April 10, 2025 • 24 mins
GUEST: Sahak Manuelian, Managing Director and Head of Equity Trading at Wedbush Securities. The stock market rose following the tariff pause but then fell again. How much revenue are we generating from these tariffs?
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is Gary and Shannon and you're listening to kf
I AM six forty the Gary and Shannon Show on
demand on the iHeartRadio app.
Speaker 2 (00:07):
So we have substantial development in the home.
Speaker 3 (00:11):
You're getting it, pet, No, he's finally filed. Those are
the only two options. I can't think anything else will be.
Speaker 1 (00:21):
We have cut the cord, canceled direct TV. Yes, oh yeah,
no landline, no direct TV.
Speaker 4 (00:31):
You guys are like moving off the grid.
Speaker 2 (00:33):
We're amish. We're amish.
Speaker 4 (00:36):
Well listen.
Speaker 3 (00:36):
It's probably the only safe corner of the economy that
hasn't been hit lately.
Speaker 1 (00:41):
This is the most shocking thing about the story about
direct TV. My husband says, I'm going to call and
cancel it. I said, thank you, because I can pinpoint
the most frustrating moments of my life, and three out
of five are a call with direct TV. Okay, I mean,
it's been hell through the years, and it's just so frustrating.
(01:04):
And it's usually when the football package isn't working, when
I can't get the.
Speaker 2 (01:07):
Forty nine ers.
Speaker 1 (01:07):
Un So I'm already in an emotional stage. Sure anyway,
and I ended up crying. I've ended up crying with
direct TV. At least three times in the past. So
when he offered a call in cancel, I thought, God,
bless you. He said, the call, the whole call to
cancel the service with direct TV took four minutes, four minutes,
(01:28):
to which I said, maybe we shouldn't cancel. When have
you ever had a call with Direct TV that was
four minutes?
Speaker 4 (01:34):
Never?
Speaker 2 (01:35):
Never?
Speaker 3 (01:39):
Well, Direct TV stock is doing fine today despite the
fact that you have canceled the service. And we saw
the thousands of points that were lost on the Dow
Jones Industrial Average over the course of the week, and
then yesterday after the President had it about face when
it came to tariffs, and we saw it go up
more than two thousand points again, down sixteen hundred points,
(02:02):
that's about four percent. S and P five hundred is
down five percent. Nasdaq is down about five and a
half percent. You mentioned the importance of these tj the
Trader Joe's tote bags, and they're exploding in value. Gold
is also up one hundred dollars an ounce right now.
It's up aout thirty one hundred and seventy four dollars
(02:24):
an ounce, which is.
Speaker 4 (02:26):
I mean, these are.
Speaker 3 (02:29):
In terms of the volatility and what we've seen in
the market in just the last two weeks is more
than I can remember in any even the crash of
two thousand and eight. This is something that's just unprecedented.
Just the swings that we have seen over the course
of the last few days. Oil is down below sixty
bucks a barrel. I mean all of this because of
(02:50):
the uncertainty. We do not know what's going to happen.
Speaker 5 (02:54):
I like that.
Speaker 2 (02:55):
Jacket, thank you. You know why I like it.
Speaker 4 (02:59):
Because it doesn't have a collar.
Speaker 2 (03:01):
It's like it's dressy, but it's not dressy.
Speaker 1 (03:05):
It's comfortable, doesn't look comfortable too comfortable, it doesn't look
it's a good color for you on you, and it's
just a great jacket, Thank you. It kind of reminds
me of my grandfather. He would always wear a suit,
but he did have a similar jacket like that, which
meant it was fun time. Like it meant like we
go out for a drive to the windmill or something. Yeah,
(03:29):
the windmill and in San Francisco and sunset. Oh, okay,
you know the one I knew, the one near Ocean Beach,
and he would wear that jacket. So maybe it's like
a driving jacket.
Speaker 2 (03:40):
I don't know.
Speaker 4 (03:41):
I'm glad. I remind you of a grandfriend. You know
what I mean.
Speaker 1 (03:46):
Bottom line is I adored my grandfather Grandpa. No, no, no, no,
it's a great jacket. I ruined that compliment. It started
off really well, started off nice, it started getting a.
Speaker 4 (03:58):
Little he was scary.
Speaker 3 (03:59):
And you said, it looks comfortable, but it doesn't look
or no, it looks, but it doesn't look comfortable.
Speaker 2 (04:04):
It does.
Speaker 1 (04:04):
I mean, I didn't want to make it sound like
it looks schleppy. So I wanted to say it doesn't
look comfortable because I feel like if I say it
looked comfortable, then it would come out like it looks schleppy.
Speaker 3 (04:16):
Okay, do you know who did not pay attention to
one moment of the stock market barfing yesterday, barfing good
and barfing bad? No, no, anybody who was at the Masters.
Speaker 2 (04:30):
Ah in shorts, not in shorts.
Speaker 3 (04:33):
There's a funny, funny article on the Wall Street Journal
today about the Masters will draw a lot of high profile,
big money people just because it's the world's most exclusive
golf tournament. Right, you cannot have your cell phone with
you when you're walking as a patron. Don't call it
a fan as a patron walking through Augusta, nashvill Well,
(04:55):
isn't that.
Speaker 1 (04:55):
Best case scenario. It's a big money person. It's like
in the White Lotus when the guys lost his entire
net worth and you couldn't have cell phones at the resort.
It was perfect for him in the family because they
couldn't see the devastation that was befalling them currently.
Speaker 3 (05:10):
Right, I mean, yesterday, they knew they were in for
a bad day. They probably had no clue when the
president turns it back and they'd jump up fifteen or
twenty percent.
Speaker 1 (05:19):
I'm sure they got wind of that, not on the
course they I'm sure they did.
Speaker 2 (05:25):
I'm sure.
Speaker 1 (05:25):
It's like cell phones on the sideline. You're not allowed
to have cell phones on the sideline, but everybody knows
when something happens.
Speaker 4 (05:31):
No, they didn't.
Speaker 3 (05:32):
The way that they described it in the Wall Street
Journal is these guys were blissfully ignorant until they got
their phones back as they were leaving Augusta.
Speaker 2 (05:38):
Well, then that's good news.
Speaker 3 (05:40):
Yeah, and that was the thing is, But these guys
live and die moment to moment in the stock markets
these days. Yeah, just these you know, well, if.
Speaker 2 (05:48):
They were that serious and they shouldn't have gone to Augusta.
