Episode Transcript
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Speaker 1 (00:00):
You know, I really just kind of think that if
Trump was able to pull off his plan with terras,
reset the economy and help positive growth back into the
stock market, it should be the final death blow for
the mainstream media and the Democrat Party for quite a
long time.
Speaker 2 (00:17):
So fingers crossed.
Speaker 1 (00:19):
I hope it works, godspeed.
Speaker 2 (00:23):
Yeah, and I I don't think anybody really knows whether
it's going to work or not. But I'm just looking
at two television monitors and two well actually three computer monitors,
and let me just well, let's see, CNN just finished
(00:43):
doing a story about the wildly volatile stock market, and
then you heard the top of the hour ABC News
about how, you know, suddenly the market gained everything back,
which meant what, oh, people were buying the it They
were buying the stocks at that cheap value, and then
(01:04):
the prices set prices sew it right back up, and
what did they do? Boom as soon as they reached
whatever they thought was a trigger point, they then sold
them again. They bought and sold them the same day,
and then the market went right back down. Man Vegas
(01:25):
just moved to midtown Manhattan, lord lower Manhattan. That's that's
why when people when people. You know, I tell my
mom this all the time, because my mom has a
little bit of money in the market based on some
annuities and some other stuff. And I've tried to explain
to her that these mutual funds are you know, the
(01:46):
mom stop it, but she'll ask me did I make
any money today? And I'm like, you know, I don't know.
I don't look every day. I didn't even look at
my own every day. And then over here Fox has
got something about it. Here's what Trump is really up
to with this high stakes tariff gambit. I don't know
whether they're quoting somebody or what, uh looks to be
(02:10):
an opinion piece. Yeah, looks like an opinion piece of
some sort. Over here on the Drudge Report, Wall Street,
Wilde thoughts voulatled, Jamie Diamond sounds alarm, Bill Ackman, Warren's
nuclear winner does not even want a deal. And then
you scroll down, and this one fascinates me. There's a
picture of Senator Ran Paul from Kentucky. Rand Paul leads
(02:31):
charge against tariffs. It's look, I love Ram Paul, so
don't get me wrong here, but isn't that so typical
of all these politicians is ran Paul offering an alternative?
Is because remember, behind every one of these television monitors,
(02:58):
computer monitors and my voice is what a raging national debt,
a d industrialization of this country, an economy that is
facing a fiscal apocalypse. I don't care how strong we are,
(03:23):
I don't care how rich you are. You can be
a billionaire and go broke. Well you can be a
country and go broke. So I'm fascinated that with that
being the problem, and the problem that we have in
terms of the government and our economy is driven by
(03:43):
this national debt at thirty seven point true whatever, thirty
seven point at whatever it was, some were between thirty
seven thirty nine trillion dollars and that's the BFD that
we got to deal with. So Ran Paul and I
don't know what the story says, let me just click
it on and see. But the headline is rand Paul's
(04:08):
from the Washington Post. Of course, this Republican senator is
leading the charge against Trump's tariffs. Now I'm not gonna
read the story. I don't need I don't need to
read the story. What's his solution? Everybody's more than willing
to tell us that this isn't going to work. This
is a catastrophe, this is a disaster. We're going to
(04:32):
hell and a handbasket. Blah blah blah blah blah blah
blah blah blah. Okay, I'll ask the question I started
asking X yesterday, what's your solution? Because no one, including
rand Paul again, who I adore, is offering any solution.
He's just fighting this proposed solution. Then tell me what
(04:55):
your solution is, tell me how you want to fix it.
And so far nobody's done that. Nobody has done that,
So it's either the status quo or we try something different.
And I'm all for trying something different. And I would
think all of those who have said that the only
(05:15):
way to reset the countries just to go off the
fiscal cliff. Then I would think you'd be happy because
if you don't think this is gonna work, either way,
you're gonna get you what you want. Because if it's
not gonna work, then we're going to go off the
fiscal cliff. And if it doesn't work, we're gonna go
off the fiscal cliff. Either way, we go off the
fiscal cliff. You ought to be happy, We ought to
(05:36):
be excited about it. You get to live through, you know, armageddon.
I'm willing to give it a chance. Would I be
lying to you if I told you I had I
had no doubts about it. Of course I'd be lying
to you, because do I have doubts. Of course I
have doubts. But what I'm excited about is we're trying something.
(05:57):
And since Clinton and Genrich sat down, first of all,
it had to start with Ginrich. Ginrid started with the
contract for America. Here's what we're going to do. If
you elect us. This is what we're going to do.
And he actually followed through and they did what they
said they would do. That brought Bill Clinton along, and
(06:18):
Clinton said, oh, okay, well then you know, maybe government
has grown too big, and maybe we do need to
do some stuff, and maybe we do need to you know,
you got to work for your welfare. I mean, maybe
we do. And so they did all that stuff and
we end up with the surplus budget. But nobody here's
offering anything like that, not one single Democratic Republicans, even
(06:40):
ram Paul's not offering anything. I know ram Paul wants
to cut spending, but nobody else. Ted Cruz, we heard
from Ted Cruz earlier. Ted Cruz doesn't want to cut spending,
and he might, but he's he didn't have a he
didn't have anybody to go do it with. Then it's
gonna take five hundred and thirty five of them to
do that and are doing it. So I go back
(07:02):
to Scott Bassem because I think the Treasury secretary he
is an independent. Is he loyal to Trump? Yes? Does
he need this job no? Is he sacrificing to do
this yes? Is he on board? Yes? But does he
(07:25):
have the street cred to make the argument for it? Yes?
And does he have the as he liked to like
this as he liked As he said on Meet the
Press yesterday, I just deal in data. I deal in
the data, not all of the other, you know, demagoguery
that you Meet the Press are doing. So he did
an interview on I think this was on Friday with
(07:49):
Tucker Carlson. What you listen to parts of Tucker just
introduced him and said, look, Trump's doing something that he's
been talking he's been talking about for forty years, for
forty years. Let's see. Oh yeah, that takes us back
to MAFTA, doesn't it It takes us back to the
Ross Perot days. So this is we No one should
(08:13):
be surprised by this, but as Tucker says, a lot
of people have doubts about it. What do you say,
mister Secretary Tucker? And thank you for having me.
Speaker 3 (08:25):
And as you said, the President's been talking about this
for four decades. Yes, and this is transformational for the
American economy, for the American worker, and for the new
Republican alignment. And it's a combination of the old and
new ideas. Some of the old ideas were put away,
(08:46):
you know. I always tell everyone, and they don't want
to hear it. The original tariff man was Alexander Hamilton, Yes,
and he used teris to fund the new nation and
to protect American industry. President Trump has added a third
leg to the stool, and he used this terrorist to negotiate.
