October 17, 2024 • 32 mins
Cost of living vs inflation…more a narrative distinction
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey, it's me Michael. You can listen to your morning
show live on the air or streaming live on your
iHeart app Monday through Friday from three to six Pacific,
five to eighth Central, and six to nine Eastern on
great radio stations like Talk six fifty KSTE and Sacramento
or one oh four nine The Patriot in Saint Louis
and Impact Radio one oh five nine and twelve fifty
w h d Z in Tampa, Florida. Sure hope you
(00:22):
can join us live and make us a part of
your morning routine. In the meantime, enjoy the podcast.
Speaker 2 (00:26):
Well two three, starting your morning off right, A new
way of talk, a new way of understanding because we're
in the stiget.
Speaker 1 (00:38):
This is your.
Speaker 3 (00:39):
Morning show with Michael O'Dell chordan, Vice.
Speaker 1 (00:43):
President Harris maintaining she'll do things differently than Joe Biden,
and she's not Joe Biden, and she's not Donald Trump.
If you were holding your breath for a specific she
still didn't have one. In her Fox interview with Brett Baer,
SpaceX is suing regulators in California. They're trying to decrease
rocket launches against Elon MUSKAUS they don't like his politics.
Jimmy Carter says he achieved his goal, at least to
(01:04):
his grandson. He lived long enough to vote and cast
his bout in the twenty twenty four general election. I
would probably have higher aspirations before I died, but he
got it. Him and former One Direction singer Liam Payne
dead at the age of thirty one following three stories
from his hotel in Buenos Aires. A lot of people
are questioning whether or not it was drug related. I
don't think it was suicide related. You'd go higher than
(01:26):
a third floor and the Dodgers home runs every way.
You could score eight to nothing over the Mets. They
now lead that series two games to one. Game four
tonight at seven oh eight, Yankees up two games to nothing,
are in Cleveland to take on the Guardians, and that
first pitch'll be at four to oh way. Good morning,
and thanks for waking up with your morning show, and
(01:46):
welcome to Thursday, October the seventeenth. I'm Michael del Jorno
at eight minutes after the hour. You know, one of
the things we get a lot of around here are
people that mostly reporters, that will kind of speak to
the audience and go, well, the American people are conflating
and having a hard problem understanding the difference between inflation
and cost of living, and they are two different things,
(02:08):
don't get me wrong. But the reason is because the
inflation percentage from pre COVID to today is so dramatic,
especially on the items that matter most homes, cars, groceries.
So somebody will tell you, well, the inflate inflation rate
is under control, Yeah, compared to last year, but not
(02:28):
compared to since COVID. But how big of a deal
is understanding the difference being cost of living and inflation.
And by the way, our money was an economist, David
Bonson never knows what we're going to bring up before
he comes on. And by the way, we don't have
to do that. We just do it because I guess
we're just too busy to visit beforehand. But I thought
the best use of our time, David, would be to
(02:49):
talk about that conflating between cost of living and inflation
and how they're different. Explain that to everyone.
Speaker 4 (02:58):
Well, first of all, Michael, let me say that I
would prefer you keep it this way of not letting
me know what's going on ahead of time, not just
because you're too busy to tell me, and I'm too
busy to hear. But if you do tell me, I'm
not going to listen anyways. And so we may as
well just do this live and let people get.
Speaker 1 (03:14):
The well I will say, let me say it this way, David,
one of my greatest And this was the case when
I was on Just in Nashville or even before that
in Oklahoma. One of the things I loved about God
gives me this type of a platform and I get
to share with them the brilliant minds and voices. Now,
in your case, you're on Fox Business all the time,
but in most cases the voices they're not hearing. There's
(03:36):
a lot of information but very little understanding. There's a
lot of voices and noise out there, but not the
right voices. And I consider you one of them. There's
very few people that like you and James Carafano and
Dave Sonatti that can do that on the fly. And
it's a testament to the fact that you're the real
thing and you get this stuff. But yeah, explain to
us because reporters love to make that difference. Oh, inflation
rate is great, right now, it's the cost of living
(03:56):
that's high. Are they two different things? And how should
we understand the difference?
Speaker 4 (04:00):
Yeah, I think that there's some semantics that go on here,
and essentially I just think Milton Freeman did this best.
When it comes to inflation, it is too much money
chasing too few goods, and and obviously inflation will mean
that there would be a higher cost of living, but
they're not defined as the same thing. In other words,
(04:24):
your arm hurting is not the same thing as having
a cut on your arm. But a cut on your
arm doesn't mean.
Speaker 1 (04:32):
Yeah, I love that.
Speaker 4 (04:33):
And so and and so I made that up on
the spot, so thank you. But yeah, I mean I
think I think that there isn't inflation. Cost of living
isn't going higher, but there can be things that make
ust to living go higher apart from inflation. And we
lived through that for thirty years where certain elements of
cost of living were going higher, and yet the inflation
(04:55):
rate was very contained, and the inflation rate that average
something about one and a half to one point eight
percent for a lot of years after financial crisis. That
was not something economists looked at as a good thing.
Consumers are happy when the prices weren't going up. However,
you still had massive inflation in healthcare, college education, and
(05:19):
in housing, and yet it was not related to an
overall move higher in the price level. Why this stuff
matters is, I think I've used this analogy with you
in the past, is that it is very odd to
talk about the overall price level as if it is
something that exists. There's three hundred thirty million people. There's
about a trillion transactions that are going to take place
(05:41):
in the next hour, right, micro transactions. So of course
of a year, there's just nano trillions of things going on.
And the idea that we could just measure it as
one number, oh all of those things put together prices
went up two point four percent or one board know whatever,
it can't be done. So we use best ball indicators.
(06:05):
And I think that the FEDS measurement of PCE personal
consumption expenditures is slightly better than the consumer price index
because the consumer price indecks I think overweights housing. But
in fairness, that's all they're trying to do is create
an index that they think indicates wallet share. So, you know,
(06:27):
as I am prone to do, I want to give
both sides of the narrative. I give all facts, but
facts sometimes have two sides in terms of narrative. The
cost of groceries, the cost of gas may be higher,
but the percentage of one's wallet that they're sharing that
they're spending on groceries, gas, other major expense items is
(06:50):
way down.
Speaker 1 (06:52):
Over years and years.
Speaker 4 (06:54):
And that's because in the seventies, when we had real inflation,
the main things people had to spend money on or
food and gas. But now, shelter, you have people spending
fifty percent of their net after tax paycheck on their
rent payment, where in the seventies it was unheard of
people were spending twenty twenty five percent. Then they were
(07:16):
spending with much higher interest rates too, I might add, oh,
much higher, much higher, that's right, and so you just
have significantly lower house prices. And so right now the
people continuing to make the point that total inflation over
three years is a certain percentage that's quite high, especially
(07:37):
for some of the items you pinpointed, although I'd point
out with used cars and new cars it was astronomically high.
But then the deflation has been huge there, which has
brought that down, but net it is still way up.
And then the year over year. So I always wonder
are people bring that up just to make the mathematical point,
which is fair enough. It's what impacts people like I
(07:58):
was spending this four years ago and now spending this.
That matters, But is it based on the idea that
it's ever supposed to be different? Like in other words,
inflation is never going to go back to the number
of where it was, and if it did, people would
have to assume their wages are going to do the same, right,
(08:18):
So that's why there's no metric better. There's no metric
better than inflation adjusted wages. Because if your house payment, dot,
your groceries, rent, and utilities all went up ten percent,
and your income went up eleven percent, your standard of
living did not change. That's the most important metric.
