September 18, 2024 • 12 mins
THE BEST BITS IN A SILLIER PACKAGE (from Thursday's Mike Hosking Breakfast) How Come America Gets Such a Big Cut?/Vance vs Harris vs Trump vs the English Language/F1 vs Lego
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Speaker 1 (00:09):
You're listening to a podcast from News Talks. They'd be
follow this and our wide range of podcasts now on
iHeartRadio rerap.
Speaker 2 (00:25):
Okay, then welcome to the re wrap for thirst Day.
All the best buts from the my casting breakfast on
News Talks. It'd be in a sillier package. I am
Glenn Hart and today Varnce versus Harris. It's not quite
Vance versus Harris is it's it's complicated because it's that
would be the VP match up, but she's trying to
be the president anyway. Let's not get bogged down with that.
(00:47):
We'll come into the let's call it the US election.
We'll come into that shortly. What Formula one and LEGO
doing together. But before any of that, it's GDP Day,
Happy GDP Day, and happy happy happy day. Won't it
be a won't it? Won't it?
Speaker 1 (01:07):
Now?
Speaker 3 (01:07):
The good news, speaking of the economy as we are
this morning, the good news is confidence seemingly is improving.
It has been a pretty decent week if you think
about it. Farmer's confidence is up, and markedly our confidence
seems to be up a little bit. Still overall pessimistic,
but we are up nevertheless, And last week, we saw
the business confidence starting to rise just a little bit,
and then come these newest numbers our current account that
(01:28):
came out yesterday. What a mess. We are a mess
in essence. And what this means is we buy more
from the world we sell it given her in the
business of selling stuff. That doesn't make us very good business.
Of course, glass half full. The figure we got yesterday
is stable as a percentage of GDP, but the percentage
of GDP that is hopeless. That's the worry. This, by
the way, is for the June quarter in actual number terms,
(01:51):
that did widen by two hundred and sixty nine million dollars.
Now it's all part of the wider picture that we'll
get later on today. On the actual GDP, which we
mentioned earlier, has almost certainly gone backwards for the same period.
So join these two bits together and you've got an
economy going backwards, driven in part by the face that
we buy more stuff than we sell. So think about
that scenario in your own life. You make a living
(02:13):
selling stuff, right, but you still buy more things. They
cost more than you make. You are sinking. That's the
story of this country. Our net investment liability position. Another
good comparison we can make to our own lives. Note
the words net liability was two hundred and five billion,
which is now almost fifty percent forty nine point seven
percent of GDP. That is over six billion more than
(02:35):
it was in the last quarter. It's getting worse. We
are more liable. You don't, in life want to be liable.
You don't life want to deficit. It's really, you know,
in simple terms, in the deals that involve New Zealand
and the world, we have more liabilities then we have assets.
As I say, most of us don't run our lives
that way, and yet we seem happy to watch our
country being run that way. It's the weirdest thing. It's
become very clear this week from the Torri far in
(02:57):
our revelations that we have people in decision making positions
who have no idea how to turn a dollar or
spend a dollar, or value a dollar, or run anything
that resembles an economy or any sort or size. The
numbers don't lie. The numbers aren't good, but they can't
be a surprise given the sort of people who've been
in charge.
Speaker 2 (03:13):
And this is why, this is exactly why I ignore
the numbers that every opportunity I can get because if
I don't know that they're bad, then I feel happy
rewrap Like. On the other hand, he seems obsessed by
the whole thing, and it just makes him get all
worked up.
Speaker 3 (03:28):
A couple of big deal economic numbers today. One, the
world is on edge for its well the edge of
its seat for the feed and whether it's twenty five
points or fifty, and I can tell you it's just
gone fifty and what that says about a so called
soft landing more shortly and then two, here our GDP
figure for the second quarter. That's April, May and June.
The FED matters, of course, because America matters where they go,
we all go, not really the same for our GDP figure.
(03:51):
We sort of carry that all by ourselves. The almost
certain reality is our economy went backwards. And what makes
that worse is if it went backwards in Q two.
The next time we talk about all the stuff is
for Q three, and it will have gone backwards again
as well. Q three, which is what we're experiencing right now,
is not a market improvement or indeed any sort of
improvement on Q two. This has been a winter of
real discontent. We continue to pay the price for an
(04:14):
astonishing level of fiscal and aptitude, if not criminality, from
the previous government. I repeat my challenge that, by the way,
no one has been able to respond to find me
a country in the entire world that we would compare
ourselves to that will have experienced three recessions as a
result of their response to COVID. In the States, the
only level of debate they've had is a little bit
(04:34):
of tension around whether the FED moved a bit slowly,
whether by being a bit tardy, the American economy ran
any sort of risk at all of slipping into any
sort of recession. And that really was a bunch of
nervous nellies who, having watched the economy defire most levels
of expectation around jobs and wages and spending, then started
to slower a bit so que. The panic is meantime
here we've had real reason to panic, and we have
had real economy contracting over and over and over again.
