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What One Bleak Data Point Tells Us About the Labor Market · The Financial Exchange Show

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  Speaker 2: eight six three two, nineteen eighty five. We also do
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  Speaker 2: have a couple guests that are gonna be joining us
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  Speaker 2: and host of the Great American Heroes podcast, will be
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  Speaker 3: Discuss as well.
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  Speaker 2: DAV five k dot Boston, Mike. Where are we on
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  Speaker 2: our stack?
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  Speaker 3: Here we go.
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  Speaker 2: What one bleak data point tells us about the labor markets?
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  Speaker 5: Not much, not much. But here's the thing. Well the
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  Speaker 5: data point, let's start off with. It's a Challenger Gray
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  Speaker 5: and Christmas data that reports that companies have announced one
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  Speaker 5: hundred and fifty three thousand job cuts in October, nearly
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  Speaker 5: tripled September's number and also is the biggest October number
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  Speaker 5: that they've seen in I don't know a long time.
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  Speaker 3: I can't remember early two thousands. It was the end
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  Speaker 3: I think this is two twenty ten.
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  Speaker 2: It doesn't tell us anything because this is not a
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  Speaker 2: forward looking data series. It's not something where if you
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  Speaker 2: see an increase one month, that means there's going to
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  Speaker 2: be an increase the next. It's not a good number
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  Speaker 2: because it does tell you, hey, there were a large
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  Speaker 2: number of layoffs in the month of October. But it's
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  Speaker 2: not a predictive series. It's not a trending series, and
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  Speaker 2: so it's not one that I think is in any
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  Speaker 2: way you full in building a framework for what comes next.
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  Speaker 3: What I will say.
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  Speaker 2: It's been increasingly more difficult to find labor market indicators
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  Speaker 2: that are throwing off positive signals in the last couple
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  Speaker 2: of months. And so again we're not getting the monthly
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  Speaker 2: jobs report now. But if you look at indeed's openings trend,
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  Speaker 2: if you look at the ADP Small Business Hiring Index,
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  Speaker 2: if you go and look at the weekly jobless claims
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  Speaker 2: that are coming out at the state level, there's nothing
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  Speaker 2: bad there. But there's no meaningful improvement on that front.
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  Speaker 2: And so it's something where we're continuing to see a
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  Speaker 2: slowing labor market, and the danger there is at some
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  Speaker 2: point a slowing labor market has the potential to create
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  Speaker 2: some problems with consumption. Normally, it's the other way around. Like,
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  Speaker 2: normally the thing that you see consumption is slowing and
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  Speaker 2: so companies start laying off people. Hasn't been the case
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  Speaker 2: this year. It's been kind of backwards. It's a really
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  Speaker 2: funky situation.
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  Speaker 3: That we're seeing.
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  Speaker 2: The case that you can make is consumption for the
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  Speaker 2: bottom fifty to sixty percent of households has slowed, and
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  Speaker 2: so maybe the layoffs that we're seeing are in response
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  Speaker 2: to that. Even though the top ten to twenty percent
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  Speaker 2: of households by income are still spending robustly, and so
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  Speaker 2: maybe that's why aggregate spending growth is still good, but
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  Speaker 2: you're not seeing it spread across all areas. And so
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  Speaker 2: there are a lot of companies that might have weak
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  Speaker 2: demand because they focus on selling products to that bottom
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  Speaker 2: fifty to sixty percent of consumers.
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  Speaker 3: Local company.
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  Speaker 5: Just so long as we're talking about layoffs, Trip Advisor
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  Speaker 5: laying off twenty percent of its workforce amid major business
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  Speaker 5: rework numbers. Wise, this is not a big number. I
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  Speaker 5: think this company employees about twenty eight hundred employees. Globally,
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  Speaker 5: six hundred employees is not nothing, not nothing, but you know,
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  Speaker 5: we've had ten fifteen thousand person layoff announcements recently, and.
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  Speaker 3: Trip Advisor falling into that same category this week.
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  Speaker 2: It's interesting to me on one level in that travel
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  Speaker 2: demand has remained really strong.
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  Speaker 5: It has I wonder how much of this is. So
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  Speaker 5: much has been written about, Oh, look at AI and
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  Speaker 5: how easily I'm allowed to am able to build a
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  Speaker 5: travel plan with artificial intelligence. I did so in part
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  Speaker 5: with my most recent trip with Yeah, you didn't come
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  Speaker 5: back very mixed success.
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  Speaker 3: Can you talk about that? Yeah? So I asked I
• 6:36
  Speaker 3: haven't asked you about this yet.
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  Speaker 5: I asked it to plan out some hikes for me
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  Speaker 5: while we were in Europe, and it was clearly capable
• 6:45
  Speaker 5: of identifying mountains, but was not terribly good at understanding
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  Speaker 5: I need a trail that you need a trail to
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  Speaker 5: get between said mountains.
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  Speaker 3: Interesting.
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  Speaker 5: Yeah, yeah, so that was again we ended up using
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  Speaker 5: one of this suggestions that it came up with. But
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  Speaker 5: you know, had we followed it without actually looking at
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  Speaker 5: a map, you wouldn't have been able to get there
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  Speaker 5: from here.
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  Speaker 3: That's a problem.
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  Speaker 5: Yeah, yeah, so interesting user be aware. I've also heard
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  Speaker 5: that it's helpful for looking up flight information.
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  Speaker 3: I have not found it to be so.
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  Speaker 2: Why would one find it helpful for looking.
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  Speaker 5: Up Yeah, Like I feel like Google Flights is pretty
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  Speaker 5: good at that, as are many other companies. And you know,
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  Speaker 5: people have talked about, oh, you know it's really better
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  Speaker 5: at detecting.
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  Speaker 3: No, I have not found it to.
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  Speaker 5: Be useful whatsoever for the purpose of tracking flight prices
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  Speaker 5: and getting good deals.
