Speaker 1: And here we go. Hi, how are you welcome to
the Big Podcast. It's Friday, the first day of August,
year of our Lord, twenty twenty five. My name is
Tom Sullivan. Wow, we got a busy first day of
the month. Busy Friday. We've got the jobs report out today.
We also have It's tariff Day. This is the day
that tariffs were going to be assessed. And they have
been some changes going on at the FED, some changes
going on at the Bureau of Labor Statistics. We had
Joe Biden and Kamala Harris out in the public last night.
Joe was giving a speech in Chicago and Kamala was
on Stephen Colbert's show. So we've got some of that
to cover. And Falcon nine took off for the International
Space Station today. Everything went flawlessly for SpaceX. So let's
start start with the jobs today. Because the jobs report
was somewhat of a shocker number of payrolls added in
the month of July. Well, they were expecting it to
be weak. They thought it would slow down. That the
labor market is one economist called it basically at stall speed.
Has been doing great, but I mean, how many more
jobs can you add? And so they were thinking, okay,
it'll be around one hundred thousand jobs were added last month.
And it turned out the report this morning seventy three thousand,
not even one hundred thousand, which was lowballing it. So this,
I mean, seventy three thousand payrolls added in the whole
country in the month of July. And then they went
back and they revised June it was reported at one
hundred and forty seven thousand jobs. Instead this morning they said, oh,
I'm sorry, that's wrong. How about fourteen thousand jobs in
the entire month of June which was nothing. Then you
go back to May. May was revised. They originally told
us it was one hundred and forty four thousand jobs.
This morning they told us it was nineteen thousand for
the whole month. So nineteen thousand jobs added in May,
fourteen thousand added in June. Today's numbers for July seventy
three thousand. You want to bet, boys and girls, they're
going to be advising that down to the labor market,
according to these numbers, has dropped like a rock, unbelievable.
So the unemployment rate remained unchanged four point two percent.
Average hourly earnings three point nine percent, which is better
than the inflation rate. Let's listen to AJ and Tony,
who's one of the economists commenting on this report.
Speaker 2: There's a couple of things we got to remember as
we look at this data. One is the fact that
these massive downward revisions are not new to this year.
The idea that somehow this is because of staffing shortages
doesn't explain why we had the massive downward revisions for
the last four years. Basically, this is a post COVID
data collection problem when it comes to the jobs numbers.
In fact, just earlier this week we got the quarterly
Business Employment Dynamic report from the Bureau of Labor Statistics,
and sure enough, that showed that twenty twenty four has
another massive overestimation of the number of nonfarm payrolls. So
next year, when we get the annual benchmark report for
that twelve month period from March to March, we're going
to see another huge annual downward revision. And that's on
top of the existing month to month downward revisions that
we've already had and that we clearly continue to have.
So again, the idea that somehow there's something wrong with
the data, and it just started this year. That's not
really new. Again, this is a post COVID problem. The
BLS probably needs to seriously rethink all of their models,
whether it's whether it's non farm payrolls, inflation, you name it.
The other good thing that I saw in this report, though,
is the fact that a lot of the decreases that
we've seen are actually coming from the federal government. Since January,
non farm payrolls at the federal level are down eighty
four thousands. So they're clearly making good progress in terms
of cutting the bureaucracy.
Speaker 1: And that's true. The numbers. One, let's go through just
a little bit of the numbers. The big gainer for
jobs last month was healthcare up fifty five thousand jobs.
Retail followed with a gain of fifteen thousand jobs, and
leisure and hospitality five thousand, Transportation and warehousing three thousand,
construction two thousand, the two areas. We have a big
minus sign on manufacturing, and the President wants to bring
back all these manufacturing jobs. Manufacturing lost eleven thousand jobs
last month, and then, as he was saying, eighty four
thousand year to date, but for the month of July,
the federal government cut twelve thousand jobs, but since its
peak at the beginning of the year, the federal government
has lost eighty four thousand jobs. Here's another economist, Sarah Malax.
She's with New Vain, the big investment firm. This is
her take on the numbers today.
Speaker 3: Well, Jail, before I get to the markets, I want
to talk about the importance of this private payrolls number
before there revisions. For last month, private payrolls came in
at seventy four thousand, which was already down about half
from the month before. So seeing that downward revision to
three thousand, I think is very worrying for the US economy. Now,
this miss and also this downward revision is piling on
top of three other factors at the markets dealing with
that's rhetoric around the FED and what's going on there
with the descent. Also techtok earnings which have been underwhelming,
starting ending with Amazon and Apple last night, and of
course Tariff's now coming in at a baseline of fifteen percent,
which gets you very close, if not to a recession.
