompetent. The only thing Scott's blowing in on
Speaker 7: is the FED, because that's fed.
Speaker 1: The rakes it to high. Scott. I want to get
Speaker 1: him out, Scott.
Speaker 7: Please, he's avosive reason.
Speaker 3: You're very lucky you have him.
Speaker 1: Many Howard would say, get him to hell out of there.
Speaker 1: So that's that's President Trump being President Trump. He does
Speaker 1: not like j. Powell. He's made it very clear. Pal Is.
Speaker 1: His term expires in May, so there will be a
Speaker 1: decision made probably next month on who his successor will be.
Speaker 1: Former Vice Chairman of the FED, Roger Ferguson I like
Speaker 1: him a lot. He's a very smart man, and he
Speaker 1: reacted to this jobs report this way.
Speaker 3: I think all, all these numbers suggests an economy that's
Speaker 3: still hanging in there, not a dramatic move one way
Speaker 3: or the other. People should take note of the slight
Speaker 3: uptick and intent great, but late participatient still looks pretty strong.
Speaker 3: Ad early city looks strong or strong enough. And so
Speaker 3: I don't think this sort of shows stay the cut
Speaker 3: decision much one way the other. Frankly, anyone to look
Speaker 3: at this and find what they want. But overall, I
Speaker 3: think this is the sign of a labor market that's
Speaker 3: turning in there and the economy of atturning in there
Speaker 3: against the background as you put out of acting markets
Speaker 3: at Seiney rally.
Speaker 1: So now the betting is on about what will the
Speaker 1: Fed do in their December meeting. You heard President Trump
Speaker 1: once rates cut, but the Fed future's rate Wall Street
Speaker 1: betting on will the Fed cut rates in December, And
Speaker 1: the answer is sixty four percent say that they will
Speaker 1: not cut interest rates in December. So we'll see what happens.
Speaker 1: But that's where the future, the Fed funds future is
Speaker 1: guessing on a Fed cut rate in December. Sits as
Speaker 1: of this report that came out this morning. So watching
Speaker 1: the markets today after the Nvidio came out with their
Speaker 1: earnings last night and were solidly above on revenue on income.
Speaker 1: Just to put everything, they did so well, they beat
Speaker 1: the guidance from Wall Street the revenue of the income.
Speaker 1: Now everybody's was thinking, well, that takes away the fear
Speaker 1: of a of a AI bubble because the Nvidia is
Speaker 1: the big I guess, the indicator that people are following
Speaker 1: about whether or not we have an AI bubble, and
Speaker 1: they've been on a very strong up trend. So once
Speaker 1: they beat everything, people said, well, therefore there's no AI bubble. Well,
Speaker 1: that's that's some people. So the market started off this
Speaker 1: morning with a lot of people buying. In fact, the
Speaker 1: market was up four or five hundred points right out
Speaker 1: of the gate this morning. Then people started well, first
Speaker 1: of all, I think there's a lot of peopleeople who
Speaker 1: wait for that because it was predictable, and then stepped
Speaker 1: in and sold. But there's still a worry about an
Speaker 1: AI bubble. So Ray Dalyo, who runs the biggest hedge
Speaker 1: fund in the world, he is a multi billionaire. He
Speaker 1: calls the market extremely well, that's why he has the
Speaker 1: biggest hedge fund, And he was asked about are we
Speaker 1: in a bubble.
Speaker 7: There's definitely a bubble in markets bumbles. What is a bubble?
Speaker 7: What is what is a bubble? A bubble is that
Speaker 7: there's a lot of creation of wealth from various ways,
Speaker 7: such as you decide that you're going to have a
Speaker 7: sell fifty billion dollars with the stock and value it
Speaker 7: out trading dollars, or you have multiples of that, and
Speaker 7: then you create the wealth out way. And then the question,
Speaker 7: if they love this wealth relative to money is who
Speaker 7: needs the money? So it's a matter of who the
Speaker 7: buyers and sellers are. For example, if we had a
Speaker 7: wealth tax, or if you have a type in a
Speaker 7: monetary policy, then there has to be the selling of
Speaker 7: those assets so in order to pay those things. So
Speaker 7: there's a mechanics of who owns it, is it over owned,
Speaker 7: and so on. It's not the long term duration of
Speaker 7: the earnings. So you think about it, isn't it interesting
Speaker 7: that we have such a short term reaction. It's great
Speaker 7: that what the results are, but this is what it's
Speaker 7: valued as a long duration asset. So for twenty five years,
Speaker 7: the next twenty five years, it's very unknown. We don't
Speaker 7: know what's going to happen, and bubbles don't go happen
Speaker 7: because of good estimates of what in the future. It
Speaker 7: happens because of the need for cash. Do you sell
Speaker 7: that asset? Do you have to sell that asset for
Speaker 7: cash for someone.
