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Why are giant tech firms all investing in each other? · The Financial Exchange Show

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Speaker 1: donation today. This is the Financial Exchange with Chuck Zada
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Speaker 1: and Mike Armstrong.
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Speaker 2: Chuck, Mike and Tucker with you here, and we've got
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Speaker 2: markets continuing to sell off modestly, nothing crazy. Earlier today
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Speaker 2: we did see, yeah, the SMP approaching a one percent
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Speaker 2: down day, but markets have rallied off their lows, and
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Speaker 2: as we sit here right now, the Dow Jones Industrial
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Speaker 2: Average is down seventy five points, about a little less
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Speaker 2: than two tenths of a percent, SP five hundred down
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Speaker 2: thirty one points, about half a percent, and the Nasdaq
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Speaker 2: off one hundred and twenty one points, also about half
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Speaker 2: a percent. In the bond market, tenure US Treasury is
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Speaker 2: up four basis points to four point one eight. So
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Speaker 2: that's going to put more upward pressure on mortgage rates. Remember,
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Speaker 2: Mike and I talked about this last week. Just because
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Speaker 2: the Fed is cutting doesn't mean that mortgage rates move
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Speaker 2: in the same direction. Right now, this is very much
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Speaker 2: rhyming with what we saw in the third and fourth
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Speaker 2: quarter of last year, where the FED started a cutting
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Speaker 2: cycle and mortgage rates promptly went up almost one percent.
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Speaker 3: We're not quite there yet.
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Speaker 2: They're up about a quarter percent from where they were
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Speaker 2: when the FED started cutting last week, but We'll continue
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Speaker 2: to monitor this.
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Speaker 3: And see where they go.
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Speaker 2: Other things happening in market stay oil down seventy eight
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Speaker 2: cents a barrel on West Texas Intermediate to sixty four
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Speaker 2: dollars and twenty one cents, a little bit of a
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Speaker 2: pullback there after oil had risen to a seven week high.
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Speaker 2: And we've got gold down six dollars announced to thirty
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Speaker 2: seven to sixty two and fifty cents.
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Speaker 3: Mike, let's do you want to hop in the plane
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Speaker 3: and head to Argentina. Let's go, okay, beef.
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Speaker 2: So Argentina is going through a little bit of a
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Speaker 2: balance of payments crisis at the moment, or at least
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Speaker 2: it's heading in that direction. Basically, the way that Argentina
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Speaker 2: works economically is not well, it's it's just it's just
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Speaker 2: like not a country that has had its act together economically,
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Speaker 2: which is really a shame because honestly, like it's a
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Speaker 2: fantastic country, great people, like you know, really rich history,
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Speaker 2: like a ton of you know again, like you talk about, sorry,
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Speaker 2: I'm always partial to you know, the beef and everything,
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Speaker 2: but you know, great beef and stuff like that. And
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Speaker 2: so you look at this and you say, man, it's
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Speaker 2: just it just as a country that has not been
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Speaker 2: able to get out of its own way economically for
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Speaker 2: quite some time now.
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Speaker 4: Well, Mark FANDETI made the point yesterday on the program
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Speaker 4: that this country one hundred some odd years ago, or
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Speaker 4: maybe a little bit more than one hundred years ago,
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Speaker 4: when when compared to the United States, if you looked
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Speaker 4: at the two of them, it was not abundantly clear
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Speaker 4: which one would be the leader of the pack economically
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Speaker 4: between these two countries. We were kind of in a
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Speaker 4: similar position, sure, and obviously for a number of different reasons.
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Speaker 4: Mark pointed towards you know, stronger institutions. The United States
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Speaker 4: is wound to the you know, wound up in the
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Speaker 4: place it is in in Argentina in one a lot
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Speaker 4: less desirable from a development and you know, pretty much
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Speaker 4: every economic metric you can look at for the well
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Speaker 4: being of its people.
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Speaker 2: So about a year and a half ago you had
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Speaker 2: an election in Argentina in which Javier Malay became the
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Speaker 2: president and basically came in and said, look, I'm gonna
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Speaker 2: you know, completely restructure the economy to try to save it,
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Speaker 2: and you know, embarked down a ton of different reforms
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Speaker 2: and quite Honestly, the early results were really good for
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Speaker 2: the first year or so.
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Speaker 3: When we talked about.
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Speaker 4: These reforms, Jock, it was largely around slimming the size
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Speaker 4: of government and doing a bunch of things that markets
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Speaker 4: generally like when they look at emerging markets, trying to
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Speaker 4: shore up the country's deficits and balance sheet and put
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Speaker 4: it in a place where inflation is not as big
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Speaker 4: of a problem as it has been. I think when
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Speaker 4: he took off, as we were talking, three hundred some
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Speaker 4: odd percent inflation year over year.
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Speaker 2: Yes, and so the issue that Argentina's run into and
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Speaker 2: again like exactly why this happens on any timeline, you know,
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Speaker 2: like you kind of have to, you know, just accept
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Speaker 2: that this is, you know, when it's happening, you know,
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Speaker 2: right now. But basically, they had an election in Buenos
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Speaker 2: Aires a couple of weeks ago in which Malay's party
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Speaker 2: basically got you know, just wrecked worse than they thought
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Speaker 2: they were going to. Buenos Aires is never you know,
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Speaker 2: a huge center of support for him, but the numbers
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Speaker 2: were just worse than I think people were expecting. And
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Speaker 2: so shortly afterwards, because of questions about whether Malay will
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Speaker 2: you know, again be able to continue as president, you know,
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Speaker 2: in the future when he comes up for reelection. You
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Speaker 2: started to see some pressure on the Argentinian peso, which
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Speaker 2: as of this spring, they basically allow it to trade
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Speaker 2: in a band of between one thousand and fourteen hundred
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Speaker 2: pesos to the US dollar.
