Investor's Edge with Gary Kaltbaum - Fitch! You're Kidding?

Episode Date: August 2, 2023

garyK.com or https://garykaltbaum.com/...

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Starting point is 00:00:00 Hey, it's Ryan Sechrest for Albertsons and Safeway. It's stockup savings time now through March 31st. Spring in for store-wide deals and earn four times of points. Look for in-store tags to earn on eligible items from Celsius, Body Armor, ORAIDA, Silk, Capri-Sun, Bavarian Meets, and Charmin. Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more. Enjoy savings on top of savings when you shop in-store or online for easy drive-up
Starting point is 00:00:26 and go pick up or delivery. Restrictions apply. See website for full terms and conditions. Investor's Edge with Gary Cultbaum. 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 Kalbaum, your host.
Starting point is 00:00:47 A thanks for being with us today. Glad you here, ladies and gentlemen. Happy that you are listening, I think. It's Wednesday. It's August 2nd this 2023. Hope you having a good day. As always, lots to cover. Serious talk about you and everything that affects you.
Starting point is 00:01:01 the markets, the economy, your jobs, employment, taxes, deficit spending, scams, shams, corruption, you name it, we cover it. And if you do not get our show, our radio show in your city, we'll post it at garyk.com. We'll also post it on our Twitter feed. If you want to follow us on Twitter, go to Twitter, put our name in, or press the button at garyk.com. If you want to email me, just be nice. That's all. All you got to do is be nice. You may completely disagree with everything I say, but be nice, because I may disagree with everything you say, and I'll be nice.
Starting point is 00:01:39 And that's that. Okay, let's get serious. Let's get very serious. For years, I have been telling you about the con artists and con jobs emanating from Washington, D.C. and by their friends in the media that refuses to report the truths. The facts, not opinion. This is not opinion radio. We talked the facts.
Starting point is 00:02:20 What we are talking about is that these Morlocks in D.C. have taken us to $33 trillion of debt. That simply means, now listen carefully. they spent $33 trillion more than they were supposed to. They're criminals. Every politician that is signed off on this, it's been going nuclear since the beginning of 2000. Straight vertical.
Starting point is 00:02:51 And take out the COVID, gladly, will still be at $30 trillion. and we're headed to 50, and that's a guarantee. So in case you don't know, there are these rating services. What they do is they rate bonds, cities, states, localities, countries. And they have a certain rating for the United States, and a company called Fitch downgraded us today from the highest. Well, first, here's my take on Fitch.
Starting point is 00:03:30 they can go screw. What do I mean? They have watched. They have access, better access to all this that I'm telling you on a daily basis, more than I have, how these people in D.C. Have just cash-traded us and the future with massive debt and deficits beyond the beyond. They have watched how Bush was the compassionate conservative and he spent like crazy. Obama, I'm going to cut the deficits. And he spent like crazy. Trump, I'm the greatest deal maker on earth and he spent like crazy.
