1 00:00:00,120 --> 00:00:02,480 Speaker 1: Good afternoon, getting right down to business here. We are 2 00:00:02,520 --> 00:00:05,840 Speaker 1: doing it live, doing more at four weekday afternoons, right 3 00:00:05,880 --> 00:00:08,000 Speaker 1: after the Guy Benson Show and just before the seven 4 00:00:08,080 --> 00:00:11,119 Speaker 1: ninety KBC News Blitz Motech on Money Live on the 5 00:00:11,160 --> 00:00:14,720 Speaker 1: Earth seven ninety KBC streaming live online worldwide at KBC 6 00:00:14,880 --> 00:00:17,800 Speaker 1: dot com and the on demand Motech of Money podcast 7 00:00:17,920 --> 00:00:22,200 Speaker 1: KBC dot com, Apple, iTunes, Spotify, YouTube, all your favorite 8 00:00:22,239 --> 00:00:23,560 Speaker 1: podcast platforms. 9 00:00:23,840 --> 00:00:24,000 Speaker 2: Well. 10 00:00:24,000 --> 00:00:26,320 Speaker 1: The main event on the economy and the financial world 11 00:00:26,400 --> 00:00:28,680 Speaker 1: today was the release of the monthly jobs report from 12 00:00:28,680 --> 00:00:31,360 Speaker 1: the US to Labor Department. The stock market was closed 13 00:00:31,400 --> 00:00:34,239 Speaker 1: today for a good Friday head of the Easter passover 14 00:00:34,280 --> 00:00:37,559 Speaker 1: holiday weekend. Bond markets closed earlier than usual today and 15 00:00:37,960 --> 00:00:40,000 Speaker 1: so we did see some reaction there and then crypto 16 00:00:40,080 --> 00:00:42,920 Speaker 1: trading too. It's not a federal holiday, but a traditional 17 00:00:42,960 --> 00:00:47,360 Speaker 1: market holiday. Trading will resume on Monday. Treasury yields did 18 00:00:47,360 --> 00:00:50,519 Speaker 1: climb modestly after a better than expected jobs report that 19 00:00:50,640 --> 00:00:53,000 Speaker 1: came out this morning. The Labor Department report showed the 20 00:00:53,080 --> 00:00:56,240 Speaker 1: US added better than expected one hundred and seventy eight 21 00:00:56,280 --> 00:00:59,279 Speaker 1: thousand jobs in the month of March, signaling the economy 22 00:00:59,320 --> 00:01:02,920 Speaker 1: continued to move forward as a once in a generation 23 00:01:03,200 --> 00:01:06,640 Speaker 1: energy shock upset global markets. Everybody's watching, of course, what's 24 00:01:06,640 --> 00:01:09,800 Speaker 1: happening with the war with the Iran and oil prices. 25 00:01:10,240 --> 00:01:12,679 Speaker 1: The yield and the tenure note moved up to four 26 00:01:12,720 --> 00:01:15,399 Speaker 1: point three to four percent from four point three to 27 00:01:15,400 --> 00:01:18,920 Speaker 1: two percent before the jobs report, so our futures took 28 00:01:19,000 --> 00:01:22,959 Speaker 1: slightly lower on the report. Major averages closed today for 29 00:01:23,240 --> 00:01:25,440 Speaker 1: the Good Friday holiday. We did wrap up the week 30 00:01:25,680 --> 00:01:28,640 Speaker 1: yesterday with the NOW closing down sixty one points, the 31 00:01:28,720 --> 00:01:31,800 Speaker 1: SMP five hundred of seven, and the NASDAC gain thirty 32 00:01:31,840 --> 00:01:34,119 Speaker 1: eight and what turned out to be a winning week 33 00:01:34,200 --> 00:01:38,600 Speaker 1: for the major averages. The jobs report found the unemployment 34 00:01:38,680 --> 00:01:41,040 Speaker 1: rates slipped to four point three percent from four point 35 00:01:41,120 --> 00:01:45,320 Speaker 1: four percent from a month earlier. Widespread unexpected decline in 36 00:01:45,440 --> 00:01:48,600 Speaker 1: jobs clouded the outlook for FED now contending with a 37 00:01:48,640 --> 00:01:52,680 Speaker 1: low higher low fire labor market and persistent inflationary pressures. 38 00:01:52,720 --> 00:01:55,920 Speaker 1: That's what the assessment was last month. The loss in 39 00:01:56,000 --> 00:01:59,440 Speaker 1: February payrolls was revised to one hundred thirty three thousand 40 00:01:59,480 --> 00:02:03,520 Speaker 1: from ninety two thousand previously. I'll discuss the job picture 41 00:02:03,640 --> 00:02:06,480 Speaker 1: and the latest on the economy with LA Business leader 42 00:02:06,480 --> 00:02:09,040 Speaker 1: Mark Wilbert founding member and former chair of La BIZ, 43 00:02:09,120 --> 00:02:12,239 Speaker 1: FED Chair Employers Group, and former Associate Dean to the 44 00:02:12,320 --> 00:02:16,119 Speaker 1: USC Marshall School of Business. And how is AI impacting 45 00:02:16,120 --> 00:02:18,240 Speaker 1: the job picture nowadays? We'll get an update on that 46 00:02:18,280 --> 00:02:21,880 Speaker 1: from Dante King, Assistant professor at the Mayo Clinic College 47 00:02:21,919 --> 00:02:25,079 Speaker 1: of Medicine and Science. He also serves as gainst faculty 48 00:02:25,080 --> 00:02:29,600 Speaker 1: at the UC San Francisco School of Medicine. Looks like 49 00:02:29,680 --> 00:02:32,720 Speaker 1: futures today, pricing in a seventy six percent chance that 50 00:02:32,800 --> 00:02:34,920 Speaker 1: the FED will hold rate steady through the end of 51 00:02:34,919 --> 00:02:39,079 Speaker 1: the year. The Dow and the S and P five 52 00:02:39,160 --> 00:02:42,200 Speaker 1: hundred and March posted their worst monthly decline since twenty 53 00:02:42,240 --> 00:02:44,760 Speaker 1: twenty two. Hope for a wind down to the war 54 00:02:44,800 --> 00:02:47,520 Speaker 1: in the coming weeks fueled the stock market rally in 55 00:02:47,600 --> 00:02:50,080 Speaker 1: recent days. In fact, all three of the major averages 56 00:02:50,320 --> 00:02:54,959 Speaker 1: finished the holiday shortened week up three percent or more. Today, 57 00:02:55,000 --> 00:02:58,120 Speaker 1: the US military mounted a search and rescue operation for 58 00:02:58,200 --> 00:03:00,600 Speaker 1: the two person crew of a down to fighter before 59 00:03:00,600 --> 00:03:04,160 Speaker 1: Iran could reach any potential survivors. Authorities confirmed one of 60 00:03:04,200 --> 00:03:07,200 Speaker 1: the crew members had been rescued in. A second US 61 00:03:07,320 --> 00:03:10,200 Speaker 1: warplane was struck by Iran today and the pileot is saved. 62 00:03:10,440 --> 00:03:13,000 Speaker 1: According to people familiar with the situation, that plane was 63 00:03:13,000 --> 00:03:17,400 Speaker 1: an eight ten Thunderbolt also known as a Warthog. Earlier 64 00:03:17,400 --> 00:03:20,720 Speaker 1: and fifteen E fighter Jent was shot down over Iran 65 00:03:21,080 --> 00:03:24,360 Speaker 1: and one of the two crew members was rescued. The 66 00:03:24,400 --> 00:03:27,040 Speaker 1: status of the second crew members unknown as a search 67 00:03:27,080 --> 00:03:33,639 Speaker 1: and rescue operation continues. Watching the polymarket betting today put 68 00:03:33,680 --> 00:03:37,040 Speaker 1: the chances that US forces will enter Irun by April 69 00:03:37,080 --> 00:03:43,200 Speaker 1: thirtieth and eighty seven percent, up from sixty six percent earlier. Today, 70 00:03:43,640 --> 00:03:48,040 Speaker 1: it's like traders will await futures opening on Sunday night 71 00:03:48,080 --> 00:03:52,320 Speaker 1: to see how crewde oil prices the big question market 72 00:03:52,360 --> 00:03:55,880 Speaker 1: nowadays in the financial markets will respond to the latest 73 00:03:55,960 --> 00:03:59,600 Speaker 1: US strikes and I RUNI in infrastructure and Iran's counterattacks 74 00:03:59,600 --> 00:04:03,080 Speaker 1: across the Persian Gulf and the latest news which course 75 00:04:03,200 --> 00:04:06,240 Speaker 1: is happening minute by minute higher oil prices of the 76 00:04:06,320 --> 00:04:10,000 Speaker 1: latest challenge for the economy. Crude oil futures wrapped up 77 00:04:10,000 --> 00:04:11,720 Speaker 1: the week in New York at one hundred and twelve 78 00:04:11,760 --> 00:04:15,360 Speaker 1: dollars six cents a barrel. And of course the damage 79 00:04:15,360 --> 00:04:17,640 Speaker 1: has been done at southern California at gas pumps. We're 80 00:04:17,680 --> 00:04:19,960 Speaker 1: paying a lot higher than the national average. Heading into 81 00:04:20,040 --> 00:04:22,880 Speaker 1: the holiday weekend, the US price for gas four to 82 00:04:22,880 --> 00:04:25,279 Speaker 1: oh nine a gallon, according to the latest Triple A 83 00:04:25,360 --> 00:04:29,120 Speaker 1: Fuel Gage survey, while diesel nationwides at five point fifty three. 84 00:04:29,120 --> 00:04:31,640 Speaker 1: Of course, we're a lot higher than that, six dollars. 