00:00:00
Stocks are sinking sharply right now.
00:00:05
The Dow is down. Take a look at this.
00:00:08
The Dow is down right now uh a lot of
00:00:12
points. Uh 1.64 1.65%.
00:00:14
The Dow Jones is down 729.
00:00:17
Is this good? I don't really understand
00:00:20
numbers and stons and the economy or
00:00:22
tariffs. Is this good, chat? I mean,
00:00:25
it'll rebound again. It's just like
00:00:27
he'll just go he'll just go back to it
00:00:29
and be like, "No more tariffs. We don't
00:00:32
have it." and then everyone will bye bye
00:00:35
bye and then sell sell sell. There's a
00:00:37
there's a market correction. I don't I
00:00:39
don't really care about like uh market
00:00:41
movements of this sort. I don't think
00:00:44
the stock market is representative of
00:00:46
the economy in general like the health
00:00:49
of the economy. I don't think the GDP is
00:00:53
an adequate metric to understand the the
00:00:55
uh way that people uh exist. I don't
00:00:56
think that it's a good metric. I don't
00:00:58
think the stock market is a good metric
00:01:00
either. It's a good metric for how much
00:01:02
wealthy people are making money, like
00:01:04
wealthy people who have parked all of
00:01:08
their uh net worth into stons. But um
00:01:10
yeah, there a job report came out and it
00:01:13
was insane. Um a job report came out
00:01:17
with uh with that showed some numbers
00:01:20
for the month of July, but that wasn't
00:01:22
the real uh interesting part of this.
00:01:24
Like the there was uh limited job
00:01:27
growth. It was uh it was less than
00:01:30
expected but not like too much. The real
00:01:32
scary part of the job report that came
00:01:35
out was actually the correction in the
00:01:37
past month's job reports where
00:01:41
apparently uh we did not get 114,000 new
00:01:45
jobs. It was more like 14,000 new jobs
00:01:48
which is crazy. I feel like this is if
00:01:51
your estimate is off by I don't know a h
00:01:55
100,000 or 200,000 then you're not doing
00:01:57
much of an estimate at all. You're just
00:01:59
kind of making stuff up. It's no
00:02:01
different than when Donald Trump says
00:02:03
you don't understand. The nation of
00:02:06
Japan has given me seven quintillion
00:02:09
dollars that I can purchase as many
00:02:11
laboo as I want with. That's right.
00:02:13
They're making America great again. It's
00:02:15
like, okay, so we got some IUS. All
00:02:18
right, got it. Where is the money going?
00:02:20
Like I don't do we the roads are still
00:02:22
dog I don't think that is going
00:02:25
there. The ISPs still offer horrible
00:02:27
service. So I don't think it's going
00:02:29
there either. Yeah. The net correction
00:02:33
was minus 258,000
00:02:36
jobs than first reported. Now look, I
00:02:39
don't know if this is normal or not. I
00:02:41
don't understand. I'm not an expert,
00:02:44
right? But people that seemingly are
00:02:47
experts here are saying just in a week
00:02:50
jobs report uh the US economy added only
00:02:52
73,000 jobs in July. That's way below
00:02:54
expectations. May and June revised down
00:02:58
by 258,000.
00:03:00
75% of the July job gains came from
00:03:02
healthcare. The unemployment rate take
00:03:06
back up to 4.2 from 4.1 in June. Wages
00:03:10
grew 3.9 in the past year versus 2.7
00:03:13
inflation. Heather Long continues, chief
00:03:15
economist for Navy Federal, columnist at
00:03:16
the Washington Post. The labor market is
00:03:18
in trouble. Healthcare or social
00:03:20
assistance are pretty much the only
00:03:22
sectors hiring. This is not healthy.
00:03:25
Retail plus 16,000. Finance plus 15,000.
