1 00:00:22,920 --> 00:00:28,160 Speaker 1: And welcome to the Big Podcast. How are you happy Wednesday? 2 00:00:28,399 --> 00:00:32,240 Today is the tenth day of December, Year of Our Lord, 3 00:00:32,280 --> 00:00:36,159 twenty twenty five. My name is Tom Sullivan. And well, 4 00:00:36,240 --> 00:00:39,560 this days turned out to be very busy news day, 5 00:00:39,640 --> 00:00:44,399 no question about it. Let's start with some of the 6 00:00:44,640 --> 00:00:47,840 breaking news for the day today with the Federal Reserve 7 00:00:48,560 --> 00:00:51,000 bet to decide what to do about interest rates. The 8 00:00:51,079 --> 00:00:56,200 bet was very very much already figured out that they 9 00:00:56,240 --> 00:00:58,399 were going to cut interest rates by a quarter of 10 00:00:58,439 --> 00:01:02,439 a percent, which they did, which brings the federal funds 11 00:01:02,520 --> 00:01:04,400 rate down to three and a half to three and 12 00:01:04,480 --> 00:01:10,840 three quarters percent. Okay, that is significant because there is 13 00:01:10,879 --> 00:01:14,079 a school of thought that the Fed always tries to 14 00:01:14,200 --> 00:01:20,519 be around the two year treasury. That's exactly where the 15 00:01:20,519 --> 00:01:23,120 two year treasury is. So there was a lot of 16 00:01:23,200 --> 00:01:27,079 comment by Fed Chief Powell that they feel like they're 17 00:01:27,079 --> 00:01:30,879 well positioned, that they're in the high side of normal. 18 00:01:32,079 --> 00:01:36,640 So this is probably the last time that Jerome J. 19 00:01:36,879 --> 00:01:41,040 Powell is going to be in charge while they cut 20 00:01:41,079 --> 00:01:46,640 interest rates. There is a guess it's not that that 21 00:01:46,959 --> 00:01:50,400 well calculated, but there's a guess that they will only 22 00:01:50,400 --> 00:01:54,239 cut interest rates one time in twenty twenty six. The 23 00:01:54,319 --> 00:01:58,319 next meeting, Well, there are three more meetings for J. 24 00:01:58,519 --> 00:02:03,799 Powell January March, and they're every six weeks, in March 25 00:02:03,799 --> 00:02:06,959 and in April, and that's it. Then he's out. So 26 00:02:07,799 --> 00:02:12,439 at this point, he held the news conference after the 27 00:02:12,479 --> 00:02:14,840 decision by the FED to cut rates by a quarter 28 00:02:14,919 --> 00:02:19,879 of a percent, and he was asked about inflation, and 29 00:02:19,960 --> 00:02:24,919 I thought you should hear from him. He explains pretty 30 00:02:25,000 --> 00:02:29,800 much why we are still fighting high prices. Here's J. 31 00:02:30,000 --> 00:02:30,280 Speaker 2: Powell. 32 00:02:30,599 --> 00:02:34,840 Speaker 3: Well, you just mentioned that the public is expecting you 33 00:02:34,919 --> 00:02:38,080 to get back to two percent, and Americans overwhelmingly are 34 00:02:38,120 --> 00:02:41,800 citing high prices inflation as their number one concern. Can 35 00:02:41,840 --> 00:02:46,439 you explain to them why you're prioritizing the labor market, 36 00:02:46,520 --> 00:02:50,080 which seems relatively stable to most people, instead of their 37 00:02:50,159 --> 00:02:51,439 number one concern inflation. 38 00:02:52,199 --> 00:02:56,719 Speaker 4: So we, as you know, we have a network of 39 00:02:56,800 --> 00:03:00,120 contexts in the US economy which is really unmatched. You 40 00:03:00,159 --> 00:03:03,680 go through the twelve reserve banks, so we hear loud 41 00:03:03,719 --> 00:03:06,759 and clear how people are experiencing. 42 00:03:07,599 --> 00:03:08,800 Speaker 2: Really costs. 43 00:03:08,599 --> 00:03:12,159 Speaker 4: It's really high costs, and a lot of that is 44 00:03:12,199 --> 00:03:14,240 not the current rate of inflation. A lot of that 45 00:03:14,319 --> 00:03:18,039 is just embedded higher cost due to higher inflation in 46 00:03:18,039 --> 00:03:22,639 twenty twenty two and twenty three. So that's what's going on. 47 00:03:22,759 --> 00:03:25,479 And so the best thing we can do is restore 48 00:03:25,520 --> 00:03:30,319 inflation to its two percent goal, and our policy is 49 00:03:30,360 --> 00:03:32,879 intended to do that, but also have a strong economy 50 00:03:32,879 --> 00:03:35,560 where real wages are going up, where people are getting 51 00:03:35,800 --> 00:03:40,680 jobs and earning money, and we're going to need to 52 00:03:40,680 --> 00:03:45,280 have some years where real compensation is higher. It's positive, 53 00:03:45,560 --> 00:03:49,120 significantly positive, so wages, nominal wages are higher than inflation 54 00:03:49,560 --> 00:03:52,599 for people to start feeling good about affordability. 55 00:03:53,000 --> 00:03:55,680 Speaker 1: So that word affordability, and that was a big part 56 00:03:55,719 --> 00:04:00,879 of the president last night in the Pennsylvania bokes. But 57 00:04:01,159 --> 00:04:04,199 back to what Palell said, he said that the ha 58 00:04:04,199 --> 00:04:08,159 whi we have high prices today are because of the 59 00:04:08,199 --> 00:04:13,719 inflation from twenty twenty two twenty twenty three. And that 60 00:04:13,879 --> 00:04:17,959 is basically the line that the Trump administration is saying, 61 00:04:18,879 --> 00:04:22,800 is that this is hangover stuff. The price is shot 62 00:04:22,920 --> 00:04:25,439 up in twenty two and twenty three because of that 63 00:04:25,600 --> 00:04:30,680 out of control inflation, and they just haven't come down 64 00:04:30,959 --> 00:04:33,680 and keep going up, just at a much slower rate, 65 00:04:34,040 --> 00:04:38,120 but we're still we're still being penalized because those high 66 00:04:38,160 --> 00:04:42,360 prices were ratcheted up in twenty twenty two, twenty twenty three, 67 00:04:43,000 --> 00:04:47,879 and we're still paying We're still paying for it. If 68 00:04:47,879 --> 00:04:52,839 you will, Kevin Hassett, who is maybe going to be 69 00:04:52,920 --> 00:04:55,720 the next Chairman of the Federal Reserve, the President is 70 00:04:55,759 --> 00:04:59,399 going to personally interview the last five that are on 71 00:04:59,439 --> 00:05:01,720 the table for him to decide about who the next 72 00:05:01,759 --> 00:05:05,720 sped cheep will be. But hass It, that's the kind 73 00:05:05,759 --> 00:05:09,360 of the message that he keeps repeating over and over again, 74 00:05:09,959 --> 00:05:12,920 is that we lost a lot of buying power in 75 00:05:13,920 --> 00:05:18,360 the Biden administration because of that rampant inflation, and we've 76 00:05:19,000 --> 00:05:21,639 recovered some of it, but not all of it. Here's 77 00:05:21,680 --> 00:05:25,519 hashit right. Well, well, first of all, President Trump got 78 00:05:25,560 --> 00:05:27,680 it exactly right. I thought his speech last night was 79 00:05:27,720 --> 00:05:31,879 fantastic and he really really enjoyed having the charts again. 