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Jack Armstrong
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Joe Getty
Did you know.
Jack Armstrong
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Joe Getty
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Jack Armstrong
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Joe Getty
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Jack Armstrong
With guardrails in place, Try Greenlight Risk free today@greenlight.com iheart the New Year's here. It's the perfect time to refresh those household essentials and score some cash back rewards with Colgate Palmolive from toothpaste to dish soap, chances are you've got Colgate Palmolive products on your shopping list and in your house. Right now we're talking brands like Colgate Soft Soap, Palmolive, Irish Spring, Fabuloso, and Toms of Maine. And right now you can get up to a $10 digital Visa prepaid card when you buy up to $30 of Colgate Palmolive products. Here's how it Spend $20 on their products, get $5 spend $30 get a $10 reward. All you do is shop your favorite brands, snap a pic of your receipt and upload it to cprewards.com it's so easy. That's cprewards.com so grab what you need. Or maybe try something new and get rewarded just for doing your usual shopping. And start your year fresh by earning cash back rewards with Colgate Palmolive rewards available while supplies last. Limit Supply U.S. only 1125 through 331 25. For full terms and conditions, visit CPR.
Ryan Seacrest
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Jack Armstrong
Studio at the George Washington Broadcast Center, Jack Armstrong and Joe Getty.
Joe Getty
Armstrong and Getty.
Ryan Seacrest
And now, here's Armstrong and Getty. Moments after President Trump announced his tariffs against Canada, Mexico and China, we saw quite a tumble on the stock exchange. The Dow closing down more than 600, almost 650 points, as economists sound the alarm that these tariffs are going to be passed on to the American consumer, with the prices of cars, electronics and shoes expected to go up.
Joe Getty
So midnight last night, the 25% tariffs on Mexico and Canada took effect and then the extra tariffs on China, which again, as we kept saying, keep saying, is a different topic, a different, A different war. But first of all, I just went to the vending machine to get an avocado like I do every day on the show.
Ryan Seacrest
$47 sound like an apple?
Joe Getty
Yep, $47 for an avocado because of the tariffs they did last night. I want to, as a free speech guy, ban all media outlets from ever using the stock market going up or down in an hour or a day as evidence of anything. I just. That's just a ridiculous way to look at anything. Really. It has already your 401ks have taken a hit because of the. Or already Americans are rejoicing because the stock market has gone. You can't draw any conclusions in one day or one hour or one afternoon of stock market reactions. You just can't.
Ryan Seacrest
The great original sin of that was when Trump was first elected and the Trump stock plunge, or whatever they called it, and it had completely turned around by noon the next day.
Joe Getty
Right?
Ryan Seacrest
But it's funny, they were very busy that second day and couldn't report that turnaround. Now, having said that, I will tell you this. I think it's important. It's a important preamble to the discussion that will follow while you talk.
Joe Getty
I'll munch on my $47 avocado.
Ryan Seacrest
Savor that thing, man. Say every bite. Roll it around in your mush. All right, here's the deal. We neither cheerlead every single thing Trump does, nor do we hammer him for everything he does. Like most of the media these days, which are very, very tribal, we just try to figure out what's actually going on and form an idea of how things are going to work and affect you in your lives. If you are not into that, if you would rather have the aforementioned constant bashing and or praising, we wish you well, certainly in your future endeavors. Anyway, having said that, I want more than anything for the economy to be good, of course, for my retirement savings to hold up, for inflation to be under control, for the housing market to become more normal and the rest of it. Um, but I am worried about this tariff thing, especially if it lasts for a while. It doesn't make sense to me on a lot of levels. And, and as Jack said, the China thing. China engages in communist finance dumping of goods across the globe to try to drive global competition unfairly out of business. And then they will stand astride the globe as the manufacturing colossus and we will all have to kiss their asses. I despise China and the Communist Party. I despise what they're doing. There should be stiff tariffs against them. We should uncouple from them as quickly as we can. China's over there. The Canada, Mexico thing, the justification for the high tariffs against two of our biggest trading partners and neighbors is that we have a national emergency, Fentanyl killing six figures worth of Americans. That's a pretty good emergency. And immigration. Millions of people flowing in, sucking up services, many of them criminals. Lawlessness in general. All right, I'll give you that. The problem, though, is that the percentage of fentanyl, and I had these numbers a week ago, but the percentage of fentanyl that comes in over the Canadian border is practically none of it. And likewise the illegal immigrants. The Canadian border is just a tiny, tiny fraction of, you know, the problem. And the amount of American manufacturing that's flowed to Canada after the two big trade deals, the Clinton deal, and then when it was updated and Trump negotiated, blah, blah, blah. The amount of American manufacturing that's flown to Mexico is fairly significant, but to Canada, it's practically none. So, okay, so you've got that, and then you've got the fact that this will inevitably, and Trump has recently admitted this, cause pain in the pocketbook for Americans. It will raise prices on a surprising array of things, especially because the manufacturers that are still here need steel and aluminum, for instance, or lumber. We're about to start a remodel project. And. And I just see that price tag going up, up, up. As you know, Canadian imports get 25% more expensive, maybe. I just. I think this is a huge gamble on one of the two issues that got Trump elected. The border, doing great, fantastic. I mean, there are hiccups, but of course there are going to be hiccups. And the economy, specifically inflation. And if this screws up the economy and inflation and the good solid working class people of America who've really been struggling because globalism has left them behind. If they get hammered again by this, it's be really, really bad for Republicans.
