WEBVTT - 12-11-25 America's Truckin' Network 0:00:10.200 --> 0:00:13.000 This is America's Trucking Network with Kevin Gordon. 0:00:15.120 --> 0:00:19.680 Welcome board, Thanks for tuning in on this Thursday morning. Well, 0:00:19.880 --> 0:00:23.919 Lion Jerry Powell and the Federal Reserve lowered interest rates. 0:00:23.960 --> 0:00:26.960 We'll get to that in the moment. But first, yesterday 0:00:27.160 --> 0:00:29.560 during the afternoon, I was doing some show prepping, some 0:00:29.640 --> 0:00:32.680 work around the house and so on, and boy, we 0:00:32.680 --> 0:00:35.040 were having a bunch of wind gusts and I thought, well, 0:00:35.080 --> 0:00:38.360 what what what is that? I mean, not what is it, 0:00:38.440 --> 0:00:41.519 but how high is it? And I looked and they 0:00:41.560 --> 0:00:44.519 were saying we were getting between thirty five and forty 0:00:44.560 --> 0:00:46.519 five mile per hour winds. 0:00:46.560 --> 0:00:50.360 Now, where we live, it's up on a hill. 0:00:50.280 --> 0:00:54.160 And I've described this before, and so we face west 0:00:54.280 --> 0:00:56.680 and so all of the most of the weather we 0:00:56.760 --> 0:00:59.960 get comes from the west, and so when the wind comes, 0:01:00.760 --> 0:01:04.240 it comes in pretty stiff. And I was looking up, 0:01:04.319 --> 0:01:07.800 and I remember during the hurricane season they were talking 0:01:07.840 --> 0:01:12.880 about tropical storms, that the tropical storms are forming and 0:01:12.920 --> 0:01:16.120 that's just below a hurricane status. But in order to 0:01:16.200 --> 0:01:19.559 qualify for that, that's got to be thirty five mile 0:01:19.640 --> 0:01:22.480 per hour winds up to seventy four mile per hour winds. 0:01:22.480 --> 0:01:25.800 And I'm thinking I remember thinking that the time we'll shoot, 0:01:25.840 --> 0:01:28.320 we were always in a tropical storm or up you know, 0:01:28.440 --> 0:01:31.160 several days a month in a tropical storm up there 0:01:31.160 --> 0:01:34.680 on the hill, because that's kind of when we get 0:01:35.040 --> 0:01:37.360 but I guess during the winter months it's considered a 0:01:37.440 --> 0:01:41.360 gale storm or gale force winds or something along those lines. 0:01:41.440 --> 0:01:44.240 So it was kind of a surprising day. I mean, 0:01:44.600 --> 0:01:47.480 we get win, but there are certain times when the gusts, 0:01:47.520 --> 0:01:50.200 and I guess the way it comes in is where 0:01:50.360 --> 0:01:54.000 you can really hear it and hear it outside and 0:01:54.080 --> 0:01:56.880 how things rattle, either on the deck or something along 0:01:56.920 --> 0:01:57.320 those lines. 0:01:57.720 --> 0:01:59.960 I just thought i'd throw that out there. 0:02:00.080 --> 0:02:04.200 Having gale force wins in the wilder Kentucky area, I 0:02:04.200 --> 0:02:07.000 guess mostly, and looking around the country there's. 0:02:06.840 --> 0:02:09.400 A lot of wind going around a lot of other places. 0:02:09.720 --> 0:02:14.040 Getting to Lion Jerry Powell and the Federal Reserve now, 0:02:14.560 --> 0:02:17.640 I called Lion Jerry Powell Lion Jerry Powell for a reason. 0:02:17.639 --> 0:02:20.360 I guess they should clarify that all along. You know, 0:02:20.400 --> 0:02:23.640 he keeps talking about that. Well, at least during the 0:02:23.639 --> 0:02:28.760 twenty twenty four year when they started right after they 0:02:28.840 --> 0:02:32.960 paused raising interest rates after inflation had gotten out of 0:02:33.000 --> 0:02:36.200 control up to nine point one percent in June of 0:02:36.240 --> 0:02:39.959 twenty twenty two. I guess they finally decided that, well, 0:02:40.000 --> 0:02:42.480 you know, our mandate is we're supposed to keep inflation low. 0:02:42.800 --> 0:02:45.600 So they decided to start raising interest rates at that point. 