1 00:00:05,200 --> 00:00:10,240 Speaker 1: Line from vall Hartbyer and the Crossroads of America. 2 00:00:10,560 --> 00:00:12,000 Speaker 2: It's Tony Katz today. 3 00:00:13,119 --> 00:00:16,040 Speaker 3: So the information about the CPI, the Super Price Index 4 00:00:16,120 --> 00:00:18,479 Speaker 3: came out, and I said, Okay, this is it, this 5 00:00:18,600 --> 00:00:21,040 Speaker 3: is all. There's no more way to get around this. 6 00:00:21,200 --> 00:00:24,040 Speaker 3: There's gonna be a cut on the interest rates. Jerome 7 00:00:24,079 --> 00:00:27,520 Speaker 3: Powell already is feeling pressure here, there and everywhere. This 8 00:00:27,680 --> 00:00:30,400 Speaker 3: says that the inflation is no longer an issue, or 9 00:00:30,400 --> 00:00:33,160 Speaker 3: at least that's what's gonna signal to many point two. 10 00:00:33,520 --> 00:00:36,720 Speaker 3: It's done, it's over, it's complete. The tariff seven baked 11 00:00:36,760 --> 00:00:37,400 Speaker 3: into the cake. 12 00:00:37,720 --> 00:00:39,760 Speaker 2: Let's go. That's what it said. 13 00:00:40,280 --> 00:00:42,800 Speaker 3: And you could be rest assured that at the September meeting, 14 00:00:43,080 --> 00:00:45,680 Speaker 3: the pressure is gonna be insane. I would argue that's 15 00:00:45,720 --> 00:00:48,640 Speaker 3: gonna be at least a half a basis point cut, 16 00:00:48,640 --> 00:00:51,680 Speaker 3: fifty basis points half percent, we can call it there. 17 00:00:52,320 --> 00:00:55,080 Speaker 3: That's what was gonna happen. Now some people would want, 18 00:00:55,160 --> 00:00:57,800 Speaker 3: you know, far bigger, but I don't think that's gonna happen. 19 00:00:57,840 --> 00:01:01,080 Speaker 3: That's my take, Tony Katz, Tony CA that's today. Good 20 00:01:01,120 --> 00:01:04,200 Speaker 3: to be with you. Then the Producer Price Index came 21 00:01:04,200 --> 00:01:10,680 Speaker 3: out and the PPI wholesale inflation is almost a full percent. 22 00:01:10,720 --> 00:01:13,640 Speaker 2: It came into point nine, and it came in to point. 23 00:01:13,560 --> 00:01:16,479 Speaker 3: Nine, not only in the overall, but came into point 24 00:01:16,560 --> 00:01:22,679 Speaker 3: nine for the core that's excluding food and energy prices. 25 00:01:23,240 --> 00:01:25,800 Speaker 3: And I said the market was going to react negatively. 26 00:01:25,880 --> 00:01:28,720 Speaker 3: The question is is it a negative number? Because what 27 00:01:28,760 --> 00:01:31,520 Speaker 3: do you make of all this? Doctor mattwill joins us 28 00:01:31,560 --> 00:01:37,160 Speaker 3: economist at the University of Indianapolis. We've talked to manufacturing 29 00:01:37,200 --> 00:01:40,919 Speaker 3: before the slowed down in manufacturing. Now we're seeing wholesale prices, 30 00:01:40,959 --> 00:01:44,880 Speaker 3: which I question whether that's a tariff conversation. You take 31 00:01:44,959 --> 00:01:48,040 Speaker 3: us through it. You see this report, the point nine, 32 00:01:48,440 --> 00:01:49,560 Speaker 3: what does it say to you? 33 00:01:51,360 --> 00:01:54,080 Speaker 2: It tells me that I have to change my opinion 34 00:01:54,360 --> 00:01:55,200 Speaker 2: because last. 35 00:01:54,960 --> 00:01:58,280 Speaker 1: Time we spoke, I was on the cut rates bandwagon 36 00:01:58,280 --> 00:02:00,000 Speaker 1: because all the data said cut rates. 37 00:02:00,520 --> 00:02:02,440 Speaker 4: But I have to change I can't. 38 00:02:02,520 --> 00:02:05,200 Speaker 1: We can't be cutting rates at this time if that's 39 00:02:05,240 --> 00:02:08,400 Speaker 1: the only thing they do, because this report says inflation 40 00:02:08,520 --> 00:02:10,600 Speaker 1: is not just here, it's massive. 41 00:02:11,080 --> 00:02:12,600 Speaker 4: We can't look at point nine. 42 00:02:12,760 --> 00:02:17,200 Speaker 1: We have to multiply by twelve ten point eight percent. 43 00:02:17,600 --> 00:02:23,119 Speaker 1: Let me say that again, ten point eight percent annualized 44 00:02:23,200 --> 00:02:26,680 Speaker 1: for the month of July. That is massive, There's no 45 00:02:26,720 --> 00:02:29,840 Speaker 1: getting around it. Inflation is here, and it's in the PPI, 46 00:02:30,720 --> 00:02:35,480 Speaker 1: the PPI which is the wholesalers, which is the manufacturers, 47 00:02:35,520 --> 00:02:38,640 Speaker 1: it's the retailers haven't passed it on along to us yet, 48 00:02:39,160 --> 00:02:41,960 Speaker 1: and that is something they're paying, and it's terriffts related. 49 00:02:42,120 --> 00:02:47,320 Speaker 3: And this is the whole conversation, Doctor Will, because I 50 00:02:47,400 --> 00:02:51,959 Speaker 3: can say, as I have, it's clear that so far 51 00:02:52,480 --> 00:02:55,560 Speaker 3: the terriffs have not affected the economy the way people thought. 52 00:02:55,880 --> 00:02:57,960 Speaker 3: And of course you'll see plenty of people saying, oh, 53 00:02:58,040 --> 00:03:01,120 Speaker 3: these economists who were all claiming the sky is falling. 54 00:03:01,280 --> 00:03:03,639 Speaker 2: Whoa, whoa, whoa, whoa, whoa. There's plenty of. 55 00:03:03,560 --> 00:03:06,280 Speaker 3: Those people who hate President Trump and anything he does, 56 00:03:06,320 --> 00:03:06,800 Speaker 3: of course, is. 57 00:03:06,800 --> 00:03:07,359 Speaker 2: The wrong thing. 58 00:03:07,800 --> 00:03:10,720 Speaker 3: The argument we've made on this show is that if, 59 00:03:10,760 --> 00:03:14,120 Speaker 3: for example, as Toyota said, they're eating the tariff costs, 60 00:03:14,360 --> 00:03:17,000 Speaker 3: other businesses are eating the tariff costs, there. 61 00:03:16,840 --> 00:03:19,120 Speaker 2: Is only so long that can go on. 62 00:03:20,000 --> 00:03:23,520 Speaker 3: Eventually the cost has to make a move over to us. 63 00:03:24,320 --> 00:03:29,720 Speaker 3: Is this this point nine, Is that all contributable to 64 00:03:30,040 --> 00:03:32,280 Speaker 3: businesses eating the costs of tariffs? 65 00:03:33,639 --> 00:03:37,160 Speaker 1: In my opinion, yes, but I have to go back 66 00:03:37,160 --> 00:03:39,280 Speaker 1: and correct One of the things you just said is 67 00:03:39,560 --> 00:03:41,280 Speaker 1: we haven't seen the impact yet. 68 00:03:41,480 --> 00:03:41,920 Speaker 2: We have. 69 00:03:42,320 --> 00:03:44,880 Speaker 1: There's two pieces of information I have to point out 70 00:03:45,080 --> 00:03:47,640 Speaker 1: the point nine. This is a big one. But go 71 00:03:47,760 --> 00:03:51,920 Speaker 1: back just two weeks ago to the PMI report. The 72 00:03:51,960 --> 00:03:56,040 Speaker 1: manufacturing base of the United States has shrunk for five 73 00:03:56,160 --> 00:04:00,760 Speaker 1: months in a row. It's contracting that is the byproduct 74 00:04:00,800 --> 00:04:04,320 Speaker 1: of the tariffs. Trump is doing everything right as far 75 00:04:04,360 --> 00:04:11,360 Speaker 1: as domestic policy goes regulation, taxes, pro business, cutting government 76 00:04:11,560 --> 00:04:15,280 Speaker 1: sizes to the size of government. But the tariffs are 77 00:04:15,280 --> 00:04:19,080 Speaker 1: getting in his way. He's shrinking the manufacturing base. Tariffs 78 00:04:19,120 --> 00:04:21,560 Speaker 1: do the opposite of what they're intended to do. And 79 00:04:21,600 --> 00:04:24,039 Speaker 1: I gave you data before about Toyota. I gave you 80 00:04:24,120 --> 00:04:30,480 Speaker 1: data before about a whirlpool across the board. Tariffs hurt 81 00:04:30,560 --> 00:04:34,280 Speaker 1: manufacturing and we see it right now in the wholesale numbers. 