1 00:00:25,719 --> 00:00:29,359 Speaker 1: And Hi, how are you Welcome to the Big Podcast. 2 00:00:29,440 --> 00:00:34,600 It is Thursday. Today's the eighteenth day of December. Y're 3 00:00:34,679 --> 00:00:38,320 of our Lord, twenty twenty five. My name is Tom Sullivan. 4 00:00:39,439 --> 00:00:42,240 We have Oh man, we've got a lot on the economy, 5 00:00:42,280 --> 00:00:43,880 but there's a lot of people starting to have a 6 00:00:43,880 --> 00:00:46,600 lot of economists are scratching their heads about some of 7 00:00:46,640 --> 00:00:50,759 the economic news that came out today. The Cardinal of 8 00:00:50,920 --> 00:00:56,560 New York City St. Patrick's Cathedral, Cardinal Dolan, is retiring, 9 00:00:57,679 --> 00:01:00,960 so there's going to be a new cardinal attached, and 10 00:01:01,000 --> 00:01:05,319 he's been such a big personality. We've got marijuana has 11 00:01:05,400 --> 00:01:10,920 been reclassified now, which is a story that I have 12 00:01:10,560 --> 00:01:14,799 have been bothered by for many, many years. An update 13 00:01:14,920 --> 00:01:19,159 on what's going on with the Brown University shooting investigation, 14 00:01:19,319 --> 00:01:23,760 and also a little more insight into the arrest of 15 00:01:23,959 --> 00:01:27,079 Nick Reiner. So a lot of things to talk about today. 16 00:01:27,359 --> 00:01:30,840 I guess we let's start with marijuana. Whatever I've done. 17 00:01:31,319 --> 00:01:35,439 Whenever I've done marijuana in the past, when I did 18 00:01:35,439 --> 00:01:39,359 the radio show, we could count on it. Somebody would 19 00:01:39,400 --> 00:01:46,159 call and go, Amen, like how you doing, And there 20 00:01:46,239 --> 00:01:48,319 was some guy higher than a higher than a kite 21 00:01:48,359 --> 00:01:51,560 every time, So we don't have we don't have that 22 00:01:51,640 --> 00:01:56,519 with a podcast. But the President came out to say, 23 00:01:56,519 --> 00:01:59,879 and this is the guy. The President is absolutely a teetotaler. 24 00:02:00,840 --> 00:02:05,719 He doesn't drink, he doesn't smoke. He is anti drugs. 25 00:02:06,480 --> 00:02:12,759 So he has decided that they are going to reclassify 26 00:02:12,960 --> 00:02:17,000 marijuana from a Schedule one drug, which is the same 27 00:02:17,039 --> 00:02:22,240 as heroin and cocaine, to a Schedule three drug. Here's 28 00:02:22,280 --> 00:02:23,719 the president today. 29 00:02:23,719 --> 00:02:25,879 Speaker 2: I'm police who announced that I will be signing an 30 00:02:25,919 --> 00:02:29,520 executive order to reschedule marijuana from a Schedule one to 31 00:02:29,560 --> 00:02:34,520 a Schedule three control substance with legitimate medical uses. We 32 00:02:34,680 --> 00:02:40,159 have people begging for me to do this, people that 33 00:02:40,439 --> 00:02:44,520 are in great pain. For decades, his action has been 34 00:02:44,560 --> 00:02:50,039 requested by American patients suffering from extreme pain, incurable diseases, 35 00:02:50,080 --> 00:02:55,800 aggressive cancers, seizure disorders, neurological problems, and more, including numerous 36 00:02:55,879 --> 00:03:00,400 veterans with service related injuries and older Americans who live 37 00:03:00,439 --> 00:03:04,240 with chronic medical problems and severely degrade their quality of life. 38 00:03:05,680 --> 00:03:10,639 And it's so really, I mean, just I can't tell you. 39 00:03:10,680 --> 00:03:14,240 I think I probably have received more phone calls on 40 00:03:14,280 --> 00:03:18,960 this on doing what we're doing. I don't think I've 41 00:03:19,000 --> 00:03:22,000 received any calls on the other side of it. But 42 00:03:22,039 --> 00:03:26,039 hopefully this reclassification, which by the way, Paul's that eighty 43 00:03:26,080 --> 00:03:30,319 two percent, will help many of those patients live a 44 00:03:30,360 --> 00:03:31,319 far better life. 45 00:03:32,319 --> 00:03:37,680 Speaker 1: So to me, the idea of changing the classification has 46 00:03:37,759 --> 00:03:43,159 made sense for a long long time. I'll join in 47 00:03:43,240 --> 00:03:47,159 with President Trump. I'm I think there's more danger to 48 00:03:47,199 --> 00:03:49,759 distant people. Let on, I think it's just like alcohol, 49 00:03:50,159 --> 00:03:53,120 not that big of a deal. But there is a 50 00:03:53,159 --> 00:03:58,520 lot of a lot of studies about chemical changes to 51 00:03:58,599 --> 00:04:02,840 the brain when you when you take pot. But schedule 52 00:04:02,919 --> 00:04:07,520 three as opposed to schedule one. Schedule three drugs like 53 00:04:07,639 --> 00:04:15,840 tylenol with codine, ketamine, anabolic steroids, some formulations of hydro 54 00:04:15,919 --> 00:04:20,040 codone like vicodin. That's where this will now go. But 55 00:04:20,160 --> 00:04:23,519 the important part to me, and I've never understood this 56 00:04:23,560 --> 00:04:26,560 ever since I was a kid, is that they would 57 00:04:26,600 --> 00:04:31,839 never allow anybody to study this, any research labs to 58 00:04:31,879 --> 00:04:36,199 study marijuana to find out what it does good and 59 00:04:36,759 --> 00:04:41,480 or bad. And so now they're able to actually study it. 60 00:04:41,560 --> 00:04:44,160 You think, why put your head in the sand, like 61 00:04:44,199 --> 00:04:47,319 an ostrich, Why would you do that? Find out what 62 00:04:47,360 --> 00:04:49,800 it is about this? Because there are plenty of people 63 00:04:49,839 --> 00:04:54,839 who talk about the medical benefits of relieving pain and 64 00:04:54,879 --> 00:05:00,800 so forth, chemo patients, the list goes on. But anyway, finally, 65 00:05:00,839 --> 00:05:04,879 after many, many, many, many many administrations, President Trump, so 66 00:05:04,920 --> 00:05:06,759 he's got a lot of calls on this and this 67 00:05:06,920 --> 00:05:12,240 is more on this than anything, and finally he's going 68 00:05:12,319 --> 00:05:18,240 to allow this to be studied. So doctor Sanjay Gupta, 69 00:05:18,639 --> 00:05:20,800 who is a neurosurgeon, weighed in on this. 70 00:05:21,040 --> 00:05:23,560 Speaker 3: Yeah, well, this is something that people have been talking 71 00:05:23,560 --> 00:05:26,360 about for a long time. The basic way to think 72 00:05:26,399 --> 00:05:29,399 about it is that there are controlled substances and they 73 