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Could the Fed Raise Rates Despite Wall Street's Historic Sell-Off? · The Financial Exchange Show

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  Speaker 1: is The Financial Exchange with Chuck Zotta and Mike Armstrong.
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  Speaker 2: It is Chuck, Mike, and Tucker with you here today, and...
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  Speaker 2: One of my favorite days of the year, one of
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  Speaker 2: my favorite shows of the year that we do, we
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  Speaker 2: are once again proud to be supporting our Boston affiliate
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  Speaker 2: WRKO and the WRKO Radiothon to benefit the Disabled American
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  Speaker 2: Veterans Department of Massachusetts. Something that we do every single year,
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  Speaker 2: the Friday before Veterans Day weekend. And again, one of
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  Speaker 2: my favorite days of the year that we do this. Um,
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  Speaker 2: we're going to have, I believe, uh, four different interviews
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  Speaker 2: lined up for you today that we're going to be, uh, speaking, uh, with, uh,
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  Speaker 2: either former military members who have used the DAV services or, uh,
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  Speaker 2: people who have been affiliated with the DAV for quite
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  Speaker 2: some time in leadership roles. And just talking about the importance, uh,
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  Speaker 2: of the mission that they have and what they do
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  Speaker 2: to help veterans that come back to, uh, to the
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  Speaker 2: to civilian life, both in terms of physically, but also
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  Speaker 2: just integrating back into civilian life. And so, again, one
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  Speaker 2: of my favorite days of the year in terms of
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  Speaker 2: being able to support a fantastic organization that is providing
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  Speaker 2: real help to real people with the Disabled American Veterans
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  Speaker 2: Department of Massachusetts. To donate, you can call 978-632-1985. Again,
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  Speaker 2: that is 978-632-1985. You can also go to dav5k. boston. That's
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  Speaker 2: for the DAV 5K race that is happening tomorrow, of
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  Speaker 2: which I will be participating in that race. And I
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  Speaker 2: got to tell you, Mike, I'm hoping to improve on
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  Speaker 2: my time of last year and hopefully leave most people
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  Speaker 2: in the dust, but it's not the It's not the
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  Speaker 2: winning that matters, really. It's just the participating and the
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  Speaker 2: coming together to support a fantastic organization. So, again, to donate,
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  Speaker 2: that number is 978-632-1985, or you can go to dav5k. boston. Tucker,
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  Speaker 2: there's also an auction going on as well, correct?
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  Speaker 3: Yes, there is an auction going on. It's a six-course
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  Speaker 3: dinner for eight from Chef Paul Wahlberg. So that is
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  Speaker 3: ongoing throughout the day. And, yeah, this is a dinner
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  Speaker 3: at Paul's Restaurant, Almanove in Hingham, which is delicious, right
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  Speaker 3: in my neck of the woods on the South Shore.
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  Speaker 4: It is fantastic.
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  Speaker 3: It's for you and 70 of your closest friends and family.
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  Speaker 3: It includes food, drinks, everything. We will get you the
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  Speaker 3: bid throughout the show. We'll get you an update on
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  Speaker 3: that number. But, again, ongoing auction here. And all you
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  Speaker 3: have to do to increase that bid is 978-632-7000. 1985,
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  Speaker 3: if you do want to place a bid on that giveaway.
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  Speaker 2: So again, we're going to be talking about this all
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  Speaker 2: through the show, and we do have some great interviews
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  Speaker 2: coming up over the course of the show. But Mike,
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  Speaker 2: we'd be remiss if we didn't talk a little bit
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  Speaker 2: about what happened yesterday in markets, because I've got to
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  Speaker 2: tell you, we were talking during the show.
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  Speaker 4: We opened the day yesterday, and.
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  Speaker 2: S & P 500 the day before had closed, you know, again,
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  Speaker 2: like you look at just, you know, kind of the
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  Speaker 2: way that this played out. And the day before, the
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  Speaker 2: S & P 500 had closed at 76.88.
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  Speaker 4: And the open yesterday was at 76.78. So it was
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  Speaker 4: a 10-point down open.
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  Speaker 2: And as we got through the morning, like, it developed into,
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  Speaker 2: you know, something bigger and bigger. And, you know, we
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  Speaker 2: kind of were like, okay, like, this is no longer,
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  Speaker 2: you know, run of the mill. This is, you know,
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  Speaker 2: something that's notable. This is worsening. Like, we're not down,
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  Speaker 2: you know, 1.5% to 2%. We're not down 2.5%. We're down,
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  Speaker 2: you know, 3% plus, which is where we start getting
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  Speaker 2: into some, you know, real numbers. And then by the
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  Speaker 2: time we finally, you know, finished this puppy, it was, hey,
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  Speaker 2: the S & P 500 yesterday was down 2%. 4.36%.
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  Speaker 2: And so that's just the S & P, but I've
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  Speaker 2: got some numbers on this.
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  Speaker 5: Yeah.
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  Speaker 2: So I have data on the S & P going
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  Speaker 2: back to January 3rd, 1928, which is, I believe, even
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  Speaker 2: before it was called the S & P 500. I
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  Speaker 2: forget what it was called back then, but it existed
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  Speaker 2: in one form or another. And out of 24,829 days,
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  Speaker 2: this was the 130th worst. That's pretty extraordinary.
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  Speaker 1: Notable.
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  Speaker 3: Notable.
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  Speaker 4: So you say, okay, that's meaningful. What about the Dow? Well,
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  Speaker 4: the Dow, not quite as bad.
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  Speaker 6: Down 3.44%.
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  Speaker 2: The 208th worst out of 24,000 days that I have
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  Speaker 2: in my file. Okay, like you're still talking like bottom
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  Speaker 2: first percentile day. Then we get to the real damage here.
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  Speaker 2: Let's start with the Russell 2000, small caps.
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  Speaker 4: Down 4.45%. I only have data going back to 1979
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  Speaker 4: on this, which I say only.
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  Speaker 4: My data set, I think, is a little messy just because.
