WEBVTT 1 00:00:00.960 --> 00:00:04.839 You're listening to Bill Handle on demand from KFI AM 2 00:00:04.879 --> 00:00:10.080 six forty KFI AM six forty Bill Handle. Here it 3 00:00:10.320 --> 00:00:12.919 is a Monday morning, April seventh. Nice to be back again. 4 00:00:12.960 --> 00:00:15.640 I've been gone for three weeks, as you know, and 5 00:00:15.720 --> 00:00:19.440 it was normally it's a vacation. Well this one was 6 00:00:19.679 --> 00:00:29.399 vacation slash getting married slash, honeymoon slash taking some time 7 00:00:29.480 --> 00:00:34.759 off slash. And so people want to know, and I've 8 00:00:34.759 --> 00:00:37.840 been asked, you know, what's this marriage business? I go, well, 9 00:00:38.359 --> 00:00:43.479 let me put it this way. March twentieth was the 10 00:00:43.520 --> 00:00:46.520 evening of my marriage, and I would say, right now, 11 00:00:46.560 --> 00:00:50.119 it's already starting to fall apart. It's happening a lot 12 00:00:50.200 --> 00:00:54.119 sooner than I anticipated. But Neil was there as my 13 00:00:54.240 --> 00:01:00.320 best man, and Neil got very sick man. We're the 14 00:01:00.320 --> 00:01:03.640 best this man and originally and I wanted to do 15 00:01:03.679 --> 00:01:06.519 a lot of shtick. Neil and I are the stickmeisters. 16 00:01:06.560 --> 00:01:08.079 By the way, for those of you that would like 17 00:01:08.159 --> 00:01:11.159 to see a little bit of what it was about, 18 00:01:11.680 --> 00:01:14.920 you can go to my Instagram page at Bill Handles 19 00:01:14.920 --> 00:01:18.400 Show and there's a little short video and there are 20 00:01:18.519 --> 00:01:22.120 some photos, and then I think there's a link to 21 00:01:22.799 --> 00:01:30.040 Lindsay's page Lindsay Soprano, and that's the wife. And she 22 00:01:30.719 --> 00:01:34.040 has put a whole bunch of photos and videos. I mean, 23 00:01:34.040 --> 00:01:37.840 she's really into this social media stuff, has been for 24 00:01:37.920 --> 00:01:40.920 a lot of years. So she is one of you folks. 25 00:01:40.920 --> 00:01:43.480 Am I into? So I'm not in a social anything. 26 00:01:43.519 --> 00:01:46.239 What She's twenty five and a lot of young people 27 00:01:46.239 --> 00:01:46.599 are into. 28 00:01:46.879 --> 00:01:49.959 No, she's not. We say she's twenty five. Not quite. 29 00:01:51.680 --> 00:01:53.840 Let me put it this way. When we first met, 30 00:01:53.920 --> 00:01:56.480 and I've been this has been going on for a 31 00:01:56.519 --> 00:01:59.640 bunch of years. I've been separated from Marjorie for over 32 00:01:59.640 --> 00:02:04.280 five year years. Lindsay and I had to wait for 33 00:02:04.280 --> 00:02:07.799 her to graduate high school because I just didn't I 34 00:02:08.120 --> 00:02:10.639 just wasn't prepared to get involved with the law at 35 00:02:10.639 --> 00:02:11.479 that point. 36 00:02:11.520 --> 00:02:13.560 Oh you didn't want up to drive her to school 37 00:02:13.879 --> 00:02:14.680 and pick her up? 38 00:02:14.840 --> 00:02:21.159 Yeah, well, someone said, someone sent a comment, posted a 39 00:02:21.199 --> 00:02:25.919 comment saying handle your a walking cliche. Yeah I saw that. 40 00:02:28.039 --> 00:02:29.520 Well what are you gonna do? 41 00:02:29.759 --> 00:02:32.280 Yeah? And so coming up at eight o'clock, Coming up 42 00:02:32.319 --> 00:02:35.560 at eight o'clock, we're going to have I'm gonna have 43 00:02:35.599 --> 00:02:38.000 Lindsay on the show. She's gonna come in and say 44 00:02:38.080 --> 00:02:41.000 hi and you get a chance to see basically how 45 00:02:41.120 --> 00:02:46.520 nuts she is. Super liberal, Uh, that's sir, politics far 46 00:02:46.520 --> 00:02:49.919 more than I am. And people the people have been 47 00:02:49.919 --> 00:02:53.520 writing in, people would follow social media and her comments. 48 00:02:53.599 --> 00:02:56.319 And she's not a big fan of Donald Trump to 49 00:02:56.319 --> 00:02:59.439 say the least. As I said earlier, when we were 50 00:02:59.560 --> 00:03:03.240 traveling through Italy, and people inevitably ask when they hear 51 00:03:03.520 --> 00:03:06.439 people speaking, where are you from? You know, hey, what 52 00:03:07.000 --> 00:03:08.639 part of the United States are you from? Or where 53 00:03:08.680 --> 00:03:12.719 do you come from? Inevitably I would say Los Angeles 54 00:03:12.800 --> 00:03:16.479 area or California. She would always start with, start with 55 00:03:17.199 --> 00:03:23.240 I didn't vote for him, that's simple, and then the 56 00:03:23.280 --> 00:03:27.280 conversation would split off about life in Italy and how 57 00:03:27.319 --> 00:03:30.159 great the pizzas are, and they are, I mean the 58 00:03:30.159 --> 00:03:33.560 food they're smoked. Yeah, they know, they know how to 59 00:03:33.560 --> 00:03:36.759 make well, they make really good Italian food, and it 60 00:03:37.000 --> 00:03:38.960 just it's insane. 