Joe Getty
So the President of Mexico, whose name sounds like she's the president of the Prime Minister of Israel as opposed to the Prime Minister of Great Britain, whose name sounds like he's the Prime Minister of Germany. They all got to get sounds like.
Ryan Seacrest
He'S the bad guy in a Nazi movie. Keir Starmer.
Joe Getty
I want everybody to get names that sounds like the country they're from just so it's easier for me.
Ryan Seacrest
It's not at all bigoted. That's fine. Well, it's been shine bomb. Your new last name is Gomez to make Jack more comfortable.
Ashley Kineti
Yes.
Ryan Seacrest
What's the way I've spent most of.
Joe Getty
My life, you can count on people's names sounding like the country they're from.
Ryan Seacrest
Folks, this is the ugly American that people speak of right here.
Joe Getty
But the president of Mexico has said that there will be retaliation from Mexico to these 25% tariffs taking effect today. I don't know what Justin Trudeau's doing. He's probably. As soon as he gets out of ballet class, he'll probably take a look at how they're gonna handle it.
Ryan Seacrest
Well, he's getting his hair frosted today, so it's gonna be at least noon till he responds. On the other hand. On the other hand, and this bothers me too, I love Trump mocking Justin Trudeau. Obviously, we're not against that around here, but he's gone so hardcore at Canada and mocking Canada itself and then the tariffs and various, you know, declaring it a state and all. He has really fired up Canadian patriotism and really, really hurt the conservative guy Poliev, who was looking so good going into the federal elections, which are coming up soon. Who knows how. The way they run elections in Canada, nobody can keep track. One poll showed that 4 in 10Americans see Polly Evan Trump is alike and that hurting him as Canadians increasingly associate Polly have to Trump's negative rhetoric aimed at Canada. He is undermining Trump is undermining a switch to sanity and, and, and toughness in Canada because Canadians are so pissed off about what Trump is saying.
Joe Getty
Interesting.
Ryan Seacrest
Yeah, yeah. Might be a miscalculation. Who knows? I found this very interesting.
Joe Getty
You'd hate to see old blackface Trudeau's party do good just because of that.
Ryan Seacrest
Oh, yeah. Oh, that would be galling. I mean, it's their election. They could do whatever they want. But, man, I was excited about Paulie of having a chance to. To come in. Remember, he's the apple munching hard ass.
Joe Getty
All right.
Ryan Seacrest
It was, you know, John, with that reporter and one of our favorite clips of last year. It's just terrific. All right, so here's. I found this very, very interesting. Of course, I'm a geek. How will the tariffs, if they last, actually affect prices in the country? Don't want to rush through it. Why don't we take a break?
Joe Getty
Okay.
Ryan Seacrest
I promise you'll find this interesting too, if you don't write a strongly worded email to us.
Joe Getty
Hey.
Ryan Seacrest
Which I will not read.
Joe Getty
Does it look to you like the Pope's on his way out?
Ryan Seacrest
If they had betting, like, what's the big betting market that everybody talks about these days? It's not predicted. It's the other one that's like offshore.
Joe Getty
Why you can bet on whether the Pope's gonna die. That seems.
Ryan Seacrest
I was gonna say if you, if you could, I don't think that would be a bad wager. No. He's a very old man. He's been fighting pneumonia. They're helping him breathe.
Joe Getty
Two respiratory crisises yesterday and using a tube for oxygen. You know, if you got an old relative that age and you'd think I might want to get close.
Ryan Seacrest
Yeah. You're not going to say, I'll go see him in October.
Joe Getty
So then we're going to go through the whole thing with the white smoke and the picking a new Pope.
Ryan Seacrest
And I'm about as interested in that as I am in the Oscars. Joe's going to be when it's over.
Joe Getty
Joe's going to explain tariffs and all that. Coming up next. Stay here.
Jack Armstrong
Armstrong and Getty.
Unknown
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Jack Armstrong
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Ryan Seacrest
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Unknown
Tariffs can bring good paying jobs back.
Ryan Seacrest
Here to the United States of America.
Unknown
They protect critical industries here at home. And President Trump is serious when he.
Ryan Seacrest
Says he wants to make America the.
Unknown
Manufacturing superpower of the world.
Ryan Seacrest
And we have the ability to do it.
Unknown
We have the best resources and the best people.
Ryan Seacrest
But unfortunately, we've been ruled by a political class that has sold us out for far too long.
Joe Getty
That's the White House press person or spokesperson on Hannity last night with the best spin on the tariffs. Mary Kathryn Ham, who you regularly see on Fox and is pretty Trump friendly, said, if it were me and I'd inherited a soft economy at best and promised people to address their cost of living issues, I wouldn't do the one giant obvious thing that would risk price hikes and also make it easy to pin any outcome on me. That's from.
