1 00:00:00,200 --> 00:00:02,960 Speaker 1: Second hour of Clay and Buck kicks off. Now there's 2 00:00:03,160 --> 00:00:06,680 Speaker 1: a op ed in the Wall Street Journal, a win 3 00:00:06,800 --> 00:00:11,760 Speaker 1: win exit strategy for Trump on tariffs, written by Art 4 00:00:11,840 --> 00:00:16,760 Speaker 1: Laugher and Steven Moore. Doctor Art Laugher joins us. Now 5 00:00:16,880 --> 00:00:20,800 Speaker 1: renowned economist guy came up with that whole Laugher curve thing. 6 00:00:21,640 --> 00:00:24,919 Speaker 1: Brilliant man, he is with us, Thanks for being here, 7 00:00:25,400 --> 00:00:26,239 Speaker 1: or appreciate you. 8 00:00:26,640 --> 00:00:29,160 Speaker 2: My pleasure, my pleasure. It's really fun being with you guys. 9 00:00:29,200 --> 00:00:32,839 Speaker 1: By the way, so you're an upbeat You're You're a 10 00:00:32,840 --> 00:00:35,080 Speaker 1: brilliant guy and an upbeat guy, and we need that 11 00:00:35,159 --> 00:00:38,440 Speaker 1: today given what we're what we're seeing, what we're seeing 12 00:00:38,440 --> 00:00:40,480 Speaker 1: out there. You're not a catastropas. You're not a doom 13 00:00:40,479 --> 00:00:44,520 Speaker 1: and gloom guy. Let's just start with this. When people 14 00:00:44,600 --> 00:00:48,879 Speaker 1: are telling you, I am concerned about what's happening right 15 00:00:48,880 --> 00:00:51,240 Speaker 1: now in the markets, what do you say to them? 16 00:00:51,280 --> 00:00:53,280 Speaker 1: What's your overall feeling. I want to get into the 17 00:00:53,280 --> 00:00:56,040 Speaker 1: win win strategy from your piece, But first off, an 18 00:00:56,080 --> 00:00:58,600 Speaker 1: opportunity to tell everybody don't panic. 19 00:00:59,240 --> 00:01:01,240 Speaker 2: Well, yeah, I'm paying when they tell me that. I 20 00:01:01,320 --> 00:01:04,000 Speaker 2: screaming and hollering him down the floor, crying at the 21 00:01:04,080 --> 00:01:06,920 Speaker 2: end of the world. No, No, you know, Donald Trump 22 00:01:06,959 --> 00:01:10,920 Speaker 2: is an extraordinarily competent president. In my view, he was 23 00:01:11,000 --> 00:01:14,240 Speaker 2: the single best first term president. Now I'm just talking 24 00:01:14,240 --> 00:01:17,920 Speaker 2: about economics. Now, just economics, the single best first term 25 00:01:17,959 --> 00:01:20,720 Speaker 2: president in US history. If you look at the Tax 26 00:01:20,760 --> 00:01:23,160 Speaker 2: Cuts and Jobs Act was wonderful. If you look at 27 00:01:23,360 --> 00:01:28,800 Speaker 2: Operation Warp speed, unbelievable energy independency, roll back of the 28 00:01:28,880 --> 00:01:32,400 Speaker 2: Chevron decision, you know, all of these things there. I mean, 29 00:01:32,600 --> 00:01:36,399 Speaker 2: it was just unbelievable what he did in his first term. 30 00:01:36,920 --> 00:01:40,040 Speaker 2: And he is in his second term now, and you know, 31 00:01:40,120 --> 00:01:44,120 Speaker 2: he's competent, He's got all the skills, He's very knowledgeable 32 00:01:44,120 --> 00:01:47,320 Speaker 2: in the subject. And I believe this is me. I 33 00:01:47,440 --> 00:01:50,520 Speaker 2: believe that he is using the threats of tariffs and 34 00:01:50,560 --> 00:01:54,200 Speaker 2: the actual imposition of tariffs to get these other countries 35 00:01:54,200 --> 00:01:57,440 Speaker 2: to come and negotiate free treat trade deals with us. 36 00:01:57,840 --> 00:02:01,560 Speaker 2: They are far more protectionists than we are. We are 37 00:02:01,640 --> 00:02:06,000 Speaker 2: as a country, US probably the lowest tariff the lowest 38 00:02:06,000 --> 00:02:08,880 Speaker 2: protectionist country of major country in the world. There may 39 00:02:08,919 --> 00:02:11,440 Speaker 2: be something like sark or Jersey or Guernsey, or something 40 00:02:11,440 --> 00:02:14,400 Speaker 2: like Monaco or something like that, but of the big country, 41 00:02:14,480 --> 00:02:17,120 Speaker 2: we by far the least protectionists, And how do you 42 00:02:17,160 --> 00:02:19,720 Speaker 2: get these other countries that come to the table and 43 00:02:19,760 --> 00:02:22,480 Speaker 2: negotiate getting rid of their tariffs, and you know, you've 44 00:02:22,480 --> 00:02:24,640 Speaker 2: got to threaten them with access to the US market. 45 00:02:24,639 --> 00:02:27,720 Speaker 2: And so that's what he's doing. I believe now you're 46 00:02:27,760 --> 00:02:29,519 Speaker 2: going to talk to Trump, and you got to talk 47 00:02:29,560 --> 00:02:31,480 Speaker 2: to him because he knows far better what he's doing 48 00:02:31,520 --> 00:02:35,480 Speaker 2: than I do. And I'm no source of special knowledge, 49 00:02:35,520 --> 00:02:38,400 Speaker 2: but knowing him and knowing all the trade stuff I do, 50 00:02:38,720 --> 00:02:41,240 Speaker 2: I cannot believe that he would do anything that would 51 00:02:41,480 --> 00:02:43,640 Speaker 2: really hurt America in the long run by having a 52 00:02:43,639 --> 00:02:44,120 Speaker 2: trade war. 53 00:02:44,880 --> 00:02:47,959 Speaker 3: Okay, so let's dive into this, doctor Laugher, Art Laugher. 54 00:02:47,960 --> 00:02:49,800 Speaker 3: We appreciate you coming on. Every time we come on 55 00:02:49,880 --> 00:02:52,400 Speaker 3: and talk economics with you. The audience loves it because 56 00:02:52,400 --> 00:02:55,400 Speaker 3: you're way smarter about this stuff than we are. Big 57 00:02:55,440 --> 00:02:58,000 Speaker 3: picture here, it seems to me, and I read your 58 00:02:58,040 --> 00:03:01,359 Speaker 3: Wall Street Journal editorial. It's posted at Clayanbuck dot com. 59 00:03:01,440 --> 00:03:04,080 Speaker 3: Encourage people to go check that out. It seems to 60 00:03:04,120 --> 00:03:07,200 Speaker 3: me that Trump is talking about two different things in 61 00:03:07,280 --> 00:03:10,320 Speaker 3: many ways as it pertains to a trade war one 62 00:03:10,639 --> 00:03:12,400 Speaker 3: and I think Buck and I are in agreement with 63 00:03:12,440 --> 00:03:14,919 Speaker 3: you to the extent that we can eliminate as many 64 00:03:14,960 --> 00:03:18,840 Speaker 3: tariffs as possible on free trading countries. That's a great 65 00:03:18,919 --> 00:03:22,840 Speaker 3: thing because it allows even competition, it allows even movement 66 00:03:22,880 --> 00:03:27,360 Speaker 3: of goods with less cost. But China is cheating on 67 00:03:27,520 --> 00:03:31,720 Speaker 3: the global stage and to a large extent. Aren't there 68 00:03:31,960 --> 00:03:35,880 Speaker 3: kind of two different goals? Because if we eliminated all 69 00:03:35,960 --> 00:03:39,680 Speaker 3: tariffs with China, wouldn't that in some way reward them 70 00:03:39,760 --> 00:03:43,240 Speaker 3: even more for their cheating? Do you see this as 71 00:03:43,800 --> 00:03:49,120 Speaker 3: you know, let's say the European Union, Australia, Great Britain, China, 72 00:03:49,760 --> 00:03:53,040 Speaker 3: I mean, sorry, Japan, South Korea. Those are kind of 73 00:03:53,080 --> 00:03:56,320 Speaker 3: fair trade partners in general. And then you've got China 74 00:03:56,360 --> 00:03:59,560 Speaker 3: that's in an entirely different universe. Are we really talking 75 00:03:59,560 --> 00:04:04,080 Speaker 3: about two different policy perspectives? How would you analyze that 76 00:04:04,120 --> 00:04:05,880 Speaker 3: when it comes to trade relationships? 77 00:04:05,920 --> 00:04:07,480 Speaker 2: I would say that the two of you are wrong 78 00:04:07,520 --> 00:04:09,680 Speaker 2: and China is right in the same category with all 79 00:04:09,680 --> 00:04:13,000 Speaker 2: the others cheating. I don't know what the heck cheating means. 