1 00:00:00,160 --> 00:00:02,440 Speaker 1: Good afternoon, getting right down to business here. We're doing 2 00:00:02,480 --> 00:00:05,680 Speaker 1: it live, doing more at four weekday afternoons, right after 3 00:00:05,680 --> 00:00:07,920 Speaker 1: the Guy Benson Show at three and just before the 4 00:00:07,920 --> 00:00:10,800 Speaker 1: seven ninety KBC News Blitz with Randy Wang att five, 5 00:00:10,800 --> 00:00:13,200 Speaker 1: and stay tuned tonight at six, I'll be back on 6 00:00:13,240 --> 00:00:15,520 Speaker 1: the air for the Way Home Radio show and podcast 7 00:00:15,840 --> 00:00:18,279 Speaker 1: with the CEO the Union Rescue Mission in Los Angeles, 8 00:00:18,360 --> 00:00:21,200 Speaker 1: focusing on homeless solutions. Right now, you have Motech on 9 00:00:21,280 --> 00:00:24,200 Speaker 1: Money live on the air and seven ninety KBC streaming 10 00:00:24,239 --> 00:00:26,920 Speaker 1: live online worldwide at KBC dot com, and you're on 11 00:00:26,960 --> 00:00:32,640 Speaker 1: demand Motecha Money Podcast KBC dot com, Apple, iTunes, YouTube, Spotify, 12 00:00:32,760 --> 00:00:36,840 Speaker 1: all of your favorite podcast platforms. Stocks pulling back again today, 13 00:00:36,880 --> 00:00:39,520 Speaker 1: wiping out gains from earlier in the week. The Nasdaq 14 00:00:39,560 --> 00:00:43,120 Speaker 1: has now finished in correction territory for the first time 15 00:00:43,520 --> 00:00:46,199 Speaker 1: in a year. The NASDAK pulling back more than five 16 00:00:46,280 --> 00:00:49,800 Speaker 1: hundred points today, down five twenty two at twenty one 17 00:00:49,800 --> 00:00:52,720 Speaker 1: thousand and four toh eight. It's dropped more than ten 18 00:00:52,760 --> 00:00:55,080 Speaker 1: percent from its record high, which was reached back on 19 00:00:55,120 --> 00:00:59,000 Speaker 1: October twenty ninth, and that meets the traditional definition of 20 00:00:59,400 --> 00:01:03,000 Speaker 1: correction drop of ten percent or more from the most 21 00:01:03,040 --> 00:01:06,000 Speaker 1: recent high. The SMP five hundred has seen to drop 22 00:01:06,240 --> 00:01:08,480 Speaker 1: today as well as big as daily decline since the 23 00:01:08,480 --> 00:01:12,160 Speaker 1: start of the Iran war, down just about two percent, 24 00:01:12,200 --> 00:01:14,479 Speaker 1: down one hundred and fifteen points today to sixty four 25 00:01:14,560 --> 00:01:17,360 Speaker 1: hundred and seventy seven. So we see the down down 26 00:01:17,400 --> 00:01:19,679 Speaker 1: the four to sixty nine at the closing bill today, 27 00:01:20,160 --> 00:01:22,200 Speaker 1: the S and P five hundred down one fifteen, the 28 00:01:22,280 --> 00:01:26,640 Speaker 1: Nasdaq down five twenty two stocks pulling back oil prices 29 00:01:26,680 --> 00:01:29,480 Speaker 1: again topping one hundred dollars a barrel, as efforts to 30 00:01:29,640 --> 00:01:31,920 Speaker 1: end the war with Iran showed few signs of any 31 00:01:32,520 --> 00:01:37,480 Speaker 1: significant progress. After the market closed, the President extended a 32 00:01:37,480 --> 00:01:39,880 Speaker 1: deadline for Iran to reopen the Strait of Horror moves 33 00:01:39,920 --> 00:01:43,119 Speaker 1: from this Friday to April sixth, saying the talks are 34 00:01:43,120 --> 00:01:46,040 Speaker 1: going very well in his words. Earlier, the President said 35 00:01:46,040 --> 00:01:48,080 Speaker 1: at a cabinet meeting that he expected gas and oil 36 00:01:48,160 --> 00:01:50,760 Speaker 1: prices would have risen higher due to the war in Iran, 37 00:01:50,800 --> 00:01:53,320 Speaker 1: saying that energy prices, in his words, have not gone 38 00:01:53,400 --> 00:01:57,080 Speaker 1: up as much as I thought. The President added that 39 00:01:57,080 --> 00:01:59,720 Speaker 1: he expects prices to increase more. He said, maybe it'll 40 00:01:59,760 --> 00:02:01,760 Speaker 1: go up a little bit more, but it's going to 41 00:02:01,760 --> 00:02:04,600 Speaker 1: come back down. According to the Wall Street Journal, one 42 00:02:04,600 --> 00:02:06,520 Speaker 1: of the key issues is that both the Iran and 43 00:02:06,560 --> 00:02:09,760 Speaker 1: the US are pushing maximumalist demands that go well beyond 44 00:02:09,760 --> 00:02:12,560 Speaker 1: what was on the table before the war, sparking fresh 45 00:02:12,560 --> 00:02:16,360 Speaker 1: anxiety among investors that the hostilities could drag on more 46 00:02:16,440 --> 00:02:20,920 Speaker 1: than expected. Ren crewde oil prices moving higher after slipping 47 00:02:20,919 --> 00:02:24,360 Speaker 1: as low as ninety three and change on Wednesday. Most 48 00:02:24,440 --> 00:02:27,080 Speaker 1: active Brent futures closing today at one hundred and one 49 00:02:27,160 --> 00:02:30,080 Speaker 1: dollars eighty nine cents a barrel, up nearly five percent. 50 00:02:32,840 --> 00:02:35,640 Speaker 1: Global government bond yields resume their climb. We're keeping a 51 00:02:35,680 --> 00:02:37,760 Speaker 1: watch on this. This is something that impacts of fixed 52 00:02:37,840 --> 00:02:41,200 Speaker 1: rate mortgage rates, among other things. Investors continue to be 53 00:02:41,280 --> 00:02:43,320 Speaker 1: concerned that interest rates will stay high. Now with the 54 00:02:43,360 --> 00:02:45,080 Speaker 1: yield and the tenure note moving all the way to 55 00:02:45,120 --> 00:02:48,600 Speaker 1: four point four to one percent, The dollar is strengthened 56 00:02:48,680 --> 00:02:51,080 Speaker 1: and gold dropped today. Right now, we're looking at gold 57 00:02:51,080 --> 00:02:54,560 Speaker 1: at around forty four hundred. An ounce your readings on 58 00:02:54,800 --> 00:02:58,200 Speaker 1: jobless claims today, signaling that while the US job market 59 00:02:58,280 --> 00:03:02,880 Speaker 1: has been cooler, employers are holding off fun widespread layoffs. Well, 60 00:03:02,880 --> 00:03:05,200 Speaker 1: mortgage rates did jump for the fourth week in a 61 00:03:05,320 --> 00:03:08,400 Speaker 1: row following the start of the US and Israeli strikes 62 00:03:08,400 --> 00:03:11,320 Speaker 1: against Iran, and they're now touching levels last seen in 63 00:03:11,440 --> 00:03:14,360 Speaker 1: September of last year. The average thirty year fixed six 64 00:03:14,400 --> 00:03:18,600 Speaker 1: point three to eight percent, according to the latest mortgage 65 00:03:18,639 --> 00:03:21,560 Speaker 1: survey from mortgage gine Freddie macout today. That's a rise 66 00:03:21,840 --> 00:03:24,840 Speaker 1: from six point two to two percent last week. We 67 00:03:24,880 --> 00:03:27,280 Speaker 1: will get the latest on real estate and the mortgage 68 00:03:27,280 --> 00:03:31,000 Speaker 1: business this afternoon. Jeff Lazarson, the president of Mortgage Greater 69 00:03:31,120 --> 00:03:34,160 Speaker 1: dot com, an Orange County Register real estate columnists he 70 00:03:34,240 --> 00:03:38,240 Speaker 1: sent to join us live later this hour. Could Cuba's 71 00:03:38,360 --> 00:03:42,120 Speaker 1: communist government finally crumble under the weight of economic turmoil 72 00:03:42,200 --> 00:03:45,280 Speaker 1: that's underway in Cuba right now? A lot of geopolitical 73 00:03:45,400 --> 00:03:48,920 Speaker 1: moving parts, and nowadays I will discuss what's happening in Cuba. 74 00:03:49,000 --> 00:03:52,720 Speaker 1: One of the most prominent Cuban Americans Tomas Regulatto, former 75 00:03:52,760 --> 00:03:55,640 Speaker 1: mayor of Miami, currently serving as Miami Dade County Property 76 00:03:55,680 --> 00:03:58,880 Speaker 1: Appraiser in South Florida. Previously, he was the news director 77 00:03:58,880 --> 00:04:01,520 Speaker 1: and radio host on a very big station in the 78 00:04:01,520 --> 00:04:04,760 Speaker 1: Miami area, Radio Mumbee, the number one news source for 79 00:04:04,840 --> 00:04:07,520 Speaker 1: the Cuban community in South Florida for decades. The Honorable 80 00:04:07,560 --> 00:04:11,080 Speaker 1: Thomas Regolato set to join us live later this hour. 81 00:04:12,120 --> 00:04:14,360 Speaker 1: Also this hour, we're scheduled to speak to Los Angeles 82 00:04:14,400 --> 00:04:17,320 Speaker 1: business and civic leader Rick Caruso, who continues to lead 83 00:04:17,360 --> 00:04:20,279 Speaker 1: the Steadfast LA effort to rebuild the fire damaged areas 84 00:04:20,320 --> 00:04:24,480 Speaker 1: of the Palisades, Malibu and Altadena. And Rick Cruso is 85 00:04:24,520 --> 00:04:28,520 Speaker 1: sent to join us here very very shortly to mess 86 00:04:28,560 --> 00:04:32,120 Speaker 1: at the airports, seeing those videos of maybe you've experienced 87 00:04:32,120 --> 00:04:36,080 Speaker 1: yourself going to and from the airport. Several Senate Republicans 88 00:04:36,080 --> 00:04:38,680 Speaker 1: now pressing the White House to consider declaring a national 89 00:04:38,720 --> 00:04:42,200 Speaker 1: emergency to free up funds to pay the TSA agents 90 00:04:42,480 --> 00:04:45,080 Speaker 1: if lawmakers fail to reach a deal. According to people 91 00:04:45,080 --> 00:04:48,080 Speaker 1: familiar with the situation talking to The Wall Street Journal, 92 00:04:48,480 --> 00:04:51,120 Speaker 1: the prospect of action by President Trump could ratch it 93 00:04:51,240 --> 00:04:54,360 Speaker 1: up pressure now on Senate Democrats as both parties race 94 00:04:54,400 --> 00:04:56,640 Speaker 1: today to reach a deal funding the Department of Homeland 95 00:04:56,680 --> 00:05:00,880 Speaker 1: Security ahead of a self imposed deadline this weekend. They 96 00:05:00,920 --> 00:05:04,440 Speaker 1: would be invoking the National Emergency Act, according to those 97 00:05:04,720 --> 00:05:07,919 Speaker 1: talking to the journal, could give the administration flexibility to 98 00:05:08,000 --> 00:05:12,599 Speaker 1: use unspent government funds temporarily pay TSA employees. This coming 99 00:05:12,680 --> 00:05:14,880 Speaker 1: is tens of millions of people prepared to travel for 100 00:05:14,920 --> 00:05:18,080 Speaker 1: Spring break, as well as the Easter and Passover holidays 101 00:05:18,080 --> 00:05:21,680 Speaker 1: and face long lines due to security workers calling in sink. 102 00:05:22,640 --> 00:05:25,120 Speaker 1: In a meeting of Senate Republicans, the Senate Majority Leader 103 00:05:25,160 --> 00:05:27,560 Speaker 1: John Thune said the White House was wearing a unilateral 104 00:05:27,600 --> 00:05:31,640 Speaker 1: move to fund the Transportation Safety Administration. According to Senator 105 00:05:31,720 --> 00:05:35,560 Speaker 1: John Kennedy, Republican from Louisiana, the White House is having 106 00:05:35,560 --> 00:05:39,000 Speaker 1: discussions about a number of ideas to blunt the impact 107 00:05:39,279 --> 00:05:42,520 Speaker 1: of the Democrat shut down crisis, but no preparations or 108 00:05:42,560 --> 00:05:46,839 Speaker 1: plans are currently underway. According to the White House Press Secretary. 109 00:05:47,480 --> 00:05:50,320 Speaker 1: Senate Republicans framed any move by the White House as 110 00:05:50,320 --> 00:05:53,280 Speaker 1: a fallback plan of negotiations to fund the Department of 111 00:05:53,279 --> 00:05:57,440 Speaker 1: Homeland Security, which houses TSA. Make no progress, continue to 112 00:05:57,480 --> 00:06:02,119 Speaker 1: follow That big story is another no one affecting Elon 113 00:06:02,240 --> 00:06:06,839 Speaker 1: musk and X and SpaceX. Looks like Elon musk X 114 00:06:06,880 --> 00:06:09,239 Speaker 1: has let go of its chief marketing officer and conducted 115 00:06:09,279 --> 00:06:11,880 Speaker 1: a round of layoffs of non technical staff over the 116 00:06:11,960 --> 00:06:13,960 Speaker 1: last several weeks as it looks to right size the 117 00:06:14,320 --> 00:06:18,000 Speaker 1: social media company. Head of its parent company, SpaceX's potential 118 00:06:18,040 --> 00:06:21,760 Speaker 1: one trillion dollar plus IPO, according to people familiar with 119 00:06:21,800 --> 00:06:26,120 Speaker 1: the situation, wals Rejournal of reporting this exclusively. Angela is 120 00:06:26,120 --> 00:06:29,440 Speaker 1: Apaida x's marketing chiefs in September of twenty twenty four, 121 00:06:29,560 --> 00:06:32,719 Speaker 1: was let go last month after Elon Musk announced Xai 122 00:06:32,760 --> 00:06:36,680 Speaker 1: and SpaceX's merger. According to a people familiar with the situation, 123 00:06:36,760 --> 00:06:39,120 Speaker 1: over the past couple of weeks, X let go more 124 00:06:39,160 --> 00:06:42,880 Speaker 1: than twenty staffers and non technical roles, including marketing and 125 00:06:43,160 --> 00:06:46,800 Speaker 1: other departments that were seen as duplicative to jobs inside 126 00:06:46,880 --> 00:06:50,960 Speaker 1: the merged company. X merged with Xai last year, and 127 00:06:51,360 --> 00:06:55,080 Speaker 1: Xai and SpaceX combined earlier this year. In fact, just 128 00:06:55,160 --> 00:06:57,800 Speaker 1: about a month ago, most of the remaining staff at 129 00:06:57,920 --> 00:07:00,360 Speaker 1: X in addition to concentrating on cost cutting and told 130 00:07:00,400 --> 00:07:04,039 Speaker 1: to focus on growing Ex's revenue since Xai brought on 131 00:07:04,120 --> 00:07:08,080 Speaker 1: a chief revenue officer. Some of the people say this guy, 132 00:07:08,160 --> 00:07:11,560 Speaker 1: John Schalkin, is also a partner at longtime Musk investor 133 00:07:11,880 --> 00:07:15,200 Speaker 1: Valor Equity Partners, broadly looking to boost revenue for Musk's 134 00:07:15,240 --> 00:07:18,920 Speaker 1: social media company and his AI startup, which both lag 135 00:07:19,000 --> 00:07:23,080 Speaker 1: competitors in revenue for social media ads. And enterprise AI sales. 136 00:07:23,120 --> 00:07:26,920 Speaker 1: According to the Journal, Ex's US AD revenue is expected 137 00:07:26,960 --> 00:07:28,720 Speaker 1: to grow one and a half percent to one point 138 00:07:28,800 --> 00:07:32,120 Speaker 1: twenty seven billion, while global AD sales are expected to 139 00:07:32,160 --> 00:07:34,640 Speaker 1: rise two point two percent to two point one to 140 00:07:34,720 --> 00:07:39,480 Speaker 1: nine billion, according to various estimates, The moves at x 141 00:07:39,520 --> 00:07:42,240 Speaker 1: now echoing what's happening elsewhere inside the company since the 142 00:07:42,360 --> 00:07:46,080 Speaker 1: Xai SpaceX merger. Several co founders at Xai have since 143 00:07:46,120 --> 00:07:48,640 Speaker 1: announced they were leaving the company, and several teams have 144 00:07:48,880 --> 00:07:52,760 Speaker 1: been restructured. That includes the Vision team, focused on video 145 00:07:52,840 --> 00:07:57,800 Speaker 1: generation for Xai's groc According to person familiar with what's 146 00:07:57,840 --> 00:08:00,600 Speaker 1: going on there, major advertisers life the plan form over 147 00:08:00,640 --> 00:08:04,840 Speaker 1: content moderation concerns and turmoil stemming from the departure of 148 00:08:04,880 --> 00:08:08,120 Speaker 1: senior ex executives, but some started to increase spending on 149 00:08:08,120 --> 00:08:11,840 Speaker 1: the platform after the president's twenty twenty four election, including Amazon, 150 00:08:12,120 --> 00:08:17,200 Speaker 1: According to the Wall Street Journal, taking a look at 151 00:08:17,320 --> 00:08:20,200 Speaker 1: the cryptos here now we see a bitcoin moving higher 152 00:08:20,520 --> 00:08:22,960 Speaker 1: by about four hundred dollars. It was a tough day 153 00:08:22,960 --> 00:08:24,560 Speaker 1: for the cryptos. We are seeing a bit of a 154 00:08:24,600 --> 00:08:28,800 Speaker 1: rebound here for bitcoin back to sixty eight eight ninety four. 155 00:08:28,840 --> 00:08:31,600 Speaker 1: Here at the moment ethereum down to five dollars at 156 00:08:31,640 --> 00:08:34,520 Speaker 1: the moment of two thousand and fifty eight. Doze right 157 00:08:34,559 --> 00:08:39,520 Speaker 1: now at nine cents. Of course at the gas pump, 158 00:08:39,559 --> 00:08:42,600 Speaker 1: it's getting scary. Looks like diesel has in another record 159 00:08:42,679 --> 00:08:45,040 Speaker 1: high today as the price of oil in New York 160 00:08:45,080 --> 00:08:48,400 Speaker 1: covers around ninety three. And change the