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The Ron Verb Show - 4pm Hour - Thursday, 08/20/26 · Ron Verb

• 0:01
  Speaker 1: Now, Ron Verb on NewsRadio 570 WKBN.
• 0:06
  Speaker 2: Back to it on NewsRadio 570 WKBN and Ron Verb.
• 0:10
  Speaker 2: Welcome one and all. It's 415 here on a Thursday afternoon.
• 0:13
  Speaker 2: 78 degrees. Nice to be with you. Legal show coming
• 0:17
  Speaker 2: your way at 5 being Thursday. John Arnold Money Talk
• 0:20
  Speaker 2: at 6. So much going on here today. I always
• 0:25
  Speaker 2: like to give people an update on the stock markets.
• 0:27
  Speaker 2: Everything is in the red today. The Dow's down 700 points.
• 0:33
  Speaker 2: The S & P' s down 66. NASDAQ's down 263. Russell's
• 0:38
  Speaker 2: down 40. I mean, everything is in the red. Says
• 0:41
  Speaker 2: Dow falls 600 points with stock losses increasing after a
• 0:45
  Speaker 2: Treasury plan to tamp down yields fails.
• 0:51
  Speaker 3: Hmm.
• 0:52
  Speaker 2: So nothing good there, the reports. You're on the air.
• 0:56
  Speaker 4: Ronald.
• 0:57
  Speaker 2: It's Ted the Conservative. How about those style? A bad
• 1:01
  Speaker 2: day in the market, Ted. You're worth less today than
• 1:03
  Speaker 2: you were yesterday.
• 1:04
  Speaker 4: Yeah, I have a lot of people that tell me that.
• 1:08
  Speaker 4: They don't mean it financially, though.
• 1:10
  Speaker 2: Yeah, I mean, it's just... It's really one of them days.
• 1:15
  Speaker 2: I mean, if you look at it, if I could just..
• 1:20
  Speaker 4: If you could opine.
• 1:21
  Speaker 2: Opine, yes. I mean, you take a look at the
• 1:25
  Speaker 2: bailout that we did for Japan, okay? So we bailed
• 1:29
  Speaker 2: out Japan just, what, two weeks ago or less than
• 1:33
  Speaker 2: two weeks ago because Japan has a trillion dollars in treasuries,
• 1:40
  Speaker 2: and Japan was going to cash in a substantial amount
• 1:42
  Speaker 2: of them because of some economic problems in their country.
• 1:46
  Speaker 2: If they did that, it would have created the treasuries
• 1:50
  Speaker 2: to go up as far as interest. So what we
• 1:55
  Speaker 2: did as a country was to bail them out to
• 1:59
  Speaker 2: prevent that from happening.
• 2:00
  Speaker 4: We're good at doing that for other countries, aren't we?
• 2:03
  Speaker 2: And then yesterday, the Treasury did this bit to tamp
• 2:08
  Speaker 2: down the yields on treasuries. Which is– it's a hard
• 2:13
  Speaker 2: thing to explain. It's hard to explain. It's like taking
• 2:17
  Speaker 2: a credit card balance and moving it to another credit card.
• 2:22
  Speaker 2: That's how I would equate it.
• 2:24
  Speaker 4: To try to keep– balance transfers.
• 2:28
  Speaker 5: Yeah.
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  Speaker 2: Trying to keep, I mean, there's a lot of juggling
• 2:31
  Speaker 2: going on that I've never, I've never really seen before.
• 2:35
  Speaker 2: I'm sure that I can recall.
• 2:38
  Speaker 4: I think you got to go back to 2007. I
• 2:40
  Speaker 4: think they said that yield is approaching or has approached
• 2:43
  Speaker 4: or surpassed the number back to the last recession we had,
• 2:48
  Speaker 4: which was 2007. I think I can't remember exactly what
• 2:51
  Speaker 4: I read, but I think that's what I read. Um, Yeah,
• 2:55
  Speaker 4: I mean, $ 40 trillion in debt. I mean, you get
• 2:59
  Speaker 4: to that point where you can no longer function and
• 3:05
  Speaker 4: provide the services that are required because all that money,
• 3:08
  Speaker 4: all that interest on that debt is out of your face.
• 3:13
  Speaker 6: Right.
• 3:14
  Speaker 4: I don't know where it ends or how it ends,
• 3:17
  Speaker 4: except that, you know, Congress needs to get off their
• 3:22
  Speaker 4: behinds and start doing their job a little bit here. Trump,
• 3:25
  Speaker 4: to his credit, tried to reduce the size of government,
• 3:27
  Speaker 4: tried to reduce spending. And we can go back to
• 3:30
  Speaker 4: our conversation I think you wanted to pick up the
• 3:32
  Speaker 4: other day from G2. Every time he's tried to do
• 3:36
  Speaker 4: these things to put cost reductions in place, the Democrats
• 3:39
  Speaker 4: have fought him. I mean, look what they did to
• 3:41
  Speaker 4: Elon Musk, you know? So we've become so politicized, the
• 3:51
  Speaker 4: extreme wings of the party. The Republicans... are just as
• 3:55
  Speaker 4: guilty as the Democrats. And the extremes of these parties
• 4:00
  Speaker 4: are now driving this political narrative where it's scary. For
• 4:07
  Speaker 4: the first time in my life, you usually figure, well,
• 4:10
  Speaker 4: you get a crazy president, Congress can balance them out.
• 4:13
  Speaker 4: You get extremists in Congress, you got the president, or
• 4:17
  Speaker 4: maybe the judicial branch that could stomp out anything. you know,
• 4:21
  Speaker 4: legislation that maybe is overreaching. But, man, I don't know.
• 4:25
  Speaker 4: I don't know where this goes, but it seems like
• 4:26
  Speaker 4: it's starting to spiral out of control. I don't know
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  Speaker 4: where it ends. The days have changed from just 20
• 4:36
  Speaker 4: years ago, you know.
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  Speaker 5: I don't know.
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  Speaker 3: I don't know, Ron.
• 4:40
  Speaker 4: I think we are headed for some rough times. And
• 4:43
  Speaker 4: my biggest concern, and I'll interject this because, I, going
• 4:49
  Speaker 4: back to our conversation the other day, I agreed with
• 4:52
  Speaker 4: both you and G2. I think one was talking, you
• 4:55
  Speaker 4: were talking apples, he was talking oranges. Yes, what he
• 4:59
  Speaker 4: said is factual. You know, you may not like G2,
• 5:02
  Speaker 4: you may not like his opinions, but I think you
• 5:04
  Speaker 4: have a hard time arguing his facts because he doesn't
• 5:07
  Speaker 4: misrepresent facts. And the facts on inflation are real. They're factual,
• 5:12
  Speaker 4: what he said. However, the political implications are far different
• 5:17
  Speaker 4: than what the facts are. People are hurting for obvious reasons.
• 5:24
  Speaker 4: If you deny there's an affordability crisis, then you're living
• 5:27
  Speaker 4: in an alternative universe. And it will have a huge
• 5:30
  Speaker 4: impact on elections now that this four-week excursion into the
• 5:36
  Speaker 4: straight has turned into a cluster. And I think where
• 5:42
  Speaker 4: it's going to hurt us most I don't know. I
• 5:45
  Speaker 4: still feel we're going to hold. I told you I
• 5:47
  Speaker 4: still feel we're going to hold on in Congress at
• 5:49
  Speaker 4: least one hour. But I think we're going to now
• 5:54
  Speaker 4: feel a ripple of that wave at our state government
• 5:58
  Speaker 4: and our local government. Because the only people, most people
• 6:03
  Speaker 4: feel the only impact their vote has is at the
• 6:06
  Speaker 4: local level. So I think you're going to see a
• 6:08
  Speaker 4: motivated group of people who associate with the progressive wing
• 6:12
  Speaker 4: of the Democrat Party come out to vote. You're going
• 6:15
  Speaker 4: to have the moderate wing of that party come out
• 6:18
  Speaker 4: to vote. And independents are going to come out to vote.