Speaker 3 (05:51):
Well, some of them, I would assume probably did cancel plans, like, yeah,
now's not the time for me to take a day off.
Speaker 2 (05:57):
That sounds beautiful, doesn't it.
Speaker 3 (05:59):
And they talk about especially the people that are playing,
they talk about it just seems to be more involved.
Speaker 4 (06:06):
The fans are more involved because there's no distractions.
Speaker 3 (06:09):
They're not worried about taking a selfie with in the
background or Jordan's speach.
Speaker 2 (06:13):
They should be banned from everything.
Speaker 4 (06:15):
That'd be great.
Speaker 1 (06:15):
When I think about Augusta, it's like you can hear
the silence, right, it's just this this morning relaxing feel.
Speaker 3 (06:22):
I was watching some of the early rounds. I just
had it on on one of the computer screens back there,
and it was just peaceful.
Speaker 4 (06:28):
The sound of birds chirping on a golf course. I
just love it.
Speaker 1 (06:33):
If we could just have birds chirping in here from
time to time, I think that would be nice. If
we did a segment where we just had birds in
the background, I think that would be pretty nice. I mean,
not aggressive birds, but just like Rose Garden white house birds.
Speaker 4 (06:50):
Could we do it minutes? Yeah, we could do that.
Speaker 2 (06:53):
I think we should do that when we do our
wellness segment.
Speaker 4 (06:56):
Could we do that?
Speaker 2 (06:57):
We can try it? How about that?
Speaker 4 (06:58):
Okay? Maybe like cocaine? What is that?
Speaker 2 (07:02):
Don't try that.
Speaker 4 (07:04):
Don't try cocaine.
Speaker 1 (07:05):
No, but birds, But birds are much a better thing
to just try.
Speaker 4 (07:11):
Once.
Speaker 2 (07:13):
I like this show, I should apologize.
Speaker 4 (07:18):
Are you distracted today?
Speaker 2 (07:19):
I had a lot of coffee.
Speaker 4 (07:20):
Ah, I had an extra couple of shots, Davy, don't
encourage this.
Speaker 2 (07:29):
Oh it's fun to listen to.
Speaker 4 (07:31):
Yeah, okay, is that right?
Speaker 5 (07:33):
You're listening to Gary and Shannon on demand from KFI AM.
Speaker 4 (07:38):
Six forty stalks.
Speaker 1 (07:40):
Down sharply one day after Trump announced that pause on
Terrace for ninety days, obviously a huge rally on Wall
Street yesterday.
Speaker 2 (07:48):
You know what I was thinking.
Speaker 1 (07:48):
I was having one of those moments that you and
I have had ever since we got that tip on
bitcoin all those years ago, of like where we're sitting here,
we're watching everything happen, yet we do nothing, Like we
we know it's going to happen. We knew that the
stock market was down, We knew that he would back
off of this because he does not have the appetite
(08:09):
to continue getting beaten to s on Wall Street. We
knew that the stock market would rally once he did.
If we were smart, we would have maybe made some
phone calls to say, hey, let's make some moves smart
people that have money or know what to do with money.
(08:30):
And then even if we're playing with the twenty dollars that.
Speaker 4 (08:33):
We have, like to make a twenty two dollars, right.
Speaker 1 (08:38):
I don't know if it's I think a lot of
people did pull the trigger on that who follow these
things because it was obvious. It was obvious the stock
market was down. It was obvious that Trump wasn't going
to let it stay down, So why not make some
moves then and then when he and then when he
does make his move, and it goes up, and then
you unload and then everything evens out today. Right, that's
(08:59):
how you make money the stock market. Yet you and
I sat here watching it all and just went.
Speaker 4 (09:05):
I'll speak for yourself. Oh really, No, I didn't. How
would I?
Speaker 2 (09:09):
Well, don't you have somebody that's smart in your life?
Speaker 4 (09:11):
I do have somebody with dollars? But I didn't. I
didn't even think about it.
Speaker 3 (09:16):
I mean, I it's that's one of those things that
and again the difference between me and someone who has
their phone taken away because they're a patronate to masters
right now is that that's not something that I can
you imagine. And this is why those guys jump out
of the buildings on Wall Street. It's such a die
I live and die by the sword. You're going to
destroy your internal organs doing that.
Speaker 4 (09:38):
Now.
Speaker 3 (09:39):
For those anybody who made money yesterday, great for you,
Good for you. And for everybody who lost money in
their four oh one k and then got it all
back and now they're seeing it go away again.
Speaker 4 (09:48):
Stop looking at your four to a one K.
Speaker 6 (09:50):
Yeah.
Speaker 1 (09:50):
I saw a couple of tweets in the past couple
days of professional athletes are big money people being like
I finally looked and it's off.
Speaker 2 (10:00):
It's like, what are you doing?
Speaker 4 (10:01):
Why are you?
Speaker 5 (10:02):
What are you doing?
Speaker 7 (10:03):
Now?
Speaker 3 (10:03):
I'll say this, we have the benefit of not retiring
anytime soon.
Speaker 2 (10:07):
That's true, and athletes do not have that benefit.
Speaker 3 (10:10):
Well, I mean, but they also they're looking at millions
of dollars that are being invested. So there, yeah, they
see three hundred thousands money, it's going to be a
couple thousand, right, So that's just one of those things
that they've always told you is unless you need it tomorrow,
stop looking at it. You're just going to drive yourself crazy.
Speaker 1 (10:31):
It's like a sore, you know, you know it's there
like this, like my my injury from my fall.
Speaker 4 (10:37):
Okay, look at it. It almost looks like it's bruising a
little bit.
Speaker 7 (10:40):
Did it?
Speaker 4 (10:40):
Did you bruise it or just scrape it?
Speaker 7 (10:43):
Well?
Speaker 1 (10:43):
I noticed on day two that it wasn't just a laceration.
Speaker 2 (10:48):
It was a contusion.
Speaker 1 (10:51):
So it is bruised because it was it rose, So yeah,
it was also a bruise.
Speaker 2 (10:57):
So a contusion, a laceration, and an abrasion. Is that
what we're dealing with?
Speaker 3 (11:01):
A slow speed fall. I wouldn't have said a laceration.
I would set an abrasion.
Speaker 2 (11:04):
Abrasion?
Speaker 3 (11:05):
Yeah, this slow speed fall. Was that the only place
that contacted the ground?
Speaker 1 (11:09):
I also, you know, just like every other child, I scraped.
Speaker 2 (11:14):
Up my palm, the inside of my palm.
