WEBVTT - I Vomited In Your Backseat

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<v Speaker 1>Broadcasting live from the Abraham Lincoln Radio Studio, the George

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<v Speaker 1>Washington Broadcast Center, Jack Armstrong, Joe Getty.

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<v Speaker 2>Arm Strong and Jetty I know he Armstrong and Getty.

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<v Speaker 3>I've got a sore throat and a couple other symptoms

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<v Speaker 3>I won't mention. And as Joe mentioned, there's a quindemic

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<v Speaker 3>going on.

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<v Speaker 2>We're getting a lot of quinn depends who you ask.

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<v Speaker 3>We're getting a lot of text from people have also

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<v Speaker 3>been quite sick with either RSV whatever that is, monkey pox.

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<v Speaker 3>Nobody's texted that has monkey pox, but that's going around

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<v Speaker 3>bird flu, covid, regular flu. And then there's one other

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<v Speaker 3>one going is there, I don't know. Oh, they have

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<v Speaker 3>the biggest tuberculosis outbreak in the Midwest they've had in

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<v Speaker 3>like a century or something.

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<v Speaker 4>Then you got your measles among mostly illegal immigrants, and

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<v Speaker 4>the AP says I should never use that term unvaccinated

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<v Speaker 4>people as well breaking out and a certain you know,

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<v Speaker 4>it's not a huge percentage, but a certain percentage kids

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<v Speaker 4>die of the measles.

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<v Speaker 2>It's not just you know.

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<v Speaker 4>Red spots, hmmm, extremely high fever, problems with the brain.

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<v Speaker 2>Terrible.

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<v Speaker 4>Anyway, coming up, I on the economy, a couple of

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<v Speaker 4>really interesting stories about you know, dollars and cents and

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<v Speaker 4>that sort of thing. Now, Michael, I'm gonna challenge you.

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<v Speaker 4>You remember when that was hot. Instead of saying, hey,

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<v Speaker 4>this is something you gotta do, I'm going to challenge

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<v Speaker 4>Michael to come up with some theme music for I

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<v Speaker 4>on the Economy. That's not the same damn music you

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<v Speaker 4>always play. I want a good Then you got like

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<v Speaker 4>twenty minutes, almost half an hour to come.

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<v Speaker 2>Up with it. All right, I'll come up with something.

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<v Speaker 3>All right, Now, we need five things you accomplished last

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<v Speaker 3>week to justify your employment.

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<v Speaker 4>Yeah, that too by noon. Oh so I thought I'm

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<v Speaker 4>working on mine. I haven't come up with number three yet.

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<v Speaker 4>I've got two solid ones, and I'm thinking I'm thinking hard.

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<v Speaker 4>William Laugines Fox News unleashed this report Friday after our show.

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<v Speaker 4>I liked it so well I reached out to the

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<v Speaker 4>Fellows to chop it up and have it for you.

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<v Speaker 2>It's not like it's plowing.

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<v Speaker 4>New ground, but the facts are with our worth reconsidering

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<v Speaker 4>yet again surrounding the so called bullet train in California.

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<v Speaker 2>It is.

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<v Speaker 4>Among the greatest thefts of money, particularly taxpayer money.

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<v Speaker 2>Perhaps in the history of humankind.

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<v Speaker 3>Definitely could be. That's not hyperbole, that actually could be.

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<v Speaker 4>When the pharaohs of old said, you know, I'm gonna

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<v Speaker 4>be dead soon, and I need a gigantic tomb. How

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<v Speaker 4>big like thirty feet mister pharaoh. No, no, no, like

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<v Speaker 4>five hundred feet tall, twice as wide, and we're going

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<v Speaker 4>to have people from all over the world slave away.

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<v Speaker 4>And you all got to get more granite than anybody's

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<v Speaker 4>ever seen in their lives, and you got to build

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<v Speaker 4>me a monument that was a smaller theft of you know,

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<v Speaker 4>community resources than the bullet trained. William Lauginext Michael, we'll

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<v Speaker 4>start with eighty Yeah, you got that ready, Let's hear it.

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<v Speaker 5>This is the biggest boondogo in the United States. California

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<v Speaker 5>knows it.

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<v Speaker 2>You know it.

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<v Speaker 5>So does President Trump, which is why he has called

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<v Speaker 5>for this audit, which could effectively kill the bullet Trained.

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<v Speaker 5>And it's also why this is how the LA Union

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<v Speaker 5>station looked like yesterday. Protesters, many union workers who depend

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<v Speaker 5>on that federal lifeline, turned out to throw tomatoes and

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<v Speaker 5>hackle Transportation Secretary Sean Duffy.

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<v Speaker 2>If you want to go protest somewhere.

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<v Speaker 1>If you want to shout at someone, go to the

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<v Speaker 1>governor's mansion, Go talk to Democrats in the legislature who

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<v Speaker 1>have brought us this crappy project.

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<v Speaker 4>You notice it was not would be rail riders protested

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<v Speaker 4>because they're so excited about the bullet. No, it was

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<v Speaker 4>people profiting from it, and only people profiting from it.

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<v Speaker 2>Next clip.

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<v Speaker 5>Seventeen years and sixteen billion dollars later, the project has

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<v Speaker 5>yet delay a single foot of rail.

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<v Speaker 2>It was sold to voters.

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<v Speaker 5>In two thousand and eight is a low cost, environmentally

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<v Speaker 5>friendly way to get from LA to San Francisco in.

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<v Speaker 2>Under three hours.

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<v Speaker 5>Even then, the claim was wildly misleading or a lie,

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<v Speaker 5>depending on who you believe.

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<v Speaker 2>This is a failed project.

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<v Speaker 4>It is a complete waste of money for California taxpayers

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<v Speaker 4>and federal taxpayers.

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<v Speaker 2>We want to say no to a king and yes

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<v Speaker 2>to high speed rail.

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<v Speaker 6>This is something that will help people for generations, will

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<v Speaker 6>help take vehicles off their own and help people have.

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<v Speaker 2>More options to get around California.

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<v Speaker 3>By the way, I just for my birthday, I traveled

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<v Speaker 3>to LA from northern California, like so many people do.

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<v Speaker 3>It took fifty minutes. It was quite cheap and very handy.

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<v Speaker 3>It's called Southwest Airlines three hours. Why would I ever

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<v Speaker 3>want to take a three hour train ride to LA

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<v Speaker 3>if I can fly there fifty minutes.

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<v Speaker 4>Maybe take in the beautiful scenery along Eye five if

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<v Speaker 4>you've driven ever driven I five between San Francisco and

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<v Speaker 4>La Hugh anyway, Ah. In a transparent maneuver, which we

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<v Speaker 4>talked about last week, the rail Authority and their union

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<v Speaker 4>buddies put out a study that said a majority of

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<v Speaker 4>America of California still support the high speed rail last week,

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<v Speaker 4>and Jack despaired over that. I think it is clearly

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<v Speaker 4>an example of and this is how it goes, which

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<v Speaker 4>is why you have to be at least a little

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<v Speaker 4>careful talking about issues pulling. The rail Authority commissioned a

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<v Speaker 4>poll from I think it was Emerson or somebody like that.

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<v Speaker 4>But the specific wording of the question is going to

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<v Speaker 4>be incredibly important in this sort of poll. I'll bet

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<v Speaker 4>they asked a high speed rail between LA and San

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<v Speaker 4>Francisco where you can zoom between there, and it's environmentally

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<v Speaker 4>beneficial and very inexpensive and it will always save a

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<v Speaker 4>nice comfy seat for you.

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<v Speaker 2>Are you in favor of that? Against it.

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<v Speaker 4>They worded the question in such a rosy manners to

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<v Speaker 4>get the result they wanted, just before the Feds stepped

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<v Speaker 4>in and said, hey, this is a pilot crappen, a

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<v Speaker 4>huge theft.

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<v Speaker 2>We're not financing it.

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<v Speaker 3>Are you in favor of supporting high speed rail which

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<v Speaker 3>will save the planet and your child's life, or are

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<v Speaker 3>you a bad person?

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<v Speaker 2>Whichard?

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<v Speaker 4>Do you want your children to die of black lung

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<v Speaker 4>from the climate change?

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<v Speaker 2>Next clip?

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<v Speaker 5>So far, our federal taxpayers dumped about three billion into

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<v Speaker 5>the project, with another four million promised by but not

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<v Speaker 5>already spent from President Biden. How this audit could provide

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<v Speaker 5>President Trump the legal authority to claw that money back.

