1 00:00:21,760 --> 00:00:27,120 Speaker 1: And hello, Welcome to the Big Podcast. It is Wednesday. 2 00:00:27,320 --> 00:00:30,879 Today is the tenth day of June, Year of Our Lord, 3 00:00:30,879 --> 00:00:35,200 twenty twenty six. My name is Tom Sullivan. And back 4 00:00:35,240 --> 00:00:41,439 to war we go, maybe kind of. No, it's not 5 00:00:41,479 --> 00:00:44,679 going to be some big barrage of military attacks on Iran, 6 00:00:44,759 --> 00:00:51,439 but the President is authorizing some military action. We've got that, 7 00:00:51,799 --> 00:00:57,119 we've got California. Some of the some of the comments 8 00:00:57,159 --> 00:01:01,880 that are being made by Democrats about Bisera and they're 9 00:01:01,920 --> 00:01:06,159 not good. These are democrats. No, they don't like him. 10 00:01:06,760 --> 00:01:09,840 Inflation numbers came out this morning and they're higher, but 11 00:01:10,719 --> 00:01:14,079 it's not as bad as as the headlines suggest. But 12 00:01:14,159 --> 00:01:18,079 let's start with Iran and the war. And we told 13 00:01:18,120 --> 00:01:22,560 you yesterday that an Apache helicopter was shot down over 14 00:01:23,439 --> 00:01:26,000 in the area of the of the Strait of Horn 15 00:01:26,040 --> 00:01:29,680 Moves and landed in the water off of the coast 16 00:01:29,719 --> 00:01:37,079 of Oman. Was picked up by a drone boat, twenty 17 00:01:37,359 --> 00:01:42,719 four foot boat. It's pretty cool remote control. So, I mean, 18 00:01:42,760 --> 00:01:45,359 that story is interesting, but what it did was it 19 00:01:45,400 --> 00:01:49,879 triggered the President to say, that's it, that's it. We're 20 00:01:49,920 --> 00:01:52,920 going to have to go back, and we're going to 21 00:01:52,959 --> 00:01:55,640 have We're going to have to respond to this, and 22 00:01:55,719 --> 00:01:58,560 so we did last night. There were a number of 23 00:01:59,560 --> 00:02:03,319 they shot at us, We shot at them, They shot 24 00:02:03,359 --> 00:02:10,800 into a bahrain, So, to put it bluntly, we are 25 00:02:10,960 --> 00:02:15,719 doing some firing at them, but not it's very strategic 26 00:02:15,960 --> 00:02:20,840 on very particular targets that have been unleashed, but it's 27 00:02:20,879 --> 00:02:24,360 not the big attack that we did when this whole 28 00:02:24,360 --> 00:02:28,120 thing started back on February twenty eighth. Let me play 29 00:02:28,280 --> 00:02:31,400 for you some of the things that the President has 30 00:02:31,400 --> 00:02:35,159 said he's been holding. I mean, he holds these powwows 31 00:02:35,159 --> 00:02:38,280 in the Oval Office with the media and a lot 32 00:02:38,360 --> 00:02:40,479 of them. So I want to get some of those. 33 00:02:40,520 --> 00:02:44,120 But I also want to get Brett mcgirkin here, who 34 00:02:44,199 --> 00:02:48,680 has been very involved in negotiating with the Middle Eastern 35 00:02:48,680 --> 00:02:52,759 countries for prior for prior presidents. So let's see what 36 00:02:52,800 --> 00:02:56,879 he says about what the latest is on kinetic action 37 00:02:57,039 --> 00:02:58,560 between the US and Iran. 38 00:02:59,199 --> 00:03:00,879 Speaker 2: I think, as I've been looking this, a deal is 39 00:03:00,919 --> 00:03:02,599 not I don't think a deal is eminent. I've been 40 00:03:02,599 --> 00:03:05,159 watching very closely on baths is. In my experience of 41 00:03:05,199 --> 00:03:08,240 negotiating with Iranians, they don't seem to be ready to 42 00:03:08,360 --> 00:03:10,199 do a deal, at least on the terms that President 43 00:03:10,240 --> 00:03:13,039 Trump has been talking about. And in the last week 44 00:03:13,400 --> 00:03:15,240 in the Gulf and in the straight up her moves, 45 00:03:15,280 --> 00:03:21,319 you've had repeated incidents of Iran attacking ships, attacking Kuwait, Bahrain, 46 00:03:21,719 --> 00:03:24,000 and then of course is very serious incident against our 47 00:03:24,039 --> 00:03:26,879 pastre helicopter. We're so fortunate that the pilot and the 48 00:03:26,919 --> 00:03:29,479 airmen are safe, which looks like it could have been 49 00:03:29,479 --> 00:03:32,039 a deliberate attack. I mean that tells you where the 50 00:03:32,159 --> 00:03:35,479 decision makers in Iran, the Revolutionary Guard, where they are. 51 00:03:35,599 --> 00:03:38,840 They are not in deal making mode. Perhaps Abas Sarachi, 52 00:03:38,879 --> 00:03:41,919 the President Pajeskian, they might be in a different place. 53 00:03:42,400 --> 00:03:44,800 But the people hold power in Tehran as I see it, 54 00:03:45,199 --> 00:03:48,759 they are not ready for a deal, and they're preparing 55 00:03:49,039 --> 00:03:51,400 for renewed conflict. It's what I see Iran doing. And 56 00:03:51,439 --> 00:03:54,639 I'll get to the options because I what Iran does 57 00:03:54,680 --> 00:03:57,719 to collapse the power equation, which were the far more 58 00:03:57,759 --> 00:04:01,879 powerful country. They focus on poession, taking something that we want. 59 00:04:01,919 --> 00:04:04,680 That's why they've used hostages for so many years. And 60 00:04:04,759 --> 00:04:07,199 now this is like the ultimate hostage negotiation because they 61 00:04:07,240 --> 00:04:09,560 have the straight up for Moose. They have it, they 62 00:04:09,599 --> 00:04:11,520 know we want it, and they'll set the price and 63 00:04:11,520 --> 00:04:15,080 then they'll sit. That's what I think, that's their negotiating tactic. 64 00:04:15,159 --> 00:04:17,040 That's what I see them doing. So what are the 65 00:04:17,040 --> 00:04:19,800 options for the US. We can concede to their demands. 