November 19, 2025 • 25 mins
Gary opens the show solo with a birthday shoutout to his now–26-year-old son before diving headfirst into the looming release of the Epstein Files. He breaks down today’s presser from FBI Director Kash Patel and AG Pam Bondi, the exemptions raising eyebrows, and Larry Summers’ embarrassing Epstein-linked scandal that led to his resignation from the OpenAI board. NewsNation’s White House Correspondent Libbey Dean joins with what to expect from the release, and Gary closes the hour asking the big question: how did baby boomers get so rich, and why can’t their kids catch up?
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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 app.
Speaker 2 (00:10):
Humongous.
Speaker 3 (00:11):
Happy birthday to my son twenty six years old today.
Oh congrats, thank you. I mean I didn't do it.
I guess I did it twenty six years ago, twenty
six plus nine months. But BRIDGETUSA twenty six years Okay,
Shannon's out vacation today. We have a bunch of stuff
that we're going to be doing. We have some follow
(00:32):
up for what's going on with the Epstein files. The
Senate did a pass it and send it on to
the President and they didn't change much, which was kind
of a surprise considering the concerns that people had about
names that are going to show up in the files.
Speaker 2 (00:45):
That's coming up. We'll talk about that a little bit later.
Speaker 3 (00:48):
Also, a new big player immediately, a big player in
the race to replace Governor Gavin Newsom. Tom Steyer has
announced that he is going to be running for governor.
A little later in the show, We're going to do
what you're watching Wednesday, which means you gotta let us
know what you're watching. I found a new trailer that
I fell in love with today, although I do have
a problem. It's the new trailer for Hail Mary, the
(01:11):
Hail Mary Project by Andy Weir, the guy who brought
who wrote the Martian. We'll talk about all of that
coming up late in the show. Let's start with Oh,
I want to point this out just really quickly. President
Trump is speaking at a US Saudi investment forum at
the Kennedy Center in Washington, DC.
Speaker 2 (01:31):
And yesterday the.
Speaker 4 (01:31):
Crown Prince announced that the number that they'll be investing
in the United States is one trillion dollars. So that's
really a donna. And we just took a picture backstage
with some of the great business leaders and some of
the great people friends of mine from your country, and
(01:53):
beautiful picture. And while we were taking the picture, I said,
could you make it one point five trillion?
Speaker 2 (02:00):
So he's got.
Speaker 4 (02:00):
Something to think about. I don't know, we'll get something.
I think we'll get something, Scott, right, But many of
you in the room are playing a key role in
making these projects happen. And we're told that two hundred
and seventy billion dollars in agreements and sales are being
signed between dozens of companies.
Speaker 2 (02:18):
And that's just happening today again, President Trump.
Speaker 3 (02:21):
They're speaking US Saudi Investment Forum in Washington, d C.
Of course, he hosted Crown Prince of Saudi Arabia Mohammed
Ben Solomon at Big Dient. Well at the big event
yesterday morning and then the big State dinner from last night.
We will see some sunny skies today. Rain is coming
back into the forecast for tomorrow and Friday. Locally, they
(02:45):
have identified that thirteen year old boy killed in Dana
Point yesterday during a hit and run apparent duy crash.
Thirteen year old Luis Adrian Morales Pacheco died at a
hospital after he was hit near the intersection of Park
Lantern and Dana Point Harbor Jr. I've apparently on his
way to school. So a sad story that has permeated
(03:06):
the headlines locally. All right, let's get into this Epstein thing.
Because as excited as people are and relieved as some
people are that we are going to have the Department
of Justice release files that it still has the unclassified
files on Jeffrey Epstein and all of that investigation, there
is something that has been looming in all of this
(03:29):
first of all, we have an expectation that FBI Director
Cash Betel and Attorney General Pam Bondi are going to
hold some sort of a news conference, and the expectation
is they're going to address this issue because they have
been absolutely silent about this in these last couple of weeks. Yesterday,
both the House and Senate agreed to pass a bill
(03:50):
calling on the Attorney General to release all unclassified information
and files related to the sex trafficking investigation of Jeffrey Epstein.
I mentioned Justice Department hasn't said anything about how it's
going to respond to all of this, but we do
have a few clues about what they would do based
on what we know they have done before. Back on
(04:12):
February twenty seventh, just a little more than a month
into the current Trump administration, they did this huge event, right,
They did this huge celebratory, binders.
Speaker 2 (04:25):
Full of information event. Pam Bondi rolled out what she.
Speaker 3 (04:29):
Referred to as the first phase of the release of
the Epstein files. It turned out to be nothing. It's
just an absolute wet paper towel of information. It turned
out the documents she called declassified, which included pages from
his black book from Epstein's Black Book had all been
(04:51):
previously released.
Speaker 2 (04:52):
There was nothing new there.
Speaker 3 (04:54):
Most recently, it came out during the trial of Galeainne Maxwell,
which happened about four years ago. And then in March,
FBI director at Cash Bettel said they were instructed to
search and review or he instructed agents to search and
review every single Epstein related document and determine what could
be released.
Speaker 2 (05:13):
Now, there are some.
Speaker 3 (05:14):
Specific rules that they have to follow when it comes
to freedom of information. We'll talk about that and we
come back and why it is that. Listen, the President
could sign this today, This could go to the Department
of Justice. It could be some length of time and
a lot of time before we see any of those files.
