Investor's Edge with Gary Kaltbaum - ELECTION PROPOSALS [08.14.2024]
Episode Date: August 14, 2024https://garykaltbaum.com/...
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Investor's Edge with Gary Coltbaum.
Straight talk about you and your money.
Now from the BizTalk Studios, here is Gary Cultbaum.
And welcome once again to Investors Edge.
I'm Gary Coltbaum, your host.
A thanks of being with us today.
Glad you here, ladies and gentlemen, happy that you are listening.
It is Wednesday, August 14th, 2024.
Hope you're having a good day.
In case you don't know, this is serious talk on everything that affects you.
no really everything that affects you and is going to affect you going forward depending on
and we never tie our life to one person but when we have an election with polar opposites
on what they would do as far as setting conditions on the economy oh we're going to be yapping a lot
and at the outset of the show we'll be talking about and of course we'll do markets
more markets and a lot more markets after that.
But first, if you do not get this radio show in your city,
we'll post it at garyk.com.
We'll also post it on a Twitter feed.
And if you don't follow us on Twitter,
by the way, it's now X.
You should.
And of course, you can email me,
just be nice right there at garyk.com.
And again, we will cover everything that's vital to you.
And we just don't whistle Dixie here.
We are very engaged.
We are in tune with what's going on out in the world.
We watch it about as close, as close as can be.
And we do it with no ulterior motive, agenda or bias whatsoever.
We have taken on all comers.
We couldn't give a crap what party they are in.
We want the people running the show just to set the conditions.
and leave us alone.
They have this idea that they are the end-all be-all,
but no, we are the end-all be-all.
The economy is 160 million of us
working our tail-off every day
to do better for ourselves and our families.
Not them.
Not button pushers.
Not, I got this proposal and that.
Just get out of the way.
So today we're going to start out.
Vice President Harris, what we are hearing is she is now going to come out and pretty much disavow the policies of the last three and a half years.
Disavow.
Even though we have been told that she was right there with President Biden at his side and all for all.
Now, we'll give some wiggle room.
We know a vice president has to what the president wants, but we have followed careers.
We're not talking about, oh, we read something at a newspaper or watch something on TV.
We really get a feel for who people are and what they are about.
So, going forward, Joe Biden's gone.
And by the way, the latest news, he is pissed off at Pelosi and Harris and Obama for threatening his ass and kicking him out.
Of course, he can't say that, but he has been telling it to people in the press that are vowed to not say who they are.
whatever. As we've gone into the election, a few things stick out like sore thumbs to me.
Sore thumbs. First and foremost, inflation. That's a problem, isn't it right now?
Not the rate of inflation now, that's come down, which is very normal. And they're taking credit for it.
but they don't take any blame for your inflation that skyrocketed.
And we mean skyrocketed.
You have all seen, felt the thing you are paying for now
and how much you paid for them three years ago.
We're not talking small potatoes, we're talking big potatoes,
Vice President Harris, President Biden, Secretary of the Treasury, Janet Yellen, I'm going to guess four months, five months, out there in front of camera on video, telling us there isn't any inflation, there isn't any inflation.
No, there isn't any inflation.
When it showed up, they said it was transitory.
We want you to remember that.
One of the most arduous, rough part of the economy, they didn't have a clue.
And it took them quite the while to have a clue.
They came out with the Inflation Reduction Act.
a gargantuan on top of our already spending
spending bill
and they sold it
and they sold it
and the other side fought it
and they played with it
and don't ask me why the Republicans
signed off on it when all was said and done
they take 50% of the blame
and of course moderate Joe Manchin
was the last one who after the fact said
boy did they con
me. What a con job. After the fact, Joe Biden, Kamala Harris said there was really nothing as far
as inflation reduction in the inflation reduction act. By the way, that's on video. He actually
went out and admitted that they lied. Now we attach Harris to Biden for obvious reasons,
but we're not done.
They loved California raising the minimum wage way up for fast food workers,
which has caused all kinds of strife in the fast food industry in California.
Closings, firings, less hours, higher costs.
Their latest defense of inflation, companies are gougains,
you. Yes, it has nothing to do with them. Companies are screwing you. It's the famed line
of the dog ate my homework routine. They actually are that stupid to say that supermarkets
are gouging you when supermarkets have a one to two percent margin and have no control
of what the manufacturers sending things in are asking to pay.
Yes, they can negotiate, but they're not going to negotiate to lose money,
but of course, let's blame good old American companies.
They call anybody and have called anybody who makes over 400,000, tax cheats.
Do you remember?