(04:59):
If Q three figures are negative, that's six quarters of contraction.
The upside, it's retrospective, it's where we have been and maybe,
just maybe the are better days ahead. But what the
numbers today show beyond the shadow of it out is
when you vote, think about who it is you hand
the power too, because the wrong hands can cause untold damage.
Speaker 2 (05:19):
Yeah, so the fed cat was a bigger cat than everybody,
well most people were expecting, and the markets didn't really
seem to like it very bad. They didn't like being
told that they didn't know what to expect, and they
went down a bit. So just goes to show who cares.
Numbers are stupid.
Speaker 1 (05:38):
I think that's what it goes to show.
Speaker 2 (05:39):
Rewrap, We'll just stay in America there for a bat
and have a look at this KRMLA versus Trump, versus
Dance versus Waltz. We've got we've got sort of dueling
public appearances to cover off. First.
Speaker 3 (05:58):
Now, JD. Barance is in Carolina talking about Karmela.
Speaker 4 (06:02):
I mean, she practically is at this point where she
could walk in to this this room right now and
she could steal one of your red hats, sir and
put it on and say make America great again. Because
Kamala Harris is practically just running on the Trump agenda
right now. But as much as she's running on the
Trump agenda, she has been in office for three and
(06:22):
a half years and she hasn't done a damn thing
about it. Kamala Harris, stop talking about what you will do,
start talking about what you have done.
Speaker 1 (06:30):
And the answer is not a damn thing.
Speaker 3 (06:32):
All right, So they long from that in Carolina. Meantime,
she was in front of the National Association of Black
Journalists yesterday making complete scenes.
Speaker 5 (06:39):
It's about understanding what we need to do to again
understand that, to your point, we have to have a
holistic response to this issue and prioritize it. I was
acutely aware that my words could move markets. When you
are bestowed with a microphone that is that big. I
(07:01):
could go on and on and on. These are facts
that have had impact, and we need to we need
to speak.
Speaker 2 (07:11):
Truth about it.
Speaker 5 (07:13):
You really ought to understand at a very deep level
how much your words have a meaning.
Speaker 3 (07:18):
Small question, who does that remind you of?
Speaker 2 (07:23):
Just going back to Jadie Vance for a bit, It's
funny how much he reminds me of Christopher Luxon in
the way that you know, for somebody who claims to
have sort of wholesome, down home values, he accidentally swears
all the time. He says damn and pissed off and
crap and you know, way more than just about anybody
else on the on the election circuit. It's very it's
(07:46):
very interesting. I don't know why. It just my ears
perk up every time it happened.
Speaker 1 (07:51):
So rewrap.
Speaker 2 (07:52):
Maybe that's what's affecting the Trump ticket and the poles hauling.
Speaker 3 (07:57):
I was going to give you and still am. Actually,
this is a culmination put together of all the current
polls the major polsters put together by five thirty eight nationally.
This is America Kamala Harris forty eight, Trump forty five,
So forty eight forty five. In the battleground state she's
tight as North Carolina Trump by less than a point,
Arizona Trump by less than a point. Georgia same story,
(08:18):
Harris has Nevada by less than a point, Pennsylvania Harris,
Michigan Harris by two, Wisconsin Harris by three. So that's
a culmination of all the major polsters at the moment.
Then we come to moments ago the Quinnipiac Pole, which
is out taken between twelve and sixteen September, So it's
current Pennsylvania Harris fifty one, forty six. So you're outside
(08:43):
the margin of era now, So that's that's if not troubled,
potentially a death knell. Michigan Harris fifty one forty six.
Wisconsin's still tight at forty nine forty eight to Harris.
So she's on the move. And you back that up
with the feed pole that the CBNC, CBN C, CBN
C whatever they're called, CNBCNBCB that they did earlier on
(09:08):
the feeling is that Harris is going to win, right,
doesn't mean it's not going to change, doesn't mean that's
the way it is on the night, And everyone continues
to say. In sixteen and twenty the polsters underestimated the
Trump support, the Trump support being the quiet support where
nobody talks until the day of voting. But nevertheless the
numbers are shaping up, and you can see why things
(09:29):
are moving her way in general too.
Speaker 2 (09:31):
If you want to give yourself a little giggle today,
google up Trump paying by bitcoin at a New York bar.
