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Speaker 1: And hello, how are you happy Friday?

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Speaker 2: To you.

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Speaker 1: Friday, the twenty fifth day of July, year of our Ward,

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twenty twenty five. My name is Tom Sullivan. Glad you

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could come by, so man alive. We got a lot

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going for a Friday isn't summer Friday is supposed to

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be quiet, not today. And we've got the latest on

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the Federal Reserve and their big building costs. We've got

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the second day of meetings with how did she pronounce it?

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Yesterday a Gallaine Maxwell, New York City being sued. Other

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cities are about to feel the same because of the

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fact that the federal government is going to basically ask

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the courts to rule on this business about how can

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you have a sanctuary city in the United States of America.

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That says, basically, we're in the United States, but we're

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going to ignore federal laws. So that lawsuit's coming. Russia

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Gate update there on what Pulsey Gabbard's up to. So

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we've got, anyway, a lot to go over today. Let's

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start with, Oh, last night, I'm driving home and I

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go up a major highway in New York City. It's

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on the West Side Highway, and they've got pedestrian overpasses

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over the top of the of the highways for people

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to Basically, it borders along the Hudson Rivers, so people

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that want to go to the Hudson River and there's

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a bunch of parks along there and everything else. So

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they have these pedestrian overpasses. And last night I'm driving

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home and I come I'm coming up on one of

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these overpasses and there must be I don't know, thirty

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forty fifty people standing up on that overpass and they

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have a big sign that stretches all the way across

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the highway. Honk if you want the Epstein files, and

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people were honking like crazy, and so oh yes, I honked,

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of course I did. And the people up there were

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waving and smiling. But that's where it is. We got

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just average ordinary citizens on overpasses over highways with sons.

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They had the American flag out there, they got the

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whole thing. So it just shows this story isn't going

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away anytime soon. So today's day two with Todd Blanche,

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Deputy Attorney General, which is nobody understands this. Nobody has

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ever seen this before. I've seen interviews with former DOJ officials,

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with judges, with law enforcement people are credit to know.

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Nobody has a deputy attorney general is a big position

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with a lot of things to do when they got

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a lot of things on their plate, and so he's

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taken a little trip down to Tallahassee to sit down

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in a room with Jelaine Matchwell. Well they went. One

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report was they went five hours. One report said they

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went six hours yesterday, So it was long. They sat

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in a room in Tallahassee and it's the US Attorney's

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office and where and they spent six hours yesterday going

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over things. So we'll see what they come up with.

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But the fact that they had more how many questions

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did they ask? What kind of questions were they But

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they also are back at it again today for day two. Yeah,

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Todd Blanche is still there. So the question is are

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we going to get a transcript? And it'll be interesting

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to see everybody and their brothers saying you can't believe her.

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If she says Donald Trump was involved, people will say,

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I don't believe it. If she says Donald Trump was

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not involved, there's a lot of people's I don't believe it.

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She's not credible. So the question, then, is what are

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the questions to who, where, what, why when questions? And

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why is it taking so long? Hopefully they will release

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the transcript of that, but with the way they're acting

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about holding back on so much of this, I'm not sure.

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So the Wall Street Journal out again today with more

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exclusive reporting. And they're the ones who last week came

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out with the report that said that Donald Trump's name

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is in the file, and Trump sued them for ten

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billion dollars. I know, it's crazy. So the Wallstreet Drunk

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comes out today and says, guess what President Trump is?

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Among a bunch of people, there's Wall Street billionaire Leon Black,

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fashion designer Vera Wang, former New York Elle News owner

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Mort Zuckerman. I know Mort, and no, I don't think

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my name's in the quick never met Epstein? Who else

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is on this list? And there's a whole bunch of

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let's see, Oh a Screenberg, I think he passed away.

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Leslie Wexner, who was Victoria's secret he owned that. Jean

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Luke Brunel, he owned a modeling agency in I think

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he was in Europe. Who's this guy over here? Peter Mandelsson,

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a UK politician, Alan Dershowitz, and who else we got

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it on this list here? Oh, Jimmy Kane, former Wall

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Street Guy. Former he was the guy who ran bear

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Stearns when it collapsed. And Jeffrey Epstein worked at bear

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Stearns back in the nineteen seventies for a while. So

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they have it grouped by groups of people. On this

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birthday book in two thousand and three, they have a

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category for science, another one because Epstein thought of himself

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as a big guy in science, another one Brooklyn, another

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one family. So he should go through the list. Let's see.

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Now they got the writings and the poems, and it's

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all very I think it's all very stupid. So anyway,

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that's what's going on with all there's more names. Pete Sessions,

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Congressman Republican from Texas, was asked about this whole Epstein thing.

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Here's his take on it.

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Speaker 3: Well, it's always easy when you're sitting in jail for

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twenty years to be unhappy. But she was convicted, she

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had her time in court, and she had that opportunity.

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It seems like to me that she acts like she

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wants to reset the record away from testimony that was

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given that convictor in the first place, so it holds

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very little water to me. I think it's pretty apparent

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to me that there are that the people at Main

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Justice that are looking at this recognize that there are

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at least three distinctly different jurisdictional issues here, one Overseas,

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the Island, number two, Miami, number three, which would be

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New York, and that the putting together this compilation is

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evidently being done because they want her to allow the

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testimony or at least the transcripts of those to be

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released to the public. Perhaps that tells a story. I

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don't know whether it's one case, one jurisdiction, but they're

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after the judge. They want the judge to see that

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there's confirming data and information, and I'm sure they'll ask her,

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do you have a problem with this information being released?

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And if she can sense, then it makes it easier

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for the judge to abide by the release of the data.

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And that's what the Department of Justice is after the

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facts of the case. The facts of the case should

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be known and understood by the hundreds of hour, hundreds

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of hours of day that the Department of Justice or

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the FBI has within their purview. And that's the essential question.

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The Department of Justice has already characterized, catalog things, They

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already have things down. Did they make a client list,

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I don't know. Did they make a list of the

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people who were there. I'm sure the US Attorney did

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fifteen years ago. And this is the conclusion that people want.

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This is a heinous crime that has been hidden under

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the vestiges of our system, and the system needs to know.

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It's now time to come out. Definitely time to come out.

