December 11, 2025 • 36 mins
Another interest rate cut, we’ll ask economist David Bahnsen what we can expect for an impact on us all.
“That girl!” Marlo Thomas joins us to talk about how we can help St Jude’s Children’s Hospital while we are Christmas shopping.
Interest rates are inching downward – but what does that really mean for you? National Correspondent RORY O’NEILL will have the story.
See omnystudio.com/listener for privacy information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi, I'm Michael. I'd love to have you listen to
your morning show live. Every day We're heard on great
stations like News Talk five point fifty k FYI and
Phoenix News Radio eleven ninety k EX in Portland and
ten ninety The Patriot in Seattle. Make us a part
of your morning routine. We'd love to have you listen live,
but in the meantime, enjoy the podcast.
Speaker 2 (00:17):
Well two three starting your morning off right.
Speaker 3 (00:22):
A new way of talk, a new way of understanding
because we're in this together. This is your morning show
with Michael Bill Charman.
Speaker 4 (00:33):
Welcome morning to you, and welcome to Thursday, December the eleventh,
twenty twenty five.
Speaker 3 (00:37):
It is seven minutes after the hour.
Speaker 4 (00:39):
Thank god, you're spared what I go through during every
commercial break.
Speaker 3 (00:43):
What are you talking about?
Speaker 4 (00:45):
I'm trying to broadcast in a serious manner here and now,
you guys.
Speaker 3 (00:49):
Have my mind.
Speaker 4 (00:49):
Going to Stephen Miller dressed like a pirate taking over
ships off the coast of Venezuela like Captain Smith.
Speaker 3 (00:57):
Well, I'm here to Tiger Red's.
Speaker 4 (00:59):
Big idea that if they're gonna if Venezuelan people are
gonna call this piratecy maybe Donald Trump needs to show
up dressed like a pirate going hard like he did
with the garbage truck egg leg I mean, what am
I supposed to broadcast in a serious manner with you
giving me images like that?
Speaker 2 (01:14):
Uh?
Speaker 4 (01:15):
We find out from Attorney General Pam BONDI. Isn't that
interesting that an oil tanker was seized by the United
States of America off the coast of Venezuela, accused of
using as a transport of sanctioned oil to Iran. One
is quickly taken back in time and this, you know,
(01:35):
this is a serious reminder of problems in your hemisphere
versus far away. Although technology and weaponry is no longer
limited by oceans. But this feels a lot like Cuba,
only now it's Venezuela. It feels a lot like the
Soviet Union, only now it's a Roan.
Speaker 3 (01:53):
But r we seized the oil tanker.
Speaker 4 (01:57):
The FED chair Jerome Powell did exactly what we thought,
didn't tip his hand about future cuts, but did reduce
the interest rates by a quarter point So it's now
at three point five percent. What does that mean? What
does that mean to you and me? The economy in general?
Is it a perceptual game. I'll never forget. Ronald Reagan
(02:18):
cut through everything with a simple question and he said, listen,
if your life is better today than it was four
years ago, by all means, reelect Jimmy Carter. But if
it's not, give me a chance. Here's what I plan
to do and what I think it will achieve. Kind
(02:39):
of in that moment. Only now you have the media
and the left telling you we have an affordability crisis.
You have the President saying we don't have an affordability crisis.
We had one created by the Democrats, but I've solved
it and we're the hottest nation in the world. Which
is reality? And where does this latest interest rate cut
play into all of this? We turned to our I
(03:00):
think today mostly Economist, not the elogian, but Economist and
Money with David Bonds and good morning David.
Speaker 5 (03:08):
Good morning, Michael. Good to be with you, my friend.
Speaker 4 (03:11):
How quickly weeks go by, huh they go buy I'll
never forget the song and the Eagles song, and the
hours go by like minutes.
Speaker 3 (03:18):
That's what it feels like. And we're back together.
Speaker 4 (03:21):
So hey, let's do the Let's do what everybody in
news talk will do not a shock. The consensus expectation
was a quarter point. That's exactly what we got. Signaling
of what's to come. Being kind of close to the vest.
That's kind of what we expected anything yesterday that was
news to you.
Speaker 6 (03:38):
Yeah, on the margin, he was a little bit more
dubbish about the future than I expected. I thought he
would be close to the vest, and he definitely seemed
to lean into the idea of another rate cut next year.
Speaker 5 (03:51):
So the futures market has fully.
Speaker 6 (03:53):
Priced in this rate cut, even though their dot plots
are not showing their predicting that. The futures are saying
another rate cut is coming. And of course he's gone
in May, and so the futures are also pricing in,
and you are from two to three rate cuts for
the totality of next year, but presumably a couple of
(04:17):
those would be after Chairman Palace gone. So I'm with you,
no big surprises, but I would just say marginally he
didn't get like, you know, in the October twenty ninth meeting,
he went up in surprised markets by talking hawkishly, meaning
you know, we don't really necessarily know that we're going
to be able to cut again.
Speaker 5 (04:37):
He did not talk that way yesterday.
Speaker 3 (04:39):
Quite No, just the opposite.
Speaker 4 (04:40):
He actually foreshadowed what he sees as a healthier economy
next year.
Speaker 6 (04:46):
Well, if we're shadowed, what he sees is a more
troubled economy that will need another rate cut.
Speaker 5 (04:51):
Yeah.
Speaker 3 (04:52):
Should we consider.
Speaker 4 (04:55):
Reviewing to everybody what interests role is in in straight
roles are and what it really achieves for an economy,
and what it doesn't achieve, and what we overemphasize versus
truly understand. Probably should before I move on, because where
I'm going is what we're ultimately going to talk about.
Speaker 6 (05:14):
Yeah, I mean, I think that at the end of
the day, it's rather obvious that the more expensive it
is to borrow money, the less people borrow money, and
the more and the cheaper it is, the more they do.
And so the ideas that the interest rate becomes a
tool to stimulate activity, that you have a natural rate
that is neither discouraging nor encouraging. It's just sort of
(05:39):
what is presumed to.
Speaker 5 (05:40):
Be the equilibrium.
Speaker 6 (05:41):
And then you can go higher than that to slow
activity down, and you can go lower than that.
Speaker 5 (05:46):
To accelerate activity.
Speaker 6 (05:48):
And I'm just describing the way it works I'm not
saying how I think it ought to work, but that
is basically the idea. And almost everybody who's being objective
would say that the rate for the last couple of
years has been above the natural rate, trying to slow activity,
and that for almost all of the last fifteen years
(06:10):
before that, it was substantially lower than the natural rate,
trying to stimulate. And I would argue that right now
we're getting much closer to the so called neutral rate,
and we're not probably there yet, but we're you know,
we were at five and a half, we're now at
three and a half, and I would guess that somewhere
around three is where things will be neutralized.
Speaker 3 (06:31):
I agree, all right.
Speaker 4 (06:32):
So when we talk about people can often conflate and
confuse the FED interest rates with mortgage rates, And while
they're not connected, they do tend to go up and
down together, though, don't they Well, that would.
Speaker 6 (06:46):
Be connected, but they are not positive they're separate. But
there is obviously a correlation. But the FED doesn't control
anything other than the overnight rate at which banks lend
each other money, so it's a very short rate. So
the FED has a lot of impact on what banks
can pay to depositors and various short term rates and
(07:09):
a lot of borrowing rates out there.
Speaker 5 (07:11):
Credit cards, car.
Speaker 6 (07:13):
Loans are linked to the short term rates, but then
mortgages are generally more linked to long term rates, so
like a ten year treasury bond, and so in theory
it's not directly connected, but the ten year should be
something like a short term rate which the FED can control,
plus a premium, and so the premium the Fed can't control,
(07:37):
but the short term rate they can. Mortgage rates are
going to reflect what a bank needs to make for
longer term.
Speaker 5 (07:44):
Lending of money.
Speaker 6 (07:46):
And what you've seen since the FED began cutting rates
is the short term rates have dropped dramatically and the
long term rate is actually a tiny bit higher than
it was when the Fed began cutting in September in
twenty twenty four.
Speaker 3 (08:02):
What does that tell you so.
Speaker 6 (08:04):
Well, it just says that the mark, you know, the look.
I want to make it as simple as I can.
The tenure Treasury is the greatest measurement for economists in
history of what we call nominal GDP growth the total
growth economy. But nominal GDP is made up of two things,
inflation and then real growth and what we've seen in
(08:27):
this last year, at Trump's first year, at Trump's new presidency,
is that the inflation expectations have not come down, but
real growth expectations have come down as largely because of
his tariff policies. So we're, you know, to me, we're
sitting around where we should be about four percent plus
(08:48):
change in the tenure, and the FED is not going
to have much to do with that. Real growth expectations
do not come and go based on the Fed.
