1 00:00:21,559 --> 00:00:27,000 Speaker 1: And hello, welcome to the Big Podcast. Happy Friday to you. 2 00:00:27,199 --> 00:00:31,120 Today is the twenty fourth day of July, year of 3 00:00:31,160 --> 00:00:35,079 our Lord two thy twenty six. Moname is Tom Sullivan, 4 00:00:35,920 --> 00:00:39,280 and well we've got we'll get you up to date 5 00:00:39,320 --> 00:00:43,479 on the latest from the White House about Iran because 6 00:00:43,520 --> 00:00:47,479 it has been changing. I know, I know, there's no 7 00:00:47,560 --> 00:00:53,479 surprise there, but welcome back to tariff land. Because the 8 00:00:53,600 --> 00:00:59,000 President went out on Liberation Day back in April of 9 00:00:59,119 --> 00:01:03,560 last year and did all the tariffs across the board. 10 00:01:03,920 --> 00:01:08,000 Nobody could figure out the calculation. But regardless that it 11 00:01:08,040 --> 00:01:11,560 went out over all these countries, Supreme Court said, you 12 00:01:11,599 --> 00:01:14,400 don't have the power to do that, but you do 13 00:01:14,480 --> 00:01:18,719 have the power for these temporary tariffs, and so we 14 00:01:18,760 --> 00:01:21,239 said okay, and they put the temporary tariffs of ten 15 00:01:21,280 --> 00:01:28,319 percent on a bunch of countries and that temporary expired today. 16 00:01:28,519 --> 00:01:34,000 So tonight there's a whole new group of tariffs that 17 00:01:34,120 --> 00:01:39,120 are being assessed to a little bit more than eighty 18 00:01:39,239 --> 00:01:42,959 countries and it's going to be either a ten percent 19 00:01:43,879 --> 00:01:46,200 or a twelve and a half percent tariff. 20 00:01:46,200 --> 00:01:46,439 Speaker 2: And I. 21 00:01:47,920 --> 00:01:51,560 Speaker 1: Don't know what the difference is. I'd home ones more 22 00:01:51,719 --> 00:01:57,239 than the other, but the President and his team have 23 00:01:57,400 --> 00:01:59,920 used every trick in the book. They've gone back to. 24 00:02:00,719 --> 00:02:04,519 There was a trade law that allowed for the infamous 25 00:02:04,560 --> 00:02:10,360 Smooth Hally Tariff Bill of nineteen thirty and when they looked, 26 00:02:10,360 --> 00:02:13,840 they thought for sure that had been repealed. Was given 27 00:02:13,919 --> 00:02:16,080 a lot of the reason why we had the Great 28 00:02:16,120 --> 00:02:20,159 Depression was the smooth Holly. Anyway, apparently it's still available 29 00:02:20,520 --> 00:02:23,280 and the White House grabbed it. And that is what 30 00:02:23,319 --> 00:02:27,360 the President is using for a couple of different terriffs. 31 00:02:27,400 --> 00:02:33,080 For example, he hit Canada with fifty percent tariffs and 32 00:02:34,360 --> 00:02:39,039 Brazil also got hit with twenty five percent and two 33 00:02:39,159 --> 00:02:43,639 hundred percent on generic drugs. That will take place apparently 34 00:02:43,800 --> 00:02:47,520 in the near future, but today ten percent to twelve 35 00:02:47,599 --> 00:02:52,319 and a half percent, with some reporting of sixty trading partners. 36 00:02:52,360 --> 00:02:56,120 Others are eighty trading partners. So the President is once 37 00:02:56,159 --> 00:02:59,639 again waging a trade war. And this is where I 38 00:02:59,759 --> 00:03:03,840 have long established the fact that I think trade wars 39 00:03:04,280 --> 00:03:09,199 have a long history of being dangerous. They're negative. So 40 00:03:09,520 --> 00:03:12,080 I do want to address tariffs again. I know I've 41 00:03:12,120 --> 00:03:15,599 gone over it in the past, but tariffs are simply attacks. 42 00:03:15,800 --> 00:03:19,400 There are attacks on you and me and every business 43 00:03:19,400 --> 00:03:24,120 in America. That buys anything that comes from overseas. So 44 00:03:24,560 --> 00:03:26,759 I know, we would like to buy everything made in America, 45 00:03:26,800 --> 00:03:29,479 but not everything is made in America. But it taxes 46 00:03:29,759 --> 00:03:34,560 you and me, which raises prices, which causes inflation. It 47 00:03:34,719 --> 00:03:41,000 distorts market incentives, It lowers long run economic growth. I 48 00:03:41,000 --> 00:03:44,800 mean this has been proven year after year, time after time, 49 00:03:44,840 --> 00:03:48,879 every time tariffs have been tried tried anywhere in the world. 50 00:03:49,199 --> 00:03:53,639 So the direct tax is on the importers, they passed 51 00:03:53,639 --> 00:03:57,599 it through to you and me. The supply chains become disrupted. 52 00:03:58,439 --> 00:04:05,360 Economic growth is capital and labor into less efficient protected sectors. 53 00:04:05,599 --> 00:04:09,759 It is the government manipulating the free market, if you will, 54 00:04:09,919 --> 00:04:14,360 So it lowers business investment and you'll always get into 55 00:04:14,400 --> 00:04:19,360 international tit for tat retaliation no matter what. And by 56 00:04:19,399 --> 00:04:21,720 the way, the guy who was advising the president to 57 00:04:21,759 --> 00:04:24,399 do this originally, well he goes way back on this. 58 00:04:24,800 --> 00:04:27,680 But Peter Navarro, who if you look at his credentials, 59 00:04:27,759 --> 00:04:30,199 I mean, he's got a great pedigree. But I will 60 00:04:30,240 --> 00:04:35,879 tell you the reputation, in my humble opinion of Peter 61 00:04:36,000 --> 00:04:41,480 Navarro by economists around the country is he's a nutjob. 62 00:04:41,680 --> 00:04:44,879 And he is and he knows all of this. I mean, 63 00:04:44,920 --> 00:04:48,519 he's smart enough to know that it slows growth, it's 64 00:04:48,560 --> 00:04:53,120 attax he knows all that. But he has an agenda 65 00:04:53,480 --> 00:04:57,920 about China. He hates China. He's written some books about 66 00:04:58,000 --> 00:05:01,560 how bad China is, and he wants to punish China. 