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Speaker 1: And greetings everyone. Hello, how are you happy Wednesday to you?

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Today is the fifth day of November, year of our

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lower twenty twenty five. My name is Tom Sullivan, and

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very busy day today. We always when elections come around,

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we always talk today before elections about what do you

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think is going to happen? And our election day we

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scramble around to talk about what's happening, and then the

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day after, which is today, we analyze. Yeah, and so

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we'll do some analysis of that. We've also got what

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is being described as the biggest case of the year

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before the Supreme Court today. It is about tariffs and

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does the president have the authority to issue tariffs? So

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it has a lot of repercussions on that one about

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the elections. What I took away from it was the

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one word affordability. So I want to get into that

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with you today as well. The president's talking about trying

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to get rid of the filibusters so they can just

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go ahead and reopen government again. There was a horrific

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crash last night at Louisville United Parcel Service as their

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big hub line taking off from there for Honolulu crashed

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on takeoff and we got an unofficial Jobs Report. They

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always come out with it every month is ADP, and

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they have their private sector unemployed report out to share

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with everybody. Today shut down Day thirty six and well,

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Sean Duffy, the Transportation Secretary, summed it up this way.

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Speaker 2: Many of the controllers said, a lot of us can

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navigate missing one paycheck, not everybody, but a lot of

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us can. None of us can manage missing two paychecks.

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So if you bring us to a week from today, Democrats,

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you will see mass chaos. You will see mass flight delays,

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you'll see mass cancelations, and you may see us close

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certain parts of the airspace because we just cannot manage it.

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Speaker 1: Yeah, he sounds pretty dire, but he's right. I mean,

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it's going to be large chunks of the airspace that

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they're just going to have to close. So that he

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says a week from today, that will be what we're

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going to be looking at. So it's getting pretty close

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to let's see, that's the twelfth of November. We're getting

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closer and closer to the holidays. So hopefully I think

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they will have a solution within the next couple of days.

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I've repeated my theory endlessly about the fact that after

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the elections then a lot of the political gamesmanship will

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be reduced and maybe they can sit down and get

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something done. I think within the next couple of days.

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I don't have any inside on this is just it

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just makes sense to me that that's what's going to happen.

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Let's start with the Supreme Court today and the hearing

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about does the president have the authority to issue tariffs

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on foreign countries? And this goes back there's quite a

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bit to talk about regarding tariffs. A group of small

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businesses and a group of states are the ones that

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are suing over Donald Trump's authority. There is law, not

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to get too far in the weeds, but what the

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president and his administration is using as their authority, because

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it says in the Constitution that Congress is the one

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who taxes and issues tariffs, not the executive. But Congress does.

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But in nineteen seventy seven they came up with the

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International Emergency Economic Powers Act, they call it IEPA because

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it's just another name. Nineteen seventy seven, and in that

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they gave some authority to the president regarding some specific,

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targeted temporary tariffs. And that is what the Trump administration

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is using and that is what's before the court. So

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we'll see what happens from here. But let's listen to

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we have. We got a bunch of legal brains, Joan Biscup.

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She is a Supreme Court reporter who can give us

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a kind of a summary of what they're looking at today.

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Speaker 3: This is the most important Trump case to reach the

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Supreme Court in his second term. The amount of money

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at stake Already ninety billion dollars have been collected from

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his tariffs. Potentially trillions could be collected. So that's a

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lot of money for the US Treasury, but it's also

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a lot of paying for consumers who've had to be

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paying more, a lot of uncertainty for small businesses and

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for businesses across the board with these tariffs, and that

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goes to the people who've challenged this.

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Speaker 4: A group of states have.

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Speaker 3: Challenged these tariffs, as well as small businesses and educational

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toy maker and a wine importer, saying that President Trump

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exceeded his powers when he imposed these emergency tariffs. The

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Constitution gives the tariff power to Congress, just as it

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gives the taxing power to Congress. But President Trump has

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invoked something called the International Emergency Economic Powers Act. And

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for anybody who's going to listen today at ten o'clock,

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they'll hear the abbreviation AIPA said repeatedly, and that law

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does give the president emergency economic powers at times, but

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it does not mention tariffs. It's usually been used for

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economic sanctions, and lower courts have all ruled against President

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Trump in this case. Now he is saying that the

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law is written broadly enough to encompass the powers that

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he's used here. But I also have to say that

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the kind of rhetoric that you're going to hear from

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President Trump's lawyer today will be almost of the nature

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that you see in that social media post that you

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referred to about this being a matter of life and death.

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And let me just tell you what has emerged in

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one of the legal filings. One year ago, the United

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States was a dead country. And now because of the

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trillions of dollars being paid by countries that have badly

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abused US, America is strong. One last thing, let me

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tell you who to listen for. Two of Donald Trump's

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own appointees, Neil Gorsich, his first appointee, and his third,

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Amy Cony Barrett. They will probably be pivotal in this case.

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Listen for how they parse the separation of powers of

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what the president can do and what Congress can do.

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And one last thing, when you hear questions from them,

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they usually are legitimate. Sometimes the others might be throwing

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you a bit.

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Speaker 1: So she mentioned ninety billion has been collected. Others that's

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the right number. The president like, yes, he does like

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to exaggerate. He's talking about trillions and trillions of dollars

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have come in. No, it's ninety it's a lot. It's

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ninety billion dollars have been collected. Those are taxes that

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are paid for mostly by Americans. And well, that's another

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whole debate about all of that. Michael Moore, former US

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Attorney for Georgia, this is his view.

