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Speaker 1: Live from ball Heartland and the Crossroads of America.

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Speaker 2: It's Tony Katz today.

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Speaker 3: End of our lives and not be a burden to

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Speaker 3: our children. So this is extremely important to me and

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Speaker 3: to a lot of immigrants that are facing now these

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Speaker 3: cuts to Medicare and social security when we have contributed

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Speaker 3: through many years of our working lives. Thank you.

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Speaker 4: This is a meeting of the Democrats. It's the DNC

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Speaker 4: Summer Meeting. Tony Katz, Tony Katz today, good.

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Speaker 2: To be with you. And they're going around and people

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Speaker 2: from different states are speaking.

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Speaker 5: I share case outrage by what's happening in our country

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Speaker 5: right now in regards to Medicaid. Particularly it's personal because

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Speaker 5: I have little grandson that was born in January three

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Speaker 5: pounds three.

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Speaker 2: Ounces with a hole in his heart.

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Speaker 5: Earlier this month he had a successful surgery.

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Speaker 2: Thank goodness.

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Speaker 4: We have the kind of medical coverage in the United

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Speaker 4: States that allows for innovation and creation. I mean, that's

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Speaker 4: the only answer there. Thank goodness. That it isn't state

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Speaker 4: run healthcare, thank goodness. It isn't universal healthcare. Thank goodness.

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Speaker 4: We have the incentives to invent the procedures to be

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Speaker 4: able to make these things happen, the innovations, et cetera.

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Speaker 4: The fact that they don't they don't see this. I mean,

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Speaker 4: that's that's part of the issue. How do you think

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Speaker 4: the expertise came about in order to be able to

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Speaker 4: help your grandson with.

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Speaker 2: The whole heart, which, by the way, is awful and

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Speaker 2: horrible and glad he's going to be. Okay, that's wonderful

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Speaker 2: and terrific. Glad to hear it.

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Speaker 4: We all have that humanity, but we should ask ourselves

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Speaker 4: how do we get to the thing in question? That's

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Speaker 4: that I believe is is key. What I thought was

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Speaker 4: interesting as this is happening in Minneapolis, as they're going

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Speaker 4: around the table here. What I thought was interesting is

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Speaker 4: that the way c Span had this, it was DNC

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Speaker 4: debates Gaza resolutions, and I'm like, where are the Gaza resolutions? Well,

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Speaker 4: it turns out this is about a number of resolutions

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Speaker 4: that would alter the party's platform. Is anybody surprised that

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Speaker 4: the Democratic Party is going to push itself further and

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Speaker 4: further anti semitic? There's not even a question. Now, I

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Speaker 4: haven't heard every resolution. I'm only placing my bet based

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Speaker 4: on what the Democratic Party has already shown me. The

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Speaker 4: bigotry of this party in full display every single day,

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Speaker 4: and they're not shy about it. They're not shy about

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Speaker 4: their hate. They're not shy about out there. They're they're vitriol,

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Speaker 4: just like they're not shy about telling you you're a bigot.

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Speaker 4: If you notice people are here legally, it was like

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Speaker 4: this this clip from uh here.

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Speaker 2: This is a representative McClellan.

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Speaker 6: What Ice is doing is not making us safe. The

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Speaker 6: Trump administration is treating immigrants generally undocumented immigrants specifically as criminals.

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Speaker 6: But I remind people being an undocument immigrant is not

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Speaker 6: a crime.

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Speaker 2: Of course it's a crime.

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Speaker 4: And also there's no such thing as an undocumented it's

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Speaker 4: a legal immigrants.

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Speaker 2: Good gosh. So they're going to be debating this, I

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Speaker 2: guarantee you, and I'll go over it. I'll go over

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Speaker 2: what the full platform is you.

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Speaker 4: You will see so much bigotry out of the DNC,

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Speaker 4: out of their meeting, debating resolutions. You will see so

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Speaker 4: much bigotry out of them, you will think you are

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Speaker 4: at a Rashida Talib family reunion. That's how bad it's

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Speaker 4: going to be. It's coming. Are we placing bets because

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Speaker 4: I'm all about.

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Speaker 2: Throwing some cash on this mother. Keep it here. I've

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Speaker 2: got doctor Matt Will.

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Speaker 4: We're going to talk about some of these economic decisions,

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Speaker 4: like the US buying into Intel.

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Speaker 2: Keep it here. This is Tony Katz today.

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Speaker 4: I am absolutely opposed to the United States owning any

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Speaker 4: part of Intel. I was opposed to Solindra. I am

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Speaker 4: opposed to this. This is not the role of government.

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Speaker 4: I was opposed to too big to fail, the idea

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Speaker 4: that somehow we had to bail out these banks. Absolutely not.

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Speaker 4: I developed these insurance companies, never no chance. There is

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Speaker 4: no such thing as too big to fail. Those companies

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Speaker 4: that do not handle themselves appropriately, well that's the way

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Speaker 4: it goes. But the idea that somehow we have to

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Speaker 4: prop them up in order to save America, that doesn't

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Speaker 4: seem to be saving America.

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Speaker 2: It was wrong when George Bush did it, it was.

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Speaker 4: Wrong when Barack Obama did it, and yes it's wrong

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Speaker 4: when Donald Trump does it. Tony Katz, Tony Katz today,

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Speaker 4: good to be with you. Doctor Matt Will joins me

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Speaker 4: right now, economist at the University of Indianapolis.

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Speaker 2: And this Intel thing, it's right.

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Speaker 4: Saltbank comes in and spends two billion dollars gaining a

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Speaker 4: purchase of Intel, and I thought.

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Speaker 2: That was very, very weird numbers. The money didn't make

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Speaker 2: any sense to me.

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Speaker 4: But you consider all the investments Salt Bank has already

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Speaker 4: said they're going to make in the US President Trump

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Speaker 4: and made those announcements, and then all of a sudden,

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Speaker 4: we see that the US is getting a ten percent

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Speaker 4: stake of Intel. Doctor will to walk me through the

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Speaker 4: banks the basics of this deal and then your take

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Speaker 4: on the deal.

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Speaker 1: Well, there's there's two parts of this. There's the conceptual

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Speaker 1: and there's the actual data. You know, the Intel, what

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Speaker 1: kind of company is it? And let me just start

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Speaker 1: with the concept You know, I have to say that

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Speaker 1: this is pure socialist and whether it's George Bush, Barack Obama,

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Speaker 1: or Donald Trump, like you said, it's socialism. The government's

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Speaker 1: role is not to be an owner of companies. It's

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Speaker 1: to be the referee. You know, Biden was wrong in

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Speaker 1: the Chipsack when he gave all this money to Intel,

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Speaker 1: and Trump is wrong in owning part of Intel. It's

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Speaker 1: a bad idea. We don't want the government to be

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Speaker 1: in the game. We don't want them to be the referee.

