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The Ron Verb Show - 5pm Hour Friday, 08/14/26 · Ron Verb

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  Speaker 1: On News Radio 570, WKBN.
• 0:04
  Speaker 2: Back to it, News Radio 570, WKBN. 505, 82 degrees
• 0:09
  Speaker 2: on Friday, August 14th. All right, I'm going back to
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  Speaker 2: caller Alec who says he disagrees with me on some
• 0:16
  Speaker 2: of the things I've been saying today. And inquiring minds
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  Speaker 2: want to know what seems to be the issue.
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  Speaker 3: I heard you talking the other day with a gentleman,
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  Speaker 3: just what you said. I'm not referencing World War II
• 0:28
  Speaker 3: or Vietnam or anything. I'm talking from an economic standpoint.
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  Speaker 3: You had mentioned interest rates falling. And my interest rates,
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  Speaker 3: or my generation or those even younger than me, they
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  Speaker 3: start buying houses at 3%, 2%. When they go to 6%
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  Speaker 3: or 7%, that's not just a little higher. That's double
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  Speaker 3: or triple the amount. You have gone from a decreasing
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  Speaker 3: interest rate.
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  Speaker 2: Level Well, yeah, but a decreasing of it would be 12%
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  Speaker 2: or even more. It was ridiculous. in buying homes at
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  Speaker 2: the time, certainly under Carter and that kind of stuff,
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  Speaker 2: you refinance to get down to a 6% rate, but
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  Speaker 2: you refinance to get down from a very high number.
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  Speaker 2: You're saying, okay, well, we had 2% or 3% interest rates.
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  Speaker 2: Those didn't exist when I was young. 2% or 3%
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  Speaker 2: interest rates, and now they've doubled to 6%. which is
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  Speaker 2: what we used to refinance to get down to. So
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  Speaker 2: do you think 2% or 3% interest rates are normal
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  Speaker 2: for a home loan? Because they weren't in my lifetime.
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  Speaker 2: They were for a period of time here. Now they
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  Speaker 2: went back up to what was the range that I
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  Speaker 2: think most people are familiar with, and now everybody's bellyaching
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  Speaker 2: about it. But go ahead.
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  Speaker 3: Well, that interest rates aside, it's a lot harder to
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  Speaker 3: go from 2% to 4% and then 5%. time you're
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  Speaker 3: doing it, you're doubling it. So even if you went
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  Speaker 3: down from 16% down to 8%, you kept working in
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  Speaker 3: a refinance where everything kept getting cheaper from that standpoint.
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  Speaker 3: If interest rates went to 20% tomorrow, you would be
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  Speaker 3: having a whole different story talking about residential real estate
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  Speaker 3: on the radio. It's just like I've said before. And
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  Speaker 3: nobody's house has become more valuable.
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  Speaker 4: It's just a fallacy.
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  Speaker 3: Everybody thinks that their house is worth more. It is not.
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  Speaker 3: Your dollar is worth less. Your home produces no income
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  Speaker 3: for you.
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  Speaker 4: It is a liability.
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  Speaker 3: The roof will leak. The basement will flood. Your shingles
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  Speaker 3: will need changed. Your windows will need replaced. You have
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  Speaker 3: to buy insurance on it. So you pay taxes on it.
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  Speaker 3: So this whole idea and concept of that is crazy. Now,
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  Speaker 3: the other thing is, Every generation, the further we get
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  Speaker 3: away from 1971 and when our currency really started, because
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  Speaker 3: the dollar's been around for a long time, it's been
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  Speaker 3: called the dollar, but a lot of it has changed.
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  Speaker 3: Because in the late 60s, and I looked this up
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  Speaker 3: the other day, minimum wage was $ 1.
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  Speaker 5: 50.
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  Speaker 3: So if you got six quarters an hour, in the
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  Speaker 3: late 60s, those quarters were made out of silver. The
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  Speaker 3: silver actually had value. So if you took the same
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  Speaker 3: way to those six quarters today, it would be worth $ 70.
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  Speaker 3: So the equivalent minimum wage today, based in silver, would
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  Speaker 3: be $ 70 an hour. Now, I don't need to explain
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  Speaker 3: to anybody that $ 70 an hour minimum wage right now
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  Speaker 3: would change a lot of people's perspectives. Because I'll be
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  Speaker 3: the first one to say, too, and everybody else who
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  Speaker 3: runs a company or has employees or coworkers, there's a
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  Speaker 3: lot of lazy people out there, and everybody knows it.
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  Speaker 3: But why are they like that? Humans haven't changed in
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  Speaker 3: thousands of years. It's the environment that you're in that changes.
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  Speaker 3: So everybody who bellyaches, to use your terminology, they were
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  Speaker 3: brought up in this ability to be able to be
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  Speaker 3: lazy and not have to work. So everybody complains about
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  Speaker 3: that former generation, the baby boomers, or the World War II,
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  Speaker 3: World War I. Heck, you can find a generation going
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  Speaker 3: all the way back saying, I didn't have a steam engine.
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  Speaker 3: I was picking potatoes barehanded with my 17 brothers and
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  Speaker 3: sisters over in Czechoslovakia. Everything can always be worse. What
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  Speaker 3: I'm saying is from an economic standpoint right now, the
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  Speaker 3: dollar keeps being worth less and less, and these interest
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  Speaker 3: rates are a really big problem. Because if you could
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  Speaker 3: look at a chart for just 10-year interest rates in
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  Speaker 3: our country, And they went from 1980 all the way down.
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  Speaker 3: And when did things start getting really bad in our country, Ron?
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  Speaker 3: I'd say probably around 2020. And if you look at
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  Speaker 3: that chart, that's when they really start to go all
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  Speaker 3: the way back up again. And that is one of
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  Speaker 3: the biggest crux of the problem. Because when we have
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  Speaker 3: to pay more to borrow money, things are a lot harder.
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  Speaker 2: Okay.
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  Speaker 5: Right.
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  Speaker 2: I agree with that.
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  Speaker 3: So I don't want to misconflate. Other generations, I'm not
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  Speaker 3: saying that Vietnam wasn't a horrible thing when you had
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  Speaker 3: to go. I'm not saying World War II was a
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  Speaker 3: horrible thing. I'm talking about strictly economically speaking.
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  Speaker 2: And you say economically speaking, your generation has it way
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  Speaker 2: more difficult than previous generations, correct?
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  Speaker 4: Way more.
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  Speaker 3: And you could just tell by how many people do
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  Speaker 3: you need in your household to have an income so
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  Speaker 3: that you can just survive, pay gas, buy groceries, pay
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  Speaker 3: your taxes, pay for a cell phone.
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  Speaker 4: Pay your mortgage, pay for your food. I mean, you
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  Speaker 4: add all.
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  Speaker 3: These things up, and you can look in the other
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  Speaker 3: direction and say, hey, World War II, you didn't have
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  Speaker 3: to have a cell phone. You didn't have a cell
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  Speaker 3: phone bill. You didn't have a Netflix account. Well, those
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  Speaker 3: are all things that are, you know, you make that argument,
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  Speaker 3: but we live in a different generation now. So when
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  Speaker 3: I hear older generations say these things, I have to
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  Speaker 3: look at it and say, well, what reality are we
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  Speaker 3: living in?