00:05:29,399 --> 00:05:33,199 are scheduled. So there's a scheduling of these substances, and 74 00:05:33,360 --> 00:05:38,079 cannabis marijuana has fallen into the most restrictive, least permissive 75 00:05:38,079 --> 00:05:40,639 schedule for a long time. So it's called a Schedule one. 76 00:05:40,839 --> 00:05:42,000 And I want to put this up on the screen 77 00:05:42,000 --> 00:05:44,279 because I want you to see the language here, specifically 78 00:05:44,759 --> 00:05:49,199 especially that top line no currently accepted medical use, and 79 00:05:49,240 --> 00:05:50,600 I think that's what a lot of people have been 80 00:05:50,600 --> 00:05:53,240 focused on for some time, but also calling it a 81 00:05:53,279 --> 00:05:58,560 substance that has high potential for abuse, similar to heroin, LSD, 82 00:05:58,759 --> 00:06:02,120 in ecstasy. That Schedule one, there are five schedules. By 83 00:06:02,160 --> 00:06:04,600 the way, what we think may happen here, we'll see 84 00:06:04,600 --> 00:06:07,160 what happens later on this afternoon, but it could go 85 00:06:07,279 --> 00:06:09,920 to a Schedule three substance. And if you look at 86 00:06:09,920 --> 00:06:13,800 the language there, it's different. It's more permissive, less restrictive, 87 00:06:14,279 --> 00:06:18,279 moderate to low potential for dependents. They still say examples kenymine, 88 00:06:18,279 --> 00:06:24,040 anabolic steroids and testosterone, but also some potentially accepted medical use, 89 00:06:24,600 --> 00:06:27,879 so those are the big things. It's still a controlled substance, 90 00:06:28,279 --> 00:06:30,680 so this isn't something you can suddenly go by over 91 00:06:30,720 --> 00:06:33,639 the counter or gas stations or things like that. But 92 00:06:33,720 --> 00:06:36,240 it's going to be much more permissive in terms of research. 93 00:06:37,199 --> 00:06:40,920 Obviously people's access to it for medical purposes, but also 94 00:06:41,360 --> 00:06:43,399 this idea that I think for the first time in 95 00:06:43,439 --> 00:06:47,319 a long time, this acknowledgement that cannabis can be a medicine. 96 00:06:47,879 --> 00:06:51,079 We've seen it in these seven documentaries that you talked about, 97 00:06:51,240 --> 00:06:53,839 but actually, you know, having it changed at a federal 98 00:06:53,920 --> 00:06:55,439 level would make a huge difference. 99 00:06:55,480 --> 00:06:57,600 Speaker 1: That will make a huge difference, and hopefully they'll be 100 00:06:57,600 --> 00:07:01,720 able to do medical research to find out again it 101 00:07:01,879 --> 00:07:06,040 helps and what it hurts, so we know more about it. 102 00:07:07,240 --> 00:07:11,680 President last night gave an address to the nation, and 103 00:07:11,759 --> 00:07:15,920 it was about his first eleven months back in the 104 00:07:15,920 --> 00:07:19,279 White House, and of course he was going to talk 105 00:07:19,319 --> 00:07:24,800 about all the good things that he has done. It's 106 00:07:24,879 --> 00:07:28,160 just his style. He was in a hurry, though. They 107 00:07:28,199 --> 00:07:31,040 asked the networks for fifteen minutes, and so he was 108 00:07:31,120 --> 00:07:34,079 basically given a time clock and said you got to 109 00:07:34,120 --> 00:07:36,199 say all this stuff in fifteen minutes. So Whoeber wrote 110 00:07:36,199 --> 00:07:39,680 that wrote too much and he was trying to hurry, 111 00:07:41,000 --> 00:07:46,160 which in the world of delivering speeches, that ruins speeches. 112 00:07:46,199 --> 00:07:52,879 In my humble opinion, he was at some points formatically 113 00:07:53,000 --> 00:07:56,800 kind of shouting instead of having a chance like a 114 00:07:56,839 --> 00:08:00,519 fireside chat to sit down and say, look at this 115 00:08:00,600 --> 00:08:05,319 is what we have. And the basic message that I 116 00:08:05,439 --> 00:08:09,519 got out of the speech last night was that what 117 00:08:09,759 --> 00:08:13,279 we inherited he did, Oh yeah, I blamed Joe Biden 118 00:08:13,360 --> 00:08:18,839 for a lot. What we inherited was a mess, and 119 00:08:19,079 --> 00:08:23,560 we are fixing it. Well, he said, I am fixing it. 120 00:08:23,959 --> 00:08:27,680 The point of it is how long is the shelf 121 00:08:27,720 --> 00:08:31,800 life for blaming the previous administration? In this case, I 122 00:08:31,800 --> 00:08:35,720 think it's very legitimate because inflation went up over nine 123 00:08:35,840 --> 00:08:40,320 percent back in twenty twenty two, and those prices went 124 00:08:40,480 --> 00:08:44,720 up and most of them never came back down again. 125 00:08:44,840 --> 00:08:50,639 Some things did. But here's Ari Fleischer, who I think, 126 00:08:51,759 --> 00:08:54,639 as the former Press secretary, knows exactly how to explain 127 00:08:54,720 --> 00:08:57,120 things that's coming out of the White House. 128 00:08:57,360 --> 00:08:59,440 Speaker 4: Yeah, last night was a good start for the president, 129 00:08:59,480 --> 00:09:02,120 but it's just start. And when you're the president and 130 00:09:02,120 --> 00:09:04,080 you give a speech like that, there is no better 131 00:09:04,080 --> 00:09:06,720 feeling than the next morning to have the economic data 132 00:09:07,120 --> 00:09:09,399 come out and back up the things that you're saying. 133 00:09:09,879 --> 00:09:11,879 What the President needs to continue to do is keep 134 00:09:11,960 --> 00:09:15,759 us foot on the economic gas and focus on the economy, 135 00:09:16,279 --> 00:09:18,559 and then every day when the data comes out, either 136 00:09:18,600 --> 00:09:22,320 about wages going up or inflation coming down, the White 137 00:09:22,320 --> 00:09:24,480 House needs to have an event that data to hypen 138 00:09:24,840 --> 00:09:30,600 height heighten, hypen heighten attention to that fact. That is 139 00:09:30,639 --> 00:09:32,799 the proof in the pudding. What the President has said 140 00:09:32,879 --> 00:09:36,200 last night about a boom is coming true. And the 141 00:09:36,360 --> 00:09:39,159 fact is it does come down to the data. Either 142 00:09:39,200 --> 00:09:41,440 the numbers are there to back up what the President 143 00:09:41,519 --> 00:09:44,279 is saying, or they're not. And if they're not, the 144 00:09:44,320 --> 00:09:47,480 President and Republicans are in big trouble. If they are there. 