1 00:00:01,240 --> 00:00:03,640 Speaker 1: Whether you're lighting a candle on the Manora or placing 2 00:00:03,680 --> 00:00:06,320 Speaker 1: Baby Jesus in the Nativity. We hope your holiday is 3 00:00:06,360 --> 00:00:08,039 Speaker 1: full of grace, wonder and love. 4 00:00:08,240 --> 00:00:11,240 Speaker 2: And maybe even a little snow. Merry Christmas and happy 5 00:00:11,280 --> 00:00:15,000 Speaker 2: Honika from all of us at the Clay and Buck Show. 6 00:00:15,120 --> 00:00:19,040 Speaker 2: The Team forty seven podcast is sponsored by Good Ranchers 7 00:00:19,120 --> 00:00:25,680 Speaker 2: Making the American Farm Strong Again. Team forty seven with 8 00:00:25,920 --> 00:00:32,600 Speaker 2: Clay and Buck start Snow. Inflation has just come in 9 00:00:33,040 --> 00:00:37,560 Speaker 2: at the lowest level since the spring of twenty twenty one, 10 00:00:38,159 --> 00:00:42,000 Speaker 2: when cost of goods began to skyrocket under Joe Biden 11 00:00:42,159 --> 00:00:46,159 Speaker 2: as he poured trillions of dollars into the economy in 12 00:00:46,240 --> 00:00:49,239 Speaker 2: the early days of what I think it's fair to 13 00:00:49,280 --> 00:00:55,080 Speaker 2: call the worst administration in any of our lives. Inflation 14 00:00:55,320 --> 00:01:00,840 Speaker 2: comes in at two point seven percent. Again, the goal 15 00:01:01,240 --> 00:01:04,600 Speaker 2: for the Fed is two percent. We have been fighting 16 00:01:04,600 --> 00:01:07,480 Speaker 2: our way back down since I believe it was June 17 00:01:07,560 --> 00:01:10,520 Speaker 2: of twenty two. Team can correct me if I'm wrong 18 00:01:10,680 --> 00:01:12,400 Speaker 2: or right on that. I think it was June of 19 00:01:12,440 --> 00:01:16,760 Speaker 2: twenty two that inflation hit nine point one percent in 20 00:01:16,840 --> 00:01:22,119 Speaker 2: this country and necessitated a rapid rise overall in interest rates. 21 00:01:22,280 --> 00:01:24,600 Speaker 2: I'm going to actually break this down for you, because 22 00:01:25,040 --> 00:01:28,160 Speaker 2: a big part of the twenty twenty sixth election is 23 00:01:28,240 --> 00:01:33,399 Speaker 2: going to be based on cost of goods affordability. But 24 00:01:33,560 --> 00:01:37,280 Speaker 2: I want to give you the latest information. I'll give 25 00:01:37,280 --> 00:01:41,000 Speaker 2: you a couple of different ways that this broke down. 26 00:01:41,120 --> 00:01:46,360 Speaker 2: This was from CNBC economics reporter Steve Leisman. Here he 27 00:01:46,520 --> 00:01:51,480 Speaker 2: is on CNBC reacting in surprise to the numbers on 28 00:01:51,640 --> 00:01:55,840 Speaker 2: inflation coming in much lower than expected. Cut to the. 29 00:01:55,840 --> 00:01:59,280 Speaker 3: Number of the morning the CPI, Oh, maybe coming in 30 00:01:59,320 --> 00:02:01,800 Speaker 3: a little bit better then expect that two point seven 31 00:02:01,840 --> 00:02:04,680 Speaker 3: percent a little light here. I'm not calling I'm just 32 00:02:04,760 --> 00:02:08,040 Speaker 3: reading the headlines here year over year two seven ex 33 00:02:08,080 --> 00:02:11,360 Speaker 3: Food and Energy Corps two six, So four tenths off. 34 00:02:11,400 --> 00:02:15,160 Speaker 2: That is a very good number here, all right, very 35 00:02:15,160 --> 00:02:20,400 Speaker 2: good number. That is CNBC. Here is Maria Bartiromo. Side note. 36 00:02:20,840 --> 00:02:23,720 Speaker 2: I got to meet Maria Bartiromo for the first time. 37 00:02:24,600 --> 00:02:28,000 Speaker 2: I think it was in early November, uh at a 38 00:02:28,120 --> 00:02:31,560 Speaker 2: Fox event, and I was just giddy. And Buck would 39 00:02:31,639 --> 00:02:34,320 Speaker 2: tell you this, and my wife would tell you this. 40 00:02:34,919 --> 00:02:37,320 Speaker 2: I got to meet Joe Kernan. I was a kid 41 00:02:37,320 --> 00:02:39,920 Speaker 2: who liked to watch CNBC back in the day. So 42 00:02:40,080 --> 00:02:44,079 Speaker 2: Maria Bartiromo Joe Kernan for those of you who remember 43 00:02:44,200 --> 00:02:47,720 Speaker 2: that era when there was no competition. I was so 44 00:02:47,880 --> 00:02:50,480 Speaker 2: excited to meet her and she I was just giddy. 45 00:02:50,480 --> 00:02:52,400 Speaker 2: And the fact that she knew me and she said, oh, 46 00:02:52,440 --> 00:02:54,799 Speaker 2: I love what you and Buck are doing. That was awesome, 47 00:02:54,840 --> 00:02:56,960 Speaker 2: which reminds me we should get her on the program. 48 00:02:57,400 --> 00:03:01,720 Speaker 2: But here is Fox Business host Maria Bartiromo as this 49 00:03:01,880 --> 00:03:04,280 Speaker 2: news comes out, reacting to it. Cut one. 50 00:03:04,520 --> 00:03:08,600 Speaker 1: Inflation is running at maybe two point nine percent right now, two. 51 00:03:08,360 --> 00:03:10,840 Speaker 2: Point seven percent year every year. Let me interrupt you. 52 00:03:10,919 --> 00:03:13,720 Speaker 4: I'm sorry, Steve. Two point seven percent year of a 53 00:03:13,840 --> 00:03:17,280 Speaker 4: year is the number we were expecting. Two point six 54 00:03:17,360 --> 00:03:20,680 Speaker 4: percent is on core, two point six percent is core, 55 00:03:20,919 --> 00:03:23,560 Speaker 4: and two point seven percent is headline. This is better 56 00:03:23,560 --> 00:03:26,600 Speaker 4: than expected. We were expecting three percent on core. We 57 00:03:26,639 --> 00:03:31,080 Speaker 4: got two point six percent CPI for the month of November. 58 00:03:31,200 --> 00:03:34,600 Speaker 4: We got headline number of two point seven percent, much 59 00:03:34,600 --> 00:03:37,800 Speaker 4: better than the three point one percent expected. Markets are 60 00:03:37,840 --> 00:03:40,080 Speaker 4: on the move down dusters now at the highs of 61 00:03:40,120 --> 00:03:42,520 Speaker 4: the morning, up one hundred and sixty five on this number. 