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Speaker 1: And here we go. Welcome to the Big Podcast. It

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is Friday, the fourteenth day of November, Year of Our Lord,

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twenty twenty five. My name is Tom Sullivan. And well

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there's a lot to go over as usual, busy, busy

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Friday day. Affordability that you know. A week ago I

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brought up affordability. I said, I think this is going

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to be important. The exit of polling coming out of

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the elections in Virginia and New Jersey were very much

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about the fact that the economy was the number one issue.

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It always is, it always has been, and so people

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are trying to come up with all of us, Oh,

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we've better get on the affordability game here. And the

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President was very dismissive of it. And somebody has gotten

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a hold of him and said, hey, this is not

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something we should dismiss. This is something that's going to

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determine the midterm elections one year from now. So jd.

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Vance was talking last night about this. It's coming up everywhere,

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even in the Republican circles.

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Speaker 2: We inherited the highest peacetime debt and deficits in the

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history of the United States of America. We inherited the

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worst inflation crisis and at least the last forty years,

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and I think probably longer. So a lot of Americans

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when we took over, they were struggling. Blue collar wages

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are going up, working people's wages, middle class wages are

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going up. And that's how we ultimately chip away at

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the Biden affordable theility crisis is that we make an

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economy where people can afford to buy the things that

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they need.

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Speaker 1: I think his comments are right, but it's I had

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to kind of smile because it's every administration does that.

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They blame the prior one, and there may be a

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lot of truth to that. But when election day rolls

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around next November, nobody is going to be trying to

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figure out what Joe Biden did. They're going to look

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at their wallets and they're going to vote on how

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they feel about their economy and how they are doing.

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I played a clip yesterday from Kevin Hassett, the Chairman

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of the Economic Council to the President, and he was

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out in the White House driveway earlier today and basically

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repeating the exact same line.

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Speaker 3: The way I summarize all the stats we look at

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is that real purchasing power for a typical worker dropped

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three four hundred dollars under President Biden and has gone

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up twelve hundred dollars so far today. But Americans rightly

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are frustrated that they're still two thousand dollars short. And

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that's something that we're going to fix it. We're going

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to fix it right away.

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Speaker 1: Told you before, I like Kevin has it, but he

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knows how to speak politically as well. I'll tell you

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what they lost thirty We lost thirty four hundred dollars

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worth of purchasing power. We've gained back twelve hundred. And

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then that that gap is what we're going to fix it.

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We're going to fix it right away. Kevin knows that

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you can't fix it right away. They are chipping away

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at it, and you know around the conference table at

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the White House, they're going, we got to get this

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chipping away at a faster pace. We need to make

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sure that by next summer people are feeling much much

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better about the economy. So they have they have a

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fuse that is burning that they've got to fix this

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in some way to make you feel better. Even goofy.

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Tim Walls, Governor of Minnesota, former Vice presidential nominee for

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along with with Kamala Harris, and he recognizes the affordability problem.

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Speaker 4: President Biden was talking truthful and he said, look, compared

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to the rest of the world, our economy is pretty good.

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But the average person said that doesn't do squat for me.

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It's not that good. And I don't think we address

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the affordability issue as openly.

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Speaker 1: I think Tim Waltz ait the nail on the head.

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You can talk about our economy is better than any

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other country of the world, all that stuff that Biden

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was talking about, and it did not mean squat. According

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to Tim Walton, He's right. It always comes back to

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your pocket, how you feel about how you're doing. So

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it's so some people have come up with this idea

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about a fifty year mortgage. One of the biggest issues

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that's not going well. It's trying to get started to

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get better, but it hasn't. And that's the housing market.

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The housing market in history has been the first one

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to lead us into a recession and the first ones

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to lead us out of a recession. So housing is

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important because it's not just a house. When you buy

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a house, you buy furniture, and especially if it's a

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brand new house. You buy window coverings and bushes and

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do a lot. A lot of money goes into a

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house besides the actual brick and mortar of the house.

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So people are trying to figure out how to solve this.

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The problem I see with is I commend them, and

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I think they should do everything they can possibly think of.

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But you can't turn around housing quickly. It's like a battleship.

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It's going to take a while to turn the housing

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market around. The mortgage rates have come down a little bit,

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but they're still with a six in front of them,

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like six and a third roughly average, better than seven

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from a year ago, but it's not that much better.

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And you still have a lot of people that are

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stuck in their homes with those three percent two in

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some case three percent mortgages and they don't want to

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give them up because you can't get one of those today.

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And I don't see any of that on the horizon.

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People used to when you talk about mortgages, it almost

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wasn't all that important what the interest rate was. Oh yes,

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it made a difference, but most people historically would live

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in a home five to seven years, and for whatever reason,

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moving up or moving down. You have a bunch of

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new children, you need more bedrooms, or you're an empty nester,

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you need less best bedroom. Whatever it might be, death, transfer, divorce,

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whatever it might be. Housing is a five to seven

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year deal. It used to be. The average length of

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homes right now that people are living in their homes

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is eleven years, so it's more than double. It's about

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double where it used to be. So people really are

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stuck in their homes. I'm guessing a lot of you

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are happy with your home. So this fifty year mortgage

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idea came up, and it's just a terrible idea. Would

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it reduced the monthly payment on your house a little bit,

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not a lot, and you won't build much equity? And

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the first time home buyers have gotten older and older.

