November 8, 2024 • 38 mins
Chuck Zodda and Mike Armstrong are proud to join the DAV/WRKO radio telethon and in this episode they speak with one US Navy veteran and one combat veteran about their experiences serving our country, transitioning to civilian life, what brought them to the DAV, and why they continue serving veterans in important roles within the DAV.
Bill Malloy is a retired US Navy Captain. Bill served 35 years before retireing to focus on leading his company the Malloy Group. Bill is the President of the Malloy Group and a Legislative Advocate for the DAV.
Charlene Van Cott is a decorated veteran with two tours of Afghanistan. Charlene is currently a DAV Case Manager while still being an active duty reservist.
Bill Malloy is a retired US Navy Captain. Bill served 35 years before retireing to focus on leading his company the Malloy Group. Bill is the President of the Malloy Group and a Legislative Advocate for the DAV.
Charlene Van Cott is a decorated veteran with two tours of Afghanistan. Charlene is currently a DAV Case Manager while still being an active duty reservist.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Financial Exchange is produced by Money Matters Radio and
is hosted by employees of the Armstrong Advisory Group, a
registered investment advisor. All opinions expressed are solely those of
the hosts. Do not reflect the opinions of Armstrong Advisory
or anyone else. Investments can lose money. This program does
not offer any specific financial or investment advice. Please consult
your own financial, tax, and estate planning advisors before making
(00:20):
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this program do not endorse each other or their services.
Armstrong and Money Matters Radio do not compensate each other
for referrals and are not affiliated. This is The Financial
Exchange with Chuck Zada and Mike Armstrong, your exclusive look
at business and financial news affecting your day, your city,
(00:43):
your world. Stay informed and up to date about economic
and market trends plus breaking business news every day. The
Financial Exchange is a pround partner of the Disabled American
Veterans Department of Massachusetts. Help us support our great American
heroes by visiting DAV five dot Boston and making a
donation today. The DAV five K Boston is presented by
(01:05):
Veterans Development Corporation. This is the Financial Exchange with Chuck
Zada and Mike Armstrong.
Speaker 2 (01:13):
Chuck, Mike and Tucker with you here on a Friday,
and today we are participating in a radiothon for one
of our affiliates. WRKO in Massachusetts is part of the
dav Department of Massachusetts radiothon that is happening all day
(01:34):
today in order to raise money for the dav Department
of Massachusetts in advance of Veterans Day on Monday. This
is something that we participate in every year, and it's
one of my favorite shows that we do every year,
quite honestly, just because, look, I know that a lot
of times we get caught up in our day to
(01:55):
day lives and whatever might be going on in them, good, bad, ugly,
whatever it is. But this is one where I think
it's important to be able to take some time to
not just recognize the veterans that have made our lives possible,
but also to you know, really focus on supporting them financially.
(02:21):
Quite honestly, you know, it's not enough to simply say
thank you for your service. It's something where we have
to do more than that. Because this is a group
of people that has done more for us. It's a
group that sacrifice their time, their money, their family life.
(02:42):
Like they spend so much time and effort, you know,
making sure that we are able to do what we
do on a daily basis. I mean, I'm hosting a
freaking radio show here, like it's what I am doing
is great for me. But ultimately what they do and
(03:03):
what they will continue to do and have done, is
great for our country and for all of us. And
for that we are incredibly thankful and happy to participate
in the DAV Department of Massachusetts radiothon. To make a donation,
we'll be given this number out over the course of
the day, but as we'll get started early. To make
a donation, you call nine seven eight six three two
(03:27):
one nine eight five, or you can visit DAV five
K dot Boston. That number again is nine seven eight
six three two one nine eight five, or you can
visit DAV five k dot Boston. We'll be given that
number out all day today. Uh So again, if you
didn't catch it on those two I'll say it one
(03:47):
more time right now. Nine seven eight six three two
one nine eight five, or visit DAV five k dot Boston, Mike,
any thoughts on your end before we do cover a
couple stories before we get into some interviews with veterans
and folks associated with the DAV.
Speaker 3 (04:02):
Yeah, I think the big thing here is one to
lay out the show. We've got five awesome interviews coming
up with veterans and folks that work with the DAV
in some way, shape or form, and you're gonna hear
a lot of awesome stories today. If you're not familiar
with the DAV, or maybe you don't live in Masters,
we have plenty of listeners I know across the country
(04:23):
listening from different places. There are Disabled American Veterans Departments
in almost every state, if not every single state across
the country.
Speaker 4 (04:30):
They do great work. You're gonna learn a lot about
what it is they do.
Speaker 3 (04:33):
And I would just urge you if you're not familiar
with the work that the DAV does, now's the opportunity
to learn quite a lot. I did not know a
lot about them a decade ago. I've learned a ton
of been really impressed. I've spoken to people you know
that work in different areas that are somewhat connected to
the military to retirement and for folks that have made
(04:55):
that transition.
Speaker 4 (04:56):
The DAV has played a huge.
Speaker 3 (04:58):
Role for a lot of the so you know, tune
in if nothing else, you can learn a lot about
the great work that they do. Today we'll be talking
to a lot of different people from a lot of
different backgrounds, and I'm excited about it and.
Speaker 5 (05:08):
The things that they do.
Speaker 2 (05:09):
Just like again rattling off kind of a list if
you are, if you're a disabled veteran that's looking to
figure out, you know, how to access different benefits and
file claims. They provide free counseling and assistance to those
veterans in their families. They provide transportation to medical appointments
for disabled veterans, food clothing, those types of pantry services
(05:30):
to veterans, housing opportunities. They help veterans with those all
kinds of different things, just to help those who have
again sacrificed a lot to maintain our way of life
and need a little bit of help now that they're
back here.
Speaker 5 (05:46):
So I think this is a hugely.
Speaker 2 (05:48):
Important mission and again to donate, that number is nine
seven eight six three two one nine eight five, or
you can.
Speaker 5 (05:56):
Visit DAV five k dot Boston.
Speaker 2 (06:00):
Mike should we cover a little bit from the FED
yesterday before we get to our first interview, the.
Speaker 4 (06:06):
Least watched Federal Reserve meeting of the year.
Speaker 2 (06:08):
You mean, yeah, so we'll spend literally five minutes on it,
because honestly, most uneventful meeting as far as policy goes.
There's one thing I do want to note in here,
because policy wise, let's just summarize it. They cut a
quarter percent. They signaled we're probably gonna cut in December.
After that, we're not entirely sure because we need to
see what policies come in from the new administration. I
(06:32):
don't think there was anything surprising there particularly noteworthy.
Speaker 3 (06:34):
Correct, correct, very very boring, which, by the way, I know,
you know it's our job to talk about these things
and make them exciting for entertainment and purposes of our show,
But you want the FED meetings to be boring. If
they're boring, it means you don't have to pay attention
to them, which means that what they're doing is not
all that impactful to your daily life, which has not
been the case over the last four years.
Speaker 5 (06:54):
So this was good.
Speaker 2 (06:55):
One part that was exciting to me and interesting. J
Powell about half hour into his press conference, gets asked
the question, Hey, we've you know, had some rumblings from
the Trump campaign that you know, if he wins, which
he has now, he might ask you to step down
from office.
Speaker 6 (07:16):
Will do you want the audio?
Speaker 5 (07:18):
If you haven't that great? Yes, here you go.
Speaker 7 (07:22):
Some of the president's ALECX advisors have suggested that you
should resign if he asked you to leave?
Speaker 5 (07:28):
Would you go no?
Speaker 7 (07:32):
Can you follow up on it? Do you think that
legally you're not required to leave? No?
Speaker 2 (07:40):
Now, j Powell has never answered a question with fewer
than eighty words in a sentence, and ten sentences in
a paragraph like his answers are long and and circuitous,
and for him to just go no, And then later Tucker,
do you have the audio of the second time he
was asked by the other reporter or no.
Speaker 6 (07:59):
I'd oh, jeez, stupid, Mike, I don't have that.
Speaker 7 (08:02):
No.
Speaker 2 (08:03):
So he was asked five minutes later by another reporter, Hey,
just getting back to that, you know, has the Fed
done any research to you know, indicate what this might like,
if this is even possible, And he just answers four
words not permitted under law, and the guys the reporter
goes excuse me, and he goes not permitted under law,
(08:26):
And again J Powell never really I don't think he
really tries to ruffle any feathers generally. But this is
the equivalent of Powell basically being like, I'm gonna be
my own dude. If the president wants to try to
come after me, He's more than welcome to, you know,
try to job own me all that he wants. But
(08:47):
I am signaling my independence from the president in about
as strong of a way as I can. Because Powell
never does this.
Speaker 4 (08:57):
Yeah, he always softens his words.