82 00:04:35,240 --> 00:04:39,239 Speaker 3: Talking to doctor Matt Will, economists at the University of Indianapolis, 83 00:04:39,880 --> 00:04:42,039 Speaker 3: tariffs were supposed to be the tactic in order to 84 00:04:42,080 --> 00:04:44,120 Speaker 3: get the trade deal. What we have seen is that 85 00:04:44,440 --> 00:04:47,200 Speaker 3: there are tariffs that are here to stay. And you 86 00:04:47,320 --> 00:04:51,120 Speaker 3: have discussed that it might for Wall Street create the 87 00:04:51,160 --> 00:04:55,039 Speaker 3: idea not new normal, but here's the new basis here 88 00:04:55,120 --> 00:04:57,960 Speaker 3: is now the numbers that we have to work from. 89 00:04:58,440 --> 00:05:03,200 Speaker 3: Have these tariffs for Wall Street been greater than they assumed. 90 00:05:04,839 --> 00:05:07,160 Speaker 1: I don't think the tariffs have been greater than they've assumed. 91 00:05:07,320 --> 00:05:10,400 Speaker 1: I think we have the pause, so that delayed the pain. 92 00:05:10,880 --> 00:05:14,840 Speaker 1: The pauses have ended. We're now putting in place permanent tariffs, 93 00:05:15,360 --> 00:05:18,720 Speaker 1: and Wall Street now knows what they are. They can 94 00:05:18,760 --> 00:05:21,360 Speaker 1: now build it into their prices. We see it today. 95 00:05:21,600 --> 00:05:23,359 Speaker 1: They're going to build it into what they pass along 96 00:05:23,360 --> 00:05:25,440 Speaker 1: to the consumer. We will see that in the last 97 00:05:25,480 --> 00:05:27,560 Speaker 1: month's report, and we're going to see it in future reports. 98 00:05:28,120 --> 00:05:30,479 Speaker 1: Wall Street is not happy with this number. And let 99 00:05:30,560 --> 00:05:33,159 Speaker 1: me point out one other thing. If you dig into 100 00:05:33,200 --> 00:05:37,120 Speaker 1: the details of this report. Trade. That's right, Trade, the 101 00:05:37,160 --> 00:05:40,800 Speaker 1: thing that teriffs directly impact two percent for the month, 102 00:05:41,120 --> 00:05:45,160 Speaker 1: that's twenty four percent annualized. Let me say this very clearly. 103 00:05:46,000 --> 00:05:50,680 Speaker 1: Trade went up twenty four percent the inflation on trade 104 00:05:50,960 --> 00:05:54,200 Speaker 1: that's almost identical to the Trump tariffs. So we see 105 00:05:54,240 --> 00:05:57,440 Speaker 1: his terriffs being directly in the data. This is not 106 00:05:57,560 --> 00:05:59,560 Speaker 1: something we can run away from. 107 00:06:00,080 --> 00:06:03,719 Speaker 3: But when you say that, what we got to go 108 00:06:03,760 --> 00:06:06,279 Speaker 3: a little bit deeper, or maybe a little bit clearer 109 00:06:06,320 --> 00:06:09,520 Speaker 3: into what that means when you see the trade being 110 00:06:09,560 --> 00:06:12,240 Speaker 3: twenty four percent and it's connected to the tariffs, dig 111 00:06:12,279 --> 00:06:14,200 Speaker 3: a little deeper, tell us what that means. 112 00:06:15,720 --> 00:06:19,599 Speaker 1: Well, that means that people importing goods are paying a tariff, 113 00:06:20,200 --> 00:06:24,200 Speaker 1: and it's it's a tax, it's inflation, and they are 114 00:06:24,240 --> 00:06:27,279 Speaker 1: paying it. So Walmart goes to Oakland, they pick up 115 00:06:27,320 --> 00:06:29,920 Speaker 1: something off of a ship, they pay that twenty four 116 00:06:29,960 --> 00:06:33,599 Speaker 1: percent tax. Trump brags about, But it's increasing the revenue 117 00:06:33,640 --> 00:06:36,320 Speaker 1: to the government. That's correct. We have a lot of 118 00:06:36,320 --> 00:06:39,760 Speaker 1: the new revenue to the government based on the tariffs. 119 00:06:40,400 --> 00:06:43,440 Speaker 1: But Walmart's paying that. We see it in today's point 120 00:06:43,560 --> 00:06:45,800 Speaker 1: nine number. We see it in the details of that 121 00:06:45,839 --> 00:06:50,039 Speaker 1: point nine, which is two percent this month alone that 122 00:06:50,120 --> 00:06:55,279 Speaker 1: they're paying on imported goods. And here's this very important point. 123 00:06:55,880 --> 00:06:58,080 Speaker 1: We could get away with it, and Trump could get 124 00:06:58,120 --> 00:07:02,240 Speaker 1: away with it if the economy were bo but manufacturing 125 00:07:02,279 --> 00:07:04,520 Speaker 1: has been contracting for five months. 126 00:07:04,320 --> 00:07:04,839 Speaker 4: In a row. 127 00:07:05,200 --> 00:07:08,000 Speaker 1: We don't have the juice to economy that can get 128 00:07:08,040 --> 00:07:11,160 Speaker 1: away with a bad tariff policy. He's got to do 129 00:07:11,240 --> 00:07:14,040 Speaker 1: something to juice the economy if he's not going to 130 00:07:14,040 --> 00:07:15,000 Speaker 1: get rid of the tariffs. 131 00:07:15,200 --> 00:07:18,680 Speaker 3: Talking to doctor Matt Will, economists at the University of Indianapolis. 132 00:07:18,960 --> 00:07:22,160 Speaker 2: What does that look like juice to economy? 133 00:07:22,200 --> 00:07:25,280 Speaker 3: Because he did tariffs in the first term, and you 134 00:07:25,280 --> 00:07:27,200 Speaker 3: could argue we had that juice economy. 135 00:07:27,240 --> 00:07:29,480 Speaker 2: What the bloody heck is the difference. 136 00:07:31,040 --> 00:07:34,560 Speaker 1: The very important difference. The tax code that he put 137 00:07:34,560 --> 00:07:38,440 Speaker 1: in place in twenty seventeen was new. The tax code 138 00:07:38,480 --> 00:07:41,720 Speaker 1: that was extended just a couple of months ago was 139 00:07:41,760 --> 00:07:44,720 Speaker 1: a continuation. There was nothing new. Well, there was very 140 00:07:44,760 --> 00:07:46,840 Speaker 1: few things new in it, I should say, but there 141 00:07:46,960 --> 00:07:49,760 Speaker 1: wasn't a whole bunch of new stuff to juicy economy. 142 00:07:49,960 --> 00:07:53,160 Speaker 4: All he did was say, keep doing the good things now. 143 00:07:53,440 --> 00:07:56,080 Speaker 1: The pr machine out of the White House bragged about it, 144 00:07:56,160 --> 00:07:58,840 Speaker 1: and they should, But there wasn't a whole bunch of 145 00:07:58,960 --> 00:08:02,600 Speaker 1: new stuff to get the economy moving. It was just okay, 146 00:08:02,640 --> 00:08:05,920 Speaker 1: you can keep what you have. That's not using the economy. 147 00:08:05,920 --> 00:08:07,600 Speaker 1: That's just maintaining the status quo. 148 00:08:08,920 --> 00:08:12,400 Speaker 3: Now, I gotta now push back on that. If the 149 00:08:12,400 --> 00:08:15,760 Speaker 3: status quo was working, why wouldn't they keep working? And 150 00:08:15,800 --> 00:08:18,320 Speaker 3: I would also maybe argue it's not so much the 151 00:08:18,360 --> 00:08:23,040 Speaker 3: status quo if you are also working to bring trade 152 00:08:23,120 --> 00:08:26,360 Speaker 3: deals to the table, shouldn't we wait to see if 153 00:08:26,400 --> 00:08:29,440 Speaker 3: the trade deals, start working to see whether or not 154 00:08:29,520 --> 00:08:31,440 Speaker 3: the tariffs are still a problem. 155 00:08:32,679 --> 00:08:36,520 Speaker 1: Okay, the tariffs are a problem. They're not working. They 156 00:08:36,600 --> 00:08:40,160 Speaker 1: harm trade. We see it in the manufacturing data. It's 157 00:08:40,240 --> 00:08:42,920 Speaker 1: just basic math that when you put on a tear 158 00:08:42,920 --> 00:08:44,520 Speaker 1: if you're going to harm the economy. 159 00:08:44,559 --> 00:08:45,760 Speaker 4: And that's what's happening. 