Speaker 1: This is Gary and Shannon and you're listening to kf
Speaker 1: I AM six forty the Gary and Shannon Show on
Speaker 1: demand on the iHeartRadio app.
Speaker 2: So we have substantial development in the home.
Speaker 3: You're getting it, pet, No, he's finally filed. Those are
Speaker 3: the only two options. I can't think anything else will be.
Speaker 1: We have cut the cord, canceled direct TV. Yes, oh yeah,
Speaker 1: no landline, no direct TV.
Speaker 4: You guys are like moving off the grid.
Speaker 2: We're amish. We're amish.
Speaker 4: Well listen.
Speaker 3: It's probably the only safe corner of the economy that
Speaker 3: hasn't been hit lately.
Speaker 1: This is the most shocking thing about the story about
Speaker 1: direct TV. My husband says, I'm going to call and
Speaker 1: cancel it. I said, thank you, because I can pinpoint
Speaker 1: the most frustrating moments of my life, and three out
Speaker 1: of five are a call with direct TV. Okay, I mean,
Speaker 1: it's been hell through the years, and it's just so frustrating.
Speaker 1: And it's usually when the football package isn't working, when
Speaker 1: I can't get the.
Speaker 2: Forty nine ers.
Speaker 1: Un So I'm already in an emotional stage. Sure anyway,
Speaker 1: and I ended up crying. I've ended up crying with
Speaker 1: direct TV. At least three times in the past. So
Speaker 1: when he offered a call in cancel, I thought, God,
Speaker 1: bless you. He said, the call, the whole call to
Speaker 1: cancel the service with direct TV took four minutes, four minutes,
Speaker 1: to which I said, maybe we shouldn't cancel. When have
Speaker 1: you ever had a call with Direct TV that was
Speaker 1: four minutes?
Speaker 4: Never?
Speaker 2: Never?
Speaker 3: Well, Direct TV stock is doing fine today despite the
Speaker 3: fact that you have canceled the service. And we saw
Speaker 3: the thousands of points that were lost on the Dow
Speaker 3: Jones Industrial Average over the course of the week, and
Speaker 3: then yesterday after the President had it about face when
Speaker 3: it came to tariffs, and we saw it go up
Speaker 3: more than two thousand points again, down sixteen hundred points,
Speaker 3: that's about four percent. S and P five hundred is
Speaker 3: down five percent. Nasdaq is down about five and a
Speaker 3: half percent. You mentioned the importance of these tj the
Speaker 3: Trader Joe's tote bags, and they're exploding in value. Gold
Speaker 3: is also up one hundred dollars an ounce right now.
Speaker 3: It's up aout thirty one hundred and seventy four dollars
Speaker 3: an ounce, which is.
Speaker 4: I mean, these are.
Speaker 3: In terms of the volatility and what we've seen in
Speaker 3: the market in just the last two weeks is more
Speaker 3: than I can remember in any even the crash of
Speaker 3: two thousand and eight. This is something that's just unprecedented.
Speaker 3: Just the swings that we have seen over the course
Speaker 3: of the last few days. Oil is down below sixty
Speaker 3: bucks a barrel. I mean all of this because of
Speaker 3: the uncertainty. We do not know what's going to happen.
Speaker 5: I like that.
Speaker 2: Jacket, thank you. You know why I like it.
Speaker 4: Because it doesn't have a collar.
Speaker 2: It's like it's dressy, but it's not dressy.
Speaker 1: It's comfortable, doesn't look comfortable too comfortable, it doesn't look
Speaker 1: it's a good color for you on you, and it's
Speaker 1: just a great jacket, Thank you. It kind of reminds
Speaker 1: me of my grandfather. He would always wear a suit,
Speaker 1: but he did have a similar jacket like that, which
Speaker 1: meant it was fun time. Like it meant like we
Speaker 1: go out for a drive to the windmill or something. Yeah,
Speaker 1: the windmill and in San Francisco and sunset. Oh, okay,
Speaker 1: you know the one I knew, the one near Ocean Beach,
Speaker 1: and he would wear that jacket. So maybe it's like
Speaker 1: a driving jacket.
