1 00:00:00,080 --> 00:00:02,200 Speaker 1: Good afternoon and getting right down the business here. We're 2 00:00:02,200 --> 00:00:05,360 Speaker 1: doing it live, doing more at four weekly afternoons, right 3 00:00:05,400 --> 00:00:07,600 Speaker 1: after the Guy Benson Show and just before the seven 4 00:00:07,680 --> 00:00:10,880 Speaker 1: ninety KBC News Blitz. Motech on Money Live on the 5 00:00:10,880 --> 00:00:14,680 Speaker 1: Earth seven ninety KBC streaming live online worldwide at KBC 6 00:00:14,840 --> 00:00:18,120 Speaker 1: dot com, the on demand Motech of Money podcast KBC 7 00:00:18,280 --> 00:00:22,680 Speaker 1: dot com, Apple, iTunes, YouTube, all of your favorite podcast platforms. 8 00:00:23,320 --> 00:00:26,760 Speaker 1: Big breaking news impacting the financial markets here this afternoon. 9 00:00:26,800 --> 00:00:29,639 Speaker 1: The stock market ended mixed today, while holding on the 10 00:00:29,680 --> 00:00:32,760 Speaker 1: gains that we've seen so far this month, as investors 11 00:00:32,800 --> 00:00:36,400 Speaker 1: took into President Trump's intensified threats against Iran to reopen 12 00:00:36,440 --> 00:00:39,519 Speaker 1: this trade of horror moves by tonight. The major averagers 13 00:00:39,560 --> 00:00:43,440 Speaker 1: trimmed losses late this afternoon. We saw it happen trading 14 00:00:43,479 --> 00:00:47,240 Speaker 1: after the Pakistani Prime Minister urged a two week extension 15 00:00:47,320 --> 00:00:50,800 Speaker 1: to the president's self imposed eight pm Eastern time deadline 16 00:00:50,840 --> 00:00:54,000 Speaker 1: for Iran to reopen these trade of horror moves and 17 00:00:54,080 --> 00:00:57,800 Speaker 1: allow oil to flow through. The President shortly thereafter said 18 00:00:57,800 --> 00:01:00,520 Speaker 1: he did agree to suspend attacks on you for two 19 00:01:00,520 --> 00:01:02,920 Speaker 1: weeks subject to the immediate reopening of the Strait of 20 00:01:02,920 --> 00:01:05,920 Speaker 1: horror moves pointing to progress in a ten point proposal 21 00:01:06,280 --> 00:01:11,560 Speaker 1: from Tehran. The price of oil, which according to some indications, 22 00:01:11,560 --> 00:01:13,520 Speaker 1: at an all time high today at around one hundred 23 00:01:13,560 --> 00:01:17,479 Speaker 1: and fifty dollars a barrel, has now slipped here this afternoon, 24 00:01:18,800 --> 00:01:22,399 Speaker 1: we're watching the oil futures climb for their third consecutive 25 00:01:22,440 --> 00:01:25,440 Speaker 1: session today, settling at roughly one hundred and thirteen dollars. 26 00:01:25,800 --> 00:01:28,319 Speaker 1: That is a new fifty two week high. European and 27 00:01:28,360 --> 00:01:31,440 Speaker 1: Asian refiners that were paying record high prices of nearly 28 00:01:31,480 --> 00:01:33,600 Speaker 1: one hundred and fifty dollars a barrel for some crude 29 00:01:33,640 --> 00:01:38,480 Speaker 1: oil grades, exceeding prices for some futures, highlighting the worstening 30 00:01:38,480 --> 00:01:42,759 Speaker 1: supply crisis from the US war with Iran. We're following 31 00:01:42,920 --> 00:01:45,920 Speaker 1: this very closely. This according to the Reuters News service, 32 00:01:47,400 --> 00:01:50,240 Speaker 1: Russia and China vetoing a draft resolution before the UN 33 00:01:50,320 --> 00:01:52,840 Speaker 1: Security Council aimed to compelling Iran to open the strade 34 00:01:52,840 --> 00:01:55,040 Speaker 1: of horror moves. The US, meaning while conducted more than 35 00:01:55,040 --> 00:01:58,560 Speaker 1: fifty strikes some military targets on a Run's Krg Island 36 00:01:58,880 --> 00:02:02,520 Speaker 1: earlier today, according to US authorities. I'll discuss the latest 37 00:02:02,560 --> 00:02:05,320 Speaker 1: military moves with the retired US Marine Corps Lieutenant Colonel 38 00:02:05,360 --> 00:02:09,400 Speaker 1: Health Temper, retired US Marine Corps intelligence officer, national security 39 00:02:09,440 --> 00:02:12,280 Speaker 1: analyst and hosts of the Strap podcasts will be joining 40 00:02:12,360 --> 00:02:15,359 Speaker 1: US Live later this hour. But now came in for 41 00:02:15,400 --> 00:02:17,680 Speaker 1: a closing loss today of eighty five points. S and 42 00:02:17,720 --> 00:02:20,400 Speaker 1: P five hundred moved up five and the Nasdaq closed 43 00:02:20,480 --> 00:02:25,320 Speaker 1: up twenty one, the volatility index slipping seven percent, price 44 00:02:25,360 --> 00:02:28,280 Speaker 1: of gold today getting closer to forty eight hundred in ounce, 45 00:02:28,320 --> 00:02:30,960 Speaker 1: and the crude aill futures at the moment slipping it 46 00:02:31,040 --> 00:02:33,800 Speaker 1: after hours trading keeping track of all of this breaking 47 00:02:33,880 --> 00:02:37,800 Speaker 1: news focused primarily on what's happening with gas and oil. 48 00:02:38,160 --> 00:02:41,040 Speaker 1: Joining US Live now is prominent oil analyst John Kilduff 49 00:02:41,040 --> 00:02:45,400 Speaker 1: at Again Capital and CNBC contributor. Longtime contributor to this program, 50 00:02:45,520 --> 00:02:48,400 Speaker 1: especially on big days like this. John Kilduff, thank you 51 00:02:48,560 --> 00:02:50,880 Speaker 1: very much for taking the call here this afternoon. 52 00:02:52,080 --> 00:02:54,799 Speaker 2: My pleasure, Frank. Great to be with you, Great. 53 00:02:54,600 --> 00:02:56,120 Speaker 1: To have you with us here on this big day. 54 00:02:56,360 --> 00:02:58,280 Speaker 1: Take it from the top and tell us of what 55 00:02:58,400 --> 00:03:02,200 Speaker 1: happened today with the oil apparently hitting a record high 56 00:03:01,760 --> 00:03:04,560 Speaker 1: and now pulling back on this a big breaking news 57 00:03:04,600 --> 00:03:07,240 Speaker 1: this afternoon, Frank, it. 58 00:03:07,240 --> 00:03:10,800 Speaker 2: Was looking very dire most of the day today with 59 00:03:10,919 --> 00:03:13,680 Speaker 2: the you reference the oil price climbing to where it 60 00:03:13,680 --> 00:03:15,880 Speaker 2: did over one hundred and fifteen dollars a barrel for 61 00:03:16,040 --> 00:03:19,320 Speaker 2: WTI upwards of one hundred and forty in the spot 62 00:03:19,440 --> 00:03:23,480 Speaker 2: markets around the world, all in the expectation of that 63 00:03:23,600 --> 00:03:28,799 Speaker 2: this evening would be a significant assault on Iran by 64 00:03:28,840 --> 00:03:33,560 Speaker 2: the US and Israel. That has there has been a 65 00:03:33,919 --> 00:03:38,200 Speaker 2: just a stunning development in the last hour or so 66 00:03:39,040 --> 00:03:43,160 Speaker 2: where the Pakistanis as you referenced, have come across with 67 00:03:43,200 --> 00:03:48,400 Speaker 2: a two week ceasefire proposal, which President Trump has apparently accepted, 68 00:03:48,840 --> 00:03:51,880 Speaker 2: and we are seeing a just a violent reaction. Do 69 00:03:51,880 --> 00:03:53,200 Speaker 2: you think if you thought tonight was going to be 70 00:03:53,280 --> 00:03:55,800 Speaker 2: violent in Iran, that the markets are having their own 71 00:03:55,880 --> 00:03:59,240 Speaker 2: violent reaction right now? You as crude oil futures WTI 72 00:03:59,280 --> 00:04:01,880 Speaker 2: futures are now down back down to ninety four dollars 73 00:04:01,880 --> 00:04:04,960 Speaker 2: a barrel. They are down sixteen percent in overnight trading. 