WEBVTT 1 00:00:18.679 --> 00:00:22.399 And Financial Report time, Dan Eastman, your host, and today 2 00:00:22.640 --> 00:00:26.440 is Monday, August tenth, twenty twenty six. Thank you so 3 00:00:26.519 --> 00:00:29.280 much for tuning in. As always, we appreciate your viewership 4 00:00:29.280 --> 00:00:32.359 here at the Eastman Financial Report as well as throughout 5 00:00:32.399 --> 00:00:35.159 the day on all of the amazing programming you see 6 00:00:35.159 --> 00:00:39.119 at Worldviewtube and of course here at Worldview Radio. So 7 00:00:39.159 --> 00:00:41.840 we appreciate you tuning in, taking your time. And as 8 00:00:41.880 --> 00:00:44.560 you know, we've been broadcasting in this space since two 9 00:00:44.560 --> 00:00:48.679 thousand and six, and we broadcast from a very special podium. 10 00:00:48.799 --> 00:00:52.759 We are a Christian broadcasting network and it is our ministry, 11 00:00:52.840 --> 00:00:55.840 our mission, our passion, and our goal to take the 12 00:00:55.880 --> 00:00:58.799 great concepts of the day, the news and information of 13 00:00:58.840 --> 00:01:01.679 the day, and bring that into the great marketplace of 14 00:01:01.759 --> 00:01:04.519 ideas from a Christian perspective. 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To go 77 00:04:13.560 --> 00:04:18.519 to worldviewtube dot com slash Vault, you can subscribe to 78 00:04:18.600 --> 00:04:21.800 an amazing collection of information. Here's the address on the 79 00:04:21.800 --> 00:04:26.279 bottom of the screen worldviewtube dot com slash Vault. We 80 00:04:26.439 --> 00:04:29.439 have been broadcasting since two thousand and six in this space. 81 00:04:29.759 --> 00:04:32.519 And of course Brandon Howse has written over sixteen books, 82 00:04:32.519 --> 00:04:36.000 and he has done conferences and events, seminars around the country. 83 00:04:36.680 --> 00:04:39.879 All of that information is now digitized and it lives 84 00:04:39.959 --> 00:04:43.079 within the vault. It's over thirty years of content. It's 85 00:04:43.120 --> 00:04:47.439 an amazing collection, which is effectively the archive of the Ministry. 86 00:04:47.560 --> 00:04:50.040 So if you are interested in something we talked about 87 00:04:50.079 --> 00:04:52.519 a week ago, a month ago, a year ago, and 88 00:04:52.600 --> 00:04:54.839 you can go into the vault and you can find 89 00:04:54.839 --> 00:04:57.800 that information. Now you might be thinking, wow, thirty years 90 00:04:57.800 --> 00:04:59.839 of information, that's a lot to rummage through to find 91 00:05:00.040 --> 00:05:03.160 I'm looking for. Well, fear not. We have developed an 92 00:05:03.160 --> 00:05:06.879 amazing search engine tool that allows you to search by topic, 93 00:05:06.959 --> 00:05:11.000 maybe political topic, news topic, financial or economic topic, whatever, 94 00:05:11.600 --> 00:05:18.639 even the scriptural passages, Bible related versus that will bring 95 00:05:18.759 --> 00:05:21.240 up the information you're looking for. It's an amazing search 96 00:05:21.279 --> 00:05:24.839 engine tool and I highly recommend going to the Vault 97 00:05:24.839 --> 00:05:26.759 and trying it out. Now you think, wow, that's got 98 00:05:26.800 --> 00:05:29.560 to be pretty expensive all that information, Well, you know 99 00:05:29.639 --> 00:05:32.439 it's not. It's less than eight dollars a month if 100 00:05:32.480 --> 00:05:36.560 you subscribe by the year, a really great bargain. It's 101 00:05:36.639 --> 00:05:39.279 less than a cup of coffee at a fancy coffee shop, 102 00:05:39.319 --> 00:05:44.040 and certainly less than a lunch anywhere in the United States. 