June 30, 2025 • 25 mins
#WHAT'S HAPPENING! Los Angeles is suing Trump, and new laws will take effect tomorrow. Trump claims there is a buyer for TikTok. In the Diddy trial, he is pleading not guilty, stating, "Yes, he had a swinger lifestyle and they own the domestic violence you saw in the Cassie video, but..." There are also reports of theme park nightmares with talkback sessions. GUEST – Merlin Rothfeld discusses tariffs, the Genus Act, and the decline in the value of the U.S. dollar. Cross with Mark Thompson.
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Episode Transcript
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Speaker 1 (00:00):
This is Gary and Shannon and you're listening to KFI
AM six forty the Gary and Shannon Show on demand
on the iHeartRadio on app What else is going on?
Speaker 2 (00:09):
Time for What's Happening?
Speaker 3 (00:14):
What's Happening brought to you today by Trajan Wealth. Trajan
Wealth will help you set and achieve your financial goals
for retirement. Your local trusted financial fiduciary. Trajanwealth dot Com
mentioned this last hour. The Trump administration is now suing
the City of La because of immigration policies. This lawsuit,
filed in the Central District of California, notes up top
(00:36):
that the president campaigned and won the presidential election on
a platform of deporting millions of illegal immigrants the previous
administration permitted. This lawsuit comes weeks after the protests that
then ended up with a fight between Governor Gavin Newsom
and President Trump over the use of the National Guard.
At this point, no comment from La City Hall. A
(00:59):
bunch of new laws go into effect tomorrow. Boy, this
is one of those tried and true stories. There is
a crackdown on the sale of stolen goods in online
market places, sent a bill eleven forty four. There's another
new law that will require businesses to receive a consumer's
affirmative consent to renew or continue a paid subscription. Short
(01:24):
term rental cleaning Fees targets the hidden fees that are
often imposed by short term rentals think Airbnb and vrbo,
and requires a short term lodging site to disclose any
of the additional fees or charges or other penalties, and
any short term lodging site that does not comply could
be fined up to ten thousand dollars per violation. A
(01:47):
lot of California cities implement planned increases in the minimum wage.
Speaker 2 (01:52):
Come tomorrow.
Speaker 3 (01:53):
La City is going to go up to seventeen eighty
seven an hour. LA County just below that at seventeen
eighty one, Pasadenas even higher at eighteen oh four an hour,
Santa Monica seventeen eighty one to match La County, a
bunch of others as well. The San Bernardino County Fire
Department just last week demonstrated an airplane that could revolutionize
(02:18):
rescue operations. The evtl EV toll stands for Electric Vehicle
Takeoff and Landing. They haven't bought one yet, but they
said they're seriously considering and they're talking about providing paramedic
support in difficult terrain like mountains, hiker rescues, remote rural areas,
things like that. And it's similar to what's being developed
(02:39):
for the air taxis that everybody keeps talking about where
the pilot sits in a pod and then the aircraft
lifts off vertically, no runway and then can fly horizontally.
Range of about twenty miles, cruising speed of about sixty
miles an hour. Also amphibious, at least the one that
they were looking at. So we've seen more and more
four July events canceled because of immigration enforcement operations. Among
(03:05):
the most prominent is going to be the Glory of
Molina Grand Park summer block party right downtown. The postponement
they said. They didn't say they're rescheduling. They said they're postponing.
If that ever happens, I don't know, but they said
in light of recent events affecting a portion of downtown
LA and the ongoing circumstances. The website only states that
summer block party is going to be held later in
(03:26):
the summer. City of cutaey Bell Gardens, Huntington Park, the
El Serino. They've all said that they are either canceling
or downgrading significantly.
Speaker 2 (03:39):
Boyle Heights.
Speaker 3 (03:41):
The East LA people have been talking to the media
and said that they understand why they're canceling and why
many may not even be able in the mood to
I should say, wouldn't be in the mood to celebrate
for Fourth of July. President Trump has said that the
TikTok buyer is floating around. He said in an interview
(04:02):
that aired yesterday, there is a buyer, and that he
is going to announce it probably sometime in about two weeks.
That's his favorite time frame. It's everything is about two
weeks away. He said, I'll probably need China's approval. I
think President she will probably do it. But it's a
group of very wealthy people. That is not a surprise.
(04:23):
The jury has begun deliberations in the Shandtecombe sex trafficking trial.
They got legal instructions from the judge. About two hours
of jury instructions. This jury of eight men and four
women got into the behind and closed doors to start
to deliberate. Of course, he has pleaded not guilty to
the federal charges of racketeering, conspiracy, two counts of sex trafficking,
(04:43):
and two counts of transportation to engage in prostitution by
supposedly arranging to fly sex workers across state lines. The
defense attorney had an interesting tactic here and said, yeah,
he had a swinger lifestyle, and yes they own the
(05:05):
domestic violence that everybody saw in that video where he
beat up Cassie Ventura. But he's not a racketeer. He's
not a conspirator to commit racketeering. He's none of these things.
He is innocent. Return him to his family who have
been waiting for him. And I told you last week
as well that he was hit with yet another another
lawsuit over an alleged rape that he and his son
(05:28):
took part in together. Anyway, that was one of the
lawsuits filed last week. Up next, some of those horror
stories that came out of theme parks doesn't have to
be Disneyland, but Disneyland brings a lot of people, and
a lot of people bring a lot of horror stories.
But the worst things that you've seen at theme parks
when we come back.
Speaker 1 (05:48):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 3 (05:54):
We were talking earlier about some of the worst thing
just some of the worst behavior that we've seen at
theme parks around the country, where people forget they're in public,
or they're in public and they just don't care you're
there to serve them. I saw something. It wasn't at
a theme park, but over the weekend having lunch. Guy
(06:16):
orders lunch and then walks to a restaurant nearby and asks,
it's an outdoor lunch. And I've already given away this
where it was when I talked about it earlier in
the show. He went and demanded to have a high
chair from the restaurant so that he could take it
outside and sit with his kid, and they said, I'm sorry,
we can't let you do that, and he threw a fit.
(06:39):
I'm ordering food from you and just it anyway, zero
ability to understand that his behavior was not called for. So,
what's the worst thing that you have seen at a
theme park?