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The first time home buyer now is a forty year

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old person when they used to be twenty year old people.

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A forty year old person with a fifty year mortgage,

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well no, they're not going to live in that same

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house until they're ninety. But you do have to stop

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and think about that. Larry Kudlow, my old buddy over

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at Fox Business, he's he doesn't like this.

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Speaker 5: Either, well, I got to look at the details. Some

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of that stuff sounds okay. I wasn't crazy about the

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fifty year mortgage. In fact, I don't think that was

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a good idea at all. So but if you want

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to let people come in on a pre tax basis,

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let me take a look at it. I'm not quite

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sure I think that, you know. Can I just come

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back to this what I regard as the essential point.

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You have a program which is starting to kick in.

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I mean, if the Democrats would stop sabotaging it by

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shutting down the government. But you had three point eight

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percent growth in the second quarter for Trump. The Atlanta

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Fed says four percent in the third quarter. All right, now,

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the date is going to be sketchy, and Kevin has

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It is saying because of the shutdown, we're going to

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lose whatever one and a half to two points on

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GDP in the fourth quarter. That's very unforse It was

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a pointless shutdown.

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Speaker 1: But bye bye bye next.

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Speaker 5: Year with holding tables changed, So these tax cuts are

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going to kick in. The business tax cuts have already

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kicked in, and there's a business boom going on for

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machinery and equipment and factories. And whatnot, and that's great

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for income.

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Speaker 1: Still, he's a good guy, he's a very smart economist,

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but he's falling into the trap of, well, the GDP

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and the growth and the business tax cuts and all

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that's going to be great for this and that. What

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about what about my pocket? What about my economy? How

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am I going to be feeling when I go vote

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next November. That's what they need to focus on, and

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all these other stuff they need to work on, but

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they need to focus on making it so that people

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can buy homes. But that's going to take a long

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time to turn that housing market around. And fifty year mortgages,

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I guess some people think it's a good idea. I

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just did a back of the envelope calculation. If the

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if the I think the medium price of a home

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in America is now four hundred and some thousand dollars.

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So let's say you get a three hundred thousand dollars mortgage,

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you scraped together one hundred grand for a down payment.

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You got three hundred thousand dollars mortgage at six and

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a third percent something like that. So your three hundred

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thousand dollars mortgage for thirty years at six and a

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third percent. Your payments are going to be eighteen hundred

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and fifty bucks a month. The total amount that you

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will write checks for over that thirty years, if you

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live in the home for thirty years most of you

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won't is six hundred and sixty eight thousand dollars. All right,

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Let's take that same mortgage and make it a fifty

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year mortgage fifty years, six and a third percent, three

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hundred thousand dollars loan. Your payments are not eighteen hundred

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and fifty, they're sixteen hundred and fifty. So you saved

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two hundred dollars on an average mortgage out there. Two

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hundred dollars can mean a lot to some people, but

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I don't think it's going to make a buying decision

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where people to run out and buy that home. And

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here's the part why I think is just just bad advice,

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is that instead of the total cost that you will

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pay an interest on the thirty year mortgage with six

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hundred thousand, on the fifty year mortgage, it's nine hundred thousand.

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A three hundred thousand dollars mortgage, you'll pay nine hundred

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thousand dollars. I knew a guy many years ago that

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was a car salesman, and I was talking about the

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method of selling cars and he said, oh, it's easy,

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he says. All you do, he says, you find out

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what people want. And what people want more than anything

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else is they don't care about the cost of the car.

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They care about what's the monthly payment. That's he said.

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Was everybody said, what's that going to cost? What's the

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monthly payment on that? And so what he would do is,

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instead of making it a three year car loan, he'd

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make it a five year car loan, and the payment

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would look cheaper, but they were going to pay much

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much more money for that car by having a longer

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term loan. And so people that are saying, well, so

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they go from thirty to fifty year. It wasn't that

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long ago. When I was a young man. I remember

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the longest mortgage you could get was twenty five twenty

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five year mortgage. And speaking of car loans, it used

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to be a two year or a three year. Now

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they're five years, six years, seven years, and the reason

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they're doing it is to get that monthly payment down.

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So I'm not a real big fan of all of that.

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Scott Turner. They went to him. He's the HUT Director

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Housing and Urban Development, and well'll let you listen to

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what he had to say about this housing issue.

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Speaker 6: Absolutely, and you put up on the screen the average

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age right now is forty years old for first time

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home buyers, and we know that that is not sustainable.

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I mean, I hear from young people all the time.

