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Speaker 2: Now this is America's Trucking Network with Kevin Gordon.
Speaker 4: Welcome Moore, Thanks for tuning in on this Wednesday morning
Speaker 4: atn the show that is the exception to the rule
Speaker 4: that nothing good happens after midnight.
Speaker 3: A little bit of a weather note.
Speaker 4: We are still in the hurricane season and there is
Speaker 4: a named tropical storm, the tenth of the season, named Jerry,
Speaker 4: and it's out over the tropical central Atlantic. Now, this
Speaker 4: storm looks like it's going to follow the pattern of
Speaker 4: just about every well, the other nine storms that have
Speaker 4: come up during this hurricane season. It starts approaching the
Speaker 4: United States somewhere close to or towards the you know,
Speaker 4: Haiti and Dominican Republic, Puerto Rico that and then all
Speaker 4: of a sudden it kind of hits the tip of
Speaker 4: that and then veers north and then starts going back eastward.
Speaker 4: So they're not anticipating this hitting landfall, but we do
Speaker 4: have those outer surges like we've had with some of
Speaker 4: the other storms, and what was it last week lost
Speaker 4: twelve houses along the Cape the outer banks there in
Speaker 4: North Carolina, something like twelve houses. But as far as
Speaker 4: direct hits on the United States, it doesn't appear that way,
Speaker 4: so that's good news. Yesterday I was watching this press
Speaker 4: at the press conference because Mark Carney, who is the
Speaker 4: Prime Minister of Canada, was meeting with Donald Trump talking
Speaker 4: about trade negotiations and this impasse between Canada and the
Speaker 4: United States and as far as tariffs and what needs
Speaker 4: to be done. And it was interesting because at first,
Speaker 4: you know, Donald Trump would tease about Canada becoming the
Speaker 4: fifty first state and he kind of well, tongue in
Speaker 4: cheek wise because and he pointed out and this kind
Speaker 4: of brought this home when I started thinking about it.
Speaker 4: Here in the Greater Cincinnati Northern Kentucky region, we have
Speaker 4: Cincinnati on one side of the Ohio River and then
Speaker 4: Kentucky on the other side of the river. And we
Speaker 4: have two cities in northern Kentucky, Covington and Newport, and
Speaker 4: a couple of other cities. But the main focus is,
Speaker 4: you know, businesses along the river. And there was a
Speaker 4: time back in the beginning of the about twenty ten,
Speaker 4: somewhere around there, there was this move where Cincinnati would
Speaker 4: come over and pote businesses from northern Kentucky, I mean
Speaker 4: right across the river an office tower just right at
Speaker 4: the end of the bridge, and then Kentucky would go
Speaker 4: over to Ohio and start poaching businesses over there to
Speaker 4: move them to northern Kentucky. Now it benefits Ohio, it
Speaker 4: benefits Cincinnati to take businesses from Kentucky Covington, Newport, etc.
Speaker 4: And it also benefits Kentucky to take businesses from there.
Speaker 4: But as far as the region is concerned, there's really
Speaker 4: no change and it really doesn't benefit anybody. The purpose
Speaker 4: would be then to maybe acquire or entice businesses to
Speaker 4: come from other states Florida, Illinois, Indiana, somewhere else, even Tennessee.
Speaker 4: And so that would then build the region as opposed
Speaker 4: to just a particular city benefiting or a particular state.
Speaker 4: And as they were discussing this now back in May,
Speaker 4: you know, Donald Trump was teasing about kind of becoming
Speaker 4: the fifty first state because of you know, just do
Speaker 4: away with the tariffs and we'll just make them a state.
Speaker 4: And of course Mark Carney being the Prime minister newly
Speaker 4: elected was I think you could tell he was a
Speaker 4: little bit irritated by that and told him, you know,
Speaker 4: frankly that you know, as a real estate development you
Speaker 4: know that certain certain territory, a certain land is not
Speaker 4: for sale. And he was being very bold with that.
Speaker 4: But since then they have talked to each other. They
Speaker 4: have a very warm relationship, and this press conference yesterday
Speaker 4: was very friendly. Donald Trump was complimenting him on some
Speaker 4: of the stuff that they're doing, especially on the war
Speaker 4: on Terror and trying to reach an agreement with Gaza
Speaker 4: over in Gaza to end that hostage situation over there.
Speaker 4: Carney was very complimentary of Trump and all the stuff
Speaker 4: that he has been doing on the world stage, et cetera.
Speaker 4: I mean, it was this, It was this just it
Speaker 4: was you think these two guys were best of friends
Speaker 4: for a number of years as opposed to this hostility.
Speaker 4: But during the discussion, Trump pointed out that in the past,
Speaker 4: Canada wanted companies to move to the Canada Detroit all
Speaker 4: the auto manufacturers. Auto manufacturers were looking for cheaper labor.
Speaker 4: The cheaper labor was up in Canada, cheaper land, being
Speaker 4: able to build factories up there maybe not necessarily the
Speaker 4: same wages and so on. In the United States. Mexico
Speaker 4: was part of that. We saw a big movement, a
Speaker 4: lot of businesses moving to Mexico, and that left this
Speaker 4: trade imbalance of where we were exporting jobs and we
Speaker 4: were losing manufacturing jobs at a rapid rate. And as
Speaker 4: they were pointing out, yes, Canada wants to produce cars
Speaker 4: and they want to sell them into the United States.
Speaker 4: We want to produce cars and sell them into Canada
Speaker 4: and so on, and he talked about that these are
Speaker 4: kind of touchy situations where, you know, we both.
Speaker 3: Have the same interest.
