Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Or is writing out a storm in Washington, DC right now.
Speaker 2 (00:04):
Hi Steve, Hey Mandy, great to be with you.
Speaker 1 (00:08):
Glad you could make it, my friend. So let's jump
right in. Let's charge with tariffs. Okay, So we've actually
seen and I'm going to be honest, Eve, when I
saw the deal that President Trump cut with the EU,
I thought it was a joke. I've never seen a
more lopsided deal in my entire life, with the American
(00:28):
people on the winning side of it. That was shocking
to me.
Speaker 2 (00:32):
It was sort of shocking to me too, because remember
you go back to even look at the clips three
or four months ago, the europesent we're never going to
negotiate with Donald Trump. You know that joke. You know
he's trying to take advantage of us, and we're not
going to cave into him. Well guess what they caved
into him. And what Trump did is with these trade deals.
And you know me, You've feel me for a long time, Mandy.
And then likewise, I'm kind of a conventional free trader.
(00:54):
I believe trade obviously is the essence of what economics
is all about. But what Trump has basically been able
to do quite effectively frankly, is force these other countries
to play by the rules, to level the playing field
and lower their terrorists on our dairy products, our timber,
our agricultural products, our technology products, our manufactured items. That's
(01:16):
going to be good for jobs here in America. It's
going to be good for wages, and it's going to
be good for the people in these European countries because
they get, you know, the American products that they don't
have access to, so a big win. I can't even
keep track. Many of people ask me, what's happening with
the Canada situation, What's what happened in Mexico, Japan, Korea.
I can't keep track of all these countries, but it
(01:36):
all seems to be pretty good.
Speaker 1 (01:38):
You know.
Speaker 2 (01:38):
Look, it makes me nervous because every time Trump talks
about terrifts, the market goes down. But every time he
consummates one of these trade deals, what happens to the market. Yes,
right back up again.
Speaker 1 (01:48):
Well, the market is going great, gangbusters right now. I
don't think anybody, even no matter how much they hate Trump,
they're going to have to admit that the market is
really strong right now. But let me ask this question
tomorrow is allegedly d day. We were hoping to get
all kinds of trade deals. What is going to happen
now because we've got some of our biggest trading partners
kind of locked up. They're working on China. What does
(02:08):
this mean for all of the other like little minor
countries that want access. How quickly do those get done?
Speaker 2 (02:14):
Well, they better hurry up and make that phone call
the way. Yeah, and you know, I talked to my
friend Scott Essen, who's the Treasury Sectory that an amazing job.
He's impressed, you know, he says his phone has been
ringing off the hook, that the companies out trying to
make these deals. I don't exactly know whether Trump might
extend you might have seen. I think this morning he
extended the deadline with Mexico, which is, by the way,
(02:38):
people don't realize this, Mandy, but our two biggest trader partners,
you know, together are Canada Mexico. So we need to
That's one of the most important things to make sure
we have a free trade deal with them. I'm a
big believer in the Reagan vision that North America should
be one big free trade zone. But you know, Canada
Mexico have not always played by the rules. So we'll
see what happens there. But look at the stock market
(03:00):
is you just said it is back in mid April.
I think the last time I was on your show,
I was sitting there on that I was standing on
the ledge ready to jump. I mean socks that followed
by twenty five hundred points, and it just looked like
a miserable situation. And look at the situation today where
you know, folks, if you're not in the market, you
know it's not too late to get in because we're
we're I think we're ready for a ripper and bull
(03:22):
market that could last four or five years.
Speaker 1 (03:24):
I hope so, because my four oh one k needs it.
So after the last few years.
Speaker 2 (03:27):
We got me anyway, I bought in Vidia. I got
to say this. You know, I'm not the great world's
greatest investor by any means. And my wife said, I'm
going to buy this company, in Vidia, like five years ago.
It's the one stock that we've made so much money
on and you know, so I'm rooting for our big
tech company. You know we have. It's an amazing thing.
We have five companies, say in America that have over
(03:48):
a trillion dollars of networth. That's more money in terms
of network than all the companies in Europe combined.
