Investor's Edge with Gary Kaltbaum - Harrowing week in review [05.31.2024]

Episode Date: May 31, 2024

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 day. Thanks for being with us today.
Starting point is 00:00:47 Glad you here, ladies and gentlemen. Happy that you are listening. It is end of May, May 31st, 2024. And as always, we have lots to cover. a wicked wild day just today in the market and actually a wicked wild week culminating in what arguably is just one big gigantic jam into the clothes led by the Dow today that dropped 2,000 points over the last 10 days. amazingly so and by the way a lot of it occurred in 20 minutes
Starting point is 00:01:32 yeah in 20 minutes the Dow rallied up about 400 points I take it back yeah about 350 we'll get the final numbers to you in a little bit but first this is investors ed
Starting point is 00:01:59 serious talk about everything that affects you and there's a lot of things that are going on, that affects you. I'm sure you know what we're talking about. And if you do not get this radio show in your city, we'll post it at garyk.com. We'll also post it on our Twitter feed, which is now X. And if you don't follow us on Twitter, you should. And if you email us, just be nice. So, in answer to the many queries, you know, we deal in evidence here.
Starting point is 00:02:33 So let's preface a couple of things. The people that hate Donald Trump, hate them, are happy as all hell right now. And they don't care at all whether something wrong was done or whether it should be done. If it was their guy, they would be thinking the exact opposite. with the same set of circumstances. That's what we mean by in the tank. It's called No Matter What. We're out of that tank.
Starting point is 00:03:20 We've been out of it for a very long time. Which takes me to the other side. And it's simple. No matter what Trump does, says he can do no wrong. for the other side. And according to them, this is highway robbery. But of course, if it was the other side being done to, they would be applauding. In other words, the other side of the tank. That's all. Let me give you my continued stance on all of this. As I've said, to you for a while.
Starting point is 00:04:15 It is not hard to figure out. In fact, it's simplistic. And something that has not been brought up by anybody makes it simplistic. Makes it easy to figure out that a great con was perpetrated on what happened. here. It has nothing to do
Starting point is 00:04:47 with what Donald Trump did or did not do at all. It has everything to do with what he is accused of and it's simple. Do you know who Alvin Bragg is? He's the guy who put this all together. In case you don't know,
Starting point is 00:05:14 he lowered 60% of all felonies to misdemeanors in his jurisdiction last year. Felonies to misdemeanors in his jurisdiction last year. 60% of felonies to misdemeanors in his jurisdiction. For Donald Trump, he took misdemeanors and changed it into felonies. do I need to say anything else? Without changing it into felonies, there's nothing except fines. That's all.
Starting point is 00:06:11 And the number three guy in the Justice Department for Biden was sent in and was part of the deal. That's all. What? people can't add one plus one and get two? This was the fix. Notice I'm not even commenting on what Trump did. We're just letting you know that federally and several others passed on it. But the people in New York were determined to take them down.
Starting point is 00:06:48 And notice I haven't mentioned the jury because the jury can only go by the instructions, which leads me to the judge. Don't listen to me. Go look at the things the judge did with the jury on. Normally, I've been a jurist. You need to have everybody with guilt. And guess what? He changed that also.
Starting point is 00:07:20 Again, the fix. and they got the job done. It's simple as that. If this was a Democrat, not only would not be guilty, not only would there not be a trial, not only would not be an indictment, there wouldn't even be an investigation.
Starting point is 00:07:46 Alvin Bragg lowered 60% of all felonies to misdemeanors in his jurisdiction last year and he raised this one, which, by the way, had no violence involved. Some of the felonies that he went to misdemeanor had violence involved. The fix. Politics. That's all. And where it stops, I don't know.
Starting point is 00:08:12 The talk is that the judge cannot give jail time because he's 80. It's first time. All kinds of other factors. I'm not so sure of that. Now, can he give enough jail time? Doubt it. Enough for the election time. I believe it's not by coincidence sentencing four days before the Republican National Committee.
Starting point is 00:08:44 You don't think the fix is in? So for all you that are thrilled at what happened, that are on one side, we just want you to remember and it's unfortunate you throw sand into the wind it comes back into the face and if the other side ever has a chance not saying they're going to
Starting point is 00:09:15 oh boy and let me repeat I have no idea whether Trump's guilty or innocent of what he did or what he said or whatever I just know it was a misdemeanor and the guy who ran it took 60% of felonies, some violent, down to Mr. Meena yet, Trump the other way. That's my take. Trump raised 35 million bucks in hours off of it and a big wow.
