HR1 Jordan Goodman – America’s Money Answerman, Tariffs 8-12-25 by John Rush
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SPEAKER 04 :
And it’s Tuesday, Rush to Reason, Denver’s Afternoon Rush, KLZ 560. Myself, Andy Pate, Charlie Grimes, and it’s a beautiful day here in Colorado. And Andy, how are you today? I’m doing well, sir. How are you? I’m doing very well. Jordan, you’ve been joining us as well, America’s Money Answer Man. Jordan, how are you today? Good to be with both of you. Always a joy. And how are things on the East Coast?
SPEAKER 20 :
Okay. We’re doing all right. I’m in North Carolina, as you know, so it’s kind of nice down here.
SPEAKER 04 :
Nice. Not too hot, not too cold. You doing okay? Not too bad. Not too bad.
SPEAKER 11 :
Now, where again are you in North Carolina? Are you out on the coast, or are you internal?
SPEAKER 20 :
No, in the middle. Durham. Durham, North Carolina. Triangle. Durham, Raleigh, Chapel Hill. They call it the Triangle. Okay. Is that where any of this is from? Is that area? The Research Triangle. It’s the biggest… research center in America. It’s got over 60,000 employees, over 300 companies, and they have a very business-friendly environment here, and it attracts businesses from around the world.
SPEAKER 11 :
Okay, so this isn’t like China, where the coastland of North Carolina is totally capitalist, but inland is totally communist, and you live in huts?
SPEAKER 20 :
No, not at all. Not at all. No, I mean, North Carolina is a pretty red state.
SPEAKER 03 :
Yeah.
SPEAKER 20 :
As usual, the cities, like Durham, and Chapel Hill, and Charlotte are kind of more Democratic, but it’s run by Republicans in the state. I mean, it’s got a majority, and although it’s got a Democratic governor, it’s got a Republican legislature and Republican senators and Congress people for the most part. Okay.
SPEAKER 04 :
Good to know. All right, so let’s get into it. We’ve got lots to cover today. And one of the first things, well, I guess we’ll get into that a little bit later. I was going to talk about Jerome Powell, but we’ll get into that here in a moment. Let’s talk about tariffs and what effect, if any. We saw the report today on CPI 2.7 annually, which came in, I believe, less than expected. Am I correct in that, Jordan?
SPEAKER 20 :
Well, there’s two different numbers. The overall number was the same, 2.7% annual rate of inflation. The so-called core rate, which excludes food and energy, was actually 3.1% annual rate, which is a little bit higher than expected. And we’re starting to see the effective tariffs go into prices a little bit, not that much, but we’re starting to see it in some areas. I mean, for example, steel aluminum, which has a 25% tariff, you’re seeing that in products made with steel aluminum, like appliances and cars and things like that. There’s much more tariffs to come, but right now the effect is relatively minor. But this is what the Fed’s so worried about, is that in coming months, as the tariffs do come into effect, that companies are going to be passing that on to consumers. They just can’t eat the whole thing.
SPEAKER 04 :
Okay. Now, the predictions, though, were that it was going to be much worse than it is right now, and yet my predictions weren’t much different than what’s actually happening. Why is that?
SPEAKER 20 :
Well, because a lot of the tariffs were delayed. I mean, we had… April 2nd, he announced all kinds of tariffs and then put them off until July and then put them off again until August. Now a lot of them have gone into effect, so they’re just starting to… have an impact in various ways. You want the real answer?
SPEAKER 04 :
I understand everything you’re saying, but the real answer is a lot of these companies have literally been making a boatload of money off of us as the U.S., and the reality is they’re able to suck up a lot of those costs from the actual core costs, not what consumers pay retail. But at the end of the day, they’re going to eat a large majority of that, and there’s not going to be a huge effect when it’s all said and done. That’s what’s actually happening.
SPEAKER 20 :
Depends on the area. I mean, in some cases that’s true. In commodities, I mean, just to give you one example, sugar, okay, coming in from Brazil. Brazil’s getting hit with a 50% pass. And I deal in people’s sugar all the time. A month ago, sugar was like $800 a metric ton. Now it’s $1,200 a metric ton.
SPEAKER 11 :
Okay, well, yeah, but really quick here, Jordan, don’t you expect that to go down? Isn’t that just another high tariff negotiating leverage that Trump is using initially until he gets a better deal? Because Trump hasn’t cut any, well, I’m just saying, sorry to interrupt, but just Trump hasn’t cut any major deal, long-lasting deal with Brazil. OK, countries where he has not yet cut a long lasting deal with them are going to have much higher initial tariffs. That’s been the way it’s been all along.
SPEAKER 20 :
That’s right. That’s right. So, yeah, you’re right. If they have a deal now in the case of Brazil, it’s not even an economic argument. It’s a political one. The former president of Brazil, Bolsonaro. who Trump, like, he’s kind of the Trump, I used to call him the Trump of the traffic. He was kind of the Trump, the Brazilian Trump, has been, you know, prosecuted and indicted and all kinds of things, and Trump wants them to drop all that stuff. So it’s a political thing, and all the people of Brazil are paying for it because their business is going to go way down when their prices are 50% higher than they were before. So, yes, if they could stop prosecuting Bolsonaro, they’d probably lower the tariffs by 50%.
