Latest / The Financial Exchange Show / Honoring our disabled veterans is the most patriotic thing you can do this weekend

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Honoring our disabled veterans is the most patriotic thing you can do this weekend · The Financial Exchange Show

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Speaker 1: The Financial Exchange is produced by Money Matters Radio and
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and market trends plus breaking business news every day. The
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Financial Exchange is a pround partner of the Disabled American
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Veterans Department of Massachusetts. Help us support our great American
0:58
heroes by visiting DAV five dot Boston and making a
1:01
donation today. The DAV five K Boston is presented by
1:05
Veterans Development Corporation. This is the Financial Exchange with Chuck
1:09
Zada and Mike Armstrong.
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Speaker 2: Chuck, Mike and Tucker with you here on a Friday,
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and today we are participating in a radiothon for one
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of our affiliates. WRKO in Massachusetts is part of the
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dav Department of Massachusetts radiothon that is happening all day
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today in order to raise money for the dav Department
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of Massachusetts in advance of Veterans Day on Monday. This
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is something that we participate in every year, and it's
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one of my favorite shows that we do every year,
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quite honestly, just because, look, I know that a lot
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of times we get caught up in our day to
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day lives and whatever might be going on in them, good, bad, ugly,
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whatever it is. But this is one where I think
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it's important to be able to take some time to
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not just recognize the veterans that have made our lives possible,
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but also to you know, really focus on supporting them financially.
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Quite honestly, you know, it's not enough to simply say
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thank you for your service. It's something where we have
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to do more than that. Because this is a group
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of people that has done more for us. It's a
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group that sacrifice their time, their money, their family life.
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Like they spend so much time and effort, you know,
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making sure that we are able to do what we
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do on a daily basis. I mean, I'm hosting a
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freaking radio show here, like it's what I am doing
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is great for me. But ultimately what they do and
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what they will continue to do and have done, is
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great for our country and for all of us. And
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for that we are incredibly thankful and happy to participate
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in the DAV Department of Massachusetts radiothon. To make a donation,
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we'll be given this number out over the course of
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the day, but as we'll get started early. To make
3:23
a donation, you call nine seven eight six three two
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one nine eight five, or you can visit DAV five
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K dot Boston. That number again is nine seven eight
3:35
six three two one nine eight five, or you can
3:39
visit DAV five k dot Boston. We'll be given that
3:42
number out all day today. Uh So again, if you
3:45
didn't catch it on those two I'll say it one
3:47
more time right now. Nine seven eight six three two
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one nine eight five, or visit DAV five k dot Boston, Mike,
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any thoughts on your end before we do cover a
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couple stories before we get into some interviews with veterans
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and folks associated with the DAV.
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Speaker 3: Yeah, I think the big thing here is one to
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lay out the show. We've got five awesome interviews coming
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up with veterans and folks that work with the DAV
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in some way, shape or form, and you're gonna hear
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a lot of awesome stories today. If you're not familiar
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with the DAV, or maybe you don't live in Masters,
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we have plenty of listeners I know across the country
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listening from different places. There are Disabled American Veterans Departments
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in almost every state, if not every single state across
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the country.
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Speaker 4: They do great work. You're gonna learn a lot about
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what it is they do.
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Speaker 3: And I would just urge you if you're not familiar
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with the work that the DAV does, now's the opportunity
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to learn quite a lot. I did not know a
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lot about them a decade ago. I've learned a ton
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of been really impressed. I've spoken to people you know
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that work in different areas that are somewhat connected to
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the military to retirement and for folks that have made
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that transition.
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Speaker 4: The DAV has played a huge.
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Speaker 3: Role for a lot of the so you know, tune
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in if nothing else, you can learn a lot about
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the great work that they do. Today we'll be talking
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to a lot of different people from a lot of
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different backgrounds, and I'm excited about it and.
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Speaker 5: The things that they do.
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Speaker 2: Just like again rattling off kind of a list if
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you are, if you're a disabled veteran that's looking to
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figure out, you know, how to access different benefits and
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file claims. They provide free counseling and assistance to those
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veterans in their families. They provide transportation to medical appointments
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for disabled veterans, food clothing, those types of pantry services
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to veterans, housing opportunities. They help veterans with those all
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kinds of different things, just to help those who have
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again sacrificed a lot to maintain our way of life
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and need a little bit of help now that they're
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back here.
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Speaker 5: So I think this is a hugely.
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Speaker 2: Important mission and again to donate, that number is nine
5:52
seven eight six three two one nine eight five, or
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you can.
