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Krubman's aging he's gone from the New York Times of substack and what's he doing? Dials one eight hundred Meal Dutta because he wants to find out what a god's name is going on Macro Research's renaissance. Macro joins us right now, neildt it as well. I want to know, I think everybody in the racket. You were my Economist of the Year three years ago. You're sitting by the bat phone and the Krugman calls up.
What is that like?
I mean, I was shocked. I mean, obviously you know Tom as you know, I'm just a lowly business economist. So to have someone of his stature in the field talk to me was, you know, really cool? I mean, and he was the nicest guy as not as cutting as is written pros that you know that we're all used to, so, you know, really the nicest guy. And it was just great to talk to him. So yeah, I mean, it was always very willing to listen to what I had to hear what I said.
I let's get a Krugman update right now.
Nominal GDP the combination of real GDP and inflation. You look at it, Atlanta GDP. I'm almost framing out a negative nominal GDP, which I.
Know you're going to say is wrong. Where is our nominal GDP forward?
Well, right now, I think nominal GDP's running below four percent. If you look at the compensation data that was released, the personal income and spending numbers that were released last week. We're in a situation now where private sector wage and salary growth is barely running three percent and the Fed funds rate is over a percentage point above that. So whenever you have incomes running below the rate of overnight Fed funds, say sure sign that monetary policy is too tight.
And so we got more confirmation of that last Friday.
All right, let's do the math here. I got a I think it's Liberation Day on Wednesday. What's the math.
Mean to you?
Like?
What are the numbers mean to you? Do I need to pay attention to this stuff. I know it's headlines.
But well, I don't think anyone really knows what any of this means. So I think the journals reporting today that they're talking about a universal twenty percent tariff, which I think would raise about three close to three and a half trillion over ten years. So remember during his confirmation, Secretary Bessett talked about the various ways that tariffs could be used, right. I mean one would be like sort
of a negotiation. Another way is sort of to get Another way that he talked about it was basically revenue source, right, I mean a revenue source to pay for you know, extending tax legislation and so forth. And if they're talking more about universal tariffs, it's clear they're moving away from this sort of like let's negotiate lower tariffs across the board, right, sort of escalate to de escalate and instead of move more towards a pay for mechanism.
I went back to a twenty eighteen essay at Paul Krug been very wonkish, and he skewers in twenty eighteen Peter Navarro. Peter Navarro's driving the tariff dialogue at the White House. Right now, who's pushing back against Navarro? There's no Gary Cohne that I see there. Now, Is it the Secretary Treasury who's pushing back against tariffs back to the nineteen forties?
I mean, I think Tom, I mean, my sense of it is is that having some belief in tariffs as a tool of policy is the price of admission in the administration. So at some level all of them agree with Trump and they're very they're less likely to push back.
Where's your unemployment rate right now?
I mean, I'm on the debate that the FED is shifted over to a labor dialogue. Does Neil Datta have an unemployment rate out year in that can give pause?
I think what's important is that the FED has a forecast of four point four percent I think for the end of the year. We may well be there by the middle.
Of the year.
And so if you're if we're getting to those year and forecasts a couple of quarters ahead of schedule, the likelihood, I think is that they start to pull in some of the rate cuts that they have in twenty twenty six into the current year.
You know, one of the points from the administration is near term pain for longer term gain, and I guess longer term gain is more manufacturing on shore here in the US. How about the auto industry. That seems like one that could happen, but that takes time.
I would think, right, well, this is one of the reasons why I think you have to make the assumption that they're moving off tariffs as a negotiating mechanism, because at some level you have to keep them on in order to force changes in factory capacity. That takes time. So if people think it's just a temporary negotiating tool, they're not going to actually want to put in the investment to make, you know, to bring more final assembly to the to the US. So yeah, I mean, I
don't know about long term gain. You know, I do think that there's you know, you think about what's happening in the markets with with a lot of these auto companies. They can't see it just yet clearly investors.
So how do you think about I guess the retaliatory tariffs. I mean, most of our trading partner talking is to just sit there and take it. I would suspect that they're going to step up and.
