Speaker 1: And hello, how are you welcome to the Big Podcast.
It is Monday. Today's the twenty ninth day of June,
Year of Our Lord, two thousand and twenty six. My
name is Tom Sullivan, and well, we have a number
of things to get to Dody. I want to also
before I get started, a reminder, we posted our third
Financial Friday episode on Friday, so there are three of
them that are sitting there and it is You can
find it by justin Tom Sullivan Financial Friday and you will.
It will come up from wherever you get your podcast.
But we put the third one up on Friday, so
we're starting to grow that one from scratch as well.
If you have a financial question about money, about investing,
about banking, about insurance, about taxes, the phone number is
eight five five two nine five sixty six hundred. You
can find that phone number on my website, which is
simply my name Tom Sullivan dot com eight five five
two nine five sixty six hundred. So call and let
me know what your money questions are or observations. I
would love to have more to entertain for the for
the next version of Financial Friday. So as far as
today goes, we've been waiting for the Supreme Court and
waiting for the Supreme Court. They're term actually expired on Friday,
so they're in overtime right now. We got a couple
of big ones today. There's two that we're still waiting
for that are considered big ones, and they're now telling
us that they're going to be tomorrow. One of them
is birthright citizenship, the fourteenth Amendment of the Constitution, and
how the Court's going to rule on that. A lot
of people are already going, oh, they're going to not
change it. The fourteenth Amendment will say anybody born in
the United States is an automatic citizen. That's what the
guess is. But the ruling will be tomorrow. And the
other big ruling we've been waiting for, which will be tomorrow,
is there's two cases involving trans rights about trans people
boys as boys but now transitioned to female, about them
participating in girls' sports. So those two cases regarding trans
rights will be tomorrow, along with also birthright citizenship. But
today we start off with about ballots and about the
fact that male in ballots, how long after election day
can the states count them? And this is so the
Supreme Court came down with the decision that is in
favor of mail in ballots, and they said, well, it's
up to the states. States are the ones that run
the elections, and they can come up with their own rules.
Here's Shannon Bream who covers the Supreme Court with her
rundown on it.
Speaker 2: Right, guys, this is not a win for Republicans who
were challenging this. Mississippi has a state law which allows
ballots to be counted mail in ballots after election day
if they come in they're postmarked and meet the state requirements.
But is a five to four loss for Republicans and
an interesting cobbling together of who wrote on this. Justice
Barrett wrote the opinion. Justice Roberts joined her, along with
Justices Sodomara, Kagan, and Jackson. So those five stuck together
on this. The discent comes from Justice Alito. Thomas, Gorsich
and Kavanaugh join him. And essentially, what the majority said
is that these federal statutes setting election day don't prescribe
or they don't stand in conflict with states that want
to say, okay, we have a procedure to account ballots
after election day. Justice Alito, writing for the dissent, is
today's decision is inconsistent with the terms of the election
day statutes, contemporary election law principles, two centuries of historical practice,
and the case law on the question presented. So, if
you're a state out there that counts ballots after election
day based on your state law, that state law will stand.
We wait on more opinions, now, guys, more to come.
Speaker 1: Pretty simple, they said, it's up to the states, and
if they set it up that you have to have
the ballots at least postmarked by election day, but if
they come in the next day, the day after, five days,
ten days, it's up to the states to set those rules.
So states like California, which are dragging their feet, this
is basically saying it's okay, California, you can do that.
Here's John you, former deputy Attorney General.
Speaker 3: You're exactly right. Yeah, I mean, for your folks at
home and for your hypothetical that's right. You get the
ballot in on or before election day, you're good. But
one other thing, and Shannon emphasized this in her description too,
this is still up to the states. The Constitution allows
each state to decide how Once you could live in
a state like the one you were talking about before,
where the state could say we got to get the
ballot by election day. Those are all and we're going
to count it by election day. I think that's what
Florida does. That's okay. You can live in a state
like my other state of California, which he says we're
going to take thirty days to count. That's okay. Congress
can fix that if it wants. A constitution doesn't prohibit that.
But until Congress does, the Supreme Court is saying that's
up to each state to decide for yourself. That's up,
and you're hypothetical to each utility company to decide for you.
This and this is generally how our constitution is hardwired.
Most of the important decisions in life are really supposed
to be up to the states. So if you don't
like this rule, you can get your state legislature to
change it. If you don't like this rule, you can
move to if you don't like it in California, and
the way we do business, move to Texas, moved to Florida,
or maybe you like the other way. But our system
depends on competing states and leaving them the discretion on
how to decide.
Speaker 1: And he makes. He makes one more observation about the
Supreme Court. Now, lately, a lot of the Democratic socialist
candidates have been talking about packing the court. In fact,
all of Democrats mostly have been talking about packing the court.