But I think this is not unlike I was a
freshman in college when Ronald Reagan came in in nineteen eighty.
Speaker 2 (09:12):
And a new day in America.
Speaker 3 (09:15):
And when I talk to people now and they look
back and they look at the Reagan years so fondly. Yes,
I remember what it was like, and it was chopping
and the president very choppy, very choppy. President Reagan did
the course, and look, this is not an invitation, but
they what does your.
Speaker 2 (09:35):
Best say here? I had completely forgotten about. But Paul
Voker was the chairman of the Federal Reserve at the time.
Inflation was horrific, and what did Vulker do?
Speaker 3 (09:51):
One point in the early eighties, a farmer showed up
with a shotgun at the Federal Reserve to kill Paul
Vulker for raising rates. So, like I said, it's not
an invitation for any question for action, but it was
a tough time. And then in nineteen eighty four, the
(10:11):
President Reagan won re election with forty nine states, and
I think they may have even let Mondale win Minnesota
just so when ha'skunk, just to be nice. Yeah, And
that's what President Trump is doing now. For years, the
American worker, a middle class has been eviscerated. American workers
(10:32):
have taken it on the chin. And you know, we're
just starting to see some of the research now. We're
seeing research on what's called the China Shop from two
thousand and four. It's just coming out now, and it's
what you know, it's what I know. The finally academics
are saying, oh gosh, the American workers never recovered from
(10:54):
the China Shop, what a surprise. And President Trump since
that forty years years ago, but out in the campaign
trail starting in twenty fifteen up until last year, he
has promised the American workers that the old standard of
living can come back. And because what we've seen over
(11:16):
the past at least twenty years since the China Shock,
but more like the past thirty are these massive distributional
problems where the coast have done great, yes, and the
middle of the country has.
Speaker 2 (11:30):
They have just seen.
Speaker 3 (11:31):
Quality of the life, life expectancy decline. They don't think
their children are going to do better than they are.
And a lot of people don't care. And President Trump cares.
This administration cares. And this is the first step towards
realigning that a lot of our trading partners, including some
of our allies, have not been good partners. If tariffs
(11:54):
are so bad, why do they have them, why do
they have them?
Speaker 2 (11:59):
Right? Or if the American consumer don't gloss over the question.
If tariffs are so bad, why do other countries, even
our allies, impose tariffs on us to protect their businesses?
To protect their industry to keep their middle class strong. Now,
(12:21):
I think in many cases, particularly with the EU, they
have wasted those tariffs because they went off chasing these
wild goose chases of green new deals, the green energy renewables,
all of that, and a social welfare system, which we
know from history does not work. We know from our
(12:43):
own pilgrims that a socialist society does not work. So
if tariffs are so bad, why do they have them
because they were trying to protect their industries, which they did,
which allowed them to go chase all these wild goose chases. Okay,
(13:04):
so what why why can't we fix it here? Nobody
you know? Going back? I forget which hour it was,
but someone left to talk aback and I've I've talked
about how we all have ADHD and and we only
we live in the moment. You know. I listened, In fact,
I'll see if I can find it. Uh. I listened
(13:27):
to a psychiatrist UH talk about how our phones and
social media have really turned all of us into adhd
uh individuals. We have a very short attention span, we
(13:48):
are uh. For For me, I've often likened uh X
and Facebook, which I do use. I clearly admit that
I use them. I use them for you know, for
building the queue in the audience in this program. So
I think they can be used, but I think they
can also be misused. They're like if you've ever gone
to Vegas and you've you've I've watched people do it.
(14:10):
They sit at those one arm bandits at the slot machines,
and they're mesmerized by the spinning wheel. In fact, you
don't even have to pull the one arm bandit. It's
not even really a one arm bandit anymore. You can
just put your card in and you know, you can't
use your credit card, but you can go get a
card from the cashier and put so much money on it,
(14:31):
and you can just sit and just push the button
and just push, push, push push. In between that the
visual and the sounds and the colors and the lights,
it's like a drug. It's totally like a drug, and
you just sit and it's just like soothing, soothing, And
(14:54):
I think that's how Americans have become about the consumption
of news, the consumption information. It's such a pleasure to
actually and I'm not even talking about a kindle or
an ebook, but to actually take a book, a real book,
real paper, the re tactile where you can feel it
(15:18):
and you can read the page and you don't have
to worry about the glare or the light or the
ambient light or anything else. And you can feel the
page and you can turn the page. Oh, I know,
on certain devices you can have this fake turning up pages.
I get all of that. I understand all of that,
And I'm saying, look, that's how I read newspapers now.
(15:41):
Or take a magazine and actually read a full length
magazine article. Hell's bells. Even if newspapers were still around.
I mean, even before the advent of social media and technology,
people were just well, I look at that guy back there,
there's the headline reader right back there. When was the
last time you think dragon actually read a story that
(16:03):
he puts over here on the console, that he has
read from first paragraph to the last paragraph. Never never,
just the headline, that's all. And as a society, that's
where we've gone. And so now and the cabal knows that,
Oh they know that. The social media companies they know
it too. So the algorithms are feeding us stuff and
(16:26):
they're rewiring our brains. And so now it along comes
Trump and after forty to fifty years of this bull
crap that we've been living under, says, you know, well,
let's do something different. Let's try to rebuild the industrial base. Now.
A lot of people don't take into consideration the unions.
I do take into consideration the unions. The unions are
(16:48):
going to have to give a little bit too if
they want to start remaking cars or whatever they make,
whatever widgets they make in this country, They're going to
have to give a little because the cup means that
they worked for aren't necessarily going to be able to guest.
Sometimes they can, but sometimes they won't be able to
pay for all the outrageous wages that they get right now. No,
(17:11):
it's got to be some give and take. Scott Descent
is absolutely right. The Reagan years were tough. I remember
them well mortgage and I was lucky to have that.
Speaker 4 (17:32):
Michael, I'm just curious what your thought is on this.
Why are the NATO countries tariff in the United States.
We're the ones that actually protect them. We have really
no reason to be in NATO except to protect the EU,
and here they are trying to do an economic tariff
against us, and we're the guys that protect.
