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- [00:00]
Jack Armstrong
This is an iHeart podcast. Guaranteed Human.
- [00:04]
Parent
With my mom and dad living in Orange county, when we bring my five and seven year old to visit, we are sometimes in for a two hour drive that could feel like 10.
- [00:12]
Camper/Parent
Oh, as an avid camper, I know all about this. We'll pack up the RV and know this is either going to be the trip of a lifetime or a complete disaster.
- [00:21]
Parent
Which is why we load up the iPads with Lingokids before we even pull out of the driveway.
- [00:25]
Camper/Parent
It's what dreams are made of. Lingokids keeps kids engaged and quiet with over 4000 interactive games, songs and and shows that kids simply cannot get enough of.
- [00:35]
Parent
You can pack whatever you think you'll need, but Lingokids is the only entertainment you'll need for a stress free car ride.
- [00:41]
Camper/Parent
Or really any ride, plane, train, hovercraft, whatever.
- [00:45]
Parent
Download lingokids for free today or unlock
- [00:48]
Camper/Parent
even more amazing content with LingoKids.
- [00:50]
Parent
Plus choose the yearly plan and save up to 60%. Search LingoKids in the App Store or
- [00:55]
Camper/Parent
Google Play LingoKids everything kids love do
- [00:59]
CarMax Announcer
you want to find a stress free way to buy your next car? Start at CarMax and shop your way. If you want to browse with confidence, get pre qualified online with no impact on your credit score and shop cars within your budget. From luxury cars to family rides, CarMax has options for almost every price range, including more than 25,000 cars priced under $25,000. So hey, want to get started? Just head to CarMax.com for details and get pre qualified today. Want to drive CarMax?
- [01:32]
Orderly Meds Announcer
Summer is here at Orderly Meds, we know this time is a reminder that life is full of new beginnings. Whether you're celebrating the nice weather, starting a new chapter, planning a vacation, or simply looking ahead to what's next, this season can be the perfect time to invest in yourself and your health. If you've struggled with weight loss and are curious about GLP1 medications, orderly meds can help you learn about your options. Through a simple virtual process, you can connect with licensed medical professionals who can determine whether treatment may be appropriate for you. Getting started is fast, convenient, and happens online from the comfort of home. This summer, consider a new approach to feeling your best. Visit orderlymeds.com podcast to learn more. That's orderlymeds.com podcast orderlymeds.com podcast because every new season is an opportunity to take the next step forward, compounded medications are not FDA approved, eligibility required and determined by a licensed provider. Individual results may vary. See website for details. Wasn't that Delicious.
- [02:34]
Jack Armstrong
So good.
- [02:35]
Wells Fargo Announcer
Your bill, ladies.
- [02:36]
Jack Armstrong
I got it. No, I got it. Seriously, I insist.
- [02:41]
Orderly Meds Announcer
I insisted first.
- [02:42]
Jack Armstrong
Oh, don't be silly. You don't be silly.
- [02:44]
Wells Fargo Announcer
People with the Wells Fargo Active Cash credit card prefer to pay because they earn unlimited 2% cash rewards on purchases.
- [02:50]
Jack Armstrong
Okay. Rock, paper, scissors for it. Rock, paper, scissors, shoot.
- [02:54]
Stephen Cates
No.
- [02:56]
Wells Fargo Announcer
The Wells Fargo Active cash credit card. Visit Wells Fargo.com ActiveCash terms apply.
- [03:03]
Ryan Reynolds
Ryan Reynolds here from Mint Mobile with a message for everyone paying big wireless way too much. Please, for the love of everything good in this world, stop with Mint. You can get premium wireless for just $15 a month. Of course, if you enjoy overpaying. No judgments. But that's weird. Okay, one judgment anyway. Give it a try. @mintmobile.com Switch upfront payment of $45 for
- [03:26]
Mint Mobile Announcer
3 month plan equivalent to $15 per month Required intro rate first 3 months only, then full price plan options available, taxes and fees extra. See full terms@mintmobile.com
- [03:35]
Stephen Cates
broadcasting live from the
- [03:37]
Joe Getty
Abraham Lincoln radio studio at the George Washington Broadcast Center, Jack Armstrong and Joe Getty. Armstrong and Getty. And now he Armstrong and get ready. Well, I've been abandoned. Joe abandoned me. He and his wife Judy are on
- [04:03]
Jack Armstrong
a
- [04:05]
Joe Getty
40th anniversary vacation starting today. You might check in at some point as they are going on a cruise in Alaska to Alaska. Around Alaska, not exactly sure. And Scott, Alaska in it. And even Heather Myers, our news person has abandoned me. So I'm completely alone. I feel rejected. Feel like I did in high school. Actually, that's what I do. I feel like I did in high school. Nobody, nobody likes me. I'm all alone. We do have some. I hadn't planned on starting with Iran, the war with Iran. And we are going to talk to I think Mike Lyons a little bit later in the show about that. I also want to talk to him about Russia and Ukraine. Is there some even more developments showing that Ukraine might actually win this thing? Anyway, got to say something about Iran. Some major breaking news around that. So the question for the past several days had been J.D. vance and Donald Trump making all kinds of claims that nobody can back up. And the Iranians are saying we didn't agree to that. And everybody wondering are they just lying or what is going on here? Well, guy at the head of the iaea, man, does that bring back memories talking about Iraq way back in the day, weapons inspectors. That was all the Talk back in 2003. We went on the air in San Francisco in March of 2003. Thank you, Gladys. Because the Iraq war wasn't coming and lots of talk about weapons inspectors and were there weapons of mass destruction and all that sort of stuff. And the IAEA was right at the center of it. And guy from the IAEA came out today and said, yeah, yeah, we're going to be back on the ground in Iran. We're. It's part of the deal with Iran and we've seen it with the language, and we will be on the ground inspecting or attempting to suss out whether or not they've got a nuclear program or not. So the IAEA is on board. Why Iran continues to say we didn't agree to that, I have no idea. I