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Speaker 1: Thrilled to sign the VA Home Loan Program Reformact into law.

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Speaker 1: This legislation provides desperately needed relief to veterans and their

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Speaker 1: families who have fallen behind and their mortgages. It helps

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Speaker 1: keep our promise to end veterans homelessness, and we're going

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Speaker 1: to do that for America. We're going to do that

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Speaker 1: for a great veteran.

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Speaker 2: You're listening to the forty seven Morning Update with Ben Ferguson.

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Speaker 3: Good Saturday morning to you. Ben Ferguson with you, and

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Speaker 3: these are some of the stories that you may have

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Speaker 3: missed that we talked about this week on the forty

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Speaker 3: seven Morning Update. First up, call it the Art of

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Speaker 3: the Deal. The USA has the biggest ever trade agreement

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Speaker 3: with the European Union. Donald Trump getting it done, and

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Speaker 3: the EU will also buy seven hundred and fifty billion

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Speaker 3: in US energy. I'll have all the details on that

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Speaker 3: deal for you in a moment. Also, I also want

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Speaker 3: to talk about Donald Trump's promise to clean up waste,

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Speaker 3: fraud and abuse. Remember back in twenty twelve, there was

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Speaker 3: a scam. It was called the Obama phone scam. You

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Speaker 3: may remember a woman saying she's gonna vote for Obama

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Speaker 3: because it gives her a free phone. Well, now a

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Speaker 3: CEO is headed to prison and must pay one hundred

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Speaker 3: and twenty eight million dollar fine after defrauding the government,

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Speaker 3: and it deals with it that those Obama phones are

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Speaker 3: still around, and finally the media finally having to tell

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Speaker 3: the real story. Yes, there isn't just a recovery, it

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Speaker 3: is a boom. Bank of America now saying the key

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Speaker 3: tail risk is well that the Trump economy will actually

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Speaker 3: start to take off. We're gonna break that down for

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Speaker 3: you in just a moment. All right, I want to

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Speaker 3: take a moment talk about the economy. You've been seeing

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Speaker 3: what's happening on Wall Street, You've seen what's been happening

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Speaker 3: with interest rates, and you've probably seen gold prices hitting

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Speaker 3: all time record highs. Why because there is uncertainty all

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Speaker 3: starts with them. It's the forty seven Morning Update, and

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Speaker 3: it starts right now.

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Speaker 2: Story number one.

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Speaker 3: Donald Trump reaches a historic trade deal with the European Union.

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Speaker 3: Europe is going to buy seven hundred and fifty billion,

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Speaker 3: We're now being told in US energy. This is massive.

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Speaker 3: President Trump announcing the sweeping trade agreement with the European

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Speaker 3: Union on Sunday, setting a baseline fifteen percent tariff on

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Speaker 3: European imports, including automobiles, while keeping existing fifty percent duties

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Speaker 3: on steel and aluminum in place. Now, as part of

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Speaker 3: the deal, the EU committed to purchasing seven hundred and

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Speaker 3: fifty billion in US energy production. Trump announcing the agreement

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Speaker 3: during a press conference with the European Commission president after

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Speaker 3: a private meeting at the Trump Turnberry golf course in Scotland.

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Speaker 3: Here is part of what was said by the President

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Speaker 3: United States America at that event, where they say, we've

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Speaker 3: reached a deal.

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Speaker 1: So we're going to do the following the European Union

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Speaker 1: is going to agree to purchase from the United States

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Speaker 1: seven hundred and fifty billion dollars worth of energy, seven

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Speaker 1: hundred and fifty billion dollars worth of energy. They are

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Speaker 1: going to agree to invest into the United States six

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Speaker 1: hundred billion dollars more than they're investing already. So they're

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Speaker 1: investing a large amount of money. You know what that

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Speaker 1: amount of money is. It's very substantial, but they're going

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Speaker 1: to invest an additional six hundred billion dollars. They're agreeing

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Speaker 1: to open up their countries to trade at zero tariff,

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Speaker 1: so that's a very big factor opening up their countries.

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Speaker 1: All of the countries will be opened up to trade

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Speaker 1: with the United States at zero tarraff and they're agreeing

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Speaker 1: to purchase a vast amount of military equipment. We don't

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Speaker 1: know what numbers, but it's the good news is we

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Speaker 1: make the best military equipment in the world, so sort

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Speaker 1: of you have to do that. I mean until somebody

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Speaker 1: tops us, which is not going to happen. We're way

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Speaker 1: ahead of every other country in terms of the quality

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Speaker 1: of the military equipment. You saw that recently in Iran,

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Speaker 1: and you see that unfortunately, you see that often for

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Speaker 1: all the wrong reasons. Right, So those things are seven

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Speaker 1: hundred and fifty billion, six hundred billion, opening up the country.

