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Speaker 1: Newton Group Transfer. They are here to help you if

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Speaker 1: you're stuck in a timeshare. These stories from people who

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Speaker 1: have these time shares and can't get out of them,

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Speaker 1: they're shocking. These time share companies, not all of them,

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Speaker 1: but so many. They get their hooks into you and

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Speaker 1: you can't give them up. You can't give them up

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Speaker 1: or they'll they'll do things like they charge you thousands

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Speaker 1: of dollars. One girl she got past her time share

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Speaker 1: when her mother passed away. She gets passed the timeshar,

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Speaker 1: doesn't want the time shar, doesn't use the time share.

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Speaker 1: They tell her she can get out of it for

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Speaker 1: four thousand dollars. She has to come up with a

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Speaker 1: four thousand dollars check. This is not right, it's unjust

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Speaker 1: in Newton Group Transfers is here to help you. If

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Speaker 1: you are in a timeshare and one out or knows

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Speaker 1: someone who is, call eight eight eight eight four five

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Speaker 1: three seven seven three that's eight eight eight eight four

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Speaker 1: Jesse or go to timeshare Jesse dot com Newton Group Transfer.

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Speaker 1: They will help you out. It's time, isn't it isn't

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Speaker 1: it time to reopen America. We don't have to belabor

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Speaker 1: the point about how we never should have shut down anyway.

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Speaker 1: I'm pretty sure I've driven that point home to you

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Speaker 1: plenty of times. Let us look forward, let us move forward.

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Speaker 1: It is time the American people, people in general, but

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Speaker 1: definitely not Americans. We were not made to stay locked away.

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Speaker 1: That's not who we are. And that doesn't mean just

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Speaker 1: on a DNA level, Americans are superior to other people.

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Speaker 1: I mean we are, but that's another story entirely. The

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Speaker 1: truth is each culture is different. In America, we have

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Speaker 1: a unique culture. And what is a culture. It's what

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Speaker 1: your society values. Right, if you grow up, it is

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Speaker 1: some kind of culture where everybody, you know, they value

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Speaker 1: a misshape and head. There have been cultures like that

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Speaker 1: throughout history. Then they'll tie little bands around your head

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Speaker 1: and misshape your head. Sounds totally weird to us, right,

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Speaker 1: totally foreign. In some cultures, that's normal. Some cultures don't

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Speaker 1: really value manners person on person manners that much. Some

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Speaker 1: people value a lot of close personal contact. You see

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Speaker 1: this in places like Italy, which is actually really sad.

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Speaker 1: It hurt them a lot when it comes to coronavirus.

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Speaker 1: In America, part of our culture is rebellion Let's just

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Speaker 1: be honest. That's our culture. That's what we were founded on,

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Speaker 1: and we're not. If you look at it through the

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Speaker 1: lens of history that far removed from that, it's passed

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Speaker 1: down from generation and generation. You can argue a lot

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Speaker 1: of it has faded away, and clearly it has when

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Speaker 1: you look at how many Americans have just gotten on

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Speaker 1: their knees for the government during this time. But part

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Speaker 1: of our culture is rebellion. We don't like people telling

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Speaker 1: us what to do, and we don't like being told

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Speaker 1: stay inside, shut your mouth, close your business, and never

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Speaker 1: work again. Even if you could make the argument we

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Speaker 1: were supposed to have done it for a while, we

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Speaker 1: all agree. Now. I mean, you see the protests going

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Speaker 1: on out there. A while's over, which is why I

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Speaker 1: always thought these arguments you'd get these arguments from that

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Speaker 1: Ezekiel Elliott guy Bill Gates has said things like this,

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Speaker 1: of well, we're not. We can't get back to normal

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Speaker 1: until there's a vaccine. It's probably going to be fourteen

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Speaker 1: to eighteen months. Honestly, those were the ones that made

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Speaker 1: me laugh out loud. Fourteen to eighteen months. Americans couldn't

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Speaker 1: stay inside for fourteen to eighteen months. If you promised

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Speaker 1: them that as soon as they walked outside and asteroid

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Speaker 1: was going to slam it in the earth and vaporize

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Speaker 1: us all, it's not humanly possible. You might as well

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Speaker 1: prescribe that everybody grow wings and fly, So it was

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Speaker 1: never gonna happen. However, we have a situation now, we

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Speaker 1: have these governors, these various states that are going to

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Speaker 1: start opening things back up, and it's the right move.

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Speaker 1: It is. We have to stand with them because here's

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Speaker 1: what you're about to see. And there everybody watching knows

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Speaker 1: I'm right. You're about to see these governors open up

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Speaker 1: their states. Okay, you know when it's time for Georgia.

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Speaker 1: I'm gonna show you Georgia's governor in a second. It's

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Speaker 1: time for Georgia to get back to business, and we're

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Speaker 1: gonna praise them, and businesses are gonna start opening up

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Speaker 1: and people are gonna feel out what they're comfortable with.

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Speaker 1: People are still scared, and that's fine, they'll they'll you

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Speaker 1: don't get their footing. But every single state, especially states

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Speaker 1: run by Republicans, that opens back up for business, the

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Speaker 1: media is going to descend on that state like a

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Speaker 1: pack of wild dogs to rip them to shreds. Every

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Speaker 1: time there's a new coronavirus case. Look at this guy

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Speaker 1: did this is basically his fault. We saw a spike.

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Speaker 1: Did you see the spike? There's definitely been a spike.

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Speaker 1: We have to stand with these governors. Even if you're

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Speaker 1: somebody on the right who has maybe gotten a little scared.

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Speaker 1: Maybe you're still a little scared. I'm not here to

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Speaker 1: pound on you tonight. Now is the time. Buck up, buttercup,

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Speaker 1: pull yourself up by your bootstraps. It is time to

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Speaker 1: stand with Republicans as they open America back up again.

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Speaker 1: We've given way too much leeway to the left on this.

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Speaker 1: That stops now. Here's Governor Kemp of Georgia. Given the

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Speaker 1: favorable data, enhanced testing and approval of our healthcare professionals,

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Speaker 1: we will allow gems, fitness centers, bowling alleys, body art studios, barbers, cosmatologists,

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Speaker 1: hair designers, nail care artists has decisions their respective schools

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Speaker 1: and massage therapists to reopen their doors this Friday, April

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Speaker 1: the twenty fourth. Unlike other businesses, these entities have been

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Speaker 1: unable to manage inventory, deal with payroll and take care

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Speaker 1: of administrative items while we shelter in place. This measure

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Speaker 1: allows them to undertake baseline operations that most other businesses

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Speaker 1: in the state have maintained since I issued the shelter

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Speaker 1: in place order. This measure will apply statewide and will

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Speaker 1: be the operational standard in all jurisdictions. This means local

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Speaker 1: action cannot be taken that is more or less restrictive.

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Speaker 1: One has to hand it to the sign language guys

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Speaker 1: at these things underrated performers if you ask me, and

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Speaker 1: good for Governor Kemp. Good for Governor Kemp. Let's stand

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Speaker 1: with him. Let's stand with all the governors who make

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Speaker 1: this decision. We cannot just destroy a twenty twelleon dollar economy. Yes,

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Speaker 1: we've made mistakes, mistakes we are going to feel for years,

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Speaker 1: but the time has come to move forward. Treasury Secretary

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Speaker 1: Steve Anuchin says we'll be back in months. I think

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Speaker 1: it will be months. I definitely don't think it will

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Speaker 1: be years. We are going to conquer this virus. We

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Speaker 1: are going to have terrific breakthroughs. I know, both not

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Speaker 1: just on the testing but on the medical up front.

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Speaker 1: We begin to have virals. I think there's things that

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Speaker 1: are being developed for vaccines, which will take a little

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Speaker 1: bit longer. But one of the things we heard is

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Speaker 1: people want testing. People also will react very positively that

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Speaker 1: they know if they get this disease there will be

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Speaker 1: medical treatments available as well. Okay, I mean that's not true.

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Speaker 1: We're not coming back in months, not fully anyway. It'll

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Speaker 1: take years to recover from what we've already done. Let's

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Speaker 1: just clarify that. However, I don't have a problem with

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Speaker 1: the Treasury Secretary saying that you want to be sunny,

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Speaker 1: you want to be optimistic, Give America a bit of

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Speaker 1: an atta boy, get back out there and get them champ.

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Speaker 1: No issue there, Well a new issue. Donald Trump is

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Speaker 1: officially about to halt all immigration quote in light of

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Speaker 1: the attack from the invisible enemy, as well as they

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Speaker 1: need to protect the jobs of our great American citizens.

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Speaker 1: I'll be signing an executive order to temporarily suspend immigration

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Speaker 1: into the United States. And who, well, that's not controversial.

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Speaker 1: Of course you're going to do that when you have

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Speaker 1: thirty million Americans already out of work. Yes, the Left

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Speaker 1: made a big deal out of it as racist. It

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Speaker 1: can't do that when you have a pandemic like this,

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Speaker 1: and your economy is going into the toilet. You gotta

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Speaker 1: look out for Americans first and foremost. One might even say,

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Speaker 1: as radical as this is, you should always look out

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Speaker 1: for Americans first. I know, I know, I'm not trying

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Speaker 1: to be controversial. Nancy Pelosi maybe the worst party spokesman

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Speaker 1: in American history. She has some thoughts. Yeah, so right

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Speaker 1: now we're in those own negotiations, my staff and the

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Speaker 1: staff of mister a leader humor that spoke as Secretarymunution yesterday,

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Speaker 1: and we'll do so again today. We want to again

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Speaker 1: for support what we did with it PP, but we

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Speaker 1: want to make sure of that as it gets more money,

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Speaker 1: it gets many more people get access to the credit.