He tries to scan a QR code. He can't do it.
His minder then tries to do it. He can't do it.
Chump has another go. It's pretty good.
Speaker 1 (09:54):
The re wrap.
Speaker 2 (09:55):
I want to finish up here with some exciting lego
news now you know, whether you're passionate about Lego or not,
you've got to admit it's the toy that's been doing
what it does for a long time now. And yeah,
I've got a bit of a soft spot for Lego,
that's for sure, and Mike certainly has a soft spot
for Formula one. One of those two things have to
(10:17):
do with each other.
Speaker 3 (10:18):
Legos announced this morning. You might have seen if you
follow Formula one, you might have seen the pictures of
Lando Norris driving the McLaren made of Lego, and so
that's been out for a while. That's a life size version.
And so they announced officially this morning that Lego has
signed a multi year deal with F one. Generally, they're
going to officially launch next year fan zone activations in
(10:39):
Grand Prix around the world. More than four million children
here's an interesting stat. More than four million children aged
eight to twelve actively follow F one and that's just
in Europe. In the US, that gives you an indication.
Other fun factor I heard the other day the F
one last year in Las Vegas brought in twice as
much revenue as the Super Bowl in Las Vegas. And
(11:01):
normally you'd say the Super Bowl is the biggest sporting
event in America, not so it was F one in Vegas.
So anyway, Lego are going all in Wich.
Speaker 2 (11:08):
Team would you get if you were going to build
a season.
Speaker 3 (11:10):
I would go Vcarb because the word on Liam is
not only will it be announced this weekend in Singapore,
he is going to get a drive for the rest
of the season, Ricardo will be ejected from the seat.
So the theory was initially that the announcement was coming
this weekend, but then he'd sort of hold out and
Ricardo finishes the season increasing amounts of reportage and there's
(11:33):
a lot of it now, so I'm assuming it's been
leaked to a degree that Riccardo will drive one more
time in Singapore and that will be him and Liam
Lawson will be in for the rest of the year.
Watch this space.
Speaker 2 (11:46):
Yeah, I don't care about that quite so much as
I care about which team you would like to build
For me, it would be Ferrari would be the obvious
choice because just because it's read and that's the best color,
which goes to show how much I know about your phone.
I am glear a hat. What I do know is
I'll be here podcasting for you again tomorrow.
Speaker 1 (12:07):
I'll see you it rerap for more from News Talks
at b Listen live on air or online, and keep
our shows with you wherever you go with our podcasts
on iHeartRadio
You're listening to a podcast from News Talks. They'd be
follow this and our wide range of podcasts now on
iHeartRadio rerap.
Speaker 2 (00:25):
Okay, then welcome to the re wrap for thirst Day.
All the best buts from the my casting breakfast on
News Talks. It'd be in a sillier package. I am
Glenn Hart and today Varnce versus Harris. It's not quite
Vance versus Harris is it's it's complicated because it's that
would be the VP match up, but she's trying to
be the president anyway. Let's not get bogged down with that.
(00:47):
We'll come into the let's call it the US election.
We'll come into that shortly. What Formula one and LEGO
doing together. But before any of that, it's GDP Day,
Happy GDP Day, and happy happy happy day. Won't it
be a won't it? Won't it?
Speaker 1 (01:07):
Now?
Speaker 3 (01:07):
The good news, speaking of the economy as we are
this morning, the good news is confidence seemingly is improving.
It has been a pretty decent week if you think
about it. Farmer's confidence is up, and markedly our confidence
seems to be up a little bit. Still overall pessimistic,
but we are up nevertheless, And last week, we saw
the business confidence starting to rise just a little bit,
and then come these newest numbers our current account that
(01:28):
came out yesterday. What a mess. We are a mess
in essence. And what this means is we buy more
from the world we sell it given her in the
business of selling stuff. That doesn't make us very good business.
Of course, glass half full. The figure we got yesterday
is stable as a percentage of GDP, but the percentage
of GDP that is hopeless. That's the worry. This, by
the way, is for the June quarter in actual number terms,
(01:51):
that did widen by two hundred and sixty nine million dollars.
Now it's all part of the wider picture that we'll
get later on today. On the actual GDP, which we
mentioned earlier, has almost certainly gone backwards for the same period.
So join these two bits together and you've got an
economy going backwards, driven in part by the face that
we buy more stuff than we sell. So think about
that scenario in your own life. You make a living
(02:13):
selling stuff, right, but you still buy more things. They
cost more than you make. You are sinking. That's the
story of this country. Our net investment liability position. Another
good comparison we can make to our own lives. Note
the words net liability was two hundred and five billion,
which is now almost fifty percent forty nine point seven
percent of GDP. That is over six billion more than
(02:35):
it was in the last quarter. It's getting worse. We
are more liable. You don't, in life want to be liable.
