1 00:00:25,000 --> 00:00:26,760 Speaker 1: And hello, how are you happy? 2 00:00:27,079 --> 00:00:30,960 Speaker 2: Happy Friday to you. Welcome to the Big Podcast on 3 00:00:31,000 --> 00:00:36,200 this July eighteenth year of our Lord, twenty twenty five. 4 00:00:36,280 --> 00:00:39,679 My name is Tom Sullivan. So, uh so we've got 5 00:00:39,679 --> 00:00:42,240 a lot to go over. I told you yesterday, I said, 6 00:00:42,280 --> 00:00:44,320 I think I think the Colbert story, No, not the 7 00:00:44,359 --> 00:00:49,640 Colbert I think the Jeffrey epstiin story. Epstein story is 8 00:00:49,799 --> 00:00:54,000 dying out. And and not two hours later the whole 9 00:00:54,000 --> 00:00:56,399 thing blew up with a story from the Wall Street Journal. 10 00:00:57,359 --> 00:01:00,799 So we'll get we'll go over that. We've got a 11 00:01:00,880 --> 00:01:06,159 wild week for the Federal Reserve Board. We've got the 12 00:01:06,239 --> 00:01:09,200 New York City mayor's race is still in the news. 13 00:01:09,840 --> 00:01:14,920 Harry Entsen has a look at how the third party 14 00:01:15,120 --> 00:01:19,439 might stack up. And we've got phone calls from you, 15 00:01:19,680 --> 00:01:23,480 the listeners, the phone numbers eight, five to five, two, nine, five, 16 00:01:23,799 --> 00:01:25,920 sixty six hundred where you had a bunch of them 17 00:01:25,920 --> 00:01:28,840 from this past week. Laurie the comment line lady, we 18 00:01:28,879 --> 00:01:32,200 have a handful from her. But again, if you have 19 00:01:32,560 --> 00:01:40,799 a comment an observation, we don't accept complaints. No no, no, no, no, yes, 20 00:01:40,920 --> 00:01:43,799 you can complain whatever you want to do. The phone 21 00:01:43,879 --> 00:01:48,439 numbers eight five to five two nine five sixty six hundred. 22 00:01:49,200 --> 00:01:53,920 Let's start off with well, you would think it was 23 00:01:54,079 --> 00:01:57,319 the end of the world, but in a sad way, 24 00:01:57,400 --> 00:02:02,319 it is the end of on a American tradition, late 25 00:02:02,400 --> 00:02:06,799 night television used to be where Johnny Carson. The story 26 00:02:06,920 --> 00:02:09,280 was Johnny Carson would put America to bed at night. 27 00:02:09,919 --> 00:02:12,800 People would get in bed and they would have the 28 00:02:12,840 --> 00:02:15,400 Tonight Show on and Johnny Carson would be doing his 29 00:02:15,439 --> 00:02:18,639 show and people would be watching the show starting at 30 00:02:18,639 --> 00:02:21,360 eleven thirty at night, and somewhere between eleven thirty and 31 00:02:21,400 --> 00:02:27,199 twelve thirty day would fall asleep. So that was another 32 00:02:27,439 --> 00:02:30,680 that was an era in television which just is gone. 33 00:02:31,080 --> 00:02:35,560 So the shows that have replaced that Stephen Colbert and 34 00:02:37,159 --> 00:02:41,520 Jimmy Fallon. I'm just not a fan. I'm just not 35 00:02:41,599 --> 00:02:47,479 a fan. And Jimmy what's his name, he's also I 36 00:02:47,520 --> 00:02:52,120 mean Kimmel. It's not the same. It just isn't. So 37 00:02:52,439 --> 00:02:57,400 the news last night came out CBS said that they 38 00:02:57,439 --> 00:03:02,439 are ending the Stephen Colbert Late Night Show. This is 39 00:03:02,439 --> 00:03:06,400 from the Ed Sullivan Theater on Broadway in New York City. 40 00:03:07,000 --> 00:03:09,800 That's where David Letterman, after he left NBC went over 41 00:03:09,840 --> 00:03:14,120 to CBS. They started the show in that theater, and 42 00:03:14,400 --> 00:03:18,439 so it's going to come to an end. Here's Stephen 43 00:03:18,479 --> 00:03:20,000 Colbert telling his audience. 44 00:03:21,520 --> 00:03:25,080 Speaker 3: Next year will be our last season. The network will 45 00:03:25,120 --> 00:03:36,840 be ending the Late Show in May, and yeah, I 46 00:03:36,919 --> 00:03:40,159 share your feelings. It's not just the end of our show, 47 00:03:40,240 --> 00:03:42,800 but it's the end of the Late show on CBS. 48 00:03:42,840 --> 00:03:45,719 Speaker 1: I'm not being replaced. This is all just going away. 49 00:03:48,319 --> 00:03:51,879 Speaker 2: Yeah, it is all going away. And Joe Conca, who 50 00:03:51,879 --> 00:03:54,560 does a lot of the media reporting on Fox, talked 51 00:03:54,599 --> 00:03:58,719 about the money and the audience and the change in 52 00:03:58,840 --> 00:03:59,879 late night television. 53 00:04:00,159 --> 00:04:03,560 Speaker 4: Well, you look at tonight, for example, and Stephen Colbert's 54 00:04:04,439 --> 00:04:07,439 primary guest, not the third guest, not the guy that's 55 00:04:07,479 --> 00:04:10,479 on after midnight, the first guest, the future guest, is 56 00:04:10,560 --> 00:04:14,639 Adam Schiff, Senator California. So you think back to the 57 00:04:14,759 --> 00:04:17,839 days of Johnny Carson, and you think of Rickles, or 58 00:04:17,879 --> 00:04:20,120 you think of Bert Reynolds, or you think of Sinatra 59 00:04:20,360 --> 00:04:23,519 or Buddy Hackett or any major Hollywood star. 60 00:04:23,959 --> 00:04:27,560 Speaker 1: They were the future guests. Now with this guy, Stephen. 61 00:04:27,160 --> 00:04:32,360 Speaker 4: Colbert, it's Corey Booker, it's Zoran Mam Donnie, it's AOC, 62 00:04:32,879 --> 00:04:35,120 it's Jake Tapper, who lives to be on this show, 63 00:04:35,319 --> 00:04:38,839 or Nicole Wallace or Chris Hayes or name your MSNBC 64 00:04:39,000 --> 00:04:41,920 host who loves to be on Colbert. So it's no 65 00:04:41,959 --> 00:04:47,120 longer entertainment at this point. It's basically MSNBC, CNN, c 66 00:04:47,279 --> 00:04:50,000 Span at night. And to your point, it just ain't 67 00:04:50,040 --> 00:04:52,360 funny when you don't have funny people on there, and 68 00:04:52,360 --> 00:04:54,279 all they do is talk about how horrible Donald Trump 69 00:04:54,360 --> 00:04:56,600 is and how Democrats want to save democracy. 70 00:04:56,600 --> 00:04:57,120 Speaker 1: It's a joke. 71 00:04:57,480 --> 00:05:00,720 Speaker 4: Oh sure, Carson like almost never when political, and when 72 00:05:00,720 --> 00:05:02,560 he did it ended up being a big deal, but 73 00:05:02,560 --> 00:05:05,439 he would do it in a way that wasn't as 74 00:05:05,720 --> 00:05:10,439 nasty and as partisan, and as the way Colbert speaks 75 00:05:10,439 --> 00:05:13,600 about Trump, or Kimmel for that matter, or Seth Myers. 76 00:05:13,680 --> 00:05:14,720 Speaker 1: They're all the same. 77 00:05:14,800 --> 00:05:17,560 Speaker 4: And that's a problem when every late night show outside 78 00:05:17,560 --> 00:05:20,639 of a guy named Greg Guttfeld, does the same material 79 00:05:20,680 --> 00:05:23,399 every night in terms of just basically bashing Trump. 80 00:05:23,879 --> 00:05:25,839 Speaker 1: And I spoke about Greg Guttfeld. 81 00:05:26,120 --> 00:05:29,519 Speaker 4: He is beating right now Colbert by nearly a million 82 00:05:29,879 --> 00:05:33,319 viewers a night with a fraction of the resources that 83 00:05:33,360 --> 00:05:35,160 Colbert has over at CBS. 84 00:05:36,240 --> 00:05:39,000 Speaker 2: I think that's the problem with the whole setup is 85 00:05:39,040 --> 00:05:42,240 it used to be comedy. Also, remember Johnny Carson used 86 00:05:42,240 --> 00:05:44,920 to do the show originally that The Night Show in 87 00:05:45,240 --> 00:05:47,600 New York and then moved it to Los Angeles and 88 00:05:48,000 --> 00:05:51,360 La is where he basically spent most of his years 89 00:05:51,360 --> 00:05:54,959 doing The Tonight Show, which is the home of entertainment. 