WEBVTT - Mmmmm... Fiscal Pie 0:00:01.880 --> 0:00:06.160 Broadcasting live from the Abraham Lincoln Radio Studio, the George 0:00:06.200 --> 0:00:10.760 Washington Broadcast Center, Jack Armstrong and Joe Getty arm Strong 0:00:10.800 --> 0:00:17.280 and Getty and he Armstrong and Getty. 0:00:24.200 --> 0:00:26.680 President Trump out of sight as his words sent the 0:00:26.720 --> 0:00:30.040 stock market into free fall, Wall Street suffering its worst 0:00:30.120 --> 0:00:33.040 day of the year, the Dow closing nearly nine hundred 0:00:33.080 --> 0:00:36.199 points down after the President refused to rule out that 0:00:36.240 --> 0:00:38.520 the US could be heading into a recession. 0:00:40.000 --> 0:00:44.400 Uh yeah, a lot of negative headlines about Wall Street yesterday. 0:00:44.400 --> 0:00:50.040 I'm always interested in that. In that a lot, a lot, 0:00:50.159 --> 0:00:53.320 a lot of Americans aren't in the stock market, and 0:00:53.760 --> 0:00:57.200 it's I'd like to know what percentage of the audience 0:00:57.240 --> 0:01:00.880 that watches mainstream evening news is in the stock other? 0:01:01.160 --> 0:01:04.520 Are you including four one ks in that m Maybe 0:01:04.560 --> 0:01:08.120 maybe not. I don't know investment, but certainly the average 0:01:08.120 --> 0:01:10.520 person watching the evening news is not into the daily 0:01:10.600 --> 0:01:13.000 ups and downs of the stock market. True, they're in 0:01:13.040 --> 0:01:20.440 the the long you know, the long game, and and 0:01:20.440 --> 0:01:25.759 and very little context ever around any of this stuff anytime. 0:01:25.760 --> 0:01:28.600 And I'm not just like now just always there's almost 0:01:28.680 --> 0:01:34.840 no context. Biggest point drop whatever. Sometimes they use points 0:01:34.920 --> 0:01:38.240 because it's more dramatic sometimes these percentage whatever and they 0:01:38.280 --> 0:01:41.679 go back and forth and it's all very it's it's 0:01:41.720 --> 0:01:44.080 it's designed to make it sound as great or as 0:01:44.120 --> 0:01:46.440 awful as possible, to make it more exciting. But anyway, 0:01:46.600 --> 0:01:49.320 New York christ and known this has been a big 0:01:49.440 --> 0:01:51.960 down for the last week and a half or whatever 0:01:52.160 --> 0:01:53.960 since the Tarif announce But no doubt about that. New 0:01:54.040 --> 0:01:58.160 York Post headline today, buckle up NASGA, DAX suffers biggest 0:01:58.160 --> 0:02:01.560 loss in three years. Dow falls eight after Trump recession 0:02:01.640 --> 0:02:05.440 dodge after Trump didn't absolutely just flat out say no 0:02:05.560 --> 0:02:08.840 to the recession question. It's amazing how much news that 0:02:09.040 --> 0:02:11.760 made that one answer. And he knew that, Like I 0:02:11.800 --> 0:02:15.960 said yesterday, he's aware of that, and he doubled down 0:02:16.000 --> 0:02:19.600 on air Force one essentially. Oh, the significance of it 0:02:19.639 --> 0:02:22.680 is he didn't say we will do everything we need 0:02:22.720 --> 0:02:26.000 to to avoid a recession. That's why that's significant, right, 0:02:26.120 --> 0:02:27.760 which gets to what we were saying last hour. I 0:02:27.840 --> 0:02:29.679 wish he would give some sort of speech where he 0:02:29.720 --> 0:02:33.000 explains what his long game end is and why I 0:02:33.000 --> 0:02:35.400 think he can get more people on board or calmed down. 0:02:36.160 --> 0:02:39.560 I think that is so obviously a great idea it 0:02:39.639 --> 0:02:43.880 is shocking to me. It hasn't happened yet. Drudge hates Trump, 0:02:44.000 --> 0:02:48.400 but his headlines economy cracks, stocks lose four trillion dollars. 0:02:48.560 --> 0:02:50.680 Oh that That's one of the things about the news reporting. 0:02:50.720 --> 0:02:53.840 I feel like it's for people who don't understand that 0:02:53.840 --> 0:02:57.240 that money didn't actually disappear, never to come back. It's 0:02:57.520 --> 0:02:59.960 the stock is down and yet adds up to four trilli. 