Speaker 4 (08:57):
I'm just sitting here smiling because I remember knowing how
difficult of a time economically we were going to go through,
and needing the right person to walk us through and
teach us as we go. And I'm just smiling that
God gave me you. And David Bonson is joining us.
He presides over Dividendcafe dot com. You'll see him often
(09:18):
on Fox Business News and he's a regular here weekly.
All right, So all this conversation and it really has
become kind of like political fodder. The left will tell
you that we have an affordability crisis, so that begs
the question, are we in.
Speaker 3 (09:31):
An affordability crisis?
Speaker 4 (09:33):
Donald Trump will tell you, yes, we had an affordability crisis,
and it was created by the bad policies of the
previous administration.
Speaker 3 (09:40):
I fixed them.
Speaker 4 (09:40):
Now everything's happy days are here again and wonderful. In fact,
we're the hottest nation on the country. What's reality? And
you know, I'm going back to the Ronald Reagan question.
Is the economy better today than it was ten months ago?
Speaker 5 (09:55):
No, it is not.
Speaker 6 (09:56):
And the reality is that, first of all, fairness to
President Trump, ron Reagan was referring to four years.
Speaker 5 (10:04):
Ago and ten months is in a very long period
of time.
Speaker 6 (10:08):
But the way President Trump's talking right now is a
wonderful way for the Republicans to lose the midterms next year.
Speaker 5 (10:14):
So badly we can't even comprehend it.
Speaker 4 (10:19):
I got to stop and say, that is the final
line of my sermon yesterday. I want to know how
you arrived because you usually are the smart one and
I'm the one getting rebuked into truth. How do we
arrive at the same one on that one? Because if
that's what, isn't that just.
Speaker 3 (10:35):
What Biden and Kamala tried to do.
Speaker 4 (10:38):
Tell everybody everything was fine when it wasn't feeling fine.
So if you tell everything, everybody else fighting.
Speaker 6 (10:47):
Fighting the gas lighting did not start by saying everything's
fine now. The gas lighting started by saying I'm going
to be.
Speaker 5 (10:54):
Able to fix it. So when you say you can fix.
Speaker 6 (10:58):
A problem politically have to be fixed politically, then you
have to say that you did fix something politically that
you didn't fix. But that's okay, I guess, because that's
what American people want is to be lied to by politicians.
But no president can come in and get the cost
of bananas to go down, and prices have a much harder.
Speaker 5 (11:20):
Time going down than they do going up.
Speaker 6 (11:23):
What you have to do is stop or arrest the
growth of prices. But getting prices to go lower than
the place they were is called deflation, and it generally
only happens in a recession. And if people think that
the high prices of a problem politically, they should see what.
Speaker 5 (11:43):
Happens in a recession. So what you have to do
is grow income.
Speaker 6 (11:48):
And this is why President Trump in the first term
was so spot on and so focused because he had
grown ups in the room focusing him on what matters
is real growth. And so if prices go up two
percent and wages go up three percent, you've grown real income.
Speaker 5 (12:05):
And we had not been growing real incomes.
Speaker 6 (12:08):
From two thousand and eight until twenty sixteen. In President
Trump's first term, we did grow real incomes, and during
Biden's administration, from start to finish, we didn't grow real incomes.
He got better near the end, but obviously he was
playing for behind the eight ball with the high inflation
at the second and third year of his presidency. Right now,
(12:30):
President Trump should be focusing on economic growth. Instead, he
started the most absurd, childish, embarrassing trade war that I
can even comprehend, half of which he's had to now
walk back, and none of which is producing any economic growth.
The worst part of the job market ten months later
is manufacturing, the one area he said he was going
(12:53):
to go out and fix. But you can't fix it
the way he was describing on the price level. Now
he's subject. Look, the left isn't being fair, the left
is being disingenuous. Can I just say, too, when any
of us that are Republicans or conservatives or center right,
when any of us say the inflation that Biden administration
(13:15):
caused with his policies, Let's just be very clear that
everything Biden did there with that big spending package, well,
Trump's spending package that he just didn't get passed. After
the twenty twenty election, he wanted to do a third
stimulus bill and the Senate wouldn't do it, and then
Biden took in had a Democrat majority that they did
(13:36):
do it. It was the same thing Trump wanted to do,
and it was much smaller than the two Trump had
already done. Now the people forgive the big ones because
the COVID and the Cares Act, and they said, well,
it was a big emergency. But if what we're going
to say is huge government spending created those prices, let's
not act like Trump was fighting against that, and Biden
(13:57):
came in and did it. They all did it. They
all wanted to do it.
Speaker 5 (14:00):
The issue right now is housing.
Speaker 6 (14:02):
Housing, housing, That's where people feel the unaffordability. That's where
wages have not grown with prices. That's where gen zs
that make good money can't go buy a home and
are feeling the frustration.
Speaker 5 (14:16):
That's what's creating the societal angst.
Speaker 4 (14:18):
But to finish, But to finish your point, if the
Republicans don't address the voters district by district, district after
district with some admission of that and some new fresh
focus and not oh they broke it, I fixed it.
Everything's wonderful. They go forward with that, they're going to
get the same result Kamala Harris and Joe Biden got
(14:40):
you're right.
Speaker 6 (14:41):
And that's the and then not only are they going
to get it, they're going to deserve it. And it's
a political tone definess that has not really been normal
for President Trump. Of all the criticisms I have on
some of his policies at times and certainly some of
his behavior, I generally have been extremely complimentary.
Speaker 5 (14:59):
Of his politic instincts.
Speaker 6 (15:01):
He's probably the third most talented political athlete of the
last one hundred years.
Speaker 5 (15:06):
I'd put Clinton and Reagan at one and two.
Speaker 6 (15:09):
And yet this is so off Morning.
Speaker 5 (15:13):
Show, even if is true, which it is not. Even
if it were, it is just so politically unhelpful.
Speaker 6 (15:21):
To go tell people that are mad about prices that
you shouldn't be mad in the left is line to you.
Speaker 5 (15:27):
And I think he says it.
Speaker 6 (15:29):
Because he knows that his most rabid fans will wrap
it up. But that is not going to win the elections.
It's not going to win the midterms. There's a centrist, independent,
moderate undecided, persuadable voter, and they're not going to tolerate
in gaess Lit.
Speaker 3 (15:46):
They weren't remember, as.
Speaker 6 (15:47):
You pointed out, Michael, they didn't tolerate it from Biden
and Harris.
Speaker 2 (15:51):
No.
Speaker 4 (15:52):
And do you remember what was brilliant of Richard Nixon
and gave him the White House in sixty eight, when
there was all the far left, all the far right,
all of fighting in the streets, he just quietly started
talking to the silent center. The silent center is going
to vote in the midterms. And these are not silent
centered messages at all. Well, we ran out of time,
(16:15):
and I wanted to get to inventory and housing and
mortgage rates and so on, but I got to ask
you what's on the dividend Cafe tomorrow because we're like,
literally have twenty seconds.
Speaker 6 (16:27):
In less than twenty seconds today, the very second that
you and I are sitting, you're talking is the thirtieth
anniversary of the day my late father passed away, the
most brilliant theologian I ever knew. And I'm writing a
dividend Cafe tomorrow on everything that my late father taught
me about managing money and being an adult.
Speaker 4 (16:48):
I can't wait to read that I love you, my brother,
thank you for your expertise today, and thank you for
the gentle rebuke early in the interview.
Speaker 3 (16:55):
Usually you're not that gentle David Pobson.
Speaker 5 (16:58):
To stop it.
Speaker 3 (17:01):
This is Dan calling from Erie, Pennsylvania.
Speaker 7 (17:04):
My morning show is your morning show. Michael dell Chorno.
Speaker 3 (17:15):
Hi, I'm Michael.
Speaker 1 (17:16):
We'd love to have you listen every weekday morning to
your morning show live, even take us along with you
on the drive to work. We can be heard on
great radio stations like one oh four nine The Patriot
in Saint Louis, or Talk Radio ninety eight point three
and fifteen ten WLAC and Nashville and News Talk five
fifty k f YI and Phoenix, Arizona. Love to be
a part of your morning routine, but we're always grateful
(17:36):
you're here.
Speaker 3 (17:36):
Now, enjoy the podcast. What is with you Today?
Speaker 4 (17:40):
It's all the weird things you're watching online. What's your
laziest thing? Burnt peanut or burnt penuts? I asked Nick
about him. You'll know burnt panut.
Speaker 3 (17:49):
I tried if I watched twenty five seconds. All it's
a gamer, isn't it. I promise he could probably be
a long lost cousin of yours. If you watch enough
of the Burnt Peanut on YouTube, you're like, hell, he's
channeling del Jorna. It's crazy. Oh well, maybe he's brilliant.
I'll check him.
Speaker 4 (18:05):
O say, thirty six after the hour, twenty four minutes
to be to work eight o'clock in the Central time zone.
