9.8.25 Rewriting the bar exam, the stalled labor market, and the end of World War II

Summary

Podcast Summary: The World and Everything In It

Episode: 9.8.25 "Rewriting the Bar Exam, the Stalled Labor Market, and the End of World War II"
Date: September 8, 2025
Hosts: Mary Reichert, Nick Eicher (WORLD Radio)

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Overview

This episode features three core segments:

1. Major changes coming to the bar exam and what it will mean for law graduates and the legal profession.
2. A look at the US labor market, weak job growth, and what current economic data signal for the broader economy, with insights from financial analyst David Bonson.
3. A historical reflection on the 80th anniversary of VJ Day, marking the end of World War II, revisiting the events and emotions of that pivotal moment.

Each segment provides in-depth reporting, audio clips, expert interviews, and analysis rooted in WORLD Radio’s signature mix of news and biblical cultural perspective.

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Segment 1: News Rundown – National & International Headlines

Timestamps: 01:00 – 06:50
Main Voices: Mark Mellinger, Paul Butler, Nick Eicher, Mary Reichert

Key Points:

• Federal Troops in Chicago: President Trump announces deployment to Chicago amid concerns of ongoing violent crime; Democratic leaders object, arguing crime rates are declining.
  • “The president of the United States essentially just declared war on a major city in his own nation. This is not normal. This is not acceptable behavior.” – Sen. Tammy Duckworth (01:48)
  • Trump retorts: “We're gonna clean up our cities. We're gonna clean them up so they don't kill five people every weekend.” (02:02)
  • David Bonson adds: “That's not war. That's common sense.” (02:07)
• Labor Market Concerns:
  • August jobs report: Only 20,000 jobs added; unemployment up to 4.3%; debate continues over tariffs' impact on jobs.
  • Treasury Secretary Scott Besant claims many jobs created under Biden went to illegal immigrants (03:04).
• Global Developments:
  • Middle East: Israel intensifies military actions in Gaza City.
  • Ukraine: Russia launches largest air campaign yet; President Zelensky calls for greater Western economic pressure.
    • “I'm very thankful to all the partners, but some of them continue buy oil and Russian gas and this is not fair.” – Volodymyr Zelensky (04:45)
• Other News Briefs:
  • Tragic killing of a Ukrainian refugee on Charlotte public transit.
  • New York's public and charter schools begin the year with a blanket cell phone ban.
    • Governor Kathy Hochul: “Kids aren't speaking to each other. They're not making friendships. They're not creating human connections that you're supposed to do when you're a child.” (06:43)

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Segment 2: Legal Docket – The Future of the Bar Exam

Timestamps: 07:34 – 15:56
Reported by: Jeff Palomino
Key Guests:

• Katie Gunderson, recent law school graduate
• Amit Schlesinger, Kaplan Bar Prep
• Judy Gunderson, President & CEO, National Conference of Bar Examiners

The Issue

For decades, the bar exam has prioritized rote memorization over practical lawyering. Now, the "NextGen UBE" seeks to shift that balance toward practical skills, critical thinking, and real-world problem-solving.

Key Discussion Points

• Current Bar Exam Model:
  • Uniform Bar Exam (UBE): essays, performance tasks, and a grueling 200-question multiple-choice test (1.8 minutes per question), covering 15 subjects.
  • “The traditional UBE is heavily focused on memorization. Right, there's 15 subjects, there's a lot of content to cover, and the way to pass the exam is to memorize a lot of law.” – Amit Schlesinger (09:57)
• The Overhaul:
  • Starting next summer in six states/four territories (nationwide by 2028).
  • Fewer topics (eight core subjects instead of 15): civil procedure, contracts, business associations, constitutional law, criminal law, torts, and family law.
  • Assessment of foundational lawyering skills: legal research, client counseling, issue spotting, etc.
  • Shorter exam structure: Three three-hour sessions, each blending multiple choice, new “integrated question sets” (mimicking practice scenarios), and one performance task.
  • “What came out of those listening sessions was more skills testing. We'd like lawyers to be able to be better equipped to handle client matters when they start in the profession.” – Judy Gunderson (12:15)
• Exam Preparation Shifts:
  • Kaplan Bar Prep’s new courses focus on skill mastery and practice, not just content recall.
  • “The new course has been designed really from the ground up and focuses heavily on mastery of new foundational lawyering skills.” – Amit Schlesinger (14:20)