103 00:05:44.240 --> 00:05:46.160 But The point is for less than eight dollars a month, 104 00:05:46.199 --> 00:05:48.240 you can subscribe, and if you're not sure, you can 105 00:05:48.319 --> 00:05:51.120 subscribe on a monthly basis, and that's less than ten 106 00:05:51.199 --> 00:05:54.160 dollars a month. 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So you can take 117 00:06:30.040 --> 00:06:32.120 them out for lunch or coffee for ten dollars a 118 00:06:32.120 --> 00:06:33.800 month or eight dollars a month, or you can just 119 00:06:33.800 --> 00:06:36.120 get them a subscription of the Vault, or do both. 120 00:06:36.519 --> 00:06:39.720 But it's really a wonderful gift to give. And also 121 00:06:40.240 --> 00:06:42.800 in the Vault, we are it's ever expanding. It's a 122 00:06:42.879 --> 00:06:47.639 dynamic system that we now have Bible courses included. So 123 00:06:47.800 --> 00:06:49.600 if you go to the Vault, you can see that 124 00:06:49.600 --> 00:06:51.839 the Book of Revelation is now the first course and 125 00:06:51.839 --> 00:06:54.160 you can go in and do the dropp down menu. 126 00:06:54.560 --> 00:06:57.600 But it's an amazing Bible study that's prepared by Brandon 127 00:06:57.639 --> 00:07:01.199 House himself is lined by and the Book of Revelation. 128 00:07:01.720 --> 00:07:04.800 It's the first course that we're offering, and I'm sure 129 00:07:04.879 --> 00:07:07.680 we'll be offering more courses as time goes on. But 130 00:07:07.839 --> 00:07:10.759 it's an amazing tool, so give it some thought. And certainly, 131 00:07:10.800 --> 00:07:12.639 if you want to be part of the bigger ministry 132 00:07:12.680 --> 00:07:16.480 and help the ministry grow and never expand, you should 133 00:07:16.600 --> 00:07:19.319 join the Vault because it's really the future of ministry, 134 00:07:19.399 --> 00:07:22.800 more and more digital content, more and more courses, more 135 00:07:22.839 --> 00:07:26.879 and more explanation, more and more relevance and substance. And 136 00:07:26.920 --> 00:07:32.240 that's what makes this ministry so impressive and so worth supporting. 137 00:07:32.480 --> 00:07:34.240 So that's how you help us. You can make a donation, 138 00:07:34.399 --> 00:07:36.720 you can do business with the vendors you see advertising 139 00:07:36.800 --> 00:07:40.120 throughout the day, and you should subscribe to the Vault 140 00:07:40.120 --> 00:07:43.800 for yourself and friends and family who could sure use 141 00:07:44.240 --> 00:07:46.959 the product as well. Okay, well, let's jump into the 142 00:07:46.959 --> 00:07:49.759 news today and of course, we're in the middle of August, 143 00:07:49.879 --> 00:07:52.879 and that is traditionally, at least from the Wall Street 144 00:07:52.920 --> 00:07:57.120 perspective and even the federal government perspective, the month of 145 00:07:57.160 --> 00:08:00.360 the year where things slow down. Everybody's trying to we's 146 00:08:00.439 --> 00:08:03.759 in that last little bit of summer vacation before the 147 00:08:03.800 --> 00:08:07.879 great Labor Day weekend approaches. And what we find are 148 00:08:07.959 --> 00:08:10.759 the markets tend to be quiet because so many people 149 00:08:10.839 --> 00:08:14.839 are relaxing and enjoying a little bit of summer rather 150 00:08:14.920 --> 00:08:18.959 than trading away and creating all the economic excitement. But 151 00:08:19.120 --> 00:08:21.920 we will still see government numbers this month, and we're 152 00:08:21.920 --> 00:08:24.160 actually waiting for the Consumer Price indext number to come 153 00:08:24.199 --> 00:08:26.680 out this week. It'll come out later this week, and 154 00:08:26.759 --> 00:08:29.199 