So that I think is all why the market is
going to continue to directly react poorly. Here you mentioned
the silver lining, which is what is the FED going
to do. Let's go back to September twenty twenty four
when we got that fifty basis point surprise rate cut
that came after three months of disappointing double digit payroll
So if that September number comes in poorly again for payrolls,
the question is is a FED going to only cut
by seventy by twenty five or could they cut by
fifty basis points.
Speaker 1: Yeah, to translate for you, that means by a quarter
of a percent drop or a half a percent drop.
She also mentioned this private sector revision that came out
about private sector jobs. Originally the report said there were
seventy four thousand private sector jobs created last month. That
was revised down to only three thousand private sector jobs
added last month. So everything in this jobs report that
came out today was shockingly big revisions down not only
for July, but also going back to June and to May.
So people have questioned the reliability of the numbers coming
from the Bureau of Labor Statistics, And you've called about it,
You've sent me emails about it, We've talked about it.
Guess who else is concerned about it? That would be
President Trump, and he came out today and said that
he was planning on firing the official that's in charge
of the Bureau of Labor Statistics. Her name is Erica Mcenterfer.
She's the commissioner at BLS. She was confirmed on a
bipartisan basis in twenty twenty four. But there's a lot
of people coming out and saying, how can she be
so wrong? Consistently so wrong month after month after month,
And people were saying that these numbers were revised because
Biden was playing politics, or now is Trump playing politics? No,
it looks like the BLS Bureau of Labor Statistics is
just doing a really terrible job. Let's add to the commentary.
Marcus Leonis he was he had a show called The Prophert.
He's got a news show coming out this fall. But
he's basically a wealthy individual goes around buying businesses. And
he was asked about the head scratcher of this job's
report and what's going on. Well, I think I'm a
little concerned.
Speaker 4: If you look at the revisions that happened in the
last job report, that number came crashing down, so as
seventy three thousand really seven thousand. My concern is at
what point is the FED going to pay attention and
did they not have a preview to the numbers before
today right and not understand what was happening. I understand
that everybody doesn't know what the tariffs are going to do,
none of us do.
Speaker 5: But what we do know is that companies.
Speaker 4: Are in a bit of a gridlock right now. They
don't want to fire a bunch of people, they don't
want to hire anybody. It's like everybody's frozen trying to
wait for the FED to drop some policy numbers, drop
the rates and give these companies the stimulus that they
need to want to reinvest in their business. That's not
happening right now. I think about that in my own businesses.
I'm not going out and hiring a bunch of people.
I'm not laying off a bunch of people. But it's
like we're sitting in no man's land right now.
Speaker 5: Yeah.
Speaker 1: I think Bosh's name Marcus Lamonnis. In any case, a
very wealthy guy owns a lot of businesses and he
feels like a lot of people do that. They don't
know what the tariffs are going to do, so everybody's
it's affecting the economy. It affecting hiring and firing. People
don't want to fire because they don't know if they're
going to need a bunch more employees. They are not
hiring though, and that is one of the things that
is causing a problem with the economy. Speaking of the BED,
so there is going to be a change at the
Federal Reserve. Marcus's comment, though, was well taken. They just
made their decision on Wednesday to leave interest rates unchanged.
Did they not know? Did they not get a preview
of the fact that the job's report was going to
be much worse than expected. Why did they not cut
interest rates to try to stimulate the economy If it's
slowing with I mean, it's screeching to a halt three
months in a row with massive revisions, and the Fed
did not cut interest rates. They looked foolish. So the
change at the FED. Now it's not Jay Powell. One
of the Fed governors. Her name is Adrian Kugler. She
is going to step down from her position as a
governor of the Federal Reserve Board on August eighth, so
a week from now. Her term was due to expire
in January. But she's giving an early resignation letter today
that gives President Trump the opportunity to appoint someone that
may be the replacement for Jerome Powell as the next
chair of the Federal Reserve. So on Wall Street today,
it took off straight south, went down about six hundred points.
It's been down in the five hundred to six hundred range.