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And he was talking about the three jurisdictions, So the

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one in Florida has already said no, we're not going

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to release the grand jury testimony. But we haven't heard

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from the international system regarding the island that he had

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and that we haven't heard apparently before a judge here

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in New York to try to get some of that release.

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But that's not that's just a fraction of what they have.

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They have eons of files at the US Attorney's Office

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or the DOJ. David Marcus, he is the lawyer for

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Delaine Maxwell. Before he went into court this morning, he

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was talking with reporters. It's kind of sketchy. He was

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on the sidewalk walking along on his way into the

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courthouse round two.

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Speaker 4: Ready to go in for round two.

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Speaker 2: We're hoping for another productive day.

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Speaker 4: You know, it's Glenn has been treated unfairly for over

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five years now. If you looked up scapegoat in the dictionary,

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her face would be next to the definition, next to

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the dictionary definition of it. So, you know, we're grateful

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for this opportunity to finally be able to say what's

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really happened, and that's what we're going to do yesterday

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and today.

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Speaker 5: Yeah, she's keeping her spirits up as much as she can.

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Speaker 2: She's one of the strongest people I've ever She's been

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in terrible, awful conditions for five years. We wouldn't keep

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animals the way she's been kept in prison, So you know,

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it's unbelievable that she can keep her spirits up as high,

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and we're proud of her.

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Speaker 1: Yeah, I'm not quite sure what he's talking about. They

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had their chance in court five years ago to tell

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their side of the story, and so they get another

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slice at it apparently. But also talking about the prison,

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I've heard that that's a low minimum security prison. In

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other words, it's kind of a club fed. But no,

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I'm sure it's not as comfortable as wherever it was

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that she lived before. So that's what's going on with

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Jeanne Max. Well, now the question is will we find

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out what the trend? Well, we get the information on

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what Todd Blanche was talking to her about for two days.

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So we got that, plus we got Russia Gate. This

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is Tulsa Gabbard coming out and making it very clear

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that she has referred she's taken the old documents as

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that were under security, and she's taken those documents, and

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she has filed a criminal referral with the Department of Justice,

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and in that she's accusing former President Barack Obama and

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his deputies of participating in what she calls a treasonous

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conspiracy to undermine the results of the twenty sixteen presidential elections.

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She claimed a manufacturer a false intelligence analysis regarding Russia's

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role in the election, and that this constituted a year's

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long coup and treasonous conspiracy against the American people. So

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Truck and Curmudgeon called me and had a very interesting

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point because I was bringing up the fact yesterday that

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President Obama, because of the ruling from the Supreme Court

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on Donald Trump presidents have immunity for their official actions,

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so nobody can prosecute Obama for this, But what about

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Clapper and Susan Rice and John Brennan and go down

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the list of the people that were close to Obama

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and in his administration. Well, what I was told by

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a lawyer was that there was a four year statute

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of limitation. I looked at, tried to dig around and

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look for more information. I found in some cases there's

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a five year statute of limitation. But listen to what

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Trucking pro mudgeon has to offer on this statute of

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limitations business.

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Speaker 6: Hi, Tom Trucking curmudgeon here. You know, you're talking about

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statute of limitations on the Obama crime family and I

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on individual charges. That may be correct, but in the

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big picture, really driving home the treason word, I don't

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believe there's a statute limitations on that because it is

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punishable by answer on the ends of her rope.

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Speaker 1: So I thought, well, that's a good point, and Tulsi

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obviously used she didn't say treason participating in a treasonless conspiracy.

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I'm not sure she's playing legal semantics games with all

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of that. But in there she also talked about sedition,

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and you get into the question about treason. Sedition all

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that treason is simply the crime of betraying one's country,

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specifically by levying war against your own country or giving

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aid and comfort to its enemies. Well, I don't think

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he levied war against the United States. They levied war

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against Donald Trump as the president of the United States.

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But sedition sounds like it's closer. It's related to treason.

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But sedition typically involves acts that undermine the government, but

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don't involve giving aid to a foreign country. So then

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you get into the whole business about all of the

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spooks that have done their investigation on.

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Speaker 5: Russia, Russia, Russia.

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Speaker 1: What most of them came away with was, no, they

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weren't trying to get Donald Trump elected. He was the

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beneficiary of What they really wanted was everybody thought, including

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the Kremlin, that Hillary Clinton was going to win the election.

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So what they were doing was they were trying to

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damage Hillary Clinton, and they were trying to go after

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her because they didn't like her. I don't know if

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they gave two hoots about Donald Trump, but they didn't

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care about Trump. They didn't think he was going to win.

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I don't think he thought he was either, but in

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any case, he won. And what they were doing was

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putting their thumb on the scale to try to damage

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Hillary so that when she became president she would not

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be able to be as strong as a president, especially

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dealing with Russia, as if they had not done their

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work to try to undermine her. They also apparently held

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back some juicy stuff that who knows if it was

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true or not true, but it was held back because

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they wanted to use it when she became president to

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weaken her presidency. So this wasn't about going after Donald Trump.

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This was about trying to damage Hillary Clinton. And what

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the Democrats said was, see they were trying to get

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Trump elected. No, they weren't trying to get him elected.

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They were just trying to damage Hillary. And as a result,

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did they get Trump elected? I don't think so, and

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I don't think most of the investigators think so either.

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I mean, there may have been a few people reading

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Facebook posts that were posted by Saint Petersburg, but most

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people were not influenced by whatever Russia was trying to do.

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Most people made up their own minds about Hillary or Trump.

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In twenty sixteen, if you remember it started off in

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twenty sixteen. Is Jeb Bush was the guy that was

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going to be the guy to beat and Hillary was

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going to be the person to beat for the Dems.

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And people said, I don't want another Bush. I don't

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want another Clinton. So she already had a lot of

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baggage and she's a terrible politician. Whether you like her

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or dislike her. She did a terrible job on the

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campaign trail. So that's that's what's good. A trucking Cromudge

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and brought up a very good point. But I still

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look at it and go, I don't know what treason is,

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conspiracy is, but we'll we'll let this be sorted out

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by the DOJ. And that's the other big question. Do

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you think the DOJ is going to bring charges against

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Barack Obama or Brennan or Clapper or any of those

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other people. I will be surprised if they do, simply

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because the history of Washington d C. Is they never

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do those things. They never hold anybody accountable. Probably the

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one that has the most legal exposure is Brennan because

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of the fact that he clearly we played for you

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yesterday Trey Gowdy was running that was the chair of

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a committee investigating Russia USA Russia, and Brennan flat out

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lied and so there's perjuring the Congress. I I'd have

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to look up what the datutal limitation is on that.

