Speaker 1: Yes, you are connected, and thank you for coming by.
Speaker 1: Welcome to the Big Radio Show. It is Friday. Today
Speaker 1: is the thirtieth day of May two thousand and twenty five.
Speaker 1: My name is Tom Sullivan. So we've got a lot
Speaker 1: to talk. We got a little bit more on Elon Musk,
Speaker 1: We've got on tariffs, and we got to score in Louisiana.
Speaker 1: There's still two on the run out of the ten
Speaker 1: that got out of prison.
Speaker 2: Aderback.
Speaker 1: Oh look, who's here. We were going to hold back
Speaker 1: on all the goodbye stuff, but UCLA docs on the
Speaker 1: line and you're out saving lives. I can't keep you
Speaker 1: sitting around, Hello Doc. I mean it's one thing more
Speaker 1: one thing if you're just shuffling papers.
Speaker 2: But I mean you got you know, you got people
Speaker 2: to save. So how you been.
Speaker 3: I'm doing very well, man. I'm gonna miss you well.
Speaker 2: Likewise likewise.
Speaker 3: I was just thinking back, just to let you know
Speaker 3: real quick. I was thinking back. I think you said
Speaker 3: a couple of few months back that you've been in
Speaker 3: New York for like thirteen years? Is that right?
Speaker 1: Starting my nineteenth nineteen Oh okay, oh yeah, yeah, yeah, my.
Speaker 3: Gosh, okay. Because I was sitting back and I go,
Speaker 3: I've been listening to you way longer than I really thought.
Speaker 3: I know, I started tweeting at you in twenty one,
Speaker 3: but I remember, I think this is right. Weren't you
Speaker 3: talking about when you were back here in California? You're
Speaker 3: talking about running for Congress Lawson Well.
Speaker 1: I was asked twice on two different occasions, I forget.
Speaker 1: One of them was Congressman John Doolittle was retiring and
Speaker 1: they asked me to run for his seat. And there
Speaker 1: was another can't remember there was another congressman that was
Speaker 1: a Republican that was that was also stepping down or something.
Speaker 1: So I was asked twice to do it, and it
Speaker 1: was an honor, uh. And they came in with all
Speaker 1: the stats about the polling and how much easy it
Speaker 1: would be to win and all that, and I looked.
Speaker 2: I went to.
Speaker 1: A guy who has who was a chief of staff
Speaker 1: for a senator in Washington, and I knew the guy,
Speaker 1: and I called him up and I went over to
Speaker 1: his office and he said, oh, Tom, you're gonna love it.
Speaker 1: You go in there and I'll tell you what. You
Speaker 1: battle all day long and you're figure in everything else,
Speaker 1: and you do this and you fight with that, and
Speaker 1: you fight. And I just thought to myself, the last
Speaker 1: thing I mean he taught, he didn't realize he was
Speaker 1: trying to talk me into it. And that was when
Speaker 1: I said, there's no way.
Speaker 2: I don't.
Speaker 1: I don't know how it is for you. I mean,
Speaker 1: you deal with a lot of people in a hospital,
Speaker 1: all kinds, but you don't. I don't like working where
Speaker 1: there's backstabbers and people that are trying to step on you.
Speaker 1: And I like working with the people I work with
Speaker 1: because they're they're like they're like extended family. So I said,
Speaker 1: I said, no, thank you. I don't want to do
Speaker 1: that for a living good God, getting up every day
Speaker 1: and go fight with people. So I said, no, thank you.
Speaker 3: Politician.
Speaker 2: Yeah, well, I don't know.
Speaker 1: I see some of them come out of that operation
Speaker 1: pretty darn wealthy.
Speaker 2: So I'm going.
Speaker 3: You like the current guy running in the White House.
Speaker 4: You just.
Speaker 1: Yes, I could have the I could have the Sullivan
Speaker 1: mean coin.
Speaker 2: Why not? Geez hey.
Speaker 3: So I just want to let you know I'm gonna
Speaker 3: have to now that you're gone, I'm gonna have to
Speaker 3: take out the AM radio part of my car because
Speaker 3: you're the only guy I listened to you on the radio. Well,
Speaker 3: you know what, I do have one more elve story
Speaker 3: for you since you're talking about him real quick. Yeah,
Speaker 3: I so you know I bought I bought the I
Speaker 3: bought the Model Esque for my wife. So I can't
Speaker 3: remember exactly when this this happened, but so I was
Speaker 3: I was driving on the weekend. I went to a
Speaker 3: store and I was using the app to open the doors,
Speaker 3: to open the trunk, and this guy comes up behind
Speaker 3: me and he goes, oh, he goes, youge got one
Speaker 3: of those fancy cars, don't you? And I go I
Speaker 3: turn around. I suddenly gonna give this guy a compliment,
Speaker 3: and he goes, but I bet he can't drive through water, right,
Speaker 3: he can't do that? And he was talking about did
Speaker 3: you ever see that? It was right after the storm
Speaker 3: in Florida last year there was a garage cam and
Speaker 3: it showed a Tesla and it caught on fire because
Speaker 3: see why I got.