61 00:03:39.280 --> 00:03:44.120 Really, the Italians make really good Italian food. Yeah, I 62 00:03:44.159 --> 00:03:46.960 hear the Chinese make really good Chinese food too. 63 00:03:46.919 --> 00:03:52.280 Not necessarily, well, it depends what you're used to, but yeah, 64 00:03:52.360 --> 00:03:53.520 I had one. 65 00:03:53.560 --> 00:03:57.120 So so pizza out there, but every pizza was phenomenal. 66 00:03:57.199 --> 00:04:01.039 Every pasta, the carbonaa man is. 67 00:04:00.800 --> 00:04:02.400 I know it's crazy, but let me let me throw 68 00:04:02.400 --> 00:04:05.599 a foody topic at you or foodie question. I just 69 00:04:05.680 --> 00:04:09.800 mentioned that Chinese food in China is not necessarily that 70 00:04:09.960 --> 00:04:13.479 good Chinese food in China is not American eyes. You 71 00:04:13.520 --> 00:04:17.439 go to PF. Chang's, for example, it's Americanized Chinese food, 72 00:04:17.439 --> 00:04:21.959 and most Chinese restaurants are. There aren't American eyed Italian 73 00:04:22.000 --> 00:04:27.439 restaurants that I've ever seen. It's just other than spaghetti 74 00:04:27.439 --> 00:04:30.920 and meatballs heat balls, But that's about it. 75 00:04:31.439 --> 00:04:35.920 Here's the difference is we tend to regionalize, so we 76 00:04:36.040 --> 00:04:41.240 will have certain things here that are Italian, but they're 77 00:04:41.319 --> 00:04:44.199 not from a bunch of regions. So it became more 78 00:04:44.240 --> 00:04:47.240 popular about within the last ten years or so where 79 00:04:47.600 --> 00:04:51.920 you would find regional Italian food, so you could find 80 00:04:52.040 --> 00:04:59.680 small areas of Italy that weren't represented in traditional Americanized Italian. 81 00:04:59.240 --> 00:05:02.480 Food Northern Italian. By the way, for those of you 82 00:05:02.519 --> 00:05:05.279 that I said earlier, I'm not a big fan of 83 00:05:05.279 --> 00:05:11.439 Sicily or Southern Italy. Naples, waste of time, Sicily even worse, 84 00:05:12.000 --> 00:05:16.240 they actually when they build roads they build them with 85 00:05:16.240 --> 00:05:22.720 potholes in Sicily. Oh yeah, it's that bad. I mean, 86 00:05:22.759 --> 00:05:26.759 there's poor Graffitis every place. I mean, it is just 87 00:05:27.079 --> 00:05:30.800 not a particularly wonderful place my opinion and everybody else's 88 00:05:30.839 --> 00:05:34.879 opinion that I've ever talked to northern Italy. And we 89 00:05:35.000 --> 00:05:39.759 got married right outside of Verona in a castle. I mean, 90 00:05:39.800 --> 00:05:41.120 if you can imagine. 91 00:05:40.680 --> 00:05:44.560 That like a castle in quotes, it's a castle. 92 00:05:45.639 --> 00:05:47.639 Yeah, no, it's a castle. It's a castle castle. It 93 00:05:47.680 --> 00:05:52.480 was built in the thirteen hundreds castle and has been renovated. 94 00:05:52.519 --> 00:05:55.160 The last major renovation was in the eighteen hundreds. And 95 00:05:55.199 --> 00:05:58.920 then Andrea, whose family owns it. Andrea actually runs a 96 00:05:58.959 --> 00:06:02.360 young man in his thirties. His grandfather bought it and 97 00:06:03.040 --> 00:06:07.959 completely brought it up to what it is today. I mean, 98 00:06:08.000 --> 00:06:11.079 it's just did a brilliant job. So anyway, it's a 99 00:06:11.120 --> 00:06:13.519 it's a venue. We booked the entire thing. We all 100 00:06:13.560 --> 00:06:17.240 stayed there at the castle, and it was it was 101 00:06:17.279 --> 00:06:20.879 pretty neat. Northern Italian food, that is Rome North is 102 00:06:21.000 --> 00:06:24.480 really good and that's the wealthiest part of Italy. Anyway, 103 00:06:25.120 --> 00:06:28.920 the more south you go, the poorer the roads are, 104 00:06:29.079 --> 00:06:33.120 or the poorer the economy is. So I'm a big 105 00:06:33.160 --> 00:06:36.279 fan of Sicilian food either. It's just not the same 106 00:06:36.279 --> 00:06:39.000 as Northern Italy. Okay, doubles, I. 107 00:06:38.959 --> 00:06:42.160 Mean is where you get you know, that thin crust pizza. 