1 00:00:01,360 --> 00:00:06,320 Speaker 1: It's Night Side with Dan Ray on LGBZ, Boston's news Radio. 2 00:00:07,640 --> 00:00:11,719 Speaker 2: Delighted to be joined once again by Professor Greg Staller 3 00:00:12,160 --> 00:00:15,760 Speaker 2: of Austin University Questrom School of Business. And we are 4 00:00:15,800 --> 00:00:20,200 Speaker 2: talking about a big drop in the stock market the 5 00:00:20,320 --> 00:00:24,599 Speaker 2: last two days. He actually, if I'm not mistaken, professor, 6 00:00:24,720 --> 00:00:27,840 Speaker 2: it was a bigger drop today than actually yesterday, and 7 00:00:27,920 --> 00:00:29,360 Speaker 2: yesterday was a big drop. 8 00:00:30,040 --> 00:00:35,360 Speaker 3: Yeah, today today was not good. Today alone, we were down. 9 00:00:36,840 --> 00:00:40,800 Speaker 3: We were down seven hundred and ninety four points. 10 00:00:41,920 --> 00:00:43,000 Speaker 2: That's a big hole that. 11 00:00:42,960 --> 00:00:47,000 Speaker 3: We're that's that is, that's a big number. And that's 12 00:00:47,040 --> 00:00:50,600 Speaker 3: of course on the heels of what happened earlier in 13 00:00:50,640 --> 00:00:54,760 Speaker 3: the week. This week alone, depending on which indices you follow, 14 00:00:54,840 --> 00:00:56,920 Speaker 3: the Dow Johns versus the f and p et cetera, 15 00:00:57,240 --> 00:01:01,600 Speaker 3: were down from either just under a percentage point to 16 00:01:01,960 --> 00:01:06,080 Speaker 3: almost one point seventy five over just a five day period. 17 00:01:06,280 --> 00:01:06,360 Speaker 4: Ye. 18 00:01:06,560 --> 00:01:09,800 Speaker 2: Now, again, I know that I'm not going to put 19 00:01:09,840 --> 00:01:15,200 Speaker 2: you into the political area here, but unfortunately, because there's 20 00:01:15,240 --> 00:01:17,319 Speaker 2: such an interreaction. 21 00:01:16,680 --> 00:01:20,920 Speaker 5: Here, I yet again, if you were a. 22 00:01:20,920 --> 00:01:25,640 Speaker 2: White House economist tonight, what would you be telling the 23 00:01:25,680 --> 00:01:29,240 Speaker 2: President when he when he says to you, you know, 24 00:01:29,360 --> 00:01:33,560 Speaker 2: you've explained to us what's going on. But but he 25 00:01:33,640 --> 00:01:36,959 Speaker 2: has to be looking at this and although I'm sure 26 00:01:38,160 --> 00:01:40,840 Speaker 2: i'd like to think that that he's in this for 27 00:01:40,880 --> 00:01:45,760 Speaker 2: all the right reasons, he has to be looking at 28 00:01:45,840 --> 00:01:48,240 Speaker 2: it through a lens of about seven months from now, 29 00:01:49,120 --> 00:01:56,040 Speaker 2: which is the midterm elections, and that has to hang 30 00:01:56,240 --> 00:02:03,520 Speaker 2: over his head tonight more seriously than it has since 31 00:02:03,600 --> 00:02:09,200 Speaker 2: he was re elected in November of twenty twenty four. 32 00:02:09,320 --> 00:02:13,720 Speaker 2: I mean, he could be looking at a if this 33 00:02:13,840 --> 00:02:18,080 Speaker 2: situation is not does not turn around to turn around quickly, 34 00:02:18,480 --> 00:02:23,040 Speaker 2: he could be looking at a midterm route that might 35 00:02:23,080 --> 00:02:24,480 Speaker 2: be historical. 36 00:02:26,040 --> 00:02:26,480 Speaker 4: Soul. 37 00:02:26,560 --> 00:02:27,400 Speaker 5: I would agree with that. 38 00:02:27,639 --> 00:02:31,080 Speaker 3: I want to just tell your listeners, I'm a registered independent, 39 00:02:31,360 --> 00:02:34,399 Speaker 3: so I'm not you know, identify as either a Democrat 40 00:02:34,480 --> 00:02:36,760 Speaker 3: or Republican. And you know I always try and go 41 00:02:36,800 --> 00:02:38,240 Speaker 3: middle of the road on these things, you. 42 00:02:38,240 --> 00:02:40,280 Speaker 5: Know, both unless and the right. 43 00:02:40,440 --> 00:02:44,000 Speaker 3: Sure, I think I would say that as a White 44 00:02:44,040 --> 00:02:48,320 Speaker 3: House economist that yeah, this is a lot different from 45 00:02:48,520 --> 00:02:52,760 Speaker 3: the tariffs, because that was a policy decision. 46 00:02:52,800 --> 00:02:53,840 Speaker 5: The tariffs were. 47 00:02:54,160 --> 00:03:00,000 Speaker 3: This is a reaction to something that's not completely controlled 48 00:03:00,520 --> 00:03:03,280 Speaker 3: and you know, to give the President the benefit here, 49 00:03:03,720 --> 00:03:08,560 Speaker 3: the tariffs were controllable to an extent because it wasn't 50 00:03:08,639 --> 00:03:10,960 Speaker 3: you know, tariffs from country to country. B it was 51 00:03:11,200 --> 00:03:15,320 Speaker 3: tariffs whatever country he tried to engage with into the 52 00:03:15,400 --> 00:03:20,880 Speaker 3: United States. This one is getting affected everywhere. The United 53 00:03:20,919 --> 00:03:24,919 Speaker 3: States is obviously a major importer, but it's far less 54 00:03:24,960 --> 00:03:27,240 Speaker 3: controllable than tariff policy. 55 00:03:27,720 --> 00:03:27,919 Speaker 6: Yeah. 56 00:03:27,960 --> 00:03:31,720 Speaker 2: The other thing is I don't think people really understood tariffs. 57 00:03:31,800 --> 00:03:36,160 Speaker 2: He had the big Rose Garden event back on eighty second, 58 00:03:36,320 --> 00:03:38,920 Speaker 2: just about a year ago, and he threw up a 59 00:03:38,960 --> 00:03:42,760 Speaker 2: lot of information and the reaction was horrific, and the 60 00:03:42,760 --> 00:03:46,960 Speaker 2: stock market did take a pretty significant hit, not quite 61 00:03:47,040 --> 00:03:50,800 Speaker 2: what is taken in the last couple of weeks, and 62 00:03:50,840 --> 00:03:54,280 Speaker 2: then it kind of came back and we kind of 63 00:03:54,280 --> 00:03:58,680 Speaker 2: forgot about tariffs. But when you have tens of thousands 64 00:03:58,760 --> 00:04:04,280 Speaker 2: or thousands of US military personnel now heading to the 65 00:04:04,560 --> 00:04:08,320 Speaker 2: to the region, or in effect in the region, when 66 00:04:08,440 --> 00:04:12,520 Speaker 2: there are military personnel that are going to lose their 67 00:04:12,560 --> 00:04:15,840 Speaker 2: lives or potentially lose their lives, it becomes much more 68 00:04:15,960 --> 00:04:19,240 Speaker 2: personal to the American people. And I do think that 69 00:04:19,440 --> 00:04:21,120 Speaker 2: there's a lot of the impact of what am I 70 00:04:21,120 --> 00:04:23,920 Speaker 2: paying at the gas pump. You're reminded of it every day, 71 00:04:23,960 --> 00:04:30,520 Speaker 2: What am I paying at the supermarket. But this this 72 00:04:31,400 --> 00:04:37,040 Speaker 2: over from Donald Trump's perspective. He doesn't worry about paying guests, 73 00:04:37,400 --> 00:04:42,360 Speaker 2: so he's he's not impacted by that, correct, and he's 74 00:04:42,400 --> 00:04:45,839 Speaker 2: insulated from that, but he's not insulated from the politics 75 00:04:45,880 --> 00:04:46,080 Speaker 2: of it. 76 00:04:46,839 --> 00:04:47,479 Speaker 5: Well, well, I would. 77 00:04:47,560 --> 00:04:49,560 Speaker 3: I would also, you know, in an effort to stay 78 00:04:49,600 --> 00:04:52,920 Speaker 3: within my business lane. Right, I think tracks are a 79 00:04:53,080 --> 00:04:56,039 Speaker 3: one time twice level adjustments. 80 00:04:56,240 --> 00:04:57,640 Speaker 5: Higher oil prices. 