SPEAKER 04 :
Yeah, and again, I think that personally, and I’m kind of along the lines of where I’ve been. I haven’t changed much on this. At the end of the day, we’re the biggest customers. These countries will learn. At the end of the day, Canada, who, by the way, is learning right now very heavily that they need us. They need us as a customer, despite what they might think politically wrong. Reality says they need us, they need our money, which most countries do, by the way, and it’s high time we use that leverage, which we are. And I’m still, at the end of the day, Jordan, I am not worried about a huge influx of inflation when this is all said and done. We will be just fine and come out way ahead when this is all said and done.
SPEAKER 20 :
Well, we’ll see. I mean, it’s possible. Certainly the Fed Reserve does not agree with you.
SPEAKER 04 :
Yeah, because they know what they’re doing. Jerome Powell’s just in a—sorry for saying it this way, but Jerome Powell’s in a pissing contest with Donald Trump, which he shouldn’t be. He’s using that on the back of all Americans, which, by the way, is a travesty in and of itself. The guy actually—I know that it’s not the position of the president to normally fire the Fed chair, but that guy needs to go. What an idiot.
SPEAKER 11 :
Yeah, Jordan, I’m sorry, but Jerome Paul was talking like we should have seen a lot more inflation before now. Okay? Keep in mind, you’re saying we just put these tariffs in place. Actually, the 10% has been in place for a long time, and we had some higher ones that were threatened earlier on. And the fact is, the vast majority of that is not shown in the inflation data, the reason being overseas producers are soaking up a lot of the cost. Look, I think Jerome Paul has one goal. OK, the timing is everything. He can stay in place if he can stay in place till May. and make sure that the rates barely go down before then, maybe go down a touch but not meaningfully, he can damage the Republicans in November. And that’s what he wants to do. I think he wants to damage Donald Trump in the midterms. I believe that is his only goal. That is his sole goal. I don’t believe he has any other goal whatsoever. I don’t believe he’s looking at the economy at all. Because if he was, he would be looking at inflation, which has… let’s face it, maintained at very low levels for a very long time. And looking at internationally how everybody else has lowered their rates through the floor.
SPEAKER 04 :
At the end of the day, and I’ve said this before, if he was really looking at the economy, as I believe Andy, he is not. Jordan, he could have lowered rates by now, and if something happened to tick back up, say something happens with tariffs and we need to adjust some… some interest rates to accommodate inflation, if in fact it ever does come. He has the power to move them up or down. He acts like he can’t do anything, and he’s just hamstrung by what might come down the road. What a moronic answer, by the way.
SPEAKER 20 :
Yeah, well, one thing that changed in the last few days is one of the Fed members, a woman named Adriana Kugler, resigned last Friday. She had six months left on her term, and she was replaced by a guy named Stephen Moran, who is the Council of Economic Advisers to Trump, who is a very much lowering interest rates kind of guy. So you’re now going to have somebody in the room in those FOMC meetings. arguing vociferously for lower interest rates. So who knows? Maybe that’ll change the dynamic.
SPEAKER 04 :
He’s not going to listen. If anything, Jordan, here’s my take on that. I hate to say it this way, and this is something I wish I could get in the room with Donald Trump and say, the more Trump complains, the more that he pushes, the more this gal goes on that board and pushes, the more obstinate Jerome Powell becomes, and it’s actually worse than it’s better than it is. And at the end of the day, I’m sorry to say, but he is not going to move. He is in a mode right now where he’s like a little kid that doesn’t want to eat his dinner, that’s sitting there pounding on the table saying, I’m not going to eat, I’m not going to eat. And mom and dad are trying everything they possibly can to get the kid to eat. That is Jerome Powell right now.
SPEAKER 11 :
Yeah, well, he’s looking at the timing. He’s looking at May. May gives him long enough to damage the housing market going into next summer to where he can damage Republicans in the fall. That is his only goal. He understands that he can hold on till May, and that allows him to admit a huge control over the fall elections next year. I’m sorry, but Jordan, you’re an economics guy. I respect that. I’m a politics guy. So I always look at the timing of these things.
SPEAKER 20 :
And Jerome Powell’s playing politics. The housing market is already terrible.
SPEAKER 11 :
Correct. Well, that’s just it. But he wants to keep it that way.
SPEAKER 20 :
The spring season was terrible, where interest rates are roughly 7% on mortgages and most prices. It’s in terrible shape as it is right now. Now, even if he lowered rates a quarter point or a half point, it’s not going to affect mortgage rates in a significant way. Maybe we get to 6.5%. No, he has to go down a full point. Right. Well, he’s not going to do that. Now, remember, he is not a one-man band. There’s a 12-member FOMC.
SPEAKER 04 :
But he makes the end call when it’s all said and done. You know that as well as I do.
SPEAKER 20 :
He is a big influence.
SPEAKER 04 :
That’s right. He is a big influence.
SPEAKER 20 :
That’s correct. But it’s not a one-man decision. Now, at the most recent Fed meeting last week… For the first time since 1993, there were two dissents. Two of the governors said, no, we think we should lower rates, which has not happened in a very, very long time. Now, Wall Street responded positively today to the Consumer Price Index number because they think it’s going to give the Fed enough cover to lower rates. And so the stock market shot up to all-time record highs. On the expectation that come the September meeting, they will in fact cut rates by a quarter point. We’re not talking about a huge amount there.
