Episode 4726: Tony Katz Today Hour 3 - 09/10/26

0:00Why from the heartland and the crossroads of America? It's Tony Kats today. Very often we see reports coming out about the economy and we're like, well, that's good. But then we see the reality on the ground and say, that's not good. And then we see reports coming out, let's say, that's horrifyingly bad. And then we see optimism out there in the world and we're like, what's happening? It's a great question about what's happening and very much you can say that the economy is what people see in it. Right now what they see is $100 a barrel oil. Right now what they see is quite a few days of the market going down in effect on their 401Ks. What they see is a trade war with Canada. And then now what they see. This got reported the PPI producer price index going up 0.4%.

1:00How do we break down these numbers? What do they mean? And how is it possible that not everything is falling off a cliff because it's not all falling off a cliff? Tony Kats, Tony Kats today good to be with you. Dr. Matt Will joins us right now economist at the University of Indianapolis. I have got a list here that is a mile deep and five miles wide that we need to get into. Let's start with the PPI. Let's go with definitions of what the producer price index actually is. Well, the PPI is the wholesale price. It's the thing that the wholesalers are paying for their goods. It's not what you and I pay. So the guy in the middle that's buying something from Canada or China or Mexico or just across the street and then marks that up and sells it. So the wholesaler what their pain. And what we saw this month is it was at 0.4% for August. That was huge because for the year they said 5.4. So that was the headline. So if you read the online report, I would say newspaper but nobody reads newspapers anymore.

2:04So you got a 5.4%. That's backward looking. We're talking last year. The month was 0.4 which is still 4.8%. Forget the rear view mirror. 4.8% is what people buying at the wholesale level are paying. And that's not news. That's consistent with what we just talked about last week about the ISM PMI report, my favorite report that showed double digit inflation for wholesalers. So the people in the middle that are supplying us our stuff massive inflation that they're dealing with on a daily basis. So let's get into what this inflation means for us because this inflation should mean for us that we pay more. Can we definitively say now that across I mean pick your sector or any sector every sector is the American citizen paying more for everything? Well, of course we're paying more. We see it in all the inflation data that we've been getting.

3:04Is it as bad as it could be? No because there absorb in a lot of this. If you don't mind Tony, let me go into some of the details on this such as we see goods for the month for the month were 1.1%. Now that's highly driven by inflation. This I'm not talking annual. I'm talking monthly inflation for an energy for the month was 4.2% for diesel. Diesel 24% for the month. So we see this transmitting through the pipeline a ripple effect and then we pay more. Now you don't see it in the CPI but you and I talk about this. We see it when we go out. We feel it on Main Street and the reason is because the CPI doesn't measure things properly. The CPI is looking at a basket of goods and develop like in the 70s or something. So we look at other things like the PCE which is what the Fed looks at. So this inflation is there. So you asked why isn't it flowing through to us? Well, the reason it's not flowing through to us is because the economy is in such great

4:07condition. The other day, Friday, you took away my moniker, Dr. Doom. You told me I was Mr. Happy. Yeah, because there's lots of good news out there. But this is the piece of bad news and that good news is, thank goodness there's good news because it's preventing the wholesalers from passing that cost along to us. So the good news was the jobs report talking to Dr. Matt Will economists at the University of Indianapolis. But nothing makes sense by saying they're not pushing the cost onto us. They did absorb at the beginning and then we saw them slowly not absorbing. They know they've gotten threats from the president about don't you dare pass this on. I would have told the president that he's out of his mind. Of course it's going to get passed on. That's the way the world works. You never once took a construction increase and didn't pass on the cost in terms of the cost of the condor, the office building, etc. So how is it possible that the business owner, the manufacturer is still absorbing the

5:08cost if indeed if we take a look at the numbers at this PPI and say that we are at 5.4% on an annualized basis. How and although I think it would be 4.8 but CNBC has it as 5.4, how is that not getting passed along by definition? It must be. I think they are passing along. We see it slowly in the data. If you notice the inflation that we see in the PPI and the PCE, those are the ones that are more relevant. They're stuck. They're stuck at about 3% annualized, 3 to 3.5%. They're stuck there. So they're slowly releasing the inflation to us. Now if I could find something good in this report, services, services inflation was only 1.2% annualized. That's a good thing. And by the way, it's consistent with the jobs report we saw last week where we did not see massive wage inflation. So the service sector is low inflation. In fact, it's at target.

