1 00:00:21,679 --> 00:00:26,160 Speaker 1: And here we go. Hi, how are you welcome to 2 00:00:26,199 --> 00:00:30,679 the Big Podcast. It's Friday, the first day of August, 3 00:00:30,800 --> 00:00:33,399 year of our Lord, twenty twenty five. My name is 4 00:00:33,399 --> 00:00:37,039 Tom Sullivan. Wow, we got a busy first day of 5 00:00:37,079 --> 00:00:41,799 the month. Busy Friday. We've got the jobs report out today. 6 00:00:41,880 --> 00:00:45,280 We also have It's tariff Day. This is the day 7 00:00:45,320 --> 00:00:48,679 that tariffs were going to be assessed. And they have 8 00:00:48,880 --> 00:00:54,600 been some changes going on at the FED, some changes 9 00:00:54,640 --> 00:00:58,759 going on at the Bureau of Labor Statistics. We had 10 00:00:59,359 --> 00:01:03,240 Joe Biden and Kamala Harris out in the public last night. 11 00:01:03,320 --> 00:01:11,079 Joe was giving a speech in Chicago and Kamala was 12 00:01:12,040 --> 00:01:14,120 on Stephen Colbert's show. So we've got some of that 13 00:01:14,159 --> 00:01:19,879 to cover. And Falcon nine took off for the International 14 00:01:19,879 --> 00:01:25,599 Space Station today. Everything went flawlessly for SpaceX. So let's 15 00:01:25,640 --> 00:01:31,840 start start with the jobs today. Because the jobs report 16 00:01:32,640 --> 00:01:37,560 was somewhat of a shocker number of payrolls added in 17 00:01:37,599 --> 00:01:40,519 the month of July. Well, they were expecting it to 18 00:01:40,560 --> 00:01:43,319 be weak. They thought it would slow down. That the 19 00:01:43,480 --> 00:01:48,079 labor market is one economist called it basically at stall speed. 20 00:01:48,079 --> 00:01:50,920 Has been doing great, but I mean, how many more 21 00:01:51,000 --> 00:01:53,760 jobs can you add? And so they were thinking, okay, 22 00:01:53,799 --> 00:01:58,359 it'll be around one hundred thousand jobs were added last month. 23 00:01:58,400 --> 00:02:03,120 And it turned out the report this morning seventy three thousand, 24 00:02:03,159 --> 00:02:07,159 not even one hundred thousand, which was lowballing it. So this, 25 00:02:07,359 --> 00:02:10,960 I mean, seventy three thousand payrolls added in the whole 26 00:02:11,039 --> 00:02:14,280 country in the month of July. And then they went 27 00:02:14,400 --> 00:02:19,800 back and they revised June it was reported at one 28 00:02:19,879 --> 00:02:24,360 hundred and forty seven thousand jobs. Instead this morning they said, oh, 29 00:02:24,479 --> 00:02:27,960 I'm sorry, that's wrong. How about fourteen thousand jobs in 30 00:02:28,000 --> 00:02:32,800 the entire month of June which was nothing. Then you 31 00:02:32,840 --> 00:02:37,400 go back to May. May was revised. They originally told 32 00:02:37,479 --> 00:02:40,960 us it was one hundred and forty four thousand jobs. 33 00:02:41,599 --> 00:02:45,080 This morning they told us it was nineteen thousand for 34 00:02:45,159 --> 00:02:50,080 the whole month. So nineteen thousand jobs added in May, 35 00:02:51,240 --> 00:02:56,639 fourteen thousand added in June. Today's numbers for July seventy 36 00:02:56,719 --> 00:02:59,520 three thousand. You want to bet, boys and girls, they're 37 00:02:59,560 --> 00:03:03,080 going to be advising that down to the labor market, 38 00:03:03,199 --> 00:03:09,759 according to these numbers, has dropped like a rock, unbelievable. 39 00:03:10,879 --> 00:03:16,599 So the unemployment rate remained unchanged four point two percent. 40 00:03:17,520 --> 00:03:24,000 Average hourly earnings three point nine percent, which is better 41 00:03:24,080 --> 00:03:29,960 than the inflation rate. Let's listen to AJ and Tony, 42 00:03:30,000 --> 00:03:33,199 who's one of the economists commenting on this report. 43 00:03:33,360 --> 00:03:35,439 Speaker 2: There's a couple of things we got to remember as 44 00:03:35,479 --> 00:03:38,599 we look at this data. One is the fact that 45 00:03:38,840 --> 00:03:42,479 these massive downward revisions are not new to this year. 46 00:03:42,800 --> 00:03:45,879 The idea that somehow this is because of staffing shortages 47 00:03:45,919 --> 00:03:49,400 doesn't explain why we had the massive downward revisions for 48 00:03:49,439 --> 00:03:52,879 the last four years. Basically, this is a post COVID 49 00:03:53,319 --> 00:03:56,360 data collection problem when it comes to the jobs numbers. 50 00:03:56,360 --> 00:03:58,759 In fact, just earlier this week we got the quarterly 51 00:03:58,800 --> 00:04:02,599 Business Employment Dynamic report from the Bureau of Labor Statistics, 52 00:04:02,639 --> 00:04:05,439 and sure enough, that showed that twenty twenty four has 53 00:04:05,479 --> 00:04:10,199 another massive overestimation of the number of nonfarm payrolls. So 54 00:04:10,520 --> 00:04:13,919 next year, when we get the annual benchmark report for 55 00:04:14,080 --> 00:04:17,480 that twelve month period from March to March, we're going 56 00:04:17,519 --> 00:04:21,199 to see another huge annual downward revision. And that's on 57 00:04:21,279 --> 00:04:25,279 top of the existing month to month downward revisions that 58 00:04:25,279 --> 00:04:28,319 we've already had and that we clearly continue to have. 59 00:04:28,480 --> 00:04:31,959 So again, the idea that somehow there's something wrong with 60 00:04:32,000 --> 00:04:34,720 the data, and it just started this year. That's not 61 00:04:34,839 --> 00:04:38,160 really new. Again, this is a post COVID problem. The 62 00:04:38,199 --> 00:04:42,319 BLS probably needs to seriously rethink all of their models, 63 00:04:42,399 --> 00:04:46,000 whether it's whether it's non farm payrolls, inflation, you name it. 64 00:04:46,240 --> 00:04:48,959 The other good thing that I saw in this report, though, 65 00:04:49,519 --> 00:04:52,279 is the fact that a lot of the decreases that 66 00:04:52,279 --> 00:04:56,120 we've seen are actually coming from the federal government. Since January, 67 00:04:56,519 --> 00:04:59,759 non farm payrolls at the federal level are down eighty 68 00:04:59,800 --> 00:05:04,000 four thousands. So they're clearly making good progress in terms 69 00:05:04,000 --> 00:05:05,199 of cutting the bureaucracy. 