1 00:00:00,040 --> 00:00:02,360 Speaker 1: Good afternoon, getting right down to business here. Thank you 2 00:00:02,440 --> 00:00:05,200 Speaker 1: very much for that generous introduction. We are doing it live, 3 00:00:05,320 --> 00:00:08,959 Speaker 1: doing more at four weekday afternoons. Motech on Money Live 4 00:00:09,000 --> 00:00:12,200 Speaker 1: on the Earth seven ninety KBC streaming live online worldwide 5 00:00:12,200 --> 00:00:15,200 Speaker 1: at KBC dot com, the on demand Motech of Money 6 00:00:15,200 --> 00:00:19,280 Speaker 1: podcast KBC dot com, Apple, iTunes, YouTube, Spotify, all your 7 00:00:19,280 --> 00:00:23,959 Speaker 1: favorite podcast platforms. Stocks pulling back today, We have some 8 00:00:24,040 --> 00:00:26,880 Speaker 1: breaking news here now. A new Mexico jury found that 9 00:00:26,960 --> 00:00:31,600 Speaker 1: Facebook and Instagram's parent company Meta is liable for failing 10 00:00:31,640 --> 00:00:36,000 Speaker 1: to protect young people from online dangers, including sexually explicit content, 11 00:00:36,080 --> 00:00:39,320 Speaker 1: solicitation in human trafficking. A jury just a little while 12 00:00:39,320 --> 00:00:42,920 Speaker 1: ago found Metal liable for misleading consumers about the safety 13 00:00:42,920 --> 00:00:47,680 Speaker 1: of its platforms and endangering children under the new Mexico 14 00:00:47,760 --> 00:00:51,080 Speaker 1: state consumer protection laws. Now, this is a landmark a 15 00:00:51,200 --> 00:00:54,240 Speaker 1: verdict here, including three hundred and seventy five million in 16 00:00:54,280 --> 00:00:57,040 Speaker 1: civil penalties. The case among the first to test questions 17 00:00:57,360 --> 00:01:00,480 Speaker 1: about whether social media companies should be held responsible for 18 00:01:00,560 --> 00:01:04,320 Speaker 1: the content posted on their platforms. Meta disagrees with a 19 00:01:04,400 --> 00:01:07,920 Speaker 1: verdict and plans to appeal, according to a company spokesman. 20 00:01:09,400 --> 00:01:12,120 Speaker 1: On Wall Street today, we saw choppy trading session, with 21 00:01:12,160 --> 00:01:14,039 Speaker 1: the now coming in for a closing loss of eighty 22 00:01:14,040 --> 00:01:16,840 Speaker 1: four points, the S and P five hundred down twenty five, 23 00:01:16,959 --> 00:01:20,080 Speaker 1: the Nasdaq down one eighty five. This after a strong 24 00:01:20,120 --> 00:01:24,080 Speaker 1: start to the new week yesterday, Today's choppy session marking 25 00:01:24,120 --> 00:01:27,200 Speaker 1: the latest twist for the markets. With Iran in focus 26 00:01:27,240 --> 00:01:29,120 Speaker 1: and the price of oil in focus as well. We 27 00:01:29,200 --> 00:01:32,240 Speaker 1: see Brent crude oil moving higher today to close tw 28 00:01:32,240 --> 00:01:34,520 Speaker 1: one hundred and five dollars a barrel, while in New 29 00:01:34,600 --> 00:01:38,120 Speaker 1: York West Texas intermediate oil moved higher to ninety two 30 00:01:38,280 --> 00:01:42,720 Speaker 1: thirty five a barrel. We did see the Nasdaq lead 31 00:01:42,760 --> 00:01:45,520 Speaker 1: the declines today. The tech names took a hit, with 32 00:01:45,560 --> 00:01:48,600 Speaker 1: the Nasdaq down nearly one percent, down one hundred and 33 00:01:48,600 --> 00:01:50,720 Speaker 1: eighty five points back to twenty one thousand and seven 34 00:01:50,760 --> 00:01:54,840 Speaker 1: to sixty two. Fearful and higher inflation will discourage the 35 00:01:54,880 --> 00:01:58,560 Speaker 1: Fed from cutting rates, investors have sold off bonds. We've 36 00:01:58,600 --> 00:02:01,000 Speaker 1: seen reactions in the bond market lately, with the yield 37 00:02:01,040 --> 00:02:03,760 Speaker 1: on the tenure note now at as as four point 38 00:02:03,760 --> 00:02:05,800 Speaker 1: three to nine percent earlier. Right now it's at four 39 00:02:05,840 --> 00:02:10,480 Speaker 1: point three six percent. Gold and silver meanwhile continue to slide, 40 00:02:10,480 --> 00:02:12,800 Speaker 1: impacting Wall Street as well as Main Street will get 41 00:02:12,800 --> 00:02:15,679 Speaker 1: an update on the real economy out there this afternoon 42 00:02:15,680 --> 00:02:18,880 Speaker 1: with Elliott Salter, owner of Elliott Salter Pawnshop and Loans 43 00:02:19,200 --> 00:02:22,160 Speaker 1: in West Hollywood, will be joining US Live later this hour. 44 00:02:23,120 --> 00:02:26,640 Speaker 1: Turning down to the Middle East, we understand mediators from Turkey, Egypt, 45 00:02:26,720 --> 00:02:29,200 Speaker 1: and Pakistan now pushing to have a meeting arranged between 46 00:02:29,200 --> 00:02:32,040 Speaker 1: the US and Iran in the next couple of days. 47 00:02:32,040 --> 00:02:35,200 Speaker 1: Both sides remained far apart. According to The Wall Street Journal, 48 00:02:35,560 --> 00:02:38,320 Speaker 1: Pakistan offered a media eight peace talks between the US 49 00:02:38,320 --> 00:02:40,480 Speaker 1: and Iran to end the war, an overture that was 50 00:02:40,520 --> 00:02:43,919 Speaker 1: amplified by President Trump on social media. The US now 51 00:02:43,960 --> 00:02:47,000 Speaker 1: sending Iran a fifteen point plan to end the war, 52 00:02:47,040 --> 00:02:51,320 Speaker 1: which centers largely around previous Trump administration demands on Iran. 53 00:02:51,360 --> 00:02:54,040 Speaker 1: They run pressing its assault in the Middle East, meanwhile 54 00:02:54,080 --> 00:02:57,760 Speaker 1: hitting Israel. Several cities in Israel hit as well as Kuwait, 55 00:02:57,840 --> 00:03:02,240 Speaker 1: bah Rain, and Saudi Arabia with new attacks. Pentagon meanwhile 56 00:03:02,240 --> 00:03:05,240 Speaker 1: planning to deploy about three thousand soldiers from the Army's 57 00:03:05,240 --> 00:03:07,560 Speaker 1: Elite eighty second Airborne Division to the Middle East to 58 00:03:07,600 --> 00:03:12,320 Speaker 1: support operations against Iran. According to two US officials talking 59 00:03:12,360 --> 00:03:17,160 Speaker 1: to The Wall Street Journal, Israel's defense minister threatened military 60 00:03:17,200 --> 00:03:20,600 Speaker 1: control of a large area of Lebanon, and oil company 61 00:03:20,680 --> 00:03:24,360 Speaker 1: Shell CEO warned that the Iran conflict could cripple fuel supplies, 62 00:03:24,560 --> 00:03:27,320 Speaker 1: while Conic of Phillips has asked Trump administration to protect 63 00:03:27,520 --> 00:03:34,320 Speaker 1: Katari oil and gas facilities. The International Atomic Energy Agency 64 00:03:34,320 --> 00:03:37,880 Speaker 1: says Iran notified it that another projectile struck the premises 65 00:03:37,960 --> 00:03:41,760 Speaker 1: of the country's Bushir nuclear power plant. The agency set 66 00:03:41,760 --> 00:03:45,040 Speaker 1: Iran reported no damage to the plant and no injuries. 67 00:03:45,080 --> 00:03:47,440 Speaker 1: I'll discuss the latest news in the Middle East with 68 00:03:47,600 --> 00:03:51,080 Speaker 1: retired US Marine Corps Lieutenant Colonel hal Kempfer, retired Marine 69 00:03:51,120 --> 00:03:54,600 Speaker 1: Corps intelligence officer, national security analysts, and hosts of the 70 00:03:54,680 --> 00:03:57,480 Speaker 1: Strat podcast, which happens to be based right here in 71 00:03:57,640 --> 00:04:02,520 Speaker 1: southern California. But first on your Money, the markets, the economy, geopolitics, 72 00:04:02,520 --> 00:04:04,920 Speaker 1: and the whole works. Now joining us live is Steve Forbes, 73 00:04:05,480 --> 00:04:07,840 Speaker 1: the one and only Steve Forbes, Chairman and the editor 74 00:04:07,840 --> 00:04:10,960 Speaker 1: in chief of Forbes Medium, which includes Forbes Magazine, former 75 00:04:11,000 --> 00:04:16,120 Speaker 1: Republican presidential candidate, longtime tax reform advocate, author of numerous books, 76 00:04:16,480 --> 00:04:18,919 Speaker 1: including his latest Inflation, What It Is, Why It is 77 00:04:18,960 --> 00:04:21,360 Speaker 1: bad and how to fix it. Steve Forbes, thank you 78 00:04:21,480 --> 00:04:24,000 Speaker 1: very much for taking the call with this year this afternoon. 79 00:04:25,000 --> 00:04:27,240 Speaker 2: Good to be with you a lively time, to say 80 00:04:27,279 --> 00:04:27,719 Speaker 2: the least. 