Speaker 4: It's good for one country or the other, but as
Speaker 4: far as the northern hemisphere, so to speak, it really
Speaker 4: doesn't benefit. So what they're trying to do is work
Speaker 4: out some of these arrangements. Now they talk later on
Speaker 4: in the afternoon. I don't know what else is coming
Speaker 4: out of that, but watching that press conference versus the
Speaker 4: press conference earlier in May, it was absolutely incredible the
Speaker 4: change in tone. Again they're talking about, you know, again
Speaker 4: talking about the Canadians. One of the questions came up
Speaker 4: Canadian citizens boycotting the United States, something like tourism is
Speaker 4: down twenty three percent, because I guess they took seriously
Speaker 4: or took offense to what Trump was saying. But then again,
Speaker 4: you know, Canada has not always been the greatest trading
Speaker 4: partner with US, and our citizens going over there for
Speaker 4: tourism has not always been all that friendly as well.
Speaker 4: There are certain areas over there it's like going to France,
Speaker 4: because over in France, they just they just have it.
Speaker 4: I don't give a crap attitude about anybody that visits there.
Speaker 3: So they have those things to work out.
Speaker 4: But I think the Canadians, and hell, it may have
Speaker 4: been as simple as the economy up in Canada is
Speaker 4: basically the same as ours to a certain extent, and
Speaker 4: so maybe their economy being on a downturn people can't afford.
Speaker 4: But of course they want to play it up as
Speaker 4: though all these people are protesting against the United States,
Speaker 4: that they dislike the United States, and Mark Carney point
Speaker 4: and I said, people of Canada love the United States,
Speaker 4: And Trump said, the people of the United States love
Speaker 4: the Canadians. So it's it's it's a complicated situation. But again,
Speaker 4: you've got to reach some sort of a negotiation. Because
Speaker 4: we pointed out or April the second, a Liberation Day.
Speaker 4: On that particular day, Trump trotted out all those charts.
Speaker 4: It said, Okay, here's what tariffs these countries are charging us.
Speaker 4: Here's what we're charging them. We had situations where between
Speaker 4: US and Canada, you sell milk or eggs or something
Speaker 4: like that, there's a two hundred and ninety nine percent
Speaker 4: tariff on those goods going into Canada. There's no way
Speaker 4: in hell you're going to sell those goods over in Canada.
Speaker 4: And likewise, with some of the cars going over there,
Speaker 4: they charge a lot on the tariffs of our cars
Speaker 4: going over there, but we charge very little on the
Speaker 4: cars that are manufactured over there. Even though those are
Speaker 4: American companies that are manufacturing over there bringing them into
Speaker 4: the United States, we don't charge tariffs on that.
Speaker 3: So trying to equalize that balance out.
Speaker 4: And again, as I've been saying from the beginning back
Speaker 4: in April, that if these countries are worried about how
Speaker 4: these tariffs are going to affect them, if they're not
Speaker 4: going to be selling as much goods into the United
Speaker 4: States because we are raising our terraffs, well, welcome to
Speaker 4: the club gang. Because we're having problems selling stuff into
Speaker 4: your country and it's affecting our jobs. So if you're
Speaker 4: worried about your jobs going down because of tariffs that
Speaker 4: we're charging, lower your terraffs and we'll play on the
Speaker 4: same level playing field instead of this unfair trade if
Speaker 4: you charging high terraffs and US charging very little terriffs.
Speaker 3: It's a very simple situation.
Speaker 4: But there's certain trade agreements that have to be put
Speaker 4: in place, there's certain barriers that need to be lowered,
Speaker 4: and this is going to continue.
Speaker 3: So they're working this out.
Speaker 4: But the contrast between that particular conference and that press
Speaker 4: conference there in May Versus yesterday was just absolutely incredible
Speaker 4: and it was interesting just how well they got along.
Speaker 4: Coming up, we're gonna be talking a little bit more.
Speaker 4: That's pretty much of that, but we're gonna be talking
Speaker 4: about despite some of the economic uncertainty, there are certain
Speaker 4: things that are still going on and going on strong.
Speaker 4: I'm Kevin Gordon, America's struck in Network seven hundred WLW
Speaker 4: need This is.
Speaker 1: The racing reward on America's drugging Network.
Speaker 3: On seven hundred WLW.
Speaker 5: NHRA officials announced a six NHR mission foods Drag Racing
Speaker 5: series competitors currently in contention for the twenty twenty five
Speaker 5: NHRA Rookie of the Year Award. The competitors eligible for
Speaker 5: this year's award include funny car drivers Hunter Green and
Speaker 5: Spencer Hyde, Pro Stock Stephen Bell, Cody Coughlin, and also
Speaker 5: Matt Latino and pro Stock motorcycle rider Braden Davis. Pro
Speaker 5: Stock newcomer Chris Vang has competed in three races so
Speaker 5: far in twenty twenty five and will become the seventh
Speaker 5: driver eligible with his schedule appearances in Dallas and the
Speaker 5: fall race in Las Vegas. The winner will be announced
Speaker 5: November seventeenth as part of the NHRA Awards ceremony.
Speaker 1: Need this is the racing repoord on America's Trucking Network
Speaker 1: on seven hundred WLW.
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Speaker 4: I'm Kevin Gord in america'struck a Network seven hundred WLW.
Speaker 3: I mentioned that we keep hearing all this.
Speaker 4: You know, it's been since January when Trump came into office.
Speaker 3: And maybe it's a situation if people.
Speaker 4: Just aren't used to somebody who says they're going to
Speaker 4: do something and then gets into office and actually does it.