Speaker 1 (08:39):
I always use the analogy of my dad. All Right,
so here I am all these years later, and maybe
I think I'm more successful because I'm making more money,
but what he was making in nineteen seventy seven, and
what he was paying for a home in nineteen seventy seven,
like that home that he paid ninety thousand dollars for
is probably four hundred thousand dollars today. But because you
can't measure this stuff without That's why you want to
(09:02):
see wages keep up with inflation. If it doesn't, then
you got a problem. We only have about a minute
and a half. But you know, one of the things
that if you're really serious, and we go back to
the Milton analogy and what you were trying to explain,
if you're really serious about helping people with cost of living,
you're going to talk about manufacturing, right. You're not going
to talk about more handouts for votes to somebody, more
(09:24):
government spending. And that's the part where you better understand
the difference, You get better understand the question and the problem,
or you're really going to get the solution wrong. And
in one case, I'm watching this race, one side wants
to do more of the cause to be the solution,
and that's just more in the wrong direction from where
(09:45):
I'm coming from. So, if you're really serious about this,
we need to have money chasing goods.
Speaker 4 (09:51):
Right, Well, that's exactly right, and it's why Friedman's equation
has two parts to it, as all equations do to
much money chasing too few goods, and economically, it is
important for people to understand that in an economy where
people are growing, which you know that unfortunately is slowing.
But whether it's from legal immigration or fertility, moms and
(10:16):
dads having babies, I want.
Speaker 1 (10:18):
The population to grow.
Speaker 4 (10:20):
But basically, you can't have the money supply stay the
same if the goods and services are growing. If the
goods and services are not growing, then you're a dead society.
Then you become Japan or worse. So you want goods
and services growing, and the whole challenge to avoid inflation
is not having the money supply grow more than goods
(10:41):
and services. And it can't be done perfectly, so they're
trade offs. But obviously what happened by cutting off production
of goods and services during COVID was horrific and created
the inflation we had in twenty twenty two.
Speaker 1 (10:56):
I'm sixty. I don't know how old you are, and
I don't want to know, because you're even that much
more successful.
Speaker 4 (11:01):
I don't mind sharing it at all, now that I
turned the round number of fifty this year is fifty years.
Speaker 1 (11:06):
I got you by ten years. COVID is the dumbest
thing I've witnessed in my lifetime. The notion that you
can just turn the economy off like a light switch.
Never mind how the information was wrong, how Fauci duped
Trump to turn that off, to dump that much money
into an economy unearned, That is exactly how you create
(11:26):
a crisis inflation. But mostly what we're saying is whether
it's cost of living or inflation, that's mostly nuanced for narrative.
The realities end up ultimately being the same, and so
are the solutions, and America doesn't do a very good
job of understanding that. That much we can agree on, right, David, Oh,
very much.
Speaker 4 (11:45):
And politically, I do believe that Republicans miscalculated badly on
this because they had a golden opportunity of a real mistake,
the real thing you just said that you said it
was the dumbest thing you see in your lifetime. I
basically agree the real malpractice was the shutting down of
the country. They went all in on the shorter term
phenomena of all your prices are higher, and now, sure enough,
(12:09):
a year later, they're not higher relative than were a
year ago. That inflation rates slowed down, and you can go, oh, yeah,
well it's a lot higher less three or four years ago.
But people have very short term memories. So while there
is still a pretty decent political benefit to Republicans in
that inflation, it is not nearly as big as it
would have been if they had focused on the right causes.
(12:31):
Not to mention, we would all be a little more
economically cojined.
Speaker 1 (12:35):
Some and somewhere online. All the above kicks in, and
that's the hardest thing to get people to understand, especially
like in this meeting that we're using right now, because
it takes so long. If we had an evening together
in one of our cities, we could dust all this out.
But this is why border matters, abortion matters, manufacturing matters,
entrepreneurial risk and reward, and not penalty matters. It's kind
(12:57):
of the all of the above that I've seen real
choke not only the intelligence economically, but the country economically
in my lifetime. And the time to wake up was
about a decade ago, and we seem to be pretty
still fast asleep. And the more we sleep, the more
expensive it gets. Stupid is not cheap, right, David, No,
(13:19):
stupid is not cheap.
Speaker 4 (13:20):
But you know, stupid is two categories sometimes, and I'll
close with that, it's intellectual, we want to understand things,
but it's also moral. It speaks to kind of a
worldview and understanding of how things work. It involves ethics,
It involves beliefs and principles. So one can be smart
intellectually and stupid in terms of principles and morals.
Speaker 1 (13:43):
One can also be not.
Speaker 4 (13:44):
The most educated cat on the block, but have a
high moral I you, I'd prefer the latter. If I
had to pick. What our society needs when it comes
to economics is both. We cannot get the economics right
with more textbook, with more people sharing things about how
inflation works, or law supply and demand, if we don't
understand the real, important, deep down thing that is less
(14:05):
intellectual and more moral, and that is why God made us.
You do not get inflation where people understand that all
of us are supposed to get up and work hard
and produce. That is the greatest antidote to inflation ever created.
Speaker 3 (14:18):
The good old days weren't always good, and tomorrow's not
as bad as it seems. This is your Morning Show
with Michael del Joano.
Speaker 1 (14:27):
Thank you Mike McCann thirty five minutes after the hour,
that means twenty five minutes to be to work on time,
and thanks for bringing us along with you on the
drive to work. I'm Michael del Jorno. Jeffrey Lyons has
the controls. Aaron Rail's about to join us here in
this blit. Second the number toll free eight hundred six
eight eight ninety five twenty two. You can email Michael
di at iHeartMedia dot com and always use a talkback
button on your iHeartRadio app. All right, there's been a
(14:51):
lot of talk about FEMA in light of having funds
or what may have drained the funds for those that
are suffering any Eastern Tennessee, Western Carolina and Florida after
Helene and Milton. But the reality is the Small Business
Administration Disaster Fund is absolutely out of money. So let's
get beyond all the political arguing and narrative to the numbers.
(15:14):
Aaron Rayale with the reality. Good morning, good morning.
Speaker 5 (15:17):
Yes, the reality is that the Small Business Administration the
US SBA, has no money in it. It exhausted all
its funds following Allen, following Milton, and it cannot get
any more until after Congress returns and approves the appropriated funds,
and Congress doesn't want to come back until after the
(15:38):
November fifth election. They are stomping for their candidate. But
as a result, this leaves business owners in western North
Carolina and many other places kind of out to dry.
Now the SBA has said, continue to apply for these loans. Again,
not handout loans. They have to pay them back. And
let's say their gas station in Asheville was destroyed. These
(15:58):
are not like feeble people just looking for a handout.
They're looking to rebuild their lives. But there is no
money there today. They say apply, get the loan process underway,
and they'll hopefully honor that loan as soon as the
money comes through.
Speaker 1 (16:11):
You kind of began to dust it out. But there
there is money that the federal government releases. A lot
of that has to do with immediate needs. I'll never
forget after Katrina, people didn't have anything, so it was
money for to go get some clothes, to go get
some food, to pay for their hotel. There's that kind
of many. Then there's the major billions that come in
for repair and hall and restoration, and then for businesses,
(16:36):
we make these small interest loans available. That helps the
process of rebuilding. So that's key. I you know, we're
only talking about two three weeks, so I don't know.
You know, long as you stick with the process. It
was probably gonna take two three weeks before the loan
went through anyway. So I like the idea of begin
the process, apply for your loan, and we'll get the
(16:58):
funding in there as soon as Congress is back. But yeah,
they are out of money, that's for sure. What about
the other funds that people were suspicious were running low
because they were reallocated.