Speaker 1 (05:35):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 3 (05:42):
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(06:03):
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(06:26):
We have been talking about what's going on with the
whole Epstein file case, and one of the issues that
comes up is, even when it looks like the President
signs this thing into law forcing the Department of Justice
to release declassified materials or unclassified, I should say, there
are some rules and restrictions about what they can.
Speaker 2 (06:50):
Release. Now.
Speaker 3 (06:51):
They are not bound by the Freedom of Information Act
in this instance, but they use the Freedom of Information
Act as their god for deciding what should be withheld.
There are nine exemptions that were written into the Freedom
of Information Act. This is the This is the Act
that allows journalists, media organizations to request specific records and
(07:16):
as long as those records don't conflict with those nine exemptions,
we have a right to them. The public has a
right to know what is going on, even if they
are sensitive documents. If they do not fall within these
nine exemptions, then information can be released. So there are
things like sensitive national security interests, obviously official deliberations that
(07:41):
may be protected law enforcement like ongoing law enforcement proceedings,
or privacy. Privacy is really one of the specific things
that the FBI is going to be looking at here
because Privacy Exemption number six, that is, if you're keeping
score at home, protects individu rules against a clearly unwarranted
(08:02):
invasion of personal privacy, and the Supreme Court has said
that this exemption protects people from the injury and embarrassment
that could result from the disclosure of their information that
is in possession of the government. As an example, one
of the problems that Mike Johnson speaker Mike Johnson had
talked about was if you find a name that is
(08:22):
associated with Jeffrey Epstein in these files but really doesn't
have anything to do with sex trafficking, will that person's
reputation suffer as a result. Now we'll talk about Larry
Summers later. Larry Summers, this guy resigned. We talked about
him yesterday. Former President of Harvard. He's going to stay
on as a teacher. Will He just resigned from open AI.
(08:44):
They're the makers of chat GPT because of the embarrassment
that he's still asking for dating advice from a convicted
sex offender. That's a dirt bag waiting to happen. That
guy's name should be out there. But are there people
that are in these files whose names still need to
be protected. The other exemption, the second one, Exemption seven,
(09:04):
protects personal information that would be contained in law enforcement records,
so that would reasonably be the disclosure, disclosure of which
could reasonably be expected to constitute an unwarranted invasion of
personal privacy. Those are the kinds of things that FBI agents,
Department of Justice lawyers and officials that they have to
(09:24):
go through and take out of these unclassified files in
order to follow sort of the intention of why those
things should be released. The intention is not to just
paid everybody with a broad brush whose names might appear
in there, but to make sure that those who have
(09:47):
been either convicted of trafficking or taking part in any
of this stuff, their names are not protected. But those
people whose names may be they may be witnesses to
some of this stuff. They may be unintended witnesses, things
like that, they would be protected. But that's going to
take a lot of time. That's what I'm sorry, That's
(10:09):
what the Department of Justice is going to say, is
that's going to take a lot of time. They've been
doing this for months. They've been looking through and combing
through these files for months, if not years, because remember
these files, there's not a lot of new stuff there.
That these files were all contained in the Department of
Justice during the Biden presidency as well, so that all
(10:32):
of that stuff still is important and they have to
go through it before they can get to before they
can get to anywhere close to releasing the thousands and
thousands of pages of documents. So at this point it's
now going to the President's desk for signature.
Speaker 2 (10:50):
We'll check and see what's going on with that.
Speaker 3 (10:51):
Libby Dean from A News Nation is going to join
us and talk about the next steps for the Epstein.
Speaker 1 (10:57):
Case to Gary and Shannon on Demand from KFI AM
six forty.
Speaker 3 (11:06):
Guess who was back on the court last night, Lebron
James first game of this new season, the Lakers beat
the Jazz one forty one, twenty six, Wall Street is
looking for a couple of reports that could reshape the
outlook for the economy for the months ahead. This afternoon,
in Vidia, AI's poster child, in Vidia, is due to
(11:26):
report earnings after the closing bell, and tomorrow the September
Jobs report is going to drop tomorrow morning, the delayed
September jobs report because of the government shutdown. So right now,
not a whole lot of movement. Dow is down about
one hundred and thirty points, s and P five hundred
is down seven. Nasdaq is down about twelve, so just
(11:48):
kind of a slow day in.
Speaker 2 (11:50):
Terms of volume of trading.
Speaker 3 (11:52):
We've been telling you about what's going on with the
latest and the release of documents from the Department of
Justice on the Jeffrey Epstein files.
Speaker 2 (12:04):
I'll get to that in a second.
Speaker 3 (12:05):
There was a comment that suggested that we need to
make sure we remember that in this act that soon
to be signed, we believe by the President, there is
a deadline of the records would be released quote not
later than thirty days after the law is enacted. For
an update on all of this and what the President
(12:26):
plans to do with it. Libby Dean from News Nation
the White House correspondent for News Nation has joined us
and libby the expectation all indications that the President will
sign this. Do we have a timeline on that.
Speaker 5 (12:38):
Yeah, the president's own words, he said that he would
sign this whenever it gets to the White House. Now
we know that it's officially been transmitted by the Senate,
So now just a waste the president's signature. Been talking
with sources today, they were saying it could happen as
early as today. It's likely that this isn't going to
be Sometimes, you know, we see the President doing those
large public signings. I'm hearing from sources that might not
(12:59):
be the case today.
Speaker 2 (13:00):
Yeah.