Speaker 4 (11:16):
Were you wearing closed toed shoes? No, I was wearing
flip flops. Oh that's right, flip flop toe.
Speaker 1 (11:21):
And Miss Patricia is a very pissed off about She's
very angry about my flip flop usage. She says, you know,
shoes were invented for a reason, you need to wear them.
You don't wear shower shoes around. That's ridiculous.
Speaker 4 (11:35):
A lot of people do, though.
Speaker 3 (11:37):
Maybe that's why I do love that your imaginary friend
chides you for your shoe choices.
Speaker 1 (11:42):
Right, It's like when I hurt my achilles, or I
thought I hurt my achilles, and I said, hey, I
don't know what to do about this.
Speaker 2 (11:50):
I'm coming from the world of football.
Speaker 1 (11:51):
And she said, well, before you go under the knife
with your five million dollar contract, why don't you just
try some hot cold and rubbing it like, yes, accurate,
You're right. She's very real with me. My imaginary friend, Tyler.
Speaker 3 (12:07):
Durden spoiler alert is as a ballet teacher as opposed
to a bare knuckle.
Speaker 2 (12:12):
Oh, she'll punch you right in the face.
Speaker 4 (12:13):
Well, I'm not saying she wouldn't. I'm just saying that.
Speaker 3 (12:18):
So as we see the euphoria fade a bit after
Donald Trump paused the tariffs, most of them, i should say,
for about ninety days, the reciprocal tariffs, at least. There
are questions about what's going to happen. What is the
future of our relationship with China. A couple of different
places wrote it up today. We are in for a divorce.
(12:41):
That the US and Chinese economies are head for a
monumental split, is the way the New York Times put it.
None of it is great news as of today, could
be great news in the future. But again, the issue
of patience and the issue of uncertainty is what drags
down the economy more than anything.
Speaker 1 (13:02):
We're going to be talking up next with the head
of equity trading at web Bush Securities. This is somebody
who has spent his career looking at global markets forecasting
what we can expect if a forecast can be made.
We'll talk to him about what they're talking about over
there at web Bush.
Speaker 4 (13:19):
When we come back.
Speaker 5 (13:21):
You're listening to Gary and Shannon on demand from KFI AM.
Six forty US.
Speaker 1 (13:27):
Stocks today surrendering more than half of their historic gains
from yesterday. We want to figure out what it all
means and what we can anticipate happening for the rest
of the week.
Speaker 3 (13:37):
So Hawkmanwellian is the managing director, head of Equity Trading
at web Bush Securities and can help shed some light
on all of this. We hope first of all, so Hawk,
thanks for taking time for us today. Let's discuss what
we know has happened over the course of say, the
last twenty four hours in terms of the way the
markets reacted. Not a surprise that we saw a significant
(14:00):
and immediate jump on Wall Street yesterday. Is it a
surprise at all that it pulled back quite a bit
this morning?
Speaker 6 (14:10):
Thanks for having me back on. You know, it may
be a surprise to many that we've you know, pulled
back as hard as we have again today. But I
don't know if it really should be such a surprise,
because we kicked, you know, from yesterday effectively coming out
deciding to pause higher reciprocal tariffs for ninety days, so
we basically kick.
Speaker 7 (14:29):
It out ninety days.
Speaker 6 (14:30):
However, the the the headwind to uncertainty in stocks, equities, markets,
et cetera, still persists, and I think that's what investors
are having trouble or certainly grappling with again today. And
you know, we're down some five hundred basis points on
the S and P five hundred.
Speaker 3 (14:53):
We know that the terriffs are going to stay in
place against China, it said about one hundred and twenty
five percent.
Speaker 4 (14:59):
I believe.
Speaker 3 (15:00):
But one of the things that was not repealed yesterday
was the ten percent across the board tariff. If that
was all we saw, a ten percent across the board
tariff that President Trump announced on inauguration day or whenever,
where do you think we'd be Would we still be
in a position where we were talking about trade war
tariff war?
Speaker 7 (15:22):
Uh? So, very good question. Two things to that.
Speaker 6 (15:26):
Number One, if we saw just a ten percent, then
I think we would have a meaningful rally from these
levels because it would remove a lot of uncertainty.
Speaker 7 (15:37):
The second thing I would.
Speaker 6 (15:38):
Say to that, though, is you know, the China tariff
and the reciprocal China tariff, like, we just don't know
yet if it's one hundred and twenty four percent number
one hundred percent, we don't know, and that can really
change if if it doesn't, I think we're gonna have
(15:59):
a lot of a lot of headwinds still at this market.
Speaker 7 (16:05):
I would imagine we don't settle.
Speaker 6 (16:09):
At some hundred plus percent tariff with China, I would
think that that gets negotiated lower. But that plus, if
we did go to ten percent with everybody else, I
think that would be quite the meaningful upside from current
levels for equity prices?
Speaker 1 (16:28):
Are there safe zones away from the tariffs that have
hit China and the tariffs seed they've hit us back with.
Speaker 6 (16:38):
I would say, I mean, I think I may have
discussed this on the program the other day. Safe zones,
if you will, really today, around consumer staples, around some
of healthcare, and around the utilities. I think these are
probably the safer plays within equities today given everything that
(16:59):
we know. But again an extremely fluid situation, and again
we just don't know how these things will settle out.
And we saw the kind of upside or unwind or
tariff unwind yesterday that was quite violent on the hint
of just kicking.
Speaker 7 (17:18):
Stuff down the road.
Speaker 6 (17:19):
Imagine if we got some clarity about, you know, exactly
what the tariff percentages or the metrics will actually end
up being, that could prove to be a nice tailwind
for stocks.
Speaker 1 (17:32):
There are a lot of people that took advantage of this.
We were talking earlier. I was talking earlier just you know,
completely uneducatedly talking about it. And we've been sitting here
watching this happen. We knew that the stock market was
taken a pummeling. We knew that we saw it happening
in real time. We also knew that, or at least
(17:52):
I felt like Trump wasn't going to be able to
let that go on for a longer period of time.
I thought that he would put a stop to it,
because you just can't take that much of a beating,
and that was kind of inevitable it happened. You would
know that the market would rebound the way that we
saw it rebound for a time, and then you knew
that it would kind of level off. I mean, that's
(18:13):
just common sense if you're a casual observer of the markets.
Speaker 2 (18:17):
Were there a lot of people that took advantage of this?
