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Speaker 1: Live from vall Hartbiner and the Crossroads of America.

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Speaker 2: It's Tony Katz today.

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Speaker 3: I do think there is a lot to take from

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Speaker 3: Trump's speech on Wednesday night, although.

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Speaker 2: I don't think it said anything new.

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Speaker 3: But I don't think it said anything new for those

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Speaker 3: of us who've been paying attention, maybe if.

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Speaker 2: You only get your news.

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Speaker 3: Through these guarded filters of CNN and MS now in

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Speaker 3: the New York Times, you didn't know that things were

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Speaker 3: going well, that we were taking out so many Iranian assets,

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Speaker 3: that we were incredibly effective in ruining their navy.

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Speaker 2: If you listen to.

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Speaker 3: The political left or the woke right, it's a disaster.

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Speaker 3: We're losing, we have to get out, will never win.

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Speaker 3: But the President did get into one or two things,

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Speaker 3: an admission of regime change and leaving the open question

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Speaker 3: of well, if you expect other nations to take the

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Speaker 3: straight up Hormuz, are you willing to endure for us

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Speaker 3: as Americans while they get the oil free flowing? Tony Katz,

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Speaker 3: Tony Katz today, guys, good to be here, Good to

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Speaker 3: be with you. Steve Yates joins me right now, Senior

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Speaker 3: Research Fellow for China and National Security Policy at the

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Speaker 3: Heritage Foundation Heritage dot org. Let's walk through this speech

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Speaker 3: now that we've had a couple of days to digest.

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Speaker 3: I know a lot of people have already talked about it,

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Speaker 3: but I think that there's still there's a moment I

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Speaker 3: think that was missed, and then I think that people

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Speaker 3: are somewhat missing a moment. So let's start with you

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Speaker 3: the twenty plus minutes the President spoke on Wednesday night.

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Speaker 3: What did you take from it? What did you think

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Speaker 3: America took from it?

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Speaker 4: Well, Tony, I very much agree with your intro in

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Speaker 4: that for those of us that have followed this every

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Speaker 4: single day of the entire operation, there wasn't a lot

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Speaker 4: of new ground broken in the remarks.

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Speaker 5: There were a little bit of the.

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Speaker 4: Crackpot gallery saying what he was going to say, and

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Speaker 4: he didn't say those things. When I'm alluding to is

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Speaker 4: there are all kinds of people who said they had

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Speaker 4: inside scoop and he was going to take sort of

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Speaker 4: a dump on NATO in the course of his remarks.

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Speaker 5: And while there's a.

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Speaker 4: Part of me that says that's well deserved given how

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Speaker 4: they've performed, but that's not what he says. So basically,

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Speaker 4: it was a cleanse. It was a cleanse in the

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Speaker 4: sense that people were saying, there is no plan, there

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Speaker 4: are no objectives, and we're losing. He was reiterating for

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Speaker 4: the millionth time, frankly, that there is a plan, always

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Speaker 4: has been a plan. Here's what the objectives are, and

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Speaker 4: we're meeting the objectives ahead of schedule. And another important

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Speaker 4: principle that he alluded to was that he had turned

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Speaker 4: to these allies for them to step in.

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Speaker 5: That's their moment of opportunity to prove their value.

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Speaker 4: They chose not to show value, and he just noted

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Speaker 4: for the record, he's going to remember that. And then

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Speaker 4: there are some other allies who are leaning in, primarily

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Speaker 4: Arab golf allies who are pretty much at their limit

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Speaker 4: with the attacks from Iran and now say that they

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Speaker 4: are going to form a coalition that will provide their

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Speaker 4: own security to make sure that their product gets freely

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Speaker 4: moved out of that strait to the market.

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Speaker 3: Now, chief amongst that group is the UAE. Now, don't

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Speaker 3: get me wrong, Saudi Arabia has always hated Iran. This

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Speaker 3: is a Sunni Shia fight in terms of how you

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Speaker 3: view the Islamic faith or political system, depending on how

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Speaker 3: you say these things. They've had the proxy war they've

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Speaker 3: been dealing with in Yemen for years. The Huti Rebels

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Speaker 3: are supported by the Iranian regimes and not only going

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Speaker 3: after the people of Yemen, not only going after Saudi's

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Speaker 3: but going after our ships and other ships in the

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Speaker 3: Red Sea and other places. But the UAE, the United

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Speaker 3: Arab Emirates, has been vocal and aggressive. They want to

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Speaker 3: add combatants to help the US and by extension, help Israel.

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Speaker 3: What is their argument, what is their look to the future,

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Speaker 3: and how they're trying to position themselves, Because we should

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Speaker 3: be clear for these Arab nations, they hate Iran, they're

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Speaker 3: tired of the destabilization, but they are all trying to

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Speaker 3: position themselves in a level of safety and security for

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Speaker 3: the next twenty years as the world has now shifted.

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Speaker 5: Yeah, Tony, you're right to focus on the United Air Memorates.

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Speaker 4: They are punching way above their weight in terms of geography,

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Speaker 4: population size.

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Speaker 5: They of course have some wealth.

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Speaker 4: Because of their energy endowment, but they're also diversifying their

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Speaker 4: economy and investing a lot in the United States and

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Speaker 4: in recent times, as you elluded, always had some things

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Speaker 4: to say about the theogratic.

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Speaker 5: Regime in Iran. There are a lot of Iranians.

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Speaker 4: That go to the UAE, and so it's not really

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Speaker 4: about the Iranians as much as it's about that regime,

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Speaker 4: and they are fed up with that regime destabilizing the region,

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Speaker 4: destabilizing markets, supporting terrorism. UAE is one of the leaders

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Speaker 4: in designating the Muslim Brotherhood as a terrorist organization. And

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Speaker 4: throughout all of this, they've been speaking pretty bluntly to

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Speaker 4: Europe as much as they've spoken any where else. Is saying,

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Speaker 4: you know, you have this unfettered migration policy that makes

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Speaker 4: no sense, and now you have a huge radicalized population,

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Speaker 4: and you won't as we have recognize these Muslim Brotherhood

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Speaker 4: folks as terrorists, and now you're siding essentially with Iran.

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Speaker 4: So I think what they're doing is very effectively putting

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Speaker 4: a lie to the notion that this is Israel dragging

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Speaker 4: America and President Trump along, or that it's Israeli United

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Speaker 4: States operating alone and for our.

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Speaker 5: Own selfish interests. There are others, real allies.

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Speaker 4: That have skin in this game, and they're speaking up,

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Speaker 4: and I think they're going to be acting on their

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Speaker 4: own national interests going.

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Speaker 5: Forward in a more aggressive way as well. They should.

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Speaker 4: That's another part of trump Ism, letting allies have greater

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Speaker 4: independent capability and they can carry the share of burden

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Speaker 4: that they're able to carry.