Speaker 3 (13:01):
I don't expect that because I don't know who would
be standing behind them. Marjorie Taylor Green seems like they're
not on the best of terms anymore.
Speaker 5 (13:11):
Yeah, certainly, I think that would be not a move
that the President would want to take after we saw
such a major reversal on the bill itself.
Speaker 3 (13:20):
What is the expectation there in Washington, d C. About
what's in these files? I mean, it seems like the
information that's come out already in the thousands of documents
released either by Congress or previously by the Department of Justice.
There's a lot of names in there, but at this
point there's none of the big high profile politicians, business leaders,
(13:43):
or anything, at least anything that implicates them in the
actual sex trafficking.
Speaker 5 (13:49):
Yeah, and I think that that is why there's so
many pushing for the release of what the DOJ has,
because you saw what you got from the House Oversight Committee.
They released those twenty thousand documents, and of course it
named President Trump over and over again in these emails
that Jeffrey Epstein was sending to Glene Maxwell. But I
(14:10):
think people seem to think that there's something in these.
Speaker 2 (14:12):
Files that the Department of Justice has.
Speaker 5 (14:16):
That is worth knowing, And I think that's why so
many members of Congress. Ultimately you saw the four who
were pushing for this, who were Republicans, and then you
saw all of them join on after President Trump reverse
course and said that they should vote to support the
discharge petition.
Speaker 3 (14:33):
A lot has been said about the ability of the
President to have gone to Pam Bondy anytime in the
last several months and simply ordered the release of these documents.
Was there a reason why he wanted Congress to do this,
whether it's the obvious reason of it gives him a
little bit of separation from it, or because he thought
(14:55):
he couldn't do that. Is there any reason that the
White House has explained for that.
Speaker 5 (15:00):
I certainly snapped when a reporter asked that very question,
why not just direct the DOJ to release these files?
So White House has been pretty shy on this, not
wanting to get ahead of the president or say the
wrong thing. But you can tell by the public statements themselves.
The President made a very clear reversal after someone must
have advised him to do so.
Speaker 3 (15:19):
The other thing that I'm not quite certain of is
the content of these emails. Obviously these would be the
unclassified emails. There are things that the Department of Justice
will have to go through and scrub based on guidelines
that have kind of been set forward by the Freedom
of Information Act about privacy issues and things like that.
(15:40):
There are other lawyers. I'm going to use Alan Dershowitz
as an example. He claims that he has Epstein files
that the courts do not allow him to release. Are
those the same files that we will see from the
Department of Justice.
Speaker 5 (15:54):
I'm not necessarily privy to what Dershwitz has, so I'm
not sure if that's the same as what the Department
of Justice has to be completely frank with you.
Speaker 3 (16:02):
Yeah, Now, I'm just curious, I mean, because I don't
think anybody really Alan Durschwitz clearly knows or thinks he knows,
and I don't know if there is a difference between those.
Speaker 5 (16:11):
Anyone who claims they know, I don't know. I feel
like the Department of Justice right now is the one
who knows best.
Speaker 3 (16:18):
On what they have, and they've been tight lift. I
mean that talk about. The one major topic that they
have not chimed in on the last several weeks has
been the release of the potential release of these files.
Speaker 5 (16:30):
Yeah, and Bondie was actually asked about this during this
press conference they just held about that Canadian snowboarder I'm
forgetting his name, but they announced these new charges. It
was with Patel and Bondi and they just were asking
this press conference whether or not they would ultimately follow
what the bill says about releasing the files, and she
said that she would follow the law. Of course, it's
(16:52):
not law yet because it hasn't been signed by the president,
but that's what the Justice Department in Pam Bonnie has
said so far as there follow the law. A big
question that's been looming over like a lot of this
today is whether or not these new investigations that President
Trump directed the Attorney General to bring and then we
saw the Southern District in New York ultimately going to
(17:12):
make this probe into Democrats, whether or not that will
infringe upon any of these files being released, so that
you would see the DOJ potentially claim this executive privilege
or any kind of I'm sorry, the White House claim
any kind of executive privilege in the Department of Justice
ultimately say we have these ongoing investigations, so we can't
(17:34):
release X, y Z. And that is a big question
that Pambondy kind of skirted around but said they would
follow the law. So I think that's going to be
one thing to watch as well as this moves forward,
because the timeline is really interesting on when President Trump
flip flopped on the House vote on this and then
directed the House Republican too, it was after Pambondi said
that she would.
Speaker 2 (17:55):
Probe those Democrats.
Speaker 5 (17:56):
So I think that's going to be very interesting to.
Speaker 3 (17:57):
Watch members of Congress hair collectively catching on fire if
Pampondi says that they can't release some of these because
of ongoing law enforcement operations.
Speaker 5 (18:08):
And on both sides, that's what's so interesting here. This
is not a this is a bipartisan issue.
Speaker 1 (18:13):
Now.
Speaker 5 (18:13):
I mean, you saw four hundred and twenty seven to
one in the House.
Speaker 2 (18:16):
So what was his name? What's the guy out of
Louisiana the voted no.
Speaker 3 (18:20):
Higgins, he's the only one whose hair does not catch fire.
Speaker 5 (18:25):
Yes, And he basically said, it up ends like the
Department of Justice precedent when it comes to releasing the
information that they had, and they wanted to protect the victims.
But that's exactly what the Republicans who ultimately voted for
this or arguing, is that they're doing this for the victims.
