WEBVTT - 10-23-25 America's Truckin' Network 0:00:00.000 --> 0:00:03.200 Suicide cluster a few years back. Many victims were from 0:00:03.240 --> 0:00:06.600 the same fraternity, and every single line was close friends 0:00:06.600 --> 0:00:09.480 with a mysterious student named Brandon Grossheim. 0:00:09.800 --> 0:00:12.760 The lawsuit says Grossheim was one of the last people 0:00:12.800 --> 0:00:14.760 to see each victim before their deaths. 0:00:15.360 --> 0:00:18.639 Open your free iHeart app and search the peacemaker and 0:00:18.760 --> 0:00:19.479 start listening. 0:00:30.520 --> 0:00:33.720 This is America's Trucking Network with Kevin Gordon. 0:00:35.159 --> 0:00:35.919 Welcabbard. 0:00:36.159 --> 0:00:39.640 Thanks for tuning in on this Thursday morning. Before we 0:00:39.680 --> 0:00:41.320 get started, I want to talk a little bit about 0:00:41.560 --> 0:00:47.639 Hurricane Melissa. Hurricane Melissa drifting west northwestward in the Central Caribbean. 0:00:48.040 --> 0:00:52.639 Heavy rainfall and flooding expected over portions of Hispaniola and 0:00:52.720 --> 0:00:56.080 Jamaica over the remainder of the week. So if anybody's 0:00:56.120 --> 0:00:59.800 got any travel plans in that direction, those are probably 0:01:00.000 --> 0:01:01.560 going to be a little bit disrupted. 0:01:01.800 --> 0:01:01.959 Now. 0:01:01.960 --> 0:01:05.640 I bring this up also the fact that as we approve, 0:01:05.920 --> 0:01:09.319 since we are in the hurricane season, generally what we'll 0:01:09.360 --> 0:01:12.479 see here in the United States is that we don't 0:01:12.480 --> 0:01:16.679 start hearing about these storms until they are like a 0:01:16.720 --> 0:01:19.680 couple of days out or a week out at least 0:01:19.840 --> 0:01:22.440 now when we see this or at least I mention 0:01:22.600 --> 0:01:26.120 it here. We know that it's out there, and as 0:01:26.160 --> 0:01:31.880 it's heading west northwestward, it could possibly go across Cuba. 0:01:32.000 --> 0:01:34.559 And then once it hits Cuba, that's only ninety miles 0:01:34.560 --> 0:01:37.040 away from the southern tip of the United States. They're 0:01:37.080 --> 0:01:41.480 in the Key of Florida, Keys, and so with this 0:01:41.640 --> 0:01:44.600 being that close, I figure I'd bring it up just 0:01:44.640 --> 0:01:47.440 to give kind of a heads up. But the trajectory 0:01:47.520 --> 0:01:49.680 of this, what most of the storms have done this 0:01:49.760 --> 0:01:53.360 year is as they approach the United States, they veer 0:01:53.520 --> 0:01:57.240 off and go back to the east from whence they came, 0:01:57.480 --> 0:01:59.600 so to speak. So just a little bit of a 0:01:59.600 --> 0:02:03.200 heads up there. Saw this story the other day. It's 0:02:03.360 --> 0:02:07.440 very encouraging. Now this has well. The headline is refine 0:02:07.480 --> 0:02:10.640 as demand is eighty one percent higher than it was 0:02:10.720 --> 0:02:13.760 a year ago thanks to falling mortgage rates. Now these 0:02:13.800 --> 0:02:16.359 are people that already have a mortgage and they're looking 0:02:16.440 --> 0:02:19.200 at the interest rates based on what they have and 0:02:19.240 --> 0:02:23.799 what is available, and looking to refinance. Imagine throwing these 0:02:23.880 --> 0:02:27.399 numbers in there and saying, Okay, if interest rates come 0:02:27.440 --> 0:02:31.080 down even further, then new home buyers or people that 0:02:31.120 --> 0:02:34.320 are thinking about getting into buying a home and getting 0:02:34.360 --> 0:02:35.280 out of an apartment. 0:02:35.520 --> 0:02:37.120 What that would do for the economy. 0:02:37.440 --> 0:02:40.840 It's when you look at the interest rates, and as 0:02:40.880 --> 0:02:44.480 I've been saying for most of this year, the falling 0:02:44.560 --> 0:02:47.680 interest rates will spur the economy if they're If the 0:02:47.720 --> 0:02:52.160 Federal Reserve claims that their mandate is to make sure 0:02:52.200 --> 0:02:56.519 that inflation is low and that job market is high, well, 0:02:56.639 --> 0:02:59.920 if you're having high interest rates, then people aren't going 0:03:00.240 --> 0:03:03.400 to expand their businesses. They're not going to buy new equipment, 0:03:03.440 --> 0:03:06.280 they're not going to do certain things to expand the economy. 