Speaker 4: I mean, you don't expect the person and coming into
Speaker 4: office to do what they say. On the campaign trail,
Speaker 4: why the hell are you voting for him? And yet
Speaker 4: during the campaign, Trump talked about the unfair trade balance,
Speaker 4: that there were going to be tariffs coming in if
Speaker 4: he was elected president. All during a campaign he talked
Speaker 4: about this balancing and getting back to fair trade instead
Speaker 4: of just free trade.
Speaker 3: He gets elected.
Speaker 4: Between the election and the inauguration, you know, November fifth
Speaker 4: and January the twentieth, talked about tariffs, putting those into place.
Speaker 4: January twentieth, gets inaugurated, talks about tariffs. Actually Lewi de terriffs,
Speaker 4: levied the terrifs On April to Second Liberation Day, and
Speaker 4: all of a sudden, everybody's so shocked that these were
Speaker 4: put into place, and economic uncertainty, and all we heard
Speaker 4: from January on this, you know, economic uncertainty. We don't
Speaker 4: know what these tariffs are going to do. Tariffs are
Speaker 4: going to lead to rampant inflation. Inflation is going to
Speaker 4: be up to you know, seven eight nine percent by
Speaker 4: the end.
Speaker 3: Of the year.
Speaker 4: All this doming cline Terry's gonna push us into a recession.
Speaker 4: They kept talking about the R word and so on,
Speaker 4: and yet here we are in October, none of this
Speaker 4: has happened.
Speaker 3: And yet every story that talks.
Speaker 4: About economic data talking about uncertainty, economic uncertainty, and it
Speaker 4: all boils down to I will beat this drum till
Speaker 4: the drum breaks and somebody pays attention at the Federal Reserve.
Speaker 4: Lie Jerry Powell finally pays attention. Interest rates are the
Speaker 4: thing that is holding us back. I keep making the
Speaker 4: analogy that there's that there's some of these movies that
Speaker 4: we're talking about the Oklahoma land rush, when that territory
Speaker 4: was open to settlers and you could go in and
Speaker 4: drive a stake in the ground and claim one hundred
Speaker 4: and sixty some acres or whatever, and on a date
Speaker 4: certain I don't remember the exact date, but everybody was
Speaker 4: lined up on the border and.
Speaker 3: Just getting ready to go.
Speaker 4: You saw the horses, you know, getting hold ready and
Speaker 4: holding the reins back, can hold that, and whatever time
Speaker 4: it was, they shot off the gun and everybody goes
Speaker 4: rushing into Oklahoma. This is what our economy is like
Speaker 4: right now. Are a lot of these companies are standing
Speaker 4: on the sidelines waiting for interest rates to come down
Speaker 4: so they can expand their businesses, buy new trucks, buy
Speaker 4: a new truck, expand the economy, expand their manufacturing facilities,
Speaker 4: buy new equipment and so on, so that they can
Speaker 4: have a little bit more prosperity. But when you're looking
Speaker 4: at what it costs to borrow this money in order
Speaker 4: to build these things or to acquire these assets, people
Speaker 4: are saying, you know, maybe we can hold off another month,
Speaker 4: Maybe we should hold off until the Federal reserve kicks in.
Speaker 4: And I've been pointing out the fact that the overnight
Speaker 4: rate is what the Fed controls. As far as the
Speaker 4: funds that are borrowed from individual banks. If certain banks
Speaker 4: need to have certain cash reserves or cash available to
Speaker 4: cash checks or to transfer money or whatever. They have
Speaker 4: to borrow that because they'll always keep that in their bank,
Speaker 4: so they would have to transfer that or borrow that
Speaker 4: from a member bank. And that's the overnight rate that
Speaker 4: they keep talking about, that four percent, four point twenty
Speaker 4: five percent, which the rate is now in every other England, France,
Speaker 4: European Union, Germany, all Canada, All these rates are around
Speaker 4: two percent, Some are as low as one point five percent.
Speaker 4: Japan I think is somewhere around two percent as well.
Speaker 4: Ours is four percent. So that carries over into your
Speaker 4: credit card interest that that then goes into any of
Speaker 4: the debt as far as on those credit cards.
Speaker 3: It also affects.
Speaker 4: Interest payments on car loans, truck loans, so on. That
Speaker 4: effects also eventually trickle down into the mortgage rate. With
Speaker 4: seven percent close to seven percent, six and a half percent.
Speaker 4: Back during the beginning of the Biden administration, interest rates
Speaker 4: are down below three percent. We are now double that amount.
Speaker 4: And we've talked a couple of times on this show
Speaker 4: about how that affects the type of house, how much
Speaker 4: house you can afford, and how much your mortgage payment
Speaker 4: is going to be the mere fact that people are
Speaker 4: standing on this sidelines lowering the interest rate. If you
Speaker 4: want to talk about economic uncertainty, we already have ten
Speaker 4: months of where these tariffs have been in effect and
Speaker 4: how they have affected prices, and we have had little
Speaker 4: to no indication in any of the And as we
Speaker 4: said at the beginning, certain prices are going to go up,
Speaker 4: but then certain prices are going to come down, So
Speaker 4: overall inflation is going to be relatively the same. We
Speaker 4: are still pretty much around two point eight percent two
Speaker 4: point seven percent inflation rate. And then so we haven't
Speaker 4: seen a negligible increase. Now if you're talking about particular items,
Speaker 4: yeah you're going to notice that, but overall, all the
Speaker 4: different items that are purchased the that effect is going
Speaker 4: to be zero. So again prefacing that here, we have
Speaker 4: yet another story. Despite economic uncertainty, US auto sales rise
Speaker 4: in the third quarter. I didn't think any of that
Speaker 4: was possible because people were not out spending money, people
Speaker 4: weren't doing things. US auto sales are projected to rise
Speaker 4: approximately six percent in the third quarter as consumers demand
Speaker 4: remains strong despite ongoing economic uncertainty. If you've got economic uncertainty,
Speaker 4: You're not going to go out and buy a major
Speaker 4: asset like that because you're going to be stuck with
Speaker 4: that and stuck with that payment. And why would you
Speaker 4: go into debt under economic uncertainty? If you're not sure
Speaker 4: about your job or certain about the economy and whether
Speaker 4: things are going to go to hell in a handbasket,
Speaker 4: You're not going to go out and make that major investment.
