John Recaps Diddy, Karen Read & The Big, Beautiful Bill

Episode Transcript

Speaker 1 (00:00):
Don't you dare touch that dial or change the channel
because it's Sunday on Iheart's WRKO six eighty am. You
are locked into the Hard Truth with John Deaton. Good
evening everyone. I am John Deaton and it has been
a big week. President Trump had a big week. We
had the Karen Reid verdict last week. This week we

(00:22):
got the Sean P. Diddy Comb's verdict. So let's start
with that. Remember, you can reach out to the show
at John at Hard Truthshow dot com. That's John at
Hard Truthshow dot com. As you know, I read your emails,
your comments, your criticisms, so feel free to be candid

(00:45):
with me and I'll address some of those comments on
the air live now listen. So, seaw didty Combs verdict
comes out after this long, expensive trial? And what is
the verdict? He is guilty of simple prostitution. He was
found not guilty of conspiracy and racketeering and force and

(01:10):
all that. Basically he went across lines to engage in prostitution.
So the big news for Diddy is that he's not
going to spend a decade of his life in prison
behind bars. Will he gets some jail time, He could
get time served based on those kind of charges. Are

(01:32):
the felonies, yes, but it's basically prostitution charges. So I
would be very surprised if he got more than eighteen months.
The one thing that I'm curious about the Sean P.
Diddy Comb's trial, however, is we heard about a lot
of video tapes, and the jury was played videotapes in

(01:54):
the trial of him, you know, smacking his girlfriend around,
and and there were charges that there was violence involved
in the sexual acts with sex slaves, if you will,
basically mal prostitutes that did he hired and they would
act force free against women that did he wanted to watch,

(02:17):
including his fiance. But we kept hearing about all those videos,
videos of other celebrities, you know, whether it's Justin Bieber
or j Low or all the people that went to
these didty parties. I mean, Lebron James was at these
Diddy parties. Leonardo DiCaprio went to these didty parties. I mean,

(02:39):
there's pictures of Barack Obama with Sean P. Diddy, Combs,
Oprah Winfrey, you name it, you know, and he has
a picture with some of the most powerful people in
the world. So we kept hearing about, you know, videotapes.
We heard theories that he was going to he was
blackmailing people. He's blackmailing them because he had viewers. What's

(03:01):
that sound like a lot like the Jeffrey Epstein situation,
and which brings me to that. I'm still waiting. You're
still waiting for the Epstein files. Where are they? Donald
Trump promised that he would release the Epstein files. Cash Patel,

(03:23):
the director of the FBI, guaranteed that he would release
those Epstein files. Pam Bondi, the Attorney General of the
United States, said, We're going to release those Epstein files.
She said publicly, there are thousands of hours of tapes,

(03:44):
videotapes with Epstein and people engaged in sex acts, including
with minors. Where is all that stuff? Listen? They don't
need all this time to just redact the victims' names.
Held victims have come forward and dude JP Morgan and
other banks for financing the Epstein island, and so some

(04:07):
of these victims have become public. So here's the question,
and I want you to respond and write into the
show and tell me what you think. Will we ever
see the Epstein documents? Will Donald Trump, Cash Bettel, Pam Bondie,

(04:27):
Dan Bagino and all these people who guaranteed that we
would see these records. Will we see them? Or is
this just another example of someone getting in the office
and pushing everything under the carpet because they're protecting politicians,
they're protecting celebrities, they're protecting donors. What's going on? I

(04:52):
want to hear what you have to say, because I
got to tell you something. I looked Elizabeth Warren in
the face when I debated her, and I said, shame
on her because JP Morgan Chase financed that entire operation
of Epstein Island and JP Morgan executives were participating in
these activities on the island. There's emails of JP Morgan

(05:17):
executives talking about the snow white experience, the beauty and
the beast experience. Yet Elizabeth Warren didn't ask the CEO
of JP Morgan Chase one question about all of that.
She wanted to talk about crypto and bitcoin, okay, and
so are we ever going to see those Epstein files?

