Speaker 1: You're listening to the Buck Sexton Show podcast, make sure
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Speaker 1: or wherever you get your podcasts team. Welcome to the
Speaker 1: Freedom Hut Thursday, July twenty eighth edition of the program.
Speaker 1: We're in a recession. Not a surprise. GDP number came
Speaker 1: out today, point nine percent negative GDP. Second quarter in
Speaker 1: a row. Oh, I know there's some organization that in
Speaker 1: six months will tell us if it's officially officially it's
Speaker 1: a recession. Folks. The Biden recession is real. It is here. Meanwhile,
Speaker 1: Democrat Joe Mansion of West Virginia decides to bail the
Speaker 1: Democrats at the last minute with a massive spending and
Speaker 1: tax splurge or tax and spend splurge. This is not
Speaker 1: a surprise. Anybody who could stomach being called the Democrat
Speaker 1: these days has to be slippery as Mansion is. We
Speaker 1: will discuss what is in this and much more, my friends.
Speaker 1: So it's it's a busy day here. Oh. The China situation,
Speaker 1: Pelosi maybe going to Taiwan. China is very upset about this.
Speaker 1: What's going to be done about it? Is you going
Speaker 1: to go interesting stuff? To be sure? If you're if
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Speaker 1: estate investment journey today. And now we have the FED
Speaker 1: share Jerome Powell out there saying after we get the
Speaker 1: negative GDP number for the second quarter. Here Jerome Powell
Speaker 1: is saying, look, the Fed doesn't make judgments on these things.
Speaker 1: The Fed doesn't make a judgment on that. You know,
Speaker 1: we're focused on the dual mandate and using our tools
Speaker 1: to achieve maxim employment and price stability. We don't we
Speaker 1: don't say there is now a recession that kind of thing,
Speaker 1: so that that wouldn't be something we do. What a
Speaker 1: recession really is, it's a broad based declient across many
Speaker 1: industries that you know that sustained for more than a
Speaker 1: couple of months, and there are a bunch of specific
Speaker 1: tests in it, and it just doesn't This doesn't seem
Speaker 1: like that. Now, what we have right now doesn't seem
Speaker 1: like that. And the real reason is that the labor
Speaker 1: market is just sending such a signal of economic strength
Speaker 1: that it makes you really question the GDP data. But again,
Speaker 1: that's not a decision that we that we make, and
Speaker 1: we won't. We won't reach a conclusion one way or
Speaker 1: another one that no, this is not it's not my fault.
Speaker 1: You know our aventure, I know what I'm doing. We've
Speaker 1: done great things. Sure, or we knew inflation was coming,
Speaker 1: Oh wait, no, we didn't. We knew a recession was coming.
Speaker 1: Oh wait no, we didn't. Not Now we're just going
Speaker 1: to it's not a recession. Stop believing your lying eyes
Speaker 1: and ears they tell you things are better than you
Speaker 1: think they are. That's quite a pitch going into the midterms.
Speaker 1: Things are actually not better then you think they are
Speaker 1: there real Brian Deese out there now, the bag Dad
Speaker 1: Bob of economic theory, Bagdad Brian you could call him.
Speaker 1: We don't want to devolve into the recession labeled debate,
Speaker 1: but I do wonder do you eventually expect the NBR
Speaker 1: to the player what we're in a recession or we're
Speaker 1: certainly in a transition and we are seeing slowing as
Speaker 1: we all would have expected. But I think if you
Speaker 1: look at the full data and the type of data
Speaker 1: that NDR looks at, virtually nothing signals that this period
Speaker 1: in the second quarter is recessionary. Nothing signals except the
Speaker 1: biggest thing that can signal that it's a recession, which
Speaker 1: is GDP growth, which is negative for the second quarter. Yeah, folks,
Speaker 1: this is what happens when you make the wrong decisions
Speaker 1: at the macro level of the economy. This is not surprising.
Speaker 1: They spend too much money, the COVID lockdown and print money.