81 00:04:28,200 --> 00:04:31,520 Speaker 1: Certainly, certainly, let's start with the Iran and the latest 82 00:04:31,560 --> 00:04:35,760 Speaker 1: news here. According to the Wall Street Journal, this plan 83 00:04:35,880 --> 00:04:40,040 Speaker 1: that's been the proposed, the Pakistan possibly mediating, and attacks 84 00:04:40,120 --> 00:04:42,960 Speaker 1: on Israel continue. Give us your reaction to these latest 85 00:04:43,000 --> 00:04:43,560 Speaker 1: headlines here. 86 00:04:45,040 --> 00:04:48,920 Speaker 2: Well, I think what the Iranian strategy is very clear, 87 00:04:49,440 --> 00:04:53,160 Speaker 2: and that is used negotiations as a way to keep 88 00:04:53,200 --> 00:04:58,719 Speaker 2: the regime surviving. If the regime survives, then it wins, 89 00:04:59,240 --> 00:05:03,919 Speaker 2: even with the massive destruction. So they've played this game before, 90 00:05:04,920 --> 00:05:08,400 Speaker 2: and I think I hope the Trump administration doesn't walk 91 00:05:08,440 --> 00:05:11,960 Speaker 2: into that trap anything less than regime change. It will 92 00:05:12,000 --> 00:05:15,120 Speaker 2: be a victory for the Mullahs, and it will be 93 00:05:15,160 --> 00:05:18,039 Speaker 2: seen as a victory by the Russians and the Chinese 94 00:05:18,120 --> 00:05:21,520 Speaker 2: and the North Koreans. So much as riding on this. 95 00:05:22,360 --> 00:05:24,960 Speaker 2: The US is in it and now must complete it 96 00:05:25,000 --> 00:05:26,640 Speaker 2: with regime change. 97 00:05:27,560 --> 00:05:31,120 Speaker 1: We did see the markets rally yesterday on reports that 98 00:05:31,520 --> 00:05:37,480 Speaker 1: President Trump gave what Iran five days we postponed strikes 99 00:05:37,520 --> 00:05:40,520 Speaker 1: on Iranian power plants and energy infrastructure for five days, 100 00:05:40,720 --> 00:05:44,800 Speaker 1: announced following talks between Washington and Tehran, talks which Iran 101 00:05:44,839 --> 00:05:48,360 Speaker 1: seems to be denying. What do you think's really happening 102 00:05:48,400 --> 00:05:50,720 Speaker 1: here at the moment, Well. 103 00:05:50,520 --> 00:05:53,640 Speaker 2: The Iranians often make it a point not to talk 104 00:05:53,680 --> 00:05:56,800 Speaker 2: to you directly, that they do it through intermediaries. I 105 00:05:56,880 --> 00:06:02,240 Speaker 2: think that's what's taking place here. And the Pakistanis and 106 00:06:02,279 --> 00:06:05,560 Speaker 2: the Turks and the Egyptians are hoping to get the 107 00:06:05,680 --> 00:06:09,840 Speaker 2: Vice president and some Iranian official to us sit down 108 00:06:09,880 --> 00:06:13,520 Speaker 2: and discuss terms. But I don't think you're going to 109 00:06:13,600 --> 00:06:16,119 Speaker 2: get a Saturday. I don't think you're going to get 110 00:06:17,200 --> 00:06:21,359 Speaker 2: a real agreement that ends the crisis. The Iranian government, 111 00:06:21,400 --> 00:06:25,600 Speaker 2: the Mullahs have a tradition. They will say anything, promise anything, 112 00:06:26,440 --> 00:06:29,799 Speaker 2: and then go back to their bad old ways. They've 113 00:06:29,839 --> 00:06:32,680 Speaker 2: done this for forty seven years. I don't think they're 114 00:06:32,680 --> 00:06:35,720 Speaker 2: going to change now. And they're counting on the pressure 115 00:06:35,760 --> 00:06:40,839 Speaker 2: at gasoline prices in the US disruption to oil. The 116 00:06:40,880 --> 00:06:44,160 Speaker 2: longer it takes to get these facilities moving again, the 117 00:06:44,240 --> 00:06:48,839 Speaker 2: higher the price of oil will remain. Meanwhile, Iran is 118 00:06:48,880 --> 00:06:53,719 Speaker 2: allowed to export through the Strait continue to export oil 119 00:06:53,800 --> 00:06:57,800 Speaker 2: to primarily to China. Why we haven't stopped that, I 120 00:06:57,839 --> 00:07:05,520 Speaker 2: don't know. I don't see anything positive happening. 121 00:07:05,920 --> 00:07:08,240 Speaker 1: In the meantime. The price of oil hovering around one 122 00:07:08,279 --> 00:07:11,239 Speaker 1: hundred dollars a barrel, and this just in I'm looking 123 00:07:11,280 --> 00:07:14,640 Speaker 1: at the latest Triple A fuel gauge survey here for 124 00:07:14,720 --> 00:07:18,000 Speaker 1: the Los Angeles area, and the price of diesel has 125 00:07:18,080 --> 00:07:20,040 Speaker 1: just hit a record high today here in the Los 126 00:07:20,080 --> 00:07:23,720 Speaker 1: Angeles area. Seven six seven O six a gallon for 127 00:07:23,800 --> 00:07:27,240 Speaker 1: diesel is the record high here in the Los Angeles 128 00:07:27,280 --> 00:07:31,720 Speaker 1: area achieved today. The price of regular gas five ninety 129 00:07:31,720 --> 00:07:33,880 Speaker 1: three on average. That's still below the record high we 130 00:07:33,880 --> 00:07:36,720 Speaker 1: saw back in twenty twenty two, and the premium now 131 00:07:36,760 --> 00:07:39,360 Speaker 1: at six point thirty one a gallon, some stations charging 132 00:07:39,400 --> 00:07:42,320 Speaker 1: a lot more than that in the eight dollars range. 133 00:07:42,520 --> 00:07:43,000 Speaker 3: Already. 134 00:07:43,600 --> 00:07:45,800 Speaker 1: What do you see ahead here for oil prices? The 135 00:07:45,840 --> 00:07:48,280 Speaker 1: price of oil is still well below it's all time high, 136 00:07:48,280 --> 00:07:50,080 Speaker 1: which I believe was one hundred and forty eight dollars 137 00:07:50,480 --> 00:07:52,680 Speaker 1: a barrel back in two thousand and eight during the 138 00:07:53,200 --> 00:07:58,080 Speaker 1: financial crisis. Obviously a big, very nervous time here on 139 00:07:58,120 --> 00:08:01,520 Speaker 1: Wall Street and Main Street when it comes to energy prices. 140 00:08:02,520 --> 00:08:05,040 Speaker 2: Yes, I think we're going to and I wish the 141 00:08:05,080 --> 00:08:08,800 Speaker 2: President would make a nationwide address in the Oval Office 142 00:08:08,840 --> 00:08:13,440 Speaker 2: behind a desk, calmly explaining what the stakes are and 143 00:08:13,640 --> 00:08:17,000 Speaker 2: whether this takes three days, three weeks, three months or longer, 144 00:08:17,520 --> 00:08:19,680 Speaker 2: it has to be done. And in the meantime there 145 00:08:19,720 --> 00:08:23,160 Speaker 2: are going to be disruptions, there are going to be surprises, 146 00:08:24,000 --> 00:08:27,480 Speaker 2: and we must be prepared that this is the price 147 00:08:27,560 --> 00:08:31,880 Speaker 2: we pay for removing a real cancer on the world. Again, 148 00:08:31,960 --> 00:08:34,840 Speaker 2: that regime is not going to change, and if it survives, 149 00:08:35,280 --> 00:08:39,000 Speaker 2: it'll be in essence morally stronger in the eyes of 150 00:08:39,080 --> 00:08:42,880 Speaker 2: many than ever before that survive full scale assault by 151 00:08:43,400 --> 00:08:47,000 Speaker 2: the US and by Israel, and it survived, and that 152 00:08:47,160 --> 00:08:50,160 Speaker 2: means they're going to be back to their hideous terrorists 153 00:08:50,640 --> 00:08:55,720 Speaker 2: activities again. So again, anything less than regime change is 154 00:08:55,760 --> 00:08:58,400 Speaker 2: going to be seen as a victory. And I guarantee 155 00:08:58,400 --> 00:09:03,959 Speaker 2: you Jijingping and Vladimir Putin are looking. Jijingping will eventually 156 00:09:04,040 --> 00:09:07,400 Speaker 2: get a meeting with President Trump. And if he thinks 157 00:09:07,440 --> 00:09:10,800 Speaker 2: that President Trump in the US is incapable of going 158 00:09:10,840 --> 00:09:15,920 Speaker 2: through with real measures to see something to a success, 159 00:09:16,240 --> 00:09:18,920 Speaker 2: if the US will quickly tire of it, then I 160 00:09:18,960 --> 00:09:23,319 Speaker 2: think Jijingping will consider very serious moves on Taiwan, perhaps 161 00:09:23,400 --> 00:09:29,439 Speaker 2: not an invasion, but perhaps a quarantine of some sort, 162 00:09:29,559 --> 00:09:32,199 Speaker 2: and which would be catastrophic. 163 00:09:33,520 --> 00:09:36,840 Speaker 1: The meantime, Israel continues to come under attack. I'm looking 164 00:09:36,840 --> 00:09:39,160 Speaker 1: at the latest headline here. President Trump says talks with 165 00:09:39,320 --> 00:09:44,040 Speaker 1: Iran progressing as Israel said the fear of premature cease fire. 166 00:09:44,520 --> 00:09:47,240 Speaker 1: Looks like Tel Aviv has been hitting. Another major Israeli 167 00:09:47,280 --> 00:09:52,520 Speaker 1: cities have been hit despite Israel's very strong iron dome 168 00:09:52,720 --> 00:09:55,760 Speaker 1: defense system. Give us your assessment of what's happening there 169 00:09:55,880 --> 00:09:58,640 Speaker 1: in Israel's moves into Lebanon to wipe out has Blo 170 00:09:58,720 --> 00:09:59,240 Speaker 1: and so forth. 171 00:10:00,640 --> 00:10:03,960 Speaker 2: Well, I think one of the war always has surprises, 172 00:10:04,080 --> 00:10:07,920 Speaker 2: and one of the surprises here is the number of 173 00:10:08,040 --> 00:10:13,760 Speaker 2: ballistic missiles, the number of drones that Iran has, And 174 00:10:13,840 --> 00:10:17,880 Speaker 2: we had underestimated its ability to produce these things, even 175 00:10:17,880 --> 00:10:20,640 Speaker 2: though they've been supplying drones to the Russians for quite 176 00:10:20,679 --> 00:10:25,840 Speaker 2: a while. And when you fire enough projectiles, some of 177 00:10:25,880 --> 00:10:28,559 Speaker 2: them are eventually going to get through, which is what's 178 00:10:28,600 --> 00:10:32,520 Speaker 2: happening in the Gulf States and of course in Israel itself. 