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Speaker 1: And hello, welcome to the Big Podcast on this Tuesday.

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Today is the last day of the quarter. It's the

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thirtieth of June, last day of the month. Year of

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Our Lord, twenty twenty six. My name is Tom Sullivan.

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So more court action today. Supreme Court wrapping everything up

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today with some big decisions. We have the housing bill

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and maybe moving along. They're in the negotiators are all

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in Doha, but they're not talking to each other. And

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we got some Lebron James James news. Hey, we don't

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do sports often, but you know, so let's uh, let's

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start off with the Supreme Court because the decisions today

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were the big ones that we had been waiting for.

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First of all, birthright citizenship. This case this goes back

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case law over one hundred years. I wasn't expecting it

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to be over to be changed, but it was.

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Speaker 2: No.

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Speaker 1: You, birthright citizenship is something that is legal, and that

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is what's The Supreme Court ruled that, yes, if you

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are born in the United States, you are automatically a citizen.

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And the ruling the Court voted six to three.

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Speaker 2: Uh.

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Speaker 1: The three that that dissented was Justice Alito, Justice Thomas,

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and Justice Gorsic. So it was Roberts and Cavanaugh and

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Barrett sided with the three liberal justices to come to

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that decision. And I was surprised by that because I

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thought this thing was a slam dunk. But apparently, I mean.

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Justice Clarence Thomas was very adamant in his descent about

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the fact that nowhere, nowhere, nowhere, back when this was

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designed to basically say children of free slaves were American citizens.

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It was designed for them, and that when they came

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up with this amendment, there was nothing about that. He

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called it birth tourism or illegals. So that's what his

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descent was all about. We also have today a couple

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more decisions, one of them about trans athletes, and the

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Court said that it is okay for a state to

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ban trans athletes, but up to the state to do that.

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So where do you want to start. Let's start with

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Shannon Breem, who covers the court for Fox. He's also

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a lawyer. This is her reaction to the decision about

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the trans athletes.

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Speaker 3: Interesting opinion in that there are all kinds of splits, concurrences,

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and descents, but nearly every justice, every justice is signed

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onto concurring at least in part. We'll have to read

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the different concurrences and descents here, but all of them

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support this decision, at least in part from the majority opinion.

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It says sports are highly competitive and generally zero sum.

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At almost every turn, someone wins and someone loses. Every

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athlete who makes a team takes a roster spot from

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another athlete, and every player who earns playing time reduces

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the playing time of a teammate. Every player who makes

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the starting lineup sidelines another who remains on the bench.

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They go on to say this, like every student who

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earns an athletic scholarship takes that opportunity away from another student,

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and so on. Women and girls who play sports care

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deeply about all of these things. They obsess about them.

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They spend extraordinary time and effort in the heat and

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in the cold to work out early in the morning

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and late at night to get a little faster, a

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little stronger, jump a little higher, shoot a little better.

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And it goes on from there. But essentially says they

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have to savor these athletic accomplishments and cherish them. And

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what these states have done here, they say they should

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be allowed to have these life changing opportunities on an

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equal playing field without fear of physical injury from biological

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males or being forced to compete against biological males. They say,

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consistent with Title nine, which we know was created to

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protect women's sports opportunities and the Equal Protection Clause, we

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hold that the States may maintain women's and girls sports

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for biological females. So big wins as we expected here

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for West Virginia and Idaho, and a recognition that there

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are differences in sports and when you give us a

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lot to someone else, it costs someone else. And in

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this case, they say women and girls should be protected

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from that. If these states choose to do that, they

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have a right to do so.

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Speaker 1: So that was Keith what she just said. If the

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states choose to do that, they have a right to

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do so. So it's going to be up to the

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states to say, yeah, you trans athletes cannot compete in

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girls' sports. So Carrie Severino, she was a clerk for

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Justice Clarence Thomas and she runs a legal foundation as well.

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Let's listen to what she says.

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Speaker 4: This is an absolute win for women's sports. I've got

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a daughter who plays sports, and this is showing that

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the Supreme Court understands that you know this the Title

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nine Equal Protection Clause protect women as women.

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Speaker 1: You know.

