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Speaker 1: This is America's Truck and Network with Kevin Gordon.

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Speaker 2: Welcome aboard, Thanks for tuning in on this Friday morning

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Speaker 2: America's Truck and Network, the show that is rated R

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Speaker 2: for remarkable. We got a bunch of really good economic

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Speaker 2: news on Thursday morning, and let's get to it. But

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Speaker 2: what's interesting is when we dig into it, how far

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Speaker 2: into the numbers and into the reports. One of the

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Speaker 2: reporting networks run reporting agencies has to dig far into

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Speaker 2: the numbers to come up with negative information. And this

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Speaker 2: is unbelievable anyway, and that has to do with housing starts.

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Speaker 1: We'll get to that in a little bit.

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Speaker 2: Labor department reports decline, and unemployment claims, and pretty much

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Speaker 2: all of the various headlines when you when you do

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Speaker 2: the search and you got these cluster of stories that

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Speaker 2: are related to that, the headlines for those individual stories

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Speaker 2: floor daily net dot net. I don't know where they

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Speaker 2: come up with some of these and why they put

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Speaker 2: them in there, but it's a good headline. Initial jobless

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Speaker 2: claims declined by one thousand in the week ending March

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Speaker 2: the seventh. Investing dot Com pretty much a pretty decent website.

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Speaker 2: US Initial jobless Claims slightly lower than expected, breaking the news,

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Speaker 2: which is again one that is in there fairly regularly.

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Speaker 2: Initial job is claims down one thousand to two hundred

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Speaker 2: and thirteen thousand, South seeking alpha. Initial jobless claims barely

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Speaker 2: budge in the past week. Got to get that little

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Speaker 2: dig in there, and then Reuter's US weekly jobs claims

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Speaker 2: edge down. Now getting into the numbers here or getting

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Speaker 2: into the actual story, The number of Americans filing for

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Speaker 2: applications for jobless benefits fell last week, which could help

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Speaker 2: to suage fears that the labor market deterioration after the

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Speaker 2: unexpected decline in employment in February. That number we reported

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Speaker 2: last week claims let me see, initial claims for stated

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Speaker 2: unemployment benefits slipped one thousand to seasonally adjusted two hundred

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Speaker 2: and thirteen thousand for the week and a March the

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Speaker 2: seventh Labor Department said economists polled by Reuters had forecasted

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Speaker 2: two hundred and fifteen thousand, so they were off by

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Speaker 2: two thousand, which is good because we're on the positives

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Speaker 2: or you know, the better side of that. Better to

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Speaker 2: be under that number than above that. Claims have been

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Speaker 2: tucked in a one hundred and ninety nine thousand to

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Speaker 2: two hundred and thirty two thousand range for the for

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Speaker 2: the year. Amid low layoffs, they remain at levels consistent

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Speaker 2: with a stable labor market. Now, what did we hear

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Speaker 2: last week when we saw and the headline was that

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Speaker 2: the number of jobs created last month fell, Actually we

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Speaker 2: lost jobs ninety two thousand. But when you got into

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Speaker 2: paragraph two three, I was about paragraph three or four,

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Speaker 2: they mentioned that thirty thousand of that number had to

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Speaker 2: do with a group of Kaiser Permanente employees that had

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Speaker 2: gone on strike. Thirty thousand people went on strike, so

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Speaker 2: that was included that ninety two thousand number, plus the

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Speaker 2: fact we had in January all of that horrific winter

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Speaker 2: wind weather rather a lot of snow, a lot of ice,

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Speaker 2: a lot of things shut down during that period of time,

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Speaker 2: and so that was reflected in the number there. Rather

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Speaker 2: than getting that out front, they started with the headline

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Speaker 2: of ninety losing ninety two thousand jobs in the previous month.

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Speaker 2: But you know, God forbid that you explained that right away.

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Speaker 2: Now you have to dig into the story. But anyway,

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Speaker 2: it's interesting that this week now, all of a sudden,

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Speaker 2: these in these unemployment numbers remain at levels castant with

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Speaker 2: a stable labor market. And they talked about last week

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Speaker 2: the ninety two thousand jobs that were lost in February,

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Speaker 2: where the numbers that were decreased. Decrease was blamed on

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Speaker 2: harsh winter weather, a strike by healthcare workers and etc.

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Speaker 2: And then they talk about here that they headcount because

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Speaker 2: of uncertainty from hessidancy by employers to hire more people

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Speaker 2: because of import tariffs, integration of artificial intelligence and some

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Speaker 2: work roles and so on. So they always have to

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Speaker 2: kind of couch this and kind of give some.

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Speaker 1: Sort of other explanation for this.

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Speaker 2: We have been hearing about artificial intelligence going to affect

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Speaker 2: the actual layoffs for probably about six months now and

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Speaker 2: that hasn't materialized. And interestingly enough, Saw there was an

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Speaker 2: interview and I can't remember the guy's name. I may

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Speaker 2: have it in some of my notes down here, we'll

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Speaker 2: look at it, but the head of black Rock, I

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Speaker 2: think a guy's name Zinc or something like that. He

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Speaker 2: was talking about artificial intelligence. He was talking to Brett

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Speaker 2: Bear on Fox News and black Rock is this one

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Speaker 2: of the largest portfolio handled portfolio of investments in the country,

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Speaker 2: and they move and handle the portfolios for a lot

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Speaker 2: of very very wealthy people. And he was being interviewed

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Speaker 2: and he's talked about and Brett has asked him about

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Speaker 2: artificial intelligence. He goes, well, you know, as in most technologies,

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Speaker 2: when things shift, you see certain numbers going down, but

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Speaker 2: then you see other jobs being created.

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Speaker 1: Jobs that we never even right.

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Speaker 2: Now, that we can't even imagine, are going to pop up,

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Speaker 2: you know, and and you know, you go back to

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Speaker 2: the time when you had the computers coming on board.

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Speaker 2: Remember the initial stages of computers, basically all they were

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Speaker 2: were a glorified word processing equipment because there was no

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Speaker 2: interaction between computer and so on. But that was a

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Speaker 2: very convenient way better than typewriters in terms of if

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Speaker 2: you're typing something, you could go back and correct it

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Speaker 2: with the happening to do the correction, tape, retype the

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Speaker 2: whole thing over so that you don't have any mistakes,

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Speaker 2: and all that sort of stuff, which cut down on

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Speaker 2: the clerical people that were possibly know we're doing these

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Speaker 2: sort of things. And then when the computers went nationwide

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Speaker 2: and you could actually do communications through the internet, that

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Speaker 2: then changed the job market considerably also. But those jobs

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Speaker 2: shifted to other areas, all of a sudden, jobs that

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Speaker 2: we had never even thought of before. Different retail outlets

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Speaker 2: were selling computers, Different companies were repairing computers, different software companies,

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Speaker 2: different people preparing software to work on these computers, to

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Speaker 2: make things different, make things more convenient, and so on.

