1 00:00:06,360 --> 00:00:08,959 Speaker 1: This is the Saturday edition of Fear and Greed business 2 00:00:09,000 --> 00:00:11,480 Speaker 1: news you can use. I'm Michael Thompson and good morning 3 00:00:11,520 --> 00:00:15,600 Speaker 1: Sean Ailma, Good morning Michael, Sean. Our Saturday show is 4 00:00:15,600 --> 00:00:17,479 Speaker 1: all about the two of us, each nominating what we 5 00:00:17,520 --> 00:00:19,599 Speaker 1: think is the biggest business story of the week, the 6 00:00:19,640 --> 00:00:24,400 Speaker 1: most remarkable business story, a mystery category that gets changed 7 00:00:24,480 --> 00:00:27,560 Speaker 1: every week to keep things very exciting, and then our 8 00:00:27,680 --> 00:00:31,840 Speaker 1: favorite business related story. And it is a competition and 9 00:00:32,040 --> 00:00:34,360 Speaker 1: we must have a winner. So we are joined by 10 00:00:34,360 --> 00:00:37,559 Speaker 1: a judge to choose that winner. And that judge with 11 00:00:37,720 --> 00:00:44,120 Speaker 1: his very very non rigid, his inelastic set of criteria 12 00:00:44,240 --> 00:00:47,080 Speaker 1: that he is going for Fear and Green. Colleague Adam 13 00:00:47,159 --> 00:00:48,520 Speaker 1: Lang Adam, good morning. 14 00:00:48,960 --> 00:00:50,800 Speaker 2: Good morning Michael, and good morning Sean. 15 00:00:51,360 --> 00:00:53,720 Speaker 3: Now, Adam, I've got to say you nearly need a haircut. 16 00:00:53,760 --> 00:00:56,880 Speaker 3: This is back to your like eighties nineties band management days. 17 00:00:59,000 --> 00:01:02,720 Speaker 3: I'm liking a hip yes, yes, yes, yes, keep it up. 18 00:01:03,280 --> 00:01:04,920 Speaker 1: Yeah, a little bit of a hippie. But he's still 19 00:01:04,959 --> 00:01:07,479 Speaker 1: the only person that turns up to an early morning 20 00:01:07,520 --> 00:01:11,600 Speaker 1: Saturday recording wearing a buttoned business shirt and I suspect 21 00:01:11,600 --> 00:01:13,400 Speaker 1: there's probably a tie in his pockets that he can 22 00:01:13,440 --> 00:01:15,360 Speaker 1: bust out ready. 23 00:01:15,120 --> 00:01:17,160 Speaker 3: To being a band manager. He may not have been 24 00:01:17,200 --> 00:01:18,679 Speaker 3: home last night, Michael. 25 00:01:19,000 --> 00:01:21,480 Speaker 1: That's a very good point. He's still sat from his 26 00:01:21,520 --> 00:01:25,720 Speaker 1: Friday meetings. Yes, okay, yes, Adam, very quickly, what are 27 00:01:25,720 --> 00:01:28,720 Speaker 1: you looking for today or the criteria changed at all? 28 00:01:29,800 --> 00:01:34,559 Speaker 2: No, but I've really got to reprioritize economic impact. You know. Yes, 29 00:01:34,720 --> 00:01:39,600 Speaker 2: we fluff around a bit with melodrama and my subjective bias, yes, 30 00:01:39,880 --> 00:01:43,560 Speaker 2: timeliness and topicality, but really it's the economic impact of 31 00:01:43,600 --> 00:01:44,720 Speaker 2: your stories this week. 32 00:01:46,080 --> 00:01:51,000 Speaker 3: So on that note, my biggest story of the week, 33 00:01:53,840 --> 00:01:56,720 Speaker 3: go on, there is nothing better in the world. Well, 34 00:01:56,760 --> 00:01:58,200 Speaker 3: there is a lot of things better than world, but 35 00:01:58,240 --> 00:02:01,960 Speaker 3: when you're an economist, not much than a decent free 36 00:02:02,000 --> 00:02:08,880 Speaker 3: trade deal. We are talking long term economic impact, and 37 00:02:08,960 --> 00:02:11,440 Speaker 3: we had that one this week between the European Union 38 00:02:11,480 --> 00:02:15,160 Speaker 3: and Australia, eight years in the making, basically got across 39 00:02:15,200 --> 00:02:19,560 Speaker 3: the line because Donald Trump introduced tariffs on all his 40 00:02:19,720 --> 00:02:23,079 Speaker 3: friends and all the middle powers, and with apologies to 41 00:02:23,120 --> 00:02:25,000 Speaker 3: the EU because it's a bit bigger than a middle power, 42 00:02:25,200 --> 00:02:28,680 Speaker 3: are getting together and doing deals. Under the deal, most 43 00:02:28,720 --> 00:02:32,120 Speaker 3: European made electric cars will be spared from Australia's thirty 44 00:02:32,120 --> 00:02:35,200 Speaker 3: three percent luxury tax. All cars heat with a five 45 00:02:35,200 --> 00:02:37,720 Speaker 3: percent tariff that'll be scrapped, So cheaper cars for US 46 00:02:38,440 --> 00:02:41,600 Speaker 3: B one for Australian exporters. Local miners will be blocked 47 00:02:41,600 --> 00:02:44,720 Speaker 3: from discriminatory pricing of critical minerals in the e of 48 00:02:44,840 --> 00:02:47,840 Speaker 3: free year customers. Cattle farmers, they able to export up 49 00:02:47,840 --> 00:02:51,360 Speaker 3: to thirty thousand tons of beef to Europe. They wanted 50 00:02:51,360 --> 00:02:53,560 Speaker 3: fifty thousand. They're not totally happy about it, but thirty 51 00:02:53,600 --> 00:02:57,399 Speaker 3: thousands better than where they were. I think wine, chocolate, 52 00:02:57,520 --> 00:03:02,000 Speaker 3: ice cream, cheese, the big one sensitive commodity. Apparently take 53 00:03:02,040 --> 00:03:03,440 Speaker 3: a few years for that one to come in to 54 00:03:03,440 --> 00:03:07,840 Speaker 3: reduce all the tariffs. Still ten billion dollars in value 55 00:03:08,240 --> 00:03:13,839 Speaker 3: to Australia each year. That is economic value, Adam. And 56 00:03:14,240 --> 00:03:19,720 Speaker 3: this is the new world order unfurling before our eyes, 57 00:03:21,280 --> 00:03:24,000 Speaker 3: cracking yard. This is a one in eight year story. 58 00:03:24,040 --> 00:03:25,839 Speaker 3: In fact, this is like this has never happened. That's 59 00:03:25,919 --> 00:03:30,560 Speaker 3: like one in a millennium. 60 00:03:31,480 --> 00:03:34,040 Speaker 1: I like, I love. I don't know whether you even 61 00:03:34,040 --> 00:03:37,520 Speaker 1: believe your own melodrama. Just then, like you said, you 62 00:03:37,560 --> 00:03:39,960 Speaker 1: didn't sound like you had much conviction in what you 63 00:03:40,000 --> 00:03:42,080 Speaker 1: were saying. It felt like you're kind of millennium. 64 00:03:42,080 --> 00:03:45,000 Speaker 3: I had no conviction whatsoever, I believe. 