1 00:00:10,119 --> 00:00:12,880 Speaker 1: This is America's Truncking Network with Kevin Gordon. 2 00:00:14,680 --> 00:00:20,759 Speaker 2: Welcome aboard, thanks for tuning in. Happy New Year, January first, 3 00:00:21,320 --> 00:00:26,680 Speaker 2: twenty twenty six. It's also the eighth day of Christmas. 4 00:00:26,880 --> 00:00:29,760 Speaker 2: I want to start off thanking all you truckers out 5 00:00:29,760 --> 00:00:32,640 Speaker 2: there on the highway tonight, not being at home with 6 00:00:32,720 --> 00:00:36,000 Speaker 2: your families, not being able to celebrate the coming. 7 00:00:35,720 --> 00:00:37,760 Speaker 1: Of the new year, the New Year's Eve. 8 00:00:37,680 --> 00:00:41,000 Speaker 2: Celebrations and so on, because you are busy out there 9 00:00:41,080 --> 00:00:45,880 Speaker 2: keeping the wheels of this economy rolling. Also first responders, 10 00:00:45,920 --> 00:00:47,479 Speaker 2: everybody that's on the clock. 11 00:00:48,280 --> 00:00:49,479 Speaker 1: Thank you to the police and. 12 00:00:49,479 --> 00:00:54,240 Speaker 2: Fire, hospital workers, people that are there taking care of patients, 13 00:00:54,480 --> 00:00:59,960 Speaker 2: food service employees all around the area, across the nation, Hotel, 14 00:01:00,320 --> 00:01:03,480 Speaker 2: motel workers, what people are traveling, You've got to be 15 00:01:03,520 --> 00:01:05,440 Speaker 2: taken care of. You've got to make sure that the 16 00:01:05,480 --> 00:01:09,720 Speaker 2: people in the hotels are there. Store clerks, convenience store employees. 17 00:01:09,720 --> 00:01:13,040 Speaker 2: As you're out there driving around and stopping by gas stations, 18 00:01:13,560 --> 00:01:16,640 Speaker 2: take the time to say thank you to. 19 00:01:16,680 --> 00:01:18,720 Speaker 1: Those people, to those people that. 20 00:01:18,760 --> 00:01:22,160 Speaker 2: Are working and thank that just say thank you for 21 00:01:22,240 --> 00:01:25,680 Speaker 2: being here. I mentioned this is the eighth to day 22 00:01:25,680 --> 00:01:29,240 Speaker 2: of Christmas. Again, if you've been listening to the program 23 00:01:29,040 --> 00:01:33,039 Speaker 2: of beginning. Well, I've talked about on Christmas Day, the 24 00:01:33,120 --> 00:01:37,600 Speaker 2: fact that there's a misconception that the twelve days of 25 00:01:37,720 --> 00:01:41,960 Speaker 2: Christmas are actually the twelve days before Christmas, that is, 26 00:01:42,080 --> 00:01:46,440 Speaker 2: actually the days before Christmas is what is referred to 27 00:01:46,640 --> 00:01:50,360 Speaker 2: well in Christian circles as the ads the advent period. 28 00:01:50,800 --> 00:01:54,120 Speaker 2: It is the fourth Sunday you go back for Sundays 29 00:01:54,160 --> 00:01:58,040 Speaker 2: before Christmas, and that is the gearing up and preparation 30 00:01:58,320 --> 00:02:01,320 Speaker 2: for Advent than the twelve days of Christmas. 31 00:02:01,560 --> 00:02:02,480 Speaker 1: Then begin. 32 00:02:03,840 --> 00:02:08,679 Speaker 2: December fifth or twenty fifth, rather Christmas Day, and then 33 00:02:08,760 --> 00:02:12,440 Speaker 2: go for twelve days until the twelfth night of January 34 00:02:12,480 --> 00:02:16,280 Speaker 2: the fifth, and then on January the sixth is the 35 00:02:16,320 --> 00:02:23,240 Speaker 2: celebration of the Epiphany, which is traditionally or through biblical accounts, 36 00:02:23,520 --> 00:02:27,680 Speaker 2: when the Majei the three Wise Men visited Jesus, Mary, 37 00:02:27,680 --> 00:02:30,960 Speaker 2: and Joseph. And so that has to do with the 38 00:02:31,000 --> 00:02:34,960 Speaker 2: actual Christmas season itself and is kind of a misconception. 39 00:02:35,240 --> 00:02:37,600 Speaker 2: And by the way, we've talked about this several times 40 00:02:37,639 --> 00:02:39,920 Speaker 2: over the last week, So if you missed any part 41 00:02:39,960 --> 00:02:42,280 Speaker 2: of that or missed any of our shows, make sure 42 00:02:42,280 --> 00:02:45,240 Speaker 2: you hit up that iHeartRadio app and everything's right there, 43 00:02:45,360 --> 00:02:47,280 Speaker 2: of course, brought to you by our friends at Rush 44 00:02:47,280 --> 00:02:50,440 Speaker 2: Truck Centers. Now, as far as New Year's is concerned, 45 00:02:51,280 --> 00:02:55,280 Speaker 2: the New Year Day itself, I love digging into some 46 00:02:55,400 --> 00:02:58,400 Speaker 2: of these traditions and kind of a lighthearted type of thing, 47 00:02:58,520 --> 00:03:00,880 Speaker 2: kind of light loosen things up or lighting things up. 48 00:03:00,960 --> 00:03:04,880 Speaker 2: Today looking at the traditions and how this formulation, I'm 49 00:03:04,919 --> 00:03:09,400 Speaker 2: always fascinated by how things develop, why things are the 50 00:03:09,440 --> 00:03:12,680 Speaker 2: way they are, how certain words came together, what their 51 00:03:12,720 --> 00:03:15,760 Speaker 2: meanings are, where they first appeared, and so on. 52 00:03:16,320 --> 00:03:18,280 Speaker 1: This is something that just always fascinates me. 53 00:03:18,680 --> 00:03:22,359 Speaker 2: Sivils civilizations around the world celebrating the start of each 54 00:03:22,480 --> 00:03:25,520 Speaker 2: new year, or at least have been doing this for 55 00:03:25,600 --> 00:03:28,799 Speaker 2: at least for millennia four thousand years. 56 00:03:29,200 --> 00:03:29,519 Speaker 1: Today. 57 00:03:29,560 --> 00:03:33,480 Speaker 2: Most New Year's celebrations begin, of course, last night to 58 00:03:33,520 --> 00:03:36,080 Speaker 2: some of the thirty first New Year's Eve and the 59 00:03:36,320 --> 00:03:39,320 Speaker 2: last day of the Georgian calendar, and continue for the 60 00:03:39,360 --> 00:03:42,200 Speaker 2: early hours of January the first, So people are still 61 00:03:42,200 --> 00:03:45,240 Speaker 2: out there having a great time reveling in the new 62 00:03:45,360 --> 00:03:51,280 Speaker 2: year while we're here talking to each other here on 63 00:03:51,320 --> 00:03:56,040 Speaker 2: the radio. Common traditions include attending parties, eating special New 64 00:03:56,120 --> 00:03:59,600 Speaker 2: Year's foods, making resolutions for the new year and watching 65 00:03:59,680 --> 00:04:04,200 Speaker 2: fire works displays. Now going back in history, the earliest 66 00:04:04,240 --> 00:04:07,520 Speaker 2: recorded festivities in honor of new Year's date back more 67 00:04:07,560 --> 00:04:11,800 Speaker 2: than four thousand years to the ancient Babylon. For the Babylonians, 68 00:04:11,840 --> 00:04:15,600 Speaker 2: the first moon following the vernal equinox the day in 69 00:04:15,680 --> 00:04:19,599 Speaker 2: late March and again in March, not January. In March, 70 00:04:19,640 --> 00:04:22,480 Speaker 2: when an equal amount of sunlight and darkness heralded the 71 00:04:22,520 --> 00:04:25,320 Speaker 2: start of a new year, they marked the occasion with 72 00:04:25,480 --> 00:04:29,960 Speaker 2: massive religious festival called a key to, derived from the 73 00:04:30,600 --> 00:04:34,680 Speaker 2: Samarian word for barley, which was cut in the spring 74 00:04:34,760 --> 00:04:39,680 Speaker 2: and involved the traditional ritual for last about eleven days. Again, 75 00:04:39,839 --> 00:04:43,680 Speaker 2: you know, festivities back then lasted for a long period 76 00:04:43,720 --> 00:04:46,840 Speaker 2: of time in order for to realign the Roman calendar 77 00:04:48,120 --> 00:04:51,680 Speaker 2: throughout the anti Let me skip getting ahead of myself here. 78 00:04:51,880 --> 00:04:56,920 Speaker 2: Throughout antiquity, civilization around the world developed increasingly sophisticated calendars, 79 00:04:57,160 --> 00:04:59,400 Speaker 2: typically pinning the first day of the year to the 80 00:04:59,680 --> 00:05:02,480 Speaker 2: agri culture or astronomical event. 81 00:05:02,960 --> 00:05:06,239 Speaker 1: In Egypt, for instance, the year. 82 00:05:06,120 --> 00:05:10,120 Speaker 2: Began with the annual flooding of the Nile, which coincided 83 00:05:10,160 --> 00:05:13,480 Speaker 2: with the rising of the stars serious the first. 