Speaker 1: You're listening to KFI AM six forty wake Up Call
Speaker 1: with me Amy King on demand on the iHeart.
Speaker 2: Radio app, KFI and KOST HD two Los Angeles, Orange County.
Speaker 2: It's time for your morning wake up call.
Speaker 3: Here's Amy King.
Speaker 1: It's five o'clock, straight up. This is your wake up
Speaker 1: call for Thursday, November seventh. I'm Amy King. We're everywhere
Speaker 1: on the iHeart Radio app, and whether you're listening on
Speaker 1: the iHeartRadio app or on KFI AM six forty, we're
Speaker 1: so happy to have you along. Another busy day, another
Speaker 1: blustery day. You know where I live. I didn't get
Speaker 1: to the really strong wins yesterday afternoon. I got them
Speaker 1: over the weekend, but man, they're blowing hard and we
Speaker 1: got more coming today. We've got more updates on election
Speaker 1: results as they kind of trickle in. Of course, they're
Speaker 1: still counting ballots. What's ahead as the country gets ready
Speaker 1: for a new president, how the markets are reacting. We're
Speaker 1: going to cover all of that, but here's what's ahead
Speaker 1: on wake Up Call. A fast moving brush fire in
Speaker 1: Ventura County has prompted evacuations and burned several homes as
Speaker 1: many as fifty the fire fueled by strong Santa Ana wins,
Speaker 1: started yesterday off the one to eighteen in More Park
Speaker 1: quickly grew to more than fourteen thousand acres. Several people
Speaker 1: have been injured and were taken to the hospitals. Santa
Speaker 1: Ana wins are expected to blow at least through this
Speaker 1: evening and in the Inland Empire until tomorrow morning. Backers
Speaker 1: of La Counties Measure A that would replace a one
Speaker 1: quarter cent sales tax with a permanent half cent sales
Speaker 1: tax to pay for homelessness programs, have declared victory. As
Speaker 1: of yesterday afternoon, Measure A was passing with almost fifty
Speaker 1: six percent of the vote. That's a marchin of about
Speaker 1: three hundred thousand votes. A million ballots are still left
Speaker 1: to be counted in La County. Minnesota Governor Tim Walls
Speaker 1: has thanked Vice President Harris for letting him be her
Speaker 1: running mate. After Harris's concession speech yesterday. Walls says that
Speaker 1: while the outcome is not what they wanted, he's grateful
Speaker 1: to the millions of Americans who stood up for their
Speaker 1: greatest ideals, decency, compassion, and love of their neighbor. So
Speaker 1: Harris did do her concession speech yesterday at her alma mater.
Speaker 1: Alma Mater? Did I say that right? I thought it
Speaker 1: was really good. So we're going to actually play parts
Speaker 1: of it for you in a minute. You know, I
Speaker 1: mean tough pill to swallow when you think you might
Speaker 1: be the next president and then find out it's not
Speaker 1: going to happen. So I think she did a nice
Speaker 1: job with that. Let's get started with some of the
Speaker 1: stories coming out of the KFI twenty four hour newsroom.
Speaker 1: A wind driven brush fire and Ventura County that has
Speaker 1: destroyed dozens of homes has burned more than fourteen thousand
Speaker 1: acres in less than twenty four hours. Ventura County Fire
Speaker 1: Captain Trevor Johnson says the fire started yesterday in Moore
Speaker 1: Park and burned into came Rio and Somas, where mandatory
Speaker 1: evacuations were ordered.
Speaker 4: Resources that arrived on seen and initially were faced with
Speaker 4: a tough firefight. Cruise immediately went into structure protection, property conservation,
Speaker 4: any type of suppression, and immediate life safety.
Speaker 1: The fire was pushed by the strong Santa Anna Wins
Speaker 1: authorities inventor account. He said several people were hurt and
Speaker 1: taken to area hospitals. Schools in the area are closed
Speaker 1: today and tomorrow. Some homeowners and camer rio did not
Speaker 1: leave when they were told to.
Speaker 5: Something told me they just wanted to wait until the
Speaker 5: last minute. Others said they didn't really have any place
Speaker 5: to go. But as I drove yesterday through the streets
Speaker 5: of this upscale neighborhood along Alta sagoona court, I saw
Speaker 5: people packing their cars and coordinating with each other.
Speaker 6: Are you evacuating?
Speaker 7: We have.
Speaker 3: I just came to pick up a few things. Do
Speaker 3: you have a place to go? Kill yet?
Speaker 6: My son's place, that's Ray.
Speaker 7: He says.
Speaker 5: In the forty years he's lived here, he's never seen
Speaker 5: anything like it. And like others I spoke with, Ray says,
Speaker 5: the fire came up so fast they had no time
Speaker 5: to initially pack anything in Camio.
Speaker 3: Steve Gregory King.
Speaker 1: If I knew ballots are still being to decide which
Speaker 1: party we'll control the US House. Republicans have two hundred
Speaker 1: six seats to the Democrat's one hundred and ninety one seats.
Speaker 1: So far, two hundred and eighteen are needed for the majority.
Speaker 1: More than three dozen races have yet to be called.
Speaker 1: Republicans have won control of the Senate. President elect Trumps
Speaker 1: spent the day after his election taking congratulatory phone calls
Speaker 1: from world leaders and also from President Biden, who invited
Speaker 1: Trump to a meeting in the Oval Office to prepare
Speaker 1: for the transition of power. A Trump spokesman says the
Speaker 1: President elect looks forward to the meeting. American Idol winner
Speaker 1: and Coachella Valley native Abby Carter love Her is lighting
Speaker 1: the forty five foot tree at this year's Palm Springs
Speaker 1: Aerial Tramway tree Lighting ceremony. The tree has over four
Speaker 1: thousand led lights. Carter will be joined by the Palm
Speaker 1: Springs High School Choir and String Quartet, which will be
Speaker 1: playing uh holiday music at the event. Last next month.