Speaker 2: I don't know.
Speaker 4: I'm glad. I remind you of a grandfriend. You know
Speaker 4: what I mean.
Speaker 1: Bottom line is I adored my grandfather Grandpa. No, no, no, no,
Speaker 1: it's a great jacket. I ruined that compliment. It started
Speaker 1: off really well, started off nice, it started getting a.
Speaker 4: Little he was scary.
Speaker 3: And you said, it looks comfortable, but it doesn't look
Speaker 3: or no, it looks, but it doesn't look comfortable.
Speaker 2: It does.
Speaker 1: I mean, I didn't want to make it sound like
Speaker 1: it looks schleppy. So I wanted to say it doesn't
Speaker 1: look comfortable because I feel like if I say it
Speaker 1: looked comfortable, then it would come out like it looks schleppy.
Speaker 3: Okay, do you know who did not pay attention to
Speaker 3: one moment of the stock market barfing yesterday, barfing good
Speaker 3: and barfing bad? No, no, anybody who was at the Masters.
Speaker 2: Ah in shorts, not in shorts.
Speaker 3: There's a funny, funny article on the Wall Street Journal
Speaker 3: today about the Masters will draw a lot of high profile,
Speaker 3: big money people just because it's the world's most exclusive
Speaker 3: golf tournament. Right, you cannot have your cell phone with
Speaker 3: you when you're walking as a patron. Don't call it
Speaker 3: a fan as a patron walking through Augusta, nashvill Well,
Speaker 3: isn't that.
Speaker 1: Best case scenario. It's a big money person. It's like
Speaker 1: in the White Lotus when the guys lost his entire
Speaker 1: net worth and you couldn't have cell phones at the resort.
Speaker 1: It was perfect for him in the family because they
Speaker 1: couldn't see the devastation that was befalling them currently.
Speaker 3: Right, I mean, yesterday, they knew they were in for
Speaker 3: a bad day. They probably had no clue when the
Speaker 3: president turns it back and they'd jump up fifteen or
Speaker 3: twenty percent.
Speaker 1: I'm sure they got wind of that, not on the
Speaker 1: course they I'm sure they did.
Speaker 2: I'm sure.
Speaker 1: It's like cell phones on the sideline. You're not allowed
Speaker 1: to have cell phones on the sideline, but everybody knows
Speaker 1: when something happens.
Speaker 4: No, they didn't.
Speaker 3: The way that they described it in the Wall Street
Speaker 3: Journal is these guys were blissfully ignorant until they got
Speaker 3: their phones back as they were leaving Augusta.
Speaker 2: Well, then that's good news.
Speaker 3: Yeah, and that was the thing is, But these guys
Speaker 3: live and die moment to moment in the stock markets
Speaker 3: these days. Yeah, just these you know, well, if.
Speaker 2: They were that serious and they shouldn't have gone to Augusta.
Speaker 3: Well, some of them, I would assume probably did cancel plans, like, yeah,
Speaker 3: now's not the time for me to take a day off.
Speaker 2: That sounds beautiful, doesn't it.
Speaker 3: And they talk about especially the people that are playing,
Speaker 3: they talk about it just seems to be more involved.
Speaker 4: The fans are more involved because there's no distractions.
Speaker 3: They're not worried about taking a selfie with in the
Speaker 3: background or Jordan's speach.
Speaker 2: They should be banned from everything.
Speaker 4: That'd be great.
Speaker 1: When I think about Augusta, it's like you can hear
Speaker 1: the silence, right, it's just this this morning relaxing feel.
Speaker 3: I was watching some of the early rounds. I just
Speaker 3: had it on on one of the computer screens back there,
Speaker 3: and it was just peaceful.
Speaker 4: The sound of birds chirping on a golf course. I
Speaker 4: just love it.
Speaker 1: If we could just have birds chirping in here from
Speaker 1: time to time, I think that would be nice. If
Speaker 1: we did a segment where we just had birds in
Speaker 1: the background, I think that would be pretty nice. I mean,
Speaker 1: not aggressive birds, but just like Rose Garden white house birds.