80 00:05:31,920 --> 00:05:34,079 I can tell you that that's some feedback we got 81 00:05:34,360 --> 00:05:36,240 from yesterday, because the pod of light is that the 82 00:05:36,240 --> 00:05:38,839 Democrats are out there saying things that are false and 83 00:05:39,319 --> 00:05:41,480 like they're not holding up charts telling you what's going on. 84 00:05:41,839 --> 00:05:43,920 But you know, we have a chart that showed that 85 00:05:43,959 --> 00:05:47,360 the typical family buying a new home saw their mortgage 86 00:05:47,439 --> 00:05:50,879 rate go up at an annual rate by fourteen thousand 87 00:05:50,920 --> 00:05:53,959 dollars because of Biden's inflation and the high interest rates 88 00:05:53,959 --> 00:05:56,399 that followed from it. And so you know, people who 89 00:05:56,680 --> 00:05:58,959 have to pay fourteen thousand dollars a year more just 90 00:05:59,000 --> 00:06:01,279 to have their home. Of course, they were harmed a 91 00:06:01,279 --> 00:06:05,199 lot by Biden, but already, because we've been getting closer 92 00:06:05,240 --> 00:06:08,160 to a Bow's budget and leading interest rates down even 93 00:06:08,160 --> 00:06:11,519 before we control the FED more that we've saved a 94 00:06:11,560 --> 00:06:14,519 couple thousand dollars of that fourteen thousand already. So we're 95 00:06:14,519 --> 00:06:18,040 making great progress. We made huge progress in the last term, 96 00:06:18,399 --> 00:06:20,720 and right now all of the indicators are that the 97 00:06:20,759 --> 00:06:23,199 three percent growth that we gave you last time is 98 00:06:23,240 --> 00:06:25,720 a really really low ball estimate of what we're going 99 00:06:25,800 --> 00:06:27,920 to be able to deliver because we've got the AI 100 00:06:28,000 --> 00:06:31,000 boom making productivity go through the roof. We've got eighteen 101 00:06:31,040 --> 00:06:34,439 trillion in new factories being built. We're actually tracking the groundbreakings. 102 00:06:34,480 --> 00:06:36,639 We're up through about thirty of them since September. 103 00:06:36,839 --> 00:06:37,560 Speaker 2: And so the. 104 00:06:37,519 --> 00:06:42,040 Speaker 5: Economy is booming, jobs are growing, but people were absolutely harmed. 105 00:06:42,399 --> 00:06:44,920 And so again and the President went through every single 106 00:06:44,959 --> 00:06:47,160 price of everything in the charts and he did. 107 00:06:47,079 --> 00:06:48,439 Speaker 2: A lot of it last night. You know. 108 00:06:48,480 --> 00:06:50,839 Speaker 5: The bottom line is that if you were just a 109 00:06:50,879 --> 00:06:54,240 typical family, your month's groceries cost four hundred dollars when 110 00:06:54,279 --> 00:06:57,079 President Trump left office, and it costs almost five hundred 111 00:06:57,120 --> 00:06:59,360 and fifty dollars when Joe Biden left office. So that 112 00:06:59,560 --> 00:07:02,199 extra high and fifty dollars a month after paying also 113 00:07:02,319 --> 00:07:05,160 fourteen thousand more a year for your mortgage, it really. 114 00:07:05,040 --> 00:07:07,079 Speaker 1: Adds up to a lot of stuff that has to 115 00:07:07,120 --> 00:07:07,560 be fixed. 116 00:07:08,120 --> 00:07:10,720 Speaker 5: Final thing on this is the real wages are growing again, 117 00:07:11,079 --> 00:07:14,040 and so personing powers is up. It was down about 118 00:07:14,079 --> 00:07:16,600 three thousand dollars on average, not counting the house part 119 00:07:17,240 --> 00:07:19,600 for Biden, and it's already up about twelve hundred dollars. 120 00:07:19,600 --> 00:07:21,720 Speaker 1: So he keeps repeating that, and there's a lot of 121 00:07:22,120 --> 00:07:24,800 data to back that up that you lost about three 122 00:07:24,879 --> 00:07:28,639 thousand average. We lost three thousand dollars in purchasing power 123 00:07:29,160 --> 00:07:34,680 during Biden's administration because of the rampant inflation, and inflation 124 00:07:35,079 --> 00:07:39,279 is actually pretty flat right now, around three percent. It's 125 00:07:39,319 --> 00:07:42,199 been three percent. It was three percent when Bresident Trump 126 00:07:42,240 --> 00:07:45,519 came in in January. It's still three percent inflation as 127 00:07:45,560 --> 00:07:49,680 we sit here in December, so that's where it is. 128 00:07:50,639 --> 00:07:54,920 Jay Powell says it's because of the high cost of things, 129 00:07:55,040 --> 00:07:57,800 was because of the inflation back in twenty two and 130 00:07:57,879 --> 00:08:01,040 twenty three. At the news conference after the announcement by 131 00:08:01,079 --> 00:08:05,839 the Fed, they also asked j Powell about tariffs and 132 00:08:06,600 --> 00:08:08,079 this is his answer about that. 133 00:08:08,759 --> 00:08:11,360 Speaker 4: So with tariff inflation, you know, it takes there's the 134 00:08:11,399 --> 00:08:14,519 announcement of a tariff and then there's you know, they 135 00:08:14,560 --> 00:08:17,120 start to take effect, and then it takes some months. 136 00:08:17,839 --> 00:08:20,120 Goods may have to be shipped from other parts that 137 00:08:20,240 --> 00:08:23,199 you know, it may take you know, quite a while 138 00:08:23,240 --> 00:08:26,759 for an individual tariff to take its full effect. But 139 00:08:26,839 --> 00:08:29,600 once it's had that effect, then the question is isn't 140 00:08:29,600 --> 00:08:32,279 that just a one time price increase. So we've actually 141 00:08:32,320 --> 00:08:34,600 we actually look at it all of the announcements and 142 00:08:34,879 --> 00:08:37,559 and and what you get from all that you see 143 00:08:37,600 --> 00:08:39,600 sort of a for each one of them, there's a 144 00:08:39,639 --> 00:08:42,759 time period and them that's fully in. So if there 145 00:08:42,759 --> 00:08:44,919 are no new tariff announcements, and we don't know that, 146 00:08:44,960 --> 00:08:47,360 but let's assume there are no major new tariff announcements, 147 00:08:47,840 --> 00:08:52,480 inflation from goods should peak in the first quarter or so, 148 00:08:52,679 --> 00:08:54,720 right or roughly, you know, we haven't been able to 149 00:08:54,720 --> 00:08:57,759 predict this with any precision, no one is, but call 150 00:08:57,799 --> 00:09:00,559 it the first quarter or so of next year should 151 00:09:00,559 --> 00:09:04,240 be the peak, and from here it should be It 152 00:09:04,279 --> 00:09:06,519 shouldn't be big, it should be a couple tenths or 153 00:09:06,559 --> 00:09:09,200 even less than that. We don't really have precision on this. 154 00:09:09,879 --> 00:09:12,240 And after that, again, if there are no new tariffs 155 00:09:12,279 --> 00:09:14,919 that are being announced, they will take nine months to 156 00:09:14,919 --> 00:09:17,320 get fully in and nine months is also an estimate, 157 00:09:18,519 --> 00:09:20,200 then you should start to see that coming down in 158 00:09:20,240 --> 00:09:21,279 the back half of next year. 159 00:09:22,039 --> 00:09:26,080 Speaker 1: So I know that Donald Trump doesn't like him. In fact, 160 00:09:26,320 --> 00:09:29,159 Trump I was asked about the quarter point cut today. 161 00:09:29,200 --> 00:09:31,440 He said it should have been double. So he's still 162 00:09:31,480 --> 00:09:35,679 complaining about the FED. But he really points out that 163 00:09:35,840 --> 00:09:41,000 the tariffs that Donald Trump has imposed of everything coming 164 00:09:41,039 --> 00:09:45,559 into our country, that those are one time hikes in prices. 