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Speaker 2: So a shift from what would normally be clerical type

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Speaker 2: of thing shifted into more of a programming network, programming information, etc.

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Speaker 2: And so, as he was talking about out with this AI,

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Speaker 2: we are going to see jobs we never even imagine

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Speaker 2: could exist in the future. So again this talking about

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Speaker 2: AI and trying to be afraid of AI and this

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Speaker 2: sort of thing, and quite honestly, up to this point,

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Speaker 2: you've got to be very careful about what you're looking

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Speaker 2: at up on AI, because there are certain things that

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Speaker 2: when you look at it again, it is no better

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Speaker 2: than what the information goes in the old saying garbage in,

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Speaker 2: garbage out. So if these are being programmed by real

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Speaker 2: human beings, then some of the stuff that may be

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Speaker 2: in there is incorrect. I get a kick out of

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Speaker 2: this on a regular basis. My wife uses AI to

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Speaker 2: search things a lot, and she will ask it questions,

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Speaker 2: and she will ask it how to phrase certain things.

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Speaker 2: And what is funny is that they will give her

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Speaker 2: answers where they're trying to lecture her on something, and

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Speaker 2: she'll type back in there and say, you know, I

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Speaker 2: ask you for an answer. I didn't ask for a lecture,

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Speaker 2: and if you and here is where you are wrong

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Speaker 2: on this, and they will come back with we're sorry,

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Speaker 2: we didn't have the information, we didn't understand the question.

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Speaker 2: It's just hilarious. But again, it is not the all,

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Speaker 2: the all and end all. There are still a lot

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Speaker 2: of things with artificial intelligence that needs to be ironed out,

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Speaker 2: and so total reliance on that is probably not the

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Speaker 2: best way to go US. So then they talk about

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Speaker 2: how the US Supreme Court struck down Donald Trump's sweeping tariffs,

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Speaker 2: which pursued under a law.

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Speaker 1: And so on and so forth. We know all about that.

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Speaker 2: Trump administration said on Wednesday it was launching two trade

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Speaker 2: investigations into excess industrial capacity in sixteen major trading partners

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Speaker 2: and into forced labor in those countries as well, Because again,

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Speaker 2: if you're talking about trade being fair, not not only

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Speaker 2: free trade, but fair trade, the trading practices, the manufacturing

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Speaker 2: practices of these companies and in these countries is extremely important.

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Speaker 2: And if they have excess capacity and they're holding back

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Speaker 2: in terms of the goods that they're able to produce,

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Speaker 2: they're artificially keeping prices higher. And as far as trade

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Speaker 2: negotiations are concerned, they're looking at that. Of course, they

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Speaker 2: talk about the US Israeli war with Iran, which is

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Speaker 2: boosted oil price and gas prices poses a downward risk

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Speaker 2: of the labor market. Economist said, soaring gasoline prices and

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Speaker 2: stock market volatility could weigh on consumer spending and undercut

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Speaker 2: demand for workers, so do interest rates.

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Speaker 1: I might add, we'll pick.

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Speaker 2: This up and talk a little bit more about this

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Speaker 2: and get into some of the other things in terms

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Speaker 2: of jobless claims. I'm Kevin Gordon, America's Trucking Network, seven

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Speaker 2: hundred WLW. Kevin Gordon, America'structing Network, seven hundred WLW.

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Speaker 1: You're talking about this job leekly Hello.

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Speaker 2: US weekly jobless claims reports came out Thursday morning. You know,

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Speaker 2: pretty decent, no major changes, no major fluctuations, et cetera.

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Speaker 2: Came in at two hundred and thirteen thousand for the week.

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Speaker 2: They had expected two hundred and fifteen thousand, so it's

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Speaker 2: better to be on the underside of that rather than

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Speaker 2: be the on the overside talking about what is causing

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Speaker 2: that issue. They also said in terms of a backdrop

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Speaker 2: as far as where these levels are consistent with a

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Speaker 2: stable labor market and talking about that, well, this is

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Speaker 2: good news because last week when we had those jobs

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Speaker 2: numbers in terms of jobs created, we had actually they

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Speaker 2: had decreased by ninety two thousand jobs. And again they

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Speaker 2: explain in here again you know, as I mentioned the

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Speaker 2: report last week, it took them like three or four

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Speaker 2: paragraphs to get as to why those numbers were down,

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Speaker 2: which changes the complexity completely.

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Speaker 1: If you're talking.

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Speaker 2: About winter weather holding things back and a strike at

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Speaker 2: a major pharmaceutical company of thirty thousand, that's going to

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Speaker 2: account for a heck of a lot of numbers within

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Speaker 2: that ninety two thousand. So well, we covered that, and

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Speaker 2: you're talking about that companies are hesitant to hire employees,

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Speaker 2: and then they're talking about the we left off with

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Speaker 2: the US Israeli war with Iran and how that could

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Speaker 2: affect the job market, et cetera. Sluggish hiring has left

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Speaker 2: many unemployed people, including recent college graduates, to experience long

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Speaker 2: spells of joblessness. The number of people receiving unemployment benefits

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Speaker 2: after an initial week of vade A proxy for hiring

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Speaker 2: drop twenty one thousand. So let me repeat this, Okay,

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Speaker 2: within the same sentence they got, actually the same paragraph.

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Speaker 1: It's two sentences. They contradict themselves.

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Speaker 2: Sluggish hiring has left many unemployed people, including recent college graduates,

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Speaker 2: to experience long spells of joblessness. The number of people

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Speaker 2: receiving on a deployment benefits after the initial week of

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Speaker 2: a A proxy for hiring dropped twenty one thousand. So

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Speaker 2: apparently some of those people are not having a long

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Speaker 2: period of time they're actually finding employment. They don't go

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Speaker 2: in here and they don't talk about the length of

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Speaker 2: time people are on unemployment. If I recall last week

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Speaker 2: they were talking about that the time it took for

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Speaker 2: some of the people being on unemployment before they actually

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Speaker 2: found a job was I think they said like twenty

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Speaker 2: five point four weeks, which is getting up to that

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Speaker 2: twenty six week number. And you got to wonder if

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Speaker 2: we are seeing some people that are on unemployment that

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Speaker 2: are waiting till their benefits run out before they accept

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Speaker 2: the job.

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Speaker 1: Someplace, unemployment is not a they don't pay you what

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Speaker 1: you were making on the job.

