1 00:00:00,640 --> 00:00:03,200 Speaker 1: Can't find AM six forty. You're listening to the John 2 00:00:03,279 --> 00:00:05,560 Speaker 1: Cobelt podcast on the iHeartRadio app. 3 00:00:06,440 --> 00:00:09,120 Speaker 2: Lou Penrose sitting in for John Cobelt this week. Good 4 00:00:09,160 --> 00:00:13,400 Speaker 2: to have you along with US. Congressman Kevin Kylie put 5 00:00:13,400 --> 00:00:15,800 Speaker 2: out a statement today and it reads Governor Newsom has 6 00:00:15,800 --> 00:00:20,920 Speaker 2: finally acknowledged reality. In seventeen years, no track has been laid, 7 00:00:21,520 --> 00:00:24,640 Speaker 2: while the projected cost has exploded to one hundred and 8 00:00:24,680 --> 00:00:27,840 Speaker 2: twenty eight billion dollars. I didn't know that's one twenty 9 00:00:27,840 --> 00:00:34,519 Speaker 2: eight now. The original project was under thirty. This is 10 00:00:34,560 --> 00:00:37,800 Speaker 2: an extraordinary failure of planning and accountability. Our federal transportation 11 00:00:37,880 --> 00:00:41,120 Speaker 2: dollars should be used when they actually can make a difference, 12 00:00:41,159 --> 00:00:44,520 Speaker 2: like fixing our roads and investing in regional and local 13 00:00:44,600 --> 00:00:47,479 Speaker 2: transit that Californians can depend on every day. It is 14 00:00:47,720 --> 00:00:51,360 Speaker 2: well pass time to wind this project down and redirect 15 00:00:51,400 --> 00:00:53,960 Speaker 2: funding away from a train system that may never be 16 00:00:54,040 --> 00:00:56,920 Speaker 2: built toward real transportation needs. 17 00:00:57,200 --> 00:00:59,480 Speaker 3: Congressman Kevin Kylee will join us here in a moment. 18 00:00:59,760 --> 00:01:05,839 Speaker 2: But he's absolutely right. It's okay to admit it didn't work. 19 00:01:06,480 --> 00:01:10,000 Speaker 2: Like it's okay. The money's gone. There's no way to 20 00:01:10,040 --> 00:01:12,600 Speaker 2: get it back. A lot of people had jobs building 21 00:01:12,640 --> 00:01:14,800 Speaker 2: things that were part of a training system. 22 00:01:15,160 --> 00:01:18,000 Speaker 3: But they're not even close. Like there aren't any rails. 23 00:01:18,120 --> 00:01:21,240 Speaker 2: There are like pylons, And maybe we can do something 24 00:01:21,240 --> 00:01:22,880 Speaker 2: with the pylons, I don't know, maybe we can make 25 00:01:24,160 --> 00:01:27,680 Speaker 2: something clever out of them, or tournaments of standing art 26 00:01:27,760 --> 00:01:29,960 Speaker 2: art in public places. I don't know, the world's most 27 00:01:29,959 --> 00:01:32,680 Speaker 2: expensive art. And we'll just look at it as a 28 00:01:32,720 --> 00:01:35,720 Speaker 2: monument of why you don't let government do big things, 29 00:01:36,120 --> 00:01:39,920 Speaker 2: because government run by Democrats in California cannot do big things. 30 00:01:40,440 --> 00:01:42,080 Speaker 3: So we need to stop. 31 00:01:42,800 --> 00:01:44,679 Speaker 2: And we're not talking about a little bit of money. 32 00:01:44,680 --> 00:01:48,440 Speaker 2: We're talking about billions of dollars. I remember at the time, 33 00:01:48,880 --> 00:01:52,600 Speaker 2: and I don't remember when this was, but there was 34 00:01:52,640 --> 00:01:56,440 Speaker 2: a person that I think was the chief information officer 35 00:01:56,560 --> 00:01:58,640 Speaker 2: or the public information officer for the High Speed Rail 36 00:01:58,680 --> 00:02:05,280 Speaker 2: Authority was a lecturer at Chapman University in Orange down 37 00:02:05,280 --> 00:02:10,040 Speaker 2: in Orange County, and I was guest lecturing there for 38 00:02:10,160 --> 00:02:14,440 Speaker 2: his class in political science, and I got some time 39 00:02:14,480 --> 00:02:17,360 Speaker 2: talking with him and even he who was literally on 40 00:02:17,360 --> 00:02:18,400 Speaker 2: the High Speed roll Authority. 41 00:02:18,600 --> 00:02:20,600 Speaker 3: So yeah, it's gonna take a lot longer than we thought. 42 00:02:20,800 --> 00:02:23,919 Speaker 2: Congressman Kevin Kylie joins us, Well, Congressman, I guess the 43 00:02:23,960 --> 00:02:27,040 Speaker 2: first question is were you surprised that the governor has 44 00:02:27,080 --> 00:02:28,200 Speaker 2: withdrawn the lawsuit? 45 00:02:30,200 --> 00:02:32,959 Speaker 4: Well, I guess I'm not surprised in the sense of 46 00:02:33,000 --> 00:02:35,680 Speaker 4: the lawsuit clearly lacked Barritt and it was a total stunt. 47 00:02:36,440 --> 00:02:39,760 Speaker 4: And so that's kind of how Newsome operates. Sometimes he 48 00:02:39,840 --> 00:02:43,040 Speaker 4: does something purely to put out a press release or 49 00:02:43,120 --> 00:02:46,080 Speaker 4: to say he's doing something, or to look like he's 50 00:02:46,280 --> 00:02:49,680 Speaker 4: you know, fighting back in some way, even though he 51 00:02:49,720 --> 00:02:53,400 Speaker 4: knows it's not going anywhere. So you know, he always 52 00:02:53,400 --> 00:02:57,280 Speaker 4: counts on the initial press release getting more attention than 53 00:02:57,400 --> 00:03:02,040 Speaker 4: his decision to back down. We've seen many, many examples 54 00:03:02,040 --> 00:03:05,040 Speaker 4: of that. So yeah, in that sense, I'm not surprised. Obviously, 55 00:03:05,040 --> 00:03:07,920 Speaker 4: the left that had no Barritt news you know, the 56 00:03:07,960 --> 00:03:11,120 Speaker 4: Newsom has asked for billions of dollars in funding for 57 00:03:11,200 --> 00:03:15,160 Speaker 4: a project that has resulted in absolutely nothing getting built. 58 00:03:16,440 --> 00:03:19,320 Speaker 2: I think you're right by the way, the governing by 59 00:03:19,480 --> 00:03:22,160 Speaker 2: headline is really kind of his mo and that's why 60 00:03:22,160 --> 00:03:24,640 Speaker 2: it's important to have you on on days like today, 61 00:03:24,680 --> 00:03:26,760 Speaker 2: because he will get the headline we're suing the Trump 62 00:03:26,760 --> 00:03:30,120 Speaker 2: administration by golly, and we might make sure the headline 63 00:03:30,160 --> 00:03:32,280 Speaker 2: is just as big. That the lawsuit had to be 64 00:03:32,320 --> 00:03:34,000 Speaker 2: withdrawn because it was just ridiculous. 65 00:03:34,560 --> 00:03:37,480 Speaker 3: Where where are we with respect to the federal dollars? 66 00:03:37,520 --> 00:03:37,760 Speaker 4: Though? 67 00:03:38,000 --> 00:03:40,680 Speaker 2: What was he asking for that was different than the 68 00:03:40,680 --> 00:03:43,400 Speaker 2: money that's already been allocated for the original high speed 69 00:03:43,440 --> 00:03:44,000 Speaker 2: real project. 70 00:03:45,880 --> 00:03:49,120 Speaker 4: Well, he was asking that the funds that we are 71 00:03:49,160 --> 00:03:52,880 Speaker 4: cutting off and that we are calling back will instead 72 00:03:52,960 --> 00:03:56,320 Speaker 4: continue to be used for high speed rail. So we 73 00:03:56,360 --> 00:04:00,720 Speaker 4: did this compliance review starting towards the ginning of the year. 74 00:04:00,760 --> 00:04:03,000 Speaker 4: I had introduced a bill to cut off all federal funding, 75 00:04:03,560 --> 00:04:05,760 Speaker 4: but I was with Sean Duffy when we announced this 76 00:04:05,840 --> 00:04:09,680 Speaker 4: actually Union station there in La. So the Department of 77 00:04:09,720 --> 00:04:12,760 Speaker 4: Transportation then did this compliance review and found that the 78 00:04:12,760 --> 00:04:15,040 Speaker 4: state was not in compliance with the terms of the 79 00:04:15,040 --> 00:04:17,200 Speaker 4: federal grant, namely because they had not built a train 80 00:04:17,240 --> 00:04:19,040 Speaker 4: and the grant was to build a train. And so 81 00:04:19,880 --> 00:04:23,880 Speaker 4: the DOOT audit found that there was no viable path 82 00:04:23,920 --> 00:04:26,520 Speaker 4: forward for the project, and so at that point the 83 00:04:26,520 --> 00:04:28,280 Speaker 4: federal funds will cut off and do some brands of 84 00:04:28,320 --> 00:04:31,560 Speaker 4: court and said no, no, we want to keep that money. 85 00:04:31,640 --> 00:04:33,880 Speaker 2: So one hundred and twenty eight billion dollars spent already 86 00:04:34,040 --> 00:04:37,760 Speaker 2: not one track, laid a bunch of pylons out in 87 00:04:37,800 --> 00:04:38,760 Speaker 2: the middle of nowhere. 