WEBVTT 1 00:00:00.600 --> 00:00:02.919 This is Gary and Shannon and you're listening to kfi 2 00:00:03.080 --> 00:00:05.839 AM six forty, the Gary and Shannon Show on demand 3 00:00:05.919 --> 00:00:09.320 on the iHeartRadio app. Gary and Shannon kfi AM six 4 00:00:09.480 --> 00:00:13.000 forty Live everywhere on the iHeartRadio app. Monday, August fifth, 5 00:00:13.039 --> 00:00:17.199 twenty twenty four. I had a friend send me this. 6 00:00:18.839 --> 00:00:21.839 It's a tweet from a Stanford student. It says Stanford 7 00:00:21.839 --> 00:00:24.519 students are so bad at dating. There's now a class 8 00:00:24.559 --> 00:00:27.199 where the assignment is to go on a date. And 9 00:00:27.280 --> 00:00:31.679 here is the curriculum guideline. And this is straight from 10 00:00:31.679 --> 00:00:38.840 the Stanford classes. You know, literature guidelines for the dating project. 11 00:00:39.320 --> 00:00:42.960 Number one, ask a classmate not limited to our class 12 00:00:43.039 --> 00:00:46.320 out on a level one date in person. Number two. 13 00:00:46.640 --> 00:00:50.320 Level one plan an activity in a public venue. No alcohol. 14 00:00:50.920 --> 00:00:55.000 Number three, spend no more than fifteen dollars. Number four, 15 00:00:55.119 --> 00:00:58.039 limit the date to ninety minutes. Number five. Write a 16 00:00:58.119 --> 00:01:01.520 narrative account of your experience, fallow by some reflections five 17 00:01:01.560 --> 00:01:04.719 hundred to eight hundred words. To prepare for this exercise, 18 00:01:04.760 --> 00:01:08.519 you're encouraged to read pages three to fifty six of 19 00:01:08.519 --> 00:01:11.040 Sherry Turkle's Reclaiming Conversation. 20 00:01:13.599 --> 00:01:16.439 We're teaching people how to be humans again. Yes. 21 00:01:17.400 --> 00:01:20.920 Level one is you can go for coffee. Level two, 22 00:01:21.200 --> 00:01:27.560 if a kiss is involved, it implies exclus exclusivetivity. Excuse me, 23 00:01:28.840 --> 00:01:29.719 this is stressing me out. 24 00:01:29.920 --> 00:01:31.879 Exclusivity, my God. 25 00:01:32.519 --> 00:01:36.359 And the attraction between both parties should be acknowledged. Real 26 00:01:36.439 --> 00:01:39.719 relationship work begins with level three when you ask yourself, 27 00:01:39.719 --> 00:01:44.159 can I lean on this person emotionally? Is this person 28 00:01:44.200 --> 00:01:46.920 going to become one of the primary emotional relationships in 29 00:01:46.959 --> 00:01:50.439 my life? God, they're just sucking the fun out of 30 00:01:50.480 --> 00:01:54.040 all of it, aren't they. That sounds and you hit 31 00:01:54.040 --> 00:01:55.879 the nail on the head. We have to teach people 32 00:01:55.920 --> 00:01:59.519 to be humans. That's terrifying. Shouldn't they have done the 33 00:01:59.599 --> 00:02:01.239 date in high school? 34 00:02:01.680 --> 00:02:01.959 Yes? 35 00:02:02.159 --> 00:02:04.879 I mean that's isn't that when you do it you 36 00:02:04.959 --> 00:02:08.360 gotta wait until you're required in a college class to 37 00:02:08.439 --> 00:02:08.759 do it. 38 00:02:09.560 --> 00:02:10.120 That's awful. 39 00:02:10.199 --> 00:02:12.960 Hey, Shannon, I had a pet duck. It was a 40 00:02:13.039 --> 00:02:16.960 junior high experiment. We hashed a bunch of little ducks. 41 00:02:17.159 --> 00:02:18.759 I asked my mom if I could take one home. 42 00:02:19.599 --> 00:02:22.439 Took it home, loved it. My duck's name was Shaq, 43 00:02:22.840 --> 00:02:24.840 super cute duck would followed me everywhere. 44 00:02:25.280 --> 00:02:25.759 My mom. 45 00:02:25.840 --> 00:02:28.280 One day, though, decided that she had enough of all 46 00:02:28.360 --> 00:02:32.080 the poop, and so she took the duck to a farm, 47 00:02:32.479 --> 00:02:34.199 and she didn't tell me about it, and to this 48 00:02:34.280 --> 00:02:35.719 day I still hate her for it. 49 00:02:36.039 --> 00:02:38.319 Oh wow, yeah, you know what? And what are the 50 00:02:38.400 --> 00:02:40.439 odds that that duck was taken to a farm. 51 00:02:40.560 --> 00:02:41.680 Huh? 52 00:02:42.000 --> 00:02:43.280 I don't know what happened to that duck. 53 00:02:44.000 --> 00:02:44.840 You think they took it? 54 00:02:44.879 --> 00:02:47.840 Probably ended up with Kevin. You're abandoned pet. 55 00:02:48.039 --> 00:02:49.759 A white duck and a white cat. 56 00:02:49.919 --> 00:02:52.599 An unlikely friendship, that's very likely. 