84 00:05:13,320 --> 00:05:14,520 Speaker 1: Day of the lunar new year. 85 00:05:14,680 --> 00:05:19,240 Speaker 2: Meanwhile, occurred with the second new moon after the winter solstice. 86 00:05:19,480 --> 00:05:22,320 Speaker 2: So going back to even Egypt, they had a different 87 00:05:22,360 --> 00:05:25,599 Speaker 2: way of determining when the new year was after the 88 00:05:25,640 --> 00:05:27,120 Speaker 2: centuries the calendar. 89 00:05:27,279 --> 00:05:29,360 Speaker 1: Let me see early. I'm sorry, let's go here. 90 00:05:29,680 --> 00:05:33,520 Speaker 2: The early Roman calendar consisted of ten months and three 91 00:05:33,640 --> 00:05:36,719 Speaker 2: hundred and four days, with each new year beginning in 92 00:05:36,760 --> 00:05:41,240 Speaker 2: the vernal equinox. According to tradition, it was created by Romulus, 93 00:05:42,160 --> 00:05:46,040 Speaker 2: the founder of Rome, in the eighth century. Over the centuries, 94 00:05:46,080 --> 00:05:50,599 Speaker 2: calendars fell out of sync these old calendars with the sun. 95 00:05:52,160 --> 00:05:53,640 Speaker 1: In sync with the sun, and in. 96 00:05:53,680 --> 00:05:58,839 Speaker 2: Forty six BC, Julius Caesar decided to solve the problem. 97 00:05:59,120 --> 00:06:02,800 Speaker 2: By consulting with the most prominent astronomers and mathematicians of 98 00:06:02,839 --> 00:06:07,400 Speaker 2: his time, he introduced the Julian calendar, which closely resembles 99 00:06:07,440 --> 00:06:12,039 Speaker 2: the more modern Gregorian calendar that most countries around. 100 00:06:11,720 --> 00:06:12,920 Speaker 1: The world use today. 101 00:06:13,720 --> 00:06:17,200 Speaker 2: As part of his reform, Caesar instituted January first is 102 00:06:17,240 --> 00:06:19,400 Speaker 2: the first day of the year, and that is pretty 103 00:06:19,440 --> 00:06:22,880 Speaker 2: much caught on in terms of the celebrations. Tod of 104 00:06:22,920 --> 00:06:27,599 Speaker 2: the month's name Janus, the Roman god of beginnings, whose 105 00:06:27,640 --> 00:06:30,480 Speaker 2: two faces allow him to look back in the past 106 00:06:30,720 --> 00:06:33,720 Speaker 2: and forward to the future. Now New Year's traditions and 107 00:06:33,760 --> 00:06:37,520 Speaker 2: celebrations around the world previously mentioned going on for four 108 00:06:37,560 --> 00:06:42,280 Speaker 2: thousand years. Revelers enjoy snacks for good luck. In Spain 109 00:06:42,839 --> 00:06:47,640 Speaker 2: several other Spanish speaking countries, people bolt down a dozen grapes, 110 00:06:47,920 --> 00:06:51,880 Speaker 2: symbolizing their hopes of the months ahead right before midnight. 111 00:06:52,760 --> 00:06:56,200 Speaker 2: In many parts of the world, traditional New Year's dishes 112 00:06:56,400 --> 00:07:02,359 Speaker 2: feature legoomes, which are thought to resemble coins and herald 113 00:07:02,600 --> 00:07:06,479 Speaker 2: future financial success. Now I land to look this up, 114 00:07:07,600 --> 00:07:14,760 Speaker 2: excuse me. Legomes basically include lentils. In Italy, black eyed 115 00:07:14,800 --> 00:07:20,120 Speaker 2: peas and southern states. Also beans, peas, chickpeas, and soybeans 116 00:07:20,280 --> 00:07:24,760 Speaker 2: are considered these legomes, so they resemble coins and are 117 00:07:24,760 --> 00:07:26,640 Speaker 2: supposed to be doing with wealth. 118 00:07:26,960 --> 00:07:28,840 Speaker 1: I found this fascinating. 119 00:07:28,520 --> 00:07:34,000 Speaker 2: Because pigs represent progress and prosperity in some cultures. Pork 120 00:07:34,200 --> 00:07:38,720 Speaker 2: appears on the New Year's eve table in Cuba, Austria, Hungary, 121 00:07:38,960 --> 00:07:42,000 Speaker 2: Portugal and other countries. Now I thought that was kind 122 00:07:42,040 --> 00:07:45,840 Speaker 2: of weird in terms of pigs being symbol of progress, 123 00:07:46,360 --> 00:07:49,720 Speaker 2: But it goes back to if you look at chickens, 124 00:07:49,800 --> 00:07:54,160 Speaker 2: if you look at cows and horses, how they scratch 125 00:07:54,240 --> 00:07:57,040 Speaker 2: the earth. They are always doing it in a backwards 126 00:07:57,080 --> 00:08:01,240 Speaker 2: motion pigs because the way they root, they actually put 127 00:08:01,240 --> 00:08:05,520 Speaker 2: their snoot down and actually push forward to scratch the earth, 128 00:08:05,760 --> 00:08:10,080 Speaker 2: and so a symbol of progress going forward instead of backwards. 129 00:08:10,160 --> 00:08:14,679 Speaker 2: Of course, ring shaped cakes, pastries sign of the year, continuing. 130 00:08:14,240 --> 00:08:17,080 Speaker 1: As far as what Mexico and elsewhere. 131 00:08:16,720 --> 00:08:21,200 Speaker 2: In Sweden and Norway. Meanwhile, rice pudding with almond inside 132 00:08:21,240 --> 00:08:24,760 Speaker 2: is served. Whoever finds that almonds can expect twelve months 133 00:08:24,760 --> 00:08:28,440 Speaker 2: of good luck. Let's see what other things other customers 134 00:08:28,440 --> 00:08:31,960 Speaker 2: are coming around the world. Of course, watching fireworks, all 135 00:08:32,040 --> 00:08:35,280 Speaker 2: lang sign the all traditions that we do here in 136 00:08:35,280 --> 00:08:39,320 Speaker 2: the United States, and so a lot of traditions. And 137 00:08:39,360 --> 00:08:41,800 Speaker 2: I always, again, like I said, I always geek out 138 00:08:41,800 --> 00:08:44,199 Speaker 2: on these kind of things. I always find it fascinating 139 00:08:44,480 --> 00:08:49,120 Speaker 2: how traditions begin, how they evolve over the period of time, 140 00:08:49,320 --> 00:08:52,319 Speaker 2: why they started in the first place, and just you know, 141 00:08:52,480 --> 00:08:55,959 Speaker 2: how things happen and evolved. I just always find that 142 00:08:56,080 --> 00:08:58,720 Speaker 2: very interesting. Coming up, we're going to be speaking with 143 00:08:58,800 --> 00:09:02,680 Speaker 2: Phil Flynn. Of course, he is Price Futures Group. 144 00:09:02,679 --> 00:09:05,400 Speaker 1: We quote him very often on this program. 145 00:09:05,240 --> 00:09:10,320 Speaker 2: And he is the author of the Energy Report. He 146 00:09:10,440 --> 00:09:13,800 Speaker 2: is a frequent contributor to Fox Business News as well 147 00:09:13,840 --> 00:09:17,160 Speaker 2: as once in a while on the Fox Weather Channel. 148 00:09:17,400 --> 00:09:20,240 Speaker 2: So looking forward to talking with him, talking about some 149 00:09:20,320 --> 00:09:22,960 Speaker 2: of the things going on in the economy and kind 150 00:09:22,960 --> 00:09:25,560 Speaker 2: of gear up for what we can expect in the 151 00:09:25,559 --> 00:09:29,240 Speaker 2: new year. I'm Kevin Gordon, America's struck In Network seven 152 00:09:29,360 --> 00:09:31,360 Speaker 2: hundred WLW. 153 00:09:32,600 --> 00:09:33,040 Speaker 1: I want to. 154 00:09:32,960 --> 00:09:36,640 Speaker 2: Welcome back to the program Phil Flynn. He is the 155 00:09:36,760 --> 00:09:40,520 Speaker 2: senior analyst Price Futures Group, author of the Energy Report, 156 00:09:40,800 --> 00:09:44,480 Speaker 2: and a contributor to Fox Business News. And I've actually 157 00:09:44,520 --> 00:09:46,960 Speaker 2: seen him on the Fox Weather Channel. Phil, Welcome to 158 00:09:46,960 --> 00:09:48,680 Speaker 2: the program, or welcome back to the program. 159 00:09:48,800 --> 00:09:53,000 Speaker 3: Hey kick, Hey, thank you Kevin. So this is day 160 00:09:53,040 --> 00:09:55,400 Speaker 3: five of Christmas. Do I get five golden rings for 161 00:09:55,480 --> 00:09:55,920 Speaker 3: being here? 162 00:09:56,120 --> 00:09:58,840 Speaker 1: Yes? Absolutely, absolutely. 