160 00:08:46,280 --> 00:08:46,559 Speaker 2: Now. 161 00:08:46,920 --> 00:08:48,960 Speaker 1: On the good side, let me tell you where Trump's 162 00:08:49,000 --> 00:08:51,360 Speaker 1: to been doing some great things, and that's with the deregulation, 163 00:08:51,679 --> 00:08:55,959 Speaker 1: with the removal of DEI and government preferences and subsidies 164 00:08:56,320 --> 00:09:00,000 Speaker 1: and picking and choosing winners and losers. Okay, when the government, 165 00:09:00,000 --> 00:09:02,040 Speaker 1: I think gets out of running the economy, that's a 166 00:09:02,080 --> 00:09:05,320 Speaker 1: good thing. So he's done good there. But I don't 167 00:09:05,360 --> 00:09:08,840 Speaker 1: think the good at least in the data, it doesn't 168 00:09:08,840 --> 00:09:11,080 Speaker 1: look like the good that he's doing is outweighing the 169 00:09:11,200 --> 00:09:13,280 Speaker 1: negative from the tariff. And I'm not going to shy 170 00:09:13,360 --> 00:09:17,000 Speaker 1: away from saying how bad the tariffs are, and I'm 171 00:09:17,040 --> 00:09:19,679 Speaker 1: also not shy about saying what great policies Trump has. 172 00:09:19,720 --> 00:09:23,640 Speaker 1: But in place, this is simply one bad data or 173 00:09:23,720 --> 00:09:27,240 Speaker 1: bad tariff policy, and it's going to make matters worse. 174 00:09:27,280 --> 00:09:30,800 Speaker 3: Which brings us back to the conversation of the cuts. 175 00:09:30,840 --> 00:09:34,880 Speaker 3: Talking to doctor Matt Well, economist at the University of Indianapolis, 176 00:09:35,760 --> 00:09:38,880 Speaker 3: the pressure is on Jerome Powell, chairman of the Federal Reserve, 177 00:09:39,280 --> 00:09:41,320 Speaker 3: and who knows how long that's going to last in 178 00:09:41,400 --> 00:09:44,000 Speaker 3: terms of him being the chair of the Federal Reserve. 179 00:09:44,400 --> 00:09:48,040 Speaker 3: The pressure is on to engage the cuts. The CPI 180 00:09:48,440 --> 00:09:52,320 Speaker 3: says the cuts a Wall Street is demanding the cuts. 181 00:09:52,480 --> 00:09:55,080 Speaker 3: If you want to see housing get back to some 182 00:09:55,400 --> 00:09:58,400 Speaker 3: level of good place, you need the cuts to make 183 00:09:58,400 --> 00:10:01,920 Speaker 3: it easier for people to buy homes and therefore sell homes. 184 00:10:02,240 --> 00:10:05,400 Speaker 3: Now you've got this report, you're saying, this report says 185 00:10:05,440 --> 00:10:07,000 Speaker 3: no cuts are possible. 186 00:10:07,520 --> 00:10:10,080 Speaker 2: Is that what Wall Street is going to say. 187 00:10:10,480 --> 00:10:13,080 Speaker 1: I didn't say no cuts are possible. I said the 188 00:10:13,200 --> 00:10:17,080 Speaker 1: data shows don't cut alone. But let me go back 189 00:10:17,120 --> 00:10:20,680 Speaker 1: to my own revised opinion from just a few weeks ago. 190 00:10:21,480 --> 00:10:24,960 Speaker 1: I believe that Jerome pal should now be fired. And 191 00:10:25,000 --> 00:10:27,560 Speaker 1: the reason is he needs to do what Kevin Warsh 192 00:10:27,600 --> 00:10:30,520 Speaker 1: has been recommending. He needs to cut those interest rates 193 00:10:30,840 --> 00:10:32,839 Speaker 1: so the short term rates can go down, and he 194 00:10:32,840 --> 00:10:36,640 Speaker 1: needs to start dumping and selling the Federal Reserve balance sheet. 195 00:10:37,200 --> 00:10:39,760 Speaker 1: I believe that you could still do both of those 196 00:10:39,800 --> 00:10:45,199 Speaker 1: things despite the inflation because dumping the balance sheet, selling 197 00:10:45,320 --> 00:10:48,240 Speaker 1: all of those assets owned by the Federal Reserve Board 198 00:10:48,800 --> 00:10:52,920 Speaker 1: will fight inflation. We can actually cut short term rates 199 00:10:53,080 --> 00:10:55,840 Speaker 1: and fight inflation at the same time. And I think 200 00:10:55,920 --> 00:10:58,040 Speaker 1: now's the time to do it. And Jerome pal has 201 00:10:58,120 --> 00:11:01,160 Speaker 1: said he will not do it. That's not inclination to 202 00:11:01,200 --> 00:11:04,560 Speaker 1: get rid of the FED assets. He needs to be fired. 203 00:11:04,600 --> 00:11:06,439 Speaker 1: And we need to put someone in place that's willing 204 00:11:06,480 --> 00:11:09,520 Speaker 1: to fight inflation and bring down short term rates. 205 00:11:10,920 --> 00:11:15,720 Speaker 3: So this concept, this idea that it was Kevin Walsh 206 00:11:16,000 --> 00:11:19,720 Speaker 3: w r SH had brought up. I haven't heard anybody 207 00:11:19,720 --> 00:11:22,880 Speaker 3: else talking about it. I haven't heard anybody else engaging it. 208 00:11:23,160 --> 00:11:25,120 Speaker 3: The only other person who I had heard talking about 209 00:11:25,360 --> 00:11:27,560 Speaker 3: the FED and some of the issues there with the 210 00:11:27,559 --> 00:11:31,520 Speaker 3: FED books was economist E. J. Antoni, who has now 211 00:11:31,559 --> 00:11:34,560 Speaker 3: been nominated to run the Bureau of Labor Statistics, who 212 00:11:34,640 --> 00:11:38,000 Speaker 3: is a frequent guest on this show, talking about the 213 00:11:38,040 --> 00:11:40,720 Speaker 3: madness of what the Federal Reserve is doing. 214 00:11:43,400 --> 00:11:44,679 Speaker 2: Is that also part. 215 00:11:44,520 --> 00:11:47,480 Speaker 3: Of your argument that in the end, what the Federal 216 00:11:47,480 --> 00:11:49,600 Speaker 3: Reserve has done over the past few years. 217 00:11:49,600 --> 00:11:53,160 Speaker 2: Has been detrimental to the United States. 218 00:11:54,000 --> 00:11:56,840 Speaker 1: Yes, it absolutely has. And let me tell you why. 219 00:11:56,880 --> 00:12:02,119 Speaker 1: You haven't heard it in other areas because Kevin ej myself, 220 00:12:02,600 --> 00:12:04,480 Speaker 1: you're talking about wonky nerds. 221 00:12:04,559 --> 00:12:06,080 Speaker 4: Okay, we understand. 222 00:12:06,200 --> 00:12:08,440 Speaker 1: You know the three tools that the Federal Reserve Board 223 00:12:08,600 --> 00:12:11,320 Speaker 1: has to control the money supply, and we start talking 224 00:12:11,320 --> 00:12:15,080 Speaker 1: about M one and M two and everyone's eyes glaze over. 225 00:12:15,840 --> 00:12:17,760 Speaker 1: All they think about is the FED cutting rates or 226 00:12:17,760 --> 00:12:21,000 Speaker 1: the FED raising rates. There's more tools in their toolbox, 227 00:12:21,520 --> 00:12:25,200 Speaker 1: and they need to reverse that quantitative easing in force. 228 00:12:25,440 --> 00:12:29,040 Speaker 1: Not in a mild way, they need to strongly reverse 229 00:12:29,120 --> 00:12:34,000 Speaker 1: that quantitative easing that caused this problem. And that's why 230 00:12:34,480 --> 00:12:36,840 Speaker 1: Jerome Pal has to go. He's just not doing the job. 231 00:12:36,920 --> 00:12:39,960 Speaker 1: And I have not been on the fire Jerome Pal 232 00:12:40,080 --> 00:12:44,440 Speaker 1: bandwagon until now because I look at this inflation data 233 00:12:44,480 --> 00:12:46,880 Speaker 1: and you can't let ignore it. You cannot ignore it. 234 00:12:47,120 --> 00:12:50,000 Speaker 1: And to simply messing around with the interest rates, that's 235 00:12:50,000 --> 00:12:52,440 Speaker 1: not going to do it. He's got to take boulder action. 236 00:12:52,520 --> 00:12:54,160 Speaker 1: And apparently he didn't know what the heck it is. 237 00:12:55,000 --> 00:12:58,079 Speaker 3: So let's say, because no one has discussed this, no one, 238 00:12:58,559 --> 00:13:02,440 Speaker 3: you fired Jerome Pal. You now have a new fetchair. 239 00:13:03,320 --> 00:13:04,880 Speaker 3: There are a bunch of people in the running. That 240 00:13:04,960 --> 00:13:07,840 Speaker 3: part is nearing consequence. For the sake of this conversation, 241 00:13:09,040 --> 00:13:15,839 Speaker 3: your prescription is an interest rate cut coupled with this 242 00:13:16,040 --> 00:13:21,320 Speaker 3: move to clean up the books of the Fed, clean 243 00:13:21,400 --> 00:13:25,800 Speaker 3: up the balance sheet. Walk me through in sixty seconds. 