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Speaker 1: Are we coming to y'all sitting thus will be desire

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Speaker 1: and if you want a little banging, ain't come along,

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Speaker 1: not earn to be with you, Outstanding members of Congress today,

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Speaker 1: Sarah Elizabeth Warren con say barking cloth sauce. Where is

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Speaker 1: she going to? Jake? Of course, the more pain we

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Speaker 1: are all experiencing from the high pis and price of gas,

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Speaker 1: the more benefit there is for those who can access

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Speaker 1: electric vehicles. That's why we're hoping you and your colleagues

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Speaker 1: might reconsider opposing the reduction of EV upfront prices with

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Speaker 1: tax credits. It's a fifty fifty Senate sucks. So that's it.

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Speaker 1: Freedom is back in style. Welcome to the revolution. Yeah,

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Speaker 1: where I'm coming, y'all? Sent you want to play our

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Speaker 1: get thousand saying you new Seanny Show Behind the scenes

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Speaker 1: information on breaking news and more bold inspired solutions for America.

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Speaker 1: This is a special edition of The Sean Hannity Show

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Speaker 1: America Trapped Behind Enemy Lines, Day number three forty five

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Speaker 1: and Day three fifty eight. Since Joey, your President, nearly

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Speaker 1: a full year now, said he would never have been

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Speaker 1: in Americans in Afghanistan, the Islamic Emirates of Afghanistan. You know,

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Speaker 1: there's a I won't go into all of it. It It

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Speaker 1: would just take too long. There was a very, a

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Speaker 1: very big piece in the New York Post this weekend

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Speaker 1: about what life is like um for women in Afghanistan.

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Speaker 1: It was written by Holly McKay and anyway tells the

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Speaker 1: story of a journal you know, divides her life into

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Speaker 1: two parts, before and after America's pull out from Afghanistan.

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Speaker 1: Her voice cracks as she confesses that many people in

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Speaker 1: our country have expressed suicidal thoughts, a concept deeply frowned

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Speaker 1: upon in Islamic societies. Before the US left, life was good.

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Speaker 1: We've participated in the government, We worked in every field.

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Speaker 1: Now it's very hard to work outside, meaning women without harassment.

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Speaker 1: And she no longer working as a journalist, but as

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Speaker 1: a mental health counselor. Women can attend universities unless they

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Speaker 1: wear a full burker a burk up rather and I'm

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Speaker 1: in full you have to literally cover your entire face.

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Speaker 1: Young girls no longer able to go back to school.

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Speaker 1: All the things that we've told you. Educational cuts. They

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Speaker 1: banned girls from going to school beyond sixth grade. They're

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Speaker 1: not allowed to go, oh, this isn't what Joe promised,

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Speaker 1: is it? Later in the program, We've talked about this,

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Speaker 1: not in enough detail, l but it's really coming to

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Speaker 1: a head. You know, we've been watching the aggressiveness of

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Speaker 1: the communist Chinese and I've been making the point in

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Speaker 1: my view, when you look at countries like Russia and

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Speaker 1: Ukraine and China, you've got the Biden family syndicate compromised

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Speaker 1: to the highest level. There's no doubt in my mind.

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Speaker 1: We did learn that Libya had a dossier on Zero

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Speaker 1: Experience Hunter. They knew all about his drug use, all

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Speaker 1: about hiring hookers and this proclivity for women of the

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Speaker 1: night saying it nicely. They had the full dossier on him.

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Speaker 1: And you know, there's got to be a reason why

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Speaker 1: you shut down the Keystone XEL pipeline, which would have

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Speaker 1: been finished by now, and we would have been able

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Speaker 1: to import nine hundred thousand barrels of Canadian oil a

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Speaker 1: day instead of begging Russia, Iran, the Saudist Venezuela opec.

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Speaker 1: You know, we should be producing it all domestically. We'd

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Speaker 1: be paying two dollars a gallon like we used to

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Speaker 1: under Donald Trump. But you know, no new Green deal,

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Speaker 1: radical socialist Democrats going to allow that. That's not even

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Speaker 1: up for discussion. So and then we got the issue

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Speaker 1: why would Joe Biden, why would he be given these concessions?

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Speaker 1: Now he wants to lift the tariffs that Donald Trump

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Speaker 1: put on China for good reason for unfair trade practices.

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Speaker 1: The President said, no, if we're gonna have a trade,

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Speaker 1: it's going to be free and fair. And if we're

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Speaker 1: going to import all this stuff from your country, well

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Speaker 1: you're going to start importing materials from our country, and

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Speaker 1: if not, we're putting tariffs on you. So the President

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Speaker 1: put on five hundred billion dollars worth of tariffs on

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Speaker 1: the communist Chinese. That was just the beginning. But now

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Speaker 1: Joe was even sending the strategic petroleum reserves that we have,

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Speaker 1: even though we're paying record high prices for gasoline and energy.

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Speaker 1: He said, why would you send five million barrels of

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Speaker 1: oil to the same company that did business with zero experience? Hunter?

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Speaker 1: But there's something even bigger. We know all the fent

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Speaker 1: and all brought in by the cartels through our southern

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Speaker 1: border is all made in China. We are now finding out.

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Speaker 1: And now people have become a little hip to this.

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Speaker 1: We've discussed them. We're going to discuss it in more detail,

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Speaker 1: very specifically with Sarah Carter, who's been investigating this. You know,

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Speaker 1: Nancy Pelosi's scheduled to go to Taiwan, and now the

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Speaker 1: Communist Chinese are trying to prevent it from happening. They

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Speaker 1: tried to do the same thing when Mike Pompeo went

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Speaker 1: there a few months earlier. Mike Pompeo told him to

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Speaker 1: pound sand and he went there. Now the administration is

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Speaker 1: advising Pelosi, maybe it's not a good time to go.