don't know if they just like jerking Trump around, jerking the world around, being naughty as they sign on to this agreement to show their, I don't know what it is, or if they have to say this for their domestic audience, not the college kids that were in the street before they got mowed down by machine guns who want the regime overthrown. But, you know, the people that wear all black and chant Death to America in the street, maybe they, and because there's still the millions of those people, maybe they have to, to that crowd, say, we didn't agree to that. The United States is not gonna dictate that we give up our nuclear program. According to the iaea, the International Atomic IAE Enforcement Administration. I think that's what it is. According to the iaea, they are going to be on the ground. And that's part of the agreement. So that's big news. That is big news. JD Vance wasn't freelancing and wasn't making it up, wasn't lying. Neither was Trump when they said, no, no, Iran doesn't know what they're talking about. That isn't part of the agreement. So maybe that other stuff is part of the agreement, too. I don't know. So we can talk about that later. The thing that is pretty big news is the clean sweep of socialist candidates there in New York, backed by Zoran Mandan Mamdani, the Communist mayor of New York City. He backed some socialist candidates. This is a primary. So this is Democrats running against the Democrats is one of those deals where at least in three races, the Democrats came out and said, no, we want somebody way to the left of the person that's currently in charge. And is this a really, really big deal? I think it certainly could be. It's a big deal in New York. Could it be a big deal for the whole country? I guess we'll see over time. But I was reading Mark Halperin's analysis today in his newsletter. Well, a couple of things that happened. So Hakeem Jeffries, who's the current leader of the Democrats in the House of Representatives, he will be the speaker of the House when the Democrats take back the House in November. I think it's a when, not an if. It's just by how much he will be the speaker of the House. They put him on the screen to congratulate one of those socialist candidates last night after they won, and the crowd booed him. That's how far out of step with the mainstream Democrat Party. Some of these people that won yesterday are. They booed the guy that's going to be speaker of the House in their own party. Hakeem Jeffries had endorsed the other person in that race, and another one of the races, Nancy Pelosi had endorsed the guy. It was actually the guy that was the leader of the prosecution in Trump's first impeachment. Forget his name. Goldman, I think. But anyway, established big deal, you know, ranking Democrat. And he lost to a Nancy. Nancy Pelosi had backed him, and he lost to one of the Mamdani socialist candidates. So Mark Halpern writing today that the most important implication of what happened yesterday is the continuing failure of, of the establishment of the Democratic Party in the media to accept, acknowledge and understand a simple historical fact. If the establishment had not rigged the rules and mobilized an inside game, Bernie Sanders would have been the party's presidential nominee in 16 and 20. The Democrats rigged the game to stop Bernie from being their candidate.
- [09:57]
Camper/Parent
Oh, my God.
- [09:58]
Joe Getty
The Democratic Party is way to the left of where the media and the leading Democrats think they are. The energy is way left of that. And he compares it to how the Republicans ignored, for instance, Ron Paul and Pat Buchanan and these, and these, these movements within the Republican Party for years and then got blindsided by Donald Trump when he comes along and, and found out that, wow, most Republicans are really happy, unhappy with what we've been doing for a long time and are willing to try something different. That is what has been happening in the Democratic Party for a long time. They wanted to elect Bernie. The establishment Democrats rigged the game so he couldn't get in there. But they pretended that that whole movement, you know, wasn't there. Well, lo and behold, it turns out they're still there. They're very energized. There's more of the young end of it, electing these socialist candidates. And is this going to start sweeping the country? And what does this mean when the Democrats Take back the House of Representatives that they're going to have a really loud wing of their caucus that could be quite loud in terms of making noise for socialists. We'll play some of the clips a little bit later. But the people that won last night chanting free, free Palestine, eliminate ice, eliminate prisons, government owned grocery stores. I mean, you know, all that sort of stuff. And. And wow. I say wow. So that's a pretty big deal. We've got a couple of political pundits we'll talk to over the next 48 hours about what that means. We got some foreign policy, military people about what's going on with the war and wars, I should say wars and all that sort of stuff. And then I'll have charming anecdotes from my life also that I will throw in. My youngest is headed off on a boy trip tonight. I drop him off at the airport and he's gonna be gone for a week. He's actually gonna be gone for three weeks out of like 24 days. So he's gonna only gonna be home for a couple of days in a 24 day period, in three week period. He's gonna go on these week trips, come back for like a day, do laundry, go back on a Boy Scout trip and stuff. Really involved with the Boy Scouts. But it's gonna be very weird for me because I have been having him around pretty much every day of his life because he's been homeschooled mostly every day of his life for since he was born and he's 14. And how am I going to adjust to this? I don't know. Am I going to sit in the corner and cry? Am I going to have a party? Haven't decided yet. Maybe I'll have a party where at the end of it I will cry because I've. I've had that experience also. So we got lots to talk about. I have a big list of headlines that we can mention. I'll run down some of the early guests we're going to have. We'll get to some of those soundbites from the people that won last night and how scary that is. As socialism sweeps, at least New York City, we'll see if it's going to start sweeping the, the whole country.
