Speaker 1: Do you want to be an American idio.
Speaker 2: We got pulled back on seven hundred wlw welcome to it.
Speaker 2: We'll jump right in with stuff because there's stuff. You know,
Speaker 2: we got stuff. Trump administration has decided to ease the
Speaker 2: fuel economy standards known as a cafe standards for vehicles,
Speaker 2: so roll back. Under Biden they required a two percent
Speaker 2: annual efficiency and improvement, so two percent annually they'd have
Speaker 2: to make better better fiel ecmomies, I guess the new
Speaker 2: proposal cuts us back to a half a percent, and
Speaker 2: they're also rolling back the telpipe emission standards. So the
Speaker 2: question is what does this mean overall for the car
Speaker 2: industry Because cars we've hit American and consumers said we're
Speaker 2: not paying more for cars. We have had a breaking
Speaker 2: point in the costing new automobiles. What does that do
Speaker 2: for us? Brian Moody is the executive Adam Kelly Bluebook
Speaker 2: and Auto Trader.
Speaker 3: Welcome Brian hy Ben.
Speaker 4: Yeah, thanks, you're right. That does change things a little bit,
Speaker 4: but I think it could be for the good, even
Speaker 4: though temporarily the headlines are going to be bad.
Speaker 2: Yeah, I think in the long term it seems good.
Speaker 2: You know, we have this quest to try and lower
Speaker 2: efficiency set you know, increase efficiency and how many more
Speaker 2: miles you would drive per gallon tank. And we know
Speaker 2: there's environmental impact there, and that's all well and good,
Speaker 2: but it feels like the screws have really been put
Speaker 2: to the auto industry itself and saying, Okay, there's a
Speaker 2: reasonable bound here, but we'ren't in the point of absurdity,
Speaker 2: aren't we?
Speaker 5: Right?
Speaker 4: I agree, it turns out the government is a terrible automaker,
Speaker 4: and not just ours, but as across the world. If
Speaker 4: you look in Europe, for example, it was government that
Speaker 4: incentivized diesel to the point where that became the dominant
Speaker 4: fuel type across Europle. It turns out that's not good
Speaker 4: for you. So when government is in the position of
Speaker 4: building consumer products, that's not great. And when it comes
Speaker 4: to regulation, I don't think people understand that. They understand
Speaker 4: that the better shoe economy is good on one sense,
Speaker 4: so I think we all understand that. But what people
Speaker 4: don't understand is the regulation which leads to needs compliance,
Speaker 4: which costs money, which adds complexity, which adds weight, takes
Speaker 4: away certain things from consumers such as reliability, low cost,
Speaker 4: and the lightweight of the car, which could be a
Speaker 4: safety feature. I guess, for lack of a.
Speaker 2: Better word, yeah, understand those masks. But the fact of
Speaker 2: the matter is we, as American consumers, have an insatiable
Speaker 2: demand for trucks and SUVs that's at odds with these
Speaker 2: outdated standards or two aggressive standards I guess under the
Speaker 2: by administration.
Speaker 4: Yes, And here's the thing about trucks and SUVs. You
Speaker 4: could argue, well, are people buying those because they need
Speaker 4: it or because it's what they want? I don't really know.
Speaker 4: Consumer choice always benefits the consumer. But here's a great
Speaker 4: example of how trucks can become more efficient while also
Speaker 4: serving the consumer's need. For example, there's a Ford pickup
Speaker 4: right now called the Ford Maverick. It's a small pickup truck.
Speaker 4: Well that hasn't been around for very long. Of course,
Speaker 4: the name goes way back to the seventies, but the
Speaker 4: actual vehicle that we have now, the Ford Maverick small pickup,
Speaker 4: has only been around for a few years. When they
Speaker 4: first introduced that, they couldn't make enough of those to
Speaker 4: keep up with demand. So that shows that consumers want
Speaker 4: something that makes sense. It's up to automakers to meet
Speaker 4: them where they are and give them the range, the price,
Speaker 4: the value and reliability they expect.
Speaker 2: I thought I had rare or heard that they Maverick.
Speaker 2: The Ford Maverick is just basically what it's replacing, the
Speaker 2: Ford Escape.
Speaker 6: Yeah.
Speaker 4: I mean, the Ford Escape is a small SUV and
Speaker 4: we may end up seeing hybrid or plug in hybrid
Speaker 4: versions of that in the near future. The thing with
Speaker 4: the Maverick that was so I guess telling is that
Speaker 4: it doesn't have a big V eight, It isn't oversized,
Speaker 4: it doesn't cost sixty thousand dollars, it doesn't even cost
Speaker 4: fifty thousand dollars. It's low price. It has some nice features,
Speaker 4: but it arguably has much less capability than say a
Speaker 4: Ford F two fifty, which is probably a special thing
Speaker 4: that some people do need. But the Maverick is a
Speaker 4: great example, and I bet you you'll see others when
Speaker 4: it comes to hybrids and electric cars, more right sized
Speaker 4: solutions for what Americans want today.
Speaker 2: Yeah, I mean, you've seen the small pig and I
Speaker 2: guess I don't know what you categorize, but the small
Speaker 2: pickup truck you geep has a model It's like every
Speaker 2: manufacturer's rolling out a small pickup truck because they pick
Speaker 2: up truck aesthetic.
Speaker 4: Right, Like there's a Hyundai Santa Cruz. You know what
Speaker 4: these cars all remind me of. It's almost like everything
Speaker 4: that's everything that's new, or everything that's old is new again.
Speaker 4: These small pickups like the Hyundai Santa Cruz and the
Speaker 4: Fort Maverick and some of the ones that you mentioned,
Speaker 4: what they kind of remind me of a a Chevy
Speaker 4: al Camino. It's small car based, right, not the Jeep,
Speaker 4: but the other ones are car based, fuel economy, and
Speaker 4: it occasionally helps you do some utility tasks that you
Speaker 4: might need or might not need. But meanwhile, you can
Speaker 4: drive it around every day comfortably.
Speaker 2: It can't be long before bring the station wagon back.
Speaker 2: You think that's gonna happen.
Speaker 4: I'm hoping because here's what I have noticed, and I'm
Speaker 4: this is only anecdotal. My own kids, who recently became
Speaker 4: driving age, have said nobody wants those big SUVs because
Speaker 4: it's too hard to judge where you are and when
Speaker 4: you're learning how to drive. They both kids said they
Speaker 4: prefer a small sedan or a hatchback. Well, SUVs replaced
Speaker 4: all those cars. So what's going to happen when these
Speaker 4: younger people move into the place where they're like, I
Speaker 4: don't want SUVs. They don't want SUV's because why we
Speaker 4: didn't want station wagons. That's what my mom drives.
Speaker 2: Yeah, yeah, yeah, And eventually we'll come back like trucker
Speaker 2: hats and fanny packs.
Speaker 3: He's Brian Moody.
Speaker 2: He's the executive editor of Auto Trader and Kelly Bluebook,
Speaker 2: talking about Trump's and the Trump administrations cut on cafe standards,
Speaker 2: which environmentals are mashing their teeth over. But I think
Speaker 2: it's a good business simply because it's so hard for
Speaker 2: Detroit or all automaticers of American automakers, for manner doesn't
Speaker 2: have to be Detroit to try and keep up with
Speaker 2: that kind of stuff, And it totally does not mesh
Speaker 2: with what consumers demand, which are more trucks and SUVs
Speaker 2: and even smaller pickup trucks and SUVs for that matter too.
Speaker 3: We also have to talk about evs.
Speaker 2: I was blown away when I traveled this summer to
Speaker 2: Australia the number of Chinese evs that are on the
Speaker 2: market as Uber's there, and I thought the fit and
Speaker 2: finish looked pretty good in most cases. Sometimes maybe not
Speaker 2: so much. But how much a threat is that to
Speaker 2: our market here?
Speaker 4: It's a big threat. That's how economic weapons work. I mean,
Speaker 4: they use their advantage to drive the price down, and
Speaker 4: they have working conditions and things in other parts of
Speaker 4: the world we wouldn't have here, But in other parts
Speaker 4: of the world they don't go by those same rules.
Speaker 4: Undercut the price of what's there and introduce it to
Speaker 4: a market, and then you can drive the other people
Speaker 4: out of business. That's called an economic weapon. The idea
Speaker 4: that people would want these cars is not surprising because
Speaker 4: they're good, but there has to be some kind of
Speaker 4: protection all over the world, not just in the US,
Speaker 4: to make sure that it's living up to the standards
Speaker 4: that we all hold amongst ourselves in terms of where
Speaker 4: are the materials come from, how is it built, and
Speaker 4: who's building it well.
Speaker 2: As we relax cafe standards for internal combusting engines. It
Speaker 2: looks like to me, and again it's a brief sample.
Speaker 2: You tell me, Brian, the global market continues to prioritize
Speaker 2: electrifications that kind of put us at a disadvantage in
Speaker 2: the next I don't know, within the next ten.
Speaker 4: Years, maybe, But here's the thing. More realistic goals would
Speaker 4: be helpful. No one's going No one's arguing that, you know, oh,
Speaker 4: electric cars are going to go away. That's not true.
Speaker 4: I think if most people, the average American, if they
Speaker 4: were to drive an electric car, they would like it.
Speaker 3: Now.
Speaker 4: That means there's other things that have to be solved, though.
Speaker 4: What about the price? What about this durability? What about
Speaker 4: the resale value? What about where I charge it up?
Speaker 4: It's perfect for people to have their own home, because
Speaker 4: that's about eighty percent of people that have electric cars
Speaker 4: charge them up at home. What about everybody else? It's
Speaker 4: not the car that's necessarily the issue. It's a lot
Speaker 4: of other things that go into it.
Speaker 2: Yeah, if I live in a metro city like Cincinnati
Speaker 2: and I don't have a garage, I don't have access
Speaker 2: to that. How do I charge my electric vehicle? I
Speaker 2: need a traditional internal combustion engine at least, So we
Speaker 2: solve that. But again, the market will decide.
Speaker 4: That, right, the market should always decide these things. One
Speaker 4: thing that's a misnomer that I've heard often with electric
Speaker 4: cars is there's an argument that presumes that people who
Speaker 4: live in apartments or in mixed use housing. Let's say
Speaker 4: they don't want electric cars because they're too expensive, and
Speaker 4: the reason I think in an apartment is because that's
Speaker 4: what they can afford. That's not true. There's many, many
Speaker 4: people in many cities across the country that choose to
Speaker 4: live in apartments, townhouses, or condos because that's what suits
Speaker 4: their lifestyle best. Not everyone wants to mow yard on
Speaker 4: a Saturday. Not everybody wants that. They just want come home.
Speaker 4: I have a place to go. It's all taken care of.
Speaker 4: And that's the thing that we need to solve next
Speaker 4: for how do you charge those things up? Also, there's
Speaker 4: just a mechanism of how long it takes to charge.
Speaker 4: If you need ten gas pumps, you probably need thirty
Speaker 4: charging stations based on the duration of time it takes
Speaker 4: to quote fill up your tank with an electric car.
Speaker 3: Yeah, it makes sense.
Speaker 2: I mean, if you drive several hundred miles, for example,
Speaker 2: you road trip it, you're going to have to plan
Speaker 2: out how long and where you stop. It's going to
Speaker 2: take more time to get from point A to point
Speaker 2: B driving a electric you can do much more on
Speaker 2: a hybrid, which seems to also have fallen off the savors,
Speaker 2: And I mean my son has a hybrid, he's had
Speaker 2: one for years.
Speaker 3: He loves it.
Speaker 2: He's gotting like ninety nine miles of the gallon and
Speaker 2: when it's not charged, the internal combustion engine kicks in.
Speaker 2: It seems like a fair trade. Why did that follow
Speaker 2: a favor.
Speaker 4: Well, because I think a lot of it is marketing.
Speaker 4: I think a lot of it is headline grabbing. But
Speaker 4: I think twenty twenty six will be the year of
Speaker 4: the hybrid. I really do think that people have kind
Speaker 4: of come to terms with the taxpayer funded incentive for
Speaker 4: EVS is gone. So the cars at current state are
Speaker 4: relatively expensive, about fifty eight thousand dollars on average. Hybrids
Speaker 4: are much more affordable, and you have brands like Toyota
Speaker 4: that are moving to almost all hybrids. All of their
Speaker 4: cars either can be had as hybrids or in some
Speaker 4: cases like the Sienna and the Camera and the Crown,
Speaker 4: that's the only way it comes. So we're moving to
Speaker 4: a point when you look at Twita like as a
Speaker 4: leader in this area, right, they're moving to a point
Speaker 4: where it's not a choice about getting a hybrid, it's
Speaker 4: just going to come that way. And the way they
Speaker 4: operate is normal for the most part, they've changed. Listen,
Speaker 4: anybody out there who's thought, oh, I was going to
Speaker 4: get a hybrid fifteen years ago, but they're terrible to drive,
Speaker 4: You've got to drive one. Today, they're much much better.
Speaker 2: Yeah, technology improves, I mean in mevs. I drove up
Speaker 2: Tesla a few years ago and it was an incredible experience.
Speaker 2: You know, you're driving a computer, self driving computer for
Speaker 2: that matter. That technology is only going to get better.
Speaker 2: But I still think we I think hybrid bridge is
Speaker 2: a gap for a long time to comes. Brian Moody
Speaker 2: over Kelly Bluebook and Auto Trader talking about Trump relaxing
Speaker 2: the cafe standards, which is great for manufacturers. It's also
Speaker 2: great for consumers as well. Are we going to see
Speaker 2: prices level off, if not drop because of this?
Speaker 3: We may.
Speaker 4: But here's the thing about any kind of those predictions.
Speaker 4: The cycle where automakers plan and develop and research vehicles
Speaker 4: is much longer than a year or two. It's more
Speaker 4: like six to eight years. So the few economy standards
Speaker 4: that we have now, yeah, there's a few things they
Speaker 4: can do in the short term, but planning long term planning,
Speaker 4: and this is probably a point where what President Trump
Speaker 4: has done might be a disadvantage because the back and
Speaker 4: forth can be hard on the automaker being able to
Speaker 4: plan out their product portfolio long term. So it would
Speaker 4: be better to have a middle ground and just say, hey,
Speaker 4: we all agree, let's just keep it this way for
Speaker 4: the next twelve years. That would be better than up
Speaker 4: and down in the short term.
Speaker 2: I guess get more granular here, Brian. What's the actual
Speaker 2: production cost difference between meeting the old two percent standard
Speaker 2: versus the half a percent standard per vehicle?
Speaker 3: How much does that shave off a car? Any idea.
