1 00:00:11,657 --> 00:00:14,937 Speaker 1: You're listening to the Buck Sexton Show podcast, make sure 2 00:00:14,937 --> 00:00:17,577 Speaker 1: you subscribe to the podcast on the iHeart Radio app 3 00:00:17,857 --> 00:00:21,177 Speaker 1: or wherever you get your podcasts team. Welcome to the 4 00:00:21,177 --> 00:00:25,017 Speaker 1: Freedom Hut Thursday, July twenty eighth edition of the program. 5 00:00:25,577 --> 00:00:30,977 Speaker 1: We're in a recession. Not a surprise. GDP number came 6 00:00:31,017 --> 00:00:37,497 Speaker 1: out today, point nine percent negative GDP. Second quarter in 7 00:00:37,537 --> 00:00:40,217 Speaker 1: a row. Oh, I know there's some organization that in 8 00:00:40,297 --> 00:00:43,177 Speaker 1: six months will tell us if it's officially officially it's 9 00:00:43,177 --> 00:00:48,577 Speaker 1: a recession. Folks. The Biden recession is real. It is here. Meanwhile, 10 00:00:49,337 --> 00:00:53,937 Speaker 1: Democrat Joe Mansion of West Virginia decides to bail the 11 00:00:54,217 --> 00:00:57,777 Speaker 1: Democrats at the last minute with a massive spending and 12 00:00:58,057 --> 00:01:02,617 Speaker 1: tax splurge or tax and spend splurge. This is not 13 00:01:02,697 --> 00:01:06,257 Speaker 1: a surprise. Anybody who could stomach being called the Democrat 14 00:01:06,377 --> 00:01:11,177 Speaker 1: these days has to be slippery as Mansion is. We 15 00:01:11,177 --> 00:01:16,457 Speaker 1: will discuss what is in this and much more, my friends. 16 00:01:16,497 --> 00:01:20,217 Speaker 1: So it's it's a busy day here. Oh. The China situation, 17 00:01:20,737 --> 00:01:25,657 Speaker 1: Pelosi maybe going to Taiwan. China is very upset about this. 18 00:01:25,977 --> 00:01:27,897 Speaker 1: What's going to be done about it? Is you going 19 00:01:27,977 --> 00:01:31,577 Speaker 1: to go interesting stuff? To be sure? If you're if 20 00:01:31,617 --> 00:01:34,337 Speaker 1: you ever thought about being a real estate investor, listen up. 21 00:01:34,697 --> 00:01:35,977 Speaker 1: You got to do it the right way. You got 22 00:01:35,977 --> 00:01:38,057 Speaker 1: to know where to start, right. I didn't know where 23 00:01:38,057 --> 00:01:39,577 Speaker 1: to start until a few years ago. I met my 24 00:01:39,617 --> 00:01:42,057 Speaker 1: friends had done for your real estate. They found me 25 00:01:42,057 --> 00:01:45,137 Speaker 1: an amazing property, they helped me get it rented out 26 00:01:45,217 --> 00:01:47,737 Speaker 1: right away, and now I get free cash flow coming 27 00:01:47,737 --> 00:01:50,537 Speaker 1: to me each month. I've learned so much about the 28 00:01:50,577 --> 00:01:54,137 Speaker 1: whole process too. I understand why real estate is a 29 00:01:54,217 --> 00:01:58,017 Speaker 1: long term, stable growth investment if you do it the 30 00:01:58,097 --> 00:02:01,817 Speaker 1: right way. Great for your retirement too. Gonna done for 31 00:02:01,937 --> 00:02:04,697 Speaker 1: you Buck dot Com to see how this works. Again, 32 00:02:04,737 --> 00:02:08,857 Speaker 1: that's done for you, Buck dot Com. One more time. 33 00:02:09,257 --> 00:02:12,817 Speaker 1: Done for you Buck dot Com to begin your real 34 00:02:12,977 --> 00:02:19,817 Speaker 1: estate investment journey today. And now we have the FED 35 00:02:19,977 --> 00:02:24,337 Speaker 1: share Jerome Powell out there saying after we get the 36 00:02:24,817 --> 00:02:30,177 Speaker 1: negative GDP number for the second quarter. Here Jerome Powell 37 00:02:30,257 --> 00:02:33,617 Speaker 1: is saying, look, the Fed doesn't make judgments on these things. 