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Speaker 1: There have been some questions to ask about the money

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Speaker 1: Baby committed, but we haven't. Many of us have not

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Speaker 1: received it. So that's all that's say. Back to a

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Speaker 1: chairwoman less close saying we want we want the data.

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Speaker 1: Sounds like she's doing well. Nancy Pelosi famously now went

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Speaker 1: on television the other night and she was trying to

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Speaker 1: do this, you know, connect with the people type think

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Speaker 1: of funny bit and there's something so critical in life

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Speaker 1: and something I want you all to understand. This goes

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Speaker 1: beyond just reopening America. It goes beyond politics. This goes

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Speaker 1: for the left, for the right, for everybody. I'm about

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Speaker 1: to give you some helpful information. Pay attention. Learn to

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Speaker 1: read the temperature of the room. Learn to read the

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Speaker 1: temperature of the room. That's important. What I mean by

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Speaker 1: that is, when it's a funeral, maybe not the time

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Speaker 1: to try out your new comedy routine. When somebody just

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Speaker 1: gets fired in the office, maybe not the time to

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Speaker 1: loudly proclaim that you just got promoted. And when thirty

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Speaker 1: million Americans are out of work, when you have food

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Speaker 1: banks running out of food, you have empty freezers, probably

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Speaker 1: not a great time to go on a late night

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Speaker 1: TV show. I believe it was late night. Who cares,

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Speaker 1: no one watches it anyway, stand in front of your

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Speaker 1: allegedly twenty four thousand dollars fridge and brag about your

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Speaker 1: luxury ice cream collection. That is bad timing. That's what

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Speaker 1: she did. Well. The Trump campaign, because they are really

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Speaker 1: really good at this, grabbed it and we turned out

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Speaker 1: of that three fifty billion dollar fund to help small

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Speaker 1: businesses and its workers get through the shutdown. It will

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Speaker 1: be up to Congress to restock it, but Democrats blocking

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Speaker 1: that move. This morning they asked for a quarter of

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Speaker 1: a chillion dollars in forty eight hours. I should well,

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Speaker 1: I don't. I don't think so, they objected, and I

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Speaker 1: congratulate the Senate Democrats speak, what are you going to

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Speaker 1: share with us from your home? Chocolate? Candy? Thousands have

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Speaker 1: been forced to wait for hours at food banks all

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Speaker 1: across the country. This is oh chocolate, and then we

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Speaker 1: have some other chocolate here. We just got to restock

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Speaker 1: the ice cream. You don't want to eat a bear

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Speaker 1: at day now at one time. I can't do it

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Speaker 1: much longer. I'm trying so hard, do we say, enjoying

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Speaker 1: having to admit that, yeah, we're starving, and I like

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Speaker 1: it better than anything else. Taking this segment, there are

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Speaker 1: twenty two million people out. This specific program is about

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Speaker 1: stocking job losses today. Other people in our family though

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Speaker 1: for some other flavors, but not it's survivable. You don't

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Speaker 1: know where to nake something else about come from. I

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Speaker 1: don't know what I would have done if we're not invented.

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Speaker 1: I just wonder, m m hmmm. Savagery all right, we

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Speaker 1: got the great buck Sexton coming up next. Thing. Everybody

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Speaker 1: knows and loves him. He's Buck Sexton of the Buck

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Speaker 1: Sexton Show, which you can watch right here on the

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Speaker 1: first So allow me to welcome Grizzly Adams buck net work.

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Speaker 1: They're in a bit of a trouble, a bit of

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Speaker 1: a pickle right now, because look, I mean, everybody like

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Speaker 1: me down here in Houston and Texas most of the

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Speaker 1: country can talk about reopening the economy fairly easily. I mean,

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Speaker 1: it's not a problem. There's not a big outbreak here.

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Speaker 1: You are at the epicenter of where there is an outbreak,

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Speaker 1: and Americans are dying, dying by the thousands. You're stuck inside.

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Speaker 1: What are you seeing? What's the pandemic? Like? What's the

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Speaker 1: economy going to be? Like? How does New York begin

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Speaker 1: to tackle this? I can talk about opening up Houston,

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Speaker 1: opening up New York City is a whole different ballgame.

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Speaker 1: What do you what do you see it? So the recognition,

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Speaker 1: I think is slowly beginning to seep in here, Jesse,

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Speaker 1: that our climb out of this just like the as

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Speaker 1: you pointed out, it's much worse here than it is

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Speaker 1: anywhere else in the country, really, anywhere else in the

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Speaker 1: world at this point. I don't know what's really going

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Speaker 1: on in China. But if you look at the New

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Speaker 1: York numbers, New York City because of population density, because

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Speaker 1: of I mean, I'm a big believer in the theory

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Speaker 1: that the subway played a huge role in the spread

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Speaker 1: of this very rapid and very unfortunately efficient spread of

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Speaker 1: this virus. And then you have a lot of multigenerational

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Speaker 1: families as well, and then pile that pile on top

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Speaker 1: of all that, you have a deeply incompetent city government

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Speaker 1: that has been wrong and has been really irresponsible and

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Speaker 1: just dumb at every stage of this. If you're asking

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Speaker 1: what the economy looks like now, I mean I walk around.

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Speaker 1: Grocery stores are open. Some occasional restaurants you'll see are

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Speaker 1: doing takeout, But I'd say the number of restaurants now

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Speaker 1: that are open, and remember New York is a city

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Speaker 1: of restaurants. I mean, this is it's a huge part

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Speaker 1: of the economy here, the service economy. I'm actually in Midtown.

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Speaker 1: I'm close to Times Square, so anybody who's visited you

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Speaker 1: kind of know what my neighborhood is. I'm right in

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Speaker 1: the middle of it. I'm right in the thick of it,

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Speaker 1: and Jesse, I'd say one in I don't know. I

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Speaker 1: was gonna say one in twenty. It might gave me

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Speaker 1: one in fifty restaurants right now that I see are

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Speaker 1: open in any capacity. I mean, it's a very small number.

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Speaker 1: Let's say one in twenty. So I'd say five percent

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Speaker 1: of the restaurants that I'm seeing in my neighborhood are open.

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Speaker 1: And people keep assuming that the money's gonna flow and

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Speaker 1: that everything's gonna come back and get turned on. No,

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Speaker 1: that they're missing. They're missing. What the even when I

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Speaker 1: say long term, sixty days from now, restaurants are going

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Speaker 1: to be wiped out. They're not opening again. That's what

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Speaker 1: I think people don't understand. And it's not just the

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Speaker 1: restaurant buck. Why don't they understand it? Because I have

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Speaker 1: to be honest, and you and I've talked offline about this.

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Speaker 1: I mean, look, even within the Trump administration, I see

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Speaker 1: a lot of really smart people, a lot of really

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Speaker 1: accomplished people. A businessman here, and bank are there, and

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Speaker 1: they talk about the economy in ways that is not

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Speaker 1: reality at all. Are people just once you get to

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Speaker 1: that level of success it's not as if you get dumb,

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Speaker 1: but are you really just so far removed from what

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Speaker 1: an actual small business goes through that you can't wrap

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Speaker 1: your minds around it. The way people talk about businesses,

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Speaker 1: it's like they think everybody's McDonald's and Google and woll

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Speaker 1: I mean just a couple months, It's fine, we'll shell

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Speaker 1: out a few more big Max ain't no biggie. Yeah.

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Speaker 1: I think that for a lot of people who even

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Speaker 1: those who do work in the private sector and for

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Speaker 1: the private economy, what you end up finding out, what

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Speaker 1: enim seeing is that they're used to that Google McDonald's,

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Speaker 1: the Kola mentality, right Facebook of well, it's a big company,

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Speaker 1: and you know there's contractions, goes up, it comes down,

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Speaker 1: but like there's kind of always it's always gonna be there.

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Speaker 1: There's always going to be more money. And they don't

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Speaker 1: really understand what does it mean when you're running a

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Speaker 1: business that has bills, that has expenses and there is

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Speaker 1: no there is zero money, there's a checking account with

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Speaker 1: a zero balance. What does that mean? It means people

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Speaker 1: get fired and people don't have money to pay their

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Speaker 1: bills at home, And that's where I think there's a

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Speaker 1: big separation. And there's also look, let's be honest, there's

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Speaker 1: a class and I would even saying, say an educational

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Speaker 1: separation that's happening here where you have a lot of

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Speaker 1: urban college and even you know, advanced degree educated folks

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Speaker 1: who are more easily able to work from home, more

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Speaker 1: easily able to transport their work product, and including to

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Speaker 1: the Hamptons by the way, you know, Cuomo and all

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Speaker 1: these other people that are telling the brother are not

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Speaker 1: the governor, although both. And then you have folks who work,

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Speaker 1: they have to show up to a place, do a

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Speaker 1: service for other human beings, do a job with their

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Speaker 1: hands and their physical being present, and they're completely out

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Speaker 1: of luck, and they're being told still by the BuzzFeed

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Speaker 1: warriors on their couches out in Park Slope, stay home, peasant.