• 6:21
  Speaker 4: Republicans as a whole are disappointed in Donald Trump. They're
• 6:26
  Speaker 4: not motivated to vote. The Vakes doesn't motivate anyone. So
• 6:31
  Speaker 4: I think we're in for big trouble at the local level.
• 6:35
  Speaker 4: I think it's going to be really, really hard for
• 6:38
  Speaker 4: candidates to win at the local and state level, they're
• 6:40
  Speaker 4: going to have to work really hard. They're going to
• 6:41
  Speaker 4: have to get out and beat pavement and get their
• 6:45
  Speaker 4: message out.
• 6:47
  Speaker 2: Wow. Stand by. I want to react to that. Then
• 6:49
  Speaker 2: I'll take more calls coming up. 422 in the afternoon.
• 6:52
  Speaker 2: Ron Ferb, NewsRadio 570. You're one WKBN. Back to it.
• 7:00
  Speaker 2: I'll tell you, Ted, I just don't. There's a couple
• 7:03
  Speaker 2: of things. I don't see a good way out of
• 7:05
  Speaker 2: this situation in Iran. I just don't see it at all.
• 7:11
  Speaker 2: As I've said, not with his leadership.
• 7:12
  Speaker 4: That's for sure. Not with the decision making we've seen
• 7:15
  Speaker 4: from him.
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  Speaker 2: I mean, I've just said it time and time again.
• 7:18
  Speaker 2: He got us into this mess. He owns it. He
• 7:21
  Speaker 2: broke it. He has to take blame or credit for it.
• 7:25
  Speaker 2: It has created major problems as far as oil shortages,
• 7:29
  Speaker 2: big problems going on with diesel fuel and jet fuel
• 7:33
  Speaker 2: and increased cost and inflation. You can't sit there and
• 7:38
  Speaker 2: blame it on Biden. He owns all of that. And
• 7:40
  Speaker 2: that is affecting a lot of people. It is the
• 7:43
  Speaker 2: number one thing people are concerned about and talking about.
• 7:46
  Speaker 2: And they say it's one of the reasons why you're
• 7:49
  Speaker 2: starting to see some of these people go in a
• 7:51
  Speaker 2: Democrat direction and some of the socialism stuff, younger people,
• 7:55
  Speaker 2: because they feel capitalism has failed them so much because
• 7:58
  Speaker 2: they're doing OK, but they can't afford anything. So and
• 8:02
  Speaker 2: they're saying they.
• 8:02
  Speaker 4: Can't afford rent. They can't afford food. They can't afford gas.
• 8:06
  Speaker 3: Right.
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  Speaker 4: I mean, you know what else, too, which doesn't make
• 8:08
  Speaker 4: sense to me. I'll add this to about gas. You know,
• 8:10
  Speaker 4: lately I come by this Love's truck stop a lot
• 8:13
  Speaker 4: out on Route 7 Market Street coming from Columbia, and
• 8:17
  Speaker 4: they have anchored gas prices really low amongst the Pilot,
• 8:20
  Speaker 4: the Speedway, there's a BP out there. They're always, like today,
• 8:24
  Speaker 4: they're under $ 4. 93, I think. Columbia, this morning, was $ 3. 93.
• 8:29
  Speaker 4: But then, like last night, I was out in Austin town,
• 8:31
  Speaker 4: and it's $ 4.
• 8:32
  Speaker 3: 25, $ 4. 30.
• 8:33
  Speaker 4: It doesn't make sense.
• 8:34
  Speaker 3: The pricing..
• 8:35
  Speaker 4: There's a big disparity at the pump, and that raises
• 8:38
  Speaker 4: some flags as to why. I don't understand that.
• 8:41
  Speaker 2: Yeah, it doesn't make sense. I agree with you on that.
• 8:44
  Speaker 2: Or even if you go from area to area. I mean,
• 8:47
  Speaker 2: if you go from county to county, it doesn't make sense. But,
• 8:50
  Speaker 2: I mean, these are big moves. You know, when you're
• 8:52
  Speaker 2: doing this deal to bail out Japan, when you're doing
• 8:55
  Speaker 2: this buyback that they're doing, there's a lot of money
• 9:00
  Speaker 2: stuff going on, which are not good signs to me.
• 9:05
  Speaker 4: I think Trump has really hurt himself.
• 9:07
  Speaker 2: Oh, so do I.
• 9:09
  Speaker 4: And the history books will not look kindly on him.
• 9:12
  Speaker 4: I think they will look at COVID and a lot
• 9:14
  Speaker 4: of the blame that we're now living under. You know,
• 9:18
  Speaker 4: COVID really wrecked the world. I'm not blaming Biden. I'm
• 9:21
  Speaker 4: not saying Biden and Trump aren't to blame for the economics,
• 9:24
  Speaker 4: but COVID really put us behind the eight ball. And
• 9:27
  Speaker 4: you can look back now at maybe some of the
• 9:28
  Speaker 4: decisions that were made in 2020 that set us on
• 9:31
  Speaker 4: this course. Trump was president, right?
• 9:34
  Speaker 3: Trump was president.
• 9:35
  Speaker 4: He owned COVID, all the COVID stuff he owned, the vaccinations, everything.
• 9:40
  Speaker 7: And now you look at this.
• 9:41
  Speaker 4: Where he starts getting his shit going in the right direction,
• 9:44
  Speaker 4: and he makes a decision to do something with Iran,
• 9:48
  Speaker 4: but then he doesn't execute his plan. He says it's
• 9:51
  Speaker 4: going to be about a four-week operation. Guess what? We're
• 9:55
  Speaker 4: in another forever war.
• 9:58
  Speaker 2: Well, the story just keeps changing. Oh, you know, they
• 10:00
  Speaker 2: want to make a deal. They want to make a deal.
• 10:03
  Speaker 2: We've destroyed them militarily. We've done all this bombing. We're
• 10:06
  Speaker 2: going to do more bombing. Well, now we're not doing
• 10:08
  Speaker 2: any more bombing. Now we're going to get them economically.
• 10:11
  Speaker 2: I mean, everything just keeps changing. It's just..
• 10:16
  Speaker 4: Which tells you there was no plan, I guess. I
• 10:18
  Speaker 4: have to admit that I always gave him credit and thought,
• 10:21
  Speaker 4: you know what, he's got to know what he's doing.
• 10:23
  Speaker 4: But maybe you guys are right. Maybe there was no plan.
• 10:26
  Speaker 4: I don't know. But the execution of the plan, if
• 10:29
  Speaker 4: there was a plan, the execution is failed. And I
• 10:34
  Speaker 4: think he'll be known for that. He won't be known.
• 10:36
  Speaker 4: None of the good things he did or has done
• 10:40
  Speaker 4: in the past will be remembered. People are going to
• 10:43
  Speaker 4: remember this COVID with the decisions made during COVID that
• 10:46
  Speaker 4: affected everyone's lives, even though maybe Fauci was behind it,
• 10:50
  Speaker 4: President was Trump. And even though Biden built up this
• 10:57
  Speaker 4: inflation that was compounded and got us to where we
• 10:59
  Speaker 4: are today, Trump promised on day one he would lower prices.