Memorable Moments & Quotes

• Katie Gunderson on exam nerves:
  • “It's a really daunting feeling. ... It's exciting because I'm so close to the finish line, but it's, it's scary. I have to just kind of trust that I've learned what I hope I have learned...” (08:56)
• Reflection on test relevance:
  • “I think a lot of what the bar exam tests you on is these very specific situations or rule that maybe hasn't been used in 50 years ... I don't think it's going to be something that is applicable once I'm actually practicing.” – Katie Gunderson (09:27)
• The hope for ‘practice-ready’ graduates:
  • “What the intention of the national conference is, it's a very noble one: to be more practice ready ... attorneys that are more capable on day one than they currently are...” – Amit Schlesinger (14:50)
• Law grad’s anticipated reaction if she passes:
  • “Oh, I think it will be a paralyzing joy. Probably six seconds of shock and then 45 minutes of screaming and calling and God willing, I will get that email.” – Katie Gunderson (15:43)

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Segment 3: Monday Money Beat – The Stalled US Labor Market

Timestamps: 17:04 – 26:28
Guest: David Bonson, financial analyst and CIO, The Bonson Group

Key Discussion Points

• Weak Jobs Report:
  • Only 22,000 jobs added in August; June revised downward (net job loss).
  • Most growth is in healthcare/social assistance; manufacturing and construction jobs decline.
  • “There are not a lot of firings…but there’s not a lot of hirings. ... That is obviously not environment for job growth, and it often is an environment that precedes negative job creation.” – David Bonson (18:00)
• Interest Rates & Fed Policy:
  • Markets anticipate at least three rate cuts by end of year; odds rising for even bolder action.
  • Bonson notes, “The reason now matters. ... Economic weakness as a reason to cut rates is not exactly what you want.” (20:17)
• Why the US Remains Investable:
  • US has created 250 companies valued at $10B+ in 50 years; Europe, just 14.
    • “The United States was basically formed as a country under free market principles ... out of a DNA that I believe was also intersected with a national character of pioneering spirit, of entrepreneurialism.” – David Bonson (22:23)
  • Contrast with Europe’s “heavy intervention ... a heavy desire to mute the effect of risk that deadens entrepreneurial activity.”
  • Warning: America must “maintain a level of freedom, a level of entrepreneurial celebration ... even if it isn't gonna be the best we're capable of.” (24:30)

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Segment 4: World History Book – 80th Anniversary of VJ Day: The End of WWII

Timestamps: 27:00 – 33:55
Reported/Narrated by: Paul Butler

Key Discussion Points

• Overview:
  • August 14, 1945 – Japan accepts Allied surrender terms; three months after VE Day.
  • News of VJ Day sparks euphoric, emotional celebrations across the US and Allied nations.
• Historical Broadcasts:
  • Robert Trout (CBS): “This, ladies and gentlemen, is the end of the Second World War. ... The United nations ... are united and are victorious.” (27:47)
• The Road to Surrender:
  • Japan, battered by firebombing, atomic attacks on Hiroshima/Nagasaki, and Soviet entry into the Pacific war.
  • US president: “I deem this reply a full acceptance of the Potsdam Declaration, which specifies the unconditional surrender of Japan. In the reply, there is no qualification.” – Truman address (29:05)
• Celebrations:
  • "New York has been liberated. They're going simply wild ... This is the greatest celebration I've ever seen, greater than the liberation of Paris..." – Larry Le Sueur (29:51)
  • “Let us thank God for this great deliverance and his mercy. Long live the king.” – British PM Clement Attlee (31:18)
  • King George VI: “Let us join in thanking Almighty God that war has ended throughout the world.” (32:05)
• Formal Surrender:
  • September 2, 1945: signing aboard USS Missouri in Tokyo Bay.

