1 00:00:29,359 --> 00:00:34,280 Speaker 1: And welcome to the Big Podcast. How are you happy Friday? 2 00:00:35,640 --> 00:00:38,039 Turned the band down here in a little bit. Yeah, 3 00:00:38,119 --> 00:00:41,399 Today's Friday, the eighth day of August, year of Our Lord, 4 00:00:41,439 --> 00:00:46,280 twenty twenty five. My name is Tom Sullivan, and we 5 00:00:46,320 --> 00:00:49,920 start off today with some breaking news that came out 6 00:00:50,000 --> 00:00:56,200 this afternoon about Jim Lovell. And Jim Lovell, the Apollo 7 00:00:56,359 --> 00:01:01,799 thirteen commander, has passed away at the age of ninety 8 00:01:02,079 --> 00:01:07,159 seven years old. I mean, this is this guy, even 9 00:01:07,319 --> 00:01:12,319 among astronauts, was considered to be like the amazing hero 10 00:01:12,879 --> 00:01:16,439 because of Apollo thirteen, and they made the movie about it. 11 00:01:16,519 --> 00:01:20,359 Tom Hanks played Jim Lovell in the movie. But this 12 00:01:20,599 --> 00:01:27,840 was about the near disaster of the nineteen seventy Apollo 13 00:01:27,959 --> 00:01:33,159 thirteen effort to get to the Moon, and Jim Lovell 14 00:01:33,200 --> 00:01:37,920 went on to go to space four different times. And 15 00:01:37,959 --> 00:01:42,519 it's nice to see, if you will, that mister Lovell 16 00:01:42,760 --> 00:01:47,200 lived to ninety He had a full, good life, ninety 17 00:01:47,239 --> 00:01:53,120 seven years of age. So you know, history passes on 18 00:01:53,480 --> 00:01:57,599 and Jim Lovell passed on today at ninety seven. So 19 00:01:57,719 --> 00:01:59,879 we've got that. We just let me get into it. 20 00:02:00,040 --> 00:02:03,200 We have a lot about the economy. We've got inflation. 21 00:02:03,519 --> 00:02:09,159 We've got tariffs, we've got the FED, We've allow that 22 00:02:09,360 --> 00:02:14,400 to worry about. Let's start with Scott Bessant, the Treasury Secretary. 23 00:02:15,719 --> 00:02:19,360 He was on with Brett Bear last night and I 24 00:02:19,400 --> 00:02:23,800 thought his comments. I know he's a smart guy. I 25 00:02:24,479 --> 00:02:28,159 admire Scott Besson. I think he's probably the best one 26 00:02:28,240 --> 00:02:32,599 of all the people in the Trump administration. And he 27 00:02:33,159 --> 00:02:39,719 talks about the fact that inflation hasn't really done anything yet. Well, 28 00:02:39,759 --> 00:02:43,240 it has. It just depends upon which products you're talking about. 29 00:02:43,960 --> 00:02:49,360 And it's also the way that started was the Liberation 30 00:02:49,439 --> 00:02:52,280 Day was April second, and since then there have been 31 00:02:52,319 --> 00:02:58,439 delays and deferrals and changing rates, and finally yesterday they're 32 00:02:58,520 --> 00:03:01,560 supposedly kicked in. But even with that, they're still talking 33 00:03:01,599 --> 00:03:07,280 about changes. But we've had reports from Walmart that they 34 00:03:07,599 --> 00:03:10,599 have to raise prices. They're going to eat some of 35 00:03:10,639 --> 00:03:14,520 the increase by paying the tariffs and then having to 36 00:03:14,639 --> 00:03:17,080 eat some of that costs, but they're going to have 37 00:03:17,120 --> 00:03:19,560 to pass it on. The biggest retailer in the country 38 00:03:20,159 --> 00:03:23,840 is going to have to pass on higher prices. You've 39 00:03:23,879 --> 00:03:29,759 got the automakers, my gosh, the auto industry is getting 40 00:03:29,800 --> 00:03:33,800 clobbered because of steel and aluminum. A lot of that 41 00:03:33,840 --> 00:03:38,879 goes into automobiles. So the obvious response, according to the 42 00:03:38,919 --> 00:03:42,599 Wall Street Journal, is to raise prices and move production 43 00:03:42,719 --> 00:03:47,639 to the US. But that neither of those options are 44 00:03:47,680 --> 00:03:51,360 all that easy or can happen all that quickly. But 45 00:03:51,479 --> 00:03:55,439 you talk about some of the they'll make more investments here, 46 00:03:55,439 --> 00:03:57,639 but it's going to cost you more to buy a car. 47 00:03:59,039 --> 00:04:02,199 It just is. There's no other way around it. So 48 00:04:02,960 --> 00:04:07,120 at this point the auto industry is facing some massive 49 00:04:07,240 --> 00:04:10,039 increase in cost. Wall Street Journal had a great graph 50 00:04:10,599 --> 00:04:12,680 which I could hold it up to the microphone for you, 51 00:04:13,479 --> 00:04:17,480 but it says auto industry takes twelve billion dollar hit 52 00:04:17,959 --> 00:04:22,920 from the trade war so far, twelve billion. The one 53 00:04:22,959 --> 00:04:26,959 that is getting walloped the most is Toyota. They make 54 00:04:27,040 --> 00:04:29,399 most of their automobiles that they sell here, they make 55 00:04:29,439 --> 00:04:32,839 them in Japan. Their hit is about three a little 56 00:04:32,879 --> 00:04:36,040 more than three billion dollars. Number two on the list 57 00:04:36,279 --> 00:04:40,160 from Germany, Volkswagen. They're taking a hit of one and 58 00:04:40,199 --> 00:04:43,600 a half billion dollars, so you can expect the price 59 00:04:43,639 --> 00:04:49,079 of a Volkswagen to be higher. General Motors they said 60 00:04:49,120 --> 00:04:51,360 they're taking a one point one billion dollar hit, and 61 00:04:51,360 --> 00:04:54,240 they also announced that they're going to eat those those 62 00:04:54,319 --> 00:05:00,720 tariff costs themselves. But for how long? I mean, okay, 63 00:05:00,800 --> 00:05:04,439 thank you General Motors, but for how long for it 64 00:05:04,519 --> 00:05:07,399 is right behind General Motors, they're saying that they're going 65 00:05:07,480 --> 00:05:11,480 to take a one billion dollar hit. Honda is next, 66 00:05:11,879 --> 00:05:17,240 eight hundred and fifty million dollar hit, BMW six hundred 67 00:05:17,240 --> 00:05:21,160 and eighty million dollar hit, Hyundai six hundred million dollar hit, 68 00:05:21,319 --> 00:05:27,519 Kiya five hundred seventy million, Mazda four hundred seventy million, 69 00:05:27,639 --> 00:05:31,639 Nissan four hundred and seventy million, Mercedes four hundred and 70 00:05:31,680 --> 00:05:35,160 twenty million, and the list goes on. I mean, it's 71 00:05:35,240 --> 00:05:38,720 one of those that is the least of all of 72 00:05:38,759 --> 00:05:42,000 them is Tesla. They're taking a three hundred million dollar hit. 73 00:05:42,160 --> 00:05:44,720 Their cars are assembled one hundred percent here in the US, 74 00:05:45,040 --> 00:05:48,079 but they do get some parts from overseas, so they're 75 00:05:48,160 --> 00:05:52,800 even having to pay some of these tariffs. So add Walmart, 76 00:05:53,319 --> 00:05:56,959 the biggest retailer, add in the big car companies, and 77 00:05:57,000 --> 00:06:00,439 they're crying the blues about the tariffs, and they tariffs 78 00:06:00,480 --> 00:06:04,160 have basically barely begun. The reason the automakers are getting 79 00:06:04,279 --> 00:06:07,600 hit so quickly is because they make a lot of 80 00:06:07,920 --> 00:06:10,879 their parts and their cars out of steel and aluminum, 81 00:06:11,040 --> 00:06:14,360 and those have high tariffs, and they've been assessed for 82 00:06:14,399 --> 00:06:19,519 some time. Scott Besson, though, gives his best spin on 83 00:06:19,800 --> 00:06:21,879 all of this. Here's the Treasury Secretary. 