165 00:09:46,200 --> 00:09:50,000 So if there are no new announcements about new tariffs 166 00:09:50,039 --> 00:09:55,440 on anybody or anything, then as your wages continue to climb, 167 00:09:56,639 --> 00:10:03,519 then you should start feeling better later in twenty twenty six, 168 00:10:03,600 --> 00:10:07,159 sometime in twenty twenty six at least, that the political 169 00:10:07,240 --> 00:10:12,759 hope for the Trump administration and for Republicans is that 170 00:10:12,759 --> 00:10:17,000 that happens. The Democrats are thinking it's not going to happen, 171 00:10:17,120 --> 00:10:20,960 and you're going to be very upset and vote vote 172 00:10:21,000 --> 00:10:25,879 the Republicans out because of people vote their pocketbook. So 173 00:10:25,919 --> 00:10:28,320 that's it was. It was an interesting explanation because he 174 00:10:28,399 --> 00:10:31,120 just said, look, it's a one time thing. So if 175 00:10:31,159 --> 00:10:34,720 we don't get any more tariffs, prices should not. In fact, 176 00:10:34,759 --> 00:10:37,960 what did he say, just a tenth third of small 177 00:10:38,039 --> 00:10:42,679 percentage rise in prices as opposed to hopefully your wages 178 00:10:42,679 --> 00:10:47,639 are going up more than there. So this whole thing again, 179 00:10:47,720 --> 00:10:50,720 that may be the last time that there's a cut 180 00:10:50,720 --> 00:10:53,600 from the federal Reserve under the tutelage of J. Powell, 181 00:10:53,639 --> 00:10:57,879 because he's got three more meetings left. Meantime, the President 182 00:10:58,120 --> 00:11:02,440 was in Pennsylvania last night. This is all part of 183 00:11:02,440 --> 00:11:05,399 the effort to go out and get the president to 184 00:11:05,440 --> 00:11:08,360 say that everything is going to be just fine. So 185 00:11:08,480 --> 00:11:12,840 he did talk about affordability, and well, let me play 186 00:11:12,879 --> 00:11:15,279 a couple of clips, because this is a handful of 187 00:11:15,320 --> 00:11:19,320 gipsy keeps talking about the fact that affordability is a hoax. 188 00:11:19,879 --> 00:11:23,879 Speaker 6: The word affordability is a kanjob. They use the word affordability. 189 00:11:24,320 --> 00:11:29,559 It's a Democrat hoax. Look, affordability is a hoax. 190 00:11:30,879 --> 00:11:33,840 Speaker 1: Well, it's not a hoax. And that's where Kevin Hassett 191 00:11:33,879 --> 00:11:37,200 has been running around saying what he means is so 192 00:11:37,240 --> 00:11:39,759 he's trying to cover up clean up Aisle nine a 193 00:11:39,759 --> 00:11:43,440 little bit for that. But the President also was talking 194 00:11:43,480 --> 00:11:47,679 about the fact that everything's going to be much much better. 195 00:11:47,679 --> 00:11:50,080 I'll play a clip for you, but I believe in 196 00:11:50,120 --> 00:11:53,440 this clip he talks about affordability. 197 00:11:54,240 --> 00:11:57,960 Speaker 6: I have no higher priority than making America affordable. 198 00:11:58,000 --> 00:11:59,080 Speaker 2: Again, that's what we're going to do. 199 00:11:59,120 --> 00:12:02,759 Speaker 6: And again, they cause the high prices and we're bringing 200 00:12:02,759 --> 00:12:03,080 them down. 201 00:12:03,120 --> 00:12:04,240 Speaker 2: It's a simple message. 202 00:12:04,480 --> 00:12:08,039 Speaker 6: They gave you high prices, they give you the highest 203 00:12:08,039 --> 00:12:10,799 inflation in history, and we're giving you we're bringing those 204 00:12:10,799 --> 00:12:15,720 prices down rapidly, lower prices, bigger paychecks. You're getting lower prices, 205 00:12:16,519 --> 00:12:21,919 bigger paychecks. We're getting inflation, we're crushing it, and you're 206 00:12:21,919 --> 00:12:23,399 getting much higher wages. 207 00:12:23,759 --> 00:12:27,080 Speaker 1: Okay, so the wages are much higher, there's no question 208 00:12:27,120 --> 00:12:31,320 about that. Wages been going up average HOY earnings better 209 00:12:31,320 --> 00:12:35,080 than four percent. Inflation's at three so therefore you should 210 00:12:35,120 --> 00:12:38,799 be feeling more money in your wallet. But they're not 211 00:12:38,919 --> 00:12:41,799 crushing inflation. Inflation is still the same as it was 212 00:12:42,159 --> 00:12:46,799 when he came in. It's at three percent. So they've 213 00:12:46,840 --> 00:12:51,519 got plenty of work to do. David Urban, who was 214 00:12:51,559 --> 00:12:55,879 on the Trump campaign staff, he weighs, in this world. 215 00:12:55,879 --> 00:12:59,440 Speaker 7: I'm more concerned about Pennsylvania than mayor of Miami. I'm 216 00:12:59,440 --> 00:13:03,639 more concerned that what people are feeling in their pocketbooks 217 00:13:04,000 --> 00:13:06,279 across the Commonwealth of Pennsylvania, across the Missigan. 218 00:13:06,399 --> 00:13:08,240 Speaker 8: The President is saying, hey, plus plus plus on the 219 00:13:08,279 --> 00:13:09,159 economy was smart. 220 00:13:09,799 --> 00:13:12,039 Speaker 7: Now listen. I think the President would say, listen, I 221 00:13:12,039 --> 00:13:14,879 feel your pain. We've got to make it better. To 222 00:13:16,039 --> 00:13:19,480 Adams point, David's point, you can't tell people what they're 223 00:13:19,519 --> 00:13:21,720 feeling isn't real. When people go to the pump, they 224 00:13:21,720 --> 00:13:23,960 take out a twenty dollars bill, they make a decision, 225 00:13:24,000 --> 00:13:25,799 how much do I put in the tank? How much 226 00:13:25,840 --> 00:13:28,679 do I save for my kids dinner tonight? Right, And 227 00:13:29,240 --> 00:13:32,559 so they're making those decisions every day. People feel that 228 00:13:32,759 --> 00:13:35,320 in their pocketbooks. You can't tell them it's not real 229 00:13:35,399 --> 00:13:38,279 when it is real. And so the numbers may say 230 00:13:38,279 --> 00:13:41,039 one thing, the economy may be trending in the right direction, 231 00:13:41,360 --> 00:13:44,919 but people want results immediately. They're not satisfied to sit 232 00:13:44,960 --> 00:13:48,000 around and wait for another you know, six months, eight months, 233 00:13:48,000 --> 00:13:50,559 ten months. The president needs to be out there, the 234 00:13:50,559 --> 00:13:53,039 president of the cabinet, members of Congress would be out 235 00:13:53,039 --> 00:13:55,159 there telling people what they're going to do to make 236 00:13:55,200 --> 00:13:56,240 things more affordable. 237 00:13:56,559 --> 00:13:57,559 Speaker 2: And you're going to see this. 238 00:13:57,559 --> 00:14:01,200 Speaker 7: This is coming up now in the Congress with healthcare debate, right, 239 00:14:01,279 --> 00:14:03,559 and what are they going to do with these Obamacare subsidies. 240 00:14:03,720 --> 00:14:05,240 Speaker 2: People's healthcare costs are going up. 241 00:14:05,360 --> 00:14:07,360 Speaker 7: What are Republicans going to do to try to help 242 00:14:07,399 --> 00:14:09,480 bend that cost curve and make that more affordable. 243 00:14:09,519 --> 00:14:11,919 Speaker 2: So this narrative isn't going away. 244 00:14:12,039 --> 00:14:15,919 Speaker 7: Republican Democrats are smart to seize upon it, and Republicans 245 00:14:16,080 --> 00:14:17,519 best get on offense quickly. 246 00:14:17,559 --> 00:14:20,720 Speaker 1: Well, they're trying to get on offense, but again it's 247 00:14:20,879 --> 00:14:23,200 they're having to play catch up, and whether or not 248 00:14:23,279 --> 00:14:26,200 they catch up before the midterms or not is to 249 00:14:26,279 --> 00:14:29,360 be seen. We don't know. And there are a lot 250 00:14:29,399 --> 00:14:31,080 of things that are going to be starting next year. 251 00:14:31,159 --> 00:14:36,000 The big tax cuts will kick in in January, so 252 00:14:36,039 --> 00:14:39,720 there's plenty of things that they are trying to do. 253 00:14:40,000 --> 00:14:44,360 And Kevin Hassett basically laid it out, You've lost three 254 00:14:44,399 --> 00:14:48,399 thousand purchasing power. You've gained back twelve hundred, So can 255 00:14:48,440 --> 00:14:51,120 they get back all the way to where you were before? 