Investor's Edge with Gary Kaltbaum - Quick Sand!

Episode Date: September 20, 2022

Follow Gary on GaryK.com or http://garykaltbaum.com

At CVS, it matters that we're not just in your community, but that we're part of it. It matters that we're here for you when you need us, day or night, and we want everyone to feel welcomed and rewarded. It matters that CVS is here to fill your prescriptions and here to fill your craving for a tasty and, yeah, healthy snack. At CBS, we're proud to serve your community because we believe where you get your medicine matters. So visit us at CVS.com or just come by your food. store. We can't wait to meet you. Store hours vary by location. Investor's Edge with Gary Coltbaum. Straight talk about you and your money. Now from the BizTalk Studios, here is Gary Coltbaum. And welcome once again to Investors Edge. I'm Gary Colbom,

your host. A thanks of being with us today. Glad you're here, ladies and gentlemen, happy that you are listening. It is the 20th of September, 2022. Hope you having a great day. we have lots to cover but first if you do not get this show in your city we'll post it at gary k.com we'll also post it on our twitter feed if you don't follow us on twitter you really should i'm quite sarcastic uh you can go to twitter put my name in or you can press the button at garyk dot com you can also email me just be nice no really just be nice all right a few things let's just get them out of way. Number one, the Mets are in the playoffs. But every time they win, the Braves win, they're trying to win the East, but the Braves win like every freaking night. So it's a fight

to the finish. That's number one. Number two. My fantasy football, I was getting blasted going into last night. And I think I told you that I had the Buffalo defense and the Buffalo quarterback. I need a big night. I won the evening. Josh Allen for touchdowns, a bunch of yards. That was number one. And the defense gave up less than 200 yards, a bunch of turnovers, and a touchdown on top of that. I won. I came from behind. Amazing.

And how did I win? At the end, I had Adam Thielen, who didn't even, it wasn't even getting any targets in the game. And the other guy tied me with, like, Like four minutes to go in the game, he has Miles Sanders, and I'm thinking I'm going to lose because they're just going to give it all to Miles Sanders at the end of the game. Philadelphia is winning the other game. And then they took Miles Sanders out with like a couple of minutes left, so he didn't run again. And then I got garbage time for Adam Thielen. All I needed was 20 yards for one point and go ahead.

And he ended up over 40 yards. I got two points, and I ended up winning. So that's my fantasy football of day. And I don't usually gamble, but I love the over. the Buffalo game, it was 47.5. They scored 48. They scored 48 by the start of the fourth quarter, but they didn't score another point, so I lucked out there. And that's it for our sports part of today. Ladies and gentlemen, the biggest problem you have is the utter misinformation coming to you via the airways. I've never seen such misinformation in my lifetime.

on what's going on. So we're going to spend the first few minutes of this show talking about what's going on. Because as you know, we've been nailing this and nailing the Fed and Jay Powell for quite a while. Here's the story. Listen carefully.

Markets, all the markets of any asset are supposed to be free. It's a, It's supposed to be about investors, traders, speculators, small, medium, large, gargantuan, deciding on where to place their money at a given time, at a given price, at a given size. That's it. That's what it's supposed to be.

what ended up happening in 2009 was a man by the name of Ben Bernanke decided to play God with markets. I'm going to print money out of thin air and interfere with markets because I'm a moron and one of my jobs is to provide oversight to the lenders and the financial institutions to make sure they're doing the right thing. and because of their my best buddies, I was hear no evil, see no evil, speak no evil, while they were screwing everybody and leveraging everything. And guess what ended up happening?

We paid for it. $800 billion stimulus came from us, but not really us, but us. Because remember, government has no money. We provide every dime, or they go into more debt. So they printed money, and interesting enough, it actually did write the ship. It right the ship. Taking rates to zero and printing money got the markets on better footing.

It gave things time to fix itself. Unfortunately, all the criminals on Wall Street got away with felonies and fraud. Not one was indicted. Why? because they're best friends with Washington, D.C., whose best friends with Wall Street because of all the money being slashed around by the few, and people who in plain sight committed fraud and felonies got promoted.