84 00:06:22,839 --> 00:06:27,000 Speaker 2: I am saying that thus far we had not seen 85 00:06:27,040 --> 00:06:32,439 a transmission into prices, and if we do, it could 86 00:06:32,519 --> 00:06:35,160 be a one time price adjustment. But what we are 87 00:06:35,240 --> 00:06:40,399 seeing thus far is the manufacturers are eating it. So 88 00:06:41,199 --> 00:06:45,319 the overseas companies has taken advantage of the US for 89 00:06:45,360 --> 00:06:51,160 so long that the US companies are shouldering a lot 90 00:06:51,399 --> 00:06:55,199 of the tariffs, and perhaps we'll see some price on 91 00:06:55,240 --> 00:07:02,079 the consumers. But overall, inflation has been very been very nascent, 92 00:07:02,360 --> 00:07:05,480 and as a matter of fact, two months ago we 93 00:07:05,519 --> 00:07:08,199 saw inflation dropped for the first time in four years. 94 00:07:08,639 --> 00:07:11,920 Speaker 1: So a couple of things. One is he said that though, oh, 95 00:07:11,920 --> 00:07:15,480 there may be some upward pressure on consumers, upper price pressure, 96 00:07:16,160 --> 00:07:19,800 I think you can count on it. Secondly, and listen, 97 00:07:19,920 --> 00:07:25,720 I just don't like tariffs. I understand we need to 98 00:07:25,839 --> 00:07:29,360 have fair trade practices between ourselves and other countries. I'm 99 00:07:29,480 --> 00:07:33,839 all for that, but these are not reciprocal trades. Tariffs, 100 00:07:34,399 --> 00:07:36,959 they are not reciprocal if they were, I would be 101 00:07:37,040 --> 00:07:41,240 all for it, and to correct the Treasury secretary, I mean, 102 00:07:41,279 --> 00:07:43,639 he's putting a much spin on this that you can 103 00:07:43,720 --> 00:07:46,879 imagine this is not going to be a one time 104 00:07:46,959 --> 00:07:50,240 price adjustment. Keeps going back to that, trying to sell that. 105 00:07:50,759 --> 00:07:52,720 But if that would be true, if there was a 106 00:07:52,879 --> 00:07:56,600 one time tariff, but the tariffs are going to be 107 00:07:56,680 --> 00:08:02,360 assessed to every single product comes into this country. It's 108 00:08:02,399 --> 00:08:05,519 not going to be one time. So back to Bestent, 109 00:08:05,680 --> 00:08:10,079 and the question is about his view of what's going 110 00:08:10,120 --> 00:08:10,759 on at the FED. 111 00:08:12,319 --> 00:08:19,079 Speaker 2: Look, I think that they a couple of reasons, but 112 00:08:19,360 --> 00:08:22,360 I think a big part of it was somewhat a 113 00:08:22,439 --> 00:08:26,720 lack of logic because on one side they were saying, Okay, 114 00:08:27,120 --> 00:08:30,839 we need to wait risk management, we need to see 115 00:08:31,639 --> 00:08:34,759 if we are going to see inflation from the tariff, 116 00:08:35,080 --> 00:08:38,279 and again, it would not have been inflation at one time. 117 00:08:38,360 --> 00:08:42,600 Price adjustment is just like does your driver's license costs 118 00:08:42,639 --> 00:08:46,720 more this year. Then on the other side, they lowered 119 00:08:46,759 --> 00:08:51,600 their economic projections for the year. So traditionally, when economic 120 00:08:51,679 --> 00:08:55,080 projections go down, interest rates go down. So now the 121 00:08:55,120 --> 00:09:00,120 market is pricing in a substantial probability of rate cuts 122 00:09:00,679 --> 00:09:04,840 over the coming months and I would expect that the 123 00:09:04,879 --> 00:09:06,360 FED will be following the market. 124 00:09:06,519 --> 00:09:10,159 Speaker 1: Then Besont was asked about the reporting that a number 125 00:09:10,200 --> 00:09:14,799 of brick countries are getting together other countries, Brazil, China 126 00:09:15,440 --> 00:09:18,519 talking to each other about why don't we trade with 127 00:09:18,639 --> 00:09:21,960 each other and leave the United States out of the 128 00:09:22,000 --> 00:09:26,480 global trade world. And here's Besson's response. I think it's 129 00:09:26,519 --> 00:09:27,600 mostly performative. 130 00:09:28,480 --> 00:09:31,679 Speaker 2: They can call each other, they can meet, but everyone 131 00:09:31,759 --> 00:09:35,000 wants access to the US market. And what we've seen 132 00:09:35,039 --> 00:09:39,159 thus far was other than a brief retaliation by China, 133 00:09:39,240 --> 00:09:43,679 There's been absolutely no retaliation. We have eighteen important trading 134 00:09:43,759 --> 00:09:48,320 partners and we have substantial deals with about two thirds 135 00:09:48,360 --> 00:09:54,440 of them, and with India. President Trump has added a 136 00:09:54,480 --> 00:09:59,600 third facet to tariffs. Alexander Hamilton, who was the original 137 00:09:59,600 --> 00:10:03,159 tariff man, I used terrafts for two reasons, one for 138 00:10:03,679 --> 00:10:06,840 to fund the government, two to protect you as industry. 139 00:10:07,200 --> 00:10:10,759 And now President Trump is using terraffs as an instrument 140 00:10:10,840 --> 00:10:15,399 of foreign policy and he is putting secondary tariffs on 141 00:10:15,759 --> 00:10:17,919 India for buying Russian oil. 142 00:10:18,440 --> 00:10:22,720 Speaker 1: Okay, so another point that I don't like, and I'll 143 00:10:22,720 --> 00:10:26,039 find you one again. I'm all for reciprocal tariffs you 144 00:10:26,159 --> 00:10:29,639 charge US five percent, we'll charge you five You charge 145 00:10:29,720 --> 00:10:34,000 us fifty percent, We'll charge you fifty percent. That's fair trade. 146 00:10:34,639 --> 00:10:37,600 It's not free trade, but it's fair trade. But I 147 00:10:37,720 --> 00:10:40,159 don't like the fact that the president is in love 148 00:10:40,320 --> 00:10:46,080 with tariffs and he's using them for non economic reasons. Well, 149 00:10:46,120 --> 00:10:48,679 you mentioned Alexander Hamilton with the first tariff gud. That's 150 00:10:48,759 --> 00:10:51,480 because we didn't have an income tax. That's how the 151 00:10:51,519 --> 00:10:57,360 country supported itself with tariff income. No, no, it could 152 00:10:57,360 --> 00:10:59,679 not replace the income tax that we have now. The 153 00:10:59,679 --> 00:11:02,320 income tax is way too lucrative for them to get 154 00:11:02,399 --> 00:11:06,320 rid of that and charge sheriffs. It just wouldn't pencil out. 155 00:11:06,799 --> 00:11:12,159 But why are we using tariffs to punish somebody for 156 00:11:12,279 --> 00:11:17,279 their political behavior? I e. India buying Russian oil. Go 157 00:11:17,360 --> 00:11:19,360 after them with all the other tools you've got in 158 00:11:19,960 --> 00:11:27,559 your basket. But tariffs should be reserved for economic reasons, 159 00:11:27,600 --> 00:11:30,840 not for some political or military reason. 160 00:11:31,080 --> 00:11:35,440 Speaker 2: From this tariff policy, we expect to take in hundreds 161 00:11:35,480 --> 00:11:38,879 of millions of dollars and to help pay down the 162 00:11:38,960 --> 00:11:42,159 debt and bring down this mess that we were left with. 163 00:11:42,480 --> 00:11:46,639 On the other side, we're succeeding substantial restoring and I 164 00:11:46,679 --> 00:11:51,080 would expect that by the fourth quarter of this year 165 00:11:51,519 --> 00:11:54,919 first second quarters that construction is going to begin a 166 00:11:55,000 --> 00:11:57,639 substantial job creation and expansion. 