Speaker 1 (03:55):
Yeah, I mean Europe has done it to themselves. We
can have a longer conversation about help. Yeah, socialism and
green energy in Germany.
Speaker 2 (04:02):
The total disaster they're destroying.
Speaker 1 (04:05):
Their entire industrial base.
Speaker 2 (04:07):
There.
Speaker 1 (04:07):
Let me jump over to something totally different than we
were talking about before the show, and that is a
lot of people, including Donald Trump, super mad at FED
chair Jerome Hell. And I'm not a fan of Droome Pal.
I know you're not a super fan of Drome Pell,
but I think he's putting the blame for mortgage rates
in the wrong place. And I kind of started explaining
(04:28):
this to the audience earlier. They're tied to the ten
year treasury So what needs to happen to bring that
ten year treasury rate down significantly enough to make a
difference in mortgage rates to unleash the housing market.
Speaker 2 (04:42):
Well, of course, everyone wants lower interest rates, and including
a guy who wants the lower interest rates more than anybody,
who's probably the guy in the White House, right. He
loves lower interest rates, and so, of course, but I
think there's a mythology out there, unfortunately held by a
myth that's held by a lot of my conservative friends.
I think all the has to do is just lower
interest rates. Everything is to be wonderful. Well I wish
(05:03):
that were the case, but really it isn't. The Fed
doesn't really control interest rates. Interest rates are controlled by
the market, you know, the supply of demand for credit.
And so I'll give you an example of what I'm
talking about, because people's kind of eyes glaze when you
talk about monetary policy. But I'm going to try to
keep this very simple. And if you look at what
happened before the election, the FED lowered rates, which by
(05:26):
the way, was a little bit outrageous because the inflation
rate was higher than than it is today. And he
won't lower rates now, but he did that for, of course,
Kamala Harris, because he wanted her to win the election.
But nonetheless, they lowered the federal funds rate. And then
do you know what happened to mortage rates?
Speaker 1 (05:44):
They went up?
Speaker 2 (05:46):
They went up, Yeah, yeah, they went up. They didn't
go down, So it had the opposite effect that everybody thought.
And the reason they went up is because what drives
and by the way, nobody cares about what the Fed
funds rate is. What everybody curious about, what's the rate
on the ten year treasury because we have thirty seven
trillion dollars of that? What is the interest rate on
the thirty year mortgage? Because everybody, you know, we've got
(06:06):
a housing market, we want to be make housing affordable. Well,
guess what you know, when people's actually when the market's
expectation of inflation goes up, then the interest rate you're
going to charge on a thirty year mortgage is going
to go up for any thirty year long term bond
because you have to make your money back plus inflation.
So my point is, I'm not totally convinced that a
(06:29):
reduction in interest rates right now is going to help
the economy all that much. I would probably support a
twenty five or fifty basis point cut, but I mean
Trump wots two hundred points. You know, I don't see that.
I think it would It would cause more inflation, and
that would really hurt the economy.
Speaker 1 (06:43):
Well, see, Moore, you're smart, He writes the Unleashing Prosperity
newsletter that you should sign up for every single day.
Speaker 2 (06:50):
By the way, do you know how much do you
know how much that costs?
Speaker 1 (06:53):
Well, I believe it's free, and it's a bargaining. It's
a bargaining.
Speaker 2 (06:57):
Right surprices every single one of your listeners for Villainly's
Prospirity Hotline since it doesn't cost you a penny. Folks,
if you want to be the smartest person in the room,
you can read it at seven or eight minutes every morning.
You know, by the way, most of the members of
Congress are reading it. I know all my friends at
the White House read it. Nuke Candris says, it's the
first thing you reads every morning. So the first thing
you do when you get up in the morning is
(07:18):
you have to read the Wall Street shirtal editorial board page,
and then you have to read the hotline.
Speaker 1 (07:21):
There I go, Seymour, we'll talk to again soon, my friend.
Speaker 2 (07:25):
Okay, all right, many Oh, that's Seymour.
Speaker 1 (07:28):
We'll be right back.