244 00:13:25,960 --> 00:13:28,960 Speaker 3: Here are the three steps, and if these three steps 245 00:13:29,000 --> 00:13:33,640 Speaker 3: are implemented, the people us will experience X. 246 00:13:33,920 --> 00:13:34,760 Speaker 2: Walk me through it. 247 00:13:36,400 --> 00:13:40,240 Speaker 1: If the Federal Reserve Board begins to sell its balance sheet, 248 00:13:40,520 --> 00:13:43,760 Speaker 1: sell the assets it owns, it will pull cash out 249 00:13:43,760 --> 00:13:48,079 Speaker 1: of the economy. That will fight inflation, That will push 250 00:13:48,160 --> 00:13:53,520 Speaker 1: inflation down. Step two cut short term rates, which would 251 00:13:53,559 --> 00:13:58,679 Speaker 1: cause and motivate investment in the economy. Step three is 252 00:13:58,880 --> 00:14:01,880 Speaker 1: that removes the out or Reserve Board from the equation 253 00:14:02,880 --> 00:14:06,440 Speaker 1: and it puts a positive economic environment in place for 254 00:14:06,520 --> 00:14:07,360 Speaker 1: companies to grow. 255 00:14:08,360 --> 00:14:11,520 Speaker 3: But the tariff still remain. How are the companies growing 256 00:14:11,600 --> 00:14:15,240 Speaker 3: if the tariffs still remain? Like I guess, maybe the 257 00:14:15,520 --> 00:14:18,400 Speaker 3: larger question is, Okay, you've walked through this, but you 258 00:14:18,480 --> 00:14:21,160 Speaker 3: still have this thing that you're saying is a massive problem. 259 00:14:21,440 --> 00:14:24,120 Speaker 3: If they're still there, how do these other things really 260 00:14:24,160 --> 00:14:25,440 Speaker 3: have an impact on business? 261 00:14:26,920 --> 00:14:30,800 Speaker 1: I know this will sound schizophrenic, and it is. The 262 00:14:30,840 --> 00:14:35,600 Speaker 1: Trump administration is economically schizophrenic. They're doing some things to 263 00:14:35,640 --> 00:14:38,280 Speaker 1: harm the economy and some things to help the economy. 264 00:14:38,480 --> 00:14:40,600 Speaker 1: And what I just gave you in the three steps 265 00:14:40,640 --> 00:14:43,840 Speaker 1: you asked for is those things that will help the 266 00:14:43,880 --> 00:14:49,080 Speaker 1: economy and hopefully, let's cross our fingers, do more success 267 00:14:49,200 --> 00:14:52,160 Speaker 1: and more good than the damage done by the tariffs. 268 00:14:52,400 --> 00:14:55,720 Speaker 1: I'm operating under an assumption that Trump is going to 269 00:14:55,720 --> 00:14:59,120 Speaker 1: allow the teriffs to continue and that we've got to 270 00:14:59,120 --> 00:15:03,000 Speaker 1: just develop other policies to overcome that problem. 271 00:15:04,080 --> 00:15:07,360 Speaker 2: Yeah, we're gonna We're gonna dig in more, because I 272 00:15:07,360 --> 00:15:11,160 Speaker 2: think the schizophrenic part is really, really right. 273 00:15:12,280 --> 00:15:16,280 Speaker 3: And yet I wouldn't think that anybody in Magaville would 274 00:15:16,320 --> 00:15:19,520 Speaker 3: ever think that they're doing things to harm the economy. 275 00:15:19,720 --> 00:15:22,960 Speaker 3: They see this as long term effect to the trade deals. 276 00:15:23,160 --> 00:15:26,320 Speaker 3: And yet I have not seen the trade deals show 277 00:15:26,480 --> 00:15:30,400 Speaker 3: any fruits yet that help this economy out. And that, 278 00:15:30,480 --> 00:15:32,360 Speaker 3: of course is the plan, is the hope, and the 279 00:15:32,400 --> 00:15:35,360 Speaker 3: lowering of interest rates is not only about juicing the economy, 280 00:15:35,360 --> 00:15:38,200 Speaker 3: but it's also about being able to refinance debt that 281 00:15:38,280 --> 00:15:41,800 Speaker 3: we have at a much much better rate, much better 282 00:15:41,840 --> 00:15:44,520 Speaker 3: opportunity and value for the US. 283 00:15:44,800 --> 00:15:46,560 Speaker 2: Everything is connected. 284 00:15:46,080 --> 00:15:48,880 Speaker 3: But will we'll keep breaking it down, Doctor Matt Will, 285 00:15:48,920 --> 00:15:51,160 Speaker 3: economist at the University of Indianapolis. 286 00:15:51,280 --> 00:15:53,160 Speaker 2: I appreciate you taking the time to be with us. 287 00:15:53,360 --> 00:15:55,680 Speaker 2: More is coming up on Tony Katz. This is Tony 288 00:15:55,720 --> 00:15:56,320 Speaker 2: Kats today. 289 00:15:56,480 --> 00:15:59,760 Speaker 3: So everybody's gearing up for the big meeting between Vladimir 290 00:15:59,760 --> 00:16:04,040 Speaker 3: Poot and Donald Trump, and they're going to meet in 291 00:16:04,200 --> 00:16:07,120 Speaker 3: Anchorage and they're going to discuss Ukraine. 292 00:16:07,200 --> 00:16:09,720 Speaker 2: I thought one of the really kind of. 293 00:16:09,880 --> 00:16:16,880 Speaker 3: Odd statements was about how Trump has agreed not to 294 00:16:17,000 --> 00:16:22,040 Speaker 3: talk about land. And my question was, what made anybody 295 00:16:22,120 --> 00:16:23,720 Speaker 3: think that that's what he was going to talk about. 296 00:16:23,720 --> 00:16:26,360 Speaker 3: Tony Katz, Tony Katz today, good to be with you. 297 00:16:27,200 --> 00:16:31,080 Speaker 3: US leader tells his European peers that he won't negotiate 298 00:16:31,160 --> 00:16:35,080 Speaker 3: territorial issues during Friday's meeting, but will seek an immediate 299 00:16:35,160 --> 00:16:35,840 Speaker 3: cease fire. 300 00:16:36,600 --> 00:16:38,680 Speaker 2: It's about this is the Wall Street Journal. 301 00:16:38,760 --> 00:16:42,440 Speaker 3: Trump agrees on Ukraine red lines with Europe before Putin's summit. 302 00:16:43,080 --> 00:16:44,960 Speaker 2: I'm sorry, this is Trump. 303 00:16:45,120 --> 00:16:48,080 Speaker 3: He'll talk about anything he wants, but it should be 304 00:16:48,160 --> 00:16:49,160 Speaker 3: understood that. 305 00:16:49,200 --> 00:16:50,600 Speaker 2: Ukraine has made it clear they're not. 306 00:16:50,520 --> 00:16:53,160 Speaker 3: Giving up any land, and that in and of itself 307 00:16:53,200 --> 00:16:56,960 Speaker 3: is the problem. I don't want Ukraine to have to 308 00:16:56,960 --> 00:17:00,840 Speaker 3: give up anything. I want Vladimir Putin to bet, I 309 00:17:00,960 --> 00:17:03,920 Speaker 3: want him to be destroyed. That is not me saying 310 00:17:04,000 --> 00:17:07,160 Speaker 3: that everything is perfect in Ukraine. That's me saying that 311 00:17:07,200 --> 00:17:13,040 Speaker 3: Putin's terrible and I want this threat gone. But I 312 00:17:13,080 --> 00:17:15,679 Speaker 3: live in the real world and this war is only 313 00:17:15,760 --> 00:17:20,480 Speaker 3: going to stop when Putin gets some land. The idea 314 00:17:20,520 --> 00:17:23,359 Speaker 3: that getting land through an act of military force is 315 00:17:23,480 --> 00:17:24,000 Speaker 3: just awful. 316 00:17:24,119 --> 00:17:26,960 Speaker 2: I forget who it was you said that. How else 317 00:17:27,000 --> 00:17:28,360 Speaker 2: do you think land is gotten? 318 00:17:29,480 --> 00:17:35,760 Speaker 3: There's a weather, right, there's calamity, there's famine, all sorts 319 00:17:35,800 --> 00:17:38,320 Speaker 3: of things, and other people move into an area over time, 320 00:17:38,880 --> 00:17:42,840 Speaker 3: or it's war and it's freaking taken. So Putin's going 321 00:17:42,920 --> 00:17:45,199 Speaker 3: to be meeting with Keir Starmer of the UK go 322 00:17:45,320 --> 00:17:48,920 Speaker 3: right ahead. In the end, Russia is going to dictate 323 00:17:48,960 --> 00:17:52,120 Speaker 3: this thing until you put tens of thousands of troops 324 00:17:52,359 --> 00:17:55,000 Speaker 3: in the dun Boss and say to the Russians will 325 00:17:55,080 --> 00:17:57,919 Speaker 3: actually fight you if you're not willing to do that 326 00:17:58,200 --> 00:18:00,960 Speaker 3: because you fear the nuclear power or the nuclear capable, 327 00:18:01,000 --> 00:18:05,600 Speaker 3: I should say Russian threat. They're gonna keep throwing bodies 328 00:18:05,680 --> 00:18:10,520 Speaker 3: at this thing. That's all there is to it. That's it, 329 00:18:11,280 --> 00:18:15,480 Speaker 3: nothing more, nothing less. They're gonna keep throwing bodies at 330 00:18:15,520 --> 00:18:18,520 Speaker 3: the thing until you give up. 331 00:18:19,520 --> 00:18:20,560 Speaker 2: I don't know why. 332 00:18:20,320 --> 00:18:22,440 Speaker 3: We're thinking anything else is going to happen. Of course, 333 00:18:22,520 --> 00:18:27,080 Speaker 3: Land is a part of this, but you can't get 334 00:18:27,080 --> 00:18:30,400 Speaker 3: Putin to move when he thinks he's got the opportunity. 