November 7, 2025 • 17 mins
BEST OF - National Correspondent Rory O’Neill reports on the government shutdown’s ripple effects as the FAA orders a 10% air traffic reduction causing widespread flight cancelations, plus President Trump’s Oval Office announcement on obesity drugs. Nancy Pelosi announces her retirement from Congress—White House Correspondent Jon Decker discusses her legacy and Trump’s reaction. Also, October layoffs hit a 22-year high while Americans gear up to spend $1 trillion on holiday shopping for the first time.
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Speaker 1 (00:00):
Right now, let's bring in our national correspondent, Rory O'Neill,
who supports brought to you by Mark Spain real Estate. So, Rory,
the flight disruptions begin today with this initial reduction in
air travel starts at four percent today and then gradually
goes up throughout the course of the next week.
Speaker 2 (00:19):
Right I think I'm looking at flight Aware now that
shows eight hundred and fifteen cancelations across the country. As
you said, we've got about forty five thousand daily flights
in the US. Ultimately we'll get to ten percent of
those flights being canceled by next Friday, but right now
it's at four percent. I think Tuesdays at six and
Thursdays at eight, and then Friday's ten percent. Of course,
(00:40):
the hope is that Congress will get its act together
between now and then and reopen the government so we
don't have to go through this. And I was talking
to the people at the Points Guy yesterday and their
advice and look, let's clear, let's just talk about pre
holiday travel, because if this gets into the holiday season,
that's we're just going off the rails. But between now
and then, make sure you have your airlines app on
(01:01):
your phone, make sure the notifications are turned on, because
your nine am flight may become a nine pm flight
at all these kinds of changes. They are also changing
the rules when it comes to reimbursing you or or
crediting you a lot of tickets. You know, it says, oh,
non refundable, but in this case, in many cases, they
are refunding those full ticket prices, even if you got
(01:22):
the cheap seat.
Speaker 1 (01:23):
It's amazing how much of the country this is going
to effect. I mean, you've got all the big airports
here in Florida on the list, Tampa, Orlando, for Luderdale, Miami,
and then basically every major airport across the country almost
seventy percent of domestic flights or either flying to or
flying from one of the affected airports. And you have
(01:43):
that domino effect sometimes you know what I mean, where
one flight gets delayed or canceled and then oh.
Speaker 3 (01:48):
It's it's going to be a complete nightmare.
Speaker 4 (01:50):
And then if you've got to be somewhere by a
certain time, if you've got like a quick turnaround time
on your trip, the whole thing is going.
Speaker 3 (01:55):
To be ruined.
Speaker 1 (01:55):
Yeah, that's why the CEO of Frontier said, you better
book a backup ticket with an other carriage.
Speaker 2 (02:05):
Well, and then the other advice is, if you don't
have to travel, just don't get yourself out of the system.
If you don't have to make that trip, if you
can do it on a zoom call instead, just do
that because you're clogging things up, So just get out
of the system, get the refund, and hope for better days.
But at this point, this is just going to be
an awful lot of confusion because you know, look, we've
(02:26):
seen the whole network go down nationwide when one snowstorm
hits the Northeast. Now this is happening simultaneously at airport's
across the country. They're trying to manage it the best
they can, but this is still going to cause a
lot of disruptions.
Speaker 1 (02:38):
And it also stood out to me that leadership the
FA said, you know, normal operations aren't going to return
right away even if the shutdown ends. So if this
starts to push up close to that Thanksgiving travel week,
well they're not just going to be able to ramp
things up to one hundred percent right away. It's going
(02:58):
to take a second. So again, there has to be
a resolution to this sooner. Rather than later. And I
think the frustration, I mean, there already has been a
lot of it from air travelers, certainly from air traffic
controllers TS agents, but that is going to reach new
levels now with this.
Speaker 2 (03:16):
Yeah, and I think we saw I think when we
spoke last Friday saying, oh, something's happening, I feel it
in the air that something's going to happen this.
Speaker 5 (03:23):
Week to break it. And well, you know, here we
go again. I'll say the same thing about next week.
Speaker 2 (03:28):
But there are a lot more discussions happening on the
sidelines about trying to get some sort of a deal
that's not this CR. It's going to be something not
completely different, but essentially to the same spending while including
those Obamacare subsidies in there. There are questions about how
long a deal like that should last. Would be a
deal gets us to Christmas or the week before, or
(03:49):
did they go to January. Some have said, let's just
do a full year of CR and but problem is
now you got to get to pass the House and
that's not necessarily a gimme.