66 00:04:19,800 --> 00:04:23,279 Their demands are massive upfront relief of funds about twenty 67 00:04:23,279 --> 00:04:28,519 four billion dollars, that's one, and to concede to Iran's 68 00:04:28,560 --> 00:04:31,199 sovereign control of the straight up for Moose. They want 69 00:04:31,279 --> 00:04:34,240 us to kind of recognize that, and unless you can 70 00:04:34,279 --> 00:04:37,079 fudge that, there's not going to be a path. The 71 00:04:37,120 --> 00:04:39,600 second options, you just sit. That means that we keep 72 00:04:39,600 --> 00:04:43,319 our blockade. Economic pressure compounds inside Iran, but also the 73 00:04:43,319 --> 00:04:47,120 global macroeconomic pressure compounds, so that that's kind of the 74 00:04:47,120 --> 00:04:51,319 default option. The third option of fight is SYCOM could 75 00:04:51,360 --> 00:04:54,600 do an operation to try to seize control of the strait. Now, 76 00:04:54,639 --> 00:04:56,879 what's happening behind the scenes, and the President alluded to 77 00:04:56,920 --> 00:05:00,720 it today, is that ships are at night, they're turning 78 00:05:00,759 --> 00:05:03,519 off their transponders and kind of hugging the coast, and 79 00:05:03,720 --> 00:05:06,199 US military assets are protecting those ships. That's what I 80 00:05:06,199 --> 00:05:08,680 think that Apache helicopter is doing, and Iran is trying 81 00:05:08,680 --> 00:05:11,560 to target those ships that's kind of the nightly activity 82 00:05:11,680 --> 00:05:14,759 in the Strait. So that's kind of where things sit now. 83 00:05:15,240 --> 00:05:17,959 I think the best option is probably Option B. Just sit, 84 00:05:18,120 --> 00:05:20,399 keep the pressure on, you know, try to continue with 85 00:05:20,399 --> 00:05:23,439 the diplomacy. But I don't see a near turn path 86 00:05:23,519 --> 00:05:25,360 to a deal, and a deal in which we did 87 00:05:25,399 --> 00:05:28,439 pay that money up front, and if we were to 88 00:05:28,519 --> 00:05:31,680 ever accede to the principle that Iran controls this space, 89 00:05:32,000 --> 00:05:34,000 I think that is just setting conditions for an even 90 00:05:34,040 --> 00:05:37,000 worse possible conflict down the road. It's a very difficult 91 00:05:37,079 --> 00:05:39,040 predicament for us, and maybe we should have thought about 92 00:05:39,040 --> 00:05:41,279 this might be where we would end up. But where 93 00:05:41,279 --> 00:05:43,839 we are we are now, and I think you got 94 00:05:43,879 --> 00:05:46,439 to sit, keep the pressure on, but be ready because 95 00:05:46,439 --> 00:05:48,160 Iran's going to challenge us, and then you got to 96 00:05:48,240 --> 00:05:48,600 hit back. 97 00:05:48,879 --> 00:05:51,480 Speaker 1: I think he's right. I think the Iranians are not 98 00:05:51,600 --> 00:05:55,959 in any mood for any deal, and they are playing us, 99 00:05:56,000 --> 00:05:59,680 They're playing President Trump, and they're just they're just not 100 00:05:59,759 --> 00:06:03,600 going to do anything. They're not going to agree to anything. Meantime, 101 00:06:03,759 --> 00:06:10,360 the President has become now infamous for his it's going 102 00:06:10,439 --> 00:06:13,360 to be just a couple of days. He keeps saying 103 00:06:13,480 --> 00:06:17,800 that here's some examples just within the last twenty four hours, said. 104 00:06:17,639 --> 00:06:19,920 Speaker 3: And now they will have to pay the price. Yeah, 105 00:06:19,920 --> 00:06:21,160 what do you mean by necessariat. 106 00:06:21,319 --> 00:06:24,319 Speaker 4: Well, we're going to be attacking the attacking them very hot. 107 00:06:24,480 --> 00:06:25,319 Speaker 3: Its long. 108 00:06:26,079 --> 00:06:28,920 Speaker 4: Yeah, well, the Eastern the helicopter. I guess we have 109 00:06:29,000 --> 00:06:32,000 the right to do that. I've been working with around 110 00:06:32,040 --> 00:06:38,600 for a number of months and nation with it signed 111 00:06:38,600 --> 00:06:41,920 the NEIL. It's a good deal. It doesn't give them 112 00:06:41,959 --> 00:06:43,399 the right to have a nuclear weapon. 113 00:06:43,920 --> 00:06:46,199 Speaker 1: He says, they have to pay the price. But then 114 00:06:46,199 --> 00:06:51,319 he also talks about well kind of vague about it, 115 00:06:51,360 --> 00:06:53,560 but the fact that he wants to use the military 116 00:06:53,639 --> 00:06:55,399 to some extent limited. 117 00:06:56,720 --> 00:07:01,480 Speaker 4: We have the strongest military anywhere in the world, and 118 00:07:02,120 --> 00:07:04,839 sometimes you'll have to use it. And we have to 119 00:07:04,920 --> 00:07:09,199 remember and when people hear this, Iran very simply cannot 120 00:07:09,199 --> 00:07:11,839 have a nuclear weapon and they won't and they've agreed 121 00:07:11,879 --> 00:07:14,040 to that. All they have to do is they have 122 00:07:14,079 --> 00:07:18,759 to start signing a paper. It's fully negotiated. We have 123 00:07:18,800 --> 00:07:22,319 a fully negotiated But they're tapping and tapping, and I said, 124 00:07:22,560 --> 00:07:24,959 I must give him a couple more days. They're tapping 125 00:07:26,240 --> 00:07:28,560 because it's a meaningful paper. They know when they sign 126 00:07:28,639 --> 00:07:33,680 that paper, it's meaningful. The Obama deal JCPOA one of 127 00:07:33,720 --> 00:07:36,439 the worst, one of the dumbest documents I've ever seen yet. 128 00:07:37,199 --> 00:07:40,199 Speaker 1: So he's still going back to the Obama document. But 129 00:07:40,360 --> 00:07:44,000 he keeps saying that we have the strongest military ever 130 00:07:44,480 --> 00:07:47,600 and up until now hasn't used them. Until last night. 131 00:07:47,839 --> 00:07:50,920 He says he's going to strike again today, which I 132 00:07:50,959 --> 00:07:53,199 don't know. I didn't think you were supposed to telegraph 133 00:07:53,279 --> 00:07:55,759 that sort of stuff, but he did. So we'll see 134 00:07:55,800 --> 00:07:58,839 what he comes up with today. And he keeps talking 135 00:07:58,839 --> 00:08:01,959 about this agreement. It's all laid out and everybody's agreed 136 00:08:01,959 --> 00:08:03,879 to everything. All they got to do is sign it. 137 00:08:04,959 --> 00:08:08,199 Here's the President talking about the fact that we have 138 00:08:08,399 --> 00:08:09,240 total victory. 139 00:08:09,519 --> 00:08:11,600 Speaker 3: We're negotiating now and they. 140 00:08:11,480 --> 00:08:13,240 Speaker 5: Want to make a very good deal. They're willing to 141 00:08:13,240 --> 00:08:17,040 give us everything. They're willing to give us no nuclear weapon. 