Speaker 5: Inside of it.
Speaker 2: Oh yeah, yes, yeah yeah.
Speaker 3: So this this this guy was a Trump supporter and
Speaker 3: he was a He was accosting me and the last
Speaker 3: thing he said to me was, you know what, I
Speaker 3: can't stand you rich liberals. And I had to let
Speaker 3: him know that I wasn't liberal.
Speaker 1: Yeah, I I've had two near misses where I had
Speaker 1: two people, you know, kind of kind of approaching the
Speaker 1: car giving me like a franatic look and like they
Speaker 1: were coming to do something that wasn't going to be good,
Speaker 1: and I just pushed the gas pedal down and got
Speaker 1: the heck out of there. So it really, it really
Speaker 1: does baffle me that people can be that psychologically disturbed
Speaker 1: to where their politics affects your private property.
Speaker 2: What did you do?
Speaker 3: Yeah? Nothing, Yeah, exactly. Well that's that's why I don't
Speaker 3: put anything in my house. I don't pen anything in
Speaker 3: my car. Did you never know what people are gonna do?
Speaker 3: So true. I'm letting you know I am really going
Speaker 3: to miss you.
Speaker 5: Tom.
Speaker 3: You're a great guy. I think you're like really super honest.
Speaker 3: And I was like, I don't know how you're gonna
Speaker 3: work on the how the podcasting is gonna work, because
Speaker 3: that's actually how I listened to you most of the
Speaker 3: time because I'm so busy, likes the.
Speaker 2: Night so perfect. So the way the way I say hey, hey, hey.
Speaker 1: Doc, the way I set this up was, if you
Speaker 1: know where that button is that you pushed it? Listen
Speaker 1: to my show on a podcast now that has been
Speaker 1: transferred as of last night, So you push the button
Speaker 1: and instead of connecting to this show, it will connect
Speaker 1: to the new podcast. So there's nothing for you to change.
Speaker 1: You don't have to change a thing us. Well, I'm
Speaker 1: going to start the podcast. If everything works technically, it
Speaker 1: should be on Monday. Oh yeah, yeah, I was talking
Speaker 1: talking to Q yesterday about it. I'm thinking, well, i'll
Speaker 1: probably record some time around three o'clock Eastern, which is
Speaker 1: when this show starts, and it has most of the
Speaker 1: news of the day. I mean, there's stuff that happens afterwards,
Speaker 1: but the bulk of stuff has happened usually by this time,
Speaker 1: and that will give me what I need. Oh, can't
Speaker 1: do it.
Speaker 2: I don't know.
Speaker 3: You're not gonna do it every day obviously, No.
Speaker 2: Yeah, i am, but it's gonna be.
Speaker 1: I'm going to try to get it to the point
Speaker 1: where it's it's different every day news of the day.
Speaker 1: Maybe on Monday and Wednesday, I'll do Financial Friday. On Friday,
Speaker 1: I'm going to try and get some interview stuff done today.
Speaker 5: Yeah.
Speaker 1: Actually, yeah, well I'm gonna try and bring that back
Speaker 1: and then Tuesdays and Thursdays if I can. It just
Speaker 1: depends upon finding the people I want to talk to
Speaker 1: and having their schedules fit with my schedules, and then
Speaker 1: do do interviews with some interesting people. Mix it in
Speaker 1: there so it'll be it'll be different every day hopefully.
Speaker 3: Very good.
Speaker 2: Yeah, very good.
Speaker 3: Well, one last one last thing, please this this loot
Speaker 3: between twelve and three. I'm just gonna ask one favor.
Speaker 3: Don't have the guy the former sheriff of Sacramento who
Speaker 3: fills in for you every now and then.
Speaker 1: First of all, I have no I have no input
Speaker 1: on what people are going to do around the country,
Speaker 1: but there's going to be there's no there's no one replacement.
Speaker 1: Every station is kind of have to go find somebody
Speaker 1: else to start on Monday, so they'll they'll pick whoever.
Speaker 2: You know, you're not going to go on.
Speaker 3: Vacation for like a couple of months, man.
Speaker 2: No, I don't know. I've I'm not no.