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But there's things that are going to maybe charge some

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of the underlings with just so they can say you

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can't do what you did and get away with it.

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Scott Free Donald Trump was doing this doing the Driveway

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news conference this morning. He's on his way. Well, he's

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in Scotland by now. He's going to be there for

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five days. And before he left, he did the Driveway

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with all the media there and he was asked about

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the Telsey Gabbert Russian investigation. Here's what the President said.

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Speaker 7: Yeah, that's a terrible thing. I have great respect for

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Telsey and the documents they found on President Obama. Frankly,

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it was an Obama thing, but it was the people

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that worked under him also working with him. And no,

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it's a very very serious thing.

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Speaker 1: Yeah, it is a very serious thing. The question is

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will the DOJ do something about it? Andy McCarthy, former DOJ,

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I'm sorry, Southern Diffect of New York prosecutor. This is

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his reaction.

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Speaker 8: Well, you know, look, we've already had a special counsel

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look at this for four years.

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Speaker 1: But putting that aside.

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Speaker 8: When he was under indictment by the Biden Justice Department

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Special Council, President Trump got the Florida indictment dismissed, arguing

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that the Justice Department Special Council regulations are unconstitutional and

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they result in unconstitutional appointments. So there's that problem. There's

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the problem that President Trump also took the position that

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presidents have to have, including former presidents, absolute immunity from prosecution.

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Obviously that would apply to Obama too. But you know,

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the most basic thing was, you only appoint a special counsel,

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even assuming the regulations are constitutional, when there is a

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conflict of interest between the Justice Department and whoever is

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under investigation. You have that like in the Hunter Biden situation,

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where it's the Biden Justice Department having to investigate the

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president's son. There's no conflict of interest in the Trump

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Justice Department investigating Russiagate. If they want to waste time

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and go through that again, they can do that. They

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don't need a special counsel for it. BONDI can just

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appoint someone to do it.

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Speaker 1: Yeah, so clearly Andy McCarthy thinks appointing a special council

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does not work in this situation because there's no conflict

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of interest. So if BONDI wanted to do what she if,

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you do it, but there's really no purpose in doing that.

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What else we got for you today? Oh yeah, there

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were an interesting day in the Capitol because they've been

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bringing in Biden staffers, top people around Joe Biden. One

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of the top people that went in yesterday was a

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guy by the name of Ron Klain. And Ron Klain

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is a guy who has been a loyalist to Joe Biden.

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He was with him for decades. He goes way back

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into the Senate years. He was a Joe Biden top advisor.

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He was Joe Biden's first chief of staff for the

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first two years of the Biden administration. And guess what

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he did. He was subpoened. And remember the doctor and

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all these other people that were on the staff took

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the Fifth Amendment, not Ron Klain. He went in and

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answered all of their questions all day long yesterday in Congress.

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Here's James Comer, the head of the Oversight Committee.

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Speaker 5: Mitch Klain's being fairly responsive to our questions. There have

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been tidbits we've asked specific questions. Obviously evidence emerges on

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a daily basis that would suggest Joe Biden wasn't mentally

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fit to be president the United States. We've had, you know,

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we're about fifty to fifty with the Biden inner circle

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answering questions, and I certainly appreciate the ones that are

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coming in and answering questions.

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Speaker 6: So far.

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Speaker 5: Ron Klain has done that.

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Speaker 1: Yeah, so kudos to Ron Klain, Rocanna, Democrat. He also

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was a little bit surprised that Klain f answered all

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the questions.

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Speaker 9: There are times where he was asked about personal conversations

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he had to the president, and he was forthcoming. I mean,

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if he could have said it was a private matter.

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So it was a I really appreciate his candor in

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the comprehensive way he had answered every question.

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Speaker 1: Even Jim Jordan from Ohio, the Republican, even he was amazed.

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Speaker 2: I was a little surprised because everyone else did exercised

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some kind of privilege. I figured he would too, being

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you know, the former chief of staff.

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Speaker 1: Yeah, so everybody was surprised, and in the testimony yesterday,

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apparently he did say that Biden was getting more confused,

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confusing names, and add some memory lapses that had gotten worse.

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But Clane stuck up for Joe Biden by saying, regardless

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of all that he was still competent enough to govern.

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Chris Whipple, who wrote a book called Uncharted, He's been

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a longtime friend of Joe Biden's, but this was his

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reaction to the fact that Kline and everybody else, everybody

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else took the fifth except for Ron Klain.

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Speaker 6: Yeah.

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Speaker 10: You know. Ron Klain is a fascinating character in this

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whole story, and he's been in the doghouse with Joe

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Biden and his inner circle ever since. He was devastatingly

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candid to me about Joe Biden's condition and that pre

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debate prep at Camp David. I wrote about it in

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my book Uncharted, and it was stunning, you know. I mean,

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Biden was out of it, he was disengaged, He wandered off,

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sank into a lounge chair by the pool, so you know,

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he was I'm sure that he was asked about all

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of this. I'm sure that he confirmed every bit of it.

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But the stunning thing to me, the most interesting thing

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about Clain is that despite that devastating debate, which was

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lights out game over, everybody knew it, Clain was still

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all in on Joe Biden's nomination and reelection and somehow

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thought he could beat Trump and is still stunning to

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me coming from somebody as politically savvy as run claim. Yeah,

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I do think so. And in fact, the mystery at

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the heart of my book I'm Charted about the campaign

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is the stunning extent to which Joe Biden's inner circle

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became lost in a kind of fog of denial and

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they just were convinced themselves. In effect, they believed what

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they wanted to believe instead of their lying eyes. Even

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during the debate when everything went south and Joe Biden said,

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of course, you know, we finally beat Medicare, even during

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the debate, his inner circle thought somehow that he had

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won the debate.

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Speaker 1: By the end.

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Speaker 10: It was truly stunning, and it says something about breathing

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the rarefied air of the West Wing.