Speaker 4 (06:51):
Is Heather Brooker And I just want to say, I
am so sorry to Kana about that whole.
Speaker 5 (06:58):
Like fru cup incident.
Speaker 4 (07:00):
I guess I was just really hungry and needed my
fruit cup.
Speaker 6 (07:05):
My bag girl.
Speaker 2 (07:06):
I forgive her, you do, I forgive her. That's a
big person.
Speaker 7 (07:11):
Yeah, I used to go to amusing parks all the time.
Brought my kids when they were little, and then they
got a little older, and what I used to see
is like a group of teenagers just laughing and being
really loud and naughty. So what I do now with
my wife or whoever I'm with. I looked at my
left and I looked at my right, and it's getting
out of control. I just wait for the next car.
(07:33):
Let them pass.
Speaker 2 (07:35):
Okay, that's great, very Shannon, very passive.
Speaker 4 (07:38):
Sheldon's a long time listener. The worst thing that's happened
to me had the same parker at King's Island in
Ohio and Cincinnati, and uh, we had.
Speaker 5 (07:49):
A little toddler and a stroller.
Speaker 4 (07:50):
And with your friend to use the restroom. Come out
and uh, somebody robbed our stroller and pressed the waters
and food and smacks. And then a guy caught him
and I called us who it was.
Speaker 3 (08:04):
Wait a minute, did they take the baby? I didn't
catch that part. Maybe the baby was in the bathroom
with them.
Speaker 8 (08:08):
I was going, guys, you know, I was in Magic
Mountain one day in line a couple and they were
having an argument in line hot day, Magic Mountain, and
the guy decides to throw all slurpy, flushy red on
this girl on his girlfriend. I go up to him
(08:30):
by tell him what's going on. They wanted a fight
with me. Security comes and they kicked me out.
Speaker 2 (08:36):
That's what you get for sticking.
Speaker 9 (08:38):
Up for good morning gang. I used to work at
Disneyland in the late eighties early nineties, and what used
to irritate the f out of me is I worked
on the Teacups rotation and if somebody puked in the
teacups and didn't tell you, or just to say puked,
like if you can't handle the ride, don't freaking go
(09:00):
on it anyway.
Speaker 2 (09:01):
Have a great week. Love you guys, Love me too.
Speaker 5 (09:04):
Hello my Dynamic duo.
Speaker 10 (09:08):
Okay, Hello Gary?
Speaker 9 (09:09):
Hi Gary?
Speaker 5 (09:11):
Yes, where Shannon?
Speaker 2 (09:13):
She's on vacation.
Speaker 9 (09:14):
Maybe I missed the first part of your show today,
But where is Shannon's back tomorrow?
Speaker 10 (09:20):
Gosh, hello Gary. I heard about theme park incidents and
guests acting inappropriate and crazy and I just had to
chime in here. Okay, I did used to work at
the Disland resort, and I worked at the Grand California
and for a lot of years.
Speaker 2 (09:35):
You know it's real when she actually says the Disneyland resort.
Speaker 10 (09:38):
One of the things that we had issue with is
people walking through the Grand. One guy told me, because
he couldn't walk through the Grand that this was just
like Nazi Germany. I couldn't help myself and I had
to call him out on it.
Speaker 5 (09:50):
Almost got me fired, but it was worth it, I hope.
Speaker 6 (09:53):
So gosh, hey Gary, no, Shannon, Disneyland. Is that a
horror story or.
Speaker 1 (10:00):
Anything like that?
Speaker 6 (10:00):
But you know, homostly a magic keyholder. Sorry, And I
go into the restroom and a grown man with his
pants down to his ankles at the urinal doing the duty,
and you can't shake it, can't get it out of
my mind.
Speaker 3 (10:21):
We've talked about that many times. Guys. You do not
have to drop trout all the way if you're standing
at a urinal. In fact, don't drop trout all the
way if you're standing at a uneral urnal. You're supposed
to stop that when you're five or six. All right,
up next, what's going on on Wall Street? There's so
much We saw record highs for the S and P
(10:41):
five hundred. Recently, AI is getting their terrif the dollar
is falling. Our friend Trader Merlin's going to join us.
We're going to talk more about that when we come back.
Speaker 1 (10:52):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 6 (10:57):
Well.
Speaker 3 (10:57):
Canada has scrapped its digital services tax to target US
tech firms, just hours before it was supposed to take
effect today, and that's going to pave the way for
the resumption of tariff talks. The Canadian Prime Minister Mark
Carney said he spoke with the President yesterday on the
phone and they've agreed to resume trade negotiations. They want
to have a deal, they say by July twenty first,
(11:17):
according to the Finance Ministry up in Canada. Well, I
have no idea what drives markets positive and negative anymore,
because things I think would be a draw down on
the market ends up with green arrows.
Speaker 2 (11:30):
All over the place and vice versus.
Speaker 3 (11:32):
So to help us figure out all of this, Merlin
Rothfeld a friend of mine actually from high school, who
now goes by Trader Merlin on the social media, so
you can find him at Trader Merlin on x and
also on YouTube with a regular show. Merlin, thanks for
taking time for us again today. Always Oh you know
(11:53):
what I'm going to have you do I'm going to
hang up on you only because I need to get
a better sell signal.
Speaker 2 (11:58):
That one sounded awful. Okay, sure, no, now you sound perfect.
Speaker 3 (12:02):
Now you got your head out of the blendering. You
sound fine. So I don't know what's going on.
Speaker 5 (12:06):
The blender's good.
Speaker 3 (12:07):
Let's start with what's going on with tariff talk. I
think the last time we spoke, we were neck deep
new tariffs. Every single day was constantly changing. Things have
settled down, but we're still dealing with some of the
hangover from tariff talk.
Speaker 5 (12:25):
Yeah, agreed, And I mean I'm gonna approach this from
a trader's perspective, not as a citizen who's like, oh,
concern about tariffs. From a trader's perspective, you know, this
is obviously something that can move my markets every single day.
So right now, the only day that really matters to
me is July ninth. That's when the reciprocal tariffs end.
