1 00:00:04,559 --> 00:00:07,760 Speaker 1: This is America's Trucking Network with Kevin Gordon. 2 00:00:09,400 --> 00:00:10,160 Speaker 2: Well the Lord. 3 00:00:10,400 --> 00:00:14,640 Speaker 3: Thanks for tuning in on this Thursday morning well Line 4 00:00:14,680 --> 00:00:18,160 Speaker 3: and Jerry Powell. We'll get to his comments and what 5 00:00:18,200 --> 00:00:22,600 Speaker 3: the Federal Reserve did later on the show. But yesterday 6 00:00:22,680 --> 00:00:26,479 Speaker 3: I talked about looking at inflation rates and what other 7 00:00:26,600 --> 00:00:29,680 Speaker 3: things are going on, and I mentioned that I was 8 00:00:29,720 --> 00:00:33,360 Speaker 3: going to go into a discussion of where some of 9 00:00:33,360 --> 00:00:36,480 Speaker 3: the inflation is coming from, and it isn't from teriffs. 10 00:00:36,520 --> 00:00:40,479 Speaker 3: So let's get started with that headline. Four states have 11 00:00:40,640 --> 00:00:45,479 Speaker 3: begun charging higher diesel and gas taxes at the beginning 12 00:00:45,560 --> 00:00:48,720 Speaker 3: of the year. Now, I would encourage you in your 13 00:00:48,760 --> 00:00:51,960 Speaker 3: own state, no matter where you are, do a quick 14 00:00:52,040 --> 00:00:56,200 Speaker 3: search and say what taxes went up at the beginning 15 00:00:56,280 --> 00:00:59,640 Speaker 3: of the years, what of the beginning of twenty twenty six, 16 00:01:00,200 --> 00:01:04,320 Speaker 3: what other regulations have gone into effect? Because if they 17 00:01:04,520 --> 00:01:08,080 Speaker 3: increased or somewhere along the line, increase their sales tax 18 00:01:08,120 --> 00:01:11,880 Speaker 3: within your state or some other little tax, you will 19 00:01:11,920 --> 00:01:16,840 Speaker 3: see those tax will items go up and you will think, Okay, 20 00:01:17,160 --> 00:01:21,320 Speaker 3: those items have gone up. As opposed to that, it's 21 00:01:21,360 --> 00:01:23,880 Speaker 3: the taxes that have gone up, and you'll think, oh, well, 22 00:01:23,959 --> 00:01:27,039 Speaker 3: everybody talking about tariffs, that's where it's going up. But 23 00:01:27,160 --> 00:01:30,080 Speaker 3: when you take into consideration some of these additional taxes, 24 00:01:30,280 --> 00:01:32,679 Speaker 3: that's where you'll see some of those increase. Plus, I've 25 00:01:32,680 --> 00:01:35,840 Speaker 3: got a bunch of stories talking about how salaries and 26 00:01:35,880 --> 00:01:37,880 Speaker 3: wages have gone up over the last couple of years 27 00:01:38,400 --> 00:01:42,440 Speaker 3: in Michigan. Let's see the state's in Michigan, New Jersey, Minnesota, 28 00:01:42,440 --> 00:01:45,600 Speaker 3: and Florida adopted fuel rate increases for twenty twenty six, 29 00:01:45,600 --> 00:01:52,120 Speaker 3: while just one state, Utah, reduced its motor fuel rate. 30 00:01:52,160 --> 00:01:53,840 Speaker 2: Tax rates Michigan. 31 00:01:54,840 --> 00:01:58,320 Speaker 3: The rule change resulted in a large jump in fuel 32 00:01:58,400 --> 00:02:03,559 Speaker 3: taxes tax rates. Michigan previously maintained a fixed thirty one 33 00:02:03,720 --> 00:02:08,320 Speaker 3: cent per gallon motor vehicle fuel tax at a conditional 34 00:02:08,520 --> 00:02:12,960 Speaker 3: six and a conditional six percent sales tax, but the 35 00:02:13,040 --> 00:02:16,880 Speaker 3: state legislature last year passed a law to increase the 36 00:02:16,919 --> 00:02:21,079 Speaker 3: base per gallon tax on gasoline and diesel to fifty 37 00:02:21,440 --> 00:02:26,480 Speaker 3: one cens So they raised the gas tax twenty cents 38 00:02:26,560 --> 00:02:30,560 Speaker 3: a gallon twenty cents a gallon up to fifty one 39 00:02:30,600 --> 00:02:33,200 Speaker 3: cents from thirty one cents a gallon, and also applied 40 00:02:33,280 --> 00:02:37,040 Speaker 3: a two point seven percent inflation adjustment to the base 41 00:02:37,160 --> 00:02:40,120 Speaker 3: rate that lift the number to fifty two point four 42 00:02:40,560 --> 00:02:43,600 Speaker 3: cents per gallon. So you know, start of the year, 43 00:02:43,639 --> 00:02:46,000 Speaker 3: you know, we had gas prices going down all across 44 00:02:46,520 --> 00:02:48,960 Speaker 3: the country, and then all of a sudden, you and 45 00:02:49,040 --> 00:02:53,360 Speaker 3: Michigan get to see that twenty percent increase just because 46 00:02:53,400 --> 00:02:56,600 Speaker 3: of the taxes paced passed by your legislature. New Jersey, 47 00:02:56,680 --> 00:03:01,040 Speaker 3: the Garden State projected one percent decline in fiscal year 48 00:03:01,120 --> 00:03:04,840 Speaker 3: twenty twenty six. Consumption of diesel and gas resulted in 49 00:03:04,880 --> 00:03:08,120 Speaker 3: a bump in motor fuel taxes. Diesel will now be 50 00:03:08,240 --> 00:03:12,080 Speaker 3: taxed at fifty six point one cents per gallon, while 51 00:03:12,080 --> 00:03:16,040 Speaker 3: the gas tax rose to forty nine point one cent 52 00:03:16,080 --> 00:03:19,359 Speaker 3: per gallon. Due to the increases, formula dictates a four 53 00:03:19,400 --> 00:03:22,800 Speaker 3: point two percent rate increases. According to the State treasure 54 00:03:23,080 --> 00:03:27,080 Speaker 3: In Florida, a one point seven percent one point seven 55 00:03:27,200 --> 00:03:30,760 Speaker 3: nine percent annual increase in diesel fuel taxes took effect 56 00:03:30,800 --> 00:03:34,040 Speaker 3: in Florida, raising state and county tax rates to thirty 57 00:03:34,080 --> 00:03:37,680 Speaker 3: eight point nine cents per gallon compared to thirty eight 58 00:03:37,720 --> 00:03:40,720 Speaker 3: point two and twenty twenty five. The increase for diesel 59 00:03:40,760 --> 00:03:45,640 Speaker 3: included a state tax rate state tax rate adjustment for 60 00:03:45,720 --> 00:03:48,720 Speaker 3: all motor vehicles to twenty two cents up from twenty 61 00:03:48,760 --> 00:03:51,760 Speaker 3: one cents. Still a half a percent, you know, half 62 00:03:51,760 --> 00:03:55,200 Speaker 3: a point or half a penny, or you know, even 63 00:03:55,240 --> 00:03:58,040 Speaker 3: a one cent increase based on the number of gallons 64 00:03:58,040 --> 00:04:02,040 Speaker 3: that you pump on a regular especially for truck drivers 65 00:04:02,080 --> 00:04:06,680 Speaker 3: out there, adds up over time. Minnesota, Minnesota motor fuel 66 00:04:06,760 --> 00:04:11,440 Speaker 3: tax rate rose by two point five percent on diesel, biodiesel, 67 00:04:11,520 --> 00:04:14,520 Speaker 3: and gasoline to thirty two point six cents per gallon. 68 00:04:14,760 --> 00:04:18,279 Speaker 3: The excise tax adjustment is linked to a formula governed 69 00:04:18,320 --> 00:04:22,159 Speaker 3: by state law. So if you've got and we keep 70 00:04:22,200 --> 00:04:26,359 Speaker 3: hearing that inflation is up two point six percent, well 71 00:04:26,480 --> 00:04:29,679 Speaker 3: we see a twenty one percent increase or a twenty 72 00:04:29,680 --> 00:04:32,960 Speaker 3: percent increase, a two point seven percent increase or whatever, 73 00:04:33,400 --> 00:04:37,200 Speaker 3: just in gasoline taxes alone. So that is over what 74 00:04:37,240 --> 00:04:40,200 Speaker 3: the inflation rate would be. And of course, if you're 75 00:04:40,240 --> 00:04:43,200 Speaker 3: paying more for fuel, if you're in the delivery business, 76 00:04:43,320 --> 00:04:45,360 Speaker 3: you're going to have to charge more in order to 77 00:04:46,320 --> 00:04:49,600 Speaker 3: deliver those items, which means that the prices of those 78 00:04:49,600 --> 00:04:51,320 Speaker 3: things are going to go up and which we'll add 79 00:04:51,320 --> 00:04:54,760 Speaker 3: to inflation, Thank you very much. Different states around the country. 80 00:04:54,839 --> 00:04:57,840 Speaker 3: Now last year, the beginning of last year, we're talking 81 00:04:57,839 --> 00:05:00,800 Speaker 3: about January twenty twenty five. And these are some of 82 00:05:00,839 --> 00:05:03,080 Speaker 3: the things that are factored into all of the stuff 83 00:05:03,080 --> 00:05:05,680 Speaker 3: that we are seeing in terms of inflation or what 84 00:05:05,800 --> 00:05:09,560 Speaker 3: is going on in terms of prices within the individual stores. 85 00:05:09,960 --> 00:05:13,440 Speaker 3: Costco Wholesale Corp. Is raising pay for most of its 86 00:05:13,480 --> 00:05:16,800 Speaker 3: hourly US wages to more than thirty dollars per hour. 87 00:05:16,880 --> 00:05:21,200 Speaker 3: Amid contract hawks. The hourly rate went up one dollar 88 00:05:21,279 --> 00:05:26,119 Speaker 3: per hour and then with an additional dollar increase every 89 00:05:26,200 --> 00:05:27,679 Speaker 3: year for the next two years. 90 00:05:27,800 --> 00:05:28,560 Speaker 2: So that is a. 91 00:05:30,520 --> 00:05:34,159 Speaker 3: Let me see a ten percent raise over a three 92 00:05:34,240 --> 00:05:39,719 Speaker 3: year period of time. Looking at other US retailers, the 93 00:05:40,600 --> 00:05:43,680 Speaker 3: average hourly wage in the US retail workers stands at 94 00:05:43,720 --> 00:05:46,600 Speaker 3: fourteen point twelve cent at fourteen dollars and twelve. 