1 00:00:21,600 --> 00:00:25,320 Speaker 1: And Hi, how are you welcome, one and all to 2 00:00:25,399 --> 00:00:30,760 the Big Podcast on this Monday, the twenty second day 3 00:00:30,760 --> 00:00:34,399 of December, Year of Our Lord, twenty twenty five. My 4 00:00:34,479 --> 00:00:38,439 name is Tom Sullivan, and no, no, it's a. It's a. 5 00:00:38,479 --> 00:00:42,399 It's a chopped up week this week, and wishing you 6 00:00:42,439 --> 00:00:48,439 all the best of holidays, Merry Christmas, Happy Kwansa. We've 7 00:00:48,439 --> 00:00:49,600 got them all coming. 8 00:00:49,479 --> 00:00:50,320 Speaker 2: Through this week. 9 00:00:51,759 --> 00:00:56,759 Speaker 1: A lot to talk about today, and we've got some 10 00:00:56,880 --> 00:01:01,159 ideas about maybe helping the housing market come long the 11 00:01:01,240 --> 00:01:06,840 Venezuela situation. They're chasing a third ship out there at sea, 12 00:01:07,560 --> 00:01:12,840 and oh, I don't know. Let's let's go ahead and 13 00:01:12,879 --> 00:01:14,920 get the politics out of the way, because the politics 14 00:01:14,959 --> 00:01:18,120 are kind of interesting. But here we said it's it's still. 15 00:01:19,200 --> 00:01:22,840 Let me check my canary. Yep, it's still twenty twenty five. 16 00:01:23,879 --> 00:01:28,519 And I guess it's because the news barrel during the 17 00:01:28,640 --> 00:01:32,760 week of Christmas and New Years a little bit low. 18 00:01:33,040 --> 00:01:37,840 So they start looking around for the next the next election, 19 00:01:38,200 --> 00:01:41,120 which is going to be the midterms, but they're looking 20 00:01:41,239 --> 00:01:46,280 past that. They had Turning Point, USA had their big 21 00:01:47,079 --> 00:01:50,879 big brew ha that they have every year. This is 22 00:01:50,879 --> 00:01:53,799 the first year. Obviously it was always Charlie. 23 00:01:53,560 --> 00:01:54,159 Speaker 2: Kirk was there. 24 00:01:54,200 --> 00:01:57,239 Speaker 1: His wife was running it this year, but they had 25 00:01:57,879 --> 00:02:01,680 a lot. It's all about politics, and they're looking at 26 00:02:01,920 --> 00:02:07,359 the candidates and trying to decide who in twenty twenty eight. 27 00:02:09,240 --> 00:02:11,800 I mean they're not they're skipping already over over the 28 00:02:11,840 --> 00:02:16,879 mid terms. So let's start with some of that. Kevin 29 00:02:16,960 --> 00:02:21,800 Walling is a Democrat strategist. He's a good guy. This 30 00:02:21,919 --> 00:02:26,280 is what he had to say about about an article 31 00:02:26,319 --> 00:02:30,919 from Axios that was talking about how all the people 32 00:02:30,919 --> 00:02:34,199 who are thinking about wanting to run for president, they're 33 00:02:34,199 --> 00:02:40,319 getting in shape, they're losing weight, they're wearing nicer clothes, 34 00:02:40,960 --> 00:02:45,719 they're doing all the all. Yeah. Well here's Kevin talking 35 00:02:45,759 --> 00:02:49,319 about how it's a sign of who is running. 36 00:02:49,680 --> 00:02:52,039 Speaker 3: Thinks are everything in politics, And as you point out, 37 00:02:52,080 --> 00:02:54,800 we see this before every election cycle, you know, from 38 00:02:54,919 --> 00:02:57,639 Jed Bush to Chris Christy on the Republican side, JB. 39 00:02:57,759 --> 00:03:00,439 Pritzker looking a little bit more healthy out there before 40 00:03:00,479 --> 00:03:03,280 the trail. This is a time honor tradition, I think 41 00:03:03,280 --> 00:03:05,719 in our politics, because again, people want to like people 42 00:03:05,719 --> 00:03:09,280 that look fit, trim, healthy to be their commander in chief. 43 00:03:09,319 --> 00:03:11,360 Because again, as I said, optics or everything, I will 44 00:03:11,400 --> 00:03:14,400 say I was sporting this scruff way before Pete booda 45 00:03:14,479 --> 00:03:18,159 judge was you know. So you know Axios is reporting 46 00:03:18,199 --> 00:03:20,479 about that makeover too, so I had it first. 47 00:03:20,520 --> 00:03:21,080 Speaker 2: I just want to. 48 00:03:21,000 --> 00:03:24,639 Speaker 1: Point out, Yeah, he has a like I've talked about 49 00:03:24,680 --> 00:03:27,479 before with these guys who can't grow beers, they have 50 00:03:27,560 --> 00:03:32,120 really crummy bears. Anyway, Matt Gorman, he always speaks for 51 00:03:32,199 --> 00:03:33,280 the for the Republicans. 52 00:03:33,360 --> 00:03:34,240 Speaker 2: Let's see what he says. 53 00:03:34,520 --> 00:03:37,360 Speaker 4: That's exactly how I find too, authenticity, the coin of 54 00:03:37,400 --> 00:03:40,039 the realm in the Internet age. Right, this is somebody 55 00:03:40,280 --> 00:03:42,599 in Trump who makes fun of his own hair. Jimmy 56 00:03:42,639 --> 00:03:46,800 Fallon tasseled it on sitting on his couch during the 57 00:03:46,840 --> 00:03:50,000 Tonight show. But also he's always in suits, right Why 58 00:03:50,240 --> 00:03:51,240 because he feels comfortable? 59 00:03:51,439 --> 00:03:54,000 Speaker 2: Right, So no more than anything else. Right, I've been candidates. 60 00:03:54,039 --> 00:03:56,840 Speaker 4: You can lose weight, they've debated whether or not to 61 00:03:56,879 --> 00:04:01,120 wear glasses, not wear glasses, but more importantly, be comfortable 62 00:04:01,159 --> 00:04:03,400 in what you're wearing, in the skin, your inity that 63 00:04:03,439 --> 00:04:05,120 shows through no matter what medium. 64 00:04:05,439 --> 00:04:09,120 Speaker 1: Yeah, it's a lot of candidates don't understand that be authentic. 