1 00:00:05,160 --> 00:00:10,720 Speaker 1: Live from vall Hartbiner and the Crossroads of America. It's 2 00:00:10,840 --> 00:00:19,120 Speaker 1: Tony Katz today. 3 00:00:20,079 --> 00:00:22,800 Speaker 2: This weirdness amongst the political left that when they do it, 4 00:00:22,800 --> 00:00:24,959 Speaker 2: it's fine, but when you do it, it's a sin. 5 00:00:26,079 --> 00:00:29,880 Speaker 2: This has been a standard for the progressive left for 6 00:00:29,920 --> 00:00:33,600 Speaker 2: a good long time. We've seen this, for example, in 7 00:00:33,640 --> 00:00:39,239 Speaker 2: the concept of culture wars when they say something like, 8 00:00:40,520 --> 00:00:47,080 Speaker 2: for example, we're gonna do away with gas stoves, and 9 00:00:47,120 --> 00:00:50,000 Speaker 2: then people said, but we like gas stoves. Wait a second, 10 00:00:50,200 --> 00:00:52,080 Speaker 2: and then the left said, what are you talking about 11 00:00:52,159 --> 00:00:53,720 Speaker 2: gas stoves? We never said we were gonna do away 12 00:00:53,760 --> 00:00:55,680 Speaker 2: with gas stoves. Why are you so obsessed with us? 13 00:00:55,720 --> 00:00:58,440 Speaker 2: Why are you always about the culture wars? And then 14 00:00:58,440 --> 00:01:01,400 Speaker 2: they went about maneuvers. You get rid of guests, doos 15 00:01:01,520 --> 00:01:03,720 Speaker 2: and guests, hot water heaters and a host of things, 16 00:01:03,760 --> 00:01:06,760 Speaker 2: and gladly a lot of that has been thwarted. Tony Kats. 17 00:01:07,360 --> 00:01:10,080 Speaker 2: Tony Kats today, great to be with. You find everything 18 00:01:10,120 --> 00:01:12,560 Speaker 2: over at Tony kats dot com. You should head over 19 00:01:12,600 --> 00:01:18,800 Speaker 2: there right now, immediately, if not sooner. And so this concept, 20 00:01:19,160 --> 00:01:24,600 Speaker 2: this philosophy happens a lot. It's it's always been fascinating. 21 00:01:26,080 --> 00:01:31,479 Speaker 2: When you do it, it's a sin when they do it? 22 00:01:32,360 --> 00:01:34,480 Speaker 2: Why are you looking at them? 23 00:01:35,040 --> 00:01:35,280 Speaker 3: You know? 24 00:01:35,520 --> 00:01:41,720 Speaker 2: It's it's It's not totally like mel Brooks when he said, 25 00:01:41,720 --> 00:01:45,440 Speaker 2: you know, the definition of the difference between comedy and tragedy. 26 00:01:45,840 --> 00:01:48,640 Speaker 2: Tragedy is when I cut my little finger. Comedy is 27 00:01:48,640 --> 00:01:52,240 Speaker 2: when you fall into an open sewer and die. It's 28 00:01:53,040 --> 00:01:56,040 Speaker 2: it isn't that. But it's this idea that when I 29 00:01:56,120 --> 00:01:57,520 Speaker 2: do it, it's fine, but when you do it, it's 30 00:01:57,520 --> 00:01:57,840 Speaker 2: a sin. 31 00:01:58,240 --> 00:01:59,840 Speaker 4: When you do it as a sin? When I do it? 32 00:02:00,080 --> 00:02:03,200 Speaker 2: Are you always staring at me? When you do it, 33 00:02:03,200 --> 00:02:05,160 Speaker 2: it's about you? When I do it, it's also about you. 34 00:02:07,240 --> 00:02:09,440 Speaker 2: This brings us to the story You've seen a lot 35 00:02:09,480 --> 00:02:15,720 Speaker 2: of people talking about it today where there's this Illinois Democrat. 36 00:02:17,240 --> 00:02:24,800 Speaker 2: There's always an Illinois Democrat. At every moment, in every place, 37 00:02:25,520 --> 00:02:28,600 Speaker 2: there is always an Illinois Democrat. 38 00:02:29,760 --> 00:02:32,760 Speaker 4: Hate Illinois Nazis, and. 39 00:02:34,800 --> 00:02:39,080 Speaker 2: The Illinois Democrat. In this case, her name is Oh, 40 00:02:39,120 --> 00:02:44,560 Speaker 2: I'm going to get her last name wrong, kat A Boogazela. 41 00:02:45,200 --> 00:02:46,080 Speaker 2: Am I pronouncing that right? 42 00:02:46,080 --> 00:02:47,680 Speaker 4: Parducier Landon, do you even know who this is? 43 00:02:48,919 --> 00:02:53,720 Speaker 2: Twenty six year old self styled gen Z influencer. 44 00:02:55,240 --> 00:02:58,120 Speaker 4: Okay, now I'm gonna put this out there. 45 00:02:59,440 --> 00:03:05,280 Speaker 2: This whole influencer thing is out of control, ridiculous, It's nuts. 46 00:03:06,120 --> 00:03:08,440 Speaker 2: And some people, when I have this conversation, say, Tony, 47 00:03:08,480 --> 00:03:12,280 Speaker 2: who are you talking to You're an influencer. No, no, no, 48 00:03:12,880 --> 00:03:16,799 Speaker 2: this gig right here radio is a far different cry. 49 00:03:17,320 --> 00:03:18,679 Speaker 4: It's a far different thing. 50 00:03:19,120 --> 00:03:21,600 Speaker 2: The idea that someone could have influence, lots of things 51 00:03:21,600 --> 00:03:23,840 Speaker 2: could have influence, but somebody goes out there to be 52 00:03:23,840 --> 00:03:28,400 Speaker 2: an influencer isn't subject to the same basic standards that 53 00:03:28,520 --> 00:03:30,519 Speaker 2: someone like myself is, never mind having to deal. 54 00:03:30,400 --> 00:03:31,040 Speaker 4: With the FCC. 55 00:03:31,560 --> 00:03:35,320 Speaker 2: How about the idea that the influencer is never really 56 00:03:35,440 --> 00:03:39,240 Speaker 2: concerned about Well, here's how a situation develops, and here's 57 00:03:39,240 --> 00:03:42,560 Speaker 2: my take on it. Is only interested in whatever it 58 00:03:42,640 --> 00:03:45,720 Speaker 2: is they can push. There's no there's no standard at all. 59 00:03:46,040 --> 00:03:47,480 Speaker 2: And if you say to me, Tony, I think that's 60 00:03:47,480 --> 00:03:51,040 Speaker 2: a distinction without a difference, I certainly don't. And I 61 00:03:51,080 --> 00:03:53,400 Speaker 2: see influencers on the left and I see influencers on 62 00:03:53,440 --> 00:03:57,880 Speaker 2: the right, and the whole thing is just ridiculous. I 63 00:03:58,560 --> 00:04:06,520 Speaker 2: have never considered myself in that vein this woman cat 64 00:04:07,640 --> 00:04:12,080 Speaker 2: she has been charged in a federal indictment sought by 65 00:04:12,080 --> 00:04:16,640 Speaker 2: the Department of Justice. She says it's an attack on 66 00:04:16,680 --> 00:04:21,160 Speaker 2: her First Amendment rights. Now, I'm staring at the video 67 00:04:21,520 --> 00:04:28,320 Speaker 2: right here. I am just kind of afraid to play 68 00:04:28,360 --> 00:04:33,800 Speaker 2: any audio from it because you know, when you do 69 00:04:33,960 --> 00:04:37,200 Speaker 2: it with these people, who knows what it is that they're. 70 00:04:37,040 --> 00:04:37,560 Speaker 4: Going to say. 71 00:04:38,440 --> 00:04:41,239 Speaker 2: But in this video, Ice is trying to move a vehicle, 72 00:04:42,240 --> 00:04:45,400 Speaker 2: and there she is standing in front of the vehicle, 73 00:04:45,839 --> 00:04:47,520 Speaker 2: stopping it from traveling. Though by the way, there's a 74 00:04:47,560 --> 00:04:50,599 Speaker 2: lot of people with her, maybe a couple hundred trying 75 00:04:50,640 --> 00:04:51,840 Speaker 2: to maybe it's only one. 76 00:04:51,839 --> 00:04:53,800 Speaker 4: Hundred, trying to get in front of the vehicle. They're 77 00:04:53,839 --> 00:04:54,480 Speaker 4: in the front of the vehicle. 