- [12:57]
News Anchor
Anyway.
- [12:57]
Joe Getty
We got to start the show officially before we get in trouble with the fcc. I don't want to end up in the Gulag. I'm Jack Armstrong, he's Joe Getty on this. It is Wednesday, June 24. The days are getting shorter. The year 2026, where Armstrong and Getty, and we approve of this program. Let's beginning the show roughly at mark, oil prices falling.
- [13:16]
News Anchor
Brent crude, the global benchmark, is now below $76 a barrel. You can see it right there. And this is notable. This is a milestone. This is the lowest level since the day before the war with Iran began four months ago. So basically, oil is now lower than it was at the time, right before the war. And also diesel has dipped below $5 for the first time since March.
- [13:42]
Joe Getty
How about that? That's what Trump wanted. I mean, if there's a reason Trump made this, what I think is a bad deal, it is because he needed to get oil down, gas prices down for the global economy and for the summer and the midterm elections and his approval rating and all that sort of stuff. And oil is now cheaper than it was before the war started. How about that? I did hear some analysis that I, I, I, I, I missed this. And if this is accurate, this could be a big deal. So Trump took a hit from a lot of people left, right, and center over the fact that Iran can now sell oil in dollars, US dollars, hard currency, for the first time in some areas of the energy production. It's been decades since they've been allowed to do this, and a lot of people, including me, were calling that. Why would you give in on that? Why would you allow that? What is this gift? The idea is Iran had been selling oil under the table to our enemies for a long time at a pretty dang high price because they had some, they had some leverage there over China, for instance, our number one enemy on the, our adversary on the planet. Call them an enemy, they could charge Iran a certain amount of money, say, yeah, well, we'll get you some oil under the table, but you're gonna have to pay for it. Now that they're allowed to sell it on the open market at the market value, they're actually gonna make less money than they were making before selling it under the table. Now, if that's true, and it certainly could be, that's a really interesting idea. And I, I certainly had missed that. Also shows you how all these sanctions just don't work. Been sanctioning Iran forever, sanctioning North Korea forever, sanctioned lots of countries forever, and they often end up getting to do whatever they want to do. But if Iran has to sell oil at the global price as opposed to they're jacked up under the table, I'm a drug dealer price. Wow, maybe that is, maybe that is a good thing. I'll have to talk to somebody about that. I found that very interesting. We'll come back with some of the headlines next. Stay here.
- [15:57]
Stephen Cates
Armstrong and Getty.
- [16:02]
Joe Getty
Armstrong and Getty here. For hims, there are all kinds of great weight loss approaches that fit into your world. Out there. They've got them at hims with a wide range of affordable GLP1 options. You've got weight loss goals, but hitting them is another story. Check out Weight Loss by hims. It's designed to support you in losing the weight and keep keeping it off. And HIMSS now offers access to an affordable range of FDA approved GLP1 medications, including the Wegovy pill and the Wegovy pen. Through hims, everything happens online. You'll connect with a licensed provider who will determine if treatment's right for you. And then if prescribed, your medication is delivered right to your door. No insurance necessary. Ready to reach your goals? Visit hims.comarmstrong to get a personalized, affordable plan that gets you. That's H I M S.com Armstrong hims.com Armstrong Weight loss by HIMSS is not available in all 50 states. WeGovy is the registered trademark of Novo Nordisk. As to get started and learn more, including important safety information, WeGovy clinical study information and restrictions, visit HIMSS.com mom, can I have Lingokids?
- [17:07]
Jack Armstrong
Dad?
- [17:08]
Joe Getty
Lingokids, please. When did we become the Lingokids house? No idea.
- [17:12]
Parent
Last week it was dinosaurs.
- [17:14]
Joe Getty
This week it's Lingokids. Why lingokids? Because it's the best thing ever. We can play games with astronauts, wild animals and superheroes. With more than 4,000 and interactive games, songs and shows, LingoKids is the number one entertainment platform for young kids. So no dinosaurs and dinosaurs Lingo kids everything kids love. Download it for free.
- [17:36]
Orderly Meds Announcer
Summer is here, which means we all want to look and feel our best. A GLP1 may be right for you. Visit orderlymeds.com to learn more about which GLP1 you could be eligible for. Getting started is fast, easy, and happens virtually through telemedicine from licensed professionals. Check it out for yourself. Go to orderlymeds.com podcast that's orderlymeds.com podcast. Taking care of yourself feels great. Compounded medications are not FDA approved. Eligibility required and determined by a licensed provider. Individual results may vary. See website for details. Wasn't that delicious?
- [18:09]
Jack Armstrong
So good.
- [18:09]
Wells Fargo Announcer
Your bill, ladies.
- [18:10]
Jack Armstrong
I got it. No, I got it. Seriously. I insist.
- [18:15]
Orderly Meds Announcer
I insisted first.
- [18:16]
Jack Armstrong
Don't be silly. You don't be silly.
- [18:18]
Wells Fargo Announcer
Silly people with the Wells Fargo active cash credit card prefer to pay because they earn unlimited 2% cash rewards on purchases.
- [18:25]
Jack Armstrong
Okay. Rock, paper, scissors for it. Rock, paper, scissors. Shoot.
