1
00:00:00,120 --> 00:00:02,160
Speaker 1: If we zoom out just the hair to the GDP

2
00:00:02,560 --> 00:00:06,200
figures that were released, you know, seeing that decline of

3
00:00:06,879 --> 00:00:10,039
thirty basis points er point three percent. If you kind

4
00:00:10,039 --> 00:00:14,119
of dig in there, a lot of that was caused

5
00:00:14,160 --> 00:00:18,320
by a government spending decrease by quarter percent, which I

6
00:00:18,320 --> 00:00:21,600
think is a really good thing and hopefully you know continues.

7
00:00:21,839 --> 00:00:25,719
Speaker 2: You're listening to Carrie Lutz's Financial Survival Network, where you

8
00:00:25,760 --> 00:00:29,719
get valuable information you just can't find anywhere else to

9
00:00:29,879 --> 00:00:33,920
thrive in today's trying times. You need the Financial Survival

10
00:00:33,960 --> 00:00:38,679
Network now more than ever. Go to Financial Survivalnetwork dot

11
00:00:38,679 --> 00:00:43,039
com and get your free newsletter and gift. Financial Survival

12
00:00:43,079 --> 00:00:45,759
Network now more than ever.

13
00:00:49,200 --> 00:00:53,960
Speaker 3: And welcome. You are listening to watching the Financial Survival Network.

14
00:00:54,000 --> 00:00:57,320
I'm your host, Carrie Letz. After a month long hiatus

15
00:00:57,600 --> 00:01:02,039
traveling the world Europe and Asia, I am back, energized

16
00:01:02,159 --> 00:01:05,439
and ready to do this. We got some job numbers

17
00:01:05,760 --> 00:01:08,840
just came out. Markets have been crazy while I've been away.

18
00:01:09,359 --> 00:01:13,599
We're talking with head Thatcher and Ted. Great to have

19
00:01:13,640 --> 00:01:16,879
you back on the show. So what about these job numbers?

20
00:01:17,319 --> 00:01:19,879
Is it just part of the continuing narrative or is

21
00:01:19,920 --> 00:01:20,400
it real?

22
00:01:22,000 --> 00:01:24,439
Speaker 1: Great question Carrie. It's always good to be with you

23
00:01:24,480 --> 00:01:28,719
and see you again. You know, Honestly, the numbers came

24
00:01:28,760 --> 00:01:31,560
in really close to expectations, and really we're just getting

25
00:01:31,560 --> 00:01:33,879
more of the same. The unemployment rate still sits at

26
00:01:33,920 --> 00:01:37,840
four point two percent. The non farm payrolls basically show

27
00:01:37,879 --> 00:01:40,680
one hundred and seventy seven thousand dollars or excuse me,

28
00:01:40,719 --> 00:01:44,719
one hundred and seventy seven thousand jobs that were created,

29
00:01:44,799 --> 00:01:48,239
basically again keeping that number kind of status quo. My

30
00:01:48,400 --> 00:01:51,040
eye always goes to the revisions, which you know, of

31
00:01:51,079 --> 00:01:54,120
course we're getting more of, and then it just tells

32
00:01:54,159 --> 00:01:56,280
you again and again the way they collect this data

33
00:01:56,400 --> 00:01:59,680
is so convoluted and it's so old school. Now, March

34
00:01:59,760 --> 00:02:03,560
is revised down to one hundred and eighty five thousand

35
00:02:03,560 --> 00:02:05,959
from the two hundred and twenty eight thousand dollars that

36
00:02:06,000 --> 00:02:09,120
were two hundred and twenty eight thousand that were originally printed,

37
00:02:09,680 --> 00:02:13,039
and then February was even revised further down to one

38
00:02:13,080 --> 00:02:13,560
hundred and.

39
00:02:13,479 --> 00:02:18,039
Speaker 3: Two thousand, one hundred two, which is like barely treading

40
00:02:18,080 --> 00:02:21,719
water here. But it's no wonder with all these federal

41
00:02:21,759 --> 00:02:24,000
employees getting shown the door.