Everything's down sharply today. And guess what, a lot of
the Wall Street people are starting dust off the R word,
the recession word, because I mean, three months in a row,
these revisions are unbelievably huge. Then, on top of that,
University of Michigan came out with their consumer confidence survey
today and one of the two that always the Conference
Board does the other one, University of Michigan. They point
out that consumer confidence is at a six month high. Yes,
but they ask two questions. The first question is how
do you think the economy is going right now? And
that is the six month high where people said, ah,
we think it's doing great. They think that the four
and a half percent interest rates that the FED has,
that's the Federal Reserve Board four and a half percent,
that they think that that will lower in the coming
year their expectations. So the second question is what do
you think the economy is going to be doing six
months from now? And people thought that that is not
as good as they originally thought. That adjusted down, but
people still said they thought that interest rates would be
somewhere around three point four percent for the next five
to ten years, which is kind of a silly answer.
But they asked the question what do you think the
economy is going to be doing long term? And people
don't know what. I don't know. Nobody knows what interest
rates are going to be for the next five to
ten years, let alone the next five to ten months.
So pretty wacky, pretty wacky bed stuff today and job
market stuff. President's doing the stuff that he does. He's
putting out true socials about too late Powell, I agree,
Powell is what is he waiting for? And he's calling
him a moron, which, yeah, I don't like that. The
childish One more comment about the about the feathers. When
they voted to leave interest rates unchanged on Wednesday, two
of the Fed governors Bowman and Walter Waller, I should
say both of them dissented and said no, no, no,
we should be lowering interest rates. Bowman said inflation will
not be persistent and that economic growth has slowed down,
so let's cut rates now. Waller said tariffs are a
one off hit to inflation and that the labor market
is near stall speed, and he wanted to cut now.
So both of them wanted to cut interest rates. The
Fed Fund's futures shot up today on the chances that
the Fed will probably be lowering interest rates in September.
They don't need to wait for the next meeting. They
could lower interest rates based on this jobs report today.
They could have an emergency job interest rate cut. I
think they should, but I doubt that it will happen.
All right, let's switch to politics, because there was a
lot of it today. Last night, Joe Biden was in
Chicago giving a speech, and Kamala Harris was on Stephen
Colbert's show. I saw one headline that said a failed
candidate on a failed TV show talked about a failed
campaign and that she served up more word salad while
admitting that Trump broke her about all that, But it
certainly is a failed TV show and she did fail
in her efforts in the campaign. It was interesting because, well,
we'll play it for you here a little bit from
what she said last night. She was asked about Stephen
Colbert asked her about who is the leader of the
Democrat Party, and she could not name anybody, nobody. And
she's also got a book out called one hundred and
seven Days, which was the length of her campaign. And
I thought about that, and I thought, you know, I think,
you know, they're complaining about it, like one hundred and
seven days wasn't enough for her to win the election.
And I'm thinking, I think maybe we should pass the
new law where we only have one hundred and seven
days allowed for president's presidential campaigns to go because in
one hundred and seven days, it was abundantly clear who
you wanted to vote for. There was no question of
whether you wanted to vote for Donald Trump or Kamala Harris.
One hundred and seven days is plenty of time. So anyway,
here's Kamala Harris on Colbert's show last night.
Speaker 4: Once you left office, how long before you turned on
the news again?
Speaker 1: If months?
Speaker 5: Yeah?
Speaker 6: Months? I you know, I'm just not into self mutilation.
There should be many who consider themselves to be guardians
of our system in our democracy who just capitulated and
I didn't see that coming.
Speaker 1: The reason she did not see that coming is because
and she spent the show basically saying that the system
is broken, and that's why she doesn't want to go
back out and jump into the California governor's race because
the system is broken. And I'm thinking, especially in California,
it's not broken for her. She was. She used the
system to get elected to be the Attorney General for
the state of California and then to be elected Senator
from the state of California. The system worked beautifully for her.
This time it did not. She's never been in a
real competitive race in California. Those races were never competitive.
She was in a cocoon. She was blessed by the
Democrat leadership in California and they anointed her and she
went on to win the election. So the system is
not broken. She just had a broken campaign. People didn't
buy it. So here's where Colbert asked her about who's
the leader of the Dems, and she had no answer.
Who's leading the Democratic Party. I'm just curious.
Speaker 6: There are lots of leaders and it.
Speaker 4: Was generally all leader of the Democratic Party, you know, like, oh,
that's the leader.
Speaker 1: Donator party who comes to mind.
Speaker 6: I think there are a lot of I'm not going
to go through names because then I'm going to leave
somebody out and then I'm going to hear about it.