85 00:04:31,680 --> 00:04:34,000 Speaker 1: The average price for regular gas in the Los Angeles 86 00:04:34,040 --> 00:04:38,000 Speaker 1: area six thirty nine. The average price for premium still 87 00:04:38,080 --> 00:04:40,680 Speaker 1: about fifty cents below the all time high which we 88 00:04:40,680 --> 00:04:43,560 Speaker 1: saw in twenty twenty two, but diesel continues to hit 89 00:04:43,600 --> 00:04:46,719 Speaker 1: record highs pretty much every day this past week and 90 00:04:46,760 --> 00:04:50,000 Speaker 1: now averages seven seventy one a gallon in the La 91 00:04:50,120 --> 00:04:53,039 Speaker 1: Long Beach areot. That's two dollars sixty seven cents a 92 00:04:53,040 --> 00:04:57,560 Speaker 1: gallon higher than where it was a year ago. The 93 00:04:57,640 --> 00:05:02,320 Speaker 1: Artemis submission continues, and the meantime Space very much in focus. 94 00:05:02,320 --> 00:05:05,480 Speaker 1: Some of the Space related names got a boost this week, 95 00:05:05,520 --> 00:05:09,320 Speaker 1: and how much SpaceX's public offering is expected to raise 96 00:05:09,360 --> 00:05:13,520 Speaker 1: also being calculated, valuing the company at one point seventy 97 00:05:13,520 --> 00:05:16,960 Speaker 1: five trilling according to some estimates. We're keeping an eye 98 00:05:17,040 --> 00:05:22,200 Speaker 1: on that as well. Joining US Live now is Jonathan Honig, 99 00:05:22,279 --> 00:05:25,800 Speaker 1: Fox News contributor, portfolio manager Capitalist pig Hedge Fund and 100 00:05:25,800 --> 00:05:28,400 Speaker 1: author the book Prices Primary, How to Profit with any 101 00:05:28,440 --> 00:05:32,200 Speaker 1: asset in any market at any time. Jonathan Honig, Happy 102 00:05:32,640 --> 00:05:35,120 Speaker 1: holiday weekend and thank you very much for taking the 103 00:05:35,120 --> 00:05:36,320 Speaker 1: call here this afternoon. 104 00:05:36,960 --> 00:05:41,640 Speaker 2: Frank, Happy peace, Easter, passover, Happy holidays to all, and 105 00:05:41,640 --> 00:05:43,839 Speaker 2: it's great to be with you. Even though the market 106 00:05:43,880 --> 00:05:47,440 Speaker 2: wasn't open today. There's lots going on, as you said, 107 00:05:47,440 --> 00:05:50,279 Speaker 2: with the economy, with politics, oil, the Middle East and 108 00:05:50,320 --> 00:05:50,880 Speaker 2: all the rest. 109 00:05:51,560 --> 00:05:53,680 Speaker 1: Well, I wish all of our listeners a happy Easter 110 00:05:53,800 --> 00:05:56,760 Speaker 1: and happy passover, and thank you so much for taking 111 00:05:56,760 --> 00:05:59,160 Speaker 1: the call ahead of the weekend and give us your 112 00:05:59,160 --> 00:06:03,080 Speaker 1: assessment of this JOMS report and the latest news this 113 00:06:03,160 --> 00:06:06,400 Speaker 1: past week, which actually saw wedding week for the market 114 00:06:06,839 --> 00:06:09,600 Speaker 1: with that eleven hundred point pop we saw earlier in 115 00:06:09,640 --> 00:06:11,560 Speaker 1: the week, which was the biggest one day gain that 116 00:06:11,600 --> 00:06:14,200 Speaker 1: we've seen so far this year, and of course a 117 00:06:14,200 --> 00:06:17,599 Speaker 1: lot of nervousness continuing over what's happening in the Middle East. 118 00:06:18,440 --> 00:06:22,440 Speaker 2: Well, the biggest monthly a couple of days but still 119 00:06:22,520 --> 00:06:24,640 Speaker 2: one of the worst monthly declines sprank and you know 120 00:06:24,680 --> 00:06:26,880 Speaker 2: there's a there's an old saying in the stock market, 121 00:06:26,960 --> 00:06:30,320 Speaker 2: win in doubt, stay out, and right now I do 122 00:06:30,440 --> 00:06:33,200 Speaker 2: think that there's doubt whether or not this is a 123 00:06:33,240 --> 00:06:35,919 Speaker 2: bull a legitimate bull market or not. And when I 124 00:06:35,920 --> 00:06:38,279 Speaker 2: look underneath the hood, I mean yesterday we saw once 125 00:06:38,320 --> 00:06:42,560 Speaker 2: again more new lows than new highs. And you've got 126 00:06:42,600 --> 00:06:45,400 Speaker 2: a majority of stocks that are treating below their fifty 127 00:06:45,560 --> 00:06:48,560 Speaker 2: and their two hundred day moving average. So it just 128 00:06:48,600 --> 00:06:51,479 Speaker 2: tells you the trend, at least for now is down. 129 00:06:52,000 --> 00:06:54,880 Speaker 2: So do you want to fight the trend as an investor? 130 00:06:54,880 --> 00:06:57,320 Speaker 2: And it's almost like going out at a speedo in 131 00:06:57,320 --> 00:06:59,680 Speaker 2: the middle of winter and insisting because you know it's 132 00:06:59,720 --> 00:07:02,320 Speaker 2: going to warm up soon. So given the fact that 133 00:07:02,360 --> 00:07:04,640 Speaker 2: the average stock is trending down right now, I think 134 00:07:04,720 --> 00:07:07,960 Speaker 2: investors have to be very careful about putting new money. 135 00:07:07,760 --> 00:07:11,280 Speaker 1: To work on their aligned with Jonathan Honig, and we 136 00:07:11,320 --> 00:07:15,520 Speaker 1: did see cryptos pull back today on this John's report, 137 00:07:15,760 --> 00:07:19,880 Speaker 1: Bitcoin back around the sixty six k or so. Right, 138 00:07:20,800 --> 00:07:23,840 Speaker 1: Let's take a look here and ethereum, and the list 139 00:07:23,920 --> 00:07:28,360 Speaker 1: goes on. What does anything catch your attention? They're among 140 00:07:28,400 --> 00:07:29,880 Speaker 1: the markets that were open today. 141 00:07:30,560 --> 00:07:32,480 Speaker 2: Well, one thing for sure, Frank, if you're one to 142 00:07:32,520 --> 00:07:35,240 Speaker 2: bet on bitcoin, bet on bitcoin. I mean one of 143 00:07:35,280 --> 00:07:38,160 Speaker 2: the kind of quiet stories of the last year has 144 00:07:38,240 --> 00:07:41,400 Speaker 2: been Strategy, Remember that company that was one of those 145 00:07:41,440 --> 00:07:46,720 Speaker 2: supposedly bitcoin reserve companies. Strategy shares are down almost sixty 146 00:07:46,800 --> 00:07:49,760 Speaker 2: percent over the last year. Of course, that means they 147 00:07:49,840 --> 00:07:52,239 Speaker 2: need over one hundred percent return to get back to even. 148 00:07:52,800 --> 00:07:54,560 Speaker 2: And this was the company that was supposed to be 149 00:07:54,680 --> 00:07:58,680 Speaker 2: the leverage bet on bitcoin. But Michael Saylor, who's you know, 150 00:07:58,760 --> 00:08:02,480 Speaker 2: the CEO many people a visionary, He is now pushing 151 00:08:02,520 --> 00:08:06,800 Speaker 2: a preferred version with a very big dividend, but in essential, 152 00:08:07,040 --> 00:08:09,840 Speaker 2: in my opinion, at the expense of the common That's 153 00:08:09,840 --> 00:08:13,000 Speaker 2: why you see the commons fall so dramatically. So my 154 00:08:13,040 --> 00:08:15,559 Speaker 2: only advice on bitcoin, and I don't think it's leading 155 00:08:15,640 --> 00:08:17,440 Speaker 2: right now. I don't think it's a safe haven as 156 00:08:17,440 --> 00:08:20,160 Speaker 2: many people do, as you said, I mean, it's basically 157 00:08:20,280 --> 00:08:23,680 Speaker 2: been dead money now for months. And you know, I 158 00:08:23,720 --> 00:08:26,280 Speaker 2: think a lot of the bitcoin related names are actually 159 00:08:26,360 --> 00:08:29,880 Speaker 2: quite weak. So I'd probably be rather long gold or 160 00:08:29,920 --> 00:08:32,240 Speaker 2: oil or silver than bitcoin right now. 161 00:08:32,960 --> 00:08:35,520 Speaker 1: All right, And certainly silver and gold have also come 162 00:08:35,600 --> 00:08:39,120 Speaker 1: off their recent highs, of gold hovering around forty seven 163 00:08:39,200 --> 00:08:41,920 Speaker 1: hundred or so, and at last check, silver is around 164 00:08:41,920 --> 00:08:44,400 Speaker 1: the seventy three dollars an ounce of what do you 165 00:08:44,440 --> 00:08:48,560 Speaker 1: see ahead for gold and silver here, and they've been 166 00:08:48,600 --> 00:08:52,280 Speaker 1: making they've been rebounding off of recent lows, but certainly 167 00:08:52,440 --> 00:08:54,720 Speaker 1: well off the record highs we saw not too long ago. 168 00:08:55,440 --> 00:08:55,640 Speaker 3: Yeah. 169 00:08:55,679 --> 00:08:57,160 Speaker 2: I mean, you look at it just from the big 170 00:08:57,240 --> 00:09:00,840 Speaker 2: picture now, Frank, commodities in I believe, as an asset 171 00:09:00,920 --> 00:09:05,040 Speaker 2: class are just way stronger than stocks. I mean, one 172 00:09:05,080 --> 00:09:08,320 Speaker 2: easy way to play commodities. For example, there's an ETF 173 00:09:08,400 --> 00:09:12,520 Speaker 2: which is DBC, that is David Boyc is in commodity. 