October 8, 2025 • 12 mins
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
So there's a new poll that came out from Fanny
May and it says nearly seventy percent of Americans believe
the US economy is on the wrong track. And that's
up from sixty four percent in August.
Speaker 2 (00:11):
What's the number, seventy percent? Okay, so that's not I mean,
that's you got Republicans in on that. That's not a
partisan thing. And as Trump are kind of found out
in twenty twenty and Biden Kamala found out in twenty
four and many other politicians have found out throughout the
(00:33):
history of this country, the economy is usually the primary
factor in how people vote because it's the thing they
experience every single day. Look, you can and should be
invested in a secure border. We all have a benefit
of that. We should all cheerlead for it, we should
all do our part to help it. But the reality
is you're not likely to encounter hopefully you just illegal
(01:00):
immigrant in your day to day life, and obviously many
people do. It goes horrible. We've laid out those cases.
These people have no place in our society. We should
you know, catch them, get rid of them, punish them. Right,
So it's an important issue, but you don't experience that
every single day. Or the Israel Israel Hamas conflict. You
may be an ardent supporter of Israel, but you don't
(01:22):
you know, you don't experience that every day, or Ukraine, Russia, whatever.
The economy is something that hits you every single day,
every time you go to the store, every time you
go to work. It is always front and center. And
what Trump is doing right now and maybe in the
long terminal workout, but front and center for people, it
(01:44):
is not working.
Speaker 1 (01:45):
Only thirty two percent of the people who are questioned
expect their finances to improve over the next year. And
they kind of they broke this survey down into different parts.
One was the overall sentiment of the economy. They also
got into the housing market, also the labor market, and
then just some overall takeaways, also renting in mortgage. There's
(02:07):
something else that I wanted to bring to the table
in the discussion about the economy, and that is electricity prices.
Axios put out their survey and they said they don't
have Indiana on the list, which is interesting. There are
a few states that they just skipped over. So we'll
go to our neighboring states Pennsylvania electricity prices have skyrocketed
(02:29):
forty five percent in the past year. When you look
at Ohio, they're an increase of forty two percent, Kentucky
twenty five percent, Illinois forty percent, Michigan twenty eight percent.
So you have to imagine that Indiana is going to
be somewhere between twenty five and forty five percent increase
in the electricity prices. And of course they attribute that
(02:51):
to the data centers which are causing all the prices
to skyrocket. But when you take your electricity prices and
or grocery prices and the fact.
Speaker 3 (03:03):
That mortgage rates are pretty stagnant, yeah, people are.
Speaker 1 (03:07):
Looking at their own, you know, bills that are coming
in and what's coming in on their paycheck. Their paycheck's unchanged,
yet the bills are increasing.
Speaker 2 (03:18):
I think the biggest problem in this conversation or in
this in this well, in this conversation, but the in
this issue is our politicians are so rotten and dishonest
and have so little respect for the people because all
they really care about is getting reelected. And they have
recognized that most people will let some future generation, which
(03:40):
the future generation stuff is kind of here now suffer
so that they can have something. People want to believe
they can have something for nothing, or you can give
something to someone without taking it from somebody else, and
you're always taking. Whenever the government does something, they're taking
it from somebody else because either you're taking money and
paying for it. Somebody pays tax and they pay for it,
(04:00):
or you're printing money, which means daft deficits or future taxes.
Somebody will pay for it down the line, and now
we're all paying for it in terms of inflation. Casey,
you live in a house with a sports nut. So
I'm guessing at some point in your life you have
seen the movie Hoosiers. Correct, there is a and look,
I guess I can spoiler alert at this point. The
movie is forty years now. For a while, Gene Hackman.
(04:22):
It is based on loosely on the mile and State
championship team in which Bobby Plump was the real character.
The small school hits the shot, wins the championship, and
they made this movie around it, which is based very
loosely on it. There's many people who never existed or whatever.
But Gene Hackman comes in to coach this basketball team
which is based on mylein and totally none of this
(04:45):
ever actually happened. It's not not the way it actually
went down. He comes in and changes everything that the
team is doing, and people are outraged. And there's this
conversation he's having in the movie where he talks about
his coaching philosophy, and he basically says, what this team
is doing now is not capable of winning championships, and
(05:07):
in order to get this team to where they can
win a championship, and the line is, I've got to
break them down and I got to build build him
back up right. And the people are outraged, and he
does all these things, and then finally the kids start
buying into what he's doing. But he has the honest
conversation with the public about you're not gonna like this
in the beginning. It's not going to be pleasant, and
(05:29):
here's what we have to do to get this team
back on track. That is what we need in this country.