80 00:04:13,640 --> 00:04:16,120 Speaker 2: If they gave us all their products free of charge, 81 00:04:16,320 --> 00:04:18,640 Speaker 2: so we got high quality products at low cost, would 82 00:04:18,640 --> 00:04:20,919 Speaker 2: you hate them then and want to bomb them? I 83 00:04:20,920 --> 00:04:23,280 Speaker 2: mean when you look at it from a customer standpoint. 84 00:04:23,520 --> 00:04:25,400 Speaker 2: When you go to a store, do you sell them? 85 00:04:25,440 --> 00:04:27,719 Speaker 2: Please sell me above retail. I want you to charge 86 00:04:27,720 --> 00:04:30,159 Speaker 2: me the most you possibly can for this product. No, no, 87 00:04:30,240 --> 00:04:31,640 Speaker 2: we'd like to give it to you guys. 88 00:04:31,800 --> 00:04:31,840 Speaker 4: No. 89 00:04:32,480 --> 00:04:36,039 Speaker 2: I mean, China is potentially our best trading partner in 90 00:04:36,080 --> 00:04:39,839 Speaker 2: the world long term, and I really think that we 91 00:04:39,920 --> 00:04:42,919 Speaker 2: need to get trying to into the Free Trade Group. 92 00:04:43,839 --> 00:04:45,919 Speaker 2: And if you really think about it for a moment, 93 00:04:46,760 --> 00:04:49,080 Speaker 2: do you like your customers and your clients and your 94 00:04:49,080 --> 00:04:52,360 Speaker 2: client tell? Of course you do. You know, the one 95 00:04:52,400 --> 00:04:55,320 Speaker 2: way of guaranteeing hostilities will occur as not trading with 96 00:04:55,400 --> 00:04:58,880 Speaker 2: the country when you're trying to you're a customer, they're 97 00:04:58,880 --> 00:05:01,800 Speaker 2: a customer, and it leads to friendships, that leads to 98 00:05:01,839 --> 00:05:05,440 Speaker 2: great prosperity, and it leads to eliminating war art. 99 00:05:05,480 --> 00:05:08,479 Speaker 1: Can you tell us why do all these so many 100 00:05:08,520 --> 00:05:13,240 Speaker 1: of these other countries have and have had long standing tariffs, 101 00:05:13,600 --> 00:05:17,480 Speaker 1: and why does China have so many and such aggressive tariffs? 102 00:05:17,920 --> 00:05:19,640 Speaker 2: Well, let me tell you why. It is because these 103 00:05:19,640 --> 00:05:22,919 Speaker 2: little countries, I say, little Germany, these types of just 104 00:05:23,160 --> 00:05:25,839 Speaker 2: teeny tiny little countries. Do you know they talk to 105 00:05:25,880 --> 00:05:28,080 Speaker 2: our trade officials and so you know, we've got to 106 00:05:28,120 --> 00:05:30,520 Speaker 2: put this on for political reason, blah blah blah blah blah, 107 00:05:30,520 --> 00:05:33,520 Speaker 2: and the US ay's go ahead, please, it's okay, do it. 108 00:05:33,760 --> 00:05:35,680 Speaker 2: You know, it doesn't really affect us very much. And 109 00:05:36,040 --> 00:05:37,800 Speaker 2: over the years this is built up to being a 110 00:05:37,839 --> 00:05:41,920 Speaker 2: really travesty. They now have way more partition, every single 111 00:05:42,000 --> 00:05:44,039 Speaker 2: one of them. It's not just one one off with 112 00:05:44,160 --> 00:05:47,360 Speaker 2: one tariff. It's cacumulated. And now they have all these 113 00:05:47,680 --> 00:05:50,520 Speaker 2: For example, I mean, can you imagine they're two hundred 114 00:05:50,520 --> 00:05:54,320 Speaker 2: and fifty percent tariffs in Canada against Wisconsin dairy products? 115 00:05:54,600 --> 00:05:57,400 Speaker 2: What I mean, how did that come about? I'm sure 116 00:05:57,400 --> 00:06:00,240 Speaker 2: it came about with some deal with some president in 117 00:06:00,320 --> 00:06:02,240 Speaker 2: some prime minister of Canada. You know, we've got to 118 00:06:02,279 --> 00:06:04,120 Speaker 2: do this. I'll lose the election if I don't do it. 119 00:06:04,440 --> 00:06:07,200 Speaker 2: And they get this, they get this one off exemption, 120 00:06:07,720 --> 00:06:10,000 Speaker 2: and all of this is built up, and now Trump 121 00:06:10,080 --> 00:06:12,200 Speaker 2: is trying to get rid of it, and quite correctly. So, 122 00:06:12,960 --> 00:06:15,080 Speaker 2: I mean, we need to get rid of their tariffs. 123 00:06:15,080 --> 00:06:18,040 Speaker 2: Their quota is their non tariff barriers. They're hurting us 124 00:06:18,120 --> 00:06:19,160 Speaker 2: and they're hurting them. 125 00:06:19,800 --> 00:06:22,160 Speaker 1: But so why can't China figure out that it's tariffs 126 00:06:22,200 --> 00:06:22,760 Speaker 1: are hurting it. 127 00:06:23,640 --> 00:06:25,760 Speaker 2: I think it will. I mean, if you remember, I 128 00:06:25,760 --> 00:06:27,760 Speaker 2: mean I was the first American to go to China 129 00:06:27,839 --> 00:06:30,800 Speaker 2: in nineteen seventy, in October of nineteen seven, I went 130 00:06:30,800 --> 00:06:33,160 Speaker 2: with George Schultzen John Earlick when we did the pre 131 00:06:33,279 --> 00:06:36,000 Speaker 2: Kissinger Trap. And but then they had one hundred percent tariffs. 132 00:06:36,000 --> 00:06:37,840 Speaker 2: They had no trade with the outside world. They were 133 00:06:37,880 --> 00:06:41,040 Speaker 2: called the Hermit Kingdom. And you know, they opened up 134 00:06:41,040 --> 00:06:44,920 Speaker 2: their trade. They saw how the trade by lowering their 135 00:06:44,960 --> 00:06:48,200 Speaker 2: trade barriers, by entering into trade, it created the greatest 136 00:06:48,240 --> 00:06:51,960 Speaker 2: econd growth miracle in modern history. The Chinese growth from 137 00:06:52,040 --> 00:06:55,039 Speaker 2: nineteen seventy to let's say five years ago was just 138 00:06:55,120 --> 00:06:58,680 Speaker 2: a phenomenal period for China. More people were removed from 139 00:06:58,680 --> 00:07:01,760 Speaker 2: poverty than in that are your history of humanity one 140 00:07:01,839 --> 00:07:05,520 Speaker 2: hundred and ninety thousand years. So it's it's really I 141 00:07:05,520 --> 00:07:08,799 Speaker 2: think China will understand this, and I think China will 142 00:07:08,920 --> 00:07:11,240 Speaker 2: in due course enter into a free trade agreement with 143 00:07:11,280 --> 00:07:14,240 Speaker 2: the US as well, and it will be wonderful when 144 00:07:14,240 --> 00:07:15,440 Speaker 2: that happens. 145 00:07:15,520 --> 00:07:19,280 Speaker 3: Okay, so let's go into this China relationship in particular, 146 00:07:19,320 --> 00:07:21,680 Speaker 3: because you say you see it as as similar to 147 00:07:21,720 --> 00:07:23,880 Speaker 3: the EU and the other countries that I laid out, 148 00:07:25,000 --> 00:07:28,640 Speaker 3: What does an ideal relationship from your perspective look like 149 00:07:28,960 --> 00:07:32,280 Speaker 3: with China when it comes to trade, Because it is 150 00:07:32,360 --> 00:07:35,000 Speaker 3: going to be the case that if we had, for instance, 151 00:07:35,080 --> 00:07:38,720 Speaker 3: zero tariffs at all, China is going to be exporting 152 00:07:39,080 --> 00:07:41,440 Speaker 3: I think four hundred billion is the number that I 153 00:07:41,480 --> 00:07:45,320 Speaker 3: saw something like that. The trade imbalance is seismic. We're 154 00:07:45,360 --> 00:07:48,360 Speaker 3: going to be buying more Chinese goods than China is 155 00:07:48,400 --> 00:07:51,920 Speaker 3: going to be buying American goods. Is that trade imbalance 156 00:07:52,160 --> 00:07:55,120 Speaker 3: in any way an issue from your perspective? 157 00:07:55,280 --> 00:07:57,360 Speaker 5: And how would you rectify it? What is? 158 00:07:57,400 --> 00:08:00,240 Speaker 3: In other words, let's pretend that you aren't Laugher a 159 00:08:00,240 --> 00:08:02,240 Speaker 3: magic wand and you got to solve it. 160 00:08:02,360 --> 00:08:03,440 Speaker 5: What would your answer be? 161 00:08:03,720 --> 00:08:06,160 Speaker 2: Now, would you mind tell me how much how much 162 00:08:06,200 --> 00:08:08,400 Speaker 2: it bothers you? For foreigners wanting to invest in the 163 00:08:08,520 --> 00:08:10,760 Speaker 2: US because they think we're the greatest country in the world. 