0:03:00.200 --> 0:03:03.440 But unless you sold yesterday, you didn't actually lose the money, 0:03:03.480 --> 0:03:05.200 and it could be back up in two weeks and 0:03:05.320 --> 0:03:08.320 nothing happened. I mean, well, and you quote unquote lost 0:03:08.320 --> 0:03:10.480 the money from if you would have sold it three 0:03:10.520 --> 0:03:13.280 weeks ago. So it's all, yeah, imaginary, it's not even 0:03:13.320 --> 0:03:15.919 on paper. It's in the ether. Any who. So, getting 0:03:15.919 --> 0:03:18.440 to Mark Alprin's newsletter today, I think he is a 0:03:18.440 --> 0:03:20.480 fair arbiter of these sorts of things. He and he 0:03:20.520 --> 0:03:23.639 gets a lot of h He has a lot of 0:03:23.639 --> 0:03:28.480 connections in left and right, Republican and Democrat. He wrote 0:03:28.520 --> 0:03:32.880 this Monday when job boning by all Trump economic advisors 0:03:32.919 --> 0:03:35.800 could not stop a market selloff or deter business leaders, 0:03:35.880 --> 0:03:40.640 economic analysts, analysts, Paul's and Trump supporters from calling, texting, 0:03:40.680 --> 0:03:43.600 and emailing me to say the sky is falling, and 0:03:43.640 --> 0:03:47.360 it is in their collective you explicitly and unambiguously Trump's fault. 0:03:48.040 --> 0:03:51.280 In my career, I don't recall anything quite like Monday 0:03:51.360 --> 0:03:54.600 as whoosh, Team Trump lost the confidence of a bunch 0:03:54.640 --> 0:03:57.960 of key actors in one fell swoop. Thought that was 0:03:58.000 --> 0:04:00.280 interesting that behind the scenes, a lot of people that 0:04:00.360 --> 0:04:03.720 normally really really big on Trump, we're calling Mark Apperton 0:04:03.720 --> 0:04:08.480 and saying, what the hell is he doing? The business world, 0:04:08.560 --> 0:04:12.200 the American business world, was absolutely confident that Trump would 0:04:12.240 --> 0:04:16.360 slash regulations and make permanent tax cuts and that would 0:04:16.400 --> 0:04:20.640 be his main thrust. This whole call it protectionism, you know, 0:04:21.360 --> 0:04:24.400 seeking a new global norm for trade, whatever you want 0:04:24.400 --> 0:04:27.080 to call it, is surprising to them and it's led 0:04:27.080 --> 0:04:31.760 to a great deal of uncertainty. Business hates uncertainty, right. 0:04:31.880 --> 0:04:33.159 And then got to get to what I was talking 0:04:33.160 --> 0:04:36.960 about yesterday, which I fully fully believe. I mean, don't 0:04:37.520 --> 0:04:39.880 feel like the Wall Street journal crowd has your best 0:04:39.880 --> 0:04:42.479 interest in mind. They have the best interest of like, 0:04:42.560 --> 0:04:45.800 what's gonna make the Dow close higher today for a 0:04:45.839 --> 0:04:48.159 lot of the crowd who actually does day trade, or 0:04:48.200 --> 0:04:51.640 certainly this quarter, not what's best for America long term. 0:04:51.680 --> 0:04:54.880 And you know, fortunately or unfortunately, I guess Anne Ryan 0:04:54.960 --> 0:04:57.040 would say that's the way it's supposed to work. You know, 0:04:57.080 --> 0:04:59.360 they're looking out for themselves. That's what drives the whole thing. 0:04:59.800 --> 0:05:02.839 But yeah, I would say as a guy who reads 0:05:03.080 --> 0:05:06.719 practically cover to cover the journal every single day, they 0:05:06.720 --> 0:05:12.479 have a wide range of opinions and writers there. Not 0:05:12.600 --> 0:05:15.279 all of them are merely chasing quarterly profits. But I 0:05:15.320 --> 0:05:20.520 wanted to get to this and I didn't know this. 0:05:20.760 --> 0:05:22.600 So Mark Alpernan has a bunch of links to a 0:05:22.640 --> 0:05:26.560 whole bunch of different newspaper articles talking about the how 0:05:26.600 --> 0:05:29.599 much damage has been done, whether it's temporary, long term, 0:05:29.640 --> 0:05:32.240 blah blah blah. Than this team Trump came in with 0:05:32.320 --> 0:05:34.400 the theory of the case that they could rebalance the 0:05:34.440 --> 0:05:38.320 economy by shifting economic activity back to the private sector 0:05:38.640 --> 0:05:41.160 from the public sector. It's part of the whole doge 0:05:41.200 --> 0:05:45.080 thing and tariffs together. Trump advisors have said they think 0:05:45.120 --> 0:05:48.880 the government is now twenty five percent of the economy. 