167 00:11:58,759 --> 00:12:02,399 Speaker 1: I hope he's right. I hope he's right. He misspoke. 168 00:12:02,440 --> 00:12:05,720 He said bringing in hundreds of millions of dollars. It's 169 00:12:05,759 --> 00:12:08,679 actually the President says hundreds of billions. I don't know 170 00:12:08,679 --> 00:12:10,919 of anybody is able to add it that big, but 171 00:12:10,960 --> 00:12:14,919 it's in the billions, tens of billions for sure. And 172 00:12:14,960 --> 00:12:18,639 my question always comes back to if the government is 173 00:12:18,720 --> 00:12:23,480 getting tens of billions of dollars into the treasury, who 174 00:12:23,879 --> 00:12:27,720 who's sending him the money? Whose check is it that 175 00:12:27,879 --> 00:12:32,000 arrives at the Treasury for the Treasury to cash? And 176 00:12:32,080 --> 00:12:37,720 I suggest to you it is American businesses that are 177 00:12:37,879 --> 00:12:40,600 writing the check when they pick up the products at 178 00:12:40,600 --> 00:12:46,080 the ports and they're writing customs of Border Protection collects 179 00:12:46,120 --> 00:12:49,080 the money and sends it to the Treasury. So again 180 00:12:49,320 --> 00:12:51,799 I am rooting that all of this will work out 181 00:12:51,840 --> 00:12:56,200 to be fabulous, but I have some basic questions about it. 182 00:12:56,240 --> 00:13:00,960 And historically tariffs are a lose lose for both sides 183 00:13:01,000 --> 00:13:08,840 of the trading aisle. One thing that we don't have 184 00:13:08,919 --> 00:13:13,799 a calculator for, and that is AI and how much 185 00:13:13,960 --> 00:13:18,559 is artificial intelligence going to boost our economy? And again, 186 00:13:18,720 --> 00:13:21,759 if our economy can grow stronger than it has been, 187 00:13:22,440 --> 00:13:26,399 then that helps with all of the financial problems that 188 00:13:26,440 --> 00:13:30,240 we have. Marcus Lamone, he's used to do a show 189 00:13:30,320 --> 00:13:32,399 called The Property. He's got a new show coming out 190 00:13:32,399 --> 00:13:36,440 this fall. He owns a bunch of businesses. Camping World, 191 00:13:36,480 --> 00:13:40,919 I believe is his primary business, and he was talking 192 00:13:40,960 --> 00:13:45,480 about AI and the impact that it will have on 193 00:13:46,159 --> 00:13:47,720 business and on the economy. 194 00:13:47,960 --> 00:13:51,039 Speaker 3: Well, AI is actually across multiple businesses, between ben Beth 195 00:13:51,080 --> 00:13:53,360 and Beyond and Camping World. It really is starting to 196 00:13:53,399 --> 00:13:56,480 integrate not only the sales process, supply chain process, the 197 00:13:56,559 --> 00:13:59,919 ordering process. But there's this misnomer that people are getting 198 00:14:00,240 --> 00:14:02,120 off because of AI, and I want to make sure 199 00:14:02,200 --> 00:14:05,200 that we're really clear. President Trump has been clear, this 200 00:14:05,279 --> 00:14:08,240 is not a human replacement. This is a human accelerator. 201 00:14:08,799 --> 00:14:10,360 And so that's how we really look at it. How 202 00:14:10,360 --> 00:14:11,960 do we make more efficiency and how do we make 203 00:14:12,000 --> 00:14:12,960 more money because of it? 204 00:14:13,240 --> 00:14:15,200 Speaker 1: So this could be the big balancing act. If we've 205 00:14:15,240 --> 00:14:18,679 got tariffs, which I believe can add put a drag 206 00:14:18,759 --> 00:14:23,200 on the economy, and you've got AI that is growing 207 00:14:23,320 --> 00:14:27,159 leaps and bounds and can really grow the economy. Hopefully 208 00:14:27,799 --> 00:14:30,360 maybe that will offset or even exceed what the drag 209 00:14:30,480 --> 00:14:33,679 is from tariffs on the economy. Speaking of Marcus Lemone, 210 00:14:33,759 --> 00:14:37,440 he also was asked about the jobs numbers and the 211 00:14:37,559 --> 00:14:43,240 problem as a business owner of dealing with inaccurate and 212 00:14:43,480 --> 00:14:48,559 unreliable information about the unemployment or the employment, the jobs 213 00:14:48,639 --> 00:14:51,440 numbers coming from the Bureau of Labor Statistics. 214 00:14:51,440 --> 00:14:53,840 Speaker 3: Here's what he said, before we address that co we's 215 00:14:53,879 --> 00:14:56,759 not calling it statistics and just call it facts. The 216 00:14:56,840 --> 00:14:59,600 jobs either exist or they don't, right, and I either 217 00:14:59,600 --> 00:15:01,279 want to know oh that they exist, and as a 218 00:15:01,399 --> 00:15:03,240 leader of a couple of businesses, I want to know 219 00:15:03,279 --> 00:15:06,159 what the general labor marketplace looks like. Should I be 220 00:15:06,240 --> 00:15:08,480 hiring people, should I be thinking about laying people off? 221 00:15:08,519 --> 00:15:11,919 And if I'm making decisions based on bad information, particularly 222 00:15:11,960 --> 00:15:14,080 in the AI world where we can scrape data from 223 00:15:14,120 --> 00:15:16,799 payroll services and a variety of other people, then I, 224 00:15:16,879 --> 00:15:19,679 as a business owner, I'm probably more upset than President 225 00:15:19,679 --> 00:15:22,840 Trump is because I'm making decisions on investing on capital, 226 00:15:22,840 --> 00:15:24,960 I'm trending them, looking at how I'm going to build 227 00:15:24,960 --> 00:15:28,000 my capital structure all off of labor data. Because everybody 228 00:15:28,039 --> 00:15:31,320 always told us labor data is the number one thing 229 00:15:31,360 --> 00:15:33,600 that matters. Well, I think we need to have faith 230 00:15:33,759 --> 00:15:39,200 thanks are making decisions. Corporations are making capex decisions. From 231 00:15:39,200 --> 00:15:41,919 my perspective, and we tie the two AI and labor together, 232 00:15:42,600 --> 00:15:44,919 we can have good information on answering simple questions. We 233 00:15:44,960 --> 00:15:47,039 should be able to get that data real time, not 234 00:15:47,120 --> 00:15:48,720 once a quarter, but once a day. 235 00:15:49,159 --> 00:15:53,360 Speaker 1: That seems crazy to hear that, but that makes sense. 236 00:15:53,519 --> 00:15:56,879 Why can't we get why can't we close the books 237 00:15:56,919 --> 00:15:59,720 every single day at the labor Department on how many 238 00:15:59,720 --> 00:16:02,759 people have filed for unemployment and how many people have 239 00:16:02,840 --> 00:16:05,720 found jobs. It should be something like every business, you 240 00:16:06,559 --> 00:16:10,240 close your book of business every day, but the government 241 00:16:10,679 --> 00:16:16,320 reports once a month every quarter. So I like Marcus 242 00:16:16,399 --> 00:16:22,279 Lamoney's smart guy. So if we're talking about government, let's 243 00:16:22,279 --> 00:16:24,399 go and take a look at Washington, d C, our 244 00:16:24,559 --> 00:16:28,200 nation's capital. I don't know if you're familiar with Washington. 245 00:16:28,399 --> 00:16:32,519 I'm just I have enough information to be dangerous. But 246 00:16:32,559 --> 00:16:36,200 the president wants to get involved in cracking down on crime. 