- [18:29]
Mint Mobile Announcer
No.
- [18:30]
Wells Fargo Announcer
The Wells Fargo ActiveCash credit card. Visit Wells Fargo.com ActiveCash terms apply.
- [18:37]
Ryan Reynolds
Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same Premium Wireless for $15 a month plan that I've been enjoying. It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today. I'm told it's super easy to do@mint
- [18:54]
Mint Mobile Announcer
mobile.com Switch upfront payment of $45 for three month plan equivalent to $15 per month required intro rate, first three months only. Then full price plan options available. Taxes and fees, extra fee, full terms@mint mobile.com I ordered donuts.
- [19:08]
Joe Getty
Michael, Donuts are on the way. Oh boy. You happy about that?
- [19:11]
Stephen Cates
No.
- [19:13]
Joe Getty
You got the diabetes. Can you eat a donut? I can, but I eat a little at a time is what I do. How does that help eating a little at a time? Well, because I'm not taking a bunch of sugar in my body at one time, so I'll. I don't know anything about that. Yeah, so you, if you take in sweets, you should take in a little bit at a time so your body can like. Yeah. Metabolize the sugar as you go.
- [19:35]
WIX Harmony User
Exactly.
- [19:35]
Joe Getty
And also interesting. I drink water. I'll have protein with it. And so it's not just pure sugar going into my bloodstream. I didn't know that. Should we all be doing that or is that only. Does that matter to me? Should I be eating my donuts slowly? That's what I would do. I tend to jam the whole thing in my mouth and then chew it like a beaver or a squirrel or something and then swallow it in giant chunks. But that's one option. Interesting. I didn't know that. Okay, so go through some of the headlines. As I mentioned, Heather Myers also abandon abandoning me this week while I'm on my own. Everybody had headlines last night. I was looking at The Washington Post, New York Times, Wall Street Journal, LA Times, everybody. Mayor Zoran Mamdani emerges a power broker as three of his socialist backed candidates win against mainstream Democrats. This definitely could be a big deal. And we'll talk more about that later. As I said earlier, a couple of other things is from the New York Times. The war the world forgot. You probably don't even know this is going on. But it is brutal. Overshadowed by conflicts in Iran, Ukraine and beyond. The fighting in Myanmar's isolated heartland has reached new depths. And I read some of the paragraphs about this and there are places on this earth where people are fighting for their lives, giving up their lives to defend their families in wars that nobody is paying any attention to man. It is the history of mankind. This has always existed, probably always will exist. But it's just brutal, brutal, brutal, brutal. I don't know if there's any advantage in I actually don't know if there's any advantage in knowing about that or not. Does that help them any? If I know what's going on, does it help my soul any to know that's going on?
- [21:27]
Stephen Cates
I don't know.
- [21:28]
Joe Getty
That's a good question right there. I'll ask a philosopher, a priest and a hobo and have to give them, give their opinion. The TSA has a new idea, according to the Wall Street Journal. Listen to this. You go through your security in the suburbs. They have some sort of TSA checkpoint far away from the airport. You do your security there, then you take a bus to the airport. They're trying this in a couple of different places in the country. Wall Street Journal tested it out and we'll get to what they thought of it coming up a little bit later. I'm trying to picture that. So is this just like, I assume you'd be parking there? Yeah. So were they gonna have to have new parking lots or your park? I don't know understand the parking aspect of this, but you go through your security out in the suburbs, get on a bus and it takes you right to the airport. So at the airport itself, there are no long lines. I guess that's what they're trying to deal with. Is the hubbub there. If you want a little glimpse into what it's going to be like when the Democrats take the House in November. Senate Democrats, I don't think they're going to take the Senate, but they will take the House. Senate Democrats are calling for hearings over a secret 500 million dollar investment in the Trump family's crypto ventures that is going to start day one when the Democrats take over the House. All kinds of investigations into the Trump family finances. And won't that be fun to watch? The advice about solar panels is changing forever. It was known, you may have known this, it was seen as if you buy it outright, it can come out ahead. But the whole leasing thing, not so much. It may have flipped completely on its head now that federal tax credits are over. We'll have to look into this. If you're buying a house. You might want to know that leasing your solar now makes more sense than buying it outright. I'll get into a few of the details of that. And then this one. Tide. Remember the Tide Pods became a big deal. They're hoping you're gonna enjoy Tide Tiles. Tide Tiles are the new way of doing your laundry. Very exciting stuff. And then finally, from the Babylon Bee. I liked this one and it has disappeared from my phone and nevermind. That was pretty funny though. I thought, oh, here it is. Man on deathbed. Deeply regrets not spending more time arguing on Facebook. I like that one. We've got a little more in depth on some of the stories and some good guests coming up. If you missed the segment, get the podcast Armstrong and Getty on Demand Armstrong
- [24:00]
Parent
and Getty with my mom and dad living in Orange county, when we bring my five and seven year old to visit, we are sometimes in for a two hour drive that could feel like 10.
- [24:09]
Camper/Parent
Oh, as an avid camper, I know all about this. We'll pack up the RV and know this is either going to be the trip of a lifetime or a complete disaster.
- [24:18]
Parent
Which is why we load up the iPads with Lingokids before we even pull out of the driveway.
- [24:22]
Camper/Parent
It's what dreams are made of. Lingokids keeps kids engaged and quiet with over 4000 interactive games, songs and shows that kids simply cannot get enough of.
