Broadcasting live from the Abraham Lincoln Radio Studio, the George Washington Broadcast Center, Jack Armstrong and Joe Getty arm Strong and Getty and he.
Armstrong and Yetty.
I think it's useful for all of us to step back and ask us, ask ourselves, what has the globalist economy gotten the United States of America? And the answer is, fundamentally, it's based on two principles. Incurring a huge amount of debt to buy things that other countries make for us, and to make it a little bit more crystal clear, we borrow money from Chinese peasants to buy the things those Chinese peasants manufacturer. That is not a recipe for
economic prosperity. It's not a recipe for low prices, and it's not a recipe for good jobs in the United States of America.
Jadie Vance is very, very smart, smart enough to know when being full of crap will sell. There's a fair amount of what he says that's full of crap. Trade imbalances don't really matter with individual countries. It just doesn't matter. We're a gigantic market. We're always going to be buy more than we sell to these little countries. It's okay to have a trade inbalance, but how about the tariff imbalance?
Though I still somebody explained to me why it's okay for Europe to tariff our stuff forty but if we come close to terriffic back it's awful right that I'm not saying it's not. I just don't understand why that is the question.
Boiled down brilliantly by my partner, mister Armstrong. It helps being dumb, well, it helps to get to the core of the issue, as opposed to some of the more
fancy arguments that you're hearing. The Wall Street types will make much, much, much, much more money over the next two to eight years with the status quo than if we change the status quo substantially and rejigger all the tariffs and get into a quote unquote trade war, which I don't actually think is going to happen, well two to eight years.
As we all know, most of your Wall Street companies are worried about this quarter.
Correct, Yeah, I'm thinking about two years. What is best for the American worker the American economy in the short, medium and long term is often very, very different than what's great for Wall Street now. I'm not anti Wall Street. I got a who bunch of money invested, trust me. I'm counting on someday retiring from this dead end or racket anyway. So you've got so many competing interests here which often intersect. If you have a four to oh one K, you don't want to see the market go
to hell, catch fire and sing into the ocean, of course. Not. On the other hand, a situation in which, for instance, are good pals in the European Union have been hitting us with thirty nine percent tariffs on the stuff they let in they won't in let in lobster and beef and a couple other things at all. And now we're jacking up our horrific tariff against Europe to twenty percent. They're still at thirty nine percent on our goods. In what sense is that starting a trade war? It's not.
It's reshaping the playing field in a way that makes Wall Street and American corporations very nervous because they can't plan. So they're yelling and saying this is a terrible mistake because it will cost them. They are sincere, but they're
not sincere about all of it. If I would love to see the five or so points of view on this staunchly in favor of it, somewhat in favor of it, kind of neutral, blah blah blah, all fed sodium pentathol or a couple good stiff drinks make them honest about why they're objecting in the way they're objecting.
Should I be concerned that Bernie and Elizabeth Warren and AOC are silent on this topic because this tends to be a lefty thing over the years of wanting to get into tariffs. Yeah, well, I mean politically, you know your bedfellows. My bedfellows seem to be Bernie Sanders and Elizabeth Warren.
Yeah. Yeah, It's funny. Conservatism is evolving, and it's not just toward quote unquote populism. I read a great, great couple of sentences a while ago. I wish I'd had a tattooed on my arm that the reason, one of the reasons for the rise of Trump was that working America had gotten nothing but condescension and judgment, no doubt and dependency from the Democrats, and nothing but false promises
from conservatives. All those steel workers and car workers and you know, washing machine workers and blah blah blah, who are placed out of jobs because you can make it cheaper in South Africa or Malaysia or wherever they got false promises. Now, the rising tide did lift all boats some but some boats much much, much more than others. So now Trump comes along and says, no, We're going to serve the American people, not the giant American corporations.
How does that contrast, by the way, with the whole million ass a billion ass. Trump is half of the billion as right.
Well, yeah, I was gonna mention The New York Times today one of their side headlines around this, and this is a giant story, this whole tariff thing.
Mean, this is enormous importance. You can't exaggerate how important this is.
