Latest / The Financial Exchange Show / Bank Warnings Grow, AI Risks Escalate, and Buying a Car on Amazon

Transcript

Bank Warnings Grow, AI Risks Escalate, and Buying a Car on Amazon · The Financial Exchange Show

• 0:00
  Speaker 1: The Financial Exchange is produced by Money Matters Radio and
• 0:03
  Speaker 1: is hosted by employees of the Armstrong Advisory Group, a
• 0:05
  Speaker 1: registered investment advisor. All opinions expressed are solely those of
• 0:08
  Speaker 1: the hosts. Do not reflect the opinions of Armstrong Advisory
• 0:11
  Speaker 1: or anyone else. Investments can lose money. This program does
• 0:14
  Speaker 1: not offer any specific financial or investment advice. Please consult
• 0:17
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 0:20
  Speaker 1: any investment decisions. Armstrong Advisory and the advertisers heard on
• 0:23
  Speaker 1: this program do not endorse each other or their services.
• 0:26
  Speaker 1: Armstrong and Money Matters Radio do not compensate each other
• 0:28
  Speaker 1: for referrals and are not affiliated. This is the Financial
• 0:34
  Speaker 1: Exchange with Mike Armstrong and Mark Vandetti. Your exclusive look
• 0:39
  Speaker 1: at business and financial news affecting your day, your city,
• 0:43
  Speaker 1: your world. Stay informed and up to date about economic
• 0:47
  Speaker 1: and market trends, plus breaking business news every day. The
• 0:51
  Speaker 1: Financial Exchange is a proud partner of the Disabled American
• 0:54
  Speaker 1: Veterans Department of Massachusetts. Help us support our great American
• 0:58
  Speaker 1: heroes by visiting DAV five dot Boston and making a
• 1:02
  Speaker 1: donation today. Face is the Financial Exchange with Mike Armstrong,
• 1:07
  Speaker 1: and Mark Vandetti.
• 1:13
  Speaker 2: Busy morning here on the Financial Exchange, mostly because I
• 1:16
  Speaker 2: just had to run to the studio. Hope everyone is
• 1:18
  Speaker 2: doing well here on a Tuesday. A lot being thrown
• 1:22
  Speaker 2: at us this morning in spite of no big new
• 1:25
  Speaker 2: news out of the Middle East. A few points that
• 1:27
  Speaker 2: I would make so far that I just think are
• 1:29
  Speaker 2: relevant to the moment.
• 1:31
  Speaker 3: One would be that the SB.
• 1:34
  Speaker 2: Five hundred is now surpassed where it closed on Friday
• 1:37
  Speaker 2: February twenty seventh, before the US began striking Iran. Quite
• 1:41
  Speaker 2: an optimistic outlook by investors here to be bidding up
• 1:43
  Speaker 2: stocks to that level. With the blockade of the straight
• 1:47
  Speaker 2: up Horn. Meuz now has entered its second day. We
• 1:50
  Speaker 2: have oil prices as we sit right now quick break
• 1:56
  Speaker 2: there down five and a half percent on the day.
• 2:00
  Speaker 2: You know, insinuations about Iran peace talks may continue. We've
• 2:04
  Speaker 2: got the May contract for West Texas CREUD sitting at
• 2:07
  Speaker 2: ninety three dollars fifty five cents per barrel. In the
• 2:11
  Speaker 2: bond market, we've got yields coming down a little bit
• 2:13
  Speaker 2: to four point two seven nine percent on the ten
• 2:16
  Speaker 2: year treasury, And in stocks, we've got the SMP moving
• 2:19
  Speaker 2: up seven tenths of a percent, and asdac's up over
• 2:21
  Speaker 2: one point one percent of the Dow Jones Industrial average
• 2:24
  Speaker 2: up about half a percent.
• 2:26
  Speaker 3: In early trading.
• 2:27
  Speaker 2: And again markets seem to be accelerating on White House
• 2:33
  Speaker 2: conjecture anyway or rumors that US around peace talk deals
• 2:38
  Speaker 2: are in discussion. That's according to reporting from CNBC and elsewhere.
• 2:42
  Speaker 4: Well, I mean, if oil continues where it is today,
• 2:44
  Speaker 4: it will probably slow economic growth down significantly. I don't
• 2:49
  Speaker 4: know if it'll tip the economy into recession. Those predictions
• 2:52
  Speaker 4: are always fraught with danger because you can't say what's
• 2:55
  Speaker 4: going to happen elsewhere in the economy. Right, But the
• 2:58
  Speaker 4: White House understand wants to extricate itself from this with
• 3:03
  Speaker 4: some sort of face saving I guess, concessions by iron
• 3:08
  Speaker 4: as soon as possible. Markets recognize that they have throughout
• 3:11
  Speaker 4: Really they dipped only briefly and hardly sharply in historical terms, yep,
• 3:17
  Speaker 4: and they can't wait to bounce back. Oil down today,
• 3:21
  Speaker 4: including near term futures contracts, suggests that the panic buying
• 3:27
  Speaker 4: and that commodity has subsided.
• 3:29
  Speaker 5: At least for now.
• 3:30
  Speaker 4: So traders are understandably pricing in a swifter resolution to
• 3:35
  Speaker 4: this maybe than seemed possible even a week ago.
• 3:39
  Speaker 3: Yeah, I think that's certainly what's being priced in.
• 3:41
  Speaker 2: I don't know how rational it is, but again I
• 3:45
  Speaker 2: guess it is rational, because who knows.
• 3:48
  Speaker 3: I keep asking it, like, how can you.
• 3:49
  Speaker 2: Possibly price in the likelihood or unlikelyhood of a piece
• 3:59
  Speaker 2: talk occurring and oil is flowing again?
• 4:02
  Speaker 3: You can't.
• 4:03
  Speaker 2: There's no way to logically price that in, And so
• 4:05
  Speaker 2: I think the best people can do is guess whether
• 4:08
  Speaker 2: or not it's more likely than it was yesterday. And
• 4:10
  Speaker 2: that's what seemingly investors are doing at the moment, because
• 4:13
  Speaker 2: there's not a whole lot that's you know, taking up
• 4:15
  Speaker 2: the oxygen in the room. We're not reporting massive beats
• 4:17
  Speaker 2: on you know, tech earnings.
• 4:18
  Speaker 3: Or anything along those lines. It's just a removal of somebody.
• 4:21
  Speaker 4: But fundamentals have been good. I mean, the economy was
• 4:24
  Speaker 4: kind of slow so so last year. No job creation,
• 4:26
  Speaker 4: growth slowed down a lot, tariffs pushed up underlying inflation,
• 4:31
  Speaker 4: all that stuff, But fundamentally nothing broke YEP and earnings
• 4:35
  Speaker 4: have been strong.
• 4:36
  Speaker 3: Other updates.
