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Speaker 1: It's that time, time, time, time, luck.

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Speaker 2: And load for Michael very show is on the air.

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Speaker 2: Mister President, you are the oldest president ever, pretty good shape,

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Speaker 2: which leads to my next question. You are more aware

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Speaker 2: of this than anyone. Some people ask whether you are

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Speaker 2: fit for the job, and when you hear.

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Speaker 1: That, I wonder what you think? Watch me.

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Speaker 3: The most difficult part about a meeting with President Biden

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Speaker 3: is preparing for it, because he is sharp, intensely probing,

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Speaker 3: and detail oriented and focused.

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Speaker 1: How would you say your mental focus is? It's focused?

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Speaker 4: The best way to get something done if it holds

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Speaker 4: near and dear to you that you like to be able.

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Speaker 5: To anyway, I won't read the news that if it

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Speaker 5: is getting you, boy, you just keep on you let me.

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Speaker 6: Do you use me?

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Speaker 1: Uh?

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Speaker 7: Uh?

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Speaker 3: Do you use me?

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Speaker 1: To start your tape right now?

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Speaker 8: Because I'm about to tell you the truth and that

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Speaker 8: you if you can't handle the truth. This version of

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Speaker 8: Biden intellectually, analytically is the best Biden ever, not a

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Speaker 8: close second. And I've known him for years. That presents

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Speaker 8: mes of known him for fifty years. If it weren't

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Speaker 8: the truth, I wouldn't say it.

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Speaker 1: Of Putin's cyptocer.

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Speaker 4: Yeah, America is a nation that can be defined in

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Speaker 4: a single word.

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Speaker 1: I was gonna foot him to put.

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Speaker 4: Los Angeles and uh and uh uh I wan am

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Speaker 4: I joint here?

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Speaker 5: I said, brother, if your own you wished you in massu.

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Speaker 5: It does keep on you, letting me until you me h, until.

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Speaker 1: You Here's what drives the driver on.

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Speaker 9: What pronouns does a gender fluid donkey use?

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Speaker 1: Hear her? Hear her.

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Speaker 9: The man's wife's contractions were getting closer, so they dashed

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Speaker 9: off to the hospital. After getting checked in, the obstetrician

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Speaker 9: came into the room, examined the wife and wrote Annie

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Speaker 9: on her chart and left the room. They were obviously confused,

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Speaker 9: and they asked and urse what it meant, and she

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Speaker 9: said this this means you can go home. There won't

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Speaker 9: be a baby today. Even more confused, they asked how

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Speaker 9: she was in How was she able to interpret that

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Speaker 9: from just Annie? And she said, oh, the doctor's a

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Speaker 9: big fan of musicals. His note means the sun will

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Speaker 9: come out tomorrow. Today is National Asian and Pacific Islander

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Speaker 9: HIV AIDS Awareness Day, So Chad, we need you to

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Speaker 9: know that AIDS is out there. Okay, just now you

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Speaker 9: know and you've been made because if you don't have

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Speaker 9: AIDS Awareness day, people won't know.

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Speaker 1: People won't know. But this isn't You don't need to.

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Speaker 9: Worry about being aware of AIDS unless you're an Asian

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Speaker 9: or Pacific islander. Okay, So Blacks, Hispanics, whites, y'all don't

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Speaker 9: need to know about AIDS or be aware of it.

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Speaker 9: Just Asians and Pacific Islanders. Today is the day we

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Speaker 9: tell them about it. Okay, Hey, Susie, what I'm on

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Speaker 9: the phone? Okay, I didn't want to come around to

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Speaker 9: your cubicle, aren't you. Aren't you from Hawaii?

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Speaker 1: Yes? What, I'm trying to close this deal AIDS. Yeah,

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Speaker 1: just be aware of it. Okay, weirdo. Yeah, now you've

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Speaker 1: you've been made aware.

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Speaker 9: You've been made aware that now you are aware that

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Speaker 9: AIDS exist, because that's what we do.

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Speaker 1: We needed to make sure that you were aware. We're told.

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Speaker 9: Not to criticize Joe Biden and his dementia with the

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Speaker 9: book coming out tomorrow, as the Democrats and their media

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Speaker 9: rush to hide. See, this isn't on Joe Biden anymore.

