Speaker 1: Broadcasting live from the Abraham Lincoln Radio Studio, the George
Speaker 1: Washington Broadcast Center. Jack Armstrong and Joe Kaddy Armstrong and
Speaker 1: Jackie and Pee Arms get it.
Speaker 2: As he wrote in my favorite newsletter this morning, maybe
Speaker 2: it was all a dreams.
Speaker 1: Oh it's only that's funny. Live from Studio C Season.
Speaker 2: You're a dimly lit room deep it from the bowels
Speaker 2: of the Armstrong and Getty Communications Compound.
Speaker 1: Hey y'all today Thursday? Is that right? Yeah?
Speaker 2: Thursday, little Friday. We're under the tuteler of our general manager.
Speaker 2: The pause, Yeah, the pause that refreshes. And since we
Speaker 2: since we got up this morning, Europe has announced their
Speaker 2: ninety day pause. So everybody's pausing except for with China,
Speaker 2: which is what I think a lot of it has
Speaker 2: been saying for a cottle. While the China thing I get.
Speaker 2: Let's let's let's figure out how we're gonna decouple from China.
Speaker 2: They're an s sworn enemy of this country.
Speaker 3: Indeed, and we're intertwined with them in a way that
Speaker 3: is utterly unsustainable.
Speaker 1: So is Donald J. Behaving purely strategically.
Speaker 3: With the China tariffs or is it a bit of
Speaker 3: a urinating contest between him and Hijion Ping or half
Speaker 3: and half hard to say.
Speaker 1: I don't know.
Speaker 2: Yeah, I watched The News Nation for the first time
Speaker 2: this morning, first time I've tuned that in, even though
Speaker 2: our boss Bill has been telling me for a very
Speaker 2: long time, you should check out News Nation. Way it's
Speaker 2: way closer to what your show is than anything else.
Speaker 2: And I would say, is right. I noticed no obvious
Speaker 2: how do we make this story worse for Trump? Or
Speaker 2: how do we make this story better for Trump? Which
Speaker 2: you do get from Fox or MSNBC, But so I
Speaker 2: didn't notice that on News Nation. But anyway, I have
Speaker 2: to add them.
Speaker 1: To my rotation.
Speaker 2: Yeah, yeah, I got a lot of really good interesting
Speaker 2: information out of it. But great, I do think it's
Speaker 2: interesting the the Trump Hateen world. For weeks now, it
Speaker 2: has been how he's just so stubborn and ideological, and
Speaker 2: he's been saying the same thing from the eighties, and
Speaker 2: he would he will not accept reality and blah blah
Speaker 2: blah blah blah. And then when he you know, uh,
Speaker 2: gets to a point of like this is just doing
Speaker 2: too much damage. I got to pull the plug. Then
Speaker 2: it's he said he'd do this and now he's backing off. Well,
Speaker 2: you just were criticizing him for being unwilling to back off,
Speaker 2: and now you're criticizing for backing off. And I just
Speaker 2: I don't quite understand. Now you couldn't you pass Trump
Speaker 2: no matter what happens. What's there to understand? Well, you could, obviously,
Speaker 2: you could make the comment that it was somewhat predictable
Speaker 2: that the markets would go crazy, and since that was true,
Speaker 2: you wouldn't You didn't need to do this in the
Speaker 2: first place.
Speaker 1: But that being said, I don't understand the it's one
Speaker 1: or the other. You know you can't. It is kind
Speaker 1: of funny.
Speaker 3: It's the proverbial kicking your dog when he finally comes
Speaker 3: to you. Right, Well, Jack, speaking of the whole tariffs
Speaker 3: and the upheaval and the paws and the rest of it,
Speaker 3: and this is exciting. Folks are going to be canceling appointments,
Speaker 3: keeping their kids home from school during the show. Today,
Speaker 3: we're going to explain the bond marketing to you. I
Speaker 3: might be in the bath day with us. That might
Speaker 3: be when I take my bathroom break the bond Everything
Speaker 3: turns on the bond market.
Speaker 1: That's quite possibly true, And in fact, if you won't
Speaker 1: know it. You'll be adding in the bathroom.
Speaker 2: I've made it this far in my life without knowing
Speaker 2: anything about it, so if I can make it till
Speaker 2: dead without knowing anything about it, then I'll be all right.
Speaker 2: It's not like you're living under a bridge. Well, obviously,
Speaker 2: I was thinking about the last however many days it's been,
Speaker 2: and partially and I didn't ask my financial guy. He
Speaker 2: sent me an email. I imagine he sent everybody emails
Speaker 2: because everybody was freaking out there for a couple of days.
Speaker 2: But I didn't change a dollar of my life based
Speaker 2: on anything in the last week.
Speaker 1: So no, really, no harm, no foul. I don't know.
Speaker 3: I was kind of kicking myself because I didn't have
Speaker 3: any real money in my little playing around investment account
Speaker 3: because this was the classic dip to buy.
Speaker 2: Yeah, but you didn't know it was going to come
Speaker 2: back late. They could have been no, but I knew
Speaker 2: it would come back eventually. He yeah, but he could
Speaker 2: have held strong for nine months or who knew. Yeah,
Speaker 2: That's why I think it's important to have, hey, just
Speaker 2: you know, a play around. If this bet doesn't turn
Speaker 2: out and for two years you got no money and
Speaker 2: that's fine.