Speaker 3: Here's John You well, two other lessons I would just
add to Shannon. One, this puts a lie to the
idea that the Supreme Court is just there rubber stamping
the Trump administration. Here, the Trump administration took a loss.
And the second thing this puts a lie to is
that you've got a six justice conservative block. Here he
saw Justice Barrett and Chief Justice Roberts joining with the
three liberal justices. One other point I would add in
addition to Shannon's analysis is that this is not about
the constitutional power. If Congress wanted to pass say the
Save Act, which I know President Trump is pushing for,
and wanted to set deadlines about the election is on
this day and you know I have this much time
to count, Congress could do that. All the Court here
is saying is that when Congress set the day for elections,
it was not passing any kind of rules about when
and how you count those ballots. But Congress can do
that under the Constitution if it wants to.
Speaker 1: But Congress I don't. Can you see them agreeing to
do that? I cannot, So don't hold your breath waiting
for Congress to take an action on that. All right,
A couple of the others, and this gets very confusing.
There were two cases, one about Lisa Cook, who is
a member of the Federal Reserve Board and Donald Trump
wanted to fire her, and the Court stepped in and
said no, she can keep her seat until this is
completely adjudicated. Well, the Supreme Court came out and said,
Donald Trump, you don't have the authority to fire Lisa Cook,
a member of the Federal Reserve Board. There's another case
involving Rebecca Slaughter who's on the Federal Trade Commission, and
the Court came out and said, Donald Trump, you have
the authority to fire Lisa Slaughter on the Federal Trade Commission.
What wait a minute, which is it? So let's start
off with the comments about about the differences between the
two cases Lisa Cook at the FED and Rebecca Slaughter
at the Federal Trade Commission.
Speaker 4: The first case was a question of whether President Trump
could fire Federal Reserve official Lisa Cook. This is arguably
one of the biggest questions of the term, and arguably
the Roberts Court, because a really asked the question of
the extent of President Trump's executive power and the independence
the Federal Reserve has from the White House. Here a
really interesting group of justices, Chief Justice Roberts, Justice Cavanaugh,
and the liberal justices all rule that President Trump cannot
fire Lisa Cook. Now where you have to look closely
at that decision though, to see if there is any
wiggle room for her to her to be fired through
emergency or other means. Now, in a similar case, but
a little bit different, there were questions about whether Trump
could fire a woman named Rebecca Slaughter. She was a
commissioner at the Federal Trade Commission. She was fired by
President Trump. She set off another battle about whether President
Trump had the authority to do this. The difference here
is that this is an agency within the executive branch,
and here in a six' to three What President trump did.
Win they're saying she can be.
Speaker 1: Fired SO i, know at first, blushed it sounds like
they're the, same but they're they're drastically. Different AND i
totally agree with the court because The Federal reserve is
not a branch of the not part of the executive.
Branch it is an independent. Agency it was created By
congress and it was to remain. Independent it is not
funded By, congress it's not funded by the executive. Branch
it's not funded by. Taxpayers it's a central bank of our.
Country so does the president have power over The Federal. Reserve,
No but when you go to The Federal Trade, commission
that's just one of A brazilian government agencies that were
set up by the government by the executive, branch and
it's part of the executive. Branch and so the executive
the president should have the power to have people run
the agencies in his administration that he. WANTS i don't
see what the conflict. IS i know it sounds. Similar
But Rebecca, slaughter The Federal Trade commissioned lady who was,
fired she's not.
Speaker 5: Happy, yeah, ABSOLUTELY i, mean you do the right thing
because it's the right. Thing and HAD i not brought the,
case the president would have been functionally overturned. Anyway And
i'd rather that people see what is very clear to,
me which is The Supreme court working to hand affirmatively
more power to the president and WHAT i think is
a fundamentally inconsistent distinction that they try to draw between
THE ftc and THE.
Speaker 2: Fed and you.
Speaker 5: See that in the fact that there were only two
justices that joined. Both The, yes he can remove at
THE ftc and know he can't remove it THE fed.
Decision that's very difficult to swear, intellectually AND i think
work speaks for.
Speaker 1: ITSELF i don't know what she's talking. ABOUT i think
it's simple to square, intellectually but that's where it, lays all. Right,
Again so that's The Supreme court for the, day and
tomorrow they've got the. Decision they're promising that Tomorrow Fourteenth,
amendment the birthrights citizenship, case and also two cases involving
trans athletes in women's. Sports so we'll get both of
those for you tomorrow. Meantime, oh by the, Way Luigi
Mountain Gioni luigi was his federal trial has now been.