We are going to spend billions on the IRS, and don't worry, we're not going to order anybody under 400,000, but you better beware above 400,000 because we know what you're doing.
And the billionaires are all tax cheats.
The successful are all tax cheats.
They've actually come out and praised that the IRS was able to,
get an extra certain amount of money out of billionaires in the last couple of years.
But nobody was arrested.
Nobody indicted.
Obviously for two reasons, because those are the people that give big donations.
But there was no crimes committed.
There are some tax cheats out there, of course.
But it's the tax code.
And who put together the tax code over the last 50 years?
Who was one of those people?
Joe Biden. Have you ever read the tax code? You would think to yourself, they must be doing this
on purpose, right? To come up with thousands and thousands of pages instead of what Gary would do,
President Gary? Postcard. Oh, how much you make? Oh, that's your tax rate. Maybe throw in a couple of
things like mortgage interest and a couple other things, but you see what they've done. They've turned
it into a phalanx of we don't understand what the hell is there that we've got to hire
accountants and pay them big bucks in order to figure this out up next what else and what
proposals were on the table for the future and then the markets this is the one
only investors edge hi I'm Gary Kalpom hosted a nationally syndicated radio show Investors
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Investors Edge.
The last bastion of Cross.
With Gary Coltbaum.
It doesn't get better than this.
Next, as we have said to you, there are two big parts of the great con job.
There are two big parts to the gargantuan scam.
And that is, with the media saying nothing and just letting them do what they do,
the increase in government
from when they took over
this is Biden Harris Harris is Biden
whichever way you want to put it
for the record books
the year before COVID
our federal spending was 4.4 trillion
our rusty abacus says
they're in the mid to high sixes now
and all of its debt
that would mean they have
increased the size and scope and spending of government higher than any COVID year and most all of it debt.
When all they had to do is just go up a little bit.
But no.
And they lie about it.
They said, oh, it's entitlement.
That's a lie.
Entitlement spending is going up.
But $380 of that billion, of that billion, $380 billion.
$380 billion is going towards John Podesta.
Hey John, a lifelong democratic hack, you get to dole it out for climate.
Only a measly $380 billion, part of the Inflation Reduction Act.
And that's just for starters.
So the first part of the big con was just increase everything beyond the beyond.
What's the second part?
Lie about it.
Oh, we've been lowering the deficits.
We've been lowering the debt.
We've been doing a great job with that.
And in fact, over the next 10 years,
we're going to lower the debt $3 trillion.
They don't tell you it's going up $20 trillion,
and they're minusing $3 trillion.
It's one of the great con jobs of all time.
And of course, the media.
And one thing sticks out for me.
Just one thing.
I can name a hundred of them, but one really stuck out.
You know who Erin Burnett is of CNN?
Well, she used to be on CNBC.
I don't know her personally, but I'm told she's a brilliant financial mind.
But unfortunately, she's on CNN.
She does an interview with Biden, and Biden looks at her in the face and says,
we've done a wonderful job, and I'm paraphrasing, on debt and deficits. And we've lowered the
debt and deficits. And she knows he's lying. And as a journalist, you can't go back to the
president and say, why are you lying? Of course, unless you do it to Donald Trump. But she could
have said, President Biden, we're running a $2 trillion deficit this year.
federal spending is up these amount of trillions of dollars over the last three years.
You're saying you're going to cut the deficit in the next 10 years by 3 trillion, but it's gone up 20 trillion.
Can you explain that?
No, she sat there and moved on, and this is what sickens me, because this is about you.
Each and every one of you that listens to this show, and I wish we had millions,
because we're 10 times more important than the others,
the journalist sat there,
said nothing to a blatant,
gargantuan lie about the growth of government versus us.
And let me be clear when I say versus us.
It's versus ups.
They're the opposition.
$380 billion for climate?
You know, I was in New York City this past weekend.
I walk past 30, 40 homeless Americans.
But let's give $380 billion for climate.
So that's Aaron Burnett.
And of course, there's a slew of these people that do not follow up when somebody lies to them,
unless the name is Trump, of course.
Or now J.D. Vance, who's now the Antichrist.
And again, I can take Trump or leave him.
I'd rather have somebody else.
So they spend us into oblivion.
Two trillion plus deficits.
The CBO has come out that the trajectory now says we're going from 35 to 56 trillion in 10 years.
Which means 65 to 70 because the CBO is always low.
Always.
And very.
And that number accounts for 2 to 3% GDP.
We're going to have a recession.
You know what happens then?
The deficit skyrockets during that time because less revenue's coming in.