74 00:04:04,960 --> 00:04:07,800 Speaker 2: There is a stunning rally going on right now. Inequity 75 00:04:07,840 --> 00:04:13,040 Speaker 2: futures S and P five hundred futures are materially on 76 00:04:13,280 --> 00:04:17,599 Speaker 2: this and it looks like once again we will looks 77 00:04:17,680 --> 00:04:21,719 Speaker 2: to have avoided really a worst case scenario. Now, there's 78 00:04:21,760 --> 00:04:26,640 Speaker 2: a one big caveat in that. In President Trump's acceptance 79 00:04:26,760 --> 00:04:30,599 Speaker 2: of the proposal from Pakistan, he did make it contingent 80 00:04:30,680 --> 00:04:34,800 Speaker 2: on Iran, immediately opening the straight of poor MOUs for 81 00:04:34,880 --> 00:04:38,919 Speaker 2: safe travel and safe passage of shipping interests. We're going 82 00:04:39,000 --> 00:04:40,760 Speaker 2: to have to see if that comes to pass or not. 83 00:04:40,920 --> 00:04:44,320 Speaker 2: I can tell you if it doesn't, the whipsaw back 84 00:04:44,480 --> 00:04:47,640 Speaker 2: higher for crude oil and back lower for stocks will 85 00:04:47,640 --> 00:04:50,880 Speaker 2: be upon us. But I will tell you we were 86 00:04:50,920 --> 00:04:52,560 Speaker 2: trying to figure out what they were going to hit 87 00:04:52,680 --> 00:04:55,520 Speaker 2: after today's action, because I can tell you there has 88 00:04:55,560 --> 00:05:00,560 Speaker 2: been some significant strikes done today in Iran importarticular in 89 00:05:00,600 --> 00:05:04,640 Speaker 2: the Iranians petrochemical sector in the par field. You probably 90 00:05:04,640 --> 00:05:06,360 Speaker 2: heard about that in last week or two. That's where 91 00:05:06,400 --> 00:05:10,080 Speaker 2: their big natural guess facility and fields are for Iran 92 00:05:10,160 --> 00:05:13,880 Speaker 2: that got hit. Carg Island got hit some more so, 93 00:05:14,240 --> 00:05:17,560 Speaker 2: and that's where Iran exports really all of its oil 94 00:05:17,680 --> 00:05:21,479 Speaker 2: from via that that island. So again, this is just 95 00:05:21,520 --> 00:05:24,120 Speaker 2: a stunning turn of events. Rank and the oil price. 96 00:05:25,240 --> 00:05:27,680 Speaker 2: I talked about this with you before. There was a 97 00:05:27,760 --> 00:05:30,720 Speaker 2: trapdoor under this market, under these prices, if there was 98 00:05:30,760 --> 00:05:32,680 Speaker 2: any kind of a deal that could be reached. Here 99 00:05:33,160 --> 00:05:37,240 Speaker 2: one apparently has for now, and that's where we're at. 100 00:05:37,960 --> 00:05:39,960 Speaker 1: See you tonight, read about it tomorrow, but here at 101 00:05:40,000 --> 00:05:41,800 Speaker 1: now in Motech on Money Live on the air with 102 00:05:41,839 --> 00:05:44,359 Speaker 1: prominent oil analyst John killed Up and again Capital and 103 00:05:44,680 --> 00:05:48,840 Speaker 1: CNBC contributor on the breaking news that the president has 104 00:05:48,839 --> 00:05:51,400 Speaker 1: agreed to suspend attacks on a run for two weeks, 105 00:05:51,440 --> 00:05:53,920 Speaker 1: subject to the immediate reopening of the Straight of Hormuz, 106 00:05:54,360 --> 00:05:58,159 Speaker 1: where a lot of oil flows through that waterway, pointing 107 00:05:58,200 --> 00:06:01,000 Speaker 1: to progress at a ten point proposal from Tehran. Earlier, 108 00:06:01,000 --> 00:06:04,679 Speaker 1: the President escalated his rhetoric torty ron threading to wipe 109 00:06:04,680 --> 00:06:08,159 Speaker 1: out the entirety of the country civilization if Iran did 110 00:06:08,160 --> 00:06:11,119 Speaker 1: not meet his demands by eight pm Eastern five pm 111 00:06:11,279 --> 00:06:15,120 Speaker 1: Pacific time. But in less than an hour or so, 112 00:06:15,320 --> 00:06:18,400 Speaker 1: the news came that the President has agreed to suspend 113 00:06:18,440 --> 00:06:22,160 Speaker 1: attacks on Iran for two weeks. We are seeing, as 114 00:06:22,200 --> 00:06:24,760 Speaker 1: you mentioned, John killed up, for a reaction in the 115 00:06:24,760 --> 00:06:29,320 Speaker 1: oil markets, price of oil coming down, the bitcoin moving higher. 116 00:06:29,560 --> 00:06:35,400 Speaker 1: We're seeing stock futures point higher. And let's see what else. Well. 117 00:06:35,520 --> 00:06:37,800 Speaker 1: The other big reaction we've seen the leading up to 118 00:06:37,839 --> 00:06:42,040 Speaker 1: all this, which people driving around southern California. Noticed most 119 00:06:42,040 --> 00:06:43,960 Speaker 1: prominently is that the price of diesel has hit a 120 00:06:44,040 --> 00:06:46,599 Speaker 1: record high today once again, and that's been the case 121 00:06:46,600 --> 00:06:48,120 Speaker 1: for the last couple of weeks now here in the 122 00:06:48,200 --> 00:06:51,200 Speaker 1: LA area of seven eighty five the average price now 123 00:06:51,400 --> 00:06:53,480 Speaker 1: for diesel here in the LA area, up six oh 124 00:06:53,520 --> 00:06:56,240 Speaker 1: five the average price for regular, and six forty three 125 00:06:56,279 --> 00:07:00,640 Speaker 1: the average price for premium. Given today's development, and what 126 00:07:00,680 --> 00:07:03,039 Speaker 1: do you see ahead for gas prices and all this, 127 00:07:04,200 --> 00:07:04,640 Speaker 1: that is. 128 00:07:04,600 --> 00:07:07,720 Speaker 2: Just a stunning price for diesel fuel out in California. Frank, 129 00:07:07,920 --> 00:07:11,960 Speaker 2: we're looking ats eye watering this, this pullback, and crude 130 00:07:11,960 --> 00:07:15,680 Speaker 2: oil could see two dollars to three dollars off that 131 00:07:15,960 --> 00:07:19,880 Speaker 2: per gallon price for diesel fuel somewhat quickly. We're not 132 00:07:19,960 --> 00:07:24,480 Speaker 2: out of the woods yet. We talked about the challenges 133 00:07:24,600 --> 00:07:27,880 Speaker 2: that the Saudi's Kuwaitis Iraqis are going to have and 134 00:07:28,240 --> 00:07:31,960 Speaker 2: in revving up and getting themselves back to this pre 135 00:07:32,200 --> 00:07:37,480 Speaker 2: war production situation. But this definitely helps, you know, I know. 136 00:07:37,520 --> 00:07:40,120 Speaker 2: There's another prominent oil an list out there keeps saying 137 00:07:40,320 --> 00:07:43,200 Speaker 2: that the futures markets don't are forward looking, but they 138 00:07:43,240 --> 00:07:47,160 Speaker 2: most certainly are, and by definition they are their futures markets, 139 00:07:47,320 --> 00:07:50,000 Speaker 2: and for this market to know and to realize that 140 00:07:50,080 --> 00:07:52,480 Speaker 2: the Strait is going to be opened if it comes 141 00:07:52,520 --> 00:07:55,560 Speaker 2: to pass, and for this market to know that the 142 00:07:56,040 --> 00:07:59,320 Speaker 2: supply squeeze that we've just been experiencing is going to 143 00:07:59,360 --> 00:08:03,640 Speaker 2: be relieved is a boom. And the price retreat that 144 00:08:03,680 --> 00:08:06,840 Speaker 2: you're seeing is sixteen percent retreat lower in oil prices 145 00:08:06,840 --> 00:08:11,320 Speaker 2: here in the US. All is completely justified because there 146 00:08:11,400 --> 00:08:18,720 Speaker 2: are a literal flotilla of filled laden VLCC, the supertankers 147 00:08:18,920 --> 00:08:21,760 Speaker 2: of oil that are ready to go transit through the 148 00:08:21,800 --> 00:08:24,640 Speaker 2: Strait and get out to the customers, mostly in Asia, 149 00:08:24,720 --> 00:08:27,160 Speaker 2: and that will relieve the pressure on US supplies and 150 00:08:27,320 --> 00:08:29,480 Speaker 2: US prices. Frank, this is huge. 151 00:08:30,560 --> 00:08:33,040 Speaker 1: Give us a picture, a painted picture for us of 152 00:08:33,040 --> 00:08:37,000 Speaker 1: what's happening there approaching the Strait of Horror. Moesa. You 153 00:08:37,040 --> 00:08:40,680 Speaker 1: mentioned that flotilla. Of course, during the pandemic days, people 154 00:08:40,840 --> 00:08:44,360 Speaker 1: remember seeing the tremendous backup of freighters off the coast 155 00:08:44,360 --> 00:08:48,520 Speaker 1: of Los Angeles and Long Beach when we had dealing 156 00:08:48,559 --> 00:08:52,120 Speaker 1: with the pandemic days. Any count of how many tankers 157 00:08:52,160 --> 00:08:55,320 Speaker 1: are waiting to go through there, and what's that going 158 00:08:55,320 --> 00:08:55,720 Speaker 1: to look like? 159 00:08:57,520 --> 00:09:00,240 Speaker 2: It will look like a It looked like the wall 160 00:09:00,280 --> 00:09:04,439 Speaker 2: ships are come to town out there, administrat at Hormuz. 161 00:09:04,880 --> 00:09:08,720 Speaker 2: There's literally twenty to thirty million barrels of crude oil 162 00:09:08,760 --> 00:09:13,640 Speaker 2: waiting to be liberated from this siege, and we do 163 00:09:13,760 --> 00:09:17,000 Speaker 2: expect that to be happening right away. I will tell 164 00:09:17,000 --> 00:09:20,760 Speaker 2: you this, Frank, though. The other unanticipated bonus here, to 165 00:09:20,800 --> 00:09:23,679 Speaker 2: the extent that President Trump works something out with the Iranians, 166 00:09:23,880 --> 00:09:27,960 Speaker 2: is that Iranian oil will now flow freely into the 167 00:09:27,960 --> 00:09:31,120 Speaker 2: market out to the Strait and also too of the Chinese, 168 00:09:31,160 --> 00:09:34,840 Speaker 2: who have been holding for years now oil from Iran 169 00:09:34,920 --> 00:09:38,000 Speaker 2: that's been sanctioned in what we call bonded storage, sort 170 00:09:38,040 --> 00:09:40,640 Speaker 2: of a sort of a limbo of supply will be 171 00:09:40,720 --> 00:09:43,880 Speaker 2: released as well. So we're going we potentially have a 172 00:09:43,920 --> 00:09:46,599 Speaker 2: real silver bullet here in the making in terms of 173 00:09:47,320 --> 00:09:51,080 Speaker 2: a relief valve in terms of additional supply on the 174 00:09:51,120 --> 00:09:54,760 Speaker 2: market readily available to global refiners. And again, particularly the 175 00:09:54,760 --> 00:09:56,959 Speaker 2: ones out in Asia, because I'll tell you, Frank, that 176 00:09:57,360 --> 00:10:02,360 Speaker 2: it was starting to bite. You were hearing about shortages, rationing. 