Speaker 3 (08:59):
This is the I can't think of a single question
he's been asked where the answer was yes or no.
Speaker 2 (09:04):
He always equivocates. Not this time, and so this, I
think if you're looking for something that's going to be interesting. J.
Powell's term doesn't expire until twenty twenty six. He's got
about a year and a half left. How does this
play out over the next year and a half in
terms of, you know, the relationship between him and President
elect Trump. I think that's going to be a real
(09:24):
interesting question. And I think, look, he obviously has worked
with him before. Trump was the one who first put
him in charge of the FED. So they do have
a working relationship. It's not something where he's sitting there like,
oh gee, I don't even know this guy, Like, no,
it's not that, But it's gonna be How has the
relationship evolved since Trump's first term and is different this time?
(09:48):
And I think this is going to be fascinating and
really important also in terms of determining where things go
for the US from both a monetary and on a
related note, from a fiscal perspective. No day, So this
will be interesting. Let's take a quick break here. When
we come back, we're gonna be joined by Bill Mawoy.
He's a US Navy veteran and legislative advocate for the
(10:10):
dav Bill joins us right after this.
Speaker 1 (10:14):
Wall Street watch a full update on the markets performance
todate weekdays at ten thirty only here on the Financial
Exchange Radio Network. The Ultimate Boston Sports Option to benefit
the Disabled American Veterans Department of Massachusetts is underway. You
could win two tickets to see the Patriots take on
the La Rams on November seventeenth. Two tickets to see
the world champion Celtics against the Cleveland Cavaliers on Tuesday,
(10:37):
November nineteenth, two tickets to see the Bruins against the
Edmonton Oilers on Tuesday, January seventh, and four tickets to
a twenty twenty five Red Sox home game. All that
plus autographs merch from all four teams. To place your bid,
call eight eight eight two oh five two two sixty three.
That's eight eight eight two oh five two two six three.
Speaker 5 (11:00):
Yeah.
Speaker 6 (11:00):
As you heard, the current bid for the Ultimate Boston
Sports Auction is five thousand dollars, and if you'd like
to increase that amount and take home these four incredible
auction items, call the bidline right now at eight eight
A two zero five two two sixty three. That's eight
eight A two zero five two two sixty three. All
proceeds will benefit the disabled American Veterans Department of Massachusetts.
(11:22):
Now's your chance to support our great American heroes. Call
now to bid eight eight eight two zero five two
two sixty three, and that bidline will be open through
eleven forty five this morning.
Speaker 2 (11:35):
As promised. We're now joined by Bill Maloyd. Bill is
a US Navy veteran and legislative advocate for the Davy
of Massachusetts.
Speaker 5 (11:45):
Bill.
Speaker 8 (11:45):
How are you today, Good Jack, good morning. Great to
be on the show.
Speaker 2 (11:50):
Absolutely, it's fantastic to have you here. And again, I'm
just so excited about this event. It's it's one of
my favorite days each year to actually do this show.
Can you tell tell us a little bit about your
long career with the Navy and just how meaningful it
was for you?
Speaker 8 (12:07):
Sure, Ken. I mean, I'm a guy that grew up
in Situate, mass but raised my family nearby and nowell
Or I lived for twenty eight years and now I
live in Boston. I'm retired Navy captain with time in
both the active reserve branches of the Navy, a total
of thirty five years total travel in the world. For
(12:27):
a little kid growing up and its situates, The Navy
took me to thirty five different countries in thirty five years.
It's easy to remember that just because how many countries
it is. It's so I got a chance to really
to learn more about, you know, not just myself, but
also about different cultures, different countries. It was a heck
(12:50):
of an opportunity.
Speaker 2 (12:51):
When you look at your thirty five years of service,
what are the certain programs or things that helped you stand,
they kind of stood out to you and kind of
helped to really shape who you are today.
Speaker 8 (13:05):
Well, I think every sailor probably has a personal story
to tell. In mine is that I was fortunate enough
to have a very good sailor buddy who told me
before I left active service to copy my entire medical record.
And I'm like, really, he goes, yeah, believe me, You'll
you're going to thank me. So I did, and I
(13:26):
copied it, and that was the best advice I could
have ever received from anybody. I did copy my entire
medical record before I left active duty, and when I left,
I had trouble flyling claims. I had a right knee
problem I fell on the ship, and I also had
some hearing loss from being the officer deck of the
ship firing the guns and the missiles all the times
(13:49):
that we did, and just so happens. In Boston, I
bumped into Dan Stack, who at that time was the
State Adjutant, and told him of my plight, and he said,
we can help. So I joined the DAV and I've
never looked back. The DAV has been there for me
personally every step of the way. They helped me file
(14:09):
the claims for my right knee and the hearing loss,
and since I had a copy of my medical records,
they also looked through them and found a few other
things I was totally unaware of. So you know, since
that time, I've had my right knee replaced when there
was no other option, and I we're hearing aids that
I used constantly right now. And I never could have
(14:30):
done this by myself. So it was the DAV was
truly key and instrumental in me trying to straighten out
and get the filing the claims and get just compensate
compensation that I was due.
Speaker 2 (14:46):
Can you talk a little bit about your legislative advocacy
work and how that helps you to give back to
the DAV.
Speaker 8 (14:51):
Now, sure? I mean I was fortunate enough. My dad
was a lobbyist on Beacon Hill. He was actually one
of the first ones s guard back about nineteen fifty,
so I kind of grew up at his knee, so
to speak, listening and meeting a lot of different politicians.
A lot of times it was on the golf course
(15:12):
because I was caddying for many notable politicians like Tip
O'Neil and Joe Moakley and a few others. So I
got a chance to see the interaction of my dad
and how a politician reacts to a lobbyist and so forth.
(15:32):
So after my time on active duty and my dad
asked me to join him, I did. And it was
that background and experience that watching my dad interact, that
I was able to capitalize that and take that over
to try and help the veterans, like the DAV in particular,
(15:54):
and help them pursue funds that were needed to they
have three homes out and Gardner and in Leminster, to
get funds to do the things they need to do
to accomplish their mission.
Speaker 2 (16:07):
If you had to, you know, say anything to any
veterans who might be listening now who might have questions
about the DAV and how they could potentially help them,
what would you say about, you know, how the DAV
has helped you, and why do you, you know, kind
of choose them out of all the different places that
you could have gotten assistance from.
Speaker 8 (16:27):
Sure, I mean you've heard my personal story, like I said,
and many sailors have their own personal story and soldiers
and airmen as well, of course, but the DAV deserves
our financial support to be able to continue those services,
to offer those services to fellow veterans like they did
for me. So I'm asking all veterans out there and
(16:48):
friends of the veterans, the police get jibbed generously so
that the dav can continue their mission and supporting our
veterans during this telethon, and you're helping to protect the
promise that was made long ago to always take care
of our veterans.
Speaker 2 (17:04):
Bill, I want to thank you for taking the time
to speak with us today, also obviously for your service
and for your continued support of the dav U. I
know there are plenty of people out there who appreciate that,
and so thank you so much for everything that you
have done and are continuing to do today.
Speaker 5 (17:20):
We certainly appreciate it.
Speaker 8 (17:23):
Thanks very much, Chuck.
Speaker 2 (17:25):
That is Bill malloy, a US Navy veteran and legislative
advocate for the dav of Massachusetts. Remember if you'd like
to support Disabled American Veterans Department of Massachusetts call nine
seven eight six three to two one nine eight five.
That number again is nine seven eight six three two
(17:46):
one nine eight five, or you can visit DAV five
K dot Boston. Don't forget the Ultimate Boston Sports Auction
as well. Talk there any changes in the top bid
on that right now.
Speaker 6 (17:57):
Current bid is at five thousand dollars in the bidline
is open through eleven forty five today.
Speaker 2 (18:03):
Perfect and that bidline is eight eight eight two zero
five two two six three and again that number if
you'd like to make a donation to the dav Department
of Massachusetts is nine seven eight six three two one
nine eight five, Or you can visit DAV five K
dot Boston. Mike, we've got about a minute before we
(18:26):
have to wrap up this segment here. What story do
you want to cover in a minute?
Speaker 4 (18:30):
Uh, the DAV five K that's happening tomorrow morning. It's
a good one. I'm gonna be there as will I.
Speaker 3 (18:37):
I think we've got maybe a dozen folks from Armstrong
who are going to attend, and it's sold out quite
a time ago. But uh, the event is held at
Castle Island in Boston. Every year it's been I don't know,
I'm sure we'll hear just how long it's been going on,
but an incredible event. One hundreds of people run in
(18:57):
the five K, some folks walking as well. There's boots
set up as food there's yeah, just a just an
incredible event every single year. I'm pretty sure I'm gonna
have the worst time for the five k amongst our group,
but excited nonetheless. And if you haven't been to it,
even if you're not registered and you want to go,
you know, check it out and attend.