Starting point is 00:09:56 And where it goes, I don't know. We got five months to an election. I suspect it's going to be quite. the harrowing five months, but quite the wow five months will stay on top of it. But as you know, I believe it's the Ebola virus versus the bubonic plague. But as you know, I've also said, we know what Joe Biden will be about for the next four years. If he wins, he's got to go. And I say that knowing what the alternative is.
Starting point is 00:10:29 We cannot have somebody that if he gets the House and Senate, raise everyone's taxes. Capital gains from 20 to 44 percent, wealth taxes, unrealized capital gains taxes, and his socialist slash Marxist giveaways and unimaginable amounts of debt and deficits. That will definitely rock the House. You know where I stand. I weep for all of us. Up next, we'll put a bowtie on it. Then just a big wow on what happened by the close today.
Starting point is 00:11:17 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 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 complimentary portfolio review.
Starting point is 00:12:15 The number to call is 888-422-559. That's 888-4-22-55-9. That's 888-4-22-4-2-2-5-5-9. Investment Advisory Services offered through Call Bomb Capital Management. Guys, it's no use putting it off. The best time for an underwear refresh is 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
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Starting point is 00:13:12 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.
Starting point is 00:13:36 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. 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.
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Starting point is 00:14:36 Investors Edge. The last bastion of quality programming. With Gary Coltbaum. It doesn't get better than this. And what once again, Investor's Edge. So let me put one other bow tie on this. Do you remember the first impeachment? That was just another fix was in because they had the power to do it. There was nothing there but a phone call. It was nothing. And just remember, I can't stand the guy. I want them both
Starting point is 00:15:22 gone. But I call him as I see them with no bias. A judge. gender and ulterior motive. And I can spend hours on Trump and the bad side. But the media is already doing that. And we've already done it extensively. And again, the alternatives. The impeachment was a joke also. The first one.
Starting point is 00:15:52 The second one had to do with January 6th, and you know my stance on January 6th. That was sickening. So you can see we don't have bias. We call it as we see it. The bottom line is though the haters are going to stay hating. The lovers are going to stay loving. None of that's going to change. We'll go towards an election and it's going to be seven states that will be the election.
Starting point is 00:16:21 And actually it's probably down to five. It's down to five. Michigan, PA, Arizona, Georgia, and I know there's one other in there maybe. Yippee. Happy days. That's our take. If you have any thoughts, you may email me, but just be nice. Remember, again, we have no bias.
Starting point is 00:16:51 We don't care. We have no love for any of them. We think they all suck. 35 trillion of debt says so. we don't trust anything out of their mouths. The one in the White House right now is sickening under any stretch of the imagination. And the talk about corruption,
Starting point is 00:17:11 his whole family is like the goddies. And if you don't believe me, go read about what they did and how much they made from governments that they were dealing with. Oh, but wait a minute, he was already... No government is going to write big. checks to a family of the ex-vice president that may run again. It's corruption at its finest. He was the big guy. God only knows where they ducked all this. And the media says there's nothing here, which of course is the other part of the corruption. Welcome to our world. But we'll keep working our tails off to do better for ourselves and our families, put our
Starting point is 00:17:58 best foot forwards and hopefully some sane people prevail, not so sure. Because as I said to you yesterday, what about that mayor in Boston? What about that mayor in Boston? What about that mayor in Boston? It's unbelievable what some of these people are doing to their cities, telling the citizens to go screw and we're going to take care of the criminals. You know, the latest, by the way, we're not making this up. The mayor of Boston on top of knocking down, or trying to knock down all kinds of crimes into not crimes, including stealing and some violence.
Starting point is 00:18:52 She has a plan now to give children as young as 11 and the undocumented voting powers. As young as 11. We're not making this up. which calls into question, hey, Bostonians, what the hell is a matter with you? And are you going to vote this nut in again going forward? Or you're going to end up the Wild Wild West because that's what happens when you don't penalize crime.
Starting point is 00:19:29 Okay. So let me be clear about the markets as we segue here. early in the day we're not making this up by the way the NASDAQ hits 16-445 16-445 it was down 288 points
Starting point is 00:19:55 it finished down only two and in the last 20 minutes rallied up I'm not making this up 575 160 the Dow, which was strong all day, at 340, was 38, 392 working on a good day, 300 points in 20 minutes. And I've already got an email. What was that?