90 00:05:55,680 --> 00:05:58,959 It wasn't a political talk show. He might crack a 91 00:05:59,040 --> 00:06:01,680 joke about whoever the president was, but it was it 92 00:06:01,720 --> 00:06:04,399 was no matter which president he made a little joke, 93 00:06:04,720 --> 00:06:09,920 but it was about Joe was talking about Hollywood movie stars, 94 00:06:10,839 --> 00:06:14,079 things that made you laugh. The last thing you want 95 00:06:14,120 --> 00:06:17,319 to do if you're in bed watching The Tonight Show 96 00:06:17,439 --> 00:06:21,160 or Cobert Show, the Late Night Show, the last thing 97 00:06:21,199 --> 00:06:25,800 you want to do is have some serious politician like 98 00:06:26,800 --> 00:06:32,480 Adam Schiff to stand you off into dreamland. There's more 99 00:06:32,519 --> 00:06:33,680 from Joe Well. 100 00:06:33,720 --> 00:06:36,480 Speaker 4: From a financial perspective, the network's argument actually makes sense, 101 00:06:36,519 --> 00:06:38,199 and let me break it down for you best I can. 102 00:06:38,439 --> 00:06:41,759 Colbert is reportedly making upwards of twenty million dollars a year, 103 00:06:42,240 --> 00:06:44,439 all for a return on investment to finish a distance 104 00:06:44,480 --> 00:06:47,279 second to Greg Gotfeld on this network and Late Night. 105 00:06:47,519 --> 00:06:50,160 But the cost of CBS doesn't stop there. Obviously. I mean, 106 00:06:50,199 --> 00:06:52,040 this is a program that has a staff of more 107 00:06:52,079 --> 00:06:54,680 than one hundred people. I mean we're talking about an 108 00:06:54,759 --> 00:06:58,879 army of writers, house band, multiple producers, directors, and bookers, 109 00:06:58,920 --> 00:06:59,839 it staff. 110 00:06:59,600 --> 00:07:00,000 Speaker 1: You name it. 111 00:07:00,399 --> 00:07:03,319 Speaker 4: Overall, it costs one hundred and thirty million dollars just 112 00:07:03,399 --> 00:07:06,240 in production, just in a production budget to put this 113 00:07:06,319 --> 00:07:06,920 show on the air. 114 00:07:06,920 --> 00:07:08,160 Speaker 1: And I'm not even talking about the. 115 00:07:08,079 --> 00:07:10,079 Speaker 4: Salary of Colbert and one hundred other staffers in New 116 00:07:10,120 --> 00:07:12,879 York City. So the show's ratings are a fraction of 117 00:07:12,879 --> 00:07:15,360 what they were under Colbert's predecessor, David Letterman. 118 00:07:15,600 --> 00:07:17,839 Speaker 1: So was it losing money? Most likely? Yeah. 119 00:07:18,079 --> 00:07:21,560 Speaker 4: Is Colbert's show patently predictable, myopic and a hatred of 120 00:07:21,560 --> 00:07:24,480 Trump and therefore anything but fun and entertaining? Absolutely, I 121 00:07:24,480 --> 00:07:26,720 mean I'll leave it here. Adam Schiff was on the 122 00:07:26,720 --> 00:07:29,600 show last night, the Senator from California. He did three 123 00:07:29,639 --> 00:07:31,959 segments and at one point he turned to the camera 124 00:07:32,279 --> 00:07:36,959 and said to Donald Trump, Donald blank off. If that's entertainment, 125 00:07:37,279 --> 00:07:39,519 I'm just not seeing it. It's not the late night 126 00:07:39,519 --> 00:07:42,639 that we grew up with the Hollywood's biggest stars, comedians, entertainers. 127 00:07:42,720 --> 00:07:45,040 I mean, every night looks like the DNC convention. This 128 00:07:45,079 --> 00:07:48,240 is the Statden Doll stats. Bernie Sanders has appeared on 129 00:07:48,319 --> 00:07:52,279 Colbert's show six times more than Tom Hanks. Bernie's been 130 00:07:52,360 --> 00:07:54,399 on twenty one times overall, and the show is just 131 00:07:54,480 --> 00:07:57,920 ten years old. Elizabeth Warren, who is hilarious and entertaining, 132 00:07:57,920 --> 00:08:01,920 we all know that sixteen times media figures, Anderson Cooper 133 00:08:01,959 --> 00:08:05,160 twenty times. Gale came fourteen times, Jake Tapper twelve, Rachel 134 00:08:05,160 --> 00:08:08,639 Mattow eight. These are profoundly unfunny people, which in a 135 00:08:08,639 --> 00:08:11,240 good combination if you're looking for the escapism of late 136 00:08:11,360 --> 00:08:13,120 night comedy, and I think that's what they've lost here. 137 00:08:13,160 --> 00:08:15,519 And if they're losing money, then maybe this isn't a 138 00:08:15,519 --> 00:08:17,720 different era where late night comedy isn't what it used 139 00:08:17,759 --> 00:08:17,920 to be. 140 00:08:18,560 --> 00:08:21,519 Speaker 2: So I'm the first to admit Stephen Colbert when he 141 00:08:21,600 --> 00:08:24,920 was on the Comedy Central show that he played the 142 00:08:25,000 --> 00:08:29,360 role of a conservative. He played it. He's an actor, 143 00:08:30,279 --> 00:08:32,679 but it was funny. I thought he was funny. But 144 00:08:32,759 --> 00:08:35,600 they have lost their edge. It's all political talk, and 145 00:08:35,639 --> 00:08:39,159 political talk at eleven thirty at night is just isn't 146 00:08:39,200 --> 00:08:41,879 being bought. So I think this is the death knell 147 00:08:42,720 --> 00:08:45,879 now that They've gone ahead at CBS and killed this, 148 00:08:46,919 --> 00:08:50,159 and I know they're saying it has nothing to do 149 00:08:50,919 --> 00:08:55,000 with the sale of Paramount at Paramount and trying to 150 00:08:55,159 --> 00:08:57,480 get approval from the Federal Trade Commission to do that 151 00:09:00,120 --> 00:09:04,559 probably was falling on its own. And watch NBC. I 152 00:09:04,559 --> 00:09:06,279 don't know how they're going to kill the Tonight show 153 00:09:06,320 --> 00:09:11,159 that is, Like I said, Jimmy Fallon, I think is terrible. 154 00:09:11,720 --> 00:09:15,840 I'm just not a fan. And Jimmy Kimmel, I think 155 00:09:15,919 --> 00:09:18,960 all of those shows are going to be put to sleep. 156 00:09:19,240 --> 00:09:21,480 If you look at the ratings and you look at 157 00:09:21,519 --> 00:09:25,480 who's winning of all the awards and the audiences, it's streamers. 158 00:09:25,759 --> 00:09:30,320 Streamers are out doing broadcast television. It's Netflix essentially, and 159 00:09:30,320 --> 00:09:34,519 then all the others. So say good night. You can 160 00:09:34,559 --> 00:09:36,919 go to bed an hour early now or if you ever, 161 00:09:37,200 --> 00:09:39,200 I think if you're like me, you probably already did. 162 00:09:40,200 --> 00:09:46,080 So that's the story of Stephen Colbert. So let's go back, 163 00:09:46,240 --> 00:09:49,039 move on to Yeah, the Epstein story is not going 164 00:09:49,120 --> 00:09:53,200 to go away. Also, last night there was this big 165 00:09:53,399 --> 00:09:58,679 bombshell report and I looked at the bombshell and I thought, well, 166 00:09:58,720 --> 00:10:02,759 what's so bombshelly about this? This is the story that 167 00:10:02,840 --> 00:10:05,480 came out from the Wall Street Journal last night that 168 00:10:05,679 --> 00:10:11,840 Donald Trump, Jelaane Maxwell was putting together a fiftieth birthday 169 00:10:11,840 --> 00:10:16,039 party for Jeffrey Epstein and she called up a bunch 170 00:10:16,039 --> 00:10:18,639 of people that were his friends and said, can you 171 00:10:18,759 --> 00:10:20,960 put something together on a letter that we'll put it 172 00:10:20,960 --> 00:10:22,360 into a book and we'll give it to him for 173 00:10:22,399 --> 00:10:26,399 his fiftieth birthday party. And the letter that they said 174 00:10:26,399 --> 00:10:29,159 that Donald Trump sent along with the rest of them, 175 00:10:29,159 --> 00:10:33,320 were all a bunch of body letters, and that they 176 00:10:33,440 --> 00:10:37,159 had an outlaw drawing of a naked woman and you know, 177 00:10:37,440 --> 00:10:40,399 good luck, Jeffrey, and keep on keeping your secrets. And 178 00:10:41,000 --> 00:10:45,240 it was it was not a good thing, but they 179 00:10:45,240 --> 00:10:48,440 were trying to make it sound like it was recent. 180 00:10:48,960 --> 00:10:52,639 It was two thousand and three, so we're talking what 181 00:10:52,720 --> 00:10:57,080 twenty two years ago, and what Trump came out and said, 182 00:10:57,080 --> 00:10:59,080 he's going to do the Wall Street Journal unless Rupert 183 00:10:59,200 --> 00:11:01,399 Murdoch and we'll se I threatens everybody. 