But I digress. So he printed $85 billion a month, trillion dollars a year. and righted the ship a little bit. And markets went higher. And we always worried about it because, wait a minute, one man in his whims are interfering with markets. Isn't there going to be a bad outcome?

But it provided them time. And Janet Yellen, who was part of that, came in, became the head of the central bank, and then Jay Powell. And Jay Powell professed to be, the opposite of what he really was. He lied. He professed to be somebody that will take a step back, sound money, will just do the right thing, not going to worry about markets, just want to keep things stable. And he was actually raising rates. And then markets got in trouble because he was raising rates. why would markets get in trouble because of just raising rates up to 2%? Why?

Because Ben Bernanke and Janet Yellen. See, what happened was they distorted the markets. Markets became addicted to them. And if you didn't keep feeding the market's easy money, they would bite back. And J-Pow Christmas of 2018 blinked. And guess what markets immediately did as they were crumbling. They stopped going down. Why?

Because markets love easy money and more money and interference with, just so you know, conjured up money out of thin air. This is not money in circulation. Some people call it funny money. I can't use the word I want to call it on radio. I'm not on satellite, but there's a four-letter word I'd rather use. But that was not a big deal because, He wasn't printing money.

He was just lowering rates. And throughout 19, every time the market got in trouble, he would lower rates a little more. But that's not a big deal. I didn't like it. It pissed me off. Because no man, women should be able to interfere with markets. It's exactly what he was doing.

So he lied about who he was. And then I knew we had trouble. In October of 2019, let me explain. explain. Jay Powell told us, oh, no, no, no, he's not doing things because of markets, even though we accounted for everything. Well, in October of 19, he announced money printing. Wait, wait, money printing. The reason why Ben Bernanke announced money printing is we were in the depths of hell. The financial system was collapsing. Why would Jay Powell money print? Why would he conjure money out of thin air when the GDP was thwarted?

3% in unemployment was in the threes. What? Well, I knew right then and there we were eventually screwed. But in October of 19, I said, just buy the hell out of the market. I came on this radio show and used the word hell, buy the hell out of the market because I knew what printing money would do. And guess what? From October to February, the market to the upside. And then COVID hit. And the market crashed. On the first market drop, Jay Powell announced we're taking rates to zero percent immediately. Just zero immediately. And we announced printing.

I don't remember the exact number, but he announced the first printing of money. Something happened. I'll explain. And then I'll put the bow tie on it. I'm Gary. This is the one only Investor's Edge. Hi, I'm Gary Kalpom, hosted a nationally syndicated radio show Investors Edge. We're not just handsome radio people.

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I recently spoke with IBM's new director of research, Jake Mbata. We discussed his vision for the future of quantum computing. 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. 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 2020. will build the first fault-tolerant quantum computer. That is one that can run a very, very large, large problem. To learn how IBM is building the future of computing, visit IBM.com slash quantum. Success starts with your drive, and American Public University is here to fuel it. With affordable tuition and over 200 flexible online programs,

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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. Okay. So he announced a big printing of money and market didn't respond.

Oh crap. Announces a second tranche of printing of money. Market didn't respond. And then a monster. And it would eventually take the printing of money up to unimaginable amount. $9 trillion. And what did we immediately tell you? We're going to get bubbles and then big buss.

Because you had one man playing God with a $40 trillion market. And markets took off and bubbles out of nowhere. Coins that became mainstream coins. And then of course all the crux 20,000 coins came out where 99% of them are at zero now. And we told you that Bitcoin and Ethereum, they eventually get them. We told you that. And we told you about the coin companies. And then they came out with Dogey coin as a joke and it went to 70 cents and we told you it's going to go to zero.

It's back to five cents and change. I don't even know why it's there. And NFTs, what the hell is that? Somebody paid $2.5 million for an NFT. Try to put it for sale. Couldn't get $250. That business is down 90%. Miami, the city of Miami put out of Miami coin down 95%.

