WEBVTT - Biden Goes Full Recession Denialism

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<v Speaker 1>You're listening to the Buck Sexton Show podcast, make sure

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<v Speaker 1>you subscribe to the podcast on the iHeart Radio app

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<v Speaker 1>or wherever you get your podcasts team. Welcome to the

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<v Speaker 1>Freedom Hut Thursday, July twenty eighth edition of the program.

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<v Speaker 1>We're in a recession. Not a surprise. GDP number came

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<v Speaker 1>out today, point nine percent negative GDP. Second quarter in

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<v Speaker 1>a row. Oh, I know there's some organization that in

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<v Speaker 1>six months will tell us if it's officially officially it's

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<v Speaker 1>a recession. Folks. The Biden recession is real. It is here. Meanwhile,

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<v Speaker 1>Democrat Joe Mansion of West Virginia decides to bail the

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<v Speaker 1>Democrats at the last minute with a massive spending and

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<v Speaker 1>tax splurge or tax and spend splurge. This is not

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<v Speaker 1>a surprise. Anybody who could stomach being called the Democrat

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<v Speaker 1>these days has to be slippery as Mansion is. We

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<v Speaker 1>will discuss what is in this and much more, my friends.

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<v Speaker 1>So it's it's a busy day here. Oh. The China situation,

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<v Speaker 1>Pelosi maybe going to Taiwan. China is very upset about this.

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<v Speaker 1>What's going to be done about it? Is you going

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<v Speaker 1>to go interesting stuff? To be sure? If you're if

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<v Speaker 1>you ever thought about being a real estate investor, listen up.

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<v Speaker 1>You got to do it the right way. You got

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<v Speaker 1>to know where to start, right. I didn't know where

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<v Speaker 1>to start until a few years ago. I met my

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<v Speaker 1>friends had done for your real estate. They found me

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<v Speaker 1>an amazing property, they helped me get it rented out

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<v Speaker 1>right away, and now I get free cash flow coming

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<v Speaker 1>to me each month. I've learned so much about the

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<v Speaker 1>whole process too. I understand why real estate is a

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<v Speaker 1>long term, stable growth investment if you do it the

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<v Speaker 1>right way. Great for your retirement too. Gonna done for

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<v Speaker 1>you Buck dot Com to see how this works. Again,

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<v Speaker 1>that's done for you, Buck dot Com. One more time.

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<v Speaker 1>Done for you Buck dot Com to begin your real

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<v Speaker 1>estate investment journey today. And now we have the FED

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<v Speaker 1>share Jerome Powell out there saying after we get the

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<v Speaker 1>negative GDP number for the second quarter. Here Jerome Powell

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<v Speaker 1>is saying, look, the Fed doesn't make judgments on these things.

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<v Speaker 1>The Fed doesn't make a judgment on that. You know,

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<v Speaker 1>we're focused on the dual mandate and using our tools

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<v Speaker 1>to achieve maxim employment and price stability. We don't we

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<v Speaker 1>don't say there is now a recession that kind of thing,

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<v Speaker 1>so that that wouldn't be something we do. What a

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<v Speaker 1>recession really is, it's a broad based declient across many

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<v Speaker 1>industries that you know that sustained for more than a

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<v Speaker 1>couple of months, and there are a bunch of specific

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<v Speaker 1>tests in it, and it just doesn't This doesn't seem

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<v Speaker 1>like that. Now, what we have right now doesn't seem

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<v Speaker 1>like that. And the real reason is that the labor

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<v Speaker 1>market is just sending such a signal of economic strength

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<v Speaker 1>that it makes you really question the GDP data. But again,

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<v Speaker 1>that's not a decision that we that we make, and

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<v Speaker 1>we won't. We won't reach a conclusion one way or

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<v Speaker 1>another one that no, this is not it's not my fault.

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<v Speaker 1>You know our aventure, I know what I'm doing. We've

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<v Speaker 1>done great things. Sure, or we knew inflation was coming,

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<v Speaker 1>Oh wait, no, we didn't. We knew a recession was coming.

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<v Speaker 1>Oh wait no, we didn't. Not Now we're just going

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<v Speaker 1>to it's not a recession. Stop believing your lying eyes

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<v Speaker 1>and ears they tell you things are better than you

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<v Speaker 1>think they are. That's quite a pitch going into the midterms.

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<v Speaker 1>Things are actually not better then you think they are

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<v Speaker 1>there real Brian Deese out there now, the bag Dad

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<v Speaker 1>Bob of economic theory, Bagdad Brian you could call him.