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Speaker 5: Yeah, well, I'm glad to be with you. This is

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an important case. But I wouldn't state that on what

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the president says. I mean, he has a tendency to

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speak and sort of adjuration and hyperbole. I mean, if

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you think about it, everything that happens as an emergency,

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and anybody who disagrees with him as a criminal. So

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I just I think he's sort of stretching there. But

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it's a big case because Supreme Court is not just

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have to be thinking about this president, but the next

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president coming, and so how much is the Court willing

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to expand or give executive authority to a president? And

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that's that's the test. It's not simply about this case though. Frankly,

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this is going to be the line of we'll see

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whether or not the conservative justice is actually want to

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stand by the language and the Constitution, or whether or

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not they're going to try to find a loophole to

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sort of support their side of the team. So the

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case really is just about can a president go out

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under some emergency power and say I'm going to now

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regulate trade by imposing these terrafs. And so the other

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side is saying, look, wait a minute, A tariff is

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actually a taxed because the American citizens end up absorbing

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that cost. You're basically taxing us. You're not putting a

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penalty on the producer country or the shipping country. You're

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actually taxing me by raising the price of goods. And

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everybody's seeing that in every store they go in throughout

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the country. And so the question will be whether or

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not the tariff will be seen as attack or not.

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And this is not a novel point if you think

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about it. And remember that John Roberts when he was

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writing the opinion dealing with the Affordable Care Act, when

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he was making the point that even the penalty they

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called it, he considered that to be a tax because

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if that's how he was able to sustain the Affordable

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Care Act. So the definition of tariff, the definition of

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regulate under the International Emergency Economic Powers Act that the

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President is using, those are going to be definitions that

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I think you'll see some fighting on both sides of

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the bench as the lawyers make their arguments to the

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court today. Well, when we've talked about conservative justices that

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you know, typically they've held themselves out as being textualists.

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They read the Constitution, they say that the Framers intended

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to have limited government and checks and balances and those

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kinds of things. But lately you've seen those justices sort

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of set the idea of checks and balances by coequal

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branches of government aside and give great deference to the executive.

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And so the question will be whether or not they

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stand by that view of the Constitution, or whether or

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not they now look for a wording in a congressional statue.

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The wording they'll be deciding is regulate, because the the

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only way that Trump is able to even move these

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terrors forward is to say I have powers under a

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congressional statute that says I can regulate trade in the

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case of some emergency. Well, the Constitution says, you know

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that only Congress can tax. And so if they decide,

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in fact that they're going to give more deference to

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a term of called regulate than they are to the

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terms in the Constitution itself and what those men at

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the time and what the subsequent legislation has done to

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define those powers, you know, that's that's going to be

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a different bridge for them. You know, they typically like

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to come down and say, look, we just like the

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Second Amendment. The Second Amendment is sacred. Nobody can do

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anything to it because it says this, no matter what

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people argue about it. Well, now they want to twist

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a little bit and say, well, under the Constitution, you know,

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the power to tacks may mean something a little different

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than we think it meant. After all, So this will

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be a needle they'll have to thread. They'll have to

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come back on some things that they've written in the past,

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and Jesus that they've talked about to try to make

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this opinion make sense, even though it may be divergent

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from what they've articulated in past opinions.

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Speaker 1: He sounds like he knows that the Supreme Court is

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going to rule in favor of the president's ability to

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lay tariffs. We're still going along road to figure that out.

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Shannon Breem covers the Supreme Court for Fox. He's a lawyer.

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Here's her view. Well, and by the way, to remember

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about this, this isn't just about President Trump. This is

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the Supreme Court trying to determine presidential authority. This president,

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the next president, the president after that. How much authority

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do they have versus congressional authority? Who has the authority

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to tariff? You're Shannon bring So it.

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Speaker 6: Gets to this, what does the text of the law

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really mean when it grants President Trump or any president

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executive wide sweeping powers to deal with emergency situations?

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Speaker 4: Does it mean he can.

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Speaker 6: Levy wide ranging tariffs to any country anytime he wants to. Well,

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they've lost all the decisions at the lower court. So

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I asked Treasury Secretary Scott Passon who will be here

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today for the arguments. Why he's feeling so optimistic. Here's

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what he told me on Fox New Sunday.

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Speaker 7: I'm quite optimistic, and Shannon, what I can tell you

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is that because of what the Chinese did on October

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eighth of threatening to put export controls on any rare

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earth products that they produce that had point zero one

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percent of rare if produced in China, that they were

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going to try to control those, and the President was

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able to push back using his AEPA powers.

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Speaker 6: So he went on to say, if that's not the

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use of emergency powers in an emergency situation, he doesn't

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know what is. So now we'll be up to do

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the justices decide if they agree with him. Now, the plaintiffs,

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which includes some small businesses, aren't buying the administration's argument

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that the President has the power to simply levy tariffs

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in any amount at any time he'd like to.

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Speaker 4: This is from one of their briefs.

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Speaker 8: They say that is.

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Speaker 6: A breathtaking assertion of power, and one would expect to

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see an unequivocal grant of authority from Congress to support it,

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if the Constitution permits it at all. Yet the statute

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the President invokes never mentions tariffs, and in fifty years,

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no other president has used it for that purpose. So

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they have given extra time today to this case. They've

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given it eighty minutes. It'll probably go two or three hours.

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Then they have a first vote behind closed doors this Friday.

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We won't know the result of that until they get

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this opinion out. They have fast tracked this case, so

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I don't think this is going to be a situation

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where this ends up in June with all the big headliners,

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like maybe normally it won, but now we will just

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watch and wait us through those arguments as start at

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tennam Eastern.

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Speaker 1: So we don't have to wait for June like most cases.

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But we don't know when. And they're going to have

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a vote sit on Friday, just kind of a preliminary vote,

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so we should hopefully hear pretty soon. I mean, the

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meter is running. They're collecting terriffs for every screw bolt, bicycle, whatever, toys,

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whatever is coming in at the ports are getting assessed

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tarriffs and tariffs and being collected by the Treasury Department.

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Steve Vladik is a George Washington University Law School professor

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who has written extensively on the whole business about tariffs.

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Speaker 9: Yeah, I think that's going to be the really big

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question that we're all going to be listening for us.