Marijuana stocks, 3D stocks. No sales, biotech SPACs. Oh yeah, by the way, the guy who started the SPACs in a big way is out of business. We warned you about all this. We simply warned you about all this. It wasn't hard. It was easy. And then all the bubbles burst.

and then the ridiculous excessive valuations and leverage in the markets we told you is going to be a big problem for the market and that happened and we pointed to you the chart of margin that went straight up Eiffel Towerish and that was the end of the move and that's exactly what happened and then we went into a bare market and we told you inflation would come why it's simple economics 101 too much money chasing nothing was a gimme and inflation came in and the moron at the Fed and the rest of the morons at the Fed said there is no inflation and of course the idiot running the country there's no inflation and then some inflation showed up and they said

well it's nothing don't worry about it and the idiot at the White House said no don't worry about it because he's just got to echo what they're saying and then all of a sudden inflation became more of a problem and all of a sudden but it's transitory remember that line it's transitory and we came on the show and said no

it isn't and it's going to worsen you know why it's going to get worse than because he's not doing anything about it we told you he's enabling inflation not fighting inflation and he ended he was just kicking and screaming as the markets were yelling at him and the market started dragging him to start acting on it he didn't want to do it then he was forced to do it as inflation was getting out of hand and that the idiot the white house after six seven eight nine months of saying inflation, nah, nah, nah, nah, nah, nah, then blames it on Putin. Too funny. And the media gives them a pass because the media sucks. So they have to start raising rates. And what does he do? Quarter point. While interest rates start skyrocketing. So you have the market yelling and

scream at this guy, dude. What do you doing? Oh, don't worry, we'll raise rates again in the next meeting six weeks from now and he raised rates again, a quarter point. And the market, and the markets yelling and screaming, what are you doing? Because interest rates kept going up. The real interest rates, we told you, just watch real interest rates. Don't even watch him. What's the language we've been using on Jay Powell for the last few months? He's not even on the playing field. And finally, it really gets out of hand, so we have to really start raising rates. But unfortunately, even though we started really raising rates, real rates skyrocketed. The one year went from nothing to 4%. The three month, nothing. Nothing. The three months. Nothing.

3 and a quarter percent. The 10 year went from 1%, the 3.6%. And where's Jay Powell today before tomorrow? He's at 2.3. So the market's giving a middle finger to this doofus

that got renominated while he's been wrong 100% of the time. Only in Washington, D.C. Let's renominate the guy who's been wrong 100% of time. And again, we take no joy in saying this, but this guy's destroying us. he's destroyed free markets

and now he's doubly destroying him because he's against screwing up again and again and again and again and again so we walk into tomorrow fast forward he's going to raise rates to 3% what's the problem the real markets at 3-6 that's not fighting inflation

that's inflation sticking the middle finger back at him laughing at him calling him a dufus. I don't even need to. And then you get the President of the United States that wouldn't even know how to run a lemonade stand. Well, you know, did you see the 60-minute interview?

I thought it was being run by Barnumann Bailey Circus. Scott Pelley. Pullet's a prize winning journalist. Shouldn't be a journalist in sixth grade. Has the opportunity to interview the president. the United States where inflation is crushing the average American. And he asks a pertinent question and the president looks him in the face and comes up with the stupidest moronic, imbecilic answer, no follow-up.

No holding feet to the fire. So we walk into Tamar and he's still going to be behind. And as you know, the markets have been quite unhappy. And then you have people that are selling their own book. What does that mean? trying to protect themselves. Elon Musk the other day. He needs to lower rates.

Bull crap. If he lowers rates tomorrow, you think the market's going to rally? Just the opposite. He's not lowering rates, by the way. Everything's flip-flopped. The market now is every ex-boyfriend and girlfriend you've ever had

that never wants to hear from you again. And guess who the victim is? We are the victims. As mortgage rates have skyrocketed. prices for go to your food store you know I was looking at Halloween stuff yesterday a big bag of Hershey's chocolates

the little ones that went for 1099 a year ago 1499 for starters and yet Scott Pelly no follow-ups so J-Powl all I keep hearing from people on TV what's J-Powell going to do it doesn't matter

it doesn't matter what the hell he does He's not even on the playing field. Up next, we'll put a bow tie on it. Today's market, looking to tomorrow and all that crap. I'm Gary. This is the one only investor's edge. Hello, hello. I'm Malcolm Gladwell, host of Smart Talks with IBM. I recently spoke with IBM's new director of research, Jake Gambata. We discussed his vision for the future of quantum computing.

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.

