Investor's Edge with Gary Kaltbaum - MEGACAP TECH

Episode Date: September 11, 2023

garyK.com or https://garykaltbaum.com/Considered one of the finest radio shows on the markets, the business world and everything that affects them, Investor’s Edge with Gary Kaltbaum, a Fox News Cha...nnel Business Contributor, brings his in-depth take every day. If you want fluff, this is not the place. Gary is a hard hitting and pull-no-punches host especially when it comes to people in power affecting you and your money. His daily in-depth analysis on the markets is second to none.

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Starting point is 00:00:25 Terms apply. Lounge access is subject to change. See Capital One.com for detail. Investor's Edge with Gary Coltbaum. Straight talk about you and your money. Now from the Biz Talk Studios, here is Gary Cultbaum. And welcome once again to Investors Edge. I'm Gary Coltbaum, your host day.
Starting point is 00:00:46 Thanks of being with us today. Glad you here, ladies and gentlemen, happy that you are listening. Today is September 11th. I flew back from Dubai yesterday. I got home around New York. and I was so whooped because my flight was at 250 a.m. Had no sleep then, slept about five hours on the plane. And I slept the afternoon away yesterday to the point where I could hardly sleep last night.
Starting point is 00:01:23 And all I was thinking, today is September 11th. And I woke up this morning after going in and out. and NBC was on the Today Show. And I was stunned that the third segment was 9-11. The third segment of the show was 9-11. And yeah, I know it's 22 years ago. I don't know about you. I remember exactly where I was when it happened.
Starting point is 00:02:05 I remember exactly who I was with when it happened. I exactly remember the steps I took that day and then going home. And then for four days probably slept eight hours because I could not stop watching everything that was going on. I remember when the first airplane hit, and this is not to put him down, but I'm just telling you facts. Jim Kramer came on and said his sources said it was a small plane. And I looked at the hole in the tower, the first tower, and I said, wait a minute. I've been to the World Trade Center probably a dozen and a half times in my life. And I'm thinking of myself, wait a minute, hold on.
Starting point is 00:02:48 That can't be a small plane. It's a biggie. And then you know what happened next. And through the years, I met, let's see, I believe Tony Saliba, who still has his. suit, he put it in, you know, a case because he was one that got the, just the ashes came down on him. And stories after stories, and because I'm on Fox, I hear a lot of the stories. And then, amazingly, I was asked on the, I have to tell you, maybe it was the two-year anniversary, but I think it was the one year anniversary.
Starting point is 00:03:36 I was asked to talk about it and the impact of it on a site on a roof overlooking where the Twin Towers were. And I could not believe it was all gone at the time. And it's 22 years later. And I'm thinking to myself today, when I went home that day, one of my sons was only six years old. The other one was nine. And I had to do some explaining to the older one. And I don't remember how I explained it, but I do remember the drive home that I was looking at other cars and everybody you can just tell. and then the stories of heroism of the firefighters going up while people are coming down.
Starting point is 00:04:47 And what happened on one of the planes that went into Pennsylvania, that's all I think about. And then I wake up this morning and it was the third, the third. And I don't remember what the first two things they were covering, but the third thing on the NBC Today show was 9-11. I'm thinking myself of these people nuts. one of the most horrific things that ever happened to this country, if not the most horrific. And there's Pearl Harbor.
Starting point is 00:05:18 There are other things, but right there. So we just want to say we ain't forgetting it. And we can't forget it because we know there are people out there would love to repeat it. The good news is that some of the country, that, how do I put this, allowed it have come around, but I think the threat is always out there. And the other part of the equation now is how many are dying. The responders, I think more people are dead from cancer and illness from responding at the site. then died in the during it.
Starting point is 00:06:20 And as I said, the next year, I couldn't believe they asked me. And we were on this roof. And before me, it was Al Sharpton and Ed Koch before me talking about New York. And they asked me, I couldn't believe it, that they asked me. And I remember, I must tell you, I don't remember what I said. I couldn't even hear Neil. We were outside, and I kind of sort of winged it, but I'll never forget it. A, the heroism, the resiliency, for lack of a better word, the resiliency of this country of ours.