65 00:03:45,440 --> 00:03:47,760 Speaker 1: Yeah, but you boxed yourself in on this one, didn't you. 66 00:03:47,880 --> 00:03:50,480 Speaker 1: Because you said last week that you were going to 67 00:03:51,680 --> 00:03:53,840 Speaker 1: do this as your biggest story of the week, and 68 00:03:54,000 --> 00:03:55,120 Speaker 1: you are a man of your work. 69 00:03:55,440 --> 00:03:57,880 Speaker 3: And if it happened, because we weren't your last week 70 00:03:57,960 --> 00:03:58,760 Speaker 3: was going to happen. 71 00:03:58,960 --> 00:04:01,320 Speaker 1: That's right. And then it did happen, and you could 72 00:04:01,320 --> 00:04:05,040 Speaker 1: just see this, look this grown escape Sean going oh no, 73 00:04:05,040 --> 00:04:06,680 Speaker 1: now I have to do this as my biggest story. 74 00:04:07,080 --> 00:04:11,160 Speaker 3: Michael, so so untrue. So on a free trade deal? 75 00:04:11,480 --> 00:04:15,880 Speaker 3: Come on, this is what getting goods between countries at 76 00:04:15,920 --> 00:04:20,680 Speaker 3: a decent rate, competitive advantage of the individual countries. Coming 77 00:04:20,680 --> 00:04:22,680 Speaker 3: to the fore, I'm going to get a lot of 78 00:04:22,760 --> 00:04:28,360 Speaker 3: cheap French wine. Of course, I'm happy about it. 79 00:04:28,480 --> 00:04:30,719 Speaker 1: Okay, all right, I'm going to I'll give you the 80 00:04:30,760 --> 00:04:35,280 Speaker 1: benefit of the doubt and say your enthusiasm is genuine. However, however, 81 00:04:35,480 --> 00:04:37,840 Speaker 1: the biggest story of the week is one that was 82 00:04:37,880 --> 00:04:43,880 Speaker 1: also the biggest story last week. And now, excuse me, Adam, 83 00:04:44,240 --> 00:04:48,279 Speaker 1: was that did you just a sigh accidentally show a 84 00:04:48,279 --> 00:04:51,320 Speaker 1: little bit of prejudgment and your your bias is showing 85 00:04:51,400 --> 00:04:57,760 Speaker 1: a little dear graceful. You should remove yourself. You should 86 00:04:58,560 --> 00:05:02,120 Speaker 1: recuse yourself. Is it? Yeah, when a judge has realized 87 00:05:02,160 --> 00:05:06,200 Speaker 1: that he's biased in a case, he's got found. Yes, 88 00:05:06,760 --> 00:05:10,440 Speaker 1: that is what this is anyway, if you just sense 89 00:05:10,520 --> 00:05:16,800 Speaker 1: I don't think so he's just biased anyway. Fuel prices right, Okay. 90 00:05:16,960 --> 00:05:19,560 Speaker 3: Actually, Mike, I suppose we should mention that the biggest 91 00:05:19,560 --> 00:05:21,160 Speaker 3: story of the week actually is the war. But like 92 00:05:21,200 --> 00:05:23,440 Speaker 3: we have done the last few weeks, we've just sort 93 00:05:23,440 --> 00:05:24,800 Speaker 3: of parked that part of us. 94 00:05:24,839 --> 00:05:27,640 Speaker 1: It's the biggest it's the biggest story internationally. It's the 95 00:05:27,680 --> 00:05:31,920 Speaker 1: story that's the headline every day, everywhere, every different angle, 96 00:05:32,000 --> 00:05:36,960 Speaker 1: and the on again off again potential for peace talks 97 00:05:37,600 --> 00:05:41,200 Speaker 1: which have kind of made markets seesaw as well. I think, 98 00:05:41,440 --> 00:05:43,720 Speaker 1: what do we have this week? I think in one 99 00:05:43,839 --> 00:05:46,760 Speaker 1: day the ASX two hundred was up one point nine percent, 100 00:05:46,800 --> 00:05:49,080 Speaker 1: it's best day in a year, just on the hope 101 00:05:49,160 --> 00:05:52,120 Speaker 1: that those talks were actually kind of progressing, and then. 102 00:05:53,680 --> 00:05:55,120 Speaker 3: Down one and a half a cent. There you go. 103 00:05:55,320 --> 00:05:57,400 Speaker 1: And so what I want to talk about though, is 104 00:05:57,600 --> 00:06:03,440 Speaker 1: fuel prices, right a dog, No, don't yawn, do not yawn. 105 00:06:03,800 --> 00:06:12,880 Speaker 1: Sean that electric vehicle owner. Yeah, yeah, you want economic impact, Adam. 106 00:06:13,080 --> 00:06:16,360 Speaker 1: This is affecting every part of the economy. So there 107 00:06:16,400 --> 00:06:19,479 Speaker 1: are hundreds of petrol stations without one type of fuel 108 00:06:19,520 --> 00:06:23,920 Speaker 1: sum petrol stations without any fuel whatsoever in Australia now, 109 00:06:24,240 --> 00:06:27,120 Speaker 1: and this is flowing right through the economy. You've got 110 00:06:27,120 --> 00:06:30,440 Speaker 1: Australia Posts, for instance, putting up fuel surch charges to 111 00:06:30,520 --> 00:06:34,400 Speaker 1: twelve percent. That's hitting like thirty thousand businesses that are 112 00:06:34,440 --> 00:06:38,360 Speaker 1: sending out things to clients, to customers around the country. 113 00:06:39,320 --> 00:06:46,720 Speaker 1: Modeling comic term things things stuff goods, good, good good. 114 00:06:46,920 --> 00:06:48,600 Speaker 1: There we go. I landed on something that sounded a 115 00:06:48,600 --> 00:06:51,920 Speaker 1: little bit more official Quantis the modeling this week, suggesting 116 00:06:51,960 --> 00:06:56,120 Speaker 1: that the earnings could have have right because of just 117 00:06:56,160 --> 00:06:58,520 Speaker 1: how much they are now having to spend on jet 118 00:06:58,520 --> 00:07:01,560 Speaker 1: fuel that's not going anywhere. Tourism. You can imagine tourism 119 00:07:01,600 --> 00:07:02,920 Speaker 1: is going to be taking a hit in the next 120 00:07:02,920 --> 00:07:06,800 Speaker 1: week or so because no one's going on Easter road trips. 121 00:07:06,960 --> 00:07:09,120 Speaker 1: No one can afford to there's no guarantee you're going 122 00:07:09,160 --> 00:07:10,320 Speaker 1: to be able to get the fuel at the other 123 00:07:10,480 --> 00:07:13,560 Speaker 1: end to get home again. National Cabinet is going to 124 00:07:13,600 --> 00:07:16,200 Speaker 1: be meeting next week to have this coordinated response. We 125 00:07:16,240 --> 00:07:20,000 Speaker 1: had New South Wales Premier Chris mint talking this week 126 00:07:20,000 --> 00:07:22,520 Speaker 1: about the fact that, hey, we need to have a 127 00:07:22,600 --> 00:07:27,160 Speaker 1: coordinated national response. We can't afford to have premiers doing 128 00:07:27,160 --> 00:07:29,800 Speaker 1: their own thing and creating this patchwork response the same 129 00:07:29,840 --> 00:07:32,000 Speaker 1: as we had during COVID, And so all of a 130 00:07:32,040 --> 00:07:35,600 Speaker 1: sudden you have this specter essentially a rationing of some 131 00:07:35,680 --> 00:07:39,080 Speaker 1: kind of coordinated response to ensure that there is going 132 00:07:39,120 --> 00:07:41,480 