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  Speaker 5: Hmm.
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  Speaker 2: So what's the answer?
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  Speaker 4: Probably a crisis.
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  Speaker 3: I hate to say it. That's the only way things
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  Speaker 3: get fixed. Things have to get so bad that something
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  Speaker 3: can actually change. And things got really bad in 2020,
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  Speaker 3: but nothing changed. We had an opportunity to fix some things,
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  Speaker 3: but what did we do? We dusted over and kicked
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  Speaker 3: the can further down the road. We printed trillions of dollars,
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  Speaker 3: made our dollars worth less, which made your home nominally
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  Speaker 3: go up. It was a big problem. Could have had
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  Speaker 3: an opportunity to get some things done, but we didn't.
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  Speaker 2: Well, so what do you think the answer is? What's
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  Speaker 2: the solution is what I'm asking you?
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  Speaker 3: Well, that's a great question, and I really wish I
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  Speaker 3: had the exact answer for you because it depends on
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  Speaker 3: what time frame you're looking at, too. You can look
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  Speaker 3: at a month-to-month, year-to-year, decade-to-decade, or are we a nation
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  Speaker 3: that's going to try to survive another several hundred years?
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  Speaker 3: Because the problem is... varying depending on which time frame
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  Speaker 3: you look at. You know, there's a real boring thing
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  Speaker 3: out there right now, and it's Japanese bond interest rates.
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  Speaker 3: I'm not going to bore anybody with it, but if
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  Speaker 3: you have time to look into it, it's a big problem.
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  Speaker 3: We just spent, I think it was $ 10 billion the
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  Speaker 3: other day to try to prop up the Japanese yen
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  Speaker 3: so that it doesn't collapse because they don't produce any oil.
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  Speaker 3: So they have to buy all their oil and their
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  Speaker 3: currency is collapsing. So it costs more and more for
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  Speaker 3: them to do that. Well, they're running out of money.
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  Speaker 3: So what do they do? They're going to have to
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  Speaker 3: sell U.S.
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  Speaker 5: Treasuries.
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  Speaker 3: And they're the world's largest holder of U.S.
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  Speaker 4: Treasuries.
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  Speaker 3: And if they sell those, what's going to happen to
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  Speaker 3: the interest rates in our country? They're going to go up.
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  Speaker 3: What happens when our interest rates go up? We have
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  Speaker 3: to pay more on the debt. We're already $ 40 trillion
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  Speaker 3: in debt, and we're going up $ 2 trillion.
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  Speaker 4: A year right now.
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  Speaker 3: So the other day, I think Japan put in $ 80
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  Speaker 3: billion to try to prop themselves up. And then between us,
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  Speaker 3: In Japan, $ 80 to $ 90 billion, and their interest rates
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  Speaker 3: still went up. So it's a big cascading event that
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  Speaker 3: can have real big problems in our country that nobody's
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  Speaker 3: talking about because, of course, what do we want to
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  Speaker 3: talk about? Iran war, Donald Trump. I get all that, too,
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  Speaker 3: but these are bigger problems when you talk about not
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  Speaker 3: being able to afford, just being able to survive. And
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  Speaker 3: that's the problem when you don't have assets Assets keep
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  Speaker 3: going up in value because your dollar keeps going down.
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  Speaker 3: If you own assets, you keep making more money because
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  Speaker 3: assets are usually a fixed supply. So if you can't
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  Speaker 3: just print more houses, they go up in value. If
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  Speaker 3: you can't print more land, they go up in value.
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  Speaker 2: But if I said this to you, I would say, well,
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  Speaker 2: I mentioned the other day what I was reading. When
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  Speaker 2: we talk about the housing shortage and how housing prices
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  Speaker 2: are going up, It's a terrible thing to think about,
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  Speaker 2: but as they were writing, they say this problem will
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  Speaker 2: resolve itself because you are just starting to see the
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  Speaker 2: beginnings of the baby boomer generation dying off. that, you know,
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  Speaker 2: it's the early or the first of the baby boomers
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  Speaker 2: are starting to die off. And as they get older,
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  Speaker 2: more of them will die off. And there will no longer,
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  Speaker 2: according to the author, be a housing shortage. There will
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  Speaker 2: probably be a housing surplus once as this goes on.
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  Speaker 2: And housing prices will adjust more than likely downward because
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  Speaker 2: there will be more supply than there will be demand.
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  Speaker 2: What are your thoughts?
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  Speaker 3: What do we do, wait 20 years for all this
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  Speaker 3: to take place? Do we have 20 years? What society
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  Speaker 3: in 20 years would nobody could buy a home and
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  Speaker 3: we're just waiting for a generation to expire?
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  Speaker 2: It might not be the answer for you, but it
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  Speaker 2: might be the answer for what they're saying. for people
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  Speaker 2: younger than you that are growing up now, that they
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  Speaker 2: won't have to face the same difficulties that perhaps you did.
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  Speaker 2: But what you're saying, which I..
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  Speaker 3: You'd have to tell a 25-year-old right now. Hey, hang
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  Speaker 3: tight with that $ 100, 000 in debt.
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  Speaker 2: $ 4. 30 a gallon gap. Wait 20 years for your grandpa.
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  Speaker 4: No, no, no.
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  Speaker 3: Wait about 10.
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  Speaker 2: It should give it 10 years.
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  Speaker 3: Well, hey, Ron, if we run out of money for
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  Speaker 3: Medicare and Social Security, it might even be faster because
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  Speaker 3: that's a whole other problem that the baby boomer generation
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  Speaker 3: and the elderly are reaping the benefits from, and the
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  Speaker 3: next generation is the one.
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  Speaker 2: Well, I don't know about that. I think we got
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  Speaker 2: big problems in Social Security and Medicare in about seven
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  Speaker 2: years or potentially less. I mean, serious economic problems.
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  Speaker 3: Do you think they're going to let Social Security or
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  Speaker 3: Medicare fail?
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  Speaker 5: No.
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  Speaker 2: So what are they going to do?
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  Speaker 3: They're going to print more money, and it's going to
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  Speaker 3: cost more for that younger generation to be able to
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  Speaker 3: buy their house, save for retirement, have more children. It's
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  Speaker 3: just a vicious cycle, and that's what I'm talking about,
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  Speaker 3: a time frame. You could fix the problem, but you're
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  Speaker 3: going to have to eat that medicine. It's not going
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  Speaker 3: to taste good for a long time.
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  Speaker 2: You've got to get inflation down. You are– well, not
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  Speaker 2: just you. Everybody's being attacked by this inflation because in
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  Speaker 2: every front of it, I mean, from your re-evaluations and
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  Speaker 2: your property taxes going up ridiculously– all across the country.
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  Speaker 2: So you're being attacked by government saying, oh, your house
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  Speaker 2: is now worth this. Now we're going to tax you
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  Speaker 2: at this level. So you're being attacked in that fashion.
