Investor's Edge with Gary Kaltbaum - EXTREME SENTIMENT WEEK IN REVIEW

Episode Date: October 6, 2023

https://garykaltbaum.com/...

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Starting point is 00:00:26 That's Tommyjohn.com, code comfort. Tommy John. Comfort perfected. 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 for being with us today.
Starting point is 00:00:49 Glad you're here, ladies and gentlemen. Happy that you are listening. It's what? October 6, 2020. And it's Friday. Yay. First off, I must thank my wonderful wife. You know how men every now and then will say, oh, what a wonderful wife I have, or a wife will say what a wonderful husband I have?
Starting point is 00:01:15 I have to start out saying, my wife is magnificent. In case you did not know, my father is going to be 92 on October 20th. He shares the birthday with Mickey Mantle. What do you do? And over the, man's a war hero. The man was a great athlete. And in the last year, going from 91 to 92, finally, you see a downtrend.
Starting point is 00:01:49 For lack of a better word, I don't want to use a word I use in stocks. And he's lost muscle mass. He's still sharp as can be, knows everything. that's going on, writes his checks and does his bills and all that. But the health part, you can just tell and, you know, walking a little whatever, fall down a couple times. And this last fall down, he's had like eight staples in his head. I mean, he's like Mick Foley getting staples in his head during a wrestling match. So I've been back and forth to New York. she's gone back and forth with me
Starting point is 00:02:34 and you're just doing the best you can for him and he was in the hospital and then moved to rehab so I was up there for 10 days and then we came back moved to rehab with thinking everything all well and good and then realize that somebody else needed to be up there not just for him but from my mom also who's 90
Starting point is 00:03:03 who's like the rock of Gibraltar my wife in a nanosecond has been up there all week driving the bus and helping out just absolute big time big time
Starting point is 00:03:24 knowing that I have things I've got to do here in Florida and of course I'm going to be running back there as I have told you I can easily move my whole office I even sent a picture when I was in Dubai I put out a picture
Starting point is 00:03:44 on Twitter where I actually have four screens sitting in front of me and they're easy to move and they're four separate laptops I keep being told you don't need four separate ones I just like having four separate ones I'm insane. So my wife has made my life easier this week in just amazing ways. And I'm going to be
Starting point is 00:04:11 heading back up there real soon. So I just had to start with that. And I've received a lot of emails from a lot of you have experienced the same thing as your parents, you know, get older. And it is, you can, I can just tell that I don't try to address it with my father. the frustration of here's this guy where he was almost a professional baseball player who just gave up the keys to his car a year and a half ago that there's certain things he cannot do right now without a walker and certain help and i can just see the frustration i can just see the frustration that he has uh god bless him you know, that's the story. So we start out with my wife. And now we segue. So yesterday, we started out the show saying we never want to get too over the top on the show.
Starting point is 00:05:20 Never want to get too technical. We said to you that we were told many years ago when we started out on Fox, never mentioned the dollar because it'll bore a hell out of people and people are smart, but a lot of things just a little bit above realm. But we came at you with a couple of things we were seeing that don't happen very often. And it all had to do with sentiment in the markets. We're talking markets straight out of the get-go here. Of course, after we talked to. my wife. And when sentiment that we follow, there are certain indicators we follow that work best for us. Others have different sentiment indicators. When they go to extremes, those indicators,
Starting point is 00:06:19 it's usually something that for me is a wake-up call. It means that the masses have gone all the way to one side. That's what it simply means. And typically, when everybody is barish and sold out, there's nothing left to sell, and you can potentially get a market to turn up. The same with the upside. When the masses of all bullish, and we read that extreme, it means they're all bought in, there's nobody left to buy. The market's already had a big, move up, and typically, typically, it means the market's ready to drop. Now, these sentiment indicators, listen carefully, and not what we call pinpoint indicators, meaning, oh, it shows up, and boom, the market turns.