Look, this is this is what you this is. I mean, I'm not a trade expert. I'm not I'm not Michael Pettis. But what I will say is one of the things you learn in any sort of I think introductory international
trade course in like a prisoner's dilemma type game. If one person does tariffs, usually the other party puts on the tariffs, and then you have the worst case outcome, right, I mean, there's a retaliation, and so this sort of tit for tat is what is what is concerning and you know, I mean that's kind of where we are.
So much of this is the X axis. You mentioned the four box prisoner's lemo. Okay, fine, but also it's got to run across a time continual. We mentioned this an hour ago. Everything short term, short term, the market, short term, the show is short term. Neil dutt is trying to go long term. Where's the horizon the president's talking about? The President says he's going to make America great again? In that is that out that manufacturing pick
up Paul mentioned? Is it out one year or is it out four or five years?
Well, I mean I don't know, Tom.
I sort of reject the premise that this this sort of approach will make the country a greater grand I mean, I understand the need to kind of you know, for security purposes. You know, you want to have a strong manufacturing base. I think going after China makes a lot of sense. But you know, just think about it at the most basic level. I mean, if every state was operating as its own country with their own trade policies,
do you think that better? You know that more prosperity would result as that way?
What or agy and get we had two percent three percent?
There's somebody's got a beautiful bar chart out where we're bombing ourselves. We don't know, but peers, we're bombing ourselves back to the nineteen thirties of the nineteen forties. My answer is what we ticked five percent unemployment? We get a new run rate of unemployment four point x percent or maybe months are here at a five percent unemployment.
Right, I mean you may have higher unemployment, but you'd also probably have somewhat higher inflation and weaker productivity growth and over over time, I mean that you know, weaker productivity compounds, and so that would over you know, that would that would hurt our longer own living standards as a result. So you know, I think that they're like anything, there's balanced. There's no such thing as free trade, all
trade is managed across countries, right. But I think there's a way to do it right, and there's a way to do it in a haphazard way. And I think we have the latter inflation. Uh, what's your call on inflation? Is just going to accelerate inflation? And if so, to what level?
I think?
I think the growth consequences of what's going on are much more important than than than the inflation consequences. I mean, ultimately, in my view, inflation comes down to the household's budget constraint. And the household's budget constraint, as we just talked about, is coming as shifting inward, right, because the labor markets have cooled and private sector wage and salary growth is slowing.
So if you do have let's say, cars costs more, people have to allocate more dollars to cars, they'll have less money left over. Ultimately, it comes down to the household's budget line.
Neil, I look at the jobs report Friday. Is this the first Trump report? Is this the last Biden report? Is there a freshness to the data where you can say this is finally Trump mathematics, Trump statistics.
I mean, I think it's a little bit too soon. I mean we're talking about what the survey week was the twelfth. I mean you started to have some dialing up of the rhetoric. But I don't think it affects things that quickly. I mean for firms, you're making a trade off, right, I mean, it's not like people didn't know what they were getting with Trump. He ran on tariff being his favorite word in the dictionary, right. So to me, it's the sequencing that might have put people off.
Are we now where.
There's a loss of confidence, there's a loss of consumer confidence, there's a loss of business com Yeah.
I mean I think every month that goes on from since the inauguration, it becomes more you know Trump. But I will say, look, I mean I do think that he was dealt a bad hand. I mean, the economic buffer was not the same as it was back in like twenty seventeen. Let's say, you know, total hours worked in the three months ending in February, we're negative, right. We just talked about private sector wage and salary growth barely running three percent. That was a February data point.
So the truth is is that the administration inherited a very imbalanced economy. One where the labor markets were frozen, the housing market was frozen. That continues, and you could argue that they've made a bad situation worse. But I also think their communication has been a little bit challenged, right because look at how they look, at how they look. They sort of talked about the last job's number the February report, right, they took credit for the big increase
in auto manufacturing employment. There was like a nine thousand increase in factory employment, and you know for motor vehicle in parts manufacturing. I mean, you can't say, oh, this is us, but all that bad stuff is Biden, right, so you have you have to kind of I think they would have been served much better had they talked the economy down more on their way in the door, Frankly.