164 00:08:11,280 --> 00:08:15,880 Speaker 2: Let's imagine we cut taxes, cut regulations, had stable prices, 165 00:08:15,920 --> 00:08:19,880 Speaker 2: you know, no regulating all the correct policies, everyone would 166 00:08:19,920 --> 00:08:23,640 Speaker 2: want to invest in the United States. How do foreigners 167 00:08:23,720 --> 00:08:28,080 Speaker 2: generate a dollar cash flow to buy US located assets? 168 00:08:28,480 --> 00:08:30,800 Speaker 2: There are only two ways they can do that. They've 169 00:08:30,800 --> 00:08:33,760 Speaker 2: got to sell more goods to US, and they've got 170 00:08:33,760 --> 00:08:36,120 Speaker 2: to buy less goods from US. That's the only way 171 00:08:36,160 --> 00:08:39,280 Speaker 2: they can generate that dollar cash flow to invest in 172 00:08:39,360 --> 00:08:42,880 Speaker 2: the United States of America. And that's the most wonderful thing. 173 00:08:43,120 --> 00:08:46,880 Speaker 2: We built our country from sixteen forty until eighteen seventy 174 00:08:46,920 --> 00:08:50,640 Speaker 2: on trade deficits. We imported all of this capital from Europe, 175 00:08:50,679 --> 00:08:54,360 Speaker 2: primarily Britain and Holland, and used it with our labor 176 00:08:54,400 --> 00:08:56,760 Speaker 2: and with our raw materials, and we became the pre 177 00:08:56,880 --> 00:09:01,320 Speaker 2: eminent economic force on planet Earth because of capital investments, 178 00:09:01,360 --> 00:09:05,200 Speaker 2: which is a US trade deficit. Trade deficits are great. 179 00:09:05,679 --> 00:09:07,760 Speaker 2: I mean, let me ask you, which would you rather 180 00:09:07,840 --> 00:09:10,360 Speaker 2: have capital lineup on our borders trying to get into 181 00:09:10,400 --> 00:09:13,000 Speaker 2: our country or trying to get out of our country. 182 00:09:13,120 --> 00:09:15,680 Speaker 2: You know, if we bring a factory back from Mexico 183 00:09:15,720 --> 00:09:17,920 Speaker 2: into the United States and bring all those machines and 184 00:09:17,960 --> 00:09:22,120 Speaker 2: all that production equipment by coming across the Mexican US border, 185 00:09:22,440 --> 00:09:26,440 Speaker 2: that's a Mexican export and the Mexican trade surplus. It's 186 00:09:26,440 --> 00:09:29,839 Speaker 2: a US import and a US trade deficit. It's also 187 00:09:29,880 --> 00:09:33,720 Speaker 2: a US capital surplus and a Mexican capital deficit. Trade 188 00:09:33,760 --> 00:09:37,440 Speaker 2: deficits are how we bring our capital back to the US, 189 00:09:37,880 --> 00:09:40,840 Speaker 2: and I think we should have trade deficits in China 190 00:09:40,880 --> 00:09:42,480 Speaker 2: thinks that we're the best country in the world and 191 00:09:42,480 --> 00:09:44,400 Speaker 2: they want to invest all their capital in the US. 192 00:09:44,559 --> 00:09:45,520 Speaker 2: God bless them. 193 00:09:45,920 --> 00:09:48,480 Speaker 1: Okay, So I need I need some help here. Square 194 00:09:48,480 --> 00:09:50,959 Speaker 1: in the circle for a second. So if good good good, 195 00:09:51,240 --> 00:09:55,520 Speaker 1: If trade trade deficits are good, and all tariffs are 196 00:09:55,600 --> 00:09:59,719 Speaker 1: bad and self defeating, what what? And so trade and 197 00:09:59,760 --> 00:10:02,160 Speaker 1: balance he's a good thing. We want trade and balance. 198 00:10:03,480 --> 00:10:05,319 Speaker 1: Do you like what Trump is doing or are you 199 00:10:05,400 --> 00:10:06,800 Speaker 1: trying to tell him to not do any of this? 200 00:10:07,480 --> 00:10:10,200 Speaker 2: No? No, I like I'm the biggest fan. I'm his 201 00:10:10,240 --> 00:10:13,080 Speaker 2: biggest fan. I think he's negotiating, and I think he's 202 00:10:13,120 --> 00:10:16,280 Speaker 2: negotiating to get them to reduce their tariffs against US, 203 00:10:16,280 --> 00:10:19,520 Speaker 2: which are far larger than our tariffs and trade barriers 204 00:10:19,520 --> 00:10:21,960 Speaker 2: are against them. And I think he brings them to 205 00:10:22,000 --> 00:10:24,800 Speaker 2: the table. What is it, sixty seventy countries are coming 206 00:10:24,840 --> 00:10:28,120 Speaker 2: to negotiate? What are they coming to negotiate? We will 207 00:10:28,120 --> 00:10:31,320 Speaker 2: cut our tariffs dramatically. Please just allow us access to 208 00:10:31,360 --> 00:10:34,120 Speaker 2: your market. And I think that's just the wonderful thing 209 00:10:34,160 --> 00:10:36,320 Speaker 2: for Trump to do, and I think he's going to 210 00:10:36,320 --> 00:10:38,640 Speaker 2: be very successful at it. It scares the live in 211 00:10:38,679 --> 00:10:40,320 Speaker 2: hell how to be By the way, I'm a wuss, 212 00:10:40,720 --> 00:10:42,920 Speaker 2: I'm not a negotiaer. I'm not a guy like Trump. 213 00:10:43,080 --> 00:10:45,920 Speaker 2: Trump knows how to negotiate and he loves doing it, 214 00:10:46,280 --> 00:10:49,600 Speaker 2: and he's really successful at it. But my belief is 215 00:10:49,640 --> 00:10:52,040 Speaker 2: that Trump deep down is a free trader all the way, 216 00:10:52,840 --> 00:10:55,240 Speaker 2: and I think he just really wants to get them 217 00:10:55,240 --> 00:10:58,000 Speaker 2: to come here and lower tariffs on their products by 218 00:10:58,040 --> 00:11:00,920 Speaker 2: a lot. And he did this the first term. By 219 00:11:00,960 --> 00:11:03,960 Speaker 2: the way, that the Japanese Trade Deal was great for 220 00:11:04,160 --> 00:11:08,320 Speaker 2: lowering tariffs, the USMCA was wonderful for lowering tariffs and barriers, 221 00:11:09,000 --> 00:11:11,760 Speaker 2: the South Korean deally did, the one he did with Brazil, 222 00:11:11,840 --> 00:11:14,839 Speaker 2: the one he did with Columbia, all resulted in better 223 00:11:14,920 --> 00:11:17,920 Speaker 2: trade relationships with these countries. And that's what I think 224 00:11:17,920 --> 00:11:20,720 Speaker 2: he's trying to do. Now. He can tell you otherwise, 225 00:11:20,760 --> 00:11:24,360 Speaker 2: and he may well be not doing this, but I 226 00:11:24,400 --> 00:11:26,440 Speaker 2: really have full trust in him that he's doing the 227 00:11:26,480 --> 00:11:28,920 Speaker 2: right thing and that it's very comfortable. 228 00:11:29,520 --> 00:11:32,200 Speaker 5: Let me ask you this. A lot of people listening 229 00:11:32,200 --> 00:11:33,480 Speaker 5: in the Midwest. JD. 230 00:11:33,640 --> 00:11:38,640 Speaker 3: Vance obviously wrote his book Hillbilly Elegy, which I rest seller. 231 00:11:39,080 --> 00:11:41,040 Speaker 3: I'm sure you read it, Buck, and I have read it. 232 00:11:41,600 --> 00:11:44,800 Speaker 3: What is the answer for people who feel like the 233 00:11:44,880 --> 00:11:48,600 Speaker 3: jobs have been hollowed out in the industrial Midwest? For 234 00:11:48,679 --> 00:11:52,760 Speaker 3: people listening to us in Michigan, Pennsylvania, Ohio that got 235 00:11:52,880 --> 00:11:55,320 Speaker 3: used to having those jobs that were going to pay 236 00:11:55,360 --> 00:11:57,559 Speaker 3: so well to produce American goods. 237 00:11:58,200 --> 00:11:59,160 Speaker 5: Is that an issue? 238 00:11:59,640 --> 00:12:01,800 Speaker 2: I want you to tell the audience where the two 239 00:12:01,840 --> 00:12:02,760 Speaker 2: of you are located. 240 00:12:03,200 --> 00:12:04,679 Speaker 5: I'm in Tennessee. 241 00:12:05,040 --> 00:12:07,839 Speaker 2: Okay, I'm in Nationville too. Now why am I in Nashville. 