67 00:05:01,600 --> 00:05:04,839 But guess what, this hasn't punished China as all at all. 68 00:05:05,240 --> 00:05:09,720 Our trade deficit is still setting records even though we 69 00:05:09,759 --> 00:05:15,040 had all these tariffs. So let's let's listen to Joya Manchester. 70 00:05:15,240 --> 00:05:17,480 She is from the Hill. 71 00:05:17,600 --> 00:05:18,160 Speaker 2: Yeah, that's right. 72 00:05:18,279 --> 00:05:20,879 Speaker 3: There's two sets of tariffs that were announced by the 73 00:05:20,879 --> 00:05:23,879 administration this week. Earlier this week we saw the additional 74 00:05:23,959 --> 00:05:27,600 fifty percent tariffs placed on Canadian goods, and on top 75 00:05:27,639 --> 00:05:30,399 of that, you have President Trump saying he's taking a 76 00:05:30,439 --> 00:05:33,839 look at even more tariffs to potentially slap on Canada 77 00:05:33,920 --> 00:05:37,800 in response to their handlings of the wildfire up north. 78 00:05:38,000 --> 00:05:41,879 But the latest tariffs that went into effect midnight on Friday, 79 00:05:42,160 --> 00:05:46,759 those were announced yesterday, and those are on sixty countries, 80 00:05:47,000 --> 00:05:50,240 and the administration says this is about, you know, these 81 00:05:50,279 --> 00:05:56,319 countries handlings of labor, particularly forced labor. You know, President 82 00:05:56,360 --> 00:05:58,800 Trump is using Section three oh one of the nineteen 83 00:05:58,920 --> 00:06:01,920 seventy four Trade Act to implement this, and this is 84 00:06:01,959 --> 00:06:07,240 after the Supreme Court overturned his initial vehicle to implement 85 00:06:07,319 --> 00:06:11,879 tariffs back in February. President Trump used a workaround between 86 00:06:11,959 --> 00:06:15,600 February and now that ran out at midnight. So this 87 00:06:15,680 --> 00:06:17,800 is a new set of tariffs. But the big question 88 00:06:18,079 --> 00:06:21,639 is why is President Trump doing this at this moment, 89 00:06:21,759 --> 00:06:24,759 at a time when you see inflation, even though there 90 00:06:24,759 --> 00:06:27,959 are some indicators that has somewhat improved, but you're seeing, 91 00:06:28,000 --> 00:06:31,680 for example, oil prices hitting one hundred dollars a barrel 92 00:06:31,720 --> 00:06:35,240 for the first time since May. You see inflation still 93 00:06:35,240 --> 00:06:38,639 a burden on Americans. Gas prices back up to four 94 00:06:38,680 --> 00:06:43,240 dollars a gallon. There is this financial concern among Americans, 95 00:06:43,240 --> 00:06:45,759 and I think you know, the question is why are 96 00:06:45,800 --> 00:06:49,399 we adding additional tariffs that could add an even more 97 00:06:49,839 --> 00:06:53,399 more of a financial burden onto Americans. So that's the 98 00:06:53,480 --> 00:06:57,480 big concern. The administration says this is about holding other 99 00:06:57,959 --> 00:07:02,439 countries accountable for their trade practices, but it certainly I 100 00:07:02,439 --> 00:07:05,160 think just chatting with sources is a risky move ahead 101 00:07:05,160 --> 00:07:05,639 of the election. 102 00:07:06,800 --> 00:07:09,720 Speaker 1: The timing it could not be worse because the war 103 00:07:09,920 --> 00:07:13,120 is already going to drive inflation up with higher oil 104 00:07:13,360 --> 00:07:16,639 and gas prices, and then you throw tariffs on which 105 00:07:16,720 --> 00:07:20,000 drive prices up. And they're using the excuse that these 106 00:07:20,079 --> 00:07:23,800 six One report is sixty another report is eighty different 107 00:07:23,839 --> 00:07:27,319 countries that for some reason, they're all using forced labor, 108 00:07:27,480 --> 00:07:31,680 and I it's a stretch that the very You know, 109 00:07:32,120 --> 00:07:35,600 could they say that the United States uses forced labor? No, 110 00:07:35,839 --> 00:07:38,439 but I guess that you want to make a point, 111 00:07:38,519 --> 00:07:40,199 you could say, well, some people have to go to 112 00:07:40,240 --> 00:07:42,879 work because they have to pay their bill, some goofy 113 00:07:42,959 --> 00:07:47,839 excuse like that. Cameron Johnson, he's a supply chain expert. 114 00:07:47,959 --> 00:07:50,839 He works between here in Shanghai. This is what he said. 115 00:07:50,839 --> 00:07:53,000 Speaker 4: Because the results of all this, no companies are not 116 00:07:53,000 --> 00:07:55,399 going to move manufacturing from China to Vietnam or from 117 00:07:55,480 --> 00:07:57,000 Vietnam to India. They're just not going to do it. 118 00:07:57,279 --> 00:07:58,079 Speaker 5: We saw that already. 119 00:07:58,319 --> 00:08:00,439 Speaker 4: We have seen that, we saw that movie. We've also 120 00:08:00,560 --> 00:08:03,160 seen some products go back to China just because of 121 00:08:03,160 --> 00:08:06,120 the ecosystems and also it's more stable there. They know 122 00:08:06,160 --> 00:08:08,160 exactly I can get this raw material for this type 123 00:08:08,160 --> 00:08:10,240 of price. I know where the workers are, I know 124 00:08:10,279 --> 00:08:12,560 how things are made. If you go to other parts 125 00:08:12,560 --> 00:08:15,120 of the region, particularly because of the shortages from the 126 00:08:15,160 --> 00:08:18,319 around war. We don't quite have that certainty. So at 127 00:08:18,360 --> 00:08:20,639 the moment, nobody is moving and it's just an additional 128 00:08:20,680 --> 00:08:21,160 cost we're all. 129 00:08:21,120 --> 00:08:21,399 Speaker 5: Going to have. 130 00:08:21,399 --> 00:08:24,360 Speaker 1: This guy's is a supply chain expert. Did you hear 131 00:08:24,399 --> 00:08:27,399 what he said that companies have decided to go back 132 00:08:27,439 --> 00:08:31,279 to China because China is more stable, a more stable 133 00:08:31,319 --> 00:08:34,440 business environment where they can make their plans because the 134 00:08:34,480 --> 00:08:39,080 President keeps changing his mind and the amounts on tariffs 135 00:08:39,120 --> 00:08:42,080 and companies don't know what the price their products for, 136 00:08:42,480 --> 00:08:46,320 what the plan for building factories, equipment, whatever it might. 