Speaker 1: This is America's Truncking Network with Kevin Gordon.
Speaker 2: Welcome aboard, thanks for tuning in on this Thursday morning.
Speaker 2: Who says nothing good happens after midnight. Apparently people that
Speaker 2: aren't listening to America's struck a network that I can
Speaker 2: tell you. Hurricane Melissa is still turning away in the Atlantic.
Speaker 3: And what is.
Speaker 2: Interesting is that as it hit Jamaica, which the devastation
Speaker 2: there is incredible, and again hearts and prayers go out
Speaker 2: to the folks there. Once it crossed over Jamaica, it
Speaker 2: was going about nine miles per hour and it has
Speaker 2: gone it has increased in speed about five times. It's
Speaker 2: now up around forty five to fifty miles per hour
Speaker 2: moving towards actually went through Haiti, went through the southeastern yes,
Speaker 2: the southeastern portion of Cuba, Guantana Obey, and it's barreling
Speaker 2: its way up to the Bahamas, which will hit probably
Speaker 2: later on today into tonight. So this is a fast
Speaker 2: moving storm. But the trajectory of this is still where
Speaker 2: it's veering off away from the coast of the United States,
Speaker 2: so we're not going to get a direct hit there,
Speaker 2: but it's going to be veering off to the northeast
Speaker 2: from that point. But what we've been seeing in our
Speaker 2: outlying storm surges, and especially along the North Carolina coast.
Speaker 2: You remember a couple of weeks ago we had what
Speaker 2: was it about twelve structures that fell because of the
Speaker 2: storm surges. They're out there on the you know, they're
Speaker 2: out there on the beaches, basically on stilts. Supposed to
Speaker 2: take into consideration that when the storm surges come in,
Speaker 2: that they're high enough to withstand that. But apparently the
Speaker 2: amount of water and the amount of the waves hitting
Speaker 2: those structures hit, those stilts broke and those houses collapsed,
Speaker 2: about twelve of them. There's been an additional four that
Speaker 2: were lost just this past well overnight. It was there
Speaker 2: around I think it was a Hatteras Island, Derek County, Buxton,
Speaker 2: North Carolina. The four structures that came down were actually
Speaker 2: in Buxton, North Carolina. So again we're not getting direct hits.
Speaker 2: Up to this point, we've lost what sixteen structures compared
Speaker 2: to what would have had what has happened in the
Speaker 2: hurricane seasons over the last few years. That is remarkable
Speaker 2: and hopefully our good luck will continue.
Speaker 3: The Federal Reserve Lion Jerry Powell and.
Speaker 2: The fellas, ladies and gentlemen, I should say, lowered interest
Speaker 2: rates by a quarter percentage point. Now, I was waiting
Speaker 2: for the report at noon or at two o'clock generally
Speaker 2: they do their meeting and they come out at two
Speaker 2: o'clock and Lion Jerry Powell steps up to the microphone
Speaker 2: and gives his spiel as to why they did or
Speaker 2: did not cut interest rates or what they're doing and
Speaker 2: their explanation behind that. He actually ran a little bit
Speaker 2: late yesterday, didn't come out until about ten after two,
Speaker 2: which is kind of unusual. And what was interesting is well,
Speaker 2: actually it was interesting some of the things that were
Speaker 2: said but not said as well. And it's funny. You
Speaker 2: know where I've stood on this for the entire year.
Speaker 2: I think interest rates should be down at least by
Speaker 2: a full percentage point at this point. That started the
Speaker 2: year off at round five percent. For four and a
Speaker 2: half to five percent, I think it should still. I
Speaker 2: should think it should be down at four percent or
Speaker 2: below already, and then another quarter percentage point reduced this time,
Speaker 2: because that is the thing, in my opinion, that's holding
Speaker 2: back the economy. From day one, we kept hearing from
Speaker 2: the Federal Reserve that they're reluctant to lower interest rates
Speaker 2: because they won the inflation rate down around two percent.
Speaker 2: We pointed out on the program that when they talk
Speaker 2: about the Social Security increases, that cost a living allowance
Speaker 2: that comes through every year, that's based on what the
Speaker 2: inflation rate is that year. That has averaged since two
Speaker 2: thousand two point six percent, So around over the last
Speaker 2: twenty five years, the average inflation rate has been two
Speaker 2: point six percent. Why the Federal Reserve has suddenly targeted
Speaker 2: two percent and said that the inflation rate should be
Speaker 2: around two percent when history says it's around two point
Speaker 2: six percent has always puzzled me. Plus the fact that
Speaker 2: when you take into consideration when we look at the
Speaker 2: different contracts that have gone through. I've spelled that out
Speaker 2: on this program, and numerous times we've had major contracts
Speaker 2: signed by the UAW, major contracts signed by the railroad workers,
Speaker 2: major contracts by both the East Coast and the West
Speaker 2: Coast dock workers, and then we've had railroad and UPS, Yes,
Speaker 2: UPS signed a big contract. So you've got these wages
Speaker 2: that have gone up tremendously. As a matter of fact,
Speaker 2: they talked about that the wage increase, as far as
Speaker 2: UAW is concerned, would increase the price of a car
Speaker 2: by nine hundred dollars.
Speaker 3: We started seeing the other day. It was a couple
Speaker 3: of weeks ago.
Speaker 2: We were talking about the inflation having to do with cars,
Speaker 2: and they were saying, well, because of terraffs in this
Speaker 2: blah blah blah blah blah, that the price of a
Speaker 2: car has gone up, averaged up nine hundred dollars. And
Speaker 2: I said, WHOA, pull the reins back on that, folks.
Speaker 2: Let's go back to the story that was talked about
Speaker 2: when that contract was signed, that it would add about
Speaker 2: nine hundred.
Speaker 3: Dollars to the cost of the vehicle.