Starting point is 00:04:15 And now Biden, who gets the championship belt, he actually is taking the championship belt away from those miscreants and just lying out his 80-year-old. I think he's 80, right? whatever AG is, looking into the camera, looking to you, the American people, and blatantly lying to you. Just blatant all for everyone to see. Even the Washington Post has given them, what do they call, Pinocchio's, that I cut the deficit $1.7 trillion. When we all know that we're going to run record deficits going forward and what he's alluding to is that the COVID spending left. And what he has done is he's raised federal spending to
Starting point is 00:05:08 around COVID numbers. In 2019, we spent $4.4 trillion as a government. Right now, estimates, and you know what estimates are in Washington, D.C. 6.2, 6.6.3,
Starting point is 00:05:24 it's going to be near 7. And do you know how we know? Because you just add 10% on anything, Washington says, plus, you know what's going to happen soon, debt's going to come matured at lower interest rates and they're going to have to come out with more debt at higher interest rates. That's going to make it worse and worse and worse. These sleazy, slimy, scummy politicians are ruining us and in cahoots has been the rating services who back in 2008 they rated mortgage-backed securities AAA that should have been
Starting point is 00:06:00 triple Z and there's emails of them going back. and forth to each other saying this is a bunch of crap and nobody got indicted so now fitch lowers our are our rating really it took 33 trillion of debt and massive government increases and massive government spending and waste and now you're lowering the debt hey thank you what a bunch of geniuses and just so you know with the low in a normal circumstance when a rating service lowers the debt of a company a debt rating it typically means that that company is going to go out if they want to take in more debt they're going to have to pay out at higher yields to account for the more risk that's what these rating service is supposed to do but these minimums
Starting point is 00:06:59 miserable failures at these rating services, now they're lowering it. And then what really pissed me off, what really upset me, our Treasury Secretary, you know, the guardian of our treasure, Janet Yellen, who wants worldwide taxes and was part of the money printing triumvirate, we don't see why they should be lowering the rating. the economy is sound and we can we can very much pay off our debts. I can't begin to tell you how nauseating this woman makes me and the rest of them. They're lying. They're threatening.
Starting point is 00:07:54 They're threatening our future. There is a guarantee that the first trillion of our tax dollars every year is going to go towards interest. Back in the year 2000, our total federal spending was $1.8 trillion. So you have this group of debt-laden numskulls, just cutting bigger credit cards to pay for the last one, using our tax dollars to get their way. And they don't have enough of ours, even though we've sent them trillions, just create more debt. And I am letting you know, and I promised you this, there's going to be a dead explosion. I don't know when.
Starting point is 00:08:48 I don't know what number. I don't know what's going to cause it. But we're going to wake up one day and poof. And all these people that have caused that are going to be dead or retired. You think Janet Yellen gives a crap about us? In between her being central banker, she went to Wall Street. I got quarter million dollars to speak and say nothing. Biden's out touting the economy.
Starting point is 00:09:22 You think one freaking journalist is saying, but you're going to run $1.6 trillion deficit this year. That's a record. You keep telling us you're lowering the deficit. What do you mean? I hate to start the show this way. Ladies and gentlemen, I want to compliment them. I would love nothing more than the compliment.
Starting point is 00:09:42 And you know when people do good things, I come on the show and compliment them, ferociously compliment them, for the good deeds and the good things they do, this government is crushing us. And as I have stated to you, they get away with it because they know. They know.
Starting point is 00:10:01 They're not going to go in your bank account today and take out $100 to pay for forgiving a student loan. So you don't see it hard. Oh, but you're going to see it big. And they know they're going to be gone. They know they're going to be gone. And I don't want to hear from these BS artists in the Republican Party. I watched three or four of them on today.
Starting point is 00:10:26 Oh, it's because of them. Oh, by the way, they blame Trump for this, by the way, Biden administration for this happening today. That's the funniest crap I've ever seen. Though he does get blame. But I saw like three or four Republicans. Yeah, where the party of balanced budgets. Go screw. You had your four years under Trump.
Starting point is 00:10:49 and you also gave us the middle finger. So, up next, what else happened today? One plus one equals two. 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.
Starting point is 00:11:44 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 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 888-4-22-55-9. That's 8-88-4-2-2-5-5-9. That's 888-4-2-2-5-5-9. Investment Advisory Services offered through call-bomb capital management.
Starting point is 00:12:34 Hello, hello, I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM. I recently sat down with IBM's chairman and CEO, Arvin Krishna. And I asked him, how can companies use AI? to its fullest potential to create smarter business. My one advice to them, pick areas you can scale. Don't pick the shiny little toys on the side. For example. If anybody has more than 10% of what they had for customer service 10 years ago,
Starting point is 00:13:08 they're already five years behind it. If anybody is not using AI to make their developers who write software 30% more productive today, with the goal of being 70% more productive. Yeah. So we are not asking our clients to be the first experiment on it. We say you can leverage what we did. We're happy to bring out all our learnings, including what needs to change in the process, because the biggest change is not technology, is getting people to accept that there's a different way to do things.