Speaker 3 (18:39):
Yeah, all right, Libby Dean again News Nation's White House correspondent.
Speaker 2 (18:43):
Great stuff, Thank.
Speaker 5 (18:43):
You, thanks so much.
Speaker 2 (18:45):
You bet.
Speaker 3 (18:46):
There is also a court thing going on former FBI
director James call me back in court. He's trying to
have his indictment overturned. We'll talk a little bit about that.
But a fascinating article. Baby boomers got rich. They got
very rich, their kids not so much. Why the difference.
We'll talk about that when we come back.
Speaker 1 (19:06):
You're listening to Gary and Shannon on demand from KFI
Am six forty.
Speaker 3 (19:14):
The local story that just breaks your heart. This thirteen
year old boy hit and killed in Dana Point yesterday
during a hit and run crash while he was walking
to school. Orange County Sheriff's Department said that Luis Pacheco
died at a hospital after he was hit near Park
Lantern and Dana Point Harbor Drive by the way. The
fifty nine year old driver hit him and left was
(19:36):
arrested a couple of miles away. The ocda's office said
that the driver has been arrested and charged. Was arrested
and charged in a separate DUI incident just four days
ago and had at least one other dui conviction on.
Speaker 2 (19:53):
His record before this.
Speaker 3 (19:57):
So the Trump administration said to be working on some
new plans to end the war in Ukraine. Axios is
reporting that there's a twenty eight point US plan inspired
by the push for a deal in Gaza. A top
Russian official also confirmed and said that he is optimistic
about this plan, but it's not yet clear how Ukraine
(20:19):
would feel.
Speaker 2 (20:20):
About all of this, and some of their European allies
in nineteen forty.
Speaker 3 (20:24):
My father was born in forty one, so we'll use
that as an example. Nineteen forty one, there was about
a ninety percent chance that you were going to earn
more than your parents if you were born in forty
So baby boomers had a ninety percent chance of earning
(20:45):
more than their parents did. If you're born today, it's
basically a fifty to fifty that you would earn more
than your parents did. Baby Boomers right now hold more
than eighty five trillion dollars in assets, making them the
richest generation that exists now. Think of this. Part of
it is that, yes, they make up about a fifth
(21:08):
of our population here in the United States, baby boomers,
but they hold more than half of corporate equities and
mutual fund shares. There's a couple issues that go into this.
Speaker 2 (21:19):
One of them is just simply timing.
Speaker 3 (21:21):
They hit the right waves at the right time in
their lives. Americans seventy five and older bought homes and
invested in stocks well before those things exploded in value.
As an example, somebody who was born in nineteen forty,
for example, would be thirty at nineteen seventy and in
(21:41):
nineteen seventy, well, in nineteen seventy six, forty two thousand
dollars was the median home price in the first quarter
of nineteen seventy six forty two eight hundred dollars. Now,
when you adjust for inflation, that's still about two hundred
and forty two thousand dollars. But could you amine if the
(22:02):
median home price today was two hundred and forty two
thousand dollars. The timing of the Baby Boomers, when they
grew up, when they started getting their money, when they
were in their highest earning years, all hit perfectly for
them to be the richest generation by far. The wealth
(22:23):
of Baby Boomers is just that reflection of favorable economic
conditions during their work term work times. They entered the
labor force during the decades of strong economic growth, rising productivity,
relatively high wages. In their prime earning and saving years
during the longest bull markets in the eighties and the nineties,
(22:46):
as well as the economic recovery that followed the Great Recession,
they faced lower tuition costs, They had lower health care costs.
They benefit fitted from favorable tax policies, including lower capital
gains tax rates. All of that stuff makes baby Boomers
the richest generation by far. The big thing is that
(23:07):
a lot of older baby Boomers benefited from having access
to the defined benefit pensions pension plans that working for
a private company. Very few private companies do pension plans anymore.
Most of those are run through unions. But when the
defined benefit pension plans started going away, everybody started pouring
(23:31):
moneys into four to oh one case, giving people an
avenue into the stockholdings that they may not have had before.
And as of like I said, as of today, about
half of baby boomer wealth is tied up in cash, bonds, stocks,
or mutual funds that are held directly or through the
retirement accounts or their financial holdings. And that accumulated eighty
(23:57):
five point four trillion dollars in well through this second
quarter is twice as much as Gen X and four
times more than millennials. Now, you could probably do the
math and figure out, you know, you could extrapolate what
you think each of those generations is going to have
by the time they reach the age. You know, baby
(24:17):
boomers are somewhere between sixty five eighty five years old now,
and they have had obviously the opportunity to gather the
wealth to make it work for them in all of
their stock winnings, et cetera. But baby boomers themselves hit
at exactly the right time. And I know that there's
you know, the old trope of your favorite fifteen year
(24:40):
old who's telling you, well, I didn't ask to be born.
Well they didn't either. They just happened to hit the
money lottery. When it comes to how they acquired their money,
making them the eighty five trillion dollars worth of richest
generation that we've seen in a long time. Well we're
not out as ski. When it comes to Gavin Newsom
(25:01):
as of yet. Some more information about what's going on
with Dana Williamson. She was the former chief of staff
and dieded on federal corruption charges and exactly why the
DOJ was sniffing around Gavin Newsom's office.
Speaker 2 (25:15):
That's coming up.