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Speaker 1: We are agreeing that the tariff straight across for automobiles

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Speaker 1: and everything else will be a straight across tariff of

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Speaker 1: fifteen percent. So we have a tariff of fifteen percent.

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Speaker 1: We have the opening up of all of the European countries,

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Speaker 1: which I think I could say we're essentially closed. I mean,

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Speaker 1: you weren't exactly taking our orders, you weren't exactly taking

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Speaker 1: our agriculture, and then you would have smaller things. But

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Speaker 1: for the most part, it was closed. And now it's open.

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Speaker 1: It's open for our companies to go in and do

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Speaker 1: a good job with it. I think you'll like them.

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Speaker 1: I think you like it, and we will. Very importantly,

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Speaker 1: they'll be investing a lot of money. But the military

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Speaker 1: is a big number. But that's one number we're not

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Speaker 1: determining it's going to be whatever it is. But they're

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Speaker 1: going to be purchasing hundreds of billions of dollars worth

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Speaker 1: of military equipment. They're very importantly, they're going to purchase

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Speaker 1: seven hundred and fifty seven hundred and fifty billion dollars

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Speaker 1: worth of energy, so that's going to be great, and

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Speaker 1: six hundred billion dollars worth of investments into the United

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Speaker 1: States over and above what they have, and I think

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Speaker 1: that basically concludes the deal. I mean, those are the

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Speaker 1: main factors. I don't think there are too many other

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Speaker 1: factors other than we're going to get along great, and

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Speaker 1: we have a great relationship now with NATO, which is

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Speaker 1: largely the same I mean not exactly but pretty pretty close,

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Speaker 1: right largely and with NATO, as you know, they're going

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Speaker 1: up to five percent from two percent, and the relationship

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Speaker 1: is very strong with NATO. So I just want to

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Speaker 1: congratulate you. I think it's I think it's great that

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Speaker 1: you made a deal today instead of playing games and

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Speaker 1: maybe not making a deal at all. I think it's

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Speaker 1: I'm gonna let you say, but I think it's the

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Speaker 1: biggest deal ever made. Thank you very much.

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Speaker 3: Yet again, another massive promise the President kept in a

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Speaker 3: victory for American workers and American manufacturers as well, the

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Speaker 3: President saying he was going to bring back fairness to

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Speaker 3: the marketplace, especially in places that were taking advantage of us,

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Speaker 3: where our markets were virtually shut down completely in Europe

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Speaker 3: from our automobiles and agriculture, just to name two different categories.

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Speaker 3: So if you're an American manufacturer, the president is your

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Speaker 3: best friend. If you're an American company that needed access

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Speaker 3: to europe farmers, president should be your best friend. And

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Speaker 3: yet again the President putting America first as he promised.

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Speaker 2: Next story number two.

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Speaker 3: I want to take you back in history for just

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Speaker 3: a moment. May remember when President Donald Trump ran for office.

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Speaker 3: One of the things he promised when he was going

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Speaker 3: to clean up waste fraud and abuse. Now when did

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Speaker 3: our government get really big into waste fraud and abuse.

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Speaker 3: A lot of it actually happened when President Barack Obama

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Speaker 3: was in office, because he understood that it's easier to

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Speaker 3: buy votes than to convince people to vote for you

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Speaker 3: for actual policy reasons. You may remember the perfect example

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Speaker 3: of buying votes, a woman that became famous for her

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Speaker 3: reason for voting for Barack Obama over a guy by

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Speaker 3: the name of Mitt Romney. Let me be clear, I'm

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Speaker 3: not advocating for voting for Mitt Romney for anything. We

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Speaker 3: now know what a disaster he was, but at the time,

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Speaker 3: he obviously was willing to do a lot better job

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Speaker 3: for this country than Barack Obama insert September twenty six

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Speaker 3: of twenty twelve and the famous woman who loved her

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Speaker 3: Obama phone.

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Speaker 1: Oama, you got Obama phone? Yesbody Cleveland, No, my Nordy

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Speaker 1: got Obama fault.

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Speaker 3: Give a woman president. You know he gave us a fault.

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Speaker 1: Give you a phone. Let he give you a phone?

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Speaker 3: Can you sign up during your full steps?

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Speaker 2: Well, sell charity?

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Speaker 1: You got low income, your disability? Okay, what's wrong with

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Speaker 1: Romney again?

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Speaker 2: Romney?

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Speaker 1: He sucks me?