Speaker 2: So all this a lot of times, what we're seeing
Speaker 2: is that people are blaming cost increases on tariffs as
Speaker 2: opposed to cost increases based on salaries and wages. Wage
Speaker 2: increases we talked about just yesterday, we had talking about
Speaker 2: a story out of Chicago talking about this person who
Speaker 2: owns these coffee shops and the price of coffee and
Speaker 2: having to raise her prices by fifteen percent, and she's
Speaker 2: talking about terrorists and all this. Yet when you look
Speaker 2: at the minimum wage in Chicago, it has gone from
Speaker 2: ten dollars an hour in twenty twenty up to sixteen
Speaker 2: dollars and sixty cents now, and it just went up
Speaker 2: in July. So everybody seems to be forgeting about it.
Speaker 2: And again I'm not talking I'm not saying that people
Speaker 2: don't deserve pay increases, but pay increases are increases.
Speaker 3: And if the products that you're selling.
Speaker 2: The products that you are providing are the cost of that.
Speaker 2: Built into that are salaries and wages. If wages go up,
Speaker 2: your cost go up. If your cost go up, you're
Speaker 2: going to pass those costs along to your customers. And
Speaker 2: so be be honest about it and quit this business.
Speaker 2: This is almost like going back to right after the pandemic.
Speaker 2: Remember all the stuff talking about supply chains. Now there
Speaker 2: were different supply chain issues. Because you can't stop an economy.
Speaker 2: You can't shut down every manufacturing facility in the country,
Speaker 2: you can't close up every business that's around, shut down
Speaker 2: every restaurant, and then gear up and snap your fingers
Speaker 2: and everything goes back to normal. There is a gearing up.
Speaker 2: You're going to have to build supplies. You're going to
Speaker 2: have to go into these factories and start from scratch,
Speaker 2: put the raw materials together, process that and get it available.
Speaker 2: So there were supply chain issues being able to supply
Speaker 2: what people were wanting, the whole thing in different service areas.
Speaker 2: I've talked about that on this program numerous times. The
Speaker 2: fact that we may recall when you went into the
Speaker 2: stores there were hardly in employees in there, and it
Speaker 2: was tough to find somebody or find some help to
Speaker 2: find anything. Customer service was at a premium because had
Speaker 2: been laid off, they were slow to well, they couldn't
Speaker 2: rehire some of the people. And because of the stimulus
Speaker 2: checks that were being made available and then the state
Speaker 2: unemployment payments that were going out, people were saying, I
Speaker 2: can't afford to go back to work. I'm making too
Speaker 2: much staying at home getting stimulus checks and unemployment from
Speaker 2: the state. So that should have been backed off a
Speaker 2: little bit quicker so that people got back into the workforce.
Speaker 3: So we had supply chain issues.
Speaker 2: We had problems with employees being hired and being able
Speaker 2: to service, but everybody blamed it on supply chain issues,
Speaker 2: when in fact it was just a matter of the
Speaker 2: system gearing up and the employees being available. Same thing
Speaker 2: with these tariffs, all we keep all we've been hearing
Speaker 2: since Liberation Day on April second, that inflation was going
Speaker 2: to go out of control. People were predicting recession. People
Speaker 2: were talking about inflation was going to be in the
Speaker 2: high single digits. And inflation has been below three percent
Speaker 2: since then. And every time the inflation rate comes out
Speaker 2: and they say, well, it's below three percent, it's gone up.
Speaker 2: It's crept up from two point six to two point
Speaker 2: seven or maybe two point seven to two point whatever
Speaker 2: it's been, it's been below three percent. And every time
Speaker 2: they talk about this inflation rate, they say, well, but
Speaker 2: the effect of tariffs will be coming on later on. Well,
Speaker 2: you're now talking about from from basically April, May, June, July, August, September, October.
Speaker 2: You know, you keep saying that this is gonna happen,
Speaker 2: gonna happen, gonna happen, and it hasn't happened, and yet
Speaker 2: people keep saying, well, it's gonna happen.
Speaker 3: We'll pick this up.
Speaker 2: I got some of the comments that Lion Jerry Powell
Speaker 2: said about during his press conference. I'm Kevin Gordon, America's
Speaker 2: struck a network seven hundred WLW.
Speaker 1: I love this is the briefing report on America's drug
Speaker 1: A Network on seven hundred WLW.
Speaker 4: The Infinity Series Champion will be crowded Saturday night and
Speaker 4: Phoenix Connors, Zilich, Carson Gwaffle, Also, Justin Olgeyer and Jesse
Speaker 4: Love are in the Exfinity Final four. Danny Hamlin, who
Speaker 4: will run for the Cup Series twenty twenty five titles
Speaker 4: Sunday on Dirty Will Media, on his pick for the
Speaker 4: Exfinity champ.
Speaker 5: The seven car last year was very, very dominant. You
Speaker 5: gotta think he's going to be pretty tough again, but
Speaker 5: you also got the eighty eight. I think it's still
Speaker 5: going to be a close one. Justin's experience at Phoenix
Speaker 5: will counter whatever success the eighty eight has had throughout
Speaker 5: the season, and so I think that's going to be
Speaker 5: a one A, one B type of race, and then
Speaker 5: Jesse will be right there near them, and then Carson
Speaker 5: is going to need to find some speed. Who's your pick?
Speaker 5: Then I'll give the nod to Justin. His car is
Speaker 5: going to be just as prepared as the eighty eight.
Speaker 5: He's not going to get beat on equipment.
Speaker 3: Remember last year, all the mistakes he had and to
Speaker 3: still come back and Yeah, they're lightning fast. Justin's my pick.
Speaker 4: Sam Meyer has been suspended by NASCAR from Saturday's Exfinity
Speaker 4: Series race in Phoenix after wrecking Jeb Burton on the
Speaker 4: cool down lap last weekend at Martinsville. Alig Racing will
Speaker 4: pause its Exfinity Series program for the twenty twenty six season.