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Speaker 1: That's going to get really, really dangerous for our society

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Speaker 1: here because the economic devastation that we're going to face

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Speaker 1: is not going to be something that you just turned

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Speaker 1: back around. And that's what they don't understand. Buck. I'm

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Speaker 1: glad to use that word, and I've been hesitant to

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Speaker 1: use it because I'm not sure of a responsible way

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Speaker 1: that I need to start using this word dangerous. And

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Speaker 1: what I mean by that is there's always this disconnect,

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Speaker 1: and there's always a left versus right disconnect, and there's

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Speaker 1: always some kind of a class disconnect and a rural

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Speaker 1: versus urban disconnect. That's the stuff that exists. But now

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Speaker 1: when you have people, I mean Congress. Honestly, Buck, I

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Speaker 1: was legitimately worried for the safety of members of Congress

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Speaker 1: when I saw they were passing a bill with pork

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Speaker 1: in it, when people were dying. People were out there.

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Speaker 1: Not only are they dying, they're standing in food bank

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Speaker 1: lines that are running out of food. People are starving

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Speaker 1: in America, and we still can't get some messaging to

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Speaker 1: these people in DC. Stop talking down to people, Stop

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Speaker 1: scolding everybody that wants to go back to work. I

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Speaker 1: genuinely worry about outbreaks of violence. And as much as

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Speaker 1: I love arguing politics, that's the last thing in the

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Speaker 1: world I want. And I'm worried about it, man, I am.

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Speaker 1: There's so much anger and fear out there. I'm worried

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Speaker 1: about it. Yeah, and the condescension. Remember that the government

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Speaker 1: has told these people, the people that are in line

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Speaker 1: in Houston, I saw that line over the four thousand cars. Jesse.

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Speaker 1: The condescension from those who not only still have jobs

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Speaker 1: but also have elevated platforms to make their case for

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Speaker 1: the rest of the country about this, telling people, oh,

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Speaker 1: just stay home, watch Netflix and eat ice cream. Well,

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Speaker 1: guess what for people that have no money in the bank,

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Speaker 1: this is a terrifying situation. Their livelihoods have been taped, remember,

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Speaker 1: taken from them. It's not like, oh, this is just

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Speaker 1: a natural occurrence in the business cycle. The government has

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Speaker 1: said you stay home, which means you are now under

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Speaker 1: house arrest with no money. And this is where it

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Speaker 1: gets a little tough because I know people don't like

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Speaker 1: to hear this because there is so much unfair criticism

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Speaker 1: of the Trump administration that's being thrown out there, and

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Speaker 1: I'm batting that down all the time, But there is

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Speaker 1: some fair criticism when you're looking Jesse at ninety five

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Speaker 1: percent of small businesses didn't get any money out of

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Speaker 1: the first trunch for this PPP program, got no money.

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Speaker 1: I know people friends of mine, I know people that

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Speaker 1: I'm related to that we're applying for money in this

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Speaker 1: program for their businesses and they were told, sorry, no

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Speaker 1: room at the end for you. How do they miss

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Speaker 1: this mark by three hundred and something billion dollars now

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Speaker 1: in the first few weeks. This is where the other

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Speaker 1: part of this Jesse. Yeah, I'm scared because of people

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Speaker 1: recognize people are now dealing with the real consequence. Remember,

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Speaker 1: the longer we wait, the worst this yet. Right, The

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Speaker 1: longer we wait, the more the economic devastation is apparent

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Speaker 1: to us. But then you also have this other layer

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Speaker 1: of the money we are spending now is mind boggling.

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Speaker 1: I mean, they're they're they're treating this is our government,

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Speaker 1: and I know it spends too much money in ten

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Speaker 1: thousand dollars pentagon, toilet seats and all that stuff. Fine,

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Speaker 1: but Jesse, one hundred two hundred, three hundred billion dollars

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Speaker 1: being spent like you know, NBD, this is insane. No

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Speaker 1: financial system is going to be able to sustain this. Otherwise,

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Speaker 1: why government pay? Why do we even work, Jesse? We

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Speaker 1: can just have the government pay us both a million

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Speaker 1: dollars tomorrow. And not only that buck. They're not only

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Speaker 1: spending it, they're spending it at a time where there's

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Speaker 1: nothing coming in. You're not only you're not only spending

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Speaker 1: more than you've ever spent, You've shut off the spickeot

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Speaker 1: of money coming in. I've been screaming about this people

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Speaker 1: pretend like and somebody said this. It was a John

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Speaker 1: Cora and a senator, a Republican senator from my state

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Speaker 1: of Texas. Today, if we don't have time, we can't

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Speaker 1: worry about a debt or deficits when we're dealing with

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Speaker 1: something like this. Do people not understand what happens when

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Speaker 1: a financial system collapses? Do they not understand what happens

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Speaker 1: when the value of your currency collapses. It is a

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Speaker 1: world of pain. You would pray for coronavirus over the

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Speaker 1: collapse of the dollar. And yet right now we still

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Speaker 1: have the hardline partisan divide between isn't it stunning? This

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Speaker 1: shouldn't be this really shouldn't be about politics. It should

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Speaker 1: be about how we do the best for the most

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Speaker 1: possible of our fellow Americans, protect them from the virus

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Speaker 1: as best we can. We'll also understand there is no

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Speaker 1: zero virus future. And I think that's also it was

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Speaker 1: all lockdown, stay home, peasants, shut off, listen to the experts. Okay,

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Speaker 1: well now we've done that, and guess what. Everyone's starting

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Speaker 1: to look at this and say we're gonna have to

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Speaker 1: reopen and go back out in the world. There are

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Speaker 1: people going to play politics with this. There was always

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Speaker 1: going to be virus risk, and I remember I was

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Speaker 1: saying this early days, and I actually Jesse, I mean,

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Speaker 1: I just washed my hands of it for a couple

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Speaker 1: of days on Twitter and trying to make the case

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Speaker 1: because you get tired of being told you want grandma

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Speaker 1: to die all the time. But those morons now face

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Speaker 1: the reality of what this country is actually going through,

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Speaker 1: which is economic devastation that you and I have been

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Speaker 1: talking about it all along, and we can't actually do

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Speaker 1: this hide under the bedroutine much longer because the effects

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Speaker 1: of it will be worse than a virus that if

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Speaker 1: we're looking at what this urology tests have already told

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Speaker 1: us and what it looks like, it's going to be

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Speaker 1: less than one percent of a fatality rate probably point

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Speaker 1: five or point three, which is high across an entire

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Speaker 1: US population. But do you shut down the entire country

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Speaker 1: and definitely for that that we're back to that question now,

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Speaker 1: and I think people are starting to feel differently about it.

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Speaker 1: Buck Sexton of the Buck Sexton Show, That's why you

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Speaker 1: can see him right here on the first Buck, appreciate you,

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Speaker 1: my man. Stay safe. Can you have me on again

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Speaker 1: to talk about stakes or something fun? Sometimes by the way,

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Speaker 1: I feel like I just bloom and doom your entire audience.

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Speaker 1: But you know what, Buck, you know what, I'm going

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Speaker 1: to hit up the production staff and we're doing it

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Speaker 1: right here tonight on our Reopen the Economy special. You

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Speaker 1: and I are gonna sit and just gab this Sunday.

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Speaker 1: We're gonna do another one of those things where we

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Speaker 1: just kick back and talk about lighthearted stuff and sit

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Speaker 1: bourbon on TV. We're doing it this Sunday, and you

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Speaker 1: will make jokes that get me in trouble. Thank you, jessep.

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Speaker 1: Let's be well, Buck, all right, we're gonna talk about

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Speaker 1: the stock market, what's it doing, what's economy doing, what's

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Speaker 1: small business doing? With Carol Roth hang on joining me

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Speaker 1: now is the great Carol Roth of the Roth Effect Podcast.

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Speaker 1: We have a bunch of really weird stuff happening this week.

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Speaker 1: We have the stock market going up and then back down,

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Speaker 1: and up and back down. But there are thirty million unemployed.

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Speaker 1: How does that even happen? And then yesterday, let everybody

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Speaker 1: starts texting me about oil this, oil that, and I

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Speaker 1: see that oil is trading at negative forty dollars. I

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Speaker 1: don't have any idea what that means. But you don't

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Speaker 1: have to understand what things mean if you have smart

427
00:24:10,920 --> 00:24:14,399
Speaker 1: friends who do, which is why I bring on Carol Roth. Carol,

428
00:24:14,640 --> 00:24:18,359
Speaker 1: how does something trade at negative I'm not a stuck wizard,

429
00:24:18,400 --> 00:24:22,119
Speaker 1: but that doesn't seem possible. So I'm going to steal

430
00:24:22,200 --> 00:24:24,800
Speaker 1: somebody else's line and say I'm not going to drill

431
00:24:24,960 --> 00:24:27,560
Speaker 1: down too far on the oil stuff, because it does

432
00:24:27,640 --> 00:24:31,720
Speaker 1: get a little bit technical so to s big. But

433
00:24:32,040 --> 00:24:35,520
Speaker 1: when oil is traded, it's traded in contracts that expire,

434
00:24:35,840 --> 00:24:40,280
Speaker 1: and the crude oil also has storage costs. So basically

435
00:24:40,320 --> 00:24:44,120
Speaker 1: what they're saying is that there's not enough demand out

436
00:24:44,119 --> 00:24:46,760
Speaker 1: there for to be worth us to store the cost

437
00:24:47,040 --> 00:24:50,240
Speaker 1: of this product. And so that's why you have to

438
00:24:50,280 --> 00:24:54,320
Speaker 1: actually pay someone to take the contract off of your hands.