Speaker 1: I think I just you know, it's it's like it's like,
Speaker 1: you know, keep getting back on the horse. I mean,
Speaker 1: it's I got to keep going. I'm going If I
Speaker 1: if I stop, I don't know what I would do.
Speaker 1: I'm not a workaholic. But I like what I do
Speaker 1: and I I'll see. I mean, I'm gonna, I'm gonna.
Speaker 2: This is all brand new for me.
Speaker 5: Man.
Speaker 1: I'm I may get tired of it right away. I
Speaker 1: may want to do to a day, I may want
Speaker 1: to do one a month. I don't know. I'm I'm
Speaker 1: I'm going to feel that. We'll see how it goes well.
Speaker 3: Personally, I think you should stay on the radio till
Speaker 3: your flat line. But that's my personal.
Speaker 2: Well, Okay, I appreciate it. I appreciate it, and.
Speaker 3: If I and if I will be there.
Speaker 2: If I ever need.
Speaker 1: I had told you I had my first surgery ever
Speaker 1: last summer. I had a hernia thing and uh yeah,
Speaker 1: And I told I told the surgeon what you said,
Speaker 1: no mesh, and uh yeah. He looked at me and
Speaker 1: the kind of smiles I said that comes from a surgeon,
Speaker 1: U c l A. So he uh Anyway, So hopefully
Speaker 1: I don't need your services in the future.
Speaker 2: But if I did, no give a call.
Speaker 3: I tell everybody that, everybody that that finds out what
Speaker 3: I do, I tell them you really don't want my services. Yeah, yeah, yeah,
Speaker 3: I'm more. I'm more of a curbside guy, like, you know,
Speaker 3: I'll give you like some advice, but really you don't
Speaker 3: want to be on the other end of my knife.
Speaker 3: It's not good for you.
Speaker 1: Well, I I keep I keep rooting for I'm all
Speaker 1: upset about to cut back on medical research because I
Speaker 1: uh have been for a long time promoting the fact
Speaker 1: that I hope the researchers out there figure out a
Speaker 1: way to cure as of all of our illnesses and
Speaker 1: diseases and injuries without a knife. I mean there's a
Speaker 1: lot of stuff, you know where they have what is it, uh,
Speaker 1: kidney stones that they can bust away with sonars things
Speaker 1: like that, and I'm going.
Speaker 2: To yeah, that sounds great.
Speaker 3: No knives, Yeah, yeah, sonic there's a sonic there's Sonic
Speaker 3: Wave now for pathectomies, there's really they're like no, there's
Speaker 3: a lot of yeah, yeah, there's a lot of cold
Speaker 3: knife procedures, a lot of like later procedures where there's
Speaker 3: like literally like you know, maybe like a couple of
Speaker 3: million liters of blood is lost. So, I mean, the
Speaker 3: cervical front is really improving quite dramatically, and I don't
Speaker 3: know how AI is gonna be integrated in that, but
Speaker 3: I think it's going to be promising, but like you know,
Speaker 3: I've only got like another ten years left.
Speaker 5: Well, I.
Speaker 1: Was talking to a friend of mine who's an MD,
Speaker 1: and I said to him, I said, are you worried
Speaker 1: about AI? And he said, no, not yet, But he
Speaker 1: was telling me that if you're a radiologist, he says
Speaker 1: that AI is doing most of that and the human
Speaker 1: kind of double checks the AI. But I said, so
Speaker 1: there's still a human involved, and he goes, yeah, So
Speaker 1: if I was if I was a young med student
Speaker 1: and I'm trying to figure out what specialty I want,
Speaker 1: I think I would stay far away from radiology.
Speaker 2: I mean that machine could do that.
Speaker 3: Surgery is probably still, like I think the best, so
Speaker 3: I mean, you know.
Speaker 1: Yeah, but but even so, what was the thing you
Speaker 1: told me about the robotic stuff that you guys use.
Speaker 2: What's the name of that thing? Yeah, so it's.
Speaker 3: Yeah, there's a lot of other there's a lot of
Speaker 3: other robots out right now. There's there's one of my
Speaker 3: mentors from Texas is a I named pass Away. Well,
Speaker 3: while back with doctor uh doctor debate, he came out
Speaker 3: with a bunch of like heart transplant.
Speaker 1: Uh oh, yeah, that's what he's famous for. Yeah, yeah, yeah,
Speaker 1: oh man, I've looked at the clock. Hey, UCLA doc
Speaker 1: as always. Uh, I've always appreciated your calls, but I
Speaker 1: do have to run.
Speaker 2: Thank you.
Speaker 1: Well, I spent three hours a day talking about something.