108 00:06:42.439 --> 00:06:44.240 Yeah, I know, but it's for the most part, the 109 00:06:44.240 --> 00:06:49.040 thin crust pizza tends to be soggy. There there no 110 00:06:49.160 --> 00:06:52.560 there were a couple of places where I went, Tara 111 00:06:52.639 --> 00:06:56.399 Mina outside of Palermo, is I had the best then 112 00:06:56.480 --> 00:06:59.839 crust pizza I've ever had in my life. It was spictack, 113 00:07:01.079 --> 00:07:04.680 thin crust where it stayed crispy for the entire meal. 114 00:07:05.480 --> 00:07:06.279 Not easy to do. 115 00:07:08.160 --> 00:07:09.439 It's not always the best. 116 00:07:10.319 --> 00:07:15.160 Okay. As I'm coming back in reality is hitting. I'm 117 00:07:15.199 --> 00:07:18.040 looking at a bunch of screens and I'm looking at 118 00:07:18.560 --> 00:07:21.120 you know, Fox and CNN, which I do every day anyway. 119 00:07:21.600 --> 00:07:24.680 And when the market opened this morning, the Dow was 120 00:07:25.639 --> 00:07:29.120 it started at a negative sixteen hundred points. I mean, 121 00:07:29.160 --> 00:07:32.639 it was down. It has now changed. A few minutes 122 00:07:32.639 --> 00:07:35.319 ago it was up four hundred. Now now it's up 123 00:07:35.319 --> 00:07:37.879 about eighty and the market's not even been open for 124 00:07:37.920 --> 00:07:41.519 an hour yet, so New York Clock Exchange. So we're 125 00:07:41.560 --> 00:07:43.199 going to see it bounce all over the place. But 126 00:07:43.480 --> 00:07:45.600 what I want to do is talk a little bit 127 00:07:45.600 --> 00:07:49.560 about short term, long term in terms of what is 128 00:07:49.600 --> 00:07:52.560 going on with these tariffs in the world economy and 129 00:07:52.560 --> 00:07:55.680 a little bit of history, and I think there is 130 00:07:55.720 --> 00:07:59.319 an analogy that should be made, or it has to 131 00:07:59.319 --> 00:08:03.319 be a couple of presidencies have to be compared. First 132 00:08:03.319 --> 00:08:05.839 of all, for those of you that hate Donald Trump 133 00:08:05.879 --> 00:08:09.279 and you hate what's going on economically, this is not 134 00:08:09.319 --> 00:08:12.040 a case of Donald Trump waking up one morning and saying, Okay, 135 00:08:12.040 --> 00:08:14.399 what can I do to really destroy the world markets 136 00:08:14.399 --> 00:08:19.560 here and wipe out the economies of entire countries, entire hemispheres. No, 137 00:08:19.839 --> 00:08:22.600 it's what he believes. And by the way, he's not 138 00:08:22.720 --> 00:08:26.600 off is that there is no basic fairness going on. 139 00:08:27.560 --> 00:08:30.360 And the reason he's kicking in all these tariffs is 140 00:08:30.439 --> 00:08:33.960 real simple. They tear if us, We're going to teariff them. 141 00:08:34.840 --> 00:08:38.919 American products are not seen in many parts of the world. 142 00:08:39.919 --> 00:08:42.960 Why because many parts of the world put up tariffs. 143 00:08:43.440 --> 00:08:46.679 I just got back from Europe. How many American cars 144 00:08:46.720 --> 00:08:51.559 that I see? Not many, that's for sure. It was 145 00:08:51.600 --> 00:08:54.559 all European cars or Japanese cars all over the place. 146 00:08:55.279 --> 00:08:59.720 No American cars. You won't go to China and find 147 00:08:59.759 --> 00:09:02.559 them American car You won't go to Japan and find 148 00:09:02.639 --> 00:09:07.679 American cars. Why because they make it difficult to bring 149 00:09:07.759 --> 00:09:10.240 in American cars. They tariff the hell out of them. 150 00:09:10.799 --> 00:09:15.279 Someone wants an American car, let's say South America. Guess 151 00:09:15.320 --> 00:09:17.720 what you pay. That person has to pay a whole 152 00:09:17.759 --> 00:09:20.320 lot more money for it because of the duties, the teriffs. 153 00:09:21.039 --> 00:09:23.279 And so what Donald Trump wants to do is just 154 00:09:23.320 --> 00:09:27.200 make it fair, that's all. And he is asking for reciprocity. 155 00:09:27.919 --> 00:09:32.000 Real simple. You charge us twenty four percent for that product, 156 00:09:32.600 --> 00:09:36.039 will charge you twenty four percent for this other product. 