Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey, Mike, why do we think it's coke?
Speaker 2 (00:02):
Because Jeffrey Efston didn't kill himself.
Speaker 1 (00:05):
That's why you know what I'm doing?
Speaker 3 (00:16):
Uh huh.
Speaker 1 (00:17):
I'm trying to not respond to that because if I do,
I'll go down the entire because there's all of I mean,
it's just a cast in my brain. The neurgs are
just cascading down this whole path. About the Epstein files,
(00:37):
Why or why not have we not seen them? I
think we need to give Bondi and Cash Battel a
little more time because there's so many victims involved and
they are entitled to their privacy. Yet they promised us
the files. Could we not at least get a report
on what's happening? I see I could. I thought you
(00:57):
weren't going to go down this and I'm just saying
that's what That's where the brain starts going. And I
got to stop that.
Speaker 3 (01:05):
They know what they're doing. The goobers know what they're
doing by leaving that talkback, and I know what I'm
doing by playing that.
Speaker 1 (01:11):
Talkback and I and I'm like, you know, Charlie Brown,
I just keep running and kicking and the rules of engagement. Yeah,
our truck a friend, right is he Okay.
Speaker 3 (01:27):
Don't know. We have the the rules of engagement from him.
There's a couple of max because they're both really good.
But I don't recall him leaving an actual talkback wait.
Speaker 1 (01:38):
Sometime because that laugh in that voice that he uses
distinct so distinctive. It just makes me smile every time.
It makes me laugh. Can't you just see me? Right?
He's just halling ass down? I hope he is anyway,
halling ass down a highway somewhere, you know, blowing little
(01:59):
BMW is off the road, thinking oh there's brown. Let
me just run over him, you know. So you just
kind of boom boom overs a BMW and keeps going
and then right, but then he tunes in here to
see if you really got me or not. I worry
about truckers that way, because I always wonder if it's him.
The United States and China have agreed to suspend most
(02:23):
tariffs for ninety days. We had a really high stakes
weekend of trade negotiations in Geneva, Switzerland over the weekend,
and they had a lot to say about it. Let's
go back to scott descent from yesterday, and.
Speaker 4 (02:41):
I think that led to a great deal of the
productivity we've seen. We will be giving details tomorrow, but
I can tell you that the talks were productive.
Speaker 1 (02:54):
We had the advice.
Speaker 4 (02:56):
Premied to vice ministers who are interergoing involved Ambassador Jamison
and myself, and I spoke to President Trump, as did
Ambassador Jamison last night, and he is fully informed of
what is going on.
Speaker 1 (03:13):
So there will be.
Speaker 4 (03:15):
A complete briefing tomorrow morning.
Speaker 1 (03:18):
Don't read a lot into this. I think there's a
lot you can read into it. The fact that China
sent such a high level delegation indicates they're worried. They're
very worried.
Speaker 4 (03:34):
The scent what has to happen is it has to
be fair for the American people. But in January twenty twenty,
President Trump produced a template. We had an excellent trade
agreement with China, and the Biden administration chows.
Speaker 1 (03:52):
Not to enforce it.
Speaker 4 (03:54):
That the Chinese delegation basically told us that once President
Biden came into office, they has ignored their obligations. So
we all already have a large framework. The other thing
to remember here, Jonathan, is that this is a pause
down to ten percent. The April second level for China
(04:15):
is thirty four percent, so we will be working to
see where their final reciprocal number ends up. And the
negotiations are a combination of tariffs, non tariff, trade barriers,
currency manipulation, and subsidies of labor and capital.
Speaker 1 (04:37):
You know, there's something about descent that demands your attention.
Speaker 2 (04:42):
He is.
Speaker 1 (04:43):
I know his background. I understand all about his background,
but he's here to implement Trump's agenda. And I don't
think he's wolf a wolf in sheep's clothing. I think
he's really trying to fix these trade imbalances, and I
think he's going about it doing the and I think
he has that gravit gravitas to pull it off.
Speaker 2 (05:04):
He continued, This does not include any sector specific cararas
that have been put across the all of our trading partners.
And as the Ambassador said, I think he would agree
with me that the upside surprise for me from this
(05:26):
weekend was the level of Chinese engagement on the Finnel
crisis in the United States. They brought the Deputy Minister.
Speaker 4 (05:37):
For Security, Publication for Public Safety, who is not traditionally
part of the trade team or the negotiating team, and
he had a very robust and highly detailed discussion.
Speaker 1 (05:54):
Now they're communists, so you have taken a face value,
but at least it's a that they're taking it seriously.
But now let's go before we go to the president,
let's go to the other side for a moment, because
the other side isn't too happy about this, Dan, Congressman
(06:17):
Dan Goldman did, I can't. I'm not sure about I
want into calling the other name for a donkey? Can
I do that? Ass? Well?
Speaker 2 (06:32):
Jack?
Speaker 1 (06:32):
Yeah, I felt we could. But why am I hesitating
all that? Anyway? The jackass from from New York.
Speaker 5 (06:42):
With breaking news overnight, the US pulls back on its
trade war against China, striking a temporary deal for the
next ninety days. The US will cut its tariff on
Chinese goods from one hundred and forty five to thirty percent.
China will cut its levees on US imports from one
hundred and twenty five percent to tenant percent with US
now Commerceman Dan Goldman, a Democrat from New York. So, Congressman,
(07:06):
what do you think the US got from this?
Speaker 1 (07:09):
Now, what you've heard from Bascent is we have a
really good framework, including on fentanyl, not just trade, but
on fintanyl also and a commitment at the highest levels
of the Chinese Communist Party because Jujen Bing knows that
he's got to do this, because his economy is in
the crapper, he knows he's got to do it. So
(07:31):
CNN brings on who Dan Goldman, Trump can't even fart correctly.
According to Dan Goldman.
Speaker 6 (07:42):
We got a lot of turmoil. We had a lot
of destroyed four to oh one ks. We had a
lot of small businesses importing goods from China that are
on the brink or have gone out of business, and
all to just go back to where we were, And
in fact, it's not.
Speaker 2 (07:58):
Even where we were.
Speaker 6 (07:59):
John. It's still a thirty percent tariff, which is a
tax that will be passed through to the consumers. I
represent Manhattan's historic China TEP and the small businesses there
operate on very very small margins. They are not big
box department stores that can weather several months of higher prices.