Speaker 5: That's why we listen to you.
Speaker 1: Well, another ten minutes goes by, and yet another lawsuit
Speaker 1: against Donald Trump.
Speaker 2: This time it's PBS.
Speaker 1: Uh, PBS is suing Donald Trump or his executive order
Speaker 1: to cut funding for PBS. And if we look, we
Speaker 1: can argue about a lot of stuff. But I think
Speaker 1: if we were in a room trying to figure out
Speaker 1: what to cut and what not to cut, I think
Speaker 1: most of us would say cut PBS. Now, I have nothing,
Speaker 1: I have no gripes about PBS. First television job I
Speaker 1: did was for PBS. But that yeah, no, that was
Speaker 1: a long time ago. But I uh, why should they
Speaker 1: get government money? NBC doesn't, MSNBC doesn't, Fox doesn't, CNN doesn't.
Speaker 1: Why do they get special treatment? I'm baffled by that.
Speaker 1: Back to the phones eight five five two nine, five
Speaker 1: sixty six hundred, Oh, Kurt and Reno, Kurt, thank you
Speaker 1: for waiting. What's going on?
Speaker 6: Okay, we're back. Yeah, I have a few more ideas
Speaker 6: on how to cut down on.
Speaker 5: Our government expenses.
Speaker 6: How about government employees, non elected only work for the
Speaker 6: government for twenty five years total. I don't care if
Speaker 6: you work for the military for fifteen or in another branch.
Speaker 6: You get twenty five years and you're done working for
Speaker 6: the government.
Speaker 1: And then on why would you limit why would you
Speaker 1: why would you limit their tenure at that point that
Speaker 1: they know they should be good at what they.
Speaker 6: Do well, the way I see it and have been
Speaker 6: around it, they become less efficient and less effective well,
Speaker 6: and fire them up in their pay grades and fire them.
Speaker 6: You I want an example of a federal government employee
Speaker 6: who has been fired just.
Speaker 1: A second, let me look, uh huh uh huh uh huh.
Speaker 2: I can't find any.
Speaker 6: Yeah, you're right, yeah, yeah, yeah, there you go. It's
Speaker 6: not possible. But you know, that would be a way
Speaker 6: to save some money out there. But you know, as
Speaker 6: we started the conversation a while back, if we go
Speaker 6: back to the nineties and say, okay, this is what
Speaker 6: you have to do for your level of employees nineteen
Speaker 6: ninety six level, boom, anybody that's above you know, after
Speaker 6: that goes away.
Speaker 1: The whole government employment system needs to be completely shredded
Speaker 1: and done away with. They should be no different than
Speaker 1: you or me or anybody else going out into the
Speaker 1: marketplace and offering your services in return for pay.
Speaker 2: Period. That's it. Period.
Speaker 1: I don't understand all this job protection stuff. You either
Speaker 1: do what the person who gives you the money to
Speaker 1: accomplish them. They don't like what you're doing, they should
Speaker 1: be able to let you go, and if you don't
Speaker 1: like them, you should be able will to leave, no
Speaker 1: problem anyway.
Speaker 2: The whole thing needs to be Yeah, I get.
Speaker 6: It's my two cents and I wish you well and
Speaker 6: you stage.
Speaker 5: Of your life.
Speaker 2: Thank you, Kurt. I appreciate the call.
Speaker 1: Let's oh Angelo, Hi Angela, what's going on today?
Speaker 5: Hey?
Speaker 4: Tom? How's it going? Really going to miss you?
Speaker 5: Man?
Speaker 4: You always answer my calls and you always take the
Speaker 4: hard questions no matter what, Dude, you are the only
Speaker 4: one in this world.
Speaker 5: Man.
Speaker 4: You are made to Tom. But I have a hard
Speaker 4: question too about the FBI. Ye was running I'm Margaret,
Speaker 4: I'm margat for days man, and he was running that
Speaker 4: we're going to dismantle the FBI because it's corrupt. And
Speaker 4: you know, since the beginning of it, jed Or Hoover.
Speaker 4: They put him in charge, and it was corrupt from
Speaker 4: day one. Now they were talking about dismantling and shutting
Speaker 4: it down. But all they're doing is closing one building
Speaker 4: is just to send the people to another building. And
Speaker 4: I think they were probably lying talking about shutting down
Speaker 4: the FBI, because I don't think he said down. Don'd
Speaker 4: you even any think they had the ability to do that.
Speaker 4: So I was just thinking, what do you think about
Speaker 4: the FBI being so corrupt and should it be closed
Speaker 4: down and a new system be put in or what
Speaker 4: do you think?
