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<v Speaker 1>By Billy Cunningham, the Great American. Of course, we're figuring

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<v Speaker 1>up the pieces of what happened last Trunesday with the

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<v Speaker 1>election of Donald Trump, which is shocked to many, but

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<v Speaker 1>what a wonderful advent this has been. And now that

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<v Speaker 1>he's won the electoral vote also one I believe the

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<v Speaker 1>popular vote by about two and a half million votes.

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<v Speaker 1>The Democratic narrative is that the product we sold was great,

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<v Speaker 1>the candidate to that being Kamala Harrison, is really unbelievable,

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<v Speaker 1>and that they don't know what happened to him or

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<v Speaker 1>how it happened to him. Now the resistance is forming

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<v Speaker 1>from the governors of Massachusetts, the governors of Illinois and California,

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<v Speaker 1>et cetera. There's going to be a resistance. I guess

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<v Speaker 1>elections don't matter. Joinan you and I now is David Bonson.

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<v Speaker 1>He's a renowned financial expert and staunch defender of free markets.

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<v Speaker 1>He's been a contributor to many conservative I Think tanks

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<v Speaker 1>over the years, National Review contributor and also author of

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<v Speaker 1>many books. And David Bonson, Welcome to the Bill cunning Show.

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<v Speaker 1>First of all, from thirty thousand feet you look down here,

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<v Speaker 1>we are about six seven days after the election. What

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<v Speaker 1>happened on Tuesday? And I remember the fifth.

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<v Speaker 2>Well. I think that a lot of the consensus post

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<v Speaker 2>game commentary has been spot on that you know, there

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<v Speaker 2>is a Democrat Party in this country right now that

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<v Speaker 2>surge so leftward in the last ten to fifteen twenty

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<v Speaker 2>years that they've lost connection with certain voting blocks that

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<v Speaker 2>were a vital part of the coalition. And I think

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<v Speaker 2>the most stunning and dramatic is how President Trump performed

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<v Speaker 2>with Hispanic voters and young voters, the working class, you know,

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<v Speaker 2>white male voters, and talked about for some time, but

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<v Speaker 2>all of these numbers have moved, and all of them

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<v Speaker 2>moved last Tuesday, even more than expected than. One other

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<v Speaker 2>comment I just want to make that isn't getting enough

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<v Speaker 2>coverage is the states he didn't win and how much

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<v Speaker 2>he moved the needle in certain blue states that yes

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<v Speaker 2>he's still lost, but he lost a New Jersey by

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<v Speaker 2>four points, not seventeen. He lost Virginia by five points,

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<v Speaker 2>not eleven. He lost Chicago, Illinois by seven points, not

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<v Speaker 2>seventeen or eighteen. That's a huge difference. He lost the

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<v Speaker 2>state of New York, where I'm sitting right now by

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<v Speaker 2>the lowest margin since Reagan won the state in nineteen

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<v Speaker 2>eighty four. I mean, those things are just crazy and

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<v Speaker 2>they speak to blue state failures all across the board.

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<v Speaker 1>Was it a product or was it a personality? For

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<v Speaker 1>those who I kind of called Donald Trump the Pete

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<v Speaker 1>Rose of politics, you know, we're celebrating and to an

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<v Speaker 1>extent here in Cincinnati, the life and times of Pete Rose,

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<v Speaker 1>who had a big event at the Grand American Ballpark

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<v Speaker 1>yesterday for Pete and Donald Trump and Pete Rose are

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<v Speaker 1>both and the World Wrestling Federation Hall of Fame. But

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<v Speaker 1>the personality of Donald Trump attracts many to a side

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<v Speaker 1>and repels many other And the personality that Kamala Harris

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<v Speaker 1>says exactly the same thing. So was it the product

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<v Speaker 1>or was it the personality? Or was it both?