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  Speaker 2: Again, the Russell 2000 in its current form didn't exist then,
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  Speaker 2: so I'm trying to figure out where the data I
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  Speaker 2: have came from. Either way, it's the 52nd worst day
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  Speaker 2: that I have out of 12,000. Again, bottom first percentile.
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  Speaker 7: Which is why I laugh a little bit when people
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  Speaker 7: were telling me that, oh, man, this market's been really
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  Speaker 7: volatile this summer.
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  Speaker 4: There's been no.
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  Speaker 2: Volatility this summer. No, this has been a historically calm year.
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  Speaker 2: This has been one of the calmest years that we've
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  Speaker 2: had otherwise so far. You know, there's a little bit
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  Speaker 2: of a hiccup in March right after the Iran war
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  Speaker 2: kicked off.
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  Speaker 5: Right.
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  Speaker 4: But other than that, it's been a.
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  Speaker 2: Remarkably calm market with not many dips of, you know,
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  Speaker 2: even five percent. The let's go Nasdaq composite. I have
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  Speaker 2: data going back to November 6th of 1984. So, again,
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  Speaker 2: not the full data set, but I've got 42 years here.
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  Speaker 2: It's the 35th worst day out of 10,581 that I
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  Speaker 2: have in my file.
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  Speaker 4: 35th worst.
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  Speaker 5: Again, meaningful.
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  Speaker 2: Finally, NASDAQ 100. 100 tech stocks. Not necessarily tech stocks,
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  Speaker 2: but 100 tech stocks in there. 28th worst day out
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  Speaker 2: of 8,262. Again, a lot of times we have a 1.5%
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  Speaker 2: down day and I'll be like, hey, this is run-of-the-mill volatility.
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  Speaker 4: Guys, don't get too excited. This is one where you
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  Speaker 4: look at it and you're like, woof. This is one.
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  Speaker 2: Where I get it if you feel a little bit edgy, uneasy, nervous,
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  Speaker 2: like take your pick of adjectives.
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  Speaker 4: I get it. The other thing that's weird about this one,
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  Speaker 4: you don't.
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  Speaker 2: Normally see the 4% down day in the S &
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  Speaker 2: P 500 when you're trading 1.5% under all-time highs. Like
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  Speaker 2: the 4% down day usually happens after you've had, you know,
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  Speaker 2: a 10% to 15% downturn, and here's the capitulation coming through.
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  Speaker 4: So this is kind of weird.
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  Speaker 2: There's not that much history where we've seen these kinds
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  Speaker 2: of things. And if I'm being honest, don't know if
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  Speaker 2: the worst is over or if there's more to come.
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  Speaker 2: I'm not going to pretend to say anything in either
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  Speaker 2: direction because I have no idea. What I can tell you,
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  Speaker 2: this was all centered in tech and specifically in semiconductors. Mike,
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  Speaker 2: is there any reason to think that any of the
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  Speaker 2: angst about semiconductors has been extinguished today?
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  Speaker 6: No.
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  Speaker 2: No.
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  Speaker 7: There are still big questions to be answered on this front,
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  Speaker 7: I think, is where both of us land.
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  Speaker 5: There was some clear....
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  Speaker 7: The only commonality between Wednesday and Thursday, Chuck, was that
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  Speaker 7: semiconductor sector, where it was down Wednesday, albeit, you know,
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  Speaker 7: not as bad.
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  Speaker 6: Smally.
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  Speaker 5: Yeah. And then Thursday, it dragged down the entire market.
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  Speaker 5: And so.
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  Speaker 7: there's your through trend, there is your commonality. And there
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  Speaker 7: are some big questions that people are continuing to ask
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  Speaker 7: and have been asking now for, what do you think,
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  Speaker 7: the last three to four weeks, I guess, is where
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  Speaker 7: I've seen the real consternation and question marks on behalf
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  Speaker 7: of these companies. And so yeah, we've got a pending
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  Speaker 7: anthropic IPO, we've got big fundraising rounds from all big
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  Speaker 7: tech companies, all these different items that are going to
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  Speaker 7: be hinting at how investors actually feel about the continued
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  Speaker 7: build out of these data centers.
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  Speaker 8: Yeah.
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  Speaker 2: And remember, semiconductor index, it peaked in June, actually, and
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  Speaker 2: then fell 25% in July. Granted, this was off of, again,
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  Speaker 2: remember that crazy run we had in April and May
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  Speaker 2: where On our show, we were like, hey, semis aren't
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  Speaker 2: going to double every two months for the rest of
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  Speaker 2: the year.
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  Speaker 1: Yeah.
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  Speaker 2: Got to be honest, you can put that one in the...
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  Speaker 2: right column, but we've had now two 25% drawdowns in
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  Speaker 2: semis in the last five months.
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  Speaker 5: Right.
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  Speaker 2: This is not healthy behavior, so this is not something
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  Speaker 2: that started yesterday. This is something that started basically right
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  Speaker 2: around the start of the second half of the year,
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  Speaker 2: and Semis have been reckoning with this for the last
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  Speaker 2: four to five months.
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  Speaker 4: Yesterday was the worst day that they, again, yesterday.
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  Speaker 2: For semiconductors, the data that I have, they were down 12.2%,
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  Speaker 2: the Philly Semiconductor Index. The data that I have is
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  Speaker 2: that that's the second worst day that I can find
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  Speaker 2: in my file for semis, ever. Now, again, like semiconductors
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  Speaker 2: didn't exist for much of the 20th century, but you
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  Speaker 2: get what I'm saying. Let's take a quick break here.
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  Speaker 2: When we come back, we're going to get to the
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  Speaker 2: first of our interviews with for the DAV Radiothon. We're
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  Speaker 2: going to be joined by Coleman Nee right after this.
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  Speaker 2: Coleman is the past national commander of the DAV, a U.S.
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  Speaker 2: Marine Corps Gulf War veteran, and the Massachusetts chairperson on
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  Speaker 2: the DAV Board of Directors. So Coleman joins us right
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  Speaker 2: after this, again, to donate $ 978.
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  Speaker 8: 632-1985.