0:02:46.040 --> 0:02:50.440 And then they paused in June July of around July 0:02:50.600 --> 0:02:52.960 of twenty twenty three, and so they hadn't done anything 0:02:53.000 --> 0:02:56.320 with interest rate increases or decreases. Well, all of a sudden, 0:02:56.680 --> 0:02:59.560 you know, they start talking about, well, our mandate is 0:02:59.760 --> 0:03:02.799 in we need to control inflation. Inflation needs to get 0:03:02.840 --> 0:03:05.800 down to about two percent. Then all of a sudden, 0:03:06.040 --> 0:03:09.040 they got this jobs report which had come out in 0:03:09.200 --> 0:03:11.119 January of twenty twenty four. 0:03:11.240 --> 0:03:13.519 We talked about that on this program. 0:03:13.880 --> 0:03:17.040 And this job's report was that they looked back through 0:03:17.120 --> 0:03:21.600 the previous year and determined that about eight hundred and 0:03:21.800 --> 0:03:24.000 eighteen I think it was eight hundred and fifty or 0:03:24.040 --> 0:03:29.799 something thousand jobs had been overestimated during that period of time, 0:03:30.120 --> 0:03:33.959 which basically boiled down to I think something like overestimating 0:03:34.720 --> 0:03:39.280 the employment numbers by sixty five seventy thousand per month. 0:03:39.600 --> 0:03:42.640 And this report came out and just in that January 0:03:42.920 --> 0:03:47.720 December January December of twenty twenty three. January of twenty 0:03:47.760 --> 0:03:49.680 twenty four is when I'm trying to spit out here, 0:03:49.960 --> 0:03:52.800 and it was a shock to everybody. And I remember 0:03:52.840 --> 0:03:56.040 talking at the point where then, you know, looking back 0:03:56.080 --> 0:03:59.640 through all this bragging that the Biden administration had talked 0:03:59.640 --> 0:04:03.720 about in terms of job creation since the pandemic and 0:04:03.760 --> 0:04:07.320 getting back and so on, started digging into the numbers 0:04:07.320 --> 0:04:11.680 and saying, well, you know, the plandemic ended pretty much 0:04:12.400 --> 0:04:15.200 twenty twenty one. Then we had the supply chain issues, 0:04:15.680 --> 0:04:18.560 and they started bragging about the number of jobs created. 0:04:18.839 --> 0:04:21.640 But if you go back to pre plandemic and what 0:04:21.839 --> 0:04:24.400 the jobs were at that time and how many jobs 0:04:24.440 --> 0:04:27.520 were lost as a result of COVID, they had lost 0:04:27.600 --> 0:04:31.480 something like we had lost something like twenty million jobs 0:04:31.560 --> 0:04:34.760 during that period of time, where restaurants closed, business, clothes 0:04:34.839 --> 0:04:37.799 manufacturing clothes, A lot of people were working from home, 0:04:38.000 --> 0:04:41.320 but for the most part, people were on unemployment or 0:04:41.480 --> 0:04:44.520 getting these subsidy checks or these stimulus checks from the 0:04:44.560 --> 0:04:48.760 federal government. And so when the people started coming back 0:04:48.800 --> 0:04:50.880 to work, the number of people that came back to 0:04:50.920 --> 0:04:53.919 work was around sixteen million. And they're claiming that we've 0:04:53.960 --> 0:04:57.719 created sixteen million jobs. Well, no, you're not creating sixteen 0:04:57.760 --> 0:05:01.560 million jobs. You just finally opened the and people started 0:05:01.560 --> 0:05:05.120 coming back. Now, the real number was that, if it's 0:05:05.160 --> 0:05:08.599 sixteen thousand that came back, what happened to those other 0:05:08.720 --> 0:05:12.200 four million? They're not back to work, So what are 0:05:12.200 --> 0:05:15.000 you not doing in order to bring them along? So anyway, 0:05:15.600 --> 0:05:18.159 in twenty twenty four, they started talking about, well, you know, 0:05:18.200 --> 0:05:20.120 we need to start paying attention a little bit to 0:05:20.240 --> 0:05:22.920 jobs or something along those lines. And it got a 0:05:22.960 --> 0:05:26.120 little bit you know, they started mentioning at that point. 0:05:26.160 --> 0:05:29.520 But what was weird is that this report. 