157 00:09:36.799 --> 00:09:39.799 It's that simple. Now people think that tariffs twenty four 158 00:09:39.799 --> 00:09:42.720 percent across the board. You know that tariffs on are 159 00:09:42.840 --> 00:09:47.120 on items. If you actually look at the tariff laws 160 00:09:47.960 --> 00:09:50.799 of the United States, when you look at the list 161 00:09:50.919 --> 00:09:57.320 of tariff that industries tariff products, there are hundreds of thousands. 162 00:09:57.799 --> 00:10:02.399 For example, let's talk about jewelry overseas. You bring in 163 00:10:02.519 --> 00:10:05.720 a piece of jewelry a ring, that's one tariff. Now 164 00:10:05.759 --> 00:10:09.600 you bring in a stone and a separate setting, that's 165 00:10:09.639 --> 00:10:13.840 another tariff. It's a different thing. Same thing with car parts, 166 00:10:13.840 --> 00:10:19.519 same thing with everything that's brought in, different kinds of terrorists, 167 00:10:19.519 --> 00:10:22.399 different duties. And what Trump is saying, we're gonna make 168 00:10:22.399 --> 00:10:27.200 it just even Stephen or even Donald and long term, 169 00:10:27.240 --> 00:10:30.120 that makes sense because look what he's saying. He is saying, 170 00:10:30.919 --> 00:10:36.279 because our products are sold over there and their products 171 00:10:36.279 --> 00:10:39.639 are not sold here. What tends to happen as Americans 172 00:10:39.679 --> 00:10:43.399 are buying foreign products, which means American workers are not 173 00:10:43.559 --> 00:10:46.480 being employed, factories are not being built. And historically he 174 00:10:46.519 --> 00:10:50.360 is absolutely right. Look at the factories along the Mexican border, 175 00:10:50.399 --> 00:10:54.440 the car manufacturing factories and the assembly factories, the assembly 176 00:10:54.559 --> 00:10:58.279 plants just south of the border, Tijuana and beyond the Machiadores, 177 00:10:58.480 --> 00:11:01.679 I think is what they call him. Where the worker 178 00:11:01.799 --> 00:11:05.480 gets three dollars an hour or two dollars an hour 179 00:11:05.519 --> 00:11:07.759 with none of the benefits. You move that same factory 180 00:11:07.799 --> 00:11:10.240 north of the border a mile away, and all of 181 00:11:10.279 --> 00:11:12.559 a sudden, you're paying thirty four dollars an hour for 182 00:11:12.639 --> 00:11:18.279 a manufacturing worker a car assembly worker, plus benefits, plus 183 00:11:19.039 --> 00:11:21.639 union dues that they have to put into I mean, 184 00:11:21.720 --> 00:11:25.279 and you've got pensions. All of that doesn't exist in Mexico. 185 00:11:26.799 --> 00:11:28.360 So it makes a lot of sense. That's why all 186 00:11:28.360 --> 00:11:30.360 those factories there. And Trump is saying, wait a minute, 187 00:11:30.919 --> 00:11:34.720 that means that American workers, American factories are not being built. Here, 188 00:11:34.759 --> 00:11:41.639 and he's right. However, this is a case of not 189 00:11:41.679 --> 00:11:44.799 only throwing out the bath water with the baby or 190 00:11:44.840 --> 00:11:47.480 the baby with the bathwater, but throwing out the tub, 191 00:11:47.679 --> 00:11:53.000 the bathroom, the house, the neighborhood. And it's going through well, 192 00:11:53.120 --> 00:11:56.960 this is typical trump esque, and that is you go 193 00:11:57.039 --> 00:12:01.639 through this like a lawnmower goes through a backyard full 194 00:12:01.679 --> 00:12:05.080 of grass, if it is one of those sit down mowers. 195 00:12:05.080 --> 00:12:10.039 What a horrible analogy. It's like a hot knife through butter. 196 00:12:10.159 --> 00:12:12.519 That's better, I know, Neil, don't give you that look. Yes, 197 00:12:12.559 --> 00:12:16.759 that's terrible analogy. But it's happening so rapidly, so overwhelmingly, 198 00:12:16.799 --> 00:12:19.000 where even the government is going, Okay, we made a mistake. 199 00:12:19.039 --> 00:12:22.080 Oh my god, we fired everybody. Well, that's the other thing. 200 00:12:22.480 --> 00:12:25.360 Not only is it a terriff issue, it's also cutting 201 00:12:25.679 --> 00:12:29.240 the expenses of the government, and doing that by letting 202 00:12:29.240 --> 00:12:34.559 go of hundreds of thousands of federal employees and unraveling 203 00:12:34.720 --> 00:12:38.519 entire agencies. Department of Education disappearing, for example. It's on 204 00:12:38.559 --> 00:12:43.120 its way to just not existing anymore, FEMA not existing anymore. Now, 205 00:12:43.120 --> 00:12:45.360 that doesn't mean that the services aren't going to be provided. 