1 00:00:24,559 --> 00:00:29,079 Speaker 1: And Hi, how are you happy? Monday? 2 00:00:29,719 --> 00:00:29,879 Speaker 2: Oh? 3 00:00:29,960 --> 00:00:33,520 Speaker 1: Yeah, today is definitely a Monday. Today's the tenth day 4 00:00:33,560 --> 00:00:36,840 of November, year of Our Lord twenty twenty five. My 5 00:00:36,960 --> 00:00:42,320 name is Tom Sullivan, and oh man alive. The Democrats 6 00:00:42,799 --> 00:00:46,520 are playing the blame game. The knives are out. The 7 00:00:46,560 --> 00:00:50,479 civil war has begun. We have a vote coming up 8 00:00:50,560 --> 00:00:55,280 tonight in the United States Senate which is expected to 9 00:00:55,399 --> 00:01:02,159 have eight Democrats vote along with the Republicans to reopen 10 00:01:02,200 --> 00:01:07,239 the government. So that's yeah, the breakthrough has happened. It 11 00:01:07,359 --> 00:01:13,719 happened last night and the senators there's eight seven Democrats 12 00:01:13,760 --> 00:01:20,200 were independent Dick Durbin, Tim Kaine voted in favor of 13 00:01:21,799 --> 00:01:27,519 going with the funding agreement for the government. The funding agreement, 14 00:01:27,560 --> 00:01:29,680 by the way, is it was supposed to the one 15 00:01:29,719 --> 00:01:32,079 that they were voted on before that they couldn't come 16 00:01:32,120 --> 00:01:35,719 to an agreement on was until November twenty first, so 17 00:01:35,760 --> 00:01:40,359 that's like a week ten days from now, so they 18 00:01:40,400 --> 00:01:43,200 had to change that. And so the funding agreement is 19 00:01:43,799 --> 00:01:47,200 that will keep the government open. It will fund the 20 00:01:47,239 --> 00:01:52,840 government through the thirtieth of January. The other agreement was 21 00:01:52,879 --> 00:01:56,040 only until November twenty first, I think, which is only 22 00:01:56,040 --> 00:01:59,560 about ten days from now. So this new deal that 23 00:01:59,680 --> 00:02:02,239 they are going to vote on tonight that got through 24 00:02:02,280 --> 00:02:09,240 the parliamentary vote last night, it funds agriculture, the FDA, 25 00:02:10,039 --> 00:02:16,360 the VA, the military, and Congress for the entire fiscal 26 00:02:16,439 --> 00:02:21,080 year until September thirtieth of twenty twenty six. The other 27 00:02:21,199 --> 00:02:25,680 agencies are funded through January thirtieth, so they're going to 28 00:02:25,719 --> 00:02:29,000 have to arm wrestle again before the end of January. 29 00:02:29,400 --> 00:02:33,280 They have a commitment to rehire the government workers, and 30 00:02:33,680 --> 00:02:38,159 there is a promise of a vote in the month 31 00:02:38,199 --> 00:02:40,840 of December when they come back when the Congress opens 32 00:02:40,840 --> 00:02:43,520 back up again, they will have a vote before the 33 00:02:43,639 --> 00:02:49,400 end of December. That's when the Obamacare subsidies expired. They 34 00:02:49,439 --> 00:02:54,759 will have a vote to extend the Obamacare tax credits. 35 00:02:55,319 --> 00:02:57,960 I don't know how long. I don't know if it's 36 00:02:58,000 --> 00:03:02,159 a full vote. But the other thing about that, the 37 00:03:02,240 --> 00:03:05,199 Democrats are going but wait a minute, they're going to 38 00:03:05,240 --> 00:03:10,159 vote against that. They're in control, so what are you doing. 39 00:03:10,240 --> 00:03:16,319 The Democrats are furious about this, But again the senators, 40 00:03:16,439 --> 00:03:19,719 the Democrat senators that voted in favor of this, Dick 41 00:03:19,800 --> 00:03:25,960 Durban from Illinois, Tim Kaine from Virginia, Catherine Cortes Mastro 42 00:03:26,120 --> 00:03:32,599 from Nevada, John Fetterman Pennsylvania, Angus King, the Independent, Jean 43 00:03:32,840 --> 00:03:38,360 Shani Shaheen from the New Hampshire. Who else is on here? 44 00:03:38,400 --> 00:03:42,919 Oh yeah, Maggie Hassan also from New Hampshire, and Jackie 45 00:03:43,039 --> 00:03:47,639 Rosen from Nevada. All of those, not one of them 46 00:03:47,800 --> 00:03:51,120 is up for election next year, and a couple of them, 47 00:03:51,120 --> 00:03:55,240 like Dick Durbin, are retiring, so they could go ahead 48 00:03:55,319 --> 00:03:57,960 and vote and make the Democrats mad. And the Democrats 49 00:03:58,000 --> 00:04:02,199 are really mad about it. Christine Quinn, who was a 50 00:04:02,240 --> 00:04:06,960 big Democrat in New York City government, she speaks like 51 00:04:07,080 --> 00:04:08,960 a lot of Democrats are speaking today. 52 00:04:09,280 --> 00:04:11,960 Speaker 3: That's going to be a very hard question to answer 53 00:04:12,120 --> 00:04:15,599 if the vote in December is basically a vote to 54 00:04:15,759 --> 00:04:19,639 raise people's premiums or to have people lose their healthcare. 55 00:04:20,160 --> 00:04:24,639 I understand the vice that Democrats felt they were in healthcare, 56 00:04:24,839 --> 00:04:28,560 food on the table, people not getting paid. But this 57 00:04:28,720 --> 00:04:32,120 deal is the equivalent of ice in winter. We haven't 58 00:04:32,160 --> 00:04:35,439 gotten anything. We from the very same people who said 59 00:04:35,600 --> 00:04:39,240 we're going to repeal and replace years ago. We say 60 00:04:39,279 --> 00:04:42,040 we got to vote. Not what are we voting on? 61 00:04:42,279 --> 00:04:42,360 Speaker 4: Not? 62 00:04:42,519 --> 00:04:43,480 Speaker 3: Are we extending? 63 00:04:43,720 --> 00:04:43,759 Speaker 2: Not? 64 00:04:44,000 --> 00:04:46,759 Speaker 3: Are we keeping. I don't think this was a good deal, 65 00:04:46,839 --> 00:04:49,680 and I stand with people like Chuck Schumer who said no, 66 00:04:50,160 --> 00:04:51,199 we're not going to vote for this. 67 00:04:51,439 --> 00:04:55,399 Speaker 1: Yeah, Schumer said no, but he's also afraid of losing 68 00:04:55,399 --> 00:04:59,480 his seat. The question she was asked was what was 69 00:04:59,519 --> 00:05:03,680 it all at the end of the day? Forty one 70 00:05:04,040 --> 00:05:11,240 days later, what was it all for? You got nothing? Zero. 71 00:05:12,439 --> 00:05:15,079 Agus King, who did vote in favor of let's go 72 00:05:15,120 --> 00:05:18,279 ahead and reopen the government. He's the independent, but he 73 00:05:18,279 --> 00:05:21,279 he sits with the Democrats. He's a big manor he's 74 00:05:21,279 --> 00:05:26,439 from Maine, and he asks a very good question about 75 00:05:26,920 --> 00:05:29,279 what was the last forty one days all about. 76 00:05:29,600 --> 00:05:32,600 Speaker 5: They don't tell us how it ends. Are we going 77 00:05:32,680 --> 00:05:35,319 to stay in the shutdown for another month through Thanksgiving 78 00:05:35,439 --> 00:05:41,639 into Christmas? There's no there's no endgame, and people are 79 00:05:41,680 --> 00:05:44,160 going to feel the same way they do two weeks 80 00:05:44,160 --> 00:05:46,480 from now or a month from now. Only a lot 81 00:05:46,519 --> 00:05:48,920 of Americans are going to suffer in the meantime. So 82 00:05:49,759 --> 00:05:53,040 if they had a plan, if the Democrats said, Okay, 83 00:05:53,079 --> 00:05:55,279 here's what's going to happen on this, this, this, and this, 84 00:05:56,439 --> 00:05:58,560 there's no such thing as just continue the shutdown and 85 00:05:58,639 --> 00:06:01,399 hope that the Republican to come to the table, which 86 00:06:01,399 --> 00:06:03,800 we know they won't. We've learned that, and there's no 87 00:06:03,879 --> 00:06:07,800 evidence that they're going to come back in a week, 88 00:06:07,920 --> 00:06:10,480 or in two weeks or three weeks. And in the meantime, 89 00:06:10,480 --> 00:06:12,160 we're hurting a lot of people. If this was just 90 00:06:12,199 --> 00:06:14,959 a debate between politicians and the Senate about you know, 91 00:06:15,000 --> 00:06:16,439 we're here for the weekend and we want to get 92 00:06:16,439 --> 00:06:20,319 it over with, that'd be one thing. But people are 93 00:06:20,360 --> 00:06:24,279 being damaged by virtue of the continuation of the shutdown. 