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Speaker 1: Good afternoon, getting right down to business here. We're doing

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Speaker 1: it live, doing more at four weekday afternoons. Motech on

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Speaker 1: Money Live on the air seven ninety KBC, streaming live

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Speaker 1: online worldwide at KBC dot com and the on demand

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Speaker 1: Motech of Money podcast KBC dot com, Apple, iTunes, YouTube, Spotify,

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Speaker 1: all your favorite podcast platforms. Rough week for the stock market.

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Speaker 1: Stock's pulling back again today and also a rough week

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Speaker 1: for crypto precious metals oil moving higher. Stocks falling sharply

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Speaker 1: again today, putting the doll in correction territory, or more

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Speaker 1: than ten percent off it's high we saw just about

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Speaker 1: a month ago. Wall Street trading like the worst pain

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Speaker 1: from the war with Iran has yet to come, according

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Speaker 1: to the Wall Street Journal, with the now coming in

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Speaker 1: for a closing loss today of nearly eight hundred points,

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Speaker 1: the S and P five hundred, down another one hundred

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Speaker 1: and eight, and the Nasdaq sliding four hundred and sixty points,

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Speaker 1: looks like the tech names especially it took a hit

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Speaker 1: this week, with the Nasdaq suffering its worst weekly drop

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Speaker 1: since April of last year, Meta and Micron seeing double

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Speaker 1: digit drops today. The NASAC was down more than three

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Speaker 1: percent for the week. The S and P five hundred

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Speaker 1: slide this month has been widely followed. The US equities

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Speaker 1: benchmark approaching correction Territory after more than half of the

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Speaker 1: S and P five hundred index industries already landed in correction.

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Speaker 1: Territory shares a meta down eight percent this week. Just yesterday,

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Speaker 1: as a matter of fact, as investors digested the implications

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Speaker 1: of two recent social media rulings. Will take a closer

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Speaker 1: look at that. Meanwhile, consumer is also in the spotlight

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Speaker 1: as gas prices continue to rise in diesel has had

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Speaker 1: a record high every day this week here in the

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Speaker 1: Los Angeles area. Consumer is growing more pessimistic about the

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Speaker 1: economy mid the war with Iran is Concerns over personal

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Speaker 1: finances spiked due to higher gas prices and volatile financial markets.

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Speaker 1: Not a big surprise. We've seen this pattern play out

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Speaker 1: in the past. When gas prices go up, consumer confidence

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Speaker 1: goes down. Right now, the consumer confidence reading comparable to

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Speaker 1: readings around the government shutdown last fall, the Liberation Day

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Speaker 1: tariffs last April, and Russia invaded Ukraine back in twenty

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Speaker 1: twenty two. I will discuss the latest news on the

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Speaker 1: economy and the outlook with prominent Los Angeles area economist

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Speaker 1: Kevin Clouden, fellow at the Milkin Institute, will be joining

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Speaker 1: me live later this hour. Well, also following what's happening

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Speaker 1: in the Middle East with an Iranian missiles tracking a

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Speaker 1: Saudi Arabian air base damaging several US refueling aircraft. We'll

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Speaker 1: take a closer look at what's happening there. Also, the

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Speaker 1: Secretary of State, Marco Rubio said the biggest challenge once

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Speaker 1: the war ends would be preventing Iran from imposing tolls

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Speaker 1: on ships crossing through the Strait of Horror, moves, calling

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Speaker 1: the prospect illegal and dangerous to the world. We will

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Speaker 1: discuss the very latest developments in the Middle East, coming

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Speaker 1: up live later this hour with Middle East ex for

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Speaker 1: Lisa Daftari, editor over the Foreign desk. We're watching what's

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Speaker 1: happening in the private credit world with a lot going

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Speaker 1: on there. In fact, joining us wrap up the week

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Speaker 1: on your money, the markets, the economy, and the whole works.

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Speaker 1: Joining us lives Daniel Lives, Managing director and global head

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Speaker 1: of Technology Research at web Bush Securities, which happens to

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Speaker 1: be headquartered right here in southern California. Daniel Lives thank

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Speaker 1: you very much for taking the call and coming to

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Speaker 1: the line here this afternoon.

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Speaker 2: Yeah, great to be with you, Frank. In a very validle.

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Speaker 1: Week, Yes, bad week for stocks, especially rough for the

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Speaker 1: tech names. We see the NASDAC having its worst drop

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Speaker 1: what since April of last year. Meta on those court

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Speaker 1: rulings this week taking hit, Micron also moving lower. Looks

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Speaker 1: like in Vidio had a bad day today. Give us

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Speaker 1: your assessment of what just happened.

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Speaker 2: Here, Yeah, I mean i'd call it. Look, it's kind

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Speaker 2: of a mini perfect storm that's happening for tech because

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Speaker 2: the risk of environment. Obviously I ran war, you know,

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Speaker 2: oil above one hundred. Then just worries about what you

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Speaker 2: see in terms of you know what I almost call

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Speaker 2: an AI goose trade, in terms of the worries about

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Speaker 2: anthropic to others and what that's going to do to

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Speaker 2: software companies and cybersecurity. And then you look at the

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Speaker 2: rulings against Meta and Google on the social media side.

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Speaker 2: I mean that, Look, that's something where even though they've

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Speaker 2: talked about it and there'll be billions of dollars in lawsuits,

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Speaker 2: that combination has really created this massive risk off environment

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Speaker 2: which is very very similar different for a lot of reasons,

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Speaker 2: but similar sort of nervousness as I think we saw

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Speaker 2: on Liberations Day last year.

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Speaker 1: And historically tech names are our interest rates sensitive as well.

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Speaker 1: I think we've discussed that of the past. And we

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Speaker 1: see these yields of moving higher yield in the ten

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Speaker 1: year note now four point four to four percent, And

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Speaker 1: we talked about mortgage rates earlier this week. That's the

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Speaker 1: one that impacts mortgage rates, which have been up for

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Speaker 1: I think four weeks in a row. Now, what about

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Speaker 1: that component as investors take a look at the full

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Speaker 1: landscape here?

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Speaker 2: Yeah, because I mean now between what's happened with oil,

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Speaker 2: you sent so the upset cut is off the table,

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Speaker 2: and now even you know, talks and again I don't

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Speaker 2: think this happens about a hike. So you know, when

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Speaker 2: you put that together in terms of this near term

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Speaker 2: environment that we're in, it's sort of been all forces

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Speaker 2: coming together that's forcing the risk off environment. Now, Frank,

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Speaker 2: my view, and we've talked about for years, like whether

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Speaker 2: it's COVID Liberation Day, this like you can't let these

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Speaker 2: macro scary white knuckle times as much as it's easy

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Speaker 2: to send investors for the elevator to get out of

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Speaker 2: a lot of these things because at the end of

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Speaker 2: the day, this Fourth Industrial Revolution's happening. The trillions of

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Speaker 2: dollars being spent in CAPBACKX from in video to Pounteer

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Speaker 2: to Microsoft, and that's not stopping it. But right now

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Speaker 2: we're going through just a massive fog, and in the fog,

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Speaker 2: investors sell.

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Speaker 1: Tech on your line with Daniel lives at web Bush

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Speaker 1: and crypto pulled back this week. It was holding it

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Speaker 1: better than than gold and silver up until this week.

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Speaker 1: Crypto we see bitcoin, for example, back below sixty six thousand.

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Speaker 1: Here at the moment, it's spent most of the week

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Speaker 1: above seventy k Ethereum below two thousand once again, dose

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Speaker 1: at eight cents. Now, what are your thoughts on on

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Speaker 1: the crypto moves this week?

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Speaker 2: Yeah, I think look it's all in tandem. I mean,

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Speaker 2: or you know, gold came, you know today bounds, but

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Speaker 2: it's almost been this just risk off assets across the board.

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Speaker 2: Crypto was holding up, but I think what you're really

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Speaker 2: seeing is like you're seeing a deleveraging happening. You're seeing

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Speaker 2: investors basically getting tapped out where you know, given what's

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Speaker 2: happened in equities and what we're seeing crypto. You're seeing

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Speaker 2: almost forced selling, and I think that is really causing

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Speaker 2: what we're seeing from bitcoin to theoreum and others. But look,

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Speaker 2: it's you know, someone called a crypto winner. That's just continuing.

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Speaker 2: I view this is almost all risk assets in tandem

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Speaker 2: are getting sold. And allow absolutely to the dour, allow

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Speaker 2: its really to read, and of course allow its related

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Speaker 2: to oil. No one wants to see three digit oil.

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Speaker 1: And that's what we are seeing here. To wrap up

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Speaker 1: the week, oil moving up nearly seven dollars to a

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Speaker 1: one on one and change here the WTI reading, and

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Speaker 1: of course the damage has been done at southern California

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Speaker 1: gas pumps, with diesel at a record high here every

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Speaker 1: day this week seven thirty one a gallon for diesel

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Speaker 1: here regular and the premium vaultso moved up pretty much

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Speaker 1: every day this week, but they're still about fifty cents

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Speaker 1: below the record highs the last scene back in twenty

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Speaker 1: twenty two. What about the oil names, are you covering

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Speaker 1: any of those?

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Speaker 2: Ye? Look, I mean this, look, I don't care if

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Speaker 2: it's tech and Dushers oil. It's all about straight oh

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Speaker 2: moves when opens and when you know, this war conflict

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Speaker 2: wherever you want to call it, you know gets resolved,

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Speaker 2: right and I think that right now is Look, if

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Speaker 2: you have any sort of resolution, you look going to

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Speaker 2: eat a ninety dollars oil and event should probably goes

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Speaker 2: to seventy when you look at the long curve. But

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Speaker 2: it all comes down to this game of just high

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Speaker 2: stakes poker and who's the first one to blink? And

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Speaker 2: that's and look, and that's why I think what everyone's

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Speaker 2: looking into the weekend to see if there's blinking, if

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Speaker 2: there's some sort of you know, seafire that we see.