• 11:04
  Speaker 8: It makes life important.
• 11:07
  Speaker 2: Carful is right. It's the economy. Thank you, Ted. Back
• 11:10
  Speaker 2: in a minute. News Radio 570 WKVN.
• 11:13
  Speaker 6: Another construction hotel in Elyria that was gutted by fire
• 11:18
  Speaker 6: will be rebuilt.
• 11:20
  Speaker 2: Tom Moore gives us the details.
• 11:22
  Speaker 9: The general manager of the Home 2 Suites by Hilton
• 11:25
  Speaker 9: Hotel in Elyria, which was to have opened this fall,
• 11:28
  Speaker 9: told the Elyria Chronicle-Telegram they will not let the fire
• 11:32
  Speaker 9: stop them. Hotel manager Jessica Nichols says there's a lot
• 11:35
  Speaker 9: of questions and speculation about that fire, which broke out
• 11:38
  Speaker 9: on Monday morning. Elyria's fire chief says they and the
• 11:41
  Speaker 9: state fire marshal are still looking for a cause for
• 11:44
  Speaker 9: the fire that gutted that new hotel.
• 11:47
  Speaker 2: I'm Tom Moore.
• 11:48
  Speaker 6: And a Lorain County man will spend the next three
• 11:50
  Speaker 6: decades behind bars for a road rage shooting last year.
• 11:53
  Speaker 6: Nicholas DeJesus was sentenced yesterday to 31 to 32 and
• 11:56
  Speaker 6: a half years in prison for a May 2025 incident
• 11:59
  Speaker 6: on Levitt Road in Amherst Township that left a 32-year-old
• 12:02
  Speaker 6: woman seriously injured.
• 12:04
  Speaker 2: I'm Brady Hopkins.
• 12:17
  Speaker 1: Now, Ron Verb on News Radio 570 WKBN.
• 12:23
  Speaker 2: All right, so 431 in the afternoon, Thursday, August 20th,
• 12:27
  Speaker 2: 76 degrees, and welcome. Hello there.
• 12:31
  Speaker 5: Good evening, Ron. How are you?
• 12:32
  Speaker 2: I am doing well. It's G2. Caller, stand by. We'll
• 12:37
  Speaker 2: get to you. All right, comment, please.
• 12:41
  Speaker 3: Well, I think a lot of what Ted just said
• 12:42
  Speaker 3: is some of it's correct, some of it's not, but
• 12:46
  Speaker 3: And I don't want to get down into that, but
• 12:47
  Speaker 3: there are a couple of things that are really important
• 12:50
  Speaker 3: right now that you've been hitting hard. One of these
• 12:52
  Speaker 3: flock cameras. And then there was a comment I picked
• 12:56
  Speaker 3: up last week on the legal show that I think
• 12:59
  Speaker 3: might be interesting for you guys to explore today. So
• 13:02
  Speaker 3: hitting that quickly. There's one thing, one economic thing that
• 13:06
  Speaker 3: we have a right to under the terms of the Constitution,
• 13:10
  Speaker 3: right within the Constitution, which is the right to legal representation.
• 13:14
  Speaker 3: And I heard on the legal show they were complaining
• 13:17
  Speaker 3: about capitalism, you know, and how it needs to be
• 13:20
  Speaker 3: checked and countered and controlled and set. And it brings
• 13:24
  Speaker 3: to mind one of the biggest problems we have as
• 13:26
  Speaker 3: a nation, which is this four-tiered legal system, right, where
• 13:30
  Speaker 3: if you're wealthy and you're a leftist globalist, you can
• 13:34
  Speaker 3: basically do whatever you want, go to an island, rape kids,
• 13:36
  Speaker 3: doesn't matter. If you're wealthy... you're doing pretty well. You
• 13:40
  Speaker 3: can buy the right representation and work your way through
• 13:44
  Speaker 3: legal issues. If you are not wealthy but you're a leftist,
• 13:48
  Speaker 3: you're probably going to be okay. You remember when Kamala
• 13:50
  Speaker 3: Harris was bailing people out of jail for burning cities.
• 13:54
  Speaker 3: And if you're just a regular citizen, you're screwed because
• 13:57
  Speaker 3: you don't have the political cover and you don't have
• 13:59
  Speaker 3: the money. One of the ways that capitalism has failed
• 14:03
  Speaker 3: us is by allowing unchecked increases in legal fees. And that's,
• 14:08
  Speaker 3: I think, really affecting our Sixth Amendment right to equal
• 14:12
  Speaker 3: representation under the law. So I think, going back to
• 14:15
  Speaker 3: what the attorneys were saying, I think they're correct. The
• 14:18
  Speaker 3: government must step in and regulate legal fees. Now, in
• 14:22
  Speaker 3: my mind, I think to make it fair and accessible
• 14:24
  Speaker 3: to everybody, legal fees should be set at about $ 75
• 14:28
  Speaker 3: an hour and maybe allow them like a $ 25 administrative
• 14:32
  Speaker 3: cost because they have to have... you know, offices and things.
• 14:36
  Speaker 3: And that would come into about $ 100 an hour, which
• 14:38
  Speaker 3: is maybe what you pay for a mechanic. And people,
• 14:41
  Speaker 3: you know, everybody has to buy auto service. So I'm
• 14:44
  Speaker 3: just coming back to the comment that capitalism is out
• 14:47
  Speaker 3: of control and has to be checked. And I think
• 14:48
  Speaker 3: the one place to do that is where the Constitution
• 14:51
  Speaker 3: guarantees you a right to an economic good, which is
• 14:55
  Speaker 3: legal representation. And that's where the government can step in
• 14:59
  Speaker 3: and fix what capitalism has done. failed to successfully control
• 15:04
  Speaker 3: legal fees. So I think that would be something that
• 15:08
  Speaker 3: Beatrice might find an interesting discussion. And, you know, as
• 15:12
  Speaker 3: opposed to something like pretending somehow that health care is
• 15:15
  Speaker 3: not an economic good or the government should be setting
• 15:19
  Speaker 3: your rent or deciding, you know, how much company should
• 15:23
  Speaker 3: pay its employees. That's just not the role of government.
• 15:27
  Speaker 3: But legal representation is a constitutionally protected right.
• 15:33
  Speaker 2: I detect folks, is it me, or do I detect sarcasm, folks?
• 15:37
  Speaker 2: Let me get out my sarcasm meter. Okay, go ahead.
• 15:40
  Speaker 3: But these guys are going to complain about capitalism because
• 15:44
  Speaker 3: they're hardcore Democrats, big government leftists.
• 15:46
  Speaker 2: Fine.
• 15:47
  Speaker 3: But they should go first. Let their market be the
• 15:51
  Speaker 3: one that's controlled. It is literally the only thing we're
• 15:54
  Speaker 3: entitled to under the Constitution.