206 00:12:45.480 --> 00:12:49.480 There'll be another agencies with the philosophy is cut cut cut, cut, cut, 207 00:12:49.960 --> 00:12:52.519 and the philosophy is let's be more fair, fair, fair, 208 00:12:52.600 --> 00:12:54.600 fair fair, and in the end the American work will 209 00:12:54.639 --> 00:12:57.519 do better, factories will be built, all of that. That's 210 00:12:57.559 --> 00:13:01.519 if it pans out. Okay, fair enough. Here's the problem. 211 00:13:02.159 --> 00:13:06.639 If it pans out, that's years in the making, assuming 212 00:13:06.720 --> 00:13:12.360 that President Trump is right, years in the making. So 213 00:13:12.399 --> 00:13:14.120 what happens tonight, Oh, I don't know. A pair of 214 00:13:14.200 --> 00:13:18.360 a tariff kicks in tonight, midnight Wednesday, another major era, 215 00:13:18.399 --> 00:13:22.200 a tariff kicks in. Well, how about this, A tiff 216 00:13:22.240 --> 00:13:25.440 can kick in on midnight on Wednesday, announce the factory 217 00:13:25.519 --> 00:13:28.440 being built midnight on Wednesday and have it opened up 218 00:13:28.480 --> 00:13:33.440 three minutes later. Doesn't quite work that way. So this 219 00:13:33.559 --> 00:13:37.320 is very long term, and we've gone from day one. 220 00:13:37.440 --> 00:13:43.080 Remember the day one promises the economy is going to 221 00:13:43.120 --> 00:13:48.240 be better, the costs will costs for everything will come down, 222 00:13:49.759 --> 00:13:53.200 Inflation will come down, although inflation was just fine when 223 00:13:53.200 --> 00:13:55.600 he took office. But that's beside the point. I mean 224 00:13:55.639 --> 00:13:59.799 a lot of day one stuff has not happened. This 225 00:14:00.360 --> 00:14:04.440 is certainly not day one. I'm looking at the market 226 00:14:04.919 --> 00:14:08.679 as we speak, watching CNN and Fox, etc. And the 227 00:14:08.799 --> 00:14:13.120 numbers are bouncing two thousand points one way or the other. 228 00:14:14.200 --> 00:14:18.759 The volatility is insane. First of all, there are rumors 229 00:14:18.799 --> 00:14:21.840 that the tariffs are going to end, or that Trump 230 00:14:21.919 --> 00:14:26.240 is negotiating right now with countries. Well based on that, 231 00:14:26.840 --> 00:14:29.840 the market goes one way. When those rumors say, nah, 232 00:14:30.000 --> 00:14:32.919 that's not true, it goes the other way. And the 233 00:14:32.960 --> 00:14:35.360 White House has said that there are fifty countries now 234 00:14:35.399 --> 00:14:39.840 that are negotiating with the United States regarding to regarding tariffs. 235 00:14:40.759 --> 00:14:43.080 I don't know how much of that is true. And 236 00:14:43.320 --> 00:14:45.919 tariffs are a whole world down to themselves, depending on 237 00:14:45.960 --> 00:14:50.279 which markets, depending on what industries, what is manufactured, what 238 00:14:50.320 --> 00:14:54.080 the business is. For example, range Rover has just stopped 239 00:14:54.080 --> 00:14:56.960 thirty days. They're done. They're not importing in the United States. 240 00:14:57.159 --> 00:14:59.240 The problem is you have these countries where the American 241 00:14:59.279 --> 00:15:04.120 market is so important to them, where such a huge 242 00:15:04.159 --> 00:15:09.960 amount of sales are made in America that the threat 243 00:15:10.000 --> 00:15:16.320 of tariffs which effectively stops for example, Okay, champagne, right. 244 00:15:17.039 --> 00:15:19.639 I don't know what the percentage is of the market 245 00:15:19.720 --> 00:15:22.919 the United States buys and champagne, but it's huge. And 246 00:15:22.960 --> 00:15:25.039 all said, if the tariffs go up fifty percent, that's 247 00:15:25.080 --> 00:15:28.600 a big problem, and sales drop dramatically, And all of 248 00:15:28.639 --> 00:15:30.799 a sudden you have people that are affected here in 249 00:15:30.840 --> 00:15:37.039 that industry are getting nailed. People in the housing industry 250 00:15:37.080 --> 00:15:40.240 because tariffs on lumber coming in from Canada. Well, if 251 00:15:40.279 --> 00:15:43.279 they're paying that much more for wood, then builders are 252 00:15:43.279 --> 00:15:45.519 in a lot of trouble because they just now have 253 00:15:45.559 --> 00:15:47.960 to pay twice as much or fifty