179 00:10:33,160 --> 00:10:35,920 Speaker 2: But that is no reason for pulling back, and I 180 00:10:35,920 --> 00:10:39,679 Speaker 2: think it's very important that the head of the effective 181 00:10:39,760 --> 00:10:43,280 Speaker 2: rule of the Crown Prince of Saudi Arabia has said, 182 00:10:43,480 --> 00:10:47,240 Speaker 2: we must have regime change in Iran. He knows the 183 00:10:47,240 --> 00:10:50,880 Speaker 2: Gulf States know that if this regime survives, they're going 184 00:10:50,920 --> 00:10:54,720 Speaker 2: to be under pressure in the months and years ahead. 185 00:10:54,880 --> 00:10:57,960 Speaker 2: Iran's not going to change unless you get regime change. 186 00:10:59,440 --> 00:10:59,720 Speaker 3: All right. 187 00:10:59,720 --> 00:11:04,079 Speaker 1: We're all so watching as all this is happening, interesting 188 00:11:04,360 --> 00:11:07,920 Speaker 1: developments in the private credit market. Investors pulling out of 189 00:11:07,960 --> 00:11:11,800 Speaker 1: private credit, and some interesting things happening in that world 190 00:11:11,800 --> 00:11:15,920 Speaker 1: of private credit funds exposure, the software, for example, coming 191 00:11:15,960 --> 00:11:19,480 Speaker 1: back to bite them. According to the Waltzree Journal, private 192 00:11:19,520 --> 00:11:23,280 Speaker 1: credit has spent a decade rising from niche alternative to 193 00:11:23,600 --> 00:11:27,120 Speaker 1: pillar and global finance. Can you explain what's happening with 194 00:11:27,240 --> 00:11:31,480 Speaker 1: these various headlines and redemptions being restricted and so forth. 195 00:11:32,600 --> 00:11:35,559 Speaker 2: Well, First of all, the reason, one critical reason why 196 00:11:35,600 --> 00:11:38,360 Speaker 2: this whole private market grew after the two thousand and 197 00:11:38,400 --> 00:11:42,439 Speaker 2: eight two thousand and nine crisis is the massive regulations 198 00:11:42,440 --> 00:11:46,000 Speaker 2: and capital requirements we put in the aftermath on the 199 00:11:46,040 --> 00:11:50,560 Speaker 2: banks way beyond what was necessary, and so banks were 200 00:11:50,679 --> 00:11:54,880 Speaker 2: ending up hiring more compliance officers than lending officers and 201 00:11:55,040 --> 00:11:58,440 Speaker 2: when with banks not making the extent of the loans 202 00:11:58,520 --> 00:12:04,080 Speaker 2: volume of loans that they had traditionally done, private sources 203 00:12:04,200 --> 00:12:08,760 Speaker 2: rose up. And with a lot of these private credit sources, 204 00:12:09,440 --> 00:12:13,040 Speaker 2: they went to the lower end of the market. And 205 00:12:13,280 --> 00:12:16,280 Speaker 2: so it's sort of a could be a version of 206 00:12:16,320 --> 00:12:20,320 Speaker 2: what we saw back in two thousand, mid two thousands, 207 00:12:20,360 --> 00:12:22,800 Speaker 2: two thousand and five, two thousand and six, which we 208 00:12:22,920 --> 00:12:26,640 Speaker 2: know how badly that ended up with. This is sort 209 00:12:26,679 --> 00:12:29,520 Speaker 2: of a version of subprime lending that we saw twenty 210 00:12:29,600 --> 00:12:33,200 Speaker 2: years ago. It's now to a lot of companies that 211 00:12:33,360 --> 00:12:35,960 Speaker 2: normally would have gone through the banks and now going 212 00:12:36,000 --> 00:12:38,880 Speaker 2: through these companies, And unlike a bank, a lot of 213 00:12:38,880 --> 00:12:42,480 Speaker 2: these credit outfits don't have the breadth of a portfolio, 214 00:12:43,679 --> 00:12:47,440 Speaker 2: in other words, good stuff and some shakier stuff that 215 00:12:47,559 --> 00:12:50,960 Speaker 2: a bank would have. So it shouldn't pull down the 216 00:12:50,960 --> 00:12:54,880 Speaker 2: financial system, but it is going to mean losses. And 217 00:12:54,960 --> 00:12:57,080 Speaker 2: one of the things we see when people start to 218 00:12:57,120 --> 00:13:02,880 Speaker 2: have uncertainty is people make irrational decisions. You can tell 219 00:13:02,920 --> 00:13:06,360 Speaker 2: people all they want, don't let emotion to take over, 220 00:13:06,880 --> 00:13:09,600 Speaker 2: but emotions are emotions. And I think with what you're 221 00:13:09,640 --> 00:13:12,760 Speaker 2: seeing here with all of these withdrawals from these credit sources, 222 00:13:12,880 --> 00:13:16,679 Speaker 2: like Apollo and others. Is precisely they're panicking. 223 00:13:17,720 --> 00:13:19,679 Speaker 1: See you tonight, read about it tomorrow, but here at 224 00:13:19,679 --> 00:13:21,440 Speaker 1: now and motech on Money Live on the air with 225 00:13:21,440 --> 00:13:23,439 Speaker 1: the one and only Steve Forbes. Thank you very much 226 00:13:23,480 --> 00:13:27,840 Speaker 1: for explaining all that in plain English. And another component 227 00:13:27,920 --> 00:13:31,560 Speaker 1: of all of this, the unsettling of these credit markets 228 00:13:32,160 --> 00:13:35,559 Speaker 1: is AI AI tools from Anthropic and open AI to 229 00:13:36,160 --> 00:13:40,560 Speaker 1: automate functions and so forth. That's also been cited as 230 00:13:40,600 --> 00:13:44,840 Speaker 1: another reason for this credit market meltdown, so we're keeping 231 00:13:44,840 --> 00:13:47,840 Speaker 1: an eye on that. And speaking of meltdown, suddenly gold 232 00:13:47,880 --> 00:13:51,520 Speaker 1: and silver have melted down from recent highs, while so 233 00:13:51,640 --> 00:13:54,679 Speaker 1: called digital gold a Bitcoin has held up pretty well 234 00:13:54,720 --> 00:13:57,520 Speaker 1: compared to gold and silver. Give us your reaction to 235 00:13:57,559 --> 00:13:59,000 Speaker 1: what's happening in those markets. 236 00:14:00,240 --> 00:14:05,520 Speaker 2: As we all know, bitcoin took a huge hit recently, 237 00:14:05,960 --> 00:14:08,360 Speaker 2: going from more roughly one hundred and twenty six thousand 238 00:14:08,480 --> 00:14:11,440 Speaker 2: going low in the sixties. Now it's in the seventies, 239 00:14:12,000 --> 00:14:14,199 Speaker 2: so they already took a hit. What you see happening 240 00:14:14,200 --> 00:14:17,560 Speaker 2: with gold is a pullback. China's been selling a lot 241 00:14:18,200 --> 00:14:21,960 Speaker 2: because they need to raise money for their troubled economy. 242 00:14:22,600 --> 00:14:24,920 Speaker 2: But we have to remember gold is more than doubled 243 00:14:24,920 --> 00:14:28,920 Speaker 2: in price since twenty twenty three. And so while what 244 00:14:28,960 --> 00:14:33,040 Speaker 2: you're seeing then is a temporary strengthening of the dollar, 245 00:14:34,640 --> 00:14:37,200 Speaker 2: but that is not going to I don't think that's 246 00:14:37,200 --> 00:14:39,600 Speaker 2: going to last. I wouldn't be surprised to see gold 247 00:14:39,640 --> 00:14:42,480 Speaker 2: to go down another ten percent, but also in the 248 00:14:42,520 --> 00:14:44,880 Speaker 2: next eighteen months, I wouldn't be surprised to see it 249 00:14:44,880 --> 00:14:48,880 Speaker 2: a roar back over five thousand, because we're going to have, 250 00:14:49,000 --> 00:14:51,760 Speaker 2: so you've alluded to it, some of the credit problems 251 00:14:51,800 --> 00:14:57,240 Speaker 2: out there. So this will be soon an opportunity for 252 00:14:57,280 --> 00:15:00,720 Speaker 2: those who want gold as an insurance po not so 253 00:15:00,800 --> 00:15:05,240 Speaker 2: much of an investment, that is, insurance policy for potential 254 00:15:05,320 --> 00:15:10,000 Speaker 2: troubles ahead. Cold is now becoming eventch soon will becoming 255 00:15:10,080 --> 00:15:13,080 Speaker 2: a buying opportunity if it gets much below say forty 256 00:15:13,080 --> 00:15:14,080 Speaker 2: two hundred. 257 00:15:14,600 --> 00:15:16,960 Speaker 1: Under your line with Steve Forbes. As of course, Forbes 258 00:15:17,040 --> 00:15:20,520 Speaker 1: magazine has the famous of Billionaire's list, and looks like 259 00:15:20,520 --> 00:15:22,840 Speaker 1: a lot of those people on that list fleeing California 260 00:15:22,840 --> 00:15:26,880 Speaker 1: ahead of this proposed billionaires tax here in California, and 261 00:15:27,680 --> 00:15:31,320 Speaker 1: you have to follow the billionaires moving across the country here. Now, 262 00:15:31,720 --> 00:15:34,080 Speaker 1: what's your reaction to what's being discussed here. Given the 263 00:15:34,160 --> 00:15:36,880 Speaker 1: fact that you're at the forefront of tax reform and 264 00:15:37,160 --> 00:15:40,640 Speaker 1: taxpayer advocacy, what do you see here happening here in 265 00:15:40,680 --> 00:15:44,080 Speaker 1: California and leading to the fleeing of billionaires out of 266 00:15:44,080 --> 00:15:44,400 Speaker 1: the state. 