174 00:09:12,840 --> 00:09:15,480 Speaker 2: It's a broad basket of commodities. So you get a 175 00:09:15,480 --> 00:09:18,120 Speaker 2: little gold, a little silver, a little rice, a little corn, 176 00:09:18,480 --> 00:09:20,800 Speaker 2: a little oil. So that's one way to play this 177 00:09:21,040 --> 00:09:23,720 Speaker 2: big term trend. But I don't think you need to 178 00:09:23,760 --> 00:09:26,840 Speaker 2: be hero buying stocks. Many of them are down year 179 00:09:26,880 --> 00:09:30,120 Speaker 2: to date. I mean Microsoft at Lance last Glance is 180 00:09:30,160 --> 00:09:33,160 Speaker 2: down something on the order of what is Microsoft's down 181 00:09:33,240 --> 00:09:37,439 Speaker 2: twenty one percent year to date, all those mag seven names, Frank, 182 00:09:37,480 --> 00:09:39,560 Speaker 2: you know, down year to date. A lot of people 183 00:09:39,559 --> 00:09:42,160 Speaker 2: love a bargain, but you don't want to be You 184 00:09:42,200 --> 00:09:44,120 Speaker 2: don't want to bargain when it comes to stocks. You know, 185 00:09:44,160 --> 00:09:46,200 Speaker 2: you want to buy things that are strong, assets that 186 00:09:46,200 --> 00:09:49,559 Speaker 2: are strong. So i'd much rather be buying I don't know, 187 00:09:49,640 --> 00:09:54,640 Speaker 2: let's say oil or even something like wea T that's 188 00:09:54,679 --> 00:09:58,359 Speaker 2: an ETF that tracks wheat or DBA that's an agricultural 189 00:09:58,400 --> 00:10:01,719 Speaker 2: commodity ETF than stocks that are down. You know, the 190 00:10:02,240 --> 00:10:05,120 Speaker 2: big long term declines always start off as a dip. 191 00:10:05,280 --> 00:10:07,400 Speaker 2: He be loved by the dip, but we never know 192 00:10:07,440 --> 00:10:09,280 Speaker 2: of a dip, is just a dip or the beginning 193 00:10:09,320 --> 00:10:12,079 Speaker 2: of a true bear market. And you know, given these 194 00:10:12,120 --> 00:10:14,480 Speaker 2: stocks weakness, I think a bear market is not too 195 00:10:14,480 --> 00:10:18,280 Speaker 2: far off from a likelihood. And in the coming months. 196 00:10:18,520 --> 00:10:21,240 Speaker 1: They're lined with Jonathan Honing. And of course we say 197 00:10:21,240 --> 00:10:24,320 Speaker 1: godspeed to the Americans in space. For the first time 198 00:10:24,360 --> 00:10:26,800 Speaker 1: more than fifty years, we have in this case four 199 00:10:26,840 --> 00:10:30,160 Speaker 1: Americans about to go around the Moon and the first 200 00:10:30,440 --> 00:10:34,240 Speaker 1: lunar crewed mission in more than fifty years. So space 201 00:10:34,280 --> 00:10:37,320 Speaker 1: related names got new attention, and of course the a 202 00:10:37,320 --> 00:10:40,560 Speaker 1: lot of buzz about the SpaceX IPO looks like it 203 00:10:40,600 --> 00:10:44,840 Speaker 1: was quietly filed. Give us your reaction to the renewed interest. 204 00:10:45,440 --> 00:10:47,400 Speaker 1: As we look up in space here. 205 00:10:48,800 --> 00:10:52,960 Speaker 2: I mean amazing, Frank, and behind you know these these 206 00:10:53,080 --> 00:10:56,480 Speaker 2: rockets are these genius men and women, you know, not 207 00:10:56,559 --> 00:10:58,560 Speaker 2: just the Elon Musks of the world. But you know 208 00:10:58,600 --> 00:11:01,560 Speaker 2: the all the engineers, the brains that go into making 209 00:11:01,640 --> 00:11:05,679 Speaker 2: these true miracles possible. And I had to say if 210 00:11:05,720 --> 00:11:07,520 Speaker 2: you alluded to it. I mean, it's one of the 211 00:11:07,559 --> 00:11:10,760 Speaker 2: few areas of the market now that actually is breaking out. 212 00:11:11,040 --> 00:11:15,440 Speaker 2: There's an ETF, it's a pretty memorable ticker, Symboli's UFO, 213 00:11:15,760 --> 00:11:19,880 Speaker 2: that is the Procure Space ETF. It holds a lot 214 00:11:19,920 --> 00:11:23,240 Speaker 2: of those space related holdings. It's actually been breaking out 215 00:11:23,240 --> 00:11:25,200 Speaker 2: to new highs. It's got a year to date return 216 00:11:25,280 --> 00:11:29,240 Speaker 2: of almost twenty eight percent. So the market is rewarding 217 00:11:29,280 --> 00:11:33,120 Speaker 2: this area of space explorations, space investments. So I think 218 00:11:33,120 --> 00:11:35,120 Speaker 2: you're going to see a lot more of it. And 219 00:11:35,160 --> 00:11:38,120 Speaker 2: when you look at what a company like Elon Musk's 220 00:11:38,200 --> 00:11:42,600 Speaker 2: SpaceX has done to bring down the cost of space travel, 221 00:11:42,640 --> 00:11:45,960 Speaker 2: it's really quite remarkable. It' speratly compared to what it's 222 00:11:46,000 --> 00:11:48,960 Speaker 2: cost NASA for decades and decades of the Shuttle program. 223 00:11:49,240 --> 00:11:53,120 Speaker 2: I mean, Musk's advancements, Jeff bezos advancements with the Blue 224 00:11:53,120 --> 00:11:55,920 Speaker 2: Origin have just been tremendous. So this is the private 225 00:11:55,960 --> 00:11:57,880 Speaker 2: market at work. We want to see more of it, 226 00:11:58,080 --> 00:12:00,000 Speaker 2: and the market again take a look at that ticker, 227 00:12:00,000 --> 00:12:03,240 Speaker 2: the simple UFO. The market is rewarding these companies right. 228 00:12:03,080 --> 00:12:07,080 Speaker 1: Now, all right, Yeah, that unidentifying flying object is a stock, 229 00:12:07,280 --> 00:12:12,000 Speaker 1: So that's that's somewhat unusual nowadays. But yeah, good to 230 00:12:12,040 --> 00:12:14,640 Speaker 1: see that, and thanks for highlighting that. That's very interesting. 231 00:12:14,679 --> 00:12:17,400 Speaker 1: And we're and what's the what's the expected time stable 232 00:12:17,559 --> 00:12:20,200 Speaker 1: on the space x i PO. I guess there's no 233 00:12:20,520 --> 00:12:24,280 Speaker 1: firm estimate yet on one will be able to uh 234 00:12:24,480 --> 00:12:25,360 Speaker 1: to see that come out. 235 00:12:26,559 --> 00:12:30,360 Speaker 2: I mean, the only question is what will the valuation be, Frank, 236 00:12:30,400 --> 00:12:33,240 Speaker 2: And will it be one point two five trillion where 237 00:12:33,280 --> 00:12:38,440 Speaker 2: it was last value value valued or some estimates as 238 00:12:38,520 --> 00:12:41,520 Speaker 2: high as one point seventy five trillions. So when space 239 00:12:41,679 --> 00:12:44,680 Speaker 2: X comes comes public, it will instantly be you know, 240 00:12:44,760 --> 00:12:48,440 Speaker 2: one of the largest heaviest valued companies in the world, 241 00:12:48,559 --> 00:12:51,520 Speaker 2: certainly in the United States. And I mean it kind 242 00:12:51,520 --> 00:12:54,480 Speaker 2: of goes back to the truth genius of Elon Musk. 243 00:12:54,559 --> 00:12:56,960 Speaker 2: Now Tesla has been having some trouble. It didn't have 244 00:12:57,000 --> 00:12:59,800 Speaker 2: a great week as a stock, but you know his 245 00:12:59,800 --> 00:13:03,319 Speaker 2: his the network is about to explode with the IPO 246 00:13:03,360 --> 00:13:06,640 Speaker 2: of SpaceX. Interestingly, Frank, he's also likely to leave a 247 00:13:06,720 --> 00:13:10,040 Speaker 2: back door to let individual investors in effect get in 248 00:13:10,160 --> 00:13:12,480 Speaker 2: on the IPO. That's what he did with Tesla. He 249 00:13:12,600 --> 00:13:14,760 Speaker 2: left the block I believe of ten percent of the 250 00:13:14,800 --> 00:13:17,880 Speaker 2: shares available for every day investor. So you know, it's 251 00:13:17,880 --> 00:13:20,880 Speaker 2: a pretty giving guy in that sense. I wouldn't be 252 00:13:20,960 --> 00:13:24,320 Speaker 2: surprised if a portion of these IPO shares were left 253 00:13:24,360 --> 00:13:26,400 Speaker 2: for every day investors to be able to sign up 254 00:13:26,440 --> 00:13:29,680 Speaker 2: with some lottery process for when that IPO, it'll certainly 255 00:13:29,679 --> 00:13:33,480 Speaker 2: be the biggest IPO of the year, could be potentially 256 00:13:33,480 --> 00:13:35,200 Speaker 2: the biggest IPO of the decade. 257 00:13:35,200 --> 00:13:39,120 Speaker 1: Isn't that something? In the meantime, there's something brewing we've 258 00:13:39,160 --> 00:13:44,560 Speaker 1: been touching on behind the scenes, this private credit story 259 00:13:44,640 --> 00:13:48,280 Speaker 1: that keeps coming up, and you had a chance to 260 00:13:48,600 --> 00:13:50,200 Speaker 1: take a look at this. Is this going to be 261 00:13:50,200 --> 00:13:56,240 Speaker 1: another credit crisis? And we keep hearing about some situations 262 00:13:56,280 --> 00:13:58,880 Speaker 1: that keep popping up that are cause for concern and 263 00:14:00,160 --> 00:14:01,640 Speaker 1: what's what do we need to know about. 264 00:14:01,480 --> 00:14:05,880 Speaker 2: All the Yeah, I think private private credit situation Frank 265 00:14:06,120 --> 00:14:08,600 Speaker 2: is not going away, and I do think it's getting worse. 