Speaker 1: So well that one of the problems with this that.
Speaker 3: Would have bet my my net worth on it, I
Speaker 3: hear said, I wouldn't bet my house payment on it.
Speaker 3: One of the problems with this whole thing is just,
Speaker 3: you know, one guy, and this has been discussed a lot,
Speaker 3: one guy having the ability to do this either direction.
Speaker 3: And so, according to the Wall Street Journal, he tapped
Speaker 3: out his post, his truth social post in the Oval
Speaker 3: office at the desk with the Treasury Secretary sitting there
Speaker 3: and the Commerce Secretary sitting there. Now, unfortunately this came
Speaker 3: out like five minutes after we said goodbye, everybody, see
Speaker 3: you tomorrow. I wish it would have happen while we
Speaker 3: were on the air, because the markets reacted instantly, and
Speaker 3: it was the biggest rise in the Nasdaq as a
Speaker 3: percentage since the dot com bust, which is what late
Speaker 3: nineties I mean that is that is amazing year two
Speaker 3: thousand whatever it was. Yeah, we've had some you know,
Speaker 3: pretty major ups and downs nine to eleven, the financial crash,
Speaker 3: lots of different things and that amount of time.
Speaker 1: So it was a big deal. I wish it would
Speaker 1: have happened while we were on the air. But so
Speaker 1: he taps out his little truth social it says, that's it.
Speaker 1: People are getting the yips.
Speaker 2: I'm gonna pause nine days stock market skyrocks. Obviously if
Speaker 2: you had had that information that I'm I don't think
Speaker 2: this is true, skinny neck?
Speaker 1: What's his almost used a bad word? Go ahead, do it,
Speaker 1: Adam Schiff.
Speaker 2: Adam Schiff, I can't believe he's my US Senator Adam Schiff.
Speaker 2: Show he wants in an immediate investigation for insider trading.
Speaker 2: I don't think that's what Trump was up to, but it.
Speaker 1: Sure would be easy.
Speaker 2: It sure would have been easy to tell anybody, Hey, tomorrow, tomorrow,
Speaker 2: tomorrow morning, about ten, I'm gonna pull the plug on
Speaker 2: this thing.
Speaker 1: So I mean, Chris, call.
Speaker 3: Him up and say bye and hang up by the nip. Yeah,
Speaker 3: no too much, No, don't blow the horn, just say by.
Speaker 1: A much more spy moves, don't be shut by.
Speaker 2: The shot, shoot a confetti cannon out to the top
Speaker 2: of the White House and say I don't know what
Speaker 2: that was.
Speaker 1: Oh no, sh not subtle laugh.
Speaker 2: But you gotta admit, with one guy making that decision
Speaker 2: to make the stock market go up the most in
Speaker 2: thirty years, I mean that a ton of money could
Speaker 2: have been made if you knew at all what was
Speaker 2: going gonna happen.
Speaker 1: Sorry, I am so sorry. I got to take this call. Hello.
Speaker 3: Uh huh really, uh huh okay, thanks by That was
Speaker 3: Nancy Pelosi. She said she's been doing this for fifty years.
Speaker 2: I think they all do it all the time, but man,
Speaker 2: not on this grand scale. I mean, this was the
Speaker 2: all time five hundred pound gorilla of this sort of thing.
Speaker 2: If anybody has tipped off, and I don't think they were,
Speaker 2: but uh yeah, it's uh, it's it's something they are
Speaker 2: our secrety. Keep to yourself, you know, a whole bunch
Speaker 2: of rich guys with a lot of stock. By the way,
Speaker 2: I ain't saying nothing, ain't something, just uh just a
Speaker 2: little hint, uh Wednesday morning. I ain't say any else.
Speaker 1: No horn, no horn, shit the horns of it.
Speaker 3: So if you're a fan of power and influence and
Speaker 3: who's got what sway in any White house, I think
Speaker 3: it's it's super interesting that Scott has sent the Treasury
Speaker 3: guy is clearly the voice that Trump is listening to
Speaker 3: through the tumult less than a couple of other folks.
Speaker 3: He is kind of the voice of let's not do
Speaker 3: too much damage, common sense down to earth, and he's
Speaker 3: willing to speak truth to Trump and then spin the
Speaker 3: hell out of it on the South of Honor wherever
Speaker 3: you're speaking yesterday. But he definitely has huge influence. And
Speaker 3: I feel the need to point out because you will
Speaker 3: never ever hear this pointed out in mainstream media.
Speaker 1: He happens to be a gay fella.
Speaker 3: You know, we Conservatives and Republicans with our hatred and
Speaker 3: abuse of anybody who's gay. No, no, we just liked
Speaker 3: the most competent person for the job in the job.
Speaker 1: Perry, the Secretary of the Treasury, lays down with other men.
Speaker 3: Oh, there's no need to put too fine a point
Speaker 3: on it. We all know what that expression means.
Speaker 1: Good lord, all right, No, I didn't know that. And
Speaker 1: who cares? Who cares? Uh? Yeah?
Speaker 2: Mark Halpern and his newsletter today, say said one the
Speaker 2: powerbroker in that whole thing was Scott Bessen. Yeah, the
Speaker 2: Treasury secretary. So let's start the show officially. I'm Jack Armstrong.