137 00:08:47,519 --> 00:08:51,519 This is very chaotic trying to deal with with Donald 138 00:08:51,559 --> 00:08:55,559 Trump's trade wars. And guess what, if you do business 139 00:08:55,559 --> 00:08:58,159 in China, you don't have to worry about that. So 140 00:08:58,480 --> 00:09:02,080 let's move on because we've got another issue, and this 141 00:09:02,159 --> 00:09:08,440 one is about True Social Truth Social that's the media 142 00:09:08,480 --> 00:09:11,720 company that Donald Trump started. He still owns forty one 143 00:09:11,799 --> 00:09:16,720 percent of that. The stock is down thirty percent this year. 144 00:09:16,759 --> 00:09:18,720 I have to go back and look at prior years. 145 00:09:18,759 --> 00:09:24,120 It's been a disaster financially, and now they are selling 146 00:09:24,320 --> 00:09:28,559 true social access to people who pay one hundred thousand 147 00:09:28,639 --> 00:09:32,679 dollars a month, you get an early look at what there. 148 00:09:33,360 --> 00:09:37,120 You'll get the tweet before everybody else does, and the 149 00:09:37,120 --> 00:09:40,120 president moves markets, so you know Wall Straight is going 150 00:09:40,159 --> 00:09:42,480 to pay up for this sort of stuff. Speaking of 151 00:09:42,759 --> 00:09:45,679 here's Wall Street Journal reporter talking about. 152 00:09:45,480 --> 00:09:48,960 Speaker 6: It, so they get it like milliseconds before, exactly, So 153 00:09:49,039 --> 00:09:51,919 this is going to be the very fastest way to 154 00:09:52,000 --> 00:09:56,120 get Trump's truth social posts. And in this business, for 155 00:09:56,159 --> 00:09:58,519 the high frequency traders, the types of firms that are 156 00:09:58,519 --> 00:10:02,759 subscribing to this data, nanoseconds matter. We're talking billions of 157 00:10:02,799 --> 00:10:05,320 a second can make a difference in terms of their 158 00:10:05,360 --> 00:10:07,440 profits or losses. So they want to be the very 159 00:10:07,480 --> 00:10:11,279 first of these posts and make moves across stock markets, 160 00:10:11,320 --> 00:10:14,559 bond markets, derivatives markets exactly. So they are saying that 161 00:10:14,720 --> 00:10:17,879 all these posts will be available once they become public, right, 162 00:10:17,879 --> 00:10:20,000 but how you get the data is very important, and 163 00:10:20,080 --> 00:10:22,639 API is certainly going to be faster than say me 164 00:10:22,759 --> 00:10:25,279 opening up social in the morning and then trying to 165 00:10:25,279 --> 00:10:28,120 trade off of the news. So one this could shift 166 00:10:28,200 --> 00:10:31,600 the balance of power further towards Wall Street and away 167 00:10:31,639 --> 00:10:34,399 from many main street investors who might want to trade 168 00:10:34,399 --> 00:10:37,399 on this data. And there's entire Reddit boards dedicated to 169 00:10:37,440 --> 00:10:40,679 trading on Trump's truth social posts. But just zooming out 170 00:10:40,679 --> 00:10:43,559 a little bit. These HFT firms do everything in their 171 00:10:43,559 --> 00:10:46,279 power to get this data as quickly as possible, even 172 00:10:46,320 --> 00:10:49,399 tied to government data releases, think the labor market reports, 173 00:10:49,679 --> 00:10:52,200 inflation data. A lot of them try to put their 174 00:10:52,200 --> 00:10:56,679 computers next to the government data buildings around those reports 175 00:10:56,720 --> 00:10:59,519 to get it again nanoseconds faster. And that's a practice 176 00:10:59,519 --> 00:11:00,360 called cold location. 177 00:11:00,639 --> 00:11:00,799 Speaker 7: Right. 178 00:11:00,879 --> 00:11:05,080 Speaker 6: They're also investing in the most expensive, fastest technology to 179 00:11:05,080 --> 00:11:08,840 get this data really fast and tradew. 180 00:11:08,120 --> 00:11:10,320 Speaker 1: You know, don't be surprised the fact that there are 181 00:11:10,360 --> 00:11:13,759 companies that will that already do this. They sell to 182 00:11:13,840 --> 00:11:19,639 Wall Street firms early access to their information, and that's fine, 183 00:11:19,679 --> 00:11:24,360 it's a private company deal doing business with investors. But 184 00:11:24,480 --> 00:11:29,480 this is the president who moves market selling his true 185 00:11:29,559 --> 00:11:33,279 social posts. He's the president. He's not supposed to do that. 186 00:11:33,440 --> 00:11:37,480 No public figure is supposed to be doing this. It's 187 00:11:37,519 --> 00:11:40,759 another way for him to put money in his pocket. Again, 188 00:11:40,799 --> 00:11:44,639 it's one hundred thousand dollars a month per subscriber. 189 00:11:44,840 --> 00:11:47,840 Speaker 6: It's really fascinating. When I was talking to traders this week, 190 00:11:48,440 --> 00:11:52,679 we started the conversation with commenting on how unprecedented this is. Right, 191 00:11:52,759 --> 00:11:56,759 we haven't had a president who's profiting from these payments before. 192 00:11:56,799 --> 00:11:58,480 But then they went on to say, look, we have 193 00:11:58,600 --> 00:12:02,559 to do this. We have no v but to subscribe 194 00:12:02,639 --> 00:12:04,279 to this feed if we want to keep up with 195 00:12:04,320 --> 00:12:06,399 our competitors. And many of them said, hey, we're already 196 00:12:06,440 --> 00:12:08,639 doing it. We are already doing everything in our power 197 00:12:09,000 --> 00:12:11,600 to get this data. Not up to them, though, I 198 00:12:11,600 --> 00:12:14,639 mean they're playing by the rules that exists currently. 