Speaker 5 (17:08):
So FEMA money. One of the things that has happened
with this the political angle is that Biden has called
on Congress, He's called on Speaker Johnson to call back Congress,
but he says it can wait because they appropriated twenty
billion additional funds to FEMA so the agency could address
those immediate immediate needs. And again, like you said, you know,
rebuilding your small business is different than needing water, Like
(17:30):
there's just a different priority of priorities, right, And this
theoretically can wait. But at the same time, I think
that it just doesn't sit well with folks where people
have lost absolutely everything. They just got electricity back, they're
still getting jugs of water brought in, and it's like, well,
Congress doesn't want to come back and approve what they're
going to approve anyway. That's that really does not bode
(17:52):
well with a lot of people.
Speaker 1 (17:53):
Yeah, you know, and then you can get nuanced and
talk about you know, how much you know should you
certain states respond better because they have better leadership than
other states. It's all nuanced, but the bottom line is,
you know, if you're a meteorologist and you blow the
big storm day, you really need to leave the market
when the government when people need government the most for
(18:14):
a priority of government, a proper use of government, and
you're not there, especially weeks before in election, that's not
good at all. You brought up something earlier that we
were so interestingly talking about ran out of time, and
that is people are listening to talk radio obviously right
now if they're listening to us, and so they're engaged
in politics far more than the average American. And then
(18:36):
we said, well, but what about everybody else in your state?
And what we found and I thought it was significant
and we didn't spend any time on that, but if
sixty plus percent are now voting, that's huge because over
half of America wasn't even involved in the elective process.
So people are getting more activated and getting more involved.
This whole thing is based on a self governance, not
(18:57):
government dependency. It's based on a government of the people
through a representative republic and a government of laws, not
an administrative state. I mean, we're doing a lot of
things wrong, but at least people are getting more involved.
And what we noticed was it was all blue states,
and so you could easily take the narrative, oh, the
more educated someone is, the more they're voting. Well, isn't
(19:17):
that convenient for the blue side? And then in these
states they're they're teaching civics. Yeah, but and then pre
registering people at sixteen. Is this a party playing it
or is it really true civics. That gets a little
bit concerning because education's got far more and doctrinating. But
it is interesting what we're seeing. And everything is political today,
(19:39):
including political involvement and activation.
Speaker 5 (19:42):
Indeed, and you also have purple states in there, but
they're educated that you have Arizona is number nine. You know,
you have other states that are there. I thought it
would be like the Caucus states like New Hampshire and
Iowa where they have like these big events so you
kind of can't miss it. But it turns out that
it's education and the obtainment and the pilot like this is.
You can say that's a blue thing, and it's like, no,
I think there's educated Red States. It's just a matter
(20:04):
of like do you teach this early on? And I
don't think that it's designed to be in doctrination like
the three branches of government. There's nothing doctrinating about that,
Like it just you gotta know that, like this is
how it works.
Speaker 4 (20:16):
It's how long it's passed.
Speaker 1 (20:18):
First of all, most schools don't teach civics, just like
they don't teach history, just like they've gotten their focus
off of reading, writing, and arithmetic. All right, I get
all that. So education is failing. I can see that
in the scores, the preparation for higher education, the workforce,
and certainly citizenry. There's no question it's a failure. Why
that's a whole other topic. What I find interesting about
this is the way conservatives, which would make up the
(20:41):
Red States, kind of view things and think of it
in the definition of what they are limited government. You know,
what is the proper size and role of the federal government.
What is the role in the responsibility of us the
self government? So the Blue side is always looking for
an administrative state and a federal government solution for every
thing and to be the solution. So they're focused nationally,
(21:04):
whereas Republicans are thinking more locally. I don't need the
federal government to do anything but defense and stay out
of my life and stay out of my biit. I
think that kind of steers it more. A red state
is viewed more views its governor and its legislature and
it's mayor and it's county commissioner more and less federal government.
I don't know that it has more to do with
that than even the civics. That just sounds like the
(21:26):
blue sides being very clever in the states they control,
lining up their next generation of voters.
Speaker 5 (21:31):
But do you honestly think that because there's so much
like that, Yes, I honestly think.
Speaker 1 (21:36):
I honestly know they do that, and they're smart to
do it.
Speaker 5 (21:39):
But I also require so you're right, you're right about
like an administrative state because in place like Maryland. Let's
look at Maryland because it's the number one most engaged state,
So it's just like a good like, why how did
they get there? Well, they require civic education in schools,
they do this in Virginia and New Jersey as well,
the top three, and then both of all three of
those states, which I found fascinating. I didn't even know
this was a thing. You can register young people to
(22:02):
vote as early as sixteen. They can't vote until they're eighteen,
but I think like the enthusiasm that builds and if
you're doing I haven't seen Civics textbooks. My kids are
too young. I do not know what they look like,
and I don't know what they look like from state
to state. But if you're genuinely teaching civics, it is
an honor and a privilege to be able to vote. Listen,
(22:23):
as a woman, we didn't have this. This was the
beginning of the century. Like I'm like, no, this is
this is a good thing and exercising that. Yes, sixty
six percent of the voting populace turned out last year
and that was a record number, but it's still sixty
six percent. It's not like the as many as it
could be. And no understanding why this is such a
privilege would make one more enthused to do it.
Speaker 1 (22:44):
Well, we do well, but we do. I agree with
all of that in concept, you know, I would be
interested to know. Could you go back and dig and
find out what percentage of sixteen year olds pre registering
in Maryland are preregistering as Democrat versus Republican and you
might get drank.
Speaker 5 (22:59):
I would be interestating.
Speaker 1 (23:00):
Yeah, but I can tell you this that we don't
teach civics on purpose. Civics was probably the hardest class
I took in high school. And we even had to
run campaigns in our civics class. That was doing it right.
I think you're going to be shocked. We don't see
too many civics textbooks anymore, but the left has very
cleverly playing for the next generation rewritten and revised history.
(23:21):
So our history books don't look like when I was
in school. They probably don't look much like when you were.
Let alone the curriculum and what the classroom narrative is
outside of the textbook. They've done the same with civics. Hell,
they rewrite reality through the narrative of a biased media.
So I always you know, in theory it's all good,
it's all how it's executed, and because they're all blue,
(23:42):
I think I know the answer, but we'll find out.
I thought this is a very very interesting question. You're right,
if nothing else, that should be on everybody's radar. And
Blue States they're teaching civics were kind, you should go
find out and they're registering kids at sixteen. They can't
vote to lighteen, although I guess through fraud you could
probably grab a dead person or a sixteen year old
(24:03):
and get that voted. But they're pre registering them. That
should be on everybody's radar. The Blue States are definitely
out activating voters from Republicans. But what's new there? Right?
Speaker 5 (24:14):
Yeah, I don't know. I I and this is not
like I'm not a big bluey. I'm not a big
ready Like I truly do want to.
Speaker 1 (24:21):
Hear it always, I said color Dalon, it is.
Speaker 5 (24:25):
It's bright purple. It really is. Because I'm like, no, what,
who's the smartest one in the room, Who do I
think is going to do the best job? Who actually
has my interest in mind? And then like I get
enthusis excited by good debate, like hearing people throw lobs
at each other is gross, and I'm like I could
do it.
Speaker 1 (24:41):
I'm with you, I am with you. I think you know,
the two party system is the biggest problem in America today.
