Let's Talk Money

So today I got on early. Zach. I hope I didn't disturb you too much last week. But I'm here for you today. It's not one of my colleagues. It's me, Stephen Bouchet Live, sitting here hoping to talk to you with any questions that you have one eight hundred talk WGY one eight hundred eighty two five five to nine, four nine, any questions whatsoever. Folks, give me a call, Zach, and I would love to get you up on the board and take your questions, hopefully point you in the

right direction. I can't begin to thank you enough for tuning in as you do every weekend. Every Saturday at ten, every Sunday morning at eight. You know, I just got the updated numbers, and let's talk Bunny. Our show is really the leading show on the airwaves. It just you know, I'm not surprised because even when I'm not here, and you know, I had a long year this year where I was, I was not available, not able to be here.

It was truly a long year. And I know so many of you have reached out to me, friends and strangers alike. I guess on the radio, the listening audience, you're all friends because somehow, someway, you find a way, whether you tap me on the shoulder, if you hear my voice or see me at a chair, bo gala or something. People that I don't even know come up to me and tell me how they listened to the

show forever. When we've done the show now almost thirty years, so it seems like it's forever, and I can't thank you enough. So even if I don't know you, you're still a friend being part of the listening audience. But it's it makes me proud that we have really the leading show and the information, the content that my colleagues and I put out. We take pride in doing this show. We really want to give you good information. I know Vincenzo Testa, who's a you know, one of my my

my advisors, CPA, you know, some other designations. He and Katie, who is recently a new CFP, did the show yesterday. They had a great show, very informative. No matter, no matter which one of my colleagues are doing this show, we're giving you good information. And as I said, I was absent for a long time and I'm working my way back. I know I have a lot of clients that listen to the show, and it's like a weekly newsletter. And I'm glad that you're able to listen first and foremost, obviously,

and I'm glad that you want to listen. So thank you for tuning in today, and thank you for making our show really just top notch. It's what I always wanted thirty years ago. I said, if I'm going to do the show, I'm going to do it as best I can. I'm going to make it one of the most professional and informative shows on the airwaves. One eight hundred eighty two five five nine four nine one eight hundred eighty two, five fifty nine forty nine. If you

have questions, give me a call. So I got you know, I pick up the newspapers every weekend at my favorite Stuarts. I love going in the Stuarts. You know, there's there's a reason why the they family care Dake and his dad Bill. You know, the people that work for them, they're not just employees, They're really partners of the Stuart's family. And you go into the Stewart's and there's always tables and sometimes most times there's people sitting around, and you know,

it feels like a nice little neighborhood joint. So I picked up my Wall Street Journal and Barons yesterday, as I do every weekend, and the front page of the Wall Street Journal hiring blows past expectations. They said, well, I guess Yesterday's or Friday's jobs report is going to be something to talk about. We're going to talk about that later on in the show. Because the jobs report really showed that the economy is in good shape. Folks. We are not headed for a recession. No way are

we headed for a recession. In my eyes, I can't guarantee it. There will be one at some point. I just don't know. When, but we are not headed for a recession anytime soon. Let's let's say, and you know that that jobs report on Friday was was pretty good for the week. You know, listen, you started out, if we put the everything in perspective, Japan's nie k fell about five percent, the new prime minister basically announcing a snap election. You had, Chinese stocks did well, China rolled

out more stimulus. I said last week or the week before that, if you have a play account and you wanted to take a high flyer investing a little bit, and China might be you know, rolling the dice. Believe me, China's been down and out for a long time. Emerging markets have been down and out for a long time. But I said last week or the week before that, China.