65 00:04:09,199 --> 00:04:12,120 They're trying to be somebody they're not. I think that 66 00:04:12,240 --> 00:04:15,520 the classic case of that was Al Gore was like 67 00:04:15,560 --> 00:04:19,360 a wooden soldier. Nobody knew who he really was. He 68 00:04:19,480 --> 00:04:24,319 came close, but he did not win. So the Democrats 69 00:04:24,560 --> 00:04:30,800 have decided to scrap their twenty twenty four autopsy, big, big, 70 00:04:30,800 --> 00:04:32,920 big report there was, spend a lot of money on it, 71 00:04:33,279 --> 00:04:37,040 look into exactly what it was on how they lost 72 00:04:37,120 --> 00:04:42,199 the election to Donald Trump in twenty twenty four. Jamie Raskin, 73 00:04:42,759 --> 00:04:47,199 who is a very partisan Democrat, kind of blew that 74 00:04:47,240 --> 00:04:47,959 whole thing up. 75 00:04:48,199 --> 00:04:50,759 Speaker 5: Why did somebody win an election? Why did somebody lose 76 00:04:50,800 --> 00:04:54,680 an election? And there's certain obvious things, you know, obviously 77 00:04:55,160 --> 00:04:59,040 the whole you know, dance between Joe Biden and Kamala 78 00:04:59,079 --> 00:04:59,759 Harris like. 79 00:05:00,000 --> 00:05:00,439 Speaker 2: And help us. 80 00:05:00,480 --> 00:05:04,160 Speaker 5: Everybody knows that. That's no secret to anybody. And maybe 81 00:05:04,160 --> 00:05:06,319 there are other factors, and I don't see why we 82 00:05:06,319 --> 00:05:09,319 wouldn't just share them and talk about them. But you 83 00:05:09,360 --> 00:05:11,920 can never say in history definitively, I mean, what caused 84 00:05:12,079 --> 00:05:12,959 the French Revolution. 85 00:05:13,319 --> 00:05:15,000 Speaker 2: They're still fighting about that today. 86 00:05:15,279 --> 00:05:17,480 Speaker 1: Well, I'm not sure if I've ever agreed with Jamie 87 00:05:17,560 --> 00:05:21,160 Raskin on anything, but I think he's right. You don't 88 00:05:21,160 --> 00:05:24,040 want to publish your dirty laundry and tell everybody about 89 00:05:24,040 --> 00:05:27,040 what I'm a terrible job you did. You got to 90 00:05:27,079 --> 00:05:28,720 move on, man, you got to move on to the 91 00:05:28,720 --> 00:05:32,759 next election. Back to Matt Gorman's reaction. 92 00:05:32,560 --> 00:05:34,439 Speaker 4: Yeah, look, I think it's short sighted and it reminds 93 00:05:34,480 --> 00:05:36,879 me of twenty twenty two when Democrats did better than 94 00:05:36,920 --> 00:05:39,600 expected in the midterms and they got high on their 95 00:05:39,639 --> 00:05:42,720 own supply and Joe Biden used that as a justification 96 00:05:42,879 --> 00:05:45,000 to run in twenty twenty four and all of that 97 00:05:45,120 --> 00:05:48,160 turned out. Let's be real, it's not just about Joe Biden. 98 00:05:48,199 --> 00:05:50,439 It's not the only reason they lost in twenty twenty four. 99 00:05:51,079 --> 00:05:53,399 They can take some lessons from this. And here's a 100 00:05:53,399 --> 00:05:55,879 news flash. Trump is not on the ballot in twenty 101 00:05:55,879 --> 00:05:58,360 eight and the only thing that really unites all the 102 00:05:58,360 --> 00:06:01,879 Democrat party is the fact that anti Trump apers over 103 00:06:02,360 --> 00:06:05,600 a lot of schisms. I think it's incredibly short sighted moves, 104 00:06:05,839 --> 00:06:08,240 and it can help them learn the future. And you 105 00:06:08,240 --> 00:06:10,560 know what, short church system is great, but we've seen 106 00:06:10,560 --> 00:06:12,879 this movie before in just the last couple of years 107 00:06:12,879 --> 00:06:15,759 in their own party. It led to disastrous results. 108 00:06:16,199 --> 00:06:20,839 Speaker 1: Okay, so math the Republicans says, Yeah. Published Jamie Raskins says, no, 109 00:06:21,079 --> 00:06:22,560 it's not a good idea. 110 00:06:22,399 --> 00:06:25,160 Speaker 3: Because I usually I think at this point it's it's counterproductive. 111 00:06:25,240 --> 00:06:27,680 You know, I support kem the chairman of my party. This. 112 00:06:28,279 --> 00:06:30,240 Speaker 6: Yeah, absolutely, because look at. 113 00:06:30,160 --> 00:06:31,639 Speaker 2: The scoreboard right now. We're winning. 114 00:06:31,720 --> 00:06:34,480 Speaker 3: We won the governor's races in Virginia and New Jersey 115 00:06:34,480 --> 00:06:37,839 by double digits. Those folks that went to President Trump 116 00:06:38,279 --> 00:06:40,160 back in twenty twenty four, that drift away from the 117 00:06:40,199 --> 00:06:44,079 Democratic Party are back right. Key constituencies we've won. You know, 118 00:06:44,120 --> 00:06:49,079 we've flipped twenty five state legislative seats from Republican to Democrat. 119 00:06:49,240 --> 00:06:52,319 Republicans have flipped zero, right, So you know, it's to 120 00:06:52,439 --> 00:06:54,680 Jamie Raskins point, all of this played out in the 121 00:06:54,759 --> 00:06:57,959 media in the public square, and Democrats are looking forward 122 00:06:58,240 --> 00:07:01,759 and we're winning based on all this engagement that we're doing. 123 00:07:01,759 --> 00:07:04,079 I think it's counterproductive at this point to look back. 124 00:07:04,160 --> 00:07:06,879 Republicans didn't do it in twenty twenty when the President 125 00:07:06,920 --> 00:07:09,720 Trump lost. Let's keep moving forward as the Democrats are doing. 126 00:07:09,839 --> 00:07:13,199 Speaker 1: Yeah. Sorry, that was Kevin Walling, but so well, we're 127 00:07:13,199 --> 00:07:16,920 not going to see the autopsy of the twenty twenty 128 00:07:16,959 --> 00:07:24,240 four election. And I'm with Kevin Walling. It's counterproductive. Everybody 129 00:07:24,279 --> 00:07:26,920 needs to move on. But his point about the Democrats 130 00:07:26,920 --> 00:07:30,519 are really patting themselves on the back about wanting the 131 00:07:30,519 --> 00:07:35,240 governor's race in Virginia and New Jersey, Really, what did 132 00:07:35,279 --> 00:07:40,759 you expect? They're both pretty blue state. They're purple but blue, 133 00:07:41,399 --> 00:07:44,439 and so there's some bigger tests they're going to have 134 00:07:44,519 --> 00:07:48,040 to win to convince me that something's changed. So Karl 135 00:07:48,160 --> 00:07:52,639 Rove was asked about the big turning point USA convention. 136 00:07:53,439 --> 00:08:00,360 Nicki Minaje showed up and was promoting JD Van to 137 00:08:00,399 --> 00:08:04,480 be the presidential candidate in twenty twenty eight. 138 00:08:04,879 --> 00:08:06,240 Speaker 2: There's Carl's reaction. 