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Speaker 1: And welcome to the Big Podcast. Happy Wednesday to you,

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the sixteenth day of July, Year of Our Lord, twenty

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twenty five. My name is Tom Sullivan. So we've got man.

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There's a lot going on today. I want to start.

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Got the Epstein story. No, it won't go away. The

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President is frustrated. He wants it to go away. And

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the more he talks about it going away, the more

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people are wanting to talk about it. We've got that,

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We've got, Well, let me go through. Let me start

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with the Fed chief Jay Powell, Jerome Powell. The President

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met with a group of Republicans last night obstensively about

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the about the crypto bill. And while he was meeting

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with the Republicans, he brought up his grievances about the

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Fed and he wants them to cut interest rates. And

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a lot of presidents have grigged about the Fed and

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they always want interest rates to go lower. But in

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doing so, he apparently did a poll of I don't

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know how many Republicans were there, but he asked them,

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how many of you think I should fire Jay Powell?

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And apparently all of them said, oh, yes, sir, yes sir.

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They all raised their hand and he had a piece

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of paper he held up and said, this is the

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draft of the letter that I'm firing Powell. And so

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the news this morning leaked out from that meeting early

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this morning that the President was ready to fire Jay Powell.

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We know he wants to, but apparently it was being

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reported as the fact that he would fire Jay Powell soon.

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So the White House didn't knock that story down, not

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at all. And then the President had a meeting with

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the grownd Prince of Bahrain who's in town. So around

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lunchtime he sat down in the Oval Office and there

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was the Prince of Bahrain, as usual, the dignitary visiting,

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just sat there like a lump of cole and the

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President took all the questions from the media. And I

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want to play that for you, but I want to

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step back to this morning before the President sat down

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in the Oval Office, because the markets, once they found

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out that he was willing to cut to get rid

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of Jay Powell, the markets felt four five hundred points

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and the interest rates on bonds spiked up. Didn't go down, no,

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they went higher. That all changed later at that meeting

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in the Oval Office. But let me start with a

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couple of the anchors on CNBC when the word came

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out that Trump wanted to fire Powell, and soon.

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Speaker 2: We've seen a global rise in bond yields on the

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long end of the curve. But again, the weakness of

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the dollar is where I would look if this president

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wants lower interest rates, I mean, deal with the debt issues.

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I mean, you could job on the FED a little bit,

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but threatening to fire out what I think raised questions

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about first of all as the legality the constitution, that

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sort of thing, but also about putting in place someone

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where he's just going to tell what to do right

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and legitimacy that incoming FED chair will have with the markets, right,

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That's been a question. We just heard Goldman Sachs CEO

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David Solomon express the importance of having an independent FED

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share throughout history, not just FED. Global Central Bank chair

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Jamie Diamond of JP Morgan also expressed that I think

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if you talk to most folks in the investor community,

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that is what you'll hear because that is what we

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have seen throughout history. So let's see what President Trump

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actually does here. But again, this report, this New York

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Times report that President Trump has been circling this draft document.

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I mean the renovation story. The claim is, and we

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heard this from the own b director. We've heard this

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from Bill Poulti, the Housing Administrator, and the Trump administration

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that they spent two and a half billion dollars renovating

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the FED building, which is outrageous. First of all, you know,

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this is a building that hadn't been renovated since the

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nineteen thirties. We can argue about it.

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Speaker 3: I don't know how much marble is in there.

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Speaker 1: Put it out.

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Speaker 2: It's not tax payer dollars. No, I mean, the FED

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has its own right incomment. It makes from fees and banks.

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But look, and they have an Inspector general who is

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apparently a very good guy and has a really good,

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strong reputation, this guy Horowitz, and so Fedcherpalas already asked

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him to do a formal review.

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Speaker 3: Of some of the costs associated with it.

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Speaker 2: It's unclear whether that would classify as cause for firing

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the FED.

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Speaker 3: Shair right, We'll keep the wind on the market reaction.

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For the time being, Dow was only down one hundred points.

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We'll keep an eye on it.

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Speaker 1: Yes, at that point, the market was settling down and

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it had dropped, like I said, four to five hundred points,

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and then it was down one hundred points when CNBC

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was talking about the potential of the FED chair being fired.