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Speaker 5: Visit DAV five k dot Boston.
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Speaker 2: Mike should we cover a little bit from the FED
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yesterday before we get to our first interview, the.
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Speaker 4: Least watched Federal Reserve meeting of the year.
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Speaker 2: You mean, yeah, so we'll spend literally five minutes on it,
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because honestly, most uneventful meeting as far as policy goes.
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There's one thing I do want to note in here,
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because policy wise, let's just summarize it. They cut a
6:22
quarter percent. They signaled we're probably gonna cut in December.
6:26
After that, we're not entirely sure because we need to
6:28
see what policies come in from the new administration. I
6:32
don't think there was anything surprising there particularly noteworthy.
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Speaker 3: Correct, correct, very very boring, which, by the way, I know,
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you know it's our job to talk about these things
6:40
and make them exciting for entertainment and purposes of our show,
6:44
But you want the FED meetings to be boring. If
6:46
they're boring, it means you don't have to pay attention
6:48
to them, which means that what they're doing is not
6:50
all that impactful to your daily life, which has not
6:52
been the case over the last four years.
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Speaker 5: So this was good.
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Speaker 2: One part that was exciting to me and interesting. J
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Powell about half hour into his press conference, gets asked
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the question, Hey, we've you know, had some rumblings from
7:08
the Trump campaign that you know, if he wins, which
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he has now, he might ask you to step down
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from office.
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Speaker 6: Will do you want the audio?
7:18
Speaker 5: If you haven't that great? Yes, here you go.
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Speaker 7: Some of the president's ALECX advisors have suggested that you
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should resign if he asked you to leave?
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Speaker 5: Would you go no?
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Speaker 7: Can you follow up on it? Do you think that
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legally you're not required to leave? No?
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Speaker 2: Now, j Powell has never answered a question with fewer
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than eighty words in a sentence, and ten sentences in
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a paragraph like his answers are long and and circuitous,
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and for him to just go no, And then later Tucker,
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do you have the audio of the second time he
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was asked by the other reporter or no.
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Speaker 6: I'd oh, jeez, stupid, Mike, I don't have that.
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Speaker 7: No.
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Speaker 2: So he was asked five minutes later by another reporter, Hey,
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just getting back to that, you know, has the Fed
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done any research to you know, indicate what this might like,
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if this is even possible, And he just answers four
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words not permitted under law, and the guys the reporter
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goes excuse me, and he goes not permitted under law,
8:26
And again J Powell never really I don't think he
8:30
really tries to ruffle any feathers generally. But this is
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the equivalent of Powell basically being like, I'm gonna be
8:37
my own dude. If the president wants to try to
8:42
come after me, He's more than welcome to, you know,
8:44
try to job own me all that he wants. But
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I am signaling my independence from the president in about
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as strong of a way as I can. Because Powell
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never does this.
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Speaker 4: Yeah, he always softens his words.
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Speaker 3: This is the I can't think of a single question
9:01
he's been asked where the answer was yes or no.
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Speaker 2: He always equivocates. Not this time, and so this, I
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think if you're looking for something that's going to be interesting. J.
9:10
Powell's term doesn't expire until twenty twenty six. He's got
9:12
about a year and a half left. How does this
9:15
play out over the next year and a half in
9:17
terms of, you know, the relationship between him and President
9:21
elect Trump. I think that's going to be a real
9:24
interesting question. And I think, look, he obviously has worked
9:29
with him before. Trump was the one who first put
9:31
him in charge of the FED. So they do have
9:34
a working relationship. It's not something where he's sitting there like,
9:37
oh gee, I don't even know this guy, Like, no,
9:40
it's not that, But it's gonna be How has the
9:44
relationship evolved since Trump's first term and is different this time?
9:48
And I think this is going to be fascinating and
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really important also in terms of determining where things go
9:55
for the US from both a monetary and on a
9:58
related note, from a fiscal perspective. No day, So this
10:01
will be interesting. Let's take a quick break here. When
10:04
we come back, we're gonna be joined by Bill Mawoy.
10:07
He's a US Navy veteran and legislative advocate for the
10:10
dav Bill joins us right after this.
10:14
Speaker 1: Wall Street watch a full update on the markets performance
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todate weekdays at ten thirty only here on the Financial
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Exchange Radio Network. The Ultimate Boston Sports Option to benefit
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the Disabled American Veterans Department of Massachusetts is underway. You
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could win two tickets to see the Patriots take on
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the La Rams on November seventeenth. Two tickets to see
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Edmonton Oilers on Tuesday, January seventh, and four tickets to
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a twenty twenty five Red Sox home game. All that
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plus autographs merch from all four teams. To place your bid,
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call eight eight eight two oh five two two sixty three.