62 00:03:43,560 --> 00:03:46,800 Speaker 2: Okay, as we speak to you, the Dow is near 63 00:03:47,000 --> 00:03:49,560 Speaker 2: and all time high. The s and P five hundred. 64 00:03:49,560 --> 00:03:51,920 Speaker 2: It is near in all time high, and the Nasdaq 65 00:03:52,000 --> 00:03:54,800 Speaker 2: is near an all time high. And uh, there's no 66 00:03:54,880 --> 00:03:59,160 Speaker 2: other way to spin it, says Harvard professor of economics 67 00:03:59,240 --> 00:04:02,360 Speaker 2: Ken Rogof here. He is reacting to it as well. 68 00:04:02,400 --> 00:04:03,760 Speaker 2: Again cut three. 69 00:04:03,880 --> 00:04:06,120 Speaker 5: I mean, I was surprised. It was a better number 70 00:04:06,160 --> 00:04:12,640 Speaker 5: than anyone was expecting. Look, inflation's been very high. It's 71 00:04:12,680 --> 00:04:15,480 Speaker 5: stayed high, it has not been coming down. But you know, 72 00:04:15,680 --> 00:04:18,840 Speaker 5: people were expecting it to be above three percent. It 73 00:04:18,880 --> 00:04:22,280 Speaker 5: was well below three percent. I mean, I think the 74 00:04:22,320 --> 00:04:25,800 Speaker 5: president will take this as good news. The investors will 75 00:04:25,800 --> 00:04:28,839 Speaker 5: think that interest rates will get cut more. So, you 76 00:04:28,880 --> 00:04:31,000 Speaker 5: know it, it was a positive news. There's no other 77 00:04:31,040 --> 00:04:31,720 Speaker 5: way to spend it. 78 00:04:32,080 --> 00:04:35,520 Speaker 2: Okay, we're going to get into President Trump's address last night, 79 00:04:35,640 --> 00:04:38,159 Speaker 2: but this news has come out since then, and you 80 00:04:38,240 --> 00:04:41,120 Speaker 2: might be saying, Okay, Clay, what impact does this have 81 00:04:41,440 --> 00:04:43,680 Speaker 2: on my life? Why does this matter? Let me kind 82 00:04:43,720 --> 00:04:46,400 Speaker 2: of lay it out for you a little bit. I 83 00:04:46,520 --> 00:04:50,640 Speaker 2: get that people are frustrated with what things cost, and 84 00:04:50,920 --> 00:04:52,160 Speaker 2: let me take you on a little bit of a 85 00:04:53,040 --> 00:04:57,480 Speaker 2: journey and try to make sense of what happened and 86 00:04:57,560 --> 00:05:00,880 Speaker 2: why you are angry, many of you, including me, at 87 00:05:00,880 --> 00:05:04,440 Speaker 2: what the cost of goods actually are. When Joe Biden 88 00:05:04,520 --> 00:05:09,080 Speaker 2: came into office in January of twenty twenty one, inflation 89 00:05:09,560 --> 00:05:13,960 Speaker 2: was right around two percent. That is the Fed's stated target. 90 00:05:14,360 --> 00:05:19,279 Speaker 2: Very low inflation that is hard to recognize in general 91 00:05:19,360 --> 00:05:24,520 Speaker 2: cost of goods two percent inflation. Almost immediately, the decision 92 00:05:24,560 --> 00:05:28,160 Speaker 2: that Biden's team made on the economy was, we have 93 00:05:28,279 --> 00:05:32,240 Speaker 2: to juice the economy coming out of COVID. There is 94 00:05:32,400 --> 00:05:35,800 Speaker 2: danger in not spending enough money. We have to make 95 00:05:35,839 --> 00:05:40,240 Speaker 2: sure that the federal government is the fire hose that 96 00:05:40,400 --> 00:05:43,440 Speaker 2: is trying to spray as much economic growth as we 97 00:05:43,520 --> 00:05:48,000 Speaker 2: can create. And remember Biden came into office and immediately 98 00:05:48,520 --> 00:05:53,160 Speaker 2: passed and spent trillions of dollars in spending increases because 99 00:05:53,160 --> 00:05:55,960 Speaker 2: that was their idea, Hey, we can't go too small. 100 00:05:56,120 --> 00:05:58,560 Speaker 2: We got to put as much money from the federal 101 00:05:58,600 --> 00:06:04,360 Speaker 2: government into this as we can. And what happened almost immediately, 102 00:06:05,080 --> 00:06:10,360 Speaker 2: overall inflation started to skyrocket because we were giving too 103 00:06:10,360 --> 00:06:13,679 Speaker 2: many people cash. We were still at that time telling 104 00:06:13,720 --> 00:06:17,560 Speaker 2: a lot of people stay home, eat cheetos. The government's 105 00:06:17,560 --> 00:06:20,719 Speaker 2: got your back. You don't have to worry about income, 106 00:06:21,400 --> 00:06:23,520 Speaker 2: you don't have to worry about paying for your cost 107 00:06:23,560 --> 00:06:27,440 Speaker 2: of goods. And the value of a dollar began to 108 00:06:27,640 --> 00:06:32,719 Speaker 2: plummet and inflation skyrocketed, and by June of twenty twenty two, 109 00:06:33,160 --> 00:06:36,480 Speaker 2: everything had gone up. We were at a nine point 110 00:06:36,520 --> 00:06:41,880 Speaker 2: one percent inflation rate overnight. And I know many of 111 00:06:41,920 --> 00:06:45,800 Speaker 2: you felt this. You would go out to get fast 112 00:06:45,800 --> 00:06:50,680 Speaker 2: food or buy a pizza for your family, and everything 113 00:06:50,880 --> 00:06:54,840 Speaker 2: just started costing way more than it should have. You 114 00:06:54,880 --> 00:06:56,880 Speaker 2: were looking around, you were saying, how in the world 115 00:06:56,880 --> 00:06:59,240 Speaker 2: did that pizza cost this much. I have talked about 116 00:06:59,279 --> 00:07:01,760 Speaker 2: it a lot because the place that my family goes 117 00:07:01,800 --> 00:07:04,680 Speaker 2: the most often is Chick fil A. I love Chick 118 00:07:04,680 --> 00:07:07,760 Speaker 2: fil A. My boys love Chick fil A. I've got 119 00:07:07,800 --> 00:07:11,280 Speaker 2: three growing boys suddenly going through the Chick fil A 120 00:07:11,440 --> 00:07:14,680 Speaker 2: drive through. Starting in twenty twenty one, twenty twenty two, 121 00:07:15,480 --> 