August 2, 2025 • 19 mins
1. Trump–EU Trade Deal
- Trump announces a historic trade agreement with the European Union.
- Key elements of the deal:
- EU to purchase $750 billion in U.S. energy.
- EU to invest an additional $600 billion in the U.S.
- Zero tariffs on trade between the U.S. and EU.
- A 15% flat tariff on automobiles and other goods.
- EU to purchase hundreds of billions in U.S. military equipment.
- Trump claims this is “the biggest deal ever made.”
2. Criticism of the Obama Administration
- The file revisits the “Obama phone” controversy, portraying it as a vote-buying scheme.
- Discusses the fraud conviction of a Florida telecom CEO (Isa Asade of Q Link Wireless) involved in defrauding the Lifeline program and PPP loans.
- Highlights misuse of funds for personal luxury items and past legal issues of the CEO.
3. Economic Outlook & Trump’s Impact
- Cites a Bank of America report predicting not just a recovery but a potential economic boom.
- Five reasons for optimism:
- Political will ahead of midterms.
- Impact of the “One Big Beautiful Bill” on domestic manufacturing.
- Global stimulus efforts, especially in Europe.
- Surge in capital expenditures by major U.S. companies.
- A proprietary economic indicator signaling a shift from downturn to recovery.
4. Midterm Elections & Political Messaging
- Frames the midterms as a referendum on Trump’s agenda.
- Emphasizes the importance of continued support for Trump-aligned policies to maintain economic momentum.
Please Hit Subscribe to this podcast Right Now. Also Please Subscribe to the Ben Ferguson Show Podcast and Verdict with Ted Cruz Wherever You get You're Podcasts. Thanks for Listening
#seanhannity #hannity #marklevin #levin #charliekirk #megynkelly #tucker #tuckercarlson #glennbeck #benshapiro #shapiro #trump #sexton #bucksexton
#rushlimbaugh #limbaugh #whitehouse #senate #congress #thehouse #democrats
#republicans #conservative #senator #congressman #congressmen #congresswoman #capitol #president #vicepresident #POTUS #presidentoftheunitedstatesofamerica
#SCOTUS #Supremecourt #DonaldTrump #PresidentDonaldTrump #DT #TedCruz #Benferguson #Verdict #maga #presidenttrump #47 #the47morningupdate #donaldtrump #trump #news #trumpnews #Benferguson #breaking #breakingnews #morningupdate
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Thrilled to sign the VA Home Loan Program Reformact into law.
This legislation provides desperately needed relief to veterans and their
families who have fallen behind and their mortgages. It helps
keep our promise to end veterans homelessness, and we're going
to do that for America. We're going to do that
for a great veteran.
Speaker 2 (00:21):
You're listening to the forty seven Morning Update with Ben Ferguson.
Speaker 3 (00:25):
Good Saturday morning to you. Ben Ferguson with you, and
these are some of the stories that you may have
missed that we talked about this week on the forty
seven Morning Update. First up, call it the Art of
the Deal. The USA has the biggest ever trade agreement
with the European Union. Donald Trump getting it done, and
the EU will also buy seven hundred and fifty billion
(00:48):
in US energy. I'll have all the details on that
deal for you in a moment. Also, I also want
to talk about Donald Trump's promise to clean up waste,
fraud and abuse. Remember back in twenty twelve, there was
a scam. It was called the Obama phone scam. You
may remember a woman saying she's gonna vote for Obama
(01:08):
because it gives her a free phone. Well, now a
CEO is headed to prison and must pay one hundred
and twenty eight million dollar fine after defrauding the government,
and it deals with it that those Obama phones are
still around, and finally the media finally having to tell
the real story. Yes, there isn't just a recovery, it
(01:30):
is a boom. Bank of America now saying the key
tail risk is well that the Trump economy will actually
start to take off. We're gonna break that down for
you in just a moment. All right, I want to
take a moment talk about the economy. You've been seeing
what's happening on Wall Street, You've seen what's been happening
with interest rates, and you've probably seen gold prices hitting
(01:51):
all time record highs. Why because there is uncertainty all
over the world right now, and when there is uncertain times,
you want real answers about your financial stability. Well, at
Kurt Elliot Precious Metals, you get more than gold and silver.