Speaker 1 (03:58):
There's still a lot of work to be done. I
thought there would be significant progress this week. I think
we were on track for that, and then Tuesday's elections
happened and that has kind of reset things a bit.
Let's talk about another story of covering this morning. We're
joined by our national correspondent Rory O'Neil. Big announcement at
the White House yesterday having to do with what Trump
calls the fat drugs, right.
Speaker 5 (04:19):
The GLP ones.
Speaker 2 (04:21):
They're going to be getting a lot cheaper for people
who are on Medicare Medicaid, and what we're going to
learn about more next year Trump are x. These drugs
that can cost about thirteen hundred bucks a month could
cost about one hundred and fifty dollars a month instead,
and as these injectables soon become oral medications, that number
could get down to about fifty dollars a month. So
(04:42):
these medications were developed for type two diabetes, found to
be very effective at helping people lose weight. But they're
also expanding doing a lot of research because these drugs
could ultimately help people fight addiction, not just a food
but then alcohol and drugs as well.
Speaker 1 (04:57):
Let me throw a couple of numbers out for you.
Ozempic can be produced for less than five dollars a month.
Speaker 5 (05:05):
According to a new study Americans, they're paying about nine
hundred and sixty eight dollars for that truck, avery profitable.
Speaker 1 (05:13):
But in Sweden you can get it for ninety six bucks,
in the UK ninety three bucks, in Australia eighty seven bucks.
So this is a great deal. This is much better
than the situation before. But my god, I mean the
US we're paying for all this crap compared to what
everybody else is paying, it's insane. Novo Nordisk is making
(05:37):
so much money on ozempic and Magovi thanks in parts
of these prices that we're paying. It is actually boosting
Denmark's GDP, like you can see it on the trend line.
Speaker 4 (05:48):
Yeah, I'm not surprised, but we pay it well.
Speaker 2 (05:52):
And the loss of profits, the amount of profit these
companies are losing, made the guy faint in the offices.
Speaker 3 (05:58):
Yeah him, or that wasn't him.
Speaker 5 (06:02):
No, that was somebody who's taking the drugs. Yes, that
was the best advertisement for you, not at all.
Speaker 4 (06:08):
But he was like basically misidentified, I think because no
bourn Orders came out and they said, no, that's he's
not ours, that's.
Speaker 3 (06:14):
Not our guy. But yeah, he totally he painted right there.
Speaker 5 (06:18):
You could have step on my punchlines.
Speaker 3 (06:21):
It was a great punchline, but you know, it just
wasn't him.
Speaker 1 (06:24):
Rory, thanks so much, have a great weekend, all right,
And yeah, here was that moment of the companies.
Speaker 6 (06:30):
One of the companies got a little bit like, did
you show you went down?
Speaker 5 (06:35):
And he's fine, shut he's That was absolute Trump saying
he's okay.
Speaker 1 (06:42):
I believe Trump spoke to the wife of the person
who went down as well, so.
Speaker 4 (06:46):
That picture went viral, making it look like Trump didn't care.
But doctor Oz later said that he was on the
phone with the wife and then Trump came over and said, oh,
let me talk to her and made her feel better.
Speaker 5 (06:55):
Yeah, just kind of messed up the whole vibe of
the event a little bit.
Speaker 1 (06:58):
Former House Speaker Nancy Pelosi announced she's not going to
seek reelection in a video released yesterday morning.
Speaker 7 (07:05):
I will not be seeking reelection to Congress. With a
grateful heart, I look forward to my final year of
service as you are. Proud.
Speaker 1 (07:13):
Representative Pelosi also thank the people of San Francisco.
Speaker 7 (07:17):
Because of your trust, I was able to represent our
city and our country around the world with patriotism and pride.
Speaker 1 (07:25):
And she said She's been proud to represent San Francisco
in Congress.
Speaker 7 (07:29):
I stay to my colleagues in the House all the time,
no matter what title they had bestowed upon me, Speaker, Leader, Whip.
There has been no greater honor for me than to
stand on the House floor and say, I speak for
the people of San Francisco.
Speaker 1 (07:47):
All the people, from the small business owners to the
homeless person urinating and defecating in front of Taurus.
Speaker 5 (07:52):
She represented everybody.
Speaker 1 (07:54):
President Trump was asked about Pelosi's announcement yesterday. In his response,
pretty much you'd expect from him.
Speaker 6 (08:01):
I thought she was an evil woman who did a
poor job across the country, a lot in damages and
in reputation. I thought she was Seah Brook.
Speaker 5 (08:10):
Yes, I hated hold back.
Speaker 3 (08:12):
No, not at all.