00:07:19,960 Speaker 2: everything was over fifty dollars for my family. That fifty 122 00:07:20,040 --> 00:07:22,200 Speaker 2: dollars used to be. Hey, I can go have a 123 00:07:22,200 --> 00:07:26,600 Speaker 2: sit down meal. I can go to Logan's Roadhouse, I 124 00:07:26,600 --> 00:07:29,440 Speaker 2: can go to Applebee's, I can go to Chili's. I 125 00:07:29,480 --> 00:07:31,880 Speaker 2: can eat an affordable sit down meal with an actual 126 00:07:31,920 --> 00:07:35,320 Speaker 2: waitress coming to take our order. And all of you 127 00:07:35,400 --> 00:07:39,720 Speaker 2: felt this, And it wasn't just cost of goods, because 128 00:07:39,760 --> 00:07:45,880 Speaker 2: inflation skyrocketed so fast the overall rate of the FED 129 00:07:46,280 --> 00:07:51,000 Speaker 2: interest rates also began to skyrocket, and this is where 130 00:07:51,920 --> 00:07:55,920 Speaker 2: the cost of home started to explode at the same 131 00:07:56,000 --> 00:07:59,320 Speaker 2: time that interest rates took off. And for those of 132 00:07:59,320 --> 00:08:02,520 Speaker 2: you out there were fortunate enough to buy homes in 133 00:08:02,600 --> 00:08:05,800 Speaker 2: twenty twenty or twenty twenty one, you got two and 134 00:08:05,840 --> 00:08:10,920 Speaker 2: a half percent mortgage rates, fifteen year, three percent, thirty 135 00:08:11,000 --> 00:08:15,520 Speaker 2: year rates, all sorts of unbelievable mortgage rates. And then 136 00:08:15,640 --> 00:08:21,200 Speaker 2: suddenly the mortgage rates skyrocketed to over seven percent. And 137 00:08:21,280 --> 00:08:23,360 Speaker 2: a lot of you out there listening to me right now, 138 00:08:23,400 --> 00:08:26,400 Speaker 2: you're still in those homes, and you're saying, Clay, I'm 139 00:08:26,400 --> 00:08:28,320 Speaker 2: not going to move. I've got a two and a 140 00:08:28,360 --> 00:08:30,800 Speaker 2: half percent interest rate locked in. I've got a three 141 00:08:30,840 --> 00:08:34,400 Speaker 2: percent interest rate locked in. So the overall housing market 142 00:08:34,440 --> 00:08:37,319 Speaker 2: froze because a lot of people that otherwise might have 143 00:08:37,400 --> 00:08:42,600 Speaker 2: been considering moving to another home because interest rates skyrocketed 144 00:08:42,760 --> 00:08:48,120 Speaker 2: so fast. As inflation skyrocketed so fast, money was so 145 00:08:48,400 --> 00:08:51,000 Speaker 2: cheap that suddenly we had to raise the cost of 146 00:08:51,040 --> 00:08:54,000 Speaker 2: interest rates to try to bring down the overall rate 147 00:08:54,080 --> 00:08:57,880 Speaker 2: of inflation. And this was effectively the story of the 148 00:08:57,880 --> 00:09:02,120 Speaker 2: Biden administration, many people got locked in to homes, and 149 00:09:02,200 --> 00:09:05,080 Speaker 2: so many people got locked out of homes, and instead 150 00:09:05,120 --> 00:09:08,760 Speaker 2: of in the spring, typically when moms and dads out 151 00:09:08,760 --> 00:09:10,439 Speaker 2: there say hey we got a new kid, it's time 152 00:09:10,480 --> 00:09:13,520 Speaker 2: to move to a new school district, you're saying, hey, 153 00:09:13,520 --> 00:09:15,360 Speaker 2: we're not moving, We're locking in our two and a 154 00:09:15,400 --> 00:09:19,120 Speaker 2: half percent interest rate. And maybe your kids have left school, 155 00:09:19,280 --> 00:09:22,360 Speaker 2: going off to college, maybe you're thinking about retiring. You 156 00:09:22,360 --> 00:09:25,040 Speaker 2: don't need the same size home you've already had. You're 157 00:09:25,080 --> 00:09:27,959 Speaker 2: sitting around saying, why in the world would I sell 158 00:09:27,960 --> 00:09:29,520 Speaker 2: my home when I'm going to have to take on 159 00:09:29,559 --> 00:09:33,120 Speaker 2: a mortgage that's a lot higher. Price of homes has 160 00:09:33,160 --> 00:09:37,520 Speaker 2: gone up so much, everything was broken. That's the world 161 00:09:37,720 --> 00:09:42,840 Speaker 2: in which Trump returned to office in January of twenty 162 00:09:42,880 --> 00:09:47,160 Speaker 2: twenty five. And what he has tried to do is 163 00:09:47,240 --> 00:09:52,520 Speaker 2: focus on bringing down interest rates and bringing down inflation 164 00:09:53,120 --> 00:09:56,400 Speaker 2: and putting more money into your pocket. And it is 165 00:09:56,559 --> 00:10:01,199 Speaker 2: working now. The challenge is, I'm not sure that it's 166 00:10:01,240 --> 00:10:04,720 Speaker 2: going to work fast enough for people to feel it 167 00:10:04,800 --> 00:10:08,959 Speaker 2: in twenty twenty six. If we were having this conversation 168 00:10:09,400 --> 00:10:11,920 Speaker 2: next year, I think the economy is going to be 169 00:10:11,960 --> 00:10:14,080 Speaker 2: firing on all cylinders. I think the thing that you 170 00:10:14,120 --> 00:10:16,040 Speaker 2: care about the most, which is more money in your 171 00:10:16,080 --> 00:10:21,000 Speaker 2: pocket and the cost of goods increasing at a lower 172 00:10:21,080 --> 00:10:24,920 Speaker 2: rate than your overall wage growth, is that's the number one. 173 00:10:24,920 --> 00:10:26,800 Speaker 2: If you told me, hey, Clay, what is the number 174 00:10:26,840 --> 00:10:29,720 Speaker 2: one economic issue that you think matters the most, it 175 00:10:29,800 --> 00:10:34,200 Speaker 2: is you need to be making on average more money 176 00:10:34,280 --> 00:10:37,200 Speaker 2: in wage increase than the cost of the goods that 177 00:10:37,240 --> 00:10:40,079 Speaker 2: you are buying. That with that is how you feel 178 00:10:40,280 --> 00:10:43,560 Speaker 2: better about your wallet, about your pocketbook, about the money there. 