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 --> 00:00:10.359 on the iHeartRadio app. Chevron, the second largest oil company 4 00:00:10.400 --> 00:00:16.160 in the United States, is leaving California, formalizing this long 5 00:00:16.320 --> 00:00:20.079 expected breakup. The company has ties to California the date 6 00:00:20.160 --> 00:00:25.719 back to the eighteen seventies. Chevron had about seven thousand 7 00:00:25.719 --> 00:00:29.280 employees already in the Houston area, about two thousand at 8 00:00:29.280 --> 00:00:32.679 the current headquarters in San Ramon, California, which is right 9 00:00:32.759 --> 00:00:34.320 up near San Francisco. 10 00:00:34.679 --> 00:00:35.880 So they're going to be moving. 11 00:00:35.679 --> 00:00:39.920 Everybody, it looks like to just about everybody to Houston. 12 00:00:40.479 --> 00:00:43.759 Three years after the broadcast audience plummeted for the Summer 13 00:00:43.840 --> 00:00:47.320 Games in Tokyo, they have rebounded dramatically. NBC says it 14 00:00:47.399 --> 00:00:51.399 drew nearly thirty five million viewers for the Tuesday night coverage, 15 00:00:51.439 --> 00:00:55.679 which included the women's gymnastics team finals. They said total 16 00:00:55.719 --> 00:00:59.560 audience delivery number includes all of the NBC platforms, live 17 00:00:59.600 --> 00:01:04.480 coverage on NBC, Peacock, et cetera, the Gold Zone coverage, 18 00:01:04.480 --> 00:01:07.719 which is like the NFL Networks Red Zone. Speaking of 19 00:01:07.760 --> 00:01:11.519 the Olympics, there's a lot that's going on regarding men 20 00:01:11.680 --> 00:01:14.799 fighting women in boxing in the Olympics. We'll try to 21 00:01:14.799 --> 00:01:16.439 get to the bottom of it. And oh my gosh, 22 00:01:16.519 --> 00:01:19.120 it's a second Gary and Shannon show breakdown? 23 00:01:19.599 --> 00:01:20.000 Ready? 24 00:01:20.040 --> 00:01:22.959 Do you understand the worst that are coming out of 25 00:01:22.959 --> 00:01:23.439 my mouth? 26 00:01:23.640 --> 00:01:26.000 What are you talking about? The news got you confused? 27 00:01:26.000 --> 00:01:29.840 Do you understand it's time for another breakdown with Gary 28 00:01:29.879 --> 00:01:30.319 and Shannon? 29 00:01:30.400 --> 00:01:31.640 Explain it to me slowly. 30 00:01:31.920 --> 00:01:35.719 I'm very old, all right. 31 00:01:35.760 --> 00:01:41.560 In this case, there are two boxers in the women's competition, 32 00:01:41.719 --> 00:01:46.120 Algeria's Imani Khalif and Taiwan's lynn U Ting. Both of 33 00:01:46.120 --> 00:01:49.439 them have won. Lyn U Ting actually fought this morning 34 00:01:49.599 --> 00:01:56.159 and won, and they're The Olympic Committee is forced to 35 00:01:56.439 --> 00:02:01.840 answer questions about all of this because these two women 36 00:02:02.040 --> 00:02:06.079 appear to be men. Now, it's not as easy as 37 00:02:06.200 --> 00:02:09.159 just saying that, because there are some questions about who 38 00:02:09.199 --> 00:02:13.199 they are, where they came from, etc. Mark Adams is 39 00:02:13.240 --> 00:02:17.240 an Olympic Committee spokesman and asked for a pause in 40 00:02:17.280 --> 00:02:20.759 the rhetoric that has exploded around this case, which these cases, 41 00:02:20.800 --> 00:02:23.319 I should say, which is basically that the Olympic Committee 42 00:02:23.319 --> 00:02:25.360 is allowing men to fight women. 43 00:02:25.599 --> 00:02:32.159 Athletes boxes are entirely eligible. They are women on their passport, 44 00:02:33.159 --> 00:02:35.919 they have competed for many years, and I actually think 45 00:02:36.039 --> 00:02:40.080 it's not helpful to start stigmatizing people who take part. 46 00:02:39.919 --> 00:02:40.759 In sport like this. 47 00:02:41.319 --> 00:02:44.879 But they are aided in Tokyo. I think we will 48 00:02:44.960 --> 00:02:47.479 have responsibility, by the way to try to dial down 49 00:02:47.520 --> 00:02:49.879 this and not turn it into some kind of witch hunt. 50 00:02:50.159 --> 00:02:53.400 These are regular athletes who've competed for many years in boxing. 