Speaker 2: He's Joe Getty on this. It is Thursday, April tenth.
Speaker 2: Hear twenty twenty five for Armstrong. You getting and we
Speaker 2: approve of this program.
Speaker 3: Uh yeah, boy, the Master's kicks off today. Here we go,
Speaker 3: let's begin the show officially according to the FCC rules
Speaker 3: and REGs at Mark.
Speaker 4: Well, I thought that people were jumping a little bit
Speaker 4: out of line. They were getting yippie, you know, they
Speaker 4: were getting a little bit yippy, a little bit afraid,
Speaker 4: unlike these champions, because we have a big job to do.
Speaker 1: No other president would have done to what I did.
Speaker 4: No other president I know the president, they wouldn't have
Speaker 4: done it, and it had to be done.
Speaker 1: Except perhaps the late great Abrahamlets.
Speaker 2: As usual, it was hilarious that his people came out
Speaker 2: and said this was the plan all along. Then Trump
Speaker 2: comes out and says, now, I'm watching TV last night
Speaker 2: and I think the bond market was going crazy.
Speaker 1: So I pulled the plug. Were getting yip? Why did you?
Speaker 2: Why did you make me go out and say it
Speaker 2: was the plan all along? Or they thought that's what
Speaker 2: they should do. One of the great risks is speaking
Speaker 2: for Trump. From the first moment of term number one
Speaker 2: till today, I thought the plan was oh never mind.
Speaker 1: Maybe it was all a dream.
Speaker 2: We were talking of yesterday about how it could he
Speaker 2: could pull the plug at any moment, and then we'll
Speaker 2: look back, you know, on it in six months and thinks, oh, yeah,
Speaker 2: I remember that happened.
Speaker 1: It might end that whole tariff thing might be like that. Yeah.
Speaker 3: Although the China, again, as we've been saying from the
Speaker 3: very beginfference story, China is an entirely different subject.
Speaker 2: I would say an on News Nation this morning that
Speaker 2: I was watching, they did a feature on this new
Speaker 2: nuclear weapon we've got. That's more about our ability to
Speaker 2: deliver it, but it's mostly about keeping up with China specifically,
Speaker 2: and also Russia in their aggressive increasing the strength of
Speaker 2: their nuclear arsenal.
Speaker 1: So they're calling it a new nuclear arms race.
Speaker 2: Oh boy, now that's some serious stuff. We got Katie's
Speaker 2: headlines on the way and more news of the day.
Speaker 2: I hope you can stick around. Text line is four
Speaker 2: one five two nine five Kftcarrong a new image out
Speaker 2: of what our closest monkey an sister looked like, and
Speaker 2: it's very human.
Speaker 1: I'll talk about that letter to love evolution stuff.
Speaker 2: Also speaking of images, based on our One More Thing
Speaker 2: podcast yesterday, Katie sent me you must have How did
Speaker 2: you get him to me so fast?
Speaker 1: Like within an hour? Amazon.
Speaker 2: I got in the mail some chicken leg socks and
Speaker 2: I took pictures of him on my life les and
Speaker 2: posted it at Twitter. This is an attempt to drive
Speaker 2: up our Twitter numbers or drive them down. Maybe more
Speaker 2: people left. Yeah, then we are serious. Yes, and somebody
Speaker 2: said you have rickets, dude, get some vitamins.
Speaker 1: Wow. Yeah, mix in an orange or two. Huh. Anyway,
Speaker 1: more on that later. Let's figure out who's reporting what.
Speaker 1: It's the lead story with Katie Green Katie Well.
Speaker 5: Starting with CNN, Inflation drops to two point four percent,
Speaker 5: lower than expectations.
Speaker 1: Of two point five percent. There you go, good inflation news.
Speaker 1: The day after the stark market has a giant rise. Huh,
Speaker 1: we're back. Everything's coming up, Trump, I'm back.
Speaker 5: Maybe from Fox News, Doge reveals bizarre findings of unemployment
Speaker 5: insurance claims.
Speaker 1: Quote this is crazy. I'm sure. Oh, I have no doubt.
Speaker 3: Any system that involves government payouts is got billions and
Speaker 3: billions and billions of dollars. With the old WAA Waste
Speaker 3: Fraud and Abuse Guarantee.
Speaker 5: Nine point seven thousand people with birth rates are birth
Speaker 5: dates over fifteen years.
Speaker 1: In the future. That's sixty nine million dollars. Wow.
Speaker 5: From the AP freed Israeli hostages, thank Trump for efforts
Speaker 5: to get the Hamas hostages released.
Speaker 2: Oh I got it, well, Russia, I got a little tidbit.
Speaker 2: Maybe after your headlines we have time on eight three
Speaker 2: dimensional chess theory around Doge stay tune.
Speaker 5: From the Daily Mail update after brave female fencer took
Speaker 5: me and refused to fight against transgender rival, she has
Speaker 5: left her team completely.
Speaker 3: I want to know that woman's name. I want to
Speaker 3: know it like I know Riley Gaines. I think she
Speaker 3: should be hailed as the hero that she is.
Speaker 5: From CNBC The Rise of AI generated prof By twenty
Speaker 5: twenty eight, globally, one in four job candidates will be fake.