199 00:12:14,840 --> 00:12:17,159 Speaker 1: Yeah, they are playing by the rules that exist currently. 200 00:12:17,200 --> 00:12:20,120 But when the steps into a government official that can 201 00:12:20,159 --> 00:12:24,559 move markets, it becomes just really eyebrow raising. At the 202 00:12:24,679 --> 00:12:29,279 very very least, White House correspondence Dientner was rescheduled, didn't 203 00:12:29,320 --> 00:12:32,799 make it in thirty days, but it's tonight, and it's 204 00:12:32,840 --> 00:12:35,679 at the Waldorf Fast Storia in Washington, d C. That 205 00:12:36,000 --> 00:12:41,200 is formerly the Trump Hotel Trump International in Washington, d C. 206 00:12:41,399 --> 00:12:45,480 He sold that this is the old post office building 207 00:12:45,600 --> 00:12:48,639 that Trump renovated supposed to be I've never been been 208 00:12:48,720 --> 00:12:52,000 a beautiful hotel, So the Waldorf past Storia is the 209 00:12:52,080 --> 00:12:57,279 place tonight. And security. Andrew McCabe, former FBI official, talked 210 00:12:57,279 --> 00:12:59,879 about how the security is going to be really amp 211 00:13:00,159 --> 00:13:03,519 up or this is a smaller event than the previous 212 00:13:03,559 --> 00:13:06,720 one of the Hilton, but it's still a big event tonight. 213 00:13:07,320 --> 00:13:10,440 Speaker 8: Yeah, and I think what we'll see with the right 214 00:13:10,480 --> 00:13:15,919 perspective is a much increased bolstered perimeter. 215 00:13:16,039 --> 00:13:16,200 Speaker 3: You know. 216 00:13:16,240 --> 00:13:19,200 Speaker 8: The perimeter is, of course the place where that video 217 00:13:19,240 --> 00:13:21,080 that you just showed, where the gunman was able to 218 00:13:21,120 --> 00:13:25,720 get actually through from the dirty side, the non secure side, 219 00:13:25,840 --> 00:13:28,879 into the clean side of the event. Now, it's interesting 220 00:13:28,919 --> 00:13:32,120 that the Secret Service still maintains that this was a success, 221 00:13:32,159 --> 00:13:35,399 and from their perspective, I think that's a fair headline. 222 00:13:35,440 --> 00:13:37,919 They say that's the point of the perimeter to keep 223 00:13:37,960 --> 00:13:41,200 people out, and this person was essentially stopped in that area, 224 00:13:41,320 --> 00:13:44,200 so therefore as a success, I think others could very 225 00:13:44,240 --> 00:13:47,840 reasonably argue not one hundred percent success. This guy was 226 00:13:47,879 --> 00:13:50,879 able to come out of a stairwell with a shotgun 227 00:13:51,200 --> 00:13:54,279 to approach the perimeter and actually get through it, not 228 00:13:54,519 --> 00:13:57,080 very far, but through it with a pretty with a 229 00:13:57,120 --> 00:13:59,360 serious weapon that you could see there on the screen. Now, 230 00:13:59,440 --> 00:14:02,279 so I think you're going to see a much tighter, 231 00:14:02,600 --> 00:14:08,080 smaller space, likely more officers posted at key chow points. Yeah, 232 00:14:08,120 --> 00:14:12,399 they are just absolutely swamped with what they call protective 233 00:14:12,720 --> 00:14:17,919 intelligence investigations and actual credible threats. They said they're over 234 00:14:18,080 --> 00:14:22,279 ten They've opened over ten thousand cases just this year 235 00:14:22,480 --> 00:14:27,159 on protective intelligence investigations. That's when they receive some sort 236 00:14:27,159 --> 00:14:30,440 of a threat or a concerning communication, most of which 237 00:14:30,480 --> 00:14:34,360 come through the Internet these days, and every one of 238 00:14:34,399 --> 00:14:37,320 those people has to be looked into to determine whether 239 00:14:37,399 --> 00:14:40,200 or not they pose a credible threat. That process has 240 00:14:40,320 --> 00:14:47,240 led them to conduct ten times as many interventions mental 241 00:14:47,279 --> 00:14:51,159 health interventions with the subjects of those investigations this year. 242 00:14:51,200 --> 00:14:54,519 So they are very frequently working with family members and 243 00:14:55,039 --> 00:14:57,679 mental health professionals to resolve some of those things. But 244 00:14:57,960 --> 00:15:02,120 with that immense workload, just wonder how far can this 245 00:15:02,240 --> 00:15:06,720 relatively small agency be stretched and still perform at the 246 00:15:06,840 --> 00:15:09,480 one hundred percent success rate that's required. 247 00:15:09,759 --> 00:15:12,639 Speaker 1: Well, it's kind of a one, one of a kind thing. 248 00:15:13,360 --> 00:15:16,200 When I was with Fox, I was invited and I 249 00:15:16,279 --> 00:15:21,440 went once and it was interesting, but it was it 250 00:15:21,519 --> 00:15:24,399 was one and done once I stunted. I checked that 251 00:15:24,519 --> 00:15:29,919 box off. It's a bunch of politicians and they invite celebrities, 252 00:15:30,360 --> 00:15:33,679 and the celebrities won't come because Donald Trump is a 253 00:15:33,720 --> 00:15:37,600 president now. But it's just a it's a very strange 254 00:15:37,639 --> 00:15:40,360 and you're dealing with all of your competition and they 255 00:15:40,399 --> 00:15:43,519 all act friendly to each other, and yet you're in 256 00:15:43,840 --> 00:15:46,279 tooth and nail competition with the other people, but they 257 00:15:46,279 --> 00:15:51,159 all act it's all very Washington hypocritical. I don't understand it. 258 00:15:51,519 --> 00:15:55,120 Speaking of Washington, Ram Emmanuel, you know he wants to 259 00:15:55,200 --> 00:15:58,759 run for president. He's testing the waters right now. He 260 00:15:58,840 --> 00:16:02,120 wrote a piece this is in Yesterday's Wall Street Journal 261 00:16:02,240 --> 00:16:07,480 called the Bernie Bros. Could spoil Democrats' midterms. The sub 262 00:16:07,519 --> 00:16:11,759 headline as Republicans will make even moderate opponents answer for 263 00:16:11,840 --> 