Speaker 5 (19:18):
Come hang out.
Speaker 3 (19:19):
It's a it's a really fun place to be for
the day. So it looks like we're gonna get good
weather too, which I'm excited about.
Speaker 2 (19:25):
I'm gonna take a quick break here when we come back.
We're gonna be joined by Charlene Vancott. She's a dav
case manager and service operator and a decorated vetgan with
veteran with two tours to Afghanistan. She'll be joining us
in studio after this.
Speaker 1 (19:41):
Like us on Facebook and follow us on Twitter. Act
TFE show breaking business news is always first right here
on the Financial Exchange Radio Network. Time now for Wall Street.
Watch a complete look at what's moving market so far
today right here on the Financial Exchange Radio Network.
Speaker 6 (20:01):
Well, markets aren't positive Territory To wrap up the week,
one day after the FED slash interest rates by a
quarter point as expected, marking its second straight meeting of
cutting rates. Right now, the Dow is up by two
hundred and forty seven points, or just over half a percent,
SMP five hundreds up by a third of a percent,
and the Nasdaq is mostly flat edging higher. Russell two
(20:21):
thousand is up nearly a quarter of a percent, ten
year Treasureel down by six basis points at four point
two seven percent, and crude oil down nearly three percent,
trading just above seventy dollars a barrel. Nvidia Insure Williams
officially joined the Dow Jones Industrial Average this morning, replacing
Intel in chemicals company Dow. Meanwhile, shares in social media
(20:43):
company Pinterest down by fourteen percent after a beach street
expectations for the third quarter. However, it warned of higher
operating expenses, and Airbnb posted mixed quarterly results with higher
quarterly revenue as travel demand improved in North America. However,
earnings came up just of estimates that stock down by
nine percent. I'm Tucker Silvan, that's Wall Street Watch.
Speaker 3 (21:06):
So once again this year we are really proud to
support our Boston affiliate WRKO and the radiothon they're doing
to benefit the disabled American Veterans Department of Massachusetts. If
you would like to make your donation, you can call
the DAV five k dot. You can go to DAV
five k dot Boston, or you can call at nine
to seven eight six three two. Is that nineteen eighty
(21:29):
five or fourteen eighty five? Tucker can't read the writing
nineteen eighty five, nineteen eighty five read that. I can't
tell if it's a nine or four. I'm sorry, I
want to make sure it's right.
Speaker 6 (21:40):
Is that my chicken scratch?
Speaker 5 (21:41):
Yeah? Okay, yeah, yeah, sorry.
Speaker 3 (21:43):
In any case, we are now joined by Charlene Vancott.
She is a DAV care coordinator, service officer, and decorated
veteran with two tours of Afghanistan. Your military career, Charlene,
it began back in twenty twelve. You served in our
and during Freedom with two deployments in Afghanistan, and now
(22:04):
join a relatively small group, right. I mean, I was
trying to research what percentage of American veterans are female,
and I came up with about ten percent. So you're
in a fairly unique group of US veterans. Talk to
us about your time in the military and specifically you know,
serving as a female.
Speaker 7 (22:24):
Yeah, thank you for that. So it is a unique
opportunity to have. On my first deployment to Afghanistan, I
was twenty thirteen, so middle of you know, the conflict
over there and working with the Afghan National Army as
a female. You can imagine, based upon their cultural rules expectations,
some were not so open to having a female counterpart,
(22:47):
whereas there were others who would actually invite me to
sit down and partake in chai with them. So it
was very eye opening to understand that I would be
part of the changing of their culture and how it
is they want to move forward integrating females as respected
members of their society.
Speaker 3 (23:08):
When did you leave the military and can you talk
to me a little bit about that transition out of
the military and into civilian life.
Speaker 7 (23:15):
So I actually haven't transitioned yet. I am still actually
a drilling reservist. I just crested over fourteen years, just
got promoted to staff sergeant back in July. So careers
where I'm you know, where I'm looking to take forward,
looking for that twenty years, I'll probably do twenty one,
only to make sure I give them that full twenty
that they learn right might take back some, but yeah,
(23:36):
it's a great opportunity. I work for the training Battalion
out at Fort DEVNS. I'm an instructor. So what that
does is, you know, after two combat tours, thirteen years
of service, your body gets a little broken, but my
mind isn't. And so being able to take my knowledge
and my experience and pass that along to these upcoming
new soldiers that they can take forward. It really is
(24:01):
that reach backpoll one forward philosophy.
Speaker 3 (24:03):
So let's move forward here and talk about the dav
How did you first hear about the disabled American veterans
of Massachusetts.
Speaker 7 (24:10):
So after my first deployment, I was wounded and I
spent fifteen months at the Wounded Warrior Battalion at Fort Drum,
New York, rehabilitating. They were attempting to medically retire me
from the army, but I was too stubborn to let
that happen. I wanted to prove that broken crayons can
in fact still color. So I was able to prove
(24:31):
that I was still fully deployable, still mission capable. Returned
back home as a reservist, and in talking to members
of my community, someone said, you know, the troubles that
I had experienced and receiving the benefits and such. They said,
why don't you go over to DAV. You know, they're
behind the college and they'll help you out there.
Speaker 4 (24:49):
Had you even heard of them prior to that?
Speaker 5 (24:51):
Not really.
Speaker 7 (24:53):
You know, everybody always talks about the American Legion and
the PFW, which are great veterans service organizations, you know,
but I think DAV is of the best kept secrets
of the veteran service community.
Speaker 4 (25:02):
Well, let's not keep it a secret.
Speaker 3 (25:04):
So you are now working through the DAV in addition
to being active duty to the military, right now, talk
to me about that. Well, I'm sure you're busy first
and foremost, but talk to me about your role within
the DAV and how you help folks out.
Speaker 7 (25:17):
Yeah, so it's actually one of those blessings in disguise.
So when I did go to DAV, I walked in
and Mike was the claims officer who helped me, and
we kind of looked at each other and realized that
we actually knew each other from high school. And then
subsequently he was like, hey, come.
Speaker 4 (25:31):
You know, is that a good thing or a bad thing? Shirley.
It was a great thing. It really truly was.
Speaker 7 (25:35):
It kind of you know, brought back, you know, memories
of knowing who I was and how far I've come
in my adult life and career, to which then you know,
they offered me a position as a case manager, and
I was like, I don't really think that's my jam.
You know, I'm a I'm a firefighter, I'm a paramedic,
I'm a police officer. Like that's that's not really you know,
my thing. So last year, Kayla, the director reached out
(26:00):
and was like, hey, you know, I could really utilize
your medical background in our housing program. A lot of
these veterans don't really understand what they're being told medically,
you know, can you bridge that gap for me? To
which I came on board in a part time capacity
helping with that, and then as of August, you know,
I jokingly say that I drank the Kila juice and
(26:22):
really the Kala kool aid and really just embodied, you know,
being able to serve my fellow veterans because as someone
who faced the trials and the tribulations and coming home
with moral injury and PTSD and working through all that
and not having someone there to help me, I think
it's being able to be that person that I didn't
(26:45):
have for someone else.
Speaker 4 (26:47):
That's really fantastic.
Speaker 5 (26:48):
Charlene.
Speaker 3 (26:49):
I want to I want to leave with one other
item because we touched on it, but I think it
deserves a little bit more. Everyone out there has seen
different veterans service organizations, disabled veteran organizations. I've personally, you know,
looked at other ones, donate to other ones. You know,
it's been a part of other ones as well. And
I know you have too, And I would like your
(27:10):
perspective on that, because I know you belong to several
of these and are active in many of them. What
do you find so unique about the DAV and and
you know, again, if you can compare and contrast here
and exactly why it is so beneficial for funds to
go to DAV, that'd be great.
Speaker 7 (27:29):
So, as you mentioned, I do belong to several other
veteran service organizations, Combat Veteran Motorcycle Association, which is great.
I get to ride my motorcycle with other combat veterans
and veterans as a whole, and we get to raise
funds to give to organizations like the DAV American Legion VFW.
I belong to those because I think it is important
to have those institutions still remain. What separates the DAV
(27:52):
Department of Massachusetts from anyone else, I think is our
housing program. You know, we participate in the VA Transportation
Now work providing free rides to and from VA medical
appointments or VA directed medical appointments, which is nationwide. It's
a great feature to be able to offer veterans. But
our housing program, we're the only DAV in the country
(28:13):
that has this housing program. And what we're able to
do is we're able to take these veterans and sometimes
veterans with families or veterans with children who are otherwise
housing insecure or homeless, living in their cars, living and
stick built shacks in the woods, and we're able to
take them in and say, hey, this is your opportunity
(28:34):
to take a knee, drink some water. We got you,
and we're going to help you, and we're going to
give you the resources, and we're going to give you
the tools to rebuild your life and be able to
move forward from this program to have the life that
you want and that you deserve. You gave your time
and of yourself to this country, so the least that
(28:54):
we can do as an organization is give our time
to help further that.