6:10That's impressive. But goods, goods importing goods, tariffs on goods. The whole problem we're having with the trade wars and energy, we see the goods inflation. And I will disagree. We are seeing it passed along to us. We feel it just because of CPI doesn't show it big time. It's there. I thought you said they weren't passing it along. And I just wanted to make sure I just didn't say it. There was just no way that's possible. You bring up energy. This goes along with something Chris Wright, the energy secretary said. And I am not a fan of Chris Wright. I think he has shown himself to be really incapable when it comes to moving a message because this was the guy telling us that oil prices and energy prices would stabilize by Labor Day. And now we're hearing that we're going to see higher diesel prices going through 2027. The administration needs to figure out messaging on this because it's been poor and some of their messengers simply don't bring about any credibility. Scott Bessent, credibility, Chris Wright, not credibility.

7:13And people can be as insulted as they want by my statement. I'm telling you what it looks like from the outsider's point of view. But when we take a look at diesel, you have noted that that price has jumped double digits in one month, 24% one month. I'm going to do either way. What does one say to this, except that means the cost of everything goes up. This is bad news for Trump. Bad news for Republicans in a midterm, although it would not necessarily a death sentence. But it's on the larger scale. Outside of the political, it's bad news for business. If the objective is to get your good from point A to point B, and let me tell you, it's going to get worse. Let me throw a curveball at you. It's going to get worse because of the trade war with Canada. Because so here's really into the weeds kind of thing here. People know we have lots of oil in the golf. And we have a pipeline called the loop that goes from the golf up to Robinson, Illinois, which is one of the largest refineries in the Midwest.

8:15They reversed that a few years ago into the first Trump administration. So now the oil going to this refinery doesn't come from US golf producers. It comes from two pipelines coming from Canada. So we're getting crude oil from Canada to refine in the largest, one of the largest refineries in the Midwest. And what if that stops? What if this trade war cuts that off? Then yes, we are energy independent on a math basis. Mathematically, we produce enough energy for ourselves. But we actually sell a lot of energy across the world. We import a lot of oil from like Canada to refine because it's a better economic deal to do it that way. So this diesel price is just the tip of the iceberg. It's going to get worse if we get into this continued trade war. And Canada says, I'm sorry, we're turning off the spikot to your refinery in your Midwest. So let's let's engage on the Canada conversation. The doctor Matt will economist at the University of Indianapolis.

9:16We are in the trade war. This is not ending. This is not yielding, right? Well, we put a 50% tariff on. They added a 50% tariff, a hockey equipment, cheese, the United States responds by saying, okay, we're not buying Canadian whiskey. Now you can laugh because who in the world would want to drink Canadian whiskey, but it is a marketplace and it is a big one and it's a large one. And now you're talking about the thing that makes everybody say, okay, everyone just calm down. Everyone just calm down at this stage of the game. It's like all the news station showed up for a Ron Burgundy rumble. Everyone's like, all right, everybody, everybody just chill. Is that a trident? Everybody just calm down right here. There comes a moment where everyone has to say, okay, take a breath. The issue with the Canadians is they think this wins politically for them. They think this is a win with the Canadian people who are disgusted with Trump and don't want to hear this talk about 51st state and the rest. They've got way too much national pride for that.

10:16So let's start with where we start. How bad has this trade war been for the US consumer? Tony, can I go back first and explain why this trade war is and why it came into being in the back of the world? I only wish you would. We had NAFTA. Everyone's familiar with NAFTA. NAFTA was a good deal, but Trump did the USMCA, which was better. And I agree with it. I know both and I could get into both in great detail. So let's stop really quick. NAFTA was an North American free trade agreement. This was about how we engage trade with Canada and Mexico. And this was what then Ross Perot described as the giant sucking sound to Mexico. This was going to be a problem for American workers. And he was to many parts of that conversation correct. The USMCA was the United States, Mexico, Canada trade agreement. This was one of the key things in Trump's first term until the Abraham Accords really became the thing he was most known for. But the USMCA was about rethinking that agreement and allowing the US to be more centered

11:19in being the power broker in this as opposed to just piecemealing everything off. It is now the removal of the USMCA. It has been allowed to lapse because I believe what President Trump wants to do is utilize tariffs to create more individualized trade deals with Mexico and Canada. It's a little bit more than that because what happened is the USMCA, the reason it was better than NAFTA is because it NAFTA had this huge exhibit full of tariffs amongst each other. I mean, things like washers and bolts and engines and everything. USMCA was clean. It had almost no tariffs. So it was a really good agreement. Trump did a fantastic job in the first term negotiating this. Well, it didn't expire, but July 1st, the US had the option to extend it. And I think there was like a five and a 15 and a 30 year extension. So what we're in now is what the annual renegotiation phase, there's nerdy legal ease, but it's not technically done, but we're in negotiation phase. Why did Trump decide to renegotiate this?

