Speaker 1: And Hi, how are you happy? Monday?
Speaker 2: Oh?
Speaker 1: Yeah, today is definitely a Monday. Today's the tenth day
of November, year of Our Lord twenty twenty five. My
name is Tom Sullivan, and oh man alive. The Democrats
are playing the blame game. The knives are out. The
civil war has begun. We have a vote coming up
tonight in the United States Senate which is expected to
have eight Democrats vote along with the Republicans to reopen
the government. So that's yeah, the breakthrough has happened. It
happened last night and the senators there's eight seven Democrats
were independent Dick Durbin, Tim Kaine voted in favor of
going with the funding agreement for the government. The funding agreement,
by the way, is it was supposed to the one
that they were voted on before that they couldn't come
to an agreement on was until November twenty first, so
that's like a week ten days from now, so they
had to change that. And so the funding agreement is
that will keep the government open. It will fund the
government through the thirtieth of January. The other agreement was
only until November twenty first, I think, which is only
about ten days from now. So this new deal that
they are going to vote on tonight that got through
the parliamentary vote last night, it funds agriculture, the FDA,
the VA, the military, and Congress for the entire fiscal
year until September thirtieth of twenty twenty six. The other
agencies are funded through January thirtieth, so they're going to
have to arm wrestle again before the end of January.
They have a commitment to rehire the government workers, and
there is a promise of a vote in the month
of December when they come back when the Congress opens
back up again, they will have a vote before the
end of December. That's when the Obamacare subsidies expired. They
will have a vote to extend the Obamacare tax credits.
I don't know how long. I don't know if it's
a full vote. But the other thing about that, the
Democrats are going but wait a minute, they're going to
vote against that. They're in control, so what are you doing.
The Democrats are furious about this, But again the senators,
the Democrat senators that voted in favor of this, Dick
Durban from Illinois, Tim Kaine from Virginia, Catherine Cortes Mastro
from Nevada, John Fetterman Pennsylvania, Angus King, the Independent, Jean
Shani Shaheen from the New Hampshire. Who else is on here?
Oh yeah, Maggie Hassan also from New Hampshire, and Jackie
Rosen from Nevada. All of those, not one of them
is up for election next year, and a couple of them,
like Dick Durbin, are retiring, so they could go ahead
and vote and make the Democrats mad. And the Democrats
are really mad about it. Christine Quinn, who was a
big Democrat in New York City government, she speaks like
a lot of Democrats are speaking today.
Speaker 3: That's going to be a very hard question to answer
if the vote in December is basically a vote to
raise people's premiums or to have people lose their healthcare.
I understand the vice that Democrats felt they were in healthcare,
food on the table, people not getting paid. But this
deal is the equivalent of ice in winter. We haven't
gotten anything. We from the very same people who said
we're going to repeal and replace years ago. We say
we got to vote. Not what are we voting on?
Speaker 4: Not?
Speaker 3: Are we extending?
Speaker 2: Not?
Speaker 3: Are we keeping. I don't think this was a good deal,
and I stand with people like Chuck Schumer who said no,
we're not going to vote for this.
Speaker 1: Yeah, Schumer said no, but he's also afraid of losing
his seat. The question she was asked was what was
it all at the end of the day? Forty one
days later, what was it all for? You got nothing? Zero.
Agus King, who did vote in favor of let's go
ahead and reopen the government. He's the independent, but he
he sits with the Democrats. He's a big manor he's
from Maine, and he asks a very good question about
what was the last forty one days all about.
Speaker 5: They don't tell us how it ends. Are we going
to stay in the shutdown for another month through Thanksgiving
into Christmas? There's no there's no endgame, and people are
going to feel the same way they do two weeks
from now or a month from now. Only a lot
of Americans are going to suffer in the meantime. So
if they had a plan, if the Democrats said, Okay,
here's what's going to happen on this, this, this, and this,
there's no such thing as just continue the shutdown and
hope that the Republican to come to the table, which
we know they won't. We've learned that, and there's no
evidence that they're going to come back in a week,
or in two weeks or three weeks. And in the meantime,
we're hurting a lot of people. If this was just
a debate between politicians and the Senate about you know,
we're here for the weekend and we want to get
it over with, that'd be one thing. But people are
being damaged by virtue of the continuation of the shutdown.