Speaker 4: I don't know how much it shaves off a car
Speaker 4: in terms of production, but I know that it does
Speaker 4: reduce the cost of building cars in terms of compliance.
Speaker 4: For example, I spoke to this is. This is some
Speaker 4: time ago. I spoke to an executive at the company Renault,
Speaker 4: which is a French company, and one of the reasons
Speaker 4: they stopped making one of their cars with a certain
Speaker 4: powertrain I think it was a D power you know, subcompact.
Speaker 4: They said, we can't make money on this car because
Speaker 4: thirty percent of the cost is compliant. So anytime you
Speaker 4: hear an additional piece of equipment being added or standards
Speaker 4: being changed. There's a cost for compliance, there's a cost
Speaker 4: for testing in addition to the actual production of the
Speaker 4: car let alone, whether or not you decrease driveability or reliability.
Speaker 2: Okay, that's what we'll set that aside. That's an interesting
Speaker 2: perspective from them too. But the other element here too is, okay,
Speaker 2: we don't have the EV incentives anymore, so, you know,
Speaker 2: on no more ballouts for EV and relaxed standards. What
Speaker 2: happens with market share relative to EV since not hybrids
Speaker 2: but just electric vehicles over the next let's say, five
Speaker 2: to eight years.
Speaker 4: I think they're going to level off at a certain
Speaker 4: there's there's going to be a point where it's going
Speaker 4: to feel comfortable as part of the market, maybe ten percent,
Speaker 4: let's say. However, I think that the elimination of the rebates,
Speaker 4: the taxpayer funded incentives for electric I think that's going
Speaker 4: to be good for electric cars in the long run.
Speaker 2: What about the some costs that all automakers have gotten
Speaker 2: into with evs, and now that we're backing off of that,
Speaker 2: what happens with that?
Speaker 4: That's hard. They're going to have to make some adjustments
Speaker 4: and we already see companies like Volvo, for example, maybe
Speaker 4: walking it back a little bit, and rather than saying, hey,
Speaker 4: we're going to force an ideological solution onto the consumers,
Speaker 4: they have recently said we're going to let consumer demand
Speaker 4: dictate what we do, so full electric by a certain time. Okay, maybe,
Speaker 4: but they're not going to artificially set those times. They're
Speaker 4: going to let, like you had said before, let the
Speaker 4: markets aside. That's always going to work out best for
Speaker 4: the company and for the consumer, because what do we pick.
Speaker 4: We all picked the thing that we like best that
Speaker 4: we can afford.
Speaker 2: Okay, But then, logically speaking, three years from now, let's
Speaker 2: say a Democrat gets elected. Does this all get wiped
Speaker 2: out and we start over again? And how do you
Speaker 2: plan that far ahead, if at all. If you're an
Speaker 2: autom manufacturer or a hell a car dealer.
Speaker 4: That's a risk. I mean, that's definitely a risk. And
Speaker 4: some could argue that's a weak point in the system,
Speaker 4: that it's too prone to partisan back and forth. It
Speaker 4: would be better to have a middle ground that just says, hey,
Speaker 4: here's a good number for a fuel economy. Let's all agree.
Speaker 4: Let's have like a cross party committee that can just
Speaker 4: agree that this is a number and not politicize it.
Speaker 4: Because most cars today, like the average car, you can
Speaker 4: get a car that's gackling only not a hybrid that
Speaker 4: can get forty miles per gallon on the highway.
Speaker 7: That was unheard of twenty years ago, right because of well,
Speaker 7: how much of that is innovation and how much of
Speaker 7: that is government in that Hey, as soon as gas
Speaker 7: prices go up, people start selling their evs and big
Speaker 7: cars and get more fuel efficient things.
Speaker 2: We have another oil prices. Everyone wants an EV or
Speaker 2: something that's going to get more miles to down. The
Speaker 2: minute it starts to go back down, we go back,
Speaker 2: whipsaw back to the other things. And that's again that's
Speaker 2: a consumer demand in the thickleness that we have there.
Speaker 4: But I think it's valid, right, But consumers don't want
Speaker 4: a twelve mile per gallant car and a generation of
Speaker 4: go or less that was not an unusual thing. Today.
Speaker 4: People expect their car to get reasonable fuel economy, add
Speaker 4: hybrid to it, and like you said, I personally drove
Speaker 4: a plug in hybrid for three months. This won't happen
Speaker 4: to be a Volvo. I'm got seventy five to eighty
Speaker 4: miles per gallon plugging it in every day. So I
Speaker 4: know that's possible, and I think what happens is the
Speaker 4: fuel economy adds convenience. You now have cars, especially hybrids,
Speaker 4: with a driving range of five or six hundred miles.
Speaker 4: That is a lifestyle changer. When I hear people with
Speaker 4: electric cars or who are electric car proponents say, well,
Speaker 4: on a long trip, it only takes an extra forty
Speaker 4: five minutes to charge up. That's true, it does only
Speaker 4: take an extra forty five minutes to charge up. But
Speaker 4: that sounds like someone who doesn't have toddlers.
Speaker 2: Yeah, right, exactly, and we'll leave it at that again.
Speaker 2: Brian Moody Kelly Bluebook and the Auto Trader, he's the
Speaker 2: executive editor there. So I think this is a great thing,
Speaker 2: quite honestly, is getting a little bit more common sense
Speaker 2: back in. Manufacturers will thus still be incentive for them
Speaker 2: to reduce an increase fuel efficiency in the future. It's
Speaker 2: not like simply it's going to go well twelve miles
Speaker 2: a gal, and we won't stand for that anymore. It's
Speaker 2: all about consumer demand, not what the government wants. And
Speaker 2: this one makes sense to me, Brian.
Speaker 3: All the best. Thanks for jumping on this morning. Thank
Speaker 3: you appreciate. We've got some weather.
Speaker 2: Moving in y'all over the next well all the way
Speaker 2: through the weekend almost to Friday as well. We'll full
Speaker 2: update their traffic just ahead someday, guys. I love the
Speaker 2: new cafe standards under President Trump. Something I do not
Speaker 2: like what he's doing with farms. We'll get into that
Speaker 2: just ahead here Sloaney seven hundred WLW Scott slowing back
Speaker 2: on seven hundred WLWT. Enjoyable day off yesterday.
Speaker 3: Good.
Speaker 4: So.
Speaker 2: I was just talking to Brian Moody from Kelly Bluebook
Speaker 2: about lower mission standards helping the auto industry, and I
Speaker 2: think that's a smart move, quite honestly, because you know,
Speaker 2: you get these environmentalist policies in place that simply ignore
Speaker 2: consumer demand sentiment, and the fact of the matter is
Speaker 2: we are going to be relying upon fossil fuels for
Speaker 2: the rest of our lives and probably at least another
Speaker 2: couple generations beyond. Doesn't mean we shouldn't take the environment seriously,
Speaker 2: but it always struck me as silly as to hold
Speaker 2: us to these high demanding standards when the rest of
Speaker 2: the world, developing nations and in particular, our frenemies in China,
Speaker 2: Indian elsewhere are allowed to pollute the environment with impunity.
Speaker 2: It doesn't mean you know that we can't do better,
Speaker 2: but it seems rather silly since you can't hold them
Speaker 2: to the same high standards you're putting yourself under. And
Speaker 2: new hamsterring American industry and progress and everything else. And
Speaker 2: so one may also ask how real is that threat?
Speaker 2: To some degree, you know, there's a lot of younger people,
Speaker 2: especially environm mental types, I think the world is going
Speaker 2: to end next Tuesday. We heard that same cry when
Speaker 2: it came to the hole in the ozone layer. Hell
Speaker 2: songs are written about it, right and now we're learning, hey,
Speaker 2: it fixed itself. I'm not suggesting that that's entirely possible
Speaker 2: with this climate emergency that we're in. At the same time,
Speaker 2: I look at it reasonably and go, Okay, there's only
Speaker 2: so much we can do right now. You're not going
Speaker 2: to be able to overdo it overnight. The result is
Speaker 2: is it really making all that much an impact to
Speaker 2: begin with? When you look at the amount of energy
Speaker 2: and environmental harm producing batteries at the rate we're doing
Speaker 2: right now. So I think that's all going to be
Speaker 2: factored in as well. So yeah, I agree with easing
Speaker 2: up on a car manufacturers for sure. I think that's
Speaker 2: a good idea. Something I'm not too happy with, though,
Speaker 2: is what's happening when it comes to more bailouts. You know, Socialism,
Speaker 2: I guess is in the eye of the beholding party,
Speaker 2: because if you're a Republican and a Democrat does it,
Speaker 2: it's socialism. When a Republican does it, it's something else.
Speaker 2: It's kind of like that old adage of difference. But
Speaker 2: what's the difference between a terrorist and a patriot depending
Speaker 2: on who is doing the terrorizing. So for farm bills
Speaker 2: in Terwmers, in case you haven't heard this, we're about
Speaker 2: to give eleven billion dollars to our farmers and probably
Speaker 2: a number of them listening at anyone stretched to my
Speaker 2: show right now. And it's not a me against farmers thing. Obviously,
Speaker 2: I like to eat. Look at me. I get what
Speaker 2: farmers do. It's an incredibly hard life. I have family
Speaker 2: members at are farmers. I totally understand that. But I
Speaker 2: think you probably agree with me. Going eleven billion dollars
Speaker 2: in ball up money to farmers, does that make a
Speaker 2: lot of sense, simply because this is because of terrorifts. Now,
Speaker 2: at the beginning of this thing, when Trump said I'm
Speaker 2: going to do tariff's most beautiful world word in the dictionary,
Speaker 2: I'm like, well, I got some questions about that, but
Speaker 2: you know what, let's see how it plays out. Let's
Speaker 2: give the brother a chance. Let's see how we do.
Speaker 2: And so far, now almost a year into this, not quite.
Speaker 2: It doesn't look really good. I'll be honest with you.
Speaker 2: And at what point you go, yeah, it's not to
Speaker 2: what we thought it would. The problem there is, though,
Speaker 2: I don't know, for the President is never going to go, yeah,
Speaker 2: you know what, I.
Speaker 3: Got this one wrong.
Speaker 2: It's just simply not in his vocabulary or any politician
Speaker 2: for that matter. We'll just pivot to something else. And now,
Speaker 2: as he focuses less than international diplomacy and more on
Speaker 2: America First, he's going to kick off that campaign, the
Speaker 2: year long campaign to make America first. This comes back
Speaker 2: into play, I think, and simply put right now, the
Speaker 2: tariffs have created the very problem they want to solve.
Speaker 2: You raise costs for farmers, the input costs for farmers,
Speaker 2: and you're talking equipment, we're talking fertilizer. Talking all that
Speaker 2: and more at the same time, we close the export
Speaker 2: markets because of the tariffs. Now the second time around.
Speaker 2: They spent twenty eight billion last time around billing off
Speaker 2: farmers during the first term. I know, the eleven billion
Speaker 2: dollar barret of farmers.
Speaker 3: What is that?
Speaker 2: If the tariffs worked, will we be doing this? And
Speaker 2: the answer, of course is well, yeah, exactly right, it's
Speaker 2: not working. That's we gotta bill out farmers. Now, we
Speaker 2: do have collected so far about two hundred billion dollars
Speaker 2: in tariffs, and that is high cotton right there. We
Speaker 2: have never collected that much money ever in tariff. So
Speaker 2: that's eleven of the two hundred billion dollars. If you're
Speaker 2: in manufacturing, if you're in construction, where's your check? Is
Speaker 2: this not unlike when we talked about, you know, bailing
Speaker 2: out while subsidizing college student loans and go, well, you
Speaker 2: know it's COVID and the kid you can't afford to
Speaker 2: pay these loans. Well, we're just going to pay your
Speaker 2: loans for you. And all right, when someone goes, hey, listen,
Speaker 2: I don't I'd never went to college, my kids, I
Speaker 2: don't have kids. Why am I paying for a rich
Speaker 2: kid to go to college. And it was Elizabeth Warren
Speaker 2: that laughed at the guy. But that's a true statement,
Speaker 2: Like I'm not part of that. I have a try.
Speaker 2: I got to pay taxes in my truck. I got
Speaker 2: all these costs I have to pay for as a
Speaker 2: small business person or a contractor. In this case, where's
Speaker 2: my money? And that was true with Elizabeth Warren. It's
Speaker 2: true under Donald Trump right now. If you are at
Speaker 2: another sector besides farming, where the hell's your check? If
Speaker 2: you're building stuff, creating stuff, manufacturing stuff, there should be
Speaker 2: money for you too, right. But isn't that the problem
Speaker 2: why we're collecting this money in tariffs to give it
Speaker 2: back to political favorites, in this case farmers who will
Speaker 2: support President Trump in the future. And it's just like
Speaker 2: I thought we were getting rid of this kind of behavior,
Speaker 2: and it's that certainly it's not socialism, but in line
Speaker 2: with the ten billion in taxpayer money we're buying companies,
Speaker 2: that's certainly of socialism. You know, I'm buying up ownershares.
Speaker 2: Whether it's critical to national security or not. I can
Speaker 2: kind of give side out of that and going, Okay,
Speaker 2: we spend ten billion dollars in taxpayer money to buy
Speaker 2: parts of companies or certainly vested interests, if not majority
Speaker 2: interest in companies, and we'll have a say in how
Speaker 2: they run. Isn't that literally the definition of socialism that
Speaker 2: government controls the means of production that would be us
Speaker 2: In this case, we're back to baillouts again. So we
Speaker 2: as consumers, then we pay higher prices because of tariffs
Speaker 2: on imported goods. Then our tax bunny funds billions and
Speaker 2: ballots to compensate those harmed by the same tariffs, and
Speaker 2: so we're essentially being farmers to absorb the costs of
Speaker 2: the tariffs that they voted for in the first place.
Speaker 2: Does this make any sense? It doesn't make any sense
Speaker 2: to me. The ideological hypocrisy here. If you go back
Speaker 2: in time, and I remember in when was that we'd
Speaker 2: been an oes nine ten when we had the auto
Speaker 2: bailout because of yeah, it would have been two thousand
Speaker 2: and eight, two thousand and nine because of the housing
Speaker 2: market collapse. So we had to ballot auditustries saying hey, listen,
Speaker 2: you know what, we got to do this because they're
Speaker 2: too big to fail, and a lot of conservatives at
Speaker 2: the time who love this guy are just our signment
Speaker 2: on this kind of stuff called that government overreach. Okay, well,
Speaker 2: if that was going to reach with the auto bailout,
Speaker 2: then how are we why are we supporting agricultural bailouts?
