Speaker 1: Broadcasting live from the Abraham Lincoln Radio Studio, the George
Speaker 1: Washington Broadcast Center.
Speaker 2: Jack Armstrong, Joe Kaddy, I'm strong and Jackie and now he.
Speaker 3: Arms all.
Speaker 2: Well, I've been abandoned. Joe abandoned me. He and his
Speaker 2: wife Judy are on.
Speaker 4: A fortieth anniversary vacation starting today.
Speaker 2: He might check in at some point as they are
Speaker 2: going on a cruise.
Speaker 4: In Alaska to Alaska, around Alaska, not exactly sure, and
Speaker 4: Scott Alaska and even Heather Myers or a newsperson has
Speaker 4: abandoned me.
Speaker 2: So I'm completely alone.
Speaker 4: I feel rejected. I feel like I did in high school.
Speaker 4: Actually that's what I do. I feel like I did.
Speaker 2: In ice school. Nobody likes me. I'm all alone.
Speaker 4: We do have some I hadn't planned on starting with
Speaker 4: a ran the war with Iran, and we are going
Speaker 4: to talk to I think Mike Lyons a little bit
Speaker 4: later in the show about that. I also want to
Speaker 4: talk to him about Ussia and Ukraine. Is there some
Speaker 4: even more developments showing that Ukraine might actually win this thing?
Speaker 2: Anyway?
Speaker 4: Got to say something about Iran, some major breaking news
Speaker 4: around that. So the question for the past several days
Speaker 4: had been jd Vance and Donald Trump making all kinds
Speaker 4: of claims that nobody can back up, and the Aranians
Speaker 4: are saying we didn't agree to that, and everybody wondering,
Speaker 4: are they just lying or what is going on here? Well,
Speaker 4: guy at the head of the IAEA, man, does that
Speaker 4: bring back memories talking about Iraq way back in the
Speaker 4: day weapons inspects? That was all the talk back in
Speaker 4: two thousand and three. We went on the air in
Speaker 4: San Francisco in March of two thousand and three, thank
Speaker 4: you gladys, because the Iraq war wasn't coming, and lots
Speaker 4: of talk about weapons inspectors and were their weapons of
Speaker 4: mass destruction and all that sort of stuff, and the
Speaker 4: IAEA was right at the center of it.
Speaker 2: And the guy from.
Speaker 4: The IAEA came out today and said, yeah, yeah, we're
Speaker 4: going to be back on the ground in Iran. It's
Speaker 4: part of the deal with Iran, and we've seen it
Speaker 4: with the language and we will be on the ground
Speaker 4: inspecting or attempting to suss out whether or not they've
Speaker 4: got a nuclear program or not. So the IAEA is
Speaker 4: on board. Why Iran continues to say we didn't agree
Speaker 4: to that. I have no idea. I don't know if
Speaker 4: they just like jerking Trump around, jerking the world around,
Speaker 4: being naughty as they signed on to disagreement to show
Speaker 4: their I don't know what it is, or if they
Speaker 4: have to say this for their domestic audience, not the
Speaker 4: college kids that were in the street before they got
Speaker 4: mowed down by machine guns who want the regime overthrown.
Speaker 4: But you know the people that wear all black enchant
Speaker 4: and death to America in the street. Maybe they and
Speaker 4: because there's still the millions of those people, uh, maybe
Speaker 4: they have to to that crowd say we didn't agree
Speaker 4: to that. The United States is not going to dictate
Speaker 4: that we give up our nuclear program. According to the IAEA,
Speaker 4: the International Atomic ia Enforcement Administration, I think that's what
Speaker 4: it is. According to the IAEA, they are going to
Speaker 4: be on the ground and that's part of the agreement.
Speaker 4: So that's big news. That is big news. JD Vance
Speaker 4: wasn't free lance, and it wasn't making it up, wasn't lying.
Speaker 4: Neither was Trump when they said no, no, Ran doesn't
Speaker 4: know what they're talking about. That isn't part of the agreement.
Speaker 4: So maybe that other stuff is part of the agreement too.
Speaker 4: I don't know. So we can talk about that later.
Speaker 4: The thing that is pretty big news is the clean
Speaker 4: sweep of socialist candidates there in New York backed by
Speaker 4: Zoran Mandan Mom Dunny, the Communist mayor of New York City.
Speaker 4: He backed to some socialist candidates. This is a primary,
Speaker 4: so this is Democrats running against the Democrats. Is one
Speaker 4: of those deals where at least in three races the
Speaker 4: Democrats came out and said, no, we want somebody way
Speaker 4: to the left of the person that's currently in charge.
Speaker 4: And is this a really really big deal? I think
Speaker 4: it certainly could be. It's a big deal in New York.
Speaker 4: Could it be a big deal for the whole country?