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As I'm recording this, the market is actually turned around

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in its flat. So it was very The interest rate

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spiked up on the treasuries and the stock market went down,

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and so well, this gets back to the whole thing

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about the FED. The FED was created by Congress, and

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it was created to be an independent organization within the

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banking system. It is not a government agency. It is

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owned by the banks in this country. So whether or

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not this renovation of the Federal Reserve Building Bank it

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was right or wrong. It did not involve any taxpayer money.

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That is money the FED gets fees from banks. That's

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how they survive. And that's why the system is set

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up to be independent of Congress and the president, because

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nobody wants politicians to be the ones to determine what

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interest rates are. Could you imagine, for example, if Joe

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Biden had the authority to lower interest rates in the

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midst of the high inflation, he already caused a high

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inflationary problem, huge problem. What would he have done? So

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you don't want presidents. I don't want presidents. I don't

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know of anybody in the financial markets who want presidents

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or congress people to be messing around with the Fed.

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That's why they have their own separate rules. Now, the

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Fed doesn't control interest rates. That's the other dirty little secret.

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The FED controls short term rates, namely three months, six month,

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one year, two year treasuries, but there's also five year

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and ten year and thirty year treasuries, and that's controlled

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by the bond market. The marketplace takes care of interest rates.

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So and remember Jay Powell doesn't make decisions by himself.

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He's got a call the Federal Open Market Committee, and

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they have meetings in the group of them to decide

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what to do, and then later the minutes come out

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about how they voted. Right now, the Fed is pretty

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clear about the fact that interest rates. We got our

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CPI numbers out yesterday they went up a little bit,

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Inflation up slightly, and we got the producer price index

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the wholesale inflation rate up this morning, and that came

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out at two point nine percent for the core rate.

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Both of those are going higher. The FED doesn't want

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to lower interest rates to stimulate the economy when the

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inflation is starting to pick up, and the question about

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inflation is how much will tariff's drive prices higher? And

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that's the debate, And they don't want to lower interest

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rates if tariffs are going to hit and cause inflation.

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So it's all the politics of being mixed into this

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and it should not be. That's the way the FED

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was designed. So with all of this, the President comes

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to the Oval Office to have the meeting with the

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Crown Prince of bah Rain, and the reporters are there

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and they start shouting questions to the President right off

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the bat about what is he going to do regarding

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Jay Powell. Here's the reporters and the President's response.

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Speaker 4: As President Jerown Powell, do you have plans or if

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you're back considering firing Jerome Powell? And what's your justification

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if you're thinking about this.

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Speaker 5: To do this.

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Speaker 3: He's always been too late, hence his nickname too late.

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He should have cut interest Race a long time ago.

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Europe has cut him ten times in a short period

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of time, and we cut him none. The only time

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he cut him was just before the election to try

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and help Kamala or Biden, whoever the hell it was

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because nobody really knew. Obviously, that didn't work. But he

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tried to cut him for the Democrats Kamala, and how

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did that work out? You'll tell me it didn't work

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out too well to it. But he's I think he

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does a terrible job. He's costing us a lot of money,

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and we fight through it. It's almost the country has

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become so successful that it doesn't have a big impact,

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but it does hurt people wanting to get a mortgage,

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people want to buy a house. He's a terrible He's

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a terrible fetch here. I was surprised he was appointed.

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You surprised, frankly that Biden put him in and extended him,

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But they did so. No, we're not planning on doing anything.

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We're very concerned. He's doing a little renovation for two

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point five villion of the Fed building a renovation and

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they have a close to nine hundred million dollar cost

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over run and it's a shame. But the biggest cost

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over run is the cost over run for interest rates,

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because we should be paying three points lower and we

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would save a trillion dollars a year and interest of

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that were the case, And all it is is the

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stroke of a pen. And that goes for his board too,

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because his board is not doing the job, because they

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should try and rain this guy in. So he's doing

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a lowsy job. But no, I'm not talking about that.

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We get, fortunately, we get to make a change in

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the next what eight months or so, and we'll pick

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somebody that's good, and we'll pick somebody. I just want

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a fair job. We want to see lower adress rates,

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so our country deserves it. We're making a lot of money.

