KFI Anchor, Host and Business Expert Jason Middleton accompanies Bill Handel to talk about First Republic Bank being seized and sold to JP Morgan in the second-largest U.S. bank failure. Border detention facilities have reached capacity as the Department of Homeland Security continues to prepare for the end of Title 42. And then Wayne Resnick is back for another edition of 'Do They Have A Case?' Wayne presents Bill with a couple of cases where the outcomes have already been determined, but remain undisclosed to Handel. He then applies his legal expertise and knowledge to predict which way the court went in their decision.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
You're listening to kf I AM sixforty The bill handles show on demand on
the iHeartRadio app KFI AM six fortyhandle here. It is a Monday morning
May First, some of the storiesthat we are covering you. The w
GA Writer guilds America could strike asearly as midnight tonight if a deal isn't
(00:21):
reached. Talk a little bit moreabout that later on. And we've had
some earthquakes here in southern California inthe desert, measuring four point five in
magnitude. The last one. Now, the other huge story is what happened
yesterday, and that is first RepublicBank now is either second or third or
(00:44):
fifth. Republic Bank actually doesn't evenexist anymore. It was seized by the
FEDS, turned around and sold toJP Morgan. Its largest, second largest
US bank failure in US history.And Jason Middleton, who is our expert,
Jason, first of all, anysurprise, why did it happen on
a Sunday? And what's the dealfor the depositors in the feds? Okay,
(01:10):
first question. First, the reasonthat happens over the weekend most typically,
so there's no real rocking and rollingin the markets. So these things
usually happen when the business hours areclosed. So that's one. Two.
Is it a surprise, No,it's not a surprise. And you asked
about deposits. Everything seems to beinsured, uninsured, All of it is
covered by this deal. So JPMorgan is going to pay ten point six
(01:32):
billion in order to pick up abouttwo hundred and twenty two billion dollars in
either outgoing loans, deposits, orother securities. So because the bank was
failing because it was paying so littleinterest on or it had to pay more
interest, I was it going?Oh, they when they loan money.
(01:53):
I only get this straight because Ialways get confused. The disparity between when
interest rates went up and what theywere going to get made the entire portfolio
upside down. Is that correct?That's correct. So they bought a bunch
of securities at when we had basicallyfree money floating around, and since the
set has gone on this rampage ofinterest rate hikes over the past thirteen or
(02:13):
fourteen months, and we're gonna getanother one this week. They just didn't
they didn't adjust. The same storythat you saw at Silicon Valley Bank as
well. All right, So ifthe deposits were are producing such little money.
Why is it that JP Morgan canpick up those deposits and make money
(02:34):
with it. Because we just talkedabout their upside down with all their bond
holdings, well not all of them, but in generally speaking, their upside
down when it comes to that.And I think we just saw we just
heard an ad of somebody underwater thatkind of that's kind of what that's kind
of what JP Morgan is buying intoright now. But what this does is
it positions JP Morgan very well forhigh net worth client relationships on the East
(02:57):
Coast and now the West Coast.Now, JP Moore was probably the only
bank they could have stepped in anddone this this quickly and got it done
this fast because they have such astrong balance sheet. So the winner here
is basically JP Morgan and investors becausethis should cauterize the wound. I mean,
you basically have cut off the armto save the body. In this
case. Bank of America did notbid to get it, but their chief
(03:19):
analyst has a report out this morningthat says, look, this is probably
it for bank runs. Any issueswithin the banking industry other than sentiment,
which of course, you know,half the market, half the economy of
psychology. So this is going totake care of some of that. And
you can see the dall is finetoday, nothing's really moving around. This
basically just should settle the argument thatour regional banks in trouble. Know they're
not anymore. It's in't ironic orfascinating that it's JP Morgan, because if
(03:46):
you go back to the recession oneof eighteen seventy two, when the government
United States about to fail, itwas John Pierpoint Morgan who bailed out the
US banking system, and right,and he did it. He and Edrew
Carnegie too. Yeah, and hedid it with personal here's a check.
Well he I think I think thestory is that it's not apocryphal either.
They all went to his match andall the bankers did says we're not leaving
(04:08):
until we fix this, and allmoney he gave all money out of his
pocket now, and then they walkedout and saved the banking industry. Look,
Jamie Diamond runs a really tight ship. The only I think, the
only downside here is that there's twopoints I'd like to quickly make. One
is that bank failures are normal ina functioning economy, okay, because banks
(04:28):
are basically betting on the future.That's what loans are. And for other
businesses to expand and research, development, capital investments, all that stuff,
they have to go to banks toget that money. And that's why that's
why banks always have less on theirin their deposits that they have going out
because of betting on the future.So sometimes people make the wrong bets.
This was just a poorly managed situation. Everybody should have seen that the FED
(04:50):
was going to be do this.They signaled it for months and months,
and Silicon Value Bank and this bankjust didn't and First Republic just did not
respond to the the market realities thatwe're facing them. Crazy stop question.
Since JP Morgan bought the bank andFirst Republic tried to sell itself, how
(05:15):
is it they didn't get buyers andthe FED comes along, takes it over
and then sells it to a buyer. As much as I'd like to think
it's part of a master plan,it's hard to see that that's the case.
But if you go back to lastmonth, all the banks and the
government put in thirty billion dollars intoFirst Republic to basically buy themselves. Sometimes
(05:35):
so that's a thirty billion dollar promissorynote. They got them about thirty to
forty five days of time before thisdeal to happen. So they tried to
find sellers. They offered other banksto come in. They offered, like
I said, Bank of America wasasked to come in an auction or take
part in the bidding for First Republic, and they said they didn't want to.
(05:57):
The JP Morgan was basically, onceyou look at books, the only
one that could have been ready togo. JP Morgan Chase had three point
three trillion dollars in hand, soI mean with assets, loans, deposits,
and security. So they were theywere the only one that was ready
to rock and roll on this.So when the FED couldn't find a better
deal, it went with the onlydeal basically. So in terms of the
(06:19):
money, and this is the partthat I find actually fascinating. So you
have thirty billion dollars going in tosave the bank. Is that all lost?
Is that money just just evaporated thatthirty billion No no, no,
no no, no, that's part. That's part of what they got.
But you're right, the money doesmake it's just incredible. I mean,
you look at it. Ten pointsix billion dollars is what they have to
(06:41):
pay. JP Morgan has to pay. Let's say they put in Let's say
they put in all thirty billion ofthat they didn't last month, but let's
say they did, so that's fortybillion dollars on the tab. They're picking
up two hundred and three billion dollarsworth of assets, deposits and securities and
including the thirty So it's no,it's a it's a good deal at stop
gaps everything. Again, My onlylong term concern is that regional banks are
(07:03):
going to take a bit of ahit, and it's mostly psychological. They
are there, they're fine. Weneed regional banks because they respond to the
customers closer to the door, closerto their neighborhoods and their zip codes than
these megabanks can, like Bank ofAmerica and JP Morgan Chase. All right,
so let's talk about the UH theFeds here the FDIC, and that
(07:27):
is the governmental entity that ensures depositsacross the country up to two hundred and
fifty thousand dollars. And my firstquestion is two hundred and fifty thousand dollars
is ludicrous when you think of anybusiness with more than six people has two
hundred fifty thousand dollars in the bankto make payroll or twenty people. So
anything above that, you know,for example, my surrogacy agency, I
(07:50):
mean I had in my trust account, I had five six million dollars at
any given time, So is ittwo fifty? And after that my depositors
I lose all the money the twofifty will know specifically for this deal,
no, everything uninsured insured, allof it's going to be covered. That's
that's no problem. The two fiftynumber that comes out of the FDIC does
(08:11):
need to be raised. That's basicallyfor personal and household budgets. That's not
for LLCs or other incorporations such asyours. So I think what you're asking
also comes into a very macro situationwhere the policy is going to have to
be updated coming out of the bankindustry. So we're going to get a
lot of bloviating on Capitol Hill.That's going to happen, a lot of
(08:33):
chuntering for the back benches, andthen they are going to change some regulations
along here. Don't forget the SignatureBank was one of the two that failed.
Silicon Valley Bank first and then SignatureBank, and that was ironic because
Barney Frank was on the board ofthat. He helped write Dodd Frank,
which is supposed to have all thesestress tests for asset management for banks,
and you can see that that failed. So that has to be readdressed in
(08:54):
terms of oversight. The FDIC regulatesall banking, and it turns out that
we're looking at big holes in thesystem, or at least a lack of
accountability or lack of oversight. What'sgoing to change. You're going to have
to have more money on hand probablymoving forward. Now that that is not
(09:16):
necessarily the best solution, but itmakes the most sense when it comes to
pr We're all going to feel betterif we know that our banks are not
lending out as much. You're alsoabout to balance your balance sheets better.