142 00:08:17,079 --> 00:08:19,040 I think we are winning that battle, but you're really 143 00:08:19,040 --> 00:08:21,199 going to win it over the next two weeks. When 144 00:08:21,240 --> 00:08:23,720 we declare total victory, it'll be a total victory. It'll 145 00:08:23,720 --> 00:08:26,959 happen very soon, and oil prices will come tumbling down. 146 00:08:27,240 --> 00:08:32,440 Speaker 6: We have ongoing negotiations and Iran and with Iran that 147 00:08:33,120 --> 00:08:38,480 hasn't supped, and we could have at least an idea 148 00:08:38,600 --> 00:08:41,159 by one or two days from now. But I think 149 00:08:41,200 --> 00:08:46,200 it's going well. The blockade continues to hold one. 150 00:08:47,360 --> 00:08:50,600 Speaker 1: It's kind of confusing. It's very confusing because he keeps 151 00:08:50,600 --> 00:08:52,519 saying that we've got this deal. But he's been saying 152 00:08:52,559 --> 00:08:57,360 that now thirty seven times over the last forty days, 153 00:08:58,120 --> 00:08:59,799 that we've got this deal and all they got to 154 00:08:59,799 --> 00:09:02,879 do sign it, and they've agreed to everything, and so 155 00:09:03,000 --> 00:09:07,639 far it hasn't produced any results other than Iron keeps 156 00:09:07,799 --> 00:09:12,919 coming after us, and they're still firing at our allies 157 00:09:13,039 --> 00:09:18,320 or at us. The Wall Street Journal raises some eyebrows. 158 00:09:18,440 --> 00:09:22,159 Their reporting is is that they the president, even though 159 00:09:22,159 --> 00:09:26,679 the helicopter was shot down, did not want to do anything. 160 00:09:27,600 --> 00:09:31,519 Wall Street Journal says that the President hadn't been convinced 161 00:09:31,559 --> 00:09:35,240 of the need to retaliate earlier in the day. In 162 00:09:35,279 --> 00:09:38,200 a phone call yesterday with the Wall Street Journal, he 163 00:09:38,320 --> 00:09:42,600 played down the incident, repeatedly saying it wasn't a big 164 00:09:42,639 --> 00:09:48,480 deal and stressed that the pilots were not seriously injured. Apparently, 165 00:09:48,519 --> 00:09:53,399 he changed his mind after Hegseth and the Joint Chairman 166 00:09:53,919 --> 00:09:59,120 Joint Chief Chairman, General Dan Kin recommended military action. At 167 00:09:59,159 --> 00:10:03,480 a military briefing in the White House, haig Zepn Kane 168 00:10:03,559 --> 00:10:07,720 provided Trump with updated information about the drone that struck 169 00:10:08,320 --> 00:10:12,120 the US helicopter. I want asked for comment, The Pentagon 170 00:10:12,200 --> 00:10:15,720 said in his statement it did not discuss internal deliberations. 171 00:10:15,759 --> 00:10:19,360 But the President told the Wallsbridge Journal it wasn't a 172 00:10:19,360 --> 00:10:23,240 big deal. He had to be talked into some sort 173 00:10:23,279 --> 00:10:28,000 of military use. He's really reluctant to use kinetic action. 174 00:10:28,320 --> 00:10:33,039 The latest former high ranking military officer who is still 175 00:10:33,440 --> 00:10:37,799 pushing for using the military Admiral Fozzi Miller. This is 176 00:10:37,840 --> 00:10:38,639 his response. 177 00:10:39,039 --> 00:10:42,039 Speaker 7: What needs to happen is the United States needs to 178 00:10:42,080 --> 00:10:45,000 take control of the escalation ladder. And if you look 179 00:10:45,000 --> 00:10:48,000 at what's just transpired over the last twenty four hours, 180 00:10:48,200 --> 00:10:52,159 the Aranians shootdown in a Pasche helicopter. We respond to 181 00:10:52,279 --> 00:10:55,559 this Iranian aggression. We respond in a very measured, non 182 00:10:55,679 --> 00:10:59,519 escalatory way to make sure that it doesn't impact the ceasefire. 183 00:11:00,039 --> 00:11:02,240 And then we wait for the Iranian response, which we 184 00:11:02,320 --> 00:11:06,039 got and there was missiles into Kuwait, into Bahrain and 185 00:11:06,080 --> 00:11:11,240 into Jordan. So suddenly the Iranians are controlling the escalation ladder. 186 00:11:11,600 --> 00:11:14,159 That's not how we're going to win in negotiation. We 187 00:11:14,240 --> 00:11:17,600 need to have control that escalation ladder. The Iranian regime 188 00:11:17,679 --> 00:11:22,240 needs to understand if they conduct any kinetic strikes anywhere 189 00:11:22,279 --> 00:11:26,080 in the Gulf, that is a broach of the ceasefire 190 00:11:26,159 --> 00:11:28,879 and they'll pay a serious consequence for that. So there 191 00:11:28,879 --> 00:11:32,519 needs to be a cost imposition that they're currently not feeling. 192 00:11:33,360 --> 00:11:36,200 Speaker 1: Yeah, they're not doing it. The part of the strategy 193 00:11:36,639 --> 00:11:43,320 is to use diplomatic pressure, economic pressure, and military pressure, 194 00:11:43,360 --> 00:11:47,480 but we're not doing that. Back to the Admiral, Well, we've. 195 00:11:47,279 --> 00:11:51,039 Speaker 7: Been hearing for the entire length of the ceasefire pieces 196 00:11:51,080 --> 00:11:53,639 at hand that the Iranians are desperate to make a deal. 197 00:11:54,080 --> 00:11:57,600 The deal's coming at any moment. The Iranians are desperate 198 00:11:57,600 --> 00:11:59,960 to stay in power, and that's never going to change. 199 00:12:00,279 --> 00:12:02,399 So if we want that to change, there needs to 200 00:12:02,440 --> 00:12:06,600 be constant pressure on them. That's military pressure, diplomatic pressure, 201 00:12:06,840 --> 00:12:10,200 economic pressure. Anytime we ease off on any of that, 202 00:12:10,559 --> 00:12:12,399 the Iranians are going to see it as a victory. 