Speaker 3 (28:59):
It's fantastic, it's something you should truly be proud of
and a continued great career. So Charlene, thank you so
much for joining us. Again, that's Charlene Vancott. She is
a DAV care coordinator, service officer and decorated active duty
Army member as well and speaking with us today about
(29:20):
her experience with the DAV. If that doesn't inspire you,
then I don't know what does. But again, we are
supporting the DAV all day to day alongside WRKO, and
if you would like to make your contribution or just
learn more, go.
Speaker 4 (29:35):
To DAV five k dot Boston. Again.
Speaker 3 (29:38):
That's DAV five k dot Boston and will be continuing
for the next hour and a little bit our conversations
with other members of the DAV and other folks with
experience with them. So thanks so much, Charlene, appreciate you
joining us. Let's take a quick break and we'll be
write back with more.
Speaker 1 (29:55):
The Financial Exchange streams live on YouTube. Like our page
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your chance to support the disabled American Veterans Department of Massachusetts.
By bidding in our Ultimate Boston Sports Auction. You could
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(30:15):
La Rams on November seventeen, two tickets to see the
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two tickets to see the Bruins against the Edmonton Oilers
on Tuesday, January seventh, and four tickets to a twenty
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Speaker 6 (30:44):
As you heard, the Ultimate Boston Sports Auction still ongoing.
We get another hour to go, and the current bid
for all of that listed is five thousand dollars. And
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all of these incredible prizes, call the bidline right now
at eight eight a two zero five two two sixty three.
That's eight eight eight two zero five two two sixty three.
(31:06):
All proceeds will benefit the disabled American Veterans Department of Massachusetts.
Now's your chance to support our great American heroes. Call
now to bid eight eight A two zero five two
two six three and the again. The auction is open
for another hour and the current bid is at five
thousand dollars.
Speaker 5 (31:25):
Let's go.
Speaker 1 (31:25):
Let's get that number up.
Speaker 6 (31:26):
We're supposed to be the best fans in the country, right,
let's go.
Speaker 2 (31:30):
Let's talk a little bit about the FED moves yesterday
and how they impact individuals. So, Mike, the FED cut
interest rates by a quarter percent yesterday, and in terms
of what this is going to actually, you know, impact on,
you know, how this will work across different types of loans.
(31:51):
Let's start with credit cards, because this one's pretty easy.
Most credit card interest rates are tied either to the
FED funds rate or to an interest rate that's.
Speaker 5 (31:59):
Based off it.
Speaker 2 (32:00):
So what you should see is that credit card rates
should drop by a quarter percent pretty basically effective immediately, yep, okay,
or you know, depending on the contract I might say,
like the next billing statement or whatever.
Speaker 5 (32:14):
But that's something that you should see pretty quickly. There.
Speaker 2 (32:17):
When we talk about adjustable rate mortgages, if you have
an adjustable rate mortgage today. In some cases that adjust
rate might be based off of the FED funds rate.
It might be based off of the sofa rate or
something else like similar to that prime rate is crime rate.
(32:37):
And so again, those when they come up for their adjustment,
if they're coming up, you know in the next month
or two, they should be adjusting a quarter point lower
than they would have been. Otherwise, they still may be
adjusting higher than they were a year ago or seven
years ago, or whenever you took out the loaner, you know,
wherever you are in that contract.
Speaker 5 (32:54):
Yeah.
Speaker 3 (32:54):
So, for example, I've got a home equity line of
credit based on prime, and yesterday prime moved down by
a quarter of a It's still sitting at seven point
seven five percent, so still.
Speaker 4 (33:04):
Considerably higher than it was a few years ago.
Speaker 3 (33:06):
But if you have one of those types of adjusting
rates out there, then yeah, you're you're seeing that immediately
upon the FED moving.
Speaker 2 (33:14):
If you are looking for a mortgage right now, let's
say that you're in the market for a home or
maybe you're considering refinancing. The FED move yesterday does not
impact the rates that companies charge four mortgages in any
direct way. It has the potential to impact them directly.
But what we've seen thus far is since the FED
(33:38):
began cutting interest rates on September nineteenth, the national average
for the thirty year fixed rate mortgage, according to Mortgage
News Daily, has gone from let's see, we were at
about six point two then it's currently as of yesterday,
at six point nine to eight. So even though the
Fed is cut interest rates by three quarters of a percent,
(34:00):
the average thirty year fixed rate mortgage in that time
is actually up three.
Speaker 5 (34:03):
Quarters of a percent. Kind of a nice symmetry at least, right.
Speaker 4 (34:07):
Yeah.
Speaker 3 (34:07):
I was actually speaking with somebody yesterday who has an
outstanding line of credit and is also considering refinancing that,
and it's like, hmm, you see rates coming down, it's
moving down that rate on your line of credit that
you have sitting out there. Do you actually move over
to that fixed rate loan? What's that difference going to be?
(34:28):
How much is it going to be?
Speaker 5 (34:29):
In closed?
Speaker 3 (34:30):
It's a trickier conversation because what we've seen recently has been, Yeah,
equity line of credits, for example, have gotten cheaper, fixed
rate mortgages have gotten more expensive.
Speaker 2 (34:41):
So that's what we're seeing on the mortgage rate side
of things. Auto loans. Auto loans have been coming down
to touch over the course of this year. Here's the
thing with auto loans, it really depends credit quality. It's
credit quality and also the type of car that you're buying.
Used car loans are typically at a higher interest rate
(35:02):
than new car loans. And the other thing that you
got to keep an eye out for with new car loans, uh,
depending on the model. If companies have models that they
have excess inventory of, they typically offer pretty good financing incentives.
Even now, you can see if if you're in the
market for an EV SUV as an example, Oh yeah,
(35:24):
you're finding like there is if you've got good credit. Again,
like I'm not saying that you like you got to
qualify and everything. I'm seeing everything from like two percent
financing all the way down to zero point nine percent
financing depending on the particular vehicle. But those are if
you want an EV SUV. It's not if you want
a toy Unique Shopper or a Toyota Rev four or
(35:47):
a you know four f one fifty. You're not seeing
those kinds of deals because they can move that inventory.
Speaker 3 (35:54):
Indeed, yeah, I did see somebod again at zero percent
financing deal on a new car recently. So it does
still exist out there. You just got to find the
cars that nobody else wants at the moment.
Speaker 2 (36:04):
Savings accounts not let's move away from borrowing instead talk
about what you get paid on your deposits. Savings accounts.
Typically the rates on those drop pretty quickly once the
FED cuts rates.
Speaker 5 (36:15):
Yeah.
Speaker 3 (36:15):
I had somebody that was surprised about this, like, you know,
I was, you know, with this bank, and you know,
FED cut rates and they immediately cut the rate on
the savings account. I was like, yeah, that's that's exactly
how that works. This is this is not a CD.
You have no contract with them. I know you're impressed
with their advertisements getting you in there at the five
percent interest, but that is going to immediately come down
(36:35):
when the FED lowers rates. That that will not take
very long.
Speaker 5 (36:39):
So that's anything else that I didn't touch it. Oh,
student loans.
Speaker 2 (36:44):
Uh So student loans, when we talk about federal loans,
those interest rates are typically fixed for.
Speaker 5 (36:51):
The life of the loan.
Speaker 2 (36:53):
Uh if you are if you have a private student loan,
those rates can be fixed, in which case, look with
the Fed it doesn't change it, or they could potentially
be variable and so this may impact it. They're you know,
depending on when you took them out. Maybe you have
opportunities to refinance if your rates are lower now. But again,
(37:13):
for most people with student loans, the FED interest rate
move not making a change in the rate that is
charged on those at the moment.
Speaker 3 (37:24):
And by the way, you know, I know this sounds surprising,
but I'm out here, you know, doing a little bit
of research on you know, this is source from bank rate.
You are still seeing FDIC insured bank accounts paying over
four point seventy five percent interest. It's few and far between,
and I suspect that those are going to be moving down,
but those offers are still out there.
Speaker 5 (37:45):
Believe it or not.
Speaker 3 (37:46):
You just have to be very comfortable with the bank
that you will never meet anybody that works for them
because it's going to be entirely online.
Speaker 2 (37:54):
So that's what we are seeing out there in consumer
products as a result of the FED rate cut yesterday.