Speaker 1: to be fuel where we need it. This is a 133 00:07:41,480 --> 00:07:45,880 Speaker 1: critical time, for instance, for farmers right sewing time for crops, 134 00:07:46,400 --> 00:07:48,840 Speaker 1: and it's not just fuel, it's not just diesel, to 135 00:07:48,880 --> 00:07:51,120 Speaker 1: make sure that they can get it into their their 136 00:07:51,400 --> 00:07:55,840 Speaker 1: tractors and their machinery. And fertilizer, oh, oh my god, 137 00:07:56,320 --> 00:07:59,960 Speaker 1: fertilizer is running short now as well, at a credit 138 00:08:00,080 --> 00:08:03,440 Speaker 1: called time. It's the biggest story of the week. It's 139 00:08:03,440 --> 00:08:05,600 Speaker 1: the biggest story of the year. It is the one 140 00:08:05,720 --> 00:08:09,080 Speaker 1: that is going to affect us the economy for a 141 00:08:09,120 --> 00:08:12,600 Speaker 1: long time. Even if the war ended tomorrow, this would 142 00:08:12,640 --> 00:08:15,560 Speaker 1: take a long time to get back to normal. It 143 00:08:15,640 --> 00:08:18,360 Speaker 1: is the biggest story. Adam, just judge, get your judgment 144 00:08:18,360 --> 00:08:19,880 Speaker 1: out of the way, and if you judge against me, 145 00:08:20,200 --> 00:08:24,280 Speaker 1: know that you shall be forever tainted as a biased judge. 146 00:08:24,680 --> 00:08:26,120 Speaker 3: As opposed to what you call him. 147 00:08:26,120 --> 00:08:31,960 Speaker 1: Now, that's some of the kindest words you've ever said, 148 00:08:32,400 --> 00:08:39,480 Speaker 1: Adam Crooked Lang. There we go. What did Sean pay you? Sorry? 149 00:08:41,080 --> 00:08:45,439 Speaker 2: I was stunned. I thought, given your sort of fancy 150 00:08:45,480 --> 00:08:49,280 Speaker 2: for the name, that you would have said Ursula vonder Lane. 151 00:08:49,240 --> 00:08:57,360 Speaker 3: At least playing, so I decided to hold back. But 152 00:08:57,440 --> 00:09:01,480 Speaker 3: what a name. That's that one more time, Wonderalaine. 153 00:09:01,880 --> 00:09:06,480 Speaker 1: But what needs to be described, though, is the physical 154 00:09:06,520 --> 00:09:08,439 Speaker 1: way that you say it as well, because it's not 155 00:09:08,559 --> 00:09:12,080 Speaker 1: just that like this, you have a very smooth tone 156 00:09:12,160 --> 00:09:15,280 Speaker 1: that comes into your voice, but the eyes half closed 157 00:09:15,320 --> 00:09:17,960 Speaker 1: and the face relaxes as you say it. It becomes 158 00:09:17,960 --> 00:09:19,720 Speaker 1: a very very physical thing. 159 00:09:20,200 --> 00:09:22,720 Speaker 3: Ursula Vonderlayane. It's a name like she would have been 160 00:09:23,160 --> 00:09:25,199 Speaker 3: if she was in the forties. She would have been 161 00:09:25,200 --> 00:09:30,600 Speaker 3: an underground resistance move leader in Paris or somewhere. 162 00:09:30,720 --> 00:09:33,600 Speaker 1: Yeah, yeah, yeah, completely agree. It is a great It's 163 00:09:33,960 --> 00:09:35,200 Speaker 1: the kind of name that if it was in a 164 00:09:35,200 --> 00:09:37,720 Speaker 1: work of fiction, it would just sound too fictional, right, 165 00:09:37,920 --> 00:09:40,040 Speaker 1: and then it just sounds too made up. 166 00:09:40,160 --> 00:09:41,839 Speaker 3: It's all, well, I'm going to sound I'm a shamed 167 00:09:41,840 --> 00:09:47,079 Speaker 3: here I don't know what ursela Wonderlaine's nationality is a European, so. 168 00:09:47,240 --> 00:09:55,680 Speaker 2: Let me queen of European. So I'm fascinating, right, brilliant, 169 00:09:55,840 --> 00:10:01,680 Speaker 2: brilliant deal USA Trump and Brexit probably critical ingredients as 170 00:10:01,679 --> 00:10:04,559 Speaker 2: to why we're able to do this, and it's magnificent. 171 00:10:04,720 --> 00:10:08,040 Speaker 2: I think it's such a big trade deal. Unfortunately though, 172 00:10:08,040 --> 00:10:11,079 Speaker 2: fuel prices remains the biggest story of the week, I think, 173 00:10:11,320 --> 00:10:15,000 Speaker 2: and economic impact is it's visual. You can see it, 174 00:10:15,320 --> 00:10:18,440 Speaker 2: all right, it's everywhere. People are really stressing, and it 175 00:10:18,559 --> 00:10:22,840 Speaker 2: is unclear as to when it will end. So Michael, 176 00:10:22,880 --> 00:10:23,400 Speaker 2: you have to win. 177 00:10:23,800 --> 00:10:29,839 Speaker 3: I don't mind short termism. She's German, She's German, right, yes, 178 00:10:30,000 --> 00:10:32,160 Speaker 3: there you go, under Lane. 179 00:10:32,720 --> 00:10:35,360 Speaker 1: I would have thought Dutch with a name like. 180 00:10:35,960 --> 00:10:39,640 Speaker 3: What is going to say Belgium to be honest, but German. 181 00:10:40,280 --> 00:10:43,480 Speaker 1: All right, Adam, would you have has a guess as 182 00:10:43,480 --> 00:10:45,360 Speaker 1: to what you would have thought it was if you 183 00:10:45,400 --> 00:10:48,880 Speaker 1: didn't know that it was? There we go, There we go. 184 00:10:49,120 --> 00:10:51,240 Speaker 1: None of us were right, all right except for me 185 00:10:51,360 --> 00:10:52,680 Speaker 1: one mill Now. 186 00:10:52,600 --> 00:10:55,920 Speaker 2: I'm kind of stuck in a von Trapp Oh. 187 00:10:55,720 --> 00:10:58,240 Speaker 1: Yeah, no, good point, good point. 188 00:10:58,679 --> 00:11:00,439 Speaker 2: Julie Andrews feel and. 189 00:11:00,400 --> 00:11:07,439 Speaker 1: Stuff specifically one Julie Andrews film, specifically The Sound of Music. 190 00:11:08,040 --> 00:11:10,640 Speaker 3: Admittedly it was he it was her biggest. 191 00:11:10,440 --> 00:11:12,720 Speaker 2: But Dancing through the Hills? 192 00:11:14,200 --> 00:11:19,520 Speaker 1: Shall we do? Most remarkable story? Like the Rails? Quickly? 193 00:11:19,520 --> 00:11:21,880 Speaker 1: Doesn't it? Shall I go first? 