267 00:15:45,880 --> 00:15:49,600 Speaker 2: Well, if that referendum gets on the ballot and gets past, 268 00:15:49,720 --> 00:15:52,880 Speaker 2: it's going to be absolutely devastating. I'm not sure it'll 269 00:15:52,920 --> 00:15:56,360 Speaker 2: survive court challenges because there's some dubious parts of it. 270 00:15:57,080 --> 00:16:01,760 Speaker 2: But destroying capital destroying saving is never a way to 271 00:16:02,080 --> 00:16:05,840 Speaker 2: go forward. There's an old saying capital goes, money goes 272 00:16:05,920 --> 00:16:10,120 Speaker 2: where it's well treated, and stays where money goes where 273 00:16:10,160 --> 00:16:13,760 Speaker 2: it's welcomed, and stays where it's well treated. In California, 274 00:16:13,920 --> 00:16:18,480 Speaker 2: hostility to it means a bleak future for the California economies. 275 00:16:18,520 --> 00:16:21,880 Speaker 2: These billionaires move out of the state. What that means 276 00:16:21,960 --> 00:16:26,800 Speaker 2: is not just moving with their assets and potential investment 277 00:16:26,880 --> 00:16:29,080 Speaker 2: in the state. It means they're not going to be 278 00:16:29,120 --> 00:16:31,600 Speaker 2: paying state income tax. And as you know, are the 279 00:16:31,640 --> 00:16:34,800 Speaker 2: top one percent of income earners pay almost half of 280 00:16:34,880 --> 00:16:39,160 Speaker 2: California's an income tax. California is a very imbalanced at 281 00:16:39,160 --> 00:16:42,680 Speaker 2: tax system. So California is going to have a bleak 282 00:16:42,800 --> 00:16:50,960 Speaker 2: future and this attack on wealth is a manifestation of it. 283 00:16:50,960 --> 00:16:55,960 Speaker 2: It's also a manifestation of people's frustrations of the fact 284 00:16:55,960 --> 00:16:59,880 Speaker 2: that we have been overtaxed, overregulated, the economy is not 285 00:17:00,080 --> 00:17:04,000 Speaker 2: moved ahead the way it should, and people want to 286 00:17:04,359 --> 00:17:07,240 Speaker 2: many want to lash out, especially when they read stories 287 00:17:07,280 --> 00:17:11,679 Speaker 2: about some of the billionaires buying two thousand feet yachts, 288 00:17:11,680 --> 00:17:15,159 Speaker 2: and that kind of thing stokes that kind of anger. 289 00:17:15,880 --> 00:17:20,200 Speaker 2: But I hope cooler heads prevail and California realizes it's 290 00:17:20,240 --> 00:17:22,240 Speaker 2: just going to be shooting itself not in the foot, 291 00:17:22,240 --> 00:17:25,400 Speaker 2: but in the head with a thing like that, because 292 00:17:25,440 --> 00:17:27,320 Speaker 2: no one's going to want to move into the state 293 00:17:27,400 --> 00:17:30,719 Speaker 2: for very long thinking that they could be next. And 294 00:17:30,760 --> 00:17:33,359 Speaker 2: it's not just billionaires, as you know, many well to 295 00:17:33,400 --> 00:17:37,880 Speaker 2: do and even the just probably typical middle class people 296 00:17:37,960 --> 00:17:40,640 Speaker 2: have moved out of the state for the first time 297 00:17:40,680 --> 00:17:43,360 Speaker 2: in history. In recent years, California, in the first time 298 00:17:43,400 --> 00:17:47,160 Speaker 2: in history of California being a part of the United 299 00:17:47,200 --> 00:17:52,800 Speaker 2: States has been We've seen migration out of the state 300 00:17:52,880 --> 00:17:55,119 Speaker 2: which has never happened before for over one and a 301 00:17:55,160 --> 00:17:59,280 Speaker 2: half centuries. And that's the result of a bad policy. 302 00:17:59,520 --> 00:18:03,080 Speaker 2: And yet the bad policy continues and sadly, the state's 303 00:18:03,119 --> 00:18:04,720 Speaker 2: going to pay a bigger price for it. 304 00:18:05,720 --> 00:18:08,159 Speaker 1: You dear set foot here in California. We miss you 305 00:18:08,200 --> 00:18:11,480 Speaker 1: here for book signings and other speeches and so forth. 306 00:18:11,720 --> 00:18:14,560 Speaker 1: Any plans to come back to the Reagan Library or 307 00:18:14,680 --> 00:18:19,360 Speaker 1: any big events out this way, not in the. 308 00:18:19,320 --> 00:18:22,320 Speaker 2: Near future, but I look forward to coming out and 309 00:18:22,359 --> 00:18:26,720 Speaker 2: maybe cadging a ticket to a Dodger game to see 310 00:18:27,160 --> 00:18:32,320 Speaker 2: these superman out on the field, and Dodger Stadium's always 311 00:18:32,359 --> 00:18:32,800 Speaker 2: good fun. 312 00:18:33,600 --> 00:18:35,280 Speaker 1: That's why we'll have to arrange it. We'll have to 313 00:18:35,480 --> 00:18:38,520 Speaker 1: let get the red carpet out for you. Steve Forbes, 314 00:18:38,520 --> 00:18:40,400 Speaker 1: thank you very much. As always, wish we had more time, 315 00:18:40,400 --> 00:18:42,800 Speaker 1: but thank you very very much for taking the call here. 316 00:18:43,040 --> 00:18:46,720 Speaker 1: Steve Forbes, Sharman Caitcher and chief Forbes Magazine, Ford Media, 317 00:18:46,760 --> 00:18:48,760 Speaker 1: thank you very much for joining us live here on 318 00:18:48,920 --> 00:18:52,000 Speaker 1: motach on Money on seven ninety KBC. Motech of Money 319 00:18:52,000 --> 00:18:56,119 Speaker 1: continues here in seven ninety KABC. Good afternoon, Socks pulling 320 00:18:56,160 --> 00:18:58,240 Speaker 1: back with the down doown eighty four points at the 321 00:18:58,280 --> 00:19:01,480 Speaker 1: closing bill today the forty six down one twenty four, 322 00:19:01,560 --> 00:19:03,560 Speaker 1: the s and P five hundred down twenty five at 323 00:19:03,600 --> 00:19:06,480 Speaker 1: sixty five fifty six the NASDAC down one to eighty 324 00:19:06,520 --> 00:19:08,960 Speaker 1: five to twenty one thousand and seven sixty two. The 325 00:19:09,040 --> 00:19:11,720 Speaker 1: yield and the tenure note now at four point three 326 00:19:11,960 --> 00:19:15,560 Speaker 1: six percent. Those bond yields continue to move higher, impacting 327 00:19:15,640 --> 00:19:18,800 Speaker 1: fixed rate mortgage rates, which were moving higher. New Mexico 328 00:19:18,920 --> 00:19:21,879 Speaker 1: jury founding the Facebook and Instagram's parent company Meta was 329 00:19:21,960 --> 00:19:25,320 Speaker 1: liable for failing to protect young people from online dangers, 330 00:19:25,359 --> 00:19:30,639 Speaker 1: including sexually explicit content, solicitation, and human trafficking. That news 331 00:19:30,640 --> 00:19:34,560 Speaker 1: coming out just moments ago as we began this broadcast here. 332 00:19:35,040 --> 00:19:37,200 Speaker 1: Price of oil of course in focus with all that's 333 00:19:37,240 --> 00:19:39,840 Speaker 1: going on with Iran in the Middle East, and we'll 334 00:19:39,880 --> 00:19:42,720 Speaker 1: be talking more about that with retired US Marine Corps 335 00:19:42,760 --> 00:19:45,520 Speaker 1: Lieutenant Colonel Halkumfor will be joining me live in the 336 00:19:45,520 --> 00:19:48,120 Speaker 1: next half hour. We see the price of oil right 337 00:19:48,119 --> 00:19:50,440 Speaker 1: now in New York covering just below eighty nine dollars 338 00:19:50,480 --> 00:19:53,160 Speaker 1: a barrel, Brenkrud in London covering it around one hundred 339 00:19:53,200 --> 00:19:56,919 Speaker 1: and four dollars of barrel. The other big news impacting 340 00:19:57,119 --> 00:20:00,480 Speaker 1: the economy in main Street. We do see the price 341 00:20:00,520 --> 00:20:03,160 Speaker 1: of diesel hitting a record high here in California today 342 00:20:03,240 --> 00:20:06,159 Speaker 1: seven o six a gallon the average price now for 343 00:20:06,240 --> 00:20:08,880 Speaker 1: diesel in the La Long Beach area seven o six 344 00:20:08,920 --> 00:20:12,160 Speaker 1: a gallon, and that blows past the previous record set 345 00:20:12,200 --> 00:20:15,840 Speaker 1: back in twenty twenty two. The price of regular gas 346 00:20:15,840 --> 00:20:18,640 Speaker 1: now five ninety three a gallon an average, and premium 347 00:20:18,640 --> 00:20:21,280 Speaker 1: now at six thirty one a gallon an average. Pays 348 00:20:21,520 --> 00:20:24,280 Speaker 1: to pay attention to those price signs out there, because 349 00:20:24,320 --> 00:20:26,760 Speaker 1: a lot of stations are charging a lot more than 350 00:20:26,800 --> 00:20:29,919 Speaker 1: that average price. Had just mentioned that the Triple A 351 00:20:30,000 --> 00:20:34,160 Speaker 1: Fuel Gage survey has calculated. Taking a look at the cryptos, 352 00:20:34,200 --> 00:20:36,960 Speaker 1: now we see a bitcoin hovering just about seventy thousand 353 00:20:36,960 --> 00:20:40,160 Speaker 1: ethereum eighth at twenty one hundred and forty three doze 354 00:20:40,200 --> 00:20:43,440 Speaker 1: at the moment at nine cents. Gold's taken another hit 355 00:20:43,560 --> 00:20:46,920 Speaker 1: right now forty four hundred and sixty eight silver seventy 356 00:20:46,960 --> 00:20:50,960 Speaker 1: one point fifty seven announce talk more about gold and 357 00:20:50,960 --> 00:20:53,680 Speaker 1: silver and the main street economy with Elliott Salter coming up, 358 