WEBVTT 1 00:00:00.600 --> 00:00:02.919 This is Gary and Shannon and you're listening to KFI 2 00:00:03.080 --> 00:00:05.839 AM six forty, the Gary and Shannon Show on demand 3 00:00:05.919 --> 00:00:10.240 on the iHeartRadio app. What does it all mean? We 4 00:00:10.279 --> 00:00:13.320 are bombarded with all this information. It goes back to 5 00:00:13.359 --> 00:00:15.359 when we knew these tariffs were going to kick into 6 00:00:15.400 --> 00:00:18.839 effect this week, Liberation Day and the like. The stock 7 00:00:18.920 --> 00:00:22.079 market has responded the way all the experts said the 8 00:00:22.120 --> 00:00:27.000 stock market would respond to uncertainty. What does it all mean? 9 00:00:27.120 --> 00:00:31.239 Kimberly Classing is joining us. Kimberly is Professor of tax 10 00:00:31.280 --> 00:00:35.759 Law and Policy at UCLA's School of Law. She also 11 00:00:36.079 --> 00:00:39.840 works for an institute that is studying this. She is 12 00:00:39.880 --> 00:00:43.280 a senior fellow at the Peterson Institute for International Economics. 13 00:00:43.679 --> 00:00:46.240 Joins us now kind enough to share her time with 14 00:00:46.399 --> 00:00:49.719 us and Kimberly, what does it mean for us? When 15 00:00:49.719 --> 00:00:51.600 we look at tariffs, we look at the slide on 16 00:00:51.679 --> 00:00:55.119 Wall Street. Of course that's more four oh one k territory. 17 00:00:55.679 --> 00:00:58.200 But in terms of what we're going to see with 18 00:00:58.320 --> 00:01:02.119 higher prices, from the growth free stores to car repairs, 19 00:01:03.000 --> 00:01:03.520 how are. 20 00:01:03.399 --> 00:01:04.200 We going to feel this? 21 00:01:06.439 --> 00:01:09.359 This is going to have a huge impact for consumers. 22 00:01:09.519 --> 00:01:12.560 And it's ironic that a president who was elected in 23 00:01:12.599 --> 00:01:18.760 part because people's discontent about inflation, has undertaken a policy 24 00:01:18.799 --> 00:01:22.760 that will directly increase costs for US households. Most estimates 25 00:01:22.840 --> 00:01:26.319 think that the full tariffs that he suggested over the 26 00:01:26.359 --> 00:01:29.079 past few weeks will add up to almost four thousand 27 00:01:29.200 --> 00:01:32.879 dollars in higher consumer costs. And that's going to be 28 00:01:33.000 --> 00:01:35.879 much much higher than anything that they can hope to 29 00:01:35.920 --> 00:01:38.879 get in tax cuts. And most of the tax cuts 30 00:01:38.920 --> 00:01:42.000 are simply extending current law anyway, So this is going 31 00:01:42.040 --> 00:01:44.159 to be quite painful. When people go to the store. 32 00:01:45.000 --> 00:01:52.560 When I hear about China and China retaliating today, they 33 00:01:53.000 --> 00:01:58.000 use the words like what was it? Raw earth metals? 34 00:01:58.040 --> 00:02:01.159 Things like that in your thing? What the hell is that? 35 00:02:01.200 --> 00:02:04.719 How does that translate? Well, it translates into batteries, it 36 00:02:04.840 --> 00:02:07.480 translates into car operating systems. 37 00:02:07.480 --> 00:02:13.039 Correct, that's right, And the retaliation in general should be expected, 38 00:02:13.159 --> 00:02:17.560 and many anticipated that countries would retaliate. The Trump tariffs 39 00:02:17.599 --> 00:02:21.639 are completely unprincipled. They don't actually bear any relation to 40 00:02:22.319 --> 00:02:27.080 foreign trading partners trade practices. Most tariffs on US products 41 00:02:27.080 --> 00:02:31.280 are actually quite low. The numbers that they put up 42 00:02:32.000 --> 00:02:34.479 earlier this week to try to argue that foreigners were 43 00:02:34.479 --> 00:02:38.759 tariffing our products were based simply on bilateral trade deficits. 44 00:02:38.800 --> 00:02:42.000 They really didn't have anything to do with foreign protection. 45 00:02:42.120 --> 00:02:46.599 So countries are understandably aggrieved, and Canada as well as 46 00:02:46.680 --> 00:02:50.520 China and many others. The Europeans in addition, have all 47 00:02:50.560 --> 00:02:54.039 either promised to retaliate or already in the process of retaliating. 