Speaker 1 (18:19):
I mean, if if we're being able to predict what
was going to happen just following the news and personality
where other I would assume there's a lot of people
that took advantage of this.
Speaker 7 (18:31):
Yeah, so you know that that's very difficult to say,
I would think from.
Speaker 6 (18:36):
Our advantage anyways, we certainly did see some folks taking
advantage yesterday of that big move higher in prices, just
really across the board, every almost almost everything was higher yesterday.
We certainly saw people take advantage of that. But I
would also couple that with we also did see some
decent pent up demand for stocks that have been beaten
(18:57):
up so much. And there's a saying here there's buyers
that live higher, and we saw some of that yesterday
where when things are just crashing lower, people step out
of the way. But as soon as people feel like
there's some confidence or some clarity around a certain issue,
you see buyers live higher, Meaning as prices go higher,
folks do come in and face We saw a little
(19:18):
bit of that yesterday, especially in some of the more
beaten up areas of the market, where people took some
solace in the President and the administration coming out and
kicking these tariffs out in ninety days and started to
try to buy some things that have been.
Speaker 7 (19:36):
Just really beaten up as of late.
Speaker 6 (19:38):
So there's a lot of value out there today, and
you know, we saw some of that yesterday from investors
really on both sides of the trade.
Speaker 3 (19:49):
Well, this conversation is not going to end anytime soon.
This uncertainty is going to live for some time, so
we will definitely talk again. So Hawkmanueli and again managing
director ahead of equity Trading at Wedbook Securities, thanks for
your time.
Speaker 4 (20:01):
Thanks have a great morning by pleasure.
Speaker 7 (20:04):
Thank you all.
Speaker 4 (20:04):
You bet this is uh.
Speaker 3 (20:07):
It is going to be an interesting couple of weeks
as we go through whatever is about to happen again.
The Dow is down seventeen hundred points right now, So
the Dow, the S and P, the Nasdaq all down
somewhere between four and six percent for a day, giving
up all of the games that we saw.
Speaker 4 (20:24):
At the end of the day yesterday, I ought some
good news.
Speaker 1 (20:27):
I love good news and I love a fun story,
and this is just that. Two friends giving each other
the same birthday card for.
Speaker 2 (20:34):
Eighty one years.
Speaker 1 (20:37):
You know we should start doing that.
Speaker 2 (20:40):
That's yeah, we're too old for that.
Speaker 1 (20:42):
First of all, you're you don't seem to be a
big birthday card person.
Speaker 4 (20:46):
I'm the time. No, I'm awful at that.
Speaker 2 (20:50):
You are? Really, why do you think you're awful at that?
It's an effort thing.
Speaker 3 (20:53):
It's effort thing. Now, what else would you like to
get on me for? Is there anything else I can.
Speaker 4 (21:06):
Oh my god, it's so funny. Let's come back. I
apologize Thursday flop pointing. I really liked that jacket.
Speaker 3 (21:17):
I know that's why I took it off.
Speaker 5 (21:21):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 4 (21:25):
The President is meeting with his cabinet right now.
Speaker 3 (21:28):
He has made some comments about Tariff's the terriff fight
that's going on.
Speaker 1 (21:33):
It's that low lighting Apprentice. It's so weird lighting situation
that's going on in the cabinet room.
Speaker 2 (21:39):
It's exact same lighting when there.
Speaker 1 (21:42):
Was somebody being eliminated from the Apprentice from my twenty
year old memory.
Speaker 4 (21:48):
Yeah, it's just it's such a weird lightings.
Speaker 3 (21:53):
I don't know who he's got stage directing that, but
stage managing the cabinet meeting. But he's going around, he's
been asking questions of Hegseth sitting to his left, Howard Lutnike,
the Commerce secretary, now Linda McMahon, the Education secretary. So
anything comes out of this, we'll bring it to you.
Speaker 1 (22:09):
So I question I asked, the question you asked is
two billion dollars.
Speaker 2 (22:13):
Where's he getting this from?
Speaker 1 (22:14):
Because you're saying we're making two billion dollars a day
and he's repeated that since the eighth of February.
Speaker 4 (22:19):
Right, that's he just said that during the beginning of
this cabademy.
Speaker 1 (22:22):
All Right, So according to Congressional Research Services, which take
it for what you will, it is supposed to be nonpartisan,
has been for a very long time. Congressional Research Services,
the answer is no. According to them, we're not taking
two billion.
Speaker 2 (22:38):
Dollars a day. No real word on where that come from.
Speaker 1 (22:41):
In the fiscal year of twenty twenty four, they collected
about seventy seven billion in tariffs, which would add up
to about twenty three million a day. He did increase
tariffs on Canada, Mexico, and China prior to April ninth,
memory first said that April eighth, but these alone would
(23:01):
not have been anywhere near to increase those tariffs tenfold.
Speaker 3 (23:05):
No, and when the Treasury Secretary, when Scott Bessent has
come out and said that this could bring in as
much as six hundred billion a year, he was talking
about the maximum amount on maximum tariffs maximum reciprocal tariffs,
which were repealed yesterday. So he keeps saying that we're
bringing in about two billion, and he said just a
(23:25):
moment ago that it could be as high as three
and a half billion. But it doesn't sound like we're
bringing in even a tenth of that.
Speaker 1 (23:32):
So before those tariffs were rescinded. You had thirteen tariff
related presidential actions.
Speaker 2 (23:38):
That was bringing the.
Speaker 1 (23:39):
Daily tariff take to zero point four billion, so.
Speaker 2 (23:43):
About four hundred million, okay, yeah.
Speaker 1 (23:46):
Still far short of the two hundred billion or two
billion dollars a day claimed. So I don't know where
that figure's coming from. But if you're going to crunch
the if you're interested in it, if it's wowing you,
if it sounds good, it does sound good, but it's
not completely accurate, at least according to the people who
have access to all of the numbers and have crunch them.
It's neither here nor there, is it. It's just kind
(24:07):
of a fun little Where did that come from? And
is it accurate?
Speaker 2 (24:11):
Numbers?
Speaker 1 (24:12):
Tariffs, how much you're taking in, how much you're letting out.
It's kind of like crime stats. You can fudge them
anyway you want to fudge them. The numbers are fun
that way. Statistic fungible, Yeah.
Speaker 3 (24:23):
Fun, We put the fun and fungible, got it. Do
you want to do our happy story when we come back?
Speaker 7 (24:27):
Yes? I do.
Speaker 3 (24:28):
Okay, On the other side, the happiest story of the day.