194 00:11:22,320 --> 00:11:22,560 Speaker 3: Yes? 195 00:11:22,640 --> 00:11:26,520 Speaker 1: Yes, yes, yes, Adam. One remarkable story around this week 196 00:11:26,679 --> 00:11:30,400 Speaker 1: social media's day of reckoning. This is a This is 197 00:11:30,440 --> 00:11:35,680 Speaker 1: a big story internationally, and it is Instagram, Meta, but 198 00:11:35,760 --> 00:11:39,720 Speaker 1: specifically Instagram as the platform that was involved here, and YouTube, 199 00:11:39,720 --> 00:11:42,920 Speaker 1: which is owned by Google. A jury in California found 200 00:11:43,000 --> 00:11:46,240 Speaker 1: those two companies Meta and Google liable for I think 201 00:11:46,240 --> 00:11:48,959 Speaker 1: it was three million dollars each three million US in 202 00:11:49,040 --> 00:11:52,240 Speaker 1: damages to a young woman she developed. It was a 203 00:11:52,280 --> 00:11:55,760 Speaker 1: social media addiction from the age of six, which led 204 00:11:55,800 --> 00:11:59,360 Speaker 1: to mental health issues. This was this was huge, and 205 00:11:59,400 --> 00:12:02,720 Speaker 1: we talked about this as the trial was going, basically 206 00:12:02,800 --> 00:12:03,640 Speaker 1: saying that this has. 207 00:12:03,559 --> 00:12:06,199 Speaker 3: Spoken a fair bit about this over the weeks go on. 208 00:12:06,679 --> 00:12:08,559 Speaker 1: Yes, and this week, and we didn't know which way 209 00:12:08,559 --> 00:12:10,000 Speaker 1: it was going to go. We talked about it. When 210 00:12:10,000 --> 00:12:14,080 Speaker 1: Mark Zuckerberg himself took to the stand in the trial. 211 00:12:14,120 --> 00:12:15,800 Speaker 1: This is how big this was that he was there 212 00:12:15,880 --> 00:12:19,000 Speaker 1: himself having to testify to the design of these platforms. 213 00:12:19,320 --> 00:12:23,080 Speaker 1: The money itself is pretty much is completely insignificant in 214 00:12:23,120 --> 00:12:28,880 Speaker 1: this because that is nothing to these companies. The key here, though, 215 00:12:29,120 --> 00:12:34,280 Speaker 1: is that the design of the platforms social media platforms 216 00:12:34,320 --> 00:12:38,120 Speaker 1: designed to be addictive. A jury has ruled that is 217 00:12:38,200 --> 00:12:41,439 Speaker 1: the case. You had tech companies Snap and TikTok both 218 00:12:41,559 --> 00:12:45,800 Speaker 1: settled with the plaintiff before the trial even began this year. 219 00:12:46,320 --> 00:12:49,440 Speaker 1: This is hugely significant for what it means for the future, 220 00:12:49,480 --> 00:12:51,559 Speaker 1: not just in the US, but even here in Australia 221 00:12:51,679 --> 00:12:54,400 Speaker 1: as well. Already there's talk that hey, we may now 222 00:12:54,480 --> 00:12:57,920 Speaker 1: see similar cases here because it only takes one essentially 223 00:12:57,920 --> 00:13:00,640 Speaker 1: to open the floodgates. They've stabbed List, They've set a 224 00:13:00,640 --> 00:13:06,440 Speaker 1: precedent now that these platforms are dangerous, are addictive in 225 00:13:06,480 --> 00:13:12,560 Speaker 1: this way. It could just be a I was going 226 00:13:12,640 --> 00:13:15,920 Speaker 1: to say, open season now, but it's also it also 227 00:13:16,040 --> 00:13:20,120 Speaker 1: paves the way for changes at the platforms because that 228 00:13:20,440 --> 00:13:22,520 Speaker 1: it's not just the fact that they could now be 229 00:13:22,559 --> 00:13:25,720 Speaker 1: sued thousands upon thousands of times that in order to 230 00:13:25,960 --> 00:13:29,559 Speaker 1: limit future damage, the pressure is now on the platforms 231 00:13:29,600 --> 00:13:32,760 Speaker 1: to make them less addictive, which I think is actually 232 00:13:32,800 --> 00:13:34,400 Speaker 1: going to be a good thing for society. Sorry, not 233 00:13:34,480 --> 00:13:36,280 Speaker 1: much melodrama in that one, But I just think the 234 00:13:36,280 --> 00:13:37,520 Speaker 1: whole thing is quite remarkable. 235 00:13:37,559 --> 00:13:42,120 Speaker 3: Sean, I just think that's wrong category massive story, So 236 00:13:42,200 --> 00:13:45,640 Speaker 3: no arguments there, but remarkable, We're talking about it forever. 237 00:13:47,640 --> 00:13:52,040 Speaker 1: But actually addictive, the fact that the jury actually found 238 00:13:52,720 --> 00:13:55,359 Speaker 1: them to be addictive and actually. 239 00:13:55,000 --> 00:13:58,520 Speaker 3: Said that's remarkable that the jury actually found them to 240 00:13:58,520 --> 00:14:04,280 Speaker 3: be addictive. I don't think that's remarkable. Like I think. 241 00:14:04,720 --> 00:14:06,959 Speaker 3: My point is it's a category big stories. I have 242 00:14:07,080 --> 00:14:10,280 Speaker 3: no issue without whatsoever, right, But I don't think it's 243 00:14:10,360 --> 00:14:12,440 Speaker 3: remarkable that the jury found them to be addictive. 244 00:14:13,160 --> 00:14:16,439 Speaker 2: I'm just WONDERINGY was scrolling their phones? 245 00:14:19,120 --> 00:14:21,720 Speaker 3: My most remarkable story, Michael, just close your eyes. You 246 00:14:22,960 --> 00:14:25,080 Speaker 3: look like Fozzy Bear. They're like, what's going on. 247 00:14:27,320 --> 00:14:33,280 Speaker 1: I'm struggling to understand. You know what. My protest is 248 00:14:33,320 --> 00:14:36,080 Speaker 1: going to fall on deaf is because Adam doesn't care. 249 00:14:36,400 --> 00:14:38,560 Speaker 1: You don't care. I'm just going to sit down and 250 00:14:38,680 --> 00:14:42,320 Speaker 1: turn my microphone off. I'm not going to interject. We 251 00:14:42,400 --> 00:14:43,680 Speaker 1: get through this show, be quicker. 252 00:14:43,800 --> 00:14:49,800 Speaker 3: The most remarkable story this week is the incredibly bad 253 00:14:49,960 --> 00:14:54,840 Speaker 3: timing of global car manufacturers. Suddenly we have a petrocrisis. 254 00:14:54,880 --> 00:14:58,960 Speaker 3: Everyone's talking evs. The talk, of course, is that we're 255 00:14:58,960 --> 00:15:01,520 Speaker 3: at a tipping point now because petrol is so expensive. 256 00:15:02,000 --> 00:15:05,080 Speaker 3: And what we had last week we had Honda abandoning 257 00:15:05,120 --> 00:15:11,400 Speaker 3: plans to stop making combustion engines. We've had Mercedes, Bends Forward, Stilantis, 258 00:15:11,520 --> 00:15:15,520 Speaker 3: Volvo cars all cut their electric targets, BMW own Rolls, 259 00:15:15,640 --> 00:15:20,920 Speaker 3: Royce latest to change course, Bentley, Lotus, Oudy, Porsche already 260 00:15:20,920 --> 00:15:23,520 Speaker 3: scale back plans to go fully or eighty percent electric 261 00:15:23,560 --> 00:15:26,560 Speaker 3: over the next decade. The only flip side to it 262 00:15:26,600 --> 00:15:29,760 Speaker 3: is the semi trailer market where Tesla's semi truck as 263 00:15:29,760 --> 00:15:33,360 Speaker 3: you're receiving high praise after a one month pilot of vehicles. 