You don't life want to deficit. It's really, you know,
in simple terms, in the deals that involve New Zealand
and the world, we have more liabilities then we have assets.
As I say, most of us don't run our lives
that way, and yet we seem happy to watch our
country being run that way. It's the weirdest thing. It's
become very clear this week from the Torri far in
(02:57):
our revelations that we have people in decision making positions
who have no idea how to turn a dollar or
spend a dollar, or value a dollar, or run anything
that resembles an economy or any sort or size. The
numbers don't lie. The numbers aren't good, but they can't
be a surprise given the sort of people who've been
in charge.
Speaker 2 (03:13):
And this is why, this is exactly why I ignore
the numbers that every opportunity I can get because if
I don't know that they're bad, then I feel happy
rewrap Like. On the other hand, he seems obsessed by
the whole thing, and it just makes him get all
worked up.
Speaker 3 (03:28):
A couple of big deal economic numbers today. One, the
world is on edge for its well the edge of
its seat for the feed and whether it's twenty five
points or fifty, and I can tell you it's just
gone fifty and what that says about a so called
soft landing more shortly and then two, here our GDP
figure for the second quarter. That's April, May and June.
The FED matters, of course, because America matters where they go,
we all go, not really the same for our GDP figure.
(03:51):
We sort of carry that all by ourselves. The almost
certain reality is our economy went backwards. And what makes
that worse is if it went backwards in Q two.
The next time we talk about all the stuff is
for Q three, and it will have gone backwards again
as well. Q three, which is what we're experiencing right now,
is not a market improvement or indeed any sort of
improvement on Q two. This has been a winter of
real discontent. We continue to pay the price for an
(04:14):
astonishing level of fiscal and aptitude, if not criminality, from
the previous government. I repeat my challenge that, by the way,
no one has been able to respond to find me
a country in the entire world that we would compare
ourselves to that will have experienced three recessions as a
result of their response to COVID. In the States, the
only level of debate they've had is a little bit
(04:34):
of tension around whether the FED moved a bit slowly,
whether by being a bit tardy, the American economy ran
any sort of risk at all of slipping into any
sort of recession. And that really was a bunch of
nervous nellies who, having watched the economy defire most levels
of expectation around jobs and wages and spending, then started
to slower a bit so que. The panic is meantime
here we've had real reason to panic, and we have
had real economy contracting over and over and over again.
(04:59):
If Q three figures are negative, that's six quarters of contraction.
The upside, it's retrospective, it's where we have been and maybe,
just maybe the are better days ahead. But what the
numbers today show beyond the shadow of it out is
when you vote, think about who it is you hand
the power too, because the wrong hands can cause untold damage.
Speaker 2 (05:19):
Yeah, so the fed cat was a bigger cat than everybody,
well most people were expecting, and the markets didn't really
seem to like it very bad. They didn't like being
told that they didn't know what to expect, and they
went down a bit. So just goes to show who cares.
Numbers are stupid.
Speaker 1 (05:38):
I think that's what it goes to show.
Speaker 2 (05:39):
Rewrap, We'll just stay in America there for a bat
and have a look at this KRMLA versus Trump, versus
Dance versus Waltz. We've got we've got sort of dueling
public appearances to cover off. First.
Speaker 3 (05:58):
Now, JD. Barance is in Carolina talking about Karmela.
Speaker 4 (06:02):
I mean, she practically is at this point where she
could walk in to this this room right now and
she could steal one of your red hats, sir and
put it on and say make America great again. Because
Kamala Harris is practically just running on the Trump agenda
right now. But as much as she's running on the
Trump agenda, she has been in office for three and
(06:22):
a half years and she hasn't done a damn thing
about it. Kamala Harris, stop talking about what you will do,
start talking about what you have done.
Speaker 1 (06:30):
And the answer is not a damn thing.
Speaker 3 (06:32):
All right, So they long from that in Carolina. Meantime,
she was in front of the National Association of Black
Journalists yesterday making complete scenes.
Speaker 5 (06:39):
It's about understanding what we need to do to again
understand that, to your point, we have to have a
holistic response to this issue and prioritize it. I was
acutely aware that my words could move markets. When you
are bestowed with a microphone that is that big. I
(07:01):
could go on and on and on. These are facts
that have had impact, and we need to we need
to speak.
Speaker 2 (07:11):
Truth about it.
Speaker 5 (07:13):
You really ought to understand at a very deep level
how much your words have a meaning.
Speaker 3 (07:18):
Small question, who does that remind you of?
