WEBVTT

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<v Speaker 1>Summer. What is happening now?

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<v Speaker 2>Russia US in the market.

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<v Speaker 1>Every day, every day happens here.

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<v Speaker 3>I'm fifty five KRC, the talk station, Ato six fifty

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<v Speaker 3>five kr CE the talk station.

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<v Speaker 1>It's that time a week. I always look forward to it.

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<v Speaker 3>We get the inside scoop from bright Bart News, b

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<v Speaker 3>R E I t B A art dot com book market.

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<v Speaker 3>Like I always say, we start out this segment book market,

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<v Speaker 3>you'd be glad you did, because you don't want to

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<v Speaker 3>live in an echo chamber. You're going to get some

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<v Speaker 3>really good reporting and some reporting that's well done and

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<v Speaker 3>isn't tainted with the left wing liberal bias like it's

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<v Speaker 3>terrible out there.

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<v Speaker 1>We're all gonna die.

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<v Speaker 3>Joining us to talk about that, John Carney, return of

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<v Speaker 3>John Carnegie, bright Bart News Finance and economics editor as

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<v Speaker 3>well as co author of the breit Bart Business Digest. John,

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<v Speaker 3>welcome back to the fifty five KRC Morning Show. It's

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<v Speaker 3>a pleasure to have you back on.

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<v Speaker 2>Yeah, thanks for having me. And we are all going

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<v Speaker 2>you to die, just not yet.

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<v Speaker 1>Right. It's death and taxes, right, John.

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<v Speaker 2>That's right. You know, well, but maybe a little less

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<v Speaker 2>taxes and you know, maybe we'll get to live a

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<v Speaker 2>little bit longer that we can.

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<v Speaker 1>Let's hope for that.

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<v Speaker 3>But you know, as we talked quite a bit about

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<v Speaker 3>the echo chamber, and many people live in their own

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<v Speaker 3>echo chamber, I think notably politicians. We talk about the

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<v Speaker 3>DC swamp, and something happens to people when they get

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<v Speaker 3>elected and move off to Washington, d C. Their collective

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<v Speaker 3>psyche is somehow removed somewhat from reality. But in this

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<v Speaker 3>modern age where we can pick and choose which news

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<v Speaker 3>outlets we want to get our news from, uh, some

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<v Speaker 3>people choose to dwell on the left leaning sites and

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<v Speaker 3>never leave them. Some people choose to dwell on the

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<v Speaker 3>right leaning sites and never leave them. And you truly

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<v Speaker 3>get a completely different perspective depending on.

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<v Speaker 1>What you're reading and where you're reading it.

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<v Speaker 3>And so generally speaking, our topic today is the economy,

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<v Speaker 3>good or bad. Now, I just want ahead to pull

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<v Speaker 3>up gasbuddy dot com and I'm pleased to see that

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<v Speaker 3>the average price erection regular gas, at least in my neighborhood,

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<v Speaker 3>is now down to two dollars and seventy nine cents.

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<v Speaker 3>And it wasn't that long ago that I was paying

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<v Speaker 3>north of three, if not even four dollars and I'm

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<v Speaker 3>sure you remember that and maybe even worse where you live, John,

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<v Speaker 3>But that's a great one. That's something that we all

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<v Speaker 3>have to deal and cope with, and that's a sign

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<v Speaker 3>that the economy is doing better. At least that price

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<v Speaker 3>has come down. And I know the price of eggs

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<v Speaker 3>has come down because I read about it at Breitbart,

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<v Speaker 3>down sixty one percent since Trump took office. We don't

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<v Speaker 3>have runaway inflation anymore. I think the report was that

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<v Speaker 3>core inflation is the lowest in four years. All of

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<v Speaker 3>this sounds like positive news, John.

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<v Speaker 2>It is positive news. This is we just went through

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<v Speaker 2>the lowest Memorial Day weekend gas prices other than not

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<v Speaker 2>counting twenty twenty when we were locked down and people

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<v Speaker 2>weren't really traveling much, but in decades it was. And

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<v Speaker 2>gas prices probably this summer are going to average around

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<v Speaker 2>three dollars a gallon. You're where you are, it's already

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<v Speaker 2>cheaper than that. It's going to get cheaper than that.