I made the decision that I just, for now, I
don't want to go back in the system.
Speaker 5: I think it's broken.
Speaker 6: And I always believed that as fragile as our democracy is,
our systems would be strong enough to defend our most
fundamental principles. And I think right now that they're not
as strong as they need to be. And I just
don't want it for now. I don't want to go
back in the system. I want to I want to
travel the country. I want to listen to people. I
want to talk with people.
Speaker 1: Okay, so she's going to go travel and listen to
people and talk to people. She's running obviously, she's going
to try to figure out whether she can get any support.
But this whole business about the fact she's did a
word salad there about the values and all the other
things that we care about, and she was going nowhere,
she was she was just babbling, and then at the
end she's just going to run around the country and
and talk to people. This is the part that I
just played. But this is this is the word salad.
As she was trying to explain to Stephen Colbert what
she wants to do.
Speaker 6: Our systems would be strong enough to defend our most
fundamental principles.
Speaker 1: Yeah, she never mentioned what the fundamental principle was that
she wanted to assist to defend. David Axelrod. He was
not a big fan of Joe Biden. I mean, he
was getting lots of agree from fellow Democrats because he
came out and basically wanted Biden to step aside, and
they yelled at him. It turned out he was right.
Here's Axulrod's response to what Kamala is doing.
Speaker 5: Kamala Harris has run for president twice in twenty twenty
and in twenty twenty four, she came within a point
and a half of the presidency, and running for governor
of California, as powerful a position as it is, would
be a step back. So it wasn't surprising to me.
And it's clear that you read her statement that she
is setting herself up to run.
Speaker 1: Yeah, she's setting herself up to run for twenty twenty eight.
But like he said, she ran in twenty twenty in
twenty twenty four, she lost in both cases. Twenty twenty
she was off to the races at a good start,
but she was the first candidate to drop out of
the Democratic primaries. In fact, never made it to the
first one in Iowa. And then last night President Biden
was in Chicago giving a speech to the National Bar
Association and well, he I wish they wouldn't keep trotting
him out. I know that presidents well, younger guys like
Obama and George w they they were still young enough
to go out and give high price speeches. That's what
presidents do. But Biden is not physically well, and he
was they had to help him. It took him forever
when he was announced to step onto the stage and
walk out to the microphone. He was very, very weak looking.
Here's what he had to say.
Speaker 7: You need to face the heart series of this administration
and has been to ease all the gays. We've made
in my administration to ray history rather than make it
to race fairness a quality to race just as itself.
Speaker 1: So it wasn't a surprise he was going to defend
his administration. And he he told this group, which I
had to look up the group, because I've never heard
of the National Bar Association before. It is the country's
oldest and largest national association of mostly African American attorneys, judges,
law professors, and students. This was in Chicago, and he
said basically that these are dark days. That's his take
on it. Ben Dominic has maybe a different view of
the speeches by the president and also Kamala Harris and
what she did last night.
Speaker 8: Well, I think that in one sense, you know, Kamala
Harris kind of needed to do what she did, announcing,
you know, that she was not going to be running
for office as some people expected her too in California.
I do think that sets up some real problems for
them in the future. But the truth is that they
are stepping on any kind of democratic attempt to move
on from what was a disastrous administration, one that opened
our border, that is, spent so much money that people
never really saw come into their communities and neighborhoods, hiked
inflation on everything, made everything more expensive, and really I
think is going to be judged by historians as a
failure with an unpopular president who on the way out,
you know, had all of this different beef with all
of the different leaders of the party. The Democrats need
to move on from the Biden years, and Biden and
Harris are simply not going to apparently help them with that. Instead,
it's going to have to, I think, be something where
they are hooked from the stage a little bit. You
know that you got to pull them off as opposed
to let it because they're not going.
Speaker 1: To go along politely.
Speaker 8: I don't think. Look, this is a guy who essentially
his lifetime was spent in politics. We had a very
very short career outside of it, and it's one of
these things where he doesn't want that to be the
last taste that's left in everybody's mouth in terms of
his debate performance that everyone will obviously view as framing
his entire legacy that he was this senile person who
had issues with the autopen usage and couldn't keep track
of things and everything along those lines. He's trying to
repair that, but it's coming at the cost. I think
of Democrats being able to move on from the Biden
administration and say, hey, we're resetting. We are aware of
the different critiques of that administration, of where it failed,
of where it didn't connect with the American people and
their priorities, and we're learning from that. And for all
the Democrats who are trying to do that, Alyssa Slotkin
is one example of that. For example, it's not something
that's going to come easy when they keep reinserting themselves
into the narratives.