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Speaker 3: Talking to Steve Yates the Heritage Foundation, Heritage dot Org,

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Speaker 3: let me bring in something that President Trump said, right,

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Speaker 3: just hold on one second, because what the President said,

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Speaker 3: well the President said specific to oil and the Strait

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Speaker 3: of Hormuz, is Hey, European nations, stop looking to us.

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Speaker 3: You want this stuff, go get it. Here's what the

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Speaker 3: President said.

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Speaker 6: The trees of the world that do receive oil through

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Speaker 6: the hormon Strait must take care of that passage. They

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Speaker 6: must cherish it. They must grab it and cherish it.

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Speaker 6: They can do it easily. We will be helpful, but

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Speaker 6: they should take the lead in protecting the oil that

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Speaker 6: they so desperately depend on. So to those countries that

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Speaker 6: can't get fuel, many of which refuse to get involved

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Speaker 6: in the decapitation of Iran, we had to do it ourselves.

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Speaker 5: I have a suggestion.

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Speaker 6: Number one, buy oil from the United States of America.

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Speaker 6: We have plenty, we have so much. And number two,

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Speaker 6: build up some delayed courage. Should have done it before

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Speaker 6: should have done it with as we ask, go to

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Speaker 6: the strait and just take it, protect it, use it

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Speaker 6: for yourselves. Aran has been essentially decimated. The hard part

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Speaker 6: is done, so it should be easy. And in any event,

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Speaker 6: when this conflict is over, the strait will open up naturally.

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Speaker 2: It'll just open up naturally.

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Speaker 3: No, I must tell you, sir, I don't know if

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Speaker 3: the strait opens up naturally. I think that's a little

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Speaker 3: more hope than anything else. The President had said this

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Speaker 3: a couple of days prior, so again not necessarily anything

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Speaker 3: new for the speech, but maybe new to some people

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Speaker 3: who hadn't heard it a prior. Is this somehow shocking

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Speaker 3: for the Europeans to hear in that go setting you

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Speaker 3: go set your own agenda and go live, live your

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Speaker 3: own life. Stop depending on the United States, And is

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Speaker 3: that what we want?

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Speaker 1: Well?

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Speaker 4: There is an element of how the President talks that

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Speaker 4: I absolutely love and find very necessary, in that we've

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Speaker 4: had very lazy, welfare queen like behavior from some of

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Speaker 4: our allies, where they sit back and expect, they don't ask,

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Speaker 4: they expect that we will pay, and we will carry

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Speaker 4: a burden and it will be in service of them

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Speaker 4: because somehow they're great, and he's basically telling them, Look,

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Speaker 4: if you're great, then you have to demonstrate that you

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Speaker 4: have power, ability and.

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Speaker 5: Responsibility, and you're doing none of those things.

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Speaker 4: And he's the kind of president that will just speak

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Speaker 4: openly and bluntly, not there a prisoner of talking points,

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Speaker 4: and I think that's necessary and I love it, frankly. Now,

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Speaker 4: the organic opening of the Strait, there's a part I

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Speaker 4: think I intellectually understand where he's trying to go. He's

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Speaker 4: made very very clear the United States has done the

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Speaker 4: heavy lift, the major military operation, and you lesser powers

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Speaker 4: who took a pass and sort of gave sort of.

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Speaker 5: Cat calls from the peanut gallery through all of this.

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Speaker 4: You want, you want some of this that you're dependent upon,

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Speaker 4: then get in here and get it. He's telling them

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Speaker 4: to come and occupy cart Island and all of that.

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Speaker 4: That sounds like it, but I don't really think that's

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Speaker 4: what he's after. He's just saying, you know, get in

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Speaker 4: the game and protect your own stuff, and that I

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Speaker 4: think is really important. Will they I don't think they will,

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Speaker 4: and when they don't, they're once again failing their people.

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Speaker 3: So part of this is I think that there's a

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Speaker 3: mistake being made as we as observers look at this

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Speaker 3: that somehow these nations were invited to the initial attack,

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Speaker 3: that they were invited to the hey, we're taking out

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Speaker 3: the Iranian regime. They weren't, as I have not seen

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Speaker 3: anything that shows me that they were, and a lot

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Speaker 3: of them. I've made this argument on the show repeatedly.

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Speaker 3: They need to look strong to their constituencies, and looking

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Speaker 3: strong means not following the leader of America, especially and

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Speaker 3: specifically Donald Trump, because of this character that he is,

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Speaker 3: this mature that other people make of him. So they

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Speaker 3: didn't want to play follow the leader. But I thought

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Speaker 3: the UK was going to lead with the Royal Navy

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Speaker 3: in trying to open up the straight of horror moves.

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Speaker 2: This hasn't happened.

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Speaker 3: So they don't see an opportunity for strength here and

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Speaker 3: even the support of their own citizens by ensuring the

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Speaker 3: oil flows. Even if they didn't want to be seen

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Speaker 3: as follow the leader in getting involved in this war

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Speaker 3: to begin with.

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Speaker 4: Yeah, well then it sort of makes sense to go

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Speaker 4: by the name United Kingdom rather than Great Britain because

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Speaker 4: there's nothing great about them at this point in terms

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Speaker 4: of their behavior and It's one thing if you don't

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Speaker 4: like a particular leader and how he talks.

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Speaker 5: But I think what President Trump.

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Speaker 4: Is doing, and he's smarter than they want to give

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Speaker 4: him credit for, and he's more responsible than they want

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Speaker 4: to give him credit for. He's engaged in a very

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Speaker 4: calibrated campaign. He's given off ramps multiple times to the

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Speaker 4: Iranians which they had chosen not to take. He's given

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Speaker 4: openings for allies to step in, which sometimes maybe a

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Speaker 4: lot of the time, they chosen not to take. And

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Speaker 4: he's left a lot of the infrastructure for reconstruction and

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Speaker 4: not going to do in Iraq two point zero. And

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Speaker 4: so there's a lot of these elements that a lot

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Speaker 4: of their people, if they thought about it, would see

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Speaker 4: it as.

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Speaker 5: Being calibrated, responsible, what have you. But they're not.

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Speaker 4: And what they're also not doing is giving any theory

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Speaker 4: for what exactly is their role in the world at

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Speaker 4: this point, what exactly is their position in the world

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Speaker 4: at this point.

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Speaker 5: It appears to.

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Speaker 4: Be taking dictation from illegal migrants in their country and

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Speaker 4: basically criticizing the United States.

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Speaker 5: That's not a recipe for any kind of future for

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Speaker 5: their people.

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Speaker 3: Talking to Steve to the Heritage Foundation, Heritage dot org.

