1 00:00:22,440 --> 00:00:29,879 Speaker 1: And hello, Welcome, Welcome, Welcome to the Big Podcast on 2 00:00:29,920 --> 00:00:33,960 this Wednesday. Today is the thirteenth day of May, Year 3 00:00:34,079 --> 00:00:38,000 of Our Lord, twenty twenty sixth. My name is Tom Sullivan, 4 00:00:38,640 --> 00:00:42,960 and we got the President in China. But we've got 5 00:00:43,000 --> 00:00:46,560 some other things that we want to start with today. 6 00:00:47,759 --> 00:00:53,640 First of all, we've got the I Love Financial and 7 00:00:53,799 --> 00:00:57,520 so we have our second day of inflation. Yesterday we 8 00:00:57,560 --> 00:01:02,479 had the consumer Price Index CPI that was at three 9 00:01:02,560 --> 00:01:06,560 point eight percent. That's been just edging higher and higher 10 00:01:07,239 --> 00:01:10,200 and higher, and it's way over almost double the target 11 00:01:10,239 --> 00:01:12,359 that the Fed ones of two percent. We're at three 12 00:01:12,439 --> 00:01:16,280 point eight. But today we got the wholesale inflation rate, 13 00:01:16,920 --> 00:01:24,400 the producer price index, it is six percent. If the wholesalers, 14 00:01:24,439 --> 00:01:27,760 if the business community is having their prices go up 15 00:01:27,840 --> 00:01:31,000 six percent, what do you think they're going to do. 16 00:01:31,560 --> 00:01:36,079 They're probably going to raise their prices by a substantial, 17 00:01:36,159 --> 00:01:39,400 if not all, of that six percent. So it's the 18 00:01:39,439 --> 00:01:44,359 biggest we've seen since back in March of twenty twenty two. 19 00:01:45,159 --> 00:01:48,959 That's when inflation was on its way up to nine percent. 20 00:01:49,040 --> 00:01:53,519 That was the Biden inflation craziness. Well, we're at six 21 00:01:53,719 --> 00:01:57,799 on a wholesale inflation, so we're not that far behind 22 00:01:58,519 --> 00:02:02,879 the core inflation rate five point two. But this was 23 00:02:03,560 --> 00:02:08,080 this was this is the April producer price index, very hot. 24 00:02:08,520 --> 00:02:12,120 Surprised everybody. Most economists did not call for this. It's 25 00:02:12,159 --> 00:02:16,919 almost almost triple the rate that was expected by a 26 00:02:16,960 --> 00:02:22,400 consensus of economists. So what this does is it it 27 00:02:22,520 --> 00:02:24,520 says to the Fed, there's no way they're going to 28 00:02:24,560 --> 00:02:28,280 cut interest rates, not when you got inflation building. And oh, 29 00:02:28,319 --> 00:02:34,919 by the way, regarding the Fed, yesterday Kevin Walsh received 30 00:02:35,039 --> 00:02:39,479 the confirmation vote from the Senate and today that to 31 00:02:39,520 --> 00:02:42,080 be a member of the Federal Reserve Board. And today 32 00:02:42,120 --> 00:02:45,520 they had the vote on making him the chairman and 33 00:02:45,919 --> 00:02:52,039 he passed. It was almost almost down the line party line, 34 00:02:52,919 --> 00:02:57,840 but one Democrat caved and voted as well as John Fetterman. 35 00:02:58,039 --> 00:03:01,400 So I mean, that's not a prize that he voted yes. 36 00:03:02,080 --> 00:03:07,000 So the chairman vote today and Kevin Walsh is now 37 00:03:07,840 --> 00:03:12,240 the new Chairman of the Federal Reserve Board starting I 38 00:03:12,439 --> 00:03:17,759 think Saturday, because J. Powell, Jerome Powell, the current chairman. 39 00:03:18,560 --> 00:03:23,599 His term as chairman expires on Friday the fifteenth, so 40 00:03:24,000 --> 00:03:28,240 I'm guessing Saturday the sixteenth, is Kevin Walsh is the 41 00:03:28,280 --> 00:03:31,520 new chairman. The next meeting of the FED isn't for 42 00:03:31,759 --> 00:03:37,479 another month. It's June sixteenth and seventeenth, so this will 43 00:03:37,520 --> 00:03:40,879 give Kevin Walsh a month to basically get in there 44 00:03:40,919 --> 00:03:44,479 and find out where the coffee pot and the restrooms are, 45 00:03:44,520 --> 00:03:46,759 and from there he will well, he's been on the 46 00:03:46,800 --> 00:03:51,759 FED before, but the pressure you know, was on him 47 00:03:51,800 --> 00:03:55,879 from the President to lower infrastrates and there's no way. 48 00:03:56,280 --> 00:04:00,520 First of all, he's only one of twelve votes. I 49 00:04:00,560 --> 00:04:04,919 can't see anybody on the FED voting to lower interest 50 00:04:04,960 --> 00:04:10,120 rates while inflation is going higher. The goal is two percent, 51 00:04:10,800 --> 00:04:13,879 and we're sitting there with three point eight on the 52 00:04:13,919 --> 00:04:18,399 consumer inflation climbing every month, and now six percent on 53 00:04:18,480 --> 00:04:23,040 wholesale prices. They'll stand by for wholesale prices to pass 54 00:04:23,079 --> 00:04:28,199 through the consumer prices that probably already underway. So that's 55 00:04:28,240 --> 00:04:32,319 what's going on with the FED and I'm glad to 56 00:04:32,360 --> 00:04:35,680 see Kevin Warsh is in there. And no, Jay Powell 57 00:04:35,680 --> 00:04:37,639 said he's not going to leave. He doesn't have to. 58 00:04:37,759 --> 00:04:42,680 His term goes until I think May of next year, 59 00:04:43,759 --> 00:04:45,759 and so he won't be chairman, but he'll be one 60 00:04:45,800 --> 00:04:48,120 of the members of the Federal Open Market Committee. So 61 00:04:49,279 --> 00:04:51,480 now he doesn't want to leave because of the fact 62 00:04:51,480 --> 00:04:54,439 that even though the DOJ has said they're going to 63 00:04:54,480 --> 00:04:59,680 back off on prosecuting him. Janine Piro, the US attorney 64 00:04:59,759 --> 00:05:03,959 for Washington, said, not so fast. I may be going 65 00:05:04,000 --> 00:05:06,680 after him. I'm I'm not going to close that file yet. 66 00:05:06,759 --> 00:05:10,759 So she's kept it open, which is causing some questions. 67 00:05:10,800 --> 00:05:14,480 But Congress did go ahead and put worsh in after 68 00:05:14,560 --> 00:05:18,240 all of the drama regarding the chairmanship. What else have 69 00:05:18,319 --> 00:05:23,160 we got for you today? Oil gas prices they are 70 00:05:23,519 --> 00:05:26,319 it looks like they're starting to top off, but don't 71 00:05:27,160 --> 00:05:31,800 count your chickens yet. Four dollars fifty one cents is 72 00:05:31,839 --> 00:05:35,519 the national average. That is up a penny from yesterday. 