139 00:08:06,920 --> 00:08:10,720 Speaker 7: Yeah, well, first of all, nikomdas nice to have one 140 00:08:10,800 --> 00:08:14,800 celebrity supporting a Republican and conservative group or a great 141 00:08:14,879 --> 00:08:19,000 get by the turning point action. The interesting thing out 142 00:08:19,040 --> 00:08:22,279 of the poll is that over seventy percent some have 143 00:08:22,399 --> 00:08:25,160 no choice for president in twenty twenty eight on the 144 00:08:25,160 --> 00:08:29,839 Republican side and even larger number among the Democrats. There 145 00:08:29,839 --> 00:08:32,240 are several geological ages that are going to come and 146 00:08:32,279 --> 00:08:36,200 go before twenty twenty eight. But it's advantageous to be 147 00:08:36,200 --> 00:08:38,120 the city and vice president, and he asked to be 148 00:08:38,200 --> 00:08:41,279 considered the front runner. The question is as we go 149 00:08:41,360 --> 00:08:44,440 through the years ahead, is he going to be their 150 00:08:44,480 --> 00:08:48,240 prohibitive favorite. Even Republican vice presidents who will ultimately get 151 00:08:48,240 --> 00:08:52,879 the nomination, whether it's Nixon in nineteen sixty or George H. W. 152 00:08:53,120 --> 00:08:58,519 Bush in nineteen eighty eight, have contested primaries and contested conventions, 153 00:08:58,879 --> 00:09:01,000 So that doesn't seem while that surprising to me that 154 00:09:01,440 --> 00:09:04,440 Carl thinks there should be a primary. That's where the 155 00:09:04,480 --> 00:09:08,559 Democrats really messed up, was not having some sort of 156 00:09:08,600 --> 00:09:12,399 many primary or any primary to decide who their candidate 157 00:09:12,440 --> 00:09:16,919 was going to be. So Patrick Murphy, former congressman from Pennsylvania, 158 00:09:16,960 --> 00:09:18,200 he's in that camp as well. 159 00:09:18,240 --> 00:09:20,080 Speaker 8: I mean, I do think that even though they had 160 00:09:20,080 --> 00:09:22,960 a mini primary when Joe Biden got out last time, 161 00:09:22,960 --> 00:09:26,080 it would have helped helped the Democrat Party, and I 162 00:09:26,080 --> 00:09:29,360 would agree that it is so early. Though the Carl's point, yes, 163 00:09:29,480 --> 00:09:33,480 Jady Vance, also a veteran, is you know, twenty two percent. 164 00:09:33,879 --> 00:09:36,759 But in history he has to go against that because 165 00:09:37,080 --> 00:09:40,879 only fifteen of forty nine vice presidents have been elevated 166 00:09:41,279 --> 00:09:44,559 to become president, only two in the last thirty years. 167 00:09:45,360 --> 00:09:49,759 Carl roaventioned, obviously, George H. W. Bush and then Joe Biden. 168 00:09:50,159 --> 00:09:54,279 Speaker 1: So if the Republicans do have a primary, one guy 169 00:09:54,320 --> 00:09:58,440 that's already starting to make noise again. Yeah, he learned 170 00:09:58,440 --> 00:10:01,440 not to go up against Donald Trump twice. Is Ted 171 00:10:01,519 --> 00:10:02,519 Cruz from Texas. 172 00:10:03,679 --> 00:10:03,840 Speaker 3: Oh? 173 00:10:03,879 --> 00:10:07,639 Speaker 7: Absolutely, Ted Cruz has got himself a very popular podcast. 174 00:10:07,639 --> 00:10:10,480 And look, there are big differences, but both parties are 175 00:10:10,519 --> 00:10:14,679 going to have competitive primaries in twenty twenty eight. Nobody, 176 00:10:15,200 --> 00:10:18,120 even the front runners, are going to find themselves seriously pressed. 177 00:10:18,399 --> 00:10:22,000 But let's step back and take something into consideration. How 178 00:10:22,039 --> 00:10:26,399 successful are vice presidents in succeeding the president that they served. 179 00:10:26,639 --> 00:10:28,279 In the history of the United States, there have been 180 00:10:28,279 --> 00:10:32,440 two instances where a sitting vice president has succeeded the 181 00:10:32,519 --> 00:10:34,960 person that he in whose administration he served. One was 182 00:10:35,000 --> 00:10:38,879 eighteen twenty eighteen thirty six, Andrew Jackson was the outgoing president. 183 00:10:38,960 --> 00:10:42,600 Martin Van Buren got elected. In nineteen eighty eight, Ronald 184 00:10:42,600 --> 00:10:47,120 Reagan was leaving office and his vice president, George H. W. Bush, 185 00:10:47,159 --> 00:10:50,639 won fifty one percent approval rating in October of nineteen 186 00:10:50,679 --> 00:10:53,799 eighty eight. For Ronald Reagan, think though about the negatives. 187 00:10:54,279 --> 00:10:57,960 In nineteen sixty Dwight Eisener, out of fifty eight percent 188 00:10:58,000 --> 00:11:01,360 approval is vice president Richard Nixon lost to JFK. LBJ 189 00:11:01,559 --> 00:11:04,480 had a forty two percent approval in nineteen sixty eight. 190 00:11:04,559 --> 00:11:08,080 Hubert Humphreys, vice president, lost to Richard Nixon. Clinton had 191 00:11:08,120 --> 00:11:10,840 a fifty seven percent approval rating. In October of two 192 00:11:10,919 --> 00:11:14,120 thousand and Al Gore, his vice president, lost to George W. 193 00:11:14,200 --> 00:11:14,440 Speaker 2: Bush. 194 00:11:14,480 --> 00:11:16,600 Speaker 7: I know a little something about that one. And then 195 00:11:16,720 --> 00:11:20,120 Joe Biden was vice had a forty percent approval rating 196 00:11:20,399 --> 00:11:22,799 in October of last year and his vice president lost. 197 00:11:23,120 --> 00:11:25,879 Maybe the number that we ought to worry about, or 198 00:11:25,879 --> 00:11:28,480 that JD. Evans ought to worry about, is today Donald 199 00:11:28,519 --> 00:11:31,879 Trump's approval rating in gallups thirty six percent. He needs 200 00:11:31,879 --> 00:11:33,960 to have a much higher approval rating for a city 201 00:11:34,080 --> 00:11:36,879 vice president have a good shot at winning the general election. Yeah, 202 00:11:36,879 --> 00:11:39,639 there's something about the way that we operate here in 203 00:11:39,679 --> 00:11:42,639 this country. We like to change management. 204 00:11:43,279 --> 00:11:46,279 Speaker 1: And if the vice president is considered to be part 205 00:11:46,399 --> 00:11:49,879 of the previous eight years management in the case of 206 00:11:49,919 --> 00:11:52,919 most of the presidents, that that's why it's hard for 207 00:11:53,000 --> 00:11:55,279 them to get elected because people say, no, you were 208 00:11:55,320 --> 00:11:58,879 part of the previous administration. Let's find somebody new to 209 00:11:59,440 --> 00:12:03,559 run the boat. Kevin o'larry, mister Wonderful also was asked 210 00:12:03,600 --> 00:12:04,600 about all of this. 211 00:12:05,000 --> 00:12:08,360 Speaker 9: Well, I think we're starting the midterm election cycle in 212 00:12:08,440 --> 00:12:11,480 Q one. It's even started now if you think about 213 00:12:11,799 --> 00:12:15,240 the president's recent trips, he was stumping for the midterms. 