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You know, how am I going to be able to

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afford a house? And I like how, Secretary Best and said,

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you know, increasing wages and people taking home more, and

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that comes from getting our fiscal house in order and

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creating jobs here in America, and then from our standpoint,

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taking regulations down, not just from a federal level, but

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also encouraging very firmly encouraging localities in the states and

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cities mayors and economic development to take down your regulatory

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environment so that developers can develop and builders can build.

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Right now, you guys, it costs about forty percent in

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costs and regulations just to build a multi family development,

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about twenty to twenty five percent of cost of regulations

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to build a single family development. So we have to

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attack the regulatory environmental.

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Speaker 1: I don't disagree with the thing he said but the

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problem is that it's not a federal issue. Washington, DC

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is not the issue. There certainly had their finger in

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the pie. But the problem with regulations, it's local regulations,

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your city or your county or your state, your planning department,

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the housing, hooking up water and sewer and doing all

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the things that cost a builder to build a home.

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Then builders are not going to build a home that

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they can't sell. So it really comes down to local, local, local.

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Now the other thing, maybe the federal government can help

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in this respect. One of the things this is this

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is come on, we can do We can do basic economics.

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There can't we supply and demand economics one oh one,

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the more supply of apples. You're a grocery store and

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you've got tens apples were delivered to your store and

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you've got to get rid of them. How are you

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going to get rid of them? You've got a huge supply.

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You got to drop the price. People are not going

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to buy those apples if they're expensive, so you drop

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them to be cheap. You maybe have to take a

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loss on them. But if you increase the supply, the

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cost will diminish. If you decrease the supply, the cost

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will go up. What have we done in this country?

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We have a lack of supply of homes. We don't

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have enough homes for the population. The population growth alone,

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and I'm not even talking about illegals, just population growth.

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We don't have enough homes. So we have a shortage

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of the supply of homes. What do you think the

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cost is going to do. It's going to go up.

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So you've got just basic economics. Plus you've got local

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housing permits and builders that are are not going to

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build home that's way too expensive. And so can they

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get this turned around before next year? Don't count me

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as thinking they can. I'm hoping they can, but I've

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got my caution on that. Talked about gambling yesterday, Man,

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gambling has taken off in this country billions and billions

267
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of dollars. So they have a bust. They busted a

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bunch of college kids and high school kids in New

269
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Jersey that are part of a gambling ring run by

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the Luchesi family, the Mob, one of the Bob families.

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New York's Attorney General had a big announcement about the

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bust earlier.

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Speaker 7: Organized crime unfortunately has not gone away. It has changed

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its form, they have changed their tactics, they have changed

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how they operate. But you see a multimillion dollar sports

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betting ring run by ledged members of the Mob. That's

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not going away. That's just changing.

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Speaker 1: No, it's not going away. Been around for a long time.

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Paul Morrow, former NYPD, talks a little bit about it here.

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Speaker 8: I've seen numbers where if you are a male under

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let's say thirty five, the chances are like ninety percent

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that you're on one of the apps betting. It is

283
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an enormous business. So the question becomes, why then, excuse me,

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if that's legal and you can do that online, which

285
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you bother with a MOB linked bookie, And the answers

286
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are multifold. And first of all, you'd have to pay

287
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the taxes, all right, So if you're winning, and you're

288
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winning big and you're betting a lot, mob doesn't collect

289
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the taxes. But secondly, remember something, if you are in

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a sport, like we saw in the previous case the

291
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basketball players, you don't want a record of the fact

292
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that you'll betting on your sport, maybe your own games. Well,

293
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the Mob is not going to keep that record, So

294
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you'd rather bet with them. The problem is now they

295
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own you because they know you're betting on a game

296
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that you're playing in. You shouldn't be doing that. And

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that's why these cases always spider web, you always get

298
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other people.

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Speaker 1: Well, the Attorney General in New Jersey was also talking

300
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about how these rings that they've bufted up were getting

301
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young people gen zs in there. We're talking about, you know,

302
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nineteen twenty year old people.

303
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Speaker 7: This operation relied on gen Z gamblers and a network

304
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of sub agents. They effectively recruited younger gamblers or players

305
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that they knew would be able to pay up or

306
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those that they can leverage payment from, namely college students

307
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and student athletes. I mean, it's a federal level thing.

308
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It's legal period understory, and you know before the it

309
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was legalized. What the reason they went to legal route

310
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is because people were doing it anyway, but where they

311
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had it and there was moblink, they had them all overseas.

312
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All right.

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Speaker 8: We had a case we bumped into that was mob related.

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They were in Costa Rica and I'm going back now,

315
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I go about twenty years. But the numbers with this

316
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big but it was still online the internet is really

317
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what did it?

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Speaker 9: Yeah?