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  Speaker 2: We talk to Coleman Nee right after this. The financial
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  Speaker 2: exchange is live every day on X.
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  Speaker 1: Watch the show and follow along as we cover the
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  Speaker 3: This segment of the Financial Exchange is brought to you
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  Speaker 3: by Circle K, a proud partner of the Disabled American
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  Speaker 3: Veterans Department of Massachusetts and the official convenience store of
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  Speaker 3: the DAV 5K.
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  Speaker 2: As promised, we're now joined by Coleman Nee. He is
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  Speaker 2: the past National Commander of the DAV, a U.S. Marine
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  Speaker 2: Corps Gulf War veteran and the Massachusetts Chairperson on the
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  Speaker 2: DAV Board of Directors.
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  Speaker 4: And he joins us right now. Coleman, how are you today?
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  Speaker 6: I'm doing fantastic. Thanks for having me today. This is
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  Speaker 6: a really wonderful opportunity.
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  Speaker 4: Absolutely.
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  Speaker 2: It's one of my favorite days of the year, getting
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  Speaker 2: to support our veterans. Coleman, I know that you have
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  Speaker 2: a long history with the DAV. Can you tell us
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  Speaker 2: a little bit about how that started?
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  Speaker 6: Yeah, sure. I got involved with DAV really early on,
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  Speaker 6: even before I became an active member. And DAV was
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  Speaker 6: there for me when I was struggling when I first
• 12:40
  Speaker 6: came back and I needed a little bit of assistance
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  Speaker 6: and access to medical care, access to things that I
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  Speaker 6: just really needed to get hold of in order to
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  Speaker 6: help me improve and save my life. And it was
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  Speaker 6: DAV that was in the corner that listened to me,
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  Speaker 6: took the claim, did all the work for me. got
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  Speaker 6: me connected to the services. Was there to support me afterwards?
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  Speaker 6: Was there to help me and really, you know, give
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  Speaker 6: me that kind of, you know, veteran to veteran perspective
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  Speaker 6: that I needed to be able to know that not
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  Speaker 6: only is this help available, but that I can do
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  Speaker 6: it and that there are people in my corner willing
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  Speaker 6: to help me. And through that experience, I really became
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  Speaker 6: more involved with veteran services. I got more active with
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  Speaker 6: the DAV, got more active with chapters and You know, after,
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  Speaker 6: you know, putting the work in and putting the time in,
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  Speaker 6: I was just humbled and fortunate this past year to
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  Speaker 6: be elected by the national membership to be the national
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  Speaker 6: commander for a year. And it was a thrill of
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  Speaker 6: a life and an incredible honor.
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  Speaker 2: Can you tell me a little bit about other veterans
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  Speaker 2: that you've helped to secure services for through the DAV?
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  Speaker 6: Yeah. I mean, it's, it's, you know, there's so many stories, um, and, and,
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  Speaker 6: and the need is so great. I mean, some that
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  Speaker 6: come to mind are, you know, uh, you know, the
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  Speaker 6: veteran that I met, uh, who, you know, just in
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  Speaker 6: a lobby of a hotel and we got to talking
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  Speaker 6: about DAV and, and, you know, he just, you could
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  Speaker 6: just see it in his eyes. And I said, you,
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  Speaker 6: you haven't, you know, I said, look, man, I mean,
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  Speaker 6: I'm not, I'm not here to judge you. I'm just
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  Speaker 6: somebody who knows what you're going through and, are you
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  Speaker 6: having trouble? And, and, and essentially, you know, sitting in
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  Speaker 6: a hotel lobby, I had a veteran basically confessed to me.
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  Speaker 6: He said, I don't think I can do this. I'm,
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  Speaker 6: I just think I gotta end this whole thing. And,
• 14:30
  Speaker 6: you know, and, and it was just like one of
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  Speaker 6: those conversations where I shared my story and what I
• 14:36
  Speaker 6: went through and how I overcame and shared stories with others,
• 14:39
  Speaker 6: how I, how they overcame and how we were able
• 14:42
  Speaker 6: to help them. I was able to help them. Other
• 14:44
  Speaker 6: people were able to help them and, and, and ended
• 14:47
  Speaker 6: up this, you know, particular gentleman, uh, got him into
• 14:50
  Speaker 6: a program that night. And honestly, you know, I still
• 14:54
  Speaker 6: talk to people that know the guy and they said,
• 14:56
  Speaker 6: you know what, he turned his life around. It really,
• 14:59
  Speaker 6: you know, it gave him the inspiration and, and, you know, you,
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  Speaker 6: you kind of were able to show him that he's
• 15:03
  Speaker 6: not alone. And, and I think that that's the most,
• 15:06
  Speaker 6: that's sort of one example of lots of examples of,
• 15:12
  Speaker 6: of areas where, you know, you can really make a
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  Speaker 6: difference just by being that sympathetic, empathetic year and, and
• 15:18
  Speaker 6: and listening to people listening to what they're going through
• 15:21
  Speaker 6: and then you know not not not judging them or
• 15:24
  Speaker 6: questioning them but telling your story back and and them
• 15:27
  Speaker 6: realizing they're not alone and that if they can see
• 15:30
  Speaker 6: hope in you they can see hope in others.
• 15:32
  Speaker 2: The the money that we're we're raising today why is
• 15:36
  Speaker 2: that money so important and what specifically does it go
• 15:39
  Speaker 2: towards i know you know a lot of times people
• 15:40
  Speaker 2: here like you know donate to this cause of that
• 15:42
  Speaker 2: and They're like, okay, well, what's it actually going to do?
• 15:44
  Speaker 4: Like, what does a dollar donated to do?
• 15:46
  Speaker 2: What are examples of what that can help a veteran do?
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  Speaker 6: Well, you know, here in Massachusetts and really all across
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  Speaker 6: the country, we have, you know, sort of staple DAV programs.