179 00:10:44,040 --> 00:10:47,679 Speaker 2: Trump is trying to tell that story. Now. The challenge 180 00:10:47,720 --> 00:10:51,600 Speaker 2: is people are angry because of how bad Joe Biden was, 181 00:10:52,080 --> 00:10:56,599 Speaker 2: and as a result, telling that story is really challenging 182 00:10:57,360 --> 00:11:01,520 Speaker 2: because you risk sounding like you we don't understand what's 183 00:11:01,600 --> 00:11:05,720 Speaker 2: really going on on the ground. When you tell people 184 00:11:06,080 --> 00:11:08,840 Speaker 2: things are getting better but they can't feel it yet. 185 00:11:09,720 --> 00:11:13,120 Speaker 2: That is, to me, the story of twenty twenty six. 186 00:11:14,480 --> 00:11:18,360 Speaker 2: How much does the reality of things getting better start 187 00:11:18,440 --> 00:11:23,960 Speaker 2: to pierce into the expectations of people on the ground 188 00:11:24,200 --> 00:11:28,160 Speaker 2: out there because things are getting better. The numbers all 189 00:11:28,200 --> 00:11:31,920 Speaker 2: reflect that, but it takes a while of things being 190 00:11:32,000 --> 00:11:34,840 Speaker 2: better for people to start to feel it, and for 191 00:11:34,920 --> 00:11:39,439 Speaker 2: the anger of the unprecedented economic failures of the Biden 192 00:11:39,559 --> 00:11:42,960 Speaker 2: tenure to start to diminish. And this is why I 193 00:11:43,000 --> 00:11:46,480 Speaker 2: have made the argument. As you guys know, I love history. 194 00:11:46,800 --> 00:11:50,520 Speaker 2: Many of you lived through it. It took a while 195 00:11:50,640 --> 00:11:53,920 Speaker 2: for Ronald Reagan to actually start to get popular in 196 00:11:54,000 --> 00:11:57,800 Speaker 2: this country. He took over for Jimmy Carter, who was 197 00:11:57,840 --> 00:12:04,160 Speaker 2: an economic disaster. Reagan, it took four years for him 198 00:12:04,200 --> 00:12:07,520 Speaker 2: to catch fire and for people to recognize that all 199 00:12:07,559 --> 00:12:10,880 Speaker 2: of the supply side decisions he was making were starting 200 00:12:10,920 --> 00:12:14,720 Speaker 2: to juice the economy. And the inflation from Jimmy Carter 201 00:12:15,200 --> 00:12:17,880 Speaker 2: and the interest rates that everybody had to pay on 202 00:12:17,920 --> 00:12:21,160 Speaker 2: their mortgages. It took a while for people to recognize 203 00:12:21,160 --> 00:12:23,480 Speaker 2: that things were starting to get better. And some of 204 00:12:23,480 --> 00:12:26,079 Speaker 2: you who lived through that will remember people weren't sold 205 00:12:26,120 --> 00:12:29,640 Speaker 2: on Reagan in eighty one, eighty two, eighty three, and 206 00:12:29,679 --> 00:12:33,680 Speaker 2: then lo and behold, by eighty four, the ravages of 207 00:12:33,720 --> 00:12:37,480 Speaker 2: the Carter era are fading, and Reagan can go out 208 00:12:37,520 --> 00:12:42,080 Speaker 2: and win forty nine states. I'm not sure that we're 209 00:12:42,120 --> 00:12:46,600 Speaker 2: going to see a huge victory in twenty twenty six. 210 00:12:47,800 --> 00:12:50,839 Speaker 2: I am very confident, based on the decisions that are 211 00:12:50,840 --> 00:12:55,000 Speaker 2: being made right now that by twenty twenty eight, everything 212 00:12:55,040 --> 00:12:56,920 Speaker 2: is going to be firing on all cylinders. And if 213 00:12:56,960 --> 00:13:01,480 Speaker 2: you question me, remember where we were before COVID hit. 214 00:13:02,160 --> 00:13:07,520 Speaker 2: In February of twenty twenty. Trump was cruising to re election. 215 00:13:08,200 --> 00:13:11,760 Speaker 2: The economy was probably at that time the strongest it 216 00:13:11,760 --> 00:13:17,559 Speaker 2: had ever been, virtually no inflation, mortgage rates were incredibly low, 217 00:13:17,760 --> 00:13:21,880 Speaker 2: borrowing cost. Everything was starting to fire on all cylinders 218 00:13:21,880 --> 00:13:25,120 Speaker 2: in Trump one point zero. And then what happened COVID 219 00:13:25,920 --> 00:13:29,559 Speaker 2: and suddenly everything got shut down in March of twenty twenty, 220 00:13:30,200 --> 00:13:34,240 Speaker 2: and we bore the brunt of the disastrous decisions made 221 00:13:34,800 --> 00:13:39,640 Speaker 2: really in the early part of the Biden administration. While 222 00:13:39,679 --> 00:13:42,320 Speaker 2: we're spending time with family this holiday season and Buck 223 00:13:42,440 --> 00:13:44,880 Speaker 2: is stuck in a sound booth recording his new book, 224 00:13:45,240 --> 00:13:48,280 Speaker 2: you can listen to us on the podcast. 225 00:13:47,960 --> 00:13:50,319 Speaker 1: Play Don't Rub It In But That's Right. Just fire 226 00:13:50,440 --> 00:13:53,040 Speaker 1: up the iHeartRadio app and kick back with the Sunday 227 00:13:53,040 --> 00:13:56,520 Speaker 1: Hang guaranteed laughs, or check out any of our other 228 00:13:56,640 --> 00:13:58,920 Speaker 1: great hosts in the Clay and Buck podcast network. 229 00:13:59,160 --> 00:14:02,240 Speaker 2: There's so much you won't even miss us, but. 230 00:14:02,240 --> 00:14:04,040 Speaker 1: We'll miss you and look forward to speaking with you 231 00:14:04,120 --> 00:14:08,840 Speaker 1: again in the new year. Until then, she'll time you're 232 00:14:08,960 --> 00:14:12,280 Speaker 1: listening to Team forty seven. With Clay and Buck. 233 00:14:14,160 --> 00:14:19,080 Speaker 2: Inflation two point seven percent, lowest in over four years, 234 00:14:20,000 --> 00:14:23,080 Speaker 2: and the core inflation two point six percent, we are 235 00:14:23,840 --> 00:14:29,520 Speaker 2: narrowing and increasingly almost to the Fed's overall goal for 236 00:14:29,600 --> 00:14:34,040 Speaker 2: where inflation should be. Positive news for those of you 237 00:14:34,120 --> 00:14:36,720 Speaker 2: out there, I think one point four to