57 00:02:54.800 --> 00:02:59.240 Swap is horrible. The government doesn't work, man, Make this 58 00:02:59.360 --> 00:03:01.039 like a TV show. 59 00:03:02.039 --> 00:03:05.240 A bad doss always a pleasure to be anywhere from Washington, 60 00:03:05.360 --> 00:03:05.599 d C. 61 00:03:05.879 --> 00:03:09.800 Hey, Joe. A town hall too, clearly built on a 62 00:03:09.879 --> 00:03:12.759 swamp in so many ways, still a swamp, not a 63 00:03:12.800 --> 00:03:13.680 bunch of maworkee. 64 00:03:13.759 --> 00:03:16.080 Nobody said, drained the swamp. I said, Oh, that's so hope. 65 00:03:19.039 --> 00:03:19.759 You know the thing. 66 00:03:20.000 --> 00:03:23.080 Oh my god, swamp watch. 67 00:03:23.400 --> 00:03:25.439 I love swamp. 68 00:03:25.000 --> 00:03:29.199 Watch, swamp Watch, slump watch, love swamp Watch. 69 00:03:29.560 --> 00:03:31.439 One of the best parts of your show. 70 00:03:31.680 --> 00:03:32.039 Love it. 71 00:03:32.400 --> 00:03:35.759 Thank you, thank you, thank you. I think so exciting. 72 00:03:36.879 --> 00:03:37.439 That's funny. 73 00:03:37.520 --> 00:03:39.599 I never heard that kind of excitement for us to 74 00:03:39.919 --> 00:03:43.000 engage in political discourse. I think he likes the sounder. 75 00:03:43.560 --> 00:03:47.560 Oh maybe not. That just sounds of us. So Nancy 76 00:03:47.599 --> 00:03:50.840 Pelosi comes out and she does an interview with CBS 77 00:03:50.879 --> 00:03:52.840 News Sunday morning where she makes. 78 00:03:52.599 --> 00:03:56.120 This bizarre assertion that. 79 00:03:56.159 --> 00:03:59.759 President Biden should be on Mount Rushmore, and even Leslie's 80 00:03:59.759 --> 00:04:00.960 still was like. 81 00:04:01.039 --> 00:04:03.240 Are we talking about the same Mount Rushmore? Are we 82 00:04:03.280 --> 00:04:04.639 talking about the same Joe. 83 00:04:04.479 --> 00:04:08.400 Biden top of his game, such a consequential president of 84 00:04:08.439 --> 00:04:12.000 the United States, a Mount Rushmore kind of president of 85 00:04:12.000 --> 00:04:12.960 the United States. 86 00:04:13.240 --> 00:04:14.719 Want to know what comes next? 87 00:04:14.759 --> 00:04:18.079 That he belongs up there on Mount Rushmore. 88 00:04:18.560 --> 00:04:20.959 Lincoln and Joe Biden. 89 00:04:21.600 --> 00:04:24.279 But you got Teddy Roosevelt up there and he's wonderful. 90 00:04:24.279 --> 00:04:27.199 I don't say take him down, but you can add Biden. 91 00:04:27.439 --> 00:04:28.120 Oh my goodness. 92 00:04:28.199 --> 00:04:29.399 So this is what this is. 93 00:04:30.040 --> 00:04:33.600 This is Pelosi trying to make good for the fact 94 00:04:33.600 --> 00:04:36.120 that she was the one who kicked Biden out of 95 00:04:36.120 --> 00:04:40.120 the race. Everything was everyone was walking on eggshells. No 96 00:04:40.120 --> 00:04:43.759 one was saying anything overtly. Nancy Pelosi starts picking up 97 00:04:43.759 --> 00:04:47.040 the phone and that was the day that everything crumbled 98 00:04:47.079 --> 00:04:47.759 to the floor. 99 00:04:47.920 --> 00:04:51.279 That was also she did an interview with ABC also 100 00:04:51.480 --> 00:04:56.639 and was addressing that that rumor, that storyline. 