335 00:18:30,440 --> 00:18:30,640 Speaker 2: Here. 336 00:18:31,200 --> 00:18:34,000 Speaker 3: Trump's saying, they're gonna be very severe consequences if the 337 00:18:34,080 --> 00:18:37,520 Speaker 3: Russian president refuses a cease fire in their coming meeting. 338 00:18:37,920 --> 00:18:39,119 Speaker 2: That's going to happen. 339 00:18:40,359 --> 00:18:42,480 Speaker 3: Even if he said it, would you one hundred percent 340 00:18:42,560 --> 00:18:45,399 Speaker 3: believe it's true. Would you agree that it's going to happen. 341 00:18:45,480 --> 00:18:49,040 Speaker 3: I wouldn't, not by any stretch of the imagination. And 342 00:18:49,080 --> 00:18:51,000 Speaker 3: I don't think Trump will either. This is the other one. 343 00:18:51,200 --> 00:18:54,800 Speaker 3: Oh Trump's gonna fall for for Putin's tricks said, Oh 344 00:18:54,880 --> 00:18:57,200 Speaker 3: my gosh, Putin's gonna play him. I don't buy into 345 00:18:57,200 --> 00:19:01,240 Speaker 3: any of that either. What deal can be made? Remember 346 00:19:01,320 --> 00:19:04,000 Speaker 3: this is trump. The first rule of trump Ism is 347 00:19:04,040 --> 00:19:07,760 Speaker 3: that Trump wins. The second rule of trump Ism is 348 00:19:07,760 --> 00:19:10,240 Speaker 3: that a deal can always be made as long as 349 00:19:10,280 --> 00:19:12,800 Speaker 3: it adheres to the first rule of trump Ism. This 350 00:19:13,480 --> 00:19:17,760 Speaker 3: is the story. Trump's gonna try and make a deal. 351 00:19:18,840 --> 00:19:21,320 Speaker 3: Trump wants to cease fires. So we could say, look 352 00:19:21,320 --> 00:19:24,200 Speaker 3: what I did. I would tell him. Everybody you already 353 00:19:24,200 --> 00:19:28,280 Speaker 3: knows you can't trust Vladimir Putin. Can't be done, can't 354 00:19:28,280 --> 00:19:28,960 Speaker 3: be done. 355 00:19:29,440 --> 00:19:30,919 Speaker 2: But I swear to you, I don't know how anybody 356 00:19:30,920 --> 00:19:32,720 Speaker 2: thinks it's gonna get done without giving up land. 357 00:19:33,359 --> 00:19:37,160 Speaker 3: And that's something that Vladimir Zelenski has to get right 358 00:19:37,200 --> 00:19:38,080 Speaker 3: with and. 359 00:19:38,040 --> 00:19:43,960 Speaker 2: That right soon. Keep it here. This is Tony kats today. 360 00:19:45,760 --> 00:19:47,880 Speaker 5: Yeah, okay, I think this sort of gives the game 361 00:19:47,920 --> 00:19:51,080 Speaker 5: away here because Donald Trump is like Eric Jordan, towering 362 00:19:51,160 --> 00:19:53,840 Speaker 5: over Joe Biden when it comes to their handling a crime. 363 00:19:53,840 --> 00:19:56,480 Speaker 5: Look in twenty twenty four, look at where Biden's net 364 00:19:56,480 --> 00:19:59,080 Speaker 5: approval was on crime, way on the water there at 365 00:19:59,200 --> 00:20:01,439 Speaker 5: minus twenty five six points. It was one of Biden's 366 00:20:01,480 --> 00:20:03,520 Speaker 5: ware issues. Granted, pretty much every issue was one of 367 00:20:03,520 --> 00:20:06,560 Speaker 5: Biden's whare issues. And again, look at where Donald Trump 368 00:20:06,640 --> 00:20:10,080 Speaker 5: is way, way, way above Joe Biden. 369 00:20:10,119 --> 00:20:11,840 Speaker 2: What is that? That's twenty seven points. 370 00:20:12,000 --> 00:20:16,320 Speaker 5: So Americans vastly prefer Donald Trump's approach to crime than 371 00:20:16,359 --> 00:20:18,159 Speaker 5: they ditch to Joe Biden's. And again, I think it 372 00:20:18,160 --> 00:20:20,880 Speaker 5: gets back to the point that Americans are far more 373 00:20:20,880 --> 00:20:23,600 Speaker 5: hawkish on crime than a lot of Democrats want to admit. 374 00:20:24,160 --> 00:20:27,840 Speaker 3: I don't think Harry Enton has that perfectly right, although 375 00:20:27,880 --> 00:20:31,639 Speaker 3: I'm not questioning him about his numbers, where Joe Biden 376 00:20:31,680 --> 00:20:34,920 Speaker 3: on crime was twenty six points underwater and Trump as 377 00:20:34,920 --> 00:20:39,320 Speaker 3: of August twenty twenty five is plus one. Rather, it's 378 00:20:39,400 --> 00:20:45,240 Speaker 3: not the approach to crime that Americans are connecting with. Rather, 379 00:20:45,480 --> 00:20:49,600 Speaker 3: it is the admission that crime is happening to begin with. 380 00:20:50,680 --> 00:20:54,040 Speaker 3: It's about who is honest and who is a complete 381 00:20:54,080 --> 00:20:57,800 Speaker 3: and total liar. Tony Katz, Tony Katz Today, good to 382 00:20:57,840 --> 00:21:00,680 Speaker 3: be with you. Find everything I do over Tony katz 383 00:21:00,720 --> 00:21:06,080 Speaker 3: dot com. It goes back to this clip from Chuck Schumer, 384 00:21:06,560 --> 00:21:12,480 Speaker 3: this absolute insanity of a statement that he's making on 385 00:21:12,520 --> 00:21:15,400 Speaker 3: this podcast upart us perspective. 386 00:21:15,520 --> 00:21:19,520 Speaker 6: Listen, I want to get your reaction to everything that's 387 00:21:19,520 --> 00:21:21,960 Speaker 6: happening in DC. But first, a lot of folks on 388 00:21:21,960 --> 00:21:24,560 Speaker 6: the Republican side, your Republican colleagues, say that they are 389 00:21:24,680 --> 00:21:27,680 Speaker 6: very scared to walk outside in DC. That they think 390 00:21:27,720 --> 00:21:30,680 Speaker 6: this is completely the right thing to do. Senator, Are 391 00:21:30,720 --> 00:21:32,680 Speaker 6: you scared walking around Washington, DC? 392 00:21:32,840 --> 00:21:35,160 Speaker 2: These days? I walk around all the time. 393 00:21:35,240 --> 00:21:37,800 Speaker 7: I wake up early in the morning sometimes and take 394 00:21:37,840 --> 00:21:40,760 Speaker 7: a nice walk. Is the sun is rising around some 395 00:21:40,880 --> 00:21:44,119 Speaker 7: of the capital and the other monuments and things, and 396 00:21:44,160 --> 00:21:47,680 Speaker 7: I feel perfectly safe. They're full of it. Look, here's 397 00:21:47,680 --> 00:21:52,119 Speaker 7: what they've done, Aaron, plain and simple. Donald Trump wants 398 00:21:52,160 --> 00:21:55,480 Speaker 7: to distract. That's his game plan. It's been his mo 399 00:21:55,840 --> 00:21:58,879 Speaker 7: for his first term in the presidency and now so 400 00:21:59,000 --> 00:22:01,639 Speaker 7: he trying to make this distraction. What's he trying to 401 00:22:01,680 --> 00:22:05,520 Speaker 7: distract from, Well, a lot of things, but above all Epstein. 402 00:22:06,440 --> 00:22:11,680 Speaker 3: These people are insane. They're certifiable in every way. I'm 403 00:22:11,720 --> 00:22:14,919 Speaker 3: a guy who wants the Epstein files. I want to 404 00:22:14,960 --> 00:22:17,040 Speaker 3: know who was on the island. I want to know 405 00:22:17,080 --> 00:22:19,520 Speaker 3: who was abusing children, and I want them thrown in 406 00:22:19,600 --> 00:22:21,160 Speaker 3: jail and much much worse. 407 00:22:21,240 --> 00:22:22,800 Speaker 2: I should be perfectly clear about that. 408 00:22:23,840 --> 00:22:28,919 Speaker 3: You think the recognition of crime is about a distraction, 409 00:22:29,400 --> 00:22:32,600 Speaker 3: that's left his talking point. No part of that is true. 410 00:22:32,760 --> 00:22:35,840 Speaker 3: And Harry Enton's numbers from CNN, that's what you heard earlier, 411 00:22:36,400 --> 00:22:37,160 Speaker 3: confirm that. 412 00:22:37,680 --> 00:22:39,880 Speaker 2: It's about the recognition that it's happening. 