We need politicians, starting with the President of the United States,
to have the intestinal fortitude, the guts, and the courage
to say everything is so broken. We have broken this
country beyond repair that it cannot be salvage. It's weirdly
(05:50):
sort of the same thing with property taxes. You'll never
fix the property tax system in Indiana. It's too broken.
And instead of having that honest conversation, we just keep
saying if we did this, or we tinker around the
edges with that. The the the philosophies of our government,
the actions of our government have broken our economy now
to the point we're in an honest fashion it cannot
(06:13):
be fixed without being broken down and built back up.
And nobody's gonna do that because they don't want to
play the short term political costs, the pain people would
have to feel to get the economics of our nation
back on solid footing.
Speaker 1 (06:25):
Well, some people would argue that that is in fact
what Donald Trump is doing with the tariffs.
Speaker 2 (06:28):
But he's not stopping spending money.
Speaker 3 (06:30):
He's breaking it down, like this is the this is
the breaking it down phase.
Speaker 2 (06:34):
I would buy it if he would stop spending the
money and shrink the government. If he said, look, there's
a you know, a three or four part approach, and
tariffs are one of them. But I'm also over here
going to balance our budget. We're gonna get rid of
all the wasteful spending. We're gonna have honest conversations about
social security and Medicare and all these things that we're
gonna make the Okay, I'm on board with the tariffs,
(06:54):
but the tariffs, do you laid out the number was?
It was a couple billion dollars right like it was
in the billions.
Speaker 3 (06:59):
That the re knew that it's turning eight thirty one.
Speaker 2 (07:01):
Which is nothing. You're running trillion dollar plus annual deficits.
It's nothing. Even if you used all that money to
pay down the debt. If he came to me and said,
every penny you'll go to pay down, which he did
at one point, but of course we knew that was.
Speaker 3 (07:12):
Going to last change his mine.
Speaker 2 (07:13):
If every penny was going to pay down the debt
and we were going to balance our budget and we
were actually going to peel back some of our nation's
debt and we were going to get inflation under control,
I would be in on that. But the tariffs are
just going to prop up government programs. They're going to
have to potentially see some level of peel back during
the shutdown. He's not doing any of that. The economy
(07:35):
means an economy for rich people in which the tippy
top people are going to continue to get ahead or
continue to thrive, continue to elevate their wealth, and you
the middle class are shrinking out of the middle class.
Speaker 3 (07:46):
All right, let's talk.
Speaker 1 (07:46):
About the housing market outlook. Only twenty seven percent of
people say it's a good time to buy a home.
Mortgage rates remain around six percent. However, home prices are
fifty one percent.
Speaker 3 (07:58):
Higher than they were five years ago.
Speaker 1 (08:01):
You still have a tight inventory and competition is extremely high.
Speaker 2 (08:06):
So then think about what the housing price does, which
is the housing prices higher. Interest rates are still markedly
higher than they were when they do these cuts, unless
they cut them to zero like they did during COVID.
The big business people are the ones who benefit. Okay,
you might you might save some money on your mortgage,
but if six and six two five is the difference
(08:29):
between you buy an OURS or not buy an OSS,
you're probably cash poorn that home to begin with from
the moment you step into it. But the housing prices
are still unaffordable for many people. But then you also have,
as a result of the rising housing prices, people can't
afford the property taxes and the insurance. And so it
(08:53):
is this like perfect storm vortex. And then Trump comes
out and starts talking about all this land for affordable housing,
and it's like, great, that's what my community needs. Another
high density housing development, mister Trump. Hey, I'll tell you what,
Donald Trump, why don't we put the first high density
housing development at mar A Lago. You got plenty of
(09:14):
land there, put it there. Bet that doesn't happen, Casey.
Speaker 1 (09:18):
Renting preference is rising, and we've talked about this before.
Thirty three percent say if they were moving today, they
would choose.
Speaker 3 (09:25):
To rent versus buying a house because they can't afford
the down payment on it.
Speaker 2 (09:30):
But there's like renting is not a bad thing. They
always try to labeled as a negative thing. And I've
told the story before. But Pete the Planner, the financial guy,
who I think he still has a weekend show here
in WIBC. Years ago we had a conversation about this,
and I think he actually did it as a column
and on his show where he did the math. And
(09:51):
this was ten years ago when houses were much cheaper
than they are today, and he sort of debunked by
the time you factor in all the things you have
to do for home ownership, that it's even that great
of a deal. And for a young person, it's definitely
probably not a good deal, especially in today's economy.