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Speaker 5: Yeah.
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proceeds will benefit the disabled American Veterans Department of Massachusetts.
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Now's your chance to support our great American heroes. Call
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eleven forty five this morning.
11:35
Speaker 2: As promised. We're now joined by Bill Maloyd. Bill is
11:38
a US Navy veteran and legislative advocate for the Davy
11:43
of Massachusetts.
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Speaker 5: Bill.
11:45
Speaker 8: How are you today, Good Jack, good morning. Great to
11:49
be on the show.
11:50
Speaker 2: Absolutely, it's fantastic to have you here. And again, I'm
11:53
just so excited about this event. It's it's one of
11:55
my favorite days each year to actually do this show.
11:59
Can you tell tell us a little bit about your
12:01
long career with the Navy and just how meaningful it
12:04
was for you?
12:07
Speaker 8: Sure, Ken. I mean, I'm a guy that grew up
12:09
in Situate, mass but raised my family nearby and nowell
12:14
Or I lived for twenty eight years and now I
12:16
live in Boston. I'm retired Navy captain with time in
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both the active reserve branches of the Navy, a total
12:23
of thirty five years total travel in the world. For
12:27
a little kid growing up and its situates, The Navy
12:31
took me to thirty five different countries in thirty five years.
12:35
It's easy to remember that just because how many countries
12:37
it is. It's so I got a chance to really
12:41
to learn more about, you know, not just myself, but
12:46
also about different cultures, different countries. It was a heck
12:50
of an opportunity.
12:51
Speaker 2: When you look at your thirty five years of service,
12:55
what are the certain programs or things that helped you stand,
12:59
they kind of stood out to you and kind of
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helped to really shape who you are today.
13:05
Speaker 8: Well, I think every sailor probably has a personal story
13:09
to tell. In mine is that I was fortunate enough
13:12
to have a very good sailor buddy who told me
13:15
before I left active service to copy my entire medical record.
13:20
And I'm like, really, he goes, yeah, believe me, You'll
13:23
you're going to thank me. So I did, and I
13:26
copied it, and that was the best advice I could
13:28
have ever received from anybody. I did copy my entire
13:32
medical record before I left active duty, and when I left,
13:37
I had trouble flyling claims. I had a right knee
13:40
problem I fell on the ship, and I also had
13:43
some hearing loss from being the officer deck of the
13:46
ship firing the guns and the missiles all the times
13:49
that we did, and just so happens. In Boston, I
13:51
bumped into Dan Stack, who at that time was the
13:55
State Adjutant, and told him of my plight, and he said,
13:59
we can help. So I joined the DAV and I've
14:03
never looked back. The DAV has been there for me
14:06
personally every step of the way. They helped me file
14:09
the claims for my right knee and the hearing loss,
14:13
and since I had a copy of my medical records,
14:16
they also looked through them and found a few other
14:18
things I was totally unaware of. So you know, since
14:22
that time, I've had my right knee replaced when there
14:24
was no other option, and I we're hearing aids that
14:27
I used constantly right now. And I never could have
14:30
done this by myself. So it was the DAV was
14:34
truly key and instrumental in me trying to straighten out
14:38
and get the filing the claims and get just compensate
14:43
compensation that I was due.
14:46
Speaker 2: Can you talk a little bit about your legislative advocacy
14:49
work and how that helps you to give back to
14:51
the DAV.
14:51
Speaker 8: Now, sure? I mean I was fortunate enough. My dad
14:56
was a lobbyist on Beacon Hill. He was actually one
14:59
of the first ones s guard back about nineteen fifty,
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so I kind of grew up at his knee, so
15:05
to speak, listening and meeting a lot of different politicians.
15:10
A lot of times it was on the golf course
15:12
because I was caddying for many notable politicians like Tip
15:17
O'Neil and Joe Moakley and a few others. So I
15:21
got a chance to see the interaction of my dad
15:25
and how a politician reacts to a lobbyist and so forth.
15:32
So after my time on active duty and my dad
15:35
asked me to join him, I did. And it was
15:41
that background and experience that watching my dad interact, that
15:45
I was able to capitalize that and take that over
15:48
to try and help the veterans, like the DAV in particular,
15:54
and help them pursue funds that were needed to they
15:58
have three homes out and Gardner and in Leminster, to
16:02
get funds to do the things they need to do
16:05
to accomplish their mission.