• 4:37
  Speaker 2: We are in the midst of earning season here banks
• 4:39
  Speaker 2: reporting at the moment, we will hear from Netflix later
• 4:42
  Speaker 2: this week. We'll hear from Tesla next week, before kicking
• 4:45
  Speaker 2: into high gear with some major tech earnings the week
• 4:48
  Speaker 2: after that. Bank earnings have been pretty solid, reporting growing revenue,
• 4:54
  Speaker 2: earnings basically meeting or beating expectations so far. From the
• 4:59
  Speaker 2: major three the we've heard from Wells Fargo, JP, Morgan Chase,
• 5:02
  Speaker 2: and Goldman Sachs. They are all also, you know, worth noting,
• 5:06
  Speaker 2: taking a lot of loan losses. The way that banks operate,
• 5:08
  Speaker 2: they estimate every quarter what their future loan, what their
• 5:14
  Speaker 2: current loans that they have in the book are going
• 5:15
  Speaker 2: to fail at in the future, and it's a kind
• 5:18
  Speaker 2: of a weird accounting thing that banks do, especially, but
• 5:20
  Speaker 2: they are now accounting for larger the largest degree of
• 5:23
  Speaker 2: loan losses that they have been planning since the COVID
• 5:27
  Speaker 2: pandemic broke out.
• 5:28
  Speaker 3: They are substantially lower than when the COVID pandemic broke out.
• 5:31
  Speaker 2: But still, I think worth noting that there is some
• 5:33
  Speaker 2: degree of concern coming from that.
• 5:37
  Speaker 3: Just you know, news flying at us.
• 5:38
  Speaker 2: Other news that we have been covering, Kevin Walsh, the
• 5:41
  Speaker 2: President's pick for the next chair of the Federal Reserve,
• 5:45
  Speaker 2: did pass one key hurdle for his nomination. He had
• 5:49
  Speaker 2: not submitted his financial disclosures on time. Last week they
• 5:52
  Speaker 2: delayed a hearing because of that. Those disclosures are now
• 5:56
  Speaker 2: in and reviewed, and according to Tim Scott, the hearing
• 6:00
  Speaker 2: will occur next week. At the same time, you still
• 6:04
  Speaker 2: have Republican which which Republican is vowing to block his delation.
• 6:10
  Speaker 2: Jack Tom Tillis is saying that he will not vote
• 6:13
  Speaker 2: for Kevin worsh so long as there is an ongoing
• 6:15
  Speaker 2: investigation into j.
• 6:16
  Speaker 3: Powell and the Fed. So this might be much ado
• 6:19
  Speaker 3: about nothing.
• 6:20
  Speaker 2: If he sticks to that, or if the investigation into
• 6:25
  Speaker 2: Powell goes no further than that could also change things.
• 6:28
  Speaker 3: But for the time being, J.
• 6:30
  Speaker 2: Powell's term up next month and no confirmed FED chair
• 6:34
  Speaker 2: as of yet. So again one minor hurdle being cleared,
• 6:38
  Speaker 2: but a lot more to come on the pick of
• 6:41
  Speaker 2: Kevin Walsh for Federal Reserve.
• 6:42
  Speaker 4: I mean that's look, the seat's going to get filled.
• 6:44
  Speaker 4: Warsh is going to be FED chair. The question is
• 6:46
  Speaker 4: will he be a puppet or will he conduct policy
• 6:50
  Speaker 4: independently of the will and whims of other branches of government.
• 6:55
  Speaker 4: I easy going to do what Trump wants and just
• 6:57
  Speaker 4: lower rates mindlessly, or is he going to resp on
• 7:00
  Speaker 4: to inflationary pressures coming from the oil price shock or elsewhere.
• 7:06
  Speaker 4: So this is less interesting to me. The drama over
• 7:09
  Speaker 4: his disclosures and when exactly Powell let's go of the
• 7:13
  Speaker 4: reins far less interesting than how Warsh conducts himself in
• 7:17
  Speaker 4: the first say year.
• 7:18
  Speaker 5: We'll know soon enough.
• 7:21
  Speaker 3: So you're not terribly.
• 7:24
  Speaker 2: I guess, believing of the idea that anybody's going to
• 7:26
  Speaker 2: block the nomination. Then stop tapping your pen mark here.
• 7:30
  Speaker 6: Yet Yeah, well, I think it'll be a blip mic.
• 7:38
  Speaker 4: I mean, worsh is going to be chair eventually. The
• 7:40
  Speaker 4: question is will he be an independence yet? Will he
• 7:42
  Speaker 4: preserve the indid I suspect everybody who questions him in
• 7:46
  Speaker 4: those earrings will ask is do you believe in fed independence?
• 7:50
  Speaker 4: How will you resist pressure from the president? That's that's
• 7:52
  Speaker 4: the big question that will determine the rate of money
• 7:56
  Speaker 4: supply creation and thus the rate of inflation over the
• 7:59
  Speaker 4: next ten years. Which is what we care about is
• 8:01
  Speaker 4: investors and people too, normal regular people, if you will too.
• 8:05
  Speaker 2: Final update I want to give is what I think
• 8:07
  Speaker 2: was the most underreported story of last week, which was
• 8:13
  Speaker 2: the new AI system from the folks over at Anthropic.
• 8:21
  Speaker 2: It was the latest model called Mythos, and we report
• 8:26
  Speaker 2: at the time that for some reason both fed Shared
• 8:29
  Speaker 2: Jerome Powell and Treasury Secretary Scott Bessant called major bank
• 8:33
  Speaker 2: executives in to have a combined meeting thank you about
• 8:37
  Speaker 2: this new tool. And when it was first released, there
• 8:41
  Speaker 2: was this announcement by Anthropic that seemed very self serving.
• 8:45
  Speaker 2: It was, Hey, this tool is so powerful that we're
• 8:47
  Speaker 2: not willing to release it to the public yet. We're
• 8:49
  Speaker 2: going to go to major tech companies and others to
• 8:51
  Speaker 2: have them try and repair bugs because what this tool
• 8:55
  Speaker 2: is allegedly very good at is detecting all sorts of
• 8:59
  Speaker 2: bugs that would allow bad actors to fully take down
• 9:05
  Speaker 2: you know, different sites and different systems across government, private,
• 9:09
  Speaker 2: all sorts of different areas of the economy. At the
• 9:13
  Speaker 2: time we kind of said, hey, you know, this seems
• 9:15
  Speaker 2: pretty self serving. Maybe it's not as big a deal,
• 9:17
  Speaker 2: because if you're Anthropic, the best pr stunt you can
• 9:20
  Speaker 2: do is say this thing's so powerful that we're not
• 9:23
  Speaker 2: even going to release it yet because we're worried about it.
• 9:26
  Speaker 2: I then took a step back because since that point
• 9:29
  Speaker 2: in time, UK Bank officials have been calling a bunch
• 9:32
  Speaker 2: of meetings. Treasure Secretary Bessant and Charodrome Powell called that
• 9:38
  Speaker 2: bank meeting as well, and I gotta I don't know, Mark,
• 9:41
  Speaker 2: I can't think of a real situation that Bessant and
• 9:46
  Speaker 2: Powell have publicly worked together on anything over the course
• 9:49
  Speaker 2: of the last several years. And I think it's kind
• 9:51
  Speaker 2: of rare to have, you know, such a two high
• 9:54
  Speaker 2: ranking officials going and looking at something and calling attention
• 9:57
  Speaker 2: to something like this.
• 9:59
  Speaker 4: So I'm sure they have FEDS responsible for supervision and
• 10:02
  Speaker 4: they say they have some overlapping duties with overlapping may
• 10:05
  Speaker 4: and i'd be the best way to describe it, but
• 10:07
  Speaker 4: both are responsible for supervision.