242 00:12:08,520 --> 00:12:10,840 Speaker 2: We are the lowest tax state in the nation, and 243 00:12:10,920 --> 00:12:13,640 Speaker 2: earning income is a lot more fun with lower taxes, 244 00:12:13,800 --> 00:12:16,439 Speaker 2: lower regulations. We have no death tax, we have no 245 00:12:16,520 --> 00:12:19,200 Speaker 2: gift tax, we have no unearned cap tax, we have 246 00:12:19,240 --> 00:12:21,480 Speaker 2: no income tax. We have one of the lowest property 247 00:12:21,520 --> 00:12:23,560 Speaker 2: taxes in the nation. We have the best spending, we 248 00:12:23,559 --> 00:12:26,480 Speaker 2: have the best public services. We don't have a manu 249 00:12:26,559 --> 00:12:30,120 Speaker 2: half facturing problem in Tennessee. All these auto companies are 250 00:12:30,160 --> 00:12:33,840 Speaker 2: coming in here in floods. The problem with manufacturing is Detroit. 251 00:12:34,200 --> 00:12:39,720 Speaker 2: It's Michigan, it's Ohio, it's Pennsylvania, it's Wisconsin, it's Illinois. 252 00:12:40,000 --> 00:12:45,200 Speaker 2: These places are pits. They are anti production, anti prosperity places, 253 00:12:45,240 --> 00:12:48,880 Speaker 2: and they're driving all the business out. It's not China. 254 00:12:49,160 --> 00:12:51,839 Speaker 2: It's the governments of these states that have made it 255 00:12:51,880 --> 00:12:56,079 Speaker 2: absolutely intolerable. Can you imagine opening up a factory in Detroit, 256 00:12:56,160 --> 00:12:59,840 Speaker 2: Michigan today, where property taxes are in some places up 257 00:12:59,840 --> 00:13:03,439 Speaker 2: the fifty percent, fifteen percent on that, where the state 258 00:13:03,480 --> 00:13:08,199 Speaker 2: income tax, the death tax, the reunion. It's a horrible place. 259 00:13:08,559 --> 00:13:11,960 Speaker 2: Our problem is with the states that have the manufacturing, 260 00:13:12,240 --> 00:13:16,199 Speaker 2: and they are repelling that manufacturing all moss and that's 261 00:13:16,240 --> 00:13:19,559 Speaker 2: the problem. It's not the competition from abroad. And if 262 00:13:19,559 --> 00:13:22,000 Speaker 2: you don't hurt me, just look at Tennessee and how 263 00:13:22,000 --> 00:13:24,880 Speaker 2: we're doing in Texas and Florida. All of us are 264 00:13:24,880 --> 00:13:27,720 Speaker 2: doing well except for those horribly run states. 265 00:13:28,800 --> 00:13:31,800 Speaker 1: All right, doctor Rod Laugher, appreciate your perspective today, sir. 266 00:13:31,880 --> 00:13:32,680 Speaker 1: Thank you very much. 267 00:13:33,000 --> 00:13:35,000 Speaker 2: Hey, it's my pleasure in any time. By the way, 268 00:13:35,120 --> 00:13:36,920 Speaker 2: it's fun being with you guys, and I love watching 269 00:13:36,960 --> 00:13:39,559 Speaker 2: you all the time. You guys are spectacular and I'm 270 00:13:39,600 --> 00:13:40,840 Speaker 2: really proud you're in Tennessee. 271 00:13:41,640 --> 00:13:44,120 Speaker 5: Thank you. I need to we need to get dinner sometime. 272 00:13:44,360 --> 00:13:46,240 Speaker 2: I would anytime you want. Just give me a call 273 00:13:46,280 --> 00:13:48,160 Speaker 2: and it's done, and I'll even pay for it if 274 00:13:48,160 --> 00:13:50,120 Speaker 2: it's lock as the Mssdonald's. 275 00:13:50,320 --> 00:13:53,760 Speaker 1: All right, I appreciate it, doctor Laffer, Thank you so much. 276 00:13:55,200 --> 00:13:57,400 Speaker 1: Are There's no shortage of ways your online identity can 277 00:13:57,440 --> 00:13:59,200 Speaker 1: wind up in the wrong hands, But when it happens, 278 00:13:59,240 --> 00:14:01,640 Speaker 1: your life has turned up side down. Cyber Thieves open 279 00:14:01,679 --> 00:14:04,040 Speaker 1: bogus accounts in your name and rack up huge bills 280 00:14:04,080 --> 00:14:06,560 Speaker 1: before you discover the problem. It's important to understand how 281 00:14:06,600 --> 00:14:09,360 Speaker 1: cybercrime and identity theft are affecting our lives. Your best 282 00:14:09,360 --> 00:14:12,800 Speaker 1: defense is Lifelock's online identity theft protection. They're twenty four 283 00:14:12,800 --> 00:14:15,640 Speaker 1: to seven systems monitor millions of data points a second 284 00:14:15,640 --> 00:14:18,720 Speaker 1: for risks to your online identity. If you do become 285 00:14:18,760 --> 00:14:22,320 Speaker 1: a victim of identity theft, a dedicated US based LifeLock 286 00:14:22,400 --> 00:14:25,840 Speaker 1: restoration specialist, We'll fix it guaranteed or your money back. 287 00:14:26,120 --> 00:14:28,480 Speaker 1: Easy To help protect yourself with LifeLock, join now, say 288 00:14:28,520 --> 00:14:30,720 Speaker 1: forty percent off your first year with my name. Buck 289 00:14:30,800 --> 00:14:33,600 Speaker 1: is your promo code. Call one eight hundred LifeLock or 290 00:14:33,640 --> 00:14:36,480 Speaker 1: go online to LifeLock dot com and use promo code 291 00:14:36,520 --> 00:14:38,480 Speaker 1: buck for forty percent off terms apply. 292 00:14:39,520 --> 00:14:40,480 Speaker 2: You don't know what. 293 00:14:40,800 --> 00:14:44,480 Speaker 5: You don't know right, but you could. On the Sunday 294 00:14:44,560 --> 00:14:47,000 Speaker 5: Hang with Clay and Buck podcast. 295 00:14:46,880 --> 00:14:51,280 Speaker 3: Welcome Back in Clay, Travis bought Sexton show art Lapper 296 00:14:51,840 --> 00:14:55,240 Speaker 3: interesting perspective. We'll get into that during the course of 297 00:14:55,320 --> 00:15:00,720 Speaker 3: the program. Brilliant economists and what his advice. I think 298 00:15:00,720 --> 00:15:04,200 Speaker 3: he's basically speaking to Trump through the Wall Street Journal 299 00:15:04,280 --> 00:15:07,480 Speaker 3: article and also through the interview he just did with us. 300 00:15:07,600 --> 00:15:10,400 Speaker 3: But Buck is also about to have a baby, which 301 00:15:10,400 --> 00:15:13,560 Speaker 3: should help the economy in some way because you're bringing 302 00:15:13,560 --> 00:15:16,359 Speaker 3: another child into the American citizenship. 303 00:15:16,800 --> 00:15:18,160 Speaker 1: I'm increasing GDP. 304 00:15:19,360 --> 00:15:22,000 Speaker 3: You just need to have two more and then you 305 00:15:22,040 --> 00:15:26,640 Speaker 3: will have increased the population relative to your own life. 306 00:15:27,760 --> 00:15:32,440 Speaker 3: And then but you asked, I think, what was I 307 00:15:32,640 --> 00:15:35,960 Speaker 3: like on delivery day? This is delivery day in theory 308 00:15:36,000 --> 00:15:41,560 Speaker 3: for Buck or it'll be early tomorrow morning, sometime into Thursday. Laura, 309 00:15:41,680 --> 00:15:44,920 Speaker 3: my wife, who probably remembers things way better, was listening 310 00:15:45,280 --> 00:15:48,240 Speaker 3: and she sent in a talkback. We've had three boys. 311 00:15:48,280 --> 00:15:51,840 Speaker 3: I've been there for all of their birth seventeen, fourteen, 312 00:15:51,880 --> 00:15:54,920 Speaker 3: and ten. She probably remembers things a little bit better. 313 00:15:54,960 --> 00:15:56,800 Speaker 3: I don't even know what she said. She sent this 314 00:15:56,840 --> 00:15:59,920 Speaker 3: to producer Ali, here is my wife talking about birth. 315 00:16:00,480 --> 00:16:03,720 Speaker 6: Congratulations Boock and Carrie Clay and I are so excited 316 00:16:03,760 --> 00:16:08,040 Speaker 6: for you. Get ready for every decision you make for 317 00:16:08,080 --> 00:16:10,040 Speaker 6: the rest of your life to be one hundred times 318 00:16:10,080 --> 00:16:13,400 Speaker 6: more complicated than it already is. But I think plays 319 00:16:13,960 --> 00:16:18,320 Speaker 6: advice of just don't cause any problems during L and 320 00:16:18,400 --> 00:16:21,640 Speaker 6: D in the labor and delivery room is probably the 321 00:16:21,680 --> 00:16:24,720 Speaker 6: best advice. You need to just be there for moral 322 00:16:24,760 --> 00:16:28,160 Speaker 6: support and otherwise stay out of the way and don't 323 00:16:28,160 --> 00:16:31,520 Speaker 6: do anything unless Carrie asks you to. I do remember 324 00:16:31,560 --> 00:16:34,360 Speaker 6: Play complaining about the Wi Fi. I think he also 325 00:16:34,440 --> 00:16:38,080 Speaker 6: complained about the television channels and he couldn't find the 326 00:16:38,200 --> 00:16:42,000 Speaker 6: game he wanted to watch on anywhere. I think we 327 00:16:42,120 --> 00:16:46,280 Speaker 6: ended up watching some not important golf tournament like the 328 00:16:46,280 --> 00:16:51,960 Speaker 6: American Express Tournament or something that didn't matter. And besides that, 329 00:16:52,080 --> 00:16:56,440 Speaker 6: Play was otherwise pretty well behaved without drawing too much 330 00:16:56,440 --> 00:16:59,680 Speaker 6: attention to himself, So that really is the best advice. 