51 00:02:53.439 --> 00:02:58.400 They're entirely eligible women on their passports, and that I 52 00:02:58.400 --> 00:03:00.360 think is enough said for me. 53 00:03:00.560 --> 00:03:06.680 Okay, Now this is the question arises because a different organization, 54 00:03:07.879 --> 00:03:16.800 the International Boxing Association, disqualified these two because they were 55 00:03:17.439 --> 00:03:21.599 subject to a separate and recognized test. They said they 56 00:03:21.639 --> 00:03:25.400 did not go through testosterone examinations, but that they were 57 00:03:25.919 --> 00:03:32.840 disqualified from international competition by the International Boxing Association. The 58 00:03:33.080 --> 00:03:37.879 International Olympic Committee stopped recognizing the IBA, and now it's 59 00:03:37.919 --> 00:03:41.199 the IOC that oversees the boxing competition at the Olympics. 60 00:03:41.479 --> 00:03:45.080 The IOC has very specifically said neither of these athletes 61 00:03:45.199 --> 00:03:48.319 is transgender, and that the IOC has defended its decision 62 00:03:48.360 --> 00:03:50.360 to allow both of them to compete in this year's 63 00:03:50.400 --> 00:03:57.599 Paris Games. The unknowns about this, though, include what kind 64 00:03:57.680 --> 00:04:01.120 of a test did the International Boxing is Association do? 65 00:04:02.199 --> 00:04:05.719 Was it a chromosomal test? Did they check and see 66 00:04:06.039 --> 00:04:11.560 if these athletes have X Y chromosomes? Because that means, dude, 67 00:04:12.719 --> 00:04:14.759 they don't. They're not telling us all. They're saying that 68 00:04:14.800 --> 00:04:19.279 the IBA maintains both boxers were subjected to a separate 69 00:04:19.480 --> 00:04:27.120 and recognized test, but it wasn't about testosterone examinations. They 70 00:04:27.120 --> 00:04:30.560 were disqualified because of that whatever. The results of that 71 00:04:30.639 --> 00:04:36.199 test were late in last year's World Championships and according 72 00:04:36.240 --> 00:04:38.680 to a Russian news agency, and again, I mean, I 73 00:04:38.759 --> 00:04:41.439 just did an hour on why we can't necessarily trust Russia, 74 00:04:41.480 --> 00:04:45.240 but a Russian news agency said that the disqualification of 75 00:04:45.279 --> 00:04:47.800 those two from the World Championships was because it was 76 00:04:47.879 --> 00:04:51.920 proven that they have X Y chromosomes. According to the 77 00:04:51.920 --> 00:04:54.680 International Olympic Committee, they say they have no knowledge of 78 00:04:54.720 --> 00:04:59.120 what those tests were. They were cobbled together overnight during 79 00:04:59.160 --> 00:05:02.839 the championships to change the results. The IOC is sticking 80 00:05:02.879 --> 00:05:07.319 by this. The IOC says it measures the age and 81 00:05:07.439 --> 00:05:11.240 gender of athletes based on their passport in addition to 82 00:05:11.279 --> 00:05:14.120 the boxing regulations that they came together and put together 83 00:05:14.160 --> 00:05:17.959 for the Olympics. Specifically, the medical guidelines for these Olympics 84 00:05:17.959 --> 00:05:20.399 do not appear to include any sort of an examination 85 00:05:20.480 --> 00:05:23.879 to determine whether a competitor fighting in a women's competition 86 00:05:24.279 --> 00:05:30.600 would possess unfair biological advantages. The IOC apparently does not 87 00:05:30.720 --> 00:05:33.439 do chromosomal testing. I don't know if they ever will, 88 00:05:33.720 --> 00:05:36.959 I don't know if they need to. But Algeria's im 89 00:05:37.000 --> 00:05:41.120 On Kif and taiwan Kehlief and Taiwan's Lyn Tu Yang 90 00:05:41.720 --> 00:05:46.319 one of them. I think Algeria's boxer fights tomorrow, Taiwan's 91 00:05:46.439 --> 00:05:51.319 fought today, and one handily this is not over because 92 00:05:51.319 --> 00:05:54.360 there are questions about what the IOC should do going 93 00:05:54.399 --> 00:05:56.839 forward when it comes to things like genetic testing or 94 00:05:56.920 --> 00:06:00.639 chromosomal testing for this whole thing. The four or person 95 00:06:00.759 --> 00:06:04.759 blockbuster prison swap carried out this week required the US 96 00:06:04.800 --> 00:06:08.079 to regroup after the death of Alexi Navalney. I mentioned 97 00:06:08.079 --> 00:06:10.319 that in the first hour where I went through some 98 00:06:10.360 --> 00:06:14.800 of the details and broke down exactly some of the machinations. 