In theory and Scott best Of the Secretary of the
Treasury has made it very clear that if you're negotiating
(12:47):
with the United States, then we will continue to negotiate
with you and not put on these reciprocal tariffs. If
you aren't negotiating full tariffs, and as we know, our
president loves the shock and awe. I think that's from
his reality TV show days, where you use something so
outlandish before the commercial break that the audience just cannot
change the channel. And I think we're getting close to
another one of those moments where we all just go
(13:08):
did he just do that again? So as a trader,
I think right now you've got to be looking at
these markets as the trend is your friend until the
bend at the end of the market is up. The
market is extremely strong, the data is pretty good, so
I'm not so worried about the tariffs. I think that
we'll have a shock around July ninth, so I'll scale
back on my trading positions at that moment in time.
But that's pretty much it for me on the tariff thing.
(13:29):
I mean, it's the biggest uncertainty for the markets, but
I'm not freaking out every day. The market gives you
what it gives you, and you just have to play.
Speaker 3 (13:36):
It by here, despite the name of it, I am
too dumb to understand what the Genius Act is.
Speaker 2 (13:42):
What's going on with that.
Speaker 5 (13:44):
You know you talked earlier about AI and I love
your comments on it. And if you go back to
the Internet, back in the dot com days, there were
people like, oh, this internet thinks stupid, it sucks, it's
going to ruin communication. And now we wouldn't be able
to survive if we didn't understand how the Internet worked
or use it right, it would just be archaic Stone
age days and cryptocurrencies and digital assets. To many of
your viewers, they're probably going, oh, it's a scam, it's
(14:06):
a fraud. I don't know what it is. I don't
want to use it. It's never going to be part
of a society. There are major financial institutions right now
using blockchain technology, using cryptocurrencies. The Genius Act simply said,
let's come up with a specific set of rules that
establish what a stable coin is. Now, for those that
don't know, if stable coin is something that's pegged to
(14:27):
another asset, for example, the US dollar, So a stable
cooin pegg at the US dollar is a digital token
that represents one dollar worth of value. Now the issuer
can hold a variety of different assets behind the scenes,
and the Genius Act just clarified that. And while it
may sound somewhat convoluted, in a thirty second explanation. Bottom
line is it's the US government saying, okay, we are
(14:49):
now going to allow digital dollars to transact issued by
banks and financial institutions, which is the first stepping stone
towards digital assets, because I mean more mainstream. Now, the
Genius Act passed with flying colors. That means that probably
within a year or two, your Wells Fargo Chase Bank
of America will be issuing stable coins. These are monetary
(15:12):
units that you can transact. It's faster and more efficient
and more transparent than the US dollar. Now, for you
conspiracy theorist in the audience, it does give the US
government the ability to monitor and watch your transactions, to
potentially censor those transactions. So you know, it's not all
not all rosy. But that's the Genius Act. The Genius
Actor spelled out here's what a stable coin is, and
(15:32):
if you want to issue one in America, you gotta
follow these rules.
Speaker 3 (15:36):
And then I saw this statistic I think kind of
floats below the surface for the vast majority of US
but the dollar had its worst first half year in
almost fifty years.
Speaker 2 (15:46):
Yeah, what's going on with that?
Speaker 5 (15:49):
I mean, look, the dollar's going down faster than pgad's career.
I mean, this thing's bad and it doesn't even have
to go to trial. So yeah, this is something that
we've been watching.
Speaker 2 (15:58):
Quite a bit of my bad. That's what you are.
Speaker 5 (16:01):
So there we go. I always have been here.
Speaker 2 (16:03):
You know that.
Speaker 5 (16:06):
You know I'm watching this thing tank And unfortunately the
audience probably can't see a chart of the dollar index,
but the dollar index tracks five different currencies and the
US dollar is just melting down right now. And if
you go back to nineteen thirteen when the Federal Reserve
was created, the US dollars lost like ninety seven percent
of its purchasing power. So this is normal, right to
have the dollar lose purchasing power and value, but it's
(16:27):
the rate of dissent. I think it has people concerned
and a lot of that points to the concerns about inflation. Right,
what's the terraff and trade we're going to do to inflation?
Most likely increase it. It also is spawned this narrative
internationally of sell America.
Speaker 4 (16:41):
Now.
Speaker 5 (16:42):
I know for American citizens it's given us more of
a patriotism, like I'm going to buy American. But there's
a lot more population outside of America than there is
in So that sell America attitude, I think is causing
people to move away from US assets, and people feel
like that may lead to declines and profits going forward,
and therefore the dollar getting weaker. And interest rates is
another big part. You hear Jerome Palell, you know, screaming
(17:05):
at or sorry at President Trump, screaming at jer own
pal saying, cut these rates, cut these rates to usue
a nice scathing remark to them.
Speaker 7 (17:11):
Today.
Speaker 5 (17:12):
If those rates do continue to go down, it makes
a dollar less attractive to hold. It's called the carry trade.
So the carry trade is where I hold the US
dollar and let's say that's right now is making me
four point three percent, and I sell another currency and
I capture the difference, and basically it becomes free money.
From an interest perspective, the lower the dollar falls and
the lower those rates fall, the more likely the dollar
(17:33):
is going to continue. So I live by a mantra
gary as a trader that says, the trend is your
friend until the bend at the end, and right now,
especially the entire twenty twenty five, the dollar is losing
tremendous purchasing power and it's going to keep on going down.
Speaker 3 (17:47):
Trader Merlin on YouTube, Trader Merlin on social media, the
regular show that you do for YouTube as well, almost
three decades now. Market experience, great to great to talk
to you again.
Speaker 5 (17:58):
Always a pleasure. Thanks for having me. I have a
fantastic Nick.
Speaker 2 (18:00):
Thanks man you too.
Speaker 3 (18:01):
All right up next, if you have enough money, if
you haven't lost in the stock market yet, maybe you
two could have a multi million dollar wedding. We'll talk
about some of the backlash between or I should say,
over Jeff Bezos and Laurence Sanchez for that extravagant wedding
in Italy.
Speaker 1 (18:18):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 3 (18:23):
I don't know if you heard yesterday, but d Mark
Thompson was on yesterday talking about the Jeff Bezos and
Lawrence Sanchez wedding. Okay, so I saw different price breakdowns
of this Bezos Sanchez wedding. A few weeks ago, it
was at around eleven million. Today they said it was
(18:45):
about a twenty million dollar budget.
Speaker 2 (18:49):
Late last week. I saw it as high as.
Speaker 3 (18:51):
Forty or fifty million dollars depending on who you listened to.