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Notable Quotes

• On bar exam reform:
  • “What do newly licensed lawyers in the field do? What is important that they get right? How often do they do these tasks? ... What can they look up?” – Judy Gunderson (12:44)
• On economic outlook:
  • “We are beginning to see some cracks in the armor.” – David Bonson (21:25)
• On American freedom and prosperity:
  • “We've still been the best house in that bad neighborhood.” – David Bonson (24:40)
• On gratitude and faith:
  • “Let us thank God for this great deliverance and his mercy.” – Clement Attlee (31:18)
  • “As we go into our churches to give thanks to our God for what has happened on this night.” – Robert Trout (32:45)

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Timestamps for Key Segments

• 01:00 – News headlines
• 07:34 – Legal Docket: New bar exam reforms
• 17:04 – Monday Money Beat: Labor market analysis
• 27:00 – World History Book: VJ Day anniversary

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Conclusion

This episode presents an engaging blend of current events, systemic changes in the legal world, sober economic analysis, and poignant historical reflection. True to WORLD Radio’s mission, the reporting is informed by biblical values and thoughtful inquiry, balancing breaking news with context, insight, and gratitude. The episode closes with a reminder to seek justice, wisdom, and peace—qualities vital across law, economics, and history.

Transcript

[Mary Reichert]

Good morning. The bar exam is getting an overhaul to focus less on trivia and more on solving real world problems.

[Judy Gunderson]

We'd like lawyers to be able to be better equipped to handle client matters when they start in the profession.

[Nick Eicher]

First legal docket, then the Monday money beat. Why the US Remains the most investable market in the world. Economist David Bonson standing by. And the 80th anniversary of the end of World War II.

[Paul Butler]

This afternoon, a message from the Japanese government which specifies the unconditional surrender of Japan.

[Mary Reichert]

It's Monday, September 8th. This is the world and everything in it from listener supported World Radio. I'm Mary Reichert.

[Nick Eicher]

And I'm Nick Eicher. Good morning.

[Mary Reichert]

Time for news. Here's Mark Mellinger.

[Mark Mellinger]

President Trump has announced Chicago is the next city to be getting federal troops in an effort to crack down on crime.

[Paul Butler]

You know how many people were killed in Chicago last weekend?

[Mark Mellinger]

8.

[Paul Butler]

You know how many people were killed in Chicago the week before? Seven. You know how many people were wounded? 74 people were wounded. You think there's worse than that?

[Mark Mellinger]

But Democrats are protesting the move. Mayor Brandon Johnson says the city's crime rate has been going down and says Trump's plans are beneath the honor of our nation. Trump fanned the flames with a social media post this weekend in which he called the city shypocalypse and said Chicago is about to find out why it's called the Department of War. Democratic Illinois Senator Tammy Duckworth.

[David Bonson]

The president of the United States essentially just declared war on a major city in his own nation. This is not normal. This is not acceptable behavior.

[Mark Mellinger]

Duckworth on CBS's Face the Nation. Trump pushed back.

[Paul Butler]

We're gonna clean up our cities. We're gonna clean them up so they don't kill five people every weekend.

[David Bonson]

That's not war. That's common sense.

[Mark Mellinger]

Duckworth says she's received no indications an influx of National Guard troops into Chicago is imminent, but borders are. Tom Homan says Chicago and other sanctuary cities can expect to see immigration enforcement action in the coming week. New numbers showing a weakening US labor market have the attention of top leaders in both major political parties. Maryland Governor Wes Moore, a Democrat, tells NBC's Meet the Press the president's tariffs are the reason employers added only 20,000 jobs in August.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

These tariff policies are continuing to increase a lack of predictability, and it's continuing.

[Nick Eicher]

To make prices go up on the American consumer.

[Mark Mellinger]

But Treasury Secretary Scott Besant says stats showing more manufacturing jobs under the Biden administration than now are misleading.

[Paul Butler]

The jobs that are being created are.

[Mark Mellinger]

Going to either native born or legal Americans. Most of the jobs created under the.

[Paul Butler]

Biden administration went to illegal aliens.

[Mark Mellinger]

The unemployment rate also increased slightly, from 4.2% in July to 4.3% in August. More on this story with David Bonson on the Monday money beat a little later in the program. Israel is forging ahead with its takeover of Gaza City, aimed at totally removing the terrorist group Hamas from Gaza. The Israeli military is toppling high rises and posting evacuation notices amid fears from protesters that the new offensive could endanger the Hamas held hostages who are still alive. Meantime, the Trump administration has offered a new proposal calling for the immediate release of all hostages in exchange for freeing some Palestinian prisoners. It's not clear whether that proposal has any chance of becoming reality. All this comes as Israel intercepted three drones fired by Houthi rebels from Yemen over the weekend. But one drone did manage to get through hitting an Israeli airport, shutting down operations and wounding two people. Russia hit Ukraine with the largest air attack of the war so far this weekend, killing four people and wounding close to four dozen, according to Ukraine's government. Ukrainian President Volodymyr Zelensky says it's time to ramp up economic pressure on Russia, saying he agrees with President Trump calling on European leaders to stop buying Russian oil, which helps fund the war.