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Speaker 1: We want them to be the referee, not a member

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Speaker 1: of the team. You know, if the government owned buggy

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Speaker 1: whip manufacturing, we never would have had the car industry,

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Speaker 1: you know, because they would have had a vested interest.

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Speaker 1: You mentioned Cylinder back in twenty eleven. That was a

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Speaker 1: bad investment. The government has owned Amtrak, They've owned the

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Speaker 1: Tennessee Valley Authority, they owned the US Postal Service. None

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Speaker 1: of these things have gone well. And since two thousand

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Speaker 1: and nine they've owned Freddy and Fanny. They have six

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Speaker 1: trillion dollars in mortgages.

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Speaker 2: That they own.

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Speaker 1: It is a disaster when the government owns companies, and

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Speaker 1: we don't want that to happen in a capitalist, free economy.

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Speaker 4: So let's start with thea. You call it socialism, and

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Speaker 4: people say, how dare you? This is Trump saving a

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Speaker 4: company that's important to American growth and jobs. What do

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Speaker 4: you say to that? Let them go under? It is

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Speaker 4: not saving jobs.

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Speaker 1: Until in twenty twenty four to twenty five has cut

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Speaker 1: twenty four thousand jobs, Tell me how that's saving jobs.

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Speaker 1: By quoting cutting twenty four thousand jobs. In twenty twenty four,

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Speaker 1: they reported a seven billion dollar loss in their foundry division.

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Speaker 1: They canceled two megafab factories this year alone. By the way,

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Speaker 1: there's plenty of chip makers in the US. There's plenty. Nvidia,

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Speaker 1: the world's dominant AI chip maker, is based in Santa Clara, California.

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Speaker 1: The number one competitor for desktop CPUs is AMD. They're

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Speaker 1: a US based company, Qualcomm, Broadcom, Micron. These companies are

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Speaker 1: US based other than Taiwan Semiconductor. We own this industry.

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Speaker 1: Let them go under. Let a good company buy a

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Speaker 1: bad company. Intel is bad. I can give you the

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Speaker 1: date on how bad they are. Going to give you

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Speaker 1: the data on how great these other companies are.

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Speaker 2: Now tell me to your show.

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Speaker 4: Note note that doctor Will has been on this for

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Speaker 4: a while, talking to doctor Matt Will, economists at the

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Speaker 4: University of Indianapolis. This was him on the social media's

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Speaker 4: after Trump said that it's my great honor to report

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Speaker 4: that the United States of America now fully owns and

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Speaker 4: controls ten percent of Intel, a great American company that

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Speaker 4: has an even more incredible future, that he negotiated the deal.

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Speaker 4: The shares are now valued at eleven billion. It was you,

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Speaker 4: doctor Will, who said Intel is a bad company. The

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Speaker 4: government should not own private companies. That should not pick

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Speaker 4: winners and losers. Intel must be allowed to fail or

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Speaker 4: succeed on its own merits. Stop socialism. So you are

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Speaker 4: you're very clearly and people are going to say to

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Speaker 4: you once again. Here you are, doctor Will, just throwing

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Speaker 4: a fit over something Trump does. You're just a Trump hater.

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Speaker 4: You don't like Trump. It's all just anti Trump. Is

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Speaker 4: this anti Trump?

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Speaker 2: I know? This isn't anti Trump. This is anti socialism.

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Speaker 3: You know.

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Speaker 1: A good friend of mine called me yesterday, former Goldman

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Speaker 1: Sachs person and asked me, well, you have buyer's remorse

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Speaker 1: as you call it. No, I would vote for Trump

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Speaker 1: again in a heartbeat. Most of the things he's doing

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Speaker 1: economically are fantastic, but this socialism thing is bad and

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Speaker 1: his statement was wrong. It is not a good company.

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Speaker 1: They're not creating AI chips. They had a Gen six

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Speaker 1: to Gen eleven core failure on the Xeon CPUs, Their

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Speaker 1: reptile chip had a doss attacks this thing. They're a mess.

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Speaker 1: Look at their competitors. AMD. AMD year over year revenue

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Speaker 1: was up thirty two percent. Their AI revenue was up

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Speaker 1: ninety four percent. Broadcom, a US company, their AI revenue

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Speaker 1: was up seventy seven percent. Micron a US company, Their

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Speaker 1: data center revenue was up one hundred percent this year.

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Speaker 1: There are plenty of good US companies in this industry,

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Speaker 1: and Intel is laying off people, They're losing money, they're

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Speaker 1: closing factories. How is this a good investment? Can someone

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Speaker 1: tell me how owning ten percent of Intel is a

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Speaker 1: good investment. Let them go bankrupt, someone else will buy them,

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Speaker 1: someone else will take over that market. That's called capitalism.

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Speaker 1: We don't support the horse and buggy industry. We want

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Speaker 1: the car industry to succeed, you know. We want businesses

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Speaker 1: to grow, We want innovation. We don't want to prop

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Speaker 1: up bad companies. And this is a bad company.

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Speaker 2: This leads us to the why we do it and the.

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Speaker 4: Really there's a political or philosophical underpinning to all of this,

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Speaker 4: and it's one of the reasons why I'm not a

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Speaker 4: populist in that way. You can't let this company go under.

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Speaker 4: This company is so important to America and to American jobs.

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Speaker 4: It's a great American company. I'm with you if it's

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Speaker 4: there's no such thing as too big to fail. You say,

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Speaker 4: you know, and discuss this as socialism. You put this

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Speaker 4: post out there. What was the response, just my curiosity

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Speaker 4: that you got to it.

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Speaker 1: I was surprised at how many people were positive to it.

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Speaker 1: There was an initial and if people go back and look,

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Speaker 1: there are initially some folks who were not happy. They

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Speaker 1: were saying, oh, you're against Trump, you'rerogreanst Trump. But then

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Speaker 1: when I laid out you know what the bad things

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Speaker 1: that have happening to Intel, and that there's all these

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Speaker 1: US competitors, They're US based Nvidia and b Qualcom, Broadcom, Micron,

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Speaker 1: there's all these US companies, people started coming around. Although

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Speaker 1: one friend of mine, I was very disappointed. Who actually

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Speaker 1: is a big an Rand loves an Ran talks about

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Speaker 1: Atlas Shrugged all the time. Was, you know, on the

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Speaker 1: Trump bandwagon for this topic. There's some people that are

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Speaker 1: so wedded to Trump they can't see when he does

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Speaker 1: bad and when he does good. And I'll tell you

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Speaker 1: again and again and again, I'd vote for him again,

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Speaker 1: and I'd vote for him twice on Sunday. And if

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Speaker 1: I could go to Illinois and Ohio and vote multiple times,

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Speaker 1: I would, Well, I wouldn't because I'm not a ethical person.