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<v Speaker 1>We're going to look at whether California High Speed Rail

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<v Speaker 1>has actually complied with the agreements that they've signed with

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<v Speaker 1>the federal government. And we can't just say we're going

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<v Speaker 1>to give money and then not hold states accountable to

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<v Speaker 1>how they spend that money.

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<v Speaker 4>A minimum of seven billion dollars of Californians in the

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<v Speaker 4>other states taxpayers money being squandered on them.

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<v Speaker 3>Was that this is what gives the energy to doge

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<v Speaker 3>and should four billion dollars Biden promised to give to

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<v Speaker 3>an already stupid, obviously wasteful program, four billion dollars of

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<v Speaker 3>people's taxpayer money from all around the country.

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<v Speaker 2>Nobody will.

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<v Speaker 3>I mean, they'll never be a train anyway. But even

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<v Speaker 3>if there were a train, none of these people's tax dollars,

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<v Speaker 3>These people are never gonna ride the dang thing.

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<v Speaker 2>I can't quit just to hand out the money.

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<v Speaker 3>Nobody's been ever to come up with a reason, Like

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<v Speaker 3>we're just talking about why you would ride the thing?

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<v Speaker 3>What are you gonna decide? You know what, today's day,

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<v Speaker 3>I'm gonna spend three hours getting to La or San

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<v Speaker 3>Francisco instead of the.

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<v Speaker 2>Fifty minutes that would take me to fly right right.

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<v Speaker 4>And it's a perpetual money printing machine too, because you

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<v Speaker 4>got the environmental groups who can fundraise off. They're gonna

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<v Speaker 4>put the track through the sacred habitat of the San

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<v Speaker 4>joa Quen rat mouse. And then you've got all of

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<v Speaker 4>the attorneys who are gonna sue over all the phony

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<v Speaker 4>environmental claims and the rest of it. And we're not

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<v Speaker 4>doing enough for this and that and the other. The

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<v Speaker 4>point is to hand out the money.

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<v Speaker 3>The Sanjuacin rat mouse needs to be protected, Yes, I

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<v Speaker 3>wish we would all catch on. I've only got on

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<v Speaker 3>in the last couple of years. The spending is the

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<v Speaker 3>point that needs to be on T shirts everywhere. The

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<v Speaker 3>spending is the point. They don't care if it actually

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<v Speaker 3>accomplishes anything. They just need to get it, you know, allotted.

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<v Speaker 3>If I'm Joe Biden and you asked me to be honest,

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<v Speaker 3>I would.

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<v Speaker 2>Say that care.

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<v Speaker 4>But before he was completely senile, he'd say, yeah, the

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<v Speaker 4>money's here March for the bullet train, but I don't

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<v Speaker 4>care if they use it to preserve Pelican habitat, or

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<v Speaker 4>build windmills or a library for BIPOC people.

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<v Speaker 2>I don't care. The point is to hand out the

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<v Speaker 2>money last clip.

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<v Speaker 5>So the train is decades behind scheduling, about one hundred

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<v Speaker 5>billion short. Governor Newsom wants to finish the Central Valley

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<v Speaker 5>lag Even that needs another twenty billion, and without federal help,

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<v Speaker 5>that's unlikely. Many say any money federal or state should

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<v Speaker 5>be better spent on wildlife or wildfire prevention and water

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<v Speaker 5>storage than.

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<v Speaker 4>Trained in nowhere or any light lighting it on fire, yeah,

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<v Speaker 4>or buying everybody in California pair of genes, or again,

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<v Speaker 4>practically anything. I'm good by the way I need to

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<v Speaker 4>get rid of clothes and I'm buy more.

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<v Speaker 2>That's funny. Uh to have time for this before we

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<v Speaker 2>take a break chair? Why not?

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<v Speaker 3>The UN had their big vote on this. It's the

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<v Speaker 3>three year anniversary of Russia invading Ukraine, one of the

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<v Speaker 3>worst aggressions, if not the worst aggression by a major

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<v Speaker 3>country since World War Two. The UN has adopted Ukraine's

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<v Speaker 3>resolution condemning Russian aggression, so that's good, and demanding the

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<v Speaker 3>immediate withdrawal of Putin's forces. But the US join Russia,

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<v Speaker 3>North Korea, Belarus, and Hungry and opposing in the resolution.

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<v Speaker 3>For the first time we opposed a resolution condemning Russia

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<v Speaker 3>for the invasion.

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<v Speaker 4>Trump thinks he can strike a real deal with lad Putin.

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<v Speaker 3>These are meaningless. I mean, it's a meaningless debating society,

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<v Speaker 3>and these are meaningless things.

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<v Speaker 2>But it's that's something.

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<v Speaker 3>The United States sided with Russia and North Korea, Belarus

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<v Speaker 3>and Hungary and being against saying something is clear cut

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<v Speaker 3>obviously true, as Russia's the bad guy here and they

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<v Speaker 3>ought to get out.

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<v Speaker 4>Yeah, yeah, I just Trump would say, why would I

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<v Speaker 4>antagonize the guy We're about to go into negotiations I

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<v Speaker 4>just think he's wrong. Is trying to negotiate with an alligator.

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<v Speaker 4>You're not going to buy favor or intimidate or woo

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<v Speaker 4>or anything.

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<v Speaker 3>I understand the logic to a certain extent of sure. Look,

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<v Speaker 3>your view of voting on the other side is right,

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<v Speaker 3>But what is it going to do in terms of

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<v Speaker 3>ending this war?

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<v Speaker 2>Is it going to make it more likely or less

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<v Speaker 2>likely to end it? Right? Yeah, that is his argument.

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<v Speaker 2>We'll see how this turns out. Man. That is something

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<v Speaker 2>more in the way. Bad attention on how to merge

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<v Speaker 2>onto the highway.

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<v Speaker 6>So you're going to be a dude at least the

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<v Speaker 6>speed limit, not crawling under speed limit, not making other

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<v Speaker 6>people break bad at tension.

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<v Speaker 2>Did that no issues?

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<v Speaker 6>You step on it, speed limit five ten above speed limit.

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<v Speaker 6>You merge with no issues whatsoever. Stop holding up traffic.

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<v Speaker 6>Mind your damn business in the right lane. Very simple, folks.

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<v Speaker 3>Well worn topic. But what is the thinking of the

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<v Speaker 3>people that enter the freeway so slowly?

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<v Speaker 2>I'm being cautious and safe.

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<v Speaker 4>To be cautious and safe, that means going slowly, simple

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<v Speaker 4>as that.

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<v Speaker 3>Right, Even though you were doing the most dangerous thing

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<v Speaker 3>anybody on the road's doing. You you just rupped the

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<v Speaker 3>likelihood of you dying in a fiery crash.

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<v Speaker 2>By a lot, but at an end innocence as well. Yes. Uh.

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<v Speaker 2>The interesting thing to me is how often I'll have

0:12:15.960 --> 0:12:16.480
<v Speaker 2>that happen.

0:12:17.360 --> 0:12:19.240
<v Speaker 3>Like I'm behind them getting on the on ramp and

0:12:19.240 --> 0:12:21.560
<v Speaker 3>they're going like forty five and okay, first off effort

0:12:21.559 --> 0:12:23.439
<v Speaker 3>I get I you know, check my mirror and get

0:12:23.440 --> 0:12:25.480
<v Speaker 3>around them and go let but then they'll pass me.

0:12:25.720 --> 0:12:27.960
<v Speaker 3>I'm going like eighty miles nor they're going driving faster

0:12:28.000 --> 0:12:30.680
<v Speaker 3>than me. So they're more than willing to drive fast.

0:12:31.080 --> 0:12:31.720
<v Speaker 2>They just don't.

0:12:31.760 --> 0:12:35.160
<v Speaker 3>They can't enter quickly. Now I know someone, and I

0:12:35.200 --> 0:12:36.920
<v Speaker 3>just wonder how many people are like this. I know

0:12:37.040 --> 0:12:40.680
<v Speaker 3>someone why, like a lot who just finds it too

0:12:40.800 --> 0:12:43.560
<v Speaker 3>like taxing on the car. They feel like it's too

0:12:44.360 --> 0:12:47.560
<v Speaker 3>you know, it's too much demanding of their vehicle to

0:12:47.679 --> 0:12:50.120
<v Speaker 3>like hit the gas and speed up like like that.