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Speaker 3: So where this goes is in order.
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Speaker 2: For Argentina to maintain that band, what they have to
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Speaker 2: do is they have to sell dollars or sell something
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Speaker 2: else and buy pesos. You quickly run out of money
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Speaker 2: if there's basically a run on the bank trying to
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Speaker 2: defend a peg like that. And so this is why
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Speaker 2: Argentina has now basically come to the US being like, hey,
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Speaker 2: we could really use like, you know, some swap lines
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Speaker 2: and currency exchange like to be able to make this.
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Speaker 4: Work, help us make our currency not fall apart. And
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Speaker 4: it is what they are asking.
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Speaker 2: Us, correct, which is something that Argentina has asked a
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Speaker 2: number of times to you know, a whole bunch of
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Speaker 2: different countries because well obvious reasons. And so the place
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Speaker 2: that we're in now is earlier this week, Treasury Secretary
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Speaker 2: Scott Bessont indicated, Hey, the US Treasury is preparing a
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Speaker 2: potential rescue package for Argentina in order to try to
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Speaker 2: basically keep the country's balance of payments flowing the way
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Speaker 2: that it needs to effectively. The big problem that Argentina
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Speaker 2: has they don't export enough to create demand for the
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Speaker 2: Argentinian peso, and that's kind of why they end up
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Speaker 2: in this situation, you know, on a repeated basis. And
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Speaker 2: the problem is because they then have to import a
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Speaker 2: lot in in order to you know, provide the goods
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Speaker 2: and things and services they need for the country. Because
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Speaker 2: of that, if you have a fall in the value
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Speaker 2: of the peso, it tends to result in a lot
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Speaker 2: of inflation in Argentina because they import so much, and inflation,
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Speaker 2: as we know, is not what people like and generally
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Speaker 2: not good for the party in power. So Malay is
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Speaker 2: obviously concerned about this. So it gets to the point
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Speaker 2: now where the US is considering some type of bailout
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Speaker 2: package for Argentina. We don't know exactly what format it
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Speaker 2: will take, we don't know exactly what size, but this
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Speaker 2: is something that now the US government is talking about doing,
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Speaker 2: and it seems pretty likely that it's going to end
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Speaker 2: up happening. It's just a matter of working the details out. So, Chuck,
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Speaker 2: here's my big overall question. I understand to some degree
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Speaker 2: why now this is happening to Argentina. I understand the
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Speaker 2: path and the improvements that Malay has made. I very
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Speaker 2: much struggle to understand why the United States is involved here.
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Speaker 2: We are not a country with deep economic ties. We
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Speaker 2: do not trade a ton with Argentina, no total trades
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Speaker 2: under twenty billion dollars.
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Speaker 4: We are Whatever we do in this case will be
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Speaker 4: an outlay of US economic resources of US dollars in
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Speaker 4: order to do this. Argentina does not have a great
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Speaker 4: track record of making good on their promises of payments,
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Speaker 4: and so you do have to sit back and ask
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Speaker 4: precisely why. And there's two justified. There's two justifications that
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Speaker 4: I'm able to come up with. One is being printed
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Speaker 4: all over the media, which is this is a politician
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Speaker 4: who politically seems to align fairly well with our president.
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Speaker 4: The second that isn't being reported quite as much. But
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Speaker 4: you do have to wonder would China be willing to
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Speaker 4: make this deal instead? And is there a legitimate reason
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Speaker 4: to counter Chinese influence in South America? And I am
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Speaker 4: much more behind that second argument than I am the
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Speaker 4: first one in terms of justification. But in either case,
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Speaker 4: you look at this and say, this is not Mexico.
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Speaker 4: This is not a country that we have deep eep
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Speaker 4: economic ties with. We don't have a lot of US
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Speaker 4: businesses setting up shopping Argentina, and so why precisely do
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Speaker 4: we think we should be involved here? I think it's
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Speaker 4: a very reasonable question for people to be asking, because
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Speaker 4: it's our taxpayer dollars.
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Speaker 3: They're going to go towards the mail out.
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Speaker 2: And I think generally again, when when you're dealing with
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Speaker 2: the Argentinian economy, it's do you have anyone in your life, Mike,
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Speaker 2: that's not the most you know, financially responsible.
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Speaker 4: Yeah, if you just person, do you wan to name them?
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Speaker 3: Yeah? It's jewels? What that was his names? You call
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Speaker 3: them jewels?
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Speaker 4: Okay, if you give money to Jeles, you don't expect
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Speaker 4: it back. It's going to be spent on lottery tickets.
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Speaker 4: You don't expect it back, is the point. And it's
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Speaker 4: kind of the same thing. If you give money to Argentina,
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Speaker 4: you're making a gift, not alone. You might call it alone,
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Speaker 4: you might call it a swap line, you might call
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Speaker 4: it like whatever you want. Generally the expectation is you're
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Speaker 4: probably not getting that money back, so go in eyes open, understand,
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Speaker 4: you know that's that's kind of table stakes there, and
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Speaker 4: then you can, you know, kind of move on, just
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Speaker 4: take a quick break. When we come back, we got
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Speaker 5: Sign for trivia here in the Financial Exchange and it's
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Speaker 5: another day of sitcom trivia here this week. In nineteen
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Speaker 5: which sitcom did Jerry Stiller star in after Seinfeld? I'll
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12:07
Speaker 2: Mike, it's it's getting a little hard to keep up
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Speaker 2: with who's investing in who in the tech space.