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Speaker 2: But until that, we're going to continue to kind of

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Speaker 2: see oil be very valatile. You train above one hundred dollars.

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Speaker 1: Yeah, what about the volatility index which spiked her to

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Speaker 1: wrap up the week with this nearly eight hundred point

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Speaker 1: drop for the DAW today. The VIX index, the volatility

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Speaker 1: index Wall Street so called fear index up thirteen percent

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Speaker 1: today and what was an up week for that index.

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Speaker 1: Do you do you touch the VIX at all in

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Speaker 1: any guidance as far as that's concerned.

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Speaker 2: Yeah, I think, Look, I think the VIX captures the

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Speaker 2: nervousness right now in this market. I've compared the nervousness

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Speaker 2: to Liberation Day to maybe like in you know, the

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Speaker 2: sort of March April period during COVID in terms of times,

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Speaker 2: but I think when you think fundamentally what's happening, I

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Speaker 2: think it's totally different. I mean, both chances of a

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Speaker 2: recession are still low, called what ten to fifteen percent,

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Speaker 2: This gets resolved in the coming weeks, okay or even

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Speaker 2: less than a month, then you then ultimately from an

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Speaker 2: economic perspective, it will be much more of a very

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Speaker 2: contained dent to the economy, and the impact to tech

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Speaker 2: is going to be very very contained. So I just

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Speaker 2: think this is one like during these white knuckle moments,

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Speaker 2: you focus in the winners being videos, the Microsoft, the Apples,

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Speaker 2: the Pallenteers, and you buy them on when they're on

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Speaker 2: way on sound, and that's a central.

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Speaker 3: It's there right now, all right?

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Speaker 1: Do you think gold and silver are on sale? We

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Speaker 1: see gold did have that pomp today as you mentioned,

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Speaker 1: at more than one hundred dollars back to forty four

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Speaker 1: eighty nine, and chain silver is just both seventy dollars

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Speaker 1: an ounce, both well below the recent eye popping highs.

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Speaker 1: What about the precious metals in all this now.

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Speaker 2: I mean, I think the gook the gold celloff has

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Speaker 2: been shocking, right. I mean there were times this week

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Speaker 2: waters down at seventy eight percent of the day. Look,

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Speaker 2: I think some of that it's a de leveraging that

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Speaker 2: we're seeing. Obviously some it's way it's the dollar. But

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Speaker 2: I continue to think, like gold, you could you're going

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Speaker 2: to see over five thousand dollars, right, you know, there's

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Speaker 2: everything that's the path. It's gonna be valid as as

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Speaker 2: this all plays out. But it's all about worries about infletion.

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Speaker 2: It's his jigsaw puzzle, the Rubik's key you're trying to

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Speaker 2: put together. I still think the selloff in gold is

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Speaker 2: a head scratcher relative to some of the worries about inflation.

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Speaker 2: It's kind of going the opposite direction that you'd expect.

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Speaker 1: Getting back to the tech names, what do you make

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Speaker 1: of the court rulings against Facebook's parenting company Meta related

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Speaker 1: to kids and so forth. The Meta had the worst

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Speaker 1: week in the tech group, dropping more than eleven percent

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Speaker 1: after those two court defeats. It looks like they're going

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Speaker 1: to be appealing that one trial in New Mexico. The

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Speaker 1: other right here in Los Angeles. What's your reaction to

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Speaker 1: that and what's next for Meta and all that.

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Speaker 2: I mean, look, there's the worry is like is this

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Speaker 2: a tobacco cigarette movement for the tech industry? Right? I mean,

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Speaker 2: you know going back and I think you're gonna have

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Speaker 2: class actions, You're gonna have pive billions that they're gonna

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Speaker 2: have to pay in lawsuits. But I think it comes

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Speaker 2: down like they also have put a lot of self

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Speaker 2: regulation in and I think this is one of those

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Speaker 2: moments where it's not going to impact a broader business model.

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Speaker 2: They're clearly going to have to make some changes. You

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Speaker 2: have some more regulatory oversight, you could potentially have some

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Speaker 2: age restrictions somewhere what we see in Australia, that eventually

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Speaker 2: gets put in. But I continue to believe, like the

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Speaker 2: meta story is, it is probably as bullish as I've

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Speaker 2: seen in the last few years, given what we see

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Speaker 2: with AI, given what we see in modernization. But look,

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Speaker 2: this is it was a gut punch moment, black eye moment,

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Speaker 2: and the reality is that they're gonna have to pay

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Speaker 2: billions of dollars as these watched its eventually all go

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Speaker 2: through the system.

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Speaker 1: What about the Metaverse? Are they going to change their

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Speaker 1: name back to Facebook someday? We don't hear about the

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Speaker 1: metaverse anymore, I know.

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Speaker 2: I mean, look, it was this. I think that name

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Speaker 2: change in hindsight probably wasn't a you know, probably wasn't

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Speaker 2: a good idea, right, I Look, the irony is is

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Speaker 2: that Davis sent you written that off. At least in

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Speaker 2: the near term, they're spending twenty x AI as they

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Speaker 2: are Metaverse and doing a lot more lay ups there. So,

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Speaker 2: but I think, just just shoes. It's the ever changing

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Speaker 2: world of technology, and that's the one thing in a

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Speaker 2: world where SpaceX is probably going to go public and

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Speaker 2: you know, the coming months, and you see everything that

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Speaker 2: we're seeing, you know, and I think it's important to

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Speaker 2: keep that on the radar, that this is a fourth

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Speaker 2: Industrial Revolution despite this nervousness.

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Speaker 1: I'm glad you mentioned it. I guess there were some

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Speaker 1: news that related to the space X IPO and XAI

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Speaker 1: and all that. Yeah, what what intelligence are are you

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Speaker 1: picking up? When are we going to get that I

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Speaker 1: p O? And and how's this thing shaping up?

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Speaker 2: Yeah? I mean, but it probably pie Filer, you know,

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Speaker 2: I think in the coming days. It probably happens in

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Speaker 2: the summer, and we're talking what one and a half

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Speaker 2: two trillion in terms of where this thing's going to trade.

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Speaker 2: I mean, it's gonna be a watershed event in attacking

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Speaker 2: space when this comes out. But also it speaks, you know,

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Speaker 2: to my view that eventually SpaceX and Tasla merge in

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Speaker 2: two thousand twenty seven. I think that's the broader view

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Speaker 2: of Musk as it all plays out.

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Speaker 1: All right, looks like Apple was a winner of this

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Speaker 1: week bucking the trend. The Tesla wasn't down the too

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Speaker 1: bad this week, down about two percent. Apple actually was

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Speaker 1: up slightly. What about Apple and Tesla here?

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Speaker 2: I mean, look, you know, I think when I look

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Speaker 2: at Tessa as a physical AI play, I think there

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Speaker 2: are them in and Video, the two bad physical a

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Speaker 2: I plays in the world. So this is one in

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Speaker 2: the risk of they're going to be you know, see

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Speaker 2: the sell off that I still think is the two

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Speaker 2: trillion dollar mark CAAP in terms of Tessa, and when

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Speaker 2: it comes to Apple, consumer AI revolution is going to

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Speaker 2: go through Apple.

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Speaker 1: Any specific places where you're putting money now and or

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Speaker 1: taking it off the table, you're.

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Speaker 2: Buying a video Tessa pound tier, and I think some

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Speaker 2: of the cybersecurity names that crowdsy pal out so that

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Speaker 2: are way way over sold in my opinion.

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Speaker 1: Dan, I'm thank you very much for coming to the

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Speaker 1: line and we got to jap here now. Thanksbady YouTube,

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Speaker 1: thank you very much for joining us live here. Daniel

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Speaker 1: lives the tech experts research tech expert extraordinaire at Woodbush

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Speaker 1: Security is headquartered right here in southern California. Live with

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Speaker 1: this here on No Tech on Money on seven ninety

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Speaker 1: KBC eight. Have you noticed those prices are edging higher,

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Speaker 1: with diesel moving up to record hives every single day

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Speaker 1: this week. Here in the La Long Beach area seven

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Speaker 1: thirty one now the average price for diesel that's an

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Speaker 1: all time high self serve regular five ninety six a

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Speaker 1: gallon on average, and the La Long Beach area six

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Speaker 1: thirty five now the average price for premium, both those

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Speaker 1: moving higher for the week, but still about fifty cents

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Speaker 1: a gallon below the record high we last saw him

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Speaker 1: back in twenty twenty two. Oil prices, meanwhile, continue to climb,

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Speaker 1: with Brent crude oil in London that's the international benchmark,

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Speaker 1: closing four percent higher at one hundred and twelve dollars

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Speaker 1: fifty seven cents a barrel and West Texas Intermediate that's

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Speaker 1: our crude oil traded in New York, rising to night

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Speaker 1: twenty nine sixty for a barrel. Treasury yields mixed. The

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Speaker 1: US dollar rose to the highest level we've seen since November.