That's not getting us anywhere. A good general, if the
battle plan isn't working, you change the battle plan, you
try another tactic, especially if what's happening is danger to
your troops. And that's what we're talking about, is danger
to the American people in the service of a strategy
that isn't working and has no prospects of working.
Speaker 1: So he voted yes, let's go ahead and reopen the government.
But why didn't he do that forty one days ago?
So there's a civil war breaking out in the Democrat Party.
Jen Shaheen goes first, and then you'll hear Bernie.
Speaker 6: Sanders keeping the government shut down for another week or
another month, doesn't indicate that there would be any change
in the outcome. All it would mean is that more
Americans would suffer. We need to get this government back open.
Speaker 7: No, I knows part of this resolution that the Majority
leader is going to say, well, Democrats can create put
together their own bill, and we'll come to the ploy
here in the Senate for a vote. As everybody here knows,
that is a totally meaningless gesture.
Speaker 1: Yeah, I agree with Bertie. It's a totally meaninglessesta because
the Democrats are going to write the bill that they're
going to then negotiate with the Republicans, and the Republicans
are going to turn thumbs down on that. I would
think over at the view, the ladies at the view,
here's Sonny Hostain. She also is not happy.
Speaker 8: I think the Democrats cave. I think the Democrats let
down the narrative people. You do something like this, shame
on you the first time. You do it twice, three times,
four times, shame on me. Shame on the Democrats were
even believing that the Republicans will even vote on it.
Speaker 1: Well, they're going to vote on it then, La. They
promised that they will have a vote on it before
December thirty first before the Obama Care subsidies expire. And
the thing about it is after the news today this morning,
Wall Street woke up and took a look at this
and said, oh yeah, this is good news. They like
the government back open, they like the chaos to go away.
They want things to get back to settle down, and
well Byron York Washington, an examiner takes a look at
it this way.
Speaker 4: You know, it's been a rocky road, but the result,
the end result of this has been clear from day one,
which is the party that loses a government shutdown is
the party that attaches conditions to reopening the government. In
all of our shutdowns, we've had one party that says, oh,
my issue is so important that I simply cannot allow
the government to keep functioning until we address it, and
the other side says, well, wait a minute, let's get
the government running and then we'll talk about your issue.
And the party that attaches the conditions is the party
that always ends up giving up because the public gets
tired of the government being shut down. This one went
longer than most and the public is really tired of it.
This is just incredible. It's Monday morning, last Wednesday morning,
we were talking about Democrats savoring their victory, having gotten
over their slump, having new momentum. That's all we were
talking about five days ago. And now it's Democrats involved
in a bitter civil war. Well, these are tensions that
always existed inside the Democratic Party between its progressive way
and a dwindling number of people who call themselves centrists,
and we just saw it. We basically have forty Democrats
in the Senate who wanted to hang tough and keep
this shut down going forever apparently, and eight of them,
seven or eight of them who decided that it was
time to give in. That's the fight inside the Democratic Party,
and it's not going away all the way through their
presidential nominating process.
Speaker 1: That really is amazing how quickly the mood changes, because again,
last Tuesday, the Democrats were on top of the world
and they thought that they were now going to take
over the country, and in a matter of days they
now are met. They have a civil war going among themselves.
Mike Lawler is a Republican, not many of those in
the state of New York, but pretty level headed guy.
Because the government is reopening after forty plus days, something
that never should have happened. And I think frankly, even
some Democrats recognize that this has been an unmitigated disaster.