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Speaker 3: Now, let's let's cover a.
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Speaker 4: Few of those before we move on. We have the
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Speaker 4: US government investing in Intel. We have in Nvidia investing
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Speaker 4: in one of its biggest customers, open Ai, the owner
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Speaker 4: of chat GPT what else comes to mind for you
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Speaker 4: on the investment roundabouts in the tech space right now?
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Speaker 2: Honestly, like, I don't even there's been so many of them.
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Speaker 2: It's you've got well, I'm trying to think of what
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Speaker 2: Oracle's doing. Do they have anything that they announced in
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Speaker 2: the last week or two? TikTok, Like, it's there's It's
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Speaker 2: just that there's a lot of money flowing in a
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Speaker 2: lot of different directions. But Intel apparently now is going
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Speaker 2: to has approached Apple reportedly about Apple investing in the
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Speaker 2: chipmate and Vidio took a stake in Intel as well,
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Speaker 2: didn't they?
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Speaker 4: Yes, so the US government did, Yes, how much do
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Speaker 4: you need to be able to make even reasonably decent semiconductors?
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Speaker 3: Intel lots of money.
13:13
Speaker 4: So here's the thing I think they might do this Jack,
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Speaker 4: I mean again, I think my read on the Nvidia
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Speaker 4: investment was privately, I get the diversification piece, but I
13:24
Speaker 4: looked at primarily as how can we appease the government
13:27
Speaker 4: and make sure we're on the right track. And I
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Speaker 4: think Apple's very interested in the same thing, and they're
13:32
Speaker 4: probably also interested in, hey, how can we diversify supply
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Speaker 4: chain out of China and Taiwan.
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Speaker 3: I have real questions on both of those. No, I
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Speaker 3: do too. I don't know they got to be successful.
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Speaker 2: No on whether Apple wants to do those things, like
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Speaker 2: by investing in Intel. And I guess what I'm getting
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Speaker 2: at is Apple's already done an awful lot to try
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Speaker 2: to align itself positively with the administration.
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Speaker 3: Yeah, I'm not sure they need to do more.
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Speaker 2: Right, Like, they've done a lot in terms of commitments
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Speaker 2: they've made and things along those lines. There's a reason why,
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Speaker 2: you know, every announcement that you get about you know,
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Speaker 2: semiconductors are smartphones, or tariffs and this and that, it's basically, yes,
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Speaker 2: Apple's not going to be included in this, Chuck.
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Speaker 4: The fact that we're reading about this right now, to me,
14:21
Speaker 4: indicates that they are going to probably have to at
14:26
Speaker 4: least seriously consider it. There's no way that Intel approaches
14:29
Speaker 4: Apple without approval from the US government.
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Speaker 2: Now, well, I'm not saying that the US government wouldn't
14:33
Speaker 2: approve it. I'm saying I don't know. Here's the thing.
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Speaker 2: Apple used to have trips that were designed by Intel
14:40
Speaker 2: in their phones and computers. Yeah, they moved away from
14:44
Speaker 2: that because they said we can do the design in
14:47
Speaker 2: house better and we can find someone else to produce
14:50
Speaker 2: the stuff better.
14:52
Speaker 3: And by the way, they were right about that. They
14:54
Speaker 3: were So.
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Speaker 2: I look at this and if look if if the
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Speaker 2: cost of doing business is, hey, we've got to give
15:03
Speaker 2: you know, five billion dollars to Intel. Yes, Apple technically
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Speaker 2: can do that, but why would they actually want to? Yeah,
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Speaker 2: they don't get anything from it? Then then what is
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Speaker 2: in video really getting?
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Speaker 3: Right?
15:21
Speaker 2: Like, I don't I don't know, you know, my you know,
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Speaker 2: my theory there is that that's the gateway to Nvidia
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Speaker 2: eventually buying Intel.
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Speaker 3: Yeah, and Apple doesn't want to do that. No, Apple
15:30
Speaker 3: doesn't want to own Intel.
15:31
Speaker 2: If they they wanted to own Intel, they would have
15:32
Speaker 2: done it several years ago or now you know they
15:37
Speaker 2: before the US government invested.
15:38
Speaker 3: They would have been like, nope, we'll buy that, thank you.
15:41
Speaker 4: Would you like some breaking tech news that just came
15:44
Speaker 4: across Bloomberg? What do you got Amazon and the FTC.
15:47
Speaker 4: I've reached a two and a half billion dollar deal
15:49
Speaker 4: in the prime subscription case. For those of you following along,
15:53
Speaker 4: this was the FTC accusing Amazon of making it very
15:56
Speaker 4: difficult to cancel prime subscriptions, and that is Again, I
16:01
Speaker 4: haven't read any of the details into this other than
16:03
Speaker 4: the headline flashing, but presumably that is the agreed upon
16:07
Speaker 4: penalty here by the judge here in the case that
16:09
Speaker 4: they will be paying the FTC some two and a
16:11
Speaker 4: half billion dollars, presumably some of that would be refunded
16:15
Speaker 4: to former or current Prime subscribers.
16:18
Speaker 3: I'm not entirely sure, though.
16:20
Speaker 2: I wonder if they're going to have to change their
16:24
Speaker 2: Prime on subscription price.
16:25
Speaker 4: They did that in twenty twenty three or four, they
16:28
Speaker 4: already did, They already did preemptively interesting, Okay, I guess
16:32
Speaker 4: we could put that one to bed.
16:34
Speaker 3: I would like to.
16:36
Speaker 2: We gotta hop forward to some other items in the stack,
16:38
Speaker 2: because Tucker put like some absolute bangers in here today.