I mean, this really is this. Poorly managed banks get ruined. And
that's what happened here because if yougo back to the two hundred and fifty
thousand you were mentioning about the FDICand the deposit insurance that comes with that
(09:37):
First Republic Bank. That's probably theminimum you have to have in order to
get into First Republic Bank. It'sbasically a private bank business model. Everybody
who has a deposit gets a privatebanker. So that didn't cover a lot
of that. That's why that hadto be on the table. That uninsured
and insured had to be included.JP Morgan sees a really high net worth
clientele that they can buy for pennieson the dollar. Absolutely, they're going
(09:58):
to pick that up too, Sowe've got to watch. We might be
looking backwards at these deals that aremade as well, because we are looking
at a shrinking of the smaller andregional banks. The more the big boys
can come in and gobble them up. So that's lack of competition. That's
never good for an open market economy. So JP Morgan buying this bank and
getting effectively non performing loans. Arethey doing this because they want the portfolio
(10:26):
of the customers themselves or are theygonna or are they gonna make money just
on the deposits. Well, they'regonna make money on the deposits. They're
going to keep the clientele, that'sfor sure. I don't know. I
think that when you say non performing, we can't be sure about that because
I don't have the minutia in frontof me about the loans. I would
imagine that eighty five percent of thoseloans that are out are going to come
(10:48):
back with interest. Now what failhere are the bonds and the strategy of
holding securities that were worth less andless because the rest of the market was
worth more and more by comparison.This is what happened Silicon Valley Bank when
they came out and said, Hey, we're going to raise two billion dollars
real quick, and then all theventure capitalists were like, well, that's
the sign that you're sick, sowe're going to take all of our money
(11:11):
out before our money becomes part ofthe contagion as well. And that's when
you had a classic bank run onthere. On Silicon Valley Bank, similar
situations, a little bit different insignature, but the same kind of thing
happened there as well. So hereI think that eighty five to ninety percent
of the loans that are out fromFirst Republic are going to come back with
interests. Again, this is agood deal, and JP Morgan was the
(11:31):
only one in position to make thedeal. That's my question. Is that
good for the economy to have onlyone bank in the country that can handle
a deal like this. I don'tknow if it is. I understand historically
after the FDIC came into being,there has never been a deposit or that
has lost any money, no matterhow much money they have in the bank.
Do I have that right? Thatis correct as far as I know
(11:52):
is yes. And so that happenedin the late thirties whenever they whenever we
came out of the depression and andeverything is shook out, that that's where
this started in they ramped it backup as far as the amount they would
cover. I believe in the seventies. I don't have it in front of
you, but I believe it was. It was in the seventies when the
FDIC bumped up the number. Again, we're due for another bump up now.
In terms of oversight, the FDICdoes come in and audit banks on
(12:16):
a regular basis. Are you goingto see a lot more auditing and more,
for example, employees of the FDICexaminers coming into play. Yeah.
I don't know if it'll be theFDIC or the SEC or both, but
yes, I think that's part ofwhat's going to shake out of this,
is that we're going to see moreoversight and regulation on it. That's probably
a good thing. It's nothing elseto just build confidence back in the banking
(12:39):
sector. So you have more peoplecoming in and checking your books that are
third party, uninterested parties, you'reprobably going to get a better review,
and honestly, you're probably just betteroff. I mean, it's just it's
like it's just like getting on atreadmill once in a while. It just
helps keep your body up a littlebit, and that's what you need.
Jason will catch you this weekend righthere on KFI. Take care, okay,
(13:00):
go about all right? Now,come on May eleven, it's gonna
be a big day because Title fortytwo disappears. And Title forty two is
kind of an interesting legal concept.It was actually first past in nineteen forty
four, before the end of WorldWar two, and that is and it
(13:20):
was passed to keep out migrants fromcoming into the US. And this was
on the basis of health, thatthey were a health risk. And so
we've done over the years many differentways of accepting migrants, not accepting migrants.
Certain for example, certain fields reallywanted nurses. For example, if
(13:41):
you could apply legally to be andyou have a nursing license, you get
in because we need them so desperately. If you don't have marketable skills,
if you don't have skills, it'sharder to get in. And it depends
on the country too. Frankly,we don't like and this was talking about
we as a government not particularly appreciated, appreciative of people from Exco and Central
(14:03):
America, for example, far lessthan so from people of Central or Western
Europe. I mean, that's justthe way. People that look like us
basically talk like us. We like, we don't like people that don't look
like us, don't talk like us, have different cultures. I mean,
that's simply human nature. So Titleforty two was actually reinstituted during the Trump
(14:28):
era of when COVID started and itwas a national health security issue that we
had to make sure that people withCOVID didn't come across the border. And
so basically no one came across theborder. Is it was a way of
just stopping people from coming into theUnited States. And if you think Trump
(14:48):
was a bad guy for doing this, Joe Biden picked it right up and
maintained the status quo. Illegal immigrantswere stopped because of Title forty two.
Now you could apply for asylum.Now you couldn't even get applied for asylum
because you're turned away and said goodbyebecause of Title forty two, because of
(15:09):
the risk. Well that entire theapplication of the law now disappears. So
now you have people that are goingto be allowed to apply for asylum,
many more people because they no longerhave Title two, or we no longer
have Title two to say no andturn them away at the border. So
(15:31):
the border patrol, US cutstomers andborder protection folks are now gearing up and
the numbers are already there. Thereare thousands and thousands of potential migrants lined
up at the border, particularly ModaMorris across from Brownsville. I mean they
are just lining up waiting for Titleforty two to disappear, and then they
(15:56):
literally cross ind declare asylum and aregiven a date and are given a time
to reappear let go in the UnitedStates in many cases, and are supposed
to come back for a hearing,which is backlog for years. The detention
facilities for those that are detained havealready waste surpass capacity, not even close
(16:22):
in terms of the number of peoplethat have been that could be put in
these detention centers, which is whathappens a great deal of the time.
And the loss is if someone goesfor asylum, they have to be in
a detention center until the hearing.Well practically that's impossible, can't be done.
So we are we the United StatesBorder Patrol is just waiting for this
(16:45):
huge influx. And by law theyhave to be given an asylum hearing if
they go across the border legally anddeclare a request for asylum. So what
is the border patrol going to do? Well, they have to expedite that
process. They need a lot moreimmigration judges, they need a whole lot
(17:06):
more border patrol agents just to dealwith the numbers. And our things gonna
change is now it's gonna get moreand more difficult. And the number one
group of people entrying the country inthat South sector the Rio Grand sector of
Venezuelans. And if you look intothe history of Venezuela, even recent history,
(17:29):
Venezuela was the richest country in allof South America, enormous enormous amounts
of oil. Caracas was considered theParis of South America. And because there
was a communist elected and that's HugoChavez destroy that country single handedly. A
(17:52):
third of Venezuela has already left,and these families are crossing through Central America
into Mexico and then trying to hitthe United States, apply to the United
States, and whole families are dying, and it's just brutal. You've seen
video of these poor families. Imean, we're literally walking over bodies.
(18:12):
It is a disaster what's going on, especially in South America Mexico. I
mean it's tough, really is very, very tough. And you know,
we have to protect ourselves against illegalaliens because you just can't take the numbers.
But you know, how do youargue, how do you not feel
for folks that are bringing their entirefamilies over just so they can eat the
(18:34):
opportunities the United States gives. Sowe'll talk more about this, a lot
more of that about this coming towardsMay eleventh. One of the topics that
we talk a lot about and haveover the years is the entire issue of
how school works. I mean,traditionally, I grew up in southern California,
(18:56):
went to La Unified, and itwas traditional stuff. You had and
write and arithmetic. You did alot of homework, you had essay questions.
Especially as you got into the uppergrades, you were expected and you
were graded on attendance, on behavior, I mean the traditional stuff. And
then they tried because school doesn't workfor a lot of people in particularly in
(19:21):
southern California. It's a real problem. And how do we fix the problem
because what you have lower income students, ethnic students, English a second language
student doesn't do as well. Andthe bottom line is rich white kids do
better in school. And that hasalways been a problem. I think there's
(19:48):
a whole concept of if you're uppermiddle class or above and you simply do
better in life, there's something inherentlyunfair about it, and that is certainly
what's going on in school. Soa new aspect of schooling and attendance and
that is the concept of equitable grading. Now we've done a bunch of different
(20:10):
programs. We went to phonetics andthat one disappeared, and then Core Learning
and that's still around. And itwas do you remember ubonics? Remember that
crazy stuff? And that went onfor about five minutes until people realize that's
insane. Actually teaching kids ubonics sortof a dialect African American kind of teaching
(20:40):
because there was so much racism therestill is towards black kids, and so
that came into being, and ofcourse that instantly disappeared because that made no
sense. So under the equitable grading, students are given more chances to prove
they've mastered a subject without being heldto deadlines. The paper is due next
(21:02):
Wednesday, bring in on Thursday.That's okay, or a couple of weeks
from now, that's okay. Andthat's some recognitions of challenges these poor kids
have outside of school. They havesibilis, are taken care of their latchkey
kids. They don't have the abilitythey have tutoring. So we have to
do equitable grading. And there isan English teacher, Laura Jane Penrod that
(21:25):
was interviewed for this article in theWaltz Journal who said, immediately the honor
students realized that the new rules minimizethe importance of homework to their final grades.
To stop doing it drafts that youwere required. And remember my ninth
grade essay. We had to requireseveral drafts. Gone don't have to do
(21:47):
it anymore. You know what theyhave to do. All you have to
do is show that you understand thematerial by the end of the school year,
without homework, without attendance being taken, without for example, classroom discussion,
and multiple times to complete tests andassignments, and that becomes equitable.
(22:15):
So we take away and the curveis taken away. And the proponents say,
listen, it benefits students with afterschool responsibilities they have a job or
caring for siblings, as well asthose with learning disabilities. Well, I
think that's a whole different market there. I mean, do you remember I
remember when learning disabilities, when thosestudents were actually segregated and they went into
(22:37):
schools that were the teachers were specialistsin dealing with kids that were severely disabled,
and they should be given extra care, and they should be taken care
of and be taught in a differentway and be given a lot more time.
Problem is, the philosophy of mainstreamingcame in. You can't separate those
(23:00):
kids out. So let's say youhave a kid in a wheelchair, Well,
you have to build ramps in theschools to make wheelchair accessibility. I'm
okay with that one. But howabout mentally disabled those that are slower than
others. You can't separate them outeither. So the mainstreaming became a huge
(23:22):
issue. And so what happens tothe kids that are I'm not gonna use
the word smart or smarter, becausethey have more advantages at least smarter in
terms of the objective testing i Qtesting ability to write, because you have
tutors for all those reasons. Well, they're gaming the system, that's all.