And now thanks to social media. It's an actual social
dilemma and it's created a matrix. No, I get it,
and I'm with you, and that's what we need to be.
We need to return to be young Americans. We need
to return to being critical thinkers. We need to understand problems,
be open to all ideas for solutions, and then find
(25:02):
a consensus through debate. But none of that's happening, and
none of that's happening in those civics classes either, probably
in Maryland.
Speaker 5 (25:09):
I can do you, honestly think so. I would love
to learn.
Speaker 1 (25:12):
I just well, we could say I can get with
Chris and Chris Berry. We can send you on a
field trip and have you seen it, sit in a
class and report.
Speaker 5 (25:22):
I would absolutely do that for the for the simple
reason that I have like more faith maybe and I
shouldn't be this optimistic as a journalist, and I always
think things are getting better. Yes, there are there are
times where it turns around and then the course corrects.
But even if you look at like wokeness that's kind
of running its course, people find it like everything like
there's always this pendulum swip. And I think it's one
(25:42):
of the great things about America. Is that if we
get too far in either direction, we tend to course correct.
That's why you almost always see it.
Speaker 1 (25:49):
I would I would, I agree with you one hundred percent.
I would just say it differently. I would say, you
know what, truth is a real thing, and you can
ignore it only for so long and then it arrives.
Or another way of looking at it is all these
agendas and narratives. Sometimes America falls for it, but eventually
they all die, and they die, and the cause of
death is consequence and reality. So I think reality is
(26:11):
probably a far more corrective course than a Civics class
in Maryland. But I loved this story. We even went
into overtime with it. Great reporting. Erin I'm gonna get
with Chris and Bryant see if we can send you
to a Civics class in Maryland on our road.
Speaker 5 (26:24):
I would love to. I'm fascinated. I would love to see,
Like I'm fundamentally curious, like are they doing a writer?
Are they doing it wrong? Let's just see and and
you sit.
Speaker 1 (26:33):
There as a reporter, and I'll just go right back
to being a class clown. We'll entertain the class if nothing, Yo,
Eric appreciating great reporting today.
Speaker 5 (26:43):
Hi, I'm actress Lisa Varga and my morning show is
your Morning Show with Michael Delgiorno.
Speaker 1 (26:48):
Sometimes what we talk about off the air is more
interesting than what we do on the air. So I'm
looking at a picture of Rory O'Neal wearing his sunglasses,
and of course, at seventeen feet and two inches, he's
just as tall as the Sphinx. Can you tell me?
Across the street is a pizza hut and what was it?
A taco bell or uh? KFC?
Speaker 6 (27:06):
Yeah, So if you go to Giza and the Great Pyramids,
you will stand stand at the Sphinx and you will
look out and see the same view that the Sphinx has.
You are staring at a pizza hut and a KFC.
Speaker 1 (27:19):
The poor thing is probably thinking I would give that
anything for a deep Detroit about No, boy, that's very
very commercialized near something so historic. Eh. Yeah, a little
slummy too. By the way, were you there on business
or pleasure?
Speaker 7 (27:36):
Oh?
Speaker 1 (27:36):
No, just yeah, no, I was. I had taken a
year off to travel.
Speaker 6 (27:39):
The world, so I went around the world and that
was one of my stops and that's where I am.
Speaker 1 (27:44):
How do you do that? So obviously do you not
have family right, probably shouldn't have personal No, No, it's fine.
Speaker 6 (27:50):
That was just me so yeah, that's oh, that's why
you could do how you do it, that's how you.
Speaker 1 (27:54):
Ye see, when you get married and you have kids,
you don't get to do it do that stuff. No,
we always give you the final story, and today is
no exception. Bottom line new reports as forty percent of
Americans have now maxed out their credit cards. We were
just talking, I think it was me and Aaron, you know,
we were all kind of braced to start seeing the defaults.
(28:14):
Well we're maxed out. That means they're still on the
horizon if things don't start getting better quick.
Speaker 6 (28:20):
Well, look, twenty two minutes ago, we got the retail
spending report for the month of September and it was
retail spending was up more than expected for the month,
slightly so up one half of one point they're expecting
I think point four take out gas and autos actually
went up even.
Speaker 1 (28:36):
More than that.
Speaker 6 (28:36):
So it is this great dichotomy that Americas say, say,
the economy is terrible, but they keep on going out
there and spending like it's great.
Speaker 1 (28:46):
Big spenders, But we don't have the money. We're just
racking up deck kind of like the country's a big spender,
but it doesn't have any money's just racking up the dam. Right.
Speaker 6 (28:54):
So there's a great article in the Financial Times. I
urge you to go find it that looks exactly at
that issue, saying, you know, the money goes somewhere, So
where has.
Speaker 1 (29:03):
That money gone?
Speaker 6 (29:04):
And it's not really hidden the consumer, how it's going
into you know, from the governments to corporations. It's a
fascinating autotoall.
Speaker 1 (29:13):
Isn't it interesting that you know, we used to talk
about redistribution of wealth. I mean the key to communism,
which is the government takeover versus the idea of Marxism
where you take from those with means and give to
those with needs. Redistribution of wealth. What we have mastered
in America is redistribution of debt from luncheon right to
the next.
Speaker 4 (29:34):
As I'm paying for parents who didn't prepare its safe
for retirement but decided a little long time.
Speaker 1 (29:40):
I mean, you can't make this stuff up. So here
we are our credit cards in maxwom we're getting ready
to spend the most of Christmas. Ever. Yep, America we are.
I would say, don't try that at home. But we're
talking about doing that.
Speaker 6 (29:54):
At home, right, we are a bundle of contradictions. Yep,
and that's a great yea. Go find the article because
it talks about the guy's talking about he bought a
single scoop ice cream. It was nine dollars and fifty
some odd sense. He's like for an ice cream cone
at the mall and he's like his mind is blown. Well,
everybody picks something, right.
Speaker 1 (30:12):
I have a friend, David Zonatti, who he just can't
get over to Rito's if he brings one to there
eight dollars for Rotto's, you know. For me, I took
my son to breakfast the other day. I had to go,
you know, my annual physical and so I mean, but
I had two eggs over easy with sausage patties that
I think were bad and gave me indigestion or odded
as we call it an Italian, a slice of toast,
(30:33):
and then there were these two little you know, like
potato patty things. And this is a simple breakfast with
a small orange juice. Do you know our breakfast came
to fifty dollars with tip. Two people breakfast fifty dollars.
It's insane.
Speaker 6 (30:48):
Oh and boy, and the hurricanes and what they just
did to the citrus crop down.
Speaker 1 (30:51):
Here in Florida. Oh boy, And then we have the
story about bananas potentially going extinct. So now we're going
to create somebody some hypergenetic banana and carefully it'll taste different.
Speaker 6 (31:04):
Yeah, avocados at the wazoo will all be eating of
a cun uh.
Speaker 1 (31:09):
Yeah, Decker. Decker had an interesting take on everything. He
thinks Kamala Harris did good and she's talking to the
people that don't really like Trump and thinks she scored
some points for me. I heard a lot of this.
Speaker 7 (31:20):
My presidency will not be a continuation of Joe Biden's presidency,
And like every new president that comes in to office,
I will bring my life experiences, my professional experiences, and
fresh and new idea pants suit.
Speaker 1 (31:36):
But how are you going to be different? I don't
know that she's answered any questions, but I at this
point I can't figure out who the heck would be undecided,
and the polls are moving Donald Trump's way with three
weeks to go, these kinds of interviews, I don't know
how they're playing.