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There are a bunch of other statutes that specifically authorize

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the president to impose tariffs. During his first term, President

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Trump relied on several of them. But now he's relying

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on this statute AIPA, which hasn't been invoked for tariffs

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in the forty eight years it's been on the books.

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Are the justices really going to be okay with that,

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especially when one of the real common themes from the

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Supreme Court during the Biden administration was that if statutes

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didn't specifically authorize programs with what the Court called vast

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economic or political significance, then the Court would say they didn't.

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Are we going to see that play out again or

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the Court going to try to find a way to

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distinguish those earlier cases. But there are two problems with

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applying to the tariff's cases specifically. The first is that

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Congress has not said nothing about tariffs. It has provided

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specific tariff authority in other statutes. But the second, and

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I think even bigger problem for that view, is that

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the Court rejected it in the student loan cases. I mean,

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let's remember that in the student loan cases, the statute

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that the Biden administration was relying upon was about powers

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granted to the Secretary of Education to deal with national emergencies,

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in that case, the emergency caused by the COVID pandemic.

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I guess it's really hard to under understand how this

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Supreme Court could somehow distinguish between a national emergency caused

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by a global health pandemic and a national emergency, in

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this case, caused by long term trade deficits. The latter

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doesn't seem any more grave to me than the former. Yeah,

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I mean, I think the keys are going to be

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Chief Justice John Roberts and Justice Amy Cony Barrett. If

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they are tipping their hand in the argument this morning,

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if they are hostile towards this listener, General John Sower,

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I think that's a sign that President Trump's in for

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a rough go of it. If they're quieter, if they're

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more conciliatory, and I think it's a close call, And

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with the Supreme Court, you just never know.

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Speaker 1: So we wait. The hearing was today, but we'll find

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out fairly soon. I'm sure whether the President has the

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authority to do tariffs. If not, we have to pay

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back all those tariffs that were collected from American businesses,

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ninety billion dollars worth. What a mess that will be.

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Or Trey Goudy weighs in on the fact that if

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this goes down in flames, they've got plenty of other

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ways to do tariffs.

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Speaker 10: Yeah, I think you framed the issue exactly right. This

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is not about whether the Supreme Court likes tariffs or

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things they raise revenue. It's about whether or not that

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was a constitutional delegation that Emergency Powers Act where Congress

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just said, look, this is really our job, but we're

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going to give it to you executive branch. Was that

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a proper delegation of power? And here's the good news

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for the president. I mean, look, he really believes in

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tariffs as a revenue producer, as a playing field leveler,

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he believes in them. But even if these tariffs don't

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survive this particular act, there are other acts to use.

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And god forbid that Congress actually weigh in and get

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involved with tariffs. I mean, Congress can ratify and validate

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these tariffs tomorrow. So it's not like the tariffs have

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to go away even if the Supreme Court rules against it.

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You know, the president has a lot of great qualities.

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Subtlety is not always one of them. I think what

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he was getting at was, if you would talk more

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about the success we've had, we would not have had

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a bad night last night. I mean, there's no way

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to put a sugarcoat on what happened last night. I mean,

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Glenn Younk in that flip New Jersey wasn't closed New York.

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I mean those of us in South Carolina really didn't

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follow that race, and we're not surprised at it, but

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it does impact y'all. I think what the presidents saying is, look,

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y'all got to talk more aggressively and persuasively about the

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success we have had and do not get distracted. I mean,

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you look at the headlines recently, and you got an

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apoplectic congress woman who's having a psychotic episode in Charleston

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at an airport. You got this debate over white nationalism.

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I think Trump is saying, Republicans quit talking about all

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of that. Start talking about the best ten months in

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any president has ever had in our history. And maybe

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we have a chance in the midterm. Yes, well it

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was the number one issue. And look, crime matters to

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me a lot, but I saw that it pulled pretty

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low last night. So as much as on my light

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talking about it, it's not what the jury wants to

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hear about.

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Speaker 1: Well, I like Trey, but I disagree with him and

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the president on this business about just talk about all

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the successes. No, the number one issue in the election

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last night was affordability. Ma'am, Donnie, just beat the affordability

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thing home. It was also a big repeat over and

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over again in New Jersey and Virginia. It's it's affordability.

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Prices are going up, people are feeling it. There. We

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have what's being described as a K economy, the letter K.

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One arm goes up, one arm goes down. There's people

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the upper income people in this country are doing fine,

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but there's a whole bunch of them that are on

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that lower part of the K which you're pointing down.

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And that is going to be what Republicans, in my

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humble opinion, have to figure out how to turn around

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the affordability issue. And if I may about ma'am donnie,

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promising free buses, free child care, free all these things

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politicians have always promised, all kinds of things that never

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come to fruition. So I mean, it's got him elected,

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but if I was a betting person, I would not

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I would bet on the fact that a lot of

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what he promised is not going to come around at

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all and people will be disappointed. But affordability, that is

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where President Trump drove home that point. Got elected a

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year ago today on the fact that he was going

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to bring down prices. Prices have gone up, they haven't

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gone down. So I know he wants to talk about

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all of his successes, but he's got to pay attention

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to this affordability issue. Roger Raltman, who is the founder

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of Evercore, Big Wall Street guy. He's I don't know,

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one hundred years old, seems like he's been around a

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long time, and he's a very astute, very smart man.

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This is his take on what happened here in election

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night last night.

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Speaker 11: There are three I think there are three main points here.

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One is it's an amazing political win. So this guy

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has a lot of political talent and you have to

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shake your hat off to him. Number Two, we just

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in the city endured twelve years of Deblasio and Adams,

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who in my view, were both incompetent, and yet the

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city prospered in many respects, and so I think it's

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hard to imagine that he's going to be worse than

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they were. Hard to imagine. In addition, you know, the

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mayoralty has its limits. No tasking authority, Port authority runs

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the airports in the ports. MTA is a separate entity.

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It's a fairly limited job.

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Speaker 1: Now.