Starting point is 00:07:09 If you think about what happened. So regardless, we're starting the show with this. we're never going to forget it i don't understand the media fox news covered it from head to toe again today and the media kind of sort of it just maybe it's me maybe it's me maybe it's me anyway our thoughts our prayers are everything you know i watched they read off the names they actually had children that did not know their father and mother and uncles reading out their names. And I heard one of them say about the uncle, but we know you're watching over us and we'll never forget you. I wish I had a chance to meet you.
Starting point is 00:08:10 I'm just thinking to myself, what an impact that made on so many families and generations. generations of families going forward. Anyway, we wanted to start the show. We're not going to forget. And anyway, this is the Jetland edition of Investor's Edge, by the way. I've had no sleep in like two and a half days. And frankly, eating, I think in the last 36 hours, I've had two Starbucks little sandwich, breakfast sandwich,
Starting point is 00:08:51 because whatever. But we're here. We're back in the States. Let me state in two minutes. Dubai is magnificent. Wow. If you go to where it was 20 years ago to today, the Sheik said years ago,
Starting point is 00:09:10 we're not waiting, we're moving, we're not planning, we're doing. And I was just thinking to myself, how do I want to put this without? putting something down. I can't begin to tell you how long it took to build some highways where we are here, and they got skyscraper after skyscraper and big highways and byways there. Wow, that's all I can tell you.
Starting point is 00:09:38 Had a blast. It was hot as you know what. We were in the pool, we were in the beach. I couldn't because of my back. They rode camels with falconry. The malls are obscene. They got this thing to Dubai Mall that we were in it. I can't tell you how long.
Starting point is 00:09:55 We realized we probably only did 20% of it. Then there's the Mall, the Emirates. It was just a terrific place. It's a long way away, though, 15 hours on the way back. So just letting you know, if I think of anything else, we'll get into it. But as you know, what we do here is everything to do with you, the markets, the economy, your jobs, unemployment taxes, deaths at spending, scams, corruption, you name it, we cover it. It's serious talk on all that.
Starting point is 00:10:25 With a little comedy injected, there will be no comedy today. And I will tell you what we are going to do also this week. I'm gathering it up. We love facts. Not opinions. We love facts. We believe the market is factual at any given point in time. We love facts.
Starting point is 00:10:45 We also love facts on things. What do we mean by that? Well, one is one, two is two, one plus one equals two, and all that. We love facts on history. Record breaking. What are the records? We know what the records are. Up next, we'll explain those, and then we'll do today.
Starting point is 00:11:07 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,
Starting point is 00:11:53 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 888-4-22-5-559. That's 8-8-8-4-2-5-9.
Starting point is 00:12:21 That's 888-4-22-5-5-9. Investment Advisory Services offered through call-bomb capital management. This message is brought to you by the Capital One VentureX card. VentureX 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 00:12:55 The Capital One Venture X card. What's in your wallet? Terms apply, lounge access is subject to change. See Capital1.com for details. This episode is brought to you by 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.
Starting point is 00:13:19 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, 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 00:13:55 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 Coltbaum. It doesn't get better than this. And welcome once again to Investors Edge.
Starting point is 00:14:17 So while we were away, the media finally reported that this year we're going to have $2 trillion in deficits. Now let me explain what that means. Our government that Thomas Jefferson warned us about, you know what Thomas Jefferson warned us about more than two centuries? I mean, go back. I don't even know what the date is anymore. I'll have to look that up. He warned us when government becomes this entity that pays you off for votes. That pays you off for votes.
Starting point is 00:14:55 Well, you know how they're doing it with all these grants and subsidies for the climate crisis. That payoffs. There are scientists that have come out that saying they were forced to change their work because of. I digress. We were warned about the closeness of the media and politics and money in politics. Well, what's happened? We've had now this incestuous relationship. Think about this.
Starting point is 00:15:29 In the year 2000, our government, all the federal spending was $1.8 trillion. No, not kidding. But this year, we're going to run a deficit of $2 trillion. That's more than all the federal spending just 23 years ago, which begs the question. Well, wait a minute. We've now gone from $1.8 trillion this year. They're going to spend $6.6 trillion. That's what it looks like.