101 00:04:57.000 --> 00:04:59.000 People said I was burning up the air was no, 102 00:04:59.040 --> 00:05:02.319 it wasn't. The Only person that I spoke to about 103 00:05:02.319 --> 00:05:07.199 this was the president. Other people called me about what 104 00:05:07.279 --> 00:05:11.720 their means were about it, but I rarely even returned 105 00:05:11.720 --> 00:05:13.959 a call, much less initiated one. 106 00:05:14.120 --> 00:05:16.519 Now, she also said, just let me just. 107 00:05:18.199 --> 00:05:20.879 She just said, I never spoke to anyone about this 108 00:05:21.040 --> 00:05:24.800 but the president, and then realized that she lied and 109 00:05:24.839 --> 00:05:28.959 had to rework her lie. And so then she says, well, 110 00:05:29.000 --> 00:05:32.680 people called me, but I rarely returned calls, which is 111 00:05:32.759 --> 00:05:34.800 leaving the door open for those calls. She did return 112 00:05:34.839 --> 00:05:37.759 to those three senators on the committee investigating the riot 113 00:05:37.759 --> 00:05:40.399 at the Capitol who were the first people to come 114 00:05:40.439 --> 00:05:42.839 out her soldiers and say he's got to step down. 115 00:05:43.879 --> 00:05:49.240 She said she never suggested he stepped down, that she 116 00:05:49.439 --> 00:05:51.240 just wanted to see a winning candidate. 117 00:05:51.360 --> 00:05:53.639 I wasn't asking him to step down. I was asking 118 00:05:53.879 --> 00:05:58.600 for a campaign that would win aha, And I wasn't 119 00:05:58.639 --> 00:05:59.959 seeing that on the horizon. 120 00:06:00.360 --> 00:06:03.279 So how is that? How are you not telling him 121 00:06:03.279 --> 00:06:04.040 not to step down? 122 00:06:04.240 --> 00:06:06.560 Talking out of both sides of her mouth, per usual, 123 00:06:07.319 --> 00:06:09.800 You don't, You don't have a career like Pelosi had 124 00:06:09.800 --> 00:06:14.600 in Washington and be an honorable person and a trustworthy person, 125 00:06:14.639 --> 00:06:17.079 and somebody who doesn't lie to every single person. 126 00:06:17.920 --> 00:06:21.040 The assertion though, that the president that Joe Biden has 127 00:06:21.759 --> 00:06:24.399 what would she say, the most consequential. 128 00:06:23.920 --> 00:06:27.480 A Mount Rushmore kind of president of the United States. 129 00:06:27.800 --> 00:06:29.279 Want to know what next? 130 00:06:29.319 --> 00:06:31.000 That he belongs up there. 131 00:06:31.240 --> 00:06:36.040 I just if he were as consequential, and I'm wouldn't 132 00:06:36.040 --> 00:06:36.959 he have stayed? 133 00:06:38.319 --> 00:06:39.800 I mean, isn't that part of why? 134 00:06:40.240 --> 00:06:42.399 Part of the reason that he stepped down from from 135 00:06:42.439 --> 00:06:45.600 the campaign is, you know, he he touts his successes, 136 00:06:45.759 --> 00:06:50.959 he touts his legislative accomplishments, but if there were more 137 00:06:51.120 --> 00:06:54.480 to it, Yeah, I mean the idea that he's stepping 138 00:06:54.560 --> 00:06:57.680 down out of duty to either his country or his party, 139 00:06:57.800 --> 00:06:59.879 or whichever order you want to put it in, that 140 00:07:00.079 --> 00:07:01.720 does not make him noteworthy. 141 00:07:01.839 --> 00:07:05.360 They tore down Biden's legacy. The whole party admitted he's 142 00:07:05.480 --> 00:07:08.959 in senile land, and now they're trying to build back 143 00:07:09.040 --> 00:07:14.319 up as legacy for their own, for their own purposes 144 00:07:14.839 --> 00:07:17.120 and the strength of party. Yeah, that's all it is. 145 00:07:17.240 --> 00:07:19.720 They don't believe any of this crap. She doesn't believe 146 00:07:19.759 --> 00:07:21.399 he should be on Mount Rushmore. 147 00:07:21.519 --> 00:07:24.000 Wall Street, is taking it in the shorts once again. 148 00:07:24.040 --> 00:07:27.079 The Dow's down more than nine hundred points right now, 149 00:07:27.399 --> 00:07:29.079 the bottom of the hour, We're going to be checking 150 00:07:29.120 --> 00:07:32.680 in with a former director of Office of Management and Budget, 151 00:07:33.639 --> 00:07:36.000 Mick mulvaney, former White House Chief of Staff, is actually 152 00:07:36.040 --> 00:07:38.319 an economic contributor now to News Nation. 153 00:07:38.360 --> 00:07:40.639 We'll check with him about what this means and what it. 154 00:07:40.600 --> 00:07:44.000 Could mean in terms of a couple of months, a 155 00:07:44.079 --> 00:07:47.759 few months left in this election. How important will the 156 00:07:47.800 --> 00:07:50.279 economy be when it comes to choosing another president. 