Speaker 4: I guess we'll see over time. But I was reading
Speaker 4: Mark Hauprin's analysis today in his newsletter. Well, a couple
Speaker 4: of things that happened. So ha, King Jeffries, who's the
Speaker 4: current leader of the Democrats and the House of Representatives.
Speaker 4: He will be the Speaker of the House when the
Speaker 4: Democrats take back the House in November. I think it's
Speaker 4: a when, not an if. It's just by how much
Speaker 4: he will be the Speaker of the House. They put
Speaker 4: him on the screen to congratulate one of those Socialist
Speaker 4: candidates last night after they won and the.
Speaker 2: Crowd booed him.
Speaker 4: That's how far out of step with the mainstream Democrat
Speaker 4: Party some of these people that won yesterday are they
Speaker 4: booed the guy that's going to be Speaker of the
Speaker 4: House and their own party. Kim Jeffreys had endorsed the
Speaker 4: other person in that race, and another one of the races,
Speaker 4: Nancy Pelosi had endorsed the guy. It was actually the
Speaker 4: guy that was the leader of the prosecution in Trump's
Speaker 4: first impeachment. Forget his name, Goldman, I think, but anyway,
Speaker 4: established big deal, you know, a ranking Democrat, and he
Speaker 4: lost to Nancy Pelosi had backed him, and he lost
Speaker 4: to one of the Mamdani socialist candidates. So Mark Alprin
Speaker 4: writing today that the most important implication of what happened
Speaker 4: yesterday is the continuing failure of the establishment of the
Speaker 4: Democratic Party in the media to accept, acknowledge and understand
Speaker 4: a simple historical fact. If the establishment had not rigged
Speaker 4: the rules and mobilized an inside game, Bernie Sanders would
Speaker 4: have been the party's presidential nominee in sixteen and twenty.
Speaker 4: The Democrats rigged the game to stop Bernie from being
Speaker 4: their candidate. Oh my god, the Democratic Party is way
Speaker 4: to the left of where the media and the leading
Speaker 4: Democrats think they are. The energy is way left of that.
Speaker 4: And he compares it to how the Republicans ignored, for instance,
Speaker 4: Ron Paul and Pat Buchanan and the and these movements
Speaker 4: went in the Republican Party for years and then got
Speaker 4: blindsided by Donald Trump when he comes along and found
Speaker 4: out that, Wow, most Republicans are really happy, unhappy with
Speaker 4: what we've been doing for a long time, and are
Speaker 4: willing to try something different. That is what has been
Speaker 4: happening in the Democratic Party for a long time. They
Speaker 4: wanted to elect Bernie the establishment Democrats rigged the game
Speaker 4: so he couldn't get in there. But they pretended that
Speaker 4: that whole movement, you know, wasn't there. Well, lo and behold,
Speaker 4: it turns out they're still there. They're very energized. There's
Speaker 4: more of the young end of it electing these socialist candidates.
Speaker 4: And is this going to start sweeping the country. And
Speaker 4: what does this mean when the Democrats take back the
Speaker 4: House of Representatives, that they're going to have a really
Speaker 4: loud wing of their caucus that could be quite loud
Speaker 4: in terms of make a noise for socialists. We'll play
Speaker 4: some of the clips a little bit later. But the
Speaker 4: people that won last night chant and free, free Palestine,
Speaker 4: eliminate ice, eliminate prisons, government owned grocery stores. I mean,
Speaker 4: you know, all that sort of stuff, and wow, I say, wow,
Speaker 4: So that's a pretty big deal. We've got a couple
Speaker 4: of political pundits we'll talk to over the next forty
Speaker 4: eight hours about what that means. We got some foreign
Speaker 4: policy military people about what's going on with the war
Speaker 4: and wars I should say, wars and all that sort
Speaker 4: of stuff. And then I'll have charming anecdotes from my
Speaker 4: life also that I will throw in. My youngest is
Speaker 4: headed off on a boy scout trip tonight. I dropped
Speaker 4: him off at the airport and he's gonna be gone
Speaker 4: for a week. He's actually gonna be gone for three
Speaker 4: weeks out of like twenty four days, so he's only
Speaker 4: going to be home for a couple of days in
Speaker 4: a twenty four day period. In three week period, he's
Speaker 4: going to go on these week trips, come back for
Speaker 4: like a day, do laundry, go back on a boy
Speaker 4: scout trip, and stuff really involved with the boy Scouts.
Speaker 4: But it's gonna be very weird for me because I
Speaker 4: have been having him around pretty much every day of
Speaker 4: his life, because he's been homeschooled mostly every day of
Speaker 4: his life for.
Speaker 2: Since he was born. And he's fourteen, And how am
Speaker 2: I going to adjust this? I don't know.
Speaker 4: Am I gonna sit in the corner and cry, I'm
Speaker 4: gonna have a party? Haven't decided yet. Maybe I'll have
Speaker 4: a party where at the end of it I will cry.