0:05:49.560 --> 0:05:53.839 Mark Awprin said, in reality, it's way higher, maybe closer 0:05:53.839 --> 0:05:59.360 to fifty percent. Wow, what fifty percent of the economy 0:05:59.440 --> 0:06:02.760 is the gouver with Medicare and Medicaid. No one wants 0:06:02.760 --> 0:06:04.839 to admit it, but to a large extent, the US 0:06:04.920 --> 0:06:08.880 economy has really just become the US government spending in transfers. 0:06:09.640 --> 0:06:11.479 This is evidenced by the fact that we've been running 0:06:11.520 --> 0:06:14.920 huge fiscal deficits during strong economic times. And the new 0:06:15.200 --> 0:06:18.240 Treasury Secretary is proposed fixing this by cutting government spending 0:06:18.240 --> 0:06:21.480 with musk combined with tariffs to rebounce trade, to rebuild 0:06:21.520 --> 0:06:24.960 American manufacturing, but to bring it home. He gets into, 0:06:25.480 --> 0:06:28.200 we live in a wah blah blah blah blah blah. 0:06:28.720 --> 0:06:32.640 The top ten percent. Studies have shown there's a very 0:06:32.680 --> 0:06:37.960 high correlation between their propensity to spend, with spending being 0:06:38.120 --> 0:06:40.520 you know, two thirds of our economies people going out 0:06:40.520 --> 0:06:46.240 and spending money, and where the stock prices are. For 0:06:46.360 --> 0:06:49.880 whatever reason, when the top ten percent are feeling wealthy, 0:06:50.279 --> 0:06:53.960 they buy stuff. But if they're not feeling wealthy, they don't. 0:06:54.800 --> 0:06:57.720 And this especially is true now, and this could get 0:06:57.800 --> 0:07:04.799 us into a real doom loop of uh tariffs, negative feelings, 0:07:04.800 --> 0:07:07.679 stock market going down, people pulling back, et cetera, et cetera, 0:07:08.000 --> 0:07:10.760 cutting the government, which is half the economy. You see, 0:07:10.760 --> 0:07:13.720 there's the spiral. If Doge is laying off people and 0:07:13.760 --> 0:07:15.880 cutting the government and it's fifty percent of the economy, 0:07:15.920 --> 0:07:18.680 that automatically is going to drop the economy, which makes 0:07:18.680 --> 0:07:21.800 the rich ten percent spend less, which drops the economy. 0:07:21.840 --> 0:07:23.200 And it's just that, you see, it's a cycle that 0:07:23.240 --> 0:07:27.120 could catch on. Yeah. My only objection to that theory 0:07:27.360 --> 0:07:30.240 or a question I have about it, is that what 0:07:30.360 --> 0:07:36.120 Doge is doing is nibbling around the edges of the 0:07:36.160 --> 0:07:40.640 actual fiscal pie. Sure, I don't appreciate it because I 0:07:40.720 --> 0:07:44.600 like the edges of the pie. Oh fiscal pie debitious. 0:07:45.320 --> 0:07:48.280 And it's funny because you have conservatives saying they're they're 0:07:48.320 --> 0:07:51.160 they're not attacking entitlements and that's most of the budget 0:07:51.200 --> 0:07:54.200 blah blah blah blah blah. But at the same time 0:07:54.240 --> 0:07:56.559 it might cause a doom loop. I just I don't 0:07:56.640 --> 0:08:02.000 I don't know. Nobody ever knows on any of this stuff. 0:08:02.000 --> 0:08:06.240 As we've said for years, because if you were the 0:08:06.320 --> 0:08:08.560 old thing, if you ask you know, ten economists, you'll 0:08:08.560 --> 0:08:13.440 get eleven opinions. Or there's only two people that understand 0:08:14.680 --> 0:08:18.360 the global economy and they don't agree, you know, any 0:08:18.400 --> 0:08:20.600 of those sayings. And but you know, if you could 0:08:20.640 --> 0:08:22.920 predict this stuff, well, you'd be the richest person on 0:08:22.960 --> 0:08:26.960 planet Earth, you know, immediately, so that you know, there's 0:08:27.000 --> 0:08:29.040 a lot of moving pieces and theory and everything like that. 0:08:29.120 --> 0:08:33.200 But I do find that very troubling. Yeah, all of 0:08:33.200 --> 0:08:36.360 it's troubling. I find myself imagining if Trump were to 0:08:36.480 --> 0:08:40.440 craft the sort of message you've suggested, explaining exactly what 0:08:40.520 --> 0:08:43.920 his goals are, why it's going to be worth enduring 0:08:43.920 --> 0:08:46.439 a bit of pain or upheaval for a while, be 0:08:46.600 --> 0:08:49.079 it two years or more likely five or ten or 0:08:49.080 --> 0:08:54.800 fifteen or twenty years, because that would get the popular support. 