203 00:12:12,399 --> 00:12:15,000 They're going to see it as an opening, and this 204 00:12:15,519 --> 00:12:17,440 conflict is going to continue on and on. 205 00:12:17,840 --> 00:12:20,480 Speaker 1: I fully agree with them again, you've got to use economic, 206 00:12:20,519 --> 00:12:24,639 diplomatic and military pressure. Otherwise the enemy is not going 207 00:12:24,720 --> 00:12:27,120 to make any changes. They're just going to wait us out. 208 00:12:28,639 --> 00:12:32,320 Speaker 7: Well, the President's been extraordinarily patient thus far, maybe more 209 00:12:32,360 --> 00:12:34,960 patient than many of the rest of us would be 210 00:12:35,080 --> 00:12:36,480 or think that maybe he should be. 211 00:12:37,000 --> 00:12:37,080 Speaker 1: So. 212 00:12:37,960 --> 00:12:41,039 Speaker 7: In his true social posts this morning, he indicated that 213 00:12:41,080 --> 00:12:44,200 the Iranians had missed their opportunity and that they should 214 00:12:44,200 --> 00:12:47,120 stand by. I don't know that we need to go 215 00:12:47,240 --> 00:12:49,440 back to four or five hundred strikes a day, but 216 00:12:49,519 --> 00:12:52,720 certainly we need an active military effort that's aimed at 217 00:12:52,720 --> 00:12:56,399 getting the straight open. So when we talk about bombing 218 00:12:56,519 --> 00:13:01,200 radar sites and other infrastry ructure that's in place in 219 00:13:01,240 --> 00:13:03,840 the Straight of horm Moose, all of that should be gone. 220 00:13:03,919 --> 00:13:07,679 DDE regime's ability to close the Straight of Hormus needs 221 00:13:07,759 --> 00:13:09,759 to be shut down. We need to put that pressure 222 00:13:09,799 --> 00:13:12,559 on them. Eventually, we may need to put more pressure 223 00:13:12,559 --> 00:13:15,159 on them, and that includes lines of communication. How are 224 00:13:15,200 --> 00:13:18,759 they communicating from Tehran down to the strait. How are 225 00:13:18,759 --> 00:13:22,600 they moving weapons around the country, Whether that's interdicting roads 226 00:13:22,639 --> 00:13:25,279 or bridges, that remains to be seen, but all of 227 00:13:25,320 --> 00:13:27,200 those things need to be on the table, and the 228 00:13:27,240 --> 00:13:30,360 regime needs to understand they are in fact on the table. 229 00:13:30,519 --> 00:13:33,559 Speaker 1: Well, I think the regime does understand that they're not 230 00:13:33,639 --> 00:13:36,799 on the table. The President is holding back and saying 231 00:13:36,879 --> 00:13:40,600 so out loud. He's telling the enemy what we won't do. 232 00:13:41,000 --> 00:13:44,440 We won't use our military. So now we're using very limited, 233 00:13:45,039 --> 00:13:49,519 limited military response just because the President said he was 234 00:13:50,200 --> 00:13:52,440 you have to. And what we find out from the 235 00:13:52,480 --> 00:13:55,519 Wall Street Journal was he wasn't willing to even do that. 236 00:13:56,159 --> 00:13:59,200 So let's wait and see what the President has ordered 237 00:13:59,240 --> 00:14:01,399 up for the next round. He says he's going to 238 00:14:01,440 --> 00:14:05,440 do more today, and again I haven't seen anything as 239 00:14:05,480 --> 00:14:09,240 of the moment that we're recording this podcast. As far 240 00:14:09,399 --> 00:14:14,720 as your pocketbook is concerned. Pretty amazing to watch, even 241 00:14:14,759 --> 00:14:18,919 though things are fluttering back up again atage. This average 242 00:14:18,960 --> 00:14:22,159 gas price across the country for the cheap stuff four 243 00:14:22,200 --> 00:14:26,120 dollars fifteen cents. That is down a penny from yesterday. 244 00:14:26,559 --> 00:14:30,240 It's down eleven cents from a week ago. It's down 245 00:14:30,879 --> 00:14:34,720 thirty seven cents a gallon from a month ago. And 246 00:14:34,759 --> 00:14:39,320 the same sort of results are coming from Diesel. Diesel's 247 00:14:39,360 --> 00:14:42,519 now five dollars thirty cents, but that's down from yesterday. 248 00:14:42,559 --> 00:14:47,080 It's down from a week ago, it's down thirty four 249 00:14:47,200 --> 00:14:51,399 cents from a month ago. So gas prices are going lower. 250 00:14:51,960 --> 00:14:54,879 But there is a concern about the fact that we 251 00:14:55,039 --> 00:15:00,879 are going to run out of backup patrol. A number 252 00:15:00,919 --> 00:15:06,519 of countries, there's strategic petroleum reserves, including ours, keep dropping. 253 00:15:06,559 --> 00:15:09,399 We are taking oil out. So let me bring in 254 00:15:09,639 --> 00:15:13,000 David Road, who does reporting on what's going on with 255 00:15:13,080 --> 00:15:16,720 the war with Iran, and he's got a couple things. 256 00:15:16,720 --> 00:15:19,639 First of all, the fact that the ceasefire, of course 257 00:15:19,840 --> 00:15:23,799 is more obviously unraveling. But in addition to that, he 258 00:15:23,919 --> 00:15:29,399 gets into how, well, what the what the guy from 259 00:15:29,440 --> 00:15:32,879 the American Petroleum Institute told us yesterday is that the 260 00:15:32,919 --> 00:15:36,960 world is getting dangerously low on oil and gas reserves, 261 00:15:37,519 --> 00:15:40,879 and if it keeps going that direction, we're going to 262 00:15:40,919 --> 00:15:45,600 have a severe increase in the cost of energy. Here's 263 00:15:45,679 --> 00:15:46,440 David Road. 264 00:15:46,480 --> 00:15:49,639 Speaker 3: Basically, the ceasefire is unraveling. I think we can't. 265 00:15:49,679 --> 00:15:51,159 Speaker 8: You know, we said, well, there was a you know, 266 00:15:51,159 --> 00:15:53,519 a clash in Lebanon and Israel and Uran, we're firing 267 00:15:53,600 --> 00:15:56,759 each other. Now you've got repeated attacks between the US 268 00:15:56,799 --> 00:15:59,840 and Iran. And again there's this this idea of some 269 00:16:00,080 --> 00:16:03,720 called escalation dominance, where one side sort of backs down 270 00:16:03,759 --> 00:16:04,960 and won't escalate back. 271 00:16:05,320 --> 00:16:07,600 Speaker 3: Iran continues to not back down. 272 00:16:07,840 --> 00:16:11,240 Speaker 8: They have escalation dominance over the United States that would 273 00:16:11,279 --> 00:16:13,919 have been unimaginable when this war start on February twenty eighth. 274 00:16:13,960 --> 00:16:16,879 Speaker 3: So they just keep pushing back on what the US does. 275 00:16:16,919 --> 00:16:19,000 Speaker 8: That's what they did by firing in all these countries, 276 00:16:19,519 --> 00:16:21,120 and the US can't stop. 277 00:16:21,159 --> 00:16:22,399 Speaker 3: I talked to military experts. 