Speaker 2 (17:54):
Them, because when you keep giving something away for nothing,
you keep offering, hey, we're going to keep protecting you
and not require anything in return, then they're gonna take
advantage of you. It's it's not only human nature, it's
government nature. Government's gonna take they take advantage of us
(18:19):
because it's and and that's not just that since nineteen
forty five, that since the Marshall Plan, that's since the
idea that what we will do to help you rebuild
post World War two is that we will allow them
to terrify us, and so we will pay through tariffs
(18:42):
they're rebuilding, Which gets back to the point about well,
if tariffs are so bad, then why are these countries
doing it, Because they're making money on it. And they're
not only making money on it, but at the same
time they've got It's like if if one of my
bosses walks in here today and say, look, you know,
we know we got your new contract, but you know
(19:04):
we know that you know we had to keep things
pretty much even for the next four years. But you
know what we're gonna do every morning, every Monday morning,
or every we'll do it on Friday so I can
use it on the weekend. Every Friday. We're gonna come
in here with a with an envelope and it's gonna
have you know, a couple of thousand dollars in it,
and just you know, a hundred dollars bills, and we're
(19:25):
just gonna pay you end of the table. Okay. Well,
whether that's legal or not, let's forget that. Who wouldn't
take that? Why wouldn't you take Oh, you're just gonna
give me a couple of thousand bucks, Okay, I'll take it. Sure.
Oh I'm not required to work extra or do anything else. No, No,
we're just trying to you know, we're trying to help
you rebuild the program. We're trying to help you rebuild
(19:45):
your country. Okay, Well, sure, i'll take it. Am I
gonna do anything extra for it? Of course I'm not.
I'm gonna do what I do all the time. I'm
gonna come in here, you know, five, at five o'clock
or so, and then I'm gonna work until ten, and
then I'm gonna go home and my show prep for
the next day, and I'll come in here, and then
on Saturday, I'll come in here and I'll do Saturday
for three hours and I'll go home and then we'll
go have dinner. Who is you know? Rents reep live
(20:08):
the rent repeat boom boom boom. That's why. And now
comes along the disruptor and says, wait a minute. You've
haulowed out the middle class, You've hauled out at our
industrial base, and we have spent like drunken sailors, and
nobody up on that Capitol Hill will do anything about it.
So I guess I'm I guess I'll do something now
(20:31):
that I've got this term, and I'm and I am
a lame duck. Hell's bells. Here we go, and it's
about time. Do I hope it works? Then? Right? I
hope it works because I know what the alternative is.
And so far, again, even asking all of you and
still looking at the news, as we progress through this
wild stock day, no alternaty has been offered. Democrats haven't
(20:54):
offered anything except opposition. All you get is opposition. That's
when it comes to Trump, That's all they got is opposition.
Give me you know what I would, at the risk
of alienating a lot of this audience, if a Keem
Jeffries or Chuck Schumer came up with an alternative plan
(21:17):
to deal with the deficit and to deal with the
insolvency the potential insolvency that soon to be insolvency of Medicare, Medicaid,
social Security, all of those. And I thought it was legitimate,
and I could understand the economics of it, and I
could see how it would work, and it would be
better than Trump. I would embrace it in a heartbeat.
(21:39):
I would break because I'm more concerned about solving the
problem than i am the politics of this. So again,
as soon as that shows up, he'll hear it first.
I'll be the first one to offer you an alternaty.
Back to the Secretary of the Treasury.
Speaker 3 (21:58):
He's going to pay all the tariff. Then why do
they care about terraces right because they're going to eat them.
So I think that this is the beginning of a process.
We're going to reindustrialize, that we have gone to a
highly financialized economy.
Speaker 2 (22:17):
You know, that's a good point too. Where is most
of the money made in this country today. It's in
the financial sector, It's in the tech sector, and that's
where you know, you know, if you want to sound
like Bernie Sanders, where all the millionaires and billionaires. Oh,
they're in finance, they're in hedge funds, they're on Wall Street,
(22:38):
and they're in Silicon Valley. Well, then what happened to
and to his point about Middle America? So I get
to see a lot of Middle America. I get to
see a lot of rural Colorado and it's really sad.
It's depressing. You think downtown Denver's depressing, Go out into
the hinterlands.
Speaker 3 (23:00):
We have we have stopped making things, especially a lot
of things that are relevant for national security. I think
one of the few good outcomes from And that's another
good point.
Speaker 2 (23:15):
Did I get to spend a week doing this one
one interview with Tucker Carlson. If you are dependent upon
a medicine, whatever that medicine might be, the hell's mail,
let's just take Tylan. I'd be profun a set of menifit. Uh,
(23:37):
If that's made in a communist country, that is your enemy.
And they can decide at any time to just yeah,
we're just not gonna do anymore because remember it's a
communist country. So they don't care about their workers, they
don't care about their people, they don't care about their
factories other than their ability to stay in power the
(23:58):
the members of the Polop Bureau. So if they need
to shut down the manufacturing of some medicine that we need,
they will do it at the expense of those laborers,
those workers, those manufactured, those manufacturers, and the owners of
those manufacturing companies because they don't care because they're communists.
(24:20):
So they'll easily cut us off of some medicine that
we actually need. Now, a lot of our medication is
also made in Israel, which is an ally they're not
likely to cut us off despite our face, because we're
not likely to get into a war with Israel. We're
on the same side. But what's Israel done. Israel's already
(24:44):
coming and y'all who's already in back in the country
and they've already announced, Yeah, you know what, we'll just
eliminate our tariffts and now we're here to talk to you.
We want you to eliminate yours. So the negotiations that
Scott Besanna's talking about are already occurring. And a dragon's
point where you have fifty countries that have announced, yeah
we hey, hello, White House, Yeah, this is a Nigeria.
(25:09):
We got a prince here'd like to come over and
talk to you.
Speaker 5 (25:12):
We'd like a little chat.
Speaker 2 (25:13):
Yeah, we'd like to have a chat. Can we have
a chat? Sure? Let us put you on the schedule.
We'll get you on the schedule.
Speaker 5 (25:20):
And really you want to be first on that list too,
because you don't want to be the last guy holding
out on Trump here.
Speaker 2 (25:26):
That's exactly. Although I'll tell you who is thinking he
wants to be the last person on the list, and
that's Eugene p because he thinks that he can win this.
I don't think he can. If he thinks he can
win it, it would be at the cost of his dictatorship.
Speaker 3 (25:42):
Was we had a beta test for what maybe a
kinetic war, what a large adversary could look like, and
it turned out that these highly efficient supply chains were
not strategically secure, so that we don't make her own medicines,
so we don't make our own semiconductors, so we don't
(26:03):
make our own ships anymore. So I think if I
were to say, was there any good outcome from COVID,
it was it woke the world up to these supply
chain problems.