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Speaker 2: But I remember early on I had a person that

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Speaker 2: I worked with at a company, and he talked about

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Speaker 2: live very frugally. I mean, he didn't really accumulate a

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Speaker 2: whole lot of wealth, but he would talk about how

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Speaker 2: he would get a job, be on there long enough

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Speaker 2: so he could collect unemployment, and then he'd go on

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Speaker 2: employment for twenty six weeks and right before his benefits

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Speaker 2: would run out, he would actually go out and get

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Speaker 2: a job.

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Speaker 1: Now, he didn't have a family, like I said, didn't.

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Speaker 2: Leave very frugal or he didn't leave a really extravagant life,

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Speaker 2: but it was comfortable enough for him. And I don't

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Speaker 2: know why people would live that way. I would think

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Speaker 2: they would want to improve their lives get better. But again,

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Speaker 2: this guy was well, he was one of those guys

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Speaker 2: that I liked. When I think back on people that

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Speaker 2: I've met. He was somebody that was a very heavy

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Speaker 2: pot smoker, so it wasn't very motivated to begin with.

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Speaker 1: But that can't be the accepting of the rule.

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Speaker 2: There are some people out there that wait till their

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Speaker 2: benefits expire before they go out and find it job.

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Speaker 1: But anyway, it's kind of a side note.

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Speaker 2: There, but as they were saying that a lot of

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Speaker 2: these people were taking up to twenty five weeks or

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Speaker 2: twenty five weeks or so in order to find a job,

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Speaker 2: some of that may be in there. Last year's job

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Speaker 2: less College graduates are not included in the claims because

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Speaker 2: they have limited or no work experiences, disqualifying them from

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Speaker 2: claiming unemployment. The unemployment rate increased to four point four

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Speaker 2: percent in February from four point three percent in January.

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Speaker 2: I don't believe that number. If you have steady going

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Speaker 2: up to the top of this story, you have a

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Speaker 2: stable labor market, you have a low higher low fire situation,

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Speaker 2: you don't have any mass layoffs. The unemployment numbers have

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Speaker 2: been ranging between one hundred and ninety nine thousand, two

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Speaker 2: hundred and thirty two thousand. So how is the unemployment

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Speaker 2: rate going up when you have basically hardly anybody being

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Speaker 2: laid off, hardly anybody being fired, and then these numbers

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Speaker 2: all within this particular If you would see those numbers

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Speaker 2: jumping up, then you could say that, all right, the unemployment.

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Speaker 1: Rate is up.

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Speaker 2: But again we'll see where that number comes in when

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Speaker 2: it is released again. So the next thing to look

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Speaker 2: at the economic news that came out yesterday was building

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Speaker 2: permits a single family how actually single family I'm sorry,

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Speaker 2: housing starts and building permits. And it was interesting when

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Speaker 2: I pulled this up again. You have the cluster of

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Speaker 2: stories that indicate what different outlets, what different media outlets

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Speaker 2: are reporting these numbers right off the top of the

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Speaker 2: bat here, okay, because when I looked at the number,

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Speaker 2: and I looked at the information, it said jobless toobless claims,

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Speaker 2: but housing starts unexpectedly surge, And so I'm looking at

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Speaker 2: the cluster, and right off the bat there's the headline

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Speaker 2: that says, US single family housing stars fall two point

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Speaker 2: eight percent. And this is what I was talking about earlier,

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Speaker 2: the total number. When the Bureau, When the Census Bureau

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Speaker 2: actually releases these numbers, they talk in terms of housing starts.

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Speaker 2: They don't break that down until you get into the

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Speaker 2: numbers in terms of multifamily homes and single family homes.

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Speaker 2: Now the housing starts again to clarify our new residential construction,

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Speaker 2: So once construction begins, that indicates that there is a

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Speaker 2: housing start. Now, according to the overall number US housing

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Speaker 2: starts unexpectedly surged to an eleven month high in January.

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Speaker 2: If you look at just single family houses, those starts

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Speaker 2: fell by two point eight percent. So the particular companies

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Speaker 2: like Reuters that look this up and again Reuters, some

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Speaker 2: times they're bubbler, you know most a lot of the times,

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Speaker 2: a lot of the information they present is halfway decent,

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Speaker 2: but they you know, going in or I know going

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Speaker 2: in that you're going to get a report that's a

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Speaker 2: bubbler two or three left of center. But buried within

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Speaker 2: these stories you usually find some nuggets, and you do

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Speaker 2: find some journalistic They actually practice journalism within these stories,

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Speaker 2: so you have to dig into that to get the

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Speaker 2: information out of that.

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Speaker 1: But on this they chose to.

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Speaker 2: Pick the story below instead of the overall housing starts.

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Speaker 2: They just look at single family homes and present that.

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Speaker 2: I guess if they dug deep enough into that, they

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Speaker 2: could probably say the number of playhouses constructed by families

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Speaker 2: fell in January, because you know, January is not a

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Speaker 2: very warm month, and so families probably didn't go out

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Speaker 2: and build the playhouses for their kids. So I'm sure

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Speaker 2: there's building starts on those were way down. Again, It's like,

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Speaker 2: let's find the worst possible thing within some of these

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Speaker 2: things and report that as opposed to what the actual

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Speaker 2: story is. Again, according to this one outlet, US housing

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Speaker 2: starts unexpectedly surged through eleven month high. Another decline in

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Speaker 2: permits overshadows januaries jump in housing starts. That again, we'll

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Speaker 2: get to the building permits here in a moment. And then,

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Speaker 2: of course Reuter's US single family housing starts fall in January, well,

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Speaker 2: single family did, but not the overall numbers.

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Speaker 1: Number.

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Speaker 2: New residential construction in the US unexpectedly surge to its

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Speaker 2: highest level in almost a year in the month of January,

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Speaker 2: the Commerce Department revealed in a report released on Thursday.

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Speaker 2: Commerce Department said housing starts spiked by seven point two

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Speaker 2: percent to an annual rate of one point four eight

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Speaker 2: seven million in January. And again, when you look at

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Speaker 2: the graph, I mean this is far and above the

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Speaker 2: previous month in December was one point three eight seven

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Speaker 2: So this is a full one hundred thousand more starts

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Speaker 2: in the month of February than are in January than

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Speaker 2: it was in December. Now, looking at the Reuters story,

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Speaker 2: they start talking about single family home building. Home building

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Speaker 2: fell in January amid harsh winter weather and strong rebound

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Speaker 2: is unlikely with permits for the future construction declining. Again,

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Speaker 2: they got to give the worst scenario in terms of

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Speaker 2: the reporting as opposed to the overall number. We'll talk

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Speaker 2: about this coming up. I'm Kevin Gordon, America's trucking Network.

