1
00:00:05,200 --> 00:00:10,240
Speaker 1: Line from val Hartbiner and The Crossroads of America.

2
00:00:10,560 --> 00:00:14,280
Speaker 2: It's Tony Katz today. So the inflation number that came

3
00:00:14,320 --> 00:00:18,080
Speaker 2: out today, this PPI number is an absolutely miserable number,

4
00:00:18,079 --> 00:00:20,080
Speaker 2: but it's not the end of the world. Although it

5
00:00:20,120 --> 00:00:23,759
Speaker 2: is a reminder to Secretary Besson, to President Trump, to

6
00:00:23,800 --> 00:00:27,440
Speaker 2: the administration, and to all the so called influencers. Stop

7
00:00:27,520 --> 00:00:32,240
Speaker 2: saying inflation is done. Stop saying it's solved. You sound

8
00:00:32,720 --> 00:00:36,040
Speaker 2: crazy and you put yourself in a position of looking

9
00:00:36,080 --> 00:00:39,520
Speaker 2: the fool when you get bad reports like this. Tony Katz,

10
00:00:39,600 --> 00:00:42,159
Speaker 2: Tony kats today, Good to be here, good to be

11
00:00:42,360 --> 00:00:46,720
Speaker 2: with you. There's this report to discuss, which, again, not

12
00:00:46,840 --> 00:00:49,320
Speaker 2: the end of the world. Everyone needs to relax. It's

13
00:00:49,400 --> 00:00:51,479
Speaker 2: just not a good report. There's a lot in it

14
00:00:51,560 --> 00:00:53,519
Speaker 2: that we need to break down. But you don't think

15
00:00:53,520 --> 00:00:56,640
Speaker 2: you can have a better report next month. That's my point.

16
00:00:57,320 --> 00:00:59,880
Speaker 2: If you act like everything is solved and then you

17
00:01:00,080 --> 00:01:02,200
Speaker 2: see something that shows it's not solved, you look like

18
00:01:02,240 --> 00:01:04,640
Speaker 2: a liar. But you don't need to do that. Just

19
00:01:04,680 --> 00:01:08,880
Speaker 2: don't look that way. Meanwhile, you see mortgage rates that

20
00:01:08,880 --> 00:01:11,240
Speaker 2: are down below six percent, You're like, well, what in

21
00:01:11,280 --> 00:01:13,360
Speaker 2: the world is happening here? The ten year treasury is

22
00:01:13,400 --> 00:01:17,080
Speaker 2: below four percent? Isn't that good news? And what in

23
00:01:17,120 --> 00:01:20,600
Speaker 2: the world was Secretary besn't talking about when he talks

24
00:01:20,600 --> 00:01:23,680
Speaker 2: about trueflation And you heard President Trump this Day of

25
00:01:23,720 --> 00:01:26,120
Speaker 2: the Union echo this same line inflation down to one

26
00:01:26,160 --> 00:01:29,640
Speaker 2: point seven percent? Where does that come from? Doctor Mattwell

27
00:01:29,720 --> 00:01:33,280
Speaker 2: joins this economist at the University of Indianapolis. I want

28
00:01:33,280 --> 00:01:36,759
Speaker 2: to talk about these core wholesale prices where the PPI,

29
00:01:36,840 --> 00:01:41,120
Speaker 2: the producer price index, is at going upero point five percent. Now,

30
00:01:41,200 --> 00:01:43,560
Speaker 2: I'm going to warn you, sir, there are people who

31
00:01:43,560 --> 00:01:45,200
Speaker 2: listen to you and love what you have to say

32
00:01:45,200 --> 00:01:47,360
Speaker 2: because I think it's very interesting. There as some people

33
00:01:47,560 --> 00:01:51,200
Speaker 2: who think that your mister doom and gloom anything Trump

34
00:01:51,280 --> 00:01:55,080
Speaker 2: you're negative about and it's always about this is wrong

35
00:01:55,120 --> 00:01:57,760
Speaker 2: and that is wrong, and you're never ever happy. So

36
00:01:57,800 --> 00:02:00,320
Speaker 2: I just want you to know you can please in

37
00:02:00,360 --> 00:02:02,240
Speaker 2: no way. Can you please one hundred percent of the people.

38
00:02:02,280 --> 00:02:05,400
Speaker 2: It's impossible. You don't have that capacity. None of us

39
00:02:05,440 --> 00:02:10,560
Speaker 2: do break down these numbers here. What does the report say,

40
00:02:10,880 --> 00:02:13,880
Speaker 2: Let's start there. What is this report, this producer Price

41
00:02:13,880 --> 00:02:16,959
Speaker 2: Index report telling us, Okay.

42
00:02:16,680 --> 00:02:19,280
Speaker 1: Well, I can promise you I will again not be

43
00:02:19,400 --> 00:02:22,800
Speaker 1: elected to office because I will offend everybody in my comments.

44
00:02:23,000 --> 00:02:25,919
Speaker 1: If you love Trump, you hate Trump. Either way. The

45
00:02:26,240 --> 00:02:29,200
Speaker 1: report's terrible. Okay, it is not a good report. But

46
00:02:29,240 --> 00:02:32,120
Speaker 1: everyone needs to take a deep breath because the report

47
00:02:32,200 --> 00:02:35,440
Speaker 1: is now forty five days old. The data in the

48
00:02:35,440 --> 00:02:39,120
Speaker 1: PPI report is from forty five days ago, and since

49
00:02:39,120 --> 00:02:41,960
Speaker 1: then we've had a Supreme Court ruling that said tariffs

50
00:02:42,000 --> 00:02:44,639
Speaker 1: no longer are allowed. Well, of course there's going to

51
00:02:44,680 --> 00:02:47,640
Speaker 1: be a different version of them. So in the report,

52
00:02:48,000 --> 00:02:50,720
Speaker 1: the report says zo point five for January, so that's

53
00:02:50,760 --> 00:02:54,760
Speaker 1: six percent annualized. That is a terrible number. The market

54
00:02:54,800 --> 00:02:57,280
Speaker 1: will not like this number. The market will go crazy

55
00:02:57,320 --> 00:02:59,760
Speaker 1: for this number. I expect the market to write out

56
00:02:59,760 --> 00:03:04,320
Speaker 1: of the drop because of this number. However, if you

57
00:03:04,400 --> 00:03:06,679
Speaker 1: look into it, there are some bad parts and some

58
00:03:06,800 --> 00:03:09,720
Speaker 1: good parts, okay. For example, the core is point three

59
00:03:09,960 --> 00:03:12,720
Speaker 1: point three is three point six, so okay, it's not

60
00:03:12,800 --> 00:03:14,000
Speaker 1: as bad as the overall.

61
00:03:14,400 --> 00:03:14,600
Speaker 2: Core.

62
00:03:14,720 --> 00:03:18,399
Speaker 1: Of course, removes energy and food, so that's a good thing.

63
00:03:19,800 --> 00:03:23,040
Speaker 1: On the bad side again, CNBC pulled the headline there's

64
00:03:23,120 --> 00:03:27,880
Speaker 1: one number in here. Final demand was point eight. That's

65
00:03:28,360 --> 00:03:32,160
Speaker 1: off the charts high number. But that's one little number

66
00:03:32,160 --> 00:03:35,000
Speaker 1: they extracted from the middle of the reports. I'm not

67
00:03:35,080 --> 00:03:38,520
Speaker 1: too worried about that. It's not a good number now

68
00:03:38,640 --> 00:03:42,680
Speaker 1: on the good side or bad side, the producers don't

69
00:03:42,680 --> 00:03:45,440
Speaker 1: always pass us along to us. They've been eating a

70
00:03:45,440 --> 00:03:47,360
Speaker 1: lot of it. Now they can't eat it forever. They

71
00:03:47,360 --> 00:03:50,480
Speaker 1: cannot eat these terarifs costs for all eternity, but they

72
00:03:50,560 --> 00:03:52,880
Speaker 1: don't always pass it all along. We know the CPI

73
00:03:53,040 --> 00:03:57,000
Speaker 1: is lower than the PPI, so the wholesaler is paying more.

74
00:03:57,520 --> 00:04:01,400
Speaker 1: We paying a little bit more. But it's all forty

75
00:04:01,400 --> 00:04:04,560
Speaker 1: five days old, and the tariffs have now been rejected

76
00:04:04,600 --> 00:04:08,400
Speaker 1: by the Supreme Court. So I anticipate next month that

77
00:04:08,520 --> 00:04:12,840
Speaker 1: this report will be better for two reasons. One, the

78
00:04:12,920 --> 00:04:16,760
Speaker 1: tariffs are now been eliminated, of course, replaced by something lower.