214 00:12:15,240 --> 00:12:17,039 In my view, there's two big issues that have emerged. 215 00:12:17,080 --> 00:12:21,840 Number One, affordability. Defined by affordability, I think the Democrats 216 00:12:21,960 --> 00:12:24,440 did a good job in making that an issue, although 217 00:12:24,799 --> 00:12:27,240 pinning down exactly what that means is complex. 218 00:12:27,600 --> 00:12:28,639 Speaker 2: Number Two healthcare. 219 00:12:28,879 --> 00:12:31,039 Speaker 9: But if you think about it, healthcare is a subset 220 00:12:31,080 --> 00:12:33,480 of affordability because it's about the double in costs to 221 00:12:33,519 --> 00:12:37,320 the average person if it isn't resolved. And so those 222 00:12:37,320 --> 00:12:40,240 are the two big issues. So I expect the White House, 223 00:12:40,240 --> 00:12:43,399 as any administration would going into the midterms, to focus 224 00:12:43,440 --> 00:12:47,639 on what matters. The classic line, it's about the economy stupid, 225 00:12:47,879 --> 00:12:49,480 and that's exactly what this is about. 226 00:12:49,519 --> 00:12:49,639 Speaker 5: Now. 227 00:12:49,679 --> 00:12:52,200 Speaker 9: The fine tuning aspects I'm worried about. I don't like 228 00:12:52,360 --> 00:12:55,840 free helicopter money, whether it's seventeen hundred dollars or two thousand, 229 00:12:56,200 --> 00:13:00,279 that's inflationary. We still have inflation at three percent. That's 230 00:13:00,320 --> 00:13:04,159 a problem. That's why people are whining about affordability, particularly 231 00:13:04,600 --> 00:13:07,240 particularly if it affects them about protein and food and 232 00:13:07,279 --> 00:13:09,559 things they buy every day. Huge problem right now. 233 00:13:10,919 --> 00:13:13,399 Speaker 1: I totally agree with Kevin Olarry on that, and they're 234 00:13:13,440 --> 00:13:17,639 starting to back off, I believe it. With Jeddie Vance 235 00:13:18,000 --> 00:13:20,720 that said over the weekend about the President wanting to 236 00:13:20,759 --> 00:13:24,519 offer two thousand dollars tariff dividends, giving you a check 237 00:13:24,919 --> 00:13:29,679 for two thousand dollars, and over the weekend he said, well, 238 00:13:30,480 --> 00:13:33,240 Congress would have to approve that. In other words, they're 239 00:13:33,279 --> 00:13:37,159 running away from that. It would be super inflationary. It's 240 00:13:37,200 --> 00:13:41,039 exactly what Joe Biden did was flood the economy with 241 00:13:41,159 --> 00:13:44,960 free money, and prices went up and supply story just 242 00:13:45,039 --> 00:13:48,519 took over. And so it's a bad idea, and I 243 00:13:48,639 --> 00:13:52,519 doubt you will see that two thousand dollars tariff dividend 244 00:13:52,519 --> 00:13:56,480 that the President has mentioned a couple of different times. 245 00:13:57,000 --> 00:14:00,039 Speaking of prices, though, one of the things that the 246 00:14:00,080 --> 00:14:03,399 President's been working on is lowering drug prices. Now, I 247 00:14:03,440 --> 00:14:07,000 know Joe Biden got what was it, insulin down to 248 00:14:07,240 --> 00:14:09,840 thirty five dollars of pop or something. I don't know, 249 00:14:10,840 --> 00:14:14,279 there's not Yeah, there's a lot of people that need insulin, 250 00:14:14,360 --> 00:14:17,519 but not the majority of the country, so it was 251 00:14:17,600 --> 00:14:22,240 a little bit of a help for some limited number 252 00:14:22,279 --> 00:14:26,559 of people. Now the President is in talking about getting 253 00:14:26,759 --> 00:14:32,200 prices lower, and he had a bunch of pharmaceutical people 254 00:14:32,200 --> 00:14:36,600 in the Oval Office on Friday about dropping drug prices. 255 00:14:37,000 --> 00:14:41,480 Doctor Scott Gottlieb, former FDA commissioner, was asked about that. 256 00:14:41,759 --> 00:14:44,960 Speaker 10: Yeah, so look there's under the ray they capped. They did, 257 00:14:45,000 --> 00:14:47,399 but there's a lot of different elements to what thedent. 258 00:14:47,600 --> 00:14:50,080 President Trump has been doing with respect to drug pricing. 259 00:14:50,279 --> 00:14:52,799 The latest announcement that came out on Friday was that 260 00:14:52,840 --> 00:14:57,600 they are putting in place mandatory rebates for certain Medicare 261 00:14:57,679 --> 00:15:00,559 drugs Part B and party drugs based on the prices 262 00:15:00,720 --> 00:15:02,799 price differentials between what the drugs are sold for in 263 00:15:02,840 --> 00:15:05,639 the US and in Europe. So if the price differential 264 00:15:05,720 --> 00:15:08,720 is significant, if it's sold a lot less expensively in 265 00:15:08,759 --> 00:15:11,600 Europe versus, the US companies will be obligated to pay 266 00:15:11,600 --> 00:15:13,480 a rebate back to those programs. But it looks like 267 00:15:13,519 --> 00:15:16,200 this the impact of this is going to be relatively muted. 268 00:15:16,399 --> 00:15:18,320 It's only going to affect anywhere from five to ten 269 00:15:18,360 --> 00:15:20,879 percent of overall Medicare spending on drugs. It was a 270 00:15:20,879 --> 00:15:23,320 good note out from ratemand James this morning. Chris Meekins, 271 00:15:23,320 --> 00:15:25,879 who worked with me in the first Trump administration he 272 00:15:26,000 --> 00:15:28,240 was working at HHS at the time, did an analysis 273 00:15:28,320 --> 00:15:28,600 on this. 274 00:15:28,960 --> 00:15:30,360 Speaker 2: It's probably going to have a limited impact. 275 00:15:30,360 --> 00:15:32,279 Speaker 10: There's also a question of whether or not the companies 276 00:15:32,279 --> 00:15:36,159 assigned these MFN deals to basically cut a deal to 277 00:15:36,559 --> 00:15:39,360 offer mandatory rebates in the medicaid program, whether they'll be 278 00:15:39,679 --> 00:15:42,679 subject to this new demonstration project that was announced on Friday. 