You know, if you have a play account, you want to just kind of gamble a little China, maybe something to add to it and play with and watch it. Don't get greedy. You had the dal Jones and that SMP mort record highs. Yet Israel invading Lebanon, and you know, my you know, I listen today, I sit here with a heavy heart. You know, I thought, believe me, I had a long, long year and I appreciate all the thoughts and well wishes and and you know, sympathies and

everything that that you've shared with me. I truly appreciate it. But you know, my heart goes out. And I said a few weeks ago that you know, listen, we're as close to a World War three as we've ever been when you think of the and I'm not listening, I'm not being Debbie down and I'm not looking to to you know, I'm not saying we're going into a World War three. And what I'm saying is the world is some some places around the world is very unsettled in

what's going on in Israel. Believe me, it shouldn't be. It just should not be going on. You know when you think of how small that country is and how strong the Israelies are, and just the fights that they

have to be prepared for on all months. So you know, you had Israel invading Lebanon, and you had Iran retaliating with missile strikes, and you had oil prices that surged, you had the Federal Reserve chair Jerome Powell said smaller rate cuts are coming, which we'll get into, mostly because of the jobs report and the economy is showing, you know, the resilience that it is. And the economy really has

shown some pretty good resilience for the week. You know, you had the S and P up just about two tenths of a percent, NAZNAC up just about one tenth of a percent, and Russell two thousand was actually down to half a percent. Set. But it's it's hanging in there. It had a good day yesterday, which was nice to see. I keep saying we need more than the Magnificent seven to take part in this rally for to truly really be a rally, and I believe we're listen. I believe

the stock market has a ways to go. I'm not saying we're not going to have some bumps in the road. We are. We always will. Stocks don't just go straight up. But for long term investors, you know, I think there's more reason to be optimistic than than not. And that's that's how we feel. I know, Ryan my Son and the Investment Committee, including Pollo and ED have have rebalance in Casey Bird, one of our newer associates we brought

out of New York City. They rebalanced the portfolios last week and continuing the rebalance them this week, and we're fully invested with our equity side. So it's really really you know, I think I think there's more reason to be optimistic than not one eight hundred eighty two five five nine four nine one eight hundred eighty two five fifty nine forty nine. Give me a call with questions that you have, you know, on on on the front

of companies and what's what went on. You know, you had the dock Workers' union suspending its strike, which was good news. You know, they agreed to just a sixty two percent rate hike, just a sixty two percent wage hike. Is The New York Post and so many other publications blasted that the union president is living like a king some mansion in New Jersey, you know, three hundred thousand

dollars cars. I mean, listen, if if, if, if he was a longtime union worker not making a lot of money, man, he to have been a really good investor because he found a way to really profit from his hard work as a union labor not making enough money. But you know, the dock workers union, thank god, the the strike got suspended and people got back to work. That could have really crippled the economy. Actually, he came out and said he was destined to make the economy pay, make people

lose their jobs. How dare him to talk like that. That's one of the downsides in my eyes of union leaders. They shouldn't be looking to hurt the American people. But he was on record wanting to do that. So we'll see it's it's just suspended. Talks are still continuing. But a sixty two percent wage hike, that's not bad, folks. You know, the big thing with the dock workers is automation. The dock workers don't want automation because as in every

other they're part of businesses. Automation has helped companies actually be more productive, be more efficient, But the dock workers don't want that, and that's a big, big thing on the docket. You had to California, you know, Governor veto to build to regulate artificial intelligence. You got CBS that's in some some some some. You know, they're not as healthy as they should be. Spirit Airlines which may which

may just may go bankrupt, no surprise there. This coming week, we got the CPI that'll be released on Thursday, and we'll see what comes on with the latest reading on inflation and Friday kicks off. Third quarters aren't season? Can you believe that the banks are going to kick off? We'll see how healthy they are. Eight two, five, five, nine, four nine. We have Josh and Troy. Good morning, Josh.

common or popular portfolio ideas out there. Right, So there's the typical kind of three fund right, so you have like your total market, you have your international and you have some bonds in there, and then another one is you know, sometimes referred to as like the warm Buffet portfolio, right, the two fund which is really just you know, I think he uses a v O O right, so just an S and P five hundred fund and then some