0:05:29.200 --> 0:05:32.800 Came out in January indicating that these eight hundred thousand 0:05:32.920 --> 0:05:36.880 jobs had been overestimated. Well, the final report on that, 0:05:37.120 --> 0:05:41.920 for some reason, comes out in August, and when August 0:05:42.080 --> 0:05:45.880 rolled around, the report came out same number that they 0:05:46.040 --> 0:05:49.120 reported in January. Well, all of a sudden, everybody's going, oh, 0:05:49.120 --> 0:05:51.479 the job market is really slowing down. Oh this is 0:05:51.640 --> 0:05:54.080 you know, the job market is softening. The Federal Reserve 0:05:54.160 --> 0:05:56.760 needs to do something. They need to They had just 0:05:56.839 --> 0:05:59.200 had a one of their meetings. They said they need 0:05:59.240 --> 0:06:02.120 to have an emergency meeting and cut interest rates immediately. 0:06:02.160 --> 0:06:02.640 And so on. 0:06:02.839 --> 0:06:05.880 Well, between that time and then when they met in September, 0:06:06.240 --> 0:06:07.440 things had pretty much evened. 0:06:07.480 --> 0:06:07.720 Oubt. 0:06:07.920 --> 0:06:10.240 People had kind of gotten used to where there was 0:06:10.279 --> 0:06:12.680 a job's report that came in that said things were 0:06:13.080 --> 0:06:17.279 improving and that this this eight hundred thousand jobs that 0:06:17.320 --> 0:06:20.919 were lost. They started explaining away that, you know, and 0:06:21.000 --> 0:06:25.400 explaining how that happened, which was bs but again they 0:06:25.480 --> 0:06:30.039 overestimated it. So the numbers are what the numbers are. Well, 0:06:30.080 --> 0:06:33.360 in September of twenty twenty four, Lion Jerry Powell, who 0:06:33.360 --> 0:06:36.440 said that inflation rate has to come down to two 0:06:36.440 --> 0:06:41.800 percent before we start raising lowering interest rates, suddenly six 0:06:41.839 --> 0:06:46.560 weeks before the election, lowers interest rates a quarter percentage point, 0:06:46.760 --> 0:06:49.320 claiming that the job market is the thing, you know, 0:06:49.400 --> 0:06:51.680 because we've got this other mandate making sure that we've 0:06:51.680 --> 0:06:54.440 got a strong job market. So all the line that 0:06:54.480 --> 0:06:57.200 he did during that year saying that, oh, no, we're 0:06:57.200 --> 0:07:01.320 focused on inflation. We're focused on inflation. In September of 0:07:01.320 --> 0:07:03.920 twenty twenty four was up around three point two three 0:07:03.960 --> 0:07:06.919 point three percent, but they cut interest rates by a 0:07:06.960 --> 0:07:09.800 half a percentage point. I said at the time it 0:07:09.840 --> 0:07:13.400 was a political move. He's trying to push Kamala Harris 0:07:13.440 --> 0:07:17.360 across the finish line, which fortunately didn't work. But now 0:07:17.400 --> 0:07:19.000 all of a sudden, people are looking back on that 0:07:19.000 --> 0:07:20.360 and say, well, you know what, that was kind of 0:07:20.360 --> 0:07:24.440 a political move. Well, no kidding, but you know who 0:07:24.520 --> 0:07:27.000 called it out first, who talked about it first here 0:07:27.080 --> 0:07:28.480 on Americans Struck a Network. 0:07:28.480 --> 0:07:31.200 And again I mentioned this over and over again. 0:07:31.360 --> 0:07:34.040 If you listen to this program, you are so far 0:07:34.120 --> 0:07:36.520 ahead of the curve people won't even see your tail lights. 0:07:36.760 --> 0:07:40.120 Things we talk about on this program people start talking 0:07:40.120 --> 0:07:43.680 about weeks, months, even a half a year away from 0:07:43.680 --> 0:07:46.760 when we start talking about it. So anyway, that's kind 0:07:46.760 --> 0:07:49.560 of my point on that, and the fact that Federal 0:07:49.600 --> 0:07:52.280 Reserve line. That's why I call it lion Jerry Powell. 0:07:52.360 --> 0:07:55.960 Lion Jerry Powell again, because you can't trust what he's saying. 0:07:56.520 --> 0:08:01.840 President Trump calls him too late Powell because of being 0:08:01.880 --> 0:08:05.320 too far behind, mentioning the fact that he was slow 0:08:05.440 --> 0:08:09.640 to react to the inflationary pressures during the Biden administration 0:08:09.720 --> 0:08:12.080 and twenty well actually from the beginning of the Biden 0:08:12.120 --> 0:08:17.800 administration up until twenty twenty two. After June of twenty 0:08:17.840 --> 0:08:21.320 twenty two, when inflation got up to nine point one percent, 0:08:21.880 --> 0:08:24.280 nine point one percent in one month. 