279 00:15:42,960 --> 00:15:45,440 Many people think they won't. Genetech put out or press 280 00:15:45,480 --> 00:15:48,639 release suggesting that they think they won't be subject to 281 00:15:48,679 --> 00:15:52,000 this new announcement that's put out Friday. I will say, though, 282 00:15:52,200 --> 00:15:55,320 the most significant part of what the President announced, which 283 00:15:55,320 --> 00:15:57,440 I think hasn't been talked about, is that in these 284 00:15:57,519 --> 00:15:59,919 zemfen deals he's cutting with the companies, they're agreeing to 285 00:16:00,159 --> 00:16:02,200 launch their new drugs at a world price. So they're 286 00:16:02,240 --> 00:16:05,120 agreeing that any new drug that they launch that launching 287 00:16:05,200 --> 00:16:07,200 a basically the same price in Europe that they sell 288 00:16:07,240 --> 00:16:09,200 it for in the US, and so going forward, you're 289 00:16:09,200 --> 00:16:11,080 going to see prices in the US on new launch 290 00:16:11,120 --> 00:16:14,039 has probably come down. Prices x us go up. I 291 00:16:14,039 --> 00:16:16,639 think that's the most significant piece of all of these deals. 292 00:16:16,919 --> 00:16:19,159 It's the one piece that hasn't been talked about. And 293 00:16:19,240 --> 00:16:21,960 final point here, they're holding on to four more deals 294 00:16:22,000 --> 00:16:25,320 with four additional companies. That's the speculation in Washington right 295 00:16:25,320 --> 00:16:27,759 now for later this week when they make an announcement 296 00:16:27,799 --> 00:16:29,679 about the rollout of trump ar Rex. This is going 297 00:16:29,679 --> 00:16:32,120 to be a website where people can go online buy 298 00:16:32,200 --> 00:16:35,679 drugs directly at a discount, drugs that companies offer to 299 00:16:35,720 --> 00:16:37,840 sell there. And so they're going to announce that, and 300 00:16:37,879 --> 00:16:41,039 they're going to announce four additional MFN deals with additional companies. 301 00:16:41,320 --> 00:16:43,159 The President, I think hinted that one of them was 302 00:16:43,240 --> 00:16:47,240 Jay and Jay. That's the speculation right now among folks 303 00:16:47,279 --> 00:16:47,919 in Washington. 304 00:16:48,879 --> 00:16:52,960 Speaker 1: So doctor gottlieves stealing the thunder from the President. His 305 00:16:53,000 --> 00:16:55,799 announcements are going to be coming out about lower drug prices, 306 00:16:56,200 --> 00:16:59,120 probably over the next week or two. But as you 307 00:16:59,200 --> 00:17:03,320 heard the doctor say, it's very muted. In other words, 308 00:17:03,360 --> 00:17:06,440 it's not going to make a big impact for current 309 00:17:06,559 --> 00:17:10,160 drugs current drug prices. But what he talked about was 310 00:17:10,279 --> 00:17:14,240 new drugs that will be introduced will be introduced at 311 00:17:14,279 --> 00:17:17,680 the same price. Here as they're introduced at the same 312 00:17:17,720 --> 00:17:22,720 price in Europe, so it should lower the prices over 313 00:17:22,960 --> 00:17:29,359 time of drugs that will be on the market. And 314 00:17:29,599 --> 00:17:34,599 speaking of drugs, this is not a good segue, but 315 00:17:35,359 --> 00:17:42,839 did you see where in the Rob Reiner murder the 316 00:17:43,599 --> 00:17:48,319 Nick Reiner? Oh my I saw they played over the 317 00:17:48,319 --> 00:17:53,279 weekend a playback of when Rob Reiner was interviewed by 318 00:17:53,400 --> 00:17:56,759 Larry King, the late great Larry King. So it goes 319 00:17:56,839 --> 00:18:02,359 back roughly thirty years and well, let me get to 320 00:18:02,400 --> 00:18:04,400 the drug part. Then I'll tell you the story about 321 00:18:04,440 --> 00:18:08,000 what happened thirty years ago with Rob Reinder. But one 322 00:18:08,079 --> 00:18:12,480 of the things about Nick Reiner was apparently they recently 323 00:18:12,720 --> 00:18:17,640 changed the psychotropic drug that he was on because they 324 00:18:18,200 --> 00:18:23,599 apparently diagnosed him with schizophrenia. And one of the things 325 00:18:23,640 --> 00:18:26,599 that we've talked about on this podcast and on the 326 00:18:26,680 --> 00:18:31,200 radio show for years is people that get their psychotropic 327 00:18:31,279 --> 00:18:35,680 drugs changed or added to or whatever it might be, 328 00:18:36,759 --> 00:18:40,160 have many, many, many stories of people that just went 329 00:18:40,240 --> 00:18:44,440 wild and killed people that otherwise they were just fine, 330 00:18:44,480 --> 00:18:47,880 but they want to switch them to some new psychotropic 331 00:18:47,960 --> 00:18:51,839 drug and a lot of tragedies have come out of that. 332 00:18:52,200 --> 00:18:55,680 Lauren Colin with la magazine has a little bit of 333 00:18:55,720 --> 00:19:01,640 the update about what happened on that diagnosis for Nick Reiner. 334 00:19:02,000 --> 00:19:02,599 Speaker 6: Right, well, I. 335 00:19:02,559 --> 00:19:05,279 Speaker 11: Think what Alan Jackson is getting at here is that, 336 00:19:05,400 --> 00:19:08,440 you know, they need this continuance for the arraignment that's 337 00:19:08,480 --> 00:19:12,599 going to happen on January seventh, because number one, they're 338 00:19:12,640 --> 00:19:15,200 either going to have a medical expert come in and 339 00:19:15,279 --> 00:19:18,559 evaluate him and then enter an NGI plea, which would 340 00:19:18,599 --> 00:19:22,400 be not guilty by insanity, or you know, they could 341 00:19:22,400 --> 00:19:25,640 sit here and raise doubt as to his mental competence. 342 00:19:25,960 --> 00:19:29,680 Does he understand these proceedings, Does he understand what's going on? 343 00:19:29,920 --> 00:19:33,279 Did he understand what he did? And as far as 344 00:19:33,279 --> 00:19:37,599 the schizophrenia diagnosis goes, yes, it has been reported that 345 00:19:37,680 --> 00:19:43,039 he was recently diagnosed. His doctors are trying to stabilize 346 00:19:43,039 --> 00:19:46,880 his medication. And while normally I'm not a doctor, but 347 00:19:46,920 --> 00:19:50,039 schizophrenia doesn't cause you to commit violence. 