Speaker 2 (26:16):
So I can I so again, if if you accept
that premise, then ask Grand Paul or Ted Cruz or
ask any of the talking heads on the cable channels, so,
what would you do that would grow our economy such
that we could also use additional revenues to increase our
(26:39):
industrial base, so we could build our ships, manufacture our pharmaceuticals,
continue to spend on R and D, come up with
new drugs, come up with new ships, come up with
new submarines, come up with new weapons, come up with
whatever we can to protect ourselves, and at the same
time all the peripheral businesses that go along with that.
What your plan to do that? What's your plan? And again,
(27:02):
I freely admit I would I don't think it's gonna happen,
but I mean this sincerely. If some radical Democrat like
Chuck Schumer and Nancy Pelosi came up with a or
King Jefferies, we should push Nacy Pelosi off the wayside.
If a King Jeffries or Chuck Schumer or AOC came
(27:22):
up with a really solid econ one oh one plan
about how to solve the deficit and to start yielding
or bending the yield curve on the bonds that we
buy to pay for the debt, and it was solid, absolutely,
I'd advocate for it. I'd at least present it and say,
(27:44):
look here, here's an alternative. I have no alternative to
give you today, so we better hope this works.
Speaker 3 (27:51):
Imic security is national security. President Trump and I have
talked about that a lot. So this is a national
security issue that we're seeing here. But it's also an
economic security issue.
Speaker 2 (28:04):
And it's too.
Speaker 3 (28:07):
I don't want to say redistribute, but it is to
give working Americans real wage gains and enhance their lives.
And I've said out in the campaign trail one of
my most frequent mottos was wall Street's done great. It
(28:30):
can continue doing well, but it's main Street's turn. It's
main Street's turn. And that's what we saw yesterday. It's
main streets turn.
Speaker 2 (28:39):
So if it's main Street's term and Wall Street knows
that the heyday of free money is over with, of
course they're screaming like stuck pigs. Of Course they're bitching
and moaning about it. Of Course they're doing all their
profit taking because they know, hey, we rode this funny
(29:00):
money trail all the way to the top of the mountain,
and now let's cash in, because oh, it's an avalanche
on the other side and we're going down. Okay, Well,
that's what happens when you build a house of cards
with fake money. It's borrowed money. On top of that,
(29:22):
one point eight trillion dollars in one year. Holy crap,
we're nuts.
Speaker 6 (29:29):
Over the course of my life fifty five years, Wall
Street really has been the commonly recognized measure of economic health,
like how's the Dow doing. We've got entire TV channels
devoted to tracking its progress, which has mostly been up
turning the course of my life. So if the you know,
the average of you know, the equity average is fall,
the stock market falls, that's seen by a lot of people,
(29:51):
is they can measure that the economy itself is is
in decline?
Speaker 2 (29:54):
Do you think that's a fair measure? Is that a feasure?
Fair measure is everything that you're hearing a or measure?
Speaker 7 (30:01):
Next, Michael, you were correct about the rewiring of the.
Speaker 5 (30:05):
Brain that's going on right now.
Speaker 7 (30:08):
I can see it in my son, he's fifteen. If
he's not playing soccer or in class, he's got his
earbuds in, he's doing TikTok or snapchat, or he's playing
video games or something. He's got to have some sensory
input pretty much twenty four seven. Even if he's in
the shower, he's blasting the you know, music or something.
And that's happened to me.
Speaker 5 (30:27):
I'm fifty four years old.
Speaker 2 (30:30):
Yeah, and it it takes a conscious and conscientious, determined
effort to not do that.
Speaker 5 (30:41):
I found myself watching live TV and then there's a
commercial going on, so I pick up my phone.
Speaker 3 (30:46):
It's like, wait a minute, new.
Speaker 2 (30:50):
You know me, I do that during the break and
here I pick it up during the breaks, or or
I'm online looking for the next you know, the next
point I want to make. But h I try to
break the habit when I take the dogs for a walk.
I tried to be in the moment with the dogs
because there's so there's so much fun to watch, but
(31:11):
you know, they're playing, they're goofing off and interacting with
other dogs. Then they're they're living life, they're they're happy,
and so I try to make those moments count. And
you know, with grandkids too, so and sometimes even with drig.
I actually tried to listen to Dragon occasionally. Huh what yeah,
see what I mean? But sorry, it was on my phone. Yeah,
(31:36):
so the answer is whoops. I need a microphone dragon.
Speaker 3 (31:46):
The the market goes up and down Warren Warren Buffett
has a saying, in the short run, the market it's
a voting machine. In the long run it's a weighing machine.
And in the long run, it's gonna wait, do we
have good policies? And I in my former business I
commented on market structure market ups and downs a lot.
Speaker 2 (32:09):
I'm trying not to do that.
Speaker 3 (32:10):
Yes, But for everyone who thinks that these market declines
are all based on the president's economic policies, I can
tell you that this market decline started with the Chinese
AI announcement of Deep Seek. So the so called Mag seven,
the tech stocks had been doing very well for about
(32:32):
eighteen months, led the market. And I think that there's
kind of a real dose of reality in what was
going on in AI. I think US is going to
remain the leader in AI. But the AI related stocks
started coming down.
Speaker 2 (32:51):
So like if I were to aw, why do they
start coming down? Because Oh, we were sitting here all dumb,
fat and happy with the Mag seven and then suddenly
Deep Sink over here from communists China pops up on
the scene and seems to be better. Requires less power
has certain advantages to it, and then suddenly we start
(33:11):
seeing decline over here. And I agree with him. I
still think we will be the leader in AI. But
in terms of if you use the market to analyze
who's going to be the winner and AI, you'd say,
holy cow, this horse came out from you know, way
behind and is now a head by you know, a
couple of noses. And it's like, yeah, but you still
(33:33):
haven't got into the finish line yet. Yeah, So that
horse was able to sprint for a little while, and
the markets reacted like, oh crap, we're.
Speaker 3 (33:41):
Losing analyze in my old hat, and there's the only
time I'm going to talk about it my old hat.
What's happening with the market, I'd say it's more a
mag seven problem.
Speaker 6 (33:50):
And not a magnet problem, right, So it's a it's
a deeper So actually, the markets are you're saying, in
this specific case with text docs, are making like a
real measure the value of companies relative to foreign companies.
Speaker 2 (34:04):
The real value. What's the real value of Apple or
Nvidio or TSMC or Alphabet or any of the others.