Speaker 1 (08:13):
Former Speaker Knew Gingrich had a different take. He said
he deeply disagreed with Pelosi on many political issues, but
considered her among the most effective leaders ever to take
the gavel. Notable coming from again, a former Speaker. Pelosi,
who's eighty five, was first elected in nineteen eighty seven,
spending more than forty years in Congress. That's why I
(08:34):
was surprised she was retiring. I mean, seems like she's
just getting started.
Speaker 3 (08:38):
Ye I know, right, you can go well into her nineties.
Speaker 1 (08:44):
She moved up the leadership ladder, becoming the first woman
House Whip in two thousand and one and then House
Minority Leader in two thousand and three. She became the
first and only woman Speaker in two thousand and seven
after Democrats retook the House. She led House Democrats for
nearly two days decades, returned as Speaker in twenty nineteen,
and then of course became the opposition to President Trump,
(09:06):
including pushing for those two impeachments, and she played a
very key role this is really like the last part
of her legacy, and pushing Joe Biden out the door, yes,
during the twenty twenty four presidential race.
Speaker 5 (09:20):
Some other note.
Speaker 1 (09:21):
She was born into a really powerful Baltimore political family.
Her mother was the main model for her for political toughness, organization,
you know, those things that would define her career. She
raised five kids before becoming a major Democratic fundraiser and
strategist in San Francisco, and she only ran for Congress
(09:41):
after a dying request from the local representative who was
in Congress, asking Pelosi to succeed her.
Speaker 5 (09:49):
So that's what got her in congressation.
Speaker 3 (09:52):
She's stuck forty years.
Speaker 1 (09:53):
And then finally, Florida Congressman Greg Stuby is now urging
Congress to pass the Pelosi Act. Still be framed it
as a tribute to her long service, arguing the bill's
name now carries added symbolic weight. The Pelosi Act stands
for preventing elected leaders from owning securities.
Speaker 3 (10:11):
And investments that could be her legacy.
Speaker 1 (10:14):
Yeah, it would ban members of Congress and their spouses
from owning or trading individual stocks. Let's go back to
the hotline and bring in our White House correspondent John
Decker now to talk about the political legacy of former
House Speaker Nancy Pelosi. So, John, it's really great to
talk to you this morning. And when you think back
(10:35):
to Nancy Pelosi's time as House Speaker, the first and
only woman House Speaker, she took over in two thousand
and seven after Democrats retook the House and Ledhouse Democrats
for nearly two decades, what are some things that come
to mind?
Speaker 8 (10:48):
Well, the fact that she was so good in terms
of keeping her Democratic caucus together. Yeah, you know, very
very rarely did you see a Democrat stray from the
Democratic Party on a particul her vote, because Nancy Pelosi
really twisted arms and she was effective at that, and
that's one of the reasons why the Affordable Care Act
(11:09):
passed and that took place, of course, during President Barack
Obama's first term in the White House, there were a
lot of Democratic members that put their political careers on
the line in terms of voting for the ACA, and
it was because of Nancy Pelosi that they ultimately voted
with the rest of the Democratic caucus. She also presided
(11:29):
over two impeachments of President Donald Trump, and that's something
that she will also be remembered for. She served thirty
seven years ryan in the House of Representatives. Some may
say that's too long, you know, we need term limits,
but you know she did step away from the speakership
and the last term she passed the baton over to JAKEM.
Speaker 5 (11:48):
Jeffrey.
Speaker 8 (11:48):
So in announcing her retirement, she's doing so as just
a member of the House, a rank and file member
of the House representing her district in San Francisco.
Speaker 1 (11:57):
You know, we call it Obamacare, but you could make
a case that it should be called Pelosi care because
that didn't get passed without Nancy Pelosi as House Speaker.
Speaker 8 (12:07):
You're absolutely right, she was instrumental as it relates to that.
And you know, when Joe Biden was president, the Inflation
Reduction Act with the past without Nancy Pelosi's twisting arms.
During her second round of being the Speaker of the
House of Representatives, I saw, of course President Trump's remarks
(12:28):
regarding Nancy Pelosi, who referred to her as evil.
Speaker 1 (12:31):
Oh yeah, can I play those real quick? John, Let
me let me play the clip real quick.
Speaker 6 (12:35):
I thought you said your evil woman who did a
poor job to cross the country a lot in damages
and in reputation. I thought you was terrible.
Speaker 5 (12:44):
Yeah.
Speaker 1 (12:45):
So he didn't hold back, John, No, he didn't, but
he didn't know back either.