(08:20):
There some of them have gone out of business and
that others have suffered from the volatility of the stock market.
Speaker 1 (08:30):
And it's all for nothing.
Speaker 6 (08:31):
We are back where we were before all of this chaos,
all of this turmoil and it is just a reflection
that there's no plan here, there's no objective, nothing is
actually going to come from this other than continued higher
prices and uncertainty and stability and a pullback in our economy.
Speaker 1 (08:55):
I find that fascinating because Trump had of trade agreement
with China in place in January of twenty twenty, and
Biden didn't try to enforce it. The Chinese saw, oh,
there's that guy we used to pay off all the time.
We can do whatever we want to do. And if
(09:15):
he's talking about we're back to square one in that regard,
then that's a good thing. But what Bumfuzzle did, don't
bumfuzzle me. What I'm always amazed about with Democrats is
you look at the trade deficits, you look at the
currency manipulation, you look at the fentanyl problem, you look
(09:37):
at everything that China is doing trying to destroy us,
and you look at how bad. I think he's probably
totally totally ignorant about how awful the Chinese economy is
right now. He doesn't realize that Trump's actually accomplished something
major here. Now they still have to work out all
the details of it. I grant you that, but The
(09:58):
alternative is to continue on the same path that we
were on and not change anything, and change is always
going to be difficult. I don't know what the market's
doing today, but I know I looked at my portfolio,
uh yesterday and it was let me look real quickly,
(10:20):
it is today? Oh it's it's within one or two
percent of its record high. So it's and it's been
down much more than that back when we were going
through all the stock market turmoil. So insofar as my
port I can speak about as my own portfolio, portfolio,
(10:44):
did I suffer a dip for a while. It was
kind of make me choke. Yeah. Today I look at
where it is today and I'm like, oh, okay, well
that's that's pretty good.
Speaker 5 (10:53):
Better than one hundred and forty five percent.
Speaker 6 (10:55):
Though in your mind, well yes, of course if one
hundred and forty five percent is completely untenable. But again,
this is all just a charade. There's no objective to this.
You are not going to go back to the nineteen
fifties with our economy. Our economy is going to move forward.
(11:19):
There's going to be technological improvements. We're not going to
go back to dirty coal as the solution to everything,
and the sooner we realize that what we need to
do with our economy is right size it and adjust
the jobs to the new technology that's out there.
Speaker 1 (11:39):
The right size the economy with the right jobs sounds
like central planning to me. Better off we're going to be.
Speaker 6 (11:49):
We're never going to onshore all of the old manufacturing.
Speaker 1 (11:54):
I don't think that's the objective. It's on shore as
much as we can.
Speaker 6 (11:59):
And if even if we do, that's going to take years,
So the whole oh, then.
Speaker 1 (12:04):
We shouldn't even try. See what fascinates me about the
Democrats is they really are happy to stay on the
path that we are on in terms of government spending,
the debt, trade deficits, everything, because if we try to
change anything, which is what we all voted for was change,
and we all knew that there would be chaos and upheaval,
(12:26):
there would be some pain inflicted. Did we ever think
have we become such lazy ass Americans that we honestly
thought that we could somehow get out of these trade deficits,
get out of this national debt thirty plus trillion dollars
and just be like, oh, yeah, didn't cost us the thing.
(12:48):
It was just as easy as eating a piece of pie. Man.
I think that's what they really believe. It's easier, the
path is easier to do nothing. And because when the
proverbial feces hits the fan and really things really do
go to feces, then what do they get to do? Oh,
(13:11):
that's when they get that. That culminates the Cloward Pivots
strategy for them, in which they think that they could
then impose their socialist utopia in this country. That's what
the Dan Goldman's of the world really do believe. That's
what they really think is going to happen. That's why
they don't want any change. They don't They don't want
(13:32):
us to try to fix anything. They don't want to
go through any short term pain for long term gain
at all.
Speaker 6 (13:38):
Well, ostensible purpose of this makes no sense at all because.
Speaker 1 (13:44):
It doesn't makes total sense to me. And again maybe
that's going back to the is it crack is it
not crack thing at the very beginning of the show,
totally different perspectives, or more likely a Democrat to point.
Speaker 6 (14:00):
It's just impractical and instead it's just Donald Trump's ego
and wanting to fight with shi Jinping, and.
Speaker 1 (14:13):
I hadn't gone all the way through the sound bite,
So it's just his ego just wanting to fight with
eijing Ping as a post. What do you want to do, Buco?
Just let shijing Ping just have his way and do
whatever he wants to do. I honestly believe that must
be what this guy thinks. Just allows juijing Ping to
(14:34):
continue with the currency manipulation, let him continue to do
with whatever he wants to do. It doesn't make any difference.
Holy cow, this guy really is some kind of stupid Trump.
Speaker 7 (14:47):
In addition, yesterday we achieved a total weset with China
after productive talks in Geneva. Both sides now agree to
reduce the tariffs and post after a second to ten
percent for ninety days as negotiators continue in the largest
structural issues. And I want to tell you that a
(15:10):
couple of things. First of all, that doesn't include the
tariffs that are already on that are our tariffs. And
it doesn't include tariffs on cars, steel, aluminum, things such
as that, or tariffs that may be imposed on pharmaceuticals,
because we want to bring the pharmaceutical businesses back to
the United States and they're already starting to come back
(15:31):
now based on tariffs.
Speaker 1 (15:34):
But i'd one more thing today.
Speaker 4 (15:37):
What has to happen is it has to be fair
for the American people. But in January twenty twenty, President
Trump produced a template. We had an excellent trade agreement
with China, and the Biden administration shows.
Speaker 1 (15:54):
Not to enforce it.
Speaker 4 (15:56):
That the Chinese delegation basically told us that once as
if Biden came into office, they just ignored their obligations.
Speaker 1 (16:04):
They would just ignore their obligations, which is what the
Chinese Communist Party does. They just ignore their obligations. And
now someone has stepped up and said no, we're not
going to do that. And the Dan Goldman's of the
world just they can't accept it. They can't accept change.