413 00:22:40,200 --> 00:22:45,119 Speaker 3: Not only will Chuck Schumer, this disconnected old man, not 414 00:22:45,280 --> 00:22:49,480 Speaker 3: only will he not admit that it's happening. He wants 415 00:22:49,520 --> 00:22:52,080 Speaker 3: to tell you that everything is fine, and anybody who 416 00:22:52,040 --> 00:22:55,200 Speaker 3: says otherwise is wrong. Everybody who has been attacked in 417 00:22:55,280 --> 00:22:58,440 Speaker 3: DC is wrong. Everybody who's been robbed is wrong. Everybody's 418 00:22:58,440 --> 00:23:01,719 Speaker 3: been mugged is wrong. All those people being killed, they're wrong. 419 00:23:02,640 --> 00:23:05,560 Speaker 3: Of course, there's a problem, and it's just a great 420 00:23:05,600 --> 00:23:09,800 Speaker 3: example of the disconnect in a larger scale way with 421 00:23:09,920 --> 00:23:13,720 Speaker 3: the political left and Americans on every issue. 422 00:23:13,760 --> 00:23:15,400 Speaker 2: They just can't be normal. 423 00:23:16,640 --> 00:23:20,520 Speaker 3: Men should not play in women's sports, a concept so 424 00:23:20,800 --> 00:23:24,920 Speaker 3: basic that everybody who's of irrational mind says, of course. 425 00:23:25,640 --> 00:23:27,760 Speaker 3: And then you have the left that think that men 426 00:23:27,800 --> 00:23:30,679 Speaker 3: can be women. Then again you have the left that 427 00:23:30,760 --> 00:23:32,920 Speaker 3: won't define what a woman is. 428 00:23:33,720 --> 00:23:35,560 Speaker 2: They think that they're all right. 429 00:23:35,640 --> 00:23:37,399 Speaker 3: They think it's acceptable to say a man can be 430 00:23:37,440 --> 00:23:39,200 Speaker 3: a woman, a woman can be a man, it's all fine, 431 00:23:39,200 --> 00:23:41,919 Speaker 3: it's all good. Men can have babies. We all know 432 00:23:42,000 --> 00:23:47,840 Speaker 3: they're crazy, they're certifiable. They're hatred for America, for Western civilization, 433 00:23:47,960 --> 00:23:48,959 Speaker 3: for the rational minds. 434 00:23:49,520 --> 00:23:51,040 Speaker 2: It goes never ending. 435 00:23:52,119 --> 00:23:55,119 Speaker 3: We want to be connected to normalcy, and from normalcy 436 00:23:55,480 --> 00:23:57,560 Speaker 3: we may agree and disagree on things. 437 00:23:58,200 --> 00:24:00,920 Speaker 2: The left doesn't even play in normalcy. 438 00:24:01,040 --> 00:24:05,119 Speaker 3: You have people who steal from stores all the time, 439 00:24:05,400 --> 00:24:07,879 Speaker 3: and we think what's normal is well, let them steal 440 00:24:07,960 --> 00:24:11,480 Speaker 3: you can't stop them. You can't stop them. Of course 441 00:24:11,560 --> 00:24:14,600 Speaker 3: you can stop them, and you should, and you're seeing 442 00:24:14,640 --> 00:24:15,960 Speaker 3: more and more Americans say. 443 00:24:15,800 --> 00:24:16,600 Speaker 2: I have had enough of this. 444 00:24:17,000 --> 00:24:19,400 Speaker 3: But when it was happening early on and employees were 445 00:24:19,400 --> 00:24:22,879 Speaker 3: trying to stop them, the employees were being fired because 446 00:24:22,920 --> 00:24:27,560 Speaker 3: of ridiculous zero tolerance policies from companies that said, you 447 00:24:27,560 --> 00:24:28,800 Speaker 3: don't interfere. 448 00:24:28,480 --> 00:24:30,560 Speaker 2: You are not allowed to interfere. You let them take it. 449 00:24:31,240 --> 00:24:34,560 Speaker 3: The rational mind doesn't work like that. The rational mind 450 00:24:34,600 --> 00:24:37,240 Speaker 3: does not let someone say, you let somebody who didn't 451 00:24:37,320 --> 00:24:39,760 Speaker 3: do the work take from somebody who did do the work. 452 00:24:39,880 --> 00:24:42,199 Speaker 3: You don't let somebody steal from you from the store. 453 00:24:42,600 --> 00:24:47,440 Speaker 3: That's not acceptable. The rational mind says no. The rational 454 00:24:47,520 --> 00:24:50,639 Speaker 3: mind says, you're not allowed to menace people on a train. 455 00:24:50,920 --> 00:24:52,639 Speaker 3: You're not allowed to scream with them. You're not allowed 456 00:24:52,680 --> 00:24:54,880 Speaker 3: to demand money from them, You're not allowed to threaten them. 457 00:24:55,160 --> 00:24:59,440 Speaker 3: And when Daniel Penny stop somebody from doing that, yes, 458 00:24:59,520 --> 00:25:02,560 Speaker 3: that man did die, But the answer was, look at 459 00:25:02,560 --> 00:25:05,760 Speaker 3: that racist because Daniel Penny was white, and a guy 460 00:25:05,800 --> 00:25:08,440 Speaker 3: who is menacing people is black, as opposed to what 461 00:25:08,520 --> 00:25:11,360 Speaker 3: the hell is happening on the train that allowed this 462 00:25:11,480 --> 00:25:14,480 Speaker 3: moment to happen in the first place. Yes, a consequence 463 00:25:14,520 --> 00:25:17,800 Speaker 3: you did not necessarily want. I will agree with that, 464 00:25:18,680 --> 00:25:24,440 Speaker 3: But what about what happened to begin with? That's the story. 465 00:25:24,720 --> 00:25:28,800 Speaker 3: That's what we need to be addressing. And allowing people 466 00:25:28,800 --> 00:25:32,760 Speaker 3: to menace people or others, allowing some freak, some fool, 467 00:25:32,920 --> 00:25:34,600 Speaker 3: I don't care if they're mentally ill or not. I 468 00:25:34,640 --> 00:25:39,080 Speaker 3: said what I said to menace people without any response. 469 00:25:39,640 --> 00:25:43,400 Speaker 2: That's not a way society can work. And that's where 470 00:25:43,440 --> 00:25:46,920 Speaker 2: Americans are. San Francisco. 471 00:25:47,440 --> 00:25:51,080 Speaker 3: The residents take their cars and open their trunks so 472 00:25:51,200 --> 00:25:52,239 Speaker 3: people won't break in. 473 00:25:52,440 --> 00:25:55,320 Speaker 2: Hey, look there's nothing in the trunk. Leave my car alone. Please. 474 00:25:56,640 --> 00:25:59,320 Speaker 3: They're begging the criminals not to hurt them, as opposed 475 00:25:59,359 --> 00:26:02,280 Speaker 3: to making the criminal scared out of their minds, because 476 00:26:02,280 --> 00:26:05,439 Speaker 3: what I have found is that the criminal elements, the 477 00:26:05,560 --> 00:26:09,359 Speaker 3: violent elements, the dangerous elements. Oh they're all crazy, but 478 00:26:09,440 --> 00:26:11,280 Speaker 3: it turns out they're not so crazy when there's a 479 00:26:11,280 --> 00:26:14,399 Speaker 3: gun in their face. They all kind of in the 480 00:26:14,440 --> 00:26:18,600 Speaker 3: main get it together. They all are like, Okay, maybe 481 00:26:18,600 --> 00:26:20,639 Speaker 3: maybe this isn't the spot, Maybe there's an easier place 482 00:26:21,600 --> 00:26:24,400 Speaker 3: to commit crimes. To have this complete loss of all 483 00:26:24,440 --> 00:26:27,920 Speaker 3: faculties all head over there like Chicago. Chicago can deal 484 00:26:27,920 --> 00:26:30,280 Speaker 3: with all the crap it wants. It doesn't want to 485 00:26:30,320 --> 00:26:33,600 Speaker 3: actually fight the fight. But Trump had an opportunity in 486 00:26:33,680 --> 00:26:37,160 Speaker 3: d C through the laws, to be able to fight 487 00:26:37,240 --> 00:26:41,840 Speaker 3: the fight. And people are appreciative because they recognize that 488 00:26:41,920 --> 00:26:48,440 Speaker 3: DC was dangerous, not Chuck Schumer. Everything's fine. They stand 489 00:26:48,560 --> 00:26:52,399 Speaker 3: in front of buildings on fire and they say the 490 00:26:52,440 --> 00:26:57,719 Speaker 3: protests are mostly peaceful. Everything they do is a lie, 491 00:26:58,119 --> 00:27:00,760 Speaker 3: and it's right in front of you as clear as 492 00:27:00,840 --> 00:27:04,600 Speaker 3: can be. And the part that most gets you, I'm 493 00:27:04,640 --> 00:27:05,440 Speaker 3: gonna speak for. 494 00:27:05,359 --> 00:27:08,600 Speaker 2: You for a moment. I rarely, rarely, if ever do this. 495 00:27:09,320 --> 00:27:13,640 Speaker 3: The part that gets you out of your head, the 496 00:27:13,680 --> 00:27:16,760 Speaker 3: part that gets you out of your mind when they 497 00:27:16,840 --> 00:27:21,400 Speaker 3: tell you that everything is fine, is that they get 498 00:27:21,440 --> 00:27:24,199 Speaker 3: angry with you when you don't believe it. And the 499 00:27:24,240 --> 00:27:27,080 Speaker 3: part that gets you even more crazy is that you 500 00:27:27,160 --> 00:27:29,480 Speaker 3: know people who listen to them are like, that's right. 