You know, I really just kind of think that if
Trump was able to pull off his plan with terras,
reset the economy and help positive growth back into the
stock market, it should be the final death blow for
the mainstream media and the Democrat Party for quite a
long time.
Speaker 2 (00:17):
So fingers crossed.
Speaker 1 (00:19):
I hope it works, godspeed.
Speaker 2 (00:23):
Yeah, and I I don't think anybody really knows whether
it's going to work or not. But I'm just looking
at two television monitors and two well actually three computer monitors,
and let me just well, let's see, CNN just finished
(00:43):
doing a story about the wildly volatile stock market, and
then you heard the top of the hour ABC News
about how, you know, suddenly the market gained everything back,
which meant what, oh, people were buying the it They
were buying the stocks at that cheap value, and then
(01:04):
the prices set prices sew it right back up, and
what did they do? Boom as soon as they reached
whatever they thought was a trigger point, they then sold
them again. They bought and sold them the same day,
and then the market went right back down. Man Vegas
(01:25):
just moved to midtown Manhattan, lord lower Manhattan. That's that's
why when people when people. You know, I tell my
mom this all the time, because my mom has a
little bit of money in the market based on some
annuities and some other stuff. And I've tried to explain
to her that these mutual funds are you know, the
(01:46):
mom stop it, but she'll ask me did I make
any money today? And I'm like, you know, I don't know.
I don't look every day. I didn't even look at
my own every day. And then over here Fox has
got something about it. Here's what Trump is really up
to with this high stakes tariff gambit. I don't know
whether they're quoting somebody or what, uh looks to be
(02:10):
an opinion piece. Yeah, looks like an opinion piece of
some sort. Over here on the Drudge Report, Wall Street,
Wilde thoughts voulatled, Jamie Diamond sounds alarm, Bill Ackman, Warren's
nuclear winner does not even want a deal. And then
you scroll down, and this one fascinates me. There's a
picture of Senator Ran Paul from Kentucky. Rand Paul leads
(02:31):
charge against tariffs. It's look, I love Ram Paul, so
don't get me wrong here, but isn't that so typical
of all these politicians is ran Paul offering an alternative?
Is because remember, behind every one of these television monitors,
(02:58):
computer monitors and my voice is what a raging national debt,
a d industrialization of this country, an economy that is
facing a fiscal apocalypse. I don't care how strong we are,
(03:23):
I don't care how rich you are. You can be
a billionaire and go broke. Well you can be a
country and go broke. So I'm fascinated that with that
being the problem, and the problem that we have in
terms of the government and our economy is driven by
(03:43):
this national debt at thirty seven point true whatever, thirty
seven point at whatever it was, some were between thirty
seven thirty nine trillion dollars and that's the BFD that
we got to deal with. So Ran Paul and I
don't know what the story says, let me just click
it on and see. But the headline is rand Paul's
(04:08):
from the Washington Post. Of course, this Republican senator is
leading the charge against Trump's tariffs. Now I'm not gonna
read the story. I don't need I don't need to
read the story. What's his solution? Everybody's more than willing
to tell us that this isn't going to work. This
is a catastrophe, this is a disaster. We're going to
(04:32):
hell and a handbasket. Blah blah blah blah blah blah
blah blah blah. Okay, I'll ask the question I started
asking X yesterday, what's your solution? Because no one, including
rand Paul again, who I adore, is offering any solution.
He's just fighting this proposed solution. Then tell me what
(04:55):
your solution is, tell me how you want to fix it.
And so far nobody's done that. Nobody has done that,
So it's either the status quo or we try something different.
And I'm all for trying something different. And I would
think all of those who have said that the only
(05:15):
way to reset the countries just to go off the
fiscal cliff. Then I would think you'd be happy because
if you don't think this is gonna work, either way,
you're gonna get you what you want. Because if it's
not gonna work, then we're going to go off the
fiscal cliff. And if it doesn't work, we're gonna go
off the fiscal cliff. Either way, we go off the
fiscal cliff. You ought to be happy, We ought to
(05:36):
be excited about it. You get to live through, you know, armageddon.
I'm willing to give it a chance. Would I be
lying to you if I told you I had I
had no doubts about it. Of course I'd be lying
to you, because do I have doubts. Of course I
have doubts. But what I'm excited about is we're trying something.
(05:57):
And since Clinton and Genrich sat down, first of all,
it had to start with Ginrich. Ginrid started with the
contract for America. Here's what we're going to do. If
you elect us. This is what we're going to do.
And he actually followed through and they did what they
said they would do. That brought Bill Clinton along, and
(06:18):
Clinton said, oh, okay, well then you know, maybe government
has grown too big, and maybe we do need to
do some stuff, and maybe we do need to you know,
you got to work for your welfare. I mean, maybe
we do. And so they did all that stuff and
we end up with the surplus budget. But nobody here's
offering anything like that, not one single Democratic Republicans, even
(06:40):
ram Paul's not offering anything. I know ram Paul wants
to cut spending, but nobody else. Ted Cruz, we heard
from Ted Cruz earlier. Ted Cruz doesn't want to cut spending,
and he might, but he's he didn't have a he
didn't have anybody to go do it with. Then it's
gonna take five hundred and thirty five of them to
do that and are doing it. So I go back
(07:02):
to Scott Bassem because I think the Treasury secretary he
is an independent. Is he loyal to Trump? Yes? Does
he need this job no? Is he sacrificing to do
this yes? Is he on board? Yes? But does he
(07:25):
have the street cred to make the argument for it? Yes?
And does he have the as he liked to like
this as he liked As he said on Meet the
Press yesterday, I just deal in data. I deal in
the data, not all of the other, you know, demagoguery
that you Meet the Press are doing. So he did
an interview on I think this was on Friday with
(07:49):
Tucker Carlson. What you listen to parts of Tucker just
introduced him and said, look, Trump's doing something that he's
been talking he's been talking about for forty years, for
forty years. Let's see. Oh yeah, that takes us back
to MAFTA, doesn't it It takes us back to the
Ross Perot days. So this is we No one should
(08:13):
be surprised by this, but as Tucker says, a lot
of people have doubts about it. What do you say,
mister Secretary Tucker? And thank you for having me.
Speaker 3 (08:25):
And as you said, the President's been talking about this
for four decades. Yes, and this is transformational for the
American economy, for the American worker, and for the new
Republican alignment. And it's a combination of the old and
new ideas. Some of the old ideas were put away,
(08:46):
you know. I always tell everyone, and they don't want
to hear it. The original tariff man was Alexander Hamilton, Yes,
and he used teris to fund the new nation and
to protect American industry. President Trump has added a third
leg to the stool, and he used this terrorist to negotiate.