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Speaker 2: Seven hundred WLW, seven hundred WLW. I'm Kevin Gordon is

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Speaker 2: America's truck a network. Going to this Reuter story talking

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Speaker 2: about single family housing starts. So they got to start

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Speaker 2: off right from the bat saying that they fell. But

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Speaker 2: when you get into the overall housing starts, those buildings

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Speaker 2: that are now starting under construction, new construction actually began

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Speaker 2: in a particular month. Overall, that was good. Now they

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Speaker 2: talk in terms here. They say single family housing starts,

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Speaker 2: which account for a bulk of home building, dropped two

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Speaker 2: point eight percent. Now, if that is the bulk of housing,

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Speaker 2: then how can the less than bulk bring that number

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Speaker 2: up to a seven point two percent increase?

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Speaker 1: Amazing? The report was delayed by last year's Schumer shutdown. Course.

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Speaker 1: They say the government shutdown.

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Speaker 2: Groundbreaking on new single family housing projects tumbled thirty three

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Speaker 2: percent in the Northeast and fell by four point six

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Speaker 2: percent in the densely populated South.

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Speaker 1: Now, remember the weather.

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Speaker 2: Was very severe in the Northeast, so you would expect

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Speaker 2: that to fall. House starts rose in the Midwest and

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Speaker 2: west regions. Heavy snow and frigid temperatures slam large parts

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Speaker 2: of the countries. In January, single family starts drop six

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Speaker 2: point five percent year over year and has been hampered

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Speaker 2: by tariffs on imported goods such as lumber and vanity cabinets,

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Speaker 2: worker shortage among amid the immigration crackdown and higher mortgage rates. Well,

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Speaker 2: of course it does. The mortgage rates have declined this year,

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Speaker 2: is stimulating home purchasing. The US Israeli World war with

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Speaker 2: a rant is pushing up oil prices and boosting.

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Speaker 1: US treasury yields.

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Speaker 2: Mortgage rates tracked the benchmark ten year treasury rate, and

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Speaker 2: so that is what affects the mortgage rates. They throw

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Speaker 2: this sentence in here, which is amazing. Home builder sentiment

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Speaker 2: has remained depressed, suggesting that new family home construction is

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Speaker 2: unlikely to significantly improve in the near term.

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Speaker 1: Friends, that is a lie.

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Speaker 2: When we go back to the report from the National

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Speaker 2: Federation of Independence, National Federation of Independent Businesses, which we

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Speaker 2: reported on this past Tuesday. It talked in here in

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Speaker 2: terms of what is going on, Optimism on Main Street

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Speaker 2: drops slightly in February, and that number actually fell by

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Speaker 2: half a percentage point. In terms of their optimism, the

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Speaker 2: number was ninety eight point eight, remained slightly above the

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Speaker 2: fifty two.

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Speaker 1: Year average of ninety eight.

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Speaker 2: So you go over the fifty two year history of

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Speaker 2: this report that we talked about on Tuesday is at

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Speaker 2: ninety eight, and we are eight tenths of a percentage

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Speaker 2: point above that. Yeah, it's a half a percentage point

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Speaker 2: down from the previous month, but that is still optimistic.

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Speaker 2: It is certainly not home builder sentiments has remained depressed

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Speaker 2: in this report directly from the National Federation of Independent Businesses,

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Speaker 2: the survey of small businesses, their number is up, and

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Speaker 2: the homebuilders themselves, their number is up. Their optimism in

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Speaker 2: terms of what's going on is up as well. So again,

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Speaker 2: catch them with their well, catch them with their intellectual malpractice,

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Speaker 2: journalistic malpractice as well. Starts for housing projects with five

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Speaker 2: units or more, a very volatile segment, surged twenty nine

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Speaker 2: point one percent to a rate of five hundred and

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Speaker 2: twenty four thousand units. In January, overall housing starts increase

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Speaker 2: seven point two percent to a rate of one point

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Speaker 2: four eight seven. So seven paragraphs in Reuter decides to

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Speaker 2: get to the total, all total, overall starts. And again,

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Speaker 2: when you have the housing starts, that is an indicator

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Speaker 2: as far as businesses are concerned, and you in the

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Speaker 2: trucking industry, because you know that if these starts are up,

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Speaker 2: you're going to have to be driving and delivering all

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Speaker 2: the components. Everything that goes in the house from the

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Speaker 2: basement on up to the roof, and everything that goes

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Speaker 2: in the house in terms of appliance is carpeting, painting, everything. Imagine,

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Speaker 2: all of the stuff that goes into the house all

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Speaker 2: has to be transported by a truck. It also means

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Speaker 2: that wherever that stuff is produced to get to the wholesalers,

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Speaker 2: that has to be delivered by a truck to those

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Speaker 2: locations and then from those locations to the individual job sites.

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Speaker 2: So as long as we know that that part of

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Speaker 2: the economy is going well, we know that that's going

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Speaker 2: to be good for the trucking industry. And that's good

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Speaker 2: for the trucking industry, and especially with unemployment levels being low.

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Speaker 2: We're not experiencing any high levels of unemployment. That more

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Speaker 2: people are on the job, more people are working, that

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Speaker 2: means more people are earning money. And when we saw

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Speaker 2: the numbers last week that the wage increase was three

403
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Speaker 2: point or four point three percent on the month, which

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Speaker 2: was a point and a half a percentage point above

405
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Speaker 2: the inflation rate. More people on the job, more means

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Speaker 2: more people are earning a pay. More people are going

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Speaker 2: to be going out and buying stuff. More stuff is

408
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Speaker 2: going to have to be delivered to these stores to

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Speaker 2: satisfy that. More people are going to be able to

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Speaker 2: go out and spend money on theater, basketball, you know,

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Speaker 2: going to watch basketball games, or you know, stadiums, a

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Speaker 2: baseball season coming up, more people going to the ballpark,

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Speaker 2: all these kinds of things, and more people going out

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Speaker 2: to dinner. So all of that stuff, everything supporting that

415
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Speaker 2: is going to have to be delivered to these locations.

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Speaker 2: And as long as those numbers are up, more people

417
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Speaker 2: are working, more people are employed, the more they're going

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Speaker 2: to be spending money, and more the economy is going

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Speaker 2: to be going on. So again it takes them seven

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Speaker 2: paragraphs in a ten. Let me see seven, eight, nine

421
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Speaker 2: ten in a ten paragraph story. They wait till the

422
00:25:52,480 --> 00:25:55,720
Speaker 2: seven tenths through the story to get to the good information.