Speaker 8 (12:50):
She also didn't interview this past week in which she
has some very unkind things to say about Donald Trump.
So there's no love lost between the two. Donald Trump
will not miss Nancy Pelosi when she leaves Washington, DC
and heads back to her home in San Francisco. Interestingly enough,
I saw an interview that New Gingrish, the former AST speaker,
did yesterday, and he actually had respect for Nancy Pelosi said,
(13:12):
I didn't agree with her on any policy issue, but
she really managed.
Speaker 5 (13:15):
The House well as Speaker of the House.
Speaker 1 (13:17):
Yeah, he said he considered her among the most effective
leaders to ever take the gavel. And you know he
would know as a former House speaker. John Decker, our
White House correspondent with us this morning.
Speaker 5 (13:28):
John, really appreciate it. Have a great weekend you.
Speaker 8 (13:31):
Two, Ryan, Thanks so much.
Speaker 5 (13:33):
Bye bye.
Speaker 7 (13:33):
So.
Speaker 1 (13:33):
Staffing firm Challenger, Gray and Christmas released a new report
yesterday revealing layoffs in October hit the highest level for
that month in twenty two years. Employers announced about one
hundred and fifty three thousand job cuts, nearly triple September's total,
and cost cutting was the top reason. But about twenty
(13:57):
percent of layoffs we're tied to companies adopting AI, telling
you the disruption is already here. Warehousing and techs are
the biggest losses, accounting for just over half of October's cuts.
And Challenger noted the scale of layoffs a bit unusual
for the fourth quarter, when companies typically avoid layoffs because
they get that public backlash. Why are you doing that
(14:18):
right before the holidays? You know, all of that year
to date, layoffs up sixty five percent compared to last year.
There's also a new poll that found about seven to
ten Americans say their grocery costs have risen in the
past year. All about six and ten say their utility
costs have gotten higher. About four and ten say the
same about healthcare, gas, and housing. And this is across
(14:42):
people of both parties. So you've got the job market
shaky expenses up. Yet, the National Retail Federation is forecasting
holiday spending will exceed one trillion dollars this year for
the first time ever.
Speaker 4 (14:56):
See this is what I always think about stuff like this.
People are putting it on a credit card. They don't
have the cash, but they're putting it on a credit card.
If you've got a credit card r in fifteen thousand
dollars limit, you're going to put it on the credit card,
pay the minimum, and you're going to be in debt forever.
Speaker 1 (15:10):
Sales are expected to rise about three point seven percent
to four point two percent compared to twenty twenty four.
Consumers plan to spend about eight hundred and ninety dollars
per person on gifts, food, and holiday items. There was
another note here that stood out to me, retailers are
expected to hire between two hundred and sixty five thousand
(15:32):
and three hundred sixty five thousand seasonal workers. It's actually
fewer than last year, so they're going to be doing
more business, but fewer seasonal workers. I think that's the
online component, right Well, it's a.
Speaker 4 (15:44):
How much of the increase in spending though, is because
of the tariffs and the prices have gone up like that?
The percentage is that the tariffs or is that things
are just more expensive and people are spending.
Speaker 1 (15:52):
More, and it's higher income households driving much of the
spending lower income households. It sounds like, according to this survey,
focus more on necessities. So just a couple of interesting
stories on the state of the economy right now. Going
back to the Tesla story, so again, Tesla shareholders, they
signed off on the largest CEO pay package ever for
(16:14):
Elon Musk. Now, it's not enough to say that if
the stars align at Tesla and Musk hits all the
benchmarks that are part of the deal, his pay package
would give him as many as three hundred and twenty
three million more Tesla shares, making him a trillionaire. Let
me put it in a way that's a bit easier
to digest. This deal is the equivalent of earning two
(16:39):
hundred and seventy five million dollars a day.
Speaker 4 (16:43):
Oh my gosh, that's just it's unfathomable. Like it's just
you can't even wrap your head around how much money
that is.
Speaker 1 (16:51):
I'll just leave you with that as you get ready
for your job this morning, which I'm sure pays you
something close to that. Real quick, I want to touch
on one other story. President Trump promoted Walmart's new Thanksgiving
meal deal as proof he's delivering affordability. We told you
about this deal earlier in the week. It's a bundle
of twenty plus items turkey, potatoes, stuffing, some other stuff,
(17:12):
designed to feed ten people for about forty dollars.
Speaker 5 (17:16):
He said.
Speaker 1 (17:16):
The dinner costs twenty five percent less now than under
Biden last year.
Speaker 5 (17:22):
But there's a caveat that he left out.