99 00:06:15.000 --> 00:06:17.040 We used that word too much. Somebody called us out 100 00:06:17.040 --> 00:06:17.240 on it. 101 00:06:17.759 --> 00:06:21.800 The details of exactly what happened in that prisoner swap 102 00:06:21.839 --> 00:06:24.240 and the negotiations it took to get there depended on 103 00:06:24.480 --> 00:06:28.000 the willingness of Germany to release from custody a Russian 104 00:06:28.120 --> 00:06:31.040 hit man who just five years ago committed a cold 105 00:06:31.079 --> 00:06:34.319 blooded killing in Berlin. It also forced Russia to part 106 00:06:34.319 --> 00:06:36.759 with the Americans that it was holding that were so valuable, 107 00:06:36.800 --> 00:06:40.319 including Evan Gershkevich, the Wall Street Journal reporter. 108 00:06:40.519 --> 00:06:42.279 They'd just been, as. 109 00:06:42.120 --> 00:06:46.959 The Associated Press puts it, they've been stockpiling American prisoners 110 00:06:46.959 --> 00:06:52.959 for bait. In all of this, few Americans have high 111 00:06:53.040 --> 00:06:57.240 confidence in the Secret Services ability to keep presidential candidates safe. 112 00:06:57.279 --> 00:07:00.000 That's according to a new poll from the Associated Press, 113 00:07:00.199 --> 00:07:05.199 about three in ten three in ten Americans say they're 114 00:07:05.240 --> 00:07:09.160 extremely or very confident that the Secret Service can keep 115 00:07:09.199 --> 00:07:12.879 a presidential candidate safe from violence before the election. Of course, 116 00:07:12.879 --> 00:07:16.000 secret Service, tasked with protecting presidents for more than a century, 117 00:07:16.279 --> 00:07:18.639 is under scrutiny because of somebody who was able to 118 00:07:18.639 --> 00:07:22.800 get close to and shoot former President Trump at that 119 00:07:22.920 --> 00:07:27.120 rally in Butler, Pennsylvania. There is a news conference that 120 00:07:27.160 --> 00:07:28.600 we do expect to see at the top of the 121 00:07:28.639 --> 00:07:30.720 hour from the Secret Service. Don't know exactly what it 122 00:07:30.759 --> 00:07:33.040 is that they're going to talk about, but we know 123 00:07:33.120 --> 00:07:36.040 that they're out there. The Dow Jones Industrial average right 124 00:07:36.079 --> 00:07:40.319 now is down about eight hundred and fifty points. A 125 00:07:40.480 --> 00:07:43.639 new recession fear has come in crept into all of this. 126 00:07:43.759 --> 00:07:46.879 And we're actually going to be talking with Mick mulvaney. Yeah, 127 00:07:46.959 --> 00:07:50.279 former White House Chief of Staff McK mulvaney was a 128 00:07:50.279 --> 00:07:53.879 Congressman for a long time and had actually been in 129 00:07:53.959 --> 00:07:56.519 the Office of Management and Budget in the White House. 130 00:07:56.560 --> 00:07:58.480 So we'll talk with him coming up at the bottom 131 00:07:58.480 --> 00:08:00.319 of the hour about what we can expect to see 132 00:08:00.560 --> 00:08:06.319 for stocks going into a tumultuous ninety plus days before 133 00:08:06.399 --> 00:08:11.079 the election. There's an issue that's come up. California Governor 134 00:08:11.120 --> 00:08:15.279 Newsom has signed an extradition warrant to bring Harvey Weinstein 135 00:08:15.560 --> 00:08:19.839 back to California. And there's a weird it's not weird. 136 00:08:19.920 --> 00:08:23.399 There is a connection, a personal connection. The Gavin Newsom 137 00:08:23.480 --> 00:08:27.879 has to Harvey Weinstein through his wife, the first partner, 138 00:08:28.160 --> 00:08:31.279 Jennifer Siebel Newsom. Now Weinstein, of course, was convicted of 139 00:08:31.360 --> 00:08:34.080 rape and criminal assault four years ago in New York. 140 00:08:34.559 --> 00:08:37.039 It was sentenced to twenty three years in prison. Now 141 00:08:37.080 --> 00:08:39.080 he's in medical detention right now because he's just an 142 00:08:39.120 --> 00:08:40.200 absolute mess. 143 00:08:40.039 --> 00:08:42.039 He's a bag of disease. 