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<v Speaker 2>I mean, it's been a while since some of us

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<v Speaker 2>saw a two at the beginning of the game, avice,

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<v Speaker 2>which is, you know, quite thrilling and frankly good for

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<v Speaker 2>the economy. Because remember, every dollar that we're not pumping

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<v Speaker 2>into our gas tank is a dollar that you can

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<v Speaker 2>spend taking your family out to dinner, going on vacation,

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<v Speaker 2>but you know, spending on back to school clothes. So

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<v Speaker 2>it's actually acts as a tax cut for the economy.

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<v Speaker 2>People have more money in their pockets or to save. Frankly,

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<v Speaker 2>you know, they're not just spending it to get to

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<v Speaker 2>work to drive their cars. So this is a really

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<v Speaker 2>good thing for the economy. And what we're seeing throughout

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<v Speaker 2>the economic numbers is that the economy is actually doing

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<v Speaker 2>quite well. The Atlanta Fed's GDP now estimate, which is

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<v Speaker 2>you know, it changes a lot over the course of

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<v Speaker 2>a quarter, but it tries to look at the most

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<v Speaker 2>recent economic doubt and says, if this is how if

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<v Speaker 2>the economy looks exactly how it does right now through

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<v Speaker 2>the rest of the quarter, what would that mean? It

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<v Speaker 2>has us growing at three point eight percent. Now, I

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<v Speaker 2>don't think we're going to grow at three point eight

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<v Speaker 2>percent in this April through June period, but we are

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<v Speaker 2>growing pretty fast and the economy is doing very well,

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<v Speaker 2>which again you wouldn't know looking at a lot of

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<v Speaker 2>the headlines elsewhere, because there is a lot of doom

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<v Speaker 2>and gloom out there, but I don't and that has

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<v Speaker 2>depressed consider sub to it. But I don't think that'll

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<v Speaker 2>last because, as I've said a number of times, you

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<v Speaker 2>can't really fool people about the economy because they see

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<v Speaker 2>it in their paychecks, they see it in their neighbors.

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<v Speaker 2>They know when people have jobs. So the truth will

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<v Speaker 2>out when it comes to the economy.

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<v Speaker 3>So let me assaysk you in this fashion. Is the

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<v Speaker 3>gloom and doom reporting that I see regularly because for

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<v Speaker 3>this job, John, I got to look at everything. I

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<v Speaker 3>look at left wings, I look at right wing sites,

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<v Speaker 3>I look at everything in the middle, so I kind

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<v Speaker 3>of get a clear picture of where the bad news

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<v Speaker 3>is coming from. Is this a phenomenon of like Trump

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<v Speaker 3>derangement syndrome? We cannot say a positive thing because Donald

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<v Speaker 3>Trump might get credit for it.

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<v Speaker 2>It is what's really funny. So I read everything there

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<v Speaker 2>is that comes out about the economy because that's my job,

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<v Speaker 2>and I can see where the way this manifests itself

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<v Speaker 2>is that when there is good news, it is spun

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<v Speaker 2>in the worst way. Yes, when we got good news

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<v Speaker 2>on inflation, there were headlines that said inflation is low,

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<v Speaker 2>but that probably won't last for law.

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<v Speaker 1>Right.

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<v Speaker 2>In other words, you know, they ignore the actual good

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<v Speaker 2>data and try to lead with the scary prediction. It

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<v Speaker 2>doesn't really make sense, but it's definitely out there, this

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<v Speaker 2>pushing the gloom narrative.

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<v Speaker 3>Yeah, and you know it's funny because I have a

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<v Speaker 3>financial planner on the program every week to talk about

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<v Speaker 3>you know, financial planning, and you know the things that

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<v Speaker 3>impact our long term outlooks. And you know, you're always

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<v Speaker 3>pointing out, yeah, it's this way now, but it will change.