Fed any role for the FED here, I mean at two rate cuts, maybe a third item went back to three?
Where did they?
I mean, I think the Fed will be going four times this year. I think they'll start in June. I wouldn't be surprised if you know they could. They could start with fifty. Frankly, I think the labor markets are right, aren't a bad spot, and I don't think that they
want to take any chances. Frankly, and as I mentioned, you know, ultimately the growth effects are going to dominate the inflation risks and and I think if the FED is taking that on board, they're going to be cutting more aggressively in the market.
STA.
I know you're not in speaking terms with Jeff de Graph, but when you do talk through your people with mister de Graf link in his market analysis into your economics over to the grimness of Atlanta GDP. Now talk about you know the growth metric. Those are grim statistics in Atlanta.
Well, I mean, I think for for Jeff's process, credit matters a lot, and so I think that's what he's looking at. So the fact that credit spreads are starting to wake up a little.
Bit are the vigiland he's going to tell the FED what to.
Do, don't they always? I mean I think you know, I mean, look to me, you have to watch high yield credit like all this stuff that you're seeing from the street. I mean, you mentioned Goldman.
Better than me. I mean, it's odor is to.
At least is on top of the whole credit.
Yield spreads are finally breaking.
Well, I mean you mentioned Goldman. They took up their recession probabilities. I mean, all they're really doing at this point is just following the market. If you look at like the Fed's excess, you know, riffs premium right like there, their measure of using corporate credit to determine recession probabilities. That's basically what's going on. So I think you have to watch credit spreads and the higher they go, the more likely you have to assume the Fed is going to go more.
Get one more in here.
So, Neil, what's the data point you're looking at here? What should the market look at? I mean, we're gonna at Jobs Day on Friday. Is that something that's going to.
Be I'll tell you right now. Go on your Bloomberg terminal p I W G T O t L index. You go into the economic work bench, look at that year over year and then add in the FED funds rate. If the Fed funds rate is over that year over year rate of growth, bad things tend to happen. And that's where we are right now.
Oh boy, thanks on that note, Tom, I just you didn't fill out a brick. Are you too busy looking at that?
Pi?
Oh me, Well, I went to a Division III school, Tom, I went to NYU.
I mean, hey, the women's fastball to die for this guy dominant?
Yes, Neil, congratulations, huge impact on the nation's market economics.
Neil dout of there with Renaissance Macro. Thank you so much.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Corplay and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg eleven thirty joining us right now.
Someone who could have written How Not to Invest Brian Belski, chief investment strategist at FEMO Capital Markets. In times like this in corrective emotion, he has been liberated by saying stay in the market have curged.
Brian Belski, are you still a bull this morning?
Good morning Tom, Yes I am, and I just got back from yesterday. I just got back from being in Canada for a couple of days, so I have some unique perspective on that too.
Of course.
Was part of my responsibilities is to forecast the Canadian stock market as defined by the TSX index. And I'll say this that you know we have a bunch of different responsibilities there, some of which is to manage actually Canadian equity portfolios. And the majority of our majority of I'm not being slambuoyant here, the majority of our Canadian clients want to sell America and just being in Canada.
And we think that that is not only a tactical air, it's a longer term strategic air, given the fact that from a diversification standpoint, given just the fundamental perspective, US as America goes, so it goes Canada. It regardless of the outcome of this, the countries are still tied together, they're still doing business together. And I think anytime in life, litt alone investing Tom, when you make decisions based on fear and emotion, they're wrong. And I think that's what
we're kind of heading into. And that's why the market's here today. In the next day or so, until we get some clarity, and Paul is talking about uncertainty, Oh my gosh, we're in one of these times again. So we're we're not changing anything.
So I guess you're of the opinion, Brian, that this uncertainty in the marketplace, it will pass to a certain degree at some time in the near future. I'm not sure if it's as soon as Wednesday, but sometime sooner rather than later.
Oh, it could be today, it could be tomorrow.