247 00:16:36,720 --> 00:16:40,919 There was one of the dos DOGE staffers was attacked 248 00:16:40,919 --> 00:16:44,679 and beaten. There have been some murderers Washington, D C. 249 00:16:44,840 --> 00:16:49,639 Has always been high crime city, but the President wants 250 00:16:49,679 --> 00:16:53,559 to make it so that the crime is minimal and 251 00:16:53,919 --> 00:16:56,960 that will make the mayor happy. But I found out 252 00:16:57,080 --> 00:17:01,480 what they're talking about is a twenty square block area. 253 00:17:02,600 --> 00:17:07,279 Then what that is around where the government buildings are. 254 00:17:08,039 --> 00:17:10,480 There's if you take a look at Washington, you see 255 00:17:10,519 --> 00:17:14,400 it's kind of tilted, but it's basically a square. And 256 00:17:15,039 --> 00:17:20,960 the northeast and the southeast are always considered by people 257 00:17:21,160 --> 00:17:24,960 in d C to be the dangerous, high crime, low 258 00:17:25,039 --> 00:17:29,519 income neighborhoods. You go to the northwest and the southwest, 259 00:17:29,519 --> 00:17:33,440 that's where the government buildings are, and that's where Georgetown is. 260 00:17:33,839 --> 00:17:37,920 It's all very lovely. Are they going to protect twenty 261 00:17:38,000 --> 00:17:41,960 square blocks? Well, if they do, I'm sure the crime 262 00:17:42,039 --> 00:17:47,319 rate in Washington will go down at least slightly. But 263 00:17:47,359 --> 00:17:51,759 speaking of Washington, Shannonboreem, who lives there, where she works, 264 00:17:51,759 --> 00:17:55,680 she covers the Supreme Court. But she is also making 265 00:17:55,720 --> 00:17:58,720 the same observation I told you about yesterday. They've had 266 00:17:59,039 --> 00:18:03,079 all these Biden former Biden officials that are coming before 267 00:18:03,119 --> 00:18:06,920 the Oversight Committee. The committee is gone, the staffers are there. 268 00:18:06,960 --> 00:18:12,279 They're bringing these people in. Anita Done She's Anita Done 269 00:18:12,599 --> 00:18:16,640 is just an old pro for the Democrats in Washington, 270 00:18:16,720 --> 00:18:20,119 d C. She has been a very high official in 271 00:18:20,759 --> 00:18:24,720 the Obama administration, in the Biden administration, she goes way 272 00:18:24,759 --> 00:18:29,960 back as a top level Democrat and so they had 273 00:18:30,000 --> 00:18:33,440 her in for a couple three hours yesterday and what 274 00:18:33,640 --> 00:18:37,640 she said was essentially, yeah, Joe Biden has aged during 275 00:18:37,720 --> 00:18:40,319 his time in the presidency, but he was very competent 276 00:18:40,640 --> 00:18:43,680 and able to make the decisions. He made the calls, 277 00:18:44,680 --> 00:18:48,000 so they stopped taking the Fifth Amendment. And now they're 278 00:18:48,000 --> 00:18:52,599 all saying, no, he was great, and it's simply their opinion, 279 00:18:52,680 --> 00:18:56,880 so you can't charge them with the crime. That's what 280 00:18:56,920 --> 00:19:00,640 they say. Their opinion is. He's Shannon Breemti talking about it. 281 00:19:01,119 --> 00:19:01,319 Speaker 4: Yeah. 282 00:19:01,359 --> 00:19:04,640 Speaker 5: And as you guys know, these voluntary interviews when they 283 00:19:04,640 --> 00:19:07,960 come in like Anita Done did, they're not sworn test away, 284 00:19:07,960 --> 00:19:10,200 they're not depositions. And you're getting a lot more out 285 00:19:10,200 --> 00:19:12,880 of folks when you have that kind of conversation. But 286 00:19:13,319 --> 00:19:14,799 you know, whether you go in and take the fifth 287 00:19:14,839 --> 00:19:17,039 because it is a sworn deposition, or you have these 288 00:19:17,119 --> 00:19:21,000 voluntary interviews absent somebody on the inside saying from that 289 00:19:21,079 --> 00:19:23,880 inner circle, Yeah, some of us did make decisions and 290 00:19:23,960 --> 00:19:27,319 use the auto pen without telling him. We overrode the president. 291 00:19:27,359 --> 00:19:29,319 Those kinds of things, you know. Short of that, I 292 00:19:29,319 --> 00:19:32,160 don't know where the House Oversight Committee goes with this 293 00:19:32,319 --> 00:19:35,680 other than they are scoring political points and reminding people 294 00:19:35,720 --> 00:19:37,920 when Democrats very much want to turn the page on 295 00:19:37,920 --> 00:19:40,599 twenty four. They don't love I think Vice President Harris 296 00:19:40,599 --> 00:19:42,920 being out there or talk of President Biden. They want 297 00:19:42,920 --> 00:19:44,359 to look to the future. They want to get ready 298 00:19:44,400 --> 00:19:46,599 for the midterms and not focus on, you know, some 299 00:19:46,640 --> 00:19:48,680 of the folks that were problematic for them in the past. 300 00:19:49,519 --> 00:19:52,200 I mean, it may simply be about getting these people 301 00:19:52,200 --> 00:19:54,240 on the record in any way that they can answering 302 00:19:54,279 --> 00:19:57,559 these difficult questions. You saw our Aisha Hasni chasing Anita 303 00:19:57,640 --> 00:19:59,200 Dune down the hall, trying to get her to talk 304 00:19:59,200 --> 00:20:02,759 about that cognit to test. Doctor Kevin O'Connor, you know, 305 00:20:02,839 --> 00:20:04,880 he took the fifth didn't get questions from him on that, 306 00:20:05,319 --> 00:20:07,559 but there are reports that it needed done. Did talk 307 00:20:07,559 --> 00:20:10,079 about the issue, and that there was some discussion within 308 00:20:10,119 --> 00:20:12,960 the circle that they felt like President Bien could pass 309 00:20:13,000 --> 00:20:15,279 a cognitive test, but they didn't think it would be 310 00:20:15,319 --> 00:20:20,039 politically beneficial. I think the question is how politically detrimental 311 00:20:20,279 --> 00:20:23,000 it may have been. And so all of those decisions 312 00:20:23,000 --> 00:20:25,359 and at least you're getting a little bit more conversation 313 00:20:25,400 --> 00:20:27,279 about what was going on in those inner workings, and 314 00:20:27,319 --> 00:20:29,359 that's absolutely what House Republicans want to do. 315 00:20:29,640 --> 00:20:32,519 Speaker 1: So you heard what she said that at the very most, 316 00:20:32,519 --> 00:20:36,599 they're trying to score political points. But once again, there 317 00:20:36,720 --> 00:20:42,119 is the Oversight Committee holding these hearings and nothing is happening, 318 00:20:42,559 --> 00:20:47,480 nothing is accomplished, and nobody is going to be held accountable. 