that's going to be an important variable because, as we know, 155 00:08:29.800 --> 00:08:34.639 the Federal Reserve, as it makes its periodic determinations as 156 00:08:34.679 --> 00:08:37.440 to whether to raise interest rates or lower interest rates, 157 00:08:37.519 --> 00:08:40.240 or leave them alone, leave them the same, they look 158 00:08:40.519 --> 00:08:43.960 quite often at the consumer Price Index and the PCE, 159 00:08:44.879 --> 00:08:47.759 which is a different way of looking at the same 160 00:08:48.000 --> 00:08:51.279 basket of goods. Effectively, what the government's trying to do 161 00:08:51.559 --> 00:08:53.759 is figure out what people spend their money on on 162 00:08:53.799 --> 00:08:57.000 a monthly basis, and are the prices going up or 163 00:08:57.039 --> 00:08:59.240 are they coming down? And of course they always go up. 164 00:09:00.000 --> 00:09:02.480 Everyone buys the same basket of goods. Some people might 165 00:09:02.639 --> 00:09:05.960 like X while other people's prefer why and that's why 166 00:09:06.320 --> 00:09:09.240 it's always the statistical process. And that's why when you 167 00:09:09.279 --> 00:09:12.799 hear the consumer Price index the CPI or the PCE 168 00:09:13.320 --> 00:09:15.200 or those numbers and OUs do, you have to sort 169 00:09:15.240 --> 00:09:17.000 of take it with just a little bit of grain 170 00:09:17.039 --> 00:09:22.159 of salt because they are estimates. They are best guesses 171 00:09:22.559 --> 00:09:27.840 projections of effectively where we think the consumer prices are going, 172 00:09:28.039 --> 00:09:32.120 or you know, the price index where it's going, And 173 00:09:32.159 --> 00:09:36.320 it's all basically done bio mathematics and statistical sampling. So 174 00:09:36.399 --> 00:09:38.360 we have to be a little bit careful when we 175 00:09:38.440 --> 00:09:41.679 see the consumer price indext numbers come out that keep 176 00:09:41.720 --> 00:09:43.720 in mind we're getting into that period of the time 177 00:09:43.799 --> 00:09:46.519 and the period of the year where that number becomes 178 00:09:46.600 --> 00:09:49.960 very very important to millions and millions of Americans who 179 00:09:50.039 --> 00:09:53.039 are living on Social Security or benefiting from the Social 180 00:09:53.080 --> 00:09:56.200 Security program that they paid into all of their lives, 181 00:09:56.240 --> 00:09:58.879 their working lives, and how they're sort of reaping the 182 00:09:58.960 --> 00:10:04.159 harvest of the the Social Security benefit. That benefit is 183 00:10:04.200 --> 00:10:08.600 adjusted for twenty twenty seven based upon the consumer price 184 00:10:08.679 --> 00:10:11.120 index numbers that roll out in the last four months 185 00:10:11.159 --> 00:10:14.759 of the prior calendar year, so it started to become meaningful. 186 00:10:15.080 --> 00:10:17.480 And of course, if you're a retiring on Social Security, 187 00:10:17.480 --> 00:10:19.960 you want the biggest consumer price in the next number 188 00:10:20.039 --> 00:10:22.440 you could imagine. And if you're the federal government who 189 00:10:22.440 --> 00:10:25.120 has to pay the the checks, you want the smallest. 190 00:10:25.159 --> 00:10:27.519 And of course the federal government is an entity that 191 00:10:27.519 --> 00:10:30.919 actually puts the numbers out into the marketplace. So we 192 00:10:30.960 --> 00:10:33.559 will watch and see where the consumer price in next 193 00:10:33.600 --> 00:10:35.480 is going. And keep in mind it was rather flat 194 00:10:35.919 --> 00:10:38.799 and actually declining in certain elements the last month. The 195 00:10:38.919 --> 00:10:44.000 headline declined and we were looking at core consumer price 196 00:10:44.360 --> 00:10:48.080 index core inflation of like two point six percent, which 197 00:10:48.120 --> 00:10:50.639 is fairly close to the two percent bogie that the 198 00:10:50.639 --> 00:10:53.720 Federal Reserve tries to get to through its monetary policy. 