0:08:54.840 --> 0:08:59.080 Doing something difficult would require, because there's one thing democracies 0:08:59.120 --> 0:09:03.080 are terrible at. That's doing what is difficult. Like in 0:09:03.120 --> 0:09:05.640 your family, you could say, hey, we are going to 0:09:05.720 --> 0:09:10.000 severely restrict spending for this year to get a down 0:09:10.040 --> 0:09:13.280 payment together to buy the house or make the investment 0:09:13.360 --> 0:09:16.040 or open the business we've long dreamed of. People You're 0:09:16.080 --> 0:09:17.600 on the wall of a house with a pool and 0:09:17.600 --> 0:09:19.960 say this is why we're doing it. Yeah. You know, 0:09:20.040 --> 0:09:22.320 I've always been a fan of the like the thermometer 0:09:22.440 --> 0:09:25.840 thing where you actually track your savings, because it gives 0:09:25.880 --> 0:09:27.920 you enthusiasm for it. Judy and I used to do 0:09:27.960 --> 0:09:31.319 that when we were young. Anyway, as a family, you 0:09:31.360 --> 0:09:35.240 can do that. But democracies are famously horrible at saying 0:09:35.280 --> 0:09:37.240 all right, we're all going to endure some pain for 0:09:37.280 --> 0:09:40.240 a while an austerity plan. It happens. I don't think 0:09:40.559 --> 0:09:42.200 it's hard to get going. I don't think we're grown 0:09:42.280 --> 0:09:45.280 up enough for this. I think we're too used to 0:09:45.760 --> 0:09:49.640 easy sale in smooth saleing. But even if Trump were 0:09:49.679 --> 0:09:53.160 to do that, though, Wall Street would probably freak out 0:09:53.200 --> 0:09:56.520 for a while, and then people would see it, would 0:09:56.600 --> 0:09:59.719 check their four to one k's and freak out. And 0:10:00.960 --> 0:10:04.000 I just I don't know if we have the right 0:10:04.080 --> 0:10:10.880 stuff to institute what Trump's talking about before it's a 0:10:10.920 --> 0:10:14.680 horrible emergency. Well, imagine if Trump or somebody representing Trump 0:10:14.880 --> 0:10:17.400 came out and gave a speech says, look, half the 0:10:17.440 --> 0:10:19.720 economy is the government. Do you know that half the 0:10:19.760 --> 0:10:23.000 economy's the government? And that can't be that's not sustainable. 0:10:23.120 --> 0:10:25.120 And our debt is this, and our deficit is this, 0:10:25.240 --> 0:10:28.760 and you know our payments are this, and blah blah blah. 0:10:28.840 --> 0:10:31.839 And if that wasn't go ahead, sorry there's more. No, 0:10:31.920 --> 0:10:34.120 that's fine. I was gonna say, and if if that 0:10:34.240 --> 0:10:37.160 wasn't bad enough, folks, here's the chunk of the economy 0:10:37.320 --> 0:10:41.280 that would collapse and you would starve if China decides 0:10:41.320 --> 0:10:44.360 to jump ugly. So A, we got to reign in 0:10:44.400 --> 0:10:47.280 the government. B we've got to wean ourselves from being 0:10:47.440 --> 0:10:52.320 China junkies. Their economic heroin is they're gonna pull it 0:10:52.360 --> 0:10:54.400 back on us and we're gonna be on our hands 0:10:54.400 --> 0:10:57.160 and knees and our economy is gonna be puking and 0:10:57.200 --> 0:11:00.480 turning green and pooping on itself. Wow, because they're gonna 0:11:00.480 --> 0:11:03.000 pull it out cold turkey. Do you want that? Do 0:11:03.040 --> 0:11:06.200 you want that? Huh? Okay, we're going to restructure the economy. 0:11:06.280 --> 0:11:09.960 You would be a disgusting economics teacher. Yeah, but compelling. 0:11:10.600 --> 0:11:14.360 M Uh. There's no way this works because we have 0:11:14.400 --> 0:11:17.880 an election every two years. We're already like a year 0:11:17.920 --> 0:11:23.760 away from constantly talking about the mid terms and uh, 0:11:23.840 --> 0:11:27.080 and the Democrats are gonna run on He says, we 0:11:27.160 --> 0:11:29.560 can't blah blah blah. We say you you we can 0:11:30.480 --> 0:11:34.200 lose with me. Everybody says, yeah, I want everything for nothing, 0:11:34.480 --> 0:11:39.200 and there you go. So to summarize, we're toomed I'm 0:11:39.280 --> 0:11:43.560 moving along aren't you glad you tuned in? Oh boy, Well, 0:11:43.840 --> 0:11:46.800 but everybody should me and everyone we should realize that 0:11:46.840 --> 0:11:49.840 we're not retiring today. What the stock market does today, 0:11:49.920 --> 0:11:53.000 unless you are retiring today, somebody listening somewhere, and so 0:11:53.360 --> 0:11:56.520 I hope you would have restructured your you know, your investments. 