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Speaker 1: Arc D talk Station eight oh six.

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Speaker 2: Hippitybob KRCD talk station Thomas right here, wishing him Redy

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Speaker 2: very happy Monday listener. Launch the Works Pizza Co downtown

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Speaker 2: Lowland on Wednesday, and is Monday, and it is this

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Speaker 2: time when we always talk to Monday Monday, Brian James. Monday,

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Speaker 2: Monday is the time of week and thanks to all

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Speaker 2: we're financial flowing now Brian James to talk about these topics,

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Speaker 2: most notably uh the impact on the conflict going on

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Speaker 2: the Middle East called a war. If you want on

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Speaker 2: the market, Brian James, welcome back to the Morning show.

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Speaker 2: I'm staring at the Wall Street Journal cover or front

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Speaker 2: page here Dow Jones looking down a little over a

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Speaker 2: point same thing with SMP five hundred nasdacked down a

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Speaker 2: little bit more north of a point and a half,

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Speaker 2: although really not as bad as I would have thought

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Speaker 2: the markets would be in terms of futures. Welcome back

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Speaker 2: to my friend. It's good heaving you on to talk

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Speaker 2: about these things.

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Speaker 1: Yeah, wish we had happier headlines to talk about.

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Speaker 3: You know, here we go again with a little bit

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Speaker 3: of a war in the Middle East, and yeah, I

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Speaker 3: think we can go ahead and fairly call it a war.

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Speaker 1: I'm not sure what else happens over there so so far.

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Speaker 3: Yeah, like you said, nothing surprising is happening with regard

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Speaker 3: to the economics and markets and so on and so forth.

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Speaker 3: The stock markets are down because, as we know, we

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Speaker 3: don't like the lack of visibility. That's really the challenge

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Speaker 3: that the market faces every time there's headlines like this.

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Speaker 3: And of course, as you would not be surprised to hear,

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Speaker 3: oil futures are up about nine percent. Fill up now

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Speaker 3: if you haven't already, But I have a feeling that

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Speaker 3: overnight the price isn't the gas pump changed anyway, you

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Speaker 3: may have missed your window. Surely, don't need to make

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Speaker 3: light of any of this. Obviously, there's a lot going

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Speaker 3: on here, and this is these are scary times. They

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Speaker 3: were scary before this happened, and they just got a

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Speaker 3: little bit worse.

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Speaker 1: But as far as what the.

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Speaker 3: Economic impact and all that stuff is, right now, we're

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Speaker 3: kind of following the pattern down or oil up, stocks down.

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Speaker 1: With the exception of the defense sector.

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Speaker 3: We're seeing companies like Lockheed Martin and Raytheon, all those

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Speaker 3: kind of companies are having a good day. Unfortunately, because

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Speaker 3: of the situation that we're all.

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Speaker 2: In military industrial complex, the whole world's clamoring for weapons

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Speaker 2: and missiles, and now they're all being dedicated and committed

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Speaker 2: to the Middle East, which presents problem for a lot

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Speaker 2: of countries out there, but also for US in our

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Speaker 2: long term potentially long term involvement in the conflict. Lots

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Speaker 2: of reporting about our stockpiles being depleted. So there you go.

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Speaker 2: Maybe you do need to invest in the military industrial complex.

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Speaker 2: At least you get a return on your investment, notwithstanding

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Speaker 2: the grave reality of why can I ask you a question,

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Speaker 2: Brian James, I we spin the clock back, but basically

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Speaker 2: a moment in time, Opek had a stranglehold on us.

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Speaker 2: I remember the embargo back in the seventies. I remember

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Speaker 2: the price gasling going up. I remember gasoline lines. We

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Speaker 2: didn't have much by way of domestic production back then.

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Speaker 2: But if, unfortunately we do now, do you think that

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Speaker 2: the fact that we do have so much more production

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Speaker 2: of our own, either in our backyard or maybe like

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Speaker 2: the Canadian oil fields, or perhaps because we took over

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Speaker 2: ven as well as production, that that has softened the

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Speaker 2: blow of what might been more the worse economic news

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Speaker 2: this morning.

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Speaker 3: Yeah, I think that's really one of the main reasons,

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Speaker 3: because it used to be kind of bipolar.