70 00:05:05,800 --> 00:05:08,120 Speaker 1: And that's true. The numbers. One, let's go through just 71 00:05:08,160 --> 00:05:11,199 a little bit of the numbers. The big gainer for 72 00:05:11,439 --> 00:05:15,519 jobs last month was healthcare up fifty five thousand jobs. 73 00:05:15,560 --> 00:05:19,319 Retail followed with a gain of fifteen thousand jobs, and 74 00:05:19,519 --> 00:05:26,360 leisure and hospitality five thousand, Transportation and warehousing three thousand, 75 00:05:26,680 --> 00:05:30,519 construction two thousand, the two areas. We have a big 76 00:05:30,560 --> 00:05:34,560 minus sign on manufacturing, and the President wants to bring 77 00:05:34,600 --> 00:05:38,879 back all these manufacturing jobs. Manufacturing lost eleven thousand jobs 78 00:05:38,959 --> 00:05:42,079 last month, and then, as he was saying, eighty four 79 00:05:42,160 --> 00:05:45,839 thousand year to date, but for the month of July, 80 00:05:46,000 --> 00:05:50,439 the federal government cut twelve thousand jobs, but since its 81 00:05:50,480 --> 00:05:52,800 peak at the beginning of the year, the federal government 82 00:05:53,279 --> 00:05:59,000 has lost eighty four thousand jobs. Here's another economist, Sarah Malax. 83 00:05:59,079 --> 00:06:02,959 She's with New Vain, the big investment firm. This is 84 00:06:03,000 --> 00:06:05,360 her take on the numbers today. 85 00:06:05,720 --> 00:06:07,600 Speaker 3: Well, Jail, before I get to the markets, I want 86 00:06:07,639 --> 00:06:10,439 to talk about the importance of this private payrolls number 87 00:06:10,480 --> 00:06:13,839 before there revisions. For last month, private payrolls came in 88 00:06:13,879 --> 00:06:16,680 at seventy four thousand, which was already down about half 89 00:06:16,720 --> 00:06:19,319 from the month before. So seeing that downward revision to 90 00:06:19,399 --> 00:06:22,839 three thousand, I think is very worrying for the US economy. Now, 91 00:06:22,879 --> 00:06:25,680 this miss and also this downward revision is piling on 92 00:06:25,680 --> 00:06:28,240 top of three other factors at the markets dealing with 93 00:06:28,480 --> 00:06:30,959 that's rhetoric around the FED and what's going on there 94 00:06:30,959 --> 00:06:34,360 with the descent. Also techtok earnings which have been underwhelming, 95 00:06:34,399 --> 00:06:37,680 starting ending with Amazon and Apple last night, and of 96 00:06:37,680 --> 00:06:40,680 course Tariff's now coming in at a baseline of fifteen percent, 97 00:06:40,879 --> 00:06:43,480 which gets you very close, if not to a recession. 98 00:06:43,600 --> 00:06:45,439 So that I think is all why the market is 99 00:06:45,439 --> 00:06:48,360 going to continue to directly react poorly. Here you mentioned 100 00:06:48,439 --> 00:06:50,519 the silver lining, which is what is the FED going 101 00:06:50,560 --> 00:06:53,120 to do. Let's go back to September twenty twenty four 102 00:06:53,160 --> 00:06:55,639 when we got that fifty basis point surprise rate cut 103 00:06:56,120 --> 00:06:59,879 that came after three months of disappointing double digit payroll 104 00:07:00,279 --> 00:07:03,759 So if that September number comes in poorly again for payrolls, 105 00:07:03,920 --> 00:07:05,839 the question is is a FED going to only cut 106 00:07:05,839 --> 00:07:08,319 by seventy by twenty five or could they cut by 107 00:07:08,319 --> 00:07:09,360 fifty basis points. 108 00:07:09,560 --> 00:07:12,480 Speaker 1: Yeah, to translate for you, that means by a quarter 109 00:07:12,519 --> 00:07:14,879 of a percent drop or a half a percent drop. 110 00:07:15,120 --> 00:07:19,480 She also mentioned this private sector revision that came out 111 00:07:19,519 --> 00:07:22,800 about private sector jobs. Originally the report said there were 112 00:07:22,839 --> 00:07:27,120 seventy four thousand private sector jobs created last month. That 113 00:07:27,279 --> 00:07:31,839 was revised down to only three thousand private sector jobs 114 00:07:31,879 --> 00:07:36,399 added last month. So everything in this jobs report that 115 00:07:36,439 --> 00:07:41,959 came out today was shockingly big revisions down not only 116 00:07:42,000 --> 00:07:45,519 for July, but also going back to June and to May. 117 00:07:46,360 --> 00:07:51,439 So people have questioned the reliability of the numbers coming 118 00:07:51,439 --> 00:07:56,360 from the Bureau of Labor Statistics, And you've called about it, 119 00:07:56,480 --> 00:07:59,360 You've sent me emails about it, We've talked about it. 120 00:08:00,079 --> 00:08:02,800 Guess who else is concerned about it? That would be 121 00:08:02,879 --> 00:08:08,199 President Trump, and he came out today and said that 122 00:08:09,639 --> 00:08:13,399 he was planning on firing the official that's in charge 123 00:08:13,720 --> 00:08:19,319 of the Bureau of Labor Statistics. Her name is Erica Mcenterfer. 124 00:08:19,800 --> 00:08:23,439 She's the commissioner at BLS. She was confirmed on a 125 00:08:23,480 --> 00:08:27,199 bipartisan basis in twenty twenty four. But there's a lot 126 00:08:27,240 --> 00:08:30,000 of people coming out and saying, how can she be 127 00:08:30,160 --> 00:08:35,559 so wrong? Consistently so wrong month after month after month, 128 00:08:36,639 --> 00:08:40,000 And people were saying that these numbers were revised because 129 00:08:40,039 --> 00:08:43,919 Biden was playing politics, or now is Trump playing politics? No, 130 00:08:44,039 --> 00:08:47,720 it looks like the BLS Bureau of Labor Statistics is 131 00:08:48,000 --> 00:08:54,120 just doing a really terrible job. Let's add to the commentary. 132 00:08:54,799 --> 00:08:59,080 Marcus Leonis he was he had a show called The Prophert. 133 00:08:59,120 --> 00:09:01,840 He's got a news show coming out this fall. But 134 00:09:01,919 --> 00:09:06,399 he's basically a wealthy individual goes around buying businesses. And 135 00:09:06,919 --> 00:09:10,799 he was asked about the head scratcher of this job's 136 00:09:10,799 --> 00:09:13,279 report and what's going on. Well, I think I'm a 137 00:09:13,320 --> 00:09:13,960 little concerned. 138 00:09:13,960 --> 00:09:15,720 Speaker 4: If you look at the revisions that happened in the 139 00:09:15,799 --> 00:09:18,799 last job report, that number came crashing down, so as 140 00:09:18,840 --> 00:09:22,840 seventy three thousand really seven thousand. My concern is at 141 00:09:22,840 --> 00:09:25,799 what point is the FED going to pay attention and 142 00:09:25,840 --> 00:09:28,159 did they not have a preview to the numbers before 143 00:09:28,159 --> 00:09:32,240 today right and not understand what was happening. I understand 144 00:09:32,279 --> 00:09:34,559 that everybody doesn't know what the tariffs are going to do, 145 00:09:34,639 --> 00:09:35,200 none of us do. 146 00:09:35,320 --> 00:09:37,679 Speaker 5: But what we do know is that companies. 