November 13, 2025 • 9 mins
Jonathan Hoenig of CapitalistPig.com has a national look at business news including the last penny minted in Philadelphia
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All right, so let's go over to the Legacy Retirement
Group dot com phone line and welcome a man. He
is our capitalist pig. You can find in the Capitalist
Pig dot com. Jonathan Hoenig mixed results on the markets yesterday,
but the Dow did hit forty eight thousand for the
first time, Jonathan, Good morning, Mike.
Speaker 2 (00:16):
Great to be with you. Where we were in high school,
the Dow was around five thousand, as you said, yesterday,
all time all time high forty eight thousand, led by
a lot of the financial stocks. Yes, the NASAC slip,
but stocks have really been on a roll despite the
shutdown in Washington. It's almost as if when they stopped
working in Washington, the market when it's an overdrive. A
(00:38):
lot of focus lately has been, however, on home affordability,
so a lot of eyes are on President Trump's suggestion
that maybe we need to turn that thirty year mortgage
into a fifty year mortgage.
Speaker 1 (00:48):
I saw that, and when you start doing the math
on that, it just it doesn't make sense. Jonathan. And look,
I'll never get a fifty year mortgage. When my kids
are old enough to do that, I won't recommend that
they do that. Either, but I don't begrudge banks from
offering that if lenders want to offer it.
Speaker 3 (01:05):
It's just a product.
Speaker 1 (01:06):
Like look, I don't eat twinkies, but I don't begrudge
hostess from making them and selling them.
Speaker 3 (01:12):
And that's fine. But buyer beware.
Speaker 2 (01:14):
Yeah, exactly right, Mike. It's really as trade off to here.
It's a way obviously to make owning a house a
lot more affordable than even with a thirty year loan,
but you pay much more in interest. In fact, you know,
the UBS crafts the numbers. They said that the average
boer would save about one hundred and nineteen dollars a
month with their mortgage with a fifty year mortgage, but
(01:34):
it would double the interesting you pay over the long run.
So you know, look, if we need more housing or
lower housing prices, we just simply need more housing to
be built. That's my opinion. But to your point, buyer,
be aware, when it comes to a fifty year mortgage,
you're paying much more than the home is worth in
interest the loan.
Speaker 1 (01:50):
Yeah, absolutely, and you can't stay in that house long
enough to recoup it with the equity.
Speaker 3 (01:55):
Then it just did.
Speaker 1 (01:56):
The math doesn't totally work out but hey, look, if
it worked for you, it's like these eighty four month
car loans, you know, it's just these seven year auto
loans just don't make sense. But for somebody, hey again,
just know what you're getting if you're into this. The
numbers just don't make any sense.
Speaker 2 (02:13):
Yeah, and I to kind of go to the point
that so many people still are struggling. In fact, take
the last couple of months, we've seen an uptake in
a number of foreclosures and foreclosure listings in fact, so
keeping a close eye on the housing market, and of
course so many people who've previously been priced out.
Speaker 3 (02:29):
I think your solution is a spot on. We just
need more houses.
Speaker 1 (02:33):
We need to increase the supply, and then that the
house the prices come down. It's a pretty simple, like
high school economics. Jonathan Honik at Capitalist pig dot com
talk about the prediction markets talking about Trump's tariffs.
Speaker 2 (02:46):
What's the story there, Well, so much of those prices
have to do with tariffs. You know, even just in
recent days, President Trump is allbitted or Secretary of Scott
Betson has all but talked about how one way to
lower coffee prices, for example, would be to remove that
traffs on coffee. So traiffs are been very much the
center of President Trump's economic plan, and you know, they're
making prediction markets decks on whether or not the Supreme
(03:09):
Court rules in President Trump's favor. You know, basically, President
Trump claimed extraordinary emergency powers for all these tariffs and
traders right now, and the prediction markets are actually only
giving him about our twenty five percent chance that's the
Supreme Court would rule his way. So if they're Supreme
Court Court rules against Trump, you could see literally hundreds
of billions of dollars of refunds going to Americans and
(03:32):
pay those traffs who pay those taxes. So still going
to be a lot of political drama, Mike, As you said,
it's not just the potential shutdowns, but potential reversal of
the president's claim on tariff.