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Speaker 1: There had been many people in many administrations over decades

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that have talked about the rarefied air of the West

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Wing and that you lose your mind, you don't think properly.

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But the other thing about ron Klain and Chris Whipple

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is a pro Biden guy, but you could tell Eves

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calling the shots like they were. And what happened with

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ron Klain was he was the chief of staff for

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the first two years of Joe Biden's term and then

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he was replaced in I'm not sure why, whether on

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his own desire or not. He's been like I said,

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he's been with Biden for decades when he was a senator,

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when he was vice president and his president, but only

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for the first two years. But Joe did really wreck,

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didn't really show us the problems he was having cognitively

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until the second half of his administration, the last two years,

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and Klane wasn't there during that period, so he said

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Joe was he stuck up for Joe. He said he

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was confused memory had gotten worse, but that he could

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still govern. So that's what came out of so far

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out of these oversight hearings. But there's more to go

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on all of that. The White House is also filing

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a lawsuit against New York City and specifically about the

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fact that it's a sanctuary city. I mean, the legal

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eaese is more detailed, but the fact that you're a

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sanctuary city. How can you have a city within the

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border of the United States of America that says we're

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not going to follow the US government laws, federal laws.

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And so it's not only New York, it's San Francisco's

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Los Angeles. To go around the country and what this

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is the first of many lawsuits that are going to

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be coming and it's going to throw this question into

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the court on whether or not you can have a

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jurisdiction within the boundary of the United States refuse to

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follow federal law. Here's Donald Trump at the in the

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driveway before he was leaving for Scotland this morning.

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Speaker 5: Was asked about it.

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Speaker 11: Hey, agains, they are adam in the last states name

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the cdg off Stern in Vo City, scott you're.

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Speaker 12: Talking, yeah, yeah, that's DOJ going against New York. But

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we're going again a lot of other places. We want

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to bring safety to our cities. But that's a pretty uh,

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that's going to be a pretty routine filing with other

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cities to As you know, we've started numerous lawsuits with

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other cities. We want to bring safety, we've got to

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get the criminals out, and we're doing it in Rectord's number.

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Speaker 1: So let's see how this court case goes. Because if

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the court's rule in his favor, no question, they're going

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to go after other cities and vice versa. If they

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don't rule in his favor. Andy McCarthy again weighs in

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on this business about filing a lawsuit against New York.

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Speaker 8: Well, you know the battle line here that constitutional we're

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speaking The states cannot be commondeared to enforce federal law,

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but they can't obstruct it. So that's the line that exists.

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It's the line that's often blurred. I think what the

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administration can do is what it's been doing, which is

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press every lever that's available to them legally, so that

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what to the extent that a state or a city resists,

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that that is more in the nature or seen by

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the courts, is more in the nature of obstruction than

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the federal government trying to illegally commandeer. But it's you know,

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it's a fuzzy area, and that's why it gets litigated.

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BIL Sanctuary policies didn't just sort of spontaneously appear, right.

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These are progressive politicians who are elected by New Yorkers

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who put them in So I may think that they're

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irrational and that the federal law has to be enforced.

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But it's a difficult environment for Adams, and what he's

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obviously trying to do is serve two masters who are

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very hard to serve. On the one hand, he wants

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the immigration laws enforced so that he doesn't have crisis

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conditions in the city like he had. On the other hand,

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he's got an electorate that's kind of Trump hostile and

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immigration enforcement hostile.

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Speaker 1: So again, if this goes to court and the court's

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rule in favor of the President of the White House,

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then watch out. Other cities are going to be coming

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after you as well. If not, I don't know what

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the next step is for the federal government other than

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what Andy said. It's just use a pressure from all

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the other levers that the federal government has, and that

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lever is primarily money. Yeah, that'll usually get everybody's attention.

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So on this Friday, Financial Friday, you won't talk about

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the FED because everybody's the Federal Reserve all of a

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sudden is front and center. Did you know, let me

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just set this up. I don't think a lot of

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people know, and I don't think a lot of the

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media knows this because they don't. Nobody's ever mentioned it.

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I'm the only one who's ever mentioned this on any

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form of media that I know of. But the Federal Reserve,

475
00:30:45,400 --> 00:30:49,559
we've talked about it's independent, and it truly is independent.

476
00:30:49,720 --> 00:30:54,279
It was created by Congress back in nineteen thirteen and

477
00:30:54,319 --> 00:30:59,240
the only requirement that Congress gave them was they have

478
00:30:59,319 --> 00:31:04,000
to report semiannually every six months. They have the humph

479
00:31:04,079 --> 00:31:07,200
it's called the Humphrey Hawkins testimony that the Federal Reserve

480
00:31:07,279 --> 00:31:10,119
chairman comes over on one day, talks to the House,

481
00:31:10,839 --> 00:31:13,640
next day, talks to the Senate, and then goes away

482
00:31:13,640 --> 00:31:16,160
and comes back and does the same thing every six months.

483
00:31:16,720 --> 00:31:20,480
That's the only connection that they have. Means no, the

484
00:31:20,519 --> 00:31:24,000
White House has no involvement. They are truly if the

485
00:31:24,039 --> 00:31:27,480
FED is independent. And when you talk about independence, you go, yeah,

486
00:31:27,559 --> 00:31:29,799
But Tom, what about the money? And the President is

487
00:31:29,839 --> 00:31:34,319
trying to pressure Powell about the overspending on the remodel

488
00:31:34,359 --> 00:31:37,720
of the fixing of the Federal Reserve buildings. Guess what,

489
00:31:38,839 --> 00:31:44,559
and this is important. Not one dollar from the federal

490
00:31:44,640 --> 00:31:49,240
government goes to the Federal Reserve Board, not a penny,

491
00:31:49,640 --> 00:31:54,680
not a taxpayer dime, it is an independent bank. It

492
00:31:54,799 --> 00:32:02,200
is owned by all the banks in the United States,

493
00:32:02,279 --> 00:32:06,799
and they're the ones who pay the fees, and they're

494
00:32:06,839 --> 00:32:10,839
the ones who buy and sell treasuries between the banks

495
00:32:11,119 --> 00:32:14,519
and the Federal Reserve Bank, upon which the Federal Reserve

496
00:32:14,680 --> 00:32:18,599
charges interest to the banks. That's how they make their money.