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Speaker 1: Gold moving higher two point seven percent higher today after

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Speaker 1: dropping in ten of the past twelve trading sessions. We

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Speaker 1: see gold moving up one hundred and thirteen dollars in

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Speaker 1: change today to forty four hundred and eighty nine seventy

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Speaker 1: Silver up nearly two dollars announced to sixty nine to

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Speaker 1: seventy seven. An ounce trumb administration weighing more military options

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Speaker 1: Iran turning back to China owned container vessels from the

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Speaker 1: Strait of Horne moves. Israel mounted a broad attack that

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Speaker 1: had said targetedt Iran's weapons facilities. Will be taking a

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Speaker 1: closer look at the latest military action of the latest

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Speaker 1: action overall in the Middle East coming up in the

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Speaker 1: next half hour. Overall, the stock market had a rough

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Speaker 1: week a rough day today, with the doubt going into

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Speaker 1: correction territory that is more than ten percent off its

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Speaker 1: February high. The ow came in for a closing loss

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Speaker 1: of seven hundred and ninety three points, settling at forty

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Speaker 1: five thousand and one sixty six. The SMP five hundred,

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Speaker 1: down one hundred and eight sixty three sixty nine, and

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Speaker 1: the Nasdaq down four hundred and sixty points at twenty

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Speaker 1: thousand and nine forty eight. The yield and the tenure

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Speaker 1: note now four point four to four percent, the volatility

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Speaker 1: index spiking today by thirteen percent. Bad week for stocks.

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Speaker 1: Crypto two with Bitcoin cracking blows seventy thousand in fact

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Speaker 1: back below sixty six thousand here at the moment, sixty

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Speaker 1: five nine hundred or so ethereum back to nineteen hundred

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Speaker 1: eighty and we see Doze at the moment, which was

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Speaker 1: holding steady at nine cents for most of the week,

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Speaker 1: now at eight cents. Among the tech names, Meta and Micron,

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Speaker 1: as I mentioned earlier with Daniel Lives saw double digit drops.

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Speaker 1: The Nasdaq saw it's worst weekly drops since April of

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Speaker 1: last year, Meta and Micron moving lower by the way,

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Speaker 1: the Nasdaq was down three point two percent for the week.

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Speaker 1: Taking a look at video shares down nearly four dollars

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Speaker 1: today to one sixty seven fifty two shares a Meta

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Speaker 1: down eight percent yesterday and down again today. Consumers meanwhile

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Speaker 1: in the spotlight today growing more pessimistic about the economy

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Speaker 1: with the war in Iran continuing, as concerns over personal

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Speaker 1: finances have increased due to higher gas prices and also

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Speaker 1: the volatile financial markets. As market Watch notes, even higher

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Speaker 1: income Americans showed particularly significant declines and sentiment consumer confidence

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Speaker 1: now comparable to readings around the government shutdown last fall,

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Speaker 1: the Liberation Day tariffs last April, and when Russia invaded

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Speaker 1: Ukraine back in twenty twenty two. We will discuss what's

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Speaker 1: happening on all of that. A lot of people were

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Speaker 1: asking me about it at a reception last evening, and

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Speaker 1: I'm going to call in prominent Los Angeles area econmist

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Speaker 1: Kevin Clouden will be joining me live but later this hour.

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Speaker 1: Fellow at the Milken Institute. Of course, at gas and

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Speaker 1: oil prices way heavily on consumer confidence. We've seen this

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Speaker 1: pattern play out before. When gas prices go up, we

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Speaker 1: see consumer confidence go down. President Trump eks sending a

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Speaker 1: five day cease fire due to expire today, saying strikes

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Speaker 1: on Iran's power plants and energy infrastructure would be on

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Speaker 1: hold until the evening of April sixth, He claimed the

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Speaker 1: Iranian government had requested that change, also watching reports on

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Speaker 1: the military action throughout that region, and Iranian missile reportedly

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Speaker 1: struck as Saudi Arabian air base, damaging several American refueling aircraft.

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Speaker 1: According to US and Saudi authorities familiar with what happened there,

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Speaker 1: the attack also involved unmanned aerial vehicles. Meanwhile, the Secretary

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Speaker 1: of State mark Or Rubio said the biggest challenge once

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Speaker 1: the war ends would be preventing Iran from imposing tolls

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Speaker 1: on ships going through the Strait of Horror MOUs, calling

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Speaker 1: that illegal and dangerous to the world. He also said

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Speaker 1: the war would continue for two to four weeks. According

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Speaker 1: to The Wall Street Journal, the US can only determine

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Speaker 1: with certainty that it has destroyed about a third of

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Speaker 1: Iran's vast missile arsenal as the US Israeli war on

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Speaker 1: Iran nears its one month mark. According to people familiar

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Speaker 1: with the US intelligence speaking to Reuters today, the status

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Speaker 1: of around another third is less clear, but bombings likely

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Speaker 1: damage destroyed or buried those missiles and underground tunnels and bunkers.

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Speaker 1: According to the sources talking to Reuters, I'll be discussing

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Speaker 1: the latest developments in the Middle East with Middle East

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Speaker 1: expert Lisa Doftari, editor of the Foreign Desk. She'll be

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Speaker 1: joining us live coming up here very shortly. We're watching

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Speaker 1: what's happening in the private credit world. This is a

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Speaker 1: story that's been brewing kind of in the background to

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Speaker 1: all the other major stories, but we're certainly tracking it here.

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Speaker 1: An obscure bank capital rule has helped enable the growth

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Speaker 1: of non bank lending like private credit, and it could

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Speaker 1: be about to get even more enabling. According to the Journal,

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Speaker 1: one of the goals of some newly proposed US capital

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Speaker 1: rules is to help foster more bank lending. Thinking goes

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Speaker 1: that toffer capital requirements for banks since the aftermath of

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Speaker 1: the two thousand and eight financial crisis have helped give

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Speaker 1: rise to more non bank lending, including the now trillion

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Speaker 1: dollar plus private credit market, and within that market are

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Speaker 1: the non traded loan funds that have been receiving a

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Speaker 1: lot of investor redemption requests lately. But some of the

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Speaker 1: changes could also incentivize banks to lend still more money

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Speaker 1: to non bank lenders, and it should challenge the idea

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Speaker 1: that banks and private capital managers are playing a zero

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Speaker 1: sum game with each other. Wow, lots of unpack, one

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Speaker 1: big day, one big week after another. Google parent company

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Speaker 1: Alphabet down to nearly nine percent today, Microsoft down nearly

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Speaker 1: seven percent this week, and Vidian Amazon down three percent each.

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Speaker 1: Tesla down nearly two percent, but Apple holding up pretty

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Speaker 1: well today, actually notching a slight gain for the week.

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Speaker 1: But Meta had the worst week and the tech sector

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Speaker 1: dropping more than eleven percent after two court defeats added

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Speaker 1: to the media company's social media companies challenges. We saw

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Speaker 1: one trial come to an end in New Mexico and

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Speaker 1: another here in the Los Angeles area, and this of

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Speaker 1: course pointing to the struggles that metas face to police,

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Speaker 1: Facebook and Instagram, which remained the primary cash engines of

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Speaker 1: the company. Looks like folks rotated out of memory maker

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Speaker 1: Micron this week, which has been one of the market

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Speaker 1: standout performers over the past year due to a shortage

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Speaker 1: cause by soaring demand for AI processors. Micron shares down

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Speaker 1: more than fifteen percent this week, but still up well

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Speaker 1: almost three hundred percent over the past twelve months. We

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Speaker 1: did see this selloff gather steam this past week after

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Speaker 1: Micron's second quarter earnings report came out. Revenue almost tripled

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Speaker 1: to twenty three point eighty six billion, and Micron issued

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Speaker 1: strong earnings guidance, projecting gross margins about eighty percent for

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Speaker 1: the next quarter. Motag of money continues here seven ninety KABC.

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Speaker 1: Good afternoon, watching the latest headlines coming out of the

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Speaker 1: Middle East as the war between the US and Iran continues,

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Speaker 1: sending oil prices higher, diesel at record highs here in

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Speaker 1: the Los Angeles area. Now we're watching tax continue on Israel.

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Speaker 1: Israel also striking back at Iran. Looks like some installations

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Speaker 1: in Saudi Arabia I've also been hit today by Iran.

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Speaker 1: Let's bring in Middle East. Thanks for Lisa Dovtari, Editor

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Speaker 1: of the Foreign Desk. Lisa, thank you very much for

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Speaker 1: taking the call this afternoon.

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Speaker 3: Of course, thank you for having me on.

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Speaker 1: What's coming across your desk? You follow the headlines minute

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Speaker 1: by minute as we do here. What's the very latest there.

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Speaker 3: It's interesting we're going back and forth with he said,

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Speaker 3: he said, and then we don't know who that he

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Speaker 3: is inside the regime because many of the different various

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Speaker 3: tiers of the regime have been taken out. Donald Trump

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Speaker 3: is claiming to have negotiations in the works, also giving

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Speaker 3: them a chance a pause with regards to the military installations.

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Speaker 3: And what's interesting is, you know, we're walking and chewing

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Speaker 3: them at the same time. I know, the Western media

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Speaker 3: doesn't really capture this in the way that it's meant to.

434
00:24:01,000 --> 00:24:04,960
Speaker 3: What Donald Trump is doing very much textbook narrative warfare,

435
00:24:05,160 --> 00:24:07,879
Speaker 3: putting all the options out there, painting a picture of

436
00:24:07,960 --> 00:24:11,239
Speaker 3: how he wants the outcome to be. But meanwhile, has

437
00:24:11,320 --> 00:24:14,160
Speaker 3: not stopped the war, has not stopped the punitive measures,

438
00:24:14,400 --> 00:24:17,520
Speaker 3: military operations on the ground, has not stopped the coordination

439
00:24:17,720 --> 00:24:21,359
Speaker 3: with Israel as well, hitting the regime extremely hard today

440
00:24:21,440 --> 00:24:24,639
Speaker 3: for example, and continuing to degrade them, which was the

441
00:24:24,760 --> 00:24:28,720
Speaker 3: initial plan. They're ahead of schedule from what we know. Also,

442
00:24:29,600 --> 00:24:32,000
Speaker 3: there are rumors, and I know because you follow the markets,

443
00:24:32,840 --> 00:24:36,600
Speaker 3: the markets responding to the rumors of ten thousand troops

444
00:24:36,640 --> 00:24:39,720
Speaker 3: being deployed and then they're perhaps being a ground invasion.