SPEAKER 04 :
No offense. He could have done that by now and not made much of a difference other than consumer confidence and some business confidence and things like that, Jordan. Again, he’s not going to do it because he didn’t want to. I’m with Andy. He politically is motivated to not do this.
SPEAKER 11 :
Yeah, and Jordan, we have to keep in mind the whole world is dealing with many of the same economic factors coming out of COVID and rebuilding our energy infrastructure and so forth. And yet the rest of the world has seen the necessity to drop their interest rates across the board in all the industrialized countries. What makes him right and all of them wrong?
SPEAKER 20 :
Well, we have tariffs that nobody else has.
SPEAKER 04 :
Yes, they do. No, that’s not true, Jordan. They are now getting reciprocal tariffs on them that they haven’t had in the past. If anything, you would think that they would be in the opposite position of we are. They’re going to be paying a whole lot more. Look at the EU and the deal that was just made. They’re going to be paying a whole lot more out than what we potentially are going to be paying, which, by the way, is zero when it comes to what we’re exporting over there. And at the end of the day, they lowered rates.
SPEAKER 20 :
So let’s be clear who pays for tariffs, okay? The importers pay for tariffs, okay? So Europe does not pay 15%. Americans buying European goods pay 15%. It’s not coming out of the European pockets. Now, it’s going to hurt their economy because the U.S. are going to buy fewer European goods. But the Europeans are not paying these tariffs, just so we’re clear about that.
SPEAKER 11 :
We know that, but we also know that they’re lowering the reason that inflation has not ticked up because you’re talking about 15. It’s already been at 10 for several months. The reason inflation hasn’t ticked up is because they cut out of their previous very high. profit margins, they cut a lot of that out already. They’ve been eating much of the cost. Now, will they eat the whole 15? I don’t know about that. It may tick up a bit. But it’s not going to tick up 15%, Jordan. We’re not going to see it. We haven’t seen it with the 10.
SPEAKER 20 :
Well, remember, the worldwide rate for everybody is the base rate, I guess they call this, 15%. Now, compare that to a year ago when maybe it was 2% or 3%. So that alone is a big increase across the board in the prices Americans are going to pay for goods, across the board. Now, some are much higher, like Brazil and India at 50%, Canada at 35%. Now, the two big ones still to come are China and Mexico, where Trump has given them 90 days more negotiating time to see if they can come to some agreement there. Those are really big trading partners for us. China, obviously, the biggest one. So we’ll see. I mean, there’s been a lot of back and forth with China. They’ve been withholding their strategic minerals, for example, as a kind of bargaining chip. We’ve been allowing them to sell NVIDIA chips to China. There’s a lot on the line. And China’s economy is hurting right now because American demand has dried up a lot. So there’s a big…
SPEAKER 04 :
mistakes in getting it right with China. All right, that’s a great segue. We’ll come right back in a moment. Dr. Scott Faulkner is up next, by the way, and I know I talk about this a lot, but really, if you want a doctor that thinks like we do, you’ll hear from Dr. Kelly and Steve House on Thursday. And if you want a doctor that really thinks like we do here on Rush to Reason, call Dr. Scott today, 303-663-6990.
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SPEAKER 10 :
We don’t yell at you. We inform you. Now, back to Rush to Reason.
SPEAKER 04 :
And we’re back. Rush to Reason, Denver’s Afternoon Rush, KLZ 560, Jordan Goodman, America’s Money Answer Man. Jordan, before we continue, how do folks get a hold of you?
SPEAKER 20 :
They can always email me, jordan at moneyanswers.com. Always glad to get emails from your listeners.
SPEAKER 04 :
All right, so let’s get back into this 2.7% rate that, or inflation number, I guess I should say, that came out today. And explain, I think, and you did just briefly, but explain what that number actually means and what it consists of.
SPEAKER 20 :
Well, it’s a basket of all kinds of different things. About 40% of it is housing-related. And, you know, month to month they look at what the prices of things are and have they gone up or down by what amount. So the annual, for all of it combined, is a 2.7% rate. Now, the Fed’s goals have been a 2% inflation rate. So, in fact, it’s gone up a little bit. I mean, we had got down to about 2.3 with the low, and now it’s up to 2.7. So it’s kind of going the wrong direction, I guess you might say. But it’s still overall, I mean, back in about May of 2022, inflation was 9%. It peaked a lot, kind of coming out of COVID and all that. So it’s a lot less than it used to be, but it’s not 2%. And that’s what the Fed keeps saying they want.
SPEAKER 04 :
Okay, so let’s get into some of the other, like the announcement that Apple made the other day regarding what they’re looking at doing here in the U.S., some $600 billion. And as we’ve always said, there’s a multiplier to that. I don’t know exactly what that number is. Probably at least double that, if not triple or quadruple, Jordan, at the end of the day by the time you get all of the ancillary things that pour into that. So that’s a big deal, by the way. I don’t think people really understand how big of a deal that is.