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  Speaker 2: You're being attacked because of the Iran war into the
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  Speaker 2: situation with oil. Your gasoline costs a lot more. Consequently,
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  Speaker 2: your groceries cost more. Consequently, everything costs more. I mean,
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  Speaker 2: we're an oil-based economy. So that's all going up. I mean,
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  Speaker 2: that affects everybody, though. That doesn't just affect you. Listen,
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  Speaker 2: I think people are all becoming poorer. I say it
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  Speaker 2: all the time. It's not just you. It's everybody. It's
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  Speaker 2: the elderly. It's you. It's everybody. Your savings doesn't buy
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  Speaker 2: what it used to buy. Your Social Security doesn't go
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  Speaker 2: as far as it used to go. Everything is too
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  Speaker 2: damn expensive. I never would dream in my lifetime I
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  Speaker 2: would see inflation like I happen to see. As a
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  Speaker 2: result of COVID? Yes, because think of this stupid policy.
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  Speaker 2: During COVID, when everything was shut down, our government was
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  Speaker 2: giving people money. So we gave them money and created
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  Speaker 2: more of a demand because people were spending the money
• 12:47
  Speaker 2: when everything was shut down. So you had low supply,
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  Speaker 2: high demand, prices went up. It was a stupid government
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  Speaker 2: policy that created inflation. So that's part of how it
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  Speaker 2: was created as a result of COVID. Then Biden handed
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  Speaker 2: out more money as time went on. The more dollars
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  Speaker 2: that are created, the less the existing ones are worth.
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  Speaker 2: So that created more inflation. Then Trump gets into this war.
• 13:13
  Speaker 2: and the Strait is closed, and 20 or 30 million
• 13:15
  Speaker 2: barrels are off the market every day. So that creates
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  Speaker 2: an energy inflation. You see how this is going. It's
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  Speaker 2: affecting everybody.
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  Speaker 3: And who took the brunt of all those COVID restrictions,
• 13:29
  Speaker 3: all the COVID payouts?
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  Speaker 2: I did.
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  Speaker 3: The kids didn't go to school.
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  Speaker 4: So guess what?
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  Speaker 3: Now you're going to have another generation. When you're in
• 13:37
  Speaker 3: second and third grade and the teachers also they don't
• 13:41
  Speaker 3: want to teach half the time anyway so with some
• 13:43
  Speaker 3: of them i won't say all of them and the
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  Speaker 3: kids get into this lull of this is the way
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  Speaker 3: things work it takes time to get out of that
• 13:49
  Speaker 3: too so they paid the brunt of it the young
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  Speaker 3: people who were told to shut down your business because
• 13:54
  Speaker 3: you weren't you know essential those people took the brunt
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  Speaker 3: of it all to save the older generation which you
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  Speaker 3: should do you should take care of your older generation
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  Speaker 3: I get that. But down the line, we're going to
• 14:06
  Speaker 3: pay the bill for it, and the bill's going to
• 14:07
  Speaker 3: come bigger and bigger. And it's just going to be
• 14:09
  Speaker 3: a bigger and bigger problem exponentially. But why isn't inflation
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  Speaker 3: getting fixed? Why don't we actually fix this? Because the
• 14:18
  Speaker 3: people in power, the ones who benefit from inflation the most,
• 14:23
  Speaker 3: don't need to fix it. Because everybody listening here who
• 14:25
  Speaker 3: pays taxes and their groceries and gas, inflation affects you
• 14:29
  Speaker 3: because you're becoming poorer. But if you're wealthy and you
• 14:33
  Speaker 3: own a lot of assets, you become richer and more wealthy.
• 14:37
  Speaker 3: That's why the inflation isn't a problem for everybody. Inflation
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  Speaker 3: is an asset to a lot of people. You know,
• 14:43
  Speaker 3: like my house right now, when I refinanced it during
• 14:46
  Speaker 3: COVID at 2.8%, my debt is an asset. So if
• 14:51
  Speaker 3: I go to buy another house right now to take
• 14:53
  Speaker 3: out a mortgage at 6% or 7%, I'm losing that.
• 14:56
  Speaker 3: So when those interest rates kept coming down and down
• 14:59
  Speaker 3: and down since the early 80s, like Warren Buffett, all
• 15:02
  Speaker 3: these major corporations, they would take out debt.
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  Speaker 2: All right.
• 15:06
  Speaker 3: And then they would buy back their own stock because
• 15:09
  Speaker 3: the value of the dollar kept going down. So they
• 15:11
  Speaker 3: were just basically shorting or hedging against the dollar because
• 15:15
  Speaker 3: they knew the value of the dollar was going to
• 15:17
  Speaker 3: go down faster than what the interest rate on their
• 15:20
  Speaker 3: loans are going to be. So sometimes debt is a
• 15:22
  Speaker 3: huge asset, but not everybody can do that when you
• 15:25
  Speaker 3: go to work all day and come home and cook
• 15:27
  Speaker 3: dinner and try to take care of your kids and
• 15:29
  Speaker 3: go on a vacation every now and then, cut the grass.
• 15:32
  Speaker 3: You just can't do it. It's just not feasible. So
• 15:35
  Speaker 3: the policies that are in place right now are going
• 15:37
  Speaker 3: to keep making things worse unless something's done, and I
• 15:40
  Speaker 3: don't think government is ever going to do that.
• 15:46
  Speaker 2: Well, things have a way of working out, don't you think? Usually, usually,
• 15:54
  Speaker 2: major recessions cure a lot of this kind of stuff.
• 15:57
  Speaker 4: That's a great point, Ron.
• 15:59
  Speaker 3: When have we had a recession?
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  Speaker 2: Well, a major one we haven't had since... Probably Carter
• 16:06
  Speaker 2: and Reagan. Something's not normal about that.
• 16:12
  Speaker 3: If you look at a business cycle, recessions are normal.
• 16:15
  Speaker 4: They're good.
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  Speaker 3: They cut down the dead branches off the tree. They
• 16:19
  Speaker 3: get rid of the zombie companies. But we don't have
• 16:21
  Speaker 3: recessions anymore. We don't fix things. We don't let interest
• 16:24
  Speaker 3: rates reset themselves. We don't do that. We print money
• 16:28
  Speaker 3: to bail people out. So then it never rights the wrongs.
• 16:31
  Speaker 3: It doesn't let nature take its course. We haven't had
• 16:34
  Speaker 3: a recession. We had like a two-week recession in 2020.
• 16:38
  Speaker 3: The stock market went down for two weeks. They printed
• 16:41
  Speaker 3: trillions of dollars, and then it went through the absolute roof.
• 16:46
  Speaker 2: All right. Alec, thank you. Appreciate your time. NewsRadio 570
• 16:51
  Speaker 2: WKBN and Ron Furr back after this. I Heart Radio.
• 16:56
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• 17:05
  Speaker 2: tonight on NewsRadio 570 WKBN.
• 17:06
  Speaker 5: 330-729-9977.
• 17:06
  Speaker 2: We'll get you through this.
• 17:07
  Speaker 5: 330-729-9977.