48 00:02:54.080 --> 00:02:56.719 And this is going to hurt Americans, not just in 49 00:02:56.800 --> 00:03:01.080 terms of their consumption, like we just discussed earlier, it's 50 00:03:01.080 --> 00:03:03.520 really going to hurt the economy as a whole, as 51 00:03:03.560 --> 00:03:07.560 exporters face shrinking markets abroad, and as this puts a 52 00:03:07.599 --> 00:03:10.159 big monkey wrench into supply chains. Is you point out 53 00:03:10.199 --> 00:03:13.800 these critical minerals are crucial for clean energy production, and 54 00:03:13.840 --> 00:03:16.759 that's just one area where we're going to see a 55 00:03:16.800 --> 00:03:17.520 lot of disruption. 56 00:03:18.280 --> 00:03:20.960 All right, Yes, the term I was looking for rare 57 00:03:21.080 --> 00:03:26.439 earths those used in computer chips, electric vehicle batteries, like 58 00:03:26.479 --> 00:03:29.879 you've said, kimberly. Unfortunately, the news is not going to 59 00:03:29.919 --> 00:03:33.520 get better anytime soon. As we make our way into 60 00:03:33.719 --> 00:03:37.360 two car repairs and things like that in groceries, and 61 00:03:37.520 --> 00:03:40.120 it seems according to your institute, it seems like this 62 00:03:40.199 --> 00:03:42.800 is not going to hit everybody as equally. Can you 63 00:03:42.840 --> 00:03:44.719 hang on and we can talk about that and tackle 64 00:03:44.719 --> 00:03:45.520 that when we come back. 65 00:03:46.599 --> 00:03:47.400 YEP, sounds good. 66 00:03:47.439 --> 00:03:48.000 All right, great. 67 00:03:48.000 --> 00:03:50.840 We're talking to Kimberly Clossing. She's a senior fellow at 68 00:03:50.840 --> 00:03:55.639 the Peterson Institute for International Economics, and they've actually studied 69 00:03:56.319 --> 00:03:58.800 what these tariffs, how they're going to play out for 70 00:03:58.960 --> 00:04:01.879 us looking at what's going on on Wall Street, but 71 00:04:02.120 --> 00:04:03.000 in our real lives. 72 00:04:03.039 --> 00:04:04.319 We'll get into more of that week. 73 00:04:05.319 --> 00:04:08.800 You're listening to Gary and Shannon on demand from KFI 74 00:04:09.039 --> 00:04:09.879 Am six forty. 75 00:04:11.400 --> 00:04:15.280 President Trump sounding an upbeat note about the tariffs today, 76 00:04:15.400 --> 00:04:18.319 even as the stock market is doing what we have 77 00:04:18.399 --> 00:04:20.959 been reporting to you it is doing, following more than 78 00:04:21.040 --> 00:04:24.560 sixteen hundred points at times this morning, he said, I 79 00:04:24.560 --> 00:04:28.199 think it's going very well. He likened the United States 80 00:04:28.279 --> 00:04:30.800 to a sick patient in need of surgery and said 81 00:04:30.800 --> 00:04:34.079 the market drop after his announcement was to be expected. 82 00:04:34.560 --> 00:04:38.040 I don't know how much patience the president has. I 83 00:04:38.079 --> 00:04:41.279 would bet on not a lot, which is why I 84 00:04:41.319 --> 00:04:46.480 still have the question on the table, of the question 85 00:04:46.560 --> 00:04:48.920 of the endgame. This doesn't seem to be like a 86 00:04:48.959 --> 00:04:52.360 president who plays for the endgame, because when the endgame 87 00:04:54.000 --> 00:04:58.120 is realized for something like tariffs, you're looking at twenty thirty, 88 00:04:58.120 --> 00:05:02.199 forty years down the line to when things like production 89 00:05:02.759 --> 00:05:06.000 and factories and all that have the time and the 90 00:05:06.040 --> 00:05:09.399 infrastructure to move back to this country. If that's in 91 00:05:09.439 --> 00:05:14.040 fact what they do, I think it's a very idealized 92 00:05:14.240 --> 00:05:18.800 way of thinking that belongs or lived in the fifties 93 00:05:18.839 --> 00:05:21.800 and the sixties of by American and let's make everything here. 94 00:05:21.879 --> 00:05:23.319 And I love the idea. 95 00:05:24.000 --> 00:05:26.600 It's just that in twenty twenty five, with the way 96 00:05:26.839 --> 00:05:29.240 that we live in a global economy, it's hard to 97 00:05:29.319 --> 00:05:33.439 think about that in feasible terms, just in logistics alone. 