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Speaker 3: This exposing of Europe, I think is one of the

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Speaker 3: things that is absolutely underplayed in media. And you can

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Speaker 3: understand why they adore Europe, they ascribe themselves or they

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Speaker 3: aspire to be Europe, and to expose European weakness is massive.

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Speaker 3: And one of the ways this is exposed is that

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Speaker 3: the President is like, hey, go secure the Straight and

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Speaker 3: now the UK. Instead of just sending a couple of

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Speaker 3: destroyers and saying, Okay, we're gonna do this for our

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Speaker 3: own interests, they go to the UN and they've assembled

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Speaker 3: the again, we're in the Coalition of the willing World,

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Speaker 3: and they've got a coalition in forty nations and now

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Speaker 3: they're looking for the UN Security Council to pass a resolution.

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Speaker 3: I couldn't make this up, Steve if I wanted to.

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Speaker 3: They want the UN Security Council to pass a resolution

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Speaker 3: to allow them to use force in a defensive posture

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Speaker 3: in order to open up the strait, so they can

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Speaker 3: only make moves if they are attacked. This is their

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Speaker 3: mathematics will show up and we'll wait for Iran to

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Speaker 3: do something and then maybe we'll do something back, and

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Speaker 3: that'll be real strength. This is an ugly, ugly, childlike

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Speaker 3: scared look from the Europeans.

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Speaker 4: No, it is, and it basically just is complete blindness

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Speaker 4: to the memo that I think everybody should have received

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Speaker 4: ten years ago. And if not that, then when President

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Speaker 4: Trump was reelected that the era of globalism is over.

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Speaker 4: The idea that good and bad powers around the world

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Speaker 4: are going to be controlled by and managed by.

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Speaker 5: Some overlord that's beyond the nation state is just fantasy.

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Speaker 4: And it's a fantasy that helped China break out as

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Speaker 4: a disruptive power.

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Speaker 5: It's a fantasy that helped Russia be aggressive.

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Speaker 4: Against Ukraine and grind this war multiple years. And it's

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Speaker 4: a fantasy that allowed Iran for nearly five decades to

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Speaker 4: behave completely irresponsibly. And yet what the devil did the

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Speaker 4: United Nations exactly do, whether counterproliferation, human rights, or any

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Speaker 4: of the other covenants that they have in terms of enforcement,

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Speaker 4: and it comes back to nothing. So to kind of

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Speaker 4: go back and sort of appeal to the absolutely corrupt

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Speaker 4: and worthless United Nations to get a permission slip to

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Speaker 4: defend your national commercial interests.

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Speaker 5: And it wasn't like asking them to go and storm

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Speaker 5: Tehran or go install their own preferred leader in Iran,

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Speaker 5: or even to secure the nuclear fissile material that might

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Speaker 5: still be inside Iran, which would be kind of an

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Speaker 5: international peacekeeping like mission.

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Speaker 4: They're asking for none of that. They're asking what we

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Speaker 4: all have as nation states, which is the right to

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Speaker 4: defend ourselves, our ships and our cargo for international commerce,

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Speaker 4: one of the only reasons we have a navy and

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Speaker 4: a federal government.

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Speaker 3: Really quick though, on this idea of coalitions, and we

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Speaker 3: didn't ask these other nations.

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Speaker 2: Do you think the.

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Speaker 3: President should have asked some others if they want to

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Speaker 3: be involved, or was the idea of them leaking just

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Speaker 3: simply too much of a risk or some other issue.

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Speaker 4: I think you hit the bullseye and basically Trump two

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Speaker 4: point zero has a near perfect record of keeping things

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Speaker 4: close hold, with very very few truly authority citative leaks,

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Speaker 4: and those are probably deliberate lots of speculatory kinds of

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Speaker 4: things that are attributed as leaks that I'm not convinced

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Speaker 4: actually exists. But basically, the old rule of FuMB in

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Speaker 4: tradecraft is the fewer people you tell, the fewer people

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Speaker 4: who could possibly leak, you keep your operation security. You

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Speaker 4: have your element of surprise, you hit hard and everyone's

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Speaker 4: on react and you have the advantage.

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Speaker 5: And that's what the President did.

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Speaker 4: That's what he did in concert with Israel in an

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Speaker 4: historic way that I don't think has ever been done

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Speaker 4: with any other ally with a joint operation like this.

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Speaker 4: And so in retrospect, I think historians are going to

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Speaker 4: look at this and they're going to say, this is

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Speaker 4: really remarkable from an operational point of view. And one

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Speaker 4: of the keys to that operational success was minimizing that circle.

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Speaker 4: And if you'd have gone to Europe, you know, it

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Speaker 4: would have been on the front pages of the New

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Speaker 4: York Times and all over social media.

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Speaker 2: Steve Yate before I let you go.

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Speaker 3: The President brought up regime change in the speech, and

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Speaker 3: he's brought up in some other talks prior to that

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Speaker 3: that we didn't go in for regime change. But that's

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Speaker 3: what we've actually done, and we've changed it twice. I

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Speaker 3: believe I said to you last time we spoke, I

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Speaker 3: won't listen to any of that. Of course, it was

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Speaker 3: regime change, There's no question it was regime change. I

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Speaker 3: would say that to the president directly, completely unafraid of

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Speaker 3: being thrown out of the room, it was regime change,

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Speaker 3: but we keep hearing about how this new group they're

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Speaker 3: more reasonable, but they're still radicals, and it's trying to

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Speaker 3: have it both ways. In the end, can any deal

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Speaker 3: be made with the current speaker of the Iranian Parliament?

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Speaker 3: With the Iranian president Perezia? I can never pronounce his

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Speaker 3: name a Poreshvian. I'm still not getting it right. The

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Speaker 3: next one is that's just it? Or does this have

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Speaker 3: to be completely gone, no connection to the Ayatola for

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Speaker 3: us to have an opportunity to create a deal.

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Speaker 4: Well, look, if someone would have come to me and said,

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Speaker 4: here's how do you recommend going through this kind of

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Speaker 4: a strategy, I probably wouldn't have put very much credence

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Speaker 4: into negotiating with the remnants.

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Speaker 5: I wouldn't have done that with Venezuela.

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Speaker 4: But I have to give some deference to the president

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Speaker 4: and taking this route, he is basically splitting the difference

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Speaker 4: between the maximalist Iraq policy of the Bushshaney administration in

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Speaker 4: which I served and the sort of new isolationists that

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Speaker 4: don't want anything anywhere and don't even seem to want

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Speaker 4: any allies anywhere. And so he's not doing regime change,

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Speaker 4: for building new democracy, occupying and controlling a country. But

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Speaker 4: he's also not saying I'm going to sit on my

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Speaker 4: hands and only pay off the threat like Barack Obama

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Speaker 4: tried to do, so I give him some credit for

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Speaker 4: trying it. He also seems to have the patience that

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Speaker 4: if this next round fails, well, then he'll go another round,

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Speaker 4: and at some point rationality has to settle it. On

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Speaker 4: the other side of I think I'd rather stay alive,

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Speaker 4: and I think I'm going to at least keep the deal,

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Speaker 4: or at least fake keeping the deal long enough and

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Speaker 4: that changes behavior enough for the US to muddle through

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Speaker 4: and our coalition maybe to wake up.