81 00:04:57,800 --> 00:05:01,559 Speaker 3: I would characterize this persistent place pressure, and they also 82 00:05:01,680 --> 00:05:05,520 Speaker 3: feed through the entire supply chain. That's why the Central 83 00:05:05,560 --> 00:05:09,600 Speaker 3: Bank is reacting more strongly to energy shots and that's 84 00:05:09,640 --> 00:05:12,479 Speaker 3: why I think you're right that this is going to 85 00:05:12,520 --> 00:05:16,040 Speaker 3: have far more of a deleterious impact on the mid 86 00:05:16,120 --> 00:05:19,320 Speaker 3: term election than a one time price adjustment that people 87 00:05:19,400 --> 00:05:22,360 Speaker 3: sort of you know, they raise their prices, they try 88 00:05:22,400 --> 00:05:24,240 Speaker 3: and absorb as much as they can, they pass it 89 00:05:24,320 --> 00:05:26,480 Speaker 3: on to their customers, and they sort of move on 90 00:05:26,560 --> 00:05:29,280 Speaker 3: with business as usual. To your point in whether it's 91 00:05:29,320 --> 00:05:33,080 Speaker 3: business wise or politically depending on what lens you're using, 92 00:05:33,120 --> 00:05:34,719 Speaker 3: and I would agree that the two lenses for the 93 00:05:34,720 --> 00:05:38,120 Speaker 3: moment are pretty much merged. This is going to this 94 00:05:38,160 --> 00:05:41,040 Speaker 3: is going to take a while to get resolved, and 95 00:05:41,360 --> 00:05:44,200 Speaker 3: it is far more concerning to the average American. 96 00:05:44,839 --> 00:05:48,359 Speaker 2: And I think that the average American and I consider 97 00:05:48,400 --> 00:05:51,960 Speaker 2: myself an average American, that that we're now coming to 98 00:05:52,040 --> 00:05:54,960 Speaker 2: the realization. Okay, it was great that they wiped out 99 00:05:54,960 --> 00:05:59,719 Speaker 2: the leadership, but who can they negotiate with now? And 100 00:05:59,800 --> 00:06:03,599 Speaker 2: I'm I'm beginning to wonder if they're negotiating with people 101 00:06:03,640 --> 00:06:07,599 Speaker 2: that actually have who's left. This is what I talked 102 00:06:07,640 --> 00:06:09,760 Speaker 2: about the other day. And again I'm not trying to 103 00:06:09,839 --> 00:06:11,960 Speaker 2: drag you into the political lane here, but I want 104 00:06:12,120 --> 00:06:16,320 Speaker 2: my audience to understand that when the President was waxing 105 00:06:16,920 --> 00:06:21,280 Speaker 2: the other day about this special gift from the the 106 00:06:21,320 --> 00:06:25,360 Speaker 2: from the Iranians, I'm sitting there looking at him and saying, 107 00:06:25,600 --> 00:06:30,880 Speaker 2: what is this messaging all about? And then yesterday he said, well, 108 00:06:30,920 --> 00:06:33,440 Speaker 2: you know what we were talking about, and this is 109 00:06:33,520 --> 00:06:37,000 Speaker 2: what he responded yesterday. And I want my audience to 110 00:06:37,000 --> 00:06:40,800 Speaker 2: hear it so they understand where I'm coming from on 111 00:06:40,839 --> 00:06:44,240 Speaker 2: the political topic and also where you're coming from in 112 00:06:44,320 --> 00:06:48,039 Speaker 2: terms of the economic impact and the economic shock. Rob 113 00:06:48,080 --> 00:06:52,520 Speaker 2: played one a. This was the President yesterday explaining to 114 00:06:52,600 --> 00:06:57,159 Speaker 2: these people, to the to the media, but also in 115 00:06:57,200 --> 00:07:02,560 Speaker 2: effect to the American people, and his idea clarifying what 116 00:07:02,720 --> 00:07:06,640 Speaker 2: he was bragging about the day before. But in my opinion, 117 00:07:06,880 --> 00:07:13,400 Speaker 2: it left me more confused then clear about what he 118 00:07:13,480 --> 00:07:15,680 Speaker 2: was talking about. This is cut one A. 119 00:07:16,360 --> 00:07:19,559 Speaker 3: You know, I told you about a present, right, Steeve, 120 00:07:19,640 --> 00:07:20,880 Speaker 3: Can I reveal the present? 121 00:07:23,200 --> 00:07:24,720 Speaker 2: You can't do anything you want to say. 122 00:07:27,160 --> 00:07:30,560 Speaker 7: They said, to show you the fact that we're real 123 00:07:31,880 --> 00:07:35,680 Speaker 7: and solid and we're there. We're gonna let you have 124 00:07:35,800 --> 00:07:39,080 Speaker 7: eight boats of oil. Eight boats, eight big boats of oil. 125 00:07:39,840 --> 00:07:42,280 Speaker 7: This was two days ago, and they'll. 126 00:07:42,080 --> 00:07:43,040 Speaker 2: Sail up tomorrow. 127 00:07:43,040 --> 00:07:47,720 Speaker 7: That was three days ago, and I didn't think much 128 00:07:47,760 --> 00:07:48,240 Speaker 7: about it. 129 00:07:49,360 --> 00:07:53,960 Speaker 2: He didn't think much about it. These turned out to 130 00:07:54,000 --> 00:08:06,320 Speaker 2: be boats which were Pakistani flagged vessels. I'm stupefied that 131 00:08:06,320 --> 00:08:13,080 Speaker 2: that he would have teased people about this from an 132 00:08:13,080 --> 00:08:17,760 Speaker 2: economics point of view, Professor Uh, these these boats were 133 00:08:17,800 --> 00:08:22,640 Speaker 2: released because the Pakistani flag vessels. That How could he 134 00:08:22,760 --> 00:08:24,840 Speaker 2: be How could have he misinterpreted that? 135 00:08:25,800 --> 00:08:25,880 Speaker 1: So? 136 00:08:26,040 --> 00:08:29,960 Speaker 3: I don't think it's misinterpreting. I think it depends on 137 00:08:30,560 --> 00:08:35,200 Speaker 3: what news outlet you listened to. According to Reuters, Uh, 138 00:08:35,320 --> 00:08:38,760 Speaker 3: this is involving a property in New York City. The 139 00:08:38,840 --> 00:08:42,600 Speaker 3: property is the Roosevelt Hotel in Midtown Manhattan, the owner 140 00:08:42,720 --> 00:08:46,839 Speaker 3: through its national airline as Pakistan. There's a joint redevelopment 141 00:08:46,880 --> 00:08:50,679 Speaker 3: agreement between the US and Pakistan that's being broken by 142 00:08:50,840 --> 00:08:55,880 Speaker 3: President Trump's envoy Steve Whitcock. So that is an entree 143 00:08:56,240 --> 00:09:00,440 Speaker 3: to have Pakistan enter the fray. And it makes fas 144 00:09:00,800 --> 00:09:06,840 Speaker 3: sense to me that because there's now intercountry agreements, that 145 00:09:07,040 --> 00:09:11,040 Speaker 3: Pakistari oil is allowed to flow through the straight up foremost. 146 00:09:11,080 --> 00:09:14,520 Speaker 3: But again, you know, I've always considered Reuters to be 147 00:09:14,800 --> 00:09:19,040 Speaker 3: a pretty independent news agency. To prepare for tonight, you know, 148 00:09:19,080 --> 00:09:22,000 Speaker 3: I listened to Fox News to prepare for tonight, I 149 00:09:22,040 --> 00:09:25,280 Speaker 3: listened to other outlets, and you would swear that you're 150 00:09:25,320 --> 00:09:28,480 Speaker 3: listening to three different steps of news interpretations. 151 00:09:29,400 --> 00:09:38,360 Speaker 2: Yeah. The then that even deepens my question. If this 152 00:09:38,960 --> 00:09:44,160 Speaker 2: is as I think, you're suggesting something that that the 153 00:09:44,200 --> 00:09:48,360 Speaker 2: President would benefit from, or he perceived it as a 154 00:09:48,400 --> 00:09:51,600 Speaker 2: benefit or as a gift, why would he even talk 155 00:09:51,640 --> 00:09:52,600 Speaker 2: about it publicly? 156 00:09:53,520 --> 00:09:56,640 Speaker 5: Well, again, to you know, I always try and be 157 00:09:56,720 --> 00:10:00,000 Speaker 5: a good umpire for you, Dan and call balls and strikes. Right. 158 00:10:00,480 --> 00:10:02,560 Speaker 5: According to Reuters and. 159 00:10:02,640 --> 00:10:05,560 Speaker 3: Three other outlets that I checked, this is not a 160 00:10:05,600 --> 00:10:10,120 Speaker 3: Trump organization or tower or private deal abroad. It's a 161 00:10:10,200 --> 00:10:15,080 Speaker 3: government linked redevelopment partnership involving a Pakistani owned asset in 162 00:10:15,480 --> 00:10:19,920 Speaker 3: New York City. Now, does one want to really peel 163 00:10:19,960 --> 00:10:22,200 Speaker 3: back that onion three or four layers and. 164 00:10:22,160 --> 00:10:24,839 Speaker 5: Say let's keep going. I guess you could. 165 00:10:24,880 --> 00:10:27,120 Speaker 3: That's more your side of things than in your mind. 166 00:10:27,480 --> 00:10:30,880 Speaker 3: But that makes sense to me prima facia on the 167 00:10:30,880 --> 00:10:34,960 Speaker 3: face of it, as to why a Pakistani flagged oil 168 00:10:35,040 --> 00:10:38,120 Speaker 3: vessel is suddenly traversing the Straight of Wour Moves about 169 00:10:38,120 --> 00:10:38,600 Speaker 3: a problem. 