177 00:10:03,440 --> 00:10:06,680 Speaker 2: Various measures being taken out in Asia and Japan in 178 00:10:06,720 --> 00:10:08,480 Speaker 2: particular lead in the way, but some of the lesser 179 00:10:08,520 --> 00:10:11,800 Speaker 2: countries in terms of trying to deal with this acute 180 00:10:11,840 --> 00:10:16,800 Speaker 2: shortage of supplies, because again that's twenty percent of global 181 00:10:16,800 --> 00:10:18,959 Speaker 2: oil supplies that you hear about passing through the Strait. 182 00:10:19,320 --> 00:10:21,520 Speaker 2: Most of it goes to Asia, and they have already 183 00:10:21,520 --> 00:10:24,840 Speaker 2: been suffering, and they've been paying prices way higher. I know, 184 00:10:24,960 --> 00:10:28,000 Speaker 2: eight dollars for nearly eight dollars for diesel fuel in 185 00:10:28,000 --> 00:10:32,120 Speaker 2: California's high they're paying twelve to fifteen dollars a gallon 186 00:10:32,200 --> 00:10:34,600 Speaker 2: for it out that way. And then add on the 187 00:10:34,640 --> 00:10:38,240 Speaker 2: currency translation, with the surge we've been seeing in the dollar, 188 00:10:38,280 --> 00:10:41,520 Speaker 2: it's a one to two punch for them. So if 189 00:10:41,520 --> 00:10:45,240 Speaker 2: this holds, Frank, this will be the end very quickly 190 00:10:45,559 --> 00:10:47,920 Speaker 2: of this high price energy siege. 191 00:10:48,960 --> 00:10:53,200 Speaker 1: Any assessment of damage as missiles have been flying throughout 192 00:10:53,200 --> 00:10:57,120 Speaker 1: the region hitting various facilities. You noted some of them already, 193 00:10:57,120 --> 00:11:00,319 Speaker 1: but today at the US taking aim at a runs 194 00:11:00,360 --> 00:11:04,280 Speaker 1: Corg Island, which when the Iraq Iran War was going on, 195 00:11:04,480 --> 00:11:07,920 Speaker 1: we used to hear all about carg Island getting hit periodically. 196 00:11:07,920 --> 00:11:11,920 Speaker 1: But any any damage assessment there and any other important 197 00:11:11,960 --> 00:11:14,400 Speaker 1: installations that have been hit in all this that could 198 00:11:14,440 --> 00:11:19,480 Speaker 1: potentially elevate the price of oil from where it's been well. 199 00:11:19,480 --> 00:11:21,920 Speaker 2: We will have to see what the damage assessment is 200 00:11:21,960 --> 00:11:25,520 Speaker 2: really in the whole region. Certainly the UAE was particularly 201 00:11:25,559 --> 00:11:29,800 Speaker 2: hard hit. Global liquefied natural gas supplies are going to 202 00:11:29,800 --> 00:11:31,880 Speaker 2: take some time to rebound. This could be a real 203 00:11:31,920 --> 00:11:35,960 Speaker 2: problem again for Europe and the upcoming winter if some 204 00:11:36,040 --> 00:11:40,360 Speaker 2: of that can't be rectified. There has been strikes across 205 00:11:40,400 --> 00:11:44,280 Speaker 2: the region by Iran. It's just been a tinderbox and 206 00:11:44,520 --> 00:11:48,520 Speaker 2: spectacular pictures. Frank, I do not think we will not 207 00:11:48,600 --> 00:11:51,160 Speaker 2: be getting back to the full output that we saw 208 00:11:51,200 --> 00:11:54,840 Speaker 2: before the war for months, maybe not until the end 209 00:11:54,840 --> 00:11:58,160 Speaker 2: of the year. So that surplus, that glut we have 210 00:11:58,240 --> 00:12:01,480 Speaker 2: been talking about going into the beginning this year, that's 211 00:12:01,640 --> 00:12:05,000 Speaker 2: that remains off the table. And I don't see prices 212 00:12:05,000 --> 00:12:09,160 Speaker 2: getting back down much below really eighty five dollars a 213 00:12:09,160 --> 00:12:12,920 Speaker 2: barrel anytime soon. We've had a remarkable pullback right now 214 00:12:12,960 --> 00:12:15,960 Speaker 2: and overnight trading getting back down to ninety four. To 215 00:12:16,000 --> 00:12:18,679 Speaker 2: the extent we can assess and see, you know, how 216 00:12:19,760 --> 00:12:23,880 Speaker 2: durable and how much damage truly has been done to 217 00:12:23,960 --> 00:12:27,280 Speaker 2: the Saudi infrastructure, to the Kuwaid infrastructure and the others 218 00:12:27,720 --> 00:12:31,560 Speaker 2: in the region, we won't know, but that's all this 219 00:12:31,640 --> 00:12:34,560 Speaker 2: market can give right now on sort of on a 220 00:12:34,600 --> 00:12:36,800 Speaker 2: headline like this, But as we dig into it and 221 00:12:36,880 --> 00:12:39,800 Speaker 2: we can see those supplies back on the market, that 222 00:12:39,800 --> 00:12:43,640 Speaker 2: that price should continue to head lower rather quickly. But 223 00:12:43,679 --> 00:12:45,640 Speaker 2: there's going to be a sticking point. We are going 224 00:12:45,679 --> 00:12:49,480 Speaker 2: to end up being higher for a while, good up 225 00:12:49,520 --> 00:12:51,840 Speaker 2: to a year before we can get back to the 226 00:12:51,840 --> 00:12:54,560 Speaker 2: gluck situation that we were in that was, you know, 227 00:12:54,640 --> 00:12:58,199 Speaker 2: bringing sub two dollars a gallon gasoline to many places 228 00:12:58,200 --> 00:12:59,160 Speaker 2: here in the United States. 229 00:13:00,080 --> 00:13:02,040 Speaker 1: On their Live with Oil analyst John killed up and 230 00:13:02,120 --> 00:13:05,760 Speaker 1: again Capital and CNBC contributor recapping the top story, President 231 00:13:05,800 --> 00:13:08,880 Speaker 1: trum mcgreen to suspend attacks on Iran for two week, 232 00:13:08,960 --> 00:13:12,480 Speaker 1: subject to the immediate reopening of the Strait of Horror moves. Earlier, 233 00:13:12,480 --> 00:13:16,000 Speaker 1: the President had threatened to wipe out the entirety of 234 00:13:16,040 --> 00:13:20,040 Speaker 1: Iran civilization if Iran did not meet his demands by tonight. 235 00:13:20,640 --> 00:13:23,480 Speaker 1: And if you have your computer screen up there, John, 236 00:13:23,640 --> 00:13:26,640 Speaker 1: give us the latest on the oil prices as they've 237 00:13:27,160 --> 00:13:29,880 Speaker 1: as they've come down since this announcement came through. 238 00:13:31,120 --> 00:13:34,040 Speaker 2: Yes, Frank, right now, we're literally training at ninety four 239 00:13:34,120 --> 00:13:37,520 Speaker 2: dollars sixty five cents a barrel that's down eighteen dollars 240 00:13:37,840 --> 00:13:41,600 Speaker 2: from today's settlement. We're sixteen percent. Keep in mind these 241 00:13:41,600 --> 00:13:44,000 Speaker 2: same prices were as high as one hundred and fifteen 242 00:13:44,120 --> 00:13:49,120 Speaker 2: dollars a barrow earlier today, and we are now heading 243 00:13:49,440 --> 00:13:52,240 Speaker 2: now we're below ninety five. So this is just an 244 00:13:52,240 --> 00:13:56,800 Speaker 2: incredible pullback, an incredible, like I said, violent reaction to 245 00:13:57,559 --> 00:14:02,560 Speaker 2: this significant breaking new particularly and there'll be another leg 246 00:14:02,600 --> 00:14:05,120 Speaker 2: lower here, Frank, we will be back below ninety dollars 247 00:14:05,160 --> 00:14:07,880 Speaker 2: a barrow. If there's any word from the Iranians officially 248 00:14:07,920 --> 00:14:11,160 Speaker 2: that they agree to open the strait, you'll see that immediately. 249 00:14:11,400 --> 00:14:13,319 Speaker 2: I could see S and P. Five hundred futures go 250 00:14:13,440 --> 00:14:16,520 Speaker 2: limit up if the Iranians say that they're opening the 251 00:14:16,559 --> 00:14:20,240 Speaker 2: straight here for this two week period, because it's going 252 00:14:20,320 --> 00:14:24,680 Speaker 2: to pretend a greater and more durable cease fire. If 253 00:14:24,720 --> 00:14:28,120 Speaker 2: not the settlement of this whole thing, you know very quickly. 