0:03:06.600 --> 0:03:09.680 And if you're not expanding the economy, you're not creating 0:03:09.720 --> 0:03:12.600 more jobs, and therefore the job market is suffering. 0:03:12.880 --> 0:03:15.239 It seems like the Federal Reserve has this. 0:03:15.200 --> 0:03:20.560 Disconnect between lower interest rates and spurring the economy. They 0:03:20.600 --> 0:03:23.920 seem to think in their minds that lowering interest rates 0:03:24.080 --> 0:03:30.280 will spur inflation instead, which in most every time people 0:03:30.360 --> 0:03:33.760 talk about lowering interest rates, every time we see a 0:03:33.880 --> 0:03:36.680 story from Reuters or some of these other places where 0:03:36.680 --> 0:03:40.360 they talk about how interest rates and more buying power 0:03:40.400 --> 0:03:45.119 from the American public will spur more purchases and more traveling, 0:03:45.360 --> 0:03:49.000 more gasoline purchases, and therefore will be good for the 0:03:49.040 --> 0:03:52.560 oil industry. So if they recognize that, why doesn't the 0:03:52.600 --> 0:03:56.280 Federal Reserve So this story. Mortgage rates last week drop 0:03:56.360 --> 0:03:59.280 to the lowest level in a month, pushing more borrowers 0:03:59.320 --> 0:04:03.920 to refine finance. Potential home buyers, however, were not enthused 0:04:04.200 --> 0:04:08.160 again because it's not that drastic of a drop. The 0:04:08.280 --> 0:04:12.360 average contract interest rate for a thirty year fixed rate 0:04:12.400 --> 0:04:16.000 mortgage with a conforming loan balance of eight hundred and 0:04:16.080 --> 0:04:20.440 six thousand dollars or less decreased last week to six 0:04:20.480 --> 0:04:25.400 point three seven percent from six point four to two percent. Folks, 0:04:25.480 --> 0:04:30.560 that's only a half point h five percentage rate decrease, 0:04:30.839 --> 0:04:33.479 which is not that much, but enough. 0:04:33.560 --> 0:04:35.840 To spur people to possibly. 0:04:35.440 --> 0:04:39.200 Refinance, thinking that rates are going to be coming down. 0:04:39.520 --> 0:04:42.159 The points they're talking about is falling to zero point 0:04:42.200 --> 0:04:45.799 five to nine from point sixty one including origination fees, 0:04:45.839 --> 0:04:48.680 on a twenty percent down. As a result, applications to 0:04:48.760 --> 0:04:52.200 refinance home loans, which are the most sensitive to weekly 0:04:52.279 --> 0:04:55.440 changes in interest rates, rose four percent for the week 0:04:55.560 --> 0:04:59.560 and were eighty one percent higher for the same week 0:04:59.600 --> 0:05:02.840 a year a go. According to Mortgage Bankers Associations seasonally 0:05:02.880 --> 0:05:05.680 adjusted index, the rate on a thirty year fixed rate 0:05:05.880 --> 0:05:10.640 was fifteen basis points higher a year ago a basis 0:05:10.640 --> 0:05:14.560 point is point zero one percent, So again this is down, 0:05:15.320 --> 0:05:19.640 not significantly in my opinion, but enough as far as 0:05:19.680 --> 0:05:22.480 this market is concerned in order to spur people in. 0:05:22.520 --> 0:05:22.719 There. 0:05:23.200 --> 0:05:27.840 Joel Cohn, an NBA economists, the refinance index increase four percent, 0:05:27.920 --> 0:05:33.039 driven by six percentage rate increase in conventional refinances and 0:05:33.120 --> 0:05:37.560 a twelve percent increase in FHA refinance applications. He talks 0:05:37.560 --> 0:05:40.600 about the different things there, con noted that the demand 0:05:40.640 --> 0:05:46.200 for adjustable rate mortgages rose again. Now, adjustable rate mortgages 0:05:46.279 --> 0:05:48.880 are kind of dangerous from the standpoint that you're betting 0:05:48.960 --> 0:05:54.080 on interest rates coming down, and it's interesting that if 0:05:54.080 --> 0:05:57.599 you're expecting them to come down, your mortgage rate would 0:05:57.640 --> 0:06:00.920 adjust lower, but if those rates go