88 00:04:39,480 --> 00:04:41,400 Speaker 3: As a taxpayer, people. 89 00:04:41,440 --> 00:04:44,840 Speaker 2: Are furious about this, But also it's hard, right when 90 00:04:44,880 --> 00:04:48,520 Speaker 2: you work in Washington. Billions and billions and hundreds of 91 00:04:48,560 --> 00:04:51,640 Speaker 2: billions is a different phenomenon than to the average person 92 00:04:51,680 --> 00:04:54,440 Speaker 2: who thinks one hundred and twenty eight billion dollars that's 93 00:04:54,440 --> 00:04:56,400 Speaker 2: an awful lot of money, no matter how you slice it. 94 00:04:56,480 --> 00:04:59,680 Speaker 3: Is there anything recoverable going forward? 95 00:05:00,200 --> 00:05:03,800 Speaker 2: Is there any way we can get something out of 96 00:05:03,800 --> 00:05:06,280 Speaker 2: this in exchange for that money? Can we can we 97 00:05:06,560 --> 00:05:09,880 Speaker 2: lease it out or privatize it and sell it off 98 00:05:09,960 --> 00:05:10,640 Speaker 2: or anything. 99 00:05:12,080 --> 00:05:13,919 Speaker 4: Yeah, So I think there are three things. Like Number 100 00:05:13,920 --> 00:05:15,880 Speaker 4: one is just to make sure that we don't spend 101 00:05:15,880 --> 00:05:19,200 Speaker 4: one hundred and twenty billion dollars more. That's right now, 102 00:05:19,440 --> 00:05:19,880 Speaker 4: that's good to. 103 00:05:19,960 --> 00:05:21,880 Speaker 3: Stop right, Stop digging where you're in the hole. 104 00:05:21,880 --> 00:05:25,560 Speaker 4: Stop digging, it's right, exactly, Stop digging. Let's use that 105 00:05:25,600 --> 00:05:27,919 Speaker 4: money where it's needed on our roads and so forth. 106 00:05:28,440 --> 00:05:32,440 Speaker 4: Number two, the funds that have been awarded but not 107 00:05:32,520 --> 00:05:35,520 Speaker 4: yet deployed can be caught back. So that's what we're doing. 108 00:05:35,520 --> 00:05:38,760 Speaker 4: It's about four point three billion dollars or so. That 109 00:05:38,760 --> 00:05:40,440 Speaker 4: that we're going to be actually getting back and we're 110 00:05:40,520 --> 00:05:43,040 Speaker 4: arguing that this should stay with California, but it should 111 00:05:43,040 --> 00:05:45,080 Speaker 4: be used on things like that, like our roads and 112 00:05:45,120 --> 00:05:47,719 Speaker 4: where it's actually needed. And then yes, I think for 113 00:05:47,800 --> 00:05:50,760 Speaker 4: that which has been you know, worked on already. Wherever 114 00:05:50,800 --> 00:05:54,320 Speaker 4: you can salvage have some salvage value, then obviously you 115 00:05:54,320 --> 00:05:56,840 Speaker 4: want to pursue that in whatever way you can. But 116 00:05:56,880 --> 00:05:59,239 Speaker 4: the most important thing is that we don't continue throwing 117 00:05:59,240 --> 00:06:00,080 Speaker 4: good money after that. 118 00:06:00,839 --> 00:06:01,920 Speaker 3: Yeah, I think that's right. 119 00:06:03,040 --> 00:06:06,359 Speaker 2: Any word from the governor's office, from his press office, 120 00:06:06,520 --> 00:06:07,600 Speaker 2: a reaction to this at all. 121 00:06:09,960 --> 00:06:12,160 Speaker 4: I don't know have they issued anything. 122 00:06:12,200 --> 00:06:13,240 Speaker 3: I haven't seen. 123 00:06:13,120 --> 00:06:16,839 Speaker 4: Anything anything, which is like you know what they usually do, right, 124 00:06:16,880 --> 00:06:20,200 Speaker 4: They do the press release saying we're doing something, and 125 00:06:20,240 --> 00:06:22,920 Speaker 4: then radio silence when they you know, have to admit 126 00:06:22,960 --> 00:06:23,719 Speaker 4: it was all this bluster. 127 00:06:25,279 --> 00:06:27,719 Speaker 3: Congressman Kevin Kyley, always good to check to check in 128 00:06:27,760 --> 00:06:28,040 Speaker 3: with you. 129 00:06:28,080 --> 00:06:31,200 Speaker 2: I appreciate you giving us opportunity to amplify this end 130 00:06:31,240 --> 00:06:33,479 Speaker 2: of the story. And as we as you say, we 131 00:06:33,480 --> 00:06:36,719 Speaker 2: continue on just patching up write the mistake that was 132 00:06:36,760 --> 00:06:38,440 Speaker 2: made by making sure we don't throw any more good 133 00:06:38,480 --> 00:06:40,960 Speaker 2: money after bad and the money that's clawed back goes 134 00:06:41,000 --> 00:06:44,159 Speaker 2: to use to something we actually drive on every day. 135 00:06:44,320 --> 00:06:48,640 Speaker 4: But I appreciate you absolutely. Yeah, we'll keep fighting this 136 00:06:48,760 --> 00:06:51,640 Speaker 4: and you know, hopefully this project will will wind down 137 00:06:51,720 --> 00:06:52,160 Speaker 4: very soon. 138 00:06:53,040 --> 00:06:55,760 Speaker 2: Congressman Kevin Kylie, all right, So when we come back, 139 00:06:56,080 --> 00:06:59,600 Speaker 2: we have to talk about this a little bit. There 140 00:06:59,839 --> 00:07:04,400 Speaker 2: is apprehension to ever admit error in politics, and I 141 00:07:04,480 --> 00:07:06,960 Speaker 2: understand that because why would you go in front of 142 00:07:07,000 --> 00:07:09,560 Speaker 2: a microphone if you're an elected official and admit you're wrong. 143 00:07:09,640 --> 00:07:11,960 Speaker 2: You just go radio silence on it. But it really 144 00:07:12,000 --> 00:07:16,440 Speaker 2: isn't good for the taxpayer. And it is okay to 145 00:07:16,440 --> 00:07:19,200 Speaker 2: come up with an idea, an expensive one, win the argument, 146 00:07:19,320 --> 00:07:22,560 Speaker 2: win the vote, get the you know, get the project 147 00:07:22,640 --> 00:07:24,600 Speaker 2: going with the support of the people, and then realizing 148 00:07:24,640 --> 00:07:27,520 Speaker 2: that it isn't working, and then course correct like that 149 00:07:27,560 --> 00:07:28,360 Speaker 2: can be done too. 150 00:07:28,400 --> 00:07:30,120 Speaker 3: It happens in business all the time. 151 00:07:31,040 --> 00:07:34,760 Speaker 2: It's called failing forward, and here it just seems that 152 00:07:35,080 --> 00:07:38,640 Speaker 2: the governor's office and Democrats in California. 153 00:07:38,040 --> 00:07:40,520 Speaker 3: Refuse to fail forward on this. 154 00:07:40,520 --> 00:07:42,480 Speaker 2: High speed rail project. We'll talk about it a little 155 00:07:42,480 --> 00:07:45,720 Speaker 2: bit coming up next. Loup Penrose in for John Cobelt 156 00:07:45,800 --> 00:07:49,160 Speaker 2: on The John coblt Show on KFI Am six forty 157 00:07:49,160 --> 00:07:51,160 Speaker 2: Live everywhere on the iHeartRadio app. 158 00:07:51,880 --> 00:07:56,200 Speaker 5: You're listening to John Cobelt on demand from KFI AM 159 00:07:56,200 --> 00:07:57,040 Speaker 5: six forty. 160 00:07:58,320 --> 00:08:02,320 Speaker 2: Loup Penrose for John Cobelt. Good to have you along 161 00:08:02,400 --> 00:08:05,440 Speaker 2: with us. I'll be in for John Cobelt all this week. 162 00:08:05,600 --> 00:08:06,920 Speaker 6: Hey Lou, love your show. 163 00:08:07,520 --> 00:08:11,840 Speaker 7: You know, in the world I grew up in, somebody 164 00:08:11,840 --> 00:08:16,520 Speaker 7: would be going to jail if every penny of those 165 00:08:16,600 --> 00:08:19,880 Speaker 7: billions of dollars by the governor, by the state, legislation, 166 00:08:20,000 --> 00:08:24,240 Speaker 7: by somebody, by some nonprofit, if every penny cannot be 167 00:08:24,320 --> 00:08:27,280 Speaker 7: accounted for, somebody would be going to jail in the 168 00:08:27,280 --> 00:08:28,360 Speaker 7: America I grew up in. 169 00:08:28,440 --> 00:08:30,720 Speaker 3: Yeah, I appreciate the call, and I understand your frustration. 170 00:08:30,920 --> 00:08:32,880 Speaker 3: This is why you can't have. 171 00:08:33,559 --> 00:08:38,880 Speaker 2: Democrats, socialists or progressives in charge of big projects because 172 00:08:39,280 --> 00:08:40,880 Speaker 2: in the world you grew up in and the world 173 00:08:40,960 --> 00:08:44,400 Speaker 2: you just described, in the real world, it wouldn't have 174 00:08:44,400 --> 00:08:47,800 Speaker 2: happened this way because the people that are funding the 175 00:08:47,840 --> 00:08:52,280 Speaker 2: project would be holding every step accountable. But when it's 176 00:08:52,320 --> 00:08:55,640 Speaker 2: government money, what's the difference. So let's think about it. 177 00:08:55,640 --> 00:08:58,000 Speaker 2: If you're in charge of the concrete building the high 178 00:08:58,000 --> 00:09:01,960 Speaker 2: speed rail and you've got a contract to build these pylons, 179 00:09:03,679 --> 00:09:05,600 Speaker 2: and you're thinking, well, wait a minute, though you don't 180 00:09:05,640 --> 00:09:07,520 Speaker 2: have the money for the rail yet, and you don't 181 00:09:07,520 --> 00:09:09,280 Speaker 2: even know what city we're going, doesn't matter. 