SPEAKER 20 :
So Apple previously had said they were going to be investing $500 billion in the U.S., and this is an additional $100 billion. And certain components of the iPhone, like the glass that goes on and watches, is all going to be made, I think, in Kentucky and various other parts. But they’re not going to assemble the iPhone in the U.S., I would say, ever. I mean, it’s been mostly in China. They’ve been moving a lot of it to India. There’s a whole supply chain and work skills that are necessary. So they’re going to be doing more, and they’re doing research and development and other things in the U.S., but they’re not going to be assembling the iPhone anytime soon. One of the things that Trump has done is in getting these tariff deals, he’s gotten a lot of these countries to invest in America in the hundreds of billions of dollars. It totals over $5 trillion now. The European Union… 600 billion. Korea, 300 billion. Japan, 500 billion. Abu Dhabi, all these countries, in a way that Trump can do whatever he wants with it. He can invest it wherever he wants in the U.S., giving them complete cart motion. So that’s a good thing as well, to have that investment in capital expenditures in the U.S. In return for getting a lower rate, lower tariff rate, He said, you’ve got to invest hundreds of billions in the U.S., and he got it.
SPEAKER 11 :
Jordan, doesn’t it make sense that Trump will probably invest that money into areas where we have a real security need, right? We need certain resources that we are way too dependent right now on China, way too dependent on another country.
SPEAKER 20 :
Strategic minerals would be a good one, and rare earths, for example. That was my first… It’s going to take years to find and build mines to produce rare earths, which we definitely need. We’re about 97% reliant on China. It would be a great thing, but it’s going to take a long time to get those mines up and going. Apparently, Ukraine has a lot. He was doing a deal with Ukraine. If we take half the minerals from your mines… We’ll give you military equipment. Now, of course, the mines are right on the Russian border, which is getting bombed all the time. So it’s not a particularly safe place to be mining these days.
SPEAKER 11 :
Well, I think you’ll get that deal. And I think the reason that Ukraine wants America involved in those mines is because, obviously, then Russia will never bomb that area because they’d be bombing American companies. But I would also say this. We’ve got to think about things in terms of Trump speed. A mine is going to open and develop much more quickly under Trump than it would under other previous administrations. Trump, everything is stepped up.
SPEAKER 20 :
It is, but to create a mine is still years. Even if you streamline the environmental and all the other regulations to make the thing happen, it’s a whole long process. But yes, that would be a very good investment because that is good for our security, and we’re far too dependent on China for that, and there’s all kinds of other areas, the same thing. We’ve outsourced a lot of stuff in this country, and to bring some of that back here would be a very, very good thing.
SPEAKER 04 :
Really quick, I had a texter text this, and I watched a video on this the other day. Not that every video out there is correct, but I did know some of this. So this particular video I watched wasn’t way out there, and that is that going back to the inflation number, that 2.7 percent, the one thing I think most people don’t understand is not every single number there is coming from an actual data input or statistic. In some cases, these are phone calls to households, which, by the way, In this day and age, why? There are so many other ways they can determine these metrics and what’s actually happening. It’s sort of like the Bureau of Labor Statistics, which I know we’re going to get into in a minute. The way we do some of this, Jordan, to me, is just totally backwards. It is antiquated.
SPEAKER 20 :
In fact, that’s one of the criticisms of the Bureau of Labor Statistics, because remember when they had that last unemployment report, we had this massive downward revision of the two previous months, 258,000 jobs disappeared like that’s never happened before how did that happen um and the the real reality is they uh do surveys of businesses about employees by mail snail mail and it takes a while to get there it takes a while to get back and sometimes it’s late and that’s why you have these revisions Well, folks, there’s something called email today on the Internet. You should be able to do this much faster. And, in fact, President Trump fired the previous Bureau of Labor Statistics person and brought in his own person, a guy named E.J. Antoni, who is the chief economist at the Heritage Foundation, which is a conservative foundation. And he’s been a big critic. of the Bureau of Labor Statistics. So we’ve had a lot of people…
SPEAKER 04 :
Yeah.
SPEAKER 20 :
Well, you’re right. I mean, a year ago, they had a downward revision of over a million jobs that kind of disappeared in the year-end revision. These are jobs that existed in one moment, and the next moment they didn’t exist. Right. That’s not very good data collecting.
SPEAKER 11 :
When did that revision come out, roughly?
SPEAKER 20 :
After the election.
SPEAKER 11 :
Okay, that’s what I wanted to ask. So after the election, we suddenly had a million fewer jobs than we had before the election. And this guy, and Trump didn’t fire this guy right away?
SPEAKER 04 :
I don’t know how that one slipped through the cracks. I don’t get it. It was a woman, actually. She’s been there forever. Who cares? It came out in January.
SPEAKER 11 :
I mean, that’s terrible, though. I would have canned her from day one. You’ve got to be kidding me. A million jobs disappear after the election? Come on. That’s obviously manipulating the numbers for political gain.
SPEAKER 04 :
I don’t want to get off track, Jordan, but honestly, how did Donald Trump and his team, his entire team, miss that one? They weren’t happy about it, but they weren’t in power yet. How in January, on actual inauguration day, did you not fire that person?
SPEAKER 01 :
I mean, that one is baffling to me.
SPEAKER 04 :
Of all the people that you saw manipulating things throughout the election was that person. I would have fired her from the second I became president.
SPEAKER 20 :
Well, of course, the people in the BLS say they’re nonpolitical, and this is all BS, by the way.
SPEAKER 04 :
I’m going to take one letter out of that. That is BS. Yeah, that’s… Come on. It’s not BLS.
SPEAKER 11 :
It’s BS. You know, Jordan, I’m sorry. I know you’re talking to two conservatives here, and we get a little conspiracy kookish at times. It’s our nature.
