Tariff uncertainty and pregaming returns! (04-04-2025--Hour3)

[00:00:04] What's going on? Thank you so much for listening to this podcast. It is heard live every day from noon to 3 on WBT Radio in Charlotte. And if you want exclusive content like invitations to events, the weekly live stream, my daily show prep with all the links, become a patron, go to thepetekalendershow.com. Make sure you hit the subscribe button, get every episode for free, right to your smartphone or tablet. And again, thank you so much for your support.

[00:00:29] Last hour, I mentioned a piece by Megan McCardle, not the Duchess of Sussex. Megan McCardle. She said Trump and his supporters have offered many justifications for high tariffs, which can be boiled down to four broad arguments. One is that these are a negotiating tool to be used to force other countries to lower their trade barriers. Another is that they will restore our manufacturing base and turn us into the superpower exporter we used to be.

[00:00:58] Third explanation is that we are trying to halt China's rise into a geo-strategic rival. And the best argument, she said, is that we need to rebuild our manufacturing capacity for vital goods such as semiconductors just in case of another pandemic or a war.

[00:01:14] The tariffs, however, she says, suit none of these theories. For starters, if you're trying to use tariffs to compel other countries to lower their trade barriers, you would impose levies in proportion to the tariffs that they impose on us.

[00:01:30] Yet, if you look at the example of Israel, which just announced that it's dropping all of its tariffs on U.S. goods, they got hit with 17 percent tariffs anyway because the new duties were calculated based on relative trade flows, not the size of trade barriers.

[00:01:45] That's a key part here. Their formula is based on trade flows, not barriers. The trade deficit measures the flow, not the barrier. Next up, the idea to eliminate trade deficits and rebalance the economy towards manufacturing.

[00:02:06] OK, even if you think that's a worthwhile goal, you would want tariffs that achieve that globally, not with each individual country, for the same reason that you don't spend your entire salary on your employer's products, nor do you demand that the grocery store give you a part time job with a wage equal to your food bill. Right. That's not a one on one thing. You don't necessarily want to buy exactly as much from a trading partner as they want to buy from you.

[00:02:37] You may be specializing in certain products, certain services or something. And in order to deliver that, you need some raw materials or something. And the country that has the raw materials does not want what you are selling as the final product for whatever reason. Nor do they buy enough of it to offset the amount of raw materials that you are buying from them. So that trade deficit, that's the flow. That's not a barrier.

[00:03:04] Even if that tariff is zero percent going both directions, if I'm buying more raw material from your country, I produce something with it. But your people are too poor to buy it from me. Your country is going to have a surplus on me. That doesn't mean I'm cheating you. Or you're cheating me. It doesn't. The other problem with this theory is that a lot of what we buy from other countries, here she says, is inputs for our own manufacturing industries.

[00:03:31] It's hard to stand up a globally competitive manufacturing sector if you don't have the raw materials or the parts. All right. Next argument was containing China. If you're going to try to do that, you would want to build up your relationships with the regional allies who would be at your side in case there's any kind of a fight. Like Japan, for example, who just got hit with 24 percent tariffs. Maybe you want to encourage the growth of export industries in countries like Vietnam that competes with China.

[00:04:00] They got a 46 percent tariff. As for the fourth argument, reshoring strategically vital goods. These tariffs, though, exempt some of the most critical goods. Semiconductors, steel, aluminum and pharmaceuticals. I mean, for now, for now, at least maybe that changes.

[00:04:24] But if the purpose is to bring these things back to America so we can't have our supply chains disrupted in emergencies, why would you exempt all of these industries? This is what I mean. This is not reciprocal. They're calling them that. That's just branding. On one level, it's smart because a sudden shortage of any of these goods would be catastrophic for us. But on another level, what exactly are we trying to protect again? The nation's strategic toaster reserve?