• 10:09
  Speaker 3: Yeah, so I'm sure.
• 10:10
  Speaker 4: They have collaborated and once this is aired they have
• 10:13
  Speaker 4: to respond.
• 10:14
  Speaker 3: Yeah.
• 10:14
  Speaker 5: I don't know.
• 10:15
  Speaker 2: Maybe it's not as big a deal as it seems,
• 10:18
  Speaker 2: but under the surface, it seems like a lot of
• 10:21
  Speaker 2: people are very, very concerned about the severity of this
• 10:24
  Speaker 2: new tool and what it could be used to do.
• 10:27
  Speaker 2: And I think we're going to be talking about it
• 10:30
  Speaker 2: more so. Again, this is purely conjecture. It's just my
• 10:33
  Speaker 2: guess at this stage. But the limited reporting we've been
• 10:38
  Speaker 2: getting from major regulators of really important organizations has been, oh,
• 10:43
  Speaker 2: we're terrified of this thing, and it could be. I
• 10:47
  Speaker 2: think what they're worried about is the ability to take
• 10:49
  Speaker 2: down major financial institution sites and cause panic in the
• 10:53
  Speaker 2: financial system. That's clearly when you talk about Bessent and
• 10:58
  Speaker 2: Powell getting together, that would be their worst case scenario
• 11:00
  Speaker 2: that they're trying to prevent is panic to the system.
• 11:04
  Speaker 2: And the fact that they and others are talking about
• 11:08
  Speaker 2: this sort of thing is just important and worth noting
• 11:11
  Speaker 2: in the AI space.
• 11:12
  Speaker 5: What is this about should we keep it under wraps?
• 11:14
  Speaker 4: Is that the point should it never be released is
• 11:16
  Speaker 4: it is it too powerful?
• 11:18
  Speaker 5: Sorry, I mean that should be sarcastic.
• 11:21
  Speaker 3: That's the point that they're making.
• 11:22
  Speaker 2: I think the the other point they're making is they
• 11:24
  Speaker 2: want to give these institutions a head start to go
• 11:26
  Speaker 2: repair their own systems and use the tool to find
• 11:29
  Speaker 2: the bug so that somebody else doesn't which is obviously
• 11:32
  Speaker 2: incredibly expensive process to go and do. But again, I
• 11:37
  Speaker 2: bring it up because I think it's worth noting, and
• 11:38
  Speaker 2: I think it's going to be something that is pointed
• 11:41
  Speaker 2: out several times over the next few weeks, so we
• 11:44
  Speaker 2: will have to wait and see on this. But I
• 11:45
  Speaker 2: didn't get heavily reported, and I think it is worth
• 11:48
  Speaker 2: noting we got to.
• 11:49
  Speaker 4: Oh sorry, god, I was gonna say, we can't shut
• 11:51
  Speaker 4: the whole system down every time some programmer rolls.
• 11:54
  Speaker 3: Out a new No, precisely, we can't.
• 11:56
  Speaker 5: Line of code.
• 11:57
  Speaker 3: We can't.
• 11:59
  Speaker 2: But if this is at as dangerous as they seem
• 12:01
  Speaker 2: to be, insinuating will then.
• 12:02
  Speaker 5: We're screwed because it's inevitable.
• 12:04
  Speaker 4: There out of my boyd someone oh oh pardon me,
• 12:06
  Speaker 4: Oh now I see, yeah, someone else is going to
• 12:08
  Speaker 4: do it.
• 12:09
  Speaker 5: It's inevitable, so.
• 12:11
  Speaker 2: So hurry up and get it fit patched if you
• 12:13
  Speaker 2: can quick break, we're gonna play some trivia here next
• 12:15
  Speaker 2: on the Financial Exchange.
• 12:17
  Speaker 1: Subscribe now to our YouTube page, where you'll find daily
• 12:20
  Speaker 1: interviews and full shows of the Financial Exchange. We'll get
• 12:23
  Speaker 1: you caught up on anything and everything you might have
• 12:26
  Speaker 1: missed right here on the Financial Exchange. Stay connected between shows.
• 12:31
  Speaker 1: Follow the Financial Exchange on Instagram for daily clips on
• 12:35
  Speaker 1: business news from New England and around the country. This
• 12:38
  Speaker 1: is the Financial Exchange all right.
• 12:42
  Speaker 7: Time for trivia here on the Financial Exchange and on
• 12:45
  Speaker 7: this day. Back in eighteen sixty five, President Abraham Lincoln
• 12:50
  Speaker 7: was shot by John Wilkes Booth during a performance at
• 12:53
  Speaker 7: Ford's Theater. Lincoln passed away from his wound a day later.
• 12:58
  Speaker 7: So our trivia question what play was President Lincoln watching
• 13:01
  Speaker 7: at the time of the assassination? Once again, what play
• 13:06
  Speaker 7: was President Lincoln watching at the time of the assassination?
• 13:11
  Speaker 7: Be the sixth person today to text us at six
• 13:14
  Speaker 7: one seven three six two thirteen eighty five with the
• 13:17
  Speaker 7: correct answer along with keyword trivia, and you win a
• 13:20
  Speaker 7: Financial Exchange Show T shirt. Once again, the six correct
• 13:23
  Speaker 7: response to text us to the number six one seven
• 13:26
  Speaker 7: three six two thirteen eighty five with the correct answer
• 13:29
  Speaker 7: along with keyword trivia, We'll win that T shirt. Seek
• 13:33
  Speaker 7: complete contest rules at Financial Exchange Show dot com.
• 13:36
  Speaker 3: Is it like book a Mormon or something?
• 13:38
  Speaker 2: No Hamilton cats uh. In the first hour of the
• 13:47
  Speaker 2: show and yesterday actually we were talking about the the
• 13:50
  Speaker 2: age old debate of millennials versus boomers, and and who
• 13:54
  Speaker 2: had a tougher out there, and both Mark and My obvious.
• 13:57
  Speaker 3: Conclusion is boomers. You people.
• 14:02
  Speaker 4: Obviously, depending on how you define tougher, Mike, Right, if you're.
• 14:05
  Speaker 2: Saying im mortality and life expectancy and by every measure
• 14:09
  Speaker 2: that I think matter.
• 14:10
  Speaker 4: Forgetting that, it's a stupid question and very immature to say,
• 14:12
  Speaker 4: I just want the things I like, and then the
• 14:14
  Speaker 4: things I don't like, I want to swap them out
• 14:16
  Speaker 4: with the best period in history. Sure, which is what
• 14:18
  Speaker 4: that argument is. Putting all that aside, It's very difficult
• 14:21
  Speaker 4: to answer a question. Ex everybody's goot different criteria.
• 14:23
  Speaker 2: But we do have a few more texts and comments
• 14:26
  Speaker 2: to to here.
• 14:27
  Speaker 3: So Tucker, what you.
• 14:28
  Speaker 7: Got for Yeah, So in our YouTube chat Financial Exchange
• 14:31
  Speaker 7: show on YouTube, somebody says, kind of along the lines
• 14:34
  Speaker 7: of your point, Mike, the mere fact alone that there
• 14:38
  Speaker 7: was a military draft makes being a boomer harder. And
• 14:41
  Speaker 7: it's a fifty one year old male chiming in with that.