00:03:28
Hospitality plus 5,000. I mean, this
00:03:30
makes sense. Do we really need more
00:03:32
hospitality workers when tourism is
00:03:34
taking a major hit? what to do with
00:03:36
hospitality when Donald Trump is
00:03:38
basically saying we're shut off to the
00:03:39
rest of the world. If you come here, we
00:03:41
will arrest you. You might actually be
00:03:43
prosecuted. You might actually spend
00:03:45
some time in an immigrant detention
00:03:46
facility for an extended period of time
00:03:48
for the crime of trying to come into the
00:03:49
country and having like a JD Vance meme
00:03:51
in your phone or something. Who the
00:03:53
is going to want to come here? State
00:03:55
government plus 5,000. Transport and
00:03:57
warehouse plus 4,000. Construction plus
00:03:59
2,000. Professional business services
00:04:01
are down 14,000. Federal government is
00:04:05
down 12,000. down 84,000 since January.
00:04:08
There were almost a 100,000 people that
00:04:10
lost jobs at the at in federal
00:04:13
government, 11,000 in manufacturing
00:04:15
directly tied back to tariffs and the
00:04:18
tariffs mania. Because on the one hand
00:04:21
with tariffs, the inconsistency and the
00:04:23
instability might be good for Trump's
00:04:26
close friends and associates that know
00:04:28
that he's not going to pull the trigger
00:04:30
on the tariffs or whatever, but
00:04:34
obviously foreign corporations that have
00:04:37
manufacturing facilities on US soil do
00:04:39
not like that inconsistency. It seems
00:04:43
like they will respond by downsizing.
00:04:45
This is a predictable outcome. Something
00:04:48
that people warned about, not me, again,
00:04:51
not an expert, but uh experts have
00:04:52
warned about. Local government down
00:04:56
3,000. Information down 2,000. My
00:04:57
company just had layoffs announced
00:05:00
today. Jesus Christ. But hey guys, did
00:05:03
you get laid off from your manufacturing
00:05:07
job because the foreign company that uh
00:05:10
hired you for a manufacturing job in a
00:05:12
facility is worried about what the
00:05:14
impact of tariffs? So they have to move
00:05:17
some numbers around. You're not. You can
00:05:22
become a Gestapo officer.
00:05:22
That's great. can't wait until we have a
00:05:28
nation that produces nothing except for
00:05:31
pain and violence. Both in terms of
00:05:33
manufacturing weapons, of course, but
00:05:36
also domestic pain so that everyone can
00:05:41
be a Trumpbacked loyalist SS guard. I
00:05:43
thought you meant like wrestling. No, I
00:05:45
mean like literally the it's going to
00:05:48
get to a point where the only the only
00:05:51
jobs that are available are ICE agents,
00:05:55
like snitch hotline uh snitch hotline uh
00:05:59
person, concentration camp guard, brown
00:06:02
shirt brigade. Great. Love that.
00:06:04
Arresting the the remaining people that
00:06:07
actually work uh in in construction and
00:06:09
things of that nature. Meanwhile, Trump
00:06:12
is in a wake in wake of bad jobs report,
00:06:14
Trump wants to fire head of labor
00:06:16
statistics department. Trump said on
00:06:17
True Social that he will remove Erica
00:06:19
McNarfer
00:06:21
McAnnanter as the commissioner of labor
00:06:23
statistics after the July employment
00:06:25
report found that just 73 jobs were
00:06:27
added. I don't know if this is because
00:06:29
he's mad about like how little new jobs
00:06:31
were added and she didn't lie enough or
00:06:34
because she lied in the past or like the
00:06:37
previous estimate was um the previous
00:06:39
estimate was so off base that they they
00:06:41
think it's like ridiculous. I was just
00:06:43
informed that our country's job numbers
00:06:45
are being produced by a Biden appointee,
00:06:48
Dr. Erica Mkinarfer, the commissioner of
00:06:49
labor statistics who faked the jobs
00:06:50
numbers before the election to try and
00:06:52
boost Kamala's chances of victory. This
00:06:53
is the same Bureau of Labor Statistics
00:06:55
that overstated the jobs growth in March
00:06:58
2024 by approximately 818,000 and then
00:07:00
again right before the 2024 presidential
00:07:02
election in August and September by
00:07:05
112,000. These were records. No one can
00:07:07
be that wrong. We need accurate jobs
00:07:08
numbers. I've directed my team to fire
00:07:09
this Biden political appointee
00:07:11
immediately. She will be replaced with
00:07:13
someone much more competent and
00:07:14
qualified. Important numbers like this
00:07:16
must be fair and accurate. They can't be
00:07:19
manipulated by political purpose. Wait,
00:07:21
but isn't isn't she doing what she did
00:07:23
for Biden but for you? And you're mad
00:07:26
that she actually didn't continue doing
00:07:29
for you what she did for Biden? Also,
00:07:32
the the thing that I don't understand
00:07:34
about this the thing that I don't fully
00:07:36
understand about this is like are these
00:07:39
jobs numbers just like phony madeup?
