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July 26, 2022 - Sean Hannity Show
35:46
Growth Rates Plummet - July 25th, Hour 1
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America trapped behind enemy lines.
Day number three, 45.
And day 358, since uh Joey, your president, nearly a full year now, uh said he would never abandon Americans in Afghanistan, the Islamic emirates of Afghanistan.
You know, there's a uh I won't go into all of it.
It would just take too long.
There was a a very big piece in the New York Post this weekend about what life is like for women in Afghanistan.
It was written by Holly McKay.
And anyway, tells the story of a journalist, you know, divides her life into two parts before and after America's pull out from Afghanistan.
Her voice cracks as she confesses that many people in our country have expressed suicidal thoughts, a concept deeply frowned upon in Islamic societies.
Before the U.S. left, life was good.
We participated in the government, we worked in every field, now it's very hard to work outside, meaning women without harassment.
And she did no longer working as a journalist, but as a mental health counselor.
Women can't attend universities unless they wear a full burker, uh burqa, rather, and I mean full.
You have to you have to literally cover your entire face.
Young girls are no longer able to go back to school.
All the things that we told you.
Educational cuts, they banned girls from going to school beyond sixth grade.
They're not allowed to go.
Oh, this isn't what Joe promised, is it?
Um, later in the program, we've talked about this not in enough detail, but it's really coming to a head.
You know, we've been watching the aggressiveness of the communist Chinese, and I've been making the point, in my view, when you look at countries like Russia and Ukraine and China, you've got the Biden family syndicate compromised to the you know highest level.
There's no doubt in my mind, we we did learn that Libya had a dossier on zero experience hunter.
They knew all about his drug use, all about hiring hookers and this proclivity for women of the night.
Saying it nicely.
They had the full dossier on him.
And you know, there's gotta be a reason why you'd shut down the Keystone XL pipeline, which would have been finished by now, and we would have been able to import 900,000 barrels of Canadian oil a day instead of begging Russia, Iran, the Saudis, Venezuela, OPEC.
You know, we should be producing it all domestically.
We'd be paying $2 a gallon like we used to under Donald Trump, but you know, no new Green Deal radical socialist Democrats going to allow that.
That's not even up for discussion.
So and then we got the issue.
Why would Joe Biden, why would he be given these concessions?
Now he wants to lift the tariffs that Donald Trump put on China for good reason for unfair trade practices.
The president said, no, if we're gonna have trade, it's gonna be free and fair.
And if we're gonna import all this stuff from your country, well, you're gonna start importing materials from our country.
Uh, and if not, we'll put tariffs on you.
So the president put what $500 billion worth of tariffs on the communist Chinese.
That was just the beginning.
But now Joe is even sending the strategic petroleum reserves that we have, even though we're paying record high prices for for gasoline and energy.
He said, Why would you send five million barrels of oil to the same company that did business with zero experience hunter?
But there's something even bigger.
We know all the fentanyl brought in by the cartels through our southern border is all made in China.
We're now finding out, and now people have become a little hip to this.
We've discussed it.
We're going to discuss it in more detail, very specifically with Sarah Carter, who's been investigating this.
You know, Nancy Pelosi's scheduled to go to Taiwan, and now the communist Chinese are trying to prevent it from happening.
They tried to do the same thing when Mike Pompeo went there a few months earlier.
Mike Pompeo told him to pound sand and he went there.
Now the administration is advising Pelosi maybe it's not a good time to go.
Why not?
Why is it that there are no consequences for China flying their fighter jets over Taiwan airspace pretty much whenever they feel like it?
Or threatening the U.S., you know, in the Pacific, in the region, and threatening Japan.
You know, the hostilities are getting stronger and stronger, but something worse is happening.
The communist Chinese have been buying hundreds and hundreds of thousands of acres of farmland, ranches, cattle ranches in this country.
And in many cases, the acreage is near our most sensitive military installations.
And by the way, they're willing to pay a premium.
You know, it's kind of hard if somebody goes to a rancher or a farmer and says, you know what, I want your your farm.
I'll pay you twice the value for it, and the farmer's gonna go, and I won't have to work my ass off and worry about whether or not I can afford fertilizer and seed this year.
I'll take the deal.
They're not thinking about it.
But it's happening all over the country.