And I think what the problem is, Paul, is that you know, all of us collectively on air right now, I've been doing this for a long time, and I think there's a couple of problems. Number one is I believe that the near termism has been exacerbated since COVID, that we've become so reactive. Number two is we have to deal in life just like again, investing with things that we know. We don't know exactly when this is going to stop or change, and it all could change to the positive as well.
And I think too many people that.
Do what I do, want to make the big negative call and want to assume and infer, and that's really difficult. And so I think I think what we know is the markets have corrected more than ten percent, so we are in correction zone.
That's what we know.
We also know that this is the fastest correction that we've seen in multiple decades, if not ever, especially since nineteen ninety. But at the end of the day, I do believe that America has the best companies in the world. Canada is actually quite put quite close in number two. And this is the time where you want to start a shopping list because we're seeing some quite exacerbated moves to the downside. And this is where you want to be a long term investor.
Brian Belski with U female capital markets for.
Investors, Brian Belski for whatever, and scared stiff. They don't have the Belski confidence. How do they slide into this market?
Well, you know, we have a lot of faith in terms of what we do things, and faith in our business as fundamentals and in the fundamental construct of the United States stock market has not changed the last eight eight weeks.
And now people are gonna say, what about the tariffs and what about state plation? Come on, man, we haven't had stake plation since the nineteen seventies.
They're looking at their academic books to define stake inflation and they don't understand what happened in.
The nineteen seventies. You and I live through that.
Paul, he's much younger than we are ton so he didn't really live through the seventies.
But at the end of the day, you want to find really great companies.
If I take two steps back and I say, okay, what are the top ten companies in the world. Oh, by the way, they're all here in the United States, And so I think this is where you want to make your list, and you want to be an investor in Google and Apple and Amazon and Costco and United Healthcare and Berkshire Hathaway.
Tesla's no longer a.
Magnificent seven, by the way, but Tesla is a fantastic technology company, and I think you want to own Tesla for the operating system right now, just like you wanted to initially buy Apple for the operating system back in their early two thousand. So I think that's the way you want to kind of think thematically. Now, there's no doubt that there's bumps in the road. There's no doubt that we don't exactly know what President Trump's going to do, or we don't know the retaliatory stuff.
But again, we are negotiating.
Nothing is certain, and so I think you have to deal with what's certain, And what's certain is make your shopping list of the top ten companies in the world be consistent. And by the way, nobody, nobody's sold at the peak. So this peakda trough analysis that a lot of people are starting to talk about it's bunk because people don't do that, and actually more people buy at the top than they sell at the top.
What are we doing in the fixed income world, Brian?
You know fixed income? Paul's a great question.
I think fixed income is starting to get a little more interesting, especially given the fact that what treasuries have done. So I do think that you want to start looking at ten year treasuries and start looking at this dare I say sixty to forty scenario, because if fixed income is going to be part of your portfolio, which we think it should in this realm of what we've been saying for the last two to three years is that
we're returning to normalization. You can, will, and should have fixed income as part of your portfolio, as you should have small cap and value, so more of a diversified total asset perspective, and I think fixed incomes starting to look a lot more interesting.
How upset are the average Canadian towards towards their friends below here?
Well, I've been a BEAMA over thirteen years and they are taking things very very seriously, as they should they're taking you very, very personally, and I understand I have an excessive amount of empathy in life and empathy.
I feel very bad for them, But.
At the end of the day, they also have to look at themselves, and they don't for all intentsive purposes, they're just it's very like, just blame the United States, and I think that's the wrong way to look at it in a relationship. It's two sides that people are just say, Oh, it's just Trump. No it's not, and you have to kind of think about that. So I do believe that calmber heads will prevail. And on Canada, it's really interesting Paul's that Canada's all performing the US
this year and no one's talking about this. The actual currency is actually tightened up a little bit in terms of relative to the US dollar. So I think Canada has been our call. Canada is going to continue to out perform. Why because from a valuation perspective, well, it looks really really good and the banks in particular are our favorite assets in Canas along with Shopify.
