1 00:00:00,440 --> 00:00:05,440 Speaker 1: It's nice with Dan Ray. I'm doing Boston's news radio. 2 00:00:06,400 --> 00:00:10,000 Speaker 2: Thanks very much, Al Griffith. Big decision today by the 3 00:00:10,119 --> 00:00:13,000 Speaker 2: United States Supreme Court. It's one of those decisions that 4 00:00:13,039 --> 00:00:17,640 Speaker 2: you can accurately characterize as historic. These Court by a 5 00:00:17,840 --> 00:00:22,720 Speaker 2: margin of six to three, including at least three of 6 00:00:22,760 --> 00:00:27,880 Speaker 2: the justices who have traditionally been much kinder to President Trump, 7 00:00:28,200 --> 00:00:35,960 Speaker 2: voted with the three members who are get that guy 8 00:00:36,000 --> 00:00:38,240 Speaker 2: out of there, Rob, his job is done for the day, 9 00:00:38,440 --> 00:00:43,000 Speaker 2: who have been consistently critical of the Trump administration. Opinion 10 00:00:43,040 --> 00:00:47,920 Speaker 2: written by Chief Justice roberts Amy Coney Barrett joined along 11 00:00:48,000 --> 00:00:54,520 Speaker 2: with Justice Gorsius, who's very much of a libertarian and 12 00:00:54,600 --> 00:00:58,320 Speaker 2: basically struck down these tariffs that are the lynchpin of 13 00:00:59,480 --> 00:01:02,440 Speaker 2: the the Trump economy for the for the first year 14 00:01:03,240 --> 00:01:06,040 Speaker 2: of his administration. With us, we have delighted to again 15 00:01:06,120 --> 00:01:11,600 Speaker 2: be joined by Professor now doctor Greg Staller of the 16 00:01:11,680 --> 00:01:17,080 Speaker 2: Boston University Questum School of Business. And before we hear 17 00:01:17,160 --> 00:01:19,920 Speaker 2: from the President, I would like to get your take 18 00:01:20,520 --> 00:01:24,399 Speaker 2: you have. You have sent me a thorough analysis, my friend, 19 00:01:24,720 --> 00:01:27,080 Speaker 2: you were teaching class today when I called you, and 20 00:01:27,600 --> 00:01:30,640 Speaker 2: you put together a thorough analysis of this. Thank you 21 00:01:30,760 --> 00:01:33,840 Speaker 2: very much. It gives us a great court way to 22 00:01:33,880 --> 00:01:38,400 Speaker 2: start the conversation. And uh, I just I'm amazed that 23 00:01:38,440 --> 00:01:42,200 Speaker 2: you were able to pull this together. Your take, this 24 00:01:42,319 --> 00:01:45,560 Speaker 2: is a little bit of a split decision. Maybe initially 25 00:01:45,640 --> 00:01:49,240 Speaker 2: everybody thought this was the Court pulling the leash in 26 00:01:49,360 --> 00:01:51,960 Speaker 2: on Donald Trump. And yeah, they did pull the leash in, 27 00:01:52,280 --> 00:01:53,680 Speaker 2: but they didn't pull it all the way in. 28 00:01:55,120 --> 00:01:57,720 Speaker 3: That's correct, And first of all, thank you again for 29 00:01:57,760 --> 00:02:00,160 Speaker 3: the opportunity to join you. And as I always remind 30 00:02:00,200 --> 00:02:03,480 Speaker 3: you and your listeners, I'm trying to really be nonpartisan tonight. 31 00:02:03,560 --> 00:02:05,880 Speaker 3: I don't care whether there's a Democrat or Republican or 32 00:02:05,880 --> 00:02:08,600 Speaker 3: an independent in the Oval office. I'm just trying to, 33 00:02:09,040 --> 00:02:11,079 Speaker 3: you know, call balls and strikes as I see them, 34 00:02:11,360 --> 00:02:11,720 Speaker 3: if you. 35 00:02:11,680 --> 00:02:12,960 Speaker 2: Will, absolutely so. 36 00:02:13,080 --> 00:02:20,440 Speaker 3: Your take, My take is that this basically indicates that 37 00:02:20,600 --> 00:02:23,079 Speaker 3: there are still checks and balances in the United States. 38 00:02:23,800 --> 00:02:25,920 Speaker 3: If you could look at this as either one of 39 00:02:25,960 --> 00:02:30,359 Speaker 3: two ways. The justices, you know, there is a six 40 00:02:30,440 --> 00:02:33,400 Speaker 3: to three majority on the court in terms of conservatives 41 00:02:33,480 --> 00:02:36,880 Speaker 3: versus liberals. In spite of that, they sort of flap 42 00:02:37,000 --> 00:02:40,280 Speaker 3: down the tariffs. But that's not the entire story. That's 43 00:02:40,280 --> 00:02:43,840 Speaker 3: not the entire story. If you look at sections. And 44 00:02:43,880 --> 00:02:47,760 Speaker 3: these are statutes Section two thirty two on National Security tariffs, 45 00:02:48,040 --> 00:02:51,560 Speaker 3: Section three oh one on trade retaliation tariffs, and Section 46 00:02:51,720 --> 00:02:55,760 Speaker 3: one on balance and payment tariffs. That was the tariff 47 00:02:55,760 --> 00:02:59,519 Speaker 3: that went to effect. Today, this is still alive and kicking. 48 00:03:00,760 --> 00:03:05,600 Speaker 2: Yeah, And I think that there may be some benefits. 49 00:03:05,680 --> 00:03:08,760 Speaker 2: I think that there were a lot of people who 50 00:03:09,600 --> 00:03:15,240 Speaker 2: feared last April when the tariffs really were unveiled, and 51 00:03:15,280 --> 00:03:20,160 Speaker 2: the stock market feared terribly. The stock market became briefly 52 00:03:20,200 --> 00:03:25,079 Speaker 2: a beer market, if I recall, in early April, and 53 00:03:25,440 --> 00:03:30,680 Speaker 2: the tariffs have not had the deletarious impact putting aside 54 00:03:30,680 --> 00:03:34,760 Speaker 2: the decision today. But I think if I'm wrong, professor, 55 00:03:35,000 --> 00:03:39,960 Speaker 2: please correct me. They have not had the deletarious impact 56 00:03:40,360 --> 00:03:42,840 Speaker 2: that a lot of experts were predicting last April. 57 00:03:43,960 --> 00:03:45,880 Speaker 3: That is correct. And I was fortunate to be on 58 00:03:45,960 --> 00:03:50,080 Speaker 3: your show twice in three weeks, first on April twenty 59 00:03:50,120 --> 00:03:53,240 Speaker 3: second of twenty twenty five, the second May thirteenth of 60 00:03:53,280 --> 00:03:56,760 Speaker 3: twenty twenty five, and on both of those broadcasts you 61 00:03:56,800 --> 00:03:59,320 Speaker 3: and I had discussed that first of all, this wasn't 62 00:03:59,320 --> 00:04:02,400 Speaker 3: going to be result in a new cycle. The US 63 00:04:02,560 --> 00:04:05,160 Speaker 3: looks for a forty eight hour turnaround, but countries like 64 00:04:05,280 --> 00:04:10,080 Speaker 3: China thinking multi year time horizons. But you know, in May, 65 00:04:10,360 --> 00:04:14,120 Speaker 3: I said to you and your listeners, I didn't argue ideology. 66 00:04:14,240 --> 00:04:17,960 Speaker 3: I argued profits, and I said that eventually things were 67 00:04:18,000 --> 00:04:22,800 Speaker 3: going to revert to the essential economic meaning that we 68 00:04:22,800 --> 00:04:25,480 Speaker 3: were going to figure it out. Obviously, I don't think 69 00:04:25,520 --> 00:04:27,800 Speaker 3: any of us knew what the Supreme Court was thinking, 70 00:04:28,520 --> 00:04:29,960 Speaker 3: you know, a year and a half ago. But at 71 00:04:29,960 --> 00:04:33,760 Speaker 3: the end of the day, we are pragmatics to the fault, 72 00:04:33,920 --> 00:04:36,159 Speaker 3: and so are the Chinese, and so are the other 73 00:04:36,240 --> 00:04:38,920 Speaker 3: countries that have been affected to this. Right, So you're 74 00:04:38,960 --> 00:04:43,039 Speaker 3: absolutely right, certainly not deleterious. But the price of eggs 75 00:04:43,240 --> 00:04:45,680 Speaker 3: is still pretty high, and the price of everything is 76 00:04:45,680 --> 00:04:46,680 Speaker 3: still pretty high. 77 00:04:46,880 --> 00:04:50,039 Speaker 2: But eggs. And again, just as you mentioned eggs, I 78 00:04:50,080 --> 00:04:53,760 Speaker 2: mean they were up even in the stores that I shop, 79 00:04:54,400 --> 00:04:58,200 Speaker 2: which all sort of the lower end grocery stores, they 80 00:04:58,200 --> 00:05:02,280 Speaker 2: were up six ninety nine. Nine did back down a 81 00:05:02,279 --> 00:05:05,400 Speaker 2: lot from where they were. I mean, they they did 82 00:05:05,440 --> 00:05:08,360 Speaker 2: go up. I don't know if they're going to get 83 00:05:08,360 --> 00:05:11,839 Speaker 2: back to where they were before one ninety nine, but 84 00:05:12,720 --> 00:05:15,400 Speaker 2: they're getting a lot closer to that than than where 85 00:05:15,440 --> 00:05:19,000 Speaker 2: they were. They were talking about cars in September. Buy 86 00:05:19,400 --> 00:05:22,400 Speaker 2: buy a new car now, because cars will all be 87 00:05:22,560 --> 00:05:29,080 Speaker 2: up over whatever it was. So we've done pretty well economically. 