157 00:07:50.680 --> 00:07:53.319 One of my girlfriends is a big Donald Trump fan, 158 00:07:53.839 --> 00:07:56.680 or if you ask KRT, a big Donald J. Trump fan, 159 00:07:57.480 --> 00:08:00.319 and she gets specific. She was talking over the weekend 160 00:08:00.319 --> 00:08:03.879 about how she hates this jd Vance pick. And she's 161 00:08:03.879 --> 00:08:04.759 not alone money. 162 00:08:05.120 --> 00:08:07.800 I've seen a lot of people see because he doesn't 163 00:08:07.800 --> 00:08:10.160 really bring a whole lot to that ticket. 164 00:08:10.319 --> 00:08:10.959 Yeah, they say. 165 00:08:11.000 --> 00:08:13.959 The Trump campaign is seeking to help him move past 166 00:08:14.560 --> 00:08:17.639 this rough start vance by focusing on issues like the 167 00:08:17.720 --> 00:08:21.800 border that are going to resonate with the base. They're 168 00:08:21.800 --> 00:08:24.319 trying to have a jd Vance reset. 169 00:08:26.040 --> 00:08:30.439 Well, speaking of vice president, the vice president is going 170 00:08:30.480 --> 00:08:33.399 to make a choice for her vice presidential running mate 171 00:08:33.440 --> 00:08:36.840 within the next say twenty four hours or so. Most 172 00:08:36.840 --> 00:08:39.240 of the people believe that either late tonight or tomorrow 173 00:08:39.320 --> 00:08:42.320 morning is when the candidates that will be informed whether 174 00:08:42.399 --> 00:08:45.200 or not they were chosen. Three of them met with 175 00:08:45.320 --> 00:08:48.320 the vice president yesterday. Senator Mark Kelly out of Arizona, 176 00:08:48.360 --> 00:08:52.440 Pennsylvania Governor Joshapiro, Minnesota Governor Tim Walls all showed up 177 00:08:52.440 --> 00:08:57.399 at the Naval Observatory yesterday. She also spent some time 178 00:08:58.039 --> 00:09:02.440 with Pete Bootages, the Secretary Transportation, on Friday, and was 179 00:09:02.480 --> 00:09:07.440 meeting other candidates virtually, including Kentucky Governorry Busheer, Illinois Governor J. B. Pritzker, 180 00:09:07.639 --> 00:09:14.399 among others. The story regarding the story regarding her choice 181 00:09:14.840 --> 00:09:19.200 is going to be important because of the absolute barnstorming 182 00:09:19.240 --> 00:09:22.759 tour that they're going to go on. The campaign offered 183 00:09:22.759 --> 00:09:26.519 some detail. They have a five day tour in seven 184 00:09:26.840 --> 00:09:33.440 swing state cities starting right away Philadelphia, Auclaire, Wisconsin, Detroit, Durham, 185 00:09:33.480 --> 00:09:37.799 North Carolina, Savannah, Georgia, Phoenix, and then Vegas, all of 186 00:09:37.840 --> 00:09:39.080 them together. 187 00:09:39.360 --> 00:09:44.720 Supposedly, some Doug m Hoff dirt surfaced on Saturday. He 188 00:09:44.759 --> 00:09:47.759 admitted to cheating on his first wife. Apparently there was 189 00:09:47.799 --> 00:09:51.480 a bombshell report claims that he got his nanny pregnant. 190 00:09:52.440 --> 00:09:54.960 He reportedly strayed from his wife at the time, Kirsten, 191 00:09:55.080 --> 00:09:58.519 over a decade and a half ago, with a blonde nanny, 192 00:09:58.879 --> 00:10:01.600 Nason Nailer, caught at a private school attended by their 193 00:10:01.639 --> 00:10:06.320 two kids. She looks exactly like she sounds. Beautiful, blonde 194 00:10:06.480 --> 00:10:08.279 Norwegian was he. 195 00:10:08.399 --> 00:10:12.840 Was, Doug, Well, I don't not the right person to ask. 196 00:10:13.320 --> 00:10:15.600 You're gonna ask him. He's a good looking guy. Yeah, 197 00:10:16.399 --> 00:10:17.039 not my thing. 198 00:10:17.159 --> 00:10:17.480 Okay. 199 00:10:18.679 --> 00:10:20.600 He she did not keep the baby. 200 00:10:21.600 --> 00:10:23.679 But what does that mean? We don't know what that means. 201 00:10:24.679 --> 00:10:27.639 The wife, by the way, the now ex wife, Kirsten, said, 202 00:10:27.679 --> 00:10:29.480 Doug and I decided to end our marriage for a 203 00:10:29.559 --> 00:10:31.840 variety of reasons many years ago. He is a great 204 00:10:31.840 --> 00:10:34.080 father to our kids, continues to be a great friend 205 00:10:34.120 --> 00:10:36.639 to me, and I'm really proud of the warm and supportive, 206 00:10:36.679 --> 00:10:39.559 blended family Doug, Kamala and I have built together. 