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? Yeah. 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. To learn how IBM is building the future of computing, visit IBM.com slash quantum. Success starts with your drive, and American Public University is here to fuel it. With affordable tuition and over 200 flexible online programs, APU helps you gain the skills and confidence to move forward.

Whether you're changing careers, starting fresh, or pursuing a lifelong passion, our programs are designed for people who never stop. You bring the fire, APU will fuel the journey. Learn more at APU. www.edu. OnDEC is built to back small businesses like yours. Whether you're buying equipment, expanding your team, or bridging cash flow gaps,

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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.

And what once again to Investors Edge. By the way, as I mentioned earlier, the SPAC king, they call him. His name's Chammoth. He made himself a billionaire coming out with Christ. crappy companies and put them into SPACs and that whole business is shot the hell now because a bunch of money grubbing criminals came out with SPACs and told you they were all going to build plants to build electric vehicles and batteries when it was all a lie and a couple of people were already indicted and people have lost a ton of money and a bunch of spacks have gone from 10 down to one and shouldn't even be at one. So now all of a sudden, bye, bye. He's going to wind down and return cash for two special purpose acquisition companies, SPACs, the SHACs, the SHACs, the SHACPACs, the SHACPACs, the show. shareholders after failing to find companies to take public blah blah blah blah blah so anyway it does not matter what j pal does tomorrow wait a minute of course it matters yeah because who knows what he's going to say afterwards you know they do a press conference when nobody asks any pertinent questions

nobody asked the pertinent questions just like the idiot on 60 minutes didn't ask any pertinent questions oh we actually take it back he did ask pertinent questions didn't follow up on the lies so whatever he says whatever maybe it moves the markets up tomorrow Maybe we rally up 500 tomorrow. Maybe we drop 500 tomorrow. All I know is he's going to be at 3%. And the one year is going to be at 4. So how does that help?

The 10 years at 3.57 today up a new high today, broke the June high. How is it going to help that he's just playing catch up? That's all he's doing. He's on nothing. Everybody's giving him all this credence credibility. He's got none, not a shred. I heard somebody say, oh, he knows what he's doing. He's smart.

No, the guy's a clown. He's 100% of the time wrong. 100%. And we warned you up front about the excesses that he caused. Played God. You know what human nature did to him, right? Ooh, if I print more, the market's going to go up even more. And he printed more and then the market went up even more.

You know, then maybe I should print more on the market. Look at me. I'm a hero. Wall Street loves me. Human nature. repeat the things that are making you look like a hero. But he didn't give a crap about the other side. He didn't give a crap that he was screwing you the savers with 0%. And as I said to you during that time, he has no fundamental understanding of what he's doing. And he obviously never read the book extraordinary popular delusions in the manness of crowds

that explains bubbles and it all comes from easy money. And you know what everybody's saying now about inflation? what we told you two years ago. All of a sudden we're hearing, yeah, it comes from the central banks. Gee, thanks, we had no idea. So this imbecile, this moron, this bozo, tomorrow is now going to be front and center in front of the world. And he doesn't have a clue what he's doing. Not a lick.

He's not leading. He's not driving the bus. He's a passenger on the bus. And you know what? I don't even think he's a passenger on the bus. You know who he is on the bus? There was a Three Stooges episode where all three of them fell off the bus and was holding onto ropes as the bus was dragging him. That's who Jay Powell is.

He's Curly Moe, Shemp, and Larry all put together the four of them. And we're the victims. You see, the housing market destroyed. Gary, destroyed, really? Try selling your house at fantasy price. and see what you get. Go ahead. Six months ago, people were jumping all over each other

to pay a higher price because they thought, if I didn't buy today, I'm going to pay higher tomorrow. People are now saying, I ain't buying, because I know I'll pay less in a month. The vicious cycle, the outcome of Jay Powell. This is all him.

Not to mention the duffus at the White House that's raising taxes on corporations coming out of a pandemic and in a recession. Oh, but we're not in a recession. But wait a minute. We had two down quarters. That's a definition of recession. Isn't it, Mr. Biden, president? Oh, that's right.