319 00:20:47,960 --> 00:20:51,640 Bottom line, Let's skip over over the pond, go over 320 00:20:51,640 --> 00:20:57,400 to Israel, and last night the Cabinet held a meeting 321 00:20:57,720 --> 00:21:00,839 until four o'clock in the morning in Israel where they 322 00:21:00,880 --> 00:21:04,000 were debating whether or not they wanted to actually just 323 00:21:04,279 --> 00:21:09,119 take over Gaza. And the thing about this which I 324 00:21:09,240 --> 00:21:13,880 find fascinating from Afar is that Gaza used to belong 325 00:21:15,240 --> 00:21:21,519 to Israel and Prime Minister Ariel Sharon is the one 326 00:21:21,559 --> 00:21:25,519 who years ago said, well, I think it was in 327 00:21:25,559 --> 00:21:27,599 the early two thousand and two thousand and five, maybe 328 00:21:27,640 --> 00:21:31,039 I'm guessing, but it was around then when Sharon said, 329 00:21:31,119 --> 00:21:36,440 let's just give this to the people that are of 330 00:21:37,920 --> 00:21:41,279 Palestinian descent and will let them set up their own country, 331 00:21:41,640 --> 00:21:43,799 and they did, and they did the same for the 332 00:21:43,839 --> 00:21:46,759 West Bank. They said here you go, and it wasn't 333 00:21:46,839 --> 00:21:49,400 just here you go, it was all of you Israelis 334 00:21:50,000 --> 00:21:54,279 that live in these areas you have to leave. So 335 00:21:54,319 --> 00:21:56,599 there's a lot of Israelis who had to be were 336 00:21:56,680 --> 00:21:59,920 booted out of their homes. I mean, I always think about, 337 00:22:00,000 --> 00:22:01,880 how would you like to have the government come along 338 00:22:01,920 --> 00:22:05,240 and say you got to move out? But that's what 339 00:22:05,279 --> 00:22:07,519 they did, and they moved them out, and then the 340 00:22:07,559 --> 00:22:11,480 people that moved in were given a chance to vote 341 00:22:11,480 --> 00:22:15,720 for their leaders. That it was the PLO Palestinian Liberation 342 00:22:15,920 --> 00:22:19,400 Organization or HAMAS were the choices the two parties that 343 00:22:19,440 --> 00:22:23,079 they had to vote for. They voted for HAMAS well. 344 00:22:24,000 --> 00:22:26,799 You know the rest of the story. But they want 345 00:22:26,839 --> 00:22:29,480 to base it. Everybody's having a big cow because of 346 00:22:29,519 --> 00:22:32,119 the fact that they're saying, well, let's take Gaza back. 347 00:22:32,720 --> 00:22:34,720 And I'm not sure if it's all of Gaza or 348 00:22:34,799 --> 00:22:38,720 just Gaza City. But the problem Israel's had is that 349 00:22:38,759 --> 00:22:41,799 they in fact, they did it again last night. They're 350 00:22:41,880 --> 00:22:46,000 lobbing missiles from Gaza into Israel people or in Israel, 351 00:22:46,039 --> 00:22:48,799 Ho would you like missiles to be lobbed into your 352 00:22:48,839 --> 00:22:54,279 backyard or into your roof. So they're saying, let's just 353 00:22:54,319 --> 00:22:56,200 take it back, and they voted on it last night 354 00:22:56,279 --> 00:22:58,400 and they said, yes, we are going to take it back. 355 00:22:58,920 --> 00:23:04,119 Josh Gotthaimer, who as a Democrat from New Jersey, had 356 00:23:04,160 --> 00:23:04,920 this observation. 357 00:23:05,559 --> 00:23:09,640 Speaker 6: I mean, I clearly understood from our conversation that their 358 00:23:09,680 --> 00:23:13,680 intention was to everything possible to get the hostages out, 359 00:23:13,839 --> 00:23:16,759 the fifty that are remaining, twenty we believe are alive. 360 00:23:17,200 --> 00:23:21,519 Obviously you saw the videos wolf of Hamas starving literally 361 00:23:21,559 --> 00:23:25,319 starving some of the hostages, one digging his own grave. 362 00:23:25,720 --> 00:23:27,480 And so the goal is to where we know the 363 00:23:27,559 --> 00:23:31,079 last stronghold appears to be in Gaza City, where the 364 00:23:31,079 --> 00:23:34,519 Prime Minister plans to go in to crush Hamas and 365 00:23:34,720 --> 00:23:38,839 drive toward a ceasefire. And to me, that's the ultimate 366 00:23:38,839 --> 00:23:43,079 objective here is getting humanitarian aid in and prevent Hamas 367 00:23:43,079 --> 00:23:45,400 from blocking that humanitarian aid, which we know they've been 368 00:23:45,440 --> 00:23:49,440 doing to crush Hamas and to transition, as the Prime 369 00:23:49,440 --> 00:23:55,279 Minister said, to a multi national Arab government. To me, 370 00:23:55,480 --> 00:23:57,799 that's the goal here, to not have any kind of 371 00:23:57,880 --> 00:24:00,880 long term occupation or annexation and I'm totally opposed to 372 00:24:00,960 --> 00:24:04,720 that and to as quickly as possible move to a 373 00:24:04,759 --> 00:24:08,440 new government without Hamas terrorists in charge. Well, I don't 374 00:24:08,440 --> 00:24:10,680 believe that's the objective. The objective is to get the 375 00:24:10,680 --> 00:24:15,359 hostages out. Hamas is torturing and starving these hostages, and 376 00:24:15,440 --> 00:24:18,359 as you know, there are fifty left. You know, we 377 00:24:18,480 --> 00:24:21,960 also know welf that the aid is not getting through 378 00:24:22,359 --> 00:24:27,000 because Hamas. You've seen the videos of the UN convoys 379 00:24:27,039 --> 00:24:30,640 consistently getting raided and looted, Hamas taking the food and 380 00:24:30,680 --> 00:24:34,240 preventing it from getting to children who need it. I 381 00:24:34,279 --> 00:24:36,440 saw i once, I was at the Shalom crossing and 382 00:24:36,519 --> 00:24:39,960 went down saw firsthand the trucks moving from Israel into 383 00:24:40,000 --> 00:24:43,400 Gaza and sitting in Gaza because they the UN trucks, 384 00:24:43,440 --> 00:24:45,920 which they put out statistics saying that they have an 385 00:24:45,920 --> 00:24:49,079 eighty five percent fail rate of getting that food to 386 00:24:49,079 --> 00:24:51,720 the people who need it, which is unacceptable. You know, 387 00:24:51,759 --> 00:24:54,200 there is an alternative which I believe is working, and 388 00:24:54,480 --> 00:24:58,000 I met with them, the Global Humanitarian Foundation, the GHF, 389 00:24:58,480 --> 00:25:01,079 which is focused on getting food directly to people and 390 00:25:01,119 --> 00:25:04,400 not letting Hamas get their hands on that food. They're 391 00:25:04,480 --> 00:25:06,920 quadrupling the number of sites. We need to do everything 392 00:25:07,000 --> 00:25:09,599 we can to get that aid out and to crush 393 00:25:09,599 --> 00:25:12,559 HAMAS and get these terrats out. And obviously a long 394 00:25:12,640 --> 00:25:16,279 term occupation is unacceptable, but I'll tell you what is 395 00:25:16,319 --> 00:25:19,160 acceptable is doing everything we can to stop these terrorists. 396 00:25:20,319 --> 00:25:20,559 Speaker 1: Less. 397 00:25:20,559 --> 00:25:26,039 Speaker 6: They're angrier about the situation that I've ever been because 398 00:25:26,680 --> 00:25:29,279 you know, in the past Hamas had shown had not 399 00:25:29,920 --> 00:25:34,200 intended to show videos or pictures of starving hostages and 400 00:25:34,200 --> 00:25:37,279 torturing them, and now they're blatantly doing that, you know, 401 00:25:37,440 --> 00:25:39,599 showing the one digging his own grave. What I heard 402 00:25:39,599 --> 00:25:42,079 from these loved ones is that time is not on 403 00:25:42,160 --> 00:25:44,559 their side. They know that we've got to do anything 404 00:25:44,599 --> 00:25:49,240 we can to get these hostages out immediately. I know 405 00:25:49,359 --> 00:25:52,799 that in my meetings the intention is to do everything 406 00:25:52,839 --> 00:25:55,720 as careful and cautiously as possible to get these hostages out. 407 00:25:56,000 --> 00:25:58,240 But long term Hamas has no intention, in my opinion, 408 00:25:58,240 --> 00:26:01,839 of doing anything except starving, killing these hostages. They've shown 409 00:26:01,920 --> 00:26:04,720 no interest in agreeing to any deals. They keep walking 410 00:26:04,720 --> 00:26:07,920 away from the table. They don't want AID getting in. 411 00:26:08,039 --> 00:26:11,920 We know that they're literally killing AID workers if they 412 00:26:12,160 --> 00:26:16,119 work with the GHF. They are feeding BBC put out 413 00:26:16,119 --> 00:26:18,440 a report yesterday, and BBC is no fan of Israel. 