0:12:50.800 --> 0:12:53.679
<v Speaker 4>Mm. They need to drive with me and my big

0:12:53.920 --> 0:12:55.680
<v Speaker 4>giant engine.

0:12:56.080 --> 0:12:59.080
<v Speaker 2>That's the fun Partah.

0:12:59.400 --> 0:13:03.439
<v Speaker 3>Well. Anyway, speaking of driving, so I took probably I

0:13:03.440 --> 0:13:07.800
<v Speaker 3>don't know, maybe a dozen lyft rides in LA, although

0:13:08.760 --> 0:13:11.400
<v Speaker 3>I had been told this maybe this is a northern California,

0:13:11.440 --> 0:13:13.000
<v Speaker 3>say I don't know where it is where you live.

0:13:13.080 --> 0:13:15.080
<v Speaker 3>But I was told I had a problem with Uber,

0:13:15.120 --> 0:13:17.360
<v Speaker 3>and somebody said, you use Uber, you gotta use Lyft.

0:13:17.440 --> 0:13:20.280
<v Speaker 3>Lift is target, Uber as Walmart, and so I started

0:13:20.320 --> 0:13:23.200
<v Speaker 3>using Lyft. Well, I had some bad experiences with Lyft

0:13:23.200 --> 0:13:25.280
<v Speaker 3>in Los Angeles and somebody told me, no, it's the

0:13:25.280 --> 0:13:28.880
<v Speaker 3>opposite in La by far. Oh really yeah, Uber, Uber

0:13:29.000 --> 0:13:33.480
<v Speaker 3>is Uber is Nordstrom and and and Lyft is you know,

0:13:33.720 --> 0:13:35.040
<v Speaker 3>your local convenience store.

0:13:35.400 --> 0:13:37.400
<v Speaker 2>So okay, But anyway, I had a couple of really

0:13:37.440 --> 0:13:39.280
<v Speaker 2>weird experiences with Lyft, who were.

0:13:39.160 --> 0:13:43.040
<v Speaker 3>Like the people driving just had no idea to get

0:13:43.080 --> 0:13:45.319
<v Speaker 3>to the where I'm going, And I had to get

0:13:45.320 --> 0:13:47.560
<v Speaker 3>out my phone and look up away myself and start

0:13:47.559 --> 0:13:49.679
<v Speaker 3>telling them how to get there, which was just weird.

0:13:50.000 --> 0:13:52.079
<v Speaker 2>I've never had to do that ever. Got they got

0:13:52.120 --> 0:13:55.000
<v Speaker 2>an app and I couldn't read it or something.

0:13:55.240 --> 0:13:57.280
<v Speaker 3>I don't know how many times I circled my hotel.

0:13:57.600 --> 0:13:59.360
<v Speaker 3>I was in no hurry, so I just circling it

0:13:59.520 --> 0:14:04.120
<v Speaker 3>started going. I finally like said, uh, okay, or I

0:14:04.200 --> 0:14:05.640
<v Speaker 3>just can't figure out how to get there, he said

0:14:05.640 --> 0:14:07.760
<v Speaker 3>in a very thick Spanish accent. So I got out

0:14:07.800 --> 0:14:09.679
<v Speaker 3>my phone. I turn left here, turn left here, turn

0:14:09.760 --> 0:14:11.480
<v Speaker 3>right again. Okay, you can drop me off there. But

0:14:11.559 --> 0:14:13.080
<v Speaker 3>I mean, I don't know if he's a good driver

0:14:13.160 --> 0:14:16.240
<v Speaker 3>on the rest of his life. But got this notice

0:14:16.280 --> 0:14:19.960
<v Speaker 3>before one driver picked me up. Your lift driver is deaf?

0:14:20.720 --> 0:14:24.080
<v Speaker 3>Please text instead of calling. Learn how to say hello

0:14:24.280 --> 0:14:27.880
<v Speaker 3>or thank you an American sign language, which I tweeted.

0:14:27.480 --> 0:14:29.280
<v Speaker 2>Out and responded with, got this notice.

0:14:29.360 --> 0:14:31.880
<v Speaker 3>Oh sure, I'll just pick up sign language real quick

0:14:31.880 --> 0:14:33.280
<v Speaker 3>while I'm standing here on the corner.

0:14:33.520 --> 0:14:34.240
<v Speaker 2>No problem.

0:14:35.560 --> 0:14:37.560
<v Speaker 3>But it brought me a bunch of hate from people,

0:14:38.000 --> 0:14:41.200
<v Speaker 3>uh who believe I was being really like coarse and

0:14:41.320 --> 0:14:46.520
<v Speaker 3>non sympathetic to our disabled countryman by not learning it.

0:14:46.600 --> 0:14:48.280
<v Speaker 3>Oh would that really be too much to learn a

0:14:48.280 --> 0:14:50.560
<v Speaker 3>little sign language for someone who's deaf?

0:14:51.000 --> 0:14:51.520
<v Speaker 2>Wow?

0:14:52.440 --> 0:14:55.960
<v Speaker 4>How about to say hello, I wave with a smile

0:14:56.000 --> 0:14:57.680
<v Speaker 4>on face and to say thank you I give him

0:14:57.680 --> 0:14:59.520
<v Speaker 4>a thumbs up with a smile on my phone. Or

0:14:59.520 --> 0:15:01.320
<v Speaker 4>how about we I don't interact at all, which is

0:15:01.360 --> 0:15:04.320
<v Speaker 4>my first favorite go to a proposal of marriage and

0:15:04.520 --> 0:15:05.080
<v Speaker 4>or a threat.

0:15:05.280 --> 0:15:07.160
<v Speaker 2>No, it's universally understood.

0:15:07.280 --> 0:15:10.160
<v Speaker 3>Well, So aside from the hate for me being so

0:15:10.960 --> 0:15:14.400
<v Speaker 3>lacking and compassionate for our deaf friends that I wouldn't

0:15:14.440 --> 0:15:16.800
<v Speaker 3>learn sign language real quick. Well, I'm standing there with

0:15:16.800 --> 0:15:19.280
<v Speaker 3>my bags on the corner. I don't pick up a

0:15:19.320 --> 0:15:24.000
<v Speaker 3>foreign language, which it is real quick. Uh, A number

0:15:24.040 --> 0:15:26.280
<v Speaker 3>of people texted. Now that's what the people do who

0:15:26.280 --> 0:15:28.320
<v Speaker 3>can't speak English, so that they don't get out. It

0:15:28.400 --> 0:15:30.520
<v Speaker 3>is not being able to speak English. It's very common

0:15:30.840 --> 0:15:35.840
<v Speaker 3>in l Yeah, yeah, I took this job. I don't

0:15:35.840 --> 0:15:39.560
<v Speaker 3>speak English. And to get around that, there are too.

0:15:39.520 --> 0:15:42.960
<v Speaker 4>Many layers to modern life. I swear, oh no, no,

0:15:43.080 --> 0:15:45.160
<v Speaker 4>you don't understand that this is going on. That and

0:15:45.200 --> 0:15:47.440
<v Speaker 4>here in LA is posed everywhere else. And then the

0:15:47.520 --> 0:15:50.640
<v Speaker 4>driver is going to claim to be Armenian because Armenians,

0:15:50.680 --> 0:15:53.200
<v Speaker 4>of course have no thumbs, and if you have no thumbs,

0:15:53.200 --> 0:15:57.560
<v Speaker 4>you don't have to turn right. Oh, this is too much.

0:15:57.600 --> 0:16:00.920
<v Speaker 3>I would assume that it's a requirement to drive lift

0:16:01.000 --> 0:16:03.680
<v Speaker 3>or uber you speak English, right, because how else can

0:16:03.720 --> 0:16:06.440
<v Speaker 3>your passengers say no, drop me off here, or I've

0:16:06.480 --> 0:16:08.320
<v Speaker 3>changed my mind. I'd rather go to blah blah blah

0:16:08.360 --> 0:16:11.680
<v Speaker 3>if you can't talk to the person, or I vomited

0:16:11.760 --> 0:16:16.520
<v Speaker 3>in your back seat exactly, But if the but if

0:16:16.640 --> 0:16:19.200
<v Speaker 3>what we're going for here is some sort of agreement

0:16:19.400 --> 0:16:22.960
<v Speaker 3>where there's no chit chat. Sign me up. I'm all

0:16:23.040 --> 0:16:25.480
<v Speaker 3>day long, Pedro. I'm with you. Let's so you don't

0:16:25.480 --> 0:16:27.360
<v Speaker 3>talk to me. I don't talk to you. We're all happy.