79
00:04:17,240 --> 00:04:20,680
Speaker 1: And second, the economy seems to be doing good despite

80
00:04:20,680 --> 00:04:24,200
Speaker 1: this GDP report we just saw. Despite that, I think,

81
00:04:24,440 --> 00:04:25,919
Speaker 1: I mean you're to see if that's a trend. I

82
00:04:25,920 --> 00:04:28,279
Speaker 1: think we talked about it. There's some anomalies in there

83
00:04:28,560 --> 00:04:31,680
Speaker 1: that we can grow ourselves out of inflation, and I'm

84
00:04:31,760 --> 00:04:34,640
Speaker 1: optimistic that the things that Trump has put in place

85
00:04:34,680 --> 00:04:36,400
Speaker 1: will grow us out of the inflation.

86
00:04:37,440 --> 00:04:39,719
Speaker 2: So let's do a couple of things here. The GDP

87
00:04:40,760 --> 00:04:43,760
Speaker 2: was down, and President Trump did allude to this in

88
00:04:43,800 --> 00:04:46,000
Speaker 2: the State of the Union. You've discussed here. You have

89
00:04:46,000 --> 00:04:48,320
Speaker 2: a government shutdown for forty five days, you're going to

90
00:04:48,400 --> 00:04:51,600
Speaker 2: have a smaller GDP number. That's just the way it's

91
00:04:51,600 --> 00:04:53,279
Speaker 2: going to go. So when we talked about the shutdown

92
00:04:53,560 --> 00:04:57,520
Speaker 2: in October November that led to the smaller fourth quarter GDP,

93
00:04:57,680 --> 00:05:00,440
Speaker 2: we now have a smaller shutdown going on with the

94
00:05:00,440 --> 00:05:02,920
Speaker 2: Department of Homeland Security, which seems to have no end

95
00:05:03,040 --> 00:05:06,520
Speaker 2: in sight. But this idea that you know, the producers

96
00:05:06,600 --> 00:05:08,880
Speaker 2: or everyone's the businesses are going to keep absorbing the

97
00:05:08,960 --> 00:05:10,719
Speaker 2: tariffs has been a lot of talk while Street Journal

98
00:05:10,760 --> 00:05:13,520
Speaker 2: has been big on this, that those days are over going,

99
00:05:13,600 --> 00:05:17,600
Speaker 2: they can't absorb any more. But you mentioned that this

100
00:05:17,640 --> 00:05:20,080
Speaker 2: report is from forty five days ago. Is that because

101
00:05:20,080 --> 00:05:23,200
Speaker 2: of shutdown they're only getting this report now, And if

102
00:05:23,240 --> 00:05:26,040
Speaker 2: it is indeed forty five days ago, why would anybody

103
00:05:26,080 --> 00:05:29,400
Speaker 2: be reacting negatively to it today?

104
00:05:29,520 --> 00:05:32,880
Speaker 1: Well, that's a great question. Every report is forty five

105
00:05:32,960 --> 00:05:35,279
Speaker 1: days old because we're getting it now at the end

106
00:05:35,360 --> 00:05:39,000
Speaker 1: of February, and it's for January data, which the average

107
00:05:39,000 --> 00:05:43,480
Speaker 1: of January of course January fifteenth, so they're tracking data

108
00:05:43,760 --> 00:05:46,680
Speaker 1: that's forty five days ago, so it's not real time.

109
00:05:46,839 --> 00:05:50,240
Speaker 1: Every report from the government has that lag. The worst

110
00:05:50,560 --> 00:05:53,159
Speaker 1: lag is in the unemployment report, the second worst is

111
00:05:53,160 --> 00:05:56,400
Speaker 1: in the GDP, and the third worst is in the

112
00:05:56,440 --> 00:06:00,440
Speaker 1: inflation report. So this is inflation from middle of Janieuary,

113
00:06:00,640 --> 00:06:04,240
Speaker 1: not from today. And that kind of gets us to

114
00:06:04,240 --> 00:06:06,239
Speaker 1: this other topic you mentioned, which is true relation.

115
00:06:07,680 --> 00:06:10,520
Speaker 2: Talking to doctor Matt Will, economists at the University of

116
00:06:10,600 --> 00:06:15,120
Speaker 2: Indianapolis before we get to the trueflation conversation, so the

117
00:06:15,160 --> 00:06:17,039
Speaker 2: fact that it's forty five days old, if every report

118
00:06:17,080 --> 00:06:18,920
Speaker 2: is forty five days old, I don't have to consider

119
00:06:18,960 --> 00:06:23,160
Speaker 2: that in my conversation piece. This is when reports come out.

120
00:06:23,600 --> 00:06:27,440
Speaker 2: Market reaction, as we talked in the futures who knows

121
00:06:27,480 --> 00:06:29,919
Speaker 2: where things are going to end? Was immediately down and

122
00:06:30,000 --> 00:06:33,880
Speaker 2: down five hundred. But markets have a tendency to react

123
00:06:34,279 --> 00:06:37,679
Speaker 2: and then correct, react and then say okay, that was over.

124
00:06:38,400 --> 00:06:40,800
Speaker 2: Who is looking at this report and what is it

125
00:06:40,839 --> 00:06:44,159
Speaker 2: that they are seeing that could lead them to Okay,

126
00:06:44,200 --> 00:06:45,920
Speaker 2: this is going to be a bad few days, or

127
00:06:45,960 --> 00:06:48,159
Speaker 2: maybe this is glad it's come out on a Friday.

128
00:06:48,200 --> 00:06:51,800
Speaker 2: People will forget by a Monday. Who are the people

129
00:06:51,800 --> 00:06:53,880
Speaker 2: who are most reacting to this kind of reporting?

130
00:06:54,920 --> 00:06:58,920
Speaker 1: Okay, well, first everybody's reacting to it. But then let

131
00:06:58,960 --> 00:07:00,680
Speaker 1: me say, we can't ignore it. Like you said at

132
00:07:00,720 --> 00:07:03,720
Speaker 1: the beginning of your question, is it is the data

133
00:07:03,800 --> 00:07:06,880
Speaker 1: we have. Would we like instantaneous data? Of course, who

134
00:07:06,880 --> 00:07:09,640
Speaker 1: would like instantaneous data? But this is all we've got,

135
00:07:09,840 --> 00:07:12,040
Speaker 1: and they're very careful about how they release it so

136
00:07:12,080 --> 00:07:15,520
Speaker 1: it doesn't leak out. But everybody's looking at it. It's

137
00:07:15,560 --> 00:07:18,280
Speaker 1: in the market. We need data, and this is the

138
00:07:18,320 --> 00:07:20,720
Speaker 1: best data that we've got. I'm not saying it's perfect.

139
00:07:20,760 --> 00:07:24,120
Speaker 1: It's very flawed. I could give you the flaws. You know,

140
00:07:24,200 --> 00:07:26,440
Speaker 1: there's a lot of estimates in here. The government is

141
00:07:26,480 --> 00:07:28,800
Speaker 1: notorious for estimates. One of the reasons I was a

142
00:07:28,800 --> 00:07:31,120
Speaker 1: big fan of EJ getting his job at the BLS,

143
00:07:31,200 --> 00:07:33,440
Speaker 1: which didn't happen, is because he was going to fix

144
00:07:33,480 --> 00:07:36,720
Speaker 1: a lot of these problems. As flawed as it is,

145
00:07:37,240 --> 00:07:40,000
Speaker 1: it's the best data we have. So everyone in the

146
00:07:40,000 --> 00:07:43,840
Speaker 1: market uses it now, I say everyone, But people are

147
00:07:43,920 --> 00:07:47,360
Speaker 1: always looking for better data, and there might be better

148
00:07:47,440 --> 00:07:48,200
Speaker 1: data out there.

149
00:07:49,400 --> 00:07:52,400
Speaker 2: EJ refers to ej Antny over a Heritage Foundation who

150
00:07:52,480 --> 00:07:55,360
Speaker 2: was up for a job with the Trump administration that

151
00:07:55,440 --> 00:08:00,560
Speaker 2: did not come to pass. There was a little bit of, hey,

152
00:08:00,640 --> 00:08:02,640
Speaker 2: let's go on the attack on him. There was a

153
00:08:02,680 --> 00:08:04,800
Speaker 2: little bit of maybe there were better ways for him

154
00:08:04,840 --> 00:08:08,280
Speaker 2: to navigate the situation. However it happened. We still utilize

155
00:08:08,320 --> 00:08:11,480
Speaker 2: him on the show for his mind and work through

156
00:08:11,520 --> 00:08:13,679
Speaker 2: some of the other issues. He's one of two people

157
00:08:13,680 --> 00:08:15,880
Speaker 2: at Heritage that I still speak to. They've got their

158
00:08:15,920 --> 00:08:18,920
Speaker 2: own issues over there, which are all Kevin Roberts faults,

159
00:08:19,120 --> 00:08:20,960
Speaker 2: and he has to be able to work that one out.