Ryan Seacrest
I agree with Mary Catherine completely. That's from someone on the right. Caroline Levitt in what she said was 50% right and 50% completely wrong. But she's there as an advocate and a litigator. I get it. But it was way, way sunshiny just to answer her very quickly. There isn't time to seriously revive some of the American manufacturing. I wish it were more doable in a lot of ways. I don't hate the idea, but you just. Trump has three and a half years left and unless his like a JD Vance gets selected and Congress goes along with this stuff, you know, revitalizing American manufacturing is gonna take a long time. And the idea that we'll be the manufacturing leader of the world, that is completely impossible. Our wages are too high. It'll never happen. Can we grow it and improve it and step back from globalism? Some. Yes, some. Having said that, I thought this is really interesting, worth getting into. So President Trump is imposing tariffs on a range of products and countries. How much will you pay more? What will that do to inflation? The answer is not simple, and it's surprisingly hard to answer. For example, a 10% tariff on shoes from China would raise their sticker price 4%, probably wine or olive from Italy. A 10% tariff would raise it about 10%. Why the difference? Tariffs aren't the only factor at work. And I'm going to be quoting the Wall Street Journal and Moody's that did a big analysis of this. Currency changes, the availability of alternatives and the pricing strategies of producers and importers all play a part. All of this affects the pass through, which is how much of the tariff we pay as consumers. So for this analysis, they did a 25% on imports from Canada and Mexico, 10% on all others plus the the extra tariff on China. That's. That's a lot. I don't even remember. He's piled another 10% on it. But the knockoff effects are sometimes not intuitive. For instance, here's an easy one to understand. Moody's analysis suggests a 10% tariff on a tablecloth from India would only raise the final price 2%. Because you can get a tablecloth anywhere, they're more or less the same manufactured anywhere, nobody cares, particularly where they come from, so they've got practically no room to raise prices. The same would probably be true of clothes, spare parts and accessories for cars, and some common cosmetics. Moving on Higher prices on Italian wine don't drive down consumption much. If my favorite bottle of wine goes up 10%, I'm gonna buy it anyway. Sellers are more likely, especially as a second and third ones sellers are much more likely to pass through the full 10% tariff, betting they won't lose many consumers as a result. So Italian wine is a niche product, accounting for a small share of US Total wine consumption. So the total impact on wine prices is like a third of a percent. But this example illustrates how tariffs on one product can raise prices throughout that group. A California winemaker would probably nudge up her price as well, earning fast. As long as her new hire price is lower than the tariff alternative, she might pick up some market share and might as well try it.
Joe Getty
Wow.
Ryan Seacrest
The wine wholesaler also plays a role. Faced with a higher import bill for Italian wine thanks to new tariffs, the wholesaler might decide to raise prices for alternative wines in his warehouse to compensate for the lost profit on the Italian stuff. Of course, he might decide to do the opposite and swallow the lost profit on the tariff, hoping to grab market share from competitors who instead pass on the price increase to consumers. But you're not sure who's going to do what until they do it. Tariffs are most keenly felt when imported or domestic alternatives are unavailable or the affected product commands a significant premium. Even if tariffs raise the price of latest iPhone, Apple fans will probably still buy it. Video game consoles and their software fall into a similar category. Video gaming is dominated by a handful of players, mainly Nintendo, Sony, and Microsoft. Many of the physical game consoles are made in China, and gamers won't just swap in another machine to keep playing. That gives producers and importers real power to jack up prices for consumers. To offset the pain of tariffs, the Moody's analysis suggests that nearly all of the 10% additional tariff on game consoles from China would be passed through to consumers, raising the price of a $500 machine to $548. Oh, man. I'm not sure we have time to talk about cars, but Mexico is the top foreign supplier of passenger cars and sport utility vehicles in the U.S. 23% of imports last year. Tariffs on Mexican made cars would likely mean not just higher prices for vehicles shipped across the border, but on all cars as other manufacturers and dealers see a chance to eke out more profit while gaining market share. Then you've also got. And a lot of folks have brought this up. It's super interesting when you learn about it, but a part that ends up in your car in America might cross the U.S. canadian border three, four, five times before you fire up the engine and drive off the lot. Really, as a simple part becomes part of a mechanism that's assembled in the US that's then put into a much more complicated mechanism that's built in Canada, then put back in the car to be assembled in the U.S. or maybe Mexico.
Joe Getty
So a piece that, that goes into a carburetor, crosses from Mexico in the United States, they put it into the carburetor, send the carburetor to Canada, maybe where they're assembling the engine, the engine comes back across the border into the United States.
Ryan Seacrest
Yeah, exactly.
Joe Getty
Interesting.
Ryan Seacrest
Yeah. And if there are tariffs every time that happens, it could be insanely complicated and expensive. And the other thing we really don't have time to get into, but it's simple enough to understand is all of these other countries are imposing retaliatory tariffs which are really going to hurt American exports, which we're supposedly trying to beef up here. And it might work in long term. Again, I'm not an anti Trump knee jerk guy. I'm just highly skeptical of how well this is going to work. And farmers are going to take it in the pants because commodity prices are going to drop as retaliatory tariffs hurt American farm exports. So this is an enormous gamble by Republicans in the Trump administration. And I just, I don't see it working out well. I hope I'm wrong.