16:07
Speaker 2: If you had to, you know, say anything to any
16:10
veterans who might be listening now who might have questions
16:12
about the DAV and how they could potentially help them,
16:15
what would you say about, you know, how the DAV
16:18
has helped you, and why do you, you know, kind
16:21
of choose them out of all the different places that
16:24
you could have gotten assistance from.
16:27
Speaker 8: Sure, I mean you've heard my personal story, like I said,
16:30
and many sailors have their own personal story and soldiers
16:34
and airmen as well, of course, but the DAV deserves
16:37
our financial support to be able to continue those services,
16:41
to offer those services to fellow veterans like they did
16:44
for me. So I'm asking all veterans out there and
16:48
friends of the veterans, the police get jibbed generously so
16:53
that the dav can continue their mission and supporting our
16:56
veterans during this telethon, and you're helping to protect the
16:59
promise that was made long ago to always take care
17:02
of our veterans.
17:04
Speaker 2: Bill, I want to thank you for taking the time
17:06
to speak with us today, also obviously for your service
17:09
and for your continued support of the dav U. I
17:12
know there are plenty of people out there who appreciate that,
17:15
and so thank you so much for everything that you
17:18
have done and are continuing to do today.
17:20
Speaker 5: We certainly appreciate it.
17:23
Speaker 8: Thanks very much, Chuck.
17:25
Speaker 2: That is Bill malloy, a US Navy veteran and legislative
17:28
advocate for the dav of Massachusetts. Remember if you'd like
17:32
to support Disabled American Veterans Department of Massachusetts call nine
17:36
seven eight six three to two one nine eight five.
17:40
That number again is nine seven eight six three two
17:46
one nine eight five, or you can visit DAV five
17:49
K dot Boston. Don't forget the Ultimate Boston Sports Auction
17:53
as well. Talk there any changes in the top bid
17:56
on that right now.
17:57
Speaker 6: Current bid is at five thousand dollars in the bidline
18:00
is open through eleven forty five today.
18:03
Speaker 2: Perfect and that bidline is eight eight eight two zero
18:06
five two two six three and again that number if
18:09
you'd like to make a donation to the dav Department
18:12
of Massachusetts is nine seven eight six three two one
18:17
nine eight five, Or you can visit DAV five K
18:22
dot Boston. Mike, we've got about a minute before we
18:26
have to wrap up this segment here. What story do
18:29
you want to cover in a minute?
18:30
Speaker 4: Uh, the DAV five K that's happening tomorrow morning. It's
18:35
a good one. I'm gonna be there as will I.
18:37
Speaker 3: I think we've got maybe a dozen folks from Armstrong
18:40
who are going to attend, and it's sold out quite
18:44
a time ago. But uh, the event is held at
18:47
Castle Island in Boston. Every year it's been I don't know,
18:53
I'm sure we'll hear just how long it's been going on,
18:55
but an incredible event. One hundreds of people run in
18:57
the five K, some folks walking as well. There's boots
19:00
set up as food there's yeah, just a just an
19:03
incredible event every single year. I'm pretty sure I'm gonna
19:07
have the worst time for the five k amongst our group,
19:10
but excited nonetheless. And if you haven't been to it,
19:14
even if you're not registered and you want to go,
19:16
you know, check it out and attend.
19:18
Speaker 5: Come hang out.
19:19
Speaker 3: It's a it's a really fun place to be for
19:22
the day. So it looks like we're gonna get good
19:23
weather too, which I'm excited about.
19:25
Speaker 2: I'm gonna take a quick break here when we come back.
19:27
We're gonna be joined by Charlene Vancott. She's a dav
19:30
case manager and service operator and a decorated vetgan with
19:33
veteran with two tours to Afghanistan. She'll be joining us
19:36
in studio after this.
19:41
Speaker 1: Like us on Facebook and follow us on Twitter. Act
19:44
TFE show breaking business news is always first right here
19:49
on the Financial Exchange Radio Network. Time now for Wall Street.
19:54
Watch a complete look at what's moving market so far
19:57
today right here on the Financial Exchange Radio Network.