Speaker 3: So why is it a shock to these people?
Speaker 4: And again when you tell, I mean all these economists
Speaker 4: and all they do is talk about.
Speaker 3: This, that, and the other. Thing.
Speaker 4: I want to remind you saying, and I love this
Speaker 4: economists is an expert who will tell you who will
Speaker 4: know tomorrow why the things he predicted yesterday didn't happen today.
Speaker 3: That is so clear because they talk about.
Speaker 4: All these things that are going to happen, then they
Speaker 4: don't happen, and then when they don't happen, then they
Speaker 4: go back and try to explain that, well, you know
Speaker 4: this was off or this was off. Why don't you,
Speaker 4: you know, kind of sharpen your pencil or whatever and
Speaker 4: come up with better conclusions and maybe pick up an
Speaker 4: economics history book and see how certain things have happened
Speaker 4: in the past and figure that, well, if they happened
Speaker 4: in the past this way and this was the pathway,
Speaker 4: maybe it'll happen again, you know. So anyway, getting back
Speaker 4: to the story, ongoing economic concerns, including tariffs and the
Speaker 4: end of electric vehicle tax credit. Of course, the economic
Speaker 4: uncertainty there, several major automobile automakers delivered solid sales growth
Speaker 4: to the July to September period. General Motors and Ford
Speaker 4: each reported eight percent increase in vehicle sales, while Toilet
Speaker 4: Motors American Division reported a fourteen percent gain. According to
Speaker 4: the market research firm Cox Automotive, US new vehicle sales
Speaker 4: are expected to total around four point one four million
Speaker 4: vehicles for quarter three four point one million in one
Speaker 4: quarter for quarter three, up from three point nine million
Speaker 4: from the same period last year. President Trump's One Big
Speaker 4: Beautiful Bill officially ended the seven five hundred dollars tax
Speaker 4: credit for EV purchases earlier this week, contributing to a
Speaker 4: temporary spike in EV sales. But as it turns out,
Speaker 4: now that those EV credits are down, guess what, the
Speaker 4: automobile manufacturers are rolling back their prices. Because remember we've
Speaker 4: talked about this before when that seven five hundred dollars
Speaker 4: tax credit went into effect, almost the very next day,
Speaker 4: a lot of the EV manufacturers raised their prices by
Speaker 4: seven thousand dollars.
Speaker 3: So what did you really net.
Speaker 4: You get a seven thousand dollars tax credit, but you're
Speaker 4: paying seven thousand dollars more for the vehicle. Now, mind
Speaker 4: you that tax credit that comes off your current year.
Speaker 4: It reduces your taxes and all that, but you're still
Speaker 4: on the hook for that additional seven thousand dollars if
Speaker 4: you're borrowing that over the life of that loan, and
Speaker 4: that compounds to where it probably pretty much eats up
Speaker 4: a lot of that credit that you'd be getting in
Speaker 4: that first year. But again, Duncan Aldred, president of GM's
Speaker 4: North America operations, said, consumer sentiment appears to have improved
Speaker 4: in recent months. I think stability, clarity and the lack
Speaker 4: that massive price rises that people feared is really driving
Speaker 4: the market. We'll pick this up and talk a little
Speaker 4: bit more about this because you know, again they talk
Speaker 4: about economic uncertainty, and guess what the economic uncertainty is
Speaker 4: with the economists. But the American people are steadfast and
Speaker 4: going forward, and they're saying the heck with it. My
Speaker 4: job is safe, or at least we are doing well.
Speaker 4: We're going to go out and have a good time,
Speaker 4: and we're going to continue spend money. I'm Kevin Born,
Speaker 4: america'struck in Network seven hundred WLW.
Speaker 8: News Traffic and Weather News Radio seven hundred WLW, Cincinnati.
Speaker 7: In Oregon, federal orders are meeting local resistance.
Speaker 3: It's your bottom of the hour report.
Speaker 7: Sorry, it's her twelve thirty report, and I'm Travis Lair
Speaker 7: breaking now. A federal judge has blocked the Trump administration
Speaker 7: from deploying National Guard troops to Portland, a move the
Speaker 7: White House says is needed to control crime around an
Speaker 7: ice facility, where protests continue. In Chicago and Illinois, similar
Speaker 7: lawsuits are underway as Texas Guard members arrive in the state.
Speaker 7: The President is threatening to invoke the Insurrection Act if
Speaker 7: courts don't allow the deployments. Here's ABC's Trevor Alt in Portland.
Speaker 9: You have President from claiming that demonstrators and protesters, violent
Speaker 9: criminals in his word, are burning down the city, whereas
Speaker 9: the police chief and local officials are saying that the
Speaker 9: demonstrations here are happening really on a single block of
Speaker 9: a one hundred and forty five square mile.
Speaker 7: City hearing in Oregon is set for Thursday as tensions
Speaker 7: grow between federal and local authorities.
Speaker 8: Now the Ladies forecast from the Train Heating and Cooling
Speaker 8: Weather Center on news radio seven hundred WLW.
Speaker 10: On the way to our Wednesday morning, We're looking at
Speaker 10: clearing skies. Seven am. Temperature of fifty three. Now our
Speaker 10: Wednesday is going to be mostly sunny, a high though
Speaker 10: of just sixty eight at night, clear and much cooler.