West Texas intermediate 161 00:08:48,440 --> 00:08:51,000 Speaker 1: price down a dollar four at the moment to ninety three, 162 00:08:51,040 --> 00:08:53,720 Speaker 1: and change diesel at a record high for the third 163 00:08:53,800 --> 00:08:55,640 Speaker 1: day in a row here in the Los Angeles area. 164 00:08:56,160 --> 00:09:00,400 Speaker 1: Seven twenty three now the average price for diesel in 165 00:09:00,440 --> 00:09:02,480 Speaker 1: the La Long Beach Cherry and that is a record 166 00:09:02,559 --> 00:09:05,480 Speaker 1: high average price according to the latest Triple A Fuel 167 00:09:05,520 --> 00:09:09,360 Speaker 1: gage survey. And we have a right now regular gas 168 00:09:09,360 --> 00:09:12,480 Speaker 1: at five ninety six and average premium averaging six point 169 00:09:12,520 --> 00:09:18,200 Speaker 1: thirty four. Now, attack on money continues here on seven 170 00:09:18,280 --> 00:09:21,560 Speaker 1: ninety KABC. And I'm delighted to say we have a 171 00:09:21,600 --> 00:09:24,480 Speaker 1: giant on the business scene on the line with us now, 172 00:09:25,679 --> 00:09:27,840 Speaker 1: and that is the one and only Rick Caruso, Los 173 00:09:27,840 --> 00:09:30,280 Speaker 1: Angeles business and civic leader who continues to lead the 174 00:09:30,280 --> 00:09:33,240 Speaker 1: steadfast LA efforts rebuild the fire damaged areas of the 175 00:09:33,240 --> 00:09:36,640 Speaker 1: Palisades Malibun, Altadena. As you first heard live right here. 176 00:09:36,720 --> 00:09:39,280 Speaker 1: Rick Caruso is not running for California governor or LA 177 00:09:39,320 --> 00:09:41,760 Speaker 1: mayor this election cycle. Some people wanted to run for both, 178 00:09:42,120 --> 00:09:44,880 Speaker 1: but he's taking a higher profile nowadays and speaking out 179 00:09:44,920 --> 00:09:50,080 Speaker 1: on big issues including impacting Los Angeles, including the firestorm recovery, homelessness, 180 00:09:50,080 --> 00:09:54,559 Speaker 1: and making LA better for business and blasting current city leadership. 181 00:09:54,880 --> 00:09:57,040 Speaker 1: He spoke out on social media this week about the 182 00:09:57,520 --> 00:10:00,080 Speaker 1: shocking story that some homeless people are living in the 183 00:10:00,160 --> 00:10:03,160 Speaker 1: La sore system and storm drain system in South LA. 184 00:10:03,280 --> 00:10:05,320 Speaker 1: The store was sealed up this week, but in the process, 185 00:10:05,360 --> 00:10:08,400 Speaker 1: one person who was living in there was almost sealed 186 00:10:08,400 --> 00:10:12,440 Speaker 1: in until one worker realized there's somebody in there. Rick Russo, 187 00:10:12,480 --> 00:10:14,880 Speaker 1: thank you very much for taking the call here this afternoon. 188 00:10:16,000 --> 00:10:16,280 Speaker 2: Frank. 189 00:10:16,320 --> 00:10:18,040 Speaker 3: It's great to be on the line with you. How 190 00:10:18,040 --> 00:10:21,720 Speaker 3: are you doing? The waste of La? The great wonderful 191 00:10:21,760 --> 00:10:22,120 Speaker 3: of La. 192 00:10:23,040 --> 00:10:25,160 Speaker 1: Thank you, Rick Caruso. It's always wonderful to have you 193 00:10:25,200 --> 00:10:26,599 Speaker 1: with us. It's a great day when I'm told that 194 00:10:26,679 --> 00:10:29,679 Speaker 1: Rick Caruso is on the line, and been very impressed 195 00:10:29,720 --> 00:10:32,760 Speaker 1: with your social media postings and you speaking out un 196 00:10:32,800 --> 00:10:35,880 Speaker 1: important issues on the fire recovery, and what about this 197 00:10:36,000 --> 00:10:39,320 Speaker 1: story about homeless people in the sore system. Tell us 198 00:10:39,480 --> 00:10:41,800 Speaker 1: your message and your reaction to that big story here. 199 00:10:43,640 --> 00:10:46,080 Speaker 3: You know, Frank, this this falls into the bucket that 200 00:10:46,679 --> 00:10:48,839 Speaker 3: you just can't believe this to be true? 201 00:10:49,080 --> 00:10:49,280 Speaker 2: Right? 202 00:10:50,720 --> 00:10:53,600 Speaker 3: You know, where have we gone as a city that 203 00:10:53,720 --> 00:10:59,040 Speaker 3: not only has a out of control homeless situation, but 204 00:10:59,160 --> 00:11:01,240 Speaker 3: now you've got people living in the storm drains and 205 00:11:01,280 --> 00:11:06,120 Speaker 3: the sewer system and it's in the district that is 206 00:11:06,200 --> 00:11:10,080 Speaker 3: under the control of the President of the council, Marquise 207 00:11:10,120 --> 00:11:13,960 Speaker 3: Harris Dawson. And you know this is where you know, 208 00:11:14,000 --> 00:11:16,959 Speaker 3: when I decided not to run, continue to be an 209 00:11:16,960 --> 00:11:22,040 Speaker 3: active voice on the private sector and calling people out, 210 00:11:22,040 --> 00:11:25,120 Speaker 3: but also suggesting ways to get the city moving forward, 211 00:11:25,160 --> 00:11:29,520 Speaker 3: which is very important for me and everybody to be 212 00:11:29,600 --> 00:11:32,800 Speaker 3: working on. But this, there's got to be accountability with 213 00:11:32,840 --> 00:11:36,200 Speaker 3: our elected officials. He should be ashamed of himself, The 214 00:11:36,240 --> 00:11:38,760 Speaker 3: council should be ashamed of themselves, so should the mayor 215 00:11:39,360 --> 00:11:43,160 Speaker 3: that we've got what we're turning into the greatest city 216 00:11:43,200 --> 00:11:45,800 Speaker 3: in the country into a third world where you have 217 00:11:45,880 --> 00:11:48,440 Speaker 3: people living in the sewer system. I just I couldn't 218 00:11:48,440 --> 00:11:52,000 Speaker 3: believe it. But we just can't tolerate it anymore. And 219 00:11:52,040 --> 00:11:54,720 Speaker 3: we got to start voting these people out of office 220 00:11:55,480 --> 00:12:00,800 Speaker 3: and get confident, smart people that are qualified in office, 221 00:12:00,800 --> 00:12:02,880 Speaker 3: that actually wake up every day and want to serve 222 00:12:02,920 --> 00:12:05,120 Speaker 3: the public and do the right thing. And there's a 223 00:12:05,120 --> 00:12:07,280 Speaker 3: way to do that with the homeless population. We know 224 00:12:07,360 --> 00:12:09,280 Speaker 3: that for a fact. 225 00:12:09,679 --> 00:12:12,160 Speaker 1: On There Live with Rick Caruso and what about the 226 00:12:12,160 --> 00:12:15,280 Speaker 1: part of the story that one person was almost sealed 227 00:12:15,280 --> 00:12:15,559 Speaker 1: in there? 228 00:12:16,840 --> 00:12:20,600 Speaker 3: Can you imagine what a terrible way to die? I mean, 229 00:12:20,640 --> 00:12:22,600 Speaker 3: it's bad enough that you're homeless and you're living on 230 00:12:22,640 --> 00:12:25,560 Speaker 3: the street. It's bad enough that you're in a sewer system, 231 00:12:26,000 --> 00:12:28,400 Speaker 3: and then that's that's where you're going to die. And 232 00:12:29,520 --> 00:12:33,960 Speaker 3: I just, frank, for the life of me, I just 233 00:12:34,040 --> 00:12:38,280 Speaker 3: don't understand how some of these people can be so incompetent, 234 00:12:39,000 --> 00:12:43,679 Speaker 3: so impassionate, such lack of care, and they can't they 235 00:12:43,720 --> 00:12:46,480 Speaker 3: can't bs the public anymore that they care. And they're 236 00:12:46,480 --> 00:12:50,559 Speaker 3: really trying, because other cities are doing a really good 237 00:12:50,679 --> 00:12:54,199 Speaker 3: job with dealing with the homeless population, getting them back 238 00:12:54,240 --> 00:12:57,640 Speaker 3: on their feet, getting them off the streets, clearing the encampments. 239 00:12:58,520 --> 00:13:02,400 Speaker 3: LA is not is at the bottom. We're doing the 240 00:13:02,440 --> 00:13:05,800 Speaker 3: worst job, and I just get to a point I'm 241 00:13:05,880 --> 00:13:08,800 Speaker 3: so tired of whether it's the mayor of the city 242 00:13:08,840 --> 00:13:13,600 Speaker 3: Council trying to celebrate success and take a victory lap, 243 00:13:14,000 --> 00:13:18,400 Speaker 3: there is no victory lap to take. So have some humility, 244 00:13:18,520 --> 00:13:22,160 Speaker 3: have some honesty, get your butt down on the streets. 