And again I feel like this is quite literally the
least followed FED meeting at least since I've been doing this,
so at least, you know, the last twelve thirteen years.
Let's take a quick break here. When we come back,
(38:14):
we got our two coming up for the dav Radio
fon again to donate called nine seven eight six three
two nineteen eighty five.
The Financial Exchange is produced by Money Matters Radio and
is hosted by employees of the Armstrong Advisory Group, a
registered investment advisor. All opinions expressed are solely those of
the hosts. Do not reflect the opinions of Armstrong Advisory
or anyone else. Investments can lose money. This program does
not offer any specific financial or investment advice. Please consult
your own financial, tax, and estate planning advisors before making
(00:20):
any investment decisions. Armstrong Advisory and the advertisers heard on
this program do not endorse each other or their services.
Armstrong and Money Matters Radio do not compensate each other
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Exchange with Chuck Zada and Mike Armstrong, your exclusive look
at business and financial news affecting your day, your city,
(00:43):
your world. Stay informed and up to date about economic
and market trends plus breaking business news every day. The
Financial Exchange is a pround partner of the Disabled American
Veterans Department of Massachusetts. Help us support our great American
heroes by visiting DAV five dot Boston and making a
donation today. The DAV five K Boston is presented by
(01:05):
Veterans Development Corporation. This is the Financial Exchange with Chuck
Zada and Mike Armstrong.
Speaker 2 (01:13):
Chuck, Mike and Tucker with you here on a Friday,
and today we are participating in a radiothon for one
of our affiliates. WRKO in Massachusetts is part of the
dav Department of Massachusetts radiothon that is happening all day
(01:34):
today in order to raise money for the dav Department
of Massachusetts in advance of Veterans Day on Monday. This
is something that we participate in every year, and it's
one of my favorite shows that we do every year,
quite honestly, just because, look, I know that a lot
of times we get caught up in our day to
(01:55):
day lives and whatever might be going on in them, good, bad, ugly,
whatever it is. But this is one where I think
it's important to be able to take some time to
not just recognize the veterans that have made our lives possible,
but also to you know, really focus on supporting them financially.
(02:21):
Quite honestly, you know, it's not enough to simply say
thank you for your service. It's something where we have
to do more than that. Because this is a group
of people that has done more for us. It's a
group that sacrifice their time, their money, their family life.
(02:42):
Like they spend so much time and effort, you know,
making sure that we are able to do what we
do on a daily basis. I mean, I'm hosting a
freaking radio show here, like it's what I am doing
is great for me. But ultimately what they do and
(03:03):
what they will continue to do and have done, is
great for our country and for all of us. And
for that we are incredibly thankful and happy to participate
in the DAV Department of Massachusetts radiothon. To make a donation,
we'll be given this number out over the course of
the day, but as we'll get started early. To make
a donation, you call nine seven eight six three two
(03:27):
one nine eight five, or you can visit DAV five
K dot Boston. That number again is nine seven eight
six three two one nine eight five, or you can
visit DAV five k dot Boston. We'll be given that
number out all day today. Uh So again, if you
didn't catch it on those two I'll say it one
(03:47):
more time right now. Nine seven eight six three two
one nine eight five, or visit DAV five k dot Boston, Mike,
any thoughts on your end before we do cover a
couple stories before we get into some interviews with veterans
and folks associated with the DAV.
Speaker 3 (04:02):
Yeah, I think the big thing here is one to
lay out the show. We've got five awesome interviews coming
up with veterans and folks that work with the DAV
in some way, shape or form, and you're gonna hear
a lot of awesome stories today. If you're not familiar
with the DAV, or maybe you don't live in Masters,
we have plenty of listeners I know across the country
(04:23):
listening from different places. There are Disabled American Veterans Departments
in almost every state, if not every single state across
the country.
Speaker 4 (04:30):
They do great work. You're gonna learn a lot about
what it is they do.
Speaker 3 (04:33):
And I would just urge you if you're not familiar
with the work that the DAV does, now's the opportunity
to learn quite a lot. I did not know a
lot about them a decade ago. I've learned a ton
of been really impressed. I've spoken to people you know
that work in different areas that are somewhat connected to
the military to retirement and for folks that have made
(04:55):
that transition.
Speaker 4 (04:56):
The DAV has played a huge.
Speaker 3 (04:58):
Role for a lot of the so you know, tune
in if nothing else, you can learn a lot about
the great work that they do. Today we'll be talking
to a lot of different people from a lot of
different backgrounds, and I'm excited about it and.
Speaker 5 (05:08):
The things that they do.
Speaker 2 (05:09):
Just like again rattling off kind of a list if
you are, if you're a disabled veteran that's looking to
figure out, you know, how to access different benefits and
file claims. They provide free counseling and assistance to those
veterans in their families. They provide transportation to medical appointments
for disabled veterans, food clothing, those types of pantry services
(05:30):
to veterans, housing opportunities. They help veterans with those all
kinds of different things, just to help those who have
again sacrificed a lot to maintain our way of life
and need a little bit of help now that they're
back here.
Speaker 5 (05:46):
So I think this is a hugely.
Speaker 2 (05:48):
Important mission and again to donate, that number is nine
seven eight six three two one nine eight five, or
you can.
Speaker 5 (05:56):
Visit DAV five k dot Boston.
Speaker 2 (06:00):
Mike should we cover a little bit from the FED
yesterday before we get to our first interview, the.
Speaker 4 (06:06):
Least watched Federal Reserve meeting of the year.
Speaker 2 (06:08):
You mean, yeah, so we'll spend literally five minutes on it,
because honestly, most uneventful meeting as far as policy goes.
There's one thing I do want to note in here,
because policy wise, let's just summarize it. They cut a
quarter percent. They signaled we're probably gonna cut in December.
After that, we're not entirely sure because we need to
see what policies come in from the new administration. I
(06:32):
don't think there was anything surprising there particularly noteworthy.
Speaker 3 (06:34):
Correct, correct, very very boring, which, by the way, I know,
you know it's our job to talk about these things
and make them exciting for entertainment and purposes of our show,
But you want the FED meetings to be boring. If
they're boring, it means you don't have to pay attention
to them, which means that what they're doing is not
all that impactful to your daily life, which has not
been the case over the last four years.
Speaker 5 (06:54):
So this was good.
Speaker 2 (06:55):
One part that was exciting to me and interesting. J
Powell about half hour into his press conference, gets asked
the question, Hey, we've you know, had some rumblings from
the Trump campaign that you know, if he wins, which
he has now, he might ask you to step down
from office.
Speaker 6 (07:16):
Will do you want the audio?
Speaker 5 (07:18):
If you haven't that great? Yes, here you go.
Speaker 7 (07:22):
Some of the president's ALECX advisors have suggested that you
should resign if he asked you to leave?
Speaker 5 (07:28):
Would you go no?
Speaker 7 (07:32):
Can you follow up on it? Do you think that
legally you're not required to leave? No?
Speaker 2 (07:40):
Now, j Powell has never answered a question with fewer
than eighty words in a sentence, and ten sentences in
a paragraph like his answers are long and and circuitous,
and for him to just go no, And then later Tucker,
do you have the audio of the second time he
was asked by the other reporter or no.
Speaker 6 (07:59):
I'd oh, jeez, stupid, Mike, I don't have that.
Speaker 7 (08:02):
No.
Speaker 2 (08:03):
So he was asked five minutes later by another reporter, Hey,
just getting back to that, you know, has the Fed
done any research to you know, indicate what this might like,
if this is even possible, And he just answers four
words not permitted under law, and the guys the reporter
goes excuse me, and he goes not permitted under law,
(08:26):
And again J Powell never really I don't think he
really tries to ruffle any feathers generally. But this is
the equivalent of Powell basically being like, I'm gonna be
my own dude. If the president wants to try to
come after me, He's more than welcome to, you know,
try to job own me all that he wants. But
(08:47):
I am signaling my independence from the president in about
as strong of a way as I can. Because Powell
never does this.
Speaker 4 (08:57):
Yeah, he always softens his words.
Speaker 3 (08:59):
This is the I can't think of a single question
he's been asked where the answer was yes or no.
Speaker 2 (09:04):
He always equivocates. Not this time, and so this, I
think if you're looking for something that's going to be interesting. J.
Powell's term doesn't expire until twenty twenty six. He's got
about a year and a half left. How does this
play out over the next year and a half in
terms of, you know, the relationship between him and President
elect Trump. I think that's going to be a real
(09:24):
interesting question. And I think, look, he obviously has worked
with him before. Trump was the one who first put
him in charge of the FED. So they do have
a working relationship. It's not something where he's sitting there like,
oh gee, I don't even know this guy, Like, no,
it's not that, But it's gonna be How has the
relationship evolved since Trump's first term and is different this time?