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Speaker 11: The other way to look at it is, of course,

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what a crapshoot. He's thirty four years old. He's never

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had a serious job. He's never managed popil, he's never

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managed any organization, and it's probably going to be pretty

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chaotic in the early going. But the city is a

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resilient place and an amazing place, and if it survived

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twelve years of de Blasio and Adams, it will survive Mamdani.

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Anybody who met with Bill de Blasio and who was

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in the business or sector or Wall Street, you know,

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he wasn't exactly a warm and cuddly presence, and I

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had that experience, and so yes, it will function. An

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early sign will be who he surrounds himself with. If

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you look back at the night Eric Adams was elected,

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and you look at who was standing around him on

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the stage. In retrospect, it was a very bad sign. Now,

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I don't know what the result of the I don't

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know what decisions Mam Donnie will make and whether the

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dynamic between Jesse Jish, for example, Mom Donnie will be

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an acceptable one or not. But an early sign will

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be who he chooses. And initially he's been surrounded by

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a lot of form Farmer de Blasio people, at least

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as I've seen it.

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Speaker 1: Well, a couple of his points I thought were worthy

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of playing. One of them is the mayor's powers are

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limited Albany. The state capital controls the subways, the MTA,

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the Port Authority controls the airports in the ports. I mean,

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it goes on and on and on that the mayor

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always complains that they don't have any say over this,

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that or everything else. So even though it's a city

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and there's a mayor, a lot of it is run

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by the state capitol in Albany. So and second point

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he may was about, let's see who he is arounds

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himself with. I just I think he's got a lot

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of the promises that he made are not going to

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be able to be kept. Speaking of Bill de Blasio,

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he waged in a little bit this morning as well.

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Speaker 12: She's right in the sense that if Democrats cling to

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what we did in twenty twenty four, w left behind electorally.

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In twenty twenty four. I'm sad to say this. We

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appeared to be a Washington based, consultant driven elitist party,

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didn't seem to be in touch with what people are

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going through. I hate saying it, but Donald Trump seemed

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angrier at the status quo in America than Kamala Harris did. Now,

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I think what AOC is saying is Democrats have to

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be on the side of working people, middle class people, saying,

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you know what, you shouldn't have to struggle this much

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to pay the bills. There's got to be a better

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way to do this than the richest country in the world.

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And if they have that kind of energy, like we're

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not going to accept things the way they are, I

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think we can prevail going forward. But a Democrat tries

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to explain things away and says everything's okay is going

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to lose fascinating realities. It's kind of flipping.

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Speaker 8: Now.

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Speaker 12: Now you have Trump supporters saying, well, look at all

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these great economic indicators, but people when they try and

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pay the bills, it doesn't feel some great It's almost

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like Biden Biden onmics all over again. Right, Biden made

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that huge mistake. All the economy, the indicators are great,

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but people were hurting. That's kind of flipping. Now Democrats

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have the opportunity to say people are hurting, we're going

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to fight for them.

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Speaker 1: So we've talked a lot about ma'm donnie. But it

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was the same with I watched the acceptance speeches last

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night of both the governor elect in Virginia and New Jersey,

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and they're doing the same thing. They're promising the moon.

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All politicians do it. Rarely do they actually come to fruition.

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So a lot of promises, let's see what they do.

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I'm not expecting much, but that's just me. Mark Short,

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who was Vice President Pence's chief of staff, his view

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about from the Republican side about the elections last night.

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Speaker 13: I think that the energy Democrat Party is in the

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Mamdanie aoc Bernie camp. That's where their energy is. And

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I think Donald Trump was really affected by bringing blue

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collar workers into the republic importance. But I think that

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the answer is not going to be more government ownership.

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If you have government owning grocery stores, government interfering in businesses,

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you're going to people flee. In New York City, You're

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going to have businesses leave the Democrat Party. And so

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I think that the challenge for Republicans, though, is to

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offer an alternative and not be offering the same proposals

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of more government and a bigger government. In the economic policy, well,

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I think what he's going to come in on it,

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because you know you've already seen, he's going to say

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they weren't close enough to me, they didn't stick with me,

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these are not maga candidates, and he's going to be

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hammering the Republicans need to kill it with filibuster. I

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think that's all inside baseball. There's been no administration that

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has ever seen a present more willing to engage in primaries.

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So it's hard to sit here and say these weren't

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my candidates. But I think that the message, I think

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has to be to say that we're going to lower prices,

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but we're going to do that by allowing actually trade.

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I think that the policies they're pursuing are the ones

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that are continue to try up prices.

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Speaker 1: Yeah, that's Mark Shore, a Republican and says that his policies,

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President Trump's policies are in fact driving up prices. It's

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the tariffs. I don't know how else to say it.

476
00:27:13,640 --> 00:27:17,400
On more about about New York City, Marcus Lamonas, he's

477
00:27:17,400 --> 00:27:23,319
the CEO of He's the CEO of Camping World. He's

478
00:27:23,799 --> 00:27:26,440
had a show on CNBC, The Propherty. He's got one

479
00:27:26,480 --> 00:27:30,960
on Fox Business, The Fixer. Very wealthy guy, and he

480
00:27:31,200 --> 00:27:35,119
is a business man doing business in New York City.

481
00:27:36,119 --> 00:27:37,519
This is what he said in Miami.

482
00:27:37,559 --> 00:27:40,599
Speaker 4: As I mentioned earlier, And when I got out of college,

483
00:27:40,599 --> 00:27:43,279
I made the mistake of trying to run for office

484
00:27:43,279 --> 00:27:45,279
in South Florida and my aria was Little Havan in

485
00:27:45,359 --> 00:27:47,759
Miami Beach, and I ran as a Democrat. I was young, dumb,

486
00:27:47,799 --> 00:27:50,240
didn't know a lot, and I didn't realize that the

487
00:27:50,279 --> 00:27:52,720
folks that made up the bulk of the population of

488
00:27:52,759 --> 00:27:56,160
Miami were from Cuba, and those folks had seen and

489
00:27:56,240 --> 00:27:59,240
experienced communism, which is a which is what I think

490
00:27:59,240 --> 00:28:02,079
we're going to potentially see here in New York, not socialism.