(16:26):
It's almost as if they really do they're either useful
idiots and they really do think that we can sustain
this kind of debt, we can continue to sustain this
kind of trade, these kinds of trade deficits, or we
can actually undergo some pain and try to correct this.
If nothing else, whether you think it's chaos or not chaos,
(16:48):
where you think it's organized chaos or disorganized chaos, nonetheless
it's something that has to be done, because otherwise we
will continue to offshore everything and will become even more
and more dependent upon foreign countries, both enemies and allies
for virtually everything that we consume for virtually everything. Why
don't we just outsource the military? Why don't we just
(17:11):
outsource all of that instead of having our own defense contractors.
Let's just you know, well, the Chinese are always good
at stealing our ip for our defense industry. Why don't
we just not them continue to do that and we
can just buy our stuff back from there. I almost
sometimes think that's exactly what Democrats do. Absolutely insane, insane.
(17:33):
Now the Green will see both sides slash their tariffs
from one hundred and twenty five to ten percent during
a three month kind of reprieve, and then a separate
twenty percent terraff from China for its role in the
federal trade will remain in place. So I'd say, this
is a damn good stock And you know what, stock
stock futures surged today.
Speaker 8 (17:54):
Congress has only sent five bills so as President Trump
has been in office for the first one hundred days.
That is the least number of bills sent to any
president since the nineteen fifties. What the hades is the
House GOP and Senate GOP doing obviously nothing, They're on
(18:15):
vacation most of the time.
Speaker 3 (18:18):
Could an argument be made that Trump has signed so
many executive orders that they don't need to throw a
whole bunch of bills his way.
Speaker 1 (18:25):
No. In fact, I get a story I'm going to
do either today or tomorrow about I want to do
it today about Congress may be the biggest impediment to
that big beautiful bill that Trump talks about. Republicans are
starting to well act like a bunch of dumass Republicans.
Before I move on, though, a couple of text messages
(18:48):
about they about the Dan Goldman and the whole Democrats
and not really wanting to solve problems seventy five ninety two,
writes Michael Goldman is a textbook do nothing whiner, a
perfect damn puppet. Yeah, that's why do you think ce
(19:11):
and Mbody mont because they knew he'd just view the
talking points. So the cabal is, you know, really starting
to win. You got to remember, it's hard to think
in these terms. But as I broadcast right now, it's Monday,
May twelve, only slightly over one hundred days. I mean,
(19:31):
it seems like it's been a year longer, right, because
so much has happened, so much is so much upheople, uphevil,
so much chaos, so much things going on, most of
which are good, some of which I don't agree with,
but most of which is good. And it's the kind
of thing that we need because we knew the status
quo could not be sustained, and so we're we're on
(19:52):
the road to change. Now. Is it going to be perfect?
Is everything going to turn out the way we want it?
If the goal is to re you know, reach one
hundred as our benchmark, well sometimes we'll be good to
get to sixty or seventy percent. But if we can
get to eighty or ninety percent on most of this
stuff and one hundred percent on some of it, I'll
be a happy camper, because even twenty thirty forty and
(20:18):
certainly all of what we were on the path forward
before is not sustainable or thirteen ninety four rights, Michael.
They simply hate a problem being solved. The left needs
the problem to bitch about, never a solution, which I
would say is pretty much Congress in general too. Republicans.
(20:40):
But then there are these messages from I just want
to read them in their totality. Fifty seven ninety two,
Rights Michael I worked for a medical device company that
brought back manufacturing capabilities from China. Took one one hundred
(21:01):
people in China to manufacture our product. By bringing it
back to the Boston area and implementing robotics, the amount
of labor was reduced to thirty four people, and costs
went down hugely and quality skyrocketed. So thirty four Americans
(21:24):
doing the job of eleven hundred Chinese and the quality skyrockets.
Speaker 2 (21:31):
What is it?
Speaker 1 (21:32):
They write, It is a disposable insulin pump which delivers
life saving insulin that has made a huge difference to
the community where the manufacturing occurs and the users who
rely on that product to stay alive. With AI and robotics,
now is a perfect time to restore manufacturing. Then they
(21:53):
go on in another text, Oh, Michael, one additional fact
from insulin pump text earlier since two nineteen, with this,
with this restoring of manufact when this restoring of manufacturing
took place, we have now grown to five hundred employees
to approaching five thousand and are now part of the
standard and poors five hundred s and P five hundred
(22:15):
What have never happened with the poor quality and higher cost.
PODD is ticker and insulin oh pod oh. Po d
D is the ticker and insult is the name of
the company. So let's check Yahoo finance dot com. Oh,
(22:40):
what is it? Finance? Yahoo Finance? Yah, let's see what
it is Yahoo Finance. And let's look up p O
d D No dark mode, I don't care. Just give
me a site. P O d D INSULCT Corporation. Holy crap,
(23:01):
three hundred and twelve dollars, ninety five cents a share
up today two dollars and twenty eight cents, up almost
a full percent. Let's look at the chart just today,
opened at three twenty eight, dropped a little bit around
ten o'clock, back up to three point fifteen, right now
(23:25):
at three twelve historic. Let's see. Let me find fifty
two weeks. Wow, why didn't you text me earlier about this?
Speaker 2 (23:39):
Uh?
Speaker 1 (23:40):
Fifty two weeks from one hundred and sixty dollars a
year up to three hundred and seventeen dollars a year. Okay, Michael,
book mark this page, Go look at this, you know. Now,
you know that scary thing dragon, the really scary thing
I'm now thinking about investing based upon a text message.
Speaker 3 (24:01):
Yeah, I don't think you want to do this. You're
get in stock tips from the text line.
Speaker 1 (24:05):
Yeah, I think the SEC actually encourages that. I think
there's I think in all the disclosures that if it
comes from an anonymous number on a text line, that
that's something that you shall put your money into. Yeah.
Pretty sure, I'm pretty sure that's what it is.
Speaker 6 (24:24):
You know.