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  Speaker 2: Like you just intuitively think about, Okay, it's a large
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  Speaker 2: language model, it's good at putting words together. Why would
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  Speaker 2: it be good at getting you the best flight pricing?
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  Speaker 3: Yeah?
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  Speaker 5: Yeah, yeah, have an answer that doesn't compute. So labor
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  Speaker 5: market does seem to be weakening. Do we reach a
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  Speaker 5: tipping point?
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  Speaker 3: I don't know.
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  Speaker 2: I mean like it's here's what I will say. It
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  Speaker 2: feels like we're kind of on a knife's edge here.
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  Speaker 2: And the other thing is, if you look at the
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  Speaker 2: labor market data under the hood, there are parts of
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  Speaker 2: it that are more concerning to me than you would
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  Speaker 2: think at first blush. I mean, what's going on right
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  Speaker 2: now with youth unemployment just as an example, really problematic. Yep,
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  Speaker 2: You've got long term unemployment moving up as well. So
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  Speaker 2: there's just like there's some things out there that are
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  Speaker 2: not signs of health. And the other piece, these are
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  Speaker 2: not things that get helped by the FED cutting interest rates. No,
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  Speaker 2: you know, like it's not stuff that is resolved. If
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  Speaker 2: the Fed's like, hey, we're gonna, you know, start cutting
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  Speaker 2: interest rates more heavily, it doesn't.
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  Speaker 5: Fix those things, right, I mean, look, the FED has
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  Speaker 5: been cutting interest rates. Arguably, the hiking of rates damages
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  Speaker 5: a lot of that bottom, that bottom.
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  Speaker 3: Rung of the K.
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  Speaker 5: If we're using the K shaped recovery story, right, you
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  Speaker 5: drive up mortgage rates, credit card rates, and all sorts
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  Speaker 5: of loan rates while also bumping up savings rates for
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  Speaker 5: some consumers that bottom half of the K. You know,
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  Speaker 5: even with rates having come down a little bit, haven't
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  Speaker 5: seen mortgage rates decline, haven't seen auto loan rates decline.
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  Speaker 5: If you're in that top portion of that K shaped recovery,
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  Speaker 5: you might not need the auto loan, but you probably
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  Speaker 5: have the savings to put into a CD.
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  Speaker 2: I mean, I would say that the changes in interest rates,
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  Speaker 2: it's most heavily impacting that middle forty percent. Sure, like
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  Speaker 2: the bottom the top thirty percent of wage earners and
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  Speaker 2: households by net worth aren't forced to bural. No, it's
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  Speaker 2: a situation where there's more flexibility on that side. To
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  Speaker 2: begin with the bottom thirty percent of wage earners and
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  Speaker 2: asset owners, they don't have the money to buy cars
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  Speaker 2: and homes anyways. Yep, that middle forty percent is the
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  Speaker 2: one that I think is most heavily impacts to any changes.
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  Speaker 3: Car Loans, mortgages, all of those things are the things
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  Speaker 3: they're participating in. Let's take a quick break here.
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  Speaker 2: When we return, we're going to be joined by Isaiah Moskowitz,
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  Speaker 2: the DAV Media manager and host of the Great American
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  Speaker 3: Join us now is Isaiah Muskowitz.
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  Speaker 5: He's the DAV Media manager, host of the Great American
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  Speaker 5: Heroes Podcast. Joins us now to talk about his partnership
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  Speaker 5: with the Disabled American Veterans Department of Massachusets.
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  Speaker 3: Isaiah, thanks for coming on, appreciate it.
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  Speaker 6: Hey Mike, thanks for having me. You guys are doing
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  Speaker 6: a great job today. Thank you for all your support
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  Speaker 6: for the DAV Department.
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  Speaker 5: Of mass So I want to I want to talk
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  Speaker 5: first about the podcast Great American Heroes Podcast.
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  Speaker 3: I've appeared on it and want to talk about just.
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  Speaker 5: What it is, who you feature, who you talk to,
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  Speaker 5: and how people can listen to it.
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  Speaker 7: Sure listen.
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  Speaker 6: Years of working on the radio doing shows like yourself.
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  Speaker 6: You know, when I started working with the DAV years
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  Speaker 6: and years ago. As time went on, you know, I
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  Speaker 6: was like, well, why don't we do a podcast where
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  Speaker 6: we can talk to veterans, we can talk to partners,
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  Speaker 6: we can talk to sponsors, friends and family. The whole
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  Speaker 6: point just like with your radio show, right, your job
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  Speaker 6: is to get the financial word out there to the
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  Speaker 6: world and make people understand the world of finance and business.
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  Speaker 6: Same exact thing with the podcast here. We want to
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  Speaker 6: do the very best we can to educate people about
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  Speaker 6: what the dav Department of Massachusetts does for veterans and
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  Speaker 6: for families. And it's been a nice run. We've got
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  Speaker 6: some amazing guests and people that come on. They tell
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  Speaker 6: tremendous stories. And you understand radio better than anybody. You're
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  Speaker 6: a host. It's all about storytelling.
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  Speaker 5: Sure, any of those particular storytelling experiences stick with you.
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  Speaker 5: I mean, I'm sure there's been a lot of great ones,
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  Speaker 5: but anything you'd care to share.
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  Speaker 7: Sure, there are so many, you know, I've.
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  Speaker 6: You know, and Paul's gonna hate me on this because
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  Speaker 6: He's so humble, never wants the recognition, but he just
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  Speaker 6: he's a humble man who just likes to get on
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  Speaker 6: and do very good things for the veterans. And when
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  Speaker 6: you hear people like that, and you look at the
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  Speaker 6: success they have and they're just they're they're rooted back
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  Speaker 6: to the simple fact that we should be doing this
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  Speaker 6: stuff for our veterans, okay, And that's he always tells
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  Speaker 6: great stories. There have been so many veterans on the
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  Speaker 6: Great American Heroes podcast that you know, I didn't serve
• 13:23
  Speaker 6: this country, but I'll tell you what. Listening to the
• 13:26
  Speaker 6: stories and being able to share the stories of what
• 13:29
  Speaker 6: they went through in combat, what they've gone through when
• 13:32
  Speaker 6: they come home, it's and what the dav Massachusetts does
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  Speaker 6: to help those folks that'll stick with you.