78 00:04:54,480 --> 00:04:57,960 Speaker 2: And there she is, as clear as day, trying to 79 00:04:58,080 --> 00:05:04,559 Speaker 2: stop this vehicle from moving. That's what she's doing. So 80 00:05:04,640 --> 00:05:16,840 Speaker 2: she is impeding law enforcement. She is preventing Ice from 81 00:05:16,880 --> 00:05:21,279 Speaker 2: being able to move. So this was in Chicago. She 82 00:05:21,480 --> 00:05:24,560 Speaker 2: joined a mob swarming a law enforcement vehicle, blocking it 83 00:05:24,600 --> 00:05:28,320 Speaker 2: with their bodies before someone etched the word pig into 84 00:05:28,320 --> 00:05:31,200 Speaker 2: the vehicle. Others ripped off a mirror and windshiel wiper. 85 00:05:31,760 --> 00:05:38,599 Speaker 2: That's reporting from Fox News, and that is this woman. 86 00:05:38,880 --> 00:05:46,080 Speaker 2: A Bougazela abu gha z a l e h A bougazala. 87 00:05:46,200 --> 00:05:47,960 Speaker 4: I'm not one hundredson to try it's pronounced. I've never 88 00:05:47,960 --> 00:05:48,640 Speaker 4: heard it pronounced. 89 00:05:49,680 --> 00:05:51,640 Speaker 2: She joined the crowd and to quote at the front 90 00:05:51,640 --> 00:05:53,920 Speaker 2: of the government vehicle, and with her hands on the hood, 91 00:05:53,920 --> 00:05:56,200 Speaker 2: braced her body and hands against the vehicle while remaining 92 00:05:56,200 --> 00:05:59,640 Speaker 2: directly in the path of the vehicle, hindering an impeding 93 00:05:59,640 --> 00:06:02,920 Speaker 2: agent in the vehicle from proceeding to the staging area. 94 00:06:03,520 --> 00:06:06,800 Speaker 2: That's what part of the indictment is. She thinks this 95 00:06:06,839 --> 00:06:13,320 Speaker 2: is an attack on her First Amendment rights. How is 96 00:06:13,400 --> 00:06:18,640 Speaker 2: blocking traffic a First Amendment right? I'm asking I'd like 97 00:06:18,680 --> 00:06:25,680 Speaker 2: an answer. How is it possible that blocking traffic and 98 00:06:25,720 --> 00:06:31,520 Speaker 2: creating a dangerous situation by doing so, engaging in acts 99 00:06:31,560 --> 00:06:33,960 Speaker 2: of violence or working with a crowd engaging in acts 100 00:06:34,000 --> 00:06:36,520 Speaker 2: of violence against the vehicle and the people, meant to 101 00:06:36,520 --> 00:06:39,320 Speaker 2: intimidate the people in it, ripping off, for example, the 102 00:06:39,640 --> 00:06:44,360 Speaker 2: side mirrors. How is that a conversation about free speech? 103 00:06:44,360 --> 00:06:46,000 Speaker 2: As a matter of fact, it would be anything but 104 00:06:49,880 --> 00:06:53,120 Speaker 2: being opposed to ice. You can engage speech about that, 105 00:06:53,680 --> 00:06:55,200 Speaker 2: impeding law enforcement. 106 00:06:55,360 --> 00:07:00,040 Speaker 4: You go to jail for that. What possible argument you 107 00:07:00,440 --> 00:07:00,960 Speaker 4: have here? 108 00:07:01,960 --> 00:07:06,520 Speaker 2: The answer is you have none but having an argument 109 00:07:06,760 --> 00:07:13,720 Speaker 2: is not her interest. Moving an ideology, being a trafficker 110 00:07:13,800 --> 00:07:18,040 Speaker 2: ideology is her interest. Builds herself as a radical progressive Democrat. 111 00:07:18,520 --> 00:07:20,840 Speaker 4: No do you really? 112 00:07:21,280 --> 00:07:26,200 Speaker 2: I for one am shocked. Her platform includes a wealth 113 00:07:26,280 --> 00:07:30,320 Speaker 2: tax on rich Americans, a twenty five dollars minimum wage, 114 00:07:30,800 --> 00:07:33,720 Speaker 2: and an immediate pathway to citizenship for Dreamers and other 115 00:07:33,800 --> 00:07:39,280 Speaker 2: undocumented immigrants. Her hobbies include knitting, playing video games, and 116 00:07:39,360 --> 00:07:40,360 Speaker 2: destroying America. 117 00:07:44,800 --> 00:07:47,880 Speaker 4: And she is imposed. 118 00:07:50,760 --> 00:07:53,880 Speaker 2: She did an interview with Jensaki where she thinks Christy 119 00:07:53,920 --> 00:07:58,560 Speaker 2: nom Secretary of Homeland Security should be tried at the Hague. 120 00:07:58,800 --> 00:08:01,160 Speaker 2: So first things first, these people don't believe in America 121 00:08:01,200 --> 00:08:04,960 Speaker 2: like we believe in America. She is running for the 122 00:08:05,080 --> 00:08:11,640 Speaker 2: ninth Congressional district of Illinois. Janshikowski is retiring. Janshikowski is 123 00:08:11,680 --> 00:08:17,320 Speaker 2: eighty one. This is what we as a nation are 124 00:08:17,400 --> 00:08:23,120 Speaker 2: up against. Why should she not be able to block traffic? 125 00:08:23,600 --> 00:08:26,200 Speaker 2: Why should she not be able to participate with a 126 00:08:26,240 --> 00:08:28,040 Speaker 2: mob and intimidating law enforcement? 127 00:08:29,040 --> 00:08:32,439 Speaker 4: That's fine? Well, why is it fine? 128 00:08:32,800 --> 00:08:36,200 Speaker 2: Because what law enforcement is doing is bad? Which is 129 00:08:36,240 --> 00:08:41,080 Speaker 2: really the argument of all those January six ers. Right, 130 00:08:42,840 --> 00:08:48,600 Speaker 2: you have people shooting at ice agents. That's being violent. 131 00:08:48,640 --> 00:08:51,040 Speaker 2: That was the argument about January six ers being violent. 132 00:08:51,360 --> 00:08:53,480 Speaker 2: What's the difference in their argument? Well, I think what 133 00:08:53,520 --> 00:09:00,719 Speaker 2: they're doing is bad. That's the same argument. I'll let 134 00:09:00,720 --> 00:09:03,040 Speaker 2: them figure that one out. By the way, I said 135 00:09:03,040 --> 00:09:06,000 Speaker 2: of January sixth ers many many times, if you were 136 00:09:06,200 --> 00:09:10,079 Speaker 2: kept from due process as an American citizen, your immediate released. 137 00:09:10,160 --> 00:09:10,600 Speaker 4: It's over. 138 00:09:10,679 --> 00:09:13,400 Speaker 2: It's done. There were some people who committed acts of violence. 139 00:09:13,440 --> 00:09:15,800 Speaker 2: They have to deal with the consequences of that. People 140 00:09:15,840 --> 00:09:17,920 Speaker 2: who were invited into the Capitol did nothing wrong and 141 00:09:17,920 --> 00:09:19,600 Speaker 2: they never should have had a problem brought their way. 142 00:09:19,760 --> 00:09:22,400 Speaker 2: It was obscene what the j six Committee and others 143 00:09:22,400 --> 00:09:23,240 Speaker 2: did to these people. 144 00:09:24,920 --> 00:09:27,400 Speaker 4: You're blocking traffic and you're trying to intimidate law enforcement. 145 00:09:27,480 --> 00:09:30,440 Speaker 2: You go to jail, and what they say is, look 146 00:09:30,480 --> 00:09:32,679 Speaker 2: what Republicans, Look what the right? Look at what those 147 00:09:32,720 --> 00:09:35,200 Speaker 2: people did over there? Why are you looking at me? 148 00:09:35,240 --> 00:09:36,559 Speaker 2: Why are you always looking at me? Why are you 149 00:09:36,640 --> 00:09:41,120 Speaker 2: obsessed with me? I think that we should never be 150 00:09:41,200 --> 00:09:45,600 Speaker 2: afraid to notice and to say so, Oh, do I 151 00:09:45,640 --> 00:09:48,560 Speaker 2: have a concern about her winning? 152 00:09:49,600 --> 00:09:53,959 Speaker 4: Sure? I think everybody should. 153 00:09:54,000 --> 00:09:54,160 Speaker 3: You know. 154 00:09:54,240 --> 00:09:59,439 Speaker 2: This is the Mam Donnie conversation. These are on Mom 155 00:09:59,480 --> 00:10:02,520 Speaker 2: Donni conversation in New York is not that you or 156 00:10:02,600 --> 00:10:05,520 Speaker 2: I give a good holy you know what about what 157 00:10:05,679 --> 00:10:06,880 Speaker 2: happens in New York. 158 00:10:10,080 --> 00:10:13,640 Speaker 4: It's that it can come here to where you live. 159 00:10:13,679 --> 00:10:14,800 Speaker 4: In the Midwest. 