But one of their analysis pieces, Trump's tariff's our latest sign of his second term appetite for risk. He is not taking the soft, easy way to glide through four years of being president and try to stay popular at all. I mean, this is really laying it on the line. Another angle of this whole tariff thing and restructuring the global economy. I've heard this from a couple of places which I've always been bothered by the concept of jobs Americans won't do.
That just rubs me the wrong way.
For a variety of reasons, including the fact that I've done a lot of really, really crappy jobs and I never thought it was beneath me to do those jobs. I you know, I structured my life in such a way that I wouldn't have to keep doing those jobs.
Those jobs motivated everything I have become.
But the idea that we're too good for those jobs just seems like a recipe. It's just, you know, I'm a big fan of the French Revolution. It's got a bit of a Louis the sixteenth culture to it. You know, we don't have to do certain things, and you just keep getting poorer and poorer.
And how big a fan of the French Revolution are you? I mean, if I like descend, am I going to get the you know, the old chopper rony whatever it takes? Okay?
But then this angle that I've heard a number of times recently as I've listened to a ton of podcasts on this. There's a piece in the Financial Times today by this guy, Michael Strain. We should not be wishing for American workers to return to the days of sewing tennis shoes together in factories. So like if you got Nike to come to the United States or Converse came back to the United States like they had been, that that would be a horror because you'd have Americans sewing shoes and factories.
No, no, Americans should be in cubicles typing into computers for that wages. That is what God has ordained. Yes, that's that point of view, which I find very odd.
And if Converse through through the restructuring of the world, Converse decides they need to be back in the United States, well, they're going to have to pay workers whatever they got to pay them to get them to show up, which is the way it is with the fast food industry and your cubical job and everything else. I just I don't understand the horror there. And again getting back to
the reciprocal terrif idea. As you look at the chart, and we'll post an easy link to find at armstrong e geddy dot com if you want to look at what the other countries around the world are charging us in tariffs and what these new discounted reciprocal tariffs are going to be on their goods.
You'll see a that is very reasonable. And b that's not the end point. What the end point is gonna be. And it might be in like a week or two, or it might be in a six months. There might be in a year or two years. I don't know. This is a a passing through point on the way to the post post World War two trade uh norms. In my opinion, here's what the Wall Street Journal said. Their panties are like in a wad, then bronzed, encased in amber, and coated with steel. It's the most wadded
panties in the history. End Well, it's the what do you call It's a wedgie. It's the atomic wedgie. You pull a clip over their head. Yes, forbidden by the Geneva Convention. President Trump unveiled his new Liberation Day tariffs on Wednesday, and they are another large step toward a new old era of trade protectionism. Assuming the policy sticks, and we hope it doesn't, the effort amounts to an attempt to remake the US economy in the world trade
trading system. All details aren't clear as we write this, but mister Trump's tariffs look reciprocal in name only. First, he's hitting every nation in the world with a ten percent baseline tariff to sell in the US market for those he calls bad actors. He's adding up the tariff rates on US goods plus an arbitrary estimate of the cost of its currency manipulation and non tariff barriers. I
don't think it's entirely arbitrary. But he then takes the total number and applies half that in tariffs on the country's exports to the US. So if they charge us forty nine percent, we charge them twenty four percent. That doesn't seem that insane. Then they go into some of the details not worth sharing because we've done it. He're the main point new economic Oh, let's consider some of
the consequences already emerging in this new protectionist stage. And again I question whether charging them half of what they charge us is quote unquote protectionist. New economic risks and uncertainty. The overall economic impact mister Trump's tariff barrage is unknowable, not least because we don't know how countries will react. Could be widespread retaliation, there won't be. I don't think there will be. There will certainly be higher costs for
American consumers and businesses. Tariffs are taxes, and when you tax something, you get less of it. Tariffs are taxes. They are one hundred percent taxes. That is correct on imports, so we will get fewer imports until the tariff rates adjust again, and then we get more exports. Theoretically, car prices will rise by thousands of dollars, including those made
in America. That's correct. Mister Trump is making deliberate decision to transfer wealth from consumers to businesses and workers protected from competition behind high tariff walls. Over All this, over time, this will mean the gradual erosion of US competitiveness. It will harm American exports. One long term US trade goals to expand markets for American goods and services. Mister Trump's unilateral tariffs blow up those arrangements and invite retaliation. In