170 00:10:38,800 --> 00:10:41,240 Speaker 2: But when we get back from the break here we 171 00:10:41,360 --> 00:10:43,680 Speaker 2: got it. We have to be clear. The Strait of 172 00:10:43,720 --> 00:10:48,040 Speaker 2: hor Mooves is still closed, and it's Friday night. It's 173 00:10:48,040 --> 00:10:52,400 Speaker 2: been closed all week, and that is what is roiling, 174 00:10:52,880 --> 00:10:57,600 Speaker 2: I assume in large part the oil market, whatever the cause, 175 00:10:57,800 --> 00:11:02,720 Speaker 2: of course. Yeah, And there's no sound that I see politically, 176 00:11:04,040 --> 00:11:08,360 Speaker 2: and if you see any sign until the Strait of 177 00:11:08,400 --> 00:11:14,280 Speaker 2: Hormoz situation is resolved fully meaning not that one or 178 00:11:14,280 --> 00:11:20,600 Speaker 2: two oil tankers are allowed through, but until that path 179 00:11:20,760 --> 00:11:23,920 Speaker 2: opens up for all of those oil tankers that are 180 00:11:24,320 --> 00:11:27,920 Speaker 2: north of the Strait of horn Moves and unable to 181 00:11:27,960 --> 00:11:30,280 Speaker 2: get through the Strait of Horror Moves to get out 182 00:11:30,360 --> 00:11:37,560 Speaker 2: to the open water. That is a checkmate that Iran 183 00:11:37,840 --> 00:11:40,079 Speaker 2: has in place. 184 00:11:41,040 --> 00:11:43,560 Speaker 3: And so when you say who are you negotiating with? 185 00:11:43,880 --> 00:11:47,440 Speaker 3: As the US government to an extent, and again not 186 00:11:47,440 --> 00:11:49,520 Speaker 3: trying to get out of my lane here, because this 187 00:11:49,600 --> 00:11:51,800 Speaker 3: is much more your side of it than mine, but 188 00:11:51,880 --> 00:11:55,439 Speaker 3: doesn't really matter. It doesn't really matter who you're negotiating 189 00:11:55,440 --> 00:12:00,000 Speaker 3: with until the person, the organization, the people you're negotiating 190 00:12:00,120 --> 00:12:02,560 Speaker 3: with are able to flip the switch and open up 191 00:12:02,559 --> 00:12:04,760 Speaker 3: the straight or four moved. So I'm less concerned about 192 00:12:05,080 --> 00:12:07,920 Speaker 3: the guy or the gal that has the power of 193 00:12:07,960 --> 00:12:11,520 Speaker 3: the pen and more who has the power of whatever, 194 00:12:11,640 --> 00:12:14,120 Speaker 3: whether it's a gate, whether it's a lock, et cetera, 195 00:12:14,320 --> 00:12:16,280 Speaker 3: to open up that straight to what you would call 196 00:12:16,400 --> 00:12:17,840 Speaker 3: regular commercial traffic. 197 00:12:18,120 --> 00:12:20,880 Speaker 2: Right. But what I'm saying is if they don't really 198 00:12:20,960 --> 00:12:24,240 Speaker 2: know who they're the negotiating with and if they are 199 00:12:25,320 --> 00:12:30,880 Speaker 2: negotiating with. I said to someone today that if if 200 00:12:30,880 --> 00:12:33,880 Speaker 2: the Iyotola who was blown away on that Saturday morning 201 00:12:34,400 --> 00:12:37,000 Speaker 2: had sent his driver out and left his cell phone 202 00:12:37,000 --> 00:12:40,280 Speaker 2: in the car for a coffee run, and the driver 203 00:12:41,000 --> 00:12:43,920 Speaker 2: avoided being killed because he had gone for a coffee run, 204 00:12:44,400 --> 00:12:50,320 Speaker 2: I'm speaking a little metaphorically here, Uh, when that phone rings, 205 00:12:50,800 --> 00:12:52,880 Speaker 2: they could be talking to the driver of the the 206 00:12:52,920 --> 00:12:54,360 Speaker 2: iotola who might say. 207 00:12:54,280 --> 00:12:58,160 Speaker 5: Oh, I get it, Yeah, which time? 208 00:12:58,240 --> 00:13:02,080 Speaker 2: Which is crazy? I? Which is which is crazy? We'll 209 00:13:02,160 --> 00:13:06,040 Speaker 2: take a break back with Professor Gregg Staller of Boston 210 00:13:06,120 --> 00:13:09,560 Speaker 2: University Question School of Business. I hope I'm not over 211 00:13:09,640 --> 00:13:13,400 Speaker 2: people's heads here, because that's not my purpose. I'm trying 212 00:13:13,440 --> 00:13:16,280 Speaker 2: to literally give you an assessment going into the weekend 213 00:13:16,920 --> 00:13:22,040 Speaker 2: of factually where we are. And I think that I 214 00:13:22,080 --> 00:13:25,720 Speaker 2: think the White House at this point they can continue 215 00:13:25,760 --> 00:13:31,840 Speaker 2: to bomb, and maybe as of April sixth, they will 216 00:13:32,080 --> 00:13:35,000 Speaker 2: start to bomb some some areas that they have threatened. Bob, 217 00:13:35,040 --> 00:13:38,080 Speaker 2: I don't know, but it seems to me that we 218 00:13:38,200 --> 00:13:42,080 Speaker 2: are now going to be in for at least ten 219 00:13:42,200 --> 00:13:48,880 Speaker 2: days of questions. And this is after all of the 220 00:13:48,920 --> 00:13:56,600 Speaker 2: military accomplishments that we were led to believe we had accomplished. 221 00:13:57,920 --> 00:14:02,439 Speaker 2: I think this is this is a very very bad 222 00:14:02,480 --> 00:14:06,960 Speaker 2: situation which doesn't seem to me likely to turn around 223 00:14:07,160 --> 00:14:09,640 Speaker 2: in the in the near future. If you'd like to 224 00:14:09,720 --> 00:14:14,080 Speaker 2: join the conversation, express an opinion, ask a question, I 225 00:14:14,080 --> 00:14:16,280 Speaker 2: have wide open lines six one, seven, two, five, four 226 00:14:16,400 --> 00:14:19,480 Speaker 2: ten thirty six one seven, nine, three one ten thirty 227 00:14:19,520 --> 00:14:22,720 Speaker 2: Back on Nightside with Professor Greg Staller, Boston University, a 228 00:14:22,800 --> 00:14:23,960 Speaker 2: Questum School of Business. 229 00:14:24,240 --> 00:14:27,960 Speaker 1: Right after this, it's Night Side with Dan Ray on 230 00:14:28,640 --> 00:14:30,880 Speaker 1: Boston's News Radio. 231 00:14:32,320 --> 00:14:35,720 Speaker 2: We're delighted to be joined by Professor Greg Staller, Boston 232 00:14:35,800 --> 00:14:40,560 Speaker 2: University economist. He's a professor at the Questrum School of 233 00:14:40,600 --> 00:14:44,320 Speaker 2: Business at Boston University. Not only is he an economist, 234 00:14:44,320 --> 00:14:49,120 Speaker 2: but he also takes students on trips to China. Over 235 00:14:49,240 --> 00:14:52,040 Speaker 2: the course of his career, beginning in nineteen ninety four, 236 00:14:52,160 --> 00:14:56,440 Speaker 2: he's probably taken groups of undergraduate and graduate students fifty 237 00:14:56,520 --> 00:15:01,080 Speaker 2: times to China. As I said earlier, He's speaks, reads, 238 00:15:01,120 --> 00:15:07,400 Speaker 2: and writes seven languages. He's a pretty smart guy. We've 239 00:15:07,440 --> 00:15:10,120 Speaker 2: got a bunch of callers, Professor, which who I want 240 00:15:10,160 --> 00:15:13,080 Speaker 2: to get to. But what I also want to do 241 00:15:13,160 --> 00:15:15,040 Speaker 2: is I want to ask you one question. And again 242 00:15:15,080 --> 00:15:18,480 Speaker 2: I'm trying to ask questions which do not drag you 243 00:15:18,560 --> 00:15:25,640 Speaker 2: into the political lane here? Would I be wrong in saying. 244 00:15:26,320 --> 00:15:33,880 Speaker 8: The key to this, this conundrum that the United States 245 00:15:33,960 --> 00:15:38,920 Speaker 8: may have put themselves in, is to get the Straight 246 00:15:39,120 --> 00:15:44,320 Speaker 8: of Hormuz open in whatever way they can open it, 247 00:15:44,400 --> 00:15:50,040 Speaker 8: either through negotiations or indoor military action. In terms of 248 00:15:50,080 --> 00:15:58,160 Speaker 8: what needs to be done to basically change the. 249 00:15:57,280 --> 00:16:03,840 Speaker 2: Atmospherics and the expectations which are what drive the market. 