254 00:14:28,520 --> 00:14:31,480 Speaker 2: So it's been an amazing job. I have to say. 255 00:14:31,760 --> 00:14:33,960 Speaker 2: You were asking about Carg Island a moment ago, but 256 00:14:34,120 --> 00:14:39,000 Speaker 2: once again, the US military strikes on Carg were surgical. 257 00:14:39,720 --> 00:14:42,120 Speaker 2: Best we could tell from some of the imagery and 258 00:14:42,200 --> 00:14:45,680 Speaker 2: other reports, we were getting none of the oil infrastructure 259 00:14:45,720 --> 00:14:48,640 Speaker 2: on carg was impacted by these strengths. It was all 260 00:14:48,680 --> 00:14:53,120 Speaker 2: military based, all military driven. That will mean that will 261 00:14:53,160 --> 00:14:56,280 Speaker 2: mean Iraq Iran itself, excuse me, We'll be able to 262 00:14:56,400 --> 00:14:58,640 Speaker 2: export you know, one and a half to two million 263 00:14:58,640 --> 00:15:02,040 Speaker 2: barrels a day almost immediately, with the other countries in 264 00:15:02,080 --> 00:15:05,360 Speaker 2: the region also ramping up here. So this is a 265 00:15:05,440 --> 00:15:10,240 Speaker 2: huge relief on supply, and that's why you're seeing WTI 266 00:15:10,360 --> 00:15:14,000 Speaker 2: oil prices back below ninety five dollars a barrel after 267 00:15:14,040 --> 00:15:17,680 Speaker 2: approaching like I said, one seventeen, one twenty at points 268 00:15:17,720 --> 00:15:19,920 Speaker 2: in time overnight last night into today. 269 00:15:20,920 --> 00:15:23,960 Speaker 1: All right, so we've touched on what this means to consumers, 270 00:15:23,960 --> 00:15:27,560 Speaker 1: hopefully at lower prices at some point, especially diesel, which 271 00:15:27,600 --> 00:15:29,280 Speaker 1: is at a record high at the moment in Los 272 00:15:29,280 --> 00:15:33,760 Speaker 1: Angeles seven eighty five. From an investment standpoint, obviously, still 273 00:15:33,840 --> 00:15:36,520 Speaker 1: a lot of wild cards here and this this two 274 00:15:36,600 --> 00:15:41,200 Speaker 1: week suspension on attacks on Iran just being announced, and 275 00:15:41,360 --> 00:15:43,040 Speaker 1: whether it holds and how this is all going to 276 00:15:43,040 --> 00:15:45,680 Speaker 1: play out remains we've seen. But from an investment standpoint, 277 00:15:46,000 --> 00:15:48,280 Speaker 1: give us your thoughts, well, Frank, this. 278 00:15:48,280 --> 00:15:50,600 Speaker 2: Is amazing for the US economy. You know, I was 279 00:15:50,600 --> 00:15:53,360 Speaker 2: getting quite concerned if this is going to really impact GDP, 280 00:15:53,680 --> 00:15:56,640 Speaker 2: potentially tip us into a recession. Whenever we've had a 281 00:15:56,680 --> 00:15:59,120 Speaker 2: recession over the decades here, you know, a spike and 282 00:15:59,160 --> 00:16:01,480 Speaker 2: oil prices to the site has been a part of it. 283 00:16:01,520 --> 00:16:03,440 Speaker 2: There's been other factors, but that's certainly been a part 284 00:16:03,480 --> 00:16:06,920 Speaker 2: of it. The airlines have been struggling, the truckers have 285 00:16:07,000 --> 00:16:09,720 Speaker 2: been struggling with this. You were going to start to 286 00:16:09,760 --> 00:16:12,960 Speaker 2: see higher prices at the grocery store almost immediately, especially 287 00:16:13,040 --> 00:16:15,960 Speaker 2: in the produce section. The consumer spending in the US 288 00:16:16,040 --> 00:16:18,880 Speaker 2: is two thirds of the economy, so nobody really could 289 00:16:18,920 --> 00:16:23,560 Speaker 2: be affording this sudden tax height effectively where you know, 290 00:16:23,640 --> 00:16:26,360 Speaker 2: dollars are being directed into the gas tank. So the 291 00:16:26,440 --> 00:16:31,320 Speaker 2: overall stock market is rallying now on this news. Everything 292 00:16:31,440 --> 00:16:34,560 Speaker 2: is going to be brought up. This is really going 293 00:16:34,600 --> 00:16:39,000 Speaker 2: to rescue the transport sector, the airlines. The oil companies 294 00:16:39,080 --> 00:16:41,920 Speaker 2: certainly will take a hit to a degree, especially the 295 00:16:41,920 --> 00:16:45,360 Speaker 2: ones that you know there are purely exploration and production 296 00:16:45,680 --> 00:16:47,840 Speaker 2: obviously taking oil out of the ground. But I will 297 00:16:47,840 --> 00:16:50,280 Speaker 2: tell you this is good for the petrochemical sector of 298 00:16:50,280 --> 00:16:53,080 Speaker 2: the petroleum complex, and this is also good for the 299 00:16:53,200 --> 00:16:56,680 Speaker 2: refining sector. They do better when oil prices are lower 300 00:16:56,800 --> 00:17:00,200 Speaker 2: or going down, and they because they can maintain for 301 00:17:00,680 --> 00:17:04,480 Speaker 2: a little while anyway, these higher refined product prices. So 302 00:17:05,280 --> 00:17:08,960 Speaker 2: overall this is a tremendous boon, you know, again for 303 00:17:09,040 --> 00:17:11,679 Speaker 2: the stock market, for the economy. And I'll tell you 304 00:17:11,760 --> 00:17:15,359 Speaker 2: we were reaching the breaking point here, Frank, So I 305 00:17:15,400 --> 00:17:21,199 Speaker 2: think that this is just just in time result a 306 00:17:21,240 --> 00:17:25,440 Speaker 2: good one for again for investors and for the stock market. 307 00:17:25,480 --> 00:17:29,040 Speaker 1: Rit large prominent oil analyst John killed up at a 308 00:17:29,040 --> 00:17:33,200 Speaker 1: gun Capital and CNBC contributor, longtime contributor to this program. John, 309 00:17:33,240 --> 00:17:36,640 Speaker 1: thank you very very much for taking the call on 310 00:17:36,640 --> 00:17:38,840 Speaker 1: one of the biggest days ever in the oil business. 311 00:17:39,040 --> 00:17:41,120 Speaker 1: Appreciate it so very much, and we'll keep an open 312 00:17:41,119 --> 00:17:43,480 Speaker 1: line to you and follow this closely with you. Thank 313 00:17:43,520 --> 00:17:45,720 Speaker 1: you again very very much for joining us here today. 314 00:17:46,359 --> 00:17:48,800 Speaker 2: My pleasure, Frank, thank you, thank you very much. 315 00:17:48,840 --> 00:17:52,240 Speaker 1: Seven ninety KBC MO Attack of Money continues seven ninety 316 00:17:52,320 --> 00:17:56,680 Speaker 1: KABC The Breaking News. President Trump agreen to suspend attacks 317 00:17:56,680 --> 00:17:59,639 Speaker 1: on Iran for two weeks, subject to the immediate reopening 318 00:18:00,080 --> 00:18:03,320 Speaker 1: of the trade of horror Mooz. Earlier, the President had 319 00:18:03,480 --> 00:18:06,240 Speaker 1: escalated his rhetoric towarity ron threading to wipe out the 320 00:18:06,400 --> 00:18:09,320 Speaker 1: entirety of Iran civilization if Iran did not meet his 321 00:18:09,400 --> 00:18:14,120 Speaker 1: demands by tonight. We did see the announcement a little 322 00:18:14,119 --> 00:18:18,240 Speaker 1: while ago that that looks like there's a two week 323 00:18:18,560 --> 00:18:23,280 Speaker 1: suspension of the attacks on Iran. Major averages trimmed losses. 324 00:18:23,480 --> 00:18:26,800 Speaker 1: Already late in the afternoon, after the Pakistani Prime Minister 325 00:18:26,960 --> 00:18:29,720 Speaker 1: urged a two week extension to the president's self imposed 326 00:18:29,760 --> 00:18:33,040 Speaker 1: eight pm Eastern time deadline for Iran to reopen the 327 00:18:33,560 --> 00:18:36,359 Speaker 1: trade of horror moos, the critical choke point for shipping 328 00:18:36,359 --> 00:18:39,720 Speaker 1: and tanker traffic in the Persian Gulf. We did see 329 00:18:39,960 --> 00:18:42,280 Speaker 1: the stock market end of the day mixed and well 330 00:18:42,280 --> 00:18:44,480 Speaker 1: off the loads of the day. The Dow down eighty 331 00:18:44,520 --> 00:18:47,200 Speaker 1: five points at the close today, the SMP five hundred, 332 00:18:47,280 --> 00:18:50,560 Speaker 1: up five the NASDAC of twenty one, and stock futures 333 00:18:50,600 --> 00:18:55,040 Speaker 1: are popping by about three hundred SMP stock futures higher 334 00:18:55,119 --> 00:18:57,600 Speaker 1: here in after hours trading and reactions to the breaking 335 00:18:57,680 --> 00:19:00,600 Speaker 1: news we got just in the last hour or so. 336 00:19:00,640 --> 00:19:03,160 Speaker 1: The price of oil, meanwhile, is pulled back below ninety 337 00:19:03,200 --> 00:19:06,240 Speaker 1: five dollars a barrel after moving well above one hundred earlier. 