42
00:02:23,800 --> 00:02:27,840
Speaker 1: Right, well, sure, yeah, and you know, when you walk

43
00:02:27,960 --> 00:02:31,080
through those federal buildings, you see nothing but empty desks anyway,

44
00:02:31,159 --> 00:02:33,520
So of course it begs the question as to what

45
00:02:33,639 --> 00:02:38,039
was getting done, if anything. And so you know, interestingly,

46
00:02:38,159 --> 00:02:40,000
even you know, if we zoom out just a hair

47
00:02:40,120 --> 00:02:44,080
to the GDP figures that were released, you know, seeing

48
00:02:44,080 --> 00:02:47,599
that decline of thirty basis points or point three percent,

49
00:02:48,240 --> 00:02:50,560
if you kind of dig in there, a lot of

50
00:02:50,560 --> 00:02:55,400
that was caused by a government spending decrease by a

51
00:02:55,479 --> 00:02:58,520
quarter percent, which I think is a really good thing

52
00:02:58,719 --> 00:03:00,639
and hopefully you know, continues.

53
00:03:01,439 --> 00:03:06,199
Speaker 3: Yeah, well that was a first, right, pretty remarkable seeing

54
00:03:06,280 --> 00:03:09,520
government spending drop by anything.

55
00:03:10,560 --> 00:03:13,280
Speaker 1: Well, right, it usually only goes one direction, doesn't it.

56
00:03:13,280 --> 00:03:15,599
It's always there's another thing to buy, another thing to

57
00:03:15,639 --> 00:03:18,360
pay for. And you know, the light that was shown

58
00:03:18,400 --> 00:03:20,639
on everything with US eight, I think really has a

59
00:03:20,680 --> 00:03:24,439
lot of Americans, you know, thankful that there's somebody keeping.

60
00:03:24,199 --> 00:03:25,759
Speaker 4: An eye on the waist fraud and abuse.

61
00:03:26,360 --> 00:03:30,439
Speaker 3: Yeah, yeah, for the first time ever in our lifetimes, right.

62
00:03:30,599 --> 00:03:34,280
Speaker 1: Yeah, absolutely, I mean, you know we've seen these you know,

63
00:03:34,520 --> 00:03:37,199
I guess trends toward it or talking points. There's a

64
00:03:37,240 --> 00:03:39,759
little bit that was done around Reagan, even you know,

65
00:03:39,879 --> 00:03:43,479
Clinton at times it's been a bipartisan priority to you know,

66
00:03:43,560 --> 00:03:46,639
cut government spending or at least keep an eye on it.

67
00:03:46,680 --> 00:03:48,800
But I think that the light that's being shown on

68
00:03:48,840 --> 00:03:54,400
it now, you know, hopefully is actually well hopefully it

69
00:03:54,439 --> 00:03:58,280
actually permeates and doesn't tread backwards now that Elon is

70
00:03:58,319 --> 00:03:59,439
stepping out of the picture.

71
00:04:00,159 --> 00:04:04,199
Speaker 3: Yeah, I think Elon wasn't actually doing the work there.

72
00:04:04,800 --> 00:04:09,039
And guys like big Balls, even though it's a family show,

73
00:04:09,120 --> 00:04:13,120
that's his name, he was doing the heavy lifting. And

74
00:04:13,479 --> 00:04:16,920
there's a lot of like CEOs involved, people I wouldn't

75
00:04:16,959 --> 00:04:23,040
have expected to be who you know from tech companies. Yeah,

76
00:04:23,240 --> 00:04:26,800
it's like, look, if you got a case of amnesia

77
00:04:27,319 --> 00:04:29,600
and you wanted to figure out where you spent all

78
00:04:29,639 --> 00:04:32,839
your money for the past year, what would you do.

79
00:04:33,199 --> 00:04:36,720
You'd go look at your check register, right, and well,

80
00:04:38,040 --> 00:04:40,199
you know, figure out where the money came from and

81
00:04:40,240 --> 00:04:43,319
where it went. And I think they're just at the

82
00:04:43,360 --> 00:04:45,680
tip of the iceberg here, honestly tied.