497
00:32:18,960 --> 00:32:23,039
They don't get any taxpayer money. So on one hand,

498
00:32:24,119 --> 00:32:27,160
everybody's having conniptions about the fact that they're way over

499
00:32:27,440 --> 00:32:32,599
on their building, of their remodeling the old Federal Reserve building,

500
00:32:33,759 --> 00:32:37,559
and I'm going, yeah, that doesn't look good for anybody,

501
00:32:37,640 --> 00:32:41,920
especially somebody that is in the financial business, that's a banker.

502
00:32:42,559 --> 00:32:45,640
How can they be watching it so bad? But on

503
00:32:45,680 --> 00:32:48,839
the other hand, it's like, yeah, but it's not costing

504
00:32:48,920 --> 00:32:52,599
you or me anything. It'd be kind of like going

505
00:32:52,680 --> 00:32:55,480
next door to your neighbor and saying, you know, I

506
00:32:55,559 --> 00:32:59,759
noticed you're doing remodeling here, but I want to talk

507
00:32:59,799 --> 00:33:02,240
to you about how much you're spending on your remodeling

508
00:33:02,279 --> 00:33:04,599
of your house. And you know what, your neighbor would

509
00:33:04,640 --> 00:33:08,960
tell you, none of your business. And I'm surprised that

510
00:33:09,000 --> 00:33:13,160
the Federal Reserve hasn't said that it's none of the

511
00:33:13,279 --> 00:33:17,720
business of the White House or the Congress because it's

512
00:33:17,759 --> 00:33:22,680
not taxpayer money, but it was rather embarrassing. Yesterday, the

513
00:33:22,720 --> 00:33:25,519
President goes over and takes does you know, he loves

514
00:33:25,559 --> 00:33:27,839
that real estate stuff. So he's got the hard hat

515
00:33:27,920 --> 00:33:31,680
on and he's walking around with Jay Powell and they

516
00:33:31,799 --> 00:33:34,720
come to a designated spot where the media is assembled,

517
00:33:35,319 --> 00:33:39,759
and Donald Trump pulls out a piece of paper and says,

518
00:33:40,000 --> 00:33:43,319
you're over by three billion dollars. And Jay Powell looked

519
00:33:43,319 --> 00:33:46,000
all confused and said, what, no, no, no, you're wrong.

520
00:33:46,480 --> 00:33:49,440
And of course Trump came prepared with a piece of

521
00:33:49,440 --> 00:33:53,359
paper from the Federal Reserve saying they've overspent by three billion.

522
00:33:54,039 --> 00:33:57,480
One of the caveats in that is the extra overspending

523
00:33:57,960 --> 00:34:00,799
was for a building that they built five years ago.

524
00:34:01,759 --> 00:34:04,119
But still it does bring up the question about this

525
00:34:04,200 --> 00:34:07,599
is the Federal Reserve Bank. How can they be so

526
00:34:07,759 --> 00:34:11,960
loosey goosey with the money? In any case, here's the

527
00:34:12,000 --> 00:34:15,880
President along with Jay Palell yesterday when it was a

528
00:34:16,039 --> 00:34:17,480
very awkward moment.

529
00:34:18,119 --> 00:34:20,280
Speaker 7: It looks like it's about three point one billion. Who

530
00:34:20,320 --> 00:34:23,639
went up a little bit or a lot, So the

531
00:34:23,679 --> 00:34:27,639
two point seven is now three point one. Yeah, it

532
00:34:28,199 --> 00:34:28,840
just came out.

533
00:34:29,679 --> 00:34:32,480
Speaker 1: Yeah, it was a very awkward moment. Jay Powell said no, no, no, no, no,

534
00:34:32,559 --> 00:34:35,079
no no, and Trump pulls out the piece of paper.

535
00:34:35,960 --> 00:34:38,559
In any case, they're overspending, but it's not your money

536
00:34:38,639 --> 00:34:41,679
or mine. So it doesn't look good though for the

537
00:34:41,719 --> 00:34:47,239
Central Bank. Here's President Trump talking about it with the

538
00:34:47,440 --> 00:34:50,400
news media in the driveway again before he was leaving

539
00:34:50,400 --> 00:34:51,440
for Scotland this morning.

540
00:34:55,239 --> 00:35:01,360
Speaker 12: Yeah, I think that your own well. I think we

541
00:35:01,400 --> 00:35:04,320
had a very good meeting forgetting about the building that's

542
00:35:04,320 --> 00:35:07,480
out of consoles, old enough, but I think we had

543
00:35:07,480 --> 00:35:10,679
a very good meeting on interests. And he said to me,

544
00:35:10,719 --> 00:35:12,000
and I don't know if he's going to say this

545
00:35:12,079 --> 00:35:15,039
on Thursday or day every fax, but he said to

546
00:35:15,119 --> 00:35:21,119
me very strongly, the country is doing well. He said, congratulations,

547
00:35:21,320 --> 00:35:24,920
the country is doing really well. And I got that

548
00:35:25,119 --> 00:35:27,440
to mean that I think he's going to start recommending

549
00:35:27,480 --> 00:35:27,920
lower rate.

550
00:35:28,639 --> 00:35:31,480
Speaker 1: Well, we'll find out. I know that. Listen. I'm with

551
00:35:31,599 --> 00:35:34,360
the President. I'm on his side about this whole Unregarding

552
00:35:34,480 --> 00:35:36,400
j Powell, I don't like the way he's handling it,

553
00:35:36,679 --> 00:35:39,760
and I think he's making his case worse because next

554
00:35:39,800 --> 00:35:44,719
Tuesday and Wednesday, the FED has another meeting Federal Open

555
00:35:44,719 --> 00:35:47,679
Market Committee meeting and they will vote on what to

556
00:35:47,679 --> 00:35:50,800
do about interest rates and let us know Wednesday at

557
00:35:50,800 --> 00:35:55,079
around two o'clock in the afternoon Eastern time. But the

558
00:35:55,119 --> 00:35:58,079
more he's putting pressure on the Federal Reserve, the more

559
00:35:58,119 --> 00:36:00,239
they may dig their heels in and say, no, we're

560
00:36:00,239 --> 00:36:02,679
not going to lower interest rates because he wants us to.