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Speaker 3: There it is. The woman made it clear, you can

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Speaker 3: buy my vote. The Obama phone was real, and it

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Speaker 3: was a way to buy votes, and the Democratic Party

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Speaker 3: was giving out those Obama phones and free sales service

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Speaker 3: each and every month. Well, fast forward to where we

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Speaker 3: are today, and we know a lot more about how

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Speaker 3: corrupt the program actually was, the Obama phones. It was

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Speaker 3: also a big scam. And a Florida ceo is now

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Speaker 3: headed to prison and has been ordered to pay one

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Speaker 3: hundred and twenty eight million dollars in fines after quote

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Speaker 3: defrauding the government. And we're also being told this made

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Speaker 3: the tip of the iceberg. The owner of a Florida

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Speaker 3: telecommunications company will spend the next five years in prison.

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Speaker 3: That's it, only five years, and his firm must pay

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Speaker 3: a hefty fine. Regarding the Obama phone scam, q Link

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Speaker 3: Wireless LLC and its owner, identified as a CEO isa Asade,

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Speaker 3: previously pled guilty to conspiring to commit wired fraud and

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Speaker 3: still federal funds from the Lifeline program that originally began

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Speaker 3: in the nineteen eighties to offer home phone service to

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Speaker 3: those that were in need so they could call nine

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Speaker 3: one one. Well, the program offered subsidized cell phone service,

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Speaker 3: then to lower income people, and then free phones. And

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Speaker 3: in that twenty twelve video, you had that protester emerging

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Speaker 3: outside of Mitt Romney event who claimed her neighborhood received

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Speaker 3: then Obama phone. Everybody's got one, every minority. When asked

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Speaker 3: why she supported Obama, the woman said, everybody in Cleveland,

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Speaker 3: low minority got Obama phones. Keep Obama and President, you know,

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Speaker 3: he gave us the phone. He's gonna do more. Now.

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Speaker 3: This clip was really the first time many Americans ever

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Speaker 3: heard about the abuse in this program, and the name

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Speaker 3: Obama Phone caught on after the video went viral. Some

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Speaker 3: telecommunications companies with Lifeline contracts embraced the term as a

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Speaker 3: marketing ploy. The government, by the way, did not go

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Speaker 3: back to twenty thirteen. Bright bart News reported the opposition

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Speaker 3: to the Lifeline program was growing, as Track Phone Wireless,

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Speaker 3: the company that most benefited from the government's upse is

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Speaker 3: now advertising on the inside the Beltway news websites in

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Speaker 3: an effort to quote unquote save it. You go to

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Speaker 3: the Fox article and it now says that a Side

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Speaker 3: was sentenced to prison and he along with his company,

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Speaker 3: must pay one hundred and twenty eight million dollars in fines.

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Speaker 3: In a press release on Friday, the US Attorney's Office

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Speaker 3: for the Southern District of Florida shared more details about

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Speaker 3: the case and just how bad the fraud may be.

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Speaker 3: Aside to fraud in another federal government program, it states

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Speaker 3: the Paycheck Protection Program, also known as PPP. By making

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Speaker 3: false statements about q Link's business, Congress you may remember,

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Speaker 3: created PPP and it was filled with waste, fraud, and

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Speaker 3: abuse during the COVID nineteen pandemic to authorize forgivable loans

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Speaker 3: of small businesses for job retention as well as quote

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Speaker 3: other expenses. Aside, the q links name executive executed a

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Speaker 3: fraudulent scheme to obtain and keep PPP proceeds to further

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Speaker 3: the scheme, Asside mays false statements about q Link's business,

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Speaker 3: including a false claim that q Link's Lifeline reimbursement substantially

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Speaker 3: decreased because of the pandemic. Aside then in twenty twenty

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Speaker 3: one engaged in an unlawful financial transaction involving approximately three

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Speaker 3: hundred and eighty nine thousand of those proceeds. Asside spent

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Speaker 3: PPP loan proceeds on a land rover, payment, his personal

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Speaker 3: AMEX card, jewelry, and personal property taxes. Aside was reportedly

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Speaker 3: charged with murder several years ago in connection with driving

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Speaker 3: over a grounds keeper at his business. Per another Fox article.

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Speaker 3: He later pled note, pleaded no contest to misdemeanor culporable negligence,

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Speaker 3: and was slapped with one year of probation in order

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Speaker 3: to pay just a one hundred and twenty five dollars fine.

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Speaker 3: The outlet said, proof if you've got really good lawyers,

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Speaker 3: you can get away with a hell of a lot.

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Speaker 3: As for the Obama phone scam, for the CEO at

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Speaker 3: least is headed to prison and we'll pay in theory

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Speaker 3: one hundred and twenty eight million dollars in fines for

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Speaker 3: defrauding the American taxpayer. But is this program still going yes?

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Speaker 3: Is the program still corrupt as hell?

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Speaker 1: Yes?

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Speaker 3: And is it time that the Trump administration look into it?

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Speaker 3: You better believe it. There's a very good chance that's

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Speaker 3: exactly what's happening right now.

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Speaker 2: And finally, story number three, not.