83
00:04:45,839 --> 00:04:47,199
Speaker 4: You know, I think so.

84
00:04:47,399 --> 00:04:52,399
Speaker 1: And I think interestingly this efficiency initiative has gotten such

85
00:04:52,439 --> 00:04:59,639
a a politicized this gotten way too politicized a coverage.

86
00:04:59,680 --> 00:05:02,120
You know, again, this should be a like what American

87
00:05:02,240 --> 00:05:07,079
is interested in, you know, sweeping all this waste, fraud

88
00:05:07,079 --> 00:05:09,000
and abuse under the RUG. I don't talk to any

89
00:05:09,240 --> 00:05:12,560
anybody that has an issue with it, but it seems

90
00:05:12,600 --> 00:05:15,199
like there's a fever pitch about whether we should be

91
00:05:15,279 --> 00:05:17,439
doing this or not. Sure, of course, there's some things

92
00:05:17,439 --> 00:05:19,959
that the government spends money on that are positive, but

93
00:05:20,480 --> 00:05:23,399
when it's so widespread, that's where the issue comes. And

94
00:05:23,480 --> 00:05:26,240
I do think that, you know, there's only one response

95
00:05:26,279 --> 00:05:29,600
to anything Trump does for a lot of people out there,

96
00:05:29,639 --> 00:05:32,040
and that is just only a criticism. And I think

97
00:05:32,079 --> 00:05:34,759
we have to take a step back and actually say, okay,

98
00:05:35,160 --> 00:05:38,759
you know, let's evaluate the the things that are being

99
00:05:38,839 --> 00:05:42,759
done and that have changed. You know, obviously everybody even

100
00:05:42,759 --> 00:05:45,879
talks about, of course what's going on with tariffs, and

101
00:05:46,519 --> 00:05:49,839
you know they every time the market ticks down, even

102
00:05:49,959 --> 00:05:53,120
on one basis point, they want to criticize Trump for it,

103
00:05:53,160 --> 00:05:55,000
but they won't give them any of the credit either.

104
00:05:56,560 --> 00:05:57,319
Speaker 4: On the good days.

105
00:05:58,399 --> 00:06:02,199
Speaker 3: Yeah, yeah, could not agree with you more. And the

106
00:06:02,920 --> 00:06:05,959
kind of exciting to see it actually happen, I never

107
00:06:06,079 --> 00:06:10,040
believe you would live to see the day. And it

108
00:06:10,199 --> 00:06:12,439
just shows you how corrupt the whole thing is, with

109
00:06:12,680 --> 00:06:17,439
all of those people screaming and you know, wanting, uh,

110
00:06:17,920 --> 00:06:22,160
wanting to end doge for the benefit of the public.

111
00:06:22,319 --> 00:06:25,959
Speaker 1: I mean, come on, yeah, for the benefit of the public.

112
00:06:26,000 --> 00:06:28,480
That's a tongue in cheek right coming out of Washington,

113
00:06:28,560 --> 00:06:30,759
d C. And sometimes it's for the benefit of the

114
00:06:30,879 --> 00:06:34,800
uh the uh, well, the special interests, right, I mean,

115
00:06:35,399 --> 00:06:39,879
I mean, we'll see if we can get some more

116
00:06:39,879 --> 00:06:44,560
clarity on these trade deals too. I think hopefully the

117
00:06:44,879 --> 00:06:47,639
you know, it's often been cited by the administration as

118
00:06:47,680 --> 00:06:50,399
a negotiation tactic to get these countries to come to

119
00:06:50,439 --> 00:06:54,240
the table. And you know, there's some estimates that are

120
00:06:54,480 --> 00:06:57,240
now being shown because they've made some progress here on

121
00:06:57,279 --> 00:07:00,600
these trade deals, that it could be as much as

122
00:07:00,639 --> 00:07:04,040
a trillion dollars now already with commitments of investments back

123
00:07:04,040 --> 00:07:05,079
into the United States.

124
00:07:05,439 --> 00:07:07,240
Speaker 4: And I think that that's a really good thing as well.