38 00:02:33,657 --> 00:02:35,337 Speaker 1: The Fed doesn't make a judgment on that. You know, 39 00:02:35,337 --> 00:02:38,017 Speaker 1: we're focused on the dual mandate and using our tools 40 00:02:38,017 --> 00:02:41,057 Speaker 1: to achieve maxim employment and price stability. We don't we 41 00:02:41,097 --> 00:02:43,137 Speaker 1: don't say there is now a recession that kind of thing, 42 00:02:43,217 --> 00:02:44,937 Speaker 1: so that that wouldn't be something we do. What a 43 00:02:44,977 --> 00:02:48,017 Speaker 1: recession really is, it's a broad based declient across many 44 00:02:48,057 --> 00:02:51,457 Speaker 1: industries that you know that sustained for more than a 45 00:02:51,457 --> 00:02:53,177 Speaker 1: couple of months, and there are a bunch of specific 46 00:02:53,217 --> 00:02:55,817 Speaker 1: tests in it, and it just doesn't This doesn't seem 47 00:02:55,857 --> 00:02:58,577 Speaker 1: like that. Now, what we have right now doesn't seem 48 00:02:58,577 --> 00:03:01,017 Speaker 1: like that. And the real reason is that the labor 49 00:03:01,057 --> 00:03:04,297 Speaker 1: market is just sending such a signal of economic strength 50 00:03:05,337 --> 00:03:08,377 Speaker 1: that it makes you really question the GDP data. But again, 51 00:03:08,417 --> 00:03:11,217 Speaker 1: that's not a decision that we that we make, and 52 00:03:11,337 --> 00:03:13,017 Speaker 1: we won't. We won't reach a conclusion one way or 53 00:03:13,057 --> 00:03:15,577 Speaker 1: another one that no, this is not it's not my fault. 54 00:03:15,977 --> 00:03:18,297 Speaker 1: You know our aventure, I know what I'm doing. We've 55 00:03:18,297 --> 00:03:20,497 Speaker 1: done great things. Sure, or we knew inflation was coming, 56 00:03:20,497 --> 00:03:23,497 Speaker 1: Oh wait, no, we didn't. We knew a recession was coming. 57 00:03:23,497 --> 00:03:25,177 Speaker 1: Oh wait no, we didn't. Not Now we're just going 58 00:03:25,177 --> 00:03:28,977 Speaker 1: to it's not a recession. Stop believing your lying eyes 59 00:03:29,017 --> 00:03:32,897 Speaker 1: and ears they tell you things are better than you 60 00:03:32,937 --> 00:03:36,617 Speaker 1: think they are. That's quite a pitch going into the midterms. 61 00:03:36,617 --> 00:03:39,897 Speaker 1: Things are actually not better then you think they are 62 00:03:39,937 --> 00:03:43,817 Speaker 1: there real Brian Deese out there now, the bag Dad 63 00:03:43,977 --> 00:03:48,697 Speaker 1: Bob of economic theory, Bagdad Brian you could call him. 64 00:03:49,297 --> 00:03:52,057 Speaker 1: We don't want to devolve into the recession labeled debate, 65 00:03:52,137 --> 00:03:56,457 Speaker 1: but I do wonder do you eventually expect the NBR 66 00:03:56,577 --> 00:03:58,977 Speaker 1: to the player what we're in a recession or we're 67 00:03:59,017 --> 00:04:01,617 Speaker 1: certainly in a transition and we are seeing slowing as 68 00:04:01,697 --> 00:04:04,537 Speaker 1: we all would have expected. But I think if you 69 00:04:04,657 --> 00:04:07,257 Speaker 1: look at the full data and the type of data 70 00:04:07,337 --> 00:04:11,817 Speaker 1: that NDR looks at, virtually nothing signals that this period 71 00:04:11,857 --> 00:04:16,937 Speaker 1: in the second quarter is recessionary. Nothing signals except the 72 00:04:16,937 --> 00:04:19,097 Speaker 1: biggest thing that can signal that it's a recession, which 73 00:04:19,177 --> 00:04:23,897 Speaker 1: is GDP growth, which is negative for the second quarter. Yeah, folks, 74 00:04:23,937 --> 00:04:27,417 Speaker 1: this is what happens when you make the wrong decisions 75 00:04:27,417 --> 00:04:29,737 Speaker 1: at the macro level of the economy. This is not surprising. 76 00:04:29,737 --> 00:04:34,097 Speaker 1: They spend too much money, the COVID lockdown and print money. 