(05:39):
I hope so, which brings me to crypto and so
here's our crypto corner, if you will segment. Because there
was big news that came out a Genius Act. That's
what it's called. The Genius Act passed the Senate and

(06:01):
it's getting passed by the House. And we expect one
of the major points of legislation of the Trump presidency,
one of the first major legislative acts that he signs
into law, will be this Genius Act. And what it
does is that it makes stable coins a part of

(06:26):
our financial infrastructure in America. Now, a lot of people
out there are confused what a stable coin is. Just
know this. Let me explain it to you, because it's
very important, and I think it's going to be why
I'm so bullish on cryptocurrencies, Why I'm so bullish on bitcoin,
Why I have eighty percent of my net worth in

(06:50):
bitcoin and other digital assets. Now, when you go to
the bank, a lot of people don't realize this, it's
called fractional banking system. When you put in ten thousand
dollars into the bank, the bank keeps ten percent on

(07:11):
deposit and then they use the other ninety percent to
do business. They give commercial loans, they give mortgages to people.
They use your money to do business. And in the
olden days, you would get interest for your money. Remember that.
I'm old enough to remember you could get four or

(07:32):
five percent at the bank for holding your money in there.
In the last you know, twenty five years, we've got nothing.
In fact, there was a time when they almost charged
you to put your money in the bank. But the
reality is the banks don't hold all your money. If
you put a million dollars in the bank, go try

(07:52):
a week later to go in and say give me
my million dollars. It's not going to happen. If you
put fifty thousand dollars to the bank tomorrow and a
week later you go and say I want fifty thousand
dollars in cash, They're gonna look at you like, well,
wait a minute, why do you need so much money.
They'll start to asking you questions and drives me insane.

(08:13):
Don't ask me why I want the money. It's my money.
Give me my money. I want it back. Well, it
doesn't work that way. They hold only a partial, a fraction.
It's why it's called fractional banking. They hold a fraction
about ten percent of the assets in the bank, and
then they loan out ninety percent. So when banks make

(08:34):
bad loans, remember the Great Financial Crisis, when all of
the homes were going into foreclosure. People couldn't pay their
mortgages because they kept doing those credit default swaps and
all that stuff. Well, the banks made all these terrible loans,
and then people started defrauding on those loans, and then

(08:58):
the bank starts becoming less and less credit worthy, and
then people get word of that, and then they rush
to take their money out of the bank. And when
everybody rushes at the same time to take their money
out of the bank, that's called a bank run. And
a bank can't give everybody all of their money. If

(09:19):
every single customer at TD Bank walked in tomorrow and
said give me all my money that i've depositive, it
can't be done. They won't be able to do it.
So that's what a bank run is. And we've had
bank failures, and when banks fail, people don't get their money.
Right now, there's FDIC insurance up to two hundred and

(09:43):
fifty thousand per account, but if you have a million
dollars in one bank, if you're a business and you
have a million dollars in one bank, you're not going
to be either take your money out and it's not insured.
If that bank goes bankrupt, you're out seven hundred and
fifty thousand dollars unless the government's and the government has
several times in my lifetime stepped in to save the banks. Well,

(10:05):
a stable coin is a digital form of a dollar,
but the bank must have what's called one hundred percent reserves.
So if you buy one hundred dollars in stable coins,
each stable coin is worth a dollar. The bank must
keep that hundred dollars in cash, or they must own

(10:29):
US treasuries or some other assets. It's one hundred percent backed.
So if there was ever a bank run and every
customer wanted their money all at once, the bank would
be able to comply because they have one hundred percent
in reserves. Stable Coins are just digital dollars. And the

(10:53):
Senate people like Elizabeth Warren, they didn't want the stable
coin legislation passed, right, And the reason they didn't want
it pass is basically about from their Trump derangement syndrome. Well,
Donald Trump's family is in the crypto. Now eight percent
of Donald Trump's worth is in the crypto, and that's
a conflict, and so we're going to like shut it

(11:15):
all down because we don't want Donald Trump, you know,
to be involved, but it got passed. It's going to
help the United States because all of these are in
US dollars, so there are US dollar based stable coins,
and most stable coin issuers will buy US treasuries to

(11:37):
reserve the stable coins to back it up, which means
people will buy our debt. It is a great thing.
It's a good thing that happen. I was for it.
If I was in the Senate, unlike Ed Marky and
Elizabeth Warren, I would have supported it because it's good
for America. It's going to help our debt crisis. When
we come back, I'm going to talk about the big