(23:47):
There's lack of accountability. They're gamingthe system. So what is equitable
grading. Well, it's still awardsa's through f's, but the criteria to
get there is totally over or hauledhomework in class discussions, other practice work
which is called formative assessments. That'sstill counted, but it's weighted it between
(24:12):
ten and thirty percent. The bulkof the grade is were is through something
called summative or summative assessments, andthose are tests and essays. But the
problem is you can redo them overand over again, you can be late.
They'll give you all the chances ofthe world to get that absolutely perfectly,
(24:36):
just like they do at your job. You're giving an assignment at work
and you don't do a good job, we'll here do it again. There's
a deadline next friday. If youdon't meet it, that's okay, don't
worry about it. How long doyou think you're gonna last at your job?
So, boy, this going toschool under these conditions really gives you
(24:57):
an opportunity to learn the skills youneed. Extra credit is banned. Nope,
no extra credit. Grady for behavioris banned. If you don't show
up, you don't show up attendanceas long as you can prove the teacher
(25:18):
you understand what the subject is atthe end. Also, the scale starts
at forty nine or fifty percent ratherthan zero, so it's almost impossible to
fail a class. In other words, if you put your name on the
paper and only do that and turnit in, you're probably going to get
(25:38):
at least a D or a C. And why is that? Because it
keeps the students great from sinking solow that they feel that their failures and
they can't recover. Why not?I mean it's completely insane. Now there
is a move and are about homework. Many many times I thought homework was
(26:03):
a waste of time. It wasjust wrote I thought that many times.
But you had to do it becausethat's just part of schooling. Now does
it make sense? I'd love tosee the studies out there. I'm sure
their studies both ways. But whenyou talk about attendance, when you talk
about behavior, when you talk aboutgetting opportunity after opportunity to take the test,
(26:26):
when you talk about a paper isdue on a given day and if
you don't turn it in, that'sokay, don't worry about it. You
can turn it in next week,just as long as you understand that we
understand that you known material by theend of the school year. A political
correctness. Now, I'll tell youwhat's going to happen tonight, maybe midnight,
(26:51):
is the writer's strike is going togo into effect. The Writer's Guild
of America. Now, the entirecountry is looking at this because everybody watches
TV and streaming and not so muchgoes to movies anymore. But you know,
we'll sit in front of the tubeand watch Netflix and Hulu and the
networks, etc. But here inSouthern California, this is a very,
(27:15):
very big deal because so much ofour economy is based on the entertainment industry.
So tonight, eleven fifty nine,the deadline that a deal is cut.
Eight hundred and twenty two thousand directemployees are involved in terms of all
the jobs two and a half millionssupported in twenty twenty one. Other words,
(27:38):
two and a half million people relyon these writers because if the writers
don't write, the shows don't getmade. And all of a sudden you've
got the craft people, the catersare done, the support, the rental
of the costumes people, you knowthey rent that stuff. I mean,
I can go on and on andon in terms of the people that are
affected, accountant everybody affected. Soon one side is the Hollywood studios,
(28:04):
the networks, the streamers, filmpictures and TV producers, and they are
represented by the Association of Motion Pictureand Television Producers also known as AMPED.
I want to come up with anacronym for that, and it's not working.
The other side is the Writer Guildof America, and these are the
(28:26):
writers. Makes a lot of sense. And keep in mind that it's not
just the writers. It's also theunions other unions that support the Writer Director
Guilds of America IYATSI, sag AFTRA, our union supports the writers. Now
we're gonna walk, probably not,but some are gonna walk. And what
(28:47):
do they want? Well, acouple of things are really important. I
think the scariest one is AI andhow it's affecting everybody. I mean,
that's going to change. That's transfertransformative, transformative, it's going to change
everything. I mean. The stuffthat writers aren't getting enough money understandable.
That's easy to figure out. Writersshould have better residuals. In other words,
(29:10):
they're writing for streaming services and theyhave they do for Netflix, and
the Netflix turns around and sells itto Hulu whatever, and writers want a
bigger piece of that because the oldformula for residuals is not the same.
Understand that better working conditions. Idon't know they're working at home. Two
(29:30):
things that I don't understand. Oneof them are these mini rooms. They
want more writers on TV shows andnot allow producers to cut down on the
writers. So you have a let'ssay, have a writing staff of six
or seven and you go down tofour. Oh no, no, you
got to keep six or seven.I don't understand that. I would think
(29:51):
it'd be up to the producers ifthey want to work with one writer twenty
writers. Wouldn't it be up tothem? As far as compensation is concerned,
understood, I mean, we havea compensation minimum. Virtually every unionized
industry has one, and people jointhe union just do better. But when
(30:11):
it comes to the number of peopleworking, I don't know about that.
I really don't. So what dothe studios want? Well, as far
as the streaming is concerned, they'resaying it's still an emerging business and we
don't know exactly what profit margins willlook like. That's a croc. They're
(30:33):
doing just great and writers are gettingless. So who's going to be hit?
The first and the most Late nightshows are going to be first hit
because they do it every day andit's topical in nature. Matter of fact,
during the two thousand and seven twothousand and eight strike, all the
Talkers late night Talkers began airing rerunson day one of the strike. Next,
daytime TV soap operas for those ofyou that watch that stuff because that
(30:57):
is daily filming Sturday Night Live wouldbe affected because it's topical. And then
at some point even episodic TV showscould be impacted because those account for a
third of all the episodes produced onnetwork and on streaming. So they're going
to be hit. And these strikesare not easy, slow moving, quick
(31:23):
or quick strikes they are slow moving. And we're talking about the three strikes,
the past three bargaining cycles. Firstone in two thousand and seven,
one hundred day strike on June thirtieth, is when our when the DGA begins
as negotiations. I mean it goeson and on, so I think it
(31:45):
was one hundred and fifty six days, one hundred and seventy days, and
one hundred days. So when theygo on strike, they go on strike
for a good long time. Haveyou ever been to Dodger Stadium for a
baseball game. I have a fewtimes. I actually I did a five
K walk at Dodger Stadium a fewweeks ago, if you can imagine that.
(32:07):
And one of the things I mean, the stadium is neat. It's
consider one of the best baseball stadiumespecially older stadiums in the country. I
mean, sparkling, clean, Thefood halls are better, the food stands,
I mean all of that really theexpense of a hell but still great
place. But I'll tell you whatit's not great about it. The parking
(32:28):
is insane. The parking is horrific, and you have to get there three
hours early just to get a decentparking space. And to walk into the
stadium. The traffic snarls are unbelievable, not just the freeway, the five
Freeway going down into the stadium,Vince Scully Drive. It is just a
(32:54):
mess. Once you get off thefreeway and you're going up the hill,
it's beyond comprehensions. It's so snarly, which makes it That's one of the
reasons that I just don't go.I am just not interested. There's no
baseball game in the world that wouldthat's worth doing that parking stuff. So
let's talk about a project that hasbeen going on for a long time,
(33:19):
and that is the proposed Dodger Stadiumgondola project would ferry up to five thousand
people an hour from Union Station indowntown LA to the stadium. And who
really started all this Frank McCourt.Frank McCourt, that guy. Yep,
he bought the Dodgers. He tradedtwo Boston parking lots and just started going
(33:43):
up and up. And one ofhis attorneys said that when he ended up
buying the Dodgers, it was nota penny of his own cash, probably
the best deal that's ever been hadfor a team. And then McCourt put
the team into bankruptcy. Major LeagueBaseball allege he had looted one hundred eighty
nine million dollars from team revenues forpersonal use. And then finally he had
(34:05):
to end up selling it. Therewas just so much pressure, and in
twenty twelve he ended up selling theDodgers for a profit. A profit of
a billion dollars ain't bad. Notonly did he sell the Dodgers for a
billion dollars, he kept the parkinglot. So he sold the stadium,
(34:27):
he sold the team, he keptthe parking lot. You ever parked the
Dodger Stadium and look at how manycars are there? What does it even
cost? Twenty twenty five bucks?I mean, it's just it's crazy making.
So in twenty eighteen he pitched thegondola that would transport fans from Union
(34:49):
Station to Dodger Stadium. Five yearslater, here we are still alived.
It's being pushed by an environmental organizationthat loves the idea of taking cars off
the streets and taking the pollutants outof the atmosphere. And how do you
do that, Well, you takeif you have five thousand people an hour
going on a gondola, that's fivethousand people that are not driving in in
(35:12):
cars. The Dodgers play eighty onegames at Dodger Stadium, playoffs games traditionally
added in October. You have someconcert dates throughout the year, and so
you have people in the community wonderingwhy would McCourt promote a gondola to a
stadium parking lot that's empty three outof every four days during the year.
(35:34):
Well, McCourt's company has this sloganbuilding for tomorrow. And why did McCourt
not sell the Dodger Stadium parking lots? Is it because he was going to
keep on making more money maybe,but he anticipated building something there. What
he was going to do with theparking lots, well, he is going
(36:00):
to build, and by still buildand the Dodger Stadium condola is part of
the beginning of this process. Backto that nonprofit Climate Resolved is actually taking
the reins from McCourt and leading thisproject to the gondola, because, of
course, just a sleazy businessman whois worth zillions. A nonprofit that saves
(36:28):
our atmosphere, saves the climate,saves humanity from coughing itself to death.
Those are the people that should takethe lead and that's exactly what they're doing.
And the CEO, the executive directorsays, this changes the way people
approach public transit. It was veryattractive of us. And a couple of
sidebar stories. Baseball has the newhurry up rules and if you get stuck
(36:51):
in Dodger traffic with this snarl traffic, you can miss half the game.