percent more for wood. 254 00:15:48.720 --> 00:15:52.000 So what's happening here? And I want to share this 255 00:15:52.080 --> 00:15:55.360 And as I said earlier, Trump long term, I mean, 256 00:15:55.399 --> 00:15:58.159 I think his motivations are pretty clear, and that is 257 00:15:58.200 --> 00:16:01.360 he wants manufacturing me to the United States, He wants 258 00:16:01.399 --> 00:16:04.919 workers to be employed, and he is willing to turn 259 00:16:05.080 --> 00:16:09.039 the US on its ear Now has this happened before 260 00:16:09.120 --> 00:16:11.720 with a president literally taking the United States and moving 261 00:16:11.720 --> 00:16:16.519 in an entirely different direction. You bet. Franklin Roosevelt. Franklin 262 00:16:16.600 --> 00:16:27.120 Roosevelt invented social security, invented the SEC, invented financial controls 263 00:16:27.240 --> 00:16:33.080 on banks, the FDIC, turned America completely into governmental intervention 264 00:16:33.639 --> 00:16:37.360 and the safety net. But here is the turn America 265 00:16:37.360 --> 00:16:40.120 around before that didn't exist. Now, all of a sudden, 266 00:16:40.159 --> 00:16:42.399 we have quote a socialized government. As a matter of fact, 267 00:16:42.399 --> 00:16:44.919 for those people that think that socialism is here, it 268 00:16:44.960 --> 00:16:48.240 all started with Franklin Roosevelt at the turn of the 269 00:16:48.240 --> 00:16:53.399 Great Depression. But here is the difference. Franklin Roosevelt inherited 270 00:16:53.440 --> 00:17:00.399 the depression, and he was reacting to America starving. The 271 00:17:00.399 --> 00:17:05.400 Civilian Conservation Corps, for example, where we have all kinds 272 00:17:05.440 --> 00:17:07.200 of project. If you go to the San Frano Valley, 273 00:17:07.240 --> 00:17:10.680 you see this Pulvid dam. That's a Civilian Conservation Corps 274 00:17:10.720 --> 00:17:14.119 works progress administration just to keep Americans working. That was 275 00:17:14.160 --> 00:17:17.839 all about, you know, the Roosevelt administration hired actors and 276 00:17:18.079 --> 00:17:21.960 writers and Shakespearean actors go around the country and give 277 00:17:22.000 --> 00:17:25.440 speeches anything to pay people. And whether you like it 278 00:17:25.519 --> 00:17:28.799 or not, millions of people did not starve to death 279 00:17:28.880 --> 00:17:35.279 because of that. So that was reactive. What President Trump 280 00:17:35.319 --> 00:17:39.599 is doing is proactive. He didn't inherit an economy that 281 00:17:39.720 --> 00:17:41.960 was falling on its ass. He may say he did. 282 00:17:42.640 --> 00:17:44.920 Inflation was out of control. By the time he took office, 283 00:17:44.920 --> 00:17:49.000 inflation was under control. Was it nine percent? Yeah? It 284 00:17:49.079 --> 00:17:54.400 was horrible and then it dropped and right now it's 285 00:17:54.559 --> 00:17:57.720 in pretty good shape. By the way, He also inherited 286 00:17:57.720 --> 00:18:01.759 an economy where there was full employment, where businesses were 287 00:18:01.799 --> 00:18:08.400 making tremendous amounts of money. Wages in fact, not only 288 00:18:08.400 --> 00:18:11.359 were stable, but going up. Now, comparing the economy under 289 00:18:11.359 --> 00:18:17.880 Biden to Trump's first administration, the Trump administration first one 290 00:18:17.920 --> 00:18:21.440 out was brilliant. But I'll tell you what the best 291 00:18:21.640 --> 00:18:25.359 economic administration we've ever had. For those of you fiscal conservatives, 292 00:18:26.000 --> 00:18:29.839 Bill Clinton, his administration those eight years were the best 293 00:18:29.880 --> 00:18:34.279 the United States ever had. That was one of the 294 00:18:34.279 --> 00:18:36.880 few times where the government was actually not only was 295 00:18:36.880 --> 00:18:41.519 the budget balanced, but it was actually paying off its debt. 296 00:18:43.240 --> 00:18:46.160 Now today we're running into two trillion dollar deficits, two 297 00:18:46.240 --> 00:18:49.119 trillion dollars per year deficits. Can you imagine during Clinton 298 00:18:49.240 --> 00:18:52.799 years it was zero At least one year it was zero. 299 00:18:53.240 --> 00:18:55.440 Last time it happened before that was Dwight Eisenhower in 300 00:18:55.440 --> 00:19:01.839 the fifties. So what you have here is President