Brian Belski, thank you so much.
You're listening to the Bloomberg Surveillance podcast Catch us Live weekday afternoons from seven to ten am Eastern. Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch US live on YouTube.
Joining us now she has been of such advance, Henrietta trays with Veda partners. Henrietta, all I'm hearing now is we don't we don't know, We don't know, we don't know.
Does anyone on Capitol Hill know what the President's going to do?
They wish they knew. I can tell when I go into member offices and speak with their staff that they have very limited ability to sway the president on what's coming. Republicans are in a better position than Democrats for obvious reasons. But there is more of a reliance from members on saying things like, once we have certainty, the markets will calm down. Once we have certainty, the manufacturers will know what to do, the tariffs will be, you know, not
lasting past the summer. There's a lot of optimism and sort of wishful thinking about how impactful they can be on this topic.
Oh what a beautiful mort Oh did Oklahoma make the final four?
Now?
Outing an agricultural country, Henrietta treys it's subsidy reducts Republican farmers are going to get funds from from Washington because they're harmed by the tariffs, right.
Right, exactly. So it's acknowledgment that the tariffs are harmful and simultaneously more expensive. The last administration around, we had more bailouts for the farming sector than we had for the auto sector during the Great Recession. And already, you know, just two months into the administration, we're already talking about another round of bailouts for farmers from Brooke Rollins, the head of the USDA. So that's absolutely going to be
a part of this. And I think we need to talk to farmers or seed associations or trade manufacturers in the agriculture space. They don't want the bailout. They want to not lose their market share to Brazil and Argentina for soybean crops for the foreseeable future and things like that.
So it's a major source of anxiety. But they nonetheless support the president more than they support any other candidates, and that keeps them in the playing field and keeps Trump capable of putting these tariffs into effect, which is why we think they will.
Be Henriette, I thank you for your research. Note here it lays it out day for day what we should expect here this week, because it's going to be a long week here, So folks, Henriette's research is absolutely must read here for to get a stay on top of what's happening down in DC. And you note that tonight, Monday night, Congress actually comes back to d C. What's on there to do list here?
This is going to be a fascinating week. So first off, we know that the Senate Republican Conference is trying to
pull forward their consideration of the budget resolution. And the budget resolution, of course, is the key that we need to unlock before we can write the tax bill, and they're using this really novel approach where because the House and the Senate do not agree on whether to cut the deficit, whether to cut six hundred billion dollars for medicaid, whether to cut into a whole host of things, to the corporate salt deduction, raise corporate taxes, there's no agreement
right now between the two chambers. So what they're choosing to do for the first time is past different budgets for each chamber. So the House gets to write their own tax bill and the Senate gets to write their own time, and they're going to kickstart that process tonight votes on Wednesday, and then also the Senate Democrats are going to force a vote on the AIPA TIS against Canada, which will be fascinating to watch right now.
And folks, we do them with the Monday Audible with Henrietta tras is only we can do with Henrietta Trays. Henriette, maybe off your remit, but I'm going there. There's a zeitgeist out.
There that the judiciary is going to come to the rescue.
How do you respond when people say, on appeal, federal courts or the Supreme Court will somehow write the American ship.
Yes, you're right, that is definitely outside of my jurisdiction. I only like to talk about things that I know about. I would segue and pivot to answer your question and say that the Democrats on Capitol Hill are very much counting on the judicial branch to do any of the blocking that needs to be done, because they have no recourse in Congress to stop any of this, and the Republican Conference is supportive of it, so it has to be reliant on the courts.
There is no alternative, Okay, Henretta, thank you so much for your commitment to Bloomberg Surveillance, just so important.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Corplay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa Play Bloomberg eleven thirty.
Critty goop through with us of course in London, driving our morning coverage in London. Back end of her day today, Critty, I just looked at Lewis Viewton. Mister Arnault is on really good terms with mister Trump, and there's I think the journal had the article the family and they went to the inauguration and all that.
Critty.
The drawdown of Lewis Viewton is negatives thirty seven percent back to a spring of twenty twenty one pricing. How upset is mister Arnaud. How upset are European come these liberation day?