266 00:14:08,640 --> 00:14:11,520 Speaker 2: And it's not just my estimate. I mean, just yesterday 267 00:14:11,600 --> 00:14:16,560 Speaker 2: you saw the business development Company ETF business development companies, 268 00:14:16,720 --> 00:14:20,840 Speaker 2: they're probably the best publicly traded. Similarly, we have for 269 00:14:20,960 --> 00:14:24,480 Speaker 2: those private investment deals, it's sitting at a new fifty 270 00:14:24,520 --> 00:14:27,080 Speaker 2: two week low. And OWL Capital, that's one of the 271 00:14:27,080 --> 00:14:30,320 Speaker 2: companies kind of at the center of this brewing crisis, 272 00:14:30,600 --> 00:14:33,160 Speaker 2: also at a new fifty two week low. So what 273 00:14:33,240 --> 00:14:35,440 Speaker 2: you're seeing at some credit concerns, you know, a lot 274 00:14:35,440 --> 00:14:37,560 Speaker 2: of loans have been made, a lot of bet has 275 00:14:37,600 --> 00:14:40,560 Speaker 2: been created, a lot of it not traded pretty actively, 276 00:14:41,120 --> 00:14:44,440 Speaker 2: and default rates in recent years have been historically low. 277 00:14:44,560 --> 00:14:47,120 Speaker 2: So I think that's the fear here. Mark Zandy was 278 00:14:47,160 --> 00:14:50,480 Speaker 2: out this week with an estimate that basically a coin 279 00:14:50,520 --> 00:14:53,200 Speaker 2: flip whether the US goes into a recession in the 280 00:14:53,240 --> 00:14:55,040 Speaker 2: next twelve months, and this is going to be one 281 00:14:55,080 --> 00:14:57,280 Speaker 2: of the first places you see it. When you start 282 00:14:57,320 --> 00:15:00,120 Speaker 2: to see junk bond yields and credit yields start to 283 00:15:00,200 --> 00:15:04,440 Speaker 2: spike and worries about credit being repaid, et cetera. Then 284 00:15:04,480 --> 00:15:06,760 Speaker 2: you'll know that you know, not only is the stock 285 00:15:06,800 --> 00:15:09,880 Speaker 2: market next, but a real potential recession is brewing. We 286 00:15:09,920 --> 00:15:12,760 Speaker 2: haven't seen it just yet, but the price action and 287 00:15:12,800 --> 00:15:16,280 Speaker 2: a lot of these business development companies lets me know 288 00:15:16,360 --> 00:15:18,960 Speaker 2: that I think the credit crisis isn't going away. 289 00:15:19,080 --> 00:15:22,160 Speaker 1: I think it's probably just starting very interesting. So there 290 00:15:22,160 --> 00:15:27,160 Speaker 1: are some red flags there. How's this situation manifesting itself 291 00:15:27,200 --> 00:15:31,040 Speaker 1: with we've been hearing about these redemptions of these various funds, 292 00:15:31,040 --> 00:15:34,040 Speaker 1: But is there in fact a credit crunch and now 293 00:15:34,120 --> 00:15:38,280 Speaker 1: what's happening at at the ground level of impacting businesses? 294 00:15:39,560 --> 00:15:41,560 Speaker 2: Well, I mean that's a really great point, Frank. I mean, 295 00:15:41,560 --> 00:15:45,000 Speaker 2: people are trying to get their money out of these 296 00:15:45,080 --> 00:15:48,479 Speaker 2: you know, oftentimes we're sophisticated investors, but it does demonstrate 297 00:15:48,520 --> 00:15:50,880 Speaker 2: that there is you know, a lock up at least 298 00:15:50,880 --> 00:15:53,360 Speaker 2: for now in this area of the market that's had 299 00:15:53,400 --> 00:15:56,280 Speaker 2: significant growth. And when you look at the price action 300 00:15:56,440 --> 00:15:59,000 Speaker 2: and some of these business development companies, that gives you 301 00:15:59,080 --> 00:16:01,760 Speaker 2: a sense of just how bad things have been for 302 00:16:02,200 --> 00:16:04,600 Speaker 2: you know, for quite some time now. I mentioned that 303 00:16:04,640 --> 00:16:08,600 Speaker 2: one biz d well it's down about twenty three percent 304 00:16:08,800 --> 00:16:11,720 Speaker 2: over the last year, So people got their seven or 305 00:16:11,720 --> 00:16:14,040 Speaker 2: eight percent dividend yields, but they lost you know, more 306 00:16:14,080 --> 00:16:16,960 Speaker 2: than twenty percent on the stock itself. And I think 307 00:16:17,000 --> 00:16:20,360 Speaker 2: that's the fear is that basically junk might get junkier, 308 00:16:20,720 --> 00:16:23,640 Speaker 2: company's ability to repay might get more difficult in the 309 00:16:23,680 --> 00:16:26,280 Speaker 2: coming months. And they'll start to see more defaults that 310 00:16:26,320 --> 00:16:29,720 Speaker 2: we've had in businesses in recent years. So this could be, 311 00:16:29,760 --> 00:16:32,000 Speaker 2: as they say, the Canary and the coal mine. What 312 00:16:32,040 --> 00:16:35,160 Speaker 2: does it mean for everyday investors? Great opportunity just to 313 00:16:35,200 --> 00:16:38,640 Speaker 2: have your own basically, build your own moat, you know, 314 00:16:38,800 --> 00:16:41,600 Speaker 2: have that credit card paid down, have three to six 315 00:16:41,640 --> 00:16:44,640 Speaker 2: months where the living expenses sitting in the bank. I mean, Frank, 316 00:16:44,680 --> 00:16:48,040 Speaker 2: if you can, you know, accomplish after yourself, you're better 317 00:16:48,040 --> 00:16:51,240 Speaker 2: off than any of these business development companies, let alone 318 00:16:51,240 --> 00:16:54,840 Speaker 2: most Americans right now. So take this opportunity, especially if 319 00:16:54,880 --> 00:16:57,320 Speaker 2: your portfolio has done well, to make sure your credit 320 00:16:57,400 --> 00:16:59,880 Speaker 2: card debt is paid down and you've got some you know, 321 00:17:00,040 --> 00:17:02,720 Speaker 2: some savings just in case the economy in the market 322 00:17:02,920 --> 00:17:03,480 Speaker 2: does turn. 323 00:17:04,119 --> 00:17:06,359 Speaker 1: Jonathan Hoenig and for I lets you off the hook 324 00:17:06,400 --> 00:17:08,880 Speaker 1: here any other specific places where you're out putting money 325 00:17:08,880 --> 00:17:11,159 Speaker 1: now and or taking it off the table. And what 326 00:17:11,280 --> 00:17:14,040 Speaker 1: about the oil names? And what about oil at this 327 00:17:14,160 --> 00:17:17,840 Speaker 1: point which is so much in focus nowadays, Well. 328 00:17:17,680 --> 00:17:21,560 Speaker 2: I mean remarkable, the biggest one month jump for oil 329 00:17:21,600 --> 00:17:25,040 Speaker 2: as I understand it, Frank, in history, I mean, pretty 330 00:17:25,080 --> 00:17:30,320 Speaker 2: amazing to see gas up a dollar in just one month, dramatic, 331 00:17:30,600 --> 00:17:32,960 Speaker 2: and I think commodities, as I said, as an asse 332 00:17:32,960 --> 00:17:36,520 Speaker 2: a class, are going to continue to outperform stocks. The 333 00:17:36,560 --> 00:17:39,160 Speaker 2: way I'm playing it, however, is in oil, not because 334 00:17:39,160 --> 00:17:41,480 Speaker 2: they don't think it's a little higher, but it's very 335 00:17:41,520 --> 00:17:45,040 Speaker 2: a dominated by politics and be in the news. I 336 00:17:45,280 --> 00:17:50,240 Speaker 2: like BBA. That's David boy As in Arkansas. This is 337 00:17:50,280 --> 00:17:54,960 Speaker 2: an EPs that actually tracks agricultural commodity prices. Now I 338 00:17:55,080 --> 00:17:57,760 Speaker 2: own it for clients over at Capitalist Pig dot com. 339 00:17:57,960 --> 00:18:00,800 Speaker 2: That's where I manage money for individual investors and families. 340 00:18:00,920 --> 00:18:03,040 Speaker 2: And you always want to do your own due diligence, 341 00:18:03,119 --> 00:18:05,240 Speaker 2: but you know, I'm looking for areas of the market 342 00:18:05,280 --> 00:18:08,040 Speaker 2: that are doing well but aren't yet really being talked 343 00:18:08,040 --> 00:18:09,960 Speaker 2: about so much by the herd. So there's a lot 344 00:18:09,960 --> 00:18:12,480 Speaker 2: of talk about oil, a lot of talk about gold. 345 00:18:12,720 --> 00:18:16,440 Speaker 2: Let's talk about corn, wheat and soybeans. So I like DBA. 346 00:18:16,640 --> 00:18:19,760 Speaker 2: Do your own research or contact me at Capitalistpig dot 347 00:18:19,760 --> 00:18:21,919 Speaker 2: com and I'll tell you more why I'm investing it 348 00:18:22,119 --> 00:18:23,119 Speaker 2: in it for my clients. 