Speaker 1 (17:26):
The meal has nine fewer items, and a bunch of
the brand name foods were swapped for Walmart's cheaper version.
Speaker 3 (17:31):
So those are just minor details.
Speaker 5 (17:33):
Minor details. Yeah, a little fact check there
Right now, let's bring in our national correspondent, Rory O'Neill,
who supports brought to you by Mark Spain real Estate. So, Rory,
the flight disruptions begin today with this initial reduction in
air travel starts at four percent today and then gradually
goes up throughout the course of the next week.
Speaker 2 (00:19):
Right I think I'm looking at flight Aware now that
shows eight hundred and fifteen cancelations across the country. As
you said, we've got about forty five thousand daily flights
in the US. Ultimately we'll get to ten percent of
those flights being canceled by next Friday, but right now
it's at four percent. I think Tuesdays at six and
Thursdays at eight, and then Friday's ten percent. Of course,
(00:40):
the hope is that Congress will get its act together
between now and then and reopen the government so we
don't have to go through this. And I was talking
to the people at the Points Guy yesterday and their
advice and look, let's clear, let's just talk about pre
holiday travel, because if this gets into the holiday season,
that's we're just going off the rails. But between now
and then, make sure you have your airlines app on
(01:01):
your phone, make sure the notifications are turned on, because
your nine am flight may become a nine pm flight
at all these kinds of changes. They are also changing
the rules when it comes to reimbursing you or or
crediting you a lot of tickets. You know, it says, oh,
non refundable, but in this case, in many cases, they
are refunding those full ticket prices, even if you got
(01:22):
the cheap seat.
Speaker 1 (01:23):
It's amazing how much of the country this is going
to effect. I mean, you've got all the big airports
here in Florida on the list, Tampa, Orlando, for Luderdale, Miami,
and then basically every major airport across the country almost
seventy percent of domestic flights or either flying to or
flying from one of the affected airports. And you have
(01:43):
that domino effect sometimes you know what I mean, where
one flight gets delayed or canceled and then oh.
Speaker 3 (01:48):
It's it's going to be a complete nightmare.
Speaker 4 (01:50):
And then if you've got to be somewhere by a
certain time, if you've got like a quick turnaround time
on your trip, the whole thing is going.
Speaker 3 (01:55):
To be ruined.
Speaker 1 (01:55):
Yeah, that's why the CEO of Frontier said, you better
book a backup ticket with an other carriage.
Speaker 2 (02:05):
Well, and then the other advice is, if you don't
have to travel, just don't get yourself out of the system.
If you don't have to make that trip, if you
can do it on a zoom call instead, just do
that because you're clogging things up, So just get out
of the system, get the refund, and hope for better days.
But at this point, this is just going to be
an awful lot of confusion because you know, look, we've
(02:26):
seen the whole network go down nationwide when one snowstorm
hits the Northeast. Now this is happening simultaneously at airport's
across the country. They're trying to manage it the best
they can, but this is still going to cause a
lot of disruptions.
Speaker 1 (02:38):
And it also stood out to me that leadership the
FA said, you know, normal operations aren't going to return
right away even if the shutdown ends. So if this
starts to push up close to that Thanksgiving travel week,
well they're not just going to be able to ramp
things up to one hundred percent right away. It's going
(02:58):
to take a second. So again, there has to be
a resolution to this sooner. Rather than later. And I
think the frustration, I mean, there already has been a
lot of it from air travelers, certainly from air traffic
controllers TS agents, but that is going to reach new
levels now with this.
Speaker 2 (03:16):
Yeah, and I think we saw I think when we
spoke last Friday saying, oh, something's happening, I feel it
in the air that something's going to happen this.
Speaker 5 (03:23):
Week to break it. And well, you know, here we
go again. I'll say the same thing about next week.
Speaker 2 (03:28):
But there are a lot more discussions happening on the
sidelines about trying to get some sort of a deal
that's not this CR. It's going to be something not
completely different, but essentially to the same spending while including
those Obamacare subsidies in there. There are questions about how
long a deal like that should last. Would be a
deal gets us to Christmas or the week before, or
(03:49):
did they go to January. Some have said, let's just
do a full year of CR and but problem is
now you got to get to pass the House and
that's not necessarily a gimme.
Speaker 1 (03:58):
There's still a lot of work to be done. I
thought there would be significant progress this week. I think
we were on track for that, and then Tuesday's elections
happened and that has kind of reset things a bit.
Let's talk about another story of covering this morning. We're
joined by our national correspondent Rory O'Neil. Big announcement at
the White House yesterday having to do with what Trump
calls the fat drugs, right.