Speaker 1 (24:28):
Okay, let's go to the big beautiful bill. We'll have
to carry this over to the next hour. It's starting
to shape. It's it's starting to take shape in Congress. Uh,
they're gonna it's gonna be a budget reconciliation process. So
the legislation a budget reconciliation bill that circumvents the Senate's
(24:50):
filibuster rules. That means now that only a simple majority
of the Senate is needed to pass it in make
it into law. Now. Notably, the core content of the
bill includes what I think is probably one of the
most important politically aspects of the bill. It's a permanent
(25:11):
extension of Trump's twenty seventeen tax cuts. It also includes
additional tax relief for American workers, including the no tax
on tips, no tax on overtime, and no tax on
Social Security. It also increases funding for border security and
(25:31):
money for the White House Mass Deportation Program. Now currently,
right now, as of today, certain designated Republican lawmakers in
the House are actually doing markups, meaning they're hammering out
the final details of the bill. But now we're starting
to find policy differences, which is not surprising. But the
(25:55):
scary part is it could halt the process. Now. Mike
Johnson to Speaker, continues to say publicly and I think privately,
that he intends to pass the House version by the
end of this month, but internal House Republican disagreements over
some of the key tax provision provisions suggests that this
(26:16):
intimate deadline is overly optimistic. I would just say that
any deadline that anybody sets in Congress, I tend to
think is whether it's feasible or not. I just don't
think it's reasonable. Congress always takes longer than you expect,
and that's at less of course, it's for a pay
race for themselves or something now met the mean in
(26:39):
the meantime cuts to Medicaid and a federal land sales
provision are also causing consternation in the Senate. So you
probably wonder what a reconciliation bill is. Well, it's a
more simply put, it's a more straightforward way to pass
through Congress than your standard legislation. It's constrained by a
(27:04):
bunch of different rules that govern what can be included
in a budget measure and the ultimate impact. Reconciliation bills
must deal with mandatory spending, social Security, Medicaid, medicure, all
that that, it must deal with the debt limit, and
(27:24):
it must deal with the revenue measures. Now, according to
the congressional rules, the Senate can, in theory at least
take up three reconciliation bills every year, dealing with each
of the three subjects independently. Also, the legislation is subject
to a provision known as the Bird Rule, named after
(27:48):
late Senator Robert C. Bird, the Grand Wizard of the KKK,
the Democrat from West Virginia. That Bird rule stipulates that
a reconciliation bill cannot increase the federal deficit after a
ten year budget window, and it cannot alter social Security
(28:10):
got it, so it can't do those things. You can
do all the other stuff, but you can't do those
three things. Now, the current reconciliation bill has some critical
provisions that make several of Trump's twenty seventeen tax cuts permanent.
And here's the kicker politically, if Congress fails to make
(28:34):
the tax cuts permanent, you and I are going to
face a tax increase totaling four and a half trillion
dollars over the next ten years. Four point five trillion
dollars sucked out of the economy. Now, remember these are
based on existing tax brackets the twenty seventeen tax cuts,
(28:59):
So zo point five trillion dollars goes back to Congress.
What do you think they'll do with it? Of course
they'll spend it. Now, part of the reason that the
bill has stalled is because of something called salt. No,
(29:20):
not that salt, a different kind of salt.
Speaker 8 (29:23):
Treasury Secretary Scott Bessent just told us that in closed
doors beatings with the Chinese that they admitted that when
Biden came into office, they ignored the trade agreement that
Trump had put into place and did not fulfill the
obligations of it. Since Biden was just weak, and they
knew he won't do anything. Said there was a great
(29:47):
trade agreement in place with Biden, and he didn't do
anything to enforce it.
Speaker 1 (29:53):
I am shocked, shocked that Biden would do that. You
look shocked. It's just because I'm I'm a good actor.
All right, Let's go back to these negotiations. In the
reconciliation bill. So there's something called the State and Local
tax deduction, So you can deduct your state and local
(30:21):
taxes up to ten thousand dollars. Now that's important in
high tax states, most of which have Democrat governors. You
can only deduct up to ten thousand dollars of your
state and local tax payments from your federal income taxes.
I actually think I said, but I think about I
think it's said that backwards when I first said it.
(30:42):
You can only deduct up to ten grand of your
state and local tax payments from your federal income taxes.
So this is a huge issue for House lawmakers. Some
moderate Republicans in swing states, in Democrat controlled states want
to live the cap on that deduction that were in
(31:03):
at levels in place before the twenty seventeen tax cut.
Mike Lawler, a Republican from New York at least Dephonic
another Republican from New York, Andrew Garberino, Republican from New York,
Nick Lolota, Republican from New York, want to restore the deduction. Now,
(31:25):
those Republican lawmakers work with House Democrats who tried to
lift the salt cap during Biden's term, but they were
unsuccessful in doing so. Then you've got over here some
conservative House Republicans that want to eliminate the salt deduction
entirely because they believe, and I happen to agree, that
(31:51):
the deduction unfairly transfers money from low tax Republican states
to the high tax Democrat states. And they argue that
if you eliminate the salt deduction, that can help fund
new tax relief measures in the bill. It also continues
to reward the high tax states like New York, because
(32:15):
that allows them to continue with the high taxes because
then they're voters, their taxpayers get some relief on their
federal return. Why does it all have to be so complicated?
It's you know, I don't have this in my notes here,
but I just have to say it. Why can we
(32:38):
not just stop all of this crap and just go
to a consumption tax because the fact that you are
taxing my income. You know, I think people are starting
to wake up the whole problem with property taxes that
you you you buy a house, you pay your mortgage,
(32:58):
and you pay your taxes for your entire life, and
you reach retirement and you know you've paid off your mortgage,
you've paid all of the interest on that mortgage, and
now you still don't own your home because the state
can still come and take your home because you fail
to pay your property taxes. So if you haven't been
all that great in preparing for your retirement, then you
(33:21):
might have a little difficult time paying the property taxes.
Why do we force seniors to pay property taxes on
homes they've lived in, you know, maybe for thirty years
or longer. They had a thirty year mortgage, they've lived
in the house for forty years, and they've been struggling
to pay, you know, outrageous property taxes like here in Colorado,
and if they don't, they lose their home. Taxes are horrible.
(33:47):
Taxes are evil. Now, I think taxes are necessary, but
I think they're horrible and evil at the same time.
Why can't we just stop this bull crap and instead
just say, you know what, we're going to tax consumption.
I thought you and my grandson last night that our
Mother's Day dinner. He's taking this well, I'll tell you
(34:07):
after the break, because it's just funny to watch, and
he's conservative anyway, but when they hit reality, it's so funny.