what sense are they unilateral? I honestly, and if I'm missing something significant, please drop us an email mail bag at Armstrong in getty dot com. I would much rather be corrected and eat crow than to be bellowing something that is wrong on the air, So feel free mail bag at Armstrong and getty dot com, or if you'd prefer to text four one five, two nine five kftc uh he makes the Wall Street Journal makes a couple other broad points, and I'll just hit those very quickly
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Here are the other main points this and some of this is persuasive. Like I said before, this is complicated stuff. And there are some some harms absolutely that this will cause that will be disruptive, at least in the short term. A bigger Washington Swamp tariffs impose costs that businesses will want to avoid. This. Thus this will be a windfall for Beltwait lobbyists as companies can country seek exemptions from
this or that border tax. Trump says there will be no tariff exemption, but watch that promise vanish as politicians, including mister Trump, see exemptions as a way to leverage campaign contributions from business. Liberation Day is by another yacht day for the swamp woof, and it will be the end of US economic leadership. The share of global GDP has been stable at about twenty five percent for decades,
even as industries rise and fall. That era is now ending as mister Trump adopts a more mercantile vision of trade in US self interest. Don't bother you look it up if you want. The result is likely to be every nation for itself, as countries seek to carve up global markets based not on market efficiency but for political advantage. In the worst case, the world trading system could evolve into a beggar thy neighbor policy as in the nineteen thirties.
And they say this will also be a major opportunity for China. You know, I'm going to use that as a measuring stick over the years.
You're right, it's been We have been about a quarter of the world's GDP for quite a while. Now, where will we be five years from now, ten years from now? An interesting way to look at it.
Yeah, we need to take a break, but there's more to be said, and we will say it, and you can take your input.
Yeah, you're your input at text line four one KFTC.
Corey Booker just delivered the longest speech in Senate history at twenty five hours and five minutes.
Check out the other historically long speeches that knocked off the top of the list.
Senator Strom Thurmond in nineteen fifty seven, your dad after he found weed in your sock drawer. Your coworker telling you about a dream they had last night. Adrian Brody accepting the Oscar for Best Actor. Every group of bridesmaids whose speech starts with for those of you who don't
know us, we're Becka's best friends from growing up. The person over fifty when you asked them for directions, the waiter reciting the specials when you already know you're just getting the burger, and Joe Biden saying one sentence, Hey.
Yeah, that's a fucking good the list now he holds the records are really good. Boy. That Corey Booker, idiotic stunt, gotten zero attention, hilarious bride He's made for those who don't know we've been best friends since here comes the lost story.
Boy.
It's not for me, it's for them. It's their day. Sure, so I'll just think about something else. Why I tell this?
So let me run through a couple of things for you in our limited time. In this segment, Kanye West confirms split from his wife Bianca after his disturbing rants, which Joe mentioned the other day if you haven't watched him, he did an interview in.
A full Ku Kus Klan outfit, but black instead of white. The Pointy Hood and everything did the interviews through the mask, so it was wrong and an interview guy had to be thinking, dude, I get it, all right, you're outrageous. Take off the mask. So this is audio.
It sounds terrible anyway. So his wife is taken off. He says he's tracking her on her on his app. He's tracking her and she ran away. Okay, So there's that Another New York Post got her chipped like a dog. Well, you know you probably do. Maybe you do this, I don't know, but you know, like you share your location with youruse absolutely his sons whatever. Yeah, but i'd thought she'd have turned dolf. Yeah, New York Post headline. Another one dog breaks Guinness World record for a number of
tennis balls in mouth at once. M I didn't know that was a record. The question is does a dog know he was breaking a record? His dog has looks to be like five tennis balls in his mouth the way. That's a good boy, good boy, we've set a world record. Congratulations. And I had another one I wanted to get on. Oh, this high school baseball player whose name happens to be Jack Bauer. If you're old enough to remember the TV show twenty four, he wears the number twenty four on
his jersey because his name is Jack bar. I'm sure his parents had to tell him about this because he was born after that show was on. But he's a high school kid and he throws one hundred and two miles an hour. No and uh yeah, and he's like everybody's paying attention to him.