414 00:26:18,559 --> 00:26:20,799 They put a put out yesterday showing they're feeding some 415 00:26:21,000 --> 00:26:23,799 If you're a Hamas household, Hamas is giving you food 416 00:26:23,839 --> 00:26:26,599 if you're supportive, and money if the next door, next 417 00:26:26,599 --> 00:26:30,640 door neighbor, which is not is getting nothing. And to me, Hamas, 418 00:26:30,920 --> 00:26:32,839 who was supposed to be the governing body, has shown 419 00:26:33,119 --> 00:26:36,400 zero interest in taking care of Palestinians. This whole thing 420 00:26:36,480 --> 00:26:38,519 is awful. We've got to get to peace. We've got 421 00:26:38,559 --> 00:26:40,440 to get past this. But I'll tell you and get 422 00:26:40,440 --> 00:26:43,119 to a ceasefire. But I'll tell you right now, you 423 00:26:43,160 --> 00:26:45,160 can't allow Hamas to be in power and continue to 424 00:26:45,240 --> 00:26:47,599 kill the way they're doing. We've got to find a 425 00:26:47,640 --> 00:26:50,240 way forward here. We need a new government, We need 426 00:26:50,279 --> 00:26:52,599 Hamas to be out of the way and to get 427 00:26:52,599 --> 00:26:54,519 these hostages out in humanitarian aid in. 428 00:26:55,039 --> 00:26:57,400 Speaker 1: War is just ugly no matter how you cut it, 429 00:26:57,400 --> 00:27:00,519 but this one seems to be particularly ugly. And the 430 00:27:00,640 --> 00:27:05,079 fascinating part, sadly about all of this is is that 431 00:27:05,119 --> 00:27:12,319 Hamas has a highly effective propaganda war around the world. 432 00:27:13,839 --> 00:27:17,720 Basically from October seventh of twenty three, when they attacked 433 00:27:17,759 --> 00:27:20,640 the people innocent people in their homes, and they turned 434 00:27:20,640 --> 00:27:23,720 it around to very quickly. The world was upset with 435 00:27:24,640 --> 00:27:30,480 Israel for defending themselves because they fired back with lots 436 00:27:30,480 --> 00:27:34,480 of gusto and they said, oh, you're being mean. And 437 00:27:34,599 --> 00:27:37,160 here it is time after time the people that have 438 00:27:37,240 --> 00:27:40,279 been on the ground say that the AID trucks get 439 00:27:40,359 --> 00:27:44,039 there and they can't get the aid distributed. And if 440 00:27:44,680 --> 00:27:48,519 Hamas is killing the drivers of the trucks to keep 441 00:27:48,559 --> 00:27:51,000 the aid from getting in. And then you heard what 442 00:27:51,079 --> 00:27:54,400 he was talking about, Josh Gothheimer talking about the fact 443 00:27:54,440 --> 00:27:57,799 that if you are a supporter of Hamas, they will 444 00:27:57,799 --> 00:28:02,559 give you food. They control the distribution, and if you're 445 00:28:02,559 --> 00:28:04,880 not a supporter of a mosque, they make you starve. 446 00:28:05,799 --> 00:28:09,000 So I mean, for all of you that are in 447 00:28:09,039 --> 00:28:11,920 the public relations business, the pr business out there, man, 448 00:28:12,400 --> 00:28:14,200 you ought to take some notes from what it is 449 00:28:14,240 --> 00:28:17,839 that they're doing, because they are very effective in their 450 00:28:17,839 --> 00:28:21,680 propaganda war making Israel look out like they are the 451 00:28:21,799 --> 00:28:27,200 bad guys. And I quite honestly don't understand what Israel wants. 452 00:28:27,279 --> 00:28:30,480 Were that it's a beautiful piece of property was but 453 00:28:30,559 --> 00:28:33,440 now it's just totally destroyed. Why would you want to 454 00:28:33,480 --> 00:28:36,519 take that over because it's going to be upon you 455 00:28:36,799 --> 00:28:42,000 and your pocketbook to rebuild all of that. I'm not 456 00:28:42,039 --> 00:28:47,119 sure why Israel wants to take it back. It'll be 457 00:28:47,160 --> 00:28:50,279 an enormous cost for them to rebuild that property. It 458 00:28:50,319 --> 00:28:53,359 will take a decade to do it. But again, I repeat, 459 00:28:53,519 --> 00:28:57,759 that was Israel until Ariel Sharon said, why don't we 460 00:28:57,799 --> 00:29:00,200 give this to the people and let them live there, 461 00:29:00,359 --> 00:29:05,240 uh and create their own government. I don't understand it. 462 00:29:10,039 --> 00:29:12,720 So let's let's get some into the week. Let's get 463 00:29:12,720 --> 00:29:16,839 some phone calls in because we've had some great calls 464 00:29:16,880 --> 00:29:21,519 from various people who listen to the podcast. Well let's 465 00:29:21,559 --> 00:29:27,440 start with our friend Salty. He's he's a little confused 466 00:29:27,440 --> 00:29:31,319 about the FED and he needs some help without Here's Salty. 467 00:29:31,720 --> 00:29:34,960 Speaker 4: Hey Tom, it's Salty. Oh my gosh, so much happening. 468 00:29:35,039 --> 00:29:38,000 Two weeks. I couldn't call last week. I just I 469 00:29:38,039 --> 00:29:41,119 took on this extra project and this by warm me out. 470 00:29:41,680 --> 00:29:44,799 But I've been listening and you know, Vin staying up 471 00:29:44,839 --> 00:29:47,680 with the news somewhat. Can you can you help me 472 00:29:47,759 --> 00:29:51,960 with something I just need to know? Uh, the Fed 473 00:29:52,720 --> 00:29:56,200 in the interest rates and everything, and this guy that's 474 00:29:56,240 --> 00:30:00,079 ahead of the Fed. I'm a little confused because and 475 00:30:00,200 --> 00:30:04,279 you say the FEDS, you know, but it's not in 476 00:30:04,400 --> 00:30:07,599 the government, it's not tied to It's a separate thing. 477 00:30:07,640 --> 00:30:10,799 That's what they keep saying. It's separate, but it's called 478 00:30:10,839 --> 00:30:15,960 the FEDS. And so to help me out with that. Also, 479 00:30:16,759 --> 00:30:19,720 what's the deal between Trump and this old boy? Apparently 480 00:30:19,799 --> 00:30:24,200 he's he's got a two billion dollar project going on, 481 00:30:24,640 --> 00:30:28,920 uh to update the FED. Uh? Is this taz mahaw 482 00:30:29,440 --> 00:30:33,400 or something? But anyway, Uh, just I want to know 483 00:30:33,720 --> 00:30:37,759 why why Trump and then this old boy is at 484 00:30:37,759 --> 00:30:40,359 odds with each other? Should the interest rates get lowered? 