163 00:10:00,160 --> 00:10:00,319 Speaker 2: Good. 164 00:10:00,320 --> 00:10:03,120 Speaker 3: With the way the gold prices are going today, that's 165 00:10:03,160 --> 00:10:07,400 Speaker 3: going to be pretty good. But oh man, I've been 166 00:10:07,440 --> 00:10:10,840 Speaker 3: watching the sewer market for the last twenty Oh my gosh, 167 00:10:11,000 --> 00:10:14,160 Speaker 3: it's unlike anything I've ever seen before. I mean, we 168 00:10:14,240 --> 00:10:17,040 Speaker 3: hit a record high last night eighty four dollars. We 169 00:10:17,240 --> 00:10:21,280 Speaker 3: fallowed ten dollars and ounce, and even with that volatility, 170 00:10:21,320 --> 00:10:25,200 Speaker 3: we're still cheap compared to gold. So the precious metals 171 00:10:25,200 --> 00:10:26,600 Speaker 3: have been unbelievable. 172 00:10:26,679 --> 00:10:29,120 Speaker 1: Absolutely. Well, by the way, how is your Christmas? 173 00:10:29,320 --> 00:10:32,400 Speaker 3: It was wonderful. I must have got on the nice list. 174 00:10:32,920 --> 00:10:34,320 Speaker 3: Thanks for whatever you did. 175 00:10:34,720 --> 00:10:38,160 Speaker 2: Well, it was because of all your fantastic reporting and 176 00:10:38,240 --> 00:10:40,120 Speaker 2: all of the stuff that you talk about in terms 177 00:10:40,120 --> 00:10:42,520 Speaker 2: of your energy report and the economy. 178 00:10:42,800 --> 00:10:47,560 Speaker 1: I'll tell you what, this economy is on fire. 179 00:10:48,320 --> 00:10:52,240 Speaker 2: And what I'm seeing is that the only in my opinion, 180 00:10:52,280 --> 00:10:55,040 Speaker 2: the only thing holding it back are these interest rates 181 00:10:55,360 --> 00:10:58,040 Speaker 2: that I think people are sitting on the sidelines and saying, gee, 182 00:10:58,040 --> 00:11:00,160 Speaker 2: do I make this investment? Do I do this so 183 00:11:00,240 --> 00:11:02,960 Speaker 2: I incur that amount of money with a return on 184 00:11:03,120 --> 00:11:06,360 Speaker 2: investment and so on. But I mean, you look at 185 00:11:06,760 --> 00:11:08,760 Speaker 2: I mean, every time we turn around, there's a report 186 00:11:08,800 --> 00:11:12,760 Speaker 2: that comes out, retail sales higher than expected, unemployment lower 187 00:11:12,840 --> 00:11:15,400 Speaker 2: than expect. We had that jobs report on well, I 188 00:11:15,440 --> 00:11:19,599 Speaker 2: guess it was Wednesday day early, the initial job is 189 00:11:19,600 --> 00:11:23,600 Speaker 2: claims less than expected. And yet we have this drum 190 00:11:23,640 --> 00:11:26,800 Speaker 2: beat from the spoon feder regurgitators in the mainstream media 191 00:11:27,280 --> 00:11:31,120 Speaker 2: that we're actually on the precipice of a recession, and 192 00:11:31,520 --> 00:11:34,000 Speaker 2: in my opinion, they're trying to manufacture a recession. 193 00:11:34,600 --> 00:11:35,560 Speaker 4: You know, I think you're right. 194 00:11:35,679 --> 00:11:39,120 Speaker 3: You know, a lot of times, you know, the mainstream press. 195 00:11:40,559 --> 00:11:42,880 Speaker 3: You know, it's amazing some of the people that they 196 00:11:42,920 --> 00:11:45,920 Speaker 3: have on the mainstream press really don't understand the economics. 197 00:11:45,960 --> 00:11:48,960 Speaker 3: And I think you see that more and more when 198 00:11:48,960 --> 00:11:51,280 Speaker 3: you see the type of questions you get. For example, 199 00:11:51,320 --> 00:11:54,240 Speaker 3: one of the things that bothered me is when the 200 00:11:54,280 --> 00:11:57,520 Speaker 3: mainstream press is saying, no, as soon as Donald Trump 201 00:11:57,520 --> 00:11:59,480 Speaker 3: puts on sanctions, we're going to go on through a 202 00:11:59,520 --> 00:12:02,880 Speaker 3: recession and an inflation is going to go through the roof. 203 00:12:03,600 --> 00:12:06,040 Speaker 3: And of course that hasn't happened, you know, if you 204 00:12:06,080 --> 00:12:10,079 Speaker 3: look at the historically inflationary Yeah. 205 00:12:10,160 --> 00:12:14,120 Speaker 2: Yeah, well, and credit to you, and then credit to 206 00:12:14,240 --> 00:12:17,760 Speaker 2: my economics professor. Way back in the day when I 207 00:12:17,840 --> 00:12:20,680 Speaker 2: was at Xavier University. One of the things that was 208 00:12:20,679 --> 00:12:23,400 Speaker 2: talked about the tariffs were the main driving force of 209 00:12:23,440 --> 00:12:26,080 Speaker 2: income to the United States and it was only in 210 00:12:26,120 --> 00:12:28,920 Speaker 2: the period of after the war World War two that 211 00:12:29,400 --> 00:12:32,320 Speaker 2: tariffs on our goods going into the other countries kind 212 00:12:32,360 --> 00:12:36,079 Speaker 2: of a protectionism mechanism for them. But the tariffs necessarily 213 00:12:36,080 --> 00:12:39,480 Speaker 2: don't lead to inflation. And I think you was that 214 00:12:39,640 --> 00:12:42,719 Speaker 2: Kevin O'Leary, Larry Kudlow and a couple of people in 215 00:12:42,800 --> 00:12:45,400 Speaker 2: Fox business are some of the only people that I 216 00:12:45,440 --> 00:12:48,160 Speaker 2: have heard other than you know, you and me saying 217 00:12:48,200 --> 00:12:50,800 Speaker 2: that tariffs don't lead to inflation. It's out of control 218 00:12:50,920 --> 00:12:51,800 Speaker 2: government spending. 219 00:12:52,120 --> 00:12:54,600 Speaker 4: It's absolutely correct. That's in fact, that's the only way 220 00:12:54,640 --> 00:12:57,880 Speaker 4: that cause inflation. And listen, when. 221 00:12:57,760 --> 00:13:01,080 Speaker 3: There's tariffs to some prices go up. They absolutely do. 222 00:13:01,600 --> 00:13:04,080 Speaker 3: But I can give you for every price increase, I 223 00:13:04,120 --> 00:13:06,280 Speaker 3: can give you a price decrease as well. And we 224 00:13:06,360 --> 00:13:09,079 Speaker 3: saw that for example, you know, in the price of grains. 225 00:13:09,080 --> 00:13:11,199 Speaker 3: You know, the farmers don't like to hear that, obviously, 226 00:13:11,280 --> 00:13:14,520 Speaker 3: but that's the truth. And grain prices went down when 227 00:13:14,520 --> 00:13:18,720 Speaker 3: we had tariffs. So yeah, for every increase, there's a decrease. 228 00:13:19,400 --> 00:13:22,760 Speaker 3: And what we're finding right now is that it's actually 229 00:13:22,800 --> 00:13:26,040 Speaker 3: lowering inflation because when we take in more money to 230 00:13:26,120 --> 00:13:29,240 Speaker 3: the government, it reduces our deficit, and when we have 231 00:13:29,280 --> 00:13:32,480 Speaker 3: a smaller deficit, the government has to borrow less money. 232 00:13:32,559 --> 00:13:35,320 Speaker 3: We're already seeing that. And when we borrow less money, 233 00:13:35,480 --> 00:13:37,680 Speaker 3: we don't have to tax people as much to pay 234 00:13:37,720 --> 00:13:39,720 Speaker 3: for it, and we don't have to print as much 235 00:13:39,720 --> 00:13:40,920 Speaker 3: money to pay our bills. 236 00:13:41,200 --> 00:13:43,040 Speaker 4: So you get into it, you're going to have to 237 00:13:43,200 --> 00:13:43,640 Speaker 4: that's amazing. 238 00:13:43,640 --> 00:13:45,720 Speaker 2: You're going to have to talk slower because there's a 239 00:13:45,720 --> 00:13:48,800 Speaker 2: lot of my frontemies that listen to this program and 240 00:13:48,840 --> 00:13:53,000 Speaker 2: they're liberals, so they may not understand that real quick. 241 00:13:53,120 --> 00:13:54,160 Speaker 1: So not just. 242 00:13:55,920 --> 00:13:58,640 Speaker 2: You know, they don't understand as you said, they don't 243 00:13:58,760 --> 00:14:02,720 Speaker 2: understand economic and so the things that you just said, 244 00:14:03,040 --> 00:14:06,800 Speaker 2: you would think it would be common sense, but apparently not. 245 00:14:07,240 --> 00:14:09,880 Speaker 3: Well, the news is, I think liberals are still sleepy, 246 00:14:10,000 --> 00:14:12,840 Speaker 3: most of them at the tower. I don't know for sure, 247 00:14:13,120 --> 00:14:15,760 Speaker 3: that could be a guest. No, No, I think you're right, 248 00:14:15,840 --> 00:14:18,480 Speaker 3: you know, and and it's it's hard to you know, 249 00:14:18,520 --> 00:14:20,840 Speaker 3: I you know, I think sometimes I think when you 250 00:14:21,040 --> 00:14:23,520 Speaker 3: hear you know, people on the other side when they 251 00:14:23,560 --> 00:14:28,760 Speaker 3: talk about uh economics, it's about emotional economics, It's like, okay, 252 00:14:29,000 --> 00:14:31,800 Speaker 3: well you know that, you know, they're you know, Elion 253 00:14:31,920 --> 00:14:33,160 Speaker 3: Musk is a billionaire. 