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Speaker 2: Permits for the future construction of single family housing units

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Speaker 2: fell nine tenths of one percent to a rate of

425
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Speaker 2: eight hundred and seventy three thousand. Now getting back to

426
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Speaker 2: the top of the story here their first sentence, US

427
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Speaker 2: single family homebuilding fell in January amid harsh winter weather,

428
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Speaker 2: and a strong rebound is unlikely. With permits for future

429
00:26:17,320 --> 00:26:22,879
Speaker 2: construction declining, declining by nine tenths of one percentage point,

430
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Speaker 2: that is a blip on the radar screen. In accounting terms,

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Speaker 2: when going back to as a recovering accountant, when we

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Speaker 2: would review financial statements and companies, if we've found a

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Speaker 2: five percent and the threshold was basically five percent, you

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Speaker 2: see something in a five percent discrepancy that is considered

435
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Speaker 2: significant and you would report on that. A nine tenths

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00:26:45,200 --> 00:26:48,800
Speaker 2: of one percent is not a significant number. That is

437
00:26:48,880 --> 00:26:52,560
Speaker 2: basically a math error more than anything else. And so

438
00:26:52,720 --> 00:26:54,919
Speaker 2: for them to throw that at the front end of

439
00:26:54,920 --> 00:26:59,840
Speaker 2: this story is just unbelievable. Then as far as this,

440
00:27:00,080 --> 00:27:03,040
Speaker 2: and they're talking about the last paragraph, they talk about

441
00:27:03,240 --> 00:27:07,720
Speaker 2: residential investment, which includes homebuilding has contracted for straight four

442
00:27:07,800 --> 00:27:11,719
Speaker 2: straight quarters. Could that possibly be because of interest rates?

443
00:27:12,440 --> 00:27:15,120
Speaker 2: Let's refer back to the story that we had yesterday.

444
00:27:15,440 --> 00:27:19,440
Speaker 2: Median home income home buyers can afford three hundred thousand

445
00:27:19,600 --> 00:27:22,200
Speaker 2: more or thirty thousand more home than.

446
00:27:22,280 --> 00:27:23,040
Speaker 1: Just a year ago.

447
00:27:24,840 --> 00:27:28,400
Speaker 2: Reiterate a paragraph from that story from yesterday. A one

448
00:27:28,440 --> 00:27:31,720
Speaker 2: percent point drop in rates could expand the pool of

449
00:27:31,760 --> 00:27:35,120
Speaker 2: households that can afford to buy a home by about

450
00:27:35,160 --> 00:27:40,320
Speaker 2: five point five million households, including roughly one point six

451
00:27:40,520 --> 00:27:45,360
Speaker 2: million renters, with interest rates at a rate of six percent.

452
00:27:45,920 --> 00:27:48,960
Speaker 2: If those interest rates were down three percent to down

453
00:27:49,000 --> 00:27:54,440
Speaker 2: to three percent, which was the pre pandemic level, there

454
00:27:54,440 --> 00:27:59,760
Speaker 2: would be sixteen point five million people, including four point

455
00:27:59,800 --> 00:28:03,640
Speaker 2: eight eight million renters, looking to buy houses. And what

456
00:28:03,680 --> 00:28:06,320
Speaker 2: would that do to the economy Because when people buy

457
00:28:06,359 --> 00:28:08,720
Speaker 2: a house, they have to furnish it. If it's a

458
00:28:08,720 --> 00:28:10,840
Speaker 2: new home, they're going to have to build it, building

459
00:28:10,880 --> 00:28:13,680
Speaker 2: materials and so on. So the fact that interest rates

460
00:28:13,680 --> 00:28:17,240
Speaker 2: are artificially high, and again I keep talking about where

461
00:28:17,480 --> 00:28:22,480
Speaker 2: interest rates are in countries like Austria, England, France, Italy,

462
00:28:22,760 --> 00:28:27,600
Speaker 2: these different developed countries, their interest rates on their mortgages

463
00:28:27,640 --> 00:28:30,080
Speaker 2: are at least one and a half to two percent

464
00:28:30,359 --> 00:28:32,760
Speaker 2: lower than what we're paying here in the United States.

465
00:28:33,000 --> 00:28:36,040
Speaker 2: And again, as long as that continues, and hopefully the

466
00:28:36,240 --> 00:28:39,440
Speaker 2: rain of Jerry Powell lying Jerry Powell will come to

467
00:28:39,480 --> 00:28:42,080
Speaker 2: an end shortly so that we can get some adjustment

468
00:28:42,200 --> 00:28:45,280
Speaker 2: on these interest rates and get more productive and get

469
00:28:45,320 --> 00:28:49,960
Speaker 2: more productivity and more people into housing. Talk about housing affordability.

470
00:28:50,200 --> 00:28:53,600
Speaker 2: If interest rates are down, that affordability goes way up.

471
00:28:53,760 --> 00:28:56,840
Speaker 2: And we've gone through those numbers before and we can

472
00:28:56,880 --> 00:28:59,600
Speaker 2: go through them anytime. Well, I'll probably go through that

473
00:28:59,640 --> 00:29:03,280
Speaker 2: again next week because it's a good It is a

474
00:29:03,360 --> 00:29:06,520
Speaker 2: good exercise to go through to see just exactly where

475
00:29:06,560 --> 00:29:09,440
Speaker 2: we are some great news or some good news as

476
00:29:09,440 --> 00:29:15,880
Speaker 2: far as the less than truckload industry is concerned. Segment

477
00:29:15,880 --> 00:29:20,400
Speaker 2: of the trucking industry LTL segment health improving as quarter

478
00:29:20,560 --> 00:29:24,360
Speaker 2: one progresses, coming up, we'll talk about that. I'm Kevin Gordon,

479
00:29:24,400 --> 00:29:29,800
Speaker 2: America's truck and Network seven hundred WLW.

480
00:29:30,080 --> 00:29:34,680
Speaker 1: This is America's truck in Network seven one hundred w LW.

481
00:29:35,480 --> 00:29:36,640
Speaker 1: We started the last.

482
00:29:36,600 --> 00:29:40,440
Speaker 2: Segment talking about the lesson truckload segment to health improving

483
00:29:40,680 --> 00:29:42,760
Speaker 2: and by the way, if you miss net segment or

484
00:29:42,840 --> 00:29:44,719
Speaker 2: any of our other segments or any of our shows.