349 00:18:23,680 --> 00:18:26,879 Speaker 1: Fantastic. We also follow you on social media, Jonathan. You 350 00:18:26,920 --> 00:18:30,000 Speaker 1: do a fantastic job, and I know you're very active 351 00:18:30,000 --> 00:18:32,120 Speaker 1: at business conferences as well, so I hope to see 352 00:18:32,160 --> 00:18:35,280 Speaker 1: on here sometime very soon back here in the studio 353 00:18:35,320 --> 00:18:38,919 Speaker 1: as well. Jonathan Hoenig, Fox News contributor, portfolio manager at 354 00:18:38,960 --> 00:18:41,200 Speaker 1: Capitalist Pig Hedge Fund, and author of the book Price's 355 00:18:41,240 --> 00:18:43,920 Speaker 1: Primary have a profit with any asset in any market 356 00:18:43,960 --> 00:18:47,040 Speaker 1: at any time. Jonathan, thanks very very much for joining 357 00:18:47,080 --> 00:18:48,120 Speaker 1: us live this afternoon. 358 00:18:48,760 --> 00:18:50,919 Speaker 2: Rank, you are truly the best, My great pleasure ever. 359 00:18:51,000 --> 00:18:51,760 Speaker 2: Peaceful weekend. 360 00:18:52,359 --> 00:18:54,520 Speaker 1: Likewise, thank you very very much for joining us live 361 00:18:54,560 --> 00:18:57,760 Speaker 1: here on Motech on Money on seven ninety KBC. Motech 362 00:18:57,800 --> 00:18:59,960 Speaker 1: of Money continues seven ninety KABC. 363 00:19:00,040 --> 00:19:00,200 Speaker 3: See. 364 00:19:00,240 --> 00:19:03,440 Speaker 1: The stock market was closed today an observance of Good 365 00:19:03,520 --> 00:19:07,200 Speaker 1: Friday headed the Easter passover holiday weekend. We did wrap 366 00:19:07,280 --> 00:19:09,760 Speaker 1: up the week on Wall Street yesterday with the now 367 00:19:09,840 --> 00:19:12,160 Speaker 1: closing down sixty one points, the S and P five 368 00:19:12,240 --> 00:19:15,119 Speaker 1: hundred and seven, the NASDAG of thirty eight. Today, the 369 00:19:15,200 --> 00:19:18,080 Speaker 1: US Labor Department released what we call the big Enchilada 370 00:19:18,200 --> 00:19:21,280 Speaker 1: of monthly economic reports, and that was the JOMS report 371 00:19:21,560 --> 00:19:24,240 Speaker 1: for the month of March, which came in better than expected. 372 00:19:24,280 --> 00:19:26,440 Speaker 1: We'll be taking a closer look at that here coming 373 00:19:26,560 --> 00:19:29,480 Speaker 1: up shortly. It's a big week for Space with the 374 00:19:29,560 --> 00:19:34,080 Speaker 1: Artemis mission getting underway and continuing with four Americans about 375 00:19:34,080 --> 00:19:37,280 Speaker 1: to circle the moon and return in about a week 376 00:19:37,359 --> 00:19:40,520 Speaker 1: or so. UFO, which was mentioned a moment ago. This 377 00:19:40,560 --> 00:19:44,320 Speaker 1: is a space related ETF closed up nearly three dollars 378 00:19:44,480 --> 00:19:48,760 Speaker 1: yesterday to forty nine to seventeen. ARC Space and Innovation 379 00:19:48,880 --> 00:19:52,520 Speaker 1: ETF end of the week at thirty thirty two, gaining 380 00:19:52,560 --> 00:19:56,439 Speaker 1: forty one cents yesterday. In Vesco Aerospace and Defense, another 381 00:19:56,480 --> 00:19:59,159 Speaker 1: ETF moved of two cents at one sixty nine and 382 00:19:59,280 --> 00:20:02,840 Speaker 1: change on the st. Eighth Street Aerospace and Defense ETF 383 00:20:02,960 --> 00:20:05,520 Speaker 1: end of the week at two fifty nine and changed 384 00:20:05,520 --> 00:20:08,639 Speaker 1: down thirty seven cents, the yielding the tenure note now 385 00:20:08,640 --> 00:20:11,560 Speaker 1: at four point three to two percent. Crude oil ending 386 00:20:11,600 --> 00:20:13,840 Speaker 1: the week at one twelve and changed. Getting a big 387 00:20:13,880 --> 00:20:18,520 Speaker 1: pop yesterday ahead of the holiday weekend. Bitcoin right now 388 00:20:18,560 --> 00:20:21,760 Speaker 1: harvering just below sixty seven thousand ethereum at two thy 389 00:20:21,920 --> 00:20:25,280 Speaker 1: fifty five doze at the moment at nine cents. Motack 390 00:20:25,280 --> 00:20:28,439 Speaker 1: of money continues here seven ninety KABC. A better than 391 00:20:28,480 --> 00:20:32,320 Speaker 1: expected jobs report came out first thing this morning while 392 00:20:32,359 --> 00:20:35,439 Speaker 1: the stock market was closed for the Good Friday holiday today. 393 00:20:36,200 --> 00:20:39,359 Speaker 1: The jobs report showed the unemployment rate nationwide slip to 394 00:20:39,400 --> 00:20:42,199 Speaker 1: four point three percent from four point four percent a 395 00:20:42,200 --> 00:20:45,600 Speaker 1: month earlier, when a widespread and unexpected decline in jobs 396 00:20:45,640 --> 00:20:48,159 Speaker 1: clouded the outlook for the FED. Now contending with a 397 00:20:48,200 --> 00:20:53,000 Speaker 1: low higher low fire job market and persistent inflationary pressures 398 00:20:53,040 --> 00:20:57,040 Speaker 1: with oil spiking recently in gas prices along for the ride. 399 00:20:57,080 --> 00:20:59,439 Speaker 1: The loss in February pay rolls was revised to one 400 00:20:59,480 --> 00:21:04,200 Speaker 1: hundred thirty three thousand from ninety two thousand previously. Hiring 401 00:21:04,440 --> 00:21:06,879 Speaker 1: came in better than expected today above one hundred and 402 00:21:06,880 --> 00:21:10,840 Speaker 1: seventy thousand or so. Let's bring in Los Angeles business 403 00:21:10,920 --> 00:21:13,480 Speaker 1: leader Mark Wilbert, founding member and former chair of Los 404 00:21:13,520 --> 00:21:17,040 Speaker 1: Angeles Business Federation LA BIZ FEDG Tairman of Employers Group 405 00:21:17,040 --> 00:21:21,879 Speaker 1: and former Associate Dean of the USC Marshall School of Business, 406 00:21:21,920 --> 00:21:24,760 Speaker 1: Mark Welber, thank you very much beyond the call. Wonderful 407 00:21:24,720 --> 00:21:25,480 Speaker 1: to have you with us here. 408 00:21:25,600 --> 00:21:25,879 Speaker 3: Thanks. 409 00:21:25,960 --> 00:21:28,000 Speaker 1: It's been a while since we chatted behind the loud 410 00:21:28,119 --> 00:21:31,680 Speaker 1: microphones and you covered the drop picture very very closely, 411 00:21:31,800 --> 00:21:34,520 Speaker 1: so give us a give us an update of your 412 00:21:34,600 --> 00:21:35,600 Speaker 1: view of things here at the moment. 413 00:21:37,000 --> 00:21:39,920 Speaker 4: Well, I think the numbers were surprising today. It would 414 00:21:39,920 --> 00:21:42,879 Speaker 4: have been interesting to see the market open and really 415 00:21:42,920 --> 00:21:46,800 Speaker 4: see you know, how it responded. I'm sure the FED 416 00:21:46,840 --> 00:21:50,000 Speaker 4: will probably stay pat where there at least that's some 417 00:21:50,080 --> 00:21:52,720 Speaker 4: of most of the reports that I've seen. But you know, 418 00:21:52,800 --> 00:21:55,600 Speaker 4: it's just interesting because you know, the employment unemployment rate 419 00:21:55,640 --> 00:21:59,439 Speaker 4: to comlient slightly to four point three percent, which is 420 00:21:59,520 --> 00:22:01,879 Speaker 4: you know, a robust economy. I mean, we added one 421 00:22:01,920 --> 00:22:04,800 Speaker 4: hundred and seventy eight thousand jobs. And you know, people 422 00:22:04,840 --> 00:22:07,439 Speaker 4: don't know this, but you know, southern California, especially the 423 00:22:07,440 --> 00:22:12,959 Speaker 4: Los Angeles County area has a significant number in manufacturing, 424 00:22:13,440 --> 00:22:17,800 Speaker 4: and manufacturing nationally added fifteen thousand jobs. I got that 425 00:22:17,920 --> 00:22:20,600 Speaker 4: number from NAM in Washington. 426 00:22:20,280 --> 00:22:20,520 Speaker 5: D C. 427 00:22:21,359 --> 00:22:24,560 Speaker 4: So yeah, so it was it was it was good news. 428 00:22:24,600 --> 00:22:26,520 Speaker 4: I mean, I think you know, it shows still the 429 00:22:26,600 --> 00:22:30,520 Speaker 4: economy is thriving. You know, it's hard when you have 430 00:22:30,560 --> 00:22:33,119 Speaker 4: things going on like the war, when you have you know, 431 00:22:33,200 --> 00:22:36,320 Speaker 4: things like this happening, because you know, it creates these 432 00:22:36,440 --> 00:22:38,879 Speaker 4: knee jerk reactions in the marketplace. Do you feel like 433 00:22:38,960 --> 00:22:42,600 Speaker 4: you're you know, on one of those big roller coasters. 434 00:22:42,160 --> 00:22:45,800 Speaker 3: Out of Magic Mountain and uh, you know, every day 435 00:22:45,800 --> 00:22:46,720 Speaker 3: on the market So. 436 00:22:47,240 --> 00:22:52,000 Speaker 1: Anyway, yeah, well it's certainly a better than expanking John's report. 