Speaker 2: And again, it's a government created crisis, like college debt
Speaker 2: or anything else, or the healthcare system. It's it's absolutely
Speaker 2: created by them, which I don't understand at all. And
Speaker 2: so you mean, you look at manufacturing for example, they're suffering.
Speaker 2: Manufacturer's contribution to the GDP went from nine point eight
Speaker 2: percent last year to nine point four which zo point
Speaker 2: four percent is a lot in that sector, and we
Speaker 2: see manufacturing decline, declined, decline. Seventy percent of firms in
Speaker 2: the manufacturing sector report negative tariff impacts. About two percent
Speaker 2: see benefits because it raises costs for raw matials, media.
Speaker 2: It's just like farmers, and it's going to stifle competitiveness too.
Speaker 2: We saw this, you know, back to the farming. This
Speaker 2: has been a problem for a long time. When it
Speaker 2: comes to the farm bill. I think we did the
Speaker 2: twenty eighteen farm bill and we just extended that one
Speaker 2: because it goes every five years. But the idea here
Speaker 2: is you know, the idea it's it seeks to remedy
Speaker 2: is to support the little farmers. Well, it doesn't because
Speaker 2: they widen the loopholes to make the mega farms exploit
Speaker 2: the commodity and crop insurance subsidies through they can even
Speaker 2: have like extended family members who never even worked on
Speaker 2: the farm. Why not getting some of these credits, I guess.
Speaker 2: And tried to eliminate a thirty year old rule preventing
Speaker 2: big companies from receiving unlimited commodity payments.
Speaker 3: That didn't work out.
Speaker 2: And we talked about not funding SNAP during the shutdown,
Speaker 2: and you know, there's two parts of the farm bill,
Speaker 2: seventy six percent of the funding from that and when
Speaker 2: the nutrition programs. But the one that people don't complain
Speaker 2: about is a commodity and crop insurance that benefited the
Speaker 2: largest operators out there consumed about seventy five about the
Speaker 2: same amount of the farm program a portion about seventeen
Speaker 2: billion dollars and twenty eighteen dollars, which is a hell
Speaker 2: of a lot of money. And so when you do
Speaker 2: this kind of stuff, it drives consolidation. It allows the
Speaker 2: big fish to eat the literal little fish. We call
Speaker 2: it capitalism, but it really isn't because the government is
Speaker 2: picking winners and losers here, and so we see small
Speaker 2: family farms get gobbled up. As that's where we're at
Speaker 2: right now. If you're into such you know, John Mellencamp
Speaker 2: kind of things, I suppose, But the idea here is
Speaker 2: that you know, they also had the crop insurance program.
Speaker 2: It doesn't really address the needs of starting you know,
Speaker 2: there's other farmers out there, people are just farming for
Speaker 2: the first time, or organic farms, small scale operations alike,
Speaker 2: and it's just from what I understand, doesn't do anything
Speaker 2: to address any of that stuff. So I you know,
Speaker 2: you're going to have one side again if the difference
Speaker 2: between a terrorist and a patriot or someone who sees,
Speaker 2: you know, any government interaction of socialism, whether that's true
Speaker 2: or not. But this looks like a lot like certainly
Speaker 2: with the bigger companies out there that we're buying parts
Speaker 2: of that's literally the definition of socialism. But this one
Speaker 2: is like, it's more bailout. So you know, if the
Speaker 2: if the administration is even admitting, hey, these these tariffs
Speaker 2: aren't working like we thought, so now we've got to
Speaker 2: bail out farmers. So they'll continue to support our administration
Speaker 2: and our clause. That's all well and good, but one
Speaker 2: just like the college bailout, may wonder, well, I'm not
Speaker 2: a farmer, which is most of us. No disrespect to farmers,
Speaker 2: because we all like to eat and drink, and everything
Speaker 2: we get is from you know, basically, consumables come from
Speaker 2: farms in some way, shape or form. From the corn
Speaker 2: we eat to the pop we drink. It's all got
Speaker 2: corn and it so he means and everything else, and
Speaker 2: we close the markets off to the rest of the world.
Speaker 2: So now we have to take money and give it
Speaker 2: to them to bail them out. And so what industry's
Speaker 2: dext if we got two hundred billion to hand out.
Speaker 2: It seems like this is just another level of government
Speaker 2: that I thought we're trying to get rid of. That
Speaker 2: government doesn't solve all problems, it creates more problems. Well,
Speaker 2: the twenty eighteen farm Bill in this latest ballout is
Speaker 2: indicative of that being one hundred percent correct. I'm willing
Speaker 2: to give tariffs a try, and certainly it sounded good
Speaker 2: at the beginning. I had some doubts and skepticism, healthy
Speaker 2: skepticism of that, but I want to see. You know
Speaker 2: the plan either orks it doesn't work so far. You know,
Speaker 2: eleven months in this almost a full year quarter of
Speaker 2: the term, it really is not looking like what it's
Speaker 2: supposed to do at this point. So yeah, we'll see
Speaker 2: what happens. But I don't think that the administration is
Speaker 2: going to change their tune anytime soon. I'll just continue
Speaker 2: to do that now.
Speaker 5: You know.
Speaker 2: Again, the measuring stick here is I always look at
Speaker 2: the other side, whether it's a when a Democrat does something,
Speaker 2: I look at the reaction to Republicans and vice versa
Speaker 2: in this case and go, Okay, when Democrats are doing
Speaker 2: this kind of stuff, did Republicans call them out? And
Speaker 2: it would be absolutely yes. And when you do, when
Speaker 2: you could, when you do what the guy you're against
Speaker 2: is doing in different ways but largely the same. And
Speaker 2: these ballots, I think you got to call their bs
Speaker 2: on it, which is what I'm doing today, calling out
Speaker 2: that BS. We got weather in news, and I know
Speaker 2: we've got some weather. I don't think it's going to
Speaker 2: be that bad quite honestly. You know, we're gonna get
Speaker 2: little wet snow and mixing. And we'll get the full
Speaker 2: details here in just a second, but people already flipping
Speaker 2: out because we just had that early winter storm not
Speaker 2: too long ago, and it's nice to seeing it come
Speaker 2: back from the weekend.
Speaker 3: The snow is all malted.
Speaker 2: That's what I love about our town, the fact that
Speaker 2: the snow comes, it really doesn't stick around all that.
Speaker 2: It's not really a persistent snow, not at all. So
Speaker 2: we'll have that to factor in as we at the
Speaker 2: end of weekend. Actually is looking all right cooler. I'm
Speaker 2: cold obviously, but looks like we're going to dry out
Speaker 2: over the weeks. Anyway, coming up on the show on
Speaker 2: seven hundred WW she is the president of the Hamlin
Speaker 2: County Commissioner and that would be Denise Treehouse. Back on
Speaker 2: last week, I had Commissioner Alisha reeson and she lobbed
Speaker 2: as she does. She brings the noise, all right, she's
Speaker 2: on its fire. Well, Denise three House heard some of
Speaker 2: Alicia Reese's comments and conversations. One of the big ones,
Speaker 2: of course, was that we're swimming in cash, that the
Speaker 2: county has all sorts of money. We are, we got
Speaker 2: roller I think Realisia said we rolling in money, We
Speaker 2: rolling in money. I think Commissioner dree House is going
Speaker 2: to go I don't know where she's getting that from.
Speaker 2: Here are the facts. So, as you know, Hamlin County
Speaker 2: Commissioners just approved a four and a half percent property
Speaker 2: tax rebate for twenty twenty six. That is the low
Speaker 2: because we're promised what thirty percent back in the nineties
Speaker 2: when we're building stadiums for a while, got thirty percent.
Speaker 2: Now that thirty percent is long gone. She says, we
Speaker 2: just simply don't have the money to be able to
Speaker 2: do that. That's not it's not feasible. But four and
Speaker 2: a half percent is the lawst number we've ever seen.
Speaker 2: She's going to come on and talk about other ways
Speaker 2: to get that money back to taxpayers and make you whole.
Speaker 2: At the same time, today approving the buildout for pay
Speaker 2: Course Stadium, and one may ask, okay, well, why didn't
Speaker 2: we simply go back to the Bengals and go this
Speaker 2: is what was promised on your behalf. How do we
Speaker 2: make the taxpayers the proper owners whole?
Speaker 3: Good question. Denise's three House.
Speaker 2: Next on The Scott Sloan Show and the home of
Speaker 2: the best Bengals coverage seven hundred WW Cincinnati Manican, My.
Speaker 3: Scott's Flown back on seven hundred W heals it.
Speaker 2: And so we heard the news that last week, how
Speaker 2: many kind of commissioners four and a half percent property
Speaker 2: tax rebate for next year. Of course, we all remember
Speaker 2: the thirty percent promise when voters approved the half cent
Speaker 2: sales tax increased back in the mid nineties to fund
Speaker 2: the stadiums downtown. Was also finding out that that's the
Speaker 2: lowest number we've had as far as a rebate goes. Now,
Speaker 2: the vote two to one. Commissioner Alisia Reese was dissenting
Speaker 2: supporting it. Of course we're count we're our commissioner's Denise Treehouse,
Speaker 2: the Hamlet County Commissioned President, who joins us now on
Speaker 2: the show to talk about it on seven hundred WW
Speaker 2: Welcome back Denise Hau's life.
Speaker 6: Yeah, doing well, Scott, how are you?
Speaker 3: I'm good. I'm good.
Speaker 2: I know you've got sexy budget meetings to get to
Speaker 2: and everything else because you're a numbers chick. So God
Speaker 2: bless you, God speed. You're better than I'm at that stuff.
Speaker 2: So let's look at and you know, your contemporary, Lisha
Speaker 2: Reese was on the show last week, and I know
Speaker 2: you had some things you wanted to get off your
Speaker 2: chest relative to that conversation without playing all the highlights
Speaker 2: of that. But you know, you've been in county government
Speaker 2: and been around long enough to remember the ninety six
Speaker 2: stadium campaign, and looking back, do you think voters were
Speaker 2: given an honest picture of what that thirty percent property
Speaker 2: taxtorybit it actually mean? Or was there some bait and
Speaker 2: switch happening, Because I think if you surveyed, most taxpayers
Speaker 2: who were around then feel that there was a bait
Speaker 2: and switch and it was intentional.
Speaker 6: Was your thoughts, Well, I'll tell you what I did
Speaker 6: want to come on just to correct some things. I mean,
Speaker 6: we can all have differences of opinion about what happened
Speaker 6: and why it happened, but the fact of the facts,
Speaker 6: and so I didn't want to have your listeners come
Speaker 6: away with the wrong impression on what has happened in
Speaker 6: the past. And so, as you say, starting out, when
Speaker 6: this thing was offered to the tax payers, there was
Speaker 6: a sales tax and then the rebate, and for the
Speaker 6: first fourteen years they did a thirty percent they I mean,
Speaker 6: they promised it and they did it. But what happened
Speaker 6: was the sales tax that was collected. It didn't keep
Speaker 6: up the revenue did not keep up with making sure
Speaker 6: that we meet the obligations of the fund, with the
Speaker 6: debt service and the pilot and all the things, maintenance
Speaker 6: of the stadiums, all the things, and the PPR, and
Speaker 6: so back in twenty eleven you saw a significant dip
Speaker 6: from thirty down to seven point eight. And so this
Speaker 6: ebb and flow has been going on for a while,
Speaker 6: depending on what can be afforded through this fund, right,
Speaker 6: and so a number of years ago, probably three four
Speaker 6: years ago, the administrator offered a formula that said we
Speaker 6: need to keep about eighty five percent in the reserve. Okay,
Speaker 6: that's responsible, that's what's been advised by our consultants. That's great.
Speaker 6: So let's create a formula where we keep the eighty
Speaker 6: five percent and then do the rebate according to that.
Speaker 6: And so that's something that would have offered us the
Speaker 6: ability to give a rebate. Wouldn't have been the thirty
Speaker 6: but it would have been a starting point. And then
Speaker 6: each year try to go up a little bit for
Speaker 6: the property tax owners or the property tax payers. And
Speaker 6: we haven't stuck to the formula, and so when you
Speaker 6: do the thirty percent, it flows up the formula, and
Speaker 6: you can't afford to do that year after year.
Speaker 1: I guess.
Speaker 2: And the other way of looking at this too then
Speaker 2: would be, Okay, well, we have money for the homeless,
Speaker 2: We're going to give deputies a five percent increase. There's
Speaker 2: other things in the budget against not just the one thing,
Speaker 2: but I guess the taxpa mask Okay, I understand all that.
Speaker 2: Then why isn't this a bigger priority or based on
Speaker 2: the Matthew just described, it's impossible.
Speaker 6: Well, no, I think the priority is providing relief for
Speaker 6: property owners, and we are doing that. This isn't the
Speaker 6: only game in town when it comes to how to
Speaker 6: provide property tax relief, and so let's not forget about
Speaker 6: what's going on in the legislature. I did sit on
Speaker 6: Governor DeWine's pass force with bill sits trying to come
Speaker 6: up with some ideas to provide relief. We had twenty
Speaker 6: suggestions for the legislature and some for ourselves, and so
Speaker 6: we are starting to implement some of that. Not the
Speaker 6: lease of which it is House Bill three thirty five,
Speaker 6: which says that our revenue, the county's revenue, will be
Speaker 6: held our inside millage will be held to the rate
Speaker 6: of inflation. That is a reduction in revenue for the
Speaker 6: county and relief to the taxpayers, and so you will
Speaker 6: not see the spikes that we have seen in the
Speaker 6: past for property tax bills because we're going to be
Speaker 6: held to the rate of inflation. We're taking a hit
Speaker 6: on that. It's probably about fifteen million a year, but
Speaker 6: we're willing to do that as part of the solution.
Speaker 6: So it's not as if the county is not working
Speaker 6: on property tax relief. We're giving some relief by the
Speaker 6: way through the PTR. It's just is not as much
Speaker 6: as the thirty percent. So there are other ways to
Speaker 6: provide this release outside the PPR.
Speaker 2: So it would be a messaging kind of thing. Is
Speaker 2: that what you're saying is you're going to get the
Speaker 2: money back, it just won't be in the thirty percent
Speaker 2: property tax rebate.
Speaker 6: Well, we're always trying to look at for the tax
Speaker 6: players and do as little increase as possible. But as
Speaker 6: I said, we've got partners in this fight here right
Speaker 6: in the state. I wish the state were doing more candidly,
Speaker 6: but we are doing our part. And we didn't have
Speaker 6: to support House build three thirty five, but we did
Speaker 6: that knowing that we were going to take a cut
Speaker 6: because we thought it was an important thing to do
Speaker 6: by way of the county to provide some relief to
Speaker 6: people that are struggling. And let me say one other thing,
Speaker 6: because I heard it said that the tax players got
Speaker 6: written out of the Stadi Impact Seal, the opposite is true.
