Episode Transcript
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Speaker 1 (00:09):
You're listening to a podcast from news Talk said be
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Speaker 2 (00:24):
The Rewrap.
Speaker 3 (00:25):
I go there and welcome to the Rewrap for Wednesday,
all the best bits from the micast and breakfast on
news Talks. He'd be in a silly a package, Iant
Glen Hart and so ocr.
Speaker 4 (00:37):
I feel like the phys has gone out of the oca.
Speaker 3 (00:39):
We were so obsessed with it and now it's just
coming and going like you know, half a thought.
Speaker 4 (00:47):
But anyway, Michael, have a harper thought about it.
Speaker 3 (00:49):
Shortly, This flight time thing, the suspicious flight time statistics
that don't include the regional flight times where the flights
are leaving on getting there on time and being canceled
or not. We'll follow this up and who's put their
hand up for the Wellington marialty. But before any of that,
the US economy must be going great, right.
Speaker 5 (01:09):
Ken Lagon started a small operation called home Depot. These days,
he's a billionaire and a major donor to Donald Trump.
He is like the rest of us, looking on, incredulous
or furious, or in disbelief or in confusion. Yesterday, for
a very brief period of rumor that appeared to come
out of a very small account or two on X
swept the market. Trump was considering a ninety day pause
(01:31):
in tariff's. The market, which had been continuing its downward
trajectory or tanking as some people call it, abruptly upped
sticks and reversed, and it searched about eight percent, which
is a lot, until it turned out no, it was true,
so I fell apart again. That's, as one article suggested,
was an off ramp for the president. In other words,
had the rumor been true, had Trump decided it could
(01:51):
all be a mistake, the markets would have forgiven them,
put it all behind them, and we'd be on our
merry way. But back to Ken, Ken said, I don't
understand the goddamn formula, and in that he is not alone.
Many of the billionaires who backed Trump don't understand the formula.
They also didn't back the idea that trum would t'sh
the place. And yet more of them, mainly headed by
the bloke who runs Black Rock, thinks the US economy
(02:13):
is already in recession. If it is in recession, Howard
Lutnik will need to be rolled out to explain how
that happened. Given according to Lutnick, it wasn't possible. So
once again we ask the simple question. If the brightest
people in the room don't understand the goddamn formula, if
Trump's closest allies and supporters don't get it, who does?
Or worse, is it possible no one does? And this
(02:34):
thing is a runaway train? And if it's not a
runaway train, is it possible that yet another Trump backer
is right when he suggests America is now a global
laughing stock and most of them, to quote Elon, are
dumber than a sack of bricks.
Speaker 6 (02:47):
There's going to be no recession in America.
Speaker 3 (02:50):
So apparently the going to net worth is only one
and a half billion or something, so he might actually
not still be a burn are the way the markets
have been over the last few days.
Speaker 4 (02:59):
It's the rewrap anyway.
Speaker 3 (03:02):
I don't know why everybody's so worried. Certainly Carolyn leave
it the White House pressing refresh. He isn't seem worried.
Speaker 5 (03:08):
When we come to work this morning, the down was
up about twelve hundred points. We're thinking, oh yeah, things
are recovering slowly. It's now down thirty five, so it's
still on a wild wild ride. Meantime, in the White House,
Navarro calls Elon Musk a car assembler. Musk calls Navarro
a moron and is dumber than a sack of bricks,
which brings in the evangelical Carolyn Lebtt, who has to
(03:30):
explain how old this works.
Speaker 6 (03:32):
Boys will be boys, and we will let their public
sparring continue. And you guys should all be very grateful
that we have the most transparent administration in history. And
I think it also speaks to the President's willingness to
hear from all sides that he has people at the
highest levels of this government, in this White House who
have very diverse opinions on very diverse issues. But the
(03:52):
President takes all opinions in mind, and then he makes
the best decision based on the best interests of the
American public.
Speaker 4 (03:59):
I love it.
Speaker 5 (04:01):
You couldn't prime me enough to spin that shit. So
they have this new system whereby somebody from the media
who hasn't been in there before, some fringe media groupie
who's never been able to go to the White House
and ask a question, gets to ask a question. This
one tuned out to be quite good.