You get trusted guidance from a team that puts people
first always. You also get transparency. This is why I
(02:16):
recommend them. Their mission is clear. They want to help
you protect what matters most with real metals, real service,
and real clarity. Now here's why I love what they
do at kirt Elliot Precious Metals number one bullyon only approach.
They focus on investment grade medals, not overpriced quote collectibles
(02:37):
or gimmick products that cost you an insane amount of
money for what you're actually getting. What they do is
they sell you more metal for your money and fair
value when it's time for you to actually sell. They
also have upfront transparent pricing just eight percent when you
buy and zero commissions when you go to sell. There
(02:59):
are no hit fees on top of that ever, that
is the reason why I recommend them. They also make
sure they give you personalized guidance for you. You're never just
a number, no pressure, always real answers, and they make
sure that you are in control. So if you're ready
for real, honest clarity and all of the BS taken out,
(03:22):
visit k e PM dot com slash ben that's k
e PM dot com slash ben to schedule your personal
portfolio review. Ask about today's unique market window and how
the current silver to gold ratio might work in your favor.
Protect what matters plan with clarity k e PM dot
(03:46):
Com slash ben or seven two zero six oh five
thirty nine hundred. That's seven two zero six oh five
thirty nine hundred. Kurt Elliott Precious Metals. Smarter Metal Investing
starts with them. It's the forty seven Morning Update, and
it starts right now.
Speaker 2 (04:04):
Story number one.
Speaker 3 (04:06):
Donald Trump reaches a historic trade deal with the European Union.
Europe is going to buy seven hundred and fifty billion,
We're now being told in US energy. This is massive.
President Trump announcing the sweeping trade agreement with the European
(04:27):
Union on Sunday, setting a baseline fifteen percent tariff on
European imports, including automobiles, while keeping existing fifty percent duties
on steel and aluminum in place. Now, as part of
the deal, the EU committed to purchasing seven hundred and
fifty billion in US energy production. Trump announcing the agreement
(04:48):
during a press conference with the European Commission president after
a private meeting at the Trump Turnberry golf course in Scotland.
Here is part of what was said by the President
United States America at that event, where they say, we've
reached a deal.
Speaker 1 (05:04):
So we're going to do the following the European Union
is going to agree to purchase from the United States
seven hundred and fifty billion dollars worth of energy, seven
hundred and fifty billion dollars worth of energy. They are
going to agree to invest into the United States six
(05:25):
hundred billion dollars more than they're investing already. So they're
investing a large amount of money. You know what that
amount of money is. It's very substantial, but they're going
to invest an additional six hundred billion dollars. They're agreeing
to open up their countries to trade at zero tariff,
(05:46):
so that's a very big factor opening up their countries.
All of the countries will be opened up to trade
with the United States at zero tarraff and they're agreeing
to purchase a vast amount of military equipment. We don't
know what numbers, but it's the good news is we
make the best military equipment in the world, so sort
of you have to do that. I mean until somebody
(06:07):
tops us, which is not going to happen. We're way
ahead of every other country in terms of the quality
of the military equipment. You saw that recently in Iran,
and you see that unfortunately, you see that often for
all the wrong reasons. Right, So those things are seven
hundred and fifty billion, six hundred billion, opening up the country.
We are agreeing that the tariff straight across for automobiles
(06:33):
and everything else will be a straight across tariff of
fifteen percent. So we have a tariff of fifteen percent.
We have the opening up of all of the European countries,
which I think I could say we're essentially closed. I mean,
you weren't exactly taking our orders, you weren't exactly taking
our agriculture, and then you would have smaller things. But
for the most part, it was closed. And now it's open.
(06:56):
It's open for our companies to go in and do
a good job with it. I think you'll like them.
I think you like it, and we will. Very importantly,
they'll be investing a lot of money. But the military
is a big number. But that's one number we're not
determining it's going to be whatever it is. But they're
going to be purchasing hundreds of billions of dollars worth
of military equipment. They're very importantly, they're going to purchase
(07:18):
seven hundred and fifty seven hundred and fifty billion dollars
worth of energy, so that's going to be great, and
six hundred billion dollars worth of investments into the United
States over and above what they have, and I think
that basically concludes the deal. I mean, those are the
main factors. I don't think there are too many other
factors other than we're going to get along great, and
(07:40):
we have a great relationship now with NATO, which is
largely the same I mean not exactly but pretty pretty close,
right largely and with NATO, as you know, they're going
up to five percent from two percent, and the relationship
is very strong with NATO. So I just want to
congratulate you. I think it's I think it's great that
you made a deal today instead of playing games and
(08:02):
maybe not making a deal at all. I think it's
I'm gonna let you say, but I think it's the
biggest deal ever made. Thank you very much.