SPEAKER 04 :
Oh, that one’s not conspiracy. The numbers are right there in front of you.
SPEAKER 11 :
But here’s the big problem, Jordan. These numbers constantly skew one way. Okay? That’s the problem, all right? They constantly get revised one way. They constantly skew one way. And after a while, you’re just like, you know, sorry. I can’t take this anymore. You’ve got to leave. Anyway, go ahead, John.
SPEAKER 20 :
Anyway, well, he’s done it. Now, it’ll be very interesting to see with this new guy coming in, this E.J. Antoni from the Heritage Foundation. If the numbers change significantly, I mean, the guy running it is now going to be a Trump guy. Full employment.
SPEAKER 04 :
Well, what will be interesting, Jordan, I mean, really on a serious note, it’ll be interesting to see, do they revise and fix some of this just utter nonsense and how we actually do some of this data collection in the world we live in today? With AI and everything else we have now out there, and actually making phone calls to people to determine statistics, that has to be the biggest amount of lunaticness, I guess I could say, you’ve ever heard of.
SPEAKER 20 :
I think the word is lunacy. Lunacy, there you go. Jordan? It’s kind of like the way we run the air traffic controller systems, like from the 1960s with floppy disks. True. There’s a lot of antiquated stuff that hopefully we’ll clean up here.
SPEAKER 11 :
Jordan, the biggest change, of course, has been the massive turnover and change in between foreign born workers and native born workers. Obviously, under Biden, pretty much all gains in, you know, in workers were foreign born workers. Under Trump, it is totally reversed. Why is that?
SPEAKER 20 :
Well, we’ve thrown a lot of people out of the country. We’re not bringing people in as we were.
SPEAKER 11 :
Well, we were told, though, that nobody were. But we were told no one would do those jobs here in America.
SPEAKER 20 :
Well, that’s true. And you’re seeing it right now. You’re seeing fields of tomatoes and cucumbers and things. There’s nobody there. They’re all worried about getting deported by ICE. I saw a story recently about construction workers. In California, they have a quarter of the workforce they used to have because the workers that are roofing and all that are not. They’re afraid of getting pulled by ICE. Yes, there are labor shortages happening right now by people who are either being deported or worried about being deported.
SPEAKER 04 :
All right, great segue. Let’s come back. We’ve got more to cover on that as well. Veteran Windows and Doors is up next. Great discounts right now at Veteran Windows and Doors, including free labor. Talk to Dave today. Find him at klzradio.com.
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SPEAKER 09 :
The best export we have is common sense. You’re listening to Rush to Reason.
SPEAKER 04 :
All right, we are back. Rush to Reason, Denver’s Afternoon Rush, KLZ 560. Myself, Andy Pate, Jordan Goodman. Again, America’s Money Answer Man. Jordan and Andy, really quick. One of the things, too, that is never talked about, Jordan, and this is me coming from an employer’s point of view when it comes to the things you and Andy were just talking about a moment ago in regards to. foreign-born workers, American-born workers, and so on. What I will tell you, though, as an employer is I, and I coach other businesses, and they will agree with me and tell you the exact same thing, that I’m not going to take somebody. I don’t care how willing they are to work, Jordan. If they’ve been sitting around for the last three or four years sucking off the government, living in mom’s basement, and now all of a sudden, because Medicaid might be going away, they decided to go get a job, guess what? I’m not interested in employing you because you’re lazy. Right.
SPEAKER 20 :
Right. You have to have a work ethic and the skills. If they’ve been sitting around for three or four years doing nothing, they have to keep up with the latest technology and so on. So, yes. But, you know, there is a shortage of workers who are skilled, something like 8 million.
SPEAKER 04 :
That I’m not going to argue with you on. You’re spot on. We’ve talked about that many times in the past, and those of you that are out there listening that have teenage kids, I mean, I’m talking kids that maybe even are just in junior high or they’re just getting ready to enter into high school. Please, for the love of God, stop sending all of them to college to get underwater basket weaving degrees go interest them in the trades and believe me at the end of the day they’ll come out with very little debt if any making a really really good salary at the end of the day jordan right and you know it’s going to get worse because the baby boomers that’s right who are now retiring are the ones doing all those absolutely and the younger generation i mean what you say is good but most people you know want to play video games and things and not go out there and
SPEAKER 20 :
get their hands dirty and, you know, do plumbing or something.
SPEAKER 04 :
No, I know. I was talking to some of my auto shop owners here recently, and we were just kind of looking at, you know, what’s the average age of technicians, auto technicians across the country, and the reality is a lot of them are in their late 40s, early 50s, meaning, you know, they’re going to time out in the not-too-distant future, and we’re not growing enough young people in that area. That’s right. That’s right. So, I don’t know, maybe robots or artificial intelligence could do it. We’re going to need somebody to do these things. Yeah, I don’t see that. I mean, really, here’s what’s going to happen, Jordan. This is part of where, again, I don’t know that the Fed always looks at every angle because, frankly, they don’t ever sit down and talk to guys like me. I hate to say that, Jordan. They live in a glass house. They don’t look at Main Street. They don’t talk to guys like me. They’re not talking to the average business owner asking, you know, what’s going on in that world because the reality is it’s going to take years to fix some of this. And until it gets fixed, Jordan, you’re just going to be spending more and more money to work on your, you know, get your vehicle worked on because those owners are going to pay more and more money for the guys that are still in it. The average wage right now of a technician, at least in our area, and it’s pretty true across the country because I coach folks in other states, a good, solid technician that’s in that caliber we were just talking about, in that age group that we were just talking about, they’re $50 an hour plus, Jordan.