Or is writing out a storm in Washington, DC right now.
Speaker 2 (00:04):
Hi Steve, Hey Mandy, great to be with you.
Speaker 1 (00:08):
Glad you could make it, my friend. So let's jump
right in. Let's charge with tariffs. Okay, So we've actually
seen and I'm going to be honest, Eve, when I
saw the deal that President Trump cut with the EU,
I thought it was a joke. I've never seen a
more lopsided deal in my entire life, with the American
(00:28):
people on the winning side of it. That was shocking
to me.
Speaker 2 (00:32):
It was sort of shocking to me too, because remember
you go back to even look at the clips three
or four months ago, the europesent we're never going to
negotiate with Donald Trump. You know that joke. You know
he's trying to take advantage of us, and we're not
going to cave into him. Well guess what they caved
into him. And what Trump did is with these trade deals.
And you know me, You've feel me for a long time, Mandy.
And then likewise, I'm kind of a conventional free trader.
(00:54):
I believe trade obviously is the essence of what economics
is all about. But what Trump has basically been able
to do quite effectively frankly, is force these other countries
to play by the rules, to level the playing field
and lower their terrorists on our dairy products, our timber,
our agricultural products, our technology products, our manufactured items. That's
(01:16):
going to be good for jobs here in America. It's
going to be good for wages, and it's going to
be good for the people in these European countries because
they get, you know, the American products that they don't
have access to, so a big win. I can't even
keep track. Many of people ask me, what's happening with
the Canada situation, What's what happened in Mexico, Japan, Korea.
I can't keep track of all these countries, but it
(01:36):
all seems to be pretty good.
Speaker 1 (01:38):
You know.
Speaker 2 (01:38):
Look, it makes me nervous because every time Trump talks
about terrifts, the market goes down. But every time he
consummates one of these trade deals, what happens to the market. Yes,
right back up again.
Speaker 1 (01:48):
Well, the market is going great, gangbusters right now. I
don't think anybody, even no matter how much they hate Trump,
they're going to have to admit that the market is
really strong right now. But let me ask this question
tomorrow is allegedly d day. We were hoping to get
all kinds of trade deals. What is going to happen
now because we've got some of our biggest trading partners
kind of locked up. They're working on China. What does
(02:08):
this mean for all of the other like little minor
countries that want access. How quickly do those get done?
Speaker 2 (02:14):
Well, they better hurry up and make that phone call
the way. Yeah, and you know, I talked to my
friend Scott Essen, who's the Treasury Sectory that an amazing job.
He's impressed, you know, he says his phone has been
ringing off the hook, that the companies out trying to
make these deals. I don't exactly know whether Trump might
extend you might have seen. I think this morning he
extended the deadline with Mexico, which is, by the way,
(02:38):
people don't realize this, Mandy, but our two biggest trader partners,
you know, together are Canada Mexico. So we need to
That's one of the most important things to make sure
we have a free trade deal with them. I'm a
big believer in the Reagan vision that North America should
be one big free trade zone. But you know, Canada
Mexico have not always played by the rules. So we'll
see what happens there. But look at the stock market
(03:00):
is you just said it is back in mid April.
I think the last time I was on your show,
I was sitting there on that I was standing on
the ledge ready to jump. I mean socks that followed
by twenty five hundred points, and it just looked like
a miserable situation. And look at the situation today where
you know, folks, if you're not in the market, you
know it's not too late to get in because we're
we're I think we're ready for a ripper and bull
(03:22):
market that could last four or five years.
Speaker 1 (03:24):
I hope so, because my four oh one k needs it.
So after the last few years.
Speaker 2 (03:27):
We got me anyway, I bought in Vidia. I got
to say this. You know, I'm not the great world's
greatest investor by any means. And my wife said, I'm
going to buy this company, in Vidia, like five years ago.
It's the one stock that we've made so much money
on and you know, so I'm rooting for our big
tech company. You know we have. It's an amazing thing.
We have five companies, say in America that have over
(03:48):
a trillion dollars of networth. That's more money in terms
of network than all the companies in Europe combined.