Starting point is 00:16:00 Has anybody asked where the money's going to? Well, guess what they tell us it's going to? Social Security, Medicare, Medicaid, you know what those are? Government programs. Wait a minute. Hold on. We were told that you're going to put money away. It's going to be taken out of your paycheck and you're going to get it back.
Starting point is 00:16:24 So how are we running deficits if all that money was taken out and put into a lockbox? Oh, they lied. There's no lockbox. Oh, sorry. So just let you know they finally reported it and seen it. I mentioned this while I was away. they brought this guy on Jason Furman, CNN, because that's all we had was CNN, to talk about the $2 trillion in deficit, and it was CNN, some woman named Poppy,
Starting point is 00:16:58 her first name, Poppy, something or other, asked them about it, and he lied. Just so you know, he is a Obama economic advisor. He now teaches, I believe, at Harvard. He just blatantly lied, and she accepted it. At the end, she says, and we thank you for coming on for, because we trust you and you always tell us the truth. And I'm thinking to myself, holy, you know what, while I'm watching this. He said, oh, the reason for the deficit is because of revenues are down.
Starting point is 00:17:31 I just blatant lie. It's like me saying to you, I was just in the Virgin Islands when I was in Dubai, a blatant lie. Just so you know, revenues to the Treasury record highs. what Biden did is he took federal spending and just spiked the hell out of it, gave $380 billion of our dollars to one guy, John Podesta to dole out for climate, and nobody's accounted for anything just that. We don't know where it's going, but I do. You have friends, compatriots, donors, opening up dummy corporations, shell corporations everywhere, and going for government grants on the climate.
Starting point is 00:18:17 And they'll build some of this, that, and the other thing also. So we're just making the point that the media finally covers it and then lies about it. And I'm bringing this up. Why? Because guess what's coming down the pike? Are you ready? Because it doesn't matter. At least that's what some people are telling us.
Starting point is 00:18:40 Does not matter. A ton of debt is coming due in the next three years. You know what that debt is? It's at low rates. Do you know what rates have done since? They've gone up. Do you know what that means to interest payments? That will spike also.
Starting point is 00:19:03 As I have said to you, who cares, right? What does anybody care? We're going to be near $1 trillion. $1 trillion of interest on the debt. And I get asked every now and then, by the way, 31% of all U.S. government debt is maturing in the next year, $7.6 trillion. And they need to keep that debt going, so it's going to be at higher rates. And, you know, I hear this thing about debt to GDP and all that. That's a bunch of bull crap.
Starting point is 00:19:44 Imagine if they just stayed at 2019 spending, $4.4 trillion, we'd have a surplus. us this year. But no, Marxists love big gigantic government. And wow, they've done a great job of marketing it. Not really, but the media. I blame them 49% of it. They could stop this. They could be pissed off. They can yell at scream. They can have the administration on TV. Where are you spending the money what is it going towards do you know it was 4.4 trillion the year before covid and now it's 6.6 trillion you just raised our size of government 50% for what give us the numbers exactly for what no you know why they got a report on what the cadet Kardashians did yesterday you know what's cluny doing in late coma oh brittany spear she's
Starting point is 00:20:55 having another, whatever, divorce. NBC was going nuts this morning over the winner of the U.S. Open tennis on the day of 9-11. They couldn't wait a day. This is what I'm talking about. And we're just bringing this up because, again, I just want to let you know there is a end game. We don't know when. We don't know what number. We don't know the cause. We don't know the trigger. We are just letting you know. We have proven to you from time and time and time again that there is nobody better at eyes when things start topping out and going into you know what. The market will let us know.
Starting point is 00:21:45 I'm just letting you know. When it hits, it may be 10 years from now. I say that. I mean that. Who knows what the number is? It may be 10 minutes from now. We're just letting you know. stay tuned
Starting point is 00:22:00 there is an end game to this it's a blow up of the debt and typically what that means is to account for that debt higher rates now I heard that was Morgan Stanley somebody come out and said buy bond market now interest rates are coming down hmm okay
Starting point is 00:22:19 I'm all good with that for now just be ready just be ready because the only way around it is going to be printing money. That worked up next. Today's market. This is the one only investor's edge. This message is brought to you by the Capital One VentureX card. VentureX offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your
Starting point is 00:23:09 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. 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,
Starting point is 00:23:48 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 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. 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.