[00:04:54] None of these theories work, she says. And that's because Trump doesn't really have a theory of tariffs. What he has is a series of intuitions that exports make you strong and imports make you weak and dependent. Right. This is what I said. If if Donald Trump believes that tariffs are the end in and of themselves and not a means to an end. But but tariffs are fine. Tariffs are good. I want more tariffs. I want to be exporting more than I'm importing. So I'm making money. Right.

[00:05:23] If that's the view, then. I don't I don't I don't have a lot of confidence in this approach. All right. Let me go back to the phones here. This is Lee. Welcome to the show. Hello, Lee. Hi there. Enjoy your show. Always. I missed, unfortunately, most of yours today. And I told you yesterday. So I'm not up to speed. But I'm I'm 72 years old, still working.

[00:05:50] Lifelong independent have voted on both sides of the aisle just to set the ground straight. Um, you mentioned that there's a couple of things I want to say, and I'll be quick. Um, I'm on lunch. Um, anyway, um, you mentioned about 30 years ago how this was a Democrat thing and how Trump was a Democrat. And he's doing what the Democrats did.

[00:06:15] What I it's amazing you said that because I just watched an old C-SPAN, um, on television dated 1996 with Nancy Pelosi. And I believe Chuck Schumer was there as well, but she was speaking to the U.S.-China trade and the status quo back then in 1996, which is 30 years ago, just as you mentioned.

[00:06:40] And, uh, there was a 1995 trade deficit of 34 billion then. The tariffs, um, on Chinese goods was 2%. And the average, uh, for the Chinese was 35% on us sending to them. And, uh, Nancy Pelosi was saying almost every talking point that Trump is saying with the, with the tariffs and the deficits.

[00:07:10] So that I found very interesting. The other thing that I wanted to make mention of is, um, I'm, I haven't retired yet. And am I scared what's happening right now? You bet I am. But at the same time, I'm just going to stay towed in. I'm not going to panic and do anything. There's a lot of short sales that are going on with these short sales is betting against the market. So that's very, uh, disruptive in itself.

[00:07:39] But, um, I'm going to hang in there. I remember Reagan, when he came in after Carter, Carter, he said, we're going to have to take some bad tasting medicine before we can get well again. I remember that quote and I'm not going to panic. I'm just going to sit here and view this and hope I'm right that there is a terrific sale going on right now. Well, Oregon. Yeah. Well, I mean, that's, that's all we can do.

[00:08:07] Um, that's all we can do because you know, if we're going to sit here and, and stew about everything else, I mean, what we're, where we're at now is unsustainable. Even before the tariffs, it's unsustainable. And our medications are all coming from all overseas. Everything's coming from over there. And that does make us weak and terribly vulnerable. And, um, I think I fear that more than what this market is doing today.

[00:08:35] And I don't have at my age, the gift of time to wait for our market to write itself and make my money back. Yeah. But I'm just going to keep the faith in there because, um, now this is Roosevelt. Now we have nothing to fear, but fear itself. Yeah. There's a Democrat for you, but, um, I, I just, I just want people to just hold on. Yeah. Just don't, don't flip your wig over this and hold on and see what happens. I've seen a lot of history.

[00:09:05] I'm sure you've seen a real good part of it too. And you're very well spoken on it and you're up on things a lot more than me. But if we start caving in and flying by the seat of our pants, we're going to be in bigger trouble than we are now. So Lee, I appreciate the call. Thank you very much for sharing. Thank you for listening to me. Yes, ma'am. Absolutely. Thank you. Have a great weekend. You too. All right. Take care. Um, no, yeah. And I think, and that's, that's all I've been trying to do is to lay out like, these

[00:09:34] are my concerns, but what did I say yesterday? Give it a minute. I've been saying this on everything Trump does just take a couple of deep breaths and let's see what happens. We'll see. All right. If you're listening to this show, you know, I try to keep up with all sorts of current events and I know you do too. And you've probably heard me say, get your news from multiple sources. Why? Well, because it's how you detect media bias, which is why I've been so impressed with ground news.