Speaker 3 (25:15):
You miss any part of our show, go back and
check out the podcast. Anywhere you find podcasts, search for
Gary and Shannon. You'll see our picture on there. Just
tap that you listen to past episodes of your choice
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Speaker 2 (25:34):
This you've been listening to The Gary and Shannon Show.
Speaker 3 (25:37):
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 app.
Speaker 2 (00:10):
Humongous.
Speaker 3 (00:11):
Happy birthday to my son twenty six years old today.
Oh congrats, thank you. I mean I didn't do it.
I guess I did it twenty six years ago, twenty
six plus nine months. But BRIDGETUSA twenty six years Okay,
Shannon's out vacation today. We have a bunch of stuff
that we're going to be doing. We have some follow
(00:32):
up for what's going on with the Epstein files. The
Senate did a pass it and send it on to
the President and they didn't change much, which was kind
of a surprise considering the concerns that people had about
names that are going to show up in the files.
Speaker 2 (00:45):
That's coming up. We'll talk about that a little bit later.
Speaker 3 (00:48):
Also, a new big player immediately, a big player in
the race to replace Governor Gavin Newsom. Tom Steyer has
announced that he is going to be running for governor.
A little later in the show, We're going to do
what you're watching Wednesday, which means you gotta let us
know what you're watching. I found a new trailer that
I fell in love with today, although I do have
a problem. It's the new trailer for Hail Mary, the
(01:11):
Hail Mary Project by Andy Weir, the guy who brought
who wrote the Martian. We'll talk about all of that
coming up late in the show. Let's start with Oh,
I want to point this out just really quickly. President
Trump is speaking at a US Saudi investment forum at
the Kennedy Center in Washington, DC.
Speaker 2 (01:31):
And yesterday the.
Speaker 4 (01:31):
Crown Prince announced that the number that they'll be investing
in the United States is one trillion dollars. So that's
really a donna. And we just took a picture backstage
with some of the great business leaders and some of
the great people friends of mine from your country, and
(01:53):
beautiful picture. And while we were taking the picture, I said,
could you make it one point five trillion?
Speaker 2 (02:00):
So he's got.
Speaker 4 (02:00):
Something to think about. I don't know, we'll get something.
I think we'll get something, Scott, right, But many of
you in the room are playing a key role in
making these projects happen. And we're told that two hundred
and seventy billion dollars in agreements and sales are being
signed between dozens of companies.
Speaker 2 (02:18):
And that's just happening today again, President Trump.
Speaker 3 (02:21):
They're speaking US Saudi Investment Forum in Washington, d C.
Of course, he hosted Crown Prince of Saudi Arabia Mohammed
Ben Solomon at Big Dient. Well at the big event
yesterday morning and then the big State dinner from last night.
We will see some sunny skies today. Rain is coming
back into the forecast for tomorrow and Friday. Locally, they
(02:45):
have identified that thirteen year old boy killed in Dana
Point yesterday during a hit and run apparent duy crash.
Thirteen year old Luis Adrian Morales Pacheco died at a
hospital after he was hit near the intersection of Park
Lantern and Dana Point Harbor Jr. I've apparently on his
way to school. So a sad story that has permeated
(03:06):
the headlines locally. All right, let's get into this Epstein thing.
Because as excited as people are and relieved as some
people are that we are going to have the Department
of Justice release files that it still has the unclassified
files on Jeffrey Epstein and all of that investigation, there
is something that has been looming in all of this
(03:29):
first of all, we have an expectation that FBI Director
Cash Betel and Attorney General Pam Bondi are going to
hold some sort of a news conference, and the expectation
is they're going to address this issue because they have
been absolutely silent about this in these last couple of weeks. Yesterday,
both the House and Senate agreed to pass a bill
(03:50):
calling on the Attorney General to release all unclassified information
and files related to the sex trafficking investigation of Jeffrey Epstein.
I mentioned Justice Department hasn't said anything about how it's
going to respond to all of this, but we do
have a few clues about what they would do based
on what we know they have done before. Back on
(04:12):
February twenty seventh, just a little more than a month
into the current Trump administration, they did this huge event, right,
They did this huge celebratory, binders.
Speaker 2 (04:25):
Full of information event. Pam Bondi rolled out what she.
Speaker 3 (04:29):
Referred to as the first phase of the release of
the Epstein files. It turned out to be nothing. It's
just an absolute wet paper towel of information. It turned
out the documents she called declassified, which included pages from
his black book from Epstein's Black Book had all been
(04:51):
previously released.
Speaker 2 (04:52):
There was nothing new there.
Speaker 3 (04:54):
Most recently, it came out during the trial of Galeainne Maxwell,
which happened about four years ago. And then in March,
FBI director at Cash Bettel said they were instructed to
search and review or he instructed agents to search and
review every single Epstein related document and determine what could
be released.
Speaker 2 (05:13):
Now, there are some.
Speaker 3 (05:14):
Specific rules that they have to follow when it comes
to freedom of information. We'll talk about that and we
come back and why it is that. Listen, the President
could sign this today, This could go to the Department
of Justice. It could be some length of time and
a lot of time before we see any of those files.
Speaker 1 (05:35):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 3 (05:42):
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(06:03):
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(06:26):
We have been talking about what's going on with the
whole Epstein file case, and one of the issues that
comes up is, even when it looks like the President
signs this thing into law forcing the Department of Justice
to release declassified materials or unclassified, I should say, there
are some rules and restrictions about what they can.
Speaker 2 (06:50):
Release. Now.