higher, then you're 0:06:00.920 --> 0:06:02.840 going to be stuck with that as opposed to a 0:06:03.000 --> 0:06:07.520 fixed thirty year loan. ARM applications increase sixteen percent over 0:06:07.560 --> 0:06:11.520 the week, which pushed the armshare to eleven percent, with 0:06:11.760 --> 0:06:15.200 ARM rate more than eighty basis points lower than the 0:06:15.279 --> 0:06:19.520 thirty year fixed rate. ARM applications usually rise when overall 0:06:19.520 --> 0:06:24.200 interest rates climb, not when they fall. This increase speaks 0:06:24.240 --> 0:06:27.760 more to currently high mortgage prices than it does to rates. 0:06:27.960 --> 0:06:33.880 Buyers are doing everything they can to afford what's available. 0:06:34.160 --> 0:06:37.239 Applications for a mortgage or to purchase a home dropped 0:06:37.360 --> 0:06:40.000 five percent for the week, and we're twenty percent higher 0:06:40.000 --> 0:06:41.000 than the same week, and so on. 0:06:41.040 --> 0:06:42.160 They go onto these numbers. 0:06:42.240 --> 0:06:45.479 I want to emphasize again when you're talking about the 0:06:45.680 --> 0:06:48.560 interest rate in what that does in terms of not 0:06:48.640 --> 0:06:52.839 only your monthly payment but the house you can afford. 0:06:53.320 --> 0:06:55.520 I'm going to bring this up again. I've brought this 0:06:55.640 --> 0:06:58.560 up a couple of times, but it bears repeating. When 0:06:58.640 --> 0:07:02.280 you're looking at an interest rate on a home at 0:07:02.320 --> 0:07:05.480 six point nine five percent, which where it was at 0:07:05.520 --> 0:07:08.120 the beginning of the year, it's now down to somewhere 0:07:08.160 --> 0:07:10.880 in the neighborhood of well it did get down to 0:07:10.920 --> 0:07:13.960 six point eighty six percent. Now the interest rate over 0:07:14.040 --> 0:07:18.600 here in this story is down to six point three 0:07:18.760 --> 0:07:22.320 seven percent, so it's closer to you know, it's chopped 0:07:22.320 --> 0:07:25.960 off about what sixty fifty percent from where it was, 0:07:26.520 --> 0:07:28.600 half a percentage point from where it was at the 0:07:28.640 --> 0:07:32.640 beginning of the year. But again based on the numbers 0:07:32.680 --> 0:07:35.440 that I ran, because they've got these mortgage calculators that 0:07:35.480 --> 0:07:39.440 you can look at the average sales of homes. The 0:07:40.080 --> 0:07:43.440 medium price of homes are now over four hundred thousand dollars, 0:07:43.880 --> 0:07:47.360 but most of the purchases and most of the transactions 0:07:47.360 --> 0:07:51.400 have been handling between three hundred and four hundred thousand dollars. 0:07:51.720 --> 0:07:54.640 So I picked the number in between of three hundred 0:07:54.680 --> 0:07:58.080 and fifty thousand dollars. They talk about twenty percent down, 0:07:58.120 --> 0:08:02.280 which would be seventy thousand, thirty year fixed rate mortgage 0:08:02.640 --> 0:08:05.560 at six point nine five percent, where those mortgage rates 0:08:05.600 --> 0:08:08.600 were at the beginning of the year. Your monthly payment, 0:08:09.640 --> 0:08:13.040 including they figure in property taxes and they figure in 0:08:13.160 --> 0:08:17.040 homeowners insurance and whatnot, would be two thousand, one hundred 0:08:17.040 --> 0:08:21.440 and forty nine dollars. Two thousand, one hundred and forty 0:08:21.520 --> 0:08:25.400 nine dollars now at six point two six percent interest 0:08:25.480 --> 0:08:29.200 rate again the same criteria. Now that six point twenty 0:08:29.240 --> 0:08:32.840 six percentage rate is around that six point three seven 0:08:33.160 --> 0:08:35.600 that they're talking about in the story. But I had 0:08:35.600 --> 0:08:38.040 a story earlier in the year where I was looking 0:08:38.120 --> 0:08:41.920 at that and compared the numbers. So if you're talking 0:08:41.960 --> 0:08:45.960 about six point nine five percent versus six point two 0:08:46.120 --> 0:08:50.240 six percent. Your monthly mortgage payment would go down one 0:08:50.320 --> 0:08:53.720 hundred and twenty seven dollars a month. That's