Speaker 4: Since debuting in the series full time in twenty sixteen,
Speaker 4: Colleague has won twenty seven races and ten seasons, including
Speaker 4: a pair of regular season championships from aj Allmendinger in
Speaker 4: twenty twenty one and twenty twenty two.
Speaker 1: This is the racing report on America's drugging network on
Speaker 1: seven hundred WLW.
Speaker 4: Sake Dennis for reporting for a t N.
Speaker 2: Progressive Commercial Insurance protects truck owners with specialized coverages for
Speaker 2: heavy drugs.
Speaker 3: Insure commercial vehicles from pickup trucks.
Speaker 2: Vance Trek was basically from the New York Times. Federal
Speaker 2: Reserve cut interest rates for the second time this year
Speaker 2: on Wednesday, despite officials having only a partial view of
Speaker 2: how the economy is faring because of the shutdown. The
Speaker 2: Central Bank voted the lower barring caused by a quarter
Speaker 2: percentage point down to three point seven three point to
Speaker 2: four percent. Wednesday's decision, which brought interest rates below four
Speaker 2: percent for the first time since late twenty twenty two,
Speaker 2: was a divisive one. Two officials descended for different reasons.
Speaker 3: Stephen I.
Speaker 2: Marin the newest member of the FED. He's also part
Speaker 2: of the Trump administration. He was appointed a FED. He
Speaker 2: wanted to see a half a percentage point decrease, which
Speaker 2: basically is agreeing with Kevin Gordon from americastruck a network.
Speaker 2: I think the interest rate should have been down at
Speaker 2: least a half a percentage point. Let me see was
Speaker 2: calling for a half percent interest rate reduction like he
Speaker 2: did in September.
Speaker 3: Jeffrey R.
Speaker 2: Schmid, president of the Federal Reserve Bank of Kansas City,
Speaker 2: one of the Federal Reserve, instead to hold interest rate
Speaker 2: steady at the previous level of four percent to four
Speaker 2: point twenty five percent. Is this guy smoking crack or something?
Speaker 2: Doesn't he Every time we talk about every time we
Speaker 2: hear about stuff.
Speaker 3: I mean, we've had stories. Over the last couple of weeks.
Speaker 2: We had what was the number eighty one The number
Speaker 2: of people refinancing their homes went up eighty one percent
Speaker 2: in the month of September because of the interest rates
Speaker 2: on home loans coming down. We just had the story
Speaker 2: the other day talking about that the number of houses
Speaker 2: that were sold went up one point five percent, that
Speaker 2: they're on track to sell over four million homes existing homes,
Speaker 2: and what's going on there because of interest rates coming
Speaker 2: down a half a percentage point. This is the thing
Speaker 2: that spurs the economy. Anybody talking about adding a piece
Speaker 2: of equipment, Anybody talking about adding a new truck, fleets
Speaker 2: expanding their number of trucks that they are interested in.
Speaker 2: Somebody wanting to buy a piece of equipment, somebody wanting
Speaker 2: to jump into the new home market. It is all
Speaker 2: based on interest rates and what your cost of doing
Speaker 2: that would be. Now, again, I will stress that you
Speaker 2: need to sit down between now and the end of
Speaker 2: the year with your accountant, your tax attorney, or whoever
Speaker 2: you get your tax advice. And if you don't, if
Speaker 2: you're not getting tax advice from somebody, pay the couple
Speaker 2: one hundred dollars or so to get the proper advice.
Speaker 3: Because there is.
Speaker 2: That Section one seventy nine deduction that is available for
Speaker 2: new equipment. You can deduct in a single year up
Speaker 2: to one million, two hundred and fifty thousand dollars in
Speaker 2: purchases off of your income, lower your your prop Basically
Speaker 2: on paper, it's a paper number, it's not cash, but
Speaker 2: it shows a negative a loss for the year. You
Speaker 2: would actually not be paying taxes on that. So look
Speaker 2: at you know it's a it's a straight deduction off
Speaker 2: your tax return. And if you're getting this one point
Speaker 2: two five million dollars, now you know if you're buy
Speaker 2: a piece of equipment for two hundred and forty five
Speaker 2: thousand or one hundred and eight whatever that equipment is,
Speaker 2: that is fully deductible in the first year. Now you
Speaker 2: have to weigh that off. And again you need to
Speaker 2: sit down with attorney or somebody that prepares taxes and
Speaker 2: somebody knows what the hell they're talking about for your
Speaker 2: individual situation. I can't tell you what to do for
Speaker 2: your individual situation other than go talk to somebody about
Speaker 2: what you have, how you do things. So you need
Speaker 2: to weigh the possibility of purchasing a new truck or
Speaker 2: a new piece of equipment based on what your maintenance
Speaker 2: costs are up to this point, because if your truck
Speaker 2: is off the road, you're not earning any income, So
Speaker 2: you got to factor that into it. Plus you also
Speaker 2: have to factor in what your maintenance costs are going
Speaker 2: to be, and then you have to balance that off
Speaker 2: what the interest rate on a new truck would be
Speaker 2: if you're borrowing that, But then what that would do
Speaker 2: to your year's income in terms of taking that as
Speaker 2: a deduction off your taxes and what you would be
Speaker 2: saying saying as far as taxes.
Speaker 3: But again you need to sit down with your.
Speaker 2: Tax accountant, with somebody that knows what they're doing as
Speaker 2: far as your individual situation and make that decision. So again,
Speaker 2: interest rates are an important factor out there, and that
Speaker 2: is what's holding a lot of people back from neither
Speaker 2: jumping into the housing market, jumping into buying a new truck,
Speaker 2: buying a new car, or anything along those lines, any
Speaker 2: of the major purchases. But again getting back to the
Speaker 2: line Jerry Powell and his statement. In his policy statement,
Speaker 2: the Fed seemed to adopt a rosier view of the
Speaker 2: economic activity, but stressed that the labor market remained vulnerable.