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  Speaker 7: Those those stories stick with you.
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  Speaker 6: So you can find all the episodes that Mike's talking
• 13:43
  Speaker 6: about a dav M A dot org, da v M
• 13:46
  Speaker 6: a dot org and you can just drop down the
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  Speaker 6: podcast page and they're all right there.
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  Speaker 5: So Isaiah talked to us a little bit about your
• 13:52
  Speaker 5: history with the DAV of Massachusetts. I know it goes
• 13:55
  Speaker 5: back several years. You've been doing the podcast for years,
• 13:57
  Speaker 5: but how did you get started with the organization and
• 14:00
  Speaker 5: what about it is meaningful to you.
• 14:02
  Speaker 6: After about twenty five years of working in radio, I
• 14:05
  Speaker 6: started my own marketing firm and I was doing a
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  Speaker 6: lot of business with the Veterans Administration in New England,
• 14:10
  Speaker 6: so via New England Healthcare, I was helping them with
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  Speaker 6: radio and television and sports marketing so we could get
• 14:17
  Speaker 6: the word out there to veterans and families about the
• 14:20
  Speaker 6: health benefits that veterans have available to them. And that's
• 14:23
  Speaker 6: a very important message that moved over into the DAV.
• 14:28
  Speaker 6: One of my friends who worked at the VA said, Isaiah,
• 14:30
  Speaker 6: I want you to meet Dan stack Over at the
• 14:32
  Speaker 6: DAV Department of Masks. They're trying to reach a younger audience,
• 14:36
  Speaker 6: they're trying to reach more veterans. And I sat with
• 14:40
  Speaker 6: Dan and said, look, this is what I do for
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  Speaker 6: the VA, and the two go hand in hand, because
• 14:45
  Speaker 6: if a veteran's looking for their benefits, they have to
• 14:47
  Speaker 6: go and deal with the VA.
• 14:49
  Speaker 7: And that's not an easy ask.
• 14:51
  Speaker 6: It's a tough thing to it's tough wall to climb over,
• 14:53
  Speaker 6: but that's what the DAV Massachusetts does.
• 14:56
  Speaker 7: They help veterans.
• 14:57
  Speaker 6: They sit down, they help you with your paperwork, they
• 15:00
  Speaker 6: help you with everything you may need, whether it's a
• 15:03
  Speaker 6: ride to a doctor's appointment, whether it's housing.
• 15:06
  Speaker 7: You know. So that's where it all started when I
• 15:08
  Speaker 7: sat with them.
• 15:09
  Speaker 6: That might have been about seven years ago, Mike, and
• 15:11
  Speaker 6: I'll tell you what it's It's grown and it's going
• 15:13
  Speaker 6: to continue to grow. And let me just say it's
• 15:16
  Speaker 6: growing because of people like you. It's growing because of
• 15:19
  Speaker 6: the Financial Exchange Radio network. And congratulations on the XM
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  Speaker 6: Channel one thirty two that just takes this show and
• 15:26
  Speaker 6: puts it global as it should be.
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  Speaker 7: You guys do great work, and you've been such a
• 15:30
  Speaker 7: huge supporter.
• 15:31
  Speaker 6: Of ours and I really really appreciate that, so I
• 15:33
  Speaker 6: wanted to highlight you guys before we kept going on.
• 15:36
  Speaker 3: Isaiah, thank you very much.
• 15:38
  Speaker 5: I mean, look, we all have these personal stories about
• 15:41
  Speaker 5: our experience with the DAV and maybe you can share
• 15:44
  Speaker 5: a bit of yours. I mean, for me, I continue
• 15:47
  Speaker 5: to think about the complexity of all the VA benefits,
• 15:51
  Speaker 5: mainly because you know, I work as a financial advisor
• 15:54
  Speaker 5: on my day job and I have seen people struggle
• 15:57
  Speaker 5: with this exact challenge before. What else sticks out to you?
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  Speaker 5: Just in terms of the work the DAV of Massachusetts
• 16:02
  Speaker 5: is doing these days.
• 16:04
  Speaker 7: People have to understand and people don't.
• 16:07
  Speaker 6: People know what they know, and people don't see all
• 16:10
  Speaker 6: the pieces to every puzzle they're looking at. Right, the
• 16:12
  Speaker 6: DAV Massachusetts does everything for veterans. So think about a
• 16:16
  Speaker 6: veteran who's gone to war, is coming home from war.
• 16:20
  Speaker 6: Think about what that man or woman is going to need,
• 16:22
  Speaker 6: the reacclimation into life. Let's be serious, how we get
• 16:26
  Speaker 6: back to going from what they saw where they sought
• 16:29
  Speaker 6: to coming back here to the States and getting a job,
• 16:34
  Speaker 6: having housing, making sure you're okay mentally and physically. There
• 16:37
  Speaker 6: are so many aspects. What health benefs do you have?
• 16:40
  Speaker 6: You know, the work that the DAV Massachusetts does is
• 16:43
  Speaker 6: just so it's so incredible for the veteran and it's
• 16:46
  Speaker 6: so incredible for the veteran family. Again, I didn't serve
• 16:50
  Speaker 6: this country, but as a civilian, it's the least I
• 16:53
  Speaker 6: can do to try to help, you know, with the
• 16:55
  Speaker 6: media side of things, again, we've all been in media.
• 16:57
  Speaker 6: I've been in media for a long time. I'll do
• 16:59
  Speaker 6: everything I can do to try to help spread spread
• 17:02
  Speaker 6: that word. And every day and every year we do this.