one hundred 0:08:53.720 --> 0:08:56.520 and twenty seven dollars in your pocket on an on 0:08:56.559 --> 0:08:59.200 an annual or you know, on a monthly basis. And 0:08:59.240 --> 0:09:02.199 I'm sure that people we could use that where interest rates, 0:09:02.240 --> 0:09:05.360 in my opinion, should be the interest rates on that 0:09:05.440 --> 0:09:08.439 the Federal Reserve charges instead of being at four point 0:09:08.440 --> 0:09:11.240 twenty five percent for that overnight rate that banks borrow 0:09:11.480 --> 0:09:14.120 money from each other if they need money, that number 0:09:14.200 --> 0:09:17.080 is at four point twenty five percent in most of 0:09:17.120 --> 0:09:21.079 the other Western countries, Europe, Japan, all some of these 0:09:21.120 --> 0:09:24.959 other areas, that number is down around two percent, which 0:09:25.000 --> 0:09:28.160 is where our numbers should be. And if our rates 0:09:28.200 --> 0:09:31.960 were down there, the overnight borrowing rate, the interest rates 0:09:32.000 --> 0:09:35.120 on credit cards, mortgages and so on, would come down. 0:09:35.280 --> 0:09:37.600 We'll pick this up on the other side. I'm Kevin Gordon, 0:09:37.679 --> 0:09:41.560 America's truck in Network seven hundred WLW. 0:09:41.760 --> 0:09:44.760 We need This is the racing report on America's drug 0:09:44.840 --> 0:09:47.280 and Network on seven hundred WLW. 0:09:48.080 --> 0:09:51.199 Daniel Suarez, a two time NASCAR Cup Series race winner 0:09:51.240 --> 0:09:54.600 and nine year veteran of NASCAR's Premier Division will move 0:09:54.640 --> 0:09:57.720 to Spire Motorsports for the twenty twenty six season and 0:09:57.800 --> 0:10:01.760 pilot the team's number seven cheval Sworez has spent the 0:10:01.800 --> 0:10:04.439 last five seasons at the controls of the number ninety 0:10:04.520 --> 0:10:08.680 nine Chevrolet for track House Racing. Freeway Insurance will serve 0:10:08.800 --> 0:10:13.360 as Spire Motorsports new team anchor partner. TV ratings for 0:10:13.520 --> 0:10:17.080 last weekend's motorsports action around the NASCAR Cup Series race 0:10:17.120 --> 0:10:19.920 at Talladega Super Steve Very drew two point five to 0:10:19.960 --> 0:10:23.520 five million viewers. The United States Grand Prix, the Formula 0:10:23.520 --> 0:10:27.600 One race in Austin, Texas, compiled one point five million viewers. 0:10:27.880 --> 0:10:30.080 There is talk of changing the points system and the 0:10:30.080 --> 0:10:33.199 playoff picture for twenty twenty six. Here's the King, Richard 0:10:33.240 --> 0:10:35.320 Petty and his Hall of Fame crew chief Dane Enman 0:10:35.600 --> 0:10:37.960 on the possible changes on the Petty Podcast. 0:10:38.320 --> 0:10:41.640 I've never looked back, and I've never talked to anybody about, 0:10:41.920 --> 0:10:44.520 you know, where they're out of one another. Championship were 0:10:44.600 --> 0:10:46.960 lost a couple as looking the other day of deal 0:10:47.360 --> 0:10:51.040 and if the championships had been canned like what they 0:10:51.040 --> 0:10:54.319 were with me, then Jeff Gordon would have won seven 0:10:54.400 --> 0:10:58.240 championships and Jimmy Johnson would have won four, they would 0:10:58.280 --> 0:11:00.680 have just swapped it back so again, and that kind 0:11:00.679 --> 0:11:04.079 of to me, that kind of shows that the championship 0:11:04.480 --> 0:11:07.240 should be a year long thing, not just one or 0:11:07.240 --> 0:11:08.000 two race deal. 0:11:08.280 --> 0:11:09.880 If it come down to the end of the race 0:11:09.960 --> 0:11:12.280 and he had to beat one car, or if he 0:11:12.320 --> 0:11:15.200 had to beat three cars to win, we'd work hard 0:11:15.200 --> 0:11:15.640 to do that. 0:11:17.160 --> 0:11:17.600 I love. 0:11:17.679 --> 0:11:21.040 This is the raething repard on America's Drugging Network on 0:11:21.200 --> 0:11:22.680 seven hundred WLW. 0:11:23.320 --> 0:11:29.520 Sake Dennison, a t N get ready on Tom Quell, 0:11:29.600 --> 0:11:32.400 co founder of the Jack Quell Foundation. Our mission is 0:11:32.440 --> 0:11:34.600 to educate our nation's youth and their parents on the 0:11:34.679 --> 0:11:37.000 dangers of fentanyl. If you would like us to speak 0:11:37.000 --> 0:11:40.800 at your school, community, or company, please contact us at 0:11:40.840 --> 0:11:42.080 do it for Jack dot org. 0:11:42.200 --> 0:11:45.360 You're one stop for advertising called eight four four eight 0:11:45.400 --> 0:11:46.679 four four iHeart. 