0:11:56.559 --> 0:11:59.080 If somebody somewhere on our seventy stations is listening, is 0:11:59.120 --> 0:12:03.600 retiring today or yesterday, he retired yesterday, I understand while 0:12:03.600 --> 0:12:11.880 you're upset. Sorry, sorry, oh man, that's something I wanted 0:12:11.920 --> 0:12:16.760 to tease. Well, yeah, there's a yeah, my golly. There 0:12:16.760 --> 0:12:19.320 are a couple of stories that are the classic if 0:12:19.360 --> 0:12:21.000 it was if the shoe was on the other foot, 0:12:21.000 --> 0:12:24.880 they would be enormous, enormous stories. We will bring them 0:12:25.000 --> 0:12:28.400 to you so you get a better rounded perspective on 0:12:29.200 --> 0:12:31.959 life in America. Well, yeah, and the arrest of that 0:12:32.600 --> 0:12:37.040 so called terrorist Columbia student kid. That's pretty interesting from 0:12:37.080 --> 0:12:39.679 a whole free speech standpoint. We need to talk a 0:12:39.720 --> 0:12:43.839 little more about that. Yeah. I will not, and I'm 0:12:43.840 --> 0:12:46.720 sure most of you will not trade the principles that 0:12:46.800 --> 0:12:50.120 made this country great to keep it great. That's fascism 0:12:50.200 --> 0:12:52.040 and it's ugly. On the other hand. I want the 0:12:52.120 --> 0:12:54.559 jihaties thrown out on their ears. So let's strike a 0:12:54.600 --> 0:12:56.240 good balance, can we. I also want to tell you 0:12:56.280 --> 0:12:59.200 about Bernie Sanders trans rally he had over the weekend 0:12:59.200 --> 0:13:02.840 that didn't get enough attention. She had a penis No, 0:13:03.000 --> 0:13:06.360 he does not. He is, Oh, well, what did it 0:13:06.440 --> 0:13:09.800 cost to come over with venus twenty seven dollars? Stay 0:13:09.800 --> 0:13:17.120 with us? I hate spring forward so much, and this 0:13:17.559 --> 0:13:20.840 to me, this is Donald Trump's big opportunity. We want 0:13:20.840 --> 0:13:23.840 to make America great again, and this daylight saving madness 0:13:23.840 --> 0:13:27.760 will ever look up puzzles, I dare way, thank you. 0:13:30.760 --> 0:13:35.440 By the way, We'll do this all over again next 0:13:35.520 --> 0:13:39.120 year on six months. But so we want whatever we 0:13:39.200 --> 0:13:42.320 got now right permanently. Is that what we want? Yeah, 0:13:42.320 --> 0:13:44.400 there's some problems with the kids having to get up 0:13:44.400 --> 0:13:47.480 in the darkness. Scientists say, is really like I keep saying, 0:13:47.520 --> 0:13:51.120 let's try it once, let's try it once, and whatever 0:13:51.200 --> 0:13:54.439 he says. So he's choosing golfers playing in the afternoon 0:13:54.559 --> 0:13:58.840 meet and I'm happy over America's children. You must let's 0:13:58.840 --> 0:14:01.280 see if it's true. Try it once and see what 0:14:01.440 --> 0:14:03.360 all that was? Horrible? My kid couldn't get out of 0:14:03.440 --> 0:14:05.800 bed and he got run over by the bus whatever, 0:14:06.559 --> 0:14:08.680 or find a way to move school back by a 0:14:08.720 --> 0:14:10.760 little bit of time, and employers that say, oh, you 0:14:10.800 --> 0:14:13.640 got to come in at nine thirty instead of nine 0:14:14.280 --> 0:14:16.840 for a while. Okay, that's fine. Yeah, it's not like 0:14:16.920 --> 0:14:21.320 it'll cause you know, cataclysms, rains of fire from the sky, 0:14:21.440 --> 0:14:24.920 a plague of front. The fact that Arizona doesn't do it, 0:14:25.320 --> 0:14:28.320 and there aren't stacks of dead children. I mean, I don't. 0:14:28.360 --> 0:14:32.160 I don't get why are there the states around Arizona 0:14:32.720 --> 0:14:37.480 and the same you know, time zone of when the 0:14:37.520 --> 0:14:39.560 sun comes up and comes down. Me and I don't 0:14:39.560 --> 0:14:42.000 get it. We've got it. We've got one state that 0:14:42.160 --> 0:14:44.800 does it, and it's not like hell there, they don't. 0:14:44.840 --> 0:14:47.120 Everybody I wanted to live in Arizona, I had to 0:14:47.120 --> 0:14:49.440 move because I don't change the clocks. I got to 0:14:49.480 --> 0:14:51.680 call my dad to make sure he's still alive after 0:14:51.800 --> 0:14:57.040 the non time change in Arizona. Oh my, you're so right. 