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  Speaker 6: So the best thing about DAV is all of our
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  Speaker 6: services are free. And I tell people all the time,
• 16:02
  Speaker 6: you get a bill from DAV, tear it up because
• 16:04
  Speaker 6: it's a fraud. You know, everything that we're doing for
• 16:08
  Speaker 6: the veterans, We bring veterans to transportation, millions of miles
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  Speaker 6: driven every year by volunteer drivers, unpaid volunteer drivers, getting
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  Speaker 6: elderly veterans and veterans with mobility issues to their VA
• 16:19
  Speaker 6: appointments and back, appointments that would have been missed if
• 16:21
  Speaker 6: they didn't have that transportation. Again, we're there helping people
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  Speaker 6: with claims, navigating the governmental system. We have a lot
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  Speaker 6: of veterans' benefits in this country, but, you know, it's
• 16:30
  Speaker 6: a bureaucracy that it's housed in, and bureaucracies are difficult
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  Speaker 6: to navigate, especially if you don't know them. We're the
• 16:35
  Speaker 6: experts that can help you navigate that and get you
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  Speaker 6: what you need and what, more importantly, you've earned. But
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  Speaker 6: then on a department level, here in Massachusetts, you know,
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  Speaker 6: we've taken it, put it on steroids, and, you know,
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  Speaker 6: we're really doing a lot more. We've got our Veterans
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  Speaker 6: Housing Program and Transition Center up in Gardner, Mass. The
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  Speaker 6: money goes to help young families of veterans who are struggling, maybe,
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  Speaker 6: you know, not sure how this is all going to
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  Speaker 6: work out for them, if they're going to stay together
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  Speaker 6: as a unit, if people are going to get help,
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  Speaker 6: bring them there, get them housing. support the entire family,
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  Speaker 6: get people jobs, get them enrolled in schools, help the
• 17:09
  Speaker 6: veterans find careers. I mean, we're seeing like 95% plus
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  Speaker 6: success rates coming out of there of veterans whose families
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  Speaker 6: are about to fall apart and are now going into
• 17:18
  Speaker 6: permanent housing that they're buying their own home, they have jobs.
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  Speaker 6: I mean, it's, you know, and it's food pantry assistance
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  Speaker 6: because food insecurity is a huge issue, especially for senior
• 17:28
  Speaker 6: veterans now. It's our women's veteran services and our women's
• 17:33
  Speaker 6: veterans outreach programs It's, you know, our newest outreach to
• 17:37
  Speaker 6: our Native American veterans all across the country. But, you know,
• 17:40
  Speaker 6: in particular here in Massachusetts, it's a population that we
• 17:43
  Speaker 6: want to start paying very, very close attention to, you know,
• 17:47
  Speaker 6: making sure that they get their benefits and they get
• 17:49
  Speaker 6: their services for having risen their right hand and sworn
• 17:51
  Speaker 6: oath to the Constitution. I mean, so it's vast. And
• 17:55
  Speaker 6: I'd encourage people to go to DAVmass.org. And if you
• 17:59
  Speaker 6: have any questions about this or you wonder or you're
• 18:02
  Speaker 6: curious about where your money's going or you've been burnt
• 18:04
  Speaker 6: before and you don't want to give again, let us
• 18:07
  Speaker 6: know because we'll show you exactly where that money is
• 18:09
  Speaker 6: going and going towards saving the lives of those who
• 18:12
  Speaker 6: are willing to give their lives for all of us.
• 18:14
  Speaker 2: Well, Coleman, thank you so much for your service and
• 18:17
  Speaker 2: for the work that you've done with the DAV. I know, again,
• 18:21
  Speaker 2: we could probably talk for hours, probably days about the
• 18:24
  Speaker 2: countless people that you and your organization have helped, but
• 18:27
  Speaker 2: Thank you again for joining us and again for all
• 18:29
  Speaker 2: the work that you do. We really appreciate you joining
• 18:31
  Speaker 2: us today.
• 18:33
  Speaker 6: Thank you for doing it. And have a safe and
• 18:35
  Speaker 6: peaceful Veterans Day. And honestly, I wish you the best.
• 18:38
  Speaker 4: Thank you. Same to you, Coleman.
• 18:39
  Speaker 2: That's Coleman Nee, the past National Commander of the DAV,
• 18:43
  Speaker 2: a U.S. Marine Corps Gulf War veteran and the Massachusetts
• 18:46
  Speaker 2: Chairperson of the DAV Board of Directors. And, again, if
• 18:51
  Speaker 2: you are looking to donate as part of the DAV Radiothon,
• 18:55
  Speaker 2: the number is 978.
• 18:57
  Speaker 4: 632-1985.
• 18:59
  Speaker 2: Again, that is 978-632-1985. You can also go to dav5k. boston.
• 19:09
  Speaker 2: That's dav5k. boston. We're going to take a quick break here,
• 19:15
  Speaker 2: but when we return, we've got Wall Street Watch, and
• 19:19
  Speaker 2: then we're also going to be joined by Andrea Gale
• 19:22
  Speaker 2: Bennett right after this on the Financial Exchange.
• 19:38
  Speaker 1: Like us on Facebook and follow us on Twitter at TFEShow.
• 19:43
  Speaker 1: Breaking business news is always first, right here on the
• 19:46
  Speaker 1: Financial Exchange Radio Network. Time now for Wall Street Watch.
• 19:52
  Speaker 1: Tracking the stocks, the data, and the headlines driving markets
• 19:55
  Speaker 1: so far today. Right here on the Financial Exchange Radio Network.
• 19:59
  Speaker 3: After yesterday's historic AI route, markets today are mixed with
• 20:02
  Speaker 3: a slight rebound in tech. Right now the Dow is
• 20:05
  Speaker 3: down about a tenth of a percent or 72 points lower.
• 20:08
  Speaker 3: S & P 500 is up two-thirds of a percent.
• 20:11
  Speaker 3: NASDAQ is up one and a quarter percent or 306
• 20:14
  Speaker 3: points higher. Russell 2000 is up two-thirds of a percent.
• 20:17
  Speaker 3: 10-year treasury yield is up two basis points at 4.859%.
• 20:21
  Speaker 3: And crude oil down slightly at $ 90 a barrel. Brent
• 20:25
  Speaker 3: at $ 97 a barrel.