But they are now this is again it's a headline
because it's a headline facing backlash growing backlash over their
wedding extravaganza.
Speaker 2 (19:07):
Of Mark Thompson is here filling in for Johnson's right.
Speaker 11 (19:10):
Just got back from the wedding.
Speaker 2 (19:11):
I was just going to say, you look great for
having flown in on your g six.
Speaker 11 (19:14):
I will say this. You know you can have some
sarcast But I was at the last Laurence Snchez wedding,
which was with Patrick Weitzel, the superagent, right, and that
was an amazing wedding in Santa Barbara. I didn't think
it possible to upgrade from that wedding yet Hugh Jackman
sang at that reception two original songs. Okay, but she
(19:35):
really did. They really went over the top with this one.
Speaker 3 (19:38):
Let me also point out that in terms of musical guests,
that Jeff and Lauren were willing to pay twenty million
dollars for their stuff. They were not willing to pay
the price for a Lady Gaga or an Elton John Oh.
Really yes, that they were looking at somewhere in the
(19:58):
six million dollar range, and that was too rich for
their blood.
Speaker 11 (20:04):
It feels like.
Speaker 3 (20:07):
Can I say that with any more disdain. Six million
is too much.
Speaker 11 (20:13):
I mean, it's like a rounding era six million to them,
isn't it right? Yeah, And you're right about the fact
that I've heard so many conflicting reports as to the
price tag on the wedding. My other half bollows it
very closely, and she said it's one hundred million. I said, well,
how do you get to one hundred and I'd seen
twenty million. She said, well, they had to get all
this security and they had to do all of this
other stuff that doesn't really count in sort of the
(20:34):
wedding celebration or preparation party.
Speaker 3 (20:38):
So that's funny that you mentioned that I had to
do that same calculation with my wedding twenty seven years ago,
where I said to my wife, you know, we can
spend maybe four or five thousand dollars, but security is
going to be security is going to double that.
Speaker 2 (20:52):
I mean the security that we.
Speaker 11 (20:54):
Had was well, I remember at my sister's wedding, the
big controversy was bar or no, no, it was yeah, yeah, yeah,
there's it was something about the bar, like I know
that no one had to pay for their drinks, but
it was like how big a bar you want, like
a full bar, or you would to limit it to
certain kinds of things. Now, that kind of decision that
was like breaking the family apart.
Speaker 3 (21:15):
You know, I get and listen, I don't understand, and
maybe listen maybe if you are when you're throwing around
the wedding and she says, well, how much can we spend?
And he's like keep it under nine digits and she's like,
I think I can do that.
Speaker 2 (21:32):
That is it.
Speaker 3 (21:33):
That's a sign that you don't have to worry about
open bar, no host bar, beer and wine bar.
Speaker 11 (21:38):
Yeah. Yeah, they can order anything off the menu pretty much.
She said that market price. My problem with I don't
have a problem.
Speaker 2 (21:46):
Listen.
Speaker 3 (21:46):
Love is love and they can do whatever they want.
It's not like he didn't earn the money, right. People
are gonna make arguments that he's not paying his taxes.
That's fine, whatever. He's made an metric ass ton of
money and can in whatever he wants of his money
on whatever he wants to spend it on. But do
you ever do that game where you're like, if I
(22:07):
was worth forty billion dollars, I might cut back on
my wedding a little bit. And splurge for maybe two
and a half maybe three million, Right, Still a destination wedding,
Still plenty of time to fly in your friends and
family and enjoy your time wherever you do it, and
then give the other ten million to something.
Speaker 11 (22:26):
Yeah. Well that's because you and I have just a
totally different orientation and we can't even imagine the kind
of expenditures they have. We can't imagine the way I
was seeing video of people being ferried. They're in these
for ready h you know, traditional beautifolks. Yeah, I mean
there's a there's just an upgrade in so many different
(22:48):
ways that we're not even aware of because we're just civilians.
Speaker 3 (22:50):
But I remember living and working in Seattle when Amazon
was a bookstore.
Speaker 2 (22:55):
Oh wow, the stories about Jeff Bezos.
Speaker 3 (23:00):
They always compared him to like the younger Bill Gates,
like he was following in Bill Gates' footsteps. Bill Gates
by the time clearly a billionaire beyond billionaire, and Jeff
Bezos was on that trajectory. But they always talked about
how he was just a down to earth guy. He
drove his old nineteen eighty seven Honda Accord to work
every day, and that you know, he wore old clothes
(23:22):
and bad shoes, and that's what made him so likable
at the time.
Speaker 11 (23:28):
Now that's in the rear view.
Speaker 3 (23:29):
Baby, I don't even think he even still owns that
Honda Accord. Can you believe that he just threw it
away like it was nothing?
Speaker 11 (23:37):
No, I mean, there is nothing. And this is one
of the things that Courtney talks to me about, the
fact that there's just no elegant in it. That's very
in your face. And I said, Honey, that's who they are.
They come in hot, they come in loud. They don't
you're asking them to be something that they're not. They
go toward the limelight. They're not trying to escape the
line light. They're not trying to escape the paparazzi. They
(23:58):
are inviting the paparazzie. It's just we're not it's so uh,
you could call it ostentatious, you could call it loud, whatever,
but it's just so anathematized, like we're just not used
to this kind of thing. People like of that wealth
usually are trying to, you know, be more reclusive about
these sorts of intimate things like marriage. But no way, man,
they want it all. They drink it in.
Speaker 2 (24:21):
Yeah, well what kind of wine did they serve?
Speaker 11 (24:23):
Did you? I don't remember, but I'm telling you, Yeah,
that was a that was a small That was a
small wedding, I mean compared to this, and that was
a major wedding. That was a huge Hollywood wedding. Her
last wedding.
Speaker 2 (24:36):
So well, I can't see, can't wait to see the
next one.
Speaker 3 (24:41):
This is if they're getting exponentially larger, this one's gonna be.
Speaker 11 (24:45):
Well, you saw the prenup stuff. I'm sure you talked
about it.
Speaker 2 (24:47):
Oh, I read a little bit about it.
Speaker 11 (24:49):
Yeah, I don't know if I believe it right. She
only gets she gets a mill or something if they
go if they go south, I don't know if I
buy that. Hey, could happen what's happening in New York?