485
00:29:44,840 --> 00:29:46,920
Speaker 2: Make sure you hit up that iHeartRadio app brought to

486
00:29:46,920 --> 00:29:50,240
Speaker 2: you by our friends at Rush Truck Centers. February data

487
00:29:50,280 --> 00:29:54,200
Speaker 2: from publicly traded less than truckload carriers indicated the health

488
00:29:54,280 --> 00:29:57,240
Speaker 2: of the market segment is improving as the first quarter

489
00:29:57,280 --> 00:30:02,520
Speaker 2: of twenty twenty six progresses beyond just higher rates. Sentiment

490
00:30:02,520 --> 00:30:06,760
Speaker 2: among senior executives in the LTL space is positive, is

491
00:30:07,000 --> 00:30:12,560
Speaker 2: positive in outlook, and underlying manufacturing data is supportive even

492
00:30:12,760 --> 00:30:16,320
Speaker 2: as conditions remain challenging. Just like we talked about in

493
00:30:16,360 --> 00:30:20,520
Speaker 2: the housing sector, if more houses are being constructed, obviously

494
00:30:20,600 --> 00:30:23,160
Speaker 2: the stuff that goes into those houses are going to

495
00:30:23,240 --> 00:30:26,080
Speaker 2: have to be delivered to a wholesaler that eventually from

496
00:30:26,120 --> 00:30:28,640
Speaker 2: the wholesaler to the job site, which is going to

497
00:30:28,680 --> 00:30:33,400
Speaker 2: involve trucks. If the manufacturing sentiment manufacturing sector is up,

498
00:30:33,760 --> 00:30:36,720
Speaker 2: those items, the raw materials that go to those manufacturers

499
00:30:36,800 --> 00:30:39,960
Speaker 2: are going to have to get there somewhere, somewhere, somehow,

500
00:30:40,600 --> 00:30:44,160
Speaker 2: buy a truck, and then once those items are manufactured

501
00:30:44,360 --> 00:30:46,960
Speaker 2: and available to go out to the either the wholesalers

502
00:30:47,160 --> 00:30:48,960
Speaker 2: or the retails, that is going to have to be

503
00:30:49,000 --> 00:30:52,200
Speaker 2: delivered by a truck, so very good positive news less

504
00:30:52,200 --> 00:30:56,840
Speaker 2: than truckload area, and these senior executives in these companies

505
00:30:56,960 --> 00:31:00,600
Speaker 2: are very positive on that. After a dis pointing twenty

506
00:31:00,640 --> 00:31:04,560
Speaker 2: twenty five when first quarters optimism evaporated and a flurry

507
00:31:04,640 --> 00:31:09,920
Speaker 2: of tariffs and a truckload of uncertainty, leading players again

508
00:31:10,240 --> 00:31:13,560
Speaker 2: expected a rebound in twenty twenty six, though the timing

509
00:31:13,680 --> 00:31:17,880
Speaker 2: was unclear as the year began. But in retrospect, when

510
00:31:17,880 --> 00:31:20,320
Speaker 2: you look at what was going on, and as we've

511
00:31:20,360 --> 00:31:23,720
Speaker 2: had some of these stories coming out in terms of

512
00:31:24,920 --> 00:31:28,880
Speaker 2: even the other day talked about the tariff's effect on inflation,

513
00:31:29,520 --> 00:31:33,160
Speaker 2: and in one story from CNBC it said there was

514
00:31:33,240 --> 00:31:38,440
Speaker 2: virtually no effect of tariffs on inflation. And let me think,

515
00:31:39,040 --> 00:31:43,840
Speaker 2: was there somebody back on Liberation Day April the second

516
00:31:43,880 --> 00:31:48,520
Speaker 2: of twenty twenty five that said tariffs don't lead to inflation,

517
00:31:48,720 --> 00:31:52,360
Speaker 2: that they could possibly increase prices in some areas but

518
00:31:52,400 --> 00:31:55,840
Speaker 2: then decrease prices in other areas, so that the net

519
00:31:55,880 --> 00:31:59,480
Speaker 2: effect of inflation would be negative. Oh that's right, that

520
00:31:59,680 --> 00:32:03,800
Speaker 2: was me. So again we start seeing these numbers come

521
00:32:03,920 --> 00:32:07,440
Speaker 2: in and all these so called experts that we're talking

522
00:32:07,440 --> 00:32:10,840
Speaker 2: about a possibility of a recession, talking about a possibility

523
00:32:10,880 --> 00:32:16,640
Speaker 2: of a massive layoffs, massive interest rate increase, massive inflation.

524
00:32:16,920 --> 00:32:19,800
Speaker 1: All this stuff didn't come about. And just because the.

525
00:32:19,960 --> 00:32:23,480
Speaker 2: Economists, or some of these economists that apparently didn't read

526
00:32:23,520 --> 00:32:28,280
Speaker 2: the right books came up with a conclusion that was

527
00:32:28,360 --> 00:32:32,200
Speaker 2: absolutely incorrect. And let me remind you what an economist is.

528
00:32:32,600 --> 00:32:36,320
Speaker 2: An economist is an expert who will know tomorrow why

529
00:32:36,400 --> 00:32:40,520
Speaker 2: the things he predicted yesterday didn't happen today. And again

530
00:32:40,560 --> 00:32:45,120
Speaker 2: that comes from a fellow by a Canadian professor by

531
00:32:45,120 --> 00:32:47,800
Speaker 2: the name of Lawrence J. Peter, and he may remember

532
00:32:48,200 --> 00:32:50,800
Speaker 2: what they refer to as the Peter principle. That's the

533
00:32:50,840 --> 00:32:55,280
Speaker 2: principle of which people rise to their level of incompetence.

534
00:32:55,320 --> 00:32:59,240
Speaker 2: In corporations, you see so many times when somebody is

535
00:32:59,240 --> 00:33:01,880
Speaker 2: not very good at it particular position, they actually get

536
00:33:01,920 --> 00:33:03,760
Speaker 2: promoted so they can get them the hell out of

537
00:33:03,760 --> 00:33:06,520
Speaker 2: that position, and then they eventually rise to their level

538
00:33:06,560 --> 00:33:09,680
Speaker 2: of incompetence and whatever. So it's kind of an interesting

539
00:33:09,760 --> 00:33:13,440
Speaker 2: dynamic what happens in companies. But again, looking back at

540
00:33:13,480 --> 00:33:16,440
Speaker 2: these things and what's happening as far as these companies

541
00:33:16,440 --> 00:33:20,520
Speaker 2: are concerned, arc best set its asset based division ABF

542
00:33:20,560 --> 00:33:24,120
Speaker 2: Freight saw one percent increase from January to February, and

543
00:33:24,200 --> 00:33:27,640
Speaker 2: both shipments and tonnage per day. It also noted revenue

544
00:33:27,640 --> 00:33:31,640
Speaker 2: per shipment increase two percent month over month on a