95 00:05:46,440 --> 00:05:47,719 Speaker 2: Cents per hour. 96 00:05:48,240 --> 00:05:51,359 Speaker 3: Walmart, Incs set at the beginning of last year, was 97 00:05:51,400 --> 00:05:55,039 Speaker 3: going to increase compensation for its market managers, those people 98 00:05:55,080 --> 00:05:59,120 Speaker 3: that supervised different store managers. That's going up along with 99 00:05:59,200 --> 00:06:03,240 Speaker 3: pay options and stock options. Walmart, Target and other big 100 00:06:03,240 --> 00:06:06,600 Speaker 3: box retailers have had to raise pay for store workers 101 00:06:06,680 --> 00:06:11,200 Speaker 3: in recent years because of the people are looking at 102 00:06:11,240 --> 00:06:14,040 Speaker 3: what they can get if they claim disability or they 103 00:06:14,120 --> 00:06:17,279 Speaker 3: go on some sort of subsistence that if they can't, 104 00:06:17,320 --> 00:06:19,400 Speaker 3: you know, if they make more money doing that as 105 00:06:19,400 --> 00:06:22,120 Speaker 3: opposed to going to work. So these retailers have had 106 00:06:22,120 --> 00:06:25,520 Speaker 3: to increase their pay. Now, I'm not begrudging people making 107 00:06:25,560 --> 00:06:29,600 Speaker 3: an honest wage, and I'm not begrudging people getting pay increases. 108 00:06:29,839 --> 00:06:33,200 Speaker 3: What I rail at is that if people are going 109 00:06:33,240 --> 00:06:37,760 Speaker 3: to blame increase and cost on tariffs, when tariffs have 110 00:06:37,880 --> 00:06:40,720 Speaker 3: nothing to do with that, and it's the hourly rate 111 00:06:40,920 --> 00:06:43,360 Speaker 3: that is being paid or the salaries that are being 112 00:06:43,400 --> 00:06:47,080 Speaker 3: paid to company executives or whatever. That's where you're seeing 113 00:06:47,320 --> 00:06:49,560 Speaker 3: a lot of the inflation, and nobody's talking about it 114 00:06:49,960 --> 00:06:53,719 Speaker 3: except here on America's Trucking Network. Now I make a 115 00:06:53,800 --> 00:06:57,760 Speaker 3: comment here and I'll say, you know, I wonder how 116 00:06:57,800 --> 00:07:01,480 Speaker 3: long it will take before somebody on one of these 117 00:07:01,520 --> 00:07:05,359 Speaker 3: other news stations like Fox or something like that brings 118 00:07:05,400 --> 00:07:07,640 Speaker 3: this up down the road. So when you hear that 119 00:07:07,760 --> 00:07:09,800 Speaker 3: and they start talking about it, you know where you 120 00:07:09,920 --> 00:07:12,480 Speaker 3: hear it first, because again, we're so far ahead of 121 00:07:12,480 --> 00:07:12,840 Speaker 3: the curve. 122 00:07:13,200 --> 00:07:13,400 Speaker 2: Now. 123 00:07:13,520 --> 00:07:17,120 Speaker 3: I keep mentioning the fact of some of these union 124 00:07:17,160 --> 00:07:19,520 Speaker 3: contracts that took place over the last couple of years 125 00:07:19,560 --> 00:07:23,080 Speaker 3: and what those have done this story towards the end 126 00:07:23,120 --> 00:07:28,560 Speaker 3: of last year, talked about auto workers, hotel housekeepers, aircraft 127 00:07:28,600 --> 00:07:33,320 Speaker 3: assembly workers, and various other groups that got pay increases, 128 00:07:33,680 --> 00:07:37,680 Speaker 3: and then their pay increases will jump about fifty percent 129 00:07:37,800 --> 00:07:41,520 Speaker 3: over a five year period of the contract we had. 130 00:07:41,960 --> 00:07:46,080 Speaker 3: Let me see. Between twenty twenty two and twenty twenty three, 131 00:07:46,120 --> 00:07:48,800 Speaker 3: the number of work stoppages rose nine percent to four 132 00:07:48,840 --> 00:07:54,560 Speaker 3: hundred and sixty six strikes, four lockouts. Work stops US 133 00:07:54,560 --> 00:07:57,800 Speaker 3: approximately five hundred and thirty nine thousand was more than 134 00:07:58,040 --> 00:08:02,200 Speaker 3: double than the previous year. The database maintained by Cornell 135 00:08:02,320 --> 00:08:06,600 Speaker 3: and School of Law, Labor Relations, etc. They reported US 136 00:08:06,760 --> 00:08:11,600 Speaker 3: ports and International Longshoreman's Association DOC workers at thirty six 137 00:08:11,680 --> 00:08:15,040 Speaker 3: point ports from Maine to Texas hit the picket lines. 138 00:08:15,040 --> 00:08:17,520 Speaker 3: You may remember that towards the end of let me see, 139 00:08:17,480 --> 00:08:20,640 Speaker 3: it was in October of Towards the end of October 140 00:08:20,800 --> 00:08:24,080 Speaker 3: going into twenty twenty five, I believe it was forty 141 00:08:24,120 --> 00:08:28,200 Speaker 3: five thousand members of the International Longshoremen. Their offer was 142 00:08:28,440 --> 00:08:33,479 Speaker 3: fifty percent raise over six years, tripled the employer contributions 143 00:08:33,520 --> 00:08:38,600 Speaker 3: to retirement plans, and strengthened healthcare options, which means more 144 00:08:38,880 --> 00:08:44,319 Speaker 3: dollars towards healthcare. Auto aircraft assembly workers walked off at 145 00:08:44,360 --> 00:08:48,360 Speaker 3: Boeing International Association and Machinists workers there have been holding 146 00:08:48,400 --> 00:08:52,880 Speaker 3: out proposed pay increases there they say in here the 147 00:08:52,920 --> 00:08:56,880 Speaker 3: proposed contract go on strike. They didn't say a number, 148 00:08:56,920 --> 00:08:59,040 Speaker 3: but I know the number was pretty high because they 149 00:08:59,040 --> 00:09:03,040 Speaker 3: actually eventually went back to work. If you've seen increases 150 00:09:03,080 --> 00:09:06,360 Speaker 3: in video and games, video games according to the number 151 00:09:06,400 --> 00:09:09,360 Speaker 3: of people that are employed in that industry from SAG, 152 00:09:09,400 --> 00:09:12,560 Speaker 3: which is the Screen Actors Guild and AFTA, which is 153 00:09:12,600 --> 00:09:17,040 Speaker 3: the what is it the Actors Guild or whatever that 154 00:09:17,200 --> 00:09:20,320 Speaker 3: numbers mentioned down here later on or what that acronym 155 00:09:20,360 --> 00:09:23,880 Speaker 3: stands for earlier in the month, video game performance and 156 00:09:23,920 --> 00:09:27,080 Speaker 3: agreements with eighty different games. So if you've seen the 157 00:09:27,200 --> 00:09:30,040 Speaker 3: increase in the cost of these video games that you play, 158 00:09:30,480 --> 00:09:34,680 Speaker 3: that is where that has come from. The American AFTER 159 00:09:34,880 --> 00:09:38,680 Speaker 3: stands for American Federation of Television Radio Artists that began 160 00:09:38,800 --> 00:09:40,800 Speaker 3: their strike last year as well. 161 00:09:41,160 --> 00:09:42,440 Speaker 2: They all got pay raises. 162 00:09:42,720 --> 00:09:47,880 Speaker 3: Las Vegas Resorts, culinary and Workers' unions they got pay raises. 163 00:09:47,920 --> 00:09:50,559 Speaker 3: We'll go into that coming up. I'm Kevin Gordon, America's 164 00:09:50,600 --> 00:09:53,920 Speaker 3: Truck and Network seven hundred WLW. 165 00:09:55,000 --> 00:09:58,160 Speaker 1: What need this is the Briefing repord on America's trucking 166 00:09:58,200 --> 00:09:59,920 Speaker 1: network on seven hundred W. 167 00:10:01,400 --> 00:10:04,000 Speaker 4: This is the racing report on America's truck and Network. 168 00:10:04,000 --> 00:10:06,840 Speaker 4: The Olympic Winner games in Italy are just about a 169 00:10:06,840 --> 00:10:10,600 Speaker 4: week away. NASCAR and USA Luge announce a technical and 170 00:10:10,640 --> 00:10:16,040 Speaker 4: marketing partnership supporting sliding sports organization and with financial and 171 00:10:16,360 --> 00:10:21,160 Speaker 4: technical resources. Discount Tire has extended its partnership with Team 172 00:10:21,200 --> 00:10:24,640 Speaker 4: Penske in a multi year deal. Service primary sponsor for 173 00:10:24,679 --> 00:10:29,040 Speaker 4: Austin Cindric, Ryan Blaney and Joey Logano. Richard Childress is 174 00:10:29,040 --> 00:10:32,679 Speaker 4: going to receive the prestigious twenty twenty six Horatio Algro Award, 175 00:10:32,920 --> 00:10:36,560 Speaker 4: which goes to leaders who overcome adversity. Bass Pro Shops 176 00:10:36,559 --> 00:10:40,600 Speaker 4: in Winchester will continue their relationship with OURCR Racing in 177 00:10:40,679 --> 00:10:44,199 Speaker 4: twenty twenty six. The NASCAR season opens with the Exhibition 178 00:10:44,520 --> 00:10:48,480 Speaker 4: Cookout Class Sunday night at Bowman Gray Stadium in South Carolina. 179 00:10:48,920 --> 00:10:52,040 Speaker 4: Chase Elliott is the defending champion, but there may be 180 00:10:52,080 --> 00:10:54,440 Speaker 4: snow in that area. 181 00:10:54,559 --> 00:10:57,679 Speaker 1: This is the racing report on America's drug and Network 182 00:10:57,880 --> 00:10:59,679 Speaker 1: on seven hundred WLW. 183 00:11:00,280 --> 00:11:03,079 Speaker 4: This is the racing report on America's truck and Network. 184 00:11:03,520 --> 00:11:06,520 Speaker 5: This is an important notice to all US taxpayers. The 185 00:11:06,559 --> 00:11:09,199 Speaker 5: IRS is giving away billions of dollars into. 186 00:11:09,760 --> 00:11:11,319 Speaker 2: Different contract negotiations. 187 00:11:11,360 --> 00:11:13,320 Speaker 3: And I've been talking about this for the last several 188 00:11:13,360 --> 00:11:16,040 Speaker 3: months that when you look at what is going on 189 00:11:16,120 --> 00:11:19,040 Speaker 3: as far as increase in prices, you know, everybody is 190 00:11:19,080 --> 00:11:21,480 Speaker 3: trying to pass that off as oh, it's tariffs sor 191 00:11:21,520 --> 00:11:24,960 Speaker 3: it's this. But when you factor in the number of people, 192 00:11:25,160 --> 00:11:29,240 Speaker 3: and I keep saying this, I don't begrudge people getting 193 00:11:29,280 --> 00:11:31,680 Speaker 3: pay increases. If you look at a lot of the 194 00:11:31,720 --> 00:11:35,240 Speaker 3: different companies, and especially some of the contracts to union 195 00:11:35,280 --> 00:11:41,280 Speaker 3: workers prior to COVID, when before the before the pandemic happened, 196 00:11:41,600 --> 00:11:44,760 Speaker 3: they were coming up to the end of their contract 197 00:11:44,960 --> 00:11:48,439 Speaker 3: and we're in the process of negotiations. But when things 198 00:11:48,679 --> 00:11:52,560 Speaker 3: hit the fan in twenty twenty and then the recovery 199 00:11:52,880 --> 00:11:56,560 Speaker 3: and the supply chain issues at twenty twenty one, these 200 00:11:56,720 --> 00:12:00,679 Speaker 3: contract negotiations got put on hold and they didn't pick 201 00:12:00,800 --> 00:12:03,760 Speaker 3: up until latter half of twenty twenty two or twenty 202 00:12:03,840 --> 00:12:06,480 Speaker 3: twenty three. Dragged on for a few months and got 203 00:12:06,480 --> 00:12:08,480 Speaker 3: to a point where they said, you know, we have 204 00:12:08,600 --> 00:12:10,680 Speaker 3: been without our people have been without a pay raise 205 00:12:10,840 --> 00:12:14,520 Speaker 3: since the end of twenty nineteen, and it's about time 206 00:12:14,520 --> 00:12:17,360 Speaker 3: you get to the table and we discussed these things. 