Speaker 1: What's the benefit of that.
Speaker 5: They're just saying that these job seekers are using AI
Speaker 5: tools to make fake identities, fake IDs, make resumes and
Speaker 5: lying about.
Speaker 2: Their You can't actually come in work, though, So what's
Speaker 2: what are you foltimate goal?
Speaker 5: They're doing this for remote hiring jobs.
Speaker 3: Oh yeah, a lot of engineering tech jobs are remote hiring,
Speaker 3: and these guys have figured out I can hold three
Speaker 3: jobs and do the minimum work for each of them
Speaker 3: and get a triple salary.
Speaker 1: I wish I was smart enough to do it. I'd
Speaker 1: do it today. Rarely hold one job from the La Times.
Speaker 5: Wife of Weezer bassist is shot by LAPD during a
Speaker 5: hit and run manhunt and accused of attempted murder.
Speaker 1: I watched this yesterday's nut.
Speaker 3: What a crazy story. Oh yeah, I need to know more.
Speaker 3: I'm flabbergasted. There's a lots around them.
Speaker 5: The LAPD was in per suit of a totally unrelated
Speaker 5: incident for a hit and run, and they drove by
Speaker 5: the house and the wife of the Weezer bassist was
Speaker 5: out there waving a handgun at the cops, and so
Speaker 5: they had to handle her and they ended up shooting
Speaker 5: her on the shoulder. And now she's being charged with
Speaker 5: the tempted murder.
Speaker 1: Wow.
Speaker 2: She she would not put down the gun, then pointed
Speaker 2: at the cops. They shot her, and then amazingly she's alive.
Speaker 1: And that's a.
Speaker 2: Little what are they What are you trying to do
Speaker 2: when when someone's pointing a gun at you, I would
Speaker 2: think your goal is to take them out, take them out.
Speaker 2: And there was a bunch of cops there. She's like,
Speaker 2: I'm wounded, but I'm fine.
Speaker 3: Yeah, often, yeah, the result is quit an impressive number
Speaker 3: of bullet woes. Yeah, I expect more from the wife
Speaker 3: of the bassist of Weezer.
Speaker 5: From the New York Post, Australian surgeon fined ten thousand
Speaker 5: dollars for sharing a picture of a coma patients swastika
Speaker 5: tattooed Pennis.
Speaker 2: Oh wow, I can see how it'd be hard to
Speaker 2: not share that with the buddies.
Speaker 3: Speaking of stories with a lot going on, look at this,
Speaker 3: how would.
Speaker 1: You not share that? Nazi Germany? From The Free Beacon.
Speaker 5: Members of Congress agree Jerry Nadler is the capital's worst
Speaker 5: smelling man.
Speaker 1: What, Yes, I have that story? Really a story? Yes,
Speaker 1: an aggressive scent, it's a real story. Yes. Yeah.
Speaker 3: He is the big old weavil of a fat progressive
Speaker 3: who's known first fill in his drawers, Jack, disgusting me this.
Speaker 5: And finally, the Babylon Bee analysts clarify that Trump is
Speaker 5: only responsible for the stock market.
Speaker 1: When it goes down.
Speaker 5: Yeah, exactly, And Joe just de side note that that
Speaker 5: defencer's name is Stephanie Turner.
Speaker 3: Stephanie Turner, God bless you dear for your courage.
Speaker 2: Yeah, the you remember Lucy, one of the oldest skeletons
Speaker 2: of like a human that have ever. They've got a
Speaker 2: new computer mock up of what it looked.
Speaker 1: Like, and it is. It's pretty interesting to see you.
Speaker 1: I'll talk about that later. Love that story. Did did
Speaker 1: Lucy go with Nathan? Pronouns?
Speaker 2: Well, since I don't know, I'm not going to assign
Speaker 2: a gender, don't misgender.
Speaker 1: The monkey guard strong, and.
Speaker 6: The President announces he's putting a ninety day pause on
Speaker 6: most of his terrafs after Wall Street lost nearly six
Speaker 6: trillion dollars in one week. There is one exception. He
Speaker 6: is upping the ante on China. Is there any strategy here?
Speaker 6: Is this any way to run a global economy?
Speaker 1: Well?
Speaker 4: I thought that people were jumping a little bit out
Speaker 4: of line. They were getting yippie, you know, they were
Speaker 4: getting a little bit yippy, a little bit afraid, unlike
Speaker 4: these champions, because we have a big job to do.
Speaker 4: No other president would have done what I did. No
Speaker 4: other president I know the presidents, they wouldn't.
Speaker 1: Have done it. And it had to be done. Did
Speaker 1: it have to be done? I don't know. You could
Speaker 1: have slept through this whole thing. I'm not sure it would.
Speaker 2: Have changed your life any at this point if you
Speaker 2: had ignored it. Rich Lowry of National Review tweeted out yesterday,
Speaker 2: you know, the easier way to enter into trade negotiations
Speaker 2: with our major allies and tariff China would have been
Speaker 2: to enter into trade negotiations with our major allies in
Speaker 2: tariff China. Maybe he feels he got some leverage out
Speaker 2: of this or not.
Speaker 1: I don't know. Others will decide that.