Speaker 2: He has been downplaying the economy all year long, even
Speaker 2: though the information on a regular basis when they do
Speaker 2: retail sales, when they talk about a earlier in the
Speaker 2: year when they were talking about the number of jobs created,
Speaker 2: the number of jobs lost, or any of that sort
Speaker 2: of stuff.
Speaker 3: Every how many times do.
Speaker 2: We hear that retail sales beat expectations, new car sales
Speaker 2: beat expectations, and the economy has been turning along again
Speaker 2: because of the resilience of the American public and because
Speaker 2: of the American consumer. Some of these things are going
Speaker 2: on despite what the people in Washington and some of
Speaker 2: the pressure that they've put on us, and especially the
Speaker 2: overburden of interest rates that the Federal Reserve has created.
Speaker 2: We are resilient people, and we have bounced back, and
Speaker 2: we are doing everything we can to spur this economy along.
Speaker 2: And it's remarkable that he says, well, the economy was
Speaker 2: expanding at a moderate pace and that the unemployment rate
Speaker 2: was still low. It's stressed that the downside risk to
Speaker 2: employment rose in recent months. Typically, the FED ques off
Speaker 2: the incoming official data to help justify its interest rate decision,
Speaker 2: while also citing alternate measures and surveys related to economic activity.
Speaker 2: But the shutdown has effectedctively created a data blackout for
Speaker 2: the FED, at least from the government sources. Bureau of
Speaker 2: Labor Statistics released the Consumer Price Index report for September
Speaker 2: over a week late, back this past Friday, in order
Speaker 2: to meet the deadline for Social Security costs of living adjustments,
Speaker 2: but that is likely to be the last major data
Speaker 2: release by the agency for a while. And again I
Speaker 2: have stressed even though during the government shutdown, the Goldman, Sachs, JP,
Speaker 2: Morgan and now all of a sudden city group and
Speaker 2: what is it nationwide have been able to gather the
Speaker 2: unemployment the initial jobless claims that have been filed at
Speaker 2: the individual state levels. They've been able to tap into that,
Speaker 2: find out what that is, and produce their own report,
Speaker 2: so they're not waiting on the government for those reports.
Speaker 2: The Federal Reserve has I'm going to stress this again,
Speaker 2: the Federal Reserve has twenty three thousand employees. Twenty three
Speaker 2: thousand employees. My question is is we keep hearing that? Okay,
Speaker 2: when Trump was talking about wanting to replace lion Jerry Powell,
Speaker 2: and people were saying, well, if he does that, that
Speaker 2: will change the dynamic and it will make the Federal
Speaker 2: Reserve no longer an independent agency, which is a load
Speaker 2: of crap, because.
Speaker 3: Every member of the Board.
Speaker 2: Every member of the Federal Reserve has been appointed by
Speaker 2: a president, and so whether it's appointed by Biden, whether
Speaker 2: it was appointed by Trump in his first term or
Speaker 2: now in his second term, these people are people that
Speaker 2: are leaning more towards whoever is in office.
Speaker 3: At that particular point in time.
Speaker 2: And apparently a lot of these people that were appointed
Speaker 2: during the Biden administration seem to be not very with
Speaker 2: it in terms of the economic data. And so what
Speaker 2: we're seeing is that supposedly they're supposed to be independent,
Speaker 2: but if they're being appointed by the administration that's in office,
Speaker 2: it's by.
Speaker 3: Nature going to be political.
Speaker 2: You're not going to put somebody in there that is
Speaker 2: going to wreck or to put a throw a monkey
Speaker 2: wrench into the cogs of the wheel that you're.
Speaker 3: Trying to do to build the economy.
Speaker 2: So of course they're going to be leaning one way
Speaker 2: or the other, and to pretend that they're not is insane.
Speaker 2: But the fact is they got twenty three thousand employees.
Speaker 3: These employees could be.
Speaker 2: Looking at some of this economic data and coming up
Speaker 2: with these numbers, and if in fact they are independent,
Speaker 2: wouldn't they be more likely to have the proper data
Speaker 2: than bureaucrats in Washington who are far removed.
Speaker 3: Because let's remember, you.
Speaker 2: Got the Federal Reserve that has twelve different agencies or
Speaker 2: twelve different locations throughout the country, and you have Washington
Speaker 2: that is one location, and they being out in the market,
Speaker 2: in Atlanta, in Denver, in Cincinnati, and a bunch of
Speaker 2: other cities Chicago, they are closer to the people. They
Speaker 2: are closer. They got members there that are aware of
Speaker 2: what's going on in those particular territories and would be
Speaker 2: able to better report what's going on in those regions
Speaker 2: to come up with a good idea in terms of
Speaker 2: what's going on as far as the economy. That's just
Speaker 2: my opinion, and you know I have an opinion, and
Speaker 2: I'm not afraid to use it. I'm Kevin Gordon, America
Speaker 2: struck In Network seven hundred WLW.
Speaker 6: News Traffic and Weather News Radio seven hundred WLW, Cincinnati.
Speaker 7: Friendly Words in Bussan Trump and She talk trade and
Speaker 7: fantastic relations with your twelve thirty report. I'm Travis Laird
Speaker 7: breaking now. The two presidents met in South Korea to
Speaker 7: talk tariff's security and what both called a crucial partnership.
Speaker 3: We will be having some discussions. I think we've already
Speaker 3: agreed to a lot of things. We'll agree to some
Speaker 3: more right now.
Speaker 4: But President she is a great leader of a great country.
Speaker 4: I think we're gonna have a fantastic relationship for a
Speaker 4: long period of time.
Speaker 7: The White House says the meeting was warm, but the
Speaker 7: real test comes when trade talks resume.