207 00:12:17,600 --> 00:12:17,840 Speaker 2: Now. 208 00:12:17,960 --> 00:12:20,359 Speaker 3: As a result of that, a lot of these contracts 209 00:12:20,360 --> 00:12:23,720 Speaker 3: were backdated. People got signed, you know, the union workers 210 00:12:23,760 --> 00:12:27,400 Speaker 3: got signing bonuses to the tune of about fifteen thousand 211 00:12:27,440 --> 00:12:30,640 Speaker 3: dollars lump sum payment, which may not seem like a lot, 212 00:12:30,679 --> 00:12:33,319 Speaker 3: but when you multiply that by the thousands of autoworkers 213 00:12:33,360 --> 00:12:36,560 Speaker 3: there were, that adds up to a tremendous chunk of change. 214 00:12:36,679 --> 00:12:38,840 Speaker 3: Then in a lot of this stuff, they actually got 215 00:12:38,880 --> 00:12:42,160 Speaker 3: a fifty percent increase over the five year or six 216 00:12:42,240 --> 00:12:46,120 Speaker 3: years of the respective contract, depending upon what company it's with. 217 00:12:46,400 --> 00:12:48,920 Speaker 3: We left off of talking about video games with the 218 00:12:49,280 --> 00:12:53,079 Speaker 3: contract negotiation with SAG and after a now strength scheme, 219 00:12:53,480 --> 00:12:57,360 Speaker 3: Screen Actors Guild or American Federation and Television Radio Artists 220 00:12:57,480 --> 00:13:01,440 Speaker 3: they settled their contract. So again, if you these prices 221 00:13:01,480 --> 00:13:03,880 Speaker 3: going up as far as the video games that you play, 222 00:13:04,200 --> 00:13:07,240 Speaker 3: that is part of the salaries for those people, and 223 00:13:07,280 --> 00:13:10,360 Speaker 3: there's actors that performing that or the voiceovers that they 224 00:13:10,400 --> 00:13:15,000 Speaker 3: do that affects the price of those particular games. Las 225 00:13:15,120 --> 00:13:18,240 Speaker 3: Vegas resorts and culinary workers they went out on strike. 226 00:13:18,600 --> 00:13:21,760 Speaker 3: They got a pay increase covered four thousand hotel and 227 00:13:21,840 --> 00:13:26,280 Speaker 3: casino workers. On the heels of that, other hospitality workers 228 00:13:26,360 --> 00:13:28,560 Speaker 3: around the country said, hey, you know what, if they 229 00:13:28,600 --> 00:13:31,600 Speaker 3: can get that, so can we. So another forty thousand 230 00:13:31,720 --> 00:13:35,360 Speaker 3: hospitality workers went on strike or at least threatened strikes 231 00:13:35,360 --> 00:13:40,839 Speaker 3: at eighteen different properties and so on, involving individual companies 232 00:13:41,320 --> 00:13:46,640 Speaker 3: and the management companies MGM Resorts International, Caesar's International, and 233 00:13:46,679 --> 00:13:49,360 Speaker 3: Win Resorts had to contract. 234 00:13:48,880 --> 00:13:50,559 Speaker 2: Negotiations with their employees. 235 00:13:51,040 --> 00:13:55,079 Speaker 3: Those wins included two pay thirty two percent pay increase 236 00:13:55,400 --> 00:13:59,360 Speaker 3: over five years for a lot of the housekeeping. They 237 00:13:59,440 --> 00:14:01,920 Speaker 3: reduced the workload on them, so, in other words, they 238 00:14:01,960 --> 00:14:03,600 Speaker 3: would have to hire more people to do the same 239 00:14:03,600 --> 00:14:07,079 Speaker 3: amount of work, improve job security and investments and technology 240 00:14:07,400 --> 00:14:12,320 Speaker 3: with artific and protect them from artificial intelligence bump. And 241 00:14:12,360 --> 00:14:15,080 Speaker 3: pay under those contracts will amount to an average of 242 00:14:15,120 --> 00:14:16,959 Speaker 3: thirty five dollars per hour. 243 00:14:16,800 --> 00:14:18,079 Speaker 2: By the end of the contracts. 244 00:14:18,280 --> 00:14:21,920 Speaker 3: According to union workers these various properties, that is a 245 00:14:22,080 --> 00:14:27,040 Speaker 3: thirty five percent increase from where they were before. Kaiser 246 00:14:28,520 --> 00:14:33,840 Speaker 3: Permente and healthcare workers they got the bug. Eighty five 247 00:14:33,920 --> 00:14:37,640 Speaker 3: thousand healthcare workers reacted to a tentative agreement with the industry, 248 00:14:37,920 --> 00:14:41,880 Speaker 3: a giant Kaiser, they got a twenty one percent wage 249 00:14:41,960 --> 00:14:47,040 Speaker 3: increase over four years. The automakers UAW. They looked at 250 00:14:47,080 --> 00:14:49,160 Speaker 3: their contract and they said, well, you know, instead of 251 00:14:49,200 --> 00:14:52,280 Speaker 3: doing piecemeal they were going to instead of taking on 252 00:14:52,520 --> 00:14:57,000 Speaker 3: GM and then maybe General Motors and then Chrysler which 253 00:14:57,040 --> 00:15:00,120 Speaker 3: is now Stilantis, what they did they said, Okay, we're 254 00:15:00,160 --> 00:15:02,040 Speaker 3: going to do this in one fell swoop. We're going 255 00:15:02,120 --> 00:15:04,240 Speaker 3: to strike all three of them at the same time. 256 00:15:04,560 --> 00:15:07,200 Speaker 3: Instead of piecemealing this out, we'll get it all in 257 00:15:07,240 --> 00:15:11,720 Speaker 3: one lump sum. And those contract negotiations wound up being, 258 00:15:12,160 --> 00:15:15,240 Speaker 3: let me see, translate to a thirty three percent wage 259 00:15:15,280 --> 00:15:17,800 Speaker 3: gain in some of the workers in terms of the 260 00:15:18,960 --> 00:15:21,120 Speaker 3: top end. And one of the things that was kind 261 00:15:21,120 --> 00:15:25,280 Speaker 3: of infuriating. Just refresh your memory. One of the things 262 00:15:25,360 --> 00:15:29,120 Speaker 3: they talked about is that now GM or the different 263 00:15:29,160 --> 00:15:32,560 Speaker 3: automobile manufacturers, they would have a couple of tier like 264 00:15:32,640 --> 00:15:35,320 Speaker 3: a three tier pay scale that if you come in 265 00:15:35,520 --> 00:15:37,880 Speaker 3: and you just start, you know, come in off the street, 266 00:15:37,920 --> 00:15:40,200 Speaker 3: you at a certain rate, and then after a little 267 00:15:40,240 --> 00:15:42,680 Speaker 3: bit of time or a period of time, you go 268 00:15:42,760 --> 00:15:44,720 Speaker 3: up to the next tier and then eventually to the 269 00:15:44,800 --> 00:15:49,840 Speaker 3: higher tier. What the union UAW workers were saying, or 270 00:15:49,880 --> 00:15:52,760 Speaker 3: the union officials, they said they should do away with 271 00:15:52,840 --> 00:15:55,560 Speaker 3: that and these people should be brought in at or 272 00:15:55,680 --> 00:15:59,360 Speaker 3: near what the top tier people were making. To which 273 00:15:59,440 --> 00:16:02,600 Speaker 3: I made the at the time, is that, in other words, 274 00:16:02,600 --> 00:16:05,880 Speaker 3: what they're telling their employees is that those aren't skilled 275 00:16:05,960 --> 00:16:09,640 Speaker 3: labor jobs, that anybody walking off the street requires no 276 00:16:09,800 --> 00:16:13,640 Speaker 3: real training, no hours of service, no period of time 277 00:16:13,680 --> 00:16:16,320 Speaker 3: to break in and get familiar with the equipment and whatever, 278 00:16:16,600 --> 00:16:18,720 Speaker 3: that they somebody walking in off the street can do 279 00:16:18,840 --> 00:16:20,840 Speaker 3: just as good a job as somebody that's been there 280 00:16:20,880 --> 00:16:21,880 Speaker 3: for four or five years. 281 00:16:22,480 --> 00:16:22,760 Speaker 2: Now. 282 00:16:22,840 --> 00:16:25,520 Speaker 3: Drilling down into the contract, there were some things where 283 00:16:25,760 --> 00:16:28,200 Speaker 3: the person coming in off the street had you know, 284 00:16:28,280 --> 00:16:32,080 Speaker 3: had started you know, starting pay, they were locked into 285 00:16:32,120 --> 00:16:34,360 Speaker 3: that for a period of two years. I don't think 286 00:16:34,480 --> 00:16:36,640 Speaker 3: I think that was a little extreme. It probably could 287 00:16:36,680 --> 00:16:39,320 Speaker 3: be done over a year period of time and then 288 00:16:39,400 --> 00:16:41,720 Speaker 3: bump them up to that next tier. But if they're 289 00:16:41,760 --> 00:16:43,960 Speaker 3: saying that somebody off the street should be making the 290 00:16:43,960 --> 00:16:45,920 Speaker 3: same amount of money that somebody has been there for 291 00:16:45,960 --> 00:16:48,960 Speaker 3: four or five, even thirty years, what they basically say 292 00:16:49,040 --> 00:16:51,560 Speaker 3: is that their workers are unskilled. And I didn't think 293 00:16:51,600 --> 00:16:54,680 Speaker 3: that was very fair to their workers or to the 294 00:16:54,720 --> 00:16:57,600 Speaker 3: members of their union. But again that wound up being 295 00:16:57,880 --> 00:17:00,080 Speaker 3: let me see, assembly plant workers were to receive an 296 00:17:00,120 --> 00:17:04,040 Speaker 3: immediate eleven percent raises and then another thirty three percent 297 00:17:04,119 --> 00:17:07,800 Speaker 3: over the length of the contract, so basically another you know, 298 00:17:08,000 --> 00:17:10,639 Speaker 3: they were getting about a fifty percent increase in pay 299 00:17:10,840 --> 00:17:13,800 Speaker 3: from where they were in twenty nineteen, well actually twenty 300 00:17:14,119 --> 00:17:18,360 Speaker 3: twenty two, twenty twenty three thereabouts, so their contract is up, 301 00:17:18,400 --> 00:17:18,800 Speaker 3: I believe. 