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We're doing great as a country where new inflation record,

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stock market record, business record, everything's a record. Now. We

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had the worst inflation in history under Biden and now

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we have almost no inflation. We've done a great job,

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and we should have the interest rates cut.

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Speaker 5: So you're saying it today that Scott Bessend's so happy

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with him a treasury that you know he's not your

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top option to replace Drum, how whenever that may be,

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whenever you decide what you want to do with him.

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Speaker 3: Especially a very good job. I'm very happy with rather

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a copy of us Kevin. Somebody would considers you Kevin

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is fantastic too. We have a lot of good people

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for that job. It's not a tough job, to be honest,

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assuming you're smart, it's not a tough job. If you're dumby,

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then I guess it's a tough job. But it might

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be one of the easiest jobs I've ever seen. And

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now on top of it, he's building a close to

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three billion dollar little nest tag for himself. He's he's

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not doing the right job. We should be saving a

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trillion dollars a year an interest, you know, when he

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talks about costs, we should be saving think of it

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at trillion dollars a year. Add that with the tariffs

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and everything else. But he just doesn't want he's a knucklehead.

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But well we'll see how that. We'll see how he's

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listening to this. That's the strange conversation. But you know,

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we like to say it like it is, but we

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have a lot of people that want that job very badly.

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And I'm only interested in low interest people, dirankly, because

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you don't need I know. So they had a you know,

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the seventy one different economists and people that the experts

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said they picked about a month ago. I was the

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only one, along with one person from maybe the Wharton

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School of Finance. The two of us got it right.

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Sixty nine people, including Powell got it row and he

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wants to hire thousands of new people to help him

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decide where we're going in It only takes one good mind.

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That doesn't take five thousand good minds. So they're expanding

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the FED. It's the dumbest thing I've heard of, but

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you know it's very autonomous.

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Speaker 4: Are you completely ruling out the idea of firing Jerome Powell?

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Speaker 3: I don't rule on anything, but I think it's highly

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unlikely unless he has to leave for fraud. I mean

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it's possible it's fraud involved with the two point five

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two point seven billion dollar renovation. This is a renovation.

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How do you spend two point seven billion dollars? And

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he didn't have proper clearance, et cetera, et cetera, So

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you know that's going on. So you know there could

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be something to that. But I think he's not doing

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a good job. He's got a very easy job to do.

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You know what he has to do lower interest rates?

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Speaker 2: Your howl all this side that you are going to

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fire him, How do you draft a letter so you

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didn't show a load of Republican lawmakers last night.

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Speaker 3: No, I talked about the concept of fire, and I said,

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what do you think Almost every one of them said

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I should, but I'm more conservative than they are, and

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we talked about it. In fact, we had eleven of

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the twelve people here yesterday for a very big bill

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having to do with crypto etc. And and other things,

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and we all of the votes are going with us,

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every single one. But during the conversation when we were

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talking about it, he yes, what would you do about that?

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They all said would fire him?

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Speaker 1: So a whole different tone. By the time the President

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with the media in the Oval Office around lunchtime this morning,

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again the White House did knock down, did not knock

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down the story about Trump wanted to fire Powell and soon.

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But the markets reacted, and the President is very attuned

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to the markets, and I think he saw what happened.

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Trait spiked up, stocks went down. He came into the

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meeting in the Oval Office and said, no, I'm not

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gonna fire him. I want him to, I don't. I

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don't like him. I mean, he's made it clear he

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would like to fire him. But he clearly said he

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was not about to fire j Pell And so the

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pressure is still on and one of the things about

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the FED. The President can nominate and the Senate confirm

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FED chiefs, FED FED for Reserve Board chairman. But the

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FED is the FED chairman is not fire fireable by

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the President or by Congress except for for cause. And

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that is why the President keeps bringing up the renovation

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that he spent all his money and there may be fraud.

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And so that's where that's coming from. Is he's trying

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to build a case case he wants to get he

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wants to get rid of him. And from my viewpoint,

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I don't dis agree with a lot of the concepts

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that the President has. Jay Powell was late to the

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table when Biden came into office and inflation took off,

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and Jay Powell and the Treasury Secretary Jenny Yellen both said, no,

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this inflationary is transitory, no need to do anything. And

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it went up to nine and a half percent inflation.