Speaker 3 (06:51):
They are not bound by the Freedom of Information Act
in this instance, but they use the Freedom of Information
Act as their god for deciding what should be withheld.
There are nine exemptions that were written into the Freedom
of Information Act. This is the This is the Act
that allows journalists, media organizations to request specific records and
(07:16):
as long as those records don't conflict with those nine exemptions,
we have a right to them. The public has a
right to know what is going on, even if they
are sensitive documents. If they do not fall within these
nine exemptions, then information can be released. So there are
things like sensitive national security interests, obviously official deliberations that
(07:41):
may be protected law enforcement like ongoing law enforcement proceedings,
or privacy. Privacy is really one of the specific things
that the FBI is going to be looking at here
because Privacy Exemption number six, that is, if you're keeping
score at home, protects individu rules against a clearly unwarranted
(08:02):
invasion of personal privacy, and the Supreme Court has said
that this exemption protects people from the injury and embarrassment
that could result from the disclosure of their information that
is in possession of the government. As an example, one
of the problems that Mike Johnson speaker Mike Johnson had
talked about was if you find a name that is
(08:22):
associated with Jeffrey Epstein in these files but really doesn't
have anything to do with sex trafficking, will that person's
reputation suffer as a result. Now we'll talk about Larry
Summers later. Larry Summers, this guy resigned. We talked about
him yesterday. Former President of Harvard. He's going to stay
on as a teacher. Will He just resigned from open AI.
(08:44):
They're the makers of chat GPT because of the embarrassment
that he's still asking for dating advice from a convicted
sex offender. That's a dirt bag waiting to happen. That
guy's name should be out there. But are there people
that are in these files whose names still need to
be protected. The other exemption, the second one, Exemption seven,
(09:04):
protects personal information that would be contained in law enforcement records,
so that would reasonably be the disclosure, disclosure of which
could reasonably be expected to constitute an unwarranted invasion of
personal privacy. Those are the kinds of things that FBI agents,
Department of Justice lawyers and officials that they have to
(09:24):
go through and take out of these unclassified files in
order to follow sort of the intention of why those
things should be released. The intention is not to just
paid everybody with a broad brush whose names might appear
in there, but to make sure that those who have
(09:47):
been either convicted of trafficking or taking part in any
of this stuff, their names are not protected. But those
people whose names may be they may be witnesses to
some of this stuff. They may be unintended witnesses, things
like that, they would be protected. But that's going to
take a lot of time. That's what I'm sorry, That's
(10:09):
what the Department of Justice is going to say, is
that's going to take a lot of time. They've been
doing this for months. They've been looking through and combing
through these files for months, if not years, because remember
these files, there's not a lot of new stuff there.
That these files were all contained in the Department of
Justice during the Biden presidency as well, so that all
(10:32):
of that stuff still is important and they have to
go through it before they can get to before they
can get to anywhere close to releasing the thousands and
thousands of pages of documents. So at this point it's
now going to the President's desk for signature.
Speaker 2 (10:50):
We'll check and see what's going on with that.
Speaker 3 (10:51):
Libby Dean from A News Nation is going to join
us and talk about the next steps for the Epstein.
Speaker 1 (10:57):
Case to Gary and Shannon on Demand from KFI AM
six forty.
Speaker 3 (11:06):
Guess who was back on the court last night, Lebron
James first game of this new season, the Lakers beat
the Jazz one forty one, twenty six, Wall Street is
looking for a couple of reports that could reshape the
outlook for the economy for the months ahead. This afternoon,
in Vidia, AI's poster child, in Vidia, is due to
(11:26):
report earnings after the closing bell, and tomorrow the September
Jobs report is going to drop tomorrow morning, the delayed
September jobs report because of the government shutdown. So right now,
not a whole lot of movement. Dow is down about
one hundred and thirty points, s and P five hundred
is down seven. Nasdaq is down about twelve, so just
(11:48):
kind of a slow day in.
Speaker 2 (11:50):
Terms of volume of trading.
Speaker 3 (11:52):
We've been telling you about what's going on with the
latest and the release of documents from the Department of
Justice on the Jeffrey Epstein files.
Speaker 2 (12:04):
I'll get to that in a second.
Speaker 3 (12:05):
There was a comment that suggested that we need to
make sure we remember that in this act that soon
to be signed, we believe by the President, there is
a deadline of the records would be released quote not
later than thirty days after the law is enacted. For
an update on all of this and what the President
(12:26):
plans to do with it. Libby Dean from News Nation
the White House correspondent for News Nation has joined us
and libby the expectation all indications that the President will
sign this. Do we have a timeline on that.
Speaker 5 (12:38):
Yeah, the president's own words, he said that he would
sign this whenever it gets to the White House. Now
we know that it's officially been transmitted by the Senate,
So now just a waste the president's signature. Been talking
with sources today, they were saying it could happen as
early as today. It's likely that this isn't going to
be Sometimes, you know, we see the President doing those
large public signings. I'm hearing from sources that might not
(12:59):
be the case today.
Speaker 2 (13:00):
Yeah.
Speaker 3 (13:01):
I don't expect that because I don't know who would
be standing behind them. Marjorie Taylor Green seems like they're
not on the best of terms anymore.
Speaker 5 (13:11):
Yeah, certainly, I think that would be not a move
that the President would want to take after we saw
such a major reversal on the bill itself.