348 00:19:50,880 --> 00:19:53,599 Speaker 6: You are mixing non. 349 00:19:53,400 --> 00:19:58,480 Speaker 11: Prescription drugs, which reportedly Nick was to quote self medicate 350 00:19:58,799 --> 00:20:04,079 because nothing was working. This absolutely can exacerbate violence. And 351 00:20:04,480 --> 00:20:08,279 what we are hearing here is that the scene the 352 00:20:08,400 --> 00:20:11,400 master bedroom, and you know, I hate to say this, 353 00:20:11,599 --> 00:20:13,960 but it was a gruesome scene. 354 00:20:14,039 --> 00:20:16,279 Speaker 6: They were horrendously butchered. 355 00:20:16,359 --> 00:20:19,839 Speaker 11: So I think that people want answers here, but also 356 00:20:19,920 --> 00:20:22,240 you know, they want the truth, and the truth is 357 00:20:22,279 --> 00:20:23,880 not going to be black and white. 358 00:20:23,920 --> 00:20:25,440 Speaker 6: It's not going to be simple. 359 00:20:25,880 --> 00:20:29,319 Speaker 11: I also think from the Reiner family statement his siblings 360 00:20:29,720 --> 00:20:32,960 Romy and Jake, the way they worded this, the way 361 00:20:32,680 --> 00:20:37,039 they asked for quote speculation to be tempered with compassion 362 00:20:37,079 --> 00:20:41,559 and humanity, that tells me they love their brother. They 363 00:20:41,599 --> 00:20:44,759 are devastated over the loss of their parents, but they 364 00:20:44,920 --> 00:20:49,000 hired Alan Jackson to ensure that Nick is treated fairly. 365 00:20:49,640 --> 00:20:52,640 I mean, as of right now, I don't necessarily see 366 00:20:52,640 --> 00:20:55,839 this going to trial, but I think that if it did. 367 00:20:55,920 --> 00:20:59,119 You know, I'm hearing rumors that this could be bigger 368 00:20:59,400 --> 00:21:02,599 than OJI. And also, you know, it wouldn't be the 369 00:21:02,640 --> 00:21:05,720 worst thing if if it did go to trial and 370 00:21:06,039 --> 00:21:10,119 it was televised here, because look, I mean, I think 371 00:21:10,200 --> 00:21:14,160 that we need to understand the depths of mental illness 372 00:21:14,279 --> 00:21:18,680 and the struggles and what exactly happened here, because I 373 00:21:19,599 --> 00:21:23,079 know that the internet can't help itself, but the amount 374 00:21:23,240 --> 00:21:27,279 of finger pointing I am seeing at literally the Rhiner 375 00:21:27,400 --> 00:21:30,759 family saying oh, they should have done this, they should 376 00:21:30,799 --> 00:21:33,960 have done that. I mean, it is shocking. Look, he's 377 00:21:33,960 --> 00:21:36,599 a nickas a thirty two year old man. You cannot 378 00:21:36,720 --> 00:21:40,480 hold someone in a facility, you know, unless you prove 379 00:21:40,519 --> 00:21:43,200 that they are a danger to themselves or to others. 380 00:21:43,359 --> 00:21:44,680 Speaker 6: And clearly that didn't happen. 381 00:21:45,079 --> 00:21:45,640 Speaker 2: A couple of things. 382 00:21:45,720 --> 00:21:48,920 Speaker 1: First of all, every lawyer I've ever talked to on 383 00:21:48,920 --> 00:21:56,559 this topic says that insanity plea is a very low 384 00:21:57,000 --> 00:22:01,440 bar to try. It rarely worked, rarely rarely works. But 385 00:22:01,640 --> 00:22:04,680 in this case, I've heard a number of lawyers that 386 00:22:04,759 --> 00:22:07,759 are commenting about maybe this will be an insanity play. 387 00:22:08,200 --> 00:22:11,640 And it really does come down to does he did 388 00:22:11,680 --> 00:22:13,440 he know what he was doing? Does he know what 389 00:22:13,480 --> 00:22:17,200 he's doing today? Can he participate in a trial? But 390 00:22:17,279 --> 00:22:21,160 let me go back to this interview that I saw 391 00:22:21,240 --> 00:22:26,160 play over the weekend, Larry King interviewing Rob Reiner thirty 392 00:22:26,240 --> 00:22:28,240 years ago. And the reason I know it was thirty 393 00:22:28,319 --> 00:22:31,319 years ago is Rob Reiner was talking about that he's 394 00:22:31,359 --> 00:22:34,319 got two little boys at home, a five year old 395 00:22:34,400 --> 00:22:38,200 named Jake and a three year old named Nick. And 396 00:22:38,240 --> 00:22:41,119 I thought, well, okay, that was thirty years ago, because 397 00:22:41,119 --> 00:22:43,400 he's thirty. What is he thirty something now? 398 00:22:44,240 --> 00:22:45,119 Speaker 2: And what my. 399 00:22:45,160 --> 00:22:52,200 Speaker 1: Biggest political disagreement with Rob Reiner was it had to 400 00:22:52,279 --> 00:22:54,799 have been more than twenty years ago. I was living 401 00:22:54,839 --> 00:22:58,640 in California and Rob Reiner came up with an idea 402 00:22:59,279 --> 00:23:05,480 to fund early childhood education. And in this interview with 403 00:23:05,559 --> 00:23:09,599 Larry King, he was promoting the fact that the first 404 00:23:09,640 --> 00:23:11,720 three years and he says he had a five year old, 405 00:23:11,759 --> 00:23:13,960 a three year old, and he says, the first three 406 00:23:14,119 --> 00:23:19,240 years of a child's life determines the future, their future, 407 00:23:19,279 --> 00:23:23,200 about keeping them from getting into drugs and crime. And 408 00:23:23,559 --> 00:23:25,440 he was going on and on and on about the 409 00:23:25,480 --> 00:23:28,119 first three years of a child's life is so critical, 410 00:23:28,640 --> 00:23:34,759 and so he wanted to put money into early childhood education. 