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<v Speaker 2>With presidential politics, it's always both. Donal Trump is a celebrity,

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<v Speaker 2>Donald Trump as a persona and there are people attracted

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<v Speaker 2>to it and there are people who are put off

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<v Speaker 2>by it. And yet when you combine the element of

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<v Speaker 2>celebrity and personality with the moment, with the basic frustration

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<v Speaker 2>people had around the key issues inflation, immigration, and the border,

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<v Speaker 2>you add to it. I think a really really bad

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<v Speaker 2>set of cards that the Left was playing a bad

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<v Speaker 2>incumbent candidate, a bad replacement strategy for that candidate, just

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<v Speaker 2>the timing of everything, and also a national frustration that

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<v Speaker 2>there's been no day of reckoning for around the way

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<v Speaker 2>those people handled COVID. I think that that's a huge

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<v Speaker 2>element in this election. In twenty twenty four, you got

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<v Speaker 2>to see something we didn't see in twenty two in

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<v Speaker 2>the midterms, and that is that a lot of people

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<v Speaker 2>do not appreciate the way their lives were altered by

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<v Speaker 2>the COVID moment.

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<v Speaker 1>You're a great economist to have a point here about

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<v Speaker 1>the resilience of free markets. You say, the average four

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<v Speaker 1>year market return with thirty three percent, regardless of the

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<v Speaker 1>party and office, demonstrates the robustness of free markets. I'm

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<v Speaker 1>looking at Dalla straight ahead. It's up one hundred all

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<v Speaker 1>time high. You can only imagine if Kamala Harris had

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<v Speaker 1>won by hook or crook, what would have happened to

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<v Speaker 1>the markets, What would have happened to the now orders

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<v Speaker 1>flowing in from Europe to get liquefied natural gas, the

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<v Speaker 1>telephone calls to putin bite Donald Trump, the Saudi Arabians

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<v Speaker 1>back involved in the peace process. I mean, all good

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<v Speaker 1>things are going on, and I often wake up in

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<v Speaker 1>a cold sweat, like James Brown, if I could just

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<v Speaker 1>have a nightmare that really Kamala Harrison, Tim Waltz won,

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<v Speaker 1>and the markets are in free fall, and the caravans

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<v Speaker 1>in Mexico continue to push a across the southern border.

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<v Speaker 1>It's a road not taken. Was this similar in your viewpoint,

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<v Speaker 1>David Bohnsen to nineteen eighty when at the end of

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<v Speaker 1>the last week that people said, Jimmy Carter, we've had enough,

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<v Speaker 1>and the personality the policies of Ronald Reagan came in

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<v Speaker 1>and the rest is history. Is this similar to nineteen eighty.

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<v Speaker 2>Well, you know, it's entirely possible that there are similarities

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<v Speaker 2>in how the voting block moved, but I'm not convinced.

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<v Speaker 2>Unlike in nineteen eighty, See, in that case, what's the

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<v Speaker 2>big difference. Ronald Reagan had to sell himself to American

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<v Speaker 2>people still as someone who could govern and lead, where

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<v Speaker 2>this is very rare since Grover Cleveland didn't have television

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<v Speaker 2>or social media, that President Trump was having to basically

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<v Speaker 2>say you already know that you know what I'm like,

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<v Speaker 2>you know what you don't like about me, which is

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<v Speaker 2>which is why stuff like that Puerto Rican joke at

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<v Speaker 2>Madison Square GUARDI and other stuff. It's why it was

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<v Speaker 2>so dumb for them to focus on it, because look,

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<v Speaker 2>if people were offended, they were offended. Now those were

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<v Speaker 2>not people who were going to be voting for him anyways.

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<v Speaker 2>Those things are pricing. What we talked about in financial markets,

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<v Speaker 2>there's something called things being priced in. And the negatives

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<v Speaker 2>on Donald Trump, which I should be cleared a whole

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<v Speaker 2>bunch of them. I don't like either, Okay, I don't

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<v Speaker 2>appreciate the way he acts all the time. But the

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<v Speaker 2>American people already decided that they either liked or didn't

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<v Speaker 2>like that stuff. In the end, I just think that

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<v Speaker 2>it was a terrible moment for the progressive left, and that,

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<v Speaker 2>by the way, they had every opportunity after President Biden

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<v Speaker 2>won to go in and govern to the center, and

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<v Speaker 2>they chose not to do it. They doubled down on crazy,

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<v Speaker 2>and that brand was rejected. And so yeah, the combination

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<v Speaker 2>of President Trump's personality and the moment really.