0:14:58.640 --> 0:15:00.880 These stories would be ginormous if the shoe was on 0:15:00.880 --> 0:15:02.880 the other foot. And you know, the fun has gone 0:15:02.880 --> 0:15:05.240 out of beating up the media. Honestly, I think everybody's 0:15:05.240 --> 0:15:09.080 gotten the word. They're wildly ideological. They're uniformly left. They're 0:15:09.280 --> 0:15:14.840 just clickbait driven sensationalist cranks and should be mostly ignored. 0:15:15.000 --> 0:15:18.720 But the stories they ignore are also worth hearing. For instance, 0:15:19.280 --> 0:15:24.840 a leftist UCLA law professor, This is not some sort 0:15:24.880 --> 0:15:29.160 of gender studies dope. This is a law professor at 0:15:29.240 --> 0:15:33.920 UCLA has called from military insurrection against President Trump. Oh 0:15:33.960 --> 0:15:36.240 my god, how do you keep your job after that? 0:15:36.880 --> 0:15:39.800 Professor Peter Aronella. At this point, my only hope for 0:15:39.840 --> 0:15:42.040 the US to avoid becoming an ally to Russia is 0:15:42.080 --> 0:15:45.480 a violent resistance by our military. Tragic to say that, 0:15:45.560 --> 0:15:49.240 because the military is trained to avoid any political motivated intervention. Yeah, 0:15:49.240 --> 0:15:52.280 firing all the Joint chiefs and military leaders blah blah blah, 0:15:52.320 --> 0:15:56.400 and for good reason. Ultimately, we will get what we 0:15:56.600 --> 0:15:59.200 deserve by giving Trump a second chance to destroy our 0:15:59.240 --> 0:16:04.920 democracy armed exertion. All right, crackpot. America's law schools are 0:16:05.120 --> 0:16:09.640 absolutely as bad as any other province of the educational 0:16:09.640 --> 0:16:12.560 system right now in terms of being wildly woe. Your 0:16:12.680 --> 0:16:16.760 kid got into UCLA law school. You're paying a ridiculous 0:16:16.760 --> 0:16:19.240 amount of money, and that guy is teaching your kid 0:16:19.800 --> 0:16:24.200 right right, and accepting some really really good law schools 0:16:24.240 --> 0:16:26.800 where they point out, hey, now this is my opinion 0:16:26.840 --> 0:16:30.360 on this. A conservative scholar would tell you this is 0:16:30.400 --> 0:16:32.800 the way to interpret these laws, and where that happens, 0:16:32.800 --> 0:16:35.600 it's great. That is far from universal. An adult male 0:16:35.640 --> 0:16:38.920 brandishing a firearm was shot by US Secret Service officers 0:16:39.000 --> 0:16:43.600 near the White House shortly after midnight on Sunday. Saw that. Yeah, 0:16:43.840 --> 0:16:47.880 the local police at earlier reported a suicidal individual possibly 0:16:47.920 --> 0:16:51.960 traveling to DC from Indiana. You're in Indiana, you're suicidal, 0:16:52.120 --> 0:16:55.120 and so what is your plan exactly? They knew about 0:16:55.160 --> 0:16:57.880 this guy too. They suicide by cop. They'd picked up 0:16:57.920 --> 0:16:59.800 his social media or something, so they were aware of 0:16:59.840 --> 0:17:03.040 him before he even got there. Yeah, Trump was at 0:17:03.080 --> 0:17:05.240 mar Lago, by the way, so it was never at risk, 0:17:05.520 --> 0:17:07.520 even though he wouldn't be much at risk. Don't have 0:17:07.560 --> 0:17:09.480 time for this, but Christy Noman has figured out a 0:17:09.480 --> 0:17:11.720 couple of the leakers leaking the ICE operations. 0:17:11.800 --> 0:17:17.480 How it wasn't dogs Armstrong and Getty. 0:17:19.000 --> 0:17:22.360 So Elon Musk, in a long ranging interview, said this yesterday, 0:17:22.840 --> 0:17:24.720 And we just did a bunch of economic stuff. Going 0:17:24.760 --> 0:17:26.680 to give you a short version of some breaking news 0:17:26.680 --> 0:17:29.440 here and then we'll fill in all the blanks maybe 0:17:29.440 --> 0:17:31.800 an hour three. But Elon Musk said this yesterday. 