Speaker 1: Next month, still still early November, not quite tree lighting
Speaker 1: time yet. Yesterday, Vice President Harris gave her concession speech
Speaker 1: after losing the election. On Tuesday, she was at her
Speaker 1: alma mater at Howard University, and as I mentioned, I
Speaker 1: think this has got to be a really tough time, right,
Speaker 1: Like you see how excited some people are, how devastated
Speaker 1: other people are. And for her, you know that carrot
Speaker 1: is dangled and then it's taken away. So she did
Speaker 1: do her concession speech, and I think she did a
Speaker 1: really good job, so I wanted to play parts of
Speaker 1: it for you. First of all, she talks about how
Speaker 1: obviously this is not what they were hoping for.
Speaker 6: The outcome of this election is not what we wanted,
Speaker 6: not what we fought for, not what we voted for.
Speaker 6: But hear me when I say, hear me when I say,
Speaker 6: the light of America's promise will always burn bright as
Speaker 6: long as we never give up, and as long as
Speaker 6: we keep fighting. To my beloved Doug and our family,
Speaker 6: I love you so very much. To President Biden and
Speaker 6: Doctor Biden, thank you for your faith and support.
Speaker 8: To Governor Walls.
Speaker 6: And the Walls family. I know your service to our
Speaker 6: nation will continue, okay.
Speaker 1: And then she went on to talk a little bit
Speaker 1: about the campaign that she ran and how proud she
Speaker 1: is of it.
Speaker 6: Over the one hundred and seven days of this campaign,
Speaker 6: we have been intentional about building commune unity and building coalitions,
Speaker 6: bringing people together from every walk of life and background,
Speaker 6: united by love of country, with enthusiasm and joy in
Speaker 6: our fight for America's future. And we did it with
Speaker 6: the knowledge that we all have so much more in
Speaker 6: common than what separates us.
Speaker 7: Now.
Speaker 6: I know folks are feeling and experiencing a range of
Speaker 6: emotions right now. I get it, But we must accept
Speaker 6: the results of this election. Earlier today, I spoke with
Speaker 6: President elect Trump and congratulated him on his victory. I
Speaker 6: also told him that we will help him and his
Speaker 6: team with their transition and that we will engage in
Speaker 6: a peaceful transfer of power.
Speaker 1: And then she went on to talk more about how
Speaker 1: that's going to play out.
Speaker 6: A fundamental principle of American democracy is that when we
Speaker 6: lose an election, we accept the results. That principle, as
Speaker 6: much as any other, distinguishes democracy from monarchy or tyranny,
Speaker 6: and anyone who seeks the public trust must honor it.
Speaker 6: At the same time, in our nation, we owe loyalty
Speaker 6: not to a president or a party, but to the
Speaker 6: Constitution of the United States, and loyalty to our conscience
Speaker 6: and to our God. My allegiance to all three is
Speaker 6: why I am.
Speaker 9: Here to say.
Speaker 6: While I concede this election, I do not concede the
Speaker 6: fight that fueled this campaign.
Speaker 1: Crowd like that one, and then she had a message
Speaker 1: for the kids.
Speaker 6: The important thing is, don't ever give up. Don't ever
Speaker 6: give up don't ever stop trying to make the world
Speaker 6: a better place.
Speaker 1: You have power.
Speaker 6: You have power, and don't you ever listen when anyone
Speaker 6: tells you something is impossible because it has never been
Speaker 6: done before. You have the capacity to do extraordinary good
Speaker 6: in the world.
Speaker 1: And then she closed with an old adage that she
Speaker 1: referred back to, and I thought she was going to
Speaker 1: say something about its darkest before the dawn. Feels like
Speaker 1: it might have been Star sort of a playoff of that.
Speaker 1: But I really liked what she had to say.
Speaker 3: Here.
Speaker 6: Only when it is dark enough can you see the stars.
Speaker 6: I know many people feel like we are entering a
Speaker 6: dark time, but for the benefit of us all I
Speaker 6: hope that is not the case. But here's the thing, America,
Speaker 6: if it is, let us fill the sky with the
Speaker 6: light of a brilliant, brilliant billion of.
Speaker 9: Stars, the light.
Speaker 6: The light of optimism, of faith, of truth and service.
Speaker 3: Ain't you.
Speaker 6: And made that work guide us, even in the face
Speaker 6: of setbacks, toward the extraordinary promise of the United States
Speaker 6: of America.
Speaker 1: And there you have it. Got that again. I just
Speaker 1: think that was very well done. Let's get back to
Speaker 1: some of the stories coming out of the KFI twenty
Speaker 1: four hour newsroom. A measure in Santa Anna to allow
Speaker 1: non US citizens to vote appears to have been voted down.
Speaker 2: Critics say the measure would have added about sixty thousand
Speaker 2: people to the city's voter roles.
Speaker 10: We did it not by vilifying illegals, but by elevating
Speaker 10: the right to vote as the crown jewel of citizenship.
Speaker 2: Lawyer activist James Lacey says they got a lot of
Speaker 2: support from naturalized citizens.
Speaker 10: I don't think that those naturalized citizens wanted to give
Speaker 10: up their precious right to vote or dilute it to
Speaker 10: give it over to illegals that don't take a test
Speaker 10: and that don't pledge an allegiance to the United States.
Speaker 2: Supporters say non citizens should be able to vote because
Speaker 2: they pay taxes and raise children in the city in
Speaker 2: Santa Ana. Corbin Carson kf I.
Speaker 1: News The dal rose fifteen hundred points yesterday, the day
Speaker 1: after election Day, as investors cheered former President Trump's return
Speaker 1: to the White House, ABC's Alexis Christopherosa's investors are betting
Speaker 1: Trump's policies will benefit them.
Speaker 9: He was always really seen as the more friendly candidate
Speaker 9: to corporate America.
Speaker 1: He wants to lower the corporate tax rate we know
Speaker 1: down to fifteen percent from its current twenty one percent.