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<v Speaker 3>The markets go up, the markets go down. That's inevitable.

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<v Speaker 3>So enjoy it while it lasts, because, yes, the inflation

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<v Speaker 3>will change in one direction or another. It may very

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<v Speaker 3>well get better to leave that part out, you know.

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<v Speaker 2>Yes, And look, I think that there probably will be

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<v Speaker 2>some prices. I've said this before. Tariffs will affect some prices.

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<v Speaker 2>It'll push some prices up, but it will most likely

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<v Speaker 2>result in other prices being lower. So it won't result

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<v Speaker 2>in the kind of inflation that we just lived through,

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<v Speaker 2>which was month after month, all prices more or less

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<v Speaker 2>going up. We won't see that this time. We may

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<v Speaker 2>see some things that are directly affected by teriffs. Those

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<v Speaker 2>prices go up, but remember most of the things people

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<v Speaker 2>buy in America are services, first of all not affected

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<v Speaker 2>by tariffs, and second are domestically produced goods. Your eggs,

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<v Speaker 2>for instance, most of your groceries. Yes, avocados, a lot

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<v Speaker 2>of them are imported, but a lot of what we

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<v Speaker 2>buy is not actually imported won't be affected by tariffs.

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<v Speaker 2>Only some of it will go up in price and

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<v Speaker 2>other things will come down, so I don't expect some

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<v Speaker 2>sort of big inflation from the tariffs.

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<v Speaker 3>Well, and going back to the price of fuel, obviously

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<v Speaker 3>the price of diesel also has dropped, and that's what

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<v Speaker 3>we pay for in terms of delivering all the goods

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<v Speaker 3>and the goods in our country to the supermarkets and elsewhere.

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<v Speaker 3>So maybe some of the potential increases from terrafs might

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<v Speaker 3>be offset by lower transportation costs, so we won't feel

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<v Speaker 3>it as badly.

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<v Speaker 2>I think that's right. We'll have lower transportation costs and

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<v Speaker 2>lower energy costs to produce things because, as you said,

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<v Speaker 2>you know, when you order something online it gets delivered

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<v Speaker 2>by a truck that you have to fill that up

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<v Speaker 2>with guessing. But even further out in the economy, a

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<v Speaker 2>lot of things have to be shipped either by rail

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<v Speaker 2>or by truck to a factory to be processed into

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<v Speaker 2>a good that we make. And so when you bring

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<v Speaker 2>down the cost of fuel, it actually does have a

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<v Speaker 2>ripple effect through the economy that can actually have a

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<v Speaker 2>deflationary effect, and I think we're going to see that

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<v Speaker 2>counter balancing this inflationary effect. One of the things that

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<v Speaker 2>the re election of Donald Trump has done is reassure

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<v Speaker 2>people that, yes, when we have Democrats in office, they

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<v Speaker 2>will probably try to crack down on fossil fuels. But

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<v Speaker 2>we're not on a one way track, right. This war

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<v Speaker 2>against fossil fuels is not inevitable. It's not just going

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<v Speaker 2>to happen in one direction. We can push back and

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<v Speaker 2>do energy abundance. And I think that's very reassuring to

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<v Speaker 2>anybody who wants to, for instance, either go to work

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<v Speaker 2>in the field of drilling or extracting, or or be

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<v Speaker 2>a chemical engineer. In these fields. Those are all threatened occupation, yes,

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<v Speaker 2>much less being an investor in those fields who wants

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<v Speaker 2>to invest in something the President is saying he's going

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<v Speaker 2>to wipe out in the next ten years nobody. Instead,

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<v Speaker 2>now people can feel a little bit more reassured that

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<v Speaker 2>we're not going to allow the government to wipe out

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<v Speaker 2>oil natural gas.