Were the rise of a socialist candidate? Could that happen
in Los Angeles?
Speaker 2 (25:04):
You've been listening to The Gary and Shannon Show.
Speaker 3 (25:07):
You can always hear us live on KFI AM six
forty nine am to one pm every Monday through Friday,
and anytime on demand on the iHeartRadio app.
This is Gary and Shannon and you're listening to KFI
AM six forty the Gary and Shannon Show on demand
on the iHeartRadio on app What else is going on?
Speaker 2 (00:09):
Time for What's Happening?
Speaker 3 (00:14):
What's Happening brought to you today by Trajan Wealth. Trajan
Wealth will help you set and achieve your financial goals
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mentioned this last hour. The Trump administration is now suing
the City of La because of immigration policies. This lawsuit,
filed in the Central District of California, notes up top
(00:36):
that the president campaigned and won the presidential election on
a platform of deporting millions of illegal immigrants the previous
administration permitted. This lawsuit comes weeks after the protests that
then ended up with a fight between Governor Gavin Newsom
and President Trump over the use of the National Guard.
At this point, no comment from La City Hall. A
(00:59):
bunch of new laws go into effect tomorrow. Boy, this
is one of those tried and true stories. There is
a crackdown on the sale of stolen goods in online
market places, sent a bill eleven forty four. There's another
new law that will require businesses to receive a consumer's
affirmative consent to renew or continue a paid subscription. Short
(01:24):
term rental cleaning Fees targets the hidden fees that are
often imposed by short term rentals think Airbnb and vrbo,
and requires a short term lodging site to disclose any
of the additional fees or charges or other penalties, and
any short term lodging site that does not comply could
be fined up to ten thousand dollars per violation. A
(01:47):
lot of California cities implement planned increases in the minimum wage.
Speaker 2 (01:52):
Come tomorrow.
Speaker 3 (01:53):
La City is going to go up to seventeen eighty
seven an hour. LA County just below that at seventeen
eighty one, Pasadenas even higher at eighteen oh four an hour,
Santa Monica seventeen eighty one to match La County, a
bunch of others as well. The San Bernardino County Fire
Department just last week demonstrated an airplane that could revolutionize
(02:18):
rescue operations. The evtl EV toll stands for Electric Vehicle
Takeoff and Landing. They haven't bought one yet, but they
said they're seriously considering and they're talking about providing paramedic
support in difficult terrain like mountains, hiker rescues, remote rural areas,
things like that. And it's similar to what's being developed
(02:39):
for the air taxis that everybody keeps talking about where
the pilot sits in a pod and then the aircraft
lifts off vertically, no runway and then can fly horizontally.
Range of about twenty miles, cruising speed of about sixty
miles an hour. Also amphibious, at least the one that
they were looking at. So we've seen more and more
four July events canceled because of immigration enforcement operations. Among
(03:05):
the most prominent is going to be the Glory of
Molina Grand Park summer block party right downtown. The postponement
they said. They didn't say they're rescheduling. They said they're postponing.
If that ever happens, I don't know, but they said
in light of recent events affecting a portion of downtown
LA and the ongoing circumstances. The website only states that
summer block party is going to be held later in
(03:26):
the summer. City of cutaey Bell Gardens, Huntington Park, the
El Serino. They've all said that they are either canceling
or downgrading significantly.
Speaker 2 (03:39):
Boyle Heights.
Speaker 3 (03:41):
The East LA people have been talking to the media
and said that they understand why they're canceling and why
many may not even be able in the mood to
I should say, wouldn't be in the mood to celebrate
for Fourth of July. President Trump has said that the
TikTok buyer is floating around. He said in an interview
(04:02):
that aired yesterday, there is a buyer, and that he
is going to announce it probably sometime in about two weeks.
That's his favorite time frame. It's everything is about two
weeks away. He said, I'll probably need China's approval. I
think President she will probably do it. But it's a
group of very wealthy people. That is not a surprise.
(04:23):
The jury has begun deliberations in the Shandtecombe sex trafficking trial.
They got legal instructions from the judge. About two hours
of jury instructions. This jury of eight men and four
women got into the behind and closed doors to start
to deliberate. Of course, he has pleaded not guilty to
the federal charges of racketeering, conspiracy, two counts of sex trafficking,
(04:43):
and two counts of transportation to engage in prostitution by
supposedly arranging to fly sex workers across state lines. The
defense attorney had an interesting tactic here and said, yeah,
he had a swinger lifestyle, and yes they own the
(05:05):
domestic violence that everybody saw in that video where he
beat up Cassie Ventura. But he's not a racketeer. He's
not a conspirator to commit racketeering. He's none of these things.
He is innocent. Return him to his family who have
been waiting for him. And I told you last week
as well that he was hit with yet another another
lawsuit over an alleged rape that he and his son
(05:28):
took part in together. Anyway, that was one of the
lawsuits filed last week. Up next, some of those horror
stories that came out of theme parks doesn't have to
be Disneyland, but Disneyland brings a lot of people, and
a lot of people bring a lot of horror stories.
But the worst things that you've seen at theme parks
when we come back.
Speaker 1 (05:48):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 3 (05:54):
We were talking earlier about some of the worst thing
just some of the worst behavior that we've seen at
theme parks around the country, where people forget they're in public,
or they're in public and they just don't care you're
there to serve them. I saw something. It wasn't at
a theme park, but over the weekend having lunch. Guy
(06:16):
orders lunch and then walks to a restaurant nearby and asks,
it's an outdoor lunch. And I've already given away this
where it was when I talked about it earlier in
the show. He went and demanded to have a high
chair from the restaurant so that he could take it
outside and sit with his kid, and they said, I'm sorry,
we can't let you do that, and he threw a fit.
(06:39):
I'm ordering food from you and just it anyway, zero
ability to understand that his behavior was not called for. So,
what's the worst thing that you have seen at a
theme park?
Speaker 4 (06:51):
Is Heather Brooker And I just want to say, I
am so sorry to Kana about that whole.
Speaker 5 (06:58):
Like fru cup incident.
Speaker 4 (07:00):
I guess I was just really hungry and needed my
fruit cup.
Speaker 6 (07:05):
My bag girl.
Speaker 2 (07:06):
I forgive her, you do, I forgive her. That's a
big person.