00:20:54,000 --> 00:20:58,679 Speaker 1: famous pawnshop and pawn shop owner in West Hollywood on 359 00:20:58,720 --> 00:21:01,280 Speaker 1: Santa Monica Boulevard. Elliott Salt will be joining me live 360 00:21:01,440 --> 00:21:03,440 Speaker 1: coming up in the next half hour to talk about 361 00:21:03,440 --> 00:21:06,359 Speaker 1: how all this is impacting the main street economy. On 362 00:21:06,480 --> 00:21:09,439 Speaker 1: seven ninety KBC mo attack of money continues here in 363 00:21:09,480 --> 00:21:12,280 Speaker 1: seven ninety KABC stocks entered the day lower. It looks 364 00:21:12,320 --> 00:21:15,320 Speaker 1: like stock futures are moving higher now following a report 365 00:21:15,680 --> 00:21:17,720 Speaker 1: that the US is given Iran a plan that could 366 00:21:17,760 --> 00:21:21,719 Speaker 1: bring the Iran War to an end. According to CNBC, 367 00:21:22,760 --> 00:21:25,919 Speaker 1: we're watching these developments closely. This is coming after President 368 00:21:25,960 --> 00:21:28,920 Speaker 1: Trump said today the US is in negotiations right now 369 00:21:28,920 --> 00:21:30,840 Speaker 1: in his words, with Iran, and he added that Iran 370 00:21:30,960 --> 00:21:33,879 Speaker 1: is talking sense in his words, and suggested it is 371 00:21:33,960 --> 00:21:36,400 Speaker 1: eager to make a peace deal. The New York Times 372 00:21:36,400 --> 00:21:39,000 Speaker 1: earlier today reported that the US is said to have 373 00:21:39,040 --> 00:21:41,280 Speaker 1: sent Iran a peace plan to end the war, citing 374 00:21:41,520 --> 00:21:45,240 Speaker 1: two unnamed US officials. The fifteen point plan was delivered 375 00:21:45,240 --> 00:21:49,480 Speaker 1: by way of Pakistan. According to The Walls Street Journal, 376 00:21:49,480 --> 00:21:51,679 Speaker 1: the US has sent Iran a fifteen point plan to 377 00:21:51,760 --> 00:21:54,600 Speaker 1: end the war, which centers largely Iran. Previous Trump administration 378 00:21:54,720 --> 00:21:58,399 Speaker 1: demands on Iran, Pakistan offered to medi eight peace talks 379 00:21:58,680 --> 00:22:00,760 Speaker 1: between the US and Iran to end the war in 380 00:22:00,840 --> 00:22:06,240 Speaker 1: overture that was amplified by President Trump on social media today. Meanwhile, 381 00:22:06,320 --> 00:22:10,320 Speaker 1: Iran continues to hit Israel as well as Kuwait. Bahrain 382 00:22:10,400 --> 00:22:15,040 Speaker 1: and Saudi Arabia with new missile attacks. The Pentagon planning 383 00:22:15,040 --> 00:22:17,879 Speaker 1: to deploy about three thousand soldiers from the Army's Elite 384 00:22:17,920 --> 00:22:20,960 Speaker 1: eighty second Airborne Division to the Middle East support operations 385 00:22:20,960 --> 00:22:25,239 Speaker 1: against Iran, according to The Wall Street Journal. Following all 386 00:22:25,280 --> 00:22:29,080 Speaker 1: of these developments. Closely joining us now is retired US 387 00:22:29,119 --> 00:22:32,640 Speaker 1: Marine Corps Lieutenant Colonel Hall Kempfort, retired US Marine Corps 388 00:22:32,640 --> 00:22:38,600 Speaker 1: intelligence officer, national security analyst, and host of the Strat podcast. Colonel, 389 00:22:38,640 --> 00:22:40,800 Speaker 1: thank you very much for taking the call. Get us 390 00:22:40,840 --> 00:22:44,240 Speaker 1: your reaction now to the latest news and these latest headlines. 391 00:22:45,280 --> 00:22:49,439 Speaker 4: Well, Frank, basically, it's very optimistic that maybe one on 392 00:22:49,480 --> 00:22:51,600 Speaker 4: the road to peace, and we've heard peace use that 393 00:22:51,760 --> 00:22:54,560 Speaker 4: multiple times in terms of what these negotiations are. But 394 00:22:54,680 --> 00:22:57,159 Speaker 4: as you heard, the strikes are still continuing. Iran is 395 00:22:57,240 --> 00:23:01,320 Speaker 4: still striking, Israel striking the other place throughout the Persian Gulf. 396 00:23:02,280 --> 00:23:05,520 Speaker 4: To my knowledge, US is really air strikes are happening, 397 00:23:05,600 --> 00:23:08,920 Speaker 4: although we are not hitting those power plants that were 398 00:23:08,920 --> 00:23:13,960 Speaker 4: talked about last weekend with that forty eight hour you know, warning. 399 00:23:13,680 --> 00:23:16,160 Speaker 3: Phase that was then extended for five days. 400 00:23:16,160 --> 00:23:19,760 Speaker 4: Which appears to have kind of put a little impetus 401 00:23:19,800 --> 00:23:22,320 Speaker 4: behind this entire effort at trying to come to some 402 00:23:22,359 --> 00:23:24,760 Speaker 4: sort of diplomatic or negotiated settlement. 403 00:23:26,640 --> 00:23:28,920 Speaker 1: They're live with the retired US Marine Corps Lieutenant Colrol 404 00:23:29,040 --> 00:23:31,040 Speaker 1: Halikemfer And of course the Straight of Horror moves are 405 00:23:31,119 --> 00:23:35,200 Speaker 1: very much in focus and appears to be closed, which 406 00:23:35,280 --> 00:23:38,040 Speaker 1: is impacting the global economy and the price of oil 407 00:23:38,080 --> 00:23:41,000 Speaker 1: and ultimately the price of gas here in the southern 408 00:23:41,040 --> 00:23:43,000 Speaker 1: California and the price of diesel has just hit a 409 00:23:43,040 --> 00:23:45,760 Speaker 1: record high price here in the Los Angeles area, above 410 00:23:45,800 --> 00:23:49,280 Speaker 1: seven dollars a gallon. What about the situation there with 411 00:23:49,359 --> 00:23:52,720 Speaker 1: the Straight of Horror moves and the movement of eighty 412 00:23:52,720 --> 00:23:54,919 Speaker 1: second airborne troops into the region. 413 00:23:56,000 --> 00:23:57,720 Speaker 4: Well, with the Straight of Horm moves, it is kind 414 00:23:57,760 --> 00:24:01,159 Speaker 4: of it is closed, not completely closed. The Iranians have 415 00:24:01,320 --> 00:24:04,480 Speaker 4: let a few ships go through, a few tankers go through, 416 00:24:04,520 --> 00:24:07,199 Speaker 4: not a lot, but certainly that twenty percent of. 417 00:24:07,200 --> 00:24:09,640 Speaker 3: The world's oil that was going through there is not happening. 418 00:24:09,880 --> 00:24:13,520 Speaker 4: I should also mention liquefied natural gas Cutter is a 419 00:24:13,600 --> 00:24:16,400 Speaker 4: huge producer of that in the global market. It's not 420 00:24:16,480 --> 00:24:20,240 Speaker 4: happening and also something that's affecting everybody as fertilizer. They're 421 00:24:20,280 --> 00:24:22,879 Speaker 4: a major producer of fertilizer and the chemicals that go 422 00:24:22,920 --> 00:24:27,200 Speaker 4: into fertilizer. There's lots of talk of having an agriculture 423 00:24:27,280 --> 00:24:30,280 Speaker 4: or food crisis this year because of what's going on now. 424 00:24:30,359 --> 00:24:34,040 Speaker 4: What we're hearing is that Iran has started putting sea 425 00:24:34,080 --> 00:24:36,680 Speaker 4: minds into the Gulf that's going to be or into 426 00:24:36,720 --> 00:24:39,320 Speaker 4: the Strait. That's gonna be a problem. Those will have 427 00:24:39,359 --> 00:24:41,800 Speaker 4: to be cleared out. But we're also the remember the 428 00:24:41,840 --> 00:24:45,800 Speaker 4: thirty first Marine Expissionary Unit has basically been steaming in 429 00:24:46,560 --> 00:24:50,040 Speaker 4: from the far East. It's about in position. The eleventh 430 00:24:50,040 --> 00:24:53,880 Speaker 4: Marine Exhbissioner Unit of Southern California is underway. I think 431 00:24:53,880 --> 00:24:55,640 Speaker 4: it'll be out there maybe in a week or so. 432 00:24:56,119 --> 00:24:58,399 Speaker 4: And then of course we heard the what is essentially 433 00:24:58,480 --> 00:25:01,520 Speaker 4: the air Contingency Brigade of the a second Airborne Division 434 00:25:02,200 --> 00:25:04,679 Speaker 4: is moving out. I don't know where they're going to go. 435 00:25:04,960 --> 00:25:07,480 Speaker 4: I don't know what their plan of employment is, but 436 00:25:07,600 --> 00:25:09,639 Speaker 4: certainly puts a lot of pressure on Iran to come 437 00:25:09,680 --> 00:25:12,399 Speaker 4: up with a diplomatic solution before we go to what 438 00:25:12,520 --> 00:25:14,800 Speaker 4: could be the next phase, which may be. 439 00:25:14,880 --> 00:25:15,760 Speaker 3: Boots on the ground. 440 00:25:16,400 --> 00:25:20,639 Speaker 1: Yeah, based on how the pieces are lining up on 441 00:25:20,680 --> 00:25:24,680 Speaker 1: the chessboard. Where do you think the troops are most 442 00:25:24,760 --> 00:25:28,840 Speaker 1: likely to be used, if in fact they are putting there, 443 00:25:29,119 --> 00:25:30,480 Speaker 1: going to be putting their boots on the ground. 444 00:25:31,320 --> 00:25:33,560 Speaker 4: Well, you know, it's tough to say. There's a lot 445 00:25:33,560 --> 00:25:37,159 Speaker 4: of different things. With the MEUSE and MARINEX fissuery units, 446 00:25:37,160 --> 00:25:40,240 Speaker 4: they're they're the best in the world at what we 447 00:25:40,320 --> 00:25:44,119 Speaker 4: call amphibius raids, so they can hit anywhere along the coastline. 