00:16:16,879 the radical views of Democrat socialist candidates, and Ram writes, 264 00:16:17,000 --> 00:16:20,159 I have no objection to the Democrats nominating an oyster 265 00:16:20,320 --> 00:16:23,000 man for a Senate seat. When I led our party's 266 00:16:23,039 --> 00:16:25,440 efforts to recapture the House in two thousand and six, 267 00:16:25,840 --> 00:16:30,159 we made a point of recruiting candidates with authentic, broad 268 00:16:30,279 --> 00:16:34,159 based appeal. But that strategy would flip thirty one seats 269 00:16:34,240 --> 00:16:37,200 during my tenure and claim twenty one more in two 270 00:16:37,240 --> 00:16:41,279 thousand and eight was predicated on a substantive promise we 271 00:16:41,399 --> 00:16:45,759 needed to ally voters worries that Democrats were weak on 272 00:16:45,879 --> 00:16:50,080 national defense and culturally out of touch. Today, the Bernie 273 00:16:50,120 --> 00:16:53,440 Bros And their fellow travelers in the Democrat Socialists of 274 00:16:53,480 --> 00:16:58,720 America seem intent on repudiating the proven success of that strategy. 275 00:16:58,960 --> 00:17:01,759 So he goes on Wall Street Journal yesterday. It's a 276 00:17:01,919 --> 00:17:05,559 very interesting read. He's obviously trying to take a different 277 00:17:05,559 --> 00:17:09,480 path and seek up for the Democrat establishment. 278 00:17:09,519 --> 00:17:12,039 Speaker 9: Here's ram Emmanuel, Well, Jim, here's how I look at it. 279 00:17:12,160 --> 00:17:15,039 This year, you have a war that's very unpopular. Two 280 00:17:15,039 --> 00:17:17,440 thousand and six, you had the Iraq War, very unpopular. 281 00:17:17,519 --> 00:17:20,079 To this time, you have massive amount of corruption around 282 00:17:20,119 --> 00:17:23,039 the president, his family, and the Republican Congress is sitting 283 00:17:23,079 --> 00:17:25,359 silent like the three monkeys. He know evil here speak 284 00:17:25,400 --> 00:17:27,920 no evil, here no evil. Then you had Tom Delay, 285 00:17:28,039 --> 00:17:30,319 you had the Iraq War, all the contracts. It is 286 00:17:30,359 --> 00:17:32,920 set up to being prosecuted as a referendum on Donald 287 00:17:32,920 --> 00:17:34,920 Trump in the Republican's a perfect set. I just came 288 00:17:34,920 --> 00:17:37,799 back from Omaha. It's just a microcosm of an example. 289 00:17:37,880 --> 00:17:40,759 We have a fabulous candidate, Denise Powell. They're calling her 290 00:17:40,880 --> 00:17:44,319 dsa Denise, making her try to distance herself from the 291 00:17:44,359 --> 00:17:46,599 New York thirteen. You know what happens in New York 292 00:17:46,599 --> 00:17:50,319 thirteen doesn't stay there. And her opponent just voted against 293 00:17:50,359 --> 00:17:52,680 the minimum wage. Seventy percent of the people in Omaha 294 00:17:52,799 --> 00:17:55,160 on a referendum voted in favor of minim Wait, now 295 00:17:55,160 --> 00:17:57,920 we're going to prosecute this against the minimum wage and 296 00:17:57,960 --> 00:18:01,400 against his desire to be a lapdog for Donald Trump? 297 00:18:01,519 --> 00:18:03,720 Or is she gonna have to spend precious resources dissing 298 00:18:03,839 --> 00:18:06,119 yourself from somebody she never met and a set of 299 00:18:06,160 --> 00:18:09,680 policies from defunding the police, open borders, and letting criminals 300 00:18:09,720 --> 00:18:10,319 out of prisons. 301 00:18:10,400 --> 00:18:12,359 Speaker 10: That is what the DSA stands for. And so to me, 302 00:18:12,799 --> 00:18:15,599 this is malpractice. Now you have a perfect case. This 303 00:18:15,640 --> 00:18:18,039 should show up as a referendum on Donald Trump and 304 00:18:18,079 --> 00:18:21,119 the corruption. And the only thing they have is not 305 00:18:21,359 --> 00:18:24,119 what they have, it's what we're giving them. And this 306 00:18:24,160 --> 00:18:27,279 is a distraction. And when you recruit candies like Denise 307 00:18:27,359 --> 00:18:29,559 Polo is excellent. Cann is like, we're back to down 308 00:18:29,640 --> 00:18:32,400 in New Jersey against Tom King Junior, and you have 309 00:18:32,480 --> 00:18:36,200 other military candidates that are perfectly set to win independent 310 00:18:36,240 --> 00:18:38,400 voters to the Democratic calm, which is how you flip 311 00:18:38,759 --> 00:18:41,319 read to blue. I'm not interested blue to blue, Read 312 00:18:41,359 --> 00:18:44,000 to blue my new colored Jim Navy blue. That's all 313 00:18:44,000 --> 00:18:44,480 that counts. 314 00:18:44,519 --> 00:18:47,960 Speaker 1: So he's trying. He's trying to do the Democrat establishment 315 00:18:48,480 --> 00:18:51,039 is the way to go. And well, I feel the 316 00:18:51,039 --> 00:18:54,160 same way about the Republican Party. I long ago left 317 00:18:54,160 --> 00:18:59,000 the Republican Party, but I don't like the magat wing. 318 00:19:00,720 --> 00:19:04,400 I'm a Reagan Republican and a lot of Reagan Republicans 319 00:19:04,400 --> 00:19:06,920 got pushed to the side. So they're with me over 320 00:19:07,119 --> 00:19:10,720 here in the independent camp, no question about it. And 321 00:19:10,759 --> 00:19:13,799 speaking of Republicans, they're having their issues as well. The 322 00:19:13,839 --> 00:19:19,440 President is not happy with John Thune for a number 323 00:19:19,440 --> 00:19:23,000 of things. The number one item is as that President 324 00:19:23,039 --> 00:19:26,319 Trump wants to Save America Act to be passed, and 325 00:19:26,400 --> 00:19:31,240 Thune keeps telling him, I'm sorry, I don't have sixty votes. 326 00:19:31,640 --> 00:19:35,039 I've got fifty three Republicans, but I need sixty to 327 00:19:35,119 --> 00:19:38,559 pass that, and I can't find seven Democrats to pass it. 328 00:19:38,960 --> 00:19:42,000 So the President and John Thune are going at each other. 