- [24:32]
Parent
You can pack whatever you think you'll need, but Lingokids is the only entertainment you'll need for a stress free car ride.
- [24:38]
Camper/Parent
Or really any ride, plane, train, hovercraft, whatever.
- [24:42]
Parent
Download Lingokids for free today or unlock
- [24:45]
Camper/Parent
even more amazing content with LingoKids.
- [24:47]
Parent
Plus choose the yearly plan and save up to 60%. Search LingoKids in the App Store or
- [24:52]
Camper/Parent
Google Play Lingokids Everything kids love.
- [24:56]
Orderly Meds Announcer
Summer is here. Which means we all want to look and feel our best. A GLP1 may be right for you. Visit orderlymeds.com to learn more about which GLP1 you could be eligible for. Getting started is fast, easy, and happens virtually through telemedicine from licensed professionals. Check it out for yourself. Go to orderlymeds.com podcast that's orderlymeds.com podcast taking care of yourself feels great. Compounded medications are not FDA approved. Eligibility required and determined by a licensed provider. Individual results may vary. See website for details. Wasn't that delicious?
- [25:29]
Jack Armstrong
So good.
- [25:30]
Wells Fargo Announcer
Your bill, ladies.
- [25:31]
Jack Armstrong
I got it. No, I got it. Seriously, I insist.
- [25:35]
Orderly Meds Announcer
I insisted first.
- [25:36]
Jack Armstrong
Don't be silly. You know me, silly people with the
- [25:39]
Wells Fargo Announcer
Wells Fargo Active Cash Credit card prefer to pay because they earn unlimited 2% cash rewards on purchases.
- [25:45]
Jack Armstrong
Okay. Rock, paper, scissors for it. Rock, paper, scissors. Shoot.
- [25:49]
Stephen Cates
No.
- [25:50]
Wells Fargo Announcer
The Wells Fargo Active Cash credit card. Visit Wells Fargo.com ActiveCash terms apply.
- [25:57]
Ryan Reynolds
Ryan Reynolds here from Mint Mobile with a message for everyone paying big wireless way too much. Please, for the love of everything good in this world, stop with Mint. You can get premium wireless for just $15 a month. Of course, if you enjoy overpaying. No judgments. But that's weird. Okay, one judgment anyway. Give it a try@mintmobile.com Switch upfront payment
- [26:19]
Mint Mobile Announcer
of $45 for 3 month plan equivalent to $15 per month required intro rate first 3 months only, then full price plan options available, taxes and fees extra. See full terms@mintmobile.com I'm no web designer,
- [26:29]
WIX Harmony Announcer
but WIX Harmony kind of makes me feel like one. It's an AI website builder where I just describe what I want and it builds the entire site for me with all the business tools I need. My favorite part, I get an AI agent named Arya who helps me think things through or get stuff done. WIX has been pioneering website tech for 20 years and they've done it again. Try it for free@wix.com Harmony that's wix.com
- [26:57]
Joe Getty
Harmony it's been quite amazing that during a war, and a war that in particular had a ton of unknowns throughout it, the stock market continued to set records. A lot of the reason the stock market has been setting so many records over the last couple of years is the all the AI tech stuff. The biggest companies in those top tier stocks that are driving so much of the gains, tech companies and they all got scared about AI just the other day all of a sudden at the same time, which is kind of interesting how that would happen like that. The Nasdaq, Nasdaq dropped 2.2% on Tuesday alone. The Philadelphia semiconductor index fell nearly 8% in one day. Stocks like Nvidia, AMD, Intel, Marvel, Micron, Sandisk all got hammered. What is going on there? I wanted to talk to an expert because I am certainly not. And Stephen Cates joins us. He's a finance expert, Clock Tower Financial Consulting. Stephen, thanks for taking a little time for us today.
- [28:02]
Stephen Cates
My pleasure. Happy to talk about this kind of thing.
- [28:04]
Joe Getty
Great. Cause. Well, is this the bursting of the tech bubble that a lot of people have been worried about or a mini burst or what is it?
- [28:15]
Stephen Cates
Honestly, it's neither. It's not a bursting at this point. I mean we can look at what the market has done just in the first six minutes of, of the market open, NASDAQ is up half a percent. Obviously that doesn't erase yesterday's drop, but it's not a continuation. We're not careening lower on the second day here. Yesterday was just a bad day.
- [28:41]
Joe Getty
Just, just a singular bad day, like with no greater significance.
- [28:46]
Stephen Cates
I mean, that's what it seems to be. I mean, you can look at, you know, where the market's moving and you know, if we were careening lower, opening another 2% down, well, that would certainly show some signs that there's continued concerns, you know, a risk off attitude from investors. But, you know, I think we've all been conditioned over the last couple of years to expect that, you know, if the market is, is not going straight up, that something is wrong. And that doesn't happen sometimes we do just have bad days. Yesterday there was a catalyst for that. Semiconductor stocks were down and down a lot. And going into yesterday's open in the U.S. south Korea, which is incredibly exposed to semiconductor stocks, was very negative. It fell 10% in their market. That happens before the US market opens. And so that did affect us. And that was one of the reasons that investors were a bit skittish yesterday. Micron has earnings at the end of the day today after the market closes. That's a big earnings announcement. They're a major player in the semiconductor space. So there are some things going on that investors are concerned about. But you know, this doesn't appear to be the bottom falling out of the market. It was a bad day. We seem to be slightly recovering today across the NASDAQ, the S&P, the Russell 2000, which is small cap stocks. And that's good to see that we're seeing a little bit of a bounce.