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Speaker 3: Steve Yates from the Heritage Foundation Heritage dot org, I

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Speaker 3: appreciate you being with us more to get to this

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Speaker 3: is Tony Katz today. So did the City of Houston

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Speaker 3: delete this? They're absolutely insane post Tony Katz, Tony Katz today, Good.

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Speaker 2: To be with you.

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Speaker 3: Houston, Texas is the feed City of Houston, and they

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Speaker 3: put out a post important announcement. That's what said important announcement.

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Speaker 3: Due to the Spring holiday, City of Houston offices will

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Speaker 3: be closed on Friday, April third, that's today. It's good Friday.

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Speaker 3: I'm sorry spring holiday. Did you just call Easter spring holiday?

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Speaker 3: I'm the Jewish guy. It's Easter. What's wrong with everybody? Oh,

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Speaker 3: that's right. You can't actually talk about what Easter is.

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Speaker 3: The fundamental, the basis for Christianity, the very concept of

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Speaker 3: faith is.

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Speaker 2: He has risen.

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Speaker 3: Can't say it, can't say that. Oh no, oh no, yeah,

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Speaker 3: they deleted it. I still have it. I'm going to

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Speaker 3: screenshot it right now. I'm going to screenshot this. They

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Speaker 3: deleted it because I would assume the pushback. I think

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Speaker 3: the real question is why they ever write it. Why

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Speaker 3: is it that they simply are willing to so disparage Christians?

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Speaker 2: Where are Christians taking any of this? Man, I really

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Speaker 2: wish they'd get more vocal. Yeah, I might be toping.

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Speaker 2: Keep it here.

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Speaker 3: This is Tony Katz today, So you may have the

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Speaker 3: capacity to explain this market to me. I can't figure

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Speaker 3: out what's happening now. I mean, this is truly, truly weird.

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Speaker 3: We see the producer price index up right, that's what

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Speaker 3: manufacturers are paying. And it's very clear that we're seeing

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Speaker 3: that the tariffs are now moving through to the end

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Speaker 3: consumer the retailer, and then of course to us, the

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Speaker 3: days of absorbing tariffs are over. And we saw that

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Speaker 3: inflation indeed went up. And one of the few things

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Speaker 3: that President Trump said in his speech Wednesday night when

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Speaker 3: he said inflation was nonexistent. Sorry that dog won't hunt

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Speaker 3: Tony Katz, Tony Kats today. Good to be here, Good

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Speaker 3: to be with you. There's a lot of great economic opportunity.

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Speaker 3: And I do think that President Trump some kind sometimes

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Speaker 3: steps in his own way here. We have had that

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Speaker 3: conversation very often, and I'm not going to shy away

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Speaker 3: from what is reality. But you take a look at

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Speaker 3: the jobs numbers today, one hundred and seventy eight thousand

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Speaker 3: jobs in March when the expectation was fifty nine thousand.

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Speaker 2: You mean it's costing us more to manufacture everything.

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Speaker 3: We're in the middle of a war, and oh, we

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Speaker 3: have more jobs than ever, and yet government jobs went down.

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Speaker 2: It's hard to make sense of it all. It truly is.

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Speaker 3: Doctor Matt Will joined us right now economists at the

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Speaker 3: University of Indianapolis. I'm not going to say that I'm

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Speaker 3: not happy. I'm certainly happy to see more jobs, but

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Speaker 3: sometimes a job support does not tell a full story.

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Speaker 3: Walk me through what it is that you're seeing here

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Speaker 3: as it just got released this morning.

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Speaker 2: Yeah.

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Speaker 1: Well, first of all, you know, I don't buy it. Okay,

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Speaker 1: let's just talk about this for a moment before we

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Speaker 1: jump into the details. We cover this on your show

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Speaker 1: many times when Biden was present, these massive revisions. We're

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Speaker 1: talking in the million person range of revisions. They're wrong

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Speaker 1: right out of the gate. The President has said the

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Speaker 1: wrong rabit right out of the gate. So I do

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Speaker 1: not accept this number. Okay, we'll get into it, but

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Speaker 1: I don't accept it, and i'll tell you why in

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Speaker 1: a little bit. First of all, the head go ahead.

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Speaker 3: No, no, no, no, I want to hear first before

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Speaker 3: I start unloading.

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Speaker 1: Okay, Well, let's see what it says. Okay, before I

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Speaker 1: gave you like the end of the store, before I

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Speaker 1: told you the story. That's probably the wrong way to

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Speaker 1: approach this. Yeah. The headline plus one hundred and seventy

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Speaker 1: eight thousand, Like you said, this is much more than

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Speaker 1: expected private sector amazing, one hundred and forty three thousand up.

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Speaker 1: This is double what the ADP number was two days ago.

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Speaker 1: ADP had sixty two thousand, So they're double the ADP number,

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Speaker 1: which an ADP is overly optimistic. Remember they're a private company.

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Speaker 1: They want to say good news. So the fact that

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Speaker 1: their double ADP tells you something that's fishy. Government minus eight,

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Speaker 1: that's the good news. The good news is government's down

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Speaker 1: three months in a row. Government's drinking. Thank goodness, we

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Speaker 1: got smaller government.

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Speaker 2: Trump.

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Speaker 1: Everyone sent them a thank you card. Healthcare this was

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Speaker 1: the big driving one of the number, up ninety thousand. Healthcare. Leisure.

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Speaker 1: You'd think even with all the stuff going on, leisure

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Speaker 1: is up forty four thousand, Transportations up twenty one thousand,

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Speaker 1: goods manufacturing up forty three thousand. Again, this this is

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Speaker 1: something that doesn't pass the stinct test. And the reason

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Speaker 1: it doesn't is because if you look at the ISM

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Speaker 1: report which was released yesterday, it's a huge decrease in

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Speaker 1: manufacturing employment. So there's a lot of things in this

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Speaker 1: report that I just don't buy. And I guarantee you

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Speaker 1: in the next two months we will see massive revisions.

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Speaker 3: We now, we did see some revisions from some prior months,

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Speaker 3: right we saw revisions up for February, for example, But

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00:23:30,520 --> 00:23:31,720
Speaker 3: we have talked.

439
00:23:31,480 --> 00:23:34,520
Speaker 2: About the revisions. We did talk to them about Biden, but.