Speaker 3: Well, And the probably unanswerable question continues, although I suppose
Speaker 3: the books will come out to the extent that you
Speaker 3: trust them someday. But the question continues to be does
Speaker 3: Trump have a strategy? Is this a coherent set of
Speaker 3: maneuvers or is he just going moment to moment trust
Speaker 3: in his guts and then reverses.
Speaker 1: Field willingly that one.
Speaker 2: Oh okay, I think, But I mean it's worked for
Speaker 2: him his whole life, So I can understand why. You know,
Speaker 2: if you're a successful financial person and her headed number
Speaker 2: one TV show, you're a billionaire and you elected president
Speaker 2: twice nearly three times, Yeah, I can see how you
Speaker 2: trust your gun.
Speaker 1: Yeah I would too.
Speaker 3: It's not completely you know, out of left field. On
Speaker 3: the other hand, pride goeth before the fall and almost
Speaker 3: has so anyway, So is it all's well that ends well?
Speaker 3: Is it no harm?
Speaker 1: No foul? Is it? Where are we? Has there been
Speaker 1: no harm?
Speaker 3: That's the question a lot of people are asking in
Speaker 3: terms of our allies, the world's perception of the United
Speaker 3: States as the safest, best place to put their money always,
Speaker 3: has that been hurt?
Speaker 2: Tom Friedman says yes in The New York Times. Course
Speaker 2: he does. But he says that our allies in Europe
Speaker 2: will never trust us again, and they'll see China as
Speaker 2: a more steady, predictable partner.
Speaker 3: Okay, I you know, so many years ago I read
Speaker 3: so many things from Tom Friedman of the that I
Speaker 3: thought were fantastic. Honestly, I don't want his opinion on
Speaker 3: anything other than what's the best Chinese food?
Speaker 1: Close to Times Square? At this point, I.
Speaker 2: Think, I mean, in terms of the world splitting between
Speaker 2: US and China, which is what's happening. I still think
Speaker 2: people are going to go with the United States because
Speaker 2: China is They're all They want to take you over.
Speaker 1: They don't want to be your business partner.
Speaker 3: Yes, they have a way of making you truly regret
Speaker 3: your partnerships through the years.
Speaker 1: So a glimpse behind the scenes.
Speaker 3: I was dealing with a bit of a domestic crisis
Speaker 3: during the commercial break, and so we didn't really get.
Speaker 1: A chance to chat.
Speaker 3: Playing the Charlie Gasparino stuff seems apropos right now, How
Speaker 3: do you feel about that?
Speaker 1: Yeah?
Speaker 3: He was on Fox News just after the pause was announced.
Speaker 1: Moments later.
Speaker 3: Yeah, the aforementioned Scott Bessen to and others came out
Speaker 3: and said this was the plan all along. This president
Speaker 3: negotiates like no other. And then Trump came out and
Speaker 3: he said, yeah, I saw people freaking out, so we
Speaker 3: changed our minds. Of course, people are like, thanks for that,
Speaker 3: but it happens. I found this instructive. Perhaps you will too.
Speaker 3: Let's start with clip sixty Michael and just go from there.
Speaker 3: Charlie Gasprino yesterday.
Speaker 7: I want to tell you right now that Donald Trump
Speaker 7: out smarted the world. Trust me, I'm an American. I
Speaker 7: support my president. But that's not really what happened here
Speaker 7: from what I understand, and I know I'll get pushed back,
Speaker 7: but here's what it is. First off, we should point
Speaker 7: out that one of the good things about this is
Speaker 7: that Scott Bessen is finally in the White House. He's
Speaker 7: finally leading this. I mean, up until a couple of
Speaker 7: days ago, it was Lutnick, it was Peter Navarro, the Commerce.
Speaker 1: Secretary, the trade advisor, very much hawks.
Speaker 7: Now it's Scott Besson, who believes in cutting deals as
Speaker 7: opposed to you know, not, you know, just putting these
Speaker 7: tariffs out there. And let's be amercantilistic economy.
Speaker 1: All right, to see this set to the substance.
Speaker 7: But number two, let's recall what happened overnight. And from
Speaker 7: what I understand, and I'm getting this from people that
Speaker 7: are talking to the house, what happened in the bond
Speaker 7: market overnight, the spike in yields on the thirty year
Speaker 7: and the ten year bond, which showed that people were
Speaker 7: dumping our bonds. And who are those people dumping our bonds? Japan,
Speaker 7: the biggest holder of bonds, was selling bonds. That's what
Speaker 7: I'm getting from some very big money managers. China maybe
Speaker 7: to some extent, but it was largely Japan and others.
Speaker 7: If you have a mass sale of bonds, that means
Speaker 7: people are losing confidence in the US economy on the
Speaker 7: ability to do deals with US. And from what I understand,
Speaker 7: this is what forced the hand of this ninety day reprieve.
Speaker 2: And apparently apparently Trump didn't think that was going to happen,
Speaker 2: or not as much as it was happening.
Speaker 1: Yeah.
Speaker 3: In other words, since we spend way more than we
Speaker 3: take in, and it's good to have cash flow, even
Speaker 3: if you're being smarter than we've been as a country.
Speaker 3: It's nice to be able to say, hey, would you
Speaker 3: like some of our bonds to invest your money?