0:11:50.040 --> 0:11:55.160 I'm Kevin Gordon, America's Trucking Network, seven hundred WLW, continuing 0:11:55.240 --> 0:11:58.600 this discussion on this particular story. And this is just 0:11:58.960 --> 0:12:04.320 a minor decrease in interest rates. Refinancing demand is eighty 0:12:04.360 --> 0:12:06.800 one percent higher than it was a year ago, and 0:12:06.840 --> 0:12:11.439 we're talking about that the interest rates decreased from six 0:12:11.480 --> 0:12:15.439 point forty two percent down to six point three seven, 0:12:16.080 --> 0:12:18.840 less than half of a percentage point. And for that 0:12:18.960 --> 0:12:23.920 to spur that kind of application increase is incredible. And 0:12:23.960 --> 0:12:25.920 I was just running through some of the numbers where 0:12:25.960 --> 0:12:27.880 I was talking about interest rates at the beginning of 0:12:27.920 --> 0:12:31.160 the year, starting off around six point ninety five percent, 0:12:31.200 --> 0:12:34.280 what the mortgage rate would be on that your payment 0:12:34.320 --> 0:12:37.920 on a monthly basis would be two thousand, forty two 0:12:38.400 --> 0:12:42.520 one hundred and forty nine. At six point twenty six percent, 0:12:42.920 --> 0:12:46.360 that payment would decrease by one hundred and twenty seven 0:12:46.480 --> 0:12:50.800 dollars per month. Now, if interest rates were down where 0:12:50.800 --> 0:12:53.720 they should be, somewhere in the neighborhood of a five 0:12:53.800 --> 0:12:57.640 percent range of same scenario, you're talking about a three 0:12:57.760 --> 0:13:01.040 hundred and fifty thousand dollars home. You're talking about twenty 0:13:01.040 --> 0:13:04.920 percent down. At five percent, your mortgage rate would be 0:13:05.360 --> 0:13:10.480 one thousand, seven hundred and ninety nine dollars three hundred 0:13:10.600 --> 0:13:15.240 and thirty four dollars per month lower than what it 0:13:15.240 --> 0:13:17.400 would have been at the beginning of the year. And 0:13:17.559 --> 0:13:21.840 that's why I have said that Lion Jerry Powell and 0:13:21.880 --> 0:13:24.800 the Federal Reserve as I said in the previous segment, 0:13:25.200 --> 0:13:28.960 they keep talking about whenever you're talking about oil prices, 0:13:29.080 --> 0:13:32.320 and there's always this blurb in there, lower interest rates 0:13:32.520 --> 0:13:36.080 spurs more demand and is good for the economy. Well, 0:13:36.120 --> 0:13:38.960 if it's good for the economy, why aren't the interest 0:13:39.040 --> 0:13:41.800 rates lower. It seems like lion Jerry Powell in the 0:13:41.840 --> 0:13:44.360 Federal Reserve. As I said in the previous segment, they 0:13:44.679 --> 0:13:48.439 seem to think that lower interest rates leads to inflation 0:13:48.960 --> 0:13:53.560 as opposed to lower interest rates spurring the economy. Again, 0:13:53.760 --> 0:13:57.000 if people are jumping out of apartments and into homes 0:13:57.040 --> 0:14:00.720 and buying homes, they are going to be buying furniture, 0:14:01.000 --> 0:14:07.959 more appliances, more durable goods, and also spur you know again, 0:14:08.720 --> 0:14:11.160 spur those durable goods, and they're going to be spending 0:14:11.200 --> 0:14:14.880 that money, and that filters through the rest of the economy. Now, 0:14:15.160 --> 0:14:18.319 the last time Trump was in office, interest rates were 0:14:18.360 --> 0:14:21.000 down below four percent. As a matter of fact, they 0:14:21.000 --> 0:14:24.680 were down in the three percent range. And just for fun, 0:14:25.160 --> 0:14:27.880 let's take a look at that and say, okay, based 0:14:27.880 --> 0:14:30.360 on the same scenario, three hundred and fifty thousand dollars 0:14:30.400 --> 0:14:34.200 