144 00:08:42.159 --> 00:08:45.559 It sounds like, and he's got COVID, and he's got 145 00:08:45.600 --> 00:08:48.519 double pneumonia, et cetera, and on top of everything else 146 00:08:48.519 --> 00:08:51.600 that's gone wrong with this guy physically. But the conviction 147 00:08:51.720 --> 00:08:54.320 from New York was overturned at the end of April 148 00:08:54.360 --> 00:08:57.120 after an appellate court said that the trial judge made 149 00:08:57.159 --> 00:09:01.320 the mistake of allowing three women to testify that Harvey 150 00:09:01.320 --> 00:09:04.399 Weinstein had assaulted them, even though he wasn't being charged 151 00:09:04.440 --> 00:09:08.960 with those crimes or crimes related to their testimony. So 152 00:09:10.559 --> 00:09:13.960 he was convicted of the rape charges in LA in 153 00:09:14.080 --> 00:09:19.039 twenty twenty two and sentenced to sixteen years in California prison. 154 00:09:20.240 --> 00:09:23.000 There was about a ninety day window that opened to 155 00:09:23.080 --> 00:09:26.759 sign an extradition warrant after the conviction was overturned in April, 156 00:09:27.080 --> 00:09:30.960 so he did so. The governor did on June nineteenth. 157 00:09:31.559 --> 00:09:37.639 Now again the connection is Gavin Newsom's wife testified in 158 00:09:37.679 --> 00:09:41.799 that trial here in LA. She testified she accused him 159 00:09:41.799 --> 00:09:44.600 of raping and sexually assaulting her in two thousand and five. 160 00:09:45.480 --> 00:09:50.200 They did find him guilty those on three charges, but 161 00:09:50.480 --> 00:09:54.360 not of the two charges related to the accusations that 162 00:09:54.480 --> 00:10:00.559 came from Jennifer Cebel Newsom. She says, the entire process 163 00:10:00.559 --> 00:10:02.320 been one of the hardest experiences of my life. 164 00:10:02.399 --> 00:10:03.559 The most important takeaways. 165 00:10:03.600 --> 00:10:06.120 We all have a role to play in healing this 166 00:10:06.159 --> 00:10:08.799 culture in which violence against women is the norm. And 167 00:10:08.840 --> 00:10:11.440 she said of Harvey Weinstein, what he did to me 168 00:10:11.600 --> 00:10:15.840 was the worst. His assault was excruciatingly traumatic. And she 169 00:10:15.919 --> 00:10:18.360 said for years he walked away unfettered, while I spent 170 00:10:18.440 --> 00:10:21.240 years nursing my wounds. Is it a little weird that 171 00:10:21.360 --> 00:10:25.519 her husband gets to sign the extradition warrant for I mean, 172 00:10:25.960 --> 00:10:27.399 he has to because he's the governor. 173 00:10:27.559 --> 00:10:27.639 Or. 174 00:10:27.919 --> 00:10:31.080 It doesn't have to he gets to because he's the governor. 175 00:10:31.519 --> 00:10:34.440 Maybe he's just a little poetic justice for him to 176 00:10:35.360 --> 00:10:36.279 protect his wife. 177 00:10:36.360 --> 00:10:37.840 It just seems a little bit odd. 178 00:10:37.879 --> 00:10:40.840 Well, the Dow Jones Industrial Average down about eight hundred 179 00:10:40.919 --> 00:10:43.960 plus points. It's down eight seventy six right now, the 180 00:10:44.120 --> 00:10:47.120 S and P five hundred, the NASDAK also down two 181 00:10:47.279 --> 00:10:50.320 three percent. It's not been a great day on Wall Street, 182 00:10:50.360 --> 00:10:53.440 and that's on top of a down day from yesterday, 183 00:10:53.440 --> 00:10:56.279 and we're probably seeing the worst August start that we've 184 00:10:56.320 --> 00:10:59.480 seen on Wall Street for more than twenty years. To 185 00:10:59.480 --> 00:11:02.159 help us kind of break down. Some of this is 186 00:11:02.320 --> 00:11:05.080 Mick mulvaney, of course, former acting White House Chief of 187 00:11:05.120 --> 00:11:07.960 Staff and also a former director of Office of Management 188 00:11:07.960 --> 00:11:11.519 and a Budget currently an economic contributor to News Nation. Mick, 189 00:11:11.559 --> 00:11:13.039 thanks for taking time for us today. 190 00:11:14.080 --> 00:11:15.879 Happy to be here, hey, interesting to be in the 191 00:11:15.919 --> 00:11:16.480 markets always. 192 00:11:16.559 --> 00:11:17.279 Yeah, no, kitten. 193 00:11:18.320 --> 00:11:21.679 The part of this has to be this unemployment report 194 00:11:21.720 --> 00:11:25.440 that came out this morning. Job creation was not as 195 00:11:25.480 --> 00:11:28.159 great as we expected in July, and the unemployment rates 196 00:11:28.159 --> 00:11:30.320 back up to four point three percent, which is still 197 00:11:30.360 --> 00:11:31.240 a good number. 198 00:11:31.879 --> 00:11:32.480 Why is it? 199 00:11:32.679 --> 00:11:34.639 Why does that have an impact on what's going on 200 00:11:34.639 --> 00:11:35.279 on Wall Street? 