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<v Speaker 3>Well, we've also got cautionary tails out in the world

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<v Speaker 3>which are causing people to maybe take some pause over

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<v Speaker 3>pursuing this so called green energy production. And we had

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<v Speaker 3>the whole issue in Spain and Portugal with the outage

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<v Speaker 3>of the power plants who relied I guess like seventy

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<v Speaker 3>five percent on solar. They had a major disruption because

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<v Speaker 3>solar is not isn't easily controlled because of the sun

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<v Speaker 3>like ebbs and flows. But that if you don't have

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<v Speaker 3>backup energy production gas coal, nuclear, the lights are going

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<v Speaker 3>to go out, and no, no one likes that when

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<v Speaker 3>they're stuck on an elevator, most notably right.

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<v Speaker 2>So you absolutely, you know it's fine to supplement oil

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<v Speaker 2>natural gas with solar panels, you know water when that's great,

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<v Speaker 2>but again those are not reliable. You know, the weather changes,

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<v Speaker 2>the climate changes, so you can't count on it to

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<v Speaker 2>be there when you need it. At the very least,

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<v Speaker 2>you need an underlying infrastructure that's going to base down

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<v Speaker 2>fossil fuels for the foreseeable future. So they were trying

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<v Speaker 2>to push us ahead to a future that we actually

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<v Speaker 2>don't have the technology for you. We cannot be reliant

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<v Speaker 2>on solar power, for instance, and we won't be. And

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<v Speaker 2>but the problem is when they were trying so hard

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<v Speaker 2>to push us, they were trying to make it so

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<v Speaker 2>that people would invest less in fossil fuels. And when

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<v Speaker 2>you invest less than fossil fuels, you're extracting ress of it,

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<v Speaker 2>which pushes up the price. So even though they claimed

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<v Speaker 2>that they weren't trying to raise the price in gasoline

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<v Speaker 2>and oil and natural gas, of course they were. Of

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<v Speaker 2>course it was very intentional. They wanted it to be

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<v Speaker 2>more expensive.

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<v Speaker 3>Well, Barack Obama famous quote the price of gas will

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<v Speaker 3>necessarily go up, and didn't he predict the future accurately?

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<v Speaker 3>I mean, that was the idea, you know, And I

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<v Speaker 3>have a t shirt that says, you know, great ideas

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<v Speaker 3>do not require force. And this green energy crap is

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<v Speaker 3>being is being forced upon an economy that is not

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<v Speaker 3>demanding it, either through incentives or just outright bands and

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<v Speaker 3>refusals to allow drilling or whatever. You know. Extraction goes

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<v Speaker 3>on by the permitting requirements to get a modular nuclear

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<v Speaker 3>plant build all the impediments that are thrown in the

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<v Speaker 3>way by government force you to go into a direction

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<v Speaker 3>you don't want to go, and that's that's going to

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<v Speaker 3>cause problems with the price of gasoline, which it did intentionally.

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<v Speaker 2>Right and we also so to follow through on that theme,

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<v Speaker 2>they were trying to force the car companies to make

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<v Speaker 2>far more electric vehicles. The car companies discovered is that

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<v Speaker 2>their demand just isn't there. People don't want People will

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<v Speaker 2>buy hybrids, but the demand for a pure electric car

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<v Speaker 2>is not there. The market has rejected this. It's a

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<v Speaker 2>niche market. It's fine, there will always be a small segment,

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<v Speaker 2>but it doesn't fit the lifestyles of many people across America.

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<v Speaker 2>So they were trying that. They were trying to rate

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<v Speaker 2>and raise the price of extraction. Basically banned pipelines. If

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<v Speaker 2>you can't have pipelines, you can't get oil to a refinery.

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<v Speaker 2>There's no point in even taking it out of the ground.

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<v Speaker 2>It's almost impossible to build a new refinery. Fortunately, there

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<v Speaker 2>was recently last week a new Supreme Court decision that

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<v Speaker 2>actually may be pairing back some of the environmentalists interference

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<v Speaker 2>in the US, and that could be very helpful.

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<v Speaker 3>It is you don't have to look at the downstream

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<v Speaker 3>changes at what others downstream will do in connection with

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<v Speaker 3>whatever project is being as an environmental review.