Speaker 1: She says investors also welcome deregulation. The NASDAC and the
Speaker 1: SMP five hundred we're each up by more than two percent. Yesterday,
Speaker 1: Hurricane Rafael has made landfall in Cuba. As a Category
Speaker 1: three storm. Forecasters say Raphael could cause life threatening storm surges, winds,
Speaker 1: and flash floods in western parts of the island country.
Speaker 1: The storm previously knocked out power and dumped rain on
Speaker 1: the Cayman Island and Jamaica. Another hurricane hit Cuba just
Speaker 1: two weeks ago, killing at least six people in the
Speaker 1: eastern part of the island. The La County Board of
Speaker 1: Supervisors is given the ok to buy a skyscraper downtown.
Speaker 11: The Gas Company tower would be the new home for
Speaker 11: much of the county government. County CEO Fijia Davenport says
Speaker 11: the two hundred million dollar acquisition makes sense because the
Speaker 11: current building on Temple Street is too costly for a
Speaker 11: seismic retrofit.
Speaker 1: It makes sense from a safety perspective, from an efficiency perspective,
Speaker 1: from a budgetary perspective, and also from a service delivery perspective.
Speaker 11: Supervisor Janis Hahn was the only vote against the purchase plan.
Speaker 11: She argues the building name for her late supervisor father
Speaker 11: is an anchor of Downtown Civic Center in downtown La.
Speaker 1: Michael Monks KFI News win gus up to sixty to
Speaker 1: seventy miles per hour still expected through the day is
Speaker 1: dangerous Santa Ana winds blow through the Southland. A red
Speaker 1: flag warning and high wind warnings will be in effect
Speaker 1: until this evening for most areas until tomorrow morning. In
Speaker 1: the Ie, the winds have helped fuel a more than
Speaker 1: fourteen thousand eight or fire burning in Moore Park and
Speaker 1: came Rio that has destroyed at least fifty homes. Progressive
Speaker 1: challenger Isabel Herrado appears likely to unsee District fourteen LA
Speaker 1: City Councilman Kevin da Leone. She's leading by fifty six
Speaker 1: to forty four percent margin as of yesterday afternoon. Arado
Speaker 1: says she decided to run on the eve of her
Speaker 1: thirty third birthday, when a tape was leaked of Dallyon
Speaker 1: and other city officials making racist remarks about another city
Speaker 1: council member's son. Governor Newsom says the state will work
Speaker 1: with President elect Trump, but added California will stand with
Speaker 1: states across the US to defend the Constitution and defend
Speaker 1: the rule of law. The Southern California Republican Congressman darryl
Speaker 1: Isa says Trump's decisive win was a clear mandate from
Speaker 1: voters to rebuild the economy, restore national defense, and enforce
Speaker 1: the border. Let's say good morning to ABC's Stephen Portnoy. Stephen,
Speaker 1: with the election of President elect Trump, Special Council Jack
Speaker 1: Smith has some work to do when it comes to
Speaker 1: Donald Trump. So what's happening.
Speaker 8: Yeah, this is an open question, and we are in
Speaker 8: uncharted waters, unprecedented circumstance. We're talking about a man who's
Speaker 8: under indictment in two separate federal criminal matters, both of
Speaker 8: which are still two different degrees pending in the federal courts.
Speaker 8: And then there are two state court matters, the one
Speaker 8: in Georgia, the racketeering case there, and then there's the
Speaker 8: New York hush money case where Trump has already been
Speaker 8: convicted by a jury. All of it now complicated by
Speaker 8: the fact that Donald Trump has won the election and
Speaker 8: we'll be president of the United States on January twentieth,
Speaker 8: the next year. So right now, within the Biden Justice Department,
Speaker 8: there are high level conversations about how to wind down
Speaker 8: quickly the two federal cases against Trump. There's the federal
Speaker 8: election interference case here in Washington, d c. And then
Speaker 8: there's the classified documents case in Florida. It's not clear
Speaker 8: how this is going to proceed, but there is a
Speaker 8: recognition and acknowledgment within the Justice Department that it cannot
Speaker 8: proceed with the prosecutions while Donald Trump is president because
Speaker 8: of the long standing policy that state dates back to
Speaker 8: the Nixon era, that the Justice Department acknowledges the constitutional
Speaker 8: responsibilities of a president are so important that they can't
Speaker 8: be interfered with by a criminal prosecution. So what happens
Speaker 8: next not sure, but it seems as though Jack Smith
Speaker 8: is going to figure out some sort of way to
Speaker 8: get these two cases dismissed. The cleanest way to do it,
Speaker 8: and this is entirely my speculation, and no one else
Speaker 8: is suggesting this but me.
Speaker 3: Okay, but the easiest thing to.
Speaker 8: Do would be for Joe Biden to grant Donald Trump
Speaker 8: a pardon to prevent Trump from having to fire Jack
Speaker 8: Smith prevent Trump from having to parton himself.
Speaker 3: Now, will he do it? I don't know.
Speaker 8: Totally speculation and entirely theoretical, but it would be the
Speaker 8: cleanest way to wipe this late clean.
Speaker 1: Okay, I have a question about the pardon thing. Can
Speaker 1: President elect Trump pardoned himself when he gets back into
Speaker 1: office or is that that's still that uncharted territory. It's
Speaker 1: never happened, right.
Speaker 8: Well, it's it's listen, it's never happened before. But the
Speaker 8: understanding is that he probably could because there's no way
Speaker 8: to challenge a pardon. The part the pardon powers plenary
Speaker 8: in the Constitution, which means it's beyond any kind of
Speaker 8: question or challenge and so and entirely within the powers
Speaker 8: of the presidency. So uh, you know, but to prevent
Speaker 8: that breaking of a norm, again, theory and speculation entirely
Speaker 8: on my part, just to kind of game it out.
Speaker 8: Sure Biden could pardon Trump to prevent Trump from having
Speaker 8: to pardon himself.