254 00:14:33,440 --> 00:14:35,200 Speaker 4: You know, everything's wrong with the economy. 255 00:14:35,200 --> 00:14:37,400 Speaker 3: He or you know, it's like, okay, this guy, you know, 256 00:14:38,080 --> 00:14:40,280 Speaker 3: invented a rocket to go to Mars. You know, he 257 00:14:40,360 --> 00:14:44,480 Speaker 3: invented electric car industry, which wouldn't exist if if if 258 00:14:44,520 --> 00:14:47,720 Speaker 3: it wasn't for his genius, you know. And but then 259 00:14:47,760 --> 00:14:50,400 Speaker 3: of course they want to tell everybody to buy electric cars, 260 00:14:50,480 --> 00:14:53,400 Speaker 3: enforcing to buy cars. U listen, I mean the whole 261 00:14:53,440 --> 00:14:55,960 Speaker 3: thing when you look at the emotional side of economics. 262 00:14:56,080 --> 00:14:59,600 Speaker 3: I think we have to try to remove the politics 263 00:14:59,600 --> 00:15:02,520 Speaker 3: from thatomics, which is really hard to do because I 264 00:15:02,520 --> 00:15:05,240 Speaker 3: think a lot of these politicians on the other side, 265 00:15:05,360 --> 00:15:07,520 Speaker 3: you know, keep trying to tell us, hey, the economy's bad, 266 00:15:07,600 --> 00:15:11,160 Speaker 3: the economy's bad, you know when and it's all Trump's fault, 267 00:15:11,520 --> 00:15:14,400 Speaker 3: you know, when you know the previous administration, you know, 268 00:15:15,040 --> 00:15:17,640 Speaker 3: was there for four years and ran up, you know, 269 00:15:17,680 --> 00:15:20,360 Speaker 3: some of the biggest debt and inflation numbers in history. 270 00:15:20,400 --> 00:15:23,040 Speaker 3: So you know, yeah, they blamed COVID, but you know, 271 00:15:23,160 --> 00:15:25,520 Speaker 3: we know what really caused it, and that's out of 272 00:15:25,520 --> 00:15:26,400 Speaker 3: control spending. 273 00:15:26,680 --> 00:15:26,880 Speaker 1: Yeah. 274 00:15:26,920 --> 00:15:29,880 Speaker 2: I mean, we had the Inflation Reduction Act that added 275 00:15:30,120 --> 00:15:33,640 Speaker 2: billions of actually trillions of dollars to the deficit. We 276 00:15:33,720 --> 00:15:38,160 Speaker 2: had the government subsidies that that latest round of well, 277 00:15:38,240 --> 00:15:41,400 Speaker 2: we had the what was it the what was it 278 00:15:41,440 --> 00:15:45,200 Speaker 2: the Green New Steel Bill that went through that it 279 00:15:45,240 --> 00:15:48,360 Speaker 2: was was it the Inflation Reduction Act or something else 280 00:15:48,400 --> 00:15:50,400 Speaker 2: that was supposed to be all this but it was 281 00:15:50,440 --> 00:15:53,320 Speaker 2: all this green technology that they wanted to fund and 282 00:15:53,680 --> 00:15:57,480 Speaker 2: a slush fund for them, which was out of control spending. 283 00:15:57,920 --> 00:16:00,880 Speaker 2: But when you look at what has gone on, I mean, 284 00:16:00,920 --> 00:16:04,600 Speaker 2: when Trump left office, inflation was at one point four percent, 285 00:16:05,120 --> 00:16:08,760 Speaker 2: the thirty year fixed rate was somewhere around two point 286 00:16:08,840 --> 00:16:15,960 Speaker 2: eight seven thereabouts, and people were making money, people wages 287 00:16:15,960 --> 00:16:19,320 Speaker 2: were higher, was out pacing inflation. And then the first 288 00:16:19,400 --> 00:16:21,640 Speaker 2: year of the Biden administration, boom. We're up to two 289 00:16:21,640 --> 00:16:24,360 Speaker 2: point five, two point six, up to nine point one 290 00:16:24,480 --> 00:16:28,240 Speaker 2: percent in June of twenty twenty two. Gasoline prices up 291 00:16:28,240 --> 00:16:30,560 Speaker 2: to five dollars a gallon, and all of a sudden, 292 00:16:30,680 --> 00:16:33,600 Speaker 2: the guys that broke the system, they're going to tell 293 00:16:33,680 --> 00:16:34,680 Speaker 2: us how to fix it. 294 00:16:35,040 --> 00:16:38,480 Speaker 3: Yeah, it's pretty amazing, right, It pretty is, you know. 295 00:16:38,600 --> 00:16:40,760 Speaker 3: I mean, and when you think about, you know, some 296 00:16:40,800 --> 00:16:42,840 Speaker 3: of the things that President Trump said when it came 297 00:16:42,880 --> 00:16:45,440 Speaker 3: into office, one of them was energy. Right, We're going 298 00:16:45,480 --> 00:16:48,160 Speaker 3: to make gasoline prices cheap. And people say you can't 299 00:16:48,160 --> 00:16:51,680 Speaker 3: do that, you know, but President Trump did it. And 300 00:16:51,720 --> 00:16:56,280 Speaker 3: I think it's a combination of smart economic policy, smart 301 00:16:56,360 --> 00:16:58,240 Speaker 3: drill baby drill policy. 302 00:16:58,280 --> 00:17:00,840 Speaker 4: But also politics. 303 00:17:01,000 --> 00:17:06,919 Speaker 3: Right by neutralizing Iran, you know, by showing strength against Venezuela, 304 00:17:07,880 --> 00:17:13,000 Speaker 3: by you know, really getting control of the geopolitical picture. 305 00:17:13,400 --> 00:17:16,200 Speaker 3: You know, even the peace talks between Russia and Ukraine 306 00:17:16,200 --> 00:17:18,680 Speaker 3: wherever they go anywhere or not. All of this has 307 00:17:18,800 --> 00:17:21,920 Speaker 3: reduced the risk premium to oil. And I can't tell 308 00:17:21,960 --> 00:17:25,320 Speaker 3: you what leadership means when you talk to a barrel oil. 309 00:17:25,400 --> 00:17:27,639 Speaker 3: When the market's confident that we have a leader in 310 00:17:27,680 --> 00:17:30,919 Speaker 3: place that is not going to allow you know, major 311 00:17:30,960 --> 00:17:33,879 Speaker 3: oil price disruption. You know, a president that is not 312 00:17:33,960 --> 00:17:36,560 Speaker 3: going to sit back and allow Hooti rebels to start 313 00:17:36,600 --> 00:17:40,119 Speaker 3: taking over oil tankers. You know, that's a huge change 314 00:17:40,160 --> 00:17:42,119 Speaker 3: to the market and that shows up in the price. 315 00:17:42,160 --> 00:17:46,360 Speaker 3: And I think that's one of the unheralded successes when 316 00:17:46,359 --> 00:17:48,040 Speaker 3: it comes to these low oil prices. 317 00:17:48,119 --> 00:17:50,960 Speaker 2: Yeah, that war premium that you were talking about, a 318 00:17:51,119 --> 00:17:54,639 Speaker 2: risk premium that has been one of the major considerations. 319 00:17:54,680 --> 00:17:56,720 Speaker 2: I mean, every time there was some sort of disruption, 320 00:17:56,800 --> 00:17:59,680 Speaker 2: the Huti rebels trying to choke off the straits and 321 00:17:59,720 --> 00:18:03,160 Speaker 2: form those seeking ships in the Red Sea and so on, 322 00:18:03,440 --> 00:18:07,239 Speaker 2: oil tankers and such and trying to choke trade. That 323 00:18:07,480 --> 00:18:10,359 Speaker 2: is a risk premium. And when you don't have that 324 00:18:10,480 --> 00:18:13,240 Speaker 2: risk premium, the free flow of trade. And we're not 325 00:18:13,280 --> 00:18:15,679 Speaker 2: talking about just well, we're talking about free trade, but 326 00:18:15,680 --> 00:18:18,600 Speaker 2: we're also talking about fair trade as opposed to these 327 00:18:19,600 --> 00:18:22,199 Speaker 2: talking about these tariffs. It kind of gives everything a 328 00:18:22,240 --> 00:18:25,280 Speaker 2: more level playing field. And I think what people. 329 00:18:25,080 --> 00:18:29,400 Speaker 3: Are go ahead, Yeah, no, I'm gonna Figu're absolutely right now. 330 00:18:29,680 --> 00:18:31,439 Speaker 3: I think you know, when we get back to the 331 00:18:31,560 --> 00:18:34,240 Speaker 3: level of pay. Listen, I'm a free market guy. 332 00:18:34,240 --> 00:18:35,040 Speaker 4: You know that, Kevin. 