Speaker 1: Money machine goes b That was a bad idea, a
Speaker 1: bad idea. It was the wrong thing to do, and
Speaker 1: it was pushed by Fauci and the Libs. And we
Speaker 1: need to understand that there is cause and effect here.
Speaker 1: There is cause and effect. You can't just print money
Speaker 1: without print money and lower your economic productivity while you're
Speaker 1: printing more money or putting more money into circulation via
Speaker 1: the banks, and then expect it all to be the same,
Speaker 1: then everything's going to be just fine. In fact, it
Speaker 1: is madness for them to consider it as such. So important, friends,
Speaker 1: important that we see what is going on here. But ultimately,
Speaker 1: to my democrats wanted to keep power and not wanting
Speaker 1: to be held accountable for being so crappy at their jobs.
Speaker 1: That pushes them more than anything else. Need you remember that?
Speaker 1: But Joe Mansion, speaking of keeping jobs? People who was Virginia.
Speaker 1: I don't know what you're doing voting for this Mansion guy.
Speaker 1: I don't understand why you vote by over twenty points
Speaker 1: for Trump as a state, But Joe Mansion is your guy.
Speaker 1: West Virginia is a red state. Joe Mansion is your senator.
Speaker 1: I know he's been there a long time, knows the game.
Speaker 1: But I'll explain what he's doing here at the moment
Speaker 1: when Democrats are just about to be in a political route,
Speaker 1: he throws them a lifeline. Throws them a lifeline. Not good.
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Speaker 1: Oh boy, now we've got mansion deciding to step in
Speaker 1: here and bail out the Libs. Senator Joe Manchin has
Speaker 1: reached a deal with Chuck Schumer on a bill that
Speaker 1: they say reduces the national debt investion energy. It's an
Speaker 1: inflationary bill that they're calling anti inflationary. This is what
Speaker 1: they've been reduced to when it comes to the delusions. Okay,
Speaker 1: it is going to make the problems we have worse,
Speaker 1: but it slashes around a whole lot of cash to
Speaker 1: the people that some of the folks in the Democrat
Speaker 1: Party want that cash to go to, and so that's
Speaker 1: where we are. It's ridiculous. The bill would invest that
Speaker 1: means spend invest is their nice word for spending taxpayer
Speaker 1: dollars in energy climate programs over the next ten years.
Speaker 1: And a three hundred and sixty nine billion dollars in
Speaker 1: those programs. That's a lot of money even by federal
Speaker 1: government trips. Three hundred sixty nine billion, you know, three
Speaker 1: hundred billion or three hundred billion there really starts to
Speaker 1: add up after a while, doesn't it. And three hundred
Speaker 1: billion to reduce use the deficit. They say, oh, so
Speaker 1: it's paid for. How is this going to be paid for.
Speaker 1: This is what they're going to tell you. Oh, okay,
Speaker 1: it's gonna be paid for by raising taxes on corporations.
Speaker 1: What a surprise. Now there'll be a fifteen percent corporate
Speaker 1: minimum tax, but there'll be some loopholes in that minimum
Speaker 1: tax to help out the corporate buddies that Democrats like.
Speaker 1: Of course, two hundred and eighty eight billion empowering Medica
Speaker 1: to negotiate lower drug prices. That's one thing they say
Speaker 1: they're going to get a lot of savings from. This
Speaker 1: is the one that really should get your attention, though.
Speaker 1: One hundred and twenty four billion dollars from stronger IRS enforcement.
Speaker 1: You ready for your IRS examination. They're gonna put on
Speaker 1: a rubber glove for it. It's not gonna be good, folks.
Speaker 1: This is what they're doing to get all the cash.
Speaker 1: They're gonna be turning you upside down, shaking out your pockets.
Speaker 1: One hundred and twenty billion dollars the IRS is gonna
Speaker 1: take from the American people by just uniting more people.
Speaker 1: This is what Democrats did. By the way, they're not
Speaker 1: going to get audited Democrat senators, right, No, of course not.