Speaker 1: That's an interesting theory step. Im portanite the classified documents
Speaker 1: case just as a refresher. That was the one that
Speaker 1: it was thrown out, but then Jack Smith basically refiled it.
Speaker 1: He revised it.
Speaker 8: Well, no, no, no, So what we're talking about in
Speaker 8: the classified Documents case was a judge who said that
Speaker 8: jack Smith was improperly appointed because she subscribed to the
Speaker 8: constitutional view advanced by conservative legal theorists that had failed
Speaker 8: repeatedly several other attempts. But Judge Cannon signed on to
Speaker 8: it and dismissed the case the idea that Jack Smith
Speaker 8: was not confirmed by the Senate and so therefore he
Speaker 8: didn't have the power to bring an indictment. Well, there
Speaker 8: had been other special counselors who have brought indictments and
Speaker 8: they have never The challenge on that basis has never succeeded,
Speaker 8: and so the Justice Department was appealing her ruling to
Speaker 8: get that case back on track. And let me put
Speaker 8: it this way, if Trump had not won the election,
Speaker 8: I think it's very likely that the Eleventh Circuit would
Speaker 8: have overturned Judge Cannon's opinion and sent that case back
Speaker 8: to the district court. Whether it be in Judge Cannon's
Speaker 8: court room or not is another question. Because Smith seemed
Speaker 8: to be so aggrieved by Judge Cannon's repeated rulings against
Speaker 8: him that he was probably going to see about getting
Speaker 8: the case taken out of her courtroom. All that seems
Speaker 8: to be moot now though, And the question is, what
Speaker 8: is the actual mechanism for having these case is dismissed?
Speaker 3: It's not clear.
Speaker 1: Okay, wasn't there one though where he did. I'm getting
Speaker 1: them confused because there's so many. It wasn't there one
Speaker 1: where he did. Because of the immunity part that the
Speaker 1: Supreme Court said, yeah, he has an immunity for official dubates.
Speaker 8: That's in d C, where the Supreme Court has ruled
Speaker 8: that a president is entitled to the presumption of immunity
Speaker 8: for his official acts, if not absolute immunity, and that
Speaker 8: is still pending. Judge Tanya Chukin here in Washington, d C.
Speaker 8: Was set to decide whether certain aspects of the superseding
Speaker 8: indictment needed to be removed or not, and that itself
Speaker 8: would have been appealed, although after the Supreme Court necessary.
Speaker 8: So all of that, again is going to be moot
Speaker 8: because jack Smith has no choice but to let this
Speaker 8: all go. Whether he's going to do it in an
Speaker 8: emotion to dismiss and maybe I don't know. Is there
Speaker 8: such a thing as dismissing with prejudice? I don't know,
Speaker 8: and that's the idea that it couldn't be revised or revived.
Speaker 8: Suffice it to say, the legal casesgainst Trump, certainly at
Speaker 8: the federal level, are off the table because statutal limitations
Speaker 8: would run out if the cases are dismissed, and the
Speaker 8: only question then would be, again theoretically and only hypothetically,
Speaker 8: whether Joe Biden would pardon Trump or Trump my pardon himself.
Speaker 8: Long story short. His election means that Donald Trump will
Speaker 8: not be prosecuted by the federal.
Speaker 1: Government again in uncharted territory. Interesting stuff, all right. Thank
Speaker 1: you for helping us sort that out, Stephen. Like I said,
Speaker 1: there's so many to try to keep them straight, and
Speaker 1: my little brain is challenging. That's why we have you her.
Speaker 1: You got it all right, Thank you so much, Stephen. Okay,
Speaker 1: parts of La and Ventura Counties remain under a red
Speaker 1: flag warning for extreme fire damager because of the high winds.
Speaker 1: Gusts reaching sixty seventy, maybe even eighty miles per hour
Speaker 1: yesterday could continue through this evening. It's possible there could
Speaker 1: be some isolated gusts of up to one hundred miles
Speaker 1: per hour in the San Gabriels. The warning again in
Speaker 1: effect until tonight, and it extends through tomorrow morning for
Speaker 1: the ie. A judge in California has rejected an appeal
Speaker 1: by the man convicted of murdering rapper Nipsey Hustle. This
Speaker 1: comes nearly two years after Eric Holder Junior went to a
Speaker 1: trial for the killing. The decision means he'll stay in
Speaker 1: prison to serve out his sixty year sentence. Attorneys for
Speaker 1: accused killer Brian Coburger will ask a judge in Boise, Idaho,
Speaker 1: to consider removing the death penalty as a punishment if
Speaker 1: he's convicted. Coburger is charged with killing four University of
Speaker 1: Idaho students in November of twenty twenty two. Prosecutors say
Speaker 1: Coburger's DNA was found on a knife sheath left at
Speaker 1: the crime scene, and they want the death penalty. The
Speaker 1: trial is set for August of next year. New warnings
Speaker 1: have been issued on the dangers of unapproved versions of
Speaker 1: certain weight loss and diabetes drugs.
Speaker 9: Drug maker Novo Nordisk alerting people after reports that ten
Speaker 9: people died and hundreds of others have been hospitalized after
Speaker 9: using copies of the brand names will Govi and Ozimpic.
Speaker 1: ABC's Michelle Fanzen says the company is the only approved
Speaker 1: maker of semi glue Tide. Last month, Novo Nordisk asked
Speaker 1: the FDA to ban the copycat versions, which have sored
Speaker 1: in popularity due to a shortage of the approved drugs
Speaker 1: in the US. A Mega Million's lottery ticket sold in
Speaker 1: California's Central Valley is not worth the jackpot, but it
Speaker 1: is worth more than one point two million dollars. The
Speaker 1: ticket was bought at a liquor store in wood Lake,
Speaker 1: near Visalia. It matched five numbers from Tuesday nights drawing
Speaker 1: the dangerous winds of fanned brush fires and prompted precautionary
Speaker 1: power shut offs in southern California, firefighters fought back flames
Speaker 1: that damaged at least two beachfront homes across the state
Speaker 1: from or across the street rather from Malibu Bluff's Park.