• 20:28
  Speaker 4: Some of the biggest.
• 20:28
  Speaker 3: Losers from yesterday are clawing back losses today. Both NVIDIA
• 20:33
  Speaker 3: and Intel are up 5%. AMD is rallying 10%. Micron
• 20:37
  Speaker 3: Technology and SanDisk are rising 6%. And CoreWeave is up
• 20:41
  Speaker 3: by 4%. And adding to the busy Friday, investors are
• 20:46
  Speaker 3: digesting a stronger-than-expected October jobs report, where 165,000 jobs were
• 20:52
  Speaker 3: added last month, higher than forecasts of 70,000. The unemployment
• 20:57
  Speaker 3: rate also ticked lower to 4.1%. I'm Tucker Silva, and
• 21:03
  Speaker 3: that is Wall Street Watch.
• 21:05
  Speaker 7: Joining us now on the line is Brigadier General Andrea
• 21:07
  Speaker 7: Gail Bennett. She serves as the Deputy Secretary of the
• 21:10
  Speaker 7: Massachusetts Executive Office of Veteran Services and was honored this
• 21:15
  Speaker 7: year with the 11th Annual Peter J.
• 21:18
  Speaker 5: Gomes Service Award. Brigadier General Bennett, thank you for joining us.
• 21:22
  Speaker 5: Appreciate it.
• 21:24
  Speaker 8: Thank you so much for having me. I really do
• 21:25
  Speaker 8: appreciate the opportunity to join you this morning.
• 21:29
  Speaker 7: So as everyone listening knows, we are raising money today
• 21:34
  Speaker 7: for the Disabled American Veterans Department of Massachusetts.
• 21:37
  Speaker 5: We'll be.
• 21:39
  Speaker 7: Attending the DAV 5K at Castle Island this weekend. And
• 21:44
  Speaker 7: with all of our guests, I'm always just curious, can
• 21:46
  Speaker 7: you tell us a bit about how you first got
• 21:48
  Speaker 7: involved with the DAV of Massachusetts?
• 21:51
  Speaker 8: So it's actually a pretty interesting story. So I did
• 21:54
  Speaker 8: deploy to Iraq in 2009, and I came back with
• 21:59
  Speaker 8: a lot of what they call the invisible wounds of war,
• 22:01
  Speaker 8: PTSD and anxiety, depression, suicidal ideation. And I went to
• 22:09
  Speaker 8: the DAV to help file a claim for disability. And
• 22:14
  Speaker 8: they filed a claim, and that went through. And then
• 22:16
  Speaker 8: I kind of forgot about that because I'm a– a
• 22:19
  Speaker 8: physician assistant by training. And I continued on with my
• 22:24
  Speaker 8: job and I continued on moving through society. And I
• 22:28
  Speaker 8: became really good at faking it and making things seem
• 22:33
  Speaker 8: like they were okay. And then I ran into Coleman Nee, who,
• 22:39
  Speaker 8: you know, looking back, I think Coleman, because he's been there,
• 22:43
  Speaker 8: really understood that something wasn't quite right at the time.
• 22:47
  Speaker 8: And he seemed to recognize that in me. And he
• 22:52
  Speaker 8: reintroduced me to the DAV and brought me in and
• 22:56
  Speaker 8: got me involved. And DAV gave me that connection and
• 23:01
  Speaker 8: that sense of belonging and an opportunity just to continue
• 23:05
  Speaker 8: to serve and move on.
• 23:07
  Speaker 7: And I know you today lead one of the chapters
• 23:10
  Speaker 7: for the DAV out of Lynn.
• 23:13
  Speaker 5: Is that correct?
• 23:14
  Speaker 8: The Lynn Swampscott chapter. So I'm actually the past department commander.
• 23:19
  Speaker 8: So for the state, last year I was the commander.
• 23:22
  Speaker 8: I'm currently the adjutant of that Lynn Swampscott chapter. I
• 23:27
  Speaker 8: was the chapter commander as well. But, you know, let
• 23:31
  Speaker 8: other people have an opportunity.
• 23:35
  Speaker 5: So can you talk to me a little bit about that?
• 23:37
  Speaker 7: I mean, obviously, it sounds like the DAV helped you
• 23:40
  Speaker 7: immensely in your own personal life. Where have you been
• 23:43
  Speaker 7: able to affect other veterans over the course of the
• 23:47
  Speaker 7: last several years.
• 23:48
  Speaker 5: Of your involvement?
• 23:50
  Speaker 8: So a couple of things that our chapter has done,
• 23:52
  Speaker 8: and I'll talk specifically about our chapter. One thing is
• 23:55
  Speaker 8: we've established a scholarship program for veterans, family members of veterans, And,
• 24:02
  Speaker 8: you know, it's not just for college. It's any post-high
• 24:06
  Speaker 8: school training, because one of the issues that happens with
• 24:09
  Speaker 8: veterans is the transition from military to civilian world. And
• 24:14
  Speaker 8: some of the skills may or may not transfer, or
• 24:16
  Speaker 8: maybe they need certification, and sometimes they just need training.
• 24:20
  Speaker 8: some help to get that training. So any post-high school training.
• 24:24
  Speaker 8: So if you're going to college, if you're doing an
• 24:28
  Speaker 8: internship or a mentorship or training or, you know, any
• 24:33
  Speaker 8: post-high school. So if you want to be a plumber
• 24:36
  Speaker 8: and need, you know, help with that, we help you
• 24:39
  Speaker 8: with that. So that's one thing that we've done. We have,
• 24:44
  Speaker 8: we try to connect veterans with each other so that
• 24:47
  Speaker 8: they know that they're not alone. We have a mental
• 24:50
  Speaker 8: health summit every year and talk about the different resources
• 24:56
  Speaker 8: that are available. We have a beach party every year,
• 25:00
  Speaker 8: just something for veterans and their families and their community
• 25:02
  Speaker 8: to get together, have a good time, but again, still
• 25:05
  Speaker 8: providing resources and that connection that they need. Our chapter
• 25:11
  Speaker 8: has had a family night. You know, people came out,
• 25:15
  Speaker 8: had a good dinner, played, had a trivia night, and
• 25:20
  Speaker 8: had fun with that. So, you know, we try to
• 25:24
  Speaker 8: make connections. We try to be supportive. We provide some
• 25:28
  Speaker 8: financial assistance where we can. And we're always looking for
• 25:33
  Speaker 8: ways to provide. And just recently we had a coat giveaway,
• 25:37
  Speaker 8: coat and socks. So coats were donated by Ocean State
• 25:41
  Speaker 8: Job Lot. Socks were donated by Bombas. And we gave
• 25:45
  Speaker 8: away– it was just actually two days ago– gave away
• 25:50
  Speaker 8: over 60 coats and 100 pairs of socks. And so
• 25:55
  Speaker 8: we're going to continue doing things like that as well.