440
00:23:34,440 --> 00:23:39,280
Speaker 3: The revisions were always down every time we talked about Biden.

441
00:23:39,520 --> 00:23:41,240
Speaker 3: What happened was they put out a big number and

442
00:23:41,280 --> 00:23:44,360
Speaker 3: then it got revised downward. A big number revised downward.

443
00:23:44,840 --> 00:23:48,240
Speaker 3: This is a revision in the opposite direction. So how

444
00:23:48,280 --> 00:23:50,720
Speaker 3: can we I don't think we can make a comparison

445
00:23:50,760 --> 00:23:52,080
Speaker 3: here to the Biden administration.

446
00:23:52,359 --> 00:23:54,840
Speaker 1: Now I'm going to make a comparison because it's fifty

447
00:23:54,880 --> 00:23:58,560
Speaker 1: to fifty. The January revision was up thirty four thousand.

448
00:23:58,960 --> 00:24:03,439
Speaker 1: The February revision was down forty one thousand. So we

449
00:24:03,480 --> 00:24:05,960
Speaker 1: had one good revision from two months ago. We had

450
00:24:06,040 --> 00:24:10,119
Speaker 1: a bad revision from the previous month. So and they

451
00:24:10,119 --> 00:24:13,000
Speaker 1: were huge. I mean we're talking on a February it

452
00:24:13,119 --> 00:24:16,960
Speaker 1: was down one hundred and thirty three thousand jobs, which

453
00:24:17,000 --> 00:24:19,680
Speaker 1: was a downward revision of forty one thousand. That's pretty big.

454
00:24:20,000 --> 00:24:23,360
Speaker 1: So they're just missing the mark. These people in the BLS.

455
00:24:23,359 --> 00:24:25,600
Speaker 1: It's the same people, by the way, using the same

456
00:24:25,640 --> 00:24:28,800
Speaker 1: techniques that they used back when Biden was present. They

457
00:24:28,840 --> 00:24:32,239
Speaker 1: were wrong then, and they're wrong now. What more can

458
00:24:32,280 --> 00:24:35,280
Speaker 1: I tell you? They're wrong, and they're not consistent with

459
00:24:35,359 --> 00:24:38,959
Speaker 1: the ISM report, which I think has consistently been an

460
00:24:39,000 --> 00:24:39,920
Speaker 1: accurate report.

461
00:24:40,440 --> 00:24:44,440
Speaker 3: Talking to doctor Matt Well, economist at the University of Indianapolis,

462
00:24:45,040 --> 00:24:49,080
Speaker 3: we're talking about manufacturing when you talk about the ism report,

463
00:24:49,720 --> 00:24:53,200
Speaker 3: and I stated earlier that the tariffs are now being

464
00:24:53,320 --> 00:24:58,280
Speaker 3: passed through, and we then saw that it showed inflation up,

465
00:24:58,320 --> 00:25:01,800
Speaker 3: and now you see job growth with no with inflation up.

466
00:25:02,040 --> 00:25:06,959
Speaker 3: I agree it sounds odd. But the argument that's going

467
00:25:07,000 --> 00:25:10,479
Speaker 3: to be made is is that if we can't trust

468
00:25:10,520 --> 00:25:12,960
Speaker 3: these numbers that the BLS puts together, why is there

469
00:25:13,000 --> 00:25:13,800
Speaker 3: still a BLS?

470
00:25:13,800 --> 00:25:16,760
Speaker 2: Like why is this still the way we go about

471
00:25:16,920 --> 00:25:17,679
Speaker 2: doing things?

472
00:25:17,840 --> 00:25:19,720
Speaker 3: And if the market had been open today, I forgot

473
00:25:19,800 --> 00:25:22,600
Speaker 3: it's Good Friday, and so therefore the market isn't open.

474
00:25:22,600 --> 00:25:24,920
Speaker 3: It closes on Good Friday. What do you think their

475
00:25:24,920 --> 00:25:26,879
Speaker 3: reaction would be to this report?

476
00:25:27,480 --> 00:25:30,040
Speaker 1: I think it would be a nothing burger and I

477
00:25:30,080 --> 00:25:33,560
Speaker 1: sincerely believe that. And you know, you say all the

478
00:25:33,600 --> 00:25:36,320
Speaker 1: time about you know, the TSA should be privatized, and

479
00:25:36,320 --> 00:25:39,160
Speaker 1: I agree with you. I'm going to take your same

480
00:25:39,320 --> 00:25:42,119
Speaker 1: logic and apply it to the BOS. The BLS should

481
00:25:42,119 --> 00:25:44,840
Speaker 1: be shut down and we should privatize it because we

482
00:25:44,960 --> 00:25:48,720
Speaker 1: have data. You know, I'm doctor Doom, not now let

483
00:25:48,720 --> 00:25:51,359
Speaker 1: me give you the fantastic news that came out yesterday.

484
00:25:51,400 --> 00:25:53,600
Speaker 2: You're not going to give us fantastic news. Everybody knows

485
00:25:53,600 --> 00:25:54,360
Speaker 2: that's a setup.

486
00:25:54,920 --> 00:25:57,919
Speaker 3: By the way, half the audience does call you doctor Doom,

487
00:25:58,280 --> 00:26:00,080
Speaker 3: and half the audience wants to know if you're saying

488
00:26:00,320 --> 00:26:01,119
Speaker 3: that's been my.

489
00:26:02,800 --> 00:26:05,760
Speaker 2: A take from everybody on your reporting.

490
00:26:05,880 --> 00:26:07,840
Speaker 1: Well, that means I'm doing my job if half are

491
00:26:07,840 --> 00:26:11,000
Speaker 1: offended and half are happy. But this is not This

492
00:26:11,040 --> 00:26:14,800
Speaker 1: is not a setup. The PMI, the manufacturing Index, which

493
00:26:14,800 --> 00:26:18,800
Speaker 1: is reliable. It's a private industry, real time report. The

494
00:26:18,880 --> 00:26:21,840
Speaker 1: third month in a row of growing manufacturing, and not

495
00:26:21,920 --> 00:26:26,359
Speaker 1: in a small way. It's massive. Manufacturing was up, new

496
00:26:26,520 --> 00:26:31,480
Speaker 1: orders increased significantly. Production in production was up ten percent

497
00:26:31,640 --> 00:26:36,359
Speaker 1: annualized for the month of March. Everything is going great. Deliveries,

498
00:26:36,800 --> 00:26:40,000
Speaker 1: deliveries are up twenty percent in the month.

499
00:26:40,119 --> 00:26:43,280
Speaker 3: Hold on, hold on, Just as a matter of definition,

500
00:26:43,720 --> 00:26:47,480
Speaker 3: deliveries are the you mean the deliverables of the manufactured good.

