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Ken interviews Financial Strategist Ron Glasnow. · The Mark Simone Show

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  Speaker 1: Now more of the Marximone show on seven to ten
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  Speaker 1: wo R. Coming in from Mark. Here again is Ken
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  Speaker 1: Rosato and good to be with you on the Wednesday
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  Speaker 1: before Thanksgiving and Mark has enjoined a nice long weekend.
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  Speaker 1: You know, new data from Deloitte shows that Americans are
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  Speaker 1: planning on spending less this Black Friday than in years past.
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  Speaker 1: It's a reversal from tradition. Financial expert Ron Glasgow is
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  Speaker 1: here to talk about some possible reasons why and what
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  Speaker 1: MA way you want to do to ensure that we
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  Speaker 1: have our budgets under control. In twenty twenty six. Good morning,
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  Speaker 1: Ron Glasgow, Good morning, How are you good? Very good?
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  Speaker 1: Happy Thanksgiving in a little early So this Deloitte data
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  Speaker 1: should be a little concerning, right Does it suggest a
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  Speaker 1: contraction of the economy. The economy could be on the way.
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  Speaker 2: Yeah, I think it makes that suggestion. And I always say,
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  Speaker 2: you never want to look at any one article. You
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  Speaker 2: want to look at a spattering. But you know, article
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  Speaker 2: after article shows that consumer confidence is really down, probably
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  Speaker 2: for the lowest since three or four years ago when
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  Speaker 2: interest rates were really spiking. So, you know, to me,
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  Speaker 2: it just feels like we've been on this bull market
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  Speaker 2: for so long. You know, stocks are at all time
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  Speaker 2: high goals and at all time high. Everything's sort of
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  Speaker 2: it at all time high and you know, nothing goes
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  Speaker 2: up forever. So to me, it kind of feels like
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  Speaker 2: a jack in the box, and you know every quarter
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  Speaker 2: that goes by, well we have these new highs. It's
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  Speaker 2: kind of turning that crank a quarter of a turn
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  Speaker 2: and sooner or later that jackson to come out of
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  Speaker 2: the box.
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  Speaker 1: Yeah, like musical chairs, music stops, no extra chair. Sorry.
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  Speaker 1: The data is showing now that people who make under
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  Speaker 1: fifty thousand a year plan on scaling back spending by
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  Speaker 1: twelve percent. People who weren't over two hundred thousand plan
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  Speaker 1: on cutting back eighteen percent. That shocked me because I
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  Speaker 1: thought the people who made over two hundred thousand, while,
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  Speaker 1: they'll make it up, Yeah, they'll be spending more money.
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  Speaker 1: So is it just that people don't feel secure now
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  Speaker 1: overall about what's coming up in the next couple of quarters.
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  Speaker 2: Yeah, I think that's really it. You know, the markets
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  Speaker 2: hate uncertainty, and there's quite a bit of.
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  Speaker 1: That right now.
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  Speaker 2: But just everyday people, you know, I'm pretty ugged into
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  Speaker 2: my community and it's a fairly well to do community,
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  Speaker 2: and people are, you know, concerned about prices. You know,
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  Speaker 2: I did a podcast a while ago and on that
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  Speaker 2: particular day, inflation came in at three percent in seat
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  Speaker 2: of three point one and the market hit at all
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  Speaker 2: time high. Well that's great for eggheads like me, but
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  Speaker 2: for everyday people it doesn't matter. You know, it's you
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  Speaker 2: have this massive run up in inflation. So now this
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  Speaker 2: sut are control, it doesn't mean that prices dial back.
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  Speaker 2: You know, people are just still gaining at a reasonable
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  Speaker 2: pace on top of that massive jump. And that's very
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  Speaker 2: difficult to deal with.
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  Speaker 1: Yeah, I mean, I've heard some people say that. In fact,
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  Speaker 1: Sean Hannedy was talking about this the other night. He said, look,
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  Speaker 1: it's going to take until at least the middle of
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  Speaker 1: next year before you see some of the the changes
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  Speaker 1: that were enacted by the Trump administration in terms of
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  Speaker 1: positively affecting the economy. And then, if you know, you
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  Speaker 1: may be too young to remember this, I'm fifty eight.
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  Speaker 1: In the back in the Reagan days, everybody said, oh,
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  Speaker 1: look it's riconomics isn't working. It's a big failure. It
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  Speaker 1: took till two years, and at two years, all of
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  Speaker 1: a sudden, the economy flips because in the late seventies
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  Speaker 1: we had total malaise. It was a horrible economy, and
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  Speaker 1: people thought that was the new normal. But it shifted
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  Speaker 1: nineteen eighty two to nineteen eighty eight, the economy was gangbusters.
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  Speaker 1: So do we just have to be patient or do
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  Speaker 1: you think this might be kind of a long term
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  Speaker 1: deal to deal with.
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  Speaker 2: Yeah, you know, I do think that we need to
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  Speaker 2: be patient. And that's one thing Americans just aren't very
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  Speaker 2: good at. You know. You know, you people like love
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  Speaker 2: to throw darts at President Trump, and I get it.
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  Speaker 2: The guy's a lightning rod more than any other president
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  Speaker 2: I've ever seen in my lifetime. And I do remember
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  Speaker 2: the great round of Riggan, by the way, Yes, but
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  Speaker 2: you know he's the lightning rod. So he's gonna get
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  Speaker 2: his share criticism and his followers are going to love
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  Speaker 2: what he says. But you know the thing you do
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  Speaker 2: with tariffs. You know, I grew up with a steel
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  Speaker 2: mill town, and I know that the Chinese would take
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  Speaker 2: advantage of us in the seventies. So it's good he's
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  Speaker 2: doing some things. I think what makes people nervous is
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  Speaker 2: is sort of this back and forth. You know, we're
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  Speaker 2: going to attack Brazil on coffee. We're gontax vietnamal on coffee.