[Nick Eicher]

I'm very thankful to all the partners, but some of them continue buy oil and Russian gas and this is not.

[Mark Mellinger]

Fair, Zelensky on ABC's this Week. He added he thinks President Trump gave Russian leader Vladimir Putin the video and images Putin wanted in last month's bilateral summit. Zelensky says he won't meet Putin in Moscow for peace talks, saying he can't go to the capital of a terrorist and instead he says Putin will have to come to Kyiv. Public transit officials in Charlotte, N.C. have released horrifying surveillance footage showing the unprovoked murder of a Ukrainian refugee who survived the war but not public transit here in the U.S. here's the story. According to WSOC TV, Iryna Zyrutska was 23. Police say the video from the attack, which happened just over two weeks ago, shows DeCarlos Brown still stabbing her as she sat wearing headphones on a Charlotte public transit train. She'd had no other interaction with Brown, who has a criminal history and mental health issues and now faces first degree murder charges. Zarudska had fled Ukraine's war with her family and according to her obituary, dreamed of becoming a veterinary assistant in America. Charlotte officials released the footage while asking the media not to share it out of respect for her grieving family. Charlotte's mayor called the attack heartbreaking and said the city is doing her words, all we can to protect our residents. Public school students in New York just returned to the classroom. And this year, back to school meant something totally different, no cell phones. A statewide cell phone ban applying to all public and charter schools is now in effect. Governor Kathy Hochul explains the rationale.

[Mary Reichert]

You walk into a hallway with a school that allows cell phones.

[Paul Butler]

The halls are sile.

[Judy Gunderson]

Kids aren't speaking to each other.

[Mary Reichert]

They're not making friendships. They're not creating human connections that you're supposed to do when you're a child.

[Mark Mellinger]

Each individual school decides how to collect and store students phones using lockers, cubbies or secure bags. I'm Mark Mellinger. Straight ahead, a special report about changes to the bar exam on legal docket. Plus, more on last week's jobs report with David Bonson. This is the world and everything in it.

[Nick Eicher]

It's Monday morning, September 8th, and brand new work week for the week. World and everything in it. Good morning. I'm Nick Iger.

[Mary Reichert]

And I'm Mary reichert. Today on LegalDocket, the bar exam of the future. Now, it may not affect you directly, but if you hire a lawyer, it will certainly affect you indirectly because the bar exam does shape who gets to be a lawyer and how prepared that lawyer is to help you.

[Nick Eicher]

For more than 30 years, most states have used the same test. It's known as the ube. The that is the uniform bar exam. Next summer, that starts to change. A new version called the next gen UBE rolls out in six states and four US territories. By 2028, it's expected to replace the old exam.

[Mary Reichert]

Nationwide, the goal is less rote memorization and more practical lawyering. World legal correspondent Jeff Palomino talked to several people in the know, including a law grad from my very own alma mater.

[Katie Gunderson]

So I take the bar exam the 29th of July and the 30th. Let me actually make sure that's true. Okay.

[Mark Mellinger]

Yeah. Yeah.

[Nick Eicher]

Okay.

[Katie Gunderson]

That's what I'm taking. I know it's the last week of July.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

That's you can understand why Katie Gunderson is a little nervous. The new St. Louis University School of Law grad is halfway through a 10 week prep course for the Missouri bar exam. It's not an easy process.

[Katie Gunderson]

It's a really daunting feeling. It's this idea where I've spent three years of my life working towards this goal and now I have to actually show what I've learned and prove that I can be a competent attorney. It's exciting because it's, I'm so close to the finish line, but it's, it's scary. I have to just kind of trust that I've learned what I hope I have learned and that my bar prep program will get me to the end.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

Even as she studies, Gunderson wonders how much of the bar exam is relevant to what she'll do as a new lawyer.