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So he was late to raising interest rates. So then

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the Fed raised interest rates faster than ever in the

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history of the Fed. They ramped up interest rates quickly,

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and so inflation then started coming down, and that is

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why the Fed started dropping interest rates. I don't think

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it was political. They did drop interest rates in twenty

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twenty three. In twenty twenty four, but inflation was also

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coming off of its peak, so as inflation was coming down,

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they were dropping the interest rates down. Inflation has stalled

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out just below three percent, and that's why the Fed

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is sitting there waiting, and their big concern is what

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will the impact of tariffs be on inflation. And again

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yesterday and today we got inflationary reports out consumer Price Index,

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producer price Index, and they show prices going up, not down,

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not a lot, but they're going up, especially oh, appliances,

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a big increase there. But you know that prices are

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not going down, and the Fed doesn't want to drop

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interest rates. If prices are going up, it'll just exacerbate

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that and make prices go up even faster. So the

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FED chairman is technically safe. The President sounds like, after

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watching the markets react, that he's going to just cool

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his heels for a while. Pal's term expires in eight months.

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Can the president wait that long? I know he doesn't

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want to, but I do think Jay Powell has been

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late to the game on not only raising interest rates

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when inflation came along in twenty twenty one, but he's

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also been late to dropping interest rates now that inflation

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has been dropping. So I don't disagree with the president,

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but I really do feel strongly that the president should

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not interfere with the Federal Reserve. Anybody and everybody in

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the financial markets is very clear, leave the FED alone,

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make it an keep it as an independent operator of

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the banks in this country. That's who owns the FED.

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That is who funds the FED. You got a problem,

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that's nice, mister President, but the banks are the ones

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who own it. The other story that is frustrating the

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president is the Epstein story, and what's happening there is

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you've got Democrats and Republicans starting to in fact, some

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big time mega Republicans that are very upset with the

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president the fact that he is stonewalling on whatever is

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in the Jeffrey Epstein files. Joe Rogan, big voice, obviously

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he's upset. Mike Johnson, the Speaker of the House, wants

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everything put out there. Ralph Norman, one of the members

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of Congress who voted to have this released, he's upset.

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You've got Charlie Kirk from turning Point. He wants all

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the information. I mean, it goes on and on and on.

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Let's start with how about Joe Rogan, the big podcaster,

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on his comments, he's big Republican fanboy.

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Speaker 6: They've got videotape and all of a sudden, they don't

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you know, you're the director of the FBI on the show,

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saying there's no tape. There was nothing you're looking for

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is on those tapes? What Why did they say there

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was thousands of hours of tapes of people doing horrible

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Why did they say that? Right, Pam BONDI say that.

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Speaker 1: So that was Joe Rogan. Here is Chip Roy, the

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Republican from Texas, Tim Burchett, a Republican from Kentucky, and

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Mike Johnson, the Speaker of the House, all Republicans.

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Speaker 7: But do you think there needs to be more transparency?

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I do think that all needs to move forward, and

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I think then administration needs to address that.

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Speaker 3: But you don't believe what the Justice Department is saying.

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Speaker 1: I don't know, you know, I don't, I don't.

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Speaker 3: I think I don't.

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Speaker 1: I don't trust them.

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Speaker 8: You should put everything out there and let the people decide.

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Pam Bondy, I don't know when she originally made the statement.

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I think she was talking about documents as I understood

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that they were on her desk. I don't know that

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she was specific about a list or whatever, but she

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needs to come forward and explain that to everybody.

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Speaker 2: I fully support the transparency on this issue, and it's

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okay to continue to push for it.

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Speaker 3: It's great that.

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Speaker 1: Was Marjori Taylor Green at the end there, but this

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list of Republicans is definitely so there is a crack,

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if you will, on this Epstein story between It's not

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a Republican versus Democrat issue. This is about trying to

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figure out who were the people that were violating young

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girls and bring him the justice and they can't hide.

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But they're powerful, wealthy who knows. We don't know who

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they are? So is there a client list? Who knows

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on that too? But they have tons of files and

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the one thing that you don't want them to do.