Speaker 4: I've had that experience also, So we got lots to
Speaker 4: talk about. I have a big list of headlines that
Speaker 4: we can mention. A'll run down some of the early
Speaker 4: guests we're going to have. We'll get to some of
Speaker 4: those sound bites from the people that won last night,
Speaker 4: and how scary that is. As socialism sweeps at least
Speaker 4: New York City, we'll see if it's going to start
Speaker 4: sweeping the whole country. Anyway, we've got to start the
Speaker 4: show officially before we get in trouble with the FCC.
Speaker 4: I don't want to end up in the goolog I'm
Speaker 4: Jack Armstrong, He's Joe Getty on this. It is Wednesday,
Speaker 4: June twenty fourth. The days are getting shorter the year
Speaker 4: twenty twenty six, Armstrong and getting we approve of this program.
Speaker 4: What's beginning the show roughly at mark.
Speaker 5: Oil prices falling Brent crue the global benchmark is now
Speaker 5: below seventy six dollars a barrel.
Speaker 2: You can see it right there.
Speaker 5: And this is notable. This is a milestone. This is
Speaker 5: the lowest level since the day before the war with
Speaker 5: the Ron began four months ago. So basically oil is
Speaker 5: now lower than it was at the time right before
Speaker 5: the war. And also diesel has dipped below five dollars
Speaker 5: for the first time since March.
Speaker 4: How about that that's what Trump wanted. I mean, if
Speaker 4: there's a reason Trump made this what I think is
Speaker 4: a bad deal, it is because he needed to get
Speaker 4: oil down, gas prices down for the global economy and
Speaker 4: for the summer in the midterm elections and his approval
Speaker 4: rating and all that sort of stuff. And oil is
Speaker 4: now cheaper than it was before the war started.
Speaker 2: How about that.
Speaker 4: I did hear some analysis that I missed this, and
Speaker 4: if this is accurate, this could be a big deal.
Speaker 4: So Trump took a hit from a lot of people
Speaker 4: left right and center over the fact that Iran can
Speaker 4: now sell oil in dollars US dollars hard currency for
Speaker 4: the first time in some areas of the energy production.
Speaker 4: It's been decades, so that's sincely been allowed to do this,
Speaker 4: And a lot of people, including me, were calling that,
Speaker 4: why would you give in on that?
Speaker 2: Why would you allow that? What is this gift?
Speaker 4: The idea is Iran had been selling oil under the
Speaker 4: table to our enemies for a long time at a
Speaker 4: pretty dang high price because they had some They had
Speaker 4: some leverage there over China, for instance, our number one
Speaker 4: enemy on our adversary on the planet, call him an enemy.
Speaker 4: They could charge Iran a certain amount of money, say yeah, well,
Speaker 4: we'll get you some oil under the table, but you're
Speaker 4: gonna have to pay for it. Now that they're allowed
Speaker 4: to sell it on the open market at the market value,
Speaker 4: they're actually going to make less money than they were
Speaker 4: making before selling it under the table. Now, if that's true,
Speaker 4: and it certainly could be, that's a really interesting idea,
Speaker 4: and I certainly had missed. That also shows you how
Speaker 4: all these sanctions just don't work. Been saying in Iran
Speaker 4: forever sanctioned, in North Korea, forever sanctioned. Lots of countries forever.
Speaker 4: They often end up getting to do whatever they want
Speaker 4: to do. But if Faran has to sell oil at
Speaker 4: the global price as opposed to they're jacked up under
Speaker 4: the table.
Speaker 2: I'm a drug dealer. Price.
Speaker 4: Wow, maybe that is maybe that is a good thing.
Speaker 4: I have to talk to somebody about that. I found
Speaker 4: that very interesting. We'll come back with some of the
Speaker 4: headlines next.
Speaker 2: Stay here. I ordered donuts, Michael, donuts are on the way.
Speaker 2: Oh boy, you're happy about that? No, you got the diabetes?
Speaker 2: Can you eat a donut? Or you usually can? But
Speaker 2: I eat a little at a time. That is what
Speaker 2: I do. How does that help? Eating a little at
Speaker 2: a time because I'm not taking a bunch of sugar
Speaker 2: in my body at one time, So I don't know
Speaker 2: anything about that.
Speaker 4: So you if you take in sweets, you should take
Speaker 4: in a little bit at the time so your body
Speaker 4: can like, yeah, metabolize the sugar as you go exactly.
Speaker 5: And also all interest I drink water, I'll have protein
Speaker 5: with it and so it's not just pure sugar going
Speaker 5: into my bloodstream.
Speaker 2: I didn't know that. Shouldn' y' all be doing that?
Speaker 2: Or is that only?
Speaker 4: Does that matter to me? Should I eating my doughnut slowly.
Speaker 4: That's what I would do. I tend to jam the
Speaker 4: whole thing in my mouth and then show it like
Speaker 4: a beaver or a squirrel or something, and then swallow
Speaker 4: it in giant chunks.