182 00:09:10,160 --> 00:09:12,040 Speaker 3: Pour the concrete. You'll get paid. 183 00:09:12,520 --> 00:09:14,600 Speaker 2: You're gonna pour the concrete and collect your check and 184 00:09:14,640 --> 00:09:17,439 Speaker 2: get paid. You're gonna hire your your workers and pour 185 00:09:17,480 --> 00:09:20,720 Speaker 2: the concrete and get paid right the same go. 186 00:09:21,400 --> 00:09:24,400 Speaker 3: And that's every part of the project. Everybody. 187 00:09:24,480 --> 00:09:28,120 Speaker 2: The designers, they get paid well, like the architects or 188 00:09:28,160 --> 00:09:32,040 Speaker 2: the engineers or whoever designs a rail system. They're gonna 189 00:09:32,080 --> 00:09:34,560 Speaker 2: submit the blueprints and the renderings and send you an 190 00:09:34,600 --> 00:09:37,360 Speaker 2: invoice and it's government money, so pay them. Like no 191 00:09:37,400 --> 00:09:40,040 Speaker 2: one says, well, we're not doing very well. This is 192 00:09:40,080 --> 00:09:43,680 Speaker 2: not on budget, and now it's smaller and it won't 193 00:09:43,679 --> 00:09:46,200 Speaker 2: be efficient. Like no one's there to stop it and 194 00:09:46,240 --> 00:09:49,480 Speaker 2: say let's stop doing this. Because everybody's advocating for their 195 00:09:49,480 --> 00:09:54,040 Speaker 2: own advocacy groups, the unions that hire the contractors, they're advocating. Now, no, 196 00:09:54,160 --> 00:09:56,200 Speaker 2: let's get going. Come on, we were promised to rail project. 197 00:09:56,280 --> 00:09:58,040 Speaker 2: Let's go, let's go, let's go. Let's get these people 198 00:09:58,040 --> 00:10:02,520 Speaker 2: to work and their thing. As long as a California 199 00:10:02,720 --> 00:10:07,400 Speaker 2: union worker got paid. It's to the good, even though 200 00:10:07,440 --> 00:10:12,520 Speaker 2: the work that he did is for naught. He got paid, right, 201 00:10:12,600 --> 00:10:14,520 Speaker 2: same goes for the people that are advocating for the 202 00:10:14,559 --> 00:10:17,000 Speaker 2: planning and the people that are advocating for the designs, 203 00:10:17,280 --> 00:10:19,800 Speaker 2: and the people that are advocating for the publicity, and 204 00:10:19,880 --> 00:10:23,319 Speaker 2: the people hired to advocate to go to Democrats in 205 00:10:23,440 --> 00:10:27,520 Speaker 2: DC and lobby for more money for the project, and 206 00:10:27,559 --> 00:10:29,680 Speaker 2: the environmentalists that are out there saying this is going 207 00:10:29,760 --> 00:10:31,400 Speaker 2: to be so great, this will take so many cars 208 00:10:31,400 --> 00:10:33,160 Speaker 2: off the road, we'll all be able to. 209 00:10:33,080 --> 00:10:34,080 Speaker 3: Breathe a lot cleaner. 210 00:10:34,520 --> 00:10:36,959 Speaker 2: Like they're all hired and they're all doing their job 211 00:10:37,000 --> 00:10:40,280 Speaker 2: and they're all getting paid. And the environmentalists that are 212 00:10:40,360 --> 00:10:43,880 Speaker 2: excited that when the rail is there, which it never 213 00:10:43,920 --> 00:10:46,760 Speaker 2: will be, they're excited that there'll be fewer cars on 214 00:10:46,800 --> 00:10:49,400 Speaker 2: the road, and they don't talk to the spent guys 215 00:10:49,600 --> 00:10:51,640 Speaker 2: who are just excited to be done with the day. 216 00:10:52,000 --> 00:10:54,720 Speaker 2: All right, put on the forms, concrete strial, let's go 217 00:10:54,720 --> 00:10:56,440 Speaker 2: to the next one. 218 00:10:56,920 --> 00:11:00,679 Speaker 3: They're not working together to see this project go forward. 219 00:11:00,520 --> 00:11:02,520 Speaker 2: Because it's not in their interest to do it, because. 220 00:11:02,320 --> 00:11:03,320 Speaker 3: It's government money. 221 00:11:05,240 --> 00:11:08,520 Speaker 2: And that's why we need to disabuse ourselves of this 222 00:11:08,679 --> 00:11:10,640 Speaker 2: idea that government can do things well. 223 00:11:10,840 --> 00:11:13,559 Speaker 3: It can't. 224 00:11:15,160 --> 00:11:18,720 Speaker 2: If it could have been done well, private people would 225 00:11:18,720 --> 00:11:20,800 Speaker 2: have done it with private dollars because they would have 226 00:11:20,800 --> 00:11:22,079 Speaker 2: been profit involved. 227 00:11:22,360 --> 00:11:24,160 Speaker 3: And this brings me to the next thing I want 228 00:11:24,200 --> 00:11:26,520 Speaker 3: to talk about a little bit. This is like the. 229 00:11:26,400 --> 00:11:31,240 Speaker 2: Third weekend in a row that the Los Angeles Times 230 00:11:31,440 --> 00:11:34,720 Speaker 2: in the opinion section on Sunday had a piece by 231 00:11:34,760 --> 00:11:37,840 Speaker 2: some idiot that is trying to make the case that 232 00:11:38,120 --> 00:11:42,760 Speaker 2: Trump's economic numbers that came out this week are not good. 233 00:11:43,280 --> 00:11:45,080 Speaker 2: Like Trump had three great weeks in a row. 234 00:11:45,160 --> 00:11:46,480 Speaker 3: I don't even know if they were a week apart, 235 00:11:46,679 --> 00:11:47,880 Speaker 3: but there were three great numbers. 236 00:11:47,920 --> 00:11:51,080 Speaker 2: There was inflation that came down much lower than everyone 237 00:11:51,120 --> 00:11:53,960 Speaker 2: thought it was going to be, and then the gross 238 00:11:54,000 --> 00:11:57,680 Speaker 2: domestic product the GDP was way higher than it was 239 00:11:57,720 --> 00:12:01,360 Speaker 2: expected to be. It was supposed to be three point three, 240 00:12:01,440 --> 00:12:03,120 Speaker 2: came in four point three. Now, I don't want to 241 00:12:03,160 --> 00:12:04,760 Speaker 2: bore you with economics, but I know a thing or 242 00:12:04,760 --> 00:12:05,320 Speaker 2: two about this. 243 00:12:05,800 --> 00:12:08,520 Speaker 3: A one point increase. 244 00:12:08,760 --> 00:12:11,880 Speaker 2: In the gross domestic product of the United States is 245 00:12:11,920 --> 00:12:12,600 Speaker 2: a lot of money. 246 00:12:12,679 --> 00:12:15,000 Speaker 3: What are we north of twenty six trillion. 247 00:12:14,640 --> 00:12:19,520 Speaker 2: Dollars in GDP? So if it grew by three point 248 00:12:19,600 --> 00:12:22,600 Speaker 2: three percent. I'd be impressed, but it grew by four 249 00:12:22,640 --> 00:12:25,280 Speaker 2: point three percent and they were expecting three point three percent, 250 00:12:25,960 --> 00:12:27,920 Speaker 2: so that's not small. 251 00:12:29,120 --> 00:12:31,760 Speaker 3: And then there are labor jobless claims, which is the. 252 00:12:31,679 --> 00:12:36,480 Speaker 2: Amount of people filing for unemployment insurance benefits that went down, 253 00:12:36,720 --> 00:12:39,679 Speaker 2: so more people are at work. So the economy's working, 254 00:12:40,240 --> 00:12:42,599 Speaker 2: the plan is working. And of course, if you're a 255 00:12:42,600 --> 00:12:45,880 Speaker 2: trump pater, you hate that. And if you're an economist 256 00:12:45,920 --> 00:12:47,920 Speaker 2: and a Trump pater, you write a letter to the 257 00:12:47,960 --> 00:12:52,520 Speaker 2: Los Angeles Times or write an essay explaining that, yeah, 258 00:12:52,600 --> 00:12:55,640 Speaker 2: it's good normally, but right now it's not good. 259 00:12:56,840 --> 00:12:56,960 Speaker 1: Uh. 260 00:12:57,160 --> 00:12:59,040 Speaker 2: And so this is the latest one from Sunday. Whose 261 00:12:59,080 --> 00:13:01,760 Speaker 2: economy is it? More than ever, it belongs. 262 00:13:01,360 --> 00:13:01,840 Speaker 3: To the rich. 263 00:13:02,360 --> 00:13:05,880 Speaker 2: According to Bank of America analysts, since this spring, spending 264 00:13:05,920 --> 00:13:09,679 Speaker 2: by the highest earning third of Americans has been soaring, 265 00:13:09,800 --> 00:13:13,840 Speaker 2: while the middle and lower income households have stagnated. So 266 00:13:13,880 --> 00:13:15,800 Speaker 2: they're trying to make the case that yeah, I mean, 267 00:13:15,840 --> 00:13:19,440 Speaker 2: the economy's good, but only for people that have money. 