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Speaker 1: Why not? Why is it that there are no consequences

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Speaker 1: for China flying their fighter jets over Taiwan airspace pretty

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Speaker 1: much whenever they feel like it, or threatening the US,

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Speaker 1: you know, in the Pacific, in the region, and threatening Japan.

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Speaker 1: You know, the hostilities are getting stronger and stronger. But

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Speaker 1: something worse is happening. The Communist Chinese have been buying

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Speaker 1: hundreds and hundreds of thousands of acres of farmland, ranches

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Speaker 1: cattle ranches in this country, and in many cases the

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Speaker 1: acreage is near our most sensitive military installations. And by

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Speaker 1: the way, they willing to pay a premium. You know,

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Speaker 1: it's kind of hard if somebody goes to a rancher

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Speaker 1: or a farmer and says, you know what I want

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Speaker 1: your farm, I'll pay you twice the value for it.

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Speaker 1: And the farmer is going to go and I want

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Speaker 1: to have to work my ass off and worry about

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Speaker 1: whether or not I can afford fertilizer and seed this year.

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Speaker 1: I'll take the deal. They're not thinking about it, but

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Speaker 1: it's happening all over the country, and it's happening near

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Speaker 1: bases in North Dakota and Montana and Oklahoma, and near

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Speaker 1: the USA Mexico Lachland Air Force Base. I mean one

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Speaker 1: hundred and thirty six thousand acres here, one hundred thirty

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Speaker 1: five thousand acres there. Ron de Santa spoke out about it.

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Speaker 1: They should not be able to buy. We can't buy

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Speaker 1: land in China. We'll get to that the media. Let

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Speaker 1: me just tell you something. I've just done this. I've

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Speaker 1: been in this business far too long, and I can

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Speaker 1: tell when a movement is beginning. Let me be the

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Speaker 1: first to explain this to you, and watch it unfold

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Speaker 1: in the next year and a half, even faster, in

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Speaker 1: the next six months. You're going to see this, so

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Speaker 1: Gavin Newsom, and I'll explain in detail where the money's

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Speaker 1: coming from, the Getties and some other billionaires in San Francisco.

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Speaker 1: So he's got all this money that he's taking out

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Speaker 1: ads on Fox News local ads, Fox My channel, taking

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Speaker 1: out ads to attack Ronda Santis. Come to the free

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Speaker 1: state of California. Imagine that. By the way, income tax

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Speaker 1: in California's twelve point three percent. In Florida it's zero

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Speaker 1: point zero percent. It's insane. Florida has a third of

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Speaker 1: the budget of California because they're not a sanctuary state

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Speaker 1: that gives everything else away for free. And come to

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Speaker 1: the free state. Now he's doing it in Texas, going

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Speaker 1: after Gavin Newsom, taking out a series of ads and

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Speaker 1: like the Houston Chronicle, Austin American Statesman in El Paso Times.

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Speaker 1: I'll give you the specifics of Gavin in a second.

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Speaker 1: Gavin is a he's that, he's that, he's you know what,

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Speaker 1: He's a central casting politician, just a sleazy phony and

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Speaker 1: just a phony hypocrite. His kids go to private school.

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Speaker 1: Every other kid in California is remote learning. He goes

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Speaker 1: out to expensive restaurants, the most expensive restaurant, one of

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Speaker 1: the most expensive restaurants in California, while everybody else in

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Speaker 1: California is not allowed to go to bars and restaurants.

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Speaker 1: It's just a phony and anyway, So it's clear to

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Speaker 1: me that the Democrats between the Washington Post, this Weekend,

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Speaker 1: New York Times, three separate occasions. Now even the late

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Speaker 1: night comedians are turning on Biden. They're beginning to just

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Speaker 1: state the obvious that we've been stating for two and

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Speaker 1: a half years, that he's a week for rail and

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Speaker 1: a cognitive mess. But watch them now begin the push

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Speaker 1: for Gavin. Gavin Gavin. In other words, I'm projecting into

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Speaker 1: the future what you're going to see happen, Annity, how

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Speaker 1: do you know? Do you have a crystal ball? In

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Speaker 1: a way, just my gut instinct. In other words, they

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Speaker 1: don't think Kamala is strong enough. She's not up to

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Speaker 1: the task. You know Mayor, you know Pothole, Pete poota judge,

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Speaker 1: you know him, the lecturing people on getting electric cars

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Speaker 1: and paying more. The higher the price, the greater benefit.

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Speaker 1: I'm like, oh, thanks a lot, Mayor peat there's a

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Speaker 1: slogan for a campaign, so just watch what's happened, and

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Speaker 1: it's gonna be a big push. Basically, that's going to

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Speaker 1: be the election. And in my mind, they want either

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Speaker 1: Newsom against Trump or Newsom against the Santis. That's the

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Speaker 1: showdown they want, because that's the showdown. They think that's

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Speaker 1: gonna be the most interesting to them, and they think

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Speaker 1: Gavin might be able to be just a strong enough

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Speaker 1: alternative to Joe. He will Now, he won't govern any

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Speaker 1: differently than Joe Biden. He's a radical green New Deal socialist.

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Speaker 1: He is a climate alarmist cultist, So the policies will

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Speaker 1: be the same, if not worse. Will become the United

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Speaker 1: Sanctuary States of America, considering his state as a sanctuary state.