201 00:11:36.240 --> 00:11:39.279 Well, a couple of different things, is always the case 202 00:11:39.279 --> 00:11:41.480 with the stock market. There's five or six different things 203 00:11:41.480 --> 00:11:43.320 to go into an answer to a question like that, 204 00:11:43.399 --> 00:11:45.120 So a couple of different things. First of all, the 205 00:11:45.159 --> 00:11:47.840 markets are only back down now to where they were 206 00:11:48.200 --> 00:11:50.799 I think July tenth, so less than a month ago. 207 00:11:50.840 --> 00:11:53.159 So yes, they're down dramatically in the last couple of days. 208 00:11:53.200 --> 00:11:55.279 But it's not like this is a I think BS 209 00:11:55.320 --> 00:11:57.240 and P might be in a correction, but this is 210 00:11:57.279 --> 00:11:59.799 not a major meltdown taking us back six months or 211 00:12:00.080 --> 00:12:04.799 years worth of wealth creation That jobs numbers got a 212 00:12:04.799 --> 00:12:07.039 lot of attention. Folks have been wondering about whether or 213 00:12:07.039 --> 00:12:09.679 not that has been waiting too long to cut rates, 214 00:12:09.679 --> 00:12:11.840 that been worried about a recession. They watched the job 215 00:12:11.919 --> 00:12:14.840 numbers very clearly is sort of a bell weather for 216 00:12:15.399 --> 00:12:18.200 whether or not we're moving towards recession, and the job 217 00:12:18.279 --> 00:12:22.639 numbers were down. Any number below two hundred thousand is 218 00:12:22.679 --> 00:12:25.000 a bad number. Getting above two hundred thousand is a 219 00:12:25.039 --> 00:12:27.360 good number. You can take the unemployment rate and ignore 220 00:12:27.360 --> 00:12:30.679 it because the unemployment rate is a two factory equation 221 00:12:30.960 --> 00:12:34.080 too variable equation. It sort of depends on the number 222 00:12:34.080 --> 00:12:37.080 of people actually looking for work. The real number that 223 00:12:37.159 --> 00:12:39.320 we look at is the number of jobs created every 224 00:12:39.320 --> 00:12:41.240 single month, and if it's under two hundred thousand dollars, 225 00:12:41.360 --> 00:12:43.600 that's just kind of a weaker economy. This is the 226 00:12:43.639 --> 00:12:45.840 third month in a row with under two hundred thousand 227 00:12:45.879 --> 00:12:48.039 after the revisions, and I think it's five out of 228 00:12:48.080 --> 00:12:50.039 the last ten that have been below two hundred thousand. 229 00:12:50.080 --> 00:12:52.440 So that's that week getting the slow week ending of 230 00:12:52.440 --> 00:12:55.039 the job market that got the market's a little bit spooped, 231 00:12:55.200 --> 00:12:57.240 and they gave back most of the games from July, 232 00:12:57.360 --> 00:12:58.039 but that's about it. 233 00:12:58.919 --> 00:13:01.720 Did defend make a mistake? Did we wait too long 234 00:13:01.759 --> 00:13:02.759 to cut rates? 235 00:13:03.720 --> 00:13:06.480 You know, in hindsight, it's always easy to say that. 236 00:13:06.519 --> 00:13:08.919 What I've always wondered, as someone who you know, worked 237 00:13:08.919 --> 00:13:10.600 for the government and would work very you know, watch 238 00:13:10.679 --> 00:13:13.080 this very very closely, was why do we think the 239 00:13:13.159 --> 00:13:16.159 Fed is so much smarter than everybody else? They've been 240 00:13:16.200 --> 00:13:18.639 wrong more than they've been right anyway, So if it 241 00:13:18.759 --> 00:13:21.600 have been wrong this time, it shouldn't surprise anybody. You 242 00:13:21.639 --> 00:13:24.480 won't go to answer that question until six months or 243 00:13:24.519 --> 00:13:27.919 a year from that. Markets bounce back tomorrow if inflation 244 00:13:27.960 --> 00:13:30.559 comes under control because of the little slowdown that we've 245 00:13:30.559 --> 00:13:32.240 had on the job market, that everybody's ob well, maybe 246 00:13:32.279 --> 00:13:34.919 the Fed was right. It's always hard to say. But 247 00:13:35.080 --> 00:13:39.559 clearly the markets are spooped by the possibility of a 248 00:13:39.600 --> 00:13:41.759 recession given those job numbers, And that's where I think 249 00:13:41.799 --> 00:13:42.519 it's driving. 250 00:13:42.279 --> 00:13:43.879 All this is there speaking of? 251 00:13:44.200 --> 00:13:47.759 Is there a mechanism whereby they can cut rates without 252 00:13:47.759 --> 00:13:49.039 waiting for their regular meeting? 