- [30:22]
Joe Getty
I just a couple of weeks ago opened a index fund for each of my teenagers, the high schoolers, to get them into, got the app on their phone and they can follow it on a regular basis and put their Christmas money in there and all that sort of stuff. And I thought maybe we get a crash and maybe that would be a good thing to have. Their first lesson of investing be that it doesn't always go up. I don't know.
- [30:46]
Stephen Cates
Well, it's not a bad lesson to have and I think to have those lessons early on is ideal. I learned that lesson firsthand actually, in the industry watching the great coming out of the great financial crisis. I didn't love that lesson, but it was a valuable one nonetheless.
- [31:05]
Jack Armstrong
I,
- [31:07]
Stephen Cates
you know, for a lot of people understanding the way the market Moves and what is and isn't normal is one of the most foundational things that you can understand. A lot of people have been conditioned to expect that the market just goes higher, that we get up, up, up all the time, 20% growth year over year over year. That isn't the case. We've been very lucky in the last five, even 15 years.
- [31:32]
Joe Getty
Yeah, I'm thinking we're going to time it perfectly for retirement to crash right when I need it. So I'm going to let you argue with Chat GPT. I asked it the question what can you tell me about the big tech sell off? And it said investors starting asking a question that they haven't asked much over the last year around the whole tech thing. Are all these trillions of dollars being spent on AI actually going to earn enough money to justify it? Is that a question the people are asking?
- [32:00]
Stephen Cates
I think that's a legitimate question to ask and certainly people are asking that. It's a question of how long will it take for this to play out. Is there really a thesis here that can bear out? In some ways when you look at companies like OpenAI or Oracle, you know, they're spending a lot of money, the revenue is not quite catching up. I think OpenAI financials leaked recently and they lost $20 billion last year or something to that effect. So that's not encouraging. But you know, it is a, it is a situation where, you know, a lot of the companies that are involved with OpenAI or backing some of these AI ventures like your Amazons, your Googles, your Microsoft, they are still incredibly profitable companies and still earning an enormous amount of money. Where things get a little bit dangerous is if they continue to make, you know, make the spending larger and larger to the point where the revenues never grow, but the spending keeps increasing and they have to take out additional equity or debt to supply the funding for this. That's where things start to get a little concerning. We are potentially crossing into that threshold and we need to see these companies and this debt actually start to pay off in some way. We're going to need small companies, regular companies actually, to see efficiency gains. We're not necessarily seeing that profits for major tech companies have been enormous. But you know, your small cap companies, your regular mom and pop shops, you know, the everyday businesses all around our cities and towns, are they getting any benefit out of this? Are they even using it? If the answer is no, then it gets a little bit concerning whether this actually has their there.
- [34:09]
Joe Getty
So Friday before last we were talking about FOMO fear of missing out around the whole SpaceX stock. And I didn't invest. If I had invested in SpaceX, would I be happy today or not? I haven't been checking.
- [34:24]
Stephen Cates
You're still happy, but you're not as happy as you were Wednesday of last week. Today, if you. I think, and I'll have to see exactly where it, it opened because I, I didn't, I didn't look before we talked. So price is about $151. It peaked at over 220, I believe, or 215 or so. So we're down considerably from, from where we were just a week ago. Almost everybody who bought, possibly everybody who bought post ipo. So in the secondary market you didn't get the IPO price, but if you bought after that, you may have already been losing money.
- [35:08]
Joe Getty
What you got, you got, you know, you know, I'll tell everybody to turn off, turn off the radio just now. It's just between me and him. Are you personally invested in SpaceX?
- [35:19]
Stephen Cates
No, I'm not. You're not? No. The, you know, it was exciting to watch. I think everybody probably felt that fomo, you know, where could I have gotten some, right, you know, shares, and then, wow, what a pop. I'm up 40%, you know, or whatever that was from Monday to, you know, Friday to Wednesday. But now, if you bought the secondary market, you're losing money. And that isn't surprising because 5% of the total SpaceX stock is available for buyers. There is going to be another 40 or 50% of that stock that's going to become available over the next 11 months. There's going to be an incredible amount of insider selling pressure. People who are part of the company, or they have been investors in the past when it was private, they're going to be selling their shares to actually create some liquidity for themselves, to actually utilize some of the wealth that they have created from being investors in SpaceX. That kind of supply coming into the market is going to push this price even lower. So there's not a good case for buying in now and expecting a profit over the next six or 12 months.
- [36:30]
Joe Getty
Okay, I'm really glad I asked. That's very interesting. I'm mostly in the prediction market. I've got a lot of money on whether or not Prince Harry and Meghan Markle divorce in the next year. That's mostly where I put my money. I regularly say that the stupidest mainstream reporting in all of journalism is economic reporting. Does mainstream economic reporting drive you crazy? Because the way they react to little market jigglings drives me nuts,
- [37:03]
Stephen Cates
and it probably should. I love that kind of news, but that's just me. I don't think most people do. It is important to not get so in the weeds where every little market movement, every little adjustment to every economic report sends you into a tizzy. You know, the media promotes that kind of attitude where we have to react to everything and you shouldn't. Whether you're, you know, investing for your retirement and you're just trying to keep your sanity, or whether you're trying to figure out how is the job market, can I change jobs, Can I buy a house? You know, reacting to every little nuance of the economy or the stock market is going to drive you absolutely bananas. You have to have a longer view and you have to try to make decisions with the information you have in the moment you have it.