(09:48):
And I think this is going to be fascinating and
really important also in terms of determining where things go
for the US from both a monetary and on a
related note, from a fiscal perspective. No day, So this
will be interesting. Let's take a quick break here. When
we come back, we're gonna be joined by Bill Mawoy.
He's a US Navy veteran and legislative advocate for the
(10:10):
dav Bill joins us right after this.
Speaker 1 (10:14):
Wall Street watch a full update on the markets performance
todate weekdays at ten thirty only here on the Financial
Exchange Radio Network. The Ultimate Boston Sports Option to benefit
the Disabled American Veterans Department of Massachusetts is underway. You
could win two tickets to see the Patriots take on
the La Rams on November seventeenth. Two tickets to see
the world champion Celtics against the Cleveland Cavaliers on Tuesday,
(10:37):
November nineteenth, two tickets to see the Bruins against the
Edmonton Oilers on Tuesday, January seventh, and four tickets to
a twenty twenty five Red Sox home game. All that
plus autographs merch from all four teams. To place your bid,
call eight eight eight two oh five two two sixty three.
That's eight eight eight two oh five two two six three.
Speaker 5 (11:00):
Yeah.
Speaker 6 (11:00):
As you heard, the current bid for the Ultimate Boston
Sports Auction is five thousand dollars, and if you'd like
to increase that amount and take home these four incredible
auction items, call the bidline right now at eight eight
A two zero five two two sixty three. That's eight
eight A two zero five two two sixty three. All
proceeds will benefit the disabled American Veterans Department of Massachusetts.
(11:22):
Now's your chance to support our great American heroes. Call
now to bid eight eight eight two zero five two
two sixty three, and that bidline will be open through
eleven forty five this morning.
Speaker 2 (11:35):
As promised. We're now joined by Bill Maloyd. Bill is
a US Navy veteran and legislative advocate for the Davy
of Massachusetts.
Speaker 5 (11:45):
Bill.
Speaker 8 (11:45):
How are you today, Good Jack, good morning. Great to
be on the show.
Speaker 2 (11:50):
Absolutely, it's fantastic to have you here. And again, I'm
just so excited about this event. It's it's one of
my favorite days each year to actually do this show.
Can you tell tell us a little bit about your
long career with the Navy and just how meaningful it
was for you?
Speaker 8 (12:07):
Sure, Ken. I mean, I'm a guy that grew up
in Situate, mass but raised my family nearby and nowell
Or I lived for twenty eight years and now I
live in Boston. I'm retired Navy captain with time in
both the active reserve branches of the Navy, a total
of thirty five years total travel in the world. For
(12:27):
a little kid growing up and its situates, The Navy
took me to thirty five different countries in thirty five years.
It's easy to remember that just because how many countries
it is. It's so I got a chance to really
to learn more about, you know, not just myself, but
also about different cultures, different countries. It was a heck
(12:50):
of an opportunity.
Speaker 2 (12:51):
When you look at your thirty five years of service,
what are the certain programs or things that helped you stand,
they kind of stood out to you and kind of
helped to really shape who you are today.
Speaker 8 (13:05):
Well, I think every sailor probably has a personal story
to tell. In mine is that I was fortunate enough
to have a very good sailor buddy who told me
before I left active service to copy my entire medical record.
And I'm like, really, he goes, yeah, believe me, You'll
you're going to thank me. So I did, and I
(13:26):
copied it, and that was the best advice I could
have ever received from anybody. I did copy my entire
medical record before I left active duty, and when I left,
I had trouble flyling claims. I had a right knee
problem I fell on the ship, and I also had
some hearing loss from being the officer deck of the
ship firing the guns and the missiles all the times
(13:49):
that we did, and just so happens. In Boston, I
bumped into Dan Stack, who at that time was the
State Adjutant, and told him of my plight, and he said,
we can help. So I joined the DAV and I've
never looked back. The DAV has been there for me
personally every step of the way. They helped me file
(14:09):
the claims for my right knee and the hearing loss,
and since I had a copy of my medical records,
they also looked through them and found a few other
things I was totally unaware of. So you know, since
that time, I've had my right knee replaced when there
was no other option, and I we're hearing aids that
I used constantly right now. And I never could have
(14:30):
done this by myself. So it was the DAV was
truly key and instrumental in me trying to straighten out
and get the filing the claims and get just compensate
compensation that I was due.
Speaker 2 (14:46):
Can you talk a little bit about your legislative advocacy
work and how that helps you to give back to
the DAV.
Speaker 8 (14:51):
Now, sure? I mean I was fortunate enough. My dad
was a lobbyist on Beacon Hill. He was actually one
of the first ones s guard back about nineteen fifty,
so I kind of grew up at his knee, so
to speak, listening and meeting a lot of different politicians.
A lot of times it was on the golf course
(15:12):
because I was caddying for many notable politicians like Tip
O'Neil and Joe Moakley and a few others. So I
got a chance to see the interaction of my dad
and how a politician reacts to a lobbyist and so forth.
(15:32):
So after my time on active duty and my dad
asked me to join him, I did. And it was
that background and experience that watching my dad interact, that
I was able to capitalize that and take that over
to try and help the veterans, like the DAV in particular,
(15:54):
and help them pursue funds that were needed to they
have three homes out and Gardner and in Leminster, to
get funds to do the things they need to do
to accomplish their mission.
Speaker 2 (16:07):
If you had to, you know, say anything to any
veterans who might be listening now who might have questions
about the DAV and how they could potentially help them,
what would you say about, you know, how the DAV
has helped you, and why do you, you know, kind
of choose them out of all the different places that
you could have gotten assistance from.
Speaker 8 (16:27):
Sure, I mean you've heard my personal story, like I said,
and many sailors have their own personal story and soldiers
and airmen as well, of course, but the DAV deserves
our financial support to be able to continue those services,
to offer those services to fellow veterans like they did
for me. So I'm asking all veterans out there and
(16:48):
friends of the veterans, the police get jibbed generously so
that the dav can continue their mission and supporting our
veterans during this telethon, and you're helping to protect the
promise that was made long ago to always take care
of our veterans.
Speaker 2 (17:04):
Bill, I want to thank you for taking the time
to speak with us today, also obviously for your service
and for your continued support of the dav U. I
know there are plenty of people out there who appreciate that,
and so thank you so much for everything that you
have done and are continuing to do today.
Speaker 5 (17:20):
We certainly appreciate it.
Speaker 8 (17:23):
Thanks very much, Chuck.
Speaker 2 (17:25):
That is Bill malloy, a US Navy veteran and legislative
advocate for the dav of Massachusetts. Remember if you'd like
to support Disabled American Veterans Department of Massachusetts call nine
seven eight six three to two one nine eight five.
That number again is nine seven eight six three two
(17:46):
one nine eight five, or you can visit DAV five
K dot Boston. Don't forget the Ultimate Boston Sports Auction
as well. Talk there any changes in the top bid
on that right now.
Speaker 6 (17:57):
Current bid is at five thousand dollars in the bidline
is open through eleven forty five today.
Speaker 2 (18:03):
Perfect and that bidline is eight eight eight two zero
five two two six three and again that number if
you'd like to make a donation to the dav Department
of Massachusetts is nine seven eight six three two one
nine eight five, Or you can visit DAV five K
dot Boston. Mike, we've got about a minute before we
(18:26):
have to wrap up this segment here. What story do
you want to cover in a minute?
Speaker 4 (18:30):
Uh, the DAV five K that's happening tomorrow morning. It's
a good one. I'm gonna be there as will I.
Speaker 3 (18:37):
I think we've got maybe a dozen folks from Armstrong
who are going to attend, and it's sold out quite
a time ago. But uh, the event is held at
Castle Island in Boston. Every year it's been I don't know,
I'm sure we'll hear just how long it's been going on,
but an incredible event. One hundreds of people run in
(18:57):
the five K, some folks walking as well. There's boots
set up as food there's yeah, just a just an
incredible event every single year. I'm pretty sure I'm gonna
have the worst time for the five k amongst our group,
but excited nonetheless. And if you haven't been to it,
even if you're not registered and you want to go,
you know, check it out and attend.
Speaker 5 (19:18):
Come hang out.
Speaker 3 (19:19):
It's a it's a really fun place to be for
the day. So it looks like we're gonna get good
weather too, which I'm excited about.
Speaker 2 (19:25):
I'm gonna take a quick break here when we come back.
We're gonna be joined by Charlene Vancott. She's a dav
case manager and service operator and a decorated vetgan with
veteran with two tours to Afghanistan. She'll be joining us
in studio after this.
Speaker 1 (19:41):
Like us on Facebook and follow us on Twitter. Act
TFE show breaking business news is always first right here
on the Financial Exchange Radio Network. Time now for Wall Street.