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Speaker 1: He's the better choice by far. None of the great

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Speaker 1: things that are happening right now would have happened if

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Speaker 1: Harris would have won. But he isn't perfect, and he's

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Speaker 1: wrong on teriffs, and he's wrong on the government owning businesses.

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Speaker 1: That's not us capitalism, that's Karl Marx socialism, and I'm

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Speaker 1: against it.

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Speaker 4: Talking to doctor Matt Well, economists at the University of Indianapolis,

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Speaker 4: this economy, I seem to be at odds with some people,

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Speaker 4: is not great.

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Speaker 2: This economy is not there.

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Speaker 4: The price of everything is still high, the insurances are

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Speaker 4: still high. Is the movement in a downward trajectory has

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Speaker 4: not come? I mean you had the announcement from Jerome Powell,

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Speaker 4: Chairman of the Federal Reserve, from Jackson out of Jackson

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Speaker 4: Hole at the symposium saying the conditions could show an

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Speaker 4: opportunity for reducing interest rates, which of course sent the

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Speaker 4: markets up near nine hundred points.

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Speaker 2: But this economy is not there.

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Speaker 4: Are we feeling the tariffs now taking an effect to

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Speaker 4: the negative or is this still the Biden hangover of

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Speaker 4: all that inflation working its way through.

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Speaker 2: It's a little of both.

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Speaker 1: We still have a lot of bad outcomes from the

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Speaker 1: Biden policies, but now the Trump policies are starting to

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Speaker 1: weed their way into the economy. There are some good

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Speaker 1: in there, some bad. I mean, in the second quarter

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Speaker 1: we had phenomenal GDP growth. Consumer spending is still very high,

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Speaker 1: and we see that curving of the use of debt,

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Speaker 1: you know, credit cards, still too high, but it's curving down.

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Speaker 1: We see wages increasing. So there's some good stuff happening.

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Speaker 1: The deregulation, I just can't say enough good things about that.

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Speaker 1: But you know I said before, Trump's like this economic schizophrenic.

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Speaker 1: He's doing all these good things, but then the tariffs

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Speaker 1: are slowing down the economy. John Deere announced two hundred

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Speaker 1: and thirty eight layoffs, all tariff related. They announced six

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Speaker 1: hundred million dollars in expenses this fiscal year as a

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Speaker 1: result of tariffs. He's trying to help John Deere. He

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Speaker 1: wants to help Caterpillar. Yet Caterpillar reported one point five

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Speaker 1: billion dollars in increased costs related to tariffs. And I've

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Speaker 1: said this many times, and I'm going to keep repeating myself.

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Speaker 1: In the end, trade deficits are good, and tariffs remove

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Speaker 1: the incentive to do trade, which harms the thing Trump

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Speaker 1: wants to help agriculture. He wants to help agriculture. Since

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Speaker 1: the tariffour exports to China for tariffs. Because of teriffs,

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Speaker 1: agricultural products have dropped five and a half billion dollars. Overall,

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Speaker 1: agricultural trade has dropped twenty eight point six billion dollars

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Speaker 1: since the trade war started. We look at the PMI report.

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Speaker 1: I'm looking at it right now. He started off when

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Speaker 1: he was elected. Economic output from manufacturing, which is what

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Speaker 1: the tariffs are about, in his mind, grew until the

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Speaker 1: tariff started. We've had five consecutive months of manufacturing contraction

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Speaker 1: in the United States as a result of tariffs.

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Speaker 2: So if I.

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Speaker 1: Could just somehow convince the president to get off the

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Speaker 1: tariff bandwagon and stop owning other companies that's not his job,

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Speaker 1: things would be so good you wouldn't be able to

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Speaker 1: measure it. You know, we could borrow some adjectives from Trump,

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Speaker 1: the best economy you've seen in history, if he could

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Speaker 1: just get off the tariff bandwagon.

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Speaker 4: Is it solely and exclusively tariffs that are are keeping

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Speaker 4: prices high? Hot tariffs? I see insurances going up. I

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Speaker 4: see property taxes. I mean, certainly property taxes are a

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Speaker 4: different function. But I do see the insurance world, car insurance,

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Speaker 4: homeowners insurance, etc. Going up, up, up, and it has

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Speaker 4: been now for the last few years. And this is

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Speaker 4: engaging some real hard costs preventing other things from happening

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Speaker 4: in retail markets.

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Speaker 2: Yet I see retail.

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Speaker 4: Spending going up, so I see the economy as not great.

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Speaker 4: I still see it as a gigantic problem. But some

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Speaker 4: of the numbers three percent GDP retail spending up, they

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Speaker 4: don't seem to see it as a problem. So how

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Speaker 4: much longer can this economy continue to be an issue?

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Speaker 2: Yet people still spend?

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Speaker 1: You know, let me just say about the insurance costs.

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Speaker 1: The insurance is unrelated to all of this. I won't

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Speaker 1: bore you with the cyclical aspect, but there's about a

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Speaker 1: seven year cycle on how claims are processed, and that's unrelated.

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Speaker 1: There is what we call an insurance cycle that aside.

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Speaker 1: We talked about this many times. The tariffs don't initially

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Speaker 1: cause inflation because tariffs are just a tax, and when

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Speaker 1: the government increases taxes, that doesn't cause inflation, that doesn't

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Speaker 1: print more money the tax. The tariffs are a delayed

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Speaker 1: impact because they reduce the economy's growth. You and I

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Speaker 1: talk about this. Capitalists talk about this all the time.

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Speaker 1: Art Laugher talks about it. You cut taxes, you spur growth,

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Speaker 1: which causes an inverse reaction. It causes not to have

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Speaker 1: inflation because your economy is growing. The taxes that are

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Speaker 1: tariffs will slow the economy, and in the long term

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Speaker 1: they cause inflation. We're now getting towards the long term.

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Speaker 1: It's not here yet, but it's look. We're seeing it

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Speaker 1: in the PPI numbers, we see it in the manufacturing data.

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Speaker 1: We do see the fact that we will have inflation again.