411 00:23:35,640 --> 00:23:38,559 And the way he did it was he put something 412 00:23:38,599 --> 00:23:42,720 on the California vote for the voters called Proposition ten. 413 00:23:43,400 --> 00:23:46,000 And I looked it up recently. It's still in effect 414 00:23:46,039 --> 00:23:49,359 to this day, but it was if it wasn't twenty, 415 00:23:49,400 --> 00:23:51,440 it was thirty years ago when he came up with 416 00:23:51,480 --> 00:23:56,440 this idea. And I said, it's dumb, because what the 417 00:23:56,480 --> 00:23:58,519 way he was going to do it was he wanted 418 00:23:58,559 --> 00:24:04,400 Californians to pass it tax on tobacco, all tobacco, cigarettes, pipes, 419 00:24:04,480 --> 00:24:08,960 you name it, and the money from that tobacco tax 420 00:24:09,240 --> 00:24:14,240 would fund the early childhood education that he felt was 421 00:24:14,279 --> 00:24:17,440 so critical. And I don't mean to be flipping about it, 422 00:24:17,480 --> 00:24:22,519 but obviously if that's true, and he was very particular 423 00:24:22,599 --> 00:24:26,559 in caring about his little three year old. But something 424 00:24:26,680 --> 00:24:30,359 happened between then and now where Nick obviously went off 425 00:24:30,440 --> 00:24:33,279 the rails when he was the report when he was 426 00:24:33,279 --> 00:24:37,319 in his teens. But the whole idea behind this proposition 427 00:24:37,440 --> 00:24:42,440 ten what why scratch my head and opposed it was 428 00:24:42,519 --> 00:24:46,519 because I said, so, what you're doing, Rob Ryder is 429 00:24:46,559 --> 00:24:51,079 you're saying keep smoking all you smokers out there. In fact, 430 00:24:51,279 --> 00:24:54,559 why don't you increase your smoking so that there'll be 431 00:24:54,599 --> 00:24:58,000 more money for early childhood education. I said, that doesn't 432 00:24:58,039 --> 00:25:02,200 make any sense, nonsensical, And then I said, well, what 433 00:25:02,400 --> 00:25:08,359 happens if smoking dies off or is reduced by fifty percent, 434 00:25:09,079 --> 00:25:12,880 then the money will be reduced, but you can bet 435 00:25:12,960 --> 00:25:16,960 the programs won't be done away with no so the 436 00:25:17,039 --> 00:25:20,519 taxpayers of California will have to pick up the cost. 437 00:25:21,480 --> 00:25:25,400 And sure enough, smoking in the last thirty forty years 438 00:25:26,319 --> 00:25:32,240 has reduced dramatically, and I'm sure these early childhood programs, 439 00:25:33,039 --> 00:25:37,759 they're not closing those doors. So congratulations, it's another tax 440 00:25:38,440 --> 00:25:42,240 that Californians are paying for. So I look at Rob Reiner. 441 00:25:43,400 --> 00:25:46,079 His heart was in the right place, but he didn't 442 00:25:46,240 --> 00:25:52,079 think about they're really promoting smokers to keep smoking, even 443 00:25:52,119 --> 00:25:54,880 though you were against smoking, so that you could have 444 00:25:54,960 --> 00:25:58,200 the money for the early childhood education. 445 00:26:00,000 --> 00:26:00,920 Speaker 2: Struck me as crazy. 446 00:26:01,920 --> 00:26:06,000 Speaker 1: Staying on the topic of getting cost down one of 447 00:26:06,000 --> 00:26:10,680 the biggest problems with the economy right now. The economy 448 00:26:10,720 --> 00:26:14,799 is doing well in so many areas, but housing cost 449 00:26:15,119 --> 00:26:19,079 is it's out of control, and people can't afford to 450 00:26:19,079 --> 00:26:21,359 buy homes. And the average age of the first time 451 00:26:21,400 --> 00:26:25,880 home buyer is now forty years of age. So there 452 00:26:25,960 --> 00:26:29,640 was a couple of ideas thrown around. Earlier this afternoon, 453 00:26:29,640 --> 00:26:34,119 Steve Moore and Robert wolf Will, used to be the 454 00:26:34,160 --> 00:26:39,359 CEO of UBS, the big Wall Street firm, talked about 455 00:26:39,440 --> 00:26:43,000 how to get housing costs down. Here's Steve. 456 00:26:43,359 --> 00:26:45,359 Speaker 12: Look, housing is up. 457 00:26:45,400 --> 00:26:46,839 Speaker 2: But I want to make an important point. 458 00:26:47,200 --> 00:26:49,000 Speaker 12: There are a lot of things that actually fell in 459 00:26:49,079 --> 00:26:51,359 price in twenty twenty six. I was just looking at 460 00:26:51,359 --> 00:26:56,240 the numbers. You know, things like motels and hotels. Airline 461 00:26:56,839 --> 00:27:01,440 prices are down, this cell phone is and price televisions 462 00:27:01,440 --> 00:27:03,519 are down, so a lot of things are down. Everybody's 463 00:27:03,519 --> 00:27:06,279 focusing on the few things that are up in price, 464 00:27:06,400 --> 00:27:09,599 like housing. Now, look, I have two sons rich that 465 00:27:09,680 --> 00:27:11,720 are in the early thirties and they're having a hard 466 00:27:11,759 --> 00:27:15,680 time being able to afford a new house. I was 467 00:27:15,720 --> 00:27:17,839 able to buy my first house at thirty one, so 468 00:27:17,920 --> 00:27:20,680 I feel their pain and a young people especially. 469 00:27:21,640 --> 00:27:22,759 Speaker 2: I have a couple ideas. 470 00:27:22,799 --> 00:27:25,440 Speaker 12: One is, we really look on a look at, you know, 471 00:27:25,480 --> 00:27:29,880 the land use controls at the local level that are 472 00:27:29,960 --> 00:27:33,680 not allowing outside of cities and within cities the kind 473 00:27:33,720 --> 00:27:34,599 of housing. 474 00:27:34,319 --> 00:27:36,599 Speaker 2: To be built that needs to be built. 475 00:27:36,759 --> 00:27:39,319 Speaker 12: And second of all, an idea that I've floated to 476 00:27:39,480 --> 00:27:43,440 Donald Trump is why not suspend that the capital gains 477 00:27:43,519 --> 00:27:47,200 tax on the sale of a house so older people, 478 00:27:47,599 --> 00:27:49,799 you know, who want to downsize can sell their house 479 00:27:49,799 --> 00:27:52,720 and not get cream with a big tax bill. And 480 00:27:52,759 --> 00:27:54,359 that would free up a lot of housing. And when 481 00:27:54,400 --> 00:27:57,839 you have an increase of supply, something is price goes down. 482 00:27:58,039 --> 00:28:01,680 Speaker 1: Well, I like Steve, but that idea about capital gains 483 00:28:01,799 --> 00:28:04,440 isn't going to make a dent. It'll help a couple 484 00:28:04,480 --> 00:28:09,000 of people, but for married couples filing jointly do you 485 00:28:09,200 --> 00:28:12,160 know The way the taxes work on when you sell 486 00:28:12,200 --> 00:28:17,359 your house is that you get a five hundred thousand 487 00:28:17,480 --> 00:28:21,960 dollars profit before you have to pay any tax above that. 488 00:28:22,480 --> 00:28:24,960 So if you sell your house for five hundred and 489 00:28:25,119 --> 00:28:29,960 one thousand dollars more than what you paid for it, 490 00:28:30,680 --> 00:28:32,680 then you will have to pay a tax on one 491 00:28:32,680 --> 00:28:37,480 thousand dollars. It doesn't apply very many places. In the 492 00:28:37,640 --> 00:28:42,599 higher expensive home markets in the country, you'll probably see 493 00:28:42,640 --> 00:28:45,480 it more often than not. But most people don't have 494 00:28:45,960 --> 00:28:50,720 a five hundred thousand dollars profit, So look at it 495 00:28:50,759 --> 00:28:52,160 better than a poke in the eye. But I don't 496 00:28:52,160 --> 00:28:55,359 think it'll make much of a difference. Robert Wolf again, 497 00:28:55,559 --> 00:28:58,759 big Wall Street guy. This is his idea. So we 498 00:28:58,839 --> 00:29:02,359 have a structural situation with housing that started. 