302 00:17:18,800 --> 00:17:19,960 Speaker 2: In twenty twenty eight. 303 00:17:20,240 --> 00:17:23,720 Speaker 3: UPS and Teamsters they went on strike. They got a 304 00:17:23,760 --> 00:17:25,960 Speaker 3: power they got to bump and pay up to twenty 305 00:17:26,000 --> 00:17:29,120 Speaker 3: one dollars an hour the UPS full time driver will 306 00:17:29,119 --> 00:17:33,359 Speaker 3: now make over well up to and over one hundred 307 00:17:33,400 --> 00:17:39,280 Speaker 3: and seventy thousand dollars per year. Hollywood actors in the studios, 308 00:17:39,320 --> 00:17:43,000 Speaker 3: they went on strike. They got a pay increase, and 309 00:17:43,040 --> 00:17:46,640 Speaker 3: of course they were negotiating over the use of artificial intelligence, 310 00:17:46,680 --> 00:17:48,600 Speaker 3: because they wanted to make sure that they were actually 311 00:17:49,960 --> 00:17:53,879 Speaker 3: actors performing the voiceovers or actually the images of the 312 00:17:53,920 --> 00:17:57,240 Speaker 3: actors doing these things, as opposed to something developed by 313 00:17:57,480 --> 00:18:00,480 Speaker 3: artificial intelligence. So they were trying to protect that and 314 00:18:00,480 --> 00:18:02,960 Speaker 3: make sure that they kept their jobs. So a lot 315 00:18:02,960 --> 00:18:05,480 Speaker 3: of these pay increases and stuff that we see is 316 00:18:05,520 --> 00:18:09,000 Speaker 3: what is factoring into part of the inflation that we've 317 00:18:09,040 --> 00:18:11,600 Speaker 3: seen over the last couple of years. And as I 318 00:18:11,680 --> 00:18:14,159 Speaker 3: mentioned the other day, that isn't going to go away. 319 00:18:14,480 --> 00:18:16,960 Speaker 3: If you're telling somebody that they're going to be paid 320 00:18:17,520 --> 00:18:20,119 Speaker 3: fifty percent more over the next six years, you're not 321 00:18:20,240 --> 00:18:22,840 Speaker 3: going to go in there midway through that contract and say, 322 00:18:22,880 --> 00:18:24,719 Speaker 3: you know what, we're going to hold off. We're going 323 00:18:24,760 --> 00:18:26,879 Speaker 3: to take ten percent of that away from you and 324 00:18:26,920 --> 00:18:28,520 Speaker 3: reduce your wages by ten percent. 325 00:18:28,880 --> 00:18:32,320 Speaker 2: That isn't going to happen. Those wages are going to 326 00:18:32,400 --> 00:18:32,879 Speaker 2: be there. 327 00:18:33,240 --> 00:18:35,240 Speaker 3: The only way that you can cut that and make 328 00:18:35,280 --> 00:18:37,720 Speaker 3: sure that the prices don't increase on the products that 329 00:18:37,760 --> 00:18:42,240 Speaker 3: you're manufacturing is to increase the production and productivity per person. 330 00:18:42,640 --> 00:18:46,800 Speaker 3: And so if they make if they produce more at 331 00:18:46,800 --> 00:18:50,479 Speaker 3: the same pay, then that cost spread over those units 332 00:18:50,600 --> 00:18:53,000 Speaker 3: will go down and therefore reduce the price of the 333 00:18:53,000 --> 00:18:55,199 Speaker 3: things on the coming out. But if you're going to 334 00:18:55,200 --> 00:18:58,720 Speaker 3: be paying people fifty percent more over a contract period 335 00:18:58,720 --> 00:19:00,720 Speaker 3: of time than you were at the beginning, that that's 336 00:19:00,760 --> 00:19:03,720 Speaker 3: going to have an effect on inflation. Now, before Jerry 337 00:19:03,760 --> 00:19:06,920 Speaker 3: Powell talked today, I want to when we talk about him. 338 00:19:07,720 --> 00:19:10,320 Speaker 3: I want to talk about a couple of economic news, 339 00:19:10,920 --> 00:19:14,000 Speaker 3: pieces of economic news that we got starting Friday that 340 00:19:14,040 --> 00:19:16,080 Speaker 3: we didn't have a chance to get to and then 341 00:19:16,840 --> 00:19:19,520 Speaker 3: yesterday or Monday. I believe it was some of the 342 00:19:19,520 --> 00:19:22,160 Speaker 3: other stuff I had mentioned yesterday that we had talked 343 00:19:22,160 --> 00:19:29,520 Speaker 3: about the PMI, the Producer Manager Producer Manager Index, talking 344 00:19:29,520 --> 00:19:32,520 Speaker 3: about where they see the survey in terms of either 345 00:19:32,600 --> 00:19:37,200 Speaker 3: manufacturing or services, where those are. Those numbers were up tremendously, 346 00:19:37,520 --> 00:19:40,880 Speaker 3: a sustained business output and growth in January. 347 00:19:40,440 --> 00:19:41,520 Speaker 2: Which was good news. 348 00:19:42,119 --> 00:19:47,600 Speaker 3: We also had durable goods numbers that were released on Monday, 349 00:19:47,960 --> 00:19:50,560 Speaker 3: and again some of the headlines there, and we'll get 350 00:19:50,600 --> 00:19:52,960 Speaker 3: to those and then get to the story in a 351 00:19:52,960 --> 00:19:56,840 Speaker 3: little while. US durable goods orders hit a six month 352 00:19:57,040 --> 00:20:02,159 Speaker 3: high as trade uncertainty eases. Another headline from Blue Bloomberg, 353 00:20:02,480 --> 00:20:06,199 Speaker 3: US durable good orders increased by the most in six months. 354 00:20:07,320 --> 00:20:12,919 Speaker 3: MSN US durable good orders jump sharply, topping expectations. So 355 00:20:13,400 --> 00:20:16,200 Speaker 3: durable goods again goods that are going to last more 356 00:20:16,240 --> 00:20:20,080 Speaker 3: than three to five years, which are high ticket items 357 00:20:20,240 --> 00:20:24,639 Speaker 3: that boost the gross domestic product up considerably. Those numbers 358 00:20:24,640 --> 00:20:27,760 Speaker 3: are good, which shows an indication that the manufacturing sector. 359 00:20:28,119 --> 00:20:31,520 Speaker 3: As we saw with the producer price Index and Purchase 360 00:20:31,600 --> 00:20:35,480 Speaker 3: Manager's Index that those numbers were positive. We're seeing positive 361 00:20:35,520 --> 00:20:38,639 Speaker 3: movement in the manufacturing sector. We'll get into the numbers 362 00:20:38,680 --> 00:20:41,800 Speaker 3: coming up. I'm Kevin Gordon, America's truck and Network seven 363 00:20:41,880 --> 00:20:43,719 Speaker 3: hundred wl. 364 00:20:51,040 --> 00:20:53,439 Speaker 6: Here's your trucking forecast for the Try State and the 365 00:20:53,480 --> 00:20:55,600 Speaker 6: rest of the country. In the Try State over night, 366 00:20:55,640 --> 00:20:58,000 Speaker 6: partly cloudie, the low down to negative three is a 367 00:20:58,160 --> 00:21:01,400 Speaker 6: cold weather advisory is in a until Thursday morning at 368 00:21:01,400 --> 00:21:04,480 Speaker 6: eleven o'clock. Partly sunny sky's Thursday high of twenty one, 369 00:21:04,600 --> 00:21:07,240 Speaker 6: wind chills still be low zero both Friday and Saturday 370 00:21:07,280 --> 00:21:09,600 Speaker 6: partly sunny and still very cold, to high of only 371 00:21:09,680 --> 00:21:13,840 Speaker 6: nineteen Friday and fifteen Saturday Nationally over the next few days. 372 00:21:13,880 --> 00:21:18,280 Speaker 6: Precipitation continuing in the Pacific Northwest. Meanwhile, ongoing frigid temperature 373 00:21:18,240 --> 00:21:20,360 Speaker 6: scene throughout much of the eastern half of the country. 374 00:21:20,600 --> 00:21:23,280 Speaker 6: A coastal low pressure system expected to form over the 375 00:21:23,280 --> 00:21:26,119 Speaker 6: Gulf Coast, with another winter storm forecast for this upcoming 376 00:21:26,160 --> 00:21:28,159 Speaker 6: weekend in the southeast. 377 00:21:30,080 --> 00:21:32,240 Speaker 2: Seven hundred WLW. 378 00:21:32,280 --> 00:21:34,880 Speaker 3: I'm Kevin Gordon is as America's struck a Network well 379 00:21:34,880 --> 00:21:36,920 Speaker 3: I mentioned, we're going through some of the numbers or 380 00:21:36,960 --> 00:21:39,480 Speaker 3: some of the headlines on durable goods. Again, this is 381 00:21:39,520 --> 00:21:42,119 Speaker 3: important from the standpoint if you look at durable goods, 382 00:21:42,320 --> 00:21:45,680 Speaker 3: these are the items that last more than well last 383 00:21:45,840 --> 00:21:49,719 Speaker 3: basically from three to five years. So they are big 384 00:21:50,000 --> 00:21:54,359 Speaker 3: ticket items, which means that the manufacturing sector would have 385 00:21:54,440 --> 00:21:57,760 Speaker 3: to produce those. Plus, if there's an uptick in that 386 00:21:58,160 --> 00:22:01,439 Speaker 3: those items are bigger, they're and that have to be 387 00:22:01,520 --> 00:22:04,680 Speaker 3: transported by truck. So if those numbers are up, it 388 00:22:04,720 --> 00:22:07,560 Speaker 3: would stand to reason that a lot of freight is 389 00:22:07,600 --> 00:22:10,439 Speaker 3: having to be moving those and so that's good for 390 00:22:10,480 --> 00:22:13,720 Speaker 3: the trucking industry, and the forecast of what durable goods 391 00:22:13,760 --> 00:22:16,680 Speaker 3: may be doing over the course of twenty twenty six 392 00:22:17,119 --> 00:22:20,720 Speaker 3: actually impacts or would impact on in the trucking industry. 393 00:22:21,080 --> 00:22:22,960 Speaker 2: USA economic data delivered. 