16:42
Speaker 2: It's just it's a fantastic stack, one of the best
16:44
Speaker 2: I've seen.
16:46
Speaker 3: I want to first go to. This is a story
16:48
Speaker 3: that we haven't covered at all.
16:50
Speaker 2: I don't think did you guys know that Jaguar land
16:53
Speaker 2: Rover basically hasn't been able to.
16:54
Speaker 3: Make cars in six weeks.
16:55
Speaker 4: No, this is my first time seeing it as well,
16:58
Speaker 4: that they got hacked and are completely shut down like
17:02
Speaker 4: some nineteen eighty computer designed.
17:04
Speaker 3: Hospital it's apparently like they thought right.
17:08
Speaker 4: That's where you see these stories is the hospital had
17:10
Speaker 4: its record attacked and they literally came to a screeching halt,
17:13
Speaker 4: and they're all relying on paper. But it now happened
17:15
Speaker 4: with one of the fanciest car makers in the world.
17:18
Speaker 3: So they normally build a thousand cars a day.
17:21
Speaker 2: They've pretty much been shuttered at their factories for the
17:25
Speaker 2: last six weeks and it's gotten to the point now
17:28
Speaker 2: where the British government is saying that they may step
17:33
Speaker 2: in to buy auto parts from Jaguar Land Rovers suppliers
17:37
Speaker 2: so the auto parts suppliers don't go out of business.
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Speaker 3: I mean, this is wild, Like, how have we not
17:45
Speaker 3: heard about this or covered this at all?
17:47
Speaker 4: I hear you, this is a fairly big story once
17:50
Speaker 4: again in the auto sector. We've covered a lot about
17:53
Speaker 4: cars today and this is not even tangentially related to
17:57
Speaker 4: the problems that we're seeing in the US debt market
18:00
Speaker 4: around autos. But I mean, this is a huge company
18:03
Speaker 4: in the UK and to be brought to a complete
18:06
Speaker 4: screeching halt over frankly something as I'm not gonna call
18:12
Speaker 4: it as minute because I know that these things take
18:14
Speaker 4: companies down all the time, but a hack is just shocking.
18:20
Speaker 2: It's pretty wild, and it speaks to the lack of
18:22
Speaker 2: resilience at a lot of companies that run into these problems.
18:27
Speaker 2: You remember when the Colonial pipeline got hacked a few
18:29
Speaker 2: years back. Yeah, that took them on a couple of
18:32
Speaker 2: weeks to get the oil flowing again. Yeah, I mean again.
18:35
Speaker 2: People always think about these hacks as, oh, it's going.
18:37
Speaker 4: To take down the computer records for a company and
18:39
Speaker 4: they're gonna have to go back, or it's going to
18:42
Speaker 4: take down Amazon's website, or do you remember the I
18:45
Speaker 4: feel like there were a few brokerage platforms that their
18:48
Speaker 4: websites went down during different periods of time for denial services.
18:52
Speaker 4: And honestly, the more impactful stuff is there are companies
18:57
Speaker 4: that have websites obviously data in the cloud, but their
19:01
Speaker 4: businesses aren't at all related to you know, doing business
19:05
Speaker 4: with customers over the internet, who's were being brought to
19:08
Speaker 4: a screeching halt with their physical manufacturing processes.
19:12
Speaker 3: Or do you remember the one last year with the
19:14
Speaker 3: auto dealer platform.
19:15
Speaker 2: Yes, the sales platform couldn't sell anything. No, it was
19:18
Speaker 2: like dealers just couldn't sell anything. For like six weeks.
19:20
Speaker 2: It was like, oh, write this down. It's like you
19:22
Speaker 2: want me to do what? Yeah, it's it's kind of
19:25
Speaker 2: wild this stuff. Let's take a quick break. When we
19:28
Speaker 2: come back, we get the trivia answer, we got Wall
19:29
Speaker 2: Street Watch, and we're talking social Security.
19:39
Speaker 1: Bringing the latest financial news straight to your radio every day.
19:44
Speaker 1: It's the Financial Exchange on the Financial Exchange Radio Network.
19:50
Speaker 1: Time now for Wall Street Watch. A complete look at
19:54
Speaker 1: what's moving market so far today right here on the
19:57
Speaker 1: Financial Exchange Radio Network.
19:59
Speaker 5: Well, seeing a little bit of a sell off here
20:01
Speaker 5: as Wallstree reacts to a new batch of economic data
20:04
Speaker 5: points published earlier this morning, including better than expected jobs
20:08
Speaker 5: claims and upperly revised second quarter GDP reading and existing
20:12
Speaker 5: home sales. Right now, the Dow is down by two
20:16
Speaker 5: tenths of one percent or ninety seven points lower, SMP
20:19
Speaker 5: five hundred down about half a percent or thirty points lower,
20:22
Speaker 5: Nasdaq down four tenths of one percent or ninety five points,
20:26
Speaker 5: Russell two thousands down nearly one percent lower twenty two points,
20:30
Speaker 5: Tenure Treasure reeled up five basis points and is now
20:34
Speaker 5: at four point one nine to nine percent, And crude
20:37
Speaker 5: oil we're treating about half a percent today, trading at
20:40
Speaker 5: sixty four dollars and sixty eight cents a barrel. Starbucks
20:44
Speaker 5: down over one percent after the coffee chain and now
20:46
Speaker 5: isd a one billion dollar restructuring plan that involves closing
20:50
Speaker 5: some of its North American stores. Furthermore, about nine hundred
20:54
Speaker 5: non retail employees will also be laid off, marking CEO
20:58
Speaker 5: Brian nicols second round of layoffs since he took over. Meanwhile,
21:03
Speaker 5: Oracle shares are slumping five percent today as worries around
21:06
Speaker 5: the AI trade continue to pressure the stock. Separately, Rothschild
21:10
Speaker 5: and co redburn initiative coverage of Oracle, with the CEL
21:13
Speaker 5: rating saying the market is materially overestimating Oracle's cloud revenues.
