THANK YOU VERY MUCH.
>> THANK YOU.
DAVID: JOINING ME NOW
PATRICE LEE ONWUKA,
INDEPENDENT WOMEN’S FOREIGN
DIRECTOR.
GREAT TO SEE YOU.
WHAT WOULD HAPPEN -- I KNOW
WHAT CHAD SAID IT TRUE, NOT
IN RAILROAD BUSINESS, STRIKE
THAT GUESS AGAINST CONGRESS.
IN SUCH A FASHION BUT YOU
KNOW THESE UNION LEADERS ARE
ANGRY.
AND WHAT HAPPENS IF THEY DO
GO ON STRIKE.
>> I THINK WE HAVE SEEN
MASSIVE ECONOMIC
IMPLICATIONS IN THE ECONOMY.
SHUTTING DOWN RAILROADS AND
RAILWAY SERVICE, WOULD
HAMPER OUR ABILITY TO TO GET
A LOT OF GOODS AND SERVICES
ACROSS THIS COUNTRY, I
THINK, ECONOMIC IMPACT WOULD
BE MASSIVE, BUT POLITICALLY
IT WOULD NOT BE GOOD FOR
PRESIDENT BIDEN.
IF HE IS THINKING ABOUT
2024.
I JUST CAN’T HELP BUT THINK
HOW CONVENIENT THIS IS, THIS
IS HAPPENING A MONTH AFTER
THE MIDTERMS HAVE PASSED.
DAVID: SO OBVIOUS.
WHAT IS GOING ON HERE.
WHAT WAS GOING ON BEFORE, HE
SAID ALL WRAPPED UP, A
CHRISTMAS PRESENT FOR
AMERICAN PEOPLE, WE DON’T
HAVE TO WORRY.
THAT WAS NOT ALL WRAPPED UP.
IT KIND OF SAYS A LOT ABOUT
THE WAY THINGS ARE DONE, YOU
GET PROMISES AND PROMISES,
AND VERY LITTLE DELIVERY, OR
SOMETIME THE OPPOSITE, LIKE
HE SAID, INFLATION WOULD BE
TEMPORARY.
>> SADLY, BUT TRUE, WE’RE
SEEING, A YEAR AND A HALF
INTO THIS INFLATION FAR FROM
TEMPORARY.
EVEN IF MODERATING A LITTLE
BIT, NOT ENOUGH FOR FEDERAL
RESERVE FOR EXAMPLE TO STOP
INTEREST HIKES.
OR ENOUGH TO REALLY YOU
KNOW, EASE THE PAIN THAT I
THINK A LOT OF AMERICAN
FAMILIES ARE FEELING.
IT IS ONE OF THOSE THINGS
AND PRESIDENT BIDEN HE
REMEMBERED, HE SAID WHILE BE
MOST UNION-FRIENDLY
PRESIDENT IN HISTORY, ONE
HAND HE WORKING ON THAT WITH
DEPARTMENT OF THE REGULAR.
AND THEN ON OTHER HAND, HE
IS TRYINGERS FORCE THE
UNION’S HAND.
DAVID: HIGH ALSO SAID HE WAS
NEVER HAVING A TAX INCREASE
FOR PEOPLE UNDER 400,000.
WHAT IS THE INFLATION TACK
TAX, IF NOT A TAX?
IT IS KROOLEST CRUELEST TAX,
YOU CANNOT AVOID IT.
>> IF YOU ARE AT BOTTOM OF
THE WRUNG ON THE ECONOMIC
LADDER, YOU ARE PAYING MORE
FOR YOUR GROCERIES AND GAS,
EVEN UPPER MIDDLE CLASS
FAMILIES, SAY THAT INFLATION
IS CREATING A HARDSHIP FOR
THEM AS WELL, THIS IS
SOMETHING UNTHAT I YOU KNOW
WE’RE SEEING BEAR OUT IN
DIFFERENT WAYS, AND THE
SAVINGS RATES SLIP TO RECORD
LOWS.
AND YOU KNOW AMOUNT OF
PERSONAL DEBT CLIMB AND YOU
KNOW, I THINK IT IS
INTERESTING YOU HAVE
JPMORGAN CHASE SAID THAT BY
NEXT YEAR ALL MOUNTAIN OF
COVID SAVINGS THAT FAMILIES
WERE SITTING ON TOP OF,
PROBABLY WILL BE EATEN INTO
BY THE MIDDLE OF NEXT WE’RE.
I LOOK AT THETIC, AND THE
ECONOMY, THIS IS A SCARY
MOVIE, THE SIGNS ARE OMINOUS
AND ALARM BELLS ARE RINGING
AND AMERICAN PEOPLE NEED TO
BUCKLE UP.
DAVID: YOU FOCUS ON
SOMETHING THAT I WAS
INTERESTED IN THIS MORNING
WE HAD GOOD SPENDING NUMBERS
COMING OUT.
THAT SHOWING THAT CONSUMERS
ARE SPENDING, BUT NOT
BECAUSE OF THAT BUFFER OF
SAVINGS TO USE A PHRASE FROM
JANET YELLEN, BUT THEY ARE
REACHING FOR THEIR CREDIT
CARDS, INSTEAD OF THEIR
POCKETS THERE IS NOTHING IN
THEIR POCKET.
>> ABSOLUTELY, THEY HAVE
BEEN SPENDING DOWN ON COVID
SAVINGS, NOW TURN TO CREDIT
AND TURNING TO BUY NOW PAY
LATER FORMS OF PAYMENT, YOU
SPREAD OUT PAYMENTS OVER 4
MONTHS.
PEOPLE ARE CONTINUES TO
SPEND, PERHAPS FEELING LIKE
PRICES WILL CONTINUE TO BE
HIGH AND I DON’T KNOW WHAT
MY FINANCES LOOK LIKE IN
FUTURE, LET ME BUY THEM NOW,
I BELIEVE THAT WE’LL SEE
SPENDING MODERATE IF LAY
OFFS MOVE FROM THE TECH
INDUSTRY AND HOUSING
INDUSTRY TO OTHER
INDUSTRIES.
>> PATRICE THANK YOU SO MUCH