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Speaker 1: Let's watch. Let me just give you a preview of

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Speaker 1: what's coming up this week. We will get tomorrow consumer

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Speaker 1: confidence numbers currently in the tank. We expect there'll be

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Speaker 1: in the tank still. Tomorrow. We have a Federal Reserve

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Speaker 1: meeting in a decision on interest rates, coming or expecting

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Speaker 1: another three quarter of a basis point interest rate hike,

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Speaker 1: maybe a full basis point interest rate hike, in other words,

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Speaker 1: a full percentage point, which is going to do again.

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Speaker 1: Another prediction, it's already started. I said this, what two

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Speaker 1: months ago, Linda, what did I say, Wait till it

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Speaker 1: hits the house market. Once interest rates hit a certain

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Speaker 1: tipping point, new home construction stops, sale of pre existing

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Speaker 1: homes will end. Home values will plummet, just like in

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Speaker 1: the stock market. If you've put a lot of money

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Speaker 1: in the stock market, you've seen what's happened over the

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Speaker 1: last number of months. You know, I lowered my exposure

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Speaker 1: over a year ago to the stock market. Everybody i'd meet, Linda,

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Speaker 1: how many times did I tell you lower your exposure?

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Speaker 1: I mean, it's been endless. N't you been warning us

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Speaker 1: every day? And I've been telling and I don't give

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Speaker 1: financial advice, I've been saying, Okay, lock in your interest rate.

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Speaker 1: Get it now American Financing dot net. By the way,

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Speaker 1: the interest rate, if you got one today, is gonna

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Speaker 1: look stellar a year, year and a half from now,

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Speaker 1: you'll be glad you're locked in at this rate because

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Speaker 1: they're gonna keep going higher. And I've been saying, once

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Speaker 1: new home construction stops, then sale of pre existing homes

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Speaker 1: will stop. And why are they going to stop? Think

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Speaker 1: about it? If you have a thirty year fixed mortgage

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Speaker 1: at two point five percent, two point eight percent, three percent,

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Speaker 1: three and a quarter, three and a half, three and

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Speaker 1: three quarters, you're you're not getting anywhere near that rate.

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Speaker 1: Once you get up to six seven eight percent, you know,

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Speaker 1: thirty year rates for a mortgage. Nobody's going to want

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Speaker 1: to sell their home that they're currently in. Maybe they

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Speaker 1: see another home that they normally would have purchased, but

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Speaker 1: it's gonna be thousands more a month because of all

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Speaker 1: the extra interests you're gonna have to pay. So that's

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Speaker 1: that's gonna dry up the housing market. Home values temporarily,

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Speaker 1: they will plummet, and it'll scare many of you, just

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Speaker 1: like the stock market crashing has been scaring many of you,

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Speaker 1: just like the crypto market crashing is scared many of you.

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Speaker 1: One thing that surprised me about crypto that I didn't see.

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Speaker 1: I always thought crypto would be a little separate and

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Speaker 1: apart from and by the way, I've never endorsed people,

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Speaker 1: you know, tell people what to do. I'm only dabbled

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Speaker 1: in it into a small degree. But I never thought

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Speaker 1: it'd be tied so close to the market. That surprised me.

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Speaker 1: But that's just neither here nor there, and then you're

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Speaker 1: going to see the unemployment rate rise. The Atlanta We'll

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Speaker 1: just go back to the rest of the week. So

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Speaker 1: we're getting consumer confidence tomorrow. FED meeting decision on interest

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Speaker 1: rates this week, coupled with a press conference by the

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Speaker 1: Fed share that will follow on Wednesday. And then the

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Speaker 1: real number that we got to pay the most attention

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Speaker 1: to is going to be the GDP number for the

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Speaker 1: second quarter will drop on Thursday. And right now the

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Speaker 1: Atlanta Fed, which has a very good record of accuracy,

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Speaker 1: they're predicting minus one point six percent. Now, the definition

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Speaker 1: of a recession is two consecutive quarters of negative economic growth.

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Speaker 1: Last month or last quarter, rather the first quarter of

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Speaker 1: this year was one point six percent minus one point

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Speaker 1: six percent. If this is minus one point six percent,

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Speaker 1: then that will be we are officially in a recession.

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Speaker 1: So we're going to get the real moment of truth

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Speaker 1: on the economy. And the White House has been out

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Speaker 1: there trying to in this that even if we have

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Speaker 1: two quarters, the very definition of a recession, it's unlikely

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Speaker 1: to be indicative of a recession. Just like I guess

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Speaker 1: what inflation is. Transitory Treasury Secretary yelling acknowledging an economic

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Speaker 1: slowdown but downplaying recession fears because they know what's going

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Speaker 1: to happen. Laurence Summers is the only one out there

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Speaker 1: being somewhat realistic, and he's been right the whole time.

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Speaker 1: Well used to work for Obama. Not as big as fan,

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Speaker 1: but saying, yeah, the chance of a recession is more likely.

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Speaker 1: He's not seeing this, you know, with rose colored glasses

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Speaker 1: on him, not being polyannish about this. He's being realistic.

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Speaker 1: It is what it is. And these policies, so much

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Speaker 1: of it rooted in Joe's economic and no domestic energy

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Speaker 1: production policies. We'll just import it from countries that hate us,

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Speaker 1: just stupid. We'll artificially reduce the world supply. I wish

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Speaker 1: I could tell you I give you a prediction that, yeah,

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Speaker 1: maybe the Atlanta Fed's wrong, maybe their prediction is. I

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Speaker 1: tend to doubt it. I don't want to I don't

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Speaker 1: want to go off and make a prediction. I'm just

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Speaker 1: saying the Atlanta Fed has a pretty good track record.