94 00:06:25,079 --> 00:06:29,519 That's not getting us anywhere. A good general, if the 95 00:06:29,519 --> 00:06:33,600 battle plan isn't working, you change the battle plan, you 96 00:06:33,639 --> 00:06:37,600 try another tactic, especially if what's happening is danger to 97 00:06:37,680 --> 00:06:40,120 your troops. And that's what we're talking about, is danger 98 00:06:40,160 --> 00:06:43,800 to the American people in the service of a strategy 99 00:06:43,800 --> 00:06:46,160 that isn't working and has no prospects of working. 100 00:06:46,319 --> 00:06:48,920 Speaker 1: So he voted yes, let's go ahead and reopen the government. 101 00:06:48,959 --> 00:06:52,560 But why didn't he do that forty one days ago? 102 00:06:53,439 --> 00:06:56,800 So there's a civil war breaking out in the Democrat Party. 103 00:06:57,160 --> 00:07:01,279 Jen Shaheen goes first, and then you'll hear Bernie. 104 00:07:01,040 --> 00:07:04,399 Speaker 6: Sanders keeping the government shut down for another week or 105 00:07:04,439 --> 00:07:08,519 another month, doesn't indicate that there would be any change 106 00:07:08,519 --> 00:07:10,920 in the outcome. All it would mean is that more 107 00:07:10,959 --> 00:07:14,480 Americans would suffer. We need to get this government back open. 108 00:07:14,920 --> 00:07:18,319 Speaker 7: No, I knows part of this resolution that the Majority 109 00:07:18,399 --> 00:07:22,600 leader is going to say, well, Democrats can create put 110 00:07:22,639 --> 00:07:25,560 together their own bill, and we'll come to the ploy 111 00:07:25,600 --> 00:07:28,839 here in the Senate for a vote. As everybody here knows, 112 00:07:29,040 --> 00:07:31,639 that is a totally meaningless gesture. 113 00:07:32,160 --> 00:07:37,800 Speaker 1: Yeah, I agree with Bertie. It's a totally meaninglessesta because 114 00:07:38,240 --> 00:07:42,120 the Democrats are going to write the bill that they're 115 00:07:42,160 --> 00:07:45,920 going to then negotiate with the Republicans, and the Republicans 116 00:07:45,959 --> 00:07:49,480 are going to turn thumbs down on that. I would 117 00:07:49,480 --> 00:07:52,519 think over at the view, the ladies at the view, 118 00:07:53,160 --> 00:07:57,959 here's Sonny Hostain. She also is not happy. 119 00:07:58,319 --> 00:08:01,759 Speaker 8: I think the Democrats cave. I think the Democrats let 120 00:08:01,920 --> 00:08:04,839 down the narrative people. You do something like this, shame 121 00:08:04,959 --> 00:08:08,439 on you the first time. You do it twice, three times, 122 00:08:08,439 --> 00:08:11,240 four times, shame on me. Shame on the Democrats were 123 00:08:11,240 --> 00:08:17,439 even believing that the Republicans will even vote on it. 124 00:08:17,800 --> 00:08:20,399 Speaker 1: Well, they're going to vote on it then, La. They 125 00:08:20,480 --> 00:08:22,399 promised that they will have a vote on it before 126 00:08:22,399 --> 00:08:30,279 December thirty first before the Obama Care subsidies expire. And 127 00:08:30,319 --> 00:08:33,639 the thing about it is after the news today this morning, 128 00:08:33,759 --> 00:08:35,799 Wall Street woke up and took a look at this 129 00:08:35,879 --> 00:08:38,159 and said, oh yeah, this is good news. They like 130 00:08:38,200 --> 00:08:40,840 the government back open, they like the chaos to go away. 131 00:08:41,200 --> 00:08:44,960 They want things to get back to settle down, and 132 00:08:45,679 --> 00:08:50,120 well Byron York Washington, an examiner takes a look at 133 00:08:50,200 --> 00:08:50,759 it this way. 134 00:08:52,000 --> 00:08:54,679 Speaker 4: You know, it's been a rocky road, but the result, 135 00:08:54,799 --> 00:08:58,200 the end result of this has been clear from day one, 136 00:08:58,399 --> 00:09:02,639 which is the party that loses a government shutdown is 137 00:09:02,679 --> 00:09:07,240 the party that attaches conditions to reopening the government. In 138 00:09:07,279 --> 00:09:09,799 all of our shutdowns, we've had one party that says, oh, 139 00:09:09,840 --> 00:09:13,200 my issue is so important that I simply cannot allow 140 00:09:13,240 --> 00:09:16,200 the government to keep functioning until we address it, and 141 00:09:16,279 --> 00:09:18,840 the other side says, well, wait a minute, let's get 142 00:09:18,879 --> 00:09:21,799 the government running and then we'll talk about your issue. 143 00:09:22,159 --> 00:09:25,080 And the party that attaches the conditions is the party 144 00:09:25,080 --> 00:09:29,240 that always ends up giving up because the public gets 145 00:09:29,320 --> 00:09:32,240 tired of the government being shut down. This one went 146 00:09:32,279 --> 00:09:35,200 longer than most and the public is really tired of it. 147 00:09:35,559 --> 00:09:39,759 This is just incredible. It's Monday morning, last Wednesday morning, 148 00:09:39,799 --> 00:09:43,960 we were talking about Democrats savoring their victory, having gotten 149 00:09:44,080 --> 00:09:47,720 over their slump, having new momentum. That's all we were 150 00:09:47,720 --> 00:09:51,799 talking about five days ago. And now it's Democrats involved 151 00:09:51,840 --> 00:09:55,320 in a bitter civil war. Well, these are tensions that 152 00:09:55,519 --> 00:09:59,879 always existed inside the Democratic Party between its progressive way 153 00:10:00,360 --> 00:10:04,080 and a dwindling number of people who call themselves centrists, 154 00:10:04,080 --> 00:10:07,480 and we just saw it. We basically have forty Democrats 155 00:10:07,600 --> 00:10:10,279 in the Senate who wanted to hang tough and keep 156 00:10:10,360 --> 00:10:14,320 this shut down going forever apparently, and eight of them, 157 00:10:14,360 --> 00:10:16,559 seven or eight of them who decided that it was 158 00:10:16,600 --> 00:10:21,159 time to give in. That's the fight inside the Democratic Party, 159 00:10:21,200 --> 00:10:23,080 and it's not going away all the way through their 160 00:10:23,080 --> 00:10:24,639 presidential nominating process. 161 00:10:24,679 --> 00:10:29,200 Speaker 1: That really is amazing how quickly the mood changes, because again, 162 00:10:29,279 --> 00:10:31,759 last Tuesday, the Democrats were on top of the world 163 00:10:31,799 --> 00:10:34,440 and they thought that they were now going to take 164 00:10:34,440 --> 00:10:38,480 over the country, and in a matter of days they 165 00:10:38,559 --> 00:10:41,759 now are met. They have a civil war going among themselves. 166 00:10:42,000 --> 00:10:46,080 Mike Lawler is a Republican, not many of those in 167 00:10:46,080 --> 00:10:49,679 the state of New York, but pretty level headed guy. 168 00:10:49,879 --> 00:10:55,120 Because the government is reopening after forty plus days, something 169 00:10:55,159 --> 00:10:59,840 that never should have happened. And I think frankly, even 170 00:11:00,399 --> 00:11:05,519 some Democrats recognize that this has been an unmitigated disaster. 171 00:11:06,360 --> 00:11:09,919 They really never had an off ramp or a plan 172 00:11:10,159 --> 00:11:12,480 on how to get where they wanted to go. And 173 00:11:12,519 --> 00:11:17,919 so I think you had obviously eight Democrats yesterday break ranks. 