1 00:00:05,200 --> 00:00:10,360 Speaker 1: Line from Vaal Hartlier and the Crossroads of America. 2 00:00:10,560 --> 00:00:12,000 Speaker 2: It's Tony Katz today. 3 00:00:12,560 --> 00:00:15,319 Speaker 1: So we have two different reports, well really two different 4 00:00:15,320 --> 00:00:19,800 Speaker 1: pieces of data, and it sent the markets right from 5 00:00:19,880 --> 00:00:23,960 Speaker 1: the beginning up. But it tells us that inflation is 6 00:00:24,000 --> 00:00:27,520 Speaker 1: three point one percent. It tells us that the GDP 7 00:00:28,240 --> 00:00:31,320 Speaker 1: was only zero point seven percent growth in the fourth quarter. 8 00:00:31,400 --> 00:00:33,760 Speaker 2: I mean, that number is freaking anemic. 9 00:00:34,960 --> 00:00:38,720 Speaker 1: That's all because of the shutdown in October November and off. 10 00:00:38,760 --> 00:00:41,680 Speaker 1: Inflation is three point one Why about the Dow and 11 00:00:41,680 --> 00:00:44,880 Speaker 1: the Nasdaq at least at the start of the market today, 12 00:00:44,920 --> 00:00:47,960 Speaker 1: Why did they go up over three hundred points of 13 00:00:48,000 --> 00:00:51,040 Speaker 1: the Dow over one hundred in the Nasdaq? What exactly 14 00:00:51,120 --> 00:00:54,360 Speaker 1: is going on here? Tony Katz, Tony Katz today, Good 15 00:00:54,400 --> 00:00:56,720 Speaker 1: to be with you. Doctor Matt will joins us economist 16 00:00:57,080 --> 00:00:59,640 Speaker 1: at the University of Indianapolis. 17 00:01:00,200 --> 00:01:02,680 Speaker 2: Caught him while he's on the road. Appreciate you taking 18 00:01:02,760 --> 00:01:03,120 Speaker 2: the time. 19 00:01:03,960 --> 00:01:06,840 Speaker 1: Let's let's let's start with this inflation number, because this 20 00:01:06,920 --> 00:01:11,440 Speaker 1: inflation number says three point one percent, well, three point 21 00:01:11,440 --> 00:01:14,840 Speaker 1: one percent, three percent inflation. Well, that's that's more than 22 00:01:14,840 --> 00:01:18,840 Speaker 1: the one point seven that the administration wants to talk about. 23 00:01:19,200 --> 00:01:20,440 Speaker 2: How they want to look at the. 24 00:01:20,440 --> 00:01:23,320 Speaker 1: Numbers, and if it's three point one, why is the 25 00:01:23,319 --> 00:01:25,319 Speaker 1: market saying, well, that's good news. 26 00:01:27,080 --> 00:01:29,199 Speaker 3: Well, let me just say that the market's not saying 27 00:01:29,240 --> 00:01:33,360 Speaker 3: it's good news because the market's digesting two reports, the 28 00:01:33,440 --> 00:01:37,640 Speaker 3: GDP revision and the PCEE report. The pce is is 29 00:01:37,720 --> 00:01:40,360 Speaker 3: what you're referring to. It's the inflation report that the 30 00:01:40,400 --> 00:01:44,200 Speaker 3: FED uses. And the reason the market didn't react negatively 31 00:01:44,360 --> 00:01:48,320 Speaker 3: is neither one of these are a surprise. That's the key. 32 00:01:48,360 --> 00:01:51,000 Speaker 3: The key is what is expected and what actually happens, 33 00:01:51,040 --> 00:01:52,880 Speaker 3: and neither one of these are a surprise. But let 34 00:01:52,920 --> 00:01:55,360 Speaker 3: me correct the number. You said three point one Again, 35 00:01:55,560 --> 00:01:58,840 Speaker 3: that's the headline they want to tell you. Core pce 36 00:01:59,720 --> 00:02:03,000 Speaker 3: was point four for the month. Let me repeat that, 37 00:02:03,080 --> 00:02:06,400 Speaker 3: point four for the month is for the year. 38 00:02:06,840 --> 00:02:08,440 Speaker 2: Yeah, four point eight, we knew it. 39 00:02:08,720 --> 00:02:10,800 Speaker 1: You're going to multiply by twelve and you know, make 40 00:02:10,840 --> 00:02:13,480 Speaker 1: it sound all miserable, and that's why people say you're 41 00:02:13,560 --> 00:02:17,079 Speaker 1: doctor doom. But you're not trying to be doctor doom. 42 00:02:17,639 --> 00:02:20,880 Speaker 3: No, I'm just trying to be realistic here because that's 43 00:02:20,919 --> 00:02:23,200 Speaker 3: what it is and that's what the FED is looking at. 44 00:02:23,400 --> 00:02:27,040 Speaker 3: The most recent month is trending up. It's not in 45 00:02:27,080 --> 00:02:29,880 Speaker 3: a small way. It's turning up in a pretty significant way. 46 00:02:30,240 --> 00:02:32,600 Speaker 3: And that's what we're seeing in this inflation report. And 47 00:02:32,639 --> 00:02:37,720 Speaker 3: it's across the board, healthcare, housing, utilities, financial services, final 48 00:02:37,760 --> 00:02:43,480 Speaker 3: expenditures for institutions, all these top four category. You mentioned 49 00:02:43,480 --> 00:02:48,360 Speaker 3: it all the time. Insurance insurance rates massively up sixteen percent. 50 00:02:48,880 --> 00:02:51,160 Speaker 3: That's not a small amount, and that's in this PC 51 00:02:51,440 --> 00:02:53,960 Speaker 3: report that the Fed uses to make policy. 52 00:02:54,720 --> 00:02:59,200 Speaker 1: So now we take a look at point four. You say, well, 53 00:02:59,240 --> 00:03:02,640 Speaker 1: then that's high. They are than three point one. Why 54 00:03:02,680 --> 00:03:06,560 Speaker 1: doesn't the market react to that number? As you're describing 55 00:03:06,600 --> 00:03:10,760 Speaker 1: the number we should focus on, Well, the market's. 56 00:03:10,400 --> 00:03:15,320 Speaker 3: Not reacting because this isn't news. The PCEE is giving 57 00:03:15,400 --> 00:03:18,000 Speaker 3: us the same data that we saw in the ISM report, 58 00:03:18,080 --> 00:03:21,000 Speaker 3: which is the Manufacturing Index report, which it said was 59 00:03:21,040 --> 00:03:24,480 Speaker 3: extremely high inflation. It's now a trend and again we 60 00:03:24,560 --> 00:03:27,360 Speaker 3: saw that trend. So it's not news. And so the 61 00:03:27,400 --> 00:03:31,000 Speaker 3: market is not reacting negatively because this is expected. Is 62 00:03:31,040 --> 00:03:35,560 Speaker 3: it good? No, but it's not a surprise to the market. 63 00:03:35,600 --> 00:03:38,200 Speaker 3: And I believe the market is reacting more to the 64 00:03:38,240 --> 00:03:41,000 Speaker 3: war than they are to these two reports, because these 65 00:03:41,000 --> 00:03:44,720 Speaker 3: two reports have nothing new in them, and therefore the 66 00:03:44,720 --> 00:03:47,480 Speaker 3: market saying okay, let's put it aside. And I believe 67 00:03:47,520 --> 00:03:50,920 Speaker 3: what you're seeing in the market is other information, you know, 68 00:03:50,960 --> 00:03:54,000 Speaker 3: such as oil isn't as bad as we thought. Okay, 69 00:03:54,360 --> 00:03:57,320 Speaker 3: so there's other data it's consuming other than just these 70 00:03:57,320 --> 00:03:58,000 Speaker 3: two reports. 71 00:03:58,680 --> 00:04:03,240 Speaker 1: Talking to doctor Matt Will, economist at the University of Indianapolis, 72 00:04:03,320 --> 00:04:05,120 Speaker 1: you brought up oil. Let's just get into this really 73 00:04:05,200 --> 00:04:09,080 Speaker 1: quick before I get back to the inflation conversation. We 74 00:04:09,160 --> 00:04:11,560 Speaker 1: see that there are tankers not willing to move through 75 00:04:11,560 --> 00:04:14,480 Speaker 1: the Strait of Horn Moves. We see that Iran has 76 00:04:14,520 --> 00:04:16,839 Speaker 1: made threats on tankers going through the Strait of Horn Moose. 