147 00:09:37,200 --> 00:09:38,840 Speaker 4: Are in a bit of a gridlock right now. They 148 00:09:38,840 --> 00:09:40,399 don't want to fire a bunch of people, they don't 149 00:09:40,399 --> 00:09:43,279 want to hire anybody. It's like everybody's frozen trying to 150 00:09:43,320 --> 00:09:45,879 wait for the FED to drop some policy numbers, drop 151 00:09:45,919 --> 00:09:48,720 the rates and give these companies the stimulus that they 152 00:09:48,720 --> 00:09:51,039 need to want to reinvest in their business. That's not 153 00:09:51,120 --> 00:09:53,360 happening right now. I think about that in my own businesses. 154 00:09:53,679 --> 00:09:55,679 I'm not going out and hiring a bunch of people. 155 00:09:55,799 --> 00:09:58,200 I'm not laying off a bunch of people. But it's 156 00:09:58,200 --> 00:10:00,320 like we're sitting in no man's land right now. 157 00:10:00,639 --> 00:10:00,840 Speaker 5: Yeah. 158 00:10:00,840 --> 00:10:05,840 Speaker 1: I think Bosh's name Marcus Lamonnis. In any case, a 159 00:10:06,080 --> 00:10:08,200 very wealthy guy owns a lot of businesses and he 160 00:10:08,440 --> 00:10:10,440 feels like a lot of people do that. They don't 161 00:10:10,480 --> 00:10:13,080 know what the tariffs are going to do, so everybody's 162 00:10:13,360 --> 00:10:17,600 it's affecting the economy. It affecting hiring and firing. People 163 00:10:17,600 --> 00:10:19,480 don't want to fire because they don't know if they're 164 00:10:19,480 --> 00:10:23,039 going to need a bunch more employees. They are not 165 00:10:23,440 --> 00:10:26,120 hiring though, and that is one of the things that 166 00:10:26,240 --> 00:10:31,399 is causing a problem with the economy. Speaking of the BED, 167 00:10:32,039 --> 00:10:34,120 so there is going to be a change at the 168 00:10:34,120 --> 00:10:38,320 Federal Reserve. Marcus's comment, though, was well taken. They just 169 00:10:38,600 --> 00:10:42,519 made their decision on Wednesday to leave interest rates unchanged. 170 00:10:42,559 --> 00:10:46,639 Did they not know? Did they not get a preview 171 00:10:46,720 --> 00:10:48,799 of the fact that the job's report was going to 172 00:10:48,799 --> 00:10:53,200 be much worse than expected. Why did they not cut 173 00:10:53,240 --> 00:10:57,000 interest rates to try to stimulate the economy If it's 174 00:10:57,039 --> 00:11:00,919 slowing with I mean, it's screeching to a halt three 175 00:11:00,960 --> 00:11:04,759 months in a row with massive revisions, and the Fed 176 00:11:04,840 --> 00:11:08,320 did not cut interest rates. They looked foolish. So the 177 00:11:08,399 --> 00:11:11,519 change at the FED. Now it's not Jay Powell. One 178 00:11:11,519 --> 00:11:17,600 of the Fed governors. Her name is Adrian Kugler. She 179 00:11:17,759 --> 00:11:20,000 is going to step down from her position as a 180 00:11:20,080 --> 00:11:23,960 governor of the Federal Reserve Board on August eighth, so 181 00:11:24,039 --> 00:11:27,480 a week from now. Her term was due to expire 182 00:11:27,600 --> 00:11:31,799 in January. But she's giving an early resignation letter today 183 00:11:32,120 --> 00:11:36,759 that gives President Trump the opportunity to appoint someone that 184 00:11:37,399 --> 00:11:42,120 may be the replacement for Jerome Powell as the next 185 00:11:42,200 --> 00:11:45,159 chair of the Federal Reserve. So on Wall Street today, 186 00:11:45,639 --> 00:11:49,159 it took off straight south, went down about six hundred points. 187 00:11:50,000 --> 00:11:52,879 It's been down in the five hundred to six hundred range. 188 00:11:53,200 --> 00:11:57,960 Everything's down sharply today. And guess what, a lot of 189 00:11:58,000 --> 00:12:01,399 the Wall Street people are starting dust off the R word, 190 00:12:01,480 --> 00:12:04,360 the recession word, because I mean, three months in a row, 191 00:12:04,440 --> 00:12:08,759 these revisions are unbelievably huge. Then, on top of that, 192 00:12:12,039 --> 00:12:15,559 University of Michigan came out with their consumer confidence survey 193 00:12:15,600 --> 00:12:19,919 today and one of the two that always the Conference 194 00:12:19,960 --> 00:12:23,919 Board does the other one, University of Michigan. They point 195 00:12:24,000 --> 00:12:29,639 out that consumer confidence is at a six month high. Yes, 196 00:12:30,279 --> 00:12:33,600 but they ask two questions. The first question is how 197 00:12:33,600 --> 00:12:36,639 do you think the economy is going right now? And 198 00:12:36,720 --> 00:12:41,679 that is the six month high where people said, ah, 199 00:12:41,720 --> 00:12:44,879 we think it's doing great. They think that the four 200 00:12:44,919 --> 00:12:47,240 and a half percent interest rates that the FED has, 201 00:12:47,320 --> 00:12:50,440 that's the Federal Reserve Board four and a half percent, 202 00:12:50,559 --> 00:12:53,919 that they think that that will lower in the coming 203 00:12:54,039 --> 00:12:58,039 year their expectations. So the second question is what do 204 00:12:58,080 --> 00:12:59,679 you think the economy is going to be doing six 205 00:12:59,720 --> 00:13:04,200 months from now? And people thought that that is not 206 00:13:04,279 --> 00:13:08,120 as good as they originally thought. That adjusted down, but 207 00:13:08,159 --> 00:13:11,159 people still said they thought that interest rates would be 208 00:13:11,600 --> 00:13:16,480 somewhere around three point four percent for the next five 209 00:13:16,519 --> 00:13:18,919 to ten years, which is kind of a silly answer. 210 00:13:19,000 --> 00:13:21,159 But they asked the question what do you think the 211 00:13:21,279 --> 00:13:24,240 economy is going to be doing long term? And people 212 00:13:24,320 --> 00:13:27,440 don't know what. I don't know. Nobody knows what interest 213 00:13:27,519 --> 00:13:29,759 rates are going to be for the next five to 214 00:13:29,799 --> 00:13:34,759 ten years, let alone the next five to ten months. 