160
00:08:21,040 --> 00:08:23,960
Speaker 2: That was a little longer of an explanation than maybe

161
00:08:23,960 --> 00:08:25,680
Speaker 2: some people needed, but I want to make sure I

162
00:08:25,720 --> 00:08:27,760
Speaker 2: got it all out there. Talking to doctor Matt Will

163
00:08:28,120 --> 00:08:34,240
Speaker 2: economists at the University of Indianapolis. If you're advising Donald Trump,

164
00:08:34,240 --> 00:08:38,920
Speaker 2: if you're advising Scott Bessim regarding this report, my argument

165
00:08:38,960 --> 00:08:41,360
Speaker 2: has been stopped telling you that inflation is handled, it's not.

166
00:08:41,720 --> 00:08:44,680
Speaker 2: The whole influencer class is a bunch of ridiculous people

167
00:08:44,840 --> 00:08:48,520
Speaker 2: who aren't doing the administration, and he favors whatsoever. But

168
00:08:48,600 --> 00:08:51,040
Speaker 2: if you're advising them, how do you advise them to

169
00:08:51,559 --> 00:08:54,960
Speaker 2: a discuss this and then be handle this going forward?

170
00:08:56,160 --> 00:08:58,120
Speaker 1: Well, I think you've been saying this for the last

171
00:08:58,120 --> 00:09:01,280
Speaker 1: few weeks. Is they can't keep saying is gone. They

172
00:09:01,280 --> 00:09:04,800
Speaker 1: have to admit the truth and say it's here. And

173
00:09:04,840 --> 00:09:07,080
Speaker 1: then they need to tout, well, we're going to grow

174
00:09:07,120 --> 00:09:09,240
Speaker 1: ourselves out of this. And then they start looking at

175
00:09:09,280 --> 00:09:12,160
Speaker 1: all the good things that they have done concerning deregulation,

176
00:09:12,520 --> 00:09:17,240
Speaker 1: lower taxes, bones appreciation this year, the no tax on

177
00:09:17,280 --> 00:09:20,200
Speaker 1: tips and no tax on social Security, all those things

178
00:09:20,559 --> 00:09:23,560
Speaker 1: that will grow the economy. We say, okay, people, we

179
00:09:23,679 --> 00:09:27,040
Speaker 1: see and we feel your pain. But the economy is

180
00:09:27,080 --> 00:09:30,400
Speaker 1: moving in the right direction. The ship is turning. Stick

181
00:09:30,480 --> 00:09:32,720
Speaker 1: with us, it'll get there. I think they just have

182
00:09:32,760 --> 00:09:35,559
Speaker 1: to be honest and tout the good things, but admit

183
00:09:35,880 --> 00:09:38,720
Speaker 1: the bad things. Don't be afraid to admit what everybody

184
00:09:38,800 --> 00:09:40,160
Speaker 1: can see right in front of their face.

185
00:09:40,840 --> 00:09:44,080
Speaker 2: That brings us to this concept of trueflation is something

186
00:09:44,280 --> 00:09:46,920
Speaker 2: that Scott Bessen, the Treasure is Secretary, brought up a

187
00:09:46,960 --> 00:09:48,480
Speaker 2: couple of weeks ago, and I said, you know, I

188
00:09:49,000 --> 00:09:51,400
Speaker 2: do this for a living, and I don't often hear,

189
00:09:51,760 --> 00:09:55,640
Speaker 2: if ever heard anybody actually discuss the idea of true inflation,

190
00:09:56,320 --> 00:10:00,280
Speaker 2: the idea that inflation is below one percent. And you

191
00:10:00,320 --> 00:10:03,720
Speaker 2: heard him bring up at that one point seven percent

192
00:10:03,840 --> 00:10:07,080
Speaker 2: number at the State of the Union. Talk to me

193
00:10:07,160 --> 00:10:10,679
Speaker 2: about what trueflation is, what Scott Besant is after, and

194
00:10:10,720 --> 00:10:13,000
Speaker 2: whether or not they've got an argument that can really

195
00:10:13,040 --> 00:10:13,360
Speaker 2: be made.

196
00:10:14,840 --> 00:10:17,760
Speaker 1: So this is interesting. I'll admit when he said that,

197
00:10:18,320 --> 00:10:20,319
Speaker 1: I didn't understand. I thought he was referring to an

198
00:10:20,440 --> 00:10:23,560
Speaker 1: MIT report. But then I've done a lot of research

199
00:10:23,600 --> 00:10:27,000
Speaker 1: since then. Trueflation is the name of a company, So

200
00:10:27,480 --> 00:10:29,079
Speaker 1: that's one thing right out of the gate. And they

201
00:10:29,080 --> 00:10:32,480
Speaker 1: have a product which they call the Trueflation Stream Network,

202
00:10:32,480 --> 00:10:35,280
Speaker 1: and a thing called data as Anyway, they've got this

203
00:10:35,360 --> 00:10:38,040
Speaker 1: product that they sell which is supposed to be real

204
00:10:38,200 --> 00:10:43,079
Speaker 1: time inflation, not forty five days old, but instantaneous. It's

205
00:10:43,120 --> 00:10:46,480
Speaker 1: a private company. It's proprietary. But what we do know

206
00:10:46,640 --> 00:10:49,240
Speaker 1: about it is what they do is they take thirteen

207
00:10:49,360 --> 00:10:52,800
Speaker 1: million items that they pull from the Internet. They use

208
00:10:52,880 --> 00:10:56,200
Speaker 1: APIs and go into things like Amazon and Zillo and

209
00:10:56,400 --> 00:10:58,520
Speaker 1: you know, you name it. They go to these places

210
00:10:58,559 --> 00:11:01,960
Speaker 1: and they look up the data to real time every

211
00:11:02,040 --> 00:11:05,880
Speaker 1: single day and they get at least three verified sources

212
00:11:05,880 --> 00:11:09,040
Speaker 1: for something, so like you your chocolate and milk, or

213
00:11:09,080 --> 00:11:12,680
Speaker 1: your car, or you know, you're buying a washing machine,

214
00:11:12,760 --> 00:11:16,440
Speaker 1: so they're looking at real data in real time, and

215
00:11:16,480 --> 00:11:20,719
Speaker 1: they're grabbing it thirteen million, so much much bigger than

216
00:11:20,760 --> 00:11:23,680
Speaker 1: what the government uses in their basket of goods. They

217
00:11:23,720 --> 00:11:27,520
Speaker 1: then aggregate this and they keep it secure because that's

218
00:11:27,559 --> 00:11:30,320
Speaker 1: one of the things. Do you and I trust the data?

219
00:11:30,720 --> 00:11:33,880
Speaker 1: And remember they're selling this, they're selling the information and

220
00:11:33,880 --> 00:11:35,960
Speaker 1: they have a pretty good customer base. They're selling it

221
00:11:35,960 --> 00:11:40,120
Speaker 1: to financial institutions to set mortgage rates. They're selling it

222
00:11:40,160 --> 00:11:42,840
Speaker 1: to insurance companies so that they know how to price

223
00:11:42,840 --> 00:11:45,680
Speaker 1: their products. Because a lot of products that you and

224
00:11:45,760 --> 00:11:50,800
Speaker 1: I buy and financial institutions sell have inflation baked in

225
00:11:50,840 --> 00:11:54,040
Speaker 1: the price. So these companies want to know what is

226
00:11:54,080 --> 00:11:57,800
Speaker 1: the real price right now if I'm selling you something today.

227
00:11:58,559 --> 00:12:00,920
Speaker 1: And so what they use is block you know, that's

228
00:12:00,920 --> 00:12:04,560
Speaker 1: the thing behind crypto right to say our data is honest,

229
00:12:04,640 --> 00:12:07,880
Speaker 1: it's secure. No one can steal or cheat or manipulate

230
00:12:07,960 --> 00:12:11,199
Speaker 1: our data. So they gather the data through the web,

231
00:12:11,800 --> 00:12:15,440
Speaker 1: they transmit it securely. I'm using air quotes for that,

232
00:12:16,320 --> 00:12:19,520
Speaker 1: and they claim it's real time. They say every day

233
00:12:20,360 --> 00:12:24,960
Speaker 1: they can give you today's right now inflation and the

234
00:12:25,000 --> 00:12:27,280
Speaker 1: only question is how accurate is it? And I've done

235
00:12:27,280 --> 00:12:28,600
Speaker 1: a little bit of work on that as well.