73 00:05:36,079 --> 00:05:39,040 It's down two cents from where we were a week ago. 74 00:05:40,480 --> 00:05:46,000 Diesel farmers and truckers. Five dollars and sixty six cents 75 00:05:46,079 --> 00:05:49,160 is the average diesel across the country. That's up two 76 00:05:49,240 --> 00:05:52,839 cents from yesterday and down two cents from a week ago. 77 00:05:53,439 --> 00:05:57,519 But what's interesting, they have a refinery problem in the 78 00:05:57,519 --> 00:06:05,319 Great Lakes area, So Michigan, Illinois, Indiana, and Ohio their 79 00:06:05,480 --> 00:06:11,120 diesel is all over six dollars six dollars thirteen cents 80 00:06:11,120 --> 00:06:14,879 in Michigan, Illinois, and Indiana and Ohio. You're at six 81 00:06:15,040 --> 00:06:19,360 oh six for diesel there. So oh and when I 82 00:06:19,360 --> 00:06:22,319 look around the States, it's been a west coast thing 83 00:06:22,399 --> 00:06:29,279 about the five dollars plus gas. Washington, Oregon, Nevada, Alaska, 84 00:06:29,360 --> 00:06:34,519 and Hawaii are all over five dollars. California is over 85 00:06:34,680 --> 00:06:40,519 six dollars six point fifteen. But add Illinois to the list. Yep, 86 00:06:40,600 --> 00:06:45,839 Illinois is now at five oh three. So oil prices 87 00:06:46,639 --> 00:06:48,879 bounced over one hundred dollars. We'll get the closing number 88 00:06:48,920 --> 00:06:52,040 here in a little bit, but we've got gasoline prices 89 00:06:52,120 --> 00:06:55,920 are probably not going down. They seem to have tapered 90 00:06:55,959 --> 00:07:00,360 off here, but I would suspect that things are going 91 00:07:00,399 --> 00:07:02,800 to be going higher because the cost of a barrel 92 00:07:02,839 --> 00:07:06,639 of oil kit continues to go higher. So we've got inflation, 93 00:07:08,079 --> 00:07:11,680 We've got China. So today, Tomorrow, Friday, we're going to 94 00:07:11,680 --> 00:07:16,759 be talking a lot about China and all kinds of 95 00:07:17,079 --> 00:07:19,560 analysts that are looking at this whole thing and seeing 96 00:07:19,639 --> 00:07:23,000 what's going on. As far as let's get some of 97 00:07:23,000 --> 00:07:26,600 these people in here. Peter Bergen, who I've known for 98 00:07:26,720 --> 00:07:31,360 a very long time, very very smart guy about the 99 00:07:31,360 --> 00:07:36,000 Middle East. He is taking a look at what's going 100 00:07:36,040 --> 00:07:38,680 on with the trip to China and how China versus 101 00:07:38,759 --> 00:07:41,279 the US is going to come out of this meeting. 102 00:07:41,319 --> 00:07:42,319 So here's Peter Bergen. 103 00:07:43,199 --> 00:07:45,399 Speaker 2: Well, I mean China, thank you, sir. It does have 104 00:07:45,920 --> 00:07:49,560 considerable leverage over Iran in the sense that almost all 105 00:07:49,639 --> 00:07:52,920 of Iran's oil expotts go to China. That said, I 106 00:07:52,920 --> 00:07:55,319 don't think she is in any hurry to kind of 107 00:07:55,360 --> 00:07:58,319 get Trump out of this spot. And I think Chinese 108 00:07:58,360 --> 00:08:01,839 military analysts are looking at are the United States inability 109 00:08:02,399 --> 00:08:04,920 to open up the Strait of Hormus with some interest, 110 00:08:04,959 --> 00:08:09,240 because although they are not exactly analogous, there's twenty miles 111 00:08:09,920 --> 00:08:12,240 where the strait is the narrowest, and there's one hundred 112 00:08:12,279 --> 00:08:14,759 miles between China and Taiwan. But the fact that the 113 00:08:14,879 --> 00:08:17,279 United States Navy has not been able to open up 114 00:08:17,319 --> 00:08:19,959 the straight, or won't take the risks involved to open 115 00:08:20,040 --> 00:08:22,720 up the straight is surely playing into the calculus of 116 00:08:22,800 --> 00:08:27,079 she whose longtime goal is to blockade or invade the island. 117 00:08:27,399 --> 00:08:29,399 And that's something that he said he has told his 118 00:08:29,639 --> 00:08:32,840 army to be ready for by twenty twenty seven, which 119 00:08:32,879 --> 00:08:34,080 is obviously pretty soon. 120 00:08:35,159 --> 00:08:38,440 Speaker 1: So all these experts have different views about who has 121 00:08:38,480 --> 00:08:40,519 the upper hand. But the topics that they're going to 122 00:08:40,519 --> 00:08:52,879 be discussing AI Iran, trade, Taiwan, nookes, rare earth exports, Russia, 123 00:08:53,759 --> 00:08:57,399 and oil and natural gas, and those are the topics 124 00:08:57,399 --> 00:09:01,519 at hand. The President was asked about is Ron going 125 00:09:01,559 --> 00:09:06,320 to be the top of the list, and the President said, actually. 126 00:09:06,080 --> 00:09:10,480 Speaker 3: No, I have a great relationship with President She and 127 00:09:10,559 --> 00:09:12,000 I think it's going to remain that way. 128 00:09:12,080 --> 00:09:14,159 Speaker 1: Maybe we have a lot of things to discuss. 129 00:09:15,200 --> 00:09:17,200 Speaker 4: I wouldn't say Iran is one of them, to be 130 00:09:17,240 --> 00:09:19,759 honest with you, because we have a ran very much 131 00:09:19,879 --> 00:09:22,720 under control. We're either going to make a deal or 132 00:09:22,720 --> 00:09:25,039 they're going to be decimated. No one way or the other, 133 00:09:25,559 --> 00:09:28,240 we win. But we're going to be talking about We're 134 00:09:28,240 --> 00:09:30,240 going to be talking with President She about a lot 135 00:09:30,320 --> 00:09:31,039 of different things. 