184 00:11:01,840 --> 00:11:02,720 Speaker 1: But I looked at it. 185 00:11:02,720 --> 00:11:06,919 Speaker 2: And I thought, I remember, I don't know why Trump 186 00:11:07,000 --> 00:11:10,399 is so upset about it, and I don't know why 187 00:11:10,440 --> 00:11:13,279 anybody would be all that upset about it. Donald Trump 188 00:11:13,720 --> 00:11:16,639 in two thousand and three in the late nineties early 189 00:11:16,679 --> 00:11:23,279 two thousands, was basically advertised himself as a man about town, 190 00:11:23,320 --> 00:11:27,440 a playboy with all kinds of girlfriends and Hollywood starlets 191 00:11:27,440 --> 00:11:31,559 and things like that, and that was his bet. He 192 00:11:31,679 --> 00:11:34,559 used to go on Howard Stern's show all the time, 193 00:11:35,320 --> 00:11:37,879 and in those days, even Howard, they would brag about 194 00:11:37,919 --> 00:11:41,000 all the women and this and that and everything else, 195 00:11:41,039 --> 00:11:46,440 and it was very man cave stuff. And so I'm going, okay, 196 00:11:47,639 --> 00:11:50,159 So it was body well, that was kind of his 197 00:11:50,360 --> 00:11:54,120 thing at that time. He's now a seventy nine year 198 00:11:54,159 --> 00:11:57,360 old man. But in any case, the other thing about 199 00:11:57,399 --> 00:12:00,480 it was that, yeah, Trump was not trying to pretend 200 00:12:00,480 --> 00:12:04,240 that he was the community priest. And so I don't 201 00:12:04,279 --> 00:12:08,960 know what the problem was with that letter from a playboy, 202 00:12:09,879 --> 00:12:13,120 single man. He wasn't married at the time. I don't 203 00:12:13,120 --> 00:12:16,200 know what he's so upset about his That was what 204 00:12:16,600 --> 00:12:21,039 he advertised himself as that kind of guy. I also 205 00:12:21,080 --> 00:12:23,919 truly believe that people knew that when they voted for 206 00:12:23,960 --> 00:12:27,639 him in twenty sixteen, not like it was a surprise. 207 00:12:27,759 --> 00:12:29,879 People voted for him again in two thousand, would be 208 00:12:29,879 --> 00:12:32,000 able to vote for him in twenty twenty. People voted 209 00:12:32,000 --> 00:12:34,919 for him in twenty twenty four. Every time we knew 210 00:12:35,000 --> 00:12:37,759 who he was. I mean, if you want a real playboy, 211 00:12:37,799 --> 00:12:40,559 you can go to Bill Clinton. And people knew that 212 00:12:40,600 --> 00:12:43,919 about Bill Clinton and they elected him twice. So I 213 00:12:43,919 --> 00:12:47,080 don't know where this pious sort of attitude about that 214 00:12:47,120 --> 00:12:50,200 Trump is some sort of community priest. It doesn't make 215 00:12:50,200 --> 00:12:53,320 any sense to me. He was a playboy and he 216 00:12:53,440 --> 00:12:56,799 advertised it, and he sent a letter to Jeffrey Epstein, 217 00:12:57,039 --> 00:12:59,759 who The other part about this is he and Epstein. 218 00:12:59,799 --> 00:13:03,799 There's tons of history on the fact they were good 219 00:13:03,879 --> 00:13:05,840 friends for about a decade. 220 00:13:06,679 --> 00:13:06,919 Speaker 1: Now. 221 00:13:06,960 --> 00:13:09,399 Speaker 2: I don't know what it was. It was probably the 222 00:13:09,840 --> 00:13:14,480 arrest for pedophilia that that was ed. Trump drew the 223 00:13:14,559 --> 00:13:18,440 line at that, But before that happened, he and Epstein 224 00:13:18,679 --> 00:13:23,759 were friends. So why try to pretend like you weren't. 225 00:13:25,399 --> 00:13:29,200 That's anyway, That's my take on. Ellie Honig weighs in 226 00:13:29,440 --> 00:13:33,480 about exactly this letter and what's going to happen next 227 00:13:33,480 --> 00:13:36,039 In the Epstein story, one of the postings by Donald 228 00:13:36,039 --> 00:13:40,600 Trump last night on True Social he wrote, based on 229 00:13:40,639 --> 00:13:43,799 the ridiculous amount of publicity given to Jeffrey Epstein, I 230 00:13:43,840 --> 00:13:46,799 have asked Attorney General Pam BONDI to produce andy and 231 00:13:46,840 --> 00:13:52,320 all pertinent grand jury testimony subject to court approval. This 232 00:13:52,480 --> 00:13:56,639 scam perpetrated by the Democrats should end right now. Here's 233 00:13:56,679 --> 00:13:57,720 Ellen conig Well. 234 00:13:57,720 --> 00:14:00,200 Speaker 1: Pertinent's doing an awful lot of work there on. 235 00:14:00,240 --> 00:14:04,600 Speaker 5: First of all, just grand jury testimony itself is only 236 00:14:04,639 --> 00:14:08,960 going to be a fairly small fraction of the entire file. 237 00:14:09,399 --> 00:14:12,360 In addition to that, we now have this word pertinent, 238 00:14:12,480 --> 00:14:16,080 So that begs the question pertinent to what and pertinent 239 00:14:16,200 --> 00:14:19,759 as determined by who. So it gives the Attorney General 240 00:14:19,799 --> 00:14:22,480 in some respect wiggle room, but it also puts her 241 00:14:22,600 --> 00:14:25,879 in a very difficult position where apparently she's going to 242 00:14:25,919 --> 00:14:29,200 have to a decide what's pertinent and then b you 243 00:14:29,279 --> 00:14:31,159 have to go in front of a federal judge and 244 00:14:31,200 --> 00:14:34,639 get permission to release grand jury materials. So there's a 245 00:14:34,639 --> 00:14:37,200 lot of hurdles still in place here. If you think 246 00:14:37,200 --> 00:14:39,600 of the entire file here, and by the way, we 247 00:14:39,679 --> 00:14:42,639 know from last week's FBI memo that this is a 248 00:14:42,720 --> 00:14:47,279 huge file, three hundred gigabytes of information. That's millions and 249 00:14:47,320 --> 00:14:50,080 millions of pages of documents. You can sort of separate 250 00:14:50,120 --> 00:14:52,440 it into two perceptual categories. 251 00:14:52,639 --> 00:14:54,159 Speaker 1: There's grand jury materials. 252 00:14:54,480 --> 00:14:58,799 Speaker 5: Those are presumptively confidential by law. You cannot turn them 253 00:14:58,799 --> 00:15:01,279 over to the public as a p prosecutor unless you 254 00:15:01,320 --> 00:15:02,799 get a judge's permission first. 255 00:15:03,200 --> 00:15:05,080 Speaker 1: But then there's all the rest of it. 256 00:15:05,480 --> 00:15:08,879 Speaker 5: That's something that the President the Attorney General can decide 257 00:15:08,960 --> 00:15:11,320 on their own without going through a judge first and 258 00:15:11,320 --> 00:15:13,799 say I'm going to release this. And so what the 259 00:15:13,799 --> 00:15:16,039 President has done here is that I only want to 260 00:15:16,080 --> 00:15:19,240 focus on the narrow category, the grand jury stuff that 261 00:15:19,279 --> 00:15:20,639 you first have to go to a judge for. 262 00:15:21,000 --> 00:15:21,600 Speaker 1: As to all that. 263 00:15:21,559 --> 00:15:24,720 Speaker 5: Other stuff, the remaining the majority of the file, that 264 00:15:24,879 --> 00:15:26,759 is entirely up to the AG and the President. If 265 00:15:26,759 --> 00:15:29,080 they want to release that today, they can do that. 266 00:15:30,039 --> 00:15:31,840 When you think of a file, you have your grand 267 00:15:31,919 --> 00:15:35,360 jury materials. Actually you typically store your grand jury materials 268 00:15:35,399 --> 00:15:38,919 in a physically different colored folder because you need to 269 00:15:38,919 --> 00:15:42,279 set that aside because that's the confidentialist stuff. So all 270 00:15:42,320 --> 00:15:44,799 the stuff that's in a red or yellow folder, all 271 00:15:44,840 --> 00:15:46,279 the grand jury materials that. 272 00:15:46,200 --> 00:15:47,320 Speaker 1: Has to go through a judge. 273 00:15:47,480 --> 00:15:49,360 Speaker 5: That's what Donald Trump is saying, I want you to 274 00:15:49,440 --> 00:15:52,320 ask a judge to release, But then the bulk of 275 00:15:52,360 --> 00:15:55,200 the file is going to be everything else, everything that 276 00:15:55,320 --> 00:15:59,200 is not grand jury testimony. All of that is within 277 00:15:59,320 --> 00:16:03,360 Donald Trump, is within Pam Bondi's discretion to release. Now, 278 00:16:03,399 --> 00:16:05,960 of course they'd have to make all sorts of determinations 279 00:16:05,960 --> 00:16:08,440 about it. They'd have to redact out to protect victims 280 00:16:08,519 --> 00:16:12,159 and witnesses and miners. And by the way, ordinary DOJ 281 00:16:12,399 --> 00:16:14,960 procedure is, you would never release any of this. This 282 00:16:15,080 --> 00:16:18,799 is a closed case, investigative file. Try to serve a 283 00:16:18,840 --> 00:16:22,799 Freedom of Information Act request on DOJ for any such 284 00:16:22,840 --> 00:16:25,000 file and watch how quickly they reject it in the 285 00:16:25,120 --> 00:16:28,039 ordinary course. So Trump and Bondi are already painting way 286 00:16:28,039 --> 00:16:31,200 outside the lines here. But yes, John, the specific portion 287 00:16:31,279 --> 00:16:33,240 that Donald Trump has said I want you to try 288 00:16:33,279 --> 00:16:35,519 to release that also happens to be the exact portion 289 00:16:35,759 --> 00:16:37,519 that a judge has to sign off on first. 