12:19And here's where he's 100% correct. Canada was taking advantage of the agreement. There's quotas and people may not realize this, but the dairy industry is very powerful. The lumber industry, very powerful in Canada. So they define quotas. How much can be free trade back and forth? Obserdly. So what was happening is we were getting not an exaggeration between 250 and a 300% tariff on anything that was over the quota on dairy, eggs, lumber, things we were sending into Canada. Imagine if you're in Wisconsin or Minnesota and you're trying to have a 300% tariff on your good attacks on the good you're sending into Canada. So Trump said, time out, we have to fix this problem. And so what he's trying to do is fix the problem. Now we can debate whether he's fixing it the right way, but he is trying to fix that problem in Canada is saying, oh, no, no, no, no, because the dairy industry is so powerful in Canada,

13:24I got to tell you, they're stupid. This is going to hurt them a lot more than it's going to hurt us. And I got the numbers and I'll give it to you. So let's continue down that road. I want to just start with, I don't disagree with you that it hurts them more than it hurts us. And I think that all of us, regardless of our economic acumen, kind of get that. We're the bigger dog. They need us more than we need them. If President Trump says that many times, we get that on a very guttural basic instinct level. It still doesn't mean that it doesn't have an effect on us. And I still argue the political side for the Canadians, but let's get into the nitty-gritty of this. Talking to Dr. Matt Will, economist at the University of Indianapolis, walked me through where you think are the numbers that everyone should be looking at regarding the trade war with Canada. Okay, so the tariffs are ridiculously high, but let's put that aside. So what are the numbers as far as impact? Our economy is about $31 trillion GDP. Their economy is about $2 trillion.

14:26That's a significantly smaller GDP. The Canadian economy is a little bit smaller than the economy of the state of New York. So in this trade war, first of all, they're smaller. Second of all, they're GDP. Okay, they're GDP. 34% of their GDP comes from trade with the US. Us, 1.5% of our GDP comes from trade with the US. I've been asked by lots of folks in the media and other where, oh, it's going to hurt us so bad. 1.5%. Worst case scenario, we put up a giant wall with Canada. We do nothing with Canada. It's a 1.5% impact. That's not good. But 34% for Canada, we would put Canada back into the Stone Age overnight if the trade stopped. So Canada is just blow and hard here. They've got a lot more to lose. And I don't understand the brains of the people in Canada, especially Doug Ford, the ultimate windbag in the world.

15:26They're talking about the governor of Ontario there, right? Runs that province. And I, I answer that it is political. They believe that this is a winner arguments for them. And I would put forth that the conservatives, whether we're talking about Pierre Polier, or any of the conservatives, have not put forth an argument that you have heard at all in American media that says, are we out of our minds? Maybe we should be the 51st state. This is certainly the way to get there, bankrupt the entire nation, and allow the United States to take us over with nothing more than a hockey stick. But I go back to the effect. You talk about 1.5%. We understand you that it is a small amount. That doesn't mean that there aren't industries that are truly affected. What are the industries we should be looking at that are truly affected by this trade war? Alcohol, dairy, motorcycle, your favorite bourbon. Yeah, small region.

16:26Did you mention alcohol twice on purpose? Alcohol and bourbon. Just in case you didn't know how many, how many, how many you were going to be affected. And the bourbon world has already been affected, although things with bourbon aren't solely because of Canada. But when we talk about the Canadian whiskey not coming in, think of it this way. It's not about, hey, that means more bourbon. If you're a liquor store putting things on the shelf, if you're a bottle, someone who sells bottles, labels, this has an effect. This does play in a big way. So there are industries. Are there industries we don't know about that are affected? Airline industry. This is a shock. This is one of those you shoot yourself in the foot. I shoot myself in the foot. The bombardier. This is the main, it is the number one regional jet that you use. So if you go to any flight, you know, leaving whatever Midwest town you live in, you're going to get on a regional jet to go to a hub. Those are all made in Canada. We're, we're going to get, we've got to get a new supplier of regional jets.