333 00:18:35,480 --> 00:18:38,800 Speaker 3: I would love a world with no tariffs, right, you know, 334 00:18:39,000 --> 00:18:40,760 Speaker 3: and I would love a war with peace and love 335 00:18:40,760 --> 00:18:42,560 Speaker 3: and rock and roll and all that stuff, you know. 336 00:18:42,640 --> 00:18:44,880 Speaker 3: But you know, we've got to face reality. I mean, 337 00:18:44,920 --> 00:18:48,760 Speaker 3: in the real world, you know, every other country had 338 00:18:48,800 --> 00:18:50,840 Speaker 3: tariffs on us, and we were trying to be the 339 00:18:50,960 --> 00:18:53,639 Speaker 3: nice guy, right, and by being the nice guy, we 340 00:18:53,720 --> 00:18:56,800 Speaker 3: gave up so many jobs, so many factories, you know, 341 00:18:57,040 --> 00:19:00,920 Speaker 3: we lost so many industries overseas. Right, And so now 342 00:19:00,960 --> 00:19:04,679 Speaker 3: we're going back to a policy that stands up to 343 00:19:04,720 --> 00:19:06,800 Speaker 3: that in the real world. Right, when you stand up 344 00:19:06,840 --> 00:19:10,040 Speaker 3: to you know, countries like China that steal our intellectual 345 00:19:10,119 --> 00:19:13,720 Speaker 3: property or steal our businesses or steal you know that 346 00:19:13,880 --> 00:19:16,440 Speaker 3: kind of thing, and people say, oh my gosh, well 347 00:19:16,640 --> 00:19:17,639 Speaker 3: you know what's going to happen. 348 00:19:17,800 --> 00:19:20,200 Speaker 4: You know, all the goods we're getting from China. People 349 00:19:20,240 --> 00:19:21,639 Speaker 4: are going to you know, we're going to you know, 350 00:19:21,640 --> 00:19:22,800 Speaker 4: they're going to cost so much more. 351 00:19:22,840 --> 00:19:25,600 Speaker 3: And it's like there's so many goods from China that 352 00:19:25,640 --> 00:19:28,119 Speaker 3: we buy that the only reason we buy them is 353 00:19:28,160 --> 00:19:30,240 Speaker 3: because they're so darn cheap. And the reason why they're 354 00:19:30,280 --> 00:19:33,639 Speaker 3: so cheap, you know, they're using cheap labor, they're using 355 00:19:33,920 --> 00:19:36,320 Speaker 3: you know, cheap you know, materials, and if they try 356 00:19:36,359 --> 00:19:38,520 Speaker 3: to raise the prices on those things, nobody's going to 357 00:19:38,560 --> 00:19:40,840 Speaker 3: buy it. People are going to buy you know, name 358 00:19:40,920 --> 00:19:43,320 Speaker 3: brand goods as opposed to Chinese knockoffs. 359 00:19:43,440 --> 00:19:44,240 Speaker 1: Yeah, exactly. 360 00:19:44,359 --> 00:19:46,760 Speaker 2: I mean when you look at the average what is it, 361 00:19:46,840 --> 00:19:50,560 Speaker 2: the average salary in the United States factory workers, et cetera. 362 00:19:50,960 --> 00:19:54,560 Speaker 2: Is somewhere around thirty seven dollars per hour when you 363 00:19:54,600 --> 00:19:57,119 Speaker 2: add in the benefits and so on. And then you 364 00:19:57,160 --> 00:19:59,919 Speaker 2: go over to China, they have no benefits whatsoever, and 365 00:20:00,200 --> 00:20:05,840 Speaker 2: average hourly wages five to seven dollars. There's no vacation time, 366 00:20:05,880 --> 00:20:09,560 Speaker 2: there's none of the employee benefits. Of course, the wages 367 00:20:09,600 --> 00:20:12,200 Speaker 2: are going to be cheaper, and yet there's this big 368 00:20:12,240 --> 00:20:15,960 Speaker 2: gap between what they manufacture and then what they sell, 369 00:20:16,440 --> 00:20:19,360 Speaker 2: and of course that can be eaten into. 370 00:20:19,200 --> 00:20:20,000 Speaker 1: By these as. 371 00:20:20,200 --> 00:20:22,920 Speaker 2: I think you pointed out in your energy report that 372 00:20:23,080 --> 00:20:27,679 Speaker 2: the tariffs are absorbed by the manufacturer, the import or 373 00:20:27,720 --> 00:20:33,359 Speaker 2: the exporter, the importer, the wholesaler, and in some cases 374 00:20:33,400 --> 00:20:36,520 Speaker 2: the retailer. So there's all these levels where those tariffs 375 00:20:36,560 --> 00:20:40,040 Speaker 2: can be absorbed that it doesn't hit us at the 376 00:20:40,280 --> 00:20:43,320 Speaker 2: level at the consumer level. And we've seen that as 377 00:20:43,359 --> 00:20:44,920 Speaker 2: far as inflation is concerned. 378 00:20:45,160 --> 00:20:48,040 Speaker 3: No, you're absolutely right. And listen, you're going to hear 379 00:20:48,119 --> 00:20:51,760 Speaker 3: from some buyers of Chinese goods saying, hey, we're going 380 00:20:51,840 --> 00:20:54,440 Speaker 3: to have to raise prices because of tariffs, right, I mean, yeah, 381 00:20:54,480 --> 00:20:57,480 Speaker 3: that's going to happen to a certain degree. But what 382 00:20:57,560 --> 00:20:59,720 Speaker 3: you're also going to see on the flip side of that, 383 00:21:00,040 --> 00:21:01,960 Speaker 3: other goods are going to go down in price, right 384 00:21:02,520 --> 00:21:05,640 Speaker 3: because they have to move goods, and you know, and 385 00:21:05,640 --> 00:21:09,000 Speaker 3: and then you're going to see alternatives become more competitive. 386 00:21:09,160 --> 00:21:09,320 Speaker 4: Right. 387 00:21:09,680 --> 00:21:12,919 Speaker 3: So you know, for example, I think everybody was outraged 388 00:21:13,000 --> 00:21:16,919 Speaker 3: because we were going to put a tariff on you know, 389 00:21:17,040 --> 00:21:20,560 Speaker 3: European pastas. Oh my gosh, we can't get we can't 390 00:21:20,560 --> 00:21:22,840 Speaker 3: get our pastas from you know, and it's like wait 391 00:21:22,880 --> 00:21:24,760 Speaker 3: a second, you know, it's how do you make pasta 392 00:21:24,880 --> 00:21:27,880 Speaker 3: like flour and water, you know, don't we have companies 393 00:21:27,920 --> 00:21:30,000 Speaker 3: in America because they can figure out how to do that. 394 00:21:30,160 --> 00:21:32,320 Speaker 3: You know, we really need it from Italy. 395 00:21:32,640 --> 00:21:33,520 Speaker 4: I mean, yeah, it. 396 00:21:33,480 --> 00:21:35,719 Speaker 3: Looks kind of nice and the boxes are pretty, but 397 00:21:35,800 --> 00:21:38,040 Speaker 3: I think we make as good as pasta in America. 398 00:21:38,280 --> 00:21:39,840 Speaker 4: I say, buy America a positive. 399 00:21:40,040 --> 00:21:42,359 Speaker 2: Yeah, and we didn't see a click break. Can you 400 00:21:42,400 --> 00:21:44,080 Speaker 2: hang with us through the break and we'll pick up 401 00:21:44,080 --> 00:21:46,320 Speaker 2: on the other side, all right? I guess is also 402 00:21:46,560 --> 00:21:49,040 Speaker 2: I should have mentioned that several times during this segment, 403 00:21:49,080 --> 00:21:53,119 Speaker 2: but I apologize for Phil Flint, Price Futures Group and 404 00:21:53,640 --> 00:21:57,080 Speaker 2: author of the Energy Report. I'm Kevin Gordon, America struck 405 00:21:57,080 --> 00:22:02,359 Speaker 2: In Network seven hundred w L, continuing our conversation with 406 00:22:02,400 --> 00:22:05,480 Speaker 2: Phil Flynn. He is senior market analyst Price Futures Group, 407 00:22:05,600 --> 00:22:09,920 Speaker 2: author of the Energy Report, and contributed to Fox Business Net. Phil, 408 00:22:10,240 --> 00:22:12,520 Speaker 2: thanks for hanging with us through the break. When we 409 00:22:12,520 --> 00:22:15,760 Speaker 2: were talking earlier about inflation and where we're seeing that, 410 00:22:16,200 --> 00:22:20,119 Speaker 2: I thought it was interesting and again, being a recovering accountant, 411 00:22:20,160 --> 00:22:22,960 Speaker 2: I just have to dig into the numbers and when 412 00:22:23,000 --> 00:22:25,359 Speaker 2: I see some of these reports come out, and it 413 00:22:25,160 --> 00:22:28,320 Speaker 2: was a few months ago or a couple months ago 414 00:22:28,720 --> 00:22:33,040 Speaker 2: when inflation ticked up. But when you got behind the numbers, 415 00:22:33,280 --> 00:22:36,960 Speaker 2: one of the largest increases was in the service sector 416 00:22:37,160 --> 00:22:42,080 Speaker 2: and was the fees being charged by brokers. And it's 417 00:22:42,119 --> 00:22:44,959 Speaker 2: a good thing, but a bad thing because the market 418 00:22:45,080 --> 00:22:48,560 Speaker 2: was so good, many people were coming into the market, 419 00:22:48,920 --> 00:22:52,520 Speaker 2: but then the fees on that were increasing because there 420 00:22:52,520 --> 00:22:56,080 Speaker 2: were so many more fees collected, not higher amounts, but 421 00:22:56,200 --> 00:22:59,960 Speaker 2: more people. And that was a factor for the inflation. 