88 00:05:29,200 --> 00:05:32,600 Speaker 3: I think we've done pretty well. But over the past 89 00:05:32,640 --> 00:05:35,080 Speaker 3: couple of weeks, the stock market, for the first time 90 00:05:35,120 --> 00:05:38,720 Speaker 3: in a while, has started to show a few fissures 91 00:05:38,880 --> 00:05:42,000 Speaker 3: and a few signs of cracking. I'm not necessarily going 92 00:05:42,040 --> 00:05:45,000 Speaker 3: to meet you halfway on the price of eggs. My 93 00:05:45,080 --> 00:05:47,440 Speaker 3: wife and I went out for a very quick dinner tonight. 94 00:05:47,560 --> 00:05:50,320 Speaker 3: We you know, had an appetizer, We split a burger, 95 00:05:50,480 --> 00:05:53,160 Speaker 3: and we had a glass of wine. Sixty dollars bill. 96 00:05:53,240 --> 00:05:55,680 Speaker 3: And this was not at the Four Seasons. This is 97 00:05:55,680 --> 00:05:59,000 Speaker 3: a neighborhood restaurant around the corner from where we lived 98 00:06:00,000 --> 00:06:02,520 Speaker 3: a year ago. Two years ago, that dinner would have 99 00:06:02,600 --> 00:06:04,440 Speaker 3: easily cost thirty five dollars. 100 00:06:05,040 --> 00:06:07,840 Speaker 2: No, I get it, and I think what will happen 101 00:06:08,080 --> 00:06:10,760 Speaker 2: is that the American people over time will say, well, 102 00:06:10,760 --> 00:06:12,440 Speaker 2: we'll still go to dinner, but we won't go to 103 00:06:12,480 --> 00:06:14,480 Speaker 2: dinner as often, and we'll stay away from the high 104 00:06:15,000 --> 00:06:19,159 Speaker 2: higher prices the market. I think we're both market guys, 105 00:06:19,200 --> 00:06:22,880 Speaker 2: and the market will will eventually straighten out a lot 106 00:06:22,920 --> 00:06:26,520 Speaker 2: of this. The president of course, had a different reaction today, 107 00:06:26,680 --> 00:06:32,560 Speaker 2: so compeed to your very nuanced reaction. This is what 108 00:06:32,600 --> 00:06:35,880 Speaker 2: the President said in Cut fifty nine when the decision 109 00:06:35,960 --> 00:06:36,400 Speaker 2: came out. 110 00:06:37,400 --> 00:06:44,840 Speaker 4: The Supreme Court's ruling on tariffs is deeply disappointing, and 111 00:06:44,920 --> 00:06:49,159 Speaker 4: I'm ashamed of certain members of the Court, absolutely ashamed 112 00:06:49,760 --> 00:06:52,160 Speaker 4: for not having the courage to do what's right for 113 00:06:52,400 --> 00:06:57,440 Speaker 4: our country. I'd like to thank and congratulate Justices Thomas, 114 00:06:57,480 --> 00:07:02,680 Speaker 4: Alito and Kavanaugh for the their strength and wisdom and 115 00:07:02,800 --> 00:07:06,400 Speaker 4: love of our country, which is right now. Very proud 116 00:07:06,440 --> 00:07:08,640 Speaker 4: of those justices. 117 00:07:10,040 --> 00:07:12,960 Speaker 2: He went on to say, and I got to believe 118 00:07:13,000 --> 00:07:18,000 Speaker 2: that someone briefed him and told him that it was 119 00:07:18,120 --> 00:07:22,080 Speaker 2: not a bloodbath, that there was some there was some things, 120 00:07:22,120 --> 00:07:24,760 Speaker 2: and some guidance I'm going to say, as a lawyer, 121 00:07:24,840 --> 00:07:28,600 Speaker 2: some guidance at the Court gave him. And this is 122 00:07:28,680 --> 00:07:31,920 Speaker 2: Cut fifty eight. I want you to react, Professor, to 123 00:07:32,000 --> 00:07:35,320 Speaker 2: this comment that the President made today. Again, I don't 124 00:07:35,320 --> 00:07:37,640 Speaker 2: think he sat and read the decision, but I think 125 00:07:37,680 --> 00:07:42,040 Speaker 2: that his lawyers told him, Look, it's not all bad news, Chief, 126 00:07:42,360 --> 00:07:44,760 Speaker 2: Cut fifty eight, rob Today. 127 00:07:44,480 --> 00:07:46,840 Speaker 4: I will sign in order to impose a ten percent 128 00:07:46,960 --> 00:07:50,880 Speaker 4: global tariff under Section one twenty two over and above 129 00:07:51,600 --> 00:07:57,000 Speaker 4: are normal tariffs already being charged. And we're also initiating 130 00:07:57,040 --> 00:08:01,320 Speaker 4: several Section three oh one and other investigations to protect 131 00:08:01,360 --> 00:08:07,240 Speaker 4: our country from unfair trading practices of other countries and companies. 132 00:08:08,040 --> 00:08:09,960 Speaker 2: And I just want to add real quickly before I 133 00:08:10,000 --> 00:08:14,920 Speaker 2: get your comment on his comments, Professor cut sixty four up. 134 00:08:15,960 --> 00:08:18,600 Speaker 4: But now the court has given me the unquestioned right 135 00:08:19,080 --> 00:08:21,600 Speaker 4: to ban all sorts of things from coming into our 136 00:08:21,640 --> 00:08:26,480 Speaker 4: country to destroy foreign countries, but a much more powerful 137 00:08:26,560 --> 00:08:30,600 Speaker 4: right than many people ever thought we even had, but 138 00:08:30,760 --> 00:08:33,720 Speaker 4: not the right to charge fee. How crazy is that? 139 00:08:36,240 --> 00:08:45,760 Speaker 2: Classic Donald Trump analysis? Professor? He bounced back and bounced 140 00:08:45,840 --> 00:08:48,160 Speaker 2: up off the mat, if you will, I mean. 141 00:08:49,200 --> 00:08:52,079 Speaker 3: So, I get I don't teach religion or politics in 142 00:08:52,160 --> 00:08:55,559 Speaker 3: my classes, but I think it's given the corner that 143 00:08:55,600 --> 00:08:58,920 Speaker 3: he has painted himself into as the head of the 144 00:08:58,920 --> 00:09:02,600 Speaker 3: Republican Party and wielding a very strong fifth at the 145 00:09:02,640 --> 00:09:05,840 Speaker 3: same time, what else could he say? 146 00:09:05,880 --> 00:09:06,080 Speaker 5: You know? 147 00:09:06,160 --> 00:09:09,560 Speaker 3: He couldn't say wow, too bad, so sad you know 148 00:09:09,600 --> 00:09:11,800 Speaker 3: we came and forth, we didn't win the bronze medal. 149 00:09:12,040 --> 00:09:14,760 Speaker 3: I think he's going to come out swinging. I will 150 00:09:14,840 --> 00:09:17,000 Speaker 3: say that as I was listening to those cuts that 151 00:09:17,040 --> 00:09:19,640 Speaker 3: I obviously listened to all of them earlier today and 152 00:09:19,720 --> 00:09:23,480 Speaker 3: preparing the briefing. You know, I think to play point 153 00:09:23,600 --> 00:09:29,040 Speaker 3: counterpoint here, we have to remind ourselves why free trade works, 154 00:09:29,080 --> 00:09:33,520 Speaker 3: and free trade works for five reasons. Comparative advantage, companies 155 00:09:33,559 --> 00:09:37,880 Speaker 3: specialize what they produced most efficiently, lower prices for consumers, 156 00:09:38,360 --> 00:09:43,080 Speaker 3: innovation and competition, global supply chains, and economic growth. It's 157 00:09:43,200 --> 00:09:47,120 Speaker 3: really no more complicated than that. Now, again, extending an 158 00:09:47,120 --> 00:09:51,520 Speaker 3: olive branch to the president, are some countries taking advantage 159 00:09:51,559 --> 00:09:57,640 Speaker 3: of us? Absolutely? Are some TRAbs justified to slap those 160 00:09:57,760 --> 00:10:03,840 Speaker 3: countries back into not submission but playing fair. Absolutely, But 161 00:10:03,920 --> 00:10:08,640 Speaker 3: I'm not necessarily sure that it's something you are ashamed of. 162 00:10:08,800 --> 00:10:11,000 Speaker 3: I mean, that's why we have checks and balances of 163 00:10:11,080 --> 00:10:13,280 Speaker 3: this country, and you know, you win somebdylus. 