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<v Speaker 1>Pulled it through. I think a lot of people thought

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<v Speaker 1>in twenty twenty. Okay, Joe Biden, we know Joe Biden,

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<v Speaker 1>we know Scranton Joe. He says all these things that

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<v Speaker 1>are crazy leftist ideas, like telling a six year old

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<v Speaker 1>girl you're in the wrong body, or telling a San

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<v Speaker 1>Jose State volleyball player a six foot three jumps out

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<v Speaker 1>of the gym identifies as a girl. Suddenly a person

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<v Speaker 1>can become a different genre by announcing it one hundred

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<v Speaker 1>and four different genres, dei reparations, all the other crap

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<v Speaker 1>put out by the radical level. Many people thought, Okay,

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<v Speaker 1>once Joe Biden gets in there, he's not going to

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<v Speaker 1>do that at all. In fact, he doubled down on crazy.

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<v Speaker 1>It got worse, and maybe it was because of his

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<v Speaker 1>lack of mental alertness that he permitted the leftists around

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<v Speaker 1>him to dominate, which is why they lost, and they

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<v Speaker 1>lost big.

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<v Speaker 2>Now.

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<v Speaker 1>Secondly and lastly, perhaps his energy. You have a great posting.

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<v Speaker 1>Energy independence and economic strength are tied together. Energy, whether

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<v Speaker 1>it's a gas, natural gas, coal, whatever it might be,

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<v Speaker 1>reproduce those items and safer and cleaner way than any

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<v Speaker 1>country in the world, any country in the history of

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<v Speaker 1>the world. But the left says, shut down the pipelines.

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<v Speaker 1>We're not going to allow any more LNG exporting. We're

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<v Speaker 1>going to do things to the coal manufacture, the coal

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<v Speaker 1>that makes it impossible to get out of the ground,

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<v Speaker 1>and that permeates through every aspect of American society no

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<v Speaker 1>matter what you use. And I'm looking at a pen,

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<v Speaker 1>I'm looking at a phone, I'm looking at a TV.

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<v Speaker 1>I drove hare and my Chevy Blazer. Everything I do

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<v Speaker 1>in life is relatable to energy, and the insurance and

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<v Speaker 1>the insurance costs of also skyrocket. But what does a

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<v Speaker 1>new energy policy of Donald Trump mean for inflation in general?

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<v Speaker 2>Well, there's a couple of different aspects, and sometimes it

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<v Speaker 2>takes a bit more nuanced because a lot of people think, oh, well,

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<v Speaker 2>now we're going to start drilling more barrels of crude

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<v Speaker 2>oil per day, where right now we're at an all

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<v Speaker 2>time high at one point three five million barrels. The

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<v Speaker 2>difference is building infrastructure so that we can continue doing

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<v Speaker 2>so in the future cheaper and with rest regulation. And

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<v Speaker 2>then liquefied natural gas exports. Why the Bide administration chose

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<v Speaker 2>eight months ago to put a pause on approving permits

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<v Speaker 2>for new export terminals from a geopolitical standpoint from a

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<v Speaker 2>four and policy standpoint, our ability to export liquified gas

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<v Speaker 2>to Europe and Asia to allies of ours, a huge

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<v Speaker 2>growth industry that provides all kinds of military heads against

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<v Speaker 2>bad actors in the Middle East, against bad actors in Russia.

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<v Speaker 2>It's totally insane, and so I think those are where

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<v Speaker 2>you're going to see some of the lowest hating and

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<v Speaker 2>fruit out of energy policy is deregulation and eventually US

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<v Speaker 2>being able to export and sell some of these great resources.

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<v Speaker 2>We have the oil companies right now. If if Harris Biden,

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<v Speaker 2>Trump or Santa Claus were president, they're not going to

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<v Speaker 2>be drioling a lot more than one point three five

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<v Speaker 2>million barrels per day just based on the seventy dollars price,

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<v Speaker 2>their break evens, their economics, their supplied demand balance OPEC plus.