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Speaker 1: They're predicting minus one point six percent. You know, the

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Speaker 1: idea that this has always been the definition of a recession,

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Speaker 1: and they somehow want to change the definition of a

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Speaker 1: recession because they're facing their moment of truth and they're

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Speaker 1: scared to death by the way of the backlash of this.

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Speaker 1: You know why, because people already know we're in stagflation

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Speaker 1: and a recession. They already know it. It's not that

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Speaker 1: hard to figure out, Janet Yell, and we'll play some

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Speaker 1: of this after the news that the half hour. You know,

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Speaker 1: if you know, she's saying economists expect a second quarter

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Speaker 1: GDP to be negative. That means it's a recession. Then

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Speaker 1: she went into a big technical definition that we're not

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Speaker 1: really in a recession, even though that meets the very

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Speaker 1: definition of a recession. Then you have the director of

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Speaker 1: the NC saying, according to the technical definition, we're not

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Speaker 1: in a recession. These people are just lying, Oh no, no,

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Speaker 1: inflation is going to be transitory until it wasn't transitory.

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Speaker 1: Oh no, no, I think we've had our peak. And

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Speaker 1: that Biden said that in December. Not so not the case,

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Speaker 1: you know, then, Brian d slowing of the economy is

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Speaker 1: not only expected, but it's necessary. Here we go for

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Speaker 1: the transition, the transition to what renewables, what renewables well

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Speaker 1: wind and solar, where how are you going to power

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Speaker 1: the entire country on wind and solar in the next

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Speaker 1: twenty years? And why are you going to make us

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Speaker 1: suffer and beg countries that hate us for the lifeblood

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Speaker 1: of the economy that exists now because you're wind and solar,

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Speaker 1: you're your precious love of renewables. The technology is nonexistent

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Speaker 1: at the level we need holding them accountable. Sean gets

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Speaker 1: the answers no one else does. America deserves and know

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Speaker 1: the truth about Congress all right. Twenty five to the

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Speaker 1: top of the hours, Politico actually called the coming avalanche

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Speaker 1: of bada economic news a category five storm. So consumer

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Speaker 1: confidence numbers, which have been horrific will remain horrific. They'll

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Speaker 1: hit tomorrow, the Fed will meet and make their decision

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Speaker 1: on interest rates, and there'll be a press conference by

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Speaker 1: the Fed chaired your own Powell, and we get the

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Speaker 1: first reading on second quarter GDP economic growth. The Atlanta

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Speaker 1: Fed is predicting a negative one point six percent growth rate,

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Speaker 1: which would mean which would match the first quarter. And

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Speaker 1: the historic definition of a recession is two consecutive quarters

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Speaker 1: of economic decline, negative decline, negative growth. Well, that's what

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Speaker 1: we're now facing now. Here's the most bizarre thing. By

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Speaker 1: the way, Ford is preparing to lay off eight thousand

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Speaker 1: workers because they want to focus on electric cars. Is

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Speaker 1: anybody ever going to ask the question, when you charge

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Speaker 1: that electric car, what are you charging it with? What

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Speaker 1: is that electric How much of the electric grid is

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Speaker 1: based on so called renewables twelve percent, So it's basically

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Speaker 1: coming from oil, gas and coal. That's where that's how

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Speaker 1: you're charging your electric vehicle. Never mind the nickel, the cobalt,

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Speaker 1: the manganese and all the other minerals mined from the

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Speaker 1: mother Earth by using big heavy equipment that uses diesel

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Speaker 1: fuel and destroying the planet in the process. So anyway,

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Speaker 1: all of this is coming out. Here's where it gets

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Speaker 1: interesting because the White House Council of Economic Advisors, and

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Speaker 1: they started saying this four days ago that even if

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Speaker 1: they're saying that these numbers come out Friday, my calendar

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Speaker 1: I have it on Thursday. I'm not sure. Maybe there

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Speaker 1: might be a discrepancy anyway that the GDP if even

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Speaker 1: if it's still negative, it's still unlikely to be indicative

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Speaker 1: that the country is in a recession. Recessions refer to

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Speaker 1: two consecutive quarters of negative economic growth. That is the

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Speaker 1: definition of a recession. That's it. What's a recession, that's

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Speaker 1: the definition of a recession. Some maintain two consecutive quarters

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Speaker 1: of falling real GDP is a recession. That is neither

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Speaker 1: the official definition nor the way economists evaluate state of

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Speaker 1: the business cycle. They're just lying to us. Now. Janet

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Speaker 1: Yellen was on Meet the Press this weekend. Economists expect

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Speaker 1: a second quarter GDP to be negative, just like the

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Speaker 1: last quarter, the first quarter January, February, March, April, May, June. Anyway,

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Speaker 1: here's what she said. GDP will be closely watched. A

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Speaker 1: common definition of recession is two negative quarters of GDP growth,

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Speaker 1: or at least that's something that's been true in past recessions.

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Speaker 1: When we've seen that, there has usually been a recession.

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Speaker 1: And many economists expect second quarter GDP to be negative.

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Speaker 1: First quarter GDP was negative, so we could see that happen,

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Speaker 1: and that will be closely watched, closely watched. But then

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Speaker 1: she said, according to the technical definition, went out in

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Speaker 1: a recession. I mean, she'd making no sense any of this.