278 00:16:23,000 --> 00:16:27,320 Speaker 8: Every drone that they fire into Kuwait or the UAE 279 00:16:27,919 --> 00:16:30,159 or Saudi Arabia, they just don't have the kind of 280 00:16:30,159 --> 00:16:32,240 coverage Ukraine has to stop a drone. 281 00:16:32,559 --> 00:16:34,799 Speaker 3: So that's the sort of Achilles heel of the situation 282 00:16:34,879 --> 00:16:35,360 for the US. 283 00:16:35,480 --> 00:16:39,679 Speaker 1: But to the point about energy, oil and gas and 284 00:16:39,720 --> 00:16:43,279 the reserves getting lower, so David touches on not only 285 00:16:43,320 --> 00:16:46,639 the lower reserves, but also we got our inflation numbers 286 00:16:46,639 --> 00:16:49,639 out this morning. I'll get into the details, but they 287 00:16:49,679 --> 00:16:52,360 were the highest we've seen in three years. You're data 288 00:16:52,399 --> 00:16:55,240 absolutely due to the war. There's no other economic dynamic 289 00:16:55,279 --> 00:16:58,399 that's causing this. And you know, even if there's a 290 00:16:58,440 --> 00:17:02,200 truce tomorrow, it's going to take months for all these facilities, 291 00:17:02,200 --> 00:17:05,200 some of them damage, but basically to try to restore 292 00:17:05,240 --> 00:17:07,680 the flow of oil globally. So there's going to be 293 00:17:07,720 --> 00:17:11,119 no drop in oil, and we are approaching and it 294 00:17:11,200 --> 00:17:13,400 keeps shifting. Experts have said we were going to hit this, 295 00:17:13,519 --> 00:17:16,160 you know, a month ago or right now. There is 296 00:17:16,200 --> 00:17:19,359 a more dangerous precipice where the sort of supply of oil. 297 00:17:19,400 --> 00:17:21,319 There's a lot of countries that have used their reserves 298 00:17:21,359 --> 00:17:24,319 at this point. When those are spent, you could have 299 00:17:24,359 --> 00:17:28,279 a very very large increase in cost that could come 300 00:17:28,319 --> 00:17:31,960 within weeks or months. It's not really clear at this point. 301 00:17:32,119 --> 00:17:33,640 So this is going to become more and more of 302 00:17:33,680 --> 00:17:36,039 an issue that the US really needs the straight to reopen. 303 00:17:36,480 --> 00:17:38,759 And you know, the Iranian leaders know that, and they're 304 00:17:38,839 --> 00:17:41,680 keeping track of the world's oil reserves and they know 305 00:17:41,759 --> 00:17:44,799 exactly what's going to happen when those prices start skyrocketing. 306 00:17:45,160 --> 00:17:48,119 That's going to give them one more upper hand as 307 00:17:48,160 --> 00:17:50,920 they control the strait of horror moves unless that's taken 308 00:17:51,039 --> 00:17:54,559 away from them. So let's talk about these inflation numbers, because, 309 00:17:54,920 --> 00:17:57,440 like I said at the beginning of they are high, 310 00:17:57,519 --> 00:18:00,319 but they it's not as bad as the headline. The 311 00:18:00,319 --> 00:18:06,440 inflation numbers, the CPI, the Consumer Price Index, it was 312 00:18:06,559 --> 00:18:10,839 up four point two percent. That is above four percent 313 00:18:10,920 --> 00:18:15,960 for the first time in three years. Inflation is going higher. 314 00:18:16,000 --> 00:18:19,519 But when you look at the parts of the inflation report, 315 00:18:19,599 --> 00:18:23,680 what makes up this inflation, most of it is, as 316 00:18:23,799 --> 00:18:28,559 David Roady was talking about, is from oil. The core inflation. 317 00:18:28,640 --> 00:18:31,039 When you take out food and energy. I know, you 318 00:18:31,839 --> 00:18:34,440 got to eat and you need energy, but when you 319 00:18:34,480 --> 00:18:38,160 look at everything else, the inflation rate is actually okay, 320 00:18:38,799 --> 00:18:41,599 two point nine percent. It's not down to the two 321 00:18:41,640 --> 00:18:45,920 percent that the FED wants. And by the way, the 322 00:18:46,079 --> 00:18:51,079 FED is meeting one week next Tuesday and Wednesday. We'll 323 00:18:51,079 --> 00:18:53,839 get the result of the first meeting that Kevin Warsh 324 00:18:54,039 --> 00:18:57,319 is the head of in one week. But in the meantime, 325 00:18:57,799 --> 00:19:02,559 core inflation is above what they want. But it's not 326 00:19:02,279 --> 00:19:06,079 it's not it's not as bad as the headline rate, 327 00:19:06,119 --> 00:19:10,880 which is four point two percent highest in three years. 328 00:19:11,319 --> 00:19:16,480 When you look at real average hourly earnings, they have 329 00:19:16,680 --> 00:19:19,640 dropped by seven tenths of one percent. That's the biggest 330 00:19:19,720 --> 00:19:22,160 drop in three years. And when we when we say 331 00:19:22,240 --> 00:19:28,400 real average hourly earnings, we're talking about whatever pay increases 332 00:19:28,440 --> 00:19:33,559 you're getting minus the inflation rate, and so they went backwards, 333 00:19:34,200 --> 00:19:40,720 you lost purchasing power. The one tenth of one percent 334 00:19:40,759 --> 00:19:44,680 decline in core goods for such decline since Liberation Day, 335 00:19:45,160 --> 00:19:49,960 that's because of the tariffs, which have been called illegal 336 00:19:50,119 --> 00:19:53,680 by the Supreme Court. And that's why now, without the 337 00:19:53,720 --> 00:19:57,680 tariffs being collected, all of a sudden, the prices for 338 00:19:57,880 --> 00:20:01,440 core goods went down, not lot, but they did not 339 00:20:01,599 --> 00:20:05,920 go up. Another example of how the tariffs have been 340 00:20:06,759 --> 00:20:11,079 not helpful. They have actually hurt our economy. Kelly Richard, 341 00:20:11,160 --> 00:20:15,119 she is with groundwork, she is an economist. Let's listen 342 00:20:15,160 --> 00:20:17,559 to her take on this inflation report. 343 00:20:18,359 --> 00:20:19,440 Speaker 3: Yeah, I think that's right. 