[00:10:01] It's an app and it's a website and it combines news from around the world in one place. So you can compare coverage and verify information. You can check it out at check.ground.news slash Pete. I put the link in the podcast description too. I started using ground news a few months ago and more recently chose to work with them as an affiliate because it lets me see clearly how stories get covered and by whom the blind spot feature shows you which stories get ignored by the left and the right.

[00:10:31] See for yourself. Check.ground.news slash Pete. Subscribe through that link and you'll get 15% off any subscription. I use the Vantage plan to get unlimited access to every feature. Your subscription then not only helps my podcast, but it also supports ground news as they make the media landscape more transparent. We'll go over here and chat with Ray. Hello, Ray. Good afternoon. Hey. I want to tell you first, I respect your intellectual integrity. Wow.

[00:11:00] Because you look at each issue and you make your decisions based on it. Thank you. And I've been on hold while a few people have gotten close to my point. Donald Trump was a lifelong Republican. He has good, I mean, Democrat. He has good ideas. He has bad ideas. He is, in fact, parroting the Democrat line for a long time that they didn't want to push. Another midday talk radio show has been playing Nancy Pelosi and Chuck Schumer and Sanders and all

[00:11:27] these people that were calling for tariffs and talking about the trade deficit. So, in his mind, he's still buying chandeliers for his casinos. It's a direct cost-benefit analysis. The Democrats get to say, oh, look how terrible he is. Look how terrible he is. And it's like the rabbit saying, don't throw me in the briar patch. And they're loving it because it's going to work out for them.

[00:11:52] It's either going to cut down on the trade deficit, the flow, as you very aptly talked about, and it may end up hurting Trump enough that it gets him out of their hair. Yeah. As far as him, you know. So, for them, it's what they ask for for years and years and years because they do need to do it. It was going to hurt. They never had the courage to do it. Trump's doing it, admitting it's going to hurt.

[00:12:17] And he is looking, as you pointed out, long-term rather than, oh, tomorrow this is going to be fixed. So, yeah, they get the policy they wanted and they get to whack the guy they hate all at the same time. Exactly. Yeah. That's an astute point, Ray. I appreciate the call. Have a great weekend. You too. All right, buddy. See you. Let's go over to Steve. Hello, Steve. Good afternoon. Hey. What's going on?

[00:12:46] I was listening to the show in my truck coming back from a sporting clay tournament, and I thought I would call in and chat with you about tariffs for a bit. First thing I want to do is tell you the culotte story. Do you know what a culotte is? The not shorts and not pants thing? Yeah, yeah, yeah. Yeah. I had a couple of buddies that I played golf with down in South Florida, and they each had contracts for a couple of million culottes. This is back in the 70s.

[00:13:16] Bush was... Those were very... That was the high days of culotte. Yeah, exactly. A fad that did not last. No. So, these guys had their manufacturing facilities in South Carolina. As soon as Bush recognized China and the World Trade Organization, it was far cheaper for them to manufacture in China,

[00:13:44] and literally within 90 days, everything was moved to China. Yeah. They had about six plants in South Carolina that closed. And one day after golf, I said, hey, guys, if this ever reverses, what are you going to do? Because you're manufacturing over there. Their response was, it'll take us about six months, primarily because of the permitting process in South Carolina, but we'll be back within six months. Hmm.

[00:14:11] So, I don't think people realize how quick business guys that are capitalists can respond to these things. If there's enough of a profit to be made in selling the goods. Like, the downside on the tariffs is that the consumer pays the increased costs, and if now you can't move as much product, then the profit margin might not be high enough for you to make that investment. Well, you have to,

[00:14:41] it's not just the tariff that you're looking at, right? Right. Because if you're going to move back, you're going to have state-of-the-art technology, which means far fewer people in the plant. And so, and the logistics costs are not trivial between China and the U.S. And so by the time you factor all that in, with the tariffs being applied, it's going to be cheaper to do it in the U.S.,