• 17:07
  Speaker 2: Let me talk to you for a bit about White
• 17:09
  Speaker 2: House Fruit Farm in Canfield. I must confess to you
• 17:20
  Speaker 2: that we had some sweet corn from White House Fruit
• 17:23
  Speaker 2: Farm the other day, and it was absolutely fantastic. I mean,
• 17:28
  Speaker 2: we were sitting around just having a sweet corn, and
• 17:31
  Speaker 2: it was just delicious. Great taste to it. As a
• 17:34
  Speaker 2: matter of fact, it was so good, my wife went
• 17:36
  Speaker 2: out and bought more ears the next day. And we
• 17:40
  Speaker 2: had it again the next day. This is just one
• 17:43
  Speaker 2: of the great things about our great state of Ohio.
• 17:46
  Speaker 2: And when these crops come in and when they come
• 17:48
  Speaker 2: in at White House Fruit Farm with the corn, you
• 17:50
  Speaker 2: don't want to miss this time of the year. You
• 17:52
  Speaker 2: simply don't want to miss it. The taste of that
• 17:54
  Speaker 2: corn was just stellar. I don't know if it was
• 17:56
  Speaker 2: just a great year or what it was. Man, that
• 17:59
  Speaker 2: corn and butter and salt, it was fantastic. So this weekend,
• 18:03
  Speaker 2: go to White House Fruit Farm, get yourself some corn
• 18:06
  Speaker 2: and enjoy. And while you're there, don't forget about the
• 18:08
  Speaker 2: great sandwich meats that they have. They're not loaded with
• 18:12
  Speaker 2: water like you get at the other stores. Well, they
• 18:16
  Speaker 2: seem like they're just got watery.
• 18:17
  Speaker 5: Nope.
• 18:18
  Speaker 2: When you go get your turkey or whatever it might
• 18:19
  Speaker 2: be at their deli, it is quality and the cheeses
• 18:23
  Speaker 2: are quality. It's just a great deli that they have.
• 18:25
  Speaker 2: You will taste the difference and you'll see the difference
• 18:28
  Speaker 2: for making those sandwiches, whether for lunch or just to
• 18:30
  Speaker 2: have it's, rounds for snacking on and don't forget of
• 18:35
  Speaker 2: course the blueberry donuts and all the different varieties of
• 18:38
  Speaker 2: donuts that they have at White House Fruit Farm as
• 18:40
  Speaker 2: well it is a taste adventure and these time of
• 18:44
  Speaker 2: the year is just phenomenal what they have at White
• 18:47
  Speaker 2: House Fruit Farm so go enjoy enjoy enjoy enjoy and
• 18:51
  Speaker 2: make the trip an adventure and enjoy life at White
• 18:54
  Speaker 2: House Fruit Farm in Canfield you're on the air hello Mr.
• 19:00
  Speaker 5: Verb how are you.
• 19:01
  Speaker 2: I am well, sir. Thank you for calling. Go ahead, please.
• 19:04
  Speaker 5: I hope my phone doesn't lose power. I've been waiting
• 19:08
  Speaker 5: for you for about 40 minutes here.
• 19:13
  Speaker 4: You still there?
• 19:14
  Speaker 5: You still there?
• 19:17
  Speaker 2: Yeah, I'm here. I'm here. I'm here. Let me see. Hello. Yeah,
• 19:25
  Speaker 2: I'm here. I hear you.
• 19:26
  Speaker 4: Oh, okay.
• 19:27
  Speaker 2: I got a copy on you.
• 19:28
  Speaker 5: Over. Well, this phone of mine, it only holds a
• 19:30
  Speaker 5: charge for so long.
• 19:32
  Speaker 2: Well, maybe you need to get a new battery.
• 19:36
  Speaker 5: I don't know what to... Yes, I did.
• 19:38
  Speaker 2: Are you on a... Excuse me. Are you on a...
• 19:41
  Speaker 2: A guy your age, are you on a landline? I mean,
• 19:43
  Speaker 2: are you on a battery phone? are you on a
• 19:46
  Speaker 2: cell phone landline yes i am okay so you have
• 19:49
  Speaker 2: so i just want to listen to picture it you
• 19:52
  Speaker 2: have a house phone and it's and it's uh is
• 19:56
  Speaker 2: one of the kind that you know you cradle and
• 19:58
  Speaker 2: it charges and you and your battery's going dead right
• 20:04
  Speaker 2: right i mean you know am i right or wrong
• 20:07
  Speaker 2: You're right.
• 20:07
  Speaker 5: You're absolutely right.
• 20:08
  Speaker 2: All right, so maybe you..
• 20:10
  Speaker 5: I just wanted to make..
• 20:12
  Speaker 2: Go ahead.
• 20:14
  Speaker 5: That fellow, Alex.
• 20:17
  Speaker 2: Yes.
• 20:18
  Speaker 5: Hook him up with your buddy, Frank.
• 20:21
  Speaker 3: Why?
• 20:22
  Speaker 5: Out of Florida. These two guys are going to set
• 20:25
  Speaker 5: you straight, buddy. That Alex is a smart little cookie.
• 20:29
  Speaker 5: He knows what he's talking about.
• 20:32
  Speaker 2: They seem to be very well informed about what they're
• 20:34
  Speaker 2: talking about. I could not..
• 20:48
  Speaker 5: They're in a league. They're out in a league. What
• 20:50
  Speaker 5: can I tell you? They're two intelligent people that pay
• 20:55
  Speaker 5: attention to what's really going on, and they bring their
• 20:59
  Speaker 5: conversation to the forefront to make people try to understand it.
• 21:05
  Speaker 2: All right. So what is really going on? By the way,
• 21:08
  Speaker 2: did you see where the Kennedy Center board wants to
• 21:11
  Speaker 2: put Trump's name back on it? You know, the board
• 21:13
  Speaker 2: he appointed?
• 21:15
  Speaker 5: Again, my stomach churned and turned over. And I almost
• 21:19
  Speaker 5: threw up.
• 21:21
  Speaker 4: But I didn't.
• 21:22
  Speaker 2: I saw that. It is ridiculous. I think I got
• 21:26
  Speaker 2: it right here. Wait a second. I got to find it.
• 21:29
  Speaker 2: I got it sitting here. Oh, good Lord. What did
• 21:32
  Speaker 2: I do with it? Wait a second here. I want
• 21:35
  Speaker 2: people to hear this.
• 21:38
  Speaker 5: Yeah. I saw it. I don't think they ever took
• 21:43
  Speaker 5: it down. That's why they had it covered up there.
• 21:46
  Speaker 5: So the board that he appointed... determined that his name
• 21:50
  Speaker 5: was going to stay on it. And they're still going
• 21:52
  Speaker 5: to do the two-year renovation of the place.
• 21:57
  Speaker 2: Yeah, basically, they want it to be called the Kennedy Center,
• 22:02
  Speaker 2: remodeled and whatever by President Donald J. Trump. I mean,
• 22:07
  Speaker 2: this is the board he appointed. Listen, as a guy
• 22:09
  Speaker 2: that voted for Trump... as a guy that would never
• 22:12
  Speaker 2: vote for Harris or any of these wacky-ass Democrats. It's ridiculous.