I think from short term treasuries. And I was just wondering your thoughts, you know, on those two different types of allocations, those two different types of funds. And is a two fund portfolio that Buffett talks about, you know, all of his capital going into free passes. Is that something that's maybe too simple?

about it. I keep giving this stance when you look at you know, go back to the last fifteen years, you know, the S and P compared to international investments, there's just no comparison, no matter how much on paper they look to be good valuations, and they do on paper, but especially developed, developed international countries. I would rather have

my client's money invested in the good old USA. Now there may be a case to be had for emerging markets, which right now are trading at a discount to the S and P, and emerging markets over the last few weeks that actually have done well. So if I were to have any international holdings in the portfolio, it would probably be just emerging markets. I don't need Europe, I don't need you know, Japan and other developed countries because I think this country gives us all the opportunities we want.

So you know I'm not in favor of that, and you hit it on the head. The Total Stock Market Index takes into consideration not only large caps, which is really what the S and P has made up of, but it also blends in mid camps small caps. So I would be more of a opponent of the Total stock Market Index than the And that's our core holding. Actually, twenty five percent of our equity holdings is invested in

the Total stock Market Index. We use the SWAB Broad Index because the internal management fees are lower than Vanguard's, believe it or not, and that's what we look at saving money for our clients. But I would rather look at that, and you know having a bond proxy. Once again, if you look over the last fifteen years, the average return of the SMP was about fifteen percent. Bonds is less than three percent. So people add bonds to soften out the moltuity. I'm one hundred percent invested in stocks.

I don't expect everybody to follow my lead, but I'm very comfortable with risk because I know eighty percent of the time stocks are up. I know that it's it's it's a good long term investment, no matter how many days, weeks, or months, will have some losses here and there. I know over time stocks bring the best returns out of all asset classes where there's stocks, bonds, commodities, real estate, cash, I don't care what the asset classes. Over time, stocks

have done well. So people blend stocks and bonds together to soften the volatility. But over the last few years they realize that you could lose money in bonds as much as you can lose money in stocks. But being simple sometimes, you know, simple as is tasteful. Keep it simple, Steve is not a bad formula. So no, I mean, for for for a lot of people that don't know what they want to do, that's really a good place to get started. Hey, Josh, you'd be well take care

of that family of yours. Thank you for listening, thank you for calling in. It's it's it's really you know, Josh. You know, sometimes simple as good our portfolios are are are are are different. We you know, we're we're comfortable with, you know, having having more funds in there than just the broad market. You know, our number two holding is the Invesco QQQ. We get the best returns out of that.

Over the last fifteen years, our average return was almost twenty percent, compared to the S and P at fifteen percent. And then we got some really nice dividend players in there, and some small caps and we have some alternatives. Ryan and Pollo and Ed and Casey have done a good job and Dave Clark is part of that. They've done a good job putting together a good portfolio. One eight hundred eight two, five five nine four nine one eight hundred eighty two five fifty nine forty nine. If you

have any questions, give me a call. Let's go back to the phone lines. We have Joe in colony. Good morning, Joe, Hey.

you know, the SMP keeps going up and up. Would a strategy be to get back into it and buy that fund and put the funds back into that fund or not really, because you would be buying it at its all time high right now. That would not be a good timing.

Especially you made a short term blip, and it's unfortunate because September on record, is normally known to be the worst month of the year on average, down one point one percent on average. Well, this September we bucked the trend. This September, the S and P was up to two point one percent. So you did miss out by getting out, but you were only out for a short period of time. How old are you, Joe, Yeah, get back in. I'm a little older than you, and I'm one hundred percent

invested in the stock market. I've never ever, ever tried to time the market because you just can't. You know, sometimes the bad news bearers. If you watch some financial shows, you know you hear me reference some of them is financial porn. And what I mean by that is they're really just entertainers. There's one gentleman who actually, when he's on, I just have to switch the channel because I think