Very upset? And I think Louis Vuitton is one example of that. Especially the reason it needs to be kind of you tread with caution if you're an international company, and of course European companies have way more exposure abroad than they do where they're based. I think Louis Vutan is a great example there where they're based in France.
But the majority of the revenue comes from the two major superpowers of the world, the two largest economies of the world, and that is China and the United States. So the tariff story is going to hit them hard. They also own a spirit's business as well, a piece of their business, so a lot of the wine tarraff, champagne tariffs, all of that that's coming from the White House and the Trump administration is going to hit Bernard Arnau.
Very hard and kritty what's the feeling across the UK and Europe as to their ability and their appetite to put on reciprocal tariffs on US goods.
It is the last card that they have to play and they know oh as well. And then you've seen them do this in pieces where a great example is when the wine tariffs were actually put on, champagne tariffs were actually put on, the equal amount was also put on from the EU on things like American whiskey or
American exports in the drink space as well. They match it eye for eye but they don't go any further, and that's simply because the impact is harder when it comes to the European growth story when Europe as reciprocal tariffs versus the other way around. The problem is this is the last card they have to play. So if they were able to put on those reciprocal tariffs or do something like put on quotas, that is really the last thing they can do. But there's a couple of
other ways that they can tackle it. And this is kind of the Hail Mary from Europe, which is starting to tackle things like digital services, technology and financial services, which means that a lot of the trade that happens between New York and London, or New York and Paris, or New York and wherever would get halted.
He crity an unfair question and you know I'm making jokes, So it's Curtty's killing herself twenty four to seven on this between Run and The London Show with Anna Edwards and also like doing all the great work with everyone except.
Nathan Hager Critty.
I look at where we are and the Ian Bremer is at every nation for itself in Europe, including Turkey, or does Brussels have actually a part to play.
Brussels has no part to play.
And I think a great example of that is what came out of the summit last week, the Coalition of the willing summit when it comes to the likes of Ukraine, for example, and yet they weren't at the table when it came to a ceasefire, even negotiation between the United States and Russia in riyod Or, even with Turkey's involvement. And Turkey, by the way, is the number one defense spender with Russia, but is also a NATO member and
technically a US ally as well. They're also kind of situated on the Black Sea where a lot of the grain that comes out of Ukraine and Russia and ultimately hits American cereal and American bread comes from. So the irony of the situation is that the Europeans are trying to have a voice at a table and in a room that the door is completely closed to.
Pretty streets of London, streets of Paris, Milan. Are the folks there? Did they recognize that, you know, things are changing here in US in a big way economically, politically, militarily. Do they see the changes that are or do they feel the changes that are taking place. I think they absolutely feel it.
And a great example, I think in the we kind of talked for the economics of it. It's very similar here where people are kind of voting politically with the pinch that they're feeling in their pocket. So a lot of the kind of voting that happens, say in the last twenty twenty election was in some ways a response to immigration or response to the economy. It's the exact same story here. You see that in terms of support for some of the far right here in the UK,
but certainly for the far right in France. And I think that has been the story of the morning, especially with Marie La Penn now getting banned from running for office. This is a big deal for an international audience that is really being compared to Europe's kind of Trump moment.
So one day, I'm in a restaurant insect a part South.
Kritty Gupta, and my back is to the door. It's right behind me, and there's a stir you could feel the restaurant stirring. And I turn around and there is Shack. There is Shaquille O'Neal with an entourage of four or five, six people In Kritty the shack is carrying the Lewis Viwton steamer bag forty five that Audrey Heppern used in charade.
Okay, this puppy comes in.
This is a big bag, folks, that shack can carry around his tax forms.
And he's a big guy.
Yeah, big guy, big bag five nine hundred and fifty dollars. Does Kritty koopta just teck one thousand bucks on?
That? Is that how this is going to work.