Starting point is 00:13:40 To listen to the full conversation, visit IBM.com slash smart talks. Hey, it's Ryan Seacrest for Albertsons and Safeway. It's stock up savings time now through March 31st. Spring in for store-wide deals and earn four times the points. Look for in-store tags to earn on eligible items from Celsius, body armor, ORAIDA, Silk, Capri-Sun, Bavarian Meats, and Charmin. Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more.
Starting point is 00:14:14 Enjoy savings on top of savings. when you shop in store or online for easy drive up and go pick up or delivery. Restrictions apply. See website for full terms and conditions. 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.
Starting point is 00:14:39 With Gary Coltbaum. It doesn't get better than this. Ladies and gentlemen, the cast of characters are nice. marriage most of them have never ever been in the business world most of them have just been in DC their whole life and all they have learned more debt more deficits bigger government bigger government spending I don't know whether we're getting closer I just know we're getting there so today the market got hit. No biggie. It's a bad down day. I gather on the news, but I'm a big believer. Markets
Starting point is 00:15:38 are going to do something it wants to do no matter what, but it certainly didn't help. The last downgrade, I think was 11, and I think, you know, markets got hit for a bit. We'll see, I don't know what happens from here. It was just a bad day. But before I get into the markets, there's the other character. We told you 10 days ago, two weeks ago, there's going to be another big indictment. It was going to be for January 6th. And they have indicted Trump. Again, I believe he now has a total of 78 counts of indictments in these three things that they're going.
Starting point is 00:16:34 after him with. The first one was New York and that was a joke and still is a joke. Should never have been. These last ones are not a joke. And you know what's amazing? The Trump lovers, God bless you. You're still not listening to reason. You're still applauding him. You're still loving him. You're still sending him money. And that's all well and good. There's a problem now. This is not an impeachment. You don't lose your office. You potentially go to jail for this. And he thinks he's just campaigning. I'm watching him. I really haven't watched them much, but in the last couple of days, he's calling the prosecutor a psychopath. Really, that's going to help. There are a six co-conspirators. Rudy Giuliani. Who warned you about him?
Starting point is 00:17:59 I did. Sidney Powell, who told you she was a nutcase the night she went on TV and said, and you would not believe how much crap I took for telling each and every one of you, they're lying to you about election fraud. I did. Wasn't hard to figure out. somebody states a case and you ask a direct question for the answer and they can't answer, they're lying. I don't know how this ends up.
Starting point is 00:18:38 All I know is the people that care about Trump better start getting real. He's in a fight for his freedom. Not the White House. And they'll put him in jail. They don't care. They don't care about precedent or right or wrong. they'll put him in jail. It's only August.
Starting point is 00:19:18 The election's not for what? Fifteen months? I do believe he's going to win the primary. But he may have to go through trials beforehand. He's only hope right now is winning and pardoning himself. And I don't think they realize it. I've been watching his defenders on TV. I don't think they have a freaking clue.
Starting point is 00:19:43 you know who his best friend is right now somebody who loves him and defends him and looks them straight in the eye and says dude you better get real this ain't footsy time this is no longer an argument over how much somebody paid for a chandelier at your hotel now i can't stand the guy i don't want him or biden running this country but that's what we're getting desantis is disqualified himself
Starting point is 00:20:13 you never know there's plenty of time but if i was going to run a camp campaign and lose, I'd run it the way DeSantis has. And the rest of them, there's a couple of good people in there. But they're polling at 3%. And Trump takes all the air out of the room. And look what they even did to a Kennedy, who I can't stand either, this Robert Kennedy. A Kennedy, the Democrats, are ripping to shreds because he doesn't tow their line. I can't stand any of them. Actually, I like Tim Scott. Anyway, our only hope is the 160 million of us that go to, well, it's 300 and some million, but 160 million of us that get up every morning to go work our tails off for our family and ourselves to do better
Starting point is 00:21:17 each day. If they didn't have us, they'd be doomed. They couldn't turn on the lights in the Oval Office without our tax dollars and now debt. And unfortunately, the president, the Treasury Secretary, the head of the central bank, could not be any more nightmarish trifecta. It's unsustainable. And Fitch, it took them all this time to realize it. The market rap is brought to you by Investment-Dashmodels.com. That's Jim Rohraback, one of the great market timers. No gray areas with the man you're either in or out of the market.