145 00:09:47,679 --> 00:09:49,559 At twenty twenty six is going to be a great year. 146 00:09:50,039 --> 00:09:51,919 Speaker 1: I couldn't agree more. It's already going to come down 147 00:09:51,919 --> 00:09:54,639 to the numbers, and everybody has an opinion about whether 148 00:09:54,679 --> 00:09:58,360 it will or will not. So the data it did 149 00:09:58,399 --> 00:10:02,720 come out this morning, the can consumer price index inflation, 150 00:10:03,039 --> 00:10:07,120 if you will, and it was much tamer than had 151 00:10:07,159 --> 00:10:10,120 been expected. It was reported it was expected to be 152 00:10:10,159 --> 00:10:15,919 three point one inflation reported as two point seven. But 153 00:10:16,639 --> 00:10:21,200 there's a big ruckus going on about are these numbers 154 00:10:21,279 --> 00:10:24,120 legit or not. I'll get into that in a minute, 155 00:10:24,120 --> 00:10:27,960 But back to Ari Fleischer explaining the whole business about 156 00:10:29,120 --> 00:10:31,200 got to get purchasing power back up. 157 00:10:31,480 --> 00:10:34,159 Speaker 4: Well, there is a risk and exaggeration when you're the president. 158 00:10:34,440 --> 00:10:36,320 If you hit a triple don't tell people you hit 159 00:10:36,360 --> 00:10:38,960 a home run. People know the difference, and the president 160 00:10:39,000 --> 00:10:41,480 does like to round things up as opposed to more 161 00:10:41,519 --> 00:10:45,600 precisely describe them. But a couple other factors. One, tariffs 162 00:10:45,600 --> 00:10:48,840 has been choppy. Tariffs has always been a gigantic roll 163 00:10:48,879 --> 00:10:50,639 of the dice. I happen to think it's a good 164 00:10:50,639 --> 00:10:53,360 idea and that it's working, but it has been choppy 165 00:10:53,399 --> 00:10:55,440 and people have to recognize that it takes time to 166 00:10:55,480 --> 00:10:58,759 sort out But the real problem that president has and 167 00:10:58,799 --> 00:11:02,000 the economy has, the people have is that when inflation 168 00:11:02,240 --> 00:11:04,039 was as high as it was in the Biden years, 169 00:11:04,159 --> 00:11:06,759 something that cost one hundred dollars went up to one 170 00:11:06,840 --> 00:11:10,240 hundred and nine dollars. Inflation is really coming down now, 171 00:11:10,440 --> 00:11:12,960 but it's still going up now. It went up to 172 00:11:13,000 --> 00:11:16,480 one hundred and twelve dollars, so people remember it used 173 00:11:16,480 --> 00:11:18,600 to be at one hundred and even though it's going 174 00:11:18,639 --> 00:11:22,480 up slower now under President Trump, that jump still took 175 00:11:22,480 --> 00:11:24,480 place when it went to one hundred and nine dollars, 176 00:11:24,799 --> 00:11:27,399 and we're all living through that. Some things are coming 177 00:11:27,440 --> 00:11:32,639 down and making up for that nine dollars gasoline, energy, eggs. 178 00:11:32,679 --> 00:11:35,600 There are things that are coming down and not everything. 179 00:11:35,840 --> 00:11:37,840 And that's why so much of this is going to 180 00:11:37,879 --> 00:11:40,480 come down to the reality of twenty twenty six. Will 181 00:11:40,480 --> 00:11:44,039 it be a boom? Will people's wages grow faster than 182 00:11:44,039 --> 00:11:47,480 their expenses. That's the real answer to the affordability issue. 183 00:11:47,559 --> 00:11:50,279 If you can't get prices down because of the Biden inflation, 184 00:11:50,600 --> 00:11:53,080 you've got to get wages higher, and I think because 185 00:11:53,080 --> 00:11:55,480 of the tax cut there's a real chance that that'll happen. 186 00:11:55,720 --> 00:11:58,879 Speaker 1: Well, he's right on gas prices have come way down. 187 00:11:59,039 --> 00:12:02,559 They're not back to where they were at the end 188 00:12:02,679 --> 00:12:06,200 of Trump one point zero, not even close. They had 189 00:12:06,879 --> 00:12:09,639 an average price that had a one in front of it. 190 00:12:10,159 --> 00:12:13,240 Now the average, according to Triple A for the cheap 191 00:12:13,279 --> 00:12:17,799 stuff two dollars and eighty nine cents, so it's way 192 00:12:17,840 --> 00:12:20,879 down from where it was. It was all in some 193 00:12:21,000 --> 00:12:24,480 areas over five dollars. The average was just up to 194 00:12:24,639 --> 00:12:27,960 under five dollars. So gas prices have come down, but 195 00:12:28,159 --> 00:12:32,080 that's that's automobile gas. But when you look at grocery 196 00:12:32,120 --> 00:12:39,799 prices up almost two percent, electricity up seven percent, natural 197 00:12:39,960 --> 00:12:47,080 gas propaying gas for heating your homes up nine percent. Instance, 198 00:12:47,440 --> 00:12:52,360 this instant coffee, which I think should be illegal, up 199 00:12:52,519 --> 00:12:56,039 twenty four percent. So see there's a good reason to 200 00:12:56,039 --> 00:13:01,480 give up your instant coffee. But the real average hourly earnings, 201 00:13:01,480 --> 00:13:05,159 according to the report this morning, up eight tenths of 202 00:13:05,279 --> 00:13:10,559 one percent. That is what is going to take. It's 203 00:13:10,600 --> 00:13:14,000 going to take good wage increases in order for people 204 00:13:14,000 --> 00:13:19,679 to feel better about the economy. Kevin Hassett, the head 205 00:13:19,679 --> 00:13:23,879 of the National Economic Council, of course, is happy with 206 00:13:23,919 --> 00:13:24,559 what's happened. 207 00:13:25,919 --> 00:13:28,840 Speaker 5: It was just an absolute blockbuster report. Don't forget that's 208 00:13:28,919 --> 00:13:32,159 where we were last time, and because of Trump's first term, 209 00:13:32,279 --> 00:13:34,399 we were growing in the three percent range and we 210 00:13:34,440 --> 00:13:36,440 had inflation in the one percent range. And it looks 211 00:13:36,480 --> 00:13:38,399 like that's where we are again. So I think that 212 00:13:38,879 --> 00:13:41,559 I'm not saying we're going to declare victory at on 213 00:13:41,600 --> 00:13:44,120 the price problem. That this is just an astonishingly good 214 00:13:44,399 --> 00:13:45,240 CPI report. 