501
00:26:47,520 --> 00:26:49,760
Speaker 3: It's one thing to make it, but we're talking about

502
00:26:50,080 --> 00:26:53,760
Speaker 3: landed at the at the retailer or the consumer.

503
00:26:54,160 --> 00:26:58,640
Speaker 1: Yes, yes, okay, yes, and now let me correct myself.

504
00:26:58,880 --> 00:27:02,320
Speaker 1: Deliveries could mean wholesale deliveries or retailer. But it's on

505
00:27:02,320 --> 00:27:03,240
Speaker 1: its way to the re But.

506
00:27:03,240 --> 00:27:06,400
Speaker 3: We understand, we mean that we're talking about that good

507
00:27:06,480 --> 00:27:08,240
Speaker 3: reaching the retailer. Now is a question of whether or

508
00:27:08,240 --> 00:27:12,200
Speaker 3: not it's being seld from the retailer. That's a second conversation altogether.

509
00:27:12,800 --> 00:27:14,320
Speaker 3: You got it, Okay, you got it.

510
00:27:14,840 --> 00:27:16,720
Speaker 1: And by the way, the reason their deliveries are up

511
00:27:16,800 --> 00:27:19,359
Speaker 1: is because inventories have been shrinking at the retail level,

512
00:27:19,359 --> 00:27:22,240
Speaker 1: so they have to restock. So this is all good news,

513
00:27:22,280 --> 00:27:25,239
Speaker 1: but there's two pieces of bad news. One is that

514
00:27:25,359 --> 00:27:29,560
Speaker 1: prices are significantly higher. They are the highest last month

515
00:27:29,920 --> 00:27:33,960
Speaker 1: for producers than they've been in the entire Trump administration.

516
00:27:34,520 --> 00:27:38,080
Speaker 1: So this inflation being gone is a false narrative. It's

517
00:27:38,160 --> 00:27:42,800
Speaker 1: not gone. And exports contracted, well, of course they contracted.

518
00:27:42,800 --> 00:27:47,280
Speaker 1: The tariffs are reducing import and export activity. And this

519
00:27:47,359 --> 00:27:50,840
Speaker 1: is what contradicts. This is a stinc test the unemployment report.

520
00:27:51,080 --> 00:27:53,840
Speaker 1: Reason I don't believe it is because this report showed

521
00:27:53,880 --> 00:27:59,040
Speaker 1: manufacturing contracting as did which is contradicts. The unemployment report

522
00:28:01,600 --> 00:28:04,359
Speaker 1: doesn't make any sense. The real people say, we're not

523
00:28:04,480 --> 00:28:06,800
Speaker 1: hiring more manufacturers. The government says, we.

524
00:28:06,840 --> 00:28:10,440
Speaker 3: Are talking to doctor Matt Will, economist at the University

525
00:28:10,480 --> 00:28:15,560
Speaker 3: of Indianapolis, I said, this report is befuddling that we

526
00:28:15,600 --> 00:28:18,000
Speaker 3: could see the increase inflation which was in the last

527
00:28:18,280 --> 00:28:24,720
Speaker 3: PMI report PPI report. We could see that these costs

528
00:28:24,720 --> 00:28:27,840
Speaker 3: are being passed on. Yet somehow manufacturing is up as

529
00:28:27,880 --> 00:28:31,000
Speaker 3: a unique unique turn of events. There you talk about

530
00:28:31,160 --> 00:28:35,800
Speaker 3: the retailers have shrinking inventories, which means they were holding

531
00:28:35,880 --> 00:28:39,600
Speaker 3: off on having to buy anything new. Right, it wasn't

532
00:28:39,640 --> 00:28:42,080
Speaker 3: that there weren't things coming. It's that they decided for

533
00:28:42,160 --> 00:28:45,360
Speaker 3: their own business practices it was best to hold off,

534
00:28:45,560 --> 00:28:48,160
Speaker 3: and now's the time that they have to make up

535
00:28:48,200 --> 00:28:50,600
Speaker 3: for it. There are seasonal things happening and all sorts

536
00:28:50,640 --> 00:28:52,600
Speaker 3: of things. Let me go back to the jobs report

537
00:28:52,640 --> 00:28:55,960
Speaker 3: really quick, because we see the decrease in government jobs

538
00:28:55,960 --> 00:28:58,560
Speaker 3: by eighteen thousand and I do cheer that. And the

539
00:28:58,600 --> 00:29:03,040
Speaker 3: biggest increase was in hell healthcare. Are you now, yes,

540
00:29:03,160 --> 00:29:05,880
Speaker 3: all this can be revised. I get your point. But

541
00:29:05,960 --> 00:29:09,480
Speaker 3: when you see the top grower being healthcare, you like

542
00:29:09,560 --> 00:29:11,240
Speaker 3: that or you think that's a sign of an issue.

543
00:29:12,160 --> 00:29:14,880
Speaker 1: It doesn't concern me because health care is a big

544
00:29:15,080 --> 00:29:18,160
Speaker 1: it's very broad net. I've said this before. One of

545
00:29:18,200 --> 00:29:20,680
Speaker 1: the things in the United States that we don't understand,

546
00:29:20,720 --> 00:29:22,560
Speaker 1: and I wish I could educate the public on this.

547
00:29:23,080 --> 00:29:25,800
Speaker 1: Our health care costs are not higher than the rest

548
00:29:25,800 --> 00:29:28,240
Speaker 1: of the world. People think that, oh, it's cheaper in

549
00:29:28,280 --> 00:29:32,400
Speaker 1: Finland's cheaper in Germany. No, it's not per unit, it's

550
00:29:32,520 --> 00:29:36,360
Speaker 1: cheaper in the United States. We consume more volume of

551
00:29:36,400 --> 00:29:39,600
Speaker 1: health care. We have such access to healthcare that no

552
00:29:39,600 --> 00:29:42,600
Speaker 1: one in the world has. We run in for a sniffle,

553
00:29:42,800 --> 00:29:45,840
Speaker 1: We run in for a I got a strained wrist.

554
00:29:45,920 --> 00:29:48,200
Speaker 1: I run in and I go to the doctor. You

555
00:29:48,240 --> 00:29:50,280
Speaker 1: go to Canada for a strain rich you got an

556
00:29:50,320 --> 00:29:53,800
Speaker 1: eighteen month wait. So I don't mind the fact that

557
00:29:53,840 --> 00:29:56,200
Speaker 1: we are consumers and we buy more healthcare. Do I

558
00:29:56,200 --> 00:29:59,360
Speaker 1: wish we were healthier? Do I wish Maha was more successful?