Speaker 1: Well, the building was one of the issues in Cash Betel,
Speaker 1: who's now the director. I saw something the other day
Speaker 1: where they have steel cables to hold concrete in the
Speaker 1: ceiling from falling down. I mean, it's the building is
Speaker 1: a disaster. So what he said was I think he
Speaker 1: had fifteen thousand people working in the FBI headquarters in Washington.
Speaker 1: This past week he already dispatched. I think fifteen hundred
Speaker 1: ten percent of them have already been sent out to
Speaker 1: other offices. And that was his whole thing, was why
Speaker 1: we don't need all these people here. They need to
Speaker 1: go out and be cops and go find bank robbers
Speaker 1: and other people out that commit federal crimes out there.
Speaker 1: So he's doing that. I think he's an honest man.
Speaker 1: I really do. Walter Isaacson. I like Walter. He's the
Speaker 1: author of a bunch of bios. He did Steve Jobs,
Speaker 1: sat down with Steve Jobs and spend a lot of
Speaker 1: time with Steve Jobs to do the book on him.
Speaker 1: He also spent a lot of time with Elon doing
Speaker 1: the book about him. And this is Walter's assessment of
Speaker 1: Elon working for the federal government.
Speaker 7: Throughout the book. You see this happening over and over
Speaker 7: again and the book, whether it's him taking over Twitter
Speaker 7: or dealing with Tesla's crisis or SpaceX, you see that
Speaker 7: all in intensity. But the main difference, Dana, as I said,
Speaker 7: you know early on when this happened, is he owns
Speaker 7: Tesla pretty much, so he owns SpaceX. He can do
Speaker 7: things like say, hey, let's do this radical thing with
Speaker 7: the Raptor engine where it's leaking, or take off the
Speaker 7: heat shieldet rid of these servers in Twitter, and sometimes
Speaker 7: it works, sometimes he doesn't, but.
Speaker 2: He's all in.
Speaker 7: You can't do that in government because he doesn't own
Speaker 7: the federal government.
Speaker 2: Yeah, yeah, yeah.
Speaker 1: But he also said it wasn't true that Elon got
Speaker 1: involved to help his companies.
Speaker 7: I think he gets angry at some of the attacks
Speaker 7: on him, But one of the things people said that
Speaker 7: was totally untrue is that he went into government to
Speaker 7: help his companies or that it was going to improve
Speaker 7: Tesla's No. I mean, it was definitely not done, and
Speaker 7: it certainly didn't turn out to work to help the
Speaker 7: share price of his companies or anything else. He did
Speaker 7: it because he had this all in intensity, and what
Speaker 7: you saw in both the CBS interviews and the Washington
Speaker 7: Post interviews is a deep frustration that there's something in
Speaker 7: Washington and in the federal government that's not going to
Speaker 7: make serious cuts. He's upset that the cuts weren't in
Speaker 7: this great, big, beautiful bill, which, as you know, it
Speaker 7: can't really be. You have to have a recision bill.
Speaker 7: It's a technical thing.
Speaker 5: Uh.
Speaker 7: President will send a recision bill, but I bet you
Speaker 7: a lot of those things won't be voted on, even
Speaker 7: by Republicans in the House. So he is frustrated that
Speaker 7: even the Republicans in the House, in the Senate and
Speaker 7: House have been captured by Washington interests.
Speaker 1: Yeah, so he's he gave it a shot, but I
Speaker 1: think he's he's admitted worse than he ever imagined. Chuck
Speaker 1: in California, Hey Chuck, welcome, what's going on?
Speaker 5: Hey Tom, Good afternoons, Good afternoon. Three things. I want
Speaker 5: to thank you for Number one, just all the time
Speaker 5: you've spent with terrific. Number two, thank you for alluding
Speaker 5: us to the C minus students and I was being generous.
Speaker 5: And thanks for telling us about the fasting on the
Speaker 5: freeway and how to stay out of it.
Speaker 6: Oh yeah, yeah, yeah, fabulous advice.
Speaker 5: But actually what I'm calling about is, you know somebody
Speaker 5: called it earlier and said, well, just tell everybody to
Speaker 5: call it in the department heads to cut ten percent. Yeah,
Speaker 5: I mean that's kind of where Elon was, you know,
Speaker 5: and it's like you were just discussing Walt from Walter.
Speaker 5: You know, they found out you just can't say do that.
Speaker 5: I think you got to offer these guys big money
Speaker 5: to get it done. Give them bonuses. Do uh. You know,
Speaker 5: we tried be stick, just try the carrot a little
Speaker 5: bit sid to do there.
Speaker 2: I brought.