Speaker 1: We'll pay you three and a half percent.
Speaker 3: And at some point, like overnight, they start saying, we
Speaker 3: don't want your stinking bonds at three and a half percent,
Speaker 3: Well would you take him at.
Speaker 1: Four and a half, How about five and a half.
Speaker 3: And all of a sudden, our borrowing costs are skyrocketing.
Speaker 3: And I don't know if you're familiar with this, we
Speaker 3: run hillacious debts in this country. We overspend like coke
Speaker 3: binged and binging sailors. Anyway, So that's part of the panic.
Speaker 3: A little more from mister Gasparino, you know, are.
Speaker 7: People coming to the table. Yeah, but if you know,
Speaker 7: if you read me between the lines or not, even
Speaker 7: what Scott Bessen said, we have no deals, right, there's
Speaker 7: nobody that is really there saying this is what we're
Speaker 7: going to do, and they paused it anyway, So my
Speaker 7: thing that said, well, i'll give you this, there is
Speaker 7: some art of the deal here, and by the way,
Speaker 7: brilliant move by putting China in the corner.
Speaker 1: But that's a whole separate.
Speaker 7: Thing because remember that's a very difficult negotiation.
Speaker 1: Everybody else is a lot easier.
Speaker 7: They really wanted to, they do want to deal with us,
Speaker 7: whether they want to be forced into really bad trade
Speaker 7: deals on their end as a whole other negotiating story.
Speaker 2: Yeah, we haven't mentioned that. Along with the pause of
Speaker 2: everyone else. He upped the tear off some China to
Speaker 2: what now one hundred and twenty percent, So what it is?
Speaker 1: It might be more. In the last ten minutes.
Speaker 3: Everybody's ratcheting it up, and so everybody Trump and Chesion pick.
Speaker 1: Both of those things happen.
Speaker 3: But Jack, how would you describe the bond market now
Speaker 3: it underpins the economy?
Speaker 1: I wouldn't. Would you say it's the plumbing of the economy,
Speaker 1: That's what I would say.
Speaker 7: But make no mistake about it, you cannot divorce this
Speaker 7: decision right here from what happened last night, which was
Speaker 7: you know I and people focus on the stock market
Speaker 7: all the time. It's the bond market and the sort
Speaker 7: of lending markets that's the plumbing of the economy. And
Speaker 7: those markets were imploding last night. And that's why we
Speaker 7: have a ninety day freeze. Let's see if those markets improve.
Speaker 7: I've someone told me we had a decent treasury wash
Speaker 7: oction today. But if you can't sell your treasures, guys,
Speaker 7: and people are unloading your treasures, like Japan, which is
Speaker 7: I believe the largest foreign holder after China.
Speaker 1: Just to be clear, there was an option that.
Speaker 2: Just so, the bond market is the plumbing of the economy,
Speaker 2: and it was imploding. And I can tell you, if
Speaker 2: you're plumbing implodes, you're going to have to call into
Speaker 2: work and say I'm not going to be.
Speaker 3: There today, call service master. Yeah it's terrible. It's oh,
Speaker 3: it's so gross. So Charlie Gasparino there, I have no
Speaker 3: reason to doubt his explanation. I have come across no
Speaker 3: serious contradiction to his exploits.
Speaker 2: I think it's fascinating that there was some metric that
Speaker 2: was enough to make Trump say, now this isn't working
Speaker 2: or going to work.
Speaker 1: Yeah, And I don't know if he.
Speaker 2: So, He famously, as everybody has been talking about for
Speaker 2: a week now, has been saying this since you know,
Speaker 2: the eighties on Oprah Winfrey Show, that we're getting ripped
Speaker 2: off and kneed teriff, Yeah, and you got so. Does
Speaker 2: he still believe that? Does he believe that his that's
Speaker 2: still true, but his cure for it doesn't work for.
Speaker 1: Whatever reason, I want, I wonder where he is on
Speaker 1: all that.
Speaker 3: Yeah, I mean, and this is the sort of thing
Speaker 3: that might freak out new listeners who think every radio
Speaker 3: show ought to be one hundred percent pro Trump or
Speaker 3: one hundred percent anti Trump. We calls him as we
Speaker 3: see them. But I think a Trump is very adaptable.
Speaker 3: He is more than willing to say that didn't work,
Speaker 3: We're going to try this. He does not cling to
Speaker 3: ideas that do not serve him. You know, he's a
Speaker 3: little parapatetic and mercurial for my taste. And I think
Speaker 3: some of the stuff he's pulling may damage our standing
Speaker 3: in the world over the long term. Having said that
Speaker 3: critical stuff, I think trade wise, this could end up
Speaker 3: in a very very good place with reasonable trade barriers,
Speaker 3: if any, with our friends and allies and non enemies
Speaker 3: in a way that was way way overdoing happening. On
Speaker 3: the other hand, he never counts when he talks about
Speaker 3: trade surpluses and deficits.
Speaker 1: And he never counts services.
Speaker 3: And I understand the allure of manufacturing and making our
Speaker 3: own stuff and being self reliant on critical industries, but
Speaker 3: I mean we export. We have an enormous trade imbalance
Speaker 3: in our favor, a surplus for services, banking, entertainments, financial advice,
Speaker 3: to the thousand different things. So to the three dimensional
Speaker 3: chess teck, I'm sorry the obvious tech. Yes, three dimensional chests.