445
00:24:39,960 --> 00:24:42,119
Speaker 3: Marco Rubio talked about that there is no need for

446
00:24:42,520 --> 00:24:46,359
Speaker 3: a ground invasion. So a lot of rumors whirling, but

447
00:24:46,640 --> 00:24:50,440
Speaker 3: the core of the solid core of this, which was

448
00:24:50,520 --> 00:24:55,760
Speaker 3: the initial goal posts that were set out by the

449
00:24:55,800 --> 00:24:58,840
Speaker 3: Trump administration are being met. They are degrading the regime.

450
00:24:59,040 --> 00:25:01,600
Speaker 3: They are in touch with the people who are staying home.

451
00:25:01,920 --> 00:25:04,840
Speaker 3: I'm in touch with many running people. The internet has

452
00:25:04,960 --> 00:25:08,280
Speaker 3: not been working. They have had a complete Internet black

453
00:25:08,320 --> 00:25:10,800
Speaker 3: app but when there is patchy internet, I am reaching

454
00:25:10,840 --> 00:25:13,080
Speaker 3: out to my contacts out there. They are staying home.

455
00:25:13,160 --> 00:25:16,080
Speaker 3: Many of them with elderly or with children have left

456
00:25:16,119 --> 00:25:19,600
Speaker 3: to the countryside or to the Caspian. Others are remaining home.

457
00:25:19,720 --> 00:25:23,480
Speaker 3: If they have access to subtraining, parking lots, fixtures, they're

458
00:25:23,560 --> 00:25:26,920
Speaker 3: using them as makeshift bomb shelters. There are no bomb shelters,

459
00:25:27,240 --> 00:25:30,200
Speaker 3: no sirens, no alerts. The only thing the besiege is

460
00:25:30,280 --> 00:25:32,280
Speaker 3: doing is trying to get people out onto the streets.

461
00:25:32,359 --> 00:25:35,120
Speaker 3: They are then shooting that footage and putting it out

462
00:25:35,119 --> 00:25:38,320
Speaker 3: as pro regime propaganda. Vet there are people that are

463
00:25:38,320 --> 00:25:42,000
Speaker 3: supporting the regime and are out here in support of

464
00:25:42,040 --> 00:25:45,520
Speaker 3: the regime. But really, you know, there's a huge threat

465
00:25:45,560 --> 00:25:47,080
Speaker 3: for the Yronum people to come out right now. I

466
00:25:47,200 --> 00:25:50,480
Speaker 3: know there is an impatience by the Western world to

467
00:25:50,600 --> 00:25:53,320
Speaker 3: see the protesters back out onto the streets, but they

468
00:25:53,359 --> 00:25:56,639
Speaker 3: are waiting for the right moment to see enough of

469
00:25:56,720 --> 00:26:00,600
Speaker 3: degradation and a stable security situation them to be able

470
00:26:00,680 --> 00:26:02,360
Speaker 3: to come out again and mobilize.

471
00:26:02,600 --> 00:26:04,880
Speaker 1: On They're live with Middle easties for Lisa dom Chari,

472
00:26:05,040 --> 00:26:08,760
Speaker 1: editor of the Foreign Desk. In another serious development to today,

473
00:26:08,920 --> 00:26:12,160
Speaker 1: US troops were wounded several planes damaged in an Iranian

474
00:26:12,240 --> 00:26:15,919
Speaker 1: attack on a Saudi air base that the US uses.

475
00:26:16,600 --> 00:26:19,480
Speaker 1: Do you expect the Saudi Arabia to start attacking Iran?

476
00:26:21,720 --> 00:26:24,480
Speaker 3: It looks like the Persian Golf Arab states do not

477
00:26:24,600 --> 00:26:27,200
Speaker 3: want to have direct involvement in this war. They do

478
00:26:27,359 --> 00:26:31,000
Speaker 3: not want to give the regime the satisfaction of escalation

479
00:26:31,240 --> 00:26:33,920
Speaker 3: the way that the regime had intended. That was the

480
00:26:34,359 --> 00:26:38,880
Speaker 3: exact goal was to hit the bases, hit the allies,

481
00:26:39,080 --> 00:26:41,399
Speaker 3: hit the moderate Arab states, in order for them to

482
00:26:41,440 --> 00:26:43,680
Speaker 3: put pressure on the United States and Israel to stop

483
00:26:44,280 --> 00:26:48,439
Speaker 3: the military war. But instead we're watching as the Saudi

484
00:26:48,680 --> 00:26:51,879
Speaker 3: and the UAE are actually encouraging the Trump administration to

485
00:26:51,960 --> 00:26:56,200
Speaker 3: finish the job and to continue on with very targeted strikes.

486
00:26:57,119 --> 00:26:59,680
Speaker 3: This it really does if we take you know, it

487
00:26:59,800 --> 00:27:02,920
Speaker 3: was them out. Obviously, we're following this war hour by hour,

488
00:27:03,080 --> 00:27:05,840
Speaker 3: all the developments, all the different sides. How you know

489
00:27:06,080 --> 00:27:08,560
Speaker 3: the regime is being degraded to what degree? You know,

490
00:27:09,200 --> 00:27:11,840
Speaker 3: what are the different aspects and the sectors of the

491
00:27:11,920 --> 00:27:13,920
Speaker 3: regime that have to be hit in order to have

492
00:27:14,160 --> 00:27:16,760
Speaker 3: some sort of chance for a regime collapse. On the

493
00:27:16,840 --> 00:27:19,119
Speaker 3: other hand, when you use zoom out, you're watching in

494
00:27:19,240 --> 00:27:21,680
Speaker 3: real time and reset of the region. That is a

495
00:27:21,720 --> 00:27:25,439
Speaker 3: continuation of the Abraham Accords. When you are actually watching

496
00:27:25,880 --> 00:27:29,040
Speaker 3: those moderate Arab states who have in the last two

497
00:27:29,160 --> 00:27:33,080
Speaker 3: to five years had some sort of relationship with the regime.

498
00:27:33,480 --> 00:27:37,240
Speaker 3: They haven't become allies, but they have had interests together,

499
00:27:37,280 --> 00:27:39,760
Speaker 3: they have had deals together, they have had you know,

500
00:27:40,280 --> 00:27:43,480
Speaker 3: you know, collaborations together, you know, while at the same time,

501
00:27:43,640 --> 00:27:45,880
Speaker 3: you know, playing it out I'm talking about guitar, I'm

502
00:27:45,880 --> 00:27:49,679
Speaker 3: talking about the Saudis. Now we're watching a complete pivot.

503
00:27:50,359 --> 00:27:53,120
Speaker 3: These states now in the aftermath of this war, will

504
00:27:53,200 --> 00:27:56,880
Speaker 3: completely be signatory to the Abraham Accords, either formally or informally.

505
00:27:56,960 --> 00:27:58,920
Speaker 3: They will work with the United States, they will become

506
00:27:59,000 --> 00:28:02,040
Speaker 3: partners and allies with Israel. It will be a new

507
00:28:02,440 --> 00:28:04,600
Speaker 3: Middle East. And I think that that is something to

508
00:28:04,680 --> 00:28:07,399
Speaker 3: really focus on here as well. The silver lining that

509
00:28:07,600 --> 00:28:11,240
Speaker 3: there is in real time a reset of the order

510
00:28:11,560 --> 00:28:16,240
Speaker 3: and the positioning of these potential new Western allies.

511
00:28:17,280 --> 00:28:20,359
Speaker 1: In the meantime, Israel has come under attack again today.

512
00:28:20,760 --> 00:28:23,200
Speaker 1: I'm looking at the times of Israel feed on this

513
00:28:23,480 --> 00:28:26,480
Speaker 1: one killed, several injured, and an Iranian ballistic missile attack

514
00:28:26,800 --> 00:28:29,679
Speaker 1: on central Israel. Looks like southern Israel has also been

515
00:28:30,160 --> 00:28:34,760
Speaker 1: hit with Iranian ballistic missiles. What reports are are you

516
00:28:34,800 --> 00:28:37,000
Speaker 1: getting from Israel with these latest attacks.

517
00:28:37,960 --> 00:28:42,680
Speaker 3: Look, you know, Israel has a very very sophisticated missile

518
00:28:42,720 --> 00:28:46,080
Speaker 3: defense apparatus, but it's not enough. It's never going to

519
00:28:46,120 --> 00:28:49,200
Speaker 3: be one hundred percent. So what we're watching is perhaps

520
00:28:49,400 --> 00:28:52,800
Speaker 3: you know, eighty ninety ninety five percent, you know, accuracy,

521
00:28:52,880 --> 00:28:55,600
Speaker 3: and then the times where it does not work, where

522
00:28:55,640 --> 00:28:58,400
Speaker 3: we're seeing these casualties, we're seeing destruction, We're seeing them

523
00:28:58,440 --> 00:29:01,840
Speaker 3: fall into civilian areas. They are targeting civilian areas, and

524
00:29:01,840 --> 00:29:03,920
Speaker 3: I think that that is a very important distinction to make,

525
00:29:03,960 --> 00:29:07,920
Speaker 3: whereas Israel in the United States are targeting targets that

526
00:29:08,040 --> 00:29:13,200
Speaker 3: are very much away from civilian use, civilian areas. I'm

527
00:29:13,200 --> 00:29:17,480
Speaker 3: really focusing on damaging and degrading the regime, and I'm

528
00:29:18,080 --> 00:29:21,040
Speaker 3: not having the casualties. But you see how the regime

529
00:29:21,320 --> 00:29:24,200
Speaker 3: is lobbying the missiles into the most dense parts of

530
00:29:24,520 --> 00:29:28,800
Speaker 3: Tel Aviv and also has Bulah their partners, their proxies,

531
00:29:28,880 --> 00:29:32,480
Speaker 3: their Golden Child of proxies in Lebanon, lobbying missiles into

532
00:29:32,520 --> 00:29:35,560
Speaker 3: northern Israel as well. We've had casualties there as well.