And thanks for bringing us along, and thanks for making
us a part of your morning routine. This show belongs
to you. At your kitchen table. I'm Michael del Jorno.
Jeffrey keeping an eye on the sound, red keeping an
eye on the content, and the content well fed. Did
lower things a quarter points, so now we're down to
(18:26):
three and a half percent interest rate. Pambondi acknowledge that
an oil tanker was seized by the United States off
the coast of Venezuela. We got rising floodwaters in Washington
State may force one hundred thousand residents to evacuate north
of Seattle. And Thursday night football Tonight is the Falcons
in Tampa against the Buccaneers. And that girl Marlow Thomas
(18:48):
is joining us. We want to talk a little bit
about her father's vision, her reality. The Saint You Children's
Hospital and how you can help while you're shopping this Christmas.
Speaker 3 (18:56):
What a thrill, Marlow.
Speaker 7 (18:57):
Nice to meet you in Good morning, Michael.
Speaker 4 (19:00):
I've been in love with you since twelve years old.
Almost changed my name to Donald just so you might
be interested. You know, I'm on in one hundred and
seven stations nationwide in all the big cities. But i
happen to live in Nashville, Tennessee, which is a stones
throw from Memphis, Tennessee.
Speaker 7 (19:16):
And I'm very Frille.
Speaker 4 (19:18):
Yeah, oh yes, but we're very familiar with the Saint
Jute Hospital. You know, I've got pictures going back to
childhood of my dad with your father. I don't know
how they knew each other, but in the golden age
of television, the Danny Thomas Show was top shelf. Walk
us through first Dad and this vision. You know, I
think of Jerry Lewis and all the innovations and the
(19:40):
great movies and the great comedy and show business, and
of course his legacy ends up being MDA. Your dad
may have one of the greatest legacies ever and you
inherited it. And that is a hospital that gives people
the highest level of care with such love and such support,
and it needs to be supported by everyone, and they're
(20:00):
going to get a chance to do it. Here we
are the twenty second year of the Saint Jude Thanks
and giving a Top Brands campaign. But let's start with Dad.
Where did this vision begin and how did it come
to be?
Speaker 8 (20:11):
Well, you know, my dad was a first generation American.
His parents came from Lebanon. You know Michael Azar, my
friend here, he's Lebanese, and they came from Lebanon, had
no money. They had ten children, nine boys and a girl,
and they were broke, of course, like most immigrants, and
they lived in an immigrant neighborhood and they never went
to a doctor. My grandmother had all ten of those
(20:32):
babies without a doctor, just her.
Speaker 7 (20:35):
Sister and some hot water.
Speaker 3 (20:36):
That was it.
Speaker 8 (20:37):
And little kids in his neighborhood died of things like
influenza and appendicitis because they couldn't afford to go to
a doctor. And that made a big imprint on my dad.
The children died because their parents couldn't afford a doctor.
And he had in his mind, if he was ever successful,
(20:58):
he was going to build a hot hospital where everyone
could go, of any race or religion. Because he grew
up in a neighborhood of lots of races and religions
and nationalities, and nobody would pay.
Speaker 7 (21:11):
That was a huge dream of his, and he did it.
Speaker 8 (21:16):
In nineteen sixty two when he opened the hospital, he
made the promise that no family would ever get a
bill for travel or treatment, or housing or food. And
people wondered if he'd be able to continue that, and
we have.
Speaker 7 (21:30):
Nobody's ever paid ever.
Speaker 8 (21:32):
And I remember I went on the View one day
and Whoopi Goldberg said, now wait a minute, really nobody paid.
What do you mean like no bill would mean not
even their lunch. I mean she couldn't get over it.
And you know the truth is, Michael, if you had
to pay, you couldn't afford it, just couldn't. It doesn't exist.
The children come there for maybe a year, maybe two years.
(21:56):
It's millions of dollars to save one child's life. And
the pair come not only terrified of losing their child,
but terrified that they're going to have to mortgage their house,
sell their car. They don't know what they're gonna have,
how are they going to pay for this? And you
know any parent would sell their arms to pay for
their children's health. And so it's a great burden off
(22:16):
of them. They just focus on their child, and I'm
so proud to be a part of it because it's
the real thing.
Speaker 7 (22:22):
You know.
Speaker 8 (22:23):
People say to me, what keeps you going? What keeps
me going? Are the children? To see them come there
sick as little dogs, and then a year later, I
see the same kid skipping and hopping going home over
the holidays.
Speaker 4 (22:35):
I have to I have three children, and I can
tell you I don't think I've ever cried out to
God for myself. When my daughter went through a tough time,
I cried out to God. I screamed out to God
and to be there for parents. I mean, these are
some of the worst cards that ever can be dealt.
And I don't know if your dad had this vision,
but one day this country would struggle to figure out
(22:57):
the problem of healthcare, and look and look at how.
Speaker 3 (23:00):
His legacy stands in the midst of that.
Speaker 4 (23:03):
And it's not just care, it's some of the best
doctors and the best care, and the legacy of love
and support for the family because they're going through something too.
It's breathtaking. I mean, it's the easiest sell of my life.
Whenever I talk about people giving to the Saint Jude Hospital,
and then we.
Speaker 3 (23:21):
Don't do telethon so much.
Speaker 4 (23:23):
I mean, we do still, but I love this because
we're all going to shop this holiday season, and you've
surrounded yourself once again with big name celebrities and big
brands and made it so easy for us to make
a massive difference.
Speaker 8 (23:36):
Yeah, and you know a lot of this is awareness
to Michael to let the people listening who have a
child that may be going through some strange symptoms, I
want them to go on our Saint jud dot org
and look around and see if those symptoms match up
with anything that we're working on. And you might even
(23:57):
you know, email or get in touch with Saint Jude
and say what it is, and then maybe they'll tell
you to come. I mean, I met a mother the
other day who got a death sentence for her six
week old child. Six weeks and several hospitals said that
they just couldn't help her. They removed a piece of
this tumor that the child had six weeks old, but
(24:20):
they couldn't get all of it. Forty percent they could
not get and they said she wouldn't make it.
Speaker 7 (24:25):
And the mother called Saint Jude.
Speaker 8 (24:28):
And she said, Saint Jude said, well, come down, let's
let us try. And she came to my house here
at a fundraiser just last week and brought her daughter,
who's now six years.
Speaker 7 (24:38):
Old, and you just cry. I just cried when I
see that little girl running around. She'd be dead.
Speaker 8 (24:45):
The mother and father were here and they had already
picked out the burial plot. So that's the story of
Saint Jude. That's why I this is my thirty fourth year.
I think of working for Saint Jude since my dad
been gone.
Speaker 7 (25:01):
And people say to me, how do you keep the passion?
Speaker 8 (25:03):
I said, Meet one child, one kid, meet one six
week old child who now is seven or eight years old,
and you realize that you have to do it. It's
irresistible and it's so easy.
Speaker 7 (25:17):
Like you said, Michael, just go to the We have these.
Speaker 8 (25:20):
Restaurants like Condominoes and Chili's, or stores like Kay Jeweler's
and Home Goods and Williams and Noma and so many others,
and they open up their doors and their hearts and
they say to their customers, just add a little something
for the kid. To say, Jude, you know you've got
to be out shopping anyway for food and presents and
everything for the family and have a Mary Mary and
(25:41):
a Mary Hanukkah and all of it. And so just
our motto is it gives thanks for the healthy kids
in your life and give to those who are not.
Speaker 7 (25:51):
And that is the basis of it all.
Speaker 8 (25:54):
You know, while we're enjoying this, there are families struggling
to keep their child alive. And you have children, Michael,
so you know, there's nothing, nothing, nothing more important.
Speaker 3 (26:04):
No, And I'm struck.
Speaker 4 (26:05):
We're talking to that girl about that dad and that
amazing hospital of care and hope, the Saint Hued Hospital
and how you can help the holiday season. You can
always go to the website and find the participating brands.
There's a lot of stars and celebrities you love their
work that are encouraging you to do the same. I
won't leave it at just going to those places and
rounding up some of you might want to even perfectly
(26:26):
consider making some donations at the end of your time.
Speaker 3 (26:29):
But you know, I go back to the power of
your dad.
Speaker 4 (26:31):
It was, you know, the things that happened to us
or the things that we witness, they often, you know,
are uniquely empowering us to make a difference. And he
took a simple action. He couldn't possibly have known everything
it would become that it has. And somebody needs to
look you in the eye and say, and where you've
taken it since? And that passing of the baton. Yeah,
(26:54):
it's so impressible. Yeah, it's our honor.
Speaker 7 (26:58):
You know.
Speaker 8 (26:59):
It's because nobody pays, and because we're not for profit,
we have to get about eighty nine percent of our
money from the public. Now, a regular hospital, wonderful hospitals
that are are for profit and do have paying customers,
they have to get under ten percent from the customer,
(27:20):
from the donors and the country. So shows like yours
and the Today Show and all these stores that help us.