Speaker 1: I'm a great believer in that I've I think you
Speaker 1: raise children and you manage employees the same way. You
Speaker 1: give them incentives to do what's good, and this incentive
Speaker 1: to do what's bad. Were humans, It doesn't matter if
Speaker 1: you're three or thirty three or ninety three. We have
Speaker 1: we will respond. We're animals. We will respond to incentives.
Speaker 1: I I said it the other day, and I got
Speaker 1: some pushback on her. What are you talking about given
Speaker 1: congressman bonuses? And I'm going, yeah, yeah, no, I I
Speaker 1: would cut cut their paid dramatically and put them on
Speaker 1: a on a basis of you will this is how
Speaker 1: you'll earn your money. If you can get the federal deficit,
Speaker 1: if you can have the death the deficit this year balanced,
Speaker 1: We'll give you a huge bonus because think about how
Speaker 1: much money that would save.
Speaker 2: I mean stuff like that.
Speaker 5: Yeah, uh go ahead.
Speaker 1: Well, I'm just they're they're incentivized by money now, but
Speaker 1: the incentive comes from lobbyists who give them money. Let's
Speaker 1: cut them out and give them incentives that work for
Speaker 1: us to reduce the debt, shrink government, whatever you want
Speaker 1: them to do.
Speaker 4: Yep.
Speaker 5: One last thing my father was the entry in love.
Speaker 2: No hold on, hold on your phone just your phone
Speaker 2: just broke up. But say that again.
Speaker 5: Your father was what okay, senior uster at the Federal
Speaker 5: and the Big House, and he has shared with me
Speaker 5: many many stories about people over the years, which included
Speaker 5: al Capone, pretty Boyful, machine Gun Collity, the Birdman, and
Speaker 5: I just wanted to share with you The Birdman of
Speaker 5: Alcatraz did not have his birds in Alcatraz. He had
Speaker 5: him in the Love Worth. Yeah. The reason he had
Speaker 5: the birds who was to hide the smell of the
Speaker 5: stills that he was running time there.
Speaker 1: That's great, that's great, Okay, Yeah, but it sounded better.
Speaker 1: It sounded better for the movie to have him at Alcatraz.
Speaker 1: But that's that's terrific. Yeah, No, he was.
Speaker 3: He was.
Speaker 1: He was a bad dude who was in prison, so
Speaker 1: he was obviously finding ways to do things under the table. Chuck,
Speaker 1: thank you. I appreciate the call very much. Keen, Hi Ken,
Speaker 1: what's going on today?
Speaker 2: Welcome?
Speaker 8: Well, it's your last day. It's a sad day. But
Speaker 8: let's say President Trump called you and you can get
Speaker 8: one secret. I mean, he would tell you one thing
Speaker 8: that you're dying to know. What would it be?
Speaker 5: Oh?
Speaker 1: Man, I don't think I'm dying to know anything not
Speaker 1: not from the government. I mean there's all that stuff
Speaker 1: about who killed JFK and all those things, and then
Speaker 1: the UFOs and all that stuff. I nah, whatever that's
Speaker 1: I don't know what what secret I would want to know.
Speaker 1: I don't think they should. Well, I mean they should
Speaker 1: have national security secrets about what we have as far
Speaker 1: as military, but I uh no, I really don't. I
Speaker 1: don't think about wanting to know something from the government.
Speaker 2: I don't know for me.
Speaker 8: If you mentioned it for me and we've talked about
Speaker 8: it in the UFO, I think you know. I saw
Speaker 8: a couple of shows that changed my mind. We talked
Speaker 8: about what we've seen that would be it for me,
Speaker 8: and I'm afraid they're They're afraid of what it would
Speaker 8: do to society.
Speaker 1: Why Why would Why are they so afraid of that?
Speaker 1: Why are people? Have the movies made people freak because
Speaker 1: I'm thinking I'm fine, So spaceship Lands and Little Green
Speaker 1: Men get out.
Speaker 2: I wouldn't run.
Speaker 8: Yeah, neither. I can't answer that the question you just post.
Speaker 3: I can't.
Speaker 8: But well, I'm going to say goodbye. It's tough to
Speaker 8: not going to be able to hear your voice this much.
Speaker 1: Well, thank you. I appreciate it. I appreciate you dialing
Speaker 1: in today. I'll be there in podcast land if you
Speaker 1: want to, if you want to check in. So I
Speaker 1: don't know, all right, hey, Ken, thank you. Yeah, I've
Speaker 1: had I had a producer years ago who I told
Speaker 1: him about the story when I saw a UFO.
Speaker 2: And he goes, oh, you don't want to talk about that. No, no,
Speaker 2: you don't. We don't want to talk about that. Why not?