98 00:05:34.120 --> 00:05:37.439 So I don't think this is a man that is 99 00:05:37.600 --> 00:05:41.480 long on patience. And I'm just wondering how many days 100 00:05:41.560 --> 00:05:44.639 of a hammering in the form of the stock market 101 00:05:44.759 --> 00:05:49.480 alone will he be able to withstand. And I know 102 00:05:49.600 --> 00:05:52.000 that the thinking is that these other countries, China and 103 00:05:52.040 --> 00:05:53.920 the like will come to the table and there will 104 00:05:53.959 --> 00:05:59.160 be an agreement worked out that benefits this country more 105 00:05:59.240 --> 00:06:02.160 than we're benefit right now by the tariff rules that 106 00:06:02.199 --> 00:06:02.800 are in place. 107 00:06:03.600 --> 00:06:06.480 But are they willing? I mean, who has more to 108 00:06:06.519 --> 00:06:07.279 lose or is. 109 00:06:07.199 --> 00:06:09.199 It that much of a give and take between us 110 00:06:09.240 --> 00:06:12.079 and the other global powers that we're talking about. I 111 00:06:12.120 --> 00:06:14.480 just don't know. I don't know where the goalpost is 112 00:06:14.519 --> 00:06:18.839 on that we're talking to. Kimberly Clossing. She is Professor 113 00:06:18.839 --> 00:06:21.399 of Tax Law and Policy at UCLA School of Law. 114 00:06:21.959 --> 00:06:24.759 She also is a senior Fellow at the Peterson Institute 115 00:06:25.000 --> 00:06:29.600 for International Economics. And Peterson has actually done a story 116 00:06:29.959 --> 00:06:33.959 or a study, I should say, a study about the 117 00:06:34.120 --> 00:06:39.160 tariffs on America's three biggest trading partners and who that 118 00:06:39.279 --> 00:06:42.680 will affect the most, And it seems like Peterson has 119 00:06:42.720 --> 00:06:45.120 found that it's going to affect the people who can 120 00:06:45.240 --> 00:06:46.519 least afford it the most. 121 00:06:46.600 --> 00:06:47.759 Kimberly, is that accurate? 122 00:06:49.560 --> 00:06:52.639 Yes, that's accurate. In the works that we've done, we 123 00:06:52.800 --> 00:06:56.920 found that the reason troiffts are regressive tax that they 124 00:06:56.959 --> 00:07:00.519 fall more heavily on poor and middle income cloud people 125 00:07:01.160 --> 00:07:04.120 is really pretty simple. Those are the people who spend 126 00:07:04.160 --> 00:07:07.759 most of their paycheck, and people further down in the 127 00:07:07.759 --> 00:07:10.759 income distribution also tend to buy more traded goods. So 128 00:07:10.800 --> 00:07:13.480 when you look at the share of income that they 129 00:07:13.519 --> 00:07:18.160 lose from tariffs, it's very large and burdensome. Whereas a 130 00:07:18.240 --> 00:07:20.000 rich person might be able to save a big chunk 131 00:07:20.040 --> 00:07:22.399 of their income, and because of that savings, they can 132 00:07:22.480 --> 00:07:25.560 insulate themselves from tariff because they won't be paying the 133 00:07:25.600 --> 00:07:28.360 tariff on the part of the income that they save. 134 00:07:29.360 --> 00:07:31.680 So I think this consumption hit is one of the 135 00:07:31.720 --> 00:07:34.959 many reasons you see the market going down. But one 136 00:07:34.959 --> 00:07:37.160 thing you should be aware of it with the market 137 00:07:37.319 --> 00:07:39.879 as well, is that the market is fully capable of 138 00:07:39.920 --> 00:07:43.000 thinking long term. It's a reflection of the future profits 139 00:07:43.000 --> 00:07:45.920 of the economy. What these big drops in the stock 140 00:07:46.000 --> 00:07:49.759 market are telling us is that the market itself doesn't 141 00:07:49.800 --> 00:07:53.120 believe in this long term story. So this is a 142 00:07:53.399 --> 00:07:56.519 a deeply wrong headed and misguided economic policy approach. 