533
00:29:36,040 --> 00:29:39,239
Speaker 3: So you know, there's a lot of thoughts to connect here.

534
00:29:39,360 --> 00:29:41,960
Speaker 3: For forty seven years, this regime has not only been

535
00:29:42,440 --> 00:29:44,600
Speaker 3: a nightmare for the Iranian people back at home, but

536
00:29:44,720 --> 00:29:47,680
Speaker 3: also has attempted to export its brand of shiait Islam

537
00:29:47,760 --> 00:29:49,880
Speaker 3: throughout the world and especially throughout the Middle East. So

538
00:29:49,960 --> 00:29:52,000
Speaker 3: that's why you see the proxies obviously in Lebanon, and

539
00:29:52,080 --> 00:29:55,840
Speaker 3: insurgencies in Syria and I rock Hamas and the Huthis,

540
00:29:55,920 --> 00:29:58,160
Speaker 3: and the list goes on and on. The number one

541
00:29:58,240 --> 00:30:00,680
Speaker 3: state sponsor of tire, the number ex the number one

542
00:30:00,720 --> 00:30:03,640
Speaker 3: executioner back at home, and of course their terror it

543
00:30:03,800 --> 00:30:06,960
Speaker 3: just continues. So they're not going to back down, They're

544
00:30:07,000 --> 00:30:09,720
Speaker 3: not going to surrender. They will fire off every single

545
00:30:09,840 --> 00:30:12,360
Speaker 3: missile that is in their arsenal or in their proxies

546
00:30:12,480 --> 00:30:15,600
Speaker 3: arsenal to the last fighting breath, and it's going to

547
00:30:15,640 --> 00:30:17,680
Speaker 3: take time. The reason why we haven't had this war

548
00:30:17,720 --> 00:30:21,400
Speaker 3: before is because Republicans and Democrats for decades ping ponged

549
00:30:21,480 --> 00:30:25,320
Speaker 3: between two very inadequate policies, which was either let Iran

550
00:30:25,400 --> 00:30:28,520
Speaker 3: get the bomb or let's bomb Iran, and neither one

551
00:30:28,680 --> 00:30:30,480
Speaker 3: would have taken us to where we need to be

552
00:30:30,680 --> 00:30:32,920
Speaker 3: to have a safe and secure Middle East that is

553
00:30:33,000 --> 00:30:36,400
Speaker 3: devoid of this regime. What Donald Trump did was invoke

554
00:30:36,480 --> 00:30:39,200
Speaker 3: the third option, which is partnering with the Iranian people.

555
00:30:39,560 --> 00:30:42,640
Speaker 3: We will degrade this regime to the point where they

556
00:30:42,680 --> 00:30:45,760
Speaker 3: can potentially collapse, and then we pass the baton onto

557
00:30:45,800 --> 00:30:48,760
Speaker 3: the Iranian people to finish the job, and that will

558
00:30:48,800 --> 00:30:51,440
Speaker 3: be for them to decide what their future is, how

559
00:30:51,520 --> 00:30:53,880
Speaker 3: they want their nation to be. Where we're not involved

560
00:30:53,920 --> 00:30:55,880
Speaker 3: in nation building, we hope we will not have boots

561
00:30:55,920 --> 00:30:59,240
Speaker 3: on the ground and we can watch them really build

562
00:30:59,400 --> 00:31:05,400
Speaker 3: the secular, democratic country that they have been asking for

563
00:31:05,520 --> 00:31:08,560
Speaker 3: and been on almost streets and really giving their lives

564
00:31:08,840 --> 00:31:10,640
Speaker 3: for that dream of that that freedom.

565
00:31:11,400 --> 00:31:13,600
Speaker 1: On you're line with Lisa Dpchori, middle East expert and

566
00:31:13,640 --> 00:31:16,200
Speaker 1: the editor of the Foreign Desk. So the piece on

567
00:31:16,240 --> 00:31:19,600
Speaker 1: the chessboard continue to move. We also heard from Secretary

568
00:31:19,640 --> 00:31:22,960
Speaker 1: of State Marco Rubio today saying, in his view, the

569
00:31:23,040 --> 00:31:26,360
Speaker 1: US can achieve Iran war aims without ground troops and

570
00:31:26,440 --> 00:31:29,240
Speaker 1: he expects the campaign to end in coming weeks. Obviously,

571
00:31:29,320 --> 00:31:31,560
Speaker 1: the straight of horror moones of since we're on a

572
00:31:31,840 --> 00:31:35,720
Speaker 1: business show here, surly in focus and causing the price

573
00:31:35,800 --> 00:31:37,640
Speaker 1: of one of the reasons causing the price of oiler

574
00:31:37,920 --> 00:31:41,080
Speaker 1: spike as high as it has. What role of any

575
00:31:41,120 --> 00:31:44,239
Speaker 1: do you see US troops playing perhaps right there at

576
00:31:44,280 --> 00:31:47,480
Speaker 1: that choke point in the weeks ahead here, and and

577
00:31:47,880 --> 00:31:49,880
Speaker 1: what about the straight of horror movees and and when

578
00:31:49,960 --> 00:31:51,120
Speaker 1: it will be fully reopened?

579
00:31:51,720 --> 00:31:54,800
Speaker 3: Yeah, it's obviously a lover that the regime has known,

580
00:31:54,880 --> 00:31:57,760
Speaker 3: it has for for years and and and has that

581
00:31:58,120 --> 00:32:02,200
Speaker 3: ledge over the international global economy and I and we're

582
00:32:02,200 --> 00:32:04,320
Speaker 3: seeing that in real time. So when Donald Trump does

583
00:32:04,440 --> 00:32:06,840
Speaker 3: threaten them, they have to open the street and not

584
00:32:07,000 --> 00:32:09,440
Speaker 3: have any threats. They are there with their minds and

585
00:32:09,680 --> 00:32:11,720
Speaker 3: you know, ships are not going through. And obviously again

586
00:32:11,800 --> 00:32:13,600
Speaker 3: we're seeing that at the pump here. We're seeing it.

587
00:32:13,880 --> 00:32:19,200
Speaker 3: You know, there is fear obviously for you know, for

588
00:32:19,320 --> 00:32:22,040
Speaker 3: what they can do there. But look, Donald Trump has

589
00:32:22,080 --> 00:32:25,160
Speaker 3: worn them very specifically regarding the strait of hormones. If

590
00:32:25,360 --> 00:32:27,920
Speaker 3: in the days to come, we do not see any

591
00:32:28,000 --> 00:32:32,360
Speaker 3: action regarding the freeing of the Strait of Hormones, which

592
00:32:32,400 --> 00:32:35,680
Speaker 3: they have basically taken hostage. I do believe that there

593
00:32:35,760 --> 00:32:38,240
Speaker 3: we can see some military action for them to by

594
00:32:38,360 --> 00:32:41,080
Speaker 3: force take over the Strait of hormones until we can

595
00:32:41,120 --> 00:32:44,640
Speaker 3: see you know, the Iranian regime backing off and not

596
00:32:44,800 --> 00:32:50,000
Speaker 3: seeing that as a point of threat to the international waters.

597
00:32:50,880 --> 00:32:52,560
Speaker 3: This is you know, it's always been the case. And

598
00:32:53,160 --> 00:32:55,600
Speaker 3: you know, twenty percent of world oil goes through there.

599
00:32:55,680 --> 00:32:58,000
Speaker 3: I know this this you know other factors as well.

600
00:32:58,080 --> 00:33:01,959
Speaker 3: But in the case of the regime right now, they

601
00:33:02,000 --> 00:33:04,560
Speaker 3: are being degraded from so many different angles with regards

602
00:33:04,560 --> 00:33:06,920
Speaker 3: to their leadership, with regards to the IRG see the messiege,

603
00:33:07,440 --> 00:33:12,400
Speaker 3: ballistic missiles, nuclear weapons, their proxies. This is again, they're

604
00:33:12,440 --> 00:33:14,680
Speaker 3: not going to surrender, they are not going to back down.

605
00:33:14,800 --> 00:33:17,680
Speaker 3: They're going to really use every single leverage that they have,

606
00:33:17,800 --> 00:33:20,160
Speaker 3: and of course the Streate of hormones being more important

607
00:33:20,200 --> 00:33:23,240
Speaker 3: to U, you know, other sectors for global and in

608
00:33:23,360 --> 00:33:25,920
Speaker 3: affecting the United States here at home again all of

609
00:33:26,000 --> 00:33:29,160
Speaker 3: us going to the gas pumps and understanding that that pain.

610
00:33:30,160 --> 00:33:32,360
Speaker 3: They know exactly what they're doing so hopefully we'll see

611
00:33:32,360 --> 00:33:34,280
Speaker 3: a resolution to that, that they will heed the threats

612
00:33:34,320 --> 00:33:36,600
Speaker 3: of Donald Trump, and in the next few days to come,

613
00:33:36,880 --> 00:33:39,600
Speaker 3: and hopefully by opening of market Monday, we will see

614
00:33:39,640 --> 00:33:41,680
Speaker 3: some sort of resolution to that.