160 00:10:15,320 --> 00:10:18,560 Speaker 2: It can come to Tulsa, Oklahoma. It can come to 161 00:10:18,640 --> 00:10:22,800 Speaker 2: Fort Wayne, Indiana. It can come to Saint Louis, Missouri. 162 00:10:23,160 --> 00:10:26,319 Speaker 2: It can come to Baton Rouge, Louisiana. It can come 163 00:10:26,400 --> 00:10:29,240 Speaker 2: to where I am at. It can come to Charlotte, 164 00:10:29,240 --> 00:10:32,360 Speaker 2: North Carolina. And I know not all those places where 165 00:10:32,400 --> 00:10:40,480 Speaker 2: the Midwest, but I consider them brethren. It spreads, and 166 00:10:40,679 --> 00:10:45,880 Speaker 2: if we are not noticing, and if we are cowed 167 00:10:45,920 --> 00:10:48,040 Speaker 2: by the idea that they say, why are you looking 168 00:10:48,080 --> 00:10:55,600 Speaker 2: at me, they get to move about unchallenged. We need 169 00:10:55,640 --> 00:10:58,640 Speaker 2: to challenge. I just think we need to challenge in 170 00:10:58,720 --> 00:11:02,160 Speaker 2: a very very smart way. I think we need to 171 00:11:02,280 --> 00:11:05,680 Speaker 2: challenge in a more certainly uplifting way. I do not 172 00:11:05,800 --> 00:11:08,280 Speaker 2: believe the answer to the people who believe in no 173 00:11:08,440 --> 00:11:12,120 Speaker 2: borders is the idea of no immigration. 174 00:11:12,880 --> 00:11:13,960 Speaker 4: I think that's a mistake. 175 00:11:15,400 --> 00:11:18,199 Speaker 2: I think our argument should be for a legal immigration, 176 00:11:18,360 --> 00:11:23,880 Speaker 2: and then be legal immigration of people who actually want 177 00:11:23,920 --> 00:11:29,199 Speaker 2: to be Americans. We don't allow single able bodied men 178 00:11:29,240 --> 00:11:31,400 Speaker 2: from China to enter the United States. 179 00:11:31,480 --> 00:11:32,360 Speaker 4: We just don't do it. 180 00:11:33,160 --> 00:11:36,400 Speaker 2: We don't allow single able bodied men from Muslim nations. 181 00:11:36,600 --> 00:11:39,120 Speaker 4: We don't do it, Tony, that's pigot in woe, whoa, whoa, whoa, 182 00:11:39,160 --> 00:11:40,079 Speaker 4: woe woe and whoa. 183 00:11:41,840 --> 00:11:45,400 Speaker 2: With all due respect, Islam needs a reformation and we 184 00:11:45,520 --> 00:11:48,120 Speaker 2: need to be absolutely aware of what is the islamis 185 00:11:48,160 --> 00:11:51,160 Speaker 2: threat around the globe. We have to pay attention to it. 186 00:11:51,320 --> 00:11:54,120 Speaker 2: They're saying, how dare you? And what I'm saying is 187 00:11:54,200 --> 00:11:57,560 Speaker 2: we must dare. There's a real problem. Whether we're talking 188 00:11:57,600 --> 00:12:00,199 Speaker 2: about in God's word, they're talking about an Africa with Bokalharam, 189 00:12:00,280 --> 00:12:06,160 Speaker 2: there's an issue. We're gonna pretend that there's not. How foolhardy, so, Tony, 190 00:12:06,200 --> 00:12:08,319 Speaker 2: you mean only white people can enter the United States. 191 00:12:08,480 --> 00:12:10,120 Speaker 4: I never said such a thing. And I don't even 192 00:12:10,200 --> 00:12:10,600 Speaker 4: believe that. 193 00:12:12,200 --> 00:12:14,000 Speaker 2: We have a lot of people from Central and Southern 194 00:12:14,040 --> 00:12:15,760 Speaker 2: America who I think would make great Americans. 195 00:12:15,960 --> 00:12:17,040 Speaker 4: We have a lot of people from. 196 00:12:16,880 --> 00:12:22,240 Speaker 2: African nations, not just Africaners in South Africa who would 197 00:12:22,280 --> 00:12:25,880 Speaker 2: make great Americans. Although we should be clear that Afrikaaners 198 00:12:26,000 --> 00:12:27,600 Speaker 2: are being attacked for being white. 199 00:12:27,679 --> 00:12:29,600 Speaker 4: Well Tony was apartheid. What do you expect. 200 00:12:29,920 --> 00:12:34,240 Speaker 2: I expect that the people who are running Johannesburg don't 201 00:12:34,280 --> 00:12:35,439 Speaker 2: want to kill the boar. 202 00:12:36,240 --> 00:12:37,280 Speaker 4: That's what I expect. 203 00:12:37,679 --> 00:12:39,880 Speaker 2: I mean, if we're asking what I actually think in 204 00:12:39,920 --> 00:12:42,400 Speaker 2: this world, I don't think you should say, well, now 205 00:12:42,400 --> 00:12:47,960 Speaker 2: that apartheid is over, kill all the white people. I 206 00:12:47,960 --> 00:12:51,160 Speaker 2: don't think people should be reminiscing about Garrett Morris singing 207 00:12:51,160 --> 00:12:53,280 Speaker 2: I'm gonna get me a shotgun and kill all the 208 00:12:53,280 --> 00:12:56,200 Speaker 2: whities I see and say, you know what, that makes 209 00:12:56,240 --> 00:12:59,679 Speaker 2: good policy. That's old school Saturday Night Live people. You 210 00:12:59,760 --> 00:13:02,320 Speaker 2: might want to take a look at that. That is 211 00:13:03,000 --> 00:13:08,120 Speaker 2: this is a funny moment. We're not gonna notice. We 212 00:13:08,160 --> 00:13:10,520 Speaker 2: should need to notice. There are people who want to 213 00:13:10,520 --> 00:13:12,160 Speaker 2: be Americans, and then there are people whopposed to the 214 00:13:12,200 --> 00:13:13,160 Speaker 2: American way of life. 215 00:13:13,400 --> 00:13:14,840 Speaker 4: And the people w apposed to the American way of 216 00:13:14,840 --> 00:13:16,760 Speaker 4: life have no place here. You're not welcome. 217 00:13:17,200 --> 00:13:19,600 Speaker 2: And absolutely one of the things the administration has done 218 00:13:19,600 --> 00:13:22,440 Speaker 2: that I wholeheartedly agree with is that the people who 219 00:13:22,480 --> 00:13:24,880 Speaker 2: come into the country from other countries and then protest 220 00:13:24,920 --> 00:13:27,960 Speaker 2: against the country, you gotta go. Free speech is not 221 00:13:28,240 --> 00:13:31,080 Speaker 2: yours because you are not engaged in free speech. You 222 00:13:31,120 --> 00:13:34,000 Speaker 2: are engaged in the usurpation as somebody who is not 223 00:13:34,040 --> 00:13:36,600 Speaker 2: an American citizen. I got enough crap I gotta deal 224 00:13:36,640 --> 00:13:39,600 Speaker 2: with with American citizens too dumb to know their own 225 00:13:39,640 --> 00:13:42,760 Speaker 2: name or tie their own shoes, think they can block traffic, 226 00:13:43,080 --> 00:13:45,680 Speaker 2: block law enforcement from doing their job, and then say, 227 00:13:45,679 --> 00:13:48,520 Speaker 2: how dare you question me when someone says, yeah, that's 228 00:13:48,559 --> 00:13:53,640 Speaker 2: against the law. I think it's okay that we have 229 00:13:53,679 --> 00:13:55,679 Speaker 2: a standard, and I think it's okay if our standard 230 00:13:55,720 --> 00:13:59,439 Speaker 2: is exacting. And I think give us your tire, you're poor, 231 00:13:59,480 --> 00:14:03,120 Speaker 2: your huddled massive joarning to breathe, free, the poem, the 232 00:14:03,160 --> 00:14:05,559 Speaker 2: new Colossus, which is at the bottom, they're the foot 233 00:14:05,760 --> 00:14:09,200 Speaker 2: of the statue of liberty. I don't think that precludes 234 00:14:09,240 --> 00:14:11,480 Speaker 2: the idea of us saying, oh, you actually have to 235 00:14:11,520 --> 00:14:13,840 Speaker 2: want to be here and not want to destroy here, 236 00:14:14,280 --> 00:14:16,400 Speaker 2: because I got enough people already in the United States 237 00:14:16,400 --> 00:14:17,439 Speaker 2: who want to destroy. 