77 00:04:34,337 --> 00:04:37,777 Speaker 1: Money machine goes b That was a bad idea, a 78 00:04:37,857 --> 00:04:41,457 Speaker 1: bad idea. It was the wrong thing to do, and 79 00:04:41,537 --> 00:04:46,457 Speaker 1: it was pushed by Fauci and the Libs. And we 80 00:04:46,537 --> 00:04:50,657 Speaker 1: need to understand that there is cause and effect here. 81 00:04:50,697 --> 00:04:53,937 Speaker 1: There is cause and effect. You can't just print money 82 00:04:53,977 --> 00:04:59,777 Speaker 1: without print money and lower your economic productivity while you're 83 00:04:59,817 --> 00:05:03,017 Speaker 1: printing more money or putting more money into circulation via 84 00:05:03,057 --> 00:05:05,777 Speaker 1: the banks, and then expect it all to be the same, 85 00:05:06,337 --> 00:05:08,617 Speaker 1: then everything's going to be just fine. In fact, it 86 00:05:08,737 --> 00:05:12,977 Speaker 1: is madness for them to consider it as such. So important, friends, 87 00:05:13,017 --> 00:05:18,017 Speaker 1: important that we see what is going on here. But ultimately, 88 00:05:18,057 --> 00:05:20,297 Speaker 1: to my democrats wanted to keep power and not wanting 89 00:05:20,337 --> 00:05:23,377 Speaker 1: to be held accountable for being so crappy at their jobs. 90 00:05:24,017 --> 00:05:26,417 Speaker 1: That pushes them more than anything else. Need you remember that? 91 00:05:26,457 --> 00:05:30,897 Speaker 1: But Joe Mansion, speaking of keeping jobs? People who was Virginia. 92 00:05:31,097 --> 00:05:33,817 Speaker 1: I don't know what you're doing voting for this Mansion guy. 93 00:05:33,977 --> 00:05:39,537 Speaker 1: I don't understand why you vote by over twenty points 94 00:05:39,537 --> 00:05:43,977 Speaker 1: for Trump as a state, But Joe Mansion is your guy. 95 00:05:44,057 --> 00:05:46,697 Speaker 1: West Virginia is a red state. Joe Mansion is your senator. 96 00:05:46,737 --> 00:05:48,657 Speaker 1: I know he's been there a long time, knows the game. 97 00:05:49,497 --> 00:05:52,577 Speaker 1: But I'll explain what he's doing here at the moment 98 00:05:52,657 --> 00:05:56,897 Speaker 1: when Democrats are just about to be in a political route, 99 00:05:57,697 --> 00:06:01,897 Speaker 1: he throws them a lifeline. Throws them a lifeline. Not good. 100 00:06:01,897 --> 00:06:04,337 Speaker 1: My friends will talk about it. If you're like me, 101 00:06:04,417 --> 00:06:06,897 Speaker 1: you're a big believer and you're right to bear arms. 102 00:06:06,937 --> 00:06:11,017 Speaker 1: Seventy two million Americans say they're firearm owners. In twenty one, 103 00:06:11,217 --> 00:06:14,577 Speaker 1: five million Americans got their first firearm. 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It's an 122 00:07:22,097 --> 00:07:26,577 Speaker 1: inflationary bill that they're calling anti inflationary. This is what 123 00:07:26,657 --> 00:07:30,737 Speaker 1: they've been reduced to when it comes to the delusions. Okay, 124 00:07:30,777 --> 00:07:33,177 Speaker 1: it is going to make the problems we have worse, 125 00:07:33,857 --> 00:07:37,017 Speaker 1: but it slashes around a whole lot of cash to 126 00:07:37,137 --> 00:07:39,137 Speaker 1: the people that some of the folks in the Democrat 127 00:07:39,177 --> 00:07:42,457 Speaker 1: Party want that cash to go to, and so that's 128 00:07:42,497 --> 00:07:47,657 Speaker 1: where we are. It's ridiculous. The bill would invest that 129 00:07:47,737 --> 00:07:50,937 Speaker 1: means spend invest is their nice word for spending taxpayer 130 00:07:50,937 --> 00:07:55,297 Speaker 1: dollars in energy climate programs over the next ten years. 131 00:07:55,857 --> 00:07:58,377 Speaker 1: And a three hundred and sixty nine billion dollars in 132 00:07:58,417 --> 00:08:01,817 Speaker 1: those programs. That's a lot of money even by federal 133 00:08:01,817 --> 00:08:04,337 Speaker 1: government trips. Three hundred sixty nine billion, you know, three 134 00:08:04,417 --> 00:08:06,457 Speaker 1: hundred billion or three hundred billion there really starts to 135 00:08:06,497 --> 00:08:09,337 Speaker 1: add up after a while, doesn't it. And three hundred 136 00:08:09,337 --> 00:08:13,217 Speaker 1: billion to reduce use the deficit. They say, oh, so 137 00:08:13,257 --> 00:08:15,057 Speaker 1: it's paid for. How is this going to be paid for. 138 00:08:15,137 --> 00:08:18,177 Speaker 1: This is what they're going to tell you. Oh, okay, 139 00:08:18,217 --> 00:08:21,377 Speaker 1: it's gonna be paid for by raising taxes on corporations. 