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Speaker 1: There were two teams. There was OPEC and everybody else.

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Speaker 3: But that's not really the the question anymore, because the

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Speaker 3: US has opened up a lot of its own oil

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Speaker 3: reserves due to law changes, technological changes with regard to

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Speaker 3: fracking and so forth.

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Speaker 1: So you have a little bit of history here.

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Speaker 3: So so OPEC still represents about forty percent historically of

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Speaker 3: total crude output, about eighty percent of proven oil reserves

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Speaker 3: around its members there, but it's not the sole price

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Speaker 3: center anymore. Global supply also includes a lot of oil

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Speaker 3: out of the US, USL Brazil, Canada and other non

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Speaker 3: OPEC producers.

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Speaker 1: So there's just more involvement.

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Speaker 3: That the auction got bigger, there are more bidders out

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Speaker 3: there to affect the market. It's not just everybody sitting

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Speaker 3: around waiting for OPEC to tell us what to do.

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Speaker 2: Basic economic principles supply and demand, greater supply. Actually this

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Speaker 2: results in less volatility, which is a good thing. Question

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Speaker 2: considering this one element the price of oil and it's

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Speaker 2: global impact, that of course impacts the markets because we

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Speaker 2: of course have international investments through a four to one

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Speaker 2: case as well. But I wasn't shocked. But when you

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Speaker 2: read the numbers, eighty percent of global oil consumption and

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Speaker 2: almost one quarter of global seaborne oil trade goes right

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Speaker 2: there through the Strait of Hormuz, twenty one miles wide,

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Speaker 2: with shipping lanes only two miles across in each direction.

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Speaker 2: It's tight, it's close to Iran, it's right there, and

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Speaker 2: by all accounts this morning, it's been effectively shut down.

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Speaker 2: They're concerned about minds being placed and have all the

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Speaker 2: problems will go along with that. So you're looking at

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Speaker 2: a dense area there in terms of global oil shipment.

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Speaker 2: But it's not necessarily US that might be impact because

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Speaker 2: my understanding is, and I've read it this morning, eighty

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Speaker 2: four percent of the crude and eighty three percent of

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Speaker 2: LNG goes through the Strait is going for Asia, China, India, Japan,

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Speaker 2: and South Korea. Now might their economies be impacted by

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Speaker 2: the shutdown of the straits too?

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Speaker 1: Yeah, but everything is still connected.

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Speaker 3: As much as we you know, the US is starting

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Speaker 3: to take steps back away from globalization, we still have

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Speaker 3: customers all over the world. So if their economies are

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Speaker 3: are interrupted, then that's going to affect ultimately the US.

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Speaker 1: Yeah.

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Speaker 3: Well, so you know, there's really three paths that were

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Speaker 3: watching here. The first would be, I would say a

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Speaker 3: contained conflict, which means it just this, this is what

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Speaker 3: we've seen in the past. The strikes remain focused on,

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Speaker 3: you know, on the military types of targets, infrastructure stays undamaged,

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Speaker 3: and the horror moves stays open. Oil could still go

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Speaker 3: a little bit higher, of course, fear logistics is always

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Speaker 3: a thing, but that premium could go away, as you know,

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Speaker 3: at once the initial shock settles out and the oil

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Speaker 3: flows proved to not have been erupted. So if that happens,

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Speaker 3: the US economy will see it mostly through gasoline price increases,

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Speaker 3: which we've been through this before, and of course more

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Speaker 3: talk about inflation and so forth gets a little worse.

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Speaker 3: The bigger problem is is, as you kind of hinted

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Speaker 3: out already, is infrastructure. So if Iran is not able

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Speaker 3: to export as efficiently and quickly as they used to

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Speaker 3: be able to and maybe possibly you know permanently that

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Speaker 3: that's of course going to have a real loss of

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Speaker 3: supply Iran. As you mentioned, Iran's exports are still pretty concentrated,

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Speaker 3: so even if that's targeted, it's gonna make a lot

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Speaker 3: of difference because of that whole global supply chain. This

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Speaker 3: results in of course higher crew prices that would hang

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Speaker 3: around a little longer. That's headline inflation. And again this

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Speaker 3: is just this just makes it a little bit worse

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Speaker 3: than the idea that this is a quieter disruption than

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Speaker 3: we've normally seen. But really I think the big thing

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Speaker 3: is in anything that's going to tie up the horror

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Speaker 3: moves for more than a week, that's really kind of

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Speaker 3: the cutoff point where we will be in somewhat uncharted waters.