136 00:09:31,399 --> 00:09:34,039 Speaker 1: I would say, more than anything else will be Yeah, 137 00:09:34,039 --> 00:09:37,000 So the focus is not going to be on Iran. 138 00:09:37,000 --> 00:09:39,960 It's going to be more on trade than and Ai. 139 00:09:40,120 --> 00:09:41,879 And those are the sorts of things that they'll be 140 00:09:41,960 --> 00:09:46,600 talking about. As far as David Sanger from The New 141 00:09:46,679 --> 00:09:51,480 York Times, he thinks Donald Trump is going in with 142 00:09:51,559 --> 00:09:54,559 a weaker hand, but so is President she. 143 00:09:55,600 --> 00:09:58,360 Speaker 5: You know, I think that President Trump comes to this 144 00:09:58,519 --> 00:10:02,440 a bit weaker because of the inability to deal with 145 00:10:02,480 --> 00:10:05,799 the Iran situation than he imagined at first when he 146 00:10:05,840 --> 00:10:10,080 was hearing twenty seventeen. As president, I think he was 147 00:10:10,120 --> 00:10:15,080 probably in a stronger position. That's said, Jijen King's not 148 00:10:15,159 --> 00:10:18,840 in a super strong position either, given the troubles that 149 00:10:18,919 --> 00:10:22,600 the Chinese economy has run into in recent times, So 150 00:10:22,639 --> 00:10:26,320 he'd doesn't quite have a latitude, particularly on the economic 151 00:10:26,440 --> 00:10:29,440 issues that I think he may have as well. An 152 00:10:29,440 --> 00:10:35,440 odd moment where both major economic and technological superpowers are 153 00:10:35,480 --> 00:10:37,320 feeling a bit vulnerable and weak. 154 00:10:37,799 --> 00:10:39,759 Speaker 1: So one of the people that was there at the 155 00:10:39,799 --> 00:10:43,000 previous meeting back in twenty seventeen, this guy by the 156 00:10:43,039 --> 00:10:46,360 name of Dennis Wilder. He's a National Security Council guy, 157 00:10:47,000 --> 00:10:50,799 and he says, well, the reason why twenty seventeen is interesting, 158 00:10:51,519 --> 00:10:54,960 but you can't compare it. Both countries have changed dramatically 159 00:10:55,000 --> 00:10:56,480 in the last nine years. 160 00:10:56,759 --> 00:11:02,000 Speaker 6: Well, historically, it can be a good thing. Chairman Mao 161 00:11:02,080 --> 00:11:05,679 thought he had the high hand with Richard Nixon. Nixon 162 00:11:05,720 --> 00:11:08,480 thought he had the high hand with Mao. Because Mao 163 00:11:08,600 --> 00:11:11,559 was under pressure from the Soviet Union, and it turned 164 00:11:11,600 --> 00:11:14,879 out that they could find complimentary reasons to move the 165 00:11:14,919 --> 00:11:18,720 relationship forward. And you're in Beijing today as a result 166 00:11:18,799 --> 00:11:22,399 of what they did in nineteen seventy two. So even 167 00:11:22,440 --> 00:11:25,960 though both of them have their own calculations, these are 168 00:11:26,000 --> 00:11:29,879 two very confident leaders. These are two leaders that know 169 00:11:30,120 --> 00:11:33,679 they run the most important nations in the world. They 170 00:11:33,759 --> 00:11:37,480 know that they have the ability to shape history. They're 171 00:11:37,600 --> 00:11:41,440 very aware of that. And so this is a fascinating meeting. 172 00:11:41,879 --> 00:11:45,799 Well for President Trump, he said it it is trade. 173 00:11:46,639 --> 00:11:49,840 We have still a two hundred billion dollar trade deficit 174 00:11:49,879 --> 00:11:53,440 with the Chinese. What he hopes is that China will 175 00:11:53,480 --> 00:11:56,919 open its markets more. As he talks about it's not 176 00:11:57,120 --> 00:11:59,879 about free trade, it's about fair trade. And right now, 177 00:12:00,279 --> 00:12:04,440 the Chinese wholed American companies out of key sectors. One 178 00:12:04,519 --> 00:12:07,159 of the people on this trip, for example, is in 179 00:12:07,159 --> 00:12:11,559 the medical area, and American medical science has a lot 180 00:12:11,559 --> 00:12:16,840 of opportunities in China. Obviously, you talked earlier about Boeing aircraft. 181 00:12:16,879 --> 00:12:21,960 There may be a deal for five hundred Boeings beef soybeans, 182 00:12:22,120 --> 00:12:24,159 but there are a lot of other things that Americans 183 00:12:24,159 --> 00:12:26,919 can sell to China if it opens its markets. But 184 00:12:27,000 --> 00:12:30,919 at this point it keeps some American products out because 185 00:12:30,960 --> 00:12:36,120 they don't want them competing with lesser quality local products. 186 00:12:36,600 --> 00:12:39,159 Speaker 1: So, speaking of keeping products out, one of the things 187 00:12:39,200 --> 00:12:42,879 that is fascinating. I've got a clipping here from one 188 00:12:42,919 --> 00:12:45,440 of the experts talking about the fact that we don't 189 00:12:45,480 --> 00:12:51,240 allow Chinese cars into the United States. And I've seen 190 00:12:51,360 --> 00:12:54,120 if you go online you look at their websites, some 191 00:12:54,159 --> 00:13:00,200 of these Chinese made cars are beautiful, They're very luxurious, 192 00:13:00,320 --> 00:13:04,120 they appear to be well made. Who knows, but they 193 00:13:04,200 --> 00:13:10,480 are wildly successful in Canada, Mexico, and Europe. But we 194 00:13:10,600 --> 00:13:14,360 will not let them in here. And the comment, which 195 00:13:14,480 --> 00:13:17,080 we'll get to, is that if we let them in here, 196 00:13:17,240 --> 00:13:21,279 the American automobile market, the manufacturers in the US would 197 00:13:21,320 --> 00:13:27,080 be toast. And I'm old enough to remember it was 198 00:13:27,120 --> 00:13:34,159 about nineteen seventy when the Japanese started bringing their cars, 199 00:13:34,279 --> 00:13:39,519 the Toyotas and the Hondas and Nissans called Dotson in 200 00:13:39,559 --> 00:13:43,679 those days, to the United States. Because the American automobile 201 00:13:43,759 --> 00:13:46,960 manufacturers in those days it was simply Ford, Chrysler and 202 00:13:47,120 --> 00:13:52,519 General Motors. They were making terrible cars. They were falling apart. Mechanically, 203 00:13:52,559 --> 00:13:55,720 they were terrible. They've got it was something like nine 204 00:13:55,759 --> 00:14:00,000 miles to the gallon. There were gas hogs. They were terrible, 205 00:14:01,080 --> 00:14:05,480 and the American automobile buyer was looking for something else, 206 00:14:05,519 --> 00:14:08,759 and we didn't put any sort of blockade on the 207 00:14:08,840 --> 00:14:13,080 Japanese automakers. But they came with their little, tiny cars 208 00:14:13,480 --> 00:14:17,320 that got great gas mileage. Yeah, they were much smaller, 209 00:14:17,360 --> 00:14:20,519 but people bought them in large numbers. And what it 210 00:14:20,600 --> 00:14:25,440 did was it forced Ford, Chrysler and General Motors to 211 00:14:25,679 --> 00:14:28,639 wake up and start making much better cars. It took 212 00:14:28,720 --> 00:14:33,559 them a while, and the Japanese got a foothold into 213 00:14:33,600 --> 00:14:37,360 this market that they've never lost. So they're still making 214 00:14:38,600 --> 00:14:42,600 economic cars. They're still making cars that get great gas mileage. 