77 00:04:17,080 --> 00:04:21,039 Speaker 1: We have seen the administration say we aren't yet putting 78 00:04:21,160 --> 00:04:25,599 Speaker 1: a naval escort to tankers. We heard the Secretary of 79 00:04:25,600 --> 00:04:28,719 Speaker 1: warpete Hegsat to say today say don't worry about the 80 00:04:28,720 --> 00:04:34,400 Speaker 1: straight of horror moves. We have seen the oil prices 81 00:04:34,960 --> 00:04:37,679 Speaker 1: go up to one hundred and twenty come back down 82 00:04:37,760 --> 00:04:44,480 Speaker 1: to eighty. The issue here with oil, as you see it, 83 00:04:44,560 --> 00:04:48,080 Speaker 1: is this something that self regulates its way out. Is 84 00:04:48,120 --> 00:04:51,800 Speaker 1: this something that needs a bit of military intervention? Escorts 85 00:04:51,800 --> 00:04:54,240 Speaker 1: and then immediately you see oil go back to sixty 86 00:04:54,240 --> 00:04:55,320 Speaker 1: dollars a barrel. 87 00:04:55,760 --> 00:04:56,880 Speaker 2: What's the mover here? 88 00:04:57,600 --> 00:05:01,320 Speaker 3: Oh goodness, well, okay, to get a little nerdy on you. 89 00:05:01,520 --> 00:05:03,440 Speaker 2: On this way, I only hope you would. 90 00:05:05,160 --> 00:05:07,480 Speaker 3: The problem we have with oil is we have a 91 00:05:07,520 --> 00:05:10,800 Speaker 3: flow system. It used to be that we did batch processing, 92 00:05:10,839 --> 00:05:12,600 Speaker 3: which means the crude oil would show up on a 93 00:05:12,640 --> 00:05:15,760 Speaker 3: truck or a tanker, go to a refinery, the refinery 94 00:05:15,800 --> 00:05:18,240 Speaker 3: would process it, put in another tank, and then the 95 00:05:18,279 --> 00:05:20,479 Speaker 3: tank would send it out to the world through trucks 96 00:05:20,520 --> 00:05:23,520 Speaker 3: and so forth. Now it's a flow system because the 97 00:05:23,640 --> 00:05:26,560 Speaker 3: darn liberals haven't let us build new refineries in forever. 98 00:05:27,120 --> 00:05:30,640 Speaker 3: So any slight disruption and now flows off of you know, 99 00:05:30,680 --> 00:05:32,799 Speaker 3: the loop out in the in the Gulf of Mexico 100 00:05:32,839 --> 00:05:36,720 Speaker 3: typically goes to a refinery, goes onto a pipeline up 101 00:05:36,720 --> 00:05:40,480 Speaker 3: the Mississippi, goes to another distribution center, let's say Illinois. 102 00:05:41,200 --> 00:05:44,200 Speaker 3: It's flowing. So any disruption in the flow, whether it's 103 00:05:44,279 --> 00:05:47,400 Speaker 3: that disruption of occurs in the golf where it occurs 104 00:05:47,440 --> 00:05:49,720 Speaker 3: in Saudi Arabia, or occurs in you know. When I 105 00:05:49,760 --> 00:05:52,560 Speaker 3: say golf, I'm talking like, you know, the Middle East 106 00:05:53,200 --> 00:05:56,559 Speaker 3: or the Gulf of America. It doesn't matter. That flow 107 00:05:56,680 --> 00:05:58,599 Speaker 3: is being disrupted and the war is doing that. So 108 00:05:58,640 --> 00:06:00,480 Speaker 3: you ask the question, how can we re all of it. 109 00:06:01,360 --> 00:06:03,920 Speaker 3: I'm sorry to say this. You know this may sound tough, 110 00:06:03,920 --> 00:06:06,680 Speaker 3: but from an economic standpoint, the US has to get 111 00:06:06,760 --> 00:06:10,440 Speaker 3: control of the straits. It's not escorts, it's not just 112 00:06:10,560 --> 00:06:12,880 Speaker 3: mine sweepers. They have to get control the sway in 113 00:06:12,960 --> 00:06:14,800 Speaker 3: the straits. And what does that mean. Maybe you put 114 00:06:14,839 --> 00:06:16,880 Speaker 3: boots on the ground on the other side and Iran 115 00:06:17,320 --> 00:06:19,760 Speaker 3: in order to control the straits. If they don't control 116 00:06:19,800 --> 00:06:22,640 Speaker 3: the straits, the flow will be disrupted. And the flow 117 00:06:22,720 --> 00:06:25,320 Speaker 3: is what's important, and it's being disrupted at this very moment. 118 00:06:25,800 --> 00:06:28,440 Speaker 1: I think one can control what's known as carg Island 119 00:06:28,640 --> 00:06:31,240 Speaker 1: and still be able to get that result. Talking to 120 00:06:31,400 --> 00:06:34,800 Speaker 1: doctor Matt Will, economist at the University of Indianapolis, and 121 00:06:34,839 --> 00:06:37,440 Speaker 1: I should note that we are building in the United 122 00:06:37,440 --> 00:06:40,359 Speaker 1: States because I'm totally with you on refineries. We're building 123 00:06:40,400 --> 00:06:44,280 Speaker 1: our first new refinery in fifty years. This is going 124 00:06:44,320 --> 00:06:48,240 Speaker 1: to happen in Brownsville, Texas. It's a three hundred billion 125 00:06:48,279 --> 00:06:54,159 Speaker 1: dollar deal that is being funded with help from I 126 00:06:54,200 --> 00:06:57,520 Speaker 1: believe it's India that's a part of this, which all right, 127 00:06:57,560 --> 00:06:59,640 Speaker 1: I've got questions about there, but we do have a 128 00:06:59,640 --> 00:07:03,720 Speaker 1: new finery that's slowly being built. We are years behind 129 00:07:04,120 --> 00:07:07,440 Speaker 1: in our refinery capacity. But now let's bring it back 130 00:07:08,240 --> 00:07:17,080 Speaker 1: to the inflation conversation. The markets seem to at this 131 00:07:17,200 --> 00:07:20,200 Speaker 1: report seemed to go Okay, great, this is in line 132 00:07:20,240 --> 00:07:22,520 Speaker 1: with where we thought things would be. We've already got 133 00:07:22,520 --> 00:07:26,560 Speaker 1: it baked into the cake. Everything's good. Let things build 134 00:07:26,600 --> 00:07:30,400 Speaker 1: and grow from here. We'll take any good news anywhere 135 00:07:30,480 --> 00:07:34,960 Speaker 1: we can find the good news. And it just seems 136 00:07:35,000 --> 00:07:40,960 Speaker 1: to be very disconnected from the oil price conversation that 137 00:07:41,120 --> 00:07:45,400 Speaker 1: on any given day, the markets will allow any given 138 00:07:45,520 --> 00:07:49,160 Speaker 1: thing to affect them, and none of that is telling 139 00:07:49,240 --> 00:07:54,840 Speaker 1: us an economic story, presenting a valuable picture, an honest 140 00:07:54,880 --> 00:07:57,880 Speaker 1: picture of where we're at. Paint the picture for me. 141 00:07:58,360 --> 00:08:01,720 Speaker 1: Here we are, March twenty twenty six. Where is this 142 00:08:01,840 --> 00:08:02,520 Speaker 1: economy at. 143 00:08:03,640 --> 00:08:05,760 Speaker 3: Well, I don't know that I can say it much 144 00:08:05,760 --> 00:08:09,000 Speaker 3: better than what you just did, because that's the whole point. 145 00:08:09,280 --> 00:08:12,920 Speaker 3: The market is being reactive. It's seeing what's happening with 146 00:08:13,080 --> 00:08:15,520 Speaker 3: an oil tanker, it's seeing what's happened with a bomb 147 00:08:15,800 --> 00:08:18,480 Speaker 3: being sought into you know, the Middle East, whether it's 148 00:08:18,520 --> 00:08:21,880 Speaker 3: Dubai or Tel Aviv. You know, it's reacting to all 149 00:08:21,920 --> 00:08:24,800 Speaker 3: these things. You know the problems in Washington, you know 150 00:08:25,240 --> 00:08:29,960 Speaker 3: gridlock on, you know the DHS. These things are causing 151 00:08:30,000 --> 00:08:33,240 Speaker 3: the market to react. And the picture that needs to 152 00:08:33,280 --> 00:08:36,840 Speaker 3: be drawn is we don't want that. We want the market, 153 00:08:36,880 --> 00:08:39,199 Speaker 3: we want the economy to not be looking in the 154 00:08:39,240 --> 00:08:42,559 Speaker 3: Middle East, to Washington, d C. To Congress, and to 155 00:08:42,640 --> 00:08:45,199 Speaker 3: the present. We want the market to be looking at 156 00:08:46,000 --> 00:08:52,320 Speaker 3: Wall Street, Main Street, manufacturing, profits, productivity. We want it 157 00:08:52,360 --> 00:08:54,200 Speaker 3: to be looking at the day to day things that 158 00:08:54,280 --> 00:08:57,760 Speaker 3: happen in the economy, not politics. And that is totally 159 00:08:57,800 --> 00:09:02,199 Speaker 3: causing chaos. The market doesn't like. You know, again, people 160 00:09:02,240 --> 00:09:04,199 Speaker 3: may not like to hear this. They don't like Republicans, 161 00:09:04,200 --> 00:09:07,160 Speaker 3: they don't like democrats. They like stability, and there is 162 00:09:07,200 --> 00:09:09,440 Speaker 3: no stability right now. There is chaos in the world, 163 00:09:09,520 --> 00:09:11,960 Speaker 3: and that is what the market hates. It wants the 164 00:09:12,000 --> 00:09:14,480 Speaker 3: chaos that disappears so it can focus in on the 165 00:09:14,559 --> 00:09:15,960 Speaker 3: nuts and bolts of business. 