They really never had an off ramp or a plan
on how to get where they wanted to go. And
so I think you had obviously eight Democrats yesterday break ranks.
We will at some point over the next twenty four
to forty eight hours have a vote in the Senate,
and then the House will be back to pass the
legislation as well.
Speaker 9: Look, I'm a member of Problem Solvers. It's the only
bipartisan caucus in Congress, and all of my colleagues, Republicans
and Democrats in Problem Solvers, should vote to pass this
cr which includes a minibus three bills milconba AG, and
the Ledge Branch for full year appropriations, and it gives
us until January thirtieth to negotiate the rest of the
app creations and finish our job. At the same token, obviously,
you know, the issue of healthcare is front and center.
I've been a co lead on a bill to extend
the ACA subsidies by a year since the beginning of September,
and as you'll recall, I asked Leader Jeffries just about
a month ago to sign on to that bill and
join me in passing a one year extension. At the
time he opposed it. This weekend he said he was
in favor of it. We could have saved a whole
month if Leader Jeffries stopped playing politics and just did
his job. And the same for Chuck Schumer. The fact
that Chuck Schumer and Kirsten gillibrand the two senators from
New York voted no last night for the fifteenth time,
they voted to defund SNAP and WIC and not pay
our troops, border patrol agents, and air traffic controllers, all
because of politics. It's fundamentally wrong. And so I will
vote yes when this bill comes the House floor. Yeah,
and it's coming to the House floor fairly quickly. Mike
Johnson came, the Speaker of the House, came to the
microphone today and basically said he's calling all members of
the House of Representatives to be back on the hill
within thirty six hours. So today is Monday. They should
probably have everybody in place to vote on this on Wednesday.
Speaker 1: It sounds like.
Speaker 10: All my colleagues, Republicans and Democrats in the House, you
need to begin right now. Returning to the Hill. We
have to do this as quickly as possible. Now we
look forward to the government reopening this week so Congress
can get back can get back to a regular legislative session.
We have a lot of business to do, as you
all know, and we will be working in earnest. There'll
be long days and long nights here for the foreseeable
future to make up for all this lost time that
was imposed upon us. I want to close with something
that's important. I think it's important to say that this
is genuine. I mean, sincerely. We applaud the seven Senate
Democrats and one independent Senator who did the right thing.
They decided to put principal over their personal politics and
my urgent plea of all my colleagues in the House,
and that means every Democrat in the House is to think, carefully, pray,
and finally do the right thing and help us to
bring an end to the pain of the American people.
This has gone on too long. Too many people have suffered,
and it's long overdue. That's the update I wanted to
give you this morning. There are probably lots of questions,
but I'm going to get a lot of my own
questions answered later today, so stay tuned for more.
Speaker 1: So if they can get back to work, vote on Monday.
Everybody says it's going to take a while because government
is slow to get everything ramped back up again. And
the question for those of you that are thinking about
traveling for Thanksgiving, will air traffic control be back up
this stuff? Well, they never were up to the numbers
they wanted to have. They were always running their shortage.
But I would think that would also snap back pretty quickly.
Kevin O'Leary, mister wonderful, asked about the shutdown and what
the impact may have had on the economy.
Speaker 11: These shutdowns historically have not done that. They haven't really
changed the outcome of the direction of the economy. You know,
the mother's milk of any economy, the earnings of the
companies within. It looks like we're going to be up
fourteen percent as we sit right now, and that's one
of the reasons you have this dichotomy. You've got the
chaos of the shutdown against record highs and the stock
markets and the indexes, and so the answer is always
the same. The minute you can't get on an airplane
to go home for Thanksgiving, or a holiday is when
the shutdown ends. And that's exactly what's happening now. It's
right now, this morning is the most cancelation since the
shutdown began. I monitored this closely as an investor, and
all all of a sudden, we've got the House on notice.
They're going to be coming back. This thing will be
over by the end of the week. Even though Schumer's
not going to vote for it. This shutdown really won't
change the trajectory of the economy in any way it
would have had it lasted any longer, but it did.