[Katie Gunderson]

But I think a lot of what the bar exam tests you on is these very specific situations or rule that maybe hasn't been used in 50 years, but it could come up. It probably won't come up, and it hasn't come up, but you need to know it and you need to be prepared for it. And I don't think it's going to be something that is applicable to once I'm actually practicing.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

She's not alone. Amit Schlesinger oversees the bar prep course at Kaplan, an exam prep company. He says the current bar exam is designed with a particular focus and strategy.

[Amit Schlesinger]

The traditional UBE is heavily focused on memorization. Right, there's 15 subjects, there's a lot of content to cover, and the way to pass the exam is to memorize a lot of law.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

But lawyering isn't just about recall of memorized law and concepts. So what would a bar exam look like that puts legal knowledge together with legal skills? That's where the next gen uniform bar exam comes in. It's the most dramatic overhaul to the test in decades.

[Judy Gunderson]

My name is Judy Gunderson. I'm the president and CEO of the National Conference of Bar Examiners.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

The National Conference of Bar Examiners helps states admit lawyers. Judy Gunderson, no relation to our aspiring lawyer. Katie Gunderson has been CEO for the last eight years. The national conference does many things, but they're best known for developing the bar exam. The current exam, the UBE, is used by 41 jurisdictions. And last year 48,500 people took it. So let's start with a basic. What is the bar exam?

[Judy Gunderson]

Like every profession that we're aware of, in order to get a license, people have to pass a licensing exam. Sometimes it's called a board. Physicians do this, nurses do this, dentists do it, CPAs do it, lawyers do it too. And our licensing exam is called the bar exam.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

The bar exam is given twice a year. Most take it in July. 70 to 80% of candidates pass it the first time they take it. The test is given over two days, testing knowledge on 15 legal subjects. The first morning is essays with performance tests in the afternoon. Day two is the multiple choice day. Schlesinger from Kaplan explains what that part's like.

[Amit Schlesinger]

That Exam is a 200 question multiple choice exam. Three hours for 100 questions in the morning, break for lunch, and then three hours again for 100 questions in the afternoon. That comes down to 1.8 minutes per question.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

And that's been the model since the late 90s. But seven years ago, the National Conference of Bar Examiners began to rethink things. They started by doing listening sessions with different legal professionals.

[Judy Gunderson]

And what came out of those listening sessions was more skills testing. We'd like lawyers to be able to be better equipped to handle client matters when they start in the profession.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

In other words, the test as currently designed covered too many topics and not enough practical skills. A multi year study followed by they asked over 15,000 newly licensed lawyers and supervisors of newly licensed lawyers some simple questions.

[Judy Gunderson]

What do newly licensed lawyers in the field do? What is important that they get right? How often do they do these tasks for this content, what do they need to know? What can they look up?

[Reporter/Host (possibly the main narrator for the legal docket segment)]

The result is a new fully digital exam focused on just eight core subjects. Civil procedure, contracts, business associations, constitutional law, criminal law, torts, and starting in 2028, family law. The new exam also tests seven foundational lawyer skills. Things like spotting legal issues, client counseling, and legal research. Finally, the new Exam shrinks to three three hour sessions as opposed to four. And each segment combines all three question types from the Legacy UBE.

[Judy Gunderson]

In every one of those three hour segments you have 40 standalone multiple choice questions. And you can start with those or you can end with those. There's a new kind of question that has not appeared on the bar exam before and it's called an integrated question set. There are two of those integrated question sets and then there's one performance task.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

Those new integrated question sets are designed to simulate a day in the life of a new lawyer. A client walks into your office and tells you about a dispute with her neighbor. The question may include additional materials like emails or witness statements, and it will go through several prompts. At Kaplan, Schlesinger says the new exam means a redo of their exam prep course.

[Amit Schlesinger]

The new course has been designed really from the ground up and focuses heavily on mastery of new foundational lawyering skills. So we're taking a learning first approach. Students begin their studies with all the learning of the content, the substantive logs up front in the course, and then they'll be getting a lot more practice rich exercises on the tail end.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

Even with all the changes, he applauds what the next gen UBE is trying to do.

[Amit Schlesinger]

What the intention of the national conference is, it's a very noble one, is to be more practice ready and practice as in practicing law ready, which should create an environment in the United States of new attorneys that are more capable on day one than they currently are on day one to practice law, which ultimately is to help people, help them get out of trouble, help them succeed in something, help them buy something Back to Katie Gunderson.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

The new grad did sit for the Missouri bar exam in July. She knows next year her state will offer the next gen ube. She doesn't really think about that though. Instead she just waits for that email with her results that should come any day. What will her reaction be if she passes?