Literally, So you're paying a fortuneto go to the game, you're paying
a fortune to park, you're walkingtwo and a half miles to the stadium
from the parking lot, and youmiss half the game. Sounds good to
me. And so here's what thegondola is going to do. You go
to Union Station, where sensibly there'stons of parking. You hop aboard this
(37:15):
cabin and every twenty three seconds,new gondola arrives and it takes all of
seven minutes to get to Dodger Stadiumand you're right out in front of the
front door. So it's climate changeis good. However, massive development at
Dodger Stadium not so good. Disruptionfor years of construction, cars converging on
(37:38):
the stadium every day for construction,not just game days. And they're talking
about hotels and retail and restaurants andall manner of businesses just to make Dodger
Stadium one well, much like downtownDisney next to Disneyland, or when you
(38:02):
go downtown to Crypto Stadium and aroundthere. No, the live now,
not the stadium. What is thatin downtown called all those restaurants and two
the two venues La live now notUniversal? What was that La La Live?
Thank you, Tyler, I've forgottenthat for a moment. And so
(38:24):
that's what the envision, and inthe middle of it is of course,
Dodger Stadium. Now here's an interestingone. There are basically nineteen thousand parking
spaces at the stadium, the gondolastation at Dodger Stadium, only one hundred
ninety four spaces are going to betaken up to the Dodgers. That's not
(38:45):
a big deal. They're not goingto lose a lot. And the project
is here's the problem is the revenuefrom the parking lot. This is where
McCourt has a real interesting situation becauseif ten thousand people ride the gondola every
game, that translates to a lossabout twenty percent of parking revenue. So
(39:07):
that is a little problematic. Whatdo you do you get people in faster,
you make them happier, but youlose twenty percent of parking revenue.
So the answer is very clear.You simply add twenty percent more to the
cost of parking because it looks likepeople won't pay. Do you know how
much parking is at a Lakers game? By the way, the stadium the
(39:28):
good expensive parking where you park rightnext to it. They just increased it.
They just increased it. While Iwent to a concert I don't know,
a couple of years ago, EltonJohn concert, and I was talking
to the PR people. It wastwo hundred dollars for parking. Yeah,
that's well, that's a special event. But like a Dodger game right now,
it's thirty dollars just for general parking. Crazy. Well, I think
(39:51):
it was a crypto. I thinkthe least amount of parking it costs you
twenty five thirty dollars forty dollars islike eighteen bucks. Yeah, it's crazy.
Two hundred dollars that's for Lakers games. But that's special park parking because
people are crazy. Time for plainresidic and do they have a case it's
(40:13):
done? Or bills to open hisball and talk about the law and not
be a disgrace. And I shoveit in your face that he knows about
the law. It's not a fool. He's gonna rule fun today at Ada.
All right, Wayne, let's writego right to it. Do they
have a case? All right?Man? You want to keep your dogs
on leash if you're in Long Beach. A woman was stopped by animal control
(40:37):
because she was on the beach withher dogs, not on a leash.
That's a no no. And shedid not like the way she was treated.
So she called up the office ofAnimal Control and spoke to a different
person and asked for a complaint forhim, because you want to file complaint
against the amibal control officer that shethought was out of line and too hostile
(40:59):
in all these things she thought,And the guy on the other end apparently
threatened to sue her. Now,there wasn't a big long discussion about it,
but what threatened to sue her?So she sues now the city of
Long Beach for violating her First Amendmentright. The theory of the case is
(41:21):
she was engaging in constitutionally protected speechtrying to complain to a government agency about
its behavior. She was threatened becauseshe was engaged in that activity, and
the threat an unspecified lawsuit is thekind of thing that would cause an ordinary
person of ordinary firmness to possibly thinktwice about criticizing the government. Again,
(41:47):
those are the three elements of aFirst Amendment retaliation claim. The lower court
judge throws it all out, shegoes up to the Ninth Circuit. What
do they do? I think theygive it to her because I think she
makes a logical case for her FirstAmendment issue and she shouldn't have been threatened,
(42:09):
And I mean, I think everythingshe says, so I think it
goes forward, and I think abench trial or a jury trial is going
to award her forty five cents forthis horrific injustice that has been given to
her. Well, I don't knowabout that part, but yes, she
(42:30):
prevails in terms of being allowed tocontinue to pursue the claim. This was
a split decision, and the dissentingjudge said, you know what, because
the guy never said what kind ofa lawsuit or anything. Maybe all he
meant was we're going to prosecute youfor having your dogs off leash. And
if that's what he meant, thenit's not a First Amend violation, because
(42:52):
of course the government cannot violate yourFirst Amendment rights by doing their job or
going after you for violating the law. Yeah, I think that is a
stretch. Yeah, I can't waitfor the trial. You know, I'll
tell you whoever is going to representher if she goes to trial, it's
going to be money up front.It's not going to be on a contingency.
(43:14):
All right. Now, I'm gonnabe mature about this case and what
happened, so I don't have tobe well, I can't control you,
but I'm going to try to bevery mature because well, you'll find out
why in a second. This isa guy suing UPS. He was working
for UPS as a package sorter andone day he had to go to the
(43:37):
bathroom and there was a part timesupervisor there who said, yes, go
to the bathroom. He's going tothe bathroom. On his way to the
bathroom and the district manager is there, and the district manager goes, where
are you going? And he said, I have to use the restroom.
And the manager says, you alreadyhad your ten minute break. You better
get back to work right now.And the guy says, you know,
(43:58):
I took some antibiotics. I reallyneed to go to the bathroom. And
the supervisor said, if you don'tgo back to your station right now,
I'm gonna walk you right out ofhere. So, faced with this guy
saying he'll fire him, he goesback and he ends up pooping in his
(44:19):
pants at his workstation, and hesays that the district manager said to everybody
else there, you need a bathroombreak, you can just do what Josh
did and take care of it righthere. The next day after this event,
the district manager gives this guy awritten warning for insubordination and said we
(44:45):
intend to suspend you and we intendto fire you. But then nothing happened
and the guy continued to work there. So he's a suing UPS for intentional
infliction of himotional distress, for negligentsupervision meaning of the supervisors, and invasion
(45:09):
of privacy. Now, I willtell you right now, the only thing
that's on the table now is invasionof privacy. And UPS's legal argument is
you don't have a claim for invasionof privacy because you pooped in your pants
in public. You weren't in thebathroom, and we came in and watched
(45:36):
you in the bathroom. This happenedin front of other people. There was
no privacy for us to invade.That is an interesting one. That is
an interesting one. There's also awrinkle here because you will have to do
the same thing the court here hadto do, which is do something that
(45:58):
they call make an eerie guess eerielike in Erie Pennsylvania or Lake Erie,
which comes from a case and it'sthis. Sometimes federal judges have to guess
how the state court would rule ona question of state law. In this
case, the definition of invasion ofprivacy in the state of Texas. So
(46:25):
just so you know, Texas definesinvasion of privacy as an intentional intrusion physically
or otherwise upon another solitude, seclusion, or private affairs or concerns which would
be highly offensive to a reasonable person. Yeah, boom, question, why
do you think? All right?First of all, let me ask you
two questions why this invasion privacy isonly on the table? Negligence supervision and
(46:50):
intentional flection emotional trusts. Why aren'tthey on the table? Because the lower
court threw them out, and theupper court also threw them out with such
great force that I felt there wasnothing to really for you to really evaluate,
which I don't know because those twoto me are the most obvious that
those should have flown. So Idon't get it. So now you have
(47:13):
this invasion of privacy and I tryto wrap my head around how his privacy
was innovaded. They didn't pull hispants down, they didn't make him expose
himself. He still could have goneto the bathroom because in the end,
well, I mean I would haveno actually I would have crapped my pants
in front of everybody, but justfor the entertainment value. It's um,
(47:37):
I gotta tell you, I don'tknow. I can't connect invasion of privacy
to that. I just can't doit unless the court is trying to somehow
punish ups. But they should havepunished him on the first on the first
two issues that we were talking about. So I'm gonna say invasion of privacy.
He they prevail, and it's justbecause I just don't I can't connect
(48:00):
the dots on that. Well.I think that because in this case,
they had to try to guess whatstate judges in Texas would say about Texas's
law, and that part of thelaw that says it's a it's an intrusion
(48:21):
physically or otherwise upon another. Solitudeseclusion, which is what UPS really concentrated
on. He wasn't secluded, hehad no expectation of solitude or seclusion.
But also the next part, privateaffairs or concerns. So defecating is generally
handled in this society as a privateaffair. And if you want to choose
(48:46):
to take those words private affairs areconcerned and apply them to okay, going
to the bathroom, and by forcingthe guy to do it, that was
the theory, uh, that theyused to say, he can go forward
on invasion of privacy. All right, I can see, I mean,
he'll win right now. I cansee that connection. I'm just surprised that
(49:07):
that's what they hung their hat on. And when you look at the definition
of privacy with seclusion, yeah,I'll buy that. Uh. And I
gotta tell you, based on Iwould give this guy a bucket of money
for what happened to h what happenedto him the UPS guy, you go,
(49:28):
you don't go to the bathroom.My god, that that that district
guy sounds like a true jerk.Yeah, I don't know, I don't
understand how he could keep his job. I really don't on that one.
All right, Wayne. We'll catchagain tomorrow as we do this all over
again, and coming up, itis time for Gary and Shannon and Gary,
(49:50):
what's going on in your show today? We're gonna We're gonna start with
the information out of Texas. Theman hunt continues for a guy who killed
five people in one family, includinga little boy. But there was also
a mass shooting in Mojave early thismorning, at least four people killed.