Trump, 301 00:19:02.759 --> 00:19:06.799 I think, taking a huge chance. Now smaller countries are 302 00:19:06.799 --> 00:19:10.720 going to have no choice but to negotiate. There's no 303 00:19:10.839 --> 00:19:14.279 question Israel has just been tagged with seventeen percent of 304 00:19:14.359 --> 00:19:16.319 terrorists for all the goods sold in the United States 305 00:19:16.319 --> 00:19:20.480 from Israel and nat Now who is in town, and 306 00:19:20.640 --> 00:19:24.359 he's basically going to negotiate to give us a break, please, 307 00:19:24.960 --> 00:19:27.680 And countries that don't have a lot of economic umph 308 00:19:28.200 --> 00:19:29.920 are going to be forced to negotiate. And this is 309 00:19:29.920 --> 00:19:32.279 where Trump may be absolutely right. He goes, I play 310 00:19:32.319 --> 00:19:36.799 hardball and you come to the table countries like China, 311 00:19:37.039 --> 00:19:40.640 and they're saying no, and they're willing to come to 312 00:19:41.119 --> 00:19:44.000 the battle. They're willing to come to the war. And 313 00:19:44.079 --> 00:19:47.039 here's the difference. They don't care their economy may suffer. 314 00:19:47.200 --> 00:19:49.839 And by the way, under these tariffs, the economies of 315 00:19:49.880 --> 00:19:52.039 other countries suffer more than we do. We're too big 316 00:19:52.119 --> 00:19:56.079 a market, will I mean, we're going to suffer, but 317 00:19:56.160 --> 00:20:03.000 not like them. China doesn't care. China saying, okay, we'll 318 00:20:03.000 --> 00:20:04.400 play tit for tat. I don't know how do you 319 00:20:04.400 --> 00:20:06.839 say that in Chinese? I don't even know. Can you 320 00:20:06.880 --> 00:20:10.720 look that up? Tit for tat? And no one's looking 321 00:20:10.720 --> 00:20:16.039 it up in any case. China is they're gonna go 322 00:20:16.079 --> 00:20:18.839 to war with us. She's laughing. Uh, you got other 323 00:20:18.880 --> 00:20:21.119 countries that are not prepared to go to war with us, 324 00:20:21.240 --> 00:20:24.519 especially the countries that don't have the same economic power. 325 00:20:24.799 --> 00:20:27.119 And we don't know what's going to happen at this point, 326 00:20:27.119 --> 00:20:29.200 we don't know. I'll tell you what is probably going 327 00:20:29.240 --> 00:20:31.599 to happen, And Jerome Powell of the Fed said this, 328 00:20:32.839 --> 00:20:37.160 Probably there's going to be a recession. Certainly inflation is 329 00:20:37.200 --> 00:20:41.960 going to go up at least I think it's one hundercent. 330 00:20:41.960 --> 00:20:43.519 I think he's giving it less of a chance than that. 331 00:20:44.039 --> 00:20:47.599 And we're gonna be in an economic era of turmoil. 332 00:20:49.079 --> 00:20:53.200 President Trump has gone from day one beautiful, terrific, it'll 333 00:20:53.240 --> 00:20:57.440 be the best times, you're the economy will explode day 334 00:20:57.480 --> 00:21:01.599 one to now. Okay, it's gonna hurt a little bit, 335 00:21:02.200 --> 00:21:04.519 but it's gonna be for a very very short time, 336 00:21:05.079 --> 00:21:08.319 and it's gonna be just a little bit of a bump. Well, 337 00:21:09.839 --> 00:21:14.559 the stock market going down what six thousand points, seven 338 00:21:14.640 --> 00:21:18.920 thousand points in less than a week, that's not a 339 00:21:18.960 --> 00:21:21.759 little tiny bump. And we'll see what happens today. So 340 00:21:21.799 --> 00:21:23.960 we're gonna be looking at a lot of this right 341 00:21:24.039 --> 00:21:28.480 the second. The market is down according to BBC eight 342 00:21:28.599 --> 00:21:31.920 hundred and nine points. It opened it down fourteen hundred, 343 00:21:32.000 --> 00:21:34.200 went to sixteen hundred dollars south and then went at 344 00:21:34.200 --> 00:21:37.079 one point to five hundred dollars plus or five hundred 345 00:21:37.119 --> 00:21:42.000 points plus, and now it's down seven hundred and fifty. 346 00:21:42.200 --> 00:21:46.160 So you talk about volatility. Man, we are in for 347 00:21:46.200 --> 00:21:48.880 a ride like you cannot believe. As I have said, 348 00:21:49.440 --> 00:21:52.960 all right, we're done with that. Let's do this. Let's 349 00:21:53.000 --> 00:21:57.160 go to old people, as in who's old. Well, a 350 00:21:57.160 --> 00:21:59.319 lot of people are, but let's talk about people in 351 00:21:59.359 --> 00:22:04.799 public life. Year old. Former presidents are old. You've got 352 00:22:05.119 --> 00:22:11.279 Supreme Court justices old. It used to be sixty five 353 00:22:11.559 --> 00:22:15.960 is the age for retirement, by the way, that's been 354 00:22:16.000 --> 00:22:18.920 out of that MS makes no sense now for fifty years. 