485 00:30:40,559 --> 00:30:44,480 They say he's got a vandetta out against Trump. I 486 00:30:44,480 --> 00:30:47,000 don't know if that's true. I've heard some of Trump 487 00:30:47,319 --> 00:30:50,039 calling him a loser and all that stuff. But just 488 00:30:50,079 --> 00:30:53,160 to help me out with the FED, uh and what 489 00:30:53,279 --> 00:30:57,720 its role is and and how why it's not tied 490 00:30:57,759 --> 00:31:02,200 directly to the government. Okay, home, my brain, Ert, Tom, 491 00:31:02,640 --> 00:31:05,200 I'm sud You miss you, buddy. We'll say you have 492 00:31:05,279 --> 00:31:09,480 a good weekend. Well, we'll call get you later. Bye. 493 00:31:10,039 --> 00:31:14,200 Speaker 1: Okay. So those those are some great questions. Salty always 494 00:31:14,240 --> 00:31:18,319 is has a has an inquisitive mind the FED. So 495 00:31:18,480 --> 00:31:20,319 he wants to know about the FED. First of all, 496 00:31:20,559 --> 00:31:25,359 the FED is the Federal Reserve Bank, or the Central 497 00:31:25,400 --> 00:31:30,480 Bank of the United States. It is independent from the government, 498 00:31:31,640 --> 00:31:35,599 but there is always a loose string. The FED was 499 00:31:35,720 --> 00:31:40,200 created by Congress. Congress is the one that said, let's 500 00:31:40,279 --> 00:31:44,319 have a central bank, and it will be owned by 501 00:31:44,400 --> 00:31:48,519 the banks in this country. So the central bank, the 502 00:31:48,559 --> 00:31:52,799 FED is there is a string. They have to go 503 00:31:52,880 --> 00:31:56,559 report to the faedest report to Congress twice a year, 504 00:31:56,599 --> 00:32:00,519 every six months, and it's called the Humphrey Hawkins Testimony. 505 00:32:00,559 --> 00:32:03,519 And so they still have They keep one loose string 506 00:32:04,079 --> 00:32:07,599 on the FED, but they try to recognize the fact 507 00:32:07,599 --> 00:32:10,880 that they're independent. The reason they're independent is they're not 508 00:32:11,079 --> 00:32:14,920 owned by shareholders. They're not owned by you and me. 509 00:32:15,119 --> 00:32:20,400 They are owned by the banks member banks. Ninety nine 510 00:32:20,440 --> 00:32:23,319 point nine percent of all banks in the country are 511 00:32:23,400 --> 00:32:26,920 members of the Federal Reserve Bank, and they are the 512 00:32:26,920 --> 00:32:30,720 ones that pay the fees to this to the FED, 513 00:32:31,119 --> 00:32:34,599 which gives the FED the money to operate in the 514 00:32:34,640 --> 00:32:37,880 way that they want to operate, buying treasury, selling treasuries, 515 00:32:38,039 --> 00:32:41,400 doing all of that. That's what they do. So the 516 00:32:41,440 --> 00:32:44,799 FED is independent. There is a loose string that connects 517 00:32:44,799 --> 00:32:51,160 them to Congress. The executive branch has no ties to them, 518 00:32:51,559 --> 00:32:56,079 but the President is the one who nominates the members 519 00:32:56,319 --> 00:33:00,519 of the Federal Reserve Board, and that is where the 520 00:33:00,559 --> 00:33:04,519 President is talking right now about who he wants to 521 00:33:04,960 --> 00:33:08,519 replace j Powell, Jerome Powell, who was the chairman of 522 00:33:08,519 --> 00:33:12,720 the FED. But as far as the taj Mahal and 523 00:33:12,799 --> 00:33:16,799 the two billion dollar building deal, yeah, no, it's it's 524 00:33:17,000 --> 00:33:22,039 it's way crazy. They they part of that was a 525 00:33:22,079 --> 00:33:25,279 building that they did five years ago, but it's still 526 00:33:25,319 --> 00:33:28,400 they have a cost overrun of at least one point 527 00:33:28,519 --> 00:33:32,480 five billion. It's not taxpayer money, it's not your money, 528 00:33:32,559 --> 00:33:37,079 it's not my money. It's the banks are the ones 529 00:33:37,559 --> 00:33:43,319 who owned the Central Bank. So if anybody has some 530 00:33:43,480 --> 00:33:46,480 questions to ask or a gripe, it would be the 531 00:33:46,559 --> 00:33:49,200 member banks to go to the FED say why are 532 00:33:49,240 --> 00:33:52,279 you spending all this money on this building. So it's 533 00:33:52,319 --> 00:33:54,799 an old building and they needed to replace it. But 534 00:33:54,839 --> 00:33:58,440 it does sound pretty darn excessive and it's a it's 535 00:33:58,480 --> 00:34:02,240 a bad look. But your your money in mind, at 536 00:34:02,279 --> 00:34:05,799 taxpayer's money is not involved in any way, shape or 537 00:34:05,839 --> 00:34:09,039 form with that building. So I hope that helps you. 538 00:34:09,119 --> 00:34:12,280 There's Oh, here's another one from Salty. What's going on here? 539 00:34:12,719 --> 00:34:16,280 Speaker 4: Hey, Tom, it's salty. Oh my gosh. Uh, I know 540 00:34:16,440 --> 00:34:19,719 I left a message before, but uh, I'm a little 541 00:34:19,760 --> 00:34:23,480 confused about what's going on down there in Texas? Uh, 542 00:34:23,599 --> 00:34:29,079 who's this guy named Jerry Mander? Oh? To keep returning 543 00:34:29,079 --> 00:34:32,840 to Jerry Mandard? And uh, I'm is he a Democrat 544 00:34:32,920 --> 00:34:38,400 or Republican? Was was he just indpended? Oh my gosh, 545 00:34:38,679 --> 00:34:42,000 so many things I don't understand. I don't understand the 546 00:34:42,079 --> 00:34:44,920 fan and now I got this, uh, this guy named 547 00:34:45,000 --> 00:34:48,519 Jerry Mandar and uh, he's done dunned after works and 548 00:34:48,519 --> 00:34:51,760 in uh uh, well he said tod in Texas and 549 00:34:51,840 --> 00:34:55,679 he's done dunned up the words in uh uh Illinois, 550 00:34:56,079 --> 00:34:59,360 now even the state of Virginia. Oh, Jerry Manders showed 551 00:34:59,440 --> 00:35:02,679 up here, Tan, Can we just can't we just arrest 552 00:35:02,760 --> 00:35:04,960 Jerry and just put him in jail and say, quit 553 00:35:05,079 --> 00:35:10,280 messing with our elections. He's worse put with these things. 554 00:35:10,480 --> 00:35:14,039 I'm messing with our elections anyway. Tom, I'll wait and 555 00:35:14,119 --> 00:35:19,719 I listen for your answer later on today. I love you, buddy. 556 00:35:19,719 --> 00:35:21,039 I hope you have a good weekend. 557 00:35:21,079 --> 00:35:25,559 Speaker 1: By Okay, I'm not sure everybody understands what's going on 558 00:35:25,599 --> 00:35:29,239 down in Texas because both sides have done it. Republicans 559 00:35:29,280 --> 00:35:32,280 have done it, Democrats have done it. There's no question 560 00:35:32,360 --> 00:35:35,559 about it. It's all about them and about their power 561 00:35:35,679 --> 00:35:38,400 and trying to get more power and more seats. But 562 00:35:39,000 --> 00:35:44,760 the jerry Mander story is actually goes back to a 563 00:35:44,840 --> 00:35:49,639 guy named Jerry and his name he was the governor 564 00:35:49,679 --> 00:35:57,719 of Massachusetts back in eighteen twelve. Name was Elbridge Jerry. No, 565 00:35:57,760 --> 00:36:06,000 that's not backwards, Governor Elbridge Jerry, and he was a 566 00:36:06,039 --> 00:36:10,119 governor of Massachusetts. So in the Boston Gazette back in 567 00:36:10,199 --> 00:36:15,960 eighteen twelve, they wrote a story called Jerrymander, and what 568 00:36:16,000 --> 00:36:18,920 it was was a reaction to the redrawing of a 569 00:36:19,039 --> 00:36:25,440 state Senate district that looked like a salamander, and it 570 00:36:25,440 --> 00:36:30,000 was the shape of a salamander. So they the Boston 571 00:36:30,119 --> 00:36:34,800 Gazette in March of eighteen twelve called it a gerrymander. 572 00:36:35,000 --> 00:36:38,360 And it's all about the fact that they're trying to 573 00:36:38,360 --> 00:36:44,599 manipulate boundaries of electoral districts for political advantage. So there 574 00:36:44,840 --> 00:36:51,039 is the history of Governor Elbridge Jerry, which turned out 575 00:36:51,079 --> 00:36:56,000 to be jerrymandering. Good question. Salty. Let's see, here's one 576 00:36:56,239 --> 00:36:59,400 from Eric. Yeah, a little bit of a Russian accent, 577 00:36:59,440 --> 00:37:06,519 but he is all concerned about I played the comment 578 00:37:06,599 --> 00:37:10,159 that Tim Geidner, former Treasury Secretary, made at the Aspen 579 00:37:10,280 --> 00:37:13,880 Institute earlier this week, and Eric is concerned about it. 580 00:37:14,320 --> 00:37:18,960 Speaker 7: But the Tim Geidner, I just couldn't delieve my ears 581 00:37:19,320 --> 00:37:25,960 when he said that tars are taxes on US manufacturers. 