268 00:13:20,000 --> 00:13:23,160 Speaker 2: People that have no money, that are living paycheck to paycheck, 269 00:13:23,320 --> 00:13:25,840 Speaker 2: the economy is not doing anything for them. And of 270 00:13:25,880 --> 00:13:29,280 Speaker 2: course this is spin because if you're living paycheck to paycheck. 271 00:13:29,559 --> 00:13:31,640 Speaker 2: It doesn't matter if Trump is president and it's the 272 00:13:31,640 --> 00:13:35,520 Speaker 2: best economy in a generation, or Biden's president and inflation 273 00:13:35,760 --> 00:13:38,640 Speaker 2: is at nine percent, It doesn't matter. Like your life 274 00:13:38,720 --> 00:13:42,400 Speaker 2: is not impacted at all. You're in Nowhere's Bill, like 275 00:13:42,480 --> 00:13:46,000 Speaker 2: nothing's happening. You need to course correct yourself. It doesn't 276 00:13:46,000 --> 00:13:48,679 Speaker 2: matter who's president. It doesn't matter if it's a Republican 277 00:13:48,960 --> 00:13:49,719 Speaker 2: or a Democrat. 278 00:13:50,480 --> 00:13:51,480 Speaker 3: It doesn't matter what. 279 00:13:51,400 --> 00:13:54,960 Speaker 2: The political philosophy of the day of that Republican party is. 280 00:13:54,960 --> 00:13:55,880 Speaker 3: Is it right of center? 281 00:13:56,320 --> 00:13:59,920 Speaker 2: Is it are the Democrats becoming more socialists, more progressive? 282 00:14:00,120 --> 00:14:02,560 Speaker 2: None of that matters if you're living paycheck to paycheck, Like, 283 00:14:02,600 --> 00:14:04,960 Speaker 2: don't give me this. People living paycheck to paycheck and 284 00:14:05,000 --> 00:14:06,800 Speaker 2: not benefited from Trump's economy. 285 00:14:06,480 --> 00:14:11,280 Speaker 3: No, no question, that's true. But you're never going to 286 00:14:11,400 --> 00:14:16,160 Speaker 3: be affected by good economic policy. That's on you. 287 00:14:15,080 --> 00:14:18,960 Speaker 2: You're not supposed to live paycheck to paycheck, so stop 288 00:14:19,000 --> 00:14:20,280 Speaker 2: living paycheck to paycheck. 289 00:14:20,440 --> 00:14:23,280 Speaker 3: There's nothing a government can do to stop. 290 00:14:23,040 --> 00:14:26,080 Speaker 2: You from bad behavior, bad choices, or just bad planning. 291 00:14:26,760 --> 00:14:28,480 Speaker 3: And there's nothing wrong with saying that. 292 00:14:30,080 --> 00:14:36,160 Speaker 2: I'm like so bored with this constant criticism of millionaires 293 00:14:36,160 --> 00:14:36,720 Speaker 2: and billionaires. 294 00:14:36,760 --> 00:14:37,680 Speaker 3: That's the new narrative. 295 00:14:37,720 --> 00:14:40,120 Speaker 2: Now that's the new You know, you had Elizabeth Warren 296 00:14:40,160 --> 00:14:41,320 Speaker 2: out there almost every day. 297 00:14:41,360 --> 00:14:43,840 Speaker 3: Trump's millionaire and billionaire friends are doing well, but the 298 00:14:43,920 --> 00:14:45,880 Speaker 3: rest of us are struggling. Stop struggling. 299 00:14:47,800 --> 00:14:52,920 Speaker 2: Do something else, work harder, change your behavior, do anything else. 300 00:14:52,960 --> 00:14:56,040 Speaker 2: If you're struggling under an economy where everybody else is 301 00:14:56,040 --> 00:15:02,400 Speaker 2: doing well, then you're the problem, not the president, because 302 00:15:02,440 --> 00:15:05,160 Speaker 2: there's nothing Elizabeth Warren can do to help you. If 303 00:15:05,200 --> 00:15:08,840 Speaker 2: you're living paycheck at paycheck that there's no no amount 304 00:15:08,880 --> 00:15:13,280 Speaker 2: of childcare tax credit that's gonna affect your lot in life, 305 00:15:14,200 --> 00:15:18,960 Speaker 2: you need to fix it, and that often requires difficult choices, 306 00:15:19,080 --> 00:15:22,560 Speaker 2: especially if you're in deep I saw a social media 307 00:15:22,600 --> 00:15:28,360 Speaker 2: post of a woman who is now pregnant, young woman, 308 00:15:29,480 --> 00:15:31,880 Speaker 2: and she does not she's a server, so she doesn't 309 00:15:31,960 --> 00:15:40,040 Speaker 2: qualify for medical but doesn't make enough money for private insurance, 310 00:15:40,120 --> 00:15:43,160 Speaker 2: and where she works they don't offer medical. But she 311 00:15:43,200 --> 00:15:45,440 Speaker 2: does make good money. I mean she made decent money, 312 00:15:45,520 --> 00:15:48,080 Speaker 2: like more than the average income of Los Angeles. I 313 00:15:48,120 --> 00:15:50,120 Speaker 2: don't know what restaurant she works at, probably a steakhouse. 314 00:15:50,160 --> 00:15:50,560 Speaker 3: I don't know. 315 00:15:51,000 --> 00:15:53,080 Speaker 2: She was a cutie pie and I'm sure, I'm sure 316 00:15:53,120 --> 00:15:55,280 Speaker 2: she got good tips. But now she's knocked up and 317 00:15:55,320 --> 00:15:58,920 Speaker 2: she was shopping healthcare costs and she couldn't find anything 318 00:15:59,040 --> 00:16:01,120 Speaker 2: like under seven hundred was a month at a premium. 319 00:16:02,560 --> 00:16:04,960 Speaker 2: And I'm watching this thinking, lady, how much do you 320 00:16:05,000 --> 00:16:06,400 Speaker 2: think health insurance costs? 321 00:16:06,920 --> 00:16:08,280 Speaker 3: What do you think the rest of us are paying? 322 00:16:09,640 --> 00:16:11,760 Speaker 2: Who told you to start a family as a server 323 00:16:12,360 --> 00:16:14,720 Speaker 2: if you can't afford seven hundred dollars a month in insurance? 324 00:16:17,320 --> 00:16:22,000 Speaker 2: And she's doing that whole progressive line you know about 325 00:16:22,000 --> 00:16:24,360 Speaker 2: how it's is not fair and she works hard and 326 00:16:24,360 --> 00:16:27,200 Speaker 2: the hardest working people and blah blah blah, blah blah. 327 00:16:27,240 --> 00:16:28,480 Speaker 2: What do you think the rest of us are? You 328 00:16:28,480 --> 00:16:31,400 Speaker 2: think we don't work hard? But some of us have 329 00:16:31,440 --> 00:16:32,000 Speaker 2: our act. 330 00:16:31,840 --> 00:16:34,960 Speaker 3: Together, and some of us are insisting on living paycheck 331 00:16:35,000 --> 00:16:35,520 Speaker 3: to paycheck. 332 00:16:35,840 --> 00:16:40,240 Speaker 2: Now, if something should befall you, something happens, you break 333 00:16:40,240 --> 00:16:42,800 Speaker 2: your leg and you're a I don't know, an Olympic 334 00:16:42,880 --> 00:16:45,160 Speaker 2: runner for a living, I don't know what you do 335 00:16:46,200 --> 00:16:49,120 Speaker 2: if some mishap occurs and you're down and out. 336 00:16:49,320 --> 00:16:51,880 Speaker 3: We have systems for that, right. 337 00:16:51,920 --> 00:16:55,200 Speaker 2: We have social welfare systems, a safety net so that 338 00:16:55,240 --> 00:16:57,080 Speaker 2: you don't wind up on the I get it, the 339 00:16:57,080 --> 00:16:58,400 Speaker 2: Somalis are stealing. 340 00:16:58,160 --> 00:17:01,280 Speaker 3: It all, but it's still there for you. Hopefully, let's 341 00:17:01,280 --> 00:17:02,480 Speaker 3: beak at all the illegal supported. 342 00:17:02,520 --> 00:17:05,440 Speaker 2: There should be more, but nevertheless, we have social systems, 343 00:17:05,640 --> 00:17:08,280 Speaker 2: but those are temporary. Then you've got to figure out 344 00:17:08,280 --> 00:17:10,160 Speaker 2: what to do with your bum leg to make a living. 345 00:17:10,320 --> 00:17:14,480 Speaker 2: But you still have to make a living, like nobody 346 00:17:14,480 --> 00:17:17,760 Speaker 2: from Washington is going to come and rescue you. If 347 00:17:17,760 --> 00:17:21,120 Speaker 2: you're in this bottom fifth of the economy that isn't 348 00:17:21,160 --> 00:17:24,920 Speaker 2: benefiting from an expansion of the gross domestic product or 349 00:17:25,200 --> 00:17:28,240 Speaker 2: benefiting from lower interest rates, because I get it, you're 350 00:17:28,280 --> 00:17:32,200 Speaker 2: paycheck the paycheck and I'm buying a house. But that's 351 00:17:32,240 --> 00:17:35,320 Speaker 2: not like it wouldn't matter if the interest rates were 352 00:17:35,440 --> 00:17:39,600 Speaker 2: three percent or nine percent if you're living paycheck the paycheck. 