215 00:13:34,879 --> 00:13:39,879 So pretty wacky, pretty wacky bed stuff today and job 216 00:13:39,960 --> 00:13:45,080 market stuff. President's doing the stuff that he does. He's 217 00:13:45,120 --> 00:13:49,399 putting out true socials about too late Powell, I agree, 218 00:13:49,639 --> 00:13:53,840 Powell is what is he waiting for? And he's calling 219 00:13:53,879 --> 00:13:57,240 him a moron, which, yeah, I don't like that. The 220 00:13:57,399 --> 00:14:01,840 childish One more comment about the about the feathers. When 221 00:14:01,840 --> 00:14:05,840 they voted to leave interest rates unchanged on Wednesday, two 222 00:14:06,120 --> 00:14:10,360 of the Fed governors Bowman and Walter Waller, I should 223 00:14:10,399 --> 00:14:12,919 say both of them dissented and said no, no, no, 224 00:14:12,960 --> 00:14:16,919 we should be lowering interest rates. Bowman said inflation will 225 00:14:16,919 --> 00:14:22,080 not be persistent and that economic growth has slowed down, 226 00:14:22,279 --> 00:14:27,840 so let's cut rates now. Waller said tariffs are a 227 00:14:27,879 --> 00:14:31,960 one off hit to inflation and that the labor market 228 00:14:32,000 --> 00:14:34,919 is near stall speed, and he wanted to cut now. 229 00:14:34,960 --> 00:14:38,600 So both of them wanted to cut interest rates. The 230 00:14:38,679 --> 00:14:42,120 Fed Fund's futures shot up today on the chances that 231 00:14:42,159 --> 00:14:45,559 the Fed will probably be lowering interest rates in September. 232 00:14:45,720 --> 00:14:49,000 They don't need to wait for the next meeting. They 233 00:14:49,039 --> 00:14:52,000 could lower interest rates based on this jobs report today. 234 00:14:52,480 --> 00:14:56,799 They could have an emergency job interest rate cut. I 235 00:14:56,960 --> 00:14:59,639 think they should, but I doubt that it will happen. 236 00:15:00,919 --> 00:15:03,279 All right, let's switch to politics, because there was a 237 00:15:03,320 --> 00:15:06,200 lot of it today. Last night, Joe Biden was in 238 00:15:06,279 --> 00:15:09,639 Chicago giving a speech, and Kamala Harris was on Stephen 239 00:15:09,679 --> 00:15:16,720 Colbert's show. I saw one headline that said a failed 240 00:15:16,759 --> 00:15:21,039 candidate on a failed TV show talked about a failed 241 00:15:21,120 --> 00:15:24,639 campaign and that she served up more word salad while 242 00:15:24,639 --> 00:15:28,279 admitting that Trump broke her about all that, But it 243 00:15:28,639 --> 00:15:31,679 certainly is a failed TV show and she did fail 244 00:15:31,759 --> 00:15:36,440 in her efforts in the campaign. It was interesting because, well, 245 00:15:36,440 --> 00:15:38,519 we'll play it for you here a little bit from 246 00:15:38,600 --> 00:15:42,399 what she said last night. She was asked about Stephen 247 00:15:42,399 --> 00:15:45,159 Colbert asked her about who is the leader of the 248 00:15:45,159 --> 00:15:56,759 Democrat Party, and she could not name anybody, nobody. And 249 00:15:56,919 --> 00:15:59,679 she's also got a book out called one hundred and 250 00:15:59,720 --> 00:16:03,120 seven Days, which was the length of her campaign. And 251 00:16:03,200 --> 00:16:06,840 I thought about that, and I thought, you know, I think, 252 00:16:07,320 --> 00:16:09,159 you know, they're complaining about it, like one hundred and 253 00:16:09,159 --> 00:16:12,440 seven days wasn't enough for her to win the election. 254 00:16:13,120 --> 00:16:16,639 And I'm thinking, I think maybe we should pass the 255 00:16:16,639 --> 00:16:19,399 new law where we only have one hundred and seven 256 00:16:19,480 --> 00:16:24,279 days allowed for president's presidential campaigns to go because in 257 00:16:24,360 --> 00:16:29,519 one hundred and seven days, it was abundantly clear who 258 00:16:29,600 --> 00:16:33,120 you wanted to vote for. There was no question of 259 00:16:33,159 --> 00:16:36,200 whether you wanted to vote for Donald Trump or Kamala Harris. 260 00:16:36,639 --> 00:16:39,440 One hundred and seven days is plenty of time. So anyway, 261 00:16:39,720 --> 00:16:42,639 here's Kamala Harris on Colbert's show last night. 262 00:16:42,919 --> 00:16:45,759 Speaker 4: Once you left office, how long before you turned on 263 00:16:45,840 --> 00:16:46,600 the news again? 264 00:16:47,360 --> 00:16:49,360 Speaker 1: If months? 265 00:16:50,360 --> 00:16:50,600 Speaker 5: Yeah? 266 00:16:50,919 --> 00:16:54,440 Speaker 6: Months? I you know, I'm just not into self mutilation. 267 00:16:54,720 --> 00:16:58,919 There should be many who consider themselves to be guardians 268 00:16:59,519 --> 00:17:08,839 of our system in our democracy who just capitulated and 269 00:17:08,920 --> 00:17:10,279 I didn't see that coming. 270 00:17:11,119 --> 00:17:14,319 Speaker 1: The reason she did not see that coming is because 271 00:17:14,359 --> 00:17:18,240 and she spent the show basically saying that the system 272 00:17:18,359 --> 00:17:21,039 is broken, and that's why she doesn't want to go 273 00:17:21,119 --> 00:17:24,039 back out and jump into the California governor's race because 274 00:17:24,039 --> 00:17:27,799 the system is broken. And I'm thinking, especially in California, 275 00:17:28,279 --> 00:17:32,559 it's not broken for her. She was. She used the 276 00:17:32,640 --> 00:17:39,279 system to get elected to be the Attorney General for 277 00:17:39,319 --> 00:17:42,200 the state of California and then to be elected Senator 278 00:17:42,279 --> 00:17:46,440 from the state of California. The system worked beautifully for her. 279 00:17:47,160 --> 00:17:50,400 This time it did not. She's never been in a 280 00:17:50,440 --> 00:17:54,160 real competitive race in California. Those races were never competitive. 281 00:17:54,240 --> 00:17:56,720 She was in a cocoon. She was blessed by the 282 00:17:56,759 --> 00:18:01,559 Democrat leadership in California and they anointed her and she 283 00:18:01,720 --> 00:18:06,119 went on to win the election. So the system is 284 00:18:06,640 --> 00:18:12,440 not broken. She just had a broken campaign. People didn't 285 00:18:12,480 --> 00:18:16,039 buy it. So here's where Colbert asked her about who's 286 00:18:16,079 --> 00:18:19,200 the leader of the Dems, and she had no answer. 287 00:18:19,480 --> 00:18:22,279 Who's leading the Democratic Party. I'm just curious. 288 00:18:22,319 --> 00:18:24,160 Speaker 6: There are lots of leaders and it. 289 00:18:24,200 --> 00:18:27,799 Speaker 4: Was generally all leader of the Democratic Party, you know, like, oh, 290 00:18:27,799 --> 00:18:28,240 that's the leader. 291 00:18:28,279 --> 00:18:30,000 Speaker 1: Donator party who comes to mind. 292 00:18:30,480 --> 00:18:32,880 Speaker 6: I think there are a lot of I'm not going 293 00:18:32,920 --> 00:18:34,440 to go through names because then I'm going to leave 294 00:18:34,480 --> 00:18:36,599 somebody out and then I'm going to hear about it. 295 00:18:36,680 --> 00:18:39,359 I made the decision that I just, for now, I 296 00:18:39,400 --> 00:18:41,119 don't want to go back in the system. 297 00:18:41,440 --> 00:18:42,279 Speaker 5: I think it's broken. 