238 00:14:17,280 --> 00:14:18,439 Speaker 4: And I don't need anymore. 239 00:14:18,640 --> 00:14:22,680 Speaker 2: And we're allowed to say no, thank you, and we 240 00:14:22,760 --> 00:14:26,440 Speaker 2: should we should notice, we should say so. 241 00:14:28,520 --> 00:14:31,320 Speaker 4: But you do this and you don't think you should 242 00:14:31,320 --> 00:14:31,840 Speaker 4: be charged. 243 00:14:33,280 --> 00:14:38,040 Speaker 2: I hope we go to jail, because the rest of 244 00:14:38,120 --> 00:14:39,320 Speaker 2: us would go to jail. 245 00:14:40,800 --> 00:14:43,800 Speaker 4: I'm Tony Katz and this is Tony Katz today. 246 00:14:43,920 --> 00:14:47,200 Speaker 2: Add Billie Eilish, the singer, to the list of people 247 00:14:47,240 --> 00:14:48,040 Speaker 2: who are just. 248 00:14:48,120 --> 00:14:52,440 Speaker 4: Engaged in nonsense. It's embarrassing. 249 00:14:53,600 --> 00:14:57,000 Speaker 2: She's at some award thing, she's gotten an award, and 250 00:14:58,560 --> 00:15:02,040 Speaker 2: she's got a message for the billionaires out there. 251 00:15:02,440 --> 00:15:04,320 Speaker 3: I love you all, but there's a few people in 252 00:15:04,360 --> 00:15:11,680 Speaker 3: here that have a lot more money than me. And uh, 253 00:15:11,920 --> 00:15:16,680 Speaker 3: if you're a billionaire, why are you a billionaire? No hate, 254 00:15:16,840 --> 00:15:20,200 Speaker 3: but yeah, give your money away. Shorty's love you guys, 255 00:15:20,240 --> 00:15:21,040 Speaker 3: thank you so much. 256 00:15:24,560 --> 00:15:26,680 Speaker 2: I mean, do I just call you a child? Or 257 00:15:26,680 --> 00:15:29,560 Speaker 2: do I call you stupid? Do I say what don't 258 00:15:29,560 --> 00:15:31,800 Speaker 2: you understand? Do I say, how do you come to 259 00:15:31,880 --> 00:15:36,880 Speaker 2: that place? Because I don't believe that you have thought 260 00:15:36,880 --> 00:15:42,680 Speaker 2: it through at all. If the argument is, Billie Eilish, 261 00:15:43,000 --> 00:15:48,280 Speaker 2: why are you a billionaire? What if the answer is 262 00:15:48,320 --> 00:15:52,280 Speaker 2: because my intellectual property has earned me a billion. 263 00:15:52,000 --> 00:15:56,800 Speaker 4: Dollars, what's the problem? Your intellectual property. 264 00:15:56,440 --> 00:15:58,680 Speaker 2: From all the songs that you've written there with Phineas 265 00:15:58,680 --> 00:16:00,600 Speaker 2: will eventually get you a billion dollars? 266 00:16:01,360 --> 00:16:04,120 Speaker 4: Is it not yours? Now? 267 00:16:04,160 --> 00:16:07,440 Speaker 2: If you choose to give it away, you can. It's 268 00:16:07,520 --> 00:16:11,240 Speaker 2: your money, But you asked a different question. Why are 269 00:16:11,400 --> 00:16:15,880 Speaker 2: there billionaires? Why are you billionaires? This is what you asked, 270 00:16:16,080 --> 00:16:19,160 Speaker 2: Why are you a billionaire? What if the answer is 271 00:16:19,200 --> 00:16:21,960 Speaker 2: because I earned it? What if the answer is because 272 00:16:22,000 --> 00:16:23,840 Speaker 2: my daddy left it to me and screw you. 273 00:16:23,920 --> 00:16:24,760 Speaker 4: I don't know what the. 274 00:16:24,760 --> 00:16:26,480 Speaker 2: Answer could be, BILLI but there could be a lot 275 00:16:26,520 --> 00:16:31,640 Speaker 2: of different answers here. And then you say to the people, 276 00:16:33,040 --> 00:16:40,720 Speaker 2: if you're a billionaire, no hate, no hate, give your 277 00:16:40,760 --> 00:16:42,000 Speaker 2: money away? 278 00:16:43,680 --> 00:16:46,280 Speaker 4: What about millionaires? No? 279 00:16:46,280 --> 00:16:49,000 Speaker 2: Not somebody with only thirty three million dollars, someone with 280 00:16:49,080 --> 00:16:50,600 Speaker 2: three hundred and thirty three million dollars? 281 00:16:50,640 --> 00:16:55,200 Speaker 4: What about them? When you say billionaires, you mean the rich, 282 00:16:55,240 --> 00:16:57,840 Speaker 4: don't you? When you say billionaires? 283 00:16:57,880 --> 00:17:00,680 Speaker 2: Billie Eilish, have you ever asked if you are engaged 284 00:17:00,680 --> 00:17:03,520 Speaker 2: in the conversation of Carlo Carl Marx about the proletariat 285 00:17:03,560 --> 00:17:06,080 Speaker 2: and the bourgeoisie well a conversations about the haves and 286 00:17:06,160 --> 00:17:08,879 Speaker 2: have nuns, as Barack Obama phrased it, the ninety nine 287 00:17:08,880 --> 00:17:11,760 Speaker 2: percent in the one percent, it's the same exact conversation. 288 00:17:12,400 --> 00:17:15,080 Speaker 2: Is this what you're supporting? Because if this is what 289 00:17:15,160 --> 00:17:18,440 Speaker 2: you are supporting, Billie Eilish, then I want to discuss 290 00:17:18,480 --> 00:17:23,040 Speaker 2: the very concepts of copyright. Why do you own your music? 291 00:17:25,960 --> 00:17:28,040 Speaker 2: Billionaires have to give their money away. I want you 292 00:17:28,080 --> 00:17:31,239 Speaker 2: to give your intellectual property away. I want you to 293 00:17:31,280 --> 00:17:34,400 Speaker 2: give up your right to the music. And if we're 294 00:17:34,440 --> 00:17:36,720 Speaker 2: going to talk about billionaires, what do you think about 295 00:17:36,720 --> 00:17:39,960 Speaker 2: Taylor Swift working so hard to re record her masters 296 00:17:39,960 --> 00:17:41,399 Speaker 2: so she owns her music again. 297 00:17:43,920 --> 00:17:46,000 Speaker 4: I mean, if you're going to come out with. 298 00:17:45,920 --> 00:17:49,320 Speaker 2: Such bravery, Billie Eilish, I want you to come out with. 299 00:17:49,280 --> 00:17:51,520 Speaker 4: Bravery, and I want to see how you handle the 300 00:17:51,560 --> 00:17:58,600 Speaker 4: Swifties or is it possible? Billy? And I believe that 301 00:17:58,680 --> 00:18:02,280 Speaker 4: this is the case. You never thought about it. 302 00:18:03,880 --> 00:18:07,120 Speaker 2: You never once had a detailed conversation with anybody who 303 00:18:07,160 --> 00:18:09,520 Speaker 2: wasn't a friend who said, oh absolutely, Oh those billionaires, 304 00:18:09,640 --> 00:18:12,040 Speaker 2: Oh they're terrible. Hey, can I borrow ten thousand dollars? 305 00:18:12,560 --> 00:18:15,280 Speaker 2: I promise I'll pay it back this time. I gotta 306 00:18:15,280 --> 00:18:17,000 Speaker 2: assume that's happened to Billy more than once in her life. 307 00:18:17,000 --> 00:18:18,560 Speaker 2: I got assume that's happened to everybody who has money 308 00:18:18,600 --> 00:18:22,840 Speaker 2: more than once in their life now, And for other 309 00:18:22,880 --> 00:18:24,919 Speaker 2: people it happens on a lower scale. Hey, can you 310 00:18:24,920 --> 00:18:25,720 Speaker 2: spot me for the pizza? 311 00:18:25,800 --> 00:18:26,080 Speaker 4: This time? 312 00:18:26,119 --> 00:18:30,000 Speaker 2: I promise pay you back, right, same math, same concept, 313 00:18:30,000 --> 00:18:34,399 Speaker 2: different math. I don't believe, Billy, you've ever had this 314 00:18:34,480 --> 00:18:38,840 Speaker 2: conversation with anybody of a thinking metal ever. You just 315 00:18:38,960 --> 00:18:42,840 Speaker 2: feel that because all of your fans are gonna say, yeah, 316 00:18:42,960 --> 00:18:43,720 Speaker 2: therefore you're right. 317 00:18:45,440 --> 00:18:46,520 Speaker 4: That doesn't make someone right. 