he's nothing other than a blowhard, knowledgeable guy. If anybody ever followed his stock picks, they would probably lose money. And he's just there to entertain people. And you know, the network knows that, and that's why, you know, that's why he's on as much as he's on and you know promotes his newsletter. You couldn't pay me to follow his advice. And that's just one example of you know, there's just so many people that you know, remember fear sells news. And what you can't do is if eighty

percent of the time the stock markets up. And you know last week I went over you know, the S and P. Over the last ten years I have been, including this year, you know, we had two years where the market was down. You know, think of all the headlines we've had, including the COVID time period. So don't be afraid of stock's long term and man, oh man, it sounds like, you know, Warren Buffett's trying to take

over my, my, my, my, my strategy of investing. But no, if you have your money whether yes, I said the Josh, I like the All stock Market Index, which includes not only the large cap area but also mid cap and small cap. I think that's the better way to go, because I do think small camps are going to come on and do well. They're both highly correlated. But I

do like the broad stock Market Index. It's our number one holding, as I said a few moments ago, represents about twenty five percent of our equity holdings, and I think that's that's that's that's the way to go. But get back in, Joe. You know you've been out just what a couple of months? So you missed out? Oh yeah, well I guess more than a couple of months. So Joe, a couple of two now around May time. You know that gives you like more than a couple. That's a

couple of couples, if you know what I'm saying. But if you want, you know, if you don't want to get it back in, if it's long term money, you know. I don't like to say this, but dollar cost average it in. If if you're not sure, put a little bit in now, a little bit in tomorrow, and a little bit in the day after that if you're not sure. But long term, you know, I think I think you should be not afraid of the stock market. I think

that that stocks, the economy is doing well. We're going to go over it in the second half of the show. Stocks are doing well and there's nothing nothing to be afraid of. I don't see any recessions, any bad news on that short term horizon. Hey, Joe, thank you for tuning in, Folks. We're coming up to the bottom of the hour. If that means that we're going to take

a break for the news. You're listening to Let's Talk Money, brought to you by Bouchetf and Andrew, where we help our clients prioritize their health while we manage their wealth for life. We're very proud to do the show. The phone lines are open. If you have any questions, any questions whatsoever, give me a call one eight hundred Talk WGY one eight hundred eight two five five nine four nine one eight hundred eight two five fifty nine forty nine. I'll pick you up on the other side of the

news break. Thanks for tuning in, see you in a quick minute. Well that was a quick news break. Thank you for hanging in through the news folks, Hanic, thank you for that good music. I truly appreciate you tuning in. It's Sunday morning. It's a little nippy out, so you may wait before you go out, and that gives you time to listen to the show. And believe me, as you know, nothing energizes me more than doing the show. This this this show brings me more pleasure and joy

than than you'll ever know. We have listeners all across the country that tune in new and old, and you have great questions. And that's that's what really really get gets me fired up is helping you help hopefully pointing in the right direction. The phone lines are opened one eight hundred eighty two five five nine four nine. Any questions that all folks give me a call. You never there's never a bad question. Yesterday, as they said, Vinnie and Katie did the show. They did a good job.

They really did a good job. They had a lot of callers and good information that they provided. I actually had a playday, you know, as you know, I have a hobby. It's not an investment. Let me in light a full disclosure. You know, I like to I'm a horse enthusiast. I like to dabble in the horses. And we had a pretty big win yesterday and the Jockey Cup down the Big a at Aqueduct. So I went down for the race and I you know, I did not get my hair and nails down, and I should

have because I was in the winter circle. I got to walk Carson's running from the track. He he just came from dead lass which he normally does, and plowed through the field of horses and crossed the finish line first with Dylan Davis and the saddle. So it was pretty exciting. So I kind of took I played hooky on you yesterday and had some fun. And as I said, folks, it's a hobby and a money losing hobby at that. You know, very few people make money investing in horses.