166 00:09:17,040 --> 00:09:19,360 Speaker 2: So now let's move this around. 167 00:09:19,440 --> 00:09:22,959 Speaker 1: Talking to doctor Matt Well, economist at the University of Indianapolis, 168 00:09:23,400 --> 00:09:25,560 Speaker 1: and let's talk about this GDP number. 169 00:09:26,200 --> 00:09:28,160 Speaker 2: Fourth quarter GDP. 170 00:09:28,400 --> 00:09:32,280 Speaker 1: Got revised down two point seven percent. 171 00:09:32,640 --> 00:09:34,840 Speaker 2: I use the word anemic. 172 00:09:35,480 --> 00:09:41,439 Speaker 1: Z point seven percent is horrible, awful, very bad, non existent. 173 00:09:41,679 --> 00:09:45,000 Speaker 2: What the hell is happening to you? Growth explain the 174 00:09:45,080 --> 00:09:45,600 Speaker 2: number to me? 175 00:09:47,200 --> 00:09:50,760 Speaker 3: Well, you know what anemic is even a generous term, 176 00:09:50,840 --> 00:09:54,000 Speaker 3: because this is like, you know, in using the analogy 177 00:09:54,040 --> 00:09:56,120 Speaker 3: of Poper, It's like you're sitting across a table from 178 00:09:56,120 --> 00:09:58,880 Speaker 3: someone and the opponent you're playing against just drew an 179 00:09:58,880 --> 00:10:01,600 Speaker 3: inside straight and you throw your cards on the table. 180 00:10:01,679 --> 00:10:03,360 Speaker 3: Taking you got to be kidding me, had a pair 181 00:10:03,360 --> 00:10:06,320 Speaker 3: of vases and this person draws an insight straight. Yeah, 182 00:10:06,559 --> 00:10:09,760 Speaker 3: because if you look at the GDP numbers, every single 183 00:10:09,800 --> 00:10:14,679 Speaker 3: component was revised in the wrong direction. So, first of all, 184 00:10:14,760 --> 00:10:17,120 Speaker 3: right out of the gate, the GDP price deflator, which 185 00:10:17,160 --> 00:10:20,760 Speaker 3: is the inflation part of the GDP, was higher than expected. 186 00:10:21,440 --> 00:10:26,000 Speaker 3: The consumer spending was lower than expected, business investment was 187 00:10:26,040 --> 00:10:30,920 Speaker 3: lower than inspected. Exports okay, and I'm gonna you know, yeah, 188 00:10:31,280 --> 00:10:34,760 Speaker 3: doctor Doom is here. Exports were less than expected because 189 00:10:34,840 --> 00:10:38,520 Speaker 3: of terrass tariffs don't increase exports, they decrease. 190 00:10:38,160 --> 00:10:39,040 Speaker 2: Them in the long run. 191 00:10:39,280 --> 00:10:42,559 Speaker 3: We've seen it and the data shows it. Imports also 192 00:10:42,679 --> 00:10:45,640 Speaker 3: caused a contraction and the only good part, but it's 193 00:10:45,679 --> 00:10:50,160 Speaker 3: a drag on GDP. Is government reduced its size more 194 00:10:50,200 --> 00:10:55,040 Speaker 3: than it was anticipated originally. So all these things moved 195 00:10:55,040 --> 00:10:58,840 Speaker 3: into the exact wrong direction to cause this GDP to decline. 196 00:10:58,840 --> 00:11:01,520 Speaker 3: You couldn't have asked for a more perfect storm to 197 00:11:01,800 --> 00:11:04,200 Speaker 3: negatively impact. And of course we all know where this 198 00:11:04,280 --> 00:11:07,360 Speaker 3: came from, mostly was the massive government shutdown in the 199 00:11:07,360 --> 00:11:08,040 Speaker 3: fourth quarter. 200 00:11:08,160 --> 00:11:11,240 Speaker 1: So now you've mentioned that before, walk us through it 201 00:11:11,280 --> 00:11:12,880 Speaker 1: again in case anybody missed it. 202 00:11:13,240 --> 00:11:16,040 Speaker 2: I don't mean before. Just now. We talked to doctor 203 00:11:16,080 --> 00:11:17,040 Speaker 2: will a lot. 204 00:11:17,760 --> 00:11:21,160 Speaker 1: How does the shutdown this is October November, this is 205 00:11:21,200 --> 00:11:25,920 Speaker 1: forty two days. How does the shutdown have such a 206 00:11:26,240 --> 00:11:29,080 Speaker 1: radical effect on the gross domestic product? 207 00:11:30,600 --> 00:11:33,840 Speaker 3: Well, the one component, which I believe and we've discussed 208 00:11:33,920 --> 00:11:38,000 Speaker 3: is very flawed, is that government spending can actually expand 209 00:11:38,040 --> 00:11:41,320 Speaker 3: the GDP and government contraction can actually reduce the GDP. 210 00:11:41,840 --> 00:11:45,800 Speaker 3: So that part is a good reason why GDP would fall, 211 00:11:46,040 --> 00:11:48,480 Speaker 3: and that's what happened because the government was shut down. 212 00:11:49,040 --> 00:11:51,839 Speaker 3: But what the government also does is things we need. 213 00:11:52,080 --> 00:11:58,959 Speaker 3: It runs, you know, Norfolk, Virginia, Port bayonwe Nee, Jersey, Oakland, California, Jacksonville, Florida. 214 00:11:59,160 --> 00:12:03,440 Speaker 3: The government if they're not operating. Those ports cannot operate 215 00:12:03,480 --> 00:12:06,480 Speaker 3: to import and export goods, so that slows it down. 216 00:12:07,080 --> 00:12:10,240 Speaker 3: You need a permit to continue to build the new 217 00:12:10,280 --> 00:12:13,640 Speaker 3: refinery that you just mentioned. Well, that process to get 218 00:12:13,679 --> 00:12:17,120 Speaker 3: the ball rolling is stopped because of the government shutdown 219 00:12:17,160 --> 00:12:19,840 Speaker 3: in the fourth quarter. It's not you know, I'm not 220 00:12:19,920 --> 00:12:22,360 Speaker 3: a big government guy, but I'm not a no government guy. 221 00:12:22,480 --> 00:12:25,000 Speaker 3: You need the government to be the referee, to be 222 00:12:25,080 --> 00:12:28,040 Speaker 3: the police officer, to be the military, and also simply 223 00:12:28,080 --> 00:12:31,400 Speaker 3: to make sure everybody is following the rules. Well, those 224 00:12:31,440 --> 00:12:35,280 Speaker 3: people were sidelined for the fourth quarter, and it impacts 225 00:12:35,360 --> 00:12:37,600 Speaker 3: everyone across the board. You can't put up a factory 226 00:12:38,000 --> 00:12:40,520 Speaker 3: without an approval from the government. Even though Trump is 227 00:12:40,559 --> 00:12:44,439 Speaker 3: expediting those approvals, you couldn't get the approval because the 228 00:12:44,480 --> 00:12:45,520 Speaker 3: government was shut down. 229 00:12:46,640 --> 00:12:50,199 Speaker 1: Talking to doctor Matt Well, economists at the University of Indianapolis. 230 00:12:50,200 --> 00:12:54,720 Speaker 1: So we see this revised down number point seven. The 231 00:12:54,760 --> 00:12:57,360 Speaker 1: market looks at this and says, Okay, there's a reason 232 00:12:57,440 --> 00:13:01,520 Speaker 1: for it. Go full Taylor swift, take it off, onward 233 00:13:01,520 --> 00:13:04,480 Speaker 1: and upward. What does an onward? And that's what I 234 00:13:04,480 --> 00:13:06,800 Speaker 1: think they're saying. You could disagree with me there, but 235 00:13:06,880 --> 00:13:09,280 Speaker 1: what does an onward and upward look like, you know, 236 00:13:09,800 --> 00:13:12,880 Speaker 1: the first quarter of twenty twenty six, everything's going to 237 00:13:12,960 --> 00:13:15,719 Speaker 1: be just fine. We still have a partial shutdown with 238 00:13:15,720 --> 00:13:17,760 Speaker 1: the Department of Homeland Security, so there's going to be 239 00:13:17,800 --> 00:13:22,080 Speaker 1: some impact there. At what moment do we see low 240 00:13:22,160 --> 00:13:27,200 Speaker 1: GDP numbers affect the US economy? 