Speaker 10: We're dropping down to forty three from your severe weather station.
Speaker 10: I'm nine First Warning Chief Meteorologist Steve Rawley, News Radio
Speaker 10: seven hundred WLW. Right now sixty two degrees.
Speaker 7: In Cincinnati, the driestate is facing what advocates call a
Speaker 7: historic low in foster parent numbers. Local agencies say homes
Speaker 7: in Greater Cincinnati are at capacity, and the shortage has
Speaker 7: intensified since abortion restrictions took effect.
Speaker 3: In Ohio.
Speaker 7: More than thirty three one thousand children are in care
Speaker 7: across the region, with some placed in group homes when
Speaker 7: foster families can't be found. Advocates say more families are
Speaker 7: needed to give kids stability and a safe place to
Speaker 7: grow and after more than a half a century away,
Speaker 7: the Children's Theater of Cincinnati is coming home. The company
Speaker 7: returns to the historic Historic Emery Theater this weekend after
Speaker 7: a two year, fifty million dollar renovation. The revamped space
Speaker 7: now features cutting edge technology, including a rotating stage lift
Speaker 7: and immersive lighting that surrounds the audience. The project also
Speaker 7: honors the theatre's history with design details that pay tribute
Speaker 7: to founder Mary Emery. The venue reopens on Friday with
Speaker 7: The Wizard of Oz Junior. Your next update is at
Speaker 7: one o'clock Breaking News anytime. I'm Travis Laird News Radio
Speaker 7: seven hundred.
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Speaker 11: you on one charge? Well, most people drive about forty
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Speaker 4: Not available in all steeds or situations.
Speaker 12: Here's your trucking forecast the Try State and the rest
Speaker 12: of the country and the tri State. Every night mostly
Speaker 12: cloudy the low down to fifty three sunshine Wednesday, high
Speaker 12: of sixty nine Thursday through Sunday, sunny skies. Highs are
Speaker 12: in the upper sixties Thursday, with temperatures in the low
Speaker 12: to mid seventies Friday and into the weekend. Nationally, there
Speaker 12: was a thread of flash flooding over the Ohio Valley
Speaker 12: and Central Appalachians Tuesday and into the nighttime hours. Moisture
Speaker 12: from Hurricane Priscilla bringing thunderstorm chances to the Southwest and
Speaker 12: Four Corners region starting Thursday, bringing at the least an
Speaker 12: isolated threat of flash flooding.
Speaker 4: Seven hundred wlw IM Kevin Gordon.
Speaker 3: This is America's struck A network.
Speaker 4: If you miss any of our previous segments, the under
Speaker 4: of our shows hit up that iHeartRadio app brought to
Speaker 4: you by our friends at Rush Truck Centers. We're talking
Speaker 4: about this a particular story. Despite economic uncertainty, US auto
Speaker 4: sales rise in the third Core, and I want to
Speaker 4: re emphasize this particular comment in here. Duncan Aldred, president
Speaker 4: of GM's North American operations, said consumer sentiment appears to
Speaker 4: have improved in recent months now. A couple of weeks,
Speaker 4: about a week or so ago, University of Michigan came
Speaker 4: out with their Consumer Confidence Consumer Sentiment Report.
Speaker 3: There's two reports that come out.
Speaker 4: One is Consumer Sentiment from the Michigan the State University
Speaker 4: of Michigan and their reports. Then the Commerce Department comes
Speaker 4: out with Consumer another type, it's called Consumer Confidence, and
Speaker 4: the two come out within a few days of each other. Now,
Speaker 4: when you're talking about sentiment, and the University of Michigan
Speaker 4: goes out with these surveys and talks to people, and
Speaker 4: then based on that feedback, they come back and do
Speaker 4: this Consumer's Sentiment report. Now, if you've got ninety four
Speaker 4: percent of the news reports and on the economy being negative,
Speaker 4: that is going to affect your mindset. And so when
Speaker 4: somebody comes you know, you may be doing well. And
Speaker 4: there's years ago. Let mean back up here a second.
Speaker 4: Years ago, when they were talking about different congressional races
Speaker 4: and they were talking about the reelection and the incumbents
Speaker 4: versus somebody trying to unseat somebody. They said, you know,
Speaker 4: Congress is at a very low rating. I think back
Speaker 4: then it was in the thirties or maybe forties or whatever.
Speaker 4: They're way down now. But when you talk to people,
Speaker 4: they say, yeah, I don't have any confidence in Congress.
Speaker 4: Congress is a bunch of scoundrels, and I don't like them,
Speaker 4: and they're they're they're bad. But when it came to
Speaker 4: their own congressman, their ratings were high. So it's one
Speaker 4: of those weird situations where every district, every congressional district,
Speaker 4: people love their congressmen, but overall everybody hates Congress. So
Speaker 4: it's like the individual components don't match. So it's the
Speaker 4: same way with this. You may be feeling these people
Speaker 4: may be feeling confident about their own situation. They may
Speaker 4: be feeling comfortable about how they're spending their money, the
Speaker 4: money that they're making, and the security of their job.
Speaker 4: But because they keep hearing this constant drumby from January
Speaker 4: about Tariff's going to raise interest rate or inflation rate,
Speaker 4: is going to lead to a recession, people are going
Speaker 4: to be thrown out on the street and all kinds
Speaker 4: of dire consequences. Then they have this in the back
Speaker 4: of their mind and they're thinking, well, as far as
Speaker 4: my current situation is good, but I'm worried about my neighbor,
Speaker 4: I'm worried about the people down the street. I'm worried
Speaker 4: about this particular industry and all this, so my confidence.