174 00:11:18,840 --> 00:11:21,519 We will at some point over the next twenty four 175 00:11:21,519 --> 00:11:25,080 to forty eight hours have a vote in the Senate, 176 00:11:25,200 --> 00:11:29,039 and then the House will be back to pass the 177 00:11:29,120 --> 00:11:30,639 legislation as well. 178 00:11:31,320 --> 00:11:33,879 Speaker 9: Look, I'm a member of Problem Solvers. It's the only 179 00:11:33,919 --> 00:11:39,720 bipartisan caucus in Congress, and all of my colleagues, Republicans 180 00:11:39,720 --> 00:11:45,399 and Democrats in Problem Solvers, should vote to pass this 181 00:11:45,679 --> 00:11:52,200 cr which includes a minibus three bills milconba AG, and 182 00:11:52,240 --> 00:11:56,519 the Ledge Branch for full year appropriations, and it gives 183 00:11:56,559 --> 00:11:59,639 us until January thirtieth to negotiate the rest of the 184 00:11:59,679 --> 00:12:06,559 app creations and finish our job. At the same token, obviously, 185 00:12:06,879 --> 00:12:09,360 you know, the issue of healthcare is front and center. 186 00:12:09,480 --> 00:12:12,240 I've been a co lead on a bill to extend 187 00:12:12,240 --> 00:12:16,879 the ACA subsidies by a year since the beginning of September, 188 00:12:16,919 --> 00:12:20,559 and as you'll recall, I asked Leader Jeffries just about 189 00:12:20,559 --> 00:12:22,720 a month ago to sign on to that bill and 190 00:12:22,840 --> 00:12:26,200 join me in passing a one year extension. At the 191 00:12:26,279 --> 00:12:29,759 time he opposed it. This weekend he said he was 192 00:12:29,799 --> 00:12:31,799 in favor of it. We could have saved a whole 193 00:12:31,840 --> 00:12:35,480 month if Leader Jeffries stopped playing politics and just did 194 00:12:35,519 --> 00:12:38,799 his job. And the same for Chuck Schumer. The fact 195 00:12:38,840 --> 00:12:41,639 that Chuck Schumer and Kirsten gillibrand the two senators from 196 00:12:41,720 --> 00:12:46,360 New York voted no last night for the fifteenth time, 197 00:12:46,840 --> 00:12:49,720 they voted to defund SNAP and WIC and not pay 198 00:12:49,919 --> 00:12:53,799 our troops, border patrol agents, and air traffic controllers, all 199 00:12:53,840 --> 00:12:58,519 because of politics. It's fundamentally wrong. And so I will 200 00:12:58,600 --> 00:13:01,759 vote yes when this bill comes the House floor. Yeah, 201 00:13:01,799 --> 00:13:05,120 and it's coming to the House floor fairly quickly. Mike 202 00:13:05,240 --> 00:13:08,559 Johnson came, the Speaker of the House, came to the 203 00:13:08,600 --> 00:13:12,600 microphone today and basically said he's calling all members of 204 00:13:12,600 --> 00:13:15,000 the House of Representatives to be back on the hill 205 00:13:15,360 --> 00:13:19,600 within thirty six hours. So today is Monday. They should 206 00:13:19,799 --> 00:13:24,360 probably have everybody in place to vote on this on Wednesday. 207 00:13:24,879 --> 00:13:25,679 Speaker 1: It sounds like. 208 00:13:26,159 --> 00:13:29,879 Speaker 10: All my colleagues, Republicans and Democrats in the House, you 209 00:13:29,960 --> 00:13:32,200 need to begin right now. Returning to the Hill. We 210 00:13:32,279 --> 00:13:34,440 have to do this as quickly as possible. Now we 211 00:13:34,519 --> 00:13:37,840 look forward to the government reopening this week so Congress 212 00:13:37,840 --> 00:13:41,240 can get back can get back to a regular legislative session. 213 00:13:41,279 --> 00:13:42,840 We have a lot of business to do, as you 214 00:13:42,879 --> 00:13:47,000 all know, and we will be working in earnest. There'll 215 00:13:47,039 --> 00:13:49,799 be long days and long nights here for the foreseeable 216 00:13:49,799 --> 00:13:51,559 future to make up for all this lost time that 217 00:13:51,600 --> 00:13:56,759 was imposed upon us. I want to close with something 218 00:13:56,799 --> 00:13:58,720 that's important. I think it's important to say that this 219 00:13:58,840 --> 00:14:02,799 is genuine. I mean, sincerely. We applaud the seven Senate 220 00:14:02,799 --> 00:14:06,840 Democrats and one independent Senator who did the right thing. 221 00:14:06,879 --> 00:14:11,679 They decided to put principal over their personal politics and 222 00:14:12,240 --> 00:14:14,600 my urgent plea of all my colleagues in the House, 223 00:14:15,080 --> 00:14:19,720 and that means every Democrat in the House is to think, carefully, pray, 224 00:14:21,159 --> 00:14:23,960 and finally do the right thing and help us to 225 00:14:24,039 --> 00:14:26,120 bring an end to the pain of the American people. 226 00:14:26,639 --> 00:14:29,480 This has gone on too long. Too many people have suffered, 227 00:14:29,799 --> 00:14:32,399 and it's long overdue. That's the update I wanted to 228 00:14:32,399 --> 00:14:34,879 give you this morning. There are probably lots of questions, 229 00:14:34,919 --> 00:14:36,240 but I'm going to get a lot of my own 230 00:14:36,320 --> 00:14:38,840 questions answered later today, so stay tuned for more. 231 00:14:39,120 --> 00:14:42,000 Speaker 1: So if they can get back to work, vote on Monday. 232 00:14:43,120 --> 00:14:45,360 Everybody says it's going to take a while because government 233 00:14:45,440 --> 00:14:48,080 is slow to get everything ramped back up again. And 234 00:14:48,120 --> 00:14:50,080 the question for those of you that are thinking about 235 00:14:50,120 --> 00:14:54,840 traveling for Thanksgiving, will air traffic control be back up 236 00:14:54,840 --> 00:14:57,679 this stuff? Well, they never were up to the numbers 237 00:14:57,720 --> 00:15:00,559 they wanted to have. They were always running their shortage. 238 00:15:00,559 --> 00:15:04,360 But I would think that would also snap back pretty quickly. 239 00:15:04,600 --> 00:15:10,200 Kevin O'Leary, mister wonderful, asked about the shutdown and what 240 00:15:10,240 --> 00:15:13,159 the impact may have had on the economy. 241 00:15:13,559 --> 00:15:17,200 Speaker 11: These shutdowns historically have not done that. They haven't really 242 00:15:17,399 --> 00:15:20,120 changed the outcome of the direction of the economy. You know, 243 00:15:20,200 --> 00:15:22,480 the mother's milk of any economy, the earnings of the 244 00:15:22,519 --> 00:15:25,320 companies within. It looks like we're going to be up 245 00:15:25,360 --> 00:15:28,240 fourteen percent as we sit right now, and that's one 246 00:15:28,240 --> 00:15:30,240 of the reasons you have this dichotomy. You've got the 247 00:15:30,320 --> 00:15:33,919 chaos of the shutdown against record highs and the stock 248 00:15:33,960 --> 00:15:38,240 markets and the indexes, and so the answer is always 249 00:15:38,240 --> 00:15:40,879 the same. The minute you can't get on an airplane 250 00:15:41,000 --> 00:15:44,360 to go home for Thanksgiving, or a holiday is when 251 00:15:44,360 --> 00:15:48,000 the shutdown ends. And that's exactly what's happening now. It's 252 00:15:48,840 --> 00:15:51,919 right now, this morning is the most cancelation since the 253 00:15:51,919 --> 00:15:56,120 shutdown began. I monitored this closely as an investor, and 254 00:15:56,200 --> 00:15:58,519 all all of a sudden, we've got the House on notice. 