298 00:18:42,359 --> 00:18:46,640 Speaker 6: And I always believed that as fragile as our democracy is, 299 00:18:48,559 --> 00:18:53,599 our systems would be strong enough to defend our most 300 00:18:53,880 --> 00:18:59,400 fundamental principles. And I think right now that they're not 301 00:18:59,440 --> 00:19:01,960 as strong as they need to be. And I just 302 00:19:02,000 --> 00:19:03,440 don't want it for now. I don't want to go 303 00:19:03,440 --> 00:19:05,359 back in the system. I want to I want to 304 00:19:05,359 --> 00:19:07,359 travel the country. I want to listen to people. I 305 00:19:07,440 --> 00:19:08,519 want to talk with people. 306 00:19:08,920 --> 00:19:13,400 Speaker 1: Okay, so she's going to go travel and listen to 307 00:19:13,440 --> 00:19:17,839 people and talk to people. She's running obviously, she's going 308 00:19:17,880 --> 00:19:21,000 to try to figure out whether she can get any support. 309 00:19:21,400 --> 00:19:23,480 But this whole business about the fact she's did a 310 00:19:23,519 --> 00:19:27,519 word salad there about the values and all the other 311 00:19:27,599 --> 00:19:32,200 things that we care about, and she was going nowhere, 312 00:19:32,200 --> 00:19:35,359 she was she was just babbling, and then at the 313 00:19:35,440 --> 00:19:39,000 end she's just going to run around the country and 314 00:19:39,000 --> 00:19:42,200 and talk to people. This is the part that I 315 00:19:42,319 --> 00:19:44,599 just played. But this is this is the word salad. 316 00:19:44,960 --> 00:19:47,160 As she was trying to explain to Stephen Colbert what 317 00:19:47,240 --> 00:19:47,920 she wants to do. 318 00:19:48,200 --> 00:19:53,279 Speaker 6: Our systems would be strong enough to defend our most 319 00:19:53,480 --> 00:19:54,960 fundamental principles. 320 00:19:55,240 --> 00:19:58,400 Speaker 1: Yeah, she never mentioned what the fundamental principle was that 321 00:19:58,480 --> 00:20:03,759 she wanted to assist to defend. David Axelrod. He was 322 00:20:03,839 --> 00:20:05,799 not a big fan of Joe Biden. I mean, he 323 00:20:05,880 --> 00:20:08,519 was getting lots of agree from fellow Democrats because he 324 00:20:08,559 --> 00:20:12,200 came out and basically wanted Biden to step aside, and 325 00:20:12,240 --> 00:20:14,319 they yelled at him. It turned out he was right. 326 00:20:14,400 --> 00:20:19,000 Here's Axulrod's response to what Kamala is doing. 327 00:20:19,480 --> 00:20:23,759 Speaker 5: Kamala Harris has run for president twice in twenty twenty 328 00:20:23,799 --> 00:20:26,200 and in twenty twenty four, she came within a point 329 00:20:26,240 --> 00:20:30,400 and a half of the presidency, and running for governor 330 00:20:30,400 --> 00:20:34,240 of California, as powerful a position as it is, would 331 00:20:34,319 --> 00:20:38,200 be a step back. So it wasn't surprising to me. 332 00:20:38,400 --> 00:20:42,279 And it's clear that you read her statement that she 333 00:20:42,440 --> 00:20:44,000 is setting herself up to run. 334 00:20:44,319 --> 00:20:49,559 Speaker 1: Yeah, she's setting herself up to run for twenty twenty eight. 335 00:20:50,240 --> 00:20:52,559 But like he said, she ran in twenty twenty in 336 00:20:52,599 --> 00:20:57,319 twenty twenty four, she lost in both cases. Twenty twenty 337 00:20:57,720 --> 00:21:00,319 she was off to the races at a good start, 338 00:21:00,599 --> 00:21:03,119 but she was the first candidate to drop out of 339 00:21:03,160 --> 00:21:05,559 the Democratic primaries. In fact, never made it to the 340 00:21:05,559 --> 00:21:09,720 first one in Iowa. And then last night President Biden 341 00:21:09,799 --> 00:21:13,680 was in Chicago giving a speech to the National Bar 342 00:21:13,799 --> 00:21:20,920 Association and well, he I wish they wouldn't keep trotting 343 00:21:21,000 --> 00:21:23,759 him out. I know that presidents well, younger guys like 344 00:21:24,079 --> 00:21:27,559 Obama and George w they they were still young enough 345 00:21:27,559 --> 00:21:30,559 to go out and give high price speeches. That's what 346 00:21:30,599 --> 00:21:35,960 presidents do. But Biden is not physically well, and he 347 00:21:36,160 --> 00:21:39,559 was they had to help him. It took him forever 348 00:21:40,000 --> 00:21:42,839 when he was announced to step onto the stage and 349 00:21:42,920 --> 00:21:47,559 walk out to the microphone. He was very, very weak looking. 350 00:21:47,599 --> 00:21:50,240 Here's what he had to say. 351 00:21:49,960 --> 00:21:52,039 Speaker 7: You need to face the heart series of this administration 352 00:21:53,440 --> 00:21:56,599 and has been to ease all the gays. We've made 353 00:21:57,759 --> 00:22:03,000 in my administration to ray history rather than make it 354 00:22:03,519 --> 00:22:07,640 to race fairness a quality to race just as itself. 355 00:22:07,799 --> 00:22:09,839 Speaker 1: So it wasn't a surprise he was going to defend 356 00:22:09,880 --> 00:22:14,720 his administration. And he he told this group, which I 357 00:22:14,759 --> 00:22:16,839 had to look up the group, because I've never heard 358 00:22:16,920 --> 00:22:22,920 of the National Bar Association before. It is the country's 359 00:22:22,960 --> 00:22:28,640 oldest and largest national association of mostly African American attorneys, judges, 360 00:22:29,079 --> 00:22:35,440 law professors, and students. This was in Chicago, and he 361 00:22:35,559 --> 00:22:40,599 said basically that these are dark days. That's his take 362 00:22:40,640 --> 00:22:44,559 on it. Ben Dominic has maybe a different view of 363 00:22:44,599 --> 00:22:48,160 the speeches by the president and also Kamala Harris and 364 00:22:48,160 --> 00:22:49,119 what she did last night. 365 00:22:49,240 --> 00:22:51,960 Speaker 8: Well, I think that in one sense, you know, Kamala 366 00:22:52,039 --> 00:22:54,880 Harris kind of needed to do what she did, announcing, 367 00:22:55,000 --> 00:22:57,799 you know, that she was not going to be running 368 00:22:57,799 --> 00:23:01,200 for office as some people expected her too in California. 