Obviously. He had a game Tuesday.
His fastball averaged between ninety seven and one oh one in the Tuesday game. Now, as a high school player, you gotta be thinking, can I just can me just do they have a thing where I can just forfeit my bat bat so I don't take one in the head if he happens to.
Lose it, I would be at the far back outside corner of the batter's box, covering myself up, saying, dude, you're either going to throw three strikes or four balls first. I'm either going to head to the bench or first base. Go ahead.
I'm not gonna be killed today. One other sport thing, you know. So, I was at my son's volleyball game last night. Real volleyball where you have howard eight people on each side. That is so much more entertaining than the two person beach volleyball. I don't care what anybody says regular volleyball is really exciting.
But they're not sexy babes wearing thongs, right, that's the thing.
They aren't not bigini, So it'll never be an Olympic sport that anybody pays the attention to.
So we need to revisit the Ezra Kleine progressive view of life that we touched on yesterday, and we've got some great reaction to that via email more of talk, including I've meant to throw in. Speaking for myself, there's no question this is terrible for me in the short term financially speaking. Oh yeah, Oh it's awful. So believe me. I'm not touting this because I think it'll help me.
Armstrong and getty.
You can see now that we are in a pre civil war culture now, But I look at the politics of it, of where people are in this country today and the division and how they're holding fast and no one's going to falter, no one's going to break or.
A compromise, and it's bad. Hands up, hands up, don't shoot. That's Alec Baldwin.
I'm saying we're in a pre civil war culture.
So I I hope he's wrong about that. I'll grow my beard out. I don't I don't know what to do alec.
But we are quite polarized, and nobody's giving and I don't know that I feel like it's improving any But I've always been interested in the how, you know, people grow up with a lefty view of the world, you go up with a conservative view of the world, and just they're so different and what causes that and all
that different sort of thing. But we were talking yesterday about this interview I heard with Ezra Kline of The New York Times in which he was asked to describe the lefty point of view and to summarize it fairly succinctly, And it made me scream out loud in my bedroom. Oh, you've got to every beginning, because he got into the whole Look, life is unfair, and people have different advantages.
Where you're born, how smart your parents were, how you know, blah blah blah, the kind of school you went to do So if you're successful, you didn't do that, you didn't build that in the famous Obama thing. And so the job of the government is to try to you know, you can't get perfect outcomes, but the job of the government is trying to level that out, right, I thought, Okay, yeah, how so who's going to make those decisions?
First of all? You, I guess yeah, And gosh, who's going to end up really benefiting from the power to make those decisions? Golly, I can't even guess.
And always my thing, nobody ever throws in personal choices, decisions you've made.
Throughout your life for how you ended up where you were. It's just you were born in the right town and your parents were this or that.
My parents weren't rich, by the way, But whatever Evan Jews have, nobody gives you any credit or discredit for life choices.
Right, And we talked about how, as laid out so beautifully by Thomas Sowell in his book A Conflict of Visions, you got what he calls the constrained vision of mankind, which is essentially more conservative. It relies heavily on the belief that human nature is essentially unchanging and that man is naturally inherently self interested, regardless of the best intentions.
And those with a constrained vision prefer these systematic processes of the rule of law and the experience of tradition compromises essential because they're no ideal solutions, only trade offs. On the other hand, the unconstrained or progressive ezraclined point of view, it relies heavily on the belief that human nature is essentially good. Those with unconstrained visions distrust decentralized processes like the free market and are impatient with large
institutions and systemic processes that constrain human action. They believe there is an ideal solution to every problem and that compromises never acceptable. Collateral damage is merely the price of moving forward on the road to perfection, and the best part.