Starting point is 00:07:16 But it just so happened, my good buddy, Gil Morales, one of the most brilliant minds on Wall Street, and he's been on the show, and we're going to have him on again, who was the portfolio manager O'Neill set records beyond records in returns, posted, not to me, but posted on Twitter or X, that one of the things we follow hit an extreme number. So after we've had this drop in the market, and as I have stated to you, the average stock is 10 times worse than the indices because of the big capness of the market. We have highlighted for you just absolute drubbings in so many things. By the way, including today, and we'll get into it in a second,
Starting point is 00:08:11 more stocks got blasted today on a strong day. So, very simply, what we explained to, again, we didn't want to go into the weeds too much is there is an options market. There's things called calls and puts. When you buy a call, you're betting on the upside at a certain price at a certain time. You are paying a premium for that time and for whatever price. And you can buy in the money or out of the money. And I don't, again, go read up options.
Starting point is 00:08:49 And then there's the puts. You're betting on things going down at a certain price at a certain price. certain time and it just so happens after all this drubbing that the market has had after all this drubbing the market has had it took to just yesterday for the put buying to go to those extreme numbers that sometimes oftentimes mark a turn in the market they were buying the hell a puts on the market. And that's after a drop. So Gil posts it. I'm like, okay, and I write it down, and I report it to you. And all I simply stated to you was this. The technical condition of market sucks. But things are very oversold, meaning, I mean, something that dropped 10 bucks
Starting point is 00:09:50 can rally up two or three. Does not really change the direction. but something can start from it. And that was yesterday. Simple as that. The other thing we had stated was all of a sudden journalists are reporting what we've been telling you for months. And often that turns the tide. What have they reported now? And this is one of our indicators.
Starting point is 00:10:20 Oh, the bond market's been trashed in interest rates of skyrocketed. Duh. One person wrote up. Oh, now the deficits matter. Gee, my goodness gracious. So this morning, we get a jobs number. And it was supposedly better than expected, but if you go in depth into it,
Starting point is 00:10:41 it's still good that we're 3.something percent, but some of it was government, too much government. That's taxpayer dollars. Some of it was part-time, whatever. Let's say it was terrific. Okay? Well, initially, bonds sold off, interest rates skyrocketed again on the morning, and the market was trashed. Up next, we'll tell you how it finished.
Starting point is 00:11:12 I'm Gary. This is the one only Investor's Edge. Hi, I'm Gary Kalbaum, hosted a nationally syndicated radio show Investors Edge. We're not just handsome radio people. We manage investors' money for a living, specializing in. fee-based discretionary money management. No big commissions, just a fee on the assets that's managed. We also provide a full range of personalized services, including retirement planning, fixed income, and educational needs, all to assist you in achieving your financial goals. Understanding not all
Starting point is 00:11:59 individuals have the same needs, we'll carefully evaluate your personal goals to determine a proper investment strategy. If your current approach to investing is not getting you to where you would like to be, call us to make an appointment for a complementary portfolio review. The number to call is 888-4-2-5-59. That's 888-4-2-5-59. That's 888-8-5-9. That's 888-4-2-4-2-2-5-9. Investment Advisory Services offered through Call Bomb Capital Management. Guys, it's no use putting it off. The best time for an underwear refreshes now. Tommy John underwear is designed for a perfect fit that stays put all day. Their zero-chafe thanks to four times more stretch than competing brands, and their innovative horizontal quick-draw fly is a game changer.
Starting point is 00:12:49 With over 30 million pairs sold, there are thousands of men out there more comfortable than you. Don't settle for less. Go to Tommyjohn.com today for 25% off your first order with Code Comfort. That's Tommyjohn.com code comfort. Tommy John. Comfort perfected. This message is brought to you by the Capital One Venture X. card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase,
Starting point is 00:13:19 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 Sprecker. 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. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple.
Starting point is 00:13:57 You record your show, upload it once, and Sprinker 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. Spreaker, because if you're going to talk to yourself for an hour, you might as well publish it. It's time to switch on the integrator units and get the brain cells working. You're listening to. Hey, this promises to be fun. Investors Edge. The last bastion of quality programming. With Gary. called bomb it doesn't get better than this okay so with all that said about the sentiment and remember
Starting point is 00:14:54 what we tell you about sentiment it's secondary indicators the primary is always going to be price and pattern which we are very good at reading and obviously very good reading on sentiments so what happens this morning the tao at the open or right at the open. Yeah, just about at the open. Let me make sure I got this right before I opened my mouth. Now that's yesterday. Duh. There you go. Now we're on 10-6. So the Dow opens and tanks. We hit 32-846 at around 1025. 32-846. That would be about 274-6. That would be about points. We were down on the open. We finished up 288. The market moved up 500-something points. And in fact, at one time today, we were 33-557. We were up another one. We were up 438.