491
00:28:02,559 --> 00:28:04,759
And I lost I lost in a very big way,

492
00:28:04,799 --> 00:28:07,000
and it was a great reminder to me that this

493
00:28:07,119 --> 00:28:09,640
country was built on the American dream. But hard work

494
00:28:09,680 --> 00:28:12,640
not entitlement. Nobody's owed anything. I'm not owed anything. You're

495
00:28:12,680 --> 00:28:15,119
not own anything. We have to work for it. I

496
00:28:15,279 --> 00:28:18,759
worry what New York needs to go through to understand

497
00:28:18,799 --> 00:28:21,200
what the folks that live in Miami that now know

498
00:28:21,319 --> 00:28:25,160
Cuba are going to experience. I worry about that. Well.

499
00:28:25,200 --> 00:28:30,599
Speaker 1: I worry about it too. But we'll see if any

500
00:28:30,640 --> 00:28:33,400
of what he has to promise actually comes to fruition.

501
00:28:34,200 --> 00:28:39,599
I'm very skeptical. There's another debate going on in the

502
00:28:39,640 --> 00:28:44,079
Republican Party about the filibuster. The filibuster in the Senate

503
00:28:44,279 --> 00:28:48,440
requires sixty votes in order to pass something. It gives

504
00:28:48,480 --> 00:28:53,359
the minority party some power. For example, the Democrats right

505
00:28:53,400 --> 00:28:57,079
now have a lot of power over the shutdown because

506
00:28:57,440 --> 00:29:00,000
we need sixty of them to sign to open the government.

507
00:29:00,079 --> 00:29:02,640
But back up, it was the same when the Democrats

508
00:29:02,640 --> 00:29:06,680
were in power and the Republicans were the minority. I

509
00:29:06,799 --> 00:29:08,839
think it would be. It's one of those things where

510
00:29:08,880 --> 00:29:12,240
Donald Trump is very much transactional. He wants a deal

511
00:29:12,359 --> 00:29:15,920
right now. He doesn't play chess very well about what's

512
00:29:16,000 --> 00:29:20,599
coming up down the road. Someday the Democrats will be

513
00:29:20,839 --> 00:29:25,079
in the majority in the Senate, and you don't want

514
00:29:25,440 --> 00:29:29,880
them to have a filibuster gone. You want the filibuster

515
00:29:30,000 --> 00:29:34,440
to be there to prevent a problem. Josh Holmes, long

516
00:29:34,519 --> 00:29:39,160
time Republican consultant, He has same observation.

517
00:29:39,759 --> 00:29:42,799
Speaker 14: Yeah, Look, I understand deeply why President Trump wants to

518
00:29:42,839 --> 00:29:45,480
do it. It is a very bad idea to do so.

519
00:29:45,640 --> 00:29:47,079
For a number of reasons.

520
00:29:47,079 --> 00:29:47,640
Speaker 2: One is just the.

521
00:29:47,559 --> 00:29:50,599
Speaker 14: Makeup of the two political parties. Republicans by and large,

522
00:29:50,680 --> 00:29:52,640
like this country. They want to improve this country. They

523
00:29:52,640 --> 00:29:54,519
want to make sure the economy works for the American

524
00:29:54,519 --> 00:29:56,960
people and they can have a lot in life that's

525
00:29:56,960 --> 00:29:59,200
better off than the one they were born into. Democrats

526
00:29:59,240 --> 00:30:00,759
don't see it that way. If you were to nuke

527
00:30:00,920 --> 00:30:04,480
a filibuster, it provides them all of the opportunity to

528
00:30:04,480 --> 00:30:06,559
do exactly what it is that they're talking about when

529
00:30:06,640 --> 00:30:10,039
Mom Donnie is talking about eliminating capitalism at some point,

530
00:30:10,279 --> 00:30:16,079
getting rid of any kind of rules protecting businesses, all

531
00:30:16,079 --> 00:30:19,720
these environmental extremism point points, and then if you think

532
00:30:19,720 --> 00:30:23,319
about the real dangerous stuff, it all comes within the

533
00:30:23,319 --> 00:30:26,519
first Supreme Court decision that they disagree with. They have

534
00:30:26,640 --> 00:30:30,720
said out loud they would like to remake the Supreme Court,

535
00:30:30,839 --> 00:30:33,200
add seats to it. They have said they want to

536
00:30:33,240 --> 00:30:36,720
add Puerto Rico in DC as states into our union,

537
00:30:36,759 --> 00:30:41,440
giving them four new Democratic senators. Those things fundamentally remake America,

538
00:30:41,519 --> 00:30:44,839
And but for the filibuster, they would have already done it.

539
00:30:45,160 --> 00:30:50,000
Speaker 1: Josh clearly in favor of keeping the filibuster. Here's the president,

540
00:30:50,039 --> 00:30:52,519
though he he wants to throw it away.

541
00:30:52,960 --> 00:30:55,319
Speaker 15: It's ship for Republicans to do what they have to do,

542
00:30:55,359 --> 00:30:57,519
and that's terminate the filibuster. It's the only way you

543
00:30:57,519 --> 00:30:59,839
can do it. And if you don't terminate the f

544
00:31:00,519 --> 00:31:04,079
you'll be in bad shape. We won't pass any legislation.

545
00:31:04,599 --> 00:31:06,839
There'll be no legislation passed for three and a quarter.

546
00:31:06,920 --> 00:31:08,880
We have three dund of quarter years, so it's a long.