• 14:44
  Speaker 7: I do want to mention we do have a poll
• 14:46
  Speaker 7: question up on YouTube, which is who had a harder
• 14:50
  Speaker 7: Boomers or old millennials, Millennials leading sixty to forty. By
• 14:53
  Speaker 7: the way, on that, let's look at the old text
• 14:57
  Speaker 7: line here six one, seven, three, six thirteen eighty five
• 15:00
  Speaker 7: nine seven eight Texter, I am a millennial I have
• 15:04
  Speaker 7: no sympathy for those of my generation who fell into
• 15:07
  Speaker 7: the college trap. It is no one's fault but their
• 15:10
  Speaker 7: own that they were naive enough to think a degree
• 15:13
  Speaker 7: in English at forty k year was going to yield fruit.
• 15:16
  Speaker 7: I realized the college trap myself halfway through my freshman
• 15:19
  Speaker 7: year of college and dropped out. I'm thirty six years old,
• 15:22
  Speaker 7: with about seven hundred and fifty thousand dollars net worth, homeowner,
• 15:26
  Speaker 7: father four, with a stay a home wife. I drive
• 15:29
  Speaker 7: used cars, don't buy design or clothing. I owe everything
• 15:32
  Speaker 7: to my work, ethic, invocational high school experience. I have
• 15:37
  Speaker 7: one more text in case you want to unless you
• 15:39
  Speaker 7: want to respond to that one.
• 15:40
  Speaker 3: Got nothing, all right?
• 15:41
  Speaker 7: And then a text out of the five oh eight
• 15:44
  Speaker 7: One Big change for student loans for millennials. The federal
• 15:47
  Speaker 7: government took over the industry in twenty ten as part
• 15:49
  Speaker 7: of the Healthcare and Education Reconciliation Act of twenty ten.
• 15:52
  Speaker 7: Now the Feds are the originators of over ninety percent
• 15:55
  Speaker 7: of student loans.
• 15:57
  Speaker 2: Yeah, and I think that does matter from the perspective
• 16:00
  Speaker 2: of they can never be wiped out in court and
• 16:05
  Speaker 2: ever since the guarantee basically what it did is guarantee
• 16:09
  Speaker 2: the ability for anyone to get a student loan, and
• 16:12
  Speaker 2: for some reason, immediately after that happened, college has just
• 16:15
  Speaker 2: decided to start charging ludicrous amounts of money for college.
• 16:18
  Speaker 2: I think it might be somehow attached to the fact
• 16:21
  Speaker 2: that the government said we'll underwrite any dollar amount for
• 16:23
  Speaker 2: a student loan.
• 16:24
  Speaker 3: But who's who's to say for short.
• 16:26
  Speaker 4: I just don't understand the point of the argument. I
• 16:28
  Speaker 4: don't change anything.
• 16:30
  Speaker 2: The funniest thing that I think about this entire argument
• 16:33
  Speaker 2: is that absolutely nobody that has been texting in or
• 16:36
  Speaker 2: talking about it all has even mentioned gen X.
• 16:41
  Speaker 3: Which is I believe your generation, which is, you know.
• 16:46
  Speaker 2: Historically, because we don't give a crap, the forgotten generation
• 16:49
  Speaker 2: that doesn't give a darn.
• 16:50
  Speaker 5: All right, enough of the feigned pity.
• 16:54
  Speaker 4: I mean, we had, We've had generally good stock market returns,
• 16:58
  Speaker 4: we had a couple of good windows during which buy homes.
• 17:01
  Speaker 4: If those are the criteria I keep coming back to,
• 17:03
  Speaker 4: because they are, Yeah, And I think that's what millennials
• 17:07
  Speaker 4: mean when they lament their situation.
• 17:10
  Speaker 5: They mean homes are really.
• 17:12
  Speaker 4: Expensive and it's very hard to achieve financial security, And
• 17:16
  Speaker 4: that to me traces back too well, you've had to
• 17:19
  Speaker 4: buy stocks mostly when they were very expensive, and homes
• 17:21
  Speaker 4: when they were very expensive. I think that's what the
• 17:23
  Speaker 4: typical millennial means when they think they when they argue
• 17:27
  Speaker 4: that they've had it in some ways tougher than boomers. Again,
• 17:30
  Speaker 4: the reason it is a false choice is because you
• 17:32
  Speaker 4: can't just you can't just excize the things you don't
• 17:35
  Speaker 4: like about the present constellation of things and swap in
• 17:39
  Speaker 4: and and graft on top of that things that were
• 17:43
  Speaker 4: good about previous generation, Like you don't get to do that.
• 17:47
  Speaker 4: You have to take the whole picture. And nobody would
• 17:49
  Speaker 4: want to go back to nineteen seventy five. I just
• 17:51
  Speaker 4: I can tie a heart attack at sixty three.
• 17:53
  Speaker 3: I keep going back to the same argument.
• 17:55
  Speaker 2: Right at eighteen, a bunch of millennials were sometimes pushed
• 17:59
  Speaker 2: or in or given bad information about making a massive
• 18:03
  Speaker 2: decision about their future life, which was borrowing a bunch
• 18:06
  Speaker 2: of money for college. And it was a badly informed decision.
• 18:09
  Speaker 2: In most cases, it's still paid for itself. But that
• 18:12
  Speaker 2: is the gripe that I feel like a lot of
• 18:14
  Speaker 2: people are bringing up. And if you instead take the
• 18:16
  Speaker 2: baby boomer when they turned eighteen, there was a four
• 18:19
  Speaker 2: and ten chance.
• 18:20
  Speaker 3: Of them getting drafted into the war.
• 18:23
  Speaker 2: Like, what do we even comparing these things to I just, yeah,
• 18:28
  Speaker 2: I'm exaggerating the odds there.
• 18:30
  Speaker 3: That weren't. That wasn't the odds of getting drafted.
• 18:32
  Speaker 2: That was the percentage of men in that generation that
• 18:36
  Speaker 2: served in the military.
• 18:37
  Speaker 3: Some of them were drafted, some of them were not.
• 18:39
  Speaker 2: But yeah, it's just it's just not a realistic comparison,
• 18:44
  Speaker 2: and we should not helpe for the next generation to
• 18:47
  Speaker 2: be worse off. It means that our society is going downhill.
• 18:50
  Speaker 2: If you know, our children don't have an easier life
• 18:54
  Speaker 2: than we did, that that should be something you applaud
• 18:57
  Speaker 2: because it means.
• 18:57
  Speaker 4: That, yeah, society drafts can we just haven't needed one, correct,
• 19:02
  Speaker 4: So I don't know that that I appreciate the potency
• 19:05
  Speaker 4: of that example.
• 19:06
  Speaker 6: The draft dread does reduce quality of life?
• 19:10
  Speaker 2: Sure, yeah. Markets here as we close in on the
• 19:15
  Speaker 2: bottom of the hour, remain in positive territory. On hints
• 19:19
  Speaker 2: of some additional conversations with Iran, between the Iran and
• 19:23
  Speaker 2: US about the ceasefire, and continued conversations, SMP now up
• 19:28
  Speaker 2: nearly a full percentage point. We'll take a quick break
• 19:30
  Speaker 2: and have a full recap for you next.