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Speaker 4: I think that it seems like there were some really

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great concurring opinions there. Justice Thomas points out transgender status

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is not a protected status, and even it's it's significant.

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Even Justice as Sodomio or Kagan and Jackson concurred in

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part on this, they acknowledged that the athletes have said

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that Title nine means says sex, and that means biological sex.

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So I think that's actually an amazing result here. That's

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a win for reality because we know that when this

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law was passed, that's absolutely what Congress understood sex to mean.

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We can't take the words of the statute and then

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try to redefine them to mean something else. If Congress

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wants to pass a different law, okay, but the Court

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can't redefine that right.

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Speaker 1: So we got the birthrights citizenship that was turned down.

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President wanted that to pass, it did not. And again

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it was a strange combination of conservative and liberal justices

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on these groups. There's also the trans case we got,

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and then that wasn't one of the big cases, but

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I think it's a very important ruling by the Supreme

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Court today on campaign finance. If you go back, a

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lot of people, especially Democrats, complain about Citizens United. President

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Obama at stated the Union, with the Supreme Court sitting

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right in front of him criticized him for that. Citizens United.

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What it did was it opened up the opportunity for

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corporations to make political contributions out of their money, and

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before that, the labor unions could, and so it was

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designed to kind of even stephen the whole thing. Well,

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today they threw the gates open, and the Supreme Court

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basically said that any limitations on campaign finance money is

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a violation of somebody's First Amendment rights. Money is speech

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and if you have a lot of money, you get

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to talk loudly. So here, let's see you. Let's go

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back to Shannon Breem and get kind of a rundown

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of what this case was all about.

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Speaker 3: Yes, it says the First Amendment provides that Congress will

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make no law abridging the freedom of speech. And they

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go on to say, the Court is determined that political

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parties make unlimited independent expenditures during the campaigns, and that

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by putting limits on them, it essentially it sounds like

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what they're saying is immense to amounts to a violation

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of the First Amendment. So we'll keep reading. But they

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say it's a constitutional issue, and you know, this court

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has handled a lot of First Amendment issues with regard

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to political speech, meaning campaign spending, donations as political speech.

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But here they say, we're basically leveling the playing field.

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Doesn't matter your party. We're taking off these restrictions on

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the parties coordinating with the candidates in a way that

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would impede for speech.

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Speaker 1: So it stand by for the next well, I don't

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know it could apply for the midterms. I will but

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if you think you see a lot of political ads,

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now this weight, this basically opens it up corporations, labor unions, individuals,

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rich people, poor people, Democrats, Republicans, it doesn't matter. Craig Goudi,

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the former federal prosecuted former congressman, that's the way he

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looks at it too.

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Speaker 2: For even more money. It opens them all. It opens

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them all because it removes the barrier of no coordination.

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And if you talk to political campaigns, they've been pretty

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assiduous in saying, look, we can't coordinate with this with

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this group. Now I think that wall is gone. You know,

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Republicans kind of laughed at the Citizens United a little

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bit because labor unions could do what they want, and

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some leftist groups could do what they want, but the

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parties could not. I think it's clear that money and

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speech are interchangeable when it comes to politics. They're worried

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about corruption, which is why you and I have a

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limit as to what we can donate. Apparently they're not

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as worried about it when it comes to you and

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I giving one hundreds of millions of dollars to the

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DNC or the Origency.

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Speaker 1: Yeah. So if you want to get money to a

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political party, Republican, Democrat, or Libertarian, whatever you like, the

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limits are limited now. So I'm sure this is going

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to make it even worse money in politics, but it's

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something that has been defended by the First Amendment rights

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of people with money to be able to donate their

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money wherever they want. Carl Rove, who's very much involved

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in raising money for political campaigns, had this reaction.

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Speaker 5: I have one question, which is I think this removed

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the limits on how much the parties could spend in

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coordinating with candidates. I don't think it removed the limit

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on how much individuals can give to the political parties,

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which is I think combined total of three hundred some

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one thousand dollars. So look, I'm in favor of this.