143 00:07:57.800 --> 00:08:01.240 If you were a betting person, is not what you do, Kimberly, 144 00:08:01.360 --> 00:08:07.079 but you're you're you are very well informed, obviously very 145 00:08:07.120 --> 00:08:09.879 well read and well researched when it comes to the economy, 146 00:08:10.319 --> 00:08:13.560 and like you said, the stock market not betting on 147 00:08:13.560 --> 00:08:18.399 on the endgame here. How how long can the market 148 00:08:18.480 --> 00:08:21.439 sustain this kind of these kind of days on. 149 00:08:21.360 --> 00:08:26.439 Wall Street before all hell breaks loose? You know, I 150 00:08:26.480 --> 00:08:27.920 think short. 151 00:08:29.600 --> 00:08:32.399 You're already seeing the hit in terms of their retirement 152 00:08:32.480 --> 00:08:36.480 savings and any assets they have invested in the market. 153 00:08:36.879 --> 00:08:39.000 I don't think this is going to turn into long 154 00:08:39.080 --> 00:08:41.960 term gain. I think if the President sticks with this strategy, 155 00:08:42.039 --> 00:08:45.399 it will turn into long term pain as well. And 156 00:08:45.440 --> 00:08:48.679 there have been countries that have tried these high tariffs 157 00:08:48.720 --> 00:08:51.759 over decades and they found it just makes them poor. 158 00:08:51.840 --> 00:08:56.240 Just ask Argentina or Brazil how they prospered under these 159 00:08:56.240 --> 00:09:00.320 types of import substituting policies. They've been firmly rejected did 160 00:09:00.399 --> 00:09:04.200 by economists for a reason. So I'm hopeful that the 161 00:09:04.240 --> 00:09:07.559 President will eventually give in on this and just realize 162 00:09:07.559 --> 00:09:10.639 that that policy is not saying the dividends that he'd 163 00:09:10.679 --> 00:09:13.720 hoped and learned something from these early days, because I 164 00:09:13.720 --> 00:09:16.200 think the longer he sticks with it, the more pain 165 00:09:16.240 --> 00:09:17.679 we're all in for as a country. 166 00:09:18.600 --> 00:09:22.679 All Right, Kimberly, Classing professor at UCLA Tax Law and Policy, 167 00:09:22.759 --> 00:09:24.679 the School of Law there, appreciate. 168 00:09:24.200 --> 00:09:26.360 Your time this morning. I know you're super busy, and 169 00:09:26.759 --> 00:09:27.559 thank you very much. 170 00:09:28.600 --> 00:09:29.720 Take care you too. 171 00:09:30.080 --> 00:09:32.320 All right, Coming up next, what are we rushing to buy? 172 00:09:32.360 --> 00:09:35.440 Because we are, we're rushing to buy things. Here's the 173 00:09:35.480 --> 00:09:40.200 short list, TVs, Soy, Sauce, Lululemon. We'll get into more 174 00:09:40.279 --> 00:09:43.600 of what you could run short on's the heck of 175 00:09:43.639 --> 00:09:46.480 a mix, right, it sounds like a nice afternoon to 176 00:09:46.519 --> 00:09:50.120 me get home, put on some Lulu La. I lost 177 00:09:50.320 --> 00:09:54.039 hours to the stupidest reality show yesterday, that Amy. It's 178 00:09:54.519 --> 00:09:59.559 which One, The Secret Millionaire. It debuted last week. It's 179 00:09:59.600 --> 00:10:01.879 the first season, and I don't know if it was 180 00:10:01.919 --> 00:10:06.240 just decompressing from real news for all day, but my god, 181 00:10:06.320 --> 00:10:08.320 I sunk into that thing yesterday. 182 00:10:08.639 --> 00:10:11.440 My couch was hurting. There's enough good ones on there. 183 00:10:11.480 --> 00:10:13.480 You don't have to watch the bad one, I know. 184 00:10:13.559 --> 00:10:16.440 But you couple that with some Lululemon and some soy sauce, 185 00:10:16.480 --> 00:10:19.000 and that is an afternoon on your big screen TV. 186 00:10:19.879 --> 00:10:24.799 Absolutely, you're listening to Gary and Shannon on demand from 187 00:10:24.879 --> 00:10:26.480 KFI AM six forty. 188 00:10:28.159 --> 00:10:30.159 We'll be hooking up with Amy King coming up at 189 00:10:30.200 --> 00:10:32.000 the top of the hour to talk all about the 190 00:10:32.000 --> 00:10:36.240 wiggle waggle Walk, which has become legendary around here. We 191 00:10:36.320 --> 00:10:39.240 all laughed and giggled at it the first year around 192 00:10:39.360 --> 00:10:43.840 or so years ago, and now we it's like a child, right, Amy, 193 00:10:43.879 --> 00:10:45.320 It's like one of our children. 