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<v Speaker 1>We don't want to devolve into the recession labeled debate,

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<v Speaker 1>but I do wonder do you eventually expect the NBR

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<v Speaker 1>to the player what we're in a recession or we're

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<v Speaker 1>certainly in a transition and we are seeing slowing as

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<v Speaker 1>we all would have expected. But I think if you

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<v Speaker 1>look at the full data and the type of data

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<v Speaker 1>that NDR looks at, virtually nothing signals that this period

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<v Speaker 1>in the second quarter is recessionary. Nothing signals except the

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<v Speaker 1>biggest thing that can signal that it's a recession, which

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<v Speaker 1>is GDP growth, which is negative for the second quarter. Yeah, folks,

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<v Speaker 1>this is what happens when you make the wrong decisions

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<v Speaker 1>at the macro level of the economy. This is not surprising.

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<v Speaker 1>They spend too much money, the COVID lockdown and print money.

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<v Speaker 1>Money machine goes b That was a bad idea, a

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<v Speaker 1>bad idea. It was the wrong thing to do, and

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<v Speaker 1>it was pushed by Fauci and the Libs. And we

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<v Speaker 1>need to understand that there is cause and effect here.

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<v Speaker 1>There is cause and effect. You can't just print money

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<v Speaker 1>without print money and lower your economic productivity while you're

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<v Speaker 1>printing more money or putting more money into circulation via

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<v Speaker 1>the banks, and then expect it all to be the same,

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<v Speaker 1>then everything's going to be just fine. In fact, it

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<v Speaker 1>is madness for them to consider it as such. So important, friends,

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<v Speaker 1>important that we see what is going on here. But ultimately,

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<v Speaker 1>to my democrats wanted to keep power and not wanting

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<v Speaker 1>to be held accountable for being so crappy at their jobs.

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<v Speaker 1>That pushes them more than anything else. Need you remember that?

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<v Speaker 1>But Joe Mansion, speaking of keeping jobs? People who was Virginia.

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<v Speaker 1>I don't know what you're doing voting for this Mansion guy.

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<v Speaker 1>I don't understand why you vote by over twenty points

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<v Speaker 1>for Trump as a state, But Joe Mansion is your guy.

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<v Speaker 1>West Virginia is a red state. Joe Mansion is your senator.

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<v Speaker 1>I know he's been there a long time, knows the game.

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<v Speaker 1>But I'll explain what he's doing here at the moment

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<v Speaker 1>when Democrats are just about to be in a political route,

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<v Speaker 1>he throws them a lifeline. Throws them a lifeline. Not good.

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<v Speaker 1>My friends will talk about it. If you're like me,

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<v Speaker 1>Oh boy, now we've got mansion deciding to step in

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<v Speaker 1>here and bail out the Libs. Senator Joe Manchin has

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<v Speaker 1>reached a deal with Chuck Schumer on a bill that

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<v Speaker 1>they say reduces the national debt investion energy. It's an

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<v Speaker 1>inflationary bill that they're calling anti inflationary. This is what

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<v Speaker 1>they've been reduced to when it comes to the delusions. Okay,

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<v Speaker 1>it is going to make the problems we have worse,

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<v Speaker 1>but it slashes around a whole lot of cash to

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<v Speaker 1>the people that some of the folks in the Democrat

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<v Speaker 1>Party want that cash to go to, and so that's

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<v Speaker 1>where we are. It's ridiculous. The bill would invest that

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<v Speaker 1>means spend invest is their nice word for spending taxpayer

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<v Speaker 1>dollars in energy climate programs over the next ten years.

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<v Speaker 1>And a three hundred and sixty nine billion dollars in

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<v Speaker 1>those programs. That's a lot of money even by federal

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<v Speaker 1>government trips. Three hundred sixty nine billion, you know, three

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<v Speaker 1>hundred billion or three hundred billion there really starts to

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<v Speaker 1>add up after a while, doesn't it. And three hundred

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<v Speaker 1>billion to reduce use the deficit. They say, oh, so

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<v Speaker 1>it's paid for. How is this going to be paid for.

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<v Speaker 1>This is what they're going to tell you. Oh, okay,

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<v Speaker 1>it's gonna be paid for by raising taxes on corporations.

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<v Speaker 1>What a surprise. Now there'll be a fifteen percent corporate

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<v Speaker 1>minimum tax, but there'll be some loopholes in that minimum

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<v Speaker 1>tax to help out the corporate buddies that Democrats like.

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<v Speaker 1>Of course, two hundred and eighty eight billion empowering Medica

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<v Speaker 1>to negotiate lower drug prices. That's one thing they say

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<v Speaker 1>they're going to get a lot of savings from. This

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<v Speaker 1>is the one that really should get your attention, though.

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<v Speaker 1>One hundred and twenty four billion dollars from stronger IRS enforcement.

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<v Speaker 1>You ready for your IRS examination. They're gonna put on

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<v Speaker 1>a rubber glove for it. It's not gonna be good, folks.

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<v Speaker 1>This is what they're doing to get all the cash.