(12:00):
beautiful Bill. Welcome back to the show. You listen to
The Hard Truth. I'm John Beaton and it's on Iheart's
WRKO six eighty am. Everybody listen. Before the break, I
was talking about the stable coin legislation, the Genius Act,
and why it's a good thing and why it's going
to drive demand for US debt. We need to do
something about our debt, so driving demand for that is

(12:22):
a good thing because it'll allow us to refinance our
debt as we move forward. And it's a big deal
for crypto and bitcoin. Let me just remind you. I'm
gonna say something. This show is not financial advice, right,
so you can't come and sue me because I'm recommending something.
You do what's in your best interest. But I will

(12:42):
tell you this today. It is more riskier to have
zero exposure to bitcoin than it is to have some exposure.
I believe that if you go to your financial advisor,
I want you to do this for me. Take this test.
Call up your financial advisor and say to him or her, look,

(13:07):
I'm thinking of about putting one to five percent of
my net worth in bitcoin. What do you think if
that financial advisor says it's a Ponzi scheme, it's only
used for criminals and cartel blah blah blah, fire him

(13:30):
or her immediately. Okay, those kind of perceptions are from
twenty thirteen. That's all rhetoric. That's nonsense. Okay. The United
States of America has now what's called a strategic bitcoin reserve,
just like we have. We own gold. United States owns gold.

(13:52):
It's located in Fort Knox, and we own about a
trillion dollars worth of gold at Fort Knox. That is
an asset that the United States owns. Well, the United
States now owns two hundred thousand bitcoin, which is worth billions,

(14:14):
and the United States, through executive order by President Trump,
has said that he wants his Treasury Secretary Scott Besant
and his Commerce Secretary Howard Lutnick to acquire more bitcoin.
They just can't do it in a way that's going
to cost taxpayers any kind of money. He says. You

(14:38):
got to acquire bitcoin, and it must be done in
a budget neutral way. And let me tell you something.
There are so many ways to be budget neutral. You
could sell some of the gold we own, right, You
could sell ten billion dollars worth of gold and then
buy ten billion dollars worth a bitcoin. It equals this.

(15:00):
There's no increase to the tax payer. It's budget neutral.
You could issue debt with bitcoin bonds and do it
that way. You could authorize that federal income taxes could
be paid in bitcoin, and we're going to put a
fraction of one percent of the tax revenue into the

(15:22):
Bitcoin Strategic Reserve. Okay. And so that's the United States.
There are other countries who are acquiring bitcoin. You have
countries who are mining bitcoin. Now bitcoin when I first
started this show, and actually i'll back up when I
ran for US Senate. I'll share this with you. I

(15:45):
told my campaign, I said, listen, guys, gals, bitcoin and
crypto is going to be a big deal. And they
laughed at me. They thought I was some crypto geek
that didn't know what he's talking about. Here's a guy
who's never run for office in his life and he
comes in and says, yeah, you know this, Bitcoin's going

(16:07):
to be a big deal. And when I ran, I said, listen,
I told the campaign, we have to be able to
accept bitcoin and XRP and other cryptocurrencies as a donation
in my campaign. I won't run unless we can do that, right,
And so we did that. Well, guess who else did it?

(16:27):
Donald Trump did it, Kamala Harris did it. And I
was one of the first people to basically accept crypto.
I'm very proud of that, and so it did become
a big deal. In fact, the crypto industry basically was
the largest campaign donation industry in the twenty twenty four

(16:53):
election by far two hundred and million dollars. The crypto
super pack called fair Shake, donated to people both Republican
and Democrats that were pro crypto. President Trump went to
the Bitcoin Conference in twenty twenty four and said that
he was gonna make bitcoin. He was gonna make America

(17:15):
the bitcoin and crypto capital of the world. So if
your financial advisor is ignoring all of that and saying, oh,
I think bitcoin's a ponzi, I think bitcoin is. You know,
it's too speculative as an asset. It doesn't have any
intrinsic value. If you hear nonsense bush you know what

(17:39):
like that, I almost said it, then fire that person.
And I can tell you right now that when I
started the show, I think bitcoin was like right around
one hundred thousand. Today it's one hundred and nine thousand.
By the end of this year, I'm gonna make a prediction.