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<v Speaker 2>I think that we're producing plenty of oil right now,

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<v Speaker 2>but I think you need to deregulate the process. And

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<v Speaker 2>that's where I think Trump with Secretary Rick Perry this

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<v Speaker 2>first term, did a good job. And this is a

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<v Speaker 2>great example, by the way, but you just said a

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<v Speaker 2>moment ago, when Biden came in and doubled down on

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<v Speaker 2>crazy symbolically canceling the Keystone Pipeline on first day. Those

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<v Speaker 2>types of things. He had every opportunity to come in

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<v Speaker 2>and say I'm going to be more of a centrist

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<v Speaker 2>on energy, and he couldn't do it.

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<v Speaker 1>David bonson one of the great things I've mentioned for

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<v Speaker 1>the last several decades. Two things that's going to destroy

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<v Speaker 1>this country completely is unbridled immigration from third world poverty,

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<v Speaker 1>grinding us the cities into collapse, which is well underway.

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<v Speaker 1>And Milton Friedman's on my Mount Rushmore of Conservatism often

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<v Speaker 1>spoke about unbridled immigration living actually third world grinding poverty

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<v Speaker 1>and importing that into our cities. And the second thing

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<v Speaker 1>is the looming debt crisis. We borrow every day about

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<v Speaker 1>six billion dollars of brand new money. The accumulated national

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<v Speaker 1>debts about thirty six trillion. We pay over a trillion

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<v Speaker 1>day on interest. That's on its way to fifty trillion.

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<v Speaker 1>And when Trump was in office or Bush was in office,

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<v Speaker 1>it still went up doubled every four years. That debt doubled.

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<v Speaker 1>Right now it appears we're on track to have another

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<v Speaker 1>two trillion dollar deficit. We can't afford it. Talk to

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<v Speaker 1>the American people about deep State, about the looming debt crisis,

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<v Speaker 1>which is going to You can't keep taking up brand

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<v Speaker 1>new credit cards to pay interest on the other credit card.

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<v Speaker 1>At some point that debt pyramid will collapse. Explain that

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<v Speaker 1>to the American people.

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<v Speaker 2>Well, I think the most important issue is that people

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<v Speaker 2>have to understand that all debt is coming from future growth.

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<v Speaker 2>The way in which we service the debt is paid

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<v Speaker 2>for from economic resources. And the one thing about the

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<v Speaker 2>debt that blew up during the Bush years is the

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<v Speaker 2>debt to GDP ratio. Basically, the mounted debt we had,

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<v Speaker 2>which went up a lot divided by the size of

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<v Speaker 2>the economy was the same. The debt to GDP did

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<v Speaker 2>not go up. However, since the Obama years, through the

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<v Speaker 2>Trump years, through the Biden years, our debt has grown

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<v Speaker 2>faster than our economy every single year. Our annual budget

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<v Speaker 2>deficit as a percentage of GDP is the highest in

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<v Speaker 2>the free world. It's now higher than Japan, higher than Europe. Now,

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<v Speaker 2>our total debt to GDP is not higher than those countries,

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<v Speaker 2>but our annualized addition to the debt as a percentage

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<v Speaker 2>of our economy. So people go okay, Well, you need

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<v Speaker 2>to get more economic growth. Well, I agree. I was

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<v Speaker 2>one of those people screaming for it as an economist

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<v Speaker 2>thirteen fourteen years ago. That ship is sailed. You are

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<v Speaker 2>not going to grow your way out of this period.

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<v Speaker 2>You're going to have to get growth, but you're going

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<v Speaker 2>to have to get spending under control. And that's the

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<v Speaker 2>part there's no political will to do. And I just

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<v Speaker 2>got to remind people listening, this is what we're talking

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<v Speaker 2>about when we're not even in war. This is what

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<v Speaker 2>we're talking about when we're not even in recession. You

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<v Speaker 2>expect deficits as a percentage of your economy to go

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<v Speaker 2>up during wartime and during tough economic times. This has

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<v Speaker 2>been peacetime and economic expansion, and we're running one to

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<v Speaker 2>two trillion dollar deficits. And by the way, the only

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<v Speaker 2>thing we're debating is whether or not we want it

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<v Speaker 2>to be one trillion instead of two trillion. Imagine that