Speaker 4: Could we do it minutes? Yeah, we could do that.
Speaker 2: I think we should do that when we do our
Speaker 2: wellness segment.
Speaker 4: Could we do that?
Speaker 2: We can try it? How about that?
Speaker 4: Okay? Maybe like cocaine? What is that?
Speaker 2: Don't try that.
Speaker 4: Don't try cocaine.
Speaker 1: No, but birds, But birds are much a better thing
Speaker 1: to just try.
Speaker 4: Once.
Speaker 2: I like this show, I should apologize.
Speaker 4: Are you distracted today?
Speaker 2: I had a lot of coffee.
Speaker 4: Ah, I had an extra couple of shots, Davy, don't
Speaker 4: encourage this.
Speaker 2: Oh it's fun to listen to.
Speaker 4: Yeah, okay, is that right?
Speaker 5: You're listening to Gary and Shannon on demand from KFI AM.
Speaker 4: Six forty stalks.
Speaker 1: Down sharply one day after Trump announced that pause on
Speaker 1: Terrace for ninety days, obviously a huge rally on Wall
Speaker 1: Street yesterday.
Speaker 2: You know what I was thinking.
Speaker 1: I was having one of those moments that you and
Speaker 1: I have had ever since we got that tip on
Speaker 1: bitcoin all those years ago, of like where we're sitting here,
Speaker 1: we're watching everything happen, yet we do nothing, Like we
Speaker 1: we know it's going to happen. We knew that the
Speaker 1: stock market was down, We knew that he would back
Speaker 1: off of this because he does not have the appetite
Speaker 1: to continue getting beaten to s on Wall Street. We
Speaker 1: knew that the stock market would rally once he did.
Speaker 1: If we were smart, we would have maybe made some
Speaker 1: phone calls to say, hey, let's make some moves smart
Speaker 1: people that have money or know what to do with money.
Speaker 1: And then even if we're playing with the twenty dollars that.
Speaker 4: We have, like to make a twenty two dollars, right.
Speaker 1: I don't know if it's I think a lot of
Speaker 1: people did pull the trigger on that who follow these
Speaker 1: things because it was obvious. It was obvious the stock
Speaker 1: market was down. It was obvious that Trump wasn't going
Speaker 1: to let it stay down, So why not make some
Speaker 1: moves then and then when he and then when he
Speaker 1: does make his move, and it goes up, and then
Speaker 1: you unload and then everything evens out today. Right, that's
Speaker 1: how you make money the stock market. Yet you and
Speaker 1: I sat here watching it all and just went.
Speaker 4: I'll speak for yourself. Oh really, No, I didn't. How
Speaker 4: would I?
Speaker 2: Well, don't you have somebody that's smart in your life?
Speaker 4: I do have somebody with dollars? But I didn't. I
Speaker 4: didn't even think about it.
Speaker 3: I mean, I it's that's one of those things that
Speaker 3: and again the difference between me and someone who has
Speaker 3: their phone taken away because they're a patronate to masters
Speaker 3: right now is that that's not something that I can
Speaker 3: you imagine. And this is why those guys jump out
Speaker 3: of the buildings on Wall Street. It's such a die
Speaker 3: I live and die by the sword. You're going to
Speaker 3: destroy your internal organs doing that.
Speaker 4: Now.
Speaker 3: For those anybody who made money yesterday, great for you,
Speaker 3: Good for you. And for everybody who lost money in
Speaker 3: their four oh one k and then got it all
Speaker 3: back and now they're seeing it go away again.
Speaker 4: Stop looking at your four to a one K.
Speaker 6: Yeah.
Speaker 1: I saw a couple of tweets in the past couple
Speaker 1: days of professional athletes are big money people being like
Speaker 1: I finally looked and it's off.
Speaker 2: It's like, what are you doing?
Speaker 4: Why are you?
Speaker 5: What are you doing?
Speaker 7: Now?
Speaker 3: I'll say this, we have the benefit of not retiring
Speaker 3: anytime soon.
Speaker 2: That's true, and athletes do not have that benefit.