256 00:14:51,279 --> 00:14:54,600 Make you feel better. Oh, here's a little bit of 257 00:14:54,600 --> 00:15:00,279 a flashback. This is Joe Biden explaining that everything was 258 00:15:00,360 --> 00:15:02,679 fine with the economy when he was in office. 259 00:15:03,320 --> 00:15:06,519 Speaker 9: As our economy has come roaring back to see some 260 00:15:06,600 --> 00:15:10,399 price increases, some folks have raised worries that this could 261 00:15:10,399 --> 00:15:14,440 be a sign of persistent inflation, but that's not our view. 262 00:15:15,159 --> 00:15:18,360 Are experts believe in The data shows that most of 263 00:15:18,399 --> 00:15:22,480 the price increases we've seen were expected and I'm expected 264 00:15:22,519 --> 00:15:22,679 to be. 265 00:15:22,960 --> 00:15:26,279 Speaker 1: Expected to be temporary. Well guess what they weren't. And 266 00:15:26,440 --> 00:15:29,600 the Treasurer secretary at the time said that they're just transitory. 267 00:15:29,919 --> 00:15:32,919 They were just wrong. But they were saying the exact 268 00:15:33,320 --> 00:15:36,600 kind of message about don't worry, everything's going to be okay. 269 00:15:37,679 --> 00:15:41,200 David Axelrod, who was in the Obama White House, had 270 00:15:41,200 --> 00:15:41,720 this decise. 271 00:15:41,720 --> 00:15:45,480 Speaker 10: Well, I'll tell you what, if I were his advisors, 272 00:15:45,480 --> 00:15:48,440 his political advisers, the people who actually go out and 273 00:15:48,519 --> 00:15:52,000 poll and do the things, I would be cringing watching 274 00:15:52,000 --> 00:15:56,120 this whole day unfold. Because this was an exercise in denial. 275 00:15:56,519 --> 00:15:59,440 You know what is plus plus plus plus plus. That's 276 00:15:59,480 --> 00:16:02,960 people looking at their bills. That's how they feel. You 277 00:16:03,080 --> 00:16:07,879 cannot jawbone people into feeling what their life experience is 278 00:16:07,919 --> 00:16:10,759 telling him isn't true. And you know, I was in 279 00:16:10,799 --> 00:16:14,159 the Obama White House during the Great Recession. We got 280 00:16:14,200 --> 00:16:18,320 there at the peak of it, and we thought we 281 00:16:18,320 --> 00:16:23,279 were making progress. And you know, but every time you 282 00:16:23,399 --> 00:16:27,159 try to claim progress, you just people resented it because 283 00:16:27,200 --> 00:16:31,039 they were living the reality of the crisis and they 284 00:16:31,200 --> 00:16:33,720 hadn't felt they didn't feel as if we were coming 285 00:16:33,759 --> 00:16:34,240 out of it. 286 00:16:34,720 --> 00:16:38,240 Speaker 2: And that's you know, he is. He is completely. 287 00:16:37,519 --> 00:16:39,879 Speaker 10: Digging a hole. The other people who should be worried 288 00:16:39,879 --> 00:16:42,639 are Republican members of Congress who have to run next year, 289 00:16:42,720 --> 00:16:46,480 some of your old colleagues, because this is doing them 290 00:16:46,799 --> 00:16:48,000 no good again. 291 00:16:48,039 --> 00:16:50,320 Speaker 1: We'll see they're working on it. They're working as fast 292 00:16:50,360 --> 00:16:53,480 as they can. They know what the problem is. It's 293 00:16:53,519 --> 00:16:57,000 not a hoax. There is, in fact an affordability issue. 294 00:16:57,039 --> 00:16:58,840 I don't want to call it a crisis, but there's 295 00:16:58,879 --> 00:17:01,039 a lot of people that are low and middle income 296 00:17:01,759 --> 00:17:04,440 people in America that are not able to make ends 297 00:17:04,480 --> 00:17:08,720 meet like they were before. So who are you going 298 00:17:08,720 --> 00:17:11,839 to blame when it goes to the voting booth, and 299 00:17:11,880 --> 00:17:14,759 they have less than a year to try to convince 300 00:17:14,799 --> 00:17:18,799 you that the blame is as J. Powell said as 301 00:17:18,839 --> 00:17:20,759 the Chairman of the FEDS, that it was because of 302 00:17:21,279 --> 00:17:26,279 the Bidens hikes. I mean, they hike inflation in twenty 303 00:17:26,359 --> 00:17:30,359 twenty two, at twenty twenty three, and we're still feeling 304 00:17:30,799 --> 00:17:35,599 some of the pain from what happened back then. There's 305 00:17:35,680 --> 00:17:39,319 a little bit more from the President last night in Pennsylvania. 306 00:17:39,519 --> 00:17:42,440 Speaker 6: I can't go to hoax because they'll misconstrue that. But 307 00:17:42,559 --> 00:17:46,440 they use the word affordability, and that's their only word. 308 00:17:46,799 --> 00:17:52,400 They say affordability, and everyone says, oh, that must mean 309 00:17:52,440 --> 00:17:56,119 Trump has high prices. Now, our prices are coming down 310 00:17:56,359 --> 00:18:00,519 tremendously from the highest prices in the history of our country. 311 00:18:00,720 --> 00:18:04,079 We're also putting thousands of dollars in the pockets of 312 00:18:04,119 --> 00:18:08,079 hard working Pennsylvanians with the largest tax cuts in American history. 313 00:18:08,640 --> 00:18:12,079 That's no tax on tips, no tax on overtime, no 314 00:18:12,240 --> 00:18:16,200 tax on social Security for our great seniors, our seniors, 315 00:18:16,640 --> 00:18:24,200 no tax and all of that kicks in on January first. 316 00:18:24,240 --> 00:18:25,160 Speaker 2: You know, has it kicked in? 317 00:18:25,240 --> 00:18:25,279 Speaker 7: You? 318 00:18:26,000 --> 00:18:28,480 Speaker 6: I mean, we're doing great and it hasn't kicked in 319 00:18:28,599 --> 00:18:30,279 yet and it's amazing. 320 00:18:31,039 --> 00:18:33,240 Speaker 1: Okay, So he's pointing out that there's a lot that's 321 00:18:33,240 --> 00:18:37,079 going to happen after January. First, I must correct, though 322 00:18:37,119 --> 00:18:40,480 he does it. Everybody seems to be doing this, and 323 00:18:40,519 --> 00:18:45,720 it's just not true. There is a tax on Social Security. 324 00:18:45,599 --> 00:18:50,200 They didn't change anything about taxes on Social Security. They 325 00:18:50,319 --> 00:18:54,559 added a deduction of up to six thousand dollars for 326 00:18:54,680 --> 00:18:58,240 people that make less than seventy five thousand dollars. So 327 00:18:58,839 --> 00:19:02,960 they did not no this business. Yes, there's no tax 328 00:19:03,000 --> 00:19:07,880 on tips, no tax on overtime, there's no tax on 329 00:19:08,359 --> 00:19:11,640 the interest that you pay. You get a deduction for 330 00:19:11,720 --> 00:19:13,720 interest you pay on a car loan if the car 331 00:19:13,880 --> 00:19:17,039 was assembled in the United States. All of that kicks 332 00:19:17,079 --> 00:19:20,599 in next year. But the no tax on Social Security 333 00:19:20,759 --> 00:19:23,880 keeps getting repeated. And I don't want you seniors out 334 00:19:23,880 --> 00:19:27,400 there to think, oh goodie, because now there's still going 335 00:19:27,480 --> 00:19:30,000 to be a tax, but you get a deduction as well, 336 00:19:30,440 --> 00:19:34,319 and it phases out after seventy five thousand dollars of income. 