338 00:19:06,240 --> 00:19:09,520 Speaker 1: As we just heard from prominent oil industry analyst John Kilduff, 339 00:19:09,560 --> 00:19:11,760 Speaker 1: the price of gold is getting a pop of more 340 00:19:11,760 --> 00:19:14,119 Speaker 1: than one hundred dollars now back to forty seven hundred 341 00:19:14,480 --> 00:19:19,000 Speaker 1: ninety one end change. Crypto's too rallying right now a 342 00:19:19,000 --> 00:19:21,920 Speaker 1: bit going up about two thousand just shy seventy one 343 00:19:22,000 --> 00:19:25,720 Speaker 1: thousand eighth ethereum just below twenty two hundred and doze 344 00:19:25,760 --> 00:19:30,439 Speaker 1: at the moment at nine cents. Talk about the latest 345 00:19:30,560 --> 00:19:36,160 Speaker 1: military moves in the Persian Gulf today, Colonel Health comfortably 346 00:19:36,240 --> 00:19:39,119 Speaker 1: with US retired US Marine Corps Lieutenant colonel will be 347 00:19:39,160 --> 00:19:42,520 Speaker 1: giving us his assessment on the military action today. The 348 00:19:42,640 --> 00:19:45,560 Speaker 1: US conducted more than fifty strikes some military targets on 349 00:19:45,600 --> 00:19:51,440 Speaker 1: Iran's carg Island earlier today and other military action we're following, 350 00:19:51,600 --> 00:19:54,320 Speaker 1: and Colonel Keemfor will be joining us live coming up 351 00:19:54,320 --> 00:19:56,040 Speaker 1: with the next half hour to talk about that. 352 00:19:56,840 --> 00:19:57,000 Speaker 3: Well. 353 00:19:57,040 --> 00:20:00,359 Speaker 1: That partial government shutdown continues. The Department of Homelands Security 354 00:20:00,400 --> 00:20:02,399 Speaker 1: has been shut down more than fifty days now, and 355 00:20:02,480 --> 00:20:05,600 Speaker 1: yet the end still seems to be days away. Congressional 356 00:20:05,640 --> 00:20:08,120 Speaker 1: leaders announced the recently that had come up with a deal. 357 00:20:08,280 --> 00:20:10,640 Speaker 1: The shutdown may not end until Congress comes back from 358 00:20:10,680 --> 00:20:14,560 Speaker 1: a scheduled two week recess on April fourteenth. The meantime, 359 00:20:14,640 --> 00:20:18,000 Speaker 1: the tax filing deadline is coming up on April fifteenth, 360 00:20:18,040 --> 00:20:21,840 Speaker 1: April marketing the home stretch for taxpayers filing their taxes 361 00:20:21,840 --> 00:20:24,479 Speaker 1: ahead of the April fifteenth deadline, and now many are 362 00:20:24,480 --> 00:20:28,160 Speaker 1: seeing first hand out tax policy is impacting their bottom line. 363 00:20:28,240 --> 00:20:30,520 Speaker 1: Keeping track of all of this, and with a ringside 364 00:20:30,520 --> 00:20:33,439 Speaker 1: seat in Washington, Grover Norquiz joins US live now, the 365 00:20:33,480 --> 00:20:37,000 Speaker 1: President of Americans for Tax Reform. Grover, thank you very 366 00:20:37,080 --> 00:20:39,520 Speaker 1: much for taking the call here today. 367 00:20:40,040 --> 00:20:41,639 Speaker 2: Oh, absolutely good to be with you. 368 00:20:42,600 --> 00:20:45,600 Speaker 1: Likewise, and of course we'll be following the Iron story 369 00:20:45,840 --> 00:20:49,040 Speaker 1: closely as we did with our guest John killed up 370 00:20:49,040 --> 00:20:53,040 Speaker 1: a few moments ago, and Colonel hal Kemper retired to 371 00:20:53,160 --> 00:20:55,880 Speaker 1: Marine Corps. Lieutenant colonel will be joining us here very 372 00:20:55,960 --> 00:20:58,639 Speaker 1: very shortly. I'm sure everyone in Washington has been riveted 373 00:20:58,920 --> 00:21:01,919 Speaker 1: to that breaking news that there's going to be a 374 00:21:01,960 --> 00:21:06,280 Speaker 1: two week extension now to possible attacks by the US 375 00:21:07,560 --> 00:21:10,440 Speaker 1: after a President Trump had threatened to wipe out Irans 376 00:21:10,480 --> 00:21:13,840 Speaker 1: of civilization if it had not agreed to his demands 377 00:21:14,680 --> 00:21:17,879 Speaker 1: by tonight. But the announcement the last hour or so 378 00:21:18,040 --> 00:21:20,119 Speaker 1: is that the President has agreed to suspend attacks on 379 00:21:20,160 --> 00:21:23,119 Speaker 1: Iran for two weeks, subject to the immediate reopening of 380 00:21:23,119 --> 00:21:25,879 Speaker 1: the straight or four moves. Any initial reaction you're picking 381 00:21:25,920 --> 00:21:28,160 Speaker 1: up there in Washington that big news as well. 382 00:21:30,119 --> 00:21:36,520 Speaker 3: No, nothing particularly knew what assumed that this was to 383 00:21:36,520 --> 00:21:39,760 Speaker 3: get the negotiations going, and perhaps perhaps it did. 384 00:21:40,320 --> 00:21:44,399 Speaker 1: Yeah, all right, let's get back to the news at 385 00:21:44,400 --> 00:21:49,160 Speaker 1: hand here, with the partial government shutdown continuing, any movement there? 386 00:21:49,160 --> 00:21:51,600 Speaker 1: Does it look like April fourteenth is the day when 387 00:21:51,760 --> 00:21:55,680 Speaker 1: Congress returns and finally things will be Will they finally 388 00:21:55,720 --> 00:21:56,240 Speaker 1: vote on that? 389 00:21:57,280 --> 00:21:57,480 Speaker 2: Yeah? 390 00:21:57,520 --> 00:22:01,320 Speaker 3: I think we're going to see a reckonfiliation package which 391 00:22:01,400 --> 00:22:04,080 Speaker 3: can pass with a simple majority in the House and 392 00:22:04,119 --> 00:22:11,640 Speaker 3: a simple majority in the Senate, and that will fund 393 00:22:12,800 --> 00:22:15,920 Speaker 3: the homeland security and that'll be about it. And then 394 00:22:15,920 --> 00:22:20,160 Speaker 3: there should be two more pieces of legislation between now 395 00:22:20,160 --> 00:22:25,639 Speaker 3: and the end of the year, and that is probably 396 00:22:25,640 --> 00:22:28,720 Speaker 3: funding on some of the stuff about rebuilding some of 397 00:22:28,920 --> 00:22:30,159 Speaker 3: Erica's defense. 398 00:22:33,119 --> 00:22:34,880 Speaker 2: Weaponry that got used. 399 00:22:34,720 --> 00:22:39,159 Speaker 3: Up so far, but nothing big. And I'm just not 400 00:22:39,280 --> 00:22:41,440 Speaker 3: seeing a chance for much in the way of tax 401 00:22:41,480 --> 00:22:48,080 Speaker 3: reduction between now and November or now in January, except 402 00:22:48,280 --> 00:22:52,320 Speaker 3: for what the president could do through a rulemaking and 403 00:22:52,440 --> 00:22:57,440 Speaker 3: Treasury to end the taxation of inflation. When you tax 404 00:22:57,520 --> 00:23:00,639 Speaker 3: capital gains, that you would be inflation aims would not 405 00:23:00,680 --> 00:23:03,400 Speaker 3: be taxed. That's something that could be done by executive 406 00:23:03,520 --> 00:23:07,159 Speaker 3: order to president by rulemaking. The President has said so 407 00:23:07,280 --> 00:23:10,040 Speaker 3: publicly that he sees that he has that ability, as 408 00:23:10,080 --> 00:23:14,280 Speaker 3: does the Treasury Secretary, as do the lawyers that we've 409 00:23:14,960 --> 00:23:18,200 Speaker 3: worked with over the last twenty years. So that would 410 00:23:18,240 --> 00:23:21,040 Speaker 3: be the one big thing that could happen on tax 411 00:23:21,119 --> 00:23:24,280 Speaker 3: policy at the federal level. At the state level, lots 412 00:23:24,280 --> 00:23:28,800 Speaker 3: of great stuff. People are busy reducing taxes at the 413 00:23:28,840 --> 00:23:32,360 Speaker 3: state level. Red states are all cutting taxes. No red 414 00:23:32,400 --> 00:23:36,720 Speaker 3: states raising taxes. Blue states, unfortunately, are moving in the 415 00:23:36,800 --> 00:23:42,600 Speaker 3: run direction and threatening higher taxes on people's lifetime earnings. 416 00:23:42,600 --> 00:23:46,639 Speaker 3: In California, you've seen the numbers that Hoover out the 417 00:23:46,720 --> 00:23:51,800 Speaker 3: Hoover Institution, where thirty percent of the money that they 418 00:23:51,800 --> 00:23:56,359 Speaker 3: were hoping of the wealth that some of the unions 419 00:23:56,400 --> 00:24:00,560 Speaker 3: were hoping to grab and confiscate his OAR moved out 420 00:24:00,560 --> 00:24:04,280 Speaker 3: of the state. So if they do pass the bill, 421 00:24:05,400 --> 00:24:08,679 Speaker 3: it may end up losing money for the state, not 422 00:24:08,800 --> 00:24:09,520 Speaker 3: gaining it. 423 00:24:10,400 --> 00:24:12,480 Speaker 1: Right, And we're waiting to see if this so called 424 00:24:12,520 --> 00:24:15,760 Speaker 1: billionaire's tax ends up on the ballots or not so 425 00:24:16,560 --> 00:24:19,480 Speaker 1: nervous time. In the meantime, as you mentioned, the billionaires 426 00:24:19,520 --> 00:24:22,600 Speaker 1: are strategically moving out of California to Texas, Florida and 427 00:24:22,640 --> 00:24:25,760 Speaker 1: other states where they're not going to be burdened with 428 00:24:25,840 --> 00:24:32,240 Speaker 1: this confiscatory tax. That's the word that the best describes it. Right, 429 00:24:32,640 --> 00:24:34,720 Speaker 1: go over door quizta. If something like this would happen, 430 00:24:34,960 --> 00:24:38,360 Speaker 1: wealth basically being confiscated here in California. 