331 00:17:00,120 --> 00:17:04,840 Speaker 6: Just be there for your wife and don't cause any distractions. 332 00:17:06,640 --> 00:17:11,560 Speaker 3: I forgot that the television situation was just indefensible. How 333 00:17:11,600 --> 00:17:14,679 Speaker 3: do you not have the sporting event channels in the 334 00:17:14,800 --> 00:17:18,760 Speaker 3: delivery suites? The Wi Fi didn't work very well. I 335 00:17:18,760 --> 00:17:20,800 Speaker 3: couldn't find the game that I wanted to watch. This 336 00:17:20,920 --> 00:17:22,880 Speaker 3: is the most Clay Travis thing I've ever heard. By 337 00:17:22,880 --> 00:17:24,280 Speaker 3: the way, wife's about to give birth. 338 00:17:24,320 --> 00:17:26,800 Speaker 1: He's like, I can't watch the I can't watch the 339 00:17:26,840 --> 00:17:30,200 Speaker 1: SEC football game right now. This is she did. 340 00:17:30,280 --> 00:17:32,880 Speaker 3: To her credit time at well. Because our first son 341 00:17:33,119 --> 00:17:38,280 Speaker 3: was born in between NFC AFC Championship Week and the 342 00:17:38,320 --> 00:17:40,719 Speaker 3: Super Bowl. So if I remember correctly, I think he 343 00:17:40,800 --> 00:17:43,840 Speaker 3: was born on a Sunday in between those two. But yeah, 344 00:17:43,840 --> 00:17:45,600 Speaker 3: there was there was a sporting event that I was 345 00:17:45,600 --> 00:17:47,520 Speaker 3: trying to get on and I was like, I mean, 346 00:17:47,560 --> 00:17:49,919 Speaker 3: come on, just have a normal cable setup and a 347 00:17:50,000 --> 00:17:52,679 Speaker 3: normal WiFi. I don't know what are they thinking, but 348 00:17:53,000 --> 00:17:54,720 Speaker 3: that's great Laura's advice. 349 00:17:54,760 --> 00:17:55,359 Speaker 1: Thank you, Laura. 350 00:17:55,920 --> 00:17:58,480 Speaker 3: I believe we got Julie Kelly coming up now, Buck coming. 351 00:17:58,960 --> 00:18:01,000 Speaker 3: We'll get to that in just a home here. Look, 352 00:18:01,000 --> 00:18:03,000 Speaker 3: what kind of protection do you have at home? 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Saber also makes self installed 362 00:18:34,800 --> 00:18:38,200 Speaker 3: devices that protect your windows and doors, a whole array 363 00:18:38,240 --> 00:18:39,400 Speaker 3: of home defense products. 364 00:18:39,600 --> 00:18:42,560 Speaker 1: We know the CEO. He uses these products to defend 365 00:18:42,720 --> 00:18:45,600 Speaker 1: his home and his family. You can trust Saber. They've 366 00:18:45,600 --> 00:18:48,160 Speaker 1: been in business for decades. This is what they do. 367 00:18:48,520 --> 00:18:51,160 Speaker 1: Go to Saber radio dot com check out their products. 368 00:18:51,280 --> 00:18:53,719 Speaker 1: Say fifteen percent on that website when you go today 369 00:18:54,080 --> 00:18:57,760 Speaker 1: sab r radio dot com or call this number eight 370 00:18:57,800 --> 00:19:02,000 Speaker 1: four four eight two four safe. All right, welcome back 371 00:19:02,040 --> 00:19:03,960 Speaker 1: into Clay and Buck. We've got some big breaking news. 372 00:19:04,080 --> 00:19:06,480 Speaker 1: Julie Kelly about to join us here in a moment, 373 00:19:06,560 --> 00:19:09,840 Speaker 1: But first our market maestro here on Clay and Buck. 374 00:19:09,880 --> 00:19:13,399 Speaker 1: Clay Travis watching the stock ticker closely. What just happened? 375 00:19:13,400 --> 00:19:18,400 Speaker 3: Clay uh Trump has announced a ninety day pause on 376 00:19:18,600 --> 00:19:22,480 Speaker 3: all countries for the tariffs other than China. He has 377 00:19:22,600 --> 00:19:26,280 Speaker 3: increased the tariff on China to one hundred and twenty 378 00:19:26,280 --> 00:19:29,199 Speaker 3: five percent. This is kind of the advice that you 379 00:19:29,280 --> 00:19:33,679 Speaker 3: and I were giving if he wanted to focus on China, 380 00:19:33,720 --> 00:19:36,800 Speaker 3: which is the real culprit here. How is the stock market? 381 00:19:36,920 --> 00:19:40,399 Speaker 3: Some responding, Buck, I hope you guys bought the dip. 382 00:19:40,920 --> 00:19:46,800 Speaker 3: The Dow now is up twenty four hundred points, Buck, 383 00:19:46,880 --> 00:19:50,560 Speaker 3: that is six and a half percent that it is surging. 384 00:19:50,600 --> 00:19:54,520 Speaker 3: The Nasdaq up nearly nine percent. This has all happened 385 00:19:54,520 --> 00:19:57,480 Speaker 3: in the last couple of minutes. The S and P 386 00:19:57,600 --> 00:20:05,920 Speaker 3: five hundred is up nearly four hundred points, so much 387 00:20:05,960 --> 00:20:10,960 Speaker 3: of the selloff associated with the tariff battle has now 388 00:20:11,080 --> 00:20:16,119 Speaker 3: vanished just about overnight. We tried to tell you, we said, 389 00:20:16,160 --> 00:20:20,440 Speaker 3: buy the dips sometimes, don't even look at stock prices. 390 00:20:20,480 --> 00:20:21,200 Speaker 5: Don't panic. 391 00:20:21,800 --> 00:20:24,840 Speaker 3: Unfortunately, I know a lot of people sold at the 392 00:20:24,880 --> 00:20:27,320 Speaker 3: bottom and now they're going to be buying back in 393 00:20:27,960 --> 00:20:30,879 Speaker 3: as the stock market is surging. But I hope you 394 00:20:31,000 --> 00:20:34,720 Speaker 3: held on. But that is the absolute latest right now. 395 00:20:34,840 --> 00:20:38,200 Speaker 3: Lots of fluctuation. But again, just to kind of put 396 00:20:38,200 --> 00:20:41,719 Speaker 3: it in context, the S and P five hundred is 397 00:20:41,840 --> 00:20:46,840 Speaker 3: now basically trading the same place that it was in August, 398 00:20:48,080 --> 00:20:52,160 Speaker 3: and and you know it could easily be basically where 399 00:20:52,160 --> 00:20:56,120 Speaker 3: it was in September. So anyway, stocks go up and down. 400 00:20:56,320 --> 00:21:00,520 Speaker 3: Trump negotiating. Now what we said I think is accurate, 401 00:21:00,600 --> 00:21:04,040 Speaker 3: which is this is now just China versus the United States, 402 00:21:05,119 --> 00:21:07,800 Speaker 3: and to a large extent, the other countries are now 403 00:21:07,880 --> 00:21:09,760 Speaker 3: aligned in favor of free trade. 404 00:21:10,200 --> 00:21:11,879 Speaker 5: And now we'll see what happens with China. 405 00:21:12,240 --> 00:21:14,680 Speaker 3: All right, Buck, we have got Julie Kelly cued up 406 00:21:15,160 --> 00:21:18,239 Speaker 3: to talk about many things, but it wanted to give 407 00:21:18,280 --> 00:21:19,640 Speaker 3: that updates everybody out there. 408 00:21:20,119 --> 00:21:25,000 Speaker 1: Yes, Julie Kelly. You all know her from her declassified 409 00:21:25,160 --> 00:21:27,399 Speaker 1: sub stack, which you should go subscribe to, and her 410 00:21:27,440 --> 00:21:30,680 Speaker 1: great book and her great work. Julie, thanks for being 411 00:21:30,680 --> 00:21:32,520 Speaker 1: with us. 412 00:21:32,880 --> 00:21:36,840 Speaker 4: Thank you, and Buck, congratulations to you and Carrie. You're 413 00:21:36,920 --> 00:21:40,960 Speaker 4: going to have an exciting evening and probably day tomorrow. 