• 25:58
  Speaker 7: Andrea– this day and age, such a small portion of
• 26:00
  Speaker 7: the American population is a military veteran or has an
• 26:04
  Speaker 7: immediate family member that is.
• 26:06
  Speaker 5: I'm in that camp. I'm not, nor is anyone in
• 26:08
  Speaker 5: my immediate family a military veteran.
• 26:11
  Speaker 7: Can you talk to folks about the, I guess, the
• 26:15
  Speaker 7: emotional side of working with a disabled.
• 26:19
  Speaker 1: Vet?
• 26:21
  Speaker 8: So, you know, the mission of the DAV is to
• 26:26
  Speaker 8: empower veterans to lead high-quality lives with respect and dignity.
• 26:31
  Speaker 8: And so we try to do that by just providing
• 26:37
  Speaker 8: access to the benefits, advocating for their rights, providing programs
• 26:45
  Speaker 8: and services that improve the quality of life. And so
• 26:49
  Speaker 8: even if you're not a veteran, if you're the family member,
• 26:52
  Speaker 8: if you're just someone who wants to be supportive, any
• 26:57
  Speaker 8: little thing that you can do to help provide the dignity,
• 27:01
  Speaker 8: give that dignity back, provide respect, empower veterans is what
• 27:07
  Speaker 8: we're about.
• 27:08
  Speaker 5: Andrew, it's been a real pleasure.
• 27:10
  Speaker 7: It's clear in talking to you just how important this
• 27:14
  Speaker 7: cause is. It's clear in talking to you just how
• 27:17
  Speaker 7: directly the money donated goes to straight to the veterans
• 27:21
  Speaker 7: and the people that the DAV helps. So thank you
• 27:23
  Speaker 7: so much for joining us today. We appreciate it. Hopefully
• 27:25
  Speaker 7: we'll see you this weekend, and thank you for the
• 27:28
  Speaker 7: work that you do.
• 27:29
  Speaker 8: Thank you for having me, and have a safe and
• 27:31
  Speaker 8: peaceful Veterans Day.
• 27:33
  Speaker 7: As a reminder, folks, today is the Radiothon for the
• 27:37
  Speaker 7: Disabled American Veterans Department of Massachusetts. We're partnering with our
• 27:41
  Speaker 7: Boston affiliate WRKO and the WRKO Radiothon. You can make
• 27:46
  Speaker 7: your donation today by going to dav5k. boston or calling 978-632-1985.
• 27:53
  Speaker 5: Again, 978-632-1985.
• 27:54
  Speaker 7: Tucker, do you have any updates for us?
• 27:59
  Speaker 3: Yeah, you can call that same number if you want
• 28:01
  Speaker 3: to make a bid on this ongoing auction, which is
• 28:04
  Speaker 3: a really incredible experience here. The auction is for a
• 28:07
  Speaker 3: six-course dinner for $ 8. from Chef Paul Wahlberg.
• 28:12
  Speaker 4: It's still open. It's ongoing.
• 28:14
  Speaker 3: And this is for a dinner at Paul's Restaurant Almanove
• 28:17
  Speaker 3: in Hingham, which I've been to several times. And it's
• 28:20
  Speaker 3: absolutely fantastic spot right in the Hingham shipyard. There are
• 28:23
  Speaker 3: fantastic foods. All the foodies go on the South Shore.
• 28:26
  Speaker 3: Really great spot. So this is, again, it's a six-course
• 28:30
  Speaker 3: dinner for you and seven of your closest friends or family.
• 28:33
  Speaker 3: It includes food, drinks, everything. And the current bid for
• 28:37
  Speaker 3: that is $ 8, 000. And all you have to do to
• 28:41
  Speaker 3: increase that bid is call the same number you used
• 28:45
  Speaker 3: to donate.
• 28:45
  Speaker 1: It's 978-632-1985.
• 28:46
  Speaker 3: Once again, the number to increase the bid for that
• 28:48
  Speaker 3: auction is 978-632-1985. And we'll announce the winner of that
• 28:50
  Speaker 3: auction at the end of today's show.
• 29:03
  Speaker 7: Let's take a quick break, and when we come back,
• 29:05
  Speaker 7: lots more to get to in terms of the markets,
• 29:07
  Speaker 7: including a jobs.
• 29:08
  Speaker 5: Report that was released this morning. Quick break. We'll be
• 29:11
  Speaker 5: right back with Financial Exchange.
• 29:13
  Speaker 1: Your business day moves fast. Keep up with the Financial
• 29:16
  Speaker 1: Exchange on YouTube with live market coverage, video highlights, shorts,
• 29:20
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• 29:24
  Speaker 1: the Financial Exchange Media Network. Take the financial exchange with you.
• 29:29
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• 29:33
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• 29:37
  Speaker 1: Exchange Media Network.
• 29:53
  Speaker 2: All right mike uh you mentioned that we got i
• 29:55
  Speaker 2: know there's stuff to clean up still from yesterday but
• 29:57
  Speaker 2: There's going to be stuff to clean up.
• 29:58
  Speaker 4: Mike's not here yet.
• 29:59
  Speaker 8: Hold on.
• 30:00
  Speaker 3: Why don't you cover the October jobs report, Chuck?