Starting point is 00:22:01 But it's proprietary indicators. Go check it out, Investment-Models.com. It's only one day. Dow is down 348, S&P 63, NASDAQ, 330. NASDAQ 10347, transports 150. Get this. One day down on the NASDAQ, there's double new yearly lows and new yearly highs on the NASDAQ. Advanced declines were terrible, up, down volume was terrible, and just really mushy.
Starting point is 00:22:30 We've already done a lot of scanning, and how do I put this best? You know what we describe for you and simplify things for you? What if the market only had 100 stocks? Well, there was just 100. And they're all in up trends. And then there's 90 and up trends, 10 and down trends. And then there's 20. And then it's 70, 30, 6.
Starting point is 00:22:54 You get that? Well, I can tell you a decent amount of names moved to the negative side of the ledger today. Up next, we'll explain. This is the one only investors ad. Hello, hello, I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM. I recently sat down with IBM's chairman and CEO, Arvin Krishna. And I asked him, how can companies use AI to its fullest potential to create smarter business? My one advice to them, pick areas you can scale.
Starting point is 00:23:47 Don't pick the shiny little toys on the side. For example. If anybody has more than 10%, you know, of what they had for customer service 10 years ago, they're already five years behind. If anybody is not using AI to make their developers who write software 30% more productive today, with the goal of being 70% more productive,
Starting point is 00:24:16 so we are not asking our clients to be the first experiment on it. We say, you can leverage what we did. We're happy to bring out all our learnings, including what needs to change in the platform. process because the biggest change is not technology, is getting people to accept that there's a different way to do things. To listen to the full conversation, visit IBM.com slash smart talks. All right, quick quiz for the hiring managers out there. What's worse? Being understaffed or being poorly staffed? Well, that's a trick question, because both are recipes for chaos. Either way,
Starting point is 00:24:57 just say to yourself, this is a job for indeed sponsored jobs. You'll get matched with candidates that meet the skills, certifications, and everything else you're looking for. Or go a different way and get no traction. Seriously, sponsored jobs posted directly on Indeed are 95% more likely to report a hire than non-sponsored jobs. It really is a no-brainer. Spend less time searching and more time actually interviewing candidates who check all your boxes. Less stress, less time, more results. When you need the right person to cut through the chaos, this is a job for Indeed sponsored jobs. And listeners of this show will get a $75-sponsored job credit to help your job get the premium status it deserves at Indeed.com slash podcast. Just go to Indeed.com slash podcast right now. Indeed.com slash podcast. Terms and conditions apply. Need to hire? This is a job for Indeed's sponsored jobs.
Starting point is 00:25:50 Hey, it's Ryan Sechrest for Albertsons and Safeway. It's stockup savings time now through March 31st. Spring in for store-wide deals and earn four times a points. Look for in-store tags to earn on eligible. items from Celsius, body armor, or aida, silk, Capri-Sung, Bavarian Meets, and Charmin. Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more. Enjoy savings on top of savings when you shop in-store or online for easy drive-up and go pick-up or delivery. Restrictions apply. See website for full terms and conditions. He's a senator out of boy. With Gary Colbomb. It comes highly recommended.
Starting point is 00:26:38 You're going to feel better if you talk to him. And welcome once again to Investors Edge. You think I'm P-O'd or what? By the way, the worst of all of today is the reaction of Janet Yellant to say everything's okay. When you have a chance, go get a chart. Just Google it. A chart of federal interest payments. It's gone vertical.