318 00:18:48,240 --> 00:18:55,160 Speaker 2: Fighting it out, debating it, engaging it, getting perspectives, getting thoughts, 319 00:18:56,680 --> 00:19:00,960 Speaker 2: being able to sharpen your message. That that's good. You're 320 00:19:00,960 --> 00:19:03,880 Speaker 2: not sharpening a message here. You're like, I'm gonna win 321 00:19:03,920 --> 00:19:06,399 Speaker 2: this award and I'm gonna be driven off in a limo, 322 00:19:06,640 --> 00:19:09,040 Speaker 2: and I'm wearing a jacket that probably costs seven hundred 323 00:19:09,080 --> 00:19:13,320 Speaker 2: and fifty dollars. Seven hundred and fifty dollars, by the way, 324 00:19:13,600 --> 00:19:17,400 Speaker 2: is the grand sum total of most people's entire wardrobe. 325 00:19:20,200 --> 00:19:22,120 Speaker 2: I'm gonna lecture and people are gonna say, oh, I'm 326 00:19:22,119 --> 00:19:29,560 Speaker 2: so brave. It's not bravery. It's a childlike pablom. It's insulting, 327 00:19:29,640 --> 00:19:32,040 Speaker 2: root and gross. And when they're done with the billionaires, 328 00:19:32,080 --> 00:19:36,520 Speaker 2: they'll come for the millionaires. You know that, right, Billy, 329 00:19:37,960 --> 00:19:41,840 Speaker 2: You're coming for you next day. So the Fed they 330 00:19:41,960 --> 00:19:47,720 Speaker 2: cut the rate by a quarter point and everyone said hooray. 331 00:19:48,840 --> 00:19:50,920 Speaker 4: Most everybody said hooray, because when you take a. 332 00:19:50,840 --> 00:19:54,880 Speaker 2: Look at the vote count there of these Federal Reserve officers, 333 00:19:55,280 --> 00:19:57,440 Speaker 2: one person said it should be at half point. Another 334 00:19:57,440 --> 00:20:00,440 Speaker 2: person said, don't cut it in the slightest. But it 335 00:20:00,520 --> 00:20:05,920 Speaker 2: seems clear to me that Jerome Powell is well, here 336 00:20:05,960 --> 00:20:09,200 Speaker 2: you go, market, here's exactly what you wanted. Here are 337 00:20:09,200 --> 00:20:11,120 Speaker 2: the lower rates you dreamed of. But is this good 338 00:20:11,119 --> 00:20:14,600 Speaker 2: for us? Tony Katz, Tony Katz today, good to be 339 00:20:14,960 --> 00:20:19,159 Speaker 2: with you. We've got doctor Mattwell joining us economist at 340 00:20:19,200 --> 00:20:21,520 Speaker 2: the University of Indianapolis. 341 00:20:21,520 --> 00:20:23,400 Speaker 4: Now there's a host of things. 342 00:20:23,119 --> 00:20:29,400 Speaker 2: To cover on this rate cut, and this happening as 343 00:20:29,520 --> 00:20:33,720 Speaker 2: President Trump is taking this tour in Asia, which I 344 00:20:33,720 --> 00:20:36,119 Speaker 2: would argue has been a successful tour, not only on 345 00:20:36,119 --> 00:20:40,359 Speaker 2: a diplomacy side, but on a deal side, at least 346 00:20:40,359 --> 00:20:42,439 Speaker 2: a framework side. Right until we have a deal that 347 00:20:42,480 --> 00:20:45,560 Speaker 2: actually brings dollars in, there's nothing but South Korea is 348 00:20:45,560 --> 00:20:47,359 Speaker 2: saying they're going to put in three hundred and fifty 349 00:20:47,400 --> 00:20:52,480 Speaker 2: billion dollars further the relationship with Japan to try and 350 00:20:52,560 --> 00:20:56,399 Speaker 2: thwart the hegemonic desires of China. And then the meeting 351 00:20:56,480 --> 00:21:00,359 Speaker 2: was Jijinping, which took place in South Korea. How we 352 00:21:00,359 --> 00:21:03,679 Speaker 2: get to the rate cut. Talk to me about how 353 00:21:03,720 --> 00:21:07,639 Speaker 2: this trip and these conversations coming out of this Asia 354 00:21:07,680 --> 00:21:11,320 Speaker 2: trip are seen by financial economists like yourself. 355 00:21:12,200 --> 00:21:15,960 Speaker 5: We see it as fantastic because the uncertainty is being removed. 356 00:21:16,280 --> 00:21:18,720 Speaker 5: The biggest problem that we've had with the tariffs is 357 00:21:18,960 --> 00:21:22,400 Speaker 5: well the second biggest. The biggest is they're tariffs. They stink, 358 00:21:22,840 --> 00:21:26,080 Speaker 5: But the second biggest problem has been the uncertainty. And 359 00:21:26,200 --> 00:21:29,760 Speaker 5: the Wall Street hates uncertainty. Business hates uncertainty. They want 360 00:21:29,760 --> 00:21:31,840 Speaker 5: to know what to do. You can't plan for the 361 00:21:32,080 --> 00:21:34,720 Speaker 5: future until you know what's going to happen. And so 362 00:21:35,040 --> 00:21:37,560 Speaker 5: the fact that these frameworks are in place and deals 363 00:21:37,560 --> 00:21:40,400 Speaker 5: are getting cut, even though they may not be good 364 00:21:40,440 --> 00:21:43,920 Speaker 5: deals for the consumer or for businesses, the deals are 365 00:21:43,920 --> 00:21:46,560 Speaker 5: cut and everybody likes it. And what I got to 366 00:21:46,600 --> 00:21:49,080 Speaker 5: tell you Trump actually he pulled one off on this 367 00:21:49,320 --> 00:21:52,520 Speaker 5: because I was hearing this morning read some information about 368 00:21:52,560 --> 00:21:56,359 Speaker 5: the fact that China now wants to participate in the 369 00:21:56,480 --> 00:22:00,840 Speaker 5: new LNG process pipeline from a lab. They want to 370 00:22:00,880 --> 00:22:04,480 Speaker 5: invest in a pipeline that's going to feed LNG to 371 00:22:04,640 --> 00:22:08,480 Speaker 5: Japan and South Korea. This is a win no matter 372 00:22:08,520 --> 00:22:13,000 Speaker 5: how you slice it for Trump going out to the East. 373 00:22:13,760 --> 00:22:16,880 Speaker 2: Now, I have to tell you I don't favor at all, 374 00:22:17,359 --> 00:22:20,280 Speaker 2: in any way, shape or form, allowing China to have 375 00:22:20,359 --> 00:22:22,320 Speaker 2: any energy from. 376 00:22:22,119 --> 00:22:22,959 Speaker 4: The United States. 377 00:22:23,040 --> 00:22:27,680 Speaker 2: I think that is an opportunity for massive failure. I've 378 00:22:27,720 --> 00:22:30,639 Speaker 2: also disagreed with President Trump when it's a conversation of 379 00:22:30,680 --> 00:22:36,040 Speaker 2: allowing Chinese nationals to come into the country to be students, 380 00:22:36,040 --> 00:22:39,600 Speaker 2: the student visa conversation. But we'll get to those things later. 381 00:22:40,080 --> 00:22:43,320 Speaker 2: You see this trip as a success. In the middle 382 00:22:43,359 --> 00:22:46,000 Speaker 2: of this trip comes Jerome Powell and comes the rate 383 00:22:46,080 --> 00:22:48,040 Speaker 2: cut of a quarter point. 384 00:22:48,280 --> 00:22:51,160 Speaker 4: Was this the right move? No, it was the wrong move. 385 00:22:51,640 --> 00:22:55,040 Speaker 5: Well, unless it was combined with a reducing of the 386 00:22:55,080 --> 00:22:59,560 Speaker 5: balance sheet. The headline, Tony is rate cut quarter point. 387 00:22:59,600 --> 00:23:01,760 Speaker 5: That's the That's the headline. But there's three things that 388 00:23:01,880 --> 00:23:05,040 Speaker 5: happened here, and I think all three of them are bad. 389 00:23:05,600 --> 00:23:08,600 Speaker 5: One was the rate cut by itself. That's not a 390 00:23:08,600 --> 00:23:11,360 Speaker 5: good thing. The second thing they did is they decided 391 00:23:11,359 --> 00:23:15,119 Speaker 5: to stop reducing the balance sheet as of December. First, 392 00:23:15,160 --> 00:23:19,439 Speaker 5: they will officially reverse quantitative tightening and go back to 393 00:23:19,800 --> 00:23:22,520 Speaker 5: what they call neutral, but I believe is more quantitative. 