344 00:20:19,640 --> 00:20:22,319 Speaker 9: And you know, earlier we were talking about not just 345 00:20:22,559 --> 00:20:26,160 the inflation number, but we also got real wages, and 346 00:20:26,400 --> 00:20:29,440 real wages are negative the last couple of months, and 347 00:20:29,880 --> 00:20:32,640 that's a real speez on families. And I know that 348 00:20:32,680 --> 00:20:34,839 when we're thinking about FED policy, we talk a lot 349 00:20:34,880 --> 00:20:39,720 about core inflation. But Americans are paying that headline inflation number. 350 00:20:39,759 --> 00:20:41,720 They're paying it at the pump when they fill out 351 00:20:41,720 --> 00:20:44,240 their car to get to work. They're paying it in 352 00:20:44,960 --> 00:20:48,160 airfare for their summer travel. They're paying it in food 353 00:20:48,200 --> 00:20:51,839 prices which are also stripped out of core, and so 354 00:20:52,160 --> 00:20:55,480 I think we're seeing American families really squeezed by this inflation. 355 00:20:55,920 --> 00:20:59,160 Their wages aren't keeping pace. The cost of everything is 356 00:20:59,200 --> 00:21:01,839 going up, and that's on top of several years of inflation, 357 00:21:02,000 --> 00:21:05,759 and so this is a really big problem for Americans pocketbooks. 358 00:21:06,079 --> 00:21:08,359 Speaker 1: It's a problem for our pocketbooks, but it's also a 359 00:21:08,400 --> 00:21:13,000 problem she describes for Kevin Warsh and his first meeting 360 00:21:13,079 --> 00:21:14,000 as the FED chairman. 361 00:21:14,559 --> 00:21:16,599 Speaker 9: I think the FED is actually in a really difficult 362 00:21:16,640 --> 00:21:20,519 position here because we were talking earlier about this key 363 00:21:20,599 --> 00:21:24,200 shaped economy, We're now in a situation where about half 364 00:21:24,240 --> 00:21:26,880 of consumer expenditure is actually coming from just the top 365 00:21:26,920 --> 00:21:31,920 ten percent, and that creates really strange inflation dynamics. I 366 00:21:31,960 --> 00:21:35,079 think it's a problem that we tend to think about 367 00:21:35,319 --> 00:21:38,440 inflation only becoming entrenched when it starts to show up 368 00:21:38,480 --> 00:21:42,200 in higher wages, because that top ten percent number is 369 00:21:42,200 --> 00:21:46,200 not primarily being driven by the increases in wages for 370 00:21:46,279 --> 00:21:49,440 the bottom or even the middle class. And so we 371 00:21:49,519 --> 00:21:54,200 have to ask what's really driving that expenditure, that additional demand, 372 00:21:54,480 --> 00:21:57,359 and one of the things is asset price inflation. And 373 00:21:57,440 --> 00:22:00,160 so the FED isn't a position where they're trying to 374 00:22:00,359 --> 00:22:04,880 fine tune the macroeconomy to keep the unemployment rate low 375 00:22:05,160 --> 00:22:10,240 and keep inflation low. But having lower interest rates would 376 00:22:10,319 --> 00:22:14,759 help typical Americans afford car loans and credit card debt 377 00:22:15,000 --> 00:22:19,200 and mortgage interest, but it also drives up asset prices, 378 00:22:19,240 --> 00:22:23,440 which increases the wealth of the wealthiest and increases their 379 00:22:23,480 --> 00:22:26,880 ability to spend. And so it's a really tough position. 380 00:22:27,119 --> 00:22:30,400 And when you add onto that the sort of chaos 381 00:22:30,440 --> 00:22:33,960 created by tariff policy, by the war in the Middle East, 382 00:22:34,480 --> 00:22:38,240 we're really seeing a really difficult situation for American families. 383 00:22:38,920 --> 00:22:41,880 Speaker 1: So did you hear what she pointed out? Tariffs and 384 00:22:42,119 --> 00:22:45,720 the war, those are the two culprits that are driving 385 00:22:45,759 --> 00:22:49,480 the cost up for American families. But she's also talking 386 00:22:49,519 --> 00:22:53,039 about the fact that you hear what she said, fifty 387 00:22:53,200 --> 00:22:58,000 percent of the purchases of goods are by ten percent 388 00:22:58,119 --> 00:23:01,480 the top ten percent of people in the cony. So 389 00:23:02,279 --> 00:23:06,119 what about the other ninety percent? How are they doing? 390 00:23:06,160 --> 00:23:09,720 The top ten percent are out there spending wonderfully and 391 00:23:09,759 --> 00:23:13,000 they're driving the economy along, but it's a lot worse 392 00:23:13,039 --> 00:23:17,119 than that for the for the ninety percent that are 393 00:23:17,160 --> 00:23:20,559 not out there making the purchases that she's talking about. 394 00:23:20,599 --> 00:23:23,960 So again next Wednesday, a week from today, we'll get 395 00:23:23,960 --> 00:23:26,480 the first results in what the Fed will do. Will 396 00:23:26,519 --> 00:23:30,400 they drop interestrates? She's betting they won't because it will 397 00:23:30,480 --> 00:23:33,880 drive asset prices up. It'll make it cheaper for you 398 00:23:33,960 --> 00:23:37,039 to get a car loan or whatever. But she's not 399 00:23:37,119 --> 00:23:39,640 the only one. Most people are saying next week. It 400 00:23:39,680 --> 00:23:44,119 looks like Richard Fisher, former Dallas FED president. He came 401 00:23:44,160 --> 00:23:47,240 out today too and said if he was on the 402 00:23:47,240 --> 00:23:50,160 Fed today, he would vote for just not raising, not 403 00:23:50,400 --> 00:23:54,079 lowering interest ratess holding. So that's the early prediction for 404 00:23:54,160 --> 00:23:56,400 next week. There was I told you the President keep 405 00:23:56,440 --> 00:23:59,160 holding these powwows for the media in the Oval office, 406 00:23:59,160 --> 00:24:01,880 and one of the reporters today asked him about this 407 00:24:02,000 --> 00:24:05,480 inflation report and said, what do you think? And it 408 00:24:05,519 --> 00:24:09,720 was the weirdest answer because he said he loves inflation 409 00:24:10,839 --> 00:24:16,279 and then got distracted and went off on something else. Here. 410 00:24:16,359 --> 00:24:18,559 Let me play it for you, well, you can serve. 411 00:24:18,480 --> 00:24:21,480 Speaker 2: Us to president about the latest inflation number which came 412 00:24:21,519 --> 00:24:22,240 out this morning. 