Speaker 1: Yeah, so they have a problem. They're trying to figure
out who their next leader will be. And Joe Biden
and Kamala Harris won't step off the stage, so they've
got speaking of politicians. The funeral for the New York
City Police officer that was killed in the shooting on
Park Avenue earlier this week. The funeral was yesterday, and
it drives me crazy every time one of these things happens,
and it happens in various communities around the country. But
there's four people running for mayor of New York City,
and the four candidates showed up at the funeral, and
I just think it's wrong. They didn't know this officer,
they don't know the family. They were going to the
funeral to say, look at me, see how I am
a proponent of police and I'm four police. Even Ma'm
Donnie was there and he has over and over and
we have plenty of video and tape of him promising
to defund the police, that the police are the worst
thing ever. And now he's sitting there going, well, actually,
you know, well he has no answer, but he is
clearly for defunding police, and now he says he's not,
and he showed up at the funeral along with the
other politicians, and it just makes me anchry. All right,
let's get tariffs in here as well, because today is
the day Tariff Day. Said August first, he was going
to lower the boom on tariffs, and he's signed in
executive order today to basically make most of them take
effect after midnight on August seventh, to allow time for
Customs and Border Protection to make the necessary changes to
collect the levies when things come in to the United States.
So he signed the directive just hours before the deadline.
And there's a bunch of new tariff rules on copper,
which has sent prices of copper sinking on the New
York Commodities Exchange. Tariffs on steel, aluminum, copper, and cars
are still very high. President is hoping his tariffs will
protect US jobs and encourage companies to invest more in
this country. Now, a lot of the deals that he
has struck, Japan, South Korea, all these countries that are
saying that they will invest hundreds of millions, if not billions,
into the United States. That's all very vague, and I'm
surprised that that was used as justification for whatever the
tariff rate would be very low rates compared to other countries.
Because they're going to invest hundreds of billions of dollars
in the US. Who is going to invest that? Is
the country of Japan going to invest in the US. No,
The idea is that Japanese companies invest, but that's not
a sure thing. It depends upon whether the companies feel
comfortable in writing big checks to make investments. Some of
the automakers, that makes sense because they'll just build more
plants and build more cars here. But I'm looking at
the biggest trade deals targeting the world. We've got a
fifty percent tariff on copper for China. The tariff right
is still at ten percent, and that has been extended
out until I believe the fourteenth of this month. I
don't know how they'll get it done, but that's two
hundred and seventy eight billion dollar trade deficit with China.
They're trying to solve that. The next biggest trade deficit
is with Canada and Mexico forty one billion dollars, and
all of that has been well, the products that are
compliant with USMCA, they're not going to be affected by
any tariffs. But otherwise twenty five percent and ten percent
for Canadian energy and potash from March seventh versus twenty
five percent before. So I guess, I don't know if
it's twenty five or ten, but it's huge for Canada alone.
They've got a nine billion dollar We have a nine
billion dollar trade deficit with Canada and so that's still
waiting to be resolved. Meanwhile, there's a thirty five percent
tariff on everything coming from Canada that's not USMCA. European
Union they struck that fifteen percent deal, Vietnam twenty percent
deal for them, Japan fifteen percent deal. But again these
go back to these this vague thing about company is
going to invest hundreds of billions of dollars. India still
at log heads twenty five percent tariff starting for them.
See South Korea fifteen percent, Thailand nineteen percent. Switzerland. They
are in shock in Switzerland because of a thirty nine
percent tariff on Switzerland. We have a thirty seven billion
dollar deficit with Switzerland. I presume that watches, so it
goes on Taiwan twenty percent, Brazil forty percent, Indonesia nineteen percent,
Israel fifteen percent. So tariffs supposedly went into effect today,
but they're not going to be collected for another week.
It will be August seventh when that money is actually
collected at the gate when the products come into the US.