Scott Pelly didn't ask that question. So again, I don't know what happens tomorrow in the market. I don't know what Jay Powell is going to say. My estimate, I think it's a good one because they're big mouths and they've telegraphed three quarters of percent to three percent. And they're still going to be a passenger. That is the genesis of what's happening. But the problem now is he's not longer bubbling up asset prices.

He's the destroyer of asset prices. He's the destroyer. The damage this man has done, this one man has done, by the way, it's also the head of the ECB, Europe, Japan. He got them to act in kind. The damage this man is done to free markets is beyond the beyond. How the hell he still has a job is beyond me. And by the way, the other 11, I think there's 11 others over there, one's worse than the next,

to the point where one of the central bankers said he was happy when we had a thousand point drop. He was happy that you lost your ass on a Friday because of a speech. And this guy still has his job? Their mandate is for stability and we drop a thousand points and he has the nerve to say he's happy. By the way, his name's Neil Cashcarry. We emailed him. We didn't get an email back. I don't know if we had the right email address.

Who knows? Our email was terse. I spoke up for all of you. So that'll be tomorrow. And I'm sorry. I've been listening to other people. They don't have a clue what's really going on. They don't understand.

This guy's just the passenger. They think he's driving the bus. What is he going to do? How's he going to... He's just catching up. He's just playing catch. up. And maybe it moves markets. It ain't going to do anything for the economy. It ain't going to help inflation. And there's your story. Other news today, and then we'll get in today's market.

Open door, you know what they do? They have advertisements on TV. Oh, just call them, but they'll buy your house. No, really, they'll just buy your house. No, really, we'll just buy your house. You know, Zillow lost a bazillion dollars doing that, buying houses. Open Door is getting their butts killed now because they bought a bunch of homes and they're way down in price. Dumbies. They should be listening to my radio show. Home flipper Open Door hit with losses.

An echo of the Zillow collapse. The company which sells thousands of homes in a typical month lost money on 42% of its transactions in August. It was worse in key markets such as L.A. With a company lost money on 55% of sales and Phoenix, 76% of sales. Dumbies. It's reminiscent of the pricing problems that doom Zillow Group's eye buying business last year. Doesn't mean Open Door is going to shut down business.

Oh yeah, they will. Because housing's only going to get worse. And they're going to get some serious markdowns. No, really. They're going to get serious markdowns, unfortunately. So a lot's going on. Wish I had better news. We deal in reality here.

By the way, open door symbol is OPEN. Stock was 25 bucks last October. $3.56 today. Was $39 bucks in February of 21. That's when all the bubbles popped, starting in February of 21. Yields spiked again today. We'll see what happens tomorrow. Have I thrilled you yet?

Again, we just deal in reality here. We've got to hit you right between the eyes. Got to protect your capital. Hope you've been listening. Today's market wrap brought to you by Investment-Dashmodels.com. That's Jim Rohrabach, one of the great market timers. No gray areas with the man you're either in or out of the market with his proprietary indicators.

Go check it out. Investment-mottles.com. We'll have the numbers up next. And then I've got to mention Ford. Ford. This is the one only investor's edge. 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 that, 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, 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. Yeah.

Wow. So we are not asking our clients to be the first experiment on it. We say you can leverage what we did. We are 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. To listen to the full conversation,

visit IBM.com slash smart talks. Success starts with your drive, and American Public University is here to fuel it. With affordable tuition and over 200 flexible online programs, APU helps you gain. the skills and confidence to move forward. Whether you're changing careers, starting fresh, or pursuing a lifelong passion, our programs are designed for people who never stop.

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What are we waiting for? Well, what are you waiting for? One, two, ready, go. Action! In the Gester's Edge. with Gary Culper. And welcome once again to Investor's Edge. Dow was down 313, was down 500.

But really, no, you know, I wish I can say to you, hey, okay, we got back, fine. S&P down 44, NASDAQ 109, NASDAQ 100, 101, socks down 38, transports down 300 again. A thousand and 24 new yearly lows. Advanced declines pitiful. there's a little Apple parking going on. Apple was up two and a half today. What have we told you about parking money in Apple? When the big money is derisking, it's got to find a house. It's got to find a

place. Apple's been a very dependable stock forever and it's got 16 billion shares outstanding and trade 70 million shares a day. So it's easy to get into and easy to get out of. And every time we get some trouble in the markets, it seems like they're parking money in it. But Apple, that's under distress too, though it was up two and a half today. To me, that was the parking of money. We'll see how it plays out. Just not a great day at all. Very red. Advanced declines on the New York, 667 up, 3507 down, 1209 up on the NASDAQ, 3193 down.