Starting point is 00:24:28 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. We're listening to.
Starting point is 00:24:51 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's highly recommended. You're going to feel better if you talk to him.
Starting point is 00:25:10 Okay. We're done with that. You know, I got a lot of emails today. And when I say a lot, much more than the norm, asking what I thought about Joe Biden, not going to a 9-11 site instead being in Anchorage, Alaska, and going to make some remarks. That's the questions I got asked the most today. You know what my answer to that is? He's a jackass.
Starting point is 00:25:40 I don't care what he says. I don't care what remarks he makes. They made a conscious decision. That screw it. Screw it. We'll go on to Anchorage. I weep that the choices of it. between Donald Trump and Joe Biden, and I doubly weep that I choose Trump over Biden.
Starting point is 00:26:14 And you know how much I can't stand Trump. If Biden was a Republican, the media would be given him a colonoscopy, deep colonoscopy daily on his corruption and thievery with his son. We know, anyway, that'll be for another day. Today's market wrap, interesting. And by the way, we thank Adam Sarhan for doing the show. I must tell you, I wanted to do the show Thursday and Friday, but came about 10 o'clock at night. You know, we watched the markets all the way to midnight, but came late, late, I was just what. You know, the difference in time in Dubai.
Starting point is 00:27:17 So I texted Adam. Are you around? He was. We thank him very much. and we got a lot of emails complimenting him. Got one email putting me down saying that he prefers Adam over me because Adam doesn't talk DC in politics, but guess what? This show is about you and your money and the interlopers that affect you and your money.
Starting point is 00:27:40 We never had to talk about them, but starting with Bush, they've gone insane with our tax dollars. All right, today's market wrap brought to you by Investment-Models.com. That's Jim Roeback, one of the great market timers. No gray areas with the man you're either in or out of the market. It was proprietary indicators. Go check it out. Investment dash models.com. Dow up 87, nah.
Starting point is 00:28:10 S&P up 30. Oh. The story was the NASDAQ 156, the NASDAQ 100, 181. But you know what the bigger story was. And we'll see what that means in the next few days. with the NASDAQ up 156 about 1.1%. NASDAQ 100 up 181, almost 1.2%. You would think advanced declines would be 3 to 1.
Starting point is 00:28:41 What does that mean? 3,000 up 1,000 down. You ready for this? 2146 up 1984 down. Huh? Well, how can the NASDAQ and NASDAQ 100 be up so much. Well, you know the answer.
Starting point is 00:29:00 They went after the mega caps. Remember, the Big 7, they could do wonders for the indices both up and down. I can tell you today that Tesla broke above the 50-day moving average. Microsoft just got above it. Facebook just got above it. These are three that were weak. NVIDIA was down 12, finished only down four,
Starting point is 00:29:27 sitting on the 50-day moving average. Amazon, new closing high. Adobe was up a few bucks, Google up a few bucks. Apple, which was up two and a half on the open, then down, finished up about a buck 20. And then I look around, and boy, there's a lot of red. So they jumped on these. Now, let me explain the good and the bad.
Starting point is 00:29:55 The bad. The good. Let's do the good first. They're going up. The big caps are going up. They're a big influence on the indices. The bad. And we've talked about this before and it doesn't have to be a 100% thing. A mob. When the market is searching for the most liquidity, it's getting away from less liquid and kind of parking in the most liquidity. We'll see what that means. We're just letting you know technically. Tesla breaks back above the 50 day. What I would call on an upgrade. I trust the upgrade as far as I can throw it. It's an upgrade from the investment bank's bank of Tesla, whatever.
Starting point is 00:31:01 Envidia was below the 50 day, finished on it by the close. Microsoft is now above it a little bit. Facebook is now above it a little bit. If they stick good. Google, fine, Adobe, they report Thursday in shape, and Amazon had a pretty darn good day today and looks like it wants to attack the high of early August. I think it was a closing high today, though, for the year.