215 00:14:42,799 --> 00:14:47,240 But so are the US automakers now because of the competition. 216 00:14:47,440 --> 00:14:52,519 I'm for competition. I get the problem with letting Chinese 217 00:14:52,600 --> 00:14:55,840 cars into this country, but it feels wrong to me. 218 00:14:56,679 --> 00:15:01,559 It feels like, wait a minute, competition, Detroit. It needs competition. 219 00:15:02,600 --> 00:15:07,080 The problem with China and I don't know, I don't remember, 220 00:15:07,200 --> 00:15:09,799 I don't know if I ever knew the answer to this, 221 00:15:09,879 --> 00:15:15,320 But I don't think the Japanese government subsidized the Japanese automakers, 222 00:15:15,919 --> 00:15:22,399 but China, the government is subsidizing their car makers. And 223 00:15:22,480 --> 00:15:25,320 like I said, they're making a car that's an electric 224 00:15:25,399 --> 00:15:30,039 car that is absolutely gorgeous, and it sells for eleven 225 00:15:30,080 --> 00:15:35,360 thousand dollars eleven thousand. It's a Tesla like top Along Tesla, 226 00:15:35,480 --> 00:15:37,919 but for eleven thousand dollars. And in fact, when you 227 00:15:37,960 --> 00:15:40,799 look at the interior of it, it looks nicer than 228 00:15:40,799 --> 00:15:44,039 a Tesla, so it would sell like hotcakes. But at 229 00:15:44,080 --> 00:15:48,320 the same time it's it's a very It's one of 230 00:15:48,320 --> 00:15:51,919 those arguments I'm torn on because I want competition, I 231 00:15:51,960 --> 00:15:55,919 want free trade, but I get the fact that China 232 00:15:55,960 --> 00:16:01,320 has a history of dumping their products into a country's 233 00:16:01,399 --> 00:16:05,799 market and then driving out the competition. Then they raise 234 00:16:05,840 --> 00:16:10,879 their prices, which is, you know, a classic case of monopolies. 235 00:16:10,879 --> 00:16:14,919 That's how they get started. So anyway, we're still they 236 00:16:14,960 --> 00:16:17,799 won't there. We're wriping at China about you won't let 237 00:16:17,840 --> 00:16:21,360 our products in to all all of our products into 238 00:16:21,360 --> 00:16:24,600 your country, and yet we're doing the exact same thing. 239 00:16:25,519 --> 00:16:28,159 Let's see who else do we have, Oh, Admiralstrevidas, he's 240 00:16:28,200 --> 00:16:31,279 always interesting. Let's listen to him. What he's reacting to 241 00:16:31,799 --> 00:16:36,159 is a New York Times story that said that Iran 242 00:16:36,480 --> 00:16:42,720 still has a huge percentage of their missiles, ballistic missiles 243 00:16:42,759 --> 00:16:45,480 and launchers still available to them, that we did not 244 00:16:45,600 --> 00:16:48,600 take out that much of their military hardware. 245 00:16:48,639 --> 00:16:52,639 Speaker 7: Here's the admiral, very unwelcome news in the White House. First, 246 00:16:52,919 --> 00:16:56,559 good job CIA for finding this out. If these reports 247 00:16:56,600 --> 00:17:00,519 are accurate, this is what you want your intelligence agecies 248 00:17:00,559 --> 00:17:03,960 to know. This deliver unwelcome news if it's the truth. 249 00:17:04,039 --> 00:17:07,000 So point to be made there for the CIA. In 250 00:17:07,079 --> 00:17:10,319 terms of the tactics of the moment, Let's face it, 251 00:17:10,440 --> 00:17:13,079 the opening of the Straight of Hormuz is becoming the 252 00:17:13,119 --> 00:17:16,759 critical path in this and if Iran does in fact 253 00:17:16,799 --> 00:17:23,240 have considerable, particularly short range, tactical and strategicallistic missiles, that's 254 00:17:23,240 --> 00:17:26,759 a real problem. It could initially, but if we're going 255 00:17:26,799 --> 00:17:31,559 to keep it open with Iran pushing back, we really 256 00:17:31,680 --> 00:17:35,400 want to get the Europeans involved, and they have the capability. 257 00:17:35,440 --> 00:17:40,400 They have excellent mind sweepers, they have guided missile frigates, destroyers, cruisers, 258 00:17:40,680 --> 00:17:44,400 they have intelligence networks and by the way, both France 259 00:17:44,519 --> 00:17:47,640 and the United Kingdom have indicated willingness to do this, 260 00:17:48,079 --> 00:17:50,640 and they're putting their ships where their mouth is in 261 00:17:50,680 --> 00:17:55,200 that the Red Sea today has Charles de Gaulle, the 262 00:17:55,279 --> 00:17:59,240 big French nuclear aircraft carrier, and the British are deploying 263 00:17:59,240 --> 00:18:03,480 one of their very formidable type forty five destroyers, HMS Dragon, 264 00:18:03,759 --> 00:18:05,400 so they're moving toward this strait. 265 00:18:05,799 --> 00:18:08,319 Speaker 1: So this report in the New York Times comes from 266 00:18:08,319 --> 00:18:12,000 the CIA supposedly that Iran still has a huge percentage 267 00:18:12,119 --> 00:18:15,960 of their missiles. Was that a surprise to the admiral? 268 00:18:16,119 --> 00:18:16,559 It does? 269 00:18:16,839 --> 00:18:20,880 Speaker 7: I would have guessed we had degraded them by at 270 00:18:21,000 --> 00:18:26,799 least sixty seventy percent given the level of Shakunawe. But 271 00:18:27,359 --> 00:18:30,839 Admiral Brad Cooper, the commander of the mission, he hears 272 00:18:30,880 --> 00:18:35,200 these reports, he rebuilds his target sets, and he's continuing 273 00:18:35,240 --> 00:18:39,119 to give the president options. But yes, it's disappointing news. 274 00:18:39,559 --> 00:18:44,119 Speaker 1: So Best Center is a former National security advisor. She 275 00:18:45,440 --> 00:18:49,559 was asked about the fact that there's been massive changes, 276 00:18:49,680 --> 00:18:53,400 major changes in China since the last time President Trump 277 00:18:53,480 --> 00:18:53,759 was over. 278 00:18:53,799 --> 00:18:56,720 Speaker 8: There is a totally different place, and I think that 279 00:18:57,039 --> 00:18:59,680 