17:26We're going to go to, there is nobody. Someone domestically would have to come into that industry and start it. So we're hurting ourselves by doing it. And it will effectively kill the entire regional jet industry in Canada. Not right there. We'll get some more with Dr. Matt Willing just a moment. This is Tony Katz today. Well, certainly it is all eyes on September 11th, the 25th anniversary of the attack on the United States by Islamists. And I will say it was an attack on the United States by Islamists. Somehow we have people in society who say you can't say that. It's bigoted. No, it's not. The truth is never bigoted. Tony Katz. Tony Katz today. Good to be with you. We do not forget that it was a year ago today that Charlie Kirk was assassinated. And the idea that that was a year ago is mind boggling. And Charlie Kirk was assassinated because people didn't like what he had to say, which means that they are fine with killing anybody who they disagree with. They're fine with it.

18:27They're good with it. As a matter of fact, they think it's a value. And I'm not being hyperbolic. The studies show this in terms of the data. The surveys show this. I said studies. I meant surveys. They're fine with it. They believe this is what they've been taught. The words are violent. You're being aggressive. Therefore, something has to be done. You're a threat. And therefore, something has to be done. It's the same call for a lone wolf. That news outlets and others have been doing on Donald Trump for a decade. And it's not just going to be Charlie Kirk speaking at a campus. It's not just going to be me on your radio. It's going to be the thing you post on Facebook. The only way out is through. Certainly protected to defend yourself by guns by ammo get trained. But you need to pull your kids out of that morass and into the place that this is not the way you do things in a civil society. This is the opposite of who we are. There's anything that we have to be teaching about Charlie Kirk being assassinated. It's that.

19:28Then we can look into what Charlie Kirk was saying. And engage those messages as well. Find everything I do at TonyCats.com. Say a prayer for the Kirk family. This is TonyCats today. Staring at this economy. Staring at what is happening with trade, with tariffs, what Canada is doing, what the UK is doing. And but we'll focus on Canada just for the sake of the conversation. Do they understand the level of economic suicide they're committing and getting to a fight with us? It doesn't matter if someone likes Trump or doesn't like Trump. That part is inconsequential. They cannot win this battle. But they can make things a little uncomfortable. TonyCats, TonyCats today good to be with you. Talking to Dr. Matt Wille, economist at the University of Indianapolis. This concept of the trade war between the Canada, between the Canada,

20:30which in Canada and the United States. We've been asking, where do we really feel this? We have a GDP of $31 trillion. They have a GDP of basically $2 trillion. They basically do slightly under the work of New York. When we talk about total amount of dollars, we're a much more powerful country economically. And if they want to engage a trade war with us, they hurt themselves most of all. Yes, this is political and they believe that do the progressives, the leftists in Canada, winning proposition to be able to stand strong against Trump. And we've seen this amongst European nations when talking about golden dome and greenlands. We've seen this in a bunch of places, both economic and geopolitical. But when we talk, my question to you was, where is the area where we are hurt most by this? Because one can argue it's only one and a half percent for us overall. And therefore we can absorb that pain. It's no big deal to us, but it doesn't mean that there aren't industries that are hurt.

21:31And you brought up airlines. You brought up how people travel to see grandma or how grandma travels to see them. And specifically the regional airlines. So I think people know about it, but may not think about it all the time. That delta or a united or American might take you across the country. But when you are at a smaller airport and you need to get to a hub, it's a regional airline that takes you that distance in connection with delta. One of the big ones is right where we live, Dr. Well, which is Republic Airways, which is a fantastic company and a growing company here where we live in the anna new headquarters, everything else. It's really quite impressive. You're saying that the planes that those airlines use, we're not talking about Boeing aircraft. We're not talking about even Airbus, which is out of France. Those aircraft are bombardiers and that's made in Canada. And this is where the issue is. Walk me down the Primrose path.

22:32Yeah. So think about the CRJ, the Canadian regional jet, the bombardier that we're talking about. And when you get on those branded airlines, you just mentioned, you don't even realize you're getting on a Canadian jet. And so those jets are what we use. What if they had to one not get them? What would they do? Well, they would have to extend the life of the ones they have, which is an expensive venture. So your ticket price will go up or they have to swap it out for a smaller, air, a bigger air bus or a bigger Boeing plane that they don't really want to use. It's not the best plane for that regional hop. And that's going to cost us significantly more amount of money to operate. So your ticket prices will go up one, because they're not able to do trade. We talk about this comparative advantage. We trade. Why do we trade? You and I aren't against trade. We're just against trade with the people that want to kill us. Our trade is a good thing. And therefore it makes things more efficient and less expensive. And if we stop this trade, it's going to hurt us because of the airplanes. And if we stop trade with Canada, it's going to hurt us because of the oil that we're