199 00:10:53.960 --> 00:10:56.080 So we'll be watching that number carefully. And of course, 200 00:10:56.159 --> 00:10:58.799 the moment it's released, the pundits will say this, and 201 00:10:58.840 --> 00:11:01.320 the other pundits will say that, but I will be 202 00:11:01.360 --> 00:11:03.600 here to analyze it, and we'll figure out exactly what 203 00:11:03.639 --> 00:11:07.120 it means together, not only for Social Security increases, but 204 00:11:07.159 --> 00:11:10.320 what does it mean to the larger general economy, and 205 00:11:10.320 --> 00:11:12.600 that's what we're going to be looking at. And we 206 00:11:12.639 --> 00:11:15.840 all know that inflation has been a problem since the 207 00:11:15.879 --> 00:11:19.279 Biden administration, where it touched nine percent, which was almost 208 00:11:19.360 --> 00:11:23.919 nineteen seventies vintage inflation numbers, and the Federal Reserve had 209 00:11:23.960 --> 00:11:26.639 to act rather quickly to slow the economy down by 210 00:11:26.720 --> 00:11:29.840 raising interest rates. And that's why the mortgage rates went 211 00:11:29.879 --> 00:11:32.120 from two to two and a half percent mortgages up 212 00:11:32.159 --> 00:11:34.720 to six and a half percent, which is more traditional 213 00:11:34.759 --> 00:11:37.960 actually in American mortgage history, but it was such a 214 00:11:38.000 --> 00:11:40.559 shock to the system going from two percent to six 215 00:11:40.679 --> 00:11:45.080 percent while housing prices remain fixed. That's suddenly the housing market, 216 00:11:45.120 --> 00:11:46.480 at least for the three and a half years that 217 00:11:46.519 --> 00:11:49.919 I've been broadcasting, has been sluggish, to say the least. 218 00:11:49.960 --> 00:11:52.679 It's just really put a damp around the housing market. 219 00:11:53.000 --> 00:11:55.879 Fewer homes listing because nobody wants to sell our house, 220 00:11:56.000 --> 00:11:57.919 set a two percent mortgage and then go buy a 221 00:11:57.960 --> 00:12:01.879 new house six percent mortgage, and they can't because mortgages 222 00:12:02.039 --> 00:12:06.039 and mortgage payments, of course, have to fall within certain ratios. 223 00:12:06.039 --> 00:12:09.720 Those are lending standards. And if you have X dollars 224 00:12:09.759 --> 00:12:13.559 of take home pay, the bank will calculate some numbers, 225 00:12:13.639 --> 00:12:17.320 and it will decide what is the largest monthly mortgage 226 00:12:17.320 --> 00:12:20.480 payment you can make given your take home pay, and 227 00:12:20.559 --> 00:12:22.200 you can't. They won't go above it. They won't lend 228 00:12:22.200 --> 00:12:24.639 above that. So you either have to scrape up a 229 00:12:24.720 --> 00:12:27.120 larger down payment to buy the house that the price 230 00:12:27.159 --> 00:12:30.080 you're looking at, or you have to find a less 231 00:12:30.080 --> 00:12:34.039 expensive house because the mortgage has to be either smaller 232 00:12:34.399 --> 00:12:36.600 or the value of the house is smaller so that 233 00:12:36.639 --> 00:12:38.879 the mortgage would be smaller so that the mortgage payment 234 00:12:38.919 --> 00:12:42.200 can be affordable. Then it's that underwriting metric that has 235 00:12:42.200 --> 00:12:44.759 put the brakes on the housing market. It's not that 236 00:12:44.840 --> 00:12:48.440 the banks wouldn't lend money. If people walked in to 237 00:12:48.600 --> 00:12:52.279 the bank with the appropriate take home pay number and 238 00:12:52.320 --> 00:12:56.039 the appropriate ratio as monthly mortgage payment as a percentage 239 00:12:56.080 --> 00:12:59.240 of the take home pay, they give you a loan tomorrow. 