But then is the other side of the big Biden-Harris scam.
And I'm a big believer in believing them when they tell us.
Because the young lady Harris is already out rolling back a bunch of this.
Oh, first off, we want to lower taxes for waiters and waitresses.
and service, even though part of their IRS money was to go after waiters and waitresses and
waitresses and their cash tips.
Did you know that?
Do you think the media asked them about that?
How can you all of a sudden this when you did that?
Nope.
But the second part of the con, the tougher part of the con, is that if they have their way,
if they have their way, they have proposed long-term capital gains.
That's as if you own an asset and you hold it for more than a year, you pay 20%.
They want to take that to 44.6%, which is sheer insanity.
Even thinking about it is sheer insanity.
It totally takes the incentive away to hold more than a year.
but I have one worse.
They have proposed a 25%
unrealized gain.
Oh, you didn't sell that asset,
but you're up 50 grand at the end of the year.
You're paying tax on it.
They're insane.
They've proposed wealth taxes,
but that is so down in the polls
worse than root canal and herpes simplex number two
that they've tabled it.
and of course, or is it herpes simplex number three, of course, sunseting the Trump tax cuts that they're lying about also.
Oh, it's only going to be for people above 400,000, but you can't piecemeal getting rid of a bill.
It's everybody.
So the first part of the con is spend us into deficit oblivion.
The second part, we're coming to get you.
You know what's in the name of?
Fair share.
Pay your fair share.
We don't have enough.
Up next.
We'll put a bow tie on it.
We'll do the markets.
This is the one only investor's edge.
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airport lounges worldwide. The Capital One Venture X card. What's in your wallet? Terms apply, lounge
access is subject to change. See Capital1.com for details. This episode is brought to you by
Spreaker. The platform responsible for a rapidly spreading condition known as podcast brain. Symptoms
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and saying things like, sorry, I can't talk right now, I'm editing audio.
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Investors Edge.
He's got to be pleased with that.
The crowd is just on his feet here.
He's a Cinderella boy.
With Gary Coltbaum.
It comes highly recommended.
You're going to feel better if you talk to him.
Now, I want to make sure you know.
Everything we're saying to you is from their mouths, not ours.
Everything we have said to you is not opinion.
It's fact.
The numbers we give you.
The proposals they have put out a massive confiscation of our economic wealth into their coffers to pay for their whatever you want to, whatever.
Now the opinion part is
All you're doing is hurting the economy, hurting jobs.
You know, you've had a little steroids on the economy because of their spending.
But you do know there's always the bills to be paid.
All they have done is create another credit card to pay for the last one
and covered up by a media that says absolutely nothing about it.
It's not even talked about.
Yet they do have their friends on the New York Times,
some of the economists saying, oh, it's okay,
because it's just a percentage of GDP.
In other words, as we grow, they grow.
The problem is, as we grow a dollar, they grow three.
So when vice president trying to be President Harris comes out,
and tries to amnesia everything that's happened for three and a half years.
We'll know it.
I doubt she's going to be brazen enough on an economic policy to say,
and we're going to raise long-term capital gains from 20 to 44.6%.
And we're going to do unrealized gains, 25%.
She's not going to do that.
But I harken back to Bill Clinton.
You know, what are Bill Clinton's famous nicknames with Slick Willie?
Because when he ran for president, he said he is not raising taxes.
I'm not raising taxes.
I'm not raising taxes.
On the second day of his presidency, he announced the proposal were raised taxes.
I remember that like it's yesterday.
because all I thought about that day was, like we didn't know,
tariffs.
They said Trump tariffs sucked.
I agree.
Trump tariffs sucked.
Guess what Biden and Harris did with tariffs.
They did tariffs.
And I can just throw in their Department of Justice today going after Google because, oh, Google, you're too big.
oh, you're screwing people also.
And they've done it with others also.
They've blocked some mergers also.
So the list goes on and on about we wanting people just to set good conditions and get the hell out of the way.
And all they have been doing is set great conditions for their government while kicking us in the teeth and creating a mirage.
that all is well when so much of the GDP comes from them.
Their power base, I can't wait to hear what she has to say
as she rolls out her economic policy in the days ahead.
I think she's going to.
Tomorrow we'll do Trump, because as you know, we have a good big,
bad on Trump with the economy.
We have a good bad.
And we'll explain exactly what we mean tomorrow.
But on a binary choice on setting conditions and leaving us the hell alone, you have filet mignon versus spam.
And by the way, nothing against spam.
You know, my second home's Hawaiian.
They love spam there.
We move on.