0:08:24.360 --> 0:08:26.320 Folks, Let's not forget that. 0:08:26.400 --> 0:08:28.720 When you know those people on the other side, the 0:08:28.760 --> 0:08:32.400 Democrats and the Liberals, start talking about affordability, what were 0:08:32.400 --> 0:08:35.880 you talking about back then, is my question. And secondly, 0:08:36.280 --> 0:08:38.320 if your guy, if you guys are the ones that 0:08:38.400 --> 0:08:41.640 created the unaffordability problem over the four years of the 0:08:41.640 --> 0:08:44.480 Biden administration, what makes you think that we're going to 0:08:44.559 --> 0:08:47.360 trust you to come back in and fix it. So 0:08:47.720 --> 0:08:50.720 again Jerry Powell talking about you know that what their 0:08:50.760 --> 0:08:53.600 mandate is. But then you know, as far as all 0:08:53.640 --> 0:08:56.240 the stuff he's keeps talking about that inflation needs to 0:08:56.280 --> 0:09:00.360 be around two percent, and yet he's and Trump keeps 0:09:00.360 --> 0:09:02.400 calling him too late because he was too late to 0:09:02.440 --> 0:09:05.520 react to inflation going out of control, and then once 0:09:05.559 --> 0:09:08.199 he started, once they started lowering the interest rates or 0:09:08.280 --> 0:09:10.760 raising the interest rates, rather then all of a sudden, 0:09:10.760 --> 0:09:13.840 when things started cooling down, he's too late to come 0:09:13.880 --> 0:09:18.280 in and start lowering the interest rates, which would generate 0:09:18.360 --> 0:09:21.480 an increase in the economy and boost up gross domestic 0:09:21.520 --> 0:09:28.160 product and keep the economy flowing and running smoothly. But again, 0:09:28.440 --> 0:09:30.520 he's been very reluctant to do that, and then when 0:09:30.520 --> 0:09:33.079 you compare our interest rates to the rest of the world, 0:09:33.200 --> 0:09:37.480 we are in some cases double on the list. On 0:09:37.520 --> 0:09:40.600 the list of countries with their mortgage interest rates and 0:09:40.640 --> 0:09:44.600 so on, we are forty sixth on the list compared 0:09:44.640 --> 0:09:46.000 to the rest of the world. So we're not the 0:09:46.040 --> 0:09:48.880 top ten, not the top five. We are forty six 0:09:49.000 --> 0:09:51.600 on the list in terms of lower interest rates, so 0:09:51.679 --> 0:09:53.160 we're in the six percentage rate. 0:09:53.400 --> 0:09:55.439 Some are as low as one point ninety seven. 0:09:56.200 --> 0:09:57.920 Coming up, we'll talk a little bit more about this 0:09:57.960 --> 0:10:01.160 Federal Reserve interest rate cut, because some of the things 0:10:01.200 --> 0:10:03.679 they talked about in here is kind of interesting. I'm 0:10:03.720 --> 0:10:08.800 Kevin Gordon, America's Trucking Network seven hundred WLW NEED. 0:10:08.840 --> 0:10:12.240 This is the breathing reboard on America's drugging edwork on 0:10:12.360 --> 0:10:15.240 seven hundred wlwf. 0:10:14.760 --> 0:10:17.800 NTT IndyCar Series teams are starting to mark testing dates 0:10:17.800 --> 0:10:20.360 ahead of the twenty twenty sixth opener on the streets 0:10:20.360 --> 0:10:23.280 of Saint Petersburg. The first team test of Indy Cars 0:10:23.320 --> 0:10:26.480 is set for early January. It's a Firestone tire test 0:10:26.520 --> 0:10:29.640 in Phoenix. They will also test in February at Sea 0:10:29.679 --> 0:10:32.960 Bring Raceway and Florida to feature at least twenty cars. 0:10:33.240 --> 0:10:37.440 Former IndyCar driver Colton Hurde has completed his first Formula 0:10:37.520 --> 0:10:40.160 two tests to get a license in Abu Dhabi in 0:10:40.200 --> 0:10:42.719 the sixty fourth running of the Rolex twenty four hour 0:10:42.880 --> 0:10:46.320 DAYTOTA will feature a capacity of sixty one cars on 0:10:46.360 --> 0:10:49.040 the grid in January of twenty twenty six. 0:10:50.160 --> 0:10:53.560 Need This is the wreathing reboard on America's trucking edwork 0:10:53.679 --> 0:10:59.520 on seven hundred WLWF Say Dennison at. 0:10:59.679 --> 0:11:02.400 N If you are a loved one has sleep apnea, 0:11:02.559 --> 0:11:05.120 you can help advance research that may lead to a cure. 0:11:05.400 --> 0:11:09.319 Myapnea dot org is an online community where providers, researchers, 0:11:09.360 --> 0:11:12.160 families and patients can share and learn from each other. 