00:07:42
someone is just going around and just
00:07:44
saying like, "No, shit's great." Or is
00:07:46
it like I don't know how these uh
00:07:49
statistics are tabulated? Is it because
00:07:53
uh companies constantly have these like
00:07:56
ghost jobs that they never fill and then
00:07:59
the Bureau of Labor Statistics actually
00:08:00
responds to that as though these are
00:08:03
like real job openings? Like, how do you
00:08:06
get something like this so wrong? I I
00:08:08
don't understand. Also, I mean, this is
00:08:10
anecdotal and it's not a great way to
00:08:13
make an assessment, but the the report
00:08:16
from most people that have jobs that
00:08:19
want to get other jobs and also most
00:08:21
people that don't have jobs currently
00:08:24
and want to get a job is that they just
00:08:27
keep applying to these millions of
00:08:29
different job openings that seemingly
00:08:32
are out there and people don't even like
00:08:34
call them back. Like there is something
00:08:36
so inconsistent with what's going on.
00:08:38
Brutal. If you exclude these two
00:08:39
categories, job growth has been running
00:08:41
negative for three straight months.
00:08:45
Basically, the only US sectors uh in the
00:08:46
US economy that are adding jobs are
00:08:48
healthcare and social assistance. That's
00:08:51
crazy. It's also crazy cuz like we are a
00:08:54
growing nation, right? I mean, we have
00:08:56
330 million people here. So, there's
00:08:59
like constantly new babies popping up.
00:09:01
the population is constantly increasing
00:09:04
and therefore there should be more need.
00:09:06
There should be more jobs. There should
00:09:08
be more people working to fill those
00:09:10
roles. You know, you you need new
00:09:12
houses, you need new homes, you need new
00:09:14
roads, you need new cars. People need to
00:09:16
build those things. That's why there's
00:09:19
no lump sum of labor technically. Now,
00:09:22
of course, you can create a second tier
00:09:25
of labor to depress the existing wages,
00:09:27
and America has done that consistently
00:09:31
for decades with uh undocumented
00:09:33
immigration. But even then, especially
00:09:35
at a time when uh undocumented
00:09:36
immigration has been curbed
00:09:39
dramatically, there shouldn't be uh this
00:09:41
kind of a response. I think yeah this is
00:09:43
the other side of the story that David
00:09:45
Dayne correctly points to which is that
00:09:48
the only source of labor stability right
00:09:50
now the only sector of labor stability
00:09:52
right now healthcare and and assistance
00:09:54
social assistance is getting at least a
00:09:56
trillion dollar cut with insurance being
00:09:59
cut to 15 million people. So that growth
00:10:01
will bleed in the coming months. In my
00:10:03
opinion, today's job numbers were rigged
00:10:06
in order to make the Republicans and me
00:10:08
me
00:10:10
look bad. Just like when they had three
00:10:12
great days around the 2024 presidential
00:10:14
election and then those numbers were
00:10:16
taken away. Okay, but you're literally
00:10:19
describing what the same person did for
00:10:23
Biden doing it for you. I don't get it.
00:10:25
He is saying that the very same person
00:10:28
that he's now firing did this for Biden
00:10:31
and now is doing it for him and now he's
00:10:33
but he's saying it was bad when she did
00:10:35
it it was good like she was working in
00:10:37
favor of the Biden administration when
00:10:38
she did this exact same thing for the
00:10:40
Biden administration but now when she's
00:10:42
doing the exact same thing for him it's
00:10:45
it's bad right after the election down
00:10:47
jobs were massively revised downward
00:10:50
making a correction of over 818,000 jobs
00:10:53
a total scam Jerome too Powell is no
00:10:55
better. But the good news is our country
00:10:57
is doing great. I don't think I don't
00:10:59
think the country is doing great. Cuz if
00:11:02
it was, you wouldn't be doing this.