• 15:56
  Speaker 2: The interesting thing was they were doing some analysis of
• 15:58
  Speaker 2: the elections just the other day. Where they're saying, okay,
• 16:03
  Speaker 2: some of this Democrat socialism, it's not just in some
• 16:06
  Speaker 2: of these wacky areas like they thought, including with this
• 16:08
  Speaker 2: woman's win in Florida, they're saying. Now, the general, that's
• 16:12
  Speaker 2: a whole different story. But they're saying, guess what? They spent, what,
• 16:16
  Speaker 2: all this money in the Democrat socialist wins? And once again,
• 16:20
  Speaker 2: the people are saying, we better pay attention as to
• 16:23
  Speaker 2: why people are voting, many of them young people, in
• 16:26
  Speaker 2: that direction instead of insulting them by name-calling them. Why
• 16:30
  Speaker 2: do they feel that capitalism isn't working for them? And
• 16:34
  Speaker 2: when they started doing some interviews, that was what they
• 16:36
  Speaker 2: were saying, that capitalism..
• 16:38
  Speaker 3: And it's exactly right. And one of the reasons people
• 16:41
  Speaker 3: are voting in this way is because people that are
• 16:43
  Speaker 3: viewed as smart or intelligent or experienced are running around
• 16:47
  Speaker 3: pretending that somehow capitalism is the system we're in right now,
• 16:51
  Speaker 3: and somehow it has to be curtailed as long as
• 16:53
  Speaker 3: it doesn't affect their personal income. It's these really poor analyses, these...
• 16:59
  Speaker 3: these really false analyses that are telling these kids, hey,
• 17:04
  Speaker 3: capitalism is A, what we have, and B, must be checked.
• 17:07
  Speaker 4: Both are wrong.
• 17:09
  Speaker 3: We don't live in a capitalist system. We haven't for
• 17:10
  Speaker 3: some time. And if you think the government can set
• 17:15
  Speaker 3: things like wages, if you think the government can set
• 17:18
  Speaker 3: things like the value of medical care, you certainly have
• 17:22
  Speaker 3: to believe the government can decide how much an attorney
• 17:24
  Speaker 3: should get paid to defend you in court so that
• 17:26
  Speaker 3: the advantage the billionaire has of a literal violation of
• 17:30
  Speaker 3: our Sixth Amendment protections, that that advantage can be eliminated
• 17:34
  Speaker 3: and Joe Mainstreet gets the same service the billionaire gets.
• 17:38
  Speaker 2: And today we're looking at big down markets. They say
• 17:43
  Speaker 2: that U.S. Treasury Secretary Scott Bessett announced plans to double
• 17:46
  Speaker 2: government debt buybacks of long-term bonds. to at least $ 4
• 17:50
  Speaker 2: billion per operation starting on September 9th. And so they
• 17:56
  Speaker 2: are saying, I'm just giving you, well, here's what they're saying.
• 18:00
  Speaker 2: Let's see. I go back. It says Dow falls. Stock
• 18:04
  Speaker 2: losses increasing after Treasury plan to tamp down yields fails.
• 18:08
  Speaker 2: You had the bailout of Japan with the yen. Basically,
• 18:14
  Speaker 2: there's not a lot of good economic news, is what
• 18:17
  Speaker 2: they're saying. Worldwide, incidentally, not just U.S. First of all, yeah, Japan.
• 18:23
  Speaker 3: Is having a real problem because they artificially suppressed interest
• 18:26
  Speaker 3: rates were so long that they weakened the yen so
• 18:28
  Speaker 3: badly that people began to have this sort of carry
• 18:32
  Speaker 3: trade in the yen. And they're now seeing these yields
• 18:36
  Speaker 3: go up. They're really in trouble. It was a brilliant
• 18:38
  Speaker 3: move by the cent to sell euros and buy yen
• 18:43
  Speaker 3: to try to prop that up. I mean, the way
• 18:45
  Speaker 3: they executed that trade was actually quite smart.
• 18:47
  Speaker 2: And like it said on my site here though they
• 18:51
  Speaker 2: said there's some selfishness done for this because they japan
• 18:55
  Speaker 2: has over a trillion dollars in in our debts they
• 18:58
  Speaker 2: finance of our debt and they did not want them
• 19:01
  Speaker 2: selling that off or trying if you will doing away
• 19:04
  Speaker 2: with that they thought that would really spike interest rates Yeah, it's.
• 19:07
  Speaker 3: Like $ 1. 2 trillion or something. They've had about the same
• 19:10
  Speaker 3: amount for a very long time. They sold down from,
• 19:13
  Speaker 3: I don't know, 15 to 21 or something, and then
• 19:16
  Speaker 3: peaked again in 21 and then sold back down. So
• 19:18
  Speaker 3: their holdings of U.S. government treasuries have been somewhat stable,
• 19:22
  Speaker 3: I mean, up and down periods, but somewhat stable over
• 19:24
  Speaker 3: these last couple of decades. But then selling, of course,
• 19:29
  Speaker 3: would drive up yields. You've also got these AI companies
• 19:32
  Speaker 3: issuing huge amounts of debt, and that's taken a lot
• 19:35
  Speaker 3: of capacity out of the debt markets. Believe it or not,
• 19:38
  Speaker 3: they're actually needing so much capital for these projects that
• 19:42
  Speaker 3: they're affecting the available capital in the debt market.
• 19:46
  Speaker 2: Well, that's interesting. I'll get to that. But, I mean,
• 19:51
  Speaker 2: basically what they're saying is they didn't want Japan– from
• 19:54
  Speaker 2: a selfish interest, they're saying they didn't want Japan to
• 19:57
  Speaker 2: get rid of their trillions in financing of debt– Because
• 20:02
  Speaker 2: it would raise interest rates, and by doing this, we
• 20:06
  Speaker 2: prevented that from happening. So we had some interest in
• 20:09
  Speaker 2: that as a country as well. But they say this
• 20:13
  Speaker 2: bond buyback thing is not going well, and the market
• 20:19
  Speaker 2: is dropping big time as a result of that.
• 20:24
  Speaker 3: Okay, so listen, to buy back bonds in a meeting,
• 20:26
  Speaker 3: first of all, the way to stop all this is
• 20:28
  Speaker 3: simply to stop deficit spending. so we don't have to
• 20:31
  Speaker 3: fund this government debt, right? They're buying back, what did
• 20:35
  Speaker 3: you say, $ 400 billion, something? This year, we're going to
• 20:39
  Speaker 3: issue probably, I don't know, $ 14 trillion of debt because
• 20:44
  Speaker 3: we have to refinance a lot of debt and we
• 20:47
  Speaker 3: have to issue new debt. So let's say we're going
• 20:49
  Speaker 3: to issue $ 14 trillion. Like two years ago, it was
• 20:51
  Speaker 3: $ 11 trillion. It keeps going up because we keep doing more. Well,
• 20:54
  Speaker 3: that means we also have to increase yields because the
• 20:56
  Speaker 3: market demands greater yields now. And so our interest burden
• 21:00
  Speaker 3: is going up. I mean, this is a catastrophe we've
• 21:03
  Speaker 3: talked about forever.
• 21:04
  Speaker 10: And who's responsible?
• 21:06
  Speaker 3: Well, it's Congress. You know, they could have passed the big,
• 21:08
  Speaker 3: beautiful bill without putting a $ 5 trillion bribe on it,
• 21:12
  Speaker 3: but they didn't. They said, we're going to increase the
• 21:15
  Speaker 3: federal debt, not definitely the federal debt, by 5 point,
• 21:19
  Speaker 3: let's just say $ 5 trillion over 10 years. in exchange
• 21:24
  Speaker 3: for giving you a small piece of the America First agenda.