0:16:27.840 --> 0:16:30.720
<v Speaker 4>I don't care if you're deaf or Guatemalan or Armenian

0:16:30.760 --> 0:16:31.520
<v Speaker 4>and umbless.

0:16:32.120 --> 0:16:35.040
<v Speaker 2>We're both happy here. Drop me off, just drive all city.

0:16:35.120 --> 0:16:37.760
<v Speaker 3>Yeah, drop me off someone near near my hotel, within

0:16:37.880 --> 0:16:39.840
<v Speaker 3>walking distance, and we'll call it good.

0:16:40.600 --> 0:16:43.720
<v Speaker 4>It's the big one that says help not it right there?

0:16:44.480 --> 0:16:49.000
<v Speaker 2>Oh that's right. You can't understand me, never mind right, wow, if.

0:16:48.920 --> 0:16:51.280
<v Speaker 4>You don't lie on the economy coming up in a

0:16:51.320 --> 0:16:52.160
<v Speaker 4>moment or two.

0:16:52.080 --> 0:16:53.280
<v Speaker 2>Joe's I'm the economy.

0:16:53.320 --> 0:16:57.360
<v Speaker 3>I've got an interesting nugget too about a consumer spending

0:16:57.360 --> 0:16:57.880
<v Speaker 3>that we'll get to.

0:16:58.400 --> 0:17:00.480
<v Speaker 2>Uh what was I going to say? I must say,

0:17:00.600 --> 0:17:02.120
<v Speaker 2>I don't know. I've flip it out of my head.

0:17:02.160 --> 0:17:03.960
<v Speaker 3>Anyway, if you missed a segment or now, you can

0:17:03.960 --> 0:17:05.600
<v Speaker 3>get the podcast Armstrong and get you on demand.

0:17:05.640 --> 0:17:07.520
<v Speaker 2>We do four hours every day. I mean, it's ridiculous,

0:17:08.000 --> 0:17:12.040
<v Speaker 2>it's too much. I'm being held without against my will. Yes,

0:17:12.080 --> 0:17:13.560
<v Speaker 2>stay tuned if you can.

0:17:14.400 --> 0:17:18.280
<v Speaker 4>The economy stuff is actually really interesting, in thought provoking.

0:17:20.240 --> 0:17:21.399
<v Speaker 1>Armstrong and Getty.

0:17:22.720 --> 0:17:25.240
<v Speaker 3>I'm not going to talk about it today, but the

0:17:25.440 --> 0:17:30.160
<v Speaker 3>topic that's about to take over our lives for those

0:17:30.160 --> 0:17:35.240
<v Speaker 3>of us who follow the news is the whole tax thing,

0:17:36.480 --> 0:17:38.960
<v Speaker 3>that bill that you got to get to like in

0:17:39.000 --> 0:17:41.320
<v Speaker 3>the next couple of weeks. There's a couple of giant

0:17:41.400 --> 0:17:43.280
<v Speaker 3>bills that are going to be proposed in the next

0:17:43.320 --> 0:17:45.360
<v Speaker 3>couple of weeks that are going to dominate the political

0:17:45.400 --> 0:17:47.600
<v Speaker 3>conversation for like the next six months.

0:17:47.600 --> 0:17:49.439
<v Speaker 2>Probably now.

0:17:49.720 --> 0:17:52.160
<v Speaker 4>If you're listening a while ago, you heard me challenge

0:17:52.200 --> 0:17:54.520
<v Speaker 4>Michaelangelow to come up with a good theme song.

0:17:54.640 --> 0:17:54.880
<v Speaker 2>Jack.

0:17:54.920 --> 0:17:57.199
<v Speaker 4>The tax bill might be in a future edition of

0:17:57.560 --> 0:18:01.560
<v Speaker 4>I on the Economy like that.

0:18:02.960 --> 0:18:06.480
<v Speaker 2>I'm Kent Brockman. That's good. Ten out of ten.

0:18:06.880 --> 0:18:10.320
<v Speaker 3>The money, yes, that's oh wow.

0:18:10.440 --> 0:18:13.399
<v Speaker 4>It's turned harsh there, but I don't mind it. This

0:18:13.680 --> 0:18:17.680
<v Speaker 4>sounds like your local news in like nineteen ninety.

0:18:17.400 --> 0:18:21.879
<v Speaker 2>Eight seven dollars.

0:18:23.240 --> 0:18:25.879
<v Speaker 4>Hip it up a little bit and it's hi on

0:18:26.000 --> 0:18:26.680
<v Speaker 4>the Galloway.

0:18:27.680 --> 0:18:28.560
<v Speaker 2>I'm Joe Ketty.

0:18:30.800 --> 0:18:33.320
<v Speaker 4>Oh that's beautiful. Just tightened it up and when they

0:18:33.359 --> 0:18:35.680
<v Speaker 4>will be right in the sweet spot. So a couple

0:18:35.720 --> 0:18:37.760
<v Speaker 4>of stories I found very very interesting.

0:18:38.440 --> 0:18:38.520
<v Speaker 2>Uh.

0:18:38.680 --> 0:18:42.920
<v Speaker 4>First of all, the weird weird housing market we're in,

0:18:43.160 --> 0:18:46.640
<v Speaker 4>which everybody knows no matter whether you're in a house,

0:18:46.800 --> 0:18:49.240
<v Speaker 4>hoping to buy a house, hoping to sell a house, renting,

0:18:49.440 --> 0:18:53.480
<v Speaker 4>what have you. A nice piece by Alicia Finley in

0:18:53.600 --> 0:18:56.480
<v Speaker 4>the Wall Street Journal White of housing prices keep climbing

0:18:56.560 --> 0:18:57.960
<v Speaker 4>despite higher interest rates.

0:18:58.440 --> 0:19:01.159
<v Speaker 2>Well, the Biden and it's been confusing to me.

0:19:01.880 --> 0:19:05.679
<v Speaker 4>Oh yeah, Well, the Biden administration did some real activist

0:19:05.840 --> 0:19:09.800
<v Speaker 4>stuff that was Obama esque and did not really get

0:19:09.920 --> 0:19:14.080
<v Speaker 4>much attention. The federal government has allowed barwers to take

0:19:14.119 --> 0:19:17.480
<v Speaker 4>out much bigger mortgages they than they can really afford

0:19:18.720 --> 0:19:22.160
<v Speaker 4>to prevent foreclosures. That's bailing them out when they missed payments.

0:19:22.680 --> 0:19:28.200
<v Speaker 4>Behold another subprime housing bubble. Ah. The problems began, Alicia Wrights,

0:19:28.200 --> 0:19:31.600
<v Speaker 4>when the Obama administration eased underwriting standards by enabling more

0:19:31.640 --> 0:19:35.200
<v Speaker 4>home buyers whose debt payments exceeded forty three percent of

0:19:35.359 --> 0:19:40.640
<v Speaker 4>income oh to qualify for government backed loans forty three.

0:19:42.080 --> 0:19:42.800
<v Speaker 2>A higher than that.

0:19:43.880 --> 0:19:46.600
<v Speaker 4>So that sort of borrower is risky obviously, because they

0:19:46.680 --> 0:19:48.320
<v Speaker 4>might not be able to make payments if their income

0:19:48.400 --> 0:19:50.359
<v Speaker 4>drops or expenses rise, or you know, they blow all

0:19:50.359 --> 0:19:54.159
<v Speaker 4>four tires or whatever. You as the home client prices climbed,

0:19:54.280 --> 0:19:58.600
<v Speaker 4>the FHA, the Federal Housing Administration ensured more loans to

0:19:58.760 --> 0:20:01.639
<v Speaker 4>financially stretch borrows with as little as three and a

0:20:01.720 --> 0:20:04.879
<v Speaker 4>half percent down. Now, this was the Obama time, no

0:20:05.000 --> 0:20:08.240
<v Speaker 4>skin off lenders backs if the bar was defaulted, since

0:20:08.320 --> 0:20:12.080
<v Speaker 4>the mortgages were backed by the government. And you remember

0:20:12.160 --> 0:20:15.560
<v Speaker 4>the whole Barney Frank Obama thing where if banks didn't

0:20:15.560 --> 0:20:19.040
<v Speaker 4>write a certain number of mortgages to buy POC people

0:20:19.200 --> 0:20:21.600
<v Speaker 4>or whatever they are calling them back, then we would

0:20:21.720 --> 0:20:25.240
<v Speaker 4>bring the full weight to the regulatory state down on

0:20:25.320 --> 0:20:28.120
<v Speaker 4>your heads. And the banks were like, well, then we'll

0:20:28.160 --> 0:20:30.520
<v Speaker 4>go under, and Obama said, no, no, no, no, We'll

0:20:30.560 --> 0:20:33.879
<v Speaker 4>have the federal government insure those loans, so the taxpayer

0:20:33.920 --> 0:20:36.920
<v Speaker 4>will fund it, and the tax federal deal a tax

0:20:37.000 --> 0:20:38.680
<v Speaker 4>payer will deal with it when they go under.