• 19:40
  Speaker 1: Bringing the latest financial news straight.
• 19:43
  Speaker 3: To your radio.
• 19:44
  Speaker 1: Every day, It's the Financial Exchange on the Financial Exchange
• 19:48
  Speaker 1: Radio Network, till out full, wol Street Watch treking the stocks,
• 19:54
  Speaker 1: FANDATO and the headlines driving markets so far today right
• 19:58
  Speaker 1: here on the Financial.
• 19:59
  Speaker 7: Exchange Rate, markets are rallying with reports that the US
• 20:02
  Speaker 7: and a run are considering a second round of peace negotiations.
• 20:06
  Speaker 7: Wall Street's also sifting through a new batch of first
• 20:08
  Speaker 7: quarter bank earnings right now. The Dow is up seven
• 20:11
  Speaker 7: tenths of a percent or three hundred and thirty two points,
• 20:14
  Speaker 7: SMP five hundred up nine tenths of a percent, NASDAK
• 20:18
  Speaker 7: up nearly one and a half percent or three one
• 20:20
  Speaker 7: hundred and thirty four points, RUSS two thousand and up
• 20:22
  Speaker 7: one point two percent, ten year Treasureal down two bass
• 20:26
  Speaker 7: points at four point two seven to four percent, and
• 20:28
  Speaker 7: Oil pulling back over five and a half percent, rating
• 20:31
  Speaker 7: right around ninety three.
• 20:33
  Speaker 5: Dollars a barrel.
• 20:34
  Speaker 7: As four bank earnings JP Morgan Chase reported stronger than
• 20:38
  Speaker 7: expected first quarter results, However, the stock is down nearly
• 20:41
  Speaker 7: half a percent after the bank lowered its net interest
• 20:44
  Speaker 7: income guidance well as Fargo, dropping five percent after the
• 20:47
  Speaker 7: firm's first quarter results failed to impress. Black Rock beat
• 20:51
  Speaker 7: first quarter earnings and revenue estimates, sending shares up over
• 20:54
  Speaker 7: four percent. Now City Group said it's profit climb forty
• 20:57
  Speaker 7: two percent from a year ago, sending shares up over
• 21:00
  Speaker 7: one percent. Outside of bank earnings, Amazon degree to acquire
• 21:04
  Speaker 7: satellite company Global Star and an eleven and a half
• 21:08
  Speaker 7: billion dollar deal that will allow its Amazon Leo satellite
• 21:11
  Speaker 7: network to offer direct to device connections as it looks
• 21:15
  Speaker 7: to compete with Elon, Musk Starlink. Amazon is up by
• 21:18
  Speaker 7: three percent, while Global Stars stock is up by ten
• 21:22
  Speaker 7: percent and American Airlines stock is rallying nine percent after
• 21:26
  Speaker 7: Bloomberg reported that United Airlines CEO Scott Kirby has floated
• 21:30
  Speaker 7: a possible combination with American Airlines. I'm Tucker Silva in
• 21:35
  Speaker 7: that is Wall Street watching. In the previous segment, we
• 21:38
  Speaker 7: asked you the trivia question what play was President Lincoln
• 21:41
  Speaker 7: watching at the time of his assassination? That would be
• 21:44
  Speaker 7: our American cousin, Eric and Darry new Hampshire is our
• 21:47
  Speaker 7: winner today, taking home a Financial Exchange Show T shirt.
• 21:50
  Speaker 7: Congrats Eric, We play trivia every day here on the
• 21:53
  Speaker 7: Financial Exchange See complete contest rules at Financial Exchange show
• 21:57
  Speaker 7: dot com.
• 21:58
  Speaker 2: Mark More American than ever are millionaires, yet they don't
• 22:02
  Speaker 2: feel rich. The average network in the United States is
• 22:05
  Speaker 2: now over one million dollars. Average isn't terribly useful. Roughly
• 22:10
  Speaker 2: one in six families now pass the seven figure mark.
• 22:15
  Speaker 2: And I'm not surprised by that feeling of wealthy, of wealth.
• 22:20
  Speaker 2: Whenever you pull Americans about what, you know, what's the
• 22:23
  Speaker 2: asset level of which they would feel wealthy, it just
• 22:26
  Speaker 2: gets higher and higher. I will point out when I
• 22:30
  Speaker 2: bring up that somebody is a millionaire, they kind of,
• 22:33
  Speaker 2: you know, get surprised and look at me and be
• 22:36
  Speaker 2: specifically because they don't count a lot of things that
• 22:38
  Speaker 2: are counted when becoming a millionaire. So, first of all,
• 22:42
  Speaker 2: when they're talking about this, how much equity do you
• 22:44
  Speaker 2: have in your home, how much do you have in
• 22:46
  Speaker 2: your four h one K or your iras or assets
• 22:49
  Speaker 2: that you might not be able to touch, how much
• 22:52
  Speaker 2: do you have in the bank accounts. Add all that
• 22:54
  Speaker 2: stuff up and you're determining whether or not you're a millionaire.
• 22:57
  Speaker 2: I'll point out for other purposes though, there's some other
• 22:59
  Speaker 2: stuff that my be included how much life insurance do
• 23:02
  Speaker 2: you have? Because guess what if you live if you're
• 23:06
  Speaker 2: listening to us in one of the fine states in
• 23:08
  Speaker 2: New England, you can bet that Connecticut, Maine, Massachusetts, Rhode
• 23:13
  Speaker 2: Island and Vermont are all going to calculate and account
• 23:16
  Speaker 2: for the value of your life insurance that pays into
• 23:19
  Speaker 2: your estate after you're gone when assessing that good old
• 23:22
  Speaker 2: estate tax on families in the New England region. And
• 23:25
  Speaker 2: so I'm not surprised about the feeling here, but it
• 23:30
  Speaker 2: does you know, one in six families now surpassing that
• 23:33
  Speaker 2: one million dollar mark.
• 23:34
  Speaker 4: Yeah, I think it's time to retire the millionaire label
• 23:38
  Speaker 4: as suggestive of having achieved some level of financial independence
• 23:44
  Speaker 4: or security. A million dollars today buys what a half
• 23:47
  Speaker 4: a million dollars bought the turn of the in nineteen
• 23:51
  Speaker 4: ninety nine, two thousand. I'll just round up here. So
• 23:54
  Speaker 4: inflation is responsible. I don't know if anybody was worth
• 23:58
  Speaker 4: a half a million twenty five years ago would have
• 24:00
  Speaker 4: considered themselves to be exceptionally comfortable.
• 24:04
  Speaker 6: I mean, it's just yes, it's we need a new
• 24:07
  Speaker 6: reference point, Mike.
• 24:08
  Speaker 5: Maybe it's ten million dollars.
• 24:10
  Speaker 2: There isn't a firm threshold where you've surpassed and suddenly
• 24:14
  Speaker 2: financial security becomes attainable. I will say though, like I
• 24:18
  Speaker 2: said before, people get surprised when I talk to them
• 24:21
  Speaker 2: about their net worth and they tend to pooh pooh
• 24:25
  Speaker 2: the home equity that they have or the life insurance
• 24:27
  Speaker 2: policies that they have. And that's fine, but I remind
• 24:31
  Speaker 2: them that, hey, now that you have crossed that threshold,
• 24:34
  Speaker 2: there might be.