Speaker 3 (31:51):
We're all in this together. This is Your Morning Show
with Michael hild Joanno,
Hey, it's me Michael. You can listen to your morning
show live on the air or streaming live on your
iHeart app Monday through Friday from three to six Pacific,
five to eighth Central, and six to nine Eastern on
great radio stations like Talk six fifty KSTE and Sacramento
or one oh four nine The Patriot in Saint Louis
and Impact Radio one oh five nine and twelve fifty
w h d Z in Tampa, Florida. Sure hope you
(00:22):
can join us live and make us a part of
your morning routine. In the meantime, enjoy the podcast.
Speaker 2 (00:26):
Well two three, starting your morning off right, A new
way of talk, a new way of understanding because we're
in the stiget.
Speaker 1 (00:38):
This is your.
Speaker 3 (00:39):
Morning show with Michael O'Dell chordan, Vice.
Speaker 1 (00:43):
President Harris maintaining she'll do things differently than Joe Biden,
and she's not Joe Biden, and she's not Donald Trump.
If you were holding your breath for a specific she
still didn't have one. In her Fox interview with Brett Baer,
SpaceX is suing regulators in California. They're trying to decrease
rocket launches against Elon MUSKAUS they don't like his politics.
Jimmy Carter says he achieved his goal, at least to
(01:04):
his grandson. He lived long enough to vote and cast
his bout in the twenty twenty four general election. I
would probably have higher aspirations before I died, but he
got it. Him and former One Direction singer Liam Payne
dead at the age of thirty one following three stories
from his hotel in Buenos Aires. A lot of people
are questioning whether or not it was drug related. I
don't think it was suicide related. You'd go higher than
(01:26):
a third floor and the Dodgers home runs every way.
You could score eight to nothing over the Mets. They
now lead that series two games to one. Game four
tonight at seven oh eight, Yankees up two games to nothing,
are in Cleveland to take on the Guardians, and that
first pitch'll be at four to oh way. Good morning,
and thanks for waking up with your morning show, and
(01:46):
welcome to Thursday, October the seventeenth. I'm Michael del Jorno
at eight minutes after the hour. You know, one of
the things we get a lot of around here are
people that mostly reporters, that will kind of speak to
the audience and go, well, the American people are conflating
and having a hard problem understanding the difference between inflation
and cost of living, and they are two different things,
(02:08):
don't get me wrong. But the reason is because the
inflation percentage from pre COVID to today is so dramatic,
especially on the items that matter most homes, cars, groceries.
So somebody will tell you, well, the inflate inflation rate
is under control, Yeah, compared to last year, but not
(02:28):
compared to since COVID. But how big of a deal
is understanding the difference being cost of living and inflation.
And by the way, our money was an economist, David
Bonson never knows what we're going to bring up before
he comes on. And by the way, we don't have
to do that. We just do it because I guess
we're just too busy to visit beforehand. But I thought
the best use of our time, David, would be to
(02:49):
talk about that conflating between cost of living and inflation
and how they're different. Explain that to everyone.
Speaker 4 (02:58):
Well, first of all, Michael, let me say that I
would prefer you keep it this way of not letting
me know what's going on ahead of time, not just
because you're too busy to tell me, and I'm too
busy to hear. But if you do tell me, I'm
not going to listen anyways. And so we may as
well just do this live and let people get.
Speaker 1 (03:14):
The well I will say, let me say it this way, David,
one of my greatest And this was the case when
I was on Just in Nashville or even before that
in Oklahoma. One of the things I loved about God
gives me this type of a platform and I get
to share with them the brilliant minds and voices. Now,
in your case, you're on Fox Business all the time,
but in most cases the voices they're not hearing. There's
(03:36):
a lot of information but very little understanding. There's a
lot of voices and noise out there, but not the
right voices. And I consider you one of them. There's
very few people that like you and James Carafano and
Dave Sonatti that can do that on the fly. And
it's a testament to the fact that you're the real
thing and you get this stuff. But yeah, explain to
us because reporters love to make that difference. Oh, inflation
rate is great, right now, it's the cost of living
(03:56):
that's high. Are they two different things? And how should
we understand the difference?
Speaker 4 (04:00):
Yeah, I think that there's some semantics that go on here,
and essentially I just think Milton Freeman did this best.
When it comes to inflation, it is too much money
chasing too few goods, and and obviously inflation will mean
that there would be a higher cost of living, but
they're not defined as the same thing. In other words,
(04:24):
your arm hurting is not the same thing as having
a cut on your arm. But a cut on your
arm doesn't mean.
Speaker 1 (04:32):
Yeah, I love that.
Speaker 4 (04:33):
And so and and so I made that up on
the spot, so thank you. But yeah, I mean I
think I think that there isn't inflation. Cost of living
isn't going higher, but there can be things that make
ust to living go higher apart from inflation. And we
lived through that for thirty years where certain elements of
cost of living were going higher, and yet the inflation
(04:55):
rate was very contained, and the inflation rate that average
something about one and a half to one point eight
percent for a lot of years after financial crisis. That
was not something economists looked at as a good thing.
Consumers are happy when the prices weren't going up. However,
you still had massive inflation in healthcare, college education, and
(05:19):
in housing, and yet it was not related to an
overall move higher in the price level. Why this stuff
matters is, I think I've used this analogy with you
in the past, is that it is very odd to
talk about the overall price level as if it is
something that exists. There's three hundred thirty million people. There's
about a trillion transactions that are going to take place
(05:41):
in the next hour, right, micro transactions. So of course
of a year, there's just nano trillions of things going on.
And the idea that we could just measure it as
one number, oh all of those things put together prices
went up two point four percent or one board know whatever,
it can't be done. So we use best ball indicators.
(06:05):
And I think that the FEDS measurement of PCE personal
consumption expenditures is slightly better than the consumer price index
because the consumer price indecks I think overweights housing. But
in fairness, that's all they're trying to do is create
an index that they think indicates wallet share. So, you know,
(06:27):
as I am prone to do, I want to give
both sides of the narrative. I give all facts, but
facts sometimes have two sides in terms of narrative. The
cost of groceries, the cost of gas may be higher,
but the percentage of one's wallet that they're sharing that
they're spending on groceries, gas, other major expense items is
(06:50):
way down.
Speaker 1 (06:52):
Over years and years.
Speaker 4 (06:54):
And that's because in the seventies, when we had real inflation,
the main things people had to spend money on or
food and gas. But now, shelter, you have people spending
fifty percent of their net after tax paycheck on their
rent payment, where in the seventies it was unheard of
people were spending twenty twenty five percent. Then they were
(07:16):
spending with much higher interest rates too, I might add, oh,
much higher, much higher, that's right, and so you just
have significantly lower house prices. And so right now the
people continuing to make the point that total inflation over
three years is a certain percentage that's quite high, especially
(07:37):
for some of the items you pinpointed, although I'd point
out with used cars and new cars it was astronomically high.
But then the deflation has been huge there, which has
brought that down, but net it is still way up.
And then the year over year. So I always wonder
are people bring that up just to make the mathematical point,
which is fair enough. It's what impacts people like I
(07:58):
was spending this four years ago and now spending this.
That matters, But is it based on the idea that
it's ever supposed to be different? Like in other words,
inflation is never going to go back to the number
of where it was, and if it did, people would
have to assume their wages are going to do the same, right,
(08:18):
So that's why there's no metric better. There's no metric
better than inflation adjusted wages. Because if your house payment, dot,
your groceries, rent, and utilities all went up ten percent,
and your income went up eleven percent, your standard of
living did not change. That's the most important metric.