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Speaker 1: The terrorists don't cause inflation because it's just a tax,

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Speaker 1: but they lead to a slowing economy. And I'm going

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Speaker 1: to go back to what I said on your show recently.

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Speaker 1: This is the battle of Trump, the good Trump economic

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Speaker 1: policies versus the bad Trump economic policies. And I hope,

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Speaker 1: I hope that he wins the good policies. Right now,

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Speaker 1: the most recent data shows a fifty to fifty percent

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Speaker 1: chance of a recession, up from a forty percent chance,

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Speaker 1: which was up from a thirty three percent chance. There's

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Speaker 1: now an equal chance will have in a recession. So

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Speaker 1: the battle of Trump versus Trump it looks like bad

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Speaker 1: Trump and good Trump are in a stalemate.

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Speaker 4: Talking to doctor Matt Well, economists at the University of Indianapolis,

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Speaker 4: let me move it over to the Federal Reserve. Jerome

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Speaker 4: Powell very much seems on his last legs, and certainly

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Speaker 4: that term will come to an end and he will

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Speaker 4: be gone as a Chairman of the Federal Reserve.

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Speaker 2: But he did when I spoke.

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Speaker 4: About the symposium of Jackson Hole in Wyoming, he did

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Speaker 4: hint that the conditions could be favorable to an interest

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Speaker 4: rate cut. Economists expecting this this cut to come.

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Speaker 1: Yeah, I think the futures market is around eighty percent

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Speaker 1: expectation of a cut. I think that's probably going to

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Speaker 1: be up today. I haven't looked at the most recent data,

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Speaker 1: so yeah, I think people think it's going to be

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Speaker 1: a cut. But I am no longer defending Jerome Palell.

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Speaker 1: I defended him for a while and I've stopped because

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Speaker 1: cutting rates would be good if he also dumps the

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Speaker 1: balance sheet, and he's not going to do that. He

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Speaker 1: has to sell the assets the Federal Reserve owns, and

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Speaker 1: he's not doing it. Jerome Powell is making a bad

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Speaker 1: and a bad decision. He could make two good decisions

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Speaker 1: if he would cut rates and dump the balance sheet.

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Speaker 2: But he's not doing that.

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Speaker 1: He's going to cause inflation. He could stop inflation. The

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Speaker 1: guy is incompetent, he's not doing his job, and he's

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Speaker 1: got to be gone. I'm just I'm sorry. You know,

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Speaker 1: I was all in on him at one point and

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Speaker 1: I'm all out. We need a new person in there,

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Speaker 1: and we need to replace a Federal Reserve board with

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Speaker 1: people that know what they're doing, or with.

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Speaker 2: Doctor Matt Will coming up in just a moment. Find

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Speaker 2: everything at Tony kats dot com. I appreciate it. If

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Speaker 2: you do that, keep it here. This is Tony Katz today.

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Speaker 4: So you've got all this talk about Jerome Powell and

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Speaker 4: how the Federal Reserve is doing things and whether they're

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Speaker 4: going to reduce interest rates, and and you know, you've

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Speaker 4: got Wall Street looking to this almost with desperation. Katz,

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Speaker 4: Tony Katz today, Good to be with you. But you

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Speaker 4: also have this now level of palace intrigue with Federal

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Speaker 4: Reserve Governor Lisa Cook, which brings us to this Part

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Speaker 4: two conversation talking to doctor Matt Will, economist at the

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Speaker 4: University of Indianapolis.

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Speaker 2: Talking about Jerome Powell and.

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Speaker 4: Not reducing the balance sheet, something that you've discussed here,

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Speaker 4: something that Kevin Walsh wants to do and might make

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Speaker 4: him a lead candidate to be the chair of the

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Speaker 4: Federal Reserve. But then you have President Trump saying of

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Speaker 4: Lisa Cook, you're fired.

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Speaker 2: You are off the Federal Reserve Board. The allegation is.

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Speaker 4: She improperly filled out a mortgage application, lied on a

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Speaker 4: mortgage application.

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Speaker 2: She is saying that the.

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Speaker 4: President has no authority over the Federal Reserve or an

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Speaker 4: independent agency, and you can't fire me. What is wall

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Speaker 4: Streets take on the removal of Lisa Cook.

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Speaker 1: Well, I think wall Streets take is that it's going

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Speaker 1: to drag out in courts and that eventually Trump will

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Speaker 1: win because the Supreme Court has said no, this is

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Speaker 1: the executive branch. The president can make appointments and the

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Speaker 1: president can fire people. No one is above the law,

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Speaker 1: no one is excluded. Everyone falls under the three branches

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Speaker 1: of government, so they fall under his branch. So that's

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Speaker 1: what I think Wall Street's doing. But let me get

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Speaker 1: into the nuts and bolts of this. This is very important, Tony.

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Speaker 1: If you or I committed mortgage fraud, if we said

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Speaker 1: we lived in Michigan and we lived in Atlanta. We

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Speaker 1: said that we signed a document saying we did it.

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Speaker 1: We wouldn't be prosecuted. Okay, they would send us a

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Speaker 1: note saying you have to remedy this, maybe give us

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Speaker 1: a fine. They'd say you have to refinance one of

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Speaker 1: your mortgages. But you and I are not the entity

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Speaker 1: that regulates mortgages in the country. We're not on the

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Speaker 1: board that sees mortgage regulation. We're not on the board

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Speaker 1: that has the largest ownership about six trillion dollars of mortgages.

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Speaker 1: She is one of those people whose job it is

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Speaker 1: to enforce the law. It is her job to oversee

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Speaker 1: it's enforced. I should say it's her job to oversee

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Speaker 1: the policies that she just violated. Now it's an accusation.

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Speaker 1: Let's wait and see what the courts say. Everyone's innocent

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Speaker 1: until proven guilty. But she signed a document, according to

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Speaker 1: the accusations, that she owned a home in Michigan and

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Speaker 1: she lived in a home also in Georgia. She said,

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Speaker 1: I live in both places. Two months later, she put

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Speaker 1: her Atlanta condo on the market for rent. She even

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Speaker 1: now admits she collected rent on a property that she

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Speaker 1: said she lives in. This is like Silicon Valley Bank.

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Speaker 1: You may recall the CEO of Silicon Valley Bank was

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Speaker 1: on the regulatory board of the Federal Reserve Board in

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Speaker 1: San Francisco. He ignored he was in charge of regulating himself.