245 00:13:22,760 --> 00:13:26,000 Speaker 3: See what's happening, you know, within blocks of city Hall. 246 00:13:26,120 --> 00:13:29,000 Speaker 3: By the way, you can't ignore it, you can't deny it. 247 00:13:30,160 --> 00:13:33,280 Speaker 1: And you spoke out recently about what's happening on the 248 00:13:33,320 --> 00:13:36,880 Speaker 1: business scene in downtown Los Angeles, which of course sees 249 00:13:36,960 --> 00:13:40,480 Speaker 1: the homeless crisis in a very stark way of you know, 250 00:13:40,520 --> 00:13:43,040 Speaker 1: people think skid Row is one street, but it's actually 251 00:13:43,040 --> 00:13:46,720 Speaker 1: about sixty blocks of the downtown Los Angeles area. And 252 00:13:46,800 --> 00:13:48,920 Speaker 1: of course a crime is still a big issue there. 253 00:13:49,920 --> 00:13:53,240 Speaker 1: Tell us about your message on downtown Los Angeles this week. 254 00:13:54,440 --> 00:13:58,600 Speaker 3: Well, it's disappointing, and it's fixable. I mean, that's what's 255 00:13:58,640 --> 00:14:02,000 Speaker 3: mostly disappointing about all of these problems. They're easily solvable. 256 00:14:02,040 --> 00:14:07,120 Speaker 3: So go downtown that clean the streets, remove the encampments, 257 00:14:07,760 --> 00:14:11,000 Speaker 3: make sure they're safe, and people will move back into 258 00:14:11,040 --> 00:14:13,480 Speaker 3: the offices. But what's happened now is, you know, Frank, 259 00:14:13,520 --> 00:14:16,960 Speaker 3: You've got these beautiful Class A office buildings that have 260 00:14:17,000 --> 00:14:19,600 Speaker 3: been built over the years that are now forty percent vacant. 261 00:14:20,480 --> 00:14:24,400 Speaker 3: And the very sad impact on that is downstream where 262 00:14:24,480 --> 00:14:28,560 Speaker 3: all the small independent businesses that depend on that daytime population, 263 00:14:30,040 --> 00:14:33,240 Speaker 3: the floorists, the cafes, the sundry shop, the drag cleaner, 264 00:14:34,040 --> 00:14:37,080 Speaker 3: they don't have customers anymore, so they're all closing. So 265 00:14:37,120 --> 00:14:39,760 Speaker 3: all the streets runts are closing, and then you have 266 00:14:39,840 --> 00:14:43,760 Speaker 3: a tremendous amount of revenue that's gone that would otherwise 267 00:14:43,800 --> 00:14:46,880 Speaker 3: be going into the city budget, which it's no longer 268 00:14:46,920 --> 00:14:50,920 Speaker 3: going into, and the city budget is now challenged. That's 269 00:14:50,920 --> 00:14:53,880 Speaker 3: why they're trying to raise so many fees. And so 270 00:14:54,040 --> 00:14:56,520 Speaker 3: this is a really bad cycle that doesn't end well, 271 00:14:56,960 --> 00:15:00,480 Speaker 3: but very fixable. The Mayora's got to get this fixed 272 00:15:01,040 --> 00:15:04,080 Speaker 3: along with the council, and they've got to get on 273 00:15:04,160 --> 00:15:06,600 Speaker 3: the phone and start calling businesses and say, come back 274 00:15:06,640 --> 00:15:08,920 Speaker 3: to downtown, tell us what you need, and we're going 275 00:15:09,000 --> 00:15:11,680 Speaker 3: to be here for you. That's what most great cities do, 276 00:15:12,040 --> 00:15:14,520 Speaker 3: and even a lot of small cities do that. The 277 00:15:14,600 --> 00:15:18,160 Speaker 3: mayor picks up the phone and actually calls companies and 278 00:15:18,240 --> 00:15:21,840 Speaker 3: CEOs and entrepreneurs and small business people and say come 279 00:15:21,880 --> 00:15:23,280 Speaker 3: on downtown, we got your back. 280 00:15:24,560 --> 00:15:27,280 Speaker 1: Onto your line with Rick Caruso, give us an update 281 00:15:27,320 --> 00:15:30,840 Speaker 1: on the Steadfast La effort to rebuild the areas that 282 00:15:30,880 --> 00:15:33,960 Speaker 1: were horrifically impacted by the firestorms that last year. 283 00:15:35,920 --> 00:15:38,760 Speaker 3: Well, I'm still proud of our set Fast team. They're 284 00:15:38,760 --> 00:15:43,040 Speaker 3: doing really God's work. We've got our first family moving 285 00:15:43,080 --> 00:15:50,640 Speaker 3: into their new free home in Altadena, Rosalia Robriguez, Rosalina Rodriguez, 286 00:15:50,640 --> 00:15:54,040 Speaker 3: who's just a terrific lady, with their kids and their grandkids, 287 00:15:54,520 --> 00:15:56,240 Speaker 3: and they should be moving in in about a week. 288 00:15:56,280 --> 00:15:58,960 Speaker 3: It's almost finished. And then we're going to have a 289 00:15:59,040 --> 00:16:01,600 Speaker 3: new home for people lot in Altadena about one a 290 00:16:01,680 --> 00:16:04,040 Speaker 3: month is going to be installed and we're going to 291 00:16:04,080 --> 00:16:08,680 Speaker 3: be moving families in. So that's a great program. We've 292 00:16:08,720 --> 00:16:12,320 Speaker 3: already spent about a million dollars in small business grants 293 00:16:12,880 --> 00:16:16,200 Speaker 3: that we've given to small businesses in Malibu, Altadena, in 294 00:16:16,280 --> 00:16:21,560 Speaker 3: Palisades to help small businesses get reopened and stay open. 295 00:16:22,880 --> 00:16:27,360 Speaker 3: Very proud of that program. And we're making incredible progress 296 00:16:27,600 --> 00:16:32,920 Speaker 3: on Palisades Park where Steadfast along with JJ Reddick and 297 00:16:32,960 --> 00:16:36,520 Speaker 3: his La Strong Foundation are taking over the lead on 298 00:16:36,600 --> 00:16:40,080 Speaker 3: rebuilding the park at no cost to taxpayers, no cost 299 00:16:40,120 --> 00:16:42,840 Speaker 3: of the city, all privately funded. It will be a 300 00:16:42,920 --> 00:16:45,960 Speaker 3: state of the art rec center and we're going to 301 00:16:45,960 --> 00:16:50,880 Speaker 3: be moving earth on that this July, and our fundraising effort, 302 00:16:51,160 --> 00:16:55,200 Speaker 3: people have been incredibly generous, is going very well. So 303 00:16:56,160 --> 00:16:58,240 Speaker 3: the initiative isn't moving well. And we're going to reopen 304 00:16:58,280 --> 00:17:01,640 Speaker 3: the village in August. We're ninety five percent lease. We're 305 00:17:01,680 --> 00:17:04,800 Speaker 3: going to have great retailers and restaurant tours, and I 306 00:17:04,920 --> 00:17:08,160 Speaker 3: tell you, Frank, we're on a mission here, buddy. We're 307 00:17:08,200 --> 00:17:12,320 Speaker 3: going to rebuild the Palisades and and Alta Dina and 308 00:17:12,359 --> 00:17:16,160 Speaker 3: it's going to change the tenor and the attitude and 309 00:17:16,280 --> 00:17:19,720 Speaker 3: the optimism of this great city of ours that anything 310 00:17:19,760 --> 00:17:22,800 Speaker 3: can happen and be accomplished if you just work really 311 00:17:22,800 --> 00:17:24,680 Speaker 3: hard and keep your nose. 312 00:17:24,520 --> 00:17:25,040 Speaker 2: To the ground. 313 00:17:25,720 --> 00:17:27,639 Speaker 1: See you tonight, read about it tomorrow. But here at 314 00:17:27,680 --> 00:17:29,439 Speaker 1: now in Motech on Money Live on the air with 315 00:17:29,520 --> 00:17:32,679 Speaker 1: one and only Rick Caruso. And thanks for sharing that 316 00:17:32,720 --> 00:17:37,080 Speaker 1: big news about Palisades Village and what is your vision 317 00:17:37,160 --> 00:17:40,280 Speaker 1: for once it does open and that whole area there 318 00:17:40,280 --> 00:17:44,920 Speaker 1: that's still obviously very slowly recovering from this terrible disaster. 319 00:17:46,280 --> 00:17:48,800 Speaker 3: Well, it is too slow and the city and the 320 00:17:48,840 --> 00:17:51,160 Speaker 3: county are still not doing everything they should be doing, 321 00:17:51,840 --> 00:17:55,040 Speaker 3: there's no doubt, and people are suffering. We're trying to 322 00:17:55,040 --> 00:17:57,639 Speaker 3: help as many people as we can, and there's a 323 00:17:57,640 --> 00:18:00,680 Speaker 3: lot of organizations that are private organizations insteader of working 324 00:18:00,800 --> 00:18:03,760 Speaker 3: very hard alongside of us to do that. But you know, 325 00:18:03,840 --> 00:18:05,639 Speaker 3: frank the city's got to be doing more, and so 326 00:18:05,720 --> 00:18:08,760 Speaker 3: does the state, and Frankly, the federal government. We've got 327 00:18:08,840 --> 00:18:11,760 Speaker 3: to get federal funding in here. The city and the 328 00:18:11,800 --> 00:18:14,600 Speaker 3: county does not have the money to do what's needed 329 00:18:14,640 --> 00:18:18,000 Speaker 3: on rebuilding the infrastructure, and we've got to get the 330 00:18:18,000 --> 00:18:20,439 Speaker 3: federal government to come in with a significant amount of 331 00:18:20,440 --> 00:18:23,240 Speaker 3: money to help with that. Now, I'm confident we're going 332 00:18:23,320 --> 00:18:25,479 Speaker 3: to get there eventually. I wish it would happen quicker. 