Speaker 2: So I remember asking Bill O'Reilly this question back when
Speaker 2: Bill O'Reilly was the number one show cable show in
Speaker 2: America ten years ago, twenty fifteen, when Trump was running
Speaker 2: is this three dimensional chess? Or is he just winging it?
Speaker 2: And I remember Bill O'Reilly saying it's not three dimensional chess.
Speaker 2: I think that is generally the case with Trump. But
Speaker 2: I do wonder about this one. Maybe around Doge more
Speaker 2: than the tariffs, because he's been talking about the tariffs thing,
Speaker 2: you know, for for forty years, as we mentioned, But
Speaker 2: maybe around the Doge thing getting so much attention. What
Speaker 2: was everybody saying leading up to the election, including us.
Speaker 2: The number one political story of twenty twenty five is
Speaker 2: going to be the Trump tax cuts. That's going to
Speaker 2: be all everybody's talking about. And nobody's talking about it,
Speaker 2: and they're working on it behind the scenes. And there's
Speaker 2: a bill last night that didn't happen, but they're working
Speaker 2: on it constantly behind the scenes, and.
Speaker 1: Nobody's talking about it.
Speaker 2: And I mean, Trump is you know, a TV producer,
Speaker 2: guy who understands the media and how they flock towards stories.
Speaker 2: And I just wonder if some of this stuff might
Speaker 2: be I'm going to get the biggest that tax cut redone,
Speaker 2: and that is going to set the economy in place
Speaker 2: the way I want it the rest of my term.
Speaker 2: And that is the whole enchilada, and nobody's talking about it.
Speaker 3: I do enjoy a good enchilada. Perhaps that is the case.
Speaker 3: We'll we'll all find out together from our friends that
Speaker 3: simply save home security. It's a chaotic, scary world, and
Speaker 3: we're not talking about trade negotiations. Too many junkies, too
Speaker 3: many scumbags on the streets, too many policies.
Speaker 1: That have made crime too easy.
Speaker 3: But with simply save millions of Americans enjoy greater security
Speaker 3: and peace of mind every time they arm their system.
Speaker 2: I love the outdoor out hm, I love the active
Speaker 2: m mmm.
Speaker 3: I'll get to get the spoon from mister Armstrong's tongue
Speaker 3: right out.
Speaker 2: They got this thing with cameras in your yard and
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Speaker 1: Yeah, I'll skip it.
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Speaker 2: And then one more thing before we take a break,
Speaker 2: because you got mail bag coming up, is this wasn't
Speaker 2: on purpose, but ended up being. You know, everybody's talking
Speaker 2: about the end of the all those other tariffs without
Speaker 2: much focus on the fact that he just exploded Chinese
Speaker 2: tariffs on China to one hundred and twenty percent from
Speaker 2: what were they before forty five. And I mean, if
Speaker 2: he had only done that, that would have been such
Speaker 2: a giant headline. It never been to be talking about it,
Speaker 2: and a lot of people would be saying it was
Speaker 2: a horrible mistake.
Speaker 1: And now it's just kind of like not even a story. Yeah,
Speaker 1: you're right.
Speaker 2: I don't think that was on purpose, but that is
Speaker 2: the ultimate end result. I think, what was that movie?
Speaker 2: Everything all at once, all the time. That's the news
Speaker 2: flow right now. Yeah, what do you focus on?
Speaker 3: If you're a Democrat, they're miserable, their heads are in
Speaker 3: their hand.
Speaker 1: I don't know what to yell about. Uh mailbag on
Speaker 1: the white bunch of other stuff. Stay here.
Speaker 2: I had to get up backtra early to take my
Speaker 2: dire Wolf pumps for a walk around the block.
Speaker 1: Before I went to work.
Speaker 3: Yeah, if they get to Nancy, they'll really tear up
Speaker 3: the furniture being I eat your fish saw tall at
Speaker 3: the soldier at the shoulder. Yeah, exactly, enormous. Here's your
Speaker 3: freedom loving quote of the day. Love this one from
Speaker 3: PJ O'Rourke. Jeff sent it along. It's terrific. It's just
Speaker 3: quoting it the other day. An entitlement is what people
Speaker 3: on welfare get, and how free are they. It's not
Speaker 3: an endlessly expanding list of rights. The right to education,
Speaker 3: the right to healthcare, the right to food and housing.
Speaker 1: That's not freedom, that's dependency. Those aren't rights.
Speaker 3: Those are the rations of slavery, hay into barn for
Speaker 3: human cattle. There's only one basic human right, the right
Speaker 3: to do as you damn well please, and with it
Speaker 3: comes the only basic human duty, the duty to take
Speaker 3: the consequences.
Speaker 1: I couldn't love that more. That's pretty good.
Speaker 3: If I had a manifesto, that would be in the
Speaker 3: lead mailbag prob us a note mail bag at Armstrong
Speaker 3: and getty dot com weirdly dental related mailbag today this
Speaker 3: later today, two pm Eastern, I'll be listening to the
Speaker 3: A and G podcast, as I have for many years,
Speaker 3: but this time I'll be listening to it while undergoing
Speaker 3: oral surgery. I mean a couple holes drilled to replace
Speaker 3: an implant, et cetera. Why am I reading you this
Speaker 3: because of the sign off, Michael, can you lower the music?