Speaker 6: The financial plan actually ensured that the PTR remains in
Speaker 6: the formula in the equation. It's a matter of degree,
Speaker 6: and that's always what we fight about. But we literally
Speaker 6: wrote it into the least negotiations with the bangles in
Speaker 6: the financial stack, and so we didn't write it out.
Speaker 6: We literally wrote it in to the financial stack.
Speaker 2: Could the thirty percent rebate have been part of the
Speaker 2: new stadium deal the two hundred and eleven millions, which,
Speaker 2: by the way, I think you're voting on today.
Speaker 6: Well, it is part of it. As I said, it's
Speaker 6: just a matter of degree. The PTR is in there.
Speaker 6: It's just the thirty percent abbs and flows given the
Speaker 6: amount of revenue that's coming into that fun Okay.
Speaker 2: So what would then have find in subsequent years to
Speaker 2: ease three house? What can people expect as far as.
Speaker 6: A rebakers, Well, what I would like to do is
Speaker 6: again go back to this formula and say we are
Speaker 6: going to do as much as we can and hopefully
Speaker 6: increase it year after year, so people always see that
Speaker 6: kind of increase. The other thing it does is structure
Speaker 6: something where it's more predictable and so that you should
Speaker 6: see the chart. I don't know if you've seen the
Speaker 6: chart where it goes up and down and up and down,
Speaker 6: and they're dramatic shifts, and so, I you know, I'm
Speaker 6: a tax player. I would rather see something that is
Speaker 6: something I can count on and that I can budget for.
Speaker 6: And we're talking about maybe the delta between the four
Speaker 6: point five that was voted this year in the thirty
Speaker 6: is about seventy bucks. So we're not talking about hundreds
Speaker 6: of dollars. I know, seventy dollars is just a significant
Speaker 6: amount of money, but when it comes to your household budget,
Speaker 6: that's what we're talking about.
Speaker 2: Well, but if you're a senior fixed income people on
Speaker 2: the margins, we are plenty of those people that are
Speaker 2: afraid they can't pay their property taxes because what the
Speaker 2: state's doing, and of course the reassessments and like you
Speaker 2: had this in there as well, and you know, eventually
Speaker 2: it's going to be a breaking point. I know, it's
Speaker 2: just seventy dollars. There's some people that seventy dollars there's
Speaker 2: a lot of money though.
Speaker 6: Yeah, I agreed, and so we're trying to provide that
Speaker 6: relief another way. As I said, the PTR is not
Speaker 6: the only way to get this done, and so we're
Speaker 6: providing the release through these other mechanisms. And by the way,
Speaker 6: they're longer term, right untill three thirty five, is ongoing.
Speaker 6: It's not something that's decided year after year. It's going
Speaker 6: to be lost, and so we will be held to
Speaker 6: the rate of inflation, and so that release will be
Speaker 6: ongoing and so we won't have this debate every year.
Speaker 6: That will stay in place.
Speaker 2: Commissioner Denise Treehouse, President the Commission, and talking about the
Speaker 2: meeting today, the vote today two hundred and eleven for
Speaker 2: pay Corps. We also had word that it's only a
Speaker 2: four and a half percent property tax rebate for next
Speaker 2: year instead of the thirty percent promise, and we approve
Speaker 2: the ninety six stadium front buildout. So the truth is
Speaker 2: then going to be somewhere between four and a half
Speaker 2: and thirty percent. With all these ways of finance are
Speaker 2: getting that money back to taxpayers? Denise, Are we ever
Speaker 2: going to get close to thirty Because while the four
Speaker 2: and a half percent right now, especially with the new deal,
Speaker 2: is bad timing on the part Forer, I think for
Speaker 2: a lot of homeowners and taxpayers, do you.
Speaker 6: Agree, Well, you know, Scott, I have voted for thirty
Speaker 6: in the past, so when we could have I voted
Speaker 6: for it, and when I thought it was necessary for
Speaker 6: the tax players, I did it. The fact of the matter, though,
Speaker 6: is that you can't sustain that. You can do it,
Speaker 6: but you can't keep doing it because then you bankrupt
Speaker 6: the fund. So if we were to do a thirty
Speaker 6: percent this year the vote we just took, we would
Speaker 6: have reduced the fund dramatically, and so that hurts the fund.
Speaker 6: By the way we're supposed to keep eighty five percent,
Speaker 6: we would have been way way down. The other piece
Speaker 6: of that, though, is that it impacts next year, and
Speaker 6: so if you do the thirty percent this year, then
Speaker 6: you're in trouble next year. And that's what's happened. We
Speaker 6: did thirty percent last year, and I didn't vote for
Speaker 6: that because I didn't think it was responsible, and so
Speaker 6: now we're in a position this year, well, we can't
Speaker 6: do it again, so you know, year after year it
Speaker 6: all plays upun This is why I'm in favor of
Speaker 6: this formula. So we don't have this dynamic where we've
Speaker 6: got thirty percent and then we got to go to
Speaker 6: four point five. I mean, yeah, do I wish it
Speaker 6: was higher? Yes, I do, but you know, we're looking
Speaker 6: at the finances as fund and not bankrupting the fund.
Speaker 6: So it is what it is. And I also was
Speaker 6: listening and heard that this idea that the tack players
Speaker 6: didn't get anything through the new lease with the Bengals,
Speaker 6: and nothing could be further from the truth. Where we
Speaker 6: got the Bengals to pay one hundred and twenty million
Speaker 6: dollars into our asset, which is that stadium, we capped
Speaker 6: our cost to three hundred and fifty million, which has
Speaker 6: never happened, and we got a long term deal with
Speaker 6: the Bengals, and we got used of that stadium like
Speaker 6: in a way that we never do, right. And so
Speaker 6: then we get to have high school football games between
Speaker 6: Elder and ex played at the stadium. So let's not
Speaker 6: forget about the community benefits that came through that lease.
Speaker 6: In addition to the financial benefits that we got as accounting.
Speaker 3: Well we need to have.
Speaker 2: I mean, that's all nice for Saint exe and Elder,
Speaker 2: but why aren't we using the stadium more? I thought
Speaker 2: initially when this happened, that we'd see a lot more
Speaker 2: activity outside the occasional Taylor Swift show, a lot more
Speaker 2: of what we're talking about with football. Why does it
Speaker 2: take well, twenty eight years in this thing and now
Speaker 2: we're going, hey, we need to utilize the stadium more
Speaker 2: for high school athletics. Why haven't we been doing that
Speaker 2: all along?
Speaker 6: Because we didn't have control of the city, because the
Speaker 6: county didn't have control. And so through this new lease,
Speaker 6: we now have access to that stadium as we should.
Speaker 6: It belongs to the tax players, and so we had
Speaker 6: seen the first model of how that's going to play
Speaker 6: out in the years to come, where we do have
Speaker 6: more concerts, we have more events, we have more high
Speaker 6: school football games. That was the whole point of the
Speaker 6: community benefits agreement, and so the Bengals signed off on that,
Speaker 6: and so this was our first foray into that. I
Speaker 6: thought it was a good model. It was beautiful nights,
Speaker 6: even though it was a little rainy, but yet and
Speaker 6: look to that in the future. That's exactly what we're
Speaker 6: trying to accomplish.
Speaker 2: Yeah, but one may look at that and go wow,
Speaker 2: that is to not see the availability because that was
Speaker 2: something else was promised people. It's like, hey, yeah, you
Speaker 2: know the stadium that we're partners in this single bit
Speaker 2: to use the stadium. We haven't been able to And
Speaker 2: I think that's just another And I brought that up
Speaker 2: to Denise because between that and the thirty percent, I
Speaker 2: think there's a huge disconnect between elected officials like yourself,
Speaker 2: certainly the Bengals in the front office, and what the
Speaker 2: community wants and they you know, I think everyone's looking
Speaker 2: at all of these deals and going Okay, I think
Speaker 2: we're just going to get screwed again because the pattern
Speaker 2: is there. How do you how do you change that
Speaker 2: over the next ten, fifteen, twenty years.
Speaker 6: Well, I wasn't there when this promise was made, by
Speaker 6: the way, for this thirty percent, that happened many years ago,
Speaker 6: and it wasn't a responsible promise. I mean, they had
Speaker 6: no idea. By the way, the reason where I'm having
Speaker 6: this conversation is because the revenue is a flat right,
Speaker 6: if the sales tax revenue was higher, we'd be doing
Speaker 6: all we'd be doing the thirty percent. We could afford it,
Speaker 6: we'd do it. I supported. That would be great. That's
Speaker 6: just not the reality. And so to promise this so
Speaker 6: many years ago, for twenty five years, it's not responsible.
Speaker 1: You shouldn't do that.
Speaker 6: You can't budget like that because you don't know what
Speaker 6: the economic reality is going to be. You don't want
Speaker 6: know what the economy is going to be. So I
Speaker 6: try not to make unrealistic promises to people. I try
Speaker 6: to honor what I had said I could do and
Speaker 6: try to do as much as possible. Whether it's thirty
Speaker 6: percent or something less than that, we're trying to do
Speaker 6: as much as possible. And I know something else that
Speaker 6: was raised in your conversation was MFD, which is another
Speaker 6: challenge for us because we're under the federal on you know,
Speaker 6: it's a mandate from the federal government, the Consent Decree,
Speaker 6: but it's not funded. It's an unfunded mandate, and so
Speaker 6: we're under that. We've got a very old system, over
Speaker 6: one hundred years old, you know, with the pipes in
Speaker 6: the ground, and so we're trying to hold those rates
Speaker 6: as tight as possible, knowing that our counterparts in other
Speaker 6: counties are raised and rates higher than what's been suggested
Speaker 6: for us. So Franklin County is up eight percent next year,
Speaker 6: Akron's going up five percent, Tyahoga is going up fourteen
Speaker 6: or four point two percent. So it's not like we're
Speaker 6: alone in this. But what we're trying to do is say,
Speaker 6: how can we keep these rates as low as possible
Speaker 6: and again make it predictable. And so next year you're
Speaker 6: going to see because we got rid of the bulk
Speaker 6: discount and I know it's kind of in the weeds,
Speaker 6: but anyway, we got to the ball discount. So next
Speaker 6: year people will not see residents will not see higher
Speaker 6: MSc rate and so that's good news, and you don't
Speaker 6: hear anybody talking about that, but they we're about to
Speaker 6: pass that budget too. In years after that, we're hoping
Speaker 6: to have a fairly low predictable rate so that people
Speaker 6: don't see spikes in those bills either. So you know,
Speaker 6: it's not only this one issue. We're trying to play
Speaker 6: this out across the board and provide as much relief
Speaker 6: as we can, knowing that we're under some of these
Speaker 6: mandates and we have to respond to those.
Speaker 2: Commissioner Denise's Threehouse. Last week, Alicia Reese, Commissioner ree said
Speaker 2: that the county's rolling in money. She told me, we're
Speaker 2: rolling them out. We got money all over the place
Speaker 2: with the banks and stadium revenues. You're saying we can't
Speaker 2: fund a full rebate and thirty percent is it can't
Speaker 2: be done, It's impossible.
Speaker 3: Are we really rolling in money?
Speaker 6: No, we are not rolling in money. I mean, we
Speaker 6: have our budget here, and we have a budget here
Speaker 6: in tonight as a matter of fact, and the revenues
Speaker 6: are relatively flack. We're doing what we can. But no,
Speaker 6: I mean it is it's very tight. Ask the sheriff,
Speaker 6: ask the prosecutor, ask the judges. The budget is very
Speaker 6: tight this year. I don't know what that refers to,
Speaker 6: but it is certainly not reality.
Speaker 3: So not rolling in money. Maybe a little bit of money.
Speaker 1: I thought.
Speaker 6: I'm wondering what we're talking about now.
Speaker 2: I don't know, I don't know what that The reality
Speaker 2: is this? What give me a reasonable number? What can
Speaker 2: you expect you? What can you tell taxpayers now? In
Speaker 2: handling count It's it can't be four and a half percent.
Speaker 2: You're saying it can't be thirty percent. What's the target?
Speaker 6: The target is keeping eighty five percent in the fun
Speaker 6: and making sure we meet our dead ol. We got
Speaker 6: dead obligations. We have obligations through a pilot payment, we
Speaker 6: have construction, we have all these obligations. So meet the obligations,
Speaker 6: and then we have built into that formula this PCR.
Speaker 6: So we will have a PPR every year and knowing
Speaker 6: it depends on the sales tax revenue and what's coming in,
Speaker 6: and that will define what we can do by way
Speaker 6: of the relief. We can't spend money we don't have.
Speaker 3: Is it? Is it closer to thirty percent or closer
Speaker 3: to four and a half.
Speaker 6: For one next next time?
Speaker 3: Yeah, next next.
Speaker 2: Cycle, and then it's going to be changed. But you
Speaker 2: said you want to get to a steady number, and
Speaker 2: the number would everyone will be happy with would be
Speaker 2: what I guess the question or you just.
Speaker 6: Simply don't know, Well how would I know? I mean
Speaker 6: I don't know what is going to come in by
Speaker 6: way to sales tax.
Speaker 2: Well, I mean you have targets obviously otherwise we've been
Speaker 2: doing this, so there's got to be a number in
Speaker 2: your mind.
Speaker 6: Yeah, well sure, and what I'm hoping for is an
Speaker 6: increase every year. So as we look at the four
Speaker 6: point five, we go up next year, and then we
Speaker 6: go up the year after that and go after the
Speaker 6: year after that. So it's predictable and we're doing and
Speaker 6: I and I anticipate, and boy, I hate the prediction
Speaker 6: because you know, we just came out of a pandemic
Speaker 6: not too long ago and not get an effect here
Speaker 6: right you. It's very hard and we had a recession
Speaker 6: and that's where you saw another dep so it's really
Speaker 6: hard for me to predict. But the model is set
Speaker 6: so that we start out low and we continue to
Speaker 6: grow year up to year. So that is certainly my hope.
Speaker 6: But to make a prediction gets a little dicey.
Speaker 2: Yeah, fair enough. We'll just say twenty five eight percent.
Speaker 3: How's that?
Speaker 6: Say what you'd like, and we'll try to hit.
Speaker 2: That mark because I got to have we record. Everything's recorded.
Speaker 2: I want to bring this back later and then you know,
Speaker 2: rub your nose in it today.
Speaker 3: That's like, please, Willie will do that? I would do it.