0:11:12.400 --> 0:11:14.600 Fill out the online survey and wake up to a 0:11:14.640 --> 0:11:17.960 better future at myapnea dot org, a public service from 0:11:18.000 --> 0:11:19.840 the American Sleep Apnea Association. 0:11:20.720 --> 0:11:23.679 Over the years, you've brought them into your home. We 0:11:23.679 --> 0:11:27.280 were prescribed opioids after the C section when dad injured 0:11:27.320 --> 0:11:31.800 us back when your basketball star tore as acl Opioids 0:11:31.840 --> 0:11:34.880 helped with the pain, and you held onto them just 0:11:34.920 --> 0:11:35.360 in case. 0:11:35.960 --> 0:11:37.400 But did you know holding onto. 0:11:37.240 --> 0:11:41.840 Unused opioids puts your family at risk. Opioids are powerful 0:11:41.920 --> 0:11:46.079 pain reducing prescription medicines, but most people who are prescribed 0:11:46.080 --> 0:11:50.840 opioids don't finish their prescriptions, so millions of unused opioids 0:11:50.840 --> 0:11:54.439 are sitting at homes across the country, and tragically, more 0:11:54.480 --> 0:11:59.439 than one hundred Americans die every day from overdoses involving opioids. 0:12:00.240 --> 0:12:03.320 What can you do to protect your family? Remove the 0:12:03.440 --> 0:12:07.680 risk of unused opioids from your home, pills patches or 0:12:07.760 --> 0:12:12.040 syrups and drawers, purses and cabinets anywhere they might be hiding. 0:12:12.400 --> 0:12:15.160 To find out how to dispose of them properly, visit 0:12:15.320 --> 0:12:19.520 www dot FDA dot gov slash Drug Disposal. 0:12:20.760 --> 0:12:22.960 I expected to be a lot easier. I thought it 0:12:23.000 --> 0:12:25.360 was going to be a piece of cake. I didn't 0:12:25.400 --> 0:12:28.200 know what stuff to take next. I was transitioning from 0:12:28.240 --> 0:12:31.240 the military. I was a vehicle gunner, an avionic specialist. 0:12:31.600 --> 0:12:34.800 I was an MP military police. My friends thought I 0:12:34.800 --> 0:12:39.760 could do anything. I missed my unit, my family, playing 0:12:39.800 --> 0:12:44.880 with my daughter. I felt like a stranger. I was overwhelmed. 0:12:45.040 --> 0:12:47.560 I couldn't sleep. I just wanted to be by myself. 0:12:47.880 --> 0:12:49.920 I didn't have a clear sense of what to do next. 0:12:50.520 --> 0:12:53.400 I was too proud. And then I thought, if I'm 0:12:53.440 --> 0:12:55.719 going through this, other veterans have gone through it too. Right. 0:12:56.720 --> 0:13:00.439 I started to open up and it made a huge difference. 0:13:00.960 --> 0:13:03.920 So I reached out and I saw that I wasn't alone. 0:13:04.120 --> 0:13:06.720 Because before I was able to take on my next mission, 0:13:06.880 --> 0:13:09.479 I had to take on just taken care of myself. 0:13:09.720 --> 0:13:11.640 To find purpose. 0:13:12.720 --> 0:13:15.840 Go to Makethconnection dot nem to learn how other veterans 0:13:15.840 --> 0:13:19.000 have overcome the challenges of transitioning out of the military. 0:13:20.840 --> 0:13:24.040 Where with Bridget whose husband won't be home for months 0:13:25.320 --> 0:13:29.320 and whose daughter is due any day. Where with Mike, 0:13:30.240 --> 0:13:36.120 who's leaving home to protect his family and yours. Where 0:13:36.160 --> 0:13:39.640 with all service members and their families who need community 0:13:40.160 --> 0:13:43.199 connection and maybe a bit of. 0:13:43.160 --> 0:13:47.240 Magic or you with them? Learn more at USO dot 0:13:47.320 --> 0:13:48.000 org Today. 