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  Speaker 2: Now we're going to take that away. So but that's
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  Speaker 2: his style, you know, the guy guess results, and that's
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  Speaker 2: just the way he works. That's unsettling to some people.
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  Speaker 2: But yes, I think patience is key, and don't be
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  Speaker 2: afraid for the market to pull back. That's a very
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  Speaker 2: normal thing. You know, earlier this year we had one
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  Speaker 2: man you before, we were in the middle of a
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  Speaker 2: great recession. Again, people are kind of freaking out, and
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  Speaker 2: you've got to uh manage your savings and your investments
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  Speaker 2: for sort of an all weather portfolio and anticipate those
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  Speaker 2: pullbacks because they do occur.
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  Speaker 1: I think Trump is doing kind of a ropidope. You know,
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  Speaker 1: he confuses you, he makes you look over here, and
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  Speaker 1: then he does something on the other side. He really
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  Speaker 1: is the kind of guy people you know, many on
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  Speaker 1: the left call him nuts, they call him he's losing it.
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  Speaker 1: I think he is genius on a level that we
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  Speaker 1: don't understand, and he plays chess on such a level
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  Speaker 1: that we can't comprehend. And I just really do think
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  Speaker 1: that what we look at as confusion or as lack
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  Speaker 1: of planning is very planned on his part.
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  Speaker 2: Yeah, you know, clearly he's much moreter than I am.
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  Speaker 2: You know, I'm a former marine. I could barely play Checkers,
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  Speaker 2: let alone, so he's got me.
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  Speaker 1: I can't even play Checkers.
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  Speaker 2: So there. You know. Another guys that reminds me of
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  Speaker 2: is Jim Harbaugh the football. You know, supposedly he thrives
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  Speaker 2: on a chaotic environment and that's how he coaches and
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  Speaker 2: very successful. It's rare, but it works for certain people.
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  Speaker 1: Absolutely.
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  Speaker 2: Well.
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  Speaker 1: Look, the only thing that really concerns me, and I'm
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  Speaker 1: sure if you're you clearly know, but better than the economy,
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  Speaker 1: better on the economy than me. Consumer spending accounts for
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  Speaker 1: seventy percent of the GDP, and so how will a
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  Speaker 1: possible downswing of four percent and spending impact our gross
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  Speaker 1: domestic product?
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  Speaker 2: Yeah, and you know I can't do the calculations on
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  Speaker 2: the fly, but that is a massive concern. America's business
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  Speaker 2: is business, and so when people stop spending and doing business,
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  Speaker 2: it kind of has an avalanche a sect. So that's
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  Speaker 2: the real concern is that people stop. And you know,
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  Speaker 2: I think good to see it slow just because people
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  Speaker 2: are starting to run out of money. You know something
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  Speaker 2: that is a little silly, but it comes to mind,
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  Speaker 2: is if you remember the subway commercial five dollars five
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  Speaker 2: dollars foot long. I don't know how long ago that was,
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  Speaker 2: but it wasn't very long. You know. I had to
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  Speaker 2: have my oil change a couple of weeks ago, and
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  Speaker 2: I stopped in the subway for the first time in
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  Speaker 2: a long time. The cheapest sub on the Mediu was
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  Speaker 2: a venue sub at ten dollars and twenty cents.
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  Speaker 1: Yeah.
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  Speaker 2: So again, I can't remember exactly when that jingle stops,
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  Speaker 2: but I know no one's income is doubled in that time.
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  Speaker 1: You know what I just went for? Listen. I never
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  Speaker 1: went for a fancy haircut my whole life, honestly. I
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  Speaker 1: mean even when I was a news anchor over at
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  Speaker 1: over at Channel seven here in New York, I always
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  Speaker 1: went to Supercuts. I'm sorry, people are gonna laugh. They
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  Speaker 1: tease me all the time. Oh, you must go to
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  Speaker 1: one of those fancy French places. Now I got a
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  Speaker 1: sup I call it supekup. I go to the Supercup.
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  Speaker 1: It used to be like twelve ninety five. It's twenty
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  Speaker 1: six dollars and you could go to a barber and
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  Speaker 1: spend less. Now it seems than it's some supercuts. It's
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  Speaker 1: just amazing. And yes, like you said, in a year
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  Speaker 1: it jumped from like seven ten whatever to twenty six
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  Speaker 1: it's amazing. What what's happening to with inflation right now?
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  Speaker 1: So it's a little unnerving, I'm sure. So what's a
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  Speaker 1: website for people to read more about you?
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  Speaker 2: Ron? Oh? Sure? Glasgow investments dot com Glasgow like the
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  Speaker 2: City of Scotland Investments dot com.
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  Speaker 1: There you go, financial expert, Ron Glasgow. Thank you for
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  Speaker 1: coming on the Mark Simone Show today. Happy Thanksgiving to
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  Speaker 1: you you too, Thank you very much, Thank you. All right, Hey,
• 7:23
  Speaker 1: celebrate the season with the iHeartRadio Holiday Special one night
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• 7:35
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• 7:39
  Speaker 1: on Holiday Seasons Radio on our free iHeartRadio app. Mostly cloudy,
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  Speaker 1: mild today, highs about sixty degrees, partly cloudy tomorrow for
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  Speaker 1: the Thanksgiving but it's going to be like ridiculously windy
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  Speaker 1: and a lot cooler highs in the low forties. Wins
• 7:52
  Speaker 1: are going to make it feel colder than that. Phone
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• 7:57
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  Speaker 1: your Wednesday seven ten WR coming right back