That's the only way we're going to do it. We
can't pay for it. We have to raise the money.
We have to raise the money to bring the greatest
scientists and researchers to Saint Jude and the doctors.
Speaker 7 (27:39):
That's what's important.
Speaker 8 (27:40):
You know. I was saying to somebody just a bit
of go that it's like a Babylon at Saint Jude.
You've got some of the doctor from China, and you've
got one from Ukraine and another one from France and
Portugal and everywhere, and they come and do their best
work and create the trials that they're going to try
on the childrenildren who've been given a death sentence from
(28:02):
other places.
Speaker 7 (28:03):
That's the secret sauce of Saint Jude.
Speaker 8 (28:06):
That's the brilliance of my dad to put the research
teams and the clinical teams under one roof so that
synergy that collaboration. Science is a collaboration, it's not a
one man's sport. So when they create something in the
clinic at the laboratory, they take it to the clinic
and try it on this six week old child who's
(28:28):
been given a death sentence. That's the excitement, and that's
what keeps me alive and going because I know we're
saving children's lives.
Speaker 4 (28:36):
I can tell you as a dad, I mean I've
done a lot for homelessness in my lifetime. I would
think the thought that my daughter, one of my two daughters,
or my son would take that baton and take it
to an even higher level would mean so much more
than whatever I was blessed enough to be involved with.
Your dad would be so proud of you. Can I
ask one personal question, why did we not You were
(28:57):
so brilliant in that girl? What happened that we didn't
see more of you in the coming years? And well,
you were a great, great actress. You did a lot
didn't before that girl?
Speaker 8 (29:08):
But I mean, yeah, well you know I won Miami
for Best Dramatic Actress in nineteen eighty six. That was
way after that girl. Yeah, so I did a lot.
I just didn't do another series. And I did a
couple of Broadway plays. And actually, Michael, I want to
do another series now, So if you can think of one,
I'll do it.
Speaker 4 (29:26):
How about that girl in that fat talk Coost?
Speaker 3 (29:29):
Actually that all right?
Speaker 4 (29:31):
So Marlo, let's just wrap this up with a bow
to get where should they go to get the complete
list of all the brands?
Speaker 3 (29:38):
These are places we're going to go.
Speaker 4 (29:40):
We're going to shop, but with a little extra we
can make a huge difference collectively and encourage all of them.
What would be a good way to get a list
of all the participating places.
Speaker 8 (29:49):
Go to Saint Jude dot org, where you could incidentally
also make a donation, and you'll see the list of
the places you can go and give money to. You'll
see the stars like Blueberry Orne, Sophia Vigaar and Michael Strand,
John Ham Lewis Fonsie and see their commercials, and you
can also see stories of the children. It's a wonderful website.
(30:09):
We'll give you a lot of information. You know, what
I'm just saying today and you're talking about today is
just a tip of the iceberg. There's so much more
to know. But you can certainly make a donation at
Saint Jude dot org.
Speaker 7 (30:21):
Oh, i'd be great.
Speaker 4 (30:22):
God bless this legacy. I hope everybody listening to the
show finds these participating locations and does some shopping there
and makes an extra difference or makes a donation.
Speaker 3 (30:32):
I know I will.
Speaker 4 (30:34):
Marlow, thank you for everything that you and dad have
created for mothers and fathers who are screaming out hope.
I think the one thing you said that hit the
home with me the most. Even if you had to pay,
you couldn't afford it. Not the level of care that's
given at Saint Jude.
Speaker 3 (30:50):
Exactly and great to meet you.
Speaker 8 (30:52):
Thank you, Michael, Marry Mary to you and your kids
and your wife and your dog and your cat and
whatever else you got over it are not all of them.
Speaker 3 (31:00):
Very Christmas to you and yours as well. Thank that girl,
Marlo Thomas.
Speaker 4 (31:04):
Go to Saint Jude dot org to find the participating
brands and lists of stores and make a difference. I
for one, and honor my healthy children are going to
give a little over and above on the website. I
hope you'll join me in doing the same. Top five
stories of the day. Coming up next that a visit
with roy O'Neal. Interest rates did ingch down word? What
does that mean? Next on your morning show?
Speaker 1 (31:26):
It's Your Morning Show with Michael del Chino.
Speaker 4 (31:31):
How impressive was Marlo Thomas. That's just not someone's daughter,
that's just not a former actress here talking about research,
care and caring.
Speaker 3 (31:41):
I was very impressed.
Speaker 4 (31:42):
God bless you all as you join and help Saint
you Children's Hospital this holiday season with their twenty second
annual Karen Brands.
Speaker 3 (31:54):
Campaign.
Speaker 4 (31:54):
All right, if you're just waking up, President Trump spoke
with top European leaders. We presume this has to do
with Russia and you, And of course the Fed chair
lowered the interest rates a quarter as expected, and really
was a little more optimistic about the economy next year
than was expected, and Pam Bondi announced the seizure of
an oil tanker off the coast of Venezuela by the
(32:17):
United States, and that pretty much covers everything other than
the Falcons and the Buccaneers on Thursday Night Football that
we want to give Rory the final say on our
national correspondent, Royal Neils here.
Speaker 3 (32:29):
Let's start with interest rates. The corner of a point.
That's exactly what we guessed it is.
Speaker 2 (32:33):
And the Fed chair in his comments after said that's
probably going to be it for a while. That they
had signaled earlier this year that they were on path
to lower rates. This is the third back to back
great cut, and Chairman Powell said, and that's pretty much
where we're going to stay for a while. Of course,
he's not sticking around for a while. He's not staying
for a while, but he said this is sort of
(32:53):
where the board is now. They were pretty divided on this.
Some said leave things as they are, some said cut more,
but they said the quarter point was appropriate at this point.
Now they are also flying blind, a little blind in
that because of the government shutdown, a lot of the
data is missing. But the chairman says, look, we're concerned
about the job market. Clearly things are softening. AI is
(33:14):
a factor in that. There we're seeing reduced hiring, there
is more efficiency among workers, but there's concern about the
labor market. And on the inflation side, they're not sure
if the tariffs are sort of a one time blip
or if it's something that's going to keep on mounting
on consumers out there.
Speaker 3 (33:30):
So that's why they're taking more of a wait and see.
Speaker 2 (33:32):
With what two point six percent growth in twenty twenty six,
which is good, not gangbusters, that's good, not a recession,
and the interest rate itself now, the interest rate itself
now down at three point five percent.
Speaker 4 (33:44):
We just talked with our economist David Bonds, and he
talked about that natural rate, you know where it should be,
and you're within a half a point now. So the
reality is you don't have many more cuts coming as
far as interest rates coming. And then there's that future
and then there's the yeah, yeah.
Speaker 2 (34:01):
Maybe one more next year, maybe one or two in
twenty twenty seven. Obviously a lot can happen between then,
but yeah, this whole idea of the Fed is on
a path of cutting rates.
Speaker 3 (34:10):
That's over. They're much more neutral now but.
Speaker 4 (34:13):
You add you know, there's the AI uncertainty with jobs,
and there's the tariff uncertainty, and one plus one.
Speaker 3 (34:21):
We don't know what that adds up to, especially with the.
Speaker 2 (34:25):
Right And let's say there's Michael's widgets in China, right,
and you charge one hundred bucks and the tariff is
ten percent, Well, okay, what do you charge me though?
At the final end? Do you add that ten percent?
Is it immediately one hundred and ten dollars or do
you say, well, this is maybe temporary, let's make it
one hundred and two and maybe I'll swallow some of
that And then you know, the companies sort of get
tired of doing that and end up passing it along.
(34:47):
So is the tariff a one time bump we're all
charged one hundred and ten or is it something that's
going to be spread out over a longer term as
companies push more of the cost onto us at the end.
Speaker 3 (34:57):
And that's where the truck because.
Speaker 4 (34:58):
Sometimes when the company covers and it comes out of profit,
it eventually leads to lack of expansion or the cutting
of workforce.
Speaker 3 (35:05):
So it's a lot of uncertainty that's figured in.
Speaker 4 (35:08):
But the quarter point is what we were expected, and
the fact that we're getting closer and closer tells us
maybe one cut next year, maybe two, but not much.
There's only about a half a point really left now
at this point. Roy, great reporting, as always, we'll talk
again tomorrow. Listen, there's so much oil tankers being seized.
It's not in our control. What is in our control
(35:31):
is taking this day seriously. You will never get Thursday,
December eleventh, twenty twenty five back again. Go seize the day,
make a difference in someone's life, and cherish your own.
Speaker 3 (35:40):
We'll see you tomorrow.
Speaker 8 (35:41):
Hi, this is Marilo Thomas from Saint John Children's Research Hospital.