Starting point is 00:16:17 We were almost up 700 from the lows. The NASDAQ, of course, did the same. same to a certain extent. The NASDAQ wasn't so bad in the morning. The NASDAQ at the low hit 130-09-was down 120, finished up 211, was up 13-4-72, was up 13-4-72. So that pulled back a little bit also, but a very strong day was to be had. And I'm just thinking to myself, thank you, Gil, because this will go down in the file manager that maybe just maybe a decent low, maybe, was put in the day after the put calls spiked,
Starting point is 00:17:17 and sentiment went what we call to extremes. So you should remember that going forward. What does it mean for Monday? Beats the heck out of me, which is trying to get day-to-day right. But today could be a start. That's all.
Starting point is 00:17:39 The market had held a certain level over the last two and a half weeks. You can draw a line underneath. Today it moved off of that little whatever it was trying to do, and let's hope it sticks. To be clear, though, when we tell you so many stocks are in bad shape,
Starting point is 00:18:05 one day does the turn them into good shape, but what it really does do is already starts to isolate. Where's the strength? And we already knew where the strength was before today. It was narrow as all heck. It's things like Facebook, that hasn't budged while the market's been trashed.
Starting point is 00:18:29 Google holds the 50-day moving average. A select group, and what I mean a select group of narrow names, a select group of narrow names with the strength, what do you think that select group of narrow names did the first day up like we had today? Well, they led up with a few actually breaking into new high ground. Yeah, a few. Now, is this the start of something good? We hope so. We've been told that very often October will stop corrections. We're all good with that. What we will tell you is this. We love what we saw today. We love that it was the higher beta names. It was software, software types, security enterprise software and the like. It was not so. So much, well, the big caps moved, but we like the fact that the best looking moved. And we'll see what next week brings.
Starting point is 00:19:40 The socks today was up 68. That was down early. Could have been better. It was up 84. 3491, right? 16. Yeah, 84. But let's hope this is a start.
Starting point is 00:19:57 Leadership is already starting to show itself. but you're going to need the market to cooperate. What do we mean by market cooperating? Stop getting trashed. That's what we mean. I've always said, just give me a market that does nothing. I don't even need a strong market. Just give me a market that does nothing.
Starting point is 00:20:27 And leadership will show up. Of course, though, give me a strong market and leadership can really get going. The big story today, just letting you know, as you do your scans, just letting you know, software. When you have a chance, go look at something called the IGV. It's technology software index.
Starting point is 00:20:56 That's a good looking move today, and we'll see if it sticks. and then you dive deep into software names and see if any are already breaking out to new highs and see what is showing up. But they were really in there on the software. By the way, I didn't see any news to move them. But there were some that were already strong, ready to go, and that was the story today.
Starting point is 00:21:23 Even Microsoft was up nine bucks today, and that's pretty much been dead money for quite a while. So hopefully, we're just going to use these words. Hopefully it's the start of a fourth quarter of goodness. Because we already have a clear idea of where the strength is. Now, most everything else bounced today. And I'm going to go through that big time. But you can also tell what's the pretenders.