Speaker 5 (04:19):
The GLP ones.
Speaker 2 (04:21):
They're going to be getting a lot cheaper for people
who are on Medicare Medicaid, and what we're going to
learn about more next year Trump are x. These drugs
that can cost about thirteen hundred bucks a month could
cost about one hundred and fifty dollars a month instead,
and as these injectables soon become oral medications, that number
could get down to about fifty dollars a month. So
(04:42):
these medications were developed for type two diabetes, found to
be very effective at helping people lose weight. But they're
also expanding doing a lot of research because these drugs
could ultimately help people fight addiction, not just a food
but then alcohol and drugs as well.
Speaker 1 (04:57):
Let me throw a couple of numbers out for you.
Ozempic can be produced for less than five dollars a month.
Speaker 5 (05:05):
According to a new study Americans, they're paying about nine
hundred and sixty eight dollars for that truck, avery profitable.
Speaker 1 (05:13):
But in Sweden you can get it for ninety six bucks,
in the UK ninety three bucks, in Australia eighty seven bucks.
So this is a great deal. This is much better
than the situation before. But my god, I mean the
US we're paying for all this crap compared to what
everybody else is paying, it's insane. Novo Nordisk is making
(05:37):
so much money on ozempic and Magovi thanks in parts
of these prices that we're paying. It is actually boosting
Denmark's GDP, like you can see it on the trend line.
Speaker 4 (05:48):
Yeah, I'm not surprised, but we pay it well.
Speaker 2 (05:52):
And the loss of profits, the amount of profit these
companies are losing, made the guy faint in the offices.
Speaker 3 (05:58):
Yeah him, or that wasn't him.
Speaker 5 (06:02):
No, that was somebody who's taking the drugs. Yes, that
was the best advertisement for you, not at all.
Speaker 4 (06:08):
But he was like basically misidentified, I think because no
bourn Orders came out and they said, no, that's he's
not ours, that's.
Speaker 3 (06:14):
Not our guy. But yeah, he totally he painted right there.
Speaker 5 (06:18):
You could have step on my punchlines.
Speaker 3 (06:21):
It was a great punchline, but you know, it just
wasn't him.
Speaker 1 (06:24):
Rory, thanks so much, have a great weekend, all right,
And yeah, here was that moment of the companies.
Speaker 6 (06:30):
One of the companies got a little bit like, did
you show you went down?
Speaker 5 (06:35):
And he's fine, shut he's That was absolute Trump saying
he's okay.
Speaker 1 (06:42):
I believe Trump spoke to the wife of the person
who went down as well, so.
Speaker 4 (06:46):
That picture went viral, making it look like Trump didn't care.
But doctor Oz later said that he was on the
phone with the wife and then Trump came over and said, oh,
let me talk to her and made her feel better.
Speaker 5 (06:55):
Yeah, just kind of messed up the whole vibe of
the event a little bit.
Speaker 1 (06:58):
Former House Speaker Nancy Pelosi announced she's not going to
seek reelection in a video released yesterday morning.
Speaker 7 (07:05):
I will not be seeking reelection to Congress. With a
grateful heart, I look forward to my final year of
service as you are. Proud.
Speaker 1 (07:13):
Representative Pelosi also thank the people of San Francisco.
Speaker 7 (07:17):
Because of your trust, I was able to represent our
city and our country around the world with patriotism and pride.
Speaker 1 (07:25):
And she said She's been proud to represent San Francisco
in Congress.
Speaker 7 (07:29):
I stay to my colleagues in the House all the time,
no matter what title they had bestowed upon me, Speaker, Leader, Whip.
There has been no greater honor for me than to
stand on the House floor and say, I speak for
the people of San Francisco.
Speaker 1 (07:47):
All the people, from the small business owners to the
homeless person urinating and defecating in front of Taurus.
Speaker 5 (07:52):
She represented everybody.
Speaker 1 (07:54):
President Trump was asked about Pelosi's announcement yesterday. In his response,
pretty much you'd expect from him.
Speaker 6 (08:01):
I thought she was an evil woman who did a
poor job across the country, a lot in damages and
in reputation. I thought she was Seah Brook.
Speaker 5 (08:10):
Yes, I hated hold back.
Speaker 3 (08:12):
No, not at all.
Speaker 1 (08:13):
Former Speaker Knew Gingrich had a different take. He said
he deeply disagreed with Pelosi on many political issues, but
considered her among the most effective leaders ever to take
the gavel. Notable coming from again, a former Speaker. Pelosi,
who's eighty five, was first elected in nineteen eighty seven,
spending more than forty years in Congress. That's why I
(08:34):
was surprised she was retiring. I mean, seems like she's
just getting started.