Hey, Mike, why do we think it's coke?
Speaker 2 (00:02):
Because Jeffrey Efston didn't kill himself.
Speaker 1 (00:05):
That's why you know what I'm doing?
Speaker 3 (00:16):
Uh huh.
Speaker 1 (00:17):
I'm trying to not respond to that because if I do,
I'll go down the entire because there's all of I mean,
it's just a cast in my brain. The neurgs are
just cascading down this whole path. About the Epstein files,
(00:37):
Why or why not have we not seen them? I
think we need to give Bondi and Cash Battel a
little more time because there's so many victims involved and
they are entitled to their privacy. Yet they promised us
the files. Could we not at least get a report
on what's happening? I see I could. I thought you
(00:57):
weren't going to go down this and I'm just saying
that's what That's where the brain starts going. And I
got to stop that.
Speaker 3 (01:05):
They know what they're doing. The goobers know what they're
doing by leaving that talkback, and I know what I'm
doing by playing that.
Speaker 1 (01:11):
Talkback and I and I'm like, you know, Charlie Brown,
I just keep running and kicking and the rules of engagement. Yeah,
our truck a friend, right is he Okay.
Speaker 3 (01:27):
Don't know. We have the the rules of engagement from him.
There's a couple of max because they're both really good.
But I don't recall him leaving an actual talkback wait.
Speaker 1 (01:38):
Sometime because that laugh in that voice that he uses
distinct so distinctive. It just makes me smile every time.
It makes me laugh. Can't you just see me? Right?
He's just halling ass down? I hope he is anyway,
halling ass down a highway somewhere, you know, blowing little
(01:59):
BMW is off the road, thinking oh there's brown. Let
me just run over him, you know. So you just
kind of boom boom overs a BMW and keeps going
and then right, but then he tunes in here to
see if you really got me or not. I worry
about truckers that way, because I always wonder if it's him.
The United States and China have agreed to suspend most
(02:23):
tariffs for ninety days. We had a really high stakes
weekend of trade negotiations in Geneva, Switzerland over the weekend,
and they had a lot to say about it. Let's
go back to scott descent from yesterday, and.
Speaker 4 (02:41):
I think that led to a great deal of the
productivity we've seen. We will be giving details tomorrow, but
I can tell you that the talks were productive.
Speaker 1 (02:54):
We had the advice.
Speaker 4 (02:56):
Premied to vice ministers who are interergoing involved Ambassador Jamison
and myself, and I spoke to President Trump, as did
Ambassador Jamison last night, and he is fully informed of
what is going on.
Speaker 1 (03:13):
So there will be.
Speaker 4 (03:15):
A complete briefing tomorrow morning.
Speaker 1 (03:18):
Don't read a lot into this. I think there's a
lot you can read into it. The fact that China
sent such a high level delegation indicates they're worried. They're
very worried.
Speaker 4 (03:34):
The scent what has to happen is it has to
be fair for the American people. But in January twenty twenty,
President Trump produced a template. We had an excellent trade
agreement with China, and the Biden administration chows.
Speaker 1 (03:52):
Not to enforce it.
Speaker 4 (03:54):
That the Chinese delegation basically told us that once President
Biden came into office, they has ignored their obligations. So
we all already have a large framework. The other thing
to remember here, Jonathan, is that this is a pause
down to ten percent. The April second level for China
(04:15):
is thirty four percent, so we will be working to
see where their final reciprocal number ends up. And the
negotiations are a combination of tariffs, non tariff, trade barriers,
currency manipulation, and subsidies of labor and capital.
Speaker 1 (04:37):
You know, there's something about descent that demands your attention.
Speaker 2 (04:42):
He is.
Speaker 1 (04:43):
I know his background. I understand all about his background,
but he's here to implement Trump's agenda. And I don't
think he's wolf a wolf in sheep's clothing. I think
he's really trying to fix these trade imbalances, and I
think he's going about it doing the and I think
he has that gravit gravitas to pull it off.
Speaker 2 (05:04):
He continued, This does not include any sector specific cararas
that have been put across the all of our trading partners.
And as the Ambassador said, I think he would agree
with me that the upside surprise for me from this
(05:26):
weekend was the level of Chinese engagement on the Finnel
crisis in the United States. They brought the Deputy Minister.
Speaker 4 (05:37):
For Security, Publication for Public Safety, who is not traditionally
part of the trade team or the negotiating team, and
he had a very robust and highly detailed discussion.
Speaker 1 (05:54):
Now they're communists, so you have taken a face value,
but at least it's a that they're taking it seriously.
But now let's go before we go to the president,
let's go to the other side for a moment, because
the other side isn't too happy about this, Dan, Congressman
(06:17):
Dan Goldman did, I can't. I'm not sure about I
want into calling the other name for a donkey? Can
I do that? Ass? Well?
Speaker 2 (06:32):
Jack?
Speaker 1 (06:32):
Yeah, I felt we could. But why am I hesitating
all that? Anyway? The jackass from from New York.
Speaker 5 (06:42):
With breaking news overnight, the US pulls back on its
trade war against China, striking a temporary deal for the
next ninety days. The US will cut its tariff on
Chinese goods from one hundred and forty five to thirty percent.
China will cut its levees on US imports from one
hundred and twenty five percent to tenant percent with US
now Commerceman Dan Goldman, a Democrat from New York. So, Congressman,
(07:06):
what do you think the US got from this?
Speaker 1 (07:09):
Now, what you've heard from Bascent is we have a
really good framework, including on fentanyl, not just trade, but
on fintanyl also and a commitment at the highest levels
of the Chinese Communist Party because Jujen Bing knows that
he's got to do this, because his economy is in
the crapper, he knows he's got to do it. So
(07:31):
CNN brings on who Dan Goldman, Trump can't even fart correctly.
According to Dan Goldman.
Speaker 6 (07:42):
We got a lot of turmoil. We had a lot
of destroyed four to oh one ks. We had a
lot of small businesses importing goods from China that are
on the brink or have gone out of business, and
all to just go back to where we were, And
in fact, it's not.
Speaker 2 (07:58):
Even where we were.
Speaker 6 (07:59):
John. It's still a thirty percent tariff, which is a
tax that will be passed through to the consumers. I
represent Manhattan's historic China TEP and the small businesses there
operate on very very small margins. They are not big
box department stores that can weather several months of higher prices.