439
00:24:54,400 --> 00:24:57,320
Speaker 1: And this is why people should not invest in things

440
00:24:57,320 --> 00:25:00,240
Speaker 1: that they don't understand. And when my Twitter's blow up

441
00:25:00,280 --> 00:25:02,560
Speaker 1: with everybody telling me that they are going to either

442
00:25:02,600 --> 00:25:06,199
Speaker 1: buy or sell oil, like just welcomed all of the

443
00:25:06,280 --> 00:25:11,760
Speaker 1: new oil trading experts to Twitter, Okay, Now, look the

444
00:25:11,800 --> 00:25:14,040
Speaker 1: beauty of that is I don't pretend to be an expert,

445
00:25:14,119 --> 00:25:17,840
Speaker 1: but shouldn't I buy a negative forty dollars or is

446
00:25:17,840 --> 00:25:21,280
Speaker 1: that stupid? So you really have to look out and say,

447
00:25:21,280 --> 00:25:23,639
Speaker 1: what do you think is going to happen? It takes

448
00:25:24,040 --> 00:25:26,439
Speaker 1: when you have the crude oil, it obviously needs to

449
00:25:26,440 --> 00:25:30,639
Speaker 1: be refined and distributed to become gasoline. Then there are

450
00:25:30,800 --> 00:25:34,520
Speaker 1: taxes and their cost of operating gas stations. Then there's

451
00:25:34,600 --> 00:25:37,080
Speaker 1: demand at the pump right now if people are still

452
00:25:37,080 --> 00:25:40,240
Speaker 1: locked in their homes. So this is a very large

453
00:25:40,280 --> 00:25:43,639
Speaker 1: supply and demand equation with some fixed costs underneath it.

454
00:25:44,000 --> 00:25:46,359
Speaker 1: And this is why I always say if you don't

455
00:25:46,400 --> 00:25:49,640
Speaker 1: invest in or if you don't understand something, don't invest

456
00:25:49,720 --> 00:25:51,639
Speaker 1: in it, because there are a lot of things that

457
00:25:52,160 --> 00:25:54,920
Speaker 1: go into the equation. And it also takes about six

458
00:25:54,960 --> 00:25:58,760
Speaker 1: weeks on average for whatever's happening in with the market

459
00:25:58,760 --> 00:26:01,240
Speaker 1: and supply demand to work gets way to the pump.

460
00:26:01,600 --> 00:26:04,359
Speaker 1: So it's a very difficult calculation. It's why we have

461
00:26:04,480 --> 00:26:09,520
Speaker 1: experts to do this for a living. Okay, so what

462
00:26:09,680 --> 00:26:12,119
Speaker 1: should I be doing when it comes to the market

463
00:26:12,200 --> 00:26:14,639
Speaker 1: right now? Because it's doing this thing hero and I

464
00:26:14,680 --> 00:26:16,520
Speaker 1: don't know what any of that means, but I know

465
00:26:16,760 --> 00:26:19,680
Speaker 1: that doesn't seem very certain what should I be doing?

466
00:26:20,200 --> 00:26:22,919
Speaker 1: So I can tell you what I did. And obviously

467
00:26:23,000 --> 00:26:26,760
Speaker 1: this is not investment advice for everybody, because obviously everybody's

468
00:26:26,760 --> 00:26:32,159
Speaker 1: situation is specific. But we just bought what's considered protection

469
00:26:32,400 --> 00:26:37,320
Speaker 1: on our portfolio. We think that the market is overvalued

470
00:26:37,480 --> 00:26:39,960
Speaker 1: and that there is a lot more risk to the

471
00:26:40,160 --> 00:26:44,360
Speaker 1: downside than there is opportunity to the upside. So we

472
00:26:44,480 --> 00:26:47,200
Speaker 1: bought something that's called an option, and we are using

473
00:26:47,200 --> 00:26:50,760
Speaker 1: the option as a hedge against our portfolio that if

474
00:26:50,760 --> 00:26:54,919
Speaker 1: the market goes down, that we have the protection against that.

475
00:26:55,080 --> 00:26:58,600
Speaker 1: I am very concerned that the market's delusional and is

476
00:26:58,640 --> 00:27:01,680
Speaker 1: not going to price in all of their wreckage that

477
00:27:01,840 --> 00:27:04,840
Speaker 1: is to come down the pike. But I could be wrong,

478
00:27:04,840 --> 00:27:07,520
Speaker 1: and that's why I used an option strategy. But talk

479
00:27:07,560 --> 00:27:10,400
Speaker 1: to your financial advisor and see if that's a strategy

480
00:27:10,400 --> 00:27:14,720
Speaker 1: that might make sense for you. Honest question. I was

481
00:27:14,760 --> 00:27:17,240
Speaker 1: a little bit lost the day we had the worst

482
00:27:17,320 --> 00:27:20,879
Speaker 1: unemployment numbers we've had since the Great Depression and the

483
00:27:20,920 --> 00:27:25,120
Speaker 1: stock market went up. I was having a hard time

484
00:27:25,200 --> 00:27:28,840
Speaker 1: merging those two worlds. Why does the stock market go

485
00:27:29,000 --> 00:27:31,320
Speaker 1: up on a day with bad news like that. Explain

486
00:27:31,400 --> 00:27:33,560
Speaker 1: that to me, all right, So there are two important

487
00:27:33,560 --> 00:27:36,200
Speaker 1: things to understand and take away here. First of all,

488
00:27:36,240 --> 00:27:40,120
Speaker 1: the stock market is not the economy. It's a proxy

489
00:27:40,200 --> 00:27:43,840
Speaker 1: for certain pieces of the economy, and the trading is

490
00:27:43,920 --> 00:27:48,040
Speaker 1: never perfectly reflective of what is happening or what is

491
00:27:48,080 --> 00:27:50,280
Speaker 1: It's just a best guess about what's going to happen

492
00:27:50,320 --> 00:27:52,720
Speaker 1: in the future. So that's one thing you need to understand.

493
00:27:53,080 --> 00:27:55,880
Speaker 1: The second thing is that we've had the Federal Reserve

494
00:27:56,240 --> 00:27:59,560
Speaker 1: playing all kinds of games. They took interest rates down

495
00:27:59,560 --> 00:28:03,240
Speaker 1: to zero. They're in the market buying different kinds of securities,

496
00:28:03,440 --> 00:28:06,560
Speaker 1: and this has an impact on the valuation of the market.

497
00:28:06,640 --> 00:28:10,320
Speaker 1: It's supposed to help boost the market, I think unfairly,

498
00:28:10,480 --> 00:28:12,119
Speaker 1: and it's part of the reason why I think that

499
00:28:12,200 --> 00:28:17,160
Speaker 1: the market is currently potentially overvalued. And then I hedging

500
00:28:17,200 --> 00:28:20,720
Speaker 1: that risk does not make sense fundamentally to me as

501
00:28:20,760 --> 00:28:24,320
Speaker 1: somebody who has been in and watching and participating in

502
00:28:24,400 --> 00:28:27,120
Speaker 1: markets for two and a half decades, So I would

503
00:28:27,119 --> 00:28:30,160
Speaker 1: say be very wary of it, because sometimes with all

504
00:28:30,200 --> 00:28:33,840
Speaker 1: these outside factors and circus is going on, the market

505
00:28:33,880 --> 00:28:36,120
Speaker 1: gets it wrong and the short run, but it does

506
00:28:36,200 --> 00:28:38,080
Speaker 1: figure it out in the long run, and that's what

507
00:28:38,120 --> 00:28:43,400
Speaker 1: we have to be concerned about. Back to the oil thing, briefly,

508
00:28:44,000 --> 00:28:47,240
Speaker 1: explain to me how I keep having people tell me

509
00:28:47,280 --> 00:28:51,800
Speaker 1: that this was really separate from coronavirus. The coronavirus contributed

510
00:28:51,840 --> 00:28:54,520
Speaker 1: to this whole oil bottoming out, but that was not

511
00:28:54,640 --> 00:28:57,640
Speaker 1: the main factor. Is that true? For one? And if

512
00:28:57,640 --> 00:29:00,240
Speaker 1: it is true, what are they talking about? Well, there

513
00:29:00,240 --> 00:29:01,840
Speaker 1: are a lot of things that are going on. So

514
00:29:01,960 --> 00:29:03,760
Speaker 1: you know, first of all, everything comes back to supply

515
00:29:03,840 --> 00:29:08,600
Speaker 1: and demand. The United States has become a huge producer

516
00:29:08,680 --> 00:29:12,440
Speaker 1: of oil and so we have contributed to the world supply,

517
00:29:13,000 --> 00:29:16,920
Speaker 1: so that means when there is more supply against constant demand,

518
00:29:17,080 --> 00:29:20,360
Speaker 1: prices will go down. And the other side that the

519
00:29:20,400 --> 00:29:24,840
Speaker 1: demand equation for oil based products has been going down

520
00:29:24,920 --> 00:29:28,040
Speaker 1: part of the green movement, So you had those dynamics

521
00:29:28,080 --> 00:29:31,440
Speaker 1: in place. But to say the coronavirus doesn't play in

522
00:29:31,560 --> 00:29:34,520
Speaker 1: is insane. The reality is is that people are locked

523
00:29:34,560 --> 00:29:37,160
Speaker 1: in their houses, they're not getting in their cars, they're

524
00:29:37,160 --> 00:29:41,640
Speaker 1: not driving anywhere going to work. So obviously that decreases

525
00:29:41,720 --> 00:29:46,000
Speaker 1: demand and has a huge impact on it. So it's

526
00:29:46,040 --> 00:29:49,280
Speaker 1: not certainly the only factor. In there, and we've set's

527
00:29:49,280 --> 00:29:52,080
Speaker 1: why we've seen lower oil prices, you know, before this,

528
00:29:52,360 --> 00:29:54,040
Speaker 1: But at the same time, a couple of months ago

529
00:29:54,120 --> 00:29:57,360
Speaker 1: oil was still like sixty five dollars a barrel. And

530
00:29:57,440 --> 00:30:00,520
Speaker 1: I would expect you will continue to see volat hility,

531
00:30:01,120 --> 00:30:03,120
Speaker 1: which means going up and down and up and down.