547
00:31:08,799 --> 00:31:13,400
Speaker 1: Time they'll pass legislation. But you don't want to have

548
00:31:13,559 --> 00:31:15,519
because someday the Democrats are going to be in charge

549
00:31:15,559 --> 00:31:18,640
of the Senate. You do not want that to happen. John,

550
00:31:18,720 --> 00:31:24,559
you former deputy Attorney general, big Republican guy, listen to him.

551
00:31:25,240 --> 00:31:27,119
Speaker 16: Let me take my hat off as a former Supreme

552
00:31:27,119 --> 00:31:28,839
Court clerk and put my other one on where I

553
00:31:28,880 --> 00:31:31,880
was General counsel of the Senate Judiciary Committee. I have

554
00:31:31,960 --> 00:31:34,359
no doubt if the Democrats get back in power and

555
00:31:34,359 --> 00:31:36,640
control the White House and the Senate, they will get

556
00:31:36,720 --> 00:31:38,079
rid of the philip They will want to get rid

557
00:31:38,079 --> 00:31:40,480
of the philibuster. It will require Democrats to stop them,

558
00:31:40,799 --> 00:31:43,359
and they will want to pack the Supreme Court. And

559
00:31:43,480 --> 00:31:46,319
I think one thing that President Trump should think about is, Yes,

560
00:31:46,359 --> 00:31:48,880
the short term win on the budget and other things

561
00:31:48,920 --> 00:31:52,319
he wants could be done without the filibuster. But think

562
00:31:52,359 --> 00:31:56,119
about the future. Think about Democrats taking power sometime. And

563
00:31:56,440 --> 00:31:59,440
they all said they are all their nominees for president

564
00:31:59,440 --> 00:32:01,440
other than by and the last election, said they would

565
00:32:01,480 --> 00:32:04,200
pack the Supreme Court, they would get rid of the filibuster.

566
00:32:04,319 --> 00:32:07,200
Speaker 1: I take them at their word. I do too, So

567
00:32:08,519 --> 00:32:12,119
I can't find anybody that agrees with the President on

568
00:32:12,240 --> 00:32:16,400
doing away with the filibuster from the Republicans side. The Democrats, yeah,

569
00:32:16,519 --> 00:32:20,720
they would love that. Jobs. We don't have a job

570
00:32:20,799 --> 00:32:26,039
report because the government's shut down, but ADP is they

571
00:32:26,079 --> 00:32:30,039
come out with a private sector jobs report number and

572
00:32:30,279 --> 00:32:34,000
their report was issued today for the month of October.

573
00:32:34,920 --> 00:32:40,039
Their report shows forty two thousand jobs were created last

574
00:32:40,079 --> 00:32:44,640
month versus twenty two thousand that were estimated, so it

575
00:32:44,720 --> 00:32:49,160
was much stronger than estimated, but still it's a very

576
00:32:49,400 --> 00:32:52,880
weak job report. We used to get one hundred thousand

577
00:32:52,960 --> 00:32:56,720
to two hundred thousand new jobs a month, so forty

578
00:32:56,720 --> 00:33:01,240
two thousand is better than September. It's not what anybody

579
00:33:01,480 --> 00:33:06,599
was really looking for. Goods producing jobs last month nine thousand.

580
00:33:06,799 --> 00:33:11,400
Service sector added thirty three thousand. The places when you

581
00:33:11,440 --> 00:33:15,039
look at the businesses that hired small business people with

582
00:33:15,160 --> 00:33:19,400
less than fifty employees, they lost ten thousand jobs last month.

583
00:33:19,960 --> 00:33:25,839
Medium sized businesses fifty to five hundred thousand employees lost

584
00:33:25,920 --> 00:33:32,559
twenty one thousand. The largest companies more than five hundred

585
00:33:32,559 --> 00:33:37,240
thousand jobs, they gained seventy three thousand. But when you

586
00:33:37,279 --> 00:33:40,200
look at small and medium sized businesses losing jobs, I

587
00:33:40,200 --> 00:33:43,400
think it's totally the tariff effect. That's who's getting hurt

588
00:33:43,400 --> 00:33:51,599
the most by the tariffs. In the jobs categories trade,

589
00:33:51,599 --> 00:33:56,599
transportation and utilities up forty seven thousand, Education and health

590
00:33:56,680 --> 00:34:00,519
up twenty six thousand. The rest of the job categories

591
00:34:00,960 --> 00:34:05,799
all lost jobs. It basically shows what every economist is

592
00:34:05,839 --> 00:34:10,039
talking about. There's very little hiring, very little firing going on.

593
00:34:10,679 --> 00:34:14,840
There's a little bit of both going on. Niel Richardson,

594
00:34:14,880 --> 00:34:18,360
who is a chief economist at ADP, kind of sums

595
00:34:18,360 --> 00:34:19,039
it up this way.

596
00:34:19,199 --> 00:34:22,119
Speaker 17: I think the first thing to note is the tepid recovery.

597
00:34:22,440 --> 00:34:26,480
We saw a loss in September. We actually put out

598
00:34:26,519 --> 00:34:30,599
a weekly Pulse number last week showing and signaling a

599
00:34:30,679 --> 00:34:34,159
direction of tepid recovery. Now, as Steve mentioned, this is

600
00:34:34,239 --> 00:34:36,559
not the hiring rates that we saw at the beginning

601
00:34:36,599 --> 00:34:39,760
of the year, far from it, but it is a recovery.

602
00:34:40,159 --> 00:34:43,079
It is not broad based. We did see some gains

603
00:34:43,079 --> 00:34:46,760
in education and healthcare. We did note the gains in trade, transportation,

604
00:34:46,880 --> 00:34:50,280
and utilities, but there's some weakness. You see it in

605
00:34:50,320 --> 00:34:55,440
professional services, you see it in information services, and when

606
00:34:55,440 --> 00:34:58,079
you think about the consumer, you see it in leisure

607
00:34:58,119 --> 00:35:01,840
and hospitality. And then the final point again Steve mentioned it,

608
00:35:01,880 --> 00:35:04,639
I'll put a little bit more data into it, is

609
00:35:04,679 --> 00:35:08,239
that three fours three and every four workers in the

610
00:35:08,360 --> 00:35:11,280
United States work in a company with less than two

611
00:35:11,440 --> 00:35:15,920
hundred and fifty employees. And so while big companies make headlines,

612
00:35:16,360 --> 00:35:20,039
you know, small companies drive hiring, and so to see

613
00:35:20,039 --> 00:35:23,119
that weakness at the small company level is still a concern,

614
00:35:23,400 --> 00:35:25,400
and I think that's one of the reasons why the

615
00:35:25,480 --> 00:35:26,880
recovery has been so tepid.