this is one of the things that actually affected President 280 00:18:59,680 --> 00:19:02,519 Trump when he first started in this term with this 281 00:19:02,559 --> 00:19:05,839 big trade war is that he made some assumptions based 282 00:19:05,880 --> 00:19:08,720 on what it was like back then when we had 283 00:19:08,799 --> 00:19:11,920 a lot more cards, as he likes to say, and 284 00:19:12,079 --> 00:19:16,920 this time China, because they've been working on self sufficiency 285 00:19:17,000 --> 00:19:20,559 for so long and they've been growing their economy, they 286 00:19:20,640 --> 00:19:23,119 played a card they had never played before, which was 287 00:19:23,160 --> 00:19:26,960 restricting where Earth's and critical mineral exports, and that kind 288 00:19:27,000 --> 00:19:29,799 of shut everything down and led to the truth that 289 00:19:29,880 --> 00:19:34,000 we have now. But it's interesting because Secretary haig Seth 290 00:19:34,200 --> 00:19:38,599 and Secretary Rubio have never been to China before, and 291 00:19:38,680 --> 00:19:41,640 so I think this is a great I'm glad that 292 00:19:41,680 --> 00:19:45,559 they're going. I'm glad they're bringing so many people because 293 00:19:45,559 --> 00:19:48,240 we need to have dialogue and we need stability, and 294 00:19:48,279 --> 00:19:50,720 I think both sides are on that page. I think 295 00:19:50,759 --> 00:19:53,680 one thing to really put straight is this. I've heard 296 00:19:53,680 --> 00:19:57,599 people say in different news broadcasts, not on CNN, that 297 00:19:58,240 --> 00:20:03,000 Iran is a very close ally of China. That is 298 00:20:03,039 --> 00:20:05,400 not how I think of it at all. China is 299 00:20:05,599 --> 00:20:10,000 very very transactional. And also they have valued their relationship 300 00:20:10,000 --> 00:20:12,799 with the Gulf States much more than Iran, and so 301 00:20:12,839 --> 00:20:15,640 Iran has always been kind of disappointed but more dependent. 302 00:20:16,079 --> 00:20:20,640 So China has some leverage here, you know, but how 303 00:20:20,720 --> 00:20:23,440 much are they going to play? If you were China 304 00:20:23,480 --> 00:20:26,640 and you were looking at this conundrum, yes, they wanted 305 00:20:26,799 --> 00:20:29,480 the straight open. They wanted it open yesterday because they 306 00:20:29,480 --> 00:20:32,839 are an export driven economy. But on the other hand, 307 00:20:33,160 --> 00:20:35,599 why would they want to get entangled in this mess? 308 00:20:35,880 --> 00:20:38,519 And why would they want to put presidentc out there 309 00:20:39,000 --> 00:20:41,000 in a way that maybe it would look like he 310 00:20:41,119 --> 00:20:44,599 wasn't effective. You know, the Foreign Minister was just there. 311 00:20:44,680 --> 00:20:48,039 He knows where the Iranians stand, and so maybe he 312 00:20:48,079 --> 00:20:51,440 would be like, this isn't very close to settlement. I'd 313 00:20:51,480 --> 00:20:54,160 be glad to host, you know, a signing ceremony, but 314 00:20:54,200 --> 00:20:56,960 I'm not going to wade into this well, not quagmire, 315 00:20:57,000 --> 00:20:59,319 but this conundrum right now. 316 00:20:59,640 --> 00:21:03,319 Speaker 1: Miss you don't need to be an expert on Iran 317 00:21:03,880 --> 00:21:07,160 or foreign policy expert to take a look at Iran 318 00:21:07,240 --> 00:21:11,799 in China, and they are so dramatically different. Iran is 319 00:21:12,359 --> 00:21:15,920 living in the medieval days. They are going back to 320 00:21:16,079 --> 00:21:19,839 hundreds of, if not thousands of years ago. They are backward, 321 00:21:20,599 --> 00:21:24,119 and China is doing everything in their power to become 322 00:21:25,440 --> 00:21:27,440 a power, the number one power. 323 00:21:27,119 --> 00:21:27,720 Speaker 9: Of the world. 324 00:21:27,960 --> 00:21:32,440 Speaker 1: They are more Western than they've ever been, and Iran 325 00:21:32,640 --> 00:21:37,079 is absolutely not. So when it comes to what's important 326 00:21:37,359 --> 00:21:43,240 on this trip, Doug Bergham, who knows oil, says that's 327 00:21:43,279 --> 00:21:45,680 the number one topic as far as he's concerned. 328 00:21:46,200 --> 00:21:48,480 Speaker 10: Yeah, buys eighty percent of Iran's oil. And China is 329 00:21:48,519 --> 00:21:52,799 the most energy depended country in the world. China importing 330 00:21:52,920 --> 00:21:56,039 eleven and a half million barrels of oil a day 331 00:21:56,920 --> 00:22:01,319 just to keep their economy going, and they're strategic stockpile 332 00:22:01,440 --> 00:22:06,519 is dwindling, and there their economy is faltering. President Trump 333 00:22:06,599 --> 00:22:09,720 is going in to, you know, with We've got energy 334 00:22:09,759 --> 00:22:12,440 security and food security in America. China has neither of 335 00:22:12,440 --> 00:22:15,480 those things. He's in a great position in these negotiations. 336 00:22:15,839 --> 00:22:22,319 Speaker 1: So Berghams all optimistic, but Stephen Broach, he was the 337 00:22:22,319 --> 00:22:26,000 They had a title form us like CEO of Morgan Stanley, 338 00:22:26,039 --> 00:22:29,920 the big Wall Street firm for Asia. He has lived 339 00:22:30,079 --> 00:22:34,680 in Asia for probably forty years, and he's a little 340 00:22:34,720 --> 00:22:37,119 bit more leary about this meeting. 341 00:22:37,519 --> 00:22:40,519 Speaker 11: I hate to throw cold water on what Amon just said, 342 00:22:40,519 --> 00:22:43,160 but you know, I would say downhold your breath for 343 00:22:43,359 --> 00:22:48,960 a spectacular result. I think both sides want stability, whatever 344 00:22:49,039 --> 00:22:52,400 that means. They don't want to rock the boat. And 345 00:22:53,640 --> 00:22:56,240 you know, this idea of a board of Trade I 346 00:22:56,279 --> 00:23:02,680 think is interesting but highlymature. I think, you know, they 347 00:23:02,839 --> 00:23:08,759 certainly want to defer any subsequent actions on tariffs. But 348 00:23:08,880 --> 00:23:12,839 you know, keep in mind, these two leaders have a 349 00:23:12,960 --> 00:23:17,559 terrible track record in the summits of the past. In 350 00:23:17,599 --> 00:23:23,119 twenty seventeen, they both met, you know, once in mar 351 00:23:23,160 --> 00:23:28,000 A Lago, once in Beijing, and you know, they had 352 00:23:28,039 --> 00:23:34,240 a great romance and declared their undying friendship for one another. 