125
00:07:08,240 --> 00:07:12,639
Speaker 3: Amazing, huh, really amazing. So well, you know, what do

126
00:07:12,639 --> 00:07:15,240
you think is next. We're going to see these trade

127
00:07:15,279 --> 00:07:20,720
deals and we're going to see positive steps towards really

128
00:07:20,759 --> 00:07:25,199
reigning in the government and making it fulfill its constitutional duties.

129
00:07:26,639 --> 00:07:30,240
Speaker 1: Well, I don't know if I'm that hopeful that everything

130
00:07:30,319 --> 00:07:33,519
or on one of our dreams might come true. You know,

131
00:07:33,600 --> 00:07:35,720
I do think that there's gonna, you know, hopefully this

132
00:07:36,279 --> 00:07:40,399
initiative continues. That there is oversight and over overspending right

133
00:07:41,040 --> 00:07:43,000
in terms of what's actually next with the trade deals,

134
00:07:43,279 --> 00:07:45,319
you know, I think what the market has been dealing

135
00:07:45,360 --> 00:07:49,680
with really throughout this whole you know, everything that's happened

136
00:07:49,839 --> 00:07:54,920
since April second, is just a very high level of uncertainty.

137
00:07:55,000 --> 00:07:57,639
Speaker 4: The market, you know, it just hates not knowing what

138
00:07:57,720 --> 00:07:58,279
to expect.

139
00:07:58,319 --> 00:07:59,839
Speaker 1: And so when we have the high tariff and then

140
00:07:59,839 --> 00:08:02,600
the draw back down and then the spotlight gets placed

141
00:08:02,639 --> 00:08:05,199
on China, it just is trying to figure out how.

142
00:08:05,079 --> 00:08:05,959
Speaker 4: To price it all in.

143
00:08:06,360 --> 00:08:09,040
Speaker 1: And so what's next is pen the paper on these

144
00:08:09,079 --> 00:08:11,600
trade deals. The market needs to see them in action

145
00:08:12,079 --> 00:08:14,720
so that it can stabilize, so that it can properly

146
00:08:14,879 --> 00:08:19,120
price in all of this, well what has been uncertainty

147
00:08:19,199 --> 00:08:21,279
and make it, you know, basically come back to normal.

148
00:08:22,079 --> 00:08:24,240
Also in terms of what comes next, I think everybody's

149
00:08:24,240 --> 00:08:27,279
got their eye on Jerme Powell this week, especially after

150
00:08:27,639 --> 00:08:31,839
all the criticism he's earned from the President, and honestly,

151
00:08:31,879 --> 00:08:34,240
I think Powell has faced a tremendous amount of political

152
00:08:34,240 --> 00:08:38,639
pressure and honestly societal pressure for pressure to lower, of course,

153
00:08:38,720 --> 00:08:41,200
and I don't honestly think that we're going to get

154
00:08:41,200 --> 00:08:41,759
it this week.

155
00:08:42,080 --> 00:08:44,799
Speaker 3: Yeah. Well, you know banks don't make enough money.

156
00:08:44,600 --> 00:08:48,679
Speaker 1: Right, Yeah, we should talk to Jamie Diamond about that

157
00:08:48,840 --> 00:08:49,759
after the earnings.

158
00:08:49,840 --> 00:08:54,360
Speaker 4: Jeez, you know, we'll see what they do.

159
00:08:54,519 --> 00:08:58,000
Speaker 1: I don't expect Powell to lower I think given the

160
00:08:58,080 --> 00:09:01,879
labor data we got, given you know, the GDP figure

161
00:09:01,919 --> 00:09:05,120
that we've got, Betis isn't going to show the data

162
00:09:05,200 --> 00:09:09,679
that he wants to see, you know. And honestly, if

163
00:09:09,720 --> 00:09:11,919
I had to guess, if you made me predict something,

164
00:09:11,960 --> 00:09:14,159
I think we're more likely to see Trump all have

165
00:09:14,279 --> 00:09:15,480
missed her too late.

166
00:09:15,879 --> 00:09:18,679
Speaker 3: Yet again, wit, better late than never.