• 17:05
  Speaker 6: Every day I do this, I see different things and
• 17:08
  Speaker 6: it just it makes me really proud to be involved.
• 17:10
  Speaker 7: It's the least I can do as a civilian.
• 17:12
  Speaker 5: Isaiah Moskowitz, he is the media manager for the DAV
• 17:15
  Speaker 5: of Massachusetts, host of the Great American Heroes podcast, and
• 17:18
  Speaker 5: joins today talk about his work and support for the
• 17:21
  Speaker 5: Disabled American Veterans of Massachusetts. Isaiah, thanks for coming on.
• 17:24
  Speaker 5: Appreciate it.
• 17:25
  Speaker 7: Mike, We appreciate it. We'll see you tomorrow.
• 17:27
  Speaker 3: Once again, folks.
• 17:28
  Speaker 5: Today we are supporting the WRKO Radiothon to benefit the
• 17:32
  Speaker 5: Disabled American Veterans Department of Massachusetts. To donate, you can
• 17:36
  Speaker 5: call nine seven eight six three two nineteen eighty five.
• 17:39
  Speaker 5: The auction for a six course dinner for eight people
• 17:43
  Speaker 5: from Chef Paul Wahlberg is still open. You can bid
• 17:46
  Speaker 5: on that by calling that same number nine seven eight
• 17:49
  Speaker 5: six three to two, nineteen eighty five. You can also
• 17:52
  Speaker 5: learn more and donate at DAV five K dot Boston.
• 17:58
  Speaker 3: Mike, I want to talk a little bit about open Door.
• 18:01
  Speaker 5: Yes, the real estate platform.
• 18:05
  Speaker 3: Yeah, got it.
• 18:06
  Speaker 5: They reported earnings yesterday and now They're an AI company.
• 18:09
  Speaker 5: They called themselves an AI company, which like sure, like
• 18:13
  Speaker 5: you don't even have a or I in your name,
• 18:16
  Speaker 5: So questions again, what do they do?
• 18:18
  Speaker 3: They they open doors? Yeah, the door openers the online
• 18:24
  Speaker 3: real estate.
• 18:25
  Speaker 5: They basically help like facilitate transactions online. They're like a
• 18:29
  Speaker 5: real estate buying platform. Is my understanding?
• 18:33
  Speaker 3: Okay?
• 18:34
  Speaker 5: Again, like take it for I don't know. I've never
• 18:38
  Speaker 5: used the platform. But here's what I do know. The
• 18:42
  Speaker 5: stock opened today down around twenty five percent. Now this
• 18:45
  Speaker 5: is one of those meme stocks that you know, has
• 18:47
  Speaker 5: all kinds of so it's rallied back to be almost
• 18:50
  Speaker 5: flat over the course of the day. And so ultimately, like,
• 18:54
  Speaker 5: I don't know what you take of this other than hey,
• 18:58
  Speaker 5: like you you look at the actual earnings. Revenue fell
• 19:03
  Speaker 5: by about a third for the quarter year over year,
• 19:06
  Speaker 5: so that's not, you know, great. They reported a net
• 19:11
  Speaker 5: loss of ninety million dollars after booking a seventy eight
• 19:14
  Speaker 5: million dollar one last year, so the loss got bigger. Yep,
• 19:18
  Speaker 5: but Ai, but Ai. Let's take a quick break and
• 19:23
  Speaker 5: when we come back.
• 19:25
  Speaker 3: But AI.
• 19:38
  Speaker 1: Bringing the latest financial news straight to your radio every day.
• 19:43
  Speaker 1: It's the Financial Exchange on the Financial Exchange Radio Network.
• 19:48
  Speaker 1: Time now for Wall Street watch a complete look at
• 19:52
  Speaker 1: what's moving market so far today right here on the
• 19:55
  Speaker 1: Financial Exchange Radio Network.
• 19:57
  Speaker 4: Well, the sell off is accelerating on walls trade as
• 20:00
  Speaker 4: investors continued to show concerns about high valuations in the
• 20:04
  Speaker 4: tech in AI space. Right now, the Dow is down
• 20:08
  Speaker 4: two thirds of a percent, sm P five hundred down
• 20:11
  Speaker 4: over one percent lower, Nasdaq selling off one point eight
• 20:15
  Speaker 4: percent or four hundred and twenty three points, Russe two
• 20:18
  Speaker 4: thousands down one point three percent, ten year Treasure Reel
• 20:22
  Speaker 4: down two basis points at four point zero six nine percent,
• 20:25
  Speaker 4: and crude oil up about a half a percent, trading
• 20:28
  Speaker 4: just below sixty dollars a barrel. Tesla shares down four
• 20:32
  Speaker 4: percent after shareholders approved a one trillion dollar pay package
• 20:36
  Speaker 4: for CEO Elon Musk but offered mixed support to the
• 20:39
  Speaker 4: idea of the ev maker investing in his XAI ventures. Meanwhile,
• 20:45
  Speaker 4: sports betting company DraftKings cut its annual sales outlook after
• 20:49
  Speaker 4: reporting disappointing third quarter results. However, that stock is up
• 20:52
  Speaker 4: over half a percent. Elsewhere, Airbnb posted a revenue beat
• 20:57
  Speaker 4: for the previous quarter and lifted its fourth quarter new forecast.
• 21:01
  Speaker 4: Despite that, shares are down over two percent and Ford
• 21:05
  Speaker 4: is up over one percent after the Wall Street Journal
• 21:07
  Speaker 4: report of the automakers' executives are in active discussions about
• 21:11
  Speaker 4: scrapping the ev version of its Ford F one point
• 21:15
  Speaker 4: fifty pickup or the Lightning. Ford is racked up thirteen
• 21:18
  Speaker 4: billion dollars in EVY losses since twenty twenty three. I'm
• 21:23
  Speaker 4: Tucker Silva and that is Wall Street Watch.