Speaker 1: And the people that are Nancy Pelosi's not gonna get audited.
Speaker 1: She's gonna engage in trading on an information advantage because
Speaker 1: she's just rapaciously greedy, as is her husband. But they're
Speaker 1: not going to get audited. You your business, you might
Speaker 1: get audited. It though, too bad, not paying enough, not
Speaker 1: working enough hours for the governments that I can spend
Speaker 1: your money on welfare, Medicaid and Ukraine war. You know,
Speaker 1: there's a lot of things that you look at. He say,
Speaker 1: where's your money all going? What are the big drivers
Speaker 1: of the debt and so much of it. We've effectively
Speaker 1: got a trillion dollar welfare state in this country when
Speaker 1: you add it all up. They don't like talk about that,
Speaker 1: and I don't like to talk about it. So this
Speaker 1: is where we are friends, Joe Mansion at the last minute,
Speaker 1: and this is something else you should note abou at this.
Speaker 1: The Senate Republicans said they would only pass the chip
Speaker 1: bill if the other if the spending bill was gone,
Speaker 1: like off the table within hours of the Senate Republicans
Speaker 1: passing the CHIP subsidy, which you could argue, maybe that's
Speaker 1: a good thing for the long haul for US national
Speaker 1: security and competitiveness and chips. I mean that's the argument
Speaker 1: they're making. But it's a lot of spending. It is
Speaker 1: a little bit on the inflationary side. As soon as
Speaker 1: they got that vote on what do you think? What
Speaker 1: do you think Democrats did? Oh yeah, that understanding that
Speaker 1: we had, that's really just more of a guideline. They
Speaker 1: went back pressured Mansion. Mansion probably knew this is what
Speaker 1: he's going to do all along. He got his cut
Speaker 1: of the pie for his state. He's just gonna buy
Speaker 1: off the people of West Virginia with some of the
Speaker 1: slush fund that he's just approved. That's the whole game here,
Speaker 1: and they make the problems worse. This is what democrats do.
Speaker 1: Speaking of making the problems worse, Nancy Pelosi supposed to
Speaker 1: go to Taiwan. This puts us in quite a situation.
Speaker 1: There's been rumblings of China taking a military response to this.
Speaker 1: I don't think that's a good idea. That would be provocative.
Speaker 1: What does the military response mean? Does it just mean
Speaker 1: they're going to fly planes over Taiwan's airspace again while
Speaker 1: Pelosi's landing there, or people have said even more extreme measures.
Speaker 1: The problem is that now the Pelosi has made this public,
Speaker 1: if she backs down to China. It looks like China
Speaker 1: calls the shots about US foreign policy with a third
Speaker 1: in charge for the presidency, right third in line for
Speaker 1: the presidency. So what do we do? China's economy is
Speaker 1: a mess. They've handled COVID horribly. They just locked down
Speaker 1: I think in Wuhan Province again because of some asymptomatic cases.
Speaker 1: They've completely lost their minds over COVID. Over there the beginning,
Speaker 1: Fouci's like they're doing it the right way. Yeah, if
Speaker 1: you want to live in a gulag. Oh boy, Anyway,
Speaker 1: what's gonna happen with China? I don't know. But do
Speaker 1: you think there's been a better time for the ultra
Speaker 1: nationalist commies to grab or I should say, the you know,
Speaker 1: ultra commies to grab Taiwan and under Biden's watch. I
Speaker 1: can't think of one. I'm soloed in the radio show,
Speaker 1: so be sure to tune in. I got three hours,
Speaker 1: so a lot of buck on the podcast of the
Speaker 1: Clay and Buck Show. Today, Clay's playing golf out in Bedminster,
Speaker 1: so check out the pot. I know this one's a
Speaker 1: little short today, but the longer form podcast of the
Speaker 1: Clay Travis and Bucks Exton Show, it's gonna have three
Speaker 1: hours of Bucky talk to you, then Shield Tie