255 00:15:58,519 --> 00:16:00,240 They're going to be coming back. This thing will be 256 00:16:00,279 --> 00:16:02,519 over by the end of the week. Even though Schumer's 257 00:16:02,519 --> 00:16:05,080 not going to vote for it. This shutdown really won't 258 00:16:05,200 --> 00:16:09,360 change the trajectory of the economy in any way it 259 00:16:09,440 --> 00:16:11,840 would have had it lasted any longer, but it did. 260 00:16:12,080 --> 00:16:16,039 Speaker 1: One more mad Democrat Seth Moulton, the congressman from Massachusetts, 261 00:16:16,440 --> 00:16:19,519 he's openly talking about Schumer needs to go. 262 00:16:20,279 --> 00:16:22,200 Speaker 12: I think it would be better. I think be better 263 00:16:22,240 --> 00:16:24,480 than the status quo. And I hear this from Democrats 264 00:16:24,799 --> 00:16:28,120 all across Massachusetts. Everywhere I go, people say there's a 265 00:16:28,200 --> 00:16:30,519 leadership vacuum right now in the Democratic Party. 266 00:16:30,799 --> 00:16:32,000 Speaker 10: We need new leadership. 267 00:16:32,039 --> 00:16:36,200 Speaker 12: We've got to stop protecting this establishment status quo that's 268 00:16:36,240 --> 00:16:39,080 gotten us a second term of Donald Trump, and he's 269 00:16:39,159 --> 00:16:41,279 hurting a lot of people, a lot of Americans all 270 00:16:41,279 --> 00:16:43,519 across this country, a lot of people right here in 271 00:16:43,600 --> 00:16:46,840 Massachusetts are being hurt by this administration. I mean the 272 00:16:46,879 --> 00:16:49,759 guy literally went to the Supreme Court this past weekend 273 00:16:49,879 --> 00:16:53,759 and pleaded with them to allow him to let Americans starve. 274 00:16:54,480 --> 00:16:55,799 What kind of president is this? 275 00:16:55,879 --> 00:16:57,399 Speaker 5: And now we're going to give in to him. 276 00:16:57,519 --> 00:16:58,440 Speaker 12: It doesn't make sense. 277 00:16:58,759 --> 00:17:04,079 Speaker 1: See what happens with with the leadership, because both Hakeem 278 00:17:04,160 --> 00:17:08,319 Jeffries and Chuck Schumer are not well received from what 279 00:17:08,440 --> 00:17:11,599 happened with the vote on getting the government back open. 280 00:17:11,640 --> 00:17:15,880 They got nothing, They got nothing out of this. And 281 00:17:16,359 --> 00:17:19,680 like Mike Lawler was talking about, he went to Hakeem 282 00:17:19,759 --> 00:17:24,480 Jeffries a month ago with the proposal regarding Obamacare subsidies, 283 00:17:24,640 --> 00:17:28,759 and Hakim Jeffries said no, and now he says yes. 284 00:17:29,640 --> 00:17:33,039 So there's yeah, it's all politics. That's what it's all about. 285 00:17:33,720 --> 00:17:37,440 Let's go back to the economy, because Kevin O. Larry 286 00:17:37,480 --> 00:17:41,119 was talking about he doesn't think the economy was hurt badly, 287 00:17:42,079 --> 00:17:45,200 but Kevin Hassett, who's the chairman of the Council of 288 00:17:45,279 --> 00:17:49,319 Economic Advisors to the President, says, yeah, there has been 289 00:17:49,400 --> 00:17:50,279 some damage. 290 00:17:50,319 --> 00:17:52,480 Speaker 13: And so right now, I think our Concil of Economic 291 00:17:52,480 --> 00:17:54,799 Advisors asked a bit of how much harm there is 292 00:17:54,799 --> 00:17:57,119 to GDP is it's probably going to cost us one 293 00:17:57,160 --> 00:17:59,400 to one and a half percentage points of the fourth quarter, 294 00:17:59,599 --> 00:18:01,400 but that mean we're going to get a negative quarter. 295 00:18:01,440 --> 00:18:02,960 I think if we had two or three more weeks, 296 00:18:03,039 --> 00:18:05,599 especially if it ran into Thanksgiving, we probably would have 297 00:18:05,640 --> 00:18:07,640 had a negative quarter. And remember you and I have 298 00:18:07,640 --> 00:18:09,839 talked about for years. If you get two negative quarters 299 00:18:09,839 --> 00:18:12,000 in a row, that's that's the R word. And it's 300 00:18:12,000 --> 00:18:16,400 great that we've dodged this bullet. When we were passing 301 00:18:16,440 --> 00:18:18,839 the Big Beautiful Bill, one of the questions was what 302 00:18:18,880 --> 00:18:21,759 should we do with the tariff revenue? And one of 303 00:18:21,799 --> 00:18:25,279 the things that I think people believed in the summer 304 00:18:25,759 --> 00:18:28,240 was that the best use is to reduce the deficit, 305 00:18:28,279 --> 00:18:31,079 reduce the debt. And it's really been working so right 306 00:18:31,119 --> 00:18:33,359 now we've lost almost or reduced the deficit by almost 307 00:18:33,400 --> 00:18:36,400 four hundred billion this year. But one of the surprises 308 00:18:36,480 --> 00:18:39,200 since last summer is that, although it's not a surprise 309 00:18:39,240 --> 00:18:41,680 to Art Laugher, is since we passed the tax cuts, 310 00:18:41,680 --> 00:18:44,039 we've actually had a big increase almost two hundred billion 311 00:18:44,359 --> 00:18:46,799 in tax revenue. We thought that it wouldn't be a 312 00:18:46,839 --> 00:18:49,000 big reduction like the CBO said, but we've actually had 313 00:18:49,000 --> 00:18:51,200 a big increase, and so I think that it's back 314 00:18:51,240 --> 00:18:52,880 on the table to think about what to do with 315 00:18:52,880 --> 00:18:55,279 those tariff revenues. And I'm sure that you know, the 316 00:18:55,319 --> 00:18:59,279 President will discuss with Congressional leaders whether it like because 317 00:18:59,319 --> 00:19:01,880 of all the extra tax revenue there isn't more room 318 00:19:02,519 --> 00:19:05,920 to get checks back to people. Well, again, it will 319 00:19:05,920 --> 00:19:08,000 have to be fasted by Congress. But the reality is 320 00:19:08,400 --> 00:19:12,000 just this that because of Biden's inflation, which averaged five 321 00:19:12,000 --> 00:19:15,000 percent over four years, that people on average lost about 322 00:19:15,039 --> 00:19:17,519 thirty four hundred dollars in purchasing power and they've gained 323 00:19:17,519 --> 00:19:20,880 about twelve hundred this year. But there's still room to go, 324 00:19:21,400 --> 00:19:23,359 and so we're making up ground fast. But the fact 325 00:19:23,400 --> 00:19:25,720 is that people are still down about two thousand dollars 326 00:19:25,799 --> 00:19:28,200 relative to what their purchasing power was when Joe Biden 327 00:19:28,240 --> 00:19:28,960 took office. 328 00:19:29,079 --> 00:19:29,480 Speaker 14: And so we. 329 00:19:29,519 --> 00:19:33,119 Speaker 13: Understand that people feel like there's the affordability problem, but 330 00:19:33,240 --> 00:19:36,279 we're closing the gap fast, and with these policies and 331 00:19:36,440 --> 00:19:39,680 potentially you know, rebate checks, we might close the whole 332 00:19:39,720 --> 00:19:40,880 gap really really fast. 333 00:19:41,119 --> 00:19:45,359 Speaker 1: Well, it's interesting because Hassett mentioned the affordability question and 334 00:19:45,400 --> 00:19:50,240 that is now being battered around because people feel that 335 00:19:50,359 --> 00:19:55,000 prices are too high. And what Kevin pointed out was 336 00:19:55,519 --> 00:19:59,759 that because of inflation during the Biden administration that you 337 00:20:00,039 --> 00:20:05,279 lost thirty four hundred dollars of purchasing power. And since 338 00:20:05,960 --> 00:20:09,440 Donald Trump's been in back in the White House, you've 339 00:20:09,440 --> 00:20:13,200 gained back twelve hundred dollars of that thirty four hundred 340 00:20:13,200 --> 00:20:18,319 dollars loss. So we're saying, yeah, that no wonder people 341 00:20:18,359 --> 00:20:22,079 feel like there's an affordability issue, and it really is. 342 00:20:22,880 --> 00:20:27,240 Like I said last week, I'll repeated again, if inflation 343 00:20:27,359 --> 00:20:32,319 went up to nine percent, inflation is a measure of 344 00:20:33,039 --> 00:20:36,640 an increase or decrease in the prices of things. We 345 00:20:36,799 --> 00:20:39,880 haven't had a minus sign in front of inflation. It 346 00:20:39,920 --> 00:20:44,440 went from nine percent inflation to three percent inflation, but 347 00:20:44,559 --> 00:20:46,839 it still means prices are going up. They're just not 348 00:20:47,039 --> 00:20:51,279 going up as fast. But for most products, they never 349 00:20:51,480 --> 00:20:55,440 came down from where they were a couple of years ago. 350 00:20:55,599 --> 00:20:59,559 So inflation is not growing quickly, but it's growing on 351 00:20:59,640 --> 00:21:02,640 top of the very high spike of prices that we 352 00:21:02,720 --> 00:21:06,640 had back in two thousand and twenty two. Twenty twenty three. 