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Speaker 1: So no surprise. But I think the gambling problem is

320
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going to just get bigger and bigger and become more

321
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a problem with society than we have right now. We

322
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haven't really talked about the actual document of the ending

323
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the shutdown of the government. Remember everybody said it's just

324
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a clean c arc continuing resolution, nothing added, nothing to Well,

325
00:19:28,519 --> 00:19:32,880
there was stuff added, and there was apparently some verbiage

326
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in that agreement, one of them that allows senators to

327
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sue if the federal government comes in and taps their phones,

328
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which is those eight senators that got tapped by the

329
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federal prosecutor Jack Smith. That's in the agreement. The other

330
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thing is is that they are banning products made from hemp. Now,

331
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the states that have legal marijuana will probably still be

332
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able to have those products in their states, but at

333
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a federal level, there's a I mean, there's a lot

334
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of these CBD stores around. I don't know what they're

335
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going to do. But Harry Enton points out the fact

336
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that marijuana when it first became legal, became very popular,

337
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but in the last couple of years, all of a sudden,

338
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the thrill of using marijuana has kind of gone away,

339
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or at the very least reduced substantially.

340
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Speaker 9: Yeah, in the issue of legalization of marijuana, it sort

341
00:20:36,720 --> 00:20:38,680
of hit a wall. You know, we had this great

342
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momentum at the beginning part of this decade states that

343
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newly legalized marijuana. From twenty twenty to twenty twenty one,

344
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it was eight new states. Twenty twenty two to twenty

345
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twenty three, with six new states in the last two years,

346
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it's zero.

347
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Speaker 2: It is zero.

348
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Speaker 9: There were twenty four states that legalized marijuana from twenty

349
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twelve through twenty twenty three, and then in the last

350
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two years it has been absolutely zero. And in fact,

351
00:21:00,000 --> 00:21:02,200
there were three ballot measures back in twenty twenty four

352
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that failed. We had all the success for ballot measures

353
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on marijuana from twenty twelve through twenty twenty three, and

354
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then in twenty twenty four, boom, it hit a wall.

355
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There's been at least some sort of backlash against legalization

356
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in marijuana, and we're stuck at twenty four state. Marijuana

357
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has a positive effect on users in society. Look at this.

358
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In twenty twenty two, fifty three percent of Americans said

359
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that marijuana had a positive effect on users. Forty nine

360
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percent it had a positive effect on society you jumped

361
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to twenty twenty four, look at this. The numbers went down.

362
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They went down as more people encountered folks who in

363
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fact had used marijuana. It turns out there was a

364
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bit of a backlash. In twenty twenty four, forty three

365
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percent of Americans said that marijuana had a positive effect

366
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on users, down ten points from twenty twenty two, and

367
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forty one percent said it had a positive effect on society,

368
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down eight points from twenty twenty two. In twenty twenty four,

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so what we've seen is is more people have gone

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out there as we'd has become more public, more people

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smoking it in public. We have seen that there's been

372
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a bit of a backlash, and people are not so

373
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hot to trunt on weed as much as they workay,

374
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So you know, I think this is part of it, right,

375
00:22:02,759 --> 00:22:06,160
this effort that sort of backlashes, especially happened in Red states.

376
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Marijuana had not really been much of a partisan issue.

377
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But look at this. Marijuana should be illegal or I llegal.

378
00:22:12,799 --> 00:22:15,920
Among Republicans, fifty percent twenty twenty three, a corn To

379
00:22:15,920 --> 00:22:18,880
gallop said legal, forty five percent said illegal. Look at this.

380
00:22:19,079 --> 00:22:22,519
A giant switcherou by twenty twenty five. Now fifty eight

381
00:22:22,519 --> 00:22:25,079
percent of Republicans say it should be illegal, up thirteen

382
00:22:25,119 --> 00:22:27,039
points in just the last two years, and that legal

383
00:22:27,039 --> 00:22:30,720
percentage dropped fifteen points in just two years, back down

384
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to where we were in the twenty teens. So we've

385
00:22:32,960 --> 00:22:35,359
seen this real backlash, and it's been especially true on

386
00:22:35,400 --> 00:22:38,880
the right. As Republicans have moved against marijuana. We've sort

387
00:22:38,880 --> 00:22:41,200
of had this rise and then all of a sudden,

388
00:22:41,400 --> 00:22:44,279
this fall a backlash against marijuana legalists.

389
00:22:44,319 --> 00:22:46,519
Speaker 1: Yeah, I'm not sure if it's because they legalized it

390
00:22:46,519 --> 00:22:51,200
did not have the allure of some dangerous illegal drug,

391
00:22:51,720 --> 00:22:56,680
or whether there's a lot of people getting old and

392
00:22:56,759 --> 00:23:01,079
it was maybe fun in college, but not so much anymore.