394 00:22:22,640 --> 00:22:25,840 Speaker 3: A positive surprise to the new orders for durable goods 395 00:22:25,880 --> 00:22:30,959 Speaker 3: for more than anticipated, pointing to renewed momentum in the 396 00:22:30,960 --> 00:22:32,199 Speaker 3: manufacturing sector. 397 00:22:32,640 --> 00:22:34,160 Speaker 2: Durable goods orders. 398 00:22:33,960 --> 00:22:41,880 Speaker 3: Increase by five point three percent, comfortably above economists expectations 399 00:22:41,960 --> 00:22:46,840 Speaker 3: of three point one So the economists, the so called experts, 400 00:22:46,880 --> 00:22:51,280 Speaker 3: were predicting three point one percent increase and it came 401 00:22:51,320 --> 00:22:54,960 Speaker 3: in at five point three two point two percent higher. 402 00:22:55,080 --> 00:22:58,080 Speaker 3: That's something like about a seventy percent or so higher 403 00:22:58,080 --> 00:23:01,080 Speaker 3: than what they had expected, which is definitely good news. 404 00:23:01,280 --> 00:23:04,520 Speaker 3: The indicator tracks changes the value of new orders placed 405 00:23:04,520 --> 00:23:08,000 Speaker 3: with manufacturers for long lasting items such as machinery and 406 00:23:08,080 --> 00:23:13,040 Speaker 3: transportation equipment. The latest increase suggests solid underlying demand and 407 00:23:13,200 --> 00:23:16,960 Speaker 3: hints at stronger factory activity in. 408 00:23:17,000 --> 00:23:20,040 Speaker 2: The months ahead. This is one of those things. 409 00:23:19,840 --> 00:23:23,960 Speaker 3: That not only the durable goods orders, this indicates that 410 00:23:24,680 --> 00:23:28,280 Speaker 3: with the fact that these orders a leading economic indicator 411 00:23:28,359 --> 00:23:31,480 Speaker 3: means that when you get the order, then those items 412 00:23:31,520 --> 00:23:34,840 Speaker 3: have to be put together and then sold. So if 413 00:23:34,880 --> 00:23:37,159 Speaker 3: you've got the orders, then they already know that something 414 00:23:37,240 --> 00:23:39,760 Speaker 3: is going to be sold down the line, So that 415 00:23:39,840 --> 00:23:42,720 Speaker 3: gives you an indication. Okay, these orders are higher, the 416 00:23:42,800 --> 00:23:45,040 Speaker 3: items are going to have to be purchased, the raw 417 00:23:45,119 --> 00:23:47,439 Speaker 3: materials of that. They are going to have to be 418 00:23:47,560 --> 00:23:51,400 Speaker 3: assembled by people, factory workers, et cetera, which means an 419 00:23:51,440 --> 00:23:56,480 Speaker 3: increase in productivity, there increase in jobs and maintaining of jobs. 420 00:23:56,720 --> 00:23:58,840 Speaker 3: Then those items are going to have to be produced 421 00:23:59,080 --> 00:24:01,439 Speaker 3: and then shoved down the door and then have to 422 00:24:01,440 --> 00:24:05,120 Speaker 3: be transported somewhere. So again, all along the path there 423 00:24:05,240 --> 00:24:08,480 Speaker 3: you've got this leading economic indicator that knows that if 424 00:24:08,520 --> 00:24:10,679 Speaker 3: this goes up on this end, it's going to be 425 00:24:10,800 --> 00:24:12,639 Speaker 3: up on the back end later on. 426 00:24:13,000 --> 00:24:14,240 Speaker 2: So that's good. 427 00:24:14,840 --> 00:24:19,000 Speaker 3: Stronger, better than expected data is typically viewed as as 428 00:24:19,080 --> 00:24:22,960 Speaker 3: supportive of the US dollar. Robust reading points to healthier 429 00:24:23,000 --> 00:24:27,239 Speaker 3: demand for US made products and a manufacturing sector that 430 00:24:27,320 --> 00:24:32,159 Speaker 3: may be regaining strength, factors that can underpin the currency. 431 00:24:32,520 --> 00:24:36,560 Speaker 3: Beyond the immediate market impact, the surgeon orders could have 432 00:24:36,640 --> 00:24:40,639 Speaker 3: a wider implications for the economy because durable goods orders 433 00:24:41,040 --> 00:24:45,160 Speaker 3: often serve as a forward looking signal for production and investment. 434 00:24:45,480 --> 00:24:49,359 Speaker 3: The latest jump may indicate that overall economic activity is 435 00:24:49,440 --> 00:24:54,600 Speaker 3: picking up after a recent slowdown. Again all encouraging sign 436 00:24:54,880 --> 00:24:58,639 Speaker 3: of a strong economy, not a weak economy, not a 437 00:24:58,680 --> 00:25:02,400 Speaker 3: week job market, but a strong economy. Beyond the immediate 438 00:25:02,440 --> 00:25:05,240 Speaker 3: market impact, the surgeons and orders could be water implication 439 00:25:05,840 --> 00:25:09,720 Speaker 3: mentioned that overall economic activity overall. The sizable increase in 440 00:25:09,800 --> 00:25:13,760 Speaker 3: durable goods orders, beating forecasts and reversing the previous decline, 441 00:25:14,000 --> 00:25:18,199 Speaker 3: offers encouraging signals in the manufacturing sector, which everybody's been 442 00:25:18,240 --> 00:25:21,280 Speaker 3: saying along, Well, there's been a lot of talking down 443 00:25:21,280 --> 00:25:25,280 Speaker 3: on what's going on in the manufacturing sector. So again 444 00:25:25,560 --> 00:25:29,040 Speaker 3: another story. US core capital goods orders rise for a 445 00:25:29,080 --> 00:25:33,840 Speaker 3: fifth straight month, boosting economic output. New orders for US 446 00:25:33,960 --> 00:25:37,160 Speaker 3: and this is again another story talking about the same issue. 447 00:25:37,320 --> 00:25:40,640 Speaker 3: New orders for key US manufacturing capital goods increase more 448 00:25:40,680 --> 00:25:45,720 Speaker 3: than expected in November, indicating business spending business spending on 449 00:25:45,800 --> 00:25:49,399 Speaker 3: equipment maintain a steady growth pace in the fourth quarter. 450 00:25:49,840 --> 00:25:53,320 Speaker 3: Talk about where the consumer spending the Commerce Department on Monday, 451 00:25:53,600 --> 00:25:55,960 Speaker 3: following the heels of data from last week showing strong 452 00:25:56,200 --> 00:26:02,040 Speaker 3: consumer spending. Steven Stanley with us Econmomon, santand or US 453 00:26:02,160 --> 00:26:05,879 Speaker 3: Capital Markets. Many companies put their investment plans on the 454 00:26:05,920 --> 00:26:09,760 Speaker 3: shelf for a time last year, awaiting further clarity on policy, 455 00:26:09,760 --> 00:26:12,840 Speaker 3: in particular with regard to tariffs. Well, apparently people in 456 00:26:12,880 --> 00:26:15,720 Speaker 3: the manufacturing sector are feeling good about that that the 457 00:26:15,760 --> 00:26:18,800 Speaker 3: sky wasn't falling the way some people were predicting, and 458 00:26:19,080 --> 00:26:22,399 Speaker 3: they started producing and coming up with these orders and saying, 459 00:26:22,640 --> 00:26:24,840 Speaker 3: you know what, it's time to start ramping up production. 460 00:26:25,240 --> 00:26:29,639 Speaker 3: Non defense capital goods orders in excluding aircraft closing watched 461 00:26:30,200 --> 00:26:34,240 Speaker 3: proxy for business spending came into point seven percent higher 462 00:26:34,960 --> 00:26:37,879 Speaker 3: they had talked about forecasts were going to be about 463 00:26:38,000 --> 00:26:41,040 Speaker 3: zero point three percent, so a point seven percent that 464 00:26:41,160 --> 00:26:45,280 Speaker 3: more than doubled what those expectations were. Of course, they 465 00:26:45,320 --> 00:26:48,160 Speaker 3: talk about how the effect of the Schumer shutdown might 466 00:26:48,280 --> 00:26:51,879 Speaker 3: impact or the pass Schumer shut down. Now they're talking 467 00:26:51,880 --> 00:26:55,600 Speaker 3: about another shutdown trying to defund ice in the Department 468 00:26:55,600 --> 00:26:59,720 Speaker 3: of Homeland Security, which also includes some defense bending and 469 00:26:59,760 --> 00:27:03,040 Speaker 3: some other areas that are affected by that. And of course, 470 00:27:03,080 --> 00:27:05,399 Speaker 3: if the Democrats decide that they're going to have another 471 00:27:05,640 --> 00:27:08,359 Speaker 3: tumor shut down, that isn't going to bode well for 472 00:27:08,480 --> 00:27:12,440 Speaker 3: them or for the economy. Shipments of core capital goods 473 00:27:12,480 --> 00:27:15,760 Speaker 3: rose point four percent after gaining point eight percent in 474 00:27:15,800 --> 00:27:19,320 Speaker 3: October they go through so again some of the numbers 475 00:27:19,400 --> 00:27:24,560 Speaker 3: costly optimistic about manufacturing. People are feeling good. The Atlanta 476 00:27:24,640 --> 00:27:27,920 Speaker 3: FED they're talking again about reemphasizing the fact that they 477 00:27:27,960 --> 00:27:31,119 Speaker 3: expect the consumer the gross domestic product to increase at 478 00:27:31,119 --> 00:27:35,520 Speaker 3: a five point four percent annual rate in the fourth quarter, 479 00:27:36,160 --> 00:27:39,600 Speaker 3: which again is close to or I was a lot 480 00:27:39,680 --> 00:27:43,520 Speaker 3: closer to my prediction, because remember back during Liberation Day 481 00:27:43,600 --> 00:27:46,159 Speaker 3: and April the second, they were saying we're going to 482 00:27:46,200 --> 00:27:50,080 Speaker 3: be lucky to see a two percent, probably more like 483 00:27:50,119 --> 00:27:54,200 Speaker 3: a one point eight percent increase in GDP, I said 484 00:27:54,240 --> 00:27:56,479 Speaker 3: at the time, I would not be surprised if that 485 00:27:56,600 --> 00:28:00,760 Speaker 3: number wasn't somewhere between four point five and five percent. Well, 486 00:28:00,800 --> 00:28:04,120 Speaker 3: the Atlanta Fed is talking about that being five point four. 487 00:28:04,320 --> 00:28:06,840 Speaker 3: Now caution on that is is that some of the 488 00:28:06,840 --> 00:28:09,840 Speaker 3: impact of the Schumer shutdown forty three days where people 489 00:28:09,920 --> 00:28:13,679 Speaker 3: were not spending, especially air traffic controllers were going without paychecks, 490 00:28:13,880 --> 00:28:17,720 Speaker 3: military personnel. Thank you, Chuck Schumer, we're going without pay 491 00:28:18,920 --> 00:28:20,720 Speaker 3: that cut down on the amount of spending that they 492 00:28:20,720 --> 00:28:23,639 Speaker 3: were able to do and talking about that this could 493 00:28:23,680 --> 00:28:27,760 Speaker 3: possibly hold back. So whatever the number comes in as 494 00:28:27,760 --> 00:28:31,160 Speaker 3: far as the GDP, they're saying that the Schumer shutdown 495 00:28:31,400 --> 00:28:35,119 Speaker 3: could actually cause about a one to one point five 496 00:28:35,200 --> 00:28:38,960 Speaker 3: percent decrease in that number. And again with this shutdown 497 00:28:39,000 --> 00:28:41,120 Speaker 3: that they're talking about here at the end of the month, 498 00:28:41,920 --> 00:28:45,520 Speaker 3: the end of this month, this could impact the first 499 00:28:45,560 --> 00:28:49,160 Speaker 3: quarter of twenty twenty six as far as GDP is concerned. 