561
00:36:03,320 --> 00:36:06,039
So they'll do it despite him. I don't know what

562
00:36:06,039 --> 00:36:08,480
they're going to do. They may look around and go,

563
00:36:08,639 --> 00:36:10,519
you know, maybe we do have some room to lower

564
00:36:10,519 --> 00:36:13,440
interest rates. I'm with the president. They should have lowered

565
00:36:13,480 --> 00:36:16,960
rates by now, but they haven't. And I agree with

566
00:36:17,840 --> 00:36:22,519
his nickname of too late Powell. Powell was too late.

567
00:36:22,559 --> 00:36:26,039
The Federal Reserve was too late in upping interest rates

568
00:36:26,039 --> 00:36:29,280
when inflation took off back in twenty twenty one. They

569
00:36:29,320 --> 00:36:33,840
could have dampened that inflation fire. They did not remember

570
00:36:33,840 --> 00:36:37,800
the churchy Secretary Janet Yellen coming out and going now,

571
00:36:38,079 --> 00:36:41,679
inflation is just transitory. It went up to nine and

572
00:36:41,719 --> 00:36:45,960
a half percent consumer price index. It was out of control.

573
00:36:46,000 --> 00:36:49,760
They did not they The fire department was called and

574
00:36:49,800 --> 00:36:52,880
they didn't show up until the house was fully engulfed

575
00:36:52,920 --> 00:36:56,480
in flames. And so the Powell is late the Federal

576
00:36:56,519 --> 00:36:59,159
Reserve Open Market Committee is late. We played for you

577
00:36:59,320 --> 00:37:04,679
yesterday some comments by Larry Lindsay, a former I just

578
00:37:04,800 --> 00:37:07,400
admire him a lot. He's a great economist, but he

579
00:37:07,480 --> 00:37:09,639
was a former member of the Federal Reserve Board. And

580
00:37:09,679 --> 00:37:12,960
he said, what they've done is there's twelve members of

581
00:37:13,000 --> 00:37:16,239
the Federal Open Market Committee, and they have chosen only

582
00:37:16,360 --> 00:37:20,639
economists to be on that committee. And he said, I

583
00:37:20,840 --> 00:37:24,119
think maybe we should have a banker, a business person,

584
00:37:24,880 --> 00:37:27,519
some other people on there besides economists. And they all

585
00:37:27,599 --> 00:37:32,920
had to be from either Harvard, Yale, Princeton, or Stamford,

586
00:37:33,840 --> 00:37:36,920
and so it's a bunch of people that are all

587
00:37:36,960 --> 00:37:40,679
taught the same thing in the various schools of businesses

588
00:37:40,719 --> 00:37:44,519
at these universities, and they need to have somebody in

589
00:37:44,559 --> 00:37:47,159
there with a different view other than these economists. So

590
00:37:47,360 --> 00:37:50,400
they've done. Yeah, they're not doing a good job. They're

591
00:37:50,440 --> 00:37:53,760
behind on everything. They should have lowered interest rates by now.

592
00:37:54,199 --> 00:37:58,239
So Wednesday afternoon, at two o'clock in the afternoon, we

593
00:37:58,280 --> 00:38:01,199
will find out what the Federal Board is going to

594
00:38:01,199 --> 00:38:07,800
do this time. Wall Street's betting that using federal funds futures,

595
00:38:07,880 --> 00:38:09,920
you can tell how much of their betting they don't

596
00:38:09,960 --> 00:38:12,840
think they're going to drop interest rates at all. There's

597
00:38:12,880 --> 00:38:16,159
another meeting in six weeks later in September, and they

598
00:38:16,280 --> 00:38:19,400
think at that point there's a decent chance that they

599
00:38:19,400 --> 00:38:22,639
will lower interest rates. But looking at the economy, and

600
00:38:22,679 --> 00:38:25,519
this is what the President just said. Powell told him

601
00:38:25,920 --> 00:38:28,960
that the economy is in good shape. The country's in

602
00:38:28,960 --> 00:38:33,320
good shape economically, so they don't want to rock the

603
00:38:33,400 --> 00:38:36,760
boat by changing interest rates, is what I read from that.

604
00:38:37,159 --> 00:38:39,920
What the President read from that was he thinks that

605
00:38:39,960 --> 00:38:42,760
the Fed is going to therefore drop interest rates. We'll

606
00:38:42,800 --> 00:38:46,840
find out Wednesday. So back to today, Member George Santos,

607
00:38:47,599 --> 00:38:51,880
the former congressman from Long Island, who just everything he

608
00:38:52,000 --> 00:38:57,280
said was absolutely a lie. Well guess what today was

609
00:38:57,360 --> 00:39:01,239
his day to enter prison. He's been off for say,

610
00:39:01,239 --> 00:39:04,159
he starts his prison term today for seven years. He

611
00:39:04,320 --> 00:39:09,280
was on a podcast Political Voices, and I don't know

612
00:39:09,320 --> 00:39:11,639
what are we gonna do without George Santos around.

613
00:39:12,199 --> 00:39:14,280
Speaker 13: Of course I'm remorse, of course I regret. Look at

614
00:39:14,320 --> 00:39:16,079
what it's my own life. Do you think that I'm

615
00:39:16,079 --> 00:39:20,480
not remorseful like only those who are with me in

616
00:39:20,519 --> 00:39:23,039
my intimate setting on a day to day know how

617
00:39:23,119 --> 00:39:27,000
much I sit back and I cry sometimes myself to

618
00:39:27,039 --> 00:39:33,079
sleep of not just remorse, but of being like I repent,

619
00:39:33,800 --> 00:39:36,840
like everything, Like if I could do it all over

620
00:39:36,920 --> 00:39:39,159
it and it'd be so different. Not because I got caught,

621
00:39:39,360 --> 00:39:42,039
because I was blinded by ambition and I did so

622
00:39:42,119 --> 00:39:44,960
much stupid right in the name of what becoming a congressman.

623
00:39:45,000 --> 00:39:45,920
Speaker 3: It's not even that cool.

624
00:39:47,559 --> 00:39:49,920
Speaker 1: That's my favorite part of the whole thing, is to

625
00:39:51,039 --> 00:39:56,320
be a congressman. And it's not even that cool. Funny. No,

626
00:39:56,480 --> 00:39:59,880
he's got a lot of problems, and I wish him well.