• 21:26
  Speaker 5: As promised, we are now joined by Garrett Barton from
• 21:30
  Speaker 5: Circle K. Garrett is a franchise business consultant there with
• 21:35
  Speaker 5: their worldwide franchise group. He is also a Navy veteran. Garrett,
• 21:40
  Speaker 5: thank you for joining us today and thank you for
• 21:42
  Speaker 5: your service.
• 21:43
  Speaker 8: Hey, I appreciate it so very much. It's an honor
• 21:45
  Speaker 8: and privilege to be here. And I'm very excited for
• 21:48
  Speaker 8: the five K rice tomorrow.
• 21:49
  Speaker 2: Absolutely looking forward to it myself. I know you've been
• 21:52
  Speaker 2: with Circle K for eleven years now, and I just
• 21:56
  Speaker 2: learned today actually that Circle K is now the official
• 22:01
  Speaker 2: convenience store of the dav of Massachusetts.
• 22:04
  Speaker 3: How did that partnership end up coming about?
• 22:07
  Speaker 8: You know, it's been a number of years in the making.
• 22:09
  Speaker 8: Zaya Moscows who just had on and my boss, our
• 22:12
  Speaker 8: regional director, Pete Radsowitz, have been working together for a
• 22:16
  Speaker 8: number of years helping out at the golf tournaments in
• 22:19
  Speaker 8: the five k We've been supplying some items like water
• 22:22
  Speaker 8: and things of that nature of a number of years,
• 22:25
  Speaker 8: and with Pete and I talking, we decided to take
• 22:27
  Speaker 8: it to the next level. So we went to our
• 22:29
  Speaker 8: marketing department, into our VPS and said, look, you know what,
• 22:33
  Speaker 8: this is something that we really need to be involved in,
• 22:35
  Speaker 8: and being a DAV myself, it really hits home. So
• 22:39
  Speaker 8: we were able to take it up a notch and
• 22:41
  Speaker 8: now certain Katy is donating thirty thousand dollars to the
• 22:46
  Speaker 8: DAV Massachusetts. So it's a huge honor, huge privilege and
• 22:51
  Speaker 8: something that's been in a number of years in the making,
• 22:54
  Speaker 8: and we're so happy and proud to be a part
• 22:56
  Speaker 8: of this organization.
• 22:58
  Speaker 2: Garrett, you mentioned that you have experience with the DAV yourself.
• 23:02
  Speaker 2: I know that you joined the Navy back in nineteen
• 23:04
  Speaker 2: eighty three and served through nineteen eighty eight. Can you
• 23:07
  Speaker 2: tell our listeners a little bit about your time in
• 23:11
  Speaker 2: the Navy.
• 23:13
  Speaker 8: Yeah, it was something that I'm very proud of done.
• 23:16
  Speaker 8: My father was a Korean War veteran, so it was
• 23:19
  Speaker 8: something in the family. My brother in law was also
• 23:21
  Speaker 8: in the Marines, so it was something that we've all
• 23:23
  Speaker 8: been indoctrinated into. And I wanted to go into something
• 23:28
  Speaker 8: that was going to be very advanced as far as
• 23:35
  Speaker 8: going to college and things of that nature. So I
• 23:36
  Speaker 8: really took advantage of the VA benefits and the VA
• 23:39
  Speaker 8: bill to be able to go to college and get
• 23:41
  Speaker 8: my degree to the VA. Now, I started off in
• 23:44
  Speaker 8: San Diego. They got transferred up to the Great Lakes,
• 23:46
  Speaker 8: Illinois doing advanced electronics, and mine was a six year
• 23:49
  Speaker 8: mandatory enlistment since I did two years of schooling. Then
• 23:52
  Speaker 8: I transferred over to Virginia Beach and finished my last
• 23:56
  Speaker 8: Missile Radar System school and was assigned to the USS
• 24:00
  Speaker 8: Barney DDG six Guidements of the Destroyer out of Norfolk, Virginia.
• 24:05
  Speaker 8: And during that time, of course, you go on a
• 24:08
  Speaker 8: number of cruises and things of that nature. But I
• 24:10
  Speaker 8: blown out my knee and I went through a year
• 24:12
  Speaker 8: of therapy with that through the VA Hospital enforcement Virginia,
• 24:16
  Speaker 8: and unfortunately, since I'm not fit for the fleet because
• 24:20
  Speaker 8: of my knee, I was not fit for the Navy
• 24:23
  Speaker 8: and I was mentally discharged under honorable conditions. So with that,
• 24:28
  Speaker 8: I got involved in the DAV a whole lot more.
• 24:30
  Speaker 8: They paid for all my schooling, they paid for all
• 24:33
  Speaker 8: my surgeries, all everything I've had to have done. The
• 24:36
  Speaker 8: VA was there for me. I've been to sixteen VA
• 24:39
  Speaker 8: hospitals throughout the country as I've lived in sixteen different
• 24:42
  Speaker 8: states and been to all fifty and have never ever
• 24:46
  Speaker 8: had a bad experience at a VA hospital. And you know,
• 24:49
  Speaker 8: shout out goes out to all the nurses, the assistants,
• 24:53
  Speaker 8: the helpers, and the doctors of the VA hospitals. They've
• 24:56
  Speaker 8: all been tremendous and I'm very proud of them all
• 24:58
  Speaker 8: and very proud to be part the organization.
• 25:01
  Speaker 2: Garrett, I understand that you also play a leading role
• 25:05
  Speaker 2: for all the veterans that work for Circle K. Regarding
• 25:09
  Speaker 2: the National Brave Organization, can you tell our listeners a
• 25:12
  Speaker 2: little bit about that organization and your involvement in that program.
• 25:16
  Speaker 8: Yeah, The Brave Organization is a group of veterans within
• 25:20
  Speaker 8: the Circle K organization where we have our own little
• 25:23
  Speaker 8: group to talk about veteran ideas things how we can
• 25:27
  Speaker 8: promote the veterans and the dav how we can get
• 25:31
  Speaker 8: out to other veterans within the community as well within
• 25:34
  Speaker 8: our own community, outside our local geographical area, as well
• 25:37
  Speaker 8: as within Circle K itself. So it's a spotlight where
• 25:41
  Speaker 8: we do articles, we have weekly we have quarterly newsletters.