[Katie Gunderson]

Oh, I think it will be a paralyzing joy. Probably six seconds of shock and then 45 minutes of screaming and calling and God willing, I will get that email.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

The bar exam may be changing, but the feeling of passing it won't. And that's this week's legal docket.

[Mark Mellinger]

Additional support comes from Ambassadors Impact Network where entrepreneurs can discover faith aligned funding opportunities. [e-mail] from Cedarville University equipping students for professional excellence and Gospel Impact Cedarville Edu World and from the Masters University, equipping students for lives of faithfulness to the.

[Reporter/Host (possibly the main narrator for the legal docket segment)]

Master Jesus Christ Masters Edu.

[Mary Reichert]

Coming up next on the World and everything in it, the Monday Money beat.

[Nick Eicher]

It's time now to talk business markets and the economy with financial analyst and advisor David Bonson. David heads up the wealth management, the Bonson Group, and he is here now. Good morning to you David.

[David Bonson]

Well, good morning Nick. Good to be with you.

[Nick Eicher]

Well, let's begin with the August jobs report. The economy adding just 22,000 jobs last month. Revisions to prior months telling us that things were even weaker than we thought. June's number revised down into negative territory. It now shows a loss of 13,000 jobs. So July was revised up a bit. But altogether what we've got is over the last four months, just over 100,000 net new jobs. That's really weak. And most of the gains we did see came in healthcare and social assistance. But manufacturing jobs are down, construction jobs are down. The unemployment rate holding at 4.3%. So how do you read the trend?

[David Bonson]

Well, what we see right now is a really clear trend where there are not a lot of firings going on, there are not a lot of people being laid off there's more than there has been, but that number is still reasonably low. However, there's not a lot of hirings, so you have low firings and low hirings, and that is obviously not environment for job growth, and it often is an environment that precedes negative job creation. So we haven't got there yet, but it's certainly not trending in a good direction.

[Nick Eicher]

Well, media reports citing the Fed Fund's future shows markets have fully priced in, I guess, partly in response to this, a 25 basis point rate cut in September, a quarter point. That's typical. So that's almost certain to happen now. But there's also talk not just of this month, but three straight cuts by the end of the year. So, David, is this change in expectations really a reflection of deeper economic weakness? How do you read it?

[David Bonson]

Well, you read it for what it is. There's a 100% chance that there's at least a quarter point rate cut coming next week. Now, what has changed is that there's now actually an 11% chance, which isn't very high, but it's higher than zero, that there will be a half a point rate cut at the September meeting. So it's in all likelihood a quarter point. There's a small chance it's a half point. But now if you go out to the December futures, what you're seeing is that there is now a 65% chance of 75 basis points, three rate cuts by the end of the year, but it's actually another 8% that there's a whole 1%. So basically there's 73% chance that we're getting between three rate cuts and as high as four, although the four is certainly an outlier. My point being that the entire narrative has changed. And, and it's interesting, to be honest, that the administration might celebrate this because obviously the President has wanted rate cuts and asked for them for some time. And the President, as I've been saying all year, is most certainly going to get his rate cuts, but that they're getting them for the reasons that they're getting them is not really going to be a positive, which is that I think the Fed is very concerned at this point that the job picture is deteriorating. And so economic weakness as a reason to cut rates is not exactly what you want versus cutting rates because you had gotten overly tight and you're trying to avoid credit conditions and financial markets tightening up. You know, you notice every time there's talk of rate cuts, markets have rallied. And yet on Friday, markets sold off and why did markets sell off when the certainty of rate cuts increased? Well, first of all, I think markets were already quite confident rate cuts were coming, Nick. But beyond that, the reason now matters. And the reason being a weaker economy that could potentially get entrenched. That's a concern. We're not falling into recession off of this, but there's no question that we are beginning to see some cracks in the armor.

[Nick Eicher]

Yeah, but despite that, David, you wrote in this week's Dividend Cafe that America remains, remains incredibly investable, largely for this reason that we've built an economic framework that rewards risk. And I was really interested in the contrast that you drew between the United States and Europe. Specifically that over the past 50 years, the US has created more than 250 companies that are valued at $10 billion or more. And then by contrast, Europe just 14. So 250 companies in the of that value versus 14 created in Europe. So let's put this all together. What is it that makes the US such fertile ground for investment? And where do you see the most serious drift from? What built that edge?