21:20
Speaker 5: Sticking with Tech, where Bloomberg reported that Intel has approached
21:23
Speaker 5: Apple about investing in the chip maker. However, the report
21:26
Speaker 5: notes that talks are in the early stages. Earlier this month,
21:30
Speaker 5: we saw in Vidio said it would invest five billion
21:33
Speaker 5: dollars in Intel. Intel stock is up nearly five percent,
21:37
Speaker 5: while Apple shares it down over half a percent, or
21:40
Speaker 5: excuse me, up over half a percent. Carmac sinking twenty
21:43
Speaker 5: percent after the used car retailer saw it's quarterly results
21:46
Speaker 5: come in below estimates, and Amazon will pay two and
21:50
Speaker 5: a half billion dollars to settle FTC allegations that it
21:53
Speaker 5: duped users into paying for prime memberships. Amazon stock is
21:59
Speaker 5: dipping modestly on that news. I'm Tucker Silva in that
22:04
Speaker 5: is Wall Street Watch. In the previous segment, we asked
22:06
Speaker 5: you the trivia question which sitcom did Jerry Stiller start
22:10
Speaker 5: in after Seinfeld? That would be the King of Queen's.
22:15
Speaker 5: Jane Peabody Mass is our winner today, taking home a
22:17
Speaker 5: Financial Exchange Show t shirt. Congrats to Jay. We play
22:21
Speaker 5: trivia every day here in the Financial Exchange. See complete
22:24
Speaker 5: contest rules at Financial Exchange Show dot com.
22:27
Speaker 3: Mike, we got a piece of the New York Times.
22:29
Speaker 2: It's titled a Diminished Social Security Workforce and its customers
22:33
Speaker 2: feel the strain.
22:34
Speaker 3: The big thing.
22:35
Speaker 2: The Social Security workforce has shrunk by about twelve percent
22:39
Speaker 2: this year due to cuts from DOZE this spring. On
22:43
Speaker 2: top of that, you still have more and more people
22:46
Speaker 2: that are claiming each year because you have, you know,
22:48
Speaker 2: baby boomers retiring in large numbers, and you also have
22:52
Speaker 2: you know, some mechanisms that are being shuttered I believe
22:55
Speaker 2: it's in the next week or two, social Security checks
22:58
Speaker 2: are going to be a thing of the past. It's
22:59
Speaker 2: gonna be a direct posit required. And so with all
23:02
Speaker 2: these changes, the question is, hey, can people still get
23:06
Speaker 2: you know, decent service at a Social Security branch? And
23:09
Speaker 2: the answer is it's it's getting harder just because there
23:12
Speaker 2: are more people competing for fewer spots to actually get
23:17
Speaker 2: help from someone at Social Security.
23:19
Speaker 4: Yeah, I don't find this immensely surprising. I also can't.
23:22
Speaker 4: I also can't say though, that when I talk to
23:24
Speaker 4: the average person that prior to the Trump administration cuts
23:28
Speaker 4: to Social Security, that there.
23:29
Speaker 3: Is a high degree of.
23:33
Speaker 4: Satisfaction with the type of service they were getting from
23:35
Speaker 4: Social Security in the first place. So I do think
23:38
Speaker 4: it's gotten worse, But I don't know how to measure
23:42
Speaker 4: how much worse. I guess would be my point because
23:44
Speaker 4: the stories that are laid out in this example of
23:46
Speaker 4: payments being stopped and appointments not being available for weeks,
23:50
Speaker 4: I've heard that for years. I've heard that same story
23:51
Speaker 4: for years, and so I do think it's probably gotten
23:55
Speaker 4: worse just because, Yeah, when you cut twelve percent into
23:58
Speaker 4: the staffing, it becomes problematic, but it's really difficult to
24:02
Speaker 4: measure how much worse. I do think we do get
24:05
Speaker 4: regular reports. The one thing that I'm sure we can
24:09
Speaker 4: definitively point to, and I don't have the data on me.
24:11
Speaker 4: Hold times really easy to track. I know the government
24:14
Speaker 4: does keep an eye on it, and I think those
24:16
Speaker 4: have gotten markedly worse. When you call into the Social
24:19
Speaker 4: Security Administration, I have heard that, Yeah, the whole time
24:23
Speaker 4: to get somebody on the phone is pretty bad, and
24:26
Speaker 4: the way time to get an appointment has gotten a
24:28
Speaker 4: lot worse. And you know, I don't know what you
24:31
Speaker 4: do about that other than to beware, Hey, if I
24:35
Speaker 4: am intending on starting social Security, or if I have
24:40
Speaker 4: a complicated question surrounding social security, for instance, I've been
24:45
Speaker 4: affected by the Social Security Fairness Act and I never
24:49
Speaker 4: claimed before, or I've got a new disability, or you know,
24:52
Speaker 4: any of those types of things are tricky, and you
24:57
Speaker 4: just kind of have to be prepared to in many
24:59
Speaker 4: cases wait weeks or months to get your case hear
25:03
Speaker 4: heard in front of somebody to deal with the problem. Yeah,
25:07
Speaker 4: that seems to be the reality of it. Right now,
25:10
Speaker 4: folks want to talk to you again about a couple
25:12
Speaker 4: events coming up here from the Financial Exchange and Armstrong
25:15
Speaker 4: Advisory Group. We're gonna be doing live broadcasts of this
25:19
Speaker 4: show this fall in October in two separate places, one
25:23
Speaker 4: down the Cape one in the Boston area, and you
25:25
Speaker 4: can come on down. You can check out part of
25:27
Speaker 4: the show or all the show if you're around. Following that,
25:30
Speaker 4: we're gonna be doing a free lunch. It's all it's
25:32
Speaker 4: all free. You do need to register, but free lunch
25:34
Speaker 4: and then a chat with the Armstrong Advisory Group about
25:36
Speaker 4: the state of the economy, inflation, artificial intelligence, markets, where
25:40
Speaker 4: things are right now, and how it may apply to
25:43
Speaker 4: you and your financial situation. We love doing this program.