Speaker 3 (10:10):
They also touch on the labor market and economic trends.
Speaker 1 (10:12):
So you've got the unofficial labor report that came out,
and it says pretty much that hiring and quit rates
are low, meaning people are sticking with the job even
if they don't like it, they don't want to be
there because hiring has slowed down.
Speaker 2 (10:34):
Talking to somebody the other day who is in a
a desired but very targeted field in technology, and this
person has kind of had enough of their current situation.
Nothing bad, They're not in charge. They're just like, I
gotta I feel like I've got to move on right,
earned everything i can right, and this this job has
(10:55):
taken me as far as it's going to take me.
The employer is very happy with this person. There each
your cap salary probably yeah, they're they're fine with this person.
They just feel like, hey, it's probably time for me
to move on. And they were telling me about the
struggles that they are having now compared to three or
four years ago, when this person arguably is now more
(11:17):
desired because their skill set is better, theirs certifications whatever,
and it was interesting conversation to have with this person
about how tightened even the in demand markets are. And
so if you're in a market that's not in demand, yeah,
I can't imagine what it is.
Speaker 1 (11:36):
Well, yeah, I mean, hiring is clearly slowing and unemployment
still low ish, right, so where are you going to go?
People are taken forever to hire a job. You just
you're going to stay and hug the one you have.
Speaker 2 (11:49):
So then this comes back to Trump's manipulation of the economy,
which is exactly what they did during COVID, which they
are now acknowledging that the tear without saying and he's
never going to say it, but he's acknowledging that the
tariffs are harming the economy. So instead of manning up
to the American people and actually having to earn it
(12:10):
and sell it and explain why it's going to work
long term and take the blow, their response is I'm
going to strong arm the Federal Reserve into cutting interest rates,
which all that does is let mega corpse and big
business people get access to cheaper money, which means your
money becomes worthless, and then they'll artificially goose the economy
(12:31):
and go look, at how great the economy is when
the reality is you'll pay for it through inflation.
So there's a new poll that came out from Fanny
May and it says nearly seventy percent of Americans believe
the US economy is on the wrong track. And that's
up from sixty four percent in August.
Speaker 2 (00:11):
What's the number, seventy percent? Okay, so that's not I mean,
that's you got Republicans in on that. That's not a
partisan thing. And as Trump are kind of found out
in twenty twenty and Biden Kamala found out in twenty
four and many other politicians have found out throughout the
(00:33):
history of this country, the economy is usually the primary
factor in how people vote because it's the thing they
experience every single day. Look, you can and should be
invested in a secure border. We all have a benefit
of that. We should all cheerlead for it, we should
all do our part to help it. But the reality
is you're not likely to encounter hopefully you just illegal
(01:00):
immigrant in your day to day life, and obviously many
people do. It goes horrible. We've laid out those cases.
These people have no place in our society. We should
you know, catch them, get rid of them, punish them. Right,
So it's an important issue, but you don't experience that
every single day. Or the Israel Israel Hamas conflict. You
may be an ardent supporter of Israel, but you don't
(01:22):
you know, you don't experience that every day, or Ukraine, Russia, whatever.
The economy is something that hits you every single day,
every time you go to the store, every time you
go to work. It is always front and center. And
what Trump is doing right now and maybe in the
long terminal workout, but front and center for people, it
(01:44):
is not working.
Speaker 1 (01:45):
Only thirty two percent of the people who are questioned
expect their finances to improve over the next year. And
they kind of they broke this survey down into different parts.
One was the overall sentiment of the economy. They also
got into the housing market, also the labor market, and
then just some overall takeaways, also renting in mortgage. There's
(02:07):
something else that I wanted to bring to the table
in the discussion about the economy, and that is electricity prices.
Axios put out their survey and they said they don't
have Indiana on the list, which is interesting. There are
a few states that they just skipped over. So we'll
go to our neighboring states Pennsylvania electricity prices have skyrocketed
(02:29):
forty five percent in the past year. When you look
at Ohio, they're an increase of forty two percent, Kentucky
twenty five percent, Illinois forty percent, Michigan twenty eight percent.