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<v Speaker 2>conversation with a spouse. You know we have one hundred

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<v Speaker 2>thousand dollars credit card debt. Do you want to add

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<v Speaker 2>fifteen thousand next year to the debt or ten thousand

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<v Speaker 2>of the debt? And those are the only two options

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<v Speaker 2>you need a balanced budget amendment. You need across the

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<v Speaker 2>board spending cuts. Politically, it's impossible to do by targeting

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<v Speaker 2>this and that, so you have to just do it

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<v Speaker 2>broad based. Just say across all categories, we're gonna implement

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<v Speaker 2>two percent, three percent, five percent spending cuts. It has

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<v Speaker 2>to happen, and I'm hopeful President Trump and the people

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<v Speaker 2>around him will take that a little more seriously than

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<v Speaker 2>he was able to do in his first term.

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<v Speaker 1>What happens, we have a minute remaining. What happens in

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<v Speaker 1>three years, five years, ten years, and it's coming. If

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<v Speaker 1>we don't do that.

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<v Speaker 2>A lot of people in a lot of people on

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<v Speaker 2>the right predict some sort of doom and gloom particular

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<v Speaker 2>moment where we fall in the ocean. But see my

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<v Speaker 2>predictions worse than that. Japan never had a moment where

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<v Speaker 2>their society just collapsed. They just went thirty years with

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<v Speaker 2>no economic growth thirty years. And so what I call

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<v Speaker 2>Japanification in America where you just live with subpar economic growth. Now,

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<v Speaker 2>could you, as something of your bond market rebel and

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<v Speaker 2>have this real massive cataclysmic event. You could, but you

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<v Speaker 2>might not. It may just be even worse than that,

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<v Speaker 2>where you just live with subpar economic performance, and that's

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<v Speaker 2>unacceptable for our kids and grandkids.

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<v Speaker 1>And that's not a guess, that is a certainty that

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<v Speaker 1>you cannot take new credit card debt out to pay

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<v Speaker 1>off the interest and other credit cards. At some point

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<v Speaker 1>the pyramid scheme collapses and America has guaranteed our kids

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<v Speaker 1>and grandkids less of a quality of life and higher

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<v Speaker 1>taxes because what we've done. And I hope Donald Trump

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<v Speaker 1>he's got forty eight months in office, and I hope

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<v Speaker 1>he's the one that says we got to have a

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<v Speaker 1>two to three percent across the board cut in everything.

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<v Speaker 1>Otherwise we're going to give the o to our kids,

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<v Speaker 1>less great to country, and the evil forces in the

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<v Speaker 1>world will take over. David Bonson, you're the best there

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<v Speaker 1>is on this and once again, thank you for coming

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<v Speaker 1>on The Bill Cunningham Show. And David Bonson, you're a

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<v Speaker 1>great American. Is Donald Trump the Pete Rose of politics?

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<v Speaker 2>Well, I love that example for you guys there in Cincinnati.

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<v Speaker 2>It's a great analogy. And obviously everyone is celebrating the

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<v Speaker 2>life of Pete Rose, and Donald Trump has the opportunity

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<v Speaker 2>to leave a legacy next four years. I'm praying he'll

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<v Speaker 2>do it. It's not easy. No, it's not a job.

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<v Speaker 1>A lot of people would want no.

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<v Speaker 2>And like I said, sometimes he can get in his

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<v Speaker 2>own way, but we're gonna pray he get some good

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<v Speaker 2>things done for our country.

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<v Speaker 1>David Bonson, thank you very much for coming on the

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<v Speaker 1>Bill Cunningham Show. And David, you're a great American. Thank you,

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<v Speaker 1>thays Bill, God bless you. Let's continue with more if

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<v Speaker 1>a line becomes available. Five one, three, seven, four, nine,

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<v Speaker 1>seven thousand. Billy Cunningham The Grand American Live. It's home

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<v Speaker 1>of the Bengals. According to Moeger, they're about to arise

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<v Speaker 1>and win their next six or seven games and enter

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<v Speaker 1>the playoffs. And I believe do you believe? I believe

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<v Speaker 1>that we will win. I believe that we will win.

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<v Speaker 1>A news radio seven hundred WLW