20:01
Speaker 6: Well, markets aren't positive Territory To wrap up the week,
20:03
one day after the FED slash interest rates by a
20:06
quarter point as expected, marking its second straight meeting of
20:09
cutting rates. Right now, the Dow is up by two
20:12
hundred and forty seven points, or just over half a percent,
20:15
SMP five hundreds up by a third of a percent,
20:18
and the Nasdaq is mostly flat edging higher. Russell two
20:21
thousand is up nearly a quarter of a percent, ten
20:24
year Treasureel down by six basis points at four point
20:27
two seven percent, and crude oil down nearly three percent,
20:31
trading just above seventy dollars a barrel. Nvidia Insure Williams
20:34
officially joined the Dow Jones Industrial Average this morning, replacing
20:38
Intel in chemicals company Dow. Meanwhile, shares in social media
20:43
company Pinterest down by fourteen percent after a beach street
20:46
expectations for the third quarter. However, it warned of higher
20:50
operating expenses, and Airbnb posted mixed quarterly results with higher
20:54
quarterly revenue as travel demand improved in North America. However,
20:58
earnings came up just of estimates that stock down by
21:02
nine percent. I'm Tucker Silvan, that's Wall Street Watch.
21:06
Speaker 3: So once again this year we are really proud to
21:08
support our Boston affiliate WRKO and the radiothon they're doing
21:12
to benefit the disabled American Veterans Department of Massachusetts. If
21:17
you would like to make your donation, you can call
21:19
the DAV five k dot. You can go to DAV
21:22
five k dot Boston, or you can call at nine
21:25
to seven eight six three two. Is that nineteen eighty
21:29
five or fourteen eighty five? Tucker can't read the writing
21:33
nineteen eighty five, nineteen eighty five read that. I can't
21:37
tell if it's a nine or four. I'm sorry, I
21:39
want to make sure it's right.
21:40
Speaker 6: Is that my chicken scratch?
21:41
Speaker 5: Yeah? Okay, yeah, yeah, sorry.
21:43
Speaker 3: In any case, we are now joined by Charlene Vancott.
21:47
She is a DAV care coordinator, service officer, and decorated
21:52
veteran with two tours of Afghanistan. Your military career, Charlene,
21:57
it began back in twenty twelve. You served in our
22:00
and during Freedom with two deployments in Afghanistan, and now
22:04
join a relatively small group, right. I mean, I was
22:08
trying to research what percentage of American veterans are female,
22:12
and I came up with about ten percent. So you're
22:14
in a fairly unique group of US veterans. Talk to
22:18
us about your time in the military and specifically you know,
22:22
serving as a female.
22:24
Speaker 7: Yeah, thank you for that. So it is a unique
22:27
opportunity to have. On my first deployment to Afghanistan, I
22:30
was twenty thirteen, so middle of you know, the conflict
22:34
over there and working with the Afghan National Army as
22:39
a female. You can imagine, based upon their cultural rules expectations,
22:44
some were not so open to having a female counterpart,
22:47
whereas there were others who would actually invite me to
22:51
sit down and partake in chai with them. So it
22:54
was very eye opening to understand that I would be
22:56
part of the changing of their culture and how it
23:00
is they want to move forward integrating females as respected
23:04
members of their society.
23:08
Speaker 3: When did you leave the military and can you talk
23:10
to me a little bit about that transition out of
23:13
the military and into civilian life.
23:15
Speaker 7: So I actually haven't transitioned yet. I am still actually
23:18
a drilling reservist. I just crested over fourteen years, just
23:23
got promoted to staff sergeant back in July. So careers
23:26
where I'm you know, where I'm looking to take forward,
23:29
looking for that twenty years, I'll probably do twenty one,
23:32
only to make sure I give them that full twenty
23:34
that they learn right might take back some, but yeah,
23:36
it's a great opportunity. I work for the training Battalion
23:40
out at Fort DEVNS. I'm an instructor. So what that
23:43
does is, you know, after two combat tours, thirteen years
23:47
of service, your body gets a little broken, but my
23:50
mind isn't. And so being able to take my knowledge
23:53
and my experience and pass that along to these upcoming
23:56
new soldiers that they can take forward. It really is
24:01
that reach backpoll one forward philosophy.
24:03
Speaker 3: So let's move forward here and talk about the dav
24:07
How did you first hear about the disabled American veterans
24:09
of Massachusetts.
24:10
Speaker 7: So after my first deployment, I was wounded and I
24:14
spent fifteen months at the Wounded Warrior Battalion at Fort Drum,
24:17
New York, rehabilitating. They were attempting to medically retire me
24:21
from the army, but I was too stubborn to let
24:24
that happen. I wanted to prove that broken crayons can
24:27
in fact still color. So I was able to prove
24:31
that I was still fully deployable, still mission capable. Returned
24:34
back home as a reservist, and in talking to members
24:37
of my community, someone said, you know, the troubles that
24:41
I had experienced and receiving the benefits and such. They said,
24:44
why don't you go over to DAV. You know, they're
24:47
behind the college and they'll help you out there.