333 00:18:26,400 --> 00:18:28,760 Speaker 3: We've got a lot of the schools reopen, which is great. 334 00:18:29,680 --> 00:18:33,480 Speaker 3: We're working with Corpus Christy, the Catholic school and church 335 00:18:33,600 --> 00:18:36,720 Speaker 3: to help them get reopen. So there's a lot of 336 00:18:36,720 --> 00:18:40,080 Speaker 3: things happening. But the city's got to lean in more, 337 00:18:40,240 --> 00:18:43,920 Speaker 3: for sure and just cut the red tape. We're still 338 00:18:43,960 --> 00:18:46,320 Speaker 3: getting so many complaints on how difficult it is to 339 00:18:46,359 --> 00:18:49,720 Speaker 3: build building permits, cut the red tape and allow people 340 00:18:49,760 --> 00:18:52,320 Speaker 3: to get rebuilt quickly and not waste their. 341 00:18:52,200 --> 00:18:55,400 Speaker 1: Time or money recruse. I wish we had more time, 342 00:18:55,400 --> 00:18:58,199 Speaker 1: but we'll have to stop there. Hopefully we continue the 343 00:18:58,240 --> 00:19:01,639 Speaker 1: conversation here on the are to maybe some future forums. 344 00:19:01,640 --> 00:19:03,560 Speaker 1: We look forward to seeing you at the Milkin Institute 345 00:19:03,560 --> 00:19:06,439 Speaker 1: Global Conference coming up in a month or so, and 346 00:19:06,480 --> 00:19:09,399 Speaker 1: some other big events. And God bless you and your 347 00:19:09,440 --> 00:19:12,760 Speaker 1: family for your wonderful philanthropy and for jumping on the 348 00:19:12,760 --> 00:19:15,520 Speaker 1: line here on covering all these important issues with us today. 349 00:19:15,600 --> 00:19:17,800 Speaker 1: Rick Caruso, thank you very very much for joining us 350 00:19:17,840 --> 00:19:18,720 Speaker 1: live this afternoon. 351 00:19:19,440 --> 00:19:21,760 Speaker 3: Thank you, Frank, God bless you. Thank you for being 352 00:19:21,800 --> 00:19:23,040 Speaker 3: such a great voice in LA. 353 00:19:23,800 --> 00:19:25,920 Speaker 1: Thank you very much. Rick Caruso, live with us here 354 00:19:26,160 --> 00:19:29,080 Speaker 1: on Motech on Money on seven ninety KBC. Mottack on 355 00:19:29,119 --> 00:19:33,040 Speaker 1: Money Continue, seven ninety KBC. Another rough day for the 356 00:19:33,040 --> 00:19:36,280 Speaker 1: stock market, the Nasdaq now in correction, territory, the now 357 00:19:36,359 --> 00:19:39,480 Speaker 1: down four sixty nine, SMP five hundred down one hundred 358 00:19:39,480 --> 00:19:42,520 Speaker 1: and fifteen, the NASDAK down five twenty two at twenty 359 00:19:42,520 --> 00:19:45,960 Speaker 1: one thousand and four to eight. Price of oil, of 360 00:19:46,040 --> 00:19:49,560 Speaker 1: course in focus right now ninety three forty four a 361 00:19:49,560 --> 00:19:51,560 Speaker 1: barrel in New York down to dollar four here at 362 00:19:51,600 --> 00:19:54,560 Speaker 1: the moment, Gold up twenty four dollars back to forty 363 00:19:54,560 --> 00:19:57,840 Speaker 1: four hundred announced, the volt Holy Index spiking today by 364 00:19:57,960 --> 00:20:01,160 Speaker 1: eight percent. The cryptos at taking a hit today. Right 365 00:20:01,160 --> 00:20:03,880 Speaker 1: now at bitcoin, it's hovering just below sixty nine thousand 366 00:20:04,200 --> 00:20:06,960 Speaker 1: ethereum eighth at two thousand and fifty eight dose at 367 00:20:07,000 --> 00:20:11,040 Speaker 1: the moment at nine cents. Bond yields moving higher, impacting 368 00:20:11,080 --> 00:20:12,920 Speaker 1: those fixed rate mortgage rates which have been up for 369 00:20:12,920 --> 00:20:15,080 Speaker 1: the last month or so. The yield and the tenure 370 00:20:15,119 --> 00:20:18,280 Speaker 1: note now four point four to two percent. And at 371 00:20:18,280 --> 00:20:21,480 Speaker 1: the gas pump, you're seeing the record high diesel price 372 00:20:21,560 --> 00:20:23,480 Speaker 1: out there, seven to twenty three a gallon now in 373 00:20:23,520 --> 00:20:25,840 Speaker 1: the La Long Beach area. That's a record high for diesel. 374 00:20:25,880 --> 00:20:28,360 Speaker 1: Three record highs in a row this week. Right now, 375 00:20:28,520 --> 00:20:32,120 Speaker 1: regular gas at five ninety six in average premium averaging 376 00:20:32,160 --> 00:20:35,800 Speaker 1: six thirty five according to today's Triple A fuel gage survey. 377 00:20:36,400 --> 00:20:40,160 Speaker 1: Motackle Money continues on seven ninety KABC Good Afternoon. Could 378 00:20:40,200 --> 00:20:43,880 Speaker 1: Cubas Communist government finally crumble under the weight of economic 379 00:20:43,960 --> 00:20:46,800 Speaker 1: turmoil in Cuba, including a big energy crisis there now 380 00:20:46,880 --> 00:20:50,320 Speaker 1: Russian authorities confirming that Moscow is sending fuel to Cuban 381 00:20:50,400 --> 00:20:55,119 Speaker 1: now as humanitarian aid, intensifying geopolitical tensions as a Russian 382 00:20:55,119 --> 00:20:59,040 Speaker 1: oil tanker likely bound for Cuba approaches the Caribbean. Moscow's 383 00:20:59,040 --> 00:21:02,080 Speaker 1: announcement we coming amid a US ever to choke off 384 00:21:02,119 --> 00:21:04,840 Speaker 1: oil supplies to Havana that has led to a worsening 385 00:21:04,960 --> 00:21:09,320 Speaker 1: energy crisis and possibly a humanitarian disaster. I was widely 386 00:21:09,359 --> 00:21:12,440 Speaker 1: expected Fidel Castro's communist government would collapse with the demise 387 00:21:12,520 --> 00:21:14,920 Speaker 1: of the Soviet Union back in nineteen ninety one. Fast 388 00:21:14,960 --> 00:21:18,600 Speaker 1: forward to twenty twenty six, US authority seeking to push 389 00:21:18,640 --> 00:21:21,560 Speaker 1: out the current Cuban leader, Miguel Diaz Canal out of 390 00:21:21,600 --> 00:21:24,359 Speaker 1: power for now, though Cuba remains an island in a 391 00:21:24,400 --> 00:21:27,520 Speaker 1: sea of change, joining US now one of the most 392 00:21:27,600 --> 00:21:31,000 Speaker 1: prominent Cuban American leaders. An award winning broadcaster as well, 393 00:21:31,040 --> 00:21:34,520 Speaker 1: the Honorable Thomas Regalado, former Mayor of Miami, currently serving 394 00:21:34,520 --> 00:21:37,960 Speaker 1: as Miami Dade County Property Appraiser in South Florida. Previously, 395 00:21:37,960 --> 00:21:40,240 Speaker 1: he was the news director and radio host on the 396 00:21:40,240 --> 00:21:43,359 Speaker 1: great radio station Rodeo Mumbee in Miami. The number one 397 00:21:43,560 --> 00:21:46,719 Speaker 1: news source for the Cuban community in South Florida for decades, 398 00:21:46,760 --> 00:21:51,680 Speaker 1: the honorable Tomas Regalado. Good afternoon, Tomas Regolatdo. 399 00:21:52,119 --> 00:21:55,800 Speaker 4: Good afternoon, Frank, Thank you so much. It's good to 400 00:21:55,920 --> 00:22:01,000 Speaker 4: hear again your boys. I've done it old times and 401 00:22:01,480 --> 00:22:04,160 Speaker 4: that is part of my memories when you were here 402 00:22:05,359 --> 00:22:08,440 Speaker 4: as one of the leaders in the radio in Miami. 