140 00:08:21,417 --> 00:08:24,737 Speaker 1: What a surprise. Now there'll be a fifteen percent corporate 141 00:08:24,737 --> 00:08:27,177 Speaker 1: minimum tax, but there'll be some loopholes in that minimum 142 00:08:27,217 --> 00:08:29,577 Speaker 1: tax to help out the corporate buddies that Democrats like. 143 00:08:29,777 --> 00:08:37,297 Speaker 1: Of course, two hundred and eighty eight billion empowering Medica 144 00:08:37,417 --> 00:08:40,377 Speaker 1: to negotiate lower drug prices. That's one thing they say 145 00:08:40,377 --> 00:08:42,697 Speaker 1: they're going to get a lot of savings from. This 146 00:08:42,777 --> 00:08:45,217 Speaker 1: is the one that really should get your attention, though. 147 00:08:45,337 --> 00:08:50,697 Speaker 1: One hundred and twenty four billion dollars from stronger IRS enforcement. 148 00:08:51,777 --> 00:08:55,497 Speaker 1: You ready for your IRS examination. They're gonna put on 149 00:08:55,537 --> 00:08:57,737 Speaker 1: a rubber glove for it. It's not gonna be good, folks. 150 00:08:58,217 --> 00:09:01,257 Speaker 1: This is what they're doing to get all the cash. 151 00:09:01,297 --> 00:09:04,337 Speaker 1: They're gonna be turning you upside down, shaking out your pockets. 152 00:09:05,017 --> 00:09:07,417 Speaker 1: One hundred and twenty billion dollars the IRS is gonna 153 00:09:07,417 --> 00:09:10,537 Speaker 1: take from the American people by just uniting more people. 154 00:09:11,337 --> 00:09:12,857 Speaker 1: This is what Democrats did. By the way, they're not 155 00:09:12,857 --> 00:09:15,897 Speaker 1: going to get audited Democrat senators, right, No, of course not. 156 00:09:16,897 --> 00:09:19,217 Speaker 1: And the people that are Nancy Pelosi's not gonna get audited. 157 00:09:19,337 --> 00:09:23,577 Speaker 1: She's gonna engage in trading on an information advantage because 158 00:09:23,577 --> 00:09:29,217 Speaker 1: she's just rapaciously greedy, as is her husband. But they're 159 00:09:29,217 --> 00:09:31,817 Speaker 1: not going to get audited. You your business, you might 160 00:09:31,817 --> 00:09:35,897 Speaker 1: get audited. It though, too bad, not paying enough, not 161 00:09:36,017 --> 00:09:38,697 Speaker 1: working enough hours for the governments that I can spend 162 00:09:38,777 --> 00:09:47,097 Speaker 1: your money on welfare, Medicaid and Ukraine war. You know, 163 00:09:47,177 --> 00:09:49,177 Speaker 1: there's a lot of things that you look at. He say, 164 00:09:49,177 --> 00:09:52,537 Speaker 1: where's your money all going? What are the big drivers 165 00:09:52,657 --> 00:09:57,457 Speaker 1: of the debt and so much of it. We've effectively 166 00:09:57,497 --> 00:09:59,417 Speaker 1: got a trillion dollar welfare state in this country when 167 00:09:59,417 --> 00:10:01,097 Speaker 1: you add it all up. They don't like talk about that, 168 00:10:02,097 --> 00:10:04,417 Speaker 1: and I don't like to talk about it. So this 169 00:10:04,457 --> 00:10:07,457 Speaker 1: is where we are friends, Joe Mansion at the last minute, 170 00:10:08,177 --> 00:10:10,377 Speaker 1: and this is something else you should note abou at this. 171 00:10:11,257 --> 00:10:14,337 Speaker 1: The Senate Republicans said they would only pass the chip 172 00:10:14,377 --> 00:10:19,697 Speaker 1: bill if the other if the spending bill was gone, 173 00:10:19,857 --> 00:10:24,857 Speaker 1: like off the table within hours of the Senate Republicans 174 00:10:24,897 --> 00:10:29,577 Speaker 1: passing the CHIP subsidy, which you could argue, maybe that's 175 00:10:29,577 --> 00:10:31,857 Speaker 1: a good thing for the long haul for US national 176 00:10:31,897 --> 00:10:34,217 Speaker 1: security and competitiveness and chips. I mean that's the argument 177 00:10:34,257 --> 