264 00:15:33,360 --> 00:15:35,800 Speaker 3: They've been around since late twenty twenty two, but they're 265 00:15:35,800 --> 00:15:38,320 Speaker 3: really rolling them out now and they're trying to get 266 00:15:38,360 --> 00:15:43,240 Speaker 3: them sort of popular among truckies. Truckies love them, camera 267 00:15:43,320 --> 00:15:45,200 Speaker 3: around all past the trucks. They don't have to jump 268 00:15:45,200 --> 00:15:48,720 Speaker 3: out and see how father can shift, move forward or 269 00:15:48,760 --> 00:15:53,160 Speaker 3: backwards when they're trying to maneuver around things. Eight hundred 270 00:15:53,240 --> 00:15:56,400 Speaker 3: cometer range, fast charging steering wheel in the center, no 271 00:15:56,560 --> 00:16:01,640 Speaker 3: clutch or gear shifting that reduces for acceleration is much better. 272 00:16:01,840 --> 00:16:04,800 Speaker 3: But the point is the most remarkable thing is that 273 00:16:04,840 --> 00:16:09,400 Speaker 3: the timing is horrendous, that just when evs are getting 274 00:16:09,480 --> 00:16:13,720 Speaker 3: a serious economic Philip, there's a word that I never 275 00:16:13,800 --> 00:16:16,040 Speaker 3: quite know what it means. But Philip, I think boost 276 00:16:16,560 --> 00:16:23,120 Speaker 3: word boost. That they've they're all dumping evs, and I think, ha, 277 00:16:24,400 --> 00:16:28,080 Speaker 3: bad luck, get back into it. We love evs. Love 278 00:16:28,160 --> 00:16:30,600 Speaker 3: my ev By the way, went to Orange on the weekend. 279 00:16:31,000 --> 00:16:33,480 Speaker 3: During the week I went to Orange visit my mum. 280 00:16:33,600 --> 00:16:35,880 Speaker 3: Could have cost me two hundred and fifty dollars in petrol. 281 00:16:36,320 --> 00:16:38,440 Speaker 3: Took the EV cost me fifty bucks. 282 00:16:38,680 --> 00:16:40,000 Speaker 2: Oh brilliant. 283 00:16:40,240 --> 00:16:42,640 Speaker 1: All right, So you got an EV trend that's been 284 00:16:42,720 --> 00:16:50,080 Speaker 1: happening for some time. Oh, you've got a landmark land 285 00:16:50,160 --> 00:16:53,560 Speaker 1: bark bell Weather first of its kind case. 286 00:16:54,320 --> 00:16:57,600 Speaker 2: Well, you've got the kind of glitz and glamour of 287 00:16:57,640 --> 00:17:01,240 Speaker 2: the electric truck with all of its features that children 288 00:17:01,280 --> 00:17:03,920 Speaker 2: went through, which I must admit as I heard it 289 00:17:04,000 --> 00:17:06,240 Speaker 2: this week. God, that sounds cool. 290 00:17:07,640 --> 00:17:08,159 Speaker 3: In the middle. 291 00:17:08,240 --> 00:17:11,000 Speaker 2: I wouldn't mind. Yeah, I wouldn't mind, you know, having 292 00:17:11,080 --> 00:17:17,120 Speaker 2: a go one like that. But on the worthiness count, Michael, 293 00:17:17,480 --> 00:17:22,120 Speaker 2: you've won this one because the case actually got judged 294 00:17:22,240 --> 00:17:28,240 Speaker 2: against them, and that I did think was remarkable. So Michael, 295 00:17:28,280 --> 00:17:28,600 Speaker 2: you win. 296 00:17:29,400 --> 00:17:31,200 Speaker 3: So the only reason I was crapping on so much 297 00:17:31,280 --> 00:17:33,320 Speaker 3: was it Michael was a much more remarkable story than mine. 298 00:17:33,480 --> 00:17:35,600 Speaker 3: But I was never going to see that upfront. 299 00:17:36,119 --> 00:17:41,879 Speaker 1: The problem is, Sean, the problem is sold is you 300 00:17:42,000 --> 00:17:45,360 Speaker 1: have just got so much credibility that you even make 301 00:17:45,560 --> 00:17:48,680 Speaker 1: me doubt myself of a suddenly like, that's not a story? 302 00:17:48,760 --> 00:17:52,760 Speaker 1: Like what what isn't it? Mister Aylmer, It's not. I 303 00:17:52,880 --> 00:17:55,000 Speaker 1: met googling while you were, While you were crapping on 304 00:17:55,040 --> 00:17:58,919 Speaker 1: about trucks, I was googling definition of remarkable. I'm like, no, no, no, 305 00:17:58,920 --> 00:18:03,680 Speaker 1: I definitely fished this cteria. What's going on here? Anyway? 306 00:18:04,000 --> 00:18:06,280 Speaker 1: Good to know that really all of that was just 307 00:18:06,320 --> 00:18:12,000 Speaker 1: a self doubt. It was essentially reverse melodrama on insecurities. 308 00:18:12,640 --> 00:18:16,520 Speaker 1: Oh god, I have got so many. Oh you certainly 309 00:18:16,560 --> 00:18:18,400 Speaker 1: did that. All right, let's take a quick break back 310 00:18:18,400 --> 00:18:30,000 Speaker 1: in a moment. All right, Sean, it is too nil. 311 00:18:31,720 --> 00:18:32,200 Speaker 1: That is. 312 00:18:34,080 --> 00:18:34,280 Speaker 2: Rare. 313 00:18:34,440 --> 00:18:38,640 Speaker 1: Look, rare, rare is the word. I'm lost for words. 314 00:18:39,119 --> 00:18:43,959 Speaker 1: We are moving now into our most also rare, also 315 00:18:44,440 --> 00:18:48,359 Speaker 1: rare mystery category, and so this week we are looking 316 00:18:48,400 --> 00:18:52,399 Speaker 1: at great workplace stories of the week. It sounds like 317 00:18:52,480 --> 00:18:54,600 Speaker 1: it could be dull, but more my this is anything 318 00:18:54,680 --> 00:19:00,800 Speaker 1: but shall I suggest one here? The ABC, Adam, and 319 00:19:00,840 --> 00:19:04,600 Speaker 1: I know that you're a big ABC viewer. ABC on 320 00:19:04,760 --> 00:19:10,920 Speaker 1: strike right, first time in two decades, big old pay dispute, 321 00:19:11,000 --> 00:19:14,280 Speaker 1: thousands of staff walking off the job for twenty four hours. 322 00:19:14,320 --> 00:19:16,879 Speaker 1: The union wants I think pay rises of four and 323 00:19:16,920 --> 00:19:20,760 Speaker 1: a half percent over three years. Management Hugh Marx, the 324 00:19:20,800 --> 00:19:26,120 Speaker 1: former boss of nine the offered ten percent increase over 325 00:19:26,160 --> 00:19:28,080 Speaker 1: that same period, plus a one off bonus. I think 326 00:19:28,119 --> 00:19:30,560 Speaker 1: it was one thousand dollars was the one off bonus. 327 00:19:30,600 --> 00:19:34,119 Speaker 1: It was not, unfortunately good enough. So there was no 328 00:19:34,320 --> 00:19:38,600 Speaker 1: seven pm news, no seven thirty, seven thirty report. 