• 21:27
  Speaker 3: And then after that, by the way, we're not going
• 21:29
  Speaker 3: to do anything else for you people, because we don't
• 21:31
  Speaker 3: work for you. This is an addiction to spending that
• 21:35
  Speaker 3: Republicans and Democrats in Congress have. It's both parties. Neither
• 21:39
  Speaker 3: of these two parties is uniquely responsible. They are collectively
• 21:42
  Speaker 3: guilty of this vast crime against the American people, and
• 21:46
  Speaker 3: that's what it is. Where's this money going? It's being stolen.
• 21:51
  Speaker 3: So this is catastrophic, this $ 40 trillion. We've talked, you
• 21:54
  Speaker 3: and I have talked about this literally for years. I
• 21:57
  Speaker 3: started saying $ 40 trillion, I don't know, a year ago.
• 22:00
  Speaker 3: I said, I'm just rounding up. I don't care. I mean,
• 22:03
  Speaker 3: we're there. There's nothing we could do to stop from
• 22:05
  Speaker 3: getting to $ 40.
• 22:06
  Speaker 2: So I'm going to.
• 22:07
  Speaker 3: Start down using $ 45.
• 22:09
  Speaker 2: If the chickens have come home to roost to a
• 22:11
  Speaker 2: certain extent, you know, everyone talks about the Fed raising
• 22:15
  Speaker 2: interest rates. Well, guess what? Interest rates are going up,
• 22:18
  Speaker 2: they're saying, because of the amount of money government's borrowing
• 22:21
  Speaker 2: and AI is borrowing. So supply and demand interest rates
• 22:24
  Speaker 2: are going up. It has nothing to do with the Fed.
• 22:26
  Speaker 2: That's not good for Joe Bag of Donuts at all.
• 22:29
  Speaker 2: This bond yield thing has not worked out so good
• 22:34
  Speaker 2: in Japan. If you take a look at the economic situation,
• 22:37
  Speaker 2: somewhat globally, incidentally, there's not a lot of good news
• 22:40
  Speaker 2: going on. I mean, it's not a good time.
• 22:43
  Speaker 3: So I would set aside the whole bond buyback. It's
• 22:45
  Speaker 3: not significant. It's not a meaningful thing. They're not buying
• 22:50
  Speaker 3: back $ 4 trillion worth of debt. That would have a
• 22:53
  Speaker 3: massive impact. So if you're buying back $ 4 billion and
• 22:56
  Speaker 3: issuing $ 14 trillion, that's not meaningful. So I just ignore
• 23:02
  Speaker 3: that entirely. We are issuing huge amounts of debt because
• 23:06
  Speaker 3: the government keeps spending. That spending is driving inflation. And
• 23:10
  Speaker 3: believe me, I know everybody's freaked out about this war
• 23:12
  Speaker 3: in Iran. The reason I keep trying to get everybody
• 23:14
  Speaker 3: level set on the actual facts of what's going on
• 23:16
  Speaker 3: with inflation is because the money is the problem. If
• 23:20
  Speaker 3: they were not deficit spending and financing that deficit with
• 23:24
  Speaker 3: trillions and trillions of dollars, we wouldn't have an inflation
• 23:28
  Speaker 3: problem or no war. That's just what it is. That's
• 23:31
  Speaker 3: the reality of it. You know, you're issuing $ 14 trillion
• 23:35
  Speaker 3: of debt in an interest rate environment that's rising. Now,
• 23:38
  Speaker 3: the Fed could help with interest rates. But they won't
• 23:42
  Speaker 3: because they're concerned about already having created bubbles. I mean,
• 23:46
  Speaker 3: this market is so manipulated by our central planners at
• 23:49
  Speaker 3: the Fed and at the government who plan everything in
• 23:53
  Speaker 3: our economy now. We are a centrally planned economy. This
• 23:56
  Speaker 3: is not capitalism. You don't have $ 2. 5 trillion or $ 3
• 23:59
  Speaker 3: trillion deficits or even a trillion-dollar deficit in a capitalist economy.
• 24:04
  Speaker 3: You don't have regulations deciding whether or not a farm
• 24:07
  Speaker 3: is used for cattle or a solar energy project. You
• 24:11
  Speaker 3: don't have the government deciding that in a capitalist economy.
• 24:14
  Speaker 3: We aren't living in capitalism. What's failing us is that
• 24:18
  Speaker 3: we have shifted so far toward the Sovietization of our economy.
• 24:23
  Speaker 3: that people can't survive. Why are we bringing in, by
• 24:26
  Speaker 3: the way, labor to drive down wages while we implement
• 24:29
  Speaker 3: regulations and federal spending that drives up costs?
• 24:32
  Speaker 2: I don't know. You can't go all over the board
• 24:35
  Speaker 2: here on this. I mean, I'm just scrolling through CNBC today.
• 24:39
  Speaker 2: I mean, they're talking about the price of a barrel
• 24:42
  Speaker 2: of oil. They're just talking about current events. as to
• 24:48
  Speaker 2: what's driving a lot of this. I mean, some of
• 24:50
  Speaker 2: the analysts are on it. The bottom line is it's
• 24:53
  Speaker 2: a bad day if you're in the market. Let's hope
• 24:55
  Speaker 2: for a better day tomorrow. I mean, every single thing
• 24:58
  Speaker 2: is in the red.
• 24:59
  Speaker 3: Both of those analysts are political in their nature.
• 25:02
  Speaker 2: I'm not going to say that. Listen, they have their opinion.
• 25:06
  Speaker 2: It might be different than yours, but don't disregard it
• 25:08
  Speaker 2: as they're all political. Some of them are financial guys,
• 25:11
  Speaker 2: and they're not political. They're just trying to decipher this
• 25:13
  Speaker 2: kind of stuff. I don't go along with that. I mean,
• 25:16
  Speaker 2: I read a lot of what they have to say,
• 25:18
  Speaker 2: and you don't disregard, oh, they're all political. No, I
• 25:21
  Speaker 2: think they're political about a lot of things.
• 25:22
  Speaker 3: I don't disregard all of them, but you've got traders
• 25:24
  Speaker 3: who talk their book, and you've got political people.
• 25:27
  Speaker 2: All right, well, then we can, you know, it's like saying, well,
• 25:30
  Speaker 2: then your opinion's all political. Don't dismiss people's opinions because
• 25:34
  Speaker 2: you disagree with them on that kind of stuff.
• 25:36
  Speaker 3: But you can't pretend that you can't possibly be thinking
• 25:39
  Speaker 3: that suddenly corporate media has become objective.
• 25:43
  Speaker 2: I'm saying to you, I think some of these analysts
• 25:45
  Speaker 2: deserve to be read and listened to on their analysis
• 25:48
  Speaker 2: of it. I don't think they're all political or have
• 25:50
  Speaker 2: a bone to pick with Trump or Biden or anyone else.
• 25:53
  Speaker 2: I think that they're analyzing the market and what's going on.
• 25:56
  Speaker 3: So I don't listen to most of those people.
• 25:58
  Speaker 2: Well, I do. And I don't think the number is
• 26:01
  Speaker 2: small when they're talking about the situation in Japan, when
• 26:05
  Speaker 2: they're talking about this tamping down the bond yields, and
• 26:10
  Speaker 2: when they're talking about oil. I mean, they're not talking
• 26:13
  Speaker 2: about anything in politics. They didn't even mention the debt
• 26:16
  Speaker 2: as we were reading this. They're not saying, well, we
• 26:18
  Speaker 2: should have done this or could have done this. They're
• 26:20
  Speaker 2: talking about what's going on today for traders today. I
• 26:24
  Speaker 2: don't know where else– To go with that.