(17:59):
We're gonna come back to it and see if I'm accurate.
By the end of this year, I predict that bitcoin
will be one hundred and eighty thousand dollars. It's just
shy of one hundred and ten now, so seventy thousand more.
I have zero doubt in my mind that bitcoin is
going to a million. It's not going to a million

(18:21):
and six months. So my position is you don't have
to be like me. I'm an aggressive guy. I'm kind
of an all in, all out guy. You know when Apple,
when the first iPhone came out, I made the best
decision of my life financially. I sold everything I owned
in stocks and properties and I bought Apple. And Charles

(18:43):
Schwab actually called me and said, hey, you know you
shouldn't do that. You shouldn't put all your eggs in
one basket. And I told Charles Schwab, hey, it's my money.
I'll do whatever I want. If I lose it, I
lose it because I knew that this iPhone in two
thousand and seven, the mobile internet, that you could do
on your phone, not just the email, but the Internet.
I knew it was going to revolutionize communication in the world.

(19:07):
And so I bought all Apple stock. I got it
in at like sixty six dollars a share, and I
wrote it to six hundred and eighty dollars a share,
and I was able to buy my house for over
a million dollars in cash by selling some of my
Apple stock. And so that's who I am. So I'm

(19:29):
all in on this asset class. Eighty percent of my
net worth was in bitcoin when I ran for US Senate,
and today it's probably about seventy percent because XRP has
done really well. It's done well better than bitcoin, and
so I probably have twenty percent of my net worth
in XRP. So I'll come back and eat my words

(19:55):
if I'm wrong. So my position is that any person
out there, if even if you don't understand what bitcoin is,
do the research. Do the work. Okay, go down the
rabbit hole, read the Bitcoin white paper, watch some YouTube channels.
Do your research. But what I tell people friends, and

(20:17):
I've been telling this for five years, then just put
one percent of your net worth in bitcoin. If you
lose it, if I'm wrong and bitcoin becomes worthless, You're
still got ninety nine percent of your net worth. You
don't want to lose that one percent, But if you do,
it doesn't change your life, it doesn't negatively impact you

(20:41):
for the rest of your life. So I say that
you're almost foolish today if you don't have one to
five percent of your investment portfolio, your net income, your
net worth in bitcoin. There are other cryptocurrencies like XRP
that I'm in, you know, do your research. I believe

(21:04):
in certain other cryptos, but bitcoin is certainly the one
where I would recommend to people because I'm convinced that
it's going to go significantly higher. Now, don't buy it
if you're going to absolutely sit there and watch it.
You know. I had a friend who bought bitcoin. I

(21:26):
convinced her to buy bitcoin at ten thousand dollars and
she bought a whole bitcoin, right, She took ten thousand
dollars of her life savings. She had about fifty thousand
in her life savings, and she took ten thousand, which
was twenty percent of her life savings, and she bought

(21:47):
a bitcoin at ten thousand. Bitcoin went down to seven.
I bought more and she sold. She couldn't take it.
She got convince instant paranoid that it was going to
go from ten thousand to zero, and so she took
a loss at three three thousand dollars loss. And I

(22:10):
told her, I said, listen, I warned her before. If
you're going to become paranoid about it, if you're gonna
watch the fluctuations and the volatility and be upset and
it's going to cause you anxiety because you lost some
money on paper, then don't do it. It's not worth it.
Your mental health, your physical health, it's not worth it,
but she didn't listen. She bought the bitcoin, it went

(22:33):
down thirty percent, she sold it at seven thousand, I
bought more, and today it's one hundred and ten thousand almost.
And so had she kept it, her ten thousand dollars
investment would be one hundred and ten thousand today. She
could then take out her ten thousand original investment and

(22:55):
she would have one hundred thousand dollars of house money.
That's how you build wealth. And let me just tell
you guys out there that just earning a paycheck, even
if it's a good paycheck, and paying your bills and
then putting whatever you have in the bank in cash
is not building wealth. They're printing so much money. We're

(23:21):
about to talk about the big beautiful bill, and just
know that it's another two trillion dollar deficit per year.
We're at thirty seven trillion dollars of a national deficit.
They're just gonna print money. The more money they print,
the less valuable each one of those dollars are. So