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Speaker 1: That's going to have a more a.

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Speaker 3: Bigger impact possibly on macroeconomics, meaning simply the bigger picture,

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Speaker 3: not just a disruption, not just anger at the gas pump,

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Speaker 3: something that's going to trickle through to more industry.

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Speaker 1: So we'll be watching this over the next week or

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Speaker 1: so to see what the final impact is.

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Speaker 2: Well, in your comments about globals, I mean oil is

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Speaker 2: expressed in global supply, and if you take iron's global

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Speaker 2: supply out of it, you are obviously going to end

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Speaker 2: up with less on the market. Of course, more increased

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Speaker 2: price per barrel. I've read as high as one hundred

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Speaker 2: and ten, although I've seen as low as well. It

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Speaker 2: may spike to eighty. So there's this huge range of

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Speaker 2: may might and speculation and tea leaf reading what we'll

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Speaker 2: deal with when we come with it. But in terms

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Speaker 2: of the percentage of global output, do you know offhand

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Speaker 2: how much Iran represents?

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Speaker 3: In terms of that, it's significant enough that it's going

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Speaker 3: to leave a mark. But like you said before, they're

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Speaker 3: not the only provider anymore. So we can look though

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Speaker 3: at history and see what the impact has been over time,

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Speaker 3: and this speaks directly to that question.

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Speaker 1: So in nineteen seventy.

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Speaker 3: Three, we had the Arab Israeli war, oil prices quadrupled

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Speaker 3: after OPEC put the embargo in place. Now that was,

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Speaker 3: of course before our current situation where there are more

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Speaker 3: players in the oil game. Yes, nineteen seventy nine, that

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Speaker 3: was the Iranian Revolution and the oil prices roughly doubled then,

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Speaker 3: pretty significant disruptions to production, and that played a role

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Speaker 3: in what we like to talk about here all the

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Speaker 3: time in terms of stagflation and the FED tightening stance.

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Speaker 1: Back then then we moved to.

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Speaker 3: Nineteen ninety oil prices doubled during the Gulf War, but

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Speaker 3: the US led coalition was able to step in and

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Speaker 3: prevent that from having a larger impact in two thousand

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Speaker 3: and three. After nine to eleven, oil prices kind of

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Speaker 3: stayed relatively modest increases right before the invasion, and oil

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Speaker 3: prices actually fell right after because supply I was not

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Speaker 3: severely disrupted during that war, believe or not, so this

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Speaker 3: can happen without disrupting the flow of oil. We'll just

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Speaker 3: see if all parties want to worry about.

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Speaker 2: That well, And all I can interject is, thank God

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Speaker 2: for drill, baby, drill. We are clearly in a much

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Speaker 2: better position than we were even a couple of decades ago.

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Speaker 2: Brian James will continue. We're going to find out this

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Speaker 2: morning about artificial intelligence driving volatility, that and more with

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Speaker 2: Brian James stick around, be right back after I mentioned

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Speaker 2: speaking of energy USA insulation. Actually I believe it was

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Speaker 2: my son just the other day talking about his friends

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Speaker 2: complaining about these skyrocketing energy bills. Station eight nineteen fifty

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Speaker 2: five kar CEV Talk Station Happy Monday, Monday Monday with

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Speaker 2: Brian James, Muller Financial pivoting over to something that's driving

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Speaker 2: a lot of fear, and I will admit to having

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Speaker 2: a little bit of fear about artificial intelligence myself, Brian James.

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Speaker 2: Don't understand it well enough, but I do know it

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Speaker 2: may very well impact the well a lot of people's jobs,

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Speaker 2: a lot of people worried about job security. But what

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Speaker 2: is driving the volatility about which you want to talk

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Speaker 2: about this morning, Brian James.

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Speaker 1: Well, there's a few pieces to this, right.

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Speaker 3: So first off, AI is of course, just like anything,

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Speaker 3: is also playing a role in the algorithmic program trading,

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Speaker 3: so it's having a direct impact on transactions that do

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Speaker 3: drive volatility in the market. We shouldn't be shocked at that.