And that's why I don't call it an investment. It's fun and it's it's as Sue, my wife, used to say, what what what Why do you do that? I said, baby, you know, it brings me joy. I could have worst habits, right, so, you know, having having some fun with the horses, and I've met some great people around the country and been

in some big races. It's just a hobby. In light of full disclosure, It's just a hobby, not one that that although you know, there's a lot of opportunities for small, small people with small dollars that want to get into some of these syndicates and partnerships. My race horses right now one of the hottest ones beach. You can get in with hardly anything. And it's listen, when you own a share of Apple computer, you're an owner of Apple Computer.

Doesn't matter how small of a share percentage you own of the company, You're considered an owner. When you buy us doc, you're an owner of that company. And the same with these these syndications. You can get in and you know, just be a smidgeon of an owner, but you're an owner. You can be proud to say, hey, that's my that's my horse out there on the track and hopefully in a winter circle. So that's why I wasn't with you yesterday. I had some fun and it

was it was fun. But I'm here today with you, and I appreciate you. Tuning in one eight hundred eight two five five nine four nine one eight hundred eight two five fifty nine forty nine. Give me a call with any questions. Zach Harris, who's been with me for for a long long time. I've been doing the radio almost thirty years, and Zach's been with me for you know, as long as I can remember. And he's a pleasure to rely on every week. He's my long term producer. Zach.

How long have you been with me? I believe it's been eight years now, Steve. That's pretty good, Zach. I mean, that's really really good and Zach's just a great, great guy. So Zach, thank you for being there for me and for the listening audience when they call in eight two, five, five,

nine four nine. So I kind of teased you with the headline of the weekend Wall Street Journal, and listen, folks, if you don't have time to read a lot of newspapers over the week and you want to just get one newspaper, get the weekend edition of the Wall Street Journal. Pick it up at Stewart's or you know wherever you buy your newspapers. It's really there's a lot of good stuff in there, and it's not all just about financial

news they have. You know, this week they had the what they call the WSJ magazine with one of my favorite celebrity chefs on the cover, Ina Garten, who I just love. I I think I have three of her cookbooks. As you know, I'm a foodie. I love the cook love to eat, although you know, I haven't been eating lately, but when I get back to eating and cooking, she's

got some of the best. So I'm going to give you one of my favorite dishes to cook and it doesn't take long and when people eat it they think you've been laboring over that stove for hours and hours and hours. Chicken with forty clothes of garlic. It's a

succulent dish, just delicious. And before you say, oh my god, I can't eat all that garlic in this dish, those forty clothes of garlic and make it easy on yourself, go to you know, your favorite fresh market or market thirty two or wherever, and buy the garlic already peeled. And I always throw in more than forty because the garlic is like candy. When this dish is done, it's like candy. And you know, whether you put it over

noodles or not, it's it's just a delicious dish. And it's one of my favorite recipes of in a garden or in the garden, I never know if it's Rhina garden, but it's one of my favorite recipes of hers. And anyway, she's on the magazine. So as as I said, the weekend edition of the Wall Street Journal is pretty good. Give me a call with questions that you may have eighty two five five nine four nine, any questions whatsoever.

So the headline of yesterday's paper is hiring blows past expectations, and you know, basically the job market, you know, got pretty strong. We were worried about this job market right over the last couple of months. The number of jobs in September by far exceeded expectations. Unemployment rate was down a little. Employers as a whole added about two hundred and fifty four thousand jobs last month. We were expecting one hundred and fifty thousand jobs. Unemployment slipped down to

four point one percent. And the good news is the revisions for the two months prior August and July an additional seventy two thousand jobs. We thought they were really bad jobs reports, but it got a little bit better. And the revision sometimes does that is Ryan coined the phrase years ago. It's it's the revisions, it's not the actual report. Let's see what the revisions are for the previous months. One, eight hundred and eighty five, fifty nine, forty nine. Let's go back to the fone mines. We

have Dan and Queensberry. Hello, Dan, how you doing? Steve? I am doing great. How about you?