• 22:17
  Speaker 2: I'm with you on this one. I mean, these people
• 22:21
  Speaker 2: are such ass-kissers, they want to put his name on everything.
• 22:24
  Speaker 3: Exactly.
• 22:25
  Speaker 5: When he leaves office, his image and his likeness and
• 22:32
  Speaker 5: his every year is going to be wiped off just
• 22:34
  Speaker 5: like Adolf Hitler's was when he lost the war in
• 22:38
  Speaker 5: World War II. He's just going to be, I truly believe,
• 22:41
  Speaker 5: he's just going to be eliminated from history.
• 22:44
  Speaker 2: Why would you say such a thing?
• 22:47
  Speaker 5: Because this, I don't know why, you know why, do
• 22:51
  Speaker 5: I have to say? Yes. Because he's the biggest grifter, thief.
• 22:57
  Speaker 5: That he is there for one reason only. He's there
• 23:00
  Speaker 5: to make money. Now, you people wanted a businessman. Well,
• 23:06
  Speaker 5: you got him.
• 23:07
  Speaker 2: Stand by for a minute. I'll be right back. News
• 23:10
  Speaker 2: Radio 570 WKBS. One person was.
• 23:16
  Speaker 6: Seriously hurt in a stabbing outside the Columbus Metropolitan Library,
• 23:20
  Speaker 6: Northside Branch, just after 2.30 p.m.
• 23:23
  Speaker 2: Yesterday.
• 23:24
  Speaker 6: The victim was transported to the hospital in critical conditions.
• 23:27
  Speaker 6: and no additional details have been released. Meantime, three Cleveland
• 23:30
  Speaker 6: men are facing 117 criminal counts for allegedly stealing 55
• 23:35
  Speaker 6: ATVs and dirt bikes across seven states. Grand jurors say
• 23:39
  Speaker 6: that over four and a half years, the men would
• 23:41
  Speaker 6: use fake Facebook accounts to find the bikes, lure sellers
• 23:44
  Speaker 6: to Cleveland, hand them a bank envelope filled with counterfeit money,
• 23:48
  Speaker 6: take a test drive, and then never return. And the
• 23:51
  Speaker 6: Ohio Department of Natural Resources is hosting Free Range Day tomorrow.
• 23:54
  Speaker 6: This means all of ONDR's public shooting ranges will be
• 23:58
  Speaker 6: free to use for residents during regular operating hours. Guests
• 24:01
  Speaker 6: age 18 and older need either daily or annual permits
• 24:04
  Speaker 6: to use public ranges outside of Free Range Day.
• 24:07
  Speaker 2: I'm Brady Hopkin.
• 24:08
  Speaker 1: Listen on the free iHeartRadio app for all your music, news, talk,
• 24:12
  Speaker 1: and sports radio.
• 24:13
  Speaker 4: Podcasts, too.
• 24:14
  Speaker 2: Download the app. Free never sounded so good. From Ron Verbner.
• 24:20
  Speaker 1: On NewsRadio 570, WKBN.
• 24:23
  Speaker 2: 535, NewsRadio 570, WKBN. Fifth Avenue just has had it
• 24:28
  Speaker 2: up to here with Trump. Is it up to here?
• 24:29
  Speaker 2: You've had it?
• 24:30
  Speaker 5: Yeah. When have you had enough? When is this clown
• 24:36
  Speaker 5: act ever going to end? Let me say something that
• 24:41
  Speaker 5: I want to be abundantly clear on. Please listen. I
• 24:47
  Speaker 5: am not pushing a Democrat agenda at all. I am anti-Trump, period.
• 24:56
  Speaker 5: I'm not pushing anything on anyone. I want your listeners
• 25:01
  Speaker 5: who are listening and yourself. What else can I say?
• 25:07
  Speaker 5: The clown has got to go. In February, the Supreme
• 25:11
  Speaker 5: Court struck down sweeping tariffs implemented by Donald Trump under
• 25:17
  Speaker 5: the 1977 International Emergency Economic Powers Act on goods from
• 25:23
  Speaker 5: almost every country. So far, about $ 100 billion in tariffs
• 25:31
  Speaker 5: have been refunded to companies who paid them under a
• 25:36
  Speaker 5: system set up by U.S. Customs and Border Protection. In 2025,
• 25:44
  Speaker 5: The Trump tariffs amounted to an average tax increase of
• 25:50
  Speaker 5: $ 1, 000 per U.S. household, according to the Tax Foundation, a Washington, D.C.
• 25:57
  Speaker 5: group that studies taxes.
• 26:02
  Speaker 2: Well, do you think we should just let other countries
• 26:07
  Speaker 2: have tariffs on our goods going there and we should
• 26:10
  Speaker 2: have nothing on their goods coming here?
• 26:14
  Speaker 5: The tariffs that are set, you know as well as
• 26:17
  Speaker 5: I do, that you are the one that is paying
• 26:20
  Speaker 5: for the tariffs, not the government, not those industries, because
• 26:25
  Speaker 5: all of those prices are passed on to you as
• 26:30
  Speaker 5: the consumer.
• 26:33
  Speaker 2: But do you think..
• 26:34
  Speaker 5: We're paying the tariffs. It's not a hard concept.
• 26:39
  Speaker 2: It really isn't. Well, it's a more complicated concept.
• 26:43
  Speaker 5: No, no, it really isn't.
• 26:45
  Speaker 2: Well, I'll tell you how it is. Do you think
• 26:48
  Speaker 2: that we should be able to... Take a look at
• 26:51
  Speaker 2: people that are bringing products into our marketplace that can
• 26:55
  Speaker 2: jeopardize American manufacturing because we can't compete with the slave
• 26:59
  Speaker 2: wage nations and in turn put American workers out of
• 27:03
  Speaker 2: work who are making that same product.
• 27:07
  Speaker 5: I don't know. I don't have an answer for you
• 27:11
  Speaker 5: on that.
• 27:12
  Speaker 2: Well, I'm just saying, why is it okay for many
• 27:15
  Speaker 2: of these countries to have tariffs on our goods coming
• 27:19
  Speaker 2: into their marketplace, but we are not allowed to have..
• 27:22
  Speaker 5: Those companies that are..
• 27:25
  Speaker 2: The countries..
• 27:28
  Speaker 5: Those companies are paying that tariff themselves, and they're passing
• 27:34
  Speaker 5: along to their consumers also.
• 27:38
  Speaker 2: But I'm saying to you, why is it okay for
• 27:40
  Speaker 2: these other countries, China, pick whichever country you want, to
• 27:44
  Speaker 2: have tariffs on American goods that go into their marketplace?
• 27:48
  Speaker 2: Why can't we have those same tariffs? on their goods
• 27:51
  Speaker 2: coming into our marketplace to level the playing field. Why
• 27:55
  Speaker 2: is that? Doesn't that help keep American jobs in America?
• 27:59
  Speaker 2: Because these other countries that are bringing this stuff in,
• 28:02
  Speaker 2: China isn't worried about Social Security. They're not worried about
• 28:05
  Speaker 2: Medicare or workers' comp. They don't care. Or OSHA. They
• 28:10
  Speaker 2: don't care that they have childhood labor or dirt floors
• 28:13
  Speaker 2: or whatever the case might be in their manufacturing versus
• 28:16
  Speaker 2: the standards we have here. So if we can't compete
• 28:19
  Speaker 2: with that... Should we just let our industry vanish because
• 28:24
  Speaker 2: they're bringing the same product into our marketplace much less expensive?