Speaker 1: They've stopped the forward progress of that fire at fifty acres.
Speaker 1: Up to fifty homes have been burned in the more
Speaker 1: than fourteen thousand acre fire burning in the moor Park
Speaker 1: and Camerio areas. The high winds are expected to continue
Speaker 1: in some areas through tomorrow morning. Vermont Senator Chernie Sanders
Speaker 1: has responded to what he called the Democratic Party's disastrous campaign.
Speaker 1: The independent senator who caucuses what Democrats said, in his words,
Speaker 1: should come as no great surprise that a Democratic party
Speaker 1: which has abandoned working class people would find that the
Speaker 1: working class has abandoned them. Several thousand volunteers will fan
Speaker 1: out across Hallowed Ground on Saturday to place many American
Speaker 1: flags on the nearly two hundred and twenty five thousand
Speaker 1: graves at Riverside National Cemetery Garden Grove based honoring our fallens.
Speaker 1: Brennan Leininger says the Veterans Day tribute is an honor
Speaker 1: that we should all take pride in. At six oh
Speaker 1: five at Handle on the News, Vice President Harris has
Speaker 1: conceded the election, but not the fight that fueled her campaign.
Speaker 1: At I point fifty, we're going to talk to a
Speaker 1: homeowner in Rancho Palace, Verdes as he and his neighbors
Speaker 1: see their homes shifting under their feet, their power and
Speaker 1: their gas cut off. We're going to find out what
Speaker 1: their options are and why many of them are not leaving.
Speaker 1: Right now, let's say good morning to ABC's Caleb's Silver Caleb.
Speaker 1: The market seemed to like hearing that Donald Trump is
Speaker 1: going to be the forty seventh president.
Speaker 12: Well, there's that, and there's also the quick resolution. We
Speaker 12: didn't have to wait days or weeks to find this out, and.
Speaker 3: On certain that night to night for investors.
Speaker 12: Yeah, yeah, it was nice to get that right away.
Speaker 12: And remember what President Trump has promised throughout the campaign,
Speaker 12: which is to keep those tax cuts that he had
Speaker 12: acted in twenty seventeen, keep those in place, maybe even
Speaker 12: lower those some more.
Speaker 3: And that big deal there was.
Speaker 12: That that corporate tax rate went from thirty five percent
Speaker 12: to twenty one percent, and he intends to keep it there,
Speaker 12: even take it lower for some companies. You have that,
Speaker 12: you have the promise of a lot of government spending,
Speaker 12: whether that's for infrastructure, whether that's for deportation, whether that's
Speaker 12: for making sure products are made in America. That's bullish
Speaker 12: for the stock market. On the other hand, you have
Speaker 12: higher tariffs that he's promised to a twenty percent across
Speaker 12: the board tariff that's inflationary by nature, and that gets
Speaker 12: passed on to consumers. So the trade off I think
Speaker 12: he's making is we'll give you lower taxes, but we're
Speaker 12: going to charge higher tariffs and you may have to
Speaker 12: pay more for that. It's not going to help inflation necessarily,
Speaker 12: but it will be interesting.
Speaker 1: Okay, hey, on that tax cut, Taylor, can he just
Speaker 1: do that? Does he have to get the support of Congress.
Speaker 12: Yeah, but it looks like he might very well have
Speaker 12: that support. And extending that that was going to expire
Speaker 12: in early twenty twenty five, the big question was if
Speaker 12: Harris was elected, would she have extended it or now
Speaker 12: that we know that she's not going to be elected,
Speaker 12: he definitely will extend it.
Speaker 3: How much more can he do and will he do?
Speaker 12: And the other big question, and it comes to a
Speaker 12: head today, is what will he do with the federal Reserve.
Speaker 12: He has been talking about bringing the Federal Reserve under
Speaker 12: the executive branch of government. It's independent right now. It's
Speaker 12: that's monetary policy based on what it thinks the economy needs.
Speaker 12: If the President and the White House in Congress controls that, well,
Speaker 12: we're in for a much lower interest rate regime, much
Speaker 12: like the one we've had over the past twenty years
Speaker 12: until the last couple of years.
Speaker 3: Lower interest rate's also very bullish for the stock market.
Speaker 12: That's why you're seeing that sector explode, but also more deregulation,
Speaker 12: get the government out of big business. We've had a
Speaker 12: very great of Federal Trade Commission that's been a big
Speaker 12: thorn in the side of big tech.
Speaker 3: In the banking sector, he's promised to deregulate.
Speaker 12: That's why you're seeing risk assets, financial stocks, bitcoin, everything
Speaker 12: rising and.
Speaker 1: Most We were up fifteen hundred points yesterday, but not
Speaker 1: everybody was a winner yesterday. There was a few that
Speaker 1: took a pretty hefty hit one there.
Speaker 12: Yeah, there were some stocks that didn't do well at all,
Speaker 12: especially the solar stocks. All the stocks that benefited because
Speaker 12: of the Inflation Reduction Act, which was really a climate
Speaker 12: bill under any other name. Those stocks did terribly yesterday.
Speaker 12: And we saw some chip stock sell off as well.
Speaker 12: He's been talking about pulling the US out of the
Speaker 12: Chips Act. That's a global pack with chip makers around
Speaker 12: the world for fair tip pricing, semiconductor pricing. We know
Speaker 12: our economy needs that. Some of those stocks didn't do
Speaker 12: that great, but in general, you saw this bullish wave,
Speaker 12: this green wave, overtake the stock market when we had
Speaker 12: that quick resolution and the fact that we're probably going
Speaker 12: to continue to see lower tax rates, lots of government spending,
Speaker 12: and a lot of incentives for companies to do business
Speaker 12: in America.
Speaker 3: A lot of that very bullish for companies of all sizes.
Speaker 1: Yeah, and what are we expecting another surge today or
Speaker 1: was that like a one time Oh yeah, this is
Speaker 1: great and then it just kind of levels off or
Speaker 1: do we know?