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Speaker 3: Every time there's a new technological innovation, it tends to

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Speaker 3: find its way into the place where people make most

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Speaker 3: of their money, which is the stock market. So that's definitely,

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Speaker 3: of course a factor here, but also just the overall

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Speaker 3: idea that right now AI is the catalyst driving the market.

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Speaker 3: So there's always a catalyst pushing the market.

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Speaker 1: In some direction, right.

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Speaker 3: So the original Internet wave in the late nineties, when

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Speaker 3: Yahoo and Google were a thing, that that was the catalyst.

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Speaker 3: Then then we had real estate was a catalyst in

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Speaker 3: the run up to the two thousand and eight disaster,

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Speaker 3: and then it became mobile technology, social media, so on and

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Speaker 3: so forth. Now the flavor of the week is artificial intelligence,

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Speaker 3: and it pushes the markets in both directions. So let's take,

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Speaker 3: for example, a week ago. I'm gonna read you two

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Speaker 3: headlines here from recent ups and downs in the market.

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Speaker 3: So this came out about six days ago, little less

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Speaker 3: than a week. US stocks rise after getting a reminder

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Speaker 3: of AI's potential upsides.

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Speaker 1: That's an ap news headline.

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Speaker 3: Three days ago, US stocks sink and oil prices rise

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Speaker 3: as worries about AI inflation and possible war hit Wall Street.

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Speaker 3: So AI is good news and bad news pay apparently

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Speaker 3: depending on the mood that you're in.

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Speaker 2: Brian Thomas, well, in terms of I think about it

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Speaker 2: in terms of investing, and my son is involved in

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Speaker 2: some trading and he's actually been doing quite well, but

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Speaker 2: you know, he's he gets something, he's in for like

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Speaker 2: five minutes and he's out, he gets his five percent hit,

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Speaker 2: he goes home, and it really works. Who's going to

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Speaker 2: be doing, I mean, is artificial intelligence is going to

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Speaker 2: be making the sort of picking of stocks and the

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Speaker 2: selection of stocks along those lines. Is it going to be.

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Speaker 2: I mean, I hate to say this out loud, but

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Speaker 2: removing you from an area of necessity Brian.

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Speaker 3: James, Well, that's not what we do anyway. So yeah,

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Speaker 3: we have very different approach in terms of that. What

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Speaker 3: you're talking about is day trading there and already, yeah,

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Speaker 3: that's definitely not mean we're we're running the other way

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Speaker 3: from that approach. My role is to basically help people pull,

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Speaker 3: drag them back from the one tree that they're staring at,

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Speaker 3: so that you see the entire forest of their situation,

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Speaker 3: figure out what their resources are and frankly what they

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Speaker 3: can get away with in retirement in terms of timing

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Speaker 3: and the cash flow and all that other fun stuff.

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Speaker 1: I am not.

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Speaker 3: Worried about what stock XYZ is going to do in

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Speaker 3: the next five minutes versus ABC. Nothing wrong with that approach,

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Speaker 3: it's just a different I don't think there's a lot

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Speaker 3: of value in providing that to other people because there's

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Speaker 3: just too much you know, there's too much unpredictability in it.

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Speaker 1: And that's not what people tend to worry about anyway.

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Speaker 3: It's all it all tends to be about how do

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Speaker 3: I take care of myself and my family? Do what

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Speaker 3: I want to do without being changed at a desk

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Speaker 3: for the rest of my life at a little differ approach.

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Speaker 2: And I guess the other component is you and I.

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Speaker 2: I don't think anybody really knows how this is ultimately

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Speaker 2: going to shake out. It's new technology, and quite often

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Speaker 2: it takes time for all of us to adjust to it,

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Speaker 2: and eventually the new technology makes way for new types

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Speaker 2: of jobs. And we since we can't necessarily envision where

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Speaker 2: these new industries and air is are right now when

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Speaker 2: this new technology is rolling out, it's almost like it's

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Speaker 2: amazing that we end up landing on our feet down

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Speaker 2: the road, given the gloom and doom stories we read

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Speaker 2: about the new technology. When we've been through this before.