Speaker 3: I would not.
Speaker 6: No, No, the EMBc. Let's get back to MSc because
Speaker 6: that's another one that I hear quite a bit about
Speaker 6: and so that rate we're trying to do a predictable
Speaker 6: rate across the board for the next ten years. We're
Speaker 6: trying to hit four point five, which is a pretty
Speaker 6: modest increase. Before I got to the Commission, by the way,
Speaker 6: those rates were quite a bit higher year after year.
Speaker 6: And when I got there, we were able to hold
Speaker 6: that flat for a number of years because we had
Speaker 6: a reserve, and so we spent on some of that
Speaker 6: reserved keep for us rate flat. But now we're back
Speaker 6: to a reserve that's reasonable that we need to increase
Speaker 6: the rate modestly year a few years. So that is
Speaker 6: what I'm shooting for. Right If well, I can do
Speaker 6: a four point five increase for MSc for the next
Speaker 6: ten years, I think that's what people are asking me
Speaker 6: to do. Give us something predictable, make it as low
Speaker 6: as you possibly can, and that's what we're going to do.
Speaker 6: And so that's what that's what I'm trying to do
Speaker 6: with the MFT, not to be confused with the four
Speaker 6: point five with the PCR. And now I'm just realizing
Speaker 6: that those numbers are the same. So I and the
Speaker 6: increase this year for ms.
Speaker 2: I guess I guess resident, I've got to get going.
Speaker 2: We could probably talk about this for a long time,
Speaker 2: but you got to go. You got votes, you got
Speaker 2: work to do. To d Street Hoouse, Hamlet County Commission President,
Speaker 2: setting the record straight from hers perspective, I always enjoy
Speaker 2: having you back, and thanks for taking time out to explain.
Speaker 2: Thanks that all the best to you, and we've got
Speaker 2: a news update happening now here on seven hundred WLW
Speaker 2: Tuesday morning, Scottslonde rolls on with you here seven hundred
Speaker 2: wl It's a tough one to as a consumer. I
Speaker 2: don't think I care at all about it. I'll be
Speaker 2: honest with you, but I'm gonna talk about anyway because
Speaker 2: it's just fascinating. Every time we have some sort of
Speaker 2: change agent occur, we have the same predictable reaction and
Speaker 2: I get it. You know you're trying to protect your
Speaker 2: own territory. I'm gonna ask Andy Schaffer about this later.
Speaker 2: Till down on eleven thirty five from all Worth Financial
Speaker 2: to talk about the markets, investments, and just like a
Speaker 2: weekly money tune up as always, so Warner Brothers comes
Speaker 2: along and said, Hey, you know what, we're gonna sell
Speaker 2: our studio and our streaming service, and we're going to
Speaker 2: sell it to Netflix for almost eighty three billion dollars.
Speaker 2: With the B and all the cable networks we own,
Speaker 2: we're gonna spend that in a new publicly traded company.
Speaker 2: Sound good? So Paramount who owns pretty much everything else, right,
Speaker 2: CBS and just you go down the list. It's incredible. Uh,
Speaker 2: And that consolidation has been going for a long time,
Speaker 2: all of a sudden, now it's a problem because it
Speaker 2: involves Hollywood. Okay, So Paramount skuy Dance says, you know what,
Speaker 2: we're going to do better shareholders. They go to the
Speaker 2: existing shareholders instead of the Netflix deal. They said, well,
Speaker 2: if you go with us instead of Netflix, will give
Speaker 2: you two dollars twenty five cents more per share, which
Speaker 2: is like almost one hundred and ten billion dollar offer
Speaker 2: for the entire company. And so now you've got Warner's
Speaker 2: board saying it. You know that, some of the shareholders saying, well,
Speaker 2: you're unfavoring you're favoring Netflix unfairly, And it's just this
Speaker 2: back and forth. It's fascinating. Now, if you own you know,
Speaker 2: a decent number of those shares, you're probably pretty happy
Speaker 2: because you're going to get paid. And ultimately that's how
Speaker 2: it works. You know, we own shares of companies, me
Speaker 2: and you and your four one K, your roth Ira,
Speaker 2: your investments, if you have a pension. It's all tied
Speaker 2: up in that. We know how the markets work. And
Speaker 2: on top of that, Aunt also they're also backed by
Speaker 2: Jared Kushner, Trump's son in law. He's got an investment
Speaker 2: firm that's backing the paramount deal. So gee, I wonder
Speaker 2: which one's going to get done. But nonetheless, it's just
Speaker 2: interesting to see the reaction from from Warner people, or
Speaker 2: not even Warner people get that in a second. So
Speaker 2: the reality is, like any any business, any sector, any company, certainly,
Speaker 2: streaming is affecting the entertainment business in a big way.
Speaker 2: It's affecting my business TV and in this case film
Speaker 2: the film is your Warner Brothers. Theaters for a long
Speaker 2: time had their exclusive window on new releases, and yeah,
Speaker 2: and I obviously took a hit during the pandemic in
Speaker 2: that and they still haven't fully rebounded though, because studios
Speaker 2: are right now they're trying to figure out which films
Speaker 2: justify a theatrical release versus going straight to streaming. We've
Speaker 2: seen Netflix throw we Are one this week that Will
Speaker 2: Gans was talking about that literally is going to be
Speaker 2: in theaters for a week before it went on the Netflix.
Speaker 2: Because while they want to get an AFORE nomination and
Speaker 2: gets some more eyeballs, that's how it works. You're just
Speaker 2: looking that as a loss leader, basically going yeah, we
Speaker 2: just want we want the advertising from being an Oscar
Speaker 2: nominated film. You can only do that if you're up
Speaker 2: for about a week or so, and that obviously with
Speaker 2: Netflix and Paramount and this, that's going to change. That's
Speaker 2: going to change the whole awards thing, right, So if
Speaker 2: you're an Oscar fan, I don't know too many of those,
Speaker 2: but if you're an Oscar fan, that's probably going to
Speaker 2: change how that works too. In addition to streaming, cutting in,
Speaker 2: production costs keep going up and the revenue models are
Speaker 2: it's a big question mark. You're talking about three hundred
Speaker 2: million for a blockbuster to just make in market and
Speaker 2: you need a huge global audience just to break even.
Speaker 2: But if you're a mid budget film, which has been
Speaker 2: the majority of the films out there, they've disappeared because
Speaker 2: we're not quite sure should we do streaming. Should we
Speaker 2: do theatrically you're not seeing that anymore. And now we
Speaker 2: got the Writers Guild and like that are pushing back
Speaker 2: because of AI, and it's a whole. It's kind of
Speaker 2: a mess. By and large are audiences, whether it's eyes
Speaker 2: or ears. Our habits have shifted. We're more selective about
Speaker 2: what we'll see in theaters versus seeing streaming at home.
Speaker 2: My wife and I wanted to see the Jeremy Ellen
Speaker 2: White Springsteen movie that was up in theaters briefly because
Speaker 2: it wasn't that mass appeal kind of thing, which I get,
Speaker 2: and we'll like, ah, we should go, and then you know,
Speaker 2: a week or two later, it's not there anymore because
Speaker 2: we're like, Okay, no big loss. We'll just wait for
Speaker 2: to come out and watch it on our big screen TV.
Speaker 2: So technology, like anything in the world, whether it's automotive,
Speaker 2: whether it's medical, there's opportunities, threats, and predictably, the old
Speaker 2: Hollywood machine starts ratcheting it up the defense Jane Fonda,
Speaker 2: of all people, she's still alive. Jane Fonda sent a
Speaker 2: letter to the trade news publications saying that the end
Speaker 2: of Warner Brothers is a standalone company is an alarming
Speaker 2: escalation and a consolidation crisis that threatens the entire entertainment
Speaker 2: interesty itself, the public deserves, and potentially the First Amendment itself.
Speaker 2: I'm not quite sure if this is a one a
Speaker 2: issue and how that would be, but that the public
Speaker 2: somehow deserves an outdated business model. There's a trade organization
Speaker 2: called Cinema United that represents about three thirty thousand movie
Speaker 2: screens in the United States. Are a big one, and
Speaker 2: they said the acquisition of Netflix is an unprecedented threat
Speaker 2: and vowed to fight it because theaters will close, communities
Speaker 2: will suffer, jobs will be lost, and you're only getting
Speaker 2: Netflix only give token releases in theaters. And imagine the
Speaker 2: paramounts can do the same thing, and what happens to us. Well,
Speaker 2: you know, it's interesting that the cinemas, and you know,
Speaker 2: history is always a great indicator of future behavior. That
Speaker 2: if you go back to the turn of the previous century,
Speaker 2: film was really coming to it. I mean, the golden
Speaker 2: age of cinema, right, the Warner Brothers literally came on.
Speaker 2: Silent movies became talkies and the big you know, nineteen twenties,
Speaker 2: nineteen thirties, great depression. That was the one place you
Speaker 2: could go for some relief.
Speaker 6: And they.
Speaker 2: Did that for wow, one hundred years. Okay, great, awesome,
Speaker 2: they got that model. All on comes streaming lumps really
Speaker 2: cheap TVs. I's facing you get a big screen TV
Speaker 2: now for dirt cheap, like one hundred inch TV. You
Speaker 2: can get one for I don't know, like over just
Speaker 2: over thousand dollars. So yeah, the speakers of sounds is
Speaker 2: we got the soundbars. Now, it sounds good, sounds immersive,
Speaker 2: and it's like you're not for want for that whole
Speaker 2: cinematic experience in your own home. But the idea is
Speaker 2: somehow we're going to close these theaters. It's funny because
Speaker 2: if you go back even to the early nineteen hundreds,
Speaker 2: the same theater operators, maybe their ancestors had no problem
Speaker 2: putting vaudevillians in local stages and screens.
Speaker 3: I mean that's how we consider.
Speaker 2: Before film, people would go to a theater to watch vaudeville,
Speaker 2: which would be a basically a variety show. You'd have comics,
Speaker 2: you'd have singers, you'd have impressions, you have all these things,
Speaker 2: and once movies came along, it was more streamline it
Speaker 2: was cheaper instead of having to hire all that talent
Speaker 2: to simply put it on celluloid. And you're like, well,
Speaker 2: I'm sorry, that's the way what happened in the same
Speaker 2: movie industry that really that crushed stage is now being
Speaker 2: crushed by streaming. And it's the same argument that we've
Speaker 2: got to protect us. I'm sure there were Vaudevillians and
Speaker 2: the Vaudeville Union and the Theater Union and the stage hands,
Speaker 2: and they're all, you're not going to stop consumer demand.
Speaker 2: It's just simply not going to happen. Same for the
Speaker 2: Writers Guild. They're calling for the government to step and
Speaker 2: then block any merger whatsoever because I represent about twelve
Speaker 2: thousand screenwriters and saying that the streaming companies in one
Speaker 2: of the streaming it was going to swallow one of
Speaker 2: its biggest competitors. Is what anti trust lawsuits are designed
Speaker 2: to prevent. Well, I think the concern is they're going
Speaker 2: to come in and go you know what, twelve thousand
Speaker 2: writings obs are going to maybe not all go away,
Speaker 2: but we're going to lean into AI. And I would
Speaker 2: think too that I've said this before, there's a real
Speaker 2: that for actors and actresses. Isn't going to be just
Speaker 2: much easier to create a plot, have AI write a
Speaker 2: story or come up and kind of mesh out a
Speaker 2: screenplay or something like that AI assisted, and have AI
Speaker 2: do all the acting and production. And I mean, we're
Speaker 2: there now where you look at some of the shorts
Speaker 2: on social media, we're there now. It's not going to
Speaker 2: be that much before we have animated movies, which you
Speaker 2: still need hard writers for I suppose, but you know,
Speaker 2: by and large, it's the industry itself is going to
Speaker 2: shrink immeasurably because of artificial intelligence.
Speaker 3: It's almost going to have to happen.
Speaker 2: A lot of the future shows that you will see
Speaker 2: will be entire AI created, I would think. I mean,
Speaker 2: there's got to be some human guidance in there and concepts,
Speaker 2: I suppose, but you know, by and large, that's what
Speaker 2: we're looking at. They're not going to be real actors.
Speaker 2: They're just going to be faxing on. How you patent
Speaker 2: those and put copyright restrictions and stuff. Will be an
Speaker 2: interesting battle for sure, But any had to say because
Speaker 2: people are going to be displaced, But is it really
Speaker 2: any different than what happened with vaudeville back in the day,
Speaker 2: as I said, because a lot of vaudevillians were replaced,
Speaker 2: a lot of those went to the voices, went to radio,
Speaker 2: and then a lot of the radistars went to TV,
Speaker 2: and TV went to streaming. And it's part of this
Speaker 2: whole evolution because of consumer demand, that's all. And the
Speaker 2: teamster is upset too because they should reject this deal,
Speaker 2: because the Teamsters represent a bunch of folks as well. So, yeah,
Speaker 2: you're about protectionism and you're about, you know, trying to
Speaker 2: save your own industry in particular. I get that that's
Speaker 2: nothing new, and it's not a shot at them saying
Speaker 2: they're foolish. No, you probably do the same thing if
Speaker 2: your industry where in jeopardy to collapse. But let's face it,
Speaker 2: it is up the consumer. The consumer always decides in America.
Speaker 2: The CEO CO chief executive at Netflix said, right now,
Speaker 2: you should count on everything that is planned going on
Speaker 2: in the theater through Warner Brothers. Continue to go to theaters.
Speaker 2: You should continue to go to theaters. The keyword, and that,
Speaker 2: by the way, is right now. So right now you
Speaker 2: should count. It's like when companies merge, you know, we're
Speaker 2: taking over Kroger takes over a company.
Speaker 3: Let's say we just had that happen here locally.
Speaker 2: We're going to take over this company and look at
Speaker 2: it and go, all right, I do this particular job.
Speaker 2: There's somebody in this company does a particular job. Which
Speaker 2: one are they going to keep because they ain't going
Speaker 2: to keep both of us, So you better be damn
Speaker 2: sure you're great at what you do if you want
Speaker 2: to stay on. And that's just the nature of consolidation.
Speaker 2: See that happened many many times in my industry even
Speaker 2: but you know the idea that right now, yeah, right now,
Speaker 2: as of today. Now, by January first, maybe a different story.
Speaker 2: And that typically how these things work out, as they
Speaker 2: send assurances to people going, yeah, listen, your job's not
Speaker 2: in jeopardy right now. Everything is fine right now, so
Speaker 2: just you know, just keep on doing your best right now.