• 24:35
  Speaker 3: More planning that you need to do.
• 24:37
  Speaker 2: If you surpassed you know, a million bucks as they're
• 24:40
  Speaker 2: potentially more estate planning or complex planning. You need their
• 24:43
  Speaker 2: life insurance planning, long term care planning, and things along
• 24:47
  Speaker 2: those lines. Buy these different thresholds, and so if you're
• 24:51
  Speaker 2: ignoring that, if you're passing these thresholds and you haven't
• 24:54
  Speaker 2: revisited your own plans, it might be time to do so.
• 24:58
  Speaker 2: It might be time to check in and figure out, Hey,
• 25:01
  Speaker 2: does this still make sense given how much my home
• 25:03
  Speaker 2: is appreciated over the last five years, Given how much
• 25:06
  Speaker 2: my four oh one k has gone up, or my
• 25:08
  Speaker 2: earnings have changed over the last decade, am I still
• 25:11
  Speaker 2: in the right place with the you know, estate planning documents.
• 25:13
  Speaker 2: I have, the financial plan that I have, the you know,
• 25:16
  Speaker 2: the insurance coverage that I have. Is it all still
• 25:19
  Speaker 2: the right type of stuff to have given my changes
• 25:22
  Speaker 2: over the course of the last Again, you know, home
• 25:24
  Speaker 2: equity values are up eighty percent over the last six years.
• 25:27
  Speaker 2: That's a big change to net worth. If you have
• 25:30
  Speaker 2: questions along those lines, then you want an overall check in.
• 25:33
  Speaker 2: Armstrong Advisor Group is happy to help. You can give
• 25:35
  Speaker 2: us a ring at eight hundred three nine three four
• 25:38
  Speaker 2: zero zero one. That's the number four the Armstrong Advisory
• 25:41
  Speaker 2: Group where you can check us out online too at
• 25:43
  Speaker 2: Armstrong Advisory dot com. But that phone number eight hundred
• 25:46
  Speaker 2: three nine three for zero zero one.
• 25:48
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:51
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:53
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 25:57
  Speaker 1: your own financial, tax into state planning advisors before making
• 25:59
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 26:02
  Speaker 1: advisory services.
• 26:04
  Speaker 2: In other ridiculous news of the day, United Airlines CEO
• 26:08
  Speaker 2: has apparently pitched the idea of a tie up with
• 26:12
  Speaker 2: their rival American Airlines. So I didn't know this off
• 26:15
  Speaker 2: the top of my head. I needed to go take
• 26:17
  Speaker 2: a look in terms of the largest North American airlines
• 26:21
  Speaker 2: that exist out there, and we're looking at the available
• 26:26
  Speaker 2: seat miles. Here is what I'm doing.
• 26:28
  Speaker 3: That's how they factor this stuff in.
• 26:31
  Speaker 2: United Airlines actually is in the number one spot as
• 26:33
  Speaker 2: of twenty twenty four with three hundred billion seat miles.
• 26:40
  Speaker 2: I think it is followed by American, then Delta. Those
• 26:43
  Speaker 2: three are really close to each other. Coming in at
• 26:46
  Speaker 2: about half of those levels is Southwest Airlines, then American Airlines,
• 26:51
  Speaker 2: and then following that is Jeff Blue, Alaska, Spirit in Frontier.
• 26:56
  Speaker 2: I don't know anything about anti trust or how these
• 26:59
  Speaker 2: things would be, but I would just remind the United
• 27:02
  Speaker 2: CEO that very recently a judge throughout the combination of
• 27:08
  Speaker 2: Jet Blue and Spirit Airlines on you know, concerns about antitrust,
• 27:13
  Speaker 2: and based on twenty twenty four, if you combined those
• 27:16
  Speaker 2: two airlines together, based on seat miles, you would have
• 27:19
  Speaker 2: made an airline that is a third the size of United.
• 27:25
  Speaker 2: So I have no idea what makes anybody think that
• 27:27
  Speaker 2: these two airlines combining would be a good idea for
• 27:30
  Speaker 2: anyone whatsoever.
• 27:31
  Speaker 3: I hope it was just a thought.
• 27:33
  Speaker 2: Exercise by United Airlines rather than anything serious.
• 27:36
  Speaker 3: I personally would be.
• 27:38
  Speaker 2: Very opposed to those two airlines getting together and combining
• 27:41
  Speaker 2: and creating the largest airline in the world by quite a.
• 27:45
  Speaker 3: Bit, is what it would be. So I don't know
• 27:48
  Speaker 3: why that's even being brought up.
• 27:50
  Speaker 5: So what's the combined market share of the two? Did
• 27:52
  Speaker 5: you It.
• 27:53
  Speaker 2: Would be in terms of you know, this measure that
• 27:56
  Speaker 2: I'm using, they would be representing about six hundred billion
• 28:01
  Speaker 2: US seat miles, which would make them more than double Delta,
• 28:06
  Speaker 2: you know, it would make them larger than the next one, two, three, four,
• 28:11
  Speaker 2: five airlines combined.
• 28:13
  Speaker 4: I guess they'll look at it market by market and
• 28:15
  Speaker 4: see if that well, they may have to.
• 28:17
  Speaker 2: I mean market by market, they're everywhere, right, like what
• 28:20
  Speaker 2: market is not served by either United or American Airlines
• 28:24
  Speaker 2: off the top airhead, but they're probably some I guess.
• 28:26
  Speaker 2: So yeah, so we will see where this goes. I
• 28:30
  Speaker 2: hope that it is just a silly rumor, because again
• 28:33
  Speaker 2: you had the tie up between Jet Blue and Spirit
• 28:36
  Speaker 2: get rejected. Both of those airlines are in pretty rough
• 28:39
  Speaker 2: financial shape. I think there was a pretty compelling argument
• 28:42
  Speaker 2: to allow that one to go through and instead now
• 28:46
  Speaker 2: you're talking about the largest two out there in some
• 28:48
  Speaker 2: sort of tie up, which, yeah, I just I hesitate
• 28:52
  Speaker 2: to come up with any way that would be good
• 28:53
  Speaker 2: for the US consumer. Let's take a quick break. When
• 28:56
  Speaker 2: we come back, a bit of stack Roulette is next
• 28:59
  Speaker 2: on The Financial Exchange.
• 29:00
  Speaker 1: Miss any of the show. The Financial Exchange Show podcast
• 29:03
  Speaker 1: is available on Apple, Spotify, and iHeartRadio. Hit the subscribe
• 29:07
  Speaker 1: button and leave us a five star review. This is
• 29:10
  Speaker 1: the Financial Exchange radio network from FED Decisions to Market Moves.
• 29:16
  Speaker 1: Watch The Financial Exchange live on x face. He's the
• 29:19
  Speaker 1: Financial Exchange.
• 29:27
  Speaker 2: Time for a bit of stack Roulette here, Tucker, and
• 29:30
  Speaker 2: this is the topic that has engaged all of our listeners.
• 29:33
  Speaker 3: So a few more texts about the millennial versus boomer debate.