[00:15:07] especially when Tesla's got these 23-degree freedom robots that are going to cost $20,000 and work 24 hours a day, seven days a week. Well, and that's, yeah, you've hit on one of the aspects of this conversation that is, so far as I can tell, not really covered much at all, which is that a lot of the job losses in manufacturing is due to automation. It's due to the robotics. It's not, not anymore at least,

[00:15:35] it's not like the textile industry moving overseas or the furniture makers and stuff. A lot of the stuff now, again, we're the second largest manufacturing country on the planet, and most of our job losses come from automation. But what you're going to see with the tariffs is that a large amount of manufacturing will come back to the U.S., and it's going to come back faster than I think most people realize. I hope so. And the jobs that are going to be created are going to be high-dollar jobs

[00:16:04] because they're going to be sophisticated manufacturing jobs. I hope so. There's a real training effort that's going to have to occur sort of at the state's, probably junior college level, but if you get a good workforce train like that, they're going to be terrific jobs. Number one. Number two, let's take India, for example. So one of my companies, we were in 65 countries, and for example, in India,

[00:16:34] when we had an operating company there, we had to leave 65% of the profit in India by regulation. And so not only is he going to use, the new administration going to use tariffs as a negotiating, but it's going to be negotiating other things other than tariffs. For example, if you told India all their companies in the U.S.

[00:17:03] would have to leave 65% of their capital in the U.S., and it could not be repatriated, and we're doing the same thing that they're doing, that would stop that probably within 90 days to six months. And so there are a lot of things like this that are barriers for U.S. companies that are not tariffs, but they're tariff-related. Right. Yeah, they're trade barriers. Yeah. Exactly. And so that's why you can't just look at one number because each country,

[00:17:33] you've got to look at it on a stand-alone basis because they're all different. Right. Some have tariffs, some don't. Some have repatriation limits on what you can bring back. It's not simple. Right, and that's why he went, that's why their formula that they used was looking at the deficit and then divided by imports because they just, they said any deficit is going to capture all of that other stuff. Well, I mean,

[00:18:03] you've got to give them some slack. They're just getting started. No, I understand, but they've been working on it for a while. And, you know, when you're slapping tariffs on countries that we have a surplus against, I'm kind of doubting the formula there. But no, you made very good points, Steve. I appreciate the call, man. Have a great weekend. I've got to run to news. Here's a great idea. How about making an escape to a really special and secluded getaway in western North Carolina, just a quick drive up the mountain? And Cabins of Asheville is your connection. Whether you're celebrating an anniversary,

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[00:19:31] at cabinsofashville.com and make memories that'll last a lifetime. So Trump has now just announced that his administration has been working very hard on a deal to save TikTok and they have made tremendous progress. The deal requires more work to ensure all necessary approvals are signed, which is why I am signing an executive order to keep TikTok up and running for an additional 75 days Dude, you can't do that. This was a law passed by Congress, signed by the President. They were supposed

[00:19:59] to have divested this. They were supposed to have sold it. You don't get to write executive orders that ignore laws. Like, oh my gosh. But apparently China's not happy with the tariffs. Yeah. Here's a peep tweet from Jeff who says, Hopefully when these jobs come back to the U.S., the American people will want the jobs. I have been trying to hire people, but nobody wants to work. I mean, they want

[00:20:29] to get paid, but they don't want to work. That's a problem. Travis, welcome to the program. Hello, Travis. Hey, Pete. I hear a lot of people calling in saying, the pain is temporary. Yeah. Just wait. Yeah. Well, the problem with that is uncertainty makes the pain longer, right? Let's say I'm a billionaire and I see that these tariffs are in place and I go, well, right down the road from me

[00:20:58] is a closed down textile mill. I'll just buy that and reopen it and make a lot of money. So I open it and the next day Trump goes, great news. These tariffs work. I got a trade deal and all of a sudden now I'm competing with whatever country Trump made this trade deal with. So is the goal repatriating jobs or is the goal tariffs?