Speaker 1 (03:42):
Yeah, and those prediction markets are pretty interesting because they're
they're often very very accurate. Let's talk about some of
the data that we are missing because of the government shutdown,
whether it's jobs data, inflation data.
Speaker 3 (03:56):
White House says we may never get that.
Speaker 2 (03:58):
Yeah, I mean there's a key economic reports look like
or not we use this all to make assumptions and
make predictions and try to invest long term. But as
you said, Mike, what was really the benefit of the
Democrats shut down your record shutdown? What did they achieve
other than disrupting the economy and disrupting things like that?
The White House basically saying that we might never even
(04:18):
see the economic data from October because of that government shutdown.
I don't know why they couldn't go back and necessarily
reassemble it, but you know, apparently, according to Press Secretary
of Caroline Leavitt, we might not even get that data
of October. And these days, of course, it's been all
about jobs. It's been one of the worrying signs in
the economy written large, Yes, inflations coming down, but you know,
(04:38):
jobs are starting to become a little bit less scarce,
more scarce. So keeping a close eye on that obviously
is you know, more Americans are feeling that heat and
feeling that pressure.
Speaker 3 (04:47):
Jonathan.
Speaker 1 (04:48):
I mean, you're somebody who does this for a lady
and you use some of that economic data. I've never
been I've always been a little suspicious of the government's data,
no matter who is an office, no matter what the
administration is.
Speaker 3 (05:00):
I like private data.
Speaker 1 (05:02):
I like, you know, when ADP releases their data, or
you know, Bank of America has internal data about jobs
and inflation. I seem I trust that people that are
on the ground level versus the government data.
Speaker 2 (05:14):
That's think important point to emphasize, you know, the fact, Look,
when you're making investment decisions for you or your family,
you can't just rely on one one source, certainly to
your point, when that source happens to be the government.
I mean, even in the way they measure inflation. You know,
they take a basket of goods and services, meaning, for example,
day is completely outdated in today's economy. So you're absolutely right,
you have to use a multitude of of indicators and signals.
(05:38):
One old thing that I like is that one swallow
does not make a summer, meaning that you just can't
take one piece of economic data when putting money to work.
Speaker 3 (05:46):
Yeah, it's a good point.
Speaker 1 (05:47):
Jonathan hoone capitalistpig dot com and boy it's the end
of an era. The last ever penny was minted yesterday
in Philadelphia.
Speaker 2 (05:55):
Yeah, I mean we heard about a little bit earlier.
I mean, look, the penny now costs four cents commit
so you're just not really benefiting anyone. I guess the
good news is that some of that inflation is under control.
But this has been banned about for quite some time,
number of years now, almost even decades, getting rid of
a penny because you know, as we've talked about, Mike,
(06:15):
you can't even five penny anny with a penny anymore.
So it ends up basically just in people's coin drawers
or junk drawers, and governments spending you know, millions of
dollars to mint a coin that no one uses. Maybe
it's time to admit that the penny has come and
gone and seeing its day.
Speaker 3 (06:31):
Yeah, well it outlived the halfpenny though, so that's good.
Speaker 1 (06:33):
The half penny only made it one hundred and sixty
eight years, and I think I've got a couple of
those in an old jar somewhere.
Speaker 2 (06:38):
Well, you're still it was still overmain legal tender. But boy,
as we've talked about for a number of years, Mike
han looked, a rate of inflation has gone down. That's
a positive, but you know, still Americans are still struggling.
And you look at so many menu items and you
think key nine ninety nine. I remember when I was
six and ninety nine a couple of years back, So
it's affecting Americans of every I can mixed drata.
Speaker 3 (07:00):
Now on the other side of that coin, no pun intended.
Speaker 1 (07:03):
Target is reducing prices on some three thousand different food items.
Speaker 3 (07:07):
What's going on there?
Speaker 2 (07:09):
They are low exactly, I mean, basically trying to attract customers.
And this is what competition does. You're going to see
a lot of this appeal to people, you know, who
are struggling low value oriented menu items. You've talked about
a lot of the restaurants. So Target's getting in on it.
Basically the thing starting November eleventh, they're lowering the prices
of three thousand different items. Basically, it's acknowledging the shoppers
(07:30):
are trying to stretch their budgets going into the holidays.
Everyone's feeling a little bit lighter. So still things like
the mac and cheese that used to be a dollar
ninety nine, they're not going to make a dollar sixty nine.