431 00:24:38,720 --> 00:24:41,320 Speaker 3: Well yes, and we've seen what happened when this was 432 00:24:41,320 --> 00:24:44,840 Speaker 3: done in Europe. There were twelve states that passed a 433 00:24:44,920 --> 00:24:48,160 Speaker 3: wealth tax. Now they are only four because the eight 434 00:24:48,280 --> 00:24:50,800 Speaker 3: looked at it and said, this is just hemorrhaging talent 435 00:24:51,119 --> 00:24:55,240 Speaker 3: and resources, and nobody wants to move a successful business 436 00:24:55,640 --> 00:25:00,760 Speaker 3: into a place where they confiscate your wealth. The damage 437 00:25:00,800 --> 00:25:05,879 Speaker 3: to California is not simply the people who leave. It 438 00:25:05,960 --> 00:25:11,600 Speaker 3: is all of the twenty five year olds in Ohio 439 00:25:12,000 --> 00:25:15,959 Speaker 3: and Wisconsin who twenty years ago, when they had a 440 00:25:16,000 --> 00:25:17,560 Speaker 3: billion dollar idea. 441 00:25:17,240 --> 00:25:18,400 Speaker 2: Of burning. 442 00:25:20,640 --> 00:25:24,440 Speaker 3: In their hands, they said I want to they would 443 00:25:24,440 --> 00:25:27,480 Speaker 3: go to San Francisco to make it a reality and 444 00:25:27,640 --> 00:25:31,360 Speaker 3: to create that wealth and hire people and start a 445 00:25:31,480 --> 00:25:36,359 Speaker 3: startup in California now the one place, the last place 446 00:25:36,760 --> 00:25:38,879 Speaker 3: that someone who thinks you can make a billion dollars 447 00:25:38,880 --> 00:25:41,440 Speaker 3: with a great idea. You wouldn't want to be caught 448 00:25:41,440 --> 00:25:45,840 Speaker 3: in California if you'd invented something worthwhile, because they steal 449 00:25:45,880 --> 00:25:49,040 Speaker 3: some of it. So the damage is not just the 450 00:25:49,119 --> 00:25:52,720 Speaker 3: people leaving, it's the people who don't move there. 451 00:25:52,760 --> 00:25:57,040 Speaker 1: Now, that is another big story. You're absolutely right. So 452 00:25:57,119 --> 00:26:02,480 Speaker 1: the April fifteenth of filing deadline is approaching. What's different 453 00:26:02,520 --> 00:26:04,960 Speaker 1: this time around for those that have not yet put 454 00:26:05,000 --> 00:26:08,600 Speaker 1: those papers together and gotten to the office there with 455 00:26:08,640 --> 00:26:12,119 Speaker 1: the account. What's the most important thing people should know 456 00:26:12,240 --> 00:26:15,160 Speaker 1: as they prepare their taxes here ahead of the April 457 00:26:15,200 --> 00:26:17,120 Speaker 1: fifteenth deadlight, the. 458 00:26:17,119 --> 00:26:20,480 Speaker 3: IRS has pointed out that there are a lot more 459 00:26:20,920 --> 00:26:25,080 Speaker 3: refunds coming than usual. People did not understand the size 460 00:26:25,119 --> 00:26:28,520 Speaker 3: and scope of the big beautiful bill. There are a 461 00:26:28,600 --> 00:26:34,240 Speaker 3: lot more tax reductions, and they started at the beginning 462 00:26:34,280 --> 00:26:37,480 Speaker 3: of last year January, a year ago. A lot of 463 00:26:37,480 --> 00:26:41,320 Speaker 3: people might have assumed because usually if they don't pass 464 00:26:41,359 --> 00:26:45,840 Speaker 3: the tax bill until July, it doesn't take effect until July. 465 00:26:46,320 --> 00:26:48,600 Speaker 3: But one of the things the Republicans wanted everybody to 466 00:26:48,720 --> 00:26:53,600 Speaker 3: understand is we are going to reduce taxes and we're 467 00:26:53,600 --> 00:26:58,359 Speaker 3: going to cut taxes on people who invest. So don't 468 00:26:58,400 --> 00:27:04,440 Speaker 3: wait to in asked until the bill passes. Any investment 469 00:27:04,520 --> 00:27:09,440 Speaker 3: you make, any expensing that you that you do in 470 00:27:09,480 --> 00:27:14,280 Speaker 3: the first months of the Trumps for a second term 471 00:27:14,920 --> 00:27:20,439 Speaker 3: will be fully expensed. And that not everybody understood that. 472 00:27:20,520 --> 00:27:25,120 Speaker 3: So there's a lot of people withhold withheld more than 473 00:27:25,119 --> 00:27:27,719 Speaker 3: they needed to or allowed the government to withhold more 474 00:27:27,760 --> 00:27:31,280 Speaker 3: than they needed to. And we're told that the amount 475 00:27:31,400 --> 00:27:34,920 Speaker 3: and size I mean hundreds of billions of dollars will 476 00:27:34,960 --> 00:27:38,080 Speaker 3: be flowing out to taxpayers and refunds that weren't expected. 477 00:27:38,600 --> 00:27:40,000 Speaker 3: So that's that will be cheerful. 478 00:27:40,480 --> 00:27:42,520 Speaker 2: Let's remember all those tariffs. 479 00:27:42,080 --> 00:27:45,239 Speaker 3: That were imposed and the Supreme Court pointed out they 480 00:27:45,240 --> 00:27:48,359 Speaker 3: were not properly imposed. That that's about two hundred and 481 00:27:48,400 --> 00:27:51,080 Speaker 3: fifty billion dollars flowing into the to the American people 482 00:27:51,119 --> 00:27:51,520 Speaker 3: as well. 483 00:27:52,560 --> 00:27:57,560 Speaker 1: Anything else that we should know, people with kids or businesses. 484 00:27:57,720 --> 00:28:00,720 Speaker 1: We've had the National Federation of Independent Business Guy on 485 00:28:00,760 --> 00:28:06,280 Speaker 1: the show recently reminding us about a terrific tanks benefit 486 00:28:06,320 --> 00:28:11,080 Speaker 1: for small business this time around. Anything else that people should. 487 00:28:10,840 --> 00:28:16,639 Speaker 3: Know, well, starting I think in June of this year. 488 00:28:17,520 --> 00:28:22,080 Speaker 3: Now you can set up your Trump accounts, Trump accounts, 489 00:28:22,520 --> 00:28:26,320 Speaker 3: Trump account or Trump accounts dot org Trump accounts dot 490 00:28:26,400 --> 00:28:29,320 Speaker 3: org and you can put up the five thousand dollars 491 00:28:29,320 --> 00:28:33,000 Speaker 3: for every child under the age of eighteen into that account. 492 00:28:33,600 --> 00:28:36,000 Speaker 3: If the child is born last year, this year, in 493 00:28:36,040 --> 00:28:38,880 Speaker 3: the next two years and he would get he or 494 00:28:38,920 --> 00:28:44,720 Speaker 3: she would be eligible for one thousand dollars from the government. 495 00:28:45,080 --> 00:28:50,120 Speaker 3: But your employer can put money into your child's and 496 00:28:50,160 --> 00:28:53,560 Speaker 3: again it's up to five thousand dollars a year. You 497 00:28:53,600 --> 00:28:55,760 Speaker 3: can do it every year until the child turns eighteen, 498 00:28:55,760 --> 00:28:59,320 Speaker 3: at which point that's an IRA and that becomes theirs. 499 00:28:59,560 --> 00:29:03,880 Speaker 3: So we're going to have millions of people turn eighteen 500 00:29:04,240 --> 00:29:08,160 Speaker 3: every year who will have had four or five years 501 00:29:08,200 --> 00:29:11,680 Speaker 3: where they fully understand that this is my money in 502 00:29:12,280 --> 00:29:17,400 Speaker 3: my comp account, this is my resources. I see it 503 00:29:17,480 --> 00:29:19,480 Speaker 3: go up when the stock market goes up, I see 504 00:29:19,480 --> 00:29:21,760 Speaker 3: it go down when the stock market goes down. They 505 00:29:21,800 --> 00:29:25,560 Speaker 3: will have a better understanding of economics and what happens 506 00:29:25,600 --> 00:29:29,520 Speaker 3: than the most democratic congressmen do in their forties. And 507 00:29:29,560 --> 00:29:32,400 Speaker 3: this will happen when they're eighteen, just before they vote, 508 00:29:32,600 --> 00:29:33,920 Speaker 3: just before they begin to vote. 509 00:29:34,520 --> 00:29:36,479 Speaker 1: To really grow. Thank you very much for coming the 510 00:29:36,480 --> 00:29:40,280 Speaker 1: line here and getting closer to than April fifteenth deadline. 