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Speaker 9: This is on the people who covered for him, and

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Speaker 9: so they come out now with the well, he has

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Speaker 9: a very very advanced prosthetic prostate prostate cancer and it

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Speaker 9: has metastasized into his bones. Won't all these doctors come

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Speaker 9: forward and go, that didn't happen overnight. He's very likely

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Speaker 9: had this two hundred days or more. Well, there is

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Speaker 9: a twenty twenty two clip we played you last hour

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Speaker 9: of him saying in twenty twenty two that he had cancer. Well,

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Speaker 9: that's weird. He wasn't supposed to say that, and he

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Speaker 9: wandered off again. It was always when he got off

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Speaker 9: the teleprompter that he got in trouble because he'd starts

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Speaker 9: saying things he wasn't supposed to in his mind.

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Speaker 1: Doesn't work right.

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Speaker 9: But they say, don't criticize him for having cancer because

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Speaker 9: it's not right.

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Speaker 1: Well, let me be very clear. When I die, I.

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Speaker 9: Want the most criticism possible because I want to know

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Speaker 9: that they hated me, because that's how I know I

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Speaker 9: was making a difference. But here's CNN's hit piece after

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Speaker 9: rush Limbaugh announced that he had cancer.

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Speaker 1: See how classy they were.

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Speaker 10: Rush Limbaugh is, as you know, a conservative fire brands

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Speaker 10: and a radio talk show icon. Now he is battling

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Speaker 10: advanced lung cancer. Limbaugh is at the center of a

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Speaker 10: new controversy after President Trump awarded him the medal, the

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Speaker 10: Presidential Medal of Freedom. Santan Sara Sidner has more on this.

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Speaker 11: As long as you're here Monday, I will tell you

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Speaker 11: what happened.

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Speaker 12: Rush Limbaugh rose to fame with his gift for political

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Speaker 12: gas on talk show radio and later online.

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Speaker 1: Somebody to Stand Up for You, the.

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Speaker 12: Conservative talk show host, words reach millions, including the ear

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Speaker 12: of the man who has become President American. As Limbaugh

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Speaker 12: faces a deadly battle with lung cancer, President Trump has

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Speaker 12: awarded him the Presidential Medal of Freedom.

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Speaker 1: Rush Limbaugh, Thank you for your.

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Speaker 3: Decades of tireless devotion to our country.

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Speaker 12: Limbaugh has lived the American dream, but at the same time,

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Speaker 12: he's used his words to make a mockery of that dream,

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Speaker 12: sometimes sharing xenophobic, misogynistic, and racist sentiments with the masses.

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Speaker 12: This is how he chose to speak of a New

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Speaker 12: York Yankee icon the day he died.

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Speaker 11: In twenty ten, Time Runner has passed away at age eighty.

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Speaker 11: That cracker made a lot of African American millionaires.

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Speaker 12: In twenty eleven, Limbai decided to mock the Chinese president

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Speaker 12: during his visit to the United States.

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Speaker 1: Hu Jinta was just going King King.

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Speaker 12: Limbaugh attacked those who didn't share his political ideas with

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Speaker 12: a fervor and harshness that stood out amongst his talk

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Speaker 12: show peers.

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Speaker 1: As you might know, I care deeply about stem cell research.

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Speaker 5: When after Michael J.

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Speaker 12: Fox, who suffers from Parkinson's disease, did this ad for

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Speaker 12: a Democratic candidate who sported stem cell research, Limbaugh pounced.

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Speaker 1: This is Michael J. Fox.

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Speaker 11: He's got Parkinson's disease, and in this commercial he is

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Speaker 11: exaggerating the effects of the disease. He is moving all

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Speaker 11: around and shaking and it's purely an act.

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Speaker 12: After outrage over his comments, Limbaugh apologized the next day, saying,

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Speaker 12: I will bigly, hugely admit that I was wrong.

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Speaker 1: In twenty twelve, when a Georgetown law student.

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Speaker 12: Spoke to House Democrats to support mandating insurance companies cover

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Speaker 12: contraceptives a slut, well, this is going to.

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Speaker 1: Be clip number five two.

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Speaker 9: Lee Zelden, the administrator of the EPA, was on News

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Speaker 9: Nation and he announced something that has not received enough attention.