0:13:50.040 --> 0:13:54.560 Where with Liam after his fourth military move, when being 0:13:54.679 --> 0:14:01.560 new is starting to get old. We're with Tara during 0:14:01.600 --> 0:14:07.360 the holidays when she misses home the most. Where with 0:14:07.520 --> 0:14:12.040 all service members and their families who need connection, comfort, 0:14:12.960 --> 0:14:14.240 and home away from home. 0:14:14.800 --> 0:14:15.880 Are you with them? 0:14:16.440 --> 0:14:20.000 Learn more at USO donar one stop for advertising called 0:14:20.000 --> 0:14:21.600 eight four four eight four four. 0:14:21.760 --> 0:14:22.240 iHeart. 0:14:24.840 --> 0:14:27.880 I'm Kevin gored in America Instructing Network seven hundred at 0:14:28.080 --> 0:14:31.800 w LW talking about this Federal Reserve interest rate cut 0:14:32.040 --> 0:14:34.840 that they did yesterday afternoon. I came out at two 0:14:34.880 --> 0:14:38.560 o'clock in the afternoon, Federal Reserve split over where is 0:14:39.080 --> 0:14:42.800 priority should lie lowered? It's key interest rate, key interest 0:14:42.880 --> 0:14:47.920 rate Wednesday, but signaled a tougher road ahead for further reductions. 0:14:48.400 --> 0:14:53.560 I cannot wait for May until Lion Jerry Powell is replaced, 0:14:54.040 --> 0:14:56.680 and I wonder who that's going to be. A lot 0:14:56.680 --> 0:14:59.680 of people were talking about that Kevin Hassen, who is 0:14:59.760 --> 0:15:05.040 current advising President Trump on economic policies, that he might 0:15:05.120 --> 0:15:07.720 be the one. A lot of people are saying that 0:15:07.760 --> 0:15:10.080 there's a ninety some percent chance that he's going to 0:15:10.080 --> 0:15:14.680 be the one picked. It's called the National Economic Council Chair. 0:15:15.000 --> 0:15:19.480 Kevin Hassett is the front runner, but Lion Jerry Powell's 0:15:19.480 --> 0:15:22.560 got to go. As a matter of fact, again I 0:15:22.680 --> 0:15:25.080 mentioned this that I had heard this. I think it 0:15:25.120 --> 0:15:27.800 was in March or so, and I'm really not sure 0:15:27.800 --> 0:15:30.560 who brought it up. It may have been Scott Bessen, 0:15:31.120 --> 0:15:34.280 could have been Larry Kudlow from Fox Business News, but 0:15:34.360 --> 0:15:37.520 somebody mentioned the fact that what Donald Trump ought to do, 0:15:38.000 --> 0:15:40.280 because he kept at that point, has been you know, 0:15:40.320 --> 0:15:42.440 he's been on Powell since he, you know, came back 0:15:42.480 --> 0:15:45.160 in office that he needs to start cutting interest rates 0:15:45.240 --> 0:15:49.040 a little bit more vigorously, and that Powell has been 0:15:49.200 --> 0:15:52.680 very reluctant to do that. The fact that again going 0:15:52.720 --> 0:15:55.080 back to September of twenty twenty four, when he lowered 0:15:55.120 --> 0:15:58.560 interest rates a half percentage point a political move trying 0:15:58.600 --> 0:15:59.960 to get Kamala Harris elected. 0:16:00.320 --> 0:16:02.760 So I don't think he likes Trump very much, even. 0:16:02.600 --> 0:16:05.080 Though Trump was the one that appointed him to that 0:16:05.160 --> 0:16:06.800 position in his first term. 0:16:07.160 --> 0:16:08.960 I just it's unbelievable. 0:16:09.000 --> 0:16:12.640 But anyway, they were talking at the time that you 0:16:12.760 --> 0:16:17.240 can't unless you have just cause, you usually can't fire 0:16:17.320 --> 0:16:20.320 a Federal Reserve chairman, even though he does have the 0:16:20.360 --> 0:16:25.840 power to do that. History and tradition is that you don't. 0:16:26.400 --> 0:16:29.400 And so what people were suggesting, again I don't know 0:16:29.480 --> 0:16:32.240 if it was Scott Besson, but said that what Trump 0:16:32.240 --> 0:16:35.520 ought to do is ought to pick the person that's 0:16:35.560 --> 0:16:39.320 going to replace Jerry Powell, have them go through the 0:16:41.160 --> 0:16:44.960 confirmation process, and so that he's sitting in or he 0:16:45.080 --> 0:16:48.200 or she is waiting in the wings, and that would 0:16:48.240 --> 0:16:51.840 then put pressure on Jerry Powell that when people are 0:16:51.880 --> 0:16:53.480 you know, it's kind of one of those things where 0:16:53.640 --> 0:16:57.160 Jerry Powell is giving a press conference or talking about 0:16:57.240 --> 0:16:59.800 certain things, then they would turn to the new or 0:16:59.800 --> 0:17:01.520 the assume replacements. 