[David Bonson]

Look, the United States was basically formed as a country under free market principles that out of a DNA that I believe was also intersected with a national character of pioneering spirit of entrepreneurialism. There was essentially from the get go, a DNA that was pro growth and there was a rule of law and respect for private property and implementation of various market principles that were laissez faire, that believed in the dignity of the individual, that drove economic growth and did so profoundly. You know, now the whole world has grown in the last 250 years. There has been an industrial revolution and a digital revolution that created a higher standard of living for the whole world. But the United States grew more than that. And when you look at our investment markets, there's just no question that we've attracted capital and that that capital has generated big returns. And it's done so specifically because of the things I'm talking about. And where freedom has reigned, there has been better economic and investment returns all over the world. The United States has been the gold standard for that. Where there has not been any freedom, totalitarian societies, there has not been attractive returns. And then what you see is an awful lot of fuzzy middle. And a place like Europe is a great example because it is not totalitarian, it is a democratic society. They have elections that are free elections, but they have a heavy intervention into their markets, into their economy, a heavy desire to mute the effect of risk that deadens entrepreneurial activity. It deadens the investment opportunity and the return on capital that can be generated. This is a historical fact that has played out. It is something that Americans ought to have a lot of gratitude for. But I also believe it's something Americans need to be cautious of. Are we trying to muddle in the economy in a way that could undermine what has been our biggest strength? Well, we've obviously done that a great deal already and I think it has hampered growth. It's kept us in a bad neighborhood, but we've still been the best house in that bad neighborhood. And I'm not sure right now that there's a whole lot we can do about the neighborhood, but I do believe there's something we can do about our house, making sure that we at least maintain a level of freedom, a level of entrepreneurial celebration, a level of economic aspiration that is at least the best in the world, even if it isn't gonna be the best we're capable of.

[Nick Eicher]

All right, David, I should mention we are now one week away from our event in Houston, the World Stage. Of course, really looking forward to that. We are nearly full up, so please don't put it off. Head over right now to wng.org theworldstage and reserve your spot. There's no charge for for this, but space, as I say, is limited. We're meeting in downtown Houston September 15th. That's next. Monday night you get to meet David and the World team. He'll be speaking on themes from his book, Full Time Work and the Meaning of Life. He and I then will sit down for an interview. After that, we'll take some audience questions as well and then just hang out for pictures and signed copies of David's book. It's going to be a great, great evening. Details and sign [e-mail] the world stage. The link is in the transcript. David Bonson, founder, managing partner and chief investment officer of the Bonson Group. He writes regularly for world opinions and dividendcafe.com so, David, thanks and we'll see you next week literally in Houston.

[David Bonson]

Thanks so much, Nick. Good to be with you.

[Mark Mellinger]

SA.

[Nick Eicher]

Today is Monday, September. This is the World and everything in it from listener supported World Radio. I'm Nick Eicher.

[Mary Reichert]

And I'm Mary Reichard. Up next, the world history book last week marked the 80th anniversary of VJ Day victory over Japan. Coming three months after victory in Europe, VE Day, VJ Day was the official end of World War II. And World's Paul Butler takes us back through the radio broadcasts that carried the.

[Paul Butler (historical segment narrator)]

News 80 years ago, Americans were glued to their radios.

[Paul Butler]

The Japanese have accepted our terms fully. That is the word we have just received from the White House in Washington. And I didn't expect to hear a celebration here in our newsroom in New York, but you can hear one going on behind me.

[Paul Butler (historical segment narrator)]

That's American broadcaster Robert Trout, as heard coast to coast on August 14, 1945, along the Columbia broadcast.

[Paul Butler]

This, ladies and gentlemen, is the end of the Second World War. The United nations on land, on sea, on air, to the four corners of the earth and the seven seas are united and are victorious.