Kreaty Gupta doesn't tack anything on anything, but it's a great example of why Americans come to Europe to buy the same bag, for example, for much much less. And it's kind of addressing another key piece that Donald Trump likes to talk about in this terrafour and the reciprocal tearfour, which is not just tariffs that are put on product, but things what he's calling non tariff barrier. So that includes things like regulation, it also includes things like VAT.
I have plenty of friends from both sides of the Atlantic who've gone to the EU, bought them, bought say an Apple iPhone product for example, bought them in that country, come back and kind of redeemed the VAT refund. That is the key piece of this agenda, and that things cost more abroad and maybe less expensive on the your op union. That's the kind of economics that the Trump administration is trying to tackle.
Pretty group to thanks so much, greatly appreciated.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Corplay and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
The newspapers, Lisa Matteo, what do you have?
Okay?
So Yankees in the spotlight right everybody's talking about it.
I knew your Star stadium on.
Say I was there, Saddy, I was there for.
The twenty Yeah.
Well nine in one game, that was crazy, but fifteen total in three games, I mean, come on, it was incredible.
But the reports are.
Saying it's because of these new torpedo bats that they have. So it's all about the way the weight is distributed in the bat, So the wood is moved lower near the barrel right after the label. So basically it's putting the masks in the sweet spot, like where you want to hit the.
Ball, but we want twenty run games? Do we want?
Like it was right off the bat, it was like one, two, three, and it was like whoa.
Okay, Okay, well, I don't know. I guess there's questions. Are the bats contributing to these home runs?
I don't know?
Right, And that's what.
Just to put it out there, Aaron Judge did not use one of those bats, and he used a regular conventional bat Classic, but it was developed by an MIT physicist turned Marlin coach, Aaron Right.
It sounds like a Jimmy Stewart movie. It happens every spring from a million years ago. Next, if we go on, it's all I'm going to talk about. I think it's so stupid.
Oh okay, so we have to go to Costco. Right, Okay, let's go the Kirkland signature brand that it uses at private label. It's actually using it as a negotiating tool with suppliers because it's been so successful. I mean it created it like three decades ago. Right, makes everything from like toilet paper to.
Vodka private brands. Yes, I have to admit I've been going private brand.
Over the brand and it's catching on twenty twenty four sales of private labels like Kirkland grew about four times faster than national brand so it was a record high. But the co founder telling the Wall Street Journal kind of the story behind it, like they started with this idea of selling a limited number of brands, but sell a lot of them, and then they decided, you know what, We're going to introduce the own brand because you know, keeps keeps it going. But Kirkland attracts customers who like
the lower prices. But yes, it's allowing them to dictate what they want for their shoppers. So for example, they're negotiating like tied detergent and ziploc bags, they can negotiate that, and the egg up date is still the same price.
If they haven't come down, what a shot shot.
But they're not going up, so that that's the good news.
Okay.
Next, have either of you gotten your real I D yet?
No?
What as it's a new jersey, you can't get. You go into the website, you can't get you can't. It's hard to get an appointment.
I got mine like last year.
Because this is.
It's like you're supposed to do it. This has been like years in the making, has been delayed since a pandemic like three times. But the deadline is May seventh, So now everyone is like rushing, but they're not making.
It easy just click a button. I gotta go to deal.
You have to go in person with your points of ID, like you have to go there.
The travislations worked worked well. It's been many years since I read about this.
Last night.
Texas wins. They have like eighty percent or whatever because they made it simple.
Yeah, and is like in the last.
Place twenty percent or whatever. I use my passport.
Yes, you can't still use the passport for domestic it's just for the global entry. That also, I think is a substitute. I've got that card. Yeah.
But the weird thing is that they have like d MV lines are crazy and scalpers. They're hawking appointments.
These appointments, now.
Whatever's Texas doing?
Just do it, Texas.
Yeah, so get on it.
May seventh deadline. Make sure you do it. You are going to be crazy.
Yes, you're right.
So it's like it's like March thirty first, is the season over for the Red Sox.
Can we go there already? Oh? It was painful, It's just yeah, get some fay FM in Boston.
There's a red Sox banner on the top of Mount Washington this morning.
The newspapers Lisa Tape.
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