236
00:12:28,840 --> 00:12:32,400
Speaker 2: What's interesting about this is that I'm hearing this for

237
00:12:32,440 --> 00:12:33,800
Speaker 2: the first time. A lot of people are hearing this

238
00:12:33,800 --> 00:12:36,000
Speaker 2: for the first time, and I think we're all asking

239
00:12:36,000 --> 00:12:39,560
Speaker 2: the same question, Well, isn't that exactly what we should

240
00:12:39,559 --> 00:12:44,120
Speaker 2: be doing? How is it possible that we can't have

241
00:12:44,280 --> 00:12:48,080
Speaker 2: data exactly like this with this kind of real time

242
00:12:48,120 --> 00:12:51,760
Speaker 2: capability we live in the year twenty twenty six. I mean, okay,

243
00:12:51,800 --> 00:12:54,800
Speaker 2: we don't have the flying cars that the Jetsons promised us,

244
00:12:55,040 --> 00:12:57,120
Speaker 2: but we should at least be able to do numbers

245
00:12:57,160 --> 00:13:00,280
Speaker 2: like this, not through some antiquated formula that probably got

246
00:13:00,280 --> 00:13:05,200
Speaker 2: invented in nineteen thirty seven. Why isn't this the standard,

247
00:13:05,640 --> 00:13:07,680
Speaker 2: and not specifically this company to which I have no

248
00:13:07,760 --> 00:13:11,160
Speaker 2: financial connection with, Why isn't something like this the standard

249
00:13:11,400 --> 00:13:14,240
Speaker 2: that economists use in figuring out the numbers all the

250
00:13:14,320 --> 00:13:14,880
Speaker 2: damn time?

251
00:13:16,400 --> 00:13:20,280
Speaker 1: Well, okay, you just said it nineteen thirty seven, and

252
00:13:20,320 --> 00:13:22,640
Speaker 1: actually you're pretty close to the correct year when all

253
00:13:22,679 --> 00:13:25,640
Speaker 1: this stuff was invented. That is exactly correct, and it's

254
00:13:25,679 --> 00:13:29,040
Speaker 1: the government. Does the government change? Does the swamp change?

255
00:13:29,520 --> 00:13:31,160
Speaker 1: This is why I was a big fan of EJ

256
00:13:31,360 --> 00:13:33,680
Speaker 1: going in there, and I'm very disappointed that he didn't

257
00:13:33,679 --> 00:13:36,559
Speaker 1: get in because we need some brain power to fix

258
00:13:36,600 --> 00:13:40,160
Speaker 1: the problem in the government. You know, Elon Musk was

259
00:13:40,200 --> 00:13:42,560
Speaker 1: trying to fix it. You know, EJ was going to

260
00:13:42,559 --> 00:13:44,679
Speaker 1: fix it. You and I would like to fix it.

261
00:13:45,040 --> 00:13:49,520
Speaker 1: You know, there's so many problems that it's archaic and

262
00:13:49,600 --> 00:13:53,400
Speaker 1: swampish that they will not fix the problem private industry.

263
00:13:53,480 --> 00:13:55,839
Speaker 1: So I'm not saying this company is the best. The

264
00:13:55,880 --> 00:13:59,400
Speaker 1: research I've done is it's gotten mixed opinions. But I

265
00:13:59,440 --> 00:14:02,679
Speaker 1: can tell you this technology exists. There's no reason that

266
00:14:02,720 --> 00:14:06,400
Speaker 1: government should implement it. It's simply the swamp. It's the bureaucracy.

267
00:14:06,920 --> 00:14:10,640
Speaker 1: And it's shocking to me that we're still using messages

268
00:14:10,720 --> 00:14:13,760
Speaker 1: from nineteen thirty seven instead of when we've got AI

269
00:14:13,840 --> 00:14:15,440
Speaker 1: in front of us right now to help us do

270
00:14:15,440 --> 00:14:16,080
Speaker 1: a better job.

271
00:14:16,720 --> 00:14:20,240
Speaker 2: Talking to doctor Matt Well, economists at the University of Indianapolis,

272
00:14:20,720 --> 00:14:22,880
Speaker 2: you know, this economy people are going to look at

273
00:14:22,920 --> 00:14:25,920
Speaker 2: this report on the PPI and inflation and say, oh

274
00:14:26,000 --> 00:14:28,080
Speaker 2: see everything's terrible. No no no no, no, no, no

275
00:14:28,080 --> 00:14:31,240
Speaker 2: no no no. Mortgage rates under six percent is a

276
00:14:31,280 --> 00:14:34,800
Speaker 2: big deal. According to Freddie Mack, under six percent for

277
00:14:34,840 --> 00:14:37,520
Speaker 2: the first time since twenty twenty two. You got the

278
00:14:37,560 --> 00:14:40,960
Speaker 2: ten year treasury now under four percent. Talk to me

279
00:14:40,960 --> 00:14:43,320
Speaker 2: about what these numbers mean and what it is you're seeing.

280
00:14:44,160 --> 00:14:48,840
Speaker 1: Okay, this is a mixed picture. First of all, the

281
00:14:48,920 --> 00:14:51,760
Speaker 1: mortgage rates are fantastic. It's so good that they're down.

282
00:14:52,120 --> 00:14:55,800
Speaker 1: They're down because Trump did something really good. But I

283
00:14:55,840 --> 00:14:58,520
Speaker 1: don't like the fact that he can actually be allowed

284
00:14:58,560 --> 00:15:02,120
Speaker 1: to do it. Weapons here is they control they being

285
00:15:02,360 --> 00:15:07,160
Speaker 1: and when I'm referring specifically to the federal government, they

286
00:15:07,200 --> 00:15:10,160
Speaker 1: control Freddy and Fanny from the two thousand and eight

287
00:15:10,200 --> 00:15:14,520
Speaker 1: mortgage crisis and that whole mess. The federal government now

288
00:15:14,560 --> 00:15:19,560
Speaker 1: controls the two biggest mortgage companies in the country. It's

289
00:15:19,600 --> 00:15:22,360
Speaker 1: not privately owned. And I can bore you with the

290
00:15:22,600 --> 00:15:25,760
Speaker 1: too Big to Fail on how this happened. But what

291
00:15:25,920 --> 00:15:29,200
Speaker 1: is transpired is that Trump has said to Freddy and Fanny,

292
00:15:29,440 --> 00:15:32,360
Speaker 1: you need to start buying mortgages again, which is correct.

293
00:15:32,400 --> 00:15:35,480
Speaker 1: They need to start buying mortgages again. And they spend

294
00:15:35,480 --> 00:15:40,640
Speaker 1: two hundred billion dollars in the last few days buying mortgages.

295
00:15:41,440 --> 00:15:44,560
Speaker 1: And guess what, when they bought the mortgages, mortgage rates

296
00:15:44,640 --> 00:15:47,480
Speaker 1: drop because they're a private company. They're not printing money.

297
00:15:47,680 --> 00:15:50,760
Speaker 1: When the government buys them, they're printing money, they cause inflation.

298
00:15:50,920 --> 00:15:54,400
Speaker 1: When a private company buys mortgages, that's a better decision,

299
00:15:54,440 --> 00:15:57,520
Speaker 1: and that's what's happening. So they're pulling down interest rates

300
00:15:57,880 --> 00:16:02,760
Speaker 1: by purchasing mortgages, which is Freddie and Fanny supposed to do,

301
00:16:02,960 --> 00:16:05,800
Speaker 1: instead of the federal government. It's a great thing. Trump

302
00:16:05,880 --> 00:16:08,480
Speaker 1: is right on target with this. I just don't like

303
00:16:08,520 --> 00:16:12,640
Speaker 1: the federal government being in control of private companies.

304
00:16:13,440 --> 00:16:17,040
Speaker 2: And I don't either. It drives me absolutely up a wall.

305
00:16:17,360 --> 00:16:20,359
Speaker 2: And so this is where the difference between my conservatism

306
00:16:20,800 --> 00:16:26,040
Speaker 2: and Trump's populism comes into play. But what the future

307
00:16:26,080 --> 00:16:28,720
Speaker 2: homeowner is going to say is, well, this is much better.

308
00:16:29,280 --> 00:16:31,160
Speaker 2: I have made the argument that you needed to be

309
00:16:31,320 --> 00:16:34,040
Speaker 2: under you need to be about five and a half.

310
00:16:34,440 --> 00:16:37,400
Speaker 2: I want to make sure I've got this right. Guys

311
00:16:37,480 --> 00:16:41,240
Speaker 2: like Kevin O'Leary from Shark Tank think you need to

312
00:16:41,280 --> 00:16:44,400
Speaker 2: be under five percent for things to really explode. Now

313
00:16:44,400 --> 00:16:46,720
Speaker 2: maybe I have that reversed, and he's the guy who's like,

314
00:16:46,720 --> 00:16:48,280
Speaker 2: if you're at five and a half percent, you'll start

315
00:16:48,280 --> 00:16:51,600
Speaker 2: selling homes. Is there a feeling amongst economists that if

316
00:16:51,600 --> 00:16:55,280
Speaker 2: mortgage rates were x, you would see an exponential rise

317
00:16:55,520 --> 00:16:57,600
Speaker 2: in home buying and home selling.