164 00:10:14,400 --> 00:10:20,680 Speaker 2: I think that I heard today that India I think 165 00:10:20,840 --> 00:10:26,959 Speaker 2: the tariffs are going to remain, and India is I think, 166 00:10:27,040 --> 00:10:31,400 Speaker 2: has made a statement that they're okay with the tariff situation. Now, 167 00:10:31,520 --> 00:10:35,280 Speaker 2: India for a long time was winning the tariff war 168 00:10:35,400 --> 00:10:39,760 Speaker 2: with US, and I believe that it is a much 169 00:10:40,360 --> 00:10:43,400 Speaker 2: more level playing field these days. And you know that 170 00:10:43,520 --> 00:10:45,360 Speaker 2: part of the world much better than I because you 171 00:10:45,440 --> 00:10:51,480 Speaker 2: take students over there is has modi in India. Actually, 172 00:10:52,640 --> 00:10:54,400 Speaker 2: I don't want to say gout religion because you said 173 00:10:54,400 --> 00:10:58,600 Speaker 2: we wouldn't talk religion. But are they Is India behaving 174 00:10:58,600 --> 00:11:00,080 Speaker 2: a little better as a result. 175 00:10:59,800 --> 00:11:04,120 Speaker 3: Of Again, I think that ten percent is I'm not 176 00:11:04,160 --> 00:11:06,720 Speaker 3: going to tell you it's but ten percent is a 177 00:11:06,720 --> 00:11:10,720 Speaker 3: lot better than twenty five. And I think that it 178 00:11:10,760 --> 00:11:14,280 Speaker 3: is causing people to pay attention. Why don't we call 179 00:11:14,320 --> 00:11:16,920 Speaker 3: it as that in the sense that I think it 180 00:11:17,080 --> 00:11:22,280 Speaker 3: reminds heads of state that yeah, we're paying attention. And 181 00:11:22,320 --> 00:11:25,439 Speaker 3: by the way, as I said earlier, my biggest issue 182 00:11:25,480 --> 00:11:29,200 Speaker 3: with the tariffs isn't necessarily a level of the play 183 00:11:29,320 --> 00:11:32,880 Speaker 3: field of fairness, is that less consumers are getting caught 184 00:11:32,920 --> 00:11:36,200 Speaker 3: in the crossfairs, and that's just not fair. And obviously, 185 00:11:36,320 --> 00:11:39,360 Speaker 3: you know you can't get emotional in business. You know, 186 00:11:38,760 --> 00:11:41,680 Speaker 3: you all's fair in love and war, right, But the 187 00:11:41,720 --> 00:11:46,319 Speaker 3: fact of the matter is, even in spite of the tariffs, 188 00:11:46,559 --> 00:11:48,679 Speaker 3: prices are still going up. So agead Dan, I'll meet 189 00:11:48,720 --> 00:11:51,520 Speaker 3: you halfway. Have eggs comes down of price, absolutely, have 190 00:11:51,640 --> 00:11:56,120 Speaker 3: things calmed down a little bit from the stratospheric highs 191 00:11:56,160 --> 00:11:59,839 Speaker 3: that we experienced twelve or fourteen months ago. Absolutely, but 192 00:12:00,080 --> 00:12:02,160 Speaker 3: they're still much higher than they have been. 193 00:12:02,600 --> 00:12:04,560 Speaker 2: Yeah. And and one of the and one of the 194 00:12:04,559 --> 00:12:07,000 Speaker 2: things that eventually went in the other directions there is 195 00:12:07,040 --> 00:12:10,360 Speaker 2: the price of oil. Gas prices have come down, and 196 00:12:11,040 --> 00:12:14,640 Speaker 2: you're the you are the business guy. I'm not, but 197 00:12:15,040 --> 00:12:17,320 Speaker 2: I always look at gas prices as sort of the 198 00:12:17,400 --> 00:12:20,200 Speaker 2: leading indicator because everything that I buy in a store, 199 00:12:20,520 --> 00:12:22,560 Speaker 2: to the best of my knowledge, has been trucked there. 200 00:12:23,000 --> 00:12:26,199 Speaker 2: Uh And diesel fuel has been used to to to 201 00:12:27,240 --> 00:12:30,520 Speaker 2: move that across the country. Uh. Am I being too 202 00:12:30,559 --> 00:12:32,240 Speaker 2: optimistic when I know not at all. 203 00:12:32,440 --> 00:12:34,440 Speaker 3: I think you're I think you're right on the screws. 204 00:12:34,520 --> 00:12:36,679 Speaker 3: I mean, the way I look at this is the 205 00:12:36,720 --> 00:12:40,640 Speaker 3: stock market, as I said earlier, finally showed some cracky signs. 206 00:12:40,640 --> 00:12:42,480 Speaker 3: If you think of it like a big damn right, 207 00:12:42,720 --> 00:12:45,640 Speaker 3: you're starting to see a couple of holes that you're 208 00:12:45,640 --> 00:12:48,640 Speaker 3: going to have to, you know, support, even with tape 209 00:12:48,640 --> 00:12:53,319 Speaker 3: and glue. But I think today the market's trade on optimism, 210 00:12:53,679 --> 00:12:55,800 Speaker 3: and I think that they weren't up, you know, five 211 00:12:55,840 --> 00:12:59,120 Speaker 3: thousand points today, And obviously I'm exaggerating, but the had 212 00:12:59,160 --> 00:13:01,800 Speaker 3: a good day. Depending on which news outlets you listen to. 213 00:13:02,440 --> 00:13:05,360 Speaker 3: I think that people are breathing a sigh of relief. 214 00:13:06,040 --> 00:13:08,000 Speaker 3: You know, you asked me about prices. I don't think 215 00:13:08,040 --> 00:13:11,960 Speaker 3: prices are meaninglessly going to come down until the summer. 216 00:13:12,360 --> 00:13:17,080 Speaker 3: I think that all of the price increases have already 217 00:13:17,120 --> 00:13:20,040 Speaker 3: have to work their way through the system, because obviously, 218 00:13:20,400 --> 00:13:24,600 Speaker 3: you know, those imports aren't created overnight. But I think 219 00:13:25,280 --> 00:13:30,440 Speaker 3: what I'm optimistic about is that we have seen dan 220 00:13:30,640 --> 00:13:35,319 Speaker 3: in the past quarter, maybe five or six months, companies 221 00:13:35,320 --> 00:13:38,520 Speaker 3: have finally started to blink and they've passed on the 222 00:13:38,640 --> 00:13:42,480 Speaker 3: tariff increases to their customers. And for six months prior, 223 00:13:42,760 --> 00:13:44,880 Speaker 3: they were willing to absorb it. The Apple computers of 224 00:13:44,880 --> 00:13:47,640 Speaker 3: the world, the Walmarts, the smaller retails were willing to 225 00:13:47,679 --> 00:13:50,400 Speaker 3: absorb it. The last three or four months has been 226 00:13:50,880 --> 00:13:55,040 Speaker 3: a veritable economic bloodbath because we've all seen price increases 227 00:13:55,240 --> 00:13:57,640 Speaker 3: because of the tariffs that they've appeared to separate, lide 228 00:13:57,640 --> 00:14:01,840 Speaker 3: items on invoices and carats. Optimistic that those are going 229 00:14:01,880 --> 00:14:05,160 Speaker 3: to go away as we get to May, June and July. 230 00:14:05,559 --> 00:14:09,920 Speaker 2: Okay, my guest is Professor doctor Greg Staller. He's with 231 00:14:10,040 --> 00:14:14,000 Speaker 2: the Boston University Questrium School of Business, UH and by 232 00:14:14,040 --> 00:14:17,000 Speaker 2: the way, I did see your earlier email tonight and 233 00:14:17,480 --> 00:14:19,320 Speaker 2: we will we will figure that out. I'll give you 234 00:14:19,360 --> 00:14:22,800 Speaker 2: a call tomorrow and we'll pick that that moment in 235 00:14:22,880 --> 00:14:25,720 Speaker 2: time where I get a chance to chat with members 236 00:14:25,800 --> 00:14:30,320 Speaker 2: of your class you are bringing that. I know you 237 00:14:30,360 --> 00:14:33,280 Speaker 2: bring a bunch of students halfway around the world. We 238 00:14:33,360 --> 00:14:36,840 Speaker 2: may talk about that earlier later on. If if you'd 239 00:14:36,880 --> 00:14:40,080 Speaker 2: like to talk with Professor Staller six one seven, two, five, 240 00:14:40,120 --> 00:14:42,760 Speaker 2: four ten thirty six one seven ninth three one ten thirty. 241 00:14:42,960 --> 00:14:44,960 Speaker 2: I'm a little bit late. He's one of my favorite guests. 