Speaker 3: In the economy not very high.
Speaker 4: But if my confidence in my own economy, my individual
Speaker 4: economy is very high. And so you have all this negativity.
Speaker 4: And in here the person that on the street, you
Speaker 4: know where the rubber meets the road, got a little
Speaker 4: bit of pun intended here talking about auto sales rubber meat.
Speaker 3: In the road.
Speaker 4: The head of the president of GM's North American Operations,
Speaker 4: consumer sentiment appears to have improved in recent months, again
Speaker 4: contrary to what we are seeing from some of these
Speaker 4: other reports. I think stability, clarity, and lack of blah
Speaker 4: blah blah.
Speaker 3: Hondai.
Speaker 4: North American American CEO Randy Parker expressed optimism about continued
Speaker 4: strong sales through the end of the year, pointing to
Speaker 4: recent interest rate cuts by the Federal Reserve. And those
Speaker 4: were minor interest rate cuts. If they were even more,
Speaker 4: if it was the half of percent that I've been
Speaker 4: calling for or the one percent that other people are
Speaker 4: calling for, imagine how the optimism with these car companies
Speaker 4: would be at that point. Cox's Automotive noticed sustained demand
Speaker 4: for mid sized crossovers and pickup trucks in September. However,
Speaker 4: Analyst Charlie Cheeseborough warned that new vehicle sales may decline
Speaker 4: in the coming months as automakers begin passing on increased
Speaker 4: costs to consumers. More tariff products are replacing existing inventory,
Speaker 4: and prices are expected to be pushed higher as automakers
Speaker 4: pass along higher costs on import costs which they haven't
Speaker 4: seen up to this point. Cox projects that I just
Speaker 4: added that little editorial on the end there. Cox expects
Speaker 4: General Motors will retain its top market share during the quarter,
Speaker 4: followed by Toyota, Teslas and so on. Toyta has not
Speaker 4: adjusted its production strategy in response to tariffs, and reported
Speaker 4: in August that it faces nine point five billion dollar
Speaker 4: impact from the levies. Damon Rose, head of Sales Toyota Brand,
Speaker 4: acknowledge the possibility of industry wide price hikes. We do
Speaker 4: think there'll be some industry price industry price increases. We've
Speaker 4: been monitoring and tracking that road. But from Toyota's perspective,
Speaker 4: we're going to be followers to that, not first movers.
Speaker 4: So they're holding off. They're worried about their market share.
Speaker 4: They're worried that if they raise their prices then other
Speaker 4: people will switch brands, and so they're not going to
Speaker 4: be the market leader in terms of raising these prices.
Speaker 4: They will be followers if other companies raise their prices,
Speaker 4: And if other companies are in the position that Toyota
Speaker 4: is and they're worried about their market share, then they
Speaker 4: will possibly be eating some more of these tariffs. The
Speaker 4: average retail price for new vehicles in September was projected
Speaker 4: to reach forty five thousand, seven hundred and ninety five dollars,
Speaker 4: up thirteen hundred dollars from the same period last year.
Speaker 4: In July and August, average year over year price increases
Speaker 4: were nine hundred and thirty eight to nine hundred and
Speaker 4: eighty five dollars, respectively.
Speaker 3: And they just.
Speaker 4: Dropped it there but filed away in my then told
Speaker 4: filing cabinet. I remember back when they were talking about
Speaker 4: all these different union contracts that were coming up.
Speaker 3: I've mentioned this before.
Speaker 4: We had the dock workers on the West coast, workers
Speaker 4: on the East coast all got substantial pay increases ups,
Speaker 4: their drivers got substantial pay increases. You have all of
Speaker 4: these different The railroad workers got paying massive pay increases.
Speaker 4: You had the UAW that got one of a major
Speaker 4: contract signing with the Big three. Remember they all went
Speaker 4: out Instead of going after each one of the individual
Speaker 4: companies individually, they decided, we're going to strike all three
Speaker 4: of the major automobile manufacturers and get one big, beautiful contract.
Speaker 4: That's not what they called it, but anyway, they wanted
Speaker 4: to get this one contract. And all the talk during
Speaker 4: that period of time. Once the dust settled and they
Speaker 4: got their contract, what did they say the average cost
Speaker 4: of the automobile based on the wages that were going
Speaker 4: to be paid to these workers, auto purchase prices will
Speaker 4: go up. Guess what, nine hundred dollars. So trying to
Speaker 4: pass this off on tariffs. No, as I've said before,
Speaker 4: if you look at what has been going on, and
Speaker 4: again I am not criticizing anybody that wants to make
Speaker 4: a decent living. If you know when you've got certain well, shoot,
Speaker 4: when you go back.
Speaker 3: To the Biden.
Speaker 4: Administration and when you had nine percent inflation in one
Speaker 4: month and four and five percent inflation during the time
Speaker 4: of his presidency, and people were still under the same
Speaker 4: contract before he went into office. They're losing money every
Speaker 4: year as a result of the price increases. So they're
Speaker 4: trying to get their wages back up to meet what
Speaker 4: they've lost over the last couple of years. Again, I
Speaker 4: don't fault somebody for doing that, but be honest about it.