- [37:54]
Joe Getty
If you could give me a short answer on this because I got a break and I appreciate your time, but the no spin, no politics. What's the state of our economy? Good, bad, poor. Excellent. I'll give you those.
- [38:09]
Stephen Cates
There are some good things, there are some bad things, and your circumstances are going to dictate sort of whether you feel, you know better or worse about that. Hiring is slow, but most people still do have jobs. If you want to buy a house and you are a first time home buyer, life is pretty terrible because you just can't get one.
- [38:34]
Joe Getty
That's interesting. That's like the old. It reminded me the old saying of it's a recession if you have a job. If you lose your job, it's a depression. I mean, it matters to your personal situation what the economy's like. It's very much so, yeah. Okay. Stephen Cates, appreciate your time. Finance expert, Clock Tower Financial Consulting. Thanks a lot for coming on on short notice about the tech stocks.
- [38:55]
Stephen Cates
My pleasure. Happy to do it.
- [38:56]
Joe Getty
Yeah, I need to talk to people like that regularly to calm down because as Joe says, everything's clickonomics and the money is to be made by the Wall Street Journal or CBS News or whoever to make it seem like whatever the stock market did up or down is a really, really big deal. When quite often it's not. It's just the market goes up and down. You gotta see trends over, you know, weeks or months to really start talking about it. I got more on that. But first I need to tell you about Simply Safe, which I absolutely love. Every time I pull away from my house, seeing the SimpliSafe sign right there to remind me that my house is Protected with the system that I ordered from Simplisafe, I went online, I customized it to the house that I currently live in. The cameras, the sensors, all the different sort of stuff. It comes in the mail fast. I set it up myself in about 30 minutes. They'll offer help to you if you want, but you can do it yourself. It's, it's super easy. You don't have to be some sort of, you know, handyman to be able to do that. And no long term contracts because Simply Safe believes you're going to like it enough to keep using it. And it's dang, dang impressive if you want the experience. The same peace of mind that I do every time I pull away from my house. Which is why we've partnered with Simplisafe to offer this exclusive discount to our listeners. Right now you can get 60% off and a free outdoor camera, which is essential on your new system by visiting simply safe.com/armstrong. Simply safe.com/armstrong. There's no safe like Simply Safe. Yeah, my, my kids, my, my brother actually had brought this up to them over Christmas and it took me five months to get it done. But they now have this, they both have a little index fund and, and hopefully I'm going to encourage them strongly to put birthday money, Christmas money, any money they earn from chores, that sort of stuff, at least part of it into that index fund and see how it grows. Valuable thing you've got. And you know this, once you're old and maybe you missed out, the most valuable thing you've got in investing more than anything else in the world is time. Time is the big multiplier. I wish I had done that. Everybody says that it's so hard to convince young people that I don't care how broke you are, put Money in your 401k. I do not care how broke you are, put money in your 401k. It makes so much difference. You just, it's so hard to imagine ever being old when you're, when you're 25. You think, I'm never going to be 60. It just ain't going to happen. It's weird that human beings deny the reality of the calendar the way we do. Anyway, that's a topic for a different day. We got a lot more on the way. Stay here.
- [41:37]
Stephen Cates
Armstrong and Getty.
- [41:42]
Parent
With my mom and dad living in Orange county, when we bring my five and seven year old to visit, we are sometimes in for a two hour drive that could feel like 10.
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Wells Fargo Announcer
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Camper/Parent
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Parent
Which is why we load up the iPads with Lingokids before we even pull out of the driveway.
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Camper/Parent
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Camper/Parent
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Camper/Parent
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Orderly Meds Announcer
Which means we all want to look and feel our best. A GLP1 may be right for you. Visit orderlymeds.com to learn more about which GLP1 you could be eligible for. Getting started is fast, easy, and happens virtually through telemedicine from licensed professionals. Check it out for yourself. Go to orderlymeds.com podcast that's orderlymeds.com podcast taking care of yourself feels great. Compounded medications are not FDA approved. Eligibility required and determined by a licensed provider. Individual results may vary. See website for details. Wasn't that delicious?
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Jack Armstrong
So good.
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Wells Fargo Announcer
Your bill, ladies.
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Jack Armstrong
I got it. No, I got it. Seriously, I insist.
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Orderly Meds Announcer
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Jack Armstrong
Don't be silly. You'll not be silly.
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Jack Armstrong
Okay. Rock, paper scissors for it. Rock, paper scissors. Shoot.
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Orderly Meds Announcer
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Wells Fargo Announcer
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Ryan Reynolds
Reynolds here for Mint Mobile. I don't know if you knew this, but anyone can get the same Premium Wireless for $15 a month plan that I've been enjoying. It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today. I'm told it's super easy to do@mintmobile.com
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Mint Mobile Announcer
Switch upfront payment of $45 for 3 month plan equivalent to $15 per month Required intro rate first 3 months only, then full price plan options available, taxes and fees, extra default terms@mintmobile.com I admit it.