500 00:28:49,400 --> 00:28:54,080 Speaker 3: So are Democrats concerned about boosting the workers, Are they 501 00:28:54,400 --> 00:28:58,280 Speaker 3: concerned about helping families out, or are they just taking 502 00:28:58,320 --> 00:29:02,920 Speaker 3: their pet projects and the thing that they want to 503 00:29:03,160 --> 00:29:09,560 Speaker 3: basically surrendering to their radical base in terms of the 504 00:29:09,600 --> 00:29:13,400 Speaker 3: defunding of DHS, because that is a small percentage of 505 00:29:13,440 --> 00:29:15,959 Speaker 3: people that are in favor of that. They keep pointing 506 00:29:15,960 --> 00:29:20,200 Speaker 3: out these statistics or something like fifty six percent of 507 00:29:20,440 --> 00:29:25,360 Speaker 3: people just ask the question not about criminals, they ask 508 00:29:25,440 --> 00:29:30,440 Speaker 3: about deportations of anybody here illegally, and those numbers are 509 00:29:30,520 --> 00:29:34,960 Speaker 3: around fifty seven to close to sixty percent of Americans 510 00:29:35,040 --> 00:29:38,560 Speaker 3: say that people that are here illegally should be deported. 511 00:29:39,160 --> 00:29:42,360 Speaker 3: So you know, this small base of the Democratic Party 512 00:29:42,360 --> 00:29:44,840 Speaker 3: holding them hostage is not going to be bode well 513 00:29:44,880 --> 00:29:47,160 Speaker 3: for them. One of the things that I took issue 514 00:29:47,160 --> 00:29:49,760 Speaker 3: with the other day is this consumer sentiment or consumer 515 00:29:49,800 --> 00:29:52,960 Speaker 3: confidence number came out. Of course, the Commerce Department came 516 00:29:53,000 --> 00:29:56,360 Speaker 3: out with that the big headline there. A lot of 517 00:29:56,360 --> 00:29:59,840 Speaker 3: people were talking about consumer confidence collapses to the lowest 518 00:30:00,080 --> 00:30:05,400 Speaker 3: level since twenty fourteen. American economic mood deteriorated in January 519 00:30:05,960 --> 00:30:08,360 Speaker 3: to its lowest level in more than a decade, as 520 00:30:08,440 --> 00:30:14,280 Speaker 3: consumers fretted about geopolitical tensions, affordability, and President Donald Trump's 521 00:30:14,360 --> 00:30:18,400 Speaker 3: unrelenting trade war, and lies from the spoon federalgurg cities 522 00:30:18,400 --> 00:30:20,400 Speaker 3: and mainstream media. I added that that one part of 523 00:30:20,440 --> 00:30:23,400 Speaker 3: the story, but that's also part of it. Because you 524 00:30:23,440 --> 00:30:27,320 Speaker 3: get this downplaying from the spoon feder regurgitators, you're going 525 00:30:27,400 --> 00:30:29,680 Speaker 3: to have people in a bad mood or they're going 526 00:30:29,760 --> 00:30:33,240 Speaker 3: to think things are worse, and they may feel comfortable 527 00:30:33,240 --> 00:30:37,640 Speaker 3: about their own situation, but they fret about other people 528 00:30:37,720 --> 00:30:40,600 Speaker 3: out there because of all the bad news that they're hearing. 529 00:30:40,800 --> 00:30:45,840 Speaker 3: So again, this consumer confidence collapsed. But I think once 530 00:30:45,880 --> 00:30:48,440 Speaker 3: the dust settles and stuff is going on. They had 531 00:30:48,480 --> 00:30:51,920 Speaker 3: this whole first page of this story talking about, oh, 532 00:30:52,000 --> 00:30:54,240 Speaker 3: this is you know, the sky is falling, and talking 533 00:30:54,240 --> 00:30:58,520 Speaker 3: about all five components of the index deteriorated, driving the 534 00:30:58,560 --> 00:31:01,000 Speaker 3: overall index to its lowest level, and all this sort 535 00:31:01,040 --> 00:31:04,120 Speaker 3: of stuff. But then on the next page they start 536 00:31:04,160 --> 00:31:07,160 Speaker 3: talking about what it really means for economic growth. And 537 00:31:07,200 --> 00:31:09,720 Speaker 3: then they explain in here the fact that in recent 538 00:31:09,800 --> 00:31:15,160 Speaker 3: years pessimism among Americans hasn't translated to weaker spending, which 539 00:31:15,200 --> 00:31:18,680 Speaker 3: may remain in the case this time. In the summer 540 00:31:18,720 --> 00:31:22,360 Speaker 3: of twenty twenty two, as inflation reached a four decade 541 00:31:22,440 --> 00:31:27,000 Speaker 3: high and consumer confidence tank during the Biden administration, Americans 542 00:31:27,040 --> 00:31:30,520 Speaker 3: continue to spend and follow following months and the same 543 00:31:30,640 --> 00:31:33,960 Speaker 3: was true last year when Trump's tariffs caused Americans to 544 00:31:34,120 --> 00:31:37,640 Speaker 3: sour on the economy. They may have soured on the economy, 545 00:31:37,760 --> 00:31:41,040 Speaker 3: but they because of their own situation, feeling comfortable with 546 00:31:41,080 --> 00:31:45,240 Speaker 3: their situation, they continue to spend because they were secure 547 00:31:45,360 --> 00:31:48,480 Speaker 3: with their situation and not worried about what was going 548 00:31:48,480 --> 00:31:51,800 Speaker 3: on in the rest of the economy. So again they're saying, well, 549 00:31:51,840 --> 00:31:55,320 Speaker 3: this may not happen this time, even though it happened two, 550 00:31:55,360 --> 00:31:58,640 Speaker 3: three and four previous times. They're saying that, oh, it 551 00:31:58,680 --> 00:32:02,080 Speaker 3: may not happen this time. So all this fretting about 552 00:32:02,080 --> 00:32:05,360 Speaker 3: consumer sentiment isn't going to relate or possibly isn't going 553 00:32:05,400 --> 00:32:08,440 Speaker 3: to relate to people slowing down their spending. Coming up, 554 00:32:08,480 --> 00:32:10,640 Speaker 3: we're going to talky about Lion Jerry Powell and what 555 00:32:10,680 --> 00:32:13,240 Speaker 3: he had to say today. I'm Kevin or yesterday, rather, 556 00:32:13,440 --> 00:32:19,760 Speaker 3: I'm Kevin Gordon. America's Truck and Network seven hundred Wlwright. 557 00:32:19,120 --> 00:32:25,280 Speaker 1: News Radio seven hundred WLW and iHeartRadio Station Guarantee Human 558 00:32:25,720 --> 00:32:30,520 Speaker 1: seven hundred WLW, HI Heard Radio. You're one stop for 559 00:32:30,600 --> 00:32:35,960 Speaker 1: advertising called eight four four eight four four iHeart Kids. 560 00:32:36,240 --> 00:32:39,680 Speaker 7: They're just different than us. They have no inhibitions. Consider 561 00:32:39,760 --> 00:32:43,960 Speaker 7: silverware optional and can find fun anywhere. When kids get 562 00:32:44,040 --> 00:32:47,200 Speaker 7: really sick, they're different than us too. 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You 569 00:33:07,040 --> 00:33:10,640 Speaker 5: were prescribed opioids after the C section, when dad injured 570 00:33:10,680 --> 00:33:15,160 Speaker 5: his back, when your basketball star tore as acl Opioids 571 00:33:15,200 --> 00:33:18,239 Speaker 5: helped with the pain, and you held onto them just 572 00:33:18,280 --> 00:33:18,720 Speaker 5: in case. 573 00:33:19,360 --> 00:33:20,760 Speaker 2: But did you know holding onto. 574 00:33:20,600 --> 00:33:25,200 Speaker 5: Unused opioids puts your family at risk. Opioids are powerful 575 00:33:25,280 --> 00:33:29,440 Speaker 5: pain reducing prescription medicines, but most people who are prescribed 576 00:33:29,440 --> 00:33:34,200 Speaker 5: opioids don't finish their prescriptions, So millions of unused opioids 577 00:33:34,200 --> 00:33:37,800 Speaker 5: are sitting at homes across the country, and tragically, more 578 00:33:37,840 --> 00:33:43,000 Speaker 5: than one hundred Americans die every day from overdoses involving opioids. 579 00:33:43,560 --> 00:33:46,680 Speaker 5: What can you do to protect your family remove the 580 00:33:46,800 --> 00:33:51,080 Speaker 5: risk of unused opioids from your home. Pills patches or 581 00:33:51,120 --> 00:33:54,720 Speaker 5: syrups and drawers, purses and cabinets anywhere they. 582 00:33:54,680 --> 00:33:55,400 Speaker 7: Might be hiding. 583 00:33:55,800 --> 00:33:58,520 Speaker 5: To find out how to dispose of them properly, visit 584 00:33:58,680 --> 00:34:02,880 Speaker 5: www dot FDA dot gov slash drug disposal. 585 00:34:04,680 --> 00:34:08,680 Speaker 8: Ovarian cancer is devastating and difficult to diagnose. It's often 586 00:34:08,760 --> 00:34:11,680 Speaker 8: only caught in advanced stages, and four out of five 587 00:34:11,800 --> 00:34:14,160 Speaker 8: women will see the deadly disease return. 