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You don't want the Justice Department. First of all, they

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normally don't release this kind of information, So why Pam

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Bondi said that she had it on her desk and

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was ready to sign it. But they don't want to

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release information in their files that has the names of

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the victims. You don't want to victimize them again. I

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get that you also don't want to release if they

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did an interview with people who knew two of the

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suspects that we're violating these young girls. Those people should

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not have their names dragged through the mud in the

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Epstein files as well, but they should be able to

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give us everything else. They say, they have video, they

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have photos. Who are those people in the videos? Who

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are those people in the photos? Why are they not

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going after them? Let's start with David Axelrod on his

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view of how this is being mishandled.

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Speaker 9: Well, I think it underscores what makes this story so interesting,

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right because there's a movement, this Maga movement. Trump believes

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the Maga movement is his movement, and however he defines it,

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but it's built on deep distrust of government on conspiracy theories.

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The Epstein case has fed into that. Pedophilia aspects of

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it are something that is very inflammatory to that movement.

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And now you have people Bongino and others who are

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having to choose between fidelity to the president and to

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their movement, and it's creating a great fissure. What's interesting

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to me is that they everybody's going after Pam Bondi,

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the Attorney General. Anyone who believes that Pam Bondi is

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doing what she's doing of her own volition is nuts.

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She is doing what the president wants her to do,

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which is why he's defending her. Why does he not

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want those files released? Well, I mean, there's a lot

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of speculation about that.

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Speaker 1: Actor Rudd's got a good point. The Mega Movement, Yeah,

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it certainly was circling around and supporting Donald Trump. But

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the original part of this is kind of on some

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conspiracy theories. But a lot of it was simply the

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fact that there's an elite in this country and they

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are the deep State, and they get to do whatever

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they want to do, good, bad, or indifferent, and they

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don't trust the deep state, and they don't trust government.

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And so a lot of this when the government, in

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the words of Pam Bondi or Donald Trump, comes out

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and says no, no, no, no, no no, you can't

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see this, you can't see this, stop talking about it,

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they go just the opposite, going, wait a minute, what

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are you hiding. That's the reaction. Actually, MAGA has a

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couple of things that they're concerned about. One is they

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want to be out of all foreign wars, and they

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want to bring elites to justice, the deep state, if

402
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you will. That's what MAGA is all about. I'm not

403
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usually in the market for conspiracy stories conspiracy theories, but

404
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for this one, I could be a customer. I'm definitely

405
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want heed more information. And by the way, you know,

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Jeffrey Epstein was arrested in twenty nineteen, Donald Trump was president.

407
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James Comy had nothing to do with this. Obama had

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nothing to do with it. The President said both of

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them somehow were involved. But Komy was booted out of

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the FBI two years before Epstein was arrested and President

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Trump was in office Trump one point zero, So this

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is not a Comy or Obama conspiracy. Now, Republicans, you

413
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want some good news, Harry enter out today about how

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things are looking for the midterms. I know it's over

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a year away, but it will be here before you

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know it. And Harry's always interesting anyway. But here is

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some interesting news because in midterms, the party that holds

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the White House, in this case, the Republicans, stands to

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lose a lot of seats in the House at the

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first midterm. But listen to what Harry has to say.

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The bottom line is this, Democrats are behind.

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Speaker 7: They are two thousand and six and twenty eighteen paces

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when it comes to the generic congressional ballot. What are

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we talking about here, all right? The Democrats versus the

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Republicans on the generic congressional ballot, the margins. Look at

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where we are now. Democrats are ahead, but by just

427
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two points. Look at where Democrats were already head by

428
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in twenty seventeen. They were behind by seven points, about

429
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two thousand and five on the Jeniic congressional ballot behind,

430
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excuse me, ahead by seven points, ahead by seven.

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Speaker 3: Points, and now they're only ahead by two points.

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Speaker 7: Their lead is less than half, less than half of

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where it was in either twenty seventeen or two thousand

434
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and five, in July of those years, the year before

435
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the midterm election. Yes, Donald Trump may be unpopular, but

436
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Democrats have not come anywhere close to sealing the deal

437
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at this particular point.