0:20:38.760 --> 0:20:41.480
<v Speaker 2>Anyway, So listen to this, though. This is where it

0:20:41.480 --> 0:20:42.359
<v Speaker 2>gets crazy to me.

0:20:42.720 --> 0:20:46.160
<v Speaker 3>There might be a giant collapse again where prices drop.

0:20:46.560 --> 0:20:50.040
<v Speaker 2>Those all are on the sidelines. That could never happen. Jack,

0:20:53.520 --> 0:20:54.479
<v Speaker 2>We're kind of getting there.

0:20:55.080 --> 0:20:59.440
<v Speaker 4>But in two thousand and seven, thirty five percent of

0:20:59.680 --> 0:21:04.160
<v Speaker 4>new FAJA borrowers had deckted income ratios above forty three

0:21:04.240 --> 0:21:09.600
<v Speaker 4>percent thirty five percent. By last year, fifty four percent

0:21:09.760 --> 0:21:14.840
<v Speaker 4>did more than half wow, and his housing prices and

0:21:14.920 --> 0:21:18.800
<v Speaker 4>inflation surged, borrowers became more stretched. The FAA kept ensuring

0:21:18.840 --> 0:21:23.440
<v Speaker 4>mortgages to borrowers who were increasingly leveraged. About sixty four

0:21:23.600 --> 0:21:27.440
<v Speaker 4>percent of FHA barers last year exceeded the forty three

0:21:27.560 --> 0:21:31.760
<v Speaker 4>percent threshold. So the faja's loan portfolio is a lot

0:21:32.000 --> 0:21:34.680
<v Speaker 4>riskier than it was just before the two thousand and

0:21:34.720 --> 0:21:40.040
<v Speaker 4>eight housing crisis. Now, I don't know what percentage they

0:21:40.160 --> 0:21:42.920
<v Speaker 4>may have mentioned it, how big that is within the

0:21:43.240 --> 0:21:46.240
<v Speaker 4>the you know, the global housing market within the US,

0:21:46.640 --> 0:21:50.960
<v Speaker 4>I don't actually know that. But the number of delinquents

0:21:50.960 --> 0:21:54.320
<v Speaker 4>are heading for delinquent mortgages is rough.

0:21:54.520 --> 0:22:02.080
<v Speaker 2>It's high right now. And Biden administration's gone now.

0:22:02.880 --> 0:22:06.560
<v Speaker 4>But the house of cards they built could collapse if

0:22:06.640 --> 0:22:10.679
<v Speaker 4>Trump officials dare to end some of these programs, because

0:22:10.680 --> 0:22:13.920
<v Speaker 4>they're the only thing keeping people in their houses and

0:22:14.000 --> 0:22:14.680
<v Speaker 4>paying their loan.

0:22:14.960 --> 0:22:17.600
<v Speaker 2>Home prices are so ridiculously high.

0:22:17.720 --> 0:22:23.360
<v Speaker 4>Though soft to happen, Oh, I know, I know it's

0:22:23.400 --> 0:22:26.440
<v Speaker 4>got to burble down, but it just remember politicians don't

0:22:26.520 --> 0:22:30.480
<v Speaker 4>care if they are presiding over the road to ruin

0:22:31.119 --> 0:22:33.840
<v Speaker 4>if they are out of office when the ruin happens,

0:22:34.200 --> 0:22:39.680
<v Speaker 4>they don't care anyway. Foreclosures would inevitably decrease, which cause

0:22:39.760 --> 0:22:42.240
<v Speaker 4>home prices to fall sharply in lower income neighborhoods with

0:22:42.400 --> 0:22:46.000
<v Speaker 4>more FAHA mortgages. More borrowers would then fall underwater, balloting

0:22:46.080 --> 0:22:48.639
<v Speaker 4>tax payer losses. The homes might also become more affordable.

0:22:48.960 --> 0:22:51.960
<v Speaker 2>What a mess. Who will get blamed not the folks

0:22:51.960 --> 0:22:53.240
<v Speaker 2>who inflated the bubble?

0:22:54.000 --> 0:22:57.800
<v Speaker 4>Alisha points out, She's absolutely right, and I thought this

0:22:58.080 --> 0:23:03.679
<v Speaker 4>was really interesting and really easy to understand. They mentioned

0:23:03.960 --> 0:23:07.680
<v Speaker 4>that many Americans are pinching pennies, high prices, stubborn inflation,

0:23:08.280 --> 0:23:11.200
<v Speaker 4>but the well off are spending with abandon the top

0:23:11.320 --> 0:23:14.399
<v Speaker 4>percent ten percent of earners top ten percent, which is

0:23:14.480 --> 0:23:17.120
<v Speaker 4>households making around two hundred and fifty thousand or more

0:23:17.440 --> 0:23:21.640
<v Speaker 4>per year. As we always point out, and for some reason,

0:23:21.720 --> 0:23:24.600
<v Speaker 4>we're the only people who point this out. Quarter of

0:23:24.680 --> 0:23:30.800
<v Speaker 4>a million bucks in La San Francisco, Manhattan, it's nothing.

0:23:31.040 --> 0:23:33.280
<v Speaker 2>You're living inn Oaki. You're living a good life. You're

0:23:33.320 --> 0:23:34.200
<v Speaker 2>living a fine life.

0:23:34.320 --> 0:23:38.920
<v Speaker 4>If you're in Coonhauller, Kentucky, you're rich as hell. Anyway,

0:23:39.440 --> 0:23:42.080
<v Speaker 4>the top ten percent of earners are splurging on everything

0:23:42.119 --> 0:23:45.960
<v Speaker 4>from vacations to designer handbags. Bullied by big gains in stocks,

0:23:46.040 --> 0:23:49.120
<v Speaker 4>real estate, and assets. The top ten percent now account

0:23:49.119 --> 0:23:52.480
<v Speaker 4>for fifty percent of all spending, a record in data

0:23:52.560 --> 0:23:56.120
<v Speaker 4>going back to nineteen eighty nine when Moody's Analystics first

0:23:56.119 --> 0:23:56.800
<v Speaker 4>started looking at this.

0:23:56.880 --> 0:23:57.359
<v Speaker 2>Sup this.

0:23:57.480 --> 0:24:01.200
<v Speaker 3>This doesn't sound good. That just doesn't seem like on

0:24:01.280 --> 0:24:03.560
<v Speaker 3>the face of it, it could be good. Two thirds

0:24:03.880 --> 0:24:06.040
<v Speaker 3>of consumer spa or two.

0:24:06.040 --> 0:24:12.000
<v Speaker 4>Half what half half of consumer spending is ten percent

0:24:12.040 --> 0:24:14.520
<v Speaker 4>of population going to quote a different statistic.

0:24:14.600 --> 0:24:19.760
<v Speaker 3>Okay, two thirds of the economy is consumer spending, and yeah,

0:24:20.040 --> 0:24:23.359
<v Speaker 3>half of that is just the top ten percent.

0:24:23.840 --> 0:24:26.639
<v Speaker 2>That ain't correct. That is not good. That is a

0:24:26.760 --> 0:24:27.880
<v Speaker 2>setup for disaster.

0:24:29.480 --> 0:24:32.760
<v Speaker 4>Three decades ago, the top percent was about thirty six

0:24:32.920 --> 0:24:37.320
<v Speaker 4>percent of spending. So it's up by almost half, not

0:24:37.520 --> 0:24:39.720
<v Speaker 4>quite up by forty percent as a percentage.