Speaker 6 (04:15):
Keep explain the White House's evolution from this is not
a negotiation on terroriffs too. Countries should pitch us and
start negotiations for sure.
Speaker 2 (04:25):
As the President said yesterday, Jasmine, both things can be
true at the same time, and it is a non
negotiable position that the United States has faced a national
security and economic crisis because of the unfair trade practices
by countries around the world. As for the President, I
have maintained this position.
Speaker 6 (04:41):
The entire administration has always said that President Trump is
willing to pick up the phone and talk.
Speaker 5 (04:46):
Both things can be true. In fact, if you close
your eyes and hum everything can be true if you
think hard enough.
Speaker 4 (04:52):
And I know why Mike's being so cynical about that.
Speaker 3 (04:55):
It's a very quantum physics way of looking at things.
Isn't it that both things can be true at once.
Speaker 4 (05:02):
It's a sort of a Schrodinger's tariff deal. It's both
alive and dead.
Speaker 3 (05:11):
Whatever you do, don't pick up the phone, though you
might find out which it is.
Speaker 4 (05:14):
We'll find out is it today tomorrow?
Speaker 3 (05:18):
I see, I don't even know when the ocr who
cares we all know what's going to happen.
Speaker 5 (05:22):
Boring, I mean, isn't it a lesson in life. What
seems a little bit tricky appears now in the rear
view mirror an absolute breeze. What were we dealing with
for today's Reserve Bank cash rate call? A well one
broad agreement that we would have another twenty five points today,
followed by another twenty five points in May. We knew
this because the bank told us this too. There was
a level of back and forward over the so called recovery.
(05:42):
A little bit of good news here read the manufacturing
back and positive, some bad news there read the spending
in the services sector still treading water. We had the
GDP out of Q four, good healthy number. Inflation was
sorted sort of, although some price pressure is still about
the place. And that Council rates insurance cost issue that
you know, so called non tradeable that was still not
(06:02):
where we wanted it. But broadly it all seemed reasonably clear.
Then came Trump and tariffs and the world got tipped upside.
So what do the RB do today? Ah, Well, in
Australia than our expecting four cuts. Are the teriffs inflationary?
Yes they are, So we need to tame it, don't we.
So that means cuts are off, doesn't it? But do
the tariff slow the economy down?
Speaker 4 (06:20):
Oh?
Speaker 5 (06:21):
Yes they do, so that's rate cuts and more rate cuts.
We need to stimulate. But what outweighs? What does inflation
trump recession and by how much?
Speaker 4 (06:29):
And when?
Speaker 5 (06:29):
Who knows? Can New Zealand work our way through teriffs
with less impact? In other words, we sell quality more
than quantity. Quality is somewhat terriff proof, so we can
carry on the way we work. But we sell to
other countries that might be more affected. Therefore they slow down.
They can't buy our stuff after all, so are we
more affected? Further question, given this is in the Reserve
Bank terms breaking news and other words, it's only just happened,
(06:52):
and because of that, no one knows what the hell
is next? How do you make a call around all
of this? How much of the past few days is
in today's decision? Final question? How pleased does Adrian to be?
The hell out of there? And on holiday? Actually? Final
final question? Where is Adrian? And do you ever get
an explanation for his tanty and his exit? Anyway? Newfilland
governor today, same old monetary committee and the future of
(07:15):
our fragile recovery at stake? What could possibly go wrong.
Speaker 3 (07:18):
Exactly, which is why if nobody suddenly nobody cares, because
guess what, if it's bad news, we're all interested. If
it's everything's seems to be going as normal, we don't
care anymore unless we're suspicious of the news that everything
is going as normal.
Speaker 4 (07:40):
So, yeah, we had.
Speaker 3 (07:42):
These statistics from the Ministry of Transport about how many
flights were canceled, how many arrived on time, left on time,
and all that sort of thing, and.
Speaker 4 (07:50):
It seems surprisingly good.
Speaker 3 (07:53):
And then we discovered it didn't actually include regional flights,
and then well then this happened.
Speaker 5 (07:58):
So then we come back to flights on Monday. We
gave you the takeoff landing times, tiny little numbers of cancelations.