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Speaker 1: And now we saw over one hundred notices from regulators

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Speaker 1: saying there's a problem here that we're not enforced. She

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Speaker 1: is in charge of this, She's part of the body

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Speaker 1: that oversees the regulation. That is a problem. She should

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Speaker 1: be fired, she should be prosecuted. This is not you

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Speaker 1: and I. This is a person in charge. She knows this,

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Speaker 1: she knows the law. She helps write the law on mortgages.

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Speaker 1: Get her out of there. This is ridiculous.

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Speaker 2: This is.

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Speaker 4: I mean, I don't want to be in the esoteric

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Speaker 4: here in the ether, but I have long argued that

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Speaker 4: nineteen thirteen was the start of the tilt of America.

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Speaker 5: Right.

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Speaker 4: You had the direct election of senators, which I think

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Speaker 4: is an absolutely horrific idea. You have the income tax,

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Speaker 4: and I would make the argument to anyone anywhere. You

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Speaker 4: give me the Conference of Economists, and I will state

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Speaker 4: to them clearly that no good has ever come from

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Speaker 4: the income.

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Speaker 2: Tax ever in the history of the income tax.

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Speaker 4: I can make that argument, I believe as soundly as

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Speaker 4: anybody in the world, and of the Federal Reserve, which

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Speaker 4: obstensibly was created to prevent wild gesticulations in the market.

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Speaker 2: You never get too high, you never get too low.

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Speaker 4: It'll create a more calm, more even way for the

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Speaker 4: country to build and grow.

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Speaker 2: And I don't believe any part of that is true.

437
00:24:27,800 --> 00:24:30,920
Speaker 4: So the question is not whether we replaced Jerome Power

438
00:24:31,000 --> 00:24:33,840
Speaker 4: or not, whether you know we replaced Lisa Cook, and

439
00:24:33,920 --> 00:24:36,320
Speaker 4: is Lisa Cook guilty of any criminal activity?

440
00:24:36,480 --> 00:24:38,920
Speaker 2: Innocent, will proven guilty, I agree, But.

441
00:24:39,000 --> 00:24:43,560
Speaker 4: Rather what is the purpose of the Federal Reserve in

442
00:24:43,720 --> 00:24:45,320
Speaker 4: today's world?

443
00:24:46,040 --> 00:24:46,760
Speaker 2: As you see it?

444
00:24:48,400 --> 00:24:51,320
Speaker 1: The goal should be to create price stability. That should

445
00:24:51,320 --> 00:24:53,840
Speaker 1: be their number one goal. You know, you're the data

446
00:24:53,880 --> 00:24:56,480
Speaker 1: you're referring to back to nineteen thirteen. All of that

447
00:24:56,520 --> 00:24:59,560
Speaker 1: came from, or maybe you're referring to came from a

448
00:24:59,560 --> 00:25:02,600
Speaker 1: book that that Milton Freeman wrote called A Monetary History

449
00:25:02,600 --> 00:25:04,520
Speaker 1: of the United States, and it was a phenomenal book

450
00:25:04,520 --> 00:25:06,639
Speaker 1: and he won a Nobel Prize for it, and he

451
00:25:06,760 --> 00:25:09,639
Speaker 1: talked about this Federal Reserve board. He talked about the

452
00:25:09,680 --> 00:25:12,239
Speaker 1: gold standard and how really we needed it. But then

453
00:25:12,280 --> 00:25:14,840
Speaker 1: he changed his opinion and I agree with him, and

454
00:25:14,880 --> 00:25:18,480
Speaker 1: he said the Federal Reserve Board should operate under a law,

455
00:25:19,080 --> 00:25:21,480
Speaker 1: and the law is specific on that. Its goal is

456
00:25:21,520 --> 00:25:24,399
Speaker 1: to monitor the money supply and increase the money supply

457
00:25:24,520 --> 00:25:28,200
Speaker 1: sufficient to maintain price stability. That's all they should do.

458
00:25:28,920 --> 00:25:31,120
Speaker 1: But they have this other mandate of full employment, which

459
00:25:31,160 --> 00:25:34,600
Speaker 1: then gets very political. I think there should be a law,

460
00:25:34,640 --> 00:25:36,920
Speaker 1: like Milton Friedman said, it should be very specific, and

461
00:25:36,960 --> 00:25:40,119
Speaker 1: the Federal Reserve Board should be accountable to Congress and

462
00:25:40,200 --> 00:25:43,480
Speaker 1: to the President to enforce that law. I don't think

463
00:25:43,480 --> 00:25:45,960
Speaker 1: they should be this entity that goes off and is

464
00:25:46,000 --> 00:25:51,040
Speaker 1: supposedly independent, because that's a joke. There's no independence. They're political.

465
00:25:51,200 --> 00:25:54,280
Speaker 1: They're political appointees, and they're not doing a good job

466
00:25:54,320 --> 00:25:58,399
Speaker 1: at the moment. Historically they've done a decent job now

467
00:25:58,480 --> 00:26:04,119
Speaker 1: under not under Bernanki and not under Yellen. But you know,

468
00:26:04,200 --> 00:26:07,080
Speaker 1: Alan Greenspan I think did a good job. Paul Volker

469
00:26:07,119 --> 00:26:10,320
Speaker 1: did not. So if you're playing keeping score here, we

470
00:26:10,440 --> 00:26:12,320
Speaker 1: haven't had that many good Federal Reserve chairmen.

471
00:26:14,240 --> 00:26:19,400
Speaker 4: The question about I think Alan Greenspan, we can might

472
00:26:19,440 --> 00:26:20,840
Speaker 4: we might be able to go in a couple different

473
00:26:20,840 --> 00:26:23,800
Speaker 4: directions with whether he was good, whether he was bad.

474
00:26:24,240 --> 00:26:26,399
Speaker 1: But he did think he ended bad, but he started good.

475
00:26:26,480 --> 00:26:27,560
Speaker 1: Let's let me put it that way.

476
00:26:27,720 --> 00:26:30,960
Speaker 4: I think that the largest scale question, talking to doctor

477
00:26:30,960 --> 00:26:34,560
Speaker 4: Matt Will economists at the University of Indianapolis, is does

478
00:26:34,600 --> 00:26:35,800
Speaker 4: this provide a value?

479
00:26:35,840 --> 00:26:36,119
Speaker 2: Now?

480
00:26:36,520 --> 00:26:39,680
Speaker 4: You know, my take on nineteen thirteen has to do

481
00:26:39,800 --> 00:26:42,560
Speaker 4: with the fact that these three things happened, and these

482
00:26:42,600 --> 00:26:47,000
Speaker 4: three things changed how the country runs, and the changing

483
00:26:47,040 --> 00:26:50,240
Speaker 4: a how the country ran, changed how the country ran,

484
00:26:50,640 --> 00:26:52,840
Speaker 4: and I believe that you I referred to it as

485
00:26:52,840 --> 00:26:55,320
Speaker 4: the tilts of America, and you could see how these

486
00:26:55,359 --> 00:27:01,800
Speaker 4: things have engaged in negative effect to our whole society.