448 00:25:44,680 --> 00:25:47,560 Speaker 4: But there are some islands, some small islands, greater or 449 00:25:47,600 --> 00:25:50,359 Speaker 4: lesser tomb An album we saw actually in the straight 450 00:25:50,400 --> 00:25:53,560 Speaker 4: up home moves, everybody's focused on those. Those would be 451 00:25:53,760 --> 00:25:56,040 Speaker 4: key terrain, if you will, if you want to control 452 00:25:56,040 --> 00:25:58,760 Speaker 4: the straight And then of course Kark Island, where ninety 453 00:25:58,800 --> 00:26:02,080 Speaker 4: percent of Iran's oil and gas comes out of that 454 00:26:02,119 --> 00:26:04,320 Speaker 4: would be one that the Marines could hit. That's also 455 00:26:04,440 --> 00:26:07,560 Speaker 4: one that might be open to say an airborne type 456 00:26:07,600 --> 00:26:09,719 Speaker 4: of operation if they're to take that. 457 00:26:09,880 --> 00:26:12,800 Speaker 3: But this is just guesswork. We don't know, We have 458 00:26:12,920 --> 00:26:13,399 Speaker 3: no idea. 459 00:26:13,600 --> 00:26:16,600 Speaker 4: It simply gives the president a lot of flexibility in what. 460 00:26:16,520 --> 00:26:16,919 Speaker 3: He could do. 461 00:26:18,240 --> 00:26:21,080 Speaker 1: All right, So what about the Navy's role in all 462 00:26:21,119 --> 00:26:23,800 Speaker 1: of this? Do you see a situation where they would 463 00:26:23,840 --> 00:26:25,800 Speaker 1: be able to escort vessels through there. 464 00:26:27,160 --> 00:26:30,560 Speaker 4: Well, they have some escort capability, They're a little limited 465 00:26:30,560 --> 00:26:31,280 Speaker 4: in that regard. 466 00:26:32,400 --> 00:26:34,159 Speaker 3: That's one of the problems. That's one of the reasons 467 00:26:34,160 --> 00:26:36,120 Speaker 3: that President is reaching out to our allies. 468 00:26:36,400 --> 00:26:39,080 Speaker 4: We just need more ships. We need more ships for escort. 469 00:26:39,160 --> 00:26:42,880 Speaker 4: We definitely need more mine sweepers. The thing we lost 470 00:26:42,920 --> 00:26:45,920 Speaker 4: a lot of capability of after the colt well to 471 00:26:46,000 --> 00:26:49,280 Speaker 4: back up was mine sweet A lot of these countries, 472 00:26:49,320 --> 00:26:52,560 Speaker 4: not just the European countries, but Japan, South Korea, they 473 00:26:52,600 --> 00:26:54,840 Speaker 4: have mine sweepers and that's something that we really want 474 00:26:54,880 --> 00:26:56,240 Speaker 4: to get in the straight over our moves. 475 00:26:56,960 --> 00:27:01,600 Speaker 1: I see the Economist, the magazine has come up with 476 00:27:01,600 --> 00:27:03,680 Speaker 1: an article what a battle to reopen the straight of 477 00:27:03,760 --> 00:27:06,959 Speaker 1: horror moves would would look like, noting a lot of ships, 478 00:27:07,000 --> 00:27:09,200 Speaker 1: aircraft and soldiers who have to spend a long time 479 00:27:09,240 --> 00:27:13,679 Speaker 1: in harm's way for uncertain results. Have you contemplated what 480 00:27:13,720 --> 00:27:15,159 Speaker 1: this battle might look like? 481 00:27:16,200 --> 00:27:20,200 Speaker 4: Well, that article I thought was rather well written. Yeah, 482 00:27:20,200 --> 00:27:23,080 Speaker 4: I've thought about a lot. I've actually I actually had 483 00:27:23,080 --> 00:27:24,920 Speaker 4: a lot of reasons to think about the straighter Harbu's 484 00:27:24,960 --> 00:27:26,480 Speaker 4: going back many decades. 485 00:27:27,560 --> 00:27:29,200 Speaker 3: But yes, it would be. 486 00:27:29,359 --> 00:27:32,240 Speaker 4: A tough battle, but it really depends on what's going 487 00:27:32,280 --> 00:27:33,160 Speaker 4: on around the country. 488 00:27:33,320 --> 00:27:33,560 Speaker 3: You know. 489 00:27:33,680 --> 00:27:38,200 Speaker 4: A part of this is putting enough pressure on basically 490 00:27:38,280 --> 00:27:43,040 Speaker 4: causing attrition with the Revolutionary Guard Corps and the besieged militia. 491 00:27:43,640 --> 00:27:45,119 Speaker 3: If they can be. 492 00:27:45,080 --> 00:27:48,399 Speaker 4: Disabled, if I could use that term, if they can 493 00:27:48,480 --> 00:27:50,600 Speaker 4: be disabled to the point that those who want to 494 00:27:50,640 --> 00:27:54,840 Speaker 4: overthrow this regime are empowered to the streets, things could 495 00:27:54,880 --> 00:27:57,720 Speaker 4: happen in Tehran and elsewhere around the country that could 496 00:27:57,760 --> 00:28:01,719 Speaker 4: make that battle for the straight some irrelevant. If they 497 00:28:01,760 --> 00:28:05,400 Speaker 4: could actually turn the tide of who actually controls shots 498 00:28:05,440 --> 00:28:06,720 Speaker 4: on what the military. 499 00:28:06,320 --> 00:28:10,520 Speaker 1: Does all right, in the meantime, Iran getting off the 500 00:28:10,520 --> 00:28:16,200 Speaker 1: shots to surrounding neighbors as well as Israel and these 501 00:28:16,480 --> 00:28:20,639 Speaker 1: bomblets right and the new weaponry being used, how are 502 00:28:20,680 --> 00:28:23,760 Speaker 1: they achieving that? Are we going after these targets once 503 00:28:23,760 --> 00:28:24,480 Speaker 1: they're identified? 504 00:28:25,200 --> 00:28:26,320 Speaker 3: Oh yeah, absolutely. 505 00:28:26,520 --> 00:28:29,399 Speaker 4: In fact, we have the program we have essentially is 506 00:28:29,480 --> 00:28:32,440 Speaker 4: watching for whenever they launch anything and then taking out 507 00:28:32,440 --> 00:28:33,080 Speaker 4: the launchers. 508 00:28:33,240 --> 00:28:34,360 Speaker 3: It's been pretty effective. 509 00:28:34,560 --> 00:28:37,920 Speaker 4: They're well less than ten percent of their peak capability 510 00:28:38,320 --> 00:28:41,920 Speaker 4: during the war, taking out drawn systems, taking out tells, 511 00:28:42,840 --> 00:28:46,640 Speaker 4: transporter erector launcher systems for the ballistic missiles. And in 512 00:28:46,640 --> 00:28:49,240 Speaker 4: that regard, if you take out the launchers for blistic missiles, 513 00:28:49,320 --> 00:28:52,680 Speaker 4: their inventory ballistic missiles becomes much less relevant because they 514 00:28:52,680 --> 00:28:55,840 Speaker 4: can actually use them. So that's part of our strategy there. 515 00:28:56,160 --> 00:28:58,560 Speaker 4: But you know these cluster bomb units that they've been 516 00:28:58,560 --> 00:29:02,520 Speaker 4: putting on the ballistic warheads, that's a little problematic certainly Israel, 517 00:29:02,640 --> 00:29:06,480 Speaker 4: because they can intercept the blissic missile, but if it 518 00:29:06,520 --> 00:29:09,280 Speaker 4: can break apart and drop all these little bombs, as 519 00:29:09,320 --> 00:29:13,000 Speaker 4: we've seen, it's been causing some serious damage, injuries and 520 00:29:13,120 --> 00:29:17,160 Speaker 4: worse throughout Israel. So that has changed the new dynamic, 521 00:29:17,240 --> 00:29:18,760 Speaker 4: and of course the fear is that we're going to 522 00:29:18,760 --> 00:29:22,120 Speaker 4: see that elsewhere employed throughout the Gulf. And by the way, 523 00:29:22,240 --> 00:29:26,479 Speaker 4: one thing I would point out is Saudi Arabia, you know, 524 00:29:26,880 --> 00:29:30,080 Speaker 4: behind the scenes, has been pushing very hard, like don't 525 00:29:30,120 --> 00:29:33,360 Speaker 4: stop this war until you win, don't stop this war 526 00:29:33,440 --> 00:29:36,040 Speaker 4: until the regime's out, which is very interesting. They hear 527 00:29:36,120 --> 00:29:40,240 Speaker 4: Saudi Arabia basically taking this heart attack, pushing Yahu and 528 00:29:40,560 --> 00:29:44,560 Speaker 4: President Trump really go for those objectives. They say it 529 00:29:44,600 --> 00:29:45,480 Speaker 4: at the beginning of the war. 530 00:29:46,840 --> 00:29:50,280 Speaker 1: Do you see any other countries like Saudi Arabia for example, 531 00:29:50,560 --> 00:29:52,120 Speaker 1: launching attacks on Iran. 532 00:29:53,280 --> 00:29:55,200 Speaker 3: I don't know if Saudi Arabia will launch attack. It 533 00:29:55,280 --> 00:29:57,000 Speaker 3: may go in on some strike missions. 534 00:29:57,000 --> 00:29:58,480 Speaker 4: I don't think they want to do it right away, 535 00:29:59,000 --> 00:30:02,719 Speaker 4: but I wouldn't be surprised if the UAE steps up 536 00:30:02,760 --> 00:30:05,920 Speaker 4: and maybe does something. Those little islands in the Strait 537 00:30:06,400 --> 00:30:10,200 Speaker 4: Greater or Lesser Tomb and then Abu Musa are actually 538 00:30:10,360 --> 00:30:13,840 Speaker 4: claimed by the UAE as their sovereign territory. That was 539 00:30:13,960 --> 00:30:17,000 Speaker 4: territory that the SHAW back in seventy one just went 540 00:30:17,040 --> 00:30:19,160 Speaker 4: in and took those islands, and the UAE wasn't in 541 00:30:19,160 --> 00:30:22,120 Speaker 4: a military position to oppose it. But certainly the UAE 542 00:30:22,160 --> 00:30:24,520 Speaker 4: would love to recover that. I have no doubt if 543 00:30:24,520 --> 00:30:26,760 Speaker 4: we went in and took them that they would probably 544 00:30:26,800 --> 00:30:29,120 Speaker 4: make a diplomatic move to say, hey, why don't we 545 00:30:29,160 --> 00:30:31,640 Speaker 4: come in and occupy those islands and you take the 546 00:30:31,640 --> 00:30:32,920 Speaker 4: Marines and go somewhere else. 547 00:30:33,400 --> 00:30:35,240 Speaker 3: So I can see the UAE get involved. 