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Speaker 10: This is the generic ballot test. This is when you

439
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test people the generic question. Of course, the House races

440
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aren't generic. There are four hundred and thirty five of them.

441
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What happens when you go race by race? What happens

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when you go race by race. Well, it's the same idea.

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Speaker 7: Okay, howse seat ratings with a GOP president like back

444
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in two thousand and five and of course twenty seventeen,

445
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more net pickup seat chances. Well, last time around, look

446
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at that, Scrats were head by thirty three seats. How

447
00:27:01,720 --> 00:27:04,160
about two thousand and five, Democrats were head by seven seats.

448
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Speaker 3: What's going on right now?

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Speaker 7: It's actually Republicans, actually Republicans with more net picked up

450
00:27:09,559 --> 00:27:12,000
chances at plus twelve according to the Cook Political Report,

451
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when you add in the likelys, the leans, and the

452
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toss up races. So it's not just on the generic

453
00:27:16,359 --> 00:27:19,720
ballot where Democrats are behind their twenty seventeen in two

454
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thousand and five pace, it's actually when it comes seat

455
00:27:22,799 --> 00:27:25,839
by seat, you see that at least at this particular point,

456
00:27:25,960 --> 00:27:29,319
Republicans actually have more net pickup opportunities. This doesn't look

457
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anything like those wave elections back in two thousand and

458
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six or twenty eighteen. Okay, so what does it look like. Well,

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let's take a look back at the generic congressional ballot.

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What was going on in Ipsos In October of twenty

461
00:27:39,119 --> 00:27:41,559
twenty four, Democrats were hit by two points. Look at

462
00:27:41,599 --> 00:27:44,079
where we are now. Democrats are head by two points

463
00:27:44,119 --> 00:27:47,440
among registered voters at this particular point, this election cycle

464
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looks a lot more like twenty twenty four than it

465
00:27:49,799 --> 00:27:52,839
does that either twenty eighteen or two thousand and six.

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And so, of course, Republicans actually held out of the

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00:27:55,519 --> 00:27:57,799
House back in twenty twenty four. Will it happen this

468
00:27:57,880 --> 00:27:59,680
time around? We'll just have to wait and see. But

469
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for anyone who's writing the Republican House's political obituates, hold

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the phone. This is a reality. Czech Republicans are still

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very much in the game elsewhere today.

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Speaker 1: The Oversight Committee in Congress, run by James Comer, they've

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been bringing people in, trying to get people in from

474
00:28:14,960 --> 00:28:18,759
the Biden administration. Last week they brought in doctor Kevin O'Connor,

475
00:28:18,799 --> 00:28:21,400
the White House physician. They wanted to ask him about,

476
00:28:21,920 --> 00:28:24,920
was Joe Biden aware of what the auto pen was

477
00:28:24,960 --> 00:28:30,000
signing all all the pardons and legislation everything else. And

478
00:28:30,119 --> 00:28:34,519
Kevin O'Connor, I understand the physician patient privacy, but he

479
00:28:34,640 --> 00:28:38,680
took the Fifth Amendment. The Fifth Amendment. I know we're

480
00:28:38,680 --> 00:28:41,640
supposed to pretend that the Fifth Amendment is one of

481
00:28:41,680 --> 00:28:45,640
your rights, and it is, but it says I can't

482
00:28:45,720 --> 00:28:50,839
answer the question without the chance of incriminating myself criminally,

483
00:28:51,680 --> 00:28:54,319
So why would the doctor take the fifth Amendment? Well,

484
00:28:54,319 --> 00:28:58,079
today they brought in Anthony Bernal and you may not

485
00:28:58,359 --> 00:29:01,720
know who that is. He was Duck Jill's right hand

486
00:29:01,759 --> 00:29:06,720
person and was apparently closer to the Biden family than anybody.

487
00:29:06,759 --> 00:29:10,039
He was one of the closest advisors and would know

488
00:29:10,160 --> 00:29:14,160
what was going on. So they brought Burnell in and

489
00:29:15,160 --> 00:29:18,519
here's James Comer after the closed door hearing.