(08:20):
There some of them have gone out of business and
that others have suffered from the volatility of the stock market.
Speaker 1 (08:30):
And it's all for nothing.
Speaker 6 (08:31):
We are back where we were before all of this chaos,
all of this turmoil and it is just a reflection
that there's no plan here, there's no objective, nothing is
actually going to come from this other than continued higher
prices and uncertainty and stability and a pullback in our economy.
Speaker 1 (08:55):
I find that fascinating because Trump had of trade agreement
with China in place in January of twenty twenty, and
Biden didn't try to enforce it. The Chinese saw, oh,
there's that guy we used to pay off all the time.
We can do whatever we want to do. And if
(09:15):
he's talking about we're back to square one in that regard,
then that's a good thing. But what Bumfuzzle did, don't
bumfuzzle me. What I'm always amazed about with Democrats is
you look at the trade deficits, you look at the
currency manipulation, you look at the fentanyl problem, you look
(09:37):
at everything that China is doing trying to destroy us,
and you look at how bad. I think he's probably
totally totally ignorant about how awful the Chinese economy is
right now. He doesn't realize that Trump's actually accomplished something
major here. Now they still have to work out all
the details of it. I grant you that, but The
(09:58):
alternative is to continue on the same path that we
were on and not change anything, and change is always
going to be difficult. I don't know what the market's
doing today, but I know I looked at my portfolio,
uh yesterday and it was let me look real quickly,
(10:20):
it is today? Oh it's it's within one or two
percent of its record high. So it's and it's been
down much more than that back when we were going
through all the stock market turmoil. So insofar as my
port I can speak about as my own portfolio, portfolio,
(10:44):
did I suffer a dip for a while. It was
kind of make me choke. Yeah. Today I look at
where it is today and I'm like, oh, okay, well
that's that's pretty good.
Speaker 5 (10:53):
Better than one hundred and forty five percent.
Speaker 6 (10:55):
Though in your mind, well yes, of course if one
hundred and forty five percent is completely untenable. But again,
this is all just a charade. There's no objective to this.
You are not going to go back to the nineteen
fifties with our economy. Our economy is going to move forward.
(11:19):
There's going to be technological improvements. We're not going to
go back to dirty coal as the solution to everything,
and the sooner we realize that what we need to
do with our economy is right size it and adjust
the jobs to the new technology that's out there.
Speaker 1 (11:39):
The right size the economy with the right jobs sounds
like central planning to me. Better off we're going to be.
Speaker 6 (11:49):
We're never going to onshore all of the old manufacturing.
Speaker 1 (11:54):
I don't think that's the objective. It's on shore as
much as we can.
Speaker 6 (11:59):
And if even if we do, that's going to take years,
So the whole oh, then.
Speaker 1 (12:04):
We shouldn't even try. See what fascinates me about the
Democrats is they really are happy to stay on the
path that we are on in terms of government spending,
the debt, trade deficits, everything, because if we try to
change anything, which is what we all voted for was change,
and we all knew that there would be chaos and upheaval,
(12:26):
there would be some pain inflicted. Did we ever think
have we become such lazy ass Americans that we honestly
thought that we could somehow get out of these trade deficits,
get out of this national debt thirty plus trillion dollars
and just be like, oh, yeah, didn't cost us the thing.
(12:48):
It was just as easy as eating a piece of pie. Man.
I think that's what they really believe. It's easier, the
path is easier to do nothing. And because when the
proverbial feces hits the fan and really things really do
go to feces, then what do they get to do? Oh,
(13:11):
that's when they get that. That culminates the Cloward Pivots
strategy for them, in which they think that they could
then impose their socialist utopia in this country. That's what
the Dan Goldman's of the world really do believe. That's
what they really think is going to happen. That's why
they don't want any change. They don't They don't want
(13:32):
us to try to fix anything. They don't want to
go through any short term pain for long term gain
at all.
Speaker 6 (13:38):
Well, ostensible purpose of this makes no sense at all because.
Speaker 1 (13:44):
It doesn't makes total sense to me. And again maybe
that's going back to the is it crack is it
not crack thing at the very beginning of the show,
totally different perspectives, or more likely a Democrat to point.
Speaker 6 (14:00):
It's just impractical and instead it's just Donald Trump's ego
and wanting to fight with shi Jinping, and.
Speaker 1 (14:13):
I hadn't gone all the way through the sound bite,
So it's just his ego just wanting to fight with
eijing Ping as a post. What do you want to do, Buco?
Just let shijing Ping just have his way and do
whatever he wants to do. I honestly believe that must
be what this guy thinks. Just allows juijing Ping to
(14:34):
continue with the currency manipulation, let him continue to do
with whatever he wants to do. It doesn't make any difference.
Holy cow, this guy really is some kind of stupid Trump.
Speaker 7 (14:47):
In addition, yesterday we achieved a total weset with China
after productive talks in Geneva. Both sides now agree to
reduce the tariffs and post after a second to ten
percent for ninety days as negotiators continue in the largest
structural issues. And I want to tell you that a
(15:10):
couple of things. First of all, that doesn't include the
tariffs that are already on that are our tariffs. And
it doesn't include tariffs on cars, steel, aluminum, things such
as that, or tariffs that may be imposed on pharmaceuticals,
because we want to bring the pharmaceutical businesses back to
the United States and they're already starting to come back
(15:31):
now based on tariffs.
Speaker 1 (15:34):
But i'd one more thing today.
Speaker 4 (15:37):
What has to happen is it has to be fair
for the American people. But in January twenty twenty, President
Trump produced a template. We had an excellent trade agreement
with China, and the Biden administration shows.
Speaker 1 (15:54):
Not to enforce it.
Speaker 4 (15:56):
That the Chinese delegation basically told us that once as
if Biden came into office, they just ignored their obligations.
Speaker 1 (16:04):
They would just ignore their obligations, which is what the
Chinese Communist Party does. They just ignore their obligations. And
now someone has stepped up and said no, we're not
going to do that. And the Dan Goldman's of the
world just they can't accept it. They can't accept change.