369 00:23:01,640 --> 00:23:03,720 I do think that sets up some real problems for 370 00:23:03,759 --> 00:23:06,640 them in the future. But the truth is that they 371 00:23:06,720 --> 00:23:09,960 are stepping on any kind of democratic attempt to move 372 00:23:10,000 --> 00:23:14,720 on from what was a disastrous administration, one that opened 373 00:23:14,720 --> 00:23:17,559 our border, that is, spent so much money that people 374 00:23:17,920 --> 00:23:21,079 never really saw come into their communities and neighborhoods, hiked 375 00:23:21,079 --> 00:23:25,160 inflation on everything, made everything more expensive, and really I 376 00:23:25,200 --> 00:23:27,359 think is going to be judged by historians as a 377 00:23:27,359 --> 00:23:30,799 failure with an unpopular president who on the way out, 378 00:23:30,839 --> 00:23:33,000 you know, had all of this different beef with all 379 00:23:33,039 --> 00:23:36,039 of the different leaders of the party. The Democrats need 380 00:23:36,039 --> 00:23:39,359 to move on from the Biden years, and Biden and 381 00:23:39,480 --> 00:23:43,480 Harris are simply not going to apparently help them with that. Instead, 382 00:23:43,480 --> 00:23:45,319 it's going to have to, I think, be something where 383 00:23:45,359 --> 00:23:48,559 they are hooked from the stage a little bit. You 384 00:23:48,599 --> 00:23:51,119 know that you got to pull them off as opposed 385 00:23:51,160 --> 00:23:52,640 to let it because they're not going. 386 00:23:52,559 --> 00:23:54,119 Speaker 1: To go along politely. 387 00:23:54,160 --> 00:23:57,519 Speaker 8: I don't think. Look, this is a guy who essentially 388 00:23:57,559 --> 00:24:00,720 his lifetime was spent in politics. We had a very 389 00:24:01,119 --> 00:24:03,799 very short career outside of it, and it's one of 390 00:24:03,839 --> 00:24:06,640 these things where he doesn't want that to be the 391 00:24:06,720 --> 00:24:08,920 last taste that's left in everybody's mouth in terms of 392 00:24:08,960 --> 00:24:13,200 his debate performance that everyone will obviously view as framing 393 00:24:13,240 --> 00:24:17,079 his entire legacy that he was this senile person who 394 00:24:17,200 --> 00:24:20,359 had issues with the autopen usage and couldn't keep track 395 00:24:20,400 --> 00:24:23,480 of things and everything along those lines. He's trying to 396 00:24:23,519 --> 00:24:26,319 repair that, but it's coming at the cost. I think 397 00:24:26,359 --> 00:24:29,039 of Democrats being able to move on from the Biden 398 00:24:29,079 --> 00:24:33,000 administration and say, hey, we're resetting. We are aware of 399 00:24:33,000 --> 00:24:36,480 the different critiques of that administration, of where it failed, 400 00:24:36,519 --> 00:24:38,799 of where it didn't connect with the American people and 401 00:24:38,839 --> 00:24:41,400 their priorities, and we're learning from that. And for all 402 00:24:41,440 --> 00:24:44,000 the Democrats who are trying to do that, Alyssa Slotkin 403 00:24:44,119 --> 00:24:46,839 is one example of that. For example, it's not something 404 00:24:46,839 --> 00:24:49,400 that's going to come easy when they keep reinserting themselves 405 00:24:49,440 --> 00:24:50,119 into the narratives. 406 00:24:51,480 --> 00:24:53,400 Speaker 1: Yeah, so they have a problem. They're trying to figure 407 00:24:53,400 --> 00:24:56,799 out who their next leader will be. And Joe Biden 408 00:24:56,920 --> 00:24:59,599 and Kamala Harris won't step off the stage, so they've 409 00:24:59,640 --> 00:25:05,319 got speaking of politicians. The funeral for the New York 410 00:25:05,319 --> 00:25:08,119 City Police officer that was killed in the shooting on 411 00:25:08,240 --> 00:25:14,880 Park Avenue earlier this week. The funeral was yesterday, and 412 00:25:15,000 --> 00:25:18,359 it drives me crazy every time one of these things happens, 413 00:25:18,359 --> 00:25:22,039 and it happens in various communities around the country. But 414 00:25:22,400 --> 00:25:24,960 there's four people running for mayor of New York City, 415 00:25:25,400 --> 00:25:30,400 and the four candidates showed up at the funeral, and 416 00:25:30,480 --> 00:25:34,960 I just think it's wrong. They didn't know this officer, 417 00:25:35,319 --> 00:25:39,359 they don't know the family. They were going to the 418 00:25:39,359 --> 00:25:43,480 funeral to say, look at me, see how I am 419 00:25:43,559 --> 00:25:48,559 a proponent of police and I'm four police. Even Ma'm 420 00:25:48,680 --> 00:25:52,440 Donnie was there and he has over and over and 421 00:25:52,480 --> 00:25:56,480 we have plenty of video and tape of him promising 422 00:25:56,559 --> 00:25:59,240 to defund the police, that the police are the worst 423 00:25:59,240 --> 00:26:03,480 thing ever. And now he's sitting there going, well, actually, 424 00:26:04,839 --> 00:26:08,839 you know, well he has no answer, but he is 425 00:26:08,920 --> 00:26:11,599 clearly for defunding police, and now he says he's not, 426 00:26:12,279 --> 00:26:15,319 and he showed up at the funeral along with the 427 00:26:15,359 --> 00:26:20,960 other politicians, and it just makes me anchry. All right, 428 00:26:21,599 --> 00:26:24,279 let's get tariffs in here as well, because today is 429 00:26:24,319 --> 00:26:27,519 the day Tariff Day. Said August first, he was going 430 00:26:27,599 --> 00:26:31,119 to lower the boom on tariffs, and he's signed in 431 00:26:31,240 --> 00:26:35,599 executive order today to basically make most of them take 432 00:26:35,640 --> 00:26:40,559 effect after midnight on August seventh, to allow time for 433 00:26:40,759 --> 00:26:44,039 Customs and Border Protection to make the necessary changes to 434 00:26:44,200 --> 00:26:48,480 collect the levies when things come in to the United States. 435 00:26:48,839 --> 00:26:52,079 So he signed the directive just hours before the deadline. 436 00:26:52,799 --> 00:26:57,519 And there's a bunch of new tariff rules on copper, 437 00:26:58,440 --> 00:27:01,279 which has sent prices of copper sinking on the New 438 00:27:01,359 --> 00:27:06,680 York Commodities Exchange. Tariffs on steel, aluminum, copper, and cars 439 00:27:07,640 --> 00:27:14,599 are still very high. President is hoping his tariffs will 440 00:27:14,799 --> 00:27:19,279 protect US jobs and encourage companies to invest more in 441 00:27:19,319 --> 00:27:22,160 this country. Now, a lot of the deals that he 442 00:27:22,279 --> 00:27:27,240 has struck, Japan, South Korea, all these countries that are 443 00:27:27,240 --> 00:27:30,559 saying that they will invest hundreds of millions, if not billions, 444 00:27:31,039 --> 00:27:36,039 into the United States. That's all very vague, and I'm 445 00:27:36,079 --> 00:27:40,920 surprised that that was used as justification for whatever the 446 00:27:41,000 --> 00:27:44,680 tariff rate would be very low rates compared to other countries. 