Speaker 7 (35:45):
My morning show is your morning show.
Speaker 3 (35:48):
We're all in this together. This is your Morning Show
with Michael nhild Joo.
Hi, I'm Michael. I'd love to have you listen to
your morning show live. Every day We're heard on great
stations like News Talk five point fifty k FYI and
Phoenix News Radio eleven ninety k EX in Portland and
ten ninety The Patriot in Seattle. Make us a part
of your morning routine. We'd love to have you listen live,
but in the meantime, enjoy the podcast.
Speaker 2 (00:17):
Well two three starting your morning off right.
Speaker 3 (00:22):
A new way of talk, a new way of understanding
because we're in this together. This is your morning show
with Michael Bill Charman.
Speaker 4 (00:33):
Welcome morning to you, and welcome to Thursday, December the eleventh,
twenty twenty five.
Speaker 3 (00:37):
It is seven minutes after the hour.
Speaker 4 (00:39):
Thank god, you're spared what I go through during every
commercial break.
Speaker 3 (00:43):
What are you talking about?
Speaker 4 (00:45):
I'm trying to broadcast in a serious manner here and now,
you guys.
Speaker 3 (00:49):
Have my mind.
Speaker 4 (00:49):
Going to Stephen Miller dressed like a pirate taking over
ships off the coast of Venezuela like Captain Smith.
Speaker 3 (00:57):
Well, I'm here to Tiger Red's.
Speaker 4 (00:59):
Big idea that if they're gonna if Venezuelan people are
gonna call this piratecy maybe Donald Trump needs to show
up dressed like a pirate going hard like he did
with the garbage truck egg leg I mean, what am
I supposed to broadcast in a serious manner with you
giving me images like that?
Speaker 2 (01:14):
Uh?
Speaker 4 (01:15):
We find out from Attorney General Pam BONDI. Isn't that
interesting that an oil tanker was seized by the United
States of America off the coast of Venezuela, accused of
using as a transport of sanctioned oil to Iran. One
is quickly taken back in time and this, you know,
(01:35):
this is a serious reminder of problems in your hemisphere
versus far away. Although technology and weaponry is no longer
limited by oceans. But this feels a lot like Cuba,
only now it's Venezuela. It feels a lot like the
Soviet Union, only now it's a Roan.
Speaker 3 (01:53):
But r we seized the oil tanker.
Speaker 4 (01:57):
The FED chair Jerome Powell did exactly what we thought,
didn't tip his hand about future cuts, but did reduce
the interest rates by a quarter point So it's now
at three point five percent. What does that mean? What
does that mean to you and me? The economy in general?
Is it a perceptual game. I'll never forget. Ronald Reagan
(02:18):
cut through everything with a simple question and he said, listen,
if your life is better today than it was four
years ago, by all means, reelect Jimmy Carter. But if
it's not, give me a chance. Here's what I plan
to do and what I think it will achieve. Kind
(02:39):
of in that moment. Only now you have the media
and the left telling you we have an affordability crisis.
You have the President saying we don't have an affordability crisis.
We had one created by the Democrats, but I've solved
it and we're the hottest nation in the world. Which
is reality? And where does this latest interest rate cut
play into all of this? We turned to our I
(03:00):
think today mostly Economist, not the elogian, but Economist and
Money with David Bonds and good morning David.
Speaker 5 (03:08):
Good morning, Michael. Good to be with you, my friend.
Speaker 4 (03:11):
How quickly weeks go by, huh they go buy I'll
never forget the song and the Eagles song, and the
hours go by like minutes.
Speaker 3 (03:18):
That's what it feels like. And we're back together.
Speaker 4 (03:21):
So hey, let's do the Let's do what everybody in
news talk will do not a shock. The consensus expectation
was a quarter point. That's exactly what we got. Signaling
of what's to come. Being kind of close to the vest.
That's kind of what we expected anything yesterday that was
news to you.
Speaker 6 (03:38):
Yeah, on the margin, he was a little bit more
dubbish about the future than I expected. I thought he
would be close to the vest, and he definitely seemed
to lean into the idea of another rate cut next year.
Speaker 5 (03:51):
So the futures market has fully.
Speaker 6 (03:53):
Priced in this rate cut, even though their dot plots
are not showing their predicting that. The futures are saying
another rate cut is coming. And of course he's gone
in May, and so the futures are also pricing in,
and you are from two to three rate cuts for
the totality of next year, but presumably a couple of
(04:17):
those would be after Chairman Palace gone. So I'm with you,
no big surprises, but I would just say marginally he
didn't get like, you know, in the October twenty ninth meeting,
he went up in surprised markets by talking hawkishly, meaning
you know, we don't really necessarily know that we're going
to be able to cut again.
Speaker 5 (04:37):
He did not talk that way yesterday.
Speaker 3 (04:39):
Quite No, just the opposite.
Speaker 4 (04:40):
He actually foreshadowed what he sees as a healthier economy
next year.
Speaker 6 (04:46):
Well, if we're shadowed, what he sees is a more
troubled economy that will need another rate cut.
Speaker 5 (04:51):
Yeah.
Speaker 3 (04:52):
Should we consider.
Speaker 4 (04:55):
Reviewing to everybody what interests role is in in straight
roles are and what it really achieves for an economy,
and what it doesn't achieve, and what we overemphasize versus
truly understand. Probably should before I move on, because where
I'm going is what we're ultimately going to talk about.
Speaker 6 (05:14):
Yeah, I mean, I think that at the end of
the day, it's rather obvious that the more expensive it
is to borrow money, the less people borrow money, and
the more and the cheaper it is, the more they do.
And so the ideas that the interest rate becomes a
tool to stimulate activity, that you have a natural rate
that is neither discouraging nor encouraging. It's just sort of
(05:39):
what is presumed to.
Speaker 5 (05:40):
Be the equilibrium.
Speaker 6 (05:41):
And then you can go higher than that to slow
activity down, and you can go lower than that.
Speaker 5 (05:46):
To accelerate activity.
Speaker 6 (05:48):
And I'm just describing the way it works I'm not
saying how I think it ought to work, but that
is basically the idea. And almost everybody who's being objective
would say that the rate for the last couple of
years has been above the natural rate, trying to slow activity,
and that for almost all of the last fifteen years
(06:10):
before that, it was substantially lower than the natural rate,
trying to stimulate. And I would argue that right now
we're getting much closer to the so called neutral rate,
and we're not probably there yet, but we're you know,
we were at five and a half, we're now at
three and a half, and I would guess that somewhere
around three is where things will be neutralized.
Speaker 3 (06:31):
I agree, all right.
Speaker 4 (06:32):
So when we talk about people can often conflate and
confuse the FED interest rates with mortgage rates, And while
they're not connected, they do tend to go up and
down together, though, don't they Well, that would.
Speaker 6 (06:46):
Be connected, but they are not positive they're separate. But
there is obviously a correlation. But the FED doesn't control
anything other than the overnight rate at which banks lend
each other money, so it's a very short rate. So
the FED has a lot of impact on what banks
can pay to depositors and various short term rates and
(07:09):
a lot of borrowing rates out there.
Speaker 5 (07:11):
Credit cards, car.
Speaker 6 (07:13):
Loans are linked to the short term rates, but then
mortgages are generally more linked to long term rates, so
like a ten year treasury bond, and so in theory
it's not directly connected, but the ten year should be
something like a short term rate which the FED can control,
plus a premium, and so the premium the Fed can't control,
(07:37):
but the short term rate they can. Mortgage rates are
going to reflect what a bank needs to make for
longer term.
Speaker 5 (07:44):
Lending of money.
Speaker 6 (07:46):
And what you've seen since the FED began cutting rates
is the short term rates have dropped dramatically and the
long term rate is actually a tiny bit higher than
it was when the Fed began cutting in September in
twenty twenty four.
Speaker 3 (08:02):
What does that tell you so.
Speaker 6 (08:04):
Well, it just says that the mark, you know, the look.
I want to make it as simple as I can.
The tenure Treasury is the greatest measurement for economists in
history of what we call nominal GDP growth the total
growth economy. But nominal GDP is made up of two things,
inflation and then real growth and what we've seen in
(08:27):
this last year, at Trump's first year, at Trump's new presidency,
is that the inflation expectations have not come down, but
real growth expectations have come down as largely because of
his tariff policies. So we're, you know, to me, we're
sitting around where we should be about four percent plus
(08:48):
change in the tenure, and the FED is not going
to have much to do with that. Real growth expectations
do not come and go based on the Fed.
Speaker 4 (08:57):
I'm just sitting here smiling because I remember knowing how
difficult of a time economically we were going to go through,
and needing the right person to walk us through and
teach us as we go. And I'm just smiling that
God gave me you. And David Bonson is joining us.