615
00:33:42,280 --> 00:33:44,080
Speaker 1: All right, and certainly the hope is that this is

616
00:33:44,120 --> 00:33:47,240
Speaker 1: not going to last much longer. And right, what do

617
00:33:47,280 --> 00:33:49,880
Speaker 1: you see as the endgame? I thought of you was

618
00:33:49,960 --> 00:33:52,760
Speaker 1: on Westwood Boulevard this week and saw the pictures of

619
00:33:52,840 --> 00:33:56,520
Speaker 1: the Shaw's Sun and the sore fronts there, and obviously

620
00:33:57,360 --> 00:34:00,239
Speaker 1: emotions are running very, very high, and God bless all

621
00:34:00,640 --> 00:34:03,480
Speaker 1: the entire Persian community here as we watch what's happening

622
00:34:04,040 --> 00:34:06,400
Speaker 1: in Iran. What do you see as the endgame here?

623
00:34:07,560 --> 00:34:07,720
Speaker 4: Yeah?

624
00:34:07,840 --> 00:34:12,280
Speaker 3: You know, the Iranians here nineteen seventy nine really dictated

625
00:34:12,280 --> 00:34:15,200
Speaker 3: their lives and they are looking back and really being

626
00:34:15,239 --> 00:34:19,360
Speaker 3: nostalgic for the time under the shot Iran. They're very

627
00:34:19,440 --> 00:34:23,120
Speaker 3: much supportive of Resulpalavi, who's plated to speak at Seapack tomorrow.

628
00:34:24,000 --> 00:34:28,000
Speaker 3: Many people have traveled to Texas to attend Seapack and

629
00:34:28,080 --> 00:34:30,960
Speaker 3: to hear him speak and to show their support. And

630
00:34:31,320 --> 00:34:34,200
Speaker 3: as you know, we're in Nose, which is Iranian New Year,

631
00:34:34,520 --> 00:34:37,160
Speaker 3: and it's really a time of renewal and in the

632
00:34:37,239 --> 00:34:39,880
Speaker 3: time of reflection and both. You know, people have family

633
00:34:39,960 --> 00:34:42,680
Speaker 3: and friends back in Iran, and there is an anxious

634
00:34:42,760 --> 00:34:45,319
Speaker 3: optimism that fills the air for Iranian people where they

635
00:34:46,120 --> 00:34:47,920
Speaker 3: you know, it's a time of war, it's not easy,

636
00:34:48,000 --> 00:34:50,440
Speaker 3: but at the same time, there is an absolute optimism

637
00:34:50,520 --> 00:34:54,640
Speaker 3: to not squander this revolution. Thirty thousand or more Iranians

638
00:34:54,719 --> 00:34:57,720
Speaker 3: didn't die in January, you know, in whole sale fashion

639
00:34:57,800 --> 00:35:01,120
Speaker 3: with military grade weapons only to come this. So they

640
00:35:01,200 --> 00:35:04,080
Speaker 3: do hope that this does bring the Iranian people, as

641
00:35:04,120 --> 00:35:06,319
Speaker 3: difficult as it has been, as bloody as it has been,

642
00:35:06,400 --> 00:35:09,200
Speaker 3: as destructive as this has been, they hope to bring

643
00:35:09,280 --> 00:35:11,800
Speaker 3: them to the conclusion that they have been praying for

644
00:35:12,120 --> 00:35:16,600
Speaker 3: and protesting for and really brings them to a government

645
00:35:16,640 --> 00:35:19,760
Speaker 3: that represents them and brings them that stability for decades

646
00:35:19,800 --> 00:35:20,040
Speaker 3: to come.

647
00:35:20,760 --> 00:35:24,040
Speaker 1: A lot going on behind the scenes, based on your

648
00:35:24,120 --> 00:35:28,120
Speaker 1: intelligence and analysis, So what do you think is happening

649
00:35:28,200 --> 00:35:31,799
Speaker 1: behind the scenes between the administration and whoever they're talking

650
00:35:31,880 --> 00:35:37,000
Speaker 1: to in Iran? Would regime change, complete regime change be

651
00:35:37,600 --> 00:35:39,280
Speaker 1: part of that discussion.

652
00:35:40,000 --> 00:35:42,120
Speaker 3: Right, So there can't be regime change while speaking to

653
00:35:42,280 --> 00:35:46,000
Speaker 3: anyone who comes from this regime. That's it's two very

654
00:35:46,080 --> 00:35:48,120
Speaker 3: different things. That would be a personnel change and not

655
00:35:48,200 --> 00:35:51,640
Speaker 3: a regime change. So there are rumors that the administration

656
00:35:51,760 --> 00:35:55,719
Speaker 3: is talking to Khaliboff. Khalibaff is a murderous member of

657
00:35:56,000 --> 00:35:59,560
Speaker 3: the regime. He has basically boasted about killing protesters and

658
00:35:59,640 --> 00:36:03,479
Speaker 3: beating protesters and for years have been really a part

659
00:36:03,600 --> 00:36:06,759
Speaker 3: of this system. Anyone who comes from this system will

660
00:36:06,840 --> 00:36:10,759
Speaker 3: only be you know, will just again be a different day,

661
00:36:11,040 --> 00:36:14,040
Speaker 3: same system, same regime that has been there for forty

662
00:36:14,120 --> 00:36:17,040
Speaker 3: seven years. So the Iranian people will not there will

663
00:36:17,080 --> 00:36:20,040
Speaker 3: be no legitimacy for any leader from within this regime.

664
00:36:20,080 --> 00:36:23,000
Speaker 3: There has to be complete regime change. And for the

665
00:36:23,080 --> 00:36:25,759
Speaker 3: part of the Trump administration, I mean, look at JCPOA,

666
00:36:25,880 --> 00:36:28,600
Speaker 3: the nuclear deal which we had under President Obama. That

667
00:36:28,719 --> 00:36:30,640
Speaker 3: should have been the biggest lesson to us here in

668
00:36:30,680 --> 00:36:33,879
Speaker 3: the United States that this duplicitous regime will never keep

669
00:36:33,920 --> 00:36:36,279
Speaker 3: their word when it comes to their nuclear program, their

670
00:36:36,320 --> 00:36:39,759
Speaker 3: ballistic program, their proxies, or their human rights and killing

671
00:36:40,840 --> 00:36:45,000
Speaker 3: execution style of protesters and other human rights abuses. So

672
00:36:45,600 --> 00:36:47,920
Speaker 3: if we are to leave any remnants of this regime,

673
00:36:48,000 --> 00:36:50,640
Speaker 3: the next day, centrifugures will continue spinning. Their ballistic nical

674
00:36:50,680 --> 00:36:53,760
Speaker 3: program will continue to grow, They will continue to fund proxies,

675
00:36:53,800 --> 00:36:56,520
Speaker 3: they will continue to kill protesters, and they will continue

676
00:36:56,640 --> 00:37:01,840
Speaker 3: to be a destabilizing and a threat to the United States,

677
00:37:02,000 --> 00:37:04,879
Speaker 3: not just regionally, but globally and here at home as well.

678
00:37:05,360 --> 00:37:09,279
Speaker 3: Sleeper selves will awaken regardless of how this war goes.

679
00:37:09,360 --> 00:37:11,920
Speaker 3: That is another consequence of this war. And we know

680
00:37:12,040 --> 00:37:15,560
Speaker 3: that this is a terrorist regime. So if we want

681
00:37:15,640 --> 00:37:18,960
Speaker 3: to see any change, we have to see real regime change.

682
00:37:19,560 --> 00:37:22,800
Speaker 1: Lisa, thank you very much for that comprehensive analysis, and

683
00:37:22,920 --> 00:37:24,800
Speaker 1: we keep a line open to you as we follow

684
00:37:24,840 --> 00:37:27,560
Speaker 1: all of this. That is Middle East expert Lisa dom Charie,

685
00:37:27,640 --> 00:37:31,400
Speaker 1: editor of the Foreign Desk, authoritative source on what's happening. Lisa,

686
00:37:31,480 --> 00:37:34,120
Speaker 1: thank you very much. We wish you happy to rouse

687
00:37:34,560 --> 00:37:36,000
Speaker 1: and a good weekend and look forward to speaking with

688
00:37:36,040 --> 00:37:36,680
Speaker 1: again very soon.

689
00:37:37,719 --> 00:37:38,879
Speaker 3: Likewise, thank you very much.

690
00:37:39,200 --> 00:37:42,319
Speaker 1: Seven ninety KBC MO tagle Money continues here in seven

691
00:37:42,400 --> 00:37:47,160
Speaker 1: ninety KABC. Financial markets rattled this week as the war

692
00:37:47,239 --> 00:37:51,200
Speaker 1: with Iran that continues, as gas and oil prices moved up,

693
00:37:51,280 --> 00:37:54,399
Speaker 1: consumers growing more pessimistic about the economy amid the war

694
00:37:54,440 --> 00:37:58,879
Speaker 1: with Iran. As concerns over personal finances spiked due to well,

695
00:37:59,120 --> 00:38:02,160
Speaker 1: you guessed at higher as prices and volutal financial markets.

696
00:38:02,680 --> 00:38:05,080
Speaker 1: A lot of people wondering what's next. Let's bring in

697
00:38:05,560 --> 00:38:08,640
Speaker 1: prominent Los Angeles serry economist Kevin Cloud and fellow at

698
00:38:08,680 --> 00:38:12,319
Speaker 1: the Milk and Institute based here in southern California. Kevin Cloud,

699
00:38:12,360 --> 00:38:16,080
Speaker 1: and thank you very much for taking the calm my pleasure.

700
00:38:16,239 --> 00:38:20,240
Speaker 1: And I hope everybody is well in spite of the uncertainty. Certainly,

701
00:38:20,320 --> 00:38:22,600
Speaker 1: and I'm sure you get asked this all the time,

702
00:38:22,880 --> 00:38:25,200
Speaker 1: being out and about it as frequently as you are

703
00:38:25,280 --> 00:38:29,840
Speaker 1: at conferences and the functions here, we're gonna have a

704
00:38:29,880 --> 00:38:32,560
Speaker 1: recession and all this, what's your gut feeling on where

705
00:38:32,640 --> 00:38:33,239
Speaker 1: things go from here?