And it's happening near bases in North Dakota and Montana and Oklahoma and near the U.S. uh Mexico, Lachland Air Force Base.
I mean, 136,000 acres here, 135,000 acres there.
Ron DeSantis spoke out about it.
They should not be able to buy.
We can't buy land in China.
All right, we'll get to that.
The media, let me just tell you something.
I've just done this, I've been in this business far too long, and I can tell when a movement is beginning.
Let me be the first to explain this to you and watch it unfold in the next year and a half.
Even faster.
In the next six months, you're gonna see this.
So Gavin Newsom, and I'll explain in detail where the money's coming from, the Gettys and some other billionaires in San Francisco.
So he's got all this money that he's taking out ads on Fox News local ads.
Fox, my channel, taking out ads to attack Ron DeSantis.
Come to the free state of California.
Imagine that.
By the way, income tax uh in in California's 12.3%.
In Florida, it's 0.0%.
It's insane.
Florida has a third of the budget of California because they're not a Sanctuary state that gives everything else away for free.
And come to the free state.
Now he's doing it in Texas, going after Gavin Newsom, taking out a series of ads and like the Houston Chronicle, Austin American Statesman and El Paso Times.
I'll give you the specifics of of Gavin in a second.
Gavin is a he's that sl he's he's that he's you know what he's central casting politician, just a sleazy phony, and just a phony hypocrite.
His kids go to private school.
Every other kid in California has remote learning.
He goes out to expensive restaurants, the most expensive restaurant, one of the most expensive restaurants in California, uh, while everybody else in California is not allowed to go to bars and restaurants.
It's just a phony.
And anyway, so it's clear to me that the Democrats, between the Washington Post this weekend, New York Times, three separate occasions.
Now even the meet late night comedians are turning on Biden.
They're beginning to just state the obvious that we've been stating for two and a half years that he's a weak, frail, and a cognitive mess.
But watch them now begin the push for Gavin Gavin Gavin.
In other words, I'm projecting into the future what you're going to see happen.
Hannity, how do you know?
Do you have a crystal ball?
Uh, in a way, just my gut instinct.
In other words, they don't think Kamel is strong enough.
She's not up to the task.
You know, Mayor, you know, pothole Pete Poo to judge, you know, him lecturing people on getting electric cars and paying more, the higher the price, the the greater benefit.
I'm like, oh, thanks a lot, Mayor Pete.
There's a slogan for for a campaign.
So just watch what's happened, and it's gonna be a big push.
Basically, that's gonna be the election, and and in my mind, they want either newsome against Trump or Newsom against DeSantis.
That's the showdown they want because that's the showdown they think that's gonna be the most interesting to them, and they think Gavin might be able to be just a a strong enough alternative to Joe.
He will now he won't govern any differently than Joe Biden.
He's a radical Green New Deal socialist.
He is a climate alarmist cultist.
So the policies will be the same, if not worse.
We'll become the United Sanctuary states of America, considering his state is a sanctuary state.
Just watch.
Um let me just give you a preview of what's coming up this week.
We will get tomorrow consumer confidence numbers currently in the tank.
We expect they'll be in the tank still tomorrow.
Uh we have a Federal Reserve meeting and a decision on interest rates coming.
We're expecting another three-quarter of a basis point uh interest rate hike, maybe a full basis point interest rate hike, in other words, a full percentage point, which is going to do again another prediction.
It's already started.
I said this what, two months ago, Linda, what did I say?
Wait till it hits the housing market.
Once interest rates hit a certain tipping point, new home construction stops, sale of pre-existing homes will end, home values will plummet.
Just like in the stock market, if you put a lot of money in the stock market, you've seen what's happened over the last number of months.
You know, I've I lowered my exposure over a year ago to the stock market.
Everybody I I meet, Linda, how many times did I tell you lower your exposure?
Oh, lower your exposure.
I mean, it's been endless, Sean, you've been warning it warning us every day.
And I've been telling, and I don't give financial advice.
I've been saying, okay, lock in your interest rate.
Get it now.
American Financing.net.
By the way, the interest rate, if you got one today, is gonna look stellar a year, year and a half from now.
You'll be glad you're locked in at this rate, because they're gonna keep going higher.
And I've been saying, once new home construction stops, then sale of pre-existing homes will stop.
And why are they gonna stop?
Think about it.