240 00:12:59.320 --> 00:13:01.159 It's not that we don't have money in the system 241 00:13:01.200 --> 00:13:03.600 for lending. It's that the fewer and fewer and fewer 242 00:13:03.639 --> 00:13:06.919 Americans can afford to borrow the money they need to 243 00:13:06.919 --> 00:13:09.559 buy the host they need because the prices are too high. 244 00:13:09.679 --> 00:13:12.399 And this has raised an interesting debate. As I mentioned 245 00:13:12.399 --> 00:13:16.480 often I'm on X probably more than I should be 246 00:13:16.639 --> 00:13:19.919 going back and forth with economic minds, since one faction 247 00:13:20.039 --> 00:13:23.639 is saying they cannot understand why the housing prices just 248 00:13:23.759 --> 00:13:29.799 haven't reacted by declining given the fact that cateris parabous, 249 00:13:29.799 --> 00:13:33.039 as we say in economics. The mortgage rates have gone up, 250 00:13:33.720 --> 00:13:37.000 the mortgage monthly payment has gone up for the same 251 00:13:37.039 --> 00:13:40.799 amount of money, and it is outside of the purview 252 00:13:41.080 --> 00:13:44.320 of the average take home pay. So why haven't housing 253 00:13:44.440 --> 00:13:48.679 prices come down in a in a free functioning market, 254 00:13:48.960 --> 00:13:52.320 That's exactly what happened if as the costs go up, 255 00:13:52.919 --> 00:13:56.240 the demand shifts back, and then the price and the 256 00:13:56.320 --> 00:13:59.679 quantity and the price demanded go down. We're not seeing 257 00:13:59.679 --> 00:14:03.399 that housing And the question is, will why not wire 258 00:14:03.840 --> 00:14:07.519 housing prices not just collapsing to bring the housing prices 259 00:14:07.600 --> 00:14:09.960 down so that a six and a half percent mortgage 260 00:14:10.440 --> 00:14:12.320 is the same as a two and a half percent mortgage, 261 00:14:12.360 --> 00:14:15.159 Where a higher house, higher priced house, it should be 262 00:14:15.279 --> 00:14:17.720 lower priced house six and a half percent mortgage the 263 00:14:17.759 --> 00:14:21.240 same monthly payment, and it's not. And that's the big question. 264 00:14:21.720 --> 00:14:24.360 So when you look at the macro forces in the 265 00:14:24.399 --> 00:14:30.480 housing market, you quickly realize that the average American home buyer, 266 00:14:30.639 --> 00:14:36.879 whatever whatever average American means, is competing with other buyers 267 00:14:36.919 --> 00:14:40.879 that are not usually factored into the equations. And I 268 00:14:40.879 --> 00:14:43.039 think that's where a lot of economists are making a mistake, 269 00:14:43.080 --> 00:14:46.600 because they're looking at individuals and couples who can buy 270 00:14:46.639 --> 00:14:49.000 a home based on their take home pay and the 271 00:14:49.159 --> 00:14:52.600 ratios and how much mortgage monthly payment. They keep in mind, 272 00:14:52.639 --> 00:14:55.440 when a lender lends money at a house, it's the 273 00:14:55.480 --> 00:14:58.720 principle and interest. That's your mortgage payment plus the insurance. 274 00:14:58.759 --> 00:15:00.759 They really like you to keep the play ensured in 275 00:15:00.799 --> 00:15:03.399 case there's a fire. They don't want to lose their collateral. 