207 00:10:41.399 --> 00:10:42.480 There was a video that. 208 00:10:42.440 --> 00:10:44.440 Was kind of making its way around social media this 209 00:10:44.519 --> 00:10:51.600 weekend also about toxic masculinity and that Doug m Hoff 210 00:10:53.679 --> 00:10:58.519 was caught in this this world of claiming to have 211 00:10:58.600 --> 00:11:02.360 been fighting against toxic masculinity, but at the same time 212 00:11:02.799 --> 00:11:06.879 gets outed for having an affair with the nanny while 213 00:11:06.919 --> 00:11:09.120 his wife, you know, while he was still married. 214 00:11:09.200 --> 00:11:13.559 As being second gentleman changed your own view of perceived 215 00:11:13.679 --> 00:11:16.240 gender roles, of what it means to be a man. 216 00:11:18.080 --> 00:11:20.480 This is something I've thought about a lot and something 217 00:11:20.519 --> 00:11:24.480 I've spoken about a lot. There's too much of toxicity, 218 00:11:25.200 --> 00:11:28.879 it's masculine toxicity out there, and we've kind of confused 219 00:11:29.440 --> 00:11:31.159 what it means to be a man, what it means 220 00:11:31.200 --> 00:11:34.159 to be masculine, where you've got this trope out there 221 00:11:34.200 --> 00:11:37.000 that you've got to be tough and you know, angry 222 00:11:37.399 --> 00:11:39.320 and lash out to be strong. 223 00:11:39.639 --> 00:11:40.799 It's just the opposite. 224 00:11:41.240 --> 00:11:43.799 You know, Strength is how you show your love for people. 225 00:11:43.879 --> 00:11:46.080 Strength is how you are for people and how you 226 00:11:46.159 --> 00:11:49.919 have their back, and how you stick up for other 227 00:11:49.960 --> 00:11:52.399 people and pushing up, pushing. 228 00:11:52.080 --> 00:11:53.039 Out against bullies. 229 00:11:53.360 --> 00:11:55.960 I mean, that's what I believe it is. So every 230 00:11:56.039 --> 00:12:00.919 time I can speak against this toxicity, we're seeing it 231 00:12:01.279 --> 00:12:03.840 with our younger people. We're seeing it in our discourse 232 00:12:03.879 --> 00:12:04.799 and our politics. 233 00:12:05.159 --> 00:12:05.799 In the media. 234 00:12:05.919 --> 00:12:08.919 You're seeing it as it relates to so many of 235 00:12:08.919 --> 00:12:12.399 the issues that we're pushing back on. So I think 236 00:12:12.399 --> 00:12:14.519 it's a problem and I'm going to continue to use 237 00:12:14.559 --> 00:12:18.399 this platform every time I get to speak out against 238 00:12:18.480 --> 00:12:20.720 this toxic why not lean. 239 00:12:20.600 --> 00:12:23.000 Into the fact that you're married to a very strong woman. 240 00:12:23.480 --> 00:12:25.960 You know she gets strength points when her husband talks 241 00:12:26.039 --> 00:12:28.519 like that, I think, because you know who has to 242 00:12:28.559 --> 00:12:29.559 say in that household. 243 00:12:29.720 --> 00:12:37.320 But the most toxic, the most toxicly masculine thing that 244 00:12:37.360 --> 00:12:42.480 should be said is sometimes it takes toxic masculinity to 245 00:12:42.639 --> 00:12:47.159 tamp down a toxic man. There's a difference between negatively 246 00:12:48.120 --> 00:12:51.279 negative masculinity, which I think that's hence the word toxic, 247 00:12:51.639 --> 00:12:55.960 and masculinity through strength, the idea that you that you're 248 00:12:55.960 --> 00:12:57.799 going to hug your way out of need. 249 00:12:57.759 --> 00:12:59.879 A masculine response to some things. 250 00:13:00.200 --> 00:13:03.320 Yeah, it's like when you've talked about it before, when 251 00:13:03.360 --> 00:13:06.240 people don't get angry, when politicians don't get angry, and 252 00:13:06.279 --> 00:13:08.799 I can't like put my finger on a specific situation, 253 00:13:09.519 --> 00:13:12.960 but you get pissed off when there's no showing of 254 00:13:13.039 --> 00:13:17.279 masculinity after a shooting or a crisis or something like that. 255 00:13:17.360 --> 00:13:19.759 Yeah, like where's the anger at where's the like? You 256 00:13:19.759 --> 00:13:20.639 know what I'm gonna. 