Speaker 3 (08:14):
Yet again, another massive promise the President kept in a
victory for American workers and American manufacturers as well, the
President saying he was going to bring back fairness to
the marketplace, especially in places that were taking advantage of us,
where our markets were virtually shut down completely in Europe
from our automobiles and agriculture, just to name two different categories.
(08:38):
So if you're an American manufacturer, the president is your
best friend. If you're an American company that needed access
to europe farmers, president should be your best friend. And
yet again the President putting America first as he promised.
Speaker 2 (08:55):
Next story number two.
Speaker 3 (08:56):
I want to take you back in history for just
a moment. May remember when President Donald Trump ran for office.
One of the things he promised when he was going
to clean up waste fraud and abuse. Now when did
our government get really big into waste fraud and abuse.
A lot of it actually happened when President Barack Obama
(09:17):
was in office, because he understood that it's easier to
buy votes than to convince people to vote for you
for actual policy reasons. You may remember the perfect example
of buying votes, a woman that became famous for her
reason for voting for Barack Obama over a guy by
the name of Mitt Romney. Let me be clear, I'm
(09:37):
not advocating for voting for Mitt Romney for anything. We
now know what a disaster he was, but at the time,
he obviously was willing to do a lot better job
for this country than Barack Obama insert September twenty six
of twenty twelve and the famous woman who loved her
Obama phone.
Speaker 1 (09:56):
Oama, you got Obama phone? Yesbody Cleveland, No, my Nordy
got Obama fault.
Speaker 3 (10:02):
Give a woman president. You know he gave us a fault.
Speaker 1 (10:05):
Give you a phone. Let he give you a phone?
Speaker 3 (10:07):
Can you sign up during your full steps?
Speaker 2 (10:10):
Well, sell charity?
Speaker 1 (10:11):
You got low income, your disability? Okay, what's wrong with
Romney again?
Speaker 2 (10:17):
Romney?
Speaker 1 (10:17):
He sucks me?
Speaker 3 (10:22):
There it is. The woman made it clear, you can
buy my vote. The Obama phone was real, and it
was a way to buy votes, and the Democratic Party
was giving out those Obama phones and free sales service
each and every month. Well, fast forward to where we
are today, and we know a lot more about how
corrupt the program actually was, the Obama phones. It was
(10:44):
also a big scam. And a Florida ceo is now
headed to prison and has been ordered to pay one
hundred and twenty eight million dollars in fines after quote
defrauding the government. And we're also being told this made
the tip of the iceberg. The owner of a Florida
telecommunications company will spend the next five years in prison.
(11:08):
That's it, only five years, and his firm must pay
a hefty fine. Regarding the Obama phone scam, q Link
Wireless LLC and its owner, identified as a CEO isa Asade,
previously pled guilty to conspiring to commit wired fraud and
still federal funds from the Lifeline program that originally began
(11:30):
in the nineteen eighties to offer home phone service to
those that were in need so they could call nine
one one. Well, the program offered subsidized cell phone service,
then to lower income people, and then free phones. And
in that twenty twelve video, you had that protester emerging
outside of Mitt Romney event who claimed her neighborhood received
(11:51):
then Obama phone. Everybody's got one, every minority. When asked
why she supported Obama, the woman said, everybody in Cleveland,
low minority got Obama phones. Keep Obama and President, you know,
he gave us the phone. He's gonna do more. Now.
This clip was really the first time many Americans ever
heard about the abuse in this program, and the name
(12:13):
Obama Phone caught on after the video went viral. Some
telecommunications companies with Lifeline contracts embraced the term as a
marketing ploy. The government, by the way, did not go
back to twenty thirteen. Bright bart News reported the opposition
to the Lifeline program was growing, as Track Phone Wireless,
(12:34):
the company that most benefited from the government's upse is
now advertising on the inside the Beltway news websites in
an effort to quote unquote save it. You go to
the Fox article and it now says that a Side
was sentenced to prison and he along with his company,
must pay one hundred and twenty eight million dollars in fines.