Speaker 3: Well?
Speaker 12: I think a lot of investors were heading their bets
Speaker 12: going into the election because it was a toss up
Speaker 12: or it looked like one.
Speaker 3: And if you looked at the polls, we see stocks
Speaker 3: going to.
Speaker 12: Rise, probably their rising and pre market trading right now,
Speaker 12: we're not going to have a day like yesterday we
Speaker 12: do a bad decision that to today, we kind of
Speaker 12: know what's going to happen. The Fed's going to cut
Speaker 12: right to quarter point. The big question is what happens
Speaker 12: December eighteenth at the next meeting, because we'll be well
Speaker 12: into the transition by then, and we know that Trump
Speaker 12: wants to control what the Federal Reserve does going forward.
Speaker 12: So today's meeting is going to be super interesting. I
Speaker 12: wouldn't expect a lot of answers from Charge your Own Power,
Speaker 12: but I would expect a lot of questions Okay.
Speaker 1: I want to ask you another question about the FED
Speaker 1: in just a second. Have we going back to the
Speaker 1: Wall Street thing? Has there ever been a day where
Speaker 1: the stock where we were up fifteen hundred points in
Speaker 1: a single day.
Speaker 12: That was the best election day rally in the history
Speaker 12: of the stock market by any measure. And if you
Speaker 12: looked at the S and P five hundred, it was
Speaker 12: its best election day ever. But the now it's best
Speaker 12: day in a couple of years. But that was a
Speaker 12: huge surge, and I think a relief rally by a
Speaker 12: lot of investors that weren't sure what was going to happen.
Speaker 12: But what else happened during that big stock market surge?
Speaker 12: We had a big rise in the yield on the
Speaker 12: ten year treasury That is, you know, the most stable
Speaker 12: investment around the world. It is backed by the full
Speaker 12: faith and the credit of the United States government. Well,
Speaker 12: we're seeing a surge in that when interest rates should
Speaker 12: be coming down. Why is that Because we know there's
Speaker 12: going to be a lot of government spending. Government spending
Speaker 12: is going to push up the deficit right and make
Speaker 12: our bonds even riskier. There are some estimates from the
Speaker 12: Committee for Responsible Federal Budget that Trump's initiatives. If you
Speaker 12: unit who passes some of them will add seven to
Speaker 12: eight trillion dollars to the deficit over the next decade.
Speaker 12: Nobody wants to talk about the deficit, but it is
Speaker 12: the bogie man there because it controls the yield on
Speaker 12: ten year treasuries, which everything is based off of.
Speaker 1: Yeah, okay, so back to the Fed thing. Then interest
Speaker 1: rates were cut a half percent. The last time we're
Speaker 1: expecting a quarter percent? Is that today or tomorrow?
Speaker 3: That's today? We're at around two pm today and then
Speaker 3: a press conference.
Speaker 1: Okay, but Caleb, why then are mortgage rates going back
Speaker 1: up when the Fed's dropping the interest rates?
Speaker 3: Great call.
Speaker 12: The Fed sets short term interest rates, that is the
Speaker 12: rate at which banks loan to each other, But mortgage
Speaker 12: rates are really based on the yield on the tenure treasury.
Speaker 12: The tenure treasury is the you know, the tenyure bond
Speaker 12: that has been rising because more government spending is coming,
Speaker 12: and more government spending is going to make our bonds
Speaker 12: even riskier as our deficit gets even bigger and bigger. Now,
Speaker 12: if President Trump controls both houses and the Republicans control
Speaker 12: both houses, then the dead ceiling no longer becomes an issue.
Speaker 12: We just keep kicking the can down the road. But
Speaker 12: we got a lot of spending coming our way and
Speaker 12: that is not going to be great in terms of
Speaker 12: our bonds. That's what mortgage yields are based off. You
Speaker 12: talked about sectors at fell yesterday. The housing market sector
Speaker 12: fell because mortgage rate the thirty year tip back up
Speaker 12: into the high sixes, and that is going to keep
Speaker 12: people away from buying homes.
Speaker 1: Yes even though like, well, I bought my house at
Speaker 1: five and a half percent, and I ever't know everybody
Speaker 1: like went, oh, it's so high. I'm like, that was
Speaker 1: a good rate, But getting up that six and a
Speaker 1: half seven range and more, it just seems like it's
Speaker 1: a lot of money and why not.
Speaker 3: Hold a lot of money?
Speaker 12: And we know home prices are super high right now,
Speaker 12: so home affordability is still at an all time low.
Speaker 3: I don't think that changes anytime soon.
Speaker 1: All Right, Caleb Silver, thank you so much for the information.
Speaker 1: You help. All of this money stuff makes sense to
Speaker 1: my brain. Appreciate it.
Speaker 3: You got it.
Speaker 1: All right, let's get back to some of the stories
Speaker 1: coming out of the KFI twenty four hour newsroom. Yeah,
Speaker 1: it's also convoluted, and there's so much going on and stuff.
Speaker 1: I'd love that we have the opportunity to talk to
Speaker 1: people like Caleb to help kind of just tear it
Speaker 1: apart and piece by piece and make sense of it. So, anyway,
Speaker 1: back to some of the stories coming out out of
Speaker 1: the KFI twenty four hour newsroom, Orange County appears to
Speaker 1: have selected a new supervisor to replace Andrew Doe, who
Speaker 1: pleaded guilty to federal bribery charges.
Speaker 2: Go it was turned out anyway and couldn't run for
Speaker 2: re election. Republican state Senator Janet Winners to have defeated
Speaker 2: Cypress Councilwoman Francis Marquez Winn says it's a new day
Speaker 2: for OC.
Speaker 13: All the contractors with the county, whether they're businesses or nonprofits,
Speaker 13: we need to audit and we need to clean house
Speaker 13: those who have had a contract with the county. If
Speaker 13: you haven't done the job you're supposed to, we're going
Speaker 13: to ask for the money back.