276 00:15:04.039 --> 00:15:07.879 And taxes, real estate taxes, and real estate taxes keep 277 00:15:07.919 --> 00:15:09.720 going up and up and up. To the great sugar 278 00:15:09.759 --> 00:15:11.480 in of all of us. It seems like we all 279 00:15:11.519 --> 00:15:14.240 rent our land from the local municipality and the school 280 00:15:14.240 --> 00:15:16.759 board rather than own the land, because if you don't 281 00:15:16.799 --> 00:15:19.679 pay your property taxes, they will certainly take your house. 282 00:15:19.960 --> 00:15:22.639 So if the question becomes why are these prices not 283 00:15:22.679 --> 00:15:27.039 coming down, and I postulate that these housing prices are 284 00:15:27.120 --> 00:15:31.799 being propped up by an influx in America of foreign buyers. 285 00:15:31.840 --> 00:15:34.240 People can come to the United States and buy a house. 286 00:15:34.360 --> 00:15:36.679 Not they don't have to sneak in, they're not illegals. 287 00:15:36.919 --> 00:15:39.200 You can do that if you're here legitimately, you can 288 00:15:39.279 --> 00:15:41.279 buy property, just like if you're an American and you 289 00:15:41.320 --> 00:15:44.799 want to buy property, and other jurisdictions, you can go 290 00:15:44.840 --> 00:15:46.759 to Canada and buy property. You can go to Europe 291 00:15:46.799 --> 00:15:49.639 and buy property. Now there are restrictions, like in Mexico 292 00:15:49.840 --> 00:15:52.200 they don't let you buy an ocean front property because 293 00:15:52.200 --> 00:15:54.320 it wouldn't be any left for the Mexicans, so there 294 00:15:54.320 --> 00:15:56.600 are leases. But the point is you can go and 295 00:15:56.639 --> 00:15:58.919 buy properties around the world, and so can other people, 296 00:15:58.960 --> 00:16:02.679 and they come here, and as wealth is generated globally, 297 00:16:02.679 --> 00:16:05.399 it was much more wealth globally than there ever has 298 00:16:05.440 --> 00:16:07.679 been in history. They come to the United States to 299 00:16:07.720 --> 00:16:10.639 buy a house and that puts access demand pressure, which 300 00:16:10.799 --> 00:16:13.960 keeps prices up. The second thing we're competing with, and 301 00:16:14.000 --> 00:16:17.679 this has been subject of congressional inquiry, is that you're 302 00:16:17.679 --> 00:16:21.360 competing with the great, big, great, big institutionalized money who 303 00:16:21.360 --> 00:16:24.960 buy single family homes for the purpose of renting them out. 304 00:16:25.480 --> 00:16:30.000 And when a big, gigantic hedge fund or big institutional 305 00:16:30.039 --> 00:16:33.080 money will come into a community and buy up a 306 00:16:33.120 --> 00:16:36.480 bunch of houses and then rent them out. That aggregate 307 00:16:36.519 --> 00:16:39.320 that stimulates aggregate demand. So you have the local people 308 00:16:39.360 --> 00:16:41.440 who want to buy and own a home, you have 309 00:16:41.600 --> 00:16:43.600 foreign money coming in, and you got these great, big 310 00:16:43.600 --> 00:16:46.440 institutional investors demanding houses so they can turn around to 311 00:16:46.519 --> 00:16:49.960 rent them out and on behold, the aggregate demand for 312 00:16:50.039 --> 00:16:52.799 housing does not drop even though the price goes up, 313 00:16:52.840 --> 00:16:58.080 which is counterintuitive to classical economic thought, but it's what's happening. 