So you have to imagine that Indiana is going to
be somewhere between twenty five and forty five percent increase
in the electricity prices. And of course they attribute that
(02:51):
to the data centers which are causing all the prices
to skyrocket. But when you take your electricity prices and
or grocery prices and the fact.
Speaker 3 (03:03):
That mortgage rates are pretty stagnant, yeah, people are.
Speaker 1 (03:07):
Looking at their own, you know, bills that are coming
in and what's coming in on their paycheck. Their paycheck's unchanged,
yet the bills are increasing.
Speaker 2 (03:18):
I think the biggest problem in this conversation or in
this in this well, in this conversation, but the in
this issue is our politicians are so rotten and dishonest
and have so little respect for the people because all
they really care about is getting reelected. And they have
recognized that most people will let some future generation, which
(03:40):
the future generation stuff is kind of here now suffer
so that they can have something. People want to believe
they can have something for nothing, or you can give
something to someone without taking it from somebody else, and
you're always taking. Whenever the government does something, they're taking
it from somebody else because either you're taking money and
paying for it. Somebody pays tax and they pay for it,
(04:00):
or you're printing money, which means daft deficits or future taxes.
Somebody will pay for it down the line, and now
we're all paying for it in terms of inflation. Casey,
you live in a house with a sports nut. So
I'm guessing at some point in your life you have
seen the movie Hoosiers. Correct, there is a and look,
I guess I can spoiler alert at this point. The
movie is forty years now. For a while, Gene Hackman.
(04:22):
It is based on loosely on the mile and State
championship team in which Bobby Plump was the real character.
The small school hits the shot, wins the championship, and
they made this movie around it, which is based very
loosely on it. There's many people who never existed or whatever.
But Gene Hackman comes in to coach this basketball team
which is based on mylein and totally none of this
(04:45):
ever actually happened. It's not not the way it actually
went down. He comes in and changes everything that the
team is doing, and people are outraged. And there's this
conversation he's having in the movie where he talks about
his coaching philosophy, and he basically says, what this team
is doing now is not capable of winning championships, and
(05:07):
in order to get this team to where they can
win a championship, and the line is, I've got to
break them down and I got to build build him
back up right. And the people are outraged, and he
does all these things, and then finally the kids start
buying into what he's doing. But he has the honest
conversation with the public about you're not gonna like this
in the beginning. It's not going to be pleasant, and
(05:29):
here's what we have to do to get this team
back on track. That is what we need in this country.
We need politicians, starting with the President of the United States,
to have the intestinal fortitude, the guts, and the courage
to say everything is so broken. We have broken this
country beyond repair that it cannot be salvage. It's weirdly
(05:50):
sort of the same thing with property taxes. You'll never
fix the property tax system in Indiana. It's too broken.
And instead of having that honest conversation, we just keep
saying if we did this, or we tinker around the
edges with that. The the the philosophies of our government,
the actions of our government have broken our economy now
to the point we're in an honest fashion it cannot
(06:13):
be fixed without being broken down and built back up.
And nobody's gonna do that because they don't want to
play the short term political costs, the pain people would
have to feel to get the economics of our nation
back on solid footing.
Speaker 1 (06:25):
Well, some people would argue that that is in fact
what Donald Trump is doing with the tariffs.
Speaker 2 (06:28):
But he's not stopping spending money.
Speaker 3 (06:30):
He's breaking it down, like this is the this is
the breaking it down phase.
Speaker 2 (06:34):
I would buy it if he would stop spending the
money and shrink the government. If he said, look, there's
a you know, a three or four part approach, and
tariffs are one of them. But I'm also over here
going to balance our budget. We're gonna get rid of
all the wasteful spending. We're gonna have honest conversations about
social security and Medicare and all these things that we're
gonna make the Okay, I'm on board with the tariffs,
(06:54):
but the tariffs, do you laid out the number was?
It was a couple billion dollars right like it was
in the billions.
Speaker 3 (06:59):
That the re knew that it's turning eight thirty one.
Speaker 2 (07:01):
Which is nothing. You're running trillion dollar plus annual deficits.
It's nothing. Even if you used all that money to
pay down the debt. If he came to me and said,
every penny you'll go to pay down, which he did
at one point, but of course we knew that was.
Speaker 3 (07:12):
Going to last change his mine.