242 00:14:44,960 --> 00:14:47,000 Speaker 2: We'll take a quick break, have a couple of quick 243 00:14:47,000 --> 00:14:48,880 Speaker 2: comments here the news, and we'll get to phone calls. 244 00:14:48,880 --> 00:14:50,920 Speaker 2: So if you want to talk, make a comment, ask 245 00:14:50,960 --> 00:14:55,560 Speaker 2: a question, now's the time to dial. Coming back on Nightside, It's. 246 00:14:55,520 --> 00:14:59,880 Speaker 1: Night Side with Dan Ray on w Boston's news radio. 247 00:15:00,800 --> 00:15:04,840 Speaker 2: My guess is Professor doctor Gregory Stoller, Boston University, quest 248 00:15:04,840 --> 00:15:08,840 Speaker 2: of School of Business. Quick question. As a lawyer, I 249 00:15:08,960 --> 00:15:12,800 Speaker 2: have watched the court over the years and even historically 250 00:15:13,920 --> 00:15:18,600 Speaker 2: try to maintain that balance between the three branches, but 251 00:15:18,680 --> 00:15:22,000 Speaker 2: particularly between the executive and when presidents, whether they named 252 00:15:22,080 --> 00:15:27,320 Speaker 2: Roosevelt or Trump, when they get out over their skeys, 253 00:15:27,400 --> 00:15:30,240 Speaker 2: the court tends to pull them back a little bit. 254 00:15:30,840 --> 00:15:32,920 Speaker 2: How much of a factor was that do you think 255 00:15:33,360 --> 00:15:35,920 Speaker 2: in this decision today by the court. 256 00:15:36,760 --> 00:15:41,600 Speaker 3: I think this was a polite commentary that democracy is 257 00:15:41,640 --> 00:15:44,560 Speaker 3: still alive and well, and the sex and balances that 258 00:15:44,640 --> 00:15:47,760 Speaker 3: have been outlined in our constitution are alive and well. 259 00:15:48,120 --> 00:15:51,120 Speaker 3: And it doesn't matter who's in the oval office, Democrat, 260 00:15:51,360 --> 00:15:55,960 Speaker 3: Republican or independent, that we all have to respect what 261 00:15:56,040 --> 00:15:59,720 Speaker 3: our forefathers wrote. Is it perfect? No, it's not perfect. 262 00:16:00,040 --> 00:16:03,880 Speaker 3: You know, like Thailand is on its thirty second constitution. 263 00:16:04,080 --> 00:16:06,200 Speaker 3: You know they're trying to work it through as well. 264 00:16:06,440 --> 00:16:11,000 Speaker 3: But I think, as I said, this was a proper 265 00:16:11,320 --> 00:16:14,840 Speaker 3: polite way of saying, we appreciate what you're trying to do, 266 00:16:15,240 --> 00:16:17,080 Speaker 3: but you can't have unlimited power. 267 00:16:18,400 --> 00:16:22,880 Speaker 2: My guest is Professor doctor Gregory Staller, the Boston University 268 00:16:22,920 --> 00:16:26,280 Speaker 2: Question School of Business. We will get to phone calls 269 00:16:26,400 --> 00:16:28,280 Speaker 2: right after the news at the bottom of the hour 270 00:16:28,320 --> 00:16:30,760 Speaker 2: here we have we're right up on the news, so 271 00:16:30,760 --> 00:16:33,040 Speaker 2: I'm not going to ask another question. We'll get to callers. 272 00:16:33,800 --> 00:16:36,480 Speaker 2: Love to have you join us, whether you have a 273 00:16:36,600 --> 00:16:39,640 Speaker 2: question or a comment, and Professor Staller we'll be happy 274 00:16:39,640 --> 00:16:43,680 Speaker 2: to comment on it again. No speeches, that that is 275 00:16:43,720 --> 00:16:45,680 Speaker 2: for sure, and just try to get right to what 276 00:16:45,720 --> 00:16:47,240 Speaker 2: you'd like to ask and try to get as many 277 00:16:47,280 --> 00:16:50,640 Speaker 2: folks in as possible. Uh, if you hope to get 278 00:16:50,760 --> 00:16:53,160 Speaker 2: in between now and on the air. Between now and 279 00:16:53,240 --> 00:16:56,200 Speaker 2: ten o'clock, it's time to dial six one, seven, two, five, 280 00:16:56,240 --> 00:16:59,480 Speaker 2: four ten thirty six one seven, nine three one ten thirty. 281 00:17:00,120 --> 00:17:03,680 Speaker 2: This is a big story. We were going to do Iran, 282 00:17:03,960 --> 00:17:06,400 Speaker 2: which is also a big story tonight. We have put 283 00:17:06,440 --> 00:17:09,880 Speaker 2: Iran off because the President is now saying it could 284 00:17:09,920 --> 00:17:12,159 Speaker 2: be ten to fifteen days. I'm not sure it'll be 285 00:17:12,160 --> 00:17:15,280 Speaker 2: ten to fifteen days for Iran unless there's an agreement. 286 00:17:15,480 --> 00:17:18,000 Speaker 2: But we'll get to Iran early next week. This is 287 00:17:18,040 --> 00:17:21,920 Speaker 2: the story of the day and Professor Staller is one 288 00:17:21,920 --> 00:17:25,280 Speaker 2: of my favorite guests, So feel free to take advantage 289 00:17:25,320 --> 00:17:28,040 Speaker 2: of the opportunity. You have the number six, one, seven, two, 290 00:17:28,040 --> 00:17:31,040 Speaker 2: five four ten thirty six one seven, nine three one 291 00:17:31,160 --> 00:17:34,000 Speaker 2: ten thirty. Here comes the news that's exactly nine thirty 292 00:17:34,000 --> 00:17:36,120 Speaker 2: coming right back on night Side. 293 00:17:36,680 --> 00:17:41,359 Speaker 1: It's Night Side with Dan Ray on wb Boston's news Radio. 294 00:17:42,560 --> 00:17:47,119 Speaker 2: My guest is professor doctor now doctor Gregory Staller of 295 00:17:47,160 --> 00:17:50,200 Speaker 2: the Boston University Questrum School of Business. We're talking about 296 00:17:50,200 --> 00:17:53,960 Speaker 2: the US Supreme Court decision today that I guess put 297 00:17:54,040 --> 00:17:56,639 Speaker 2: up some guarden rails might be one way to describe it. 298 00:17:56,680 --> 00:18:00,600 Speaker 2: For President Trump and Professor Staller is such a popular 299 00:18:00,640 --> 00:18:06,359 Speaker 2: guest that I guess listeners send him questions. I've never 300 00:18:06,440 --> 00:18:10,440 Speaker 2: had this happen before, but Rob told me that someone 301 00:18:10,520 --> 00:18:14,359 Speaker 2: has sent you a question about which is a really 302 00:18:14,359 --> 00:18:17,160 Speaker 2: interesting question. I had was going to ask you about that. 303 00:18:17,560 --> 00:18:20,959 Speaker 2: But what what is the question? Doctor Stone? 304 00:18:21,080 --> 00:18:23,919 Speaker 3: Actually at seven texts as we're talking of people who 305 00:18:23,960 --> 00:18:26,840 Speaker 3: have asked the questions. This is a really interesting one 306 00:18:27,040 --> 00:18:27,960 Speaker 3: and something. 307 00:18:27,720 --> 00:18:30,800 Speaker 2: That did you did you say? Did you say seven 308 00:18:30,840 --> 00:18:32,080 Speaker 2: people have asked you question? 309 00:18:32,200 --> 00:18:33,119 Speaker 3: Seven people? Have? 310 00:18:33,920 --> 00:18:36,320 Speaker 2: They try to take my job away? What's going on? 311 00:18:37,160 --> 00:18:42,640 Speaker 3: It's adding to the ratings. I think it's great. Ahead 312 00:18:43,200 --> 00:18:46,919 Speaker 3: all joking aside, This person has said that now that 313 00:18:47,000 --> 00:18:51,200 Speaker 3: the tariffs have been deemed illegal, what happens to the importers? 314 00:18:51,359 --> 00:18:54,400 Speaker 3: Are they going to get reimbursed for the billions that 315 00:18:54,560 --> 00:18:57,800 Speaker 3: they've had to pay the governments to get the goods? 316 00:18:57,840 --> 00:19:02,240 Speaker 3: And that is a very interesting and solid question because 317 00:19:02,680 --> 00:19:05,680 Speaker 3: I read that decision a couple of times today and 318 00:19:06,119 --> 00:19:09,359 Speaker 3: it's now the discretion of the lower courts. And you know, 319 00:19:09,440 --> 00:19:12,840 Speaker 3: if you play one of the other President Trump clips, 320 00:19:13,160 --> 00:19:15,679 Speaker 3: he said that he's going to sue. It could be 321 00:19:15,720 --> 00:19:18,880 Speaker 3: tied up in litigation for years. So I think it's 322 00:19:18,920 --> 00:19:23,119 Speaker 3: a very interesting question. The only parallel that I thought 323 00:19:23,160 --> 00:19:27,040 Speaker 3: of is going back to COVID when you received these loans, 324 00:19:27,080 --> 00:19:30,800 Speaker 3: these grants from the government to sort of restart your 325 00:19:30,840 --> 00:19:33,920 Speaker 3: ailing business because of what happened. Some of those were legit, 326 00:19:34,080 --> 00:19:37,040 Speaker 3: most of them were legit. But someone was just prosecuted 327 00:19:37,119 --> 00:19:39,720 Speaker 3: last week for misusing the money to buy a golf course. 