393
00:23:02,279 --> 00:23:06,400
So that whole business about hemp, the ban on hemp

394
00:23:06,480 --> 00:23:11,319
products was in the document that President Trump signed to

395
00:23:11,559 --> 00:23:15,720
refund the government late Wednesday night. It's a derivative of

396
00:23:15,759 --> 00:23:20,119
the cannabis plant. It was legalized into twenty eighteen Farm

397
00:23:20,119 --> 00:23:25,000
Bill for industrial use like rope and textiles and seed,

398
00:23:26,000 --> 00:23:30,079
but the laws broad definition created a loophole in federal

399
00:23:30,160 --> 00:23:33,839
rules on THCHC, which is the part of cannabis to

400
00:23:33,920 --> 00:23:37,440
get you high. So the new band that was tucked

401
00:23:37,440 --> 00:23:43,200
into the legislation outlaws products containing more than four tenths

402
00:23:43,240 --> 00:23:48,519
of a milligram of total THHC per container. Guy by

403
00:23:48,559 --> 00:23:51,200
the name of Jim Higden. He's in that business and

404
00:23:51,240 --> 00:23:52,079
he's not happy.

405
00:23:52,279 --> 00:23:55,400
Speaker 10: Hemp products have become incredibly popular in America on a

406
00:23:55,640 --> 00:23:59,640
low THC dose in Seltzer's and also in non in

407
00:23:59,680 --> 00:24:05,480
toxic Kating's full spectrum CBD products. We see real popularity,

408
00:24:06,359 --> 00:24:10,039
you know, especially among older adults for the CBD products.

409
00:24:10,079 --> 00:24:13,240
And you know, this is no surprise that this could

410
00:24:13,240 --> 00:24:16,359
have been coming. Senater McConnell made his intentions well known

411
00:24:16,799 --> 00:24:19,640
over the summer. We've been working with his office trying

412
00:24:19,680 --> 00:24:23,799
to ameliorate the worst of it, and unfortunately we were unsuccessful. Sure,

413
00:24:23,839 --> 00:24:25,960
I mean, you know, some of these loophole products like

414
00:24:26,039 --> 00:24:29,559
Delta a THHC or easily taken care of THC a

415
00:24:29,799 --> 00:24:32,759
flower smokable hemp flower. A lot of people criticize that

416
00:24:32,839 --> 00:24:35,240
as a loophole that could have been taken care of

417
00:24:35,480 --> 00:24:39,720
while still protecting non intoxicating CBD products and low dose

418
00:24:39,799 --> 00:24:40,759
THC seltzers.

419
00:24:40,960 --> 00:24:44,480
Speaker 1: Yeah, you heard the guy correctly. It was Mitch McConnell.

420
00:24:45,079 --> 00:24:48,400
That was the guy. Who pushed for the banning of HEMP.

421
00:24:49,039 --> 00:24:54,119
Speaker 10: Unfortunately, the bourbon industry, who you know funds McConnell's efforts,

422
00:24:55,000 --> 00:24:58,599
don't like the beverages, especially because they're popular. So the

423
00:24:58,640 --> 00:25:02,599
opportunity to save bridges was not on the table because

424
00:25:02,759 --> 00:25:06,000
it was the beverage's popularity that was the greatest threat

425
00:25:06,039 --> 00:25:07,039
to the bourbon industry.

426
00:25:07,680 --> 00:25:11,240
Speaker 1: So who knew. Apparently there were beverages with THHC in it,

427
00:25:12,079 --> 00:25:16,480
and Senator McConnell is from Kentucky and bourbon is king,

428
00:25:17,079 --> 00:25:20,680
so that is what he blames for all of this.

429
00:25:21,279 --> 00:25:25,799
So let's go to my hometown. I was born and

430
00:25:25,920 --> 00:25:30,160
raised at Seattle, Washington, and I just hold my head.

431
00:25:30,799 --> 00:25:32,880
It was such a beautiful city. It still is a

432
00:25:32,920 --> 00:25:36,440
beautiful city, but it has become more liberal than I

433
00:25:36,480 --> 00:25:41,240
think San Francisco. And it's also all places changed over years,

434
00:25:41,240 --> 00:25:43,359
and it's been a long time since I grew up there.

435
00:25:43,720 --> 00:25:46,720
But I told I was. The rest of the media

436
00:25:46,759 --> 00:25:48,880
has caught up with it today. I told you a

437
00:25:48,960 --> 00:25:51,799
couple of weeks ago that there was a woman running

438
00:25:51,839 --> 00:25:57,440
for mayor in Seattle that is a socialist, just like

439
00:25:57,599 --> 00:26:00,559
Zoran Mandani. And the reason Ma'm donald got all the

440
00:26:00,599 --> 00:26:03,319
publicity was because he's in New York and that's where

441
00:26:03,359 --> 00:26:06,319
the media is, so nobody paid attention to the city

442
00:26:06,319 --> 00:26:08,559
of Seattle. Well, a guy by the name of Bruce

443
00:26:08,599 --> 00:26:11,000
Harrel has been the mayor there for four year. They

444
00:26:11,079 --> 00:26:13,160
keep changing marriage. That hasn't been a mayor that's had

445
00:26:13,200 --> 00:26:17,519
two terms in decades, so they're very unhappy about what's

446
00:26:17,559 --> 00:26:21,440
going on, so they keep changing leadership. And Bruce Harrold

447
00:26:21,559 --> 00:26:26,880
is a Democrat African American, so he's got checks all

448
00:26:26,920 --> 00:26:30,039
the boxes for the Democrat Party and he's done a

449
00:26:30,079 --> 00:26:34,799
decent job. But this woman named Teddy Wilson is a

450
00:26:34,839 --> 00:26:38,960
self avowed socialist and she put herself up on the

451
00:26:38,960 --> 00:26:42,799
ballot to run for mayor and it was close, but

452
00:26:43,119 --> 00:26:47,000
she has won. Here's a little bit from the new

453
00:26:47,119 --> 00:26:50,079
mayor elect in Seattle nine months ago.