If you have a 30-year fixed mortgage at 2.5%, 2.8%, 3%, 3.3 and a half, three and three quarters, you're you're not getting anywhere near that rate.
Once you get up to six, seven, eight percent, you know, 30-year rates for a mortgage, nobody's going to want to sell their home that they're currently in.
Maybe they see another home that they normally would have purchased, but it's going to be thousands more a month because of all the extra interest you're gonna Have to pay.
So that's gonna that's gonna dry up the housing market, home values temporarily, they will plummet and it'll scare many of you, just like the stock market crashing has been scaring many of you, just like the crypto market crashing has scared many of you.
One thing that surprised me about crypto that I didn't see, I didn't I always thought crypto would be a little separate and apart from, and by the way, I've never endorsed people, you know, tell people what to do.
I've only dabbled in it to a small degree, but I never thought it'd be tied so close to the market.
That surprised me.
Um, but that's just neither here nor there.
Um, and then you're gonna see the unemployment rate rise.
The Atlanta, well, just go back to the rest of the week.
So we're getting consumer confidence tomorrow, Fed meeting decision on interest rates this week, coupled with a press conference by the Fed share that will follow on Wednesday, and then the real number that we got to pay the most attention to is going to be the GDP number for the second quarter will drop on Thursday.
And right now, the Atlanta Fed, which has a very good record of accuracy, they're predicting minus 1.6%.
Now, the definition of a recession is two consecutive quarters of negative economic growth.
Last month, last quarter rather, the first quarter of this year was 1.6%, minus 1.6%.
If this is minus 1.6%, then that will be we are officially in a recession.
So we're gonna get the real moment of truth on the economy.
And the White House has been out there trying to spin this.
That even if we have two quarters, the very definition of a recession, it's unlikely to be indicative of a recession.
Just like I guess what?
Inflation is transitory.
Treasury Secretary Yellen acknowledging an economic slowdown, but downplaying recession fears because they know it's gonna happen.
Lawrence Summers is the only one out there being somewhat realistic, and he's been right the whole time.
Well, used to work for Obama, not as big as fan, but saying, yeah, the chance of a recession is more likely.
He's he's not seeing this, you know, with rose-colored glasses on.
He's not being polyannish about this, he's being realistic.
It is what it is.
And these policies, so much of it rooted in Joe's economic and no domestic energy production policies.
We'll just import it from countries that hate us.
will artificially reduce the world's supply.
*music*
I wish I could tell you, give you a prediction that yeah, maybe the Atlanta Fed's wrong.
Maybe their prediction is off.
I I tend to doubt it.
I don't want to, I don't want to go off and make a prediction.
Um, I'm just saying the Atlanta Fed has a pretty good track record.
They're predicting minus 1.6%.
You know, the I the idea that this has always been the definition of a recession, and they somehow want to change the definition of a recession because they're facing their moment of truth.
And they're scared to death, by the way, of the backlash of this.
You know why?
Because people already know we're in stagflation and a recession.
They already know it.
It's not that hard to figure out.
Janet Yellen will play some of this uh after the news at the half hour.
You know, if you know, she's saying economists expect the second quarter GDP to be negative.
That means it's a recession.
Then she went into a big technical definition that we're not really in a recession, even though that meets the very definition of a recession.
Then you have the director of the NEC saying, according to the technical definition, we're not in a recession.
These people are just lying.
No, no, no.
Inflation is going to be transitory until it wasn't transitory.
Oh, no, no, I think we've hit our peak, and that oh, Biden said that in December.
Not so, not the case.
You know, then Brian D slowing of the economy is not only expected, but it's necessary.
Here we go, for the transition.
The transition to what?
Renewables.
What renewables?
Well, wind and solar.
Where?
How are you going to power the entire country on wind and solar uh in the next 20 years?
And why are you gonna make us suffer and beg countries that hate us For the lifeblood of the economy that exists now because your wind and solar, your your precious love of renewables, the technology's non existent at the level we'd need to holding
them accountable.
Sean gets the answers no one else does.
America deserves to know the truth about Congress.
All right, 25 to the top of the hours.
Politico actually called the coming avalanche of beta economic news a category five storm.
So consumer confidence numbers, which have been horrific, will remain horrific.
They'll hit tomorrow.