In a press release on Friday, the US Attorney's Office
(12:57):
for the Southern District of Florida shared more details about
the case and just how bad the fraud may be.
Aside to fraud in another federal government program, it states
the Paycheck Protection Program, also known as PPP. By making
false statements about q Link's business, Congress you may remember,
created PPP and it was filled with waste, fraud, and
(13:19):
abuse during the COVID nineteen pandemic to authorize forgivable loans
of small businesses for job retention as well as quote
other expenses. Aside, the q links name executive executed a
fraudulent scheme to obtain and keep PPP proceeds to further
the scheme, Asside mays false statements about q Link's business,
(13:40):
including a false claim that q Link's Lifeline reimbursement substantially
decreased because of the pandemic. Aside then in twenty twenty
one engaged in an unlawful financial transaction involving approximately three
hundred and eighty nine thousand of those proceeds. Asside spent
PPP loan proceeds on a land rover, payment, his personal
(14:02):
AMEX card, jewelry, and personal property taxes. Aside was reportedly
charged with murder several years ago in connection with driving
over a grounds keeper at his business. Per another Fox article.
He later pled note, pleaded no contest to misdemeanor culporable negligence,
and was slapped with one year of probation in order
(14:25):
to pay just a one hundred and twenty five dollars fine.
The outlet said, proof if you've got really good lawyers,
you can get away with a hell of a lot.
As for the Obama phone scam, for the CEO at
least is headed to prison and we'll pay in theory
one hundred and twenty eight million dollars in fines for
defrauding the American taxpayer. But is this program still going yes?
(14:49):
Is the program still corrupt as hell?
Speaker 1 (14:51):
Yes?
Speaker 3 (14:52):
And is it time that the Trump administration look into it?
You better believe it. There's a very good chance that's
exactly what's happening right now.
Speaker 2 (15:01):
And finally, story number three, not.
Speaker 3 (15:03):
Just a cycled recovery but a boom. That is how
Bank of America is talking about Donald Trump's economy in
a market landscape that is fixated on fear or stagnation
and modest recoveries. Because Donald Trump's in office and they
want everything to be doom and gloom, the Bank of
(15:24):
America is now having to tell us the truth. They're
sounding the reality and even deciding that they are bullish
on where we are headed. According to a new note
from a Bank of America research analysts, the next phase
for the US economy and equities might not be a
routine recovery, but quote an outright boom. Today, a confluence
(15:50):
of factors argue that the key tail risk that may
not be priced in is not just a cyclical recovery,
but a boom. The note says, exactly, so, why is
this happening? Well, there's five reasons, they state for a boom.
Bank of America analysts, citing these five pillars, they say
(16:11):
support this more than bullish case. First is political will.
They argue that the US midterm elections a few quarters away,
policymakers have strong incentive for near term pro growth initiatives.
Why because everybody in Congress right on the House side
(16:32):
is up for reelection, and there's a lot of members
of the Senate that are up as well. Second, they say,
is Washington's One Big Beautiful Bill Act. Yes, you may
remember the media said it was going to destroy our economy. Nope,
now they're saying the One Big Beautiful Bill. Well, it
is targeting domestic manufacturing and having a huge impact. The
(16:53):
third thing they say is the massive overseas jolt gathering
now with Germany read enacting the largest stimulus package in
EU history, while global reflationary forces are building elsewhere. Bank
of America says, fourth, they see a broad expansion of
capital expenditures in the US. Companies like Amazon, Meta, Microsoft,
(17:17):
and Alphabet set for nearly seven hundred billion in capital
expenditures between twenty twenty five and twenty twenty six alone.