Starting point is 00:20:32 Let me tell you what that was. That was big button pushing. By the way, we're not putting it down. We're not saying it's bad. Big futures button pushing, jumping on things and lifted everything. And I got to tell you, on the NASDAQ today, and it's not out of the woods by any stretch of the imagination. But on the NASDAQ today, I was getting very bearish, very bearish. and in an hour and a half,
Starting point is 00:21:09 in an hour and a half, I'm very bearish on a lot of names. You know about the software from yesterday, but a great, a magnificent reversal. By the way, the NASDAQ, I got to make sure I got this right before I even say it, was pretty much up 100 some odd points in a few minutes.
Starting point is 00:21:35 So very good reversal today. I'm not going to argue it. The Dow was up 574 at the close. Keep in mind again, it dropped 2,000 points in eight days, but it all counts. And when I do my scans, this weekend, I do them without any bias. No agenda, no ulterior motive, and see what the heck we can find. That's all. That is what we're going to. That is what we're going to. we're going to do. But I will say again, that was stunning, and that was outlier. And I say that there's a lot of damage done in the market, but I have to probably rejigger my, my, is rejigger a word? I'm going to have to probably, as I do my screens and scans, say, okay, that, no, no, no, no. yes, yes, no. Now, it's easy for the stocks that are just plain old blasted in their own private bare markets. It's going to be easy. But the ones that are on the ropes and hold in support areas?
Starting point is 00:22:58 A little more difficult. But a wild day. But I will give it the old dang that was good at the end of the day. I'm Gary. This is the one only investor's ads. 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. Their zero-chafe thanks to four times more stretch than competing brands.
Starting point is 00:23:41 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.
Starting point is 00:24:03 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. 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.
Starting point is 00:24:37 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. Apple Podcasts, Spotify, and about a dozen apps your cousin 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.
Starting point is 00:25:28 He's got to be pleased with that. The crowd is just on its 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. I got to tell you, the only thing I can tell you is I'm glad I kept my spiders.
Starting point is 00:25:53 I did trade small positions. I can get right back in, though, because they were ETF, so no big deal. But very good day. At the close. again after a 2,000 point drop. But I don't really give a crap about the Dow. For me, it's the NASDAQ coming back from being down... Again, 16445 came back 288 points.
Starting point is 00:26:24 And by the way, it only started coming back in earnest at around 240. the NASDAQ 100 which was much worse at one time today 18189 you ready for this closed at 18536 down two last I look that's 347 points wow and again the most of it 305 310 just a gargantuan jam. And to give you examples, NVIDIA, well, let's see, it hit a load today of 1069, closed at 1096.
Starting point is 00:27:14 Microsoft was getting racked again. Just so you know Microsoft in 15 minutes. By the way, this is a mega-cap stock. Microsoft went from 406, 76, and closed at 415. That's unbelievable. That's amazing. We sold our Microsoft yesterday much higher than this, but it was really a much, much higher than that.
Starting point is 00:27:44 Did I see any news to move these things? No, I got nothing. They say broad-based buying interest that included some short covering. They don't know if it's short-covering. But Microsoft, look with that. And that's a mega-cap. stunning Qualcomm
Starting point is 00:28:10 which full disclosure we own went from up six bucks in the last half hour and I can Amazon was getting smoke still finished down three bucks was down six or seven
Starting point is 00:28:25 so I get to scan like a madman this weekend see what I can find I can tell you salesforce dot com was up 16 today was down 54 yesterday. So that's not great news, but 16, and it's in the Dow, that's 100 Dow points. For starters. And by the close of the day, Home Depot up five. Travelers up three. Goldman Sachs up six. Amgen up four. Boeing, even with their problems, and the stock's still dead, up five.
Starting point is 00:29:00 And remember, every point is 6.78 Dow points. Dang. 45 minutes of trading change what was going to be a significantly ugly day to what I call a big wow reversal. And we just remember, we don't rationalize. We have no interest in rationalizing. When we do our scans, we're not going to give a crap why it happened. We just know it happened and we'll deal with it. Dow was oversold. Normal to bounce.