414 00:21:41,520 --> 00:21:42,760 Speaker 1: Thank you. I don't know, I don't know if you 415 00:21:42,840 --> 00:21:45,639 Speaker 1: heard our friend Jesse's Jesse Kelly said, it's gonna be 416 00:21:45,680 --> 00:21:48,480 Speaker 1: a tough twenty four hours for me physically. I need 417 00:21:48,520 --> 00:21:50,280 Speaker 1: to hydrate, I need to make sure I get a 418 00:21:50,280 --> 00:21:53,840 Speaker 1: lot of get rested. And everyone's freaking out about this, 419 00:21:53,920 --> 00:21:56,879 Speaker 1: but it's pretty funny. I'm here for Carrie. For anything 420 00:21:56,920 --> 00:22:00,560 Speaker 1: that she needs, and we could not be more excited 421 00:22:00,560 --> 00:22:03,920 Speaker 1: about it. So thank you very much, Julie. And all right, 422 00:22:03,960 --> 00:22:06,119 Speaker 1: all right now I got to get you on what 423 00:22:06,359 --> 00:22:08,320 Speaker 1: is going on here. A few things that come to 424 00:22:08,359 --> 00:22:12,680 Speaker 1: mind and involve Julie Kelly and her work. Judge Boseburg, 425 00:22:13,520 --> 00:22:17,160 Speaker 1: this guy after the Supreme Court comes in and says, 426 00:22:17,200 --> 00:22:20,560 Speaker 1: hold on a second, you can't just venue shop. He 427 00:22:20,760 --> 00:22:23,880 Speaker 1: had a hearing scheduled. And where is this guy now? 428 00:22:24,160 --> 00:22:28,840 Speaker 1: It feels like he's become the Adam Schiff of resistance judges, 429 00:22:28,880 --> 00:22:32,560 Speaker 1: which is not a compliment, you know, claim Buck. 430 00:22:32,680 --> 00:22:36,000 Speaker 4: It's amazing to see the same judges who for four 431 00:22:36,119 --> 00:22:40,679 Speaker 4: years insisted a mostly nonviolent protest to a government building 432 00:22:40,720 --> 00:22:43,760 Speaker 4: on a Wednesday afternoon represent it an attempt to overthrow 433 00:22:43,840 --> 00:22:46,919 Speaker 4: democracy and overturn the results of the twenty twenty election. 434 00:22:47,359 --> 00:22:50,600 Speaker 4: Keep in mind, to JEBB. Bosberg routinely in JA six 435 00:22:50,720 --> 00:22:54,320 Speaker 4: cases call January sixth an insurrection. That's what you call it, 436 00:22:54,520 --> 00:22:56,399 Speaker 4: even for people who are in his core room on 437 00:22:56,480 --> 00:22:59,880 Speaker 4: low level misdemeanors like parading in the Capitol. But yet 438 00:22:59,920 --> 00:23:04,240 Speaker 4: here he is actually trying to overturn the results of 439 00:23:04,280 --> 00:23:09,040 Speaker 4: the twenty twenty four elections sabotage Donald Trump's agenda and 440 00:23:09,119 --> 00:23:12,320 Speaker 4: by extension, the seventy two million or so Americans who 441 00:23:12,440 --> 00:23:16,120 Speaker 4: voted for him. The Supreme Court is not stopping him. 442 00:23:16,119 --> 00:23:19,160 Speaker 4: So even though they just vacated his two temporary restraining 443 00:23:19,280 --> 00:23:24,440 Speaker 4: orders banning deportation flights of these illegal Venezuelans covered under 444 00:23:24,440 --> 00:23:28,080 Speaker 4: the President's Alien Enemy Zact proclamation from March fifteenth, even 445 00:23:28,119 --> 00:23:32,200 Speaker 4: though the Supreme Court vacated those temporary restraining orders, said 446 00:23:32,200 --> 00:23:36,160 Speaker 4: that Washington was the improper venue that these illegals should 447 00:23:36,160 --> 00:23:40,680 Speaker 4: see habeas petitions where they are in custody, which is Texas. 448 00:23:40,880 --> 00:23:43,879 Speaker 4: That's not stopping him. You are exactly right, Buck. So 449 00:23:44,000 --> 00:23:47,280 Speaker 4: yesterday he had a hearing scheduled in his courtroom on 450 00:23:47,800 --> 00:23:51,320 Speaker 4: a preliminary injunction. This is the next natural step after 451 00:23:51,359 --> 00:23:54,679 Speaker 4: a temporary restraining order. This is what the ACLU, who 452 00:23:54,760 --> 00:23:58,560 Speaker 4: is representing these legal Venezuelans want, and this would put 453 00:23:58,600 --> 00:24:02,920 Speaker 4: a longer ban on these flights even after the Supreme 454 00:24:02,920 --> 00:24:07,199 Speaker 4: Court ruling. Jeb Brosberg said in April sixteenth deadline for 455 00:24:07,200 --> 00:24:10,280 Speaker 4: the ACLU to come back to him explain why they're 456 00:24:10,320 --> 00:24:14,200 Speaker 4: going to continue to pursue this preliminary injunction and why 457 00:24:14,240 --> 00:24:18,199 Speaker 4: they believe that Washington d C. Jeb Bosberg's courtroom is 458 00:24:18,280 --> 00:24:21,600 Speaker 4: still the appropriate place to seek that relief even though 459 00:24:21,600 --> 00:24:24,399 Speaker 4: the Supreme Court said very clearly it doesn't belong in 460 00:24:24,520 --> 00:24:27,320 Speaker 4: Washington d C. Furthermore, we could talk a little bit 461 00:24:27,320 --> 00:24:30,359 Speaker 4: about this too. He is going forward with his contempt 462 00:24:30,400 --> 00:24:35,280 Speaker 4: investigation against the Trump administration and officials who he believes 463 00:24:35,320 --> 00:24:39,040 Speaker 4: to fight a separate court order, a verbal order to 464 00:24:39,119 --> 00:24:42,639 Speaker 4: return planes on March fifteenth, and we are expecting that 465 00:24:42,800 --> 00:24:46,119 Speaker 4: opinion from Jeb Bosberg really any hour, any day, but 466 00:24:46,240 --> 00:24:47,160 Speaker 4: sometime this week. 467 00:24:50,240 --> 00:24:53,680 Speaker 3: Are you even stunned, Julie, Because I gotta admit I am, 468 00:24:53,840 --> 00:24:57,440 Speaker 3: and this is me, being a lawyer. I knew that 469 00:24:57,480 --> 00:25:01,159 Speaker 3: Trump resistance two point zero would eventually emerge somewhere. I 470 00:25:01,520 --> 00:25:04,119 Speaker 3: crazy me thought it might come from the Democrat Party 471 00:25:04,400 --> 00:25:07,879 Speaker 3: or maybe the legacy media. It feels like, by and large, 472 00:25:07,920 --> 00:25:10,280 Speaker 3: the Democrat Party is so impotent that they can't even 473 00:25:10,359 --> 00:25:14,840 Speaker 3: put counter arguments out. Meanwhile, legacy media is collapsing as 474 00:25:14,880 --> 00:25:15,439 Speaker 3: we speak. 475 00:25:15,480 --> 00:25:18,719 Speaker 5: I mean, the business models are shriveling up and dying. 476 00:25:19,760 --> 00:25:22,520 Speaker 3: Now, we just got all these federal District court judges 477 00:25:22,560 --> 00:25:27,040 Speaker 3: behaving frankly in an unprecedented manner getting slapped down. We 478 00:25:27,080 --> 00:25:29,720 Speaker 3: had trio of them slapped down by the Supreme Court. 479 00:25:30,080 --> 00:25:33,640 Speaker 3: But I gotta admit I didn't foresee them being as 480 00:25:33,680 --> 00:25:35,919 Speaker 3: aggressive as they have been. I knew they would be 481 00:25:35,960 --> 00:25:38,520 Speaker 3: aligned in many ways against Trump, but I didn't think 482 00:25:38,560 --> 00:25:42,880 Speaker 3: we would see it historically without precedent, attack coming from 483 00:25:42,960 --> 00:25:46,240 Speaker 3: the federal district court level against Trump and his administration, 484 00:25:46,400 --> 00:25:50,160 Speaker 3: did you, I mean in a place. 485 00:25:50,040 --> 00:25:52,480 Speaker 4: I sort of agree with you. I did not as 486 00:25:52,560 --> 00:25:55,240 Speaker 4: bad as these judges in Washington DC are, and of 487 00:25:55,280 --> 00:25:57,560 Speaker 4: course they've been covering them for years, both the District 488 00:25:57,640 --> 00:26:01,920 Speaker 4: and Palett Court, and seeing how viciously and vengefully and 489 00:26:01,960 --> 00:26:05,560 Speaker 4: remorselessly they treated January sixth defendants and the President and 490 00:26:05,560 --> 00:26:09,760 Speaker 4: his associates as well, I really did not expect this 491 00:26:09,880 --> 00:26:14,119 Speaker 4: level of defiance, this level of sabotage, that is the 492 00:26:14,119 --> 00:26:17,320 Speaker 4: word that what these judges are doing uniformally in Washington, 493 00:26:17,400 --> 00:26:21,000 Speaker 4: d C. So I guess I would agree with you. 494 00:26:21,040 --> 00:26:23,400 Speaker 4: I'm a little surprised at the extent to which they 495 00:26:23,400 --> 00:26:27,080 Speaker 4: are going, which of course they did for years against 496 00:26:27,080 --> 00:26:29,800 Speaker 4: Donald Trump in the same DC courthouse. Whether it was 497 00:26:29,840 --> 00:26:35,680 Speaker 4: special Council Robert Mueller's investigation, and Special Council Jack Smith. 