They also said in addition, more non US companies plan
to expand manufacturing capacity in the US. WOW municipalities are
focused on updating aging infrastructure. Now, this goes back to
(17:38):
what Donald Trump promised. If you put American workers in
manufacturing first, and in these tariff agreements that you're doing,
these trade deals you're doing, you make sure that companies
are forced to come back and do work in the
United States of America, it could explode our economy. Bank
of America is saying that is actually working and a reality. Finally,
(18:00):
the last thing on the list the Bank of America
sided is Proprietary Regime indicator that is a blend of
macro signals including corporate revisions to earnings per share as
well as GDP forecasts and other emerging signals. They say
it's on the verge of flipping from a downturn to
(18:20):
a quote recovery, a change that historically means a rally
in value stocks now the dominant narrative and the indicator
remains conservative. According to the Bank of America team, it
is one they say in June, seventy percent of fund
managers still predicted stagflation, with only ten percent for seeing
a boom. A above trend growth and inflation. Yet Bank
(18:44):
of America argues the catalyst for an upside breakout is
real and now imminent. If the regime indicator does indeed
flip to recovery in early August, historical presence suggests a
rapid rotation is quote likely. So these are the big
factors that even the banks are now saying are going
(19:05):
to have a huge impact on your life. This also
is going to be a major issue come the midterm elections.
This is exactly why so many people trusted Donald Trump
and voted for him the first time. Let's be clear,
the midterms is a referendum on the president's agenda, and
many conservatives have been supporting and advocating for the president,
voting for things like the Big Beautiful Bill. If they
(19:27):
run on it, there's a very good chance the president
will have even more power after the midterms, and that's
good for all Americans.
Speaker 2 (19:34):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news, also subscribe to the Ben Ferguson podcast
and we will see you back here on Monday morning,
Thrilled to sign the VA Home Loan Program Reformact into law.
This legislation provides desperately needed relief to veterans and their
families who have fallen behind and their mortgages. It helps
keep our promise to end veterans homelessness, and we're going
to do that for America. We're going to do that
for a great veteran.
Speaker 2 (00:21):
You're listening to the forty seven Morning Update with Ben Ferguson.
Speaker 3 (00:25):
Good Saturday morning to you. Ben Ferguson with you, and
these are some of the stories that you may have
missed that we talked about this week on the forty
seven Morning Update. First up, call it the Art of
the Deal. The USA has the biggest ever trade agreement
with the European Union. Donald Trump getting it done, and
the EU will also buy seven hundred and fifty billion
(00:48):
in US energy. I'll have all the details on that
deal for you in a moment. Also, I also want
to talk about Donald Trump's promise to clean up waste,
fraud and abuse. Remember back in twenty twelve, there was
a scam. It was called the Obama phone scam. You
may remember a woman saying she's gonna vote for Obama
(01:08):
because it gives her a free phone. Well, now a
CEO is headed to prison and must pay one hundred
and twenty eight million dollar fine after defrauding the government,
and it deals with it that those Obama phones are
still around, and finally the media finally having to tell
the real story. Yes, there isn't just a recovery, it
(01:30):
is a boom. Bank of America now saying the key
tail risk is well that the Trump economy will actually
start to take off. We're gonna break that down for
you in just a moment. All right, I want to
take a moment talk about the economy. You've been seeing
what's happening on Wall Street, You've seen what's been happening
with interest rates, and you've probably seen gold prices hitting
(01:51):
all time record highs. Why because there is uncertainty all
over the world right now, and when there is uncertain times,
you want real answers about your financial stability. Well, at
Kurt Elliot Precious Metals, you get more than gold and silver.
You get trusted guidance from a team that puts people
first always. You also get transparency. This is why I
(02:16):
recommend them. Their mission is clear. They want to help
you protect what matters most with real metals, real service,
and real clarity. Now here's why I love what they
do at kirt Elliot Precious Metals number one bullyon only approach.
They focus on investment grade medals, not overpriced quote collectibles
(02:37):
or gimmick products that cost you an insane amount of
money for what you're actually getting. What they do is
they sell you more metal for your money and fair
value when it's time for you to actually sell. They
also have upfront transparent pricing just eight percent when you
buy and zero commissions when you go to sell. There
(02:59):
are no hit fees on top of that ever, that
is the reason why I recommend them. They also make
sure they give you personalized guidance for you. You're never just
a number, no pressure, always real answers, and they make
sure that you are in control. So if you're ready
for real, honest clarity and all of the BS taken out,
(03:22):
visit k e PM dot com slash ben that's k
e PM dot com slash ben to schedule your personal
portfolio review. Ask about today's unique market window and how
the current silver to gold ratio might work in your favor.
Protect what matters plan with clarity k e PM dot
(03:46):
Com slash ben or seven two zero six oh five
thirty nine hundred. That's seven two zero six oh five
thirty nine hundred. Kurt Elliott Precious Metals. Smarter Metal Investing
starts with them. It's the forty seven Morning Update, and
it starts right now.