194 00:10:45.000 --> 00:10:46.039 The wiggle waggle walk. 195 00:10:46.240 --> 00:10:48.679 We loved to wiggle and we love to wiggle and waggles, 196 00:10:48.720 --> 00:10:51.879 so we'll talk about it. Four space tourists who orbited 197 00:10:51.919 --> 00:10:54.679 the North and South Poles returned to Earth today. They 198 00:10:54.720 --> 00:10:57.399 splashed down here in the Pacific to end their privately 199 00:10:57.440 --> 00:11:02.519 funded polar tour. A bit coin investor Chun Wang chartered 200 00:11:02.519 --> 00:11:05.919 a SpaceX flight for himself and three others. This was 201 00:11:05.960 --> 00:11:09.799 in a dragging capsule outfitted with a domed window. They 202 00:11:09.799 --> 00:11:12.639 got three hundred and sixty degree views of the polar 203 00:11:12.759 --> 00:11:16.559 caps and everything in between. How cool. By the way, 204 00:11:16.559 --> 00:11:19.759 if you're wondering the price tag, they're not saying. Chun 205 00:11:19.840 --> 00:11:21.559 Wang will not say how much he paid for the 206 00:11:21.600 --> 00:11:24.799 three and a half day trip. They took off from 207 00:11:24.960 --> 00:11:28.519 Kennedy on Monday night, and then they returned today here 208 00:11:28.559 --> 00:11:32.840 to southern California. The first human spaceflight to circle the 209 00:11:32.879 --> 00:11:37.519 globe above the poles and the first Pacific splashdown for 210 00:11:37.559 --> 00:11:43.279 a space crew in fifty years. The people invited were 211 00:11:43.399 --> 00:11:49.960 Norwegian filmmaker Jeannick Mickelson, German robotics researcher Rabia Rose, and 212 00:11:50.159 --> 00:11:55.240 Australian polar guide Eric Phillips. They all shared the stunning 213 00:11:55.320 --> 00:11:57.960 vistas during their voyage. They said it was so epic 214 00:11:58.039 --> 00:12:01.320 because it's another kind of desert, just goes on and 215 00:12:01.360 --> 00:12:06.399 on all the way. All four suffered from space motion 216 00:12:06.679 --> 00:12:10.240 sickness after reaching orbit, but by the time they woke 217 00:12:10.320 --> 00:12:12.519 up on day two they said they felt fine. They 218 00:12:12.559 --> 00:12:16.159 cranked open the window cover right above the south pole. 219 00:12:16.799 --> 00:12:19.080 How cool is that? But also, what. 220 00:12:19.080 --> 00:12:22.519 Is motion sickness for four people in a capsule? 221 00:12:22.639 --> 00:12:23.600 What does that look like? 222 00:12:24.320 --> 00:12:27.600 I'm not curious enough to know about the polar about 223 00:12:27.639 --> 00:12:28.120 the poles? 224 00:12:28.480 --> 00:12:29.799 Shall we say to know? 225 00:12:31.120 --> 00:12:31.440 All right? 226 00:12:31.519 --> 00:12:35.720 Well, since President Trump announced these sweeping tariffs on imported 227 00:12:35.759 --> 00:12:40.240 goods on Liberation Day Wednesday, Americans have apparently been busy 228 00:12:40.360 --> 00:12:41.480 adding to kart. 229 00:12:41.919 --> 00:12:43.639 This is from the Wall Street Journal. 230 00:12:44.600 --> 00:12:47.639 They talked to one guy who promptly checked out with 231 00:12:47.720 --> 00:12:50.600 two hundred and forty four dollars worth of workout apparel 232 00:12:50.720 --> 00:12:53.759 from Lulu Lemon. Lulu Lemon, by the way, is a 233 00:12:53.799 --> 00:12:58.519 Canadian brand, so that is why people are stalking up 234 00:12:58.559 --> 00:12:59.639 on the Lulu Lemon. 235 00:13:00.639 --> 00:13:02.240 There was a sweater. 236 00:13:02.320 --> 00:13:04.480 He bought one hundred and fifty dollars sweater from House 237 00:13:04.519 --> 00:13:07.320 of Sonny, which is a UK brand. See this is 238 00:13:07.320 --> 00:13:12.519 where I am. I am woefully dumb. I have no 239 00:13:12.600 --> 00:13:15.080 idea about brands and where they come from. And I've 240 00:13:15.080 --> 00:13:17.240 never heard of House of Sonny and all of that. 241 00:13:18.279 --> 00:13:21.000 I'm very much into the target tank tops that you 242 00:13:21.039 --> 00:13:22.919 can get for seven to nine dollars. 