Watch a complete look at what's moving market so far
today right here on the Financial Exchange Radio Network.
Speaker 6 (20:01):
Well, markets aren't positive Territory To wrap up the week,
one day after the FED slash interest rates by a
quarter point as expected, marking its second straight meeting of
cutting rates. Right now, the Dow is up by two
hundred and forty seven points, or just over half a percent,
SMP five hundreds up by a third of a percent,
and the Nasdaq is mostly flat edging higher. Russell two
(20:21):
thousand is up nearly a quarter of a percent, ten
year Treasureel down by six basis points at four point
two seven percent, and crude oil down nearly three percent,
trading just above seventy dollars a barrel. Nvidia Insure Williams
officially joined the Dow Jones Industrial Average this morning, replacing
Intel in chemicals company Dow. Meanwhile, shares in social media
(20:43):
company Pinterest down by fourteen percent after a beach street
expectations for the third quarter. However, it warned of higher
operating expenses, and Airbnb posted mixed quarterly results with higher
quarterly revenue as travel demand improved in North America. However,
earnings came up just of estimates that stock down by
nine percent. I'm Tucker Silvan, that's Wall Street Watch.
Speaker 3 (21:06):
So once again this year we are really proud to
support our Boston affiliate WRKO and the radiothon they're doing
to benefit the disabled American Veterans Department of Massachusetts. If
you would like to make your donation, you can call
the DAV five k dot. You can go to DAV
five k dot Boston, or you can call at nine
to seven eight six three two. Is that nineteen eighty
(21:29):
five or fourteen eighty five? Tucker can't read the writing
nineteen eighty five, nineteen eighty five read that. I can't
tell if it's a nine or four. I'm sorry, I
want to make sure it's right.
Speaker 6 (21:40):
Is that my chicken scratch?
Speaker 5 (21:41):
Yeah? Okay, yeah, yeah, sorry.
Speaker 3 (21:43):
In any case, we are now joined by Charlene Vancott.
She is a DAV care coordinator, service officer, and decorated
veteran with two tours of Afghanistan. Your military career, Charlene,
it began back in twenty twelve. You served in our
and during Freedom with two deployments in Afghanistan, and now
(22:04):
join a relatively small group, right. I mean, I was
trying to research what percentage of American veterans are female,
and I came up with about ten percent. So you're
in a fairly unique group of US veterans. Talk to
us about your time in the military and specifically you know,
serving as a female.
Speaker 7 (22:24):
Yeah, thank you for that. So it is a unique
opportunity to have. On my first deployment to Afghanistan, I
was twenty thirteen, so middle of you know, the conflict
over there and working with the Afghan National Army as
a female. You can imagine, based upon their cultural rules expectations,
some were not so open to having a female counterpart,
(22:47):
whereas there were others who would actually invite me to
sit down and partake in chai with them. So it
was very eye opening to understand that I would be
part of the changing of their culture and how it
is they want to move forward integrating females as respected
members of their society.
Speaker 3 (23:08):
When did you leave the military and can you talk
to me a little bit about that transition out of
the military and into civilian life.
Speaker 7 (23:15):
So I actually haven't transitioned yet. I am still actually
a drilling reservist. I just crested over fourteen years, just
got promoted to staff sergeant back in July. So careers
where I'm you know, where I'm looking to take forward,
looking for that twenty years, I'll probably do twenty one,
only to make sure I give them that full twenty
that they learn right might take back some, but yeah,
(23:36):
it's a great opportunity. I work for the training Battalion
out at Fort DEVNS. I'm an instructor. So what that
does is, you know, after two combat tours, thirteen years
of service, your body gets a little broken, but my
mind isn't. And so being able to take my knowledge
and my experience and pass that along to these upcoming
new soldiers that they can take forward. It really is
(24:01):
that reach backpoll one forward philosophy.
Speaker 3 (24:03):
So let's move forward here and talk about the dav
How did you first hear about the disabled American veterans
of Massachusetts.
Speaker 7 (24:10):
So after my first deployment, I was wounded and I
spent fifteen months at the Wounded Warrior Battalion at Fort Drum,
New York, rehabilitating. They were attempting to medically retire me
from the army, but I was too stubborn to let
that happen. I wanted to prove that broken crayons can
in fact still color. So I was able to prove
(24:31):
that I was still fully deployable, still mission capable. Returned
back home as a reservist, and in talking to members
of my community, someone said, you know, the troubles that
I had experienced and receiving the benefits and such. They said,
why don't you go over to DAV. You know, they're
behind the college and they'll help you out there.
Speaker 4 (24:49):
Had you even heard of them prior to that?
Speaker 5 (24:51):
Not really.
Speaker 7 (24:53):
You know, everybody always talks about the American Legion and
the PFW, which are great veterans service organizations, you know,
but I think DAV is of the best kept secrets
of the veteran service community.
Speaker 4 (25:02):
Well, let's not keep it a secret.
Speaker 3 (25:04):
So you are now working through the DAV in addition
to being active duty to the military, right now, talk
to me about that. Well, I'm sure you're busy first
and foremost, but talk to me about your role within
the DAV and how you help folks out.
Speaker 7 (25:17):
Yeah, so it's actually one of those blessings in disguise.
So when I did go to DAV, I walked in
and Mike was the claims officer who helped me, and
we kind of looked at each other and realized that
we actually knew each other from high school. And then
subsequently he was like, hey, come.
Speaker 4 (25:31):
You know, is that a good thing or a bad thing? Shirley.
It was a great thing. It really truly was.
Speaker 7 (25:35):
It kind of you know, brought back, you know, memories
of knowing who I was and how far I've come
in my adult life and career, to which then you know,
they offered me a position as a case manager, and
I was like, I don't really think that's my jam.
You know, I'm a I'm a firefighter, I'm a paramedic,
I'm a police officer. Like that's that's not really you know,
my thing. So last year, Kayla, the director reached out
(26:00):
and was like, hey, you know, I could really utilize
your medical background in our housing program. A lot of
these veterans don't really understand what they're being told medically,
you know, can you bridge that gap for me? To
which I came on board in a part time capacity
helping with that, and then as of August, you know,
I jokingly say that I drank the Kila juice and
(26:22):
really the Kala kool aid and really just embodied, you know,
being able to serve my fellow veterans because as someone
who faced the trials and the tribulations and coming home
with moral injury and PTSD and working through all that
and not having someone there to help me, I think
it's being able to be that person that I didn't
(26:45):
have for someone else.
Speaker 4 (26:47):
That's really fantastic.
Speaker 5 (26:48):
Charlene.
Speaker 3 (26:49):
I want to I want to leave with one other
item because we touched on it, but I think it
deserves a little bit more. Everyone out there has seen
different veterans service organizations, disabled veteran organizations. I've personally, you know,
looked at other ones, donate to other ones. You know,
it's been a part of other ones as well. And
I know you have too, And I would like your
(27:10):
perspective on that, because I know you belong to several
of these and are active in many of them. What
do you find so unique about the DAV and and
you know, again, if you can compare and contrast here
and exactly why it is so beneficial for funds to
go to DAV, that'd be great.
Speaker 7 (27:29):
So, as you mentioned, I do belong to several other
veteran service organizations, Combat Veteran Motorcycle Association, which is great.
I get to ride my motorcycle with other combat veterans
and veterans as a whole, and we get to raise
funds to give to organizations like the DAV American Legion VFW.
I belong to those because I think it is important
to have those institutions still remain. What separates the DAV
(27:52):
Department of Massachusetts from anyone else, I think is our
housing program. You know, we participate in the VA Transportation
Now work providing free rides to and from VA medical
appointments or VA directed medical appointments, which is nationwide. It's
a great feature to be able to offer veterans. But
our housing program, we're the only DAV in the country
(28:13):
that has this housing program. And what we're able to
do is we're able to take these veterans and sometimes
veterans with families or veterans with children who are otherwise
housing insecure or homeless, living in their cars, living and
stick built shacks in the woods, and we're able to
take them in and say, hey, this is your opportunity
(28:34):
to take a knee, drink some water. We got you,
and we're going to help you, and we're going to
give you the resources, and we're going to give you
the tools to rebuild your life and be able to
move forward from this program to have the life that
you want and that you deserve. You gave your time
and of yourself to this country, so the least that
(28:54):
we can do as an organization is give our time
to help further that.
Speaker 3 (28:59):
It's fantastic, it's something you should truly be proud of
and a continued great career. So Charlene, thank you so
much for joining us. Again, that's Charlene Vancott. She is
a DAV care coordinator, service officer and decorated active duty
Army member as well and speaking with us today about
(29:20):
her experience with the DAV. If that doesn't inspire you,
then I don't know what does. But again, we are
supporting the DAV all day to day alongside WRKO, and
if you would like to make your contribution or just
learn more, go.