215 00:13:45,399 --> 00:13:48,240 Speaker 1: I've told you before. I like Kevin Hassett. I think 216 00:13:48,279 --> 00:13:53,759 he's genuinely honest, but he really misspoke. He said, yeah, 217 00:13:53,759 --> 00:13:55,720 this is where we were during Trump one point oh 218 00:13:55,960 --> 00:14:00,000 three percent growth and one percent inflation. No, we probably 219 00:14:00,159 --> 00:14:03,000 we have more than three percent growth today, but we 220 00:14:03,039 --> 00:14:06,519 don't have one percent inflation. It came in at two 221 00:14:06,559 --> 00:14:11,759 point seven and there are a number of economists and 222 00:14:12,480 --> 00:14:15,720 the stock market loved it. Stock market took off on 223 00:14:15,799 --> 00:14:17,519 this news and went way up. We'll get to that 224 00:14:17,559 --> 00:14:20,799 in a minute. But the bond market did not. It 225 00:14:20,960 --> 00:14:24,240 sold off, and a lot of economists are looking at 226 00:14:24,240 --> 00:14:26,720 dis and scratching their head and saying, this two point 227 00:14:26,840 --> 00:14:31,559 seven percent inflation report doesn't tie in with any of 228 00:14:31,600 --> 00:14:35,559 the other economic stats that we're tracking. Here's Steve Leisman 229 00:14:35,639 --> 00:14:36,519 from CNBC. 230 00:14:36,879 --> 00:14:40,320 Speaker 6: So here's the thing. There's a specific thing that might 231 00:14:40,360 --> 00:14:43,559 have happened that has been written about by a major 232 00:14:43,679 --> 00:14:46,679 investment bank that was in my report up until half 233 00:14:46,679 --> 00:14:48,960 a minute ago, and I took it out because I 234 00:14:49,000 --> 00:14:50,879 haven't been able to check it with the BLS. Okay, 235 00:14:51,600 --> 00:14:54,360 if that's true, then it will be empirically true that 236 00:14:54,440 --> 00:14:58,120 this number is not to be trusted. If what is true, 237 00:14:58,200 --> 00:15:00,720 if this story about what's happening with how is true. 238 00:15:01,279 --> 00:15:03,000 But I don't want to get it wrong and come back 239 00:15:03,039 --> 00:15:04,679 on here and say, Kelly, let me back on off 240 00:15:04,720 --> 00:15:05,600 the correct a mistake. 241 00:15:05,799 --> 00:15:07,039 Speaker 5: I will leave you there. 242 00:15:07,399 --> 00:15:08,720 Speaker 3: I will lead you into spec today. 243 00:15:08,759 --> 00:15:10,919 Speaker 6: I will tell you it is objectively true that there 244 00:15:10,960 --> 00:15:13,679 are multiple questions about the housing number, right. 245 00:15:13,600 --> 00:15:17,519 Speaker 1: Yeah, and that housing number had a big impact on 246 00:15:17,519 --> 00:15:20,200 this overall, bringing this number down from three percent down 247 00:15:20,240 --> 00:15:24,320 to two point seven. That's a significant drop. And they're 248 00:15:24,759 --> 00:15:28,799 scratching their heads thinking something's wrong with the way the 249 00:15:28,879 --> 00:15:32,919 housing numbers are reported. A lot of people on the 250 00:15:33,000 --> 00:15:35,440 right side of the economic aisle think this is a 251 00:15:35,559 --> 00:15:38,080 legit number. A lot of people on the left side 252 00:15:38,120 --> 00:15:42,279 of the aisle think it's nonsense. When they Edelberg economist 253 00:15:42,360 --> 00:15:44,200 with Brookings had this to. 254 00:15:44,120 --> 00:15:47,799 Speaker 7: Say, Yeah, it's frustrating because they haven't even posted the 255 00:15:47,799 --> 00:15:52,120 information that I would name to really parcel of this, 256 00:15:52,279 --> 00:15:55,320 given the confusing way they've just laid the information. But 257 00:15:55,360 --> 00:16:00,240 the important number is the year of your two change 258 00:16:00,240 --> 00:16:02,679 in the prices of core goods, and that was one 259 00:16:02,759 --> 00:16:05,799 point four percent. And that may not sound like a lot, 260 00:16:05,840 --> 00:16:09,039 but this is a category that in normal times has 261 00:16:09,039 --> 00:16:13,000 a negative inflation all the time, and this is where 262 00:16:13,000 --> 00:16:16,720 we're seeing tariffs. So I think this is the category 263 00:16:16,799 --> 00:16:20,679 where we know that tariffs are having in some ways 264 00:16:20,720 --> 00:16:24,039 the absolutely expected effect on inflation. 265 00:16:25,080 --> 00:16:28,320 Speaker 1: So she is going, I don't understand how this number 266 00:16:28,360 --> 00:16:31,480 got to to be the way it is. And this 267 00:16:31,559 --> 00:16:34,279 goes back to the whole question that's been building in 268 00:16:34,320 --> 00:16:37,519 the Biden administration and now in the Trump administration. Can 269 00:16:37,559 --> 00:16:41,600 you trust the Bureau of Labor Statistics or are they 270 00:16:42,320 --> 00:16:48,399 a political animal messing with the numbers? Lydia Mashburne Newman. 271 00:16:48,559 --> 00:16:52,960 She is an economist with the American Institute for Economic Research. 272 00:16:53,720 --> 00:16:55,519 Speaker 8: Yeah, so the neutral rate is a bit all over 273 00:16:55,559 --> 00:16:57,840 the place right now. We have estimates that are really low, 274 00:16:57,919 --> 00:17:00,840 some below even one percent, and then you have estimates 275 00:17:00,919 --> 00:17:04,160 more in the two ish to two point two five percent. 276 00:17:04,599 --> 00:17:07,160 But I do think we're also to Wendy's point about 277 00:17:07,160 --> 00:17:10,079 the labor market, that natural rate may be shifting a 278 00:17:10,119 --> 00:17:12,279 little bit. In my opinion, I think there is something 279 00:17:12,319 --> 00:17:14,920 happening in the labor market where we're having some shifts. 