25:47
Speaker 4: We love doing these events. They're always really fun. We
25:50
Speaker 4: get lots of great questions from the audience, both during
25:53
Speaker 4: the show and then after the fact. If you would
25:55
Speaker 4: like to register, the first date is on October ninth.
25:59
Speaker 4: The second one is gonna October sixteenth. That first one
26:01
Speaker 4: is down at the Margaritaville Resort on Cape Cod The
26:04
Speaker 4: second one is in Chestnut Hill at the Showcase super
26:07
Speaker 4: Lucks on October sixteenth. You can call us at eight
26:10
Speaker 4: hundred three nine three for zero zero one to register.
26:13
Speaker 4: Or check it out on Armstrong Advisory dot com. But
26:16
Speaker 4: you must register ahead of time for this event and
26:19
Speaker 4: space will be limited, so please do call or check
26:22
Speaker 4: it out online to get more details. Again October ninth
26:26
Speaker 4: and sixteenth, Cape Cod at the Margaritaville, Chestnut Hill at
26:30
Speaker 4: the showcase Superlucks eight hundred three nine three for zero
26:33
Speaker 4: zero one or Armstrong Advisory dot com. And then one
26:36
Speaker 4: other little thing that I kind of forgot about because
26:39
Speaker 4: I'm not going this year, but Paul from the show
26:41
Speaker 4: will be there. If you've never been, the station down
26:45
Speaker 4: on the Cape does this annual listener party and it's
26:49
Speaker 4: actually this Sunday, the twenty seventh. It's down at the
26:51
Speaker 4: Lobster Boat on Route twenty eight in West Jarmouth and
26:54
Speaker 4: there you can just show up and there will be
26:55
Speaker 4: a bunch of bunch of hosts from XTK that are
26:58
Speaker 4: down there for the event. So this is the first
27:00
Speaker 4: in a few years. I haven't been able to make it,
27:01
Speaker 4: but our college Paul will be there, so check that
27:04
Speaker 4: out as well.
27:06
Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
27:08
Speaker 1: registered investment advisor. Nothing in the ad or in any
27:11
Speaker 1: Armstrong Guide a specific financial, legal or tax advice. Consult
27:14
Speaker 1: your own financial, tax, and estate planning advisors before making
27:17
Speaker 1: any investment decisions. Armstrong, make contact you to offer investment
27:20
Speaker 1: advisory services.
27:21
Speaker 2: Mike, I got more things I need to hop around
27:24
Speaker 2: to again, just to make sure we get to all
27:25
Speaker 2: these stack items that are really having exciting to me.
27:29
Speaker 2: Wall Street Journal Exclusive Delta replacing engine units in effort
27:32
Speaker 2: to address toxic fume surge on planes.
27:36
Speaker 3: So here's what we're talking about here.
27:38
Speaker 2: Every plane has something called an APU on its every
27:41
Speaker 2: commercial jet liner does. It's called an auxiliary power unit,
27:45
Speaker 2: and basically it's right in the tail of the aircraft
27:48
Speaker 2: and that's the engine that's running when you get on
27:51
Speaker 2: the plane to actually you know, keep you know, the
27:53
Speaker 2: air conditioning going and all those systems working on the
27:57
Speaker 2: plane before they back it up and turn on the
27:59
Speaker 2: engines that on the wing. And the way that the
28:02
Speaker 2: APU works, one of the things that it does it
28:05
Speaker 2: generally provides what's called bleed air into the cabin because
28:10
Speaker 2: in order to keep the cabin pressurized and keep you know,
28:13
Speaker 2: the air conditioning and everything working, you need to get
28:15
Speaker 2: the air from somewhere, and it comes from that APU.
28:18
Speaker 2: So you take this hot air from the engine, you
28:20
Speaker 2: basically put it through a cooler, you filter it, pump
28:23
Speaker 2: it into the cabin, and that's how you know, you
28:25
Speaker 2: get the air into the cabin. Apparently on a bunch
28:28
Speaker 2: of air Bus planes, Delta has been having trouble where
28:31
Speaker 2: that APU has been just not really putting clean air
28:34
Speaker 2: into the cabin. I guess it's been putting pretty dirty
28:37
Speaker 2: air in to the point where you've had, you know,
28:40
Speaker 2: some really kinds of problems such as, you know, brain
28:44
Speaker 2: injuries for crew and passengers because of you know, the
28:47
Speaker 2: toxicity of these fumes. And I had no idea that
28:51
Speaker 2: Delta was going through this with these planes, but it's
28:56
Speaker 2: because they hadn't previously disclosed this program, which began three
29:00
Speaker 2: years ago.
29:01
Speaker 3: Is that wild?
29:02
Speaker 4: Yeah, I mean, I'm glad I'm not a frequent flyer.
29:06
Speaker 4: I guess I have a few questions about this one.
29:09
Speaker 4: This is clearly Delta's problem, but probably Airbus's fault, and
29:13
Speaker 4: so I don't I'm not interested in who's paying for it.