167
00:09:19,799 --> 00:09:22,519
Speaker 1: Well we'll see if yeah, well when the time comes right,

168
00:09:22,519 --> 00:09:25,519
better late than never. But he's he's I think earned

169
00:09:25,519 --> 00:09:26,279
that criticism.

170
00:09:26,320 --> 00:09:28,240
Speaker 4: You know. I think it's very obvious that Powell.

171
00:09:28,039 --> 00:09:30,480
Speaker 1: Waited too long to raise interest rates. I mean, you

172
00:09:30,519 --> 00:09:34,159
remember it was March of twenty twenty two before he

173
00:09:34,240 --> 00:09:38,120
started raising, and inflation was a far you know, raging

174
00:09:38,759 --> 00:09:41,039
in a far gone over conclusion at that point.

175
00:09:41,480 --> 00:09:47,559
Speaker 3: So true, ay, and of you know, it's he's caught

176
00:09:47,720 --> 00:09:51,360
on tape where a FED insiders coat on tape saying

177
00:09:51,399 --> 00:09:56,039
how much he despised Trump, which there's shock because the

178
00:09:56,159 --> 00:10:02,360
ultimate deep state institution, really the first one perhaps is FED,

179
00:10:03,240 --> 00:10:05,159
and I think that he hates Trump.

180
00:10:06,879 --> 00:10:13,320
Speaker 1: You know, Oh, there's gambling going on here, right, Oh yeah, yeah, surprise, surprise.

181
00:10:13,600 --> 00:10:17,120
I mean, I think that there's been a lot of infighting. Honestly,

182
00:10:17,159 --> 00:10:19,200
I don't think the market likes it. You know, obviously

183
00:10:19,240 --> 00:10:23,360
you saw the volatility when Trump criticized him. The truth

184
00:10:23,440 --> 00:10:26,639
is is, I think if they can make the data

185
00:10:26,720 --> 00:10:29,720
case and I think that that it does exist, that

186
00:10:29,799 --> 00:10:34,879
it's time to start softening rates. Then you know, I

187
00:10:34,879 --> 00:10:37,519
think honestly, not only would did administration be happy, but

188
00:10:37,519 --> 00:10:38,840
I think most Americans would.

189
00:10:38,840 --> 00:10:42,600
Speaker 4: You know, most Americans sixty percent carry a credit card balance.

190
00:10:42,960 --> 00:10:46,919
Speaker 1: And think about just the relief that would have a normal, hardworking,

191
00:10:46,960 --> 00:10:47,720
everyday American.

192
00:10:48,639 --> 00:10:52,639
Speaker 3: Hey, you know what I would love to see? What

193
00:10:52,879 --> 00:10:58,440
is that I would love to see the administration put

194
00:10:58,519 --> 00:11:00,679
a cap on credit card rates?

195
00:11:02,360 --> 00:11:04,720
Speaker 4: Yeah? Sure, no, I think go ahead.

196
00:11:04,720 --> 00:11:08,320
Speaker 3: Sorry, yeah, there's like, there's no justification for rates being

197
00:11:08,360 --> 00:11:12,039
this high, certainly not for non defaulted debt eight it

198
00:11:12,159 --> 00:11:16,720
defaults thirty percent a year, but it is just exploitative

199
00:11:17,200 --> 00:11:20,039
and it really doesn't do anyone any good. So what

200
00:11:20,120 --> 00:11:24,120
it does is enables people, enables people to buy stuff

201
00:11:24,159 --> 00:11:27,399
that they don't need from companies that don't make it

202
00:11:27,440 --> 00:11:28,200
in this country.