00:11:05
Whatever the this is, okay? He's a
00:11:06
idiot. Once you start viewing
00:11:07
everything he says through this lens, it
00:11:09
will make sense to you all. No, I I know
00:11:11
he's an idiot. I know that. I know that.
00:11:13
I understand. I promise you. I
00:11:16
understand that. It's just like how
00:11:18
stupid could he get is is still
00:11:20
something that has the capacity to shock
00:11:23
me. a Trump stan, a Trump follower,
00:11:25
someone who has followed Donald Trump
00:11:29
for fairly closely for quite some time.
00:11:31
Breaking news this morning. Economic
00:11:34
news. Brand new jobs numbers just out.
00:11:37
You can see them behind me. In July, the
00:11:40
US added just 73,000 new jobs below
00:11:42
expectations. The unemployment rate at
00:11:46
4.2%. But the big news, really big news,
00:11:50
major revisions for May and June. major
00:11:53
downward revisions. Those months much
00:11:55
much worse than thought.
00:11:57
It's crazy cuz like they they cooked
00:11:59
Brandon when this happened. Trump
00:12:01
literally brought it up. Trump brought
00:12:03
this up with the Brandon regime, too.
00:12:05
In order for us not to be in the danger
00:12:07
zone in this economy. The economy should
00:12:10
be chugging along at least 100,000 jobs
00:12:12
every month. The fact that this is below
00:12:14
that is significant. You have to go back
00:12:16
to October last year to find a worse
00:12:18
number. As you mentioned, the downward
00:12:20
revisions are really problematic. We're
00:12:24
talking about June being 14,000 instead
00:12:26
of 147,000.
00:12:28
That's a huge huge discrepancy.
00:12:30
Huge. When I came on here,
00:12:32
last month telling you, you know, the
00:12:34
economy is resilient. That's actually
00:12:35
that wasn't actually the case because of
00:12:36
these down revisions.
00:12:37
If we can get that other board up
00:12:38
because that's the one that actually
00:12:40
tells the story. when you see job growth
00:12:44
from month to month of 14,000 19,000 and
00:12:45
then in the 70s hopefully that can come
00:12:47
back up because that's the news here.
00:12:51
You've got three anemic months of jobs
00:12:53
growth. These are two of the weakest
00:12:54
months we've seen since 2020,
00:12:55
right?
00:12:58
14,000 19,000 that those are very very
00:13:00
weak numbers. And it's also just
00:13:01
statistically and for those who keep
00:13:03
track of things way off from what they
00:13:05
said before. But if you looked at a
00:13:06
three-month stretch like this, you say,
00:13:08
"Wait a second. We've got an economy
00:13:10
that's got some real challenges,
00:13:11
that's got a lot of work to do." And
00:13:13
when you think about the fact that
00:13:15
Liberation Day, yes, October, uh, April
00:13:17
2nd, rather, liberation day, we were
00:13:19
sort of wondering when we were going to
00:13:19
see the
00:13:22
It's so great to call it Liberation Day.
00:13:24
Last bar seems fake. I mean, who knows?
00:13:26
Who knows what it will look like when
00:13:29
when those job numbers get liberated too
00:13:31
next month when we go back and we're
00:13:34
like, "Actually, we had 12 new jobs."
00:13:37
Not 12,000, just 12. We were wrong. Our
00:13:40
estimation was wrong. Oops.
00:13:40
All these.
00:13:42
Except that won't happen cuz Trump will
00:13:45
probably put like some freak at the
00:13:47
Bureau of Labor Statistics. If next
00:13:49
month all of a sudden you see
00:13:52
unprecedented job growth, tremendous job
00:13:56
growth, just understand that the new guy
00:13:59
is in charge. Next month we have uh
00:14:02
actually we found out there are a
00:14:05
million new jobs. It's crazy. So many
00:14:08
jobs. More jobs than there are people.
00:14:11
More pe it's no one's ever seen anything
00:14:14
like it. It's so much job. It's jobs.
00:14:16
We're doing so many jobs. jobs like
00:14:20
you've never seen before. The hottest
00:14:22
economy from the standpoint of heat.