353 00:17:39,640 --> 00:17:43,320 Speaker 2: So don't come to me and say it's it's good, lou, 354 00:17:43,440 --> 00:17:46,119 Speaker 2: but it really isn't that good. Because the least among us, 355 00:17:46,520 --> 00:17:49,439 Speaker 2: the millionaires and billionaires, are doing fine. But you know 356 00:17:49,520 --> 00:17:52,920 Speaker 2: those people that are struggling, they're still struggling, right, they 357 00:17:52,960 --> 00:17:56,399 Speaker 2: always will be. So not falling for the trap you 358 00:17:56,440 --> 00:18:01,640 Speaker 2: set up, nice, try swinging a miss. If John Cobelt 359 00:18:01,760 --> 00:18:04,879 Speaker 2: on the John Cobolt Show on KFI AM six forty 360 00:18:04,920 --> 00:18:06,720 Speaker 2: live everywhere on the iHeartRadio app. 361 00:18:07,640 --> 00:18:12,520 Speaker 5: You're listening to John Cobelt on demand from KFI AM sixty. 362 00:18:13,400 --> 00:18:15,600 Speaker 3: Lou Penrose sitting in for John Coblt. 363 00:18:15,600 --> 00:18:17,920 Speaker 2: Good to be with you on a Monday talking about 364 00:18:17,920 --> 00:18:21,120 Speaker 2: this Los Angeles Times opinion piece about the economy. 365 00:18:21,200 --> 00:18:25,159 Speaker 3: The economy is clearly doing well by all ways we 366 00:18:25,240 --> 00:18:28,960 Speaker 3: measure it traditionally. Now, I get it. The stock market 367 00:18:29,000 --> 00:18:29,680 Speaker 3: is not everything. 368 00:18:29,880 --> 00:18:32,280 Speaker 2: Wall Street isn't main Street. I get all that, but 369 00:18:32,320 --> 00:18:37,119 Speaker 2: we tend to use the same metrics. Certainly at the 370 00:18:37,160 --> 00:18:41,600 Speaker 2: stock market were below the level it was when Trump 371 00:18:41,640 --> 00:18:44,639 Speaker 2: took golf is, everybody would be criticizing his handling of 372 00:18:44,680 --> 00:18:47,200 Speaker 2: the economy, even though nobody owns any stock. 373 00:18:48,760 --> 00:18:52,040 Speaker 3: Very few Americans hold that much in stock. 374 00:18:52,600 --> 00:18:58,240 Speaker 2: Right, if unemployment applications were going up, people will be 375 00:18:58,240 --> 00:19:01,680 Speaker 2: criticizing the administration, and right, lil rightly so if inflation 376 00:19:01,800 --> 00:19:05,000 Speaker 2: was not coming under control, if the gross domestic product 377 00:19:05,080 --> 00:19:05,880 Speaker 2: was contracting. 378 00:19:06,840 --> 00:19:10,280 Speaker 3: But it's not. The opposite is happening. So these are 379 00:19:10,400 --> 00:19:11,119 Speaker 3: very good numbers. 380 00:19:11,119 --> 00:19:13,720 Speaker 2: And now the Los Angeles Times and their opinion people, 381 00:19:13,800 --> 00:19:17,280 Speaker 2: they're all spinning it. Whose economy is it, and it 382 00:19:17,359 --> 00:19:20,240 Speaker 2: goes on. Since the top twenty percent of households are 383 00:19:20,280 --> 00:19:25,880 Speaker 2: measured by income, measured by income own eighty seven percent 384 00:19:26,040 --> 00:19:30,520 Speaker 2: of directly held equities, stock market gains tend to disproportionately 385 00:19:30,560 --> 00:19:35,360 Speaker 2: benefit the higher income cohort. By contrast, they're almost thirty 386 00:19:35,359 --> 00:19:37,520 Speaker 2: percent of lower income households appear to be living. 387 00:19:37,400 --> 00:19:38,320 Speaker 3: Paycheck to paycheck. 388 00:19:39,200 --> 00:19:42,240 Speaker 2: Well, that's always true, and that's never not going to 389 00:19:42,280 --> 00:19:45,800 Speaker 2: be true. And there's nothing the government can do to 390 00:19:45,880 --> 00:19:51,320 Speaker 2: make lower income households into millionaires. And why are you 391 00:19:51,400 --> 00:19:54,679 Speaker 2: mad at the millionaires for holding as much of the 392 00:19:54,760 --> 00:19:57,280 Speaker 2: directly held equities possible. 393 00:19:58,400 --> 00:20:02,360 Speaker 3: That's what you do, right, What would the first thing? 394 00:20:02,440 --> 00:20:03,960 Speaker 3: A guy wins the lottery. 395 00:20:03,800 --> 00:20:05,680 Speaker 2: Right, and they hire an investment advisor, what's the first 396 00:20:05,680 --> 00:20:09,320 Speaker 2: thing they tell them? Invest If you don't have any money, 397 00:20:09,320 --> 00:20:11,680 Speaker 2: you're not going to invest. So stop doing the things 398 00:20:11,720 --> 00:20:15,080 Speaker 2: that keep you poor and start doing the things that. 399 00:20:15,040 --> 00:20:15,920 Speaker 3: The wealthy you're doing. 400 00:20:16,000 --> 00:20:19,360 Speaker 8: Everybody I know lives paycheck to paycheck. The more you make, 401 00:20:19,520 --> 00:20:21,439 Speaker 8: the more you spend. I put so much on my 402 00:20:21,480 --> 00:20:24,359 Speaker 8: four oh one K that I could have extra spending money, 403 00:20:24,680 --> 00:20:27,680 Speaker 8: But yes, I deprive of myself of the extra spending money, 404 00:20:27,720 --> 00:20:30,120 Speaker 8: and yes, I live paycheck to paycheck. That's my own doing. 405 00:20:30,200 --> 00:20:32,160 Speaker 3: Yeah, I appreciate the call a little correction. 406 00:20:32,320 --> 00:20:36,119 Speaker 2: You're not spending by investing, So when they say living 407 00:20:36,119 --> 00:20:40,080 Speaker 2: paycheck to paycheck, they mean people are consuming one hundred 408 00:20:40,080 --> 00:20:43,280 Speaker 2: percent of their paycheck. They're not investing in themselves. They're 409 00:20:43,280 --> 00:20:46,240 Speaker 2: not investing in education or training. They're not investing in 410 00:20:46,240 --> 00:20:47,840 Speaker 2: their retirement, which is what a four to oh one 411 00:20:47,920 --> 00:20:52,840 Speaker 2: k is, and from the way they make it sound, 412 00:20:52,880 --> 00:20:56,080 Speaker 2: they're not even investing in quality of life. It'd be 413 00:20:56,080 --> 00:21:00,600 Speaker 2: one thing if you were you know, uh, Devil make 414 00:21:00,600 --> 00:21:03,199 Speaker 2: care playboy, right, you live paycheck to paycheck, but you 415 00:21:03,240 --> 00:21:06,520 Speaker 2: were just going out to find restaurants and nice hotels 416 00:21:06,560 --> 00:21:11,080 Speaker 2: and pretty ladies and gambling. The people that the La 417 00:21:11,160 --> 00:21:13,680 Speaker 2: Times is talking about living paycheck to paycheck are a 418 00:21:13,760 --> 00:21:15,000 Speaker 2: ley miserab. 419 00:21:16,240 --> 00:21:17,359 Speaker 3: That's the way they make it sound. 420 00:21:17,920 --> 00:21:21,280 Speaker 2: So there's no I guess my point is there's no 421 00:21:21,359 --> 00:21:23,520 Speaker 2: good economy or a bad economy that's going to affect 422 00:21:23,680 --> 00:21:26,440 Speaker 2: change to that, so don't start bellyaching about it. 423 00:21:26,440 --> 00:21:29,040 Speaker 9: It sounds like that server's not married. What she needs 424 00:21:29,080 --> 00:21:31,640 Speaker 9: to do is get get baby daddy to marry her 425 00:21:32,280 --> 00:21:35,520 Speaker 9: or draw up legal documents and make him responsible for 426 00:21:36,320 --> 00:21:40,840 Speaker 9: the insurance and child support. They do this all wrong. 427 00:21:41,000 --> 00:21:42,240 Speaker 3: Yeah, they do everything wrong right. 428 00:21:42,320 --> 00:21:47,000 Speaker 2: My brother has five children and two daughters, and he 429 00:21:47,119 --> 00:21:49,680 Speaker 2: had when when they were in their late teens early twenties, 430 00:21:49,760 --> 00:21:53,840 Speaker 2: and they would come to him with their problems. He 431 00:21:54,920 --> 00:21:58,160 Speaker 2: I remember him getting very frustrated and he would say, 432 00:21:58,240 --> 00:22:00,800 Speaker 2: you know, if you insist on doing things backwards, I 433 00:22:00,840 --> 00:22:04,560 Speaker 2: really can't help you. If you insist on doing life 434 00:22:04,720 --> 00:22:08,800 Speaker 2: out of order, then my advice won't work. And my 435 00:22:08,880 --> 00:22:11,040 Speaker 2: wife and I still chuckle about that, but it really 436 00:22:11,080 --> 00:22:12,200 Speaker 2: is a great. 437 00:22:11,960 --> 00:22:13,920 Speaker 3: Wave of understanding. 