337 00:19:34,799 --> 00:19:41,839 Another big financial hurdle for our country, for the Democrats 338 00:19:41,880 --> 00:19:45,240 and Republicans. Republicans are in charge, so they've got the ball, 339 00:19:45,440 --> 00:19:48,279 and that is about healthcare. And that's what the whole 340 00:19:48,319 --> 00:19:51,440 government's shutdown was about. About the fact that the Obamacare 341 00:19:51,920 --> 00:19:56,319 subsidies that were added by Joe Biden during COVID they 342 00:19:56,319 --> 00:19:58,480 were supposed to go away at the end of this year, 343 00:19:58,799 --> 00:20:00,480 and now they don't want him to go away. But 344 00:20:00,559 --> 00:20:05,400 those subsidies, all they do is go to the insurance companies, 345 00:20:05,400 --> 00:20:08,599 and the insurance companies then raise their premiums, and it's 346 00:20:08,680 --> 00:20:14,359 making health insurance for everybody more expensive. So where do 347 00:20:14,359 --> 00:20:19,680 you want to start? Josh Holmes weighs in on this hurdle. 348 00:20:19,759 --> 00:20:21,400 Speaker 2: That's about that. I mean this. 349 00:20:22,160 --> 00:20:25,200 Speaker 8: It is pretty amazing to hear Chuck Schumer complain about 350 00:20:25,240 --> 00:20:29,200 how Obamacare hasn't worked. But the issue with healthcare costs 351 00:20:29,559 --> 00:20:31,359 is a very real one and it's one that most 352 00:20:31,359 --> 00:20:35,279 Americans are feeling. Republicans came up with a very novel idea, 353 00:20:35,759 --> 00:20:38,400 which is to have the patients get the money, not 354 00:20:38,519 --> 00:20:41,559 the insurance companies. It's certainly something that we have not 355 00:20:41,720 --> 00:20:45,119 tried under democratic leadership. What I find most amazing about 356 00:20:45,160 --> 00:20:48,440 what Chuck Schumer is talking about here is suggesting that 357 00:20:48,480 --> 00:20:51,279 we double down on what hasn't worked for fifteen years. 358 00:20:51,599 --> 00:20:52,759 Speaker 2: I am not sure how that works. 359 00:20:52,759 --> 00:20:54,640 Speaker 11: The premiums that you're paying right now that you got 360 00:20:54,680 --> 00:20:57,960 back in October, that's the result of the tax subsidy 361 00:20:57,960 --> 00:20:59,759 that he's saying, you're going to save you all this money. 362 00:21:00,160 --> 00:21:02,680 This is not working, and I think Republicans going into 363 00:21:02,720 --> 00:21:05,119 different directions is a very smart idea, but they need 364 00:21:05,160 --> 00:21:06,960 to stay focused on it because it is a big 365 00:21:07,000 --> 00:21:08,680 concern to a lot of American. 366 00:21:08,599 --> 00:21:11,640 Speaker 1: It is, and the Democrats just want to keep adding 367 00:21:11,880 --> 00:21:15,640 more down this rabbit hole that goes to insurance companies 368 00:21:15,640 --> 00:21:21,160 that raises health insurance. Lisa Blunt Rochester, she's a Democrat 369 00:21:21,279 --> 00:21:24,880 congresswoman from Delaware. Listen to her. That's exactly what she 370 00:21:24,920 --> 00:21:27,039 wants to do. She doesn't know what to do, so 371 00:21:27,440 --> 00:21:30,279 her bottom line as well, let's just throw more money 372 00:21:30,319 --> 00:21:31,079 down the rat hole. 373 00:21:31,440 --> 00:21:35,440 Speaker 12: Well, John, the reality is our Republican colleagues have an 374 00:21:35,480 --> 00:21:39,079 opportunity to do something here to make sure that it passes. 375 00:21:39,519 --> 00:21:44,279 Now think back. We have been going for months encouraging 376 00:21:44,440 --> 00:21:50,359 our Republican colleagues to address this affordability issue that will 377 00:21:50,400 --> 00:21:54,920 really impact people's lives. We literally have an imminent problem 378 00:21:55,279 --> 00:21:59,839 with people's premiums about to spike, and so we need 379 00:21:59,839 --> 00:22:01,960 to take care of that immediate problem. And so what 380 00:22:02,000 --> 00:22:05,160 we as Democrats have put forward is a three year 381 00:22:05,200 --> 00:22:10,839 extension that acknowledges the President cliff the crisis that we're in. 382 00:22:11,119 --> 00:22:14,759 But it also gives us room to really look at 383 00:22:14,759 --> 00:22:15,680 our healthcare system. 384 00:22:15,960 --> 00:22:18,160 Speaker 1: So they've been looking at it for fifteen years, and 385 00:22:18,240 --> 00:22:21,440 it's just become more expensive every time they mess with it. 386 00:22:22,000 --> 00:22:25,200 So and by the way, the last prior four years, 387 00:22:25,240 --> 00:22:30,039 why did they not do something then? I don't know either, 388 00:22:30,759 --> 00:22:34,440 but that's their only solution. Here's President Trump. 389 00:22:34,680 --> 00:22:37,039 Speaker 6: But now you see the numbers because your premiums are 390 00:22:37,079 --> 00:22:40,799 going up on Obamacare and everything is forcing everything home. 391 00:22:41,480 --> 00:22:44,000 But we want the money go too directly to the people. 392 00:22:44,079 --> 00:22:45,720 We want you to go out of buy your own 393 00:22:45,720 --> 00:22:48,160 health insurers. So let's see how many of them have 394 00:22:48,240 --> 00:22:49,319 the guts to vote for this. 395 00:22:50,160 --> 00:22:54,279 Speaker 1: No's good. Everything everybody's dug in on. Nobody wants to 396 00:22:54,279 --> 00:22:57,920 cooperate on anything regarding healthcare. They haven't since day one. 397 00:22:58,319 --> 00:23:01,920 It passed a rumor. Obamacare passed with not a single 398 00:23:01,960 --> 00:23:05,359 Republican vote. They had to use parliamentary tricks to get 399 00:23:05,359 --> 00:23:10,559 it into law. But that's it's been a political fight meantime. 400 00:23:10,640 --> 00:23:13,279 You and I are trying to afford our health insurance. 401 00:23:14,000 --> 00:23:18,400 Bill Cassidy, the senator from Louisiana, he is a medical doctor, 402 00:23:18,839 --> 00:23:21,839 and he was on the floor of the Senate yesterday 403 00:23:22,240 --> 00:23:25,839 trying to convince his fellow senators about just give the 404 00:23:25,880 --> 00:23:30,519 money directly to the patient and they will decide what 405 00:23:30,599 --> 00:23:34,440 kind of healthcare to buy. They'll make good, good purchasing decisions. 406 00:23:34,480 --> 00:23:36,039 Here's Bill Cassidy. 407 00:23:36,160 --> 00:23:39,079 Speaker 13: If you give her this money, you've got five thousand 408 00:23:39,160 --> 00:23:40,400 dollars to spend it wisely. 409 00:23:41,200 --> 00:23:42,519 Speaker 2: She's going to say, wait a second. 410 00:23:43,279 --> 00:23:45,519 Speaker 13: The X ray is one hundred and fifty dollars here 411 00:23:46,200 --> 00:23:49,759 and five hundred dollars there. I'm going to wear it 412 00:23:49,839 --> 00:23:52,880 is cheaper, not more expensive. The people who are more 413 00:23:52,880 --> 00:23:54,920 expensive begin to lower their price. 414 00:23:55,559 --> 00:23:58,759 Speaker 1: And nobody ever asks what this will cost, because the 415 00:23:58,799 --> 00:24:02,680 insurance company will cover all or most of whatever you're 416 00:24:02,960 --> 00:24:06,519 getting in medical care. And his idea, it's called a 417 00:24:06,599 --> 00:24:10,240 health sev's account and that I love this idea. We 418 00:24:10,400 --> 00:24:12,240 already have it. They've been in they've been in the 419 00:24:12,319 --> 00:24:15,480 law for quite some time. They give you a card, 420 00:24:16,240 --> 00:24:19,400 and that card you cannot use. It will not allow 421 00:24:19,480 --> 00:24:25,119 you to pay for tobacco, booze, candy bars, nothing other 422 00:24:25,279 --> 00:24:32,799 than medical care, medical supplies, medical equipment, doctors, pharmacy, nurses, whatever. 