241 00:13:28,200 --> 00:13:30,880 Speaker 3: You know, you're fraid. I like your shake it off phrase, 242 00:13:30,960 --> 00:13:33,160 Speaker 3: because that's what the market was doing. That's what it 243 00:13:33,240 --> 00:13:36,080 Speaker 3: is doing at this very moment as we speak. It's saying, Okay, 244 00:13:36,600 --> 00:13:39,920 Speaker 3: this is fine. We understand why it happened. By the way, 245 00:13:39,960 --> 00:13:43,079 Speaker 3: I'm no genius on this, Tony, the market knew exactly 246 00:13:43,120 --> 00:13:45,720 Speaker 3: the same thing that I just said about why GDP 247 00:13:46,080 --> 00:13:48,960 Speaker 3: was not where it should be. But let me go 248 00:13:49,080 --> 00:13:53,400 Speaker 3: back to your earlier comment. The chaos that's being created 249 00:13:53,760 --> 00:13:57,199 Speaker 3: by the geopolitical world right now is going to make 250 00:13:57,240 --> 00:13:59,800 Speaker 3: the market nervous because if that can be put aside, 251 00:14:00,440 --> 00:14:03,800 Speaker 3: we've said this, two months in a row of growing 252 00:14:04,160 --> 00:14:09,960 Speaker 3: domestic manufacturing. Wow, we haven't seen that in years. And 253 00:14:10,000 --> 00:14:11,840 Speaker 3: then you look at the other things that are happening, 254 00:14:11,920 --> 00:14:15,160 Speaker 3: such as the AI, such as the deep investments that 255 00:14:15,200 --> 00:14:19,760 Speaker 3: is occurring throughout the country, domestically and also importing dollars 256 00:14:19,800 --> 00:14:23,600 Speaker 3: into the US investments scene. There are a lot of 257 00:14:23,680 --> 00:14:26,760 Speaker 3: positive things. You know, we could list them all. We've 258 00:14:26,760 --> 00:14:29,640 Speaker 3: done it before, no need to do it again. That's 259 00:14:29,680 --> 00:14:32,560 Speaker 3: what the market is looking for, that's what the market sees. 260 00:14:33,800 --> 00:14:36,600 Speaker 3: And if we could just stop the chaos around the world, 261 00:14:37,360 --> 00:14:39,120 Speaker 3: that's what the market is optimistic about. 262 00:14:39,600 --> 00:14:43,880 Speaker 1: If big, if big, if last, but not least before 263 00:14:44,120 --> 00:14:48,280 Speaker 1: I let you go. In all of this, we noticed 264 00:14:48,320 --> 00:14:51,479 Speaker 1: that there's no conversation of AI investment whatsoever. 265 00:14:51,880 --> 00:14:53,320 Speaker 2: And there's been a lot of. 266 00:14:53,280 --> 00:14:57,320 Speaker 1: Talk from a lot of people about maybe the AI 267 00:14:57,400 --> 00:15:00,840 Speaker 1: investment is over blown. And you've got people like the 268 00:15:00,840 --> 00:15:04,760 Speaker 1: fame Mark Burry, Michael Burry, who's who's betting against this, 269 00:15:04,880 --> 00:15:08,320 Speaker 1: that the investment is just too much, it's been too great, 270 00:15:08,480 --> 00:15:12,800 Speaker 1: it's overblown, it's unseerious, and it has to be clawed back. 271 00:15:13,240 --> 00:15:17,000 Speaker 1: There's just too much reliance on AI investment to lead everything. 272 00:15:17,680 --> 00:15:20,720 Speaker 1: Are we going to see an AI snapback? Or is 273 00:15:20,760 --> 00:15:22,680 Speaker 1: this investment still full bore ahead? 274 00:15:22,720 --> 00:15:26,960 Speaker 3: No questions, no, no, Look, look, you know Michael Burry 275 00:15:26,960 --> 00:15:29,120 Speaker 3: got he got he got big. You know, he got 276 00:15:29,160 --> 00:15:32,040 Speaker 3: successful in the big short Okay, good for him. He's 277 00:15:32,080 --> 00:15:34,720 Speaker 3: wrong on this one. There is no stopping. The reason 278 00:15:34,760 --> 00:15:36,960 Speaker 3: you haven't heard it in the news because it's now 279 00:15:37,000 --> 00:15:40,160 Speaker 3: just a foregone conclusion. We just assume it's happening. 280 00:15:40,280 --> 00:15:40,880 Speaker 2: And it is. 281 00:15:41,560 --> 00:15:44,280 Speaker 3: So. No, do we do not in the gate and 282 00:15:44,320 --> 00:15:46,640 Speaker 3: do not bet against Ai. That's that. That would be 283 00:15:46,640 --> 00:15:48,560 Speaker 3: like Betan gets the Internet when it was first invented. 284 00:15:48,720 --> 00:15:51,480 Speaker 3: I remember people saying, Oh, that online e commerce shopping thing, 285 00:15:51,520 --> 00:15:54,960 Speaker 3: it's a fad, it's not going anywhere. Yeah, have that 286 00:15:55,040 --> 00:15:56,320 Speaker 3: thought at your own risk. 287 00:15:57,720 --> 00:15:58,760 Speaker 2: Well, that's definitive. 288 00:15:59,680 --> 00:16:04,520 Speaker 1: That's that's very direct right there, Doctor Mattwell, economist at 289 00:16:04,520 --> 00:16:07,360 Speaker 1: the University of Indianapolis. I appreciate you taking the time 290 00:16:07,360 --> 00:16:09,720 Speaker 1: to be with us. More is coming up on Tony Katz. 291 00:16:09,760 --> 00:16:10,920 Speaker 1: This is Tony Kats today. 292 00:16:11,240 --> 00:16:13,560 Speaker 4: Temple Israel is a pillar of the community. 293 00:16:13,600 --> 00:16:17,440 Speaker 5: It's one of the largest Reformed Jewish congregations in North America, 294 00:16:17,800 --> 00:16:21,240 Speaker 5: with Friday night Shabbat services attracting over one thousand people 295 00:16:22,080 --> 00:16:26,000 Speaker 5: people celebrating bar and bat Mitzvah's weddings and holidays. Here, 296 00:16:26,560 --> 00:16:30,520 Speaker 5: parents bring their children to daycare and school, and it's 297 00:16:30,520 --> 00:16:33,560 Speaker 5: a place of peace, unity, light and life. 298 00:16:34,200 --> 00:16:39,480 Speaker 4: Yesterday's attack was anti Semitism. It was hate, plain and simple. 299 00:16:40,560 --> 00:16:43,160 Speaker 1: Now, the governor of Michigan Gresha and Whitmer, there is 300 00:16:43,160 --> 00:16:46,720 Speaker 1: not wrong about that. It's anti senitism, plain and simple. 301 00:16:47,480 --> 00:16:51,640 Speaker 1: It was an act of terrorism. Yes, it was directed 302 00:16:51,640 --> 00:16:54,480 Speaker 1: at the synagogue. But you now add to what happened 303 00:16:54,520 --> 00:16:56,360 Speaker 1: at Old Dominion University, you now add to it what 304 00:16:56,400 --> 00:16:59,760 Speaker 1: happened in Austin, Texas over a week ago. It's terrorism 305 00:17:00,040 --> 00:17:02,760 Speaker 1: and all these things have a connection point in terms 306 00:17:02,840 --> 00:17:05,520 Speaker 1: of the people who committed these acts and how they're connected. 307 00:17:05,880 --> 00:17:09,240 Speaker 2: She doesn't want to talk about that, so she is 308 00:17:09,240 --> 00:17:10,880 Speaker 2: only engaging half the story. 309 00:17:11,160 --> 00:17:14,280 Speaker 1: Of course, it's anti Semitism, but the story is greater. 310 00:17:14,480 --> 00:17:16,399 Speaker 2: This is about an attack on us. 311 00:17:16,960 --> 00:17:19,200 Speaker 1: We already know that Jews are under attack, has been 312 00:17:19,200 --> 00:17:21,719 Speaker 1: going on for years. It's like she never noticed what 313 00:17:21,760 --> 00:17:25,720 Speaker 1: was happening at Columbia University. Tony Katz Tony Kats today 314 00:17:25,800 --> 00:17:27,000 Speaker 1: Tenshure being a part of the show. 315 00:17:27,920 --> 00:17:28,600 Speaker 2: She shocked. 316 00:17:28,760 --> 00:17:30,800 Speaker 1: Now all of a sudden matters because it's in her state. 317 00:17:31,240 --> 00:17:34,800 Speaker 1: We know this, but there's a larger story too, and 318 00:17:34,880 --> 00:17:36,880 Speaker 1: you've got to be able to talk about both. 319 00:17:36,720 --> 00:17:38,760 Speaker 2: Or you're not talking about anything properly. 