Speaker 7 (07:11):
Yeah, I used to go to amusing parks all the time.
Brought my kids when they were little, and then they
got a little older, and what I used to see
is like a group of teenagers just laughing and being
really loud and naughty. So what I do now with
my wife or whoever I'm with. I looked at my
left and I looked at my right, and it's getting
out of control. I just wait for the next car.
(07:33):
Let them pass.
Speaker 2 (07:35):
Okay, that's great, very Shannon, very passive.
Speaker 4 (07:38):
Sheldon's a long time listener. The worst thing that's happened
to me had the same parker at King's Island in
Ohio and Cincinnati, and uh, we had.
Speaker 5 (07:49):
A little toddler and a stroller.
Speaker 4 (07:50):
And with your friend to use the restroom. Come out
and uh, somebody robbed our stroller and pressed the waters
and food and smacks. And then a guy caught him
and I called us who it was.
Speaker 3 (08:04):
Wait a minute, did they take the baby? I didn't
catch that part. Maybe the baby was in the bathroom
with them.
Speaker 8 (08:08):
I was going, guys, you know, I was in Magic
Mountain one day in line a couple and they were
having an argument in line hot day, Magic Mountain, and
the guy decides to throw all slurpy, flushy red on
this girl on his girlfriend. I go up to him
(08:30):
by tell him what's going on. They wanted a fight
with me. Security comes and they kicked me out.
Speaker 2 (08:36):
That's what you get for sticking.
Speaker 9 (08:38):
Up for good morning gang. I used to work at
Disneyland in the late eighties early nineties, and what used
to irritate the f out of me is I worked
on the Teacups rotation and if somebody puked in the
teacups and didn't tell you, or just to say puked,
like if you can't handle the ride, don't freaking go
(09:00):
on it anyway.
Speaker 2 (09:01):
Have a great week. Love you guys, Love me too.
Speaker 5 (09:04):
Hello my Dynamic duo.
Speaker 10 (09:08):
Okay, Hello Gary?
Speaker 9 (09:09):
Hi Gary?
Speaker 5 (09:11):
Yes, where Shannon?
Speaker 2 (09:13):
She's on vacation.
Speaker 9 (09:14):
Maybe I missed the first part of your show today,
But where is Shannon's back tomorrow?
Speaker 10 (09:20):
Gosh, hello Gary. I heard about theme park incidents and
guests acting inappropriate and crazy and I just had to
chime in here. Okay, I did used to work at
the Disland resort, and I worked at the Grand California
and for a lot of years.
Speaker 2 (09:35):
You know it's real when she actually says the Disneyland resort.
Speaker 10 (09:38):
One of the things that we had issue with is
people walking through the Grand. One guy told me, because
he couldn't walk through the Grand that this was just
like Nazi Germany. I couldn't help myself and I had
to call him out on it.
Speaker 5 (09:50):
Almost got me fired, but it was worth it, I hope.
Speaker 6 (09:53):
So gosh, hey Gary, no, Shannon, Disneyland. Is that a
horror story or.
Speaker 1 (10:00):
Anything like that?
Speaker 6 (10:00):
But you know, homostly a magic keyholder. Sorry, And I
go into the restroom and a grown man with his
pants down to his ankles at the urinal doing the duty,
and you can't shake it, can't get it out of
my mind.
Speaker 3 (10:21):
We've talked about that many times. Guys. You do not
have to drop trout all the way if you're standing
at a urinal. In fact, don't drop trout all the
way if you're standing at a uneral urnal. You're supposed
to stop that when you're five or six. All right,
up next, what's going on on Wall Street? There's so
much We saw record highs for the S and P
(10:41):
five hundred. Recently, AI is getting their terrif the dollar
is falling. Our friend Trader Merlin's going to join us.
We're going to talk more about that when we come back.
Speaker 1 (10:52):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 6 (10:57):
Well.
Speaker 3 (10:57):
Canada has scrapped its digital services tax to target US
tech firms, just hours before it was supposed to take
effect today, and that's going to pave the way for
the resumption of tariff talks. The Canadian Prime Minister Mark
Carney said he spoke with the President yesterday on the
phone and they've agreed to resume trade negotiations. They want
to have a deal, they say by July twenty first,
(11:17):
according to the Finance Ministry up in Canada. Well, I
have no idea what drives markets positive and negative anymore,
because things I think would be a draw down on
the market ends up with green arrows.
Speaker 2 (11:30):
All over the place and vice versus.
Speaker 3 (11:32):
So to help us figure out all of this, Merlin
Rothfeld a friend of mine actually from high school, who
now goes by Trader Merlin on the social media, so
you can find him at Trader Merlin on x and
also on YouTube with a regular show. Merlin, thanks for
taking time for us again today. Always Oh you know
(11:53):
what I'm going to have you do I'm going to
hang up on you only because I need to get
a better sell signal.
Speaker 2 (11:58):
That one sounded awful. Okay, sure, no, now you sound perfect.
Speaker 3 (12:02):
Now you got your head out of the blendering. You
sound fine. So I don't know what's going on.
Speaker 5 (12:06):
The blender's good.
Speaker 3 (12:07):
Let's start with what's going on with tariff talk. I
think the last time we spoke, we were neck deep
new tariffs. Every single day was constantly changing. Things have
settled down, but we're still dealing with some of the
hangover from tariff talk.
Speaker 5 (12:25):
Yeah, agreed, And I mean I'm gonna approach this from
a trader's perspective, not as a citizen who's like, oh,
concern about tariffs. From a trader's perspective, you know, this
is obviously something that can move my markets every single day.
So right now, the only day that really matters to
me is July ninth. That's when the reciprocal tariffs end.
In theory and Scott best Of the Secretary of the
Treasury has made it very clear that if you're negotiating
(12:47):
with the United States, then we will continue to negotiate
with you and not put on these reciprocal tariffs. If
you aren't negotiating full tariffs, and as we know, our
president loves the shock and awe. I think that's from
his reality TV show days, where you use something so
outlandish before the commercial break that the audience just cannot
change the channel. And I think we're getting close to
another one of those moments where we all just go
(13:08):
did he just do that again? So as a trader,
I think right now you've got to be looking at
these markets as the trend is your friend until the
bend at the end of the market is up. The
market is extremely strong, the data is pretty good, so
I'm not so worried about the tariffs. I think that
we'll have a shock around July ninth, so I'll scale
back on my trading positions at that moment in time.