314 00:16:58.120 --> 00:17:01.559 Because you're not calculating the gross demand for housing. You're 315 00:17:01.600 --> 00:17:03.840 only looking at the individual and couples that are trying 316 00:17:03.840 --> 00:17:06.119 to buy a house. You're now looking at the influx 317 00:17:06.119 --> 00:17:08.599 of foreign buyers and you're certainly not looking at you know, 318 00:17:08.599 --> 00:17:11.319 I don't want to mention any big names, but they 319 00:17:11.319 --> 00:17:15.200 tend to be named after minerals and they buy, you know, 320 00:17:15.559 --> 00:17:17.920 hundreds of thousands of houses in a market, and then 321 00:17:17.960 --> 00:17:20.440 they rent them out. Well, those houses aren't available for sale, 322 00:17:20.960 --> 00:17:23.640 and that's the problem. So aggregate demand in housing is 323 00:17:23.720 --> 00:17:25.880 not dropping in a time when interest rates are up, 324 00:17:26.079 --> 00:17:30.079 and that is really squelched. Now from the foreign buyer's perspective, 325 00:17:30.119 --> 00:17:32.839 they're coming in with cash. That's usually how that works, 326 00:17:33.039 --> 00:17:35.839 and certainly from the big institutional investor. They're coming in 327 00:17:35.839 --> 00:17:38.000 with cash, and the cash probably came from your four 328 00:17:38.039 --> 00:17:41.400 oh one K, your pension plan or your IRA, you know, 329 00:17:41.440 --> 00:17:45.079 your mutual funds. But that's that's the difference. While you're 330 00:17:45.119 --> 00:17:47.359 out there trying to qualify for a mortgage and showing 331 00:17:47.359 --> 00:17:50.000 your mortgage stubs and how old your car is and 332 00:17:51.400 --> 00:17:54.359 qualifying for a mortgage, the cash buyers are just coming 333 00:17:54.359 --> 00:17:57.400 in and raising the prices. Now, it's not a uniform 334 00:17:57.519 --> 00:17:59.000 across the US. I mean, there are a lot of 335 00:17:59.039 --> 00:18:03.160 markets that aren't starting to show signs of deterioration in 336 00:18:03.240 --> 00:18:07.640 average home pricing. But when we look at the macro 337 00:18:07.759 --> 00:18:10.480 number or year over year, we're still at about one 338 00:18:10.480 --> 00:18:14.359 point and six percent appreciation overall across the United States. 339 00:18:14.599 --> 00:18:17.559 So that macro number continues to go up. Well, I've 340 00:18:17.559 --> 00:18:19.079 got to take a break here. We'll come back and 341 00:18:19.119 --> 00:18:21.839 I'll talk about other economic issues. Be right back. 342 00:18:21.880 --> 00:18:35.200 Banks Introducing Worldviewtube Vault. Over thirty five years of radio broadcasts, 343 00:18:35.319 --> 00:18:41.640 television programs, documentaries and ebooks, plus Worldviewpedia, our powerful search 344 00:18:41.680 --> 00:18:45.799 engine for instant Worldview and Bible research. Join for as 345 00:18:45.839 --> 00:18:49.160 little as seven to ninety nine a month, and now 346 00:18:49.319 --> 00:18:53.519 Vault members get something brand new courses. Our very first 347 00:18:53.599 --> 00:18:57.599 courses here the Book of Revelation with Brandon House fifty 348 00:18:57.640 --> 00:19:01.839 three in depth lessons complete with overview quizzes, walking you 349 00:19:02.000 --> 00:19:04.839 verse by verse through one of the most important books 350 00:19:04.839 --> 00:19:09.119 in scripture. Getting started is simple. Go to Worldviewtube dot 351 00:19:09.160 --> 00:19:13.880 com slash vault and join today. Already a member, visit 352 00:19:13.960 --> 00:19:17.440 worldvietube dot com, click the person icon in the top 353 00:19:17.599 --> 00:19:21.720 right and log in. Then hover over Vault in the 354 00:19:21.759 --> 00:19:27.039 menu and select courses. That's it. You're in. Join Worldviewtube 355 00:19:27.119 --> 00:19:30.519 Vault today at worldviewtube dot com slash vault. 