(16:26):
It's almost as if they really do they're either useful
idiots and they really do think that we can sustain
this kind of debt, we can continue to sustain this
kind of trade, these kinds of trade deficits, or we
can actually undergo some pain and try to correct this.
If nothing else, whether you think it's chaos or not chaos,
(16:48):
where you think it's organized chaos or disorganized chaos, nonetheless
it's something that has to be done, because otherwise we
will continue to offshore everything and will become even more
and more dependent upon foreign countries, both enemies and allies
for virtually everything that we consume for virtually everything. Why
don't we just outsource the military? Why don't we just
(17:11):
outsource all of that instead of having our own defense contractors.
Let's just you know, well, the Chinese are always good
at stealing our ip for our defense industry. Why don't
we just not them continue to do that and we
can just buy our stuff back from there. I almost
sometimes think that's exactly what Democrats do. Absolutely insane, insane.
(17:33):
Now the Green will see both sides slash their tariffs
from one hundred and twenty five to ten percent during
a three month kind of reprieve, and then a separate
twenty percent terraff from China for its role in the
federal trade will remain in place. So I'd say, this
is a damn good stock And you know what, stock
stock futures surged today.
Speaker 8 (17:54):
Congress has only sent five bills so as President Trump
has been in office for the first one hundred days.
That is the least number of bills sent to any
president since the nineteen fifties. What the hades is the
House GOP and Senate GOP doing obviously nothing, They're on
(18:15):
vacation most of the time.
Speaker 3 (18:18):
Could an argument be made that Trump has signed so
many executive orders that they don't need to throw a
whole bunch of bills his way.
Speaker 1 (18:25):
No. In fact, I get a story I'm going to
do either today or tomorrow about I want to do
it today about Congress may be the biggest impediment to
that big beautiful bill that Trump talks about. Republicans are
starting to well act like a bunch of dumass Republicans.
Before I move on, though, a couple of text messages
(18:48):
about they about the Dan Goldman and the whole Democrats
and not really wanting to solve problems seventy five ninety two,
writes Michael Goldman is a textbook do nothing whiner, a
perfect damn puppet. Yeah, that's why do you think ce
(19:11):
and Mbody mont because they knew he'd just view the
talking points. So the cabal is, you know, really starting
to win. You got to remember, it's hard to think
in these terms. But as I broadcast right now, it's Monday,
May twelve, only slightly over one hundred days. I mean,
(19:31):
it seems like it's been a year longer, right, because
so much has happened, so much is so much upheople, uphevil,
so much chaos, so much things going on, most of
which are good, some of which I don't agree with,
but most of which is good. And it's the kind
of thing that we need because we knew the status
quo could not be sustained, and so we're we're on
(19:52):
the road to change. Now. Is it going to be perfect?
Is everything going to turn out the way we want it?
If the goal is to re you know, reach one
hundred as our benchmark, well sometimes we'll be good to
get to sixty or seventy percent. But if we can
get to eighty or ninety percent on most of this
stuff and one hundred percent on some of it, I'll
be a happy camper, because even twenty thirty forty and
(20:18):
certainly all of what we were on the path forward
before is not sustainable or thirteen ninety four rights, Michael.
They simply hate a problem being solved. The left needs
the problem to bitch about, never a solution, which I
would say is pretty much Congress in general too. Republicans.
(20:40):
But then there are these messages from I just want
to read them in their totality. Fifty seven ninety two,
Rights Michael I worked for a medical device company that
brought back manufacturing capabilities from China. Took one one hundred
(21:01):
people in China to manufacture our product. By bringing it
back to the Boston area and implementing robotics, the amount
of labor was reduced to thirty four people, and costs
went down hugely and quality skyrocketed. So thirty four Americans
(21:24):
doing the job of eleven hundred Chinese and the quality skyrockets.
Speaker 2 (21:31):
What is it?
Speaker 1 (21:32):
They write, It is a disposable insulin pump which delivers
life saving insulin that has made a huge difference to
the community where the manufacturing occurs and the users who
rely on that product to stay alive. With AI and robotics,
now is a perfect time to restore manufacturing. Then they
(21:53):
go on in another text, Oh, Michael, one additional fact
from insulin pump text earlier since two nineteen, with this,
with this restoring of manufact when this restoring of manufacturing
took place, we have now grown to five hundred employees
to approaching five thousand and are now part of the
standard and poors five hundred s and P five hundred
(22:15):
What have never happened with the poor quality and higher cost.
PODD is ticker and insulin oh pod oh. Po d
D is the ticker and insult is the name of
the company. So let's check Yahoo finance dot com. Oh,
(22:40):
what is it? Finance? Yahoo Finance? Yah, let's see what
it is Yahoo Finance. And let's look up p O
d D No dark mode, I don't care. Just give
me a site. P O d D INSULCT Corporation. Holy crap,
(23:01):
three hundred and twelve dollars, ninety five cents a share
up today two dollars and twenty eight cents, up almost
a full percent. Let's look at the chart just today,
opened at three twenty eight, dropped a little bit around
ten o'clock, back up to three point fifteen, right now
(23:25):
at three twelve historic. Let's see. Let me find fifty
two weeks. Wow, why didn't you text me earlier about this?
Speaker 2 (23:39):
Uh?
Speaker 1 (23:40):
Fifty two weeks from one hundred and sixty dollars a
year up to three hundred and seventeen dollars a year. Okay, Michael,
book mark this page, Go look at this, you know. Now,
you know that scary thing dragon, the really scary thing
I'm now thinking about investing based upon a text message.
Speaker 3 (24:01):
Yeah, I don't think you want to do this. You're
get in stock tips from the text line.
Speaker 1 (24:05):
Yeah, I think the SEC actually encourages that. I think
there's I think in all the disclosures that if it
comes from an anonymous number on a text line, that
that's something that you shall put your money into. Yeah.
Pretty sure, I'm pretty sure that's what it is.
Speaker 6 (24:24):
You know.