280 00:17:15,200 --> 00:17:18,119 I'm not sure it's entirely cyclical, and I'm not entirely 281 00:17:18,160 --> 00:17:20,920 sure that the FED can actually solve some of the 282 00:17:21,039 --> 00:17:22,880 changes that are happening. I think some of it is 283 00:17:22,960 --> 00:17:28,880 also a hiring We've had a low, low fire rate, 284 00:17:29,119 --> 00:17:33,000 but businesses are grappling with higher inflation and still looking 285 00:17:33,039 --> 00:17:36,880 for ways to find cost savings within their businesses, and 286 00:17:36,920 --> 00:17:39,680 you're seeing that I think starting to affect employment, and 287 00:17:39,720 --> 00:17:41,559 that I think is a very serious issue and may 288 00:17:41,599 --> 00:17:44,480 potentially change where the natural rate is. And it's something 289 00:17:44,519 --> 00:17:46,440 also that the FED can't do a whole lot to 290 00:17:46,519 --> 00:17:48,880 fix if they are just going to throw money at 291 00:17:48,880 --> 00:17:50,519 that problem, which at the end of the day, if 292 00:17:50,559 --> 00:17:53,079 we're just being transparent, that's what the FED can do, 293 00:17:53,880 --> 00:17:57,440 it doesn't really fix any of those fundamental changes in 294 00:17:57,480 --> 00:17:59,680 the labor market that businesses are having to go through 295 00:17:59,720 --> 00:18:02,079 right now now, whether due to AI or just trying 296 00:18:02,079 --> 00:18:04,839 to find efficiencies on their balance sheets. But at the 297 00:18:04,880 --> 00:18:10,160 same time as the FED tries to increase employment, while 298 00:18:10,160 --> 00:18:13,440 we still have a very high and relatively high inflation environment, 299 00:18:13,640 --> 00:18:15,279 all it's going to do is continue to push up 300 00:18:15,279 --> 00:18:17,960 equities and it's not going to help small businesses or 301 00:18:18,000 --> 00:18:19,519 households at the end of the day. 302 00:18:19,720 --> 00:18:22,799 Speaker 1: So anyway, a lot of questions about the inflation number 303 00:18:22,799 --> 00:18:26,119 out today. It was two point seven percent. This is 304 00:18:26,160 --> 00:18:33,759 for the October slash November prices. Inflation was three percent 305 00:18:33,799 --> 00:18:37,440 when President Trump took office. It fell down to two 306 00:18:37,519 --> 00:18:41,720 point three percent in April. That was the low point 307 00:18:41,759 --> 00:18:45,039 for inflation, but it went back up again to three 308 00:18:45,079 --> 00:18:47,880 percent by the end of September. Then we had the 309 00:18:47,920 --> 00:18:51,920 government shutdown. So the October November numbers went from three 310 00:18:52,000 --> 00:18:57,880 percent down to two point seven. Inflation looked like it 311 00:18:58,000 --> 00:19:02,200 was getting higher, but a lot of economists today say 312 00:19:02,240 --> 00:19:04,160 these numbers are full of a lot of noise. We're 313 00:19:04,160 --> 00:19:07,799 not going to really know the inflation rate or the 314 00:19:07,880 --> 00:19:14,000 labor market numbers until probably January, maybe even February. The 315 00:19:14,119 --> 00:19:19,200 headline from Dow Jones News Service today was CPI report 316 00:19:19,319 --> 00:19:24,200 inflation cools in November, but red flags emerge. So we're 317 00:19:24,200 --> 00:19:28,039 not sure whether there's two point seven is legit or not. 318 00:19:28,839 --> 00:19:36,119 So let's move on to crime Brown University. Still, they're 319 00:19:36,160 --> 00:19:38,960 getting a lot of grief, a lot of people are 320 00:19:39,039 --> 00:19:43,440 questioning their ability to do an investigation. They're calling them 321 00:19:43,519 --> 00:19:48,279 Keystone cops all of that. And now there are reports 322 00:19:48,400 --> 00:19:54,920 out that the police may actually be linking This is 323 00:19:55,160 --> 00:19:59,480 from NBC police look into whether the MIT professor's killing 324 00:20:00,400 --> 00:20:04,799 could it be linked to the shooter from Brown University. 325 00:20:05,799 --> 00:20:10,119 So remember yesterday the police at Brown University said, oh no, 326 00:20:10,240 --> 00:20:14,640 there's no way, I looked it up. You can google it. 327 00:20:14,920 --> 00:20:20,240 From Providence, Rhode Island to MIT is forty nine miles. 328 00:20:20,880 --> 00:20:22,119 Speaker 5: It's not that far. 329 00:20:23,079 --> 00:20:25,920 Speaker 1: So for them to kiss it off yesterday I was 330 00:20:25,920 --> 00:20:31,400 a little surprised. But they have made progress. Here's the 331 00:20:31,480 --> 00:20:35,599 chief of police for the City of Providence, Rhode Island. 332 00:20:36,200 --> 00:20:38,160 Speaker 9: We have found a lot of evidence that we need 333 00:20:38,200 --> 00:20:40,519 to and we use in urilition to hopefully guide us 334 00:20:40,559 --> 00:20:43,519 in the right direction in order to identify the individual 335 00:20:43,559 --> 00:20:49,599 that that we're looking for. This actual physical evidence, there 336 00:20:49,640 --> 00:20:51,359 is DNA evidence, There's a lot of evidence that we're 337 00:20:51,359 --> 00:20:54,119 collecting to ensure that we can find the answer. 338 00:20:54,680 --> 00:20:58,160 Speaker 1: Hear that they have some DNA evidence. It sounds like 339 00:20:58,799 --> 00:21:01,440 he kind of blew by it. I think that's huge. 340 00:21:02,039 --> 00:21:06,599 Paul Morrow, former NYPD who's in Brown or in Providence 341 00:21:06,599 --> 00:21:09,200 Word Island, has this to say, Well. 342 00:21:09,000 --> 00:21:11,279 Speaker 10: It's starting to feel like things are moving. So there's 343 00:21:11,279 --> 00:21:12,759 a lot of buzz up here. There's a lot of 344 00:21:12,799 --> 00:21:15,880 rumors flying around. Everybody is working sources. But I can't 345 00:21:15,880 --> 00:21:18,119 tell you this is the first day where it does 346 00:21:18,200 --> 00:21:20,799 feel like they are really making progress. There'll be a 347 00:21:20,839 --> 00:21:24,160 four o'clock press conference, so we're gonna learn more there. 348 00:21:24,519 --> 00:21:26,839 But I can tell you that the thing I learned 349 00:21:26,920 --> 00:21:29,960 late last night is that they found live rounds at 350 00:21:29,960 --> 00:21:32,839 the scene. That is to say, bullets that were ejected 351 00:21:32,880 --> 00:21:35,160 from the gun that were not fired, probably due to 352 00:21:35,240 --> 00:21:37,720 a misfire of some sort of thumpering at the scene 353 00:21:37,759 --> 00:21:40,480 with the gun. That matters because live rounds that have 354 00:21:40,599 --> 00:21:44,279 DNA on them won't have been exploded, they won't have detonated, 355 00:21:44,319 --> 00:21:45,720 so to speak. So they're going to be in very 356 00:21:45,720 --> 00:21:48,079 good shape, very good chase to get DNA off of that, 357 00:21:48,519 --> 00:21:51,480 they continue to look for video, They continueing the canvas 358 00:21:51,559 --> 00:21:54,440 in the neighborhood. Some witnesses might have come forward. We 359 00:21:54,519 --> 00:21:56,920 all know about that second person that they were looking for, 360 00:21:56,960 --> 00:21:59,920 who seemed like might have been known to the perpetrator. 