Starting point is 00:22:00 and it's a real lot of areas, broad-based. So we're going to stick to the narrow, and if anything else shows up, terrific. Costco was down 25 today early on their numbers, finished down 12 on a good day. Chipotle was down 39. Domino's Pizza was down 21, breaking down. So they were still hitting the restaurant stocks big time today. You know what that story is? about these new drugs
Starting point is 00:22:32 and people not wanting, I don't know, I'm reading stories about new drugs and OZempic and all this other crap and maybe people are changing, I don't know, who the hell knows? Weakness being attributed to recent headlines about health concerns for weight loss drug Wagovi is a potential contributing factor,
Starting point is 00:22:53 blah, blah, blah, blah, blah, blah, blah, blah. Who knows? Anyway, there's still. plenty of areas that are just I don't know what's going on with the restaurants McDonald's and the Dow was down another four today Wing Stopped down nine Yum brands you name it
Starting point is 00:23:11 we're going to stay away from restaurants up next more in the markets this is the one only investors edge guys it's no use putting it off the best time for an underwear refresh is now Tommy John underwear is designed for a perfect fit that stays put all day there's zero shape thanks to four times more stretch
Starting point is 00:23:40 than competing brands and their innovative horizontal quick draw fly is a game changer. With over 30 million pairs sold, there are thousands of men out there more comfortable than you. Don't settle for less. Go to Tommyjohn.com today for 25% off your first order with Code Comfort. That's Tommyjohn.com code comfort. Tommy John. Comfort perfected. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel.
Starting point is 00:24:10 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.
Starting point is 00:24:30 This episode is brought to you by Spreaker. 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. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere people listen,
Starting point is 00:24:58 Apple Podcasts, Spotify, and about a dozen apps your cousin swears are the next big thing. Even better, Sprinker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones. Start your show today at spreeker.com. Spreaker, because if you're going to talk to yourself for an hour, you might as well publish it. We're listening to America is talking. 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 Colbomb. It comes highly recommended. You're going to feel better if you talk to him. So, in software, a lot of three to five percent movers,
Starting point is 00:25:47 today. When you have a chance, go look at the very short and small new yearly high list. Go do that. That's where the only way you can find big gainers is if they show up on the new yearly high list. They have to. So maybe this is a start, not going any further than that. We're just loving the fact that maybe just maybe one of our main indicators on center. click the heels today. Other news. Exxon looks like they are going to buy Pioneer Natural Resources
Starting point is 00:26:36 PXD. They are looking to go further into the shale and the Permian Basin, which is in West Texas, New Mexico that has billions of barrels underneath to get at. so Pioneer Natural was up 22 bucks today. Yippie, yay, yay. I got to figure out what happened with the restaurant stocks and all that other crap.
Starting point is 00:27:03 What else they're killing? They're just beating the hell out of Pepsi and Coke and Kellogg's and Post and smuckers and the beer stocks. It's like a raid on anything good to eat. They even got, I don't know why, but Church and Dwight, which is just, what is that? Like baking soda and toothpaste? That breaks down today.
Starting point is 00:27:32 And as you know recently, they just beat the crap out of utilities. They've been beaten the crap out of financials. By the way, on a day where the Dow was almost up 300, Bank America was up a penny. You think we want to own that bad boy? And just so you know, that's how we measure things. things pretty easily. What ain't moving today? But I got to figure out this restaurant thing. They're just kicking them in the teeth. Now, I do know in California the maniacs there.
Starting point is 00:28:07 Don't listen to business. Even though businesses said to them, hey, if you keep raising minimum wage for teenagers and startup people at the fast food places, we're going to get kiosks and robots California raised minimum wage to 20 bucks. I don't know if maybe that has something to do with it. I don't know. It's an insane asylum in California. I really don't use the word communist. I use the word Marxist, but communist is the...
Starting point is 00:28:43 And we're using the economic part of it is the sharing of everything. California's there. At least they're going there. It's nuts. You ever see what the taxes? By the way, between taxes, if you're too wealthy, have you seen what the price of gas is in California? I mean, they just love castrating their consumer.
Starting point is 00:29:13 They're so lucky, California is so beautiful. I lived a little bit, not for long, in a place called Rancho Bernardo, north of San Diego, south of Escondido, if I do remember. something like that. Anyway, I loved it there. And I love visiting. I won't visit San Fran anymore. But man, Pebble Beach and Carmel and Monterey, San Diego, LaHoya. It's so many beautiful places and these people run in the joint. Do you know, people won't even go out at night in Oakland these days. And you know who runs the district in San Fran? Pelosi, do you think she's
Starting point is 00:29:58 ever asked about the district in San Fran? Never. Why would journalists do that? Hey, Pelosi, do you hear about these other department stores that just left San Fran? How about the drug stores? How about the retail stores? They're running away. What happened? No, don't want to piss off Nancy. Anyway, that's what's going on there. So back on the market, that be the store. Now, the jobs report, as I have stated, we have no bias at all. We want everybody to have a job. We love everybody to have the job of their dreams. We have come out recently and said we think we're on the ledge,
Starting point is 00:30:52 and we hope we do not fall off the ledge. Because if we lose the job market with so much debt and deficits, with interest rates so much higher, credit card interest rates so much higher? Who knows? Who knows? But it was a good number with a but. With a but. Always look at what type of jobs. What type of jobs? It's all. What type of jobs? Are they good or are they not good? Are they part-time? what may be. One third were government jobs, basically, which does not thrill. One third was leisure and hospitality, which is just fine and dandy, but they pay less than other things. One third health care, which is like nurses and stuff like that.