501 00:27:29,400 --> 00:27:31,600 Speaker 2: Everything's fine. You know that's not right. 502 00:27:32,359 --> 00:27:34,840 Speaker 3: You knew that wearing a mask during COVID was total 503 00:27:34,880 --> 00:27:37,280 Speaker 3: bull crap. You knew it from the beginning. And there's 504 00:27:37,320 --> 00:27:39,600 Speaker 3: somebody wearing a mask screaming you for not wearing a mask. 505 00:27:39,840 --> 00:27:42,920 Speaker 3: And you're not insane with them that they're yelling at you. 506 00:27:42,920 --> 00:27:46,520 Speaker 3: You're losing your mind because don't they know? Don't they 507 00:27:46,520 --> 00:27:48,679 Speaker 3: know that this is crazy? Don't they know that the 508 00:27:48,720 --> 00:27:51,240 Speaker 3: mask isn't effective. You made it out of an old 509 00:27:51,280 --> 00:27:54,879 Speaker 3: deaf Leopard T shirt. Chances are this isn't going to work. 510 00:27:55,040 --> 00:27:57,080 Speaker 3: You don't have any stains or on that T shirt. 511 00:27:57,280 --> 00:27:59,480 Speaker 3: There are so many stains on that T shirt you 512 00:27:59,480 --> 00:28:02,399 Speaker 3: don't even know where they're from. That old def Leppard 513 00:28:02,440 --> 00:28:06,520 Speaker 3: T shirt makes Monica Lewinsky's dress look like a sterile environment. 514 00:28:07,040 --> 00:28:08,200 Speaker 2: Nobody would want. 515 00:28:08,080 --> 00:28:10,200 Speaker 3: To put that on their face and be like, Ooh, 516 00:28:10,240 --> 00:28:14,040 Speaker 3: I'm protected now, no one. I don't care how many 517 00:28:14,080 --> 00:28:17,200 Speaker 3: times you washed it tied isn't that good? 518 00:28:19,480 --> 00:28:21,040 Speaker 2: But I don't mean to pick on time. 519 00:28:22,200 --> 00:28:26,240 Speaker 3: Oxy clean isn't gonna make this work either, Okay, Billy 520 00:28:26,280 --> 00:28:31,280 Speaker 3: Mays rest in power. That's the part that drove you nuts. 521 00:28:32,800 --> 00:28:37,240 Speaker 3: These people are buying into this. Everybody knows Chuck Schumer 522 00:28:37,359 --> 00:28:41,760 Speaker 3: is a liar. Everybody knows Chuck Schumer is a fraud 523 00:28:41,800 --> 00:28:44,880 Speaker 3: of a human being, everybody. 524 00:28:44,360 --> 00:28:45,560 Speaker 2: Of a rational mind. 525 00:28:45,920 --> 00:28:47,640 Speaker 3: And then you meet people are like, you know, DC 526 00:28:47,800 --> 00:28:50,600 Speaker 3: really is very very safe. Oh look the crime numbers 527 00:28:50,640 --> 00:28:55,400 Speaker 3: are down. They will believe anything that they are told. 528 00:28:55,880 --> 00:28:58,680 Speaker 3: And that's the part that gets you the most crazy. 529 00:28:59,200 --> 00:29:05,240 Speaker 3: How can they believe it? How can they do it? 530 00:29:06,960 --> 00:29:11,680 Speaker 3: And the answer, like like in so many things, when 531 00:29:11,720 --> 00:29:14,720 Speaker 3: you're in the cult, it's very hard to see anything 532 00:29:14,720 --> 00:29:19,280 Speaker 3: outside the cult. Said differently, no one believes the Khan 533 00:29:19,680 --> 00:29:23,640 Speaker 3: more than the Mark. Well, the first time that expression 534 00:29:23,720 --> 00:29:27,280 Speaker 3: was used, the first time I heard that, I stopped 535 00:29:27,320 --> 00:29:28,000 Speaker 3: what I was doing. 536 00:29:28,040 --> 00:29:29,840 Speaker 2: How had I had not heard that before? 537 00:29:29,800 --> 00:29:31,080 Speaker 3: It had only been a couple of years ago that 538 00:29:31,160 --> 00:29:33,920 Speaker 3: I first heard that no one believes the con more 539 00:29:33,960 --> 00:29:36,400 Speaker 3: than the mark. And so that means that you know 540 00:29:36,440 --> 00:29:40,120 Speaker 3: when what a con man does a confidence man gaining 541 00:29:40,160 --> 00:29:43,240 Speaker 3: your confidence to then swindle you, scam you out of 542 00:29:43,400 --> 00:29:47,000 Speaker 3: a dollar's time, whatever the case may be. As the 543 00:29:47,000 --> 00:29:51,040 Speaker 3: person being swindled, you buy into what is happening as 544 00:29:51,040 --> 00:29:54,280 Speaker 3: if it is legitimate. How could anybody fall for the 545 00:29:54,320 --> 00:29:58,560 Speaker 3: scam of the Nigerian Prince, the famous Nigerian Prince. I've 546 00:29:58,600 --> 00:30:01,120 Speaker 3: got forty billion dollars and I'm going to give you 547 00:30:01,160 --> 00:30:02,520 Speaker 3: some of it. You just have to send me three 548 00:30:02,600 --> 00:30:04,600 Speaker 3: hundred and seventy five dollars so I know where to 549 00:30:04,600 --> 00:30:05,520 Speaker 3: send the money. 550 00:30:06,200 --> 00:30:08,320 Speaker 2: One of those kinds of things. How does anybody buy 551 00:30:08,360 --> 00:30:11,840 Speaker 2: into that? Well, the person who buys into it is 552 00:30:11,840 --> 00:30:13,880 Speaker 2: the person who most wants to believe it. 553 00:30:15,160 --> 00:30:18,680 Speaker 3: So who buys into what Chuck Schumer is saying, somebody 554 00:30:18,760 --> 00:30:20,719 Speaker 3: who needs to believe it? 555 00:30:21,080 --> 00:30:24,080 Speaker 2: Why do they need to believe it? That's a solid question. 556 00:30:24,800 --> 00:30:28,960 Speaker 3: And just like as we discussed the cultist, they need 557 00:30:29,000 --> 00:30:35,040 Speaker 3: to believe it because it satisfies their emotional condition. They 558 00:30:35,080 --> 00:30:38,280 Speaker 3: need to believe it because if they don't, well, what 559 00:30:38,440 --> 00:30:42,520 Speaker 3: else is it that they should not believe? What happens 560 00:30:42,840 --> 00:30:48,520 Speaker 3: when your entire system is predicated on these politics and 561 00:30:48,600 --> 00:30:55,520 Speaker 3: not predicated on family or nature, religion, etc. What happens 562 00:30:55,840 --> 00:30:59,440 Speaker 3: when it is all solely predicated on You have to 563 00:30:59,520 --> 00:31:03,560 Speaker 3: believe what the people in this party say at all times, 564 00:31:03,600 --> 00:31:08,160 Speaker 3: no matter what they say, and what they say changes 565 00:31:08,880 --> 00:31:11,880 Speaker 3: because it's not based on a philosophy, it's not based 566 00:31:11,920 --> 00:31:14,800 Speaker 3: on thought, it's not based on study, It's based on emotions. 567 00:31:16,240 --> 00:31:20,080 Speaker 3: No rational person says Washington, DC is safe, Neither is 568 00:31:20,160 --> 00:31:23,960 Speaker 3: New York. Neither is my beloved Indianapolis, Neither is Chicago, 569 00:31:24,120 --> 00:31:25,320 Speaker 3: neither is name your city. 570 00:31:25,760 --> 00:31:27,120 Speaker 2: Saint Louis is safe? 571 00:31:27,440 --> 00:31:29,880 Speaker 3: Well, if you took East Saint Louis out of Saint Louis, 572 00:31:29,920 --> 00:31:32,880 Speaker 3: Saint Louis ain't bad, but East Saint Louis is there, 573 00:31:33,200 --> 00:31:36,160 Speaker 3: and therefore it's super duper dangerous. 