447 00:27:44,880 --> 00:27:47,200 Because they're going to invest hundreds of billions of dollars 448 00:27:47,240 --> 00:27:50,839 in the US. Who is going to invest that? Is 449 00:27:50,880 --> 00:27:54,720 the country of Japan going to invest in the US. No, 450 00:27:56,559 --> 00:28:01,839 The idea is that Japanese companies invest, but that's not 451 00:28:01,920 --> 00:28:05,200 a sure thing. It depends upon whether the companies feel 452 00:28:05,240 --> 00:28:09,200 comfortable in writing big checks to make investments. Some of 453 00:28:09,200 --> 00:28:11,599 the automakers, that makes sense because they'll just build more 454 00:28:11,640 --> 00:28:15,160 plants and build more cars here. But I'm looking at 455 00:28:15,880 --> 00:28:22,680 the biggest trade deals targeting the world. We've got a 456 00:28:22,839 --> 00:28:28,359 fifty percent tariff on copper for China. The tariff right 457 00:28:28,480 --> 00:28:31,880 is still at ten percent, and that has been extended 458 00:28:32,000 --> 00:28:36,960 out until I believe the fourteenth of this month. I 459 00:28:37,000 --> 00:28:39,200 don't know how they'll get it done, but that's two 460 00:28:39,279 --> 00:28:43,000 hundred and seventy eight billion dollar trade deficit with China. 461 00:28:43,039 --> 00:28:48,200 They're trying to solve that. The next biggest trade deficit 462 00:28:48,359 --> 00:28:52,400 is with Canada and Mexico forty one billion dollars, and 463 00:28:52,480 --> 00:28:56,799 all of that has been well, the products that are 464 00:28:56,960 --> 00:29:01,279 compliant with USMCA, they're not going to be affected by 465 00:29:01,319 --> 00:29:07,160 any tariffs. But otherwise twenty five percent and ten percent 466 00:29:07,240 --> 00:29:12,799 for Canadian energy and potash from March seventh versus twenty 467 00:29:12,839 --> 00:29:15,839 five percent before. So I guess, I don't know if 468 00:29:15,880 --> 00:29:20,160 it's twenty five or ten, but it's huge for Canada alone. 469 00:29:21,480 --> 00:29:24,400 They've got a nine billion dollar We have a nine 470 00:29:24,440 --> 00:29:29,559 billion dollar trade deficit with Canada and so that's still 471 00:29:29,960 --> 00:29:33,400 waiting to be resolved. Meanwhile, there's a thirty five percent 472 00:29:33,519 --> 00:29:38,880 tariff on everything coming from Canada that's not USMCA. European 473 00:29:39,000 --> 00:29:44,640 Union they struck that fifteen percent deal, Vietnam twenty percent 474 00:29:44,799 --> 00:29:51,400 deal for them, Japan fifteen percent deal. But again these 475 00:29:51,519 --> 00:29:54,759 go back to these this vague thing about company is 476 00:29:54,759 --> 00:29:59,079 going to invest hundreds of billions of dollars. India still 477 00:29:59,480 --> 00:30:04,480 at log heads twenty five percent tariff starting for them. 478 00:30:06,440 --> 00:30:13,640 See South Korea fifteen percent, Thailand nineteen percent. Switzerland. They 479 00:30:13,720 --> 00:30:16,960 are in shock in Switzerland because of a thirty nine 480 00:30:17,119 --> 00:30:22,119 percent tariff on Switzerland. We have a thirty seven billion 481 00:30:22,160 --> 00:30:27,960 dollar deficit with Switzerland. I presume that watches, so it 482 00:30:28,039 --> 00:30:35,000 goes on Taiwan twenty percent, Brazil forty percent, Indonesia nineteen percent, 483 00:30:35,640 --> 00:30:41,720 Israel fifteen percent. So tariffs supposedly went into effect today, 484 00:30:41,759 --> 00:30:44,440 but they're not going to be collected for another week. 485 00:30:44,440 --> 00:30:48,400 It will be August seventh when that money is actually 486 00:30:48,960 --> 00:30:51,720 collected at the gate when the products come into the US. 487 00:30:53,799 --> 00:30:59,960 The other big story today is the Corporation for Public Broadcast, 488 00:31:00,400 --> 00:31:07,079 the umbrella organization over PBS and NPR. They had their 489 00:31:07,119 --> 00:31:09,440 one and a half billion dollars taken away from them, 490 00:31:10,279 --> 00:31:13,039 and that was announced what a week, week and a 491 00:31:13,079 --> 00:31:16,519 half ago something like that. Today the Corporation for Public 492 00:31:16,599 --> 00:31:22,519 Broadcasting announced they're shutting down, They're closing shop, they're folding 493 00:31:22,599 --> 00:31:28,400 the tent. It obviously will be an impact on the 494 00:31:28,519 --> 00:31:32,680 kind of money that they send out to their NPR 495 00:31:32,799 --> 00:31:36,319 and PBS stations. The amount of money being clawed back 496 00:31:36,400 --> 00:31:40,440 from Corporation for Public Broadcasting is five hundred million dollars 497 00:31:40,480 --> 00:31:42,240 a year for the next three years, so it's one 498 00:31:42,319 --> 00:31:47,240 point five billion dollars and they said today that they 499 00:31:47,279 --> 00:31:51,599 will shut down next year, effectively ending their half century 500 00:31:51,759 --> 00:31:56,720 role as the backer of NPR and PBS. What's interesting 501 00:31:56,799 --> 00:31:59,759 about this is that you look at how much goes 502 00:31:59,799 --> 00:32:05,039 to NPR, something like one percent and fifteen percent goes 503 00:32:05,079 --> 00:32:17,200 to PBS. And what's amazing about this is how quickly 504 00:32:17,839 --> 00:32:21,440 they shut down. They just had the funding polled, and 505 00:32:21,519 --> 00:32:24,680 there's been a number of stories about PBS stations and 506 00:32:24,799 --> 00:32:29,720 NPR stations doing fundraisers and they've been fairly successful, not 507 00:32:29,920 --> 00:32:33,359 enough to replace the money that they're not going to get. 508 00:32:33,839 --> 00:32:37,359 But it seems to me that these are stations that 509 00:32:37,519 --> 00:32:41,200 are well if there's one in Seattle that that's basically 510 00:32:41,319 --> 00:32:44,319 run by the University of Washington, so why doesn't the 511 00:32:44,400 --> 00:32:46,480 University of Washington keep funding them? 512 00:32:46,519 --> 00:32:46,680 Speaker 5: Then? 513 00:32:47,160 --> 00:32:49,519 Speaker 1: I mean, there's plenty of places like that that are 514 00:32:50,160 --> 00:32:55,000 part of some bigger entity that could easily fill that 515 00:32:55,359 --> 00:32:59,160 copper with money. But they just threw the talent and 516 00:32:59,519 --> 00:33:01,960 this speed in which they said, oh we're not getting 517 00:33:02,000 --> 00:33:06,000 that money, Okay, we're shutting down. They're not making any 518 00:33:06,079 --> 00:33:09,880 effort to try to survive. Some of the stations are 519 00:33:10,119 --> 00:33:13,599 in various communities, and I suspect it'll probably be a 520 00:33:13,720 --> 00:33:17,640 number of them that will survive. But I was shocked 521 00:33:17,680 --> 00:33:20,400 by how fast they just said, Okay, we're not getting 522 00:33:20,440 --> 00:33:23,200 the Bundy. See you close the doors and goodbye. Well, 523 00:33:23,279 --> 00:33:26,160 let's go through some of the listener mail that came in. 524 00:33:28,519 --> 00:33:32,000 Start with Tim, Oh, yeah, he's a corporation for public broadcasting. 