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I think this will strengthen parties. One of the money

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is speech. Citizens United said that the labor unions had

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already grew on their corporate treasuries to influence political campaigns,

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and so they extended that right to go beyond any

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labor unions to everybody, businesses, individuals, and so forth. This

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created the era of super PACs. I helped create one

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of the larger super PACs, Ed Gillespie and I organized

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American Crossroads, which became Senate Leadership Fund. So we took

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advantage of it. But as we did, I became concerned

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that we were weakening parties and strengthening these independent groups

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which were by and large run, many of them by

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the consultants for the consultants on behalf of their favorite candidates.

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And cottage industry arose and we had to have that

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happen because of Citizens United. But at the meantime, I

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continue to believe in strong parties. I think the country

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has advantaged when we have a strong National Democratic Party

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and a strong National Republican Party, as we did in

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the nineteen thirties, forties, fifties, sixties and seventies, where were

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it mattered who was the Republican Party or Democratic Party

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national chairman. Bob Strauss made a big difference as the

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chairman of the Democratic Party. Similarly, Republicans made a big

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difference and the quality of leadership. And I think this will,

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by giving the parties a bigger role, will over time

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lead to the parties being more concerned about who leads

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their national party and if and thereby strengthens the two

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individual parties.

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Speaker 1: What Carl's talking about is back in the old days,

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the parties would get into a back room, smoke filled

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room and determine who they wanted to be the candidates

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for their party, whether they're from dogcatcher all the way

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up to president. And the beauty of that system is

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we got a lot of great presidents out of it

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in those days. There were some bad ones, but we

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got we got some very good ones. But what the

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beauty of it was, and I've always posed it this way,

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is that at work, wherever you work, you know from

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your fellow co workers which ones are really good at

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their job and which ones are slackers. And the police

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people know the same thing about which people are really good,

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solid leaders that would make for national or state or

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county or city leaders. They know who's good and who's not.

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The problem with that is that what about we the people?

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And that's where the Constitution is pointing towards us. We

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are the ones that need to determine that. Well. The

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problem with us is that we don't really get to

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know the candidates. We are influenced by influencers. We're influenced

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by campaign ads, we're influenced by cable television, We're influenced

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by all kinds of things. But that doesn't mean that

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the candidate that you might think, oh, that person looks

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pretty good may may not be anywhere near what you

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think they are. When I used to do local radio

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in California, we would invite candidates in and one of

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the things that I was one of my producers was

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always just slack jawed because she said, the candidate is

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nothing like what their ads are like. And I said,

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the beauty of having Matt actually having them coming to

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the studio and meet them physically, meet them, ask them

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questions was phenomenal, and I guess you could still do

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that through town halls for a lot of the electeds.

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But do you ever go to campaigns? Do you ever

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go to a rally? Most people don't, which also brings up,

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if I may, the whole business about the Democrat socialist

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movement and the fact that it is growing rapidly, And

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we'll get into there's another big contest today in Colorado.

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But I want to go back to the New York

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story because it got a lot of news and there

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were three Democrat socialist candidates that won. The turnout. I

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said this the other day, I double triple checked myself.

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The turnout for the elections here in New York for

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our local congressional representatives was seven percent. That's right. It

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was a mid term primary. Nobody cared about it, and

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so as a result, you've got three people. I hear

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people since then going around going, oh, there is a

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strong movement in this country towards Democrats socialism, and I'm thinking,

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I don't think so. Keep hearing these people talking about

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broad support for the new far left faces. If you

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get seven percent turnout, seven percent of registered voters, not

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even seven percent of population, it's seven percent of registered voters.

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That means, I know you're good at math. That means

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ninety three percent of the people did not Chew did

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not vote, And that is exactly the same. It was

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a little different. Want I want to believe I'm doing

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this for memory. When AOC was elected as a New

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York congresswoman, it was nine percent of the population turned out,

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and so the Democrat Socialist got to give them credit.

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They are good at getting people who support their agenda

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getting them out to vote, but nobody else seems to care.

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So I don't think there's a broad agenda for the

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far far far socialist we got, Like I said, there's

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a primary today in Colorado. Go back to here in

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New York. Chevalier. She deleted tweets favoring Karl Marx, abolishing police.