23:36bringing in from Canada through these two pipelines. So your jet fuel will cost more, which it already cost more. Your airline planes are going to cost more. Your ticket's going to cost more. And that's going to reduce travel. But I'm a big believer that the advances in civilization, two big areas travel and communication. And we have already seen the crunch and travel. We've all seen the ticket prices. If you fly in an airplane, this will get worse. Again, I understand what Trump's trying to do. I just don't know that this is the right hammer to use for this particular nail. That's it. So we're really getting into a nuance because your argument seems to be that a trade war with Canada is fine because we win it. But not everything needs a trade war. And this also now brings us back to where this conversation had started earlier, which is about oil. And by the way, if you missed any part of this, the full video interview of myself and Dr. Will will be available on the YouTube channel. Just go to Tony Katz and you can see it there.

24:39The oil that flows from Canada into the United States to one of our refineries in the Midwest. And what happens if the trade war leads to that being cut off? This is the idea of everybody saying, okay, whoa up, we need cooler heads to prevail. Your argument seems to be that there is no cooler head right now because if Trump's willing to go at Bombadier and really have an effect on these, on the regional jets, the regional airlines, which has an effect on how you see grandma as we get into Thanksgiving and holiday season. Well then, everything's going to be on the table. Where is the win for the Canadians to say we're not going to send any more oil to your refinery? Oh, you don't want to hear this. Of course I want to hear it. China. Yeah, yeah, that's the answer. Oh, that is such a good big slops, sir. That is, yeah, that's the answer. Go for it.

25:40Yeah, what if they sell to China, their oil? What if they sell to China, their airplanes? Remember, when the trade war started with China back in April of last year, what did China do? They let Boeing fly an airplane to Beijing and then said, oh, we don't want to take delivery and made them fly it back. They did it two more times. China was just nasty and not taking delivery of a Boeing they had already ordered. Well guess what? China knows how to make airplanes. And maybe, no, do they make big ones? No. Can they convert into that? I think they probably can. So I hope it doesn't happen. You know, China, I mean, Canada has to be smart enough to know China is not their friend. You know, it's the bully on the floor. Oh, you are an adorable man. If they knew China wasn't their friend, would they ever think to accept Chinese made electric vehicles into their country? A serious national security issue. We've already said no to Chinese made electric vehicles.

26:42We've told companies, was it pole star? I think it was. Hey, you're not even allowed to operate here because you have a Chinese ownership and now every car has nothing more than a surveillance weapon on wheels. But we can't stop Canada from possibly taking in these Chinese EVs. So no, they're not very smart. But let's now take a step back. Yes, they could sell, they could take in oil or sell the oil to China. They could say, hey, we'll sell the planes to China. But nothing is made in a vacuum. The bombardier to the extent that you know this, even if we take a look at the F-35 strike fighter, this was a project that utilized services and parts and creation from nations around the globe. Part of that was purposeful, but part of that was also a value proposition in the creation of this incredible piece of hardware. Where does the bombardier group, where do they get all their parts from? Anything coming from the United States?

27:43Of course, of course, all across the world. This is, you know, I don't know the exact numbers in front of me, but I would estimate that probably over half of that plane is made from parts around the world. Because they don't have the capability to do the machining, I would bend a big chunk of it, especially the engine parts, probably comes from Mexico. Keep in mind, a lot of them have Rolls-Royce engines. Here's a surprise to people may not know this. The Rolls-Royce engine is made in Indianapolis, Indiana. So that's probably what's on their airplanes is the largest Rolls-Royce facility in the world is in our state of Indiana. That's weird. Yeah. So they can make their planes, but if Trump doesn't sell them the engines, they can't put the engines on the plane. You bring up the UK, talking to Dr. Matt Will Economist at the University of Indianapolis. This is political, but there is an economic component where you have the new prime minister, Andy Barnum, you have got the foreign, we'll call him the foreign minister, deciding they're going to engage a boycott of Israeli-made goods from what they will refer to as settlements.