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Speaker 3: Yeah, and this isn't new, And just because we're talking

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Speaker 3: about it this morning doesn't mean we're we are calling

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Speaker 3: the attention of the smart money in the world that

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Speaker 3: they should be looking at AI and figuring how to

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Speaker 3: how to use it in money management scenarios.

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Speaker 1: It's already happening. It's been happening for a while.

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Speaker 3: So there are AI driven trading systems that will literally

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Speaker 3: look across the entire order book, across all exchanges and

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Speaker 3: they're looking for inefficiencies. I can buy something at this

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Speaker 3: store and send and sell it over here at this

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Speaker 3: other store and keep the difference.

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Speaker 1: That's really what the that's arbitrage.

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Speaker 3: Basically, AI can do it a lot more quickly than

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Speaker 3: humanize and even you know some of the past technological

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Speaker 3: tools we've out they had out there, trades get executed

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Speaker 3: in milliseconds. Microstructural changes come around and uh, and those

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Speaker 3: are reacted to instantaneously, far different than when human beings

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Speaker 3: are the only ones pulling the levers.

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Speaker 2: Well speed at which we trade now, which you just

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Speaker 2: pointed out microseconds, is that ultimately, in the end, that's

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Speaker 2: an improvement that's working to our advantage. That it doesn't

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Speaker 2: take you communicating with some guy on a trading floor,

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Speaker 2: swap and paper with another guy on the trading floor

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Speaker 2: and engaging this longer process to get the trade done right.

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Speaker 3: Yeah, and then for those of you thinking, Okay, I'm

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Speaker 3: just a regular Joe, I want to take advantage of this,

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Speaker 3: how do I do it and keep my day job?

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Speaker 1: Well, you kind of really don't. Long gone are.

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Speaker 3: The days where your broker would call you, leave you

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Speaker 3: a message on a pink slip of paper. Hey, what

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Speaker 3: do you think about X y Z call me back. No,

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Speaker 3: we're down to microseconds. Nobody cares what the end to

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Speaker 3: customer thinks of it. It's just going to happen because

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Speaker 3: it has to happen that quickly. We don't get the

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Speaker 3: the pleasure or the opportunity to review and take a

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Speaker 3: breath and think.

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Speaker 1: That's where AI is leading us away from that.

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Speaker 3: Human moment where a brain needs to stop and take

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Speaker 3: a breath and think about it.

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Speaker 1: I'm not sure that's all good, but that's what this

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Speaker 1: is about.

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Speaker 2: Speed speed, speed, speed, speed, speed, and just starting a

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Speaker 2: shout out in my head. Say with the frozen orange

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Speaker 2: Jews market trading places, those days are gone, right and.

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Speaker 3: The Gijo doll with the kung fu grip, yes, is

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Speaker 3: long and long in the past.

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Speaker 1: That's right. Another good one. It's just shy of eight

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Speaker 1: twenty five.

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Speaker 2: We'll continue. We got one more to talk about everything

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Speaker 2: that's happened in the world. But look, the economy is

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Speaker 2: remaining resilient. That's got k the talk station A twenty

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Speaker 2: eight fifty five K see he talks station Brigga McDonald

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Speaker 2: from the Hudson and Suit on energy. What the Middle

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Speaker 2: East conflict's going to do to that and for you

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Speaker 2: and I we talked a little about that with Brian

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Speaker 2: James on the phone. Right now, all word financials, Brian James,

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Speaker 2: let's pivot over to some good news. I guess Brian,

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Speaker 2: we got a resilient economy in spite of all the

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Speaker 2: chaos going on in the world.

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Speaker 3: Well, we do have the ability to see you usually

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Speaker 3: passed the chaos a little bit, and that's why, as

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Speaker 3: we were talking about earlier, the market doesn't completely collapse

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Speaker 3: with the kind of scary headlines we can get over

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Speaker 3: the weekend. At the end of the day, cooler heads

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Speaker 3: do prevail and we realize that while we do have conflicts,

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Speaker 3: money still moves in a circle and we'll continue to

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Speaker 3: do so throughout We saw, you know, you can go

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Speaker 3: back through history and figure out in World War Two

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Speaker 3: the stock market wasn't down, didn't It didn't just drop

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Speaker 3: off a cliff until it hit zero and then sit

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Speaker 3: there until the war was over and then we moved on.