Speaker 1 (03:55):
Yeah, I mean Europe has done it to themselves. We
can have a longer conversation about help. Yeah, socialism and
green energy in Germany.
Speaker 2 (04:02):
The total disaster they're destroying.
Speaker 1 (04:05):
Their entire industrial base.
Speaker 2 (04:07):
There.
Speaker 1 (04:07):
Let me jump over to something totally different than we
were talking about before the show, and that is a
lot of people, including Donald Trump, super mad at FED
chair Jerome Hell. And I'm not a fan of Droome Pal.
I know you're not a super fan of Drome Pell,
but I think he's putting the blame for mortgage rates
in the wrong place. And I kind of started explaining
(04:28):
this to the audience earlier. They're tied to the ten
year treasury So what needs to happen to bring that
ten year treasury rate down significantly enough to make a
difference in mortgage rates to unleash the housing market.
Speaker 2 (04:42):
Well, of course, everyone wants lower interest rates, and including
a guy who wants the lower interest rates more than anybody,
who's probably the guy in the White House, right. He
loves lower interest rates, and so, of course, but I
think there's a mythology out there, unfortunately held by a
myth that's held by a lot of my conservative friends.
I think all the has to do is just lower
interest rates. Everything is to be wonderful. Well I wish
(05:03):
that were the case, but really it isn't. The Fed
doesn't really control interest rates. Interest rates are controlled by
the market, you know, the supply of demand for credit.
And so I'll give you an example of what I'm
talking about, because people's kind of eyes glaze when you
talk about monetary policy. But I'm going to try to
keep this very simple. And if you look at what
happened before the election, the FED lowered rates, which by
(05:26):
the way, was a little bit outrageous because the inflation
rate was higher than than it is today. And he
won't lower rates now, but he did that for, of course,
Kamala Harris, because he wanted her to win the election.
But nonetheless, they lowered the federal funds rate. And then
do you know what happened to mortage rates?
Speaker 1 (05:44):
They went up?
Speaker 2 (05:46):
They went up, Yeah, yeah, they went up. They didn't
go down, So it had the opposite effect that everybody thought.
And the reason they went up is because what drives
and by the way, nobody cares about what the Fed
funds rate is. What everybody curious about, what's the rate
on the ten year treasury because we have thirty seven
trillion dollars of that? What is the interest rate on
the thirty year mortgage? Because everybody, you know, we've got
(06:06):
a housing market, we want to be make housing affordable. Well,
guess what you know, when people's actually when the market's
expectation of inflation goes up, then the interest rate you're
going to charge on a thirty year mortgage is going
to go up for any thirty year long term bond
because you have to make your money back plus inflation.
So my point is, I'm not totally convinced that a
(06:29):
reduction in interest rates right now is going to help
the economy all that much. I would probably support a
twenty five or fifty basis point cut, but I mean
Trump wots two hundred points. You know, I don't see that.
I think it would It would cause more inflation, and
that would really hurt the economy.
Speaker 1 (06:43):
Well, see, Moore, you're smart, He writes the Unleashing Prosperity
newsletter that you should sign up for every single day.
Speaker 2 (06:50):
By the way, do you know how much do you
know how much that costs?
Speaker 1 (06:53):
Well, I believe it's free, and it's a bargaining. It's
a bargaining.
Speaker 2 (06:57):
Right surprices every single one of your listeners for Villainly's
Prospirity Hotline since it doesn't cost you a penny. Folks,
if you want to be the smartest person in the room,
you can read it at seven or eight minutes every morning.
You know, by the way, most of the members of
Congress are reading it. I know all my friends at
the White House read it. Nuke Candris says, it's the
first thing you reads every morning. So the first thing
you do when you get up in the morning is
(07:18):
you have to read the Wall Street shirtal editorial board page,
and then you have to read the hotline.
Speaker 1 (07:21):
There I go, Seymour, we'll talk to again soon, my friend.
Speaker 2 (07:25):
Okay, all right, many Oh, that's Seymour.
Speaker 1 (07:28):
We'll be right back.
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