250 00:16:04,680 --> 00:16:08,320 Speaker 3: So I think there are people like yourself that are 251 00:16:08,320 --> 00:16:11,760 Speaker 3: more qualified than I am to talk politics. Okay, all 252 00:16:11,800 --> 00:16:15,200 Speaker 3: I can tell you is that I'm not going to 253 00:16:15,240 --> 00:16:17,760 Speaker 3: say regardless of how they opened the strait, because again 254 00:16:17,760 --> 00:16:21,760 Speaker 3: that's by a grade right now are more political and 255 00:16:21,960 --> 00:16:23,359 Speaker 3: diplomatic relations. 256 00:16:23,600 --> 00:16:27,440 Speaker 5: But I would say from a business lenses, opening up 257 00:16:27,480 --> 00:16:29,280 Speaker 5: the straight of hoot Moves is critical. 258 00:16:29,840 --> 00:16:33,440 Speaker 3: Is critical, and believe me, I'm not trying to simplify that, 259 00:16:33,920 --> 00:16:36,120 Speaker 3: but regardless of how they do it, and I'm not 260 00:16:36,160 --> 00:16:40,040 Speaker 3: suggesting at the at the risk of human lives and 261 00:16:40,080 --> 00:16:43,160 Speaker 3: everything else that belong more. But from the lane I'm 262 00:16:43,200 --> 00:16:47,200 Speaker 3: sitting in, until that straight is opened, the American public 263 00:16:47,280 --> 00:16:50,080 Speaker 3: from a business perspective, is going to continue to get 264 00:16:50,120 --> 00:16:50,600 Speaker 3: really hurt. 265 00:16:52,680 --> 00:16:55,840 Speaker 2: Okay. I think what we have done here is we 266 00:16:55,920 --> 00:16:59,680 Speaker 2: have tried to explain. I mean, can we can do 267 00:16:59,760 --> 00:17:05,359 Speaker 2: a lot of bombing U Until that's straight becomes accessible 268 00:17:05,720 --> 00:17:10,119 Speaker 2: and navigable. Uh, the economy is going to continue to 269 00:17:10,160 --> 00:17:13,200 Speaker 2: be in an uproar and there will be no clarity. 270 00:17:13,240 --> 00:17:15,880 Speaker 2: I think what I'm hearing you say no clarity about 271 00:17:17,000 --> 00:17:20,160 Speaker 2: what's what what the the state of the economy will 272 00:17:20,200 --> 00:17:23,040 Speaker 2: be a week from now, a month from now, three 273 00:17:23,080 --> 00:17:28,120 Speaker 2: months from now, or say in November. So we'll take 274 00:17:28,119 --> 00:17:30,159 Speaker 2: a pause. I got to take the news to the 275 00:17:30,200 --> 00:17:34,240 Speaker 2: bottom of the hour. I think this. I think that 276 00:17:34,320 --> 00:17:37,399 Speaker 2: the situation nothing has changed since we started talking an 277 00:17:37,440 --> 00:17:39,840 Speaker 2: hour ago. I'll check it during the news and we're 278 00:17:39,840 --> 00:17:42,280 Speaker 2: going to go right to phone calls. And I'm delighted 279 00:17:42,320 --> 00:17:44,960 Speaker 2: we have as many folks here who want to pause 280 00:17:45,080 --> 00:17:50,840 Speaker 2: positive questions and if anybody goes to politics, I'm here 281 00:17:50,880 --> 00:17:51,480 Speaker 2: to protect you. 282 00:17:52,320 --> 00:17:53,440 Speaker 5: Thank you, I appreciate it. 283 00:17:53,600 --> 00:17:54,960 Speaker 2: No, no, I'm going to be your left guard. 284 00:17:55,440 --> 00:17:57,280 Speaker 3: I don't want to comment on something that I just 285 00:17:57,320 --> 00:17:58,919 Speaker 3: don't know the implications about it. 286 00:17:58,960 --> 00:18:02,040 Speaker 5: Well, I think many people they're an expert on everything 287 00:18:02,080 --> 00:18:02,560 Speaker 5: that's not me. 288 00:18:02,920 --> 00:18:05,360 Speaker 2: No, and it is not me either, which is why 289 00:18:05,359 --> 00:18:07,680 Speaker 2: I have you here on the economy, and that's where 290 00:18:07,720 --> 00:18:10,800 Speaker 2: they stay. We'll be back with Professor Staller. We have 291 00:18:11,000 --> 00:18:13,320 Speaker 2: about oh, i'd say good five minutes if you want 292 00:18:13,359 --> 00:18:15,040 Speaker 2: to stretch your legs and I can't tell much. I 293 00:18:15,040 --> 00:18:18,600 Speaker 2: appreciate you joining me tonight because this is such a 294 00:18:18,600 --> 00:18:21,960 Speaker 2: critical topic. It's an important topic. Yeah, it's important topic 295 00:18:22,000 --> 00:18:24,280 Speaker 2: in terms of the Iranian people. It's an important topic 296 00:18:24,320 --> 00:18:26,399 Speaker 2: in terms of the state of Israel. It's an important 297 00:18:26,440 --> 00:18:28,560 Speaker 2: topic in terms of the Middle East, the future of 298 00:18:28,600 --> 00:18:31,719 Speaker 2: the Middle East. It is a massively important topic. And 299 00:18:31,760 --> 00:18:32,000 Speaker 2: it is. 300 00:18:33,160 --> 00:18:35,000 Speaker 5: Yeah, and I think the be your listeners. This is 301 00:18:35,040 --> 00:18:37,960 Speaker 5: good teamwork. Right. You can handle the politics, I'll handle 302 00:18:38,000 --> 00:18:39,760 Speaker 5: the business, and I think we can give them a 303 00:18:39,800 --> 00:18:41,520 Speaker 5: balanced view of what's happening. 304 00:18:41,720 --> 00:18:47,080 Speaker 2: Well, I'm hoping. I am always really happy to have you. 305 00:18:47,640 --> 00:18:47,840 Speaker 8: Uh. 306 00:18:48,240 --> 00:18:50,679 Speaker 2: And I want to say the co pilot's see believe me, 307 00:18:51,119 --> 00:18:55,000 Speaker 2: it's I. This is the type of show I like 308 00:18:55,080 --> 00:18:59,720 Speaker 2: to do. But I also really do value the callers 309 00:18:59,760 --> 00:19:02,560 Speaker 2: in the questions because they have called, they have questions 310 00:19:02,600 --> 00:19:05,159 Speaker 2: that that I think are incredibly important. We'll take a 311 00:19:05,240 --> 00:19:07,840 Speaker 2: quick break, coming back on Nightside with Professor Greg Staller. 312 00:19:07,880 --> 00:19:11,240 Speaker 2: We're talking about the Middle East and we're talking about 313 00:19:11,359 --> 00:19:15,880 Speaker 2: the the Iranian US Israeli war. Back on Nightside after. 314 00:19:15,680 --> 00:19:23,119 Speaker 1: This, you're on Night Side with Dan Ray on Boston's 315 00:19:23,160 --> 00:19:23,760 Speaker 1: news Radio. 316 00:19:24,520 --> 00:19:27,760 Speaker 2: Oh, thank you very much, Professor Staller's let's go to 317 00:19:27,760 --> 00:19:30,080 Speaker 2: the phones and see what people have to say and 318 00:19:30,200 --> 00:19:32,359 Speaker 2: what they have to ask I'm going to start it 319 00:19:32,480 --> 00:19:36,000 Speaker 2: off with Scott is in Quincy, Hey. Scott, welcome, appreciate 320 00:19:36,040 --> 00:19:38,560 Speaker 2: you calling you on with Professor Greg Staller. He is 321 00:19:38,640 --> 00:19:42,280 Speaker 2: in business school professor at the Questrom School of Business 322 00:19:42,359 --> 00:19:47,080 Speaker 2: and his hiss, his resume is astonishing. Go right ahead, 323 00:19:47,440 --> 00:19:49,600 Speaker 2: but don't be intimidated. It's Scott, go ahead. 324 00:19:51,480 --> 00:19:54,359 Speaker 9: Yes, indeed, I've heard you and the professor on the 325 00:19:54,400 --> 00:19:57,440 Speaker 9: show before. A great show. 326 00:19:58,040 --> 00:19:59,680 Speaker 2: Thank you, thank you. 327 00:20:00,000 --> 00:20:07,400 Speaker 9: Thing I worried most about here is the Sunni Muslim 328 00:20:07,720 --> 00:20:15,600 Speaker 9: clerics that run around. They're fanatics. Their whole modus operende 329 00:20:16,280 --> 00:20:20,439 Speaker 9: is going to be to resist the US to the 330 00:20:20,520 --> 00:20:25,800 Speaker 9: last man, just as they have in Gaza, just as 331 00:20:25,840 --> 00:20:29,960 Speaker 9: they have in southern Lebanon. They're all they're all related, 332 00:20:30,880 --> 00:20:35,359 Speaker 9: and the US has taken a pretty huge fight here 333 00:20:35,960 --> 00:20:41,240 Speaker 9: and to a whole country full of she and Muslims 334 00:20:41,280 --> 00:20:44,480 Speaker 9: that will fight and die for the glory of Allah. 