Set it's For january of twenty twenty. Seven what takes
them so? Long that's better than six months from, Now but,
anyway so that's what it. Is he's not going anywhere.
Anyway by the time everything's said and, done it's going
to spend the rest of his life in. Prison iran
and the, war, WELL i don't know if you pay.
Attention over the, weekend they were shooting at each. Other
iron started shooting at, tankers and they were shooting In
bahrain And, qatar and so we shot, back and we
were firing weapons and at their missile launchers and things like.
That in any, case so this, morning this, morning things
seemed to be somewhat less. Intense but the president came
out and, said no, problem the talks are back on.
Track WHAT i don't understand about that is that the
people In iran, said, no they're. Not so we're in
the same boat we've, been where one size says one
thing and the other side says something. Else they did
a count on how many ships went through the strait,
yesterday and forty two got through, yesterday but on a
normal business day that would be one. Hundred the fighting
continues In, lebanon but With israel fighting Has. Bulah despite
the fact there's a ceasefire, agreement nobody's paying attention to,
that And iran is demanding that if they're going to go,
forward that there has to be a, ceasefire That israel
And hezbollah have to stop their. Fighting so tomorrow apparently they.
Are we'll see if this is. True but Apparently Steve
whitkoff And Jared kushner are going to be meeting With
iranian officials In doha. Tomorrow we'll find out if that
actually takes place or. Not, MEANTIME i THOUGHT i wanted
to mention this Because i've seen a lot of articles
and a lot of people talking kind of quietly about.
It but you know about the fact that The mayor Of,
Chicago Zoran, mondani is going about the process of raising
taxes on a lot of the property In New York,
city especially the expensive high rise apartment, buildings and he
also has passed the City council passed at his behest
rent freeze for the next two, years and the buzz about,
IT i don't know if it's getting talked about that
much out Of New York, city but this is abundantly
clear what he's, doing and what he's doing doesn't require
anybody doing anything other than exactly what he has. Done
so what he starts off with is he raises, taxes
and the landlords of all these apartment buildings are going
to have to pay. More, meantime they passed a rent
freeze for two. Years so if you're a landlord of
an apartment building and your taxes are going, up but
you can't raise your. Revenue so what this now will
do is create an opportunity where the landlord's getting financially.
Squeezed they can't pay the increased. Taxes the city then
comes after the property for the, taxes forecloses on the,
property and the city takes the property away from the.
Landlord and hence you have you impose massive. Fines they
can't pay, those you seize the, property and then they
can't pay the, fines they can't pay the, taxes you
won't let them raise their. Revenue next, thing you, know
this is going to fit right into What Ma'm donnie's talking,
about which is he wants to take control of private
property for the. Government it Is step one organized tenants
to file dozens and dozen of complaints about the. Landlords
step two lay all kinds of fines on the. Landlord
step three used the outstanding debt with the city for
bankruptcy court to have the buildings turned over to the.
City and that is how private property will be stripped
from private owners for the politically active Socialist Democrat Socialist.
Party that is how it's going to. Work it's clear
as pie to. ME i, mean there's nothing THAT i
surprises me about any of, this which is kind of.
Sad then the other STORY i did want to get to.
Today i've been meaning to bring this, up but The
Wall Street journal WAS i guess this was On, friday
wrote an article all Of Gavin newsom's donors and the
sub headline is the governor his wife In california's behested. Payments,
Remember Gavin newsom came out a week ago and he's
thought to get ahead of the news about A Justice department.
Probe no, indictments nobody's charging anybody with any. Crimes but
he did a video in which he Said trump is
coming after, him and he's coming after him by coming
after his. Wife isn't that? Terrible he's going after my
little old. Wife, well, no she's not. Old so there's
no doubt That Donald trump has Said i'm going to do.
Retribution there's no doubt That Donald trump has gone after
his enemies or perceived. Enemies but what The Wall Street
journal reports is that that may not be the case
With Gavin newsom because the public details are, Few but
what's going on is a pay to play. Politics that's the.
Accusation it's not an illegal, accusation it's one that it,
smells let me put it that. Way and the fact
That Governor newsom has leveraged his power to get businesses
to cough up cash for his wife's. Causes two beneficiaries
are nonprofits founded by his, Wife Jennifer. Sebel one of
them that she runs is called The Representation project and
the other one is The California Partners. Project she has,
collected according To The Wall Street, journal more than one
point nine million in compensation from the first. ONE i
don't know about the second one and what they. Do
The Representation project produces left wing, videos one called The
Great American, lie and then she licenses it To it's
the film that she makes to, schools and the, schools,
well what choice do they. Have the films have been
funded in part by various hostages businesses In, california so
contributions to this project went up thirty percent the first
year That Gavin newsom said that he planned to run for.