But I think this is not unlike I was a
freshman in college when Ronald Reagan came in in nineteen eighty.
Speaker 2 (09:12):
And a new day in America.
Speaker 3 (09:15):
And when I talk to people now and they look
back and they look at the Reagan years so fondly. Yes,
I remember what it was like, and it was chopping
and the president very choppy, very choppy. President Reagan did
the course, and look, this is not an invitation, but
they what does your.
Speaker 2 (09:35):
Best say here? I had completely forgotten about. But Paul
Voker was the chairman of the Federal Reserve at the time.
Inflation was horrific, and what did Vulker do?
Speaker 3 (09:51):
One point in the early eighties, a farmer showed up
with a shotgun at the Federal Reserve to kill Paul
Vulker for raising rates. So, like I said, it's not
an invitation for any question for action, but it was
a tough time. And then in nineteen eighty four, the
(10:11):
President Reagan won re election with forty nine states, and
I think they may have even let Mondale win Minnesota
just so when ha'skunk, just to be nice. Yeah, And
that's what President Trump is doing now. For years, the
American worker, a middle class has been eviscerated. American workers
(10:32):
have taken it on the chin. And you know, we're
just starting to see some of the research now. We're
seeing research on what's called the China Shop from two
thousand and four. It's just coming out now, and it's
what you know, it's what I know. The finally academics
are saying, oh gosh, the American workers never recovered from
(10:54):
the China Shop, what a surprise. And President Trump since
that forty years years ago, but out in the campaign
trail starting in twenty fifteen up until last year, he
has promised the American workers that the old standard of
living can come back. And because what we've seen over
(11:16):
the past at least twenty years since the China Shock,
but more like the past thirty are these massive distributional
problems where the coast have done great, yes, and the
middle of the country has.
Speaker 2 (11:30):
They have just seen.
Speaker 3 (11:31):
Quality of the life, life expectancy decline. They don't think
their children are going to do better than they are.
And a lot of people don't care. And President Trump cares.
This administration cares. And this is the first step towards
realigning that a lot of our trading partners, including some
of our allies, have not been good partners. If tariffs
(11:54):
are so bad, why do they have them, why do
they have them?
Speaker 2 (11:59):
Right? Or if the American consumer don't gloss over the question.
If tariffs are so bad, why do other countries, even
our allies, impose tariffs on us to protect their businesses?
To protect their industry to keep their middle class strong. Now,
(12:21):
I think in many cases, particularly with the EU, they
have wasted those tariffs because they went off chasing these
wild goose chases of green new deals, the green energy renewables,
all of that, and a social welfare system, which we
know from history does not work. We know from our
(12:43):
own pilgrims that a socialist society does not work. So
if tariffs are so bad, why do they have them
because they were trying to protect their industries, which they did,
which allowed them to go chase all these wild goose chases. Okay,
(13:04):
so what why why can't we fix it here? Nobody
you know? Going back? I forget which hour it was,
but someone left to talk aback and I've I've talked
about how we all have ADHD and and we only
we live in the moment. You know. I listened, In fact,
I'll see if I can find it. Uh. I listened
(13:27):
to a psychiatrist UH talk about how our phones and
social media have really turned all of us into adhd
uh individuals. We have a very short attention span, we
(13:48):
are uh. For For me, I've often likened uh X
and Facebook, which I do use. I clearly admit that
I use them. I use them for you know, for
building the queue in the audience in this program. So
I think they can be used, but I think they
can also be misused. They're like if you've ever gone
to Vegas and you've you've I've watched people do it.
(14:10):
They sit at those one arm bandits at the slot machines,
and they're mesmerized by the spinning wheel. In fact, you
don't even have to pull the one arm bandit. It's
not even really a one arm bandit anymore. You can
just put your card in and you know, you can't
use your credit card, but you can go get a
card from the cashier and put so much money on it,
(14:31):
and you can just sit and just push the button
and just push, push, push push. In between that the
visual and the sounds and the colors and the lights,
it's like a drug. It's totally like a drug, and
you just sit and it's just like soothing, soothing, And
(14:54):
I think that's how Americans have become about the consumption
of news, the consumption information. It's such a pleasure to
actually and I'm not even talking about a kindle or
an ebook, but to actually take a book, a real book,
real paper, the re tactile where you can feel it
(15:18):
and you can read the page and you don't have
to worry about the glare or the light or the
ambient light or anything else. And you can feel the
page and you can turn the page. Oh, I know,
on certain devices you can have this fake turning up pages.
I get all of that. I understand all of that,
And I'm saying, look, that's how I read newspapers now.
(15:41):
Or take a magazine and actually read a full length
magazine article. Hell's bells. Even if newspapers were still around.
I mean, even before the advent of social media and technology,
people were just well, I look at that guy back there,
there's the headline reader right back there. When was the
last time you think dragon actually read a story that
(16:03):
he puts over here on the console, that he has
read from first paragraph to the last paragraph. Never never,
just the headline, that's all. And as a society, that's
where we've gone. And so now and the cabal knows that,
Oh they know that. The social media companies they know
it too. So the algorithms are feeding us stuff and
(16:26):
they're rewiring our brains. And so now it along comes
Trump and after forty to fifty years of this bull
crap that we've been living under, says, you know, well,
let's do something different. Let's try to rebuild the industrial base. Now.
A lot of people don't take into consideration the unions.
I do take into consideration the unions. The unions are
(16:48):
going to have to give a little bit too if
they want to start remaking cars or whatever they make,
whatever widgets they make in this country, They're going to
have to give a little because the cup means that
they worked for aren't necessarily going to be able to guest.
Sometimes they can, but sometimes they won't be able to
pay for all the outrageous wages that they get right now. No,
(17:11):
it's got to be some give and take. Scott Descent
is absolutely right. The Reagan years were tough. I remember
them well mortgage and I was lucky to have that.
Speaker 4 (17:32):
Michael, I'm just curious what your thought is on this.
Why are the NATO countries tariff in the United States.
We're the ones that actually protect them. We have really
no reason to be in NATO except to protect the EU,
and here they are trying to do an economic tariff
against us, and we're the guys that protect.