454
00:26:50,160 --> 00:26:53,079
Speaker 11: I made the decision to run for mayor because I

455
00:26:53,200 --> 00:26:55,599
sensed that the people of Seattle and its government were

456
00:26:55,640 --> 00:26:58,279
out of staff, that voters were in search of a

457
00:26:58,279 --> 00:27:02,000
new direction. Our problems required new leadership.

458
00:27:02,880 --> 00:27:06,319
Speaker 1: Those were her comments after she was declared the winner.

459
00:27:06,359 --> 00:27:08,240
It took them about a week to count the votes.

460
00:27:08,279 --> 00:27:10,799
I don't know what why it takes so long for them,

461
00:27:10,799 --> 00:27:13,319
but they have a problem. So this is going to

462
00:27:13,319 --> 00:27:17,720
be an interesting test to see how this works. She

463
00:27:19,079 --> 00:27:23,640
wants to trump proof Seattle, whatever that means. Seattle is

464
00:27:23,759 --> 00:27:28,680
deeply in debt. They have to raise a lot of

465
00:27:28,720 --> 00:27:32,720
money in order to get the books squared away. She

466
00:27:32,839 --> 00:27:36,559
wants policies that are rooted in equity. She wants to

467
00:27:36,599 --> 00:27:40,680
spend a billion dollars. Again, I've repeat, Seattle is broke.

468
00:27:41,000 --> 00:27:43,720
She wants to spend a billion dollars for affordable housing.

469
00:27:44,279 --> 00:27:50,039
She wants city owned solar panels to be installed. And

470
00:27:50,119 --> 00:27:54,119
I don't mean to make a st snarky comment about Seattle,

471
00:27:54,200 --> 00:27:58,119
but I can get them from there. It's mostly cloudy

472
00:27:58,240 --> 00:28:02,720
and rainy most of the time. I don't know what

473
00:28:02,759 --> 00:28:05,880
the solar panels are going to do, but I guess

474
00:28:06,400 --> 00:28:11,359
maybe on some Sunday days. She wants green union jobs.

475
00:28:12,079 --> 00:28:15,319
She wants the police. She's not for the police at all.

476
00:28:15,359 --> 00:28:19,400
She wants to replace them with an alternative of social

477
00:28:19,440 --> 00:28:23,720
workers responding. And by the way, Seattle already has that element.

478
00:28:24,000 --> 00:28:27,920
It's not working well. The police are not embracing the

479
00:28:27,960 --> 00:28:33,039
social workers apparently. She wants a corporate tax and a

480
00:28:33,319 --> 00:28:35,240
tax on the rich to pay for all of this.

481
00:28:35,400 --> 00:28:40,559
She wants free daycare. The big taxes on the companies

482
00:28:40,599 --> 00:28:45,519
that are headquartered. They're like Amazon and Starbucks and Nordstrom.

483
00:28:45,599 --> 00:28:48,839
There's a bunch of big companies that are headquartered in Seattle.

484
00:28:49,640 --> 00:28:53,519
She wants a capital gains tax on individuals that live there.

485
00:28:54,200 --> 00:28:56,880
If they sell their home for a profit, if they

486
00:28:56,920 --> 00:29:01,559
sell a car, there's a capital gains tax on. She

487
00:29:01,720 --> 00:29:05,319
wants a landlord tax, which will drive up the rents

488
00:29:05,319 --> 00:29:13,599
for people that rent. She opposes jail for misdemeanors. She

489
00:29:13,640 --> 00:29:18,200
wants to build Well, let me go back one to

490
00:29:18,440 --> 00:29:22,880
three mayors ago. A mayor suggested building one hundred tiny

491
00:29:22,920 --> 00:29:26,200
homes for the homeless. That mayor got booted out after

492
00:29:26,240 --> 00:29:29,039
one term. The next mayor said, let's build two hundred

493
00:29:29,200 --> 00:29:33,079
homes tiny homes for the homeless. The next mayor, which

494
00:29:33,119 --> 00:29:35,759
is the colonel one who just got just defeated, he

495
00:29:35,839 --> 00:29:38,880
wanted to build four hundred tiny homes for the homeless.

496
00:29:39,359 --> 00:29:44,720
She wants to build four thousand tiny homes for the homeless.