253 00:13:50.360 --> 00:13:53.000 Sure? But why? I mean you do that in emergencies? 254 00:13:53.600 --> 00:13:56.559 The Dow losing a couple of percentage of points is 255 00:13:56.759 --> 00:13:59.559 not an emergency, and emergency would be the likes of 256 00:13:59.559 --> 00:14:03.679 which we have during during the global financial crisis, maybe 257 00:14:03.799 --> 00:14:06.919 during COVID, where they would jump in and do something 258 00:14:07.639 --> 00:14:11.200 out of sequence. But I would I would hardly think 259 00:14:11.279 --> 00:14:13.600 that this rise. And keep in mind that the FED 260 00:14:14.120 --> 00:14:17.000 supposedly says they don't care about markets, right, they don't 261 00:14:17.000 --> 00:14:20.919 care about the equity markets, They care about the overall economy. 262 00:14:21.279 --> 00:14:24.600 And yes, the markets can be an indicator of health 263 00:14:24.600 --> 00:14:27.240 from the economy, but that's only one of several. So 264 00:14:27.480 --> 00:14:30.120 the SED is not going to intervene in the economy 265 00:14:30.320 --> 00:14:32.279 just because the Dow shared a couple of thousand points. 266 00:14:32.360 --> 00:14:35.399 We're talking with Mick mulvaney, economic contributor for News Nation. 267 00:14:35.519 --> 00:14:38.080 Of course you remember him as acting White House Chief 268 00:14:38.080 --> 00:14:41.000 of Staff, also Director of Office of Management and Budget, 269 00:14:41.240 --> 00:14:44.000 currently a co chair of Active Strategic Consultants. So you 270 00:14:44.080 --> 00:14:46.480 mentioned in terms of keeping an eye on when we 271 00:14:46.559 --> 00:14:50.679 get these jobs reports, not necessarily, you know, putting all 272 00:14:50.720 --> 00:14:53.919 of our attention on the unemployment rate itself to four 273 00:14:53.960 --> 00:14:55.799 point three percent, but to look at the number of 274 00:14:55.879 --> 00:14:59.799 jobs created, is there, in general a better indicator of 275 00:14:59.840 --> 00:15:03.519 the strength the health of the economy than the Dow. 276 00:15:03.759 --> 00:15:06.679 I mean, everybody refers to that because it's a quick snapshot. 277 00:15:06.919 --> 00:15:08.919 Is there a better number that we should keep an 278 00:15:08.919 --> 00:15:09.240 eye on. 279 00:15:10.080 --> 00:15:12.519 Oh? I think, I think. I think that the job 280 00:15:12.720 --> 00:15:17.720 creation is just as good. I think that wage growth 281 00:15:17.840 --> 00:15:21.399 is just as good. Is our wages keeping up with inflation. 282 00:15:21.480 --> 00:15:23.080 That's a pretty good sign of whether or not the 283 00:15:23.120 --> 00:15:25.759 economy is healthy if you actually feel like you have 284 00:15:25.919 --> 00:15:28.919 more money this month than you had last month, even 285 00:15:28.960 --> 00:15:31.320 when you take into consideration increase in prices. And we're 286 00:15:31.360 --> 00:15:34.960 not there yet, but in those circumstances, generally people might 287 00:15:34.960 --> 00:15:37.360 think the economy is doing fairly well. Why well, because 288 00:15:37.399 --> 00:15:40.039 they have more money to spend, They spend more, they 289 00:15:40.039 --> 00:15:42.600 buy more things, companies' earnings go up, et cetera, et cetera. 290 00:15:42.639 --> 00:15:45.480 So there's no again, no easy answer to your question 291 00:15:45.559 --> 00:15:48.720 of multi variable equation. But yeah, you watch the markets, 292 00:15:48.720 --> 00:15:50.639 but you watch again five or six other things. 293 00:15:50.519 --> 00:15:52.440 As well, and volatility. 294 00:15:53.120 --> 00:15:55.919 I look at the next nine to ninety five days 295 00:15:55.960 --> 00:16:01.200 before before the election, I can't imagine. Listen, we there's 296 00:16:01.240 --> 00:16:05.519 no way that in April you could have predicted that 297 00:16:06.000 --> 00:16:12.039 what has happened this summer happened this summer with craziness 298 00:16:10.799 --> 00:16:17.759 on all accounts of the campaign. An assassination attempt, a 299 00:16:17.799 --> 00:16:20.320 major candidate dropping out, getting out of the race. I 300 00:16:20.360 --> 00:16:24.200 mean none of this was predictable. That obviously goes to 301 00:16:24.759 --> 00:16:27.240 a certain amount of volatility that we might be able 302 00:16:27.279 --> 00:16:29.159 to expect over the next ninety five days. 303 00:16:29.159 --> 00:16:31.279 What are you looking for in the next three months. 