Think everyday items, and you know you're going to see it,
as I said, Mike, a lot of this, you know,
companies competing for for consumers, competing with better deals, and
certainly everyone will welcome that who have come into the
(07:50):
holiday season as credit card balances continue to hovering your
all time highs.
Speaker 1 (07:54):
And that's right in time, of course for the holidays,
Thanksgiving holiday with people, you know, more focusing on food
and maybe feeding a group of people. So that's definitely
and look thirty cents or whatever here and there starts
to add up a lot, so good, a little good
on target for sure. Toyota is I see opening a
new battery plant. Where is this and how much are
(08:16):
they investing?
Speaker 2 (08:17):
Yeah, I mean, well you got to hit it as
supposed to President Trump, because we're starting to see some returns.
Toyota said yesterday that they're starting production on a fourteen
billion dollar battery plan in North Carolina. They say they're
going to invest up a ten billion dollars more, ten
billion dollars more than they had previously expected, right here
in the United States. So a lot of the specific
details are scanned. But this is Toyota's first in house
(08:40):
battery plant outside of Japan, so it's great to see.
They said, new jobs being created. And you know a
lot of people micro worried about what the jobs of
AI will take away. You know, what are going to
be a job there's an unlimited amount of jobs available
in a free economy, so whether it's next generation batteries
or you know, next generation services. Really Bullers said, as
(09:00):
long as we stay free, we'll stay prosperous with jobs
of plenty.
Speaker 1 (09:04):
I love the optimism there, but just real quick on
the battery plan. I mean, I thought that the demand
for evs was kind of softening a little bit.
Speaker 3 (09:11):
Is this batteries for evs?
Speaker 1 (09:14):
I mean, hybrids are I guess continuing to be a
little bit healthier than the actual EV itself exactly.
Speaker 2 (09:20):
I mean, it's amazing how a demand for the evs
has really soured. People do not want evs. They much
more prefer the hybrids, so that continues to grow exponentially
according to CNBC, and Toyota is the clear leader in
hybrid They've got a fifty one percent market share this
year according to Motor Intelligence data, so Toyota really killing it.
(09:41):
And the stock actually has been a strong performer this
year as well. PM is the ticker symbol with a
great investment for those who've been on hybrids, much more
than EV's
All right, so let's go over to the Legacy Retirement
Group dot com phone line and welcome a man. He
is our capitalist pig. You can find in the Capitalist
Pig dot com. Jonathan Hoenig mixed results on the markets yesterday,
but the Dow did hit forty eight thousand for the
first time, Jonathan, Good morning, Mike.
Speaker 2 (00:16):
Great to be with you. Where we were in high school,
the Dow was around five thousand, as you said, yesterday,
all time all time high forty eight thousand, led by
a lot of the financial stocks. Yes, the NASAC slip,
but stocks have really been on a roll despite the
shutdown in Washington. It's almost as if when they stopped
working in Washington, the market when it's an overdrive. A
(00:38):
lot of focus lately has been, however, on home affordability,
so a lot of eyes are on President Trump's suggestion
that maybe we need to turn that thirty year mortgage
into a fifty year mortgage.
Speaker 1 (00:48):
I saw that, and when you start doing the math
on that, it just it doesn't make sense. Jonathan. And look,
I'll never get a fifty year mortgage. When my kids
are old enough to do that, I won't recommend that
they do that. Either, but I don't begrudge banks from
offering that if lenders want to offer it.
Speaker 3 (01:05):
It's just a product.
Speaker 1 (01:06):
Like look, I don't eat twinkies, but I don't begrudge
hostess from making them and selling them.
Speaker 3 (01:12):
And that's fine. But buyer beware.
Speaker 2 (01:14):
Yeah, exactly right, Mike. It's really as trade off to here.
It's a way obviously to make owning a house a
lot more affordable than even with a thirty year loan,
but you pay much more in interest. In fact, you know,
the UBS crafts the numbers. They said that the average
boer would save about one hundred and nineteen dollars a
month with their mortgage with a fifty year mortgage, but
(01:34):
it would double the interesting you pay over the long run.
So you know, look, if we need more housing or
lower housing prices, we just simply need more housing to
be built. That's my opinion. But to your point, buyer,
be aware, when it comes to a fifty year mortgage,
you're paying much more than the home is worth in
interest the loan.