Governor all. Right they've also raised more than eight hundred
thousand from companies Like investor owned UTILITIES pg AND, E
at AND, T, comcast And, Kaiser, permanente the big healthcare Company.
California American, water a private water and sewer, company gave
ten thousand dollars to The Representation project as it was
coincidentally seeking state permits to build a desalination. Plant and guess,
WHAT i hope you're sitting down they receive those. PERMITS
pg AND, e the big utility in Northern, california was
identified as a producer in the credits for these two
films That Jennifer sybel. Made so this goes on and
on And, oh by the, way the lobbyist FOR pg AND,
E Brandon, hernandez previously sat on The Representation project's, board
acted two Of newsome. Staffers so that's what they're looking.
At it smells the high. Heavens it. Is why don't
you give some money to my wife's projects so she
can make some money off of? That wink, Wink oh
you have business before the? State well, no, no, no
just just if you. Would here's my wife's business. Card,
so according to The, Journal newsom has raised over three
hundred and fifty million dollars in such payments since twenty,
eleven most of which poured in since he became. Governor
this is the way these these politicians. WORK i think
this was a lot of it smelled similar To Joe
biden and do business with my, son would? You And
i've told you, before if you take a look at
members Of congress or staff members in A White, house
doesn't pick whatever, administration whatever year you, want find out
who they're married, to and you will see there's a
lot of quid pro, quo a lot of money going
back and forth between the spouse of elected. Officials and
the lobbyists know how to play this. Game they just
do and so this is nothing new for, them and
they go about the process of handing over the. Money
so that is why there have been, investigations and it
started Before Donald trump about the money that he collects
for his. Wife in twenty, TWENTY covid was Going the
governor's office raised forty two million dollars to PROMOTE covid public.
Awareness twenty three million of that went to one of
the biggest political advertising firms out, THERE, gmmb founded By Jim,
margolis who is a major power broker in The democrat.
Circle so it's this kind of you give money to
these people and guess, What you're going to get favorable
treatment from my. Administration so that's a lot OF i
wanted to bring this out because a lot of people
are talking about, it And newsom is going to have
a field because he's going to be able to go
out there and Say trump's after, me and it does.
It it's perfect Because trump does go after his, enemies
but it's this one's has a little different shade to.
It let me put it that. Way and then one
more for today before we get out of. HERE i
don't know how we solve. This but In, alaska one
of the state one of the state Senators Lisa, Rakowski.
Republican the other state senator For alaska Is Dan, sullivan no,
relation who is A? Republican all, Right so the Two, republicans,
well a guy all of a sudden showed up on
the ballot and put his name in to be a
candidate running for senator From. Alaska and his name Is Dan.
Sullivan wait a, minute he just Said Dan sullivan is
one of the sitting. Senators, yes and he's up for.
Election so some other guy Named Dan sullivan is running
on the, ballot and so they went to court on
this to challenge, that saying this is just to confuse the,
voter and a superior court judge In alaska overturned the
director of elections who disqualified this other guy and said, no, no,
no he can. Run SO i don't know what people
are going to. Do you look on the ballot and
you See Dan. Sullivan you want to vote For Dan,
Sullivan but Which wait a, minute there's two of. Them
which one do you vote? For so it's the JUDGE
i think is playing, games because this is absolute confusion
for the. Voters if you're a voter In, alaska what
are you going to? Do how do you make a.
Choice So Dan, sullivan the sitting, senator has accused the
other guy of working With democrats and the campaign of
Former Congresswoman Mary, peltola who is being she's running For
senate for The demo she considered to be the main,
opponent and they Think Senator Dan sullivan, says, yeah well
she just found this other guy Named Dan sullivan and sit,
here sign up and run For senate at this, time and,
boy that'll confuse everybody and then it will split the
vote and then she will be the. Winner talk about
it's clearly dirty. Politics why can't They why can't they
come to a better decision than a court saying, yeah
they can both run unless the judge is dirty. Himself all,
Right Wall street did just find today The Dow Jones
industrial in fact more than just fine for the first time,
ever new record high above fifty two, thousand up three
hundred and six today to close it fifty two thousand
and one point eight two s and p up eighty
six The. Nasdaq the mag, seven The magnificent, seven the
big tech stocks that were leading the last few months
are recovering very quickly, today up five hundred and twenty
two on The. Nasdaq the price of gold fell sixty
five dollars down to four thousand and, thirty and oil,
again the shooting at each other doesn't. Help oil prices
went up a little more than a buck now at
about seventy, dollars a little more than seventy dollars for
one barrel of. Oil that's it for, Today thank you
for coming. By we will be back again to tomorrow
AND i hope to see you that