353 00:21:07,880 --> 00:21:11,880 Scott Bessett, the Treasury Secretary, was alluding to this in 354 00:21:11,960 --> 00:21:12,920 this answer. 355 00:21:13,240 --> 00:21:17,880 Speaker 15: What we're saying is we had to stop the increase first. 356 00:21:18,000 --> 00:21:21,359 Now we are starting to see prices level off, come down. 357 00:21:22,599 --> 00:21:26,079 Gasoline is down, interest rates are down, some mortgages are down, 358 00:21:26,440 --> 00:21:29,759 and I think we are making substantial progress on that, 359 00:21:30,200 --> 00:21:32,599 and I think over the coming months and the next year, 360 00:21:33,240 --> 00:21:34,920 prices are going to come down. 361 00:21:35,079 --> 00:21:37,799 Speaker 1: He's pretty a good spin on it. But gasoline prices 362 00:21:37,839 --> 00:21:40,680 are down two cents, the average price gallon of gas 363 00:21:40,960 --> 00:21:44,799 down two cents from one year ago. Interest rates are 364 00:21:44,880 --> 00:21:48,319 down a fraction of a percent from where they were 365 00:21:48,759 --> 00:21:52,319 a year ago. So he's right the prices that interest 366 00:21:52,400 --> 00:21:55,119 rates have come down, and some things, some prices have 367 00:21:55,279 --> 00:22:00,319 come down, but overall, the net net is prices are 368 00:22:00,599 --> 00:22:07,039 up three percent year over year. Mohammad al Arian, very 369 00:22:07,079 --> 00:22:12,440 influential economist, was asked the same question about this affordability 370 00:22:12,480 --> 00:22:13,160 in prices. 371 00:22:13,880 --> 00:22:17,960 Speaker 16: Overall, prices aren't yet coming down. Inflation is still three percent, 372 00:22:18,400 --> 00:22:21,160 which means prices are going up at a rate of 373 00:22:21,200 --> 00:22:23,920 three percent on average. What is coming down is some 374 00:22:24,119 --> 00:22:28,200 specific prices. So as the Secret Day said, gas is 375 00:22:28,279 --> 00:22:32,839 cheaper than it was before, mortgages are cheaper, and certain 376 00:22:32,839 --> 00:22:37,839 pharmaceuticals cheaper. But Overall, this sense of an affordability crisis 377 00:22:38,079 --> 00:22:40,839 is still very much with us. The average inflation has 378 00:22:40,839 --> 00:22:42,839 come down, so think of it as three percent, so 379 00:22:42,960 --> 00:22:46,559 prices are still going up at three percent. The income 380 00:22:46,680 --> 00:22:51,160 side was very encouraging because incomes were growing faster, so 381 00:22:51,279 --> 00:22:54,599 people were better off. It is the income side now 382 00:22:54,599 --> 00:22:58,039 that's coming under pressures. Two things in particular, we had 383 00:22:58,119 --> 00:23:02,640 last week the data on layoffs and that was the 384 00:23:02,759 --> 00:23:06,680 highest in October for two decades. And the second element 385 00:23:06,720 --> 00:23:11,160 is people feel insecure because of the potential impact of 386 00:23:11,359 --> 00:23:16,759 artificial intelligence. So what you have is prices. The price 387 00:23:16,839 --> 00:23:20,960 side of affordability is better. The income side now is 388 00:23:21,079 --> 00:23:24,279 under more pressure than it was before, and that explains 389 00:23:24,279 --> 00:23:26,519 why affordability is such a political issue. 390 00:23:26,640 --> 00:23:29,119 Speaker 1: Yeah, and the income side, he's talking about the pay 391 00:23:29,240 --> 00:23:34,799 raises in general about five percent year over year, and 392 00:23:34,920 --> 00:23:39,200 inflation's running around three percent, So you're taking you're getting 393 00:23:39,559 --> 00:23:44,160 not only a raise of five percent, that's better than 394 00:23:44,279 --> 00:23:47,200 the inflation rate that's tearing away that gost you more 395 00:23:47,200 --> 00:23:50,440 money at the store, so net, you're better off this year. 396 00:23:50,960 --> 00:23:54,599 Doug Bergham, the Interior Secretary, big oil and gas guy, 397 00:23:54,640 --> 00:23:57,440 when he was the governor of North Dakota, and he's 398 00:23:57,759 --> 00:24:01,759 he's focused on that lowry energy prices is the key 399 00:24:02,519 --> 00:24:05,400 to getting the economy even better. 400 00:24:05,759 --> 00:24:07,960 Speaker 17: Well, I think what we're seeing is we're going to 401 00:24:07,960 --> 00:24:11,640 continue to see a downward pressure on energy prices because 402 00:24:11,680 --> 00:24:14,759 of abundance, because of the increase in supply that's coming out, 403 00:24:14,960 --> 00:24:19,559 because President Trump accelerating, permitting, getting cutting red tape, all 404 00:24:19,599 --> 00:24:21,440 the things that we're doing as a whole of government 405 00:24:21,480 --> 00:24:25,200 as part of President Trump's agenda of energy dominance, that 406 00:24:25,319 --> 00:24:28,440 dominance to be able to have the ability to drive 407 00:24:28,799 --> 00:24:30,920 prices down. When you lower the price of energy, then 408 00:24:30,920 --> 00:24:33,079 you lower the price of everything because there's an energy 409 00:24:33,119 --> 00:24:35,359 component in the food you eat, the car you drive, 410 00:24:35,400 --> 00:24:39,680 and the clothes on your back. But two dollars is 411 00:24:39,680 --> 00:24:43,039 a ways away if you do it inflation adjusted back 412 00:24:43,079 --> 00:24:44,960 from the sixties. This is one of the things that 413 00:24:45,039 --> 00:24:47,359 is still as low as it was then. And again 414 00:24:47,519 --> 00:24:52,279 credit to the American industry for increasing the supplies over 415 00:24:52,319 --> 00:24:54,880 and over and over again in this country through technology, 416 00:24:55,480 --> 00:24:57,720 which has allowed us to have as a nation, part 417 00:24:57,759 --> 00:25:01,039 of our prosperities based on a Ford energy. But your 418 00:25:01,119 --> 00:25:03,960 question of how low price of gasoline varies around this 419 00:25:04,039 --> 00:25:08,079 country because of policies of each state. Some states taxes 420 00:25:08,119 --> 00:25:11,839 are very high on energy. Some states are blocking energy. 421 00:25:12,200 --> 00:25:15,240 And with AI coming, AI is going to flow towards 422 00:25:15,240 --> 00:25:18,119 the places that have low energy prices. They're not going 423 00:25:18,119 --> 00:25:20,279 to go to places like California and New York where 424 00:25:20,480 --> 00:25:23,119 where the capital is going to flow to places where 425 00:25:23,160 --> 00:25:25,519 there's low electricity prices. We have some states that are 426 00:25:25,519 --> 00:25:29,200 still blocking the use of these great natural resources we have, 427 00:25:29,359 --> 00:25:32,920 like natural gas, which can bring down the price of electricity. 