Speaker 2 (04:04):
Story number one.
Speaker 3 (04:06):
Donald Trump reaches a historic trade deal with the European Union.
Europe is going to buy seven hundred and fifty billion,
We're now being told in US energy. This is massive.
President Trump announcing the sweeping trade agreement with the European
(04:27):
Union on Sunday, setting a baseline fifteen percent tariff on
European imports, including automobiles, while keeping existing fifty percent duties
on steel and aluminum in place. Now, as part of
the deal, the EU committed to purchasing seven hundred and
fifty billion in US energy production. Trump announcing the agreement
(04:48):
during a press conference with the European Commission president after
a private meeting at the Trump Turnberry golf course in Scotland.
Here is part of what was said by the President
United States America at that event, where they say, we've
reached a deal.
Speaker 1 (05:04):
So we're going to do the following the European Union
is going to agree to purchase from the United States
seven hundred and fifty billion dollars worth of energy, seven
hundred and fifty billion dollars worth of energy. They are
going to agree to invest into the United States six
(05:25):
hundred billion dollars more than they're investing already. So they're
investing a large amount of money. You know what that
amount of money is. It's very substantial, but they're going
to invest an additional six hundred billion dollars. They're agreeing
to open up their countries to trade at zero tariff,
(05:46):
so that's a very big factor opening up their countries.
All of the countries will be opened up to trade
with the United States at zero tarraff and they're agreeing
to purchase a vast amount of military equipment. We don't
know what numbers, but it's the good news is we
make the best military equipment in the world, so sort
of you have to do that. I mean until somebody
(06:07):
tops us, which is not going to happen. We're way
ahead of every other country in terms of the quality
of the military equipment. You saw that recently in Iran,
and you see that unfortunately, you see that often for
all the wrong reasons. Right, So those things are seven
hundred and fifty billion, six hundred billion, opening up the country.
We are agreeing that the tariff straight across for automobiles
(06:33):
and everything else will be a straight across tariff of
fifteen percent. So we have a tariff of fifteen percent.
We have the opening up of all of the European countries,
which I think I could say we're essentially closed. I mean,
you weren't exactly taking our orders, you weren't exactly taking
our agriculture, and then you would have smaller things. But
for the most part, it was closed. And now it's open.
(06:56):
It's open for our companies to go in and do
a good job with it. I think you'll like them.
I think you like it, and we will. Very importantly,
they'll be investing a lot of money. But the military
is a big number. But that's one number we're not
determining it's going to be whatever it is. But they're
going to be purchasing hundreds of billions of dollars worth
of military equipment. They're very importantly, they're going to purchase
(07:18):
seven hundred and fifty seven hundred and fifty billion dollars
worth of energy, so that's going to be great, and
six hundred billion dollars worth of investments into the United
States over and above what they have, and I think
that basically concludes the deal. I mean, those are the
main factors. I don't think there are too many other
factors other than we're going to get along great, and
(07:40):
we have a great relationship now with NATO, which is
largely the same I mean not exactly but pretty pretty close,
right largely and with NATO, as you know, they're going
up to five percent from two percent, and the relationship
is very strong with NATO. So I just want to
congratulate you. I think it's I think it's great that
you made a deal today instead of playing games and
(08:02):
maybe not making a deal at all. I think it's
I'm gonna let you say, but I think it's the
biggest deal ever made. Thank you very much.
Speaker 3 (08:14):
Yet again, another massive promise the President kept in a
victory for American workers and American manufacturers as well, the
President saying he was going to bring back fairness to
the marketplace, especially in places that were taking advantage of us,
where our markets were virtually shut down completely in Europe
from our automobiles and agriculture, just to name two different categories.
(08:38):
So if you're an American manufacturer, the president is your
best friend. If you're an American company that needed access
to europe farmers, president should be your best friend. And
yet again the President putting America first as he promised.
Speaker 2 (08:55):
Next story number two.
Speaker 3 (08:56):
I want to take you back in history for just
a moment. May remember when President Donald Trump ran for office.
One of the things he promised when he was going
to clean up waste fraud and abuse. Now when did
our government get really big into waste fraud and abuse.