Speaker 1: That isn't a game? An interesting example about if there
Speaker 1: was a wealth tax and a bunch of wealthy people
Speaker 1: had to sell their wealth in order to raise cash,
Speaker 1: that could cause a bubble to pop. And I don't
Speaker 1: see any support for a wealth tax other than maybe
Speaker 1: the Democrat socialist but other than that group, I just
Speaker 1: don't see it in the near horizon. The judge that
Speaker 1: ruled on the case of the state of Texas doing
Speaker 1: the redistricting and the fact that they had to throw
Speaker 1: out that they could not use the new map that
Speaker 1: they drew, which then changes the balance where California went
Speaker 1: ahead and got their map drawn that will provide more Democrats,
Speaker 1: Texas had their map drawn that would provide more Republicans.
Speaker 1: Judge throws out Texas. Does that mean that California then
Speaker 1: has the upper hand and will provide more Democrats for
Speaker 1: the midterm elections? Well, Governor Greg Abbott of is not
Speaker 1: happy with this particular judge.
Speaker 10: Well First of all, with regard to that statement, there
Speaker 10: was actually zero adveress of any racial judgment playing any
Speaker 10: role in the decision making process. But that Judge Brown
Speaker 10: who wrote that opinion, he was just reversed last year
Speaker 10: in a different redissrating decision.
Speaker 7: He was wrong last year, he's wrong this year.
Speaker 10: The senior judge you were pointing out, Jerry Smith, he
Speaker 10: was the only person on that panel from the physical
Speaker 10: Court of Appeals.
Speaker 1: He was exactly right.
Speaker 10: He's never seen and I have never seen a judgment
Speaker 10: an opinion so erroneous in its writing, And it looked
Speaker 10: like Judge Brown geared his writing to try to achieve
Speaker 10: a result. And that's something that the United say Supreme Court,
Speaker 10: I think, is just not going to tolerate.
Speaker 1: So, in other words, this goes on, it's going to
Speaker 1: go to the Supreme Court and they're going to get
Speaker 1: it reversed again. The Supreme Court in the past has
Speaker 1: said you can readistrict all you want states as long
Speaker 1: as you do it for political reasons, because we the
Speaker 1: judicial branch, are not going to interfere in political affairs.
Speaker 1: But we will interfere if you draw a map based
Speaker 1: upon race. And that is where the judge said the
Speaker 1: Texas map was based on race and that the California
Speaker 1: map was based on politics, so that still has a
Speaker 1: long ways to get sorted out. Wall Street today, well,
Speaker 1: like I said, it started off up four five hundred points,
Speaker 1: but that is not where we finished. This is the
Speaker 1: biggest midday reversal since back on Liberation Day back in April.
Speaker 1: And this is all about Nvidio. So the Dow today down,
Speaker 1: like I said, it was up for five hundred points,
Speaker 1: finished down three hundred and eighty six. The Dow closed
Speaker 1: to forty five thousand and seven fifty two SMP down
Speaker 1: one hundred undred and three. That's a huge drop for them,
Speaker 1: Nazdak even a bigger percentage, dropped down four hundred and
Speaker 1: eighty six points. It's more than a two percent drop.
Speaker 1: Price of gold fell six dollars to four thousand and
Speaker 1: seventy six. Oil fell less than twenty cents down to
Speaker 1: fifty nine dollars for one barrel of oil. So that's
Speaker 1: it for today. Thank you for coming by today. We'll
Speaker 1: dry this again tomorrow. Hope to see you then.