Interest rates going to remain high

Episode Transcript

(00:00):
Interest rates may stay high for longer, but what does that mean for the
election? And from ABC News outof Washington, it is christ John Cordero
and welcome to the show, ChrisJohn. How are you hey, Mark,
good to be with you. I'mdoing well. So what does this
mean? We saw? I thinkand it's all running together for me now,

(00:21):
since we do this every single day, it feels like of the rest
of my life for a living.But hearing Jerome pal say, yeah,
we're not going to be lowering theinterest rates at least in the foreseeable future.
But how does this translate then forthe election? This is interesting?
Yeah, for selection specifically, itis interesting, and it's with good timing

(00:43):
I suppose to coincide with ABC News. It's as cool that, among other
things, asked what matters to youas voters, and they asked, you
know, twenty two hundred plus adults, and the vast majority of them said,
the economy and inflation are the issuesin this election. I think,
even just anecdotally, you can feelthat your pennies are being pensed a little

(01:04):
bit tighter. Right, So whenwhen we kind of focused in a little
bit narrow on that's okay. Sothese are important issues to you. Who
do you trust to handle this?And neither presumptive candidate got overwhelmingly high scores,
but President Biden's scores were very low, thirty to thirty two percent when
you split it up between economy andseparately equation, and then for former President

(01:26):
Trump it's forty four forty six percent. So I think that just kind of
speaks to how people feel about wheretheir money's going right now. Yeah,
and yeah, this couldn't be worsetiming for the Biden administration as far as
and I know that the outlook wasbetter when we started the year. I
remember how there was a lot ofreporting where it was and now not so

(01:48):
much. As a matter of fact, some of the verbiage in this sentence
or this paragraph that was sent today, the sunny outlook has darkened. In
fact, the key there is outlook. People felt some optimism that rates would
come down, but just the factthat they're being held steady feels maybe like
for a lot of people that isan unsustainable level and at least for the

(02:13):
individual person or the household. Andreally, what's happening here, because we
hear all the time right that theeconomy is really strong, and that's not
necessarily false. In fact, manyeconomists will say, yeah, that is
true, and they'll point to theUS is historically low unemployment rate and a
deceleration in consumer spending. But evenwhen you know, the key issue here
that's kind of keeping interest rates upis inflation. And even when inflation has

(02:35):
come down from let's just say ninepercent one year to three percent the next,
that's still it's still more money,right, So you're still paying twelve
percent more than you were two yearsago, hypothetically speaking, and then your
wages are probably not keeping up atthat rate, so overall you are poor.
Yeah, there's no question about that. People are hemorrhaging right now and
they are looking for release that isjust not being provided any direction that they

(02:59):
look, I am in that boat, and I think a lot of people
are in that boat or buy andlarge and a lot of those people are
gonna be They're gonna be speaking atthe polls with their votes. So we'll
see how this plays out. ChristianCordero, ABC News, Christian, thank
you so much, appreciate it.Thank you. Mark. All right.
Yeah, I as far as thejobs report, I mean all of that

(03:22):
stuff, and look, that's justpart of what she's reporting there. But
it's just like you can't teut thatyou know, your jobs are up,
the people getting jobs are up.When we had this massive thing hit US
called COVID where a lot of peoplelost jobs, we saw a lot of
not just losing jobs or a lotof businesses going out of business. And

(03:42):
then you got people, you know, starting to work again and they go,
look, we're so And I thinkthat people who listen to this show
they kind of understand that already.But he kills me when main mainstream media
tries to tries to like run thatup the flagpole and go yeah. But
I thought it was interesting that theyare actually reporting the sunny outlook has darkened

(04:03):
right now and it doesn't look likethe interest rate choice, I don't think,
well because everybody knows that. Everybodysees it, yeah, you know
nobody. I mean, I justat the rate at this rate, like
it's just hard, it's hard tokeep up with anything. And it's like,

(04:24):
you know, if you've got tobuy a house or a car,
good luck right now, literally goodluck. Yeah, the interest rate sucks
so bad you're gonna need it.And I think we talked about this even
if let's say you did have achunk of money and you can purchase a
house, you can write a checkfor it, You're gonna buy an inflated
house. You're gonna pay an inflatedprice. I was just looking a little

(04:44):
bit ago. I saw somebody inthe Johnstown area. There was a house
that they posted for rent. Andwhen I tell you the square footage,
I think it might have been aroundtwo thousand square feet or something like that.
They wanted five thousand dollars a monthto rent. To rent, that's
insane rent. I mean in Johnstown, five thousand dollars what. Yeah,

(05:09):
that's that's moronic. I hope nobody. I hope nobody takes am up on
that. I mean, I don'teven know. And you know what,
if you're the person who owns ahome that you're going I look, five
thousand is just covering the mortgage.I'm to shame on you for paying to
having for having a mortgage that high. And I'm telling you, this home
was really nothing to look at.I mean it was really not. It

(05:32):
looked older, so on and soforth. But I scratching my head,
I'm like, man, this isthis is crazy. We're so close to
having to take a break. Idon't know how much we get into flirt,
but it's a new COVID nineteen variant, flirt spelled how it sounds flirt.

(05:54):
If you're in vaccinated, he're you'reflirting with death. It has a
good chef anyway. They're saying it'sbeen detected in wastewater surveillance and from April
fourteenth through the twenty seventh. Labeledkp DOT two. This variant makes up

(06:14):
about twenty five percent of the casesin the US right now. And then
they go on, people start,who is it? It's a Chief of
Infectious Disease at the Jacobs School ofMedicine and Biomedical Sciences at the University of
Buffalo. How do you look atyourself in the mirror when you put out
a statement we've got a population ofpeople with waning immunity, which increases our

(06:40):
susceptibility to a wave. How doyou look at yourself in the mirror,
which you say, I'm a wave. Now another wave. That's what I'm
saying. It's just like, comeon, and then they start symptoms of
the like they're different. It's thesame symptoms. It literally is the same
by the way, it's the samesymptom symptoms as like fifteen other ailmnths.

(07:03):
Well there's that too, but I'mtalking about they're like, the variant appears
to have similar symptoms. No,not similar, same, exactly the same.
I don't see one symptom on herethat I go. Oh, and
by the way, they go newloss of taste or smell? What does
that mean? What am I missing? Means? If you lost it before,

(07:24):
you know, when you had COVID, then if you get it again,
you'll have a new lose it again, You'll lose it again. So
in other words, it's loss oftaste and smell is a symptom of this
flirt variant, which was a symptomof the other variant, as the symptom
of its cousin's best friend who sawFerris Buehler pass out at thirty two flavors

(07:44):
last night. Bueller Bueler, anyoneBueler, anyone trafficking weather together from day
and night, heating and cooling