320 00:17:39,560 --> 00:17:42,159 Speaker 4: We will fight this ancient and rampant evil. 321 00:17:42,640 --> 00:17:45,239 Speaker 5: We will stand together as we do it, and we 322 00:17:45,280 --> 00:17:50,760 Speaker 5: will call it out. We must lower the rhetoric in 323 00:17:50,840 --> 00:17:54,800 Speaker 5: this state and in this country, especially at this moment 324 00:17:54,880 --> 00:17:57,320 Speaker 5: where we have seen such a rise in anti Semitism 325 00:17:57,320 --> 00:17:59,280 Speaker 5: and more attacks on the Jewish community. 326 00:18:00,160 --> 00:18:02,400 Speaker 2: We've been calling it out for a couple of years. Now. 327 00:18:02,440 --> 00:18:05,040 Speaker 2: Where have you been, Governor Whitmer. 328 00:18:05,080 --> 00:18:09,760 Speaker 1: Where's the Democratic Party been against Columbia University, against Mockwood, Khalil, 329 00:18:10,160 --> 00:18:14,520 Speaker 1: against UCLA and all of these schools, against Rashida Taled 330 00:18:14,880 --> 00:18:16,080 Speaker 1: in your state. 331 00:18:17,320 --> 00:18:20,800 Speaker 2: Oh, you're a hard one to believe, Governor Whitmer. 332 00:18:21,800 --> 00:18:26,040 Speaker 5: Must keep each other close. This community is on the 333 00:18:26,200 --> 00:18:32,399 Speaker 5: edge very understandably. We've seen a rise in attacks, especially 334 00:18:33,440 --> 00:18:37,200 Speaker 5: over the last decade, especially over the last ten months, 335 00:18:38,880 --> 00:18:41,239 Speaker 5: and so it is important for us to stand up, 336 00:18:41,280 --> 00:18:44,400 Speaker 5: to stand against it, and to thank the people who 337 00:18:44,680 --> 00:18:48,479 Speaker 5: showed up to support the community, but also call out 338 00:18:48,880 --> 00:18:52,320 Speaker 5: where we see acts of anti Semitism, where we see threats, 339 00:18:52,760 --> 00:18:53,840 Speaker 5: where we see something. 340 00:18:53,880 --> 00:18:55,720 Speaker 4: How important it is to say something. 341 00:18:56,359 --> 00:18:59,160 Speaker 1: Oh, look, it's the mayor of New York, Governor, Governor Whitmer, 342 00:18:59,240 --> 00:19:00,000 Speaker 1: It's the mayor of New York. 343 00:19:00,240 --> 00:19:04,919 Speaker 5: Look there, and to recognize that each of us has 344 00:19:04,960 --> 00:19:11,520 Speaker 5: a responsibility. People like the person that attack this community yesterday, 345 00:19:12,400 --> 00:19:15,600 Speaker 5: get fomented by rhetoric that they see online and that 346 00:19:15,640 --> 00:19:18,720 Speaker 5: they see on television and they hear on the radio 347 00:19:19,359 --> 00:19:20,879 Speaker 5: that radicalizes people. 348 00:19:21,440 --> 00:19:23,360 Speaker 1: Look, you can blame me for a lot of things, 349 00:19:23,440 --> 00:19:27,359 Speaker 1: but engaging in radicalizing islamis to try and create a 350 00:19:27,400 --> 00:19:29,879 Speaker 1: worldwide caliphate by destroying Western civilization. 351 00:19:30,520 --> 00:19:32,040 Speaker 2: Now I'm the guy warning against that. 352 00:19:32,960 --> 00:19:35,840 Speaker 1: Let's talk about who is trying to enable that, who 353 00:19:35,960 --> 00:19:37,720 Speaker 1: is supportive of the attacks on. 354 00:19:37,720 --> 00:19:40,679 Speaker 2: Jews in America, And let's see something about that government. 355 00:19:41,320 --> 00:19:42,520 Speaker 2: This is Tony Katz. 356 00:19:42,280 --> 00:19:47,800 Speaker 6: Today, bottom line, up front, for the world to hear 357 00:19:48,560 --> 00:19:52,600 Speaker 6: and the press to actually admit that the United States 358 00:19:52,720 --> 00:19:56,000 Speaker 6: is decimating the radical Iranian regimes military in a way 359 00:19:56,040 --> 00:20:00,119 Speaker 6: the world has never seen before. Never before has a 360 00:20:00,240 --> 00:20:05,879 Speaker 6: modern capable military which Iran used to have been so 361 00:20:06,040 --> 00:20:11,200 Speaker 6: quickly destroyed and made combat ineffective and devastated. We said 362 00:20:11,200 --> 00:20:13,000 Speaker 6: it would not be a fair fight, and it has 363 00:20:13,080 --> 00:20:16,680 Speaker 6: not been. As I stated during our first press conference 364 00:20:16,760 --> 00:20:20,399 Speaker 6: on day two that was ten short days ago, the 365 00:20:20,440 --> 00:20:23,560 Speaker 6: combination of the world's two most powerful air forces is 366 00:20:24,320 --> 00:20:28,840 Speaker 6: unprecedented and unbeatable Between our air force and that of 367 00:20:28,880 --> 00:20:33,280 Speaker 6: the Israelis. Over fifteen thousand enemy targets have been struck. 368 00:20:33,520 --> 00:20:37,159 Speaker 6: That's well over one thousand a day. No other combination 369 00:20:37,320 --> 00:20:40,480 Speaker 6: of countries in the world can do that. 370 00:20:40,480 --> 00:20:43,399 Speaker 1: That was the Secretary of War, Secretary of Defense. Depending 371 00:20:43,440 --> 00:20:45,120 Speaker 1: on how you like to talk about these things, Pete 372 00:20:45,119 --> 00:20:49,200 Speaker 1: heg said with the press briefing today, Tony Katz, Tony 373 00:20:49,240 --> 00:20:51,080 Speaker 1: kats today, good to be with you, Good to be here. 374 00:20:51,200 --> 00:20:52,520 Speaker 2: I wanted to share it with you because they do 375 00:20:52,560 --> 00:20:54,400 Speaker 2: it earlier in the day. I wanted to make sure 376 00:20:54,440 --> 00:20:55,720 Speaker 2: that you heard it. I wanted to break down some 377 00:20:55,760 --> 00:20:56,320 Speaker 2: pieces of. 378 00:20:56,280 --> 00:20:59,840 Speaker 1: It because some of it is him going directly at 379 00:20:59,840 --> 00:21:02,840 Speaker 1: the press. Some of it is him relaying here's what 380 00:21:02,880 --> 00:21:06,280 Speaker 1: we've done. As some of it he's worth playing in 381 00:21:06,280 --> 00:21:08,840 Speaker 1: a way that I don't think works. I think you 382 00:21:08,840 --> 00:21:13,240 Speaker 1: can take this from nearly any press conference. But these 383 00:21:13,240 --> 00:21:15,199 Speaker 1: things have been going on. They're not really getting as 384 00:21:15,240 --> 00:21:18,320 Speaker 1: reported as much as I think they should be. So 385 00:21:18,680 --> 00:21:20,480 Speaker 1: I want to be someone who reports it. So let's 386 00:21:20,480 --> 00:21:23,119 Speaker 1: head back to the Secretary of War, Secretary of Defense. 387 00:21:23,119 --> 00:21:25,560 Speaker 2: Depending on how you say these things, Pete Hagsceth with 388 00:21:25,720 --> 00:21:27,360 Speaker 2: this press briefing this morning. 389 00:21:27,760 --> 00:21:31,440 Speaker 6: So today, as we speak, we fly over the top 390 00:21:32,440 --> 00:21:37,360 Speaker 6: of Iran and Tehran fighters and bombers all day, picking 391 00:21:37,480 --> 00:21:42,520 Speaker 6: targets as they choose, as our intelligence gets better and 392 00:21:42,600 --> 00:21:47,800 Speaker 6: better and more refined, looking up the IRGC and Iranian 393 00:21:47,880 --> 00:21:50,520 Speaker 6: regime sees only two things on the. 394 00:21:50,480 --> 00:21:53,840 Speaker 2: Side of aircraft, the stars and stripes. 395 00:21:54,680 --> 00:21:59,840 Speaker 6: And the star of David, the evil regime's worst nightmare. 396 00:22:00,920 --> 00:22:04,399 Speaker 1: This is about trying to demoralize the IRGC. This is 397 00:22:04,440 --> 00:22:07,879 Speaker 1: about as these messages get back to them, We're everywhere. 398 00:22:07,960 --> 00:22:10,880 Speaker 1: You can't stop us. We're all over you, we can 399 00:22:10,960 --> 00:22:13,359 Speaker 1: see you, we know everything that you're doing. 400 00:22:13,880 --> 00:22:15,080 Speaker 2: That's what this is all about. 