498 00:26:35,760 --> 00:26:39,080 Speaker 4: All these proceedings were handled in this DC Federal Courthouse. 499 00:26:39,520 --> 00:26:42,640 Speaker 4: But to see them line up like little lemmings, especially 500 00:26:42,640 --> 00:26:48,080 Speaker 4: behind job Bossburg who's the chief judge, and deny all 501 00:26:48,160 --> 00:26:52,600 Speaker 4: of these lawsuits, side with the plaintiffs and all of 502 00:26:52,640 --> 00:26:57,520 Speaker 4: these lawsuits who really have no vested interest in what 503 00:26:57,560 --> 00:27:00,720 Speaker 4: the Trump policies are, but going to any extent that 504 00:27:00,760 --> 00:27:04,199 Speaker 4: they possibly can, these judges to side with people who 505 00:27:04,240 --> 00:27:07,000 Speaker 4: are trying to take down the president's agenda and again 506 00:27:07,240 --> 00:27:09,880 Speaker 4: emphasize the will of the American people who put Donald 507 00:27:09,920 --> 00:27:13,040 Speaker 4: Trump in the White House to do exactly the disruption 508 00:27:13,160 --> 00:27:19,040 Speaker 4: that he is doing. So yeah, and of course defying 509 00:27:19,920 --> 00:27:23,320 Speaker 4: the Supreme Court is a whole other level which we 510 00:27:23,359 --> 00:27:27,320 Speaker 4: see job Bossberg doing. But these Democrat judges, as you know, 511 00:27:27,480 --> 00:27:30,280 Speaker 4: just like Democrat rank and file voters, do not consider 512 00:27:30,320 --> 00:27:35,560 Speaker 4: the Supreme Court legitimate. They are not at all excuse me, 513 00:27:35,880 --> 00:27:37,480 Speaker 4: I have a little call. They are not at all 514 00:27:38,359 --> 00:27:40,480 Speaker 4: chagrin by being smacked down by the highest court. 515 00:27:42,640 --> 00:27:45,320 Speaker 1: We're speaking of Julie Kelly declassifizers at the sub Stack, 516 00:27:45,840 --> 00:27:49,520 Speaker 1: and Julie, we need to get her some some crocket 517 00:27:49,520 --> 00:27:54,200 Speaker 1: coffee or some tea with honey in it, perhaps even better, Julie, 518 00:27:54,240 --> 00:27:56,560 Speaker 1: sorry that you got to call. Appreciate you, you know, pushing 519 00:27:56,600 --> 00:27:59,920 Speaker 1: through and U and telling everybody across the country with 520 00:28:00,040 --> 00:28:02,240 Speaker 1: I need to know about Judge. By the way, I've 521 00:28:02,280 --> 00:28:05,880 Speaker 1: learned how to pronounce his name Bosberg. I guess bas 522 00:28:06,240 --> 00:28:08,760 Speaker 1: I was just reading it off the or i'd been 523 00:28:08,760 --> 00:28:11,399 Speaker 1: reading it. I hadn't really heard it. I want to 524 00:28:11,440 --> 00:28:14,800 Speaker 1: bring your attention to something else too. The I'm sure 525 00:28:14,840 --> 00:28:19,280 Speaker 1: you saw this. The acting IRS Commissioner is resigning from 526 00:28:19,320 --> 00:28:24,000 Speaker 1: the IRS because the Trump administration has said you need 527 00:28:24,040 --> 00:28:29,720 Speaker 1: to share data from your government, data about essentially illegals 528 00:28:30,520 --> 00:28:34,960 Speaker 1: that the IRS has information on for enforcement purposes. I 529 00:28:35,000 --> 00:28:37,439 Speaker 1: think a lot of people are seeing, Julie that for 530 00:28:37,520 --> 00:28:40,760 Speaker 1: the entity that can lock you up because you don't 531 00:28:40,800 --> 00:28:44,360 Speaker 1: give enough of your money as an American to them, 532 00:28:44,520 --> 00:28:47,000 Speaker 1: and they get to determine after the fact what that 533 00:28:47,120 --> 00:28:50,280 Speaker 1: amount is. To then say, hold on a second, what 534 00:28:50,320 --> 00:28:53,719 Speaker 1: do you mean you're going to use our information for 535 00:28:54,000 --> 00:28:57,640 Speaker 1: federal immigration law purposes? Just goes to show that there 536 00:28:57,680 --> 00:29:01,320 Speaker 1: is this whole mentality even within the government that illegal 537 00:29:01,320 --> 00:29:03,520 Speaker 1: aliens are a special protected class. 538 00:29:05,520 --> 00:29:08,400 Speaker 4: That's exactly right. It's pretty stunning to see. And this 539 00:29:08,480 --> 00:29:10,680 Speaker 4: is the acting director who I think she took over 540 00:29:10,840 --> 00:29:15,640 Speaker 4: in February, and all of these deep staters, everyone in 541 00:29:15,640 --> 00:29:18,480 Speaker 4: the administrative state, who will go out of their way 542 00:29:19,040 --> 00:29:23,440 Speaker 4: to protect they believe that these government agencies belong to them. 543 00:29:24,280 --> 00:29:26,840 Speaker 4: They don't believe that these government agencies belong to the 544 00:29:26,880 --> 00:29:30,600 Speaker 4: people or certainly should be supervised by the president and 545 00:29:30,680 --> 00:29:33,640 Speaker 4: his team. So that's why you see this defiance not 546 00:29:33,720 --> 00:29:36,440 Speaker 4: just by the judges, but of course the heads of 547 00:29:36,480 --> 00:29:40,040 Speaker 4: these departments and agencies. But of course we are entitled 548 00:29:40,040 --> 00:29:44,800 Speaker 4: to this information. I love how transparency and accountability was 549 00:29:44,880 --> 00:29:48,640 Speaker 4: such a big cause during Trump's first presidency that went away, 550 00:29:48,960 --> 00:29:51,160 Speaker 4: you know, during the second and now all of a sudden, 551 00:29:51,440 --> 00:29:54,840 Speaker 4: we can't have transparency and accountability as he's trying to 552 00:29:54,840 --> 00:29:59,200 Speaker 4: clean up and reform all of these corrupt agencies. So 553 00:29:59,480 --> 00:30:03,320 Speaker 4: I really commend the Trump administration for their focus, especially 554 00:30:03,400 --> 00:30:05,800 Speaker 4: on illegal immigration, because as you guys know, that was 555 00:30:05,840 --> 00:30:09,560 Speaker 4: one of the top issues that propelled him into office, 556 00:30:10,000 --> 00:30:12,280 Speaker 4: and they are not backing down at all. But we 557 00:30:12,360 --> 00:30:16,840 Speaker 4: as America, as American citizens, tax payers, are entitled to know, 558 00:30:18,000 --> 00:30:20,320 Speaker 4: you know, and we saw this too with the voting 559 00:30:20,400 --> 00:30:25,840 Speaker 4: roles and illegals who are on Social Security. This is 560 00:30:25,920 --> 00:30:30,440 Speaker 4: a huge scandal with real time implications on our country, 561 00:30:30,560 --> 00:30:33,680 Speaker 4: on our national security, on our economy, and certainly on 562 00:30:33,720 --> 00:30:38,320 Speaker 4: our elections. So good riddance to the acting IRS Director. 563 00:30:39,200 --> 00:30:41,960 Speaker 4: I'm sure there's a lot of other qualified people who 564 00:30:42,000 --> 00:30:46,960 Speaker 4: understand the cause who will replace that individual, and we'll 565 00:30:47,040 --> 00:30:50,640 Speaker 4: just keep pushing forward. Intel a judge steps in and 566 00:30:50,680 --> 00:30:52,600 Speaker 4: stops all of it, which I'm sure is only a 567 00:30:52,600 --> 00:30:53,280 Speaker 4: matter of time. 568 00:30:54,440 --> 00:30:58,400 Speaker 3: Julie, we appreciate you, keep the fight going and we 569 00:30:58,440 --> 00:30:59,120 Speaker 3: will talk to you again. 