Speaker 2 (07:13):
If every penny was going to pay down the debt
and we were going to balance our budget and we
were actually going to peel back some of our nation's
debt and we were going to get inflation under control,
I would be in on that. But the tariffs are
just going to prop up government programs. They're going to
have to potentially see some level of peel back during
the shutdown. He's not doing any of that. The economy
(07:35):
means an economy for rich people in which the tippy
top people are going to continue to get ahead or
continue to thrive, continue to elevate their wealth, and you
the middle class are shrinking out of the middle class.
Speaker 3 (07:46):
All right, let's talk.
Speaker 1 (07:46):
About the housing market outlook. Only twenty seven percent of
people say it's a good time to buy a home.
Mortgage rates remain around six percent. However, home prices are
fifty one percent.
Speaker 3 (07:58):
Higher than they were five years ago.
Speaker 1 (08:01):
You still have a tight inventory and competition is extremely high.
Speaker 2 (08:06):
So then think about what the housing price does, which
is the housing prices higher. Interest rates are still markedly
higher than they were when they do these cuts, unless
they cut them to zero like they did during COVID.
The big business people are the ones who benefit. Okay,
you might you might save some money on your mortgage,
but if six and six two five is the difference
(08:29):
between you buy an OURS or not buy an OSS,
you're probably cash poorn that home to begin with from
the moment you step into it. But the housing prices
are still unaffordable for many people. But then you also have,
as a result of the rising housing prices, people can't
afford the property taxes and the insurance. And so it
(08:53):
is this like perfect storm vortex. And then Trump comes
out and starts talking about all this land for affordable housing,
and it's like, great, that's what my community needs. Another
high density housing development, mister Trump. Hey, I'll tell you what,
Donald Trump, why don't we put the first high density
housing development at mar A Lago. You got plenty of
(09:14):
land there, put it there. Bet that doesn't happen, Casey.
Speaker 1 (09:18):
Renting preference is rising, and we've talked about this before.
Thirty three percent say if they were moving today, they
would choose.
Speaker 3 (09:25):
To rent versus buying a house because they can't afford
the down payment on it.
Speaker 2 (09:30):
But there's like renting is not a bad thing. They
always try to labeled as a negative thing. And I've
told the story before. But Pete the Planner, the financial guy,
who I think he still has a weekend show here
in WIBC. Years ago we had a conversation about this,
and I think he actually did it as a column
and on his show where he did the math. And
(09:51):
this was ten years ago when houses were much cheaper
than they are today, and he sort of debunked by
the time you factor in all the things you have
to do for home ownership, that it's even that great
of a deal. And for a young person, it's definitely
probably not a good deal, especially in today's economy.
Speaker 3 (10:10):
They also touch on the labor market and economic trends.
Speaker 1 (10:12):
So you've got the unofficial labor report that came out,
and it says pretty much that hiring and quit rates
are low, meaning people are sticking with the job even
if they don't like it, they don't want to be
there because hiring has slowed down.
Speaker 2 (10:34):
Talking to somebody the other day who is in a
a desired but very targeted field in technology, and this
person has kind of had enough of their current situation.
Nothing bad, They're not in charge. They're just like, I
gotta I feel like I've got to move on right,
earned everything i can right, and this this job has
(10:55):
taken me as far as it's going to take me.
The employer is very happy with this person. There each
your cap salary probably yeah, they're they're fine with this person.
They just feel like, hey, it's probably time for me
to move on. And they were telling me about the
struggles that they are having now compared to three or
four years ago, when this person arguably is now more
(11:17):
desired because their skill set is better, theirs certifications whatever,
and it was interesting conversation to have with this person
about how tightened even the in demand markets are. And
so if you're in a market that's not in demand, yeah,
I can't imagine what it is.
Speaker 1 (11:36):
Well, yeah, I mean, hiring is clearly slowing and unemployment
still low ish, right, so where are you going to go?
People are taken forever to hire a job. You just
you're going to stay and hug the one you have.
Speaker 2 (11:49):
So then this comes back to Trump's manipulation of the economy,
which is exactly what they did during COVID, which they
are now acknowledging that the tear without saying and he's
never going to say it, but he's acknowledging that the
tariffs are harming the economy. So instead of manning up
to the American people and actually having to earn it
(12:10):
and sell it and explain why it's going to work
long term and take the blow, their response is I'm
going to strong arm the Federal Reserve into cutting interest rates,
which all that does is let mega corpse and big
business people get access to cheaper money, which means your
money becomes worthless, and then they'll artificially goose the economy
(12:31):
and go look, at how great the economy is when
the reality is you'll pay for it through inflation.
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