He presides over Dividendcafe dot com. You'll see him often
(09:18):
on Fox Business News and he's a regular here weekly.
All right, So all this conversation and it really has
become kind of like political fodder. The left will tell
you that we have an affordability crisis, so that begs
the question, are we in.
Speaker 3 (09:31):
An affordability crisis?
Speaker 4 (09:33):
Donald Trump will tell you, yes, we had an affordability crisis,
and it was created by the bad policies of the
previous administration.
Speaker 3 (09:40):
I fixed them.
Speaker 4 (09:40):
Now everything's happy days are here again and wonderful. In fact,
we're the hottest nation on the country. What's reality? And
you know, I'm going back to the Ronald Reagan question.
Is the economy better today than it was ten months ago?
Speaker 5 (09:55):
No, it is not.
Speaker 6 (09:56):
And the reality is that, first of all, fairness to
President Trump, ron Reagan was referring to four years.
Speaker 5 (10:04):
Ago and ten months is in a very long period
of time.
Speaker 6 (10:08):
But the way President Trump's talking right now is a
wonderful way for the Republicans to lose the midterms next year.
Speaker 5 (10:14):
So badly we can't even comprehend it.
Speaker 4 (10:19):
I got to stop and say, that is the final
line of my sermon yesterday. I want to know how
you arrived because you usually are the smart one and
I'm the one getting rebuked into truth. How do we
arrive at the same one on that one? Because if
that's what, isn't that just.
Speaker 3 (10:35):
What Biden and Kamala tried to do.
Speaker 4 (10:38):
Tell everybody everything was fine when it wasn't feeling fine.
So if you tell everything, everybody else fighting.
Speaker 6 (10:47):
Fighting the gas lighting did not start by saying everything's
fine now. The gas lighting started by saying I'm going
to be.
Speaker 5 (10:54):
Able to fix it. So when you say you can fix.
Speaker 6 (10:58):
A problem politically have to be fixed politically, then you
have to say that you did fix something politically that
you didn't fix. But that's okay, I guess, because that's
what American people want is to be lied to by politicians.
But no president can come in and get the cost
of bananas to go down, and prices have a much harder.
Speaker 5 (11:20):
Time going down than they do going up.
Speaker 6 (11:23):
What you have to do is stop or arrest the
growth of prices. But getting prices to go lower than
the place they were is called deflation, and it generally
only happens in a recession. And if people think that
the high prices of a problem politically, they should see what.
Speaker 5 (11:43):
Happens in a recession. So what you have to do
is grow income.
Speaker 6 (11:48):
And this is why President Trump in the first term
was so spot on and so focused because he had
grown ups in the room focusing him on what matters
is real growth. And so if prices go up two
percent and wages go up three percent, you've grown real income.
Speaker 5 (12:05):
And we had not been growing real incomes.
Speaker 6 (12:08):
From two thousand and eight until twenty sixteen. In President
Trump's first term, we did grow real incomes, and during
Biden's administration, from start to finish, we didn't grow real incomes.
He got better near the end, but obviously he was
playing for behind the eight ball with the high inflation
at the second and third year of his presidency. Right now,
(12:30):
President Trump should be focusing on economic growth. Instead, he
started the most absurd, childish, embarrassing trade war that I
can even comprehend, half of which he's had to now
walk back, and none of which is producing any economic growth.
The worst part of the job market ten months later
is manufacturing, the one area he said he was going
(12:53):
to go out and fix. But you can't fix it
the way he was describing on the price level. Now
he's subject. Look, the left isn't being fair, the left
is being disingenuous. Can I just say, too, when any
of us that are Republicans or conservatives or center right,
when any of us say the inflation that Biden administration
(13:15):
caused with his policies, Let's just be very clear that
everything Biden did there with that big spending package, well,
Trump's spending package that he just didn't get passed. After
the twenty twenty election, he wanted to do a third
stimulus bill and the Senate wouldn't do it, and then
Biden took in had a Democrat majority that they did
(13:36):
do it. It was the same thing Trump wanted to do,
and it was much smaller than the two Trump had
already done. Now the people forgive the big ones because
the COVID and the Cares Act, and they said, well,
it was a big emergency. But if what we're going
to say is huge government spending created those prices, let's
not act like Trump was fighting against that, and Biden
(13:57):
came in and did it. They all did it. They
all wanted to do it.
Speaker 5 (14:00):
The issue right now is housing.
Speaker 6 (14:02):
Housing, housing, That's where people feel the unaffordability. That's where
wages have not grown with prices. That's where gen zs
that make good money can't go buy a home and
are feeling the frustration.
Speaker 5 (14:16):
That's what's creating the societal angst.
Speaker 4 (14:18):
But to finish, But to finish your point, if the
Republicans don't address the voters district by district, district after
district with some admission of that and some new fresh
focus and not oh they broke it, I fixed it.
Everything's wonderful. They go forward with that, they're going to
get the same result Kamala Harris and Joe Biden got
(14:40):
you're right.
Speaker 6 (14:41):
And that's the and then not only are they going
to get it, they're going to deserve it. And it's
a political tone definess that has not really been normal
for President Trump. Of all the criticisms I have on
some of his policies at times and certainly some of
his behavior, I generally have been extremely complimentary.
Speaker 5 (14:59):
Of his politic instincts.
Speaker 6 (15:01):
He's probably the third most talented political athlete of the
last one hundred years.
Speaker 5 (15:06):
I'd put Clinton and Reagan at one and two.
Speaker 6 (15:09):
And yet this is so off Morning.
Speaker 5 (15:13):
Show, even if is true, which it is not. Even
if it were, it is just so politically unhelpful.
Speaker 6 (15:21):
To go tell people that are mad about prices that
you shouldn't be mad in the left is line to you.
Speaker 5 (15:27):
And I think he says it.
Speaker 6 (15:29):
Because he knows that his most rabid fans will wrap
it up. But that is not going to win the elections.
It's not going to win the midterms. There's a centrist, independent,
moderate undecided, persuadable voter, and they're not going to tolerate
in gaess Lit.
Speaker 3 (15:46):
They weren't remember, as.
Speaker 6 (15:47):
You pointed out, Michael, they didn't tolerate it from Biden
and Harris.
Speaker 2 (15:51):
No.
Speaker 4 (15:52):
And do you remember what was brilliant of Richard Nixon
and gave him the White House in sixty eight, when
there was all the far left, all the far right,
all of fighting in the streets, he just quietly started
talking to the silent center. The silent center is going
to vote in the midterms. And these are not silent
centered messages at all. Well, we ran out of time,
(16:15):
and I wanted to get to inventory and housing and
mortgage rates and so on, but I got to ask
you what's on the dividend Cafe tomorrow because we're like,
literally have twenty seconds.
Speaker 6 (16:27):
In less than twenty seconds today, the very second that
you and I are sitting, you're talking is the thirtieth
anniversary of the day my late father passed away, the
most brilliant theologian I ever knew. And I'm writing a
dividend Cafe tomorrow on everything that my late father taught
me about managing money and being an adult.
Speaker 4 (16:48):
I can't wait to read that I love you, my brother,
thank you for your expertise today, and thank you for
the gentle rebuke early in the interview.
Speaker 3 (16:55):
Usually you're not that gentle David Pobson.
Speaker 5 (16:58):
To stop it.
Speaker 3 (17:01):
This is Dan calling from Erie, Pennsylvania.
Speaker 7 (17:04):
My morning show is your morning show. Michael dell Chorno.
Speaker 3 (17:15):
Hi, I'm Michael.
Speaker 1 (17:16):
We'd love to have you listen every weekday morning to
your morning show live, even take us along with you
on the drive to work. We can be heard on
great radio stations like one oh four nine The Patriot
in Saint Louis, or Talk Radio ninety eight point three
and fifteen ten WLAC and Nashville and News Talk five
fifty k f YI and Phoenix, Arizona. Love to be
a part of your morning routine, but we're always grateful
(17:36):
you're here.
Speaker 3 (17:36):
Now, enjoy the podcast. What is with you Today?
Speaker 4 (17:40):
It's all the weird things you're watching online. What's your
laziest thing? Burnt peanut or burnt penuts? I asked Nick
about him. You'll know burnt panut.
Speaker 3 (17:49):
I tried if I watched twenty five seconds. All it's
a gamer, isn't it. I promise he could probably be
a long lost cousin of yours. If you watch enough
of the Burnt Peanut on YouTube, you're like, hell, he's
channeling del Jorna. It's crazy. Oh well, maybe he's brilliant.
I'll check him.
Speaker 4 (18:05):
O say, thirty six after the hour, twenty four minutes
to be to work eight o'clock in the Central time zone.
And thanks for bringing us along, and thanks for making
us a part of your morning routine. This show belongs
to you. At your kitchen table. I'm Michael del Jorno.