Starting point is 00:32:03 I'd like to see a little better makeup of that. But we'll take it. We'll take anything. A person who loses a job goes on unemployment and then goes on the dole. And remember how somebody feels about not having a job. That ain't any fun. So let's hope it sticks. I'm not so sure.
Starting point is 00:32:36 But good day. And we are certainly thrilled with the action today. I know they're going to call it what is known as a follow-through day. it looks like that's confirmed NASDAQ volume bigger than yesterday but you need stocks S&P bigger volume than yesterday also
Starting point is 00:33:02 and if you don't know what a follow-through day is go look it up but just remember you need stocks and there are a few so we're ready to roll we'll just need the market to continue to cooperate simple as that
Starting point is 00:33:23 in other news Hey, Joe Biden was out today, patting himself on the back for Bidenomics. Just remember, we have one stance. We don't give a crap what he says. The only thing we care about is this man on purpose. Has the government spending $6.5 trillion this year, a 50% increase from just 2019 the year before COVID? And a lot of it is insane.
Starting point is 00:33:50 $380 billion being handed to one man, a Democratic hat named, John Podesta had a handout for climate. And it's going to go to friends, families, compatriots, donors, who are going to create startup crap companies to take in grants. You know what a grant is. The government gives you money. You never have to pay it back. And who's going to lose?
Starting point is 00:34:15 We are. That's only $380 billion, ladies and gentlemen. I've been asked a lot about Ukraine. Oh, I believe in fighting for democracy. But you know what else I want. I want an accounting, which we are not going to get. We should have an accounting of where every dime is going when we sent to Ukraine. We sent them $120 billion.
Starting point is 00:34:40 So imagine if we didn't have to send $120 billion. And instead airmarked $120 billion for kids in need. Imagine if you did that. So we're hoping we get an accounting from this control freak in chief who is hamstringing us and the future. But of course he's had help. He had help from Trump in a huge way. Who took the championship belt away from Obama? Who helped?
Starting point is 00:35:18 Who took the championship belt away from Bush? These four have just mutilated the future. future with the massive debt and deficits. It started up in the late 90s, but I got to hand it to Clinton. It wasn't that bad. But then all hell broke loose. Up next, what else we got for you? I'm Gary. This is the one only investors edge. Guys, it's no use putting it off. The best time for an underwear refresh is now. Tommy John underwear is designed for a perfect fit that stays put all day. They're zero-shape thanks to four times more stretch than competing brands, and their innovative horizontal
Starting point is 00:36:38 quick-draw fly is a game changer. With over 30 million pairs sold, there are thousands of men out there more comfortable than you. Don't settle for less. Go to Tommyjohn.com today for 25% off your first order with Code Comfort. That's Tommyjohn.com code comfort. Tommy John. Comfort perfected. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, 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.
Starting point is 00:37:18 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 Spreaker. The platform responsible for a rapidly spreading condition known as, podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to
Starting point is 00:37:37 confused relatives, and saying things like, sorry, I can't talk right now, I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. 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, Sprinker helps you monetize your show, with ads, meaning your podcast might someday pay for, well, more microphones.
Starting point is 00:38:06 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!
Starting point is 00:38:26 In The Wester's Edge. With Gary Culper. Jada. Thanks for being here. As, you know, I was just mentioning the debt and deficits. I just want to let you know in the last four months, our debt's gone up $2 trillion. That was the outcome. And by the way, we're not making this up.