Starting point is 00:31:33 That really is the story today. You should have much better advanced declines, but as I go through things, you had a bunch of things down. The good news is the semiconductors, which were up 40, then down 40. No, not making this up. Finished up three, right in midpoint, and things that, important names that we follow, like Lamb Research, was down 17, finishes only down five. So we'll see. Now, Oracle after the close did report, I have it down $6.70. So that's not going to be great news tomorrow if it sticks, but that will just be given back the last five days.
Starting point is 00:32:19 That's all really be doing. Adobe reports after the close Thursday, and it's a very slow week on the earnings front. What else today? Gold bounce. a lot of the stuff bounced, though I must tell you at the end of the day, Comerica finished down, Citigroup finished down, Goldman Sachs finished down, Morgan Stanley finished down, a bunch of other financials finished down. Oils were weak as oil prices were up early, finished down,
Starting point is 00:32:50 and I found some oil stocks that are breaking down. And overall, there's some software names that are acting well off of earnings reports, but leaving a lot others for dead. So good for the indices today. I would rather, it was a good day for the fang stocks. We'll give it that. We'll give it that.
Starting point is 00:33:21 And we'll see how the market reacts to Oracle. It's an important software name, but it's only, again, it's only down, well, it's down almost, it's six and a half bucks, but it's really just given back the last five days. Not a biggie. We're in the midst of nothing, not a lot of earnings. I do believe we have a Fed meeting soon.
Starting point is 00:33:42 I'm about to Google the words, next Fed meeting, and that is soon. Hmm. September 19th and 20th. Yeah, next Wednesday. I knew I was close. And whether that moves the needle or not, I do not know. By the way, we retweeted an analyst ripping the analysts on Tesla.
Starting point is 00:34:16 Quite interesting, you may want to go to our Twitter feed and see what we're talking about from a guy named Gordon Johnson. Logical sense came out of his mouth. And this is not a rub on Tesla. We're not a fan of certain analysts moves. We think there's a lot of what we call closeness, chicanery, conflicts of interest, and today could have been one of it. But the market, listen, Tesla was up $25 today, to $273. After acting pretty weak the last six days, back above the 50 day, raised this price target from $250 to $400. 60% of the reason was on businesses they weren't even in yet.
Starting point is 00:35:14 Up next. That's my music finally. News of the day. This is the one only investor's edge. This message is brought to you by the Capital One VentureX 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 00:36:06 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 Capital1.com for details. This episode is brought to you by Sprecker. The platform responsible for a rapidly spreading condition known as podcast brain.
Starting point is 00:36:28 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,
Starting point is 00:37:00 well, more microphones. Start your show today at Spreker.com. Sprinker, because if you're going to talk to yourself for an hour, you might as well publish it. This message is brought to you by the Capital One VentureX card. VentureX 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?
Starting point is 00:37:35 Terms apply. Lounge access is subject to change. See Capital One.com for details. You're listening to. What are we waiting for? Well, what are you waiting for? One, two, ready, go. Action!
Starting point is 00:37:51 In the Gester's Edge. With Gary Culpa. All right. In the news. Remember how we always tell you about this to fund the police thing that I always say if it ever hit home where something happens to their family
Starting point is 00:38:23 or themselves, they'll change their tune quick. Minnesota Democratic leader Chavanti Sathanandan, who called for police to be defunded and dismantled, is now changing her tune. Why?
Starting point is 00:38:39 She was garjacked and beat the hell out of her. The carjackers beat the crap out of her. Bloody to face her. They carjacked her and beat the hell out of her in front of the four-year-old and seven-year-old. G, now let's call the police. In the news, this was sent to me. Just letting you know. Fortune magazine.