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Speaker 9: But how could it? The Trump media cycle is so

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Speaker 9: intense the man is doing lictorially multi billion dollar deals,

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Speaker 9: one of which is a trillion dollar deal. He's traveling

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Speaker 9: the globe. He's landing in the Middle East, where you've

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Speaker 9: got extremely extremely repressed Muslim nation leaders. The YMCA theme

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Speaker 9: song as he gets out, and I'm just worried that

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Speaker 9: the YMCA theme song might.

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Speaker 1: Also double.

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Speaker 9: As a Muslin's call, like the Muslim call to prayer

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Speaker 9: for gay dudes. So you might ask some gay dudes

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Speaker 9: come running out because they hear YMCA, which was played

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Speaker 9: for Trump because he loves the song. The gay dudes

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Speaker 9: run out and think, oh, we're free now, and they

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Speaker 9: put them up on top of the buildings and throw

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Speaker 9: them off because that these are countries where that happens.

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Speaker 9: I hope not, but these kind of things that I

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Speaker 9: worry about. So you got all these things happening.

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Speaker 1: You know.

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Speaker 9: It's an interesting thing about the tariffs. Wall Street journal

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Speaker 9: was fretting about the terraffs. The dry by media was

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Speaker 9: telling everybody, whatever your toe hurts, it's the tariffs. You

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Speaker 9: feel mildly depressed. Tariffs, menopause setting in tariffs, it's what

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Speaker 9: they do. Everything was a tariffs, and so the polls

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Speaker 9: were showing that there was a fatigue people were. Consumer

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Speaker 9: confidence was down, people were worried, people were fearful things

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Speaker 9: weren't going to be good. When things are. When bad

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Speaker 9: things are in the future, businesses don't hire, Businesses don't invest,

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Speaker 9: businesses don't buy, don't make cap X purchases, they don't

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Speaker 9: they don't invest in research. They hoard their cash because

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Speaker 9: they're scared bad times are coming. Reverse is when there

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Speaker 9: is a feeling of exuberance. Things are about to be

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Speaker 9: really good. Money starts flowing. Mister Smith, did you just

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Speaker 9: agree to Yeah, yeah, we're taking on executives on a

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Speaker 9: big trip or doing things. Are you sure our cash

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Speaker 9: position is not great? It's about to be wonderful things

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Speaker 9: are It's about to happen. Okay, that's all based on

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Speaker 9: a mindset, not on fundamentals. That's not all related to

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Speaker 9: what is happening. It's related to what people perceive is

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Speaker 9: going to happen. Well, everything about the terraff was going

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Speaker 9: to end America as we knew it, as Trump often does.

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Speaker 9: The threat of the teriffs and the belief that he

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Speaker 9: would implement them, which is why he had to implement them.

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Speaker 9: Otherwise it was just a bluff. A bluff that is

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Speaker 9: not believed is ineffective. Well, he immediately implemented them, so

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Speaker 9: there had to be some short term pain. There was

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Speaker 9: short term pain. You might have felt it. American businesses

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Speaker 9: in the supply chain felt it, but foreign countries really

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Speaker 9: felt it, and they panicked. So what did they do?

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Speaker 9: They cut new deals. So Trump starts rolling back the

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Speaker 9: terrace the Geneva Switzerland accords where they agreed a couple

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Speaker 9: weeks ago. We're we're to hold off for ninety days.

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Speaker 9: We're gonna keep your terifts at ten percent. You put

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Speaker 9: ours at ten percent, will have reciprocal trade terifts the

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Speaker 9: first time in decades. So the market that had begun

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Speaker 9: a slide overnight had an explosive growth. Well, you know

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Speaker 9: how you know, the Trump economy is picking up the

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Speaker 9: fact that the media is not talking about it. But

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Speaker 9: Lee's Elden, the EPA administrator, made a statement on Fox News,

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Speaker 9: this isn't the most important thing in the world. But

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Speaker 9: to me, this speaks to the kind of common sense

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Speaker 9: that Trump brings to the issue that he doesn't need

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Speaker 9: a commission, he doesn't need a study, and we're not

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Speaker 9: going to do stupid things if Susie comes home from college,

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Speaker 9: sits down at the family table at Thanksgiving and says,

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Speaker 9: I demand that we say a prayer to the Native

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Speaker 9: gods because we're on stolen land. Trump goes, no, we're

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Speaker 9: not going to do that. Okay, eat or don't eat,

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Speaker 9: Get out or don't We're not We're not playing the

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Speaker 9: silly games, okay. So Leez Elden says, we're going to

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Speaker 9: revoke that twenty twelve Obama EPA stupid auto start stop ruling.