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<v Speaker 2>I believe that was I don't even like to call

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<v Speaker 2>it downstream changes. It was really imaginary changes. Somebody could

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<v Speaker 2>come up with some way that this could be the

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<v Speaker 2>pollution in the future. You couldn't build it, right, so

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<v Speaker 2>you wanted literally in this in the case was that

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<v Speaker 2>was settled by the court, decided by the court. Somebody

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<v Speaker 2>wanted to build a railroad, right, and somebody said, well,

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<v Speaker 2>if you build the railroad there, somebody might drill for

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<v Speaker 2>oil nearby, because you'll have a railroad that they could

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<v Speaker 2>ship the oil on, and that would cause more and

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<v Speaker 2>when you burn that oil, it would put carbon in

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<v Speaker 2>the air, which may cause global climate change, which therefore

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<v Speaker 2>your character I mean.

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<v Speaker 1>And then you have to do it.

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<v Speaker 3>You have to do the environment You have do an

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<v Speaker 3>environmental study for a project that hasn't even been suggested yet.

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<v Speaker 3>I mean, that's the absurdity of it. And then that

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<v Speaker 3>project obviously would yield further downstream environmental studies for fictitious

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<v Speaker 3>product that someone came up within their head. The idea

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<v Speaker 3>that we lived in that world up until the Supreme

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<v Speaker 3>Court decision came out just boggles my mind, John, It

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<v Speaker 3>really does.

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<v Speaker 1>You know.

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<v Speaker 2>And one of the most amazing things is that decision

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<v Speaker 2>was nearly unanimous. It was just because one of the

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<v Speaker 2>judges didn't participate in it ato, so even the liberal

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<v Speaker 2>judges agreed that it had gone way too far. And

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<v Speaker 2>to me, it's actually kind of amazing that we weren't

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<v Speaker 2>having a bigger discussion about this. Congress actually should have

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<v Speaker 2>acted even earlier. They should have been rekealing this law

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<v Speaker 2>because it was crazy that it took the courts to

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<v Speaker 2>say we shouldn't have this.

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<v Speaker 3>How many topics could we say that prior sentence Congress

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<v Speaker 3>should have acted? How many topics could we talk about

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<v Speaker 3>Congress should have acted? Uh?

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<v Speaker 1>You find it at Breitbart b R E. I. T. B.

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<v Speaker 1>A Art. He is the financi and Economics editor.

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<v Speaker 3>Always a pleasure to have you on the program, John Carney,

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<v Speaker 3>keep up the great work, friend. I'll look forward to

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<v Speaker 3>another discussion with you soon.

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<v Speaker 2>Thanks for having me.

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<v Speaker 3>Always a pleasure. It's a twenty right now at fifty

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<v Speaker 3>five KR see the talk station and I get to

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<v Speaker 3>mention plumb type plumbing. It's always plumbing done right. They

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<v Speaker 3>are outstanding plumbers. They know this, They've done projects at

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<v Speaker 3>my home. They're always a well oiled machine and no

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<v Speaker 3>service fee, a free estimate Better Business Bureau rating of

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<v Speaker 3>A plus. Why because they'd have great customer service and

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<v Speaker 3>the price is always right and they know you deserve

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<v Speaker 3>better and deliver on that. Get a tankless water here

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<v Speaker 3>of that giant tank, and have unlimited hot water. Some

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<v Speaker 3>listener mentioned to me he has four daughters, and he said,

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<v Speaker 3>I got to get one of those tanklests.

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<v Speaker 1>He said, we're always running out of hot water.

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<v Speaker 3>Last longer than tanks two ten to fifteen years for

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<v Speaker 3>traditional tank these tankless last north of twenty years. So

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<v Speaker 3>you got all kinds of reasons to call plump type

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<v Speaker 3>plumbing for a tankless water heater. They'll also fix your

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<v Speaker 3>some pump. They will repair your sewer line without having

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<v Speaker 3>to dig.

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<v Speaker 1>That's right.

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<v Speaker 1>Fifty five KRC dot com For more information, ab