525 00:33:32,079 --> 00:33:34,640 We'll shut down. Yeah, he sent me the article about that. 526 00:33:34,799 --> 00:33:37,519 Thank you, Tim. He also said, funny how Fox News 527 00:33:37,599 --> 00:33:42,519 website today fails to mention any headline or any mention 528 00:33:42,640 --> 00:33:52,119 of Trump's sweeping reciprocal tariffs. Yeah, it's also one of 529 00:33:52,160 --> 00:33:54,119 those where what do you what do you say? He says. 530 00:33:54,319 --> 00:33:57,000 It's almost like it's bad news for him now, and 531 00:33:57,079 --> 00:34:01,559 it's sour subject for voters. We don't don't know what 532 00:34:02,079 --> 00:34:04,319 the sour news will be. We don't know what the 533 00:34:04,440 --> 00:34:07,400 impact of tariff will be. I've made it very clear 534 00:34:07,519 --> 00:34:10,719 I am not a terrriff fan, because generally they do 535 00:34:11,039 --> 00:34:16,320 cause inflation, and they cause product shortages. There's a number 536 00:34:16,360 --> 00:34:19,480 of bad things that happen. But it's not a guarantee. 537 00:34:19,559 --> 00:34:22,599 So we're going to have to wait and see the 538 00:34:22,760 --> 00:34:27,760 President is and I'll use the term radically redrawing the 539 00:34:27,920 --> 00:34:33,159 trade rules of the world, and usually when something radical happens, 540 00:34:34,119 --> 00:34:38,280 the whack a mole is what. There will be some 541 00:34:38,480 --> 00:34:42,039 reaction to this, and nobody knows what that reaction will be, 542 00:34:42,199 --> 00:34:44,719 how much of an impact good or bad, it will 543 00:34:44,800 --> 00:34:51,920 have on our economy. John McDermott sends me an email, says, 544 00:34:52,039 --> 00:34:56,320 prescriptions funny you brought up prescriptions yesterday. A few days ago, 545 00:34:56,440 --> 00:34:59,599 I volunteered to pick up some prescriptions for my bride. 546 00:35:00,239 --> 00:35:03,639 Young woman behind the counter said, lay two bags on 547 00:35:03,760 --> 00:35:06,440 the counter and asked if I was aware of the prices. 548 00:35:06,480 --> 00:35:09,639 I looked down, saw one hundred and ten dollars for one, 549 00:35:10,119 --> 00:35:12,800 one hundred and fifteen for the other. We have part 550 00:35:12,880 --> 00:35:16,079 D insurance, which I assume paid very little. I had 551 00:35:16,119 --> 00:35:18,039 a shock, looked on my face and said, oh my. 552 00:35:18,840 --> 00:35:20,400 The woman said, let me see if I can find 553 00:35:20,440 --> 00:35:23,039 a better price for you. I thought to myself, what 554 00:35:23,280 --> 00:35:27,039 kind of store has different prices for their merchandise depending 555 00:35:27,119 --> 00:35:30,840 on what. In the end, young woman said, much better 556 00:35:30,880 --> 00:35:33,719 price for you. New price fifty four dollars for both. 557 00:35:34,679 --> 00:35:37,159 She had to re enter the sale. She said in voila, 558 00:35:37,840 --> 00:35:40,199 what is going on here? I don't know. Have you 559 00:35:40,280 --> 00:35:47,480 seen those apps that give discounts on the spot. I 560 00:35:47,559 --> 00:35:51,480 don't remember the name of its an app. It's a 561 00:35:51,599 --> 00:35:53,519 yellow app. In any way, if you go to the 562 00:35:53,559 --> 00:35:57,480 pharmacist and you pull out your app, and apparently you 563 00:35:57,519 --> 00:36:00,360 can get an instant discount right on the spot. So 564 00:36:01,840 --> 00:36:05,320 that brings up the whole question about the way pharmaceutical 565 00:36:05,719 --> 00:36:08,800 products are priced. That's why the president is giving them. 566 00:36:08,960 --> 00:36:11,320 Yesterday we told you sent out a letter to all 567 00:36:11,360 --> 00:36:14,559 the major pharma companies talking we need to have the 568 00:36:15,920 --> 00:36:18,519 prices brought down to the same price that is most 569 00:36:18,599 --> 00:36:21,760 favored nation price that you sell to other countries around 570 00:36:21,800 --> 00:36:25,480 the world. So no, I don't know what's going on, John, 571 00:36:25,599 --> 00:36:27,519 but I'm glad you sent me an email about it. 572 00:36:28,440 --> 00:36:32,320 Dan Lithgow says, Russia, Russia, Russia, thanks for your podcast 573 00:36:32,480 --> 00:36:34,559 seven point thirty one and shutting more light on the 574 00:36:34,880 --> 00:36:37,400 government corruption when it comes to the first Trump term 575 00:36:37,800 --> 00:36:40,400 and the Russia Russia Russia scam. It's good that these 576 00:36:40,440 --> 00:36:44,760 things are coming out, but will anybody be held accountable? Dan, 577 00:36:44,840 --> 00:36:46,880 I'm right there with you. I think it's great that 578 00:36:47,039 --> 00:36:49,840 this information is coming out. It makes you really stop 579 00:36:50,000 --> 00:36:56,800 and just not buy the propaganda. But as a a 580 00:36:56,920 --> 00:36:59,760 tweet the other day, I keep repeating said, I'll get 581 00:37:00,119 --> 00:37:03,719 erarned about this when charges are actually filed. So I 582 00:37:03,920 --> 00:37:07,239 have the same question mark hanging over this whole story 583 00:37:07,360 --> 00:37:12,599 as well. On Wall Street, today started off bad with 584 00:37:12,719 --> 00:37:16,000 the jobs report, and it got worse, and the and 585 00:37:16,159 --> 00:37:21,159 today the tariff day. So the Dow finished down five 586 00:37:21,280 --> 00:37:24,360 hundred and forty two to forty three thousand and five 587 00:37:24,480 --> 00:37:28,800 eighty eight, SMP down one hundred and one, Nasdaq down 588 00:37:29,000 --> 00:37:32,559 four hundred and seventy two. So at the two and 589 00:37:32,599 --> 00:37:35,559 a quarter percent drop, the price of gold shot up 590 00:37:35,679 --> 00:37:39,639 sixty seven dollars to thirty four to sixteen, and oil 591 00:37:39,760 --> 00:37:44,800 fell two dollars now down to sixty seven dollars for 592 00:37:44,960 --> 00:37:48,840 one barrel of oil. Thank you for coming by today. 593 00:37:50,480 --> 00:37:52,719 Hope you have a wonderful weekend. We'll be back Monday. 594 00:37:52,760 --> 00:37:53,559 I hope to see you then.