five million 238 00:14:36,920 --> 00:14:41,000 Speaker 2: of you that are in the current arm services. Trump 239 00:14:41,000 --> 00:14:45,800 Speaker 2: announced a Warrior dividend seventeen one hundred and seventy six 240 00:14:45,960 --> 00:14:50,040 Speaker 2: dollars non taxable lump sum payment. This is going to 241 00:14:50,120 --> 00:14:53,520 Speaker 2: be very popular as we head into the holiday season cut. 242 00:14:53,320 --> 00:14:57,160 Speaker 6: For because of tariffs. Along with the just past one 243 00:14:57,200 --> 00:15:00,640 Speaker 6: big beautiful bill. Tonight, I am also so proud to 244 00:15:00,720 --> 00:15:05,400 Speaker 6: announce that more than one thousand, four hundred fifty thousand, 245 00:15:05,520 --> 00:15:09,560 Speaker 6: think of this, one million, four hundred and fifty thousand 246 00:15:09,920 --> 00:15:14,880 Speaker 6: military service members will receive a special we call Warrior 247 00:15:15,160 --> 00:15:19,720 Speaker 6: dividend before Christmas, so Warriot Dividend. In honor of our 248 00:15:19,960 --> 00:15:24,120 Speaker 6: nations founding in seventeen seventy six, we are sending every 249 00:15:24,200 --> 00:15:30,120 Speaker 6: soldier one thousand, seven hundred and seventy six dollars. Think 250 00:15:30,160 --> 00:15:33,760 Speaker 6: of that, and the checks are already on the way. 251 00:15:34,160 --> 00:15:38,720 Speaker 6: Nobody understood that one until about thirty minutes ago. We 252 00:15:38,760 --> 00:15:41,840 Speaker 6: made a lot more money than anybody thought because of tariffs, 253 00:15:41,840 --> 00:15:45,200 Speaker 6: and the bill helped us along. Nobody deserves it more 254 00:15:45,240 --> 00:15:48,680 Speaker 6: than our military. And I say congratulations everybody. 255 00:15:49,920 --> 00:15:53,680 Speaker 2: That is very, very positive. So Merry Christmas to many 256 00:15:53,680 --> 00:15:55,640 Speaker 2: of you out there in the arms services. Let me 257 00:15:55,680 --> 00:15:57,400 Speaker 2: hit you with a couple of more comments and then 258 00:15:57,440 --> 00:16:01,240 Speaker 2: we'll go into the phone reactions. President Trump, For the 259 00:16:01,320 --> 00:16:05,080 Speaker 2: first time in fifty years, we are now seeing people 260 00:16:05,400 --> 00:16:09,760 Speaker 2: leaving the country as opposed to illegals coming into the country. 261 00:16:09,800 --> 00:16:10,320 Speaker 2: Cut five. 262 00:16:10,480 --> 00:16:13,280 Speaker 6: The worst thing that the Biden administration did to our 263 00:16:13,320 --> 00:16:17,960 Speaker 6: country is the invasion at the border. The last administration 264 00:16:18,120 --> 00:16:21,560 Speaker 6: and their allies in Congress brought in millions and millions 265 00:16:21,600 --> 00:16:25,240 Speaker 6: of migrants and gave them taxpayer funded housing. While your 266 00:16:25,320 --> 00:16:29,360 Speaker 6: rent and housing costs kyrocketed. Over sixty percent of growth 267 00:16:29,440 --> 00:16:32,800 Speaker 6: in the rental market came from foreign migrants. At the 268 00:16:32,800 --> 00:16:37,480 Speaker 6: same time, illegal aliens soule American jobs and flooded emergency rooms, 269 00:16:37,520 --> 00:16:40,880 Speaker 6: getting free health care and education paid for by you, 270 00:16:41,040 --> 00:16:44,480 Speaker 6: the American taxpayer. For the first time in fifty years, 271 00:16:44,520 --> 00:16:48,160 Speaker 6: we are now seeing reverse migration, as migrants go back home, 272 00:16:48,600 --> 00:16:51,680 Speaker 6: leaving more housing and more jobs for Americans. 273 00:16:52,720 --> 00:16:55,000 Speaker 2: Okay, and one more cut and then we'll go to 274 00:16:55,040 --> 00:16:59,040 Speaker 2: some of your reactions. Get ready. Trump is saying that 275 00:16:59,360 --> 00:17:03,880 Speaker 2: the spring tax season, unfortunately that we are projecting the 276 00:17:04,000 --> 00:17:06,840 Speaker 2: largest tax refunds of all time. 277 00:17:07,040 --> 00:17:10,640 Speaker 6: Cut six Next year, you will also see the results 278 00:17:10,640 --> 00:17:14,240 Speaker 6: of the largest tax cuts in American history that were 279 00:17:14,520 --> 00:17:18,919 Speaker 6: really accomplished through our great, big, beautiful bill, perhaps the 280 00:17:18,960 --> 00:17:23,960 Speaker 6: most sweeping legislation ever passed in Congress. We wrapped twelve 281 00:17:24,080 --> 00:17:28,199 Speaker 6: different bills up into one beautiful bill that includes no 282 00:17:28,359 --> 00:17:31,840 Speaker 6: tax on tips, no tax on overtime, and no tax 283 00:17:31,920 --> 00:17:36,880 Speaker 6: on Social Security for our great seniors. Under these cuts, 284 00:17:37,000 --> 00:17:41,520 Speaker 6: many families will be saving between eleven thousand and twenty 285 00:17:41,640 --> 00:17:45,280 Speaker 6: thousand dollars a year, and next spring is projected to 286 00:17:45,359 --> 00:17:48,520 Speaker 6: be the largest tax refund season of all time. 287 00:17:49,720 --> 00:17:52,879 Speaker 2: Okay. So that was President Trump last night. We have 288 00:17:52,960 --> 00:17:55,239 Speaker 2: been laying out exactly what happened. Let me hit you 289 00:17:55,280 --> 00:18:00,320 Speaker 2: with this Andy from Minnesota. This is exactly what I'm 290 00:18:00,359 --> 00:18:03,040 Speaker 2: talking about when it comes to the housing market. So 291 00:18:03,119 --> 00:18:06,240 Speaker 2: many people who are fortunate enough to get great low 292 00:18:06,480 --> 00:18:09,880 Speaker 2: interest rates are just not going to move because the 293 00:18:09,920 --> 00:18:12,800 Speaker 2: interest rates have not come back down anywhere close to 294 00:18:12,880 --> 00:18:16,320 Speaker 2: what they used to be. Here is Andy in Minnesota. 