257 00:13:20.759 --> 00:13:23.120 It's why you know everyone loved the Toby Keith song 258 00:13:23.200 --> 00:13:25.200 After nine to eleven. We'll put a boot in your ass. 259 00:13:25.200 --> 00:13:28.519 It's the American way. There's something that resonates with a 260 00:13:28.559 --> 00:13:31.759 masculine response to somebody doing something very wrong. 261 00:13:32.360 --> 00:13:35.279 Then that's why I hate it when they do things 262 00:13:35.399 --> 00:13:37.399 like that. I mean, some of what he said, sure 263 00:13:37.440 --> 00:13:41.240 makes sense, but you don't clarify. Yeah, you don't get 264 00:13:41.279 --> 00:13:44.559 I mean, you're just talking about how men are the 265 00:13:44.759 --> 00:13:47.080 root of all evil around this place and they're not. 266 00:13:47.399 --> 00:13:49.759 I wanted to point out that we were talking about 267 00:13:49.759 --> 00:13:53.200 that RFK Junior story and the bear that he supposedly 268 00:13:53.240 --> 00:13:58.480 planted in Central Park. My wife reminded me, that's very 269 00:13:58.559 --> 00:14:01.320 much something that my family would have done, was picked 270 00:14:01.360 --> 00:14:02.080 up roadkill. 271 00:14:02.399 --> 00:14:03.840 Perfectly good road for sure. 272 00:14:04.279 --> 00:14:07.440 And I told you that that's going to play well 273 00:14:07.519 --> 00:14:09.039 in some parts of this country. 274 00:14:09.080 --> 00:14:10.440 Probably will, Yeah. 275 00:14:10.480 --> 00:14:10.679 Well. 276 00:14:10.679 --> 00:14:14.759 The spiral of the American financial markets today stoking fears 277 00:14:14.840 --> 00:14:17.360 of a recession, it all started when we got a 278 00:14:17.440 --> 00:14:22.480 soft jobs report last Thursday, and the snowball continues to 279 00:14:22.600 --> 00:14:23.320 roll down the hill. 280 00:14:23.919 --> 00:14:26.240 Joining us now to talk more about this. Mick mulvaney, 281 00:14:26.919 --> 00:14:30.279 economic contributor to News Nation, of course, former director of 282 00:14:30.320 --> 00:14:34.519 OMB and also acting White House Chief of Staff for 283 00:14:34.639 --> 00:14:37.559 a time. There and Mick we spoke on Friday about 284 00:14:37.559 --> 00:14:41.120 what we thought was going on. Is this still a 285 00:14:41.200 --> 00:14:43.559 hangover from that job's report from last week? 286 00:14:44.559 --> 00:14:46.399 Yeah, I think so. It's also a chance for some 287 00:14:46.399 --> 00:14:49.600 folks to take some profits, some significant profits, off the table. 288 00:14:49.600 --> 00:14:51.440 Of course, it's more than that. It's not just regular 289 00:14:51.480 --> 00:14:55.240 profit taking. But I think when we talked on Friday, 290 00:14:55.919 --> 00:14:59.039 we had raised a couple of weeks worth of games 291 00:14:59.080 --> 00:15:01.159 in the Dow. Looked at the S and P or 292 00:15:01.240 --> 00:15:05.039 the broader indexes today, but the Dow is just almost 293 00:15:05.080 --> 00:15:08.120 exactly where it was on June seventeenth. So you've given 294 00:15:08.200 --> 00:15:11.000 up less than two months worth of worth of benefit. Yeah, 295 00:15:11.120 --> 00:15:14.360 it's tough to take. There's no question. You get games 296 00:15:14.399 --> 00:15:15.679 in the stock market. You want to you want to 297 00:15:15.720 --> 00:15:17.600 keep them. You don't hate, you don't want to lose money. 298 00:15:17.600 --> 00:15:20.720 But it's not it's not as dramatic. I've heard it explain, 299 00:15:20.759 --> 00:15:22.600 you know, described on the internet as the next you know, 300 00:15:22.639 --> 00:15:25.559 big meltdown, the worst thing since October of nineteen eighty seven, 301 00:15:25.600 --> 00:15:30.240 And it's neither of those things. It's a an ordinary correction, 302 00:15:30.279 --> 00:15:32.320 and it was triggered by those bad job numbers last week. 303 00:15:32.440 --> 00:15:35.440 The three major US indexes to your point, do remain 304 00:15:35.519 --> 00:15:39.279 positive for the year and the other experts, of course 305 00:15:39.600 --> 00:15:41.960 we went straight to the top with you, but they 306 00:15:41.960 --> 00:15:44.159 have said that, yes, this is kind of a course question. 