29:15
Speaker 4: I am interested in how many other airlines have the
29:18
Speaker 4: exact same problem and haven't yet told us about it.
29:21
Speaker 3: Two would be I really thought I had some good.
29:23
Speaker 4: Ideas on my flight home on a Delta Airlines play
29:26
Speaker 4: a few weeks ago. But I might have just been
29:28
Speaker 4: ingesting toxic fumes, and so maybe they weren't as good
29:33
Speaker 4: an idea as I thought, and I might easy to
29:34
Speaker 4: go revisit my work.
29:35
Speaker 3: There.
29:36
Speaker 2: I got another one that I want to get to
29:38
Speaker 2: that wasn't in our stack, just because I saw the
29:40
Speaker 2: headline on the Wall Street Journal and I had to
29:41
Speaker 2: click on it and it was just not great, quite honestly.
29:47
Speaker 2: The title of it is is gen z Unemployable, No
29:51
Speaker 2: hiring managers doing here hiring manager's prize, achievement, learning and work.
29:55
Speaker 2: Today's youth value pleasure in individuality, and it's like clockwork.
30:00
Speaker 2: It's you know, someone has, you know, a bad experience
30:03
Speaker 2: with like a twenty two year old worker, and immediately
30:06
Speaker 2: you've got to paint the entire generation is, oh, they'll
30:08
Speaker 2: never amount to anything. And again this has been said
30:12
Speaker 2: about every generation that's you know, ever been twenty two,
30:15
Speaker 2: which is every generation.
30:17
Speaker 3: Because I'm sure that.
30:18
Speaker 2: You know all the baby boomers who are listening now,
30:20
Speaker 2: I bet you got called you know a bunch of
30:22
Speaker 2: lazy stoners back in nineteen sixty nine when you were
30:24
Speaker 2: hanging out at Woodstock.
30:25
Speaker 3: But ultimately you turned out pretty good.
30:28
Speaker 2: Likewise, when Tucker and I were chowing down on avocado
30:32
Speaker 2: toast fifteen years ago, Oh yeah, everyone called us a
30:35
Speaker 2: bunch of lazy stoners too, and you know what, we
30:37
Speaker 2: turned out all right as well. So gen Z, Yes,
30:41
Speaker 2: they're twenty two, they're twenty three. They're pretty immature, because
30:44
Speaker 2: everyone's pretty immature at that age. They're gonna make mistakes.
30:48
Speaker 2: They don't want to work all day every day generally,
30:51
Speaker 2: because when you're that age, you want to have more fun.
30:54
Speaker 2: And like every other generation, I'm sure when we talk
30:58
Speaker 2: about them ten fifteen years from now, they'll have learned,
31:01
Speaker 2: you know, a whole bunch of lessons. They'll have grown up,
31:03
Speaker 2: had kids, done this, that and everything. And I just
31:07
Speaker 2: I get so frustrated when people just try to paint
31:09
Speaker 2: twenty two year old as being persistently lazy, when it's
31:13
Speaker 2: just like, no, you're that age and you just have
31:15
Speaker 2: different priorities than someone who's forty fifty or sixty's and
31:19
Speaker 2: it changes all the time.
31:20
Speaker 4: It's just such lazy assumptions, like there are legitimate differences
31:23
Speaker 4: between that age demographic and older ones like I think
31:28
Speaker 4: there might be something too the way that they were
31:31
Speaker 4: more heavily raised on digital devices and sure fewer opportunities
31:36
Speaker 4: to play outside with friends. Like these are things that
31:38
Speaker 4: I think are legitimate points that can be made about
31:40
Speaker 4: that generation, which makes them different from even their millennial cohorts.
31:45
Speaker 4: But we always just return to this lazy reporting of, oh,
31:49
Speaker 4: the next generation is all you know there. They don't
31:52
Speaker 4: want to be in the same job for a long
31:55
Speaker 4: period of time, they don't care about work, they have
31:58
Speaker 4: no ethic, they don't know how printers work.
32:01
Speaker 3: Like these are just the laziest.
32:05
Speaker 4: Arguments for not hiring twenty two year olds that I see,
32:09
Speaker 4: and they just get repeated every ten years.
32:12
Speaker 3: Yeah, it's it's exhausting, It's it's just classic.
32:15
Speaker 5: Hey, speaking of the Wall Street term before we go
32:17
Speaker 5: to the break, I just noticed this two minutes ago
32:19
Speaker 5: when it was published headline auto industry is flashing a
32:22
Speaker 5: warning sign on US economy, which is something you talked
32:25
Speaker 5: about in the first hour of the show, Chuck.
32:27
Speaker 3: Do they listen to the show. Yes.
32:29
Speaker 5: If you read the article, Chuck, it literally says everything
32:31
Speaker 5: you just said. I'm not kidding. It's on Wall Street.
32:35
Speaker 5: It's on the front page, off front page. Yep, go
32:37
Speaker 5: go and read it. It's literally what you said.
32:39
Speaker 3: Published three minutes ago. It's Christopher.
32:42
Speaker 5: You talked about it around ten forty.
32:45
Speaker 3: So this was published at eleven forty three. Correct. It
32:48
Speaker 3: talks about CarMax, which we covered, Ford, which we covered.
32:51
Speaker 3: Trycollor first print. I'm telling you they probably do Chuck.
32:56
Speaker 3: It would fine great.
32:57
Speaker 2: Oh they mention they just want to site, you know, yeah, hey,
33:01
Speaker 2: you know, yeah, you know, Hey, Chuck's out on the
33:03
Speaker 2: Financial Exchange and all these things, and you should you
33:07
Speaker 2: a tune in, But hey, what are you gonna do?