548 00:30:35,280 --> 00:30:37,760 Speaker 4: I'm not sure if Cutter wants to militarily get involved, 549 00:30:37,760 --> 00:30:40,000 Speaker 4: but Cutter desperately wants to get the straight of her 550 00:30:40,080 --> 00:30:43,120 Speaker 4: moves open, so I can see them adding naval assets 551 00:30:43,160 --> 00:30:44,960 Speaker 4: and other things to help with the straight in fact, 552 00:30:45,000 --> 00:30:47,880 Speaker 4: I see a lot of countries eventually wanting to basically 553 00:30:47,920 --> 00:30:50,560 Speaker 4: get involved with this combined task force thing is that 554 00:30:50,600 --> 00:30:52,840 Speaker 4: we set up to open the straight of her moves? 555 00:30:53,400 --> 00:30:53,680 Speaker 3: All right? 556 00:30:53,680 --> 00:30:56,440 Speaker 1: And brief with Carll I see pictures of the Shaw's 557 00:30:56,480 --> 00:30:59,720 Speaker 1: sun on Westwood Boulevard here in the West Los Angeles, Cherry, 558 00:31:00,000 --> 00:31:02,160 Speaker 1: do you think the endgame will be here? Will the 559 00:31:02,160 --> 00:31:04,200 Speaker 1: Shaw's son end up back in Teyrn? 560 00:31:05,320 --> 00:31:08,720 Speaker 3: Well raise a polavi. You know, he's been rather outspoken. 561 00:31:08,800 --> 00:31:11,240 Speaker 4: He's been on all the news shows talking about this, 562 00:31:11,880 --> 00:31:14,960 Speaker 4: and protesters on the streets back in the summer in 563 00:31:15,040 --> 00:31:18,480 Speaker 4: January were actually shouting his name. And he is he's 564 00:31:18,480 --> 00:31:21,720 Speaker 4: put himself forward, not so much as the Shaw as 565 00:31:21,760 --> 00:31:24,280 Speaker 4: a kind of an introim leader, as a kind of 566 00:31:24,280 --> 00:31:27,800 Speaker 4: a neutral leader to help the transition from this regime 567 00:31:27,880 --> 00:31:30,880 Speaker 4: to whatever it becomes, hopefully a democratically elected government. 568 00:31:31,320 --> 00:31:33,920 Speaker 3: But he may play a role yet. But we'll see 569 00:31:33,960 --> 00:31:34,520 Speaker 3: how this goes. 570 00:31:34,640 --> 00:31:36,520 Speaker 4: I really I can't tell you which way it goes. 571 00:31:36,720 --> 00:31:39,160 Speaker 4: And of course we're talking to somebody and I Ran, 572 00:31:39,240 --> 00:31:40,360 Speaker 4: I'm just curious who that is. 573 00:31:41,120 --> 00:31:41,400 Speaker 3: Coerl. 574 00:31:41,440 --> 00:31:43,280 Speaker 1: Thank you very much for taking the call. We'll keep 575 00:31:43,280 --> 00:31:45,000 Speaker 1: an open line to you as we track all of 576 00:31:45,000 --> 00:31:47,800 Speaker 1: this closely. That has retired US Marine Corps Lieutenant Colonel 577 00:31:47,840 --> 00:31:52,000 Speaker 1: hell Keemfort, retired Marine Corps intelligence officer, national security analyst, 578 00:31:52,040 --> 00:31:54,800 Speaker 1: host of the Strade podcast. Colonel thanks again for joining 579 00:31:54,840 --> 00:31:58,959 Speaker 1: US slavery this afternoon. Thank you, Frank on seven ninety KBC. 580 00:31:59,240 --> 00:32:01,920 Speaker 1: Pack of money can ten here in seven ninety KABC 581 00:32:03,440 --> 00:32:05,840 Speaker 1: pullback for the stock market today as the price of 582 00:32:05,880 --> 00:32:08,640 Speaker 1: oil moves higher. Nervous times in the Middle East, with 583 00:32:08,680 --> 00:32:13,040 Speaker 1: the Iran conflict appearing to getting bigger for the moment, 584 00:32:13,120 --> 00:32:16,640 Speaker 1: Saudi Arabia reportedly agreeing to giving the US military access 585 00:32:16,680 --> 00:32:20,440 Speaker 1: to King Fod Airbase, reversal after previously saying his basis 586 00:32:20,440 --> 00:32:24,040 Speaker 1: could not be used to attack Iran. Source familiar with 587 00:32:24,080 --> 00:32:26,040 Speaker 1: the decision said it's only a matter of time before 588 00:32:26,160 --> 00:32:29,840 Speaker 1: the Saudi Saudi Arabia formally enters the war, and the 589 00:32:29,920 --> 00:32:33,520 Speaker 1: UAE moving to the Emirates have begun shutting down Iranian 590 00:32:33,560 --> 00:32:37,920 Speaker 1: owned assets, including the Iranian hospital and Iranian Club in Dubai. 591 00:32:38,120 --> 00:32:43,280 Speaker 1: We continue to follow the latest headlines here. Gold meanwhile, 592 00:32:43,320 --> 00:32:47,880 Speaker 1: has seen it's worse five day price drop since twenty eleven. 593 00:32:48,600 --> 00:32:51,240 Speaker 1: The precious metals have taken a hit this week, with 594 00:32:51,360 --> 00:32:53,520 Speaker 1: the price of gold right now harvering at around forty 595 00:32:53,520 --> 00:32:57,320 Speaker 1: four hundred sixty eight ounce silver at seventy one fifty 596 00:32:57,360 --> 00:33:01,400 Speaker 1: seven announce. Taking a look at platinum, it too has 597 00:33:01,400 --> 00:33:03,800 Speaker 1: come down from recent highs right now at nineteen hundred 598 00:33:03,840 --> 00:33:08,280 Speaker 1: and sixty two and palladium at fourteen hundred fifty four 599 00:33:08,400 --> 00:33:13,040 Speaker 1: an ounce. Silver seen a ten day losing streak, and 600 00:33:13,080 --> 00:33:16,680 Speaker 1: it's down down for the year now after shedding more 601 00:33:16,680 --> 00:33:20,800 Speaker 1: than fourteen percent over the past several weeks. Keeping track 602 00:33:20,840 --> 00:33:23,480 Speaker 1: of all of this very very closely and how it 603 00:33:23,520 --> 00:33:25,960 Speaker 1: impacts the main street economy. Joining us live now is 604 00:33:25,960 --> 00:33:28,600 Speaker 1: the one and only Elliott Salter, who owns the Elliott 605 00:33:28,640 --> 00:33:32,560 Speaker 1: Salter pawn Shop and loan shop on Santa Monica Boulevard 606 00:33:32,640 --> 00:33:36,200 Speaker 1: in West Hollywood. You've been following the price moves Elliott 607 00:33:36,440 --> 00:33:39,080 Speaker 1: very closely, and thanks very much for coming to the 608 00:33:39,160 --> 00:33:40,120 Speaker 1: line here this afternoon. 609 00:33:41,960 --> 00:33:44,760 Speaker 3: Good afternoon, Frank, great. 610 00:33:44,520 --> 00:33:45,400 Speaker 4: To have you with us here. 611 00:33:46,080 --> 00:33:48,640 Speaker 1: First of all, give us your reaction to gold hitting 612 00:33:48,800 --> 00:33:51,320 Speaker 1: a record high what around fifty five hundred an ounce 613 00:33:51,320 --> 00:33:54,040 Speaker 1: announce at around about one thousand dollars less than that 614 00:33:54,120 --> 00:33:57,480 Speaker 1: to around forty four sixty eight here at this moment 615 00:33:57,520 --> 00:34:00,160 Speaker 1: for gold silver, which got up to run around the 616 00:34:00,440 --> 00:34:03,480 Speaker 1: one point fifteen now at around seventy one and change 617 00:34:03,480 --> 00:34:05,600 Speaker 1: it give us a reaction to these dramatic moves that 618 00:34:05,640 --> 00:34:06,040 Speaker 1: we've seen. 619 00:34:07,440 --> 00:34:13,880 Speaker 5: Holy moly, I can't believe my eyes. Well fall in 620 00:34:13,920 --> 00:34:18,040 Speaker 5: an hour or call tomorrow. I don't care. 621 00:34:18,360 --> 00:34:20,759 Speaker 3: I don't know. 622 00:34:20,840 --> 00:34:24,680 Speaker 5: My whole life goal has been so constant and now 623 00:34:24,719 --> 00:34:29,480 Speaker 5: it's it turned into a commodity like pork bellies. So 624 00:34:29,960 --> 00:34:33,040 Speaker 5: somebody's making a lot of money and somebody's losing a 625 00:34:33,080 --> 00:34:35,600 Speaker 5: lot of money, but I don't know who. 626 00:34:37,000 --> 00:34:40,200 Speaker 1: All right, are people coming in buying or selling gold 627 00:34:40,239 --> 00:34:43,920 Speaker 1: and silver at this point both both. 628 00:34:44,680 --> 00:34:50,160 Speaker 5: I have no bullion or coins, but I have jewelry, 629 00:34:50,200 --> 00:34:52,839 Speaker 5: and people are still buying jewelry. I mean, you've got 630 00:34:52,880 --> 00:34:56,360 Speaker 5: to sell it close to what the market is, the 631 00:34:56,400 --> 00:35:00,880 Speaker 5: spot market, but I need to keep my money moving. 632 00:35:01,719 --> 00:35:07,640 Speaker 5: I make no money if it doesn't move. So given 633 00:35:07,719 --> 00:35:11,000 Speaker 5: good deals, all you people out there in La La 634 00:35:11,120 --> 00:35:13,719 Speaker 5: Land come on in for good deals and gold jewelry. 