24:49
Speaker 4: Had you even heard of them prior to that?
24:51
Speaker 5: Not really.
24:53
Speaker 7: You know, everybody always talks about the American Legion and
24:55
the PFW, which are great veterans service organizations, you know,
24:58
but I think DAV is of the best kept secrets
25:01
of the veteran service community.
25:02
Speaker 4: Well, let's not keep it a secret.
25:04
Speaker 3: So you are now working through the DAV in addition
25:07
to being active duty to the military, right now, talk
25:09
to me about that. Well, I'm sure you're busy first
25:13
and foremost, but talk to me about your role within
25:15
the DAV and how you help folks out.
25:17
Speaker 7: Yeah, so it's actually one of those blessings in disguise.
25:20
So when I did go to DAV, I walked in
25:22
and Mike was the claims officer who helped me, and
25:25
we kind of looked at each other and realized that
25:27
we actually knew each other from high school. And then
25:30
subsequently he was like, hey, come.
25:31
Speaker 4: You know, is that a good thing or a bad thing? Shirley.
25:34
It was a great thing. It really truly was.
25:35
Speaker 7: It kind of you know, brought back, you know, memories
25:38
of knowing who I was and how far I've come
25:40
in my adult life and career, to which then you know,
25:45
they offered me a position as a case manager, and
25:48
I was like, I don't really think that's my jam.
25:49
You know, I'm a I'm a firefighter, I'm a paramedic,
25:52
I'm a police officer. Like that's that's not really you know,
25:55
my thing. So last year, Kayla, the director reached out
26:00
and was like, hey, you know, I could really utilize
26:02
your medical background in our housing program. A lot of
26:06
these veterans don't really understand what they're being told medically,
26:09
you know, can you bridge that gap for me? To
26:12
which I came on board in a part time capacity
26:14
helping with that, and then as of August, you know,
26:18
I jokingly say that I drank the Kila juice and
26:22
really the Kala kool aid and really just embodied, you know,
26:26
being able to serve my fellow veterans because as someone
26:30
who faced the trials and the tribulations and coming home
26:34
with moral injury and PTSD and working through all that
26:38
and not having someone there to help me, I think
26:42
it's being able to be that person that I didn't
26:45
have for someone else.
26:47
Speaker 4: That's really fantastic.
26:48
Speaker 5: Charlene.
26:49
Speaker 3: I want to I want to leave with one other
26:51
item because we touched on it, but I think it
26:54
deserves a little bit more. Everyone out there has seen
26:57
different veterans service organizations, disabled veteran organizations. I've personally, you know,
27:04
looked at other ones, donate to other ones. You know,
27:05
it's been a part of other ones as well. And
27:08
I know you have too, And I would like your
27:10
perspective on that, because I know you belong to several
27:14
of these and are active in many of them. What
27:17
do you find so unique about the DAV and and
27:21
you know, again, if you can compare and contrast here
27:23
and exactly why it is so beneficial for funds to
27:27
go to DAV, that'd be great.
27:29
Speaker 7: So, as you mentioned, I do belong to several other
27:32
veteran service organizations, Combat Veteran Motorcycle Association, which is great.
27:36
I get to ride my motorcycle with other combat veterans
27:38
and veterans as a whole, and we get to raise
27:41
funds to give to organizations like the DAV American Legion VFW.
27:46
I belong to those because I think it is important
27:48
to have those institutions still remain. What separates the DAV
27:52
Department of Massachusetts from anyone else, I think is our
27:56
housing program. You know, we participate in the VA Transportation
27:59
Now work providing free rides to and from VA medical
28:03
appointments or VA directed medical appointments, which is nationwide. It's
28:06
a great feature to be able to offer veterans. But
28:10
our housing program, we're the only DAV in the country
28:13
that has this housing program. And what we're able to
28:16
do is we're able to take these veterans and sometimes
28:18
veterans with families or veterans with children who are otherwise
28:21
housing insecure or homeless, living in their cars, living and
28:28
stick built shacks in the woods, and we're able to
28:31
take them in and say, hey, this is your opportunity
28:34
to take a knee, drink some water. We got you,
28:38
and we're going to help you, and we're going to
28:39
give you the resources, and we're going to give you
28:40
the tools to rebuild your life and be able to
28:44
move forward from this program to have the life that
28:48
you want and that you deserve. You gave your time
28:51
and of yourself to this country, so the least that
28:54
we can do as an organization is give our time
28:57
to help further that.