Speaker 2: But that's one option.
Speaker 4: Interesting, I didn't know that. Okay, to go through some
Speaker 4: of the headlines, as I mentioned, Heather Myers also abandon
Speaker 4: abandoning me this week, I'm on my own.
Speaker 2: Everybody had headlines last night.
Speaker 4: I was looking at the Washington Post, New York Times,
Speaker 4: Wall Street Journal, La Times.
Speaker 2: Everybody.
Speaker 4: Mayor Zorn Mamdani emerges a power broker as three of
Speaker 4: his socialist backed candidates win against mainstream Democrats. This definitely
Speaker 4: could be a big deal, and we'll talk more about
Speaker 4: that later. As I said earlier, a couple of other
Speaker 4: things is from the New York Times, The War the
Speaker 4: World Forgot. You probably don't even know this is going on,
Speaker 4: but it is brutal, overshattered, overshadowed by conflicts in Iran,
Speaker 4: Ukraine and beyond, the fighting in Myanmar's isolated heartland has
Speaker 4: reached new depths. And I read some of the paragraphs
Speaker 4: about this, and there are places on this earth where
Speaker 4: people are fighting for their lives, giving up their lives
Speaker 4: to defend their families.
Speaker 2: In wars that.
Speaker 4: Nobody is paying any attention to man. It is the
Speaker 4: history of mankind. This has always existed, probably always will exist.
Speaker 4: But it's just brutal, brutal, brutal, brutal. I don't know
Speaker 4: if there's any advantage in Actually don't know if there's
Speaker 4: any advantage in knowing about that or not. Does that
Speaker 4: help them any if I know what's going on, Does
Speaker 4: it help my soul any.
Speaker 2: To know that's going on? I don't know.
Speaker 4: That's a good question right there. I'll ask a philosopher,
Speaker 4: a priest, and a hobo, and I have give them
Speaker 4: give their opinion. The TSA has a new idea, according
Speaker 4: to the Wall Street Journal.
Speaker 2: Listen to this.
Speaker 4: You go through your security in the suburbs. They have
Speaker 4: some sort of TSA checkpoint far away from the airport.
Speaker 4: You do your security there, then you take a bus
Speaker 4: to the airport. They're trying this in a couple of
Speaker 4: different places in the country. Wall Street Journal tested it out,
Speaker 4: and we'll get to what they thought of it coming
Speaker 4: up a little bit later. I'm trying to picture that
Speaker 4: uh SO is this just like I assume you'd be
Speaker 4: parking there. Yeah, so were they going to have to
Speaker 4: have new parking lots or you're parking. I don't understand
Speaker 4: the parking aspect of this, but you go through your
Speaker 4: security out in the suburbs, get on a bus and
Speaker 4: it takes you right to the airport. So at the
Speaker 4: airport itself there are no long lines. I guess that's
Speaker 4: what they're trying to deal with, is the hubbub there.
Speaker 4: If you want a little glimpse into what it's going
Speaker 4: to be like when the Democrats take the House in November.
Speaker 4: Senate Democrats. I don't think they're going to take the Senate,
Speaker 4: but they will take the House. Senate Democrats are calling
Speaker 4: for hearings over a secret five hundred million dollar investment
Speaker 4: in the the Trump family's crypto ventures. That is going
Speaker 4: to start day one when the Democrats take over the House.
Speaker 4: All kinds of investigations into the Trump family finances and
Speaker 4: won't that be fun to watch. The advice about solar
Speaker 4: panels is changing. Forever it was known. You may have
Speaker 4: known this. It was seen as if you buy it outright,
Speaker 4: it can come out ahead. But the whole leasing thing
Speaker 4: not so much. It may have flipped completely on its head.
Speaker 4: Now that federal tax credits are over, we'll have to
Speaker 4: look into this. If you're buying a house, you might
Speaker 4: want to know that leasing your solar now makes more
Speaker 4: sense than buying it outright. I'll get into a few
Speaker 4: of the details of that. And then this one tied
Speaker 4: Remember the tide pods became a big deal. They're hoping
Speaker 4: you're going to enjoy tied tiles. Tied tiles are the
Speaker 4: new way of doing your laundry. Very exciting stuff. And
Speaker 4: then finally from the Babylon Bee. I liked this one
Speaker 4: and it has disappeared from my phone and never mind,
Speaker 4: that was pretty funny though I thought, oh, here it is.
Speaker 4: Man on deathbed deeply regrets not spending more time arguing
Speaker 4: on Facebook.
Speaker 2: I like that one.
Speaker 4: We've got a little more in depth on some of
Speaker 4: the stories and some good guests coming up. If you
Speaker 4: missed the segment, get the podcast Armstrong and Getty on.
Speaker 2: Demand Armstrong and Getty.