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Speaker 3: Just a cycled recovery but a boom. That is how

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Speaker 3: Bank of America is talking about Donald Trump's economy in

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Speaker 3: a market landscape that is fixated on fear or stagnation

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Speaker 3: and modest recoveries. Because Donald Trump's in office and they

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Speaker 3: want everything to be doom and gloom, the Bank of

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Speaker 3: America is now having to tell us the truth. They're

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Speaker 3: sounding the reality and even deciding that they are bullish

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Speaker 3: on where we are headed. According to a new note

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Speaker 3: from a Bank of America research analysts, the next phase

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Speaker 3: for the US economy and equities might not be a

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Speaker 3: routine recovery, but quote an outright boom. Today, a confluence

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Speaker 3: of factors argue that the key tail risk that may

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Speaker 3: not be priced in is not just a cyclical recovery,

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Speaker 3: but a boom. The note says, exactly, so, why is

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Speaker 3: this happening? Well, there's five reasons, they state for a boom.

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Speaker 3: Bank of America analysts, citing these five pillars, they say

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Speaker 3: support this more than bullish case. First is political will.

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Speaker 3: They argue that the US midterm elections a few quarters away,

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Speaker 3: policymakers have strong incentive for near term pro growth initiatives.

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Speaker 3: Why because everybody in Congress right on the House side

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Speaker 3: is up for reelection, and there's a lot of members

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Speaker 3: of the Senate that are up as well. Second, they say,

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Speaker 3: is Washington's One Big Beautiful Bill Act. Yes, you may

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Speaker 3: remember the media said it was going to destroy our economy. Nope,

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Speaker 3: now they're saying the One Big Beautiful Bill. Well, it

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Speaker 3: is targeting domestic manufacturing and having a huge impact. The

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Speaker 3: third thing they say is the massive overseas jolt gathering

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Speaker 3: now with Germany read enacting the largest stimulus package in

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Speaker 3: EU history, while global reflationary forces are building elsewhere. Bank

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Speaker 3: of America says, fourth, they see a broad expansion of

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Speaker 3: capital expenditures in the US. Companies like Amazon, Meta, Microsoft,

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Speaker 3: and Alphabet set for nearly seven hundred billion in capital

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Speaker 3: expenditures between twenty twenty five and twenty twenty six alone.

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Speaker 3: They also said in addition, more non US companies plan

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Speaker 3: to expand manufacturing capacity in the US. WOW municipalities are

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Speaker 3: focused on updating aging infrastructure. Now, this goes back to

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Speaker 3: what Donald Trump promised. If you put American workers in

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Speaker 3: manufacturing first, and in these tariff agreements that you're doing,

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Speaker 3: these trade deals you're doing, you make sure that companies

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Speaker 3: are forced to come back and do work in the

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Speaker 3: United States of America, it could explode our economy. Bank

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Speaker 3: of America is saying that is actually working and a reality. Finally,

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Speaker 3: the last thing on the list the Bank of America

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Speaker 3: sided is Proprietary Regime indicator that is a blend of

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Speaker 3: macro signals including corporate revisions to earnings per share as

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Speaker 3: well as GDP forecasts and other emerging signals. They say

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Speaker 3: it's on the verge of flipping from a downturn to

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Speaker 3: a quote recovery, a change that historically means a rally

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Speaker 3: in value stocks now the dominant narrative and the indicator

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Speaker 3: remains conservative. According to the Bank of America team, it

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Speaker 3: is one they say in June, seventy percent of fund

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Speaker 3: managers still predicted stagflation, with only ten percent for seeing

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Speaker 3: a boom. A above trend growth and inflation. Yet Bank

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Speaker 3: of America argues the catalyst for an upside breakout is

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Speaker 3: real and now imminent. If the regime indicator does indeed

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Speaker 3: flip to recovery in early August, historical presence suggests a

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Speaker 3: rapid rotation is quote likely. So these are the big

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Speaker 3: factors that even the banks are now saying are going

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Speaker 3: to have a huge impact on your life. This also

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Speaker 3: is going to be a major issue come the midterm elections.

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Speaker 3: This is exactly why so many people trusted Donald Trump

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Speaker 3: and voted for him the first time. Let's be clear,

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Speaker 3: the midterms is a referendum on the president's agenda, and

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Speaker 3: many conservatives have been supporting and advocating for the president,

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Speaker 3: voting for things like the Big Beautiful Bill. If they

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Speaker 3: run on it, there's a very good chance the president

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Speaker 3: will have even more power after the midterms, and that's

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Speaker 3: good for all Americans.

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Speaker 2: Thank you for listening to the forty seven Morning Update

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Speaker 2: with Ben Ferguson. Please make sure you hit subscribe wherever

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Speaker 2: you're listening to this podcast right now and for more

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Speaker 2: in depth news, also subscribe to the Ben Ferguson podcast

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Speaker 2: and we will see you back here on Monday morning,