Speaker 3 (13:20):
What is the expectation there in Washington, d C. About
what's in these files? I mean, it seems like the
information that's come out already in the thousands of documents
released either by Congress or previously by the Department of Justice.
There's a lot of names in there, but at this
point there's none of the big high profile politicians, business leaders,
(13:43):
or anything, at least anything that implicates them in the
actual sex trafficking.
Speaker 5 (13:49):
Yeah, and I think that that is why there's so
many pushing for the release of what the DOJ has,
because you saw what you got from the House Oversight Committee.
They released those twenty thousand documents, and of course it
named President Trump over and over again in these emails
that Jeffrey Epstein was sending to Glene Maxwell. But I
(14:10):
think people seem to think that there's something in these.
Speaker 2 (14:12):
Files that the Department of Justice has.
Speaker 5 (14:16):
That is worth knowing, And I think that's why so
many members of Congress. Ultimately you saw the four who
were pushing for this, who were Republicans, and then you
saw all of them join on after President Trump reverse
course and said that they should vote to support the
discharge petition.
Speaker 3 (14:33):
A lot has been said about the ability of the
President to have gone to Pam Bondy anytime in the
last several months and simply ordered the release of these documents.
Was there a reason why he wanted Congress to do this,
whether it's the obvious reason of it gives him a
little bit of separation from it, or because he thought
(14:55):
he couldn't do that. Is there any reason that the
White House has explained for that.
Speaker 5 (15:00):
I certainly snapped when a reporter asked that very question,
why not just direct the DOJ to release these files?
So White House has been pretty shy on this, not
wanting to get ahead of the president or say the
wrong thing. But you can tell by the public statements themselves.
The President made a very clear reversal after someone must
have advised him to do so.
Speaker 3 (15:19):
The other thing that I'm not quite certain of is
the content of these emails. Obviously these would be the
unclassified emails. There are things that the Department of Justice
will have to go through and scrub based on guidelines
that have kind of been set forward by the Freedom
of Information Act about privacy issues and things like that.
(15:40):
There are other lawyers. I'm going to use Alan Dershowitz
as an example. He claims that he has Epstein files
that the courts do not allow him to release. Are
those the same files that we will see from the
Department of Justice.
Speaker 5 (15:54):
I'm not necessarily privy to what Dershwitz has, so I'm
not sure if that's the same as what the Department
of Justice has to be completely frank with you.
Speaker 3 (16:02):
Yeah, Now, I'm just curious, I mean, because I don't
think anybody really Alan Durschwitz clearly knows or thinks he knows,
and I don't know if there is a difference between those.
Speaker 5 (16:11):
Anyone who claims they know, I don't know. I feel
like the Department of Justice right now is the one
who knows best.
Speaker 3 (16:18):
On what they have, and they've been tight lift. I
mean that talk about. The one major topic that they
have not chimed in on the last several weeks has
been the release of the potential release of these files.
Speaker 5 (16:30):
Yeah, and Bondie was actually asked about this during this
press conference they just held about that Canadian snowboarder I'm
forgetting his name, but they announced these new charges. It
was with Patel and Bondi and they just were asking
this press conference whether or not they would ultimately follow
what the bill says about releasing the files, and she
said that she would follow the law. Of course, it's
(16:52):
not law yet because it hasn't been signed by the president,
but that's what the Justice Department in Pam Bonnie has
said so far as there follow the law. A big
question that's been looming over like a lot of this
today is whether or not these new investigations that President
Trump directed the Attorney General to bring and then we
saw the Southern District in New York ultimately going to
(17:12):
make this probe into Democrats, whether or not that will
infringe upon any of these files being released, so that
you would see the DOJ potentially claim this executive privilege
or any kind of I'm sorry, the White House claim
any kind of executive privilege in the Department of Justice
ultimately say we have these ongoing investigations, so we can't
(17:34):
release X, y Z. And that is a big question
that Pambondy kind of skirted around but said they would
follow the law. So I think that's going to be
one thing to watch as well as this moves forward,
because the timeline is really interesting on when President Trump
flip flopped on the House vote on this and then
directed the House Republican too, it was after Pambondi said
that she would.
Speaker 2 (17:55):
Probe those Democrats.
Speaker 5 (17:56):
So I think that's going to be very interesting to.
Speaker 3 (17:57):
Watch members of Congress hair collectively catching on fire if
Pampondi says that they can't release some of these because
of ongoing law enforcement operations.
Speaker 5 (18:08):
And on both sides, that's what's so interesting here. This
is not a this is a bipartisan issue.
Speaker 1 (18:13):
Now.
Speaker 5 (18:13):
I mean, you saw four hundred and twenty seven to
one in the House.
Speaker 2 (18:16):
So what was his name? What's the guy out of
Louisiana the voted no.
Speaker 3 (18:20):
Higgins, he's the only one whose hair does not catch fire.
Speaker 5 (18:25):
Yes, And he basically said, it up ends like the
Department of Justice precedent when it comes to releasing the
information that they had, and they wanted to protect the victims.
But that's exactly what the Republicans who ultimately voted for
this or arguing, is that they're doing this for the victims.
Speaker 3 (18:39):
Yeah, all right, Libby Dean again News Nation's White House correspondent.
Speaker 2 (18:43):
Great stuff, Thank.
Speaker 5 (18:43):
You, thanks so much.
Speaker 2 (18:45):
You bet.