Speaker 4: It's been quite amazing that during a war, and a
Speaker 4: war that in particular had a ton of unknowns throughout it,
Speaker 4: the stock market continued to set records a lot of
Speaker 4: the reasons the stock market has been setting so many
Speaker 4: records over the last couple of years is the all
Speaker 4: the AI tech stuff. The biggest companies in those top
Speaker 4: tier stocks that are driving so much of the gains
Speaker 4: tech companies, and they all got scared about AI just
Speaker 4: the other day, all of a sudden at the same time,
Speaker 4: Which is kind of interesting how that would happen like that.
Speaker 4: The NASDAK dropped two point two percent on Tuesday alone.
Speaker 4: The Philadelphia Semiconductor Index fell nearly eight percent in one day.
Speaker 4: Stocks like Navidia, AMD, Intel, Marble, Micron, sand Disc all
Speaker 4: got hammered.
Speaker 2: What is going on there?
Speaker 4: I wanted to talk to an expert because I am
Speaker 4: certainly not and Stephen Kates joins this. He is a
Speaker 4: finance expert clock Tower Financial Consulting. Stephen, thanks for taking
Speaker 4: a little time for us today.
Speaker 2: My pleasure. Happy to talk about this kind of thing.
Speaker 4: Uh great, because well, is this the bursting of the
Speaker 4: tech bubble that a lot of people have been worried about,
Speaker 4: or a mini burst or.
Speaker 2: What is it?
Speaker 6: Honestly, it's me there, It's not a bursting at this point.
Speaker 6: I mean, we can look at the what the market
Speaker 6: has done. Just in the first six minutes of the
Speaker 6: market open, Nasdaq is up half a percent. Obviously that
Speaker 6: doesn't erase yesterday is drop, but you know it's not
Speaker 6: a continuation. We're not careeming lower on the second day here.
Speaker 2: Yesterday was just a bad.
Speaker 4: Day, just just a singular bad day, like with no
Speaker 4: greater significance.
Speaker 6: I mean, that's what it seems to be. I mean,
Speaker 6: you can look at you know, where the market's moving,
Speaker 6: and you know, if we were careening lower opening another
Speaker 6: two percent down, well that would certainly show some signs
Speaker 6: that there's continued concerns, you know, a risk off attitude
Speaker 6: from investors. But you know, I think we've all been
Speaker 6: conditioned over the last couple of years to expect that,
Speaker 6: you know, if the market is not going straight up,
Speaker 6: that something is wrong, and that doesn't happen. You know,
Speaker 6: sometimes we do just have bad days. Yesterday, you know,
Speaker 6: there was a catalyst for that. Semiconductor stocks were down
Speaker 6: and down a lot, and going into yesterday's open in
Speaker 6: the US. South Korea, which is incredibly exposed to semiconductor stocks,
Speaker 6: was very negative. It's sell ten percent uh in their market.
Speaker 6: That happens before the US market opens and so that
Speaker 6: did affect us, and that was one of the reasons
Speaker 6: that you know, investors were a bit skittish yesterday. Micron
Speaker 6: has earnings at the end of the day today after
Speaker 6: the market closes. That's a big earnings announcement. They're a
Speaker 6: major player in the semiconductor space. So there are some
Speaker 6: things going on that investors are concerned about. But you know,
Speaker 6: this doesn't appear to be the bottom falling out of
Speaker 6: the market. It was a bad day. We seem to
Speaker 6: be slightly recovering today across the Nasdaq, the S and P,
Speaker 6: you know, the Russell two thousand, which is small cap stocks,
Speaker 6: and that's good to see that, you know, we're seeing
Speaker 6: a little bit of a bounce.
Speaker 4: I just a couple of weeks ago opened a index
Speaker 4: fund for each of my teenagers, the high schoolers, and
Speaker 4: you know, to get them into the got the app
Speaker 4: on their phone and they can follow it on a
Speaker 4: regular basis and put their Christmas money in there and
Speaker 4: all that sort of stuff. And I thought, maybe we
Speaker 4: get a crash and they maybe that would be a
Speaker 4: good thing to have. Their first lesson of investing be
Speaker 4: that it doesn't always go up.
Speaker 2: I don't know well, it's.
Speaker 6: A bad lesson, it has, and I think to have
Speaker 6: those lessons early on is ideal. I learned that lesson
Speaker 6: firsthand actually in the industry watching the great you know,
Speaker 6: coming out of the Great Financial Crisis. I didn't love
Speaker 6: that lesson, but it was it was a valuable one. Nonetheless,
Speaker 6: you know, for a lot of people, understanding the way
Speaker 6: the market moves and what is and isn't normal is
Speaker 6: one of the most foundational things that you can understand.
Speaker 6: A lot of people have been conditioned to expect that
Speaker 6: the market just goes higher, that we get up, up,
Speaker 6: up all the time, twenty percent growth year over year
Speaker 6: or year. That isn't the case. We've been very lucky
Speaker 6: in the last five even fifteen years.