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She doesn't want any prisons, not just some, no all

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of them. Close them down. And what bothers me about

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this is she deleted those tweets. And the same with

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this lady running in Colorado today. It's the same kind

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of deal where she has a bunch of tweets and

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she has deleted them, and I shame on them. They

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should be proud of and promote their beliefs. This woman

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in Colorado, her last name is Keiros and she is

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a lawyer, a PhD student. She's twenty nine years old.

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She's a Democrat Socialist. The first time she's ever run

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for anything. She was a barriist. Well, guess who else

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was a barriista aoc Her family immigrated to the United

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States from Ethiopia when she was a baby. She lost

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her campaign last year, and she is going against a

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woman I don't know her first name, Congresswoman to Get.

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Congresswoman to Get is sixty eight years of old, sixty

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eight years of age. She has been a congresswoman from

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Denver for fifteen terms. That's thirty years. Oh and by

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the way, Congresswoman to Get is a long time far

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left progressive, but she's not far enough left for the

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Democrat socialist. So this young lady I don't have first

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names written down Kiros, lawyer, PhD student, barista immigrant. She

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is blaming the establishment Democrats for being beholden to corporate

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interest and that the longtime congresswoman from Denver has lost

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step with its roots. So I think the new ones.

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That's a whole new root system. So it's it's interesting

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to watch the elections. I really do think they should

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by the leading tweets. Shame on them. That should be,

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that should be well known that they put this up.

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They're afraid to say it now that they're going to

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in the November election, they'll get more than seven percent response.

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But this is another one that's a doozy out there.

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So Hello, Colorado, will find out tonight what you came

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up with. I wouldn't be a bit surprised if this

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Kiros lady wins, beats the lady who's been there for

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thirty years. Okay, it's it's kind of elections related, it's

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politics related. The Housing bill. The Housing bill is coming

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back around again. Apparently they were going to have a

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big signing ceremony last week. They had the whole thing

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set up. They had a little table for the President

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to sign the bill, and with an hour to go,

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the President said, nope, I'm not signing it until you

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people in Congress passed the Save America Act, which is

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a voting bill, and he wants it, and there's a

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lot of people in Congress who don't. It doesn't have

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enough votes in the Senate for even Republican senators. So

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it's it's an uphill battle that doesn't look like it'll

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be won. So Mike Johnson, the Speaker, has got the

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housing bill back around again and is going to present

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it to the White House. The President was asked about

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it in the Oval Office, and this is what he said.

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Speaker 3: Will you sign that housing bill?

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Speaker 6: And I have not did.

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Speaker 1: It hasn't been sent to me yet. It's coming, I understand,

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and then I'll make it.

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Speaker 5: Then I'll make a different Here's what I would like

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to sign much more than a bill, that big deal.

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Speaker 2: It's a yawn.

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Speaker 1: Something was just wonderful to me, compared to the Save

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America Act. Just about everything is a big yawn. Okay,

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so the left is going crazy. You said, did you

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hear what Donald Trump said? Everything's a big yawn. This

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is about affordability. This is about people trying to find

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a home that they can buy. Well, it's a perfect,

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perfect silver platter for people to criticize the president, but

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it's the housing bill is not what you think you think.

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All right, People are having a hard time buying houses,

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especially young people. It's always been difficult, but it's more

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difficult now. So the Housing bill will bring a housing

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affordability to people. And there's a lot of people out

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there that are trying to afford a house and would

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like to buy one, and they're going, oh my gosh,

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Congress finally did something. Is bipartisan. It was written by

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Elizabeth Warren. That should give you a clue about its origins.

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She's far left. And when you look at the bill,

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this is not going to help anybody anywhere anytime soon.

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It just won't. I mean, when it comes to what's

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bad about the housing bill, it's basically a socialist agenda.