627
00:40:00,599 --> 00:40:03,159
But when he said he was blind to buy ambition, well,

628
00:40:03,320 --> 00:40:07,000
ambition is good. You just have to have a little

629
00:40:07,000 --> 00:40:10,679
bit of a governor on it. You can't violate laws

630
00:40:10,679 --> 00:40:13,119
and make up lies and everything else to try to

631
00:40:13,159 --> 00:40:17,440
pursue your ambition. Pursue your ambition with them and vigor.

632
00:40:17,559 --> 00:40:21,280
But do it honestly, it's much better. You'll get a

633
00:40:21,360 --> 00:40:24,079
much better dividend out of it later. What else have

634
00:40:24,159 --> 00:40:30,440
we got today? CBS paramount the Federal Trade Commission said,

635
00:40:30,519 --> 00:40:33,760
YEP deal is approved. So an eight I think it's

636
00:40:33,800 --> 00:40:37,639
eight billion dollars is what Skydance has paid. And they

637
00:40:37,679 --> 00:40:40,719
are the new owners of Paramount, which owns CBS, which

638
00:40:40,760 --> 00:40:46,079
owns the production company that John Stewart works for. So

639
00:40:46,639 --> 00:40:53,440
now that Coolbert is out the tour, we'll see what

640
00:40:53,480 --> 00:40:56,719
happens at CBS, if they if they display anything new

641
00:40:57,119 --> 00:41:00,639
and different. The problem with buying CBS, as the problem

642
00:41:00,639 --> 00:41:03,760
with buying any of the networks, is that their era

643
00:41:03,880 --> 00:41:07,199
I think is behind them. I really think most people,

644
00:41:07,440 --> 00:41:11,199
not most. The numbers are huge now for it may

645
00:41:11,239 --> 00:41:20,559
be most that you're getting your entertainment from other sources podcasts, streaming,

646
00:41:21,639 --> 00:41:27,360
but not on broadcasting one to many instead, it's one

647
00:41:27,400 --> 00:41:29,760
to one. When you want to tune in, you tune in.

648
00:41:30,000 --> 00:41:32,239
You want to watch a movie on Netflix, you dial

649
00:41:32,320 --> 00:41:37,000
that up tonight and you look at it. So no

650
00:41:37,119 --> 00:41:41,079
sooner worth the deal done last night than South Park,

651
00:41:41,119 --> 00:41:45,159
which I find their humor to be just weird enough

652
00:41:45,559 --> 00:41:49,280
to where I like it. But they're a cartoon and

653
00:41:49,320 --> 00:41:53,719
they make fun of presidents and especially Donald Trump, and

654
00:41:53,800 --> 00:41:56,360
so last night it got a lot of publicity because

655
00:41:56,360 --> 00:41:59,480
they showed a cartoon Donald Trump in bed with the Devil,

656
00:42:00,360 --> 00:42:06,920
and it was interesting because nobody really said anything, and

657
00:42:07,079 --> 00:42:09,920
the guys who do south Park basically were thumbing their

658
00:42:09,960 --> 00:42:13,280
nose at CBS and saying they just signed I think

659
00:42:13,320 --> 00:42:16,119
a one and a half billion dollar deal with CBS.

660
00:42:16,960 --> 00:42:20,519
So we'll see what changes with not only CBS but

661
00:42:20,920 --> 00:42:24,400
all the broadcast companies. NBC is spinning off a lot

662
00:42:24,400 --> 00:42:28,000
of their MSNBC and CNBC and a bunch of their

663
00:42:28,000 --> 00:42:32,559
other networks. So television changing rapidly right before our eyes.

664
00:42:34,760 --> 00:42:39,360
We're going to get some phone calls in we got well,

665
00:42:39,400 --> 00:42:43,679
we played Truck and Cromudgeon already. But again, the phone

666
00:42:43,760 --> 00:42:46,199
number if you want to call it a leave a message,

667
00:42:46,599 --> 00:42:52,199
phone numbers eight five, five, two, nine, five sixty six hundred.

668
00:42:52,400 --> 00:42:55,400
You can find that number and all the links to

669
00:42:55,519 --> 00:42:58,800
the show, to the podcast. All that's on my website,

670
00:42:59,280 --> 00:43:02,960
which is Tom's dot com. Including for people or you know,

671
00:43:03,039 --> 00:43:05,920
they can't figure out how to find my podcast. There's

672
00:43:05,960 --> 00:43:09,320
a link on that page tomsullivan dot com that'll bring

673
00:43:09,400 --> 00:43:14,239
him right to the podcast. Psy easy, peasy, let's start. Oh,

674
00:43:14,559 --> 00:43:17,960
look who's here, Salty's here. Let's find out what's going

675
00:43:18,000 --> 00:43:18,639
on with Salty.

676
00:43:19,119 --> 00:43:23,239
Speaker 11: Hey Tom, it's Salty, just checking in, buddy. Uh ho

677
00:43:23,480 --> 00:43:26,639
of cow, what a week we we've seen. We've lost

678
00:43:26,679 --> 00:43:31,119
so many of our icons. Oh Moe. I don't even

679
00:43:31,199 --> 00:43:34,599
know where to start. We lost Rio from the Cosby Show.

680
00:43:35,159 --> 00:43:39,440
Uh we we you know, we lost uh the Ozzy

681
00:43:39,480 --> 00:43:44,119
odd Born, you know, and uh, the crazy Train has

682
00:43:44,199 --> 00:43:47,719
gone to it is gone forever, and and and and

683
00:43:47,760 --> 00:43:51,840
then uh Chuck ban Jon, the man who blew that

684
00:43:52,280 --> 00:43:55,760
that beautiful horn. It feels so good, Tom, It just

685
00:43:55,880 --> 00:43:58,639
felt so good when you listen to him. And then, uh,

686
00:43:58,880 --> 00:44:02,400
you know, then we lost the wholk Oh oh, the

687
00:44:02,480 --> 00:44:06,800
little ulsters out there. Oh and he gave that speech

688
00:44:06,880 --> 00:44:11,000
atto Republican Convention and Torette shirt off and he said,

689
00:44:11,199 --> 00:44:15,480
I'm a Trump shirt anyway. Oh my gosh, Oh what

690
00:44:15,639 --> 00:44:20,320
a week. We just can't lose as many in one week. Uh.