582 00:37:27,360 --> 00:37:34,079 That is just the twisting, and as opposite, the tigres 583 00:37:34,239 --> 00:37:43,880 are taxes and actually forem manufacturers indirectly that simulates production 584 00:37:45,199 --> 00:37:51,639 in fighting USA because it's a barrier. The times are 585 00:37:51,679 --> 00:37:57,039 not just taxes. There are barriers and the touches and 586 00:37:57,159 --> 00:38:00,280 the minus the secondary and I agree, yeah, will be 587 00:38:00,320 --> 00:38:04,239 hard to get real because they're part of the project 588 00:38:05,239 --> 00:38:07,760 and anything what is part of the budget. Of course, 589 00:38:07,800 --> 00:38:10,320 it will be hard to get the readers or change. 590 00:38:10,639 --> 00:38:14,039 It's always den like this because it's dig. 591 00:38:16,400 --> 00:38:20,000 Speaker 1: Well, let me see, will you straighten this round? Tim 592 00:38:20,000 --> 00:38:25,360 Geidner was right. They essentially are taxes on US consumers 593 00:38:25,920 --> 00:38:30,960 and US businesses because the manufacturer of a product in 594 00:38:31,000 --> 00:38:34,519 another foreign country that we put an order in and 595 00:38:34,519 --> 00:38:37,400 buy from them, they don't pay the tariff. The tariff 596 00:38:37,440 --> 00:38:41,320 is paid by the person the company that picks up 597 00:38:41,320 --> 00:38:45,079 the product here in the US. So take for example, 598 00:38:45,199 --> 00:38:49,360 steel and aluminum that comes in from a foreign country. 599 00:38:50,360 --> 00:38:54,400 The automakers in this country General Motors and Forward, for example, 600 00:38:55,199 --> 00:39:00,360 they have to pay extra to get their steel and 601 00:39:00,679 --> 00:39:06,960 aluminum to make their automobiles. So effectively, it drives up 602 00:39:07,039 --> 00:39:11,760 the cost via attacks on the cost of making automobiles 603 00:39:11,800 --> 00:39:16,639 here in America. So it is attax on US consumers 604 00:39:16,800 --> 00:39:22,320 and on US businesses. I hope that makes sense to you. 605 00:39:22,920 --> 00:39:25,920 Let's see, We've got one one more. This is oh, Laurie, 606 00:39:25,920 --> 00:39:31,480 the comment line lady talking about Leticia James, the Attorney 607 00:39:31,480 --> 00:39:32,840 General for the state of New York. 608 00:39:33,280 --> 00:39:36,639 Speaker 4: Leticia James says that the new subpoenas are simply a 609 00:39:36,679 --> 00:39:42,559 weaponization of the justice system. Hey, how would you know? 610 00:39:43,039 --> 00:39:46,679 Speaker 1: That's so funny, good, delirious always, Laurie. Yeah, how will 611 00:39:46,760 --> 00:39:50,719 Letitia James know anything about weaponization of the justice system? 612 00:39:51,000 --> 00:39:56,400 So the DOJ is looking into Leticia James. I mean, 613 00:39:56,719 --> 00:39:58,159 you don't have to be a lawyer to look and 614 00:39:58,320 --> 00:40:03,119 go she is misused her office for political purposes. But 615 00:40:03,599 --> 00:40:06,519 what has happened She's been given a bunch of subpoenas. 616 00:40:07,159 --> 00:40:10,239 One of the subpoenas is related to the civil fraud 617 00:40:10,320 --> 00:40:16,039 judgment won by the Attorney General against Donald Trump, which 618 00:40:16,079 --> 00:40:20,360 is still under review by the First Department, a Pellet division, 619 00:40:20,440 --> 00:40:24,679 so it's being appealed. James was also subpoened as part 620 00:40:24,719 --> 00:40:28,679 of a grand jury probe into her offices four hundred 621 00:40:28,719 --> 00:40:33,159 and fifty four million dollars civil fraud case against President Trump. 622 00:40:33,199 --> 00:40:38,280 That's the case I believe where no bank complained, all 623 00:40:38,320 --> 00:40:42,000 the banks got their loans paid off completely one full, 624 00:40:42,559 --> 00:40:46,239 nobody was hurt, but she went after Donald Trump for 625 00:40:49,159 --> 00:40:53,519 basically fraud. And that's that is now the voj is 626 00:40:53,559 --> 00:41:00,199 looking in a grand jury is looking into that whole case. Well, 627 00:41:00,199 --> 00:41:03,119 there's another one here seconds being I reportedly sought information 628 00:41:04,079 --> 00:41:09,880 about a Letitia James investigation into the National Rifle Association. 629 00:41:12,559 --> 00:41:18,719 And separately, there's a grand jury in Virginia examining whether 630 00:41:18,760 --> 00:41:23,559 to hand up indictment against Letitia James for allegedly falsifying 631 00:41:23,679 --> 00:41:28,079 records to receive favorable loans on a home that she 632 00:41:28,320 --> 00:41:34,239 purchased in Norfolk, Virginia, back in twenty twenty three. That's 633 00:41:34,360 --> 00:41:38,880 one where it came down to was it a rental? 634 00:41:40,119 --> 00:41:43,559 Did she own it? Did she say it was a 635 00:41:43,599 --> 00:41:47,360 rental on the mortgage? Same thing that what's his name 636 00:41:47,800 --> 00:41:53,039 out in California, Yeah, Adam Schiff, because Adam Shiff apparently 637 00:41:53,079 --> 00:41:56,880 got a bunch of mortgages and they were for rental homes, 638 00:41:56,960 --> 00:42:00,599 and you cannot lie to the bank you get a 639 00:42:00,639 --> 00:42:03,320 mortgage about that, They ask you, is this going to 640 00:42:03,360 --> 00:42:07,639 be your principal home? Yes? Or no? And if it's 641 00:42:07,800 --> 00:42:10,119 not going to be your principal home, it's a whole 642 00:42:10,119 --> 00:42:13,320 different approval process and it's a different interest rate. So 643 00:42:13,559 --> 00:42:18,039 dj grand jury's looking into Latitia James and also into 644 00:42:18,039 --> 00:42:21,599 Adam Schiff. And as we wrap up for the week, 645 00:42:21,880 --> 00:42:25,599 we are getting word that there is going to be 646 00:42:25,679 --> 00:42:28,519 a meeting between President Trump and President Putin next week. 647 00:42:29,400 --> 00:42:33,360 They are still it was still sounding if the earlier today, 648 00:42:34,119 --> 00:42:36,679 but as we wrap up on this Friday, looks like 649 00:42:36,760 --> 00:42:39,039 it's definitely going to happen. We just don't know where yet, 650 00:42:39,480 --> 00:42:43,480 so it is kind of being slapped together. Wall Street 651 00:42:44,760 --> 00:42:49,280 been bouncing around today, the Dow up two hundred and 652 00:42:49,320 --> 00:42:52,920 six to close, the forty four thousand, one seventy five 653 00:42:53,519 --> 00:42:57,239 s and p up forty nine, Nazdac up two hundred 654 00:42:57,280 --> 00:43:00,960 and seven, gold up four dollars to thirty four fifty eight, 655 00:43:01,039 --> 00:43:05,119 and oil fell fifty cents back down to sixty three 656 00:43:05,199 --> 00:43:09,320 dollars now for one barrel of oil. Thank you for 657 00:43:09,360 --> 00:43:13,559 coming by today, have yourself a wonderful weekend, and we 658 00:43:13,639 --> 00:43:23,000 hope to see you on Monday