Speaker 1 (01:50):
Yeah, absolutely, and you can't stay in that house long
enough to recoup it with the equity.
Speaker 3 (01:55):
Then it just did.
Speaker 1 (01:56):
The math doesn't totally work out but hey, look, if
it worked for you, it's like these eighty four month
car loans, you know, it's just these seven year auto
loans just don't make sense. But for somebody, hey again,
just know what you're getting if you're into this. The
numbers just don't make any sense.
Speaker 2 (02:13):
Yeah, and I to kind of go to the point
that so many people still are struggling. In fact, take
the last couple of months, we've seen an uptake in
a number of foreclosures and foreclosure listings in fact, so
keeping a close eye on the housing market, and of
course so many people who've previously been priced out.
Speaker 3 (02:29):
I think your solution is a spot on. We just
need more houses.
Speaker 1 (02:33):
We need to increase the supply, and then that the
house the prices come down. It's a pretty simple, like
high school economics. Jonathan Honik at Capitalist pig dot com
talk about the prediction markets talking about Trump's tariffs.
Speaker 2 (02:46):
What's the story there, Well, so much of those prices
have to do with tariffs. You know, even just in
recent days, President Trump is allbitted or Secretary of Scott
Betson has all but talked about how one way to
lower coffee prices, for example, would be to remove that
traffs on coffee. So traiffs are been very much the
center of President Trump's economic plan, and you know, they're
making prediction markets decks on whether or not the Supreme
(03:09):
Court rules in President Trump's favor. You know, basically, President
Trump claimed extraordinary emergency powers for all these tariffs and
traders right now, and the prediction markets are actually only
giving him about our twenty five percent chance that's the
Supreme Court would rule his way. So if they're Supreme
Court Court rules against Trump, you could see literally hundreds
of billions of dollars of refunds going to Americans and
(03:32):
pay those traffs who pay those taxes. So still going
to be a lot of political drama, Mike, As you said,
it's not just the potential shutdowns, but potential reversal of
the president's claim on tariff.
Speaker 1 (03:42):
Yeah, and those prediction markets are pretty interesting because they're
they're often very very accurate. Let's talk about some of
the data that we are missing because of the government shutdown,
whether it's jobs data, inflation data.
Speaker 3 (03:56):
White House says we may never get that.
Speaker 2 (03:58):
Yeah, I mean there's a key economic reports look like
or not we use this all to make assumptions and
make predictions and try to invest long term. But as
you said, Mike, what was really the benefit of the
Democrats shut down your record shutdown? What did they achieve
other than disrupting the economy and disrupting things like that?
The White House basically saying that we might never even
(04:18):
see the economic data from October because of that government shutdown.
I don't know why they couldn't go back and necessarily
reassemble it, but you know, apparently, according to Press Secretary
of Caroline Leavitt, we might not even get that data
of October. And these days, of course, it's been all
about jobs. It's been one of the worrying signs in
the economy written large, Yes, inflations coming down, but you know,
(04:38):
jobs are starting to become a little bit less scarce,
more scarce. So keeping a close eye on that obviously
is you know, more Americans are feeling that heat and
feeling that pressure.
Speaker 3 (04:47):
Jonathan.
Speaker 1 (04:48):
I mean, you're somebody who does this for a lady
and you use some of that economic data. I've never
been I've always been a little suspicious of the government's data,
no matter who is an office, no matter what the
administration is.
Speaker 3 (05:00):
I like private data.
Speaker 1 (05:02):
I like, you know, when ADP releases their data, or
you know, Bank of America has internal data about jobs
and inflation. I seem I trust that people that are
on the ground level versus the government data.
Speaker 2 (05:14):
That's think important point to emphasize, you know, the fact, Look,
when you're making investment decisions for you or your family,
you can't just rely on one one source, certainly to
your point, when that source happens to be the government.
I mean, even in the way they measure inflation. You know,
they take a basket of goods and services, meaning, for example,
day is completely outdated in today's economy. So you're absolutely right,
you have to use a multitude of of indicators and signals.
(05:38):
One old thing that I like is that one swallow
does not make a summer, meaning that you just can't
take one piece of economic data when putting money to work.
Speaker 3 (05:46):
Yeah, it's a good point.
Speaker 1 (05:47):
Jonathan hoone capitalistpig dot com and boy it's the end
of an era. The last ever penny was minted yesterday
in Philadelphia.