• 25:46
  Speaker 8: We actually just sent out the red Poppy pen to
• 25:49
  Speaker 8: all of our personnel throughout the franchise group to help
• 25:53
  Speaker 8: support the organization and bring awareness to it. And so
• 25:57
  Speaker 8: many veterans, as Isaiah was mentioned earlier, that they just
• 26:01
  Speaker 8: don't have a clue on all benefits and opportunities that
• 26:06
  Speaker 8: are there for them and how important it is for
• 26:08
  Speaker 8: them to reach out to the DA. As Isaiah had
• 26:11
  Speaker 8: stated earlier, you know, it's not necessarily an easy situation,
• 26:14
  Speaker 8: but the payoff is tremendous. What they can do for
• 26:17
  Speaker 8: you and help you, and so many things I never
• 26:20
  Speaker 8: had a clue on. You know. I notified my father,
• 26:23
  Speaker 8: you know, when he was getting older about the VA
• 26:25
  Speaker 8: and things that they could do, as well as my
• 26:28
  Speaker 8: brother in law, and we really I talk to people
• 26:30
  Speaker 8: all over the country about this everywhere I go. I
• 26:32
  Speaker 8: traveled everywhere, and I know I get up with all
• 26:35
  Speaker 8: the different veterans and let them know what's going on.
• 26:39
  Speaker 8: You know, I have veterans come back to me and
• 26:41
  Speaker 8: see Garrett, thank you so much for giving me this information.
• 26:44
  Speaker 8: You were absolutely great and I appreciate so much because
• 26:47
  Speaker 8: I had no idea what I was eligible for until
• 26:50
  Speaker 8: I went and asked. So it's a great honor and
• 26:53
  Speaker 8: I'm so happy that I me it would be a
• 26:55
  Speaker 8: part of it would Circle K and as a DAV.
• 26:59
  Speaker 2: Well Garrett, thank you again for the time today, thank
• 27:03
  Speaker 2: you for your service, and thank you for the support
• 27:05
  Speaker 2: of the dav Department of Massachusetts. Again, we really appreciate
• 27:10
  Speaker 2: you joining us and just thank you so much for
• 27:13
  Speaker 2: everything that you're doing on behalf of veterans.
• 27:16
  Speaker 8: Yeah, I'm so happy to be here. Thank you for
• 27:18
  Speaker 8: the time, and for all your veterans out there. You know,
• 27:21
  Speaker 8: if you don't know, go out and talk to somebody.
• 27:24
  Speaker 2: Garrett Barton from Circle K talking about his work with
• 27:27
  Speaker 2: the dav Department of Massachusetts again to donate to the
• 27:32
  Speaker 2: WRKO RAI radiothon to benefit the disabled Americans. Veteran Department
• 27:38
  Speaker 2: of Massachusetts called nine seven eight six three two nineteen
• 27:43
  Speaker 2: eighty five. That number again is nine seven eight six
• 27:46
  Speaker 2: three two nineteen eighty five, or you can visit dav
• 27:50
  Speaker 2: five k dot Boston. Quick Break here when we come back,
• 27:55
  Speaker 2: a little bit of stack route.
• 27:57
  Speaker 1: Let here the Financial Extreme Change every day from eleven
• 28:01
  Speaker 1: to noon Non Serious XM's Business Radio Channel one thirty two.
• 28:05
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• 28:07
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• 28:29
  Speaker 7: Network, Ladies and Gentlemen the weekend.
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  Speaker 4: This segment of a Financial Exchange is brought to you
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  Speaker 4: by the US Virgin Islands Department of Tourism. Your next
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• 29:12
  Speaker 5: All right, we got some stuff to talk about for
• 29:15
  Speaker 5: stack Roulette's first Wall Street Journal exclusive. Ford consider scrapping
• 29:19
  Speaker 5: electric version of f one to fifty truck. Remember, at
• 29:22
  Speaker 5: one point they said they had like seven hundred and
• 29:23
  Speaker 5: fifty thousand reservations for this.
• 29:26
  Speaker 3: And they call this like the model t of the era.
• 29:28
  Speaker 2: They're now selling about fifteen hundred of these a month,
• 29:31
  Speaker 2: So if you do the mathout, that's about eighteen thousand
• 29:33
  Speaker 2: a year.
• 29:34
  Speaker 5: Pretty close to three quarters of a million. Not good demand, Okay.
• 29:38
  Speaker 2: My guess is that they probably could get by with
• 29:41
  Speaker 2: like three to four times that much. Like you're selling
• 29:43
  Speaker 2: like seventy five thousand of these. You can't make money
• 29:46
  Speaker 2: selling twenty thousand dollars of twenty thousand units of a
• 29:50
  Speaker 2: pickup truck. It's just not going to work.
• 29:53
  Speaker 3: And so I.
• 29:54
  Speaker 2: Think there are two questions on this. The first is
• 29:57
  Speaker 2: does this mean anything for other electric pickup trucks, namely
• 30:02
  Speaker 2: the cyber truck and the Rivian R one. The second
• 30:06
  Speaker 2: is doesn't mean anything more broadly for EV's as a whole.
• 30:11
  Speaker 2: I take more about the EV's as a whole.
• 30:12
  Speaker 5: But when I think about why somebody buys a pickup truck, granted,
• 30:17
  Speaker 5: there are a lot of people that drive a pickup
• 30:19
  Speaker 5: truck to their office job every single day. Yes, but
• 30:24
  Speaker 5: I think at least part of the justification on there
• 30:27
  Speaker 5: is I do want the flexibility if I'm going away
• 30:30
  Speaker 5: for the weekend, that I can tow.