0:24:39.760 --> 0:24:43.240
<v Speaker 3>I would like to see the next quintile or however

0:24:43.280 --> 0:24:45.520
<v Speaker 3>they would break it down, because I keep talking all

0:24:45.560 --> 0:24:49.879
<v Speaker 3>the time about you know, you see these statistics are

0:24:49.920 --> 0:24:51.879
<v Speaker 3>how many people are paycheck to paycheck, and how much

0:24:51.960 --> 0:24:53.879
<v Speaker 3>credit people have maxed out credit cards and all these

0:24:53.880 --> 0:24:54.360
<v Speaker 3>different things.

0:24:54.400 --> 0:24:57.520
<v Speaker 2>But you know, you go to Vegas. Yeah, you fly

0:24:57.640 --> 0:24:59.680
<v Speaker 2>on a plane, you go to a restaurant.

0:25:00.640 --> 0:25:02.800
<v Speaker 3>It seems like people are spending like crazy. So if

0:25:03.240 --> 0:25:05.080
<v Speaker 3>if you got half of the consumer spending as that

0:25:05.160 --> 0:25:07.720
<v Speaker 3>top ten percent, I wonder what the next ten percent

0:25:07.760 --> 0:25:09.200
<v Speaker 3>of people account for?

0:25:09.240 --> 0:25:10.040
<v Speaker 2>All bet a lot.

0:25:11.680 --> 0:25:17.000
<v Speaker 4>Picturing Bernie Sanders yelling top ten percent as who the

0:25:17.080 --> 0:25:19.399
<v Speaker 4>demon eyes gets bigger and bigger as we've predicted.

0:25:19.440 --> 0:25:21.280
<v Speaker 3>But in other words, I'm I'm wondering if like the

0:25:21.440 --> 0:25:25.440
<v Speaker 3>top twenty five percent income account for like ninety five

0:25:25.560 --> 0:25:26.800
<v Speaker 3>percent of consumer spending.

0:25:27.240 --> 0:25:29.760
<v Speaker 2>I'll bet you're right. I'll bet you your DAYMN close

0:25:29.800 --> 0:25:30.120
<v Speaker 2>to right.

0:25:30.400 --> 0:25:33.200
<v Speaker 4>All this means that economic growth is unusually reliant on

0:25:33.359 --> 0:25:38.639
<v Speaker 4>rich Americans to continue to spend. Mark Zandi, Chief Economistic

0:25:38.720 --> 0:25:40.879
<v Speaker 4>mood is estimating that spending by the top ten percent

0:25:40.920 --> 0:25:43.960
<v Speaker 4>alone accounted for almost one third of gross domestic product

0:25:45.320 --> 0:25:48.360
<v Speaker 4>between September of twenty three and September of twenty four.

0:25:48.840 --> 0:25:52.480
<v Speaker 4>High earners increase their spending by twelve percent. Spending by

0:25:52.560 --> 0:25:56.639
<v Speaker 4>working class middle class households meanwhile dropped over the same period.

0:25:58.359 --> 0:26:01.440
<v Speaker 4>So taking together, well off people have increased, they're spending

0:26:01.560 --> 0:26:03.960
<v Speaker 4>far beyond inflation, while everyone else has not.

0:26:04.920 --> 0:26:07.960
<v Speaker 2>Here's a little of what you're asking for. The bottom eighty.

0:26:07.840 --> 0:26:12.159
<v Speaker 4>Percent of earners spent twenty five percent more than they

0:26:12.200 --> 0:26:16.840
<v Speaker 4>did four years earlier, barely outpacing price increases of twenty

0:26:17.080 --> 0:26:19.919
<v Speaker 4>one percent over that period. So in real dollars, they

0:26:19.960 --> 0:26:23.200
<v Speaker 4>only increase by four percent. The top ten percent percent

0:26:23.480 --> 0:26:26.800
<v Speaker 4>spent fifty eight percent more. I realized, there's a hell

0:26:26.840 --> 0:26:28.159
<v Speaker 4>of a lot of numbers if you don't have them

0:26:28.240 --> 0:26:30.680
<v Speaker 4>in print in front of you. But again, so the

0:26:30.720 --> 0:26:36.879
<v Speaker 4>bottom eighty percent really outpaced inflation only by four percent.

0:26:37.240 --> 0:26:42.840
<v Speaker 4>The top ten percent outpaced inflation by thirty seven percent.

0:26:44.960 --> 0:26:47.560
<v Speaker 3>I find this a fascinating topic, and I was thinking

0:26:47.600 --> 0:26:48.920
<v Speaker 3>about it a lot on Friday, since I was in

0:26:49.040 --> 0:26:51.600
<v Speaker 3>LA for my birthday and I was on Wilshire Boulevard

0:26:51.640 --> 0:26:54.480
<v Speaker 3>and Rodeo Drive, really expensive area. Stuff like that. Look

0:26:54.480 --> 0:26:58.720
<v Speaker 3>at it, stuff not buying, And how many things that

0:26:58.880 --> 0:27:02.840
<v Speaker 3>are purchased in America don't need to be purchased at all,

0:27:03.480 --> 0:27:06.280
<v Speaker 3>or even in things you do need to purchase, you

0:27:06.320 --> 0:27:10.440
<v Speaker 3>could purchase a much cheaper version and be fine. Yeah, cars,

0:27:11.040 --> 0:27:15.560
<v Speaker 3>you know, almost always you could. You could be perfectly

0:27:15.640 --> 0:27:19.680
<v Speaker 3>fine with a cheaper car. Now I realized go ahead,

0:27:19.880 --> 0:27:22.760
<v Speaker 3>and I just just it's it's interesting that as human

0:27:22.840 --> 0:27:27.960
<v Speaker 3>beings we do that, and it would stop quite quickly

0:27:28.040 --> 0:27:31.480
<v Speaker 3>a lot of it. Well, it's it's basically the difference

0:27:31.520 --> 0:27:36.600
<v Speaker 3>between elastic products and inelastic products. But all that would

0:27:36.640 --> 0:27:39.679
<v Speaker 3>come to a head really quickly in a bad, bad downturn,

0:27:39.880 --> 0:27:41.600
<v Speaker 3>like a you know, a cataclysm.

0:27:42.359 --> 0:27:44.720
<v Speaker 4>I gained so much weight over my birthday week. I'm

0:27:44.760 --> 0:27:48.800
<v Speaker 4>really grateful, grateful for elastic products. Anyway.

0:27:49.560 --> 0:27:51.600
<v Speaker 2>Yeah, it's all very top heavy.

0:27:51.640 --> 0:27:53.960
<v Speaker 4>I wonder what well I was gonna say, I wonder

0:27:54.000 --> 0:27:58.919
<v Speaker 4>what percentage of the GDP is based on status symbol purchases.

0:27:59.080 --> 0:27:59.640
<v Speaker 2>But right.

0:28:01.320 --> 0:28:04.919
<v Speaker 4>To a certain extent, does that even mean? I mean,

0:28:05.000 --> 0:28:06.920
<v Speaker 4>like I have a nice car. I have a really

0:28:07.000 --> 0:28:11.960
<v Speaker 4>nice car. It's also super zoomy and capable. It's an

0:28:12.080 --> 0:28:16.040
<v Speaker 4>suv and it's fun to drive. I don't need that car. Clearly,

0:28:17.119 --> 0:28:19.840
<v Speaker 4>is that a status symbol or what I mean? A

0:28:19.920 --> 0:28:23.399
<v Speaker 4>bunch of people are employed making them and selling them

0:28:23.440 --> 0:28:27.920
<v Speaker 4>and servicing them. Yeah, I don't know.

0:28:28.760 --> 0:28:30.800
<v Speaker 2>Oh, it's all very very top heavy, though.

0:28:30.840 --> 0:28:33.040
<v Speaker 4>It reminds me of do you remember it was probably

0:28:33.119 --> 0:28:36.240
<v Speaker 4>I don't know, six months ago when somebody finally said

0:28:36.280 --> 0:28:38.480
<v Speaker 4>out loud. Hey, you know how the S and P

0:28:38.960 --> 0:28:42.920
<v Speaker 4>uh five hundred or the Nasdaq or whatever. You know

0:28:43.040 --> 0:28:44.600
<v Speaker 4>how that's up eighty percent.

0:28:45.200 --> 0:28:49.480
<v Speaker 2>It's just five stocks out of like a couple hundred.

0:28:49.720 --> 0:28:53.240
<v Speaker 3>Just fine, right, unless you were those stocks, if you

0:28:53.320 --> 0:28:55.800
<v Speaker 3>unless you were in those stocks, it didn't change your

0:28:55.840 --> 0:28:56.680
<v Speaker 3>situation that much.