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Speaker 1: Guy Brian Deese, director of the NAC saying, according to

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Speaker 1: the technical definition, we're not in a recession. No, this

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Speaker 1: would be a recession. Here's what he said. It sounds

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Speaker 1: like you're anticipating what will be comments from some saying

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Speaker 1: two quarters of negative growth in a row, that's a recession, right,

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Speaker 1: And certainly in terms of the technical definition, it's not

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Speaker 1: a recession. The technical definition considers a much broader spectrum

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Speaker 1: of data points. They're lying, just like they said inflation

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Speaker 1: was transitory. Jared Bernstein is the White House Economic advisor

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Speaker 1: talking about the technical Why are we getting into the

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Speaker 1: technical definitive a recession when everybody knows what the definition is.

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Speaker 1: Janet Yellen just gave the definition, but said, even though

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Speaker 1: it's going to happen, it's not going to be called

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Speaker 1: a recession. Here's Jared Bernstein, you know, spinning the same nonsense. Listen,

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Speaker 1: And technically, a way to define a recession is to

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Speaker 1: consecutive quarters of declining GDP numbers. If that happens next week,

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Speaker 1: if those numbers come out and reflect that, will the

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Speaker 1: White House view this country's being in a recession? And

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Speaker 1: if not, what then would the White House? What would

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Speaker 1: the definition be for the White House of a recession?

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Speaker 1: So these are great questions. What will the definition be well.

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Speaker 1: In fact, that question is answered, but it's very obscure.

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Speaker 1: So the National Bureau of Economic Research has a group

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Speaker 1: called the Business Cycle Dating Committee. I know that's a mouthful.

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Speaker 1: I'm sorry on a Saturday night to be taking people

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Speaker 1: through that, but they're the group that decide whether we're

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Speaker 1: in a recession or not, and they do so in

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Speaker 1: hindsight because the data come in with a bit of

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Speaker 1: a lag. This is this is an Orwellian nightmare. But

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Speaker 1: by the way, these are the same idiots that said

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Speaker 1: that inflation was transitory. These are the same people that

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Speaker 1: are out there talking about the economy being in transition,

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Speaker 1: meaning we're never going to go back to domestic energy production.

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Speaker 1: We'd rather beg Russia, Iran, Venezuela, Saudi Arabia and OPEC

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Speaker 1: for the lifeblood of our economy while we're in the

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Speaker 1: middle of a transition. Peep Buddha, judge more pain. There

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Speaker 1: is more benefit that this mindset that it's better to

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Speaker 1: import energy lifeblood of our economy than produce it domestically,

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Speaker 1: when we all know that it's a bad idea to

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Speaker 1: rely on countries that hate us for the lifeblood of

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Speaker 1: our economy. We know that we could have a lot

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Speaker 1: of high paying jobs here in America if we produced

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Speaker 1: it domestically. We also know it's pretty obvious too that

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Speaker 1: if you want to lower the inflation problem we have

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Speaker 1: in the country, one way to do it is to

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Speaker 1: get gasoline back to two bucks a gallon, which is

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Speaker 1: what around what they inherited it at two thirty or

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Speaker 1: whatever it was. I mean, just simple stuff. The only

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Speaker 1: one that told the truth the whole time, and I'm

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Speaker 1: giving him a lot of credit. I never really liked him,

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Speaker 1: but he's not a dumb guy. Laurence Summers, who was

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Speaker 1: the White House Economic I think later became Treasury Secretary

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Speaker 1: under Obama, isn't what he's saying. I think there's a

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Speaker 1: very high likelihood of recession when we've been in this

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Speaker 1: kind of situation before. Recession has essentially always followed when

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Speaker 1: inflation has been high and unemployment has been low. Soft

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Speaker 1: landings represent a kind of triumph of hope over experience.

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Speaker 1: I think we're very unlikely to see one. And he

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Speaker 1: also predicted that the less unemployment gets to like six

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Speaker 1: seven percent, the likelihood of getting out of a recession

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Speaker 1: anytime fast is it's just not very likely. So we're

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Speaker 1: going to have a recession, be in a recession, and

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Speaker 1: they're going to try to and they'll have help from

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Speaker 1: the media mob, and they're going to try to convince

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Speaker 1: you that it's not a recession. So you know, the

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Speaker 1: FED now is probably about to inflict more pain. This

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Speaker 1: is where my prediction is going to come right, become

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Speaker 1: dead on accurate. Because if they go up another three

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Speaker 1: quarter basis point on interest rates, and if or maybe

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Speaker 1: a full basis point in other words, one full percentage point,

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Speaker 1: in other words, new home construction, I promise you will

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Speaker 1: come to a screeching halt. The sale of pre existing

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Speaker 1: homes will come to a screeching halt. Now, there's going

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Speaker 1: to be some states the fare better, and I can

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Speaker 1: already tell you which states they are, those states where

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Speaker 1: people are migrating to Florida, Tennessee, the Carolinas, Texas, Alabama, Oklahoma,

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Speaker 1: they're gonna do. Find those states then, maybe not perfectly fine,

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Speaker 1: but they'll do better than other states. Georgia as well.