361 00:22:00,000 --> 00:22:02,960 Because the perpetrator ran away, maybe they got that second person. 362 00:22:03,359 --> 00:22:04,079 Speaker 5: It looks like. 363 00:22:04,000 --> 00:22:06,000 Speaker 10: Things are moving and we're just going to have to 364 00:22:06,039 --> 00:22:09,000 see what comes forward. They may have information they can 365 00:22:09,000 --> 00:22:10,839 give us, but that does not mean that the person's 366 00:22:10,880 --> 00:22:11,440 in custody. 367 00:22:11,920 --> 00:22:16,559 Speaker 1: So then there are the suspicions about Brown University and 368 00:22:16,640 --> 00:22:21,279 the fact that they have video of the classroom, but 369 00:22:21,519 --> 00:22:25,839 they will not release it to the police. The police 370 00:22:25,839 --> 00:22:28,680 have asked for the video, They've asked for a lot 371 00:22:28,759 --> 00:22:32,359 of information about the roster of the kids that were 372 00:22:32,400 --> 00:22:36,599 taking this economics class for which they had this study hall. 373 00:22:37,319 --> 00:22:39,519 All of that has been asked, and the university has 374 00:22:39,599 --> 00:22:46,480 not cooperated. The Attorney General of Rhode Island answered it 375 00:22:46,519 --> 00:22:47,200 this way. 376 00:22:47,240 --> 00:22:49,839 Speaker 11: Well, because here's why, because it doesn't tell us anything 377 00:22:49,880 --> 00:22:52,400 about who committed this crime. Yet, if we get a 378 00:22:52,400 --> 00:22:56,480 better image of who committed this crime, you'll have it. 379 00:22:56,519 --> 00:23:01,279 There is no effort to preclude the public, online, investigators, 380 00:23:01,319 --> 00:23:04,480 investigators in the press from getting to the result faster 381 00:23:04,599 --> 00:23:07,519 than weekend. If you can identify this person faster than 382 00:23:07,559 --> 00:23:10,680 we can have at it, but we are giving you 383 00:23:10,759 --> 00:23:13,519 the best evidence we can to identify this person. 384 00:23:13,680 --> 00:23:15,480 Speaker 1: I think the thing that's frustrating a lot of the 385 00:23:15,519 --> 00:23:19,400 investigators is that they would They haven't even gone to 386 00:23:19,759 --> 00:23:22,359 the kids that were in that room. Now, this wasn't 387 00:23:22,400 --> 00:23:25,640 a scheduled class. This was a well, it was scheduled 388 00:23:26,240 --> 00:23:31,359 on a Saturday. It was a pretest go over kind 389 00:23:31,400 --> 00:23:34,119 of a study hall to go over what the final 390 00:23:34,160 --> 00:23:38,559 exam will be and give them some chances to improve 391 00:23:38,599 --> 00:23:43,880 their score. So why don't they go to the roster 392 00:23:44,160 --> 00:23:47,039 of the students. They may not know whoever who showed 393 00:23:47,119 --> 00:23:51,160 or who did not show up for this test prep 394 00:23:51,960 --> 00:23:55,039 on that Saturday morning, but they know who was in 395 00:23:55,400 --> 00:24:00,000 the economics class. Why don't they go talk to them instead? 396 00:24:00,240 --> 00:24:04,079 They said they sent an email to them and asked 397 00:24:04,119 --> 00:24:11,079 them to respond, which is a big no. No, you 398 00:24:11,680 --> 00:24:14,359 go to them. You don't give them a choice. Yes, 399 00:24:14,400 --> 00:24:17,319 they may be scattered, so you have local police in 400 00:24:17,359 --> 00:24:19,680 whatever town they live in, go and do an interview 401 00:24:19,720 --> 00:24:23,279 with them. But they haven't even sat down and interviewed 402 00:24:23,640 --> 00:24:26,359 all the kids that were in that room when the 403 00:24:26,440 --> 00:24:30,000 shooting took place. Who knows what they can say? What 404 00:24:30,160 --> 00:24:33,920 they saw what they heard, they haven't done it. 405 00:24:34,519 --> 00:24:36,839 Speaker 10: Yeah, and I got to lay that on Brown. You know, 406 00:24:36,920 --> 00:24:39,240 the police in the AG that spoke there, they're the 407 00:24:39,279 --> 00:24:41,720 ones who caught this case. And when they went to 408 00:24:41,759 --> 00:24:45,240 the video considered the Charlie Kirk case. When the team 409 00:24:45,319 --> 00:24:47,720 looked at the video, they were able to trace the 410 00:24:47,799 --> 00:24:51,960 movements of the accused, Tyler Robinson, right down through campus 411 00:24:52,000 --> 00:24:54,680 and off off campus and then even into ring camera 412 00:24:54,759 --> 00:24:58,319 land in the residential areas. None of that was possible 413 00:24:58,400 --> 00:25:00,720 here today because Brown seems to have made some kind 414 00:25:00,759 --> 00:25:04,160 of a decision that this building behind me, which is 415 00:25:04,200 --> 00:25:07,880 their most forward leaning, this sort of perimeter of the 416 00:25:08,079 --> 00:25:12,200 Brown campus here doesn't have cameras, or if it does, 417 00:25:12,240 --> 00:25:14,240 they don't seem to be pointed in the right direction. 418 00:25:14,359 --> 00:25:16,480 So what the AG is saying, and I was in 419 00:25:16,519 --> 00:25:19,119 the room for some of the press conference, he essentially says, 420 00:25:19,640 --> 00:25:23,920 all we have from inside is video of kids from 421 00:25:24,000 --> 00:25:27,400 the classroom fleeing in terror. That is to say, nothing 422 00:25:27,440 --> 00:25:30,079 that's going to be useful relative to the person that 423 00:25:30,079 --> 00:25:32,920 they have identified. As I said this morning, they have 424 00:25:33,039 --> 00:25:36,599 identified that person in black as the person they're interested in. 425 00:25:37,039 --> 00:25:39,279 That comes from the fact that there was a delivery 426 00:25:39,359 --> 00:25:42,759 driver there who saw that people were fleeing away from 427 00:25:42,759 --> 00:25:45,680 that guy, and that was then corroborated by interviews that 428 00:25:45,759 --> 00:25:47,839 they did relative to who burst into the room. So 429 00:25:47,920 --> 00:25:50,559 the person in black that they've put out, they're quite 430 00:25:50,599 --> 00:25:54,319 confident that that's him, but because the video evidence is 431 00:25:54,359 --> 00:25:58,200 so sparse, they could only track him into this residential 432 00:25:58,200 --> 00:26:01,400 neighborhood that I'm beside here, and at that point they 433 00:26:01,440 --> 00:26:03,640 are at the mercy of the ring cameras that these 434 00:26:03,680 --> 00:26:04,480 neighbors have. 435 00:26:05,200 --> 00:26:09,359 Speaker 1: So that video may not show the shooter. But Bobby 436 00:26:09,440 --> 00:26:13,039 chacone former FBI guy, said there's a lot you can 437 00:26:13,160 --> 00:26:16,880 learn from looking at the video that the university will 438 00:26:16,920 --> 00:26:17,759 not turn over. 439 00:26:18,160 --> 00:26:21,519 Speaker 12: As an investigator, you know, early on the Robert the 440 00:26:21,519 --> 00:26:23,640 police said this was looked like in a targeted attack. 