Speaker 1: One more mad Democrat Seth Moulton, the congressman from Massachusetts,
he's openly talking about Schumer needs to go.
Speaker 12: I think it would be better. I think be better
than the status quo. And I hear this from Democrats
all across Massachusetts. Everywhere I go, people say there's a
leadership vacuum right now in the Democratic Party.
Speaker 10: We need new leadership.
Speaker 12: We've got to stop protecting this establishment status quo that's
gotten us a second term of Donald Trump, and he's
hurting a lot of people, a lot of Americans all
across this country, a lot of people right here in
Massachusetts are being hurt by this administration. I mean the
guy literally went to the Supreme Court this past weekend
and pleaded with them to allow him to let Americans starve.
What kind of president is this?
Speaker 5: And now we're going to give in to him.
Speaker 12: It doesn't make sense.
Speaker 1: See what happens with with the leadership, because both Hakeem
Jeffries and Chuck Schumer are not well received from what
happened with the vote on getting the government back open.
They got nothing, They got nothing out of this. And
like Mike Lawler was talking about, he went to Hakeem
Jeffries a month ago with the proposal regarding Obamacare subsidies,
and Hakim Jeffries said no, and now he says yes.
So there's yeah, it's all politics. That's what it's all about.
Let's go back to the economy, because Kevin O. Larry
was talking about he doesn't think the economy was hurt badly,
but Kevin Hassett, who's the chairman of the Council of
Economic Advisors to the President, says, yeah, there has been
some damage.
Speaker 13: And so right now, I think our Concil of Economic
Advisors asked a bit of how much harm there is
to GDP is it's probably going to cost us one
to one and a half percentage points of the fourth quarter,
but that mean we're going to get a negative quarter.
I think if we had two or three more weeks,
especially if it ran into Thanksgiving, we probably would have
had a negative quarter. And remember you and I have
talked about for years. If you get two negative quarters
in a row, that's that's the R word. And it's
great that we've dodged this bullet. When we were passing
the Big Beautiful Bill, one of the questions was what
should we do with the tariff revenue? And one of
the things that I think people believed in the summer
was that the best use is to reduce the deficit,
reduce the debt. And it's really been working so right
now we've lost almost or reduced the deficit by almost
four hundred billion this year. But one of the surprises
since last summer is that, although it's not a surprise
to Art Laugher, is since we passed the tax cuts,
we've actually had a big increase almost two hundred billion
in tax revenue. We thought that it wouldn't be a
big reduction like the CBO said, but we've actually had
a big increase, and so I think that it's back
on the table to think about what to do with
those tariff revenues. And I'm sure that you know, the
President will discuss with Congressional leaders whether it like because
of all the extra tax revenue there isn't more room
to get checks back to people. Well, again, it will
have to be fasted by Congress. But the reality is
just this that because of Biden's inflation, which averaged five
percent over four years, that people on average lost about
thirty four hundred dollars in purchasing power and they've gained
about twelve hundred this year. But there's still room to go,
and so we're making up ground fast. But the fact
is that people are still down about two thousand dollars
relative to what their purchasing power was when Joe Biden
took office.
Speaker 14: And so we.
Speaker 13: Understand that people feel like there's the affordability problem, but
we're closing the gap fast, and with these policies and
potentially you know, rebate checks, we might close the whole
gap really really fast.
Speaker 1: Well, it's interesting because Hassett mentioned the affordability question and
that is now being battered around because people feel that
prices are too high. And what Kevin pointed out was
that because of inflation during the Biden administration that you
lost thirty four hundred dollars of purchasing power. And since
Donald Trump's been in back in the White House, you've
gained back twelve hundred dollars of that thirty four hundred
dollars loss. So we're saying, yeah, that no wonder people
feel like there's an affordability issue, and it really is.