33:10
Speaker 2: It's uh again, there's there's something there. I don't know what,
33:14
Speaker 2: but we'll keep paying attention to it. Quick break here,
33:16
Speaker 2: we got h what do we call it? Sat through it?
33:19
Speaker 3: That's it. We got that coming up next.
33:22
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34:29
Speaker 3: Mike, what do you got for stack Roulette?
34:31
Speaker 4: Utility prices, Chuck?
34:32
Speaker 3: Is what I've got?
34:33
Speaker 4: Wall Street journalized a piece today. Higher electricity prices aren't
34:36
Speaker 4: all good for utilities. In fact, look, this story reminds
34:41
Speaker 4: me of the one that we talked about a few
34:42
Speaker 4: weeks ago, which is everyone's out there because prices are
34:46
Speaker 4: moving very quickly and looking for somebody to blame, and
34:49
Speaker 4: a utility company is say, you know, good, is any
34:52
Speaker 4: scapegoat to drag out there? Power prices have been rising
34:55
Speaker 4: very fast. Electricity prices in August we're thirty one percent
34:58
Speaker 4: higher than four years earlier, bear with about nineteen percent
35:01
Speaker 4: for prices overall. So they are considerably higher than overall
35:05
Speaker 4: prices and just up massively.
35:10
Speaker 3: It's gonna get wood. It is gonna get.
35:12
Speaker 4: Worse, and lawmakers are going to try and point the
35:14
Speaker 4: finger at different people, and frankly, I think most of
35:18
Speaker 4: it should be pointed back at them.
35:20
Speaker 3: Sells.
35:20
Speaker 4: The reason percent the reason that power prices are up
35:24
Speaker 4: is a fewfold One. Those same lawmakers have not allowed
35:27
Speaker 4: them to previously raise prices enough to do all the
35:30
Speaker 4: deferred maintenance on their infrastructure. Remember, almost all utilities in
35:34
Speaker 4: this country are heavily regulated, and all the prices are
35:37
Speaker 4: controlled by either elected committees or usually appointed committees. Two,
35:42
Speaker 4: these same lawmakers are the ones that keep voting down
35:46
Speaker 4: big infrastructure projects in their own areas. Sometimes that's voters,
35:50
Speaker 4: but oftentimes it is the lawmakers themselves who cast these votes,
35:54
Speaker 4: voting down things like nuclear, voting down things like high
35:57
Speaker 4: the high high some thing power lines from high ten
36:01
Speaker 4: high tension power lines from Canada. Uh, we are all
36:05
Speaker 4: to blame for all of this, and our lawmakers are
36:08
Speaker 4: also to blame, but they're kind of taking our lead
36:10
Speaker 4: on it. And so sure, go and yell at eversource
36:13
Speaker 4: if you want, but that's not going to change the
36:15
Speaker 4: fact that they still need to raise prices or else
36:17
Speaker 4: they're not profitable.
36:19
Speaker 2: Right and if look, if you don't, here's the reason
36:23
Speaker 2: that we have regulated utilities is because when the power
36:26
Speaker 2: goes out, people die.
36:28
Speaker 3: It's that simple.
36:30
Speaker 2: Like that is the reason why you have utilities that
36:33
Speaker 2: are regulated to make a profit. Does that mean that
36:37
Speaker 2: it is the you know, ideal economic setup. No, but
36:41
Speaker 2: we've decided that generally we don't want to allow for
36:44
Speaker 2: large power producers to be able to go out of
36:46
Speaker 2: business because historically when that happened, really bad things happen.
36:51
Speaker 2: So ultimately, yeah, you can, you know, try to be
36:54
Speaker 2: a tough guy and be like, oh, like I'm going
36:56
Speaker 2: to negotiate with the utilities to make sure that they're
36:58
Speaker 2: you know, really you know, give us the best deal.
37:02
Speaker 3: Okay, already were you.
37:04
Speaker 2: Know, right, There's only so much that you can do
37:08
Speaker 2: on that front, and so it's something where there is
37:12
Speaker 2: no free lunch. And we have underinvested in electricity generation
37:17
Speaker 2: and distribution for probably about a generation or so in
37:20
Speaker 2: the United States, you know, I would say, the last
37:22
Speaker 2: thirty forty years, and now we're gonna have to pay
37:26
Speaker 2: for it.
37:27
Speaker 3: There's no way around it.
37:28
Speaker 2: There is no free lunch on this, and trust me,
37:33
Speaker 2: I've looked, because I love free lunch, but there isn't
37:37
Speaker 2: one on this. Seasonal retail hiring to fall to the
37:40
Speaker 2: lowest level since two thousand and nine, signaling trouble for holidays.
37:43
Speaker 2: Report says this report from the job placement from Challenger
37:47
Speaker 2: Gray and Christmas like, I continue to have no idea
37:50
Speaker 2: what to make of all the conflicting signals that we
37:52
Speaker 2: get in the labor market. Yeh, it's just some's good,
37:55
Speaker 2: some's bad, some's fine. Like it's in nine different directions.
37:59
Speaker 2: It's a lot like the New England Patriots offense. They
38:03
Speaker 2: look great for brief stretches, they look horrible for brief stretches,
38:07
Speaker 2: but ultimately you're just kind of like they're there.
38:10
Speaker 3: And puke that too. That too.
38:14
Speaker 2: We're gonna take a quick break for the rest of
38:16
Speaker 2: the day. Stocks remain modestly negative, and we will finish
38:20
Speaker 2: out the week. Tomorrow, we've got some PCE of inflation data.
38:23
Speaker 2: Make sure you tune in and we will discuss