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Speaker 3: That's not how it works. Money moves in a circle

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Speaker 3: no matter what. So we do have the ability to

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Speaker 3: still look at the economy and just recognize that even

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Speaker 3: if we're on somewhat of a wartime footing. That doesn't

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Speaker 3: mean that we need to start making decisions drastically differently.

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Speaker 2: Well, what about producer inflation? What about consumer confidence and

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Speaker 2: jobless claims and all these things. I know mortgage rates

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Speaker 2: have come down, yeah, and these so we're.

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Speaker 3: In a somewhat good situation with regard to all this.

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Speaker 3: There's always there's always something to be scared about. But

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Speaker 3: you mentioned like mortgage and mortgage rates are moving in

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Speaker 3: a positive direction. They are down over the last couple

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Speaker 3: three years. If you're somebody who was stuck with an

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Speaker 3: eight percent mortgage and you were mad that you had

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Speaker 3: to sign on the dotted line with that interest rate

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Speaker 3: on the form, well you might want to start paying

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Speaker 3: attention because we are getting down into the lower sixes

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Speaker 3: and it may be time for you to pull the

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Speaker 3: trigger on that refinance. People have to move, and that

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Speaker 3: that's not a choice that everybody gets. So it does

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Speaker 3: seem that housing situations are starting to loosen up a

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Speaker 3: little bit in terms of those who didn't wanted to

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Speaker 3: hold off for a better situation are now starting to

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Speaker 3: pull the trigger.

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Speaker 1: So we're starting to see a.

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Speaker 3: Little more flexibility there in a little bit more of

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Speaker 3: a buyer's market than we've seen lately.

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Speaker 2: Well, that may be the case, but the home prices

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Speaker 2: themselves have not dropped. I mean, I would imagine with

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Speaker 2: a lower interest rate, the prices might increase, given that

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Speaker 2: more people might be inclined to jump into the market.

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Speaker 3: Oh yeah, this is definitely not about pricing. This is

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Speaker 3: about not the price of the house itself. It's the

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Speaker 3: overall cost of owning it. But with interest rates having dropped,

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Speaker 3: you know, if you look at the percentage decrease, we're

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Speaker 3: actually down about fifteen percent on interest rates. You go

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Speaker 3: down from eight to you know, six and a half,

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Speaker 3: then that's a larger chunk than you might be thinking.

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Speaker 3: So the monthly payment can be a little more palatable

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Speaker 3: now to somebody who knew they were going to have

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Speaker 3: to move in the relatively short term. So therefore where

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Speaker 3: they weren't going to pull the trigger a couple of

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Speaker 3: years ago, we'll just grin and Barrett with this house,

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Speaker 3: we're not really thrilled with anymore. Now we're in a

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Speaker 3: situation where people are saying, Okay, it's just time to

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Speaker 3: do this. It may not be perfect, but it's better

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Speaker 3: than it was, so let's go ahead and make the decision,

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Speaker 3: all right.

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Speaker 2: In terms of jobless claims, I would think that, well,

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Speaker 2: given AI it's going to perplace everybody's job and replace

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Speaker 2: it with a computer algorithm, that might be a little

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Speaker 2: concern on that one. But where are we in terms

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Speaker 2: of the current jobless situation.

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Speaker 3: Well, late late February, initial jobless claims rose to about

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Speaker 3: two hundred and twelve thousand, up about four thousand from

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Speaker 3: the week before. That was below expectations. That was the

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Speaker 3: bumpy one. We got a little bit not too long ago.

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Speaker 3: The four week moving average slightly hired to about two

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Speaker 3: hundred and twenty thousand, So jobless claims relatively stable in

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Speaker 3: recent weeks. Now we'll see, we've got these these headlines

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Speaker 3: we just got over the weekend. We'll see if that

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Speaker 3: has a direct impact. I think it's going to take

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Speaker 3: a while for that to trickle all the way through

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Speaker 3: the economy to the jobless numbers. But at the same time,

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Speaker 3: people are paying attention and we're going to be thinking.

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Speaker 3: Businesses are going to be making big decisions based on visibility.

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Speaker 1: This is how we let off this whole this.