355 00:22:18.960 --> 00:22:21.160 But that was based on the fact that you'd retire 356 00:22:21.160 --> 00:22:22.960 at sixty five and you die a year later. And 357 00:22:23.000 --> 00:22:24.799 that's what So Scary is based on. That's why So 358 00:22:24.880 --> 00:22:28.319 Scared is going broke, because we're all getting old and living. Now, 359 00:22:28.400 --> 00:22:32.480 tell you use who's old. Members of Congress really old. 360 00:22:33.599 --> 00:22:37.880 Nancy Pelosi is eighty five years old, still a congresswoman, 361 00:22:37.880 --> 00:22:41.039 although she gave up her seat as speaker for quote 362 00:22:41.039 --> 00:22:43.960 the new generation. Well, the points what's happening is this 363 00:22:44.039 --> 00:22:47.079 is in the Democratic Party, is that all of a 364 00:22:47.119 --> 00:22:51.839 sudden you have both Senators and congress people who are 365 00:22:51.880 --> 00:22:54.759 seventy eighty years old, and you have a younger generation. 366 00:22:54.880 --> 00:22:57.559 Is going enough of that? We're done. I think a 367 00:22:57.559 --> 00:22:58.880 lot of it has to do with the Democrats that 368 00:22:58.960 --> 00:23:01.920 got nailed by the Donald Trump win and missed the 369 00:23:01.920 --> 00:23:06.119 boat completely, and a lot of younger people. You know. 370 00:23:06.160 --> 00:23:11.039 For example, there's a Democrat in San Francisco, psychot chak 371 00:23:11.160 --> 00:23:16.519 Rabat Barti I think is his name, and he's challenging Pelosi. 372 00:23:17.799 --> 00:23:22.759 He's thirty nine years old. Software engineer ran Ocasio Cortes's 373 00:23:22.880 --> 00:23:26.599 upset primary in New York in twenty eighteen, and he says, 374 00:23:26.640 --> 00:23:28.839 look at all the Democratic Party, look at everybody. They're 375 00:23:28.880 --> 00:23:33.440 all old as dirt. And he said, what people are 376 00:23:33.440 --> 00:23:37.480 looking for are fighters. And he really got into it 377 00:23:37.519 --> 00:23:42.319 with House Democrats, with the confrontational tactics. He was okay, 378 00:23:42.359 --> 00:23:45.039 so Cartes's chief of staff, Cortez's chief of staff in 379 00:23:45.640 --> 00:23:50.640 twenty nineteen. And he's just one of several a matter 380 00:23:50.680 --> 00:23:54.160 of fact, more and more coming aboard to jump into 381 00:23:54.319 --> 00:23:57.079 politics and say, hey, you know what, it is time 382 00:23:57.119 --> 00:24:01.200 for millennials, It is time for a younger generation. It 383 00:24:01.279 --> 00:24:05.880 is time for us to stir things up. Usually when 384 00:24:05.880 --> 00:24:10.200 you look at Republicans they want the status quo. Well, 385 00:24:10.680 --> 00:24:13.680 look who the Republicans have now. Donald Trump is president, 386 00:24:13.759 --> 00:24:16.559 the man who is the least status quo president we 387 00:24:16.599 --> 00:24:21.279 have had probably in one hundred years. And the Democrats 388 00:24:21.359 --> 00:24:24.960 are taking a lesson here saying, this is why I 389 00:24:25.000 --> 00:24:30.279 think what we want we don't want old school. What 390 00:24:30.319 --> 00:24:32.160 we want is a new way of looking at it. 391 00:24:32.200 --> 00:24:40.160 Brad Sherman, who is seventy is now has a campaign 392 00:24:40.200 --> 00:24:42.319 going against them. And this is a San Frano Valley 393 00:24:42.359 --> 00:24:47.799 Brad Sherman or West La Brad Sherman. So after November, 394 00:24:47.839 --> 00:24:52.160 after these huge losses, the Democrats are going crazy and saying, well, 395 00:24:52.200 --> 00:24:54.720 they're going crazy in the sense that they now realize 396 00:24:55.119 --> 00:24:57.640 that the age issue is really important. And then I 397 00:24:57.720 --> 00:25:01.480 ask you, do you think that Joe Biden has anything 398 00:25:01.480 --> 00:25:04.480 to do with the issue of age? What was it? 399 00:25:04.519 --> 00:25:07.759 I actually heard Joe Biden, and this is right after 400 00:25:07.759 --> 00:25:10.920 the election. He was being interviewed, and he actually said 401 00:25:11.000 --> 00:25:15.720