• 28:30
  Speaker 2: And then when we don't have jobs, what do we do?
• 28:36
  Speaker 4: Ah, see.
• 28:37
  Speaker 5: Most big overseas retailers do the tariffs themselves.
• 28:42
  Speaker 2: It's not that easy. It's not that easy.
• 28:45
  Speaker 3: This is hard. No.
• 28:46
  Speaker 5: And they passed them along to retailers with a line
• 28:50
  Speaker 5: item in their invoice that was part of the total bill.
• 28:53
  Speaker 2: Nonsense. Trump was the first president. that said, we are
• 28:57
  Speaker 2: tired of these other countries screwing us. We have been
• 29:01
  Speaker 2: sitting back while they put tariffs on our products going
• 29:04
  Speaker 2: into their marketplace so we can't sell in their marketplace
• 29:09
  Speaker 2: so they protect their manufacturers. And at the same time,
• 29:13
  Speaker 2: they're sending their products over here to try to put
• 29:16
  Speaker 2: American business out of business. For example, even as Trump
• 29:20
  Speaker 2: is discussing now, which I'm sure people will bellyache about,
• 29:24
  Speaker 2: during COVID, everyone was bitching about that these generic drugs
• 29:28
  Speaker 2: are being made in China. And the complaint was China said, well,
• 29:33
  Speaker 2: we're just going to cut you off. And people remember
• 29:36
  Speaker 2: people's outrage. When did we allow all of this medication
• 29:39
  Speaker 2: to be made in China so that they can hold
• 29:41
  Speaker 2: us hostage? So Trump has said right now he wants
• 29:46
  Speaker 2: those aspirin and generic drugs to be made in the
• 29:50
  Speaker 2: United States of America. He does not want them made
• 29:53
  Speaker 2: in China where they can cut us off, just as
• 29:56
  Speaker 2: people were bitching about. However... They could cost more because
• 30:01
  Speaker 2: of that. So which way do you want it? Do
• 30:04
  Speaker 2: you want to be when China threatened to cut us
• 30:07
  Speaker 2: off of our antibiotics during COVID and people were bitching
• 30:10
  Speaker 2: that they're made over there in the first place? So
• 30:13
  Speaker 2: now Trump is doing something about it to have a
• 30:15
  Speaker 2: made here, but that might increase your cost as a
• 30:19
  Speaker 2: consumer in getting them because our costs are higher than China's.
• 30:25
  Speaker 2: What do you want to do?
• 30:27
  Speaker 5: There are pros and cons on both sides. I agree.
• 30:32
  Speaker 5: There are pros and cons on both sides.
• 30:34
  Speaker 2: That's all I'm trying to point out.
• 30:36
  Speaker 5: The point I'm trying to make is that Donald Trump
• 30:42
  Speaker 5: imposed those tariffs illegally. And they were taken away by
• 30:49
  Speaker 5: the Supreme Court told them so. And what did he do?
• 30:52
  Speaker 5: He did it again. I don't Again, there are pros
• 30:57
  Speaker 5: and cons. And to iron it out is something that
• 31:02
  Speaker 5: we're not going to be able to do in the
• 31:04
  Speaker 5: next five minutes. I know that.
• 31:06
  Speaker 2: All right. Well, then we'll leave it there. And I
• 31:09
  Speaker 2: wish you a wonderful weekend because, you know, you're special
• 31:12
  Speaker 2: to me.
• 31:13
  Speaker 5: I am, am I? Well, what's for dinner tonight?
• 31:17
  Speaker 2: I don't know. I truly don't know.
• 31:21
  Speaker 5: Do you ever plan it yourself?
• 31:23
  Speaker 2: No, I do not. You know, I'm not even thinking
• 31:27
  Speaker 2: about it, actually. I mean, it's not even something I'm
• 31:31
  Speaker 2: even mulling over at this point.
• 31:33
  Speaker 5: Okay.
• 31:34
  Speaker 2: I'll let you know Monday.
• 31:36
  Speaker 5: Take care of yourself, buddy.
• 31:38
  Speaker 2: You too. I appreciate it. Hello.
• 31:41
  Speaker 4: Good evening, Ron. How are you?
• 31:42
  Speaker 2: It's the one and only G2. Fire away, G2. You've
• 31:46
  Speaker 2: been missed.
• 31:48
  Speaker 4: Well, thanks. I mean, I've got to tell you, listening
• 31:50
  Speaker 4: to Fifth Avenue is always interesting because he's exposing his
• 31:55
  Speaker 4: absolute and total lack of understanding of trade policy, the
• 31:59
  Speaker 4: realities of trade, the impact of trade over his lifetime
• 32:03
  Speaker 4: on his country, and an absolute lack of concern about
• 32:09
  Speaker 4: what has been done by these foreign countries' trade policies
• 32:12
  Speaker 4: and U.S. trade policy to impoverish the american people which
• 32:17
  Speaker 4: of course is something that allocate on i did i
• 32:19
  Speaker 4: i i heard alex call and i thought he had
• 32:22
  Speaker 4: some really good points their their there's a point that
• 32:25
  Speaker 4: he's uh... not hit during a conversation which is that
• 32:30
  Speaker 4: would interest rates were say eleven percent ten percent or
• 32:34
  Speaker 4: nine percent that meant people had less cash to pay
• 32:38
  Speaker 4: for the house but when interest rates were driven down
• 32:43
  Speaker 4: the market was flooded with cash through all of the
• 32:47
  Speaker 4: the quantitative easing you know the government which is pumping
• 32:50
  Speaker 4: money into into the market didn't and so people drove
• 32:54
  Speaker 4: up the price of houses what's happening now if you've
• 32:58
  Speaker 4: got the higher house prices because they have an adjusted
• 33:01
  Speaker 4: downward and you've got the highest interest rates and that's
• 33:05
  Speaker 4: how this has become unaffordable of course that's happened after
• 33:09
  Speaker 4: the government brought in tens of millions like you know,
• 33:13
  Speaker 4: 46 million people who are foreign nationals, who are here
• 33:17
  Speaker 4: working illegally in many cases, who have been used to
• 33:20
  Speaker 4: drive down wages. Now you've got the real pinch. You
• 33:23
  Speaker 4: had a market flooded with cash that drove up prices.
• 33:26
  Speaker 4: You know, cheap money does that. Then you got the
• 33:29
  Speaker 4: price of that money changed, so it's gone up to double, really.