Joe Getty
I realize every car has EFI now and I'm not wanting to argue with you about carburetors, just trying to make a point about how that would work. Okay.
Ryan Seacrest
Stay here.
Unknown
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Jack Armstrong
The New Year's Here. It's the perfect time to refresh those household essentials and score some cash back rewards with Colgate Palmolive. From toothpaste to dish soap, chances are you've got Colgate Palmolive products on your shopping list and in your house. Right now we're talking brands like Colgate Soft Soap, Palmolive, Irish Spring, Fabuloso, and Tom's of Maine. And right now you can get up to a $10 digital Visa prepaid card when you buy up to $30 of Colgate Palmolive products. Here's how it Spend $20 on their products get $5 spend $30 get a $10 reward. All you do is shop your favorite brands, snap a pic of your receipt and upload it to cprewards.com it's so easy. That's cprewards.com so grab what you need. Or maybe try something new and get rewarded just for doing your usual shopping. And start your year fresh by earning cash back rewards with Colgate Palmolive rewards available while supplies last, limit supply US only 1125 through 331.25. For full terms and conditions, visit cprewards.com how to have fun anytime, anywhere Step.
Ryan Seacrest
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Jack Armstrong
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Unknown
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Joe Getty
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Ryan Seacrest
Ameca Empathy is our best policy. 64 days till the government's real ID requirement takes effect. And while the TSA says it has.
Joe Getty
The flexibility to phase in enforcement, it.
Ryan Seacrest
Is strongly urging anyone planning to fly to have a real ID or passport by May 7. To get a real ID, you'll need to provide an ID or documentation that includes full legal name, DOB, Social Security number, lawful status, and two proofs of address, which could include a payroll stub, rent or mortgage payment. Real IDs have a star in the card's upper corner, while California has a bear and a star.
Joe Getty
What percentage of people have done this so far? Gotten their real id?
Ryan Seacrest
What's. What's funny about this? And remember that this was passed in the wake of 911 to make sure hijackers couldn't get on planes with fake IDs forgotten.
Joe Getty
It's just. It's like my trying to open the bank account for my son a couple of weeks ago. No, because of the Patriot act. Because of 9 11. You need to have his birth certificate to open your son's checking account. Savings account. Are you kidding me? Anyway, back to you.
Ryan Seacrest
Oh, unbelievable. Well, I think I have one, but I've lost track. I don't know. It's ground on so long and they've. There's been so many postponements and I don't.
Joe Getty
I know.
Ryan Seacrest
Announcements that they retract you. When. When did you last renew your driver's license?
Joe Getty
I have no idea. I'd have to look. I'd have to reach it in my pocket.
Ryan Seacrest
Exactly.
Joe Getty
Who's got the time?
Ryan Seacrest
Exactly.
Joe Getty
All I know is, like, I bought a ticket the other day for my son's birthday. We're doing something. But Southwest always says, remember to get your real ID by. And they've been warning me this for years. And every time I look at that, I think I can picture. And, you know, Gladys could play the harp. I can picture what's going to happen in the future. And I always. I do it every time I see the warning on Southwest Airlines. Make sure you have your real ID by whatever date it is. I think I'm going to go to the airport for some big trip. I'm going to get there and they're going to say, we don't take driver's licenses anymore. We've been warning you for three years and you never did anything. I know that's going to happen. Yeah, I know it's going to happen. Oh, man. Oh, well, what are you going to do?
Ryan Seacrest
Well, you know, Osama bin Laden and the events of 24 years ago. So this is interesting, dovetailing off of our conversation last segment about tariffs and inflation, economic risk and that sort of thing. The one thing, and I underemphasize this, and I shouldn't have, the one thing that the business really wants, and by extension the stock market, is some level of certainty. So they can do planning and investment. And there it's hard to picture more uncertainty than is going on right now. Unless, you know, China attacks Taiwan or whatever. I mean, there's always more. But the markets, as of when we're speaking now, if you're listening in the future via podcast, are down about a percent and a half. All of them, the NASDAQ's into correction territory. Of course it was overheated. And we don't leap to conclusions based on even a day's worth of the stock market. But they're rattled, no doubt. Although as I look at the chart of the day so far, it looks like for now the market has, and this is my favorite expression in the stock market, Michael, do you remember what it is? Come on now, I've been teaching you this for years. What's my favorite? No, that's a good one though. Buy the dip. Buy the dip. No, my favorite expression is the markets appear to have found a firm bottom.
Joe Getty
Oh, wow. We all like that.
Ryan Seacrest
Yeah. So they bounce back a little bit from their lows, but who knows? It's early in the trading day and it. Anyway, markets and businesses are very rattled. I think this is an enormous gamble by Trump and I'm not sure he's gonna win at it, but we'll all find out together.
Joe Getty
So normally I wouldn't bring up on the air an 80 year old singing star spouse dying because I think you don't care or you don't know who they are or whatever, but for whatever reason, Dolly Parton seems to span generations. And even young people are aware of Dolly Parton for a variety of reasons, of reality shows or I don't know what it is, but everybody seems to know who Dolly Parton is and she.
Ryan Seacrest
Just, she's so utterly uncontroversial and loved.