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It doesn't affect affordability of homes, it doesn't affect the

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monthly payment problem. Housing is a local issue. What's going

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on in your town is not the same as going

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on one thousand miles away, and housing is intrinsically tied

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to local zoning ordinances, land use laws written by cities

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or counties or states. Federal level legislation has never really

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done anything about housing affordability, about high density, about missing

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middle income houses. So what this involves is trying to

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help the lowest income renters. So this for that, fine,

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but that's what this is. This is a program that

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supports public housing operations and housing vouchers. So for a

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lot of really low income people, this might help. But

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this is not This is not the solution to the

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housing problem in this country. The housing problem is we

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don't have enough houses. And who's standing in the way

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are your cities and counties and their land use laws

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and they're permitting laws and all those things. So this

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also what this also does is it requires them to

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be able housing people to be able to access cookie

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cutters where there would be one design of housing and

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you multiply it, so it would be really cheap just

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to keep cookie cutting the thing. So we're going to

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wind up with a bunch of cities and counties that

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all have cookie cutter homes. I don't know if I

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would even want that if I was on my starter home.

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But this is a bad deal. It just is. And

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the President is going to be criticized because it's easy

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to criticize him when he doesn't sign the housing bill

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when we have a housing shortage. So Jackie Cascinach from

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the Boston Globe, this is her view.

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Speaker 6: Oh my gosh, Mike Johnson hasn't had a good day

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and so long, so this is a bill we should

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go back. This is a bill that passed with bipartisan majorities,

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and we actually were told that President Trump was going

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to sign this bill. The White House has supported it

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in several different forms, as the House and the Senate

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has actually worked to get a compromised bill, and then

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at the last minute the President decided to blow it

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up because of the Save America Act, and this was

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going to be an easy win, another piece of legislation

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Republicans could hold up other than the big beautiful bill

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and say, look, we're trying to address what some of

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the concerns one of the major concerns of the country are.

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And right now it's in limbo. You know, might the

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President beto it, Might he just wait those ten d's

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and so it would become law. Maybe he'll sign it.

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They don't know. And in the meantime, Democrats are getting

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all of the all of this fodders of what he's

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saying publicly to make their case in the Mitium election.

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Speaker 1: Yeah. So the gist of what you just heard from

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Jackie Cascinach is that the Republicans could have held this

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up and said, CCC, we're doing all these wonderful things

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for you. One in fact it would. It'd be a

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total charade. It's a total charade that the Republicans would

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even go with this thing. They're just looking for a

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political pr stunt. But this housing bill doesn't fix in

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the slightest. But that's what they consider. I guess doing

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00:26:07,599 --> 00:26:13,599
a good job in DC sad it really is all right.

399
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We haven't talked to Iran. Iran is sending a delegation

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to Doha today and Steve Witkoff and Jared Kushner are

401
00:26:25,440 --> 00:26:29,000
also going to be in Doha today and they're going

402
00:26:29,039 --> 00:26:32,839
for meetings. And the Iranian delegation is going for meetings,

403
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but they're not going for meetings with each other. They're

404
00:26:36,519 --> 00:26:40,559
going for meetings with other people. So the delegation from

405
00:26:40,599 --> 00:26:43,319
Iran is in Doha today, they're not talking to wit

406
00:26:43,480 --> 00:26:51,880
Coff and Kushner, and it's just it's just boggles my mind.

407
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So talking about gamesmanship, I guess that's what you do

408
00:26:55,000 --> 00:26:59,279
in politics, is you just play games. And so they're

409
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playing games. We sent people negotiators to Doha. Wall Street,

410
00:27:08,359 --> 00:27:10,079
you want to talk about let me look up the

411
00:27:10,200 --> 00:27:12,480
numbers here, because we've finished a quarter. I want to

412
00:27:12,480 --> 00:27:16,960
give you the actual numbers from that now that we've

413
00:27:17,000 --> 00:27:22,319
got this three months under our belt, the Nasdaq had

414
00:27:22,319 --> 00:27:28,039
the best quarter since twenty twenty. Let's see some of

415
00:27:28,079 --> 00:27:31,000
the other numbers. The Dow. Let's sit the numbers I

416
00:27:31,039 --> 00:27:33,000
found were for the first six months. The Dow gained

417
00:27:33,000 --> 00:27:36,079
eight point nine percent for the first six months of

418
00:27:36,119 --> 00:27:39,759
this year. That's the best first half performance since twenty

419
00:27:39,839 --> 00:27:44,000
twenty one. The S and P five hundred climbed nine

420
00:27:44,079 --> 00:27:48,000
point six percent in the first half, and the NASDAK

421
00:27:48,480 --> 00:27:52,119
performed with a little more than a twelve percent advance.