• 33:33
  Speaker 4: The cost of the funds has doubled. And while that's
• 33:35
  Speaker 4: been happening, your wages have been consistently driven down over
• 33:39
  Speaker 4: 40 years' time by use of skilled, semi-skilled, and unskilled
• 33:44
  Speaker 4: labor being brought in, whether it was under H-1Bs or
• 33:48
  Speaker 4: other work visa arrangements or just illegally being brought in
• 33:52
  Speaker 4: under H-1Bs and illegal aliens to drive down wages. That's
• 33:56
  Speaker 4: the squeeze, right? And, of course, at the same time,
• 34:01
  Speaker 4: all of that cheap money that came pouring into our
• 34:04
  Speaker 4: markets allowed large corporates and private equity firms and others
• 34:08
  Speaker 4: to borrow money huge about the body so they could
• 34:11
  Speaker 4: abide other companies and they can solid everything from auto
• 34:15
  Speaker 4: repair shops you go try to get offender pics to
• 34:18
  Speaker 4: hvac we're talking about the veterinarians but also all the
• 34:21
  Speaker 4: large corporate so now you basically buy your food from
• 34:25
  Speaker 4: i don't know five companies six and and now in
• 34:29
  Speaker 4: a in a more of an oligarch type of an
• 34:32
  Speaker 4: environment right in oligarchy you've got these huge companies that
• 34:36
  Speaker 4: have massive price power so we've used Consolidation, again, cheap
• 34:41
  Speaker 4: money thrown into the market by the government and a
• 34:45
  Speaker 4: lack of enforcement of antitrust laws have also driven up
• 34:48
  Speaker 4: the cost of living. All right, that's a tough one.
• 34:52
  Speaker 4: Of course, as those companies got bigger and bigger, they
• 34:55
  Speaker 4: also cut hundreds of thousands of jobs, and again, it
• 34:58
  Speaker 4: was down to pressure on wages. What I'm saying is
• 35:02
  Speaker 4: that the policies, trade and insurance, the policies of spending
• 35:08
  Speaker 4: money fiscal policy and monetary policy have all conspired to
• 35:14
  Speaker 4: make it harder for the american people to survive now
• 35:17
  Speaker 4: you touched on property taxes earlier that's a critical point
• 35:19
  Speaker 4: remember these property taxes adjusted upward for inflation because they
• 35:24
  Speaker 4: were tied to home prices that were rising in this
• 35:27
  Speaker 4: easy money environment and an inflationary environment so they were
• 35:30
  Speaker 4: sort of accelerating the increase of the property taxes by
• 35:35
  Speaker 4: attachment to these taxed but unrealized gains on your home.
• 35:41
  Speaker 4: But it wasn't just that the property taxes went up
• 35:43
  Speaker 4: with inflation. They also raised the tax rates. They took
• 35:46
  Speaker 4: a bigger piece of your money, a bigger percentage of
• 35:49
  Speaker 4: your overall income. All right, now we've got a problem.
• 35:52
  Speaker 4: We're driving up the cost of homes with easy money
• 35:55
  Speaker 4: that's cheap. We're driving up the cost of living through
• 35:59
  Speaker 4: consolidation and inflation. We're driving down wages by bringing in
• 36:04
  Speaker 4: people from foreign countries specifically to drive down wages. Ask
• 36:07
  Speaker 4: anyone displaced by an H-1B, right? And we're driving up
• 36:12
  Speaker 4: your tax bill not just by indexing it to inflation,
• 36:15
  Speaker 4: sales taxes automatically go up in inflation, but by increasing
• 36:19
  Speaker 4: the rate, the share of taxes they're taking from your income.
• 36:24
  Speaker 4: That's what Alex is kind of hitting at. He hit
• 36:27
  Speaker 4: several of those points, but that's what puts the bow
• 36:31
  Speaker 4: around it. So now you've got this problem with Social
• 36:34
  Speaker 4: Security where, you know, in 2021 when Social Security became insolvent,
• 36:41
  Speaker 4: we now have yet another problem. How are we going
• 36:43
  Speaker 4: to cover the bill on Social Security? Because it's not
• 36:46
  Speaker 4: becoming insolvent in 5, 6, 7, 8, 9, or 10 years.
• 36:49
  Speaker 4: It's insolvent right now. Remember, Social Security was set up
• 36:55
  Speaker 4: as a Ponzi scheme. In other words, the people that
• 36:57
  Speaker 4: brought in the money now paid the people that were
• 37:00
  Speaker 4: in before them, just like in a Ponzi scheme. The
• 37:02
  Speaker 4: problem is that there was something like $ 2. 9 trillion more
• 37:07
  Speaker 4: paid into the system than taken out between 1983 and 2021.
• 37:12
  Speaker 4: All that money was stolen. There is no trust fund. Technically,
• 37:17
  Speaker 4: there's a trust fund. I understand. People say, oh, no, no,
• 37:19
  Speaker 4: there's a trust fund. I get that. What is the
• 37:22
  Speaker 4: trust fund invested in? U.S. government debt. They took the money,
• 37:27
  Speaker 4: spent it, and replaced it with an IOU. So now
• 37:31
  Speaker 4: the taxpayer... not only have to pay these crazy social
• 37:34
  Speaker 4: security taxes but they don't have to pay enough to
• 37:37
  Speaker 4: the federal government to repay some of the debt in
• 37:40
  Speaker 4: order to cover the social security bill because social security
• 37:43
  Speaker 4: taxes no longer cover social security expenses if you're not
• 37:47
  Speaker 4: willing to pay more taxes to cover that bill that
• 37:50
  Speaker 4: they have to print the money once again accelerating inflation
• 37:54
  Speaker 4: we have a broken economic model and that's what alec
• 37:58
  Speaker 4: was getting at that's what he was explaining we have
• 38:01
  Speaker 4: a broken economic model and it's the american citizen is
• 38:04
  Speaker 4: gonna pay he made a critical point that the average
• 38:07
  Speaker 4: american citizen but very very wealthy if they could make
• 38:10
  Speaker 4: it a money like crazy inflation is driving up the
• 38:13
  Speaker 4: value their assets they're getting more and more money out
• 38:16
  Speaker 4: of this government budget this two-and-a-half trillion dollar deficit that's
• 38:19
  Speaker 4: popped out every year if you're if you've got your
• 38:22
  Speaker 4: beacon at government truck because you've got contracts to make
• 38:26
  Speaker 4: i don't know missiles tomahawk missiles were shipping about their
• 38:31
  Speaker 4: their $ 2. 5 million apiece, we shot 1,000 of them. Our
• 38:35
  Speaker 4: enemies are using $ 20, 000 drones and short-range missiles that cost
• 38:39
  Speaker 4: a couple of, I don't know, $ 20, 000, $ 30, 000. We're firing
• 38:42
  Speaker 4: $ 2. 5 million bullets at somebody that's firing them back at
• 38:46
  Speaker 4: us for $ 20, 000. And we can't make the $ 20, 000 bullet
• 38:51
  Speaker 4: because we have to prop up these companies that are
• 38:55
  Speaker 4: no more than welfare recipients. We have a broken economy.
• 38:59
  Speaker 4: economic model. So I thought that call from Alec was
• 39:02
  Speaker 4: really interesting, and I thought the call from Fifth Avenue, well,
• 39:05
  Speaker 4: he's exposing his absolute lack of understanding of trade policy
• 39:10
  Speaker 4: and the impact of trade on the American people.
• 39:15
  Speaker 2: Interesting scenario of the two, right?