428 00:25:32,960 --> 00:25:34,960 And it's not just price of the pump, it's the 429 00:25:35,000 --> 00:25:37,519 electrical bills are going to be on people's minds next 430 00:25:37,599 --> 00:25:41,079 year at election time in November of a year from now, 431 00:25:41,359 --> 00:25:44,400 and again President Trump's doing everything you can to drive 432 00:25:44,400 --> 00:25:46,279 affordability for American citizens. 433 00:25:46,839 --> 00:25:50,359 Speaker 1: That's important because the mid year mid term elections are 434 00:25:50,359 --> 00:25:54,880 one year away, and the economy and how people feel 435 00:25:54,880 --> 00:25:58,079 about the economy is always the number one reason why 436 00:25:58,079 --> 00:26:00,640 people vote the way that they vote. But back to 437 00:26:00,720 --> 00:26:06,759 Kevin o'larry, because he is worried about the tariffs and 438 00:26:06,799 --> 00:26:09,400 the impact the tariffs have on prices. 439 00:26:09,680 --> 00:26:12,119 Speaker 11: The bigger question is how does this whole tariff thing 440 00:26:12,240 --> 00:26:15,680 get worked out? And everybody's waiting to see what the 441 00:26:15,720 --> 00:26:18,559 real deals are. From all of these differences, I look 442 00:26:18,599 --> 00:26:21,400 at it slightly differently as an investor, and believe me, 443 00:26:21,480 --> 00:26:24,960 many of us have this conversation since that social media 444 00:26:25,799 --> 00:26:30,200 information release came out. No, we would rather see this 445 00:26:30,240 --> 00:26:33,000 put against the national deficit. We would rather see the 446 00:26:33,039 --> 00:26:36,640 debt drawn down. That's what keeps the bond market intact. 447 00:26:36,720 --> 00:26:40,359 That's what drops mortgage rates, money for nothing checks being 448 00:26:40,400 --> 00:26:45,240 sent out to people. No, that's not a great outcome 449 00:26:45,279 --> 00:26:47,640 if you're a debt hawk, and you know, frankly, I 450 00:26:47,640 --> 00:26:51,400 would think on a bipartisan basis, both sides would rather 451 00:26:51,480 --> 00:26:54,960 see the deficit addressed. It's a big problem and you 452 00:26:55,039 --> 00:26:58,319 can't keep kicking it down the road because the bond vigilantes, 453 00:26:58,359 --> 00:27:00,839 which was a popular term in the seven eighties, they 454 00:27:00,880 --> 00:27:04,960 come back by raising long term rates, by forcing people 455 00:27:05,039 --> 00:27:07,119 by treasuries to get a lot more than four or 456 00:27:07,119 --> 00:27:10,079 five percent. And so the reason they would do that 457 00:27:10,200 --> 00:27:12,960 is they'd start to deem the US Treasury at risk. 458 00:27:13,359 --> 00:27:15,599 And that's because there's too much, so much debt on 459 00:27:15,640 --> 00:27:19,279 the economy. And that is why most of us that 460 00:27:19,319 --> 00:27:23,160 are investors would much rather and would prefer to have 461 00:27:23,240 --> 00:27:27,359 this money directly applied to reduce the national debt. Well, 462 00:27:27,400 --> 00:27:29,640 the economy hits uncertainty. I mean we got a lot 463 00:27:29,680 --> 00:27:32,079 of uncertainty. We got uncertainty on tariffs. We have government 464 00:27:32,119 --> 00:27:35,079 shut down, as you've detailed very well there. We would 465 00:27:35,160 --> 00:27:35,559 like all this. 466 00:27:35,599 --> 00:27:36,079 Speaker 15: To go away. 467 00:27:36,119 --> 00:27:40,480 Speaker 11: I mean, I'm invested in over fifty companies, businesses between 468 00:27:40,480 --> 00:27:42,799 five and five one hundred employees, and almost every state 469 00:27:42,839 --> 00:27:46,720 and almost every sector. So far, so good, but yes, 470 00:27:46,799 --> 00:27:48,880 we would like this to stop. I mean, even our 471 00:27:48,960 --> 00:27:52,599 salespeople can't fly to see their accounts right now, which 472 00:27:52,640 --> 00:27:55,359 is very bad. We're dealing with the chaos every day 473 00:27:55,359 --> 00:27:59,480 at the airports. And I would remind everybody that everybody 474 00:27:59,480 --> 00:28:02,880 in America is an investor, because that's how you reach retirement, 475 00:28:02,920 --> 00:28:05,720 whether it's in some kind of savings account or whatever. 476 00:28:06,000 --> 00:28:10,279 That's why the economy is so important. And nobody likes 477 00:28:10,359 --> 00:28:13,880 to do self inflicted wounds on the economy. This is 478 00:28:13,880 --> 00:28:17,480 the largest economy on earth, and so we would like 479 00:28:17,559 --> 00:28:23,039 resolution with China, India, Canada, twenty six states, number one 480 00:28:23,079 --> 00:28:26,440 trading partner Canada. We want that resolved. We want resolution. 481 00:28:26,599 --> 00:28:29,640 I'm not saying that the tariff policy is good or bad. 482 00:28:29,839 --> 00:28:33,079 After all, other countries have value add attackses thirteen percent 483 00:28:33,119 --> 00:28:35,559 in Europe and the same in Canada. So if the 484 00:28:35,599 --> 00:28:37,559 President wants to put on a value add attack and 485 00:28:37,599 --> 00:28:39,319 call it a tariff in the US, I got it. 486 00:28:39,680 --> 00:28:41,839 But it can't be thirty nine percent, it can't be 487 00:28:41,880 --> 00:28:44,400 fifty percent, it can't be one hundred percent. That just 488 00:28:44,440 --> 00:28:47,079 grinds everything to a halt. And so we need these 489 00:28:47,160 --> 00:28:49,000 packages that have been put out there, and all this 490 00:28:49,039 --> 00:28:52,359 communication about these countries, we neede it resolved, and I 491 00:28:52,400 --> 00:28:55,599 think the president knows that his administration knows that and detailed. 492 00:28:55,640 --> 00:28:58,240 We're going into the midterms in terms of thinking all 493 00:28:58,279 --> 00:29:00,200 of this has to be resolved by the midterms if 494 00:29:00,200 --> 00:29:01,319 you want to have success. 495 00:29:02,359 --> 00:29:04,720 Speaker 1: Well, there's a lot to impact there. He was referring 496 00:29:04,720 --> 00:29:06,880 to the fact that the President came out with the idea. 497 00:29:07,519 --> 00:29:10,279 I forget somebody gave him this idea probably a month ago, 498 00:29:10,359 --> 00:29:13,359 and he brushed it off. But now all of a 499 00:29:13,359 --> 00:29:16,519 sudden it's getting his attention again. Is about a two 500 00:29:16,559 --> 00:29:21,359 thousand dollars rebate up to two thousand dollars except for 501 00:29:21,559 --> 00:29:25,240 higher earning people. Whatever that means. It would have to 502 00:29:25,240 --> 00:29:29,400 be done by Congress, But I don't think it's going 503 00:29:29,480 --> 00:29:31,839 to happen at all. But a two thousand dollars rebate, 504 00:29:32,160 --> 00:29:34,319 of course, he's going to get people that are going 505 00:29:34,400 --> 00:29:37,759 to say, yes, the tariff money, I get two thousand 506 00:29:37,799 --> 00:29:41,519 dollars from the tariff money. Because he's facing the Supreme 507 00:29:41,599 --> 00:29:45,480 Court is right now deciding whether the tariffs are legal 508 00:29:45,720 --> 00:29:48,119 or not. Can the president that the president have the 509 00:29:48,160 --> 00:29:52,559 authority to even lay tariffs on other countries or products. 510 00:29:52,960 --> 00:29:57,960 So he's trying to build some support for you to say, yeah, 511 00:29:58,039 --> 00:30:01,599 I want my two thousand dollars. But think about this. 512 00:30:02,519 --> 00:30:05,559 Why did we have such super inflation with Joe Biden. 513 00:30:06,039 --> 00:30:09,640 Why did it run up to better than nine percent inflation? 