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Speaker 9: I go a lot of places with Uncle Jerry, my buddy,

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Speaker 9: and he's got a great truck, high powered, he's got

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Speaker 9: the lift on the other but every time we get

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Speaker 9: to a stoplight, it stops like a golf cart.

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Speaker 1: And then when you get rid of.

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Speaker 9: What the hen's one hundred thousand dollars truck and he's

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Speaker 9: got to stop start like a golf cart. So here

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Speaker 9: is him saying, we're doing away with that nonsense.

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Speaker 6: You made some news in the last couple of days

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Speaker 6: about this this stops star technology.

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Speaker 1: Right.

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Speaker 6: It's basically when the engine shuts down. It was incentivized

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Speaker 6: in twenty twelve in the Obama administration something like thirty

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Speaker 6: million vehicles I believe in this country or give or

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Speaker 6: take about two thirds have it. You say you want

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Speaker 6: to you want to fix it. Why are you taking

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Speaker 6: this on and what do you mean by fixing it?

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Speaker 7: Why do most Americans despise it? And to the level

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Speaker 7: of most Americans with a hatred of saying that this

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Speaker 7: is the single worst feature in their motor vehicle, they

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Speaker 7: want it eliminated. Epall over a dozen years ago, about

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Speaker 7: thirteen years ago, approved an off cycle credit for this feature,

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Speaker 7: and a lot of Americans over the course of the

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Speaker 7: last dozen years have grown in frustration as they've had

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Speaker 7: this experience where you're going to a red light and your.

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Speaker 1: Car is stopping.

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Speaker 7: Maybe you're in an area where your car is constantly

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Speaker 7: turning on and turning off. You start wondering, okay, so

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Speaker 7: if this saves a little bit, maybe if it saves

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Speaker 7: a little bit and gas, what is it doing to

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Speaker 7: my starter? Was it doing to my engine? Is is

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Speaker 7: it safe? And some people say, okay, you give me

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Speaker 7: the ability every time I turn my car on to

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Speaker 7: turn the feature off while I'm driving, But why don't

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Speaker 7: you just give me the option to opt out where

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Speaker 7: I don't have to turn it off every single time

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Speaker 7: my car starts, So universally, is it possible that every

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Speaker 7: single one of your watchers, your listener.

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Speaker 1: All hate it? Uh? No, right? What is it quite possible.

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Speaker 7: That most people watching us right now are nodding their

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Speaker 7: head in the agreement saying yes, thank you.

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Speaker 6: So what are you gonna So then, what are you

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Speaker 6: gonna What are you actually gonna do about it?

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Speaker 1: Right?

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Speaker 6: Because at the end of the day, there are sort

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Speaker 6: of these these fuel economy credits attached to this. But

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Speaker 6: are you gonna say, you know what, cars that are

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Speaker 6: built in the US can't have it, have this, What

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Speaker 6: do you actually do about it?

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Speaker 7: EPA would go through the process of revoking its approval

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Speaker 7: on the off on the off cycle.

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Speaker 1: Credit Michael Berry Show.

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Speaker 9: It is being reported that at this very moment, which

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Speaker 9: is why I held out coming back, I was trying

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Speaker 9: to get an accurate update, President Trump is or just completed,

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Speaker 9: is currently talking to or just completed a conversation with

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Speaker 9: Vladimir Zelenski. He has or is expected to have right

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Speaker 9: about now, a conversation with Vladimir Putin. It is being

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Speaker 9: reported that Putin is slow walking the deal. But remember

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Speaker 9: the same people that report these things reported that the

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Speaker 9: clock shot was safe.

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Speaker 1: It wasn't.

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Speaker 9: They've reported that climate change was going to kill us all.

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Speaker 9: Whatever happened to climate change, It's like they've just forgotten

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Speaker 9: about climate change. Where did climate change go? We're all

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Speaker 9: supposed to be dead by now. Somehow that's not the

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Speaker 9: hot item these days. I believe that Putin wants peace.

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Speaker 9: I think he wants crimea but I think he wants

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Speaker 9: to war over. I was talking to my brother in law,

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Speaker 9: who was a very high general on the Indian Army.