Speaker 4: Don't blame it on tariffs, don't blame it on other factors,
Speaker 4: say what it actually comes from. We had the situation
Speaker 4: where we were looking at the inflation data, the fact
Speaker 4: that inflation numbers were coming up from the service sector,
Speaker 4: and the service sector is predicated on what wages, individual
Speaker 4: fees and stuff charged to the customers. It's not having
Speaker 4: anything to do with the tariffs. And what we were
Speaker 4: finding when we dug into the numbers there is that
Speaker 4: because the stock market has been doing so well, people
Speaker 4: have said, you know what, it's time for me to
Speaker 4: jump in. I'm kind of missing the boat here, so
Speaker 4: I'm going to jump into the stock market. And the
Speaker 4: fees went up as a result of the number and
Speaker 4: the volume of people going in to buy stocks, and
Speaker 4: so those prices went up and that added to inflation
Speaker 4: in that particular month. But everybody focused on the inflation
Speaker 4: increase as opposed to what the component of that was
Speaker 4: and the fact that service fees were going up because
Speaker 4: people were jumping into the market and the market was
Speaker 4: doing well, they were then making money off of those investments.
Speaker 4: That's a good thing, but it did cause a little
Speaker 4: problem as far as inflation that month. So again you
Speaker 4: got to put all these things in perspective and the
Speaker 4: fact that they just left this hanging of price increases
Speaker 4: were nine hundred and thirty eight dollars. Go back to
Speaker 4: the UAW contract and look at the things that were
Speaker 4: said then. They predicted then that this would add average
Speaker 4: value to the vehicle or cost to a vehicle of
Speaker 4: around nine hundred dollars. I'm Kevin Gordon. America's trucking Network
Speaker 4: seven hundred WLW.
Speaker 1: Running B by Mike CASHTREC Jeep in Fairfacts now recognized
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Speaker 4: This as americastruck a Network seven hundred WLW.
Speaker 3: I'm and Kevin Gordon.
Speaker 4: One of the stories that popped up over the last
Speaker 4: couple of days is, you know, with the government shutdown,
Speaker 4: we are now in day eight of the government shutdown,
Speaker 4: and just as a frame of reference, if you will,
Speaker 4: we go back to the length of these different shutdowns
Speaker 4: over the years, and it was interesting to look at
Speaker 4: some of the data on that, the fact that back
Speaker 4: during the Reagan administration, he was in office for eight years,
Speaker 4: there was a government shutdown every year.
Speaker 3: That he was in office. During George H. W.
Speaker 4: Bush, during that period of time he was in office
Speaker 4: for four years, there was one government shutdown. Bill Clinton's
Speaker 4: time in office, there were two government shutdowns over his
Speaker 4: eight year period of time. Barack Obama one government shutdown
Speaker 4: during his eight year term, and in the first first
Speaker 4: term of Donald Trump's presidency back in twenty sixteen through
Speaker 4: twenty twenty, there were two government shutdowns. And it's interesting
Speaker 4: that these shutdowns happened when there is in They just
Speaker 4: can't get together in terms of, you know, trying to
Speaker 4: allow anybody to get a win. And it appears that
Speaker 4: when the Democrats want to go on well like now,
Speaker 4: I mean, the demands that they have as far as
Speaker 4: this budget is concerned, is just absolutely outrageous. The fact
Speaker 4: that they want to provide and they want to have
Speaker 4: and they keep saying health care for Americans, No, the
Speaker 4: health care for Americans is taken care of. What they
Speaker 4: want to do is add more in there for some
Speaker 4: of these people that are not legal citizens. And by
Speaker 4: putting this burden on the American people, this is going
Speaker 4: to cause a problem. And rather than address that through
Speaker 4: other measures, they're trying to cram this in as part
Speaker 4: of the health Let's just get into some of the
Speaker 4: numbers here. But again, it's interesting that during Bill Clinton's time,
Speaker 4: and this was during a period of time that the
Speaker 4: shutdown was twenty one days during the Clinton years, that
Speaker 4: this was where the Clinton mentioned that the era of
Speaker 4: big government is over. That was during that period of
Speaker 4: time where they actually balance the budget as a result
Speaker 4: of the Republicans at the time kind of reining in
Speaker 4: some of his liberal policies that would have added to
Speaker 4: the debt. So these are the kinds of things that
Speaker 4: need to be worked out, But you don't pile a
Speaker 4: million one point five trillion.
Speaker 3: More dollars on our debt for all.
Speaker 4: These wishful thinking and stuff from the Democrats that they
Speaker 4: want to push into these bills. We need to get
Speaker 4: our house in order, and some of these cuts need
Speaker 4: to take place. But again, with these cuts and with
Speaker 4: these government shutdowns.
Speaker 3: This is affecting the.
Speaker 4: Trucking industry or the Department of Transportation, and some of
Speaker 4: the stuff that's going on there kind of run through
Speaker 4: some of this.
Speaker 3: We're into that day. We're into the days of the
Speaker 3: eighth day.
Speaker 4: As I mentioned of the federal shutdown, Federal Motor Carrier
Speaker 4: Safety Administration, with jurisdiction over trucking Transportation quote, has sufficient
Speaker 4: balances of liquidating cash to operate during the short term
Speaker 4: lapse of annual operations, according to the guidance document the
Speaker 4: Department published on September thirtieth. Federal Highway Administration, which manages
Speaker 4: freight and commuter corridors, also has sufficient liquidating funds to
Speaker 4: continue as normal during this lapse. Both agencies. I mentioned
Speaker 4: this the other day. Both agencies are primarily backed by
Speaker 4: the Highway Trust Fund Accounts, which operates through the revenue
Speaker 4: generated via the twenty four point four cent per gallon
Speaker 4: diesel tax and eighteen point four cent per gallon gasoline tax.
Speaker 4: None of the workforce at these agencies of one thousand
Speaker 4: eighty four staffers at FMCSA and twenty six two hundred
Speaker 4: at Federal Highway Administration will be furloughed I question, why
Speaker 4: are these other government agencies funded out of federal income taxes?