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Speaker 1: You can add those. Then all these big cities, big states,

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Speaker 1: dark blue, they're gonna do the worst. So now the

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Speaker 1: FED is going to inflict more pain if they go

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Speaker 1: up a full basis point or three quarters of a

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Speaker 1: basis point. None of this is good. The recession is

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Speaker 1: here and it's gonna last a while. Housing market, by

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Speaker 1: the way, this is from the AP How long have

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Speaker 1: I been saying this, Linda, I've been saying this now

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Speaker 1: for a long time. Really inflation recession, housing crash is

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Speaker 1: about to come. Because after the sale of pre existing

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Speaker 1: home stops, what's going to happen to home values. Nobody's

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Speaker 1: gonna want to give up a two point five two

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Speaker 1: point eight three percent, three point five percent, three point

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Speaker 1: seven five percent mortgage. That mortgage we may never see

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Speaker 1: that again in our lifetime. Who knows the way these

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Speaker 1: idiots are running things anyway, ap as an article Housing

426
00:26:32,560 --> 00:26:37,840
Speaker 1: market chills as mortgage rates prices scare buyers because you

427
00:26:37,880 --> 00:26:40,680
Speaker 1: can't afford the high interest rates. That's going to drive

428
00:26:40,760 --> 00:26:44,280
Speaker 1: prices down. Well. The problem is people's biggest investment is

429
00:26:44,359 --> 00:26:47,640
Speaker 1: usually their home. All right now, all that money they

430
00:26:47,680 --> 00:26:49,280
Speaker 1: thought they were going to make on the sale of

431
00:26:49,320 --> 00:26:51,720
Speaker 1: their home the last couple of years, and they see

432
00:26:51,760 --> 00:26:54,879
Speaker 1: their neighbors that sold checked out, sold out, and they

433
00:26:54,960 --> 00:26:57,840
Speaker 1: put their home on the market, they'd have fifteen bids

434
00:26:57,960 --> 00:27:02,040
Speaker 1: over asking you know for in one day that those

435
00:27:02,119 --> 00:27:05,000
Speaker 1: days are gone. Now recession is here, is going to

436
00:27:05,119 --> 00:27:08,520
Speaker 1: last for a while. According to Art Laugher, he said,

437
00:27:08,840 --> 00:27:11,520
Speaker 1: this was a smart guy who's on with Maria bart

438
00:27:11,600 --> 00:27:14,360
Speaker 1: to Romo. Can I just say how you can forecast

439
00:27:14,480 --> 00:27:17,560
Speaker 1: fifty percent chance of recession when it's already happened, Maria,

440
00:27:17,640 --> 00:27:20,480
Speaker 1: The first quarter was negative, the second quarter is probably

441
00:27:20,480 --> 00:27:23,200
Speaker 1: going to be negative. If you believe the Atlanta FED.

442
00:27:23,280 --> 00:27:27,919
Speaker 1: The recession is already here. It's already happened. Fifty percent

443
00:27:28,080 --> 00:27:30,600
Speaker 1: is just a silly number. We're in a recession. The

444
00:27:30,720 --> 00:27:34,080
Speaker 1: question is how bad is it gonna be? Which is

445
00:27:34,119 --> 00:27:38,000
Speaker 1: actually the right question to ask. All right, Anthony is

446
00:27:38,080 --> 00:27:41,240
Speaker 1: checking in from Pennsylvania, wants to weigh in on this. Anthony,

447
00:27:41,280 --> 00:27:44,440
Speaker 1: what's going on? Hey, Chan, how are you today? I'm good, sir,

448
00:27:44,480 --> 00:27:46,240
Speaker 1: what's going on? Good? Thank you for all you do,

449
00:27:46,480 --> 00:27:48,800
Speaker 1: Thanks for taking the call. Of two quick points. One

450
00:27:48,840 --> 00:27:51,000
Speaker 1: of them is on that mister Summers, when I'm going

451
00:27:51,040 --> 00:27:52,560
Speaker 1: to save that for a second. The first one is

452
00:27:52,560 --> 00:27:56,040
Speaker 1: on that bitcoin you talked about the performance of the correlations.

453
00:27:56,080 --> 00:27:59,520
Speaker 1: Just want to say people forget that in down markets

454
00:27:59,560 --> 00:28:02,439
Speaker 1: everything goes down and the things that were the biggest

455
00:28:02,440 --> 00:28:04,480
Speaker 1: winners on the way up, will be the biggest losers

456
00:28:04,520 --> 00:28:07,600
Speaker 1: on the way down. And that's all we're seeing. So yeah, bitcoin,

457
00:28:07,840 --> 00:28:10,679
Speaker 1: you know, just from December thirty first, Bitcoin down fifty percent,

458
00:28:11,400 --> 00:28:14,040
Speaker 1: back down twenty four percent, SMP down around twenty percent.

459
00:28:14,080 --> 00:28:15,960
Speaker 1: So you could look at that risk in that performance

460
00:28:15,960 --> 00:28:17,960
Speaker 1: on the way up, and then they just layer the

461
00:28:18,000 --> 00:28:20,280
Speaker 1: same way on the way down. So they're not really correlated.

462
00:28:20,440 --> 00:28:22,919
Speaker 1: It's just that in a downmarket, everything's going down, and

463
00:28:23,000 --> 00:28:27,440
Speaker 1: what the riskiest assets wove down the most. And so

464
00:28:27,520 --> 00:28:30,200
Speaker 1: are you bullish on bitcoin? Am I interpreting that right?