318
00:16:58,600 --> 00:17:02,320
Speaker 1: Yeah. Yes, the answer is yeah. It's not the absolute amount,

319
00:17:02,360 --> 00:17:04,760
Speaker 1: it's the shift in the amount that matters. If you

320
00:17:04,800 --> 00:17:07,960
Speaker 1: have a shift that's about seventy five basis, about point

321
00:17:08,040 --> 00:17:11,639
Speaker 1: seventy five percent to one percent, that's when you start

322
00:17:11,640 --> 00:17:15,400
Speaker 1: seeing this activity happening. So it's not under five, under four,

323
00:17:15,520 --> 00:17:19,200
Speaker 1: under three, it's when it drops by about zero point

324
00:17:19,280 --> 00:17:23,080
Speaker 1: seventy five percent, that's when you start getting the magic activity.

325
00:17:23,440 --> 00:17:26,480
Speaker 1: So this is again, this is one of the things

326
00:17:26,480 --> 00:17:30,040
Speaker 1: Trump is doing right. I don't necessarily like the government control,

327
00:17:30,400 --> 00:17:33,560
Speaker 1: but getting the mortgages out of the central government and

328
00:17:33,720 --> 00:17:37,760
Speaker 1: into private companies is exactly the right move. I hope

329
00:17:37,800 --> 00:17:41,359
Speaker 1: he succeeds and finishes a job on this. By the way,

330
00:17:41,560 --> 00:17:43,480
Speaker 1: I got to tell you, you know, this is one of

331
00:17:43,480 --> 00:17:45,800
Speaker 1: the great things he's doing. You know, a line, a

332
00:17:45,880 --> 00:17:48,199
Speaker 1: throwaway line that people need to pay attention to in

333
00:17:48,240 --> 00:17:51,080
Speaker 1: the State of the Union was this whole data centers

334
00:17:51,119 --> 00:17:54,680
Speaker 1: having their own energy production. He's doing so much blocking

335
00:17:54,720 --> 00:17:57,719
Speaker 1: and tackling that doesn't make the headlines. It's causing good

336
00:17:57,760 --> 00:18:00,200
Speaker 1: things for the economy, and I wish those things, things

337
00:18:00,240 --> 00:18:03,320
Speaker 1: that are blocking and tackling, would be pushed faster because

338
00:18:03,359 --> 00:18:08,520
Speaker 1: both the mortgage issue and the data centered energy issue,

339
00:18:08,640 --> 00:18:11,639
Speaker 1: those two things could dramatically improve the economy.

340
00:18:12,119 --> 00:18:16,040
Speaker 2: Doctor Mattwell, economists at the University of Indianapolis. I appreciate

341
00:18:16,359 --> 00:18:19,000
Speaker 2: the drill down. We will talk more in the future.

342
00:18:19,040 --> 00:18:20,960
Speaker 2: I'm Tony Katz. This is Tony Katz today.

343
00:18:21,400 --> 00:18:24,639
Speaker 3: So the enforcement of federal immigration laws is a federal responsibility,

344
00:18:24,640 --> 00:18:27,240
Speaker 3: which is why our local officers are not going to.

345
00:18:26,960 --> 00:18:28,719
Speaker 2: Aid it, support it, or be a part of it.

346
00:18:29,119 --> 00:18:31,840
Speaker 3: But they still have the obligation to uphold the basic

347
00:18:31,920 --> 00:18:34,600
Speaker 3: state criminal laws in our city, in our state, which

348
00:18:34,640 --> 00:18:37,320
Speaker 3: is you cannot use excessive for us, you cannot injure

349
00:18:37,400 --> 00:18:40,200
Speaker 3: or shoot someone without appropriate cause, and if you do,

350
00:18:40,440 --> 00:18:42,920
Speaker 3: you can face charges like any other officer would face

351
00:18:43,119 --> 00:18:44,160
Speaker 3: in the city County Denver.

352
00:18:44,760 --> 00:18:48,919
Speaker 2: That's the mayor of Denver, Mike Johnson saying, we are

353
00:18:48,960 --> 00:18:51,639
Speaker 2: not going to help ICE, but anything we can do

354
00:18:51,720 --> 00:18:54,320
Speaker 2: to go after ICE, we're going to do with friends

355
00:18:54,359 --> 00:18:58,879
Speaker 2: like that, right, Tony Katz, Tony Katz today, Good to

356
00:18:58,920 --> 00:19:02,280
Speaker 2: be here, good to be with the anytime they aren't

357
00:19:02,280 --> 00:19:05,199
Speaker 2: assisting ICE, one should ask what kind of city do

358
00:19:05,240 --> 00:19:07,480
Speaker 2: you want? What kind of city do you have? Mike

359
00:19:07,560 --> 00:19:09,560
Speaker 2: Johnson is not saying anything here that he should be

360
00:19:09,640 --> 00:19:13,960
Speaker 2: proud of. He's saying, it's better that we have people

361
00:19:14,000 --> 00:19:17,800
Speaker 2: here illegally. It's better that we allow potential criminal elements,

362
00:19:17,800 --> 00:19:20,800
Speaker 2: because not certainly every illegal immigrant is engaged in criminal

363
00:19:20,840 --> 00:19:22,679
Speaker 2: activity outside of breaking the law from coming in the

364
00:19:22,680 --> 00:19:26,200
Speaker 2: country illegally. It's better that they be here to messed

365
00:19:26,280 --> 00:19:28,520
Speaker 2: up argument that the left is losing on, but they

366
00:19:28,560 --> 00:19:32,000
Speaker 2: won't stop. The ideology beats the polling every day of

367
00:19:32,000 --> 00:19:34,920
Speaker 2: the week, and twice on Sunday. They're showing you who

368
00:19:35,000 --> 00:19:41,080
Speaker 2: they are. My advice starts believing them. I'm Tony Katz.

369
00:19:41,119 --> 00:19:48,440
Speaker 2: This is Tony Katz today. I've said before that Representative

370
00:19:48,520 --> 00:19:53,440
Speaker 2: Rocana Progressive out of California had at least the decency

371
00:19:53,480 --> 00:19:56,720
Speaker 2: to stand up for free speech. And when the argument

372
00:19:56,960 --> 00:19:58,600
Speaker 2: was was that the political right should be able to

373
00:19:58,640 --> 00:20:00,840
Speaker 2: say this, that or the other. He as a guy saying, hey,

374
00:20:01,280 --> 00:20:03,680
Speaker 2: people get to speak. We agree, we disagree, they get

375
00:20:03,680 --> 00:20:06,879
Speaker 2: to speak. But Roe Kanha has moved himself into a

376
00:20:07,000 --> 00:20:10,240
Speaker 2: very aggressive progressive world. I should take that back. He's

377
00:20:10,320 --> 00:20:14,360
Speaker 2: always been there. He's abandoned the free speech conversation where

378
00:20:14,400 --> 00:20:16,639
Speaker 2: you were like, Okay, well maybe he's got some normalcy

379
00:20:17,440 --> 00:20:21,919
Speaker 2: for his real true progressive bona fhis including the idea

380
00:20:21,960 --> 00:20:24,320
Speaker 2: that you all all you wanted the Epstein files. You

381
00:20:24,280 --> 00:20:25,919
Speaker 2: got to release the Epstein files. You gotta have all

382
00:20:25,920 --> 00:20:28,960
Speaker 2: the Epstein files. And you invited somebody who's known as

383
00:20:29,000 --> 00:20:32,720
Speaker 2: a co conspirator. That's what she did, Tony Katz, Tony

384
00:20:32,760 --> 00:20:34,879
Speaker 2: Katz today, Good to be here, Good to be with you.

385
00:20:35,160 --> 00:20:36,959
Speaker 2: And then the argument is who whoa she was abused

386
00:20:37,000 --> 00:20:39,280
Speaker 2: by Epstein and then she was forced into helping him,

387
00:20:39,359 --> 00:20:41,560
Speaker 2: and that then she was charged. But really it's a

388
00:20:41,600 --> 00:20:45,359
Speaker 2: different story. It's a weird take to invite this woman

389
00:20:45,520 --> 00:20:48,359
Speaker 2: to the State of the Union. It's a weird take

390
00:20:48,480 --> 00:20:51,399
Speaker 2: to want all information and not have to worry about

391
00:20:51,440 --> 00:20:54,520
Speaker 2: and not think to worry about whether information about innocent

392
00:20:54,560 --> 00:20:58,840
Speaker 2: people is redacted, victims is redacted. It's very messed up stuff.

393
00:21:00,000 --> 00:21:02,720
Speaker 2: And then you have him, Congressman Rocanna on Fox Business

394
00:21:03,640 --> 00:21:08,760
Speaker 2: with Maria Bartiromo, discussing why you can't stand for supporting

395
00:21:08,800 --> 00:21:13,360
Speaker 2: American citizens. You decide whether this makes any sense? Join

396
00:21:13,480 --> 00:21:13,760
Speaker 2: me now?