394 00:23:22,560 --> 00:23:25,119 Speaker 5: Easy if you're not reducing the balance sheet. That's a 395 00:23:25,160 --> 00:23:28,720 Speaker 5: bad thing. That will pump cash into the economy. And 396 00:23:28,760 --> 00:23:30,840 Speaker 5: the third thing they announced is they're going to replace 397 00:23:31,000 --> 00:23:35,000 Speaker 5: long term investments on the FED balance sheet with short 398 00:23:35,080 --> 00:23:38,199 Speaker 5: term investments on the FED balance sheet. That's also a 399 00:23:38,240 --> 00:23:41,320 Speaker 5: bad thing because that's going to drive up bond prices 400 00:23:41,440 --> 00:23:43,719 Speaker 5: and it's going to pump cash into the economy by 401 00:23:43,760 --> 00:23:45,040 Speaker 5: reducing short term rates. 402 00:23:45,040 --> 00:23:47,080 Speaker 2: Again, hold on, I want to make sure I understood, 403 00:23:47,160 --> 00:23:49,480 Speaker 2: because when I first heard this story, I thought you 404 00:23:49,520 --> 00:23:51,560 Speaker 2: were going to be excited that. Look, they're removing things 405 00:23:51,560 --> 00:23:53,800 Speaker 2: from the balance sheet. That's how I heard the story. 406 00:23:53,840 --> 00:23:56,239 Speaker 2: They're removing things from the balance sheet. And this is 407 00:23:56,240 --> 00:23:59,959 Speaker 2: incredibly important. You're saying no, no, no, they're not removed, 408 00:24:00,480 --> 00:24:01,400 Speaker 2: they're replacing. 409 00:24:02,200 --> 00:24:05,359 Speaker 5: They're doing two things. They're stopping the reduction of the 410 00:24:05,359 --> 00:24:07,800 Speaker 5: balance sheet. They actually took a vote and as of 411 00:24:07,800 --> 00:24:12,639 Speaker 5: December first, they will discontinue reducing their balance sheet. And 412 00:24:12,680 --> 00:24:15,480 Speaker 5: we've talked about the quantitative easing that was a disaster, 413 00:24:15,720 --> 00:24:19,920 Speaker 5: that cause the inflation. Quantitative tightening, which is reducing their 414 00:24:19,920 --> 00:24:23,240 Speaker 5: balance sheet holdings, is supposed to reverse that. They voted 415 00:24:23,240 --> 00:24:27,160 Speaker 5: to discontinue that. That was an official announcement made yesterday, 416 00:24:27,800 --> 00:24:30,880 Speaker 5: and then they decide to go from short long term 417 00:24:30,920 --> 00:24:33,879 Speaker 5: investments on their balance sheet to short term that's high risk, 418 00:24:34,320 --> 00:24:37,600 Speaker 5: that's going to increase cash into the economy. All three 419 00:24:37,600 --> 00:24:41,560 Speaker 5: things will fuel inflation. They have given up on fighting inflation, 420 00:24:41,960 --> 00:24:46,040 Speaker 5: that's clear, and they're shifting out to the dual mandate 421 00:24:46,600 --> 00:24:50,040 Speaker 5: of creating jobs. And I don't think that's their job. 422 00:24:50,160 --> 00:24:52,320 Speaker 5: I don't think they're even capable of doing it. But 423 00:24:52,359 --> 00:24:54,240 Speaker 5: that's what they're focusing on, and they're going to kill 424 00:24:54,320 --> 00:24:55,000 Speaker 5: us with inflation. 425 00:24:55,800 --> 00:25:01,240 Speaker 2: Talking to doctor Matt Well, economists at the University of Indianapolis, Yeah, 426 00:25:01,760 --> 00:25:05,240 Speaker 2: the inflation thing has not gone away. You know, we 427 00:25:05,280 --> 00:25:08,760 Speaker 2: could talk about tarres all we want, and you know, 428 00:25:09,040 --> 00:25:11,639 Speaker 2: I've got a whole thought on this, you know, increasing 429 00:25:11,680 --> 00:25:14,240 Speaker 2: the tariffs on Canada because they put out a stupid video. 430 00:25:14,320 --> 00:25:18,440 Speaker 2: You can't tires are not a retribution for not liking 431 00:25:18,520 --> 00:25:21,040 Speaker 2: my outfit, right, It's just it's not the way I 432 00:25:21,280 --> 00:25:25,320 Speaker 2: think we should be going about things. But the inflation 433 00:25:25,520 --> 00:25:29,240 Speaker 2: conversation is whether or not this has gone away, you know. 434 00:25:29,960 --> 00:25:32,520 Speaker 2: And I'm not angry at President Trump for not having 435 00:25:32,520 --> 00:25:35,399 Speaker 2: inflation taken care of. There was a lot of cash 436 00:25:35,400 --> 00:25:41,200 Speaker 2: in the system, but inflation is still here. You often 437 00:25:41,280 --> 00:25:43,920 Speaker 2: argue that the business community already has it factored in. 438 00:25:44,320 --> 00:25:45,840 Speaker 4: Are they still factoring it in? 439 00:25:47,280 --> 00:25:49,120 Speaker 5: I'm not sure you mean by factoring in, But let 440 00:25:49,119 --> 00:25:50,639 Speaker 5: me give you an example from just yesterday. 441 00:25:50,640 --> 00:25:53,520 Speaker 2: But in repricing, bake it into methodologies, bake it into 442 00:25:53,520 --> 00:25:56,840 Speaker 2: future expansion, growth, reduction of workforce, et cetera. 443 00:25:58,040 --> 00:26:01,320 Speaker 5: Then the answer is they have included it, but not completely. 444 00:26:01,600 --> 00:26:04,560 Speaker 5: Not completely. Just yesterday, I gave a speech to a group, 445 00:26:04,920 --> 00:26:07,200 Speaker 5: and this group there was a business owner and she's 446 00:26:07,200 --> 00:26:10,119 Speaker 5: told me that she has paid more than twenty percent 447 00:26:10,280 --> 00:26:13,879 Speaker 5: increase since April for stuff she imports. She imports a 448 00:26:13,920 --> 00:26:17,959 Speaker 5: lot of stuff from Canada and the European Union, and 449 00:26:18,000 --> 00:26:20,600 Speaker 5: she said twenty percent more. But she has not passed 450 00:26:20,600 --> 00:26:24,199 Speaker 5: that cost along. She's taken the financial hit. So the 451 00:26:24,240 --> 00:26:26,760 Speaker 5: inflation has not disappeared. We saw it in the PMI 452 00:26:26,880 --> 00:26:31,119 Speaker 5: report last month. We saw that again. That number was 453 00:26:31,119 --> 00:26:35,840 Speaker 5: twenty one percent inflation to wholesalers and manufacturers that have 454 00:26:36,000 --> 00:26:38,159 Speaker 5: not been passed along to you and I. There is 455 00:26:38,200 --> 00:26:42,080 Speaker 5: inflation in the system and it's hitting businesses very hard. Now, 456 00:26:42,080 --> 00:26:45,800 Speaker 5: how are they reacting? They're laying people off. They're getting 457 00:26:45,920 --> 00:26:50,280 Speaker 5: rid of employees. Ups a Q forty eight thousand employees 458 00:26:50,320 --> 00:26:53,320 Speaker 5: laid off. Thirty four thousand were in operations. Fourteen thousand 459 00:26:53,320 --> 00:26:58,080 Speaker 5: we're in management. We've seen this at Amazon, Microsoft. It's ridiculous. 460 00:26:58,920 --> 00:27:02,400 Speaker 5: Yet the mark it's going up because of AI. Let's 461 00:27:02,440 --> 00:27:03,080 Speaker 5: not forget it. 462 00:27:03,920 --> 00:27:06,840 Speaker 2: And the only reason the market's going up is because 463 00:27:06,840 --> 00:27:11,000 Speaker 2: of AI. The Amazon conversation, so I saw written two ways. 464 00:27:11,000 --> 00:27:14,120 Speaker 2: Maybe you actually have the better analysis here. The Wall 465 00:27:14,119 --> 00:27:18,439 Speaker 2: Street Journal said it was thirty thousand corporate jobs. In 466 00:27:18,480 --> 00:27:21,119 Speaker 2: other places, I saw fourteen thousand, So I didn't know. 467 00:27:21,240 --> 00:27:24,360 Speaker 2: Fourteen thousand was like a step by step kind of thing. 