422 00:23:00,359 --> 00:23:02,919 Speaker 2: But nobody is really talking about. You know, when you 423 00:23:02,920 --> 00:23:07,800 Speaker 2: had ups contracts, the railroad contracts, the UAW contracts, who 424 00:23:07,880 --> 00:23:08,960 Speaker 2: else am I missing here? 425 00:23:09,840 --> 00:23:10,000 Speaker 1: Up? 426 00:23:10,400 --> 00:23:14,960 Speaker 2: Anyway, all these the east coast, West coast ports, they 427 00:23:15,000 --> 00:23:18,720 Speaker 2: got big boosts in terms of their wages. That's got 428 00:23:18,760 --> 00:23:22,200 Speaker 2: to affect our economy and that's got to be causing 429 00:23:22,200 --> 00:23:23,960 Speaker 2: a little bit of inflation. 430 00:23:24,520 --> 00:23:27,080 Speaker 3: It is, there's no doubt about that. And you know, 431 00:23:27,119 --> 00:23:31,520 Speaker 3: when the economy grows, demand goes and that's it. And 432 00:23:31,840 --> 00:23:35,440 Speaker 3: we had what the incredible four point three growth number 433 00:23:35,560 --> 00:23:39,359 Speaker 3: in the US, which was blue away expectations right exactly, 434 00:23:39,400 --> 00:23:42,320 Speaker 3: and that you know, should put the naysayers to bed. 435 00:23:42,480 --> 00:23:46,000 Speaker 1: But no, it won't, No, it won't. 436 00:23:46,000 --> 00:23:48,959 Speaker 3: But yeah, I mean the economy is doing great in 437 00:23:49,040 --> 00:23:50,120 Speaker 3: so many cylinderies now. 438 00:23:50,119 --> 00:23:50,399 Speaker 4: Listen. 439 00:23:50,520 --> 00:23:52,840 Speaker 3: I know there's a lot of people listening today and say, well, 440 00:23:52,880 --> 00:23:55,399 Speaker 3: wait a second, Phil, don't you eat do you go 441 00:23:55,480 --> 00:23:59,160 Speaker 3: to the grocery store? I mean, those prices are still high, 442 00:23:59,720 --> 00:24:02,920 Speaker 3: and people are right, I mean, but there are some 443 00:24:03,160 --> 00:24:06,000 Speaker 3: prices in the grocery stores that are going to come down, 444 00:24:06,600 --> 00:24:09,600 Speaker 3: but there are some that are hot going to remain high, 445 00:24:10,520 --> 00:24:14,840 Speaker 3: not because of just inflation, just because of cycles. 446 00:24:14,920 --> 00:24:15,080 Speaker 1: Right. 447 00:24:15,160 --> 00:24:17,840 Speaker 3: For example, we had the smallest cattle crop we've had, 448 00:24:17,960 --> 00:24:18,240 Speaker 3: you know. 449 00:24:18,640 --> 00:24:21,040 Speaker 4: In a hundred years, right. 450 00:24:20,720 --> 00:24:23,080 Speaker 3: Because of drought and other issues. You know, so those 451 00:24:23,080 --> 00:24:25,600 Speaker 3: prices it's going to take longer to rebuild that herd, 452 00:24:25,760 --> 00:24:27,760 Speaker 3: you know. But if you look on the flip side 453 00:24:27,800 --> 00:24:30,439 Speaker 3: of that, grain prices are historically low, so you're going 454 00:24:30,520 --> 00:24:33,520 Speaker 3: to have you know, lower food costs there. You're seeing. 455 00:24:33,600 --> 00:24:36,479 Speaker 3: You remember, everybody was worried about aiding prices. Aid prices 456 00:24:36,560 --> 00:24:39,520 Speaker 3: are coming down, you know. So it's going to be 457 00:24:39,760 --> 00:24:42,680 Speaker 3: bumpy on the food side here for a little bit. 458 00:24:43,040 --> 00:24:45,040 Speaker 3: But we see the trend is going to be down. 459 00:24:45,080 --> 00:24:45,720 Speaker 4: There's going to be. 460 00:24:45,640 --> 00:24:48,240 Speaker 3: Certain certain commodities that aren't going. 461 00:24:48,240 --> 00:24:49,000 Speaker 4: To get cheap soon. 462 00:24:49,040 --> 00:24:51,040 Speaker 3: It's going to take a long time, but you're going 463 00:24:51,119 --> 00:24:53,960 Speaker 3: to start finding more value at the grocery store over 464 00:24:54,000 --> 00:24:56,000 Speaker 3: the next year, you know, except for a. 465 00:24:56,320 --> 00:24:58,080 Speaker 2: Are starting to see it a little bit. I mean 466 00:24:58,800 --> 00:25:02,280 Speaker 2: where I live, of course, we experience or we luck out. 467 00:25:02,320 --> 00:25:05,280 Speaker 2: And the fact that we've got like five different grocery 468 00:25:05,280 --> 00:25:07,920 Speaker 2: store chains that are in the area, so they compete 469 00:25:07,920 --> 00:25:11,000 Speaker 2: hot and heavy with each other. And I noticed that 470 00:25:11,040 --> 00:25:13,359 Speaker 2: there are certain prices. If you look at their flyers 471 00:25:13,440 --> 00:25:16,920 Speaker 2: and their ads, there are certain prices. Every three weeks, 472 00:25:17,000 --> 00:25:20,040 Speaker 2: this price is down. Like coffee. Coffee I drink is 473 00:25:20,080 --> 00:25:23,480 Speaker 2: usually fourteen ninety nine a can, but when it's on sale, 474 00:25:23,520 --> 00:25:25,640 Speaker 2: it's nine to ninety nine, so you buy it. When 475 00:25:25,640 --> 00:25:27,760 Speaker 2: it's nine to ninety nine, you buy two cans if 476 00:25:27,800 --> 00:25:31,880 Speaker 2: you're gonna you know. So I you know the grocery prices. 477 00:25:31,920 --> 00:25:34,560 Speaker 2: I think there's ways around them. I mean I noticed 478 00:25:34,640 --> 00:25:36,199 Speaker 2: my wife was telling me the other day she was 479 00:25:36,200 --> 00:25:38,800 Speaker 2: in the store and they had milk on sale for 480 00:25:38,840 --> 00:25:43,159 Speaker 2: a dollar thirty nine for a half a half a gallon, 481 00:25:44,000 --> 00:25:46,920 Speaker 2: and the gallons were over three dollars and people were 482 00:25:46,920 --> 00:25:48,639 Speaker 2: coming in grabbing the gallons. They were coming in and 483 00:25:48,680 --> 00:25:51,719 Speaker 2: grabbing this instead of paying attention to prices. It's is 484 00:25:51,760 --> 00:25:55,040 Speaker 2: grab and go mentality, I think where people are getting 485 00:25:55,119 --> 00:25:56,440 Speaker 2: hurt on their grocery prices. 486 00:25:56,440 --> 00:25:59,360 Speaker 3: But yeah, I listen, I think that's true. I think 487 00:25:59,359 --> 00:26:00,680 Speaker 3: that's true. I mean listen. 488 00:26:00,760 --> 00:26:02,760 Speaker 2: I mean I only got about a minute. 489 00:26:02,359 --> 00:26:03,840 Speaker 1: I gotta get going here. 490 00:26:03,880 --> 00:26:07,080 Speaker 3: But well, I want my potato chip bags as big 491 00:26:07,119 --> 00:26:11,439 Speaker 3: as it used to be. Well, yeah, I think the 492 00:26:11,480 --> 00:26:13,879 Speaker 3: trends are getting better. There'll be a few things, you know, 493 00:26:14,000 --> 00:26:17,800 Speaker 3: like coffee. You know, they had a terrible drought, worst crop, coco, 494 00:26:17,920 --> 00:26:20,840 Speaker 3: same thing. But they're coming back, so we'll see what happens. 495 00:26:21,040 --> 00:26:21,240 Speaker 1: Phil. 496 00:26:21,320 --> 00:26:23,160 Speaker 2: Thank you so much for spending time with us again. 497 00:26:23,200 --> 00:26:26,760 Speaker 2: Aren't my guest, Phil Flynn, Senior market analysts, Price Futures Group. 498 00:26:27,359 --> 00:26:29,280 Speaker 2: If you don't get his energy report, you got to. 499 00:26:29,480 --> 00:26:32,639 Speaker 2: I mean a lot of information in there, and a 500 00:26:32,640 --> 00:26:34,160 Speaker 2: lot of good economic data. 501 00:26:34,200 --> 00:26:36,119 Speaker 4: Thank you, Kevin. The Happy New Year to you. I'm 502 00:26:36,160 --> 00:26:37,040 Speaker 4: everybody listening. 