Speaker 3 (08:38):
Ye I know, right, you can go well into her nineties.
Speaker 1 (08:44):
She moved up the leadership ladder, becoming the first woman
House Whip in two thousand and one and then House
Minority Leader in two thousand and three. She became the
first and only woman Speaker in two thousand and seven
after Democrats retook the House. She led House Democrats for
nearly two days decades, returned as Speaker in twenty nineteen,
and then of course became the opposition to President Trump,
(09:06):
including pushing for those two impeachments, and she played a
very key role this is really like the last part
of her legacy, and pushing Joe Biden out the door, yes,
during the twenty twenty four presidential race.
Speaker 5 (09:20):
Some other note.
Speaker 1 (09:21):
She was born into a really powerful Baltimore political family.
Her mother was the main model for her for political toughness, organization,
you know, those things that would define her career. She
raised five kids before becoming a major Democratic fundraiser and
strategist in San Francisco, and she only ran for Congress
(09:41):
after a dying request from the local representative who was
in Congress, asking Pelosi to succeed her.
Speaker 5 (09:49):
So that's what got her in congressation.
Speaker 3 (09:52):
She's stuck forty years.
Speaker 1 (09:53):
And then finally, Florida Congressman Greg Stuby is now urging
Congress to pass the Pelosi Act. Still be framed it
as a tribute to her long service, arguing the bill's
name now carries added symbolic weight. The Pelosi Act stands
for preventing elected leaders from owning securities.
Speaker 3 (10:11):
And investments that could be her legacy.
Speaker 1 (10:14):
Yeah, it would ban members of Congress and their spouses
from owning or trading individual stocks. Let's go back to
the hotline and bring in our White House correspondent John
Decker now to talk about the political legacy of former
House Speaker Nancy Pelosi. So, John, it's really great to
talk to you this morning. And when you think back
(10:35):
to Nancy Pelosi's time as House Speaker, the first and
only woman House Speaker, she took over in two thousand
and seven after Democrats retook the House and Ledhouse Democrats
for nearly two decades, what are some things that come
to mind?
Speaker 8 (10:48):
Well, the fact that she was so good in terms
of keeping her Democratic caucus together. Yeah, you know, very
very rarely did you see a Democrat stray from the
Democratic Party on a particul her vote, because Nancy Pelosi
really twisted arms and she was effective at that, and
that's one of the reasons why the Affordable Care Act
(11:09):
passed and that took place, of course, during President Barack
Obama's first term in the White House, there were a
lot of Democratic members that put their political careers on
the line in terms of voting for the ACA, and
it was because of Nancy Pelosi that they ultimately voted
with the rest of the Democratic caucus. She also presided
(11:29):
over two impeachments of President Donald Trump, and that's something
that she will also be remembered for. She served thirty
seven years ryan in the House of Representatives. Some may
say that's too long, you know, we need term limits,
but you know she did step away from the speakership
and the last term she passed the baton over to JAKEM.
Speaker 5 (11:48):
Jeffrey.
Speaker 8 (11:48):
So in announcing her retirement, she's doing so as just
a member of the House, a rank and file member
of the House representing her district in San Francisco.
Speaker 1 (11:57):
You know, we call it Obamacare, but you could make
a case that it should be called Pelosi care because
that didn't get passed without Nancy Pelosi as House Speaker.
Speaker 8 (12:07):
You're absolutely right, she was instrumental as it relates to that.
And you know, when Joe Biden was president, the Inflation
Reduction Act with the past without Nancy Pelosi's twisting arms.
During her second round of being the Speaker of the
House of Representatives, I saw, of course President Trump's remarks
(12:28):
regarding Nancy Pelosi, who referred to her as evil.
Speaker 1 (12:31):
Oh yeah, can I play those real quick? John, Let
me let me play the clip real quick.
Speaker 6 (12:35):
I thought you said your evil woman who did a
poor job to cross the country a lot in damages
and in reputation. I thought you was terrible.
Speaker 5 (12:44):
Yeah.
Speaker 1 (12:45):
So he didn't hold back, John, No, he didn't, but
he didn't know back either.
Speaker 8 (12:50):
She also didn't interview this past week in which she
has some very unkind things to say about Donald Trump.