413 00:24:22,279 --> 00:24:22,799 Speaker 5: Could that be it? 414 00:24:22,920 --> 00:24:24,680 Speaker 4: No? I love it the numbers. 415 00:24:24,720 --> 00:24:26,359 Speaker 1: Ready, you know what I really lost. 416 00:24:26,480 --> 00:24:27,440 Speaker 4: I love the inflation. 417 00:24:27,599 --> 00:24:30,200 Speaker 3: You know why because as soon as this war was over. 418 00:24:31,079 --> 00:24:34,240 Speaker 4: You know, I can say it now something it innut. 419 00:24:34,319 --> 00:24:37,079 Speaker 3: You know, we've been taking out. 420 00:24:36,559 --> 00:24:40,240 Speaker 4: Millions of barrels of oil. Nobody knows that, you know, 421 00:24:40,279 --> 00:24:43,119 who doesn't know about it Iran until right now. 422 00:24:43,799 --> 00:24:48,960 Speaker 1: So it was an extremely confusing answer. They said, what 423 00:24:48,960 --> 00:24:51,319 do you think about the inflation rate? And he said, 424 00:24:51,359 --> 00:24:54,200 I love inflation. I think it's great. You know why, 425 00:24:55,400 --> 00:24:57,920 because well, I haven't been able to say this, and 426 00:24:57,960 --> 00:25:00,079 I've been chomping at the bit to be able to 427 00:25:00,440 --> 00:25:02,759 But we are now pushing out millions of barrels of 428 00:25:03,079 --> 00:25:06,720 oil at in the middle of the night from the 429 00:25:06,759 --> 00:25:10,599 Strait of Horror Moves, and apparently there's been I don't 430 00:25:10,599 --> 00:25:13,559 know why he disclosed it. He says, nobody knew about it, 431 00:25:13,599 --> 00:25:17,440 and I Ron didn't know about it until now. But 432 00:25:17,680 --> 00:25:20,119 he's been chomping at the bit to say something about 433 00:25:20,119 --> 00:25:21,839 the fact that we are in the middle of the 434 00:25:21,960 --> 00:25:27,000 night helping ships turn off their transponders and helped them 435 00:25:27,039 --> 00:25:31,559 come out somehow through the port through the Strait of 436 00:25:31,599 --> 00:25:35,599 Horror Moves, and those ships are out bringing oil to 437 00:25:35,640 --> 00:25:39,440 wherever they're going to be bringing oil. But it was 438 00:25:39,480 --> 00:25:42,240 a I don't know, he was talking about inflation and 439 00:25:42,279 --> 00:25:46,079 how he loves inflation. Then got into the moving of 440 00:25:46,359 --> 00:25:49,720 oil out of the strait of horm moves and no, 441 00:25:50,000 --> 00:25:53,400 everybody just kind of scratched their head and went on, 442 00:25:54,160 --> 00:25:55,759 I know it was kind of hard to hear, but 443 00:25:56,200 --> 00:25:58,559 that's what he said he loves. He repeated it, I 444 00:25:58,599 --> 00:26:06,240 love inflation. Talk about California. I said yesterday the whole 445 00:26:06,279 --> 00:26:09,119 thing about, oh my gosh, the election was rigged in 446 00:26:09,160 --> 00:26:13,839 California because Spencer Platt did not get into the top 447 00:26:13,920 --> 00:26:18,200 two runoff positions for the mayor of Los Angeles. And 448 00:26:19,240 --> 00:26:25,400 I told you yesterday that doesn't surprise me because the 449 00:26:25,880 --> 00:26:30,160 number of Republicans registered voters in Los Angeles that are 450 00:26:30,200 --> 00:26:34,440 Republicans fifteen percent. So I don't know how even if 451 00:26:34,480 --> 00:26:37,680 he picked up double that, he still wasn't going to 452 00:26:37,720 --> 00:26:40,240 be able to get enough to be able to be 453 00:26:40,440 --> 00:26:44,519 in the top two. So I looked at it and said, 454 00:26:45,799 --> 00:26:49,680 I thought that if he was in the top two, 455 00:26:49,759 --> 00:26:53,160 I think it would have been rigged, because that's almost 456 00:26:53,240 --> 00:26:57,319 impossible for a Republican to get elected to a citywide 457 00:26:57,319 --> 00:27:00,480 office in Los Angeles, but for the state of California. 458 00:27:00,960 --> 00:27:06,240 Steve Hilton officially now number two behind Javier Besserra, but 459 00:27:06,279 --> 00:27:08,799 they're right on top of each other. It's just less 460 00:27:08,799 --> 00:27:12,839 than a percent, I believe, between number one and number two. 461 00:27:13,240 --> 00:27:18,720 The thing about Besserah is he is not liked by 462 00:27:19,279 --> 00:27:25,279 Democrats and he was the Secretary of Health and Human 463 00:27:25,319 --> 00:27:29,039 Services in the Biden administration. But that was during COVID. 464 00:27:29,720 --> 00:27:34,799 Did you see one news conference, did you see one publication? 465 00:27:34,960 --> 00:27:39,519 Did you see one announcement from Besserah's offices? The head 466 00:27:39,559 --> 00:27:44,039 of Health and Human Services during COVID at its peak, 467 00:27:45,039 --> 00:27:48,759 you never saw him, You never heard from him. He 468 00:27:49,079 --> 00:27:52,240 apparently just went to his office and kept his head down. 469 00:27:53,200 --> 00:27:56,839 So if he's elected governor of California, he's not going 470 00:27:56,880 --> 00:27:59,400 to do anything. Maybe people will vote for him because 471 00:27:59,400 --> 00:28:04,160 he's just going to be a quiet placeholder sitting in Sacramento. 472 00:28:05,400 --> 00:28:08,759 But it's fascinating. I mean, let me play a couple 473 00:28:08,960 --> 00:28:12,920 of things for you. Here. This is a woman, so 474 00:28:13,119 --> 00:28:15,599 she'llus I believe it's the way pronounce her name. He's 475 00:28:15,599 --> 00:28:19,240 a Joe. She is uh was in the in the 476 00:28:19,279 --> 00:28:23,559 Biden administration. She's a big Democrat spokeswoman, and she was 477 00:28:23,640 --> 00:28:28,640 on one of the CNN shows the other night and 478 00:28:28,920 --> 00:28:32,079 was blasting Bessarah as ineffective. 479 00:28:32,400 --> 00:28:34,759 Speaker 10: Whoever is going to be governor will have to stand 480 00:28:34,839 --> 00:28:37,359 up to Donald Trump? Can I tell you, after working 481 00:28:37,559 --> 00:28:41,960 in Joe Biden's administration, I do not trust have you ever. 482 00:28:41,839 --> 00:28:43,759 Speaker 3: Set up to do that? Can I? Can I just 483 00:28:43,799 --> 00:28:46,599 say WHOA, I don't trust. 