Speaker 2 (05:55):
Yeah, I mean we heard about a little bit earlier.
I mean, look, the penny now costs four cents commit
so you're just not really benefiting anyone. I guess the
good news is that some of that inflation is under control.
But this has been banned about for quite some time,
number of years now, almost even decades, getting rid of
a penny because you know, as we've talked about, Mike,
(06:15):
you can't even five penny anny with a penny anymore.
So it ends up basically just in people's coin drawers
or junk drawers, and governments spending you know, millions of
dollars to mint a coin that no one uses. Maybe
it's time to admit that the penny has come and
gone and seeing its day.
Speaker 3 (06:31):
Yeah, well it outlived the halfpenny though, so that's good.
Speaker 1 (06:33):
The half penny only made it one hundred and sixty
eight years, and I think I've got a couple of
those in an old jar somewhere.
Speaker 2 (06:38):
Well, you're still it was still overmain legal tender. But boy,
as we've talked about for a number of years, Mike
han looked, a rate of inflation has gone down. That's
a positive, but you know, still Americans are still struggling.
And you look at so many menu items and you
think key nine ninety nine. I remember when I was
six and ninety nine a couple of years back, So
it's affecting Americans of every I can mixed drata.
Speaker 3 (07:00):
Now on the other side of that coin, no pun intended.
Speaker 1 (07:03):
Target is reducing prices on some three thousand different food items.
Speaker 3 (07:07):
What's going on there?
Speaker 2 (07:09):
They are low exactly, I mean, basically trying to attract customers.
And this is what competition does. You're going to see
a lot of this appeal to people, you know, who
are struggling low value oriented menu items. You've talked about
a lot of the restaurants. So Target's getting in on it.
Basically the thing starting November eleventh, they're lowering the prices
of three thousand different items. Basically, it's acknowledging the shoppers
(07:30):
are trying to stretch their budgets going into the holidays.
Everyone's feeling a little bit lighter. So still things like
the mac and cheese that used to be a dollar
ninety nine, they're not going to make a dollar sixty nine.
Think everyday items, and you know you're going to see it,
as I said, Mike, a lot of this, you know,
companies competing for for consumers, competing with better deals, and
certainly everyone will welcome that who have come into the
(07:50):
holiday season as credit card balances continue to hovering your
all time highs.
Speaker 1 (07:54):
And that's right in time, of course for the holidays,
Thanksgiving holiday with people, you know, more focusing on food
and maybe feeding a group of people. So that's definitely
and look thirty cents or whatever here and there starts
to add up a lot, so good, a little good
on target for sure. Toyota is I see opening a
new battery plant. Where is this and how much are
(08:16):
they investing?
Speaker 2 (08:17):
Yeah, I mean, well you got to hit it as
supposed to President Trump, because we're starting to see some returns.
Toyota said yesterday that they're starting production on a fourteen
billion dollar battery plan in North Carolina. They say they're
going to invest up a ten billion dollars more, ten
billion dollars more than they had previously expected, right here
in the United States. So a lot of the specific
details are scanned. But this is Toyota's first in house
(08:40):
battery plant outside of Japan, so it's great to see.
They said, new jobs being created. And you know a
lot of people micro worried about what the jobs of
AI will take away. You know, what are going to
be a job there's an unlimited amount of jobs available
in a free economy, so whether it's next generation batteries
or you know, next generation services. Really Bullers said, as
(09:00):
long as we stay free, we'll stay prosperous with jobs
of plenty.
Speaker 1 (09:04):
I love the optimism there, but just real quick on
the battery plan. I mean, I thought that the demand
for evs was kind of softening a little bit.
Speaker 3 (09:11):
Is this batteries for evs?
Speaker 1 (09:14):
I mean, hybrids are I guess continuing to be a
little bit healthier than the actual EV itself exactly.
Speaker 2 (09:20):
I mean, it's amazing how a demand for the evs
has really soured. People do not want evs. They much
more prefer the hybrids, so that continues to grow exponentially
according to CNBC, and Toyota is the clear leader in
hybrid They've got a fifty one percent market share this
year according to Motor Intelligence data, so Toyota really killing it.
(09:41):
And the stock actually has been a strong performer this
year as well. PM is the ticker symbol with a
great investment for those who've been on hybrids, much more
than EV's
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