616
00:35:27,559 --> 00:35:29,599
Speaker 1: She has a nice way of saying that the recovery

617
00:35:29,679 --> 00:35:32,639
is tep in other words, at job market is very,

618
00:35:32,760 --> 00:35:35,199
very weak. We also got another economic report out today,

619
00:35:35,239 --> 00:35:40,280
the ISM Report the Institute for Supply Managers, and they

620
00:35:40,320 --> 00:35:44,360
have an index that if fifty or above means they're

621
00:35:44,440 --> 00:35:50,239
purchasing more, the economy is growing. If it's below fifty,

622
00:35:50,360 --> 00:35:54,039
the economy shrinking. Their number was fifty two point four,

623
00:35:54,159 --> 00:35:59,719
so slightly positive. It's the eighth time this year that

624
00:35:59,760 --> 00:36:04,320
it's been above fifty, so good for the Institute for

625
00:36:04,480 --> 00:36:10,280
Supply Managers. Big crash last night in Louisville, United Parcel

626
00:36:10,320 --> 00:36:15,920
Service UPS. It was an MD eleven, which I had

627
00:36:15,960 --> 00:36:20,679
a cousin that flew MD eleven's for Delta and he

628
00:36:20,719 --> 00:36:27,440
was not a fan. He said, it's the MD ten. Basically,

629
00:36:28,119 --> 00:36:30,960
they expanded the plane but they didn't change the wings,

630
00:36:31,360 --> 00:36:34,599
so it's a little bit I don't want to say unstable,

631
00:36:34,639 --> 00:36:38,039
but it's a dicey plane. It was taking off last

632
00:36:38,119 --> 00:36:42,039
night from Louisville, which is the main hub for UPS.

633
00:36:42,079 --> 00:36:46,400
That's where most of your packages will go through Louisville

634
00:36:46,519 --> 00:36:49,800
and on takeoff. There's lots of video out there today

635
00:36:50,480 --> 00:36:54,519
of the left wing looked like around the engine was

636
00:36:54,559 --> 00:36:58,519
maybe on fire. And now they after the crash, they

637
00:36:58,599 --> 00:37:02,639
found the engine from the left wing just off the runway,

638
00:37:02,719 --> 00:37:07,800
so it fell off, and it's an exact duplicate of

639
00:37:07,840 --> 00:37:13,199
the worst passenger jet crash in US history was American

640
00:37:13,239 --> 00:37:17,639
Airlines out of Chicago O'Hare. They were taking off. It

641
00:37:17,719 --> 00:37:21,199
was a DC ten, basically the same kind of plane.

642
00:37:22,519 --> 00:37:27,199
The crash occurred when the left engine fell off the

643
00:37:27,320 --> 00:37:31,480
wing during takeoff, causing it to lose control and it

644
00:37:31,599 --> 00:37:34,199
rolled over on its left side and crashed into the ground.

645
00:37:34,719 --> 00:37:38,480
Two hundred and seventy three people were killed with the

646
00:37:38,639 --> 00:37:42,639
UPS jet last night. There's a crew of three. It's

647
00:37:42,639 --> 00:37:45,920
a cargo plane and all three of them were killed.

648
00:37:45,960 --> 00:37:52,239
Plus total of nine killed, eleven injured, and sixteen families

649
00:37:53,880 --> 00:37:58,039
are reporting someone missing because when it took off, the

650
00:37:58,960 --> 00:38:02,920
fuel was on fire and it went almost a mile

651
00:38:03,719 --> 00:38:07,320
past the airport fence where there's a lot of it's

652
00:38:07,320 --> 00:38:09,920
an industrial area around the airport and a lot of

653
00:38:09,920 --> 00:38:14,679
those industrial companies were hit by the plane or by

654
00:38:14,719 --> 00:38:20,800
the debris. One of the companies in auto parts warehouse,

655
00:38:21,280 --> 00:38:24,599
the owner of that, was speaking today how.

656
00:38:24,679 --> 00:38:26,599
Speaker 8: What had happened was the power to go off in

657
00:38:26,639 --> 00:38:32,760
our offices. Everybody heard a loud noise and then traditional rumbling,

658
00:38:32,800 --> 00:38:38,760
and then it felt like an earthquake. Surean outside had

659
00:38:38,760 --> 00:38:43,360
the phone on and there there was a huge fireball

660
00:38:43,519 --> 00:38:47,119
right in the center of our facility. Her initial thought

661
00:38:47,400 --> 00:38:50,719
was some that that our facility had exploded.

662
00:38:51,400 --> 00:38:55,199
Speaker 1: Yeah, pieces of the plane debris went into buildings all

663
00:38:55,239 --> 00:38:58,880
around that side of the airport. Mary Schiaivo, the former

664
00:38:58,920 --> 00:39:05,239
Department of Transportation Inspector General. She always everybody asked her

665
00:39:05,320 --> 00:39:07,239
what she thinks when there's a crash.

666
00:39:07,400 --> 00:39:11,800
Speaker 18: Yes, and that's a very important video. The NTSB often

667
00:39:11,840 --> 00:39:14,880
collects and does collect and asks for videos that anyone

668
00:39:14,960 --> 00:39:17,960
might have of accident scenes. And of course yesterday with

669
00:39:18,039 --> 00:39:20,880
all the big fires burning, we couldn't see that detail.