514 00:30:10,200 --> 00:30:15,240 Was because Congress passed all those multi trillion dollars spending bills, 515 00:30:15,839 --> 00:30:20,480 and by the government spending, throwing huge amounts of money 516 00:30:20,480 --> 00:30:25,640 into the economy will cause inflation. We already have the 517 00:30:25,720 --> 00:30:29,119 three percent, it's down to three percent. But if you 518 00:30:29,240 --> 00:30:32,119 start giving two thousand dollars to everybody in this country, 519 00:30:32,119 --> 00:30:34,400 and by the way, it's the way he talked about 520 00:30:34,400 --> 00:30:39,400 it was per person, that's crazy. That will just drive 521 00:30:39,559 --> 00:30:43,440 inflation up. And that's why I don't think it's going 522 00:30:43,519 --> 00:30:48,119 to happen. Also, Congress has to do something about it. 523 00:30:48,200 --> 00:30:51,400 And Kevin O'Leary was being rather tame about it because 524 00:30:51,440 --> 00:30:53,920 I know that he's I've heard him talk before. He 525 00:30:54,079 --> 00:30:58,079 is not a teriff fan, but he's going, well, tariff's 526 00:30:58,119 --> 00:31:01,920 maybe thirteen percent or seventeen, but not twenty five or 527 00:31:02,839 --> 00:31:05,880 seventy five, one hundred. He doesn't want he doesn't want it. 528 00:31:05,880 --> 00:31:09,400 He doesn't like tariffs, not at all. He was talking 529 00:31:09,400 --> 00:31:15,400 about his salespeople can't travel. Let's check the cancelations today 530 00:31:15,720 --> 00:31:22,319 looking at flight Aware as we're recording this total cancelations 531 00:31:22,359 --> 00:31:27,480 today within the United States, two thousand, one hundred and 532 00:31:27,519 --> 00:31:33,200 sixty seven flights had been canceled today. Seven thousand, one 533 00:31:33,319 --> 00:31:38,480 hundred and thirty seven delays so far today. That's and 534 00:31:38,480 --> 00:31:42,319 of course today is still young. Over the weekend, what 535 00:31:42,480 --> 00:31:46,480 was it the Saturday delays over seventy five hundred, Sunday 536 00:31:46,519 --> 00:31:52,240 delays eleven thousand, So it's been it's been crazy. And 537 00:31:52,599 --> 00:31:55,640 by the way, we're at the you know, they told 538 00:31:55,680 --> 00:31:58,519 the airlines they have to cut their traffic by four percent. 539 00:31:58,799 --> 00:32:02,359 That goes to six percent tomorrow, and we're in wraps 540 00:32:02,440 --> 00:32:04,200 up to ten percent by the end of the week. 541 00:32:04,480 --> 00:32:08,720 So hopefully Congress gets this bill passed and they get 542 00:32:08,759 --> 00:32:11,880 the Congress or the country back open and they will 543 00:32:11,920 --> 00:32:17,319 allow airlines to fly their regular schedule. But yeah, we 544 00:32:17,359 --> 00:32:19,839 still have a right. Here's some of the travelers out 545 00:32:19,839 --> 00:32:21,839 there trying to get from point A to point B. 546 00:32:22,279 --> 00:32:26,200 Speaker 9: Took an Uber expensive uber from Manhattan and got here 547 00:32:26,240 --> 00:32:28,920 and my flight was canceled. So now I'm scrambling trying 548 00:32:28,920 --> 00:32:29,920 to figure out how to get home. 549 00:32:30,000 --> 00:32:32,480 Speaker 7: Oh dude, it's been an absolute disaster. 550 00:32:32,640 --> 00:32:37,400 Speaker 2: Oh do you remember, I'm terrible, terrible. Yeah, what we 551 00:32:37,480 --> 00:32:40,759 are are flights are canceled. It's my daughter's birthday tomorrow. 552 00:32:40,799 --> 00:32:42,200 We're trying to get back. She needs to go back 553 00:32:42,240 --> 00:32:43,079 to your university. 554 00:32:43,680 --> 00:32:45,880 Speaker 15: The main thing is not really the way time, is 555 00:32:46,000 --> 00:32:47,240 just getting home safe. 556 00:32:47,599 --> 00:32:48,799 Speaker 5: I'm a little nervous about that. 557 00:32:49,440 --> 00:32:51,200 Speaker 4: I know, my mind start swelling. 558 00:32:51,200 --> 00:32:52,559 Speaker 5: Okay, what are we going to do with's clembe. 559 00:32:52,799 --> 00:32:56,640 Speaker 13: It's a thirty five hour drive, so unfortunately this is 560 00:32:56,720 --> 00:32:57,759 our only option. 561 00:32:58,799 --> 00:33:02,920 Speaker 1: So Kevin Hasset was also asked about travel, especially since 562 00:33:02,960 --> 00:33:05,960 Thanksgiving is coming up quickly. Is what he had to say. 563 00:33:06,599 --> 00:33:08,680 Speaker 13: Well, first, to follow up on what you were just 564 00:33:08,759 --> 00:33:11,960 talking about that I had a long conversation with Secretary Duffy, 565 00:33:12,240 --> 00:33:15,599 and I can say that that there's no better Transportation 566 00:33:15,720 --> 00:33:18,960 Secretary of my memory forgetting this thing back up and running. 567 00:33:19,160 --> 00:33:21,319 And so now that the government looks like it's going 568 00:33:21,319 --> 00:33:23,759 to open, you know, we really are grateful for the 569 00:33:23,799 --> 00:33:25,920 senators with the cooler heads who are willing to help 570 00:33:26,000 --> 00:33:28,480 us do that. Then I have high confidence that by 571 00:33:28,480 --> 00:33:31,240 the Thanksgiving weekend the Secretary Duffy's going to be able 572 00:33:31,240 --> 00:33:32,599 to get it almost back to normal. 573 00:33:32,839 --> 00:33:36,079 Speaker 1: He's is almost back to normal by Thanksgiving weekend. Oh boy, 574 00:33:37,200 --> 00:33:39,039 I think there should be more certainty. But he's the 575 00:33:39,119 --> 00:33:43,319 economic guy, he's not the guy we're run the Department 576 00:33:43,359 --> 00:33:46,839 of Transportation thinks he thinks it'll be much better. In 577 00:33:46,839 --> 00:33:49,599 other words, I hope, So I would be surprised if 578 00:33:49,599 --> 00:33:54,440 it's not back to normal by maybe this weekend. And finally, 579 00:33:54,480 --> 00:33:58,559 let me get you caught up on how New York 580 00:33:58,599 --> 00:34:03,759 City politics is going. So the mayor elect, ma'am Donnie, 581 00:34:04,599 --> 00:34:07,559 gave a speech laying out who his staffers will be. 582 00:34:07,599 --> 00:34:11,079 The Basically, his chief of staff will be the chief 583 00:34:11,079 --> 00:34:14,519 of staff for Bill de Blasio. So it's going to 584 00:34:14,559 --> 00:34:17,320 look a lot like Deblasio but the thing that's weird 585 00:34:17,360 --> 00:34:20,480 about New York is that New York City, the mayor's 586 00:34:20,559 --> 00:34:24,559 job has very little power. Everything, all the major expenses 587 00:34:25,199 --> 00:34:28,199 have to go through the state capital. The legislature has 588 00:34:28,239 --> 00:34:31,679 to say yay or nay. And so ma'am, Donnie is 589 00:34:31,880 --> 00:34:36,519 talking about again he wants to do the socialist free this, 590 00:34:36,760 --> 00:34:38,920 free that. Here's what he had to say in his 591 00:34:39,159 --> 00:34:40,639 speech you gave earlier today. 592 00:34:40,800 --> 00:34:45,119 Speaker 14: I am confident that what we will find in Albany 593 00:34:45,360 --> 00:34:48,480 is a politics of partnership that we have not seen 594 00:34:48,719 --> 00:34:50,760 for quite some time. Freezing the rent for more than 595 00:34:50,800 --> 00:34:54,320 two man rent, stabilized tenants, delivering universal childcare, making the 596 00:34:54,360 --> 00:34:56,599 sols buses in the country fast and free. These are 597 00:34:56,599 --> 00:34:59,199 not just slogans. These are commitments, and I look forward 598 00:34:59,239 --> 00:35:01,639 to delivering on them. The problem he has is he 599 00:35:01,679 --> 00:35:03,039 has to go to Albany, He has to go to 600 00:35:03,119 --> 00:35:06,239 the state capitol. And the free buses, for example, is 601 00:35:06,280 --> 00:35:11,079 something like an eight hundred million dollar hole that the 602 00:35:11,119 --> 00:35:14,360 state would have to approve, and the state is not 603 00:35:14,400 --> 00:35:17,320 going to just say, okay, here's eight hundred million dollars. 