329 00:19:38,720 --> 00:19:39,480 Speaker 3: And they said. 330 00:19:41,119 --> 00:19:45,680 Speaker 1: Exactly exactly, if you tuned in on Wednesday, you would 331 00:19:45,880 --> 00:19:48,320 Speaker 1: not have any idea what's going on in the world. Instead, 332 00:19:48,320 --> 00:19:51,920 Speaker 1: you would have been treated to reruns of Hard Quiz 333 00:19:52,680 --> 00:19:56,600 Speaker 1: Tom Gleason, You've got Australian story all over again. You 334 00:19:56,720 --> 00:20:00,400 Speaker 1: got feeds from the BBC on radio, you got all 335 00:20:00,480 --> 00:20:04,240 Speaker 1: kinds of international news. There was no local news going on. 336 00:20:04,560 --> 00:20:06,159 Speaker 1: What a time to do it in the middle of 337 00:20:06,160 --> 00:20:10,920 Speaker 1: a crisis. And it may happen again as well. More 338 00:20:10,960 --> 00:20:13,160 Speaker 1: strikes around twenty four hours a strike. 339 00:20:13,480 --> 00:20:14,880 Speaker 3: Come on, what. 340 00:20:14,800 --> 00:20:17,119 Speaker 1: Would you do if you were to strike on fear 341 00:20:17,160 --> 00:20:20,119 Speaker 1: and greed? Here? You do something serious? You go, you know, 342 00:20:20,359 --> 00:20:24,159 Speaker 1: six months, I'm out after the South of France. 343 00:20:25,680 --> 00:20:28,680 Speaker 3: Not that I like to revisit traumatic experiences in my life, 344 00:20:28,880 --> 00:20:32,320 Speaker 3: but at one point when we were running the news rooms, 345 00:20:32,680 --> 00:20:36,720 Speaker 3: there's a strike that went for is a week I think, 346 00:20:37,200 --> 00:20:40,200 Speaker 3: and it was during the federal budget, so the week 347 00:20:40,240 --> 00:20:47,119 Speaker 3: of the federal budget. And that that is a serious strike. 348 00:20:47,400 --> 00:20:50,360 Speaker 3: That's what you're talking about, Like twenty four hours, you're 349 00:20:50,400 --> 00:20:51,040 Speaker 3: not even try. 350 00:20:51,840 --> 00:20:57,280 Speaker 1: Well, didn't nine do one during the was it the Olympics? 351 00:20:58,240 --> 00:21:02,400 Speaker 1: And nine Journals last? Yeah, whenever the last Olympics were 352 00:21:03,119 --> 00:21:06,040 Speaker 1: not the Winter Olympics did it? And right at the 353 00:21:06,040 --> 00:21:07,719 Speaker 1: start of the Olympics. And so he had all these 354 00:21:07,800 --> 00:21:11,680 Speaker 1: journals that were basically looking forward to going over, had 355 00:21:11,720 --> 00:21:13,840 Speaker 1: been planning for this for years, and all of a 356 00:21:13,880 --> 00:21:16,120 Speaker 1: sudden caught up in strike action. But yeah, twenty four 357 00:21:16,119 --> 00:21:17,680 Speaker 1: hours be better. 358 00:21:18,119 --> 00:21:21,360 Speaker 3: Go on, you can effort have a crack. So what's 359 00:21:21,359 --> 00:21:24,560 Speaker 3: a category great workplace? Well, the best workplace through the 360 00:21:24,560 --> 00:21:30,800 Speaker 3: week came out of Hanson Corporation. When the Fair Work 361 00:21:30,840 --> 00:21:40,160 Speaker 3: Commission upheld Hanson's firing and it worker like the block 362 00:21:40,240 --> 00:21:42,760 Speaker 3: was a big fan of work from home. The word 363 00:21:42,800 --> 00:21:46,240 Speaker 3: work is the operative word there. It logged on for 364 00:21:46,280 --> 00:21:48,920 Speaker 3: ten minutes a day, one day, didn't log on at all. 365 00:21:49,640 --> 00:21:53,240 Speaker 3: It was outraged that he got fired. I mean, what's 366 00:21:53,480 --> 00:21:56,359 Speaker 3: remarkable is that the case ever made it to the 367 00:21:56,359 --> 00:21:59,920 Speaker 3: Fair Work Commission. Basically, Hanson fired this guy did a 368 00:22:00,040 --> 00:22:03,240 Speaker 3: based manager for allegedly deceiving it into thinking he'd work 369 00:22:03,280 --> 00:22:04,800 Speaker 3: seven and a half hours a day, on the grounds 370 00:22:04,840 --> 00:22:09,399 Speaker 3: that such behavior amounted to serious misconduct destructive of the 371 00:22:09,440 --> 00:22:12,359 Speaker 3: employment relationship. So he was fooling them into thinking he 372 00:22:12,400 --> 00:22:14,440 Speaker 3: was working seven and a half hours a day. They 373 00:22:14,520 --> 00:22:18,560 Speaker 3: found by using systems that tracked log ins, browsing, keystrokes, 374 00:22:18,600 --> 00:22:23,240 Speaker 3: et cetera. One day he actually worked ten minutes from 375 00:22:23,520 --> 00:22:26,160 Speaker 3: seven forty six am to seven fifty six am. It's 376 00:22:26,160 --> 00:22:29,520 Speaker 3: the detail that matters. On another day, he didn't log 377 00:22:29,520 --> 00:22:32,520 Speaker 3: in at all. Then was outraged when he was sacked. 378 00:22:33,119 --> 00:22:36,720 Speaker 3: Now Commissioner Trevor Clark found the manager's explanation for the 379 00:22:36,840 --> 00:22:40,199 Speaker 3: gaping chasm between his ten minutes of activity in the 380 00:22:40,240 --> 00:22:44,320 Speaker 3: system and seven and a half hours work wholly unconvincing. 381 00:22:45,760 --> 00:22:48,840 Speaker 3: That to me, that is what you call a cracking 382 00:22:49,240 --> 00:22:54,639 Speaker 3: workplace story. Some bloke them we don't know, turns up 383 00:22:54,960 --> 00:22:58,199 Speaker 3: ten minutes for work and then his outrage takes his 384 00:22:58,320 --> 00:23:00,560 Speaker 3: company to their fair work commission because I had the 385 00:23:00,640 --> 00:23:01,439 Speaker 3: hide to sacking. 386 00:23:03,240 --> 00:23:06,679 Speaker 1: That is a good workplace story, Adam. 387 00:23:07,280 --> 00:23:11,000 Speaker 2: To your point, Sean, how on earth did it even 388 00:23:11,040 --> 00:23:15,960 Speaker 2: get started? I think that's just ludicrous. Yep, And I 389 00:23:16,000 --> 00:23:20,320 Speaker 2: don't like strikes, So Sean wins. 390 00:23:21,200 --> 00:23:23,720 Speaker 1: The excellent that's exos. 391 00:23:24,840 --> 00:23:27,560 Speaker 2: It's just ludicrous. So this went as far as it did. 392 00:23:28,080 --> 00:23:30,200 Speaker 2: That should stop. What a waste of time? 393 00:23:30,760 --> 00:23:33,879 Speaker 3: What a waste of fair work commissions time? Yeah, like 394 00:23:33,960 --> 00:23:36,680 Speaker 3: there are other bigger issues out there, totally. 