487
00:27:02,359 --> 00:27:05,000
Speaker 4: So now we're hearing about Trump talking about wanting to

488
00:27:05,119 --> 00:27:08,800
Speaker 4: change Trump howell is he not going far enough? If

489
00:27:08,840 --> 00:27:11,720
Speaker 4: we didn't have a federal reserve? What actually would be

490
00:27:11,760 --> 00:27:12,160
Speaker 4: the bad?

491
00:27:13,200 --> 00:27:16,560
Speaker 1: You know, that's a good question, And you know, I'll

492
00:27:16,600 --> 00:27:19,440
Speaker 1: go back to the logic of Winston Churchill and I'll

493
00:27:19,480 --> 00:27:22,320
Speaker 1: paraphrase him improperly, but I'll try. You know, it's the

494
00:27:22,320 --> 00:27:24,520
Speaker 1: worst system except for all those others that have been

495
00:27:24,520 --> 00:27:27,680
Speaker 1: tried and failed. I think the federal Reserve Board is

496
00:27:27,720 --> 00:27:30,200
Speaker 1: not perfect, but I think it's the best we've got.

497
00:27:30,400 --> 00:27:33,320
Speaker 1: I think it's done a decent job, but it's not perfect.

498
00:27:33,320 --> 00:27:35,959
Speaker 1: It's made mistakes. I'm not a fan of getting rid

499
00:27:36,000 --> 00:27:39,000
Speaker 1: of it. I do think it should be modified. I

500
00:27:39,040 --> 00:27:41,679
Speaker 1: think there should be some legal parameters put in. But

501
00:27:41,720 --> 00:27:44,439
Speaker 1: I think it does a decent job historically. Right now,

502
00:27:44,520 --> 00:27:47,280
Speaker 1: it's totally messing up. I think it messed up when it.

503
00:27:47,800 --> 00:27:50,800
Speaker 1: You know, transitory inflation was put out there, so you know,

504
00:27:50,920 --> 00:27:53,119
Speaker 1: we may disagree on this. I don't think the Federal

505
00:27:53,160 --> 00:27:55,159
Speaker 1: Reserve is perfect, but I think it's the best we

506
00:27:55,240 --> 00:27:56,840
Speaker 1: have now because but I don't know what to replace

507
00:27:56,840 --> 00:27:59,120
Speaker 1: it with. Do you replace it with the politicians? That's

508
00:27:59,160 --> 00:28:01,639
Speaker 1: what happens in third world countries where they just are

509
00:28:01,720 --> 00:28:03,000
Speaker 1: printing money like crazy.

510
00:28:03,080 --> 00:28:05,960
Speaker 4: But wait, first of all, transitory inflation was Jenny Yellen,

511
00:28:06,000 --> 00:28:09,480
Speaker 4: the Treasury Secretary. Not necessarily the Federal Reserve. But the

512
00:28:10,480 --> 00:28:16,199
Speaker 4: question is is it necessary at all? We started without it.

513
00:28:15,119 --> 00:28:19,760
Speaker 4: Why in the world do we need this bureaucracy level.

514
00:28:19,880 --> 00:28:23,400
Speaker 4: Can't an economy just run and we deal with what

515
00:28:23,480 --> 00:28:25,760
Speaker 4: happens next.

516
00:28:26,000 --> 00:28:28,879
Speaker 1: No, because we need someone to print the money. Remember

517
00:28:28,920 --> 00:28:31,600
Speaker 1: that when the United States started, we had different currencies

518
00:28:31,680 --> 00:28:34,480
Speaker 1: across the country, I mean different states had different currencies,

519
00:28:34,840 --> 00:28:37,160
Speaker 1: and then we had a gold standard, and the gold

520
00:28:37,200 --> 00:28:40,480
Speaker 1: standard didn't really work in controlling inflation because it was

521
00:28:40,520 --> 00:28:42,560
Speaker 1: based on who controlled the supply of gold and the

522
00:28:42,560 --> 00:28:45,920
Speaker 1: amount produced. So we need something to control the amount

523
00:28:45,920 --> 00:28:47,840
Speaker 1: of cash in the economy. And I'm not a fan

524
00:28:47,880 --> 00:28:50,080
Speaker 1: of crypto because I don't think that that is a

525
00:28:50,080 --> 00:28:52,520
Speaker 1: good way to monitor the money supply. There's too much

526
00:28:52,720 --> 00:28:55,880
Speaker 1: black market and underhanded things that could happen. So no,

527
00:28:56,200 --> 00:28:59,720
Speaker 1: we need somebody to monitor the money supply. That's very important.

528
00:29:00,040 --> 00:29:02,720
Speaker 1: I think they do a decent job historically at it,

529
00:29:02,960 --> 00:29:05,520
Speaker 1: and we've seen that because other than Germany and Switzerland,

530
00:29:05,520 --> 00:29:09,400
Speaker 1: we've had the lowest inflation globally for many many years,

531
00:29:09,560 --> 00:29:13,200
Speaker 1: which is why we have the reserve currency. So they're

532
00:29:13,240 --> 00:29:15,920
Speaker 1: not perfect, but they do. You know, we need something

533
00:29:16,040 --> 00:29:17,920
Speaker 1: like them. I don't know what the alternative is.

534
00:29:18,360 --> 00:29:20,880
Speaker 4: Talking to doctor Matt Well, economists at the University of

535
00:29:20,920 --> 00:29:23,920
Speaker 4: Indianapolis before I let you go, you brought up Switzerland.

536
00:29:25,000 --> 00:29:27,240
Speaker 4: They are right now trying to rework their trade deal.

537
00:29:27,400 --> 00:29:30,440
Speaker 4: They're at a thirty nine percent tariff. We talked about

538
00:29:30,440 --> 00:29:32,720
Speaker 4: how the tariffs have not done well for US, and

539
00:29:33,040 --> 00:29:35,120
Speaker 4: I do believe that. I think the tariffs are indeed

540
00:29:35,360 --> 00:29:37,520
Speaker 4: a mistake, and I think trying to create trade deals

541
00:29:37,640 --> 00:29:42,920
Speaker 4: on trade deficits is also a mistake in its approach.