(23:41):
people are looking for alternative assets to invest in, and
the single best asset that you can invest in is bitcoin,
in my opinion. All right, that's it. We'll come back
and we're going to talk about that big beautiful bill.
You're listening to The Hard Troops with John Deeton. All right,
welcome back to the show. You listen to the Hard Truth.
I'm John Daton. You can reach me at John at

(24:02):
Hartruthshow dot com. That's John at Hartruthshow dot com. All right,
people in the Senate right now, it just passed the
one big beautiful bill, as President Trump has described it.
And I know I'm not gonna surprise some of you,
but I'm here to tell you it is big, but

(24:25):
it's not so beautiful. And some of you will say, ah,
there's that rhino, that Rhinodeaton again, who isn't a fan
of the big Beautiful Bill because he's not a huge
supporter of President Trump. And I want to talk about
that for a second. I want you all to know, okay,

(24:46):
that a patriot to this country can agree and disagree
with President Trump. And whatever you think of me out there,
I can assure you that I am a patriot. I
love this country. I went from rags to riches because

(25:06):
I was given an opportunity and I worked my butt
off and I made sacrifices that other people weren't willing
to make. And now I'm on the radio and talking
to you, and I ran for the United States Senate,
and I have more money than I used to, let's
just put it that way. So I'm doing pretty good.

(25:27):
So I love this country because only in a country
like ours could someone like me born in that hell
hole of Detroit, one of the worst neighborhoods in the country,
with a single mother on welfare and food stamps, surrounded
by violence, gun shoved in my mouth, raped as a
child for a period of two years by a predator,

(25:50):
high school drop out because of gun violence in the
schools for four months my freshman year of high school.
Only in America, one born into those circumstances be talking
to you on the radio tonight. So don't ever question
my love for this country. I love it so much.

(26:14):
I wore the greatest uniform that's ever existed, and that
is the uniform of the United States Marine. Okay, and
I served seven years of active duty. I literally gave
my back because I got injured in training and had
multiple spinal surgeries, and so I literally gave my back

(26:35):
for this country that I love so much. And I
can agree with President Trump when he does something that
I think is great, and I'll be the first one
to say it. But I can also disagree with President Trump,
and that doesn't make me suffering from Trump derangement syndrome.
It doesn't make me un American to disagree with the

(26:57):
President or disagree with other politicians. Listen, this is the
world we live in. Man. If you give credit to
President Trump, like I'm about to on some things, and
people hear me give President Trump credit, they're gonna call

(27:17):
me a maga cautist. They're gonna call me a Trump
boot liquor, a Trump sick, a fan, Right, that's what
they're gonna call me if I give President Trump any credit. Now,
when people hear me disagree with President Trump, you know
what they're gonna say. He's a Rhino, he's a Democrat,

(27:42):
he suffers from Trump derangement syndrome because he didn't bow
down and agree with every single thing President Trump does.
Those are the two extreme camps we live in. And
I kind of understood it during the election because the
election there was so much at stake in twenty twenty four,

(28:05):
and it really was like a binary choice, and you
had people who believed that were headed towards socialism. If
you vote for Kamala Harris, and we're going to be
forced with you know, socialism and the DEI and all
the nonsense. And we've got to be a meritocracy. And

(28:25):
if you vote for Trump, it's the meritocracy and it's
capitalism and its freedom. And I get it. That was
during the election. And I don't blame people for being
so passionate during the election that you got to choose
one side, because there's only two sides, Okay, But the
election's over. President Trump won. President Trump won. He's the

(28:48):
president of the United States. Now it's about governing, and
it's about policies, and it's about what our priorities are
as a nation and as a people. And I believe
that President Trump has done some great things. We're going
to talk about it, all right, We're going to talk

(29:10):
about it. And I reject the hyper divisiveness. Listen. I
ran for United States Senate against Elizabeth Warren, as you know,
and during the election, I went to the border and
I learned that twelve million illegal migrants had crossed our

(29:32):
southern border in three and a half years under Joe Biden.
And I came back, and I said, this is a
national security risk, it's a public health risk. Twelve million
people were walking through. Some of them are terrorists, Like
we know that some of them want to do harm

(29:55):
to America, and we're just letting them walk through the door.
And Elizabeth Warren called me a racist in a xenophobe
because I said it was a national security crisis. She goes, oh,
there's John Deaton, a Republican, saying that. You know, he's
going down the racists and the xenophobia thing. That's ridiculous.