But that's pretty much it for me on the tariff thing.
(13:29):
I mean, it's the biggest uncertainty for the markets, but
I'm not freaking out every day. The market gives you
what it gives you, and you just have to play.
Speaker 3 (13:36):
It by here, despite the name of it, I am
too dumb to understand what the Genius Act is.
Speaker 2 (13:42):
What's going on with that.
Speaker 5 (13:44):
You know you talked earlier about AI and I love
your comments on it. And if you go back to
the Internet, back in the dot com days, there were
people like, oh, this internet thinks stupid, it sucks, it's
going to ruin communication. And now we wouldn't be able
to survive if we didn't understand how the Internet worked
or use it right, it would just be archaic Stone
age days and cryptocurrencies and digital assets. To many of
your viewers, they're probably going, oh, it's a scam, it's
(14:06):
a fraud. I don't know what it is. I don't
want to use it. It's never going to be part
of a society. There are major financial institutions right now
using blockchain technology, using cryptocurrencies. The Genius Act simply said,
let's come up with a specific set of rules that
establish what a stable coin is. Now, for those that
don't know, if stable coin is something that's pegged to
(14:27):
another asset, for example, the US dollar, So a stable
cooin pegg at the US dollar is a digital token
that represents one dollar worth of value. Now the issuer
can hold a variety of different assets behind the scenes,
and the Genius Act just clarified that. And while it
may sound somewhat convoluted, in a thirty second explanation. Bottom
line is it's the US government saying, okay, we are
(14:49):
now going to allow digital dollars to transact issued by
banks and financial institutions, which is the first stepping stone
towards digital assets, because I mean more mainstream. Now, the
Genius Act passed with flying colors. That means that probably
within a year or two, your Wells Fargo Chase Bank
of America will be issuing stable coins. These are monetary
(15:12):
units that you can transact. It's faster and more efficient
and more transparent than the US dollar. Now, for you
conspiracy theorist in the audience, it does give the US
government the ability to monitor and watch your transactions, to
potentially censor those transactions. So you know, it's not all
not all rosy. But that's the Genius Act. The Genius
Actor spelled out here's what a stable coin is, and
(15:32):
if you want to issue one in America, you gotta
follow these rules.
Speaker 3 (15:36):
And then I saw this statistic I think kind of
floats below the surface for the vast majority of US
but the dollar had its worst first half year in
almost fifty years.
Speaker 2 (15:46):
Yeah, what's going on with that?
Speaker 5 (15:49):
I mean, look, the dollar's going down faster than pgad's career.
I mean, this thing's bad and it doesn't even have
to go to trial. So yeah, this is something that
we've been watching.
Speaker 2 (15:58):
Quite a bit of my bad. That's what you are.
Speaker 5 (16:01):
So there we go. I always have been here.
Speaker 2 (16:03):
You know that.
Speaker 5 (16:06):
You know I'm watching this thing tank And unfortunately the
audience probably can't see a chart of the dollar index,
but the dollar index tracks five different currencies and the
US dollar is just melting down right now. And if
you go back to nineteen thirteen when the Federal Reserve
was created, the US dollars lost like ninety seven percent
of its purchasing power. So this is normal, right to
have the dollar lose purchasing power and value, but it's
(16:27):
the rate of dissent. I think it has people concerned
and a lot of that points to the concerns about inflation. Right,
what's the terraff and trade we're going to do to inflation?
Most likely increase it. It also is spawned this narrative
internationally of sell America.
Speaker 4 (16:41):
Now.
Speaker 5 (16:42):
I know for American citizens it's given us more of
a patriotism, like I'm going to buy American. But there's
a lot more population outside of America than there is
in So that sell America attitude, I think is causing
people to move away from US assets, and people feel
like that may lead to declines and profits going forward,
and therefore the dollar getting weaker. And interest rates is
another big part. You hear Jerome Palell, you know, screaming
(17:05):
at or sorry at President Trump, screaming at jer own
pal saying, cut these rates, cut these rates to usue
a nice scathing remark to them.
Speaker 7 (17:11):
Today.
Speaker 5 (17:12):
If those rates do continue to go down, it makes
a dollar less attractive to hold. It's called the carry trade.
So the carry trade is where I hold the US
dollar and let's say that's right now is making me
four point three percent, and I sell another currency and
I capture the difference, and basically it becomes free money.
From an interest perspective, the lower the dollar falls and
the lower those rates fall, the more likely the dollar
(17:33):
is going to continue. So I live by a mantra
gary as a trader that says, the trend is your
friend until the bend at the end, and right now,
especially the entire twenty twenty five, the dollar is losing
tremendous purchasing power and it's going to keep on going down.
Speaker 3 (17:47):
Trader Merlin on YouTube, Trader Merlin on social media, the
regular show that you do for YouTube as well, almost
three decades now. Market experience, great to great to talk
to you again.
Speaker 5 (17:58):
Always a pleasure. Thanks for having me. I have a
fantastic Nick.
Speaker 2 (18:00):
Thanks man you too.
Speaker 3 (18:01):
All right up next, if you have enough money, if
you haven't lost in the stock market yet, maybe you
two could have a multi million dollar wedding. We'll talk
about some of the backlash between or I should say,
over Jeff Bezos and Laurence Sanchez for that extravagant wedding
in Italy.
Speaker 1 (18:18):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 3 (18:23):
I don't know if you heard yesterday, but d Mark
Thompson was on yesterday talking about the Jeff Bezos and
Lawrence Sanchez wedding. Okay, so I saw different price breakdowns
of this Bezos Sanchez wedding. A few weeks ago, it
was at around eleven million. Today they said it was
(18:45):
about a twenty million dollar budget.
Speaker 2 (18:49):
Late last week. I saw it as high as.
Speaker 3 (18:51):
Forty or fifty million dollars depending on who you listened to.
But they are now this is again it's a headline
because it's a headline facing backlash growing backlash over their
wedding extravaganza.
Speaker 2 (19:07):
Of Mark Thompson is here filling in for Johnson's right.
Speaker 11 (19:10):
Just got back from the wedding.
Speaker 2 (19:11):
I was just going to say, you look great for
having flown in on your g six.