423 00:24:33,160 --> 00:24:35,759 It's got to be medical, and if so, it'll pay for. 424 00:24:36,079 --> 00:24:38,559 But they put the money in an account for you 425 00:24:39,240 --> 00:24:41,799 to decide how you want to spend and you don't 426 00:24:41,839 --> 00:24:43,400 have to spend all of it. If you don't spend 427 00:24:43,440 --> 00:24:47,559 all of it because you're not sick or injured, then 428 00:24:47,759 --> 00:24:50,359 that rolls over and it grows to a bigger account, 429 00:24:50,599 --> 00:24:52,960 so that maybe down the road when you need more 430 00:24:53,000 --> 00:24:59,359 medical care, the money will be there. It works. It's 431 00:24:59,400 --> 00:25:05,359 a marketplace effort. And I wish the Republicans have like 432 00:25:05,440 --> 00:25:09,720 four or five different plans for which there isn't enough 433 00:25:09,720 --> 00:25:12,480 support for any one of them. They they need to 434 00:25:12,519 --> 00:25:15,720 sit down together as Republicans and come up with a plan, 435 00:25:15,799 --> 00:25:18,079 and I hope they come up with the plan that 436 00:25:18,799 --> 00:25:22,720 Bill Cassidy's talking about. A lot of noise today coming 437 00:25:22,759 --> 00:25:26,559 out of Australia because Australia, as of today, they have 438 00:25:26,880 --> 00:25:33,599 imposed a social media ban on anybody under the age 439 00:25:33,720 --> 00:25:40,000 of sixteen. Yep, nobody under sixteen is allowed to use 440 00:25:40,039 --> 00:25:43,799 social media and it will require the tech companies to 441 00:25:43,920 --> 00:25:48,720 implement age verification, not just idea, but age verification to 442 00:25:48,759 --> 00:25:54,680 block under age users. This Florida has has something not 443 00:25:55,119 --> 00:25:58,000 the same, but they have a fourteen year old age 444 00:25:58,359 --> 00:26:03,119 in Florida, about under fourteen using social media. But this 445 00:26:03,200 --> 00:26:07,559 has picked up quite a response. This is the Prime 446 00:26:07,599 --> 00:26:13,400 Minister of Australia, Anthony Albanize, talking about going into effect today. 447 00:26:14,359 --> 00:26:19,079 Speaker 14: This is the due when Australian families are taking back 448 00:26:19,440 --> 00:26:24,279 power from these big tech companies and they're asserting the 449 00:26:24,359 --> 00:26:28,559 right of kids to be kids and for parents to 450 00:26:28,680 --> 00:26:30,240 have great a peace of mind. 451 00:26:30,559 --> 00:26:32,880 Speaker 1: Well, he brings up parents and the question is should 452 00:26:32,880 --> 00:26:41,160 the government be controlling what your child experiences uses for 453 00:26:41,279 --> 00:26:45,200 their information? I mean social media? Yeah, oh yeah, there's 454 00:26:45,359 --> 00:26:48,279 some real garbage in there, but there's also a lot 455 00:26:48,319 --> 00:26:51,519 of good And do you want the government or do 456 00:26:51,559 --> 00:26:54,440 you want the parents to take care of this. Katie Brett, 457 00:26:54,720 --> 00:27:00,200 who is the Senator from Alabama, she pretty high up 458 00:27:00,200 --> 00:27:03,319 about having government controls over social media. 459 00:27:03,359 --> 00:27:03,960 Speaker 2: Absolutely. 460 00:27:04,039 --> 00:27:06,680 Speaker 15: Look, what we have seen is that tech companies care 461 00:27:06,720 --> 00:27:09,160 about one thing and that's their bottom line. Time and 462 00:27:09,200 --> 00:27:12,000 time again we have exposed what they are doing to children, 463 00:27:12,240 --> 00:27:13,440 what these algorithms do. 464 00:27:13,720 --> 00:27:15,240 Speaker 3: Look, the data speaks for itself. 465 00:27:15,279 --> 00:27:15,480 Speaker 2: Bill. 466 00:27:15,519 --> 00:27:16,960 Speaker 15: I know that you've taken a look at this, but 467 00:27:17,039 --> 00:27:19,720 one and three high school young women last year said 468 00:27:19,720 --> 00:27:22,920 she actually considered death by suicide. Twenty five percent of 469 00:27:22,920 --> 00:27:25,599 those young women actually made a plan. And then thirteen 470 00:27:25,640 --> 00:27:29,119 percent of high school young women in America actually attempted 471 00:27:29,119 --> 00:27:31,119 death by suicide. When you add in young men, that 472 00:27:31,160 --> 00:27:35,640 goes to nine percent. Obviously, this is beyond alarming. How 473 00:27:35,720 --> 00:27:37,839 many parents do we have to have come in front 474 00:27:37,839 --> 00:27:40,799 of the Senate Judiciary Committee and others telling us the 475 00:27:40,839 --> 00:27:44,880 heartbreaking story of losing their children before we act. I 476 00:27:44,880 --> 00:27:47,480 think the time for action, Bill is now, and I 477 00:27:47,559 --> 00:27:51,960 commend Australia for actually doing something and protecting their most 478 00:27:52,039 --> 00:27:53,440 valuable and precious asset. 479 00:27:53,519 --> 00:27:54,599 Speaker 2: And that's the next generation. 480 00:27:54,680 --> 00:27:56,759 Speaker 15: When you look at what's happening right now with our 481 00:27:56,920 --> 00:28:00,480 kids ages thirteen to seventeen, they have said and they 482 00:28:00,559 --> 00:28:04,799 actually feel more negative, feel more depressed. Almost fifty percent 483 00:28:04,799 --> 00:28:07,519 of them admit to that after being on social media. Look, 484 00:28:07,640 --> 00:28:10,519 the Surgeon General has said, the previous Surgeon General said 485 00:28:10,720 --> 00:28:14,720 kids shouldn't be on social media until they're sixteen. Now 486 00:28:14,839 --> 00:28:15,680 is the time to act. 487 00:28:15,720 --> 00:28:16,519 Speaker 2: But the truth is. 488 00:28:16,480 --> 00:28:19,720 Speaker 15: This big tech has a grip on Congress, and Congress 489 00:28:19,799 --> 00:28:22,680 is in action is seckless. I do not have to 490 00:28:22,759 --> 00:28:25,240 ask people what it is like to raise kids right now. 491 00:28:25,279 --> 00:28:27,839 I am living it, and we know the harms, and 492 00:28:27,920 --> 00:28:30,400 it is our job to put up the proper guardrails 493 00:28:30,599 --> 00:28:33,759 so that these kids can flourish. So I think the 494 00:28:33,799 --> 00:28:36,400 time for action is now, and I think Australia taking 495 00:28:36,440 --> 00:28:39,119 this step, I hope leads the US to actually. 496 00:28:38,920 --> 00:28:40,960 Speaker 1: Do it all right. Katie Britt is a young mother. 497 00:28:41,079 --> 00:28:43,880 She has, I believe, a fifteen year old and a 498 00:28:43,960 --> 00:28:50,559 sixteen year old, and she's concerned about social media. What 499 00:28:50,799 --> 00:28:53,200 a lot of this is brought up from people that 500 00:28:53,240 --> 00:28:57,559 they have hauled into Congress to testify about some very 501 00:28:57,640 --> 00:29:01,519 tragic events that they have lost their children. There was 502 00:29:01,559 --> 00:29:06,599 a father who talked about the fact that his daughter 503 00:29:06,880 --> 00:29:11,640 committed suicide from all the pressure on her from social media. 504 00:29:11,759 --> 00:29:16,799 Here's a mom talking about her son who also committed suicide. 505 00:29:17,799 --> 00:29:21,960 Speaker 16: Created what every predator knows, how to build a safe space. 