0:28:57.480 --> 0:28:59.840
<v Speaker 2>Or in an index fund, which which helps obviously.

0:29:00.080 --> 0:29:04.280
<v Speaker 4>But like the American economy is robust and growing, look

0:29:04.360 --> 0:29:05.840
<v Speaker 4>at the S and P five hundred.

0:29:05.840 --> 0:29:07.400
<v Speaker 2>I will never refer to the Dow again.

0:29:07.760 --> 0:29:10.920
<v Speaker 4>The TAO is more idiotic than it's ever been as

0:29:10.960 --> 0:29:12.040
<v Speaker 4>a measure of anything.

0:29:12.560 --> 0:29:15.840
<v Speaker 3>Never look at the TAO because of the fashier lamb

0:29:15.920 --> 0:29:19.080
<v Speaker 3>that it's dominated so much by Nvidia and Apple and

0:29:19.160 --> 0:29:19.840
<v Speaker 3>that sort of stuff.

0:29:20.400 --> 0:29:25.200
<v Speaker 4>No, No, the opposite the TAO is it would take

0:29:25.200 --> 0:29:27.800
<v Speaker 4>too long to explain, but the way it's weighted, what

0:29:27.920 --> 0:29:31.280
<v Speaker 4>it's composed of as a measure of the economy is stupid.

0:29:31.720 --> 0:29:33.360
<v Speaker 2>It's not a measure of anything.

0:29:33.520 --> 0:29:36.240
<v Speaker 3>I hate to sound like bird Bernie Sanders, but a

0:29:36.440 --> 0:29:38.760
<v Speaker 3>lot of that kind of talk that you get the

0:29:38.800 --> 0:29:41.959
<v Speaker 3>measures are for the ultra rich and investors.

0:29:42.320 --> 0:29:45.360
<v Speaker 2>They're using measures that matter to them but don't matter

0:29:45.480 --> 0:29:47.720
<v Speaker 2>to lots and lots and lots of the rest of us.

0:29:48.880 --> 0:29:52.080
<v Speaker 4>Yeah, well that's true, I would argue in the case

0:29:52.120 --> 0:29:54.880
<v Speaker 4>of the Dow, that's not true. The Wall Street Journal

0:29:55.000 --> 0:29:57.480
<v Speaker 4>editorial board is like, can we stop talking about the Dow?

0:29:57.560 --> 0:30:02.440
<v Speaker 4>It's dumb anyway. Ah, But I'm reminded the same top heaviness. If,

0:30:03.760 --> 0:30:07.600
<v Speaker 4>for instance, Taiwan gets invaded and we can't get chips

0:30:07.640 --> 0:30:10.360
<v Speaker 4>in the numbers that we need, Uh, there's gonna be

0:30:10.440 --> 0:30:11.480
<v Speaker 4>a global depression.

0:30:11.960 --> 0:30:13.720
<v Speaker 2>That's almost certain.

0:30:15.240 --> 0:30:18.240
<v Speaker 4>Because we're so relying on certain sectors and a certain

0:30:18.720 --> 0:30:20.720
<v Speaker 4>you know, percentage of the population to do all the

0:30:20.800 --> 0:30:21.520
<v Speaker 4>consumer spending.

0:30:21.600 --> 0:30:24.000
<v Speaker 3>I feel like we're getting close to Glenn beck territory here,

0:30:24.120 --> 0:30:26.360
<v Speaker 3>where he would write on the chalkboard and then start

0:30:26.400 --> 0:30:28.719
<v Speaker 3>crying but how awful things are.

0:30:28.800 --> 0:30:36.720
<v Speaker 2>I feel like we're having We're into that territory right now. Yeah. Yeah,

0:30:36.760 --> 0:30:38.960
<v Speaker 2>I've been poor before. I really don't want to be,

0:30:39.360 --> 0:30:46.600
<v Speaker 2>but I'm not. I mean, I'm miles away from Bertie Sanders.

0:30:46.680 --> 0:30:52.520
<v Speaker 3>But like watching the most conspicuous of conspicuous consumption right

0:30:52.640 --> 0:30:55.880
<v Speaker 3>in La, I mean, second only to maybe do Bai.

0:30:57.840 --> 0:31:00.640
<v Speaker 3>I mean, it's just like it's hard to not come

0:31:00.720 --> 0:31:04.880
<v Speaker 3>away from that and think why does this exist? It

0:31:04.960 --> 0:31:08.760
<v Speaker 3>shouldn't exist. Shouldn't it just be condemned by everyone?

0:31:09.080 --> 0:31:09.840
<v Speaker 5>I mean, just like.

0:31:11.920 --> 0:31:12.360
<v Speaker 6>What is it?

0:31:14.360 --> 0:31:14.560
<v Speaker 3>Yeah?

0:31:15.160 --> 0:31:17.480
<v Speaker 2>Yeah, I see your point.

0:31:17.640 --> 0:31:22.400
<v Speaker 4>I mean like virtually every great religion philosophy has cautioned

0:31:22.480 --> 0:31:27.280
<v Speaker 4>us against materialism and over luxury and the rest of it.

0:31:27.360 --> 0:31:29.440
<v Speaker 4>But what are you gonna do with the money? I mean,

0:31:29.520 --> 0:31:32.760
<v Speaker 4>if I'm in a business that you know whatever. I

0:31:32.960 --> 0:31:35.560
<v Speaker 4>invested in Apple and it paid off like crazy, and

0:31:35.640 --> 0:31:36.880
<v Speaker 4>now I got buttloads of money.

0:31:36.920 --> 0:31:39.960
<v Speaker 2>What am I supposed to do? I didn't, by the way,

0:31:40.040 --> 0:31:40.800
<v Speaker 2>And I don't.

0:31:40.640 --> 0:31:42.640
<v Speaker 3>Buy a handbag with a certain name on it. That's

0:31:42.680 --> 0:31:44.640
<v Speaker 3>just like any other handbag. But this one costs five

0:31:44.720 --> 0:31:45.280
<v Speaker 3>thousand dollars.

0:31:45.680 --> 0:31:50.000
<v Speaker 2>I shan't be doing that. We will finish strong. Next,

0:31:53.280 --> 0:31:57.360
<v Speaker 2>are you not going to comply with it state federal laws?

0:31:57.880 --> 0:32:00.960
<v Speaker 7>Well we are the federal law. Well you better do it.

0:32:01.120 --> 0:32:02.680
<v Speaker 7>You better do it because you're not going to get

0:32:02.720 --> 0:32:04.760
<v Speaker 7>any federal funding at all if you don't. And by

0:32:04.800 --> 0:32:07.520
<v Speaker 7>the way, your population, even though it's somewhat liberal, although

0:32:07.560 --> 0:32:11.080
<v Speaker 7>I did very well there, your population doesn't want men

0:32:11.240 --> 0:32:15.440
<v Speaker 7>playing in women's sports. So you better comply because otherwise

0:32:15.480 --> 0:32:19.560
<v Speaker 7>you're not getting any federal funding. See every state. Good,

0:32:19.600 --> 0:32:21.120
<v Speaker 7>I'll see you and could I look forward to that.

0:32:21.240 --> 0:32:22.400
<v Speaker 7>That should be a really easy one.

0:32:23.040 --> 0:32:25.600
<v Speaker 2>Wow. See, that's the first time I've heard that.

0:32:25.720 --> 0:32:29.680
<v Speaker 3>That's Trump arguing with the governor of Maine who wants

0:32:29.720 --> 0:32:32.960
<v Speaker 3>to continue to let dudes play in women's sports, despite

0:32:33.000 --> 0:32:34.600
<v Speaker 3>the fact that The New York Times has a poll

0:32:34.640 --> 0:32:39.200
<v Speaker 3>out today saying eighty percent of Americans that includes two

0:32:39.280 --> 0:32:43.360
<v Speaker 3>thirds of Democrats, think transgender athletes should not be allowed

0:32:43.400 --> 0:32:45.640
<v Speaker 3>to compete in women's sports. So it's not even close.

0:32:45.840 --> 0:32:49.160
<v Speaker 3>It's not even close among Democrats. But anyway, I saw

0:32:49.280 --> 0:32:52.960
<v Speaker 3>these headlines about how this governor of Maine owned Donald

0:32:53.000 --> 0:32:56.720
<v Speaker 3>Trump or shames Donald Trump or whatever, and that's not

0:32:56.800 --> 0:32:57.720
<v Speaker 3>what it sounded like to me.