353 00:23:34,440 --> 00:23:40,759 And the next year the US launched tariffs, and you know, 354 00:23:41,039 --> 00:23:43,880 a trade war that is still with us today. So 355 00:23:44,680 --> 00:23:49,880 using this meeting as a predictive tool for the future, 356 00:23:50,000 --> 00:23:56,480 especially with somebody as volatile as President Trump, is endeavor. 357 00:23:57,000 --> 00:24:00,880 Speaker 1: All right. So mister Roach is a financial guy, and 358 00:24:01,200 --> 00:24:04,000 the question that one of the topics that's going to 359 00:24:04,000 --> 00:24:07,640 be discussed is about tariffs and what kind of impact 360 00:24:08,119 --> 00:24:10,440 tariffs have had on our trade relations. 361 00:24:10,880 --> 00:24:15,200 Speaker 11: Our trade deficit last year hit a new record because 362 00:24:15,240 --> 00:24:20,079 we need deficits from lots of countries in order to 363 00:24:20,160 --> 00:24:25,079 keep growing because we have gigantic budget deficits and inadequate 364 00:24:26,000 --> 00:24:31,960 private savings. So they've and of course they've added somewhat 365 00:24:32,039 --> 00:24:37,599 but not dramatically to underlying inflation. But you know, declare 366 00:24:37,680 --> 00:24:41,599 victory on tariffs is like you know, declaring victory in Iran. 367 00:24:42,079 --> 00:24:44,559 Speaker 1: So we'll see what happens. But it's one of one 368 00:24:44,599 --> 00:24:47,279 of the topics that apparently is going to be discussed 369 00:24:47,279 --> 00:24:52,720 between the President and President she. When it comes to cybersecurity, 370 00:24:53,720 --> 00:24:57,880 we seem to have problems with China on that. Chris Krabs, 371 00:24:57,880 --> 00:25:02,279 who ran the cyber security for the Trump administration one 372 00:25:02,359 --> 00:25:04,400 point zero, weighs in on that. 373 00:25:05,200 --> 00:25:07,480 Speaker 12: Look, I think you just nailed the ballgame here. It's 374 00:25:07,519 --> 00:25:10,119 going to be about chips, memory, and phones. I mean, 375 00:25:10,160 --> 00:25:13,400 you've got Tim Cook there, You've got Micron, You've got Qualcom. 376 00:25:13,680 --> 00:25:15,880 I think this is a trade mission. I'm not really 377 00:25:15,920 --> 00:25:19,759 expecting much out on the AI side, in part because 378 00:25:20,200 --> 00:25:22,759 here domestically, I don't think we really know what we're 379 00:25:22,839 --> 00:25:25,359 going to do just yet. I think we're five weeks 380 00:25:25,400 --> 00:25:28,240 into this post Methos era. We're still trying to figure 381 00:25:28,240 --> 00:25:32,119 out domestic policy. So it's a timing issue more than anything. 382 00:25:32,119 --> 00:25:35,799 I think it's premature. Best if we have a concept 383 00:25:35,880 --> 00:25:38,839 of a plan, so to speak, of future dialogue, I 384 00:25:38,880 --> 00:25:42,160 think that's the win probably to expect out of this session, but. 385 00:25:42,200 --> 00:25:45,799 Speaker 1: The pressure comes from China. They're trying to do everything 386 00:25:45,799 --> 00:25:48,960 they can. Typically they try and steal, but they're trying 387 00:25:49,000 --> 00:25:51,720 to figure out how to catch up with us on AI. 388 00:25:52,480 --> 00:25:54,960 And that's right up Chris Cribb's wheelhouse. 389 00:25:55,079 --> 00:25:55,279 Speaker 11: Yeah. 390 00:25:55,279 --> 00:25:57,599 Speaker 12: Look, I think it's part of it is the conflation 391 00:25:57,799 --> 00:26:01,680 of the AI conversation. AI is a stack, right, I 392 00:26:01,720 --> 00:26:04,240 mean you've got all sorts of aspects here from R 393 00:26:04,319 --> 00:26:07,799 and D, from chips, from design, e DA. We've already 394 00:26:07,799 --> 00:26:10,559 seen that come up in the last year relaxing on 395 00:26:10,640 --> 00:26:13,799 export controls on e DA tools like ASML and Tokyo. 396 00:26:14,359 --> 00:26:18,119 So you know there's gonna be bits and pieces along 397 00:26:18,240 --> 00:26:21,319 the AI conversation where they will be trades. I think 398 00:26:21,359 --> 00:26:24,920 we'll see Cattle probably come back the battery manufacturer that 399 00:26:25,079 --> 00:26:29,119 is taking the ire of the Chinese committee in this 400 00:26:29,279 --> 00:26:32,240 in the Congress as well as the Pentagon. So there 401 00:26:32,279 --> 00:26:34,559 are gonna be bits and pieces that open up. I 402 00:26:34,559 --> 00:26:36,680 think you have to look at who's on the delegation 403 00:26:37,200 --> 00:26:41,039 and again with Jensen joining in Alaska, with Micron, with Qualcomm, 404 00:26:41,400 --> 00:26:44,039 with Elon being there and for Elon, is it is 405 00:26:44,079 --> 00:26:46,839 it batteries or is it cars. I can't imagine that 406 00:26:46,880 --> 00:26:48,880 we're going to open up the US market the by 407 00:26:49,000 --> 00:26:52,519 D and shall me and those Chinese manufacturers. 408 00:26:52,519 --> 00:26:56,200 Speaker 1: If so, we're toast there. It is he doesn't want 409 00:26:56,240 --> 00:27:00,000 to open up the US market to Chinese automobiles, or 410 00:27:00,200 --> 00:27:06,200 we are toast, and yet I understand why, and I agree, 411 00:27:07,000 --> 00:27:10,440 but it does irritate me that we're not doing free 412 00:27:10,480 --> 00:27:13,160 trade like we did back in the night in around 413 00:27:13,240 --> 00:27:16,440 nineteen seventy when the Japanese automakers came in, they made 414 00:27:16,559 --> 00:27:21,519 US automakers better. Speaking of Ai, John Waldron, he's the 415 00:27:21,559 --> 00:27:28,599 CEO over Goldman Sachs, and well he's a Wall Street guy. 416 00:27:28,079 --> 00:27:32,319 And oh a, Chris Crebs mentioned too that Jensen Wong 417 00:27:32,880 --> 00:27:35,200 was on the trip. I told you yesterday Jensen Wong 418 00:27:35,480 --> 00:27:39,920 wasn't on the trip. Well, apparently the publicity of that. 419 00:27:40,000 --> 00:27:43,599 The President heard about it and personally called Jensen Wong, 420 00:27:43,640 --> 00:27:46,720 the head of Nvidia, and said would you like to 421 00:27:46,799 --> 00:27:51,480 come along? And he said yes, but I'm apparently he 422 00:27:51,519 --> 00:27:53,559 was out on the West coast and so they said, 423 00:27:53,559 --> 00:27:57,319 well meet us when we stopped for fuel in Anchorage. 