• 29:36
  Speaker 2: Yeah, in terms of financial difficulty overall toughness.
• 29:42
  Speaker 3: What do we got here?
• 29:43
  Speaker 7: Yes, we actually heard from a gen xer.
• 29:45
  Speaker 3: There we go. Yeah, yeah.
• 29:48
  Speaker 5: For two hours.
• 29:50
  Speaker 3: Oh finally somebody, somebody.
• 29:52
  Speaker 7: Jeez, So this texture is out of the five await
• 29:55
  Speaker 7: saying I'm a gen xer. So I remember that awesome
• 29:58
  Speaker 7: house my parent It Scott so cheap In nineteen seventy
• 30:02
  Speaker 7: that millennials complain about. It was about one thousand square
• 30:05
  Speaker 7: feet and there were six of us. There was one
• 30:08
  Speaker 7: bathroom and three bedrooms. Oh and we had one TV.
• 30:11
  Speaker 7: The boomers had it worse than myself or millennials. Driver
• 30:15
  Speaker 7: It was somehow no AC and a fifty amp electrical
• 30:19
  Speaker 7: service on that nineteen seventies house.
• 30:21
  Speaker 4: Listen to what he's writing, though, It is absolutely true
• 30:23
  Speaker 4: your TV was twenty one inches and you had a
• 30:26
  Speaker 4: crowd around it. Somehow we all watched it in a
• 30:29
  Speaker 4: normal sized family room.
• 30:30
  Speaker 3: But get up to change the didn't have AC.
• 30:32
  Speaker 5: In the bedrooms.
• 30:33
  Speaker 7: I mean right, you just said fans saving that.
• 30:40
  Speaker 5: Those came later.
• 30:41
  Speaker 2: Those came, like most of Mark's life. You just had
• 30:43
  Speaker 2: to wave his hand in front of his face.
• 30:45
  Speaker 3: Yeah, we had he's got a bad risk.
• 30:46
  Speaker 5: We had a we had we had a peacock.
• 30:48
  Speaker 3: And again mid Island's a different place.
• 30:53
  Speaker 2: Yeah, any other text for us, Tucker, No, No, that
• 30:58
  Speaker 2: was that.
• 30:58
  Speaker 4: Okay, all right, but thank you guy peronif gen X
• 31:02
  Speaker 4: though he's funny, he's a little bit indifferent.
• 31:05
  Speaker 3: They we generally don't.
• 31:06
  Speaker 7: The poll the Pole thinks millennials fifty eight percent, saying
• 31:10
  Speaker 7: millennials had it harm harder than boomers.
• 31:13
  Speaker 3: And how do YouTube vote?
• 31:14
  Speaker 7: Go to YouTube our live stream, They'll be there all
• 31:16
  Speaker 7: day and you can probably price.
• 31:19
  Speaker 4: That's what if your biggest challenge was affording a home.
• 31:23
  Speaker 4: Of course, if your biggest challenge was surviving a herd event,
• 31:27
  Speaker 4: you will feel different and in twenty years you'll be saying,
• 31:30
  Speaker 4: oh my god, I'm so glad I live in the
• 31:32
  Speaker 4: mid twenty first century and not in nineteen seventy.
• 31:35
  Speaker 3: What do you have for us for Stacker? What mark?
• 31:37
  Speaker 6: Would you guys buy a car from Amazon?
• 31:40
  Speaker 5: Yes?
• 31:41
  Speaker 2: Okay, so walk me through that, Tucker, because would you drive?
• 31:44
  Speaker 2: Would you buy a car without seeing it in person?
• 31:46
  Speaker 4: First?
• 31:46
  Speaker 1: Yes?
• 31:48
  Speaker 4: Yeah, because Amazon has expan. Context is that Amazon is
• 31:51
  Speaker 4: expanding Amazon. There is a link to Amazon Autos now
• 31:54
  Speaker 4: on your Amazon.
• 31:56
  Speaker 7: I will say that page. If I drive a San,
• 32:00
  Speaker 7: I've always drove a Sedan. I'm I know Honda's, I
• 32:04
  Speaker 7: know Toyota's, I know Volkswagen. If I like were to
• 32:07
  Speaker 7: venture out and be like, hey, my commute's going down,
• 32:10
  Speaker 7: maybe I'm going to get a pickup truck, then I'd
• 32:13
  Speaker 7: want to try one out. Yeah, But if it's a
• 32:15
  Speaker 7: VW or Honda something I'm used to, Like, now I'll
• 32:17
  Speaker 7: order on Amazon.
• 32:18
  Speaker 2: I know what I'm getting, but I would assume for
• 32:21
  Speaker 2: you to do so, you would want some price, you know,
• 32:25
  Speaker 2: a deal, right, or you're just saying like they don't.
• 32:29
  Speaker 3: Have to.
• 32:31
  Speaker 7: I don't want to deal with the hassle.
• 32:32
  Speaker 4: Yeah, and I know they're going for a Kiya, Mazda, Subaru,
• 32:36
  Speaker 4: Chevrolet or Jeep.
• 32:38
  Speaker 3: These new used both can you buy both?
• 32:41
  Speaker 5: I assume both.
• 32:42
  Speaker 4: By yeah both, I mean dealers UH qualify or apply
• 32:47
  Speaker 4: to have some sort of relationship and put their listings.
• 32:49
  Speaker 7: News use certified pre on all there on Amazon.
• 32:52
  Speaker 5: Wow.
• 32:53
  Speaker 2: And so like car what is it Carvana or auto
• 32:58
  Speaker 2: Trader for example, is just a listing website of a
• 33:01
  Speaker 2: bunch of dealers used vehicles that are out there.
• 33:03
  Speaker 5: They sometimes like these are this is a similar model here.
• 33:06
  Speaker 2: So they're just doing the same. They're not they're not
• 33:08
  Speaker 2: taking inventory a vehicle.
• 33:10
  Speaker 5: No, these are participating. It's it's just a conduittion.
• 33:13
  Speaker 7: Yes, so my media, I'm looking through all the used
• 33:15
  Speaker 7: cars on Amazon and they're all different dealerships in the
• 33:18
  Speaker 7: area listed.
• 33:20
  Speaker 3: That's just not that exciting to me, but it.
• 33:22
  Speaker 5: Might be exciting to somebody. And on the margin. It
• 33:25
  Speaker 5: doesn't cost a lot.
• 33:26
  Speaker 2: I mean, it's bad news for Auto Trader, it's bad
• 33:29
  Speaker 2: news for car Gurus and a few of those other companies.
• 33:32
  Speaker 2: That there's probably room for multiple models.
• 33:35
  Speaker 3: Yeah, most certainly. But Amazon.
• 33:36
  Speaker 2: Once Amazon enters a market, it kind of destroys a
• 33:39
  Speaker 2: bunch of stuff. If you want to entice me, I
• 33:41
  Speaker 2: want what I would like. What I would like is
• 33:44
  Speaker 2: the ability for Amazon to strike some deals with the
• 33:48
  Speaker 2: manufacturers and avoid the dealerships.
• 33:51
  Speaker 3: That because that's the whole thing. Tucker does want to
• 33:53
  Speaker 3: deal with the dealership that.
• 33:55
  Speaker 5: You're not dealing with a dealership.