Speaker 1: What's the problem And he goes, oh, make people will
Speaker 1: think you're really weird. Well, okay, that's fine. I don't
Speaker 1: care if he people think I'm weird. I saw what
Speaker 1: I saw. It wasn't scary. It was beyond anything I'd
Speaker 1: ever seen before or since. So do I think there's
Speaker 1: something out there?
Speaker 2: Yeah? I do.
Speaker 1: I don't know if it was government or some place
Speaker 1: from another galaxy, but I don't think it's weird that
Speaker 1: there's unidentified flying objects.
Speaker 2: We'll be right back.
Speaker 1: I just am fascinated by people being fascinated because I'm not.
Speaker 2: A little financial Friday. This is Fanny May and Freddie Mac.
Speaker 2: I don't know.
Speaker 1: I don't understand what's going on here because Fanny May
Speaker 1: and Freddy Mack Federal Home Loan Mortgage Corporate. I mean
Speaker 1: they were in they were the mortgage companies in this country.
Speaker 1: They were quasi government. I when I in my investment days,
Speaker 1: I put a lot of Fanny in ready in the
Speaker 1: people's accounts. They paid well. They were, like I said,
Speaker 1: a quasi government bond. And the way it works is
Speaker 1: for mortgages. You want to go down to the bank
Speaker 1: and say to the bank, I'd like to borrow two
Speaker 1: hundred thousand dollars for a mortgage on this house. I
Speaker 1: want to buy a round number of some kind. And
Speaker 1: so the bank says, okay, fill out sixteen pounds of
Speaker 1: paperwork and we'll think about it. And they get back
Speaker 1: to you and they say, we are more than happy
Speaker 1: to give you that two hundred thousand dollars mortgage. So
Speaker 1: they take the two hundred thousand, they put it into
Speaker 1: your account. You take the money and you put it
Speaker 1: into the builder's account or the seller's account, and presto chango,
Speaker 1: you own that home. And now you've got to make
Speaker 1: payments on that mortgage. So where is the bank that
Speaker 1: you're going to take thirty years to make those payments?
Speaker 1: Back on that mortgage on that loan I gave you.
Speaker 1: Where does the bank get the money for the next
Speaker 1: guy that comes in who wants to borrow, Because the
Speaker 1: next guy might want to borrow three hundred thousand, and
Speaker 1: the one after that wants to borrow four hundred thousand,
Speaker 1: and so the banks will run out of money eventually.
Speaker 5: Yeah.
Speaker 2: No, they don't have an endless supply.
Speaker 1: So the way it works is they bundle up your
Speaker 1: mortgage along with a bunch of other people's mortgages. They
Speaker 1: tie a nice little tidy bow around the thing, They
Speaker 1: put it in a box, and they ship it off
Speaker 1: to Fanny May. Fanny May takes this box of mortgages
Speaker 1: yours and probably another thirty or forty fifty mortgages, and
Speaker 1: they're all essentially about the same interest rate, about this,
Speaker 1: the same length of time, maturity, all that sort of stuff.
Speaker 1: And then Fanny May says, this is you want to
Speaker 1: invest in mortgages. You can invent in this box of mortgages,
Speaker 1: and individuals, mutual funds, pension plans, all of those people.
Speaker 1: It was great you could invest in mortgages. And that's
Speaker 1: what I When you would get a certificate from Fanny May,
Speaker 1: and that's what I would put in people's accounts. So
Speaker 1: they would invest in mortgages, get a certificate from Fanny
Speaker 1: May saying that yep, they are They've got this amount
Speaker 1: of investment, and then you get paid for the rest
Speaker 1: of the mortgage, or until you decide they're very liquid
Speaker 1: you can sell them in the market. So we ran
Speaker 1: into the meltdown in two thousand and eight, had the
Speaker 1: Great Recession, and they went in. But along the way
Speaker 1: it was like gold. It was run cleanly, simple, and
Speaker 1: there was a guy named Franklin Rain who was the
Speaker 1: head of a big Democrat guy when I believe he
Speaker 1: went on to become a Democrat congressman. Anyway, he was
Speaker 1: the head of it. They accused him of all kinds
Speaker 1: of of shall we say, games, but they ran him
Speaker 1: out because what they were doing was they were trying
Speaker 1: to boost the value of Fannie May, and they were
Speaker 1: making they changed the rules.
Speaker 2: The rules were strict.