Speaker 4: Yeah, I'm thinking we're going to time perfectly for retirement
Speaker 4: to crash right when I need it. So I'm gonna
Speaker 4: let you argue with chat GPT. I asked the question,
Speaker 4: what can you tell me about the big tech sell off?
Speaker 4: And it said, Uh, investors starting asking a question that
Speaker 4: they haven't asked much over the last year around the
Speaker 4: whole tech thing. Are all these trillions of dollars being
Speaker 4: spent on AI actually going to earn enough money to
Speaker 4: justify it.
Speaker 2: Is that a question there being the people are asking, I.
Speaker 6: Think that's a legitimate question to ask, and certainly people
Speaker 6: are asking that. You know, it's a question of how
Speaker 6: long will it take for this to to play out?
Speaker 6: You know, is there you know, really a thesis here
Speaker 6: that that can can bear out? And you know, in
Speaker 6: some ways, when you look at companies like open ai
Speaker 6: or Oracle uh, you know, they're spending a lot of money,
Speaker 6: the revenue is not quite catching up. I think open
Speaker 6: ai Financials leaked recently and they lost twenty billion dollars
Speaker 6: last year or.
Speaker 2: Something to that effect.
Speaker 6: So that's not encouraging. But you know, it is a
Speaker 6: it is a situation where you know, a lot of
Speaker 6: the companies that are involved with open ai or backing
Speaker 6: some of these AI ventures, like your Amazon's, your Google's,
Speaker 6: your Microsofts, they are still incredibly profitable companies and still
Speaker 6: earning an enormous amount of money. Where things get a
Speaker 6: little bit dangerous.
Speaker 3: Is if they continue to make, you know, make the
Speaker 3: spending larger and larger, to the point where the revenues
Speaker 3: never grow, but the spending keeps increasing and they have
Speaker 3: to take out additional equity or debt to.
Speaker 6: Supply the funding for this. That's where things start to
Speaker 6: get a little concerning. We are potentially crossing into that threshold,
Speaker 6: and we're going to need to see these companies and
Speaker 6: this debt actually start to pay off in some way.
Speaker 6: We're going to need small companies, regular companies actually to
Speaker 6: see efficiency gains. We're not necessarily seeing that profits for
Speaker 6: major tech companies have been enormous, but you know your
Speaker 6: small cap companies, your regular mom and pop shops, you
Speaker 6: know the everyday businesses all around our cities and towns.
Speaker 6: Are they getting any benefit out of this? Are they
Speaker 6: even using it? And if the answer is no, then
Speaker 6: it gets a little bit concerning whether this actually has
Speaker 6: a there there.
Speaker 4: So Friday before last we were talking about fullmo fear
Speaker 4: missing out around the whole space X stock and I
Speaker 4: didn't invest. If I had invested in SpaceX, would I
Speaker 4: be happy today or not?
Speaker 2: I haven't been checking.
Speaker 6: If you, oh, you're still happy, but you're not as
Speaker 6: happy as you were Wednesday of last week. Today, if you,
Speaker 6: I think, and I'll have to see exactly where it opened,
Speaker 6: because I didn't. I didn't look before we talked. So
Speaker 6: price is about one hundred and fifty one dollars. It
Speaker 6: peaked at over two hundred and twenty I believe, or
Speaker 6: two hundred and fifteen or so. So we're down considerably
Speaker 6: from from where we were just a week ago. Almost
Speaker 6: everybody who bought, possibly everybody who bought post ipo, So
Speaker 6: in the secondary market you didn't get the IPO price,
Speaker 6: but if you bought after that, you may have already
Speaker 6: been been losing money.
Speaker 2: What uh you got? You got? You know? You know?
Speaker 4: No, no, I'll tell everybody to turn off, turn off
Speaker 4: for radio. Just now, it's just between me and him.
Speaker 4: Are you personally invested in SpaceX? No, I'm not.
Speaker 5: No.
Speaker 6: The you know, it was exciting to watch. I think
Speaker 6: everybody probably felt that fomo, you know where, could I
Speaker 6: have gotten some IDO shares and then wow, what a pop?
Speaker 2: I'm up forty.
Speaker 6: Percent, you know or whatever that was from Monday to
Speaker 6: Friday to Wednesday. But now if you bought the secondary market,
Speaker 6: you're losing money. And that isn't surprising. Because five percent
Speaker 6: of the total SpaceX stock is available for buyers. There
Speaker 6: is going to be another forty or fifty percent of
Speaker 6: that stock that's going to become available over the next
Speaker 6: eleven months, and so there's going to be an incredible
Speaker 6: amount of insider selling pressure people who are part of
Speaker 6: the company or they have been investors in the past
Speaker 6: when it was private. They're going to be selling their
Speaker 6: shares to actually create some liquidity for themselves to actually
Speaker 6: utilize some of the wealth that they have created from
Speaker 6: being investors in SpaceX. That kind of supply coming into
Speaker 6: the market is going to push this price even lower.