511 00:29:40,320 --> 00:29:41,400 Speaker 1: I have a feeling we're going to have you on 512 00:29:41,480 --> 00:29:44,160 Speaker 1: again between now and then. Rover Norquiz, the president of 513 00:29:44,200 --> 00:29:48,520 Speaker 1: Americans for Tax Reform, America's leading taxpayer advocate. Grover's always 514 00:29:48,520 --> 00:29:49,920 Speaker 1: great to have you with us. Thank you very much 515 00:29:49,920 --> 00:29:51,360 Speaker 1: for taking the call here this afternoon. 516 00:29:52,360 --> 00:29:53,560 Speaker 3: Thank you, Take care. 517 00:29:53,720 --> 00:29:57,960 Speaker 1: Seven ninety KBC. Motack of money continues here seven ninety KBC. 518 00:29:58,320 --> 00:30:01,600 Speaker 1: The world and financial markets on pins and needles all 519 00:30:01,680 --> 00:30:04,000 Speaker 1: day today, and the possibility then in about ten minutes 520 00:30:04,040 --> 00:30:06,880 Speaker 1: from now, Iran would be heavily bombed. But then came 521 00:30:06,960 --> 00:30:09,440 Speaker 1: the breaking news just about an hour or so ago 522 00:30:09,520 --> 00:30:12,920 Speaker 1: that President Trump said he agreed to suspend attacks on 523 00:30:13,000 --> 00:30:16,280 Speaker 1: Iran tonight for two weeks, subject to the immediate reopening 524 00:30:16,600 --> 00:30:18,760 Speaker 1: of the Strait of horror moves in the Persian Gulf, 525 00:30:18,800 --> 00:30:22,920 Speaker 1: pointing to progress and a ten point proposal from Iran. Earlier, 526 00:30:22,960 --> 00:30:26,520 Speaker 1: the President had escalated his comments toward Iran, threatening to 527 00:30:26,560 --> 00:30:29,840 Speaker 1: wipe out the entirety of Iran civilization if Iran did 528 00:30:29,840 --> 00:30:34,320 Speaker 1: not meet his demands by tonight. Oil futures have come 529 00:30:34,360 --> 00:30:39,040 Speaker 1: down dramatically after spiking earlier to according to some measures, 530 00:30:39,080 --> 00:30:42,400 Speaker 1: all time highs, and the US conducted more than fifty 531 00:30:42,440 --> 00:30:46,400 Speaker 1: strikes today on military targets on Iran's Karg Island, according 532 00:30:46,440 --> 00:30:49,400 Speaker 1: to various sources. Joining US Live now is retired US 533 00:30:49,440 --> 00:30:53,800 Speaker 1: Marine Corps Lieutenant Colonel Healthkeempfert, retired US Marine Corps intelligence officer, 534 00:30:53,920 --> 00:30:58,040 Speaker 1: national security analyst, and hosts of the Strat podcast. Colonel 535 00:30:58,080 --> 00:31:00,720 Speaker 1: thank you very much for taking the call here. Give 536 00:31:00,800 --> 00:31:03,640 Speaker 1: us your reaction to the latest dramatic developments. 537 00:31:04,760 --> 00:31:07,320 Speaker 4: Well, Frank, I mean, we were at the fire, you know, 538 00:31:07,400 --> 00:31:09,840 Speaker 4: two hours before, but it was but it was interesting. 539 00:31:09,840 --> 00:31:11,840 Speaker 4: You know, I was earlier today, I was being asked 540 00:31:11,840 --> 00:31:13,600 Speaker 4: about this and I was kind of seen it as 541 00:31:13,600 --> 00:31:16,520 Speaker 4: about fifty to fifty which way this was going to go. 542 00:31:16,560 --> 00:31:17,840 Speaker 4: And I had a feeling there was a lot that 543 00:31:17,920 --> 00:31:21,120 Speaker 4: was being done behind the scenes, and obviously there was 544 00:31:21,560 --> 00:31:24,400 Speaker 4: uh and now we have this, you know, two hours 545 00:31:24,400 --> 00:31:27,280 Speaker 4: before we're supposed to start this announcement that we're doing 546 00:31:27,280 --> 00:31:28,760 Speaker 4: a two week pause. Of course, it's going to have 547 00:31:28,800 --> 00:31:32,640 Speaker 4: a huge impact. It's oil prices we see right up front, 548 00:31:32,680 --> 00:31:35,240 Speaker 4: but also with liquified natural gas and of course the 549 00:31:35,280 --> 00:31:38,920 Speaker 4: big one is with fertilizer, which is the one that 550 00:31:38,960 --> 00:31:40,960 Speaker 4: no one pays them a close attention to, but a 551 00:31:41,000 --> 00:31:43,360 Speaker 4: massive amount of global fertilizer comes out of the Person 552 00:31:43,400 --> 00:31:46,560 Speaker 4: Gulf and it is planning season and it was critical 553 00:31:46,560 --> 00:31:49,280 Speaker 4: to get that fertilizer out. Now, one of the things 554 00:31:49,280 --> 00:31:51,680 Speaker 4: we're going to see the Iranians as part of this agreement, 555 00:31:51,720 --> 00:31:55,120 Speaker 4: have said they're going to reopen the Straight. We're going 556 00:31:55,160 --> 00:31:57,200 Speaker 4: to see if they can actually reopen the strait. We 557 00:31:57,280 --> 00:32:00,200 Speaker 4: don't know how heavily ce mine the strait is. There 558 00:32:00,240 --> 00:32:04,280 Speaker 4: could be major internationally recognized lanes sea lanes in there 559 00:32:04,720 --> 00:32:07,960 Speaker 4: that that aren't usable. We're going to find that out 560 00:32:08,480 --> 00:32:11,960 Speaker 4: and then then hopefully we'll see some sort of international 561 00:32:12,040 --> 00:32:14,320 Speaker 4: coalition come in. And this is one of the prerecords 562 00:32:14,320 --> 00:32:17,160 Speaker 4: thats they've said. Particularly Japan has said this, if you 563 00:32:17,200 --> 00:32:19,680 Speaker 4: have a ceasfireplace, we'll come in and bring our mine 564 00:32:19,680 --> 00:32:22,840 Speaker 4: sweepers in and help clear those lanes. Now they have 565 00:32:22,920 --> 00:32:24,960 Speaker 4: the pretext wherein they can actually do. 566 00:32:24,920 --> 00:32:28,160 Speaker 1: That, and they're live with the retired US Marine courtl 567 00:32:28,200 --> 00:32:31,000 Speaker 1: Lieutenant Colonel Kemper. What's that going to look like? Will 568 00:32:31,040 --> 00:32:34,200 Speaker 1: will the Runnings cooperate in that effort of pointing out 569 00:32:34,560 --> 00:32:35,640 Speaker 1: where the minds have been laid. 570 00:32:36,960 --> 00:32:39,600 Speaker 4: I certainly hope. So, I mean there are The obligation 571 00:32:39,760 --> 00:32:42,560 Speaker 4: is that they're going to reopen the straight. You can't 572 00:32:42,600 --> 00:32:45,080 Speaker 4: reopen the straight without telling us where you mine the straight. 573 00:32:45,240 --> 00:32:47,560 Speaker 4: And we'll find out how extensive that mining is. Right now, 574 00:32:47,600 --> 00:32:49,680 Speaker 4: we just don't know. What we do know is a 575 00:32:49,840 --> 00:32:55,120 Speaker 4: rerouted shipping traffic to go up through up through up 576 00:32:55,120 --> 00:32:57,360 Speaker 4: by Hormu's Island, and they were using that as kind 577 00:32:57,400 --> 00:33:00,440 Speaker 4: of a kind of a gate pass, if you will. 578 00:33:00,520 --> 00:33:02,040 Speaker 4: You had to go up there and pay a fee 579 00:33:02,080 --> 00:33:04,040 Speaker 4: to get your ships through the strait. But they were 580 00:33:04,080 --> 00:33:07,240 Speaker 4: taking it well north of the established ceilings. And one 581 00:33:07,240 --> 00:33:09,480 Speaker 4: of the questions has been, well, what did they do 582 00:33:09,600 --> 00:33:12,920 Speaker 4: to those established ceilings? Have they done something that's going 583 00:33:13,000 --> 00:33:16,040 Speaker 4: to be difficult and time assuming to clear out, And 584 00:33:16,880 --> 00:33:18,840 Speaker 4: we're going to find out. But I will say this, 585 00:33:18,960 --> 00:33:21,160 Speaker 4: if I was sitting in Tokyo, or I was sitting 586 00:33:21,240 --> 00:33:23,040 Speaker 4: in Seoul, or if I was sitting anywhere in the 587 00:33:23,040 --> 00:33:26,280 Speaker 4: European capital, and I was wanting to get the person 588 00:33:26,280 --> 00:33:29,960 Speaker 4: Gulf open, and I want the political parameters by which 589 00:33:29,960 --> 00:33:33,520 Speaker 4: I could send my escorts and my mind sweepers down there. 590 00:33:34,160 --> 00:33:36,160 Speaker 4: Now they have it. The question is can they get 591 00:33:36,200 --> 00:33:38,880 Speaker 4: them in there quick enough? And will this two week 592 00:33:39,520 --> 00:33:41,880 Speaker 4: cease fire then lead to maybe another two weeks or 593 00:33:41,880 --> 00:33:44,600 Speaker 4: a month and maybe maybe you know, indefinite. 594 00:33:46,000 --> 00:33:49,120 Speaker 1: All right, what about today's strikes on Carg Island to 595 00:33:49,160 --> 00:33:52,120 Speaker 1: tell us what is on the Carg Island and tell 596 00:33:52,160 --> 00:33:54,640 Speaker 1: us if you know what was hit there to apparently 597 00:33:54,680 --> 00:33:58,160 Speaker 1: fifty targets hitt fifty targets. 