0:17:32.720 --> 0:17:35.760 I mean the ways important in entitlement spending, which is 0:17:36.080 --> 0:17:38.200 all of the which is most of the federal spending 0:17:38.240 --> 0:17:43.440 is entitlements. So that's that's like the big one to 0:17:43.520 --> 0:17:45.200 eliminate is that's the show. 0:17:45.200 --> 0:17:47.080 So there you go. That's all you need to hear there. 0:17:47.400 --> 0:17:51.399 Elon Musk touched, the has been the third Raila government 0:17:51.400 --> 0:17:54.720 of my whole wife. You can't talk about cutting entitlements. 0:17:54.840 --> 0:17:59.000 Speaker Johnson just came out with the big bill, the 0:17:59.000 --> 0:18:03.200 big tax cut, a giant everything thrown into one bill bill. 0:18:03.640 --> 0:18:06.480 Speaker Johnson just said, and there's no entitlement cuts on 0:18:06.520 --> 0:18:08.760 the table. Zero. So you want to make that very 0:18:08.840 --> 0:18:12.399 very clear. With Elon having said that yesterday. Then the 0:18:12.440 --> 0:18:17.120 other news is Trump has doubled the tariffs on Canada 0:18:17.240 --> 0:18:21.040 aluminum and something else twenty five percent in addition to 0:18:21.080 --> 0:18:24.040 the previous twenty five percent is now fifty percent. So 0:18:24.320 --> 0:18:28.040 more on that later. Yeah, a couple of things. First 0:18:28.080 --> 0:18:30.399 of all, I came across a really informative but really 0:18:30.400 --> 0:18:35.120 complicated analysis of how medicaid medicare work and how they're 0:18:35.119 --> 0:18:37.320 funded by the states and the federal government and what 0:18:37.359 --> 0:18:41.120 the states do determines the amount of federal government support. 0:18:41.200 --> 0:18:43.840 But the states have flexibility that the federal government is 0:18:43.880 --> 0:18:47.680 responding to. And the longest short of it is, it's 0:18:47.720 --> 0:18:51.280 so intertwined, so expensive, and there are so many people 0:18:51.400 --> 0:18:56.760 dependent on it now that undoing and Obamacare is a 0:18:56.880 --> 0:19:00.600 huge factor in it too, and compensation rates for I mean, 0:19:00.640 --> 0:19:05.000 it's all in medical procedures. It's all just a complex 0:19:05.160 --> 0:19:08.320 stew of Oh my lord, how do we untangle this? 0:19:08.760 --> 0:19:10.159 And I was trying to figure out if it was 0:19:10.200 --> 0:19:13.359 even conceivable to present it to you all, if you 0:19:13.359 --> 0:19:15.240 don't like, have the charts in front of you, and 0:19:15.240 --> 0:19:19.119 I decided probably not. But I'm telling you, it is 0:19:19.200 --> 0:19:20.439 truly a Gordian knot. 0:19:20.480 --> 0:19:20.560 So. 0:19:20.680 --> 0:19:23.119 My financial advisor said to me the other day, we're 0:19:23.200 --> 0:19:26.680 just having a just kind of sitting around shooting the bull, 0:19:26.720 --> 0:19:31.520 as they say, talking about social security, and I said, 0:19:31.560 --> 0:19:33.720 you know, if I ever get my soci security, and 0:19:34.080 --> 0:19:35.760 he had presented to me what I was going to 0:19:35.840 --> 0:19:37.320 get in social security, which is more than I thought 0:19:37.320 --> 0:19:39.439 it was going to be. But I said, well, if 0:19:39.480 --> 0:19:40.720 I ever get it, and he said, you'll get it, 0:19:40.720 --> 0:19:42.920 but your kids won't do you do you think that's 0:19:42.960 --> 0:19:48.200 the yeah, most likely outcome. That's pretty pretty good prediction. 0:19:49.480 --> 0:19:51.640 And he's a smart guy too, so I know him 0:19:51.680 --> 0:19:55.159 as well, and uh yeah, that sounds about right. Yep, wow, 0:19:55.320 --> 0:20:00.920 so yeah, I know. Wow. It's just hey, too depressing. 0:20:01.320 --> 0:20:04.159 I'm going to stop myself for once, that little self restraint. 