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Speaker 3: Morning was the market absolutely hates lack of visibility. Not

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Speaker 3: scary headlines, We can handle that. It's the fact that

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Speaker 3: we can't really get a good feel and kind of

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Speaker 3: predict with any level of confidence what's coming. So therefore

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Speaker 3: companies tend to pull in and just get real conservative

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Speaker 3: in the shorter run. Here we'll see if that holds true.

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Speaker 2: Well, I know everybody's got the memos. An election year

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Speaker 2: in November, Oh my god, And inflation is big concern.

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Speaker 2: Democrats are screaming affordability, affordability, affordability, and that may be

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Speaker 2: on the rise inflation, just looking at the potential increase

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Speaker 2: in the price of oil, which obviously impacts literally everything

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Speaker 2: that we do. But where's inflation? At least as of

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Speaker 2: this moment in time.

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Speaker 3: Inflation is tame right now, we're not We're still stuck

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Speaker 3: at that kind of happy place, happy ish place where

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Speaker 3: we would really prefer, we would super like it to

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Speaker 3: be around two percent, but we're stuck around.

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Speaker 1: Three And we've been in.

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Speaker 3: This range for a long time now, and so I

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Speaker 3: think all bets are off now for what we thought

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Speaker 3: we knew over the past several months. We need a

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Speaker 3: little bit of time to let it soak through with

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Speaker 3: regard to what is what are oil prices? Well, what

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Speaker 3: kind of impact is that going to have? And frankly,

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Speaker 3: how long is this gonna last? I think the real

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Speaker 3: difference here it's not conflict in the Middle East, because

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Speaker 3: that's been around for a while, that ebbs and flows.

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Speaker 1: It's the straight hoh horror moves. I think that's the

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Speaker 1: big difference.

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Speaker 3: We have not had a situation where it has been

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Speaker 3: closed off for a period for a long period of time,

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Speaker 3: So that's gonna be one of the big questions we

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Speaker 3: have to answer over the next couple of weeks.

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Speaker 2: Well, in spite of the whaling and nashing of teeth

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Speaker 2: about inflation, generally speaking, I see that the consumer confidence

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Speaker 2: has actually risen.

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Speaker 3: Yeah, and I think that is because, you know, as

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Speaker 3: I talk to you know, clients every day, we see

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00:19:33,440 --> 00:19:36,040
Speaker 3: these headlines. We're trying to plan around it, and people

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00:19:36,119 --> 00:19:38,760
Speaker 3: react differently than they did in the you know, I've

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Speaker 3: been doing this for thirty years. People react differently now

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Speaker 3: than they used to. Used to be, these headlines were

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Speaker 3: absolutely deal killers and we just simply can't handle any

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Speaker 3: kind of volatility at all.

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Speaker 1: Now.

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Speaker 3: It's just taken for granted. This is no fun the stinks,

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Speaker 3: but I've seen it before many, many times. You know,

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Speaker 3: I think a lot of people who are, you know,

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00:19:56,920 --> 00:19:59,679
Speaker 3: maybe near retirement age. Now we're brought up during the

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Speaker 3: eighty in the nineties when there really weren't any scary

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Speaker 3: headlines at all, and now ever since the turn of

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Speaker 3: the century, it's been every couple three years we have

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Speaker 3: some showstopper of a headline that should terrify. So I

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Speaker 3: think we're becoming a little more numb to it. Collech

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Speaker 3: is a good thing, exactly, We've got a little thicker

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Speaker 3: skin and we are we are able to react, let

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Speaker 3: things recover, and then react versus reacting to the initial headline.

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Speaker 2: Well that's a great development.

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Speaker 1: You know.

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Speaker 2: Clickbait is what fuels those outrageous headlines, and so people

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Speaker 2: are finally coming around to the notion that just because

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Speaker 2: the headline is, oh my god, we're all gonna die.

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Speaker 2: Look back at history. No, that didn't happen, did it.

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Speaker 3: Maybe exempt from or maybe you know, maybe maybe we're

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Speaker 3: just not as you know, touchy as we used to be.

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Speaker 3: Hopefully we're acting. Yeah, well that's I was going a

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Speaker 3: little more positive, but you said it.

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Speaker 1: I didn't. Brian Jays.

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Speaker 2: Thank you for joining the program every Monday to do

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Speaker 2: money Monday, look forward to next Monday, and another another

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Speaker 2: informative topic was in