598 00:33:58,520 --> 00:34:00,560 Speaker 4: You know we hit them before and hit Milton targets 599 00:34:00,600 --> 00:34:03,400 Speaker 4: on Cark Island. They there have been reports that they've 600 00:34:03,440 --> 00:34:06,800 Speaker 4: been reinforcing and rebuilding on Cark Island. My guess is 601 00:34:06,840 --> 00:34:08,200 Speaker 4: that we went in and hit that. We said it 602 00:34:08,239 --> 00:34:10,359 Speaker 4: was military targets, so we hit the same targets again, 603 00:34:10,680 --> 00:34:14,480 Speaker 4: but it left Cark Island wide open for being seized. 604 00:34:14,480 --> 00:34:16,480 Speaker 4: That's where ninety percent of the oil from i Ran 605 00:34:16,600 --> 00:34:18,960 Speaker 4: comes out of is through the Cark Island. It's their 606 00:34:19,000 --> 00:34:22,000 Speaker 4: crown jewel. It's also their achilles heel because it sits 607 00:34:22,000 --> 00:34:25,040 Speaker 4: there in the Person Gulf and it's easily attacked. We 608 00:34:25,040 --> 00:34:28,000 Speaker 4: could have seized that held that controlled the oil that 609 00:34:28,040 --> 00:34:30,960 Speaker 4: comes out of Iran and basically starved the regime of 610 00:34:31,000 --> 00:34:34,240 Speaker 4: any oil revenue, which would have eventually destroyed the regime 611 00:34:34,239 --> 00:34:37,759 Speaker 4: itself by doing that. And I think the regime recognized 612 00:34:37,920 --> 00:34:42,000 Speaker 4: today and the timing was specifically there to make it 613 00:34:42,080 --> 00:34:44,480 Speaker 4: very clear to them that they could not hold that island, 614 00:34:44,520 --> 00:34:47,440 Speaker 4: that whatever thought they had was impossible, that we could 615 00:34:47,480 --> 00:34:50,959 Speaker 4: seize it at any time. And of course the other place, 616 00:34:51,040 --> 00:34:53,919 Speaker 4: Losco Island are not Losco Port down on the Gulf 617 00:34:53,960 --> 00:34:56,000 Speaker 4: of Mona's wide open, so we could hit that at 618 00:34:56,000 --> 00:34:59,760 Speaker 4: any time. So they were basically it was a maximum pressure, 619 00:35:00,640 --> 00:35:04,440 Speaker 4: a campaign against Tehran into the thinking process to make 620 00:35:04,480 --> 00:35:06,680 Speaker 4: them realize that they really didn't. 621 00:35:06,480 --> 00:35:08,680 Speaker 2: Have a choice. They needed to go into a ceasefire. 622 00:35:09,800 --> 00:35:12,480 Speaker 1: And what is the situation with Israel at the moment. 623 00:35:12,840 --> 00:35:15,439 Speaker 1: There was one report just minutes ago actually that said 624 00:35:15,440 --> 00:35:18,320 Speaker 1: a run that launched a ballistic missile attack on central 625 00:35:18,440 --> 00:35:22,480 Speaker 1: Israel right after targeting the south. So we're watching that 626 00:35:22,520 --> 00:35:23,160 Speaker 1: front as well. 627 00:35:24,120 --> 00:35:25,880 Speaker 4: Well, you know, we're going to have to see if that, 628 00:35:26,040 --> 00:35:28,279 Speaker 4: if that stops, if they're going to keep doing that. 629 00:35:28,360 --> 00:35:30,279 Speaker 4: Of course, that could be some of the some of 630 00:35:30,280 --> 00:35:33,959 Speaker 4: the problems, internal problems within the Revolutionary Guard Corps and 631 00:35:34,000 --> 00:35:36,520 Speaker 4: within the regime itself, or one side is doing one 632 00:35:36,560 --> 00:35:38,960 Speaker 4: thing and another side is doing another thing. We're going 633 00:35:39,040 --> 00:35:41,680 Speaker 4: to find out if that continues. But if I Ran 634 00:35:41,800 --> 00:35:47,080 Speaker 4: keeps firing missiles, ballistic missiles and drones into Israel or 635 00:35:47,600 --> 00:35:50,040 Speaker 4: into any of the Gulf states while there is quote 636 00:35:50,080 --> 00:35:54,000 Speaker 4: a ceasefire in place, well then the ceasefire is going 637 00:35:54,080 --> 00:35:57,200 Speaker 4: to fall apart, and markets won't respond very well to that. 638 00:35:57,960 --> 00:36:00,000 Speaker 4: But I think that at this point, we got all 639 00:36:00,000 --> 00:36:03,320 Speaker 4: all the forces over there, everything arrayed, that we could 640 00:36:03,600 --> 00:36:06,799 Speaker 4: then hit them swiftly, quickly, in such a way that 641 00:36:07,560 --> 00:36:10,080 Speaker 4: would probably get them right back to the negotiating table 642 00:36:10,239 --> 00:36:13,319 Speaker 4: very quick and maybe give whoever has agreed to this 643 00:36:13,520 --> 00:36:16,200 Speaker 4: a little bit more leverage and forcing out some of 644 00:36:16,239 --> 00:36:19,279 Speaker 4: those retrenched elements that still want to keep the war going. 645 00:36:20,160 --> 00:36:22,080 Speaker 1: And you probably have seen the headlines today as well 646 00:36:22,120 --> 00:36:24,680 Speaker 1: that Russia reportedly is supplying your run now with spy 647 00:36:24,800 --> 00:36:29,240 Speaker 1: imagery of US and Israeli targets. And what about Russia's 648 00:36:29,560 --> 00:36:32,879 Speaker 1: rolling all this in China also, which we haven't heard 649 00:36:32,880 --> 00:36:33,399 Speaker 1: too much about. 650 00:36:34,400 --> 00:36:36,759 Speaker 4: Both of them have been providing all sorts of things. 651 00:36:36,880 --> 00:36:40,560 Speaker 4: RUSSA has been providing target intelligence. This is intelligence, high 652 00:36:40,640 --> 00:36:44,440 Speaker 4: grade imagery and other intelligence is specifically used to target 653 00:36:44,560 --> 00:36:49,200 Speaker 4: US personnel in the Gulf, you know, US service members 654 00:36:49,239 --> 00:36:53,360 Speaker 4: who are actually involved in the war itself, and so 655 00:36:53,480 --> 00:36:56,480 Speaker 4: Russia is doing that. I would hope that that becomes 656 00:36:56,520 --> 00:37:00,680 Speaker 4: a discussion with Russia. I have heard this explanation. It's like, well, 657 00:37:00,719 --> 00:37:03,520 Speaker 4: we provide that intelligence to the Ukrainians to hit Russia, 658 00:37:04,040 --> 00:37:07,040 Speaker 4: and Russia provides that intelligence to Iran to hit US. 659 00:37:07,160 --> 00:37:09,480 Speaker 4: I find that to be something of a false equivalency. 660 00:37:10,440 --> 00:37:12,640 Speaker 4: But I have heard that that that sort of thinking. 661 00:37:13,000 --> 00:37:15,640 Speaker 4: One of the things that came up is a report 662 00:37:15,840 --> 00:37:20,000 Speaker 4: very credible that China, when you know, because they're taking 663 00:37:20,080 --> 00:37:23,480 Speaker 4: out some of the petrochemical capabilities that that Iran has 664 00:37:23,520 --> 00:37:26,400 Speaker 4: to make its own ballistic missile propellant. 665 00:37:26,239 --> 00:37:28,040 Speaker 2: That China had ships in there that. 666 00:37:28,080 --> 00:37:34,279 Speaker 4: Was offloading blistic missile propellant to help Iran's missile campaign. 667 00:37:35,280 --> 00:37:38,400 Speaker 4: I hope that becomes a discussion. I hope that's something 668 00:37:38,440 --> 00:37:42,680 Speaker 4: that we bring up with China directly. Hopefully this will 669 00:37:42,760 --> 00:37:44,920 Speaker 4: you know, hopefully a month or so, this will all 670 00:37:45,000 --> 00:37:48,480 Speaker 4: be in the rearview mirror, and you know, if everything 671 00:37:48,520 --> 00:37:51,759 Speaker 4: goes well, there will be some substantial regime change of 672 00:37:51,800 --> 00:37:53,400 Speaker 4: some sort within Iran. 673 00:37:53,480 --> 00:37:55,839 Speaker 1: But that's yet to be seen girl. Thank you very 674 00:37:55,880 --> 00:37:58,880 Speaker 1: much for taking the call on this breaking news here today. 675 00:37:58,920 --> 00:38:01,560 Speaker 1: That is retired US from Core Lieutenant Colonel hell Kempfer, 676 00:38:01,920 --> 00:38:05,360 Speaker 1: retired US Marine Corps intelligence officer, national security analysts and 677 00:38:05,400 --> 00:38:09,280 Speaker 1: hosts of the Strat podcast based right here in southern California. Colonel, 678 00:38:09,280 --> 00:38:11,799 Speaker 1: thank you again, very very much for joining us live 679 00:38:11,840 --> 00:38:13,800 Speaker 1: here on the big news that President Trump has agreed 680 00:38:13,800 --> 00:38:16,759 Speaker 1: to suspend attacks on Iran for two weeks, subject to 681 00:38:16,800 --> 00:38:19,520 Speaker 1: the immediate reopening of this trait of horror. Moves seven 682 00:38:19,600 --> 00:38:20,320 Speaker 1: ninety KBC