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Speaker 9: He's retired now last weekend and we were talking about

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Speaker 9: war and if the war between Indian Pakistan escalades it.

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Speaker 9: He said, despite what people think, war always leaves you weaker.

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Speaker 9: And I said, well, but don't you sometimes have to

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Speaker 9: have war to No. No, it's understandable, but it leaves

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Speaker 9: you weaker for a short term or a long term.

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Speaker 1: It leaves you weaker.

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Speaker 9: You lose a lot of brain power, you lose a

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Speaker 9: lot of treasury. There are effects to your infrastructure, There

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Speaker 9: are a lot of things that happen that are not

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Speaker 9: calculated in the cost of war. Even when you win,

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Speaker 9: I mean, it's never guaranteed you win. I think the

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Speaker 9: cost and the strain on Putin's Russia has been born

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Speaker 9: long enough and he's ready for it to be over.

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Speaker 9: And I think the media wants to blame Putin when

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Speaker 9: in fact, Zelensky is the one whose nation is suffering,

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Speaker 9: but he is personally being enriched by this war, and

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Speaker 9: nobody who is following what's happening would disagree with that.

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Speaker 9: Part of the end of the war is going to

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Speaker 9: be Zelensky stepping down. It's not official, but I believe

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Speaker 9: that to be true, and I think that's when he

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Speaker 9: steps down and seeks refuge. I think he would like

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Speaker 9: to end up in Miami. He's got real estate there,

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Speaker 9: a thirty million dollar house, it's been reported. And now

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Speaker 9: he's a rich man. He's a fabulously rich man from

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Speaker 9: being a third rate dancer a few years ago. So

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Speaker 9: if Trump pulls off the ceasefire of a war that's

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Speaker 9: been going on since shortly after he left office, and

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Speaker 9: because he left office, because he wasn't there to prevent it,

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Speaker 9: because Putin respects him and he has a respect for Putin,

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Speaker 9: it is the role of the media to undermine Trump's

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Speaker 9: very clear bonafides as one of the only people who

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Speaker 9: can reason with Putin that they claim he is owned

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Speaker 9: by Putin, because that's how they undercut and undermine one

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Speaker 9: of his greatest strengths is the relationship they have. Putin

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Speaker 9: did not respect Biden, That's why he invaded Ukraine. He

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Speaker 9: does respect Trump and this little turd Zelenski, this is

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Speaker 9: an awful little Cretan in all of the people who

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Speaker 9: have been personally enriched by nefarious, illegal activity from the

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Speaker 9: United States in Ukraine, from diverting funds that were supposed

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Speaker 9: to go to their military to medical testing that has

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Speaker 9: occurred on Ukrainian soil. All of this has been blown

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Speaker 9: up and been exp not all of it, but a

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Speaker 9: lot of it that otherwise was not because Ukraine was

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Speaker 9: the staging place for many, many evil, nefarious American activities.

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Speaker 9: And I think you can trace every one of these

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Speaker 9: prominent American families, Democrat and Republican, to the activities there

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Speaker 9: and their personal enrichment, which is why they never called

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Speaker 9: out hunter Biden, because in one way or another, they

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Speaker 9: were all doing the exact same thing.

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Speaker 1: Now you add to this.

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Speaker 9: That the leader of Iran over the weekend saying that

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Speaker 9: he is open to discussions with President Trump. Now he

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Speaker 9: has to say things like, but we're not going to

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Speaker 9: be threatened, and we're going to defend our rights, and

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Speaker 9: we're going to defend our nation. If President Trump sits

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Speaker 9: down with the Iranian leader, the Iranian leader and he

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Speaker 9: can cut a deal, he could, in one fell swoop,

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Speaker 9: change the security of much of the world, including the

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Speaker 9: Middle South of Africa, where Yemen is in basically a

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Speaker 9: civil war where the Houties have terrorized that region.

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Speaker 1: The man who invented dynamite.

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Speaker 9: Sought to save his conscience with the Nobel Peace Prize.

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Speaker 9: There is no one more deserving than Donald trumpet he

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Speaker 9: pos this over.

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Speaker 1: Than Michael Berry show.

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Speaker 9: Number one complaint I read day in and day out

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Speaker 9: resecution is frustration over property taxes. We had a conversation

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Speaker 9: about Galveston last week. First time I've seen this since

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Speaker 9: the real est state run up of the COVID era.