Speaker 3: Well, I mean, but they also they're looking at millions
Speaker 3: of dollars that are being invested. So there, yeah, they
Speaker 3: see three hundred thousands money, it's going to be a
Speaker 3: couple thousand, right, So that's just one of those things
Speaker 3: that they've always told you is unless you need it tomorrow,
Speaker 3: stop looking at it. You're just going to drive yourself crazy.
Speaker 1: It's like a sore, you know, you know it's there
Speaker 1: like this, like my my injury from my fall.
Speaker 4: Okay, look at it. It almost looks like it's bruising a
Speaker 4: little bit.
Speaker 7: Did it?
Speaker 4: Did you bruise it or just scrape it?
Speaker 7: Well?
Speaker 1: I noticed on day two that it wasn't just a laceration.
Speaker 2: It was a contusion.
Speaker 1: So it is bruised because it was it rose, So yeah,
Speaker 1: it was also a bruise.
Speaker 2: So a contusion, a laceration, and an abrasion. Is that
Speaker 2: what we're dealing with?
Speaker 3: A slow speed fall. I wouldn't have said a laceration.
Speaker 3: I would set an abrasion.
Speaker 2: Abrasion?
Speaker 3: Yeah, this slow speed fall. Was that the only place
Speaker 3: that contacted the ground?
Speaker 1: I also, you know, just like every other child, I scraped.
Speaker 2: Up my palm, the inside of my palm.
Speaker 4: Were you wearing closed toed shoes? No, I was wearing
Speaker 4: flip flops. Oh that's right, flip flop toe.
Speaker 1: And Miss Patricia is a very pissed off about She's
Speaker 1: very angry about my flip flop usage. She says, you know,
Speaker 1: shoes were invented for a reason, you need to wear them.
Speaker 1: You don't wear shower shoes around. That's ridiculous.
Speaker 4: A lot of people do, though.
Speaker 3: Maybe that's why I do love that your imaginary friend
Speaker 3: chides you for your shoe choices.
Speaker 1: Right, It's like when I hurt my achilles, or I
Speaker 1: thought I hurt my achilles, and I said, hey, I
Speaker 1: don't know what to do about this.
Speaker 2: I'm coming from the world of football.
Speaker 1: And she said, well, before you go under the knife
Speaker 1: with your five million dollar contract, why don't you just
Speaker 1: try some hot cold and rubbing it like, yes, accurate,
Speaker 1: You're right. She's very real with me. My imaginary friend, Tyler.
Speaker 3: Durden spoiler alert is as a ballet teacher as opposed
Speaker 3: to a bare knuckle.
Speaker 2: Oh, she'll punch you right in the face.
Speaker 4: Well, I'm not saying she wouldn't. I'm just saying that.
Speaker 3: So as we see the euphoria fade a bit after
Speaker 3: Donald Trump paused the tariffs, most of them, i should say,
Speaker 3: for about ninety days, the reciprocal tariffs, at least. There
Speaker 3: are questions about what's going to happen. What is the
Speaker 3: future of our relationship with China. A couple of different
Speaker 3: places wrote it up today. We are in for a divorce.
Speaker 3: That the US and Chinese economies are head for a
Speaker 3: monumental split, is the way the New York Times put it.
Speaker 3: None of it is great news as of today, could
Speaker 3: be great news in the future. But again, the issue
Speaker 3: of patience and the issue of uncertainty is what drags
Speaker 3: down the economy more than anything.
Speaker 1: We're going to be talking up next with the head
Speaker 1: of equity trading at web Bush Securities. This is somebody
Speaker 1: who has spent his career looking at global markets forecasting
Speaker 1: what we can expect if a forecast can be made.
Speaker 1: We'll talk to him about what they're talking about over
Speaker 1: there at web Bush.
Speaker 4: When we come back.
Speaker 5: You're listening to Gary and Shannon on demand from KFI AM.
Speaker 5: Six forty US.
Speaker 1: Stocks today surrendering more than half of their historic gains
Speaker 1: from yesterday. We want to figure out what it all
Speaker 1: means and what we can anticipate happening for the rest
Speaker 1: of the week.