328 00:19:39,720 --> 00:19:41,840 Speaker 2: And that's what we'll tell you. For a couple of years, 329 00:19:42,080 --> 00:19:46,240 Speaker 2: I follow very closely the US Attorney's office in Boston, 330 00:19:46,600 --> 00:19:49,840 Speaker 2: and there's been lots of people, lots of people who 331 00:19:49,840 --> 00:19:53,480 Speaker 2: have been indicted in some cases have pled out, who 332 00:19:53,480 --> 00:19:56,280 Speaker 2: have done exactly that. There were people who took advantage 333 00:19:56,320 --> 00:19:59,920 Speaker 2: of those systems. So I heard today that Senator Warren, 334 00:20:01,000 --> 00:20:05,159 Speaker 2: and I very don't frequently quote Senator Warren, but she 335 00:20:05,320 --> 00:20:10,399 Speaker 2: said that there is no mechanism available for people to 336 00:20:10,520 --> 00:20:13,159 Speaker 2: recoup I mean, I don't know how much more you 337 00:20:13,240 --> 00:20:16,320 Speaker 2: and I spent on eggs because of the tariffs, but 338 00:20:16,600 --> 00:20:21,360 Speaker 2: I think it'd be a little unwieldy to I think it. 339 00:20:21,320 --> 00:20:24,160 Speaker 3: Would be unwieldy, But I thought of how I would 340 00:20:24,240 --> 00:20:27,159 Speaker 3: answer that potentially tonight, and I think you could do 341 00:20:27,240 --> 00:20:30,960 Speaker 3: it based on quote unquote taxes that you pay. Every 342 00:20:31,240 --> 00:20:33,760 Speaker 3: company hits corporate taxes that they pay in the United States. 343 00:20:33,760 --> 00:20:38,359 Speaker 3: I'm sure a portion of their expenses is based on 344 00:20:38,640 --> 00:20:43,760 Speaker 3: increased revenue to get their materials into the US port, 345 00:20:44,119 --> 00:20:46,520 Speaker 3: So I think that you could almost look at it 346 00:20:46,560 --> 00:20:49,440 Speaker 3: that as a tax break for some of those companies. 347 00:20:49,480 --> 00:20:53,400 Speaker 3: Moving forward, this person who tested me happens to work 348 00:20:53,440 --> 00:20:57,320 Speaker 3: for an importer, so he or they definitely knows the business. 349 00:20:57,359 --> 00:20:59,639 Speaker 3: And that person has said to me on multiple occasions, 350 00:21:00,160 --> 00:21:03,400 Speaker 3: had to increase prices. But I think unwieldy is probably 351 00:21:03,440 --> 00:21:04,560 Speaker 3: a more appropriate term. 352 00:21:04,800 --> 00:21:07,159 Speaker 2: Sure, well, now you might be able to provide some 353 00:21:08,320 --> 00:21:12,160 Speaker 2: corporate tax break, but I don't think that. I think 354 00:21:12,480 --> 00:21:15,119 Speaker 2: there was an article, but I'm not mistaken. Was it 355 00:21:15,160 --> 00:21:19,000 Speaker 2: the New York Fed that said that ninety of the 356 00:21:19,960 --> 00:21:22,560 Speaker 2: tariffs have actually been paid by the consumers have been 357 00:21:22,600 --> 00:21:23,320 Speaker 2: passed on to them. 358 00:21:24,000 --> 00:21:26,840 Speaker 3: That is correct, But you're stolding hairs at this point, right, 359 00:21:27,119 --> 00:21:30,320 Speaker 3: Like you know have the companies increase their prices, So 360 00:21:30,400 --> 00:21:33,960 Speaker 3: are the consumers paying the excess bill? Has the company? 361 00:21:34,440 --> 00:21:38,639 Speaker 3: You know, it's so again, I'm meeting you this time 362 00:21:39,160 --> 00:21:42,800 Speaker 3: not halfway but the complete way. Unwieldy is a very 363 00:21:42,840 --> 00:21:44,840 Speaker 3: good choice of What I'm. 364 00:21:44,680 --> 00:21:48,960 Speaker 2: Saying is that maybe the corporations who initiated these lawsuits, 365 00:21:49,040 --> 00:21:52,200 Speaker 2: these were basically I think a combination of state's attorney 366 00:21:52,280 --> 00:21:58,439 Speaker 2: general and attorneys general and also small businesses. They theoretically 367 00:21:58,560 --> 00:22:01,480 Speaker 2: might at some point get some remission from the government, 368 00:22:01,680 --> 00:22:03,800 Speaker 2: but I don't think that money then is going to 369 00:22:03,840 --> 00:22:06,320 Speaker 2: be passed on to the mere consumers like you. 370 00:22:06,400 --> 00:22:07,480 Speaker 3: We made. 371 00:22:09,160 --> 00:22:12,240 Speaker 2: Let's get Let's get to some phone calls six one, seven, two, five, 372 00:22:12,320 --> 00:22:14,560 Speaker 2: four to ten thirty six point seven, nine three one 373 00:22:14,680 --> 00:22:18,200 Speaker 2: ten thirty. Going to start it off with John in Pennsylvania. John, 374 00:22:18,400 --> 00:22:20,640 Speaker 2: my guest is here. I would hope you would direct 375 00:22:20,720 --> 00:22:24,200 Speaker 2: your questions or comments to him, and you and I 376 00:22:24,280 --> 00:22:27,520 Speaker 2: often engage in these long back and forths. Keep me 377 00:22:27,640 --> 00:22:31,160 Speaker 2: out of it. Go right ahead. You have Professor Staller's 378 00:22:31,280 --> 00:22:33,639 Speaker 2: undivided attention, all right. 379 00:22:33,720 --> 00:22:35,840 Speaker 6: I will keep in brief. I just have two questions. 380 00:22:36,440 --> 00:22:41,359 Speaker 6: One was partially addressed in the past couple of moments 381 00:22:41,640 --> 00:22:45,919 Speaker 6: when you were discussing, when you were discussing whether companies 382 00:22:46,000 --> 00:22:49,720 Speaker 6: importers American importing companies would be made whole or will 383 00:22:49,760 --> 00:22:53,840 Speaker 6: seek restitution. I wonder if the professor would agree with 384 00:22:53,920 --> 00:22:58,080 Speaker 6: me that in their case, not the case of the consumers. 385 00:22:58,119 --> 00:23:01,159 Speaker 6: Of course, they do have a case for seeking restitution 386 00:23:01,280 --> 00:23:05,760 Speaker 6: in the lower courts, and in fact might seek restitution 387 00:23:05,960 --> 00:23:09,040 Speaker 6: plus interest that would otherwise have recrued on those monies. 388 00:23:10,440 --> 00:23:13,800 Speaker 6: I did want to ask the professor whether the few 389 00:23:13,920 --> 00:23:17,080 Speaker 6: formal trade agreements that were actually reached, such as between 390 00:23:17,119 --> 00:23:20,480 Speaker 6: the US and Japan or the US and the UK, 391 00:23:21,160 --> 00:23:25,040 Speaker 6: which were predicated on the presence of these terrorsts, will 392 00:23:25,240 --> 00:23:29,800 Speaker 6: now be obviated. And then the second. 393 00:23:29,600 --> 00:23:32,040 Speaker 2: Question I have, let's stick with that. Let's take the 394 00:23:32,160 --> 00:23:38,280 Speaker 2: questions one at a time. Sure, and so the question, Professor, 395 00:23:39,200 --> 00:23:41,120 Speaker 2: I have a thought on it, but I'm more interested 396 00:23:41,160 --> 00:23:43,960 Speaker 2: in your thought to John's questions, and I'd like near. 397 00:23:43,840 --> 00:23:46,040 Speaker 3: Your thoughts too, Dad. I love the back and forth. 