Joe Getty
Yeah, her husband died yesterday and she wrote a moving piece about it on her Instagram, but I didn't. Nobody knew much about her husband. Many people wondered if she actually had a husband. When I was a kid, I mean, this is going way back to the 70s and 80s. She would go on Johnny Carson and talk about, you know, my husband Carl and, and, and just, you know, make jokes about husband Carl and And there was some belief that she always brought up having a husband just so guys would leave her alone because she was so freaking hot. And. And, you know, you never saw him or anything like that, but. No. She had a husband, Carl, for 60 years. They met when. At the Wishy Washy Laundromat in Tennessee when she was 18. She thought he was handsome. He thought she was the hottest thing he'd ever seen. And he first saw. He thought, I'm going to make her my wife. And they started talking and they went out and two years later they were married and they were together for 60 years. And he did a name for an.
Ryan Seacrest
Old Timey Laundromat, too.
Joe Getty
Yeah, the Wishy Washy. That's fantastic. And he did an interview 10 years ago when they'd been married for 50 years with entertainment magazine, where he said, my first thought when I saw her is, I'm going to marry that girl. And that was the day my life began. I wouldn't trade the last 50 years for nothing on earth. And she says the same thing about him. One of those absolutely amazing love stories. Being together all that time. Never had kids in the 60 years. And, you know, it's not easy as you've all. As we've all witnessed the whole show business marriage. And she's a sex symbol. And, you know, those things don't often go well, but it did for them. Interesting nugget, the song Jolene, which also spans many, many generations. She wrote about a bank teller who kept hitting on her husband and she thought he was going to the bank an awful lot lately. And this hot bank teller, cute bank teller was hitting on him a lot. And she wrote the Jolene based on. On those feelings she had.
Ryan Seacrest
Oh, wow.
Joe Getty
Yeah.
Ryan Seacrest
Wow.
Joe Getty
There's nothing more to it than that. Yeah.
Ryan Seacrest
She's also a bit of a magnate, too. Oh. Successfully translated her brand to the Dollywood franchise. And that's. Yeah.
Joe Getty
And one of those just amazingly positive people that just have the I'm gonna do it and overcome anything sort of attitude. Which leads me to another thing that I came across last night. I don't know how many of you are familiar with St. Teresa of Avila, one of your Catholic saints, which maybe the Pope will be visiting soon based on his current health, but.
Ryan Seacrest
Oh, in person, you mean?
Joe Getty
Yeah.
Ryan Seacrest
Like a shrine.
Joe Getty
No. Yeah. I'm assuming too much here. St. Teresa of Avila lived in the 1500s. So she's been dead for. She. She passed for quite some time.
Ryan Seacrest
Sometimes she will be missed.
Joe Getty
Yeah. And one of my favorite prayers of all time, whether it's a prayer of a philosophy is hers that is fairly well known. Don't ever be frightened. Don't ever be disturbed. Everything is changing. Basically, it's the idea that, you know, things are good now, things are bad now, whatever. Things are constantly changing. So, you know, just make your way through it.
Ryan Seacrest
So if there's a bear charging after me like it's the revenant, I'm not supposed to be frightened or disturbed because there was no bear chasing me a minute ago. Now there is. And that's the sort of change St. Teresa told us to expect.
Joe Getty
Exactly.
Ryan Seacrest
I'll pray as hard as I can. I'm not sure that one's going to take.
Joe Getty
You're a nitpicker on philosophies. That is for certain.
Ryan Seacrest
Anyway, you.
Joe Getty
Anyway, yes, she wrote an autobiography. And I just came across this information yesterday, which I thought was really interesting. She wrote an autobiography way back in the 1500s and talking about her addiction to novels about knights and chivalry and how much time she was wasting reading them. And she just couldn't stop. And she knew it was getting in the way of her devotion to God. And I just thought, what an interesting thing.
Ryan Seacrest
So Hallmark movies of the 15?
Joe Getty
Yeah, yeah, exactly. And if you're a Don Quixote fan, which was written in roughly 1615, he was a contemporary of Shakespeare. So Don Quixote is basically about a character who's kind of mentally ill. But he. In the hot books in the 1500s were in Spain, were all about knights and chivalry, and they were just like the paperback book that everybody loved so much. And Don Quixote got obsessed with them and wanted to be one of those characters. Well, apparently she was reading those books and became obsessed with them herself and couldn't stop reading in this. Just like I wasted another day reading, you know, knight's books. When am I going to get my act together and start devoting my life to God like I claim I am? And I just thought that is fascinating.
Ryan Seacrest
Well, yeah, on a couple of levels. Number one, what a charming revelation about somebody who lived many centuries ago. And secondly, you know, to the great guiding conservative viewpoint, human nature doesn't change. You're not going to reform humanity. You got to accept humanity and design systems with incentives and disincentives and equal justice for all and blah, blah, blah, because we're not all going to turn into saints when our progressive overlords have taught us well enough. But it's funny, I use the term saints. She's literally saint and couldn't stop reading the damn book. Wow. Wow. That is something.
Joe Getty
Something. It's just part of being a human being battling the wasting time on, you know, whether you're binge watching a Netflix show or, you know, whatever it is you're doing, it's just so easy to do and something I know, I try to fight every single day.