Speaker 3 (18:46):
There is also a court thing going on former FBI
director James call me back in court. He's trying to
have his indictment overturned. We'll talk a little bit about that.
But a fascinating article. Baby boomers got rich. They got
very rich, their kids not so much. Why the difference.
We'll talk about that when we come back.
Speaker 1 (19:06):
You're listening to Gary and Shannon on demand from KFI
Am six forty.
Speaker 3 (19:14):
The local story that just breaks your heart. This thirteen
year old boy hit and killed in Dana Point yesterday
during a hit and run crash while he was walking
to school. Orange County Sheriff's Department said that Luis Pacheco
died at a hospital after he was hit near Park
Lantern and Dana Point Harbor Drive by the way. The
fifty nine year old driver hit him and left was
(19:36):
arrested a couple of miles away. The ocda's office said
that the driver has been arrested and charged. Was arrested
and charged in a separate DUI incident just four days
ago and had at least one other dui conviction on.
Speaker 2 (19:53):
His record before this.
Speaker 3 (19:57):
So the Trump administration said to be working on some
new plans to end the war in Ukraine. Axios is
reporting that there's a twenty eight point US plan inspired
by the push for a deal in Gaza. A top
Russian official also confirmed and said that he is optimistic
about this plan, but it's not yet clear how Ukraine
(20:19):
would feel.
Speaker 2 (20:20):
About all of this, and some of their European allies
in nineteen forty.
Speaker 3 (20:24):
My father was born in forty one, so we'll use
that as an example. Nineteen forty one, there was about
a ninety percent chance that you were going to earn
more than your parents if you were born in forty
So baby boomers had a ninety percent chance of earning
(20:45):
more than their parents did. If you're born today, it's
basically a fifty to fifty that you would earn more
than your parents did. Baby Boomers right now hold more
than eighty five trillion dollars in assets, making them the
richest generation that exists now. Think of this. Part of
it is that, yes, they make up about a fifth
(21:08):
of our population here in the United States, baby boomers,
but they hold more than half of corporate equities and
mutual fund shares. There's a couple issues that go into this.
Speaker 2 (21:19):
One of them is just simply timing.
Speaker 3 (21:21):
They hit the right waves at the right time in
their lives. Americans seventy five and older bought homes and
invested in stocks well before those things exploded in value.
As an example, somebody who was born in nineteen forty,
for example, would be thirty at nineteen seventy and in
(21:41):
nineteen seventy, well, in nineteen seventy six, forty two thousand
dollars was the median home price in the first quarter
of nineteen seventy six forty two eight hundred dollars. Now,
when you adjust for inflation, that's still about two hundred
and forty two thousand dollars. But could you amine if the
(22:02):
median home price today was two hundred and forty two
thousand dollars. The timing of the Baby Boomers, when they
grew up, when they started getting their money, when they
were in their highest earning years, all hit perfectly for
them to be the richest generation by far. The wealth
(22:23):
of Baby Boomers is just that reflection of favorable economic
conditions during their work term work times. They entered the
labor force during the decades of strong economic growth, rising productivity,
relatively high wages. In their prime earning and saving years
during the longest bull markets in the eighties and the nineties,
(22:46):
as well as the economic recovery that followed the Great Recession,
they faced lower tuition costs, They had lower health care costs.
They benefit fitted from favorable tax policies, including lower capital
gains tax rates. All of that stuff makes baby Boomers
the richest generation by far. The big thing is that
(23:07):
a lot of older baby Boomers benefited from having access
to the defined benefit pensions pension plans that working for
a private company. Very few private companies do pension plans anymore.
Most of those are run through unions. But when the
defined benefit pension plans started going away, everybody started pouring
(23:31):
moneys into four to oh one case, giving people an
avenue into the stockholdings that they may not have had before.
And as of like I said, as of today, about
half of baby boomer wealth is tied up in cash, bonds, stocks,
or mutual funds that are held directly or through the
retirement accounts or their financial holdings. And that accumulated eighty
(23:57):
five point four trillion dollars in well through this second
quarter is twice as much as Gen X and four
times more than millennials. Now, you could probably do the
math and figure out, you know, you could extrapolate what
you think each of those generations is going to have
by the time they reach the age. You know, baby
(24:17):
boomers are somewhere between sixty five eighty five years old now,
and they have had obviously the opportunity to gather the
wealth to make it work for them in all of
their stock winnings, et cetera. But baby boomers themselves hit
at exactly the right time. And I know that there's
you know, the old trope of your favorite fifteen year
(24:40):
old who's telling you, well, I didn't ask to be born.
Well they didn't either. They just happened to hit the
money lottery. When it comes to how they acquired their money,
making them the eighty five trillion dollars worth of richest
generation that we've seen in a long time. Well we're
not out as ski. When it comes to Gavin Newsom
(25:01):
as of yet. Some more information about what's going on
with Dana Williamson. She was the former chief of staff
and dieded on federal corruption charges and exactly why the
DOJ was sniffing around Gavin Newsom's office.
Speaker 2 (25:15):
That's coming up.
Speaker 3 (25:15):
You miss any part of our show, go back and
check out the podcast. Anywhere you find podcasts, search for
Gary and Shannon. You'll see our picture on there. Just
tap that you listen to past episodes of your choice
and those Weekend Fix episodes that you do not hear
on the air more Gary and Shannon Right after.
Speaker 2 (25:34):
This you've been listening to The Gary and Shannon Show.
Speaker 3 (25:37):
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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