356 00:19:32.000 --> 00:19:34.759 Okay, I'm back. You should really take a look at 357 00:19:34.799 --> 00:19:37.240 the vault. It's a great product and just go to 358 00:19:37.359 --> 00:19:41.480 Worldviewtube dot com slash vault and check it out. It's 359 00:19:41.559 --> 00:19:43.640 well worth your time and it's certainly well worth your 360 00:19:43.640 --> 00:19:46.119 money to be part of that bigger ministry, and the 361 00:19:46.200 --> 00:19:49.680 coursework is great. Let's talk about oil. This is of course, 362 00:19:49.799 --> 00:19:52.039 not only the Eastman Financial Report, but more and more 363 00:19:52.079 --> 00:19:54.720 of the Eastman Petroleum Report. And the news in oil 364 00:19:54.759 --> 00:19:58.119 today is there's no news in oil today. West Texas 365 00:19:58.200 --> 00:20:03.319 at eighty good good, better than seventies, but it certainly 366 00:20:03.359 --> 00:20:05.319 as one hundred and fifty to two hundred as some 367 00:20:05.440 --> 00:20:08.880 protagonists who are promising us to the grin by the 368 00:20:08.880 --> 00:20:11.960 way of the folks, the good people in the Permian basin, 369 00:20:11.960 --> 00:20:14.759 who would probably would prefer a hundred dollars oil right now. 370 00:20:14.799 --> 00:20:17.160 But it's eighty and that's the global market price for 371 00:20:17.240 --> 00:20:19.599 spot oil. This is a spot These are long term 372 00:20:19.599 --> 00:20:22.400 delivery contracts our friends and the Brent that's in the 373 00:20:22.400 --> 00:20:24.599 North Sea. Of course, they drilled down to the bottom 374 00:20:24.640 --> 00:20:26.799 of the North Sea and pump the oil through pipes 375 00:20:26.839 --> 00:20:29.839 to Scotland and send it off into global commerce. They're 376 00:20:29.880 --> 00:20:31.960 at eighty six that it used to be one hundred 377 00:20:31.960 --> 00:20:35.400 and fourteen two weeks ago. Mexico has come off its 378 00:20:35.759 --> 00:20:38.799 lofty perch eighty to eighty dollars a barrel last week, 379 00:20:38.880 --> 00:20:41.319 now down to seventy two because the supply and the 380 00:20:41.359 --> 00:20:44.400 demand of adjusted and of course there's more supply hits 381 00:20:44.400 --> 00:20:47.039 the market brings the price down, so they're at seventy two, 382 00:20:47.039 --> 00:20:49.960 which is good for the US because, like I point out, 383 00:20:50.559 --> 00:20:54.759 American gasoline is primarily made from Mexican oil, US oil, 384 00:20:54.839 --> 00:20:59.039 which is Permian and Dakotas, and Canadian oil and to 385 00:20:59.079 --> 00:21:01.680 some extent, coming all as well. So the point is 386 00:21:02.240 --> 00:21:05.799 Mexico is coming off of that eighty dollars a barrel 387 00:21:06.000 --> 00:21:09.400 o rush of last week, but it's back to seventy two, 388 00:21:09.480 --> 00:21:13.759 which of course is below the West Texas, and it's 389 00:21:13.759 --> 00:21:16.400 by the delta is about eight and eight dollars spread, 390 00:21:16.720 --> 00:21:19.519 and our dear friends in Canada are at sixty five, 391 00:21:19.640 --> 00:21:22.200 which is where they should be. So the point is 392 00:21:22.200 --> 00:21:24.440 that with all the excitement going on and then in 393 00:21:24.440 --> 00:21:28.160 the Persian Gulf, the oil market care lesson. It just 394 00:21:28.319 --> 00:21:32.079 is ignoring the whole thing. Because as you noticed, if 395 00:21:32.079 --> 00:21:34.359 you don't buy your favorite gas station this morning, there 396 00:21:34.400 --> 00:21:36.559 are no lines. You can pull in, only you might 397 00:21:36.599 --> 00:21:37.799 have to wait for the guy in front of you 398 00:21:37.960 --> 00:21:41.480 to finish cleaning his windshield off, but there's no lines, 399 00:21:41.519 --> 00:21:44.599 and you can buy gasoline and drive off happily ever after. 400 00:21:44.720 --> 00:21:47.079 So what it tells us is the oil business for 401 00:21:47.119 --> 00:21:49.640