Speaker 6: Now the ladies forecast from a train heating and Cooling
Speaker 6: weather center on news radio seven hundred WLW.
Speaker 8: As we head for our Thursday morning, we'll continue to
Speaker 8: see rain heavy at times right into the morning rush.
Speaker 8: I have a seven am temperature of forty five. Now
Speaker 8: for the rest of our Thursday, a few showers tapering
Speaker 8: off though, and gusty wins a high of fifty one
Speaker 8: at night, gradual clearing a low down to thirty nine.
Speaker 8: Looks good for trick or treat. From your severe weather station,
Speaker 8: I'm nine first Warning Chief Meteorologist Steve Rawley, News Radio
Speaker 8: seven hundred WLW.
Speaker 7: Right now, forty seven degrees in Cincinnati and rain in
Speaker 7: just about every direction. Meals on Wheels is expanding its
Speaker 7: reach in the tri State, breaking ground on a new
Speaker 7: headquarters in Columbia Township that will triple services for local seniors.
Speaker 7: The thirty million dollar facility will combine two existing locations
Speaker 7: and expand capacity from ten thousand to thirty thousand older
Speaker 7: adults each year. Leaders say it will feature a bigger,
Speaker 7: safer kitchen and a covered area for drivers to load meals,
Speaker 7: boosting output to three million annually. The nonprofit has already
Speaker 7: raised more than twenty four million dollars for the project.
Speaker 7: And now, Lee Mawen, let's talk about sports. Buddy seven
Speaker 7: one hundred WLW sports.
Speaker 9: Bengals quarterback Joe Flacco dealing with an ac joint sprain
Speaker 9: in his throwing shoulder and is fifty to fifty to
Speaker 9: play Sunday along with Flacko, Trey Hendrickson, Logan Wilson, Marco Wilson,
Speaker 9: and Dalton Reisner did not practice Wednesday. Bengals host the
Speaker 9: Bears Sunday afternoon one the number seventeen you see, Bearcats
Speaker 9: will be without running back Evan Pryor for the aim
Speaker 9: at number twenty four.
Speaker 3: Utah.
Speaker 9: Kick off is at ten fifteen Saturday night. Red's have
Speaker 9: outright and relief pitcher Ian Jabou at Triple A Louisville.
Speaker 9: He had a four point six two era and twenty
Speaker 9: five appearances last season.
Speaker 7: Thank you as always, Lee Mallen. You'll hear from Lee
Speaker 7: again at one o'clock. Breaking news anytime. I'm Travis Laird.
Speaker 7: News Radio seven hundred wl W.
Speaker 5: As a party and you backing the free iHeartRadio app
Speaker 5: live radio playlists for everything in the most podcasts.
Speaker 10: Here's your trucking forecast for the Try State and the
Speaker 10: rest of the country. In the Try State, overnight rain
Speaker 10: the low down to forty six rain continues Thursday, which
Speaker 10: will come to an end during the early afternoon hours.
Speaker 10: A high fifty one Friday, mostly sunny as we dry out,
Speaker 10: A high fifty six, partly sunny Saturday. Highs again top
Speaker 10: out in the upper fifties. Nationally, rain is moving from
Speaker 10: the mid Atlantic and Ohio Valley into the northeast. In
Speaker 10: the northwest, late rain will move in Friday seven.
Speaker 3: Under w l W. I'm Kevin Gordon. This is America
Speaker 3: Struck a network.
Speaker 2: I'm going through this policy statement from Lion Jerry Powell
Speaker 2: and the Federal Reserve. Jerome Powell, the Federal Reserve Chairman,
Speaker 2: has acknowledged that this is a risky strategy that could
Speaker 2: result in the central Bank either inadvertently fueling inflation or
Speaker 2: causing undue harm to the labor market. And better back
Speaker 2: up and talk about the previous paragraph. Federal Reserve decision
Speaker 2: to lower interest rates again on Wednesday reflects the central
Speaker 2: banks belief that it can afford to focus on the
Speaker 2: risk confronting the labor market and take steps to shore
Speaker 2: it up, even though inflation is moving away from the
Speaker 2: two percent target. That's where it, said Jerome Powell, saying
Speaker 2: this is risky. Before the shutdown, monthly jobs growth had
Speaker 2: slowed sharply and the unemployment rate had edged up. Some
Speaker 2: companies like Amazon have announced big layoffs, and the concern
Speaker 2: that more will follow the government shutdown and self represents
Speaker 2: a new risk to the economy so far consumed, Now
Speaker 2: get this. So far consumers have continued to spend helping
Speaker 2: to alleviate the concerns that the economy is on the
Speaker 2: verge of a significant downturn. That resilience has persisted even
Speaker 2: as the President's tariffs have written. Now again, mind you,
Speaker 2: this is an article that's written by the New York Times,
Speaker 2: So there's going to be a little a bubble or
Speaker 2: two left of center in terms of their reporting that
Speaker 2: resilience has persisted even though the President's tariffs has raised
Speaker 2: prices for a range of goods, even though that's not
Speaker 2: reflected in the consumer price index, but you know, they
Speaker 2: have to throw that in there because that's what they've
Speaker 2: been told to write. The overall impact has so far
Speaker 2: been more muted than expected, however, bolstering a widely held
Speaker 2: view within the FED that inflationary pressures tied to those
Speaker 2: levees will fade over time. What has concerned some policymakers, however,
Speaker 2: is that the services inflation, which tracks prices for things
Speaker 2: like aircuts, car insurance, has stayed sticky. If that persists,
Speaker 2: it will take longer for the FED to wrestle inflation
Speaker 2: back down services section, who has been talking about inflation
Speaker 2: in the services sector for the last two months, digging
Speaker 2: into the inflation numbers the way I have, I have
Speaker 2: looked at that and said, okay, we've seen the bulk
Speaker 2: of this inflation for the consumer price index in the
Speaker 2: services area. It first popped up a couple of months
Speaker 2: ago because we had a resurgence in the stock market.