Like I said last week, I'll repeated again, if inflation
went up to nine percent, inflation is a measure of
an increase or decrease in the prices of things. We
haven't had a minus sign in front of inflation. It
went from nine percent inflation to three percent inflation, but
it still means prices are going up. They're just not
going up as fast. But for most products, they never
came down from where they were a couple of years ago.
So inflation is not growing quickly, but it's growing on
top of the very high spike of prices that we
had back in two thousand and twenty two. Twenty twenty three.
Scott Bessett, the Treasury Secretary, was alluding to this in
this answer.
Speaker 15: What we're saying is we had to stop the increase first.
Now we are starting to see prices level off, come down.
Gasoline is down, interest rates are down, some mortgages are down,
and I think we are making substantial progress on that,
and I think over the coming months and the next year,
prices are going to come down.
Speaker 1: He's pretty a good spin on it. But gasoline prices
are down two cents, the average price gallon of gas
down two cents from one year ago. Interest rates are
down a fraction of a percent from where they were
a year ago. So he's right the prices that interest
rates have come down, and some things, some prices have
come down, but overall, the net net is prices are
up three percent year over year. Mohammad al Arian, very
influential economist, was asked the same question about this affordability
in prices.
Speaker 16: Overall, prices aren't yet coming down. Inflation is still three percent,
which means prices are going up at a rate of
three percent on average. What is coming down is some
specific prices. So as the Secret Day said, gas is
cheaper than it was before, mortgages are cheaper, and certain
pharmaceuticals cheaper. But Overall, this sense of an affordability crisis
is still very much with us. The average inflation has
come down, so think of it as three percent, so
prices are still going up at three percent. The income
side was very encouraging because incomes were growing faster, so
people were better off. It is the income side now
that's coming under pressures. Two things in particular, we had
last week the data on layoffs and that was the
highest in October for two decades. And the second element
is people feel insecure because of the potential impact of
artificial intelligence. So what you have is prices. The price
side of affordability is better. The income side now is
under more pressure than it was before, and that explains
why affordability is such a political issue.
Speaker 1: Yeah, and the income side, he's talking about the pay
raises in general about five percent year over year, and
inflation's running around three percent, So you're taking you're getting
not only a raise of five percent, that's better than
the inflation rate that's tearing away that gost you more
money at the store, so net, you're better off this year.
Doug Bergham, the Interior Secretary, big oil and gas guy,
when he was the governor of North Dakota, and he's
he's focused on that lowry energy prices is the key
to getting the economy even better.
Speaker 17: Well, I think what we're seeing is we're going to
continue to see a downward pressure on energy prices because
of abundance, because of the increase in supply that's coming out,
because President Trump accelerating, permitting, getting cutting red tape, all
the things that we're doing as a whole of government
as part of President Trump's agenda of energy dominance, that
dominance to be able to have the ability to drive
prices down. When you lower the price of energy, then
you lower the price of everything because there's an energy
component in the food you eat, the car you drive,
and the clothes on your back. But two dollars is
a ways away if you do it inflation adjusted back
from the sixties. This is one of the things that
is still as low as it was then. And again
credit to the American industry for increasing the supplies over
and over and over again in this country through technology,
which has allowed us to have as a nation, part
of our prosperities based on a Ford energy. But your
question of how low price of gasoline varies around this
country because of policies of each state. Some states taxes
are very high on energy. Some states are blocking energy.
And with AI coming, AI is going to flow towards
the places that have low energy prices. They're not going
to go to places like California and New York where
where the capital is going to flow to places where
there's low electricity prices. We have some states that are
still blocking the use of these great natural resources we have,
like natural gas, which can bring down the price of electricity.
And it's not just price of the pump, it's the
electrical bills are going to be on people's minds next
year at election time in November of a year from now,
and again President Trump's doing everything you can to drive
affordability for American citizens.