243 00:13:23.080 --> 00:13:25.559 That's my jam. 244 00:13:25.720 --> 00:13:28.679 Let's see here they talked to somebody, Sean McKenzie. He 245 00:13:28.840 --> 00:13:32.200 ran out to buy three eight packs of Guinness, filling 246 00:13:32.279 --> 00:13:36.120 up on the refrigerator's vegetable drawer with cans of Guinness. Guinness, 247 00:13:36.159 --> 00:13:38.919 by the way, is having a big research a renaissance, 248 00:13:39.080 --> 00:13:41.440 shall we speak here in America at least a lot 249 00:13:41.480 --> 00:13:43.519 of people drinking Guinness. 250 00:13:43.559 --> 00:13:48.799 Again. The guy that they talked to that and I 251 00:13:48.840 --> 00:13:49.480 don't know if it's. 252 00:13:49.399 --> 00:13:52.399 A guy or a girl actually, or if we're even 253 00:13:52.759 --> 00:13:55.000 using a box of that nature because the name is 254 00:13:55.039 --> 00:13:56.000 Cedar Roach. 255 00:13:57.519 --> 00:13:59.200 Interesting name, Cedar Roach. 256 00:14:00.679 --> 00:14:03.440 Cedar says, I knew I was what was vulnerable and 257 00:14:03.480 --> 00:14:06.440 what I wanted, so I wasn't going to delay. Cedar 258 00:14:06.519 --> 00:14:08.879 Roach is a twenty two year old public policy major 259 00:14:08.879 --> 00:14:12.759 at smu OH. She She She said that the tariff 260 00:14:12.799 --> 00:14:15.639 news has been the talk of the campus, especially for 261 00:14:15.679 --> 00:14:19.279 its political impact on alcohol prices. Let me just go 262 00:14:19.360 --> 00:14:23.080 back for a minute there. Cedar is her name, and 263 00:14:23.200 --> 00:14:27.720 Cedar is twenty two. When you were twenty two, did 264 00:14:27.720 --> 00:14:30.120 you have that kind of money that would buy you 265 00:14:30.240 --> 00:14:31.080 lulu Lemon? 266 00:14:32.240 --> 00:14:36.679 No? Uh? That is that is crazy. 267 00:14:36.720 --> 00:14:38.600 She bought two hundred and forty four dollars worthout a 268 00:14:38.679 --> 00:14:42.200 work of worth, a workout apparel from Lululemon at twenty two. 269 00:14:42.840 --> 00:14:44.200 Wow, that's incredible. 270 00:14:44.360 --> 00:14:46.879 Maybe she's got a side job, Maybe she's selling her 271 00:14:46.879 --> 00:14:48.039 body to the night or something. 272 00:14:49.639 --> 00:14:53.919 What can't you live without? Let's do a little gas 273 00:14:53.960 --> 00:14:54.639 go around here? 274 00:14:54.960 --> 00:14:59.440 If things are running short, If she's Cedar is stocking 275 00:14:59.559 --> 00:15:05.679 up on Lululemon, and what's his name, Sean? Her boyfriend 276 00:15:05.759 --> 00:15:09.799 is stalking up on Guinness? Do we have our guests? 277 00:15:09.799 --> 00:15:14.279 Go around here? Kno, there we go? What uh? 278 00:15:14.480 --> 00:15:18.320 What can't you live without? I'll go, I can't think 279 00:15:18.360 --> 00:15:19.559 of something I can't live without? 280 00:15:19.639 --> 00:15:19.720 Right? 281 00:15:19.799 --> 00:15:22.759 What ConA? What can't you live without? I can't live 282 00:15:22.799 --> 00:15:26.440 without my hookahs? Hokahs? Okay, how many pairs do you have? 283 00:15:26.519 --> 00:15:30.879 You say? I have like four? I think four pairs 284 00:15:30.879 --> 00:15:33.480 of hokahs? And my wife has both. But she's a nurse, 285 00:15:33.519 --> 00:15:34.639 so it's like, oh, she. 286 00:15:34.679 --> 00:15:37.480 Lives in those yeah, and she probably has all different 287 00:15:37.519 --> 00:15:39.519 colors to match all the different colors of scrubs and 288 00:15:39.519 --> 00:15:40.480 all that is correct. 289 00:15:40.639 --> 00:15:41.879 Nah, that's cool. I love that. 290 00:15:42.639 --> 00:15:45.440 I love everything about being a nurse. That's just what 291 00:15:45.480 --> 00:15:48.399 you wear. I couldn't do any of the other stuff. 292 00:15:49.240 --> 00:15:49.720 They are. 293 00:15:49.879 --> 00:15:53.600 They are miraculous people to me who can do all 294 00:15:53.679 --> 00:15:56.519 of the things that nurses do. I do think I 295 00:15:56.519 --> 00:15:58.679 could wear the scrubs and the hokahs every day. That's 296 00:15:58.720 --> 00:16:02.279 where it ends. But that's on like a nice life, Amy, 297 00:16:02.320 --> 00:16:03.360 what can't you live without? 