438 00:22:13,960 --> 00:22:15,919 Speaker 2: Right when you talk to kids, if they insist on 439 00:22:16,000 --> 00:22:19,280 Speaker 2: living life wrong, then there's no advice I can do 440 00:22:19,560 --> 00:22:20,679 Speaker 2: I can offer that helps you. 441 00:22:21,119 --> 00:22:21,880 Speaker 3: Same thing here. 442 00:22:22,119 --> 00:22:24,359 Speaker 2: If you insist on living paycheck to paycheck for your 443 00:22:24,400 --> 00:22:30,400 Speaker 2: whole life and nothing nothing, you don't seem to know 444 00:22:30,560 --> 00:22:34,359 Speaker 2: yourself that this is not the way to live a life, 445 00:22:34,520 --> 00:22:38,880 Speaker 2: then there's nothing that a economic policy out of any 446 00:22:38,960 --> 00:22:44,240 Speaker 2: administration can do for you that's gonna correct your misery. 447 00:22:44,320 --> 00:22:48,360 Speaker 6: KFI Radio, if you're listening to this madness that's going 448 00:22:48,400 --> 00:22:51,959 Speaker 6: on in California, chances are probably seventy to eighty percent 449 00:22:53,240 --> 00:22:58,680 Speaker 6: you're the reason because you voted for him, California. You're 450 00:22:58,720 --> 00:23:00,560 Speaker 6: the one who voted for this governor. 451 00:23:00,680 --> 00:23:01,800 Speaker 3: Yeah, I appreciate the call. 452 00:23:02,240 --> 00:23:05,439 Speaker 2: It is okay to say, hey, if the economy is 453 00:23:05,440 --> 00:23:08,480 Speaker 2: not working in California and you voted for the governor, 454 00:23:08,520 --> 00:23:10,400 Speaker 2: then you deserve to live like this. 455 00:23:11,359 --> 00:23:12,040 Speaker 3: It's okay. 456 00:23:12,400 --> 00:23:15,800 Speaker 2: It isn't really a long term solution that that argument 457 00:23:16,080 --> 00:23:19,760 Speaker 2: should last a quarter, like a little more than a month, 458 00:23:19,880 --> 00:23:23,520 Speaker 2: for less than a half a year, because it is 459 00:23:23,560 --> 00:23:29,360 Speaker 2: what it is right. If socialists win, if progressives win, 460 00:23:29,880 --> 00:23:32,800 Speaker 2: and people that are living paycheck to patrick stay in 461 00:23:32,840 --> 00:23:36,680 Speaker 2: their lot in life, then what that means is, as 462 00:23:37,160 --> 00:23:40,320 Speaker 2: the alternative party, we are not selling We're not coming 463 00:23:40,440 --> 00:23:43,280 Speaker 2: up with solutions for them, we're not attracting them. It's 464 00:23:43,400 --> 00:23:46,679 Speaker 2: very easy for Democrats to stay in power in California. 465 00:23:47,040 --> 00:23:50,840 Speaker 2: They go to their base and say, we promise to 466 00:23:50,960 --> 00:23:54,240 Speaker 2: give you more money, we promise to give you more welfare, 467 00:23:54,600 --> 00:23:57,280 Speaker 2: we promise to give you more tax credits for more children. 468 00:23:57,520 --> 00:23:59,600 Speaker 2: Whatever it is that you want, we promise to give 469 00:23:59,600 --> 00:24:01,639 Speaker 2: it to you. And then they don't get it, and 470 00:24:01,720 --> 00:24:07,000 Speaker 2: their lot in life is dissolves and their quality of 471 00:24:07,040 --> 00:24:11,040 Speaker 2: life dissolves. And then they say well, it's because the 472 00:24:11,080 --> 00:24:13,760 Speaker 2: millionaires and the billionaires are not paying their fair share. 473 00:24:14,200 --> 00:24:17,480 Speaker 2: So help me pass this initiative. Help me pass this 474 00:24:17,520 --> 00:24:18,640 Speaker 2: new tax on billionaires. 475 00:24:18,680 --> 00:24:19,880 Speaker 3: Did you hear this? This is a new one. 476 00:24:20,320 --> 00:24:24,920 Speaker 2: Help me put it to the millionaires in billionaires and 477 00:24:25,160 --> 00:24:27,919 Speaker 2: stick it to them, because if they paid their fair share, 478 00:24:28,320 --> 00:24:31,920 Speaker 2: then I, as a Democrat lawmaker, would have more money 479 00:24:32,000 --> 00:24:34,760 Speaker 2: and then I could give it to you. And isn't 480 00:24:34,800 --> 00:24:37,359 Speaker 2: that what you want? And Democrat voters fall for this 481 00:24:37,440 --> 00:24:41,320 Speaker 2: over and over and over again. So it is up 482 00:24:41,359 --> 00:24:47,320 Speaker 2: to Republicans and independents or any center right candidate to 483 00:24:47,359 --> 00:24:51,439 Speaker 2: say that's not working, it's not working for you. We 484 00:24:51,520 --> 00:24:54,960 Speaker 2: need to embrace millionaires and billionaires. We want millionaires and billionaires. 485 00:24:55,080 --> 00:24:57,960 Speaker 2: We want them paying a We want them to expand 486 00:24:58,000 --> 00:25:01,080 Speaker 2: their millionaire status and their billionaire status so they're paying 487 00:25:01,119 --> 00:25:03,800 Speaker 2: a larger percentage, or rather a smaller percentage of a 488 00:25:03,880 --> 00:25:04,720 Speaker 2: larger pie. 489 00:25:05,119 --> 00:25:06,879 Speaker 3: Millionaires and billionaires. 490 00:25:06,359 --> 00:25:09,200 Speaker 2: Are your friend if you're poor, because they're the ones 491 00:25:09,240 --> 00:25:10,280 Speaker 2: that pay for the teachers. 492 00:25:10,440 --> 00:25:12,520 Speaker 3: They're the ones that pay for the police. They're the 493 00:25:12,520 --> 00:25:14,760 Speaker 3: ones that pay for the firefighters. They're the ones that 494 00:25:14,800 --> 00:25:18,080 Speaker 3: pay for the social services. They're the ones funding the government. 495 00:25:18,359 --> 00:25:21,119 Speaker 2: If you have needs from a government, then you should 496 00:25:21,119 --> 00:25:24,640 Speaker 2: embrace the millionaires and billionaires because they're the ones that bought. 497 00:25:24,440 --> 00:25:27,880 Speaker 3: It for you. If you're on Section eight housing, thank 498 00:25:27,920 --> 00:25:28,560 Speaker 3: a millionaire. 499 00:25:29,840 --> 00:25:33,800 Speaker 2: If you're getting a if you have reduced energy bill, 500 00:25:33,840 --> 00:25:36,919 Speaker 2: if you're paying reduced rate on your energy bill, a 501 00:25:36,960 --> 00:25:38,680 Speaker 2: low income rate, thank a millionaire. 502 00:25:41,359 --> 00:25:41,479 Speaker 6: Right. 503 00:25:41,520 --> 00:25:44,240 Speaker 3: If you're getting reduced cost or no cost school lunch, 504 00:25:44,520 --> 00:25:47,359 Speaker 3: thank a millionaire because they're footing the bill. 505 00:25:49,000 --> 00:25:51,840 Speaker 2: Lou Penrose in for John Cobelt on the John Cobelt 506 00:25:51,840 --> 00:25:54,560 Speaker 2: Show on kf I Am six forty live everywhere on 507 00:25:54,600 --> 00:25:55,560 Speaker 2: the iHeartRadio app. 508 00:25:56,359 --> 00:26:01,240 Speaker 5: You're listening to John cobelts on demand from KIF sixty. 509 00:26:02,040 --> 00:26:04,640 Speaker 2: Loupenrose and for John Cobalt on the John Cobalt Show. 510 00:26:04,680 --> 00:26:07,840 Speaker 2: I'll be in for John all this week, and it's 511 00:26:07,840 --> 00:26:09,920 Speaker 2: good to be with you, all right. 512 00:26:10,000 --> 00:26:12,240 Speaker 3: So the billionaire tax, this is the next thing. Now. 513 00:26:12,600 --> 00:26:14,920 Speaker 2: We were talking in the last segment about the Los 514 00:26:14,960 --> 00:26:17,320 Speaker 2: Angeles Times and their opinion piece now for the third 515 00:26:17,560 --> 00:26:20,840 Speaker 2: week in a row, or how to someone submit an 516 00:26:20,840 --> 00:26:24,880 Speaker 2: opinion piece that basically blames millionaires and billionaires for all 517 00:26:24,920 --> 00:26:28,160 Speaker 2: the problems of the bottom twenty percent of the earners. 518 00:26:29,040 --> 00:26:30,240 Speaker 3: Somehow, it's their fall. 519 00:26:30,440 --> 00:26:34,480 Speaker 2: And of course Democrat lawmakers and Sacramento have to agree. 520 00:26:34,520 --> 00:26:37,040 Speaker 2: So the best way to make things even is to 521 00:26:37,119 --> 00:26:38,520 Speaker 2: take from the billionaires. 522 00:26:38,560 --> 00:26:42,160 Speaker 10: Are proposed one time five percent tax on California's billionaires 523 00:26:42,280 --> 00:26:44,000 Speaker 10: as some of them considering a move. 524 00:26:43,880 --> 00:26:52,840 Speaker 3: Out of state. Imagine that five percent. Gosh or golly. 525 00:26:53,560 --> 00:26:57,000 Speaker 2: If you're Philip rivers, five percent, which five percent of 526 00:26:57,000 --> 00:26:58,359 Speaker 2: a billion dollars. 527 00:26:58,040 --> 00:27:01,920 Speaker 3: Is imagine writing that check. You better believe I'd move. 528 00:27:01,960 --> 00:27:05,480 Speaker 10: I proposed one time five percent tax on California's billionaires 529 00:27:05,640 --> 00:27:07,960 Speaker 10: as some of them considering a move out of state. 