Speaker 1: That's important because the mid year mid term elections are
one year away, and the economy and how people feel
about the economy is always the number one reason why
people vote the way that they vote. But back to
Kevin o'larry, because he is worried about the tariffs and
the impact the tariffs have on prices.
Speaker 11: The bigger question is how does this whole tariff thing
get worked out? And everybody's waiting to see what the
real deals are. From all of these differences, I look
at it slightly differently as an investor, and believe me,
many of us have this conversation since that social media
information release came out. No, we would rather see this
put against the national deficit. We would rather see the
debt drawn down. That's what keeps the bond market intact.
That's what drops mortgage rates, money for nothing checks being
sent out to people. No, that's not a great outcome
if you're a debt hawk, and you know, frankly, I
would think on a bipartisan basis, both sides would rather
see the deficit addressed. It's a big problem and you
can't keep kicking it down the road because the bond vigilantes,
which was a popular term in the seven eighties, they
come back by raising long term rates, by forcing people
by treasuries to get a lot more than four or
five percent. And so the reason they would do that
is they'd start to deem the US Treasury at risk.
And that's because there's too much, so much debt on
the economy. And that is why most of us that
are investors would much rather and would prefer to have
this money directly applied to reduce the national debt. Well,
the economy hits uncertainty. I mean we got a lot
of uncertainty. We got uncertainty on tariffs. We have government
shut down, as you've detailed very well there. We would
like all this.
Speaker 15: To go away.
Speaker 11: I mean, I'm invested in over fifty companies, businesses between
five and five one hundred employees, and almost every state
and almost every sector. So far, so good, but yes,
we would like this to stop. I mean, even our
salespeople can't fly to see their accounts right now, which
is very bad. We're dealing with the chaos every day
at the airports. And I would remind everybody that everybody
in America is an investor, because that's how you reach retirement,
whether it's in some kind of savings account or whatever.
That's why the economy is so important. And nobody likes
to do self inflicted wounds on the economy. This is
the largest economy on earth, and so we would like
resolution with China, India, Canada, twenty six states, number one
trading partner Canada. We want that resolved. We want resolution.
I'm not saying that the tariff policy is good or bad.
After all, other countries have value add attackses thirteen percent
in Europe and the same in Canada. So if the
President wants to put on a value add attack and
call it a tariff in the US, I got it.
But it can't be thirty nine percent, it can't be
fifty percent, it can't be one hundred percent. That just
grinds everything to a halt. And so we need these
packages that have been put out there, and all this
communication about these countries, we neede it resolved, and I
think the president knows that his administration knows that and detailed.
We're going into the midterms in terms of thinking all
of this has to be resolved by the midterms if
you want to have success.
Speaker 1: Well, there's a lot to impact there. He was referring
to the fact that the President came out with the idea.
I forget somebody gave him this idea probably a month ago,
and he brushed it off. But now all of a
sudden it's getting his attention again. Is about a two
thousand dollars rebate up to two thousand dollars except for
higher earning people. Whatever that means. It would have to
be done by Congress, But I don't think it's going
to happen at all. But a two thousand dollars rebate,
of course, he's going to get people that are going
to say, yes, the tariff money, I get two thousand
dollars from the tariff money. Because he's facing the Supreme
Court is right now deciding whether the tariffs are legal
or not. Can the president that the president have the
authority to even lay tariffs on other countries or products.
So he's trying to build some support for you to say, yeah,
I want my two thousand dollars. But think about this.
Why did we have such super inflation with Joe Biden.
Why did it run up to better than nine percent inflation?
Was because Congress passed all those multi trillion dollars spending bills,
and by the government spending, throwing huge amounts of money
into the economy will cause inflation. We already have the
three percent, it's down to three percent. But if you
start giving two thousand dollars to everybody in this country,
and by the way, it's the way he talked about
it was per person, that's crazy. That will just drive
inflation up. And that's why I don't think it's going
to happen. Also, Congress has to do something about it.