403 00:22:08,880 --> 00:22:16,680 Speaker 4: So we are expected, we are thrilled that this time 404 00:22:16,840 --> 00:22:20,639 Speaker 4: could be for real. However, like you said, when the 405 00:22:20,680 --> 00:22:26,040 Speaker 4: Berlin Wall collapsed, the Cubans believed that Cuba will follow, 406 00:22:26,520 --> 00:22:30,639 Speaker 4: but the United States didn't do much at the time, 407 00:22:31,320 --> 00:22:36,920 Speaker 4: and Russia was able to keep doing something. And then 408 00:22:37,080 --> 00:22:41,720 Speaker 4: Chavis came up on the scene at the same time 409 00:22:42,359 --> 00:22:47,680 Speaker 4: and supported Cuba for more than two decades with the 410 00:22:47,680 --> 00:22:53,320 Speaker 4: oil and I'm paying for thousands of thousands of security 411 00:22:53,520 --> 00:22:59,840 Speaker 4: and teachers and doctors. Venezuela was the lifeline for Cuba 412 00:23:00,200 --> 00:23:04,320 Speaker 4: after the Special period. So now there is no Venezuela, 413 00:23:04,480 --> 00:23:08,800 Speaker 4: there is no Maduro. As you said, Russia is sending 414 00:23:09,280 --> 00:23:14,440 Speaker 4: a tanker, but apparently that tanker only will hold for 415 00:23:14,560 --> 00:23:19,560 Speaker 4: less than three weeks in great part of the island 416 00:23:19,600 --> 00:23:25,320 Speaker 4: of Cuba, so maybe they are able to use that 417 00:23:25,520 --> 00:23:29,520 Speaker 4: oil to give power to Havana and other major cities, 418 00:23:29,760 --> 00:23:34,560 Speaker 4: but the rest of the country will still be without 419 00:23:34,720 --> 00:23:39,639 Speaker 4: power because they have been that on and off power 420 00:23:39,880 --> 00:23:45,119 Speaker 4: and off power for more than seven years now, even 421 00:23:45,200 --> 00:23:49,720 Speaker 4: with the oil that Venezuela said. So now Cuba is 422 00:23:49,760 --> 00:23:54,760 Speaker 4: facing or that regime is facing the perfect storm. They 423 00:23:54,800 --> 00:24:00,040 Speaker 4: don't have Venezuela anymore. Mexico decided to jump to the 424 00:24:00,080 --> 00:24:05,200 Speaker 4: other side and not send any more oil or humanitarian aid. 425 00:24:06,280 --> 00:24:12,000 Speaker 4: And Russia is, i guess, sending some kind of symbolic 426 00:24:13,400 --> 00:24:16,639 Speaker 4: message that we are going to help you, but that 427 00:24:16,760 --> 00:24:20,080 Speaker 4: would be not enough. And the people of Cuba realize 428 00:24:20,200 --> 00:24:27,480 Speaker 4: now that they are alone, and that the people in 429 00:24:28,840 --> 00:24:32,520 Speaker 4: the island are willing to keep going out on the 430 00:24:32,560 --> 00:24:37,680 Speaker 4: streets banging casseroles and asking for freedom. 431 00:24:39,400 --> 00:24:42,360 Speaker 1: On the air with the honorable Tomas Regolatto, former mayor 432 00:24:42,359 --> 00:24:47,439 Speaker 1: of Miami and superb, superb broadcaster, longtime news director Rondio 433 00:24:47,680 --> 00:24:50,960 Speaker 1: Mumbi and Miami and there's no more authoritative source on 434 00:24:51,160 --> 00:24:53,960 Speaker 1: Cuba than Tomas Regulatto, who's speaking to us live on 435 00:24:54,000 --> 00:24:55,600 Speaker 1: the air. It's been a while since we chatted behind 436 00:24:55,640 --> 00:24:58,520 Speaker 1: live microphones, and I'm absolutely thrilled to speak with you 437 00:24:58,720 --> 00:25:02,320 Speaker 1: on the air here today, Tomas Regolodo. What what's going 438 00:25:02,359 --> 00:25:05,880 Speaker 1: on behind the scenes. Supposedly there's some some talks underway 439 00:25:06,520 --> 00:25:09,920 Speaker 1: between the US and Cuba that that have been reported. 440 00:25:10,960 --> 00:25:12,760 Speaker 1: What do you think is the timetable here for for 441 00:25:12,920 --> 00:25:15,479 Speaker 1: some possible big news on change in Cuba. 442 00:25:16,520 --> 00:25:19,960 Speaker 4: Well, you know, the President Trump is used to give 443 00:25:20,119 --> 00:25:27,080 Speaker 4: two weeks notice uh to the adversaries, but in this case, 444 00:25:27,160 --> 00:25:30,359 Speaker 4: two weeks have passed. Seen he said that he was 445 00:25:30,400 --> 00:25:34,159 Speaker 4: going to take care of Cuba after Iran. So the 446 00:25:34,240 --> 00:25:37,919 Speaker 4: timetable I can tell you for what we know is 447 00:25:38,840 --> 00:25:44,600 Speaker 4: that the United States is relentless in the not giving 448 00:25:45,280 --> 00:25:50,639 Speaker 4: in to those who won the sanctions in Post and 449 00:25:50,840 --> 00:25:55,520 Speaker 4: Mexico and Venezuela. If they do send oil to Cuba 450 00:25:55,680 --> 00:26:00,719 Speaker 4: and other countries, uh, maybe they allow the Shan tanker 451 00:26:00,960 --> 00:26:04,919 Speaker 4: to go by the kind of blockade that they have 452 00:26:05,840 --> 00:26:10,280 Speaker 4: because they want to maintain relations. But the timetable, friend, 453 00:26:10,880 --> 00:26:15,639 Speaker 4: is that there is a consensus in the administration, even 454 00:26:15,840 --> 00:26:21,600 Speaker 4: in Congress, especially now that Marco Ruvio is leading the 455 00:26:21,680 --> 00:26:26,560 Speaker 4: way in foreign policy, that the Castro regime, the Escanelle 456 00:26:26,760 --> 00:26:31,359 Speaker 4: must go that if we are going to have a 457 00:26:31,480 --> 00:26:38,560 Speaker 4: transition in Venezuela, as it appears that is happening slowly 458 00:26:38,840 --> 00:26:44,760 Speaker 4: but firmly. We got to have also a transition in Cuba. 459 00:26:44,840 --> 00:26:49,439 Speaker 4: Hopefully it would be no bloodshed. But what we're seeing 460 00:26:50,560 --> 00:26:56,280 Speaker 4: just last night, during the weekend and Monday, is that 461 00:26:56,480 --> 00:27:01,119 Speaker 4: in more than a dozen cities in Cuba, uh during 462 00:27:01,160 --> 00:27:06,119 Speaker 4: the night when there is no electricity, thousands and thousands 463 00:27:06,119 --> 00:27:11,119 Speaker 4: of people go out. They even burn a Communist Party 464 00:27:11,359 --> 00:27:16,480 Speaker 4: office in the city in the central part of Cuba, 465 00:27:16,520 --> 00:27:19,960 Speaker 4: which is very unusual because the people of Cuba used 466 00:27:20,000 --> 00:27:26,320 Speaker 4: to be afraid of because of the very strong repression 467 00:27:26,880 --> 00:27:32,520 Speaker 4: and very organized repression that the regime has. So I 468 00:27:32,560 --> 00:27:35,760 Speaker 4: think that the time table we can talk about weeks. 469 00:27:35,920 --> 00:27:40,200 Speaker 4: The problem is frank that they're mixed signals. The United 470 00:27:40,240 --> 00:27:45,399 Speaker 4: States confirmed that they are talks, Cuba first confirmed that 471 00:27:45,520 --> 00:27:49,119 Speaker 4: they were talking, but Cuba now says the president, well, 472 00:27:49,440 --> 00:27:55,480 Speaker 4: we only will talk about drug trafficking. And by the way, 473 00:27:56,119 --> 00:28:01,360 Speaker 4: Cuban Coast Guard and US Coast Guard meet every three 474 00:28:01,520 --> 00:28:06,400 Speaker 4: months in Guantanamo Base to talk about measures against DOUG 475 00:28:06,680 --> 00:28:12,000 Speaker 4: drug traffics in the Caribbean. So I don't nobody understands 476 00:28:12,600 --> 00:28:17,160 Speaker 4: what is the message that Havana is sending out at 477 00:28:17,200 --> 00:28:21,439 Speaker 4: this moment. But what we know is that the cracks 478 00:28:21,480 --> 00:28:24,920 Speaker 4: in the leadership and something can happen. 479 00:28:25,960 --> 00:28:28,199 Speaker 1: On the air with the honorable Tomas reg Alatto. And 480 00:28:28,720 --> 00:28:31,400 Speaker 1: you were probably there when President Reagan delivered his last 481 00:28:31,440 --> 00:28:35,400 Speaker 1: speech to the Cuban American National Foundation, when the foundation 482 00:28:35,600 --> 00:28:38,640 Speaker 1: had developed what they called a blueprint following the collapse 483 00:28:38,680 --> 00:28:43,200 Speaker 1: of the Soviet Union, a blueprint for the basically the 484 00:28:43,240 --> 00:28:47,080 Speaker 1: rebuilding of Cuba, which obviously needs a tremendous Rebuilian rebuilding. 