[Paul Butler (historical segment narrator)]

The United States officially entered World War II when it declared war against Japan on December 8, 1941, after the bombing of Pearl Harbor. Over the next four years, the US would lose more than 100,000 men in the Pacific theater. One in five of those fatalities occurred in just two battles, the fights for Iwo Jima and Okinawa, both. In early 1945, the Empire of Japan and its allies were formidable. But after the European theater ended, the noose around Japan began to tighten. Even so, fierce resistance continued. Then on August 6th, the United States dropped the first atomic bomb over Hiroshima, killing more than 100,000. Two days later, the Soviet Union declared war on Japan. And then on August 9th, the United States dropped its second atomic bomb, this time over Nagasaki, killing as many as 70,000 more. Japan knew victory was impossible. It accepted Allied surrender terms. On August 14, 1945. U.S. president Harry S. Truman addressed the nation from the White House.

[Paul Butler]

Received this afternoon a message from the Japanese government in reply to the message forwarded to that government by the Secretary of State on August 11th. I deem this reply a full acceptance of the Potsdam Declaration, which specifies the unconditional surrender of Japan. In the reply, there is no qualification.

[Paul Butler (historical segment narrator)]

In the words of newsman Robert Trout. Victory was official, just not formal. The Allies announced they would not declare Victory over Japan Day until the signing ceremony, which was still more than two weeks away. The formality didn't keep Americans from celebrating in the streets, though. CBS newsman Larry Le Sueur reported from New York City.

[Paul Butler]

New York has been liberated. They're going simply wild down here at 42nd street and Fifth Avenue. The cars are speeding fast in a mad dash. Just hear those horns. People are hanging on to really just clinging to the sides of the cars. And there are trucks from all over New York loaded down with bands and youngsters. Just hear them blowing those horns. This is the greatest celebration I've ever seen, greater than the liberation of Paris, I think. But the churches are filling up too. Sophisticated New York Isn't so blase, as.

[Paul Butler (historical segment narrator)]

They say in Honolulu. Marching bands and ticker tape filled the streets. Cities and small towns across America joined in with fireworks, confetti and impromptu parade. Just a few minutes into its national broadcast, CBS waved the flag and thousands of Americans turned up their radios as loud as they could go.

[Paul Butler]

This is Columbia's news headquarters in New York. Our last great enemy is defeated. The Second World War is at an end. Ladies and gentlemen, our national anthem.

[Paul Butler (historical segment narrator)]

Americans weren't the only ones celebrating. British Prime Minister Clement Attlee addressed the subjects of the United Kingdom, Though in a more somber tone.

[Paul Butler]

Japan has today surrendered. The last of our enemies is laid low. At this time, we should pay a tribute to the men from this country, from the dominions, from India and the colonies, to our fleets, armies and air forces that have fought so well in the arduous campaign against Japan. Peace has once again come to the world. Let us thank God for this great deliverance and his mercy. Long live the king.

[Paul Butler (historical segment narrator)]

King George VI took to the radio the next day.

[Paul Butler]

Three months have passed since I asked you to join with me in an act of thanksgiving for the defeat of Germany. No one could then tell how long or how heavy would prove the struggle that still awaited us. Japan has surrendered. So let us join in thanking Almighty God that war has ended throughout the world.

[Paul Butler (historical segment narrator)]

Returning to August 14th. Back in the United States, Robert Trout ended his broadcast in a similar way.

[Paul Butler]

And so it's well, in all the celebration tonight, in all the gaiety which America has a right to, in all the heartfelt gratitude and thanks which is pouring out of a very grateful 130 million people as we go into our churches to give thanks to our God for what has happened on this night.

[Paul Butler (historical segment narrator)]

A little over two weeks later, delegations of the Allied and Japanese armies met aboard the USSR Missouri in Tokyo Bay. Japanese representatives signed the official documents of surrender, followed by signers from the United States, China, the United Kingdom, the Soviet Union, Australia, Canada, France, the Netherlands and New Zealand. At the conclusion of the ceremony, President Truman declared September 2, 1945, to be the official victory over Japan, or VJ Day. That's this week's world history book. I'm Paul Butler.

[Nick Eicher]

Tomorrow, a report from this year's National Conservatism Conference in Washington. And dimming light pollution. A movement to let the stars shine by turning down the artificial lights that drown them out. That and more tomorrow. I'm Nick Iger.

[Mary Reichert]

And I'm Mary Reichert. The world and everything in it comes to you from World Radio World's mission is biblically objective journalism that informs, educates and inspires. Jesus said, I can do nothing on my own. As I hear, I judge and my judgment is just, because I seek not my own will, but the will of him who sent me. Verse 30 of John, chapter 5 Go now in grace and peace.