Speaker 3: So Hawkmanwellian is the managing director, head of Equity Trading
Speaker 3: at web Bush Securities and can help shed some light
Speaker 3: on all of this. We hope first of all, so Hawk,
Speaker 3: thanks for taking time for us today. Let's discuss what
Speaker 3: we know has happened over the course of say, the
Speaker 3: last twenty four hours in terms of the way the
Speaker 3: markets reacted. Not a surprise that we saw a significant
Speaker 3: and immediate jump on Wall Street yesterday. Is it a
Speaker 3: surprise at all that it pulled back quite a bit
Speaker 3: this morning?
Speaker 6: Thanks for having me back on. You know, it may
Speaker 6: be a surprise to many that we've you know, pulled
Speaker 6: back as hard as we have again today. But I
Speaker 6: don't know if it really should be such a surprise,
Speaker 6: because we kicked, you know, from yesterday effectively coming out
Speaker 6: deciding to pause higher reciprocal tariffs for ninety days, so
Speaker 6: we basically kick.
Speaker 7: It out ninety days.
Speaker 6: However, the the the headwind to uncertainty in stocks, equities, markets,
Speaker 6: et cetera, still persists, and I think that's what investors
Speaker 6: are having trouble or certainly grappling with again today. And
Speaker 6: you know, we're down some five hundred basis points on
Speaker 6: the S and P five hundred.
Speaker 3: We know that the terriffs are going to stay in
Speaker 3: place against China, it said about one hundred and twenty
Speaker 3: five percent.
Speaker 4: I believe.
Speaker 3: But one of the things that was not repealed yesterday
Speaker 3: was the ten percent across the board tariff. If that
Speaker 3: was all we saw, a ten percent across the board
Speaker 3: tariff that President Trump announced on inauguration day or whenever,
Speaker 3: where do you think we'd be Would we still be
Speaker 3: in a position where we were talking about trade war
Speaker 3: tariff war?
Speaker 7: Uh? So, very good question. Two things to that.
Speaker 6: Number One, if we saw just a ten percent, then
Speaker 6: I think we would have a meaningful rally from these
Speaker 6: levels because it would remove a lot of uncertainty.
Speaker 7: The second thing I would.
Speaker 6: Say to that, though, is you know, the China tariff
Speaker 6: and the reciprocal China tariff, like, we just don't know
Speaker 6: yet if it's one hundred and twenty four percent number
Speaker 6: one hundred percent, we don't know, and that can really
Speaker 6: change if if it doesn't, I think we're gonna have
Speaker 6: a lot of a lot of headwinds still at this market.
Speaker 7: I would imagine we don't settle.
Speaker 6: At some hundred plus percent tariff with China, I would
Speaker 6: think that that gets negotiated lower. But that plus, if
Speaker 6: we did go to ten percent with everybody else, I
Speaker 6: think that would be quite the meaningful upside from current
Speaker 6: levels for equity prices?
Speaker 1: Are there safe zones away from the tariffs that have
Speaker 1: hit China and the tariffs seed they've hit us back with.
Speaker 6: I would say, I mean, I think I may have
Speaker 6: discussed this on the program the other day. Safe zones,
Speaker 6: if you will, really today, around consumer staples, around some
Speaker 6: of healthcare, and around the utilities. I think these are
Speaker 6: probably the safer plays within equities today given everything that
Speaker 6: we know. But again an extremely fluid situation, and again
Speaker 6: we just don't know how these things will settle out.
Speaker 6: And we saw the kind of upside or unwind or
Speaker 6: tariff unwind yesterday that was quite violent on the hint
Speaker 6: of just kicking.
Speaker 7: Stuff down the road.
Speaker 6: Imagine if we got some clarity about, you know, exactly
Speaker 6: what the tariff percentages or the metrics will actually end
Speaker 6: up being, that could prove to be a nice tailwind
Speaker 6: for stocks.
Speaker 1: There are a lot of people that took advantage of this.
Speaker 1: We were talking earlier. I was talking earlier just you know,
Speaker 1: completely uneducatedly talking about it. And we've been sitting here
Speaker 1: watching this happen. We knew that the stock market was
Speaker 1: taken a pummeling. We knew that we saw it happening
Speaker 1: in real time. We also knew that, or at least
Speaker 1: I felt like Trump wasn't going to be able to
Speaker 1: let that go on for a longer period of time.