424 00:27:57,359 --> 00:28:01,240 So Jensen Wong flew to Anchorage and jumped on Air 425 00:28:01,279 --> 00:28:06,920 Force one for the trip into Beijing, so Wong is there. 426 00:28:08,920 --> 00:28:10,680 I don't know if anything's going to come of it, 427 00:28:10,720 --> 00:28:13,599 but it was interesting that they actually picked up a 428 00:28:13,640 --> 00:28:16,880 passager while they were getting gas and anchorage. But back 429 00:28:16,920 --> 00:28:21,920 to Wall Street, John waldron and AI. This is his view. 430 00:28:22,759 --> 00:28:26,119 Speaker 13: I often describe Goldman Sachs as a human assembly line. 431 00:28:26,559 --> 00:28:28,920 So we think about what's happened in manufacturing in the world. 432 00:28:28,960 --> 00:28:31,799 It's become much more robotic, it's become much more automated. 433 00:28:32,359 --> 00:28:35,599 The banks really haven't been on that journey to the 434 00:28:35,599 --> 00:28:38,039 same extent because we're kind of information companies and it's 435 00:28:38,039 --> 00:28:40,599 been harder. We don't have we can't put robots in 436 00:28:40,680 --> 00:28:43,599 our so called manufacturing facilities. We don't have that. But 437 00:28:43,680 --> 00:28:46,400 we now have tooling with generalor of AI that I 438 00:28:46,400 --> 00:28:48,720 think is giving us the ability to automate our processes. 439 00:28:48,759 --> 00:28:51,759 So our human assembly lines will become more digitized. Digital 440 00:28:51,799 --> 00:28:53,079 agents will be our robots. 441 00:28:53,400 --> 00:28:56,640 Speaker 1: So are you ready for that, investors, that you call 442 00:28:56,720 --> 00:29:00,119 your financial person and instead you get a robot, the 443 00:29:00,160 --> 00:29:03,200 head of Morgan Stanley said, So obviously they're trying to 444 00:29:03,200 --> 00:29:07,160 figure out how to plug AI into what, like he said, 445 00:29:07,279 --> 00:29:10,880 is basically an information business. There was a big stink. 446 00:29:12,200 --> 00:29:15,440 I can't believe how the media really spent a lot 447 00:29:15,480 --> 00:29:18,759 of time focusing in on what the President said. Yesterday, 448 00:29:18,799 --> 00:29:21,240 he was leaving the White House on his way to 449 00:29:21,319 --> 00:29:24,119 catch the Air Force one in China, but before he 450 00:29:24,200 --> 00:29:26,680 left the White House, he did the usual thing in 451 00:29:26,720 --> 00:29:32,119 the driveway with reporters, and a reporter asked him a 452 00:29:32,240 --> 00:29:36,200 question in which he answered he was basically talking about 453 00:29:36,200 --> 00:29:41,519 his focus on this trip is going to be he said, Iran. 454 00:29:41,640 --> 00:29:43,519 But then later he said, no, it's going to be 455 00:29:43,559 --> 00:29:47,799 on trade. But in this particular answer, he said that 456 00:29:48,240 --> 00:29:56,000 essentially he's not paying attention to American's financial problems. And oh, man, 457 00:29:56,240 --> 00:29:59,160 did the media have a field day with this. I'll 458 00:29:59,160 --> 00:30:00,000 play it for you. 459 00:30:00,240 --> 00:30:02,640 Speaker 9: We start negotiating with that's your president. 460 00:30:02,880 --> 00:30:06,359 Speaker 1: What extent for our American sin, anti tech nation? Motivating? 461 00:30:07,640 --> 00:30:10,319 Speaker 3: Not even a little bit. The only thing that matters 462 00:30:10,400 --> 00:30:12,920 when I'm talking about Iran, they can't have a duke 463 00:30:12,960 --> 00:30:17,000 new weapons. I don't think about americans financial situation. I 464 00:30:17,000 --> 00:30:19,279 don't think about anyone. I think about one pace. 465 00:30:19,440 --> 00:30:22,440 Speaker 1: You did not Okay, you heard him say I'm not 466 00:30:22,480 --> 00:30:27,079 thinking about American's financial situation. Man, did the media criticize 467 00:30:27,160 --> 00:30:30,279 him up one side and down the other. But Ron Brownstein, 468 00:30:30,960 --> 00:30:36,799 who is well, he was with the Los Angeles Times 469 00:30:36,799 --> 00:30:40,079 for a very long time. He's a lefty. But even 470 00:30:40,200 --> 00:30:42,880 he said, wait a minute, you know what he was saying. 471 00:30:43,359 --> 00:30:45,200 Speaker 9: You get what he was trying to say. It's clear 472 00:30:45,200 --> 00:30:46,960 what he was trying to say, that preventing Iran from 473 00:30:47,039 --> 00:30:49,720 having a nuclear weapon is a pre eminent goal, more 474 00:30:49,720 --> 00:30:52,279 important than anything else. It's not clear at all by 475 00:30:52,319 --> 00:30:55,240 the way that this war is advancing that goal, which 476 00:30:55,279 --> 00:30:57,119 is which is really part of the problem he's had. 477 00:30:57,119 --> 00:30:59,839 Speaker 1: So we went on about the problems with the war 478 00:30:59,839 --> 00:31:03,119 and everything else, but it's clear what he was saying, 479 00:31:03,720 --> 00:31:08,559 that his focus is laser on Iran not getting a 480 00:31:08,640 --> 00:31:13,160 nuclear weapon and forget everything else. But boyd did they 481 00:31:13,359 --> 00:31:16,319 jumped all over him because of that. I also need 482 00:31:16,359 --> 00:31:21,319 to update you on a story that I I did 483 00:31:21,319 --> 00:31:23,880 this This is when I was still doing live radio 484 00:31:24,000 --> 00:31:27,799 every day, and I said, the Murdoch I don't even 485 00:31:27,799 --> 00:31:31,160 know what his first name is, the Murdoch guy out 486 00:31:31,160 --> 00:31:34,279 of South Carolina. He's a big lawyer in South Carolina, 487 00:31:34,319 --> 00:31:37,240 and he was charged with killing his wife and one 488 00:31:37,279 --> 00:31:40,240 of his sons, murder both of them. Plus he was 489 00:31:40,279 --> 00:31:43,319 also charged with all kinds of financial crimes. He was 490 00:31:43,359 --> 00:31:46,400 stealing money from clients and