691
00:44:20,360 --> 00:44:23,199
But I'm okay, I'm okay. I'm not I'm not going

692
00:44:23,199 --> 00:44:25,960
back to drinking. I don't get that stuff up. But

693
00:44:26,480 --> 00:44:29,360
I just do want to end on a positive note.

694
00:44:29,960 --> 00:44:33,679
Oh my gosh, is the Tulcy gabber beautiful or what?

695
00:44:34,440 --> 00:44:37,880
Oh my gosh, I hope she does press conference every day?

696
00:44:38,159 --> 00:44:38,280
Speaker 14: Uh.

697
00:44:38,559 --> 00:44:42,159
Speaker 11: And and Doc Trump said she's got thousands of pages

698
00:44:42,199 --> 00:44:45,840
of documents, So that name means she's gonna be on

699
00:44:45,880 --> 00:44:49,000
the TV a lot. And uh, you know, miss Saucy said,

700
00:44:49,159 --> 00:44:51,760
why are you walking? Look? Look why you always go

701
00:44:51,880 --> 00:44:55,719
to TV when you hear Tulca Gabbert's Lloyds. Why, I

702
00:44:55,760 --> 00:44:59,119
said to miss Sophie because she's got some important information.

703
00:44:59,480 --> 00:45:02,679
I got to, you know, because the world's crazy, Pat

704
00:45:02,760 --> 00:45:07,280
and Pultre's out there trying to straighten it out with Trump. Anyway, Uh,

705
00:45:07,559 --> 00:45:10,119
you know, I don't know what to do about that.

706
00:45:10,199 --> 00:45:12,360
I guess I better take him pictures I got in

707
00:45:12,440 --> 00:45:15,760
my shop or her down. Otherwise Miss Salty's gonna probably

708
00:45:16,079 --> 00:45:18,800
kick me in the head. But anyway, Hey, Tom, have

709
00:45:18,920 --> 00:45:22,880
a good weekend. Let's hope and pray people fingers crossed.

710
00:45:23,000 --> 00:45:26,280
We don't lose no more, you know, people that's special

711
00:45:26,480 --> 00:45:29,199
to us now, some of them dummies up in DC. Well,

712
00:45:29,280 --> 00:45:31,360
I don't want to wish nothing bad on nobody, but

713
00:45:31,400 --> 00:45:33,920
if they's just gone, that wouldn't be a bad thing.

714
00:45:34,000 --> 00:45:36,000
I love you, buddy, have a good weekend.

715
00:45:39,400 --> 00:45:42,480
Speaker 1: So so, what did we learn from Salty? A lot

716
00:45:42,519 --> 00:45:45,880
of celebrities died, and that he's in love with Tulsa

717
00:45:45,880 --> 00:45:49,719
Gabbard and he has pinups of her in his shop

718
00:45:50,159 --> 00:45:53,360
and he doesn't want mississ Salty to see them. But

719
00:45:53,480 --> 00:45:55,880
he's hoping that there's a lot, a lot of news

720
00:45:55,880 --> 00:45:59,199
conferences with Tulca Gavert because he's got the Haughts for her.

721
00:46:01,360 --> 00:46:03,800
I don't know what else we learn. All right, let's

722
00:46:03,920 --> 00:46:07,679
let's wrap it with the comment line, Lady Laurie here

723
00:46:07,760 --> 00:46:09,159
she is, I.

724
00:46:09,039 --> 00:46:12,920
Speaker 14: Agree with the people who find the abrupt commercial breaks

725
00:46:12,960 --> 00:46:16,599
to be disconcerting. You'll announce that you're going to play

726
00:46:16,599 --> 00:46:19,519
a clip from a government official, and the next thing

727
00:46:19,519 --> 00:46:22,360
we hear is do you have spinning hair and brittle

728
00:46:22,400 --> 00:46:23,039
finger nails?

729
00:46:24,159 --> 00:46:24,400
Speaker 6: Yeah?

730
00:46:24,440 --> 00:46:27,480
Speaker 1: I know, I know, I know, I know, I know

731
00:46:27,639 --> 00:46:29,920
I have I don't have control over that.

732
00:46:30,639 --> 00:46:30,960
Speaker 6: I don't.

733
00:46:31,079 --> 00:46:33,760
Speaker 1: There are just certain things you can't control. I'm trying

734
00:46:33,760 --> 00:46:36,880
to work with them and see if we can iron

735
00:46:36,920 --> 00:46:41,599
that out somehow. But well, do you have dunning hair

736
00:46:41,639 --> 00:46:46,079
and brittle nails. I'll be surprised that they didn't put

737
00:46:46,079 --> 00:46:49,119
it right here, just just plug it in right here.

738
00:46:49,519 --> 00:46:52,079
But I don't I don't have control. Some computer somewhere

739
00:46:52,599 --> 00:46:55,960
plugs all that sort of stuff in Wall Street. Today.

740
00:46:56,480 --> 00:47:03,760
Well let's see what happened. Almost one more week of July.

741
00:47:04,679 --> 00:47:10,159
But for today, the Dow Jones industrials up two hundred

742
00:47:10,159 --> 00:47:14,840
and eight to forty four thousand and nineh one. Not

743
00:47:15,039 --> 00:47:18,920
a record yet, but we're getting close. SMP new record up,

744
00:47:18,960 --> 00:47:23,960
twenty five, NASDAK new record up fifty. Gold bouncing around

745
00:47:24,079 --> 00:47:27,000
on the down side today thirty three dollars down to

746
00:47:27,079 --> 00:47:30,760
thirty three thirty nine, and the price of oil bouncing

747
00:47:30,760 --> 00:47:34,239
around as well, down a buck today to sixty five

748
00:47:34,320 --> 00:47:39,639
dollars for one barrel of oil. Now we're having record

749
00:47:39,639 --> 00:47:45,440
after record? Are we on Wall Street? I know, getting

750
00:47:45,480 --> 00:47:48,239
pretty opty. Thank you for coming by. I hope you

751
00:47:48,360 --> 00:47:51,000
have a wonderful weekend. We'll be back on a Monday.

752
00:47:51,039 --> 00:48:00,440
I hope to see you then.

753
00:48:01,960 --> 00:48:08,000
Speaker 12: Never dream