490
00:29:19,319 --> 00:29:23,839
Speaker 11: Well, unfortunately that was quick. This is the second witness

491
00:29:24,160 --> 00:29:28,400
that we've brought in via subpoena for a deposition that

492
00:29:28,480 --> 00:29:31,079
has pled the fifth and they've stated they're not going

493
00:29:31,160 --> 00:29:33,200
to answer questions. I want to read the first two

494
00:29:33,279 --> 00:29:37,480
questions just so everyone knows. These are the tops of questions.

495
00:29:37,559 --> 00:29:41,480
We asked, was Joe Biden fit to exercise the duties

496
00:29:41,559 --> 00:29:46,559
of the president? He pled the fifth second question, did

497
00:29:46,599 --> 00:29:50,160
any unelected official or family member execute the duties of

498
00:29:50,240 --> 00:29:53,400
the presidency? And this is Joe Biden's chief of staff.

499
00:29:54,079 --> 00:29:56,920
Speaker 1: So they're obviously stonewalling. No answers from the doctor, no

500
00:29:57,079 --> 00:30:00,880
answers from doctor Jill's chief of staff taking the fifth

501
00:30:01,400 --> 00:30:07,160
wonder what they're worrying about criminal incrimination. I mentioned earlier

502
00:30:07,200 --> 00:30:10,039
that we have some inflation news out today. The producer

503
00:30:10,119 --> 00:30:13,279
price Index. This is the wholesale inflation rate for the

504
00:30:13,279 --> 00:30:15,880
month of June. And this is again if you are

505
00:30:16,000 --> 00:30:19,480
importing products. The wholesaler is the one who picks up

506
00:30:19,480 --> 00:30:22,240
the product at the port and pays the tariff. So

507
00:30:22,799 --> 00:30:25,599
the producer price index, it was expected to go up.

508
00:30:25,680 --> 00:30:28,880
It was unchanged, so a little better, slightly better than

509
00:30:28,920 --> 00:30:34,039
what was expected. It's clear that a lot of purchasing

510
00:30:34,160 --> 00:30:38,119
was pulled forward. Once we knew that that tariffs were coming.

511
00:30:38,160 --> 00:30:41,559
People ordered like crazy and got those things delivered as

512
00:30:41,599 --> 00:30:44,039
fast as they could, so a lot was pulled forward.

513
00:30:44,359 --> 00:30:48,119
It distorts the numbers. It's hard to make anything really

514
00:30:48,160 --> 00:30:51,359
big out of this, but the number was unchanged. As

515
00:30:51,400 --> 00:30:59,920
far as goods pricing, they are higher while services are weak.

516
00:31:00,400 --> 00:31:03,400
The airlines are a perfect example of very weak demand,

517
00:31:03,799 --> 00:31:07,400
even though it's supposed to be summer travel season. Speaking

518
00:31:07,400 --> 00:31:13,519
of summer summer apparel that was here before the tariffs

519
00:31:13,559 --> 00:31:17,160
were even announced or shortly thereafter, so some are apparel

520
00:31:18,640 --> 00:31:24,519
avoided the tariffs, but sporting goods and computers. They are

521
00:31:24,559 --> 00:31:29,559
definitely showing inflationary increases, which you've got to figure what

522
00:31:29,599 --> 00:31:32,559
that is. Those are the tariffs coming in. And on

523
00:31:33,319 --> 00:31:38,000
this day in nineteen ninety nine, John F. Kennedy Junior

524
00:31:38,480 --> 00:31:42,759
and his wife and her sister took off from a

525
00:31:42,839 --> 00:31:47,839
small airport in New Jersey heading toward Martha's vineyard. And

526
00:31:47,960 --> 00:31:49,960
we know the story. He didn't make it, so that

527
00:31:50,119 --> 00:31:53,680
was he was thirty eight years old. It was twenty

528
00:31:54,240 --> 00:31:58,359
six years ago today that JFK. Junior died in his

529
00:31:58,480 --> 00:32:02,000
plane crash. Did you watch the All Star Game last night?