298 00:16:03.840 --> 00:16:04.039 Yeah? 299 00:16:04.080 --> 00:16:06.840 That's a tough one. Yeah, I mean really, what can't 300 00:16:06.840 --> 00:16:07.120 we live? 301 00:16:07.440 --> 00:16:11.080 Right? That's a very good You're like a Buddhist. You're 302 00:16:11.120 --> 00:16:16.240 a Buddhist, Amy. Happiness comes from within there you go, Keana, 303 00:16:16.279 --> 00:16:17.759 do you have something that you can't live without that 304 00:16:17.799 --> 00:16:18.720 you need to stock up on? 305 00:16:19.480 --> 00:16:23.919 Coffee? Coffee? Yeah, sounds like you need a little right now. 306 00:16:24.320 --> 00:16:28.159 I do have one, but it's almost empty, and one 307 00:16:28.320 --> 00:16:29.039 is not enough. 308 00:16:29.240 --> 00:16:31.879 No, it's not. No, I'm a curic. I'll probably go 309 00:16:32.000 --> 00:16:33.120 pop a gickup in there. 310 00:16:33.159 --> 00:16:35.360 And I had three shots of espresso before I woke 311 00:16:35.480 --> 00:16:36.159 up this morning. 312 00:16:36.960 --> 00:16:38.879 Before you woke up. This mainline that. 313 00:16:39.039 --> 00:16:41.159 If they if you could hook up an ivy to 314 00:16:41.240 --> 00:16:44.720 the to the side of my bed with espresso. I 315 00:16:45.000 --> 00:16:48.879 just put that needle in right away. Anyway, thank you, 316 00:16:48.960 --> 00:16:52.799 conem So. Anyway, people stocking up on things. I don't 317 00:16:52.840 --> 00:16:55.159 know if we're at the time for toilet paper yet. 318 00:16:55.360 --> 00:16:57.840 I hope, I hope not to That was a dark 319 00:16:57.919 --> 00:17:00.480 time and it wasn't. It didn't have to do with 320 00:17:00.480 --> 00:17:03.039 the toilet paper. It was the visuals of people lining 321 00:17:03.159 --> 00:17:05.400 up with toilet paper that was the most depressing thing 322 00:17:05.440 --> 00:17:08.240 of the whole thing, Like, what are we doing here, folks. 323 00:17:08.359 --> 00:17:11.400 We are better than this, We are better, we are 324 00:17:11.400 --> 00:17:15.200 we we are not we are not all right? Coming 325 00:17:15.279 --> 00:17:19.759 up next like timeshares needed more bad press. My god, 326 00:17:19.839 --> 00:17:23.359 I get what the kids call an I get anxiety 327 00:17:23.440 --> 00:17:27.160 thinking about sitting through one of those timeshare boondoggles that 328 00:17:27.200 --> 00:17:30.079 they have when you get a free room somewhere and 329 00:17:30.079 --> 00:17:31.680 they're like, oh, yeah, you just got to come to 330 00:17:31.759 --> 00:17:34.559 our little talk, our little meeting for half an hour. 331 00:17:34.720 --> 00:17:38.319 It's never half an hour. And all the people they 332 00:17:38.359 --> 00:17:40.759 send in and then the closers they send in, they 333 00:17:40.799 --> 00:17:43.960 never let you leave. It's like guantanamobey at those things. 334 00:17:44.000 --> 00:17:49.000 It's awful. And now they're holding timeshare owners hostage for 335 00:17:49.079 --> 00:17:52.559 trying to get out of them in Mexico. Not really, 336 00:17:52.799 --> 00:17:54.960 but we'll get to the nuances when we come back. 337 00:17:56.160 --> 00:18:01.559 You're listening to Gary and Shannon on demand from KFI A. 338 00:18:03.799 --> 00:18:07.240 So I was just texting with a friend about time shares. 339 00:18:08.519 --> 00:18:11.119 I asked him if I could share the story. He 340 00:18:11.160 --> 00:18:13.799 hasn't gone back to me, But hey, what would Tim 341 00:18:13.839 --> 00:18:15.799 Conway Junior? Do I think he'd share the story? 342 00:18:15.839 --> 00:18:19.599 He'd still share. You're damn right he would, Kiana. So 343 00:18:20.480 --> 00:18:21.759 time shares terrify me. 344 00:18:22.519 --> 00:18:24.799 It always sounded too good to be true before I 345 00:18:24.839 --> 00:18:26.039 knew what they really were. 346 00:18:26.400 --> 00:18:28.359 Like, you just get a cool place to. 347 00:18:28.400 --> 00:18:31.240 Go wherever you want to go for spending what five 348 00:18:31.279 --> 00:18:33.440 hundred bucks a year or something like that, Like I 349 00:18:33.440 --> 00:18:33.799 don't know. 350 00:18:34.160 --> 00:18:36.559 That was kind of the way I theorized it. 351 00:18:36.559 --> 00:18:39.319 It just sounded like, well, let's deal with this, and 352 00:18:39.359 --> 00:18:43.359 then when you go to one of those timeshare meetings. 