441 00:26:23,799 --> 00:26:26,279 Now last night the Attorney General said there is no 442 00:26:26,319 --> 00:26:28,839 evidence to that effect yet. It could be, but there's 443 00:26:28,880 --> 00:26:31,200 no evidence yet. As an investigator, I want to know 444 00:26:31,240 --> 00:26:33,440 who the first person targeted was in the classroom, because 445 00:26:33,440 --> 00:26:37,160 if it was in fact a targeted murder, like someone 446 00:26:37,160 --> 00:26:39,440 went in there with the intention of killing a specific person, 447 00:26:39,920 --> 00:26:42,200 that's the first and they would go after first, they'd 448 00:26:42,240 --> 00:26:44,359 know the person was in that room, they'd go in there, 449 00:26:44,359 --> 00:26:47,440 they'd look for them, and that's who they would attack first, presumably, 450 00:26:47,799 --> 00:26:49,960 And so that's who I'd want to know. I'd want 451 00:26:49,960 --> 00:26:52,160 to know from the witnesses what the person did when 452 00:26:52,160 --> 00:26:54,400 they first walked in the room. Now, you don't usually 453 00:26:54,400 --> 00:26:56,400 get a look at the second, third, fourth shots because 454 00:26:56,400 --> 00:27:00,279 everyone's running and ducking and you know, pandemonium break out. 455 00:27:00,319 --> 00:27:03,920 But that first shot, usually witnesses see that because somebody 456 00:27:03,960 --> 00:27:05,480 walks in that it's not supposed to be there, they 457 00:27:05,480 --> 00:27:08,400 don't recognize, they kind of clock the person, they watch them. 458 00:27:08,759 --> 00:27:10,400 Then they pull out a gun and they start shooting, 459 00:27:10,400 --> 00:27:13,160 and everybody duck. So you do get some pretty good 460 00:27:13,160 --> 00:27:15,680 intel on that first shot, and that's where I'd want 461 00:27:15,720 --> 00:27:17,599 to know. You know, you'll be able to tell whether 462 00:27:17,640 --> 00:27:20,519 this was a random attack or a targeted attack. And 463 00:27:20,559 --> 00:27:23,680 that's key because if it is a targeted attack, now 464 00:27:23,720 --> 00:27:26,200 you can focus in on that first victim and see 465 00:27:26,279 --> 00:27:30,240 who in their life wanted them dead and in fact, 466 00:27:29,839 --> 00:27:33,400 who hated them so much that they wanted. 467 00:27:33,119 --> 00:27:33,599 Speaker 6: To kill them. 468 00:27:33,640 --> 00:27:36,000 Speaker 12: Is this a financial thing, a romantic thing? You know, 469 00:27:36,039 --> 00:27:38,640 you go down all the lists of apostle motives. Once 470 00:27:38,680 --> 00:27:42,119 you have that intended victim, if in fact they exist. 471 00:27:41,880 --> 00:27:45,240 Speaker 1: So there's more. There's also off of that video maybe 472 00:27:45,240 --> 00:27:48,880 they would be able to decipher. There's been some some 473 00:27:49,160 --> 00:27:54,440 reports that the shooter yelled something before he opened fire, 474 00:27:55,200 --> 00:27:59,440 and the question is what did he yell? Some students 475 00:27:59,599 --> 00:28:02,200 said that he did, some students said they did not. 476 00:28:03,640 --> 00:28:07,759 But again back to Bobby chacun I, did the shooter yell? 477 00:28:08,480 --> 00:28:11,680 Speaker 12: That's probably the important thing I'd want to know if 478 00:28:11,759 --> 00:28:13,920 in fact there was something, And we're hearing reports. We're 479 00:28:13,960 --> 00:28:16,359 not sure. They haven't confirmed any of that, but they 480 00:28:16,440 --> 00:28:19,319 certainly know that investigators know what he did when he 481 00:28:19,440 --> 00:28:21,920 entered the room. Did he say anything where he moved 482 00:28:21,920 --> 00:28:24,119 when he came first came into the room, because witnesses 483 00:28:24,119 --> 00:28:26,680 would have given them out. There's some sixty odd people 484 00:28:26,720 --> 00:28:29,359 in that room. Someone's going to have seen his first 485 00:28:29,359 --> 00:28:32,559 initial movements, which are going to be key. And certainly 486 00:28:32,599 --> 00:28:34,799 if he said anything, first of all, it gives you, 487 00:28:34,799 --> 00:28:37,240 you know, did he have an accent, a regional accent, 488 00:28:37,759 --> 00:28:40,519 you know, whatever, It'll give you information about the person. 489 00:28:40,839 --> 00:28:43,119 And then, of course, depending on what he said, it'll 490 00:28:43,160 --> 00:28:44,079 give his motivations. 491 00:28:44,119 --> 00:28:49,400 Speaker 1: If so, today we're getting word now that authorities investigating 492 00:28:49,720 --> 00:28:53,000 the deadly shooting, the mass shooting of Brown University have 493 00:28:53,119 --> 00:28:57,640 identified a suspect and have obtained a warrant for the 494 00:28:57,680 --> 00:29:03,799 person's arrest. They're actively seeking the person. The eyewitness accounts 495 00:29:03,799 --> 00:29:06,440 of the shooter mastered a description of the person of interest, 496 00:29:06,799 --> 00:29:10,039 so they have a name, they have an arrest warrant. 497 00:29:10,440 --> 00:29:13,200 Now they just need to find the person. And the 498 00:29:13,279 --> 00:29:17,319 other part about this is that there is now When 499 00:29:17,319 --> 00:29:21,480 the Brown Providence police kissed this off two days ago 500 00:29:22,079 --> 00:29:26,599 about the shooting of the MIT professor and in the 501 00:29:26,599 --> 00:29:30,880 hallway of his condo building in Brookline, Massachusetts, forty nine 502 00:29:30,920 --> 00:29:33,960 miles away, they kissed it off and said, oh no, no, no, no, 503 00:29:34,000 --> 00:29:36,519 that going to be related is right up the road. 504 00:29:36,839 --> 00:29:40,880 Now they're saying there is a possible link between Brown 505 00:29:41,000 --> 00:29:48,720 University and MIT shootings, and briefly to the Nick Reiner situation. 