604 00:35:18,920 --> 00:35:20,559 It's for many of his projects. 605 00:35:20,960 --> 00:35:25,079 Speaker 1: Dave Marcus, whose columnist was talking about the fact that 606 00:35:25,159 --> 00:35:28,320 you have Kathy Hochel is in a pinch because she's 607 00:35:28,320 --> 00:35:31,440 the governor of the State of New York and she 608 00:35:31,760 --> 00:35:36,199 has to act like she's fiscally prudent, and she now 609 00:35:36,360 --> 00:35:40,679 has a competition. At least Stephonic, the congresswoman from upstate 610 00:35:40,800 --> 00:35:45,159 New York, is running for governor, so she now has competition. 611 00:35:45,639 --> 00:35:48,119 And yet the same time, she can't say no to 612 00:35:48,159 --> 00:35:51,159 the eight hundred million dollar hole for just the free 613 00:35:51,199 --> 00:35:54,159 buses because she's got a lot of voters in New 614 00:35:54,239 --> 00:35:58,039 York City that are counting on this. Listen to Dave Marcus, 615 00:35:58,039 --> 00:36:01,320 he kind of lays out the problem that man Donnie 616 00:36:01,360 --> 00:36:06,119 and Kathy Hlkal, who's a very weak governor, they're what 617 00:36:06,159 --> 00:36:06,760 they're facing. 618 00:36:06,920 --> 00:36:09,400 Speaker 18: Yeah, Look, Kathy Hokele is in a very tough spot 619 00:36:09,920 --> 00:36:12,119 right here, because you can't run for governor of New 620 00:36:12,199 --> 00:36:15,480 York State by telling people in Schenectady and Utica that 621 00:36:15,519 --> 00:36:17,679 they're going to pay taxes out the nos to fund 622 00:36:17,800 --> 00:36:21,199 Zany's Oroon's communist fantasies in New York City. But as 623 00:36:21,199 --> 00:36:25,199 a Democrat, she also can't run by telling Zany's Oroon 624 00:36:25,280 --> 00:36:28,320 supporters in New York City, whose votes. She needs to 625 00:36:28,440 --> 00:36:31,079 kick rocks. I thought the most telling moment of the 626 00:36:31,239 --> 00:36:34,159 entire campaign was that Big Mom Donnie rally in Queens 627 00:36:34,519 --> 00:36:37,360 and Bernie Sanders and aocgo out in the crowd goes wild, 628 00:36:37,679 --> 00:36:40,440 and poor Kathy Hokle. She walks out there, she gets cheered, 629 00:36:41,239 --> 00:36:43,280 she gets heckled. It looked like something out of the 630 00:36:43,280 --> 00:36:46,440 Cultural Revolution in communist China. She just didn't have the 631 00:36:46,480 --> 00:36:49,960 sandwich board. And she tried to play that off and say, like, oh, 632 00:36:50,000 --> 00:36:52,000 they I thought they were saying, let's go bills. But 633 00:36:52,280 --> 00:36:54,719 I mean that was like the Simpsons when Smithers says 634 00:36:54,760 --> 00:36:58,199 to mister Burns, they're not saying boo, They're saying boo earns. 635 00:36:58,920 --> 00:37:01,400 Those cats and flushing they weren't saying boo earns. And 636 00:37:01,440 --> 00:37:03,239 it's a problem for Kathy Oakland, it's going to be 637 00:37:03,280 --> 00:37:03,960 one for Zorn. 638 00:37:04,280 --> 00:37:04,880 Speaker 15: Well, you don't. 639 00:37:04,920 --> 00:37:07,360 Speaker 18: And I mean they would also obviously just become rolling 640 00:37:07,519 --> 00:37:11,360 homeless shelters, which we've seen in other cities that have 641 00:37:11,440 --> 00:37:13,719 tried this. Look, Mom, Donnie's going to be able to 642 00:37:13,760 --> 00:37:15,480 do some of the stuff that he wants to do. 643 00:37:15,719 --> 00:37:18,239 I think he's probably going to be able to kneecap 644 00:37:18,360 --> 00:37:21,039 the police in a lot of ways. For example, now 645 00:37:21,199 --> 00:37:23,199 New Yorker's last week, who I talked to in more 646 00:37:23,199 --> 00:37:26,440 conservative leaning districts, they weren't freaking out as much as 647 00:37:26,480 --> 00:37:28,360 the rest of the country where they live through Dinkins, 648 00:37:28,400 --> 00:37:31,440 they lived through Deblasio, they'll live through this. But in 649 00:37:31,480 --> 00:37:34,320 places like East New York and Brownsville, where there's gang 650 00:37:34,360 --> 00:37:37,360 activity and drug dealing, those places are going to get 651 00:37:37,400 --> 00:37:40,440 really bad. But that's the kind of thing that Champagne 652 00:37:40,440 --> 00:37:43,800 socialists find a very easy time ignoring. All those gen 653 00:37:43,920 --> 00:37:45,800 Z kids. They're still going to be able to go 654 00:37:45,840 --> 00:37:48,880 to brunch, They're still going to have rooftop cocktail parties. 655 00:37:48,880 --> 00:37:50,880 They just might have to take an uber to feel 656 00:37:50,920 --> 00:37:55,119 more safe. Well again, I mean, there's some things that 657 00:37:55,599 --> 00:38:01,360 he can do. There's you know, he has options as mayor. 658 00:38:01,599 --> 00:38:03,880 You know, we've already seen police are starting to quit. 659 00:38:03,960 --> 00:38:06,880 I think that's the biggest area where he really has 660 00:38:06,880 --> 00:38:09,880 direct control. Also, education, he wants to make you know, 661 00:38:10,000 --> 00:38:14,320 Jamal pull the emergency Bell Bowman the chancellor of schools 662 00:38:14,360 --> 00:38:17,920 apparently you know, which is insane. But honestly, among his choices, 663 00:38:17,960 --> 00:38:20,679 Bowman might be the moderate at this point. So like 664 00:38:21,039 --> 00:38:24,559 let let's not discount the damage that mom Donnie can do, 665 00:38:24,920 --> 00:38:27,760 but hogle, Look, she's going to face a real hard 666 00:38:27,840 --> 00:38:30,519 challenge with Elis Stefanik, and I don't know how she 667 00:38:30,679 --> 00:38:33,400 threads this needle. My guess is that she can't. This 668 00:38:33,519 --> 00:38:37,239 is not pre Lee's Elden New York State anymore. She's 669 00:38:37,239 --> 00:38:38,440 got a real fight on her hands. 670 00:38:38,639 --> 00:38:40,840 Speaker 1: Yeah, so it's going to be interesting to see how 671 00:38:41,599 --> 00:38:44,679 ma'am Donnie goes to Albany to ask for billions of 672 00:38:44,719 --> 00:38:47,400 dollars and Albany tells him to go take a hike 673 00:38:47,880 --> 00:38:52,880 or not. We'll see. Well. Wall Street Today liked what 674 00:38:53,079 --> 00:38:57,559 was going on, the idea that maybe the government has 675 00:38:57,599 --> 00:39:01,360 in fact finally come to solution so they can open 676 00:39:01,440 --> 00:39:05,239 back up. The Dow finished up three hundred and eighty 677 00:39:05,280 --> 00:39:08,519 one points to forty seven thousand and three, sixty eight, 678 00:39:09,039 --> 00:39:13,360 SMP up one hundred and three the nasdak way up 679 00:39:13,440 --> 00:39:18,239 five hundred and twenty two points higher. You ready, gold bug, 680 00:39:18,280 --> 00:39:21,800 sit down. Gold was up one hundred and ten dollars 681 00:39:22,199 --> 00:39:25,800 to four thousand, one hundred twenty and oil price is 682 00:39:25,880 --> 00:39:30,280 up thirty cents just to smidgeon over sixty bucks for 683 00:39:30,440 --> 00:39:33,880 one barrel of oil. That's it for today. Thank you 684 00:39:34,079 --> 00:39:39,280 for coming by. Happy birthday to sempify to all you 685 00:39:39,480 --> 00:39:43,760 marines out there. Today is the two hundred and fiftieth 686 00:39:43,920 --> 00:39:48,400 birthday of the United States Marine Corps. Tomorrow is Veterans Day. 687 00:39:48,639 --> 00:39:51,559 We will be here, hope you are too. We'll see 688 00:39:51,559 --> 00:40:00,760 you then, Wooden Bumble