Saul often refers to them as the self anointed. Ultimately, they believe that man is morally perfectible, and because of this, they believe that there exists some people who are further along the path of moral development and have overcome self interest that's what Asraclined would tell you, and are immune to the influence of power and therefore can act as surrogate decision makers for the rest of us, which is I can't decide whether to vomit or guffaw.
Yeah, yeah, that's hilarious that notion. So yeah, I'd buy the view that even if I agree one hundred percent that successful people didn't earn that. It's just you know, circumstances. I don't believe at all that the government could have a role in trying to fix that.
Situation right right now. If somebody is blind or different thing, yeah, developmentally disabled, autistic, whatever, that's an entirely different question. So we got a couple of interesting reactions via email mail bag at Armstrong you getdy dot com. Is the email addressed if you ever want to react to anything, keep it short if you can. But Dan, who says he signs off your backyard, California, get the hell out of
my backyard, Dan, You'll be shot all right. Wow. Anyway, he's had mentioned earlier if you read one of my emails in your life, this is the one I want you to be aware. Okay, Ezra didn't say it out right, but he's addressing your point about people's life decisions. When he says life is unfair. Here's the scary, crazy point. He's not saying out loud because it would make him sound like a lunatic. He does not believe in free will.
Trust me. My brother and his girlfriend are liberal and highly educated, and when having a friendly political debate with me, they spat out Ezra's crazy worldview almost word for word. And when I brought up your point that everyone makes decisions in life greatly affects their outcomes, they defended their position with this. There's a crazy, almost Marxist ideology going around with progressives right now that we did not make our own decisions, it was all predetermined or destined. I've
never heard this. This is I'm glad this is being brought to my attention. I have heard mostly people of a progressive bent, saying there is no free will. It's an illusion because we are are genetic selves and it's all okay, So what am I supposed to do with that? Well, well exactly, Yeah, you've bottom lined it for me. So I guess my genetics were be young, impulsive and not a big fan of rules and make a series of bad decisions from which I had learned and then started
to make much better decisions. But that was all predetermined, I guess anyway. Oh ba ba bah. All they straight up said to me, I get just got lucky, and that every so called decision I made in my life was predetermined. If you think about it for a little bit, you'll realize how sick and horrible. This ideology is. Imagine, they're able to convince more and more people that quote, you don't need to feel guilty about your decisions, you don't need to try to make good decisions because it
was always going to happen this way. Then maybe I would shut down my business right now, because that's not actually a decision. It was always going to be happening. It always going to happen.
I assume many of us have had this free will discussion or heard it or whatever. But I mean, like today, I'm either going to decide to stick to my diet or I'm going to say, screw it, need a bunch of donuts. And you're telling me that's predetermined. I'm not okay, you have no say if your eyes open. Is this
sick philosophy spreads more and more amongst young people. I'm thirty six, my brother's thirty eight, so we're not even the young generation that it's susceptible to this crazy the ideology, but it's spreading all right.
Then we got this from a frequent correspondent.
Obviously that's fantastic if you're on the Ezra Klein's of things, because then that gives you the go ahead to have the tremendous government and intervention to try to even things out. Because nobody is responsible for their success or their lack of success, the redistribution only makes sense.
And while the Ezra clients of the world are exercising the stunning, unimaginable power of making everything equal by manipulating everything, they'll also carve off a certain percent for themselves. Happens every single Timetris says, I.
He's a richest person in Venezuela. You Goo Chevez's daughter. H imagine that anyway I want.