506 00:29:48,920 --> 00:29:54,079 Now that he's in custody, and the question becomes, why 507 00:29:54,119 --> 00:30:00,240 did they hire this high price, very successful defense lawyer. 508 00:30:00,319 --> 00:30:01,599 Speaker 5: We don't know who hired him. 509 00:30:01,640 --> 00:30:05,839 Speaker 1: We suspect the family did, and a lot of it 510 00:30:05,880 --> 00:30:10,039 may simply be they don't expect the lawyer to get 511 00:30:10,119 --> 00:30:14,279 Nick off. What they're looking for is to keep him 512 00:30:14,279 --> 00:30:19,759 from going to the death chamber. Here's Joey Jackson, big 513 00:30:19,759 --> 00:30:21,279 defense attorney here in New York. 514 00:30:21,960 --> 00:30:24,039 Speaker 13: I think what they're going to do that is a 515 00:30:24,079 --> 00:30:27,039 defense is they're going to examine his mental state. Remember 516 00:30:27,039 --> 00:30:29,079 what he's charged with. He's charged with murder in the 517 00:30:29,079 --> 00:30:31,640 first degree. Murder in the first degree means that you 518 00:30:31,759 --> 00:30:34,599 had to have premeditated the act. Now, to be clear, 519 00:30:34,640 --> 00:30:37,480 the premeditation doesn't have to be a long winded or 520 00:30:37,599 --> 00:30:41,319 elongated plan of months or weeks or days or even hours. 521 00:30:41,440 --> 00:30:44,000 It could be formed instantaneously. But I think where the 522 00:30:44,000 --> 00:30:46,799 defense goes is they look and evaluate his mental state. 523 00:30:46,880 --> 00:30:49,599 They look at his mental health. They in addition to 524 00:30:49,640 --> 00:30:52,480 looking at his mental health, look at his addiction. Remember 525 00:30:52,599 --> 00:30:56,119 he's undergoing a competency exam right now to determine if 526 00:30:56,119 --> 00:30:58,599 he's well enough to stand trial. Could he assist in 527 00:30:58,599 --> 00:31:01,079 his defense as he understand the charges. And I think 528 00:31:01,119 --> 00:31:03,640 that's where they have to go. People believe that the 529 00:31:03,680 --> 00:31:06,480 defense attorneys have to get people off and obviously that's 530 00:31:06,519 --> 00:31:09,240 the goal you want to you know, indicatese whether there's 531 00:31:09,359 --> 00:31:11,759 not guilty. But there's a variety of other ways that 532 00:31:11,799 --> 00:31:16,119 the defense could prevail here, meaning better outcomes without getting 533 00:31:16,160 --> 00:31:18,400 a full out acquittal of the murder one charge. 534 00:31:19,400 --> 00:31:22,000 Speaker 1: So that sounds logical to me that they're just trying 535 00:31:22,000 --> 00:31:24,279 to make sure that he doesn't go to the death chamber. 536 00:31:26,359 --> 00:31:32,799 Cardinal Dolan in New York made a surprise announcement earlier today. 537 00:31:32,960 --> 00:31:33,720 Speaker 11: Yeah, you have to. 538 00:31:33,960 --> 00:31:36,920 Speaker 14: And so it's canon law church law that when a 539 00:31:36,960 --> 00:31:40,440 bishop reaches seventy five, you must submit your resignation to 540 00:31:40,559 --> 00:31:43,039 the Bishop of Rome, the Holy Father. So I did 541 00:31:43,319 --> 00:31:46,880 what will define it? My resignation has already been accepted, 542 00:31:47,000 --> 00:31:50,920 I've been I continue as archbishop at the Holy Father's wish. 543 00:31:51,279 --> 00:31:54,240 But so what will change status is the appointment of 544 00:31:54,240 --> 00:31:55,039 a success. 545 00:31:54,759 --> 00:31:59,640 Speaker 1: Now, so Cardinal Dolan is seventy five. They have a 546 00:31:59,680 --> 00:32:04,039 point to a bishop from Joliet, Illinois. His name is 547 00:32:04,279 --> 00:32:07,599 Ronald Hicks. He's fifty eight years of age. Going to 548 00:32:07,680 --> 00:32:09,640 be interesting because he's going to take over as the 549 00:32:09,680 --> 00:32:14,359 new archdiocese bishop, which puts him in the position of 550 00:32:14,839 --> 00:32:16,759 the next part of this is the Pope will make 551 00:32:16,839 --> 00:32:21,480 him a cardinal. Every Archbishop of New York has been 552 00:32:21,559 --> 00:32:25,319 a cardinal. He served in Al Salvador for a while. 553 00:32:25,680 --> 00:32:29,160 Bishop of Joliet Illinois, which is just south of Chicago, 554 00:32:29,640 --> 00:32:33,279 and the Pope is from Chicago. It's like any business, 555 00:32:33,279 --> 00:32:39,119 it helps to know people. So he is the archbishop designate. 556 00:32:40,319 --> 00:32:42,440 He talked today about the fact that he's been to 557 00:32:42,480 --> 00:32:45,640 New York City ten times in the past. Was raised 558 00:32:45,680 --> 00:32:52,480 in the again suburbs south of Chicago. So new bishop, 559 00:32:53,119 --> 00:32:59,839 new cardinal, new mayor. And with this new bishop having 560 00:33:00,039 --> 00:33:03,880 served in El Salvador. The whole idea about immigration and 561 00:33:03,880 --> 00:33:07,319 everything else, and man Donnie and his idea is about immigration. 562 00:33:07,599 --> 00:33:10,880 It's going to be an interesting new new year for 563 00:33:11,079 --> 00:33:14,960 New York City. All Right, Wall Street today, Like I 564 00:33:15,119 --> 00:33:20,000 told you, the stock market loved the idea of a 565 00:33:20,000 --> 00:33:24,160 two point seven percent consumer price index inflation rate, but 566 00:33:24,240 --> 00:33:28,400 the bond market did not. But when all was said 567 00:33:28,440 --> 00:33:31,480 and done, after a big rally in the beginning couple 568 00:33:31,480 --> 00:33:35,480 of hours of the market, it turned around and went south, 569 00:33:36,000 --> 00:33:40,599 finishing with positive marks, but not like there were. The 570 00:33:40,680 --> 00:33:44,000 Dow up sixty five points at the close to forty 571 00:33:44,000 --> 00:33:47,599 seven nine fifty one s and p up fifty three. 572 00:33:48,079 --> 00:33:51,920 The NASTAC went on fire today, up three hundred and 573 00:33:51,960 --> 00:33:56,319 thirteen points. Price of gold fell eleven dollars to forty 574 00:33:56,400 --> 00:34:00,960 three sixty two. Oil prices up just a mile, up 575 00:34:01,000 --> 00:34:04,279 to fifty six dollars for a barrel of oil. That's 576 00:34:04,319 --> 00:34:08,320 it for today. Thank you for coming by. Yay tomorrow's Friday, 577 00:34:08,719 --> 00:34:10,840 we'll be here hope to see you as well.