• 26:26
  Speaker 3: Well, the problem is, yeah, I've listened to these guys
• 26:28
  Speaker 3: for years, so I've seen them in and out of
• 26:29
  Speaker 3: cycles and up and down different administrations. Very few of
• 26:32
  Speaker 3: these people actually are objective and give you the real
• 26:34
  Speaker 3: information that you need to make decisions. But that said,
• 26:38
  Speaker 3: of course, some are good. You know, E.J. Antoni's called
• 26:41
  Speaker 3: your show. He's excellent. He tells you exactly what's going
• 26:46
  Speaker 3: on as he sees it. You know, there are a
• 26:49
  Speaker 3: couple out there.
• 26:49
  Speaker 5: Peter St.
• 26:50
  Speaker 3: Onge is very good. He gives you just clear-eyed analysis.
• 26:57
  Speaker 3: But I wouldn't look at NBC as a source of
• 27:01
  Speaker 3: economic data.
• 27:03
  Speaker 2: Well, I tell you, there's where the ticker is today.
• 27:06
  Speaker 2: All right, so let me grab some of these calls.
• 27:08
  Speaker 2: You're on the air.
• 27:09
  Speaker 10: Hello.
• 27:09
  Speaker 2: We're going to get through you as quick as we can, callers. Hello.
• 27:12
  Speaker 3: Go ahead. Hey, Ron. How are you doing, G2? Good.
• 27:16
  Speaker 3: Go ahead.
• 27:16
  Speaker 10: What happens when– so you've got this $ 40 trillion, and
• 27:20
  Speaker 10: you've got these unfunded liabilities. What happens when, you know,
• 27:24
  Speaker 10: that bill becomes due?
• 27:25
  Speaker 3: Yeah. Well, when the unfunded liabilities become due, we can't
• 27:31
  Speaker 3: meet them. That's the problem.
• 27:34
  Speaker 11: I mean, I think..
• 27:34
  Speaker 10: Is it going to be hyperinflation?
• 27:38
  Speaker 3: Yeah, well, typically that's the response.
• 27:40
  Speaker 2: I think you're in a mess right now, Mike. If
• 27:42
  Speaker 2: I had to speculate, I think things are in a
• 27:45
  Speaker 2: giant mess right now.
• 27:47
  Speaker 11: Oh, I..
• 27:48
  Speaker 10: Yes, and it's only... There's been no... uh, intestinal fortitude
• 27:54
  Speaker 10: to write the ship from these elected officials.
• 27:56
  Speaker 4: Nope.
• 27:57
  Speaker 10: And they just, they just keep taking the can down
• 27:59
  Speaker 10: the road. And, uh, you know, your grandkids and great grandkids,
• 28:06
  Speaker 10: they're going to pick up the tab for this, for everything,
• 28:08
  Speaker 10: including the, you know, the, the big, uh, problem here,
• 28:14
  Speaker 10: social security, that's going to be a massive problem, especially
• 28:19
  Speaker 10: when they start, uh, you know, cutting payments.
• 28:24
  Speaker 2: Yeah, which they say is a possibility in seven or
• 28:28
  Speaker 2: eight years. And there's not really any, we're talking that
• 28:32
  Speaker 2: there hasn't been any major discussion about that lately on
• 28:35
  Speaker 2: what to do. But we shall see as it gets closer.
• 28:38
  Speaker 2: It's still seven years off.
• 28:40
  Speaker 10: They're cutting purchasing power right now at a ridiculous rate
• 28:46
  Speaker 10: as we speak.
• 28:47
  Speaker 3: Oh, yeah.
• 28:48
  Speaker 2: Everybody's getting poorer. I totally agree with that. I am
• 28:50
  Speaker 2: in complete agreement. All right. Thank you, Mike. You're on
• 28:54
  Speaker 2: the air.
• 28:56
  Speaker 8: Hey, I'm glad to see you two kids are getting
• 28:58
  Speaker 8: along today. I thought I was going to have to
• 28:59
  Speaker 8: put you both in timeout a couple days ago.
• 29:02
  Speaker 2: Well, it was explosive. You know, you can disagree with
• 29:05
  Speaker 2: people and not hate them.
• 29:08
  Speaker 3: That's great.
• 29:09
  Speaker 8: Hey, Chief, help me correlate the price of oil to
• 29:15
  Speaker 8: the price of gas. Right now, oil is at 86
• 29:18
  Speaker 8: bucks a barrel.
• 29:20
  Speaker 3: Gas is over $ 4 a gallon.
• 29:20
  Speaker 8: 15, 16 years ago, oil was over $ 100 a barrel
• 29:21
  Speaker 8: for over 637 days, something like that, and we were
• 29:24
  Speaker 8: at $ 4 a gallon.
• 29:24
  Speaker 3: Why is it so high now when it's $ 86 a barrel?
• 29:27
  Speaker 8: 137 days, something like that, and we're at $ 4 a gallon.
• 29:35
  Speaker 8: Why is it so high now when it's $ 86 a barrel?
• 29:41
  Speaker 3: Well, these are completely different markets. You've got really different
• 29:45
  Speaker 3: processing landscapes. For example, Ukrainians taking out Russian energy infrastructure
• 29:51
  Speaker 3: has caused them to stop exporting gasoline, which has driven
• 29:54
  Speaker 3: up demand for not the crude oil, but for the
• 29:57
  Speaker 3: actual gasoline. Now we've got a source of supply that's
• 30:00
  Speaker 3: no longer on the market, for example. So things are
• 30:03
  Speaker 3: really specific to each case. And I don't know what
• 30:06
  Speaker 3: the refining capacity was back then. But right now, the
• 30:10
  Speaker 3: refineries that are still left in the United States are
• 30:12
  Speaker 3: running at really, really high levels of utilization. They've got
• 30:15
  Speaker 3: deferred maintenance. And remember, these numbers for the futures are
• 30:20
  Speaker 3: just the futures amount, right? It's not necessarily what's being
• 30:23
  Speaker 3: paid by a refinery today. And then, of course, you've
• 30:26
  Speaker 3: got the people that make gasoline want to sell it
• 30:30
  Speaker 3: for as much as they can. So they're pushing it
• 30:32
  Speaker 3: to a number they think they can get away with.
• 30:35
  Speaker 3: So there's certainly some margin built in there that isn't
• 30:38
  Speaker 3: necessarily the same as what might have been there 15
• 30:42
  Speaker 3: years ago. I haven't looked at that market to understand it.
• 30:45
  Speaker 3: But we have specific drivers here. You've got all this
• 30:49
  Speaker 3: refining capacity in, say, California, for example, that's been taken out.
• 30:53
  Speaker 3: You've got our refineries running a huge amount, and we're
• 30:56
  Speaker 3: exporting some material that we wouldn't have exported 15 years ago,
• 31:00
  Speaker 3: for example. We've got, again, now this rushing capacity out.
• 31:06
  Speaker 3: It's a different situation. Capacity that might have been accessible
• 31:11
  Speaker 3: 15 years ago might be trapped behind the blockade right now.
• 31:16
  Speaker 3: So it's just market dynamics, but it's not necessarily the case.
• 31:21
  Speaker 8: It seems to me like the price of gas and
• 31:24
  Speaker 8: price of oil kind of go up and down together.