Speaker 1: I thought that he would put a stop to it,
Speaker 1: because you just can't take that much of a beating,
Speaker 1: and that was kind of inevitable it happened. You would
Speaker 1: know that the market would rebound the way that we
Speaker 1: saw it rebound for a time, and then you knew
Speaker 1: that it would kind of level off. I mean, that's
Speaker 1: just common sense if you're a casual observer of the markets.
Speaker 2: Were there a lot of people that took advantage of this?
Speaker 1: I mean, if if we're being able to predict what
Speaker 1: was going to happen just following the news and personality
Speaker 1: where other I would assume there's a lot of people
Speaker 1: that took advantage of this.
Speaker 7: Yeah, so you know that that's very difficult to say,
Speaker 7: I would think from.
Speaker 6: Our advantage anyways, we certainly did see some folks taking
Speaker 6: advantage yesterday of that big move higher in prices, just
Speaker 6: really across the board, every almost almost everything was higher yesterday.
Speaker 6: We certainly saw people take advantage of that. But I
Speaker 6: would also couple that with we also did see some
Speaker 6: decent pent up demand for stocks that have been beaten
Speaker 6: up so much. And there's a saying here there's buyers
Speaker 6: that live higher, and we saw some of that yesterday
Speaker 6: where when things are just crashing lower, people step out
Speaker 6: of the way. But as soon as people feel like
Speaker 6: there's some confidence or some clarity around a certain issue,
Speaker 6: you see buyers live higher, Meaning as prices go higher,
Speaker 6: folks do come in and face We saw a little
Speaker 6: bit of that yesterday, especially in some of the more
Speaker 6: beaten up areas of the market, where people took some
Speaker 6: solace in the President and the administration coming out and
Speaker 6: kicking these tariffs out in ninety days and started to
Speaker 6: try to buy some things that have been.
Speaker 7: Just really beaten up as of late.
Speaker 6: So there's a lot of value out there today, and
Speaker 6: you know, we saw some of that yesterday from investors
Speaker 6: really on both sides of the trade.
Speaker 3: Well, this conversation is not going to end anytime soon.
Speaker 3: This uncertainty is going to live for some time, so
Speaker 3: we will definitely talk again. So Hawkmanueli and again managing
Speaker 3: director ahead of equity Trading at Wedbook Securities, thanks for
Speaker 3: your time.
Speaker 4: Thanks have a great morning by pleasure.
Speaker 7: Thank you all.
Speaker 4: You bet this is uh.
Speaker 3: It is going to be an interesting couple of weeks
Speaker 3: as we go through whatever is about to happen again.
Speaker 3: The Dow is down seventeen hundred points right now, So
Speaker 3: the Dow, the S and P, the Nasdaq all down
Speaker 3: somewhere between four and six percent for a day, giving
Speaker 3: up all of the games that we saw.
Speaker 4: At the end of the day yesterday, I ought some
Speaker 4: good news.
Speaker 1: I love good news and I love a fun story,
Speaker 1: and this is just that. Two friends giving each other
Speaker 1: the same birthday card for.
Speaker 2: Eighty one years.
Speaker 1: You know we should start doing that.
Speaker 2: That's yeah, we're too old for that.
Speaker 1: First of all, you're you don't seem to be a
Speaker 1: big birthday card person.
Speaker 4: I'm the time. No, I'm awful at that.
Speaker 2: You are? Really, why do you think you're awful at that?
Speaker 2: It's an effort thing.
Speaker 3: It's effort thing. Now, what else would you like to
Speaker 3: get on me for? Is there anything else I can.
Speaker 4: Oh my god, it's so funny. Let's come back. I
Speaker 4: apologize Thursday flop pointing. I really liked that jacket.
Speaker 3: I know that's why I took it off.
Speaker 5: You're listening to Gary and Shannon on demand from KFI
Speaker 5: AM six forty.
Speaker 4: The President is meeting with his cabinet right now.