307 00:15:44.279 --> 00:15:47.080 But it feels like shock and awe in the moment. 308 00:15:48.720 --> 00:15:52.039 It always does, doesn't it. I mean, it's just it's tough, 309 00:15:52.080 --> 00:15:54.279 and the numbers are so much bigger now. Remember when 310 00:15:54.639 --> 00:15:55.960 you know, when I was a kid and the Dow 311 00:15:56.080 --> 00:15:58.720 was at three thousand, you know, six percent would be 312 00:15:58.960 --> 00:16:01.799 eighty points, not six per said, it's a thousand over 313 00:16:02.080 --> 00:16:04.879 a thousand points, So it's a big deal in terms 314 00:16:04.919 --> 00:16:07.039 of the numbers. It's the percentages you want to look at, 315 00:16:07.080 --> 00:16:10.080 and to your point, the fact that they're still positive 316 00:16:10.080 --> 00:16:11.639 for the years is noteworthy. 317 00:16:12.240 --> 00:16:15.200 The other issue, of course, that plays into this, or 318 00:16:15.240 --> 00:16:19.000 that could result from this, is the FED reserve and 319 00:16:19.039 --> 00:16:22.480 a decision whether or not to cut rates now or 320 00:16:22.519 --> 00:16:23.759 wait until September. 321 00:16:23.840 --> 00:16:25.440 If they do anything, then. 322 00:16:26.840 --> 00:16:30.919 Do they react the same way, I hope not the 323 00:16:30.960 --> 00:16:35.120 same way that normal people do when they see these headlines. 324 00:16:36.279 --> 00:16:38.279 They're not supposed to. But at the same time, there's 325 00:16:38.279 --> 00:16:41.240 still people Keep in mind, where do you start from 326 00:16:41.240 --> 00:16:43.279 when you talk about the FED? What's their legal mandate. 327 00:16:43.320 --> 00:16:47.320 They've got really two sort of legal which is stable prices, 328 00:16:47.320 --> 00:16:50.360 which is inflation, and full employment. That's the dual mandate 329 00:16:50.440 --> 00:16:54.480 of the Federal Reserve. So that doesn't mean that they're 330 00:16:54.480 --> 00:16:59.360 supposed to buoy markets. Now that being said, if the 331 00:16:59.399 --> 00:17:02.759 markets are moving down because the market's anticipator recession, certainly 332 00:17:02.799 --> 00:17:04.960 the Fed is going to pay attention to that because 333 00:17:04.960 --> 00:17:09.519 the said would try and make any recession as gentle 334 00:17:09.599 --> 00:17:13.440 and as short as possible, So there's a sentiment involved there. 335 00:17:13.680 --> 00:17:16.960 And plus if the wealth effect, if the markets tank 336 00:17:17.200 --> 00:17:19.279 enough to where people feel like they don't have as 337 00:17:19.319 --> 00:17:22.920 much money to spend, they don't feel as wealthy, then 338 00:17:22.960 --> 00:17:25.119 that can become a self fulfilling prophecy and lead to 339 00:17:25.160 --> 00:17:27.480 a recession in itself. So yeah, the Fed is not 340 00:17:27.480 --> 00:17:30.359 supposed to act like normal people. They're supposed to follow 341 00:17:30.359 --> 00:17:32.160 the law and their mandation, and so for the most 342 00:17:32.160 --> 00:17:33.799 part they do that. But there's still people at the 343 00:17:33.839 --> 00:17:37.039 end of the day. I cannot imagine unless something dramatic 344 00:17:37.160 --> 00:17:39.920 happens in addition to what we've seen then, I mean 345 00:17:39.920 --> 00:17:42.920 a much steeper drop in the market or some other 346 00:17:43.000 --> 00:17:47.119 macroeconomic event, something overseas. Perhaps that they would do anything 347 00:17:47.119 --> 00:17:49.119 before September that would be really really hard for them 348 00:17:49.160 --> 00:17:52.759 to justify under the current circumstances and most importantly, damage 349 00:17:52.799 --> 00:17:56.400 their credibility going forward. You can't can't create an expectation 350 00:17:56.440 --> 00:17:58.319 that every time the market goes down a couple of points, 351 00:17:58.319 --> 00:17:59.200 the FED comes in. 352 00:17:59.519 --> 00:18:03.000 Following what happened