290 00:16:38,759 --> 00:16:41,759 Speaker 2: So that's where it stands now, is that the President 291 00:16:41,759 --> 00:16:46,080 has told Pam Bondi to release what she can, and 292 00:16:46,159 --> 00:16:48,919 the debate is what she will be able to release, 293 00:16:49,480 --> 00:16:52,039 what the judge will allow to be released. So this 294 00:16:52,120 --> 00:16:56,120 story is not going to go away, as I predict it. Well, 295 00:16:56,159 --> 00:16:58,639 I predicated it will probably last forever in way of 296 00:16:58,679 --> 00:17:02,080 who shot JR. But it will not go away. Even 297 00:17:02,159 --> 00:17:06,960 in current news cycles, it's still alive and well. Sorry, 298 00:17:08,319 --> 00:17:11,640 So with other political bickering going on in Washington, you 299 00:17:11,680 --> 00:17:14,240 want to check in with Harriet and see what the 300 00:17:14,440 --> 00:17:17,960 chances are of a third party. This is Elon Musk 301 00:17:18,000 --> 00:17:20,960 said he is going to personally break out the checkbook 302 00:17:21,000 --> 00:17:25,799 and start a third political party. I don't think it's necessary. 303 00:17:26,640 --> 00:17:29,799 We've already have. I mean, the Democrats have multiple parties 304 00:17:29,839 --> 00:17:34,039 within under the Democrat umbrella. So do the Republicans. There's 305 00:17:34,559 --> 00:17:39,359 the Freedom Caucus, there's the Moderate Republicans, the old establishment Republicans. 306 00:17:40,839 --> 00:17:45,039 The Democrats have the Squad, and then they have moderate 307 00:17:45,079 --> 00:17:49,640 Old Democrats. There's a variety of different ideologies within these parties. 308 00:17:50,000 --> 00:17:52,359 I don't think a third party is going to solve anything. 309 00:17:52,680 --> 00:17:55,680 But what Elon Musk wants to do is focus on 310 00:17:55,720 --> 00:17:59,119 some key states, maybe three or four states, and get 311 00:17:59,160 --> 00:18:02,359 a third party's started there and if they can win there, 312 00:18:02,440 --> 00:18:04,960 then that would expand it throughout the country. But Harry 313 00:18:05,039 --> 00:18:09,440 Entton has done some research in all of this is 314 00:18:09,440 --> 00:18:10,480 what he has to say. 315 00:18:10,599 --> 00:18:13,519 Speaker 6: Yeah, I would say that I have rarely seen someone 316 00:18:13,559 --> 00:18:16,079 who entered the political scene and it has been so 317 00:18:16,400 --> 00:18:17,240 unkind to them. 318 00:18:17,319 --> 00:18:18,720 Speaker 1: What are we talking about here? 319 00:18:19,039 --> 00:18:22,599 Speaker 6: All I can say is, jeez, Louise, you know, the 320 00:18:22,599 --> 00:18:25,799 first time we ever saw Elon Musk ever polled was 321 00:18:25,799 --> 00:18:27,559 all the way back in June of twenty sixteen. He 322 00:18:27,640 --> 00:18:30,720 was the most popular person polled by Bloomberg back in 323 00:18:30,799 --> 00:18:33,480 June of twenty sixteen, with a plus twenty nine percentage 324 00:18:33,480 --> 00:18:36,319 point net favorable rating down only go as we go 325 00:18:36,359 --> 00:18:39,279 to this side of the screen July of twenty twenty five, 326 00:18:39,759 --> 00:18:43,599 minus thirty seven points on the net favorable scale at 327 00:18:43,640 --> 00:18:46,559 cornor our latest CNN poll. Get this, That is a 328 00:18:46,680 --> 00:18:49,920 sixty six point drop. He is now the least popular 329 00:18:49,960 --> 00:18:52,759 person that we polled. So the bottom line is, as 330 00:18:52,799 --> 00:18:55,319 I said at the top, Jeez Louise, you rarely see 331 00:18:55,359 --> 00:18:56,599 sixty six point drops. 332 00:18:56,640 --> 00:18:59,400 Speaker 1: But the political scene has been quite unkind. 333 00:18:59,559 --> 00:19:01,759 Speaker 6: I think the last time we spoke about this, we 334 00:19:01,799 --> 00:19:04,440 spoke about the fact that when you mess with Donald Trump, 335 00:19:04,599 --> 00:19:07,079 you're going the grinder. To quote the great movie Good 336 00:19:07,079 --> 00:19:10,200 Burger and Elon Musk net favorable rating with the GOP 337 00:19:10,559 --> 00:19:12,880 and March of twenty twenty five. Look at that plus 338 00:19:12,920 --> 00:19:15,559 sixty one points, two thumbs up. We come to this 339 00:19:15,640 --> 00:19:18,680 side July of twenty twenty five after announcing that he 340 00:19:18,799 --> 00:19:21,319 is going to try and form a third party two 341 00:19:21,440 --> 00:19:24,599 thumbs down. Oh my goodness, a drop of fifty five 342 00:19:24,720 --> 00:19:27,960 points in the course of just four months. I mean, 343 00:19:28,000 --> 00:19:29,759 you don't want to mess with Donald Trump. And then 344 00:19:29,799 --> 00:19:31,720 finally miss I will know. You know, there's all this 345 00:19:31,839 --> 00:19:34,519 talk of Elon Musk in a third party. Look he's 346 00:19:34,559 --> 00:19:37,200 talking about he's talking it out, he's putting it out there. 347 00:19:37,519 --> 00:19:40,039 I'd there say it's close, pretty much close to dead 348 00:19:40,079 --> 00:19:42,480 on arrival. Look at this favorite third party started by 349 00:19:42,480 --> 00:19:45,519 Elon Musk. Look at this just twenty five percent favorite, 350 00:19:45,759 --> 00:19:49,319 seventy four percent, three quarters of Americans opposed. And remember 351 00:19:49,440 --> 00:19:52,119 Ross pro started a third party back in nineteen hundreds 352 00:19:52,200 --> 00:19:54,160 and ninety three, or was going to start one fifty 353 00:19:54,200 --> 00:19:56,039 percent favorite it far more than Elon Musk. 354 00:19:56,039 --> 00:19:58,240 Speaker 1: And of course that third party not successful. 355 00:19:58,359 --> 00:20:00,680 Speaker 6: This one, as I said, pretty cool much close to 356 00:20:00,799 --> 00:20:01,920 dead on arrival. 357 00:20:04,839 --> 00:20:09,559 Speaker 2: Speaking to parties, there were a number of former Biden 358 00:20:09,599 --> 00:20:12,400 aids that have been called into Congress to testify, and 359 00:20:12,440 --> 00:20:13,920 they've been taking the Fifth Amendment. 360 00:20:13,960 --> 00:20:14,279 Speaker 7: Today. 361 00:20:14,640 --> 00:20:18,079 Speaker 2: A woman by the name of Annie Thomasini. She came in. 362 00:20:18,319 --> 00:20:21,039 She was one of Biden's top people she did the 363 00:20:21,039 --> 00:20:24,880 same thing. She took the Fifth Amendment in New York 364 00:20:24,880 --> 00:20:29,519 City's the Mayor's race here in New York City. This 365 00:20:29,640 --> 00:20:34,799 is also pretty odd. Hakem Jefferies is a congressman. You 366 00:20:34,839 --> 00:20:36,720 know who he is. He's the head of the Democrats 367 00:20:36,720 --> 00:20:40,240 in the House. He's a congressman from Brooklyn, and so 368 00:20:40,440 --> 00:20:45,640 he apparently has been avoiding meeting with Man Downey, and 369 00:20:46,039 --> 00:20:50,599 they set up a meeting at Hakem Jeffreys' office apparently 370 00:20:50,839 --> 00:20:53,720 in Brooklyn, and then I'm not sure if they changed it, 371 00:20:54,319 --> 00:20:59,160 but it's basically a secret if he even met with him. 372 00:20:59,240 --> 00:21:02,680 He's hiding the fact he doesn't want the media to 373 00:21:02,720 --> 00:21:06,039 take his photo next to Mandanni's photo photo. And so 374 00:21:07,039 --> 00:21:09,440 the same thing happened the last week or earlier this 375 00:21:09,519 --> 00:21:13,000 week and down in DC where he went to go 376 00:21:13,079 --> 00:21:16,640 meet with a bunch of Democrats in Congress, and again 377 00:21:16,799 --> 00:21:20,200 it was through a back door, and some of the 378 00:21:20,240 --> 00:21:24,440 Democrat members of especially the squad Win, they were fine, 379 00:21:24,519 --> 00:21:26,720 was saying, yeah, we met with him, but otherwise it's 380 00:21:26,720 --> 00:21:29,799 all very secretive as they move him around to meet 381 00:21:29,880 --> 00:21:34,200 with the large or at least leadership Democrats in this case, 382 00:21:34,200 --> 00:21:39,319 Hawkim Jeffrey's playing hide and seek with the media on 383 00:21:39,440 --> 00:21:43,400 all of that. AOC's not afraid she's shuttling him around, 384 00:21:44,359 --> 00:21:47,799 But that's because he sees the far left side of 385 00:21:47,839 --> 00:21:52,200 the party. There's a cliptic that they're starting to somebody found. 