Speaker 2: And everyone happens once they figure it all out and
Speaker 2: the analysts come in and kick the tires and see
Speaker 2: how we can shave Because when companies take over the country,
Speaker 2: the company is the first thing they do is issue
Speaker 2: a letter going everything's fine, like no one's loosening their job.
Speaker 2: Don't worry about it, and then after a little period
Speaker 2: of time, what happens is that's when the acts starts
Speaker 2: to fall. Always does, because you've got enough pay for
Speaker 2: all of the money you spent about the company in
Speaker 2: the first place. And largely what happens is, you know,
Speaker 2: we consolidated. We start looking around, going, all right, he
Speaker 2: can go, these guys, this department can go. We've got
Speaker 2: a lot of overlap here, and we've got a consolidation
Speaker 2: means we're gonna save money. So no, never buy the Hey,
Speaker 2: your job is fine right now because tomorrow is not
Speaker 2: right now. And that's just how it works, that's true anything.
Speaker 2: But we're seeing an unfold before our very eyes with Hollywood. Now,
Speaker 2: I don't know, is a consumer like you you're gonna
Speaker 2: lose sleep over what's going on? Probably not you look
Speaker 2: at it going. I don't know Paramount, Netflix, Warner Brothers.
Speaker 2: I watch these shows. I have no idea who the
Speaker 2: helse produced. I have no idea that we don't. And
Speaker 2: the thing is today we're dumb and ignorant of this,
Speaker 2: and largely so because there's just so much content out
Speaker 2: there to jews froom, you don't care where it's coming
Speaker 2: from and who's producing it. All you know is that
Speaker 2: there's more stuff to consume with your eyes and ears
Speaker 2: than ever before in the history of all mankind. So
Speaker 2: it's the new Golden Age for sure. But at the
Speaker 2: same time, you look, I can't watch or listen anymore.
Speaker 2: There's only so many hours in the day. There's only
Speaker 2: so many hours in the day. But you know, fighting
Speaker 2: for Jane Fonda. We need to save Warner Brothers. Why
Speaker 2: because well, it's a it's an important company. It's the
Speaker 2: odds of consumers. The consumers decide what is important and
Speaker 2: what is not, and so it goes. Anyway, news on
Speaker 2: the way in just minutes. You may know the name
Speaker 2: Rosemary Oglesby Henry. She's a candidate Republican candidate for Congress.
Speaker 2: That she's also happens to be the lady attached to
Speaker 2: a horrific story, quaite, honestly, of someone who said she
Speaker 2: produced a gun and all these all these accusations it
Speaker 2: turned out to be not true. You wonder how that
Speaker 2: may have hurt her campaign. I'm saying, yeah, she threatened
Speaker 2: me with a gun, and then she was the one arrested.
Speaker 2: And it turns out later on guess what the person
Speaker 2: making the accusations also running for office, made the whole
Speaker 2: thing up. It's an interesting story and we'll get into
Speaker 2: it next with her on The Scott Sloane Show, Home
Speaker 2: of the Best Bengals coverage seven hundred WW.
Speaker 8: Since you want to be an American, Hi, Scott's loan
Speaker 8: here on seven hundred WLW.
Speaker 3: You may know the name already.
Speaker 2: Rosemary Oglesby Henry is the founder of nonprofit Rosemary's Babies.
Speaker 2: She's also the Republican candidate for Congress in Ohio in
Speaker 2: the first district, so she is going to be running
Speaker 2: against Grange Lensman. And the reason you may know the
Speaker 2: name is because she got jammed up in an abusive relationship.
Speaker 2: And normally you don't hear the stuff with politics and
Speaker 2: candidates in life, but I think it offers a really interesting,
Speaker 2: unique perspective.
Speaker 3: And she joins the show. Now, Rosemary, welcome, how are you?
Speaker 1: I'm good?
Speaker 5: Thank you so much for having me.
Speaker 1: I'm excited to be on.
Speaker 3: Yeah, yeah, yeah. What made you decide to run?
Speaker 6: So?
Speaker 5: I just I just felt like we needed a change
Speaker 5: and we needed to flip that seat to someone that
Speaker 5: could bring some new opportunities to Southwest Ohio that just
Speaker 5: aren't happening right now, especially this administration. Like what so Well,
Speaker 5: my focus definitely is to ensure that we're bringing that
Speaker 5: we're training people in manufacturing, We're focusing on the urban
Speaker 5: core and making sure that small businesses are going and
Speaker 5: sustaining in southwest Ohio. I think the current incumbent just
Speaker 5: isn't doing a very good job of focusing and focusing
Speaker 5: on our area, especially now that we've especially now that
Speaker 5: they've added Clinton County. I just think the needs of
Speaker 5: what of Warren and Clinton just won't be heard underneath
Speaker 5: system comments.
Speaker 2: Relative to manufacturing, tariff's helping or hurting getting that message out.
Speaker 5: I think that it just depends on which side that
Speaker 5: you're on. Of course, the administration is supporting the tariffs
Speaker 5: are helping, but for some formers, they're they're starting to
Speaker 5: fill as the burn of that, and so we definitely
Speaker 5: need to make sure that some of those dollars are
Speaker 5: going back, that the industries wren't being hurt, that we're
Speaker 5: we're emphasizing for those small swarming communities in those communities,
Speaker 5: for the state and people to support those individuals in
Speaker 5: that area to buy the buy home take care of
Speaker 5: Ohio first.
Speaker 2: Yeah, yeah, as somebody's listening to this going, oh yeah,
Speaker 2: Rosemary Oglesby Henry, I know that name.
Speaker 4: You know.
Speaker 2: Most candidates kind of kind of go through a life
Speaker 2: with a little less stress. You, on the o otherland,
Speaker 2: had a lot of stress recently. And it's an interesting
Speaker 2: story that I think you can honestly pivot and use
Speaker 2: to your advantage. And it all starts with a guy
Speaker 2: named Kevin Farmer. So if you don't know the entire
Speaker 2: story here, you were arrested in early November charge with
Speaker 2: aggravated menacing, accused of pointing a gun at him. He's
Speaker 2: running for a city councilor running for congress. Kevin Farmer.
Speaker 2: Turns out he's making false charges against you, charged with burglary,
Speaker 2: violating a protection order you had against him after trespassing
Speaker 2: in your home and Halloween, you're out, the charges have
Speaker 2: been dropped. He's I believe, still in jail on a
Speaker 2: seventy thousand dollars bond. Voters here that and are like, wait, wait,
Speaker 2: you got as you know how voters are they here?
Speaker 2: You got arrested and that's the end of the story.
Speaker 3: I guess. Give us some background what's the deal with
Speaker 3: Kevin Farmer? How did you meet?
Speaker 2: You say he's a friend or was a friend anyway,
Speaker 2: and what was the nature of your friendship.
Speaker 5: Yeah, so mental health is real. Health is real, and
Speaker 5: you never know what's going to be the stick that
Speaker 5: broke that camel's back. And we all have people that
Speaker 5: we might be around that might be struggling with these
Speaker 5: issues and we don't know. It could be the person
Speaker 5: working next to you, or it could be someone in
Speaker 5: your family, your child is struggling with those issues. Of course,
Speaker 5: I had a professional relationship with Kevin Farmer and known
Speaker 5: him for several years and to have this turned on
Speaker 5: me and the charges be faught that that was an assault,
Speaker 5: But the the biggest was, oh my god, now I'm
Speaker 5: stuck in the system that I've always trusted to help
Speaker 5: me build the American dream and followed, so how do
Speaker 5: I get out of it? And as you know, while
Speaker 5: the charges were fast, the city dropped it said they
Speaker 5: should have never filed them in the first place. The
Speaker 5: apology is never as grand as assault. And so what
Speaker 5: do you do from that is you emphasize the need
Speaker 5: for you know, the boys in blue and the courts
Speaker 5: and everybody to just review these actions before they take
Speaker 5: these steps. But more than that, for a trauma informed media,
Speaker 5: you know my kids, my families and everything. Before you
Speaker 5: run with this propaganda and basically became a person's name,
Speaker 5: you need to make sure that you're clarifying the facts
Speaker 5: and that the facts are what they are. And so
Speaker 5: it was a very traumatic incident, but you learn from it,
Speaker 5: you move past it, and for somebody like me that
Speaker 5: is resiliently driven, you get the word out there to
Speaker 5: let your voters know I was Surean's parent, I said,
Speaker 5: and my authority and why I was doing it. I
Speaker 5: was still serving people and running my race, And those
Speaker 5: are the type of people that you need fighting for
Speaker 5: Southwest Ohio, not somebody who's going to book and fold.
Speaker 1: Yeah.
Speaker 2: I get that too. You hear the charges, most people
Speaker 2: already made their mind up. We go, oh, yeah, that's
Speaker 2: that lady got arrested, and that's certainly not true because
Speaker 2: you're the victim in this case as opposed to the perpetrator,
Speaker 2: and the truth came out and the legal system worked. Unfortunately,
Speaker 2: it's hard to get your reputation back in this day
Speaker 2: and age because there's so much information out there and
Speaker 2: you know, first impressions mean so much. How hard is
Speaker 2: that going to be to overcome that? And on the
Speaker 2: trail and with the election.
Speaker 5: Come out, you know, I think people love a good
Speaker 5: comeback story. You know, this is America. We love a
Speaker 5: wet we love a good rocky story. And as I'm
Speaker 5: out on the on the trail, you know, I'm thinking
Speaker 5: of that thing, you know, And there are a lot
Speaker 5: of people that know me. I've been a long time
Speaker 5: figure in Cincinnati, Ohio and around Ohio, and so it
Speaker 5: was kind of unbelievable in the first place. And so
Speaker 5: I just get back in front of people again. I
Speaker 5: show people who I am. I spend firm and who
Speaker 5: I am and definitely believe that if I do what
Speaker 5: I say I'm going to do, which I always say,
Speaker 5: that the voters will change their minds. You know, I'm
Speaker 5: a regular person. You know, never expected this to.
Speaker 1: Happen to me.
Speaker 5: But I'm a regular person that life happens. And again,
Speaker 5: when these challenges happen, you want to see how people
Speaker 5: rise above it. In a very polarized environment where there
Speaker 5: are so many lawsuits and frivolous attacks coming against people daily,
Speaker 5: especially public figures.
Speaker 1: We're seeing more and more of this, and.
Speaker 5: Some of them buckle and vote Rosemary for US Congress,
Speaker 5: and first District doesn't vote. She moves forward resiliently and
Speaker 5: she challenges these these hits, you know, and she fights back.
Speaker 5: And that's, like I said, the type of leaders we
Speaker 5: need fighting for our communities, our urban core, our formers,
Speaker 5: and you know, for affordability and just changes for southwest Ohio.
Speaker 5: And I just think that we haven't seen enough of
Speaker 5: that in the last few years.
Speaker 1: About fighting back.
Speaker 2: Rosemary oglesby Henry on the show, first District congressional candidate
Speaker 2: and talking about her unique story in politics here. Uh,
Speaker 2: you know, final point on this too. So why would
Speaker 2: Kevin Farmer, a friend of yours business call associate, why
Speaker 2: would he final these false charges against her? You know,
Speaker 2: he said you had a gun, police let and search
Speaker 2: and said, well, she doesn't have a gun here, She
Speaker 2: couldn't have done that. And then they learned the truth
Speaker 2: and it was Uh, he was the one making the
Speaker 2: story of violating restraining order everything else.
Speaker 3: Why Why would he do that? Did it have to
Speaker 3: do with this campaign?
Speaker 5: Yes, I unfortunately his campaign wasn't going I guess as
Speaker 5: well as he wanted. I've heard everything from jealousy to
Speaker 5: you know again, mental health to using the political machine.
Speaker 5: This guy was a gorilla marketer and he used non
Speaker 5: traditional ways to get people, you know, into elections and
Speaker 5: office public offices. I just never thought that that would
Speaker 5: be turned on me. Again, my children and my family,
Speaker 5: my kids, we're here, you know, my family was here watching.
Speaker 1: The drug off.
Speaker 5: And you know that's very hurtful too, because again you
Speaker 5: tell your kids, you know, to stand for justice, to
Speaker 5: be honest, individuals trustworthy. Like you said, there was no gun,
Speaker 5: there was no story, there was no argument, helping a
Speaker 5: friend and the just in a professional partner. You know
Speaker 5: that things just kind of turned left and again that morning.
Speaker 5: Never would have thought that my face will be on
Speaker 5: a mudshot. But we see what Trump deal with his
Speaker 5: mud shot. He turned it and he thought the entire
Speaker 5: time he was running his race. And that is a
Speaker 5: huge example for me to use that he didn't he
Speaker 5: didn't turn back, and he walked straight into it and
Speaker 5: answered those questions directly for.
Speaker 2: Anyone that want no good deed goes on a posh
Speaker 2: right exactly, that's a tough lesson learned right there.
Speaker 3: So well, I think it is behind you.
Speaker 2: Of course you're gonna have to answer that a lot
Speaker 2: on the on the campaign trail for sure, because.
Speaker 3: People go, well, what what was the story with this
Speaker 3: whole thing? Hopefully you can put that back.
Speaker 2: And I think it's a unique story too, Yours is
Speaker 2: is you know you literally we're the victim of crime.
Speaker 3: That's unique for Cape.
Speaker 5: Yeah, yeah, it really is. And you know, while while
Speaker 5: I'm sitting in the background, I have some very strong
Speaker 5: leaders from the community and just higher level leaders in
Speaker 5: the government that just kind of called me and reached
Speaker 5: out and was like, hey, you know, this is how
Speaker 5: you fight this.
Speaker 1: I'm sorry you're going.
Speaker 5: Through this again. I've run Rosemary's Babies for more than
Speaker 5: a decade, but I've also been a community leader for
Speaker 5: almost two decades in Ohio, you know, so I've had
Speaker 5: positions where I sat on policy and things like that
Speaker 5: for not only Ohio but across the nation in California,
Speaker 5: et cetera. So a lot of these great people reached
Speaker 5: out and it just so happens it happened twenty days
Speaker 5: after my campaign announced, Right, But you know, barriers don't
Speaker 5: break me. We turn those and the opportunities and you know.
Speaker 5: On December nineteenth, I'm hosting an event with the Temptations.
Speaker 5: I'm hoping po will come out and give me an
Speaker 5: opportunity to be able to speak to what happened, but
Speaker 5: more than that, celebrate with me, learn about me. And
Speaker 5: I'm excited to have that. On December nineteenth, a Christmas
Speaker 5: concert with the Sensations review at bat Tom Smiths Brewery,
Speaker 5: host about Fernando and Jacqueline Cruz, who are small business
Speaker 5: owners in Madisonville. They have this really unique beer brewery
Speaker 5: and they stood behind me through all of these things
Speaker 5: and as they know, that's not her and you need
Speaker 5: people like that, you do, you know that know you,
Speaker 5: that will speak for your integrity and I really appreciate that.