506 00:29:22,880 --> 00:29:26,759 She made him feel comfortable, seem l liked, She groomed him. 507 00:29:27,240 --> 00:29:30,200 Then she asked if he wanted to see her unclothed 508 00:29:30,240 --> 00:29:33,799 and exposed herself. She asked him to do the same, 509 00:29:34,160 --> 00:29:36,880 and like any innocent seventeen year old boy who liked 510 00:29:36,880 --> 00:29:38,839 the girl and saw no danger, he did. 511 00:29:39,119 --> 00:29:41,519 Speaker 2: I would get anything to have my son peck. 512 00:29:42,359 --> 00:29:47,119 Speaker 1: Yeah, it's called sextortion, and the game is somebody gets 513 00:29:47,960 --> 00:29:50,000 a boy or girl to take their clothes off, take 514 00:29:50,039 --> 00:29:52,480 a photo of themselves, and send it to them, and 515 00:29:52,519 --> 00:29:55,400 then they turn around and bribe them for money or 516 00:29:55,480 --> 00:29:57,160 put pressure on We're going to send it out to 517 00:29:57,200 --> 00:30:00,640 all their friends, whatever it might be. And Yeah, the 518 00:30:00,759 --> 00:30:03,680 question that I don't have the answer to, and I'm 519 00:30:03,720 --> 00:30:06,480 no expert in this area, but how many of these 520 00:30:06,599 --> 00:30:10,519 kids if they committed suicide over something like that, They 521 00:30:10,720 --> 00:30:15,000 obviously don't have an outlet for somebody to help them 522 00:30:15,039 --> 00:30:17,400 go through some of the pressures of being a teenager, 523 00:30:18,400 --> 00:30:22,200 and I wonder if they would have been suicidal under 524 00:30:22,359 --> 00:30:29,920 other circumstances. Besides this, Lawrence Jones over at Fox listen 525 00:30:29,960 --> 00:30:30,960 to what he had to say. 526 00:30:31,160 --> 00:30:33,640 Speaker 17: So I look at it in two ways. I think 527 00:30:33,799 --> 00:30:36,680 the mother's comments doing that here and will gut wrenching. 528 00:30:36,759 --> 00:30:38,440 But there were a couple things that stood out to 529 00:30:38,480 --> 00:30:42,400 me even remind me of my parents. She encouraged parents 530 00:30:43,039 --> 00:30:45,720 and the children to get a better relationship and to 531 00:30:45,799 --> 00:30:48,440 talk to one another when things are happened. Nothing is 532 00:30:49,000 --> 00:30:51,160 so serious that you can't talk to your parents. And 533 00:30:51,160 --> 00:30:54,559 it reminds me of my mom and dad. They sent me, 534 00:30:54,720 --> 00:30:56,599 my brother and sister down early and they said, I 535 00:30:56,599 --> 00:31:00,359 don't care whatever happens. If there's something so bad, you 536 00:31:00,480 --> 00:31:02,960 come to us first. We're gonna love you no matter what. 537 00:31:03,279 --> 00:31:07,200 Tell us everything, and we'll help you deal with it. 538 00:31:07,200 --> 00:31:09,880 It may be some tough trials there, but we'll get 539 00:31:09,960 --> 00:31:11,960 you through it. And I think that's the message that 540 00:31:12,039 --> 00:31:14,680 needs to happen. I think what Australia is doing. Although 541 00:31:14,720 --> 00:31:17,920 the sentiment I feel for them, I see it as 542 00:31:17,960 --> 00:31:21,359 it being an issue government being in control of something 543 00:31:21,480 --> 00:31:24,279 like this. I think it is dangerous. And I look 544 00:31:24,319 --> 00:31:26,920 back into the US and we see a problem there 545 00:31:27,599 --> 00:31:31,880 here and we don't remember what happened during COVID with 546 00:31:32,039 --> 00:31:34,880 government in control of things right here. This is a 547 00:31:34,960 --> 00:31:39,160 parent's responsibility putting government as part of this. Anytime there's 548 00:31:39,200 --> 00:31:43,200 sexual material, porn or any that type of stuff, a rape, 549 00:31:43,319 --> 00:31:46,559 are also encouraging people, you know, harassment and all that. 550 00:31:46,680 --> 00:31:49,839 There's a responsibility for the company to do something, but 551 00:31:49,880 --> 00:31:52,920 you're not gonna outregulate your way out of this problem. 552 00:31:53,160 --> 00:31:55,720 And what you're gonna force children to do is to 553 00:31:55,839 --> 00:31:58,599 go into the shadows. And once you have those kids 554 00:31:58,640 --> 00:32:01,240 in the shadows hiding thing from from their parents and 555 00:32:01,319 --> 00:32:04,119 from authorities, you're not going to be able to touch them. 556 00:32:04,200 --> 00:32:06,440 So I think this is a wake up call. Also, 557 00:32:06,599 --> 00:32:10,400 parents can do some leading by example as well. Get 558 00:32:10,440 --> 00:32:13,200 off your phone in front of the kids, get off 559 00:32:13,240 --> 00:32:16,160 the IPAs, start talking to one another and I think 560 00:32:16,200 --> 00:32:18,599 you'll see the kids follow suit. There's some also some 561 00:32:18,680 --> 00:32:22,799 great things that are happening on YouTube, Instagram, educational material 562 00:32:22,880 --> 00:32:25,359 and stuff going on right there as well. So we 563 00:32:25,440 --> 00:32:29,720 can't take the negative and overshadow the good that's going on. 564 00:32:29,880 --> 00:32:31,599 Speaker 1: So this debate I think is going to heat up. 565 00:32:31,640 --> 00:32:34,519 It's one of those topics. I think that there's a 566 00:32:34,599 --> 00:32:38,200 Teddy BRIT's a Republican, she wants the government involved in this, 567 00:32:38,519 --> 00:32:41,839 and Lawrence Jones, I don't know what he is. I 568 00:32:41,920 --> 00:32:45,160 think I know he's a conservative, but he doesn't want 569 00:32:45,160 --> 00:32:50,200 the government anywhere near this. So since Australia is doing it, 570 00:32:50,960 --> 00:32:53,319 you can bet that there's going to be a movement 571 00:32:53,359 --> 00:32:55,720 to try and do it in this country as well, 572 00:32:56,039 --> 00:33:01,599 So start thinking about it because it's coming before we 573 00:33:01,839 --> 00:33:03,720 wrap up for the day. Late in the afternoon, the 574 00:33:03,759 --> 00:33:07,000 President was holding a business roundtable at the White House 575 00:33:07,599 --> 00:33:11,079 and he met with a bunch of business executives. And then, 576 00:33:11,279 --> 00:33:14,680 as he tends to do, the media is invited into 577 00:33:14,720 --> 00:33:19,839 these meetings, and the media started asking him questions. This 578 00:33:19,960 --> 00:33:26,640 is President Trump responding to a question about Ukraine. 579 00:33:26,559 --> 00:33:28,759 Speaker 6: And I want to see this up. We'll find out. Look, 580 00:33:29,039 --> 00:33:31,880 there are a lot of things happening right now. A 581 00:33:31,880 --> 00:33:34,480 lot of people say it's closer than seven been, so 582 00:33:34,640 --> 00:33:36,720 war that would have never started if I were president, 583 00:33:36,759 --> 00:33:39,440 would have never started. It's a war that should never 584 00:33:39,519 --> 00:33:42,720 have started. But well, we'll have it figured out. I 585 00:33:42,720 --> 00:33:44,680 think within are pretty sug. 586 00:33:44,519 --> 00:33:48,480 Speaker 2: You say, very strong term, shorty. Did you explain that. Well, 587 00:33:48,519 --> 00:33:50,000 I think we had some. 588 00:33:51,640 --> 00:33:57,000 Speaker 6: Little disputes about people, and we're going to see how 589 00:33:57,000 --> 00:33:59,880 it turns out. And we said before we go to 590 00:33:59,880 --> 00:34:02,440 a meeting, we want to know some things, you know. 591 00:34:02,480 --> 00:34:04,640 They they would like us to go to a meeting 592 00:34:05,599 --> 00:34:11,360 over the weekend in Europe and we'll make a determination 593 00:34:11,519 --> 00:34:14,079 depending on what they come back with. 594 00:34:14,599 --> 00:34:16,079 Speaker 2: We don't want to be we don't want to be 595 00:34:16,119 --> 00:34:16,880 wasting time. 596 00:34:17,400 --> 00:34:20,360 Speaker 6: Sometimes you have to let people fight it out, and 597 00:34:20,440 --> 00:34:23,039 sometimes you don't. Put the problem with letting people fight 598 00:34:23,079 --> 00:34:25,760 it out is you're losing thousands of people a week. 599 00:34:27,199 --> 00:34:29,519 Speaker 2: It's ridiculous. The whole thing is ridiculous. 