Speaker 2: Remember after Liberation Day on April to second, the stock
Speaker 2: market took a dramatic downturn. The Pannikins as they were
Speaker 2: calling them at the time, were getting out of the
Speaker 2: stock market, and the smart people were saying, this is
Speaker 2: the time to buy, this is the time to get
Speaker 2: back into the market. Just since the first of the
Speaker 2: year of the stock market the other day I heard
Speaker 2: is up just since the beginning of the year. This
Speaker 2: is the beginning, not taking into consideration the downturn in April,
Speaker 2: so anybody that would have jumped in back then would
Speaker 2: have done even better. But just since the first of
Speaker 2: the year, the stock market is up thirty six percent.
Speaker 2: Let that sink in for a moment. Thirty six percent.
Speaker 2: And the fact that when you look at the every time,
Speaker 2: like day after day, they are hitting record highs. And
Speaker 2: we're not talking about record highs for the week, month, year,
Speaker 2: We're talking about overall for the history of the stock market,
Speaker 2: they are hitting record highs. And so that and anybody
Speaker 2: that's got a four h one K, anybody that's got
Speaker 2: some sort of an IRA or anything invested in the
Speaker 2: stock market through mutual funds or whatever, you're benefiting by this.
Speaker 2: Your pensions are tied to that if you are part
Speaker 2: of a pension, And so the fact that that's doing
Speaker 2: well means that things going well as far as your
Speaker 2: portfolio is concerned. But what was going on at the
Speaker 2: time two months ago is that service inflation was way
Speaker 2: up about five percent for that particular and what happened
Speaker 2: was they looked well. According to the data digging into it,
Speaker 2: is that the rise happened to be from the fees
Speaker 2: charged by stockbrokers and in the investment community. And that's
Speaker 2: not a matter of them raising their prices. It's a
Speaker 2: matter of the volume going in. Their prices are the same.
Speaker 2: They've just got more people coming in and wanting to
Speaker 2: get part of the jumping into the stock market and
Speaker 2: being able to benefit from the increases in the stock market.
Speaker 2: So they've got a larger volume of people coming in,
Speaker 2: so there's more fees. So if you look at the
Speaker 2: fees one month versus the other, and you got a
Speaker 2: ton of people jumping in with the same fee, but
Speaker 2: you're doubling and tripling the number of people that are
Speaker 2: being charged that fee, that number shoots up tremendously. And
Speaker 2: when you compare that for one month or the other,
Speaker 2: that's where you were getting that discrepancy. And in here
Speaker 2: again I talked about this last month. I talked about
Speaker 2: this the last time we had the consumer Price Index,
Speaker 2: and now suddenly the Federal Reserve is talking about this,
Speaker 2: and the New York Times is recognizing that, which, by
Speaker 2: the way, I should remind you that if you listen
Speaker 2: to Federal, if you listen to the American Truck and Network,
Speaker 2: you're going to be so far ahead of the curve
Speaker 2: they're not even going to see your tail lights. Because
Speaker 2: now finally they're talking about being concerned about prices increases
Speaker 2: in the service sector for haircuts.
Speaker 3: Car insurance have stayed sticky.
Speaker 2: Now the last time I checked, the barber up the
Speaker 2: street is not being affected by terraffs. The car insurance
Speaker 2: is not being affected by terraffs. I don't think you
Speaker 2: have to import car insurance from another country and pay
Speaker 2: a tariff on that that is based on what they're
Speaker 2: charging now that may be up as a result of
Speaker 2: when you see some of these car prices and the
Speaker 2: replacement parts on them going up, and the insurance company
Speaker 2: is raising premium because the repairs are so much higher.
Speaker 2: And plus the fact that you've got all these COVID
Speaker 2: crazies out there that are causing more accidents out there
Speaker 2: and the number of accidents are increasing because somewhere along
Speaker 2: the line, people forgot how to drive and they're getting
Speaker 2: a little bit more crazy. But again, these things are
Speaker 2: not being affected by terrafs. And if you're talking about
Speaker 2: the service sector, if you're talking about you know, a barber,
Speaker 2: or you're talking about anybody in the service sector, it's
Speaker 2: going to be very tough for those prices to come down.
Speaker 2: You can't just say, oh, all right, I am charging
Speaker 2: you know, twenty dollars for thirty dollars for whatever you're charging,
Speaker 2: and then all of a sudden say I'm going to
Speaker 2: be backing that off by five bucks because you know
Speaker 2: I can afford to. You know, those are the type
Speaker 2: of things they're going to be difficult to bring down.
Speaker 2: Also wednesday, FED said it would stop shrinking in size
Speaker 2: of the the They have bought a bunch of treasuries,
Speaker 2: so they hold a lot of bonds in order to
Speaker 2: prop up the bond market and make sure that our
Speaker 2: credit rating is high. But I thought it was very
Speaker 2: interesting that some of the things that they are finally
Speaker 2: recognizing in here the resilience of the American public, the
Speaker 2: fact that we haven't backed off as far as spending.
Speaker 2: The fact that service sector is now one of the
Speaker 2: stickiest areas as far as trying to control inflation, and
Speaker 2: maybe that's something that they're just going to have to
Speaker 2: back off from and say, you know, people are charging
Speaker 2: more for their services. They're having to there, you know,
Speaker 2: they're having to pay their employees more in order to work,
Speaker 2: so that bumps up their costs and then that has
Speaker 2: to be passed along to their customers.
Speaker 3: We've got to report the other day, and this was.
Speaker 2: Being talked about a lot by a bunch of people,
Speaker 2: the consumer confidence and what is we have there?
Speaker 3: Are we are hearing more and.
Speaker 2: More in the economic numbers and what people are talking about.