386 00:21:52,240 --> 00:21:54,920 I'll play it for you here. This is man Donnie 387 00:21:56,000 --> 00:21:59,640 going back a few years where he was talking about 388 00:22:00,240 --> 00:22:04,359 his idea about housing should be for everyone. 389 00:22:05,079 --> 00:22:07,880 Speaker 8: My platform is that I'm saying to abolish it, but 390 00:22:08,079 --> 00:22:10,640 my platform is to decommodify it. My platform is that 391 00:22:10,720 --> 00:22:14,200 every single person should have housed. And I think faced 392 00:22:14,240 --> 00:22:17,799 with these two options, the system, the system has hundreds 393 00:22:17,839 --> 00:22:24,079 of thousands of people unhoused right for what And if 394 00:22:24,119 --> 00:22:27,640 there was any system that could guarantee each person housing, 395 00:22:28,279 --> 00:22:30,759 whether you call it the abolition of private property or 396 00:22:30,799 --> 00:22:33,759 you call it, you know, just a state wide housing guarantee, 397 00:22:34,039 --> 00:22:36,079 it is preferable to what is going on right now. 398 00:22:36,440 --> 00:22:40,200 Speaker 2: Well, that's what they have in socialist or communist countries 399 00:22:40,480 --> 00:22:42,880 is that you don't get private ownership of your house. 400 00:22:43,480 --> 00:22:47,200 The government owns the house and the government owns everything, 401 00:22:47,640 --> 00:22:51,039 and they will assign you to a property, an apartment, 402 00:22:51,160 --> 00:22:55,480 a house, whatever they deem necessary. So that's kind of 403 00:22:56,039 --> 00:22:59,000 that kind of that's very much what he is thinking about. 404 00:23:00,799 --> 00:23:04,599 And then there's Alcatraz, and I know there's a couple 405 00:23:04,599 --> 00:23:09,640 of now Alcatraz, Alligator, Alcatraz, which is that new Dench 406 00:23:09,720 --> 00:23:14,400 facility in Florida that's surrounded by alligators, or Alcatraz, the 407 00:23:14,440 --> 00:23:17,960 famous island out in San Francisco Bay and that is 408 00:23:18,039 --> 00:23:22,599 surrounded by water. And yeah, there could be some sharks 409 00:23:22,599 --> 00:23:25,440 in there. Sharks in northern California once in a while, 410 00:23:25,519 --> 00:23:30,400 not a lot, but Pambondi and Doug Bergham actually went 411 00:23:30,519 --> 00:23:34,039 to Alcatraz yesterday to look it over. Now, I've got 412 00:23:34,079 --> 00:23:37,279 to tell you, if you're in San Francisco, you're visiting, 413 00:23:37,599 --> 00:23:40,640 you got to put that on your checklist of things 414 00:23:40,680 --> 00:23:43,480 to see. You can take. There's a little ferry boat 415 00:23:43,480 --> 00:23:46,000 that brings you out to Alcatraz. I don't know what 416 00:23:46,039 --> 00:23:48,480 it cost. It's a tourist trap thing, but it's really 417 00:23:48,480 --> 00:23:51,359 an interesting tour. And they bring you out to Alcatraz 418 00:23:51,400 --> 00:23:53,680 and you can walk around through the prison and they 419 00:23:53,720 --> 00:23:56,839 have these hearing devices you can hear kind of a 420 00:23:56,880 --> 00:24:00,680 self guided tour, and Al capones Sell is there and 421 00:24:01,079 --> 00:24:03,640 it's a fun tour. But I'll tell you it's been 422 00:24:03,680 --> 00:24:05,599 a few years since I've been out to Alcatraz, but 423 00:24:05,680 --> 00:24:09,359 it was really run down, and they say it is 424 00:24:09,480 --> 00:24:15,160 it is falling apart internally, So it would take it 425 00:24:15,200 --> 00:24:19,039 would take a lot of money, billions according to the 426 00:24:19,119 --> 00:24:21,359 National Park Service, they're the ones who own it. It 427 00:24:21,359 --> 00:24:26,920 would take billions to rehab Alcatraz. I don't see it 428 00:24:27,200 --> 00:24:32,640 as a practical solution to some detention facility. I mean, 429 00:24:32,720 --> 00:24:35,519 if the president's complaining about one and a half billion 430 00:24:35,599 --> 00:24:40,519 dollars in rehabbing the Federal Reserve building, is it okay 431 00:24:40,559 --> 00:24:45,640 to rehab Alcatraz? And Pam Bondi she says no one's 432 00:24:45,640 --> 00:24:49,119 ever escaped from there, and that's the great debate. There 433 00:24:49,160 --> 00:24:52,440 are books written about people that have escaped, and there's 434 00:24:53,240 --> 00:24:55,279 a book written there's a couple of guys that are 435 00:24:56,279 --> 00:24:59,240 believe brothers that figured out how to get out. There 436 00:24:59,279 --> 00:25:01,920 were three of them, two brothers than another guy, and 437 00:25:02,000 --> 00:25:06,039 they swam away and they were never ever seen again. 438 00:25:06,480 --> 00:25:10,160 So did they drown. There's a lot of evidence that 439 00:25:10,200 --> 00:25:12,880 they made it. So people I think they have escaped 440 00:25:12,920 --> 00:25:16,880 from Alcatraz, but it belongs to the National Park Service. 441 00:25:16,920 --> 00:25:19,119 It would have to be transferred to the Bureau of 442 00:25:19,200 --> 00:25:21,920 Prisons and then billions of dollars and it would take 443 00:25:22,039 --> 00:25:26,680 ten years to get Alcatraz going. But it's kind of, 444 00:25:26,759 --> 00:25:32,000 I guess, a fun thing to think about. NPR, the House, 445 00:25:32,079 --> 00:25:33,880 I told you a couple of days ago. The House 446 00:25:34,000 --> 00:25:36,240 is probably going to take some time on the Senate 447 00:25:36,319 --> 00:25:39,799 bill that claws back at nine billion dollars of excess spending. 448 00:25:40,519 --> 00:25:43,920 But they passed it that they they the House passed 449 00:25:43,920 --> 00:25:46,880 it last night, so they have clawed back the nine billion. 450 00:25:46,960 --> 00:25:50,720 Most of it's foreign aid, and one point one billion 451 00:25:50,799 --> 00:25:56,319 goes to NPR and PBS, And as a result, they 452 00:25:56,440 --> 00:25:59,319 are squealing pretty loud about the fact that they are 453 00:25:59,559 --> 00:26:02,519 what are they? We'll watch and see, but they have 454 00:26:02,599 --> 00:26:05,160 to try to figure out how to make it go. 455 00:26:05,440 --> 00:26:09,880 PBS and NPR, like all the other media companies out there, 456 00:26:10,359 --> 00:26:14,480 get advertisers, get I know, you've got contributors, you do 457 00:26:14,559 --> 00:26:19,960 your begathon, but they're going to have to do something 458 00:26:20,000 --> 00:26:25,640 along those lines. The lady who runs the PBS, she 459 00:26:25,880 --> 00:26:28,160 was on a bunch of different places crying about the 460 00:26:28,200 --> 00:26:31,599 fact that they've never done anything with any bias, but 461 00:26:31,640 --> 00:26:38,599 they wildly reported about the COVID virus was zero evidence 462 00:26:38,640 --> 00:26:42,400 that it was created in a lab. They reported that 463 00:26:42,480 --> 00:26:48,359 the value of property in the United States is derived 464 00:26:48,480 --> 00:26:52,920 through whiteness and black oppression. They've reported that right wing 465 00:26:53,000 --> 00:26:57,279 conspiracy about eating bugs is as racist as you can think. 