Speaker 2: Those bribery plea was tied to a county contract with
Speaker 2: a nonprofit that was supposed to be feeding seniors during
Speaker 2: the pandemic in Orange County. Corbin Carson kaf I News.
Speaker 1: La Counties Measure G is still too close to call.
Speaker 1: G would overhaul county government in part by expanding the
Speaker 1: Board of Supervisors and making the County CEO an elected
Speaker 1: position instead of an appointed position. It was split as
Speaker 1: of yesterday afternoon, with about fifteen thousand votes separating the
Speaker 1: Yes from the nos. Two point three million votes have
Speaker 1: been counted in more than a million ballots still need
Speaker 1: to be counted. Rewards have been renewed for information leading
Speaker 1: to the arrest of whomever vandalized two cemeteries in Compton
Speaker 1: and Carson. The La County Board of supervi Visors made
Speaker 1: the movee yesterday. Twenty thousand dollars is now being offered
Speaker 1: for information about the vandalism at Woodlawn Celestial Gardens and
Speaker 1: twenty five thousand for information tied to Lincoln Memorial Park.
Speaker 1: Both were hit in January. The San Fernando Valley could
Speaker 1: get more of its share of street sweeping.
Speaker 11: A map of Lly's street sweeping schedule shows the valley
Speaker 11: getting the short end of the stick. City Councilman Monica
Speaker 11: Rodriguez says taxpayers and that part of the city are
Speaker 11: deserving of more attention.
Speaker 1: This is about making sure that we are writing what
Speaker 1: has been a historic wrong and failure, and to look
Speaker 1: at how we are distributing these resources.
Speaker 11: The council approved a comprehensive review of street sweeping in
Speaker 11: the city and how to allocate more attention to the valley.
Speaker 11: The plan would include updated signage, since many signs warn't
Speaker 11: drivers of street sweeping times that never materialize. Michael Monks
Speaker 11: KFI News.
Speaker 1: An annual Veterans Day weekend Catfish Derby, has come into
Speaker 1: Riverside County Officials made the announcement yesterday, saying more than
Speaker 1: four thousand pounds of catfish are being stocked at Lake
Speaker 1: Kowea Veterans Regional Park. The event starts this Saturday afternoon
Speaker 1: at four Prizes will be awarded for the biggest fish.
Speaker 1: Republican incumbent Michelle Steele has one re election to the
Speaker 1: forty fifth Congressional district in Orange and Elle County. This
Speaker 1: will be Steele's third term. The Secretary of State's office
Speaker 1: declared that Steel beat Democratic Attorney Derek Tran by four
Speaker 1: percentage points the race's pivotal As control of the US
Speaker 1: House remains in the balance, several races are still yet
Speaker 1: to be called. Hurricane Raphael is plowed across western Cuba
Speaker 1: as a category three storm. Winds were so powerful the
Speaker 1: storm knocked out the power grid to the entire country,
Speaker 1: flooded streets, and knocked over trees. The storm has pushed
Speaker 1: into the Gulf of Mexico and is headed north toward Florida,
Speaker 1: with heavy rains and a storm surge of up to
Speaker 1: three feet expected in some areas. A palm sized satellite
Speaker 1: made out of wood has been launched into space. The satellite,
Speaker 1: built by Japanese researchers, is being flown to the International
Speaker 1: Space Station and later it'll be released into orbit and
Speaker 1: then they'll watch and see how wood holds up in space.
Speaker 1: It's an early test of using timber in Mars and
Speaker 1: lunar exploration, and if it's successful, could open the door
Speaker 1: to other uses for wood in space. Kind of interesting.
Speaker 1: We're just minutes away from Handle. On the news this morning,
Speaker 1: Bernie Sanders had a few choice things to say about
Speaker 1: Vice President Harris's loss, and as usual, he's not mince
Speaker 1: in words. Let's say good morning now to Bill Lockwood,
Speaker 1: who's a homeowner in the Rancho Palace Verdes area. Good morning, Bill,
Speaker 1: Thanks for joining us this.
Speaker 3: Morning, Good morning, hemy.
Speaker 1: So the land has been sliding. Hundreds of residents have
Speaker 1: had their gas and electricity cut off because the utility
Speaker 1: say it's too dangerous to provide the service with the
Speaker 1: land shifting underneath. We wanted to talk to somebody who
Speaker 1: is actually living through this. So, Bill, you and your
Speaker 1: wife own a home designed by Lloyd Wright. By the way,
Speaker 1: it's in the heart of this lane and slide disaster.
Speaker 1: So where is your home and how has it been
Speaker 1: affected by the sliding land?
Speaker 7: If people know where Wayfarer's Chapel was, our home is
Speaker 7: about one hundred yards west of that. Uh So, we're
Speaker 7: pretty close to the ocean, right above the Abalony Cove
Speaker 7: State Beach. Okay, and Portuguese Bend is on the south
Speaker 7: side of the Palace for His Peninsula, looking over the
Speaker 7: channel towards Katalina Island.
Speaker 1: Okay, So have did you have your power cut off?
Speaker 1: Or is that was that just in the Portuguese Bend area?
Speaker 7: No, we're in the Portuguese Bend.
Speaker 1: There are in that area, Okay, Okay.
Speaker 7: Yes, yes we had that. We had that that wonderful
Speaker 7: notice sent to us as well, and.
Speaker 1: You only got like a couple of days when they said, oh,
Speaker 1: by the way, we're shutting power off, and how did
Speaker 1: you how did you handle that? Did you bring another
Speaker 1: form of power? Are you just living off the grid
Speaker 1: right now?
Speaker 7: Presently we're off the grid. They sent us the notice
Speaker 7: at one o'clock on a Saturday afternoon saying that come
Speaker 7: nine o'clock next Monday morning, power was going to be
Speaker 7: shut off permanently. So we were actually at a festival
Speaker 7: concert when we got the notice, left to go by
Speaker 7: generators and kind of set ourselves up for what was coming.