The Fed will meet uh and make their decision on interest rates, and there'll be a press conference by the Fed chair Jerome Powell, and we get the first reading on second quarter GDP economic growth.
The Atlanta Fed is predict uh a negative 1.6% growth rate, which would mean which is would match the first quarter, and the the historic definition of a recession is two consecutive quarters of economic decline.
Negative decline, negative growth.
Well, that's what we're we're now facing.
Now, here's the most bizarre thing.
By the way, Ford is preparing to lay off 8,000 workers because they want to focus on electric cars.
Is anybody ever going to ask the question?
When you charge that electric car, what are you charging it with?
Where does that electric where will how much of the electric grid is based on so-called renewables?
12%.
So it's basically coming from oil, gas, and coal.
That's where that's how you're charging your electric vehicle.
Never mind the nickel, the cobalt, the manganese, and and all the other minerals mined from the Mother Earth by using big heavy equipment that uses diesel fuel and destroying the planet in the process.
So anyway, all of this is coming out.
Here's where it gets interesting.
Because the White House Council of Economic Advisors, and they started saying this four days ago, that even if they're saying that these numbers come out Friday, my my calendar, I have it on Thursday.
I'm not sure.
Maybe there might be a discrepancy.
Anyway, that the GDP, if it even if it's still negative, it's still unlikely to be indicative that the country's in a recession.
Recessions refer to two consecutive quarters of negative economic growth.
That is the definition of a recession.
That's it.
What's a recession?
That's the definition of a recession.
Some maintain two consecutive quarters of falling real GDP is a recession.
That is neither the official definition nor the way economists evaluate the state of the business cycle.
They're just lying to us.
Now, Janet Yellen was on Meet the Press this weekend.
Economists expect the second quarter GDP to be negative, just like the last quarter, the first quarter, January, February, March, April, May, June.
Anyway, here's what she said.
GDP won't be closely watched.
Um, a common definition of recession is two negative quarters of GDP growth, or at least that's something that's been true in past recessions when we've seen that there has usually been a recession.
And many economists uh expect second quarter GDP to be negative.
First quarter GDP was negative.
So we could see that happen, and that will be closely watched.
Closely watched.
But then she said, according to the technical definition, we're not in a recession.
I mean, she's making no sense.
And you have this guy, Brian Deese, director of the NAC, saying, according to the technical definition, we're not in a recession.
No, this would be a recession.
Here's what he said.
It sounds like you're anticipating what will be comments from some saying two quarters of negative growth in a row, that's a recession.
Right.
And certainly the in terms of the technical definition, it's not a recession.
The technical definition considers a much broader spectrum of data points.
They're lying.
Just like they said inflation was transitory.
Jared Bernstein is the White House economic advisor talking about the technical.
Why are we why are we getting into the technical definite of a recession when everybody knows what the definition is?
Janet Yellen just gave the definition but said even though it's going to happen, it's not going to be called a recession.
Here's Jared Bernstein, you know, spinning the same nonsense.
Listen.
And technically, a way to define a recession is two consecutive uh quarters of declining GDP numbers.
If that happens next week, if those numbers come out and reflect that, will the White House uh view this country as being in a recession?
And if not, what then would the White House um what would the definition be for the White House of a recession?
So these are these are great questions.
What will the definition be?
Well, in fact, that question is answered, but it's very obscure.
So the National Bureau of Economic Research has a group called the Business Cycle Dating Committee.
I know that's a mouthful.
I'm sorry on a Saturday night to be taking people through that.
But they're the group that decide whether we're in a recession or not.
And they do so in hindsight because the data come in with a bit of a lag.
This is this is an Orwellian nightmare.
By the way, these are the same idiots that said that inflation was transitory.
These are the same people that are out there talking about the the economy being in transition, meaning we're never going to go back to domestic energy production.
We'd rather beg Russia, Iran, Venezuela, Saudi Arabia, and OPEC for the lifeblood of our economy while we're in the middle of a transition.
Pete Buddha judge, more pain, there's more benefit.
Um this mindset that it's it's better to import energy, lifeblood of our economy than produce it domestically when we all know that it's a bad idea to rely on countries that hate us for the lifeblood of our economy.
We know that we could have a lot of high-paying jobs here in America if we produced it domestically.
We also know it's pretty obvious too, that if you want to lower the inflation uh problem we have in the country, one way to do it is to get gasoline back to two bucks a gallon, which is what around what they inherited it at, 230 or whatever it was.