Jeffrey keeping an eye on the sound, red keeping an
eye on the content, and the content well fed. Did
lower things a quarter points, so now we're down to
(18:26):
three and a half percent interest rate. Pambondi acknowledge that
an oil tanker was seized by the United States off
the coast of Venezuela. We got rising floodwaters in Washington
State may force one hundred thousand residents to evacuate north
of Seattle. And Thursday night football Tonight is the Falcons
in Tampa against the Buccaneers. And that girl Marlow Thomas
(18:48):
is joining us. We want to talk a little bit
about her father's vision, her reality. The Saint You Children's
Hospital and how you can help while you're shopping this Christmas.
Speaker 3 (18:56):
What a thrill, Marlow.
Speaker 7 (18:57):
Nice to meet you in Good morning, Michael.
Speaker 4 (19:00):
I've been in love with you since twelve years old.
Almost changed my name to Donald just so you might
be interested. You know, I'm on in one hundred and
seven stations nationwide in all the big cities. But i
happen to live in Nashville, Tennessee, which is a stones
throw from Memphis, Tennessee.
Speaker 7 (19:16):
And I'm very Frille.
Speaker 4 (19:18):
Yeah, oh yes, but we're very familiar with the Saint
Jute Hospital. You know, I've got pictures going back to
childhood of my dad with your father. I don't know
how they knew each other, but in the golden age
of television, the Danny Thomas Show was top shelf. Walk
us through first Dad and this vision. You know, I
think of Jerry Lewis and all the innovations and the
(19:40):
great movies and the great comedy and show business, and
of course his legacy ends up being MDA. Your dad
may have one of the greatest legacies ever and you
inherited it. And that is a hospital that gives people
the highest level of care with such love and such support,
and it needs to be supported by everyone, and they're
(20:00):
going to get a chance to do it. Here we
are the twenty second year of the Saint Jude Thanks
and giving a Top Brands campaign. But let's start with Dad.
Where did this vision begin and how did it come
to be?
Speaker 8 (20:11):
Well, you know, my dad was a first generation American.
His parents came from Lebanon. You know Michael Azar, my
friend here, he's Lebanese, and they came from Lebanon, had
no money. They had ten children, nine boys and a girl,
and they were broke, of course, like most immigrants, and
they lived in an immigrant neighborhood and they never went
to a doctor. My grandmother had all ten of those
(20:32):
babies without a doctor, just her.
Speaker 7 (20:35):
Sister and some hot water.
Speaker 3 (20:36):
That was it.
Speaker 8 (20:37):
And little kids in his neighborhood died of things like
influenza and appendicitis because they couldn't afford to go to
a doctor. And that made a big imprint on my dad.
The children died because their parents couldn't afford a doctor.
And he had in his mind, if he was ever successful,
(20:58):
he was going to build a hot hospital where everyone
could go, of any race or religion. Because he grew
up in a neighborhood of lots of races and religions
and nationalities, and nobody would pay.
Speaker 7 (21:11):
That was a huge dream of his, and he did it.
Speaker 8 (21:16):
In nineteen sixty two when he opened the hospital, he
made the promise that no family would ever get a
bill for travel or treatment, or housing or food. And
people wondered if he'd be able to continue that, and
we have.
Speaker 7 (21:30):
Nobody's ever paid ever.
Speaker 8 (21:32):
And I remember I went on the View one day
and Whoopi Goldberg said, now wait a minute, really nobody paid.
What do you mean like no bill would mean not
even their lunch. I mean she couldn't get over it.
And you know the truth is, Michael, if you had
to pay, you couldn't afford it, just couldn't. It doesn't exist.
The children come there for maybe a year, maybe two years.
(21:56):
It's millions of dollars to save one child's life. And
the pair come not only terrified of losing their child,
but terrified that they're going to have to mortgage their house,
sell their car. They don't know what they're gonna have,
how are they going to pay for this? And you
know any parent would sell their arms to pay for
their children's health. And so it's a great burden off
(22:16):
of them. They just focus on their child, and I'm
so proud to be a part of it because it's
the real thing.
Speaker 7 (22:22):
You know.
Speaker 8 (22:23):
People say to me, what keeps you going? What keeps
me going? Are the children? To see them come there
sick as little dogs, and then a year later, I
see the same kid skipping and hopping going home over
the holidays.
Speaker 4 (22:35):
I have to I have three children, and I can
tell you I don't think I've ever cried out to
God for myself. When my daughter went through a tough time,
I cried out to God. I screamed out to God
and to be there for parents. I mean, these are
some of the worst cards that ever can be dealt.
And I don't know if your dad had this vision,
but one day this country would struggle to figure out
(22:57):
the problem of healthcare, and look and look at how.
Speaker 3 (23:00):
His legacy stands in the midst of that.
Speaker 4 (23:03):
And it's not just care, it's some of the best
doctors and the best care, and the legacy of love
and support for the family because they're going through something too.
It's breathtaking. I mean, it's the easiest sell of my life.
Whenever I talk about people giving to the Saint Jude Hospital,
and then we.
Speaker 3 (23:21):
Don't do telethon so much.
Speaker 4 (23:23):
I mean, we do still, but I love this because
we're all going to shop this holiday season, and you've
surrounded yourself once again with big name celebrities and big
brands and made it so easy for us to make
a massive difference.
Speaker 8 (23:36):
Yeah, and you know a lot of this is awareness
to Michael to let the people listening who have a
child that may be going through some strange symptoms, I
want them to go on our Saint jud dot org
and look around and see if those symptoms match up
with anything that we're working on. And you might even
(23:57):
you know, email or get in touch with Saint Jude
and say what it is, and then maybe they'll tell
you to come. I mean, I met a mother the
other day who got a death sentence for her six
week old child. Six weeks and several hospitals said that
they just couldn't help her. They removed a piece of
this tumor that the child had six weeks old, but
(24:20):
they couldn't get all of it. Forty percent they could
not get and they said she wouldn't make it.
Speaker 7 (24:25):
And the mother called Saint Jude.
Speaker 8 (24:28):
And she said, Saint Jude said, well, come down, let's
let us try. And she came to my house here
at a fundraiser just last week and brought her daughter,
who's now six years.
Speaker 7 (24:38):
Old, and you just cry. I just cried when I
see that little girl running around. She'd be dead.
Speaker 8 (24:45):
The mother and father were here and they had already
picked out the burial plot. So that's the story of
Saint Jude. That's why I this is my thirty fourth year.
I think of working for Saint Jude since my dad
been gone.
Speaker 7 (25:01):
And people say to me, how do you keep the passion?
Speaker 8 (25:03):
I said, Meet one child, one kid, meet one six
week old child who now is seven or eight years old,
and you realize that you have to do it. It's
irresistible and it's so easy.
Speaker 7 (25:17):
Like you said, Michael, just go to the We have these.
Speaker 8 (25:20):
Restaurants like Condominoes and Chili's, or stores like Kay Jeweler's
and Home Goods and Williams and Noma and so many others,
and they open up their doors and their hearts and
they say to their customers, just add a little something
for the kid. To say, Jude, you know you've got
to be out shopping anyway for food and presents and
everything for the family and have a Mary Mary and
(25:41):
a Mary Hanukkah and all of it. And so just
our motto is it gives thanks for the healthy kids
in your life and give to those who are not.
Speaker 7 (25:51):
And that is the basis of it all.
Speaker 8 (25:54):
You know, while we're enjoying this, there are families struggling
to keep their child alive. And you have children, Michael,
so you know, there's nothing, nothing, nothing more important.
Speaker 3 (26:04):
No, And I'm struck.
Speaker 4 (26:05):
We're talking to that girl about that dad and that
amazing hospital of care and hope, the Saint Hued Hospital
and how you can help the holiday season. You can
always go to the website and find the participating brands.
There's a lot of stars and celebrities you love their
work that are encouraging you to do the same. I
won't leave it at just going to those places and
rounding up some of you might want to even perfectly
(26:26):
consider making some donations at the end of your time.
Speaker 3 (26:29):
But you know, I go back to the power of
your dad.
Speaker 4 (26:31):
It was, you know, the things that happened to us
or the things that we witness, they often, you know,
are uniquely empowering us to make a difference. And he
took a simple action. He couldn't possibly have known everything
it would become that it has. And somebody needs to
look you in the eye and say, and where you've
taken it since? And that passing of the baton. Yeah,
(26:54):
it's so impressible. Yeah, it's our honor.
Speaker 7 (26:58):
You know.
Speaker 8 (26:59):
It's because nobody pays, and because we're not for profit,
we have to get about eighty nine percent of our
money from the public. Now, a regular hospital, wonderful hospitals
that are are for profit and do have paying customers,
they have to get under ten percent from the customer,
(27:20):
from the donors and the country. So shows like yours
and the Today Show and all these stores that help us.
That's the only way we're going to do it. We
can't pay for it. We have to raise the money.