295 00:18:16,840 --> 00:18:18,520 Speaker 2: Listen to his story. I think a lot of you 296 00:18:19,160 --> 00:18:22,879 Speaker 2: will understand and also not along because it is a 297 00:18:22,920 --> 00:18:26,880 Speaker 2: primary factor here in the way that the economy is stuck, 298 00:18:27,000 --> 00:18:28,560 Speaker 2: particularly relating to housing. 299 00:18:29,320 --> 00:18:33,240 Speaker 7: Andy outa Minnesota here. My wife and I have been 300 00:18:33,280 --> 00:18:36,080 Speaker 7: talking about moving out of this hellhole state into one 301 00:18:36,080 --> 00:18:39,240 Speaker 7: that mora aligns with our beliefs. But we're stuck because 302 00:18:39,280 --> 00:18:41,200 Speaker 7: we're at a two and a half percent interest rate. 303 00:18:41,400 --> 00:18:42,480 Speaker 8: I couldn't afford. 304 00:18:42,200 --> 00:18:44,960 Speaker 7: Half the house nowadays as the new rate, with what 305 00:18:45,080 --> 00:18:47,840 Speaker 7: the housing market is done, we're stuck here, whether we 306 00:18:48,000 --> 00:18:48,520 Speaker 7: like it or not. 307 00:18:49,400 --> 00:18:52,480 Speaker 2: And look, I think if you talk to people out 308 00:18:52,480 --> 00:18:55,520 Speaker 2: there in the mortgage industry, we're going to get another 309 00:18:55,960 --> 00:19:00,160 Speaker 2: roughly I think this is my projection in twenty twenty six. 310 00:19:00,280 --> 00:19:01,960 Speaker 2: I think it is likely that we are going to 311 00:19:02,040 --> 00:19:05,680 Speaker 2: have another three quarter point or one point decline in 312 00:19:05,720 --> 00:19:09,160 Speaker 2: the Federate, which is going to bring mortgage rates back 313 00:19:09,280 --> 00:19:13,679 Speaker 2: down into the fives. Hopefully the high fours not as 314 00:19:13,720 --> 00:19:17,240 Speaker 2: good as they were in twenty twenty one, but borrowing 315 00:19:17,320 --> 00:19:20,040 Speaker 2: costs are going to come down substantially, and I think 316 00:19:20,040 --> 00:19:22,480 Speaker 2: that's going to start to free up the housing market, 317 00:19:22,640 --> 00:19:24,720 Speaker 2: because you might not be willing to move if you're 318 00:19:24,720 --> 00:19:26,600 Speaker 2: having to go from a two and a half to 319 00:19:26,760 --> 00:19:29,159 Speaker 2: a six. But if you're going from a two and 320 00:19:29,200 --> 00:19:31,520 Speaker 2: a half percent interest rate to a four and a 321 00:19:31,560 --> 00:19:34,320 Speaker 2: half percent interest rate or a five percent interest rate, 322 00:19:34,680 --> 00:19:36,639 Speaker 2: maybe it starts to make a little bit more sense. 323 00:19:37,200 --> 00:19:42,160 Speaker 2: Let's see, Gary and Houston, you want to weigh in 324 00:19:42,320 --> 00:19:44,920 Speaker 2: on what President Trump was talking about when it comes 325 00:19:44,960 --> 00:19:48,520 Speaker 2: to cost of rent. We got about two million illegals 326 00:19:48,520 --> 00:19:52,359 Speaker 2: that have lost the country, left the country, and now 327 00:19:52,800 --> 00:19:56,040 Speaker 2: rents are starting to dial back as a result. It's 328 00:19:56,119 --> 00:19:58,640 Speaker 2: basic supply and demand. Gary, what you got for us? 329 00:20:00,280 --> 00:20:05,200 Speaker 9: Well, just as President Trump said, the impact of the 330 00:20:05,240 --> 00:20:07,920 Speaker 9: illegal aliens of millions of illegal aliens, we had a 331 00:20:08,200 --> 00:20:12,960 Speaker 9: huge impact on rent, but everything else was as a result. 332 00:20:13,000 --> 00:20:16,880 Speaker 9: Will that in played and supply and demand a lot more, 333 00:20:16,920 --> 00:20:21,000 Speaker 9: a lot more demand and no more supply if it 334 00:20:21,000 --> 00:20:21,480 Speaker 9: goes up? 335 00:20:22,200 --> 00:20:22,520 Speaker 2: Thank you? 336 00:20:22,600 --> 00:20:26,480 Speaker 9: Thank the impact of the illegal aliens. We don't have 337 00:20:26,560 --> 00:20:28,160 Speaker 9: any idea how much is conscious. 338 00:20:29,520 --> 00:20:32,080 Speaker 2: Thank you. I think he's one hundred percent right. I 339 00:20:32,200 --> 00:20:35,119 Speaker 2: believe in general that you're going to start to see 340 00:20:35,359 --> 00:20:37,840 Speaker 2: some of these rents dial back. Look there are two 341 00:20:37,880 --> 00:20:40,480 Speaker 2: things that I think are moving in a positive direction 342 00:20:40,600 --> 00:20:44,080 Speaker 2: when it comes to cost of rent. One is the 343 00:20:44,119 --> 00:20:48,920 Speaker 2: illegal immigrants leaving is driving down the people who are 344 00:20:49,320 --> 00:20:55,560 Speaker 2: buying up and renting. Two, supply continues to grow in 345 00:20:55,640 --> 00:20:59,040 Speaker 2: many parts of the country, and that combination of the 346 00:20:59,119 --> 00:21:02,159 Speaker 2: two will bring cost of goods back down to a 347 00:21:02,280 --> 00:21:06,520 Speaker 2: reasonable area. Let's see, we got a bunch of people 348 00:21:06,520 --> 00:21:09,840 Speaker 2: who want to weigh in. Oh, Bill, Bill in Wisconsin, 349 00:21:09,920 --> 00:21:14,520 Speaker 2: you think the Biden economy was actually great, Well, what. 350 00:21:14,600 --> 00:21:17,439 Speaker 8: Was the rate of unemployment? Just tell me what it 351 00:21:17,520 --> 00:21:20,960 Speaker 8: was then and now? How many were more people employed 352 00:21:21,080 --> 00:21:23,159 Speaker 8: or less people employed? What's the answer? 