335 00:20:44,840 --> 00:20:48,200 Speaker 9: And they've been fighting, you know since seven hundred AD. 336 00:20:50,520 --> 00:20:54,359 Speaker 9: Can we actually fight an enemy like this and and 337 00:20:54,520 --> 00:20:58,560 Speaker 9: win in the classic sense? And the minute we stop 338 00:20:58,680 --> 00:21:03,240 Speaker 9: fighting and bombing, they will set to work rebuilding their fortresses, 339 00:21:03,359 --> 00:21:05,840 Speaker 9: rebuilding their nuclear program. 340 00:21:06,440 --> 00:21:10,199 Speaker 2: Well, I think, I think I think Scott, you're you're 341 00:21:10,240 --> 00:21:13,200 Speaker 2: you're well into the political realm, and that's an area 342 00:21:13,240 --> 00:21:19,080 Speaker 2: that Professor Staller is is not anxious to jump into. 343 00:21:19,240 --> 00:21:23,600 Speaker 2: And unless he wants to jump in, I'm going to 344 00:21:23,680 --> 00:21:26,480 Speaker 2: take that question. So Gregar, guse. 345 00:21:26,359 --> 00:21:28,680 Speaker 5: Me, please please do Dan, if you don't mind. 346 00:21:29,000 --> 00:21:32,639 Speaker 2: Perfectly, Yes, Scott, I agree with you, and and we 347 00:21:32,640 --> 00:21:36,880 Speaker 2: we saw what happened in Iraq and Afghanistan. I think 348 00:21:39,040 --> 00:21:44,840 Speaker 2: that there was a joint decision made between the US 349 00:21:44,880 --> 00:21:47,639 Speaker 2: and Israel that if they if they were ever going 350 00:21:47,720 --> 00:21:52,920 Speaker 2: to deal with not only the nation of Iran, but 351 00:21:53,680 --> 00:21:58,880 Speaker 2: simultaneously with the people the groups that Iren depends upon 352 00:21:59,119 --> 00:22:02,159 Speaker 2: for I find answer support, this was the time to 353 00:22:02,200 --> 00:22:07,639 Speaker 2: do it. Obviously, the bombing last June set back the 354 00:22:07,840 --> 00:22:11,159 Speaker 2: run nuclear program, but it may not have obliterated it. 355 00:22:11,320 --> 00:22:18,080 Speaker 2: They do have again some supply of enriched uranium, and 356 00:22:18,119 --> 00:22:22,679 Speaker 2: according to Steve Whitcoff, who was one of the negotiators 357 00:22:23,640 --> 00:22:30,560 Speaker 2: while they were negotiating, apparently Witcough was told and we 358 00:22:30,640 --> 00:22:33,880 Speaker 2: have enough for eleven nuclear bombs. I want to play 359 00:22:33,880 --> 00:22:38,680 Speaker 2: that SoundBite for you because it's important for you to hear. 360 00:22:38,840 --> 00:22:43,680 Speaker 2: This is Steve Whitcock at that cabinet meeting yesterday cut 361 00:22:43,760 --> 00:22:44,240 Speaker 2: number ten. 362 00:22:44,359 --> 00:22:44,560 Speaker 6: Rob. 363 00:22:45,280 --> 00:22:48,800 Speaker 7: Throughout our meetings with the Iranians, we heard the following 364 00:22:48,880 --> 00:22:53,320 Speaker 7: from them, the Iranians have the inalienable right to enrich. 365 00:22:54,640 --> 00:22:58,800 Speaker 7: Then we heard they possessed enough sixty percent enriched material 366 00:22:59,359 --> 00:23:05,360 Speaker 7: four hundred sixty kilograms to make eleven atomic bombs. Finally 367 00:23:05,400 --> 00:23:10,640 Speaker 7: we heard the following statement they would not give up diplomatically, well, 368 00:23:10,640 --> 00:23:12,640 Speaker 7: we could not win militarily. 369 00:23:13,520 --> 00:23:14,880 Speaker 2: In other words, they. 370 00:23:14,840 --> 00:23:19,119 Speaker 7: Were again miscalculating the success of Midnight Having, which was 371 00:23:19,160 --> 00:23:20,160 Speaker 7: a total success. 372 00:23:22,440 --> 00:23:29,920 Speaker 2: So at that point, obviously their decisions were made, Scott, 373 00:23:30,000 --> 00:23:36,080 Speaker 2: and from our perspective, I hope for the people of Iran, 374 00:23:36,160 --> 00:23:37,840 Speaker 2: for the people of the Middle East, and the people 375 00:23:37,920 --> 00:23:41,359 Speaker 2: of the rest of the world that Iran can't be 376 00:23:41,400 --> 00:23:43,760 Speaker 2: allowed to have nuclear weapons. And I think that was 377 00:23:43,800 --> 00:23:49,320 Speaker 2: the decision that the Trump administration made. But obviously, even 378 00:23:49,359 --> 00:23:51,560 Speaker 2: with the success of that first day they wiped out 379 00:23:51,600 --> 00:23:55,680 Speaker 2: the leadership, there's still enough people over there to keep 380 00:23:55,720 --> 00:23:59,200 Speaker 2: fire and rockets. The choice we have, I think, Scott, 381 00:23:59,320 --> 00:24:03,200 Speaker 2: is to you know, try to finish the finish this off. 382 00:24:03,320 --> 00:24:06,800 Speaker 2: I don't think we can walk away. And once you, 383 00:24:07,080 --> 00:24:09,480 Speaker 2: once you jump into a fight like this, I think 384 00:24:10,840 --> 00:24:13,800 Speaker 2: we got to figure out what victory is and and 385 00:24:13,800 --> 00:24:17,800 Speaker 2: and and complete that that effort, your your thoughts. 386 00:24:17,840 --> 00:24:22,000 Speaker 9: God, I I agree with that. And the only way 387 00:24:22,040 --> 00:24:24,800 Speaker 9: out is through And I think what a lot of 388 00:24:24,840 --> 00:24:29,840 Speaker 9: people that realize or want to admit, uh, World War 389 00:24:29,920 --> 00:24:34,439 Speaker 9: three kicked off when the Russians invaded Ukraine, and this 390 00:24:34,640 --> 00:24:38,199 Speaker 9: is just another chapter of a World War three that 391 00:24:38,280 --> 00:24:40,879 Speaker 9: we're not going to recognize because it's not like World 392 00:24:40,880 --> 00:24:41,360 Speaker 9: War Two. 393 00:24:42,119 --> 00:24:45,240 Speaker 2: Yeah, yeah, I I hope you're wrong on that. I 394 00:24:45,280 --> 00:24:47,119 Speaker 2: don't think this is World War three. I think the 395 00:24:47,200 --> 00:24:49,360 Speaker 2: Russians have stayed out of it. I think the Chinese 396 00:24:49,359 --> 00:24:53,800 Speaker 2: will stay out of it. I sure hope I'm right. 397 00:24:54,000 --> 00:25:00,560 Speaker 2: I sure hope I'm right. There's yeah the I had 398 00:25:01,480 --> 00:25:06,480 Speaker 2: breakfast today with some people, including the Director General of 399 00:25:06,520 --> 00:25:12,080 Speaker 2: the Taiwanese government here, and they're very concerned about what 400 00:25:12,160 --> 00:25:15,520 Speaker 2: China might do in Taiwan. But I don't think I hope, 401 00:25:15,560 --> 00:25:18,119 Speaker 2: I hope I'm right, Scott, and I hope you're wrong. 402 00:25:18,240 --> 00:25:21,840 Speaker 2: I hope this is not the start of World War three. 403 00:25:22,480 --> 00:25:27,399 Speaker 2: These battles have gone on for well seventy years now 404 00:25:27,440 --> 00:25:31,280 Speaker 2: since the end of World War well maybe almost eighty 405 00:25:31,359 --> 00:25:34,600 Speaker 2: years since the end of world War two where we 406 00:25:34,720 --> 00:25:38,000 Speaker 2: have the fights. Russia was in Afghanistan, We were in Afghanistan. 407 00:25:38,840 --> 00:25:42,520 Speaker 2: That's you raised such a great point. I have no call. 408 00:25:43,000 --> 00:25:45,720 Speaker 2: I don't have total confidence my answer other than to 409 00:25:45,800 --> 00:25:49,960 Speaker 2: say world war three means nuclear war, and nuclear war 410 00:25:50,000 --> 00:25:50,760 Speaker 2: means the end of us. 411 00:25:50,760 --> 00:25:55,800 Speaker 9: All well, I don't think world War three means nuclear war. 412 00:25:55,880 --> 00:25:58,760 Speaker 9: I think world War three is going to be an 413 00:25:58,800 --> 00:26:02,280 Speaker 9: increase in skirmish is just like this. But for the professor, 414 00:26:02,720 --> 00:26:04,919 Speaker 9: do you think the US is going to have to 415 00:26:04,960 --> 00:26:08,400 Speaker 9: take the first step style of the road to transitioning 416 00:26:08,520 --> 00:26:12,199 Speaker 9: to a war economy for a long term with the 417 00:26:12,240 --> 00:26:14,720 Speaker 9: coming war with China on the horizon as well. 418 00:26:14,800 --> 00:26:18,120 Speaker 2: Okay, but again that's a political question. I'm I don't 419 00:26:18,119 --> 00:26:20,320 Speaker 2: want to put that's that's an area that that he 420 00:26:20,359 --> 00:26:24,480 Speaker 2: has told me he's not comfortable with unless you're comfortable 421 00:26:25,040 --> 00:26:28,520 Speaker 2: with with that. With that question, professor, I'm gonna I'm 422 00:26:28,520 --> 00:26:29,520 Speaker 2: going to continue to play that. 423 00:26:29,680 --> 00:26:31,640 Speaker 5: I'm going to let you keep going. I just I 424 00:26:31,720 --> 00:26:33,320 Speaker 5: just don't want to get out of my lane. 425 00:26:33,680 --> 00:26:39,280 Speaker 2: That's fine, you have every right the Scott, I appreciate 426 00:26:39,320 --> 00:26:43,639 Speaker 2: your call, challenging questions. Thank you appreciate it. Let me 427 00:26:43,720 --> 00:26:46,639 Speaker 2: go next to Patty and Wellesley. Patty, this is a 428 00:26:46,800 --> 00:26:48,040 Speaker 2: serious question tonight. 