600 00:34:29,519 --> 00:34:31,599 Speaker 1: So make of that what you will. But it doesn't 601 00:34:31,599 --> 00:34:35,199 sound like the President is all that thrilled about Ukraine 602 00:34:35,440 --> 00:34:38,400 and the leadership and Zelenski, but also the other people 603 00:34:38,440 --> 00:34:41,440 around him bringing up the corruption problem that they have 604 00:34:41,519 --> 00:34:44,239 in that country. The other question that came out that 605 00:34:44,280 --> 00:34:48,280 I thought was interesting was about the Warner Brothers bid 606 00:34:48,480 --> 00:34:54,960 by Netflix and also the competing bid from Paramount. Here's 607 00:34:55,039 --> 00:34:57,639 what the President was asked, is he going to get 608 00:34:57,679 --> 00:35:00,639 involved in making the decision on this merger? 609 00:35:01,039 --> 00:35:03,679 Speaker 2: I want to see that, Soud. We'll find out. I'm 610 00:35:03,719 --> 00:35:04,599 not involved in that. 611 00:35:04,960 --> 00:35:08,159 Speaker 6: I will be probably involved, maybe involved in the decision. 612 00:35:08,199 --> 00:35:11,960 Speaker 2: It depends you have some good companies bidding on it. 613 00:35:12,599 --> 00:35:15,360 Speaker 6: I think the people that have run CNN for the 614 00:35:15,440 --> 00:35:19,639 last long period of time or a disgrace. I think 615 00:35:19,679 --> 00:35:23,559 it's imperative that CNN be sold because you certainly wouldn't 616 00:35:23,559 --> 00:35:28,960 want to put people just leave those people with some money, 617 00:35:29,199 --> 00:35:32,519 good money and CNN so that you know, they can 618 00:35:32,559 --> 00:35:36,679 spend even more money spreading poison because it's lies, it's 619 00:35:36,679 --> 00:35:39,280 a disgrace. So I wouldn't want to see the same 620 00:35:39,320 --> 00:35:43,559 company end up with CNN, the same company with money, 621 00:35:44,039 --> 00:35:46,599 because right now they don't have too much money, but 622 00:35:46,639 --> 00:35:48,719 they have value, I guess based on the bids you 623 00:35:48,840 --> 00:35:52,639 saying good value. But I think I think CNN should 624 00:35:52,639 --> 00:35:54,599 be sold because I think the people that are running 625 00:35:54,599 --> 00:35:58,199 CN right now, CNN right now are either corrupt or 626 00:35:58,199 --> 00:36:02,760 incompetent a factory and decision meetings, you know, well in 627 00:36:02,880 --> 00:36:04,960 my in my mind, but you know, I can be 628 00:36:05,000 --> 00:36:07,360 talked out of that by some very talented people that 629 00:36:07,440 --> 00:36:11,440 we have antitrust people. But I just think that the 630 00:36:11,480 --> 00:36:15,480 people that have run CNN into the ground by nobody watches, 631 00:36:15,599 --> 00:36:18,079 very few people watch, I don't think they should be 632 00:36:18,239 --> 00:36:21,639 entrusted with running CNN any longer. So I think any 633 00:36:21,719 --> 00:36:26,400 deal should it should be guaranteed and certain that CNN 634 00:36:26,480 --> 00:36:29,519 is part of it or sold separately. 635 00:36:29,559 --> 00:36:31,320 Speaker 2: But I don't think the people that are running that 636 00:36:31,400 --> 00:36:32,960 company right now and. 637 00:36:33,000 --> 00:36:38,119 Speaker 6: Running CNN, which is a very dishonest group of people, 638 00:36:38,519 --> 00:36:40,440 I don't think that should be allowed to continue. 639 00:36:40,480 --> 00:36:43,000 Speaker 2: I think CNN should be sold along with everything else. 640 00:36:44,480 --> 00:36:46,440 He's talking about affordability earlier. 641 00:36:46,599 --> 00:36:49,280 Speaker 13: Work said yesterday in Pennsylvania, how much more can I 642 00:36:49,320 --> 00:36:51,199 start to see you on the road kind of delivery? 643 00:36:51,239 --> 00:36:54,000 Speaker 2: Then nless you should any worrying all about your Democrats 644 00:36:53,960 --> 00:36:57,119 are waiting only these I don't worry. 645 00:36:57,199 --> 00:37:01,159 Speaker 6: But you know, it's like, statistically, it's amazing when you 646 00:37:01,239 --> 00:37:03,880 win the presidency, even if you win by a landslide 647 00:37:03,920 --> 00:37:05,960 like we did, and even if you do a good job, 648 00:37:06,000 --> 00:37:09,039 and some people say we've done the best opening ten 649 00:37:09,079 --> 00:37:11,280 months in history, and on the history of the president, 650 00:37:11,440 --> 00:37:13,840 I think we have who's done better. 651 00:37:14,000 --> 00:37:15,119 Speaker 2: We end in eight wars. 652 00:37:15,960 --> 00:37:18,960 Speaker 1: So there's no surprise the president has his negative opinions 653 00:37:19,000 --> 00:37:22,320 about CNN and he wants them sold off. The problem 654 00:37:22,360 --> 00:37:25,199 I have with that he can have his opinion. He's 655 00:37:25,320 --> 00:37:29,639 very obviously not never held back about his opinion. I 656 00:37:29,639 --> 00:37:34,079 don't want the government interfering with media companies. A free 657 00:37:34,159 --> 00:37:39,360 media First Amendment is critical. The more critical they are 658 00:37:39,440 --> 00:37:43,400 of the president, the more they should be protected. Because 659 00:37:43,760 --> 00:37:46,960 free speech isn't about nice speech. It's about ugly speech 660 00:37:47,400 --> 00:37:52,239 and about uncomfortable speech. And so he's upset because of 661 00:37:52,280 --> 00:37:54,599 the fact that he thinks that he's doing a pretty 662 00:37:54,599 --> 00:37:58,760 good job and they're not reporting that. Okay, I think 663 00:37:58,800 --> 00:38:01,440 every president has been a set with the media and 664 00:38:01,639 --> 00:38:04,840 the reporting. But so we'll see where this goes, whether 665 00:38:04,880 --> 00:38:09,039 he puts his thumb on the scales or not. Wall 666 00:38:09,039 --> 00:38:16,239 Street today they liked the fact that the market that 667 00:38:16,320 --> 00:38:18,239 the Fed came out and cut interest rates by a 668 00:38:18,320 --> 00:38:21,679 quarter of a percent. The vote on that, by the way, 669 00:38:22,639 --> 00:38:26,400 was there's twelve voting members. Nine voted for cutting interest rates, 670 00:38:26,920 --> 00:38:31,000 two voted not to cut interest rates, and one of them, 671 00:38:31,039 --> 00:38:34,320 and I think I know which one, probably Myron, voted 672 00:38:34,519 --> 00:38:39,039 for half a percent more of an interest rate cut. 673 00:38:39,440 --> 00:38:43,079 So with all of that, Wall Street finished today with 674 00:38:43,320 --> 00:38:46,760 a positive the Dow up four hundred and ninety seven, 675 00:38:47,639 --> 00:38:51,599 above forty eight thousand on the down forty eight fifty 676 00:38:51,679 --> 00:38:55,639 seven s, and p up forty six. If that's not 677 00:38:55,719 --> 00:38:59,519 a record, it's pretty close to a record. Nasdaq up 678 00:38:59,559 --> 00:39:03,239 seventy seven, the price of gold up twenty two dollars 679 00:39:03,760 --> 00:39:06,239 to four thousand and two fifty eight, and the price 680 00:39:06,280 --> 00:39:09,719 of oil was up seventy cents or so, up to 681 00:39:09,760 --> 00:39:13,400 fifty eight dollars, and some change for a barrel of oil. 682 00:39:14,079 --> 00:39:17,280 So that's it for today. Thank you for coming by. 683 00:39:18,159 --> 00:39:20,039 We'll try this again tomorrow. I hope to see you 684 00:39:20,159 --> 00:39:24,760 then