Starting point is 00:27:07 Go look at a chart of federal spending. Vertical. Go look at a chart of federal debt. Vertical. But everything's just fine. Janet Yellen says so. Anyway, so if you have 100 stocks in an uptrend and then you lose 10, then you lose 20 and 30, that's how you really, I'm simplifying it. You can tell whether the market's getting some headwinds, whether the market may get. some trouble. And of course we separate it out to 200 sectors, sub sectors, countries, commodities, you name it. So not everything goes up at once, not everything goes down at once. But what we do when we do our scans, how many stocks are going into the negative side of the ledger? I'm not talking about dropping it for a day. I'm not talking about pulling back. I'm talking about really getting in trouble. Not necessarily massive trouble, but the only way you can get into massive trouble is you first have to have some trouble.
Starting point is 00:28:17 And that means breaking the very important moving averages and going on to the negative side of the ledger. You had a few today. Probably had more than a few. What we also look for in that, in the hundred stocks, what stocks aren't really going on to the negative side of the ledger, but maybe topping out that puts it in that position for the negative side of the ledger. You had a few today. And may I state more than a few. We'll see what tomorrow brings. But today was not a good day, in any way, shape, or form.
Starting point is 00:29:10 There were things that were up. Umana, gapped up today, managed care. I can tell you that. There were some others. But when you have 802 stocks up and 3189 down on the New York, 1169 up, and 3,006 down on the NASDAQ, hmm. And Microsoft breaks below the 50-day moving average today. We're not even talking 21-day, which is the stronger one, breaks below the 50-day moving average today.
Starting point is 00:29:47 Hmm. For instance, that's how we keep our scorecard. I noticed also junk bonds maybe rolling over a little bit. I noticed also the 10-year yield. Got above the last couple of highs, but finished just below, but still turning up. That's yields. I noticed, remember China? Three days ago, we said to you, China, just so you know, broke above a range here,
Starting point is 00:30:20 but let's see if it holds. It's done it before and failed. And how do we trust? That's gone. The same for emerging markets. We were liking software security stocks in the last week. They look like they were turning up. They were slaughtered today. But they're just a few software security stocks.
Starting point is 00:30:52 Catch in my drift? Today I was actually able to do something I haven't been able to do as of recent, and that's talk about some uh-ohs. Now, again, it's one day. But we go to that day to see how much don't want to see another two or three days of this, or even one more day of this. The Semiconductor Index, which man, oh man, was acting pretty damn well. Down 146 today.
Starting point is 00:31:40 And you know what we think about the semiconductors? so to be watched. It's just one day. A crappy day, but it's just one day. We'll keep you apprised. As far as earnings also, I have to mention this.
Starting point is 00:32:03 There were a lot of blowups today on earnings. What do we mean by blowups? Well, for instance, let me give you, for instance, just for the heck. How about Paycom Software? It's one of those software names that have been rallying up.
Starting point is 00:32:26 It's one of those that hit a high of 549 in October of 21, just hit a low of 260. Well, they rallied up to 374. It's down 71 bucks today. Credit acceptance? Down 70 bucks today, 12.5%. The solar stock, solar edge down 44 bucks today, almost new yearly low. You know what they said.
Starting point is 00:32:58 Ooh, solar's not going too good this year and probably next year. Solars have been one of the few areas we've been telling you to continue to avoid while other areas have gone better. And they just got crushed today. Generac. Oh, we've been told that you've got to own the generator company because, ooh, it's hurricane season. down 37 bucks today to 116. Now we're not picking on these names. We're reporting the news just to let you know.
Starting point is 00:33:29 There were a bunch of blowups today. A lot of $10, $15, $20, $25 moves. Now, some of these are higher price, but that's still $10, $15, $20, $25 moves to the downside. So we're going to be watching closely. At the end of the day today, the S&P 500 did finish. on the 21-day moving average. You don't want to see that broken.