588 00:34:14,280 --> 00:34:18,520 Speaker 2: I knew when ovarian cancer recurs it's often incurable. 589 00:34:18,760 --> 00:34:21,560 Speaker 1: It was terrifying waiting for the other shoe to drop. 590 00:34:21,880 --> 00:34:26,120 Speaker 8: Until recently, following chemotherapy, women with recurrent ovarian cancer had 591 00:34:26,160 --> 00:34:29,879 Speaker 8: to simply watch and wait for their disease to come back. Well, 592 00:34:29,960 --> 00:34:33,360 Speaker 8: we say not on my watch, Not on my watch, 593 00:34:33,800 --> 00:34:37,279 Speaker 8: Not on my watch. Now, with maintenance therapies, women can 594 00:34:37,320 --> 00:34:40,279 Speaker 8: extend their time in response and delay recurrence. 595 00:34:40,640 --> 00:34:45,040 Speaker 2: Knowledge and awareness of your choices empowers you. 596 00:34:45,280 --> 00:34:47,600 Speaker 1: And gives you a greater sense of control. 597 00:34:47,800 --> 00:34:50,359 Speaker 7: Let's call for a change in ovarian cancer care. 598 00:34:50,719 --> 00:34:54,120 Speaker 8: The not on My Watch movement empowers women facing recurrent 599 00:34:54,120 --> 00:34:57,120 Speaker 8: ovarian cancer to take an informed and active role in 600 00:34:57,200 --> 00:35:02,480 Speaker 8: managing their disease. I watched dot com to learn more. 601 00:35:04,239 --> 00:35:08,080 Speaker 1: Live from the seven hundred WLW studios driven by Mike 602 00:35:08,120 --> 00:35:11,239 Speaker 1: castrucy Ford in Milford and Alexandria. Check out the tri 603 00:35:11,320 --> 00:35:14,680 Speaker 1: State's largest inventory of brand new Ford Broncos, Super Duty 604 00:35:14,719 --> 00:35:17,880 Speaker 1: and Ford Mustang at Mike Castrucyford dot com. 605 00:35:18,160 --> 00:35:19,640 Speaker 2: That's Mike castrucy Ford. 606 00:35:23,000 --> 00:35:27,319 Speaker 3: This is America's struck a Network seven hundred WLW. 607 00:35:27,800 --> 00:35:28,000 Speaker 2: Well. 608 00:35:28,080 --> 00:35:31,319 Speaker 3: Yesterday afternoon at two thirty, Jerome Powell stepped up to 609 00:35:31,360 --> 00:35:34,080 Speaker 3: the podium and they had released See the way the 610 00:35:34,080 --> 00:35:36,359 Speaker 3: Federal Reserve does this, They have their meeting over two 611 00:35:36,400 --> 00:35:38,120 Speaker 3: day period of time, and then on the second day 612 00:35:38,120 --> 00:35:41,640 Speaker 3: at two o'clock, they release press release saying what they're 613 00:35:41,640 --> 00:35:43,440 Speaker 3: going to do as far as interest rates. You know, 614 00:35:43,520 --> 00:35:47,279 Speaker 3: the choice is either raise do nothing, or lower them. 615 00:35:47,840 --> 00:35:51,040 Speaker 3: The expectations yesterday was that they pretty much It was 616 00:35:51,080 --> 00:35:53,880 Speaker 3: probably no surprise because they were saying all along that 617 00:35:53,920 --> 00:35:57,160 Speaker 3: there'll probably be no interest rate reduction. So if you 618 00:35:57,200 --> 00:36:00,600 Speaker 3: look at the headlines and it's like yeah, around that time, 619 00:36:00,640 --> 00:36:04,240 Speaker 3: it was like, you know, FED meeting live updates, Jerome 620 00:36:04,320 --> 00:36:09,480 Speaker 3: Powell speaks, Federal Reserve going to leave interest rates unchanged 621 00:36:09,880 --> 00:36:12,200 Speaker 3: for the first time in the last three meetings, and 622 00:36:12,239 --> 00:36:15,480 Speaker 3: it was like, Okay, everybody expected It's not like it's 623 00:36:15,520 --> 00:36:17,960 Speaker 3: any big news, but they got to hype their story. 624 00:36:18,000 --> 00:36:20,719 Speaker 3: But looking at the interest rates and what was interesting 625 00:36:20,880 --> 00:36:24,560 Speaker 3: is one of the worst I saw was, of course 626 00:36:25,120 --> 00:36:29,880 Speaker 3: NBC's headline that said Federal Reserve holds interest rates steady 627 00:36:29,960 --> 00:36:35,560 Speaker 3: as a defiant Jerome Powell resists White House pressure. And 628 00:36:35,640 --> 00:36:38,880 Speaker 3: let's get into that story just to show you how 629 00:36:39,239 --> 00:36:42,640 Speaker 3: false and misleading it is. Federal Reserve interest rates steady 630 00:36:42,719 --> 00:36:47,080 Speaker 3: on held study on Wednesdays, policymakers sought to balance the 631 00:36:47,480 --> 00:36:52,520 Speaker 3: competing forces of stating studying labor market and persistent inflation 632 00:36:53,000 --> 00:36:55,080 Speaker 3: in the past. This might have made for a day 633 00:36:55,080 --> 00:36:58,520 Speaker 3: of little drama, but Wednesday's meeting was far from that. 634 00:36:59,200 --> 00:37:02,440 Speaker 3: Meeting comes as and its chairman, Jerome Powell, faces a 635 00:37:02,480 --> 00:37:07,760 Speaker 3: criminal investigation launched by President Donald Trump's close ally, Janeine Piro, 636 00:37:08,760 --> 00:37:11,720 Speaker 3: currently the US Attorney for the District of Columbia. Powell 637 00:37:11,760 --> 00:37:14,200 Speaker 3: has accused the White House of using the probe as 638 00:37:14,200 --> 00:37:17,640 Speaker 3: a pretext to pressure him and the Central Bank into 639 00:37:17,640 --> 00:37:21,239 Speaker 3: backing Trump's long sought after interest rate cuts. At the 640 00:37:21,320 --> 00:37:25,400 Speaker 3: same time, the future of the Fed's crucial independence hangs 641 00:37:25,440 --> 00:37:27,960 Speaker 3: in the balance, as the US Supreme Court. At the 642 00:37:28,080 --> 00:37:32,399 Speaker 3: US Supreme Court there justices are weighing whether Trump exceeded 643 00:37:32,400 --> 00:37:36,560 Speaker 3: his authority when he moved to fire Fed Governor Lisa Cook. 644 00:37:36,760 --> 00:37:38,080 Speaker 2: Then they get into the story. 645 00:37:38,160 --> 00:37:42,480 Speaker 3: Okay, so they do this basically hit piece on the 646 00:37:42,520 --> 00:37:48,520 Speaker 3: Trump administration, and then on the three pages of the 647 00:37:48,600 --> 00:37:53,040 Speaker 3: story they get to the actual reason behind. The reason 648 00:37:53,080 --> 00:37:55,839 Speaker 3: there is a criminal probe of Jerome Powell and the 649 00:37:55,840 --> 00:37:59,239 Speaker 3: Federal Reserve is the fact that they went into this 650 00:37:59,360 --> 00:38:03,640 Speaker 3: renovation of the buildings that house the Federal Reserve. The 651 00:38:03,680 --> 00:38:07,280 Speaker 3: original budget on this was one point eight billion dollars 652 00:38:07,640 --> 00:38:12,200 Speaker 3: that has now ballooned to over two point five billion 653 00:38:12,360 --> 00:38:17,120 Speaker 3: dollars and is keep going up. So is it a 654 00:38:17,280 --> 00:38:21,560 Speaker 3: case of mismanaged funds? Is it a manage of a 655 00:38:21,840 --> 00:38:23,040 Speaker 3: lack of leadership? 656 00:38:23,440 --> 00:38:24,080 Speaker 2: What is it? 657 00:38:24,320 --> 00:38:29,080 Speaker 3: But even Jerome Powell the mentions when the things came up, 658 00:38:29,280 --> 00:38:31,120 Speaker 3: he tried to act as though that, well, this is 659 00:38:31,200 --> 00:38:34,799 Speaker 3: just trying to force me into lowering interest rates and 660 00:38:34,840 --> 00:38:38,440 Speaker 3: pressure from the White House. No, it's pressure on accountability. 661 00:38:38,680 --> 00:38:42,759 Speaker 3: He himself has said, I'm having the Inspector General look 662 00:38:42,800 --> 00:38:46,240 Speaker 3: at it and determine what's going on or what has happened. 663 00:38:46,520 --> 00:38:47,640 Speaker 2: He should know about it. 664 00:38:47,680 --> 00:38:50,120 Speaker 3: That because he's in charge, But it'll be interesting to 665 00:38:50,120 --> 00:38:52,799 Speaker 3: see what the federal or what the Inspector General has 666 00:38:52,840 --> 00:38:56,719 Speaker 3: to say. So again, there is justification behind this. It's 667 00:38:56,800 --> 00:39:00,880 Speaker 3: not just a persecution. As to Lisa Cook, who is 668 00:39:00,960 --> 00:39:04,480 Speaker 3: one of the Federal Reserve governors, she is under investigation 669 00:39:04,640 --> 00:39:08,320 Speaker 3: for mortgage fraud. If you buy a house, you declare 670 00:39:08,560 --> 00:39:12,840 Speaker 3: that that is your primary residence, and you get a 671 00:39:12,880 --> 00:39:17,120 Speaker 3: lower interest rates on that because people the banks assume 672 00:39:17,200 --> 00:39:18,319 Speaker 3: you're going to be living there. 673 00:39:18,400 --> 00:39:19,640 Speaker 2: You're going to want to take care of it. 674 00:39:19,680 --> 00:39:21,719 Speaker 3: You're going to want to hold on to that no 675 00:39:21,719 --> 00:39:25,239 Speaker 3: matter what the economic circumstances are. If you say I'm 676 00:39:25,280 --> 00:39:27,120 Speaker 3: going to go out and I'm going to build an 677 00:39:27,160 --> 00:39:30,040 Speaker 3: addition to my home, I'm going to buy a forour family, 678 00:39:30,200 --> 00:39:34,680 Speaker 3: or a rental house, or going to buy a condo 679 00:39:34,920 --> 00:39:37,080 Speaker 3: down in Florida or someplace, and I'm going to use 680 00:39:37,080 --> 00:39:39,520 Speaker 3: that as rental property and I'm going to go down 681 00:39:39,560 --> 00:39:41,799 Speaker 3: there occasionally and stay there, but I'm going to rent 682 00:39:41,800 --> 00:39:42,120 Speaker 3: it out. 683 00:39:42,480 --> 00:39:44,200 Speaker 2: That becomes at risk of your investment. 