• 33:57
  Speaker 7: You technically you are right, because when you say deal
• 34:02
  Speaker 7: with you mean the ritual in the theater, all the
• 34:06
  Speaker 7: crap about the water a coffee, like, No, I don't
• 34:11
  Speaker 7: want to do that, sit there for eight hours, stupid.
• 34:14
  Speaker 2: Okay, I'm not I'm not sure this is not this
• 34:18
  Speaker 2: does remove all that unpleasantness. I'm not sure Amazon's bringing
• 34:21
  Speaker 2: much to the table here. This is just duplicating.
• 34:23
  Speaker 7: Maybe they're just dipping their toes in the water.
• 34:25
  Speaker 3: They're trying it out.
• 34:26
  Speaker 4: Yeah yeah, but you can have a participating dealer on
• 34:30
  Speaker 4: both platforms. Presumably the price would be the same.
• 34:33
  Speaker 3: Yeah, your questions, is the buying process any different.
• 34:37
  Speaker 6: Face, the financing different right?
• 34:39
  Speaker 2: Is there any different feature that Amazon's going to offer
• 34:42
  Speaker 2: me by finding me that new Kia on their site
• 34:46
  Speaker 2: versus Auto Trader? Because if not, again, it might be
• 34:49
  Speaker 2: bad news for Auto Trader, But I don't think it
• 34:51
  Speaker 2: really matters.
• 34:52
  Speaker 7: I think today no, there's probably nothing different. But again,
• 34:56
  Speaker 7: I think they're just getting into it.
• 34:58
  Speaker 3: Let me buy you.
• 35:00
  Speaker 7: They'll figure it out.
• 35:02
  Speaker 2: Yeah, I mean Amazon always always, they don't always figure out.
• 35:06
  Speaker 3: They do.
• 35:07
  Speaker 2: What they do is they throw everything at the wall,
• 35:09
  Speaker 2: and you know, eighty percent of them are terrible ideas,
• 35:13
  Speaker 2: and then twenty percent of them actually end up working
• 35:15
  Speaker 2: and being these massive business successes. So that's kind of
• 35:18
  Speaker 2: their mo which is why I'm kind of discounting it.
• 35:20
  Speaker 2: Like when Apple comes up with something, they tend to
• 35:22
  Speaker 2: have a lot of hits. When Amazon does, it's you know,
• 35:25
  Speaker 2: half of them are garbage and we just discontinued after
• 35:27
  Speaker 2: a few years.
• 35:28
  Speaker 3: But we'll see where this was.
• 35:30
  Speaker 4: This is my first sac roulette that's ever generated follow
• 35:32
  Speaker 4: up conversation.
• 35:32
  Speaker 3: Look at you look at it?
• 35:34
  Speaker 5: A weird feeling.
• 35:36
  Speaker 2: Staying in the auto industry. Bargain car hunters are driving
• 35:39
  Speaker 2: the next wave of US EV sales. So this is
• 35:44
  Speaker 2: definitely something that I noticed. My most recent car purchase,
• 35:47
  Speaker 2: we my wife was starting a new commute and we
• 35:51
  Speaker 2: needed another car. We have two gas powered cars, and
• 35:55
  Speaker 2: we said, yeah, I've driven an ED before. They're fun
• 35:58
  Speaker 2: to drive. It'd be cool to plug it in at
• 36:00
  Speaker 2: the house. We've got plenty of electricity service to be able.
• 36:03
  Speaker 3: To do it. Let's go for it.
• 36:05
  Speaker 2: The available inventory of electric vehicles, whether they were Cheves,
• 36:11
  Speaker 2: we looked at Chevies, Hyundai's, and Fords, and there were
• 36:16
  Speaker 2: a ton of them available, as well as very big
• 36:20
  Speaker 2: incentives available for the purchase of Femings. Well yeah, maybe
• 36:25
  Speaker 2: not anymore with gas prices surging. So I guess that's
• 36:28
  Speaker 2: the big question is are they still so readily available
• 36:31
  Speaker 2: and so heavily discounted. But when I was purchasing back
• 36:33
  Speaker 2: in January, I believe it was the just flood of
• 36:38
  Speaker 2: these vehicles that they seemingly could not sell over the
• 36:40
  Speaker 2: course of the last two years and have now pivoted
• 36:43
  Speaker 2: away from has been pretty substantial. That would be my
• 36:46
  Speaker 2: only concern these days is, you know, are these manufacturers
• 36:50
  Speaker 2: going to pivot away from the vehicle they just sold me.
• 36:52
  Speaker 2: And will it be difficult to service going forward. That's
• 36:57
  Speaker 2: a bit of an interesting question. But yeah, bargain hunters
• 37:00
  Speaker 2: not only for the gas prices now, but you know,
• 37:03
  Speaker 2: sales of these electric vehicles declined by twenty seven percent
• 37:07
  Speaker 2: in the first three months of the year, and used
• 37:10
  Speaker 2: models surged by twenty percent during the first quarter of
• 37:13
  Speaker 2: twenty twenty five. So it is clearly a bit of
• 37:17
  Speaker 2: a mismatch in terms of supply and demand. But I've
• 37:20
  Speaker 2: personally been quite happy with it, you know, not having
• 37:23
  Speaker 2: to go to the gas station and fill the thing up,
• 37:26
  Speaker 2: plunging it at home. I'm not going to say that
• 37:28
  Speaker 2: it's this incredible cost savings, but yeah, it's been.
• 37:31
  Speaker 3: It's been quite the experience.
• 37:33
  Speaker 7: Oh I meant to tell you this. I was filling
• 37:36
  Speaker 7: up the other day and a lady filling up her Volvo.
• 37:40
  Speaker 7: She looks at me and she goes, I just spend
• 37:43
  Speaker 7: ninety six dollars to fill up my tank. Bet you
• 37:46
  Speaker 7: do ninety six dollars And she just drove away.
• 37:48
  Speaker 3: Was she put in the ninety three in? Yeah?
• 37:50
  Speaker 7: Of course.
• 37:51
  Speaker 3: Yeah.
• 37:51
  Speaker 5: Did she think you worked there?
• 37:52
  Speaker 3: No?
• 37:53
  Speaker 7: No, she I was just at the next pump and
• 37:55
  Speaker 7: she was like, you get a load of this, jeez,
• 37:58
  Speaker 7: see you later.
• 37:58
  Speaker 2: She just thought Tucker was cute. Probably, That is all
• 38:02
  Speaker 2: the time we have for this edition.
• 38:04
  Speaker 3: A La.
• 38:06
  Speaker 5: Tucker's Hanging out of the gas stay made.
• 38:08
  Speaker 3: At the gas station every Tuesday.
• 38:09
  Speaker 2: Yeah uh and nazak up one and two thirds of
• 38:12
  Speaker 2: percent s and p up a full percentage point. The
• 38:14
  Speaker 2: Dow Jones Industrial Average up two thirds of a percent.
• 38:17
  Speaker 2: That is all the time we have for today. We
• 38:19
  Speaker 2: will be back at it tomorrow, maybe a little bit
• 38:20
  Speaker 2: less goofy. Then, have a great rest of your day
• 38:23
  Speaker 2: and stay tuned, folks.