429 00:26:48,119 --> 00:26:51,240 Speaker 9: Welcome, well, oh, thank you. 430 00:26:51,240 --> 00:26:53,560 Speaker 10: And if I just came from a fashion show that I. 431 00:26:53,600 --> 00:26:56,040 Speaker 11: Was in, so I'm I'm feeling now that I just 432 00:26:56,080 --> 00:26:57,000 Speaker 11: got serious. 433 00:26:57,280 --> 00:27:00,119 Speaker 10: So, first of all, to the professor. 434 00:27:00,400 --> 00:27:08,640 Speaker 11: I am an alumni at BU. I graduated. Yes, well 435 00:27:08,680 --> 00:27:11,679 Speaker 11: I'm not gonna lie I wasn't in the sporting venue 436 00:27:11,720 --> 00:27:14,520 Speaker 11: of BU. But whatever, a different story. I'm just thankful 437 00:27:14,560 --> 00:27:15,080 Speaker 11: to be alive. 438 00:27:15,800 --> 00:27:16,159 Speaker 4: Uh. 439 00:27:16,400 --> 00:27:20,240 Speaker 11: Anyways, there was a party in the USA, but it's 440 00:27:20,280 --> 00:27:21,240 Speaker 11: easy to. 441 00:27:21,400 --> 00:27:22,200 Speaker 12: Start a war. 442 00:27:23,000 --> 00:27:26,280 Speaker 10: It's very difficult to end a war. And even if 443 00:27:26,280 --> 00:27:29,679 Speaker 10: this fashion show with all young kids, there's there was 444 00:27:29,680 --> 00:27:31,680 Speaker 10: something in the air. Like I talked to a couple 445 00:27:31,680 --> 00:27:34,280 Speaker 10: of people that were my age, and you know, people 446 00:27:34,280 --> 00:27:37,439 Speaker 10: are really scared. And I think the uncertainty is what 447 00:27:37,560 --> 00:27:41,160 Speaker 10: I'm like concerned about because no one really knows what's 448 00:27:41,160 --> 00:27:43,280 Speaker 10: going to happen. I think that's a big question. 449 00:27:43,680 --> 00:27:45,600 Speaker 11: How does it end? Where does it end? 450 00:27:45,760 --> 00:27:46,840 Speaker 12: Does it end with us? 451 00:27:47,119 --> 00:27:47,840 Speaker 11: How does it end? 452 00:27:48,680 --> 00:27:52,480 Speaker 3: So I will let Dan continue on the political answer 453 00:27:52,920 --> 00:27:55,919 Speaker 3: from a business answer, that's what we've been talking about 454 00:27:55,960 --> 00:28:01,400 Speaker 3: since I'm thirty tonight, is that it's the certainty and 455 00:28:01,480 --> 00:28:04,919 Speaker 3: the angst that is not only causing the markets to 456 00:28:05,840 --> 00:28:10,280 Speaker 3: whipsaw and or tank. And let's take the markets off 457 00:28:10,320 --> 00:28:13,080 Speaker 3: the table for a second. That's what's causing all of 458 00:28:13,160 --> 00:28:16,520 Speaker 3: us to lay awake at three am and say, you know, 459 00:28:16,680 --> 00:28:18,800 Speaker 3: am I going to be able to afford X, Y, 460 00:28:18,840 --> 00:28:21,280 Speaker 3: and Z if this continues for much longer? 461 00:28:23,040 --> 00:28:25,359 Speaker 12: And what about the emotional and mental part of it? 462 00:28:25,400 --> 00:28:27,480 Speaker 10: Because it's affecting business as well? 463 00:28:28,000 --> 00:28:32,000 Speaker 5: Because they's yeah, I agree with you. 464 00:28:32,080 --> 00:28:35,320 Speaker 3: I think it's inextricably linked right in the sense that 465 00:28:35,680 --> 00:28:39,160 Speaker 3: not only are we worrying again at three am as 466 00:28:39,200 --> 00:28:41,400 Speaker 3: we're staring at the ceiling, will I be able to 467 00:28:41,440 --> 00:28:45,280 Speaker 3: afford this? But if people are not able to afford 468 00:28:45,320 --> 00:28:48,840 Speaker 3: it and they stop spending, or again I'm being melodramatic, 469 00:28:48,920 --> 00:28:52,040 Speaker 3: if they reduce their spending, then, Patty, it has the 470 00:28:52,080 --> 00:28:54,280 Speaker 3: same ripple effect that you were just talking about, as 471 00:28:54,360 --> 00:28:57,000 Speaker 3: all of a sudden, small businesses are going to get affected, 472 00:28:57,200 --> 00:28:59,920 Speaker 3: large businesses are going to get affected, and the economy 473 00:29:00,240 --> 00:29:03,760 Speaker 3: is going to really go into a recession, not just 474 00:29:03,800 --> 00:29:07,200 Speaker 3: from the high cost of oil and inflation, but just 475 00:29:07,560 --> 00:29:09,560 Speaker 3: massive consumer uncertainty. 476 00:29:10,120 --> 00:29:12,800 Speaker 2: Patty, let me jump in for one second in trying 477 00:29:12,800 --> 00:29:15,880 Speaker 2: to answer your question. I think the way it ends, 478 00:29:16,000 --> 00:29:19,080 Speaker 2: and the only way it ends for us in a 479 00:29:19,120 --> 00:29:22,440 Speaker 2: good way, is if the people of Iran, who have 480 00:29:22,600 --> 00:29:27,080 Speaker 2: stood up to this country, this government before, and have 481 00:29:27,200 --> 00:29:32,880 Speaker 2: paid a price, an incredible price, they have to now 482 00:29:33,120 --> 00:29:36,880 Speaker 2: stand up and realize that if there's ever a moment 483 00:29:36,920 --> 00:29:41,400 Speaker 2: in time where they have to take a chance and 484 00:29:41,520 --> 00:29:44,959 Speaker 2: go to the streets and take their country back, it 485 00:29:45,040 --> 00:29:50,840 Speaker 2: is now that moment. And without that, I don't think 486 00:29:50,960 --> 00:29:55,000 Speaker 2: we invade I don't under no circumstances do we invade Iran. 487 00:29:56,440 --> 00:30:01,080 Speaker 2: We may, you know, take an island, but we're not 488 00:30:01,120 --> 00:30:04,880 Speaker 2: going to hold anything there. And we have to hope 489 00:30:05,560 --> 00:30:09,040 Speaker 2: that that all of the Gulf States stay with us, 490 00:30:09,720 --> 00:30:11,560 Speaker 2: because this is going to go one way or the other. 491 00:30:11,680 --> 00:30:15,560 Speaker 2: If Iran survives, they will get a nuclear bomb and 492 00:30:15,600 --> 00:30:18,680 Speaker 2: they will use that nuclear bomb, and that those, in 493 00:30:18,720 --> 00:30:22,520 Speaker 2: my opinion, are the stakes and the and ironically it's 494 00:30:22,560 --> 00:30:26,800 Speaker 2: the people of Iran, the average citizens of Iran, who 495 00:30:26,920 --> 00:30:32,480 Speaker 2: must take the take this opportunity and and realize that 496 00:30:32,560 --> 00:30:36,240 Speaker 2: if they ever have hope to getting out from underneath 497 00:30:36,880 --> 00:30:43,320 Speaker 2: these these these the theocratic dictators, it's now, and that 498 00:30:43,400 --> 00:30:45,560 Speaker 2: hope may never come again. In their lifetime. It's took 499 00:30:45,600 --> 00:30:49,800 Speaker 2: forty seven years. Most people don't have forty seven more years. 