00:10:37,337 Speaker 1: they're making. But it's a lot of spending. It is 178 00:10:37,377 --> 00:10:41,217 Speaker 1: a little bit on the inflationary side. As soon as 179 00:10:41,217 --> 00:10:42,697 Speaker 1: they got that vote on what do you think? What 180 00:10:42,697 --> 00:10:45,337 Speaker 1: do you think Democrats did? Oh yeah, that understanding that 181 00:10:45,417 --> 00:10:48,577 Speaker 1: we had, that's really just more of a guideline. They 182 00:10:48,617 --> 00:10:51,137 Speaker 1: went back pressured Mansion. Mansion probably knew this is what 183 00:10:51,177 --> 00:10:53,497 Speaker 1: he's going to do all along. He got his cut 184 00:10:53,497 --> 00:10:56,017 Speaker 1: of the pie for his state. He's just gonna buy 185 00:10:56,057 --> 00:10:57,737 Speaker 1: off the people of West Virginia with some of the 186 00:10:57,777 --> 00:11:00,177 Speaker 1: slush fund that he's just approved. That's the whole game here, 187 00:11:01,977 --> 00:11:05,977 Speaker 1: and they make the problems worse. This is what democrats do. 188 00:11:06,017 --> 00:11:09,337 Speaker 1: Speaking of making the problems worse, Nancy Pelosi supposed to 189 00:11:09,377 --> 00:11:12,297 Speaker 1: go to Taiwan. This puts us in quite a situation. 190 00:11:12,737 --> 00:11:18,617 Speaker 1: There's been rumblings of China taking a military response to this. 191 00:11:19,697 --> 00:11:25,217 Speaker 1: I don't think that's a good idea. That would be provocative. 192 00:11:25,297 --> 00:11:28,337 Speaker 1: What does the military response mean? Does it just mean 193 00:11:28,377 --> 00:11:32,777 Speaker 1: they're going to fly planes over Taiwan's airspace again while 194 00:11:32,777 --> 00:11:36,377 Speaker 1: Pelosi's landing there, or people have said even more extreme measures. 195 00:11:36,657 --> 00:11:38,857 Speaker 1: The problem is that now the Pelosi has made this public, 196 00:11:38,897 --> 00:11:41,417 Speaker 1: if she backs down to China. It looks like China 197 00:11:41,457 --> 00:11:43,777 Speaker 1: calls the shots about US foreign policy with a third 198 00:11:43,857 --> 00:11:47,777 Speaker 1: in charge for the presidency, right third in line for 199 00:11:47,817 --> 00:11:51,817 Speaker 1: the presidency. So what do we do? China's economy is 200 00:11:51,817 --> 00:11:55,097 Speaker 1: a mess. They've handled COVID horribly. They just locked down 201 00:11:55,137 --> 00:11:58,617 Speaker 1: I think in Wuhan Province again because of some asymptomatic cases. 202 00:11:58,617 --> 00:12:02,057 Speaker 1: They've completely lost their minds over COVID. Over there the beginning, 203 00:12:02,057 --> 00:12:04,497 Speaker 1: Fouci's like they're doing it the right way. Yeah, if 204 00:12:04,497 --> 00:12:09,057 Speaker 1: you want to live in a gulag. Oh boy, Anyway, 205 00:12:09,377 --> 00:12:12,537 Speaker 1: what's gonna happen with China? I don't know. But do 206 00:12:12,577 --> 00:12:15,737 Speaker 1: you think there's been a better time for the ultra 207 00:12:15,897 --> 00:12:21,937 Speaker 1: nationalist commies to grab or I should say, the you know, 208 00:12:22,617 --> 00:12:27,617 Speaker 1: ultra commies to grab Taiwan and under Biden's watch. I 209 00:12:27,657 --> 00:12:30,777 Speaker 1: can't think of one. I'm soloed in the radio show, 210 00:12:30,777 --> 00:12:33,457 Speaker 1: so be sure to tune in. I got three hours, 211 00:12:33,657 --> 00:12:35,337 Speaker 1: so a lot of buck on the podcast of the 212 00:12:35,337 --> 00:12:38,217 Speaker 1: Clay and Buck Show. Today, Clay's playing golf out in Bedminster, 213 00:12:39,457 --> 00:12:41,457 Speaker 1: so check out the pot. I know this one's a 214 00:12:41,457 --> 00:12:44,057 Speaker 1: little short today, but the longer form podcast of the 215 00:12:44,057 --> 00:12:46,897 Speaker 1: Clay Travis and Bucks Exton Show, it's gonna have three 216 00:12:46,937 --> 00:12:50,777 Speaker 1: hours of Bucky talk to you, then Shield Tie