everybody else, and he was 491 00:31:46,440 --> 00:31:50,759 found guilty on all of that. Well, the Supreme Court 492 00:31:50,880 --> 00:31:57,480 in South Carolina today overthrew the conviction because there was 493 00:31:57,519 --> 00:32:00,799 a clerk of the court who was talking, who was 494 00:32:00,799 --> 00:32:04,279 in charge of the jury taking care of them, and 495 00:32:04,400 --> 00:32:08,079 she kept giving them all kinds of comments about her 496 00:32:08,160 --> 00:32:13,160 opinion on the guilt of mister Murdoch. So the Supreme 497 00:32:13,240 --> 00:32:15,960 Court threw it out. And what I'm laughing about is 498 00:32:16,160 --> 00:32:18,039 so I said at the time, I said, I don't 499 00:32:18,039 --> 00:32:21,079 know anything about this guy. He's some lawyer in some 500 00:32:21,279 --> 00:32:23,839 town in South Carolina. I've never heard of him. I've 501 00:32:23,880 --> 00:32:27,640 never heard of his town. I don't care. Sorry, it's 502 00:32:27,880 --> 00:32:32,200 another sad case and a twisted case about a twisted guy. 503 00:32:32,839 --> 00:32:36,160 I had a lady call who was so mad at me. 504 00:32:36,359 --> 00:32:38,960 She says, you don't care. What's the matter with you? 505 00:32:39,039 --> 00:32:44,000 What do you care about? So I'm playing this because, well, 506 00:32:44,039 --> 00:32:50,039 I still don't care. But this is Joey Jackson, a 507 00:32:50,119 --> 00:32:54,079 great defense lawyer here in New York City, who explained 508 00:32:54,240 --> 00:32:56,559 what why the case was overturned. 509 00:32:56,759 --> 00:32:58,400 Speaker 14: Yeah, it was pretty significant. 510 00:32:58,559 --> 00:32:58,720 Speaker 11: Now. 511 00:32:58,720 --> 00:33:01,480 Speaker 14: The county clerk, remember, is a person who pretty much 512 00:33:01,559 --> 00:33:04,319 oversees the jury. Whenever there's a jury trial, you have 513 00:33:04,359 --> 00:33:07,359 a jury clerk which you call or will call you. Hey, 514 00:33:07,400 --> 00:33:10,279 we're starting late today. You know, what are the lunch 515 00:33:10,400 --> 00:33:13,039 orders going to be? They pretty much oversee. And the 516 00:33:13,079 --> 00:33:16,000 reason I mentioned that bars is because they develop, you know, 517 00:33:16,079 --> 00:33:18,799 somewhat of a rapport and they certainly have credibility because 518 00:33:18,799 --> 00:33:21,319 they're the extension of the judge. And when you have 519 00:33:21,440 --> 00:33:25,359 a person of that magnitude who's connected to the judge 520 00:33:25,400 --> 00:33:29,279 making rulings talking about watch his body language. He's lying 521 00:33:29,319 --> 00:33:32,200 to you. You know he's misrepresenting. This is not going 522 00:33:32,279 --> 00:33:34,359 to take long when you go and deliberate, and in 523 00:33:34,480 --> 00:33:37,000 terms of the juris deliberating and finding him guilty and 524 00:33:37,079 --> 00:33:40,400 making other comments like that which are clear in your 525 00:33:40,440 --> 00:33:43,519 suggestion that he is guilty. You shouldn't believe a word 526 00:33:43,519 --> 00:33:47,160 he says. It's all in his demeanor. That's not good. 527 00:33:47,480 --> 00:33:49,920 And so the issue when you have a clerk like 528 00:33:49,960 --> 00:33:52,519 this or any court personnel in this instance it was 529 00:33:52,599 --> 00:33:55,480 the clerk, Miss Hill. When you have a person doing 530 00:33:55,480 --> 00:33:59,359 that and introducing information to the jury, obviously it has 531 00:33:59,400 --> 00:34:02,240 an impact, and in the event that it doesn't have 532 00:34:02,279 --> 00:34:05,480 an impact, it's still problematic. But the court essentially found 533 00:34:05,519 --> 00:34:09,920 as follows that directly goes against the right to a 534 00:34:09,920 --> 00:34:12,599 fair trial. We hold that as sacrisanct in this country, 535 00:34:12,599 --> 00:34:14,719 you have a right to a fair trial, and you 536 00:34:14,800 --> 00:34:17,000 can't have a right to a fair trial when you 537 00:34:17,159 --> 00:34:19,800 have the very clerk in the court in which the 538 00:34:19,880 --> 00:34:23,079 case is being held and heard saying things like this, 539 00:34:23,239 --> 00:34:25,599 and so that's the essence of what she said. And 540 00:34:25,639 --> 00:34:27,440 as a result of that, the court said, hey, it 541 00:34:27,480 --> 00:34:30,480 impaired the jury. There's a presumption that what you said 542 00:34:30,480 --> 00:34:33,559 to the jury was prejudicial affected the outcome of the case, 543 00:34:33,840 --> 00:34:35,280 and we've got to do this again. 544 00:34:35,840 --> 00:34:38,239 Speaker 1: Yeah, So they kept him in jail because of the 545 00:34:38,280 --> 00:34:41,639 financial crimes. He's still guilty of all that, and now 546 00:34:41,679 --> 00:34:44,239 the prosecutor has to decide whether or not to try 547 00:34:44,320 --> 00:34:47,880 him again on the murder of his wife and one 548 00:34:47,880 --> 00:34:51,079 of his sons. It's just a weird, twisted story. I 549 00:34:51,079 --> 00:34:54,199 guess that's what fascinated people. But then it was such 550 00:34:54,199 --> 00:34:59,320 a big story. The name's Alex Murdoch, and I just 551 00:34:59,360 --> 00:35:01,639 remember that he was so mad at me about all that. 552 00:35:02,199 --> 00:35:06,519 So Wall Street. Today turned out to be another mixed day. 553 00:35:06,599 --> 00:35:11,280 The Dow Jones Industrials fell sixty seven down to forty 554 00:35:11,360 --> 00:35:14,960 nine thousand and six ninety three. The SMP went up 555 00:35:15,320 --> 00:35:18,679 forty three points, the NASDAC went up three hundred and 556 00:35:18,719 --> 00:35:23,360 fourteen points, the price of gold climbed ten dollars to 557 00:35:23,480 --> 00:35:28,320 four thousand and six ninety seven, and Oil West Texas 558 00:35:28,360 --> 00:35:32,039 Intermediate fell a little more than a dollar, finishing exactly 559 00:35:32,199 --> 00:35:36,239 at one hundred dollars for a barrel of oil. So 560 00:35:36,320 --> 00:35:39,159 that's it for today. Thank you for coming by. We 561 00:35:39,280 --> 00:35:41,840 will be back again tomorrow and I hope to see 562 00:35:41,840 --> 00:35:42,280 you then