Ryan Seacrest
Yeah, yeah. I think everybody on the show and in the audience is thinking a little close to home what's mine. Yeah.
Joe Getty
About whatever it is. And we all, I think, know when we've crossed the line and they're not wrong with watching a Netflix series. Nothing wrong with reading a, you know, a meaningless book or whatever, but we all know when we've crossed the line into. This is taking up way too much of my time and it's just easy and feels good and there are other things I should be doing.
Ryan Seacrest
Sure, sure. Absolutely. Yeah. Have you ever cracked open? Well, I suppose Don Quixote's. Well, it's kind of a comment on the books in a way, but have you. Are there any translations available of old timey chivalry novels?
Joe Getty
I would imagine there are, but I've never read one. But I think, you know, that would have basically been the soap operas of the day. Right. A heroin and a knight and a rescuer and save her from her whatever. You know, the kind of stuff people have always liked.
Ryan Seacrest
Prying off his armor, then very subtle hints at what was to come, you know.
Joe Getty
Wow, you turned it into 50 shades of gray somehow.
Ryan Seacrest
Well, no, surely there was love making. I mean, if, if he's going off to fight the, the Mongol hordes or the Muslims or the Huguenots or whatever for his fair lady's hand. Sure. When he gets that hand, he's not going to settle for the hand, if you know what I'm saying.
Joe Getty
Yeah. And remember when I read Don Quixote, we were doing this show. We've been doing this show for so many years. But I read Don Quixote, I was amazed by the number of flatulence jokes in it. It's just like never ending flatulence jokes and one of the great novels of all time.
Ryan Seacrest
And yet you remain a flatulence joke extremist.
Joe Getty
Yeah, I don't find it funny.
Ryan Seacrest
Well, it's childish.
Joe Getty
Some polling came out. If you're wondering what other people's attitudes is, are about supporting Russia versus Ukraine or that whole thing. There's some polling that came out yesterday, including worldwide polling. And. Well, you tell me what you think of it. Among other things, on the way. Stay with us.
Jack Armstrong
Armstrong and Getty.
Unknown
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There was a recent social media trend which consisted of flying on a plane with no music, no movies, no entertainment. But a better trend would be going to chumbacasino.com it's like having a mini social casino in your pocket. Chumba casino has over 100 online casino style games all absolutely free. It's the most fun you can have online and on a plane. So grab your free welcome bonus now@chumbacasino.com sponsored by Chumba Casino. No purchase necessary. VGW Group Void we're prohibited by law. 21 plus terms and conditions apply. Hey everybody. So when you get asked what is Odoo. What comes to mind? Well, I'll tell you. Odoo is a bit of everything. Odoo is a suite of business management software that some people say is like fertilizer because the way it promotes growth. But, you know, some people also say that Odoo is like a magic beanstalk because it grows with your company and is also magically affordable.
Joe Getty
Ooh.
Ryan Seacrest
But then again, you could look at Odoo in terms of how its individual software programs are a lot like building blocks. Whatever your business needs, manufacturing, accounting, HR programs, you can build a custom software suite that's perfect for your company. So what is Odoo? Well, Odoo is a bit of everything. Odoo is a fertilizer, magic beanstalk. Building blocks for business. Yeah, that's it. Which means that Odoo is exactly what every business needs. Learn more and sign up now@odoo.com that's O-O-O.com. well, some business news. I saw that after two decades, Skype is shutting down.
Ashley Kineti
Employees knew it was time when the.
Joe Getty
Farewell meeting was held over Zoom. Wow. Skype was a really big deal. I think that's one of the things I wish I had invested in. Like, how did you not invest in Skype? Obviously, this is going to be the biggest thing ever. Now it's gone.
Ryan Seacrest
Easy come, easy go, man, in the world of tech. So, as I mentioned earlier, dozens and dozens of emails about the Ukraine thing, the flap in the Oval Office, all sorts of different opinions. She's going to hit a couple. Have you said thank you? I like J.D. vance, but he came off as an insincere leg humper during that Zelinsky meeting. Thanks. For what, J.D. the Budapest Memorandum, when they gave you their nukes in exchange for the promise of protection. Since Clinton signed the agreement, the Russians have attacked and taken gobbles of Ukraine over and over again. So you're supposed to thank him for that. He has every justification to punch every US President since Clinton in the face. We welshed on the deal. I apologize to the Welsh people for that reference. And he goes on on that theme. Then we got just my two cents. President's Trump's position was clearly known and telegraphed to all parties, including Ukraine, prior to the meeting. If Zelinsky didn't want to sign, then he shouldn't have come to the meeting. 2. Zelinsky was argumentative through the meeting and constantly brought up the security guarantees and lectured Trump through the first part of the meeting. I'm summarizing Michael's Note here in re watching it. I can't believe Trump kept his calm as long as he did.
Joe Getty
Wow.
Ryan Seacrest
And finally, however one feels about the righteousness of Ukraine crane struggle, there's one undeniable fact. They can't do it without the US and he should have known that.
Joe Getty
And yesterday Lindsey Graham doubled down on calling for Zelensky to resign. No one has a voice in Ukraine. They need to have an election and he needs either needs to resign or some send over somebody we can do business with.