Hey, another bank failure. Ona quiet Sunday and mixtape Monday, you've
(50:10):
been listening to the Bill Handles Show. Catch My Show Monday through Friday,
six am to nine am, andanytime on demand on the iHeartRadio app
You're listening to kf I AM sixforty The bill handles show on demand on
the iHeartRadio app KFI AM six fortyhandle here. It is a Monday morning
May First, some of the storiesthat we are covering you. The w
GA Writer guilds America could strike asearly as midnight tonight if a deal isn't
(00:21):
reached. Talk a little bit moreabout that later on. And we've had
some earthquakes here in southern California inthe desert, measuring four point five in
magnitude. The last one. Now, the other huge story is what happened
yesterday, and that is first RepublicBank now is either second or third or
(00:44):
fifth. Republic Bank actually doesn't evenexist anymore. It was seized by the
FEDS, turned around and sold toJP Morgan. Its largest, second largest
US bank failure in US history.And Jason Middleton, who is our expert,
Jason, first of all, anysurprise, why did it happen on
a Sunday? And what's the dealfor the depositors in the feds? Okay,
(01:10):
first question. First, the reasonthat happens over the weekend most typically,
so there's no real rocking and rollingin the markets. So these things
usually happen when the business hours areclosed. So that's one. Two.
Is it a surprise, No,it's not a surprise. And you asked
about deposits. Everything seems to beinsured, uninsured, All of it is
covered by this deal. So JPMorgan is going to pay ten point six
(01:32):
billion in order to pick up abouttwo hundred and twenty two billion dollars in
either outgoing loans, deposits, orother securities. So because the bank was
failing because it was paying so littleinterest on or it had to pay more
interest, I was it going?Oh, they when they loan money.
(01:53):
I only get this straight because Ialways get confused. The disparity between when
interest rates went up and what theywere going to get made the entire portfolio
upside down. Is that correct?That's correct. So they bought a bunch
of securities at when we had basicallyfree money floating around, and since the
set has gone on this rampage ofinterest rate hikes over the past thirteen or
(02:13):
fourteen months, and we're gonna getanother one this week. They just didn't
they didn't adjust. The same storythat you saw at Silicon Valley Bank as
well. All right, So ifthe deposits were are producing such little money.
Why is it that JP Morgan canpick up those deposits and make money
(02:34):
with it. Because we just talkedabout their upside down with all their bond
holdings, well not all of them, but in generally speaking, their upside
down when it comes to that.And I think we just saw we just
heard an ad of somebody underwater thatkind of that's kind of what that's kind
of what JP Morgan is buying intoright now. But what this does is
it positions JP Morgan very well forhigh net worth client relationships on the East
(02:57):
Coast and now the West Coast.Now, JP Moore was probably the only
bank they could have stepped in anddone this this quickly and got it done
this fast because they have such astrong balance sheet. So the winner here
is basically JP Morgan and investors becausethis should cauterize the wound. I mean,
you basically have cut off the armto save the body. In this
case. Bank of America did notbid to get it, but their chief
(03:19):
analyst has a report out this morningthat says, look, this is probably
it for bank runs. Any issueswithin the banking industry other than sentiment,
which of course, you know,half the market, half the economy of
psychology. So this is going totake care of some of that. And
you can see the dall is finetoday, nothing's really moving around. This
basically just should settle the argument thatour regional banks in trouble. Know they're
not anymore. It's in't ironic orfascinating that it's JP Morgan, because if
(03:46):
you go back to the recession oneof eighteen seventy two, when the government
United States about to fail, itwas John Pierpoint Morgan who bailed out the
US banking system, and right,and he did it. He and Edrew
Carnegie too. Yeah, and hedid it with personal here's a check.
Well he I think I think thestory is that it's not apocryphal either.
They all went to his match andall the bankers did says we're not leaving
(04:08):
until we fix this, and allmoney he gave all money out of his
pocket now, and then they walkedout and saved the banking industry. Look,
Jamie Diamond runs a really tight ship. The only I think, the
only downside here is that there's twopoints I'd like to quickly make. One
is that bank failures are normal ina functioning economy, okay, because banks
(04:28):
are basically betting on the future.That's what loans are. And for other
businesses to expand and research, development, capital investments, all that stuff,
they have to go to banks toget that money. And that's why that's
why banks always have less on theirin their deposits that they have going out
because of betting on the future.So sometimes people make the wrong bets.
This was just a poorly managed situation. Everybody should have seen that the FED
(04:50):
was going to be do this.They signaled it for months and months,
and Silicon Value Bank and this bankjust didn't and First Republic just did not
respond to the the market realities thatwe're facing them. Crazy stop question.
Since JP Morgan bought the bank andFirst Republic tried to sell itself, how
(05:15):
is it they didn't get buyers andthe FED comes along, takes it over
and then sells it to a buyer. As much as I'd like to think
it's part of a master plan,it's hard to see that that's the case.
But if you go back to lastmonth, all the banks and the
government put in thirty billion dollars intoFirst Republic to basically buy themselves. Sometimes
(05:35):
so that's a thirty billion dollar promissorynote. They got them about thirty to
forty five days of time before thisdeal to happen. So they tried to
find sellers. They offered other banksto come in. They offered, like
I said, Bank of America wasasked to come in an auction or take
part in the bidding for First Republic, and they said they didn't want to.
(05:57):
The JP Morgan was basically, onceyou look at books, the only
one that could have been ready togo. JP Morgan Chase had three point
three trillion dollars in hand, soI mean with assets, loans, deposits,
and security. So they were theywere the only one that was ready
to rock and roll on this.So when the FED couldn't find a better
deal, it went with the onlydeal basically. So in terms of the
(06:19):
money, and this is the partthat I find actually fascinating. So you
have thirty billion dollars going in tosave the bank. Is that all lost?
Is that money just just evaporated thatthirty billion No no, no,
no no, no, that's part. That's part of what they got.
But you're right, the money doesmake it's just incredible. I mean,
you look at it. Ten pointsix billion dollars is what they have to
(06:41):
pay. JP Morgan has to pay. Let's say they put in Let's say
they put in all thirty billion ofthat they didn't last month, but let's
say they did, so that's fortybillion dollars on the tab. They're picking
up two hundred and three billion dollarsworth of assets, deposits and securities and
including the thirty So it's no,it's a it's a good deal at stop
gaps everything. Again, My onlylong term concern is that regional banks are
(07:03):
going to take a bit of ahit, and it's mostly psychological. They
are there, they're fine. Weneed regional banks because they respond to the
customers closer to the door, closerto their neighborhoods and their zip codes than
these megabanks can, like Bank ofAmerica and JP Morgan Chase. All right,
so let's talk about the UH theFeds here the FDIC, and that
(07:27):
is the governmental entity that ensures depositsacross the country up to two hundred and
fifty thousand dollars. And my firstquestion is two hundred and fifty thousand dollars
is ludicrous when you think of anybusiness with more than six people has two
hundred fifty thousand dollars in the bankto make payroll or twenty people. So
anything above that, you know,for example, my surrogacy agency, I
(07:50):
mean I had in my trust account, I had five six million dollars at
any given time, So is ittwo fifty? And after that my depositors
I lose all the money the twofifty will know specifically for this deal,
no, everything uninsured insured, allof it's going to be covered. That's
that's no problem. The two fiftynumber that comes out of the FDIC does
(08:11):
need to be raised. That's basicallyfor personal and household budgets. That's not
for LLCs or other incorporations such asyours. So I think what you're asking
also comes into a very macro situationwhere the policy is going to have to
be updated coming out of the bankindustry. So we're going to get a
lot of bloviating on Capitol Hill.That's going to happen, a lot of
(08:33):
chuntering for the back benches, andthen they are going to change some regulations
along here. Don't forget the SignatureBank was one of the two that failed.
Silicon Valley Bank first and then SignatureBank, and that was ironic because
Barney Frank was on the board ofthat. He helped write Dodd Frank,
which is supposed to have all thesestress tests for asset management for banks,
and you can see that that failed. So that has to be readdressed in
(08:54):
terms of oversight. The FDIC regulatesall banking, and it turns out that
we're looking at big holes in thesystem, or at least a lack of
accountability or lack of oversight. What'sgoing to change. You're going to have
to have more money on hand probablymoving forward. Now that that is not
(09:16):
necessarily the best solution, but itmakes the most sense when it comes to
pr We're all going to feel betterif we know that our banks are not
lending out as much. You're alsoabout to balance your balance sheets better.
I mean, this really is this. Poorly managed banks get ruined. And
that's what happened here because if yougo back to the two hundred and fifty
thousand you were mentioning about the FDICand the deposit insurance that comes with that
(09:37):
First Republic Bank. That's probably theminimum you have to have in order to
get into First Republic Bank. It'sbasically a private bank business model. Everybody
who has a deposit gets a privatebanker. So that didn't cover a lot
of that. That's why that hadto be on the table. That uninsured
and insured had to be included.JP Morgan sees a really high net worth
clientele that they can buy for pennieson the dollar. Absolutely, they're going
(09:58):
to pick that up too, Sowe've got to watch. We might be
looking backwards at these deals that aremade as well, because we are looking
at a shrinking of the smaller andregional banks. The more the big boys
can come in and gobble them up. So that's lack of competition. That's
never good for an open market economy. So JP Morgan buying this bank and
getting effectively non performing loans. Arethey doing this because they want the portfolio
(10:26):
of the customers themselves or are theygonna or are they gonna make money just
on the deposits. Well, they'regonna make money on the deposits. They're
going to keep the clientele, that'sfor sure. I don't know. I
think that when you say non performing, we can't be sure about that because
I don't have the minutia in frontof me about the loans. I would
imagine that eighty five percent of thoseloans that are out are going to come
(10:48):
back with interest. Now what failhere are the bonds and the strategy of
holding securities that were worth less andless because the rest of the market was
worth more and more by comparison.This is what happened Silicon Valley Bank when
they came out and said, Hey, we're going to raise two billion dollars
real quick, and then all theventure capitalists were like, well, that's
the sign that you're sick, sowe're going to take all of our money
(11:11):
out before our money becomes part ofthe contagion as well. And that's when
you had a classic bank run onthere. On Silicon Valley Bank, similar
situations, a little bit different insignature, but the same kind of thing
happened there as well. So hereI think that eighty five to ninety percent
of the loans that are out fromFirst Republic are going to come back with
interests. Again, this is agood deal, and JP Morgan was the
(11:31):
only one in position to make thedeal. That's my question. Is that
good for the economy to have onlyone bank in the country that can handle
a deal like this. I don'tknow if it is. I understand historically
after the FDIC came into being,there has never been a deposit or that
has lost any money, no matterhow much money they have in the bank.