0:20:05.520 --> 0:20:07.239 So that was the first point I want to make. 0:20:07.240 --> 0:20:12.440 The second point re Canada is I really truly don't 0:20:12.480 --> 0:20:17.080 get what Trump is trying to accomplish with Canada specifically, 0:20:17.080 --> 0:20:20.280 which is one of our closest allies. And he set 0:20:20.359 --> 0:20:23.399 the trade deal with them last time around, which is, 0:20:23.600 --> 0:20:26.840 you know, four and a half short years ago. Well 0:20:26.880 --> 0:20:29.320 I guess the trade deal itself was more than that. 0:20:29.359 --> 0:20:35.200 But anyway, I'm confused, and so are the Canadians. And 0:20:35.400 --> 0:20:36.879 I don't think this is going to help us in 0:20:36.920 --> 0:20:38.600 the long time. We're going to build an igloo and 0:20:38.640 --> 0:20:41.160 Canada is going to pay for it, all right, Well 0:20:41.200 --> 0:20:45.919 that's a plan anyway. Oh. Oh, the part of the 0:20:45.960 --> 0:20:51.840 tariffs thing that I don't quite get is the tariffs 0:20:51.880 --> 0:20:57.040 are super important to rebuild American manufacturing and steal and 0:20:57.160 --> 0:21:00.199 aluminum capacity and the rest of it, to forge the 0:21:00.240 --> 0:21:03.520 future and they're gonna go away as soon as Canada 0:21:03.520 --> 0:21:07.119 helps us with the fentanyl, or Mexico as soon as 0:21:07.160 --> 0:21:10.680 they give in to It's like, it's like a circular argument, 0:21:11.119 --> 0:21:14.159 and I just, I honestly don't get it. On the 0:21:14.160 --> 0:21:16.679 other hand, this I thought this was very, very informative 0:21:20.400 --> 0:21:25.840 on the issue of Canada and the drug trade. Why 0:21:25.840 --> 0:21:28.840 don't you say you understand from a former senior law 0:21:28.920 --> 0:21:32.560 enforcement official in northwest Montana that the numbers that are 0:21:32.600 --> 0:21:36.600 being reported regarding drug trafficking across the Canadian border are 0:21:36.680 --> 0:21:40.040 off by at least an order of magnitude. It's more 0:21:40.160 --> 0:21:43.480 like twenty percent versus the two percent that's being reported 0:21:44.560 --> 0:21:48.399 I met, writes the former senior law enforcement official in 0:21:48.440 --> 0:21:51.800 northwest Montana. I met with the local DEA folks regarding 0:21:51.840 --> 0:21:55.119 fentanyl precursors and finished products being sent across the border 0:21:55.280 --> 0:21:58.399 and being manufactured and distributed across the millions of acres 0:21:58.440 --> 0:22:02.200 of tribal reservation land as the staging area. He claimed 0:22:02.240 --> 0:22:05.520 to have no knowledge of this. A year later, it 0:22:05.640 --> 0:22:09.040 was a major priority for the DEA in Montana. What 0:22:09.080 --> 0:22:11.760 this indicates is a massive disconnect between what the federal 0:22:11.800 --> 0:22:14.399 law enforcement folks are hearing and the local sheriffs are 0:22:14.440 --> 0:22:17.399 observing in their counties. This may account for the differential 0:22:17.400 --> 0:22:20.119 and what the FEDS now know and how those percentages 0:22:20.119 --> 0:22:22.440 are being reported in the news, likely sourced from old 0:22:22.520 --> 0:22:25.800 data that is misleading. On the street, sheriff's deputies and 0:22:25.840 --> 0:22:28.560 detectives are seeing a massive increase in the quantity of 0:22:28.600 --> 0:22:31.240 fentanyl and other drugs that are definitely not coming up 0:22:31.240 --> 0:22:35.280 from the Southern border. I thought that was an interesting perspective, 0:22:35.680 --> 0:22:39.160 and I had repeated the off sited. You know it's 0:22:39.200 --> 0:22:42.000 two or three percent figure. That person seems to be 0:22:42.119 --> 0:22:45.080 in the know, I know who it is, has no 0:22:45.160 --> 0:22:49.720 acts to grind. Well, interesting perspective just from a logical standpoint. 0:22:49.720 --> 0:22:53.880 If you really crack down on the cartel's business coming 0:22:53.920 --> 0:22:59.639 across the southern border, they're not dumb. Well, what's a 0:22:59.640 --> 0:23:01.840 different way to get our drugs into the United States? 0:23:01.880 --> 0:23:07.200 How about the longest undefended border in the world right right, 0:23:07.280 --> 0:23:12.199 and vast tribal areas that are effectively not under the 0:23:12.200 --> 0:23:15.680 control of most law enforcement other than the tribal police, 0:23:15.720 --> 0:23:19.399