329 00:19:42,119 --> 00:19:45,279 Speaker 7: Mike Johnson and Congress have done a great job, but 330 00:19:45,480 --> 00:19:47,920 having a hard time in the Senate. The Senate, what 331 00:19:47,960 --> 00:19:51,440 they're doing is just it's just not right. Everybody called 332 00:19:51,519 --> 00:19:54,519 John Thun at the Senate. He's the leader of the 333 00:19:54,559 --> 00:19:57,799 Republican Party and tell him to get this stuff approved. 334 00:19:58,079 --> 00:20:01,680 Speaker 1: Yeah he's not no, no, no, he's not happy. Caroline 335 00:20:01,720 --> 00:20:03,640 Lovitt weighs in as well. 336 00:20:04,519 --> 00:20:08,359 Speaker 11: The President spoke about this directly yesterday. His patients is 337 00:20:08,440 --> 00:20:10,599 running out. He wants to see as much of the 338 00:20:10,640 --> 00:20:14,359 Save America passed as possible by the August recess. The 339 00:20:14,400 --> 00:20:16,519 House did its job. The Senate needs to do its 340 00:20:16,599 --> 00:20:17,079 job too. 341 00:20:18,279 --> 00:20:21,000 Speaker 1: I'm sure that John Thune is trying, but he can't 342 00:20:21,039 --> 00:20:24,039 convince seven Democrats to go to go with him on this. 343 00:20:24,119 --> 00:20:26,839 The Democrats are not going to do anything to help 344 00:20:26,960 --> 00:20:30,119 Donald Trump, especially in a midterm year. So I don't 345 00:20:30,160 --> 00:20:32,720 know what rabbit he has in his hat, but it 346 00:20:32,720 --> 00:20:36,039 doesn't look like he has any. Scott Jennings, who has 347 00:20:36,119 --> 00:20:40,519 become a kind of an informal voice for the Republican Party, 348 00:20:40,680 --> 00:20:41,599 this is his reaction. 349 00:20:41,839 --> 00:20:44,119 Speaker 5: And the Senate is much different than the House, and 350 00:20:44,240 --> 00:20:46,400 the way the Chamber works, the way the dynamics are 351 00:20:46,440 --> 00:20:49,039 and the personalities at play here are different. I mean, 352 00:20:49,079 --> 00:20:51,039 let's be honest, some of these Republicans in the Senate 353 00:20:51,079 --> 00:20:54,640 conference are simply ungovernable. As it relates to the normal 354 00:20:54,720 --> 00:20:57,519 political pressure that President Trump could bring to bear, and 355 00:20:57,680 --> 00:21:00,359 let's be clear, he could bring enormous pressure to bear 356 00:21:00,400 --> 00:21:02,319 on most Republicans, but a handful of these people are 357 00:21:02,359 --> 00:21:05,200 retiring or lost primaries and they're on their way out, 358 00:21:05,200 --> 00:21:07,599 and some people just have a philosophical difference of opinion 359 00:21:07,640 --> 00:21:10,240 with him about the save acc Look, goodness knows, I 360 00:21:10,240 --> 00:21:13,880 support the President's position so to virtually all Republicans out 361 00:21:13,880 --> 00:21:16,400 there in the country. But some of these senators just 362 00:21:16,440 --> 00:21:19,279 have a difference of opinion. And as Senator Thune knows, 363 00:21:19,319 --> 00:21:22,200 as the leader, you don't run for the Senate to 364 00:21:22,200 --> 00:21:25,000 be ordered around by a president or a Senate majority 365 00:21:25,079 --> 00:21:27,119 leader or anybody else. You run for the Senate to 366 00:21:27,119 --> 00:21:28,759 be your own man. And some of those people are 367 00:21:28,759 --> 00:21:29,079 doing that. 368 00:21:29,160 --> 00:21:33,559 Speaker 1: Yeah, a couple of the Republican senators, John Cornyn from 369 00:21:33,599 --> 00:21:38,359 Texas and Tom Massey from Kentucky. The President actively worked 370 00:21:38,400 --> 00:21:42,119 to support somebody who primaried both of them, and they're 371 00:21:42,119 --> 00:21:45,279 both out. They lost because of Donald Trump, and now 372 00:21:45,319 --> 00:21:48,279 he wants their vote, and they're going, well, wait a minute, 373 00:21:48,319 --> 00:21:51,759 So John Thune, not only he has fifty three Republicans, 374 00:21:51,759 --> 00:21:54,240 but there's at least two, if not more that are 375 00:21:54,240 --> 00:21:57,039 going I'm not going to cooperate with Donald Trump on this. 376 00:21:57,279 --> 00:22:00,079 So he's got his problems. Kristen Sualt to say, and 377 00:22:00,720 --> 00:22:06,200 she's been a very powerful Republican campaign manager, if you will, 378 00:22:06,480 --> 00:22:08,759 campaign consultant. This is what she said. 379 00:22:08,960 --> 00:22:10,920 Speaker 12: I think it's interesting when you say we're used to 380 00:22:11,119 --> 00:22:13,599 because in some ways it does feel like Congress over 381 00:22:13,640 --> 00:22:15,680 the last not just two years, but over the. 382 00:22:15,720 --> 00:22:18,480 Speaker 11: Last many, many, many many years. 383 00:22:18,400 --> 00:22:21,559 Speaker 12: Has kind of ceded authority to the executive under both parties. 384 00:22:22,079 --> 00:22:24,559 It does seem that way, and so I don't necessarily 385 00:22:24,599 --> 00:22:26,640 mind somebody who's the leader of a chamber sort of 386 00:22:26,680 --> 00:22:29,200 standing up and saying I've got to run my business, 387 00:22:29,240 --> 00:22:31,680 I've got to do my thing. I think it's important 388 00:22:31,680 --> 00:22:34,079 for him for the politics of the Republican side to 389 00:22:34,240 --> 00:22:36,759 make clear that he's on sides with the President on 390 00:22:36,799 --> 00:22:39,079 the substance because it is a very popular piece of 391 00:22:39,119 --> 00:22:42,200 legislation with Republican voters, but at the same time also 392 00:22:42,200 --> 00:22:44,279 make the case this is why it's so important for 393 00:22:44,319 --> 00:22:47,599 me to have a robust Republican majority in the Senate. 