559
00:29:59,360 --> 00:30:02,280
Speaker 1: Of course I do. But I think it's not bad

560
00:30:02,400 --> 00:30:06,520
Speaker 1: that we're consuming more healthcare as a private, capitalist economy.

561
00:30:06,720 --> 00:30:09,040
Speaker 1: Good for us. We're choosing where to spend our dollars,

562
00:30:09,080 --> 00:30:10,840
Speaker 1: and apparently it's on good health.

563
00:30:10,960 --> 00:30:13,200
Speaker 2: That's an interesting take regarding volume.

564
00:30:13,880 --> 00:30:17,240
Speaker 3: Let's move it over to Iran and these oil prices,

565
00:30:17,280 --> 00:30:20,080
Speaker 3: which this week has not only seen below one hundred

566
00:30:20,120 --> 00:30:22,400
Speaker 3: dollars it is now seen above one hundred dollars. We've

567
00:30:22,400 --> 00:30:24,680
Speaker 3: seen the West Texas crewed higher than the Brent crude,

568
00:30:24,720 --> 00:30:26,600
Speaker 3: the West Texas coming out of the ground, the Brent

569
00:30:26,680 --> 00:30:28,760
Speaker 3: crud coming out of out of the oceans. That is

570
00:30:28,800 --> 00:30:31,920
Speaker 3: the way I give the basic general idea of what

571
00:30:32,000 --> 00:30:33,840
Speaker 3: these two different oils are, and these are the two

572
00:30:34,200 --> 00:30:37,080
Speaker 3: that I look at. And then we have the conversation

573
00:30:37,120 --> 00:30:39,480
Speaker 3: of President Trump's addressed to the nation where he says

574
00:30:39,520 --> 00:30:42,160
Speaker 3: to Europe, go over to the strait of horror moves

575
00:30:42,520 --> 00:30:44,560
Speaker 3: and go take care of your things and go get

576
00:30:44,560 --> 00:30:45,800
Speaker 3: your oil or buy it from us.

577
00:30:45,920 --> 00:30:48,040
Speaker 2: But the straight of hor moves is going to open naturally.

578
00:30:48,080 --> 00:30:50,360
Speaker 3: Don't worry about it, which is his way of saying, hey,

579
00:30:50,400 --> 00:30:51,800
Speaker 3: oil markets, you're being ridiculous.

580
00:30:51,800 --> 00:30:53,360
Speaker 2: It is all going to be fine. I don't know

581
00:30:53,360 --> 00:30:54,360
Speaker 2: if that works or not.

582
00:30:54,880 --> 00:30:57,520
Speaker 3: But let's talk about what this war is doing to

583
00:30:57,920 --> 00:30:59,400
Speaker 3: a worldwide economy.

584
00:30:59,600 --> 00:31:02,640
Speaker 1: What are you Well, what I think the president is

585
00:31:02,640 --> 00:31:05,240
Speaker 1: doing is in concept correct. Europe needs to get their

586
00:31:05,280 --> 00:31:07,400
Speaker 1: butt in gear and get over and open up the

587
00:31:07,440 --> 00:31:10,520
Speaker 1: straight of her moves. But he's wrong in that We're

588
00:31:10,520 --> 00:31:14,200
Speaker 1: going to be fine. Oil is a fungible asset. It's

589
00:31:14,200 --> 00:31:16,120
Speaker 1: like when you pour a glass of water into a

590
00:31:16,160 --> 00:31:20,000
Speaker 1: bucket of water, it's indistinguishable from the rest. Can we

591
00:31:20,040 --> 00:31:23,560
Speaker 1: have laws and rules that prevent other countries from using

592
00:31:23,600 --> 00:31:26,880
Speaker 1: our oil? Can we be independent, self sustaining. Of course

593
00:31:26,920 --> 00:31:29,640
Speaker 1: we can, but that doesn't matter because the rest of

594
00:31:29,680 --> 00:31:32,200
Speaker 1: the world still needs oil and we are not an

595
00:31:32,240 --> 00:31:35,760
Speaker 1: independent economy. We are touched by others. As much as

596
00:31:35,880 --> 00:31:39,200
Speaker 1: as Trump doesn't like that, we can lead the world.

597
00:31:39,240 --> 00:31:41,160
Speaker 1: I mean, the world can lead us into a recession.

598
00:31:41,480 --> 00:31:44,320
Speaker 1: Number two thousand and eight. We led the world into

599
00:31:44,320 --> 00:31:47,120
Speaker 1: a recession. Guess what can happen now? The world can

600
00:31:47,240 --> 00:31:49,520
Speaker 1: lead us into a recession. The fact that we just

601
00:31:49,560 --> 00:31:53,520
Speaker 1: saw today Turkey, which regulates the price of energy, is

602
00:31:53,560 --> 00:31:55,920
Speaker 1: going to increase the price of energy for the first

603
00:31:55,920 --> 00:31:58,360
Speaker 1: time in ten years. It was either Italy or France.

604
00:31:58,480 --> 00:32:00,880
Speaker 1: I forgot to see the byline on that have decided

605
00:32:00,880 --> 00:32:05,960
Speaker 1: they're going to continue subsidizing fuel for their citizens. Let

606
00:32:05,960 --> 00:32:08,760
Speaker 1: me tell you the insanity of this. Stop subsidizing your

607
00:32:08,760 --> 00:32:11,360
Speaker 1: citizens and go open up the straits. Then you don't

608
00:32:11,360 --> 00:32:14,560
Speaker 1: have to subsidize your citizens. So these countries are making

609
00:32:14,640 --> 00:32:18,040
Speaker 1: bad decisions because they're afraid to deal with the problem.

610
00:32:18,160 --> 00:32:20,840
Speaker 1: Trump was brave enough to deal with the problem. They

611
00:32:20,880 --> 00:32:23,200
Speaker 1: need to go out and deal with it. And I

612
00:32:23,240 --> 00:32:25,520
Speaker 1: don't know that the President is going to walk away

613
00:32:25,880 --> 00:32:28,320
Speaker 1: and let others open the straits. I don't think he

614
00:32:28,360 --> 00:32:29,960
Speaker 1: can do that. I think they've got to be open

615
00:32:30,160 --> 00:32:32,560
Speaker 1: and everyone else's chicken. So he's probably going to be

616
00:32:32,600 --> 00:32:33,600
Speaker 1: the one that has to do it.