532
00:30:03,200 --> 00:30:06,360
Speaker 1: Lots of fluctuations in that market. And it's why I

533
00:30:06,400 --> 00:30:11,800
Speaker 1: don't spend a lot of my time personally focused on it. Carol.

534
00:30:11,840 --> 00:30:14,320
Speaker 1: I keep getting these reports. I mean, people are sending

535
00:30:14,360 --> 00:30:17,440
Speaker 1: me emails as small businesses are closing across America. I

536
00:30:17,520 --> 00:30:20,920
Speaker 1: see these unemployment numbers going up, and I don't understand

537
00:30:20,960 --> 00:30:24,160
Speaker 1: how that's humanly possible. When Congress passed the bill and

538
00:30:24,280 --> 00:30:26,360
Speaker 1: hand it out all this money, didn't that take care

539
00:30:26,400 --> 00:30:28,720
Speaker 1: of all of our problems? So it makes me want

540
00:30:28,720 --> 00:30:33,280
Speaker 1: to put my head through the wall. Obviously, the underlying

541
00:30:33,360 --> 00:30:37,600
Speaker 1: intention of something called the Cares Act was to plug

542
00:30:37,960 --> 00:30:41,360
Speaker 1: emergency relief into these businesses that the government has said

543
00:30:41,720 --> 00:30:44,760
Speaker 1: you must shut down and people you cannot go to work,

544
00:30:45,360 --> 00:30:48,920
Speaker 1: and in some cases you cannot patronize these businesses. So

545
00:30:49,040 --> 00:30:51,680
Speaker 1: it should have been to plug the gap. Of course,

546
00:30:51,720 --> 00:30:54,960
Speaker 1: Congress being Congress didn't do that and decided to dole

547
00:30:55,000 --> 00:30:57,600
Speaker 1: out money to everybody and their brother. The ones that

548
00:30:57,680 --> 00:31:00,360
Speaker 1: made me the most crazy were the university who have

549
00:31:00,400 --> 00:31:03,920
Speaker 1: already gotten paid for their semesters, have lower costs, and

550
00:31:03,960 --> 00:31:07,560
Speaker 1: in many cases of I highlighted Harvard has a almost

551
00:31:07,600 --> 00:31:10,920
Speaker 1: forty one billion dollars at last count endowments. They are

552
00:31:10,960 --> 00:31:14,880
Speaker 1: basically a hedge fund masquerading as a university. So the

553
00:31:14,880 --> 00:31:18,200
Speaker 1: fact that they're getting nine million dollars in aid while

554
00:31:18,760 --> 00:31:22,719
Speaker 1: of the two trillion dollar package, less than seventeen percent

555
00:31:22,760 --> 00:31:25,400
Speaker 1: of that was going to small business, which is half

556
00:31:25,440 --> 00:31:28,680
Speaker 1: of the economy, makes no sense. So it was set

557
00:31:28,760 --> 00:31:32,040
Speaker 1: up to fail from the beginning. And then for the smallest,

558
00:31:32,080 --> 00:31:34,560
Speaker 1: most vulnerable businesses, the fact that they had to go

559
00:31:34,640 --> 00:31:37,000
Speaker 1: jump through these hoops with the banks, well banks, what

560
00:31:37,040 --> 00:31:38,560
Speaker 1: are they going to do. They're going to service their

561
00:31:38,560 --> 00:31:41,320
Speaker 1: biggest and their best customers. You can't blame them for

562
00:31:41,440 --> 00:31:44,080
Speaker 1: doing that. They have those relationships. But that means that

563
00:31:44,160 --> 00:31:49,640
Speaker 1: the smaller guy John's taco truck or carries hairstyling service,

564
00:31:49,920 --> 00:31:52,640
Speaker 1: the ones that are the most vulnerable, who actually need

565
00:31:52,680 --> 00:31:54,800
Speaker 1: the capital and need to plug this gap, are going

566
00:31:54,840 --> 00:31:56,800
Speaker 1: to be left out in the cold. Once again. We

567
00:31:56,880 --> 00:32:00,160
Speaker 1: all knew this was coming. It has come, and you know,

568
00:32:00,160 --> 00:32:02,200
Speaker 1: either they're going to have to put in more money

569
00:32:02,320 --> 00:32:05,200
Speaker 1: or businesses are going to close. Both outcomes are bad.

570
00:32:05,320 --> 00:32:09,120
Speaker 1: They should be taking this money back from the Kennedy Senator, Centator,

571
00:32:09,280 --> 00:32:12,360
Speaker 1: the national Demo, from the arts, the universities, all that

572
00:32:12,400 --> 00:32:15,000
Speaker 1: money should be taken back and given to small business.

573
00:32:16,200 --> 00:32:19,600
Speaker 1: Carl Roth The Roth Effects Podcast. That's what you get. People,

574
00:32:19,680 --> 00:32:25,880
Speaker 1: Go listen. Appreciate you, Carol, Appreciate you too, Jesse. We

575
00:32:26,000 --> 00:32:48,000
Speaker 1: got more show awesome stuff. Hang on. There are a

576
00:32:48,000 --> 00:32:51,480
Speaker 1: few things I love more than watching an American citizen

577
00:32:51,600 --> 00:32:55,800
Speaker 1: pushback against a crappy politician. And with that, allow me

578
00:32:55,840 --> 00:32:59,320
Speaker 1: to welcome in attorney Mark Garrigos, who is suing the

579
00:32:59,440 --> 00:33:02,520
Speaker 1: mayor of Los Angeles. Mark, thank you for joining me.

580
00:33:02,880 --> 00:33:06,120
Speaker 1: Why are you suing a mayor of LA Well, he's

581
00:33:06,600 --> 00:33:10,560
Speaker 1: in his infinite wisdom, without any scientific basis, he's decided

582
00:33:10,600 --> 00:33:16,120
Speaker 1: to uniformly not just close all non essential businesses, but

583
00:33:16,240 --> 00:33:21,080
Speaker 1: close the beaches, closed, the golf courses, closed by virtually

584
00:33:21,480 --> 00:33:27,200
Speaker 1: anything and everything, without any basis upon whichsoever, so in

585
00:33:27,280 --> 00:33:32,920
Speaker 1: order to collect on business interruption insurance, your other favorite industry,

586
00:33:32,920 --> 00:33:36,160
Speaker 1: which is probably the insurance industry. We've had to sue

587
00:33:36,200 --> 00:33:39,800
Speaker 1: both the mayor and the insurance industry to try to

588
00:33:39,840 --> 00:33:42,920
Speaker 1: get them to admit that this thing is a business

589
00:33:42,960 --> 00:33:45,560
Speaker 1: interruption and that they ought to pay for it. One

590
00:33:45,640 --> 00:33:49,120
Speaker 1: or the others can have to pay now. Hold on,

591
00:33:49,280 --> 00:33:52,520
Speaker 1: the insurance industry was trying to claim this wasn't a

592
00:33:52,640 --> 00:33:56,280
Speaker 1: business interruption? Are you serious? Not only that, but let

593
00:33:56,280 --> 00:33:58,920
Speaker 1: me give you a little late breaking news. I filed

594
00:33:58,960 --> 00:34:02,800
Speaker 1: for deck relief, which is declaratory relief, telling the judge, judge,

595
00:34:02,800 --> 00:34:06,200
Speaker 1: you've got to decide this because one where the mayor

596
00:34:06,320 --> 00:34:09,240
Speaker 1: is saying that this is a pandemic, the insurance company

597
00:34:09,320 --> 00:34:13,080
Speaker 1: is saying that it isn't you decided. So the insurance

598
00:34:13,120 --> 00:34:16,239
Speaker 1: company didn't like the fact that we had sued for

599
00:34:16,520 --> 00:34:20,120
Speaker 1: declaratory relief, so they sued the law firm this morning.