SPEAKER 20 :
Yeah. I mean, you tell me, is it possible, is it conceivable that artificial intelligence could in the future do something with robotics? No. You don’t think they could diagnose a car?
SPEAKER 04 :
No, I mean, there’s so much physical, you know, keep in mind… Too many variables every time with a car. No, it’s a great question, Jordan, because this is something I don’t think most people think about, including the engineers that build the cars. Cars are built to go down an assembly line and be put together in a very fast manner, efficient manner, where at the end of the day, that manufacturer can make as much money as possible. Unfortunately, when it comes to fixing said vehicle, they don’t get fixed the same way that they’re manufactured, meaning you’re taking a lot of things apart and doing things… that you now need to gain access to that was great on the assembly line when everything was being put together as an assembly, but the reality is now that you’re going to go change that individual part, that air conditioning compressor, that alternator, that starter, the reality is there’s a lot of things that are coming apart and getting put back together that maybe at some point with robotics getting better and better and better, but you have to have In this day and age, Jordan, you’ve got to have that ability to have a human arm, a human hand, and human fingers to fix some of those things, to quote-unquote turn the wrenches, or you’re not going to get the car fixed.
SPEAKER 20 :
Yeah. Well, you’re probably right, which means we’re going to continue to have shortages. Because these people who are now doing it are going to be getting older and retiring.
SPEAKER 04 :
My point a moment ago is, as that cost of that labor, because there’s fewer and fewer, as the supply and demand takes effect, as there’s less of them and they demand more money, that alone is going to create inflation.
SPEAKER 20 :
Yeah, wage inflation, yeah, which hasn’t been bad. We’re at about 3% to 4% wage inflation right now, which isn’t bad. But in certain areas, like these 8 million jobs that they can’t find people for, wages are much higher. You say $50 an hour because there’s just not enough people going into that. I mean, I may be wrong, but I don’t think long-term the schools are going to, Turn it to trade schools. They’re just not ready to do that. We don’t have shop anymore. We used to have shop in our day.
SPEAKER 11 :
You’re right. Jordan, what other sectors do you see expanding and needing more people because of Trump’s tariff wars? And what I mean is this. We now are opening up whole new markets overseas. Yes. You can buy American goods, not pay any tariffs. Obviously, this is going to have us exporting a lot of things to degrees that we were not before. Also, we’ve got them investing. Trump’s going to be investing in things here. Like, for instance, if you have anything to do with mining, I think the future is extremely good for you here in America. That’s just an example. But what sectors do you see doing well?
SPEAKER 20 :
Well, there’s the agricultural sector. For example, Japan. open to take American rice for the first time in a long time. They’ve always been a big rice lobby stopping American rice. So American rice farmers will do it. Even cars… I’m not sure the Japanese will buy American cars, but American cars will be able to get into Japan that they really have not been able to.
SPEAKER 04 :
Probably not. I mean, for those of you listening, probably not going to buy a Chevy Malibu, but you talk about a Chevy Corvette and some of those types of vehicles, Jordan. Yes, I do believe they will buy those.
SPEAKER 11 :
What about Europe to both of you? Do you think Europe might buy? Same scenario.
SPEAKER 20 :
Europe, in the trade deal, opened themselves up to importing things that in the past they pretty much blocked. Agricultural goods. software, drugs, all kinds of different things. So it’s going to be very interesting. There’s going to be a lot of resistance, particularly among the French, who don’t like to take American stuff.
SPEAKER 04 :
The French, by the way, Jordan, really quick, forgets who saved their butt.
SPEAKER 20 :
Well, we’ve saved it in many ways, not only in World War II and World War I. Exactly.
SPEAKER 04 :
So they forget that.
SPEAKER 20 :
They have a short memory, by the way. Yes. But we’re still thanking them for the American Revolution, so I guess they get a lot of street cred for that. Okay.
SPEAKER 11 :
They do. They do. I think.
SPEAKER 20 :
That’s fine.
SPEAKER 11 :
You know, Jordan, I really think that there are some sectors. Look, you’ve got people listening right now. Even if they’re older, they’ve got a kid or grandkid who’s going to be coming out of school pretty soon, and they’re probably wondering, hey, man, where are the markets really going to open up where Johnny’s going to have a big future? And I think that these deals are going to affect that. So if you’ve got ideas and sectors that look like they’re going to boom, let us know.
SPEAKER 20 :
Well, obviously, artificial intelligence is booming. Right. There’s a huge amount of capital going into that and just literally bidding wars for the smartest people in artificial intelligence. They’re paying them nine-digit salaries if they join Facebook or something. So that’s an area. Robotics would be another one. That’s clearly going to be a big growth area. And I think what we’ve been talking about, the kind of the trades is going to be a big growth there because there’s going to be so few people and the need is going to be bigger than ever as all of our machines break down over time.
SPEAKER 03 :
Yeah.