397
00:21:13,840 --> 00:21:16,960
Speaker 4: Is California Congressman Rocanna, who was at the State of

398
00:21:16,960 --> 00:21:19,840
Speaker 4: the Union but did not stand. Congressman, thank you so

399
00:21:19,920 --> 00:21:21,320
Speaker 4: much for being here this morning.

400
00:21:23,040 --> 00:21:23,920
Speaker 2: It's good to see you.

401
00:21:24,440 --> 00:21:26,840
Speaker 4: Are we to assume the Democrats are going to give

402
00:21:26,880 --> 00:21:29,959
Speaker 4: you thank you, sir? Are we to assume that Democrats

403
00:21:30,000 --> 00:21:32,800
Speaker 4: really do put the needs of illegals ahead of American citizens?

404
00:21:33,880 --> 00:21:36,440
Speaker 2: Well, you got to give Maria credit. There, she goes

405
00:21:37,000 --> 00:21:40,280
Speaker 2: right to it. The question that President Trump act agree

406
00:21:40,320 --> 00:21:43,760
Speaker 2: with the statement, stand and show your support. American citizens

407
00:21:43,760 --> 00:21:47,040
Speaker 2: come before ilegal immigrants. The rights of American citizens come first.

408
00:21:47,600 --> 00:21:51,080
Speaker 2: And Democrats did not stand. Democrats did not applaud this

409
00:21:51,359 --> 00:21:54,840
Speaker 2: reality ah, because they weren't going to be part of

410
00:21:54,840 --> 00:21:57,760
Speaker 2: the stage craft. It was too late. You did this.

411
00:21:58,840 --> 00:22:03,440
Speaker 2: You made yourself the story you got played, plain and simple.

412
00:22:03,440 --> 00:22:05,000
Speaker 2: And if you say to me, it's a cheap stunt

413
00:22:05,000 --> 00:22:10,359
Speaker 2: by Trump, maybe, but damn effective on the most basic things.

414
00:22:10,960 --> 00:22:14,360
Speaker 2: Representative Connor, that's just not true. Of course.

415
00:22:14,840 --> 00:22:19,760
Speaker 5: The first principle of the American government is to protect

416
00:22:19,840 --> 00:22:23,680
Speaker 5: and look after the American people, American citizens. The problem

417
00:22:23,800 --> 00:22:27,159
Speaker 5: is you can't have Democrats stand while Donald Trump's talking

418
00:22:27,160 --> 00:22:30,240
Speaker 5: about those who are undocumented when he's got an Ice

419
00:22:30,280 --> 00:22:33,760
Speaker 5: agency that is killing American citizens when he's got an

420
00:22:33,800 --> 00:22:37,679
Speaker 5: ICE agency that is rating American citizens and treating the

421
00:22:37,800 --> 00:22:40,040
Speaker 5: undocumented violation of human rights.

422
00:22:40,040 --> 00:22:44,160
Speaker 2: So, with all due respect, the human rights conversation is bunk.

423
00:22:44,359 --> 00:22:48,359
Speaker 2: It's a ridiculous, nonsense argument from progressives. I dismiss it.

424
00:22:48,520 --> 00:22:51,640
Speaker 2: What is human rights? What are you referring to here?

425
00:22:52,000 --> 00:22:55,240
Speaker 2: What right does the illegal immigrant have that is a

426
00:22:55,640 --> 00:22:58,639
Speaker 2: human rights? Which one life, liberty in the pursuit of happiness.

427
00:22:59,800 --> 00:23:02,320
Speaker 2: We are allowed to have standards, we're allowed to have borders.

428
00:23:02,560 --> 00:23:06,320
Speaker 2: And both renee Good and Alex Preddy were interfering pretty

429
00:23:06,440 --> 00:23:10,920
Speaker 2: known to ICE agents and cause damage to ICE vehicles.

430
00:23:11,160 --> 00:23:14,040
Speaker 2: Renee Good did not listen, was blocking traffic, did not

431
00:23:14,080 --> 00:23:16,880
Speaker 2: get out of the car, and hit an ICE officer.

432
00:23:17,080 --> 00:23:20,160
Speaker 2: End of list the way Rokana discusses it that ICE

433
00:23:20,200 --> 00:23:23,520
Speaker 2: agents are just going out they're murdering people, and we

434
00:23:23,720 --> 00:23:28,000
Speaker 2: both know that that's not true. He's a liar, he's

435
00:23:28,040 --> 00:23:32,280
Speaker 2: a liar, he's a fraud. The American citizen comes first.

436
00:23:32,720 --> 00:23:36,440
Speaker 2: Even if two people were killed, the American citizen still

437
00:23:36,520 --> 00:23:40,359
Speaker 2: comes first. So the idea that you can't stand for

438
00:23:40,440 --> 00:23:42,760
Speaker 2: this is bunk. The idea that ICE is just a

439
00:23:42,760 --> 00:23:46,080
Speaker 2: bunch of murderers is discussing claptrap from the left because

440
00:23:46,080 --> 00:23:49,000
Speaker 2: they want to see law enforcement attacked even further. That's

441
00:23:49,400 --> 00:23:52,560
Speaker 2: clearly the answer. We don't have to debate what we

442
00:23:52,680 --> 00:23:55,199
Speaker 2: know to be true. Some people may want to argue it.

443
00:23:55,240 --> 00:23:56,920
Speaker 2: But I've got believe, I believe I have the data.

444
00:23:56,960 --> 00:24:01,600
Speaker 2: I've got nothing but examples behind me, and I still

445
00:24:01,680 --> 00:24:06,280
Speaker 2: think that in these both of these cases, these ICE

446
00:24:06,320 --> 00:24:08,480
Speaker 2: Agency needs to be investigated. Was it a good shoot?

447
00:24:08,840 --> 00:24:10,919
Speaker 2: We might find out, No, we might find out there

448
00:24:10,960 --> 00:24:16,919
Speaker 2: are consequences. There are consequences for interfering, There are consequences

449
00:24:16,920 --> 00:24:21,679
Speaker 2: for violent actions. They are consequences for these things. What

450
00:24:21,960 --> 00:24:25,080
Speaker 2: is this idea that somehow the leftists can act anyway

451
00:24:25,119 --> 00:24:29,360
Speaker 2: the leftist chooses and it is consequence free. That is

452
00:24:29,480 --> 00:24:35,080
Speaker 2: not the real world, to which Roe Kahana seems not

453
00:24:35,600 --> 00:24:39,159
Speaker 2: woefully ignorant of. Because I don't believe he's ignorant. He

454
00:24:39,240 --> 00:24:43,359
Speaker 2: has decided that he can eliminate that and connect and

455
00:24:43,400 --> 00:24:44,720
Speaker 2: be rational, and you can't.

456
00:24:45,280 --> 00:24:47,520
Speaker 5: You're never going to get Democrats to stand for that

457
00:24:47,840 --> 00:24:51,119
Speaker 5: and say that we agree with Trump's Ice Agency.

458
00:24:51,680 --> 00:24:55,160
Speaker 4: Well, look, this requires context, and I think we.

459
00:24:55,160 --> 00:24:55,840
Speaker 2: Both know that.

460
00:24:55,920 --> 00:24:59,639
Speaker 4: I mean Look, you can't tell citizens to get in

461
00:24:59,720 --> 00:25:04,320
Speaker 4: the faces of law enforcement and ICE agents and think

462
00:25:04,359 --> 00:25:06,360
Speaker 4: that ICE agents are not going to respond.

463
00:25:07,280 --> 00:25:08,760
Speaker 2: You can't tell.

464
00:25:08,640 --> 00:25:13,159
Speaker 4: Citizens that it's okay to interrupt an operation that is

465
00:25:13,320 --> 00:25:18,240
Speaker 4: underway where you're expecting the ICE agents to take down

466
00:25:18,320 --> 00:25:23,080
Speaker 4: criminals who are here illegally and not expect them to respond.

467
00:25:23,440 --> 00:25:26,640
Speaker 4: You can't have a person who's armed with a gun

468
00:25:26,760 --> 00:25:31,560
Speaker 4: showing in his belt interrupting ICE operations and not expect

469
00:25:31,960 --> 00:25:33,880
Speaker 4: an ICE agent to react.

470
00:25:34,000 --> 00:25:37,879
Speaker 2: Do we agree on that? All rational people would agree

471
00:25:37,880 --> 00:25:40,560
Speaker 2: on what she just said. It was a very well stated,

472
00:25:40,640 --> 00:25:44,040
Speaker 2: good on her clear dissertation. But I want to go

473
00:25:44,160 --> 00:25:46,800
Speaker 2: back before we hear his answer to what it is,

474
00:25:46,920 --> 00:25:50,720
Speaker 2: ro Conna said. Representative Conna said, I can't stand for

475
00:25:50,800 --> 00:25:53,959
Speaker 2: American citizens if Trump is going to do these things,

476
00:25:55,080 --> 00:25:59,080
Speaker 2: first he ignores what it is they did. Second, it

477
00:25:59,119 --> 00:26:03,520
Speaker 2: wouldn't matter because what about all the other citizens it

478
00:26:03,760 --> 00:26:08,520
Speaker 2: is and it's a conversation about theory, not to practice.