I mean, just simple stuff.
The only one that told the truth the whole time, and I'm giving them a lot of credit.
I never really liked him, but he's not a dumb guy.
Lawrence Summers, who was the White House economic advisor, I think later became Treasury Secretary under Obama.
Listen to what he's saying.
I think there's a very high likelihood of recession when we've been in this kind of situation before.
Recession has essentially always followed when inflation has been high and unemployment uh has been low.
Soft landings represent a kind of triumph of hope over uh experience.
I think we're very unlikely uh to see one.
And he also predicted that unless unemployment gets to like six, seven percent, the likelihood of getting out of a recession anytime fast is not, it's just not very likely.
So we're gonna have a recession, be in a recession, and they're gonna try to, and they'll have help from the media mob, and they're gonna try to convince you that it's not a recession.
So, you know, the Fed now is is probably about to inflict more pain.
This is where my prediction is going to come right.
Become dead on accurate.
Because if they go up, another three-quarter basis point on interest rates, and if, or maybe a full basis point.
In other words, one full percentage point.
In other words, new home construction, I promise you, will come to a screeching halt.
The sale of pre-existing homes will come to a screeching halt.
Now there's gonna be some states that fare better, and I could already tell you which states they are.
Those states where people are migrating to Florida, Tennessee, the Carolinas, Texas, Alabama, Oklahoma, they're gonna do fine those states.
Then maybe not perfectly fine, but they'll do better than other states.
Georgia uh as well.
You can add those.
Then all these these big cities, big states, dark blue, they're gonna do the worst.
So now the Fed is gonna inflict more pain if they go up a full basis point or three quarters of a basis point.
Um, none of this is good.
The recession is here and it's gonna last a while.
Housing market, by the way, this is from the AP.
I've how long have I been saying this, Linda?
I've been saying this now for a long time.
Recession, housing crash is about to come.
Because after sale of uh pre-existing homes stops, what's gonna happen to home values?
Nobody's gonna want to give up a 2.5, 2.8, 3%, 3.5%, 3.75% mortgage.
That mortgage, we may never see that again in our lifetime.
Who knows the way these idiots are running things?
Anyway, AP has an article, housing market chills as mortgage rates prices scare buyers.
Because you can't afford the high interest rates.
That's gonna drive prices down.
Well, the problem is people's biggest investment is usually their home.
All right.
Now all that money they thought they were gonna make on the sale of their home the last couple of years, and they see their neighbors that sold, chok checked out, sold out, and they put their home on the market, they'd have 15 bids over asking, you know, for in one day.
Those days are gone now.
Recession is here is gonna last for a while.
Uh according to Art Laffer, he said there's a smart guy who was on with Maria Barra Toromo.
Can I just say how you can forecast 50% chance of a recession when it's already happened, Maria?
The first quarter was negative.
The second quarter's probably gonna be negative.
If you believe the Atlanta Fed, the the recession is already here.
It's already happened.
50% is just a silly number.
We're in a recession.
The question is, how bad is it gonna be?
Which is actually the right question to ask.
All right, Anthony is checking in from Pennsylvania and wants to weigh in on this.
Anthony, what's going on?
Hey, Sean, how are you today?
I'm good, sir.
What's going on?
Good.
Thank you for all you do.
Thanks for taking the call of uh two quick points.
One of them is on uh Mr. Summers, but I'm gonna save that for a second.
The first one is on that Bitcoin.
You had talked about the performance of the correlations.
Just want to say people forget that in down markets, everything goes down.
And the things that were the biggest winners on the way up will be the biggest losers on the way down.
And that's all we're saying.
So you had Bitcoin, you know, just from December 31st, Bitcoin down 50%, NASDAQ down 24%, SP down around 20%.
So you could look at that risk and that performance on the way up, and then they just layer the same way on the way down.
So they're not really correlated.
It's just that in a down market, everything's going down, and what the riskiest assets will go down the most.
And the thing So are you bullish on Bitcoin?
Am I interpreting that right?
Not at all.
Not at all.
I've never anything I can't define or understand, I'm not bullish on, but that's that's that's my stance on it.
I also could have bought it at a dollar, I guess, and sold it at 60,000, so I guess I'm uh maybe not.