500 00:30:50,720 --> 00:30:52,959 Speaker 2: I know that's not a great answer, and it's not 501 00:30:53,040 --> 00:30:55,360 Speaker 2: one that that I'm confident in, but I think that's 502 00:30:55,400 --> 00:31:00,640 Speaker 2: the that's the only way that that this ends. 503 00:31:00,640 --> 00:31:00,880 Speaker 9: Well. 504 00:31:02,240 --> 00:31:04,200 Speaker 12: Well, you know, I love the fact that we could 505 00:31:04,200 --> 00:31:06,680 Speaker 12: all talk about this because it's really like on the 506 00:31:07,160 --> 00:31:10,640 Speaker 12: you know, frontal lobe, as well as the thought that 507 00:31:10,800 --> 00:31:14,320 Speaker 12: if China, as you were with them today, this is. 508 00:31:14,280 --> 00:31:16,520 Speaker 10: My fear and no one's talking about it now in 509 00:31:16,600 --> 00:31:20,600 Speaker 10: the news stations. If China takes over Taiwan. To me, 510 00:31:21,240 --> 00:31:24,240 Speaker 10: that's the end of it. That's the missing link here. 511 00:31:24,440 --> 00:31:28,840 Speaker 2: Yeah, you agree, Well, I think that's that's incredibly important, 512 00:31:28,920 --> 00:31:32,760 Speaker 2: and I know Professor Staler could talk about the economics 513 00:31:32,760 --> 00:31:36,480 Speaker 2: of it, but they are incredibly important as chip manufacturers. 514 00:31:37,240 --> 00:31:40,920 Speaker 2: I hope we don't overextend our military capacity, and I 515 00:31:40,960 --> 00:31:45,240 Speaker 2: hope China is not crazy. She has some problems internally, 516 00:31:45,320 --> 00:31:49,719 Speaker 2: and maybe maybe Professor Staler could speak quickly to his 517 00:31:49,840 --> 00:31:53,920 Speaker 2: problems internally. I was I'm under the impression that that 518 00:31:54,040 --> 00:31:58,480 Speaker 2: he is more looking inward right now at at who 519 00:31:58,560 --> 00:32:01,080 Speaker 2: his successor might be, and they are people who might 520 00:32:01,200 --> 00:32:04,080 Speaker 2: like to take take him out with the within the 521 00:32:04,320 --> 00:32:08,560 Speaker 2: Communist Party. Professor, this is very sensitive area for you, 522 00:32:08,720 --> 00:32:09,600 Speaker 2: so you can pass. 523 00:32:09,440 --> 00:32:12,120 Speaker 5: With well, I mean, I'm not going to pass on 524 00:32:12,160 --> 00:32:12,480 Speaker 5: this one. 525 00:32:12,480 --> 00:32:15,400 Speaker 3: I'm just going to address Patty's first point and we'll 526 00:32:15,440 --> 00:32:18,600 Speaker 3: go through this piece by piece. I've always Patty looked 527 00:32:18,600 --> 00:32:21,200 Speaker 3: at the University of Michigan instead of being a bipartisan 528 00:32:21,320 --> 00:32:26,440 Speaker 3: objective consumer sentiment index. It's down from fifty six point 529 00:32:26,480 --> 00:32:30,400 Speaker 3: six in February to fifty three point three in March, 530 00:32:30,800 --> 00:32:32,760 Speaker 3: and inflation expectations. 531 00:32:32,200 --> 00:32:34,640 Speaker 5: Are up to three point eight percent. So to answer 532 00:32:34,640 --> 00:32:35,640 Speaker 5: your question with. 533 00:32:35,560 --> 00:32:40,680 Speaker 3: Some quantitative proof, yes, people are starting to worry. To 534 00:32:40,800 --> 00:32:44,200 Speaker 3: answer your second point, I have students from all over 535 00:32:44,240 --> 00:32:46,000 Speaker 3: the world. You know. 536 00:32:46,360 --> 00:32:48,920 Speaker 5: Some of them right now are. 537 00:32:48,960 --> 00:32:53,160 Speaker 3: Unfortunately from Iran, and I say unfortunately, they are nervous, 538 00:32:53,640 --> 00:32:57,840 Speaker 3: not because of the theocratic stuff that Dan's talking about, 539 00:32:58,120 --> 00:33:00,000 Speaker 3: but they're worried about their own economy. 540 00:33:00,000 --> 00:33:03,040 Speaker 5: They're worried about their families. They're worried about their. 541 00:33:02,880 --> 00:33:05,120 Speaker 3: Ability to stay in the United States and to be 542 00:33:05,160 --> 00:33:07,680 Speaker 3: able to continue and get their degrees. And the look 543 00:33:07,720 --> 00:33:10,720 Speaker 3: on their faces is just awful. I remember it with 544 00:33:10,800 --> 00:33:14,440 Speaker 3: our Ukrainian students a few years ago. It's so I think, Katy, 545 00:33:14,520 --> 00:33:19,040 Speaker 3: you you've hit upon something that is really true. That 546 00:33:19,200 --> 00:33:22,800 Speaker 3: it's not just about the war, it's not just about 547 00:33:22,840 --> 00:33:26,840 Speaker 3: the price of oil. It's about the ongoing angst. Dan, 548 00:33:26,920 --> 00:33:30,720 Speaker 3: I will defer to you on China and Taiwan. That's 549 00:33:30,760 --> 00:33:33,720 Speaker 3: again something that's way above my pay grade. But I 550 00:33:33,800 --> 00:33:38,320 Speaker 3: will tell you that from an economic lens, Shigiping is 551 00:33:38,520 --> 00:33:44,000 Speaker 3: very much trying to continue to jumpstart the mainland Chinese economy, 552 00:33:44,320 --> 00:33:47,640 Speaker 3: whether that's through a revival of the export market, whether 553 00:33:47,720 --> 00:33:51,400 Speaker 3: that's through domestic consumption. He is very much trying to 554 00:33:51,560 --> 00:33:53,560 Speaker 3: get the economic ship righted. 555 00:33:54,520 --> 00:33:57,360 Speaker 2: Okay, thank you, Thank you for that, Professor. Patty. I'm 556 00:33:57,560 --> 00:34:00,680 Speaker 2: I've gotta get you let go because I guess commercials. 557 00:34:00,680 --> 00:34:03,200 Speaker 2: I got to get in love your call. Patty loved 558 00:34:03,240 --> 00:34:03,560 Speaker 2: your call. 559 00:34:03,680 --> 00:34:08,920 Speaker 4: Thanks right, don I agree with you. 560 00:34:09,040 --> 00:34:12,080 Speaker 2: Thanks Patty, Doctor, I love you too. 561 00:34:12,320 --> 00:34:12,640 Speaker 6: Thanks. 562 00:34:13,080 --> 00:34:15,799 Speaker 2: Coming right back on Nightside right after the quick break. 563 00:34:16,440 --> 00:34:21,400 Speaker 1: You're on night Side with Dan Ray one Boston's news Radio. 564 00:34:21,960 --> 00:34:24,799 Speaker 2: Okay, I don't think we're going to get to everybody, 565 00:34:24,840 --> 00:34:27,800 Speaker 2: So I'm going to ask John, who's been very patient, 566 00:34:27,920 --> 00:34:30,680 Speaker 2: to just ask a question and let's see if you 567 00:34:30,719 --> 00:34:33,280 Speaker 2: get at least one more in John next on Nightside 568 00:34:33,280 --> 00:34:34,480 Speaker 2: with Professor Greg Staller. 569 00:34:35,400 --> 00:34:38,080 Speaker 4: Thanks Dan, Thanks professor uh again in one of the 570 00:34:38,080 --> 00:34:41,920 Speaker 4: fact that the senator Senator said this week RAN's costed 571 00:34:41,960 --> 00:34:45,600 Speaker 4: me two weeks away from having ninety percent of Richie radium. 572 00:34:45,840 --> 00:34:48,520 Speaker 4: I was wondering, I was talking with someone today, Professor, 573 00:34:48,520 --> 00:34:51,080 Speaker 4: maybe you can answer this question. If they were able 574 00:34:51,120 --> 00:34:53,719 Speaker 4: to detonate a nuclear bomb, whether it was radiation or 575 00:34:53,800 --> 00:34:57,080 Speaker 4: pure explosions, in the city of Boston, the value of 576 00:34:57,120 --> 00:34:59,440 Speaker 4: the city of Boston, with the forty four colleges and 577 00:34:59,480 --> 00:35:02,399 Speaker 4: all the and all the businesses, if they were able 578 00:35:02,440 --> 00:35:05,880 Speaker 4: to either to level it completely or contaminated with radiations 579 00:35:05,920 --> 00:35:10,120 Speaker 4: and made it uninhabitable, what would be the economic consequences 580 00:35:10,080 --> 00:35:12,000 Speaker 4: of the whole country in the world, where Boston is 581 00:35:12,000 --> 00:35:15,480 Speaker 4: a hub for the country and for the world economically 582 00:35:15,680 --> 00:35:18,719 Speaker 4: and so forth. It must be in the trillions of 583 00:35:18,840 --> 00:35:21,799 Speaker 4: dollars the amount of gamber set just one bomb, never 584 00:35:21,800 --> 00:35:25,000 Speaker 4: mind eleven, just one bomb in one city like Boston 585 00:35:25,160 --> 00:35:27,759 Speaker 4: in the United States, What would that actually cost? 586 00:35:27,800 --> 00:35:28,240 Speaker 5: Professor? 587 00:35:28,239 --> 00:35:30,840 Speaker 4: Would it be five trillion, twenty trillion dollars? 