503 00:26:37,320 --> 00:26:39,560 Speaker 2: Phil again, Thank you so much for spending time with us. 504 00:26:39,560 --> 00:26:42,680 Speaker 2: I certainly appreciate it. I'm Kevin Gordon, America's struck In 505 00:26:42,760 --> 00:26:47,639 Speaker 2: Network seven hundred w LW is to Phil Flynn for 506 00:26:47,720 --> 00:26:51,080 Speaker 2: joining us. Always enjoy talking to him. I'd love to 507 00:26:51,119 --> 00:26:53,920 Speaker 2: have him on the program and talk about things because once, 508 00:26:54,119 --> 00:26:58,840 Speaker 2: as I mentioned before, he and I aren sync years ago. 509 00:26:59,040 --> 00:26:59,920 Speaker 1: A couple of years ago. 510 00:27:00,080 --> 00:27:04,360 Speaker 2: Actually I started reading some different articles and he was quoted, 511 00:27:04,400 --> 00:27:06,240 Speaker 2: and so I figured, I got to get a hold 512 00:27:06,240 --> 00:27:09,880 Speaker 2: of this guy and you know, get together and talk 513 00:27:09,920 --> 00:27:12,080 Speaker 2: to him and have him on the program and talk 514 00:27:12,119 --> 00:27:15,240 Speaker 2: about some of the things going on in the economy 515 00:27:15,320 --> 00:27:18,520 Speaker 2: and thereabouts. So again my appreciation of Phil for being 516 00:27:18,520 --> 00:27:23,880 Speaker 2: with us yesterday. We got ahead of the normal Thursday 517 00:27:24,480 --> 00:27:26,400 Speaker 2: jobless claims that came out. 518 00:27:26,240 --> 00:27:29,119 Speaker 1: Early because of the New Year holiday. 519 00:27:29,840 --> 00:27:33,440 Speaker 2: And it was interesting looking at the different headlines. And again, 520 00:27:33,480 --> 00:27:37,360 Speaker 2: as I mentioned several times before, when I see these 521 00:27:37,400 --> 00:27:44,080 Speaker 2: different headlines, it's interesting that how the headline sometimes doesn't 522 00:27:44,080 --> 00:27:47,800 Speaker 2: match the story, or the headline tries to downplay what 523 00:27:48,040 --> 00:27:49,040 Speaker 2: is actually going on. 524 00:27:49,520 --> 00:27:50,560 Speaker 1: Just give you an example. 525 00:27:50,880 --> 00:27:55,680 Speaker 2: According to Action four x US, initial jobless claims fall 526 00:27:55,760 --> 00:28:00,359 Speaker 2: to one ninety nine versus expected two fifteen. Not a 527 00:28:00,359 --> 00:28:05,080 Speaker 2: bad headline. Reuters US weekly job as claims fall to 528 00:28:05,240 --> 00:28:08,960 Speaker 2: one month low. That's kind of so so good headline. 529 00:28:09,000 --> 00:28:12,320 Speaker 2: I saw jobless claims declined for third straight weeks, a 530 00:28:12,440 --> 00:28:16,360 Speaker 2: sign of steady labor market. That is actually from MarketWatch 531 00:28:16,440 --> 00:28:21,800 Speaker 2: dot com seeking alpha. Initial jobless claims surprise with another 532 00:28:21,920 --> 00:28:25,800 Speaker 2: drop this week and another very good headline from Investing 533 00:28:25,880 --> 00:28:31,680 Speaker 2: dot Com. Initial jobs claims dip, beating forecast and previous figures. 534 00:28:32,040 --> 00:28:35,919 Speaker 2: Let's dig into some of the numbers here and interesting 535 00:28:36,119 --> 00:28:39,920 Speaker 2: how this is being covered, how they decide to cover this, 536 00:28:40,440 --> 00:28:43,440 Speaker 2: and some of the comments that they make throughout. 537 00:28:43,920 --> 00:28:45,600 Speaker 1: So let's just dig into the numbers here. 538 00:28:45,680 --> 00:28:48,760 Speaker 2: How about that initial jobs claim is the number of 539 00:28:48,760 --> 00:28:53,920 Speaker 2: people who apply for state unemployment fell by sixteen thousand 540 00:28:54,040 --> 00:28:57,520 Speaker 2: to a seasonally adjusted one hundred and ninety nine thousand 541 00:28:57,600 --> 00:29:00,720 Speaker 2: in the weekend in December, The twenty seventh Favorite Department 542 00:29:00,800 --> 00:29:04,040 Speaker 2: said on Wednesday. The report came out early due to 543 00:29:04,080 --> 00:29:08,280 Speaker 2: the New Year holiday. It is the third straight week 544 00:29:08,560 --> 00:29:12,600 Speaker 2: decline in new claims and the seventh week in the 545 00:29:12,640 --> 00:29:16,920 Speaker 2: past eighth. While claims were often volatile during the holiday period, 546 00:29:17,080 --> 00:29:20,479 Speaker 2: economists say the record low level of claims is a 547 00:29:20,560 --> 00:29:25,680 Speaker 2: sign of a relatively steady labor market conditions. So what 548 00:29:25,720 --> 00:29:28,600 Speaker 2: have we been hearing. We've been hearing from Lion Jerry 549 00:29:28,640 --> 00:29:32,959 Speaker 2: Powell and the Federal Reserve that the job market is weak. 550 00:29:33,560 --> 00:29:37,800 Speaker 2: We have been hearing claims in terms of what the unemployment. 551 00:29:37,240 --> 00:29:39,640 Speaker 1: Rate is that we'll be talking about here shortly. 552 00:29:40,760 --> 00:29:44,320 Speaker 2: All we hear about is the job market not being 553 00:29:44,400 --> 00:29:48,720 Speaker 2: as strong, but indications of what we're getting from initial 554 00:29:48,800 --> 00:29:53,240 Speaker 2: jobless claims, continuing jobless claims. It all points to something 555 00:29:53,280 --> 00:29:57,000 Speaker 2: that is not what people are being told by the 556 00:29:57,040 --> 00:30:00,000 Speaker 2: spoon fed regurgitators in the mainstream media. 557 00:30:01,080 --> 00:30:03,920 Speaker 1: What's ahead for let me see, let's see here we go. 558 00:30:04,000 --> 00:30:07,400 Speaker 2: Economists pulled by the Wall Street Journal had estimated new 559 00:30:07,440 --> 00:30:11,920 Speaker 2: claims would rise to two hundred and twenty thousand from 560 00:30:11,920 --> 00:30:15,280 Speaker 2: the initial estimate last week of two hundred and fourteen. 561 00:30:15,800 --> 00:30:17,840 Speaker 1: They were off by ten percent. 562 00:30:18,280 --> 00:30:23,760 Speaker 2: And when I say economists, let's not forget one of 563 00:30:23,800 --> 00:30:26,120 Speaker 2: the phrases that was done by lords J. 564 00:30:26,360 --> 00:30:26,600 Speaker 1: Peter. 565 00:30:26,760 --> 00:30:29,560 Speaker 2: He's a Peter principal where people rise to their level 566 00:30:29,600 --> 00:30:32,640 Speaker 2: of incompetence, a comment that was made years ago. And 567 00:30:32,760 --> 00:30:36,800 Speaker 2: economists is an expert who will know tomorrow why the 568 00:30:36,840 --> 00:30:42,080 Speaker 2: things he predicted yesterday didn't happen today. And so many 569 00:30:42,120 --> 00:30:46,400 Speaker 2: times we see these estimates and these expectations from economists 570 00:30:46,440 --> 00:30:48,720 Speaker 2: that never really pan out. 571 00:30:49,200 --> 00:30:50,280 Speaker 1: Some of the key details. 572 00:30:50,280 --> 00:30:53,640 Speaker 2: A number of people already collecting unemployment benefits known as 573 00:30:53,680 --> 00:30:58,520 Speaker 2: continuing claims fell by forty seven thousand to one point 574 00:30:58,560 --> 00:31:03,120 Speaker 2: eighty seven million in the week ending December twentieth. Continuing 575 00:31:03,240 --> 00:31:06,960 Speaker 2: claims have risen in recent years, and I want to 576 00:31:06,960 --> 00:31:11,440 Speaker 2: repeat years, because this is one of the first times I've. 577 00:31:11,240 --> 00:31:13,520 Speaker 1: Heard them put this in an article. 578 00:31:13,920 --> 00:31:20,040 Speaker 2: Because they keep talking about continuing jobless claims increasing over 579 00:31:20,080 --> 00:31:24,240 Speaker 2: this past year to indicate that the soft unemployment, of 580 00:31:24,520 --> 00:31:28,200 Speaker 2: the soft employment number and a weak jobs market to 581 00:31:28,400 --> 00:31:30,880 Speaker 2: claim to bolster their narrative. 582 00:31:31,320 --> 00:31:34,120 Speaker 1: So where were these reports. 583 00:31:33,520 --> 00:31:40,120 Speaker 2: In recent years about unemployment going or unemployment claims continuing 584 00:31:40,160 --> 00:31:43,320 Speaker 2: to go up? Apparently they didn't want us to know 585 00:31:43,440 --> 00:31:48,160 Speaker 2: that during the last few years or recent years, as 586 00:31:48,160 --> 00:31:50,480 Speaker 2: they say here in the article The. 587 00:31:50,400 --> 00:31:52,480 Speaker 1: Big Picture, although relieves that. 588 00:31:53,040 --> 00:31:57,440 Speaker 2: Claims are low, many economists again the word economists, worry 589 00:31:57,480 --> 00:32:01,240 Speaker 2: about the slow pace of hiring, especial especially since the summer. 