468 00:27:24,440 --> 00:27:26,520 Speaker 2: It was like how they were going to step up 469 00:27:26,560 --> 00:27:28,760 Speaker 2: to thirty thousand, whether the thirty thousand number was right 470 00:27:28,840 --> 00:27:29,200 Speaker 2: or wrong. 471 00:27:29,440 --> 00:27:30,080 Speaker 4: What say you? 472 00:27:31,280 --> 00:27:34,480 Speaker 5: Thirty thousand is a combination of operations. Well, they're mostly 473 00:27:34,480 --> 00:27:38,359 Speaker 5: an operations entity, but they do both operations and management. 474 00:27:38,400 --> 00:27:39,000 Speaker 4: It's both. 475 00:27:39,520 --> 00:27:43,600 Speaker 5: Just like we saw with UPS, about two thirds of 476 00:27:43,640 --> 00:27:46,520 Speaker 5: it was operations, one third of it was management. Amazon's 477 00:27:46,520 --> 00:27:50,000 Speaker 5: about the same, probably about two thirds operations one third management. 478 00:27:50,560 --> 00:27:54,640 Speaker 5: But they're not cuttings necessarily because their business is getting worse. 479 00:27:54,800 --> 00:27:58,040 Speaker 5: The economy's growing at three point eight percent. They're cutting 480 00:27:58,400 --> 00:28:01,760 Speaker 5: because they don't need the workers, because they're automating, they're 481 00:28:01,880 --> 00:28:06,000 Speaker 5: using AI to improve their operations. You know, I got 482 00:28:06,000 --> 00:28:08,040 Speaker 5: to talk about it. You know, if you want me 483 00:28:08,080 --> 00:28:10,720 Speaker 5: to not get into it, I won't. But Meta yesterday 484 00:28:10,720 --> 00:28:14,720 Speaker 5: announced a twenty six percent increase in revenue. At the 485 00:28:14,760 --> 00:28:21,119 Speaker 5: same time they announced seventy billion dollars of CAPEX expenditures. 486 00:28:21,640 --> 00:28:25,359 Speaker 5: Microsoft did the same thing. Microsoft. Let me focus on 487 00:28:25,400 --> 00:28:29,680 Speaker 5: Microsoft here. Their quarterly revenue was up seventeen percent. That's 488 00:28:29,720 --> 00:28:32,640 Speaker 5: a pretty big increase. At the same time, they announced 489 00:28:32,880 --> 00:28:38,520 Speaker 5: eighty billion dollars of capital expenditures on AI, and they 490 00:28:38,560 --> 00:28:41,560 Speaker 5: laid off and announced nine thousand people being laid off. 491 00:28:42,040 --> 00:28:45,520 Speaker 5: They laid off six thousand earlier this year. So Microsoft 492 00:28:45,560 --> 00:28:51,040 Speaker 5: revenue up, AI spending up, firing employees. I think that's 493 00:28:51,080 --> 00:28:54,720 Speaker 5: the great transition. That is my buzzphrase. I want to 494 00:28:54,760 --> 00:28:57,640 Speaker 5: coin the great transition like we saw way back when 495 00:28:57,640 --> 00:29:01,800 Speaker 5: Henry Ford developed the mass product line for cars. We're 496 00:29:01,840 --> 00:29:04,160 Speaker 5: in a great transition. Hold on, it's going to be 497 00:29:04,200 --> 00:29:05,000 Speaker 5: a roller coaster. 498 00:29:05,400 --> 00:29:06,280 Speaker 4: But the transition. 499 00:29:06,400 --> 00:29:10,280 Speaker 2: Talking to doctor Matt Will, economists at the University of Indianapolis, 500 00:29:10,920 --> 00:29:16,080 Speaker 2: the transition is to not even so much the proof 501 00:29:16,120 --> 00:29:19,160 Speaker 2: of the utilization of AI, but rather the investment in 502 00:29:19,200 --> 00:29:21,400 Speaker 2: the hope that AI will be able to be something 503 00:29:21,440 --> 00:29:22,240 Speaker 2: that we use. 504 00:29:23,080 --> 00:29:25,720 Speaker 4: So what transition are you referring to when you say 505 00:29:25,760 --> 00:29:26,280 Speaker 4: the words. 506 00:29:26,960 --> 00:29:30,080 Speaker 5: I don't agree with the statement that the hope Because 507 00:29:30,160 --> 00:29:33,240 Speaker 5: Meta reported a twenty six percent year over year increase 508 00:29:33,240 --> 00:29:38,920 Speaker 5: in revenue. Microsoft reported seventeen percent quarterly revenue increase. This 509 00:29:39,040 --> 00:29:42,719 Speaker 5: is not the future. This is revenue generation now, and 510 00:29:42,760 --> 00:29:45,479 Speaker 5: that's why the market's going up. We are actually seeing 511 00:29:45,760 --> 00:29:50,760 Speaker 5: the actual revenue benefit from these AI investments, but it 512 00:29:50,800 --> 00:29:54,160 Speaker 5: comes at a big cost, which is we are losing employees. 513 00:29:54,400 --> 00:29:58,280 Speaker 5: This to the first two quarters of this year, the 514 00:29:58,400 --> 00:30:01,360 Speaker 5: USA lost seven hundred and four twenty four thousand jobs, 515 00:30:01,760 --> 00:30:05,320 Speaker 5: but the tech sector grew seventy six thousand jobs. That's 516 00:30:05,360 --> 00:30:08,280 Speaker 5: a twenty seven percent increase for the tech sector. It's 517 00:30:08,320 --> 00:30:12,680 Speaker 5: a transition from labor even in management. 518 00:30:12,320 --> 00:30:12,920 Speaker 4: To AI. 519 00:30:13,120 --> 00:30:15,040 Speaker 5: So you need to learn AI, you need to learn 520 00:30:15,120 --> 00:30:17,920 Speaker 5: tech because that's going to be the next job. Guess what, 521 00:30:19,400 --> 00:30:22,160 Speaker 5: Horse and buggies aren't here. People putting shoes on horses 522 00:30:22,200 --> 00:30:25,560 Speaker 5: are gone. We replaced it with cars. It's happening again. 523 00:30:25,640 --> 00:30:28,560 Speaker 2: And there's going to now be because if people are 524 00:30:28,600 --> 00:30:30,600 Speaker 2: now just seeing it for the first time. Of course, 525 00:30:30,640 --> 00:30:32,960 Speaker 2: people who engage in the in the futurist game have 526 00:30:33,000 --> 00:30:34,080 Speaker 2: been having this discussion. 527 00:30:34,800 --> 00:30:36,680 Speaker 4: How do you protect American jobs? Then? 528 00:30:36,880 --> 00:30:39,360 Speaker 2: Should you be protecting American jobs? Then is it the 529 00:30:39,440 --> 00:30:42,040 Speaker 2: job of government to protect American jobs? And if someone 530 00:30:42,080 --> 00:30:45,200 Speaker 2: asked Donald Trump a ten percent tariff because you don't 531 00:30:45,320 --> 00:30:48,400 Speaker 2: like how Canada put out a video for job protection? 532 00:30:48,640 --> 00:30:49,440 Speaker 4: Is job one? 533 00:30:49,600 --> 00:30:49,680 Speaker 3: Me? 534 00:30:49,840 --> 00:30:53,320 Speaker 2: Remember, I'm a conservative in President Trump is not. It's 535 00:30:53,360 --> 00:30:56,360 Speaker 2: a difference between us. It's not an anger. He wants 536 00:30:56,400 --> 00:30:58,719 Speaker 2: to protect those jobs. Vice President jad Vance has been 537 00:30:58,840 --> 00:31:02,320 Speaker 2: very very clear on these subjects. So how does the 538 00:31:02,360 --> 00:31:07,360 Speaker 2: White House now engage a stock market that they want 539 00:31:07,440 --> 00:31:10,560 Speaker 2: to go up, but is therefore hurting them overall? Because 540 00:31:10,600 --> 00:31:12,720 Speaker 2: look at the Americans, you don't have jobs anymore. 541 00:31:13,080 --> 00:31:15,960 Speaker 5: Okay, well you asked a lot there, but your first 542 00:31:16,040 --> 00:31:18,560 Speaker 5: question was how do you protect jobs? Let me tell 543 00:31:18,560 --> 00:31:20,720 Speaker 5: you the way. You don't do it. You don't do 544 00:31:20,760 --> 00:31:24,240 Speaker 5: it through tariffs. You don't protect bad companies like Intel. 