No, but you know something I uh m I thought it would be I I did not think it would be as tied to the economy and the market as other investments.
Now, I did say when I when I dabbled in it, I dabble in it a little.
Uh I I used it like it was money I would spend in Vegas.
I in other words, I was not betting the milk money or my retirement money or any money that I cared that much about when I when I went into crypto.
I just don't know enough about I still don't know what the algorithm I nobody can fully explain to me in a way that I can comprehend the algorithm behind uh Bitcoin.
I don't get it, because there's a in there's a finite amount of it, but it's gonna keep producing and it's gonna grow and grow and grow exponentially, but it's still a finite amount.
And here's and how do you have a finite amount that has a specific end, but you don't get to the end ever?
Like that doesn't make sense to me.
Well, I think the tie to the economy is real easy.
If you have money in Bitcoin, it can't be in Microsoft and it can't be in general dynamics and it can't be in the real estate market.
And if you have money in the real estate market and Apple, it can't be in Bitcoin.
So it's not necessarily tied to the economy, it's that there is capital to invest, and if it's in one asset, it can't be in the other.
So what you see in the movement is the movement of assets from or of cash from one asset to the other.
It's not that it has anything to do with the economy, it's just that the assets are flowing back and forth between Bitcoin and an alternative.
I would let me let me just say this as somebody that does not, and I'm not giving economic advice, like I don't give medical advice on COVID.
I just tell people what I hear and then tell them to ask their doctor, whatever I say here, ask your financial guy.
But what I see overall with the economy is it it's so way too much uncertainty.
And right now you can get a treasury six month a year, you know, you can park your money and get three percent.
Not a lot of not a lot of money, but at least you're getting something that you haven't gotten for years.
And I would just wait this out.
If if you're one of these people that thinks you're going to time the market, be it crypto or be it stocks, you're never gonna be able to do it.
Uh the same with the housing market, the same with uh like for example, people most people have no choice.
They're not going to be able to pull out their IRA, their 401k, so you just gotta write it through, and hopefully, you know, over a period of 10 years if it comes back.
That's how you have to look at it at a 10-year period, at least according to the guys I talk to.
Absolutely.
Absolutely.
And that kind of ties into the Summers thing is a real important point.
To me, Larry Summers right now is a Trojan horse, and I'm gonna tell you why.
He's been out walking center for a little while now, and I took note of it myself.
And he's been talking the talk about, you know, a little critical of the Biden administration, critical of the Fed, critical of of where we're heading as an economy, and and he's trying to he's kind of in center.
Now, what he slipped in last week, which a lot of people are not talking about, is he started to talk about MMT, which is modern monetary theory.
This is something Yellen was talking about in the past.
It's something that Dems have talked about in the past, and basically their theory is they can spend in print as much as they want, as long as they raise taxes, that'll control inflation.
Last week he started talking about raising taxes, and he actually said, and I'm almost quoting raise taxes immediately.
So watch Larry Summers.
Because to me, he's a Trojan horse.
He's he's starting to slip in MMT into his conversation, which is extremely dangerous and would destroy this economy.
The only hedge we have now, and I'm not factoring in the midterms in November, is if Republicans take the House and or Senate, all of this comes to a screeching halt.
And in the meantime, Joe Manchin has addressed that very issue, and that is more spending, which which he's arguing caused a lot of this recession.
The 1.2 trillion that Biden spent was a contributed to contributing factor in in where we are economically now.
But the biggest problem we have is on the energy side.
And that is we have given up all domestic energy production or any thought of being energy independent.
That is adding to the high cost.
We've artificially reduced the world supply.
And our demand remains constant.
And now that is now pushed Biden into the arms of even the pariah nation, Saudi Arabia, and and the guy that he believes and had said killed Jamal Khashoggi.
So it shows you the level of hypocrisy, the desire to get an Iranian deal.
You know, last year taking in six hundred and eighty-four million barrels of oil from from Russia or or sending emissaries to Venezuela.
It's insane.
All right, uh, you bring up a good point.
I'm gonna pay more attention to Lawrence Summers.
I think you're right on the money.
Good call, Anthony, appreciate it.
Paul Krugman, New York Times, I was wrong about inflation.
Jeez, I was wrong.
So it turned out it was a very bad call.
You mean like the Russia hoax that you guys peddled.
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