(30:21):
It's just math. Twelve million people cross the border. If
ninety five percent of them are an amazing human beings
and five percent, only five percent are bad, that's six
hundred thousand bad guys walking through the door of our country. Yet,

(30:41):
in this divisive world we live, I'm gonna get called
a racist. And that's the thing we have to reject
in this country. We have to reject that kind of divisiveness. Okay,
Now I've read the big, beautiful bill that passed by
the Senate, and I'll tell you that if I was

(31:03):
in the Senate, I would have voted no. And I'm
gonna explain why. But before you call me a rhino
who doesn't support Trump. Let me first acknowledge some great
things that Donald Trump has done in his first six
months in office. All right, And this is the segment

(31:23):
where people are gonna call me a magacultist, and they're
gonna call me a Trump lover and boot liquor and
all these things. But this show is called The Hard Truth,
and I'm gonna give you the hard truth, whether it's
favorable or unfavorable whoever is in the White House or
whoever we're talking about. Number one, and this things I

(31:45):
wrote down off the top of my head without doing
any research. Number One, border security, Donald Trump, without needing
an Act of Congress, has reduced illegal crossings in this
country by ninety three percent. Ninety three Remember Joe Biden said, oh,

(32:09):
my hands are tied. There's nothing I can do. I
need Congress to act. I can't stop the twelve million
people that are coming and flooding the country. I can't
do anything about it. I'm helpless as the president of
the United States. Well guess what, even though Congress should
do their job, they didn't. President Trump did. He shut

(32:30):
it down ninety three percent. He passed the Lake and
Riley Act. That's outstanding, all right, and he deserves an
enormous amount of credit because that open border was unsustainable.
Second thing President Trump has done that is great deregulation.
He's deregulated the business and the energy sectors in this country.

(32:54):
You had esg of the SEC trying to force companies
to talk about their environmental strategy and how they were
going to be carbon neutral by a certain time. And
they're not even the EPA, it's the SEC. But it
was this massive over regulation by bureaucrats and regulators trying

(33:17):
to stifle innovation and American businesses, the hyper focus on DEI,
all of that. President Trump has eliminated that these over regulations.
We need that here in Massachusetts. You have a housing
crisis in Massachusetts, yet builders take two years to get
their permits to build. That's ridiculous. We need less regulation.

(33:40):
Less red tape. Number three that President Trump has done NATO.
He went to NATO and he forced these other countries, Germany,
the United Kingdom, Canada to start paying a fair share
of the defense of their own countries. President Trump said,

(34:03):
you got to pay three percent of your gross domestic
product GDP. That's fantastic. Canada and the UK have promised
that they're going to increase by one hundred billion by
twenty thirty. Already, that's outstanding. Okay, Joe Biden would have
never done that. Barack Obama would have never done that.

(34:26):
We got to give credit where credit is due. Another one,
Number four Doze, the creation of Doze with Elon Musk
and uncovering some They didn't get as much as they
had hoped, that's for sure, but they uncovered some fraud,
you know, they uncovered some waste, you know, like the
Sesame Street and Iraq or all kinds of stuff that

(34:47):
were being spent some of these NGOs, non government organizations.
You know, it's an activity that the government's not allowed
to do, but government funds it. Some of that was
going to like politicians, wives or spouses or friends or family.
They uncovered some of that. So an agency that's looking

(35:11):
how to cut some of the fat, the waste and
the fraud out of the government. That's an amazing thing
that deserves credit. We need to continue that. Number five
School Choice. Five billion dollars went to five hundred thousand
students in ten states who were allowed vouchers and to

(35:34):
go to private school That's a great thing. Number six
Fetnyl labeling the drug cartels as foreign terrorist organizations, five
thousand more DEA agents, putting the Mexico government on notice
that we're gonna hold you responsible if you don't help
crack down on the fentnol and the drugs. That's a

(35:57):
great thing. Welcome back to the Hard Truth listening to
John Deaton. Contact me John at Hartruthshow dot com. John
at Hardtruthshow dot com. Let me know what you think
about the show and the things I'm saying. We're talking
about the great things that President Trump has done before.
I talk about the big beautiful bill and school choice

(36:19):
was Number five, expanded school choice five hundred thousand students
in ten states, five billion dollars enhancing school choice. Great.
Number six Fentnyl, fentnel, and drug cartels labeled as foreign
terrorist organizations, putting the cartel and the Mexico government unnoticed.