Yields were up. Blah. How's that? Blah. And let me repeat, I have no idea what the market does tomorrow. Okay? I don't have a stinking clue what the market does tomorrow. I want to make sure you know that.

Yeah, they can rally it up. But you know why they'd be rallying it up? Because the Dow just, let's see, was 325.04, 325.055 days ago, it's, it's down 1,800 points in 3, 6 trading days. That's why we'd bounce up. It would not change the big picture. You got that? It would not change the big picture.

There's hardly any new yearly highs. Pipelines. The solars have had good relative strength, but even they were down today. I mentioned Apple before. Let's hope we don't the June lows, but we now have 1,024 stocks that have broken the June lows. You got that? What else are we getting now? A lot of downgrades of stocks already down 75%. Thank you,

analysts community. Remember what we told you? They don't know how to handle bare markets. You got that? We've been asked a thousand times about the ARC funds. And remember, we don't take on anybody in this industry. It is tough enough. We never put down anybody for losing money. And you know, there's people making fun of Mark Zuckerberg because he's down $70 billion on this drop in Facebook. They're making fun of him. Imagine making fun of people losing money.

Of course, Zuckerberg's probably still worth $100 billion. Nah, it can't be that much. He's worth a lot. So we take no joy. But we've been asked about the ARC funds. I can't even get almost every day. And we're stunned because why do people keep holding on to a mutual fund that went down 70%? Wouldn't you think there's a flaw in the management?

And what we think is they just have never experienced a bear market and they don't know how to manage in a bear and they keep averaging down. So we're just letting you know. And we wish them the best. We hope they turn it around. But they keep averaging down into weakness. it's utterly amazing. So we do mention that. But as you know, we don't take on anybody in the industry,

but we deem necessary on that. Other things to mention, Ford. Just letting you know Ford today, down 12%. On 195 million shares, average daily volume is 62, as it just breaks down badly. Takes GM for the ride a little bit, about 6%. and the auto dealers now are really getting crushed. And in case you don't know, remember the use car prices were skyrocketing, that ain't happening anymore.

And if a lot of these places ended up with excess inventory at high prices, they're losing a bunch of money. So that's another distortion that could be a problem. But the good news, Hawaii was named the Happiest State. And I understand why. I've been to Hawaii now 12 times. I love it there. people are fantastic and the scenery is just magnificent. I can understand the happy state there.

I just wanted to let you know. The happy state. What else? I wrote down a couple of things which I usually don't write down. I'm going to leave the rest of Biden alone, just a couple of other things that were going on. He did the 60-minute interview in the White House had a rollback. Two very important things, but that's normal for him. and let me just be repetitive.

A thousand and twenty-four stocks are at new yearly lows. The indices are not. That's not good news because stocks usually lead the indices. That's number one. We have no idea what's the reaction to the market tomorrow, but all the Fed is doing is playing catch-up. We don't believe they have any credibility, and I don't think they matter as of right now at all.

Yet everybody thinks they do, and everybody's going to cover them tomorrow. And guess what? I'm on with Charles Payne tomorrow and Fox Business Network at 2 o'clock as they come out with their blah. The only good news for savers, you're going to get even more money on your savings. One year yield, 4%. And no state or local taxes.

You got to pay federal. That's about the only good news I got for you. I saw a lot of people on TV talk about, oh, stay the course. Kiss mine. That's my answer to them. We don't like that. We also heard you've got to think out five years. That's an excuse for the amount of money they're losing.

Pay attention, kids. We're dead serious about every dime you have, whether you are or not, especially now. Serenity now. You'll have a great evening. Drive carefully when you get home, do like we do. It's quite simple. Make sure you hug your family.

Make sure you hug your children. They will feel better. You will feel better. Again, I'll be on with Charles Payne tomorrow at 2 p.m. on Fox Business as the Fed makes their announcement. Yay. Have a great evening, everybody. Until tomorrow.

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