Speaker 1 (24:28):
Okay, let's go to the big beautiful bill. We'll have
to carry this over to the next hour. It's starting
to shape. It's it's starting to take shape in Congress. Uh,
they're gonna it's gonna be a budget reconciliation process. So
the legislation a budget reconciliation bill that circumvents the Senate's
(24:50):
filibuster rules. That means now that only a simple majority
of the Senate is needed to pass it in make
it into law. Now. Notably, the core content of the
bill includes what I think is probably one of the
most important politically aspects of the bill. It's a permanent
(25:11):
extension of Trump's twenty seventeen tax cuts. It also includes
additional tax relief for American workers, including the no tax
on tips, no tax on overtime, and no tax on
Social Security. It also increases funding for border security and
(25:31):
money for the White House Mass Deportation Program. Now currently,
right now, as of today, certain designated Republican lawmakers in
the House are actually doing markups, meaning they're hammering out
the final details of the bill. But now we're starting
to find policy differences, which is not surprising. But the
(25:55):
scary part is it could halt the process. Now. Mike
Johnson to Speaker, continues to say publicly and I think privately,
that he intends to pass the House version by the
end of this month, but internal House Republican disagreements over
some of the key tax provision provisions suggests that this
(26:16):
intimate deadline is overly optimistic. I would just say that
any deadline that anybody sets in Congress, I tend to
think is whether it's feasible or not. I just don't
think it's reasonable. Congress always takes longer than you expect,
and that's at less of course, it's for a pay
race for themselves or something now met the mean in
(26:39):
the meantime cuts to Medicaid and a federal land sales
provision are also causing consternation in the Senate. So you
probably wonder what a reconciliation bill is. Well, it's a
more simply put, it's a more straightforward way to pass
through Congress than your standard legislation. It's constrained by a
(27:04):
bunch of different rules that govern what can be included
in a budget measure and the ultimate impact. Reconciliation bills
must deal with mandatory spending, social Security, Medicaid, medicure, all
that that, it must deal with the debt limit, and
(27:24):
it must deal with the revenue measures. Now, according to
the congressional rules, the Senate can, in theory at least
take up three reconciliation bills every year, dealing with each
of the three subjects independently. Also, the legislation is subject
to a provision known as the Bird Rule, named after
(27:48):
late Senator Robert C. Bird, the Grand Wizard of the KKK,
the Democrat from West Virginia. That Bird rule stipulates that
a reconciliation bill cannot increase the federal deficit after a
ten year budget window, and it cannot alter social Security
(28:10):
got it, so it can't do those things. You can
do all the other stuff, but you can't do those
three things. Now, the current reconciliation bill has some critical
provisions that make several of Trump's twenty seventeen tax cuts permanent.
And here's the kicker politically, if Congress fails to make
(28:34):
the tax cuts permanent, you and I are going to
face a tax increase totaling four and a half trillion
dollars over the next ten years. Four point five trillion
dollars sucked out of the economy. Now, remember these are
based on existing tax brackets the twenty seventeen tax cuts,
(28:59):
So zo point five trillion dollars goes back to Congress.
What do you think they'll do with it? Of course
they'll spend it. Now, part of the reason that the
bill has stalled is because of something called salt. No,
(29:20):
not that salt, a different kind of salt.
Speaker 8 (29:23):
Treasury Secretary Scott Bessent just told us that in closed
doors beatings with the Chinese that they admitted that when
Biden came into office, they ignored the trade agreement that
Trump had put into place and did not fulfill the
obligations of it. Since Biden was just weak, and they
knew he won't do anything. Said there was a great
(29:47):
trade agreement in place with Biden, and he didn't do
anything to enforce it.
Speaker 1 (29:53):
I am shocked, shocked that Biden would do that. You
look shocked. It's just because I'm I'm a good actor.
All right, Let's go back to these negotiations. In the
reconciliation bill. So there's something called the State and Local
tax deduction, So you can deduct your state and local
(30:21):
taxes up to ten thousand dollars. Now that's important in
high tax states, most of which have Democrat governors. You
can only deduct up to ten thousand dollars of your
state and local tax payments from your federal income taxes.
I actually think I said, but I think about I
think it's said that backwards when I first said it.
(30:42):
You can only deduct up to ten grand of your
state and local tax payments from your federal income taxes.
So this is a huge issue for House lawmakers. Some
moderate Republicans in swing states, in Democrat controlled states want
to live the cap on that deduction that were in
(31:03):
at levels in place before the twenty seventeen tax cut.
Mike Lawler, a Republican from New York at least Dephonic
another Republican from New York, Andrew Garberino, Republican from New York,
Nick Lolota, Republican from New York, want to restore the deduction. Now,
(31:25):
those Republican lawmakers work with House Democrats who tried to
lift the salt cap during Biden's term, but they were
unsuccessful in doing so. Then you've got over here some
conservative House Republicans that want to eliminate the salt deduction
entirely because they believe, and I happen to agree, that
(31:51):
the deduction unfairly transfers money from low tax Republican states
to the high tax Democrat states. And they argue that
if you eliminate the salt deduction, that can help fund
new tax relief measures in the bill. It also continues
to reward the high tax states like New York, because
(32:15):
that allows them to continue with the high taxes because
then they're voters, their taxpayers get some relief on their
federal return. Why does it all have to be so complicated?
It's you know, I don't have this in my notes here,
but I just have to say it. Why can we
(32:38):
not just stop all of this crap and just go
to a consumption tax because the fact that you are
taxing my income. You know, I think people are starting
to wake up the whole problem with property taxes that
you you you buy a house, you pay your mortgage,
(32:58):
and you pay your taxes for your entire life, and
you reach retirement and you know you've paid off your mortgage,
you've paid all of the interest on that mortgage, and
now you still don't own your home because the state
can still come and take your home because you fail
to pay your property taxes. So if you haven't been
all that great in preparing for your retirement, then you
(33:21):
might have a little difficult time paying the property taxes.
Why do we force seniors to pay property taxes on
homes they've lived in, you know, maybe for thirty years
or longer. They had a thirty year mortgage, they've lived
in the house for forty years, and they've been struggling
to pay, you know, outrageous property taxes like here in Colorado,
and if they don't, they lose their home. Taxes are horrible.
(33:47):
Taxes are evil. Now, I think taxes are necessary, but
I think they're horrible and evil at the same time.
Why can't we just stop this bull crap and instead
just say, you know what, we're going to tax consumption.
I thought you and my grandson last night that our
Mother's Day dinner. He's taking this well, I'll tell you
(34:07):
after the break, because it's just funny to watch, and
he's conservative anyway, but when they hit reality, it's so funny.
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