Speaker 2 (17:54):
Them, because when you keep giving something away for nothing,
you keep offering, hey, we're going to keep protecting you
and not require anything in return, then they're gonna take
advantage of you. It's it's not only human nature, it's
government nature. Government's gonna take they take advantage of us
(18:19):
because it's and and that's not just that since nineteen
forty five, that since the Marshall Plan, that's since the
idea that what we will do to help you rebuild
post World War two is that we will allow them
to terrify us, and so we will pay through tariffs
(18:42):
they're rebuilding, Which gets back to the point about well,
if tariffs are so bad, then why are these countries
doing it, Because they're making money on it. And they're
not only making money on it, but at the same
time they've got It's like if if one of my
bosses walks in here today and say, look, you know,
we know we got your new contract, but you know
(19:04):
we know that you know we had to keep things
pretty much even for the next four years. But you
know what we're gonna do every morning, every Monday morning,
or every we'll do it on Friday so I can
use it on the weekend. Every Friday. We're gonna come
in here with a with an envelope and it's gonna
have you know, a couple of thousand dollars in it,
and just you know, a hundred dollars bills, and we're
(19:25):
just gonna pay you end of the table. Okay. Well,
whether that's legal or not, let's forget that. Who wouldn't
take that? Why wouldn't you take Oh, you're just gonna
give me a couple of thousand bucks, Okay, I'll take it. Sure.
Oh I'm not required to work extra or do anything else. No, No,
we're just trying to you know, we're trying to help
you rebuild the program. We're trying to help you rebuild
(19:45):
your country. Okay, Well, sure, i'll take it. Am I
gonna do anything extra for it? Of course I'm not.
I'm gonna do what I do all the time. I'm
gonna come in here, you know, five, at five o'clock
or so, and then I'm gonna work until ten, and
then I'm gonna go home and my show prep for
the next day, and I'll come in here, and then
on Saturday, I'll come in here and I'll do Saturday
for three hours and I'll go home and then we'll
go have dinner. Who is you know? Rents reep live
(20:08):
the rent repeat boom boom boom. That's why. And now
comes along the disruptor and says, wait a minute. You've
haulowed out the middle class, You've hauled out at our
industrial base, and we have spent like drunken sailors, and
nobody up on that Capitol Hill will do anything about it.
So I guess I'm I guess I'll do something now
(20:31):
that I've got this term, and I'm and I am
a lame duck. Hell's bells. Here we go, and it's
about time. Do I hope it works? Then? Right? I
hope it works because I know what the alternative is.
And so far, again, even asking all of you and
still looking at the news, as we progress through this
wild stock day, no alternaty has been offered. Democrats haven't
(20:54):
offered anything except opposition. All you get is opposition. That's
when it comes to Trump, That's all they got is opposition.
Give me you know what I would, at the risk
of alienating a lot of this audience, if a Keem
Jeffries or Chuck Schumer came up with an alternative plan
(21:17):
to deal with the deficit and to deal with the
insolvency the potential insolvency that soon to be insolvency of Medicare, Medicaid,
social Security, all of those. And I thought it was legitimate,
and I could understand the economics of it, and I
could see how it would work, and it would be
better than Trump. I would embrace it in a heartbeat.
(21:39):
I would break because I'm more concerned about solving the
problem than i am the politics of this. So again,
as soon as that shows up, he'll hear it first.
I'll be the first one to offer you an alternaty.
Back to the Secretary of the Treasury.
Speaker 3 (21:58):
He's going to pay all the tariff. Then why do
they care about terraces right because they're going to eat them.
So I think that this is the beginning of a process.
We're going to reindustrialize, that we have gone to a
highly financialized economy.
Speaker 2 (22:17):
You know, that's a good point too. Where is most
of the money made in this country today. It's in
the financial sector, It's in the tech sector, and that's
where you know, you know, if you want to sound
like Bernie Sanders, where all the millionaires and billionaires. Oh,
they're in finance, they're in hedge funds, they're on Wall Street,
(22:38):
and they're in Silicon Valley. Well, then what happened to
and to his point about Middle America? So I get
to see a lot of Middle America. I get to
see a lot of rural Colorado and it's really sad.
It's depressing. You think downtown Denver's depressing, Go out into
the hinterlands.
Speaker 3 (23:00):
We have we have stopped making things, especially a lot
of things that are relevant for national security. I think
one of the few good outcomes from And that's another
good point.
Speaker 2 (23:15):
Did I get to spend a week doing this one
one interview with Tucker Carlson. If you are dependent upon
a medicine, whatever that medicine might be, the hell's mail,
let's just take Tylan. I'd be profun a set of menifit. Uh,
(23:37):
If that's made in a communist country, that is your enemy.
And they can decide at any time to just yeah,
we're just not gonna do anymore because remember it's a
communist country. So they don't care about their workers, they
don't care about their people, they don't care about their
factories other than their ability to stay in power the
(23:58):
the members of the Polop Bureau. So if they need
to shut down the manufacturing of some medicine that we need,
they will do it at the expense of those laborers,
those workers, those manufactured, those manufacturers, and the owners of
those manufacturing companies because they don't care because they're communists.
(24:20):
So they'll easily cut us off of some medicine that
we actually need. Now, a lot of our medication is
also made in Israel, which is an ally they're not
likely to cut us off despite our face, because we're
not likely to get into a war with Israel. We're
on the same side. But what's Israel done. Israel's already
(24:44):
coming and y'all who's already in back in the country
and they've already announced, Yeah, you know what, we'll just
eliminate our tariffts and now we're here to talk to you.
We want you to eliminate yours. So the negotiations that
Scott Besanna's talking about are already occurring. And a dragon's
point where you have fifty countries that have announced, yeah
we hey, hello, White House, Yeah, this is a Nigeria.
(25:09):
We got a prince here'd like to come over and
talk to you.
Speaker 5 (25:12):
We'd like a little chat.
Speaker 2 (25:13):
Yeah, we'd like to have a chat. Can we have
a chat? Sure? Let us put you on the schedule.
We'll get you on the schedule.
Speaker 5 (25:20):
And really you want to be first on that list too,
because you don't want to be the last guy holding
out on Trump here.
Speaker 2 (25:26):
That's exactly. Although I'll tell you who is thinking he
wants to be the last person on the list, and
that's Eugene p because he thinks that he can win this.
I don't think he can. If he thinks he can
win it, it would be at the cost of his dictatorship.
Speaker 3 (25:42):
Was we had a beta test for what maybe a
kinetic war, what a large adversary could look like, and
it turned out that these highly efficient supply chains were
not strategically secure, so that we don't make her own medicines,
so we don't make our own semiconductors, so we don't
(26:03):
make our own ships anymore. So I think if I
were to say, was there any good outcome from COVID,
it was it woke the world up to these supply
chain problems.