485 00:28:47,560 --> 00:28:49,920 Speaker 1: What kind of preparations are underway in Miami right now 486 00:28:50,000 --> 00:28:52,960 Speaker 1: for when that big day comes. Obviously it's going to 487 00:28:53,000 --> 00:28:55,760 Speaker 1: be uh, it's going to be big for business trying 488 00:28:55,800 --> 00:28:59,800 Speaker 1: to modernize a Cuba which is totally crumbling with the 489 00:29:00,080 --> 00:29:04,040 Speaker 1: what nineteen thirties, forties, fifties cars on the road to 490 00:29:04,080 --> 00:29:04,600 Speaker 1: this name. 491 00:29:05,360 --> 00:29:10,040 Speaker 4: Absolutely, and the only difference is that Venezuela has oil. 492 00:29:10,880 --> 00:29:17,440 Speaker 4: Cuban doesn't even have the crops of sugarcane that it 493 00:29:17,560 --> 00:29:21,600 Speaker 4: used to be famous for. And Cuba have to be 494 00:29:21,760 --> 00:29:25,640 Speaker 4: rebuilt from top to bottom. It will be a challenge 495 00:29:26,720 --> 00:29:31,320 Speaker 4: not only for the United States and Western countries, but 496 00:29:31,520 --> 00:29:35,920 Speaker 4: to the Cuban exiled community. It would show that the 497 00:29:36,000 --> 00:29:40,720 Speaker 4: Cuban exiled community, much of the of the community that 498 00:29:40,920 --> 00:29:47,000 Speaker 4: has business here and money, will participate in the reconstruction 499 00:29:47,720 --> 00:29:51,360 Speaker 4: of Cuba. The problem is that there is no judicial 500 00:29:51,480 --> 00:29:55,600 Speaker 4: system in Cuba, and that is something that a lot 501 00:29:55,640 --> 00:29:59,720 Speaker 4: of people that understand law are looking here, like the 502 00:29:59,800 --> 00:30:03,800 Speaker 4: que An American Bar Association that the University of Miami. 503 00:30:04,040 --> 00:30:08,400 Speaker 4: They're looking how to structure a judicial system that would 504 00:30:08,440 --> 00:30:13,600 Speaker 4: guarantee uh those investments, that will guarantee uh the legality 505 00:30:14,160 --> 00:30:18,680 Speaker 4: of business because after all, in Cuba, only those who 506 00:30:18,720 --> 00:30:22,800 Speaker 4: have the blessing of the Quban regime can do business 507 00:30:22,840 --> 00:30:26,080 Speaker 4: in the island. So so it's going to be complicated. 508 00:30:26,200 --> 00:30:30,320 Speaker 4: But I would tell you uh that we had when 509 00:30:30,360 --> 00:30:35,480 Speaker 4: Fidel died. I was the mayor of Miami, and uh, 510 00:30:35,600 --> 00:30:39,440 Speaker 4: you know I remember that then Governor Rick Scott called 511 00:30:39,440 --> 00:30:44,680 Speaker 4: me around midnight and said, Mayor, do you need uh 512 00:30:44,920 --> 00:30:49,200 Speaker 4: for me to mobilize the National Guard? And I said, Governor, 513 00:30:49,800 --> 00:30:52,760 Speaker 4: what we have here is not a riot, it's a party. 514 00:30:53,120 --> 00:30:57,480 Speaker 4: People are dancing in the streets. Uh so where nobody's 515 00:30:57,560 --> 00:31:03,000 Speaker 4: burning anything. People are just castro died. And this is 516 00:31:03,040 --> 00:31:05,800 Speaker 4: going to be what is going to happen here when 517 00:31:05,840 --> 00:31:06,800 Speaker 4: Cuba collapsed. 518 00:31:07,880 --> 00:31:11,000 Speaker 1: Yeah, Biva biva, koba libra. I wish we had more time. 519 00:31:11,120 --> 00:31:13,680 Speaker 1: The honorable Thomas Regelatto, the former mayor of Miami and 520 00:31:14,280 --> 00:31:17,880 Speaker 1: a superb broadcaster who was the news director and radio 521 00:31:17,880 --> 00:31:21,280 Speaker 1: host in Rondio Mumbee, host of the show Cuba Alda 522 00:31:21,360 --> 00:31:25,160 Speaker 1: Cuba Today and and I'm just elated to speak with you, Mayor. 523 00:31:25,240 --> 00:31:26,920 Speaker 1: Thank you very very much. And we're going to keep 524 00:31:26,920 --> 00:31:29,280 Speaker 1: an open line to you as we follow these developments 525 00:31:29,360 --> 00:31:33,000 Speaker 1: very very closely, these epic developments happening right before our eyes. 526 00:31:33,040 --> 00:31:35,240 Speaker 1: Thank you very very much for taking the call here today. 527 00:31:36,280 --> 00:31:38,240 Speaker 4: Thank you friend, Thank you for your French. 528 00:31:38,840 --> 00:31:41,760 Speaker 1: Likewise, thank you very much. Seven ninety KBC mow Tagle 529 00:31:41,840 --> 00:31:45,560 Speaker 1: Money continues, seven ninety KBC, Good afternoon. Mortgage rates moving 530 00:31:45,640 --> 00:31:48,560 Speaker 1: higher for the fourth week in a row now following 531 00:31:48,600 --> 00:31:51,040 Speaker 1: the start of the US Israeli strikes against you, Ran, 532 00:31:51,360 --> 00:31:53,520 Speaker 1: looks like mortgage rates now at the highest level seen 533 00:31:54,000 --> 00:31:56,440 Speaker 1: since last September and the highest we've seen so far 534 00:31:56,640 --> 00:31:59,800 Speaker 1: this year. Let's bring in Jeff Flazerson, now the president 535 00:32:00,040 --> 00:32:02,880 Speaker 1: mortgagegrad dot Com based here in southern California and also 536 00:32:02,920 --> 00:32:06,000 Speaker 1: Orange County Register Real estate columnists. Jeff, thanks very much 537 00:32:06,040 --> 00:32:08,800 Speaker 1: for taking the call and give us an update here. 538 00:32:09,040 --> 00:32:10,560 Speaker 1: How are the rates looking this week? 539 00:32:12,080 --> 00:32:15,240 Speaker 5: Frank gets a roller coaster right now. It's just boy, 540 00:32:15,280 --> 00:32:18,320 Speaker 5: it's just tough out there. The thirty year fix today 541 00:32:18,400 --> 00:32:21,040 Speaker 5: is at six and one eight percent at one point, 542 00:32:21,200 --> 00:32:23,480 Speaker 5: so that's up to eight hundred and thirty two thousand, 543 00:32:23,600 --> 00:32:26,600 Speaker 5: seven hundred and fifty dollars. The fifteen year fixes at 544 00:32:26,640 --> 00:32:29,280 Speaker 5: five and a half percent, and then the high balance 545 00:32:29,360 --> 00:32:32,920 Speaker 5: loan that's eight thirty two, seven point fifty one up 546 00:32:32,960 --> 00:32:35,560 Speaker 5: to a million, two hundred and forty nine thy one 547 00:32:35,680 --> 00:32:38,360 Speaker 5: twenty five in LA and Orange County. That's at six 548 00:32:38,400 --> 00:32:40,960 Speaker 5: and a half percent for the thirty year, the fifteen 549 00:32:41,000 --> 00:32:43,760 Speaker 5: years at five point nine nine cent. Those are all 550 00:32:43,760 --> 00:32:47,120 Speaker 5: with one point costs, and the jumbo loan is about 551 00:32:47,160 --> 00:32:50,000 Speaker 5: six and eight percent, so anything over that is a jumbo. 552 00:32:50,920 --> 00:32:54,800 Speaker 5: But they're just going up up in a way right now, Frank, All. 553 00:32:54,720 --> 00:32:56,280 Speaker 1: Right, we see the yield in the tenure note with 554 00:32:56,360 --> 00:32:58,680 Speaker 1: Jim Panks those a fixed rates. The mortgage rates has 555 00:32:58,720 --> 00:33:02,280 Speaker 1: shot higher today to point four to two percent. Given 556 00:33:02,320 --> 00:33:04,880 Speaker 1: this news today, where do you see the rates go 557 00:33:04,920 --> 00:33:05,440 Speaker 1: from here? 558 00:33:07,200 --> 00:33:09,280 Speaker 2: Oh, Frank, that's a question. 559 00:33:10,520 --> 00:33:14,280 Speaker 5: Well, so the crystal ball says that it's not going 560 00:33:14,360 --> 00:33:17,200 Speaker 5: to get better until the war's over. When is the 561 00:33:17,240 --> 00:33:20,640 Speaker 5: war going to be over? Hopefully sooner than later. But 562 00:33:20,880 --> 00:33:23,560 Speaker 5: in the near term, you know, rates are just they're 563 00:33:23,640 --> 00:33:27,000 Speaker 5: just going up. The good news is though, when the 564 00:33:27,040 --> 00:33:30,880 Speaker 5: war ends, the rates will come right back down. And 565 00:33:31,040 --> 00:33:32,760 Speaker 5: you know, it'll take a little bit of time for 566 00:33:32,840 --> 00:33:34,880 Speaker 5: them to come back down, but they will. The economy 567 00:33:35,440 --> 00:33:38,600 Speaker 5: is pretty soft out there, and even though we have 568 00:33:38,640 --> 00:33:41,640 Speaker 5: some inflation tugs now, it will come down. 569 00:33:41,800 --> 00:33:44,520 Speaker 2: So you just have to be patient and wait for it. 570 00:33:45,520 --> 00:33:48,160 Speaker 1: All right, what's happening on the price front? Are we 571 00:33:48,160 --> 00:33:52,719 Speaker 1: see softening out there from still outer near record highs? 572 00:33:53,360 --> 00:33:54,880 Speaker 1: What do you see on the price front? 573 00:33:56,400 --> 00:33:57,680 Speaker 2: Yeah, Frank, not really. 