394 00:22:47,759 --> 00:22:49,640 Speaker 11: There have been some things that the President has done this. 395 00:22:49,640 --> 00:22:53,279 Speaker 12: Year that have potentially jeopardized that, for instance, endorsing against 396 00:22:53,640 --> 00:22:56,039 I'm been Senator John Corden a vote I am certain 397 00:22:56,079 --> 00:22:58,160 that the White House would quite like right now. So 398 00:22:58,200 --> 00:23:00,440 there are ways to be smart about the policy to 399 00:23:00,599 --> 00:23:02,559 do politics, of addition, rather. 400 00:23:02,400 --> 00:23:04,839 Speaker 1: Than some tri I will just add one think karent Well, 401 00:23:05,079 --> 00:23:07,720 she said you've got to be smart about politics. She's 402 00:23:07,920 --> 00:23:11,200 is she calling President Trump not very smart about the 403 00:23:11,200 --> 00:23:13,680 way he does his politics. Well, if you if you 404 00:23:13,799 --> 00:23:17,079 stab John Cornyn and Tom Massey and then turn around 405 00:23:17,079 --> 00:23:19,279 and ask for their vote and their support, they're not 406 00:23:19,319 --> 00:23:21,079 going to What do you think they're going to do? 407 00:23:21,319 --> 00:23:23,799 All right, let's get the very latest on I roan, 408 00:23:23,839 --> 00:23:27,559 because it keeps changing. The President was, you know, talking 409 00:23:27,640 --> 00:23:29,960 tough again. I'm gonna I'm going to do a real 410 00:23:30,000 --> 00:23:33,279 big attack this time, and now today he's going, well, 411 00:23:33,359 --> 00:23:36,960 we're we haven't We're still talking about it. So is 412 00:23:37,000 --> 00:23:39,519 he or is he not? Is he committed to actually 413 00:23:39,880 --> 00:23:43,000 winning militarily? General Jack Keane. 414 00:23:43,640 --> 00:23:44,319 Speaker 2: Well, certainly. 415 00:23:44,440 --> 00:23:44,559 Speaker 10: Uh. 416 00:23:45,039 --> 00:23:48,039 Speaker 2: The path that we're on is is pretty clear. Do 417 00:23:48,119 --> 00:23:51,319 we do we go back and do more negotiations with 418 00:23:51,440 --> 00:23:55,400 these folks, or do we actually face reality in terms 419 00:23:55,480 --> 00:24:00,559 of the fact that what we have seen through negociations. 420 00:24:00,640 --> 00:24:05,920 Remember when negotiations actually began. After we went to a 421 00:24:05,960 --> 00:24:09,559 ceasefire on April seven. Negotiation kicked in pretty much the 422 00:24:09,599 --> 00:24:12,920 next day, and for weeks after that, we tried to 423 00:24:12,960 --> 00:24:15,359 work a deal, and we actually did get a deal, 424 00:24:16,200 --> 00:24:18,880 and the President of Iran signed it and the President 425 00:24:18,880 --> 00:24:21,839 of the United States signed it. And that in itself 426 00:24:22,920 --> 00:24:25,960 was an accomplishment that hasn't been done before because in 427 00:24:26,079 --> 00:24:29,119 that deal was there was only one agreement. All the 428 00:24:29,160 --> 00:24:31,359 tough issues were kicked down the road for sixty or 429 00:24:31,359 --> 00:24:34,039 more days, and it was open the straits of a mouse. 430 00:24:34,799 --> 00:24:38,119 And what happened. We removed our blockade, and what did 431 00:24:38,160 --> 00:24:41,640 they do. They refused to give up their control of 432 00:24:41,720 --> 00:24:44,279 the straits and influence of it, and actually went so 433 00:24:44,400 --> 00:24:47,240 far as to fire on ships who were not obeying 434 00:24:47,279 --> 00:24:51,519 their orders. What they expected out of that was negotiation 435 00:24:51,680 --> 00:24:54,680 team to come back and huddle again to work out 436 00:24:55,119 --> 00:24:59,480 future compromises, et cetera. But what did they get. They 437 00:24:59,519 --> 00:25:03,160 miscow once again. President Trump was not going to stand 438 00:25:03,200 --> 00:25:05,480 for that. It was a violation of the deal that 439 00:25:05,559 --> 00:25:10,039 he signed. He recognizes full up what he's dealing with here. 440 00:25:10,319 --> 00:25:14,720 He obviously always suspected what he's dealing with a regime 441 00:25:15,240 --> 00:25:17,880 that's been in existence now with different players, but the 442 00:25:17,960 --> 00:25:21,759 same philosophy, the same ideal commitment, the same barbaric behavior 443 00:25:22,079 --> 00:25:24,839 that we've been dealing with for forty seven years. And 444 00:25:24,920 --> 00:25:29,079 he went back to combat operations to certainly open the 445 00:25:29,119 --> 00:25:32,480 straits forcibly given the fact that Nick not going to 446 00:25:32,519 --> 00:25:35,880 willingly cooperate. So here's the choice in front of us 447 00:25:36,400 --> 00:25:39,000 as we speak right now. The Iranians are talking about 448 00:25:39,079 --> 00:25:43,960 negotiating again, and so that choice is available to us. 449 00:25:44,000 --> 00:25:46,680 We can go back and negotiate and kick the can 450 00:25:46,759 --> 00:25:48,279 down the road and see if we can get a 451 00:25:48,279 --> 00:25:50,880 better deal. But I think where the president is, he 452 00:25:51,039 --> 00:25:53,440 sees him for what they really are. Look at, this 453 00:25:53,480 --> 00:25:57,599 regime hasn't changed, truth be known in forty seven years, 454 00:25:57,640 --> 00:26:01,960 the same ideology, different people, and they've always used diplomat 455 00:26:02,599 --> 00:26:07,200 as so called moderates reasonable trying to get concessions out 456 00:26:07,240 --> 00:26:13,160 of the United States and our allies, appearing to meet 457 00:26:13,200 --> 00:26:16,880 the objectives that we're trying to achieve despite the hardline 458 00:26:16,960 --> 00:26:20,000 is that they have to deal with that has always 459 00:26:20,119 --> 00:26:24,400 been a false narrative. There is only one regime now 460 00:26:24,640 --> 00:26:28,599 and for the previous regime leaders as well. They always 461 00:26:28,720 --> 00:26:33,240 used so called moderate reasonable negotiators. That's the reality of 462 00:26:33,319 --> 00:26:36,000 what we're