600
00:34:20,320 --> 00:34:23,360
Speaker 1: If you can believe that we pay them for decades,

601
00:34:23,640 --> 00:34:26,600
Speaker 1: we asked them to take care of business interruption, and

602
00:34:26,880 --> 00:34:30,920
Speaker 1: Travelers decides to not only sue, but on an earnings

603
00:34:31,000 --> 00:34:34,720
Speaker 1: call make a claim that this is how they protect

604
00:34:34,719 --> 00:34:40,680
Speaker 1: their insurance mark. I've asked this question and I'm so

605
00:34:40,719 --> 00:34:43,239
Speaker 1: thrilled you're here today because I genuinely want to know

606
00:34:43,320 --> 00:34:49,120
Speaker 1: the answer. It just became sadly universally accepted across the country, state, local,

607
00:34:49,200 --> 00:34:52,680
Speaker 1: federal level of everybody, just assuming the government actually had

608
00:34:52,719 --> 00:34:55,480
Speaker 1: the authority to point their finger in your face and

609
00:34:55,520 --> 00:34:57,839
Speaker 1: say go home and stop earning a living. And I've

610
00:34:57,840 --> 00:34:59,920
Speaker 1: asked this question repeatedly, I can't seem to get an

611
00:35:00,000 --> 00:35:02,960
Speaker 1: answer from anybody. How is that legal? How is it

612
00:35:03,080 --> 00:35:05,840
Speaker 1: legal for the mayor of LA to order anybody to

613
00:35:05,880 --> 00:35:09,920
Speaker 1: go home and stop earning a living. This is really unprecedented.

614
00:35:09,960 --> 00:35:13,440
Speaker 1: There's never been a situation where they've where they've quarantined

615
00:35:13,760 --> 00:35:18,000
Speaker 1: virtually everybody, whether you're sick or not sick, whether they've

616
00:35:18,040 --> 00:35:22,120
Speaker 1: decided one way or another without any scientific basis. Remember,

617
00:35:22,200 --> 00:35:24,920
Speaker 1: less than three weeks ago, we weren't supposed to wear masks.

618
00:35:25,000 --> 00:35:27,920
Speaker 1: Now we're supposed to wear masks. Less than three weeks ago,

619
00:35:27,960 --> 00:35:33,799
Speaker 1: this couldn't be transmitted through the air. Now, less than

620
00:35:33,800 --> 00:35:36,319
Speaker 1: three weeks ago, we were talking about antibodies or whether

621
00:35:36,400 --> 00:35:38,840
Speaker 1: or not that whether we were immune, whether there was

622
00:35:38,880 --> 00:35:42,960
Speaker 1: herd immunity. Now they don't know. In California specifically, they

623
00:35:43,080 --> 00:35:46,439
Speaker 1: keep claiming, well, it's been victory because we've flattened the curved.

624
00:35:46,800 --> 00:35:50,400
Speaker 1: I think that there's just as much evidence that coronavirus

625
00:35:50,440 --> 00:35:54,279
Speaker 1: had already come through California months ago, and we had

626
00:35:54,360 --> 00:35:57,680
Speaker 1: developed the antibodies then, and that's why you don't have

627
00:35:58,000 --> 00:36:01,920
Speaker 1: the same reaction that you do in New York and

628
00:36:02,000 --> 00:36:05,520
Speaker 1: other hotspots. None of this is based on science, unfortunately,

629
00:36:05,560 --> 00:36:09,280
Speaker 1: all of this is just based on political kind of

630
00:36:09,320 --> 00:36:14,759
Speaker 1: the idea of pandering, political pandering. I have heard what

631
00:36:14,840 --> 00:36:17,839
Speaker 1: you just said from multiple of my friends who live

632
00:36:17,880 --> 00:36:20,680
Speaker 1: in California. Can you walk me through that. Why do

633
00:36:20,719 --> 00:36:24,480
Speaker 1: you think it came through California? What are you talking about? Well,

634
00:36:24,600 --> 00:36:29,320
Speaker 1: for one thing, we had back in late November December

635
00:36:29,400 --> 00:36:32,760
Speaker 1: and going into January one of what people were calling

636
00:36:33,000 --> 00:36:37,120
Speaker 1: one of the worst and most severe flu seasons of

637
00:36:37,160 --> 00:36:42,280
Speaker 1: all time, and people have at the time didn't associate

638
00:36:42,320 --> 00:36:45,400
Speaker 1: it with the coronavirus. Mind you, where else would you

639
00:36:45,480 --> 00:36:51,000
Speaker 1: expect the Chinese virus to appear but in La or

640
00:36:51,120 --> 00:36:55,120
Speaker 1: San Francisco. We are the entrance to Asia here in

641
00:36:55,360 --> 00:36:58,600
Speaker 1: Los Angeles at lax or in San Francisco at the

642
00:36:58,640 --> 00:37:02,960
Speaker 1: International Airport, were on the West coast. Now, looking in retrospect,

643
00:37:02,960 --> 00:37:05,480
Speaker 1: there was a study that came out yesterday in La County,

644
00:37:05,800 --> 00:37:09,600
Speaker 1: all of the sudden, they've started testing and they see

645
00:37:09,680 --> 00:37:13,120
Speaker 1: that all kinds of La County residents, a very high

646
00:37:13,160 --> 00:37:18,000
Speaker 1: proportion have the antibodies to the virus already in their system,

647
00:37:18,040 --> 00:37:21,200
Speaker 1: which is what we've been saying for four to six weeks,

648
00:37:21,560 --> 00:37:24,640
Speaker 1: and people were mistaking. I think there's just as much

649
00:37:24,719 --> 00:37:29,239
Speaker 1: science for the proposition that we've already gone through what

650
00:37:29,520 --> 00:37:34,520
Speaker 1: is the virus outbreak here in California, and that these

651
00:37:34,640 --> 00:37:40,880
Speaker 1: overreaction by the political pontiteates has just done nothing but

652
00:37:41,000 --> 00:37:44,440
Speaker 1: try to kill the economy. Now we've got a mayor who,

653
00:37:44,520 --> 00:37:49,640
Speaker 1: not only without any science, has bulldozed sand into skate parks,

654
00:37:49,640 --> 00:37:52,920
Speaker 1: has had people arrested who were on the beach by themselves,

655
00:37:53,200 --> 00:37:56,840
Speaker 1: but now announced yesterday in the City of La State

656
00:37:56,880 --> 00:37:59,800
Speaker 1: of the City speech that he's going to furlough tens

657
00:37:59,840 --> 00:38:03,360
Speaker 1: of thousands of city workers, all because he didn't have

658
00:38:03,440 --> 00:38:05,920
Speaker 1: any idea what he was doing, that he had no

659
00:38:06,000 --> 00:38:09,840
Speaker 1: scientific basis, but he reacted like a Pollyanna or a chicken.

660
00:38:09,880 --> 00:38:14,239
Speaker 1: Little with the sky has fallen, Mark, what's the response been.

661
00:38:14,400 --> 00:38:17,959
Speaker 1: I am positive that your rolodex is about ten miles long,

662
00:38:18,040 --> 00:38:20,720
Speaker 1: just because of who you are. What kind of response

663
00:38:20,719 --> 00:38:24,160
Speaker 1: have you gotten I have You know, I've been doing

664
00:38:24,160 --> 00:38:27,800
Speaker 1: this for almost forty years. I have never seen across

665
00:38:27,920 --> 00:38:33,920
Speaker 1: the political spectrum, I mean right left, in between small business,

666
00:38:34,120 --> 00:38:39,080
Speaker 1: insurance people who work for insurance companies, restaurant owners, across

667
00:38:39,120 --> 00:38:43,799
Speaker 1: the board, people understand intuitively how insane this is. And

668
00:38:43,960 --> 00:38:47,359
Speaker 1: I will tell you when every morning when I walked

669
00:38:47,360 --> 00:38:49,920
Speaker 1: through dogs, I'm out on a horse trail. We've closed

670
00:38:49,920 --> 00:38:53,640
Speaker 1: the horse trails, We've closed the hiking trails. None of

671
00:38:53,719 --> 00:38:58,480
Speaker 1: this makes any sense. It's a complete insanity, and we

672
00:38:58,719 --> 00:39:02,520
Speaker 1: strip people of their kind institutional rights because we've got

673
00:39:02,600 --> 00:39:06,960
Speaker 1: this kind of inanity. That is just there's really a

674
00:39:06,960 --> 00:39:10,000
Speaker 1: pandemic of fear, is what it is. We don't have

675
00:39:10,080 --> 00:39:13,520
Speaker 1: any What they should have been doing, instead of costing

676
00:39:13,760 --> 00:39:17,000
Speaker 1: the taxpayers on an ordinate amount of money, Why didn't

677
00:39:17,040 --> 00:39:20,640
Speaker 1: they start the antibody testing six weeks ago, two months

678
00:39:20,640 --> 00:39:23,080
Speaker 1: ago when they first heard about this. Why didn't we

679
00:39:23,160 --> 00:39:27,200
Speaker 1: have massive drive through testing then to do and find

680
00:39:27,200 --> 00:39:30,200
Speaker 1: out whether or not we had the antibodies? And if

681
00:39:30,239 --> 00:39:32,280
Speaker 1: we had done that, it would have been a fraction

682
00:39:32,320 --> 00:39:35,719
Speaker 1: of the costs and a fraction of the economic devastation

683
00:39:35,800 --> 00:39:39,759
Speaker 1: that we've done. And by the way, by having people quarantine,

684
00:39:40,200 --> 00:39:43,600
Speaker 1: there was no sense for protecting the vulnerable. There was

685
00:39:43,640 --> 00:39:47,520
Speaker 1: no plan. When you go and tell somebody you go quarantine,

686
00:39:47,520 --> 00:39:51,399
Speaker 1: don't leave your house. They didn't say, well, don't quarantine

687
00:39:50,840 --> 00:39:54,440
Speaker 1: with people with pre existing conditions. They didn't try to

688
00:39:54,440 --> 00:39:57,200
Speaker 1: take those people and protect them. They just did this

689
00:39:57,360 --> 00:40:03,720
Speaker 1: kind of overreactive once again, Pollyannish reaction, and insurance companies

690
00:40:03,760 --> 00:40:07,360
Speaker 1: take the advantage of it. Politicians have taken the advantage

691
00:40:07,360 --> 00:40:09,960
Speaker 1: of it, and frankly, I think the public gets it now.