Speaker 2 (07:23):
Just going back to Jadie Vance for a bit, It's
funny how much he reminds me of Christopher Luxon in
the way that you know, for somebody who claims to
have sort of wholesome, down home values, he accidentally swears
all the time. He says damn and pissed off and
crap and you know, way more than just about anybody
else on the on the election circuit. It's very it's
(07:46):
very interesting. I don't know why. It just my ears
perk up every time it happened.
Speaker 1 (07:51):
So rewrap.
Speaker 2 (07:52):
Maybe that's what's affecting the Trump ticket and the poles hauling.
Speaker 3 (07:57):
I was going to give you and still am. Actually,
this is a culmination put together of all the current
polls the major polsters put together by five thirty eight nationally.
This is America Kamala Harris forty eight, Trump forty five,
So forty eight forty five. In the battleground state she's
tight as North Carolina Trump by less than a point,
Arizona Trump by less than a point. Georgia same story,
(08:18):
Harris has Nevada by less than a point, Pennsylvania Harris,
Michigan Harris by two, Wisconsin Harris by three. So that's
a culmination of all the major polsters at the moment.
Then we come to moments ago the Quinnipiac Pole, which
is out taken between twelve and sixteen September, So it's
current Pennsylvania Harris fifty one, forty six. So you're outside
(08:43):
the margin of era now, So that's that's if not troubled,
potentially a death knell. Michigan Harris fifty one forty six.
Wisconsin's still tight at forty nine forty eight to Harris.
So she's on the move. And you back that up
with the feed pole that the CBNC, CBN C, CBN
C whatever they're called, CNBCNBCB that they did earlier on
(09:08):
the feeling is that Harris is going to win, right,
doesn't mean it's not going to change, doesn't mean that's
the way it is on the night, And everyone continues
to say. In sixteen and twenty the polsters underestimated the
Trump support, the Trump support being the quiet support where
nobody talks until the day of voting. But nevertheless the
numbers are shaping up, and you can see why things
(09:29):
are moving her way in general too.
Speaker 2 (09:31):
If you want to give yourself a little giggle today,
google up Trump paying by bitcoin at a New York bar.
He tries to scan a QR code. He can't do it.
His minder then tries to do it. He can't do it.
Chump has another go. It's pretty good.
Speaker 1 (09:54):
The re wrap.
Speaker 2 (09:55):
I want to finish up here with some exciting lego
news now you know, whether you're passionate about Lego or not,
you've got to admit it's the toy that's been doing
what it does for a long time now. And yeah,
I've got a bit of a soft spot for Lego,
that's for sure, and Mike certainly has a soft spot
for Formula one. One of those two things have to
(10:17):
do with each other.
Speaker 3 (10:18):
Legos announced this morning. You might have seen if you
follow Formula one, you might have seen the pictures of
Lando Norris driving the McLaren made of Lego, and so
that's been out for a while. That's a life size version.
And so they announced officially this morning that Lego has
signed a multi year deal with F one. Generally, they're
going to officially launch next year fan zone activations in
(10:39):
Grand Prix around the world. More than four million children
here's an interesting stat. More than four million children aged
eight to twelve actively follow F one and that's just
in Europe. In the US, that gives you an indication.
Other fun factor I heard the other day the F
one last year in Las Vegas brought in twice as
much revenue as the Super Bowl in Las Vegas. And
(11:01):
normally you'd say the Super Bowl is the biggest sporting
event in America, not so it was F one in Vegas.
So anyway, Lego are going all in Wich.
Speaker 2 (11:08):
Team would you get if you were going to build
a season.
Speaker 3 (11:10):
I would go Vcarb because the word on Liam is
not only will it be announced this weekend in Singapore,
he is going to get a drive for the rest
of the season, Ricardo will be ejected from the seat.
So the theory was initially that the announcement was coming
this weekend, but then he'd sort of hold out and
Ricardo finishes the season increasing amounts of reportage and there's
(11:33):
a lot of it now, so I'm assuming it's been
leaked to a degree that Riccardo will drive one more
time in Singapore and that will be him and Liam
Lawson will be in for the rest of the year.
Watch this space.
Speaker 2 (11:46):
Yeah, I don't care about that quite so much as
I care about which team you would like to build
For me, it would be Ferrari would be the obvious
choice because just because it's read and that's the best color,
which goes to show how much I know about your phone.
I am glear a hat. What I do know is
I'll be here podcasting for you again tomorrow.
Speaker 1 (12:07):
I'll see you it rerap for more from News Talks
at b Listen live on air or online, and keep
our shows with you wherever you go with our podcasts
on iHeartRadio
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