Speaker 4 (29:35):
To DAV five k dot Boston. Again.
Speaker 3 (29:38):
That's DAV five k dot Boston and will be continuing
for the next hour and a little bit our conversations
with other members of the DAV and other folks with
experience with them. So thanks so much, Charlene, appreciate you
joining us. Let's take a quick break and we'll be
write back with more.
Speaker 1 (29:55):
The Financial Exchange streams live on YouTube. Like our page
and stay up to date on breaking business news all
morning long. This is the Financial Exchange Radio Network. Now's
your chance to support the disabled American Veterans Department of Massachusetts.
By bidding in our Ultimate Boston Sports Auction. You could
win two tickets to see the Patriots take on the
(30:15):
La Rams on November seventeen, two tickets to see the
world champion Celtics against the Cleveland Cavaliers on Tuesday November nineteenth,
two tickets to see the Bruins against the Edmonton Oilers
on Tuesday, January seventh, and four tickets to a twenty
twenty five Red Sox home game. All that plus autographed
merch from all four teams. Bidding ends this Friday, so
call now eight eight eight two oh five two two
(30:37):
sixty three. That's eight eight eight two oh five two
two six three.
Speaker 6 (30:44):
As you heard, the Ultimate Boston Sports Auction still ongoing.
We get another hour to go, and the current bid
for all of that listed is five thousand dollars. And
if you'd like to increase that amount and take home
all of these incredible prizes, call the bidline right now
at eight eight a two zero five two two sixty three.
That's eight eight eight two zero five two two sixty three.
(31:06):
All proceeds will benefit the disabled American Veterans Department of Massachusetts.
Now's your chance to support our great American heroes. Call
now to bid eight eight A two zero five two
two six three and the again. The auction is open
for another hour and the current bid is at five
thousand dollars.
Speaker 5 (31:25):
Let's go.
Speaker 1 (31:25):
Let's get that number up.
Speaker 6 (31:26):
We're supposed to be the best fans in the country, right,
let's go.
Speaker 2 (31:30):
Let's talk a little bit about the FED moves yesterday
and how they impact individuals. So, Mike, the FED cut
interest rates by a quarter percent yesterday, and in terms
of what this is going to actually, you know, impact on,
you know, how this will work across different types of loans.
(31:51):
Let's start with credit cards, because this one's pretty easy.
Most credit card interest rates are tied either to the
FED funds rate or to an interest rate that's.
Speaker 5 (31:59):
Based off it.
Speaker 2 (32:00):
So what you should see is that credit card rates
should drop by a quarter percent pretty basically effective immediately, yep, okay,
or you know, depending on the contract I might say,
like the next billing statement or whatever.
Speaker 5 (32:14):
But that's something that you should see pretty quickly. There.
Speaker 2 (32:17):
When we talk about adjustable rate mortgages, if you have
an adjustable rate mortgage today. In some cases that adjust
rate might be based off of the FED funds rate.
It might be based off of the sofa rate or
something else like similar to that prime rate is crime rate.
(32:37):
And so again, those when they come up for their adjustment,
if they're coming up, you know in the next month
or two, they should be adjusting a quarter point lower
than they would have been. Otherwise, they still may be
adjusting higher than they were a year ago or seven
years ago, or whenever you took out the loaner, you know,
wherever you are in that contract.
Speaker 5 (32:54):
Yeah.
Speaker 3 (32:54):
So, for example, I've got a home equity line of
credit based on prime, and yesterday prime moved down by
a quarter of a It's still sitting at seven point
seven five percent, so still.
Speaker 4 (33:04):
Considerably higher than it was a few years ago.
Speaker 3 (33:06):
But if you have one of those types of adjusting
rates out there, then yeah, you're you're seeing that immediately
upon the FED moving.
Speaker 2 (33:14):
If you are looking for a mortgage right now, let's
say that you're in the market for a home or
maybe you're considering refinancing. The FED move yesterday does not
impact the rates that companies charge four mortgages in any
direct way. It has the potential to impact them directly.
But what we've seen thus far is since the FED
(33:38):
began cutting interest rates on September nineteenth, the national average
for the thirty year fixed rate mortgage, according to Mortgage
News Daily, has gone from let's see, we were at
about six point two then it's currently as of yesterday,
at six point nine to eight. So even though the
Fed is cut interest rates by three quarters of a percent,
(34:00):
the average thirty year fixed rate mortgage in that time
is actually up three.
Speaker 5 (34:03):
Quarters of a percent. Kind of a nice symmetry at least, right.
Speaker 4 (34:07):
Yeah.
Speaker 3 (34:07):
I was actually speaking with somebody yesterday who has an
outstanding line of credit and is also considering refinancing that,
and it's like, hmm, you see rates coming down, it's
moving down that rate on your line of credit that
you have sitting out there. Do you actually move over
to that fixed rate loan? What's that difference going to be?
(34:28):
How much is it going to be?
Speaker 5 (34:29):
In closed?
Speaker 3 (34:30):
It's a trickier conversation because what we've seen recently has been, Yeah,
equity line of credits, for example, have gotten cheaper, fixed
rate mortgages have gotten more expensive.
Speaker 2 (34:41):
So that's what we're seeing on the mortgage rate side
of things. Auto loans. Auto loans have been coming down
to touch over the course of this year. Here's the
thing with auto loans, it really depends credit quality. It's
credit quality and also the type of car that you're buying.
Used car loans are typically at a higher interest rate
(35:02):
than new car loans. And the other thing that you
got to keep an eye out for with new car loans, uh,
depending on the model. If companies have models that they
have excess inventory of, they typically offer pretty good financing incentives.
Even now, you can see if if you're in the
market for an EV SUV as an example, Oh yeah,
(35:24):
you're finding like there is if you've got good credit. Again,
like I'm not saying that you like you got to
qualify and everything. I'm seeing everything from like two percent
financing all the way down to zero point nine percent
financing depending on the particular vehicle. But those are if
you want an EV SUV. It's not if you want
a toy Unique Shopper or a Toyota Rev four or
(35:47):
a you know four f one fifty. You're not seeing
those kinds of deals because they can move that inventory.
Speaker 3 (35:54):
Indeed, yeah, I did see somebod again at zero percent
financing deal on a new car recently. So it does
still exist out there. You just got to find the
cars that nobody else wants at the moment.
Speaker 2 (36:04):
Savings accounts not let's move away from borrowing instead talk
about what you get paid on your deposits. Savings accounts.
Typically the rates on those drop pretty quickly once the
FED cuts rates.
Speaker 5 (36:15):
Yeah.
Speaker 3 (36:15):
I had somebody that was surprised about this, like, you know,
I was, you know, with this bank, and you know,
FED cut rates and they immediately cut the rate on
the savings account. I was like, yeah, that's that's exactly
how that works. This is this is not a CD.
You have no contract with them. I know you're impressed
with their advertisements getting you in there at the five
percent interest, but that is going to immediately come down
(36:35):
when the FED lowers rates. That that will not take
very long.
Speaker 5 (36:39):
So that's anything else that I didn't touch it. Oh,
student loans.
Speaker 2 (36:44):
Uh So student loans, when we talk about federal loans,
those interest rates are typically fixed for.
Speaker 5 (36:51):
The life of the loan.
Speaker 2 (36:53):
Uh if you are if you have a private student loan,
those rates can be fixed, in which case, look with
the Fed it doesn't change it, or they could potentially
be variable and so this may impact it. They're you know,
depending on when you took them out. Maybe you have
opportunities to refinance if your rates are lower now. But again,
(37:13):
for most people with student loans, the FED interest rate
move not making a change in the rate that is
charged on those at the moment.
Speaker 3 (37:24):
And by the way, you know, I know this sounds surprising,
but I'm out here, you know, doing a little bit
of research on you know, this is source from bank rate.
You are still seeing FDIC insured bank accounts paying over
four point seventy five percent interest. It's few and far between,
and I suspect that those are going to be moving down,
but those offers are still out there.
Speaker 5 (37:45):
Believe it or not.
Speaker 3 (37:46):
You just have to be very comfortable with the bank
that you will never meet anybody that works for them
because it's going to be entirely online.
Speaker 2 (37:54):
So that's what we are seeing out there in consumer
products as a result of the FED rate cut yesterday.
And again I feel like this is quite literally the
least followed FED meeting at least since I've been doing this,
so at least, you know, the last twelve thirteen years.
Let's take a quick break here. When we come back,
(38:14):
we got our two coming up for the dav Radio
fon again to donate called nine seven eight six three
two nineteen eighty five.
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