Speaker 1 (08:39):
I always use the analogy of my dad. All Right,
so here I am all these years later, and maybe
I think I'm more successful because I'm making more money,
but what he was making in nineteen seventy seven, and
what he was paying for a home in nineteen seventy seven,
like that home that he paid ninety thousand dollars for
is probably four hundred thousand dollars today. But because you
can't measure this stuff without That's why you want to
(09:02):
see wages keep up with inflation. If it doesn't, then
you got a problem. We only have about a minute
and a half. But you know, one of the things
that if you're really serious, and we go back to
the Milton analogy and what you were trying to explain,
if you're really serious about helping people with cost of living,
you're going to talk about manufacturing, right. You're not going
to talk about more handouts for votes to somebody, more
(09:24):
government spending. And that's the part where you better understand
the difference, You get better understand the question and the problem,
or you're really going to get the solution wrong. And
in one case, I'm watching this race, one side wants
to do more of the cause to be the solution,
and that's just more in the wrong direction from where
(09:45):
I'm coming from. So, if you're really serious about this,
we need to have money chasing goods.
Speaker 4 (09:51):
Right, Well, that's exactly right, and it's why Friedman's equation
has two parts to it, as all equations do to
much money chasing too few goods, and economically, it is
important for people to understand that in an economy where
people are growing, which you know that unfortunately is slowing.
But whether it's from legal immigration or fertility, moms and
(10:16):
dads having babies, I want.
Speaker 1 (10:18):
The population to grow.
Speaker 4 (10:20):
But basically, you can't have the money supply stay the
same if the goods and services are growing. If the
goods and services are not growing, then you're a dead society.
Then you become Japan or worse. So you want goods
and services growing, and the whole challenge to avoid inflation
is not having the money supply grow more than goods
(10:41):
and services. And it can't be done perfectly, so they're
trade offs. But obviously what happened by cutting off production
of goods and services during COVID was horrific and created
the inflation we had in twenty twenty two.
Speaker 1 (10:56):
I'm sixty. I don't know how old you are, and
I don't want to know, because you're even that much
more successful.
Speaker 4 (11:01):
I don't mind sharing it at all, now that I
turned the round number of fifty this year is fifty years.
Speaker 1 (11:06):
I got you by ten years. COVID is the dumbest
thing I've witnessed in my lifetime. The notion that you
can just turn the economy off like a light switch.
Never mind how the information was wrong, how Fauci duped
Trump to turn that off, to dump that much money
into an economy unearned, That is exactly how you create
(11:26):
a crisis inflation. But mostly what we're saying is whether
it's cost of living or inflation, that's mostly nuanced for narrative.
The realities end up ultimately being the same, and so
are the solutions, and America doesn't do a very good
job of understanding that. That much we can agree on, right, David, Oh,
very much.
Speaker 4 (11:45):
And politically, I do believe that Republicans miscalculated badly on
this because they had a golden opportunity of a real mistake,
the real thing you just said that you said it
was the dumbest thing you see in your lifetime. I
basically agree the real malpractice was the shutting down of
the country. They went all in on the shorter term
phenomena of all your prices are higher, and now, sure enough,
(12:09):
a year later, they're not higher relative than were a
year ago. That inflation rates slowed down, and you can go, oh, yeah,
well it's a lot higher less three or four years ago.
But people have very short term memories. So while there
is still a pretty decent political benefit to Republicans in
that inflation, it is not nearly as big as it
would have been if they had focused on the right causes.
(12:31):
Not to mention, we would all be a little more
economically cojined.
Speaker 1 (12:35):
Some and somewhere online. All the above kicks in, and
that's the hardest thing to get people to understand, especially
like in this meeting that we're using right now, because
it takes so long. If we had an evening together
in one of our cities, we could dust all this out.
But this is why border matters, abortion matters, manufacturing matters,
entrepreneurial risk and reward, and not penalty matters. It's kind
(12:57):
of the all of the above that I've seen real
choke not only the intelligence economically, but the country economically
in my lifetime. And the time to wake up was
about a decade ago, and we seem to be pretty
still fast asleep. And the more we sleep, the more
expensive it gets. Stupid is not cheap, right, David, No,
(13:19):
stupid is not cheap.
Speaker 4 (13:20):
But you know, stupid is two categories sometimes, and I'll
close with that, it's intellectual, we want to understand things,
but it's also moral. It speaks to kind of a
worldview and understanding of how things work. It involves ethics,
It involves beliefs and principles. So one can be smart
intellectually and stupid in terms of principles and morals.
Speaker 1 (13:43):
One can also be not.
Speaker 4 (13:44):
The most educated cat on the block, but have a
high moral I you, I'd prefer the latter. If I
had to pick. What our society needs when it comes
to economics is both. We cannot get the economics right
with more textbook, with more people sharing things about how
inflation works, or law supply and demand, if we don't
understand the real, important, deep down thing that is less
(14:05):
intellectual and more moral, and that is why God made us.
You do not get inflation where people understand that all
of us are supposed to get up and work hard
and produce. That is the greatest antidote to inflation ever created.
Speaker 3 (14:18):
The good old days weren't always good, and tomorrow's not
as bad as it seems. This is your Morning Show
with Michael del Joano.
Speaker 1 (14:27):
Thank you Mike McCann thirty five minutes after the hour,
that means twenty five minutes to be to work on time,
and thanks for bringing us along with you on the
drive to work. I'm Michael del Jorno. Jeffrey Lyons has
the controls. Aaron Rail's about to join us here in
this blit. Second the number toll free eight hundred six
eight eight ninety five twenty two. You can email Michael
di at iHeartMedia dot com and always use a talkback
button on your iHeartRadio app. All right, there's been a
(14:51):
lot of talk about FEMA in light of having funds
or what may have drained the funds for those that
are suffering any Eastern Tennessee, Western Carolina and Florida after
Helene and Milton. But the reality is the Small Business
Administration Disaster Fund is absolutely out of money. So let's
get beyond all the political arguing and narrative to the numbers.
(15:14):
Aaron Rayale with the reality. Good morning, good morning.
Speaker 5 (15:17):
Yes, the reality is that the Small Business Administration the
US SBA, has no money in it. It exhausted all
its funds following Allen, following Milton, and it cannot get
any more until after Congress returns and approves the appropriated funds,
and Congress doesn't want to come back until after the
(15:38):
November fifth election. They are stomping for their candidate. But
as a result, this leaves business owners in western North
Carolina and many other places kind of out to dry.
Now the SBA has said, continue to apply for these loans. Again,
not handout loans. They have to pay them back. And
let's say their gas station in Asheville was destroyed. These
(15:58):
are not like feeble people just looking for a handout.
They're looking to rebuild their lives. But there is no
money there today. They say apply, get the loan process underway,
and they'll hopefully honor that loan as soon as the
money comes through.
Speaker 1 (16:11):
You kind of began to dust it out. But there
there is money that the federal government releases. A lot
of that has to do with immediate needs. I'll never
forget after Katrina, people didn't have anything, so it was
money for to go get some clothes, to go get
some food, to pay for their hotel. There's that kind
of many. Then there's the major billions that come in
for repair and hall and restoration, and then for businesses,
(16:36):
we make these small interest loans available. That helps the
process of rebuilding. So that's key. I you know, we're
only talking about two three weeks, so I don't know.
You know, long as you stick with the process. It
was probably gonna take two three weeks before the loan
went through anyway. So I like the idea of begin
the process, apply for your loan, and we'll get the
(16:58):
funding in there as soon as Congress is back. But yeah,
they are out of money, that's for sure. What about
the other funds that people were suspicious were running low
because they were reallocated.