• 30:31
  Speaker 3: My RV or my boat towed behind.
• 30:35
  Speaker 5: Yeah, and that is just not practical with an EV,
• 30:39
  Speaker 5: especially in a third of the country where it's cold
• 30:42
  Speaker 5: all the time, or in like the parts of the
• 30:45
  Speaker 5: country where yeah, it's like you are are shows based.
• 30:48
  Speaker 3: In New England to everyone listening.
• 30:50
  Speaker 5: Yeah, the states get bigger when you get away from
• 30:53
  Speaker 5: New England. I've realized this over time. You go through
• 30:56
  Speaker 5: New England and you're like, wow, I just went through
• 30:58
  Speaker 5: all six states in one day. You get to Texas,
• 31:01
  Speaker 5: You're like, where's the other end of it? You know,
• 31:04
  Speaker 5: it's just you. It's not feasible. And so I think where.
• 31:09
  Speaker 2: I'm currently standing on the EV side is the low
• 31:13
  Speaker 2: hanging fruit is gone anyone who wanted an EV basically
• 31:16
  Speaker 2: has one now, and everything else you're just picking up
• 31:18
  Speaker 2: along the margins. There's not much left there. The next
• 31:22
  Speaker 2: shoe to fall is going to be the introduction of
• 31:24
  Speaker 2: solid state batteries, which is perpetually three to four years away.
• 31:30
  Speaker 2: I keep hearing that five years ago Toyota was like, yeah,
• 31:33
  Speaker 2: we'll have it by the middle of the decade. Today
• 31:35
  Speaker 2: they're like, yeah, we'll have it by the end of
• 31:36
  Speaker 2: the decade. The promise of solid state batteries is the
• 31:39
  Speaker 2: energy density is like four or five times what you
• 31:42
  Speaker 2: get from conventional lithium battery lithium ion batteries, and so
• 31:46
  Speaker 2: because of that, you can do one of two things.
• 31:49
  Speaker 2: Either a use a battery pack that's like a third
• 31:51
  Speaker 2: the size, get the weight ray way down and you
• 31:54
  Speaker 2: still have slightly better range. Or hey, here's a thousand
• 31:58
  Speaker 2: mile range in any you don't have to have range
• 32:01
  Speaker 2: anxiety because unless you're literally trying to drive across the
• 32:05
  Speaker 2: country in a single you know, single shoot, single pass trip.
• 32:12
  Speaker 3: Yes, that I don't know what that was difficult?
• 32:14
  Speaker 5: Well, no, not a trip like without like stopping until
• 32:17
  Speaker 5: then better, And that's not like you don't need more
• 32:20
  Speaker 5: than a thousand miles of range.
• 32:21
  Speaker 3: No one has a thousand mile commute.
• 32:23
  Speaker 5: Frankly, until then, better and better evs or or hybrids
• 32:26
  Speaker 5: or what's going to dominate?
• 32:27
  Speaker 2: Hybrids and plug and hybrids are the place to.
• 32:29
  Speaker 5: Be in my mind, and specifically the one that I
• 32:32
  Speaker 5: keep talking about this and we still do not have one.
• 32:35
  Speaker 5: I think it's coming in twenty twenty six. But the
• 32:38
  Speaker 5: the E REV is that what you call it? Yeah,
• 32:41
  Speaker 5: Extended range electric vehicle. It's got the gas thing that
• 32:44
  Speaker 5: powers the battery that then powers the car. Yes, yeah,
• 32:47
  Speaker 5: again I think Dodgers rolling out the first one. But
• 32:49
  Speaker 5: again it's a pickup truck. Like I just want a
• 32:53
  Speaker 5: small Tesla like vehicle that runs an EV with a
• 32:58
  Speaker 5: gas generator on it. But that's what you want, maybe
• 33:01
  Speaker 5: nobody else does. Yeah, I mean you want some some things. Yeah,
• 33:05
  Speaker 5: I drive a minute. Tastes may not reflect the greater public.
• 33:09
  Speaker 3: I have a supero outback. You and I are not.
• 33:12
  Speaker 5: We are not the average Texas man. No, we're not
• 33:16
  Speaker 5: good proxies for what most people want in carme Okay,
• 33:21
  Speaker 5: I have well we have to cover.
• 33:22
  Speaker 3: Meta, right.
• 33:24
  Speaker 2: I wanted to hold that till Monday, sure, just because
• 33:27
  Speaker 2: I think.
• 33:28
  Speaker 5: All right, so once again metas and some really garbage
• 33:31
  Speaker 5: stuff and we'll tell you.
• 33:32
  Speaker 3: More about it on Monday. What else did you want
• 33:34
  Speaker 3: to get?
• 33:34
  Speaker 5: There's another story on open Ai that's related that we'll
• 33:37
  Speaker 5: have to cover as well. Let's see, I want to
• 33:41
  Speaker 5: cover this piece from Bloomberg. It's titled cash is Not King,
• 33:45
  Speaker 5: It's Cringe. A survey of gen Z consumers find that
• 33:48
  Speaker 5: fifty three use physical cash only as a last resort,
• 33:51
  Speaker 5: and twenty nine percent believe that people who pay with
• 33:54
  Speaker 5: cash are cringe. So, those of you who are not
• 33:57
  Speaker 5: gen z ers, cringe is the gen Z adoption of
• 34:01
  Speaker 5: cringeworthy or embarrassing or cringeworthy like you you know, like yeah,
• 34:07
  Speaker 5: that that face you make when you're like when you're
• 34:10
  Speaker 5: watching something like really awkward on a reality TV show
• 34:13
  Speaker 5: and you're just like like not gonna work.