Too, so JT and livermore right, say, Ezra's worldview about progressives is total horse spit. He really cares about how unequal different people's lives are. He should ask himself why he doesn't give away all his money and wealth and possessions that exceeded eighty three hundred and sixty dollars. The median American net worth is one hundred and ninety two thousand dollars. The median human net worth is eighty three hundred dollars. I say, those bleeding heart liberals need to
first put their own money where their mouth is. Start by example, you're in the upper half of people in the world that have more than median value, and so you should give all the rest to the un to distribute to those who have less than you. It is the exact same horse spit virtue signaling that rich liberals are always spouting but failing to lead by example respect
to tax rates. Nothing is keeping Bill Gates or Warren Buffett or Nancy pelosire Bernard Sanders from writing a big fat check to the US Treasury to cover their proposed wealth tax, or a big fat check equal to the higher tax rate that they think is fair for somebody of their wealth or income. But the next time I hear about a wealthy liberal writing an extra check to the US Treasury and support of their stated belief that the wealthy should pay more in taxes, it will be
the first time. Yeah, hey, Isra do you fly first class? I'm guessing you do.
Why don't you fly coach and give that money to that guy sitting out tried the airport begging for money.
I mean you didn't deserve it. He didn't deserve it. And finally, listening to as their speak, it sounded exactly like the Marxists taking equity, talking equity and that equity is just the latest iteration of something that's stuck to the wall. They don't believe any of what they say. It's just the latest method they can think to justify their side. I would say that's true, JT. It brings us back to a discussion Jack and I always have.
Are the people we're talking about, the activists who know precisely what they're doing, or they're at least driving the train, or are they the nice, dopey people who hear that moral argument about No, Those people aren't like, don't make bad decisions, or their culture doesn't reward learning or whatever. They've just been unlucky and they think to be a good person. I need to adhere to that point of view.
I know smart people, really smart people smarter than me. People that believe what you just said, actually believe it.
Uh, proving once again intelligence is not wisdom.
It's hard for me to wrap my head around. And then there's the whole cultural thing of if you believe in decisions that will you believe you make decisions that they aren't preordained the.
Way it affects culture.
You know, I'm raising my kids, you raise your kid I'm sure in a certain way, because you've looked at the outcome of other families who did certain things, and you want your kids to have a better outcome. So you know, and I tell my kids all the time, people that do this end up with this, People that do this end up with this, And so you get a better result from society when people are observing these decisions.
Yeah, in a hundred different ways, including much less crime, for instance. Yeah, that's wild.
Is this a new thing? I mean, I know it's not entirely new, It's been around since the beginning of philosophy, But is this a new thing among the American left to talk about these are preordained decisions?
I think it's a new version of that argument that the really interesting thing that nobody ever talks about is that if you had that point of view prior to DR's presidency, you would die of starvation, right, going back to the dawn of effing man. Sorry, folks, I'm adamant about this stuff. It's only because the modern welfare state that you can indulge yourself in. Think this crap, right,
it's only eighty years old. You know. The lefties they love to talk about like our native peoples, the Native tribes. They shared equally. They shared the game that they caught, and the fish and the food and the labor they shared. And because they were nomads, they didn't particularly accumulate material goods either, which is probably good. But anyway, what they always leave out is that if you didn't contribute equally, you were killed or left to starve.
Yeah, the idea that you could decide, you know what, I'm just gonna drink firewater and sit under this shade tree all day long because that's all predetermined.
I'm just less lucky than you, chief, and they'll share equally with you. As hilarious. It's absolutely laughable. The crazy ass ideas that people grasp. To quote Thomas Soul again, there's some ideas so idiotic only an intellectual could have them.
I had this same belief when I was poor, by the way, I really did.
Oh yeah, yeah. I remember hearing about the progressive income tax rates in high school as a kid wearing hand me down clothes. I thought, everybody pays ten percent, so of course people will make more money, pay more. That's what a percentage is. But no, my teacher explained to me, no, no, no, no, no no. The quote unquote wealthy, the rich whatever, they pay a much higher percentage, And sitting there in my handme down clothes, I thought that's wrong. Well, so that ain't going away.
But yeah, the whole idea of if you're successful, you didn't you don't get any credit for that is just a good way to destroy society.
Yeah. Wow, that's horrifying.
You can comment on that line four one, five two nine five Kftcara, are you terrified?
Ied? Is it terrifying?
We've got some uh tariff uh of a way to look at the whole thing in just a second. It's the no good, horrible terrifule day. More on that to come stay with us.