Speaker 5 (17:08):
So FEMA money. One of the things that has happened
with this the political angle is that Biden has called
on Congress, He's called on Speaker Johnson to call back Congress,
but he says it can wait because they appropriated twenty
billion additional funds to FEMA so the agency could address
those immediate immediate needs. And again, like you said, you know,
rebuilding your small business is different than needing water, Like
(17:30):
there's just a different priority of priorities, right, And this
theoretically can wait. But at the same time, I think
that it just doesn't sit well with folks where people
have lost absolutely everything. They just got electricity back, they're
still getting jugs of water brought in, and it's like, well,
Congress doesn't want to come back and approve what they're
going to approve anyway. That's that really does not bode
(17:52):
well with a lot of people.
Speaker 1 (17:53):
Yeah, you know, and then you can get nuanced and
talk about you know, how much you know should you
certain states respond better because they have better leadership than
other states. It's all nuanced, but the bottom line is,
you know, if you're a meteorologist and you blow the
big storm day, you really need to leave the market
when the government when people need government the most for
(18:14):
a priority of government, a proper use of government, and
you're not there, especially weeks before in election, that's not
good at all. You brought up something earlier that we
were so interestingly talking about ran out of time, and
that is people are listening to talk radio obviously right
now if they're listening to us, and so they're engaged
in politics far more than the average American. And then
(18:36):
we said, well, but what about everybody else in your state?
And what we found and I thought it was significant
and we didn't spend any time on that, but if
sixty plus percent are now voting, that's huge because over
half of America wasn't even involved in the elective process.
So people are getting more activated and getting more involved.
This whole thing is based on a self governance, not
(18:57):
government dependency. It's based on a government of the people
through a representative republic and a government of laws, not
an administrative state. I mean, we're doing a lot of
things wrong, but at least people are getting more involved.
And what we noticed was it was all blue states,
and so you could easily take the narrative, oh, the
more educated someone is, the more they're voting. Well, isn't
(19:17):
that convenient for the blue side? And then in these
states they're they're teaching civics. Yeah, but and then pre
registering people at sixteen. Is this a party playing it
or is it really true civics. That gets a little
bit concerning because education's got far more and doctrinating. But
it is interesting what we're seeing. And everything is political today,
(19:39):
including political involvement and activation.
Speaker 5 (19:42):
Indeed, and you also have purple states in there, but
they're educated that you have Arizona is number nine. You know,
you have other states that are there. I thought it
would be like the Caucus states like New Hampshire and
Iowa where they have like these big events so you
kind of can't miss it. But it turns out that
it's education and the obtainment and the pilot like this is.
You can say that's a blue thing, and it's like, no,
I think there's educated Red States. It's just a matter
(20:04):
of like do you teach this early on? And I
don't think that it's designed to be in doctrination like
the three branches of government. There's nothing doctrinating about that,
Like it just you gotta know that, like this is
how it works.
Speaker 4 (20:16):
It's how long it's passed.
Speaker 1 (20:18):
First of all, most schools don't teach civics, just like
they don't teach history, just like they've gotten their focus
off of reading, writing, and arithmetic. All right, I get
all that. So education is failing. I can see that
in the scores, the preparation for higher education, the workforce,
and certainly citizenry. There's no question it's a failure. Why
that's a whole other topic. What I find interesting about
this is the way conservatives, which would make up the
(20:41):
Red States, kind of view things and think of it
in the definition of what they are limited government. You know,
what is the proper size and role of the federal government.
What is the role in the responsibility of us the
self government? So the Blue side is always looking for
an administrative state and a federal government solution for every
thing and to be the solution. So they're focused nationally,
(21:04):
whereas Republicans are thinking more locally. I don't need the
federal government to do anything but defense and stay out
of my life and stay out of my biit. I
think that kind of steers it more. A red state
is viewed more views its governor and its legislature and
it's mayor and it's county commissioner more and less federal government.
I don't know that it has more to do with
that than even the civics. That just sounds like the
(21:26):
blue sides being very clever in the states they control,
lining up their next generation of voters.
Speaker 5 (21:31):
But do you honestly think that because there's so much
like that, Yes, I honestly think.
Speaker 1 (21:36):
I honestly know they do that, and they're smart to
do it.
Speaker 5 (21:39):
But I also require so you're right, you're right about
like an administrative state because in place like Maryland. Let's
look at Maryland because it's the number one most engaged state,
So it's just like a good like, why how did
they get there? Well, they require civic education in schools,
they do this in Virginia and New Jersey as well,
the top three, and then both of all three of
those states, which I found fascinating. I didn't even know
this was a thing. You can register young people to
(22:02):
vote as early as sixteen. They can't vote until they're eighteen,
but I think like the enthusiasm that builds and if
you're doing I haven't seen Civics textbooks. My kids are
too young. I do not know what they look like,
and I don't know what they look like from state
to state. But if you're genuinely teaching civics, it is
an honor and a privilege to be able to vote. Listen,
(22:23):
as a woman, we didn't have this. This was the
beginning of the century. Like I'm like, no, this is
this is a good thing and exercising that. Yes, sixty
six percent of the voting populace turned out last year
and that was a record number, but it's still sixty
six percent. It's not like the as many as it
could be. And no understanding why this is such a
privilege would make one more enthused to do it.
Speaker 1 (22:44):
Well, we do well, but we do. I agree with
all of that in concept, you know, I would be
interested to know. Could you go back and dig and
find out what percentage of sixteen year olds pre registering
in Maryland are preregistering as Democrat versus Republican and you
might get drank.
Speaker 5 (22:59):
I would be interestating.
Speaker 1 (23:00):
Yeah, but I can tell you this that we don't
teach civics on purpose. Civics was probably the hardest class
I took in high school. And we even had to
run campaigns in our civics class. That was doing it right.
I think you're going to be shocked. We don't see
too many civics textbooks anymore, but the left has very
cleverly playing for the next generation rewritten and revised history.
(23:21):
So our history books don't look like when I was
in school. They probably don't look much like when you were.
Let alone the curriculum and what the classroom narrative is
outside of the textbook. They've done the same with civics. Hell,
they rewrite reality through the narrative of a biased media.
So I always you know, in theory it's all good,
it's all how it's executed, and because they're all blue,
(23:42):
I think I know the answer, but we'll find out.
I thought this is a very very interesting question. You're right,
if nothing else, that should be on everybody's radar. And
Blue States they're teaching civics were kind, you should go
find out and they're registering kids at sixteen. They can't
vote to lighteen, although I guess through fraud you could
probably grab a dead person or a sixteen year old
(24:03):
and get that voted. But they're pre registering them. That
should be on everybody's radar. The Blue States are definitely
out activating voters from Republicans. But what's new there? Right?
Speaker 5 (24:14):
Yeah, I don't know. I I and this is not
like I'm not a big bluey. I'm not a big
ready Like I truly do want to.
Speaker 1 (24:21):
Hear it always, I said color Dalon, it is.
Speaker 5 (24:25):
It's bright purple. It really is. Because I'm like, no, what,
who's the smartest one in the room, Who do I
think is going to do the best job? Who actually
has my interest in mind? And then like I get
enthusis excited by good debate, like hearing people throw lobs
at each other is gross, and I'm like I could
do it.
Speaker 1 (24:41):
I'm with you, I am with you. I think you know,
the two party system is the biggest problem in America today.
And now thanks to social media. It's an actual social
dilemma and it's created a matrix. No, I get it,
and I'm with you, and that's what we need to be.