437 00:22:52,119 --> 00:22:54,560 Speaker 1: And by the way, Los Angeles, as you know, is 438 00:22:54,640 --> 00:22:58,000 Speaker 1: the largest manufacturing region in the United States, so we 439 00:22:58,080 --> 00:23:01,199 Speaker 1: definitely pay attention to that to me facturing at reading 440 00:23:01,280 --> 00:23:05,879 Speaker 1: and despite the the outflow of a lot of companies, 441 00:23:06,280 --> 00:23:10,280 Speaker 1: somehow we have retained that important distinction, with aerospace certainly 442 00:23:10,680 --> 00:23:14,040 Speaker 1: riding high and all the attention focused on the artemis 443 00:23:14,040 --> 00:23:19,080 Speaker 1: emission and aerospace appears to be experiencing a renaissance here 444 00:23:19,119 --> 00:23:21,520 Speaker 1: in southern California at the moment, with all kinds of 445 00:23:21,600 --> 00:23:25,800 Speaker 1: exciting innovations happening, rocket companies and so forth. What buzz 446 00:23:25,800 --> 00:23:28,520 Speaker 1: a you're hearing about that among your colleagues there at 447 00:23:28,560 --> 00:23:31,400 Speaker 1: biz FED and and the other things that are getting 448 00:23:31,440 --> 00:23:32,440 Speaker 1: your attention nowadays. 449 00:23:33,880 --> 00:23:36,639 Speaker 4: Well, it's still hard not to notice the departures from 450 00:23:36,680 --> 00:23:40,359 Speaker 4: our state, you know, I mean really big companies, you know, 451 00:23:40,400 --> 00:23:43,360 Speaker 4: and there's a lot of companies that don't even think 452 00:23:43,359 --> 00:23:46,800 Speaker 4: about coming to California just because of how business is 453 00:23:46,840 --> 00:23:50,320 Speaker 4: treated here, which is super frustrating. You know, when you're 454 00:23:50,840 --> 00:23:55,359 Speaker 4: you know, leading a large business organization that has no 455 00:23:55,920 --> 00:23:59,520 Speaker 4: intention other than trying to help business, and when you 456 00:23:59,600 --> 00:24:04,320 Speaker 4: have policies and regulations in place that literally are going 457 00:24:04,359 --> 00:24:07,400 Speaker 4: the other direction, making it more difficult in every way, 458 00:24:07,440 --> 00:24:11,919 Speaker 4: shape and form. And it's super frustrating that hasn't that 459 00:24:12,000 --> 00:24:16,480 Speaker 4: hasn't been relieved yet, And I think whoever the next 460 00:24:16,480 --> 00:24:18,600 Speaker 4: new leader is a bizzed needs to put that in 461 00:24:18,640 --> 00:24:21,399 Speaker 4: their teeth and really, you know, make that part of 462 00:24:21,400 --> 00:24:25,600 Speaker 4: the mission is turning around this situation in our states 463 00:24:25,600 --> 00:24:28,920 Speaker 4: so it becomes a business friendly and climate at least 464 00:24:28,920 --> 00:24:32,680 Speaker 4: friendly enough where people can consider making investments here other 465 00:24:32,760 --> 00:24:35,760 Speaker 4: than investments that they have to make that they're actually 466 00:24:35,800 --> 00:24:37,960 Speaker 4: investing because they want to be here and they want 467 00:24:37,960 --> 00:24:38,520 Speaker 4: to grow here. 468 00:24:39,280 --> 00:24:43,080 Speaker 1: And indeed the local and the state elections will also 469 00:24:43,119 --> 00:24:45,320 Speaker 1: be very interesting, which will be a pivotal at this 470 00:24:45,359 --> 00:24:48,920 Speaker 1: point for business people. And in the meantime, there's this 471 00:24:49,640 --> 00:24:53,880 Speaker 1: private credit situation brewing. People are starting to talk about 472 00:24:53,920 --> 00:24:56,280 Speaker 1: it now. I saw writers had something out on it 473 00:24:56,800 --> 00:25:00,119 Speaker 1: heading into this weekend. Some investors think private credit it 474 00:25:00,240 --> 00:25:02,040 Speaker 1: is a tempest and a teapot. Others think it is 475 00:25:02,080 --> 00:25:06,920 Speaker 1: about to spark a new financial crisis. Has this entered 476 00:25:06,920 --> 00:25:10,879 Speaker 1: the local radar screen, this private credit situation with the 477 00:25:10,920 --> 00:25:14,240 Speaker 1: redemptions and the lockups and other things that have been happening. 478 00:25:15,680 --> 00:25:17,600 Speaker 3: Yeah, you know it hasn't yet. 479 00:25:17,680 --> 00:25:20,399 Speaker 4: I mean, you know, it'll be interesting to see, you 480 00:25:20,440 --> 00:25:22,159 Speaker 4: know what the real response is. 481 00:25:23,160 --> 00:25:24,119 Speaker 3: I agree, you know. 482 00:25:24,160 --> 00:25:27,639 Speaker 4: I mean, look, you know, most people any kind of 483 00:25:27,640 --> 00:25:29,760 Speaker 4: bad news, it's the it's the end of the world, 484 00:25:29,960 --> 00:25:32,520 Speaker 4: you know, and a you know, I remember when computers 485 00:25:32,600 --> 00:25:35,280 Speaker 4: and software and Microsoft came out, we were going to 486 00:25:35,359 --> 00:25:37,000 Speaker 4: lose all of our jobs, and all it did. 487 00:25:36,880 --> 00:25:38,280 Speaker 3: Was double the jobs. 488 00:25:38,800 --> 00:25:41,399 Speaker 4: So, you know, all these kinds of things, it'll be 489 00:25:41,400 --> 00:25:43,679 Speaker 4: interesting to see what the impact is on that. The 490 00:25:43,760 --> 00:25:47,480 Speaker 4: thing that caught my eye today, Frank is I was 491 00:25:47,520 --> 00:25:50,640 Speaker 4: listening to a report from doctor Oz. He was being 492 00:25:50,680 --> 00:25:56,280 Speaker 4: interviewed and already there are two hundred and twenty one 493 00:25:57,880 --> 00:26:02,920 Speaker 4: seized hospices over this fraud situation. We have in Los 494 00:26:02,960 --> 00:26:09,399 Speaker 4: Angeles two hundred and twenty one hostices and there he 495 00:26:09,560 --> 00:26:12,560 Speaker 4: just he stated, we're just getting started. 496 00:26:13,640 --> 00:26:16,480 Speaker 3: So I don't know how far this is going to go. 497 00:26:16,720 --> 00:26:20,160 Speaker 4: I mean, it's it's certainly frustrating to think about all 498 00:26:20,160 --> 00:26:23,760 Speaker 4: of our tax dollars, not just in thousands. We're talking 499 00:26:23,960 --> 00:26:29,160 Speaker 4: tens and hundreds of millions of dollars being stolen out 500 00:26:29,160 --> 00:26:34,960 Speaker 4: of every taxpayer's pocketbook. And that's super frustrating. As you 501 00:26:34,960 --> 00:26:37,639 Speaker 4: can imagine, So that's going to have a if we 502 00:26:37,640 --> 00:26:40,160 Speaker 4: can get that stopped. He said that some of these 503 00:26:40,200 --> 00:26:44,320 Speaker 4: medicare fraud things. If they can get out in front 504 00:26:44,320 --> 00:26:47,520 Speaker 4: of that, as they have been trying to, they can 505 00:26:47,640 --> 00:26:52,200 Speaker 4: double the life expectancy right now of the Mega Medicaid 506 00:26:52,200 --> 00:26:55,439 Speaker 4: Trust Medicare Trust, which would be fantastic because a lot 507 00:26:55,480 --> 00:26:57,440 Speaker 4: of people are worried about that because it only has 508 00:26:57,480 --> 00:27:00,639 Speaker 4: like a twelve year shelf life based on the funding. 509 00:27:01,640 --> 00:27:04,159 Speaker 1: Very interesting. We hope to get doctor Oz on this 510 00:27:04,240 --> 00:27:07,720 Speaker 1: show at some point. Doctor Memet Oz, who's the administrator 511 00:27:08,000 --> 00:27:11,439 Speaker 1: for the Centers for Medicare and Medicaid Services on this 512 00:27:12,000 --> 00:27:15,440 Speaker 1: big story that you just referenced, may be coming out 513 00:27:15,480 --> 00:27:18,040 Speaker 1: for a big business conference here very soon. We hope 514 00:27:18,040 --> 00:27:20,920 Speaker 1: to catch up to him there as I did last year, 515 00:27:21,000 --> 00:27:24,280 Speaker 1: So eager to get his views on things and this 516 00:27:24,520 --> 00:27:29,600 Speaker 1: tremendous scandal that's that's emerging. Anything else on your radar 517 00:27:29,640 --> 00:27:33,000 Speaker 1: screen top of mind? I know, I guess bitsped usually 518 00:27:33,040 --> 00:27:36,800 Speaker 1: puts out that survey. Uh, it's going to be to 519 00:27:36,840 --> 00:27:38,320 Speaker 1: be conducting pretty soon, right. 520 00:27:38,720 --> 00:27:40,800 Speaker 4: But yeah, the survey is done. 521 00:27:41,160 --> 00:27:42,240 Speaker 2: Yeah, we're good for it. 522 00:27:42,280 --> 00:27:43,200 Speaker 3: I've seeing it right now. 523 00:27:43,280 --> 00:27:46,960 Speaker 4: So yeah, the survey is in the can as they 524 00:27:47,000 --> 00:27:50,640 Speaker 4: would say in Hollywood, So we just you know, now 525 00:27:50,640 --> 00:27:53,040 Speaker 4: there's the analysis, like, you know, what did it tell us? 526 00:27:53,040 --> 00:27:55,480 Speaker 3: What did we learn from it? Where do we need 527 00:27:55,520 --> 00:27:56,240 Speaker 3: to talk. 528 00:27:56,080 --> 00:28:00,440 Speaker 4: To politicians and our leadership about where we're taking city, 529 00:28:00,440 --> 00:28:01,919 Speaker 4: our county and state. 530 00:28:02,320 --> 00:28:03,520 Speaker 3: So that's that's one thing. 