401 00:22:16,359 --> 00:22:19,679 Speaker 6: Iran has no air defenses, Iran has no air force, 402 00:22:20,359 --> 00:22:23,879 Speaker 6: Iran has no navy. Their missiles, their missile launchers, and 403 00:22:23,960 --> 00:22:26,680 Speaker 6: drones being destroyed or shot out of the sky. Their 404 00:22:26,720 --> 00:22:30,800 Speaker 6: missile volume is down ninety percent. They're one way attacked 405 00:22:30,880 --> 00:22:36,280 Speaker 6: drones yesterday down ninety five percent. And as the world 406 00:22:36,320 --> 00:22:40,440 Speaker 6: is seeing, they are exercising sheer desperation in the straits 407 00:22:40,600 --> 00:22:44,879 Speaker 6: of hermus Something we're dealing with, we have been dealing 408 00:22:44,880 --> 00:22:47,200 Speaker 6: with it, and don't need to worry about it. 409 00:22:47,480 --> 00:22:52,760 Speaker 1: You can't say that, no, no, no, you can't say that. 410 00:22:54,440 --> 00:22:58,399 Speaker 2: Oh dear lord, that line. 411 00:22:58,600 --> 00:23:00,440 Speaker 1: The first time I heard it was like, oh, come 412 00:23:00,520 --> 00:23:03,720 Speaker 1: on now, tell people, Oh yeah, yeah, yea yeah, all 413 00:23:03,760 --> 00:23:05,720 Speaker 1: that oil, like the whole conversation we were having with 414 00:23:05,800 --> 00:23:07,400 Speaker 1: doctor will I forget about that. 415 00:23:07,280 --> 00:23:08,720 Speaker 2: Way, it'll be fine. 416 00:23:08,920 --> 00:23:12,800 Speaker 1: No, no, when it's fine, it's fine. Don't tell me 417 00:23:12,880 --> 00:23:17,080 Speaker 1: not to pay attention. When it's not fine. Take out 418 00:23:17,119 --> 00:23:19,439 Speaker 1: the regime, it'll be fine. Why is there still a 419 00:23:19,480 --> 00:23:22,040 Speaker 1: regime left? And it leads to those kinds of questions. 420 00:23:22,160 --> 00:23:27,120 Speaker 1: So this from from beat heg Seth is if I 421 00:23:27,240 --> 00:23:29,400 Speaker 1: was talking to him, I would have laughed out loud 422 00:23:29,480 --> 00:23:29,879 Speaker 1: and said. 423 00:23:29,720 --> 00:23:32,840 Speaker 2: Oh, come on now, out loud. I would have said that, 424 00:23:33,240 --> 00:23:36,000 Speaker 2: don't worry about it. I'll worry about it a little bit. 425 00:23:37,840 --> 00:23:42,359 Speaker 1: Gas prices, by the way, are much higher than they 426 00:23:42,400 --> 00:23:44,920 Speaker 1: were two weeks ago, But. 427 00:23:44,960 --> 00:23:46,800 Speaker 2: I still don't think they're at the numbers they were 428 00:23:46,840 --> 00:23:48,000 Speaker 2: under Biden. Are they have? 429 00:23:48,119 --> 00:23:50,280 Speaker 1: We made that comparison yet, I gotta go back and check. 430 00:23:50,480 --> 00:23:55,720 Speaker 1: Maybe they're Maybe they're close to at those numbers. This 431 00:23:55,880 --> 00:23:57,280 Speaker 1: was an act of war. 432 00:23:57,080 --> 00:23:59,680 Speaker 2: That leads to the increase in gas prices. What caused 433 00:23:59,680 --> 00:24:01,639 Speaker 2: the incre and gas prices when Joe. 434 00:24:01,520 --> 00:24:04,560 Speaker 1: Biden was President, you're going to talk about it now 435 00:24:04,560 --> 00:24:05,479 Speaker 1: you didn't talk about it. 436 00:24:05,520 --> 00:24:10,560 Speaker 2: Then this is you and me saying of the political left. 437 00:24:10,640 --> 00:24:12,400 Speaker 2: You people you'll do, you'll. 438 00:24:12,200 --> 00:24:14,880 Speaker 1: Doe anything, you'll say anything, you'll take advantage of anything. 439 00:24:15,480 --> 00:24:17,480 Speaker 2: You are not to be trusted. I'm talking about you 440 00:24:17,520 --> 00:24:19,200 Speaker 2: and me. We're allowed to say, Hey, the. 441 00:24:19,119 --> 00:24:21,880 Speaker 1: Gas prices are higher because of this, and I don't 442 00:24:21,880 --> 00:24:24,160 Speaker 1: think the Trump administration that has done a good job 443 00:24:24,200 --> 00:24:27,960 Speaker 1: of selling it, and why this has to be why 444 00:24:28,000 --> 00:24:30,880 Speaker 1: this matters, and we can get through this. We can 445 00:24:31,280 --> 00:24:33,400 Speaker 1: make it through this. It will be short term pain. 446 00:24:33,520 --> 00:24:37,119 Speaker 1: We can get through it together. We are capable, we're strong, 447 00:24:37,160 --> 00:24:39,119 Speaker 1: We're Americans. We can handle it. What we get on 448 00:24:39,160 --> 00:24:43,120 Speaker 1: the other side is a terrorism free Iran, which makes 449 00:24:43,160 --> 00:24:47,800 Speaker 1: America far safer. Kind of sell it right, but don't 450 00:24:47,800 --> 00:24:51,200 Speaker 1: worry about it. The Secretaration know that dog won' hunt. 451 00:24:51,640 --> 00:24:55,960 Speaker 6: We're un planned to defeat, destroy, disable all of their 452 00:24:55,960 --> 00:25:00,880 Speaker 6: meaningful military capabilities at a pace the world has never 453 00:25:00,920 --> 00:25:04,680 Speaker 6: seen before. But it's not just that Iran doesn't have 454 00:25:04,840 --> 00:25:08,440 Speaker 6: a functioning air force, or that their entire navy is 455 00:25:08,480 --> 00:25:10,959 Speaker 6: at the bottom of the Persian Gulf, or their missile 456 00:25:11,000 --> 00:25:16,080 Speaker 6: force is shrinking daily. Even more importantly, they also don't 457 00:25:16,080 --> 00:25:18,800 Speaker 6: have the ability to build more. That's the most important 458 00:25:18,840 --> 00:25:24,120 Speaker 6: component I'd like to emphasize today. Soon, and very soon, 459 00:25:24,320 --> 00:25:29,040 Speaker 6: all of Iran's defense companies will be destroyed. For example, 460 00:25:29,080 --> 00:25:34,320 Speaker 6: as of two days ago, Iran's entire ballistic missile production capacity, 461 00:25:34,440 --> 00:25:37,560 Speaker 6: every company that builds every component of those missiles has 462 00:25:37,640 --> 00:25:42,960 Speaker 6: been functionally defeated, destroyed. Buildings, complexes, and factory lines all 463 00:25:43,000 --> 00:25:47,280 Speaker 6: across Iran destroyed. So we're shooting down and destroying what 464 00:25:47,400 --> 00:25:51,840 Speaker 6: missiles they still have in stock, but more importantly, ensuring 465 00:25:51,880 --> 00:25:57,040 Speaker 6: that they have no ability to make more. Their production lines, 466 00:25:57,440 --> 00:26:02,000 Speaker 6: their military plants, their defense innovation centers defeated. 467 00:26:02,640 --> 00:26:05,080 Speaker 1: The real question here, Secretary Hegseth, is what are we 468 00:26:05,119 --> 00:26:07,520 Speaker 1: doing to ensure that China can't drop off any more 469 00:26:07,520 --> 00:26:11,280 Speaker 1: missiles Russia the same way, Not that those missiles are 470 00:26:11,400 --> 00:26:12,520 Speaker 1: necessarily effective. 471 00:26:12,840 --> 00:26:15,080 Speaker 2: And there really is a story here about the SUE 472 00:26:15,119 --> 00:26:15,719 Speaker 2: four hundred. 473 00:26:17,240 --> 00:26:23,600 Speaker 1: The SU four hundred is the Russian missile defense system. No, 474 00:26:23,640 --> 00:26:25,479 Speaker 1: I'm sorry, the s U four hundred is the missile. 