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Speaker 9: A house was reduced by one hundred thousand dollars. Several

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Speaker 9: people sent me a clip said price reduced one hundred

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Speaker 9: thousand on the listing that this is a trend. Now,

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Speaker 9: you have to be careful that you don't read something

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Speaker 9: into what I'm saying that it's not there. Because people

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Speaker 9: often do this. That is not to say that Galveston

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Speaker 9: is being abandoned, far from it. What it is to

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Speaker 9: say is you go back to your pricing in twenty

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Speaker 9: nineteen and you look at the price per square foot.

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Speaker 1: You can look at West Beach, you can look at

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Speaker 1: in Town.

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Speaker 9: You can look at the neighborhoods, the condos on the strand,

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Speaker 9: you can look at Typeman in that area, which I

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Speaker 9: really like. You can look at these different neighborhoods, and

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Speaker 9: then you can look on the West Beach. You can

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Speaker 9: go one after the other, Pirates Cove typically being about

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Speaker 9: the highest, and you've got Jamaica Beach, you've got Sea Isle,

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Speaker 9: you've got the beach side, and the bayside. Bayside tends

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Speaker 9: to be a little higher than the beach, all right.

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Speaker 9: So you look at those prices and you look at

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Speaker 9: them price per squarefoot and where they're located, all that,

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Speaker 9: and you have typically a slight increase in pricing up

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Speaker 9: until twenty nineteen, and that's your last stable baseline.

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Speaker 1: Then in twenty.

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Speaker 9: Twenty, when the Chinese flew was released on the American

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Speaker 9: people and you couldn't travel, a lot of people that

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Speaker 9: normally would have gone to Colorado went to Galveston. A

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Speaker 9: lot of people who would have gone to Europe went

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Speaker 9: to Colorado or Galveston, and a lot of mommies said, hey, honey,

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Speaker 9: since we can't travel for a while working from home anyway,

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Speaker 9: and the kids are here, won't we do what the

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Speaker 9: Smithson Joneses did. Won't get us a place on the

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Speaker 9: beach down there? When we get a place on the

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Speaker 9: bay down there, you love to fish anyway, So they did.

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Speaker 9: So remember, let's plot this on our axis. The demand

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Speaker 9: remained the same. There weren't new homes being built over

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Speaker 9: night in Galveston, but there was an increase in demand,

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Speaker 9: so the supply remained the same. They weren't building new houses,

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Speaker 9: the demand increased. So what does that do. It drives

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Speaker 9: the pricing up. So that price increase, which was artificial,

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Speaker 9: it didn't happen organically. You had a major event, and

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Speaker 9: that was a shutdown of the economy. People weren't flying anywhere.

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Speaker 9: They weren't traveling anywhere. They weren't going to the office.

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Speaker 9: When you're not going to the office, then where you lived,

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Speaker 9: which you lived there because it was close to the office,

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Speaker 9: there's a shorter commute. So Dad and if mom works,

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Speaker 9: mom too, are not going to the office. You wanted

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Speaker 9: to be close to the school. Couldn't live an hour

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Speaker 9: away from the school, hour and a half away from

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Speaker 9: the school down in Galveston. But if the kids aren't

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Speaker 9: going to school anyway, dad or mom is not going

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Speaker 9: to work, why wouldn't we go down and hang out

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Speaker 9: in Galveston for a year. We'll buy a house for

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Speaker 9: a couple of years. We've always wanted to. So that's

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Speaker 9: what people did. So now you had an artificially increased

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Speaker 9: demand for the houses, which drove the prices up. Well,

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Speaker 9: that first group that sold, they made out like bandits.

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Speaker 9: They had a low basis in their homes and they

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Speaker 9: cashed out. The people who bought have the mistaken impression

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Speaker 9: that the way things are today they will always be.

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Speaker 9: That is an unsophisticated, unstrategic approach to most anything. Prices

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Speaker 9: could continue to go up or prices could come down.

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Speaker 1: Well. With the artificial increase in demand.

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Speaker 9: Over that period of time, you had a lot of

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Speaker 9: people who rushed down to buy houses in.

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Speaker 1: All the price ranges.

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Speaker 9: But at some point you started to see COVID trailing off.