542
00:29:43,800 --> 00:29:47,280
Speaker 4: Targeted tariffs is tactic, like for example, on China is

543
00:29:47,320 --> 00:29:49,520
Speaker 4: certainly something that I can get down with. Certainly you're

544
00:29:49,520 --> 00:29:53,240
Speaker 4: seeing the issue with India because they're buying Russian energy

545
00:29:53,440 --> 00:29:56,000
Speaker 4: getting close to China, and the United States is trying

546
00:29:56,040 --> 00:29:59,280
Speaker 4: to stop that from taking place. But these things like

547
00:29:59,320 --> 00:30:02,280
Speaker 4: Switzerland trying to recreate the deal, Canada trying to recreate

548
00:30:02,320 --> 00:30:05,240
Speaker 4: the deal taking off some tariffs on US goods to

549
00:30:05,360 --> 00:30:09,720
Speaker 4: show some good faith in the end, are these trade

550
00:30:09,720 --> 00:30:15,000
Speaker 4: deals enough to offset the tariff cost?

551
00:30:15,400 --> 00:30:15,520
Speaker 6: Uh?

552
00:30:15,680 --> 00:30:18,840
Speaker 1: No, No, I don't think there's there's no trade deal

553
00:30:18,880 --> 00:30:21,479
Speaker 1: that's gonna be beneficial. It's gonna be a lose lose.

554
00:30:21,960 --> 00:30:24,400
Speaker 1: You know, Switzerland is a very expensive country. I was

555
00:30:24,440 --> 00:30:26,640
Speaker 1: there in March, and I can tell you the cost

556
00:30:26,680 --> 00:30:29,840
Speaker 1: of living is outrageous. And it's ironic because while their

557
00:30:29,880 --> 00:30:32,960
Speaker 1: cost of living is very high, the available consumer goods

558
00:30:33,040 --> 00:30:37,400
Speaker 1: is non existent. They have such barriers like like Trump

559
00:30:37,480 --> 00:30:41,200
Speaker 1: is correct and sane, tariff barriers, trade barriers. You can't

560
00:30:41,240 --> 00:30:44,760
Speaker 1: find normal US products in Switzerland because they ban them

561
00:30:44,760 --> 00:30:45,960
Speaker 1: from coming in the country.

562
00:30:46,400 --> 00:30:49,400
Speaker 2: So will he trike a deal? Yes? Will it be good?

563
00:30:49,720 --> 00:30:51,720
Speaker 1: It's gonna you know, it's gonna be a lose lose.

564
00:30:51,760 --> 00:30:54,160
Speaker 1: It's just a matter of how much lose lose we get.

565
00:30:54,560 --> 00:30:56,720
Speaker 1: Every trade deal is a lose lose. There is no

566
00:30:56,840 --> 00:30:59,360
Speaker 1: win whenever we increase tariffs on anybody.

567
00:31:00,080 --> 00:31:03,920
Speaker 4: Doctor Mattwell, economist at the University of Indianapolis. I appreciate

568
00:31:03,920 --> 00:31:05,680
Speaker 4: you taking on the times to be with us more to

569
00:31:05,760 --> 00:31:06,880
Speaker 4: get to I'm Tony Katz.

570
00:31:06,920 --> 00:31:10,120
Speaker 2: This is Tony Katz today. I know the story broke

571
00:31:10,640 --> 00:31:12,120
Speaker 2: like a month ago, but.

572
00:31:13,000 --> 00:31:16,440
Speaker 4: Somehow it came up in my social media feed about

573
00:31:16,560 --> 00:31:21,280
Speaker 4: Joe Biden getting a book deal for ten million dollars.

574
00:31:21,960 --> 00:31:29,080
Speaker 4: Ten million dollars Tony Katz, Tony Katz today, good to

575
00:31:29,120 --> 00:31:32,680
Speaker 4: be with you find everything over at Tony Katz dot com.

576
00:31:32,720 --> 00:31:38,120
Speaker 2: Ten million. That's a crazy, crazy number.

577
00:31:39,040 --> 00:31:45,640
Speaker 4: And what I asked myself is not who buys the book,

578
00:31:46,800 --> 00:31:52,520
Speaker 4: who wants to print the book? What is the value

579
00:31:53,360 --> 00:31:58,040
Speaker 4: of being the publisher of a Joe Biden.

580
00:31:59,680 --> 00:32:02,880
Speaker 2: Memo? It was acquired by? Who was it?

581
00:32:03,000 --> 00:32:07,080
Speaker 4: Little what do they call Little Browning Company, which I

582
00:32:07,120 --> 00:32:10,160
Speaker 4: don't know who they're an imprint of. No, No, Hatchet

583
00:32:10,520 --> 00:32:13,760
Speaker 4: is an imprint of Little brown In Company. Okay, got it?

584
00:32:13,880 --> 00:32:17,800
Speaker 4: Got the story here. I was fascinated by that part.

585
00:32:19,360 --> 00:32:23,360
Speaker 4: Ten million dollars for this. First things First, it absolutely

586
00:32:23,360 --> 00:32:26,720
Speaker 4: seems like a payoff, doesn't it doesn't It just just

587
00:32:27,040 --> 00:32:30,920
Speaker 4: like reek of somebody said, hey, hey, I could use

588
00:32:30,920 --> 00:32:31,960
Speaker 4: a write off here.

589
00:32:32,160 --> 00:32:34,560
Speaker 2: Just I'll make this investment and then you buy this book.

590
00:32:34,760 --> 00:32:36,920
Speaker 2: Everybody's happy, Okay, And you know.

591
00:32:37,000 --> 00:32:38,760
Speaker 4: We got to make sure that Jill is set and

592
00:32:39,400 --> 00:32:41,280
Speaker 4: Hunter stays out of trouble at.

593
00:32:41,240 --> 00:32:43,480
Speaker 2: Least, you know, keeps him out of being in the news.

594
00:32:43,720 --> 00:32:47,160
Speaker 4: For me, maybe a good six months, because if you

595
00:32:47,320 --> 00:32:50,320
Speaker 4: want to be the prodigal screw up.

596
00:32:50,280 --> 00:32:53,840
Speaker 2: Son, he's it, Hunter Biden is it. There is this.

597
00:32:55,240 --> 00:32:58,360
Speaker 4: Netflix series, I think it's Netflix called The Gentleman. It's

598
00:32:58,360 --> 00:33:01,720
Speaker 4: a guy ritchie thing, and I started watching it with

599
00:33:01,760 --> 00:33:05,240
Speaker 4: my wife until I realized that this was it right.