home a twenty percent down thirty year fixed mortgage, your 0:14:34.240 --> 0:14:37.560 mortgage payment would be one thousand, four hundred and eighty 0:14:37.720 --> 0:14:42.360 four dollars per month. That is six hundred and forty 0:14:42.480 --> 0:14:46.760 nine dollars per month lower than what that six point 0:14:46.880 --> 0:14:49.760 ninety six percent at the beginning of this year. So 0:14:49.880 --> 0:14:52.640 this is what as a result of the Biden administration, 0:14:53.080 --> 0:14:55.840 interest rates going up, up, up, up up, as far 0:14:55.880 --> 0:14:58.920 as mortgage is concerned. What that does to the individual 0:14:58.960 --> 0:15:01.240 home buyer out there. If you're going to be spending 0:15:01.320 --> 0:15:04.400 six hundred and forty nine dollars more per month this 0:15:04.560 --> 0:15:07.480 year as opposed to four years ago, that's a heck 0:15:07.520 --> 0:15:10.040 of a chunk of change, and most people are going 0:15:10.120 --> 0:15:12.600 to be sitting on the sidelines and not wanting to 0:15:12.680 --> 0:15:16.600 jump into that now. To compound that even further and 0:15:16.680 --> 0:15:20.320 make it even more irritating, if you will, in terms 0:15:20.360 --> 0:15:23.520 of what mortgage rates does as far as the economy 0:15:23.560 --> 0:15:27.360 is concerned, the discussion comes into based on and again 0:15:27.440 --> 0:15:31.320 these are not my numbers. These are numbers from different 0:15:31.640 --> 0:15:33.840 mortgage what is it bank rate, I think is the 0:15:33.880 --> 0:15:38.520 mortgage calculator over there, and from this affirm or this 0:15:38.960 --> 0:15:43.800 website called nerd wallet. When you're talking about interest rates again, 0:15:44.120 --> 0:15:46.760 if you're talking you know, you're talking about the type 0:15:46.760 --> 0:15:49.240 of home that can be purchased. They used it as 0:15:49.240 --> 0:15:53.120 an example. Somebody making our annual income pre tax income 0:15:53.160 --> 0:15:56.040 of one hundred and ten thousand dollars a year. Again 0:15:56.240 --> 0:15:58.600 debt payments, and they go into what the average debt 0:15:58.640 --> 0:16:02.160 payment is across the board, eighty percent or twenty percent 0:16:02.240 --> 0:16:06.040 down payment at a six point eighty six percent interest rate, 0:16:06.520 --> 0:16:09.240 you can afford a home. Again, in that six point 0:16:09.280 --> 0:16:12.520 eighty six percent interest rate, you can afford a home 0:16:12.760 --> 0:16:16.280 that's three hundred and seventy eight thousand dollars. Now, going 0:16:16.320 --> 0:16:18.960 to the scenario that I was talking about before, when 0:16:19.000 --> 0:16:22.000 Trump was in office the last time in interest rates 0:16:22.040 --> 0:16:25.520 were around three point five three point oh five percent, 0:16:25.840 --> 0:16:28.680 Hang onto your hats, folks. At one hundred and ten 0:16:28.760 --> 0:16:32.680 thousand dollars income with a interest rate at three point 0:16:32.800 --> 0:16:35.760 oh five to two percent, the home price that you 0:16:35.840 --> 0:16:40.640 can afford at that interest rate is five hundred and 0:16:40.680 --> 0:16:44.240 forty thousand, almost five hundred and forty one thousand dollars. 0:16:44.360 --> 0:16:47.280 So the difference between a six point eighty six percent 0:16:47.480 --> 0:16:50.880 interest rate and a three point oh five percent is 0:16:51.040 --> 0:16:54.000 you can afford a home that's one hundred and sixty 0:16:54.160 --> 0:16:58.240 two almost one hundred and sixty three thousand dollars higher. 0:16:58.360 --> 0:17:01.120 Now, again, what would that do to you? 0:17:01.160 --> 0:17:04.280 Figure somebody that's got now six hundred and forty nine 0:17:04.320 --> 0:17:08.120 dollars more in their pocket after buying, after paying their 0:17:08.119 --> 0:17:12.320 mortgage rate, also buying the house and moving into that, 0:17:12.720 --> 0:17:15.400 all the stuff that would be purchased as far as furniture, 0:17:15.640 --> 0:17:18.359 and if it's a new home, would spur new home 0:17:18.400 --> 0:17:22.040 construction and all the building materials that would go into that. 0:17:22.400 --> 0:17:25.560 What that would do to stimulate the economy, stimulate the 0:17:25.600 --> 0:17:29.600 transportation industry, getting all this stuff to the job site 0:17:29.720 --> 0:17:32.280 in order to construct the home. And then as you 0:17:32.320 --> 0:17:36.639 go through that, and then you start buying furniture, appliances, 0:17:36.920 --> 0:17:40.200 of carpeting, painting, all that sort of stuff, what that does. 0:17:40.040 --> 0:17:40.760 To the economy. 