Speaker 6: So there's not a good case for buying in now
Speaker 6: and expecting a profit over the next six or twelve months.
Speaker 2: Okay, I'm really glad I asked. That's that's very interesting.
Speaker 4: In the prediction market, I've got a lot of money
Speaker 4: on whether or not Prince Harry and Megan market divorce
Speaker 4: in the next year.
Speaker 2: That's mostly where I put my money to.
Speaker 6: The top market.
Speaker 2: Is uh.
Speaker 4: I regularly say that the stupidest mainstream reporting.
Speaker 2: In all of journalism is economic reporting. Does it?
Speaker 4: Does mainstream economic reporting drive you crazy? Because the way
Speaker 4: they react to little market jigglings. It drives me nuts, and.
Speaker 2: It probably should.
Speaker 6: I love that kind of UH news, but that's just me.
Speaker 6: I don't think most people do. It is important to
Speaker 6: not get so in the weeds where every little market movement,
Speaker 6: every little adjustment to every economic report sends you into
Speaker 6: it izzy. Uh. You know, the media promotes that kind
Speaker 6: of attitude where we have to react to everything and
Speaker 6: you shouldn't, whether you're investing for your retirement and you're
Speaker 6: just trying to keep your sanity or whether you're trying
Speaker 6: to figure out how is the job market? Can I
Speaker 6: change jobs? Can I buy a house? You know, reacting
Speaker 6: to every little nuance of the economy or the stock
Speaker 6: market is going to drive you absolutely bananas. You have
Speaker 6: to have a longer view, and you have to try
Speaker 6: to make decisions with the information you have in the
Speaker 6: moment you have it.
Speaker 4: If you could give me a short answer on this,
Speaker 4: because I got a break and I appreciate your time,
Speaker 4: But the the the no spend, no politics. What's the
Speaker 4: state of our economy?
Speaker 2: Good?
Speaker 7: Bad, poor, excellent? I'll give you those points. Are some
Speaker 7: good things, there are some bad things, and your circumstances
Speaker 7: are going to dictate sort of whether you feel better
Speaker 7: or worse about that. Hiring is slow, but most people
Speaker 7: still do have jobs. If you want to buy a
Speaker 7: house and you are a first time home buyer life
Speaker 7: is pretty terrible because you just can't get one that's interesting.
Speaker 4: That's like the old reminded me, the old saying of
Speaker 4: it's a recession if you have a job, if you
Speaker 4: lose your job, it's a depression. I mean, it matters
Speaker 4: to your personal situation, what the economy's like. It's a
Speaker 4: very so Yeah, okay, Stephen Kate, appreciate your time. Finance
Speaker 4: expert clock Tower Financial Consulting. Thanks a lot for coming
Speaker 4: on on short notice about the tech stocks.
Speaker 2: My pleasure have to do it.
Speaker 4: Yeah, I need to talk to people like that regularly
Speaker 4: to calm down because, as Joe says, everything's clickonomics, and
Speaker 4: then the money is to be made by the Wall
Speaker 4: Street Journal or CBS News or whoever. To make it
Speaker 4: seem like whatever the stock market did up or down
Speaker 4: is a really really big deal, when quite often it's not.
Speaker 2: It's just the market goes up and down.
Speaker 4: You got to see trends over you know, weeks or
Speaker 4: months to really start talking about it, and I got
Speaker 4: more on that be First, I need to tell you
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Speaker 4: Yeah, my kids, my brother actually had brought this up
Speaker 4: to them over Christmas, and it took me five months
Speaker 4: to get it done.
Speaker 2: But they now have this.
Speaker 4: They both have a little index fund, and hopefully I'm
Speaker 4: going to encourage them strongly to put birthday money, Christmas money,
Speaker 4: any money they earn from chores, that sort of stuff,
Speaker 4: at least part of it into that index fund and
Speaker 4: see how it grows. Because the most valuable thing you've gotten,
Speaker 4: you know this once you're old, and maybe you missed out.
Speaker 4: The most valuable thing you've got in investing, more than
Speaker 4: anything else in the world is time. Time is the
Speaker 4: big multiplier.
Speaker 2: I wish I had done that.
Speaker 4: Everybody says that it's so hard to convince young people
Speaker 4: that I don't care how broke you are. Put money
Speaker 4: in your four oh one K. I do not care
Speaker 4: how broke you are. Put money in your four o K.
Speaker 4: It makes so much difference. It's so hard to imagine
Speaker 4: ever being old. When you're twenty five, you think I'm
Speaker 4: never gonna be sixty. It just ain't gonna happen. It's
Speaker 4: weird that human beings deny the reality of the calendar
Speaker 4: the way we do. Anyway, that's a topic for a
Speaker 4: different day. We got a lot more on the way
Speaker 4: to stay here.