Speaker 2: This up about a couple of weeks ago when they
Speaker 2: were talking about the amount of spending that's being done,
Speaker 2: and they talked about how it appears as though that
Speaker 2: the upper income people and when they talk about upper
Speaker 2: income people, the top one percent or two I think
Speaker 2: ten percent is what the number was anybody making you know,
Speaker 2: as a as a household making more than one hundred
Speaker 2: and seventy five thousand dollars a year. Those are the
Speaker 2: people in those areas that are doing a lot of
Speaker 2: the spending, and the part the point of the article
Speaker 2: was that this may be an artificial boost to sales
Speaker 2: and what the spending is doing because the people on
Speaker 2: the lower end, the lower end of the economy are
Speaker 2: not spending on a lot of things. However, the lower
Speaker 2: ends of the economy are still having you know, even
Speaker 2: though they're working paycheck to paycheck, struggling to make ends. Mean,
Speaker 2: they're still buying groceries, they're still buying clothing, They're still
Speaker 2: buying the various necessities. Where this comes into play is
Speaker 2: that with discretionary income for luxury items, for certain other
Speaker 2: things that are not necessarily necessities but are things that
Speaker 2: people may want to have, and that started being talked
Speaker 2: about a couple of days, a couple of weeks ago.
Speaker 2: Now you're seeing a lot of people talk about the
Speaker 2: divergence between the upper income and the lower income, but
Speaker 2: what they're failing to talk about is some of the
Speaker 2: other things. And we'll be bringing that up coming up.
Speaker 2: I'm Kevin Gordon, America's truck in Network seven hundred WLW.
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Speaker 2: Heart This is America Struck in Network seven hundred WLWM
Speaker 2: Kevin Gordon. If you missed any part of our previous
Speaker 2: segments ornam our shows hit up that iHeartRadio app and
Speaker 2: of course that's brought to you by our friends at
Speaker 2: Rush Struck Centers. Now talking about the two stages of
Speaker 2: the economy, I mentioned before that people were talking about, well,
Speaker 2: you've got the upper income people, the one hundred and
Speaker 2: seventy five thousand or above household that are spending a
Speaker 2: lot of money, and the people below cutting back on
Speaker 2: their spending or looking for more bargains and so on.
Speaker 2: But the other part of the economy that I believe
Speaker 2: that people are not paying attention to is what I've
Speaker 2: got a story on this coming up that the perception
Speaker 2: or what the spoon fed regurgitators in the means mainstream
Speaker 2: media are talking about versus what's actually happening. Is the
Speaker 2: thing that is surprising talking about consumer confidence report that
Speaker 2: came out and the title here is consumer confidence slips
Speaker 2: to a six month low, worries over job availability rising,
Speaker 2: Americans grow and then another story, Americans grow more uneasy
Speaker 2: about job market and the economy, and they talk about
Speaker 2: what's going on there now digging into.
Speaker 3: This, well, let's just dig into it.
Speaker 2: Us consumer confidence eased to a six month low in
Speaker 2: October amid worries about the availability of jobs and near
Speaker 2: term offering more ammunition for the federal reserve rate cut.
Speaker 2: And of course this was a story that was written
Speaker 2: two days ago. Conference Board survey on Tuesday also confirmed
Speaker 2: that economists described as a case shaped economy, with confidence
Speaker 2: declining among consumers making an annual income of less than
Speaker 2: seventy five thousand, but consumers earning more than two hundred
Speaker 2: thousand a year are more upbeat. Economists argue that high
Speaker 2: income households are keeping the economy afloat through robust consumer spending,
Speaker 2: which is not necessarily true because the lower ends still
Speaker 2: have to buy food, clothing, and so on. Lower income
Speaker 2: households are struggling to make ends meet aid a higher prices,
Speaker 2: including from President Donald Trump's broad tariffs on import Even
Speaker 2: though they can't find inflation as a result of the tariffs,
Speaker 2: they still have to throw that in there. This is
Speaker 2: a guy that I keep seeing and he just infuriates
Speaker 2: me every time I see quotes by him. Christopher Rupke,
Speaker 2: chief economists at Forward Bonds. Consumers are weary, and for
Speaker 2: good reason. The stock market records are not helping them
Speaker 2: get jobs or put food on the table, and with
Speaker 2: store bought goods inflation still rising, many Americans are being
Speaker 2: left behind. In Trump two point zero, well, you know,
Speaker 2: if people are investing in the stock market, which are
Speaker 2: companies and the companies are doing well and they're going
Speaker 2: to have to sell to somebody. So as they increase
Speaker 2: and they start selling things, they are producing more jobs.
Speaker 2: And more jobs mean more people have stuff to spend.
Speaker 2: So you can't downplay the fact that the stock market
Speaker 2: is going up and say that that's not going to
Speaker 2: affect the economy. And when you take into consideration the
Speaker 2: high percentage of people either through four on case or
Speaker 2: through their own private investment, that are invested in the
Speaker 2: stock market in some way or fashion somewhere along the line,
Speaker 2: and so for them to look at this and to
Speaker 2: come to these conclusions, conference boards said it's consumer confidence
Speaker 2: fell to ninety four point six this month, the lowest
Speaker 2: reading since April. Now that would have been true had
Speaker 2: they not paid attention to the previous month. And what
Speaker 2: is interesting is that they are talking about that that
Speaker 2: number was revised from to ninety five point six in
Speaker 2: the previous month, which is interesting because the initial reading
Speaker 2: came out at ninety four point two percent.
Speaker 3: So if they.
Speaker 2: Look at that and say, well, all right, we're down
Speaker 2: the lowest it's been at ninety four from something around
Speaker 2: ninety seven the previous month, and then all of a
Speaker 2: sudden they get more details in. As I've been stressing,
Speaker 2: with these surveys that are out there, there is not
Speaker 2: a date certain where they have to turn this information in,
Speaker 2: and because it's delayed, they whoever is getting the survey
Speaker 2: numbers together and bringing that up, that there's a delay
Speaker 2: in that. That's why there's an adjustment the following month.