353 00:21:23,560 --> 00:21:26,679 Speaker 2: Well, the answer is that there were actually most of 354 00:21:26,800 --> 00:21:32,720 Speaker 2: Joe Biden's employment growth was actually in illegal immigrants Americans 355 00:21:32,800 --> 00:21:35,080 Speaker 2: who lived in the common This is true. 356 00:21:35,160 --> 00:21:38,800 Speaker 8: Come on, that's mine, you know. Okay, let's talk about 357 00:21:38,800 --> 00:21:42,720 Speaker 8: the illegals. Let's talk about them. When we didn't have 358 00:21:42,840 --> 00:21:46,640 Speaker 8: these closed borders. Do you know how many illegals were 359 00:21:46,680 --> 00:21:50,760 Speaker 8: paying taxes to America and they weren't getting cadillacs and 360 00:21:50,800 --> 00:21:52,280 Speaker 8: they weren't getting free phones in. 361 00:21:52,560 --> 00:21:56,600 Speaker 2: Well, okay, you think we should have more illegal immigration 362 00:21:56,720 --> 00:21:59,680 Speaker 2: in the country. What is the right number of illegal 363 00:21:59,680 --> 00:22:02,719 Speaker 2: immage that you would like to see here. Because Biden 364 00:22:02,800 --> 00:22:05,320 Speaker 2: let in around ten million that we know of the 365 00:22:05,400 --> 00:22:09,119 Speaker 2: illegals into the country, what would the right number have been? 366 00:22:09,160 --> 00:22:11,520 Speaker 2: Should we have let twenty million? In thirty million? What 367 00:22:11,560 --> 00:22:12,480 Speaker 2: do you think the right numbers? 368 00:22:13,000 --> 00:22:16,119 Speaker 8: We could do a wonderful job of bringing people into 369 00:22:16,160 --> 00:22:19,879 Speaker 8: this country without concertina wire and everything else. The right 370 00:22:19,920 --> 00:22:22,119 Speaker 8: amount the numbers? So do you want right amount of number? 371 00:22:22,160 --> 00:22:24,800 Speaker 8: Is this? Here's the right amount of number, the number 372 00:22:24,880 --> 00:22:26,280 Speaker 8: that the country can handle. 373 00:22:26,560 --> 00:22:27,680 Speaker 2: Now, okay, what's that number. 374 00:22:27,840 --> 00:22:29,520 Speaker 8: I'm not gonna say fifty million? 375 00:22:30,119 --> 00:22:32,480 Speaker 2: Go ahead, No, what number do you think that is? 376 00:22:33,640 --> 00:22:35,919 Speaker 8: Okay? What number? I'll say ten million? 377 00:22:36,520 --> 00:22:39,159 Speaker 2: Okay, So you think Biden and the border because he 378 00:22:39,240 --> 00:22:41,520 Speaker 2: let in ten million, you think he did a good 379 00:22:41,600 --> 00:22:42,439 Speaker 2: job at the border? 380 00:22:43,480 --> 00:22:46,919 Speaker 8: Well? Did were we spending all the money, the billions 381 00:22:47,000 --> 00:22:51,760 Speaker 8: maybe trillions on ice? Were we spending all that wasteful 382 00:22:51,840 --> 00:22:56,560 Speaker 8: money tracking these people down who didn't have half the 383 00:22:56,680 --> 00:22:58,880 Speaker 8: felonies that your president has? 384 00:22:59,040 --> 00:23:01,040 Speaker 2: Okay, So, Bill, how then do you listen to the show? 385 00:23:02,200 --> 00:23:03,919 Speaker 8: I listened to a lot of used to listen to 386 00:23:03,960 --> 00:23:05,040 Speaker 8: Rush Limbaugh before. 387 00:23:05,080 --> 00:23:08,280 Speaker 2: Okay, So did you what what do I say? Or 388 00:23:08,359 --> 00:23:10,120 Speaker 2: does Buck say? That you agree with. 389 00:23:11,640 --> 00:23:14,000 Speaker 8: Well you do. I mean, yeah, there's there's points to 390 00:23:14,080 --> 00:23:17,399 Speaker 8: agree with. We can find. You brought up something the 391 00:23:17,400 --> 00:23:20,080 Speaker 8: other day that I thought. Now we're on the same page. 392 00:23:20,240 --> 00:23:23,080 Speaker 8: You know, I grew up in the era of Dwight Eisenhower, 393 00:23:23,119 --> 00:23:25,720 Speaker 8: and I'm met. I'm older than you are, a lot older. 394 00:23:26,119 --> 00:23:31,000 Speaker 8: Back then, we had something called honesty, integrity, diplomacy, and humanitarianism. 395 00:23:31,440 --> 00:23:35,240 Speaker 8: That's all gone, presently all gone. It's important that. 396 00:23:35,560 --> 00:23:40,159 Speaker 2: Vote for president. Did you have a president Trump or Kamala? U? 397 00:23:40,800 --> 00:23:43,360 Speaker 8: Kamala without a doubt. I mean she's educated. 398 00:23:44,320 --> 00:23:47,720 Speaker 2: Okay, So you wish that we had Kamala Harris, you 399 00:23:47,760 --> 00:23:50,000 Speaker 2: were I'm assuming a white dude for Kamala. 400 00:23:51,119 --> 00:23:53,960 Speaker 8: Yes, I wasn't. Wait, You're done right, because she had 401 00:23:54,640 --> 00:23:57,399 Speaker 8: as a for a lady, she had a backbone, she 402 00:23:58,119 --> 00:24:01,120 Speaker 8: stood when she made a mistake, she dealt with it. 403 00:24:01,280 --> 00:24:05,240 Speaker 8: She didn't blame it on somebody else. She was had character. 404 00:24:05,840 --> 00:24:08,720 Speaker 8: This guy you've got now, remember he's a touch show host. 405 00:24:09,119 --> 00:24:11,479 Speaker 2: Yeah that's all am I he's a to show. How 406 00:24:11,520 --> 00:24:12,760 Speaker 2: do you think I would do as president? 407 00:24:13,760 --> 00:24:15,600 Speaker 8: By the way, I gotta say something for you on 408 00:24:15,640 --> 00:24:17,399 Speaker 8: your behalf. I want to give me a pat in 409 00:24:17,440 --> 00:24:20,240 Speaker 8: the back and I'm not joking. Thanks for at least 410 00:24:20,280 --> 00:24:23,840 Speaker 8: having an open end debate. I appreciate that with Americans. 