a lot of Apple. And you know, even if you wanted to journal over you know, just making this number up, you know, ten thousand dollars worth of Apple and put it into an individual or a joint account, a non qualified account. You can do that. This way you stay invested in the holdings that you have. The only other trick of the trade is if you make a lot of charitable contributions, you can actually do a qualified distribution out of your IRA, not pay tax on it and

give it directly to a qualified charity. But I don't think not working it makes sense for you to take a lot of money. One, you can't put money into a wroth unless you have earned income. The only thing you can do is what we call, you know, convert money from an IRA to a wrath which you're going to be taxed on. You can do that, but you can't make a contribution to a wroth unless you have

earned income. So I would say, you know, let the money ride over the next couple of years, and you know when it's time to take out your R and D take it out, put it into another investment account that you have, or you know, as I said, if you're in line to make saritable contributions, take a look at that as well.

nineteen twenty percent a year, year in, year out. Now when when when you look at and the RSP is the equal weight that I like the investo S and P equal weight. When you look at the returns of RSP over the last fifteen years, it's thirteen percent. So it's done well, it's done almost as well as the S and P, which is close to fourteen fifteen percent. And I like the equal weight. As I say, often when you look at the equal weight, you know and the S and P or you know, let's use QQQ.

You know, you take the top holdings. You know, heck, the top ten holdings account for well over fifty percent of the portfolio. When when you think that Apple makes up nine percent of QQQ, Microsoft eight percent. Navidia almost eight percent, broad Com, you know, Meta, Amazon, Tesla, Google better known as Alpha now whether whatever you want to call it, in Costco. Those are the top ten holdings. And you know, those top ten holdings account for fifty

one percent of of QQQ. If you look at the S and P five hundred indecks, which is really a you know what we call the benchmark for the stock market as a whole. When you look at the top ten holdings, you know most of them are the same names. The only names that are different is instead of Cosco, you got Berkshire Hathaway. In the SMP, you got broad Comm and Eli Lilly. But the others are the same, the Magnificent seven obviously. But the top ten holdings of

the the SMP account for about thirty four percent. And what makes the equal weight different, and you must have done your homework because I've been talking about this, is every holding is equally weighted, so approximately zero point two five percent. So Apple is as equally weighted as the smallest company in the S and P five hundred indecks. So what you're getting is in the top ten holdings

only account for about two percent of the portfolios. So what you're doing is you're getting more diversification, You're getting access to more companies that are different than let's say the Magnificent seven. And we like the equal weight. I think the equal weight for the stock market to continue. As the economy expands, I think you're going to see more areas of the market do well, you know, mid caps, small caps, So that equal weight just gives you access

to all the companies in the SMP. So I don't know the rest of your portfolio. I mean, fifteen percent. How you sound like a spring chicken. And how old are you? Three? Oh? My god, Anne, God bless you, you, you little devil, you and you got fifteen percent of your portfolio in the QQQ. I. You know, I talk about a dear client of mine, Missus D, who passed away at one hundred and five, and she was almost

one hundred percent investing in the stock market. And she said, Stevie, Stevie, Stevie, you know, I made a lot of money by being invested in stocks. And you know, if the market goes down for a little bit, I know it's going to come back. And you know, I'm I say this more times than not. The market will go down. And when it does. It always comes back, and it always goes

back to make new all time high. You know so, and you know it so eighty three man, you know, not knowing the rest of your portfolio, not knowing what your overall weighting is stocks, the bonds, you know, for for you to blend in some of that, huh.

heaven in in your portfolio somehow, some way. Does that help you? Oh? Perfect? And thank you for calling in, and thank you for you know, I know a gentleman's not supposed to ask a lady what their age is, but thank you for sharing your age.