545
00:33:31,720 --> 00:33:35,040
Speaker 2: year over year basis arc best. Tonnage per day rose

546
00:33:35,440 --> 00:33:39,880
Speaker 2: nine point nine percent in January, two percent in February,

547
00:33:40,080 --> 00:33:42,840
Speaker 2: and six percent for the quarter, the company said in

548
00:33:42,880 --> 00:33:47,120
Speaker 2: the March six Securities and Exchange Commission filing. Core Ltl

549
00:33:47,240 --> 00:33:50,280
Speaker 2: profitability also rose in the opening three months of twenty

550
00:33:50,360 --> 00:33:53,959
Speaker 2: twenty six, compared with a particularly weak final quarter of

551
00:33:54,000 --> 00:33:58,080
Speaker 2: the sort of Fort Smith, Arkansas based company said and

552
00:33:58,120 --> 00:34:03,280
Speaker 2: its filing, historically the units opening ratio weekends by about

553
00:34:04,360 --> 00:34:07,560
Speaker 2: two hundred and sixty basis points. Now that sounds scary,

554
00:34:07,760 --> 00:34:10,880
Speaker 2: but a basis point basically is one percent, So that

555
00:34:10,920 --> 00:34:13,840
Speaker 2: would be two point six percent from the fourth quarter

556
00:34:13,920 --> 00:34:17,200
Speaker 2: into the first. So they generally expect a decrease going

557
00:34:17,239 --> 00:34:20,120
Speaker 2: from the fourth quarter into the first quarter, which would

558
00:34:20,200 --> 00:34:23,440
Speaker 2: kind of be expected because when you have holiday sales,

559
00:34:23,440 --> 00:34:26,600
Speaker 2: when you have all that transactions going on during the

560
00:34:26,600 --> 00:34:29,319
Speaker 2: holiday months from Thanksgetting, you know, from the you know,

561
00:34:29,360 --> 00:34:33,120
Speaker 2: basically from Halloween to Thanksgiving and then on to Christmas.

562
00:34:33,239 --> 00:34:35,640
Speaker 2: That is a high retail end and a lot of movement,

563
00:34:35,880 --> 00:34:38,960
Speaker 2: and so you would expect in January that those numbers

564
00:34:39,000 --> 00:34:42,640
Speaker 2: could go down, but they are actually expect in getting

565
00:34:43,000 --> 00:34:48,080
Speaker 2: and experiencing an increase, which is good. The divisions, let

566
00:34:48,120 --> 00:34:51,680
Speaker 2: me see divisions. Quarter one operating revenue is set to

567
00:34:51,840 --> 00:34:54,960
Speaker 2: rise between one hundred and two hundred base point basically

568
00:34:55,000 --> 00:34:59,640
Speaker 2: one to two percent, carriers. Let me see operating revenue

569
00:35:00,120 --> 00:35:02,480
Speaker 2: provides an insight on how well the company is balancing

570
00:35:02,520 --> 00:35:06,040
Speaker 2: it costs and revenue generation. The lower the ratio, the

571
00:35:06,040 --> 00:35:11,719
Speaker 2: better the performance. XPOS LTL tonnage per day increase zero

572
00:35:11,719 --> 00:35:15,479
Speaker 2: point two percent compared with February twenty twenty five, which

573
00:35:15,560 --> 00:35:18,719
Speaker 2: the carrier said March second was attributable to year over

574
00:35:18,800 --> 00:35:22,400
Speaker 2: year increase of three percent in shipments per day and

575
00:35:22,440 --> 00:35:26,200
Speaker 2: a decrease of two point eight in weight per shipment.

576
00:35:27,200 --> 00:35:32,439
Speaker 2: So you know, let me see XPO looking very good now.

577
00:35:32,480 --> 00:35:35,000
Speaker 2: This is a of course, they are from Greenwich, Connecticut.

578
00:35:35,320 --> 00:35:40,080
Speaker 2: Data from SIA meanwhile indicated the tonnage declines are slowing.

579
00:35:41,560 --> 00:35:43,200
Speaker 1: Let me see on the let's.

580
00:35:43,000 --> 00:35:47,120
Speaker 2: See Johns Creek, Georgia based SIA said in a March

581
00:35:47,200 --> 00:35:51,600
Speaker 2: third update that the LTL tonnage per workday declined seven

582
00:35:51,680 --> 00:35:55,320
Speaker 2: percent year over year in January, but that decrease slowed

583
00:35:55,360 --> 00:35:59,240
Speaker 2: to two point seven percent in February. In addition, January

584
00:35:59,239 --> 00:36:02,759
Speaker 2: shipments shipment's felt two point one percent. So they are

585
00:36:02,800 --> 00:36:08,719
Speaker 2: seeing a decrease in the amount of the decline that

586
00:36:08,760 --> 00:36:11,600
Speaker 2: they are seeing is less and less each month, is

587
00:36:11,600 --> 00:36:14,200
Speaker 2: what I'm trying to spit out here. Old Dominion Freight

588
00:36:14,280 --> 00:36:18,000
Speaker 2: Lines of February figures weekend compared with twelve months earlier,

589
00:36:18,200 --> 00:36:22,160
Speaker 2: and a March first update did not provide January details.

590
00:36:22,800 --> 00:36:27,080
Speaker 2: CEO Marty Freeman said in a in comments accompanying the data,

591
00:36:27,360 --> 00:36:31,760
Speaker 2: we are encouraged by trends that we have seen develop

592
00:36:31,880 --> 00:36:36,040
Speaker 2: in our business. While our LTL tons per day decline

593
00:36:36,080 --> 00:36:38,879
Speaker 2: on a year over year basis for the first two

594
00:36:38,920 --> 00:36:42,719
Speaker 2: months of the quarter, we remain cautiously optimistic about the

595
00:36:42,800 --> 00:36:48,359
Speaker 2: direction of the domestic economy. LTL is the key transportation

596
00:36:48,440 --> 00:36:52,840
Speaker 2: mode for smaller manufacturers, and carriers typically target small to

597
00:36:53,040 --> 00:36:58,200
Speaker 2: medium sized businesses because of higher profit returns. So the

598
00:36:58,239 --> 00:37:01,200
Speaker 2: Federal Reserved am released on Frory the eighteenth, show US

599
00:37:01,239 --> 00:37:05,000
Speaker 2: industrial production increase zero point seven percent. Good news for

600
00:37:05,040 --> 00:37:08,160
Speaker 2: the trucking industry. They also talk in terms here of

601
00:37:08,200 --> 00:37:12,960
Speaker 2: different spot rates contract rates, typically of major LTL carriers

602
00:37:13,320 --> 00:37:17,480
Speaker 2: lag spot rates, but data shows significant upside being achieved.