398 00:23:46,600 --> 00:23:49,000 Speaker 3: I think John that I've been thinking about that a 399 00:23:49,040 --> 00:23:52,200 Speaker 3: lot this afternoon. I think if I were any of 400 00:23:52,240 --> 00:23:56,600 Speaker 3: these countries, I would get my equivalent of air Force one, 401 00:23:57,000 --> 00:23:59,280 Speaker 3: and I would find my way to Pennsylvania Avenue, and 402 00:23:59,320 --> 00:24:04,800 Speaker 3: I would say, the landscape has changed, let's renegotiate, because 403 00:24:04,880 --> 00:24:07,560 Speaker 3: you are correct. Obviated, I think is a great word, 404 00:24:08,760 --> 00:24:11,960 Speaker 3: an even more powerful concept. The rules of the game 405 00:24:12,080 --> 00:24:16,159 Speaker 3: have changed. Why should you have to be subject to 406 00:24:16,480 --> 00:24:19,840 Speaker 3: an agreement that was signed. I'm not going to take 407 00:24:19,920 --> 00:24:22,720 Speaker 3: under durest because at the time it was legal. Now 408 00:24:22,720 --> 00:24:25,960 Speaker 3: it's been deemed illegal, at least that type of it. 409 00:24:26,040 --> 00:24:28,600 Speaker 3: I would absolutely go to the Oval Office and say, 410 00:24:28,640 --> 00:24:29,120 Speaker 3: let's talk. 411 00:24:29,960 --> 00:24:32,320 Speaker 2: I think it's going to depend upon which country. I 412 00:24:32,359 --> 00:24:40,040 Speaker 2: think that Britain, for example, England might be more interested 413 00:24:40,160 --> 00:24:43,880 Speaker 2: in doing that. Japan is much more reliant upon US 414 00:24:43,960 --> 00:24:47,680 Speaker 2: because of the proximity of China. So if I were 415 00:24:48,520 --> 00:24:51,080 Speaker 2: President Trump, or if I were his economic advisor, I 416 00:24:51,160 --> 00:24:53,280 Speaker 2: might say, hey, there's a little politics we can play here. 417 00:24:53,280 --> 00:24:55,800 Speaker 2: If they want to bring some pressure because of the 418 00:24:56,960 --> 00:25:00,960 Speaker 2: Supreme Court decision, we need to remind them in whose 419 00:25:01,000 --> 00:25:06,159 Speaker 2: sphere of influence they sit. So that's it's more a 420 00:25:06,160 --> 00:25:09,560 Speaker 2: little more complicated as well. What's your other question, John. 421 00:25:10,200 --> 00:25:12,600 Speaker 6: Sure, it's a brief one. It may be a bit 422 00:25:12,640 --> 00:25:18,040 Speaker 6: outside professor's purview. Do you think that if let's say, 423 00:25:18,080 --> 00:25:21,600 Speaker 6: a high ranking Republican, like someone on the Commerce Committee, 424 00:25:21,880 --> 00:25:26,119 Speaker 6: UH sat down with President Trump and UH after that, 425 00:25:26,280 --> 00:25:28,520 Speaker 6: with hand puppets, he could be made to understand that 426 00:25:28,600 --> 00:25:31,160 Speaker 6: American importers pay the tariffs in not foreign countries. 427 00:25:33,320 --> 00:25:36,480 Speaker 3: I mean, if you puppets, I mean, listen, I I 428 00:25:37,359 --> 00:25:39,320 Speaker 3: never used a hand puppet in my life, and my 429 00:25:39,800 --> 00:25:42,199 Speaker 3: wife needed some help in Papa try when she was 430 00:25:42,480 --> 00:25:44,720 Speaker 3: in college. But that's needed here to there. I mean, 431 00:25:44,840 --> 00:25:50,119 Speaker 3: I think that all joking aside that it's you know, 432 00:25:50,119 --> 00:25:52,960 Speaker 3: it's exactly this person who texted me the question. It 433 00:25:53,119 --> 00:25:58,400 Speaker 3: becomes very very subjective as to who's getting the bill. 434 00:25:59,080 --> 00:26:02,600 Speaker 3: Is the consumer we're ultimately getting the bill because they 435 00:26:02,640 --> 00:26:04,560 Speaker 3: have to pay for the a they've got to pay 436 00:26:04,920 --> 00:26:08,280 Speaker 3: for whatever is being imported. Or did the consumer get 437 00:26:08,320 --> 00:26:11,280 Speaker 3: the bill because the company ran out of resources to 438 00:26:11,320 --> 00:26:15,040 Speaker 3: subsidize it and had to pass on that increase to 439 00:26:15,119 --> 00:26:18,080 Speaker 3: their own customers. That's why I'm almost thinking of the 440 00:26:18,119 --> 00:26:22,040 Speaker 3: reimbursement coming at the corporate level as opposed to the 441 00:26:22,080 --> 00:26:25,159 Speaker 3: consumer level, because at least at the corporate level, you 442 00:26:25,400 --> 00:26:29,640 Speaker 3: have receipts, You've got bills of lading that say this 443 00:26:29,680 --> 00:26:31,840 Speaker 3: is how much a cost three years ago, this is 444 00:26:31,880 --> 00:26:34,160 Speaker 3: how much a cost now, and you might be able 445 00:26:34,240 --> 00:26:37,400 Speaker 3: to show the direct impact of the tariffs. But John, 446 00:26:37,520 --> 00:26:40,320 Speaker 3: I mean it's a really smart question. I just don't 447 00:26:40,359 --> 00:26:45,160 Speaker 3: know how you're going to prove that consumer a is benefit, 448 00:26:45,160 --> 00:26:46,960 Speaker 3: you know, is guaranteed relief. 449 00:26:48,440 --> 00:26:50,639 Speaker 6: I mean, I mean, could you make them understand that 450 00:26:50,760 --> 00:26:54,320 Speaker 6: the other countries weren't paying taxes to us? Because he 451 00:26:54,400 --> 00:26:58,040 Speaker 6: still doesn't get that concept. 452 00:26:58,560 --> 00:27:02,560 Speaker 2: John, You're asking a rhetorical political question, is what you're 453 00:27:02,560 --> 00:27:04,840 Speaker 2: trying to do. And I'm going to rule it out 454 00:27:04,880 --> 00:27:08,800 Speaker 2: of order for this particular interview. But I think that 455 00:27:08,920 --> 00:27:12,680 Speaker 2: I thank you for making that effort. Appreciate the call 456 00:27:12,720 --> 00:27:15,520 Speaker 2: as always. Let me go next to Alan in Virginia. Allen, 457 00:27:15,840 --> 00:27:18,720 Speaker 2: I'll sneak in here real quickly. You're on with professor 458 00:27:19,200 --> 00:27:22,359 Speaker 2: doctor Greg Staller of the Washton University Question School of Business. 459 00:27:22,400 --> 00:27:23,840 Speaker 2: What's your comment of question? Alan? 460 00:27:24,800 --> 00:27:28,360 Speaker 5: My question is how does the World Bank, the IMF 461 00:27:29,520 --> 00:27:33,360 Speaker 5: or Import Bank of the United States this picture. 462 00:27:34,520 --> 00:27:38,360 Speaker 2: Well with? In fear of losing most of my audience, 463 00:27:38,400 --> 00:27:42,800 Speaker 2: that's an interesting question, Professor. I know you can explain 464 00:27:42,840 --> 00:27:45,399 Speaker 2: it in ways that even I will understand it. 465 00:27:46,840 --> 00:27:53,719 Speaker 3: Thank you. I think that ultimately it's going to be 466 00:27:53,800 --> 00:27:58,400 Speaker 3: provided because companies are going to see an increased demand 467 00:27:58,880 --> 00:28:04,320 Speaker 3: for financing. If they don't need to pay as high 468 00:28:04,359 --> 00:28:08,200 Speaker 3: a tariff, then they can use this as an opportunity 469 00:28:08,440 --> 00:28:11,919 Speaker 3: to get lower interest rate loans and actually move to 470 00:28:12,000 --> 00:28:14,360 Speaker 3: growth as opposed to just survival. 471 00:28:15,960 --> 00:28:18,000 Speaker 5: Okay, that's great, Thank you very much. 472 00:28:18,200 --> 00:28:20,480 Speaker 2: Thank you, Alan. I appreciate have you called before? Is 473 00:28:20,520 --> 00:28:21,400 Speaker 2: this your first time calling? 474 00:28:21,520 --> 00:28:23,920 Speaker 5: I have indeed, well you continue to call. 475 00:28:24,040 --> 00:28:27,560 Speaker 2: There was an interesting question and a very interesting answer. 476 00:28:27,560 --> 00:28:32,120 Speaker 3: Thanks Alan, Thank you very much for the question. 477 00:28:33,560 --> 00:28:36,680 Speaker 2: We have good we have good callers. And by the way, 478 00:28:36,800 --> 00:28:39,959 Speaker 2: you are a very popular guest on my program, and 479 00:28:40,040 --> 00:28:43,000 Speaker 2: I just thank you, particularly on short notice today. I 480 00:28:43,040 --> 00:28:45,800 Speaker 2: did not know when this decision was coming down. So 481 00:28:45,960 --> 00:28:48,440 Speaker 2: when we appreciate your time tonight and our power night. 482 00:28:48,560 --> 00:28:50,400 Speaker 3: I love working with you, when I love working with 483 00:28:50,440 --> 00:28:52,840 Speaker 3: your listeners. It's just, you know, the risk of sounding 484 00:28:52,880 --> 00:28:55,640 Speaker 3: gratuitous is truly an honor every time I get invited. 