• 30:02
  Speaker 2: I would love to cover the October jobs report. This
• 30:06
  Speaker 2: is the Michael Armstrong Memorial jobs report. And here's what
• 30:10
  Speaker 2: we've got.
• 30:12
  Speaker 5: I don't know.
• 30:13
  Speaker 4: Thank you, Michael. I understand that.
• 30:16
  Speaker 2: Much better than expected in terms of the headline number
• 30:20
  Speaker 2: at 165,000 jobs created.
• 30:20
  Speaker 4: We also saw.
• 30:24
  Speaker 2: Prior months revised up by a combined 84,000 for August
• 30:28
  Speaker 2: and September. And so we've got a nice little three-month
• 30:32
  Speaker 2: trend where things seem to have picked up a little
• 30:34
  Speaker 2: bit here. The unfortunate thing, we can't do a year-over-year
• 30:37
  Speaker 2: comparison because a year ago was when we had the
• 30:40
  Speaker 2: government shutdown going on, so there's no data for October
• 30:42
  Speaker 2: of 2025. I looked at the report this morning, and
• 30:45
  Speaker 2: I'm like, why is there nothing there? And then I'm like,
• 30:49
  Speaker 2: that's right. We didn't get that data back then.
• 30:52
  Speaker 6: So.
• 30:53
  Speaker 2: In terms of, or at least on one of the surveys,
• 30:55
  Speaker 2: the household survey, so we had no unemployment report for
• 30:59
  Speaker 2: September of last year.
• 31:00
  Speaker 4: I'm sorry, October.
• 31:02
  Speaker 2: So I think in terms of where things stand, where
• 31:05
  Speaker 2: my view is on this report, I honestly think that
• 31:09
  Speaker 2: it's stale the moment that it hit the street because
• 31:12
  Speaker 2: the economy is fundamentally different post-midterm elections than it was before.
• 31:20
  Speaker 2: And so it's not to say that this is completely invalid,
• 31:24
  Speaker 2: but just that, hey, I'm basically going to take any
• 31:27
  Speaker 2: data from before then and look at it as if, hey,
• 31:32
  Speaker 2: things have changed, and so I need a new three-month,
• 31:35
  Speaker 2: four-month set of data to be able to see how
• 31:37
  Speaker 2: things are evolving since then. So I'm kind of going
• 31:40
  Speaker 2: to use the November through January period, in my opinion,
• 31:44
  Speaker 2: to see if there's any kind of recalibration that happens.
• 31:47
  Speaker 2: I don't suspect there will be anything huge because... Companies
• 31:50
  Speaker 2: that have made hiring plans, they made those over the
• 31:52
  Speaker 2: course of the summer to execute this fall and into
• 31:55
  Speaker 2: the winter. And so I don't expect any huge changes.
• 31:58
  Speaker 2: But I think the fact is, hey, this is a
• 32:02
  Speaker 2: really good jobs report. The last three months in the
• 32:05
  Speaker 2: aggregate have been really good. And more than just like
• 32:09
  Speaker 2: any one, you know, when the August numbers came out
• 32:12
  Speaker 2: at first, we were like, hey, this is good, but
• 32:13
  Speaker 2: we need more.
• 32:15
  Speaker 4: We've gotten more.
• 32:15
  Speaker 2: We've gotten two more jobs reports that when you look
• 32:18
  Speaker 2: at them together... Again, you've got 186,000, 60,000, and 165,000
• 32:26
  Speaker 2: jobs added. That's averaging 137,000 a month. That's a notable
• 32:31
  Speaker 2: real pickup in hiring there. So it's good news on
• 32:35
  Speaker 2: that front. Whether it's just a burst or something else,
• 32:39
  Speaker 2: I don't know. We've had periods before in the last
• 32:41
  Speaker 2: few years where, hey, job growth slows for six months,
• 32:44
  Speaker 2: and then it turns out to be nothing, and it
• 32:46
  Speaker 2: picks right back up. Is this the opposite of that,
• 32:48
  Speaker 2: where it looks like it's picking up for a few
• 32:50
  Speaker 2: months and then goes back to what it was?
• 32:52
  Speaker 7: Maybe.
• 32:53
  Speaker 4: I don't know.
• 32:53
  Speaker 2: But I think the big thing that I continue to say,
• 32:56
  Speaker 2: there's no sign in the economic data out there, wherever
• 33:01
  Speaker 2: you look, of imminent recession. Recession is not something that
• 33:05
  Speaker 2: you need to worry about at this particular point in
• 33:09
  Speaker 2: time as an imminent threat.
• 33:11
  Speaker 4: So, Chuck....
• 33:14
  Speaker 7: With you, like one, I don't know how changing sentiment
• 33:17
  Speaker 7: on data centers will affect employment if we see that
• 33:20
  Speaker 7: story continue to draw out. I guess my question in
• 33:22
  Speaker 7: the very short term is that in about five weeks
• 33:27
  Speaker 7: we have another Fed meeting.
• 33:29
  Speaker 1: Yes.
• 33:30
  Speaker 7: How so your view is, hey, I need to kind
• 33:33
  Speaker 7: of throw this out and look at the November plus
• 33:35
  Speaker 7: time frame. How does the Fed need to look at this?
• 33:39
  Speaker 7: Because it's got a hike, man. I said the Fed
• 33:42
  Speaker 7: should have hiked at the last meeting, too.
• 33:44
  Speaker 1: Sure.
• 33:44
  Speaker 5: Yeah. Yeah.
• 33:46
  Speaker 7: It's it's going to be interesting to me if they
• 33:49
  Speaker 7: pay attention whatsoever to market sentiment and, you know, what's
• 33:53
  Speaker 7: gone off the rails of the course of the last
• 33:55
  Speaker 7: few days. Obviously, there's a lot of time between now
• 33:57
  Speaker 7: and a December Fed meeting. And so a lot could
• 34:00
  Speaker 7: change on the ground there. But it does seem to
• 34:02
  Speaker 7: me with a hundred sixty thousand jobs created, the unemployment
• 34:05
  Speaker 7: rate declining again. very little justification to hold off on
• 34:10
  Speaker 7: the higher interest rates.