You've been listening to the Gary and Shannon show. 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 ap
This is Gary and Shannon and you're listening to kf
I AM six forty the Gary and Shannon Show on
demand on the iHeartRadio app.
Speaker 2 (00:07):
So we have substantial development in the home.
Speaker 3 (00:11):
You're getting it, pet, No, he's finally filed. Those are
the only two options. I can't think anything else will be.
Speaker 1 (00:21):
We have cut the cord, canceled direct TV. Yes, oh yeah,
no landline, no direct TV.
Speaker 4 (00:31):
You guys are like moving off the grid.
Speaker 2 (00:33):
We're amish. We're amish.
Speaker 4 (00:36):
Well listen.
Speaker 3 (00:36):
It's probably the only safe corner of the economy that
hasn't been hit lately.
Speaker 1 (00:41):
This is the most shocking thing about the story about
direct TV. My husband says, I'm going to call and
cancel it. I said, thank you, because I can pinpoint
the most frustrating moments of my life, and three out
of five are a call with direct TV. Okay, I mean,
it's been hell through the years, and it's just so frustrating.
(01:04):
And it's usually when the football package isn't working, when
I can't get the.
Speaker 2 (01:07):
Forty nine ers.
Speaker 1 (01:07):
Un So I'm already in an emotional stage. Sure anyway,
and I ended up crying. I've ended up crying with
direct TV. At least three times in the past. So
when he offered a call in cancel, I thought, God,
bless you. He said, the call, the whole call to
cancel the service with direct TV took four minutes, four minutes,
(01:28):
to which I said, maybe we shouldn't cancel. When have
you ever had a call with Direct TV that was
four minutes?
Speaker 4 (01:34):
Never?
Speaker 2 (01:35):
Never?
Speaker 3 (01:39):
Well, Direct TV stock is doing fine today despite the
fact that you have canceled the service. And we saw
the thousands of points that were lost on the Dow
Jones Industrial Average over the course of the week, and
then yesterday after the President had it about face when
it came to tariffs, and we saw it go up
more than two thousand points again, down sixteen hundred points,
(02:02):
that's about four percent. S and P five hundred is
down five percent. Nasdaq is down about five and a
half percent. You mentioned the importance of these tj the
Trader Joe's tote bags, and they're exploding in value. Gold
is also up one hundred dollars an ounce right now.
It's up aout thirty one hundred and seventy four dollars
(02:24):
an ounce, which is.
Speaker 4 (02:26):
I mean, these are.
Speaker 3 (02:29):
In terms of the volatility and what we've seen in
the market in just the last two weeks is more
than I can remember in any even the crash of
two thousand and eight. This is something that's just unprecedented.
Just the swings that we have seen over the course
of the last few days. Oil is down below sixty
bucks a barrel. I mean all of this because of
(02:50):
the uncertainty. We do not know what's going to happen.
Speaker 5 (02:54):
I like that.
Speaker 2 (02:55):
Jacket, thank you. You know why I like it.
Speaker 4 (02:59):
Because it doesn't have a collar.
Speaker 2 (03:01):
It's like it's dressy, but it's not dressy.
Speaker 1 (03:05):
It's comfortable, doesn't look comfortable too comfortable, it doesn't look
it's a good color for you on you, and it's
just a great jacket, Thank you. It kind of reminds
me of my grandfather. He would always wear a suit,
but he did have a similar jacket like that, which
meant it was fun time. Like it meant like we
go out for a drive to the windmill or something. Yeah,
(03:29):
the windmill and in San Francisco and sunset. Oh, okay,
you know the one I knew, the one near Ocean Beach,
and he would wear that jacket. So maybe it's like
a driving jacket.
Speaker 2 (03:40):
I don't know.
Speaker 4 (03:41):
I'm glad. I remind you of a grandfriend. You know
what I mean.
Speaker 1 (03:46):
Bottom line is I adored my grandfather Grandpa. No, no, no, no,
it's a great jacket. I ruined that compliment. It started
off really well, started off nice, it started getting a.
Speaker 4 (03:58):
Little he was scary.
Speaker 3 (03:59):
And you said, it looks comfortable, but it doesn't look
or no, it looks, but it doesn't look comfortable.
Speaker 2 (04:04):
It does.
Speaker 1 (04:04):
I mean, I didn't want to make it sound like
it looks schleppy. So I wanted to say it doesn't
look comfortable because I feel like if I say it
looked comfortable, then it would come out like it looks schleppy.
Speaker 3 (04:16):
Okay, do you know who did not pay attention to
one moment of the stock market barfing yesterday, barfing good
and barfing bad? No, no, anybody who was at the Masters.
Speaker 2 (04:30):
Ah in shorts, not in shorts.
Speaker 3 (04:33):
There's a funny, funny article on the Wall Street Journal
today about the Masters will draw a lot of high profile,
big money people just because it's the world's most exclusive
golf tournament. Right, you cannot have your cell phone with
you when you're walking as a patron. Don't call it
a fan as a patron walking through Augusta, nashvill Well,
(04:55):
isn't that.
Speaker 1 (04:55):
Best case scenario. It's a big money person. It's like
in the White Lotus when the guys lost his entire
net worth and you couldn't have cell phones at the resort.
It was perfect for him in the family because they
couldn't see the devastation that was befalling them currently.
Speaker 3 (05:10):
Right, I mean, yesterday, they knew they were in for
a bad day. They probably had no clue when the
president turns it back and they'd jump up fifteen or
twenty percent.
Speaker 1 (05:19):
I'm sure they got wind of that, not on the
course they I'm sure they did.
Speaker 2 (05:25):
I'm sure.
Speaker 1 (05:25):
It's like cell phones on the sideline. You're not allowed
to have cell phones on the sideline, but everybody knows
when something happens.
Speaker 4 (05:31):
No, they didn't.
Speaker 3 (05:32):
The way that they described it in the Wall Street
Journal is these guys were blissfully ignorant until they got
their phones back as they were leaving Augusta.
Speaker 2 (05:38):
Well, then that's good news.
Speaker 3 (05:40):
Yeah, and that was the thing is, But these guys
live and die moment to moment in the stock markets
these days. Yeah, just these you know, well, if.
Speaker 2 (05:48):
They were that serious and they shouldn't have gone to Augusta.
Speaker 3 (05:51):
Well, some of them, I would assume probably did cancel plans, like, yeah,
now's not the time for me to take a day off.
Speaker 2 (05:57):
That sounds beautiful, doesn't it.