SPEAKER 04 :
And really quick, one area that I do think, you know, Jordan, back to AI and the trades where I think you will see some help with AI when it comes to. and how can we make this job go faster, and are there tips and tricks that you can even give a young technician that AI could provide and things along those lines? Yes, I do think you’re going to see AI help in some of those areas, but physically pounding the nail or turning the wrench or putting that nut or bolt in or changing that wheel and tire, you might see some miscellaneous robotics even on the wheel and tire change, for example, that you might be able to get a robot to do some of those things, but there’s just going to be some intricacies that the reality as a human has to do it.
SPEAKER 20 :
Yeah. Well, I mean, a lot of things in the factories today, which, as you say, is a repetitive thing, are done by robots. There’s a huge amount of robots in the car factories, right? Because they’re doing the same thing over and over.
SPEAKER 04 :
What you’d have to do on a car repairman repair, knowing that, for example, that engine and everything with it is all assembled, put on the cradle. The cradle is then typically the body basically is usually lowered on top of the cradle engine assembly. I mean, if you reversed all of that and somehow to shop with a mini assembly line where you’re reversing all of that process, you might be able to have a robot kick in. But, you know, now you’re talking astronomical prices that, again, I just don’t see that happening anytime in the near future.
SPEAKER 20 :
My wife wants to… Robots are coming in a lot of areas that in the past they were not. And artificial intelligence is every day we see more and more of how it’s being used to displace people. I mean, that’s the reality of it. It doesn’t complain. It works 24 hours. It doesn’t take vacations. It doesn’t want overtime. Right. And it can be a lot smarter than Americans, you know, than humans in many cases. And particularly the latest, for example, last week, CHAT GPT came out with version 5. Right. And what they said is it now can speak to you in using reason at the same level as a PhD in any field. That’s exactly what they said. I mean, that’s staggering to have that. And that just came out every day.
SPEAKER 04 :
As a side note, those of you that are out there listening that might be in one of those positions whereby AI might very well take your job, I think, Jordan, if it were me, I would be looking at, okay, A, how do I secure my job? in that field by doing something else that AI is not going to affect, or if you’re simply one of those that’s eventually going to be replaced, then you probably ought to go learn one of these other trades we’re talking about, especially if you’re a young person and you have that ability. I would be showing, you know, taking some night classes, doing whatever else you can do, apprenticing, by the way, with some of the trades. I mean, there’s all sorts of things you could do, nights, evenings, weekends, and so on, to be able to learn some of this stuff. I would be if I were them.
SPEAKER 20 :
Yeah, I mean, you’re right economically, but sometimes it’s a status issue. Oh, of course. Well, I don’t do, you know, work in my hands.
SPEAKER 04 :
Absolutely, Jordan, absolutely. No, you are 1,000% correct, and that’s one of those things that I feel like… A, and I think some of this has changed, but for years and years, I went through or I guess you could say suffered through some of the same things. You go to a dinner party and somebody would ask what you did and you’re an auto technician or owned an auto shop. Even as an owner, you would kind of get looked down upon, Jordan, because you weren’t that college professor, that PhD. You weren’t this, you weren’t that. At the end of the day, I was making more money than all of them put together probably were. That didn’t make any difference. And I’m not exaggerating. There was a lot of cases where I was making far more money than most of the people in the room were, but they still looked down upon you.
SPEAKER 20 :
Yeah. Well, that’s something we really should change, because we need these people, and they’re valued, and they’re going to earn good livings. As opposed to exactly what you said, a lot of people graduated from college with huge amounts of debt. They were having a very hard time getting jobs these days, partly because of artificial intelligence. And here they’re out, a few months out without jobs and huge debts starting to kick in. So there’s a tremendous mismatch in the labor force of what we need and what we’re producing.
SPEAKER 04 :
All right, one last thing before we let you go, which this one I haven’t talked much about. So this will be a new topic that we really haven’t gotten into. And this is Trump’s orders now that are allowing Americans to invest in more assets, 401ks, private equity, crypto, and so on. Talk about that if you would.
SPEAKER 20 :
Yes, he signed an executive order last week. which allows for the first time people to be able to offer private equity, cryptocurrencies like Bitcoin, and private real estate in their 401ks. This is really a tremendously positive thing. So first of all, it allows people to get higher returns from just being limited to stocks, bonds, and cash. Second of all, it’s going to put a lot of money into these markets. Private equity is takes companies private, improves them, and then takes them public again and makes money. Institutions have used these forever. Pension funds, even the college endowments, you know, use these things forever. And now the individual will be able to do that. Cryptocurrency, Bitcoin has been by far the best performing asset for the last one year, three year, five year, ten year, whatever you want to look at. And people have not been able to buy Bitcoin in their foreign case. Now, obviously, it’s volatile moment to moment. But as we speak now, Bitcoin’s about $120,000 per Bitcoin. At the beginning of this year, it was about $70,000, just to give you a sense of how much the thing has gone up. And that will bring a huge amount of money into the Bitcoin market, which is already growing a lot, but adding that 401k money. And remember, it’s not just once. Every paycheck, you keep getting this money coming in on a regular basis. And then real estate’s the other one, and real estate needs investment. uh some people will be able to do real estate deals inside their 401k so i think they’re very positive will bring money into areas that can use it and give people a chance to diversify and probably get better returns than just stocks bonds and cash interesting any and i don’t want to hold you to this nor will i but any thoughts on how big this is and how much this will actually increase across the board well there’s currently about 12 trillion dollars in 401ks that’s the current value okay so even a small portion of those Just in Bitcoin alone, I mean, $100 billion or $500 billion, it’s huge. It’s a relatively small market. And you add that on a regular basis, people buying Bitcoin every two weeks, it’s going to have a major long-term impact. There’s a limited number of Bitcoin. $21 million is the most you could ever create in Bitcoin. So it’s a limited supply, and the demand is just going to be enormous for this. And this is the other institutions and banks and pension funds and everybody getting into the market. I mean, one of the things Trump has done is make us the crypto capital of the world, which is to our benefit. And this is just another way that he’s doing this. So I think it’s a very positive development.