Speaker 3: There's a hole in my mouth where my teeth once. Well,
Speaker 3: somebody's my again, Monney anyway, owen too that it's Kevin.
Speaker 3: That's really funny. And then this Mike from Surf City.
Speaker 3: But the tennis today with my fifteen year old son.
Speaker 3: He's been going to this place most of his life,
Speaker 3: and we've always known there's this wackado roaming the halls.
Speaker 3: Usually he's just loud and opinion that he'd opinionated, but
Speaker 3: day he went full feral. Now he already had his
Speaker 3: hands in my kid's mouth, so I've always let his
Speaker 3: loud anti trump rant slide. But today he launched into
Speaker 3: a tirade about the China tariffs and now everything comes
Speaker 3: from China. I held my tongue for about half an hour,
Speaker 3: but the mixt of dennist off his tension and one
Speaker 3: lie after another finally pushed me to respond with a
Speaker 3: little common sense. Anyway, so this guy gets all agitated
Speaker 3: and starts yelling he's got no facts. He's just like
Speaker 3: a homeless methadic coming at me on the street, just
Speaker 3: pure intensity and zero logic and I'm gonna skip ahead
Speaker 3: a little bit, but somewhere in the middle of his madness,
Speaker 3: I somehow had him supporting slavery and child labor, all
Speaker 3: while complaining that the minimum wage is too high in California.
Speaker 3: Poor guy's never had so many truths at once. My
Speaker 3: son looked at me afterwards and said, Dad, he was
Speaker 3: gaslighting you. He didn't have a single good point. All
Speaker 3: he could do is yell. Fifteen years old and already
Speaker 3: smarter than half the country or more, says Mike from Serfs.
Speaker 4: Yeah.
Speaker 2: I for when I'm in those situations, I try to
Speaker 2: get to a yeah. I don't talk about politics very quickly,
Speaker 2: just yeah, I'm not listening to.
Speaker 1: Even if I with you, I don't want to talk
Speaker 1: about this.
Speaker 3: Why you're working on my kid's teeth, that's great if
Speaker 3: it persists. I am on the phone that day with
Speaker 3: the dentist saying, you get rid of this person, or
Speaker 3: we will go. We are gone, and we'll tell everybody
Speaker 3: why we're gone. That has to end. Like day before yesterday,
Speaker 3: Reagan put it. Let's see Burbank Luke with an excellent
Speaker 3: point here. Larry Summers said, of the tariffs, this is
Speaker 3: the first US bout of US financial stability caused by
Speaker 3: the US government. What a statement, I guess the housing
Speaker 3: bubble and subsequent recession of twenty oh eight slipped his mind. Excellent,
Speaker 3: that was caused by granting mortgage just to anyone who
Speaker 3: could fog a mayor. Thanks Bill Clinton and Barney Frank
Speaker 3: excellent point while he was Bill Clinton's Treasury secretary. How
Speaker 3: about our government racking up thirty six trillion dollars worth
Speaker 3: of debt or allowing China wage total war on US
Speaker 3: for the last thirty years with the favored nation status
Speaker 3: we granted them. I wasn't going to count the disastrous
Speaker 3: COVID policy lockdowns was disrupted every aspect of our lives,
Speaker 3: causing massive inflation and job losses because state governments share
Speaker 3: the blame. Then I remembered what government paid for the
Speaker 3: gain of function research. What an f and clown Thomas
Speaker 3: Soul was onto something with that quip about Harvard men
Speaker 3: per Bank Luke bringing it.
Speaker 2: I'm I'm an ostrich head in the sand on a
Speaker 2: lot of your macroeconomy stuff. I just I'm so cynical
Speaker 2: and like practically conspiracy theory guide that I just feel
Speaker 2: like there are very powerful people the top that run
Speaker 2: all this and do whatever hell they want and get
Speaker 2: really really witch And I mean the Scarborough was mentioning
Speaker 2: the other day on MSNBC, and I was happy that
Speaker 2: he brought this up. Was the Giant two thousand whatever
Speaker 2: it was housing crash. Nobody went to jail, nobody, nobody
Speaker 2: destroyed the economy.
Speaker 1: So many of us I lost hundreds of thousands of dollars.
Speaker 2: I mean, so many people lost so much money because
Speaker 2: they are giving loans to people.
Speaker 1: That should have never gotten loved. Nobody name of equity.
Speaker 3: Nobody got except well and Progressive America never stood up
Speaker 3: and said, yeah, that policy was disastrous.
Speaker 1: It was miserable. We have inflicted this dam engine we apologize. Nobody.
Speaker 2: Ah so excited, I can't get started on and it
Speaker 2: makes me too angry. So that's why coming to the
Speaker 2: reasons I've given up on that whole thing.
Speaker 3: Coming up next hour, Jack, Yes you can outrun a horse,
Speaker 3: I will explain.
Speaker 1: Wow, that's the question of the day. How the hell
Speaker 1: did that come up?
Speaker 2: If you missed the second, get the podcast Armstrong and
Speaker 2: Getty on demand.
Speaker 1: Armstrong and Getty