531 00:28:03,920 --> 00:28:06,760 Speaker 4: But the other thing that I think has a lot 532 00:28:06,800 --> 00:28:10,040 Speaker 4: of people concerned because it affects so many things. Are 533 00:28:10,119 --> 00:28:12,360 Speaker 4: these current gas prices we're dealing with right now. 534 00:28:12,640 --> 00:28:14,400 Speaker 3: I was walking by a TV set. 535 00:28:14,200 --> 00:28:18,600 Speaker 4: In an office a little while ago, and out of 536 00:28:18,640 --> 00:28:20,320 Speaker 4: the corner of my eye, you know, because you know, 537 00:28:20,359 --> 00:28:22,560 Speaker 4: they're running the news. Out of the corner, I saw 538 00:28:22,680 --> 00:28:26,360 Speaker 4: ten dollars in central California for a tank a gap 539 00:28:26,520 --> 00:28:27,480 Speaker 4: or for a gallon. 540 00:28:27,160 --> 00:28:30,000 Speaker 3: Of gas, and I was like, oh my god. 541 00:28:30,119 --> 00:28:34,359 Speaker 4: You know, And the problem is that hurts the people 542 00:28:34,600 --> 00:28:38,440 Speaker 4: that can least afford that, you know, I mean the landscaper, 543 00:28:38,720 --> 00:28:41,840 Speaker 4: the people that need their vehicles to get around. That 544 00:28:42,040 --> 00:28:46,200 Speaker 4: is punishing these people, you know, more so than the 545 00:28:46,200 --> 00:28:50,000 Speaker 4: person that could afford a Tesla, could afford the electric Mercedes, 546 00:28:50,280 --> 00:28:51,160 Speaker 4: you know, what have you. 547 00:28:51,840 --> 00:28:52,960 Speaker 3: It's these people. 548 00:28:52,680 --> 00:28:55,880 Speaker 4: That need to move around and get to their locations. 549 00:28:55,880 --> 00:28:59,480 Speaker 4: To get their paychecks are now watching their paychecks disappear 550 00:28:59,520 --> 00:29:02,160 Speaker 4: because these gas prices. So I hope we can get 551 00:29:02,160 --> 00:29:04,560 Speaker 4: to the end of this war fast and get these 552 00:29:04,600 --> 00:29:09,080 Speaker 4: prices down because it's definitely having an impact on people, 553 00:29:09,480 --> 00:29:11,960 Speaker 4: have no doubt about it. That's going to make people 554 00:29:12,040 --> 00:29:15,160 Speaker 4: make decisions about not going out to dinner tonight, not 555 00:29:15,320 --> 00:29:17,400 Speaker 4: buying the things that they may want to get it 556 00:29:17,840 --> 00:29:20,360 Speaker 4: a Target or a Walmart or what have you. It's 557 00:29:20,400 --> 00:29:21,280 Speaker 4: going to be an impact. 558 00:29:22,200 --> 00:29:25,840 Speaker 1: Very interesting, and curiously, the last year reading on consumer 559 00:29:25,880 --> 00:29:29,480 Speaker 1: confidence was actually up, and normally we do see a 560 00:29:29,560 --> 00:29:32,640 Speaker 1: hit on consumer confidence. When gas prices go up, consumer 561 00:29:32,640 --> 00:29:36,160 Speaker 1: confidence goes down. So we'll be watching those readings very carefully. 562 00:29:36,160 --> 00:29:38,600 Speaker 1: And diesel, by the way, has been hitting a record 563 00:29:38,680 --> 00:29:41,120 Speaker 1: high every day of the last week, seven seventy one 564 00:29:41,720 --> 00:29:44,320 Speaker 1: the average price for diesel in the La Long Becheria. 565 00:29:44,360 --> 00:29:46,880 Speaker 1: That's nearly three dollars higher than a year ago, two 566 00:29:46,920 --> 00:29:49,880 Speaker 1: sixty seven higher than a year ago. So we're keeping 567 00:29:49,880 --> 00:29:52,360 Speaker 1: a very close eye on that and so Mark look forward, 568 00:29:52,360 --> 00:29:53,800 Speaker 1: we're going to keep an open line to you on 569 00:29:53,840 --> 00:29:56,280 Speaker 1: all of this, and thanks for keeping us well informed. 570 00:29:56,280 --> 00:29:57,960 Speaker 1: It's always great to speak with you. We wish you 571 00:29:58,240 --> 00:30:01,640 Speaker 1: a wonderful holiday weekend and greatly appreciate your joining us 572 00:30:01,640 --> 00:30:04,360 Speaker 1: and taking the call here this afternoon. That is Mark Wilber, 573 00:30:04,880 --> 00:30:08,280 Speaker 1: who is a business leader here in Southern California, chairman 574 00:30:08,320 --> 00:30:11,080 Speaker 1: of Employers Group, former Associate Dean of the Marshall School 575 00:30:11,080 --> 00:30:13,560 Speaker 1: of Business at USC, founding member and former chair of 576 00:30:13,560 --> 00:30:16,720 Speaker 1: the Los Angeles Business Federation LA bisfed live with us 577 00:30:16,760 --> 00:30:19,800 Speaker 1: here on motech on Money on seven ninety KBC. Motach 578 00:30:19,840 --> 00:30:23,160 Speaker 1: on Money continues here seven ninety KBC. Better than expected 579 00:30:23,280 --> 00:30:27,240 Speaker 1: drums report came out first thing this morning. How long 580 00:30:27,240 --> 00:30:30,600 Speaker 1: it'll lasts? With AI entering the job picture in a 581 00:30:30,600 --> 00:30:32,560 Speaker 1: big way, Let's get an update on all that now 582 00:30:32,600 --> 00:30:36,480 Speaker 1: from Dante King, Assistant professor at the Mayo Clinic College 583 00:30:36,520 --> 00:30:39,800 Speaker 1: of Medicine and Science. He also serves as guest faculty 584 00:30:39,840 --> 00:30:44,960 Speaker 1: at UC San Francisco School of Medicine. Professor King, thank 585 00:30:45,040 --> 00:30:47,440 Speaker 1: you very much much wonderful to have you with us 586 00:30:47,480 --> 00:30:49,800 Speaker 1: here on the holiday weekend. Appreciate you taking the call 587 00:30:49,840 --> 00:30:52,880 Speaker 1: and give us your assessment of this latest jobs report 588 00:30:53,080 --> 00:30:55,760 Speaker 1: and your assessment of how AI is going to be 589 00:30:55,800 --> 00:30:57,680 Speaker 1: impacting the job picture in the future. 590 00:30:59,200 --> 00:31:03,840 Speaker 5: For sure, So I think a few key observations. One, 591 00:31:04,440 --> 00:31:08,840 Speaker 5: what we're seeing right now is not just layoffs. I 592 00:31:08,960 --> 00:31:14,400 Speaker 5: believe it's a fundamental shift in how companies value human labor. 593 00:31:14,960 --> 00:31:18,760 Speaker 5: AI is not just changing jobs, it's changing whether certain 594 00:31:18,840 --> 00:31:22,720 Speaker 5: jobs will exist at all. And so the difference between 595 00:31:22,960 --> 00:31:26,240 Speaker 5: anything that we've seen before is that this is not 596 00:31:26,800 --> 00:31:30,920 Speaker 5: just a downturn, it's a labor restructuring. When we look 597 00:31:30,960 --> 00:31:34,160 Speaker 5: at the report that came out, it stated there were 598 00:31:34,200 --> 00:31:39,480 Speaker 5: sixty plus sixty thousand plus layoffs in March. Roughly twenty 599 00:31:39,520 --> 00:31:43,239 Speaker 5: five percent of those layoffs were due to AI, and 600 00:31:43,280 --> 00:31:48,120 Speaker 5: so it also highlighted that that there's an expansion beyond tech, 601 00:31:48,360 --> 00:31:52,120 Speaker 5: and so it indicated I believe, roughly thirty two thousand 602 00:31:53,080 --> 00:31:57,880 Speaker 5: in transportation, and there were some layoffs and healthcare as well. 603 00:31:57,960 --> 00:32:03,520 Speaker 5: So when layoffs move from tech into transportation industries like 604 00:32:03,560 --> 00:32:06,880 Speaker 5: the healthcare industry, that's when you know this is systemic 605 00:32:07,200 --> 00:32:11,640 Speaker 5: and not sector specific. This is spreading across the entire economy. 606 00:32:11,880 --> 00:32:14,240 Speaker 5: And then the last point that I'll make up front 607 00:32:14,360 --> 00:32:16,560 Speaker 5: is that we're in the early stages of something significant, 608 00:32:16,560 --> 00:32:19,400 Speaker 5: but I would call it a structural labor shift, not 609 00:32:19,520 --> 00:32:24,640 Speaker 5: just a temporary crisis. AIS are placing tasks first, then 610 00:32:24,800 --> 00:32:29,240 Speaker 5: rolls entire roles. Entry level and mid level rolls are 611 00:32:29,320 --> 00:32:32,240 Speaker 5: most vulnerable in this moment. The most at risk jobs 612 00:32:32,280 --> 00:32:34,880 Speaker 5: are the ones that used to be the entry point 613 00:32:35,200 --> 00:32:36,200 Speaker 5: into the workforce. 614 00:32:37,120 --> 00:32:39,080 Speaker 1: See you tonight, read about it tomorrow, but here right 615 00:32:39,080 --> 00:32:40,880 Speaker 1: now in motech on Money Live on the air with 616 00:32:40,920 --> 00:32:44,959 Speaker 1: Professor Dante King on this AI story. And you're correct 617 00:32:44,960 --> 00:32:47,440 Speaker 1: to point out this recent report by Challenge of Gray 618 00:32:47,440 --> 00:32:50,400 Speaker 1: and Christmas. They're the ones that keep track of layoffs, 619 00:32:50,440 --> 00:32:54,160 Speaker 1: and it turns out employers announced sixty six and twenty 620 00:32:54,240 --> 00:32:56,600 Speaker 1: job cuts in the month of March, or sharp twenty 621 00:32:56,720 --> 00:33:00,560 Speaker 1: five percent jump on the month before and a as 622 00:33:00,560 --> 00:33:03,440 Speaker 1: you noted the link to one and every four of those. 