0:17:40.880 --> 0:17:43.760 And again, you're moving into a house with six hundred 0:17:43.760 --> 0:17:48.640 and six hundred and forty nine dollars per month more 0:17:48.720 --> 0:17:51.200 than as in your pocket in terms of being able 0:17:51.240 --> 0:17:53.920 to spend that on what you want to spend as 0:17:53.920 --> 0:17:58.320 opposed to spending it all on mortgages and that. And again, 0:17:58.680 --> 0:18:01.600 as more people and you younger people are looking at 0:18:01.600 --> 0:18:05.199 getting into homes, interest rates are very sensitive to that 0:18:05.600 --> 0:18:08.040 and affects whether or not they can afford to go 0:18:08.119 --> 0:18:11.560 into a home like that. So again throw that out 0:18:11.560 --> 0:18:16.640 there again. I talk about the Federal Reserve how they are, 0:18:18.200 --> 0:18:20.879 and I can't stress enough the fact that when you 0:18:20.920 --> 0:18:23.639 look at the rate, the overnight rate the banks charge 0:18:23.680 --> 0:18:26.960 each other when they borrow money to handle their cash 0:18:27.080 --> 0:18:30.120 needs for that day, they are paying four percent, which 0:18:30.160 --> 0:18:32.920 is what the Federal Reserve sets that rate. That number 0:18:33.000 --> 0:18:36.520 then equates and adjusts as far as credit cards are concerned, 0:18:36.680 --> 0:18:40.959 then filters over into the mortgage industry and all that 0:18:41.000 --> 0:18:43.560 sort of thing. So if you're talking about spurring the economy, 0:18:44.040 --> 0:18:48.080 I don't think, well, I know that lower interest rates 0:18:48.400 --> 0:18:52.520 because everybody talks about it spurs the economy. People spend more, 0:18:53.000 --> 0:18:56.240 and if they're spending more, then they're going to be 0:18:56.560 --> 0:19:01.120 stimulating the economy as opposed to causing inflation. I saw 0:19:01.160 --> 0:19:04.199 this story and this is almost going to seem like 0:19:04.240 --> 0:19:06.919 a plug for Walmart. And I'm not talking about a 0:19:06.960 --> 0:19:09.960 plug for Walmart here. I'm just talking about that They've 0:19:10.000 --> 0:19:12.240 been in the news over the last couple of days 0:19:12.680 --> 0:19:14.919 over some of the stuff that's being done. One of 0:19:14.920 --> 0:19:17.200 the things I do is I will look at all 0:19:17.280 --> 0:19:20.920 kinds of different websites in terms of getting what news 0:19:21.119 --> 0:19:25.240 that I can. And as I've mentioned before, sometimes when 0:19:25.320 --> 0:19:29.760 you go to some of these more liberal websites, very 0:19:29.880 --> 0:19:34.520 liberal websites, even inside those stories, once in a while, 0:19:34.680 --> 0:19:38.880 those so called journalists do commit journalism and they do 0:19:39.080 --> 0:19:42.600 actually throw in nuggets of truth and you pick that 0:19:42.800 --> 0:19:45.720 out and you can go on that based on the 0:19:45.760 --> 0:19:48.840 stuff that you pick up on other stories and piece 0:19:48.880 --> 0:19:52.120 those together in order to come up with some interesting 0:19:52.200 --> 0:19:55.880 things that people are not talking about in the marketplace. 0:19:56.119 --> 0:19:58.399 And one of the things they're not talking about is 0:19:58.520 --> 0:20:04.399 this conversation. Smart was the CEO of Walmart, was part 0:20:04.480 --> 0:20:09.040 of a panel on CNBC and then he was interviewed 0:20:09.040 --> 0:20:11.800 by George Stephanopoulos and some of the things he had 0:20:11.840 --> 0:20:14.520 to say were very very interesting. 