Starting point is 00:29:37 but 574. By the way, 574 is only about 1.6%. But it's a darn good 1.6%. I'm not sure I can add much. All day, it was better action in the stuff. They were cramming, beaten the crap out of the tech. And I'm thinking that the big cap tech,
Starting point is 00:30:02 oh, it's in big trouble. And I got Newsfea, a bunch of it still is. But when you go from down 340, 3.50 on the NASDAQ 100 and finish down two, that would be defense. And again, I have no clue why. I only care what is, and we'll see what we can find when we do our scans. And as I sit here, I must tell you, I'm doing a little bit of going through. There's still a lot of bad-looking stuff. What's still in decent shape? The big banks. They had been pulling back for the last week or so, strong day-to-day. big banks are of importance.
Starting point is 00:30:46 The transports finally bounce. That was up 260 today. Of course, it dropped about 1,400 points in recent weeks. As soon as this radio shows over, usually I rest on Friday night. I am after jump all over this. Wow. Welcome to the market.
Starting point is 00:31:11 Keep in mind, though, the bare markets are going to remain bare markets. The things that are weighed down are going to remain weighed down. The things that are broken are going to remain broken. broken. And let's hope the worst is over. And again, let me repeat something. At noon, I would have been saying the exact opposite. Still got plenty of work to do, may I state for the record. But I repeat, wow. I'm not going to mention what, but I had a little bit of transfer. I'm talking 10 shares of a stock that was down 35, finished down 15 in semiconductor land. That's a day.
Starting point is 00:31:58 Now, I've already been emailed. You think it's just the end of month? I don't care. It does not matter to me. You think the market knows that? We'll see if this follow-through next week. We'll see how it's treated next week. But wow.
Starting point is 00:32:18 Inflation number came out. I don't believe a word out of their mouths. When they come out and say the last five years that health insurance has been down 4%. We know they're lying. What, you don't think people that have taken us the $35 trillion of debt would lie about a government statistic? Really? When the president says that he's lowered the deficit
Starting point is 00:32:42 and lowered government spending, when he is the polar opposite, we're going to believe government statistics? What are you kidding? When I just outlined for you, what this DA brag or whatever his title is, lowering all these felonies, violent felonies to misdemeanors, but look what he does.
Starting point is 00:33:07 You think we trust anything out of these people these days? They have earned our mistrust. So when I see government stats, screw them. And just so you know, over the last couple of decades, they have changed the formula on inflation to make it look lower or be lower. They change the formula on GDP to make it higher. I wonder why. V-O-T-E.
Starting point is 00:33:42 That's why. Trust is low. All right. Anybody here of Citron research? They are always looking at companies and they sell them short and they're looking for fraud. And I've never really seen them comment
Starting point is 00:34:08 on politics. They're mostly, hey, this company is full of crap. We're shorting it. Let me explain why. They put out a little note, and then they basically echoed everything I have been telling you, but leaving out one thing that I have been telling you on this show. And that is about the bad side of Wall Street. Remember, we think there's a fabulous side of Wall Street.
Starting point is 00:34:37 Look at all the multi-zillionaires that were made. I got an article in front of me about Walmart where the managers are making $400,000 a year, some of them, and some of them started as cashiers. That's amazing. Look at all these great companies that were spawned by going public on Wall Street. And the list goes on and on.
Starting point is 00:35:02 And then, of course, there's the other side. You know which side. The meme stocks. The SPACs. What they did years ago. The things they foist onto your back. A rivian at ridiculous valuations. And just overall what we call nausea.
Starting point is 00:35:31 And that's why we always tell you, just watch the market. Pay less attention to everything else. Please. Well, Citron Research put out a little note. on Trump, but other things. We'll explain that up next. I'm this the one that only investors at.
Starting point is 00:35:52 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. Their zero-chafe thanks to four times more stretched 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
Starting point is 00:36:57 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, 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.
Starting point is 00:37:24 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. 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
Starting point is 00:37:55 a dozen apps your cousins 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. You're listening to what are we waiting for? Well, what are you waiting for? One, two, ready, go. Action!
Starting point is 00:38:27 With Gary Kaltba. So, this plays into the hand of what we started with the show. So Citron Research, and I'm going to read this to you, feeling compelled to address a political matter, I must express my concerns
Starting point is 00:38:54 as a corporate fraud expert with over two decades of experience. The prosecution of Trump appears to be driven by political motives, which is detrimental to our nation. This perspective isn't rooted in a belief that he is innocent of the charges, but rather in the selective nature of the prosecution. He's just echoing everything we said, but this is the best part. Consider the context. Are you ready, ladies and gentlemen?