• 34:11
  Speaker 4: Correct.
• 34:11
  Speaker 2: And I actually have some data on this, Mike, if
• 34:14
  Speaker 2: you want, on like, hey, would the last week or
• 34:16
  Speaker 2: two in terms of market performance change their mind? Brent Donnelly,
• 34:20
  Speaker 2: who I quote on our show quite a bit because
• 34:23
  Speaker 2: he's a Forex trader, and I don't trade foreign exchange,
• 34:26
  Speaker 2: but Brent, I read a lot of his stuff just
• 34:29
  Speaker 2: because he's got two books out, and he's always active
• 34:32
  Speaker 2: on Twitter and other social media, and so I think
• 34:36
  Speaker 2: he's just a very level headed dude who like figures
• 34:40
  Speaker 2: out like what works and what doesn't. And like any trader,
• 34:43
  Speaker 2: he has times where he's, you know, really hot and
• 34:45
  Speaker 2: really cold and like, but he's, he's a good read.
• 34:47
  Speaker 2: So this morning he had something on, uh, the fed
• 34:51
  Speaker 2: funds and like how they may respond to how the
• 34:54
  Speaker 2: fed may respond to changes in, in markets. Because remember
• 34:59
  Speaker 2: changes in markets are typically reflective of changes in the
• 35:01
  Speaker 2: underlying economy in one way, shape or form.
• 35:04
  Speaker 1: Yep.
• 35:05
  Speaker 2: It's not just, like, markets don't move one way and
• 35:08
  Speaker 2: the economy moves the other. You know, like, in 2022,
• 35:12
  Speaker 2: markets were falling because the economy was slowing. In 2020,
• 35:16
  Speaker 2: markets fell because the economy was going into freefall. I
• 35:20
  Speaker 2: know we say that, like, hey, Wall Street and Main
• 35:22
  Speaker 2: Street are different, but they're less different than you think
• 35:24
  Speaker 2: in some respects. So here's what Brent basically looks at.
• 35:29
  Speaker 2: He's like, hey, if you line up the NASDAQ, which
• 35:32
  Speaker 2: in this case is, like, the proximate cause for concern
• 35:36
  Speaker 2: in markets, typically if the NASDAQ drops 20% in a
• 35:43
  Speaker 2: three-month span, the Fed starts cutting within the next six months.
• 35:49
  Speaker 5: Interesting.
• 35:51
  Speaker 2: That's the way he looks at it. And this is
• 35:53
  Speaker 2: dating back. He's got data going back to early 1980s
• 35:57
  Speaker 2: on this. And basically what you have here, it's... Six, seven, eight, nine, ten.
• 36:02
  Speaker 2: There are ten instances, okay, where this happened and the
• 36:05
  Speaker 2: Fed cut within six months. There are two instances where
• 36:10
  Speaker 2: it happened and the Fed didn't do anything within six months.
• 36:14
  Speaker 2: And there are three where the Fed simply kept hiking
• 36:16
  Speaker 2: through it. Two of those three were in 2022 where
• 36:20
  Speaker 2: inflation was going nuts. So, like, you get it. Like,
• 36:23
  Speaker 2: when inflation is 9%, you don't cut into it. The
• 36:26
  Speaker 2: other one where the Fed kept hiking through it was
• 36:30
  Speaker 2: in late 99 heading into the tech bubble bursting. I'm sorry,
• 36:33
  Speaker 2: early 2000 heading into the tech bubble bursting. And so
• 36:37
  Speaker 2: those are your only three where the Fed kept hiking,
• 36:39
  Speaker 2: and I think all of them are defensible at the time. Like,
• 36:43
  Speaker 2: was anyone in 2022 arguing, hey, NASDAQ's down 20%, the
• 36:46
  Speaker 2: Fed should start cutting?
• 36:47
  Speaker 4: Right.
• 36:48
  Speaker 7: No.
• 36:49
  Speaker 2: And so I think that in that context, it's kind
• 36:53
  Speaker 2: of like, yeah, I get this. The only other ones
• 36:56
  Speaker 2: that you have on there where the Fed didn't do anything.
• 36:58
  Speaker 4: There was.
• 36:59
  Speaker 2: One in 2009 where just residual stuff from the financial crisis. Well,
• 37:04
  Speaker 2: the Fed couldn't cut anymore. They were already at zero.
• 37:07
  Speaker 2: You know, so like it's a pretty good heuristic in
• 37:09
  Speaker 2: terms of like thinking through this in terms of, hey,
• 37:12
  Speaker 2: will the volatility impact how the Fed approaches this?
• 37:16
  Speaker 4: The answer is probably not at this point.
• 37:19
  Speaker 7: By the way, the Nasdaq, as of the close yesterday,
• 37:22
  Speaker 7: at least, was off. I think I'm seeing 11 to
• 37:24
  Speaker 7: 12 percent off. It's October 6th high.
• 37:27
  Speaker 2: So the October 6th high is one thing, okay, but
• 37:32
  Speaker 2: remember that we're talking about three-month change, and so that
• 37:36
  Speaker 2: October 6th high is only valid through the end of December.
• 37:40
  Speaker 4: So if the market rallies back.
• 37:42
  Speaker 2: 5%, then it's like, okay, we're not going off the peak.
• 37:46
  Speaker 2: We're going off that 5% retracement. So I suspect the
• 37:52
  Speaker 2: Fed should be hiking at the upcoming meeting. Again, it's
• 37:56
  Speaker 2: in 33 days in early December, and right now it's
• 37:58
  Speaker 2: a 76% chance of a hike, so the market is
• 38:02
  Speaker 2: agreeing with me to this point. A lot's going to
• 38:04
  Speaker 2: be dependent on what we get for CPI next Wednesday. Reminder,
• 38:07
  Speaker 2: we are currently participating in the DAV Radiothon with our
• 38:11
  Speaker 2: Boston affiliate WRKO.
• 38:12
  Speaker 4: 978-632-1985 to donate. Back in just a little bit.