00:14:23
Good morning. Thanks for having me.
00:14:25
Look, you know, this jobs report isn't
00:14:27
ideal. There's no there's there's no way
00:14:28
around that. But nevertheless, I think
00:14:30
that the downward revisions reflect a
00:14:32
couple of anomalous factors. First of
00:14:34
all, about 60% of the downward revision
00:14:35
is due to quirks of the seasonal
00:14:37
adjustment process. Then on top of that,
00:14:38
there's the fact that the president
00:14:40
created about in the in the household
00:14:42
survey since the president took office,
00:14:43
he created about 2 and a half million
00:14:46
jobs for Americans, whereas he's whereas
00:14:47
we've eliminated about a million jobs
00:14:49
for foreignb born workers. That's a
00:14:51
result of our strong immigration policy
00:14:51
of our
00:14:56
Oh. Oh, that's what they're doing. Oh my
00:15:01
god. This is the meta. Okay. The meta is
00:15:02
No, you don't understand. We're getting
00:15:05
jobs for the Americans. Okay. The
00:15:08
layoffs are just the Mexicans. Okay, you
00:15:10
don't understand.
00:15:13
Oh, hell yeah, bro. This is This is
00:15:15
great. Remember when they tried to pull
00:15:17
this spin? Not that they needed to do
00:15:19
this spin at all because like we're not
00:15:21
going to see the Medicaid cuts until uh
00:15:23
after the midterms, but they were like,
00:15:24
"No, no, no, no. You don't understand.
00:15:26
We said we weren't going to cut Medicaid
00:15:27
and now we're cutting Medicaid by almost
00:15:32
aing trilly." Okay, but that actually is
00:15:34
for the Mexicans. We're cutting off
00:15:37
Medicaid for the Mexicans. Your Medicaid
00:15:40
is fine. They just literally slam that
00:15:43
talking point on everything no matter
00:15:45
what. Whichever way this goes, they're
00:15:46
like, "No, no, no, no. You don't
00:15:48
understand. The job layoffs are Mexican
00:15:51
layoffs. Mexican style layoffs.
00:15:53
Americans are getting good jobs." I
00:15:55
don't know how long you can lie like
00:15:58
this. For the record, I don't know.
00:16:00
Like, because at a certain point, people
00:16:01
are going to be like, "This is not
00:16:03
happening. I thought it was just the
00:16:05
Mexicans, but I don't I don't think it's
00:16:07
just the Mexic. I think my job I lost my
00:16:09
job. Yeah. JD Vance, I was told six
00:16:10
months ago that Americans losing jobs
00:16:12
and the foreign born gain jobs was an
00:16:13
irreversible demographic fact. Turns out
00:16:15
you just needed a new president and a
00:16:17
new immigration policy. Holy I
00:16:18
thought this was a typo. In the last
00:16:20
four months, native born Americans have
00:16:22
gained 1.8 million jobs. Meanwhile, 1.5
00:16:24
million foreignb born workers, legal and
00:16:27
illegal, lost a job. A sharp reversal of
00:16:29
the last few years. I specifically note
00:16:31
legal plus illegal immigrants because
00:16:32
the government does not separate the two
00:16:33
groups in their data on foreignb born
00:16:35
workers. However, based on numbers, a
00:16:36
large percentage are certainly illegal
00:16:38
immigrants. No, no, this is this is
00:16:41
happening. This is for sure. Once again,
00:16:43
having to remind myself that Americans
00:16:44
would quite literally rather be
00:16:45
unemployed than work any sort of
00:16:47
agricultural job. Yeah. No, you don't
00:16:50
understand. They're lining up, dude.
00:16:51
They're lining up, dude. You don't
00:16:54
understand. They are working the crops
00:16:56
left and right. Zero white people lost
00:16:58
their jobs. I swear to God, bro. Come
00:17:01
on, bro. No, you don't understand, bro.
00:17:04
You don't understand, King. White people
00:17:06
are getting the jobs. They're getting
00:17:08
good paying jobs right now. I promise.
00:17:11
Not your cousin. Not you. You're white.
00:17:13
You just didn't get it. But there's I'm
00:17:14
sure white people out there that are
00:17:18
getting the good jobs. I promise.