203
00:11:28,679 --> 00:11:30,639
Speaker 1: Sure, you know, I think it puts people behind the

204
00:11:30,720 --> 00:11:33,279
eight ball, and it's I mean, that's the other thing

205
00:11:33,320 --> 00:11:35,759
I think is it does rob a lot of Americans

206
00:11:35,799 --> 00:11:38,919
from an opportunity at the American dream, you know, I mean,

207
00:11:39,679 --> 00:11:42,360
how can you be hopeful and excited when you're drowning

208
00:11:42,360 --> 00:11:45,519
in a thirty percent APR? I mean, you can't he

209
00:11:45,759 --> 00:11:48,480
debt slave? Well, exactly. I think that's a good way

210
00:11:48,519 --> 00:11:52,399
to put it. Sadly, I will say this too. I mean,

211
00:11:52,559 --> 00:11:55,159
not to go back to the tariffs, but I think

212
00:11:55,159 --> 00:11:59,080
it's interesting enough that you have such a drastic shift

213
00:11:59,200 --> 00:12:03,279
in economic policy, you know, with these tariffs getting thrown

214
00:12:03,320 --> 00:12:06,519
into sort of the world trade routes as a toll booth.

215
00:12:07,200 --> 00:12:09,960
And you know, if you look at where the market's

216
00:12:09,960 --> 00:12:12,799
at off of it's high, it's literally only off seven percent.

217
00:12:12,919 --> 00:12:15,679
Now obviously that's a you know, a big move, but

218
00:12:15,840 --> 00:12:18,120
that's from the high much less from the.

219
00:12:18,159 --> 00:12:20,600
Speaker 4: Quote unquote Liberation Day on April second.

220
00:12:21,000 --> 00:12:23,679
Speaker 1: And that really is only I want to say, it

221
00:12:23,720 --> 00:12:25,720
depends on where the markets at, you know, at the

222
00:12:25,840 --> 00:12:28,919
very moment, but around four percent off. I mean, she's

223
00:12:29,080 --> 00:12:31,519
four percent off the all time high. And we have

224
00:12:32,000 --> 00:12:37,159
a new spotlight on these trade imbalances.

225
00:12:37,279 --> 00:12:39,279
Speaker 4: The administration didn't lie to us.

226
00:12:39,320 --> 00:12:41,879
Speaker 1: They said that there was going to be a little

227
00:12:41,879 --> 00:12:44,720
bit of medicine that had to be taken. And you know,

228
00:12:44,720 --> 00:12:46,960
if it all, if we zoom out after another nine

229
00:12:47,000 --> 00:12:49,200
months or year, and this is all we had to

230
00:12:49,200 --> 00:12:51,879
pay for it, I think that there's an argument we

231
00:12:51,960 --> 00:12:54,720
made that Americans are getting a good deal there.

232
00:12:55,120 --> 00:12:58,360
Speaker 3: You know, financial enemas are never pleasant.

233
00:13:01,080 --> 00:13:04,279
Speaker 1: No, yeah, no, there's a little bit of a pain

234
00:13:04,360 --> 00:13:08,120
to go with the game, right, yeah, well to be expected.

235
00:13:08,639 --> 00:13:11,720
Speaker 3: All right, Hey, just tell us again where we find you,

236
00:13:11,759 --> 00:13:13,200
How we connect with you on the web.

237
00:13:13,279 --> 00:13:16,720
Speaker 4: Yeah, sure, easy to find our website Brightlakewealth dot com.

238
00:13:16,759 --> 00:13:18,879
Speaker 3: All right, links in the show notes this interview on

239
00:13:19,080 --> 00:13:21,240
Financial Survival Network dot com.

240
00:13:21,519 --> 00:13:21,919
Speaker 4: Go there.

241
00:13:22,200 --> 00:13:25,120
Speaker 3: Please sign up for your free newsletter like we're up

242
00:13:25,120 --> 00:13:30,320
to eighty thousand already and believe it, and we'll send

243
00:13:30,320 --> 00:13:33,480
you out some good info and you'll be happy you did.

244
00:13:33,759 --> 00:13:34,039
Speaker 4: Bet.

245
00:13:34,120 --> 00:13:36,440
Speaker 3: Thanks for stopping by. We'll talk to you again real soon.

246
00:13:36,639 --> 00:13:40,240
Speaker 2: Thanks Jared, thanks for listening to Carrie Let's this. Financial

247
00:13:40,279 --> 00:13:45,320
Survival Network your solution to today's trying times. For the latest,

248
00:13:45,399 --> 00:13:51,080
go to Financial Survivalnetwork dot com. Financial Survival Network now

249
00:13:51,240 --> 00:13:52,240
more than ever,