617
00:32:34,080 --> 00:32:36,520
Speaker 3: I don't disagree with that. By the way, I don't

618
00:32:36,560 --> 00:32:39,680
Speaker 3: disagree with that. The idea that President Trump's gonna say

619
00:32:40,000 --> 00:32:43,040
Speaker 3: it is and it's going to keep oil to an

620
00:32:43,080 --> 00:32:46,520
Speaker 3: argument artificially high or high. That's not something that is

621
00:32:46,560 --> 00:32:50,920
Speaker 3: going to work going into midterms. It's not going to

622
00:32:50,920 --> 00:32:54,160
Speaker 3: work for an economy large. But he does talk a

623
00:32:54,200 --> 00:32:58,200
Speaker 3: lot about our oil production, our energy production, So he

624
00:32:58,240 --> 00:33:00,560
Speaker 3: talks about us having more than everybody else, and we

625
00:33:00,640 --> 00:33:03,080
Speaker 3: do have a lot of energy that we can afford

626
00:33:03,440 --> 00:33:04,000
Speaker 3: to sell.

627
00:33:04,400 --> 00:33:10,920
Speaker 1: The question is who's the buyer? You know, first of all,

628
00:33:11,280 --> 00:33:13,320
Speaker 1: that's a great question. But let me fix one of

629
00:33:13,360 --> 00:33:15,280
Speaker 1: the things that President said. I was a fan of

630
00:33:15,280 --> 00:33:16,880
Speaker 1: his speech. I just wish he would have given it

631
00:33:16,880 --> 00:33:22,680
Speaker 1: four weeks ago. Exactly. It's just okay, thank you for

632
00:33:22,720 --> 00:33:24,720
Speaker 1: the information. We could have heard this four weeks ago,

633
00:33:25,560 --> 00:33:28,000
Speaker 1: but he said some things that we're just technically not correct,

634
00:33:28,040 --> 00:33:31,400
Speaker 1: which is typical Trump. You know, the most proven oil

635
00:33:31,440 --> 00:33:34,160
Speaker 1: reserves are not the United States, as he said, It's Venezuela,

636
00:33:34,200 --> 00:33:37,280
Speaker 1: it's Saudi Arabia, it's Russia. We are the biggest producer,

637
00:33:37,680 --> 00:33:40,520
Speaker 1: we are extracting the most, and that is true, we're

638
00:33:40,560 --> 00:33:45,120
Speaker 1: producing the most, but that's not the whole story. Give

639
00:33:45,160 --> 00:33:47,560
Speaker 1: me your question again, because I got I got myself distracted.

640
00:33:47,880 --> 00:33:50,960
Speaker 3: The question, minor, professor. No, the question we can answer

641
00:33:51,080 --> 00:33:55,840
Speaker 3: thirty seconds or least. Who's the buyer? The buyer is everybody.

642
00:33:56,240 --> 00:33:59,400
Speaker 3: It's a fungible market. You cannot distinguish unless we have

643
00:33:59,560 --> 00:34:02,960
Speaker 3: laws sanding the sale of our energy to other countries.

644
00:34:03,440 --> 00:34:06,560
Speaker 3: Everyone is the buyer of everyone's oil. That's why restrictions

645
00:34:06,560 --> 00:34:09,279
Speaker 3: on Russia didn't work. That's why restrictions on Iran have

646
00:34:09,360 --> 00:34:12,160
Speaker 3: never worked. It is a fungible asset and everyone is

647
00:34:12,200 --> 00:34:15,640
Speaker 3: a buyer for everyone else's oil. We'll dig more into this,

648
00:34:15,719 --> 00:34:18,800
Speaker 3: doctor Matt Will, economist at the University of Indianapolis.

649
00:34:18,800 --> 00:34:20,000
Speaker 2: I appreciate you being with us.

650
00:34:20,120 --> 00:34:23,200
Speaker 3: More coming up, I'm Tony Katz bring on the final

651
00:34:23,320 --> 00:34:26,920
Speaker 3: four Yukon in Illinois, Michigan and Arizona, and it's all

652
00:34:26,960 --> 00:34:29,440
Speaker 3: happening quite literally right down the road from me.

653
00:34:29,600 --> 00:34:30,280
Speaker 2: Tony Katz.

654
00:34:30,719 --> 00:34:33,440
Speaker 3: Tony Katz today the final four, the National Championship for

655
00:34:33,520 --> 00:34:37,759
Speaker 3: the NCAA Men's basketball that is taking place in Indianapolis, Indiana.

656
00:34:37,840 --> 00:34:42,279
Speaker 3: Which if I throw a rock, I will probably get

657
00:34:42,280 --> 00:34:44,120
Speaker 3: in trouble for throwing a rock, but I get hit it.

658
00:34:45,000 --> 00:34:47,200
Speaker 2: I can throw very very far. It's gonna be a

659
00:34:47,200 --> 00:34:50,200
Speaker 2: good time. I hope everybody enjoyed.

660
00:34:50,560 --> 00:34:56,280
Speaker 3: Listen, my brackets destroyed, like your brackets destroyed, just gone.

661
00:34:56,360 --> 00:34:59,439
Speaker 3: I had Purdue in Houston in the finals. So yeah,

662
00:34:59,560 --> 00:35:02,080
Speaker 3: things not work out too well for Tony, but it's

663
00:35:02,120 --> 00:35:05,360
Speaker 3: gonna be a good time. It's gonna be a good weekend.

664
00:35:05,719 --> 00:35:10,040
Speaker 3: And the bets, the betting that is gonna flow. I

665
00:35:10,120 --> 00:35:13,839
Speaker 3: only wonder if there is going to be soon, if

666
00:35:13,840 --> 00:35:18,920
Speaker 3: it hasn't already started, a pushback to the betting, a

667
00:35:18,960 --> 00:35:26,399
Speaker 3: pushback to the proliferation, the ease to which Americans can

668
00:35:26,600 --> 00:35:29,640
Speaker 3: just press a couple buttons on their phone and then

669
00:35:29,880 --> 00:35:34,600
Speaker 3: risk it all. I don't have a desire to make

670
00:35:34,640 --> 00:35:38,239
Speaker 3: anything illegal. I just wonder if people are going to

671
00:35:38,880 --> 00:35:41,200
Speaker 3: are already in the place of self regulating and saying, oh,

672
00:35:41,200 --> 00:35:43,520
Speaker 3: this can't be good for me, this can't be good.

673
00:35:43,600 --> 00:35:45,520
Speaker 3: By the way, I don't mind those apps. I don't

674
00:35:45,560 --> 00:35:47,440
Speaker 3: have any of those apps on my phone. I do

675
00:35:47,600 --> 00:35:49,799
Speaker 3: not do that stuff. I don't mind it. I might

676
00:35:49,920 --> 00:35:51,600
Speaker 3: other people doing. I think it's totally legal.

677
00:35:52,200 --> 00:35:56,080
Speaker 2: I just don't. I think for that reason, I wonder

678
00:35:56,120 --> 00:35:58,680
Speaker 2: if others feel that way as well. Find everything at

679
00:35:58,760 --> 00:36:02,000
Speaker 2: tonycats dot com the Easter. I'll catch you Monday. Take care,