We have to raise the money to bring the greatest
scientists and researchers to Saint Jude and the doctors.
Speaker 7 (27:39):
That's what's important.
Speaker 8 (27:40):
You know. I was saying to somebody just a bit
of go that it's like a Babylon at Saint Jude.
You've got some of the doctor from China, and you've
got one from Ukraine and another one from France and
Portugal and everywhere, and they come and do their best
work and create the trials that they're going to try
on the childrenildren who've been given a death sentence from
(28:02):
other places.
Speaker 7 (28:03):
That's the secret sauce of Saint Jude.
Speaker 8 (28:06):
That's the brilliance of my dad to put the research
teams and the clinical teams under one roof so that
synergy that collaboration. Science is a collaboration, it's not a
one man's sport. So when they create something in the
clinic at the laboratory, they take it to the clinic
and try it on this six week old child who's
(28:28):
been given a death sentence. That's the excitement, and that's
what keeps me alive and going because I know we're
saving children's lives.
Speaker 4 (28:36):
I can tell you as a dad, I mean I've
done a lot for homelessness in my lifetime. I would
think the thought that my daughter, one of my two daughters,
or my son would take that baton and take it
to an even higher level would mean so much more
than whatever I was blessed enough to be involved with.
Your dad would be so proud of you. Can I
ask one personal question, why did we not You were
(28:57):
so brilliant in that girl? What happened that we didn't
see more of you in the coming years? And well,
you were a great, great actress. You did a lot
didn't before that girl?
Speaker 8 (29:08):
But I mean, yeah, well you know I won Miami
for Best Dramatic Actress in nineteen eighty six. That was
way after that girl. Yeah, so I did a lot.
I just didn't do another series. And I did a
couple of Broadway plays. And actually, Michael, I want to
do another series now, So if you can think of one,
I'll do it.
Speaker 4 (29:26):
How about that girl in that fat talk Coost?
Speaker 3 (29:29):
Actually that all right?
Speaker 4 (29:31):
So Marlo, let's just wrap this up with a bow
to get where should they go to get the complete
list of all the brands?
Speaker 3 (29:38):
These are places we're going to go.
Speaker 4 (29:40):
We're going to shop, but with a little extra we
can make a huge difference collectively and encourage all of them.
What would be a good way to get a list
of all the participating places.
Speaker 8 (29:49):
Go to Saint Jude dot org, where you could incidentally
also make a donation, and you'll see the list of
the places you can go and give money to. You'll
see the stars like Blueberry Orne, Sophia Vigaar and Michael Strand,
John Ham Lewis Fonsie and see their commercials, and you
can also see stories of the children. It's a wonderful website.
(30:09):
We'll give you a lot of information. You know, what
I'm just saying today and you're talking about today is
just a tip of the iceberg. There's so much more
to know. But you can certainly make a donation at
Saint Jude dot org.
Speaker 7 (30:21):
Oh, i'd be great.
Speaker 4 (30:22):
God bless this legacy. I hope everybody listening to the
show finds these participating locations and does some shopping there
and makes an extra difference or makes a donation.
Speaker 3 (30:32):
I know I will.
Speaker 4 (30:34):
Marlow, thank you for everything that you and dad have
created for mothers and fathers who are screaming out hope.
I think the one thing you said that hit the
home with me the most. Even if you had to pay,
you couldn't afford it. Not the level of care that's
given at Saint Jude.
Speaker 3 (30:50):
Exactly and great to meet you.
Speaker 8 (30:52):
Thank you, Michael, Marry Mary to you and your kids
and your wife and your dog and your cat and
whatever else you got over it are not all of them.
Speaker 3 (31:00):
Very Christmas to you and yours as well. Thank that girl,
Marlo Thomas.
Speaker 4 (31:04):
Go to Saint Jude dot org to find the participating
brands and lists of stores and make a difference. I
for one, and honor my healthy children are going to
give a little over and above on the website. I
hope you'll join me in doing the same. Top five
stories of the day. Coming up next that a visit
with roy O'Neal. Interest rates did ingch down word? What
does that mean? Next on your morning show?
Speaker 1 (31:26):
It's Your Morning Show with Michael del Chino.
Speaker 4 (31:31):
How impressive was Marlo Thomas. That's just not someone's daughter,
that's just not a former actress here talking about research,
care and caring.
Speaker 3 (31:41):
I was very impressed.
Speaker 4 (31:42):
God bless you all as you join and help Saint
you Children's Hospital this holiday season with their twenty second
annual Karen Brands.
Speaker 3 (31:54):
Campaign.
Speaker 4 (31:54):
All right, if you're just waking up, President Trump spoke
with top European leaders. We presume this has to do
with Russia and you, And of course the Fed chair
lowered the interest rates a quarter as expected, and really
was a little more optimistic about the economy next year
than was expected, and Pam Bondi announced the seizure of
an oil tanker off the coast of Venezuela by the
(32:17):
United States, and that pretty much covers everything other than
the Falcons and the Buccaneers on Thursday Night Football that
we want to give Rory the final say on our
national correspondent, Royal Neils here.
Speaker 3 (32:29):
Let's start with interest rates. The corner of a point.
That's exactly what we guessed it is.
Speaker 2 (32:33):
And the Fed chair in his comments after said that's
probably going to be it for a while. That they
had signaled earlier this year that they were on path
to lower rates. This is the third back to back
great cut, and Chairman Powell said, and that's pretty much
where we're going to stay for a while. Of course,
he's not sticking around for a while. He's not staying
for a while, but he said this is sort of
(32:53):
where the board is now. They were pretty divided on this.
Some said leave things as they are, some said cut more,
but they said the quarter point was appropriate at this point.
Now they are also flying blind, a little blind in
that because of the government shutdown, a lot of the
data is missing. But the chairman says, look, we're concerned
about the job market. Clearly things are softening. AI is
(33:14):
a factor in that. There we're seeing reduced hiring, there
is more efficiency among workers, but there's concern about the
labor market. And on the inflation side, they're not sure
if the tariffs are sort of a one time blip
or if it's something that's going to keep on mounting
on consumers out there.
Speaker 3 (33:30):
So that's why they're taking more of a wait and see.
Speaker 2 (33:32):
With what two point six percent growth in twenty twenty six,
which is good, not gangbusters, that's good, not a recession,
and the interest rate itself now, the interest rate itself
now down at three point five percent.
Speaker 4 (33:44):
We just talked with our economist David Bonds, and he
talked about that natural rate, you know where it should be,
and you're within a half a point now. So the
reality is you don't have many more cuts coming as
far as interest rates coming. And then there's that future
and then there's the yeah, yeah.
Speaker 2 (34:01):
Maybe one more next year, maybe one or two in
twenty twenty seven. Obviously a lot can happen between then,
but yeah, this whole idea of the Fed is on
a path of cutting rates.
Speaker 3 (34:10):
That's over. They're much more neutral now but.
Speaker 4 (34:13):
You add you know, there's the AI uncertainty with jobs,
and there's the tariff uncertainty, and one plus one.
Speaker 3 (34:21):
We don't know what that adds up to, especially with the.
Speaker 2 (34:25):
Right And let's say there's Michael's widgets in China, right,
and you charge one hundred bucks and the tariff is
ten percent, Well, okay, what do you charge me though?
At the final end? Do you add that ten percent?
Is it immediately one hundred and ten dollars or do
you say, well, this is maybe temporary, let's make it
one hundred and two and maybe I'll swallow some of
that And then you know, the companies sort of get
tired of doing that and end up passing it along.
(34:47):
So is the tariff a one time bump we're all
charged one hundred and ten or is it something that's
going to be spread out over a longer term as
companies push more of the cost onto us at the end.
Speaker 3 (34:57):
And that's where the truck because.
Speaker 4 (34:58):
Sometimes when the company covers and it comes out of profit,
it eventually leads to lack of expansion or the cutting
of workforce.
Speaker 3 (35:05):
So it's a lot of uncertainty that's figured in.
Speaker 4 (35:08):
But the quarter point is what we were expected, and
the fact that we're getting closer and closer tells us
maybe one cut next year, maybe two, but not much.
There's only about a half a point really left now
at this point. Roy, great reporting, as always, we'll talk
again tomorrow. Listen, there's so much oil tankers being seized.
It's not in our control. What is in our control
(35:31):
is taking this day seriously. You will never get Thursday,
December eleventh, twenty twenty five back again. Go seize the day,
make a difference in someone's life, and cherish your own.
Speaker 3 (35:40):
We'll see you tomorrow.
Speaker 8 (35:41):
Hi, this is Marilo Thomas from Saint John Children's Research Hospital.
Speaker 7 (35:45):
My morning show is your morning show.
Speaker 3 (35:48):
We're all in this together. This is your Morning Show
with Michael nhild Joo.
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