479
00:26:09,440 --> 00:26:11,320
Speaker 2: That's what the Democrat is missing here, That's what the

480
00:26:11,320 --> 00:26:15,560
Speaker 2: progressive is missing here. We are asking a base question

481
00:26:15,960 --> 00:26:20,719
Speaker 2: outside of everything else, does the citizen come first? And

482
00:26:20,760 --> 00:26:23,359
Speaker 2: what the Democrats said at the State of the union

483
00:26:23,480 --> 00:26:28,639
Speaker 2: was no, and now being pressed upon it in an interview,

484
00:26:29,880 --> 00:26:35,719
Speaker 2: the answer is still no, and Progressive Representative Rocanna is

485
00:26:35,800 --> 00:26:38,320
Speaker 2: sticking by his guns on that ray.

486
00:26:38,320 --> 00:26:40,880
Speaker 5: You're trying to have a reasonable conversation. Let me say

487
00:26:40,920 --> 00:26:44,920
Speaker 5: what I agree with. You can't have people just go

488
00:26:45,040 --> 00:26:50,240
Speaker 5: try to interrupt law enforcement, including ICE. But the answer

489
00:26:50,280 --> 00:26:52,919
Speaker 5: to that is not to shoot them dead. There is

490
00:26:52,960 --> 00:26:56,800
Speaker 5: a proportional use of force, there is training, and would

491
00:26:56,840 --> 00:26:59,880
Speaker 5: you agree that in a number of these cases, I say,

492
00:27:00,560 --> 00:27:02,359
Speaker 5: have exceeded what a.

493
00:27:02,280 --> 00:27:08,320
Speaker 2: Proportional response is. So again he doesn't answer the question.

494
00:27:08,800 --> 00:27:11,760
Speaker 2: Ice is doing too much. Ice is being too aggressive.

495
00:27:12,000 --> 00:27:16,240
Speaker 2: She drove her car at an ICE agent. It was

496
00:27:16,320 --> 00:27:20,720
Speaker 2: an attempted murder. The left doesn't have to agree with that.

497
00:27:20,760 --> 00:27:23,080
Speaker 2: But the left won't accept the reality that they put

498
00:27:23,119 --> 00:27:26,959
Speaker 2: the illegal immigrant over the citizen. They said it with

499
00:27:27,000 --> 00:27:30,080
Speaker 2: their actions and now they're defending it, and they won't

500
00:27:30,119 --> 00:27:35,400
Speaker 2: even address the basic They refuse. Not addressing the basic

501
00:27:36,440 --> 00:27:39,200
Speaker 2: is part and parcel for this Democratic party. It is

502
00:27:40,040 --> 00:27:43,080
Speaker 2: it is what they are about. Remember we talk about

503
00:27:43,119 --> 00:27:46,560
Speaker 2: immigration as a subject for example, and you will be

504
00:27:46,680 --> 00:27:52,440
Speaker 2: well reminded that they do not even discuss the concept

505
00:27:53,000 --> 00:27:56,760
Speaker 2: of legal and illegal You'll notice that they always refer

506
00:27:56,880 --> 00:28:03,640
Speaker 2: to it as immigration. That's how they refer to it, when,

507
00:28:03,640 --> 00:28:08,760
Speaker 2: of course, there is a very large difference between legal

508
00:28:09,160 --> 00:28:15,440
Speaker 2: and illegal immigration. We want legal immigration, I should be clear.

509
00:28:15,560 --> 00:28:18,920
Speaker 2: I sure as heck do I want more of it.

510
00:28:19,560 --> 00:28:22,359
Speaker 2: I want people who want to be Americans. I want

511
00:28:22,440 --> 00:28:28,000
Speaker 2: them here. I can't wait to see more people who

512
00:28:28,119 --> 00:28:32,760
Speaker 2: want this country being here. Now, I know what you're saying, Tony.

513
00:28:32,760 --> 00:28:36,600
Speaker 2: Do you just say you can't wait? I'll gladly rephrase.

514
00:28:38,040 --> 00:28:41,600
Speaker 2: I am not one of the people who is concerned

515
00:28:41,800 --> 00:28:45,719
Speaker 2: about this idea that America is going to lose its identity.

516
00:28:46,440 --> 00:28:49,360
Speaker 2: And one of the reasons I am not concerned is

517
00:28:49,440 --> 00:28:55,120
Speaker 2: because if we go about smart immigration policies and bring

518
00:28:55,160 --> 00:28:57,200
Speaker 2: people into the country who want to be a part

519
00:28:57,280 --> 00:29:01,160
Speaker 2: of America like we had for so many years, there

520
00:29:01,280 --> 00:29:06,680
Speaker 2: is no loss of America's identity. There is no loss

521
00:29:07,000 --> 00:29:12,000
Speaker 2: of our history, there is no loss of our growth none.

522
00:29:13,000 --> 00:29:16,680
Speaker 2: I reject the idea that there would be. I reject

523
00:29:16,680 --> 00:29:20,240
Speaker 2: the idea because history shows that's not true. It's when

524
00:29:20,320 --> 00:29:26,840
Speaker 2: you allow for immigration in a loose measure and you

525
00:29:26,920 --> 00:29:30,200
Speaker 2: do not ask the key questions, and you engage with

526
00:29:30,280 --> 00:29:33,640
Speaker 2: immigration that is much more about being political than it

527
00:29:33,680 --> 00:29:36,640
Speaker 2: is about being rational. That's when it all falls down.

528
00:29:39,320 --> 00:29:42,280
Speaker 2: My immigration policy does not allow Chinese nationals to come

529
00:29:42,320 --> 00:29:47,080
Speaker 2: to the country. My immigration policy absolutely looks stronger and

530
00:29:47,200 --> 00:29:52,040
Speaker 2: harder and rougher at those from Islamic nations because Islamists

531
00:29:52,280 --> 00:29:55,600
Speaker 2: are not what we need for our growth. Now someone's

532
00:29:55,640 --> 00:29:57,520
Speaker 2: going to tell me that's anti Muslim, and I tell

533
00:29:57,560 --> 00:30:03,040
Speaker 2: you it's anti Islamist, going to apologize for that. Islam

534
00:30:03,120 --> 00:30:06,360
Speaker 2: needs a reformation. You have two billion Muslims and they

535
00:30:06,440 --> 00:30:09,920
Speaker 2: argue the ten percent is radicalized. Two hundred million people

536
00:30:10,240 --> 00:30:12,360
Speaker 2: is an army that would be very hard to defeat,

537
00:30:13,040 --> 00:30:16,000
Speaker 2: and no, we do not allow that into the nation.

538
00:30:17,360 --> 00:30:19,600
Speaker 2: You take a look at some only nationals being allowed

539
00:30:19,640 --> 00:30:23,760
Speaker 2: into the country, and let's ask ourselves, why aren't there

540
00:30:23,840 --> 00:30:28,200
Speaker 2: others just I'm sorry, not just as actually more worthy,

541
00:30:28,760 --> 00:30:31,480
Speaker 2: more worthy than from nations that want to do us harm.

542
00:30:31,920 --> 00:30:35,160
Speaker 2: The nation wants to do us harm. And you'll notice

543
00:30:35,240 --> 00:30:37,840
Speaker 2: I started with China, a place that isn't about religion,

544
00:30:37,880 --> 00:30:42,400
Speaker 2: It's about the state. I started with the communists. So

545
00:30:42,520 --> 00:30:44,800
Speaker 2: for those people who want to call me some type

546
00:30:44,800 --> 00:30:49,600
Speaker 2: of islam first, I laugh the term. It's hilarious and

547
00:30:49,640 --> 00:30:54,600
Speaker 2: it's stupid. It's a ridiculous thing. Scared of Islam, I

548
00:30:54,680 --> 00:30:59,600
Speaker 2: am concerned about Islamists. You better believe it. I apologize

549
00:30:59,640 --> 00:31:02,760
Speaker 2: for nothing, and I have got nothing but history lessons

550
00:31:02,960 --> 00:31:06,360
Speaker 2: regarding terrorism that set me in a place of being

551
00:31:06,480 --> 00:31:10,360
Speaker 2: absolutely correct. I have nothing but history talking about the

552
00:31:10,440 --> 00:31:15,240
Speaker 2: very concepts of conquest that proved me nothing but correct.

553
00:31:16,280 --> 00:31:19,640
Speaker 2: I don't allow people in who don't believe in the country,

554
00:31:19,800 --> 00:31:23,440
Speaker 2: who don't want to learn the language. I don't do it.