411 00:24:24,119 --> 00:24:26,960 Speaker 2: Well, thank you for listening more of it. Thank I 412 00:24:27,320 --> 00:24:29,560 Speaker 2: do agree we need more debate. Thank you for listening. Bill. 413 00:24:29,840 --> 00:24:32,000 Speaker 2: I didn't know that Bill in Wisconsin was going to 414 00:24:32,040 --> 00:24:34,080 Speaker 2: call in and be a white dude for Harris and say, hey, 415 00:24:34,080 --> 00:24:36,920 Speaker 2: we need more open borders. I actually think that, you know, 416 00:24:36,960 --> 00:24:38,200 Speaker 2: if some of you are going to say, oh, Bill, 417 00:24:38,240 --> 00:24:40,600 Speaker 2: you know, it's crazy, I don't agree with. I actually 418 00:24:40,800 --> 00:24:45,600 Speaker 2: appreciate when people just own what they think. Most people 419 00:24:45,680 --> 00:24:49,080 Speaker 2: won't say what Bill said. This is the question. Look, 420 00:24:49,119 --> 00:24:51,280 Speaker 2: I would love to have Kamala Harris on this program 421 00:24:51,720 --> 00:24:55,080 Speaker 2: because the question that Bill was asked is one that 422 00:24:55,119 --> 00:24:58,440 Speaker 2: I think Democrats should have to answer. Okay, we need 423 00:24:58,480 --> 00:25:03,320 Speaker 2: more immigration. What is the number of people that would 424 00:25:03,359 --> 00:25:06,480 Speaker 2: be too many to come into the country right because look, 425 00:25:06,520 --> 00:25:09,720 Speaker 2: I mean there are eight billion people that live in 426 00:25:09,720 --> 00:25:13,960 Speaker 2: the world right now. Eight billion. Okay, h we are 427 00:25:14,040 --> 00:25:17,000 Speaker 2: so incredibly fortunate to be around. I think the population 428 00:25:17,080 --> 00:25:19,439 Speaker 2: of the United States around three hundred and forty million. 429 00:25:20,200 --> 00:25:22,359 Speaker 2: And here's a great stat for you. How big is 430 00:25:22,400 --> 00:25:27,359 Speaker 2: this country? Do you know that just in Texas, every 431 00:25:27,480 --> 00:25:31,879 Speaker 2: single American could live in Texas on a one acre 432 00:25:32,400 --> 00:25:36,240 Speaker 2: yard and the rest of the country could still be empty. 433 00:25:37,200 --> 00:25:39,639 Speaker 2: Think about it. That's how big the state of Texas is. 434 00:25:39,680 --> 00:25:42,640 Speaker 2: But that's how vast the country is. Okay, But at 435 00:25:42,680 --> 00:25:46,280 Speaker 2: some point in time there is a number where we 436 00:25:46,320 --> 00:25:49,439 Speaker 2: sit around and say, there's eight billion people in the world. 437 00:25:50,000 --> 00:25:53,720 Speaker 2: I bet that seven billion of them, if you ask them, 438 00:25:54,160 --> 00:25:56,320 Speaker 2: would say, yeah, I would like to live in the 439 00:25:56,400 --> 00:26:00,840 Speaker 2: United States. I really believe that. I think huge majorities 440 00:26:00,880 --> 00:26:04,440 Speaker 2: of people in Asia and Africa and Europe and everywhere 441 00:26:04,480 --> 00:26:07,159 Speaker 2: around the world. I think if you said, despite the 442 00:26:07,160 --> 00:26:09,199 Speaker 2: fact that people say, oh I hate America now, you 443 00:26:09,200 --> 00:26:11,719 Speaker 2: could pick any country in the world to live in, 444 00:26:12,200 --> 00:26:14,720 Speaker 2: I think about seven billion of those people, if they 445 00:26:14,720 --> 00:26:16,440 Speaker 2: were being honest, would say I'd like to live in 446 00:26:16,480 --> 00:26:18,679 Speaker 2: the United States. So for those of us that are 447 00:26:18,720 --> 00:26:21,280 Speaker 2: born in the United States, we have received the greatest 448 00:26:21,280 --> 00:26:23,840 Speaker 2: gift that could ever be out there that we were 449 00:26:23,840 --> 00:26:25,600 Speaker 2: born in America and we get to live in the 450 00:26:25,600 --> 00:26:28,359 Speaker 2: greatest country, the wealthiest country, the freest country that I 451 00:26:28,400 --> 00:26:30,679 Speaker 2: believe has ever existed in the history of the world. 452 00:26:30,840 --> 00:26:32,880 Speaker 2: And the way Warren Buffett puts it, is I think 453 00:26:32,920 --> 00:26:36,240 Speaker 2: such a great way of thinking about it. He says, Look, 454 00:26:36,240 --> 00:26:40,199 Speaker 2: if every person in the world was a marble, and 455 00:26:40,240 --> 00:26:42,760 Speaker 2: there was just a big collection of all those marbles, 456 00:26:43,160 --> 00:26:45,879 Speaker 2: and you had your marble and that represented the life 457 00:26:45,880 --> 00:26:49,480 Speaker 2: that you are living today, would you trade your marble 458 00:26:49,560 --> 00:26:52,159 Speaker 2: with a random marble that you could just pull out 459 00:26:52,200 --> 00:26:57,240 Speaker 2: of that eight billion? And he says, and this is true. Basically, 460 00:26:57,359 --> 00:27:01,560 Speaker 2: no American should ever make that trade. That is, no 461 00:27:01,560 --> 00:27:06,240 Speaker 2: matter what life you are living. Right now, almost every 462 00:27:06,320 --> 00:27:10,640 Speaker 2: American is wealthier than who you would draw out. There's 463 00:27:10,680 --> 00:27:15,919 Speaker 2: a good stat the poorest Americans are far wealthier than 464 00:27:16,040 --> 00:27:19,480 Speaker 2: almost the wealthiest people who live in most countries around 465 00:27:19,480 --> 00:27:22,720 Speaker 2: the world. The poorest Americans would be in the top 466 00:27:22,840 --> 00:27:27,960 Speaker 2: twenty percent wealthiest people in India right now. Right the 467 00:27:28,000 --> 00:27:31,240 Speaker 2: standard of living here, even for the people who are 468 00:27:31,359 --> 00:27:34,280 Speaker 2: the bottom of the economic ladder in the United States, 469 00:27:34,560 --> 00:27:39,320 Speaker 2: is vastly higher than almost the peak for the vast majority. 470 00:27:38,960 --> 00:27:40,160 Speaker 9: Of the world. 471 00:27:40,359 --> 00:27:44,439 Speaker 2: So everybody wants to come here. My argument would be 472 00:27:45,119 --> 00:27:51,919 Speaker 2: that we should have almost almost no, almost no zero 473 00:27:52,400 --> 00:27:54,800 Speaker 2: people who come into this country and aren't able to 474 00:27:54,880 --> 00:27:57,560 Speaker 2: immediately make a living. If you're going to become a 475 00:27:57,600 --> 00:27:59,800 Speaker 2: ward of the state. If you're going to need welfare, 476 00:28:00,040 --> 00:28:01,400 Speaker 2: should never be allowed to come in here.