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WIX Harmony User
I'm a control freak. Luckily the folks at WIX get it. That's why they created WIX Harmony. It's an AI website builder for people just like me. It lets you create any type of website super fast, but stay in control of every detail. You can even choose whether to use AI or click and edit things yourself until your website actually feels like you. Try it for free@wix.com harmony that's wix.com harmony
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Sports Announcer
with an eye on redemption. Superstar Cristiano Ronaldo finally scored in this World cup, then scored again. Portugal dominated in a 50 win over Uzbekistan. The 41 year old Ronaldo made history, the first ever to score in six World Cups.
- [45:04]
Joe Getty
Ronaldo such a big deal in soccer that I've actually heard his name and I've watched a total of three minutes of soccer cumulative in my life. I think although I might watch more this year if the USA continues to advance. I'm looking up at the TV the Tartan army which is taking over Miami right now. That's all the guys in kilts from Scotland that had been up in Boston. My niece up in Boston had been sending around pictures to the family of all the dudes in kilts riding around on the mass transit in Boston. So Scotland is Miami to play Spain. I think one of your big teams. Anyway, the Tartan army is down there and they're partying like crazy. I'm somewhat envious of the fun these people are having. I was reading some analysis of this, these, particularly these European countries and their fans and how, how into their country are and people were trying to make the argument that like, see the European Union doesn't work because look how much pride these people have in their individual nations. They aren't rooting for Europe the way we root for the United States. They're rooting for their individual countries. You got the English fans and the Scottish fans and different fans from the different. But I don't know if that works because we all root for the United States. But individual states root hard too, individual colleges certainly and everything like that. So I'm, I'm not sure that argument holds water. But continuing to love the stories of the various people from other countries visiting the United States for the World cup soccer who are enjoying our hospitality. Listen to this.
- [46:40]
Sports Announcer
England, meanwhile, had a disappointing draw against Ghana, but their fans still found things to be excited about.
- [46:46]
Joe Getty
I had a lobster roll on the
- [46:48]
Stephen Cates
pier and my God, it was amazing.
- [46:51]
Sports Announcer
International fans are falling in love with good old fashioned American hospitality.
- [46:56]
Joe Getty
We're getting such a warm welcome everywhere we go from the serving staff. Also just people that we need in
- [47:01]
HomeServe Announcer
the street as well.
- [47:02]
Joe Getty
Yeah, we're loving it.
- [47:04]
Sports Announcer
Organizers hope that Enthusiasm creates an economic boom estimating $1 billion for Boston alone, 17 billion across the U.S. we are
- [47:15]
Joe Getty
a nice, welcoming, friendly country, but I wonder if part of it is a whole bunch of people who have been misled by their own media with the anti Trump hateful this and that for so long that they expected something way different. So their expectations were way off. And then they get to the United States and find out there's just a whole bunch of happy people wanting to party there at the soccer games. It's not, you know, the politics the way you're seeing on your TV screen or newspaper every single day. Maybe that's part of it. Their expectations were out of whack because of the crazy media coverage in the Trump era. So this is kind of an interesting development, the way things currently stand in the polling. The United States will play Bosnia Herzegovina July 2, the day before Iran plays Czech Republic in the same bracket. If we win and Iran wins, we'll play Iran while we're at war with Iran, which is kind of interesting because we're at war with the country. But, you know, as we found out with the women's Iranian team a couple months back, the Iranian players would happily defect here in a moment if their family back home wouldn't be jailed or tortured. So it's not like we're at war with the the players, but it's still kind of interesting. We got a lot more on the way. We are going to check in on the war with Mike Lyons a little bit later to see where things are going. We're going to talk to Tim Sandifer, fan favorite, about his book and the founding and stuff as we get close to the anniversary and maybe some of the Supreme Court rulings that came out yesterday. So that'll be an hour too.
- [48:55]
Stephen Cates
If you miss it, get the podcast Armstrong and Getty.
- [49:00]
Joe Getty
Mom, can I have Lingokids? Dad, Lingokids, please? When did we become the Lingokids house? No idea.
- [49:06]
Parent
Last week it was dinosaurs.
- [49:08]
Joe Getty
This week it's Lingokids. Why lingokids? Because it's the best thing ever. We can play games with astronauts, wild animals and superheroes. With more than 4,000 interactive games, songs and shows, LingoKids is the number one entertainment platform for young kids. So no dinosaurs and dinosaurs, mango, kids, everything kids love. Download it for free.
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Orderly Meds Announcer
Summer is here, which means we all want to look and feel our best. A GLP1 may be right for you. Visit orderlymeds.com to learn more about which GLP1 you could be eligible for. Getting started is fast easy and happens virtually through telemedicine from licensed professionals. Check it out for yourself. Go to orderlymeds.com podcast that's orderlymeds.com podcast taking care of yourself feels great. Compounded medications are not FDA approved. Eligibility required and determined by a licensed provider. Individual results may vary. See website for details.
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Ryan Reynolds
Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same Premium Wireless for $15 a month plan that I've been enjoying. It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today. I'm told it's super easy to do@mintmobile.com
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Mint Mobile Announcer
Switch upfront payment of $45 for 3 month plan equivalent to $15 per month required intro rate first 3 months only, then full price plan options available, taxes and fees, extra fee, full terms@mintmobile.com I admit it.
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WIX Harmony User
I'm a control freak. Luckily the folks at WIX get it. That's why they created wix Harmony. It's an AI website builder for people just like me. It lets you create any type of website super fast, but stay in control of every detail. You can even choose whether to use AI or click and edit things yourself until your website actually feels like you. Try it for free@wix.com Harmony that's wix.com Harmony
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