Starting point is 00:34:03 The Dow Industrials, not even close. The Dow has been strong on the select few names. The NASDAQ finished just below the 21-day moving average, which certainly invites the 50-day, which is down at 13-6. We close today at 13-9-73. Let me repeat. Tomorrow is another day.
Starting point is 00:34:37 Today was a rough day. After the close tomorrow, we have Apple and Amazon. That could be meaningful or maybe not. Sometimes it is. Sometimes it isn't. And there's hundreds more earnings reports to come out in the days ahead. And man, oh man, it's a lot of work. But we enjoy it.
Starting point is 00:35:06 I can't begin to tell you how much time I had to spend on earnings reports this week. Stocks gaping up, gapping up, and reversing down, gapping down, gapping down, reversing up. It's enough to drive a sane man. Crazy. But just try to keep a step ahead. And as I have told you, we really pay attention to those stocks that gap up. because of great earnings in revenue growth, because typically they have a very good chance of leading going forward. We typically stay away from companies.
Starting point is 00:35:59 Well, we always stay away from companies with the bad reactions, and we really don't like companies that misestimates like crazy. And that's that. Wish I had better things to tell you. But the Morlocks were out in droves today. and they're just irritating the living heck out of us. They couldn't handle me interviewing them. That's all I can tell you. Seriously.
Starting point is 00:36:42 Wish I had better things to say again. I don't. Up next. This, that, and the other thing and whatever else. This is the one only investors, Ed. I'm Malcolm Gladwell, host of Smart Talks with IBM. I recently spoke with IBM's new director of research, Jake Mbata. we discussed his vision for the future of quantum computing.
Starting point is 00:37:40 At IBM research, what we always do is answer what is the future of computing, whether it's coming up with new algorithms, coming up with better AI, coming up with quantum, or coming up with just how do different accelerators go together. It's our DNA to answer the question of what is the future. Isn't it a perfect problem for IBM because you kind of need to have a legacy of building stuff? Yes. building actual physical machines. Yeah, it's why I came to IBM.
Starting point is 00:38:10 I wanted the experience, the culture of building hard things that others have not done before. Where do you imagine we are in the timeline of this technology? There will come a point when it will mature. Right? My cell phone is a mature technology at this point. How far are we from that point with Conton? By 2029, we'll build the first fault-tolerant quantum computer. That is one that can run a very, very large, large problem.
Starting point is 00:38:42 To learn how IBM is building the future of computing, visit IBM.com slash quantum. All right, quick quiz for the hiring managers out there. What's worse? Being understaffed or being poorly staffed? Well, that's a trick question, because both are recipes for chaos. Either way, just say to yourself, this is a job for Indeed. sponsored jobs. You'll get matched with candidates that meet the skills, certifications, and everything else you're looking for. Or go a different way and get no traction. Seriously, sponsored jobs posted directly on Indeed are 95% more likely to report a hire than non-sponsored jobs. It really is a
Starting point is 00:39:23 no-brainer. Spend less time searching and more time actually interviewing candidates who check all your boxes. Less stress, less time, more results. When you need the right person to cut through the chaos. This is a job for Indeed's sponsored jobs. And listeners of this show will get a $75 sponsored job credit to help your job get the premium status it deserves at Indeed.com slash podcast. Just go to Indeed.com slash podcast right now. Indeed.com slash podcast. Terms and conditions apply. Need to hire? This is a job for Indeed Sponsored Jobs. Hey, it's Ryan Sechrest for Albertsons and Safeway. It's stockup savings time now through March 31st. Spring in for storewide deals and earn four times the points.
Starting point is 00:40:04 Look for in-store tags to earn on eligible items from Celsius, body armor, or Ida, silk, Capri-San, Bavarian Meets, and Charmin. Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more. Enjoy savings on top of savings when you shop in-store or online for easy drive-up and go pick up or delivery. Restrictions apply. See website for full terms and conditions.