574 00:31:36,720 --> 00:31:38,000 Speaker 2: Detroit is safe. 575 00:31:38,800 --> 00:31:45,760 Speaker 3: No, no, no, There are places that have problems, and 576 00:31:45,840 --> 00:31:50,560 Speaker 3: big cities have problems, and we have seen crime become rampant. 577 00:31:50,720 --> 00:31:54,320 Speaker 2: Well, look at the numbers. Crime is down. Crime is 578 00:31:54,400 --> 00:31:58,040 Speaker 2: down is not an answer. If crime was up over 579 00:31:58,080 --> 00:31:59,360 Speaker 2: the past five years. 580 00:31:59,040 --> 00:32:01,960 Speaker 3: Five hundred percent and now it's only up four hundred 581 00:32:01,960 --> 00:32:04,360 Speaker 3: and eighty seven percent, what are. 582 00:32:04,320 --> 00:32:04,920 Speaker 2: You telling me? 583 00:32:06,520 --> 00:32:08,920 Speaker 3: How would you think that that connects and that works. 584 00:32:09,320 --> 00:32:11,760 Speaker 3: At least you're showing me some data. What I'm saying 585 00:32:11,760 --> 00:32:14,680 Speaker 3: to you is, look how high it still is. These 586 00:32:14,760 --> 00:32:18,120 Speaker 3: plans aren't working. This is more nominally than it is 587 00:32:18,160 --> 00:32:22,840 Speaker 3: some sort of plan of push to actually make things better. 588 00:32:23,840 --> 00:32:26,760 Speaker 3: So this is why people support Trump. It's not because 589 00:32:26,800 --> 00:32:29,240 Speaker 3: he's putting together a plan. And this, by the way, 590 00:32:29,400 --> 00:32:32,520 Speaker 3: also goes into the whole border conversation and illegal immigrants, 591 00:32:32,560 --> 00:32:35,120 Speaker 3: et cetera. It goes into the recognition that there's a 592 00:32:35,160 --> 00:32:39,040 Speaker 3: problem to begin with. That's why Trump is popular on 593 00:32:39,080 --> 00:32:42,800 Speaker 3: this issue. There's a recognition of what's happening, as opposed 594 00:32:42,800 --> 00:32:47,400 Speaker 3: to Chuck Schumer, who tells you, not Republicans, you that 595 00:32:47,480 --> 00:32:48,280 Speaker 3: if you think there's. 596 00:32:48,160 --> 00:32:50,520 Speaker 2: A crime problem in DC, you're full of it. 597 00:32:50,560 --> 00:32:55,480 Speaker 3: Because this guy, who you know has armed security, goes 598 00:32:55,560 --> 00:32:58,280 Speaker 3: for a walk in the morning in. 599 00:32:58,200 --> 00:33:01,320 Speaker 2: The very best parts of Washington, d C. 600 00:33:02,560 --> 00:33:06,280 Speaker 3: Down the most beautiful tree line streets you ever saw 601 00:33:06,400 --> 00:33:12,080 Speaker 3: in your life. He's not connected. He's purposely not connected. 602 00:33:12,600 --> 00:33:15,960 Speaker 3: He doesn't know how to connect. Everybody he knows lives 603 00:33:16,000 --> 00:33:19,720 Speaker 3: on that street. Everybody he knows is having a great time. 604 00:33:19,960 --> 00:33:23,160 Speaker 3: Everybody he knows goes to the fancy dinners and wears 605 00:33:23,200 --> 00:33:27,600 Speaker 3: fine clothing and jewelry, and everybody he knows agrees with 606 00:33:27,680 --> 00:33:29,280 Speaker 3: him ten thousand percent. 607 00:33:29,400 --> 00:33:31,880 Speaker 2: Oh, isn't this wonderful? Isn't this wonderful? 608 00:33:31,960 --> 00:33:34,440 Speaker 3: I don't know what those people are complaining about out there. 609 00:33:34,560 --> 00:33:36,720 Speaker 3: By the way, have you seen the deals at Whole Foods? 610 00:33:36,920 --> 00:33:37,000 Speaker 4: No? 611 00:33:37,120 --> 00:33:39,440 Speaker 2: Wait, hold on, they don't do their own shopping. 612 00:33:40,600 --> 00:33:44,200 Speaker 3: Trump's winning on this subject because he is honest about 613 00:33:44,200 --> 00:33:48,000 Speaker 3: what is happening. He sees what we all see, and 614 00:33:48,080 --> 00:33:50,240 Speaker 3: for that he should be rewarded. 615 00:33:50,720 --> 00:33:52,760 Speaker 2: I'm Tony Katz. This is Tony Kats today. 616 00:33:52,960 --> 00:33:55,560 Speaker 3: In the spirit of here's now the latest and greatest 617 00:33:55,600 --> 00:33:59,920 Speaker 3: way to lose weight. There is a TikTok trend take 618 00:34:00,280 --> 00:34:04,840 Speaker 3: fitness by storm. Oh good lord, I can't believe I 619 00:34:04,880 --> 00:34:08,239 Speaker 3: said that out loud. Tony Katz, Tony Katz today, what 620 00:34:08,239 --> 00:34:08,640 Speaker 3: do you doing? 621 00:34:08,680 --> 00:34:09,160 Speaker 2: Everybody? 622 00:34:09,280 --> 00:34:12,919 Speaker 3: Find everything I do over at tonykats dot com. Here 623 00:34:13,080 --> 00:34:15,960 Speaker 3: is the trend. According to the people at Fox News. 624 00:34:16,160 --> 00:34:19,399 Speaker 3: It is the twelve three thirty trend. Here it is. 625 00:34:20,000 --> 00:34:23,440 Speaker 3: It was popularized by an influencer by the name of 626 00:34:23,560 --> 00:34:26,520 Speaker 3: Lauren Giraldo. I have no idea who Lauren Giraldo is. 627 00:34:27,480 --> 00:34:32,239 Speaker 3: It is you walk at a twelve percent incline at 628 00:34:32,280 --> 00:34:37,840 Speaker 3: a pace of three miles per hour for thirty minutes. Okay, 629 00:34:38,120 --> 00:34:41,480 Speaker 3: sounds great. I didn't know you needed an influencer to 630 00:34:41,560 --> 00:34:43,839 Speaker 3: tell you this. I didn't know that she needed more 631 00:34:43,880 --> 00:34:48,640 Speaker 3: than fourteen million views. Walking is good. Some people like 632 00:34:48,719 --> 00:34:50,920 Speaker 3: to run, and I say to them, good for you. 633 00:34:51,600 --> 00:34:53,640 Speaker 3: Some people are like, that's gonna hurt my knees or 634 00:34:53,680 --> 00:34:56,400 Speaker 3: my ankles, or my planet fasciitis, or just looks terrible, 635 00:34:56,400 --> 00:34:57,400 Speaker 3: and I don't want any part of it. 636 00:34:57,760 --> 00:35:02,600 Speaker 2: Okay, walk. There is no one thing for anyone person. 637 00:35:02,680 --> 00:35:04,719 Speaker 2: I say this as a guy who hasn't. 638 00:35:04,400 --> 00:35:06,960 Speaker 3: Cracked the code myself, But the only thing I have 639 00:35:07,080 --> 00:35:10,279 Speaker 3: seen is that everybody's got a thought at a philosophy, 640 00:35:10,600 --> 00:35:12,719 Speaker 3: and some things work for some people, they don't work 641 00:35:12,760 --> 00:35:13,400 Speaker 3: for other people. 642 00:35:13,680 --> 00:35:16,200 Speaker 2: Try it. It's not crazy. 643 00:35:16,640 --> 00:35:19,920 Speaker 3: I mean, that's a pretty good incline twelve percent, but yeah, 644 00:35:19,960 --> 00:35:20,480 Speaker 3: it's walking. 645 00:35:21,160 --> 00:35:23,160 Speaker 2: Give it a go, see what happens. 646 00:35:23,840 --> 00:35:26,279 Speaker 3: I didn't know you needed an influencer to tell you 647 00:35:26,360 --> 00:35:29,080 Speaker 3: this stuff, but you know that if that's the way 648 00:35:29,120 --> 00:35:32,319 Speaker 3: it helps, I just people are gonna look at it. 649 00:35:32,360 --> 00:35:34,600 Speaker 2: Wait, I did this and I didn't lose weight. Well 650 00:35:35,000 --> 00:35:36,920 Speaker 2: were you? What were you eating? How much of it 651 00:35:36,960 --> 00:35:37,520 Speaker 2: were you eating? 652 00:35:37,560 --> 00:35:40,160 Speaker 3: The whole thing? Like, all this stuff plays a part, 653 00:35:40,239 --> 00:35:44,840 Speaker 3: All this stuff matters. People still look for the lose 654 00:35:44,880 --> 00:35:48,600 Speaker 3: weight quick, get rich quick. Very few things are quick boot, 655 00:35:49,239 --> 00:35:52,840 Speaker 3: very few things. Find everything at Tony Katz dot com, 656 00:35:53,040 --> 00:35:56,200 Speaker 3: on the Twitter x Tony Katz, Facebook, Tony Kats Radio. 657 00:35:56,360 --> 00:35:58,719 Speaker 2: Be sure to follow Instagram Tony Kats as well. What 658 00:35:58,800 --> 00:35:59,759 Speaker 2: can I say on an 659 00:36:00,040 --> 00:36:03,200 Speaker 3: Will it's it somewhere everyone can take care of