A lot of it actually happened when President Barack Obama
(09:17):
was in office, because he understood that it's easier to
buy votes than to convince people to vote for you
for actual policy reasons. You may remember the perfect example
of buying votes, a woman that became famous for her
reason for voting for Barack Obama over a guy by
the name of Mitt Romney. Let me be clear, I'm
(09:37):
not advocating for voting for Mitt Romney for anything. We
now know what a disaster he was, but at the time,
he obviously was willing to do a lot better job
for this country than Barack Obama insert September twenty six
of twenty twelve and the famous woman who loved her
Obama phone.
Speaker 1 (09:56):
Oama, you got Obama phone? Yesbody Cleveland, No, my Nordy
got Obama fault.
Speaker 3 (10:02):
Give a woman president. You know he gave us a fault.
Speaker 1 (10:05):
Give you a phone. Let he give you a phone?
Speaker 3 (10:07):
Can you sign up during your full steps?
Speaker 2 (10:10):
Well, sell charity?
Speaker 1 (10:11):
You got low income, your disability? Okay, what's wrong with
Romney again?
Speaker 2 (10:17):
Romney?
Speaker 1 (10:17):
He sucks me?
Speaker 3 (10:22):
There it is. The woman made it clear, you can
buy my vote. The Obama phone was real, and it
was a way to buy votes, and the Democratic Party
was giving out those Obama phones and free sales service
each and every month. Well, fast forward to where we
are today, and we know a lot more about how
corrupt the program actually was, the Obama phones. It was
(10:44):
also a big scam. And a Florida ceo is now
headed to prison and has been ordered to pay one
hundred and twenty eight million dollars in fines after quote
defrauding the government. And we're also being told this made
the tip of the iceberg. The owner of a Florida
telecommunications company will spend the next five years in prison.
(11:08):
That's it, only five years, and his firm must pay
a hefty fine. Regarding the Obama phone scam, q Link
Wireless LLC and its owner, identified as a CEO isa Asade,
previously pled guilty to conspiring to commit wired fraud and
still federal funds from the Lifeline program that originally began
(11:30):
in the nineteen eighties to offer home phone service to
those that were in need so they could call nine
one one. Well, the program offered subsidized cell phone service,
then to lower income people, and then free phones. And
in that twenty twelve video, you had that protester emerging
outside of Mitt Romney event who claimed her neighborhood received
(11:51):
then Obama phone. Everybody's got one, every minority. When asked
why she supported Obama, the woman said, everybody in Cleveland,
low minority got Obama phones. Keep Obama and President, you know,
he gave us the phone. He's gonna do more. Now.
This clip was really the first time many Americans ever
heard about the abuse in this program, and the name
(12:13):
Obama Phone caught on after the video went viral. Some
telecommunications companies with Lifeline contracts embraced the term as a
marketing ploy. The government, by the way, did not go
back to twenty thirteen. Bright bart News reported the opposition
to the Lifeline program was growing, as Track Phone Wireless,
(12:34):
the company that most benefited from the government's upse is
now advertising on the inside the Beltway news websites in
an effort to quote unquote save it. You go to
the Fox article and it now says that a Side
was sentenced to prison and he along with his company,
must pay one hundred and twenty eight million dollars in fines.
In a press release on Friday, the US Attorney's Office
(12:57):
for the Southern District of Florida shared more details about
the case and just how bad the fraud may be.
Aside to fraud in another federal government program, it states
the Paycheck Protection Program, also known as PPP. By making
false statements about q Link's business, Congress you may remember,
created PPP and it was filled with waste, fraud, and
(13:19):
abuse during the COVID nineteen pandemic to authorize forgivable loans
of small businesses for job retention as well as quote
other expenses. Aside, the q links name executive executed a
fraudulent scheme to obtain and keep PPP proceeds to further
the scheme, Asside mays false statements about q Link's business,
(13:40):
including a false claim that q Link's Lifeline reimbursement substantially
decreased because of the pandemic. Aside then in twenty twenty
one engaged in an unlawful financial transaction involving approximately three
hundred and eighty nine thousand of those proceeds. Asside spent
PPP loan proceeds on a land rover, payment, his personal
(14:02):
AMEX card, jewelry, and personal property taxes. Aside was reportedly
charged with murder several years ago in connection with driving
over a grounds keeper at his business. Per another Fox article.