0:17:01.560 --> 0:17:03.480 Well, what's your opinion on that? What do you think? 0:17:03.920 --> 0:17:06.120 How would you handle this if you were in that position, 0:17:06.520 --> 0:17:09.199 And it'd be a kind of a checks and balances 0:17:09.240 --> 0:17:12.840 if you were, if you will that okay, that Jerry 0:17:12.840 --> 0:17:17.879 Powell can't be out there all by himself prognosticating and 0:17:17.960 --> 0:17:21.200 talking about the economy. You got somebody that could possibly 0:17:21.440 --> 0:17:24.359 be on the same even footing talking about it as well. 0:17:24.720 --> 0:17:25.919 I don't know why they didn't do it. 0:17:26.000 --> 0:17:28.760 I thought it was an excellent I thought it was 0:17:28.800 --> 0:17:32.400 an excellent idea, but they haven't acted on it. Now 0:17:32.440 --> 0:17:34.960 supposedly by the first of the year or shortly after 0:17:35.000 --> 0:17:37.440 the first of the year. I wish it was done 0:17:37.480 --> 0:17:39.720 before Christmas. That'd be a nice Christmas gift for the 0:17:39.720 --> 0:17:42.760 American public to know who is going to be heading 0:17:42.800 --> 0:17:45.480 up the FED and what their ideas are, whether it's 0:17:45.560 --> 0:17:50.120 supply side or whatever they are. In terms of an economist, 0:17:50.400 --> 0:17:53.520 it would be interesting to know who that is. But again, 0:17:54.320 --> 0:17:56.639 I cannot wait for Jerry Powell to be out of 0:17:56.680 --> 0:17:59.800 this office. Again, they're talking about that it's going to 0:17:59.840 --> 0:18:03.960 be a high hurdle in order of future interest rate cuts. Well, 0:18:04.080 --> 0:18:07.280 let's get another Federal Reserve chairment in there and see 0:18:07.280 --> 0:18:11.840 what happens. Fulfilling expectations of a hawkish cut, the Central 0:18:11.920 --> 0:18:15.439 Bank Federal Open Market Committee cut its key overnight borrowing 0:18:15.520 --> 0:18:18.320 rate by a quarter percentage point, putting it in the 0:18:18.440 --> 0:18:22.480 range between three point five and three point seven five percent. 0:18:22.680 --> 0:18:26.600 Now in other countries, in England, France, some of those 0:18:26.600 --> 0:18:31.520 countries that number is down around one point five percent. Now, 0:18:31.600 --> 0:18:35.399 that key overnight rate, again is not the overall interest 0:18:35.480 --> 0:18:38.400 rates in our country. What it is is the overnight 0:18:38.560 --> 0:18:42.199 borrowing costs that banks do between banks. If they have 0:18:42.280 --> 0:18:46.560 to borrow money from individual banks for check cashing purposes, 0:18:46.880 --> 0:18:49.320 or if there's stores that deal in a lot of 0:18:49.359 --> 0:18:51.000 cash and they have to have a lot of cash 0:18:51.040 --> 0:18:55.080 on hand at their individual store locations, maybe around the 0:18:55.119 --> 0:18:57.240 first of the month, middle of the month, something along 0:18:57.280 --> 0:19:02.080 those lines, around payday, whatever, there are cash needs, and 0:19:02.119 --> 0:19:03.760 they may not because you don't keep a lot of 0:19:03.800 --> 0:19:08.840 cash in the banks anymore. Simply because of well liability issues, 0:19:08.880 --> 0:19:12.639 and plus if cash is sitting there, it's not somewhere 0:19:12.920 --> 0:19:16.760 gaining interest or being invested overnight in some funds. But anyway, 0:19:17.000 --> 0:19:20.400 it's a whole complicated issue there. But again, this Federal 0:19:20.440 --> 0:19:23.719 Reserve overnight rate in terms of borrowing is what this 0:19:23.840 --> 0:19:26.840 rate ties into. The three point five now going to 0:19:26.840 --> 0:19:28.840 be three point five to three point seventy five. 0:19:29.320 --> 0:19:30.280 However, the move. 0:19:30.200 --> 0:19:33.919 Carried caution flags about where the policy is heading heading 0:19:34.200 --> 0:19:38.199 or headed from here, and featured a some no votes 0:19:38.240 --> 0:19:42.840 