706
00:38:34,760 --> 00:38:37,600
Speaker 4: I think the gut feeling is, really, is there going

707
00:38:37,640 --> 00:38:41,000
Speaker 4: to be an escalation at this point there? You know,

708
00:38:41,320 --> 00:38:47,200
Speaker 4: a recession requires two quarters of the economy sally shrinking.

709
00:38:47,800 --> 00:38:50,560
Speaker 4: That is certainly possible. If this builds up long enough

710
00:38:50,840 --> 00:38:55,960
Speaker 4: right now, it's likely we could see some real downturn

711
00:38:56,040 --> 00:38:59,880
Speaker 4: in some contraction in numbers just from the immediate effects.

712
00:39:00,400 --> 00:39:03,720
Speaker 4: It really comes down to, does the straightest horror moves

713
00:39:03,920 --> 00:39:08,000
Speaker 4: stay closed? Does the United States make a move on

714
00:39:08,160 --> 00:39:12,680
Speaker 4: carg Island. All of these things are big questions. Until

715
00:39:12,760 --> 00:39:14,080
Speaker 4: those play out, we don't know.

716
00:39:15,400 --> 00:39:20,000
Speaker 1: Certainly, inflation once again a concern given the pump prices.

717
00:39:20,239 --> 00:39:22,640
Speaker 1: You're one of us, Kevin Clouden. So you see the

718
00:39:22,719 --> 00:39:26,279
Speaker 1: prices at southern California gas pumps, diesel hitting record highs

719
00:39:26,280 --> 00:39:28,480
Speaker 1: every single day this week, seven thirty one now the

720
00:39:28,560 --> 00:39:31,920
Speaker 1: average price according to today's Triple A Fuel Gauge Survey

721
00:39:32,040 --> 00:39:36,080
Speaker 1: and regular gas averaging five ninety six, six thirty five

722
00:39:36,160 --> 00:39:39,080
Speaker 1: the average price for premium. Those two, by the way,

723
00:39:39,120 --> 00:39:41,520
Speaker 1: are still about fifty cents below the record highs we

724
00:39:41,560 --> 00:39:45,280
Speaker 1: saw back in twenty twenty two. But what about inflation

725
00:39:45,400 --> 00:39:47,480
Speaker 1: and all this and what's the outlook.

726
00:39:49,239 --> 00:39:52,239
Speaker 4: Well, the inflationary pressures are definitely high, because what we're

727
00:39:52,280 --> 00:39:59,360
Speaker 4: seeing is things where the delivery services are now tacking

728
00:39:59,480 --> 00:40:04,600
Speaker 4: on fuel surcharges, which adds to the prices not only

729
00:40:04,719 --> 00:40:07,680
Speaker 4: for packages, but obviously for all businesses that use them,

730
00:40:08,200 --> 00:40:11,720
Speaker 4: for everybody who's dealing with the cost of shipping food,

731
00:40:11,840 --> 00:40:15,719
Speaker 4: shipping supplies, shipping, manufacturing. It has a ripple effect and

732
00:40:15,840 --> 00:40:20,799
Speaker 4: it definitely drives prices up regardless obviously, you know, being

733
00:40:20,920 --> 00:40:25,399
Speaker 4: Southern Californians. You spend a lot of time in the car.

734
00:40:25,520 --> 00:40:28,320
Speaker 4: There isn't a lot of great alternatives to that. And

735
00:40:29,080 --> 00:40:32,640
Speaker 4: we already have to deal with the fact that we

736
00:40:32,880 --> 00:40:38,360
Speaker 4: pay a prium because of the regulations around the specific

737
00:40:38,440 --> 00:40:40,759
Speaker 4: kind of gas used in southern California and the fact

738
00:40:40,800 --> 00:40:43,719
Speaker 4: that there aren't as many refineries as there used to be,

739
00:40:43,880 --> 00:40:47,120
Speaker 4: so the capacity is lower, so we absorb that even more,

740
00:40:47,320 --> 00:40:50,920
Speaker 4: and we see that have ripple effects throughout everything, and

741
00:40:52,040 --> 00:40:56,200
Speaker 4: having already gone through the significant inflation, as you said

742
00:40:56,280 --> 00:40:59,320
Speaker 4: from twenty twenty two, and we know how fuel was

743
00:40:59,400 --> 00:41:03,360
Speaker 4: part of that. But if we see this, if we

744
00:41:03,440 --> 00:41:06,120
Speaker 4: see the conflict go on, it's going to have an

745
00:41:06,160 --> 00:41:08,680
Speaker 4: effect on food prices, not just because of fuel, but

746
00:41:08,760 --> 00:41:12,040
Speaker 4: because fertile wizer costs because of a number of different

747
00:41:12,080 --> 00:41:15,880
Speaker 4: factors that are tied in to the supplies that come

748
00:41:15,920 --> 00:41:17,520
Speaker 4: out of the Middle East that we don't even think

749
00:41:17,560 --> 00:41:18,720
Speaker 4: about on a daily basis.

750
00:41:19,600 --> 00:41:23,000
Speaker 1: You're also an expert on the California economy. What do

751
00:41:23,080 --> 00:41:26,840
Speaker 1: you make of the President's recent order related to oil

752
00:41:26,960 --> 00:41:29,640
Speaker 1: off the coast here of California with Chevron agree to

753
00:41:30,120 --> 00:41:33,880
Speaker 1: agree to a crude off take deal with Sable Offshore

754
00:41:34,120 --> 00:41:37,560
Speaker 1: tied to Santa Barbara platforms off the California coast. As

755
00:41:37,640 --> 00:41:40,080
Speaker 1: you know, we're swimming in oil here in California, but

756
00:41:40,160 --> 00:41:44,560
Speaker 1: due to government policy, that industry has been suppressed for

757
00:41:45,080 --> 00:41:50,040
Speaker 1: decades and now of course refineries are closing and completely

758
00:41:50,239 --> 00:41:53,120
Speaker 1: pulling out of California, making the situation even worse. At

759
00:41:53,880 --> 00:41:56,480
Speaker 1: this critical moment, what do you see ahead for this

760
00:41:57,520 --> 00:42:00,920
Speaker 1: order related to offshore oil platforms you're in California and

761
00:42:01,280 --> 00:42:02,560
Speaker 1: will this move the needle?

762
00:42:04,200 --> 00:42:06,879
Speaker 4: Well, the catch on this is that, as you said,

763
00:42:07,080 --> 00:42:09,960
Speaker 4: the refineries really are the key issue, and the refineries

764
00:42:10,040 --> 00:42:16,000
Speaker 4: are both a combination of you know, Nimbi pressure of relations,

765
00:42:16,520 --> 00:42:19,400
Speaker 4: but also because of the fact that when you know,

766
00:42:19,480 --> 00:42:23,560
Speaker 4: going back to Governor Brown, when the standards were set

767
00:42:23,600 --> 00:42:27,480
Speaker 4: in to try and put electric vehicles and to not

768
00:42:29,400 --> 00:42:35,080
Speaker 4: and to phase out gas cars without a lot of clarity,

769
00:42:35,120 --> 00:42:39,360
Speaker 4: and with the fact that even though California has consistently

770
00:42:39,400 --> 00:42:43,760
Speaker 4: fallen behind hitting its standards for switching over to electric,

771
00:42:43,840 --> 00:42:47,840
Speaker 4: to hybrid and otherwise, that lack of clarity and the

772
00:42:47,920 --> 00:42:51,600
Speaker 4: lack of incentive in keeping the refineries open or for

773
00:42:51,880 --> 00:42:55,200
Speaker 4: companies to invest them is really the big deal. Having

774
00:42:56,200 --> 00:43:00,480
Speaker 4: drilling go along the coast. The truth is that, you know,

775
00:43:00,640 --> 00:43:03,000
Speaker 4: for people who remember so like you know, when I

776
00:43:03,200 --> 00:43:05,759
Speaker 4: was a little kid, I still remember going to the

777
00:43:05,840 --> 00:43:09,800
Speaker 4: beach and having to have tar removal kids, because I

778
00:43:09,880 --> 00:43:12,959
Speaker 4: would get oil tar on my feet as a little

779
00:43:13,080 --> 00:43:15,520
Speaker 4: kid from the spills, some of it dating back to

780
00:43:15,640 --> 00:43:19,239
Speaker 4: the late sixties Santa Barbara spill, which was predated me,

781
00:43:19,400 --> 00:43:21,960
Speaker 4: but the oil was still around, and some of it

782
00:43:22,560 --> 00:43:25,960
Speaker 4: coming from some other incidents that had happened, So we

783
00:43:26,960 --> 00:43:30,520
Speaker 4: forget about what had happened in terms of why there

784
00:43:30,640 --> 00:43:33,239
Speaker 4: was that public backlash. And it's interesting to note that

785
00:43:33,360 --> 00:43:36,760
Speaker 4: when old drilling was proposed off of Florida, the Florida

786
00:43:37,360 --> 00:43:42,440
Speaker 4: Congressional delegation bought back rather heavily. It's not necessarily a

787
00:43:42,560 --> 00:43:46,920
Speaker 4: bad thing to have more modern, more effective drilling, to

788
00:43:47,080 --> 00:43:51,000
Speaker 4: have effective supply, but because of the refinery issue, even

789
00:43:51,080 --> 00:43:53,200
Speaker 4: if the drilling is there, it doesn't mean it's going

790
00:43:53,280 --> 00:43:58,000
Speaker 4: to help the local prices. The biggest area we're having

791
00:43:58,040 --> 00:44:01,880
Speaker 4: inflated oil prices come in where it makes the biggest

792
00:44:01,960 --> 00:44:05,279
Speaker 4: difference in terms of access to oil, is actually in

793
00:44:05,400 --> 00:44:08,080
Speaker 4: the fracking. It's actually in West Texas, it's actually in

794
00:44:08,600 --> 00:44:12,319
Speaker 4: North Dakota, it's in Canada. It's places like that where

795
00:44:12,400 --> 00:44:16,399
Speaker 4: it hasn't been economically viable to continue to drill there,

796
00:44:17,080 --> 00:44:20,920
Speaker 4: and we're going into the shale and stuff like that

797
00:44:21,719 --> 00:44:24,920
Speaker 4: now becomes more economically viable. That will do more to

798
00:44:25,040 --> 00:44:28,359
Speaker 4: help with supply and oil prices than more, I would

799
00:44:28,400 --> 00:44:34,000
Speaker 4: bluntly call performative issues building up platforms off of California,

800
00:44:34,040 --> 00:44:34,800
Speaker 4: which can take.