555
00:31:24,320 --> 00:31:27,920
Speaker 2: There are plenty of people who will make absolutely amazing Americans.

556
00:31:28,040 --> 00:31:32,959
Speaker 2: I want to say welcome. I want it. As a

557
00:31:32,960 --> 00:31:36,400
Speaker 2: matter of fact. I don't understand how it's possible. We don't. Well,

558
00:31:36,400 --> 00:31:40,440
Speaker 2: we're gonna lose America's identity. Oh that is just silly stuff.

559
00:31:41,960 --> 00:31:47,920
Speaker 2: America's identity is exactly this, the ensuring of an immigration

560
00:31:48,040 --> 00:31:54,960
Speaker 2: policy of value. That's the win. Now, you might say

561
00:31:55,000 --> 00:31:57,160
Speaker 2: to me, Okay, all right, I hear what you're saying, Tony,

562
00:31:57,200 --> 00:32:01,600
Speaker 2: But what about numbers. Oh well, let's discuss number Let's

563
00:32:01,600 --> 00:32:07,280
Speaker 2: discuss numbers. Let's discuss rational immigration policy and indeed, rational

564
00:32:07,280 --> 00:32:12,560
Speaker 2: immigration growth. Absolutely, I'm sorry, did I come across like

565
00:32:12,600 --> 00:32:15,320
Speaker 2: I was somehow turning insane all of a sudden. I

566
00:32:15,360 --> 00:32:18,200
Speaker 2: went from totally normal to totally insane in a second. Gush. No,

567
00:32:19,560 --> 00:32:24,640
Speaker 2: absolutely not. I'm with you there, ten thousand percent. But

568
00:32:24,760 --> 00:32:28,240
Speaker 2: on the top line, we don't want immigration. We don't

569
00:32:28,280 --> 00:32:32,520
Speaker 2: want any foreigners in the country. That is weird, dumb talk.

570
00:32:32,640 --> 00:32:36,360
Speaker 2: No thanks. I want people who can be Americans in

571
00:32:36,400 --> 00:32:39,360
Speaker 2: the country. I have met many people from other countries

572
00:32:39,640 --> 00:32:43,000
Speaker 2: who I am far more connected to than white liberal women.

573
00:32:44,160 --> 00:32:49,400
Speaker 2: Tell me more about how that's what we need. Ah shuh.

574
00:32:49,480 --> 00:32:51,480
Speaker 2: Pick the street corner, so I know exactly where to

575
00:32:51,520 --> 00:32:54,720
Speaker 2: laugh at that person's face when they make that argument

576
00:32:56,120 --> 00:33:01,040
Speaker 2: talking about rational policies that could involve slowing down of

577
00:33:01,080 --> 00:33:06,400
Speaker 2: immigration less people. But still, we want good people who

578
00:33:06,440 --> 00:33:11,040
Speaker 2: want to be Americans and want the American ethos. And

579
00:33:11,080 --> 00:33:16,040
Speaker 2: we should say of certain nations and certain political affiliations

580
00:33:16,040 --> 00:33:19,920
Speaker 2: to which we should argue clearly that Islam is No,

581
00:33:20,480 --> 00:33:24,360
Speaker 2: we don't necessarily accept these things, like we don't accept communists.

582
00:33:24,400 --> 00:33:29,240
Speaker 2: We don't accept Chinese nationals Ba Felicia, the people fighting

583
00:33:29,360 --> 00:33:33,400
Speaker 2: for their freedom in Hong Kong. I'll take them single

584
00:33:33,600 --> 00:33:37,800
Speaker 2: Chinese nationals, grown men by themselves. Absolutely not. And I

585
00:33:37,840 --> 00:33:43,400
Speaker 2: don't need you in my universities either. Smart immigration policy matters,

586
00:33:44,640 --> 00:33:47,760
Speaker 2: but absolutely we can't have illegal immigration. And this is

587
00:33:47,800 --> 00:33:49,960
Speaker 2: my point. The left won't even be honest about it.

588
00:33:50,040 --> 00:33:54,320
Speaker 2: They won't be honest about illegal immigration, so they can't

589
00:33:54,320 --> 00:33:57,680
Speaker 2: be trusted for any part of this. And what Rocan

590
00:33:57,880 --> 00:34:02,000
Speaker 2: is saying is the illegal before the citizen. You deserve

591
00:34:02,080 --> 00:34:05,360
Speaker 2: to lose every election. They have to lose the midterms.

592
00:34:05,520 --> 00:34:08,239
Speaker 2: These people can't be allowed to be in power, not

593
00:34:08,480 --> 00:34:13,239
Speaker 2: for a second. They're not qualified. I'm Tony Katz, this

594
00:34:13,320 --> 00:34:16,240
Speaker 2: is Tony Katz today. Cannot wait to see everybody tomorrow.

595
00:34:16,760 --> 00:34:21,800
Speaker 2: Holy cow, the last minute ticket sales have been fantastic.

596
00:34:21,920 --> 00:34:24,640
Speaker 2: I'm thrilled Tony Katz and Trump one year and one

597
00:34:24,640 --> 00:34:29,960
Speaker 2: month later. The bourbon, the food, the cigars, we brought in,

598
00:34:30,000 --> 00:34:32,799
Speaker 2: the desserts, the good time. It's a party, right. I

599
00:34:32,840 --> 00:34:35,279
Speaker 2: wanted to do this red tie gallop about Trump's first year,

600
00:34:35,280 --> 00:34:37,720
Speaker 2: and it got snowed out, and then things got weird

601
00:34:37,719 --> 00:34:40,239
Speaker 2: with the midterms and what were the Republicans doing? And

602
00:34:40,360 --> 00:34:42,080
Speaker 2: are they fighting? And then they started to learn how

603
00:34:42,080 --> 00:34:45,640
Speaker 2: to fight, and then the Democrats have beclowned themselves in

604
00:34:45,640 --> 00:34:48,200
Speaker 2: ways that it's hard to fathom and the next thing,

605
00:34:48,239 --> 00:34:49,440
Speaker 2: you know, you got to stay at the Union where

606
00:34:49,440 --> 00:34:53,400
Speaker 2: Trump is stealing my lines. He doesn't know he stole

607
00:34:53,440 --> 00:34:55,440
Speaker 2: my lines, but he stole my lines. That's why I'm

608
00:34:55,480 --> 00:34:59,160
Speaker 2: saying it. And now people are like, yeah, this is winnable.

609
00:34:59,200 --> 00:35:02,080
Speaker 2: And my point was it's always winnable. You actually have

610
00:35:02,120 --> 00:35:04,080
Speaker 2: to go out there and win it, though, and that

611
00:35:04,120 --> 00:35:06,680
Speaker 2: involves fighting, and that involves working. And I've got the

612
00:35:06,719 --> 00:35:08,600
Speaker 2: whole layout. So we're gonna go over the last year.

613
00:35:08,840 --> 00:35:12,160
Speaker 2: We're gonna talk about what this this midterm is gonna mean.

614
00:35:12,200 --> 00:35:13,799
Speaker 2: And here's how we fight it, Here's how we do it,

615
00:35:13,840 --> 00:35:17,319
Speaker 2: Here's what we're up against. But the left keeps wanting

616
00:35:17,360 --> 00:35:20,680
Speaker 2: to tell us that somehow we're fractured. I'm saying, oh gosh, no,

617
00:35:21,640 --> 00:35:25,600
Speaker 2: not by any stretch. This win is possible. Tickets to

618
00:35:25,719 --> 00:35:28,120
Speaker 2: Tonycats dot com because they're still they're still on sale.

619
00:35:28,920 --> 00:35:32,280
Speaker 2: I got the room, Come join Tickets to Tonycats dot com.

620
00:35:32,480 --> 00:35:34,759
Speaker 2: Get the last minute tickets, Come on out to Indianapolis.

621
00:35:34,760 --> 00:35:37,880
Speaker 2: The Height Regency Downtown is gonna be an amazing night.

622
00:35:38,040 --> 00:35:39,719
Speaker 2: You cannot wait to see everybody. It's gonna be such

623
00:35:39,719 --> 00:35:44,960
Speaker 2: a good party, such a good party. Do not miss it.

624
00:35:45,320 --> 00:35:48,600
Speaker 2: I hope to see you there. Tickets dot tonycats dot com.

625
00:35:48,840 --> 00:35:52,960
Speaker 2: Can't wait so ready. I'm gonna go rest the voice

626
00:35:53,560 --> 00:35:57,040
Speaker 2: after the show. You you should should get yourself a

627
00:35:57,040 --> 00:36:00,000
Speaker 2: red tie. Come join us. Tickets to Tony kats dot com.

628
00:36:00,400 --> 00:36:03,000
Speaker 2: Find everything at tonycats dot com. I'll catch you Monday everyone,

629
00:36:03,040 --> 00:36:04,520
Speaker 2: if not Saturday. Take care,