603
00:37:17,600 --> 00:37:21,120
Speaker 2: Spot rates were closed to a fifteen percent higher for

604
00:37:21,160 --> 00:37:24,520
Speaker 2: the week that ended March six from the same period

605
00:37:24,880 --> 00:37:28,279
Speaker 2: back on twenty twenty five. Dry van spot rates were

606
00:37:28,400 --> 00:37:31,880
Speaker 2: nineteen percent higher in the weekend in March six than

607
00:37:31,920 --> 00:37:35,759
Speaker 2: the previous week in twenty twenty five. Spot dry van

608
00:37:35,840 --> 00:37:39,040
Speaker 2: load post volumes in the most recent week were fifty

609
00:37:39,160 --> 00:37:43,160
Speaker 2: three percent higher year over year. So very good news

610
00:37:43,280 --> 00:37:47,880
Speaker 2: and very optimistic viewpoints from those in the business and

611
00:37:47,960 --> 00:37:51,160
Speaker 2: should bode well for what we are seeing here in

612
00:37:51,239 --> 00:37:54,359
Speaker 2: the third quarter and going into the rest of the year.

613
00:37:55,800 --> 00:37:58,800
Speaker 2: Kind of looking at oil prices, oil prices, we're jumping

614
00:37:58,840 --> 00:38:02,960
Speaker 2: around again. It was interesting. I saw the numbers that

615
00:38:03,040 --> 00:38:08,040
Speaker 2: had fluctuated overnight, and I went to Phil Flynn's Energy Report,

616
00:38:08,080 --> 00:38:10,759
Speaker 2: because whenever I want to know what the heck is

617
00:38:10,800 --> 00:38:13,960
Speaker 2: actually going on Phil Flynn, I usually got to his

618
00:38:14,600 --> 00:38:17,759
Speaker 2: not usually I go to his Energy report every day.

619
00:38:17,800 --> 00:38:20,960
Speaker 2: And of course Phil Flynn as senior market analyst with

620
00:38:21,000 --> 00:38:24,280
Speaker 2: Price Future Group. He is a frequent contributor to Fox

621
00:38:24,400 --> 00:38:29,560
Speaker 2: Business News and a contributor to CNBC, and he is

622
00:38:29,600 --> 00:38:31,880
Speaker 2: often quoted in any of the stories having to do

623
00:38:31,920 --> 00:38:34,799
Speaker 2: with oil and gas prices by Reuters, so he is

624
00:38:34,880 --> 00:38:38,200
Speaker 2: an expert in the area. And what he basically talked

625
00:38:38,200 --> 00:38:41,879
Speaker 2: about today with International Energy Agency agreed to release four

626
00:38:41,920 --> 00:38:45,600
Speaker 2: hundred million barrels of oil from the member countries and

627
00:38:46,520 --> 00:38:48,840
Speaker 2: US said that they were going to release one hundred

628
00:38:48,840 --> 00:38:51,640
Speaker 2: and seventy two. He says, well, we're learning that oil

629
00:38:52,520 --> 00:38:56,480
Speaker 2: jumps on seeing flames in this conflict, and even though

630
00:38:56,800 --> 00:38:59,479
Speaker 2: the showing some of these reports of some of these

631
00:38:59,680 --> 00:39:04,120
Speaker 2: plays is on fire, that isn't necessarily creating damage to

632
00:39:04,160 --> 00:39:08,960
Speaker 2: the actual structures themselves and the actual production ability. So

633
00:39:09,000 --> 00:39:12,440
Speaker 2: he sorts through all this information and talks about how

634
00:39:12,840 --> 00:39:16,120
Speaker 2: looking forward, that these numbers are going to come down

635
00:39:16,160 --> 00:39:21,799
Speaker 2: because it's less and less likely that the Iran is

636
00:39:21,840 --> 00:39:24,960
Speaker 2: going to be able to sustain what they are doing.

637
00:39:25,360 --> 00:39:29,440
Speaker 2: West Texas Intermedia crew jump by seven dollars a barrel, again,

638
00:39:29,680 --> 00:39:34,840
Speaker 2: I think best based on pessimistic and kind of skittish information,

639
00:39:36,600 --> 00:39:39,240
Speaker 2: grew by seven dollars and forty six cents a barrel,

640
00:39:39,760 --> 00:39:42,320
Speaker 2: or an eight point five percent increased rent. Crewed ninety

641
00:39:42,400 --> 00:39:45,160
Speaker 2: nine dollars and thirty eight cents to seven seven dollars

642
00:39:45,200 --> 00:39:49,160
Speaker 2: and forty cents up and eight percent. But again, as

643
00:39:49,160 --> 00:39:52,160
Speaker 2: Phil Flynn pointed out his Energy report, he expects those

644
00:39:52,239 --> 00:39:53,240
Speaker 2: numbers to come down.

645
00:39:53,320 --> 00:39:54,520
Speaker 1: And what was interesting.

646
00:39:54,239 --> 00:39:59,239
Speaker 2: Yesterday also is that the head big headline, the Supreme

647
00:39:59,560 --> 00:40:06,919
Speaker 2: Leader speaks. Iran's new Supreme Leader, Mojat Motaba Kamine has

648
00:40:07,000 --> 00:40:11,839
Speaker 2: broken his silence days after succeeding his slain father's father

649
00:40:11,960 --> 00:40:12,480
Speaker 2: in the role.

650
00:40:13,680 --> 00:40:14,080
Speaker 1: Get this.

651
00:40:15,200 --> 00:40:20,239
Speaker 2: In a message read on state run television by a

652
00:40:20,360 --> 00:40:24,960
Speaker 2: news anchor, Komani said, so he didn't break his silence.

653
00:40:25,040 --> 00:40:27,719
Speaker 2: We don't know who wrote that, who came up with that,

654
00:40:28,120 --> 00:40:30,720
Speaker 2: and whether or not he's actually even alive. Well, folks,

655
00:40:30,800 --> 00:40:33,239
Speaker 2: we're up against clock here. Stay tuned for Fretti Rader.

656
00:40:33,320 --> 00:40:37,560
Speaker 2: It's amazing all the banner headlines. Supreme Leader speaks.

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Speaker 1: Well.

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00:40:38,560 --> 00:40:41,680
Speaker 2: Actually, a note passed to a spoon feeder regrigistators in

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Speaker 2: Iran's media, I'm Kevin Gordon a stay tuned Forretti I Rator.

660
00:40:44,760 --> 00:40:46,640
Speaker 2: Top of the art. I'm Kevin Gordon. America has struck

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Speaker 2: a network seven hundred WLW