Do I have that right? Thatis correct as far as I know
(11:52):
is yes. And so that happenedin the late thirties whenever they whenever we
came out of the depression and andeverything is shook out, that that's where
this started in they ramped it backup as far as the amount they would
cover. I believe in the seventies. I don't have it in front of
you, but I believe it was. It was in the seventies when the
FDIC bumped up the number. Again, we're due for another bump up now.
In terms of oversight, the FDICdoes come in and audit banks on
(12:16):
a regular basis. Are you goingto see a lot more auditing and more,
for example, employees of the FDICexaminers coming into play. Yeah.
I don't know if it'll be theFDIC or the SEC or both, but
yes, I think that's part ofwhat's going to shake out of this,
is that we're going to see moreoversight and regulation on it. That's probably
a good thing. It's nothing elseto just build confidence back in the banking
(12:39):
sector. So you have more peoplecoming in and checking your books that are
third party, uninterested parties, you'reprobably going to get a better review,
and honestly, you're probably just betteroff. I mean, it's just it's
like it's just like getting on atreadmill once in a while. It just
helps keep your body up a littlebit, and that's what you need.
Jason will catch you this weekend righthere on KFI. Take care, okay,
(13:00):
go about all right? Now,come on May eleven, it's gonna
be a big day because Title fortytwo disappears. And Title forty two is
kind of an interesting legal concept.It was actually first past in nineteen forty
four, before the end of WorldWar two, and that is and it
(13:20):
was passed to keep out migrants fromcoming into the US. And this was
on the basis of health, thatthey were a health risk. And so
we've done over the years many differentways of accepting migrants, not accepting migrants.
Certain for example, certain fields reallywanted nurses. For example, if
(13:41):
you could apply legally to be andyou have a nursing license, you get
in because we need them so desperately. If you don't have marketable skills,
if you don't have skills, it'sharder to get in. And it depends
on the country too. Frankly,we don't like and this was talking about
we as a government not particularly appreciated, appreciative of people from Exco and Central
(14:03):
America, for example, far lessthan so from people of Central or Western
Europe. I mean, that's justthe way. People that look like us
basically talk like us. We like, we don't like people that don't look
like us, don't talk like us, have different cultures. I mean,
that's simply human nature. So Titleforty two was actually reinstituted during the Trump
(14:28):
era of when COVID started and itwas a national health security issue that we
had to make sure that people withCOVID didn't come across the border. And
so basically no one came across theborder. Is it was a way of
just stopping people from coming into theUnited States. And if you think Trump
(14:48):
was a bad guy for doing this, Joe Biden picked it right up and
maintained the status quo. Illegal immigrantswere stopped because of Title forty two.
Now you could apply for asylum.Now you couldn't even get applied for asylum
because you're turned away and said goodbyebecause of Title forty two, because of
(15:09):
the risk. Well that entire theapplication of the law now disappears. So
now you have people that are goingto be allowed to apply for asylum,
many more people because they no longerhave Title two, or we no longer
have Title two to say no andturn them away at the border. So
(15:31):
the border patrol, US cutstomers andborder protection folks are now gearing up and
the numbers are already there. Thereare thousands and thousands of potential migrants lined
up at the border, particularly ModaMorris across from Brownsville. I mean they
are just lining up waiting for Titleforty two to disappear, and then they
(15:56):
literally cross ind declare asylum and aregiven a date and are given a time
to reappear let go in the UnitedStates in many cases, and are supposed
to come back for a hearing,which is backlog for years. The detention
facilities for those that are detained havealready waste surpass capacity, not even close
(16:22):
in terms of the number of peoplethat have been that could be put in
these detention centers, which is whathappens a great deal of the time.
And the loss is if someone goesfor asylum, they have to be in
a detention center until the hearing.Well practically that's impossible, can't be done.
So we are we the United StatesBorder Patrol is just waiting for this
(16:45):
huge influx. And by law theyhave to be given an asylum hearing if
they go across the border legally anddeclare a request for asylum. So what
is the border patrol going to do? Well, they have to expedite that
process. They need a lot moreimmigration judges, they need a whole lot
(17:06):
more border patrol agents just to dealwith the numbers. And our things gonna
change is now it's gonna get moreand more difficult. And the number one
group of people entrying the country inthat South sector the Rio Grand sector of
Venezuelans. And if you look intothe history of Venezuela, even recent history,
(17:29):
Venezuela was the richest country in allof South America, enormous enormous amounts
of oil. Caracas was considered theParis of South America. And because there
was a communist elected and that's HugoChavez destroy that country single handedly. A
(17:52):
third of Venezuela has already left,and these families are crossing through Central America
into Mexico and then trying to hitthe United States, apply to the United
States, and whole families are dying, and it's just brutal. You've seen
video of these poor families. Imean, we're literally walking over bodies.
(18:12):
It is a disaster what's going on, especially in South America Mexico. I
mean it's tough, really is very, very tough. And you know,
we have to protect ourselves against illegalaliens because you just can't take the numbers.
But you know, how do youargue, how do you not feel
for folks that are bringing their entirefamilies over just so they can eat the
(18:34):
opportunities the United States gives. Sowe'll talk more about this, a lot
more of that about this coming towardsMay eleventh. One of the topics that
we talk a lot about and haveover the years is the entire issue of
how school works. I mean,traditionally, I grew up in southern California,
(18:56):
went to La Unified, and itwas traditional stuff. You had and
write and arithmetic. You did alot of homework, you had essay questions.
Especially as you got into the uppergrades, you were expected and you
were graded on attendance, on behavior, I mean the traditional stuff. And
then they tried because school doesn't workfor a lot of people in particularly in
(19:21):
southern California. It's a real problem. And how do we fix the problem
because what you have lower income students, ethnic students, English a second language
student doesn't do as well. Andthe bottom line is rich white kids do
better in school. And that hasalways been a problem. I think there's
(19:48):
a whole concept of if you're uppermiddle class or above and you simply do
better in life, there's something inherentlyunfair about it, and that is certainly
what's going on in school. Soa new aspect of schooling and attendance and
that is the concept of equitable grading. Now we've done a bunch of different
(20:10):
programs. We went to phonetics andthat one disappeared, and then Core Learning
and that's still around. And itwas do you remember ubonics? Remember that
crazy stuff? And that went onfor about five minutes until people realize that's
insane. Actually teaching kids ubonics sortof a dialect African American kind of teaching
(20:40):
because there was so much racism therestill is towards black kids, and so
that came into being, and ofcourse that instantly disappeared because that made no
sense. So under the equitable grading, students are given more chances to prove
they've mastered a subject without being heldto deadlines. The paper is due next
(21:02):
Wednesday, bring in on Thursday.That's okay, or a couple of weeks
from now, that's okay. Andthat's some recognitions of challenges these poor kids
have outside of school. They havesibilis, are taken care of their latchkey
kids. They don't have the abilitythey have tutoring. So we have to
do equitable grading. And there isan English teacher, Laura Jane Penrod that
(21:25):
was interviewed for this article in theWaltz Journal who said, immediately the honor
students realized that the new rules minimizethe importance of homework to their final grades.
To stop doing it drafts that youwere required. And remember my ninth
grade essay. We had to requireseveral drafts. Gone don't have to do
(21:47):
it anymore. You know what theyhave to do. All you have to
do is show that you understand thematerial by the end of the school year,
without homework, without attendance being taken, without for example, classroom discussion,
and multiple times to complete tests andassignments, and that becomes equitable.
(22:15):
So we take away and the curveis taken away. And the proponents say,
listen, it benefits students with afterschool responsibilities they have a job or
caring for siblings, as well asthose with learning disabilities. Well, I
think that's a whole different market there. I mean, do you remember I
remember when learning disabilities, when thosestudents were actually segregated and they went into
(22:37):
schools that were the teachers were specialistsin dealing with kids that were severely disabled,
and they should be given extra care, and they should be taken care
of and be taught in a differentway and be given a lot more time.
Problem is, the philosophy of mainstreamingcame in. You can't separate those
(23:00):
kids out. So let's say youhave a kid in a wheelchair, Well,
you have to build ramps in theschools to make wheelchair accessibility. I'm
okay with that one. But howabout mentally disabled those that are slower than
others. You can't separate them outeither. So the mainstreaming became a huge
(23:22):
issue. And so what happens tothe kids that are I'm not gonna use
the word smart or smarter, becausethey have more advantages at least smarter in
terms of the objective testing i Qtesting ability to write, because you have
tutors for all those reasons. Well, they're gaming the system, that's all.