304 00:16:32.639 --> 00:16:34.799 If you had written this and submitted it to Hollywood 305 00:16:34.799 --> 00:16:36.440 for an episode or a series of episodes of The 306 00:16:36.440 --> 00:16:38.320 West Wing, you would have laughed out, yeah, you know, 307 00:16:38.360 --> 00:16:42.039 we would ever predict any of it's happening. Look, look, 308 00:16:42.080 --> 00:16:45.279 election season has always there's always got variables to We 309 00:16:45.279 --> 00:16:47.559 always look at these sort of you know, September surprises, 310 00:16:47.559 --> 00:16:50.919 October surprises, et cetera. And yes, this is what worries 311 00:16:50.960 --> 00:16:53.639 me the most, and it's something that doesn't get nearly 312 00:16:53.720 --> 00:16:55.480 enough discussion. In fact, you haven't said the word yet, 313 00:16:55.519 --> 00:16:57.639 and neither have I. Which is for thirty five more 314 00:16:57.679 --> 00:16:59.519 than thirty five trillion dollars in debt now, I think 315 00:16:59.519 --> 00:17:01.600 we bart on just one hundred billion dollars this week. 316 00:17:02.639 --> 00:17:05.720 That's a huge number. And what does it do to us. 317 00:17:06.000 --> 00:17:10.880 It takes away our ability to respond to emergency situations 318 00:17:10.960 --> 00:17:14.119 because ordinarily, when times are good, we spend least of 319 00:17:14.119 --> 00:17:15.759 times are bad, the government spends more to try and 320 00:17:15.799 --> 00:17:18.519 even things out, And nowadays all we do is spend 321 00:17:18.519 --> 00:17:21.200 more all the time, and that eventually is going to 322 00:17:21.200 --> 00:17:24.160 take away our ability to respond when you really need help. 323 00:17:24.279 --> 00:17:28.200 You need, say, an injection of stimulus into the economy. 324 00:17:28.400 --> 00:17:30.480 That's what worries me. It worries everybody. Which is that 325 00:17:30.519 --> 00:17:32.200 black Swan event. Would you just wake up when morning 326 00:17:32.200 --> 00:17:34.680 everybody decides, you know what the government knows thirty six 327 00:17:34.720 --> 00:17:37.279 train dollars. I'm not lending them any more money at 328 00:17:37.319 --> 00:17:39.519 three and a half or four or four or five percent. 329 00:17:40.400 --> 00:17:43.119 That's what you're really worry about. But the day to 330 00:17:43.160 --> 00:17:46.079 day stuff, you know, certainly an assassination of temp is 331 00:17:46.119 --> 00:17:49.200 a big deal, there's no question. But I don't think 332 00:17:49.680 --> 00:17:52.319 who Kamala Harris is going to pick for her vice 333 00:17:52.319 --> 00:17:54.839 president is going to move the markets very much. Neither 334 00:17:54.880 --> 00:17:57.920 did when when Donald Trump took JD Vance. So those 335 00:17:57.920 --> 00:18:02.720 are the those are the ordinary vicissitudes of American politics 336 00:18:02.720 --> 00:18:03.160 and marketing. 337 00:18:03.319 --> 00:18:06.559 Yeah, well there's nothing ordinary about this year, that's for certain. 338 00:18:06.880 --> 00:18:09.480 All Right, Hey, great stuff, I really appreciate it. I 339 00:18:09.759 --> 00:18:12.160 am of a fan of yours, and I like your 340 00:18:12.279 --> 00:18:15.119 down to earth knowledge. About all of this stuff. 341 00:18:15.119 --> 00:18:16.839 So thank you, thanks so much. 342 00:18:16.880 --> 00:18:17.799 Have a great weekend, you bet. 343 00:18:17.839 --> 00:18:20.759 Mick mulvaney there again, political economic contributor to News Nation, 344 00:18:21.519 --> 00:18:23.559 former White House Chief of Staff, former Director of the 345 00:18:23.599 --> 00:18:25.440 Office of Management and Budget, know as what he. 346 00:18:25.400 --> 00:18:25.880 Was talking about. 