Starting point is 00:39:13 I don't have the date. The next Warren Buffett, you know who it was. The guy from FTX. It just was sent to me. yeah this is what happens very and you really can't blame him he was big time at the time and very tough to do a lot of due diligence when people are hide in their crimes but I didn't even know this the dude hit the front cover of Fortune Forbes and some other things yay trust nobody in the news I was asked why I thought maybe the mark was up today there was
Starting point is 00:39:56 an op-ed by somebody at the Wall Street Journal entitled, An Important Shift in Fed Officials' rate stance is underway. Central Bank is likely to pause rate increases in September than take a harder look at whether more needed. And I'm just wondering if they leak to this guy at the Wall Street Journal. Yes, they leak. But does that matter? We've been telling you one thing in one thing only. Watch the 10-year yield. And if it goes through 4.35, really 4.4 a little bit higher, and sticks, that could get interesting. Just remember, the cost of capital is huge all the way down the food chain. To you as an individual wanting to buy a house, just remember, the great, distortion of Jay Powell, another one, is that nobody wants to sell a house that has a 3%
Starting point is 00:41:08 mortgage to get into one at 7.5, leaving inventory very low around the country and forcing prices up, so affordability not good. The debt to income ratio for homebuyers in the U.S. just hit 40% for the first time in history. Even during the 2008 crisis, the ratio peaked at 30, And this comes as total household debt just hit a record 17.1 trillion and credit card debt one trillion. At the same time, delinquency on auto loans, credit cards and consumer loads just hit their highest since 2012. Both rates and prices rise rapidly. Delequacy rates are skyrocketing as both rates.
Starting point is 00:41:52 The average new car now costs 48,300, up from 37,700 just four years ago. average use cars going up also dealership service volume is officially hit a five-year low for the month of July hmm interesting so just letting you know there are things we're watching very very closely remember there is the market and then there are the factual fundamentals that we experience day in and day out how much you pay at the pump How much is your insurance? By the way, in Florida, insurance company's been dropping left and right and forcing insurance prices up. How much you're paying for food? How much you're paying for anything? What is your ability to get a mortgage? How much you're being charged on your credit card? These are all historical records here, and we are just watching them.
Starting point is 00:43:04 ladies and gentlemen, not necessarily the oil prices. They've been higher, but oil prices have spiked up in the last few months. And you know what's happening in gas prices. And we told you, go Google the words products made from petroleum, a bazillion of them. So if petroleum prices stay elevated to make tires and solar panels or anything like that, those are going to go up in price. and inflation picks up again, interest rates are going to go even higher. And what's the only way to fix higher rates at that point? J. Powell is going to have to print money again. And buy up bonds, take interest rates down like he did.
Starting point is 00:43:48 But guess what happens? You get into the vicious cycle again. And if you believe me and say that he is the main culprit that caused inflation, and we were saying it months in advance, this is to be watched. and we've asked each and every one of you, we want to hear from you in your city, in your town, your job,
Starting point is 00:44:09 what's going on? What are you hearing? What are you seeing? What are your suppliers telling you? And we're getting a lot of feedback and information on that. And again, we are watching.
Starting point is 00:44:22 Theme parks here in Orlando, slow down. Now, from good levels, but slowing down. And people are being asked, what? Price. I flew back on
Starting point is 00:44:35 to Dubai on Emirates both ways. We can tell you flat out coming back, business class, I think was half full. Price. Going there, there were plenty of seats. And by the way, I can only fly with the
Starting point is 00:44:53 live flat seats when I go for more than eight hours. I can go from Florida, L.A. in economy, but I need those lie flat seats. I pay the extra. I freely admit it. What can I tell you? So again, we talk markets, but we have our eyes wide open on the things that really matter most.
Starting point is 00:45:21 And we speak to a lot of companies and a lot of people. We're on the lookout. We're on watch. Stay tuned. We'll still pay more attention to the market. It forecasts very well. Until tomorrow, you have a great evening. Drive carefully.
Starting point is 00:45:37 When you get home, do like we do. Quite simple. make sure you hug your family, make sure you hug your children. They will feel better, you will feel better. Have a great night, everybody. I'm going to get some sleep. Bye-bye all. This has been Investors Edge with Gary Cult Bomb on BizTalk.
Starting point is 00:45:54 To listen to past episodes or to get in contact with Gary, go to GaryK.com. That's GaryK.com.

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