588 00:35:31,120 --> 00:35:34,040 Speaker 2: I don't think anyone could in all honesty, John, I 589 00:35:34,040 --> 00:35:38,920 Speaker 2: don't think anyone could could calculate that, professor, Is that 590 00:35:39,040 --> 00:35:40,719 Speaker 2: an area that you're comfortable with or no? 591 00:35:41,520 --> 00:35:42,600 Speaker 5: Yeah, I mean I can. 592 00:35:43,000 --> 00:35:48,360 Speaker 3: Unfortunately, we've seen this happen before. Granted it wasn't part 593 00:35:48,480 --> 00:35:52,120 Speaker 3: of a war, but we saw this happen with Chernobyl, 594 00:35:52,280 --> 00:35:55,319 Speaker 3: and again Chernobyl is not, you know, nearly the hub 595 00:35:55,360 --> 00:35:58,680 Speaker 3: that Boston is, but we certainly saw it with the Fukushima. 596 00:35:58,760 --> 00:36:01,239 Speaker 5: Daichi nuclear does that in Japan, and. 597 00:36:01,160 --> 00:36:04,560 Speaker 3: That pretty much it didn't level Tokyo, but they certainly 598 00:36:04,640 --> 00:36:07,360 Speaker 3: have a nuclear zone there. 599 00:36:07,160 --> 00:36:10,000 Speaker 5: That you can't enter because the radiation is still there. 600 00:36:10,320 --> 00:36:12,600 Speaker 5: You know. Dan said a few moments ago John. 601 00:36:12,480 --> 00:36:16,960 Speaker 3: That if he ran in any other country launches a 602 00:36:17,040 --> 00:36:19,920 Speaker 3: nuclear bomb, he said it best in the phrase that 603 00:36:19,960 --> 00:36:22,680 Speaker 3: it's game over for everybody. So I don't even know 604 00:36:22,719 --> 00:36:25,920 Speaker 3: if it's possible to put a dollar amount on that. 605 00:36:26,200 --> 00:36:30,399 Speaker 3: As much as you're talking about everything going to heck 606 00:36:30,440 --> 00:36:33,120 Speaker 3: in a hand basket, whether it be the economy, whether 607 00:36:33,160 --> 00:36:35,560 Speaker 3: it be human life, whether I didn't think about God, 608 00:36:35,760 --> 00:36:37,759 Speaker 3: you know, God forbid, how many people are sick in 609 00:36:37,840 --> 00:36:40,319 Speaker 3: Charobil as to what happened, how many people got sick 610 00:36:40,360 --> 00:36:43,000 Speaker 3: in Japan because of what happened, it would be awful, 611 00:36:44,200 --> 00:36:44,480 Speaker 3: But I. 612 00:36:44,440 --> 00:36:46,880 Speaker 4: Guess my point he was just if we wait and 613 00:36:47,000 --> 00:36:48,799 Speaker 4: let them get the bomb, even just. 614 00:36:48,800 --> 00:36:52,920 Speaker 2: Knowing yeah again we're yeah, there's no disagree John, that 615 00:36:53,040 --> 00:36:54,920 Speaker 2: made that case, and I know you agree with me 616 00:36:54,960 --> 00:36:56,520 Speaker 2: on that. I want to try to get one more 617 00:36:56,560 --> 00:37:00,600 Speaker 2: in if I can. Thanks, Pale, appreciate it, okay, very quickly, 618 00:37:00,640 --> 00:37:04,120 Speaker 2: Steven Merrimag, New Hampshire, Steve, go ahead, Yeah. 619 00:37:04,040 --> 00:37:06,840 Speaker 6: A love, professor, Thanks dam for taking my call, held, professor, 620 00:37:07,560 --> 00:37:09,719 Speaker 6: don't you think that the don't you think that the 621 00:37:09,760 --> 00:37:14,320 Speaker 6: market was ready for a correction anyway, just like April second, 622 00:37:15,080 --> 00:37:16,040 Speaker 6: I'm a question here. 623 00:37:16,200 --> 00:37:20,280 Speaker 3: Yeah, I have been worried about that for a couple 624 00:37:20,280 --> 00:37:22,959 Speaker 3: of years now. I tell my students all the time 625 00:37:23,040 --> 00:37:29,359 Speaker 3: that unfortunately, what goes up eventually comes back down. In 626 00:37:29,440 --> 00:37:33,480 Speaker 3: many ways, we've been seeing the jobless recovery in the 627 00:37:33,560 --> 00:37:37,240 Speaker 3: sense that companies keep coming their payrolls, so their earnings 628 00:37:37,280 --> 00:37:39,960 Speaker 3: per share keep going up, and it is providing a 629 00:37:40,040 --> 00:37:43,960 Speaker 3: lot of oxygen to the stock market. I've been worrying 630 00:37:44,080 --> 00:37:47,359 Speaker 3: for a while as to what's going to happen. I 631 00:37:47,400 --> 00:37:51,000 Speaker 3: think that every market in the United States eventually goes 632 00:37:51,040 --> 00:37:54,440 Speaker 3: through corrections. But I will also tell you, based on 633 00:37:54,520 --> 00:37:58,560 Speaker 3: my preparation for tonight, that we haven't yet entered a 634 00:37:58,600 --> 00:38:02,080 Speaker 3: bear market, and we have yet entered a the session. 635 00:38:02,520 --> 00:38:05,680 Speaker 3: And yes we can have a correction, and if it's 636 00:38:05,880 --> 00:38:08,920 Speaker 3: just a ten percent correction, noy'body's happy about that, of course, 637 00:38:09,160 --> 00:38:12,240 Speaker 3: but that's a lot different than a bonafide bear market 638 00:38:12,480 --> 00:38:13,960 Speaker 3: or a true recession. 639 00:38:14,480 --> 00:38:19,280 Speaker 2: Steve, with that, that's a great quick other question. Unfortunately, Steve, 640 00:38:19,719 --> 00:38:22,960 Speaker 2: I have no more time in this hour, and I apologized. 641 00:38:23,040 --> 00:38:24,520 Speaker 2: I did as best I could to get you in, 642 00:38:24,520 --> 00:38:25,399 Speaker 2: and you asked a good one. 643 00:38:25,960 --> 00:38:26,120 Speaker 6: Mack. 644 00:38:26,239 --> 00:38:29,160 Speaker 2: We'll have Professor Stoller on very soon, and I'm sure 645 00:38:29,360 --> 00:38:30,760 Speaker 2: we will get you back, I promise. 646 00:38:30,800 --> 00:38:33,440 Speaker 5: Okay, thank you for thank you. I really appreciate that. 647 00:38:34,200 --> 00:38:36,480 Speaker 2: To the callers in the line, I apologize a couple 648 00:38:36,480 --> 00:38:39,240 Speaker 2: of you have called in late. We're going to switch topics. 649 00:38:39,280 --> 00:38:41,680 Speaker 2: If you want to stay in the line, stay right there, 650 00:38:42,440 --> 00:38:48,279 Speaker 2: Professor Staller, thank you is insufficient, but thank you immensely 651 00:38:48,400 --> 00:38:51,600 Speaker 2: on behalf of my callers and on behalf of myself. 652 00:38:52,120 --> 00:38:55,280 Speaker 2: This was I thought, really good couple of hours between 653 00:38:55,320 --> 00:38:57,760 Speaker 2: you and the Consul General, and I think people probably 654 00:38:57,760 --> 00:39:01,279 Speaker 2: have a better view of what's going on over there 655 00:39:01,560 --> 00:39:02,839 Speaker 2: and also what's going on here. 656 00:39:02,880 --> 00:39:04,960 Speaker 5: Thank you so much, and I also appreciate the teamwork. 657 00:39:05,000 --> 00:39:06,160 Speaker 5: It's so much fun working with you. 658 00:39:06,239 --> 00:39:08,800 Speaker 3: Dan and I love the one two punch of business 659 00:39:08,800 --> 00:39:11,040 Speaker 3: and politics, and you know, kudos to you as well. 660 00:39:11,360 --> 00:39:11,600 Speaker 6: Well. 661 00:39:11,640 --> 00:39:14,240 Speaker 2: We will talk so thanks. Thanks, Greg, have a great weekend. 662 00:39:14,320 --> 00:39:14,920 Speaker 2: You deserved it. 663 00:39:15,080 --> 00:39:16,240 Speaker 5: It's been a great week. 664 00:39:16,040 --> 00:39:17,759 Speaker 2: To have spent time with you, both on the air 665 00:39:17,800 --> 00:39:20,400 Speaker 2: and in person. When we come back, we're going to 666 00:39:20,440 --> 00:39:23,040 Speaker 2: the twentieth hour. I have a twentieth hour question that 667 00:39:23,160 --> 00:39:25,280 Speaker 2: none of you have ever heard before, and I'm hoping 668 00:39:25,320 --> 00:39:27,720 Speaker 2: you will respond to it. Coming back on Night Side, 669 00:39:27,960 --> 00:39:29,680 Speaker 2: Chad and Chestin. Hello, If you're on the line, you 670 00:39:29,680 --> 00:39:32,080 Speaker 2: want to stay stick around, we'd love to have you 671 00:39:32,480 --> 00:39:35,080 Speaker 2: participate with us on the other side of the news. 672 00:39:35,080 --> 00:39:38,280 Speaker 2: Should be first up coming back. My name is Danry. 673 00:39:38,360 --> 00:39:39,080 Speaker 2: This is Nightside