466 00:26:58,440 --> 00:27:00,960 And if you look at the staff at MS headquarters 467 00:27:00,960 --> 00:27:07,559 in DC, apparently there is not one single Republican. They're 468 00:27:07,599 --> 00:27:12,079 all Democrats. So they are That's fine. I said this before. 469 00:27:12,240 --> 00:27:15,519 That's fine. They can be a left wing operation. There's 470 00:27:15,599 --> 00:27:21,119 already they've got competition in that arena. You've got CBS, MSNBC, CNN. 471 00:27:21,160 --> 00:27:24,000 They're all to the left, so they would just have 472 00:27:24,079 --> 00:27:26,400 to compete with those people. And if they're any good 473 00:27:26,440 --> 00:27:30,920 and have good programs, they'll do fine. But right now 474 00:27:31,000 --> 00:27:36,599 they've been relying on the government to give them the money, 475 00:27:36,680 --> 00:27:40,519 and one point one billion of it's going to go away. 476 00:27:41,039 --> 00:27:45,119 I saw an article in the Seattle Times about how 477 00:27:45,839 --> 00:27:51,359 the MPR station in Yakama, Washington, it's a Spanish speaking 478 00:27:51,519 --> 00:27:55,200 station and there's a lot of Spanish speaking people that 479 00:27:55,279 --> 00:27:57,519 live in that part of the state of Washington. The 480 00:27:57,599 --> 00:28:01,400 radio station is KDNA, and they were doing this article 481 00:28:01,440 --> 00:28:05,359 about it, and they showed the news director there got 482 00:28:05,400 --> 00:28:09,079 by the name of Francisco Rios. Okay, and then they 483 00:28:09,160 --> 00:28:16,759 had a consortium coordinator, Martin Yanez. What's a consortium coordinator? 484 00:28:17,480 --> 00:28:22,799 And the next person that they portrayed was director of operations. Okay, 485 00:28:23,359 --> 00:28:26,599 you need one of those. And then there's another one 486 00:28:26,680 --> 00:28:31,480 that is a program coordinator. I got to tell you. 487 00:28:31,559 --> 00:28:33,480 Right there, they're sitting at a table talking and took 488 00:28:33,519 --> 00:28:36,279 a photo of them. I don't know of any I've 489 00:28:36,279 --> 00:28:38,200 been radio a long time. I don't know of any 490 00:28:38,359 --> 00:28:43,279 radio facility that has a consortium coordinator, nor do they 491 00:28:43,319 --> 00:28:48,200 have a program coordinator. Program directors and the director of 492 00:28:48,240 --> 00:28:51,440 operation used for the same person. They don't have this, 493 00:28:52,440 --> 00:28:55,240 all these titles and all these people working in most 494 00:28:55,359 --> 00:28:58,880 radio stations. So maybe they need to learn how to 495 00:28:59,279 --> 00:29:03,200 be a four per and best of wishes to them. 496 00:29:05,200 --> 00:29:09,200 By the way, you see the story about the couple 497 00:29:09,240 --> 00:29:13,119 that was caught on the kiss camera. I believe it 498 00:29:13,160 --> 00:29:16,640 was in the Boston area. It was a Coldplay concert, 499 00:29:16,640 --> 00:29:18,680 fifty six thousand people at the stadium, and they did 500 00:29:18,759 --> 00:29:21,799 the kiss camera where the camera zoomed in on a 501 00:29:21,839 --> 00:29:25,720 couple and this guy was holding this woman from behind 502 00:29:25,799 --> 00:29:28,240 in kind of an embrace and she was kind of 503 00:29:28,480 --> 00:29:31,839 swaying with the music in his arms and smiling, and 504 00:29:31,880 --> 00:29:35,200 the kiss camera came up. And the problem is is 505 00:29:35,240 --> 00:29:38,960 this guy is the CEO of a company and that's 506 00:29:39,000 --> 00:29:42,680 not his wife. He's married as two kids, and it's 507 00:29:42,759 --> 00:29:48,680 actually the head of his HR department. I know, and 508 00:29:48,279 --> 00:29:54,599 she's divorced. But HR aren't they the people that are 509 00:29:54,599 --> 00:29:57,480 supposed to keep everything on the up and up and 510 00:29:57,519 --> 00:30:00,839 make sure funny business doesn't happen to the most corporate So 511 00:30:00,880 --> 00:30:03,119 this thing not only has gone viral, it's been going 512 00:30:03,160 --> 00:30:05,559 for a couple two or three days in the media 513 00:30:06,480 --> 00:30:11,160 about this couple at a Coldplay concert. I believe it 514 00:30:11,200 --> 00:30:15,160 was Boston, and it's gone totally viral, and I don't know. 515 00:30:15,599 --> 00:30:19,440 The wife apparently has already filed for divorce. That didn't 516 00:30:19,480 --> 00:30:23,599 take long. Well, as we have here today, we've done Epstein. Oh, 517 00:30:23,720 --> 00:30:28,160 let's talk about the FED. Wild Week for the Federal Reserve. 518 00:30:29,759 --> 00:30:34,839 Rick Santelli, who does a lot of the market information 519 00:30:35,079 --> 00:30:39,200 on CNBC. Let's listen to him talking about his view 520 00:30:39,400 --> 00:30:40,039 of the FED. 521 00:30:41,359 --> 00:30:43,160 Speaker 1: Everybody agrees, you agree, I agree. 522 00:30:43,200 --> 00:30:45,440 Speaker 9: We've been saying it for years, Joe, Listen, the FED 523 00:30:45,519 --> 00:30:47,920 has a big job. I wouldn't want to be FED chairman. 524 00:30:48,200 --> 00:30:51,400 But they aren't all seen. They don't have a crystal ball. 525 00:30:51,599 --> 00:30:54,119 In many ways, you and I and a lot of 526 00:30:54,160 --> 00:30:57,039 our viewers. When you scrutinize data markets, you're going to 527 00:30:57,160 --> 00:30:59,359 end up with sane head full of knowledge as anybody 528 00:30:59,440 --> 00:31:01,559 on the FED. But in the end, of course, they 529 00:31:01,599 --> 00:31:04,640 get to make those key decisions and whether it's QE, 530 00:31:04,960 --> 00:31:07,839 whether it's keeping interest rates too long. Yes, they've had 531 00:31:07,880 --> 00:31:12,640 their share of activity that I would question. I wouldn't 532 00:31:12,680 --> 00:31:14,839 have done it the same way, but hey, they're the FED. 533 00:31:14,920 --> 00:31:17,960 But criticism, they have to be open to criticism because 534 00:31:18,000 --> 00:31:19,519 they aren't flawless. 535 00:31:19,079 --> 00:31:20,119 Speaker 1: And we all know that. 536 00:31:24,559 --> 00:31:26,960 Speaker 2: We all know they're not They're not perfect. They're human 537 00:31:27,000 --> 00:31:29,359 beings and they have made mistakes. And I do agree 538 00:31:29,839 --> 00:31:32,519 with the President they should have already dropped interest rates, 539 00:31:32,680 --> 00:31:36,240 but they have it. They're slow to react. And that's 540 00:31:37,039 --> 00:31:40,039 the key here is that they are independent. They always 541 00:31:40,119 --> 00:31:44,160 have been independent, and they should remain. Actually they weren't always. 542 00:31:44,759 --> 00:31:48,880 During World War Two, FDR put his nose on what 543 00:31:48,920 --> 00:31:52,680 the Federal Reserve should do. During yeah, during the middle 544 00:31:52,680 --> 00:31:56,279 of wartime, but after that the FED did everything they 545 00:31:56,279 --> 00:31:59,119 could get their independence back and they've been independent, and 546 00:31:59,160 --> 00:32:02,119 I think most people Wall Street thinks they should remain independent. 547 00:32:02,839 --> 00:32:06,480 Loretta Mester, she is with the Wharton School at University 548 00:32:06,480 --> 00:32:10,440 of Pennsylvania School of Business. She was a former president 549 00:32:10,440 --> 00:32:13,480 of the Federal Reserve of Cleveland, and this is her 550 00:32:13,559 --> 00:32:16,160 take on the independence of the Federal Reserve. 551 00:32:16,599 --> 00:32:21,319 Speaker 10: It isn't helpful to have the president be so aggressively 552 00:32:22,039 --> 00:32:25,599 antagonistic trying to pressure the FED. It's not unprecedented that 553 00:32:25,640 --> 00:32:28,119 a president has views on monetary policy. 554 00:32:28,200 --> 00:32:30,160 Speaker 1: We've seen that over time. 555 00:32:30,279 --> 00:32:32,720 Speaker 10: But I think what's different about this time is that 556 00:32:32,799 --> 00:32:37,599 it's been pretty persistent and unrelenting. That will not change 557 00:32:37,640 --> 00:32:40,519 how the FED makes it goes about making its decisions 558 00:32:40,519 --> 00:32:41,839 on monetary policy. 