623 00:33:03,520 --> 00:33:07,280 Speaker 1: So tell us what jobs are are most vulnerable at 624 00:33:07,280 --> 00:33:12,280 Speaker 1: this point you mentioned it, it's broadening out in various sectors. 625 00:33:12,320 --> 00:33:15,120 Speaker 1: Of course, every company is a tech company nowadays, so 626 00:33:16,040 --> 00:33:20,000 Speaker 1: people applying these new AI technologies will probably see a 627 00:33:20,120 --> 00:33:21,760 Speaker 1: very broadly based to impact on all this. 628 00:33:23,200 --> 00:33:27,720 Speaker 5: That's right. So the professions or I would say roles 629 00:33:27,720 --> 00:33:31,400 Speaker 5: that are most at risk are entry level roles, intry 630 00:33:31,440 --> 00:33:37,160 Speaker 5: level workers, early career professionals, administrative support roles, anything that 631 00:33:37,280 --> 00:33:43,840 Speaker 5: might be writing intensive and then also you know, marginalized communities. 632 00:33:43,960 --> 00:33:47,760 Speaker 5: I've written three books on this topic, and I talk 633 00:33:47,840 --> 00:33:52,280 Speaker 5: about how systems distribute opportunity unevenly, and so when jobs shrink, 634 00:33:52,960 --> 00:34:01,080 Speaker 5: those inequities don't disappear, they expand. When opportunity contracts, inequality increases. 635 00:34:01,520 --> 00:34:06,160 Speaker 5: And so you know, historically technology has created new jobs, 636 00:34:06,200 --> 00:34:08,759 Speaker 5: but not always at the same pace or for the 637 00:34:08,800 --> 00:34:14,239 Speaker 5: same people. New jobs require new skills. Displaced workers don't 638 00:34:14,239 --> 00:34:18,240 Speaker 5: automatically transition because there is a reskilling or upskilling process 639 00:34:18,239 --> 00:34:20,160 Speaker 5: that needs to happen in order for that to occur. 640 00:34:21,320 --> 00:34:24,440 Speaker 5: And then the time gap between you know, that loss 641 00:34:24,480 --> 00:34:28,320 Speaker 5: in creation. So job creation may happen, but displacement is happening. 642 00:34:28,360 --> 00:34:33,719 Speaker 1: Now draw on your expertise in the medical field to 643 00:34:33,840 --> 00:34:39,560 Speaker 1: tell us how AI is impacting medical workers and medicine nowadays. 644 00:34:40,960 --> 00:34:43,200 Speaker 5: So I would say, you know, the formulas that are 645 00:34:43,360 --> 00:34:49,280 Speaker 5: used many times to program medical equipment. It might require 646 00:34:49,520 --> 00:34:53,880 Speaker 5: previously what we you know knew as coders, people who code, 647 00:34:53,960 --> 00:34:57,360 Speaker 5: all of those things can be done within an instant 648 00:34:57,640 --> 00:34:59,680 Speaker 5: and so you don't you no longer need people in 649 00:34:59,719 --> 00:35:04,040 Speaker 5: that Since that's true for again, some of the back 650 00:35:04,160 --> 00:35:09,560 Speaker 5: room tasks that need to be done, medical billing for instance, 651 00:35:09,960 --> 00:35:14,200 Speaker 5: things that people occupations that people could rely on, where 652 00:35:14,239 --> 00:35:18,879 Speaker 5: they may even have worked from home. It's just efficiency 653 00:35:18,920 --> 00:35:22,960 Speaker 5: is increasing, but the humanity is decreasing. There is a 654 00:35:23,000 --> 00:35:28,840 Speaker 5: shift to replace people and replace labor with capital. 655 00:35:30,360 --> 00:35:33,960 Speaker 1: I was talking to some Well A radiologists recently, and 656 00:35:34,000 --> 00:35:36,880 Speaker 1: it looks like they're using AI to read the X 657 00:35:37,000 --> 00:35:40,320 Speaker 1: rays for example. That's one example that that he cited. 658 00:35:40,960 --> 00:35:42,920 Speaker 1: I'm sure you probably have seen that too, or have 659 00:35:43,040 --> 00:35:46,080 Speaker 1: you in your facilities. And there are other examples where 660 00:35:46,640 --> 00:35:51,920 Speaker 1: where once human minds will now be replaced by artificial intelligence. 661 00:35:52,960 --> 00:35:57,000 Speaker 5: Thank you for making that observation, because right now, both 662 00:35:57,160 --> 00:35:59,680 Speaker 5: you know, I would say, just in my personal life, 663 00:36:00,160 --> 00:36:05,640 Speaker 5: I have responsibility for a few family members, and whenever 664 00:36:05,840 --> 00:36:10,799 Speaker 5: I get test results back, I'll use either Claude or 665 00:36:11,120 --> 00:36:16,880 Speaker 5: chat GPT to interpret the results the test results that 666 00:36:17,040 --> 00:36:19,520 Speaker 5: may appear in the system, and I've been I interpret 667 00:36:19,560 --> 00:36:21,439 Speaker 5: them as soon as they arrived. So I don't even 668 00:36:21,520 --> 00:36:25,839 Speaker 5: I have not needed a physician or any clinical type 669 00:36:25,840 --> 00:36:29,600 Speaker 5: of clinical professional two you know, or specialists to break 670 00:36:29,640 --> 00:36:33,080 Speaker 5: down any of the information for me. So you're absolutely right, 671 00:36:34,719 --> 00:36:38,080 Speaker 5: and so I mean again, that's a task that a 672 00:36:38,160 --> 00:36:43,719 Speaker 5: doctor or a nurse practitioner, might you know a complete 673 00:36:43,760 --> 00:36:47,160 Speaker 5: or do and they are no longer needed to do that, 674 00:36:47,200 --> 00:36:50,400 Speaker 5: But that's just an aspect of their roles. Some some 675 00:36:50,680 --> 00:36:54,520 Speaker 5: roles such as, for example, I subscribe to a service 676 00:36:55,160 --> 00:36:58,600 Speaker 5: and I needed to cancel that service, and I submitted 677 00:36:58,600 --> 00:37:02,480 Speaker 5: a cancelation in write. I got an email back on 678 00:37:02,680 --> 00:37:07,479 Speaker 5: automated email saying we've canceled your service, thank you so much. Now, 679 00:37:07,520 --> 00:37:11,040 Speaker 5: Previously one would need to wait twenty four to forty 680 00:37:11,040 --> 00:37:15,080 Speaker 5: eight hours for a human being, a person to respond, 681 00:37:15,280 --> 00:37:16,360 Speaker 5: and that's just not the case. 682 00:37:17,960 --> 00:37:20,919 Speaker 1: In all this, will the cost of healthcare be going 683 00:37:21,000 --> 00:37:22,200 Speaker 1: up or going down? 684 00:37:23,600 --> 00:37:26,000 Speaker 5: Well, the cost of healthcare always goes up for you 685 00:37:26,680 --> 00:37:31,680 Speaker 5: because it is a for profit making industry. But what 686 00:37:31,800 --> 00:37:35,440 Speaker 5: this will do is generate more revenue for the companies 687 00:37:35,440 --> 00:37:38,920 Speaker 5: because and that's what this is all about, is cutting 688 00:37:39,000 --> 00:37:43,040 Speaker 5: the bottom line and not having to pay workers salaries 689 00:37:43,600 --> 00:37:46,920 Speaker 5: and or health care benefits and or the insurances that 690 00:37:46,960 --> 00:37:50,680 Speaker 5: are needed for a workforce. It really cuts the bottom line, 691 00:37:50,760 --> 00:37:53,920 Speaker 5: and so companies are able to generate more revenue and 692 00:37:53,960 --> 00:37:57,520 Speaker 5: they are also able to experience more net income after tax. 693 00:37:59,280 --> 00:38:02,960 Speaker 1: Anything else that's catching your attention, briefly, any other trends 694 00:38:03,200 --> 00:38:05,719 Speaker 1: that you're seeing, especially as it relates to medicine. 695 00:38:08,120 --> 00:38:13,680 Speaker 5: No, not not in particular, but I am cautioning, Professor, 696 00:38:13,800 --> 00:38:18,160 Speaker 5: I'm sorry. A lot of organizations employers to you know, balance, 697 00:38:18,200 --> 00:38:23,279 Speaker 5: strike a balance between you know, investments in AI and 698 00:38:23,400 --> 00:38:27,080 Speaker 5: investments in labor and the work for in the human workforce, 699 00:38:27,239 --> 00:38:33,240 Speaker 5: because this could really lead to a traumatic instability for humans. 700 00:38:33,840 --> 00:38:36,719 Speaker 1: Professor King, thank you very much for joining us. Dante King, 701 00:38:36,840 --> 00:38:40,080 Speaker 1: professor of the Mayo Clinic College of Medicine and Science, 702 00:38:40,200 --> 00:38:42,919 Speaker 1: also serves as against faculty U SEE San Francisco School 703 00:38:42,920 --> 00:38:45,440 Speaker 1: of Medicine, author of numerous books. Thank you very much 704 00:38:45,440 --> 00:38:47,799 Speaker 1: for joining us. Live here MO Tech on Money seven 705 00:38:47,880 --> 00:38:48,560 Speaker 1: ninety KBC