Dow up another 242 today, but the NASDAQ only up four,
but the good news is the NASDAQ was down 60 with a few minutes left and finished up four.
The S&P up 20.
The NASDAQ 100, only 16.
Transport's only 13.
Retail was very weak.
Commodities on the week, yeah, weak.
China very weak, solar's weak.
Even though the Saks is only down nine,
and it was up 90 and down 90
my socks pages all read except for
and Viti up too Lamb Research up for
so it's a little skewed
advanced decline 1723 on the NASDAQ
but 24 to 15 on the New York
and what stuck out today in strength
financials good day
insurance stocks
I saw something that progressive insurance says
about what they're making and it's a lot.
So progressive today popped out of range with some volume.
Market was happy and other insurance stocks followed.
And as you know, the amount we're paying for home health auto is just skyrocketing.
Here in Florida, the home insurance is a big wow.
Hey, God bless these insurance companies for making that coin.
yesterday was indeed that confirming follow-through day and not bad today.
I could pick a few things apart, but I'm not going to.
New high list, not much there.
Saw a couple of besides progressive insurance Ferrari, symbol race.
Really nice breakout today of about six months range.
I wish I saw news, but I didn't, but I do know they're sold out for like years.
Eli Lilly had that good reaction to earnings, was up again today,
but need some work in here, need some time.
Netflix, big name, got back above the 50-day moving average,
but plenty of work to be done.
But good day.
And again, last Monday was that gargantuan,
gargantuan vix washout.
And the vix today plunged even lower today.
That's the volatility index.
That amazingly, pretty much now is round-tripped.
I'm even stunned.
And we had posed the question, is it the Japan thing, just a one-off?
And as with the second, it is.
And amazingly, even though Japan dropped 25%, their market, the number 3 GDP country,
their market dropped 25% in days off of a quarter point rate hike,
the market's basically blown everything off,
everything's cool again.
With plenty of warts.
But I like what we see.
When we always said and done today,
the Dow got back above the 50 day yesterday,
a little bit more today.
The S&P touched the 50 day at the close today on the underside.
The NASDAQ still plenty away.
The NASDAQ 100 still plenty away.
The Russell 2000 still sucks.
The transports still ick.
But they trade like,
penny stocks and you never know if tomorrow will have a good day. And we hope we can build on this.
I'm told we're in seasonal weakness time into September, October. I couldn't care less about that.
I don't know if the market even knows that. There's still a ton of names that have been so
damaged and so blown up over the last weeks that it's going to be tough on them. We'll ignore them.
and when I look at retail, man, oh man, oh man, there's some ugg in the retail.
The airlines act like crap.
The cruise lines that look like they were getting going, getting blown up.
The Airbnb's no go.
They smoke Marriott and some other travel-related stuff.
So it ain't everything.
And as always, what we will do, if this gets.
better we will just tell you where and as always it's your money you decide we're
just telling you what we're seeing up next we'll stick with the market I got a
couple other tidbits this is the one only investors edge ice it's no use putting
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four times more stretch than competing brands.
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Don't settle for less.
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That's Tommyjohn.com code comfort.
Tommy John.
Comfort perfected.
This message is brought to you by the Capital One Venture X card.
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Like a $300 annual Capital One travel credit for less than you expect.
Elevate your earn with unlimited double miles on every purchase,
bringing you one step closer to your next dream destination.
Plus, enjoy access to over 1,000 airport lounges worldwide.
The Capital One Venture X card.
What's in your wallet?
Terms apply, lounge access is subject to change.
See Capital One.com for details.
This episode is brought to you by Spreker.
The platform responsible for a rapidly spreading condition known as podcast brain.
Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives,
and saying things like, sorry, I can't talk right now, I'm editing audio.
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You record your show, upload it once, and Spreaker distributes it everywhere people listen.
Apple Podcasts, Spotify, and about a dozen apps your cousin's swears are the next big thing.
Even better, Spreaker helps you monetize your show with ads, meaning your podcast.
might someday pay for, well, more microphones.
Start your show today at spreeker.com.
Sprinker, because if you're going to talk to yourself for an hour, you might as well publish it.
You're listening to.
What are we waiting for?
Well, what are you waiting for?
One, two, ready, go.
Action!
In The Bester's Edge.
With Gary Culpa.
So, I, do, do.
I just, you know, I've been telling you as we've been going along with all this.
You know, as you get old and whatever, you go through different phases and things, and I'm lucky.
My parents, 92 and 91, and up until recently, have lived in their own place, fending for themselves with a little help for my brother.