SPEAKER 04 :
Awesome. All right. Closing out one last thing. And this is something that we again, I haven’t talked about. I’ve been reading about it. But this is Donald Trump debanking. In other words, making banks not discriminate against certain people that they personally or board wise may not agree with.
SPEAKER 20 :
So it’s kind of the politically correct banker, I’d say. So banks have been discriminating against people with certain religious backgrounds, with certain political beliefs, particularly conservatives, certain industries, for example, oil and gas. Guns, etc. A lot of companies did not want to invest because it was considered fossil fuels and bad, and gun makers and casinos and so-called vice companies. So all that’s been wiped away. This is what’s called debanking, and Trump’s executive order said you can’t do that anymore. You can’t discriminate against people for their religious, political beliefs, or whatever industry they’re in.
SPEAKER 04 :
Yeah. At the end of the day, by the way, that was something that probably should have been done prior to, well, let’s just say this, never should have got to that point in the first place, but we had previous administrations that allowed it, and frankly, Jordan, never should have been allowed in the first place.
SPEAKER 20 :
Well, this was part of the whole DEI movement.
SPEAKER 04 :
That’s right.
SPEAKER 20 :
Right? Is that, you know, you don’t want to put money into fossil fuels, you don’t want to do casinos, you don’t want to do gun makers, you don’t want to, you know, politically, whatever. It was discrimination against these kind of things, and we should not have that discrimination in one way or the other.
SPEAKER 04 :
IPOs, let’s close with that. Where are we at with IPOs?
SPEAKER 20 :
Well, they’re hot. They’re really hot. I mean, with the stock market doing very well, again, all-time record highs in the markets today. You’ve had some spectacular IPOs recently. Last week, the big one was called Figma. It came out and went up 250% on the first trade. Wow. And then there was another one that came out after that one called Firefly, which is a space-oriented company. It was up about 34%, 35%. Because the market’s doing so well, you have a very good environment for IPOs. And there’s tons of companies wanting to go public that have been held back because when the markets were kind of rocky. nobody want to do it right in that environment right so this is going to be very positive for investors just don’t get too overexcited okay chances are you as an average investor are not going to get the ipo price right if you put a bid in you’re going to pay 250 more because it jumps up immediately so sometimes these things jump up and then cool off a little bit But this is going to be very positive for the economy to have these private companies finally going public because the window is open.
SPEAKER 04 :
Awesome. All right. In closing, how do folks find you?
SPEAKER 20 :
They can always email me, jordan at moneyanswers.com, and always glad to take listeners’ questions. We cover a lot of ground, guys.
SPEAKER 15 :
Yes, we do. We really do.
SPEAKER 04 :
Jordan, appreciate it. We’ll talk to you next month. Appreciate you. Have a great Labor Day, by the way. All right. Thank you both. Appreciate it. You bet. Appreciate you very much. Up next, Golden Eagle Financial. Speaking of all the things we just talked about, if you’d like some personal help, one-on-one, where you can sit down and talk to a financial advisor, that is Golden Eagle Financial, Al Smith. Find him at klzradio.com.
SPEAKER 17 :
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SPEAKER 04 :
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SPEAKER 19 :
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SPEAKER 04 :
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SPEAKER 13 :
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SPEAKER 18 :
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SPEAKER 09 :
Now back to Rush to Reason on KLZ 560.
SPEAKER 04 :
And we are back. Question of the day yesterday. What element is represented by the chemical symbol W? That would be tungsten. It starts with a T, not a W, by the way. So I don’t know how they come up with all that, but whatever. No idea. All right. Today’s a possible question. Each king in a deck of cards represents a king from history. Who does the spades card represent? Each king in a deck of cards represents a king from history. Who does the spades card, the king of spades, who does that represent? Any idea, Charlie, Andy? No idea? I would never have guessed this, by the way. Truthfully, I didn’t know the deck of cards. Mr. Casino Man, you should have known this.
SPEAKER 11 :
Oh, yeah, we talk about this all the time on the floor. Hey, you know what those kings actually stand for? I would have thought you would have known this, Andy. No.
SPEAKER 04 :
No, not at all. Never even heard of this. I hadn’t either, so this is a new one on me. If you know the answer, go to our Facebook page and answer it there. All right, we’ve got two more hours coming your way. Andy and I will be right back. Andy’s got a movie review we’re going to slip in here that we didn’t get a chance to do last Friday. We’ll do that when we come back. Sound good? All right. All right, we’ll do that here in a minute. Don’t go anywhere. Rush to Reason, Denver’s Afternoon Rush, KLZ 560.
SPEAKER 1 :
The Rich Guy.