Ryan Seacrest
A lot of the holies a dictator hasn't held an election is ignorance and well, I will just say you're ill informed. Why would I cast aspersions because of Ukrainian law in the constitution. They can't during martial law, during a fight for their lives in wartime. Having said that, that second part that might be right, somebody that we can do business with and be productive with. It could be that, that just that relationship won't work.
Joe Getty
So Waltz yesterday tweeted out or said in an interview, I guess, and this is a transcript, he's the National Security Advisor, is that right? What he is. Anyway, we had a beautiful setting in the East Room ready for both leaders to sign. That would have bound the US and Ukraine together economically for a generation. It involved critical minerals investment and commitments from the UK and France to put boots on the ground to help keep the deal in place. This could have been a step toward ending the war and stopping the destruction. And Zelensky decided to get into an argument. Zelensky's side of it is I've signed other things. Ukraine has signed other things in the past since 2014, and Putin's violated all of them.
Ryan Seacrest
Right. And he's right. There's a question of time, place and manner, though you can be right and still screw up. Yeah. I think, you know, anybody who sees this as just black and white, I'm sorry, I don't agree with you. That part about Putin is 100% right. And if you think he handled it terribly and was offensive and belligerent and in a way that you just can't accept in the Oval Office on camera, you're right too.
Joe Getty
I think maybe like Trump, Britain and France were attempting to slip something into Ukraine that Putin would hate if, like if you announced it belligerently. But you know, you badmouth Zelensky, you badmouth Zelensky, you praise Putin, you praise Putin. And then he gets up one day and says, wait a Second, there are 30,000 French and British troops there and the United States has got a mining operation with A whole bunch of Americans and equipment there. How did I let this happen? How did I let this happen?
Ryan Seacrest
Yeah. Well. And the thought has crossed my mind that as Trump and I've been skeptical of Trump's efforts to play Putin or flatter Putin or whatever, because Putin's an alligator. You can't flatter an alligator. On the other hand, if Trump was thinking, I'm gonna soft pedal this and get it under Putin, I'm gonna soft pedal this. I'm gonna act all friendly so he lets down his guard, I'm gonna soft pedal this. And Zelensky comes in the Oval Office and says, we're not soft pedaling it. No way. We're gonna say, Putin will hold us. Or the one thing we can't do is soft pedal with Putin. Whether Trump was right or wrong. That would piss you off.
Joe Getty
Yeah. So, latest polling, YouGov, CBS, Russia, Ukraine conflict. Who do you support? Ukraine, Russia, OR Neither Russia? 4%. Neither. 44%. It's kind of interesting, but you can't. Ukraine is the majority and plurality. 52% for Ukraine.
Ryan Seacrest
Right.
Joe Getty
That's where we are in the United states right now. US approach.
Ryan Seacrest
Keep that in mind when you see 37% of social media says up with Russia. Right. Says something about social media. Yeah.
Joe Getty
4% of people flat out say they're for Russia. 44% do say neither. U.S. approach to foreign policy. U.S. should have a leading role. U.S. should work equally with allies. U.S. shouldn't get involved in the rest of the world. Shouldn't get involved in the rest of the world is only 17%. But US should have a leading role is only 16%.
Ryan Seacrest
Wow.
Joe Getty
US should work equally with allies is two thirds of Americans.
Ryan Seacrest
That would require our allies being our equals.
Joe Getty
I think we all overestimate the power of our allies, and we've kind of allowed that to happen over the years. We are the un we are NATO. We are the who, we are everything we support, fund are really the backbone of everything.
Ryan Seacrest
I think if we fully realize the weakness of some of our allies, it would be terrifying or sickening.
Joe Getty
Right. What Trump's trying to do, and he tried to do it in the first term, is, you know, kind of let everybody know about this, hey, they ain't. They ain't what they claim they are or they ain't putting their money where the mouth is.
Ryan Seacrest
Right.
Joe Getty
Man, this is gonna be interesting to follow over the next weeks, months and years. If you missed a segment, get the podcast. Armstrong and Getty on demand.
Jack Armstrong
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Title: I Went To The Vending Machine To Get My Avocado & It Was $47
Release Date: March 4, 2025
Host/Authors: Jack Armstrong & Joe Getty
Produced By: iHeartPodcasts
In this episode of Armstrong & Getty On Demand, hosts Jack Armstrong and Joe Getty delve deep into the economic and political ramifications of recent tariffs announced by President Trump. Titled "I Went To The Vending Machine To Get My Avocado & It Was $47," the episode intertwines serious economic discourse with lighter personal anecdotes, providing listeners with a comprehensive analysis of current events.
The episode kicks off shortly after President Trump's announcement of imposing new tariffs on imports from Canada, Mexico, and China. Joe Getty immediately personalizes the impact by sharing a relatable anecdote:
Joe Getty [03:32]: "First of all, I just went to the vending machine to get an avocado like I do every day on the show. $47 for an avocado because of the tariffs they did last night."
This startling price hike serves as a springboard for a broader discussion on how tariffs are expected to inflate consumer prices across various sectors.