635 00:35:15,120 --> 00:35:17,640 Speaker 1: And you also give loans too, So how are those 636 00:35:17,640 --> 00:35:21,200 Speaker 1: handled now? With these dramatic price moves in both gold 637 00:35:21,239 --> 00:35:24,200 Speaker 1: and silver. What kind of loans are available now? 638 00:35:25,360 --> 00:35:28,920 Speaker 5: Oh, good loans, but the loans are not as close 639 00:35:29,000 --> 00:35:31,879 Speaker 5: to the market value or the spot value as they 640 00:35:31,880 --> 00:35:34,960 Speaker 5: were before. You know, when it's consistent, you have a 641 00:35:35,080 --> 00:35:37,920 Speaker 5: chance to know you don't need to make a big margin. 642 00:35:38,520 --> 00:35:43,160 Speaker 5: But now that it's fluctuating or dropping, now it's tougher. 643 00:35:43,520 --> 00:35:47,560 Speaker 5: But the clients understand it, and they you know, they 644 00:35:47,600 --> 00:35:49,360 Speaker 5: work I work with them, they work with me. 645 00:35:51,280 --> 00:35:56,280 Speaker 1: Wow. So what is the other big buzz in this business? 646 00:35:56,440 --> 00:36:01,000 Speaker 1: Obviously platinum and palladium two have had big outside moves 647 00:36:01,120 --> 00:36:04,120 Speaker 1: on the upside, and those I've also pulled back any 648 00:36:04,200 --> 00:36:06,760 Speaker 1: interest in palladium and platinum. 649 00:36:07,840 --> 00:36:10,640 Speaker 5: I don't see any of that in my little neck 650 00:36:10,680 --> 00:36:17,560 Speaker 5: of the woods. It's just gold and silver, and yeah, 651 00:36:17,640 --> 00:36:20,040 Speaker 5: it's it's you know, I don't know. It's been months 652 00:36:20,080 --> 00:36:22,480 Speaker 5: now that gold's been up and I'm still in shock. 653 00:36:23,680 --> 00:36:26,000 Speaker 1: One thing we haven't seen, you know, in the past, 654 00:36:26,000 --> 00:36:28,319 Speaker 1: when we've seen these kind of moves in the price 655 00:36:28,360 --> 00:36:30,760 Speaker 1: of gold, you see the shops pop up, we buy gold. 656 00:36:31,239 --> 00:36:34,040 Speaker 1: We haven't seen too many of those pop up lately. 657 00:36:34,800 --> 00:36:36,440 Speaker 1: What do you think is going on this time? 658 00:36:37,600 --> 00:36:41,280 Speaker 5: I know a gentleman who does that with a group 659 00:36:41,320 --> 00:36:44,160 Speaker 5: of people, and he says they're going out on the road. 660 00:36:45,160 --> 00:36:49,960 Speaker 5: It's not happening in LA, but everybody in Middle America 661 00:36:50,440 --> 00:36:53,680 Speaker 5: sees it on the news and they're I guess, cashing 662 00:36:53,719 --> 00:36:57,160 Speaker 5: in on all that free publicity. 663 00:36:58,880 --> 00:37:02,360 Speaker 1: Very interesting. So, how how is the economy? You're on 664 00:37:02,400 --> 00:37:05,480 Speaker 1: the front line of the speaking the Elliott Salter by 665 00:37:05,520 --> 00:37:08,720 Speaker 1: the way, owner of Elliott Salter pawnshop and and loans, 666 00:37:08,880 --> 00:37:11,440 Speaker 1: the famous place there on on Santa Monica Boulevard in 667 00:37:11,480 --> 00:37:14,680 Speaker 1: the heart of West Hollywood. How is the economy? 668 00:37:16,800 --> 00:37:20,439 Speaker 5: A lot of people are worried, and that is bad 669 00:37:20,520 --> 00:37:24,520 Speaker 5: for the economy because when people are worried, they're tightening 670 00:37:24,600 --> 00:37:28,240 Speaker 5: up on their purse strings. What if, you know, fix 671 00:37:28,320 --> 00:37:32,720 Speaker 5: the car. We're not getting a new one. I don't. 672 00:37:32,800 --> 00:37:37,720 Speaker 5: I don't see anybody duck taping duck duck taping their refrigerator. 673 00:37:37,800 --> 00:37:42,839 Speaker 3: But hey, who knows. That's that's a. 674 00:37:42,800 --> 00:37:43,960 Speaker 5: Pretty out there comment. 675 00:37:44,080 --> 00:37:46,320 Speaker 3: But you never know what the future holds. 676 00:37:47,160 --> 00:37:50,319 Speaker 1: What are what are people coming in for nowadays? Are 677 00:37:50,320 --> 00:37:53,560 Speaker 1: they trying to pay the rent? Gas which is soaring? 678 00:37:54,280 --> 00:37:54,520 Speaker 3: What? 679 00:37:54,520 --> 00:37:55,800 Speaker 1: What's the what's stories? 680 00:37:55,800 --> 00:37:56,920 Speaker 5: Are gas? 681 00:37:57,280 --> 00:38:00,200 Speaker 3: Gas and rent, gas and rent and hoping to keep 682 00:38:00,280 --> 00:38:01,480 Speaker 3: their job that they've got. 683 00:38:04,480 --> 00:38:12,080 Speaker 5: It's it's not an easy time for anybody on the 684 00:38:11,760 --> 00:38:15,160 Speaker 5: The working man works, working for a living, trying to 685 00:38:15,160 --> 00:38:15,879 Speaker 5: make ends meet. 686 00:38:17,480 --> 00:38:19,960 Speaker 1: What else is coming under the store asign from precious 687 00:38:19,960 --> 00:38:24,879 Speaker 1: metals coming in and out? Are what are people onloading nowadays? 688 00:38:25,280 --> 00:38:27,640 Speaker 5: Well, they're not unloading. I had just had a guy 689 00:38:27,719 --> 00:38:32,640 Speaker 5: come in with a one of a kind guitar. Who 690 00:38:33,080 --> 00:38:34,279 Speaker 5: was that guitar belonged to. 691 00:38:35,239 --> 00:38:36,000 Speaker 3: That we just got? 692 00:38:36,920 --> 00:38:40,880 Speaker 5: Oh, you weren't here, Joe knows. But it's a collector's item. 693 00:38:41,440 --> 00:38:45,560 Speaker 5: And the guy that has the collection sold a few 694 00:38:45,560 --> 00:38:49,239 Speaker 5: pieces at auction, and my customer bought it and came 695 00:38:49,280 --> 00:38:52,400 Speaker 5: in and borrowed five thousand dollars on it. And I 696 00:38:52,440 --> 00:38:54,680 Speaker 5: looked at it. I says, it's a beautiful guitar, Joe, 697 00:38:54,719 --> 00:38:56,319 Speaker 5: but is it worth that kind of money? 698 00:38:56,440 --> 00:38:58,799 Speaker 3: Goes? Oh, yeah, much more so. 699 00:39:01,600 --> 00:39:03,800 Speaker 5: You know, as long as there's room in the middle 700 00:39:04,000 --> 00:39:05,880 Speaker 5: somewhere for me, I'm happy. 701 00:39:06,360 --> 00:39:12,960 Speaker 1: Well, Well, when when musicians start pawning or selling their instruments, 702 00:39:12,760 --> 00:39:15,479 Speaker 1: that could be sign of a recession, right, you've seen 703 00:39:15,480 --> 00:39:16,800 Speaker 1: the cycle play out before. 704 00:39:18,520 --> 00:39:24,400 Speaker 5: It could be. But on one hand, guitar players generally 705 00:39:24,480 --> 00:39:29,359 Speaker 5: have a collection of guitars for every gig that they 706 00:39:29,440 --> 00:39:32,760 Speaker 5: may or may not get so a guitar player who's 707 00:39:32,880 --> 00:39:36,880 Speaker 5: generally on an electric guitar owns twelve guitars. Does he 708 00:39:37,000 --> 00:39:42,560 Speaker 5: need twelve guitars? He says no because probably ten of 709 00:39:42,600 --> 00:39:48,200 Speaker 5: them are here on loan with me. So you know 710 00:39:48,280 --> 00:39:54,440 Speaker 5: it's it's it's something. When they have money, they they 711 00:39:54,840 --> 00:39:56,120 Speaker 5: they buy a guitar. 712 00:39:56,760 --> 00:39:58,920 Speaker 1: Well, what about vinyl records? 713 00:39:59,120 --> 00:40:00,000 Speaker 3: Is that still a thing? Now? 714 00:40:02,480 --> 00:40:07,120 Speaker 1: What vinyl records are you selling or getting those in? 715 00:40:07,760 --> 00:40:08,520 Speaker 3: Uh? 716 00:40:08,800 --> 00:40:12,759 Speaker 5: That's Dave's specialty. Dave will always take old vinyl. He 717 00:40:12,880 --> 00:40:16,360 Speaker 5: loves it. He loves it, and you know they the 718 00:40:16,440 --> 00:40:21,399 Speaker 5: quality of a vinyl on a nice turntable beats all 719 00:40:21,440 --> 00:40:25,240 Speaker 5: other forms. Well not live, you have live and then vinyl. 720 00:40:26,400 --> 00:40:30,400 Speaker 3: Yeah, old school, Yeah, old school is the best. 721 00:40:31,400 --> 00:40:33,399 Speaker 1: Bill Ellie, thanks for taking the call here and giving 722 00:40:33,480 --> 00:40:36,000 Speaker 1: us the reel on what's going on in the real economy. 723 00:40:36,040 --> 00:40:39,360 Speaker 1: That's Elliott Salter, the owner of Elliott Salter Loans and 724 00:40:39,440 --> 00:40:43,080 Speaker 1: Pond on Santa Monica Boulevard in the heart of West Hollywood. Elliott, 725 00:40:43,080 --> 00:40:44,480 Speaker 1: all the best of you and your team there. Thank 726 00:40:44,480 --> 00:40:46,680 Speaker 1: you very much for joining us live this afternoon. 727 00:40:47,520 --> 00:40:49,840 Speaker 5: You bet, Frank, thanks always good talking to you. 728 00:40:50,120 --> 00:40:52,799 Speaker 1: Like carry yourself, you too, Thank you very very much. 729 00:40:54,360 --> 00:40:56,360 Speaker 1: The now down eighty four at the bell today, s 730 00:40:56,400 --> 00:40:58,920 Speaker 1: and P five hundred down twenty five. Nasdaq down one 731 00:40:58,960 --> 00:41:01,040 Speaker 1: to eighty five. Stay tuned for the news Blitz on 732 00:41:01,120 --> 00:41:02,160 Speaker 1: seven ninety KBC.