0:32:58.760 --> 0:33:02.160
<v Speaker 4>No, Okay, go ahead, stand up for an issue that

0:33:02.800 --> 0:33:06.000
<v Speaker 4>teens worth of percentages of Americans believe in.

0:33:06.200 --> 0:33:07.800
<v Speaker 2>As perverse as it is, I.

0:33:07.880 --> 0:33:11.160
<v Speaker 3>Know, the headline I saw the most was main governor

0:33:11.240 --> 0:33:13.000
<v Speaker 3>tells Trump, I'll see you in court.

0:33:13.600 --> 0:33:15.240
<v Speaker 2>Yeah. Well, Trump said, yeah, okay, I'll see you in

0:33:15.320 --> 0:33:20.920
<v Speaker 2>court too. Sounds great. Yeah, I know, I know.

0:33:22.680 --> 0:33:25.480
<v Speaker 4>How long is this madness gonna last? Keeping in mind,

0:33:25.520 --> 0:33:28.120
<v Speaker 4>they have like the whole of the educational structure in

0:33:28.160 --> 0:33:28.680
<v Speaker 4>this country.

0:33:30.480 --> 0:33:32.880
<v Speaker 3>Yeah, well, I became aware of a school where every

0:33:32.960 --> 0:33:35.440
<v Speaker 3>teacher is wearing a lanyard with their pronouns on it.

0:33:37.040 --> 0:33:43.320
<v Speaker 8>Whatever, beautiful, Jackie Clark, GISs time stop, Jack and Joe

0:33:43.640 --> 0:33:47.880
<v Speaker 8>live God go and if they don't give can they'll

0:33:48.000 --> 0:33:49.120
<v Speaker 8>be back tomorrow.

0:33:50.360 --> 0:33:53.120
<v Speaker 3>Here's your Oas for final thoughts, Joe Getty, let's get

0:33:53.120 --> 0:33:54.840
<v Speaker 3>a final thought from everybody on the crew to wrap

0:33:54.920 --> 0:33:55.600
<v Speaker 3>things up for the day.

0:33:55.680 --> 0:33:59.640
<v Speaker 4>There is our technical director, Michael Angelom, Michael laid us Off, removed.

0:33:59.360 --> 0:34:02.440
<v Speaker 9>Lent from my sharpened a pencil, gave a coworker a

0:34:02.560 --> 0:34:06.000
<v Speaker 9>nasty frown, watched a Great British baking show during hour

0:34:06.040 --> 0:34:08.960
<v Speaker 9>or two, and finally cut my string cheese into five

0:34:09.000 --> 0:34:09.720
<v Speaker 9>equal pieces.

0:34:10.000 --> 0:34:13.360
<v Speaker 2>These are the five things I did on my job today. Excellent.

0:34:13.560 --> 0:34:15.160
<v Speaker 2>I think you've justified your employment.

0:34:15.320 --> 0:34:17.719
<v Speaker 4>Elon Musk is going to heave you out of this place.

0:34:17.840 --> 0:34:20.960
<v Speaker 4>Katie Greener esteemed Newswoman. As a final thought, Katie.

0:34:20.920 --> 0:34:22.560
<v Speaker 3>Yes, my final thought is I got a lot of

0:34:22.840 --> 0:34:25.320
<v Speaker 3>entertainment out of Jack on Twitter this weekend, and I

0:34:25.520 --> 0:34:27.279
<v Speaker 3>just there's a lot of people wondering if you got

0:34:27.320 --> 0:34:27.719
<v Speaker 3>the vest.

0:34:28.560 --> 0:34:31.080
<v Speaker 2>No, I did not find that vest. What the hell

0:34:31.200 --> 0:34:34.480
<v Speaker 2>is that? That vest made a real statement. My statement

0:34:34.719 --> 0:34:37.840
<v Speaker 2>was I'm a dope. Uh No, it's funny. Jack. A

0:34:37.920 --> 0:34:39.040
<v Speaker 2>final thought, well.

0:34:38.960 --> 0:34:41.879
<v Speaker 3>It's some company that Target carries. It was the same

0:34:41.960 --> 0:34:45.800
<v Speaker 3>company that made that onesie denim thing, remember that I

0:34:45.880 --> 0:34:46.640
<v Speaker 3>wore last year?

0:34:47.080 --> 0:34:51.000
<v Speaker 2>Whatever that was. It was like the shortest onesie What

0:34:51.480 --> 0:34:53.239
<v Speaker 2>is that company? Who's that for? To the I have

0:34:53.280 --> 0:34:56.719
<v Speaker 2>a lot of Target clientele that need that stuff. Very odd.

0:34:59.000 --> 0:35:01.759
<v Speaker 4>My final thought is, is the only status symbol I

0:35:01.880 --> 0:35:07.719
<v Speaker 4>want is hiding away? Leave me alone. I don't have

0:35:07.960 --> 0:35:11.000
<v Speaker 4>to deal with you people, not you people in general.

0:35:11.360 --> 0:35:14.799
<v Speaker 4>The ability to disappear, that's all I ask. I don't

0:35:14.840 --> 0:35:18.239
<v Speaker 4>need that watch, or that those leather pants or that handbag.

0:35:18.360 --> 0:35:22.279
<v Speaker 4>Lord knows, I'm a myron. Why your status symbol is

0:35:22.320 --> 0:35:25.560
<v Speaker 4>being a misanthrope? Yeah, exactly, Like just to give me

0:35:25.640 --> 0:35:27.719
<v Speaker 4>a cabin in the woods. Okay, I'm poor now, I

0:35:27.880 --> 0:35:29.360
<v Speaker 4>just can I take a walk in the woods.

0:35:29.400 --> 0:35:29.840
<v Speaker 2>I'm happy.

0:35:30.120 --> 0:35:32.360
<v Speaker 3>Speaking of being poor, That fixed into my story for

0:35:32.440 --> 0:35:34.960
<v Speaker 3>the One More Thing podcast, which we'll record here soon.

0:35:35.640 --> 0:35:38.560
<v Speaker 3>Armstrong in Geeddy wrapping up another grueling four hour workday.

0:35:38.960 --> 0:35:41.080
<v Speaker 4>So if we haven't done enough, so many people, thanks,

0:35:41.080 --> 0:35:42.879
<v Speaker 4>so a little time go to armstrong in geeddy dot com.

0:35:43.000 --> 0:35:44.560
<v Speaker 2>Great hotlingks, drop us a.

0:35:44.560 --> 0:35:46.759
<v Speaker 4>Note, mail bag at armstrong in geddy dot com, pick

0:35:46.840 --> 0:35:51.000
<v Speaker 4>up some swag, Subscribe to the dang old podcasts. What

0:35:51.440 --> 0:35:53.600
<v Speaker 4>the link is right there at armstrong in geeddy dot com.

0:35:53.680 --> 0:35:56.040
<v Speaker 3>God, there's so many developing stories to stay on this

0:35:56.200 --> 0:35:59.399
<v Speaker 3>week Ukraine, Doge and many others see you tomorrow, God

0:35:59.440 --> 0:35:59.799
<v Speaker 3>bless them.

0:36:04.200 --> 0:36:07.480
<v Speaker 2>I'm Strong and Getty. I think your star spangled at

0:36:07.680 --> 0:36:08.239
<v Speaker 2>so good.

0:36:10.520 --> 0:36:12.279
<v Speaker 3>All better off, We're all better off, we're all better off,

0:36:12.320 --> 0:36:13.400
<v Speaker 3>and we're working together.

0:36:13.200 --> 0:36:16.960
<v Speaker 2>And everyone knows this thing. Yeah, no, Joe, let's go

0:36:17.120 --> 0:36:17.279
<v Speaker 2>with it.

0:36:17.719 --> 0:36:19.759
<v Speaker 3>Is it possible to leave Trump out of this and

0:36:20.000 --> 0:36:23.440
<v Speaker 3>just discuss the fact that Europe needs to get stronger and.

0:36:23.840 --> 0:36:26.239
<v Speaker 2>To be able to defend itself? Does Spain even have

0:36:26.400 --> 0:36:26.919
<v Speaker 2>a gun?

0:36:27.160 --> 0:36:27.320
<v Speaker 1>On that?

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<v Speaker 2>I note MS Strong and Getty