Speaker 1: With an eye on redemp show, I was delivered the.
Speaker 2: Superstar.
Speaker 1: Cristiano Ronaldo finally scored in this World Cup.
Speaker 2: The rod then he scored again. It's prestilla for part.
Speaker 1: Portugal dominated in a five zero win over Zbekistan. The
Speaker 1: forty one year old Ronaldo made history, the first ever
Speaker 1: to score in six World Cups.
Speaker 4: Ronaldo such a big deal in soccer that I've actually
Speaker 4: heard his name and I've watched a total of three
Speaker 4: minutes of soccer jimilative in my life. I think, although
Speaker 4: I might watch more this year if the USA continues
Speaker 4: to the advance. I'm looking up at the TV the
Speaker 4: Tartan Army which is taking over Miami right now. That's
Speaker 4: all the guys in kilts from Scotland that had been
Speaker 4: up in Boston. My niece up in Boston had been
Speaker 4: sending around pictures to the family of all the dudes
Speaker 4: in kilts riding around on the mass transit in Boston.
Speaker 4: So Scotland is Miami to play Spain. I think, what
Speaker 4: are your big teams? Anyway, the Tartan Army is down
Speaker 4: there and they're partying like crazy. I'm somewhat envious of
Speaker 4: the fun these people are having. I was reading some
Speaker 4: analysis of this these particularly these European countries and their
Speaker 4: fans and how into their country are, and people are
Speaker 4: trying to make the argument that, like see, the European
Speaker 4: Union doesn't work because look how much pride these people
Speaker 4: have in their individual nations. They aren't written for Europe
Speaker 4: the way we root for the United States. They're written
Speaker 4: for their individual countries. You got you the English fans
Speaker 4: and the Scottish fans and different fans from the different
Speaker 4: But I don't know if that works because we all
Speaker 4: root for the United States, but individual states root hard
Speaker 4: to individual colleges certainly, and everything like that.
Speaker 2: So I'm not sure that argument holds water.
Speaker 4: But continuing to love the stories of the various people
Speaker 4: from other countries visiting the United States for the World
Speaker 4: Cup Soccer who are enjoying our hospitality, listen to this.
Speaker 1: England meanwhile, had a disappointing draw against Ghana, but their
Speaker 1: fans still found things to be excited about.
Speaker 2: I love Siraoul on the pier, and my god, it
Speaker 2: was amazing.
Speaker 1: International fans are falling in love with good old fashioned
Speaker 1: American hospitality.
Speaker 2: Were getting such and we're welcome everywhere. We got guys
Speaker 2: from the Saving Stop most. I just think that we
Speaker 2: made industry as well. Yeah, we loving that.
Speaker 1: Organizers hope that enthusiasm creates an economic boom, estimating one
Speaker 1: billion dollars for Boston alone, seventeen billion across the US.
Speaker 4: We are a nice, welcoming, friendly country. But I wonder
Speaker 4: if part of it is a whole bunch of people
Speaker 4: who have been misled by their own media with the
Speaker 4: anti Trump, hateful this and that for so long long
Speaker 4: that they expected something way different, so their expectations were
Speaker 4: way off, and then they get to the United States
Speaker 4: and find out there's just a whole bunch of happy
Speaker 4: people wanting to party there at the soccer games. It's
Speaker 4: not you know, the politics the way you're seeing on
Speaker 4: your TV screen or newspaper every single day.
Speaker 2: Maybe that's part of it.
Speaker 4: Their expectations were out of whack because of the crazy
Speaker 4: media coverage in the Trump era. So this is kind
Speaker 4: of an interesting development. The way things currently stand in
Speaker 4: the polling, the United States will play Bosnia Herzegovina July second,
Speaker 4: the day before Iran plays Czech Republic in the same bracket.
Speaker 4: If we win in Iran wins, will play Iran while
Speaker 4: we're at war with Iran, which is kind of interesting
Speaker 4: because we're at war with the country. But you know,
Speaker 4: as we found out with the women's Ranian team a
Speaker 4: couple months back, the Iranian players would happily defect here
Speaker 4: in a moment if their family back home wouldn't be
Speaker 4: jailed or tortured. So it's not like we're at war
Speaker 4: with the players, but it's still kind of interesting.
Speaker 2: We got a lot more on the way.
Speaker 4: We were going to check in on the war with
Speaker 4: Mike Lyons a little bit later to see where things
Speaker 4: are going. We're going to talk to Tim sanderfer fan
Speaker 4: favorite about his book and the founding and stuff as
Speaker 4: we get close to the anniversary, and maybe some of
Speaker 4: the Supreme Court rulings that came out yesterday.
Speaker 2: So that'll be an hour or two if you miss it.
Speaker 2: Gets the podcast Armstrong and Getty