[00:21:28] Is the goal just simply tariffs? Yeah. Yeah. Or you get a deal because don't don't let don't make me bring back jobs and then you get a deal and now we're right back to competing with a foreign country. Right. And this is, you know, why I played the audio yesterday, Scott Besson, the Treasury Secretary, you know, urging people to just wait, you know, give us some time and like business doesn't move

[00:21:58] that slowly though. So, yeah, I mean, if you're looking at these tariffs and they're going into effect, you have to start making decisions about how to adjust to that and that's a very fair, that's a very fair concern. Give us time to do what? Give us time to get a deal? Give us time to bring jobs back? Give us time to do what? Yeah, that's a good question. Travis, I appreciate the call, man. Have a great weekend. All right. Yeah, take care. Let me go over and get Jeff on too real quick.

[00:22:28] Hello, Jeff. Welcome to the show. Hey, Pete. How you doing? Good. What's up? Well, not much. First time caller here, so I'm a little nervous. Oh, that's all right. You'll do fine. I got faith in you, Jeff. Thank you. You know, I heard on another radio show this morning, not going to say where, about, you know, how suddenly, you know, on X, there's some of these Republicans, you know,

[00:22:54] like leader John Thune and Mike Johnson coming out and saying, okay, we got to get this deal done. You know, like the tax cut deal and then Trump's agenda. You know, just basically, I didn't put two and two together, but somebody else did about now because of these tariffs, it seems like they are wanting to negotiate because somebody also said that, you know,

[00:23:22] there's two sides of trying to bring jobs back. Number one, okay, make it expensive to manufacture somewhere else, but you got to make sure it's economically feasible for them to manufacture it here. And I believe that's part of Trump's plan is to cut the corporate tax. And, you know, these taxes are what drive some businesses, you know, away. Yeah. So regulation and hopefully, you know,

[00:23:47] we can basically kill two birds with one stone by getting those jobs back here and getting the corporate tax to make it, you know, cut down to make it more favorable for them. And, you know, also just try and, you know, get our economy back up on the, the rails because, you know, eventually about the manufacturing our stuff elsewhere, because it's cheaper,

[00:24:15] eventually those chickens come home to roost. And when we have absolutely no competitive advantage, then they could basically pull the rug out from under us and then hike the rates. And so I see what he's trying to do here. Now, I'm not going to act like a prophet because I could wind up looking like a fool, you know, saying how successful is this going to be? Or is he going to be flexible between you and me and the gatepost? I think he probably will be because I think that's in the best interest, but he can't say it. But,

[00:24:46] um, no, I, I think, I think all of that is, is fair. Like that is the unknown. And that's, I've made like you, I've made no predictions about what's going to happen because I have no idea. My only, uh, you know, I've laid out my concerns with how this could go to prepare myself and other people in case it does go sideways. Um, but I hope he's right. And I hope he, he gets a deal done if it's beneficial to America, that would be fantastic.

[00:25:16] And I do think that's what the end game is. Um, I don't think he's trying to say, well, I'm going to stick it to them because they've been sticking it to us. there might be a little bit of that in there, but I don't think that's the ultimate goal. You know, just, uh, I guess the thing is, let's try to be as, um, less sloppy about it as possible, but, uh, you know, try and be, you know, like calculated and, uh, you know, hopefully everybody wants to come and play ball with us. Yeah. You know,

[00:25:46] if we can create the, you know, the right playing field. Yeah. Jeff, I appreciate the call. You did great. I will, uh, I wish you a happy, uh, or a good weekend, I should say. And see y'all in less than two weeks. All right, buddy. All right. See you then. Thanks, Jeff. Appreciate the call. This is from Sean. Pete, three-time Trump voter here. While I implicitly trust the president, the latest tariff actions leave me with questions. Assuming millions of jobs come back here, who will work in these factories and plants? Illegal labor is going away.