Plus, one of our favorite clips of twenty twenty four has at long last been turned into a most song, a remix of some sorts so well we needed. It's ridiculous but kind of funny, So stay with us for that. Just to follow up to our previous discussion that I swear I will shut up about all this and if you didn't hear it, grab the podcast Armstrong Getdy on demand. We were talking about the progressive worldview and how you didn't build that and it's all luck and blah, blah blah,
the other unholy side of that coin. During the break, we were talking about a horrific shooting in a pharmacy or a disgruntled guy killed some poor pharmacy worker who's just there to make a living job. They probably didn't love, as Jack said, and they might hate big farm as much as you. Exactly. That guy believed his crappy life was not his fault, right, and that he was a victim of people and forces that control him. That is
the other side of that philosophy. You want to know why there are school shooters now and there never were before, including when every kid had a rifle in his gun rack in his pickup truck at school in the country. At least, it's because of that change in the culture. There might not be a more corrosive and horrifying philosophy on earth than You're not responsible for you.
Yeah, it should be considered child abuse to teach your kid that failure is not your fault.
End of rant. Oh, that is troubling anyway.
So it is the whole tariff thing today. This is worth talking about a lot because it's a huge, huge deal for the whole planet and how it works out.
We don't know. Nobody knows.
Trump has been He's had a theory on this his whole life, and we'll see how it turns out.
Anyway.
Here's Howard Lutnik, who's one of Trump's big financial advisors, being interviewed about it today.
If the market here in the US opens at nine am and things head south, is there a.
Red line for you pulling back and saying, Okay, hold on, we're going to rethink things. No, you know, I mean, come on the markets.
When Donald Trump was the president last time, he put on tariffs, and if you go back and look at that news, everybody said, oh my gosh, oh my gosh. And the stock market, as you heard him say yesterday, up eighty eight percent during his presidency. So what you've got to realize is sure, there's going to be some short term movement, but this is a reordering of global trade.
It's time for America to manufacture again. And I think these changes in the stock market while their initial long term, you've got to assume a medium term and employment based, you're going to see America thrive. Interest rates are going to come down, as we said, and America is going to thrive. And that's what Donald Trump is about is about employing Americans, building in America and having Americans be the winners.
Yeah, that's why I started the show with.
In my opinion, any analysis of this that's going to lean on what the stock market did today come on well.
Especially because the stock market is rife with speculation. It's like the NFT craze. Nobody wanted a dumb ap yacht society or whatever it was NFT. It was pure speculation, and a lot of the stock market is too. Jd Vance. I don't think we have time or do we have time? Yeah, play fifty seven for us, Michael.
What I'd ask folks to appreciate here is that we are not going to fix things overnight. Joe Biden left us. This is not an exaggeration, lawrence. With the largest peacetime debt and deficit in the history of the United States of America, with sky high interest rates, you don't fix.
That stuff overnight. We know people are struggling.
We're fighting as quickly as we can to fix what was left to us, but it's not going to happen immediately. But we really do believe that if we pursue the right deregulation we pursue those energy cost reducing policies. Yes, people are going to see it in their pocketbook. They're also going to benefit from the fact that foreign countries can't take advantage of us anymore. That means their jobs are going to be more secure.
If you're just tuning in, we've made the point a couple of times and we'll dive back into it next hour. That there hasn't been anything close to free trade going on. The free traders are saying this is a trade war Trump has started. The other countries around the world have to either a greater or lesser extent, been tariffing the hell out of American goods for the longest time. And you know what, in the wake of World War Two, when we stood astride the economy of the globe like
a colossus, I get that they needed help. We needed to sell our stuff to someone. All right, exactly seventy years down the line, now it is time for a fundamental restructuring global trade. Will it work and how much will it hurt? I don't know. I wish I did. If I did, I would tell you we're not going to find out in the first couple hours. No, there's a new book out about the end of the Biden presidency by a respected reporter, did an interview today. We
got some of the highlights on that coming up. Boy Barack Obama did not think much of Kamala Harris as one of the headlines
Armstrong and Getty