530
00:32:02,279 --> 00:32:05,480
I normally don't, but it was good and it wound

531
00:32:05,599 --> 00:32:09,000
up being a tie. The National League was ahead most

532
00:32:09,039 --> 00:32:11,359
of the game. The American League came back to tie

533
00:32:11,359 --> 00:32:13,640
it up in the ninth and they have something called

534
00:32:13,640 --> 00:32:15,640
a swing off where they've got to hit a number

535
00:32:15,640 --> 00:32:18,680
of They line up three guys from each team and

536
00:32:18,720 --> 00:32:22,680
they have to hit home runs. National League won by one.

537
00:32:22,920 --> 00:32:25,400
So National League was the winner after a six and

538
00:32:25,519 --> 00:32:30,400
six tie. Cal Raley the catcher from Seattle. Wow, he's

539
00:32:30,519 --> 00:32:33,319
the number one home run hitter. He's ahead of Aaron

540
00:32:33,440 --> 00:32:36,839
Judge this year. So it was it was great they

541
00:32:36,920 --> 00:32:41,119
had there tried something though that I I don't know,

542
00:32:41,240 --> 00:32:43,920
we'll see how it works. They tried this at Wimbledon

543
00:32:44,039 --> 00:32:49,119
tennis as well, but they tried a robot calling balls

544
00:32:49,119 --> 00:32:51,559
and strikes. No, they had umpires there, but the robots

545
00:32:51,559 --> 00:32:54,000
were there as kind of a let's see how this works.

546
00:32:54,720 --> 00:32:59,440
And during one of the pitches, cal Rawley, who was

547
00:32:59,480 --> 00:33:05,400
a catcher, the robot said it was a strike and

548
00:33:05,519 --> 00:33:08,759
cal Rawly said no, and he objected and they looked

549
00:33:08,759 --> 00:33:10,400
at it, looked at it, looked at it and said, yeah,

550
00:33:10,640 --> 00:33:13,119
the robot was wrong. It was a ball. So some

551
00:33:13,200 --> 00:33:18,240
of those things were going on Wall Street today. Well,

552
00:33:18,319 --> 00:33:20,480
I told you it started off fine. Then we got

553
00:33:20,519 --> 00:33:23,279
the word that the president was going to wanted to

554
00:33:23,319 --> 00:33:27,759
fire J. Powell soon. Then he later denied that. So

555
00:33:27,799 --> 00:33:29,880
the market when he's When the news came out that

556
00:33:30,319 --> 00:33:34,920
he was going to fire J. Powell soon, they market

557
00:33:35,000 --> 00:33:37,960
went down four to five hundred points about middle of

558
00:33:38,000 --> 00:33:40,799
the day. After the President said he went no, no, no, no,

559
00:33:40,839 --> 00:33:43,200
that's I'm not going to be firing and that's unlikely.

560
00:33:44,119 --> 00:33:47,119
The market came back and it finished with the daw

561
00:33:47,200 --> 00:33:50,519
up two hundred and thirty one to forty four fifty

562
00:33:50,599 --> 00:33:55,400
four the price of SMP five hundred up twenty points,

563
00:33:55,480 --> 00:33:59,920
the Nasdaq new record high fifty two points higher. Price

564
00:34:00,039 --> 00:34:02,759
who gold up eighteen dollars to thirty three fifty five,

565
00:34:02,799 --> 00:34:06,599
and oil was up bit a little bit, just under

566
00:34:06,640 --> 00:34:10,079
sixty seven dollars for one barrel of oil again. The

567
00:34:10,119 --> 00:34:12,480
phone number for the comment line you want to call

568
00:34:12,519 --> 00:34:14,519
and leave a comment about the program, The phone number

569
00:34:14,559 --> 00:34:19,440
is eight five five two nine five sixty six hundred,

570
00:34:19,840 --> 00:34:23,199
and you can send me emails. Go to my website

571
00:34:23,239 --> 00:34:27,199
Tomsullivan dot com and there's all the information about my

572
00:34:27,360 --> 00:34:30,119
email address and the phone number and the links to

573
00:34:30,159 --> 00:34:33,039
the podcast if somebody wants to figure out how to

574
00:34:33,159 --> 00:34:35,760
listen to this. So thank you for coming by. We'll

575
00:34:35,800 --> 00:34:39,039
be here again tomorrow. Thank you. We'll see you then