(36:43):
The United States is going to hold you responsible. Number
seven that President Trump deserves credit is making innovation a
priority in this country. He appointed David Sachs, the Artificial
Intelligence and Cryptozar of America, established a Crypto Council in
the White House, you have David Sachs in charge and

(37:05):
bo Hines as executive director doing an outstanding job. Said
We're going to make bitcoin and crypto America the capital
of the world for that type of innovation and technology.
Established a strategic Bitcoin Reserve, like we talked about earlier.
Number eight, reforming the federal agencies on healthcare and putting

(37:27):
Robert RFK Junior in there and shaking things up. We're
now learning that certain dies that were banned in other
countries are being banned in America. Making our health better,
making our food better, agriculture better. Those are all amazing
things that were being neglected in the past. Okay. Number nine,

(37:50):
the way that President Trump handled Iran. Okay, just like
other people, I was worried. I was concerned was he
going to do? He bombs Iran, and then Iran turns
around and tells us they're gonna bomb us back, but
gives us notice, tells when they're gonna do it, where
they're going to do it, and then signs a ceasefire agreement.

(38:10):
And he gets Israel in Iran after bombing Iran to
cease fire. That's outstanding, work outstanding. Tenth one off the
top of my head that I wrote down the fact
that President Trump has ten has companies building an America. Again,
we've learned that at least two trillion dollars by these
companies is coming to America manufacturing here in America. Give

(38:35):
you a couple highlights. Apple agreed to spend five hundred
billion dollars over the next ten years in America, may
have been five years. Honda is building more in America.
Soft Bank said they're going to invest one trillion dollars
in America. TSM that's Taiwan Semi Conductors going to expand

(38:59):
their Era Zona offices and operations. One hundred billion invested
their Stilantis, which is a card manufacturer. They're going to
build more in America. Navidia Hondi, all of these companies
have come to the table and told President Trump that yes,
we're going to build more stuff in America. We're going

(39:20):
to invest more in America. You have to applaud that.
And these Democrats they can't do it. They just can't
give credit where credit is due. Okay, so you know
ed Markey, Elizabeth Warren, they're never going to say any
of what I just said. They're never going to give
credit where credit deserves. Okay, we just learned that there

(39:42):
may be a ceasefire and peace deal with Gaza Iran
in Israel we just talked about, but it could be
if Hamas takes this deal, we could have peace there.
Vietnam agreed to no tariffs against May America, but there'll
be Vietnam will pay twenty percent, you know, tariffs, India deal.

(40:07):
He President Trump struck a tariff deal with China. Canada
back down. They had put a tariff and attax on
some of our digital economy industries. And then turn around
after President Trump said all right, I'm done talking to Canada,
I'm suspending all talks with Canada. Canada turned around and

(40:28):
did it wint eighty and now they're like, okay, we'll
remove that tax on American businesses. Okay, those are great things.
Those are beautiful things. And so let me preface the
show in my comments my final comments on that, because
the big beautiful bill is not beautiful, all right, And

(40:51):
the first thing to know is that we have to
address the national debt. It is thirty seven trillion dollars now, people,
we spend two trillion a year more than we bring
in on tax revenue. It's unsustainable. We have to deal
with it. We're going off a cliff. America is going bankrupt.

(41:14):
Elon Musk is tweeted every other minute about how America
is going to go bankrupt. And President Trump is in
office and he wants his stuff done, and so of
course he doesn't want his hands tied. Let me tell
you something, everybody, when you go to Washington, these politicians
they get addicted to something. There's a drug in Washington, DC.