28:59
Speaker 3: It's fantastic, it's something you should truly be proud of
29:03
and a continued great career. So Charlene, thank you so
29:06
much for joining us. Again, that's Charlene Vancott. She is
29:10
a DAV care coordinator, service officer and decorated active duty
29:16
Army member as well and speaking with us today about
29:20
her experience with the DAV. If that doesn't inspire you,
29:24
then I don't know what does. But again, we are
29:27
supporting the DAV all day to day alongside WRKO, and
29:31
if you would like to make your contribution or just
29:34
learn more, go.
29:35
Speaker 4: To DAV five k dot Boston. Again.
29:38
Speaker 3: That's DAV five k dot Boston and will be continuing
29:43
for the next hour and a little bit our conversations
29:46
with other members of the DAV and other folks with
29:49
experience with them. So thanks so much, Charlene, appreciate you
29:51
joining us. Let's take a quick break and we'll be
29:53
write back with more.
29:55
Speaker 1: The Financial Exchange streams live on YouTube. Like our page
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and stay up to date on breaking business news all
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morning long. This is the Financial Exchange Radio Network. Now's
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Speaker 5: Let's go.
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Speaker 1: Let's get that number up.
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Speaker 6: We're supposed to be the best fans in the country, right,
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let's go.
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Speaker 2: Let's talk a little bit about the FED moves yesterday
31:34
and how they impact individuals. So, Mike, the FED cut
31:38
interest rates by a quarter percent yesterday, and in terms
31:43
of what this is going to actually, you know, impact on,
31:48
you know, how this will work across different types of loans.
31:51
Let's start with credit cards, because this one's pretty easy.
31:54
Most credit card interest rates are tied either to the
31:57
FED funds rate or to an interest rate that's.
31:59
Speaker 5: Based off it.
32:00
Speaker 2: So what you should see is that credit card rates
32:03
should drop by a quarter percent pretty basically effective immediately, yep, okay,
32:09
or you know, depending on the contract I might say,
32:11
like the next billing statement or whatever.
32:14
Speaker 5: But that's something that you should see pretty quickly. There.
32:17
Speaker 2: When we talk about adjustable rate mortgages, if you have
32:22
an adjustable rate mortgage today. In some cases that adjust
32:27
rate might be based off of the FED funds rate.
32:30
It might be based off of the sofa rate or
32:34
something else like similar to that prime rate is crime rate.
32:37
And so again, those when they come up for their adjustment,
32:40
if they're coming up, you know in the next month
32:42
or two, they should be adjusting a quarter point lower
32:45
than they would have been. Otherwise, they still may be
32:47
adjusting higher than they were a year ago or seven
32:50
years ago, or whenever you took out the loaner, you know,
32:52
wherever you are in that contract.
32:54
Speaker 5: Yeah.
32:54
Speaker 3: So, for example, I've got a home equity line of
32:56
credit based on prime, and yesterday prime moved down by
32:59
a quarter of a It's still sitting at seven point
33:01
seven five percent, so still.
33:04
Speaker 4: Considerably higher than it was a few years ago.
33:06
Speaker 3: But if you have one of those types of adjusting
33:09
rates out there, then yeah, you're you're seeing that immediately
33:13
upon the FED moving.
33:14
Speaker 2: If you are looking for a mortgage right now, let's
33:17
say that you're in the market for a home or
33:19
maybe you're considering refinancing. The FED move yesterday does not
33:24
impact the rates that companies charge four mortgages in any
33:31
direct way. It has the potential to impact them directly.
33:34
But what we've seen thus far is since the FED
33:38
began cutting interest rates on September nineteenth, the national average
33:43
for the thirty year fixed rate mortgage, according to Mortgage
33:46
News Daily, has gone from let's see, we were at
33:50
about six point two then it's currently as of yesterday,
33:54
at six point nine to eight. So even though the
33:56
Fed is cut interest rates by three quarters of a percent,
34:00
the average thirty year fixed rate mortgage in that time
34:02
is actually up three.
34:03
Speaker 5: Quarters of a percent. Kind of a nice symmetry at least, right.
34:07
Speaker 4: Yeah.