Speaker 2: So even though you're getting this consumer confidence number, now,
Speaker 2: this may not be the right consumer confidence because again
Speaker 2: it was at ninety four point two percent, was revised
Speaker 2: up a full percentage point, and then the initial reading
Speaker 2: this time was below that revised number. So we're not
Speaker 2: getting accurate detail. But what they're doing is jumping the
Speaker 2: conclusions in terms of where this consumer confidence number is
Speaker 2: based on, in my opinion, faulty information. And when you're
Speaker 2: doing surveys of people. Again, when you're looking at these things,
Speaker 2: whether it's that Michigan Consumer Sentiment report that comes out
Speaker 2: or this consumer confidence report that comes out by the
Speaker 2: Conference Board US Government, you you don't know what the
Speaker 2: cross section of people that they're what they're surveying. We
Speaker 2: don't know the percentage of independence, we don't know the
Speaker 2: percentage of Republicans, We don't know the percentage of Democrats,
Speaker 2: So depending upon what pool of people they are relying on,
Speaker 2: that gives an indication in terms of where they're getting
Speaker 2: their numbers. And I tripped upon this. It was, you know,
Speaker 2: I do a lot of reading, I do a lot
Speaker 2: of research. I look at a different bunch of different things.
Speaker 2: But I came across upon this thing, and it was,
Speaker 2: if this doesn't explain the as I said, we've got
Speaker 2: two economies. We got the economy that not only they're
Speaker 2: talking about the economy that affects the rich and the poor.
Speaker 3: We've always had that. There's always been a different economy.
Speaker 3: You know.
Speaker 2: Obviously people that have more money, they're got more things
Speaker 2: to spend in terms of vacation and the luxury items
Speaker 2: that they can buy versus the people that are in middle,
Speaker 2: middle class or lower class. So anyway, you've always had
Speaker 2: that going on in the economy. But we've got now
Speaker 2: is a perception between what the government and some of
Speaker 2: these officials are telling us and what the actual people
Speaker 2: are experiencing. And the case in point, I don't know
Speaker 2: if you've seen this guy from I don't know if
Speaker 2: you've seen him, but he's one of these statisticians from CNN,
Speaker 2: and he's really over exuber I mean, he's just he's
Speaker 2: a character.
Speaker 3: I got to tell you. He's kind of entertaining.
Speaker 2: He's really you know, he's arms are flailing and he's
Speaker 2: you know, he's talking about when something goes down. He's
Speaker 2: standing there and he crouches down and goes these numbers
Speaker 2: are way down, and then his voice goes up and
Speaker 2: all the sorts of guys by the name of Harry Enton.
Speaker 2: And what was interesting is that he was talking. And
Speaker 2: what's interesting, Well, back up a little bit. What's been
Speaker 2: interesting is some of the polling numbers that he's come
Speaker 2: up with, where you know, CNN MSNBC have been downplaying
Speaker 2: the economy or downplaying President Trump and the opinion. When
Speaker 2: he does his polling and he shows that all those
Speaker 2: numbers are up where CNN is trying to pull it down.
Speaker 2: The sour faces on the host of these shows you
Speaker 2: can see them, and they get them off camera real
Speaker 2: quick because you can see their faces, like, you know,
Speaker 2: where are you coming up with these? I can't believe
Speaker 2: these numbers? But this was interesting. He was there the
Speaker 2: other day and he was showing about the top problem
Speaker 2: facing the US as far as economic is concerned, economic concerns.
Speaker 2: October of twenty twenty four, the top concern among people
Speaker 2: economic the economy was the concern of forty three percent
Speaker 2: of the American people. As of October twenty twenty five,
Speaker 2: the top concern among people it was twenty four percent.
Speaker 2: So the worries about the economy has come down twenty percent.
Speaker 3: Despite what they've tried to do as far.
Speaker 2: As talking the economy down, also talking about the average
Speaker 2: around the mid terms, because we've got the midterms coming
Speaker 2: up next year, the top one of the top of
Speaker 2: the concern of people, the average concern on the midterm
Speaker 2: elections as far as the economy is concerned, history throughout
Speaker 2: the history of the midterms has been around thirty five
Speaker 2: percent concern over the economy. This time twenty four percent,
Speaker 2: a full eleven percentage points below. So people, we're being
Speaker 2: told by the experts that people are concerned about the economy,
Speaker 2: but when they're polled here and he takes a cross
Speaker 2: average across section, a good cross section Democrats, Republicans, and
Speaker 2: independence because he talks about how each are being affected
Speaker 2: in these So the average midterms economy being a concern
Speaker 2: of thirty five percent of the people, is only twenty
Speaker 2: four percent of the people now then talking about the
Speaker 2: government shutdown, how much this is going to harm the economy.
Speaker 2: Back in twenty thirteen, when the economy was or the
Speaker 2: government was shut down, the worries about an effect on
Speaker 2: the economy was sixty five percent as far as the
Speaker 2: people were concerned. Today it is forty eight percent. So
Speaker 2: less than half of the people are concerned about how
Speaker 2: the government shut down is going to affect the economy.
Speaker 2: And this you talk about, and he mentioned in here
Speaker 2: what a contrarian report this is. And quite honestly, with
Speaker 2: the information that we keep hearing from the spoon fed
Speaker 2: regurgitators in the mainstream media, this is telling that the
Speaker 2: stuff that they're telling us is not what the people
Speaker 2: are feeling out there. Well, folks, we're up against clock.
Speaker 2: Stay tuned forver REDAI Radio Top of the Hour. I'm
Speaker 2: Kevin Gordon, America's Trucking Network seven hundred wl HO.
Speaker 1: You