0:20:14.560 --> 0:20:15.760 We'll talk about that coming up. 0:20:15.920 --> 0:20:21.200 I'm Kevin Gordon, America's truck In Network seven hundred WLW. 0:20:20.359 --> 0:20:24.080 Mrikins experience emotional and mental health challenges, but many of 0:20:24.119 --> 0:20:26.640 us do not understand what we are facing or how 0:20:26.680 --> 0:20:27.480 to ask for help. 0:20:27.520 --> 0:20:31.240 At the American Psychiatric Association Foundation, we work every day 0:20:31.280 --> 0:20:35.080 to eliminate stigma, combat mental illness, and substance use disorders, 0:20:35.160 --> 0:20:36.560 and advance mental health. 0:20:36.680 --> 0:20:39.000 If you or someone you love needs help, you are 0:20:39.040 --> 0:20:49.280 not alone. Please visit Mentallyhealthy nation dot org to learn more. 0:20:51.480 --> 0:20:54.120 Here's your trucking forecast the Try State and the rest 0:20:54.119 --> 0:20:56.560 of the country. In the Try State, overnight mostly cleared, 0:20:56.600 --> 0:20:59.119 the low down to thirty eighty frost advisory and affect 0:20:59.200 --> 0:21:02.399 until nine am Thursday. Sunday Sky's Thursday a high of 0:21:02.480 --> 0:21:05.360 fifty eight. Sunday Friday highs again in the upper fifties. 0:21:05.640 --> 0:21:09.520 Saturday partly sunny, a high of sixty one Nationally across 0:21:09.560 --> 0:21:13.520 the Great Lakes Region. Tonight showers and chili conditions meanwhild 0:21:13.560 --> 0:21:16.560 across these South central plains. Thursday night, a heavy rain 0:21:16.640 --> 0:21:17.360 threat emerges. 0:21:21.440 --> 0:21:25.760 Seven hundred WLW. I'm Kevin Gordon. This is America's Trucking Network. 0:21:25.840 --> 0:21:27.280 By the way, if you miss any part of our 0:21:27.320 --> 0:21:30.600 program or any previous segments, hit up that iHeartRadio app 0:21:30.680 --> 0:21:32.840 brought to you by our friends at Rush Truck Centers. 0:21:33.160 --> 0:21:35.919 Now talking about Walmart this They have been in the 0:21:35.960 --> 0:21:38.320 news a lot over the last couple of days, and 0:21:38.359 --> 0:21:41.680 it's interesting. The one website I went to, it's called 0:21:41.760 --> 0:21:45.400 the Street and sometimes when you go to these different 0:21:45.800 --> 0:21:48.199 you know, when you're searching for a particular topic, you know, 0:21:48.280 --> 0:21:51.200 all these different stories will come up. And once in 0:21:51.280 --> 0:21:54.760 a while, I'll go into this website called the Street 0:21:55.520 --> 0:21:59.359 and they have a lot of stories that talking about companies, 0:21:59.440 --> 0:22:02.720 what they're doing in terms of they're increasing, decreasing. A 0:22:02.760 --> 0:22:06.040 lot of bad news in there in terms of companies 0:22:06.040 --> 0:22:09.200 that are filing bankruptcy. And it's one of those things 0:22:09.280 --> 0:22:12.120 where you read the story. Within the story, they'll say, oh, 0:22:12.200 --> 0:22:14.480 for more news, check this one out, and then you 0:22:14.560 --> 0:22:16.920 check out this one, and then you keep going down 0:22:16.960 --> 0:22:19.520 this rabbit hole to where you're seeing about ten different 0:22:19.560 --> 0:22:22.680 stories from the same website, and they are a little 0:22:22.760 --> 0:22:24.200 bubble or two left of center. 0:22:24.440 --> 0:22:25.560 Let me just put it this way. 0:22:25.680 --> 0:22:28.919 I'll start off and give you the first paragraph of 0:22:29.000 --> 0:22:31.960 this story, a couple of paragraphs that kind of tends 0:22:32.000 --> 0:22:34.840 to tell you where this guy is heading. And again, 0:22:35.359 --> 0:22:37.800 the guy's name is Daniel Klein, and they do have 0:22:37.840 --> 0:22:41.280 this big picture of him, and based on being some 0:22:41.359 --> 0:22:44.400 of a bubble or two left of center, he very 0:22:44.480 --> 0:22:45.720 much looks the part he. 0:22:45.680 --> 0:22:46.280 Starts off with. 0:22:46.359 --> 0:22:49.680 Most CEOs avoid politics if you make a statement even 0:22:49.720 --> 0:22:54.400 seemingly benign, a benign one that seems to favor one 0:22:54.480 --> 0:22:56.800 party or the other, you run the risk of being 0:22:56.880 --> 0:22:58.200