574 00:33:57,800 --> 00:34:02,800 Speaker 5: I mean the good properties, those turnkey properties are are 575 00:34:03,360 --> 00:34:07,120 Speaker 5: still getting multiple DIDs and and going for over asking price. 576 00:34:07,760 --> 00:34:10,920 Speaker 5: The tired dogs are you know, they're just they're just 577 00:34:11,320 --> 00:34:14,600 Speaker 5: wallowing and they're they're not moving at all. But you know, 578 00:34:14,640 --> 00:34:18,800 Speaker 5: by and large, i'd say in southern California it's flat 579 00:34:19,080 --> 00:34:21,799 Speaker 5: up a little bit, maybe up percent or two, but 580 00:34:21,840 --> 00:34:25,520 Speaker 5: it's it's not going down. Inland Empires down a little bit, 581 00:34:25,640 --> 00:34:29,680 Speaker 5: but La and Orange County are flat up just a bit. So, 582 00:34:30,080 --> 00:34:32,280 Speaker 5: you know, I think we're still in really good shape 583 00:34:32,320 --> 00:34:34,240 Speaker 5: for the prices holding steady. 584 00:34:34,280 --> 00:34:37,440 Speaker 2: Remember, we just have such a you know, lack of 585 00:34:37,520 --> 00:34:38,640 Speaker 2: inventory out there. 586 00:34:38,800 --> 00:34:41,719 Speaker 5: There's just still so much demand for people wanting to 587 00:34:41,760 --> 00:34:46,640 Speaker 5: buy homes, and that was keeping the prices steady, all right. 588 00:34:46,640 --> 00:34:49,480 Speaker 1: And what about in the fire zoned areas You've been 589 00:34:49,520 --> 00:34:52,000 Speaker 1: tracking what's going on there with this very very slow 590 00:34:52,239 --> 00:34:56,640 Speaker 1: rebuilding underway and obviously thousands of homes and businesses that 591 00:34:56,680 --> 00:34:59,359 Speaker 1: were destroyed. The situation as far as inventory got even 592 00:34:59,400 --> 00:35:04,760 Speaker 1: worse obviously following that horrific disaster. What about what's happening there? 593 00:35:06,440 --> 00:35:09,520 Speaker 2: Well, not enough, rank, not enough. 594 00:35:10,080 --> 00:35:13,440 Speaker 5: It's it's just just a slow sledge that you know, 595 00:35:13,480 --> 00:35:16,120 Speaker 5: as far as the rebuilding goes. And you know, a 596 00:35:16,120 --> 00:35:18,080 Speaker 5: lot of people it's really sad. There's a lot of 597 00:35:18,120 --> 00:35:21,200 Speaker 5: people that have run out of money from the insurance 598 00:35:21,280 --> 00:35:25,560 Speaker 5: companies for shelter. You know, those insurance policies only give 599 00:35:25,640 --> 00:35:27,799 Speaker 5: you X amount of time for your shelter, and so 600 00:35:28,200 --> 00:35:31,040 Speaker 5: a lot of these people have lost everything and now 601 00:35:31,080 --> 00:35:33,799 Speaker 5: they don't even have the insurance company to cover their 602 00:35:33,800 --> 00:35:38,320 Speaker 5: housing expense. So it's it's it's tough, it's sad, and 603 00:35:38,920 --> 00:35:43,160 Speaker 5: just there's not enough progress soon enough, and it's just 604 00:35:43,600 --> 00:35:44,680 Speaker 5: I don't know what to say. 605 00:35:44,680 --> 00:35:46,560 Speaker 2: It's just disappointing for sure. 606 00:35:48,239 --> 00:35:50,640 Speaker 1: On there lit with Jeff lazersand the president of Mortgage 607 00:35:50,640 --> 00:35:54,400 Speaker 1: Greater dot Com and Orange County Register real estate columnist. 608 00:35:54,880 --> 00:35:58,120 Speaker 1: What else is on your radar screen? Any any relief 609 00:35:58,360 --> 00:36:01,560 Speaker 1: for those trying to buy a place here in southern California? 610 00:36:01,600 --> 00:36:05,759 Speaker 1: Any new programs or you know what's give us some 611 00:36:05,800 --> 00:36:07,200 Speaker 1: news here book what's happening? 612 00:36:07,960 --> 00:36:11,640 Speaker 5: So this week I wrote about condos. There was a 613 00:36:11,640 --> 00:36:15,359 Speaker 5: big message out last week from the federal government. They 614 00:36:15,400 --> 00:36:20,720 Speaker 5: made a big announcement that condo association reserves starting July first, 615 00:36:21,440 --> 00:36:24,200 Speaker 5: are going up to fifteen percent of the budget. So 616 00:36:24,400 --> 00:36:27,960 Speaker 5: your annual budget right now, it's ten percent of the 617 00:36:28,000 --> 00:36:31,400 Speaker 5: budget are in reserves. Starting July first, it's going to 618 00:36:31,440 --> 00:36:35,520 Speaker 5: be fifteen percent. And most of the associations out there, 619 00:36:35,560 --> 00:36:37,839 Speaker 5: you know, their boards make a decision once a year 620 00:36:37,880 --> 00:36:40,759 Speaker 5: about budgeting. So what that means is a lot of 621 00:36:40,800 --> 00:36:44,320 Speaker 5: these condo associations are not going to be compliant with 622 00:36:44,520 --> 00:36:48,720 Speaker 5: we May and Freddie mac requirements. And that goes into 623 00:36:48,760 --> 00:36:52,200 Speaker 5: that you know, black box of not having not being 624 00:36:52,239 --> 00:36:54,520 Speaker 5: able to get a cheap loan, So they're going to 625 00:36:54,560 --> 00:36:57,160 Speaker 5: have to get a loan called a non warrantful condo loan. 626 00:36:58,400 --> 00:37:02,319 Speaker 5: Anybody looking to buy an right now better real hard 627 00:37:02,360 --> 00:37:06,080 Speaker 5: at the financials of the condo association because it is 628 00:37:06,120 --> 00:37:09,080 Speaker 5: not looking pretty and the government has just made it 629 00:37:09,200 --> 00:37:13,120 Speaker 5: much more difficult for those condo associations that can do 630 00:37:13,280 --> 00:37:17,160 Speaker 5: Fanny and Freddie loans, much more difficult for them to 631 00:37:17,200 --> 00:37:20,200 Speaker 5: stay in there. So it's that's big news right now, 632 00:37:20,320 --> 00:37:23,280 Speaker 5: and it's you know, embrace. 633 00:37:22,920 --> 00:37:25,160 Speaker 2: Yourself because this summer it's. 634 00:37:24,960 --> 00:37:27,120 Speaker 5: Going to be a lot of screaming going on. 635 00:37:28,000 --> 00:37:30,080 Speaker 1: Wow, that is big news. Thanks for bringing that to 636 00:37:30,320 --> 00:37:32,600 Speaker 1: our attention. And of course in Flauida they went through 637 00:37:32,640 --> 00:37:36,560 Speaker 1: this with the new regulations there following the collapse of 638 00:37:36,560 --> 00:37:40,600 Speaker 1: that condo tower and Surfside and Miami Beach area, and 639 00:37:40,640 --> 00:37:43,719 Speaker 1: they had to change the rules there and homeowner association 640 00:37:43,920 --> 00:37:48,160 Speaker 1: dues skyrocketed. So we're seeing a similar situation here now too. 641 00:37:49,640 --> 00:37:50,719 Speaker 2: Yeah, that's exactly it. 642 00:37:50,800 --> 00:37:56,040 Speaker 5: And the association fees are skyrocking, largely because the insurance 643 00:37:56,560 --> 00:38:00,160 Speaker 5: and the deferred maintenance and so you know you're getting 644 00:38:00,239 --> 00:38:03,040 Speaker 5: hit with you're going to get hit with special assessments 645 00:38:03,080 --> 00:38:05,839 Speaker 5: if you haven't already, if you're living in the condo association. 646 00:38:06,400 --> 00:38:09,040 Speaker 5: Most of the condos in seven California are thirty forty 647 00:38:09,120 --> 00:38:11,400 Speaker 5: years old, and they do have a lot of different maintenance, 648 00:38:11,840 --> 00:38:14,880 Speaker 5: so they do special assessments to bring them up to 649 00:38:14,920 --> 00:38:17,760 Speaker 5: speed and put new roofs on and et cetera, et cetera, 650 00:38:18,320 --> 00:38:23,560 Speaker 5: and it's getting very expensive and insurance is wildly expensive. 651 00:38:24,080 --> 00:38:26,720 Speaker 1: Jeff, thank you very much for taking the call. Jeff Lazarson, 652 00:38:26,800 --> 00:38:29,360 Speaker 1: the president of Mortgage Greater dot Com and OC registered 653 00:38:29,360 --> 00:38:31,920 Speaker 1: real estate columnists Live with the Serer. Stay tuned now 654 00:38:31,920 --> 00:38:34,520 Speaker 1: for the seven ninety KBC News Blitz, and then at 655 00:38:34,560 --> 00:38:37,600 Speaker 1: six it's the Way Home Radio show and podcast. I'll 656 00:38:37,600 --> 00:38:39,440 Speaker 1: be back on the air with Mark Hood, CEO of 657 00:38:39,480 --> 00:38:40,480 Speaker 1: the Union Rescue Mission.