Speaker 2 (26:16):
So I can I so again, if if you accept
that premise, then ask Grand Paul or Ted Cruz or
ask any of the talking heads on the cable channels, so,
what would you do that would grow our economy such
that we could also use additional revenues to increase our
(26:39):
industrial base, so we could build our ships, manufacture our pharmaceuticals,
continue to spend on R and D, come up with
new drugs, come up with new ships, come up with
new submarines, come up with new weapons, come up with
whatever we can to protect ourselves, and at the same
time all the peripheral businesses that go along with that.
What your plan to do that? What's your plan? And again,
(27:02):
I freely admit I would I don't think it's gonna happen,
but I mean this sincerely. If some radical Democrat like
Chuck Schumer and Nancy Pelosi came up with a or
King Jefferies, we should push Nacy Pelosi off the wayside.
If a King Jeffries or Chuck Schumer or AOC came
(27:22):
up with a really solid econ one oh one plan
about how to solve the deficit and to start yielding
or bending the yield curve on the bonds that we
buy to pay for the debt, and it was solid, absolutely,
I'd advocate for it. I'd at least present it and say,
(27:44):
look here, here's an alternative. I have no alternative to
give you today, so we better hope this works.
Speaker 3 (27:51):
Imic security is national security. President Trump and I have
talked about that a lot. So this is a national
security issue that we're seeing here. But it's also an
economic security issue.
Speaker 2 (28:04):
And it's too.
Speaker 3 (28:07):
I don't want to say redistribute, but it is to
give working Americans real wage gains and enhance their lives.
And I've said out in the campaign trail one of
my most frequent mottos was wall Street's done great. It
(28:30):
can continue doing well, but it's main Street's turn. It's
main Street's turn. And that's what we saw yesterday. It's
main streets turn.
Speaker 2 (28:39):
So if it's main Street's term and Wall Street knows
that the heyday of free money is over with, of
course they're screaming like stuck pigs. Of Course they're bitching
and moaning about it. Of Course they're doing all their
profit taking because they know, hey, we rode this funny
(29:00):
money trail all the way to the top of the mountain,
and now let's cash in, because oh, it's an avalanche
on the other side and we're going down. Okay, Well,
that's what happens when you build a house of cards
with fake money. It's borrowed money. On top of that,
(29:22):
one point eight trillion dollars in one year. Holy crap,
we're nuts.
Speaker 6 (29:29):
Over the course of my life fifty five years, Wall
Street really has been the commonly recognized measure of economic health,
like how's the Dow doing. We've got entire TV channels
devoted to tracking its progress, which has mostly been up
turning the course of my life. So if the you know,
the average of you know, the equity average is fall,
the stock market falls, that's seen by a lot of people,
(29:51):
is they can measure that the economy itself is is
in decline?
Speaker 2 (29:54):
Do you think that's a fair measure? Is that a feasure?
Fair measure is everything that you're hearing a or measure?
Speaker 7 (30:01):
Next, Michael, you were correct about the rewiring of the.
Speaker 5 (30:05):
Brain that's going on right now.
Speaker 7 (30:08):
I can see it in my son, he's fifteen. If
he's not playing soccer or in class, he's got his
earbuds in, he's doing TikTok or snapchat, or he's playing
video games or something. He's got to have some sensory
input pretty much twenty four seven. Even if he's in
the shower, he's blasting the you know, music or something.
And that's happened to me.
Speaker 5 (30:27):
I'm fifty four years old.
Speaker 2 (30:30):
Yeah, and it it takes a conscious and conscientious, determined
effort to not do that.
Speaker 5 (30:41):
I found myself watching live TV and then there's a
commercial going on, so I pick up my phone.
Speaker 3 (30:46):
It's like, wait a minute, new.
Speaker 2 (30:50):
You know me, I do that during the break and
here I pick it up during the breaks, or or
I'm online looking for the next you know, the next
point I want to make. But h I try to
break the habit when I take the dogs for a walk.
I tried to be in the moment with the dogs
because there's so there's so much fun to watch, but
(31:11):
you know, they're playing, they're goofing off and interacting with
other dogs. Then they're they're living life, they're they're happy,
and so I try to make those moments count. And
you know, with grandkids too, so and sometimes even with drig.
I actually tried to listen to Dragon occasionally. Huh what yeah,
see what I mean? But sorry, it was on my phone. Yeah,
(31:36):
so the answer is whoops. I need a microphone dragon.
Speaker 3 (31:46):
The the market goes up and down Warren Warren Buffett
has a saying, in the short run, the market it's
a voting machine. In the long run it's a weighing machine.
And in the long run, it's gonna wait, do we
have good policies? And I in my former business I
commented on market structure market ups and downs a lot.
Speaker 2 (32:09):
I'm trying not to do that.
Speaker 3 (32:10):
Yes, But for everyone who thinks that these market declines
are all based on the president's economic policies, I can
tell you that this market decline started with the Chinese
AI announcement of Deep Seek. So the so called Mag seven,
the tech stocks had been doing very well for about
(32:32):
eighteen months, led the market. And I think that there's
kind of a real dose of reality in what was
going on in AI. I think US is going to
remain the leader in AI. But the AI related stocks
started coming down.
Speaker 2 (32:51):
So like if I were to aw, why do they
start coming down? Because Oh, we were sitting here all dumb,
fat and happy with the Mag seven and then suddenly
Deep Sink over here from communists China pops up on
the scene and seems to be better. Requires less power
has certain advantages to it, and then suddenly we start
(33:11):
seeing decline over here. And I agree with him. I
still think we will be the leader in AI. But
in terms of if you use the market to analyze
who's going to be the winner and AI, you'd say,
holy cow, this horse came out from you know, way
behind and is now a head by you know, a
couple of noses. And it's like, yeah, but you still
(33:33):
haven't got into the finish line yet. Yeah, So that
horse was able to sprint for a little while, and
the markets reacted like, oh crap, we're.
Speaker 3 (33:41):
Losing analyze in my old hat, and there's the only
time I'm going to talk about it my old hat.
What's happening with the market, I'd say it's more a
mag seven problem.
Speaker 6 (33:50):
And not a magnet problem, right, So it's a it's
a deeper So actually, the markets are you're saying, in
this specific case with text docs, are making like a
real measure the value of companies relative to foreign companies.
Speaker 2 (34:04):
The real value. What's the real value of Apple or
Nvidio or TSMC or Alphabet or any of the others.
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