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Speaker 9: Fewer and fewer people wearing the mask, fewer and fewer

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Speaker 9: people getting the clot shot. Businesses slowly started reopening. People

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Speaker 9: started going back to the office, and it took two

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Speaker 9: or three years when some places didn't require it. A

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Speaker 9: friend of mine works for Treasury Department now and she

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Speaker 9: was working from home.

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Speaker 1: She's a strategist.

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Speaker 9: She's a lawyer, but she's a tax policy strategist, and

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Speaker 9: she said, we have to go back to the office

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Speaker 9: now five days a week. Trump administration says, get back

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Speaker 9: to the office, and that's what she does. But as

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Speaker 9: businesses started opening back up, they had less ability to

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Speaker 9: live down in Galveston. Now it was only on the weekend,

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Speaker 9: and so for some of them, they said, you know

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Speaker 9: what we're going to. We haven't been to Europe in

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Speaker 9: a few years. We haven't been here, we haven't done this.

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Speaker 9: We haven't gone back to Colorado, we haven't gone to California,

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Speaker 9: we haven't gone to Florida, we haven't gone to the

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Speaker 9: Redneck RIVERA let's sell our property. Well, now you don't

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Speaker 9: have as many people coming down as you do people

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Speaker 9: putting their properties on the market. So let's plot that

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Speaker 9: out again. The supply increased, and even if the.

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Speaker 1: Demand remained the same.

436
00:27:42,800 --> 00:27:45,520
Speaker 9: An increase in supply of homes for sale would drive

437
00:27:45,520 --> 00:27:48,680
Speaker 9: the price down, But now we have the X going

438
00:27:48,720 --> 00:27:52,919
Speaker 9: the other way. That axis moves back, So now we

439
00:27:53,000 --> 00:27:55,880
Speaker 9: have an increase in supply, more people selling their places,

440
00:27:57,040 --> 00:28:00,920
Speaker 9: and a decrease in demand. A lot of these sellers

441
00:28:00,920 --> 00:28:02,800
Speaker 9: are people who were buyers a couple of years ago.

442
00:28:03,480 --> 00:28:06,520
Speaker 9: They're not being replaced by people in the same numbers

443
00:28:06,960 --> 00:28:10,800
Speaker 9: wanting to go back now. Prices are not back to

444
00:28:10,800 --> 00:28:15,399
Speaker 9: where they were in twenty nineteen. So in the mind

445
00:28:15,480 --> 00:28:19,240
Speaker 9: of people owning properties in Galveson's my example here, but

446
00:28:19,240 --> 00:28:22,080
Speaker 9: there are others, this is the end of the world.

447
00:28:22,160 --> 00:28:26,199
Speaker 9: Galveson is over. It's horrible, it's no none of that

448
00:28:26,280 --> 00:28:29,280
Speaker 9: is true. There was an artificial market, and there were

449
00:28:29,320 --> 00:28:32,280
Speaker 9: winners and losers created by the artificial market. That first

450
00:28:32,359 --> 00:28:34,840
Speaker 9: round of sellers made a lot of money because their

451
00:28:34,880 --> 00:28:37,919
Speaker 9: properties were worth more than they were before. There are

452
00:28:37,960 --> 00:28:40,760
Speaker 9: losers the people who bought and now can't get their

453
00:28:40,800 --> 00:28:44,680
Speaker 9: money back out, especially if they financed it cash. Buyers

454
00:28:44,680 --> 00:28:47,280
Speaker 9: we hurt less because they can at least take back

455
00:28:47,360 --> 00:28:49,120
Speaker 9: less cash than they put it in the first place.

456
00:28:49,840 --> 00:28:55,640
Speaker 9: So what you're witnessing now is what stock market observers

457
00:28:55,720 --> 00:28:59,680
Speaker 9: call and a term I hate, which is a market correction.