And Kevin O'Leary was being rather tame about it because
I know that he's I've heard him talk before. He
is not a teriff fan, but he's going, well, tariff's
maybe thirteen percent or seventeen, but not twenty five or
seventy five, one hundred. He doesn't want he doesn't want it.
He doesn't like tariffs, not at all. He was talking
about his salespeople can't travel. Let's check the cancelations today
looking at flight Aware as we're recording this total cancelations
today within the United States, two thousand, one hundred and
sixty seven flights had been canceled today. Seven thousand, one
hundred and thirty seven delays so far today. That's and
of course today is still young. Over the weekend, what
was it the Saturday delays over seventy five hundred, Sunday
delays eleven thousand, So it's been it's been crazy. And
by the way, we're at the you know, they told
the airlines they have to cut their traffic by four percent.
That goes to six percent tomorrow, and we're in wraps
up to ten percent by the end of the week.
So hopefully Congress gets this bill passed and they get
the Congress or the country back open and they will
allow airlines to fly their regular schedule. But yeah, we
still have a right. Here's some of the travelers out
there trying to get from point A to point B.
Speaker 9: Took an Uber expensive uber from Manhattan and got here
and my flight was canceled. So now I'm scrambling trying
to figure out how to get home.
Speaker 7: Oh dude, it's been an absolute disaster.
Speaker 2: Oh do you remember, I'm terrible, terrible. Yeah, what we
are are flights are canceled. It's my daughter's birthday tomorrow.
We're trying to get back. She needs to go back
to your university.
Speaker 15: The main thing is not really the way time, is
just getting home safe.
Speaker 5: I'm a little nervous about that.
Speaker 4: I know, my mind start swelling.
Speaker 5: Okay, what are we going to do with's clembe.
Speaker 13: It's a thirty five hour drive, so unfortunately this is
our only option.
Speaker 1: So Kevin Hasset was also asked about travel, especially since
Thanksgiving is coming up quickly. Is what he had to say.
Speaker 13: Well, first, to follow up on what you were just
talking about that I had a long conversation with Secretary Duffy,
and I can say that that there's no better Transportation
Secretary of my memory forgetting this thing back up and running.
And so now that the government looks like it's going
to open, you know, we really are grateful for the
senators with the cooler heads who are willing to help
us do that. Then I have high confidence that by
the Thanksgiving weekend the Secretary Duffy's going to be able
to get it almost back to normal.
Speaker 1: He's is almost back to normal by Thanksgiving weekend. Oh boy,
I think there should be more certainty. But he's the
economic guy, he's not the guy we're run the Department
of Transportation thinks he thinks it'll be much better. In
other words, I hope, So I would be surprised if
it's not back to normal by maybe this weekend. And finally,
let me get you caught up on how New York
City politics is going. So the mayor elect, ma'am Donnie,
gave a speech laying out who his staffers will be.
The Basically, his chief of staff will be the chief
of staff for Bill de Blasio. So it's going to
look a lot like Deblasio but the thing that's weird
about New York is that New York City, the mayor's
job has very little power. Everything, all the major expenses
have to go through the state capital. The legislature has
to say yay or nay. And so ma'am, Donnie is
talking about again he wants to do the socialist free this,
free that. Here's what he had to say in his
speech you gave earlier today.
Speaker 14: I am confident that what we will find in Albany
is a politics of partnership that we have not seen
for quite some time. Freezing the rent for more than
two man rent, stabilized tenants, delivering universal childcare, making the
sols buses in the country fast and free. These are
not just slogans. These are commitments, and I look forward
to delivering on them. The problem he has is he
has to go to Albany, He has to go to
the state capitol. And the free buses, for example, is
something like an eight hundred million dollar hole that the
state would have to approve, and the state is not
going to just say, okay, here's eight hundred million dollars.
It's for many of his projects.