He later pled note, pleaded no contest to misdemeanor culporable negligence,
and was slapped with one year of probation in order
(14:25):
to pay just a one hundred and twenty five dollars fine.
The outlet said, proof if you've got really good lawyers,
you can get away with a hell of a lot.
As for the Obama phone scam, for the CEO at
least is headed to prison and we'll pay in theory
one hundred and twenty eight million dollars in fines for
defrauding the American taxpayer. But is this program still going yes?
(14:49):
Is the program still corrupt as hell?
Speaker 1 (14:51):
Yes?
Speaker 3 (14:52):
And is it time that the Trump administration look into it?
You better believe it. There's a very good chance that's
exactly what's happening right now.
Speaker 2 (15:01):
And finally, story number three, not.
Speaker 3 (15:03):
Just a cycled recovery but a boom. That is how
Bank of America is talking about Donald Trump's economy in
a market landscape that is fixated on fear or stagnation
and modest recoveries. Because Donald Trump's in office and they
want everything to be doom and gloom, the Bank of
(15:24):
America is now having to tell us the truth. They're
sounding the reality and even deciding that they are bullish
on where we are headed. According to a new note
from a Bank of America research analysts, the next phase
for the US economy and equities might not be a
routine recovery, but quote an outright boom. Today, a confluence
(15:50):
of factors argue that the key tail risk that may
not be priced in is not just a cyclical recovery,
but a boom. The note says, exactly, so, why is
this happening? Well, there's five reasons, they state for a boom.
Bank of America analysts, citing these five pillars, they say
(16:11):
support this more than bullish case. First is political will.
They argue that the US midterm elections a few quarters away,
policymakers have strong incentive for near term pro growth initiatives.
Why because everybody in Congress right on the House side
(16:32):
is up for reelection, and there's a lot of members
of the Senate that are up as well. Second, they say,
is Washington's One Big Beautiful Bill Act. Yes, you may
remember the media said it was going to destroy our economy. Nope,
now they're saying the One Big Beautiful Bill. Well, it
is targeting domestic manufacturing and having a huge impact. The
(16:53):
third thing they say is the massive overseas jolt gathering
now with Germany read enacting the largest stimulus package in
EU history, while global reflationary forces are building elsewhere. Bank
of America says, fourth, they see a broad expansion of
capital expenditures in the US. Companies like Amazon, Meta, Microsoft,
(17:17):
and Alphabet set for nearly seven hundred billion in capital
expenditures between twenty twenty five and twenty twenty six alone.
They also said in addition, more non US companies plan
to expand manufacturing capacity in the US. WOW municipalities are
focused on updating aging infrastructure. Now, this goes back to
(17:38):
what Donald Trump promised. If you put American workers in
manufacturing first, and in these tariff agreements that you're doing,
these trade deals you're doing, you make sure that companies
are forced to come back and do work in the
United States of America, it could explode our economy. Bank
of America is saying that is actually working and a reality. Finally,
(18:00):
the last thing on the list the Bank of America
sided is Proprietary Regime indicator that is a blend of
macro signals including corporate revisions to earnings per share as
well as GDP forecasts and other emerging signals. They say
it's on the verge of flipping from a downturn to
(18:20):
a quote recovery, a change that historically means a rally
in value stocks now the dominant narrative and the indicator
remains conservative. According to the Bank of America team, it
is one they say in June, seventy percent of fund
managers still predicted stagflation, with only ten percent for seeing
a boom. A above trend growth and inflation. Yet Bank
(18:44):
of America argues the catalyst for an upside breakout is
real and now imminent. If the regime indicator does indeed
flip to recovery in early August, historical presence suggests a
rapid rotation is quote likely. So these are the big
factors that even the banks are now saying are going
(19:05):
to have a huge impact on your life. This also
is going to be a major issue come the midterm elections.
This is exactly why so many people trusted Donald Trump
and voted for him the first time. Let's be clear,
the midterms is a referendum on the president's agenda, and
many conservatives have been supporting and advocating for the president,
voting for things like the Big Beautiful Bill. If they
(19:27):
run on it, there's a very good chance the president
will have even more power after the midterms, and that's
good for all Americans.
Speaker 2 (19:34):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news, also subscribe to the Ben Ferguson podcast
and we will see you back here on Monday morning,
Host
Ben Ferguson
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.