Speaker 11 (19:14):
I will say this. You know you can have some
sarcast But I was at the last Laurence Snchez wedding,
which was with Patrick Weitzel, the superagent, right, and that
was an amazing wedding in Santa Barbara. I didn't think
it possible to upgrade from that wedding yet Hugh Jackman
sang at that reception two original songs. Okay, but she
(19:35):
really did. They really went over the top with this one.
Speaker 3 (19:38):
Let me also point out that in terms of musical guests,
that Jeff and Lauren were willing to pay twenty million
dollars for their stuff. They were not willing to pay
the price for a Lady Gaga or an Elton John Oh.
Really yes, that they were looking at somewhere in the
(19:58):
six million dollar range, and that was too rich for
their blood.
Speaker 11 (20:04):
It feels like.
Speaker 3 (20:07):
Can I say that with any more disdain. Six million
is too much.
Speaker 11 (20:13):
I mean, it's like a rounding era six million to them,
isn't it right? Yeah, And you're right about the fact
that I've heard so many conflicting reports as to the
price tag on the wedding. My other half bollows it
very closely, and she said it's one hundred million. I said, well,
how do you get to one hundred and I'd seen
twenty million. She said, well, they had to get all
this security and they had to do all of this
other stuff that doesn't really count in sort of the
(20:34):
wedding celebration or preparation party.
Speaker 3 (20:38):
So that's funny that you mentioned that I had to
do that same calculation with my wedding twenty seven years ago,
where I said to my wife, you know, we can
spend maybe four or five thousand dollars, but security is
going to be security is going to double that.
Speaker 2 (20:52):
I mean the security that we.
Speaker 11 (20:54):
Had was well, I remember at my sister's wedding, the
big controversy was bar or no, no, it was yeah, yeah, yeah,
there's it was something about the bar, like I know
that no one had to pay for their drinks, but
it was like how big a bar you want, like
a full bar, or you would to limit it to
certain kinds of things. Now, that kind of decision that
was like breaking the family apart.
Speaker 3 (21:15):
You know, I get and listen, I don't understand, and
maybe listen maybe if you are when you're throwing around
the wedding and she says, well, how much can we spend?
And he's like keep it under nine digits and she's like,
I think I can do that.
Speaker 2 (21:32):
That is it.
Speaker 3 (21:33):
That's a sign that you don't have to worry about
open bar, no host bar, beer and wine bar.
Speaker 11 (21:38):
Yeah. Yeah, they can order anything off the menu pretty much.
She said that market price. My problem with I don't
have a problem.
Speaker 2 (21:46):
Listen.
Speaker 3 (21:46):
Love is love and they can do whatever they want.
It's not like he didn't earn the money, right. People
are gonna make arguments that he's not paying his taxes.
That's fine, whatever. He's made an metric ass ton of
money and can in whatever he wants of his money
on whatever he wants to spend it on. But do
you ever do that game where you're like, if I
(22:07):
was worth forty billion dollars, I might cut back on
my wedding a little bit. And splurge for maybe two
and a half maybe three million, Right, Still a destination wedding,
Still plenty of time to fly in your friends and
family and enjoy your time wherever you do it, and
then give the other ten million to something.
Speaker 11 (22:26):
Yeah. Well that's because you and I have just a
totally different orientation and we can't even imagine the kind
of expenditures they have. We can't imagine the way I
was seeing video of people being ferried. They're in these
for ready h you know, traditional beautifolks. Yeah, I mean
there's a there's just an upgrade in so many different
(22:48):
ways that we're not even aware of because we're just civilians.
Speaker 3 (22:50):
But I remember living and working in Seattle when Amazon
was a bookstore.
Speaker 2 (22:55):
Oh wow, the stories about Jeff Bezos.
Speaker 3 (23:00):
They always compared him to like the younger Bill Gates,
like he was following in Bill Gates' footsteps. Bill Gates
by the time clearly a billionaire beyond billionaire, and Jeff
Bezos was on that trajectory. But they always talked about
how he was just a down to earth guy. He
drove his old nineteen eighty seven Honda Accord to work
every day, and that you know, he wore old clothes
(23:22):
and bad shoes, and that's what made him so likable
at the time.
Speaker 11 (23:28):
Now that's in the rear view.
Speaker 3 (23:29):
Baby, I don't even think he even still owns that
Honda Accord. Can you believe that he just threw it
away like it was nothing?
Speaker 11 (23:37):
No, I mean, there is nothing. And this is one
of the things that Courtney talks to me about, the
fact that there's just no elegant in it. That's very
in your face. And I said, Honey, that's who they are.
They come in hot, they come in loud. They don't
you're asking them to be something that they're not. They
go toward the limelight. They're not trying to escape the
line light. They're not trying to escape the paparazzi. They
(23:58):
are inviting the paparazzie. It's just we're not it's so uh,
you could call it ostentatious, you could call it loud, whatever,
but it's just so anathematized, like we're just not used
to this kind of thing. People like of that wealth
usually are trying to, you know, be more reclusive about
these sorts of intimate things like marriage. But no way, man,
they want it all. They drink it in.
Speaker 2 (24:21):
Yeah, well what kind of wine did they serve?
Speaker 11 (24:23):
Did you? I don't remember, but I'm telling you, Yeah,
that was a that was a small That was a
small wedding, I mean compared to this, and that was
a major wedding. That was a huge Hollywood wedding. Her
last wedding.
Speaker 2 (24:36):
So well, I can't see, can't wait to see the
next one.
Speaker 3 (24:41):
This is if they're getting exponentially larger, this one's gonna be.
Speaker 11 (24:45):
Well, you saw the prenup stuff. I'm sure you talked
about it.
Speaker 2 (24:47):
Oh, I read a little bit about it.
Speaker 11 (24:49):
Yeah, I don't know if I believe it right. She
only gets she gets a mill or something if they
go if they go south, I don't know if I
buy that. Hey, could happen what's happening in New York?
Were the rise of a socialist candidate? Could that happen
in Los Angeles?
Speaker 2 (25:04):
You've been listening to The Gary and Shannon Show.
Speaker 3 (25:07):
You can always hear us live on KFI AM six
forty nine am to one pm every Monday through Friday,
and anytime on demand on the iHeartRadio app.
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