484 00:28:46,279 --> 00:28:47,960 Speaker 10: That he would be able to do that because and 485 00:28:48,000 --> 00:28:50,240 that is the feeling I'll. 486 00:28:50,000 --> 00:28:51,200 Speaker 3: Be able to stand up to Trump. 487 00:28:51,240 --> 00:28:52,599 Speaker 10: I don't think they can be able to stand up 488 00:28:52,640 --> 00:28:59,519 to drop end lead. And the reason why stake before 489 00:28:59,559 --> 00:29:03,119 she gets I can I ask you why? Because when 490 00:29:03,160 --> 00:29:05,000 I saw him in the administration, and I think a 491 00:29:05,000 --> 00:29:08,079 lot of people didn't that. It's it's people understand this. 492 00:29:08,240 --> 00:29:10,559 It's he was not effective in governmenting. And I think 493 00:29:10,559 --> 00:29:13,400 that a lot of people in the Biden administration are 494 00:29:13,480 --> 00:29:16,519 talking about this because they realized that he was not 495 00:29:16,559 --> 00:29:19,839 an effective HHS secretary. And if you ask any cabinet secretary, 496 00:29:19,880 --> 00:29:22,039 they would tell you the same thing. And so I 497 00:29:22,079 --> 00:29:26,000 think that there is a I think people recognize this, 498 00:29:26,079 --> 00:29:28,640 and I think this is why Tom Steyer has gone 499 00:29:28,680 --> 00:29:29,119 to the top. 500 00:29:29,920 --> 00:29:32,599 Speaker 1: Okay that was from I guess a week or so ago, 501 00:29:32,640 --> 00:29:35,079 and Tom Steyer was at the top at one point. 502 00:29:35,200 --> 00:29:38,480 But that was a panel of a bunch of Democrats, 503 00:29:38,519 --> 00:29:41,720 and the Democrats were going, whoa, whoa, whoa, What are 504 00:29:41,759 --> 00:29:43,559 the times? She says, I was there, I was in 505 00:29:43,640 --> 00:29:47,319 the Biden administration. You ask any cabinet member that he 506 00:29:47,559 --> 00:29:52,640 was the dead would he was absolutely ineffective. Not only that, 507 00:29:53,119 --> 00:29:58,880 but Susan Rice, who is very powerful Democrat and in 508 00:29:58,880 --> 00:30:04,440 a lot of administration. She been reported today that Susan Rice, 509 00:30:04,880 --> 00:30:10,720 who served as President Biden's domestic policy advisor, privately criticized 510 00:30:10,880 --> 00:30:15,720 Besserah from her time in the administration, and subsequent books 511 00:30:15,799 --> 00:30:21,200 revealed the following about her relationship with him. Rice privately 512 00:30:21,240 --> 00:30:26,440 called Besserah an idiot and used derogatory language regarding his 513 00:30:26,559 --> 00:30:30,920 handling of the migrant crisis at the southern border. They 514 00:30:30,960 --> 00:30:34,240 clashed also in twenty twenty one over the processing of 515 00:30:34,400 --> 00:30:39,200 unaccompanied migrant children, when Rice pressed Besera to loosen rules 516 00:30:39,200 --> 00:30:42,920 to create more bedspace. Besera demanded a written order from 517 00:30:42,960 --> 00:30:46,799 the president. Rice sharply shot this down, stating that that 518 00:30:46,960 --> 00:30:49,680 was not how the president operated. She was number two 519 00:30:50,359 --> 00:30:53,880 in the administration, and so during a tense meeting where 520 00:30:53,920 --> 00:30:57,839 President Biden vented his frustration at Passera. Biden didn't like 521 00:30:57,920 --> 00:31:02,799 him either. Rice reportedly he passed a note to Homeland 522 00:31:02,839 --> 00:31:08,480 Security Secretary Alejandro Majorcus that said, don't help him, don't 523 00:31:08,680 --> 00:31:14,440 save him. So she has no use. There's apparently a 524 00:31:14,559 --> 00:31:16,799 number of Democrats that are biding their lip, going, oh 525 00:31:16,839 --> 00:31:19,960 my gosh, is he is he being? Is he failing 526 00:31:20,160 --> 00:31:23,200 up to become the governor of California? So all this 527 00:31:23,319 --> 00:31:26,920 has to come out. But still California is twice as 528 00:31:26,960 --> 00:31:31,000 many Democrats as Republicans. So it's up up uphill battle 529 00:31:31,559 --> 00:31:34,640 for Steve Hilton. But if they start finding out that 530 00:31:34,720 --> 00:31:39,079 Pisera is a dud, will they vote for him? Will 531 00:31:39,119 --> 00:31:42,680 they go party over getting somebody who can fix the 532 00:31:42,680 --> 00:31:45,079 state of Californy, Because I think most people in California 533 00:31:45,240 --> 00:31:48,359 just want the mess that's been created there to be fixed, 534 00:31:48,839 --> 00:31:50,799 all right, So speaking the message, we had a real 535 00:31:50,839 --> 00:31:54,960 mess on on Wall Street today. I've listened. Let's what 536 00:31:55,000 --> 00:31:58,119 have we talked about? Talked about inflation at a four 537 00:31:58,200 --> 00:32:01,319 year high, even though it was most oil, and that's 538 00:32:01,359 --> 00:32:05,640 being caused by the war, and the war is being escalated. 539 00:32:06,039 --> 00:32:08,880 The President said he would hit Iran hard today. So 540 00:32:10,240 --> 00:32:12,839 Wall Street said Okay, you just go ahead and do that. 541 00:32:12,880 --> 00:32:16,039 We're just going to check out here. So down she went, 542 00:32:16,359 --> 00:32:22,119 almost to Kazoo Territory. The down nine hundred and fifty three, 543 00:32:22,880 --> 00:32:26,640 back below fifty thousand, closed at forty nine thousand and 544 00:32:26,799 --> 00:32:30,799 nine eighteen, the S and P down one hundred nineteen, 545 00:32:31,240 --> 00:32:34,880 the Nasdaq down five hundred and nine. The price of 546 00:32:34,920 --> 00:32:39,759 gold fell one hundred eighty seven, down to four thousand 547 00:32:39,799 --> 00:32:44,279 and ninety nine, barely hanging on to a four. And 548 00:32:44,400 --> 00:32:47,119 oil prices, of course, they went higher by just about 549 00:32:47,160 --> 00:32:50,559 three dollars ninety one dollars for a barrel of oil. 550 00:32:51,160 --> 00:32:53,640 So that's it for today. Thank you for coming by. 551 00:32:53,880 --> 00:32:57,039 We will be back again tomorrow and I hope to 552 00:32:57,119 --> 00:32:57,680 see you then