497
00:29:44,799 --> 00:29:48,359
She lives in a six hundred foot apartment with her

498
00:29:48,480 --> 00:29:54,960
husband and a small child. She is supported by her parents.

499
00:29:56,119 --> 00:30:00,720
They pay they they she relies upon them for her money.

500
00:30:00,799 --> 00:30:03,720
She's forty three years of age. Let me just play

501
00:30:03,759 --> 00:30:06,599
a couple of these are from various appearances that she's

502
00:30:06,680 --> 00:30:12,119
made recently. This is thank you forgetting her name. Katie Wilson,

503
00:30:12,440 --> 00:30:15,720
the new mayor elect of Seattle. Our people have.

504
00:30:15,680 --> 00:30:18,559
Speaker 11: Been calling me the Zoran Mamdani of Seattle. As we

505
00:30:18,599 --> 00:30:23,160
all know, Zoran is charismatic, telligenic, and stylish. I, on

506
00:30:23,200 --> 00:30:26,119
the other hand, am deeply awkward. WILL need to presume

507
00:30:26,200 --> 00:30:28,680
new progressive revenue in order to fund our priorities and

508
00:30:28,680 --> 00:30:31,200
make sure that we're delivering services to the people of Seattle.

509
00:30:31,359 --> 00:30:33,559
I want everyone in this great city of ours to

510
00:30:33,559 --> 00:30:35,599
have a roof over their head. I want a city

511
00:30:35,599 --> 00:30:38,240
where your health and your life expectancy, and your children's

512
00:30:38,319 --> 00:30:40,920
future doesn't depend on your zip code or your race.

513
00:30:41,880 --> 00:30:44,599
I am a community organizer, and I will not stop

514
00:30:44,640 --> 00:30:47,599
being a community organizer when I step into the Mayor's office.

515
00:30:47,720 --> 00:30:50,279
The working people of our city are tired. They are

516
00:30:50,319 --> 00:30:54,079
ready for something new, something more hopeful and just and equitable.

517
00:30:54,920 --> 00:30:57,519
Speaker 1: I guess we should start a betting platform on which

518
00:30:57,559 --> 00:31:00,839
city do you think is going to financially collapse? Which

519
00:31:00,880 --> 00:31:03,279
city is going to lose the most people New York

520
00:31:04,160 --> 00:31:06,400
or Seattle. But it's going to be a race because

521
00:31:06,440 --> 00:31:09,839
these are died in the wool socialist and it's going

522
00:31:09,880 --> 00:31:16,160
to be a laboratory to actually find out how socialism works.

523
00:31:18,039 --> 00:31:20,759
Oh my, it's just a disheartened need to see what

524
00:31:20,799 --> 00:31:25,599
she's doing. Hewett chimed in on this as well, because

525
00:31:26,000 --> 00:31:28,079
if she's getting money from her parents to live in

526
00:31:28,079 --> 00:31:31,480
a six hour foot department with her child and her husband,

527
00:31:32,119 --> 00:31:35,960
isn't she essentially living in her parents' basement. Here's you?

528
00:31:36,799 --> 00:31:39,359
Speaker 12: Seattle is so screwed. I like to think of this

529
00:31:39,400 --> 00:31:42,480
as a political equivalent of a double blind drug story.

530
00:31:42,759 --> 00:31:47,480
We're going to study. We're going to run municipal Marxism

531
00:31:47,559 --> 00:31:50,920
in New York City and municipal Marxism in Seattle, New York,

532
00:31:50,960 --> 00:31:54,119
Saint Million, Seattle's eight hundred thousand. New York's got a

533
00:31:54,160 --> 00:31:57,480
lot of colleges. Seattle's got fifty two thousand students over

534
00:31:57,519 --> 00:32:01,079
at U dub and thirty six thousand staff there. They

535
00:32:01,079 --> 00:32:03,920
are going to try and raise local property taxes, local

536
00:32:04,079 --> 00:32:06,839
estate taxes, local wealth. Path is she wants a local

537
00:32:07,000 --> 00:32:11,200
death tax, and she wants something called a digital services tax.

538
00:32:11,480 --> 00:32:14,400
Which I think would text you and me talking to

539
00:32:14,440 --> 00:32:18,119
people on their devices right now. Wildly unconstitutional, and it

540
00:32:18,160 --> 00:32:21,200
will add up to one thing. People will leave Seattle.

541
00:32:21,240 --> 00:32:24,160
It's got eight hundred thousand people watch the people of

542
00:32:24,240 --> 00:32:27,200
wealth and means leave that city if she gets any

543
00:32:27,200 --> 00:32:29,599
of that done. And I would add she ran on

544
00:32:29,640 --> 00:32:35,559
affordable housing, homelessness, and Trump proofing. Trump proofing included sanctuary

545
00:32:35,599 --> 00:32:38,759
city in including a tax on Israel. She was endorsed

546
00:32:38,759 --> 00:32:42,160
by care. She is at the shadow one tenth of

547
00:32:42,160 --> 00:32:44,759
the shadow of Mondannie. But it's just a disaster for

548
00:32:44,759 --> 00:32:48,200
the Emerald City. It is a six hundred foot apartment,

549
00:32:48,279 --> 00:32:50,359
so she's not living high on the hog with the

550
00:32:50,400 --> 00:32:52,759
assistant she's getting from her parents. But I want to

551
00:32:52,759 --> 00:32:55,160
point out something that we just heard. She has no

552
00:32:55,240 --> 00:32:58,400
experience running anything except a small activist not for profit.