570 00:30:59,160 --> 00:31:00,080 Speaker 5: Have a good weekend, joy. 571 00:31:00,120 --> 00:31:03,880 Speaker 4: Masters, Oh I definitely will. Thanks guys. 572 00:31:04,360 --> 00:31:07,680 Speaker 3: That's Julie Kelly, American Patriots. He's been fantastic with us. 573 00:31:07,760 --> 00:31:12,600 Speaker 3: You know, Spring's here and so is the Iconic Masters Tournament. 574 00:31:12,720 --> 00:31:15,760 Speaker 3: They have the Part three challenge today, which is super cool. 575 00:31:16,720 --> 00:31:18,760 Speaker 3: I know we're on in Augusta. We got a monster 576 00:31:18,880 --> 00:31:23,200 Speaker 3: audience there. 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Pricepicks dot Com Code Clay news. 601 00:32:36,520 --> 00:32:39,640 Speaker 2: And politics, but also a little comic relief. 602 00:32:39,760 --> 00:32:41,720 Speaker 5: Clay Travis at buck Sexton. 603 00:32:42,200 --> 00:32:45,520 Speaker 3: Find them on the free iHeartRadio app or wherever you 604 00:32:45,640 --> 00:32:51,440 Speaker 3: get your podcasts. Welcome back Clay Travis buck Sexton Show, 605 00:32:52,080 --> 00:32:55,240 Speaker 3: Major breaking News. We appreciate Art Laugher and Julie Kelly 606 00:32:55,280 --> 00:32:57,400 Speaker 3: will react to Art Laugher a little bit in the 607 00:32:57,400 --> 00:33:01,560 Speaker 3: third hour. But Buck, you wanted to read again, let 608 00:33:01,560 --> 00:33:05,440 Speaker 3: me give you as your stock market reporter. The stock 609 00:33:05,480 --> 00:33:09,480 Speaker 3: market as we speak now up over two thousand points, 610 00:33:10,240 --> 00:33:14,880 Speaker 3: the Nasdaq soaring, the S and P five hundred soaring 611 00:33:15,160 --> 00:33:21,000 Speaker 3: up a massive amount three let's see seven percent, And 612 00:33:21,160 --> 00:33:23,800 Speaker 3: basically I was just looking Buck, the stock prices are 613 00:33:24,160 --> 00:33:27,960 Speaker 3: now essentially the same place they were in late September. 614 00:33:28,280 --> 00:33:30,280 Speaker 3: So for people out there that have wanted to panic, 615 00:33:30,320 --> 00:33:32,840 Speaker 3: the media I think has been feeding the panic as well. 616 00:33:33,160 --> 00:33:36,920 Speaker 3: If you didn't feel super poor in September with your stocks, 617 00:33:37,240 --> 00:33:40,360 Speaker 3: then I would suggest that in April you shouldn't feel 618 00:33:40,400 --> 00:33:43,720 Speaker 3: super poor either. They're the exact same price now that 619 00:33:43,760 --> 00:33:46,720 Speaker 3: they were in late September. And here is the statement 620 00:33:46,720 --> 00:33:47,880 Speaker 3: from the President. 621 00:33:48,200 --> 00:33:50,680 Speaker 1: Based on the lack of respect that China has shown 622 00:33:50,800 --> 00:33:53,000 Speaker 1: to the world's markets. Trump put this out on truth 623 00:33:53,080 --> 00:33:57,280 Speaker 1: Social I am hereby raising the tariff charge to China 624 00:33:57,560 --> 00:34:00,240 Speaker 1: by the United States to one hundred and twenty five scent, 625 00:34:00,360 --> 00:34:03,880 Speaker 1: effective immediately. At some point, hopefully in the near future, 626 00:34:04,240 --> 00:34:06,440 Speaker 1: China will realize that the days of ripping off the 627 00:34:06,520 --> 00:34:11,359 Speaker 1: USA and other countries is no longer sustainable or acceptable. Conversely, 628 00:34:11,480 --> 00:34:14,200 Speaker 1: and based on the fact that more than seventy five 629 00:34:14,239 --> 00:34:17,440 Speaker 1: countries have called the representatives of the United States, including 630 00:34:17,480 --> 00:34:22,279 Speaker 1: Departments of Commerce, Treasury, ust R, to negotiate deals, et cetera, 631 00:34:22,320 --> 00:34:26,920 Speaker 1: et cetera, et cetera, I have authorized a ninety day 632 00:34:27,000 --> 00:34:30,359 Speaker 1: pause and substantially lowered reciprocal tariff during this period of 633 00:34:30,360 --> 00:34:33,320 Speaker 1: ten percent, also effective immediately. Thank you for your attention 634 00:34:33,440 --> 00:34:38,440 Speaker 1: on this matter. So everybody comes to the negotiation table 635 00:34:38,960 --> 00:34:43,120 Speaker 1: ninety days to figure out the future. China in the 636 00:34:43,440 --> 00:34:48,200 Speaker 1: in the targets in the site still because they won't 637 00:34:48,200 --> 00:34:49,719 Speaker 1: play ball at all. They think they're just going to 638 00:34:49,800 --> 00:34:51,680 Speaker 1: do things their way. Clay, I think this is a 639 00:34:51,800 --> 00:34:56,600 Speaker 1: very very interesting development. Obviously, the market is reacting right 640 00:34:56,640 --> 00:35:02,080 Speaker 1: now very positively to this. Let's get we have a 641 00:35:02,120 --> 00:35:05,760 Speaker 1: lot of stuff going vip. Jason wrote this in Clay, 642 00:35:06,200 --> 00:35:08,799 Speaker 1: is art for real meaning Art Laugher? Or was he 643 00:35:08,880 --> 00:35:12,600 Speaker 1: playing Devil's advocate? I'm now more confused than ever. Clay, 644 00:35:12,640 --> 00:35:14,200 Speaker 1: Do you want to give your take on this, because 645 00:35:14,719 --> 00:35:17,200 Speaker 1: I think some of you picked up on what clearly 646 00:35:17,239 --> 00:35:19,279 Speaker 1: he doesn't agree with everything Trump is doing, but he 647 00:35:19,320 --> 00:35:20,920 Speaker 1: loves Trump and thinks he's going to get to a 648 00:35:20,920 --> 00:35:23,200 Speaker 1: better side of this, right, Like, how do you think 649 00:35:24,200 --> 00:35:26,759 Speaker 1: you know? Art was squaring the circle a little bit 650 00:35:26,800 --> 00:35:27,360 Speaker 1: on that one. 651 00:35:27,640 --> 00:35:29,839 Speaker 3: Look, we need to talk about this in a third 652 00:35:29,880 --> 00:35:33,080 Speaker 3: hour because I do think that what we told you is. 653 00:35:33,080 --> 00:35:34,600 Speaker 5: What has now emerged. 654 00:35:34,800 --> 00:35:39,319 Speaker 3: We said this is really all about China, and that 655 00:35:39,560 --> 00:35:44,000 Speaker 3: ultimately now you have seen Trump has squarely put his 656 00:35:44,160 --> 00:35:47,839 Speaker 3: target on China. I think what's happened here and we'll 657 00:35:47,880 --> 00:35:50,640 Speaker 3: dive into this in a third hour again, stock market soaring, 658 00:35:50,800 --> 00:35:54,359 Speaker 3: ninety day pause on all tariffs because other countries are 659 00:35:54,360 --> 00:35:57,920 Speaker 3: trying to negotiate, but China is remaining in transigent. I 660 00:35:57,960 --> 00:36:02,480 Speaker 3: think what's happening here is Trump's team decided if we 661 00:36:02,560 --> 00:36:07,200 Speaker 3: go right out and we directly strike China and take 662 00:36:07,280 --> 00:36:11,080 Speaker 3: their tariffs to one hundred and twenty five percent, then 663 00:36:11,480 --> 00:36:16,680 Speaker 3: it's going to look outrageous by putting the tariffs on 664 00:36:16,880 --> 00:36:22,360 Speaker 3: everybody and then backing it off. Trump now has isolated 665 00:36:22,480 --> 00:36:27,799 Speaker 3: China because China has uniquely responded to American tariffs by 666 00:36:27,920 --> 00:36:32,080 Speaker 3: raising tariffs on American products. And so now we've got 667 00:36:32,120 --> 00:36:36,800 Speaker 3: what really is the central struggle. It's United States against 668 00:36:36,920 --> 00:36:40,799 Speaker 3: China global trade war. And now Trump has managed to 669 00:36:40,840 --> 00:36:45,200 Speaker 3: put every other country on the United States side, and 670 00:36:45,280 --> 00:36:49,800 Speaker 3: he's isolating China as a unique bad actor. In other words, 671 00:36:49,960 --> 00:36:53,240 Speaker 3: I think he has trapped China in a tough spot 672 00:36:53,440 --> 00:36:55,760 Speaker 3: relative to the rest of the world. We'll talk about 673 00:36:55,760 --> 00:36:58,160 Speaker 3: that break down what Art Lapper was saying and more 674 00:36:58,200 --> 00:36:58,839 Speaker 3: when we come back