559 00:32:41,839 --> 00:32:45,240 Speaker 1: They're going to do the same kind of evaluations. 560 00:32:44,720 --> 00:32:48,599 Speaker 10: Of the risks to the outlook, what the modal outlook is, 561 00:32:48,880 --> 00:32:52,119 you know, what they believe policy should be doing to 562 00:32:52,240 --> 00:32:56,319 achieve the dualmantic goals, and that kind of analysis and 563 00:32:56,480 --> 00:32:58,480 looking at the data coming in is going to guide 564 00:32:58,519 --> 00:33:03,200 their decisions. It certainly is a distraction and it complicates 565 00:33:03,200 --> 00:33:07,160 the process of monetary policy because we're all talking about it. 566 00:33:07,559 --> 00:33:10,759 The markets are skeptical about, you know, will the FED 567 00:33:10,880 --> 00:33:14,079 be basing its decisions on the data and the analysis 568 00:33:14,160 --> 00:33:17,799 or whether you know, the president's comments are going to 569 00:33:18,400 --> 00:33:21,200 basically influence policy, and so the FED has to spend 570 00:33:21,279 --> 00:33:25,200 more time making sure that market participants in the public 571 00:33:25,799 --> 00:33:28,720 understand that they're going to be doing the analysis that's 572 00:33:28,799 --> 00:33:32,559 needed to guide monetary policy and using their best judgment 573 00:33:32,599 --> 00:33:34,920 about where the economy is going and the risks around 574 00:33:34,960 --> 00:33:38,680 the outlook. So it complicates the process, but it doesn't 575 00:33:38,759 --> 00:33:40,920 change the decision making calculus. 576 00:33:41,440 --> 00:33:42,160 Speaker 1: Yeah, so I. 577 00:33:42,119 --> 00:33:46,039 Speaker 10: Heard Roger earlier, Roger Ferguson earlier on the program, and 578 00:33:46,119 --> 00:33:48,319 I guess I would disagree a little bit with what 579 00:33:48,519 --> 00:33:51,680 his view is is I agree totally that it does 580 00:33:51,839 --> 00:33:55,839 complicate things because it does bring up that appearance issue, 581 00:33:56,359 --> 00:33:58,599 but it's not going to change how they do their 582 00:33:58,640 --> 00:33:59,480 decision making. 583 00:34:00,319 --> 00:34:03,319 Speaker 1: They're going to have to then go out and really. 584 00:34:03,079 --> 00:34:06,640 Speaker 10: Explain which they should be doing anyway it's appropriate to 585 00:34:06,720 --> 00:34:09,559 do it. So they're going to use the analysis and 586 00:34:09,599 --> 00:34:12,800 the type of calculus to actually do the evaluation. 587 00:34:13,000 --> 00:34:17,079 Speaker 1: That's the best way, right if they maintain. 588 00:34:16,960 --> 00:34:19,960 Speaker 10: Their ability to look at markets, look at what's going 589 00:34:20,000 --> 00:34:23,119 on in the economy, use the data, do the evaluation. 590 00:34:23,760 --> 00:34:25,440 Speaker 1: And then make the appropriate decision. 591 00:34:25,519 --> 00:34:31,079 Speaker 10: That's the best way they can support an independent institution. 592 00:34:31,320 --> 00:34:33,679 Speaker 1: So you know they're going to play a long. 593 00:34:33,440 --> 00:34:35,920 Speaker 10: Game, which is they have to do the analysis and 594 00:34:35,960 --> 00:34:39,440 do the evaluations that Congress has asked them to do 595 00:34:39,519 --> 00:34:42,800 and charge them to do, and make the decisions based 596 00:34:42,840 --> 00:34:45,480 on that, and then make sure that they're going out 597 00:34:45,519 --> 00:34:49,199 and explaining to the public and to the legislators and 598 00:34:49,239 --> 00:34:53,039 to the administration and to everyone in the markets why 599 00:34:53,079 --> 00:34:54,639 they made the decisions they made. 600 00:34:54,719 --> 00:34:57,760 Speaker 1: So that is kind of how the process is going 601 00:34:57,840 --> 00:34:58,239 to work. 602 00:34:58,280 --> 00:35:01,440 Speaker 10: But I totally agree with you, with Roger and with 603 00:35:01,519 --> 00:35:05,079 others who this does raise a concern about how the 604 00:35:05,119 --> 00:35:06,960 fit is going to go about his work, and that 605 00:35:07,079 --> 00:35:07,880 is not helpful. 606 00:35:08,599 --> 00:35:11,800 Speaker 2: Just so you're clear, there's monetary policy. You'll hear people 607 00:35:11,880 --> 00:35:14,440 talking about that. You'll hear people talking about fiscal policy. 608 00:35:14,679 --> 00:35:18,840 Fiscal policy is the policy that comes out of Congress 609 00:35:19,159 --> 00:35:22,039 about how much to spend, how much to tax. All 610 00:35:22,079 --> 00:35:26,119 of that is fiscal policy. Monetary policy is the purview 611 00:35:26,159 --> 00:35:29,840 of the Federal Reserve, and they determine short term interest rates. 612 00:35:30,119 --> 00:35:33,519 Now indirectly that affects long term interistrates, but they decide 613 00:35:33,760 --> 00:35:37,800 essentially short term interest rates. I'm talking about two years 614 00:35:37,800 --> 00:35:42,679 and less as far as treasuries go. So there's a 615 00:35:42,719 --> 00:35:45,960 battle going on for who's going to be the next 616 00:35:45,960 --> 00:35:49,800 Federal Reserve chairman. I remember that J. Powell's term goes 617 00:35:49,880 --> 00:35:53,440 until May, but they're already starting to do the dance 618 00:35:53,480 --> 00:35:58,400 and audition for that job. Kevin Walsh is probably the lead. 619 00:35:59,000 --> 00:36:02,840 He used to be on the FED at some years ago. 620 00:36:03,280 --> 00:36:06,760 Christopher Waller is on the Federal Reserve Board and he's 621 00:36:06,800 --> 00:36:09,480 looking to be the chairman. And Kevin Hassett, who's the 622 00:36:09,480 --> 00:36:13,440 head of the National Economy Council for President Trump. Kevin 623 00:36:13,519 --> 00:36:17,079 Warsh was talking about what he thinks the FED should do. 624 00:36:18,360 --> 00:36:19,920 Speaker 11: This isn't the first time you've heard me in the 625 00:36:19,960 --> 00:36:22,719 last decade say we need regime change at the FED. 626 00:36:23,039 --> 00:36:25,440 It's not just about a person. It's about an approach 627 00:36:25,480 --> 00:36:28,199 to economics. It's about approach to what they're doing. And 628 00:36:28,239 --> 00:36:31,280 I'm troubled when I see them moving the goal posts. 629 00:36:31,559 --> 00:36:33,880 It is very puzzling to me how you could think 630 00:36:33,920 --> 00:36:36,920 that we should do emergency rate cuts last September and 631 00:36:36,960 --> 00:36:38,880 now all of a sudden you stand there like a hawk. 632 00:36:40,039 --> 00:36:42,119 That's not good for the institution. I don't think it's 633 00:36:42,159 --> 00:36:44,599 good for the economy to be changing the goalposts like that, 634 00:36:44,880 --> 00:36:47,280 and so their hesitancy to cut rates, they think is 635 00:36:47,280 --> 00:36:50,559 actually quite a mark against them. It's as if they've 636 00:36:50,639 --> 00:36:54,119 lost some of the credibility. Truth is in economics and 637 00:36:54,159 --> 00:36:58,760 inflation bygones are not bygones. The specter of the miss 638 00:36:58,760 --> 00:37:01,760 they made on inflation it is stuck with them. So 639 00:37:01,800 --> 00:37:04,079 one of the reasons why the President, I think is 640 00:37:04,159 --> 00:37:07,400 right to be pushing the FED publicly is we need 641 00:37:07,480 --> 00:37:10,679 regime changing the conduct of policy. And I hear from 642 00:37:10,719 --> 00:37:13,639 Andrew I heard from an early speaker that was on well, 643 00:37:13,639 --> 00:37:16,199 well the new FED chairman, regardless of who it is, 644 00:37:16,239 --> 00:37:19,079 will he have credibility because the presence being so mean 645 00:37:19,199 --> 00:37:22,840 and pushing them around. The credibility deficit lies with the 646 00:37:22,840 --> 00:37:24,760 incumbents that are at the FED in my view. 647 00:37:25,679 --> 00:37:27,119 Speaker 2: Well, he didn't come right out and say it, but 648 00:37:27,159 --> 00:37:31,320 he was obviously obviously implying that the FED got political 649 00:37:31,360 --> 00:37:34,760 in twenty four by having an emergency rate cut and 650 00:37:34,800 --> 00:37:37,559 then sitting there like a hockey said and not doing 651 00:37:37,599 --> 00:37:42,440 anything right now. So that's Kevin Warsh. Chris Waller, by 652 00:37:42,440 --> 00:37:45,440 the way, today said that he is calling for an 653 00:37:45,480 --> 00:37:47,519 interest rate cut at the next meeting that's coming up 654 00:37:47,519 --> 00:37:51,159 at July twenty ninth and thirty. I think Kevin Hassett 655 00:37:52,280 --> 00:37:56,039 is just dancing behind the scenes since he's already the 656 00:37:56,119 --> 00:37:59,559 head of the National Economic Advisors to the President. Let's 657 00:37:59,599 --> 00:38:02,559 get some phone calls in. Number of you had called 658 00:38:02,599 --> 00:38:06,199 the program this past week. The phone numbers eight, five, five, two, nine, 659 00:38:07,039 --> 00:38:14,800 sixty six hundred. Here's Laurie the comment line lady talking 660 00:38:14,840 --> 00:38:19,679 about the CEO and his main squeeze at the Coldplay concert. 