395 00:23:37,320 --> 00:23:37,920 Speaker 2: I think it's. 396 00:23:40,000 --> 00:23:42,120 Speaker 3: Yeah, anyway to one. 397 00:23:43,280 --> 00:23:45,320 Speaker 1: All right, give us your favorite story, Sean. 398 00:23:46,480 --> 00:23:48,560 Speaker 3: It's a funny one for a favorite story, because not 399 00:23:48,600 --> 00:23:51,399 Speaker 3: my favorite story is slightly silly or something like that. 400 00:23:51,880 --> 00:23:54,520 Speaker 3: Whereas this one's sort of a favorite story because I 401 00:23:54,560 --> 00:23:57,920 Speaker 3: think it's worth mentioning and also shows economics at work, 402 00:23:58,000 --> 00:24:01,280 Speaker 3: economic impact at work. Dare I say the housing market 403 00:24:02,000 --> 00:24:05,520 Speaker 3: it's running out of puff. We had a preliminary combined 404 00:24:05,720 --> 00:24:09,560 Speaker 3: capital's auction clear and strate of less than sixty three 405 00:24:09,720 --> 00:24:16,040 Speaker 3: percent last week. Every capital city recorded a decline. Now 406 00:24:16,359 --> 00:24:18,480 Speaker 3: we're having a big ramp up of auctions at the moment. 407 00:24:18,480 --> 00:24:21,280 Speaker 3: It's the time of year. This weekend that we're sitting 408 00:24:21,280 --> 00:24:23,919 Speaker 3: in now is actually I think this four thousand houses 409 00:24:23,960 --> 00:24:26,760 Speaker 3: going to market across the country. Last week it was 410 00:24:27,000 --> 00:24:32,040 Speaker 3: three thousand. Interest rates are really taking the steam out 411 00:24:32,040 --> 00:24:35,520 Speaker 3: of the housing market. And I like the story because 412 00:24:35,760 --> 00:24:38,280 Speaker 3: not that I necessarily think I want the housing market 413 00:24:38,359 --> 00:24:41,320 Speaker 3: to slow down too much, but does slow down prices 414 00:24:41,359 --> 00:24:44,040 Speaker 3: price rises, and that's really good for people getting into 415 00:24:44,040 --> 00:24:46,880 Speaker 3: the market, and it just shows that interest rates work. 416 00:24:46,920 --> 00:24:48,760 Speaker 3: One of the reasons the Reserve Bank has talked about 417 00:24:49,000 --> 00:24:51,760 Speaker 3: the concerns about inflation is that wealth effect is the 418 00:24:51,760 --> 00:24:55,160 Speaker 3: fact that people's house prices keep going up and interest 419 00:24:55,240 --> 00:24:58,440 Speaker 3: rates are working in that area. And it's just, you know, 420 00:24:59,000 --> 00:25:02,919 Speaker 3: my bent towards wards economics, and dare I say, I 421 00:25:02,920 --> 00:25:05,000 Speaker 3: think one of you two ever been towards economics too. 422 00:25:05,000 --> 00:25:11,919 Speaker 3: I'm I can't remember which one. 423 00:25:08,880 --> 00:25:15,320 Speaker 1: Wearing atten up shirt on a Saturday morning, maybe, But 424 00:25:15,520 --> 00:25:17,560 Speaker 1: the housing market is really running out of puff. 425 00:25:17,920 --> 00:25:20,520 Speaker 3: And that's not to say houses prices will go backwards. 426 00:25:20,680 --> 00:25:24,000 Speaker 3: They may, but I just think that's something that we 427 00:25:24,119 --> 00:25:27,600 Speaker 3: need to be a bit wary of my favorite story short, 428 00:25:27,720 --> 00:25:32,440 Speaker 3: sharp complex interesting economic impact. 429 00:25:32,920 --> 00:25:34,880 Speaker 1: Do we have to pick a term that applies here? 430 00:25:37,160 --> 00:25:38,840 Speaker 3: Michael, did you not? 431 00:25:39,200 --> 00:25:42,240 Speaker 1: This is irrelevant, but I'm going to tell you anyway. 432 00:25:42,520 --> 00:25:46,840 Speaker 1: A fantastic table that I popped into the Fear and 433 00:25:46,880 --> 00:25:50,840 Speaker 1: Greed newsletter this week about the relative fuel prices around 434 00:25:50,840 --> 00:25:56,520 Speaker 1: the world. It's really really cool. So Australia, and it's 435 00:25:56,560 --> 00:26:00,520 Speaker 1: a snapshot from Monday, right, and so has gone up 436 00:26:00,560 --> 00:26:04,120 Speaker 1: since then. But Australia, the average petrol price further round lettered, 437 00:26:04,160 --> 00:26:07,240 Speaker 1: I think, was two dollars twenty three around the country. 438 00:26:07,880 --> 00:26:09,800 Speaker 1: But it's not as bad as Hong Kong, where it 439 00:26:09,840 --> 00:26:13,679 Speaker 1: was five dollars eighty per It's Libya where it was 440 00:26:13,720 --> 00:26:18,000 Speaker 1: three cents exactly, three cents and four cents in Iran 441 00:26:18,160 --> 00:26:22,760 Speaker 1: and five cents in Venezuela. That's just yeah, anyway, it's anyway, 442 00:26:23,160 --> 00:26:26,520 Speaker 1: completely irrelevant to everything and anything. I was just trying 443 00:26:26,520 --> 00:26:32,119 Speaker 1: to put a bit of distance between Sean's story and 444 00:26:32,160 --> 00:26:36,119 Speaker 1: then the winning entry into this category. It is my 445 00:26:36,240 --> 00:26:38,600 Speaker 1: favorite story this week, not the fuel prices. This one 446 00:26:38,640 --> 00:26:40,920 Speaker 1: I'm about to do because my theory is, if you're 447 00:26:40,920 --> 00:26:42,840 Speaker 1: going to have a crack, you may as well go hard, 448 00:26:42,960 --> 00:26:45,560 Speaker 1: which is exactly what this person has done. It was 449 00:26:45,600 --> 00:26:49,919 Speaker 1: a team of researchers led by an ossie who found 450 00:26:50,119 --> 00:26:54,679 Speaker 1: five commercial products are linked to nearly one third of 451 00:26:54,840 --> 00:27:00,520 Speaker 1: deaths worldwide every year. Those products are fossil fuels, ultra 452 00:27:00,560 --> 00:27:06,560 Speaker 1: processed foods, chemicals, alcohol, and tobacco. And what's more, What's 453 00:27:06,680 --> 00:27:09,359 Speaker 1: What's what takes this story kind of beyond kind of 454 00:27:09,400 --> 00:27:11,760 Speaker 1: just hey, some academics getting together and go, hey, let's 455 00:27:11,760 --> 00:27:13,679 Speaker 1: have a crack at every pretty much every industry in 456 00:27:13,680 --> 00:27:17,199 Speaker 1: the world is the fact that they got it published 457 00:27:17,359 --> 00:27:20,239 Speaker 1: in the New England Journal of Medicine. And as you 458 00:27:20,280 --> 00:27:23,240 Speaker 1: put it this week, Sean, that is essentially the bible 459 00:27:23,400 --> 00:27:27,280 Speaker 1: of medical research. And there is so much kind of 460 00:27:27,320 --> 00:27:32,080 Speaker 1: credibility and also strict vetting that is attached to that 461 00:27:32,119 --> 00:27:33,399 Speaker 1: public publication. 