Speaker 2: Well, you know on that point, Rosemary is you know
Speaker 2: you're not your candidate in early September, I believe, and
Speaker 2: then twenty days later, two weeks later, I'm reading these
Speaker 2: stories about you, going wow, that's gonna be the shortest
Speaker 2: campaign ever. And it turns out not to be true.
Speaker 2: You know, and I pay attention to stuff. Most voters
Speaker 2: don't have time to do this. It's not on them,
Speaker 2: it's not you know, people are stupid. It's just they
Speaker 2: they hear one thing and they move on. There's so
Speaker 2: much out there is. But the thing is this damaged
Speaker 2: in any way, shape or form. So far you're fundraising,
Speaker 2: maybe volunteer recruitment, things like.
Speaker 5: That, the well, not necessarily it's done. It's done some damage.
Speaker 5: You know. Of course your team starts and they're like,
Speaker 5: what's going on? And so it does have some turnaround.
Speaker 5: But you know, again, I'm a person that's resilient. You know,
Speaker 5: I came from the urban corep I built my nonprofit
Speaker 5: from nothing. You know, you want to talk about building
Speaker 5: yourself up from the bootstrap. I mean I didn't even
Speaker 5: have boots at one point in my life. I started
Speaker 5: my life as a teen mom who built this, you know,
Speaker 5: million dollar non profit organization to be able to support
Speaker 5: teen parents. We're still the only organization doing that work.
Speaker 5: And you know, there were a lot of people when
Speaker 5: I first started saying, hey, you don't want to name
Speaker 5: your organization Rosemary's Babies. Hey, they're never going to support
Speaker 5: teenage pregnancy. You know, just all of these things, there's
Speaker 5: never been a barrier that hasn't been put in my way.
Speaker 5: This is a new obstacle, but an opportunity for me
Speaker 5: to turn it around. Look at systems where we are
Speaker 5: toddling criminals at the frundians and pretending consequences don't matter
Speaker 5: on the back end. And again, I didn't hide, I
Speaker 5: didn't quit, I didn't pourt singers. I faced the head on,
Speaker 5: I told the truth and I kept serving. And that's
Speaker 5: serving my nonprofit. That's serving a community and going out
Speaker 5: here at getting in front of this saying I'm going
Speaker 5: to serve Southwest Ohio, just the.
Speaker 2: Same Holloway House I belive right off Writing Road. And
Speaker 2: how many young people teenagers you.
Speaker 5: Serve so yearlyague So it's a resource center as well
Speaker 5: as a transitional housing. It's the only one Ohio, Kentucky,
Speaker 5: and Indiana that is serving young parents under the age
Speaker 5: at eighteen. We can serve up to seven moms and
Speaker 5: a baby that are fourteen people total on site. But
Speaker 5: yearly Rosemary's Babies Organization serves over two hundred plus teen
Speaker 5: moms and dads between the ages and nine and nineteen.
Speaker 5: And since we still open our doors in twenty sixteen,
Speaker 5: we've served over three thousand young parents. And again that's
Speaker 5: why I wanted to run too, you know, I.
Speaker 1: Tell teen parents, you can change your trajectory.
Speaker 5: We just have to from the point that they choose
Speaker 5: to parents, remind them that this is an obstacle, but
Speaker 5: it's an opportunity for you not to be dependent on
Speaker 5: the government system, for you to get an education, for
Speaker 5: you to ensure that your kids have educational success along
Speaker 5: with you. Because I'm all for educational options, I'm all
Speaker 5: for trades, I'm all for ensuring that these kids understand investments.
Speaker 5: So we're doing all of the things that this administration
Speaker 5: has now put out here, and I was like, wow,
Speaker 5: I'm doing that. I've been doing that for the last decade,
Speaker 5: you know, teaching kids about stock and teaching kids, you know,
Speaker 5: especially these young people when they get jobs, to get
Speaker 5: the health insurance through their employer, and what it means
Speaker 5: to get life insurance.
Speaker 1: You know.
Speaker 5: I was a postal worker when I at nineteen, I
Speaker 5: started working at the post office. I was there for
Speaker 5: seventeen years, so understand that whole life. And when I
Speaker 5: went in at nineteen, I was like thrift savings five
Speaker 5: oh one. See, you know, yeah, like you weren't thinking
Speaker 5: about that stuff at nineteen, but here I am.
Speaker 1: Much older, much more.
Speaker 5: But sure, and I'm like, wow, what if I would
Speaker 5: have done that at nineteen. So that's why Trump accounts
Speaker 5: are so vital and educating those kids while they've given them,
Speaker 5: while they'll set them up for the parents to watch.
Speaker 5: We definitely need our school systems to understand help our
Speaker 5: kids understand understand what money means and how those can
Speaker 5: secure over time and grow. So we need to implement
Speaker 5: those types of things in school systems too, along with
Speaker 5: you know the constitution and you know the Charlie Kirk
Speaker 5: feel and legislation that just recently is going through the
Speaker 5: state to be approved and everything like that. So along
Speaker 5: with that, we need to do more money education as
Speaker 5: well as education in our school system about set in
Speaker 5: order to feed the jobs in our economy and through
Speaker 5: manufacturing it and all of those.
Speaker 1: Things we need.
Speaker 5: We need these pipelines, you know, we need to do
Speaker 5: them earlier.
Speaker 2: Rusmy real quick as a small business person, myself a
Speaker 2: small business person, and you hit on a bunch of
Speaker 2: touchdowns area, mental health, team health, the small business element
Speaker 2: of this thing too. Healthcare is such a big component.
Speaker 2: There's so many small businesses don't can't afford health care
Speaker 2: for their employees. You know, the bulk of Americans get
Speaker 2: their healthcare from where they work. But you know, I've
Speaker 2: said for a long time, especially with the gig economy
Speaker 2: the way it is, if you could free healthcare from
Speaker 2: your workplace, my god, the economy would go gangbusters. Bringing
Speaker 2: a unique perspective to d C. What would you differently
Speaker 2: with healthcare plan the Republicans are offering.
Speaker 5: Yeah, I mean, ultimately we do need to be able
Speaker 5: to have that open market. Of course, I looked at them.
Speaker 5: I'm a nonprofit that started from the bootstraps at a
Speaker 5: small distance on her two and actually worked a part
Speaker 5: time job while I was starting my nonprofit so I
Speaker 5: could keep my health insurance, you know, because I had
Speaker 5: kids in a family, and so my perspective is very
Speaker 5: different and it needs to be affordable, while at the
Speaker 5: same time government can't hold up that weight, like what's
Speaker 5: happening with the Affordable Care Act for what people call Obamacare.
Speaker 1: We can't continue to fuel that.
Speaker 5: And you know, I do like the idea of giving
Speaker 5: a rebate that's the citizens for them to be able
Speaker 5: to go into the marketplace to get affordable health care
Speaker 5: or to buy into their health care or gets tax
Speaker 5: rebates if you get it through your employer. So I
Speaker 5: think that it has to be a mixed model. It
Speaker 5: can't just be one model because it's such a huge problem.
Speaker 5: While it's the same time, you know, our health is
Speaker 5: vitally important as well, especially for those areas that can't
Speaker 5: get to hospitals or they don't have hospitals in those areas.
Speaker 5: You know, our clinics are vitally important because I'm all
Speaker 5: about safety net organizations. Are our clinics able to help
Speaker 5: and can people do people understands that they can utilize
Speaker 5: those clinics and urgent cares instead of going to hospitals
Speaker 5: in order to reduce costs. One of the things that
Speaker 5: we always did it within our organization, we educated young moms,
Speaker 5: don't take your baby to emergency every time there's an issue.
Speaker 5: Their sellhealth. There's your primary care doctor for educating people
Speaker 5: at the lowest level, helping them read through their policies
Speaker 5: and understand what's all entailed with that. Because a lot
Speaker 5: of these policies are offering and sent us for workforce development,
Speaker 5: I just felt like an HMO policy that they're offering
Speaker 5: workforce help and things such as that, and transportation to
Speaker 5: hospital and medical visits and gift cards if you go
Speaker 5: to your preventative care appointments and things such as that,
Speaker 5: and so there's so many things that are build seeing,
Speaker 5: but a lot of people don't understand and know that.
Speaker 5: And as a safety that person that navigating the nonprofit
Speaker 5: and social service sector, we need to educate people. And
Speaker 5: it's not necessarily my job to do it, but as
Speaker 5: a government official, to listen to our constituents and ensure
Speaker 5: that they have the resources and tools necessary to be
Speaker 5: able to navigate their own lives.
Speaker 3: That's what's now. Government is gotcha.
Speaker 2: She is Rosemary Oglesby Henry, founder CEO Rosemary's Babies, Republican
Speaker 2: candidate for Congress, the first district running against at Greg's Lanceman.
Speaker 2: You know, Rosemary, thanks for taking time out. I appreciate it.
Speaker 2: I love your story, I love your your wealth of experience.
Speaker 2: Most of all, love your resilience, resiliency. Good luck in
Speaker 2: this campaign. I'm sure we'll talk again in the future.
Speaker 5: Yes, thank you so much. Let's turn a Rosemary d
Speaker 5: And don't forget December nineteenth, the Sensations Review. You can
Speaker 5: find it on the website.
Speaker 1: Appreciate it's a dot com.
Speaker 3: Yes, ma'am, good luck, Thank you all right, see you later.
Speaker 2: We got to get a time out ever like her
Speaker 2: a lot. We'll get a news update in and more
Speaker 2: to follow. Scott's Loland Show seven hundred W Time to talk.
Speaker 3: About money, how to make it, how.
Speaker 4: To keep it, and how to keep others off your stack.
Speaker 3: This is all Worth Advice with Andy Shaeffer. Tuesday morning,
Speaker 3: we check on your money.
Speaker 2: Money never sleeps, and our buddy Andy Shaeffer from All
Speaker 2: War Financial jumps on the show to discuss all this
Speaker 2: and more.
Speaker 3: On seven hundred w W. Drew, how are you, good morning, Scott?
Speaker 3: How are you today? I'm doing well. I'm doing well.
Speaker 2: Can you make sense of this whole paramount thing? I
Speaker 2: think you know, it's you know, typically we talk about
Speaker 2: numbers and we'll talk. We'll get into of course, you
Speaker 2: know what the Fed's going to do, and that's kind
Speaker 2: of back room for a lot of people. But interesting,
Speaker 2: what's happening here in the in the shift, that's happening
Speaker 2: in Hollywood h so many it's intro I was pointing
Speaker 2: us out earlier, is how many you know the unions
Speaker 2: we at the team stairs, be it the screen writer Guild,
Speaker 2: everyone fighting against it, saying it's going to destroy theaters.
Speaker 2: But what drives American business is consumer demand, whether it's
Speaker 2: cars or movies. It's all about us deciding what we want.
Speaker 8: Yeah, this is very fascinating to me, and I think
Speaker 8: I'd like to lead with the money that's involved first,
Speaker 8: and then we can get into the political landscape and
Speaker 8: what that means and as far as Washington is concerned.
Speaker 8: But essentially Netflix was approved to buy Warner Brothers. It
Speaker 8: was a seventy or seventy two billion dollar purchase and essentially,
Speaker 8: you know, Warner Brothers agreed to that, the managers did there.
Speaker 8: And you know, when you look at Netflix, that's the
Speaker 8: company behind HBO, CNN, the Fame Movie O Studio, and
Speaker 8: so Warner Brothers is very attractive. You know, they have
Speaker 8: the Harry Potter franchise along with some other things. And
Speaker 8: so we call that kind of a friendly takeover. And
Speaker 8: what that means is that the border directors for both
Speaker 8: Netflix and World Brothers kind of agreed to the deal
Speaker 8: and everything seemed honckey dory, and then all of a sudden,
Speaker 8: paramount comes in and they say, okay, well we're going
Speaker 8: to offer seventy four point four billion over top of them,
Speaker 8: and a bigger portion of that is going to be
Speaker 8: a cash buy out. And this is what's considered a
Speaker 8: hostile takeover. Netflix did not agree to this, and people say, well,
Speaker 8: what does the hospital takeover mean? Well, essentially, hostile takeover
Speaker 8: is where corporation, the acquiring corporation it takes, attempts to
Speaker 8: take over the other corporation with the agreement of the
Speaker 8: target corporation's board of directors. Essentially, what they do is
Speaker 8: they offer the shareholders for their shares what's known as
Speaker 8: a tender offer, and if you have enough shares that
Speaker 8: are purchased, basically that acquiring company, you know, replaces the
Speaker 8: current board directors with their own. And you know, it's
Speaker 8: it's not looked upon favorably from the acquiring firm's point
Speaker 8: of view. There's usually a lot of static intention, but
Speaker 8: it is a way to acquire a company. And you know,
Speaker 8: I think it's very interesting what's going on right now
Speaker 8: as far as those two corporations.
Speaker 3: Won't after war Warner Brothers, Yeah, it is. It's theater
Speaker 3: in and of itself too, is that?
Speaker 2: Uh, Michel like, well, we're not going to do this, fine,
Speaker 2: We'll just go right to your shareholders and we'll cut
Speaker 2: your throats.
Speaker 8: That's okay, Yeah, yeah, I mean I kind of enjoy
Speaker 8: a hostele taker.
Speaker 2: But but and that is important parcel do to They
Speaker 2: just want old Hollywood. You know, we can't get rid
Speaker 2: of Warner I think Jane Fonda wrote a letter right
Speaker 2: about how this is just devastating and Warner Brothers. It's like, yeah,
Speaker 2: that doesn't mean anything to people anymore. It's not this
Speaker 2: isn't the nineteen thirties and forties.
Speaker 8: No, And I think there's some nostalgia that's wrapped up
Speaker 8: into that. You know, we grew up with Warner Brothers,
Speaker 8: su and so you know, there's even a little old
Speaker 8: studio that's down there by Central Parkway that I passed
Speaker 8: by and I look at it.
Speaker 3: I was like, oh, that's kind of neat. Yeah.
Speaker 8: But at the end of the day, it's about commerce.
Speaker 8: It's about the shareholders. When you have a large public traded,
Speaker 8: publicly traded company, their main focus is on.
Speaker 3: Rewarding the shareholders.