[00:26:15] I don't support illegal labor to begin with. And these new jobs won't be good enough for many laid off government workers. On top of that, a large part of our working age population simply won't take on such jobs as many recent statistics show. So I'm scratching my head at how we'll swing this one without also economically cratering in the meantime. Thanks for any insight or even reassurance. Sean from Burnsville. Uh, yeah, I don't know. I mean, it's, and I have no problem telling people that I do not know.

[00:26:42] I am making no predictions on how this all works out because I don't know. I cannot tell the future and nobody else can, whether they're telling you it's all going to work out perfect or it's all going to crash. Nobody knows. All right. So spring is here, a time of renewal and celebrations. You got graduations, weddings, anniversaries, and the special days for mom and dad. Your family's making memories that are going to last a lifetime. But let me ask you, are all of those treasured moments from days gone by, are they hidden away on old VCR tapes,

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[00:28:08] Brett Winterbull here on News Talk 1110 and 99.3 WBT. And he is colonizing a portion of my program. That's been your stated goal. Yes. Is to colonize every single program on the station. I think you, have you, is the mission accomplished now? No, because I don't have any access to Nori. And once I get that, nah, you know. That's like a whole, then you, then you wouldn't, when would you sleep? I don't know. Doesn't matter. Doesn't matter. As Curtis Slewa famously said, there's time to sleep when you die. That's,

[00:28:38] that is true. That is true. And you take a lot of B12, as I learned about two weeks ago. He gave me, the first bump's always free. That's what I've been told. He gave me, he gave me one of your, one of your B12s. Zip fizz. Zip fizz. Did it help you? Dude, I was wired. See? Yeah. So now I know the secret to no sleep and colonization of all the shows. So, uh, all right. So I was not actually like,

[00:29:05] I have show prep for other topics that I was going to get to today. You probably got nowhere near it. Nowhere near it. It's all tariffs all the time. Right. Yeah. I love that. So, all right. Um, okay. So what do you think the grand strategy is? Oh, but for Trump on this for Trump, it's, it's to reset the entire world's balance with the United States. To what end?

[00:29:35] So that we can genuinely, I believe what he's trying to do is bring in enough money that we can get rid of the income tax. Interesting. I think that's what he's trying to do. I think he's trying to do two things. Okay. Yeah. Two things. Okay. So I think what he's doing is he is trying to beat Powell into submission. Did you see what Powell said today? Yes. Yeah. Yeah. And I think he was trying to beat him into submission.

[00:30:04] That's the federal reserve chairman. Yes. Cause it went down to, it went down to three, nine today, 3.9. Okay. So he wants to be able to start paying down this debt. Right. That we've got 36 trillion. And don't we have like some payments or something come and do. We do have them. Yeah. So, so he's, he's what he's done now is because of the way the stock market is, he has driven people to cash in the, in the 10 year treasuries now.

[00:30:31] And so that means if he can keep pumping, pumping, pummeling that and, and making it hard on Powell, then what will happen is we'll be able to pay those, that money back at much lower rates and lock them in and lock them in for 10 years. And I think that is, that is what his objective is. So when people are screaming about like different, ah, it's too much, it's expensive. All this, he's, he's playing a much longer game. So do you think then that the, the, the tariff regime goes away?

[00:31:01] If, if that's the goal and he gets, he gets the, the debt locked in at the lower rates, interest rates drop. Yeah. Then he just says, and we're not, well, yeah, yeah, yeah. Uh, well, no, no, it's going to be an, right. It's going to be a negotiation 24 seven, right? Because what's going to happen is like, if you rent an apartment and I rent an apartment, uh, and the first, the lease is like 1800 bucks, uh, then, then the next year it's like 1900 bucks,

[00:31:31] whatever it is, all that stuff can be negotiated. Right. And so I think he believes that this negotiation is going to be happening. But the thing that's important to know about Trump is he's playing with house money because he's not going to try to get reelected. He could do anything he wants between now and then. Right. And so he, he's able to do these big, bold things. They would have been better off instead of stealing the election. Okay. Not really. I don't know who the president was for the last four years. So I'm confused. Yeah. Yeah. President auto pen. Um, if they had just let him come in and win and win the, the,