• 31:28
  Speaker 3: They do, but it's not in lockstep. It's not linked
• 31:30
  Speaker 3: like a chain because there are other supply chain factors, again,
• 31:33
  Speaker 3: like this Russian problem. Why we're letting Ukraine destroy energy
• 31:37
  Speaker 3: infrastructure is beyond me. We need that gasoline, jet fuel,
• 31:40
  Speaker 3: and diesel in the global market right now. 10-4. Thank you.
• 31:47
  Speaker 2: All right. Plus, you got less oil on the market, too.
• 31:50
  Speaker 2: So it's supply and demand. You're on the air.
• 31:53
  Speaker 5: You know, you guys, I think I'd call my heiresses
• 31:58
  Speaker 5: in office right now because it would be dogs would
• 32:02
  Speaker 5: be living with cats and it would be raining frogs. But,
• 32:07
  Speaker 5: you know, thank God that..
• 32:09
  Speaker 2: You know, that Kamala Harris.
• 32:10
  Speaker 5: Is under control for us right now.
• 32:12
  Speaker 2: J.J., the Trumpster is back and the therapy is working
• 32:15
  Speaker 2: beautiful for you.
• 32:17
  Speaker 3: Yeah.
• 32:18
  Speaker 12: Well, today and, you know, I got to stand a
• 32:21
  Speaker 12: little bit more upright and I'm feeling pretty good. And
• 32:24
  Speaker 12: I don't I don't care if it goes up to
• 32:26
  Speaker 12: seven dollars a gallon as long as as long as
• 32:29
  Speaker 12: we can make sure that Iran doesn't have a nuclear
• 32:31
  Speaker 12: war warhead.
• 32:33
  Speaker 5: That's the main thing right there.
• 32:34
  Speaker 2: This shock therapy.
• 32:37
  Speaker 12: He mentioned about the attorneys.
• 32:38
  Speaker 2: Yes.
• 32:39
  Speaker 12: I think it's actually dog licenses. That's where the problem lies.
• 32:44
  Speaker 13: It's the dog licenses that are causing a lot of this,
• 32:47
  Speaker 13: you know, the fluctuation act. So I think that, you know,
• 32:50
  Speaker 13: we've got to make sure that there's other things that
• 32:53
  Speaker 13: are causing the problem. But always remember, guys, elections have consequences.
• 32:58
  Speaker 2: There you go, JJ.
• 32:59
  Speaker 3: If you want to get rid of dog licenses, I'm
• 33:01
  Speaker 3: right there with you. I don't understand why we have
• 33:02
  Speaker 3: to get a license for a pet from the government.
• 33:04
  Speaker 2: Well, first of all, first of all, I never knew dog.
• 33:07
  Speaker 2: I never knew.
• 33:08
  Speaker 12: Run around free and just let them fight anybody.
• 33:11
  Speaker 2: Dogs don't even. Why would they need a license, JJ?
• 33:13
  Speaker 2: They don't even drive. I don't understand that.
• 33:16
  Speaker 5: Exactly.
• 33:17
  Speaker 4: I mean, they can't afford insurance.
• 33:18
  Speaker 14: They can't even look over the wheel.
• 33:21
  Speaker 2: Exactly.
• 33:23
  Speaker 3: Exactly.
• 33:24
  Speaker 12: But you're wearing the glasses and they're not drinking.
• 33:26
  Speaker 5: That's all I have to say.
• 33:28
  Speaker 2: J.J., the Trumpster. Thank you. Used to be J.J., the liberal.
• 33:30
  Speaker 2: You're on the air. You're all muffled speaking to the phone.
• 33:40
  Speaker 3: How about that?
• 33:42
  Speaker 8: How about that?
• 33:42
  Speaker 2: See, it works better if you speak into the mouthpiece
• 33:45
  Speaker 2: and not the earpiece. Good God, you got instructed.
• 33:48
  Speaker 11: Yeah, and it's a black telephone with a spin dial
• 33:51
  Speaker 11: on it, and I'm still trying to figure it out.
• 33:53
  Speaker 2: Okay.
• 33:53
  Speaker 3: So forgive me.
• 33:55
  Speaker 2: Make it quick. We're moving along here. Got to go.
• 33:57
  Speaker 2: Come on.
• 33:57
  Speaker 3: Great point.
• 33:58
  Speaker 8: Great point on legal fees.
• 33:59
  Speaker 11: I think we're getting into price gouging, and I think
• 34:01
  Speaker 11: if you call in and see what advertising it is
• 34:03
  Speaker 11: on iHeart, it's about $ 6, 000 for three months. 15-second ads.
• 34:08
  Speaker 4: G2' s trying to teach you how to be a conservative.
• 34:10
  Speaker 11: Listen up, or bail out.
• 34:11
  Speaker 2: You know what? Advertising is how you listen for free, pal.
• 34:15
  Speaker 2: You're on the air.
• 34:16
  Speaker 3: Hey, Ron.
• 34:19
  Speaker 7: Let's say that something else we don't need.
• 34:23
  Speaker 3: We don't need a new stadium, JT, in Cleveland.
• 34:26
  Speaker 7: That's costing the taxpayers money.
• 34:28
  Speaker 2: How about that? You're getting one anyway. You should be
• 34:31
  Speaker 2: happy they won today. That's all I am.
• 34:35
  Speaker 3: The billionaires that own these sports arenas should build all
• 34:37
  Speaker 3: the stadiums they want. There's no reason for the taxpayers
• 34:40
  Speaker 3: to be involved.
• 34:41
  Speaker 2: All right.
• 34:42
  Speaker 3: Yep.
• 34:42
  Speaker 2: Thank you, Dick.
• 34:43
  Speaker 4: Thank you.
• 34:43
  Speaker 2: Appreciate it. You're on the air. Hello? Moving quickly. You're
• 34:50
  Speaker 2: on the air.
• 34:51
  Speaker 3: Hello?
• 34:51
  Speaker 2: Yeah.
• 34:52
  Speaker 8: Am I on the air?
• 34:54
  Speaker 15: Yes.
• 34:55
  Speaker 3: Wonderful.
• 34:57
  Speaker 7: Get me educated. You do a great job. Accolades, kudos,
• 35:00
  Speaker 7: and credibility to you. But explain something to me that
• 35:04
  Speaker 7: I don't quite understand. Who is G2?
• 35:09
  Speaker 2: G2 is a man that lives in a bunker deep
• 35:12
  Speaker 2: below the Earth's crust.
• 35:14
  Speaker 7: Okay, what's his name?
• 35:16
  Speaker 14: G2.
• 35:17
  Speaker 2: Come on, Ron.
• 35:20
  Speaker 8: We know better than that.
• 35:21
  Speaker 14: Come on.
• 35:22
  Speaker 3: Typically spelled with one word.
• 35:24
  Speaker 2: Yeah.
• 35:26
  Speaker 14: Okay.
• 35:27
  Speaker 7: Wasn't too long ago, Trump was on the air saying,
• 35:30
  Speaker 7: we are exporting more oil than Saudi Arabia, blah, blah, blah,
• 35:34
  Speaker 7: and all that, and we have enough supply for a
• 35:38
  Speaker 7: long time. And gas was probably close to $ 4. 90 then,
• 35:42
  Speaker 7: and it's probably still $ 4.
• 35:43
  Speaker 3: 80, $ 4. 90 now.
• 35:45
  Speaker 7: What happened?
• 35:46
  Speaker 3: It's not $ 4.
• 35:46
  Speaker 11: 80, $ 4.
• 35:46
  Speaker 8: 90 now.
