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<v Speaker 1>Now we had North out of Cincinnati for a seer

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<v Speaker 1>sage and soothsayer Steve from Edna, and a fifty phone call,

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<v Speaker 1>a news of the week in morning.

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<v Speaker 2>Stephen, Good morning, Gary, Jeff, Mrga. Make the Reds great again.

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<v Speaker 2>This is baseball season. I think we should quote former

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<v Speaker 2>New York Yankee pitcher George Frasier on this subject of

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<v Speaker 2>international trade. George said, I don't put any foreign substances

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<v Speaker 2>on the ball. Everything I use is from the good

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<v Speaker 2>old USA. And here's a note for you. There are

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<v Speaker 2>no tariffs on military weapons. A point to ponder. Here's

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<v Speaker 2>another good point made by Ecclesiastes one nine. What has

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<v Speaker 2>been done is what will be done, and there is

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<v Speaker 2>nothing new under the sun. A perfect example of this

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<v Speaker 2>is the hysteria over tariffs and the stock market. Both

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<v Speaker 2>stories are being manipulated. Here's what you need to know, mercifully.

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<v Speaker 2>In brief, founding father and Treasury Secretary Alexander Hamilton gave

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<v Speaker 2>us the original argument for tariffs, quote to protect America's

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<v Speaker 2>infant industries. Following the Revolutionary War, one hundred years later,

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<v Speaker 2>and Ohioan named William McKinley continued strong tariff policies but

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<v Speaker 2>his goal was quote protecting American workers wages and jobs,

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<v Speaker 2>supporting the price of farm goods, and employing reciprocity. Does

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<v Speaker 2>that sound familiar? There is nothing new under the sun.

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<v Speaker 2>But you'd think that if lights out for Western civilization

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<v Speaker 2>and then there's Wall Street, nothing new here either. If

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<v Speaker 2>I didn't know better, I think this is master manipulation.

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<v Speaker 2>The vast majority of trading on stock exchanges involves the rich,

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<v Speaker 2>Hemingway said. The obvious the difference between the rich and

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<v Speaker 2>the poor is the rich have more money, so it's

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<v Speaker 2>their money that is being traded in London, New York

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<v Speaker 2>and elsewhere. So assuming that the rich are more in

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<v Speaker 2>the know than the rest of us, and either they

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<v Speaker 2>or their stockbrokers are behind most of the trades every day,

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<v Speaker 2>what the hell is going on? Why does it look

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<v Speaker 2>like they're losing money? Markets go up and down regularly,

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<v Speaker 2>and the old adage is you know, you buy loads,

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<v Speaker 2>you sell hi There is a disturbing example of this

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<v Speaker 2>five years ago, March of twenty twenty. This was on

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<v Speaker 2>the cusp of the COVID insanity, when our own government

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<v Speaker 2>and private pundits hid the knowledge that the Chinese were

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<v Speaker 2>behind the gain of function research that we held fund

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<v Speaker 2>and gave us this deadly bug, And then we compounded

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<v Speaker 2>a felony by masking citizens and closing the doors of

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<v Speaker 2>the United States economy. More to the point, March the sixteenth,

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<v Speaker 2>twenty twenty, the Dow Jones Industrial Average had its largest

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<v Speaker 2>point drop and second largest percentage drop in history to

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<v Speaker 2>that point. But wait, just eight days later, on the

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<v Speaker 2>twenty fourth of March, five years ago, the Dow had

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<v Speaker 2>its fourth largest gain in history to that point. Simple question,

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<v Speaker 2>how could things have been so bad on the sixteenth,

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<v Speaker 2>but so rosie eight days later? Remember that ups and

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<v Speaker 2>downs and markets are inevitable and usually come at predictable intervals,

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<v Speaker 2>usually about eighteen months. Recessions are also inevitable and fairly predictable.

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<v Speaker 2>So why the panic five years ago? Could it be

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<v Speaker 2>that the insiders who knew the truth about COVID and

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<v Speaker 2>passed it on to their friends saw a golden opportunity

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<v Speaker 2>to sell high before the predictable panic, then buy at

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<v Speaker 2>the lows, and wait till the next roller coaster to

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<v Speaker 2>do it all over again. As I write this script,

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<v Speaker 2>we are turning things around on Wall Street in less

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<v Speaker 2>than one week after that blizzard of selling following April

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<v Speaker 2>Fool's Day. This talk about terrace is, on the one hand, boring.

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<v Speaker 2>On the other hand, most enlightening history does repeat itself

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<v Speaker 2>because humans as a group never change. Some of America's

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<v Speaker 2>highest tariff rates on foreign countries occurred from the end

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<v Speaker 2>of the Civil War to the start of World War One.

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<v Speaker 2>This was also the period of the greatest annual rate

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<v Speaker 2>increases in our gross domestic production of goods and services,

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<v Speaker 2>accompanied by a gigantic advance in technology. As for the

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<v Speaker 2>stock market, I recall that event back in October of

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<v Speaker 2>nineteen eighty seven that featured the greatest one day percentage

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<v Speaker 2>loss at that point in the Dow. It was twenty

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<v Speaker 2>two zero point sixty one percent in paper losses in

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<v Speaker 2>twenty four hours. But if you had just done nothing,

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<v Speaker 2>no panic selling, your portfolio would have been right back

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<v Speaker 2>where it started in one year. The market, like some investors,

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<v Speaker 2>is schizophrenic, except for the insiders because they know better.

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<v Speaker 2>And by the way, they don't teach economics and journalism schools.

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<v Speaker 2>So the news isn't really news, is it? Think about that? One?

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<v Speaker 2>Boys and Girls and Sleep Tight Tonight by Gary Jeff

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<v Speaker 1>Steve I'm reminded of my friend Ken Carly, who yesterday said,

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<v Speaker 1>quite adroitly, economic forecasters were invented to make weather forecasters

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<v Speaker 1>look better.