545 00:31:24,640 --> 00:31:27,720 Speaker 5: You don't protect bad companies like Whirlpool. You let the 546 00:31:27,760 --> 00:31:31,600 Speaker 5: competition eat them alive, and then whoever replaces them will 547 00:31:31,600 --> 00:31:36,080 Speaker 5: be better Remember, Intel is not the only semiconductor company 548 00:31:36,080 --> 00:31:39,120 Speaker 5: in the United States. Six of the seven top ones 549 00:31:39,160 --> 00:31:43,120 Speaker 5: are in the United States. Other than Taiwan's Semiconductor, they're 550 00:31:43,160 --> 00:31:43,960 Speaker 5: all right here. 551 00:31:44,440 --> 00:31:45,160 Speaker 4: So it's okay. 552 00:31:45,160 --> 00:31:48,200 Speaker 5: If Intel disappears and they're replaced by Nvidia or AMD 553 00:31:48,360 --> 00:31:51,800 Speaker 5: or Micron or Broadcom. Good for those companies. Now, the 554 00:31:51,840 --> 00:31:54,520 Speaker 5: second part of the answer is where do the new 555 00:31:54,600 --> 00:31:56,920 Speaker 5: jobs come from. I know this is hard for people 556 00:31:57,000 --> 00:32:00,000 Speaker 5: to accept, but you have to get rid of the old, 557 00:32:00,040 --> 00:32:02,840 Speaker 5: old jobs that are lower skill and replace them with 558 00:32:02,920 --> 00:32:07,040 Speaker 5: the tech job. The AI those jobs are existing, they're 559 00:32:07,080 --> 00:32:10,560 Speaker 5: growing again. I'll use the example I use all the time. 560 00:32:10,600 --> 00:32:13,600 Speaker 5: We have this discussion in the nineteen hundreds when the 561 00:32:13,680 --> 00:32:16,760 Speaker 5: court car came around and people say, oh, we can't 562 00:32:16,760 --> 00:32:19,360 Speaker 5: lose all these jobs in the transportation and horse and 563 00:32:19,400 --> 00:32:22,520 Speaker 5: buggy industry. That's not a joke, that's actually what was said. 564 00:32:23,000 --> 00:32:25,959 Speaker 5: And then that new industry exploded and it has been 565 00:32:26,000 --> 00:32:28,680 Speaker 5: the biggest employer we've seen in the last hundred years. 566 00:32:29,040 --> 00:32:32,200 Speaker 5: Tech will be the same. Now it's difficult, Tony, this 567 00:32:32,280 --> 00:32:35,640 Speaker 5: is difficult. We're going to need to retrain people. Now 568 00:32:35,680 --> 00:32:38,360 Speaker 5: that's a different discussion. Does a government do it do 569 00:32:38,360 --> 00:32:41,360 Speaker 5: to charities do. It is a local community function, but 570 00:32:41,440 --> 00:32:44,840 Speaker 5: we need to help transition workers from old skills to 571 00:32:44,960 --> 00:32:45,600 Speaker 5: new skills. 572 00:32:45,720 --> 00:32:47,080 Speaker 4: It's vital. 573 00:32:48,200 --> 00:32:53,120 Speaker 2: Talking to doctor Matt Well, economists at the University of Indianapolis. 574 00:32:54,320 --> 00:32:58,080 Speaker 2: Any slowing on this AI train, anybody saying, maybe we've 575 00:32:58,080 --> 00:32:58,800 Speaker 2: invested enough. 576 00:32:58,920 --> 00:33:00,560 Speaker 4: Now let's see further results. 577 00:33:00,560 --> 00:33:03,800 Speaker 2: You share, You share the results from Microsoft, and and 578 00:33:03,800 --> 00:33:06,760 Speaker 2: and Amazon showed me three quarters of that, and then 579 00:33:06,800 --> 00:33:09,160 Speaker 2: you'll see me actually say, Okay, maybe there really is 580 00:33:09,200 --> 00:33:14,080 Speaker 2: something here. But is there anybody saying or any feeling 581 00:33:14,080 --> 00:33:16,520 Speaker 2: in the market that it's you know what, We've invested 582 00:33:16,560 --> 00:33:19,960 Speaker 2: a lot of money here, Let's see what this money created. 583 00:33:20,560 --> 00:33:23,640 Speaker 5: Yes, I've heard this, and you know, am I allowed 584 00:33:23,680 --> 00:33:25,840 Speaker 5: to mention a TV network that does business? 585 00:33:26,120 --> 00:33:26,320 Speaker 3: Yeah? 586 00:33:26,360 --> 00:33:26,800 Speaker 4: Of course. 587 00:33:27,000 --> 00:33:31,120 Speaker 5: Okay, so CNBC, I can't believe you mentioned them. Oh 588 00:33:31,160 --> 00:33:35,160 Speaker 5: I saw that coming CNBC. I've seen this over the 589 00:33:35,200 --> 00:33:38,920 Speaker 5: last week, people who went on TV saying I was 590 00:33:39,000 --> 00:33:41,080 Speaker 5: against this, wait and see the results. 591 00:33:41,360 --> 00:33:41,960 Speaker 4: I was wrong. 592 00:33:42,360 --> 00:33:45,320 Speaker 5: I can't tell you how many people I've seen say 593 00:33:45,440 --> 00:33:48,280 Speaker 5: exactly the words you just repeated and then come out 594 00:33:48,320 --> 00:33:51,560 Speaker 5: and say, guess what, I was wrong. It's legit. The 595 00:33:51,600 --> 00:33:54,280 Speaker 5: growth in AI is more the Capex is more than 596 00:33:54,280 --> 00:34:01,240 Speaker 5: we ever anticipated the results Meta Microsoft, Amazon seeing the results, 597 00:34:01,880 --> 00:34:05,560 Speaker 5: so it's legitimate. It's there. People are skeptical, but the 598 00:34:05,640 --> 00:34:08,400 Speaker 5: skeptics are coming around because the proof is in the pudding, 599 00:34:08,800 --> 00:34:11,400 Speaker 5: and it's there. The skeptics are coming around. 600 00:34:12,040 --> 00:34:15,680 Speaker 2: Doctor Matt Will, economists at the University of Indianapolis. I 601 00:34:15,680 --> 00:34:18,040 Speaker 2: appreciate you taking the time to be with us more 602 00:34:18,080 --> 00:34:20,640 Speaker 2: to get to I'm Tony Katz, and this is Tony 603 00:34:20,719 --> 00:34:26,600 Speaker 2: Katz today. In the most non surprising story ever, the 604 00:34:26,680 --> 00:34:30,560 Speaker 2: former conservative Bill Crystal, who was broken by Donald Trump 605 00:34:30,600 --> 00:34:32,160 Speaker 2: and has lost his ever loving mind. 606 00:34:32,560 --> 00:34:33,480 Speaker 4: I guess the days of. 607 00:34:33,440 --> 00:34:37,600 Speaker 2: Cruises are over, has decided that he would vote and 608 00:34:37,640 --> 00:34:39,680 Speaker 2: will vote for Zorn Mumdanni in New York. 609 00:34:41,400 --> 00:34:44,600 Speaker 4: We're done and scene. 610 00:34:44,600 --> 00:34:47,280 Speaker 2: As the kids would say, Tony Katz, Tony Katz today. 611 00:34:47,520 --> 00:34:49,640 Speaker 2: And then there was a photo someone actually asked me 612 00:34:49,680 --> 00:34:53,399 Speaker 2: about it, where Mandy Patinkin, who is Jewish, as voting 613 00:34:53,440 --> 00:34:58,000 Speaker 2: for Mom Donnie. And then there's this these rabbis supporting 614 00:34:58,080 --> 00:35:02,320 Speaker 2: Mom Donnie. And listen to me very care. You can't 615 00:35:02,440 --> 00:35:05,400 Speaker 2: get me to make sense of it from a religious perspective. 616 00:35:05,640 --> 00:35:07,399 Speaker 2: Just because I'm Jewish doesn't mean I can make sense 617 00:35:07,400 --> 00:35:09,879 Speaker 2: of these people. You know, this goes to the age 618 00:35:09,880 --> 00:35:13,000 Speaker 2: old question why are Jews liberals? Which is a really 619 00:35:13,120 --> 00:35:19,560 Speaker 2: deep theory. I do know that when you hate Trump 620 00:35:19,600 --> 00:35:24,319 Speaker 2: more than you love yourself, bad things will happen. You 621 00:35:24,320 --> 00:35:26,560 Speaker 2: can still not like Trump and not vote for the communists, 622 00:35:28,920 --> 00:35:31,000 Speaker 2: but not in New York. You're gonna watch it happen. 623 00:35:32,480 --> 00:35:34,839 Speaker 2: Bad things are ahead, and the problem is it can 624 00:35:34,840 --> 00:35:35,759 Speaker 2: come to a city near you. 625 00:35:36,719 --> 00:35:38,919 Speaker 4: This is Tony Katz today.