Speaker 1: Dave Marcus, whose columnist was talking about the fact that
you have Kathy Hochel is in a pinch because she's
the governor of the State of New York and she
has to act like she's fiscally prudent, and she now
has a competition. At least Stephonic, the congresswoman from upstate
New York, is running for governor, so she now has competition.
And yet the same time, she can't say no to
the eight hundred million dollar hole for just the free
buses because she's got a lot of voters in New
York City that are counting on this. Listen to Dave Marcus,
he kind of lays out the problem that man Donnie
and Kathy Hlkal, who's a very weak governor, they're what
they're facing.
Speaker 18: Yeah, Look, Kathy Hokele is in a very tough spot
right here, because you can't run for governor of New
York State by telling people in Schenectady and Utica that
they're going to pay taxes out the nos to fund
Zany's Oroon's communist fantasies in New York City. But as
a Democrat, she also can't run by telling Zany's Oroon
supporters in New York City, whose votes. She needs to
kick rocks. I thought the most telling moment of the
entire campaign was that Big Mom Donnie rally in Queens
and Bernie Sanders and aocgo out in the crowd goes wild,
and poor Kathy Hokle. She walks out there, she gets cheered,
she gets heckled. It looked like something out of the
Cultural Revolution in communist China. She just didn't have the
sandwich board. And she tried to play that off and say, like, oh,
they I thought they were saying, let's go bills. But
I mean that was like the Simpsons when Smithers says
to mister Burns, they're not saying boo, They're saying boo earns.
Those cats and flushing they weren't saying boo earns. And
it's a problem for Kathy Oakland, it's going to be
one for Zorn.
Speaker 15: Well, you don't.
Speaker 18: And I mean they would also obviously just become rolling
homeless shelters, which we've seen in other cities that have
tried this. Look, Mom, Donnie's going to be able to
do some of the stuff that he wants to do.
I think he's probably going to be able to kneecap
the police in a lot of ways. For example, now
New Yorker's last week, who I talked to in more
conservative leaning districts, they weren't freaking out as much as
the rest of the country where they live through Dinkins,
they lived through Deblasio, they'll live through this. But in
places like East New York and Brownsville, where there's gang
activity and drug dealing, those places are going to get
really bad. But that's the kind of thing that Champagne
socialists find a very easy time ignoring. All those gen
Z kids. They're still going to be able to go
to brunch, They're still going to have rooftop cocktail parties.
They just might have to take an uber to feel
more safe. Well again, I mean, there's some things that
he can do. There's you know, he has options as mayor.
You know, we've already seen police are starting to quit.
I think that's the biggest area where he really has
direct control. Also, education, he wants to make you know,
Jamal pull the emergency Bell Bowman the chancellor of schools
apparently you know, which is insane. But honestly, among his choices,
Bowman might be the moderate at this point. So like
let let's not discount the damage that mom Donnie can do,
but hogle, Look, she's going to face a real hard
challenge with Elis Stefanik, and I don't know how she
threads this needle. My guess is that she can't. This
is not pre Lee's Elden New York State anymore. She's
got a real fight on her hands.
Speaker 1: Yeah, so it's going to be interesting to see how
ma'am Donnie goes to Albany to ask for billions of
dollars and Albany tells him to go take a hike
or not. We'll see. Well. Wall Street Today liked what
was going on, the idea that maybe the government has
in fact finally come to solution so they can open
back up. The Dow finished up three hundred and eighty
one points to forty seven thousand and three, sixty eight,
SMP up one hundred and three the nasdak way up
five hundred and twenty two points higher. You ready, gold bug,
sit down. Gold was up one hundred and ten dollars
to four thousand, one hundred twenty and oil price is
up thirty cents just to smidgeon over sixty bucks for
one barrel of oil. That's it for today. Thank you
for coming by. Happy birthday to sempify to all you
marines out there. Today is the two hundred and fiftieth
birthday of the United States Marine Corps. Tomorrow is Veterans Day.
We will be here, hope you are too. We'll see
you then, Wooden Bumble