590 00:32:01,480 --> 00:32:05,320 Speaker 2: The unemployment rate rose to four point six percent in November, 591 00:32:05,520 --> 00:32:10,240 Speaker 2: the highest rate since this September twenty twenty one. Now 592 00:32:10,560 --> 00:32:14,600 Speaker 2: I doubt that number, seriously, I am not buying that. 593 00:32:15,920 --> 00:32:19,960 Speaker 2: Nothing I see supports that when you have initial jobless 594 00:32:19,960 --> 00:32:23,280 Speaker 2: claims all being within that range of two hundred and 595 00:32:23,360 --> 00:32:26,640 Speaker 2: ten thousand, and again, this is below two hundred and 596 00:32:26,680 --> 00:32:29,920 Speaker 2: ten thousand this week, down to one hundred ninety nine thousand. 597 00:32:30,200 --> 00:32:32,600 Speaker 2: But things have been going in that range of between 598 00:32:32,720 --> 00:32:35,160 Speaker 2: two hundred and ten thousand and two hundred and fifty 599 00:32:35,240 --> 00:32:40,040 Speaker 2: thousand on a weekly basis for the last several years, 600 00:32:40,400 --> 00:32:43,480 Speaker 2: so that number hasn't been going up. Now that people 601 00:32:43,560 --> 00:32:47,720 Speaker 2: continuing to collect unemployment, it has risen, but there's also 602 00:32:47,840 --> 00:32:50,960 Speaker 2: more people coming into the job market on a regular basis. 603 00:32:51,200 --> 00:32:53,960 Speaker 2: So I'm not sure. I can't wait to see when 604 00:32:54,000 --> 00:32:56,800 Speaker 2: these numbers are revised, because again they're going to be 605 00:32:57,280 --> 00:33:00,440 Speaker 2: I think the date that that's supposed to come out is, Yeah, 606 00:33:00,520 --> 00:33:03,800 Speaker 2: the December number on the unemployment rate will be out 607 00:33:03,840 --> 00:33:06,640 Speaker 2: on January of the ninth. Now, on this other article 608 00:33:06,680 --> 00:33:09,920 Speaker 2: that I saw a number of Americans filing applications, jobless 609 00:33:09,960 --> 00:33:15,040 Speaker 2: benefits fell unexpectedly last week. Now, again this goes back 610 00:33:15,080 --> 00:33:17,880 Speaker 2: to things I've been saying. How many times have we 611 00:33:18,160 --> 00:33:23,120 Speaker 2: seen the word unexpectedly in twenty twenty five? In this case, 612 00:33:23,320 --> 00:33:30,440 Speaker 2: jobless benefits fell unexpectedly, retail sales, home sales up unexpectedly. 613 00:33:30,840 --> 00:33:33,320 Speaker 2: Every time we turn around, you pick up a story 614 00:33:33,520 --> 00:33:37,680 Speaker 2: having to do with the economy, and things are unexpectedly 615 00:33:37,840 --> 00:33:42,040 Speaker 2: in the good direction and unexpectedly low in the bad direction. 616 00:33:42,480 --> 00:33:45,680 Speaker 2: So again I wonder where these people are coming from. 617 00:33:45,840 --> 00:33:48,719 Speaker 2: Misial job as claims again stated that they come in 618 00:33:48,720 --> 00:33:52,320 Speaker 2: at one hundred and ninety nine thousand. They had forecasted 619 00:33:52,360 --> 00:33:54,959 Speaker 2: two hundred and twenty. Again they were off by ten percent. 620 00:33:56,080 --> 00:33:59,600 Speaker 2: Let's see. Though the economy remains resilient, with gross domestic 621 00:33:59,600 --> 00:34:05,040 Speaker 2: product increasing at its fastest pace in two years in 622 00:34:05,120 --> 00:34:08,880 Speaker 2: the third quarter, the labor market has almost stalled. Labor 623 00:34:08,920 --> 00:34:12,360 Speaker 2: demand and supply have been impacted by import terriffs and 624 00:34:12,520 --> 00:34:19,600 Speaker 2: immigration crackdown. According to Economous Again, economists, while off their 625 00:34:19,680 --> 00:34:22,520 Speaker 2: recent peak, continuing claims are higher than they were at 626 00:34:22,520 --> 00:34:26,160 Speaker 2: this time last year, and that elevated level aligned with 627 00:34:26,239 --> 00:34:29,680 Speaker 2: the survey from the Conference Board last week showing consumer 628 00:34:29,800 --> 00:34:34,080 Speaker 2: perceptions of the labor market deteriorated this month to levels 629 00:34:34,320 --> 00:34:39,160 Speaker 2: last scene in twenty twenty one. Rick sand Telly I 630 00:34:39,239 --> 00:34:43,760 Speaker 2: mentioned him a few times, Rick Santelly back during the 631 00:34:43,800 --> 00:34:48,879 Speaker 2: housing crisis, when the housing market bottom fell out back 632 00:34:48,920 --> 00:34:49,799 Speaker 2: in two thousand and eight. 633 00:34:49,840 --> 00:34:51,719 Speaker 1: Two thousand and nine, he was on. 634 00:34:51,719 --> 00:34:54,879 Speaker 2: The floor of the New York Stock Exchange and when 635 00:34:54,880 --> 00:34:58,759 Speaker 2: it came out that this subprime loans had gotten out 636 00:34:58,800 --> 00:35:01,480 Speaker 2: of control, and how they things happened, that this was 637 00:35:01,480 --> 00:35:04,360 Speaker 2: something that should never have happened in terms of the 638 00:35:04,440 --> 00:35:07,080 Speaker 2: housing price or housing bubble busting. 639 00:35:07,760 --> 00:35:09,520 Speaker 1: And he was there and he was very frustrated. 640 00:35:09,600 --> 00:35:11,480 Speaker 2: He said, you know what we need in this country 641 00:35:12,000 --> 00:35:16,520 Speaker 2: is another tea party. And that's what formulated people saying, 642 00:35:16,560 --> 00:35:18,799 Speaker 2: you know what, He's right, let's go ahead and start 643 00:35:18,840 --> 00:35:22,759 Speaker 2: these tea party organizations to where you know, all these 644 00:35:22,800 --> 00:35:25,680 Speaker 2: politicians that kept telling us that, hey, don't worry about this, 645 00:35:25,920 --> 00:35:28,400 Speaker 2: we got it handled. All these people, both sides of 646 00:35:28,400 --> 00:35:30,839 Speaker 2: the don't worry about things, you know, just elect us. 647 00:35:30,840 --> 00:35:33,359 Speaker 2: We'll fix things or we'll keep things going on and 648 00:35:33,400 --> 00:35:35,880 Speaker 2: everything's will be okay. Then out of the blue, we 649 00:35:35,960 --> 00:35:39,520 Speaker 2: get these these numbers the tank the housing market where 650 00:35:39,640 --> 00:35:45,160 Speaker 2: houses lost about forty some percent, and so people started 651 00:35:45,160 --> 00:35:49,800 Speaker 2: going to meetings and going to city commissioners and starting 652 00:35:49,840 --> 00:35:53,839 Speaker 2: being active in politics, asking questions and saying. 653 00:35:53,680 --> 00:35:56,400 Speaker 1: You know, you told us you had our backs. 654 00:35:56,640 --> 00:35:56,799 Speaker 3: Well. 655 00:35:56,880 --> 00:35:59,799 Speaker 2: Rick Antelly the other day was talking about what's going 656 00:35:59,840 --> 00:36:02,720 Speaker 2: on as far as the economy is concerned, and he said, 657 00:36:02,760 --> 00:36:05,399 Speaker 2: I'm going to paraphrase here, he said, you can take 658 00:36:05,760 --> 00:36:09,280 Speaker 2: all these opinion polls and all these things on surveys 659 00:36:09,480 --> 00:36:13,120 Speaker 2: as far as consumer confidence and whatnot. And you can 660 00:36:13,160 --> 00:36:15,799 Speaker 2: take a big shovel and shove them in the trash can, 661 00:36:16,200 --> 00:36:20,759 Speaker 2: because the well has been poisoned by as he called it, 662 00:36:20,920 --> 00:36:23,879 Speaker 2: main street media, as I call them, the spoon fed 663 00:36:23,920 --> 00:36:27,719 Speaker 2: regurgitators in the mainstream media. They keep talking down the economy, 664 00:36:27,760 --> 00:36:29,920 Speaker 2: as I've been talking about for months. They have been 665 00:36:29,920 --> 00:36:34,400 Speaker 2: trying to manufacture a recession, and of course because of that, 666 00:36:34,400 --> 00:36:37,719 Speaker 2: that has soured the opinions of people. And as Rick 667 00:36:37,800 --> 00:36:41,560 Speaker 2: Santelli said, take those opinion polls, take a big shovel 668 00:36:41,600 --> 00:36:43,719 Speaker 2: to them, and throw them in the garbage. Well, folks, 669 00:36:43,760 --> 00:36:46,080 Speaker 2: we're up against clock here. Stay tuned for Red Eye 670 00:36:46,200 --> 00:36:49,279 Speaker 2: Radio at the top the hour. I'm Kevin Gordon, America's 671 00:36:49,280 --> 00:36:52,960 Speaker 2: truck and Network seven hundred WLW