Speaker 3: He has made some comments about Tariff's the terriff fight
Speaker 3: that's going on.
Speaker 1: It's that low lighting Apprentice. It's so weird lighting situation
Speaker 1: that's going on in the cabinet room.
Speaker 2: It's exact same lighting when there.
Speaker 1: Was somebody being eliminated from the Apprentice from my twenty
Speaker 1: year old memory.
Speaker 4: Yeah, it's just it's such a weird lightings.
Speaker 3: I don't know who he's got stage directing that, but
Speaker 3: stage managing the cabinet meeting. But he's going around, he's
Speaker 3: been asking questions of Hegseth sitting to his left, Howard Lutnike,
Speaker 3: the Commerce secretary, now Linda McMahon, the Education secretary. So
Speaker 3: anything comes out of this, we'll bring it to you.
Speaker 1: So I question I asked, the question you asked is
Speaker 1: two billion dollars.
Speaker 2: Where's he getting this from?
Speaker 1: Because you're saying we're making two billion dollars a day
Speaker 1: and he's repeated that since the eighth of February.
Speaker 4: Right, that's he just said that during the beginning of
Speaker 4: this cabademy.
Speaker 1: All Right, So according to Congressional Research Services, which take
Speaker 1: it for what you will, it is supposed to be nonpartisan,
Speaker 1: has been for a very long time. Congressional Research Services,
Speaker 1: the answer is no. According to them, we're not taking
Speaker 1: two billion.
Speaker 2: Dollars a day. No real word on where that come from.
Speaker 1: In the fiscal year of twenty twenty four, they collected
Speaker 1: about seventy seven billion in tariffs, which would add up
Speaker 1: to about twenty three million a day. He did increase
Speaker 1: tariffs on Canada, Mexico, and China prior to April ninth,
Speaker 1: memory first said that April eighth, but these alone would
Speaker 1: not have been anywhere near to increase those tariffs tenfold.
Speaker 3: No, and when the Treasury Secretary, when Scott Bessent has
Speaker 3: come out and said that this could bring in as
Speaker 3: much as six hundred billion a year, he was talking
Speaker 3: about the maximum amount on maximum tariffs maximum reciprocal tariffs,
Speaker 3: which were repealed yesterday. So he keeps saying that we're
Speaker 3: bringing in about two billion, and he said just a
Speaker 3: moment ago that it could be as high as three
Speaker 3: and a half billion. But it doesn't sound like we're
Speaker 3: bringing in even a tenth of that.
Speaker 1: So before those tariffs were rescinded. You had thirteen tariff
Speaker 1: related presidential actions.
Speaker 2: That was bringing the.
Speaker 1: Daily tariff take to zero point four billion, so.
Speaker 2: About four hundred million, okay, yeah.
Speaker 1: Still far short of the two hundred billion or two
Speaker 1: billion dollars a day claimed. So I don't know where
Speaker 1: that figure's coming from. But if you're going to crunch
Speaker 1: the if you're interested in it, if it's wowing you,
Speaker 1: if it sounds good, it does sound good, but it's
Speaker 1: not completely accurate, at least according to the people who
Speaker 1: have access to all of the numbers and have crunch them.
Speaker 1: It's neither here nor there, is it. It's just kind
Speaker 1: of a fun little Where did that come from? And
Speaker 1: is it accurate?
Speaker 2: Numbers?
Speaker 1: Tariffs, how much you're taking in, how much you're letting out.
Speaker 1: It's kind of like crime stats. You can fudge them
Speaker 1: anyway you want to fudge them. The numbers are fun
Speaker 1: that way. Statistic fungible, Yeah.
Speaker 3: Fun, We put the fun and fungible, got it. Do
Speaker 3: you want to do our happy story when we come back?
Speaker 7: Yes? I do.
Speaker 3: Okay, On the other side, the happiest story of the day.
Speaker 3: You've been listening to the Gary and Shannon show. You
Speaker 3: can always hear us live on KFI AM six forty
Speaker 3: nine am to one pm every Monday through Friday, and
Speaker 3: anytime on demand on the iHeartRadio ap