458
00:29:00,400 --> 00:29:04,080
Speaker 9: A market correction somehow suggests that there is a proper

459
00:29:04,160 --> 00:29:08,160
Speaker 9: price for Tesla stock, or Nvidia stock, or Apple stock

460
00:29:08,280 --> 00:29:11,600
Speaker 9: or Exxon. There is no proper price. There is no

461
00:29:11,720 --> 00:29:15,320
Speaker 9: proper price for anything. There is only what a willing

462
00:29:15,360 --> 00:29:18,400
Speaker 9: buyer and seller will buy and sell them for. If

463
00:29:18,400 --> 00:29:21,320
Speaker 9: you get to the end times, what a bottle of

464
00:29:21,520 --> 00:29:25,720
Speaker 9: water will be worth will be say ten thousand dollars, Well,

465
00:29:25,720 --> 00:29:28,640
Speaker 9: it can't be water. How much does it worth to

466
00:29:28,680 --> 00:29:32,360
Speaker 9: you to have that right now? And that is the

467
00:29:32,400 --> 00:29:36,239
Speaker 9: factor in pricing that people tend to lose sight of.

468
00:29:38,280 --> 00:29:40,880
Speaker 9: I think what we're going to witness is a reduction

469
00:29:41,120 --> 00:29:45,480
Speaker 9: in values in resort tourist communities over the next few

470
00:29:45,520 --> 00:29:48,680
Speaker 9: years to get back to I don't call it a correction.

471
00:29:49,360 --> 00:29:53,480
Speaker 9: I call it a return to rational pricing. And I

472
00:29:53,480 --> 00:29:55,880
Speaker 9: don't know that Galveson will go back to twenty nineteen

473
00:29:55,960 --> 00:29:59,400
Speaker 9: numbers unless there's a big storm that comes through. Big

474
00:29:59,400 --> 00:30:01,440
Speaker 9: storm comes from You lose a lot of retail, it

475
00:30:01,480 --> 00:30:03,560
Speaker 9: doesn't come back. You put a lot of homes on

476
00:30:03,600 --> 00:30:04,120
Speaker 9: the market.

477
00:30:03,920 --> 00:30:05,360
Speaker 1: That weren't there. You got it.

478
00:30:05,480 --> 00:30:08,760
Speaker 9: There's a period to rebuild. There's all the things that

479
00:30:09,240 --> 00:30:13,120
Speaker 9: are tumultuous about that. But it's going to be very

480
00:30:13,240 --> 00:30:18,000
Speaker 9: very interesting how that plays out. So factor in that Galveston,

481
00:30:18,640 --> 00:30:22,760
Speaker 9: their appraisal district is based on number of complaints. I

482
00:30:22,760 --> 00:30:27,560
Speaker 9: get the worst in the region. They are absolutely gouging

483
00:30:27,600 --> 00:30:32,480
Speaker 9: people on appraisals. So now one of the other factors

484
00:30:32,560 --> 00:30:35,520
Speaker 9: is people had a second home, they don't get a

485
00:30:35,520 --> 00:30:36,320
Speaker 9: homestead exemption.

486
00:30:37,480 --> 00:30:39,040
Speaker 1: Property taxes are going through the roof.

487
00:30:39,880 --> 00:30:42,400
Speaker 9: You can't airbnb it the way you could before because

488
00:30:42,600 --> 00:30:45,760
Speaker 9: there's not the market for that anymore. So what's the

489
00:30:45,760 --> 00:30:47,920
Speaker 9: one thing we wanted the Texas House to do? Was

490
00:30:47,960 --> 00:30:49,000
Speaker 9: the one thing.

491
00:30:50,600 --> 00:30:57,680
Speaker 1: Pass property tax production. They did not. They didn't even

492
00:30:57,680 --> 00:31:00,720
Speaker 1: get close to doing it. Out of time.

493
00:31:02,080 --> 00:31:05,640
Speaker 9: They they did what the Democrats wanted them to do,

494
00:31:06,120 --> 00:31:08,920
Speaker 9: which was the deal they cut. So Burroughs gets to

495
00:31:08,920 --> 00:31:11,960
Speaker 9: be the speaker. The guys that cut deals with in

496
00:31:12,080 --> 00:31:16,080
Speaker 9: Mono di Lacy Hall, they go in, they all get

497
00:31:16,080 --> 00:31:18,560
Speaker 9: their committee chairmanships and they get to be big, and

498
00:31:18,840 --> 00:31:21,280
Speaker 9: they've got consultants who will tell you, well, they fought

499
00:31:21,400 --> 00:31:23,720
Speaker 9: like tooth and nail, but send them back one more

500
00:31:23,760 --> 00:31:26,480
Speaker 9: time to fight them. Dad Burn Democrats the ones you

501
00:31:26,560 --> 00:31:27,160
Speaker 9: joined in with