530 00:27:08,080 --> 00:27:10,399 Speaker 10: According to reporting from The New York Times, tech venture 531 00:27:10,400 --> 00:27:13,639 Speaker 10: capitalist Peter Thiel and co founder of Google Larry Page 532 00:27:13,640 --> 00:27:16,800 Speaker 10: are considering cutting or reducing their ties to California by 533 00:27:16,840 --> 00:27:17,520 Speaker 10: the end of the year. 534 00:27:17,640 --> 00:27:19,880 Speaker 2: Yeah, that's pretty easy to do. You can just set 535 00:27:19,920 --> 00:27:23,480 Speaker 2: up a residence in Puerto Rico. Then you wouldn't have 536 00:27:23,520 --> 00:27:27,159 Speaker 2: to be any tax. But of course, of course the 537 00:27:27,200 --> 00:27:29,000 Speaker 2: earners are going to leave. They're not going to just 538 00:27:29,040 --> 00:27:32,920 Speaker 2: sit here and let government that's running a debt take 539 00:27:33,000 --> 00:27:36,959 Speaker 2: money away from people that are showing a profit. And 540 00:27:37,640 --> 00:27:42,320 Speaker 2: I think there hasn't been enough done to celebrate what 541 00:27:42,440 --> 00:27:45,960 Speaker 2: millionaires and billionaires do in capitalism. There's been a lot 542 00:27:46,040 --> 00:27:49,720 Speaker 2: done to try and drag them down. Democrats use them 543 00:27:49,760 --> 00:27:53,080 Speaker 2: as their whipping boy. They're the pinata. They're the reason 544 00:27:53,119 --> 00:27:55,840 Speaker 2: that you're broke. They're the reason that you're struggling. They're 545 00:27:55,880 --> 00:27:58,159 Speaker 2: the reason that you don't make enup because millionaires and 546 00:27:58,200 --> 00:28:01,480 Speaker 2: billionaires are having a good time and somehow they're doing 547 00:28:01,520 --> 00:28:05,080 Speaker 2: it on your back. And you don't like your lot 548 00:28:05,160 --> 00:28:08,040 Speaker 2: in life. You don't like the car the hand that 549 00:28:08,119 --> 00:28:11,000 Speaker 2: was dealt to you. You don't have the energy or 550 00:28:11,040 --> 00:28:13,720 Speaker 2: the guts to go change the direction of your own 551 00:28:13,760 --> 00:28:16,960 Speaker 2: family tree. So you listen to a Democrat that says 552 00:28:17,240 --> 00:28:20,640 Speaker 2: it's somebody else's fault. You'd be richer, you'd be happier, 553 00:28:21,000 --> 00:28:23,120 Speaker 2: you'd be married to a prettier girl if it would 554 00:28:23,160 --> 00:28:27,080 Speaker 2: not for the millionaires and billionaires, right, and they sold 555 00:28:27,119 --> 00:28:31,240 Speaker 2: people on it, and it must work because I see, 556 00:28:31,600 --> 00:28:34,840 Speaker 2: at least on the national stage, democrats continuing with this 557 00:28:34,960 --> 00:28:37,240 Speaker 2: narrative that the millionaires and billionaires are not paying their 558 00:28:37,240 --> 00:28:40,520 Speaker 2: fair share when the reality is they're paying just. 559 00:28:40,520 --> 00:28:41,160 Speaker 3: About all of it. 560 00:28:43,560 --> 00:28:46,360 Speaker 2: Like they're paying just about all of it, And now 561 00:28:46,400 --> 00:28:49,920 Speaker 2: they want to put a one time hit of five 562 00:28:49,960 --> 00:28:54,720 Speaker 2: percent on millionaires and billionaires. Let me try and sell 563 00:28:54,760 --> 00:28:58,280 Speaker 2: this to you as best I can. We need more 564 00:28:58,600 --> 00:29:00,880 Speaker 2: millionaires and billionaires. 565 00:29:00,200 --> 00:29:05,160 Speaker 3: Not less. We want people to become millionaires in billionaires. 566 00:29:05,440 --> 00:29:08,760 Speaker 2: We want people to be so wildly successful in what 567 00:29:09,000 --> 00:29:12,600 Speaker 2: they do that they have such profit that they can 568 00:29:12,720 --> 00:29:15,960 Speaker 2: private jet to Aspen and they can take a private 569 00:29:16,040 --> 00:29:18,920 Speaker 2: jet that uses all kinds of jet fuel and adds 570 00:29:18,960 --> 00:29:21,880 Speaker 2: to the carbon footprint just to go have their daughter 571 00:29:22,000 --> 00:29:23,600 Speaker 2: go and meet with Mickey Mouse. 572 00:29:23,640 --> 00:29:24,160 Speaker 3: I mean, we. 573 00:29:24,080 --> 00:29:28,239 Speaker 2: Want just obnoxious levels of wealth in this country, so 574 00:29:28,480 --> 00:29:33,480 Speaker 2: much wealth, because until you have more millionaires and billionaires, 575 00:29:33,760 --> 00:29:37,560 Speaker 2: you can't have more teachers. Until there are more millionaires 576 00:29:37,600 --> 00:29:42,000 Speaker 2: and billionaires and more private jets, there aren't more cops. 577 00:29:44,080 --> 00:29:47,760 Speaker 2: That's how we get police and fire and emergency responders 578 00:29:48,120 --> 00:29:54,760 Speaker 2: and teachers and nurses. Incredibly successful millionaires and billionaires, So 579 00:29:54,800 --> 00:29:59,120 Speaker 2: stop picking on them and thank them for having the 580 00:29:59,240 --> 00:30:04,120 Speaker 2: skill to show a profit while the government's running a debt. 581 00:30:06,040 --> 00:30:07,880 Speaker 2: I just think there needs to be a real paradigm 582 00:30:07,920 --> 00:30:12,880 Speaker 2: shift in attitude, and it's pretty easy to get there 583 00:30:12,920 --> 00:30:15,960 Speaker 2: when you realize that all the social services that the 584 00:30:16,120 --> 00:30:20,120 Speaker 2: least among us on the ladder of society, right, the 585 00:30:20,160 --> 00:30:21,760 Speaker 2: lowest income bracket. 586 00:30:22,120 --> 00:30:24,880 Speaker 3: They're the ones that consume the services. The millionaires and 587 00:30:24,880 --> 00:30:25,640 Speaker 3: billionaires are. 588 00:30:25,480 --> 00:30:28,560 Speaker 2: Paying for the services. I'm going to get a Thank 589 00:30:28,600 --> 00:30:30,120 Speaker 2: a Billionaire t shirt because of. 590 00:30:30,040 --> 00:30:31,200 Speaker 3: This proposed tax. 591 00:30:31,360 --> 00:30:33,520 Speaker 10: If it acted, it would generate about one hundred billion 592 00:30:33,560 --> 00:30:36,560 Speaker 10: dollars in revenue from the state's roughly two hundred billionaires. 593 00:30:36,680 --> 00:30:39,520 Speaker 10: The tax is supported by labor and healthcare groups. The 594 00:30:39,600 --> 00:30:40,200 Speaker 10: aim would be. 595 00:30:40,160 --> 00:30:42,800 Speaker 3: To labor and healthcare groups. Now why is that labor? 596 00:30:43,080 --> 00:30:45,400 Speaker 3: What's going on? Healthcare groups? 597 00:30:45,440 --> 00:30:47,720 Speaker 2: I get they're sick of taking, you know, eighty cents 598 00:30:47,760 --> 00:30:51,160 Speaker 2: on the dollar, so I get it. Healthcare groups are 599 00:30:51,200 --> 00:30:55,560 Speaker 2: getting screwed by the legal aliens getting free healthcare. So 600 00:30:55,600 --> 00:30:59,160 Speaker 2: you're not getting reimbursed anywhere you were anywhere near what 601 00:30:59,200 --> 00:30:59,720 Speaker 2: you should be. 602 00:31:00,400 --> 00:31:00,680 Speaker 6: Uh. 603 00:31:00,720 --> 00:31:02,760 Speaker 3: And the state's telling you you should be happy for 604 00:31:02,840 --> 00:31:06,440 Speaker 3: what you get. But the labor groups, why are you mad? 605 00:31:06,520 --> 00:31:12,680 Speaker 2: It's the millionaires and billionaires that hire you, So you 606 00:31:12,760 --> 00:31:13,640 Speaker 2: might want to rethink that. 607 00:31:13,720 --> 00:31:15,280 Speaker 3: Stop listening to your labor council. 608 00:31:15,360 --> 00:31:18,160 Speaker 10: The tax is supported by labor and healthcare groups. The 609 00:31:18,200 --> 00:31:20,120 Speaker 10: aim would be to make up for a thirty billion 610 00:31:20,160 --> 00:31:23,600 Speaker 10: dollar healthcare funding shortfall due to federal Medicaid cuts. 611 00:31:23,720 --> 00:31:25,520 Speaker 3: Oh, the federal Medicaid cuts. I see. 612 00:31:25,720 --> 00:31:30,200 Speaker 2: It wouldn't be because we are giving healthcare to illegals, right, 613 00:31:30,200 --> 00:31:32,720 Speaker 2: So it's the federal government's fault. Always somebody else's fault. 614 00:31:32,920 --> 00:31:35,840 Speaker 2: And you see the way the entire story is designed. 