Speaker 1: Twenty percent down a credit rating of over some particular number,
Speaker 1: and so these were good mortgages to invest in. Well,
Speaker 1: Franklin Reins and some others got involved and they started
Speaker 1: making loans for people who otherwise really shouldn't have qualified,
Speaker 1: but they were doing it under equity equality and all
Speaker 1: that sort of stuff, making home loans to people who
Speaker 1: just did not have the income to pay that you
Speaker 1: would make the loan to them, so that they got
Speaker 1: a bunch of bad loans that went bad. And Fanny
Speaker 1: and Freddy was part of the meltdown to the mortgage
Speaker 1: market in two thousand and seven, two thousand and eight.
Speaker 1: There was nothing wrong with Freddy, but then the government
Speaker 1: decided and this was this was George W. Bush came
Speaker 1: up with the idea of well, we will guarantee these mortgages.
Speaker 1: The beauty behind it was you could get a higher
Speaker 1: rate of return investing in Fanny May than you could
Speaker 1: from investing in any old government bond. And so a
Speaker 1: lot of my clients loved it because they got better
Speaker 1: return on their investment, they got higher income.
Speaker 2: It was terrific.
Speaker 1: And so because of the fact that they started messing
Speaker 1: up Fannie May and that Fanny would buy the box
Speaker 1: of mortgage. That way, the bank got money for the
Speaker 1: mortgages they made, and they could make mortgages from people
Speaker 1: that came in the door tomorrow. It was a wonderful system.
Speaker 1: But once the government got involved that we're going to
Speaker 1: guarantee this, and I told all my clients this is
Speaker 1: not a government guarantee, this is a bond. It changed everything,
Speaker 1: and they have absolutely ruined Fanny and Freddie and it
Speaker 1: really damaged the mortgage market.
Speaker 2: So now.
Speaker 1: Bill Poulty of Pulty Holmes, he's the head of it
Speaker 1: right now, and he said he blamed Biden, but it
Speaker 1: goes back to Obama and George W.
Speaker 2: Bush. He said, people can't afford a home anymore under Biden.
Speaker 9: First of all, we have to reverse the last four
Speaker 9: years of inflation under Joe Biden. I mean, what happened
Speaker 9: in the last four years cannot be understated. And now
Speaker 9: what you have is you have mortgage rates that have skyrocketed.
Speaker 9: And so what we're trying to do, Bill is take
Speaker 9: cost out of the system and get home so they
Speaker 9: can be affordable again. People couldn't for the last four years. Bill,
Speaker 9: afford a home the Americans is what America is all about.
Speaker 9: And we're going to restore the American dream under President Trump.
Speaker 9: You mentioned there is the security for Fanny and Freddie,
Speaker 9: which trades on what's called the pink sheets. But President
Speaker 9: Trump is thinking way bigger than that and stay tuned
Speaker 9: on what his decision is there. I'm all for this.
Speaker 1: Donald Trump is on to he knows real estate, and
Speaker 1: this I think would be great if they if they
Speaker 1: bring him back out as a public company where people
Speaker 1: can invest in them, if they go back to their
Speaker 1: old strict rules, I think it would be fabulous and
Speaker 1: I think it would really help the mortgage market, bring
Speaker 1: rates down, make mortgages available to many, many more people.
Speaker 1: And Poulti goes on to talk about they have seven
Speaker 1: point eight trillion dollars in assets.
Speaker 9: Well, it's kind of rich coming from Chuck Schumer who
Speaker 9: defended this Biden inflation that we had the last four years,
Speaker 9: which created this housing crisis. Now President Trump is coming
Speaker 9: in and fixing it and he's turning around Fanny May
Speaker 9: and Freddie Mack. You know, Bill, I don't know if
Speaker 9: you know this, and most Americans don't this, but there's
Speaker 9: seven point eight trillion dollars in Fanny May and Freddie
Speaker 9: Mack that we as the American taxpayers have many rights
Speaker 9: to seven point eight trillion. And until President Trump showed
Speaker 9: up on the scene, nobody even really knew that they
Speaker 9: were making this much money and that we had these
Speaker 9: as huge assets. So, like one of my friends said recently,
Speaker 9: President Trump just finds money everywhere. Trillions to the American people,
Speaker 9: trillions to the shareholders.
Speaker 2: One day.
Speaker 9: I mean, you know, we got to clean up the
Speaker 9: capital structure, and that's potentially what the president is looking at.
Speaker 9: He will still be in control, it will still be
Speaker 9: a very very prominent company for the government. However, we
Speaker 9: are really focused on driving operational improvements and really making
Speaker 9: these great American icons once again and build the American
Speaker 9: economy is very robust.
Speaker 1: I'm with Trump, but out do one step further. Spin
Speaker 1: it off from the government, make them public companies. Get
Speaker 1: the government out of their hair.