465
00:28:30,320 --> 00:28:34,000
Speaker 1: Not at all, Not at all. Never anything I can't

466
00:28:34,000 --> 00:28:36,960
Speaker 1: define or understand I'm not bullish on. But that's that's

467
00:28:37,000 --> 00:28:39,200
Speaker 1: that's my stance on it. I also could have wanted

468
00:28:39,320 --> 00:28:41,320
Speaker 1: a dollar, I guess, and sold it at sixty thousand,

469
00:28:41,400 --> 00:28:43,560
Speaker 1: so I guess on my maybe not no, But you

470
00:28:43,600 --> 00:28:46,840
Speaker 1: know something I thought it would be. I did not

471
00:28:47,080 --> 00:28:49,760
Speaker 1: think it would be as tied to the economy and

472
00:28:49,800 --> 00:28:53,160
Speaker 1: the market as other investments. Now, I did say when

473
00:28:53,200 --> 00:28:55,480
Speaker 1: I when I dabbled in it, I dabbled in it

474
00:28:55,640 --> 00:28:59,040
Speaker 1: a little. I used it like it was money I

475
00:28:59,080 --> 00:29:01,959
Speaker 1: would spend in vague. In other words, I was not

476
00:29:02,040 --> 00:29:04,920
Speaker 1: petting the milk money, or my retirement money, or any

477
00:29:04,960 --> 00:29:08,120
Speaker 1: money that I cared that much about when I went

478
00:29:08,160 --> 00:29:10,880
Speaker 1: into crypto. I just don't know enough about. I still

479
00:29:10,920 --> 00:29:15,200
Speaker 1: don't know what the algorithm. Nobody can fully explain to

480
00:29:15,240 --> 00:29:18,200
Speaker 1: me in a way that I can comprehend the algorithm

481
00:29:18,240 --> 00:29:22,560
Speaker 1: behind bitcoin. I don't get it because there's a finite

482
00:29:22,600 --> 00:29:24,840
Speaker 1: amount of it, but it's going to keep producing and

483
00:29:24,840 --> 00:29:27,000
Speaker 1: it's going to grow and grow and grow exponentially, but

484
00:29:27,040 --> 00:29:31,160
Speaker 1: it's still a finite amount. And how do you have

485
00:29:31,160 --> 00:29:35,200
Speaker 1: a finite amount that has a specific end but you

486
00:29:35,240 --> 00:29:38,400
Speaker 1: don't get to the end ever, That doesn't make sense

487
00:29:38,400 --> 00:29:40,440
Speaker 1: to me. Well, I think the tide of the economy

488
00:29:40,520 --> 00:29:42,719
Speaker 1: is really easy. If you have money in bitcoin, it

489
00:29:42,720 --> 00:29:46,240
Speaker 1: can't be in Microsoft, and it can't be in general dynamics,

490
00:29:46,280 --> 00:29:48,120
Speaker 1: and it can't be in the real estate market. And

491
00:29:48,160 --> 00:29:50,520
Speaker 1: if you have money in the real estate market then Apple,

492
00:29:50,560 --> 00:29:53,200
Speaker 1: it can't be in bitcoin. So it's not necessarily tied

493
00:29:53,200 --> 00:29:55,600
Speaker 1: to the economy. It's that there is capital to invest in.

494
00:29:55,640 --> 00:29:57,440
Speaker 1: If it's in one asset, it can't be in the other.

495
00:29:57,840 --> 00:29:59,840
Speaker 1: So what you see in the movement is the movement

496
00:30:00,000 --> 00:30:03,600
Speaker 1: of assets from or of cash from one asset to

497
00:30:03,640 --> 00:30:05,760
Speaker 1: the other. It's not that it has anything to do

498
00:30:05,800 --> 00:30:08,080
Speaker 1: with the economy. It's just that the assets are flowing

499
00:30:08,120 --> 00:30:12,880
Speaker 1: back and forth between bitcoin and an alternative. I would

500
00:30:13,240 --> 00:30:14,880
Speaker 1: let me let me just say this as somebody that

501
00:30:14,920 --> 00:30:17,440
Speaker 1: does not and I'm not giving economic advice, like I

502
00:30:17,440 --> 00:30:20,160
Speaker 1: don't give medical advice on COVID. I just tell people

503
00:30:20,280 --> 00:30:22,320
Speaker 1: what I hear and then tell them ask their doctor.

504
00:30:22,360 --> 00:30:25,960
Speaker 1: Whatever I say here, ask your financial guide. But what

505
00:30:26,080 --> 00:30:30,160
Speaker 1: I see overall with the economy is its way too

506
00:30:30,280 --> 00:30:33,480
Speaker 1: much uncertainty. And right now you can get a treasury

507
00:30:33,520 --> 00:30:35,719
Speaker 1: six month a year, you know, you can park your

508
00:30:35,760 --> 00:30:38,600
Speaker 1: money and get three percent. Not a lot of money,

509
00:30:38,640 --> 00:30:40,680
Speaker 1: but at least you're getting something that you haven't gotten

510
00:30:40,680 --> 00:30:44,000
Speaker 1: for years. And I would just wait this out. If

511
00:30:44,200 --> 00:30:45,760
Speaker 1: if you're one of these people that thinks you're going

512
00:30:45,800 --> 00:30:49,280
Speaker 1: to time the market, be a crypto or be it stocks,

513
00:30:49,320 --> 00:30:52,040
Speaker 1: you're never going to be able to do it. The

514
00:30:52,120 --> 00:30:55,680
Speaker 1: same with the housing market, the same with h like

515
00:30:55,760 --> 00:30:57,960
Speaker 1: for example, most people have no choice. They're not going

516
00:30:58,000 --> 00:30:59,920
Speaker 1: to be able to pull out their I ray therefore

517
00:31:00,160 --> 00:31:02,120
Speaker 1: one case, so you just got to ride it through

518
00:31:02,680 --> 00:31:05,280
Speaker 1: and hopefully, you know, over a period of ten years

519
00:31:05,800 --> 00:31:07,720
Speaker 1: it comes back. That's how you have to look at

520
00:31:07,720 --> 00:31:09,360
Speaker 1: it at a ten year period, at least according to

521
00:31:09,400 --> 00:31:12,440
Speaker 1: the guys I talked to, absolutely, absolutely, and that kind

522
00:31:12,480 --> 00:31:14,800
Speaker 1: of ties into the Summers thing is a real important

523
00:31:14,800 --> 00:31:18,000
Speaker 1: point to me. Larry Summers right now is a trojan horse.