615 00:31:36,200 --> 00:31:39,600 Speaker 2: It's just a one time five percent. What's a five 616 00:31:39,640 --> 00:31:41,920 Speaker 2: percent that's a nickel compared to a dollar bill. 617 00:31:41,760 --> 00:31:45,600 Speaker 3: Lou what's five percent of a billion dollars? 618 00:31:46,400 --> 00:31:46,520 Speaker 6: Right? 619 00:31:46,640 --> 00:31:48,000 Speaker 3: One time five percent? 620 00:31:48,000 --> 00:31:51,520 Speaker 2: Only once, only one time five you know, five percent hit? 621 00:31:51,720 --> 00:31:55,880 Speaker 3: And oh, it's supported by labor and healthcare. Everybody loves 622 00:31:55,920 --> 00:31:59,200 Speaker 3: those people. They're just the hard workers and the nice 623 00:31:59,200 --> 00:32:02,040 Speaker 3: people will take care. Labor and healthcare support it. 624 00:32:05,160 --> 00:32:07,840 Speaker 2: And you know, there's only a couple of billionaires, so's 625 00:32:08,200 --> 00:32:09,040 Speaker 2: if they don't like it. 626 00:32:09,080 --> 00:32:11,120 Speaker 3: There's only a few of them, right. 627 00:32:11,160 --> 00:32:14,960 Speaker 2: They make it sound so logical that we should take 628 00:32:15,000 --> 00:32:17,360 Speaker 2: from people showing a profit and give it to the 629 00:32:17,400 --> 00:32:18,920 Speaker 2: state that's running a deficit. 630 00:32:18,960 --> 00:32:20,640 Speaker 10: The aim would be to make up for a thirty 631 00:32:20,680 --> 00:32:24,520 Speaker 10: billion dollar healthcare funding shortfall due to federal Medicaid cuts. 632 00:32:24,760 --> 00:32:27,320 Speaker 10: The proposal needs around eight hundred and seventy five thousand 633 00:32:27,400 --> 00:32:29,440 Speaker 10: signatures to make it out of the November ballot. 634 00:32:29,720 --> 00:32:30,840 Speaker 3: Then it would be up to the. 635 00:32:30,880 --> 00:32:33,880 Speaker 10: Voters to decide whether or not to slap California's billionaires 636 00:32:34,080 --> 00:32:35,280 Speaker 10: with the one time tax. 637 00:32:35,600 --> 00:32:38,440 Speaker 3: Yeah, slap the billionaires. Oh my goodness. 638 00:32:38,880 --> 00:32:42,160 Speaker 2: All right, we are going down a wrong path by 639 00:32:42,280 --> 00:32:48,480 Speaker 2: demonizing successful people. We are a capitalist society. We love success, 640 00:32:48,960 --> 00:32:51,440 Speaker 2: we embrace success. We're not the country that gets mad 641 00:32:51,480 --> 00:32:54,240 Speaker 2: at people for driving the Rolls Royce down the boulevard. 642 00:32:54,480 --> 00:32:58,160 Speaker 2: We wish we drove the Rolls Royce down the boulevard. 643 00:32:58,560 --> 00:33:01,240 Speaker 2: We are a nation that invented lifestyles of the rich 644 00:33:01,280 --> 00:33:01,800 Speaker 2: and famous. 645 00:33:02,280 --> 00:33:06,200 Speaker 3: We watched the Kardashians. I mean, come on, stop pretending 646 00:33:06,280 --> 00:33:07,880 Speaker 3: that we hate millionaires and billionaires. 647 00:33:08,080 --> 00:33:10,920 Speaker 2: We end v millionaires and billionaires, especially ones that are 648 00:33:10,960 --> 00:33:16,000 Speaker 2: self made. Those are the best stories. And Democrats want 649 00:33:16,040 --> 00:33:19,760 Speaker 2: you to be mad at them because they mismanaged the 650 00:33:19,800 --> 00:33:24,280 Speaker 2: Sacramento budget and want you to be on their side 651 00:33:24,400 --> 00:33:25,600 Speaker 2: to punish them. 652 00:33:25,640 --> 00:33:28,520 Speaker 3: For having the nerve to be a billionaire. It's just 653 00:33:28,760 --> 00:33:29,600 Speaker 3: terrible thinking. 654 00:33:29,880 --> 00:33:34,320 Speaker 2: It's disastrous because it will never end right if this passes, 655 00:33:34,400 --> 00:33:38,080 Speaker 2: or if this even gets on the ballot, it becomes 656 00:33:38,120 --> 00:33:40,480 Speaker 2: a moral question because then it's like, well, there's a 657 00:33:40,520 --> 00:33:43,680 Speaker 2: healthcare shortfall because of the illegals, So we. 658 00:33:43,760 --> 00:33:46,320 Speaker 3: Had to tax the billionaires one time five percent. 659 00:33:46,560 --> 00:33:48,760 Speaker 2: The ones that were foolish enough to stay in California 660 00:33:48,760 --> 00:33:53,720 Speaker 2: and didn't bolt for Florida, they got hit. Many will leave, 661 00:33:53,880 --> 00:33:56,000 Speaker 2: so certainly they're not going to get anywhere near the 662 00:33:56,040 --> 00:33:59,880 Speaker 2: amount that they planned on getting. But then the next 663 00:34:00,160 --> 00:34:02,720 Speaker 2: it'll be, well, you know, we don't have enough funding 664 00:34:02,760 --> 00:34:05,280 Speaker 2: for school, and that's not fair, so let's hit the 665 00:34:05,280 --> 00:34:08,279 Speaker 2: millionaires and billionaires with another one time five percent hit, 666 00:34:09,640 --> 00:34:13,840 Speaker 2: because it's im moral to leave the kids without money 667 00:34:14,520 --> 00:34:16,480 Speaker 2: when people who were sick were without money, and we 668 00:34:16,560 --> 00:34:18,680 Speaker 2: backfilled the money with the maynaire the billionaire at tax. 669 00:34:18,920 --> 00:34:20,360 Speaker 3: You see, it never ends. 670 00:34:21,719 --> 00:34:21,879 Speaker 6: Right. 671 00:34:22,040 --> 00:34:28,479 Speaker 2: Once you start subsidizing inefficiency with efficiency in the form 672 00:34:28,520 --> 00:34:32,040 Speaker 2: of theft, which is effectively what this is, then it becomes. 673 00:34:31,760 --> 00:34:33,800 Speaker 3: A moral not to do it to every constituency group. 674 00:34:35,120 --> 00:34:38,480 Speaker 2: And the problem with socialism as it is, as it's 675 00:34:38,520 --> 00:34:41,759 Speaker 2: been said by the late great Margaret Thatcher so brilliantly, 676 00:34:42,320 --> 00:34:45,440 Speaker 2: is effect eventually you run out of other people's money. 677 00:34:45,719 --> 00:34:48,319 Speaker 2: It's easy to throw out other people's money, it's easy 678 00:34:48,360 --> 00:34:50,760 Speaker 2: to go after other people's money, it's easy to demonize 679 00:34:50,800 --> 00:34:52,799 Speaker 2: other people's money. What do they need two houses for? 680 00:34:53,360 --> 00:34:55,919 Speaker 2: What do they need a private jet for? How much 681 00:34:56,000 --> 00:34:56,359 Speaker 2: is enough? 682 00:34:57,200 --> 00:34:57,319 Speaker 4: How? 683 00:34:57,440 --> 00:34:59,719 Speaker 2: You hear this all the time, and that's it's a 684 00:34:59,760 --> 00:35:04,000 Speaker 2: very dangerous path to go down. Because you are allowed 685 00:35:04,040 --> 00:35:07,440 Speaker 2: to become wealthy in the United States. We encourage you 686 00:35:07,880 --> 00:35:12,440 Speaker 2: to become wealthy. The tax code is designed to advance you. 687 00:35:12,440 --> 00:35:15,239 Speaker 3: You know why. You know why that is. You know 688 00:35:15,280 --> 00:35:18,719 Speaker 3: why we write the tax code that it's designed to 689 00:35:18,800 --> 00:35:21,680 Speaker 3: advance you. So there's more opportunity to keep more of 690 00:35:21,680 --> 00:35:22,880 Speaker 3: your own money. 691 00:35:23,000 --> 00:35:27,040 Speaker 2: It's to keep you out of poverty. Poverty is expensive 692 00:35:27,080 --> 00:35:30,080 Speaker 2: for government. We don't want you broke, We don't want 693 00:35:30,080 --> 00:35:32,920 Speaker 2: you living paycheck to paycheck. So we designed a tax 694 00:35:33,000 --> 00:35:36,440 Speaker 2: code that lifts you up if you take advantage of 695 00:35:36,480 --> 00:35:40,560 Speaker 2: it and you stay out of poverty. And then, and 696 00:35:40,600 --> 00:35:44,200 Speaker 2: only then, if you want to charitably, you can give 697 00:35:44,239 --> 00:35:45,640 Speaker 2: back and help other people. 698 00:35:46,120 --> 00:35:47,320 Speaker 3: It's the only way it works. 699 00:35:47,719 --> 00:35:51,239 Speaker 2: Lou Penrose on KFI AM six forty live everywhere on 700 00:35:51,320 --> 00:35:52,360 Speaker 2: the iHeartRadio app. 701 00:35:52,400 --> 00:35:55,360 Speaker 1: Hey, you've been listening to the John Cobalt Show podcast. 702 00:35:55,440 --> 00:35:57,880 Speaker 1: You can always hear the show live on KFI AM 703 00:35:57,920 --> 00:36:00,360 Speaker 1: six forty from one to four pm every monk Monday 704 00:36:00,400 --> 00:36:03,120 Speaker 1: through Friday, and of course anytime on demand on the 705 00:36:03,160 --> 00:36:04,240 Speaker 1: iHeartRadio app.