But it's really getting tough now.
my mom had this stroke but they got to it and there's no like paralysis she can speak but the strength
has really head downhill we do rehab but you can just tell that at the age of 91 very tough effect
so now we're in the midst of something we're trying to never get to but we're going to have to
because when I approach the subject to both of them about,
let's move you into assisted living,
my father who never curses,
throws out a couple of interesting words.
So what we're doing the midst of doing,
it's not easy,
is getting a full-time,
live in both medical slash do the things around the place.
And we're the midst now of,
of contacting, re-contacting, because we've, you know, looked at it in the past.
But man, oh, man, I feel for people that can't afford when something like this occurs.
Wow.
You know, our lives are about us learning until we go.
and you never know what we have to learn about.
Sometimes we like to learn about something and sometimes it's forced on to us.
Wow.
And all I was thinking to myself today when we had conversations with some of these people was,
what if people don't have the wherewithal to cover something so necessary
as taken care of your elderly loved ones.
And I hear things, well, they take all your money,
and then you go on something or other.
Wow.
That's what I hear.
I doubt anybody will argue that.
I don't know exactly how it works, but wow.
That's all I got to say is, wow.
as I have told you my brother's the hero
what he has been doing
God bless this man
they are up in New Jersey
I live in Florida I'm traveling back and forth
left and right my wife is also
not easy
but they've earned it
so we're going to take care of it
and we've discussed this before
and we've got a lot of input from
you guys out there that experienced it
and also in the industry
right now we're looking in New Jersey
to find some serious home health care
but we want to go through a real good interview process
to know my father says to me
there's no strangers living in my house
we'll see how it goes we'll keep you up to date
and we're not making fun of my father
he's a great man and
just like all of us have a lot of pride
and at that age
I can
can't even imagine the frustration
at this point.
All right.
We have to segue.
In the news,
just letting you know,
and we pick on San Fran a lot
because it's been running to the ground
by Pelosi and not one journalist
asked her what's going on in San Fran
because they're afraid of her.
She was the head honcho
kickin Biden out. San Francisco's hospitality business imploded during the pandemic. Now its hotel owners are drowning in debt as never before. And they're blaming on visitors. Oh, lack of visitors. Because people are reading about too much strife and too much worry there and too much crime and too much this and too much that. And let's see, the city's two largest hotels, the Hilton Park 55 in Hilton, San Francisco Union Square, combined to have lost $1 billion in value.
according to a bond rating agency.
Nice.
Pelosi land.
And nobody asks her about it.
Airbnb, I mentioned that earlier.
They're saying they're losing a bunch of whatever to travelers to hotels.
I got to tell you, I never have done an Airbnb, but I've tried.
They need to fix their system up.
They need to fix it up.
I could not get answers.
I could not get specifics when I tried to do it.
And by the way, I tried to do it in Hawaii at the time.
I don't know if they still have them in Hawaii,
but at the time they did.
Yeah, I think it was Hawaii.
The boom and travel spending is slowed.
Well, we already told you that.
They're writing about it now.
We've been telling you that for a little bit.
And we just want, you know, we have a good ear to the ground.
Just letting you know.
I don't know if it lasts.
we hope it doesn't
the consumer without a doubt
is a little bit of an issue right now
we think it's falling off the ledge
we don't think it's falling off the ledge
in the Grand Canyon
and I say that because
I'm pretty damn sure
if we were heading to something
of real import with the economy
to the downside
we'll be about 15% lower
in stock prices
How do I know this?
Go look at every market during recession
as the onset of recession comes.
It's one plus one equals two at the time.
That's how it goes.
So we're watching very closely,
but very good remember last Monday,
the big VIX washout.
I told you the story about one of my clients
wanting to sell NVIDIA on the open,
talked them out of it.
Should have probably bought the hell out of it.
But that's what happened on Monday.
A lot of people got scared out at the most inopportune time.
And once all the sellers are gone, you get rallies and we're bouncing up here.
And pretty darn good.
Can't argue that point.
All right.
Tomorrow.
What's tomorrow?
Thursday, I'll be on with Varnie and Company.
11 a.m. hour.
Tomorrow.
Check that out, Fox Business Network.
And same time tomorrow, this radio show.
You have a great evening drive carefully.
and when you get home do like we do, it's quite simple.
Make sure you hug your family.
Make sure you hug your children.
They will feel better.
You will feel better.
I promise.
Peace out, my friend.
Serenity now.
Good night.
This has been Investor's Edge with Gary Cult Bomb on BizTalk.
To listen to past episodes or to get in contact with Gary, go to GaryK.com.
That's GaryK.com.
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