34:07
Speaker 3: I was actually speaking with somebody yesterday who has an
34:12
outstanding line of credit and is also considering refinancing that,
34:17
and it's like, hmm, you see rates coming down, it's
34:20
moving down that rate on your line of credit that
34:23
you have sitting out there. Do you actually move over
34:26
to that fixed rate loan? What's that difference going to be?
34:28
How much is it going to be?
34:29
Speaker 5: In closed?
34:30
Speaker 3: It's a trickier conversation because what we've seen recently has been, Yeah,
34:34
equity line of credits, for example, have gotten cheaper, fixed
34:38
rate mortgages have gotten more expensive.
34:41
Speaker 2: So that's what we're seeing on the mortgage rate side
34:44
of things. Auto loans. Auto loans have been coming down
34:48
to touch over the course of this year. Here's the
34:51
thing with auto loans, it really depends credit quality. It's
34:56
credit quality and also the type of car that you're buying.
34:59
Used car loans are typically at a higher interest rate
35:02
than new car loans. And the other thing that you
35:04
got to keep an eye out for with new car loans, uh,
35:07
depending on the model. If companies have models that they
35:11
have excess inventory of, they typically offer pretty good financing incentives.
35:17
Even now, you can see if if you're in the
35:19
market for an EV SUV as an example, Oh yeah,
35:24
you're finding like there is if you've got good credit. Again,
35:27
like I'm not saying that you like you got to
35:29
qualify and everything. I'm seeing everything from like two percent
35:33
financing all the way down to zero point nine percent
35:36
financing depending on the particular vehicle. But those are if
35:39
you want an EV SUV. It's not if you want
35:43
a toy Unique Shopper or a Toyota Rev four or
35:47
a you know four f one fifty. You're not seeing
35:51
those kinds of deals because they can move that inventory.
35:54
Speaker 3: Indeed, yeah, I did see somebod again at zero percent
35:57
financing deal on a new car recently. So it does
36:00
still exist out there. You just got to find the
36:02
cars that nobody else wants at the moment.
36:04
Speaker 2: Savings accounts not let's move away from borrowing instead talk
36:07
about what you get paid on your deposits. Savings accounts.
36:11
Typically the rates on those drop pretty quickly once the
36:14
FED cuts rates.
36:15
Speaker 5: Yeah.
36:15
Speaker 3: I had somebody that was surprised about this, like, you know,
36:18
I was, you know, with this bank, and you know,
36:20
FED cut rates and they immediately cut the rate on
36:22
the savings account. I was like, yeah, that's that's exactly
36:25
how that works. This is this is not a CD.
36:27
You have no contract with them. I know you're impressed
36:30
with their advertisements getting you in there at the five
36:33
percent interest, but that is going to immediately come down
36:35
when the FED lowers rates. That that will not take
36:38
very long.
36:39
Speaker 5: So that's anything else that I didn't touch it. Oh,
36:43
student loans.
36:44
Speaker 2: Uh So student loans, when we talk about federal loans,
36:48
those interest rates are typically fixed for.
36:51
Speaker 5: The life of the loan.
36:53
Speaker 2: Uh if you are if you have a private student loan,
36:57
those rates can be fixed, in which case, look with
36:59
the Fed it doesn't change it, or they could potentially
37:02
be variable and so this may impact it. They're you know,
37:06
depending on when you took them out. Maybe you have
37:08
opportunities to refinance if your rates are lower now. But again,
37:13
for most people with student loans, the FED interest rate
37:18
move not making a change in the rate that is
37:22
charged on those at the moment.
37:24
Speaker 3: And by the way, you know, I know this sounds surprising,
37:27
but I'm out here, you know, doing a little bit
37:29
of research on you know, this is source from bank rate.
37:32
You are still seeing FDIC insured bank accounts paying over
37:36
four point seventy five percent interest. It's few and far between,
37:41
and I suspect that those are going to be moving down,
37:43
but those offers are still out there.
37:45
Speaker 5: Believe it or not.
37:46
Speaker 3: You just have to be very comfortable with the bank
37:48
that you will never meet anybody that works for them
37:51
because it's going to be entirely online.
37:54
Speaker 2: So that's what we are seeing out there in consumer
37:57
products as a result of the FED rate cut yesterday.
38:01
And again I feel like this is quite literally the
38:04
least followed FED meeting at least since I've been doing this,
38:08
so at least, you know, the last twelve thirteen years.
38:10
Let's take a quick break here. When we come back,
38:14
we got our two coming up for the dav Radio
38:18
fon again to donate called nine seven eight six three
38:21
two nineteen eighty five.