Starting point is 00:39:24 Three years ago, our capital markets were inundated with SPACs that were riddled with fraudulent projections allowing Wall Street elites to amaz billions by offloading stocks onto unsuspecting investors, yet no SPAC operated face criminal charges. Well, that's not true. One did. But we highlighted dozens for you. they just plain lied. Oh, we're going to do an electric vehicle company. Oh, no, we're going to do an electric vehicle company. No, we're going to do like 15 of them said they were going to do electric vehicle companies.
Starting point is 00:40:04 And not one ever came out with an electric vehicle. Others, we're going to do the batteries for electric vehicles. Why? Because it was the hot thing. Then he goes on to say, eight years ago, Wells Fargo creation of millions of unauthorized bank and credit card. accounts to meet sales targets went unpunished by criminal law. Let me repeat that. Wells Fargo created millions of unauthorized bank and credit card accounts to meet sales targets. Nothing. Goes on to say, Volkswagen's Dieselgate scandal affected millions without resulting in
Starting point is 00:40:50 criminal charges. Closer to my field, neither Malincrot nor the Sackler, family has faced criminal charges for their role in the opioid epidemic, which has claimed millions of lives. And in case you don't know, the Sackler family, opioids, let's just say they made 20 billion, they paid 10 billion in fines. Hey, great, we're worth 10 billion. I'm just giving your numbers. From this vantage, he goes on to say, we've witnessed far greater crimes than the Stormy Daniels Hush Money case. It's not the crime, but the identity of the perpetrator, and the motivations driving the prosecution that warrant scrutiny here. Thank you.
Starting point is 00:41:36 But what's interesting is this Citron, they don't mention 08. Just so you know in 08, in plain sight, with text messages as evidence, Goldman Sachs put together tranches of mortgage-backed securities, sold them, and then shorter them and knowing they were dog crap. The rating services, the rating services, there are texts between people that were rating mortgage-backed securities AAA and in the text said, boy, this is a bunch of dog and they use the other word for crap. Nobody arrested.
Starting point is 00:42:32 That is massive gargantuan fraud that caused. hundreds of, almost took the house down. Nobody. Selective. And of course, there were banks that would take bad loans off their books, move them before reporting earnings,
Starting point is 00:42:56 and then putting them back on after earnings. And I'm not making this up. Years later, regulators came out and said, we don't want you doing that anymore. What? I'm going to jail. I'm shut down because I'm a little guy again.
Starting point is 00:43:20 And you wonder why. And when you wonder why so many people are pissed. And you wonder why when a DA does what he did with felonies down to misdemeanors, but yet he did the opposite. For a nonviolent crime. You wonder why there's no trust in the system. You wonder why so many people are pissed off. And by the way, we're not even talking about Trump here.
Starting point is 00:43:43 You wonder why I have to come on this show and say, look what they did today. And you wonder why I worried about eventually some sort of Black Swan event to account for all this. Starting with this guy is running $2 to $3 trillion of debt per year. and looking in the camera and lying about it and said it to Erin Burnett of CNN who came from CNBC a financial channel and when he lied to her face about debt and deficits and lied to her face about inflation
Starting point is 00:44:31 she sat there like a mannequin and you wonder why so we're going to continue to do our job here with the markets we're going to continue to do our job with everything else because we don't know when and maybe it never happens and let's hope it never happens but economics 101 states that there are ultimate outcomes
Starting point is 00:45:04 for what they are all doing and in the numbers they are doing it $160 billion of loan relief which just gets added to our debt. That is money that's supposed to be paid to the government that's never going to be paid to the government. And it's supposed to be paid over time with interest that they're never going to get, which probably comes out to $400,500.
Starting point is 00:45:35 And they don't give a crap. Because as I have stated to you, you don't go to your bank account and see $200 bucks coming out of the bank and it says for student loan relief and you call up your bank and say, what the hell is this? And they say, well, you're relieving somebody's student loan. If that was the case, they would not be doing this. They wouldn't be able to get away with it, but now they can. And they've turned $160 billion into a footnote.
Starting point is 00:46:01 We'll stay on it. But that all said, one hell of a comeback today. I wouldn't have believed it. We deal in reality. Have a great weekend, drive carefully. When you get home, do like we do. Quite simple. Make sure you hug your family.
Starting point is 00:46:17 Make sure you hug your children. They will feel better. You will feel better. I promise. Peace out all. Thanks for joining us. Have a great one. Bye, bye.
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