475 00:26:25,480 --> 00:26:31,480 Speaker 1: The S four hundred is the missile defense system, and 476 00:26:31,840 --> 00:26:38,720 Speaker 1: their missile defense system has been rendered a big hot mess. 477 00:26:40,400 --> 00:26:44,160 Speaker 2: Like doesn't work. This was supposed to be. 478 00:26:45,760 --> 00:26:52,040 Speaker 1: The Patriot Fighter, right, the F thirty five killer, remember 479 00:26:52,080 --> 00:26:54,800 Speaker 1: the F thirty five strike Fighter, that's our most advanced 480 00:26:55,440 --> 00:26:58,600 Speaker 1: fighter jet, and this, the S four hundred was supposed to. 481 00:27:00,000 --> 00:27:03,080 Speaker 2: Absolutely be able to ruin this. And so it was a. 482 00:27:03,000 --> 00:27:05,920 Speaker 1: Big problem when the Turks bought this system, but they 483 00:27:05,920 --> 00:27:09,000 Speaker 1: were instrumental in building as a NATO nation, part of 484 00:27:09,040 --> 00:27:10,760 Speaker 1: the F thirty five. It is like, what the hell 485 00:27:10,840 --> 00:27:13,280 Speaker 1: is going on? And then the S four hundred gets 486 00:27:13,280 --> 00:27:18,680 Speaker 1: out into the field and Nope, doesn't work. And these 487 00:27:18,760 --> 00:27:21,760 Speaker 1: Chinese missiles they don't seem to work. And so that 488 00:27:21,840 --> 00:27:24,560 Speaker 1: is a big, big part of this story that doesn't 489 00:27:24,600 --> 00:27:30,439 Speaker 1: get much coverage at all, And maybe maybe there's a 490 00:27:30,480 --> 00:27:33,560 Speaker 1: positive to that that we're fully aware of it, but 491 00:27:33,600 --> 00:27:34,880 Speaker 1: we don't talk about it much. 492 00:27:35,000 --> 00:27:37,520 Speaker 2: But the military is going through every last bit of it. 493 00:27:37,840 --> 00:27:41,000 Speaker 1: Because some of these people they unzip their fly to 494 00:27:41,080 --> 00:27:44,479 Speaker 1: use to use a crass expression, I get, I guess, 495 00:27:44,520 --> 00:27:46,960 Speaker 1: and we are like, we're able to see and they 496 00:27:47,000 --> 00:27:48,040 Speaker 1: ain't working with much. 497 00:27:49,480 --> 00:27:51,520 Speaker 2: I was pretty crass of me. That is not my 498 00:27:51,600 --> 00:27:54,720 Speaker 2: every day huh, bravo me look at that. 499 00:27:55,320 --> 00:27:58,600 Speaker 1: I'm a I'm all out there on the edge that's 500 00:27:58,640 --> 00:28:01,119 Speaker 1: what I am, all of a sudden on like Norm McDonald. 501 00:28:02,320 --> 00:28:04,920 Speaker 1: I'm not doing a Norm impression right now. Rest is soul. 502 00:28:06,040 --> 00:28:09,639 Speaker 1: I just simply go back to what the Defense Secretary 503 00:28:10,880 --> 00:28:13,840 Speaker 1: was saying, and I just wonder what we're doing to 504 00:28:13,960 --> 00:28:17,400 Speaker 1: ensure that no more Russian or Chinese made missiles are 505 00:28:17,440 --> 00:28:18,560 Speaker 1: making their way to Iran. 506 00:28:18,680 --> 00:28:19,640 Speaker 2: If Iran is not. 507 00:28:19,600 --> 00:28:24,399 Speaker 1: Capable to make their own, which is of course excellent news. 508 00:28:26,040 --> 00:28:30,520 Speaker 6: Souran's leadership is in no better shape. Desperate and hiding. 509 00:28:30,600 --> 00:28:36,840 Speaker 6: They've gone underground, cowering. That's what rats do we know? 510 00:28:36,920 --> 00:28:41,040 Speaker 6: The new so called not so supreme leader is wounded 511 00:28:41,800 --> 00:28:45,720 Speaker 6: and likely disfigured. He put our statement yesterday a weak 512 00:28:45,760 --> 00:28:49,720 Speaker 6: one actually, but there was no voice and there was 513 00:28:49,720 --> 00:28:50,520 Speaker 6: no video. 514 00:28:51,040 --> 00:28:54,680 Speaker 2: It was a written statement. He called for unity. 515 00:28:55,000 --> 00:28:58,200 Speaker 6: Apparently killing tens of thousands of protesters is his kind 516 00:28:58,240 --> 00:29:02,240 Speaker 6: of unity. Iran has plenty of cameras and plenty of 517 00:29:02,280 --> 00:29:07,080 Speaker 6: voice recorders. Why a written statement? I think you know why? 518 00:29:07,720 --> 00:29:08,840 Speaker 2: His father dead. 519 00:29:09,920 --> 00:29:12,120 Speaker 6: He's scared and he's injured, he's on the run, and 520 00:29:12,160 --> 00:29:13,480 Speaker 6: he lacks legitimacy. 521 00:29:13,520 --> 00:29:15,000 Speaker 2: It's a mess for them. 522 00:29:15,440 --> 00:29:18,800 Speaker 6: Who's in charge Iran may not even know. 523 00:29:20,400 --> 00:29:24,040 Speaker 2: With every passing hour. We know, and we know they. 524 00:29:23,880 --> 00:29:28,000 Speaker 6: Know that the military capabilities of their evil regime are crumbling. 525 00:29:28,240 --> 00:29:32,400 Speaker 6: They can barely communicate, let alone coordinate. They're confused, and 526 00:29:32,440 --> 00:29:36,520 Speaker 6: we know it. Our response we will keep pressing. We 527 00:29:36,560 --> 00:29:41,880 Speaker 6: will keep pushing, keep advancing. No quarter, no mercy for 528 00:29:42,000 --> 00:29:42,920 Speaker 6: our enemies. 529 00:29:43,360 --> 00:29:47,600 Speaker 1: Now, this idea that he's disfigured, I don't. I have 530 00:29:47,680 --> 00:29:50,120 Speaker 1: no idea. I have no proof of such a thing. 531 00:29:50,640 --> 00:29:53,760 Speaker 1: But it is worth noting that he has not been 532 00:29:53,800 --> 00:29:58,640 Speaker 1: heard from most Watah Kamani, and people pronounce his name 533 00:29:58,680 --> 00:30:00,960 Speaker 1: in all sorts of ways. I don't have to give 534 00:30:01,000 --> 00:30:02,840 Speaker 1: the guy any respect. I do the best I can, 535 00:30:02,920 --> 00:30:04,040 Speaker 1: and I move on with my day. 536 00:30:06,320 --> 00:30:06,840 Speaker 2: Where is he? 537 00:30:08,600 --> 00:30:13,640 Speaker 1: All we see, our statements, all we get are are references, 538 00:30:13,640 --> 00:30:18,160 Speaker 1: but we don't see him. My digital director Sarah has 539 00:30:18,240 --> 00:30:22,200 Speaker 1: now named him, Iya told the Autopen, because who knows 540 00:30:22,240 --> 00:30:23,280 Speaker 1: if he's alive or dead. 541 00:30:23,800 --> 00:30:25,840 Speaker 2: By the way Iya told the Autopen, she wrote me 542 00:30:25,840 --> 00:30:28,160 Speaker 2: that she's like, is this funny? And I'm like maybe, 543 00:30:29,360 --> 00:30:31,240 Speaker 2: And the more I think about it, I think. 544 00:30:31,040 --> 00:30:35,640 Speaker 1: It's in the delivery. So I'll credit her with the writing, 545 00:30:35,680 --> 00:30:37,880 Speaker 1: but I'll credit me with the delivery. I give her 546 00:30:37,920 --> 00:30:39,360 Speaker 1: all the credit, well done, well played. 547 00:30:40,240 --> 00:30:42,320 Speaker 2: Who knows if this guy is alive or dead or 548 00:30:42,360 --> 00:30:43,040 Speaker 2: what's going on? 549 00:30:44,640 --> 00:30:47,800 Speaker 1: And then they have that whole you know, commitment ceremony, 550 00:30:48,400 --> 00:30:52,480 Speaker 1: pledging their loyalty, and it's a cardboard cutout of the dude. 551 00:30:52,720 --> 00:30:56,239 Speaker 1: But I think it's interesting that he used terminology like 552 00:30:56,240 --> 00:31:01,320 Speaker 1: disfigured and that it kind of makes you think that 553 00:31:01,360 --> 00:31:04,880 Speaker 1: they do know something, even if they're not telling us everything. 554 00:31:04,960 --> 00:31:11,480 Speaker 1: And then Pete Hagsath got into a very very direct 555 00:31:11,600 --> 00:31:13,120 Speaker 1: admonishment of the media. 556 00:31:14,400 --> 00:31:17,880 Speaker 6: Yet some of this crew in the press just can't stop. 557 00:31:18,800 --> 00:31:22,560 Speaker 6: Allow me to make a few suggestions. People look up 558 00:31:22,560 --> 00:31:25,640 Speaker 6: at the TV and they see banners, they see headlines. 559 00:31:26,000 --> 00:31:28,120 Speaker 6: I used to be in that business, and I know 560 00:31:28,200 --> 00:31:32,560 Speaker 6: that everything is written intentionally. For example, a banner or 561 00:31:32,600 --> 00:31:36,560 Speaker 6: a headline mid East War intensifies, splashing on the screen 562 00:31:36,960 --> 00:31:40,320 Speaker 6: the last couple of days alongside visuals of civilian or 563 00:31:40,440 --> 00:31:42,120 Speaker 6: energy targets that Iran has hit. 564 00:31:42,040 --> 00:31:47,240 Speaker 2: Because that's what they do. What should the banner read instead? 