684 00:39:44,680 --> 00:39:47,840 Speaker 3: Are you basing the rental amount that you're going to 685 00:39:47,920 --> 00:39:50,080 Speaker 3: collect on that in order to pay off the loan? 686 00:39:50,239 --> 00:39:52,200 Speaker 3: What happens if you don't rent it if you have 687 00:39:52,320 --> 00:39:55,680 Speaker 3: less than full occupancy or the occupancy that you had expected, 688 00:39:55,960 --> 00:39:56,720 Speaker 3: so they will. 689 00:39:56,600 --> 00:39:58,440 Speaker 2: Charge a higher interest rate for that. 690 00:39:59,320 --> 00:40:03,200 Speaker 3: On the Apple cation, she listed the property that was 691 00:40:03,280 --> 00:40:06,360 Speaker 3: not where she lived in a different state, in a 692 00:40:06,440 --> 00:40:10,840 Speaker 3: resort area as her primary residence. So if I'm in 693 00:40:10,880 --> 00:40:14,320 Speaker 3: the city of Cincinnati, I do my show in Cincinnati, 694 00:40:14,400 --> 00:40:18,480 Speaker 3: which is where this station is located, and I declare 695 00:40:18,920 --> 00:40:23,239 Speaker 3: that Cincinnati is my primary residence. But I've got a 696 00:40:23,280 --> 00:40:26,960 Speaker 3: property in Florida and account that as my primary residence. 697 00:40:27,120 --> 00:40:31,160 Speaker 3: That is mortgage fraud. And so the move to push 698 00:40:31,160 --> 00:40:34,160 Speaker 3: her out. And this isn't something like, oh, well, you know, 699 00:40:34,200 --> 00:40:37,239 Speaker 3: I just didn't read the contractor I'm unaware that this 700 00:40:37,320 --> 00:40:38,879 Speaker 3: person is an economist. 701 00:40:38,920 --> 00:40:40,200 Speaker 2: This person is a teacher. 702 00:40:40,760 --> 00:40:45,080 Speaker 3: She teaches at a university, and she's not reading the contract. 703 00:40:45,320 --> 00:40:48,719 Speaker 3: She doesn't know the difference between a primary residence and 704 00:40:48,840 --> 00:40:53,080 Speaker 3: a investment property, and she's in charge of monetary policy 705 00:40:53,120 --> 00:40:55,640 Speaker 3: for the United States. I find that, more than anything 706 00:40:55,680 --> 00:40:59,120 Speaker 3: else disconcerting if that's her argument. So anyway, talking about 707 00:40:59,160 --> 00:41:03,720 Speaker 3: powerholds the line against the White House multi pronged pressure campaign. 708 00:41:04,000 --> 00:41:08,480 Speaker 3: Trump is actively preparing to unveil his successor, which dron Powell, 709 00:41:08,560 --> 00:41:12,400 Speaker 3: he's only got two more Federal Reserve meetings or before 710 00:41:12,440 --> 00:41:16,880 Speaker 3: his term is up. So again, but again in the 711 00:41:16,920 --> 00:41:20,239 Speaker 3: press release, this is interesting, you know, after all the 712 00:41:20,280 --> 00:41:23,000 Speaker 3: talk that we've heard by the spoon fedrigertstays in the 713 00:41:23,000 --> 00:41:28,000 Speaker 3: mainstream media about inflation, persistent inflation, affordability, all the stuff 714 00:41:28,040 --> 00:41:30,239 Speaker 3: going on as far as the economy is concerned. But 715 00:41:30,400 --> 00:41:33,600 Speaker 3: in his comments he actually gave some praise as far 716 00:41:33,760 --> 00:41:37,799 Speaker 3: what's going on in the economy. Wednesday's press release that 717 00:41:37,880 --> 00:41:41,000 Speaker 3: the line let me see on a notable shift since 718 00:41:41,040 --> 00:41:43,360 Speaker 3: the last FED meeting could be found in a carefully 719 00:41:43,360 --> 00:41:47,840 Speaker 3: crafted formal statement that spent. Central Bank issued. Recent FED 720 00:41:48,040 --> 00:41:52,919 Speaker 3: interest rate decision statements have noted specifically that the downside 721 00:41:52,960 --> 00:41:57,319 Speaker 3: to risk employment rose in recent months, but in the 722 00:41:57,800 --> 00:42:02,279 Speaker 3: Wednesday release that line was missing, suggesting the bank may 723 00:42:02,400 --> 00:42:07,160 Speaker 3: believe that the labor market has stabilized. The statement also 724 00:42:07,200 --> 00:42:11,200 Speaker 3: said the US economy was growing at a solid pace. 725 00:42:11,800 --> 00:42:15,279 Speaker 3: Recent ones have called the pace moderate, So he has 726 00:42:15,400 --> 00:42:19,640 Speaker 3: changed his tune or at least woken up to the 727 00:42:19,680 --> 00:42:21,880 Speaker 3: fact of what's going on as far as the economy 728 00:42:21,920 --> 00:42:25,319 Speaker 3: is concerned. In his post announcement press conference, Powell said 729 00:42:25,320 --> 00:42:28,959 Speaker 3: that while consumer spending has been resilient. The same time, 730 00:42:29,320 --> 00:42:32,960 Speaker 3: activity in the housing sector has remained weak, after contracting 731 00:42:32,960 --> 00:42:35,640 Speaker 3: by one hundred by contracting by one hundred and seventy 732 00:42:35,640 --> 00:42:37,600 Speaker 3: three thousand jobs in October. 733 00:42:37,960 --> 00:42:39,560 Speaker 2: Labor market added. 734 00:42:39,280 --> 00:42:43,160 Speaker 3: Only fifty six thousand jobs in November and fifty thousand 735 00:42:43,200 --> 00:42:44,120 Speaker 3: jobs in December. 736 00:42:44,480 --> 00:42:47,279 Speaker 2: But even with a generally weak pace of. 737 00:42:47,280 --> 00:42:51,000 Speaker 3: Hiring, the unemployment rate has fallen to four point four 738 00:42:51,040 --> 00:42:55,640 Speaker 3: percent from four point five the month before. Inflation remained 739 00:42:55,680 --> 00:42:59,399 Speaker 3: above well above the two percent range. After rising three 740 00:42:59,440 --> 00:43:03,640 Speaker 3: percent in September, inflation declined to two point seven. Powell said, 741 00:43:03,800 --> 00:43:07,160 Speaker 3: a lot of the terriffs that could have sparked inflation 742 00:43:07,800 --> 00:43:12,200 Speaker 3: have already worked their way into the economy, so anything 743 00:43:12,520 --> 00:43:18,399 Speaker 3: revolving resulting from the terraffs has already been factored into 744 00:43:18,440 --> 00:43:20,800 Speaker 3: that number and should come down from there. 745 00:43:21,120 --> 00:43:22,280 Speaker 2: It's actually good news. 746 00:43:22,280 --> 00:43:26,280 Speaker 3: He added in some other comments that another agency picked 747 00:43:26,320 --> 00:43:30,239 Speaker 3: up available indicator suggests the economic activity has been expanding 748 00:43:30,280 --> 00:43:33,719 Speaker 3: at a solid pace. Job gains have remained low, and 749 00:43:33,840 --> 00:43:40,120 Speaker 3: unemployment rate has shown some signs of stabilization. Inflation remains 750 00:43:40,280 --> 00:43:45,040 Speaker 3: somewhat elevated. Importantly, in the statement, also erased the clause 751 00:43:45,120 --> 00:43:48,080 Speaker 3: indicating that the Committee saw higher risk from the threat 752 00:43:48,080 --> 00:43:51,120 Speaker 3: of weakening labor market than it did in higher inflation 753 00:43:51,760 --> 00:43:54,960 Speaker 3: that would argue for a pause in rate cuts. There 754 00:43:55,040 --> 00:43:57,400 Speaker 3: was little in the way of guidance about what's coming 755 00:43:57,480 --> 00:44:01,280 Speaker 3: up next in considering the extent and timing of additional 756 00:44:01,360 --> 00:44:03,960 Speaker 3: and this is a quote from him, and considering the 757 00:44:04,120 --> 00:44:07,840 Speaker 3: extent and timing of additional adjustments to the target range 758 00:44:08,040 --> 00:44:12,280 Speaker 3: for federal funds rate, the Committee will carefully assess incoming data, 759 00:44:12,680 --> 00:44:15,640 Speaker 3: the evolving outlook, and the balance of risk. He also 760 00:44:15,760 --> 00:44:21,160 Speaker 3: said that although inflation was elevated above what they wanted 761 00:44:21,200 --> 00:44:24,279 Speaker 3: it to be, it is still in a range that 762 00:44:24,320 --> 00:44:29,200 Speaker 3: they are comfortable with, which is a far cry from 763 00:44:29,239 --> 00:44:30,960 Speaker 3: some of the stuff that we've been hearing from the 764 00:44:30,960 --> 00:44:36,080 Speaker 3: spoon federal regurgitators in the mainstream media. Let's see, if 765 00:44:36,160 --> 00:44:38,600 Speaker 3: you look at the incoming data since the last meeting, 766 00:44:38,840 --> 00:44:43,040 Speaker 3: there's clear improvement in the outlook for growth, inflation performed 767 00:44:43,120 --> 00:44:45,840 Speaker 3: about as expected, and in some of the labor market 768 00:44:45,920 --> 00:44:50,440 Speaker 3: data coming in suggesting evidence of stabilization, which again is 769 00:44:50,480 --> 00:44:53,319 Speaker 3: a far cry from what we've been hearing from the 770 00:44:53,320 --> 00:44:55,640 Speaker 3: spoon fed regurgitators in the mainstream media. 771 00:44:55,719 --> 00:44:57,000 Speaker 2: Well, folks, that does it for us. 772 00:44:57,360 --> 00:45:01,040 Speaker 3: Again, not much news other than trying to cloud the 773 00:45:01,120 --> 00:45:04,000 Speaker 3: waters in terms of what's going on at the Federal Reserve. 774 00:45:04,239 --> 00:45:07,920 Speaker 3: But again, the economy is solid and moving ahead and 775 00:45:08,080 --> 00:45:10,600 Speaker 3: is stable as far as the job market is concerned, 776 00:45:10,920 --> 00:45:13,960 Speaker 3: which again defies what we've been hearing from the spoon. 777 00:45:14,000 --> 00:45:15,560 Speaker 2: Federalgurger status and mainstream media. 778 00:45:15,680 --> 00:45:17,920 Speaker 3: Stay tuned for ATI Radio Top of oh And by 779 00:45:17,960 --> 00:45:19,880 Speaker 3: the way, if you miss any part of our program 780 00:45:19,880 --> 00:45:21,719 Speaker 3: and of our other shows, make sure you hit up 781 00:45:21,719 --> 00:45:24,800 Speaker 3: that iHeartRadio app. All the shows are there, brought to 782 00:45:24,800 --> 00:45:27,000 Speaker 3: you by our friends at Rust Truck Centers. I'm Kevin Gordon, 783 00:45:27,040 --> 00:45:30,160 Speaker 3: America's truck in Network seven hundred WLW