in terms of three members, which hadn't happened since September 0:19:43.000 --> 0:19:46.760 twenty nineteen. Usually the Federal Reserve, when they do a vote, 0:19:46.800 --> 0:19:50.040 it's unanimous, but over the last few months there have 0:19:50.119 --> 0:19:54.120 been dissension. There has been people who have either voted 0:19:54.440 --> 0:19:58.000 no on an interest rate cut or one in particular 0:19:58.040 --> 0:20:00.640 that keeps voting no because he wants a higher rate. 0:20:01.080 --> 0:20:04.359 So the nine to three vote against featured a hawkish 0:20:04.400 --> 0:20:09.119 and Dubvish descents. Governor Stephen Maren favored a steeper half 0:20:09.160 --> 0:20:14.680 point reduction, while original or while regional presidents Jeffrey Schmid 0:20:14.920 --> 0:20:19.560 of Kansas City and Austin Goldsby of Chicago backed holding 0:20:19.640 --> 0:20:24.040 the line. In fact, again they voted against an interest 0:20:24.119 --> 0:20:24.520 rate cut. 0:20:24.520 --> 0:20:27.000 They wanted no interest rate cut this period. 0:20:27.240 --> 0:20:30.879 Now, Stephen Maren has been a very advocate of what 0:20:30.920 --> 0:20:36.919 they call a hawkish hawkish member of the Committee, wanting 0:20:37.040 --> 0:20:39.679 interest rates to be cut even further, and I agree 0:20:39.680 --> 0:20:41.640 with it. I think the interest rate should have been 0:20:41.880 --> 0:20:46.800 the Federal Reserve cutting interest rate last time and even 0:20:46.840 --> 0:20:48.919 this time should have been a half a percentage point, 0:20:48.960 --> 0:20:52.800 but they keep doing it in quarter point increments. Stephen 0:20:52.840 --> 0:20:54.640 Maren said that it should have been a full half 0:20:54.640 --> 0:20:58.040 a percentage point, so he voted no against. 0:20:57.760 --> 0:20:58.719 The quarter percent. 0:20:59.240 --> 0:21:03.439 Now these two FED chairman or FED presidents, Jeffrey Schmid 0:21:03.600 --> 0:21:07.679 and Austin Goldsby, who voted against any rate cut, Let's 0:21:07.720 --> 0:21:12.000 not forget who Austin Goldsby is. Austin Goldsby was the 0:21:12.680 --> 0:21:17.320 chairman of the Economic Advisors in the Obama administration, so 0:21:17.400 --> 0:21:23.600 he's very liberal and of course very political. I remember 0:21:23.640 --> 0:21:28.320 seeing him on various shows, in various programs talking about, oh, 0:21:28.400 --> 0:21:31.080 how great the economy was and how great this was. 0:21:31.560 --> 0:21:34.679 The Affordable Care Act would be super because it's going 0:21:34.760 --> 0:21:39.560 to cut the insurance costs of everybody by twenty five 0:21:39.680 --> 0:21:42.960 hundred dollars, when in fact, the Affordable Care Act is 0:21:43.000 --> 0:21:48.159 anything but affordable care. It actually raised people's premiums on 0:21:48.200 --> 0:21:51.760 insurance by twenty five hundred dollars. They were supposed to 0:21:51.880 --> 0:21:55.120 save US twenty five hundred dollars, but in fact cost 0:21:55.280 --> 0:21:58.159 US twenty five hundred dollars, a five thousand dollars swing. 0:21:58.520 --> 0:22:01.520 So he had been this mouth he's for the Obama administration, 0:22:01.880 --> 0:22:05.199 and then during the Trump administration was a critic of 0:22:05.320 --> 0:22:08.480 the Trump administration. Every time you talk about, wow, you know, 0:22:08.560 --> 0:22:11.120 during our time, we did this and and and this 0:22:11.200 --> 0:22:12.840 is where I recommend a. 0:22:12.960 --> 0:22:13.760 Very liberal guy. 0:22:13.960 --> 0:22:16.960 So the fact that he is dissenting and is and 0:22:17.119 --> 0:22:20.280 is part of the Fed, now you are not getting 0:22:20.720 --> 0:22:24.280 a supply sider. You're not getting a conservative voice. 0:22:24.560 --> 0:22:24.840 Now. 0:22:25.160 --> 0:22:28.760 They keep remember everybody keeps talking about when Trump was 0:22:28.800 --> 0:22:32.760 talking about getting rid of Jerry Powell, that the Federal 0:22:32.840 --> 0:22:36.240 Reserve is this independent body, that it's you know, a 0:22:36.440 --> 0:22:40.560