462 00:27:34,000 --> 00:27:37,000 Speaker 3: The publification publification not. 463 00:27:37,000 --> 00:27:41,280 Speaker 1: Nearly lost all credibility. When I said publification, huh goodness me, 464 00:27:41,359 --> 00:27:44,320 Speaker 1: it's going to be hard to recover from anyway in this. 465 00:27:44,480 --> 00:27:48,080 Speaker 1: In this they're essentially accusing these companies of concealing data 466 00:27:48,560 --> 00:27:53,000 Speaker 1: and influencing governments right to benefit their bottom line while 467 00:27:53,080 --> 00:27:58,000 Speaker 1: contributing to a massive increase in chronic diseases, contributing to 468 00:27:58,160 --> 00:28:04,280 Speaker 1: millions upon millions upon millions of deaths around millions upon 469 00:28:04,400 --> 00:28:09,359 Speaker 1: millions upon millions, tens of millions, hundreds of millions if adam. 470 00:28:09,400 --> 00:28:12,680 Speaker 1: As we've established today, there has been a theme of accountability, 471 00:28:12,720 --> 00:28:15,760 Speaker 1: and that was what I established firmly earlier in the 472 00:28:16,720 --> 00:28:20,520 Speaker 1: meta and Google the social media story. This is now 473 00:28:20,600 --> 00:28:23,720 Speaker 1: accountability for the rest of them. This was this guy, 474 00:28:23,880 --> 00:28:26,600 Speaker 1: This was this team of researchers taking on big oil, 475 00:28:27,000 --> 00:28:31,960 Speaker 1: big chemical, big tobacco, big alcohol, all of them all 476 00:28:32,000 --> 00:28:35,200 Speaker 1: at once, and using one of the most respected publifications 477 00:28:35,200 --> 00:28:38,200 Speaker 1: in the world to do it. It is my favorite 478 00:28:38,240 --> 00:28:39,120 Speaker 1: story of the week. 479 00:28:39,720 --> 00:28:42,200 Speaker 3: Do you think that's a great story? 480 00:28:43,960 --> 00:28:44,760 Speaker 1: Wrong category? 481 00:28:44,800 --> 00:28:49,160 Speaker 3: Sean, No, no, no, no no. I'm just like there's 482 00:28:49,200 --> 00:28:52,080 Speaker 3: a bit of a leap to then start saying that 483 00:28:52,400 --> 00:28:59,280 Speaker 3: business is deliberately profiteering knowing that this causes cancer. Like 484 00:28:59,800 --> 00:29:03,200 Speaker 3: the the burden of proof there would be quite significant. 485 00:29:04,080 --> 00:29:07,240 Speaker 3: I'm not even saying it's wrong necessarily, but. 486 00:29:09,440 --> 00:29:12,440 Speaker 2: Would stand to an evidentiary threshold. 487 00:29:13,040 --> 00:29:15,600 Speaker 3: I wonder not wonder good story though. 488 00:29:15,960 --> 00:29:23,719 Speaker 2: Yeah, great story, but not my favorite. So hip pocket prices. 489 00:29:23,920 --> 00:29:28,520 Speaker 2: You know, advertising is linked to consumer spending and that's 490 00:29:28,520 --> 00:29:32,000 Speaker 2: related to confidence, and one of the biggest factors influencing 491 00:29:32,040 --> 00:29:35,120 Speaker 2: that is the cost of housing. You know, your rent 492 00:29:35,160 --> 00:29:36,960 Speaker 2: goes up if you have to you know, you have 493 00:29:37,000 --> 00:29:38,560 Speaker 2: to pay more for an you have less to spend. 494 00:29:38,680 --> 00:29:41,120 Speaker 2: If interest rates go up, it's going to cost you 495 00:29:41,160 --> 00:29:44,360 Speaker 2: more to service debt. And if you're not feeling confident 496 00:29:44,360 --> 00:29:47,320 Speaker 2: about that, it affects all spending and that's the biggest 497 00:29:47,520 --> 00:29:50,360 Speaker 2: consumer spending is the biggest driver of the economy. So 498 00:29:50,480 --> 00:29:52,680 Speaker 2: I think the housing market running out of steam is 499 00:29:52,840 --> 00:29:57,920 Speaker 2: really significant. And Sean, you went through the stats last weekend. 500 00:29:57,960 --> 00:29:59,720 Speaker 2: Be really interesting to see how they play out this 501 00:29:59,760 --> 00:30:03,760 Speaker 2: week as the war continues and fuel prices continue to 502 00:30:03,800 --> 00:30:07,080 Speaker 2: be problematic. So I think that's actually the biggest favorite 503 00:30:07,080 --> 00:30:07,680 Speaker 2: story of the week. 504 00:30:08,440 --> 00:30:10,400 Speaker 1: I am at risk here, it is too all. I 505 00:30:10,400 --> 00:30:12,720 Speaker 1: am at risk of snatching defeat from the jaws of 506 00:30:12,800 --> 00:30:17,320 Speaker 1: victory because I had this in the bag today. Adam, 507 00:30:17,360 --> 00:30:19,400 Speaker 1: I would like for you to give us the score 508 00:30:19,520 --> 00:30:24,600 Speaker 1: breakdown now, and my word there is there is someone's 509 00:30:24,600 --> 00:30:28,600 Speaker 1: credibility on the line here, and it could be a judge. 510 00:30:29,200 --> 00:30:35,560 Speaker 3: Well, it could be the addition the method. Yeah, I'm 511 00:30:35,600 --> 00:30:39,280 Speaker 3: trying to say, it's hard in the morning, I will 512 00:30:39,320 --> 00:30:41,080 Speaker 3: be auditing set. 513 00:30:41,120 --> 00:30:45,120 Speaker 1: I can assure you that then will be out. 514 00:30:45,280 --> 00:30:55,320 Speaker 2: It's Michael with eighty six points, shorn with eighty seven points. 515 00:30:56,760 --> 00:31:01,360 Speaker 3: Oh that makes me laugh. He's gone, he's walked out, 516 00:31:01,880 --> 00:31:11,600 Speaker 3: come back on the throne. The gasping for hair, that is, 517 00:31:11,840 --> 00:31:13,440 Speaker 3: that is truly one of the great winds. 518 00:31:14,520 --> 00:31:16,920 Speaker 1: That is a and I do. 519 00:31:18,920 --> 00:31:22,360 Speaker 2: Like it was pretty Yeah, I gave. 520 00:31:23,160 --> 00:31:28,320 Speaker 1: I'm not known for melodrama. That is a travesty, Adam. 521 00:31:28,920 --> 00:31:32,160 Speaker 1: That is, you should be ashamed of yourself, young man. 522 00:31:32,280 --> 00:31:34,360 Speaker 1: That is an absolute disgrace. 523 00:31:35,480 --> 00:31:36,200 Speaker 2: You call me young. 524 00:31:37,160 --> 00:31:47,800 Speaker 1: Goodness, gracious, sean more gracious, well done, thank you and 525 00:31:48,400 --> 00:31:55,160 Speaker 1: well thank you, Adam. Please for the audit. I shall 526 00:31:55,200 --> 00:31:57,440 Speaker 1: be going through that in some detail. Make sure you're 527 00:31:57,440 --> 00:31:59,520 Speaker 1: following the podcast and head the Fear and Greed dot 528 00:31:59,520 --> 00:32:04,800 Speaker 1: com and look out, there's a queer certainly is got 529 00:32:04,800 --> 00:32:08,600 Speaker 1: our free daily news newsletter. I shall put a link 530 00:32:08,760 --> 00:32:10,960 Speaker 1: in the show notes. It's a great publification as well. 531 00:32:11,000 --> 00:32:13,280 Speaker 1: I'm Michael Thompson. And that was Fear and Greed. Have 532 00:32:13,360 --> 00:32:14,080 Speaker 1: a great weekend.