[00:32:01] the second election, he wouldn't have been doing this like he, but they brought the, Hey, you guys, here you go. You, you, you went, could they talk? Could they talk? And now he's on a mission from God. Yeah. Absolutely. He is a hundred percent. And so he, this, he is playing with house money basically. Yeah. I have heard at a caller, uh, during the show today who mentioned this and, um, I have heard the lefty saying that, he's doing this so he could, you know, buy the dip. And he,

[00:32:30] he and Elon can make all this money on the stock market and all this stuff. It's like of all of the explanations, that is the stupidest. Okay. So, so like, let's think about this for a second. What have we had to fight with for the last three, four years? Inflation. Yeah. Yeah. Yeah. Yeah. So how do we know the stock market's not inflated? Isn't it always right? No, but right. I mean, like why all this stuff that's getting, all this stuff that's getting pummeled down now. I mean, it's, that's the way I kind of view it.

[00:32:59] I think it's awesome. You think it's awesome. I do think it's awesome. The chaos. It, no, the chaos is a byproduct of the awesomeness. Look, if you don't sell your position, you didn't lose any money. Oh, the stock market. In the stock market. Right, right, I am raised in a, uh, in an environment. I am the fish that doesn't know it's wet. I've been raised in an environment that tariffs are inflationary, uh,

[00:33:27] and they tax the domestic consumer. That is the economic philosophy that I was, uh, under the belief that this is the norm. So I make no predictions on what this, uh, how this all shakes out. It could be very beneficial, but we'll see. Yeah. We'll see. What do we, uh, I forgot. I've been out of practice. It's okay. I took a Friday off and now here I am. I'm following your lead. I know. It's, which is weird because I'm used to following yours. Oh boy.

[00:33:57] Have you noticed that the view looks the same as the hangover? Oh my gosh. I, I guess it's still, I thought you meant the TV show. No, God, why would I bring them up? I don't know. You said the view. And I'm like, I'm not watching. we can mock the view. Well, you can't mock them enough. That's correct. That's the correct. Um, yeah. So I don't know how it shakes out. Yeah. Nobody. And I don't write and I don't pretend to, all I say is he better be right. Whatever it is that he is doing, he better be right.

[00:34:26] Cause if he's not right and this doesn't work out. Yeah. My fear is you see wipeouts of wealth, but also you see wipeouts of Republicans for a long time to come. That's my, that's really, you think it'd be, it'll, it'll be like that. If it's bad enough. Are you talking like great depression kind of a thing here? I did. I did reference the Smoot-Hawley. I heard it. Several times. I took great umbrage against that. You took umbrage at the Smoot-Hawley. Are you a, are you a smoother? No, but, but the reality is that the fundamental,

[00:34:56] I did a whole breakdown of that in the fourth hour last night. I had stuff. I know. Oh, the fourth hour. Yeah. Like, dude, I'm eating dinner, going to bed. You know, I was walking around the track trying to find, trying to find where we were. Did you, did you buy any, uh, parts? No, no. Okay. I don't, I mean, I, no, I figured I would leave them for the people because they may need that because of the tariffs. That's fair. That's fair. All right. That's Brett Winterbill. You can listen to him. Actually,

[00:35:26] I'm going to be right back with him. I'm sure he'll ask me more important things when we do that in a moment at three o'clock here on news talk, 11, 10, 99, three WBT pre-gaming with Brett. That's what we call it or pre-gaming with Winterbill either way. All right. That'll do it for this episode. Thank you so much for listening. I could not do the show without your support and the support of the businesses that advertise on the podcast. So if you'd like, please support them too and tell them you heard it here.

[00:35:52] You can also become a patron at my Patreon page or go to the Pete calendar show.com. Again, thank you so much for listening and don't break anything while I'm gone.