(41:36):
It's stronger than crack, it's stronger than heroin. It is
a drug called the printer. It is the money printer.
These politicians they see these trillions of dollars coming in
and tax revenue, and they just want to spend, spend, spend,
and it's easy for them. They'll just say, well, they'll

(41:57):
hit the print button and we'll just press another five
trillion dollars out of the air, and then we'll just
issue debt. That's what we do in this country, and
it's not being addressed, and so we have to be honest.
President Trump and Elizabeth Warren agree on something. You want
to know what that's something is They agree that America

(42:20):
should get rid of the debt ceiling. That doesn't allow
us to go over that debt ceiling unless Congress gets
together and they pass a continuing resolution that says, Okay,
we're going to raise the debt ceiling. Instead of thirty
seven trillion, we're going to raise it to forty trillion,
and fifty trillion, an eighty trillion, and one hundred trillion.

(42:43):
And so far, you're seeing the impact of this money printing.
You're seeing it when you go to the grocery store.
It's basic economics. The more money you create, the more
paper money that you pray, the less valuable each dollar becomes.

(43:05):
Did you know that the first two hundred years of
America we created one trillion dollars one trillion in two
hundred years. Just during COVID we printed seven trillion, seven
trillion in two years versus one trillion in two hundred years.

(43:30):
We've got to do something about this addiction. And both
President Trump and Elizabeth Warren they want to reduce and
I mean eliminate the debt celling so that whoever is
in charge can just spend, spend, spend, print, print, print,
And we need that debt selling to try to keep
them amiss. We need Senate to do their job. But

(43:53):
what they did with the Big Beautiful Bill is they
set a date for President Trump and then they just
rushed to get something done. And when they did that,
it it's not good. And I fear that this rush
to get something that done is going to cost the Republicans.

(44:14):
I believe it's going to cost them dearly unless I'm
completely wrong, and the economy goes through the roof and
job creation is through the roof. But let me give
you a few highlights. This bill is massive Medicaid cuts
and it threatens It doesn't guarantee, but it threatens children

(44:36):
being kicked off Medicaid and not having healthcare. Six to
eight hundred billion over ten years is being cut from Medicaid.
We have forty one percent of children born in this
country is paid by Medicaid forty one percent. If you
take fifty percent of all births in rural areas, then

(45:01):
fifty percent of those berths are paid by Medicaid. The
CBO Congressional Budget Office says that one in five children
could lose twenty percent of all children could lose Medicaid coverage.
Doesn't mean they will, but they could. Rural hospitals could
be put out of business because seven percent of their

(45:23):
entire spending or payments are made through Medicaid. Okay, Snap
cuts food stamps two hundred to three hundred million in
ten years, the largest cut in food stamps in American history.
And they put in these work environments, and listen, I
know that this is a soft spot for me. Let

(45:44):
me acknowledge that I was raised with food stamps and
my mom was on welfare. My mom had four small children.
There was no way she could do childcare. She tried
her best to work, she worked when she could. But
we needed the food stamp and we need it the welfare,
and so I certainly have a soft spot. But this

(46:05):
is the point, all right. Children will potentially lose healthcare,
children potentially will lose food stamps. Thirteen percent of our
population in America already experiences food insecurity. My point here
is that we don't start cutting at the poor. We don't.

(46:29):
That's not where we start. We have a Department of
Defense that has a trillion dollar budget per year. They
haven't passed an audit in over ten years. Maybe we
could start there. Maybe Doze can get in there and
cut some of the waste. Okay, we have tax cuts

(46:51):
that are predominantly helping the wealthy, and I'm running out
of time on the show, so I'm I have to
talk about it next show because I talked about other things.
But let me just put it to you this way.
We're gonna pick up this conversation next week. But I
want you all to go out there. I want you
to read the Big Beautiful Bill and know this. These
tax cuts. Basically, the bottom twenty percent, anyone thirty five

(47:16):
making thirty five thousand or less, may get sixty dollars
in tax cuts, maybe if they pay taxes all, which
most don't. Someone making fifty thousand to one hundred, they're
gonna get an average cut of eighteen hundred dollars. That helps.
But the top twenty percent making two hundred thousand more,

(47:36):
they get seventy percent of all the tax cuts. They
do pay all the taxes, most of them, but they
get seventy percent. And you got to ask yourself, is
it worth three to five trillion in debt. We're gonna
break down next week this policy, the Big Beautiful Bill.
I want to give you a snapshot, so see you
next week. We're gonna get into the details and I'm

(47:56):
gonna convince you that it's not a good idea.