(23:47):
There's lack of accountability. They're gamingthe system. So what is equitable
grading. Well, it's still awardsa's through f's, but the criteria to
get there is totally over or hauledhomework in class discussions, other practice work
which is called formative assessments. That'sstill counted, but it's weighted it between
(24:12):
ten and thirty percent. The bulkof the grade is were is through something
called summative or summative assessments, andthose are tests and essays. But the
problem is you can redo them overand over again, you can be late.
They'll give you all the chances ofthe world to get that absolutely perfectly,
(24:36):
just like they do at your job. You're giving an assignment at work
and you don't do a good job, we'll here do it again. There's
a deadline next friday. If youdon't meet it, that's okay, don't
worry about it. How long doyou think you're gonna last at your job?
So, boy, this going toschool under these conditions really gives you
(24:57):
an opportunity to learn the skills youneed. Extra credit is banned. Nope,
no extra credit. Grady for behavioris banned. If you don't show
up, you don't show up attendanceas long as you can prove the teacher
(25:18):
you understand what the subject is atthe end. Also, the scale starts
at forty nine or fifty percent ratherthan zero, so it's almost impossible to
fail a class. In other words, if you put your name on the
paper and only do that and turnit in, you're probably going to get
(25:38):
at least a D or a C. And why is that? Because it
keeps the students great from sinking solow that they feel that their failures and
they can't recover. Why not?I mean it's completely insane. Now there
is a move and are about homework. Many many times I thought homework was
(26:03):
a waste of time. It wasjust wrote I thought that many times.
But you had to do it becausethat's just part of schooling. Now does
it make sense? I'd love tosee the studies out there. I'm sure
their studies both ways. But whenyou talk about attendance, when you talk
about behavior, when you talk aboutgetting opportunity after opportunity to take the test,
(26:26):
when you talk about a paper isdue on a given day and if
you don't turn it in, that'sokay, don't worry about it. You
can turn it in next week,just as long as you understand that we
understand that you known material by theend of the school year. A political
correctness. Now, I'll tell youwhat's going to happen tonight, maybe midnight,
(26:51):
is the writer's strike is going togo into effect. The Writer's Guild
of America. Now, the entirecountry is looking at this because everybody watches
TV and streaming and not so muchgoes to movies anymore. But you know,
we'll sit in front of the tubeand watch Netflix and Hulu and the
networks, etc. But here inSouthern California, this is a very,
(27:15):
very big deal because so much ofour economy is based on the entertainment industry.
So tonight, eleven fifty nine,the deadline that a deal is cut.
Eight hundred and twenty two thousand directemployees are involved in terms of all
the jobs two and a half millionssupported in twenty twenty one. Other words,
(27:38):
two and a half million people relyon these writers because if the writers
don't write, the shows don't getmade. And all of a sudden you've
got the craft people, the catersare done, the support, the rental
of the costumes people, you knowthey rent that stuff. I mean,
I can go on and on andon in terms of the people that are
affected, accountant everybody affected. Soon one side is the Hollywood studios,
(28:04):
the networks, the streamers, filmpictures and TV producers, and they are
represented by the Association of Motion Pictureand Television Producers also known as AMPED.
I want to come up with anacronym for that, and it's not working.
The other side is the Writer Guildof America, and these are the
(28:26):
writers. Makes a lot of sense. And keep in mind that it's not
just the writers. It's also theunions other unions that support the Writer Director
Guilds of America IYATSI, sag AFTRA, our union supports the writers. Now
we're gonna walk, probably not,but some are gonna walk. And what
(28:47):
do they want? Well, acouple of things are really important. I
think the scariest one is AI andhow it's affecting everybody. I mean,
that's going to change. That's transfertransformative, transformative, it's going to change
everything. I mean. The stuffthat writers aren't getting enough money understandable.
That's easy to figure out. Writersshould have better residuals. In other words,
(29:10):
they're writing for streaming services and theyhave they do for Netflix, and
the Netflix turns around and sells itto Hulu whatever, and writers want a
bigger piece of that because the oldformula for residuals is not the same.
Understand that better working conditions. Idon't know they're working at home. Two
(29:30):
things that I don't understand. Oneof them are these mini rooms. They
want more writers on TV shows andnot allow producers to cut down on the
writers. So you have a let'ssay, have a writing staff of six
or seven and you go down tofour. Oh no, no, you
got to keep six or seven.I don't understand that. I would think
(29:51):
it'd be up to the producers ifthey want to work with one writer twenty
writers. Wouldn't it be up tothem? As far as compensation is concerned,
understood, I mean, we havea compensation minimum. Virtually every unionized
industry has one, and people jointhe union just do better. But when
(30:11):
it comes to the number of peopleworking, I don't know about that.
I really don't. So what dothe studios want? Well, as far
as the streaming is concerned, they'resaying it's still an emerging business and we
don't know exactly what profit margins willlook like. That's a croc. They're
(30:33):
doing just great and writers are gettingless. So who's going to be hit?
The first and the most Late nightshows are going to be first hit
because they do it every day andit's topical in nature. Matter of fact,
during the two thousand and seven twothousand and eight strike, all the
Talkers late night Talkers began airing rerunson day one of the strike. Next,
daytime TV soap operas for those ofyou that watch that stuff because that
(30:57):
is daily filming Sturday Night Live wouldbe affected because it's topical. And then
at some point even episodic TV showscould be impacted because those account for a
third of all the episodes produced onnetwork and on streaming. So they're going
to be hit. And these strikesare not easy, slow moving, quick
(31:23):
or quick strikes they are slow moving. And we're talking about the three strikes,
the past three bargaining cycles. Firstone in two thousand and seven,
one hundred day strike on June thirtieth, is when our when the DGA begins
as negotiations. I mean it goeson and on, so I think it
(31:45):
was one hundred and fifty six days, one hundred and seventy days, and
one hundred days. So when theygo on strike, they go on strike
for a good long time. Haveyou ever been to Dodger Stadium for a
baseball game. I have a fewtimes. I actually I did a five
K walk at Dodger Stadium a fewweeks ago, if you can imagine that.
(32:07):
And one of the things I mean, the stadium is neat. It's
consider one of the best baseball stadiumespecially older stadiums in the country. I
mean, sparkling, clean, Thefood halls are better, the food stands,
I mean all of that really theexpense of a hell but still great
place. But I'll tell you whatit's not great about it. The parking
(32:28):
is insane. The parking is horrific, and you have to get there three
hours early just to get a decentparking space. And to walk into the
stadium. The traffic snarls are unbelievable, not just the freeway, the five
Freeway going down into the stadium,Vince Scully Drive. It is just a
(32:54):
mess. Once you get off thefreeway and you're going up the hill,
it's beyond comprehensions. It's so snarly, which makes it That's one of the
reasons that I just don't go.I am just not interested. There's no
baseball game in the world that wouldthat's worth doing that parking stuff. So
let's talk about a project that hasbeen going on for a long time,
(33:19):
and that is the proposed Dodger Stadiumgondola project would ferry up to five thousand
people an hour from Union Station indowntown LA to the stadium. And who
really started all this Frank McCourt.Frank McCourt, that guy. Yep,
he bought the Dodgers. He tradedtwo Boston parking lots and just started going
(33:43):
up and up. And one ofhis attorneys said that when he ended up
buying the Dodgers, it was nota penny of his own cash, probably
the best deal that's ever been hadfor a team. And then McCourt put
the team into bankruptcy. Major LeagueBaseball allege he had looted one hundred eighty
nine million dollars from team revenues forpersonal use. And then finally he had
(34:05):
to end up selling it. Therewas just so much pressure, and in
twenty twelve he ended up selling theDodgers for a profit. A profit of
a billion dollars ain't bad. Notonly did he sell the Dodgers for a
billion dollars, he kept the parkinglot. So he sold the stadium,
(34:27):
he sold the team, he keptthe parking lot. You ever parked the
Dodger Stadium and look at how manycars are there? What does it even
cost? Twenty twenty five bucks?I mean, it's just it's crazy making.
So in twenty eighteen he pitched thegondola that would transport fans from Union
(34:49):
Station to Dodger Stadium. Five yearslater, here we are still alived.
It's being pushed by an environmental organizationthat loves the idea of taking cars off
the streets and taking the pollutants outof the atmosphere. And how do you
do that, Well, you takeif you have five thousand people an hour
going on a gondola, that's fivethousand people that are not driving in in
(35:12):
cars. The Dodgers play eighty onegames at Dodger Stadium, playoffs games traditionally
added in October. You have someconcert dates throughout the year, and so
you have people in the community wonderingwhy would McCourt promote a gondola to a
stadium parking lot that's empty three outof every four days during the year.
(35:34):
Well, McCourt's company has this sloganbuilding for tomorrow. And why did McCourt
not sell the Dodger Stadium parking lots? Is it because he was going to
keep on making more money maybe,but he anticipated building something there. What
he was going to do with theparking lots, well, he is going
(36:00):
to build, and by still buildand the Dodger Stadium condola is part of
the beginning of this process. Backto that nonprofit Climate Resolved is actually taking
the reins from McCourt and leading thisproject to the gondola, because, of
course, just a sleazy businessman whois worth zillions. A nonprofit that saves
(36:28):
our atmosphere, saves the climate,saves humanity from coughing itself to death.
Those are the people that should takethe lead and that's exactly what they're doing.
And the CEO, the executive directorsays, this changes the way people
approach public transit. It was veryattractive of us. And a couple of
sidebar stories. Baseball has the newhurry up rules and if you get stuck
(36:51):
in Dodger traffic with this snarl traffic, you can miss half the game.