• 35:47
  Speaker 7: Why are you still paying $ 4.
• 35:49
  Speaker 3: 80, $ 4. 90?
• 35:49
  Speaker 2: We're not paying that. We're paying about $ 4. 20 a gallon
• 35:52
  Speaker 2: in my neck of the woods. It's not $ 4. 80, $ 4.
• 35:54
  Speaker 3: 90.
• 35:54
  Speaker 2: Yeah, were you calling from California?
• 35:57
  Speaker 7: I'm out of Pennsylvania, and I go to Ohio occasionally
• 36:00
  Speaker 7: to get some of that lower-priced, less taxable gas.
• 36:03
  Speaker 2: Why would you think it's $ 4.
• 36:04
  Speaker 3: 80?
• 36:04
  Speaker 2: What are you putting in, high-test?
• 36:07
  Speaker 7: Well, no, no, no, no. I thought it was that,
• 36:09
  Speaker 7: and I'm not sure. Maybe that changed since I last
• 36:12
  Speaker 7: went to Ohio.
• 36:13
  Speaker 2: Oh, Jesus. It must have been years ago since you
• 36:15
  Speaker 2: last came.
• 36:16
  Speaker 7: No, no, no. It was high. Right now, I'm going
• 36:19
  Speaker 7: by BP and Ohio River Boulevard, and the street price
• 36:23
  Speaker 7: is $ 4.
• 36:23
  Speaker 3: 39.
• 36:23
  Speaker 7: Then we have this get-go, which is the meat and
• 36:27
  Speaker 7: potatoes people, and they're priced at street prices.
• 36:31
  Speaker 13: 4.
• 36:31
  Speaker 7: 09, but you have to have an advantage pay for that.
• 36:35
  Speaker 7: But we're still at that $ 4 level. That don't seem
• 36:37
  Speaker 7: to be right.
• 36:39
  Speaker 3: Or the.
• 36:41
  Speaker 7: Rockefellers and all those money people from the past taught
• 36:45
  Speaker 7: all these people how to make a fortune in fuel.
• 36:50
  Speaker 2: Well, there is a war going on. Actually, there's a
• 36:53
  Speaker 2: couple of them.
• 36:54
  Speaker 3: If you're in Pennsylvania, you've got some of the highest
• 36:56
  Speaker 3: gasoline taxes in the nation. I don't know the number,
• 37:00
  Speaker 3: but it's maybe like four or five, something like that.
• 37:03
  Speaker 7: We have a bunch of legislators, which too many of them,
• 37:06
  Speaker 7: and I think they're all what I call licensed thieves,
• 37:09
  Speaker 7: taking advantage of a situation. Texas has 50 to 75 legislators.
• 37:15
  Speaker 7: They're twice the size of Pennsylvania. We've got three, four,
• 37:18
  Speaker 7: maybe 500 legislators, and we're smaller. So how does that work?
• 37:23
  Speaker 3: I don't know about the numbers, but the gas tax
• 37:27
  Speaker 3: in Pennsylvania is so high, those streets should be paved
• 37:30
  Speaker 3: in gold.
• 37:30
  Speaker 2: But here's the reality. Gas prices are high, they say,
• 37:32
  Speaker 2: for a number of different reasons. Are you ready? Here
• 37:36
  Speaker 2: it is. Sweet crude, the refineries need heavy crude. Diesel's
• 37:39
  Speaker 2: heavy crude. Jet fuel is that. And the refineries are
• 37:43
  Speaker 2: made for heavy crude, not for sweet crude. So that's
• 37:47
  Speaker 2: why we export a lot of our oil elsewhere today.
• 37:49
  Speaker 2: and why we still import oil. Secondly, there is a
• 37:53
  Speaker 2: problem as far as the war and a shortage of
• 37:55
  Speaker 2: oil on the marketplace. That's why your prices are high.
• 37:58
  Speaker 2: You're on the air.
• 38:00
  Speaker 4: Yeah, hi.
• 38:01
  Speaker 14: This is a perfect topic. The fact that we have
• 38:05
  Speaker 14: a spending problem, not a taxation problem, and Congress causes
• 38:10
  Speaker 14: deficits by spending more money than comes in. That needs
• 38:13
  Speaker 14: to be reiterated every day. I emailed Trump a couple
• 38:19
  Speaker 14: of times and told him the best thing he can
• 38:21
  Speaker 14: do is to veto every spending bill that comes on
• 38:24
  Speaker 14: his desk. We've taken $ 15 billion a day in revenues,
• 38:28
  Speaker 14: and that's not enough for either the left side or
• 38:31
  Speaker 14: the right side, mostly, in Congress. They can't help spending.
• 38:36
  Speaker 14: There are a bunch of drunken sailors when it comes to,
• 38:39
  Speaker 14: they got a dollar, they got to spend it. They
• 38:42
  Speaker 14: need to stop spending. Same thing with your local guys.
• 38:45
  Speaker 14: They need to stop spending. Look where you can cut. Anybody,
• 38:49
  Speaker 14: you know, how do you handle your own house budget?
• 38:53
  Speaker 14: Do you keep spending until the cows come home? Or
• 38:56
  Speaker 14: do you, you know, put aside, you know, money, as
• 38:58
  Speaker 14: they say, for a rainy day?
• 39:00
  Speaker 2: All right.
• 39:02
  Speaker 3: So what you're saying is exactly right. And get this,
• 39:05
  Speaker 3: about $ 7 trillion of that $ 40 trillion is held by
• 39:08
  Speaker 3: other government agencies, Social Security, Medicare, and a federal employment
• 39:12
  Speaker 3: retirement system. So what you've got there is what that
• 39:16
  Speaker 3: means is that because Social Security, for example, is now
• 39:18
  Speaker 3: in a deficit, it is not taxing enough to cover
• 39:22
  Speaker 3: its expenses. It went insolvent in 21, and it's holding
• 39:25
  Speaker 3: a bunch of government IOUs. Medicare is holding federal IOUs,
• 39:28
  Speaker 3: the federal employment retirement. retirement system is holding federal IOUs.
• 39:32
  Speaker 3: So now we have to not just pay the taxes
• 39:34
  Speaker 3: to cover the cost. We have to recover the debt
• 39:38
  Speaker 3: to be able to fund those federal programs. I mean,
• 39:41
  Speaker 3: this thing is so broken, and there's no chance that
• 39:46
  Speaker 3: the Republicans or the Democrats... Any of them are going
• 39:49
  Speaker 3: to fix it.
• 39:49
  Speaker 2: All right. You've got to go. We're running out of time.
• 39:52
  Speaker 2: Thank you, G2.
• 39:53
  Speaker 15: Back with more in a minute. Mike Rowe here with
• 39:57
  Speaker 15: another random fact. Those cracks on your walls aren't just cosmetic.
• 40:01
  Speaker 15: They could mean your home is sinking. Whether it's drywall cracks,
• 40:05
  Speaker 15: exterior cracks, or sticking doors or windows, do yourself a
• 40:09
  Speaker 15: favor and call a groundworks company. I spent some time
• 40:12
  Speaker 15: working with these guys, and they're the real deal. Their
• 40:14
  Speaker 15: people are trained and certified to stabilize your foundation. Schedule
• 40:18
  Speaker 15: a free inspection with Ohio Basement Authority, a groundworks company.
• 40:23
  Speaker 2: Licensed in all states where work is performed. See website
• 40:25
  Speaker 2: for details. Looking to upgrade your home?