Everything looked tickety boo. In the world of aviation, a
lot abuse said, hey, wait a minute, what about regional
what about the turbo props? That's where the action is
quite right. Good point. So we go directly, of course,
to the Ministry of Transport. We go to them on
the Monday and we say, hey, how about these numbers.
What's going on? Some suggesting that in New Zealand works
(08:20):
fairly hard to keep the numbers quiet as as possible,
we ask. So we go to the Ministry of Transport
on Monday. They come back to us on Tuesday, because
of course coming back to us on Monday would be
far too difficult. The same day, so they come back
to us on Tuesday and they say they are quote
working on a response. Now, this was just at nine o'clock,
just as we came off here working on a response.
(08:41):
Now we got no response. So we chase them up
yesterday afternoon, having given them not only Monday, but another
six or seven hours of Tuesday. We are current quote unquote,
we are currently in discussions with the number of airlines
and are planning to provide regional reporting shortly. I hope
we didn't start that because it sounds like a lot
of people, we really hope, to a lot of energy.
(09:04):
We then went back four minutes later, still before five o'clock,
of course, because that's when Wellington closes and asks, what
does shortly mean? Is there a timeline? No response to that.
So I sit here at seven twenty seven on a
Wednesday morning, having engaged them first thing on Monday, and
we are still, like many an Air New Zealand flight
yet to arrive, yet to land.
Speaker 4 (09:24):
What makes you think that Wellington stays open till five.
Speaker 5 (09:27):
Good point, very good point. So we'll keep All I
can do is keep you posted. But if you ever
wanted to see some efficiency in the public service, it's
not quite happened yet. We'll certainly not at the Ministry
of Transport.
Speaker 3 (09:39):
There were some people in Wellington who got very upsets
about that and texted in and pointed out that yes,
all right, they finish at three thirty every day, but
they do start at seven.
Speaker 4 (09:52):
And they actually texted that in the rerat.
Speaker 3 (09:55):
You do wonder sometimes if the people in Wellington just
honestly can't see anything outside of Wellington. Sometimes they look
to Taranaki.
Speaker 5 (10:05):
Andrew little Asmir. Is he the answer to Wellington? I
don't even think he was from Wellington. I thought he
last time I looked at his from New Plymouth. Is
that how this works? And this in a way? And
don't get me wrong, I like Andrew. I got a
lot of time for him. I don't know how effective
as a leader he is. I think we tried that
out and it was called the Labour Party didn't work
that well. So could he be a mayor in Wellington?
(10:26):
Why would he be a mayor in Wellington? Could he
be a mayor and Wellington only because when you look
at the box you go, oh, Andrew Little, Yeah, I
recognize that name? And is that all it boils down to?
What are his credentials to lead a city? If he
couldn't lead a party and couldn't lead a country? And
is it literally name recognition? Could Mike Hosking Andrew Little
and pick a name Desley Simpson, Lamborghini Lover run for
(10:50):
election and just suddenly when because for no the reason,
you happen to recognize the name. And if that's the case,
how weird is that?
Speaker 3 (10:57):
Remember the good old days when everybody in the Labour
Party was either called Andrew or David and you couldn't
quite keep But remember we'll watch one of this witch. Yeah,
a lot of Andrew David's. It was it was David Sheer.
Wasn't it who had the broken phone? Wasn't it that
they had always worried me? You can't have somebody trying
to be the leader of the party for the broken
(11:19):
phone screen, no matter how many war zones you've been too. Anyway,
I am.
Speaker 4 (11:27):
I'm just biased against people who don't can't look after
their phones. I am Glen Hat.
Speaker 3 (11:32):
Look out today for a phone review on the NEWSKSB
Technology page under the lifestyle section. There shall I tell you, yes,
I'm going to try an attempt to review two phones
at once. I've actually already done that once already this year.
So does that mean I've reviewed four phones at once?
Speaker 4 (11:52):
Anyway? To find out? Today got a bit off topically.
Speaker 3 (11:55):
This is a podcast and it's finished, and we'll start
it again to morrow.
Speaker 2 (11:58):
Se then.
Speaker 1 (12:06):
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