499 00:29:02,480 --> 00:29:04,480 Speaker 13: I mean, I was one of the executives at the 500 00:29:04,559 --> 00:29:08,000 Lehman crisis at the FED two thousand and eight and nine, 501 00:29:08,039 --> 00:29:10,960 when I was running UBS. That was the first shock 502 00:29:11,000 --> 00:29:13,839 to the housing system in the last twenty years. 503 00:29:14,119 --> 00:29:15,519 Speaker 2: The second shock was COVID. 504 00:29:15,599 --> 00:29:21,039 Speaker 13: So one, we have literally a lack of construction that 505 00:29:21,160 --> 00:29:26,279 happened over six years of the last fifteen number two houses, 506 00:29:26,319 --> 00:29:30,480 a twenty five percent more expensive since twenty nineteen, predominantly 507 00:29:30,519 --> 00:29:35,960 because of supply chain issues, COVID tariffs number three. The 508 00:29:36,079 --> 00:29:40,160 average age of a new homeowners forty years old. Why 509 00:29:40,279 --> 00:29:43,519 is that because the average homeowner now has to make 510 00:29:43,559 --> 00:29:46,960 one hundred and twenty thousand dollars where the average earner 511 00:29:47,000 --> 00:29:49,759 in our country makes eighty five thousand, So you have 512 00:29:49,799 --> 00:29:53,119 to make forty percent more than the average earner. For 513 00:29:53,240 --> 00:29:57,200 all those reasons, there's a structural issue. And when we've 514 00:29:57,200 --> 00:30:02,079 tried the deregulation, I actually think ste these ideas interesting 515 00:30:02,119 --> 00:30:03,960 in capital gains, but let me tell you why I 516 00:30:03,960 --> 00:30:06,839 have I don't think that will really work because right 517 00:30:06,880 --> 00:30:10,480 now you have people that locked in refinancing in mortgages 518 00:30:11,000 --> 00:30:14,160 at three and four percent, and now the mortgage rate 519 00:30:14,400 --> 00:30:16,960 is double that, So you're just not going to be 520 00:30:17,000 --> 00:30:19,400 able to have that type of mobility where they going. 521 00:30:19,599 --> 00:30:23,720 The rental income market is actually even more even lacks 522 00:30:23,799 --> 00:30:26,079 more affordability than the homeowner market. 523 00:30:26,160 --> 00:30:28,160 Speaker 2: So we're at this impasse. 524 00:30:28,640 --> 00:30:32,160 Speaker 13: What we need to actually do is, in my opinion, 525 00:30:32,359 --> 00:30:34,960 is we have to figure out a way to start 526 00:30:35,000 --> 00:30:38,440 taking some of this commercial real estate and building more 527 00:30:38,720 --> 00:30:43,160 homes where people can live with townhouses, condominians we just 528 00:30:43,240 --> 00:30:44,960 have to get more supply going. 529 00:30:45,039 --> 00:30:49,640 Speaker 1: I think is points are really well done. The fact 530 00:30:49,640 --> 00:30:52,960 that we had the Great Recession in two thousand and 531 00:30:53,000 --> 00:30:55,759 eight two thousand and nine, the housing market came to 532 00:30:56,160 --> 00:31:00,559 a screeching halt. There was no construction for it least 533 00:31:00,799 --> 00:31:03,880 two three four years in there, and then you had 534 00:31:03,960 --> 00:31:08,759 COVID and everything shut down on the economy. So he's right. Six, 535 00:31:09,359 --> 00:31:13,640 at least six of the last fifteen years home construction 536 00:31:14,039 --> 00:31:18,119 was minimal at best, and so we're still trying to 537 00:31:18,119 --> 00:31:20,319 play catch up with that, and I think that has 538 00:31:20,960 --> 00:31:23,279 more damage. It did more damage to the housing market 539 00:31:23,519 --> 00:31:27,480 and drove up the prices of existing homes because new homes, 540 00:31:27,799 --> 00:31:31,599 new construction weren't coming on board, and so you had 541 00:31:31,880 --> 00:31:35,720 a lack of supply and you had demand growing prices 542 00:31:35,720 --> 00:31:39,319 of homes skyrocketed. So, like Steve said, if you own 543 00:31:39,359 --> 00:31:45,160 a home, congratulations. If you don't own a home, it 544 00:31:45,200 --> 00:31:47,319 will happen. It's going to take a lot more work 545 00:31:47,359 --> 00:31:49,480 on your part to buy your first home. That's all 546 00:31:49,519 --> 00:31:54,640 I can say. Wall Street today, Full market day today 547 00:31:55,000 --> 00:32:00,759 and tomorrow and then Wednesday is Christmas Eve. Markets close 548 00:32:00,920 --> 00:32:05,839 at one o'clock in the afternoon, but today regular market, 549 00:32:05,920 --> 00:32:10,319 and again, like I said, regular market tomorrow. In fact, 550 00:32:10,359 --> 00:32:13,359 it was so regular that the buyers came back and 551 00:32:13,400 --> 00:32:17,240 started doing back into the AI trade as they call it. 552 00:32:17,680 --> 00:32:23,039 Dow Jones Industrials up two hundred and twenty seven, the 553 00:32:23,119 --> 00:32:26,839 Dow at forty eight thousand and three sixty two, the 554 00:32:26,960 --> 00:32:29,559 S and P up forty four, the nat back up 555 00:32:29,960 --> 00:32:34,160 one hundred and twenty one. That keeps rolling higher. A 556 00:32:34,200 --> 00:32:37,960 gold new record high up ninety one dollars. Big game 557 00:32:38,039 --> 00:32:41,440 for gold to four thousand and four seventy eight. We've 558 00:32:41,480 --> 00:32:44,240 never seen it there. And the price of oil also 559 00:32:44,279 --> 00:32:46,720 went up today almost a buck and a half to 560 00:32:47,000 --> 00:32:50,599 just under fifty eight dollars for a barrel of oil. 561 00:32:51,400 --> 00:32:54,319 That's it for today, Thank you for coming by. We 562 00:32:54,359 --> 00:32:56,440 will be here again tomorrow and we hope to see 563 00:32:56,480 --> 00:32:56,799 you then.