600
00:33:05,600 --> 00:33:06,720
Speaker 2: It's the one.

601
00:33:06,400 --> 00:33:11,360
Speaker 4: Son who is clearly the responsible, one head on his shoulders.

602
00:33:11,640 --> 00:33:14,600
Speaker 4: It's the very rich dad and the money in this

603
00:33:14,640 --> 00:33:17,000
Speaker 4: British family is supposed to go to the firstborn male

604
00:33:17,080 --> 00:33:19,920
Speaker 4: child and the firstborn male child is this hunter Biden

605
00:33:20,000 --> 00:33:22,760
Speaker 4: screw up, just a total screw up, and oh was

606
00:33:22,800 --> 00:33:25,640
Speaker 4: the bookie's money and can't do this right and can't

607
00:33:25,640 --> 00:33:27,840
Speaker 4: do that right. So he gets passed over for the

608
00:33:27,880 --> 00:33:30,479
Speaker 4: money and the title goes to the second son and

609
00:33:30,560 --> 00:33:34,160
Speaker 4: he is furious, and I turned it off not to

610
00:33:34,600 --> 00:33:36,640
Speaker 4: I'm gonna give a spoiler. I'm gonna give a spoiler

611
00:33:36,680 --> 00:33:38,600
Speaker 4: alert right here, so if you need to turn on,

612
00:33:38,720 --> 00:33:40,480
Speaker 4: you're read here for ten seconds. If you've never seen

613
00:33:40,480 --> 00:33:44,200
Speaker 4: this thing, the Gentleman from Guy Ritchie.

614
00:33:43,800 --> 00:33:45,160
Speaker 2: This is different than the thing with.

615
00:33:46,680 --> 00:33:50,760
Speaker 4: Matthew McConaughey, and it was a Colin Farrell, hosts of others,

616
00:33:51,040 --> 00:33:51,680
Speaker 4: the different thing.

617
00:33:52,680 --> 00:33:54,760
Speaker 2: So here turn it down now for ten seconds.

618
00:33:55,040 --> 00:33:58,120
Speaker 4: When the older brother screw up decides to steal two

619
00:33:58,120 --> 00:34:00,480
Speaker 4: million pounds because it's British, he's gonna bet it on

620
00:34:00,520 --> 00:34:02,760
Speaker 4: a boxing match because that's how he's gonna make his

621
00:34:02,840 --> 00:34:05,120
Speaker 4: money back and pay off the bookie. That's where we're like, okay,

622
00:34:05,120 --> 00:34:10,840
Speaker 4: we're done here. This was a Guy Ritchie is talented

623
00:34:10,880 --> 00:34:15,160
Speaker 4: man snatch lockstock and two smoking barrels. Come on, this

624
00:34:15,239 --> 00:34:19,520
Speaker 4: is incredible filmmaking. He's got it. This is just cheap,

625
00:34:19,680 --> 00:34:20,160
Speaker 4: is all.

626
00:34:20,200 --> 00:34:21,160
Speaker 2: Get out here.

627
00:34:21,920 --> 00:34:24,879
Speaker 4: Let me do this formula once again and I'll make

628
00:34:24,920 --> 00:34:26,440
Speaker 4: a couple of bucks and I'll be fine.

629
00:34:26,800 --> 00:34:30,600
Speaker 2: It was cheap, ridiculously so the men I saw him like, no, no, no,

630
00:34:30,680 --> 00:34:34,240
Speaker 2: I don't need to watch this. I've got Hunter Biden, right.

631
00:34:34,160 --> 00:34:36,919
Speaker 4: I've got the screw up son who goes and does

632
00:34:36,960 --> 00:34:39,799
Speaker 4: the interview and drives to embarrass the Democratic Party. Look

633
00:34:39,840 --> 00:34:41,640
Speaker 4: what you did to my dad. Don't you know you're

634
00:34:41,680 --> 00:34:43,480
Speaker 4: supposed to still be president. So I wouldn't have any

635
00:34:43,560 --> 00:34:46,040
Speaker 4: legal problems. You didn't even give him the money that

636
00:34:46,080 --> 00:34:47,440
Speaker 4: I needed, I mean that he needed.

637
00:34:48,239 --> 00:34:50,120
Speaker 2: That's what I think the ten million dollars is.

638
00:34:51,760 --> 00:34:54,000
Speaker 4: When I asked myself the follow up, which is where

639
00:34:54,000 --> 00:34:57,480
Speaker 4: I think most people went first, which is who will

640
00:34:58,400 --> 00:35:02,600
Speaker 4: who will buy this book? That was a much easier

641
00:35:02,719 --> 00:35:09,680
Speaker 4: question to understand, which is conservatives.

642
00:35:11,880 --> 00:35:12,960
Speaker 2: It's so true.

643
00:35:13,600 --> 00:35:16,880
Speaker 4: Conservatives are going to buy this book to read it

644
00:35:16,920 --> 00:35:19,399
Speaker 4: and say we believe do you believe this crap? Look

645
00:35:19,440 --> 00:35:21,160
Speaker 4: when he wrote here, so they have stuff to write

646
00:35:21,160 --> 00:35:24,560
Speaker 4: about in blogs and post on social media. Conservatives are

647
00:35:24,560 --> 00:35:27,520
Speaker 4: going to make that book a best seller. Oh my gosh,

648
00:35:27,640 --> 00:35:29,839
Speaker 4: the allergies have so effect in my voice. I am

649
00:35:29,920 --> 00:35:35,359
Speaker 4: I'm now in almost a squealing right there. Who that hurt?

650
00:35:35,760 --> 00:35:38,160
Speaker 4: That's my guess. Like I knew who was going to

651
00:35:38,200 --> 00:35:40,600
Speaker 4: buy the book. I just couldn't figure out why anybody

652
00:35:40,600 --> 00:35:41,439
Speaker 4: would publish the book.

653
00:35:41,480 --> 00:35:43,040
Speaker 2: Well, the answer, Tony, people are going to buy it.

654
00:35:43,680 --> 00:35:47,400
Speaker 4: I'm just saying, this isn't about wanting to publish the book.

655
00:35:48,680 --> 00:35:53,000
Speaker 2: I'm telling you this is charity. How could it be

656
00:35:53,040 --> 00:35:54,120
Speaker 2: seen any other way?

657
00:35:54,719 --> 00:35:57,799
Speaker 4: Find everything at Tony kats dot com tomorrow, everyone, take

658
00:35:57,840 --> 00:35:58,000
Speaker 4: care

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00:36:07,280 --> 00:36:08,640
Speaker 2: In a na