28:48Now, we don't have to get into the political here where I am on the concept of settlements, I believe, if you win land in a war, it is yours not theirs. I believe every conversation regarding international land or an international dispute is nothing more than bigotry. Leave all that to the side. The UK, which has decided to recognize Palestine, I don't even know how one does that, has decided to engage in this boycott. The Israelis have responded by saying we're going to expel the ambassador. We're going to get rid of this. We're not going to allow that. There's a conversation about medicines that the people of the United Kingdom take that are made in Israel and Israel questioning whether or not we should they should sell, and the Israelis saying to themselves, should we sell to the people of the UK, should they sell to the Britons. The United States is not pleased with what the UK has done and certainly is not going to say anything regarding how the Israelis respond. They're going to let the UK suffer mostly because the United Kingdom under Kier Starmer

29:50was not there for the United States in dealing with the Iranians. But there is a question about the economics here. And whether or not a boycott in this case affects other things because there's an odd rationale that somehow the United States or really states in the United States can get involved in not working with the UK because they have legislation on the books regarding something called boycott divestment and sanction. And that they don't work with nations or other groups and other outfits that allow for BDS boycott divestment and sanction to take place. So there could be states that look at not working with the UK. You did a little bit of research because I'd asked you to look into where some of the economics are with the United Kingdom. What we sell to the United Kingdom, what we get out of the UK has this move of theirs created any financial instability with the United States or around the globe?

30:51It hasn't created financial instability yet. And this is one of the problems I have with tariffs. And even before we started this conversation about this, I've been doing a lot of work on this previously. And let me tell you, this is a major conflict between the political side of the UK and the economic side. When you see the politics and you see them going far left and they're this massive immigrant country now. They are not the same on the economic side. They are extremely capitalist, extremely integrated with us. Here's some data that should scare people. And this is the conflict that's going in in their country. The 14% of the financial services industry in the UK is exported to the US. I know it sounds weird. I won't bore you with the details, but they export financial services to the US. 14% of their entire financial industry. Guess what? 20% of our financial services industry is exported to London. Before the United States and New York became the financial capital of the world, London was the financial capital of the world and still number two.

31:54So these two countries have an integrated financial services network that they cooperate on a daily minute by minute basis. There's a lot going on between the UK and the United States when it comes to financial services. You can't divorce that. That isn't happening overnight. That may not happen in a decade if you even tried or even if you would want to. I don't want to. This is what I hate about tariffs and trade wars. Travel. It is the number one overseas location that US citizens go to besides Canada and Mexico. It's the UK. They are number three in our list of exports for goods, again, behind Canada and Mexico. And the thing, oh my gosh, we talk about foreign direct investment. I always comment on this FDI thing that yeah, we have trade deficits. I'm happy. I like trade deficits. They don't bother me except for China because the money flows back. They fund our growth without causing inflation. They're the number four foreign direct investment in the world in our country.

32:57Up until a few years ago, they were number one. And in our home state of Indiana, they're number one. They're a massive foreign direct investor in our country. So this political crap they're dealing with, it's going to cause chaos on the economic side. But there are two minds, Tony. That was my message. The country of the UK is of two minds. Their economic mind is very different than their political mind. It's the Canada conversation all over again. And that division seems to be very destructive for both, but we'll carry on that conversation another day. Dr. Matt Will Economist at the University of Indianapolis. I appreciate you being with us. There's more show to get to. Keep it right here. This is Tony Katz today. I think the convention is a very good idea. I like it. I like this idea of the midterm convention. And I think that it may not have been as well attended as people would have liked or anticipated. Certainly there was a conversation about costs and all these things and whether or not that was true or not that they were charging too much for this and too much for that.

33:59It's all a cash grab, right? Anything more than a cash grab for Trump and his family. I mean, who am I going to believe in this conversation? You want to go go if it was too much for you. You didn't go. I didn't go. I didn't feel that I needed to do the show from there. I felt that right where I'm at is the right spot to be. But Trump spoke for 107 minutes on night one. He's 80. He went on for more than an hour and a half. The guy is just nonstop energy and I do think that that part is helpful. I don't think this part is helpful. Because we've done so well and because our country is making so much money that only I can make this promise to you. And here is my promise. If the Republicans win the House of Representatives and the United States Senate, both of them, because of our economic tremendous economic success, like in history, we've never had

35:03anything like what's happening. But because of our tremendous strength and success economically, I will issue a dividend to every adult citizen in the United States of America for $5,000. Okay, so he went on stage and said, I will bribe you into voting for me. Don't tell me it was anything else. He might as well have just said, we'll pay your student loan debt. It's a bribe. It is what it is, what it is. And anybody who says otherwise is focac to crazy. They're out of their heads. Oh, don't tell me I don't like Trump. Don't tell me I'm anti this the other. I am not a cultist and I know bull crap when I hear it. That's a bribe. It is what it is and it looks as bad as it does because it's just that nutty. Cut the board. This is awesome. I'm dead to this. Find everything at tonicats.com. Tomorrow, everyone, take care.