Speaker 7: So not only was there not much notice there, there
Speaker 7: wasn't much time for people to prepare to do much
Speaker 7: of anything.
Speaker 1: Yeah, so now your house is running off of gas
Speaker 1: power generators, is that correct?
Speaker 7: We had that for a while and in the interim
Speaker 7: we've had solar installed, okay, and so yeah, so we
Speaker 7: have two of the Tesla Powerwall three batteries up and
Speaker 7: running there and it's been a game changer for us.
Speaker 7: That's the same thing that a lot of the people
Speaker 7: back in the Portuguese Bend area and the Seaside area
Speaker 7: have done. Because there is no you have no alternative.
Speaker 7: You either have to have a generator or you have
Speaker 7: to have a gas generator, you know, or a solar
Speaker 7: some type of generation, and that's a.
Speaker 1: Pretty hefty investment. I'm not going to ask you how
Speaker 1: much you had to spend, but that's I mean, that's
Speaker 1: not just pocket change.
Speaker 7: No, it certainly isn't. Ye. It's although hopefully they'll be
Speaker 7: able to mitigate this slide at some point in time
Speaker 7: and we'll be able to recoup our investment, you know,
Speaker 7: just from an investment point of view, in addition to
Speaker 7: having the property values kind of stabilize and go back
Speaker 7: to where they were before this occurred.
Speaker 1: Okay, so Bill, is your home? I know you are affected,
Speaker 1: but has your home shifted? Is there damage to your home?
Speaker 7: Thankfully, to ours? Not much, but on our land all
Speaker 7: surrounding the home, Yes, there's been. Our driveway is about
Speaker 7: five feet closer to the beach than it was. So yeah,
Speaker 7: so no, But we're lucky because the beautiful Lloyd Wright
Speaker 7: design was saved in seventy nine by a couple by
Speaker 7: Ralph Jester, who was the original home owner and an
Speaker 7: engineer friend of his when they had what's called the
Speaker 7: Avaloni Coast slide, and so they did some engineering stuff
Speaker 7: that saved it. Then and continues to save it now, kind.
Speaker 1: Of like earthquake proofing your home but for a landslide instead.
Speaker 7: Yeah yeah, earthquake proofing with thumbscrew jacks and stuff like that.
Speaker 3: Yeah.
Speaker 1: So, Bill, there is an offer on the table, apparently
Speaker 1: from the city, saying that forty two million dollars is
Speaker 1: being made available to residents who want to sell their property,
Speaker 1: and the city is saying it will offer fair market
Speaker 1: value for homes. But if you divvy up that forty
Speaker 1: two million, that's not very much for each resident if
Speaker 1: everyone took advantage of it.
Speaker 7: No, if it went out to everybody, with all the
Speaker 7: homes affected, it would come out to about two hundred
Speaker 7: and fifteen thousand dollars per residence, and most of them
Speaker 7: are close to a million or well above that, So
Speaker 7: it doesn't cover much in that respect. But for the
Speaker 7: people that like one of our friends, his house was
Speaker 7: split down the middle. It's now divided by about five
Speaker 7: feet with a twenty five foot crevass running through the
Speaker 7: middle of it, so that the house is a complete
Speaker 7: and total loss. So for people like that, it provides
Speaker 7: a bit of a lifeline where they probably wouldn't have
Speaker 7: much that being said, when you read the fine print
Speaker 7: in this. Thankfully, they are valuing the home as of
Speaker 7: right before the slide December twenty twenty two, So they're
Speaker 7: taking that value and that's what you would get, but
Speaker 7: the homeowner has to contribute twenty five percent. So that
Speaker 7: means you take twenty five percent off the top of
Speaker 7: that appraised value at that point in time, and then
Speaker 7: that's the money that you would get. So it's not
Speaker 7: you know, it's not quite apples to apples. You're not
Speaker 7: getting one hundred percent. You're getting seventy five percent.
Speaker 1: Okay, and Bill, are you? Are you and your neighbors
Speaker 1: taking a deal? Are you going to stay where you are?
Speaker 7: I think that. I mean some people are going to
Speaker 7: have to.
Speaker 1: But like the house split into yeah.
Speaker 7: Yeah, but we are not for people that live there.
Speaker 7: You live there for a reason. It's an equestrian area,
Speaker 7: a lot of people have chickens, it's extremely rural, it's
Speaker 7: right next to the ocean, it's it's beautiful, pepper trees
Speaker 7: lining the streets.
Speaker 3: It's unique.
Speaker 7: And so for those of us that live there, we
Speaker 7: don't want to live anywhere else. We've chosen to live
Speaker 7: there in the first place, and that's where we'd like
Speaker 7: to stay. So we're going to do exactly that.
Speaker 1: And if you do change your mind, what happens to
Speaker 1: the property if you sell it?
Speaker 7: I believe it or not. Properties are selling back there,
Speaker 7: but they're selling more to people who are it has
Speaker 7: to be like a cash buy. But it's people that
Speaker 7: want the opportunity to live off the grid because that
Speaker 7: doesn't occur, you know, in La County too many places,
Speaker 7: and certainly not right next to the water. Yeah.
Speaker 1: Okay, well, looks like you're staying put for a while.
Speaker 1: Thank you so much. Bill. I'm just I'm very excited
Speaker 1: that we have to talk to somebody who's actually there
Speaker 1: in living it, and I think that, you know, we
Speaker 1: wish you the best of luck and I hope that
Speaker 1: solar continues to pump out a lot of energy for you.
Speaker 7: Yeah. Well, thank you, Amy, You've been very kind. I
Speaker 7: appreciate your time.
Speaker 1: All right, we appreciate you too. Thanks spill. This is YouTube.
Speaker 1: This is KFI and kost HD two Los Angeles, Orange County.
Speaker 1: We lead local live from the KFI twenty four hour newsroom.
Speaker 1: I'm Amy King. This has been your wake up call
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