Literally, So you're paying a fortuneto go to the game, you're paying
a fortune to park, you're walkingtwo and a half miles to the stadium
from the parking lot, and youmiss half the game. Sounds good to
me. And so here's what thegondola is going to do. You go
to Union Station, where sensibly there'stons of parking. You hop aboard this
(37:15):
cabin and every twenty three seconds,new gondola arrives and it takes all of
seven minutes to get to Dodger Stadiumand you're right out in front of the
front door. So it's climate changeis good. However, massive development at
Dodger Stadium not so good. Disruptionfor years of construction, cars converging on
(37:38):
the stadium every day for construction,not just game days. And they're talking
about hotels and retail and restaurants andall manner of businesses just to make Dodger
Stadium one well, much like downtownDisney next to Disneyland, or when you
(38:02):
go downtown to Crypto Stadium and aroundthere. No, the live now,
not the stadium. What is thatin downtown called all those restaurants and two
the two venues La live now notUniversal? What was that La La Live?
Thank you, Tyler, I've forgottenthat for a moment. And so
(38:24):
that's what the envision, and inthe middle of it is of course,
Dodger Stadium. Now here's an interestingone. There are basically nineteen thousand parking
spaces at the stadium, the gondolastation at Dodger Stadium, only one hundred
ninety four spaces are going to betaken up to the Dodgers. That's not
(38:45):
a big deal. They're not goingto lose a lot. And the project
is here's the problem is the revenuefrom the parking lot. This is where
McCourt has a real interesting situation becauseif ten thousand people ride the gondola every
game, that translates to a lossabout twenty percent of parking revenue. So
(39:07):
that is a little problematic. Whatdo you do you get people in faster,
you make them happier, but youlose twenty percent of parking revenue.
So the answer is very clear.You simply add twenty percent more to the
cost of parking because it looks likepeople won't pay. Do you know how
much parking is at a Lakers game? By the way, the stadium the
(39:28):
good expensive parking where you park rightnext to it. They just increased it.
They just increased it. While Iwent to a concert I don't know,
a couple of years ago, EltonJohn concert, and I was talking
to the PR people. It wastwo hundred dollars for parking. Yeah,
that's well, that's a special event. But like a Dodger game right now,
it's thirty dollars just for general parking. Crazy. Well, I think
(39:51):
it was a crypto. I thinkthe least amount of parking it costs you
twenty five thirty dollars forty dollars islike eighteen bucks. Yeah, it's crazy.
Two hundred dollars that's for Lakers games. But that's special park parking because
people are crazy. Time for plainresidic and do they have a case it's
(40:13):
done? Or bills to open hisball and talk about the law and not
be a disgrace. And I shoveit in your face that he knows about
the law. It's not a fool. He's gonna rule fun today at Ada.
All right, Wayne, let's writego right to it. Do they
have a case? All right?Man? You want to keep your dogs
on leash if you're in Long Beach. A woman was stopped by animal control
(40:37):
because she was on the beach withher dogs, not on a leash.
That's a no no. And shedid not like the way she was treated.
So she called up the office ofAnimal Control and spoke to a different
person and asked for a complaint forhim, because you want to file complaint
against the amibal control officer that shethought was out of line and too hostile
(40:59):
in all these things she thought,And the guy on the other end apparently
threatened to sue her. Now,there wasn't a big long discussion about it,
but what threatened to sue her?So she sues now the city of
Long Beach for violating her First Amendmentright. The theory of the case is
(41:21):
she was engaging in constitutionally protected speechtrying to complain to a government agency about
its behavior. She was threatened becauseshe was engaged in that activity, and
the threat an unspecified lawsuit is thekind of thing that would cause an ordinary
person of ordinary firmness to possibly thinktwice about criticizing the government. Again,
(41:47):
those are the three elements of aFirst Amendment retaliation claim. The lower court
judge throws it all out, shegoes up to the Ninth Circuit. What
do they do? I think theygive it to her because I think she
makes a logical case for her FirstAmendment issue and she shouldn't have been threatened,
(42:09):
And I mean, I think everythingshe says, so I think it
goes forward, and I think abench trial or a jury trial is going
to award her forty five cents forthis horrific injustice that has been given to
her. Well, I don't knowabout that part, but yes, she
(42:30):
prevails in terms of being allowed tocontinue to pursue the claim. This was
a split decision, and the dissentingjudge said, you know what, because
the guy never said what kind ofa lawsuit or anything. Maybe all he
meant was we're going to prosecute youfor having your dogs off leash. And
if that's what he meant, thenit's not a First Amend violation, because
(42:52):
of course the government cannot violate yourFirst Amendment rights by doing their job or
going after you for violating the law. Yeah, I think that is a
stretch. Yeah, I can't waitfor the trial. You know, I'll
tell you whoever is going to representher if she goes to trial, it's
going to be money up front.It's not going to be on a contingency.
(43:14):
All right. Now, I'm gonnabe mature about this case and what
happened, so I don't have tobe well, I can't control you,
but I'm going to try to bevery mature because well, you'll find out
why in a second. This isa guy suing UPS. He was working
for UPS as a package sorter andone day he had to go to the
(43:37):
bathroom and there was a part timesupervisor there who said, yes, go
to the bathroom. He's going tothe bathroom. On his way to the
bathroom and the district manager is there, and the district manager goes, where
are you going? And he said, I have to use the restroom.
And the manager says, you alreadyhad your ten minute break. You better
get back to work right now.And the guy says, you know,
(43:58):
I took some antibiotics. I reallyneed to go to the bathroom. And
the supervisor said, if you don'tgo back to your station right now,
I'm gonna walk you right out ofhere. So, faced with this guy
saying he'll fire him, he goesback and he ends up pooping in his
(44:19):
pants at his workstation, and hesays that the district manager said to everybody
else there, you need a bathroombreak, you can just do what Josh
did and take care of it righthere. The next day after this event,
the district manager gives this guy awritten warning for insubordination and said we
(44:45):
intend to suspend you and we intendto fire you. But then nothing happened
and the guy continued to work there. So he's a suing UPS for intentional
infliction of himotional distress, for negligentsupervision meaning of the supervisors, and invasion
(45:09):
of privacy. Now, I willtell you right now, the only thing
that's on the table now is invasionof privacy. And UPS's legal argument is
you don't have a claim for invasionof privacy because you pooped in your pants
in public. You weren't in thebathroom, and we came in and watched
(45:36):
you in the bathroom. This happenedin front of other people. There was
no privacy for us to invade.That is an interesting one. That is
an interesting one. There's also awrinkle here because you will have to do
the same thing the court here hadto do, which is do something that
(45:58):
they call make an eerie guess eerielike in Erie Pennsylvania or Lake Erie,
which comes from a case and it'sthis. Sometimes federal judges have to guess
how the state court would rule ona question of state law. In this
case, the definition of invasion ofprivacy in the state of Texas. So
(46:25):
just so you know, Texas definesinvasion of privacy as an intentional intrusion physically
or otherwise upon another solitude, seclusion, or private affairs or concerns which would
be highly offensive to a reasonable person. Yeah, boom, question, why
do you think? All right?First of all, let me ask you
two questions why this invasion privacy isonly on the table? Negligence supervision and
(46:50):
intentional flection emotional trusts. Why aren'tthey on the table? Because the lower
court threw them out, and theupper court also threw them out with such
great force that I felt there wasnothing to really for you to really evaluate,
which I don't know because those twoto me are the most obvious that
those should have flown. So Idon't get it. So now you have
(47:13):
this invasion of privacy and I tryto wrap my head around how his privacy
was innovaded. They didn't pull hispants down, they didn't make him expose
himself. He still could have goneto the bathroom because in the end,
well, I mean I would haveno actually I would have crapped my pants
in front of everybody, but justfor the entertainment value. It's um,
(47:37):
I gotta tell you, I don'tknow. I can't connect invasion of privacy
to that. I just can't doit unless the court is trying to somehow
punish ups. But they should havepunished him on the first on the first
two issues that we were talking about. So I'm gonna say invasion of privacy.
He they prevail, and it's justbecause I just don't I can't connect
(48:00):
the dots on that. Well.I think that because in this case,
they had to try to guess whatstate judges in Texas would say about Texas's
law, and that part of thelaw that says it's a it's an intrusion
(48:21):
physically or otherwise upon another. Solitudeseclusion, which is what UPS really concentrated
on. He wasn't secluded, hehad no expectation of solitude or seclusion.
But also the next part, privateaffairs or concerns. So defecating is generally
handled in this society as a privateaffair. And if you want to choose
(48:46):
to take those words private affairs areconcerned and apply them to okay, going
to the bathroom, and by forcingthe guy to do it, that was
the theory, uh, that theyused to say, he can go forward
on invasion of privacy. All right, I can see, I mean,
he'll win right now. I cansee that connection. I'm just surprised that
(49:07):
that's what they hung their hat on. And when you look at the definition
of privacy with seclusion, yeah,I'll buy that. Uh. And I
gotta tell you, based on Iwould give this guy a bucket of money
for what happened to h what happenedto him the UPS guy, you go,
(49:28):
you don't go to the bathroom.My god, that that that district
guy sounds like a true jerk.Yeah, I don't know, I don't
understand how he could keep his job. I really don't on that one.
All right, Wayne. We'll catchagain tomorrow as we do this all over
again, and coming up, itis time for Gary and Shannon and Gary,
(49:50):
what's going on in your show today? We're gonna We're gonna start with
the information out of Texas. Theman hunt continues for a guy who killed
five people in one family, includinga little boy. But there was also
a mass shooting in Mojave early thismorning, at least four people killed.
Hey, another bank failure. Ona quiet Sunday and mixtape Monday, you've
(50:10):
been listening to the Bill Handles Show. Catch My Show Monday through Friday,
six am to nine am, andanytime on demand on the iHeartRadio app
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.