dealing with here today. So the choice going 463 00:26:36,079 --> 00:26:39,400 forward is do we fix this regime and shut down 464 00:26:39,440 --> 00:26:42,279 their behavior once and for all, go back to major 465 00:26:42,319 --> 00:26:46,400 combat operations. That is a much better choice. If we 466 00:26:46,480 --> 00:26:50,000 continue with negotiations, they've already demonstrated even if we get 467 00:26:50,039 --> 00:26:52,519 a deal, they will not comply with it. What would 468 00:26:52,599 --> 00:26:56,240 that mean? That would mean strategic failure. People are not 469 00:26:56,279 --> 00:26:59,160 going to remember five years from now that we had 470 00:26:59,200 --> 00:27:01,759 to pay higher game prices. And I'm not minimizing the 471 00:27:01,759 --> 00:27:05,400 impact that has on families and working class families who 472 00:27:06,200 --> 00:27:09,599 meet and pay bills every month. Certainly it has an 473 00:27:09,640 --> 00:27:12,839 impact on them. But what they will remember is a 474 00:27:12,839 --> 00:27:16,720 regime that has recovered, that has rebuilt itself, that is 475 00:27:16,759 --> 00:27:19,880 a predator in the region again, and yes, killing Americans 476 00:27:20,119 --> 00:27:23,400 and our allies and partners and the Israelis once again. 477 00:27:23,440 --> 00:27:26,799 They will remember that, and that is something we can 478 00:27:26,839 --> 00:27:30,440 avoid right now. And I'm absolutely convinced the President is 479 00:27:30,480 --> 00:27:33,480 not going to go down that path. He's going to 480 00:27:33,519 --> 00:27:35,759 go down the path to fix this the behavior of 481 00:27:35,799 --> 00:27:39,160 Pazeem forcibly, once and for all, and listen. I credit 482 00:27:39,240 --> 00:27:42,359 sent an a share she as you played his statement. 483 00:27:42,400 --> 00:27:46,319 People should go read that statement that he made today. 484 00:27:46,640 --> 00:27:50,160 It has moral clarity in it that you rarely see. 485 00:27:50,440 --> 00:27:53,240 It reminds me of some of the speeches that Lindsey 486 00:27:53,279 --> 00:27:57,119 Graham has made and John McCain has made, and people 487 00:27:57,160 --> 00:28:00,680 should read it and understand what's in that speech and 488 00:28:00,799 --> 00:28:03,759 why we're doing what we need to do here against 489 00:28:03,839 --> 00:28:07,640 this regime. One president forty seven years has stood up 490 00:28:07,799 --> 00:28:11,400 to this regime, and that's President Donald Trump. And we're 491 00:28:11,400 --> 00:28:14,759 on a pathway to fix this problem once and for all. 492 00:28:15,079 --> 00:28:18,519 Speaker 1: Yeah, it seems well. First of all, it's very unpopular. 493 00:28:18,559 --> 00:28:21,680 All the polling shows a majority of Americans are against 494 00:28:21,720 --> 00:28:24,920 this war with Iran. I am not for war, but 495 00:28:25,119 --> 00:28:28,640 the problem with Iran is they are going to want 496 00:28:28,880 --> 00:28:32,000 to build a nuclear weapon that will not only take 497 00:28:32,039 --> 00:28:35,200 out Israel, but we'll attack probably many cities here in 498 00:28:35,240 --> 00:28:37,759 the US someday if we don't stop them, and nobody's 499 00:28:37,799 --> 00:28:40,119 been willing to stop them. The problem with I'm having 500 00:28:40,119 --> 00:28:43,400 with President Trump is he's not going full force against them. 501 00:28:43,799 --> 00:28:46,720 He's going part of the way, and he's calling her 502 00:28:46,759 --> 00:28:49,759 to skirm me. She's not looking at it and the 503 00:28:49,799 --> 00:28:53,519 other thing I do not understand why is he answered, 504 00:28:53,599 --> 00:28:56,319 Why any of the officials, the president others as well. 505 00:28:56,400 --> 00:28:59,400 Why are they talking about we'll do this, we'll do that, 506 00:28:59,480 --> 00:29:01,359 we won't do this, we won't do they give away 507 00:29:01,400 --> 00:29:04,759 the plans. You better believe Tehoran is listening to every 508 00:29:04,839 --> 00:29:09,480 single word that they say. So it's it's frustrating. I 509 00:29:09,559 --> 00:29:13,480 wish they would just full more military, get rid of 510 00:29:13,519 --> 00:29:17,680 the regime, completely, arrest them, take them into custody, set 511 00:29:17,759 --> 00:29:20,480 up a government for the people of Iran to decide 512 00:29:20,799 --> 00:29:24,480 and move forward. And the faster we do that, the better. 513 00:29:24,599 --> 00:29:28,200 Otherwise we're going to have a long, drawn out, more 514 00:29:28,359 --> 00:29:31,920 a forever war, all right, normtok Wall Street because it 515 00:29:32,119 --> 00:29:36,519 was it was positive, but it was more positive than 516 00:29:36,599 --> 00:29:40,039 where we finished. The Dow Jones Industrials did close up 517 00:29:40,079 --> 00:29:43,319 two hundred and thirty five to fifty one thousand and 518 00:29:43,440 --> 00:29:46,440 nine forty seven. It had been up double at earlier. 519 00:29:47,279 --> 00:29:52,319 Sp just barely moved up three nasdak more, selling of 520 00:29:52,680 --> 00:29:58,160 especially the Magnificent seven, down one hundred sixty one points 521 00:29:58,160 --> 00:30:00,640 today for the Nasdak, the price of hold up five 522 00:30:00,720 --> 00:30:04,400 dollars to four thousand and fifty five. Oil actually was 523 00:30:04,480 --> 00:30:06,680 down a little more than a dollar a day to 524 00:30:06,880 --> 00:30:10,680 ninety one dollars for one barrel of West Texas Intermediate. 525 00:30:11,119 --> 00:30:15,119 That's it for today. Have yourself a wonderful weekend. We're 526 00:30:15,119 --> 00:30:18,319 about ready to put together the Financial Friday podcast and 527 00:30:18,359 --> 00:30:20,799 post that. I hope you have a chance to tune 528 00:30:20,839 --> 00:30:23,640 in there, and I'll see you back here on Monday.