Speaker 4: And these people when we were told that these gasoline
Speaker 4: taxes would go into effect years ago, that this gasoline
Speaker 4: tax was going to be collected so that we could
Speaker 4: maintain and rebuild and build new roads for the highway
Speaker 4: people that use it.
Speaker 3: In other words, it's a user fee.
Speaker 4: You're not going if you're not using gasoline, you're not
Speaker 4: going to be paying that gasoline tax, which means that
Speaker 4: if you're not using the highways, you're not going to
Speaker 4: be buying gas.
Speaker 3: So it is a user fee.
Speaker 4: Why are those user fees that are supposed to be
Speaker 4: replacing the roads keeping them from being deteriorated? And I
Speaker 4: know you've been out there and driving these roads. I
Speaker 4: know you're out on the freeway. I know that just
Speaker 4: the area where I live, how crappy area roads are,
Speaker 4: how bumpy they are, how how many potholes there are,
Speaker 4: how many times this you know you have to It's
Speaker 4: almost like you've got to sneak your way through a
Speaker 4: particular set of streets in order to avoid potholes. Our
Speaker 4: roads are deteriorating, and yet we don't have the funding
Speaker 4: mechanism in there to prevent and and look at the
Speaker 4: look at the wear and tear on your trucks. You know,
Speaker 4: you're hitting these roads. I mean you're you're hitting these potholes,
Speaker 4: You're hitting some of the crappy roads that are out there.
Speaker 4: Yet we have the mechanism that was supposed to fund that,
Speaker 4: but out of that, we're funding other things that are
Speaker 4: not highway related. And it's just irritating me that that
Speaker 4: that keeps going on. Other agencies within an Apartment of Transportation, Uh,
Speaker 4: they will be furlowing people.
Speaker 3: One of the areas that they talked about.
Speaker 4: Department of Transportation emphasizes the essential personnel, such as, now,
Speaker 4: these are essential personnel, right when you have government shutdowns,
Speaker 4: it's not it's the non essential peace people that are
Speaker 4: generally furloughed, and they are furloughed without pay until the
Speaker 4: government shutdown is over. Then they come back and they
Speaker 4: get their back pay because that contractor that money would
Speaker 4: be appropriated from the beginning of the fiscal year up
Speaker 4: to this point, so they get that money back. Essential
Speaker 4: workers generally get paid. Department emphasized that essential personnels such
Speaker 4: as air Traffic Control Service will continue to report to
Speaker 4: work during the shutdown, as well as partners from other
Speaker 4: agencies such as Transportation, Security Administration. However, these people are
Speaker 4: gonna be going to work without pay. Now we have
Speaker 4: Congress who are in my opinion, are they essential workers
Speaker 4: or non essential workers? But sure as hell they're gonna
Speaker 4: get paid while the government is shut down. Whether they're
Speaker 4: in session or not, they're gonna get paid. This is
Speaker 4: one of those things about the Congress that really irritates me.
Speaker 4: They always set these rules for you and me, but
Speaker 4: they don't abide by the same rules. If they're none
Speaker 4: are they essential, then they should be there negotiating and
Speaker 4: getting this budget done. You've got the entire year to
Speaker 4: get the budget done, and you wait till the last minute.
Speaker 4: I would say, if that's the case, they're non essential
Speaker 4: and they shouldn't get paid. If they're not getting paid,
Speaker 4: I damn sure know that they're going to come.
Speaker 3: To a resolution in a big hurry.
Speaker 4: Also, we talk about the Affordable Care Act Obamacare and
Speaker 4: all this sort of stuff. Guess who's exempted from that.
Speaker 4: They've got their own insurance that they have, but that's
Speaker 4: not okay. That's okay for them, but we have to
Speaker 4: go under the Obamacare, which is less and not as
Speaker 4: good as quality care and as good of insurance policy
Speaker 4: as the Congress has. So they're not subject to the
Speaker 4: laws that they force on us, the mandates and so on.
Speaker 4: They're all taken care of, so they don't have to
Speaker 4: go to work. They can shut the government down, still
Speaker 4: get paid, They can still get their health healthcare because
Speaker 4: they're outside the system, they don't have to rely on Obamacare.
Speaker 3: They have their own standalone system. And yet we peons out.
Speaker 4: Here have to deal with the problems and the inefficiencies
Speaker 4: of this government. Again, the breakdown has to do with
Speaker 4: health care and accounts for immigration stat based on immigration status.
Speaker 4: That seems to be the biggest sticking point as far
Speaker 4: as the negotiations are concerned. And yet on and on
Speaker 4: and on. National Retail Federation said, we urge Congress to
Speaker 4: swiftly to reopen the federal government. With a holiday season
Speaker 4: fast approaching, the economic uncertainty caused by a government shutdown,
Speaker 4: there's your government under your economic uncertainty right there, my friends.
Speaker 3: With the government.
Speaker 4: Shutdown is both unnecessary and damaging, further eroding consumer confidence
Speaker 4: at a critical time. While retailers face many external challenges,
Speaker 4: beyond the control of policymakers.
Speaker 3: This is not one of them.
Speaker 4: A shutdown is avoidable, and his impact is entirely within
Speaker 4: the power of Congress to resolve that. From the National
Speaker 4: Retail Federation, well, folks, we're up against clock. Time for
Speaker 4: a scoot out the door. Stay tuned for red Eye Radio.
Speaker 4: At the top the hour, I'm Kevin Gordon, America's struck
Speaker 4: In Network seven hundred WLW.
Speaker 8: News Traffic and Weather. News Radio seven hundred WLW, Cincinnati.
Speaker 7: One week until the government shutdown and not a move
Speaker 7: was made, but the top of the hour reports I'm
Speaker 7: Lee Mallin breaking now.