524
00:31:18,040 --> 00:31:20,240
Speaker 1: And I'm gonna tell you why. He's been out walking

525
00:31:20,360 --> 00:31:22,440
Speaker 1: center for a little while now, and I took note

526
00:31:22,480 --> 00:31:25,480
Speaker 1: of it myself. And he's been talking to talk about,

527
00:31:25,520 --> 00:31:28,160
Speaker 1: you know, a little critical of the Biden administration, critical

528
00:31:28,200 --> 00:31:31,440
Speaker 1: of the FED, critical of where we're heading as an economy,

529
00:31:31,560 --> 00:31:34,880
Speaker 1: and he's he's kind of been centor now, what he

530
00:31:34,960 --> 00:31:36,719
Speaker 1: slipped in last week, which a lot of people are

531
00:31:36,720 --> 00:31:39,600
Speaker 1: not talking about, is he started to talk about m MT,

532
00:31:40,280 --> 00:31:43,960
Speaker 1: which is modern monetary theory. This is something Yellen was

533
00:31:44,000 --> 00:31:45,960
Speaker 1: talking about in the past. It's something that Dens have

534
00:31:46,040 --> 00:31:48,280
Speaker 1: talked about in the past, and basically their theory is

535
00:31:48,720 --> 00:31:51,240
Speaker 1: they can spend in print as much as they want

536
00:31:51,760 --> 00:31:54,600
Speaker 1: as long as they raise taxes that will control inflation.

537
00:31:54,840 --> 00:31:57,280
Speaker 1: And last week he started talking about raising taxes and

538
00:31:57,320 --> 00:32:00,880
Speaker 1: he actually said, and I'm almost quoting, raised access immediately.

539
00:32:01,480 --> 00:32:05,040
Speaker 1: So watch Larry summers because to me, he's a trojan horse.

540
00:32:05,120 --> 00:32:09,320
Speaker 1: He's starting to slip in m mc into his conversation,

541
00:32:09,640 --> 00:32:13,800
Speaker 1: which is extremely dangerous and would destroy this economy. The

542
00:32:13,840 --> 00:32:17,600
Speaker 1: only hedge we have now, and I'm not factoring in

543
00:32:17,640 --> 00:32:21,480
Speaker 1: the midterms in November, is if Republicans take the House

544
00:32:21,600 --> 00:32:24,800
Speaker 1: end or Senate, all of this comes to a screeching hold.

545
00:32:25,400 --> 00:32:29,360
Speaker 1: And in the meantime, Joe Mansion has addressed that very issue,

546
00:32:29,720 --> 00:32:33,960
Speaker 1: and that is more spending, which which he's arguing caused

547
00:32:34,000 --> 00:32:36,400
Speaker 1: a lot of this recession. The one point two trillion

548
00:32:36,440 --> 00:32:40,840
Speaker 1: that Biden spent was a contributed contributing factor in where

549
00:32:40,840 --> 00:32:44,040
Speaker 1: we are economically now. But the biggest problem we have

550
00:32:44,200 --> 00:32:46,640
Speaker 1: is on the energy side, and that is we have

551
00:32:46,720 --> 00:32:50,440
Speaker 1: given up all domestic energy production or any thought of

552
00:32:50,520 --> 00:32:53,560
Speaker 1: being energy independent. That is adding to the high costs.

553
00:32:53,600 --> 00:32:58,320
Speaker 1: We've artificially reduced the world supply and our demand remains constant.

554
00:32:58,880 --> 00:33:02,600
Speaker 1: And now that is now pushed Biden into the arms

555
00:33:02,600 --> 00:33:05,880
Speaker 1: of even the pariah nation Saudi Arabia and the guy

556
00:33:05,920 --> 00:33:09,640
Speaker 1: that he believes and had said, killed Jamal Kashogi. So

557
00:33:09,720 --> 00:33:12,160
Speaker 1: it shows you the level of hypocrisy, the desire to

558
00:33:12,160 --> 00:33:14,920
Speaker 1: get an Iranian deal, you know last year taking in

559
00:33:14,960 --> 00:33:18,760
Speaker 1: six and eighty four million barrels of oil from Russia,

560
00:33:19,320 --> 00:33:23,600
Speaker 1: or sending emissaries to Venezuela's in saying, all right, you

561
00:33:23,720 --> 00:33:25,440
Speaker 1: bring up a good point. I'm going to pay more

562
00:33:25,480 --> 00:33:28,640
Speaker 1: attention to Laurence Summers. I think you're right on the money.

563
00:33:28,640 --> 00:33:31,880
Speaker 1: Good call, Anthony, appreciate it. Paul Krugman, New York Times.

564
00:33:31,960 --> 00:33:35,400
Speaker 1: I was wrong about inflation, geez, I was wrong. It

565
00:33:35,520 --> 00:33:38,360
Speaker 1: turned out it was a very bad call. You mean,

566
00:33:38,440 --> 00:33:40,400
Speaker 1: like the Russia hoax that you guys peddled