• 34:16
  Speaker 2: So here's here's the thing. I do think there's something
• 34:19
  Speaker 2: interesting in that younger generations. And look, I'm a proud
• 34:24
  Speaker 2: you know, mature millennial now having you know, gone through
• 34:27
  Speaker 2: that period where I was an avocado toast eater for
• 34:29
  Speaker 2: a while, and there is an interesting juxtaposition and that
• 34:34
  Speaker 2: if you talk to basically gen X and older. What
• 34:39
  Speaker 2: you find is that if they don't have cash in
• 34:42
  Speaker 2: their wallet, they feel naked.
• 34:43
  Speaker 3: They feel naked.
• 34:44
  Speaker 2: If you talk to millennials and younger, if they have
• 34:48
  Speaker 2: cash in their wallet, it's like, ooh, found money.
• 34:51
  Speaker 3: Ye look at this.
• 34:52
  Speaker 5: The only time I have cash in my pocket, or
• 34:54
  Speaker 5: when I discovered it in a pair of jeans that
• 34:56
  Speaker 5: I didn't realize was still there because I don't even
• 35:00
  Speaker 5: I have an idea of why I have because I
• 35:01
  Speaker 5: have to play it. Pay the guy that runs my
• 35:03
  Speaker 5: hockey skate with twenties.
• 35:05
  Speaker 2: Same when I ran my you know, men's league soccer team,
• 35:08
  Speaker 2: the refs only took cash payments, so I had to
• 35:11
  Speaker 2: have cash at all times.
• 35:12
  Speaker 5: Wait until jen Z gets addicted to scratch tickets. Then
• 35:15
  Speaker 5: they're going to realize that they need cash. Why do
• 35:17
  Speaker 5: you need scratch tickets if you got gambling on your phone?
• 35:20
  Speaker 5: That's true, You don't you know, like what stamble all
• 35:23
  Speaker 5: my money away? Almost scratch tickets on phones and now too?
• 35:25
  Speaker 1: Right?
• 35:25
  Speaker 4: Isn't that a thing?
• 35:27
  Speaker 3: Yeah? Whatever?
• 35:28
  Speaker 5: Those apps are, like the courier apps and stuff like that.
• 35:30
  Speaker 5: I've heard lottery apps out there. They've got these courier
• 35:34
  Speaker 5: apps which it's it's wild. It's basically, you pay the
• 35:38
  Speaker 5: money on the app and then someone goes out and
• 35:40
  Speaker 5: physically buys the ticket for you, and you basically are
• 35:43
  Speaker 5: trusting them that they're not going to take your jackpot.
• 35:47
  Speaker 2: Just kind of wild to me, because, Okay, let's be
• 35:52
  Speaker 2: one hundred percent honest, Mike. If you get a winning
• 35:57
  Speaker 2: lottery to I guess you wouldn't know if it's winning
• 35:59
  Speaker 2: until after. So there's nothing to trust because you probably
• 36:02
  Speaker 2: have to snap a picture of it and send it
• 36:03
  Speaker 2: back to the person who bought it. Right, Because if
• 36:07
  Speaker 2: you had the winning ticket, yeah, aren't.
• 36:10
  Speaker 3: You gonna like sit on it?
• 36:13
  Speaker 5: You know, like human nature is, Hey, there's like a
• 36:15
  Speaker 5: billion and a half dollars in my hands, gosh, you
• 36:20
  Speaker 5: know like it. So anyways, cash is not king, it's cringe. Look,
• 36:24
  Speaker 5: I'm a big believer, like the devise of cash has
• 36:26
  Speaker 5: been predicted forever. I'm not saying that we're gonna use
• 36:29
  Speaker 5: more cash in the future, but I don't think it's
• 36:32
  Speaker 5: ever going to go away for a large number of reasons.
• 36:36
  Speaker 5: The big question to me is can we get transaction
• 36:39
  Speaker 5: fees down for cash less transactions? Because again, the restaurant
• 36:43
  Speaker 5: that I go to once a week for lunch, offering
• 36:46
  Speaker 5: a three percent discount in cash because they probably pay
• 36:49
  Speaker 5: two to three percent in credit card fees, and the
• 36:52
  Speaker 5: margins for Visa and Amex and MasterCard are not thin.
• 36:57
  Speaker 5: And I would never do it, but maybe that's you know, well,
• 36:59
  Speaker 5: I don't know what Venmo charges businesses.
• 37:01
  Speaker 3: It's probably more than one percent.
• 37:02
  Speaker 5: So yeah, all of these payment processors are still a
• 37:05
  Speaker 5: fair bit of money, and that's the next big question.
• 37:09
  Speaker 3: Can they get that stuff down?
• 37:11
  Speaker 2: Yeah, it's a big one, folks. As we've been doing
• 37:14
  Speaker 2: all day. We are in the middle of our dav
• 37:19
  Speaker 2: radiothon for our affiliate WRKO to benefit the Disabled American
• 37:23
  Speaker 2: Veterans Department of Massachusetts. Mike, I actually put the phone
• 37:27
  Speaker 2: number somewhere else. Do you happen to have it?
• 37:30
  Speaker 3: I do, It's right here. It is nine seven eight
• 37:35
  Speaker 3: six three two one nine eighty five.
• 37:38
  Speaker 2: So again, that is the number to call to donate
• 37:41
  Speaker 2: to the disabled Americans Disabled American Veterans Department of Massachusetts.
• 37:45
  Speaker 2: Nine seven eight six three two nineteen eighty five. As
• 37:50
  Speaker 2: we wrap things up, S and P now off eighty
• 37:53
  Speaker 2: points almost one to quarter percent. NASDAK down about two percent,
• 37:56
  Speaker 2: Dow off about three quarters of a percent, so another
• 37:59
  Speaker 2: tough day in markets that are reckoning with Hey, is
• 38:03
  Speaker 2: the AI trade running out of steam? We don't know
• 38:07
  Speaker 2: the answer yet, but there are those questions being asked
• 38:09
  Speaker 2: by markets today and they're gonna look for some answers.
• 38:13
  Speaker 2: Quick break for the entire weekend. Have a fantastic weekend.
• 38:17
  Speaker 2: We'll see you Monday.