The other big story today is the Corporation for Public Broadcast,
the umbrella organization over PBS and NPR. They had their
one and a half billion dollars taken away from them,
and that was announced what a week, week and a
half ago something like that. Today the Corporation for Public
Broadcasting announced they're shutting down, They're closing shop, they're folding
the tent. It obviously will be an impact on the
kind of money that they send out to their NPR
and PBS stations. The amount of money being clawed back
from Corporation for Public Broadcasting is five hundred million dollars
a year for the next three years, so it's one
point five billion dollars and they said today that they
will shut down next year, effectively ending their half century
role as the backer of NPR and PBS. What's interesting
about this is that you look at how much goes
to NPR, something like one percent and fifteen percent goes
to PBS. And what's amazing about this is how quickly
they shut down. They just had the funding polled, and
there's been a number of stories about PBS stations and
NPR stations doing fundraisers and they've been fairly successful, not
enough to replace the money that they're not going to get.
But it seems to me that these are stations that
are well if there's one in Seattle that that's basically
run by the University of Washington, so why doesn't the
University of Washington keep funding them?
Speaker 5: Then?
Speaker 1: I mean, there's plenty of places like that that are
part of some bigger entity that could easily fill that
copper with money. But they just threw the talent and
this speed in which they said, oh we're not getting
that money, Okay, we're shutting down. They're not making any
effort to try to survive. Some of the stations are
in various communities, and I suspect it'll probably be a
number of them that will survive. But I was shocked
by how fast they just said, Okay, we're not getting
the Bundy. See you close the doors and goodbye. Well,
let's go through some of the listener mail that came in.
Start with Tim, Oh, yeah, he's a corporation for public broadcasting.
We'll shut down. Yeah, he sent me the article about that.
Thank you, Tim. He also said, funny how Fox News
website today fails to mention any headline or any mention
of Trump's sweeping reciprocal tariffs. Yeah, it's also one of
those where what do you what do you say? He says.
It's almost like it's bad news for him now, and
it's sour subject for voters. We don't don't know what
the sour news will be. We don't know what the
impact of tariff will be. I've made it very clear
I am not a terrriff fan, because generally they do
cause inflation, and they cause product shortages. There's a number
of bad things that happen. But it's not a guarantee.
So we're going to have to wait and see the
President is and I'll use the term radically redrawing the
trade rules of the world, and usually when something radical happens,
the whack a mole is what. There will be some
reaction to this, and nobody knows what that reaction will be,
how much of an impact good or bad, it will
have on our economy. John McDermott sends me an email, says,
prescriptions funny you brought up prescriptions yesterday. A few days ago,
I volunteered to pick up some prescriptions for my bride.
Young woman behind the counter said, lay two bags on
the counter and asked if I was aware of the prices.
I looked down, saw one hundred and ten dollars for one,
one hundred and fifteen for the other. We have part
D insurance, which I assume paid very little. I had
a shock, looked on my face and said, oh my.
The woman said, let me see if I can find
a better price for you. I thought to myself, what
kind of store has different prices for their merchandise depending
on what. In the end, young woman said, much better
price for you. New price fifty four dollars for both.
She had to re enter the sale. She said in voila,
what is going on here? I don't know. Have you
seen those apps that give discounts on the spot. I
don't remember the name of its an app. It's a
yellow app. In any way, if you go to the
pharmacist and you pull out your app, and apparently you
can get an instant discount right on the spot. So
that brings up the whole question about the way pharmaceutical
products are priced. That's why the president is giving them.
Yesterday we told you sent out a letter to all
the major pharma companies talking we need to have the
prices brought down to the same price that is most
favored nation price that you sell to other countries around
the world. So no, I don't know what's going on, John,
but I'm glad you sent me an email about it.
Dan Lithgow says, Russia, Russia, Russia, thanks for your podcast
seven point thirty one and shutting more light on the
government corruption when it comes to the first Trump term
and the Russia Russia Russia scam. It's good that these
things are coming out, but will anybody be held accountable? Dan,
I'm right there with you. I think it's great that
this information is coming out. It makes you really stop
and just not buy the propaganda. But as a a
tweet the other day, I keep repeating said, I'll get
erarned about this when charges are actually filed. So I
have the same question mark hanging over this whole story
as well. On Wall Street, today started off bad with
the jobs report, and it got worse, and the and
today the tariff day. So the Dow finished down five
hundred and forty two to forty three thousand and five
eighty eight, SMP down one hundred and one, Nasdaq down
four hundred and seventy two. So at the two and
a quarter percent drop, the price of gold shot up
sixty seven dollars to thirty four to sixteen, and oil
fell two dollars now down to sixty seven dollars for
one barrel of oil. Thank you for coming by today.
Hope you have a wonderful weekend. We'll be back Monday.
I hope to see you then.