The hosts explore the multifaceted impacts of these tariffs on the American economy. They discuss how tariffs can lead to increased costs for consumers, as manufacturers pass these expenses down the supply chain. Joe Getty emphasizes the uncertainty tariffs introduce into the economy:
Joe Getty [04:12]: "You can't draw any conclusions in one day or one hour of stock market reactions. You just can't."
Ryan Seacrest adds to this by highlighting the historical volatility associated with such economic policies:
Ryan Seacrest [04:21]: "The Trump stock plunge... had completely turned around by noon the next day."
This underscores the volatility and unpredictability tariffs inject into the market, making it challenging for both consumers and investors to navigate.
Ryan Seacrest provides an in-depth analysis, referencing studies from the Wall Street Journal and Moody's, to explain how tariffs affect different products variably:
Ryan Seacrest [16:09]: "A 10% tariff on shoes from China would raise their sticker price 4%, probably wine or olive from Italy would raise it about 10%."
He elaborates on factors like currency fluctuations, availability of alternatives, and pricing strategies that influence the "pass-through" rate—how much of the tariff cost is transferred to consumers.
For example, a 10% tariff on Italian wine might result in only a 0.3% overall increase in U.S. wine prices, while game consoles from China could see significant price hikes due to their limited market competition.
The discussion shifts to the political landscape, particularly focusing on the reactions from international leaders. Joe Getty comments on the potential backlash from Canada and Mexico:
Joe Getty [08:58]: "The president of Mexico has said that there will be retaliation from Mexico... Justin Trudeau is probably... handling it."
Ryan Seacrest critiques Trump's diplomatic approach, suggesting that his rhetoric may be backfiring and fueling Canadian patriotism:
Ryan Seacrest [09:14]: "Trump is undermining ... Canadian patriotism and really, really hurt the conservative guy Poliev..."
This segment highlights the delicate balance between enforcing tariffs and maintaining positive international relations, suggesting that aggressive stances may provoke unintended consequences.
The hosts express concerns about the broader economic strategy, questioning the sustainability and effectiveness of Trump's tariff policies:
Ryan Seacrest [22:42]: "Tariffs can bring good-paying jobs back... They protect critical industries here at home."
However, Joe Getty remains skeptical about the long-term success of these measures:
Joe Getty [22:49]: "This is an enormous gamble by Republicans in the Trump administration. I just don't see it working out well. I hope I'm wrong."
They discuss potential retaliatory tariffs, especially concerning American exports, and the cascading effects these could have on various industries, including automotive and agriculture.
The episode delves into the immediate stock market reactions following the tariff announcements. Despite an initial drop:
Ryan Seacrest [28:48]: "The markets appear to have found a firm bottom."
Both hosts acknowledge the potential for recovery but emphasize the ongoing uncertainty:
Joe Getty [29:04]: "Markets and businesses are very rattled. I think this is an enormous gamble by Trump and I'm not sure he's gonna win at it, but we'll all find out together."
Interspersed with economic discussions, Armstrong and Getty engage in lighter conversations to balance the episode's tone. A notable segment honors Dolly Parton's late husband, highlighting her enduring legacy and the strength of their 60-year marriage:
Joe Getty [29:04]: "They met at the Wishy Washy Laundromat in Tennessee when she was 18... he said, 'I'm going to marry that girl. That's the day my life began.'"
They also touch upon philosophical reflections inspired by St. Teresa of Avila, emphasizing resilience and adaptability in the face of change:
Joe Getty [32:07]: "Don't ever be frightened. Don't ever be disturbed. Everything is changing."
The hosts briefly discuss the shutdown of Skype after two decades, lamenting its absence in the tech landscape. Additionally, they analyze recent polling data on the Russia-Ukraine conflict, revealing American public sentiment:
Joe Getty [35:25]: "52% support Ukraine, 4% support Russia, and 44% prefer neither."
They critique the disparity between mainstream polling and social media sentiments, where a significant portion inaccurately supports Russia:
Ryan Seacrest [45:03]: "37% of social media says up with Russia."
As the episode draws to a close, Armstrong and Getty reflect on the inherent uncertainties introduced by the tariffs and the broader economic policies. They stress the importance of understanding the nuanced effects of such policies and remaining vigilant about their long-term implications.
Joe Getty [03:32]: "First of all, I just went to the vending machine to get an avocado like I do every day on the show. $47 for an avocado because of the tariffs they did last night."
Joe Getty [04:12]: "You can't draw any conclusions in one day or one hour of stock market reactions. You just can't."
Ryan Seacrest [16:09]: "A 10% tariff on shoes from China would raise their sticker price 4%, probably wine or olive from Italy would raise it about 10%."
Ryan Seacrest [28:48]: "The markets appear to have found a firm bottom."
Joe Getty [35:25]: "52% support Ukraine, 4% support Russia, and 44% prefer neither."
This episode of Armstrong & Getty On Demand offers a thorough examination of the immediate and potential long-term effects of President Trump's tariff policies. Through a blend of economic analysis, political commentary, and personal storytelling, Jack Armstrong and Joe Getty provide listeners with a nuanced understanding of how these developments might shape the American economy and its global standing. Whether you're an avid follower of economic policies or seeking balanced perspectives on current events, this episode delivers insightful content that resonates with a wide audience.