• 39:17
  Speaker 4: I know we're short on time, so I hit it fast.
• 39:21
  Speaker 2: I mean, enlightening like speed. So what else is on
• 39:25
  Speaker 2: the mind of G2 these days?
• 39:29
  Speaker 4: Well, you know, we are in such a state of...
• 39:37
  Speaker 4: It's a weird state that we're in right now where
• 39:38
  Speaker 4: everybody knows that something's wrong. Most people don't really know
• 39:43
  Speaker 4: a lot of what's wrong because they're not willing to
• 39:45
  Speaker 4: look at it. It's too terrifying or they tell themselves
• 39:48
  Speaker 4: they're too busy with vacations. it it yet people know
• 39:52
  Speaker 4: that something's really wrong and and they don't know uh...
• 39:57
  Speaker 4: how to fix it so i think we're in a
• 39:59
  Speaker 4: country that work uh... the country's in a state of um...
• 40:03
  Speaker 4: i don't know what this is a state of block
• 40:05
  Speaker 4: for uh... at uneasiness and i think that's going to
• 40:08
  Speaker 4: grow because we're feeling the economic pressures by the way
• 40:11
  Speaker 4: i think i would explain it earlier maybe you maybe
• 40:13
  Speaker 4: without all of the inflation haven't happened since september or
• 40:17
  Speaker 4: since february when the war started The inflation's come over
• 40:22
  Speaker 4: five years. It's 30% cumulative over five years, six years,
• 40:28
  Speaker 4: five and a half, whatever. We're right now actually having
• 40:31
  Speaker 4: relatively modest inflation. I throw out the Bureau of Labor Statistics.
• 40:36
  Speaker 4: I don't use any of their numbers. They are ridiculous
• 40:39
  Speaker 4: and have been for years. I use this thing called
• 40:41
  Speaker 4: true inflation. If you look at the inflation numbers right now,
• 40:43
  Speaker 4: we're like this 2.5%. But the cost of fuel, of course,
• 40:47
  Speaker 4: has gone up. And now that we have worked through
• 40:50
  Speaker 4: a bunch of our strategic reserve, right, the Democrats took
• 40:53
  Speaker 4: down 244 million barrels.
• 40:55
  Speaker 2: Hold that thought. Hold that thought. Back with G2 as
• 41:00
  Speaker 2: we wrap it up. Stay tuned.
• 41:06
  Speaker 5: Back to School is almost here with iHeartRadio.
• 41:09
  Speaker 1: Radio 570 WKBN. Ron Firm from the kingdom of Mahoning.
• 41:13
  Speaker 1: G2 from a bunker deep under the earth's crust on
• 41:17
  Speaker 1: News Radio 570 WKBN. Coming in on a satellite phone
• 41:21
  Speaker 1: that we've honed in on. You were talking about oil
• 41:24
  Speaker 1: and the supply and price and all that.
• 41:27
  Speaker 4: Well, we've really put ourselves in a terrible situation here.
• 41:30
  Speaker 4: I mean, you look at this. The Democrats drew down
• 41:34
  Speaker 4: like 244 million barrels just to try to protect themselves
• 41:39
  Speaker 4: headed into the 2022 and 2024 elections because their policies
• 41:44
  Speaker 4: were driving up the cost of gasoline and diesel. And
• 41:47
  Speaker 4: so they drained that reservoir. Now that we need it,
• 41:50
  Speaker 4: we're in war. Trump took out the last number I did.
• 41:53
  Speaker 4: I checked. I think it was a net drawdown. He
• 41:55
  Speaker 4: added like 20, took out 88, something like that. Let's
• 41:59
  Speaker 4: say that today, at this point now, as we stand here,
• 42:01
  Speaker 4: he's probably at a net 80 million barrels out. I'd
• 42:03
  Speaker 4: have to get the numbers updated. But now we're basically
• 42:07
  Speaker 4: at the end. We're at the bottom of that strategic
• 42:09
  Speaker 4: petroleum reserve. You know, Japan's been draining theirs. China's been
• 42:12
  Speaker 4: draining theirs. China seems to still have some. They're still,
• 42:15
  Speaker 4: as far as I can tell, I've been offline for
• 42:18
  Speaker 4: a while, but maybe not in the market yet. But
• 42:21
  Speaker 4: we are reaching the end of hours. Now, the good
• 42:23
  Speaker 4: news is a lot of that supply contraction has been mitigated.
• 42:27
  Speaker 4: So it starts out at 21 million barrels. We can't
• 42:29
  Speaker 4: make it through the straight. I talked to a guy
• 42:31
  Speaker 4: the other day. He said he thinks the shortfall right
• 42:33
  Speaker 4: now is a net about 4 million barrels a day.
• 42:36
  Speaker 4: It's not 21. It's not 20. It's far less than
• 42:39
  Speaker 4: that because other countries have begun producing more, and some
• 42:43
  Speaker 4: of it is getting out through other avenues. So the
• 42:46
  Speaker 4: net impact is still significant at, say, 4%, 5% of
• 42:51
  Speaker 4: the daily consumption. Remember, we consume about You know, if
• 42:54
  Speaker 4: there's not a lot of demand destruction, we could do
• 42:56
  Speaker 4: about 105 million barrels a day, something like that. The U.S.
• 42:59
  Speaker 4: now is putting out 13 million barrels. It's incredible. I
• 43:02
  Speaker 4: think Venezuela's kicking out more in terms of oil now.
• 43:07
  Speaker 4: I think they're almost at 900,000 barrels a day, more
• 43:10
  Speaker 4: than they were producing before Trump went in down there. So,
• 43:13
  Speaker 4: you know, we're seeing some relief that's offsetting some of
• 43:17
  Speaker 4: those losses, and China being out of the market then
• 43:20
  Speaker 4: is fixing a lot of it. You know, for right now,
• 43:23
  Speaker 4: we're still hanging, but basically the U.S. Strategic Petroleum Reserve
• 43:26
  Speaker 4: can't go much lower. So, you know, where Israel decides
• 43:30
  Speaker 4: to let us go with this war has to be determined.
• 43:32
  Speaker 4: They have to figure out what they're going to allow
• 43:34
  Speaker 4: us to do, and then we're going to have to
• 43:35
  Speaker 4: do it, because apparently that's the way this works.
• 43:39
  Speaker 2: Yeah, we've got a mess going on.
• 43:42
  Speaker 4: Well, they make the calls. We fight the wars. That's
• 43:45
  Speaker 4: how it works.
• 43:46
  Speaker 2: That's how it goes.
• 43:47
  Speaker 3: Okay.
• 43:48
  Speaker 2: Short and simple. I got to break.
• 43:50
  Speaker 4: There's no point pretending it's not that. That's what it is.
• 43:53
  Speaker 2: There it is. A rare spotting, folks. A rare spotting
• 43:58
  Speaker 2: of G2. He's been offline. He's been deep in the bunker.
• 44:01
  Speaker 2: He's been studying. And he'll have more all next week. Right, G2?
• 44:05
  Speaker 4: Yeah, we'll catch up next week. Have a great weekend.
• 44:08
  Speaker 2: Thank you. Man, I love