565 00:31:47,520 --> 00:31:53,080 Speaker 6: How about Iran increasingly desperate because they are. They know it, 566 00:31:53,160 --> 00:31:57,640 Speaker 6: and so do you. If it can be admitted or 567 00:31:57,680 --> 00:32:02,240 Speaker 6: more fake news from CNN reports that the Trump administration 568 00:32:02,400 --> 00:32:05,360 Speaker 6: underestimated the Iran War's impact on the Strait of Hormos 569 00:32:06,520 --> 00:32:08,360 Speaker 6: patently ridiculous. 570 00:32:08,440 --> 00:32:10,320 Speaker 2: Of course, for decades. 571 00:32:09,880 --> 00:32:12,400 Speaker 6: Iran has threatened shipping in the Street of horm moves. 572 00:32:12,760 --> 00:32:14,160 Speaker 2: This is always what they do. 573 00:32:14,320 --> 00:32:19,080 Speaker 6: Hold the straight hostage. CNN doesn't think we thought of that. 574 00:32:20,120 --> 00:32:25,400 Speaker 6: It's a fundamentally unseerious report. The sooner David Ellison takes 575 00:32:25,400 --> 00:32:27,400 Speaker 6: over that network, the better. 576 00:32:27,760 --> 00:32:31,920 Speaker 2: Oh damn, that's brutal. 577 00:32:32,880 --> 00:32:36,800 Speaker 1: David Ellison the company that bought Paramount. Therefore CBS brings 578 00:32:36,840 --> 00:32:40,160 Speaker 1: in Barry Weiss. Now they're the ones who have outbid 579 00:32:40,280 --> 00:32:44,320 Speaker 1: a Netflix for Warner which owns CNN, and everybody at 580 00:32:44,360 --> 00:32:47,000 Speaker 1: CNN is wetting the bed and losing their mind because 581 00:32:47,040 --> 00:32:49,560 Speaker 1: some of them are going to be on the unemployment line. 582 00:32:49,640 --> 00:32:51,520 Speaker 1: And I would tell them to learn to code, but 583 00:32:51,600 --> 00:32:53,760 Speaker 1: AI already took care of that. So they're going to 584 00:32:53,840 --> 00:32:55,920 Speaker 1: be working at Dairy Queen, although they don't get to 585 00:32:55,960 --> 00:32:58,920 Speaker 1: make the blizzards because they're not yet capable of working 586 00:32:59,000 --> 00:33:02,400 Speaker 1: the machine, being afraid of the high pitched whirring noise. 587 00:33:03,280 --> 00:33:04,400 Speaker 2: It sounds so violent. 588 00:33:04,640 --> 00:33:08,400 Speaker 1: They need a safe space from you know, oreos being 589 00:33:08,440 --> 00:33:11,200 Speaker 1: put into my blizzard, which is my preferred way. I 590 00:33:11,240 --> 00:33:13,120 Speaker 1: know some people are with the Reeses, and I'm not 591 00:33:13,160 --> 00:33:16,520 Speaker 1: opposed to reesas Riese's a solid, solid candy, world class 592 00:33:16,560 --> 00:33:17,680 Speaker 1: top three anywhere. 593 00:33:17,920 --> 00:33:20,040 Speaker 2: But the cookies and cream can we. 594 00:33:21,480 --> 00:33:23,560 Speaker 1: And by the way, that's a lately thing with cookies 595 00:33:23,560 --> 00:33:24,720 Speaker 1: and cream cravings. 596 00:33:25,040 --> 00:33:28,120 Speaker 2: Almost you would think I was pregnant. No, no, no, no, 597 00:33:28,200 --> 00:33:29,000 Speaker 2: I just love food. 598 00:33:30,720 --> 00:33:33,880 Speaker 1: So this was a pretty kind of all over the 599 00:33:33,920 --> 00:33:37,720 Speaker 1: place presser. You guys in the media aren't serious. It's 600 00:33:37,720 --> 00:33:39,520 Speaker 1: like you want us to fail, and you want to 601 00:33:39,560 --> 00:33:43,040 Speaker 1: report that we're failing. That's nonsense. We've eliminated this, that 602 00:33:43,160 --> 00:33:46,280 Speaker 1: the other wee've weakened, we've degraded, and I believe all 603 00:33:46,280 --> 00:33:47,800 Speaker 1: that to be true, and I believe the data back 604 00:33:47,840 --> 00:33:48,320 Speaker 1: set up. 605 00:33:49,400 --> 00:33:50,880 Speaker 2: But don't tell us not to worry about the shade 606 00:33:50,880 --> 00:33:51,640 Speaker 2: of hermoves or oil. 607 00:33:52,600 --> 00:33:55,520 Speaker 1: They're still able to throw bombs and throw missiles, and 608 00:33:55,600 --> 00:34:00,160 Speaker 1: we have to stop that. It must get thwarted, and 609 00:34:00,200 --> 00:34:04,840 Speaker 1: the sooner the better. I absolutely favor this hit only 610 00:34:04,880 --> 00:34:08,920 Speaker 1: if the regime is gone completely and totally and whatever 611 00:34:08,960 --> 00:34:12,840 Speaker 1: comes next is not in the terrorism game. I'm Tony Katz, 612 00:34:12,840 --> 00:34:15,160 Speaker 1: and this is Tony Katz today, So I guess I'm 613 00:34:15,160 --> 00:34:20,239 Speaker 1: now to take it that Congressman Thomas Massey believes that 614 00:34:21,360 --> 00:34:23,080 Speaker 1: Israel controls the US government. 615 00:34:23,120 --> 00:34:26,319 Speaker 2: He's not one of these guys. Is this who he is? 616 00:34:26,360 --> 00:34:28,840 Speaker 1: And this is all about the Epstein files? Tony Katz. 617 00:34:29,200 --> 00:34:32,480 Speaker 1: Tony Katz today he was outside speaking to the press. 618 00:34:32,520 --> 00:34:35,720 Speaker 1: So there's this siren that comes through as he starts, 619 00:34:35,960 --> 00:34:39,360 Speaker 1: as he's talking about these files, meaning the Epstein files, 620 00:34:39,400 --> 00:34:41,520 Speaker 1: which I call for the release of and have since 621 00:34:41,560 --> 00:34:44,000 Speaker 1: the beginning. So don't let the sirn freak you out. 622 00:34:44,040 --> 00:34:47,480 Speaker 1: It's not behind you. You're not speeding, Please don't be speeding. Listen. 623 00:34:47,640 --> 00:34:50,839 Speaker 2: These files implicate. 624 00:34:50,800 --> 00:34:55,239 Speaker 7: Billionaires and prints of him, of his and of political 625 00:34:55,280 --> 00:34:57,840 Speaker 7: donors that he's trying to protect. 626 00:34:58,239 --> 00:34:58,640 Speaker 2: And e. 627 00:34:58,719 --> 00:35:02,200 Speaker 7: Fstein also had clos ties to our own intelligence agencies 628 00:35:02,239 --> 00:35:06,960 Speaker 7: and Israel's intelligence agencies. That's why there's so much effort 629 00:35:07,080 --> 00:35:09,680 Speaker 7: in trying to stop this, and I do believe they'll 630 00:35:09,680 --> 00:35:12,840 Speaker 7: try to stop it somewhere else and that's going to 631 00:35:12,880 --> 00:35:14,279 Speaker 7: backfire on them too. 632 00:35:15,239 --> 00:35:17,600 Speaker 2: I again call for the release of the files. 633 00:35:18,360 --> 00:35:21,680 Speaker 1: Is he making the argument that Israel is trying to 634 00:35:21,920 --> 00:35:25,200 Speaker 1: keep this from happening because their people will be implicated 635 00:35:25,239 --> 00:35:28,480 Speaker 1: and others will be implicated. And that's what I honestly 636 00:35:28,520 --> 00:35:30,560 Speaker 1: don't know what the hell messy is saying here. 637 00:35:31,160 --> 00:35:33,600 Speaker 2: I don't give a damn who is implicated. If you were. 638 00:35:33,520 --> 00:35:35,400 Speaker 1: Abusing children, you have to go to jail. And I 639 00:35:35,400 --> 00:35:37,400 Speaker 1: don't care where you're from. I don't care about your religion, 640 00:35:37,520 --> 00:35:39,120 Speaker 1: don't care about how much money, don't care about your 641 00:35:39,120 --> 00:35:42,879 Speaker 1: political party, don't give a damn, don't care. But this 642 00:35:43,000 --> 00:35:46,080 Speaker 1: kind of talk gets people into the conspiracy freak world, 643 00:35:46,480 --> 00:35:48,360 Speaker 1: and I now wonder with him whether he's doing this 644 00:35:48,440 --> 00:35:52,520 Speaker 1: on purpose. Everything should be released. Good Lord, just be 645 00:35:52,640 --> 00:35:55,560 Speaker 1: done with this already. We want to know and people 646 00:35:55,640 --> 00:35:58,960 Speaker 1: need to go to jail. Now people don't go to jail, well, 647 00:35:59,000 --> 00:36:01,759 Speaker 1: then we start having some various words. Find everything at 648 00:36:01,800 --> 00:36:04,160 Speaker 1: Tony kats dot com. I'll catch you on Monday. Everyone 649 00:36:04,440 --> 00:36:10,000 Speaker 1: take care of it.