485 00:28:56,040 --> 00:28:59,320 Speaker 2: Right back at you, and please apologize on behalf of 486 00:28:59,440 --> 00:29:01,720 Speaker 2: my audience and me to your wife for stealing you 487 00:29:01,760 --> 00:29:05,000 Speaker 2: on a Friday night. We have we've about twelve minutes left. 488 00:29:05,080 --> 00:29:07,360 Speaker 2: We'll get back to more questions and comments. From my 489 00:29:07,440 --> 00:29:12,280 Speaker 2: guest professor, doctor Gregory Staller, of Boston University Questuum School 490 00:29:12,360 --> 00:29:16,520 Speaker 2: of Business. Uh. He will be taking his students very 491 00:29:16,560 --> 00:29:20,840 Speaker 2: shortly in March actually on a trip to China. I 492 00:29:20,960 --> 00:29:24,320 Speaker 2: think you've been to China or to the to the 493 00:29:24,520 --> 00:29:29,040 Speaker 2: to Asia since the mid nineteen nineties. How many times 494 00:29:29,520 --> 00:29:30,160 Speaker 2: that's correct? 495 00:29:30,480 --> 00:29:34,240 Speaker 3: This is going to be my sixty fourth time traveling 496 00:29:34,280 --> 00:29:38,320 Speaker 3: with students and my fifty third time traveling to China. 497 00:29:39,440 --> 00:29:42,680 Speaker 2: Wow, what a record. We'll be back on nights side. 498 00:29:42,680 --> 00:29:45,000 Speaker 2: Feel free if you'd like six one, seven, two, four, 499 00:29:45,120 --> 00:29:47,560 Speaker 2: ten thirty The questions that were good so far, Let's 500 00:29:47,600 --> 00:29:50,440 Speaker 2: keep it rolling. Beginning at ten o'clock, we're going to 501 00:29:50,480 --> 00:29:52,800 Speaker 2: get a little light whier. Let me put it like that. 502 00:29:53,200 --> 00:29:55,840 Speaker 2: We're going to talk with an expert, an American author 503 00:29:55,880 --> 00:29:59,240 Speaker 2: who has spent much of his life chronicling baseball in 504 00:29:59,280 --> 00:30:03,400 Speaker 2: of all places, Japan. And of course everybody knows that 505 00:30:03,400 --> 00:30:06,440 Speaker 2: that is the national pastime in Japan, it's also the 506 00:30:06,520 --> 00:30:09,640 Speaker 2: national pastime here. We'll talk about differences and it's going 507 00:30:09,680 --> 00:30:12,560 Speaker 2: to be a fun hour. And as I must mention, 508 00:30:12,640 --> 00:30:15,840 Speaker 2: the Red Sox open spring training today with an eighteen 509 00:30:15,920 --> 00:30:18,240 Speaker 2: to three win. Now I will give you what was 510 00:30:18,240 --> 00:30:20,800 Speaker 2: over Northeastern University. But I'm still ready to get the 511 00:30:20,840 --> 00:30:23,000 Speaker 2: duck boats roll and we'll be back on Nightside right 512 00:30:23,040 --> 00:30:23,400 Speaker 2: after this. 513 00:30:24,440 --> 00:30:28,720 Speaker 1: You're on Night Side with Dan Ray on WBZ, Boston's 514 00:30:28,760 --> 00:30:29,400 Speaker 1: news radio. 515 00:30:30,440 --> 00:30:34,280 Speaker 2: My guest is Professor doctor Gregory Staller. He is I'm 516 00:30:34,680 --> 00:30:39,800 Speaker 2: professor at the Boston University Question School of Business, and Professor, 517 00:30:40,320 --> 00:30:42,680 Speaker 2: let me turn the table on you a little bit 518 00:30:43,360 --> 00:30:46,680 Speaker 2: and let me put you in the Oval Office with 519 00:30:47,360 --> 00:30:51,480 Speaker 2: President Trump, and let me assume that he has decided 520 00:30:51,520 --> 00:30:53,640 Speaker 2: he's listening to our show time. He says, Geez, I 521 00:30:53,800 --> 00:30:56,960 Speaker 2: want to talk to that Professor Staller. We all know 522 00:30:57,440 --> 00:31:02,080 Speaker 2: that a lot of this that is economics and of 523 00:31:02,120 --> 00:31:07,680 Speaker 2: course legal issues, is tied up in the politics of 524 00:31:07,720 --> 00:31:13,720 Speaker 2: twenty twenty six as we approach a midterm election. What 525 00:31:14,000 --> 00:31:18,160 Speaker 2: advice would you give the president if the President said 526 00:31:18,200 --> 00:31:23,080 Speaker 2: to you, hey, how bad was the decision today for me, professor, 527 00:31:23,560 --> 00:31:29,959 Speaker 2: And what advice would you give me to do? And 528 00:31:30,000 --> 00:31:32,960 Speaker 2: I'll take your advice so that I can improve the 529 00:31:33,040 --> 00:31:37,840 Speaker 2: economy for as many Americans as possible in hopes of 530 00:31:37,960 --> 00:31:40,560 Speaker 2: doing well in the November my party doing well in 531 00:31:40,560 --> 00:31:41,840 Speaker 2: the November elections. 532 00:31:42,440 --> 00:31:46,880 Speaker 3: I think that two very different questions. I think if 533 00:31:46,880 --> 00:31:50,840 Speaker 3: the question is how does my party and I win 534 00:31:51,720 --> 00:31:55,920 Speaker 3: at the midterms, that I would say continue doing what 535 00:31:55,960 --> 00:32:01,320 Speaker 3: you're doing. You have put this as a major pillar 536 00:32:01,520 --> 00:32:06,280 Speaker 3: of your election platform. You've made this a major pillar 537 00:32:06,560 --> 00:32:08,880 Speaker 3: of what you want to do in your second term 538 00:32:08,880 --> 00:32:12,640 Speaker 3: of office. Yes, this was a bit of a diversion, 539 00:32:13,080 --> 00:32:15,480 Speaker 3: this was a bit of an obstacle, but you still 540 00:32:15,520 --> 00:32:19,040 Speaker 3: have a number of statutes at your discretion, and you 541 00:32:19,400 --> 00:32:22,000 Speaker 3: you should just continue doing what you're doing. That's what 542 00:32:22,040 --> 00:32:24,880 Speaker 3: I would say to a president who wants to win 543 00:32:25,200 --> 00:32:29,760 Speaker 3: the midterm elections, to a president who wants to improve 544 00:32:29,840 --> 00:32:33,720 Speaker 3: the economy, regardless of the outcome in November, I would say, 545 00:32:33,840 --> 00:32:36,480 Speaker 3: tariffs are not working. There might be three or four 546 00:32:36,520 --> 00:32:39,880 Speaker 3: countries around the world. You mentioned India as an example 547 00:32:40,120 --> 00:32:42,680 Speaker 3: that might have to have some sort of tariff to 548 00:32:43,360 --> 00:32:46,200 Speaker 3: level the playing field, but the rest of the countries 549 00:32:46,520 --> 00:32:50,520 Speaker 3: can engage in free trade. And you know, as someone 550 00:32:50,520 --> 00:32:53,760 Speaker 3: else noted a few moments ago, you know, is there 551 00:32:53,760 --> 00:32:57,480 Speaker 3: not necessarily the best example, because that might be general inflation, 552 00:32:57,600 --> 00:32:59,800 Speaker 3: nott tariffs, But I think it's a proxy for a 553 00:32:59,800 --> 00:33:03,040 Speaker 3: lot lot of other items that we're having to pay 554 00:33:03,080 --> 00:33:07,200 Speaker 3: as a consumer, and nobody can refute that inflation shouldn't 555 00:33:07,200 --> 00:33:09,920 Speaker 3: be the tie that a lot of that has come 556 00:33:09,960 --> 00:33:12,520 Speaker 3: from the tower. And again, if inflation is normally an 557 00:33:12,640 --> 00:33:15,480 Speaker 3: x percent, maybe the talents are an extra seven or 558 00:33:15,520 --> 00:33:17,840 Speaker 3: eight percent of that, but that's still seven or eight 559 00:33:17,880 --> 00:33:19,720 Speaker 3: percent more than we used to used to. 560 00:33:19,720 --> 00:33:22,080 Speaker 2: See, Well, what is inflation right now? 561 00:33:24,200 --> 00:33:28,320 Speaker 3: Inflation right now? I mean it depends. It depends what 562 00:33:28,600 --> 00:33:35,960 Speaker 3: you are defining, you know, as the inflation. 563 00:33:36,200 --> 00:33:38,240 Speaker 2: I mean the core index inflation. 