Sunday one eight, two, five, five, nine, four nine. Give me a call with any question you have, Folks, I'd love to help you out, love to get you pointed in the right direction. So you know, I started to say we had two hundred and fifty four thousand jobs. We were expecting one hundred and fifty thousand. We had seventy two thousand jobs added on to the numbers from July and August. The revision, the revised number was good. Unemployment ticked down the four point one Now what does

this mean? We know the Fed just cut interest rates by a half a percent, and that was a big cut, and it usually takes a long time for hikes or cuts to be absorbed into the system. Let's say so, being that the FED cut, and there was only one governor who did not want a half break cut. In hindsight, she seems to be smarter than the other eighteen governors because she, in hindsight, was right on said the economy

is strong and we shouldn't be cutting this much. And the economy is strong, and more than likely we'll see what what October's jobs report is. The FED meets November sixth and seventh, and on Friday, November first, we'll get October's numbers, So the FED will have another month of payroll to absorb. We know they're very data driven, but more than likely that strong, robust jobs report and the economy is in good shape, folks, and maybe, you know, maybe the Fed will be able to bring us in

for that soft landing. But more than likely we may not see another half point cut, whereas just a few weeks ago we were screaming for, you know, two or three half point cuts. Well, when the economy is as resilient as it is, when the economy is as as strong as it's showing it is, the FED doesn't need to stimulate it a lot by by really just slashing rates.

They just need to cut rates enough to keep the economy going so that we can kind of come in for that soft landing, and then before we know, we're going to talk about inflation again being too hot. And inflation has come down a long way, you know, a lot, a lot lower than people had thought. You know, the thing, just a few years ago, we were at nine point one percent and now we're down close to two and a half percent depending on which number you want to read,

and core inflation is a little bit more. But the target for the Fed is two percent. I'm not sure if we'll get to two percent, but we're getting pretty darn close to it, and more than likely when the Fed meets in November, it'll probably be a quarter point cut. As we sit here today, now there's going to be as a said, there's day we had the CPI report. We'll see what that shows. That's another report on inflation.

Consumers are feeling good, they're spending money. A lot of the jobs that were created were in areas like restaurants and hospitality, which means consumers are out there spending money, which is why these restaurants and hotels need to hire

more people. So, you know, the jobs report probably will keep the Fed on track to lower rates just by a quarter, but point you know, the Fed they're trying to engineer this soft landing where inflation moves down without really a whole lot of you know, being scared and having it be you know, just deteriorating to the point where where people feel we're going into a recession or depression. So soft landing is is just what we want. Soft landing is just what the doctor ordered. So it was nice.

The seventy two thousand new jobs for August and and July was nice to see. You know. It's it's, you know, just another piece of the puzzle that the FED looks at. And you know, now on a political side, it's it's you know, the strong jobs report could help Vice President Kamala Harris in the polls. She's you know, trailing right now, supposedly depending on which which survey you look at former President Donald Trump on the economy. But the jobs report

shows that the economy is doing just fine. And you know, especially since since COVID, we'll we'll take this good news. Wages was up. Hourly earnings rose about four percent from a year earlier, the strongest increase since May, well above the pace of inflation, So that's good news. That means that wages are going up. After inflation, workers have more money in their pocket. So wages up four percent, which is more than that consumer price in dex at two

point five percent. So that's a net positive for workers. They're able to keep some of that money. And you know, if you think of just looking at things, traditionally, cooling inflation comes hand in hand with slow down in the labor market, but not now. And I don't want to say I told you so, but I remember saying how many times on this show. If you go back and you look at some of my former shows, how many times did I say that if this time could be different,

this time isn't like every other time. You know, just because we have everything going on doesn't mean that the FED has to just have their nose stuck in the textbook and the history is going to repeat itself. And I remember saying, why do we need to lose all these jobs just to bring inflation down? I said it more times than not, and I do feel that way, and it's being confirmed. Hey, we got Joe Gallagher coming up at nine o'clock. The end of the show is here.

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