We need to return to be young Americans. We need
to return to being critical thinkers. We need to understand problems,
be open to all ideas for solutions, and then find
(25:02):
a consensus through debate. But none of that's happening, and
none of that's happening in those civics classes either, probably
in Maryland.
Speaker 5 (25:09):
I can do you, honestly think so. I would love
to learn.
Speaker 1 (25:12):
I just well, we could say I can get with
Chris and Chris Berry. We can send you on a
field trip and have you seen it, sit in a
class and report.
Speaker 5 (25:22):
I would absolutely do that for the for the simple
reason that I have like more faith maybe and I
shouldn't be this optimistic as a journalist, and I always
think things are getting better. Yes, there are there are
times where it turns around and then the course corrects.
But even if you look at like wokeness that's kind
of running its course, people find it like everything like
there's always this pendulum swip. And I think it's one
(25:42):
of the great things about America. Is that if we
get too far in either direction, we tend to course correct.
That's why you almost always see it.
Speaker 1 (25:49):
I would I would, I agree with you one hundred percent.
I would just say it differently. I would say, you
know what, truth is a real thing, and you can
ignore it only for so long and then it arrives.
Or another way of looking at it is all these
agendas and narratives. Sometimes America falls for it, but eventually
they all die, and they die, and the cause of
death is consequence and reality. So I think reality is
(26:11):
probably a far more corrective course than a Civics class
in Maryland. But I loved this story. We even went
into overtime with it. Great reporting. Erin I'm gonna get
with Chris and Bryant see if we can send you
to a Civics class in Maryland on our road.
Speaker 5 (26:24):
I would love to. I'm fascinated. I would love to see,
Like I'm fundamentally curious, like are they doing a writer?
Are they doing it wrong? Let's just see and and
you sit.
Speaker 1 (26:33):
There as a reporter, and I'll just go right back
to being a class clown. We'll entertain the class if nothing, Yo,
Eric appreciating great reporting today.
Speaker 5 (26:43):
Hi, I'm actress Lisa Varga and my morning show is
your Morning Show with Michael Delgiorno.
Speaker 1 (26:48):
Sometimes what we talk about off the air is more
interesting than what we do on the air. So I'm
looking at a picture of Rory O'Neal wearing his sunglasses,
and of course, at seventeen feet and two inches, he's
just as tall as the Sphinx. Can you tell me?
Across the street is a pizza hut and what was it?
A taco bell or uh? KFC?
Speaker 6 (27:06):
Yeah, So if you go to Giza and the Great Pyramids,
you will stand stand at the Sphinx and you will
look out and see the same view that the Sphinx has.
You are staring at a pizza hut and a KFC.
Speaker 1 (27:19):
The poor thing is probably thinking I would give that
anything for a deep Detroit about No, boy, that's very
very commercialized near something so historic. Eh. Yeah, a little
slummy too. By the way, were you there on business
or pleasure?
Speaker 7 (27:36):
Oh?
Speaker 1 (27:36):
No, just yeah, no, I was. I had taken a
year off to travel.
Speaker 6 (27:39):
The world, so I went around the world and that
was one of my stops and that's where I am.
Speaker 1 (27:44):
How do you do that? So obviously do you not
have family right, probably shouldn't have personal No, No, it's fine.
Speaker 6 (27:50):
That was just me so yeah, that's oh, that's why
you could do how you do it, that's how you.
Speaker 1 (27:54):
Ye see, when you get married and you have kids,
you don't get to do it do that stuff. No,
we always give you the final story, and today is
no exception. Bottom line new reports as forty percent of
Americans have now maxed out their credit cards. We were
just talking, I think it was me and Aaron, you know,
we were all kind of braced to start seeing the defaults.
(28:14):
Well we're maxed out. That means they're still on the
horizon if things don't start getting better quick.
Speaker 6 (28:20):
Well, look, twenty two minutes ago, we got the retail
spending report for the month of September and it was
retail spending was up more than expected for the month,
slightly so up one half of one point they're expecting
I think point four take out gas and autos actually
went up even.
Speaker 1 (28:36):
More than that.
Speaker 6 (28:36):
So it is this great dichotomy that Americas say, say,
the economy is terrible, but they keep on going out
there and spending like it's great.
Speaker 1 (28:46):
Big spenders, But we don't have the money. We're just
racking up deck kind of like the country's a big spender,
but it doesn't have any money's just racking up the dam. Right.
Speaker 6 (28:54):
So there's a great article in the Financial Times. I
urge you to go find it that looks exactly at
that issue, saying, you know, the money goes somewhere, So
where has.
Speaker 1 (29:03):
That money gone?
Speaker 6 (29:04):
And it's not really hidden the consumer, how it's going
into you know, from the governments to corporations. It's a
fascinating autotoall.
Speaker 1 (29:13):
Isn't it interesting that you know, we used to talk
about redistribution of wealth. I mean the key to communism,
which is the government takeover versus the idea of Marxism
where you take from those with means and give to
those with needs. Redistribution of wealth. What we have mastered
in America is redistribution of debt from luncheon right to
the next.
Speaker 4 (29:34):
As I'm paying for parents who didn't prepare its safe
for retirement but decided a little long time.
Speaker 1 (29:40):
I mean, you can't make this stuff up. So here
we are our credit cards in maxwom we're getting ready
to spend the most of Christmas. Ever. Yep, America we are.
I would say, don't try that at home. But we're
talking about doing that.
Speaker 6 (29:54):
At home, right, we are a bundle of contradictions. Yep,
and that's a great yea. Go find the article because
it talks about the guy's talking about he bought a
single scoop ice cream. It was nine dollars and fifty
some odd sense. He's like for an ice cream cone
at the mall and he's like his mind is blown. Well,
everybody picks something, right.
Speaker 1 (30:12):
I have a friend, David Zonatti, who he just can't
get over to Rito's if he brings one to there
eight dollars for Rotto's, you know. For me, I took
my son to breakfast the other day. I had to go,
you know, my annual physical and so I mean, but
I had two eggs over easy with sausage patties that
I think were bad and gave me indigestion or odded
as we call it an Italian, a slice of toast,
(30:33):
and then there were these two little you know, like
potato patty things. And this is a simple breakfast with
a small orange juice. Do you know our breakfast came
to fifty dollars with tip. Two people breakfast fifty dollars.
It's insane.
Speaker 6 (30:48):
Oh and boy, and the hurricanes and what they just
did to the citrus crop down.
Speaker 1 (30:51):
Here in Florida. Oh boy, And then we have the
story about bananas potentially going extinct. So now we're going
to create somebody some hypergenetic banana and carefully it'll taste different.
Speaker 6 (31:04):
Yeah, avocados at the wazoo will all be eating of
a cun uh.
Speaker 1 (31:09):
Yeah, Decker. Decker had an interesting take on everything. He
thinks Kamala Harris did good and she's talking to the
people that don't really like Trump and thinks she scored
some points for me. I heard a lot of this.
Speaker 7 (31:20):
My presidency will not be a continuation of Joe Biden's presidency,
And like every new president that comes in to office,
I will bring my life experiences, my professional experiences, and
fresh and new idea pants suit.
Speaker 1 (31:36):
But how are you going to be different? I don't
know that she's answered any questions, but I at this
point I can't figure out who the heck would be undecided,
and the polls are moving Donald Trump's way with three
weeks to go, these kinds of interviews, I don't know
how they're playing.
Speaker 3 (31:51):
We're all in this together. This is Your Morning Show
with Michael hild Joanno,
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.