564 00:33:41,000 --> 00:33:43,280 Speaker 3: If you go back to January a year ago, two 565 00:33:43,320 --> 00:33:46,440 Speaker 3: point four percent, core inflation is around two point five 566 00:33:46,640 --> 00:33:50,080 Speaker 3: or two point six percent. But you know, again, there's 567 00:33:50,120 --> 00:33:51,880 Speaker 3: no way that my wife and I that went to 568 00:33:51,880 --> 00:33:54,680 Speaker 3: a neighborhood restaurant should be spending sixty dollars on a 569 00:33:54,720 --> 00:33:55,880 Speaker 3: burger and appetizer. 570 00:33:56,000 --> 00:34:01,480 Speaker 2: Absolutely absolutely, And part of that be well, let's let's 571 00:34:01,520 --> 00:34:04,040 Speaker 2: do this real quickly. I got Carol calling in. Let 572 00:34:04,040 --> 00:34:05,800 Speaker 2: me get Carol in here. Carol, I'm going to have 573 00:34:05,840 --> 00:34:08,680 Speaker 2: to ask you to be quick. I have another a 574 00:34:08,760 --> 00:34:10,920 Speaker 2: law professor calling in from Dallas. Behind you. 575 00:34:11,000 --> 00:34:13,799 Speaker 7: Go ahead, Carol, Okay, I'm just going to be quick. 576 00:34:13,920 --> 00:34:18,800 Speaker 7: Dan and Professor Gregory. I'm just I'm looking at the 577 00:34:18,840 --> 00:34:23,160 Speaker 7: whole refund issue and that I just don't even see 578 00:34:23,200 --> 00:34:25,839 Speaker 7: that as a starter. What's your opinion on that. 579 00:34:25,960 --> 00:34:29,400 Speaker 2: I mean, in terms of the refunds to individuals, I 580 00:34:30,080 --> 00:34:33,720 Speaker 2: think we're in agreement. This is oh to businesses. Okay, 581 00:34:33,800 --> 00:34:34,440 Speaker 2: go ahead, Greg. 582 00:34:35,320 --> 00:34:38,799 Speaker 3: I think that the same way that several years ago, 583 00:34:38,840 --> 00:34:41,520 Speaker 3: and Man, you would remember the president, you would remember 584 00:34:41,560 --> 00:34:45,040 Speaker 3: the administration, we all received two hundred and fifty dollars 585 00:34:45,120 --> 00:34:47,879 Speaker 3: check from the federal government as a way of jump 586 00:34:47,880 --> 00:34:51,319 Speaker 3: starting the economy. I'm sort of envisioning that maybe that 587 00:34:51,400 --> 00:34:55,240 Speaker 3: could happen if you look at the individual corporate tax returns. 588 00:34:55,320 --> 00:34:57,759 Speaker 3: But Dan, I can't refute what you said earlier on 589 00:34:57,920 --> 00:35:01,680 Speaker 3: Wilde is being polite in fron the way of insurance 590 00:35:01,719 --> 00:35:06,200 Speaker 3: faris all right. Almost every business receives X number of 591 00:35:06,280 --> 00:35:08,920 Speaker 3: thousands of dollars that we're just stalking with Carol. 592 00:35:09,080 --> 00:35:11,680 Speaker 7: Great, it's going to be lots of lawsuits filed and 593 00:35:12,280 --> 00:35:15,480 Speaker 7: there always are are now claiming that they're injured, and 594 00:35:16,200 --> 00:35:18,640 Speaker 7: I just don't see it. I just see another COVID 595 00:35:19,000 --> 00:35:20,920 Speaker 7: type mess No, I think I. 596 00:35:21,040 --> 00:35:21,520 Speaker 5: Agree with you. 597 00:35:21,760 --> 00:35:23,839 Speaker 2: I think your question assumes an answer, and I think 598 00:35:23,840 --> 00:35:26,400 Speaker 2: you got the answer. You would have assumed. Thank you, Carol. 599 00:35:27,280 --> 00:35:29,959 Speaker 2: Thanks thanks doctor soon. Let me go to professor Mike 600 00:35:30,160 --> 00:35:34,799 Speaker 2: in Dallas. If this is my law school professor in Dallas. 601 00:35:34,640 --> 00:35:37,880 Speaker 5: Welcome, that's me. So it's so great. Thank you for 602 00:35:37,960 --> 00:35:38,319 Speaker 5: dating much. 603 00:35:38,440 --> 00:35:40,399 Speaker 2: Oh we have two professors. I'm getting out of the way. 604 00:35:40,520 --> 00:35:41,680 Speaker 2: Go ahead, Professor Mike. 605 00:35:42,800 --> 00:35:44,480 Speaker 5: So, I just wanted to make a very quick comment 606 00:35:44,520 --> 00:35:46,080 Speaker 5: on what I think is going to happen on reading. 607 00:35:46,640 --> 00:35:49,400 Speaker 5: I think it's going to be a two step process. First, 608 00:35:49,920 --> 00:35:54,279 Speaker 5: I think the lower courts will say red restitution is 609 00:35:54,360 --> 00:35:57,920 Speaker 5: appropriate in this case. And I think the second step, 610 00:35:58,239 --> 00:36:00,560 Speaker 5: and you'll be familiar with this, Dan, I think the 611 00:36:00,920 --> 00:36:04,960 Speaker 5: trial court will appoint a special Master. Special masters are 612 00:36:05,080 --> 00:36:10,000 Speaker 5: used exactly in these types of situations. And special master 613 00:36:10,200 --> 00:36:14,759 Speaker 5: will decide a formula for reinbursement and we'll go through, 614 00:36:14,960 --> 00:36:18,600 Speaker 5: piece by piece, litigan by litigan, how much that person 615 00:36:18,640 --> 00:36:21,520 Speaker 5: should get. And it's what we did in the nine 616 00:36:21,520 --> 00:36:26,799 Speaker 5: to eleven case when all those families recovered money, there 617 00:36:26,840 --> 00:36:30,000 Speaker 5: was a special master appointed to determine who got what. 618 00:36:30,680 --> 00:36:34,640 Speaker 5: And so despite all of Justice Kavanaugh's pearl clutching in 619 00:36:34,760 --> 00:36:37,000 Speaker 5: its dissent, I think it's very workable. 620 00:36:38,239 --> 00:36:42,160 Speaker 2: Okay, I don't think of that they had two professors 621 00:36:42,200 --> 00:36:43,960 Speaker 2: on at the same time. I'm feel blessed. 622 00:36:45,800 --> 00:36:48,960 Speaker 5: Maybe we would go by lottery Tickeer, Mike. 623 00:36:49,920 --> 00:36:53,480 Speaker 2: I thank you so much again. I want us to 624 00:36:53,560 --> 00:36:57,879 Speaker 2: make contact off air and we will. We will talk 625 00:36:57,960 --> 00:37:01,160 Speaker 2: at some point, I promise. Thank you. Yeah, thanks very much, 626 00:37:01,160 --> 00:37:06,600 Speaker 2: so much. All right, Uh, Professor Stoler, I'll give you 627 00:37:06,600 --> 00:37:10,360 Speaker 2: a call sometime tomorrow and let's let's finalize that that 628 00:37:10,520 --> 00:37:12,080 Speaker 2: date that's going to work. I want to make sure 629 00:37:12,080 --> 00:37:15,440 Speaker 2: it doesn't interfere with your plans, your prep plans for 630 00:37:15,920 --> 00:37:18,359 Speaker 2: for Asia, because they know that's such an important trip 631 00:37:18,400 --> 00:37:19,000 Speaker 2: to your students. 632 00:37:19,480 --> 00:37:21,560 Speaker 3: This would be in late March anyway. 633 00:37:21,840 --> 00:37:21,960 Speaker 1: Uh. 634 00:37:22,200 --> 00:37:25,000 Speaker 3: And and by the way, there are uh at least 635 00:37:25,040 --> 00:37:27,759 Speaker 3: three or four people that legitimately want to zoom into 636 00:37:27,840 --> 00:37:30,520 Speaker 3: that clap because they have questions for you. They love 637 00:37:30,600 --> 00:37:33,000 Speaker 3: your show and they would love to hear you pe 638 00:37:33,200 --> 00:37:34,840 Speaker 3: the guest for once as a post host. 639 00:37:35,160 --> 00:37:38,200 Speaker 2: Well, we'll make it available to them in some form 640 00:37:38,239 --> 00:37:42,279 Speaker 2: of fashion. Greg, thanks, thank you so much, and congratulations 641 00:37:42,440 --> 00:37:46,160 Speaker 2: on your your doctorate. Uh as they say, it's it's 642 00:37:46,280 --> 00:37:48,920 Speaker 2: it's well deserved, well well earned. Thank you so much 643 00:37:49,000 --> 00:37:51,440 Speaker 2: for tonight. As always, we'll talk soon. Okay, I give 644 00:37:51,440 --> 00:37:54,239 Speaker 2: you a call my pleasure, Thank you very much. We 645 00:37:54,360 --> 00:37:57,799 Speaker 2: get back on to talk about Japanese baseball, and then 646 00:37:57,840 --> 00:38:00,880 Speaker 2: we're going to talk about snow. I'm Iron of the snow. 647 00:38:01,520 --> 00:38:03,200 Speaker 2: When is it going to end? That will be our 648 00:38:03,280 --> 00:38:07,239 Speaker 2: twentieth question, twentieth hour question tonight at eleven, coming back 649 00:38:07,280 --> 00:38:07,839 Speaker 2: on Night's side,