353 00:18:43.359 --> 00:18:45.960 One of my best friends we went to Vegas one 354 00:18:45.960 --> 00:18:46.519 time and she. 355 00:18:46.400 --> 00:18:47.920 Said, oh, yeah, I got us a free room. 356 00:18:48.119 --> 00:18:50.640 I just got to sit through this this hour meeting 357 00:18:50.680 --> 00:18:53.079 where they're going to try to sell us on having 358 00:18:53.119 --> 00:18:55.240 a place there, And I'm like, it's an hour. How 359 00:18:55.279 --> 00:18:59.839 bad could it be holy hell, it could be so bad. 360 00:19:00.720 --> 00:19:05.160 You just honestly feel like Captain Phillips. You're sitting there 361 00:19:05.720 --> 00:19:08.480 and there's no way of leaving, and they keep bringing 362 00:19:08.519 --> 00:19:11.640 in new people and you're having to be fake and smile. 363 00:19:12.119 --> 00:19:14.720 And then at one point in that hour, which doesn't 364 00:19:14.759 --> 00:19:18.440 feel like an hour, it feels like four weeks, you 365 00:19:18.599 --> 00:19:19.640 start being fake. 366 00:19:19.880 --> 00:19:22.000 You start fake, you stop fake. 367 00:19:21.880 --> 00:19:23.960 Smiling because it's just it's getting to the point where 368 00:19:23.960 --> 00:19:24.640 it's tedious. 369 00:19:25.440 --> 00:19:28.319 I'm not interested. I'm not interested. Oh, let's bring in Susan. 370 00:19:28.440 --> 00:19:31.680 Susan comes in with her power Blazer and Susan's like, hey, 371 00:19:32.480 --> 00:19:34.519 so I hear you guys are thinking about it. 372 00:19:34.519 --> 00:19:36.599 Well, let me just tell you and they I mean. 373 00:19:36.480 --> 00:19:40.880 The salesmanship is incredit It really is a marvel if 374 00:19:40.920 --> 00:19:44.279 you go to a good one. These people are good 375 00:19:44.279 --> 00:19:46.720 at what they do. They're good at selling you on 376 00:19:46.799 --> 00:19:51.839 this stuff. Why because they like money. They make a 377 00:19:52.000 --> 00:19:56.799 lot of money. Let's see here one of my friends. Okay, 378 00:19:56.880 --> 00:19:59.640 so he says, I can share the story he heard. 379 00:20:00.079 --> 00:20:02.559 He teased this story. He said, we owned three time 380 00:20:02.640 --> 00:20:05.039 shares and paid a company to get out of them. 381 00:20:05.240 --> 00:20:08.240 Best decision, he writes, I was gonna sell time shares, 382 00:20:08.279 --> 00:20:10.799 you make huge money. He says, ten years ago, I 383 00:20:10.799 --> 00:20:12.559 talked to a guy who was selling him making two 384 00:20:12.640 --> 00:20:14.880 hundred and fifty thousand dollars a year. He was living 385 00:20:14.880 --> 00:20:18.640 in Hawaii. So there is money to be made off 386 00:20:18.799 --> 00:20:22.599 of you. And then so there's a nightmare of sitting 387 00:20:22.599 --> 00:20:26.960 through that that there's the slight enjoyment of when you 388 00:20:27.920 --> 00:20:28.720 buy into it. 389 00:20:28.680 --> 00:20:30.880 And you're like, oh, this is really cool. This is 390 00:20:30.880 --> 00:20:32.359 gonna be great for my husband and I. 391 00:20:32.440 --> 00:20:34.400 We're gonna go here, we're gonna go do this and 392 00:20:34.440 --> 00:20:36.720 it's gonna be wonderful, and it'll be like living in 393 00:20:36.759 --> 00:20:40.000 five star hotels. And that's the part that almost got me. 394 00:20:40.039 --> 00:20:41.559 It was like, oh, we're going to stand in really 395 00:20:41.640 --> 00:20:45.319 nice places. Okay, No, it's got to be too good 396 00:20:45.319 --> 00:20:45.880 to be true. 397 00:20:46.079 --> 00:20:46.240 Right. 398 00:20:46.920 --> 00:20:49.559 Well, there was a couple in Michigan that has finally 399 00:20:49.640 --> 00:20:54.000 been released. They spent a month in a Mexican prison, 400 00:20:54.200 --> 00:20:57.200 a real prison, not one of those hour long can 401 00:20:57.240 --> 00:21:01.000