801
00:44:34,760 --> 00:44:38,120
Speaker 1: Years, zooming out to the bigger picture. And of course

802
00:44:38,160 --> 00:44:40,440
Speaker 1: you interact with all the great thinkers there at the

803
00:44:40,480 --> 00:44:43,800
Speaker 1: Milken Institute, which is getting said for the global conference

804
00:44:44,000 --> 00:44:46,759
Speaker 1: coming up here very soon, the so called Davos of

805
00:44:46,840 --> 00:44:50,480
Speaker 1: Beverly Hills, where all the leading figures in the world

806
00:44:50,520 --> 00:44:53,920
Speaker 1: of finance and politics will be gathered here once again

807
00:44:54,640 --> 00:44:57,400
Speaker 1: taking a look at what's happening in Iran, for example,

808
00:44:57,520 --> 00:45:00,120
Speaker 1: and the ongoing war there. And we just had that

809
00:45:00,200 --> 00:45:02,960
Speaker 1: Lisa Daptari on the air just a few moments ago

810
00:45:03,080 --> 00:45:07,680
Speaker 1: and discussing the possible scenarios. What do you see happening

811
00:45:07,719 --> 00:45:09,520
Speaker 1: here with the straight of Horror Mouza in the short term,

812
00:45:09,560 --> 00:45:11,520
Speaker 1: which is obviously putting up a pressure on the price

813
00:45:11,560 --> 00:45:15,120
Speaker 1: of oil at the moment, impacting gas prices, and and ultimately,

814
00:45:15,480 --> 00:45:17,799
Speaker 1: what do you see as the endgame with you run.

815
00:45:19,719 --> 00:45:23,720
Speaker 4: Well. The Kenches is that the US, to some extent

816
00:45:24,320 --> 00:45:27,279
Speaker 4: from a strategic standpoint, the US and Israel seems to

817
00:45:27,360 --> 00:45:30,040
Speaker 4: have been caught in some of the similar thinking that

818
00:45:31,640 --> 00:45:36,480
Speaker 4: that Russia actually had in regards to Ukraine a few

819
00:45:36,560 --> 00:45:39,440
Speaker 4: years ago, which is this idea that there could be

820
00:45:39,880 --> 00:45:45,800
Speaker 4: a you know, regime change, rapid decapitating strike. And the Ketches,

821
00:45:45,880 --> 00:45:48,759
Speaker 4: of course, is that in Russia's case, I mean there

822
00:45:48,880 --> 00:45:53,440
Speaker 4: there was a full commitment to a massive armed incursion

823
00:45:53,560 --> 00:45:56,359
Speaker 4: and they got bogged down. And you know that war

824
00:45:56,480 --> 00:45:59,600
Speaker 4: hasn't ended, and it's been for you know, it's been

825
00:45:59,719 --> 00:46:03,120
Speaker 4: now four years, and the US is not in a

826
00:46:03,200 --> 00:46:07,320
Speaker 4: position where there's either the political desire or the willingness

827
00:46:07,480 --> 00:46:12,440
Speaker 4: to to to a large, you know, armed campaign in Iran.

828
00:46:12,800 --> 00:46:15,800
Speaker 4: And in the same way, you know, Ukraine has his

829
00:46:16,680 --> 00:46:20,160
Speaker 4: huge archies even beyond the Soviet Union to Russia, Iran

830
00:46:20,320 --> 00:46:23,560
Speaker 4: does not have either the geographic or other ties. The

831
00:46:24,080 --> 00:46:28,960
Speaker 4: question that happens is that for the Iranians that it's

832
00:46:29,080 --> 00:46:34,840
Speaker 4: geographically extremely difficult to actually occupy conquer Iran. You have

833
00:46:34,960 --> 00:46:37,719
Speaker 4: to go back hundreds of years before see the last

834
00:46:37,760 --> 00:46:41,640
Speaker 4: time that somebody successfully did that because it's incredibly mountainous

835
00:46:41,719 --> 00:46:43,640
Speaker 4: and there are a lot of deserts. The key is,

836
00:46:43,800 --> 00:46:46,760
Speaker 4: you know, is there something such as seizing car guides

837
00:46:46,800 --> 00:46:50,040
Speaker 4: where ninety percent of the whale goes through? And is

838
00:46:50,160 --> 00:46:52,360
Speaker 4: the you know, the US military and position where they

839
00:46:52,360 --> 00:46:54,960
Speaker 4: could effectively do that and not be vulnerable to a

840
00:46:55,000 --> 00:46:57,919
Speaker 4: counter attack. And the question is, you know, if there's

841
00:46:57,960 --> 00:47:01,520
Speaker 4: an attack there, how much does that disrupt not only

842
00:47:01,680 --> 00:47:05,560
Speaker 4: oil prices, but in particular the Iranian applies to China

843
00:47:06,080 --> 00:47:09,759
Speaker 4: because right now Iran is shipping its oil out to

844
00:47:09,960 --> 00:47:14,440
Speaker 4: China and to a lesser extent, India, and China depends

845
00:47:14,480 --> 00:47:18,000
Speaker 4: a great deal on that Iranian supply. And if that

846
00:47:18,160 --> 00:47:22,040
Speaker 4: gets disrupted, does this cause the Chinese to put incredible

847
00:47:22,080 --> 00:47:25,160
Speaker 4: fort of pressure and to get involved. Does this cause

848
00:47:25,440 --> 00:47:28,920
Speaker 4: the various golf states to feel that they're all vulnerable

849
00:47:29,040 --> 00:47:33,840
Speaker 4: to accelerate their involvement. So there's a lot of pressure

850
00:47:33,960 --> 00:47:37,400
Speaker 4: to try and push for a better resolution than just

851
00:47:37,440 --> 00:47:41,759
Speaker 4: simply backing off for a whole bunch of parties. But

852
00:47:42,000 --> 00:47:45,719
Speaker 4: the question is, in terms of that endgame, how does

853
00:47:45,880 --> 00:47:49,720
Speaker 4: anybody reach a stage, a stable point where the strait

854
00:47:49,880 --> 00:47:55,879
Speaker 4: reopens without an acceleration of the conflict, and we'll see

855
00:47:55,920 --> 00:47:58,680
Speaker 4: that play out probably over the next two to three weeks,

856
00:47:58,719 --> 00:48:01,000
Speaker 4: but we're certainly not seeing me kind of a resolution

857
00:48:01,520 --> 00:48:02,759
Speaker 4: within the next couple of days.

858
00:48:03,200 --> 00:48:05,319
Speaker 1: All right, well, just less than a minute left to here,

859
00:48:05,640 --> 00:48:08,879
Speaker 1: Kevin Cloud. And then looks like the betting markets see

860
00:48:08,920 --> 00:48:12,080
Speaker 1: only a very small chance of a recession, which is

861
00:48:12,120 --> 00:48:15,560
Speaker 1: how this conversation started. Are you optimistic that somehow this

862
00:48:15,640 --> 00:48:18,359
Speaker 1: is all going to work out and gas prices will

863
00:48:18,360 --> 00:48:20,440
Speaker 1: come down and the stock market will go back up.

864
00:48:22,080 --> 00:48:25,800
Speaker 4: Well, I think that there is a pathway for a resolution.

865
00:48:26,120 --> 00:48:28,680
Speaker 4: I think that, as I said, nobody really wants to

866
00:48:28,760 --> 00:48:32,520
Speaker 4: get into a major land conflict or a commitment like that.

867
00:48:33,480 --> 00:48:36,000
Speaker 4: If they can work out some sort of deal that

868
00:48:36,239 --> 00:48:40,800
Speaker 4: allows sort of face saving for the US and Iran,

869
00:48:41,560 --> 00:48:45,200
Speaker 4: that's a really good thing. There have been rumors of

870
00:48:45,880 --> 00:48:50,120
Speaker 4: negotiations being facilitated by a Pakistan. If that's actually true,

871
00:48:50,239 --> 00:48:53,600
Speaker 4: and if the betting markets are buying that, that could

872
00:48:53,640 --> 00:48:56,880
Speaker 4: be a very thing, And obviously that would help a

873
00:48:57,000 --> 00:48:59,879
Speaker 4: Verger recession, which is something the White House does.

874
00:48:59,800 --> 00:49:03,040
Speaker 1: Not absolutely well, Kevin Cloud, thank you very much for

875
00:49:03,280 --> 00:49:05,040
Speaker 1: taking the call, and thank you very much for your

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00:49:05,080 --> 00:49:08,680
Speaker 1: comprehensive analysis as always that is. Prominent Los angeleshrry economist

877
00:49:08,760 --> 00:49:13,040
Speaker 1: Kevin Cloudon, fellow at the Milkin Institute here in Southern California,

878
00:49:13,120 --> 00:49:15,680
Speaker 1: live with us here on motec on Money on seven

879
00:49:15,800 --> 00:49:16,560
Speaker 1: ninety KBC