692
00:40:09,960 --> 00:40:15,279
Speaker 1: They really understand what's what's gone on. Mark Garrigo's attorneys

693
00:40:15,320 --> 00:40:17,960
Speaker 1: suing the mayor of la I don't think I've ever

694
00:40:18,160 --> 00:40:20,319
Speaker 1: rooted for one of my guests as hard as I'm

695
00:40:20,400 --> 00:40:23,880
Speaker 1: rooting for you. Go get him. I appreciate you. Thank you.

696
00:40:27,200 --> 00:40:29,799
Speaker 1: Now you have it, Let's get some teeth people, let's

697
00:40:29,800 --> 00:40:32,319
Speaker 1: start fighting fighting back. You don't have to lay down

698
00:40:32,320 --> 00:40:54,360
Speaker 1: and take this crap. All right, am joining me now

699
00:40:54,400 --> 00:40:58,279
Speaker 1: to wrap up or reopened the economy show is the

700
00:40:58,400 --> 00:41:03,520
Speaker 1: dean of business at Liberty University, Dave Bratt, also former congressman.

701
00:41:03,520 --> 00:41:05,360
Speaker 1: That's going to come into play here in just a

702
00:41:05,440 --> 00:41:08,719
Speaker 1: second because one of his well, she was never a colleague,

703
00:41:08,719 --> 00:41:10,400
Speaker 1: by the grace of God at least, I don't think so.

704
00:41:10,520 --> 00:41:14,520
Speaker 1: AOC dropped this gem yesterday after oil was trading in

705
00:41:14,640 --> 00:41:19,399
Speaker 1: negative forty dollars. Quote, you absolutely love to see it. This,

706
00:41:19,480 --> 00:41:22,560
Speaker 1: along with record low interest rates, means it's the right

707
00:41:22,600 --> 00:41:26,880
Speaker 1: time for a worker led mass investment in green infrastructure

708
00:41:26,920 --> 00:41:30,440
Speaker 1: to save our planet. Cough Now, Congressman, I'm going to

709
00:41:30,520 --> 00:41:33,359
Speaker 1: do you the honor of not comparing your intellect with

710
00:41:33,840 --> 00:41:40,640
Speaker 1: Alexandria Acacio Cortez. However, this is a problem right in Congress.

711
00:41:40,680 --> 00:41:42,960
Speaker 1: How can this not be a problem? How do you

712
00:41:43,080 --> 00:41:45,640
Speaker 1: work day to day with people who, I mean, what

713
00:41:45,680 --> 00:41:47,760
Speaker 1: am I supposed to take that as? That's anti American,

714
00:41:47,800 --> 00:41:53,320
Speaker 1: that's anti worker. Yeah, and I think it does show

715
00:41:53,800 --> 00:41:57,560
Speaker 1: just a deep misunderstanding on the left of what an

716
00:41:57,560 --> 00:42:00,919
Speaker 1: economy is in the first place. Right, I mean they're

717
00:42:00,960 --> 00:42:05,319
Speaker 1: talking about just dismissing entire sectors of the economy, right,

718
00:42:05,440 --> 00:42:09,440
Speaker 1: huge chunks of GDP percentage that have supply chains themselves

719
00:42:09,960 --> 00:42:12,759
Speaker 1: and our linked to mom and pop diners across the

720
00:42:12,840 --> 00:42:17,440
Speaker 1: country related to those industries. It just shows a total

721
00:42:17,880 --> 00:42:21,080
Speaker 1: unawareness of these linkages. And then to go to the

722
00:42:21,160 --> 00:42:24,920
Speaker 1: Green New Deal, when we're just printing cash already and

723
00:42:25,000 --> 00:42:29,000
Speaker 1: thrown at other unproductive means. It now is the time

724
00:42:29,400 --> 00:42:33,240
Speaker 1: to talk about getting your manufacturing back and making stuff

725
00:42:34,680 --> 00:42:37,400
Speaker 1: and being productive again, and getting our cad to twelve

726
00:42:37,480 --> 00:42:42,000
Speaker 1: education system in line. And so yeah, the left never

727
00:42:42,040 --> 00:42:45,680
Speaker 1: misses an opportunity of a crisis there in pursuit of

728
00:42:45,719 --> 00:42:52,040
Speaker 1: their ideological goals, the neo Marxist ideological goals, which is

729
00:42:52,080 --> 00:42:54,719
Speaker 1: to claim political power. It's got nothing to do with

730
00:42:54,760 --> 00:42:57,839
Speaker 1: economic growth. That's what It's hard for Americans to understand that.

731
00:42:57,920 --> 00:43:01,600
Speaker 1: Right when you say Marxist goals, the goal is to

732
00:43:01,760 --> 00:43:04,239
Speaker 1: claim power. Right, just trust us for a while, give

733
00:43:04,320 --> 00:43:09,240
Speaker 1: up all your rights, will take power and deliver you nirvana.

734
00:43:09,360 --> 00:43:12,600
Speaker 1: And that's it, right, And so American people can't believe

735
00:43:12,680 --> 00:43:17,200
Speaker 1: that anyone actually believes that, but they do. Congressman, I'm

736
00:43:17,200 --> 00:43:18,920
Speaker 1: glad you brought it up, because this has actually been

737
00:43:18,960 --> 00:43:22,839
Speaker 1: on my mind all day, the case through twelve education thing. Now,

738
00:43:22,920 --> 00:43:26,040
Speaker 1: I'm not sure how this came to be. I'm not

739
00:43:26,080 --> 00:43:28,880
Speaker 1: sure when this came to be, but I am increasingly

740
00:43:29,040 --> 00:43:31,839
Speaker 1: stunned by the younger people I talk to, and I'm

741
00:43:31,880 --> 00:43:34,520
Speaker 1: not one of these the next generation sucks. Guys. Every

742
00:43:34,640 --> 00:43:37,000
Speaker 1: people are just the same. But the younger people I

743
00:43:37,080 --> 00:43:40,040
Speaker 1: talk to that have graduated high school, that are graduating college,

744
00:43:40,320 --> 00:43:42,080
Speaker 1: and even if they're not, you know, died in the

745
00:43:42,080 --> 00:43:46,000
Speaker 1: wool leftists, they have a genuine negative view of the

746
00:43:46,120 --> 00:43:48,600
Speaker 1: United States of America. They've been educated that way for

747
00:43:48,680 --> 00:43:51,160
Speaker 1: eight hours a day. How did we as a nation

748
00:43:51,280 --> 00:43:53,719
Speaker 1: from a broad view, get to a point where we

749
00:43:53,800 --> 00:43:56,440
Speaker 1: teach our younger people that the nation in which they

750
00:43:56,480 --> 00:44:01,680
Speaker 1: reside sucks. Well, we just went from the Great Generation.

751
00:44:01,960 --> 00:44:04,439
Speaker 1: I mean, you hate to go old school, but part

752
00:44:04,440 --> 00:44:06,000
Speaker 1: of it comes out of that. When you go through

753
00:44:06,040 --> 00:44:08,360
Speaker 1: the Great Depression, you learn the value of a nickel,

754
00:44:09,160 --> 00:44:11,040
Speaker 1: and you learn the value of hard work and of

755
00:44:11,080 --> 00:44:16,200
Speaker 1: your own money. And it's become easier than that. Right,

756
00:44:16,280 --> 00:44:20,360
Speaker 1: and so that the next generation, it's not their fault.

757
00:44:20,440 --> 00:44:23,759
Speaker 1: We did not provide them the fundamentals. In the meantime,

758
00:44:23,880 --> 00:44:32,160
Speaker 1: China is graduating millions of it quantitative mathematical engineering students

759
00:44:33,800 --> 00:44:37,279
Speaker 1: that still eat their spinach. And we've said now in

760
00:44:37,320 --> 00:44:39,799
Speaker 1: the US, you don't need to do that. There's some

761
00:44:39,880 --> 00:44:42,440
Speaker 1: easy route. There is no easy pout right, And so

762
00:44:42,520 --> 00:44:46,239
Speaker 1: the folks now, once you have a hit to the

763
00:44:46,280 --> 00:44:51,640
Speaker 1: economy like we're experiencing. It all shows up and unfortunately,

764
00:44:51,640 --> 00:44:54,840
Speaker 1: we're going to pay a dear, dear price for missing

765
00:44:54,880 --> 00:44:57,600
Speaker 1: the boat on education. It's one of the fundamentals that

766
00:44:57,680 --> 00:45:01,520
Speaker 1: produces everything else, and we let it. We let it

767
00:45:01,600 --> 00:45:06,120
Speaker 1: stagnate for way too long. Congressman, I talked to Carol

768
00:45:06,239 --> 00:45:08,600
Speaker 1: Roth earlier on the show about all the stock market

769
00:45:08,600 --> 00:45:12,200
Speaker 1: oil price stuff. So setting that stuff aside, there was

770
00:45:12,360 --> 00:45:15,480
Speaker 1: an oil war, oil battle, I don't even know the

771
00:45:15,560 --> 00:45:18,720
Speaker 1: right way you would describe it between US and Saudi

772
00:45:18,760 --> 00:45:22,360
Speaker 1: Arabia and Russia that was already hurting the oil industry.