Starting point is 00:40:29 You're listening to... What are we waiting for? Well, what are you waiting for? One, two, ready, go. In the Gester's Edge with Gary Culpa. I am going through earnings reports as I speak in the aftermarket. Boy, oh boy, there's a lot of jello moving on the plate, ladies and gentlemen. That's all I can tell you.
Starting point is 00:41:05 A lot of jello moving on the plate. Clorox up big, hubspot down big, Zillow down big, Zillow down big, PayPal. not doing too well. I'm looking at some names of interest. And then there's some things that amazingly aren't moving much. I hope you all know, I take absolutely no joy, but they're just killing us. And when I hear the Treasury Secretary-Secta Terry that has been a party to this unbelievable, massive vertical move in our debt and deficits and central bank intervention, I just want to heave.
Starting point is 00:42:08 When I hear the president just lie out his, you know what, I just want to heave. There's going to be a comeuppance. There's going to be a comeuppance. I am letting you know the market will give us all the information we need when it occurs. It always has. You do know the market gave us a clue two days before COVID hit the market. Two days before COVID hit the market, we owe nothing but strong leading stocks, and they were all breaking down at once. And that's two days before the market started to come in, in a big way.
Starting point is 00:43:12 And we saved the day back then. We'll be ready. There's no way whenever it hits that the markets are going to withstand. what our leaders in Washington, D.C. are doing. There's no way. The weekend's coming up. Why don't each you just spend half hour of your time going through the numbers on the debt and deficits
Starting point is 00:43:58 and what they have done, and how much they have spent, above and beyond what they were supposed to do, and how they went about it, slowly first and then realize they can get away with more and more and more and more and then they just ramped it up and they got away with it to the point where nobody gives a crap and the media's put their head in the sand and you know the media cannot blame one side because then they have to blame their side they can't do that right no way so i hope i'm gone when it does hit, but I just have a sneaking suspicion. It's getting closer. Why? Because
Starting point is 00:45:06 the numbers are becoming more obscene by the day, and they're just laughing their asses off and completely lying about it. Our Treasury Secretary said, we're in fine shape. 33 trillion of debt going of 50, one trillion of our tax dollars going towards interest each year. We keep growing the economy. We keep growing the GDP bigger and bigger. And just like the Gambinos and the Gaudies, they keep taking more and more. And when they don't have enough, just pull out the credit card. That's all that's happening. That's it. Today's just one day. I wouldn't sweat it too much. So far, you got that? A couple more days like this, you'll be hearing from us.
Starting point is 00:46:21 We did a little bit of this and that today to move out of the way. Nothing crazy, but we're definitely on notice. Distribution at hand. Maybe it's nothing. What we can tell you, lost a few names today. If more go by the wayside, it'll be tougher. Stay tuned. We'll be on it.
Starting point is 00:47:02 Watch the 10-year yield. If it keeps going top side, not good news. Watch oil prices. The good news is they came down a buck and a half today. And we'll keep doing our scans. In-depth, arduous scans of the market to keep us in lockstep or one step ahead. And when wrong, be wrong fast and be wrong small. and win right, try to let them run.
Starting point is 00:47:34 And as we've stated to you, under no uncertain terms, that's the toughest part. Keeping them while they keep going. Through earning seasons, through drops, through rallies, rumors, sympathy moves, and the like. Hey, tomorrow, 10 a.m., I'll be on with Varnie & Company, Fox Business Network, the great Stuart Varnie. And of course, tomorrow, same time, radio show. Serious talk on you and everything that affects you. Have a great evening, drive carefully when you get home, do like we do. It's quite simple.
Starting point is 00:48:23 Make sure you hug your family and hug your children. They'll feel better. You will feel better, I promise. Have a great night, everybody. Thanks for joining. Thanks for putting up with me. But we mean business. Bye-bye.
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