347 00:18:25.960 --> 00:18:29.920 The Federal Trade Commission has announced it's going to investigate 348 00:18:29.960 --> 00:18:34.119 why grocery prices are still high even as the costs 349 00:18:34.240 --> 00:18:38.319 for retailers have gone down. Chair Linda Kahan from the 350 00:18:38.319 --> 00:18:44.279 Federal Trade Commission says this is investigation will look into 351 00:18:44.279 --> 00:18:47.680 major grocery chains and that those grocery chains would be 352 00:18:47.799 --> 00:18:51.119 ordered to provide information on their costs and prices on 353 00:18:51.200 --> 00:18:54.440 common products. She did this at a She made the 354 00:18:54.480 --> 00:18:57.200 announcement yesterday at a public meeting with a Justice department 355 00:18:57.240 --> 00:19:02.319 that's looking into pricing practices. The United States has officially 356 00:19:02.359 --> 00:19:07.759 recognized Venezuela's opposition presidential candidate at Mundo Gonzalez as the 357 00:19:07.799 --> 00:19:12.680 winner of Venezuela's disputed election. Secretary of State Tony Blinken 358 00:19:12.680 --> 00:19:16.359 made the comments despite the claim by the authoritarian president 359 00:19:16.359 --> 00:19:23.240 there Nicolas Maduro that the Venezuelan controlled electoral body won 360 00:19:23.599 --> 00:19:27.279 the Sunday election. The government is of course run by Maduro, 361 00:19:27.359 --> 00:19:31.279 the election body was chosen by Maduro, and all of that. 362 00:19:32.480 --> 00:19:35.519 Still under a questionable. 363 00:19:36.440 --> 00:19:40.920 Questionable look out of Venezuela determining who actually won that election. 364 00:19:41.279 --> 00:19:44.279 The four point seven billion dollar verdict against the NFL 365 00:19:44.680 --> 00:19:47.480 for colluding to raise prices for the Sunday ticket TV 366 00:19:47.599 --> 00:19:52.559 package overturned last night by federal judge. He disqualified expert 367 00:19:52.680 --> 00:19:55.920 testimony used by the jury to determine damages. 368 00:19:56.440 --> 00:19:57.400 That's the key. 369 00:19:57.799 --> 00:20:00.160 It's not that the NFL is necessarily off the hook, 370 00:20:00.519 --> 00:20:04.119 but the judgment itself, the four point seven billion may 371 00:20:04.160 --> 00:20:07.839 have been crazy. In fact, the two economic witnesses. According 372 00:20:07.880 --> 00:20:11.559 to the judge, the plaintiff's two economic witnesses used flawed 373 00:20:11.680 --> 00:20:14.160 methodology and their attempts to show that the league was 374 00:20:14.240 --> 00:20:17.559 overcharging Sunday ticket customers. They were thrown out because they 375 00:20:17.559 --> 00:20:20.640 were based on witness testimony which included comparisons to how 376 00:20:20.920 --> 00:20:25.559 college games are broadcast, and then some speculation on substantiated 377 00:20:25.559 --> 00:20:29.880 speculation on how the NFL might sell games individually if 378 00:20:29.880 --> 00:20:32.960 it was to do so. Also just in out of DC. 379 00:20:33.160 --> 00:20:34.880 We'll talk more about it at the top of the hour. 380 00:20:35.039 --> 00:20:37.799 Kamala Harris has won the votes of enough Democratic Convention 381 00:20:37.880 --> 00:20:42.119 delegates to become the party's presidential nominee. The DNC chair 382 00:20:42.200 --> 00:20:45.920 Jamie Harrison, made the comments today in a video. So 383 00:20:46.119 --> 00:20:49.000 she is now I think the term that they're using 384 00:20:49.400 --> 00:20:56.599 on social media is the official presumptive Democratic nominee for president. 385 00:20:56.880 --> 00:21:00.200 So I have a dog. Dever's got a dog, mon 386 00:21:00.279 --> 00:21:02.839 has got a dog. We all have dogs. Everybody has dogs. 387 00:21:02.960 --> 00:21:03.759 We love dogs. 388 00:21:03.880 --> 00:21:04.839 Dogs are incredible. 389 00:21:05.240 --> 00:21:07.440 We don't deserve them, but we have them, and we 390 00:21:07.519 --> 00:21:09.680 keep them as little, tiny slaves in our homes. 391 00:21:09.720 --> 00:21:13.440 Oh I deserve them. Why because I'm a great dog owner. 392 00:21:13.799 --> 00:21:16.359 Well, and also you are so in love with other 393 00:21:16.440 --> 00:21:20.079 animals also, I am that, okay, But you choose dogs 394 00:21:20.119 --> 00:21:22.319 to be the thing that you keep in your home. 395 00:21:22.400 --> 00:21:22.680 I do. 396 00:21:23.039 --> 00:21:24.240 I'm allergic to cats. 397 00:21:24.559 --> 00:21:26.240 Good, everyone should be. 398 00:21:27.160 --> 00:21:29.319 I did have a parakeet and a cockatial at once. 399 00:21:29.359 --> 00:21:32.640 Oh really, birds can get loud and messy. Yeah, very 400 00:21:32.640 --> 00:21:37.400 messy in this case. A survey says thirty nine percent 401 00:21:37.599 --> 00:21:42.559