553
00:32:58,759 --> 00:33:01,799
She's a community organized. City of Seattle is a big,

554
00:33:01,839 --> 00:33:05,039
complex place. It's like the Mamdani experiment in New York.

555
00:33:05,359 --> 00:33:08,039
If you take an idealistic Marxist, and I do believe

556
00:33:08,079 --> 00:33:09,920
she's a Marxist, and I do believe she's at least

557
00:33:09,920 --> 00:33:13,039
anti Israel and possibly anti Semitic, and you drop them

558
00:33:13,039 --> 00:33:16,000
into a city of diverse cultures and you say fix everything.

559
00:33:16,319 --> 00:33:20,160
Seattle lost more than a dozen affordable home projects in

560
00:33:20,200 --> 00:33:23,480
the last year. They are going down because of rigid

561
00:33:23,559 --> 00:33:26,599
rent control, the prospect of rigid rent control, the prospect

562
00:33:26,640 --> 00:33:29,680
of increased costs for building, and they're not over COVID.

563
00:33:29,960 --> 00:33:32,880
So it's the exact wrong recipe for a city that

564
00:33:33,000 --> 00:33:35,960
needs to grow. They're going to put every impediment in

565
00:33:36,039 --> 00:33:38,599
the way of free market growth, the fuel that has

566
00:33:38,599 --> 00:33:41,559
built the country, and they're going to drive out the producers,

567
00:33:41,799 --> 00:33:43,519
and they're going to do it in the name of

568
00:33:43,559 --> 00:33:45,599
the little guys. But the people who are going to

569
00:33:45,599 --> 00:33:47,240
get hurt are the little guys in the little gals

570
00:33:47,400 --> 00:33:50,759
who will find no opportunity When those employers leave, They're

571
00:33:50,759 --> 00:33:53,200
not going to leave behind their money. They're going to

572
00:33:53,319 --> 00:33:56,039
leave with their money. And I should point out Washington

573
00:33:56,039 --> 00:33:58,960
State voted fifty seven percent for Kamala Harris, so we

574
00:33:58,960 --> 00:34:01,880
shouldn't be surprised the deep blue city in a deep

575
00:34:01,880 --> 00:34:05,359
blue state. But I hope the Manhattan Institutor or some

576
00:34:05,440 --> 00:34:08,559
great think tank drops the metrics on her first day

577
00:34:08,559 --> 00:34:10,719
in office and at the end of her term, because

578
00:34:10,760 --> 00:34:14,440
we're going to see more homelessness, higher prices, fewer jobs,

579
00:34:14,519 --> 00:34:17,239
and people fleeing the city except for the college kids.

580
00:34:17,360 --> 00:34:19,800
Speaker 1: Yeah, So again, it's going to be a lesson to

581
00:34:19,960 --> 00:34:23,920
watch Seattle and New York City and find out whether

582
00:34:23,920 --> 00:34:27,079
they're going to actually be able to implement their socialist

583
00:34:27,639 --> 00:34:29,840
ideas or whether they're going to give up on them,

584
00:34:29,920 --> 00:34:32,960
or whether the city's going to be in trouble with

585
00:34:33,159 --> 00:34:37,159
population will stay or leave. So a lot to watch there,

586
00:34:37,440 --> 00:34:39,679
all right, Wall Street, we watched it today and it

587
00:34:39,719 --> 00:34:43,880
was pretty tame during most of the session, but then

588
00:34:44,239 --> 00:34:47,320
some more selling. As far as the Dow, Dow down

589
00:34:48,079 --> 00:34:51,079
sharply yesterday, down sharply in the day, down three hundred

590
00:34:51,079 --> 00:34:56,840
and nine. The Dow at forty seven seven, SMP down three,

591
00:34:56,920 --> 00:35:00,920
the Nasdaq went up thirty points. Price Old big drop

592
00:35:01,000 --> 00:35:04,400
down one hundred and thirteen dollars to four thousand and

593
00:35:04,599 --> 00:35:08,599
eighty one. And Oil had a big increase, up a

594
00:35:08,599 --> 00:35:12,719
bucket of quarter. It's now at sixty dollars for one

595
00:35:13,039 --> 00:35:17,000
barrel of oil. That's it for today. Thank you for

596
00:35:17,039 --> 00:35:20,559
coming by, have a wonderful weekend. We'll be back on Monday.

597
00:35:20,960 --> 00:35:22,679
I hope you are too. We'll see you then.