in nineteen eighty seven, they made it 353 00:18:03.200 --> 00:18:06.799 possible to just kind of pause the markets should it 354 00:18:06.839 --> 00:18:09.720 get there. Do you anticipate it getting to that point 355 00:18:09.839 --> 00:18:10.960 in the next couple of days. 356 00:18:11.039 --> 00:18:13.400 No, no, No, we didn't do that during COVID. I 357 00:18:13.440 --> 00:18:15.000 mean they drop off. We staw during COVID. I think 358 00:18:15.039 --> 00:18:17.559 it was February of March of twenty twenty. Was as 359 00:18:17.759 --> 00:18:20.640 out as dramatic. I think in the percentage charge during 360 00:18:20.680 --> 00:18:22.640 my lifetime. I'd have to go back and see because 361 00:18:22.680 --> 00:18:25.440 I was I'm older than you folks are, but I 362 00:18:25.559 --> 00:18:28.160 was only in college in eighty seven. But no, I 363 00:18:28.160 --> 00:18:33.720 don't see them shutting down markets or freezing temporary suspending training, 364 00:18:33.799 --> 00:18:37.079 except perhaps on individual stocks if they see something unusual 365 00:18:37.079 --> 00:18:37.400 going on. 366 00:18:37.599 --> 00:18:43.000 Okay, we spoke on Friday about how crazy the next 367 00:18:43.039 --> 00:18:43.960 three months are going to be. 368 00:18:44.000 --> 00:18:46.519 Obviously there will be. 369 00:18:46.279 --> 00:18:51.039 Some political gain and loss out of a market correction 370 00:18:51.200 --> 00:18:54.480 like this because of the impact that people have, the 371 00:18:54.519 --> 00:18:57.039 fear of the personal feelings they have. Is this a 372 00:18:57.079 --> 00:18:59.559 winner for one side or the other or can it 373 00:18:59.599 --> 00:19:01.319 be you for one side or the other? 374 00:19:02.480 --> 00:19:04.480 It absolutely can and will be used. Whether or not 375 00:19:04.519 --> 00:19:06.519 it's effective remains to be seen. Look, I used to 376 00:19:06.559 --> 00:19:08.279 tell the President all the time that part of the 377 00:19:08.400 --> 00:19:12.880 art of doing the job is taking credit for stuff 378 00:19:13.000 --> 00:19:15.680 you're not responsible for and then avoiding blame on stuff 379 00:19:15.680 --> 00:19:18.440 you are responsible for. Because when you're washing, when you're 380 00:19:18.480 --> 00:19:20.720 when you're president of the United States, you get blamed 381 00:19:20.799 --> 00:19:22.440 for all the bad stuff and get credit for all 382 00:19:22.440 --> 00:19:24.640 the good stuff even if you had nothing to do 383 00:19:24.799 --> 00:19:28.519 with it. So it doesn't surprise me, for example, that 384 00:19:28.559 --> 00:19:30.319 when the market was running up in the months of 385 00:19:30.400 --> 00:19:32.400 June and July that Donald Trump you out and said, well, 386 00:19:32.440 --> 00:19:34.839 this is in expectation of me winning, so I'm going 387 00:19:34.880 --> 00:19:36.799 to take credit for it going up. And now that 388 00:19:36.839 --> 00:19:38.440 it's had a rough couple of days, is blaming it 389 00:19:38.480 --> 00:19:40.799 on Biden Harris? It's you know, it's their fault for 390 00:19:40.920 --> 00:19:43.119 going down. The other side will be doing it the 391 00:19:43.160 --> 00:19:47.759 exact same thing, and it's across It's across various topics, right. 392 00:19:47.799 --> 00:19:49.799 I mean, you've seen both sides trying to take credit 393 00:19:49.920 --> 00:19:52.960 for the hostage exchange last week that Trump said it 394 00:19:52.960 --> 00:19:54.599 was because Russians thought he was going to win and 395 00:19:54.640 --> 00:19:57.359 they want Biden to win, and Biden said the exact opposite. 396 00:19:57.400 --> 00:20:00.480 So yeah, that's that's politics. There remains to be seen. 397 00:20:00.599 --> 00:20:03.839 I don't think this is a major player in the 398 00:20:03.880 --> 00:20:07.480 in the November election, but if it is the General 399 00:20:07.480 --> 00:20:09.880 of Thomas. Anytime the economy is more and more in 400 00:20:09.920 --> 00:20:12.079 people's minds, the better the Republicans are going to do. 401 00:20:12.400 --> 00:20:14.640