773
00:45:22,360 --> 00:45:25,399
Speaker 1: I saw it firsthand, hear in Texas before coronavirus ever

774
00:45:25,480 --> 00:45:30,240
Speaker 1: got here. What was that and why was that? Yeah, well,

775
00:45:30,320 --> 00:45:35,759
Speaker 1: so Russian Saudi's got together. They refused to cut output

776
00:45:36,520 --> 00:45:40,640
Speaker 1: to put our US shale producers out of business. And

777
00:45:40,680 --> 00:45:42,680
Speaker 1: that's when you saw some of the US senators get

778
00:45:42,760 --> 00:45:46,719
Speaker 1: upset and say no, no, no, no. But since so

779
00:45:46,760 --> 00:45:50,400
Speaker 1: that that's a that's a major impact, but it's nothing

780
00:45:50,640 --> 00:45:55,520
Speaker 1: compared to this coronavirus lack of global demand. Right, So

781
00:45:55,560 --> 00:45:58,400
Speaker 1: that's the story yesterday, all that showing up in market

782
00:45:58,440 --> 00:46:03,640
Speaker 1: prices and just to make it clear to everybody if

783
00:46:03,640 --> 00:46:07,200
Speaker 1: we lose market prices, which we have right with the

784
00:46:07,600 --> 00:46:11,640
Speaker 1: O eight FED intervention, the FED interventions going from a

785
00:46:11,640 --> 00:46:15,040
Speaker 1: four trillion dollar balance sheet up to ten trillion dollars

786
00:46:15,560 --> 00:46:22,200
Speaker 1: balance sheet where they're buying every corporate bond and asset

787
00:46:22,239 --> 00:46:25,759
Speaker 1: they can get to give the firms cash. And if

788
00:46:25,800 --> 00:46:31,200
Speaker 1: you lose the market system, that's what people cannot understand

789
00:46:31,320 --> 00:46:34,520
Speaker 1: right now. When you see prices go negative, that means

790
00:46:34,560 --> 00:46:38,680
Speaker 1: the market system is broken. There is no market working anymore. Right,

791
00:46:38,719 --> 00:46:41,200
Speaker 1: And so if you lose the market system, we're back

792
00:46:41,239 --> 00:46:45,880
Speaker 1: to fishing under bridges again, right. And so I cannot

793
00:46:46,239 --> 00:46:50,320
Speaker 1: overestimate the importance of the economic logic that we've built

794
00:46:50,440 --> 00:46:54,279
Speaker 1: up over hundreds of years that is embedded in this economy.

795
00:46:54,640 --> 00:46:57,200
Speaker 1: And if you listen to the likes of AOC and

796
00:46:57,560 --> 00:46:59,960
Speaker 1: the left who have no understanding of how markets work,

797
00:47:00,800 --> 00:47:03,960
Speaker 1: and if you pull away this undergirding, right, the Judeo

798
00:47:04,040 --> 00:47:08,120
Speaker 1: Christian tradition gives you the rule of law and magna carta,

799
00:47:08,200 --> 00:47:11,239
Speaker 1: and then you get James Madison, and finally you get

800
00:47:11,280 --> 00:47:14,960
Speaker 1: pre markets in Milton Freedmen and all that. It's one long,

801
00:47:15,000 --> 00:47:18,000
Speaker 1: continuous scene. And if you pull a threat out of

802
00:47:18,040 --> 00:47:20,680
Speaker 1: that same God help us all, because it's gonna be

803
00:47:20,800 --> 00:47:24,640
Speaker 1: so bad, I cannot tell you. And I hope this

804
00:47:25,080 --> 00:47:28,400
Speaker 1: returns the country back to its senses, but some folks

805
00:47:28,400 --> 00:47:33,520
Speaker 1: are still out their way off in orbit. Congressman, I'm extremely,

806
00:47:33,640 --> 00:47:37,120
Speaker 1: extremely worried about the budget situation in the country, and

807
00:47:37,200 --> 00:47:40,000
Speaker 1: I realize that this is in sexy, and nobody likes

808
00:47:40,040 --> 00:47:42,120
Speaker 1: to talk about that, or once likes to talk about

809
00:47:42,160 --> 00:47:45,680
Speaker 1: taxes and coronavirus and things like that. We are spending money,

810
00:47:45,680 --> 00:47:48,919
Speaker 1: even with these bills, these bipartisan bills, We're spending money

811
00:47:48,920 --> 00:47:50,960
Speaker 1: we don't have, and we have less money than ever

812
00:47:51,000 --> 00:47:53,000
Speaker 1: coming in. And that's just at the federal level. We're

813
00:47:53,000 --> 00:47:56,760
Speaker 1: not even talking about state and local budgets cannot stand

814
00:47:56,840 --> 00:48:00,600
Speaker 1: up to this. We're going to be feeling this for years, right. Yeah. Well,

815
00:48:00,600 --> 00:48:05,200
Speaker 1: and they're they're matacresel Security, the state San Francisco CalPERS,

816
00:48:05,239 --> 00:48:08,920
Speaker 1: they're already in solvent, right, and so this just hastens

817
00:48:08,960 --> 00:48:12,719
Speaker 1: their decline. And it's a matter of how long can

818
00:48:12,760 --> 00:48:16,920
Speaker 1: the US bond market hold out. That's the big daddy,

819
00:48:16,960 --> 00:48:21,120
Speaker 1: and if that thing ever goes upside down, that's the

820
00:48:21,239 --> 00:48:24,240
Speaker 1: end of the story, right, and you lose your currency.

821
00:48:25,200 --> 00:48:29,520
Speaker 1: Everyone knows it's kind of a it's a faith, ultimately right,

822
00:48:29,560 --> 00:48:31,920
Speaker 1: and it's no longer tied to gold. It's a faith

823
00:48:32,040 --> 00:48:36,760
Speaker 1: in the US Treasury. And if we lose that faith

824
00:48:36,880 --> 00:48:40,879
Speaker 1: that that thing carries today, we're in trouble. So you're right,

825
00:48:41,040 --> 00:48:44,800
Speaker 1: it's not the cool topic. But at the end of

826
00:48:44,840 --> 00:48:47,239
Speaker 1: the day, if that one fails and the Left does

827
00:48:47,320 --> 00:48:50,319
Speaker 1: not understand that, the whole house of cards comes crumbling down.

828
00:48:52,480 --> 00:48:56,399
Speaker 1: Congressman Dave Ratt, dean of Business at Liberty University, thank

829
00:48:56,440 --> 00:48:58,480
Speaker 1: you so much for your time today, sir, you bet,

830
00:48:58,480 --> 00:49:03,319
Speaker 1: Thank you, Jesse. And that is a wrap on our

831
00:49:03,360 --> 00:49:06,759
Speaker 1: reopened America special. I know y'all enjoyed it. We'll be

832
00:49:06,760 --> 00:49:19,239
Speaker 1: back to do it again tomorrow. See Ei. Then you

833
00:49:19,320 --> 00:49:23,799
Speaker 1: know your house smells, don't get mad. Don't get mad

834
00:49:23,800 --> 00:49:25,719
Speaker 1: in my house smells too. I'm not not indicting you.

835
00:49:25,800 --> 00:49:28,360
Speaker 1: I'm sure you keep a clean home, but just time

836
00:49:29,080 --> 00:49:32,720
Speaker 1: means you're going to acquire smells. Whether those are cooking

837
00:49:32,800 --> 00:49:35,879
Speaker 1: smells that get in your paint, your carpet, maybe their

838
00:49:35,920 --> 00:49:39,480
Speaker 1: animals smells. Maybe you're a smoker or someone else was

839
00:49:39,560 --> 00:49:44,520
Speaker 1: just living creates smells. I didn't realize that my home

840
00:49:44,680 --> 00:49:47,680
Speaker 1: had a smell to it until I got my first

841
00:49:47,960 --> 00:49:51,680
Speaker 1: Eden Pure Thunderstorm, the greatest air purifier I've ever owned

842
00:49:51,680 --> 00:49:54,440
Speaker 1: in my life. This thing. I had it plugged in

843
00:49:54,560 --> 00:49:56,400
Speaker 1: for two hours. I came back in the room and

844
00:49:56,480 --> 00:50:01,080
Speaker 1: my air smells so clean. I now own three of them.

845
00:50:01,239 --> 00:50:04,440
Speaker 1: I'm not making that up. This thing has absolutely changed

846
00:50:04,480 --> 00:50:06,640
Speaker 1: me on top of what it's done from my allergies.

847
00:50:07,040 --> 00:50:10,520
Speaker 1: Go get one, get two you like me, and get three.

848
00:50:10,600 --> 00:50:13,920
Speaker 1: Go to Eden pere deals dot com. Make sure you

849
00:50:14,040 --> 00:50:17,240
Speaker 1: use the promo code Jesse that gets you ten bucks

850
00:50:17,239 --> 00:50:20,320
Speaker 1: off and free shipping. Eden peer deals dot com promo

851
00:50:20,400 --> 00:50:21,200
Speaker 1: code Jesse