661 00:38:20,199 --> 00:38:23,480 Speaker 12: The wife of the CEO who was caught canoodling at 662 00:38:23,519 --> 00:38:28,000 the Coldplay concert will be filing for divorce. She'll cite 663 00:38:28,000 --> 00:38:33,119 irreconcilable differences. She couldn't reconcile herself to his girlfriend. 664 00:38:33,800 --> 00:38:36,760 Speaker 2: Uh no, no, she could not. That's not the way 665 00:38:36,760 --> 00:38:41,400 it works. Salty checked in. Let's talk to Salty. 666 00:38:42,400 --> 00:38:46,039 Speaker 13: Hey, Tom, it's salty. Oh my gosh, I should have 667 00:38:46,119 --> 00:38:48,400 drank something for a called you got a little frog 668 00:38:48,480 --> 00:38:51,719 in the throat. But anyway, Uh is it true that 669 00:38:51,880 --> 00:38:56,960 date bird Stephen cole Bear? Oh my gosh. Uh, well, well, 670 00:38:57,119 --> 00:38:59,840 what are we gonna do for our late night pop again? 671 00:39:00,079 --> 00:39:03,000 And now? Tom, holy cow, Hey, do you know what 672 00:39:03,159 --> 00:39:06,239 Pool Pool. I just had a thought, why don't you 673 00:39:06,360 --> 00:39:10,079 take that job doing late night and I'll do it 674 00:39:10,119 --> 00:39:14,320 with you. Tom. I'll be your head McMahon. I promised 675 00:39:14,400 --> 00:39:17,159 to do a good job, and we can have her 676 00:39:17,199 --> 00:39:21,239 only the orchestra and have her own late night show. Uh, 677 00:39:21,320 --> 00:39:24,400 you know, you get top filling. It can be Tom 678 00:39:24,400 --> 00:39:27,760 and Salty late Night. Anyway, Buddy, I miss you, and 679 00:39:28,119 --> 00:39:30,880 I do listen to the program of When I'm Going 680 00:39:31,000 --> 00:39:34,719 to Sleep. So you have a great weekend and we'll 681 00:39:34,800 --> 00:39:37,239 see you later maybe on TP. 682 00:39:44,360 --> 00:39:46,039 Speaker 1: Yeah, of course, yeah, Salty. 683 00:39:46,440 --> 00:39:50,480 Speaker 2: So so you listen to the podcast and you go 684 00:39:50,559 --> 00:39:53,320 to sleep, So this podcast puts you to sleep. All right, Well, 685 00:39:53,440 --> 00:39:54,960 I guess that would tie in with doing a late 686 00:39:55,039 --> 00:39:58,280 night show. Yeah, I'll call CBS and I'll get started 687 00:39:58,320 --> 00:40:01,000 on it, Salty. I'll let you know what they say. 688 00:40:01,519 --> 00:40:04,360 Here's a call from David. Let's see what he has 689 00:40:04,440 --> 00:40:04,760 to say. 690 00:40:05,519 --> 00:40:10,559 Speaker 7: Hi, right, Tom. First of all, I love your podcast. 691 00:40:11,239 --> 00:40:15,719 The reason I'm calling is this, Mam Donnie thing. If 692 00:40:16,920 --> 00:40:21,679 Cromo and Eric Adams stand in the race against him 693 00:40:22,199 --> 00:40:26,400 and only one Republican runs against them, couldn't that split 694 00:40:26,480 --> 00:40:29,760 the vote enough to where the Republican could actually win 695 00:40:30,239 --> 00:40:36,239 the mayoral seat in New York City. What do you think? Yeah, 696 00:40:36,960 --> 00:40:39,599 By the way, my name is David Love Show. 697 00:40:39,480 --> 00:40:43,880 Speaker 2: Go Thanks David. I did see some pulling on on 698 00:40:43,920 --> 00:40:46,519 that they're trying to do the four people that are 699 00:40:46,599 --> 00:40:49,119 running and match them up with each other. Eric Adams 700 00:40:49,199 --> 00:40:51,320 is in last place right now, but it's still early. 701 00:40:51,719 --> 00:40:56,440 This vote isn't until next November. But Mandanni is the 702 00:40:56,679 --> 00:41:00,880 is the clear favorite. I mean, New Yorkers are crazy 703 00:41:00,880 --> 00:41:03,320 if they vote for this guy. But right now it 704 00:41:03,400 --> 00:41:06,800 seems to be a movement more than anything else. But 705 00:41:08,000 --> 00:41:11,639 Curtis lee Wall, he's been running for mayor. He's the 706 00:41:11,679 --> 00:41:14,559 guy who started the Guardian Angels, and the people of 707 00:41:14,559 --> 00:41:16,800 New York love him. You see him around town. He's 708 00:41:16,840 --> 00:41:19,159 walking down the street with his red beret on and 709 00:41:19,199 --> 00:41:23,320 people yell out, hey, Curtis. They love the guy, but 710 00:41:23,360 --> 00:41:25,440 they're not going to vote for him. I would be 711 00:41:25,519 --> 00:41:29,239 shocked if he was actually successful after I think he's 712 00:41:29,280 --> 00:41:33,159 a gadfi. He runs every four years and he has 713 00:41:33,199 --> 00:41:37,400 for decades, and he's never come close. And here's one 714 00:41:37,480 --> 00:41:40,960 more from Lori the comment Line Lady on her views 715 00:41:41,079 --> 00:41:42,639 regarding PBS. 716 00:41:43,519 --> 00:41:46,760 Speaker 12: You know, I like a lot of the programs on PBS. 717 00:41:47,599 --> 00:41:50,519 I like them enough that I'm willing to contribute every 718 00:41:50,599 --> 00:41:54,039 month to keep the programs on the air. But I 719 00:41:54,079 --> 00:41:57,440 don't think that all the taxpayers of the United States 720 00:41:57,920 --> 00:42:01,480 should pay to keep PBS on the a. They need 721 00:42:01,519 --> 00:42:05,599 to either get advertising or get more subscribers. 722 00:42:06,880 --> 00:42:08,719 Speaker 2: Okay, man, I'm right there with you. I don't have 723 00:42:08,760 --> 00:42:11,679 a problem with PBS. I'm not a big fan of 724 00:42:11,840 --> 00:42:15,599 most of their shows, but they have some good programming. 725 00:42:16,159 --> 00:42:19,519 But if they want to be another left wing television network, 726 00:42:19,599 --> 00:42:23,800 then hallelujah, go out there and compete with the other 727 00:42:23,880 --> 00:42:27,000 left wing channels that are out They're the CBS IS 728 00:42:27,039 --> 00:42:32,000 and NBCs and MSNBCS. But I just don't think taxpayers 729 00:42:32,719 --> 00:42:36,920 should be writing checks. The government should not be subsidizing 730 00:42:37,440 --> 00:42:41,079 one television network and not the others. I want to 731 00:42:41,119 --> 00:42:46,480 subsidize all of them. I don't even like that. So subsidies. 732 00:42:46,519 --> 00:42:49,000 Let's see if Wall Street gave us any subsidies today. 733 00:42:50,039 --> 00:42:55,400 Let me check. Let's see. Nope, Wall Straight down today, 734 00:42:56,159 --> 00:42:58,440 not a lot, but it's down one hundred and forty 735 00:42:58,480 --> 00:43:01,639 two doubt each today at forty four thousand and three 736 00:43:01,800 --> 00:43:06,519 forty two. The S and P basically unchanged. Naz Dack 737 00:43:06,639 --> 00:43:09,920 up ten points, gold was up ten dollars to thirty 738 00:43:09,920 --> 00:43:13,559 three p fifty five, and oil basically staying about where 739 00:43:13,599 --> 00:43:17,000 it's been all week. Down a quarter, yeah, twenty five 740 00:43:17,039 --> 00:43:20,079 cents down to sixty seven dollars and some change for 741 00:43:20,199 --> 00:43:23,480 one barrel of oil. So that's it for today. Thank 742 00:43:23,519 --> 00:43:27,519 you for coming by, have yourself a wonderful weekend. We'll 743 00:43:27,519 --> 00:43:37,880 be back here on Monday. Hope you are too,