422
00:27:52,880 --> 00:27:57,160
The Russell two thousand gained almost twenty two percent. That's

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00:27:57,200 --> 00:28:00,200
the best that they've seen for first half results since

424
00:28:00,279 --> 00:28:02,920
nineteen ninety one. I don't want to bore you with

425
00:28:02,920 --> 00:28:04,720
a lot of numbers. So that was the first half,

426
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but obviously the second part, the second quarter was a

427
00:28:10,400 --> 00:28:13,880
lot better than the first quarter, because for the previous

428
00:28:14,160 --> 00:28:17,519
three months, well that's when all the tech stocks and

429
00:28:17,559 --> 00:28:20,440
the AI stocks have just been on fire. For the

430
00:28:20,559 --> 00:28:25,119
second quarter, the Dow was up thirteen percent, the Nasdaq

431
00:28:25,559 --> 00:28:28,920
was up nineteen percent, the S and P was up

432
00:28:29,039 --> 00:28:34,240
fourteen percent. So great second quarter overall, it was better

433
00:28:34,279 --> 00:28:36,440
than the first quarter. But the first quarter was nothing

434
00:28:36,480 --> 00:28:40,000
to sneeze at, so good for the overall stats for

435
00:28:40,039 --> 00:28:42,640
the first half of the year. Other economic news to

436
00:28:42,680 --> 00:28:47,400
day Japan. The Japanese yen dropped to a forty year

437
00:28:47,920 --> 00:28:51,359
low versus the US dollar. So, I mean, you've got

438
00:28:52,400 --> 00:28:55,079
a lot that has changed over the last forty years.

439
00:28:55,119 --> 00:29:00,279
There and then one sports note. No, there's nothing you

440
00:29:00,319 --> 00:29:03,640
can buy or sell on Wall Street on this. Lebron

441
00:29:03,759 --> 00:29:07,559
James made an announcement today He's not going to play

442
00:29:07,680 --> 00:29:11,400
for the Los Angeles Lakers, but he's not quitting. He

443
00:29:11,440 --> 00:29:16,839
said he will play his twenty fourth season somewhere else.

444
00:29:17,440 --> 00:29:20,799
I don't know where that else is, but Lebron is

445
00:29:20,880 --> 00:29:26,759
leaving LA. I don't know something about LA basketball. I mean,

446
00:29:26,880 --> 00:29:31,920
remember Magic Johnson and diagnosed with AIDS, and he retired,

447
00:29:32,319 --> 00:29:34,480
and then he came back a year and a half later,

448
00:29:34,839 --> 00:29:37,279
and then retired, and then came back a year and

449
00:29:37,319 --> 00:29:40,559
a half later. He retired three times. I guess hard

450
00:29:40,599 --> 00:29:46,400
to leave Los Angeles NBA basketball. It's tinseltown and they

451
00:29:46,440 --> 00:29:48,279
get a lot of perchs and a lot of attention

452
00:29:48,400 --> 00:29:51,799
out of what they do there. All right, So Wall Street,

453
00:29:51,880 --> 00:29:55,839
let's talk about today. Now finished with the record high

454
00:29:56,359 --> 00:30:00,279
up one hundred and thirty six to fifty two in

455
00:30:00,319 --> 00:30:04,720
three nineteen s and p up fifty eight, Nasdaq up

456
00:30:04,799 --> 00:30:08,440
three hundred and ninety three. Price of gold fell thirteen

457
00:30:08,480 --> 00:30:13,359
dollars down to four thy twenty five, and oil down

458
00:30:14,599 --> 00:30:17,480
a little less than a dollar still with a seven.

459
00:30:17,519 --> 00:30:21,640
It's seventy dollars for one barrel of West Texas Intermediate.

460
00:30:22,119 --> 00:30:24,440
So that's it for today. Thank you for coming by.

461
00:30:24,599 --> 00:30:28,279
We will be back again tomorrow and I hope to

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see you then