Speaker 8: And if you are a shareholder of Warner Brothers, both
Speaker 8: of these deals could potentially be attractive, and the one
Speaker 8: that Paramount is offering right now is a little bit
Speaker 8: more attractive now. You know that the board of directors
Speaker 8: for Netflix aren't happy about it, and the board of
Speaker 8: directors for Warner Brothers thought it was all wrapped up.
Speaker 8: But this is legal, and it's something that happens every
Speaker 8: once in a while. You just don't see it with
Speaker 8: big name type of companies that are in the mainstream
Speaker 8: very often.
Speaker 2: And we're not going to theaters like we once used to,
Speaker 2: and that is because of the advent of affordable, cheap,
Speaker 2: big screen TVs and surround sound systems, and it's just
Speaker 2: you look at it going there's a few things I
Speaker 2: might go to the theater for, but you know, another
Speaker 2: I don't know what, another tire George Clooney movie. I'm
Speaker 2: I'm not going to do that, and people just like, okay,
Speaker 2: wait till it comes on streaming. And that's how we're
Speaker 2: consuming content these days. I mean, our industry here and
Speaker 2: radio is going through that. Everyone TV, everyone's going through
Speaker 2: that right now. I find a quaint though, when they
Speaker 2: talk about the historic with the Warner Brothers company and
Speaker 2: what it means to America and all the theaters that
Speaker 2: are going to go out of business because of this
Speaker 2: takeover and it's just it's going to just decimate small time.
Speaker 2: I don't know how many small towns have theaters anymore,
Speaker 2: probably because people aren't going to them. And the other
Speaker 2: thing is, it's kind of funny because if you go back,
Speaker 2: I don't know, one hundred plus years, when you had
Speaker 2: the Tycoons and the Warner Brothers and the MGMs of
Speaker 2: the world essentially running entertainment in America, they didn't.
Speaker 3: Seem to go, hey, you know what, what.
Speaker 2: About all these poor vaudeville theaters and vaude billions that
Speaker 2: keep acting? What about their jobs? And it's kind of
Speaker 2: funny how you complain. You know, you take them and go, oh,
Speaker 2: that's technology, man, film, it's technology.
Speaker 3: It's Charlie Chaplin. He's not going away.
Speaker 2: And you fast forward to today and it's like, guess what,
Speaker 2: Charlie Chaplin's going away. But I got on my phone,
Speaker 2: I got out of my home theater. And we just
Speaker 2: simply don't care that small theaters and theater chains are
Speaker 2: going to go under because it's not how we are
Speaker 2: consuming content anymore.
Speaker 8: No, you make a lot of good points, and theaters
Speaker 8: have been going by the wayside for years. Warner Brothers
Speaker 8: doesn't have anything to do with it. And a lot
Speaker 8: of times in small towns, you know, look at the
Speaker 8: theater and Oakley, that's more of an event center than
Speaker 8: anything else. Right, You have weddings there, you have parties
Speaker 8: and things like that. You know, there's a theater out
Speaker 8: here on the east side of town that and Amelia
Speaker 8: were close to where I live, and you know, that
Speaker 8: shut down a handful of months ago, and finally it
Speaker 8: was reopened and you might see two cars in there,
Speaker 8: you know, in an evening. So you know, when you
Speaker 8: have the ability to buy a nice, big, cheap TV
Speaker 8: and sit in the comfort of your home and have
Speaker 8: the refrigerator nearby and make your own popcorn, not only
Speaker 8: is it a better experience, but it's more affordable for
Speaker 8: most people. And so, you know, Warner Brothers, you know
Speaker 8: they're not going to be able to stop the transition
Speaker 8: from people enjoying movies from their home more than going
Speaker 8: to the theater.
Speaker 2: At this point, Okay, well, let's pivot to what's going on.
Speaker 2: I saw this and this is the odds in America.
Speaker 2: Two things. A lot of households are nearing the end
Speaker 2: of the year saying well, I'm a little nervous about
Speaker 2: the economy, but we keep spending. We mentioned credit card
Speaker 2: debt being at an all time high, but people are
Speaker 2: throwing caution the winter, going hell, I got to live
Speaker 2: for today. I'm going to have a good Christmas. At
Speaker 2: the same time as people look at their finances, there
Speaker 2: are one thousand new millionaires made a minute in the
Speaker 2: United States of America, and that's largely because of the
Speaker 2: stock market rating, as it has been about a thousand
Speaker 2: new millionaires a minute in the United States versus going
Speaker 2: I I'm just gonna max up my credit cards in
Speaker 2: order to afford Christmas. Explain the disconnect there to.
Speaker 8: Me, Well, a lot of times these millionaires have money
Speaker 8: that's wrapped up in four to one k's four or
Speaker 8: three bs other types of retirement plans. And you know,
Speaker 8: I managed three hundred and fifty households approximately, And I
Speaker 8: see new millionaires with the clients that I work with
Speaker 8: almost every week, and it's always a fun meeting, and
Speaker 8: and you know, I tell them it's like, Hey, you.
Speaker 3: Met a milestone here.
Speaker 8: And you know, because the market's been so good over
Speaker 8: the last three years, if you've been patient and had
Speaker 8: poise and invested smartly, and stayed the course. Then certainly
Speaker 8: your accounts have benefited from that. I think as far
Speaker 8: as the consumer goes, the consumer is still spending. We
Speaker 8: are seeing credit card levels continue to increase. We are
Speaker 8: also seeing savings rates start to decrease. However, it hasn't
Speaker 8: gotten to the place where it's super alarming. The enemy
Speaker 8: still is in decent, a decent place right now. You know,
Speaker 8: we are slowing from a growth standpoint. It's likely that
Speaker 8: we will see growth this year somewhere between one percent
Speaker 8: and one and a half percent. But I do suspect
Speaker 8: that when we start to get into rate cuts next
Speaker 8: year will likely be a little bit more positive. We
Speaker 8: don't have the threat of a government shut down immediately. Now,
Speaker 8: we'll we'll see what happens, you know, early you know,
Speaker 8: late winter, early spring. But it does look like it
Speaker 8: things seem fairly positive moving forward.
Speaker 2: Okay, let's talk about the Fed. They got the meeting
Speaker 2: this week, We got the interest rate cut that's locked
Speaker 2: in right now.
Speaker 8: Quarter point yeah, yeah, I think at this point the
Speaker 8: market's already kind of baked that in. We expect a
Speaker 8: quarter point tomorrow is actually the meeting. We'll get the
Speaker 8: results at two o'clock. It's always fascinating to me to
Speaker 8: listen to FED Chairman Palett two thirty when he has
Speaker 8: his press conference. You know, usually I try to set
Speaker 8: a little bit of time out of my schedule to
Speaker 8: watch it and listen to the questions that are that
Speaker 8: are being presented to And it's fascinating because every time
Speaker 8: FED Chairman Powell has an answer, you know, investors are
Speaker 8: looking for guidance. What does he mean by the answer
Speaker 8: that he's giving. What does that say moving forward as
Speaker 8: far as the pace of interest rate cuts next year?
Speaker 8: And you can watch the market in real time respond
Speaker 8: to his comments at during that press conference, and you know,
Speaker 8: there's a lot of uncertainty there, but I think it'll
Speaker 8: probably be a pretty tame press conference tomorrow. We do
Speaker 8: expect a quarter percent cut, and I think at this
Speaker 8: point it's likely we see two more quarter percent cuts
Speaker 8: next year. But things are pretty calm, they don't have
Speaker 8: to move too quickly, and I think the FED feels
Speaker 8: like they're in a pretty good place right now.
Speaker 2: All right, defense target for inflation is about two percent.
Speaker 2: We're well above that right now, and therefore, this is
Speaker 2: why we're going to see this cascade of rate cuts.
Speaker 3: Yeah, well, you know, we are a.
Speaker 8: Little bit above that, but we are seeing the signs
Speaker 8: of the inflation cooling. We also haven't seen the impact
Speaker 8: of the inflation heating up due to the tariffs like
Speaker 8: we expected. Furthermore, we're starting to see some cracks in
Speaker 8: the labor market. You know, it's likely that we see
Speaker 8: an increase in unemployment next year to tick up a
Speaker 8: little bit. And I think that the FED wants to
Speaker 8: make sure that they get out in front of the
Speaker 8: labor market and unemployment more than they're worried about interest
Speaker 8: rates at this point. And so when they start to
Speaker 8: cut rates, that encouragees spending. It also gives businesses more
Speaker 8: flexibility to be able to hire, and so I think
Speaker 8: that's what the Fed is focused on.
Speaker 1: Yeah.
Speaker 2: Andy Schaeffer from Alworth on the show this morning Weekly
Speaker 2: tune up here with the money. This one jumped at me.
Speaker 2: The manufacturing index. So you look at the line that
Speaker 2: separates expansion from contraction, So you want to be above
Speaker 2: the line, obviously, and so for the ninth consecutive month
Speaker 2: and hitting, by the way, a new four month low.
Speaker 2: It went from forty eight points having a forty eight
Speaker 2: point two it doesn't sound like a lot, but it is.
Speaker 3: Yeah, it is significant.
Speaker 8: And so this is a data that's acquired by the
Speaker 8: Institute for Supply Management, and what they basically do is
Speaker 8: survey supply managers of major industries.
Speaker 3: And it's very so simple how this works.
Speaker 8: Essentially, the supply manager either scores one hundred if they
Speaker 8: feel that they're an expansionary phase, they scored a fifty
Speaker 8: if they think there's been no change, or they scored
Speaker 8: a zero. And so, if we get a number that's
Speaker 8: above fifty, that suggests expansion. If we get a number
Speaker 8: that's below fifty, that suggests contraction. And so the manufacturing
Speaker 8: index was below the fifty line. It's from forty eight
Speaker 8: point seven to forty eight point two. Well, you know
Speaker 8: that's not ideal. However, manufacturing is not the major component
Speaker 8: of our economy anymore. Back in the early nineteen hundreds,
Speaker 8: manufacturing amounted to about seventy percent of our economy, and
Speaker 8: at that time services only amounted to about thirty percent
Speaker 8: of our economy. Well, that has been reversed at this point.
Speaker 8: Services now is now about seventy percent of our economy
Speaker 8: and manufacturing is only thirty. And we saw the ISM
Speaker 8: Services Index improved to fifty two point four from fifty
Speaker 8: two point four to fifty two point six, and so
Speaker 8: that's the more important measure, and I think that really
Speaker 8: affirms that that, you know, most of the supply managers
Speaker 8: in the services industry feel pretty good about where things
Speaker 8: are moving forward.
Speaker 2: Okay, so what do we see about payroll numbers? And
Speaker 2: that's actual jobs.
Speaker 8: Yeah, payroll numbers unexpectedly fell by thirty two thousand and November.
Speaker 8: That's a sign that hiring is getting even more selective.
Speaker 8: You know, job has claims dropped to twenty seven thousand
Speaker 8: from twenty seven thousand to one hundred and ninety one
Speaker 8: thousand in the holiday shortened week of over Thanksgiving, but
Speaker 8: it was kind of distorted by Thanksgiving. So I think
Speaker 8: what this tells us is is not only our employers
Speaker 8: kind of freezing their hiring. If you have a job,
Speaker 8: you probably will keep your job. If you don't, it's
Speaker 8: getting more difficult to find a job.
Speaker 3: Okay, that makes sense.
Speaker 2: So, you know, we have a slow growth economy, we
Speaker 2: have soft manufacturing, labor's starting to cool off.
Speaker 3: What are we looking here for quarter four which we're on.
Speaker 8: Yeah, I think you know, quarter four, we're probably looking
Speaker 8: at a modest one to one point five percent growth.
Speaker 8: I do think we'll see a rebound in quarter one
Speaker 8: next year. The shutdown effects have faded, and I think that,
Speaker 8: you know, we might see a little bit of you know,
Speaker 8: a little bit more activity from higher than normal tax
Speaker 8: refunds due to a lot of the new refunds that
Speaker 8: have been implemented, you know. Moving forward this week, there's
Speaker 8: a number of things obviously, you know, I'm looking forward
Speaker 8: to hearing what FED Chairman Powell has to say tomorrow.
Speaker 8: We have the monthly US federal budget that's coming out
Speaker 8: tomorrow as well initial jobless claims on Thursday.
Speaker 3: We get inventories on Friday, and.
Speaker 8: We always, you know, as always, we'll get a number
Speaker 8: of FED speakers that like to tell us what they think, which.
Speaker 2: Is which is pretty much a steady drumbeat right there too.
Speaker 2: He's from mixing earnings in there, and we got a
Speaker 2: week ahead here. He is Andy Schaeffer at all Worth
Speaker 2: Financial this morning on the Scott's Loan Show on seven
Speaker 2: hundred w WELW check it in every Tuesday morning. Their
Speaker 2: show Simply Money, airs weeknights at six on fifty five
Speaker 2: k our scene of course available always on the podcast,
Speaker 2: always informative.
Speaker 3: Thanks again, brother, appreciate you. We'll talk next week, all right,
Speaker 3: SONI talking about you. Be well.
Speaker 2: We've got news on the way in just minutes here
Speaker 2: on the Big one, seven hundred WW Bill Cunningham taking
Speaker 2: over at twelve oh six. Today we've got a little
Speaker 2: Bengals talk to get to. I'm sure there'll be a
Speaker 2: lot of that today as well. Enjoyed a three day
Speaker 2: weekend up in Buffalo. Saw a lot of folks. Cincinnati
Speaker 2: represented pretty well out there in Western New York. Nice
Speaker 2: snowy game.
Speaker 3: I love that.
Speaker 2: Had my car hearts on and screwing for my bills.
Speaker 2: So it was one of my tim two teams won,
Speaker 2: which is typically they both lose at the same time.
Speaker 2: I'm not quite sure, but hopefully had a good time.
Speaker 2: If you drove up at least the weather driving there
Speaker 2: and back, If you did the Friday Monday like I did,
Speaker 2: it was pleasant. So the snow hit just at the
Speaker 2: right time. It's pretty and people say you freezing to death. Now,
Speaker 2: it was actually as close as the seats are together.
Speaker 2: It's an I think you got a pay corps. You've
Speaker 2: spread out a little bit more there. It's like they
Speaker 2: build a new stadium next to it, and it looks
Speaker 2: like a high school stadium next to.
Speaker 3: The new one they're building. That's how small it is.
Speaker 2: And so you're kind of cramped in there anyway, and
Speaker 2: snow is really not affecting you.
Speaker 3: All that much.
Speaker 2: Nonetheless, but moving forward here with news in just minutes.
Speaker 2: It's a Scotts Loan show back tomorrow nine oh six
Speaker 2: on the home of the best Bengals coverage, seven hundred WLW,
Speaker 2: Cincinnati