So there's no love lost between the two. Donald Trump
will not miss Nancy Pelosi when she leaves Washington, DC
and heads back to her home in San Francisco. Interestingly enough,
I saw an interview that New Gingrish, the former AST speaker,
did yesterday, and he actually had respect for Nancy Pelosi said,
(13:12):
I didn't agree with her on any policy issue, but
she really managed.
Speaker 5 (13:15):
The House well as Speaker of the House.
Speaker 1 (13:17):
Yeah, he said he considered her among the most effective
leaders to ever take the gavel. And you know he
would know as a former House speaker. John Decker, our
White House correspondent with us this morning.
Speaker 5 (13:28):
John, really appreciate it. Have a great weekend you.
Speaker 8 (13:31):
Two, Ryan, Thanks so much.
Speaker 5 (13:33):
Bye bye.
Speaker 7 (13:33):
So.
Speaker 1 (13:33):
Staffing firm Challenger, Gray and Christmas released a new report
yesterday revealing layoffs in October hit the highest level for
that month in twenty two years. Employers announced about one
hundred and fifty three thousand job cuts, nearly triple September's total,
and cost cutting was the top reason. But about twenty
(13:57):
percent of layoffs we're tied to companies adopting AI, telling
you the disruption is already here. Warehousing and techs are
the biggest losses, accounting for just over half of October's cuts.
And Challenger noted the scale of layoffs a bit unusual
for the fourth quarter, when companies typically avoid layoffs because
they get that public backlash. Why are you doing that
(14:18):
right before the holidays? You know, all of that year
to date, layoffs up sixty five percent compared to last year.
There's also a new poll that found about seven to
ten Americans say their grocery costs have risen in the
past year. All about six and ten say their utility
costs have gotten higher. About four and ten say the
same about healthcare, gas, and housing. And this is across
(14:42):
people of both parties. So you've got the job market
shaky expenses up. Yet, the National Retail Federation is forecasting
holiday spending will exceed one trillion dollars this year for
the first time ever.
Speaker 4 (14:56):
See this is what I always think about stuff like this.
People are putting it on a credit card. They don't
have the cash, but they're putting it on a credit card.
If you've got a credit card r in fifteen thousand
dollars limit, you're going to put it on the credit card,
pay the minimum, and you're going to be in debt forever.
Speaker 1 (15:10):
Sales are expected to rise about three point seven percent
to four point two percent compared to twenty twenty four.
Consumers plan to spend about eight hundred and ninety dollars
per person on gifts, food, and holiday items. There was
another note here that stood out to me, retailers are
expected to hire between two hundred and sixty five thousand
(15:32):
and three hundred sixty five thousand seasonal workers. It's actually
fewer than last year, so they're going to be doing
more business, but fewer seasonal workers. I think that's the
online component, right Well, it's a.
Speaker 4 (15:44):
How much of the increase in spending though, is because
of the tariffs and the prices have gone up like that?
The percentage is that the tariffs or is that things
are just more expensive and people are spending.
Speaker 1 (15:52):
More, and it's higher income households driving much of the
spending lower income households. It sounds like, according to this survey,
focus more on necessities. So just a couple of interesting
stories on the state of the economy right now. Going
back to the Tesla story, so again, Tesla shareholders, they
signed off on the largest CEO pay package ever for
(16:14):
Elon Musk. Now, it's not enough to say that if
the stars align at Tesla and Musk hits all the
benchmarks that are part of the deal, his pay package
would give him as many as three hundred and twenty
three million more Tesla shares, making him a trillionaire. Let
me put it in a way that's a bit easier
to digest. This deal is the equivalent of earning two
(16:39):
hundred and seventy five million dollars a day.
Speaker 4 (16:43):
Oh my gosh, that's just it's unfathomable. Like it's just
you can't even wrap your head around how much money
that is.
Speaker 1 (16:51):
I'll just leave you with that as you get ready
for your job this morning, which I'm sure pays you
something close to that. Real quick, I want to touch
on one other story. President Trump promoted Walmart's new Thanksgiving
meal deal as proof he's delivering affordability. We told you
about this deal earlier in the week. It's a bundle
of twenty plus items turkey, potatoes, stuffing, some other stuff,
(17:12):
designed to feed ten people for about forty dollars.
Speaker 5 (17:16):
He said.
Speaker 1 (17:16):
The dinner costs twenty five percent less now than under
Biden last year.
Speaker 5 (17:22):
But there's a caveat that he left out.
Speaker 1 (17:26):
The meal has nine fewer items, and a bunch of
the brand name foods were swapped for Walmart's cheaper version.
Speaker 3 (17:31):
So those are just minor details.
Speaker 5 (17:33):
Minor details. Yeah, a little fact check there
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