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<v Speaker 1>They're gonna be turning you upside down, shaking out your pockets.

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<v Speaker 1>One hundred and twenty billion dollars the IRS is gonna

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<v Speaker 1>take from the American people by just uniting more people.

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<v Speaker 1>This is what Democrats did. By the way, they're not

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<v Speaker 1>going to get audited Democrat senators, right, No, of course not.

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<v Speaker 1>And the people that are Nancy Pelosi's not gonna get audited.

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<v Speaker 1>She's gonna engage in trading on an information advantage because

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<v Speaker 1>she's just rapaciously greedy, as is her husband. But they're

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<v Speaker 1>not going to get audited. You your business, you might

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<v Speaker 1>get audited. It though, too bad, not paying enough, not

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<v Speaker 1>working enough hours for the governments that I can spend

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<v Speaker 1>your money on welfare, Medicaid and Ukraine war. You know,

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<v Speaker 1>there's a lot of things that you look at. He say,

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<v Speaker 1>where's your money all going? What are the big drivers

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<v Speaker 1>of the debt and so much of it. We've effectively

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<v Speaker 1>got a trillion dollar welfare state in this country when

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<v Speaker 1>you add it all up. They don't like talk about that,

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<v Speaker 1>and I don't like to talk about it. So this

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<v Speaker 1>is where we are friends, Joe Mansion at the last minute,

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<v Speaker 1>and this is something else you should note abou at this.

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<v Speaker 1>The Senate Republicans said they would only pass the chip

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<v Speaker 1>bill if the other if the spending bill was gone,

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<v Speaker 1>like off the table within hours of the Senate Republicans

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<v Speaker 1>passing the CHIP subsidy, which you could argue, maybe that's

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<v Speaker 1>a good thing for the long haul for US national

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<v Speaker 1>security and competitiveness and chips. I mean that's the argument

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<v Speaker 1>they're making. But it's a lot of spending. It is

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<v Speaker 1>a little bit on the inflationary side. As soon as

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<v Speaker 1>they got that vote on what do you think? What

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<v Speaker 1>do you think Democrats did? Oh yeah, that understanding that

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<v Speaker 1>we had, that's really just more of a guideline. They

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<v Speaker 1>went back pressured Mansion. Mansion probably knew this is what

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<v Speaker 1>he's going to do all along. He got his cut

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<v Speaker 1>of the pie for his state. He's just gonna buy

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<v Speaker 1>off the people of West Virginia with some of the

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<v Speaker 1>slush fund that he's just approved. That's the whole game here,

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<v Speaker 1>and they make the problems worse. This is what democrats do.

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<v Speaker 1>Speaking of making the problems worse, Nancy Pelosi supposed to

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<v Speaker 1>go to Taiwan. This puts us in quite a situation.

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<v Speaker 1>There's been rumblings of China taking a military response to this.

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<v Speaker 1>I don't think that's a good idea. That would be provocative.

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<v Speaker 1>What does the military response mean? Does it just mean

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<v Speaker 1>they're going to fly planes over Taiwan's airspace again while

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<v Speaker 1>Pelosi's landing there, or people have said even more extreme measures.

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<v Speaker 1>The problem is that now the Pelosi has made this public,

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<v Speaker 1>if she backs down to China. It looks like China

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<v Speaker 1>calls the shots about US foreign policy with a third

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<v Speaker 1>in charge for the presidency, right third in line for

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<v Speaker 1>the presidency. So what do we do? China's economy is

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<v Speaker 1>a mess. They've handled COVID horribly. They just locked down

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<v Speaker 1>I think in Wuhan Province again because of some asymptomatic cases.

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<v Speaker 1>They've completely lost their minds over COVID. Over there the beginning,

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<v Speaker 1>Fouci's like they're doing it the right way. Yeah, if

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<v Speaker 1>you want to live in a gulag. Oh boy, Anyway,

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<v Speaker 1>what's gonna happen with China? I don't know. But do

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<v Speaker 1>you think there's been a better time for the ultra

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<v Speaker 1>nationalist commies to grab or I should say, the you know,

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<v Speaker 1>ultra commies to grab Taiwan and under Biden's watch. I

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<v Speaker 1>can't think of one. I'm soloed in the radio show,

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<v Speaker 1>so be sure to tune in. I got three hours,

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<v Speaker 1>so a lot of buck on the podcast of the

0:12:35.337 --> 0:12:38.217
<v Speaker 1>Clay and Buck Show. Today, Clay's playing golf out in Bedminster,

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<v Speaker 1>so check out the pot. I know this one's a

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<v Speaker 1>little short today, but the longer form podcast of the

0:12:44.057 --> 0:12:46.897
<v Speaker 1>Clay Travis and Bucks Exton Show, it's gonna have three

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<v Speaker 1>hours of Bucky talk to you, then Shield Tie