Starting point is 00:39:09 That was the outcome of the debt deal. Do you know what they called the debt deal? The Fiscal Responsibility Act. And they want to know why we think they suck. they want to know why everybody is so pissed off. They want to know why we think they're all a bunch of con artists. That they have the grapefruits to call a bill, the Fiscal Responsibility Act,
Starting point is 00:39:43 and $2 trillion more debt in four months later. They're expecting us to get on bended knee and thank them. Biden sat there today saying, I don't understand why. I'll give you why. These people are so lucky that I, personally, as not front and center in front of this man questioning him. He'd probably throw something at me within a minute. imagine and you had the Treasury Secretary out applauding the economy
Starting point is 00:40:31 this misgrant that doesn't have a clue about anything that has never had a job in the real world $2 trillion added to our debt in four months and they call it the Fiscal
Starting point is 00:40:54 Responsibility Act the venom I have for these people that you should have, I don't care what side of the aisle you are on. The ire is getting raised more and more. So peoed at these people, and they do it in plain sight. And they look at you. I used to complain about Trump. Now he's not president now.
Starting point is 00:41:27 I still complain about him. I would always say Trump can stand in front of a camera and it's raining on him and he says it's sunny out and he says it with a straight face. I got news for you. This administration has taken away the championship belt online 10 times over from Trump and that is one big gigantic high bar to get over. The Fiscal Responsibility Act, they named it that act. That's what they named it. $2 trillion. Just so you know, in four months,
Starting point is 00:42:08 that was more than federal spending than the year 2000. They are shooting a big, gigantic finger at us, laugh in there, you know what's off. And there's nobody to save us. There's nobody to save us. What? If you think Trump wins, he's all of a sudden going to slow it down. No. They figured out. Hey, GDP has government in it, so let's supersize government. Tough. You're going to get no help from him. So that happened today. And I have to tell you, I started watching Biden's little, hey, look at me and how good I am. It took me 30 seconds before I had to shut it off. 30 seconds. What else in the news? Well,
Starting point is 00:43:08 Here's a good one. Motorists will soon be able to claim the 7,500 electric vehicle tax credit up front when they buy an electric car rather than wait for the tax return to come off your tax return. Ain't that great? What are they trying to do? These clowns are doing everything possible using the taxpayer to get you going electric. Even though your tires cost more, the repairs cost more, I can go on and on what costs more with electric vehicles. But just letting you know all you rich people that want to buy expensive electric vehicles, you're going to get $7,500 now up front from the price of the car. Right up front, just letting you know.
Starting point is 00:44:03 Take care of the wealthy. The Marxist party, who hates the wealthy, going to take care of the wealthy. going to take care of the wealthy. All to move electric vehicles, which by the way, ain't moving. The lots have a lot of electric vehicles on them because people don't want them. That's all. And you know what's going to hit the fan in a couple of years?
Starting point is 00:44:31 The fact that Ford and GM and all them are losing bazillions of dollars because nobody wants to buy them. Oh, and then we'll bail them out with our tax dollars. ladies and gentlemen, I give to you, our government, abusing you and I. And the only reason why they get away with it, because the money doesn't physically come out of our checkbooks, our bank accounts. Biden just forgave another $9 billion, at least trying to. Imagine if you went to your bank account and $200 was deducted and it said, for student loan forgiveness, not your student loan, somebody else.
Starting point is 00:45:14 think you'd be able to get away with it then? Hell no. But they know it's somewhat invisible. You don't see it. You're going about your day, doing your thing, doing your fantasy football league for the weekend, and not paying that much attention. They've created the greatest Ponzi scheme, the greatest con in history, and it's up to 33 point something trillion. It's going to be, it'll be 100 trillion one day. Where does it blow up? Beats the hell out of me. But it's gone to. And on that note,
Starting point is 00:45:55 have a great weekend. Drive carefully. When you get home, do like I do, make sure you hug your family. Make sure you hug your children. Take care of your parents. Monday will be on with Charles Payne, Fox Business Network,
Starting point is 00:46:12 2 p.m. hour. Have a great one, everybody. Stay well, be well. And if I win the mega millions or the Powerball this weekend, you will never hear from me again. Peace out all. Take care. Bye-bye. 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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