Speaker 3 (05:59):
And they talk about especially the people that are playing,
they talk about it just seems to be more involved.
Speaker 4 (06:06):
The fans are more involved because there's no distractions.
Speaker 3 (06:09):
They're not worried about taking a selfie with in the
background or Jordan's speach.
Speaker 2 (06:13):
They should be banned from everything.
Speaker 4 (06:15):
That'd be great.
Speaker 1 (06:15):
When I think about Augusta, it's like you can hear
the silence, right, it's just this this morning relaxing feel.
Speaker 3 (06:22):
I was watching some of the early rounds. I just
had it on on one of the computer screens back there,
and it was just peaceful.
Speaker 4 (06:28):
The sound of birds chirping on a golf course. I
just love it.
Speaker 1 (06:33):
If we could just have birds chirping in here from
time to time, I think that would be nice. If
we did a segment where we just had birds in
the background, I think that would be pretty nice. I mean,
not aggressive birds, but just like Rose Garden white house birds.
Speaker 4 (06:50):
Could we do it minutes? Yeah, we could do that.
Speaker 2 (06:53):
I think we should do that when we do our
wellness segment.
Speaker 4 (06:56):
Could we do that?
Speaker 2 (06:57):
We can try it? How about that?
Speaker 4 (06:58):
Okay? Maybe like cocaine? What is that?
Speaker 2 (07:02):
Don't try that.
Speaker 4 (07:04):
Don't try cocaine.
Speaker 1 (07:05):
No, but birds, But birds are much a better thing
to just try.
Speaker 4 (07:11):
Once.
Speaker 2 (07:13):
I like this show, I should apologize.
Speaker 4 (07:18):
Are you distracted today?
Speaker 2 (07:19):
I had a lot of coffee.
Speaker 4 (07:20):
Ah, I had an extra couple of shots, Davy, don't
encourage this.
Speaker 2 (07:29):
Oh it's fun to listen to.
Speaker 4 (07:31):
Yeah, okay, is that right?
Speaker 5 (07:33):
You're listening to Gary and Shannon on demand from KFI AM.
Speaker 4 (07:38):
Six forty stalks.
Speaker 1 (07:40):
Down sharply one day after Trump announced that pause on
Terrace for ninety days, obviously a huge rally on Wall
Street yesterday.
Speaker 2 (07:48):
You know what I was thinking.
Speaker 1 (07:48):
I was having one of those moments that you and
I have had ever since we got that tip on
bitcoin all those years ago, of like where we're sitting here,
we're watching everything happen, yet we do nothing, Like we
we know it's going to happen. We knew that the
stock market was down, We knew that he would back
off of this because he does not have the appetite
(08:09):
to continue getting beaten to s on Wall Street. We
knew that the stock market would rally once he did.
If we were smart, we would have maybe made some
phone calls to say, hey, let's make some moves smart
people that have money or know what to do with money.
(08:30):
And then even if we're playing with the twenty dollars that.
Speaker 4 (08:33):
We have, like to make a twenty two dollars, right.
Speaker 1 (08:38):
I don't know if it's I think a lot of
people did pull the trigger on that who follow these
things because it was obvious. It was obvious the stock
market was down. It was obvious that Trump wasn't going
to let it stay down, So why not make some
moves then and then when he and then when he
does make his move, and it goes up, and then
you unload and then everything evens out today. Right, that's
(08:59):
how you make money the stock market. Yet you and
I sat here watching it all and just went.
Speaker 4 (09:05):
I'll speak for yourself. Oh really, No, I didn't. How
would I?
Speaker 2 (09:09):
Well, don't you have somebody that's smart in your life?
Speaker 4 (09:11):
I do have somebody with dollars? But I didn't. I
didn't even think about it.
Speaker 3 (09:16):
I mean, I it's that's one of those things that
and again the difference between me and someone who has
their phone taken away because they're a patronate to masters
right now is that that's not something that I can
you imagine. And this is why those guys jump out
of the buildings on Wall Street. It's such a die
I live and die by the sword. You're going to
destroy your internal organs doing that.
Speaker 4 (09:38):
Now.
Speaker 3 (09:39):
For those anybody who made money yesterday, great for you,
Good for you. And for everybody who lost money in
their four oh one k and then got it all
back and now they're seeing it go away again.
Speaker 4 (09:48):
Stop looking at your four to a one K.
Speaker 6 (09:50):
Yeah.
Speaker 1 (09:50):
I saw a couple of tweets in the past couple
days of professional athletes are big money people being like
I finally looked and it's off.
Speaker 2 (10:00):
It's like, what are you doing?
Speaker 4 (10:01):
Why are you?
Speaker 5 (10:02):
What are you doing?
Speaker 7 (10:03):
Now?
Speaker 3 (10:03):
I'll say this, we have the benefit of not retiring
anytime soon.
Speaker 2 (10:07):
That's true, and athletes do not have that benefit.
Speaker 3 (10:10):
Well, I mean, but they also they're looking at millions
of dollars that are being invested. So there, yeah, they
see three hundred thousands money, it's going to be a
couple thousand, right, So that's just one of those things
that they've always told you is unless you need it tomorrow,
stop looking at it. You're just going to drive yourself crazy.
Speaker 1 (10:31):
It's like a sore, you know, you know it's there
like this, like my my injury from my fall.
Speaker 4 (10:37):
Okay, look at it. It almost looks like it's bruising a
little bit.
Speaker 7 (10:40):
Did it?
Speaker 4 (10:40):
Did you bruise it or just scrape it?
Speaker 7 (10:43):
Well?
Speaker 1 (10:43):
I noticed on day two that it wasn't just a laceration.
Speaker 2 (10:48):
It was a contusion.
Speaker 1 (10:51):
So it is bruised because it was it rose, So yeah,
it was also a bruise.
Speaker 2 (10:57):
So a contusion, a laceration, and an abrasion. Is that
what we're dealing with?
Speaker 3 (11:01):
A slow speed fall. I wouldn't have said a laceration.
I would set an abrasion.
Speaker 2 (11:04):
Abrasion?
Speaker 3 (11:05):
Yeah, this slow speed fall. Was that the only place
that contacted the ground?
Speaker 1 (11:09):
I also, you know, just like every other child, I scraped.
Speaker 2 (11:14):
Up my palm, the inside of my palm.
Speaker 4 (11:16):
Were you wearing closed toed shoes? No, I was wearing
flip flops. Oh that's right, flip flop toe.