670
00:39:21,280 --> 00:39:23,840
But the fact that that engine came off of the

671
00:39:23,880 --> 00:39:28,519
plane before the final impact in fireballs suggests that whatever

672
00:39:28,599 --> 00:39:33,039
initially started that engine failure probably what's called an uncontained

673
00:39:33,079 --> 00:39:36,920
engine failure, where the engine itself starts to disintegrate and

674
00:39:36,960 --> 00:39:41,079
Speu's parts cause that to detach. The engines are attached

675
00:39:41,159 --> 00:39:45,000
with pylons with you know, structures that hold it on,

676
00:39:45,159 --> 00:39:48,360
but something caused that to detach. And of course after

677
00:39:48,400 --> 00:39:50,800
that there was really not you know, anything that the

678
00:39:50,840 --> 00:39:53,840
poor pilots could do. So that's a huge clue and

679
00:39:53,920 --> 00:39:57,679
does give us the NTSB a pretty good idea of

680
00:39:57,679 --> 00:40:00,440
what started this all off. And that's why why this

681
00:40:00,599 --> 00:40:04,920
engine having detached before the final fireball will be so important.

682
00:40:04,960 --> 00:40:09,719
That fireball is thirty six thousand gallons of jet fuel burning.

683
00:40:11,000 --> 00:40:13,599
But they will have the maintenance records most importantly, they

684
00:40:13,639 --> 00:40:15,920
will go back and there's some indication that this has

685
00:40:16,079 --> 00:40:19,199
just had a major maintenance, so had major maintenance work

686
00:40:19,280 --> 00:40:21,920
done in October. They will see what was done to

687
00:40:21,960 --> 00:40:26,559
the engines, in particular what new parts or replacement parts

688
00:40:26,639 --> 00:40:28,880
or maybe even used parts will put on that plane

689
00:40:29,239 --> 00:40:33,199
the most recent maintenance, because it was clearly an engine failure.

690
00:40:33,239 --> 00:40:37,599
Engine detachment will be the focus of the start of

691
00:40:37,639 --> 00:40:41,079
the investigation. And I'm sure the NTSB has already pulled

692
00:40:41,079 --> 00:40:44,880
those kept electronically pulled those records already and that will

693
00:40:44,880 --> 00:40:49,400
give the biggest clue. But the final impact, because they

694
00:40:49,400 --> 00:40:53,159
do have that engine will be a big help here.

695
00:40:53,039 --> 00:40:56,760
Speaker 1: What she said. It went under major maintenance last month,

696
00:40:56,800 --> 00:40:58,440
in the month of October. I don't know if it

697
00:40:58,480 --> 00:41:00,320
was last week or it was four weeks go, but

698
00:41:00,360 --> 00:41:04,519
its reason and the crash of the MD ten out

699
00:41:04,519 --> 00:41:08,719
of Chicago O'Hare back in nineteen seventy nine. They later

700
00:41:08,800 --> 00:41:14,760
determined it was somebody in maintenance made didn't do something

701
00:41:14,840 --> 00:41:19,000
right and the plane crashed because of that. So we'll

702
00:41:19,039 --> 00:41:23,679
wait for the NTSB. They had a hearing, a brief

703
00:41:24,199 --> 00:41:27,000
press hearing today. I'll give you just a part of

704
00:41:27,039 --> 00:41:30,960
it here. There were three soles on board the plane.

705
00:41:31,119 --> 00:41:34,800
After being cleared for takeoff, A large plum of fire

706
00:41:34,960 --> 00:41:38,559
in the area of the left wing occurred during the

707
00:41:38,599 --> 00:41:44,519
takeoff roll. The plane lifted off and gain gained enough

708
00:41:44,559 --> 00:41:47,760
altitude to clear the fence at the end of runway

709
00:41:47,880 --> 00:41:53,000
seventeen R. Shortly after clearing that fence, it made impact

710
00:41:53,159 --> 00:41:57,800
with structures and the terrain off of the airport property.

711
00:41:58,480 --> 00:42:03,280
A post impact fire in zuit which covers approximately almost

712
00:42:03,280 --> 00:42:07,880
a half of a mile, and we have viewed airport

713
00:42:08,000 --> 00:42:14,000
CCTV security coverage which shows the left engine detaching from

714
00:42:14,039 --> 00:42:19,400
the wing during the takeoff roll. This and other videos

715
00:42:19,440 --> 00:42:22,239
along with evidence we were finding our very valuable asset

716
00:42:22,320 --> 00:42:26,199
to our investigators and helping us hone further which areas

717
00:42:26,199 --> 00:42:27,920
we were going to be focusing on as we move

718
00:42:27,960 --> 00:42:32,960
into further days of the investigation. So Wall Street today

719
00:42:33,559 --> 00:42:37,320
did some recovery from yesterday's sell off. It wasn't the

720
00:42:37,400 --> 00:42:40,559
end of the world yesterday, but it was a negative day. Today.

721
00:42:41,159 --> 00:42:45,000
The Dow Jones industrials turned around, finished up two hundred

722
00:42:45,039 --> 00:42:50,159
and twenty five points to forty seven thousand, three eleven

723
00:42:50,360 --> 00:42:53,679
s and P up twenty four. NASDACK up one hundred

724
00:42:53,679 --> 00:42:56,679
and fifty one. The price of gold up thirty three

725
00:42:56,719 --> 00:43:00,960
dollars to thirty nine to ninety three, and oil down

726
00:43:01,079 --> 00:43:04,239
a dollar today, down to fifth. It has a five

727
00:43:04,280 --> 00:43:07,199
in front of it again, fifty nine dollars for a

728
00:43:07,320 --> 00:43:10,639
barrel of oil. That's it for today. Thank you for

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00:43:10,679 --> 00:43:14,039
coming by. We'll be back again tomorrow. Hope to see

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00:43:14,039 --> 00:43:26,880
you them