Speaker 1 (11:21):
And Miss Patricia is a very pissed off about She's
very angry about my flip flop usage. She says, you know,
shoes were invented for a reason, you need to wear them.
You don't wear shower shoes around. That's ridiculous.
Speaker 4 (11:35):
A lot of people do, though.
Speaker 3 (11:37):
Maybe that's why I do love that your imaginary friend
chides you for your shoe choices.
Speaker 1 (11:42):
Right, It's like when I hurt my achilles, or I
thought I hurt my achilles, and I said, hey, I
don't know what to do about this.
Speaker 2 (11:50):
I'm coming from the world of football.
Speaker 1 (11:51):
And she said, well, before you go under the knife
with your five million dollar contract, why don't you just
try some hot cold and rubbing it like, yes, accurate,
You're right. She's very real with me. My imaginary friend, Tyler.
Speaker 3 (12:07):
Durden spoiler alert is as a ballet teacher as opposed
to a bare knuckle.
Speaker 2 (12:12):
Oh, she'll punch you right in the face.
Speaker 4 (12:13):
Well, I'm not saying she wouldn't. I'm just saying that.
Speaker 3 (12:18):
So as we see the euphoria fade a bit after
Donald Trump paused the tariffs, most of them, i should say,
for about ninety days, the reciprocal tariffs, at least. There
are questions about what's going to happen. What is the
future of our relationship with China. A couple of different
places wrote it up today. We are in for a divorce.
(12:41):
That the US and Chinese economies are head for a
monumental split, is the way the New York Times put it.
None of it is great news as of today, could
be great news in the future. But again, the issue
of patience and the issue of uncertainty is what drags
down the economy more than anything.
Speaker 1 (13:02):
We're going to be talking up next with the head
of equity trading at web Bush Securities. This is somebody
who has spent his career looking at global markets forecasting
what we can expect if a forecast can be made.
We'll talk to him about what they're talking about over
there at web Bush.
Speaker 4 (13:19):
When we come back.
Speaker 5 (13:21):
You're listening to Gary and Shannon on demand from KFI AM.
Six forty US.
Speaker 1 (13:27):
Stocks today surrendering more than half of their historic gains
from yesterday. We want to figure out what it all
means and what we can anticipate happening for the rest
of the week.
Speaker 3 (13:37):
So Hawkmanwellian is the managing director, head of Equity Trading
at web Bush Securities and can help shed some light
on all of this. We hope first of all, so Hawk,
thanks for taking time for us today. Let's discuss what
we know has happened over the course of say, the
last twenty four hours in terms of the way the
markets reacted. Not a surprise that we saw a significant
(14:00):
and immediate jump on Wall Street yesterday. Is it a
surprise at all that it pulled back quite a bit
this morning?
Speaker 6 (14:10):
Thanks for having me back on. You know, it may
be a surprise to many that we've you know, pulled
back as hard as we have again today. But I
don't know if it really should be such a surprise,
because we kicked, you know, from yesterday effectively coming out
deciding to pause higher reciprocal tariffs for ninety days, so
we basically kick.
Speaker 7 (14:29):
It out ninety days.
Speaker 6 (14:30):
However, the the the headwind to uncertainty in stocks, equities, markets,
et cetera, still persists, and I think that's what investors
are having trouble or certainly grappling with again today. And
you know, we're down some five hundred basis points on
the S and P five hundred.
Speaker 3 (14:53):
We know that the terriffs are going to stay in
place against China, it said about one hundred and twenty
five percent.
Speaker 4 (14:59):
I believe.
Speaker 3 (15:00):
But one of the things that was not repealed yesterday
was the ten percent across the board tariff. If that
was all we saw, a ten percent across the board
tariff that President Trump announced on inauguration day or whenever,
where do you think we'd be Would we still be
in a position where we were talking about trade war
tariff war?
Speaker 7 (15:22):
Uh? So, very good question. Two things to that.
Speaker 6 (15:26):
Number One, if we saw just a ten percent, then
I think we would have a meaningful rally from these
levels because it would remove a lot of uncertainty.
Speaker 7 (15:37):
The second thing I would.
Speaker 6 (15:38):
Say to that, though, is you know, the China tariff
and the reciprocal China tariff, like, we just don't know
yet if it's one hundred and twenty four percent number
one hundred percent, we don't know, and that can really
change if if it doesn't, I think we're gonna have
(15:59):
a lot of a lot of headwinds still at this market.
Speaker 7 (16:05):
I would imagine we don't settle.
Speaker 6 (16:09):
At some hundred plus percent tariff with China, I would
think that that gets negotiated lower. But that plus, if
we did go to ten percent with everybody else, I
think that would be quite the meaningful upside from current
levels for equity prices?
Speaker 1 (16:28):
Are there safe zones away from the tariffs that have
hit China and the tariffs seed they've hit us back with.
Speaker 6 (16:38):
I would say, I mean, I think I may have
discussed this on the program the other day. Safe zones,
if you will, really today, around consumer staples, around some
of healthcare, and around the utilities. I think these are
probably the safer plays within equities today given everything that
(16:59):
we know. But again an extremely fluid situation, and again
we just don't know how these things will settle out.
And we saw the kind of upside or unwind or
tariff unwind yesterday that was quite violent on the hint
of just kicking.
Speaker 7 (17:18):
Stuff down the road.
Speaker 6 (17:19):
Imagine if we got some clarity about, you know, exactly
what the tariff percentages or the metrics will actually end
up being, that could prove to be a nice tailwind
for stocks.
Speaker 1 (17:32):
There are a lot of people that took advantage of this.
We were talking earlier. I was talking earlier just you know,
completely uneducatedly talking about it. And we've been sitting here
watching this happen. We knew that the stock market was
taken a pummeling. We knew that we saw it happening
in real time. We also knew that, or at least
(17:52):
I felt like Trump wasn't going to be able to
let that go on for a longer period of time.
I thought that he would put a stop to it,
because you just can't take that much of a beating,
and that was kind of inevitable it happened. You would
know that the market would rebound the way that we
saw it rebound for a time, and then you knew
that it would kind of level off. I mean, that's
(18:13):
just common sense if you're a casual observer of the markets.
Speaker 2 (18:17):
Were there a lot of people that took advantage of this?
Speaker 1 (18:19):
I mean, if if we're being able to predict what
was going to happen just following the news and personality
where other I would assume there's a lot of people
that took advantage of this.
Speaker 7 (18:31):
Yeah, so you know that that's very difficult to say,
I would think from.
Speaker 6 (18:36):
Our advantage anyways, we certainly did see some folks taking
advantage yesterday of that big move higher in prices, just
really across the board, every almost almost everything was higher yesterday.
We certainly saw people take advantage of that. But I
would also couple that with we also did see some
decent pent up demand for stocks that have been beaten
(18:57):
up so much. And there's a saying here there's buyers
that live higher, and we saw some of that yesterday
where when things are just crashing lower, people step out
of the way. But as soon as people feel like
there's some confidence or some clarity around a certain issue,
you see buyers live higher, Meaning as prices go higher,
folks do come in and face We saw a little
(19:18):
bit of that yesterday, especially in some of the more
beaten up areas of the market, where people took some
solace in the President and the administration coming out and
kicking these tariffs out in ninety days and started to
try to buy some things that have been.
Speaker 7 (19:36):
Just really beaten up as of late.
Speaker 6 (19:38):
So there's a lot of value out there today, and
you know, we saw some of that yesterday from investors
really on both sides of the trade.
Speaker 3 (19:49):
Well, this conversation is not going to end anytime soon.
This uncertainty is going to live for some time, so
we will definitely talk again. So Hawkmanueli and again managing
director ahead of equity Trading at Wedbook Securities, thanks for
your time.
Speaker 4 (20:01):
Thanks have a great morning by pleasure.
Speaker 7 (20:04):
Thank you all.
Speaker 4 (20:04):
You bet this is uh.
Speaker 3 (20:07):
It is going to be an interesting couple of weeks
as we go through whatever is about to happen again.
The Dow is down seventeen hundred points right now, So
the Dow, the S and P, the Nasdaq all down
somewhere between four and six percent for a day, giving
up all of the games that we saw.
Speaker 4 (20:24):
At the end of the day yesterday, I ought some
good news.
Speaker 1 (20:27):
I love good news and I love a fun story,
and this is just that. Two friends giving each other
the same birthday card for.
Speaker 2 (20:34):
Eighty one years.
Speaker 1 (20:37):
You know we should start doing that.
Speaker 2 (20:40):
That's yeah, we're too old for that.
Speaker 1 (20:42):
First of all, you're you don't seem to be a
big birthday card person.
Speaker 4 (20:46):
I'm the time. No, I'm awful at that.
Speaker 2 (20:50):
You are? Really, why do you think you're awful at that?
It's an effort thing.
Speaker 3 (20:53):
It's effort thing. Now, what else would you like to
get on me for? Is there anything else I can.
Speaker 4 (21:06):
Oh my god, it's so funny. Let's come back. I
apologize Thursday flop pointing. I really liked that jacket.
Speaker 3 (21:17):
I know that's why I took it off.
Speaker 5 (21:21):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 4 (21:25):
The President is meeting with his cabinet right now.
Speaker 3 (21:28):
He has made some comments about Tariff's the terriff fight
that's going on.
Speaker 1 (21:33):
It's that low lighting Apprentice. It's so weird lighting situation
that's going on in the cabinet room.
Speaker 2 (21:39):
It's exact same lighting when there.
Speaker 1 (21:42):
Was somebody being eliminated from the Apprentice from my twenty
year old memory.
Speaker 4 (21:48):
Yeah, it's just it's such a weird lightings.
Speaker 3 (21:53):
I don't know who he's got stage directing that, but
stage managing the cabinet meeting. But he's going around, he's
been asking questions of Hegseth sitting to his left, Howard Lutnike,
the Commerce secretary, now Linda McMahon, the Education secretary. So
anything comes out of this, we'll bring it to you.
Speaker 1 (22:09):
So I question I asked, the question you asked is
two billion dollars.
Speaker 2 (22:13):
Where's he getting this from?
Speaker 1 (22:14):
Because you're saying we're making two billion dollars a day
and he's repeated that since the eighth of February.
Speaker 4 (22:19):
Right, that's he just said that during the beginning of
this cabademy.
Speaker 1 (22:22):
All Right, So according to Congressional Research Services, which take
it for what you will, it is supposed to be nonpartisan,
has been for a very long time. Congressional Research Services,
the answer is no. According to them, we're not taking
two billion.
Speaker 2 (22:38):
Dollars a day. No real word on where that come from.
Speaker 1 (22:41):
In the fiscal year of twenty twenty four, they collected
about seventy seven billion in tariffs, which would add up
to about twenty three million a day. He did increase
tariffs on Canada, Mexico, and China prior to April ninth,
memory first said that April eighth, but these alone would
(23:01):
not have been anywhere near to increase those tariffs tenfold.
Speaker 3 (23:05):
No, and when the Treasury Secretary, when Scott Bessent has
come out and said that this could bring in as
much as six hundred billion a year, he was talking
about the maximum amount on maximum tariffs maximum reciprocal tariffs,
which were repealed yesterday. So he keeps saying that we're
bringing in about two billion, and he said just a
(23:25):
moment ago that it could be as high as three
and a half billion. But it doesn't sound like we're
bringing in even a tenth of that.
Speaker 1 (23:32):
So before those tariffs were rescinded. You had thirteen tariff
related presidential actions.
Speaker 2 (23:38):
That was bringing the.
Speaker 1 (23:39):
Daily tariff take to zero point four billion, so.
Speaker 2 (23:43):
About four hundred million, okay, yeah.
Speaker 1 (23:46):
Still far short of the two hundred billion or two
billion dollars a day claimed. So I don't know where
that figure's coming from. But if you're going to crunch
the if you're interested in it, if it's wowing you,
if it sounds good, it does sound good, but it's
not completely accurate, at least according to the people who
have access to all of the numbers and have crunch them.
It's neither here nor there, is it. It's just kind
(24:07):
of a fun little Where did that come from? And
is it accurate?
Speaker 2 (24:11):
Numbers?
Speaker 1 (24:12):
Tariffs, how much you're taking in, how much you're letting out.
It's kind of like crime stats. You can fudge them
anyway you want to fudge them. The numbers are fun
that way. Statistic fungible, Yeah.
Speaker 3 (24:23):
Fun, We put the fun and fungible, got it. Do
you want to do our happy story when we come back?
Speaker 7 (24:27):
Yes? I do.
Speaker 3 (24:28):
Okay, On the other side, the happiest story of the day.
You've been listening to the Gary and Shannon show. You
can always hear us live on KFI AM six forty
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anytime on demand on the iHeartRadio ap
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